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Page 1: EI_201509.pdf

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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

Finalsales ofdomesticproduct

Grossdomestic

purchases 1

AddendumGross

nationalproductNet

exportsExports Imports Total

FederalStateandlocalTotal

Nationaldefense

Non-defense

2005 130937 87941 25271 ndash7212 13089 20301 24937 9463 6083 3381 15474 130341 138149 1318632006 138559 93040 26806 ndash7709 14763 22473 26422 10020 6424 3596 16402 137889 146268 1392352007 144776 97505 26437 ndash7185 16646 23832 28019 10498 6787 3710 17522 144432 151962 1460322008 147186 100136 24248 ndash7231 18419 25650 30032 11556 7541 4015 18476 147506 154416 1489062009 144187 98470 18781 ndash3954 15877 19832 30891 12177 7883 4294 18714 145663 148142 1456982010 149644 102022 21008 ndash5127 18523 23650 31740 13039 8328 4711 18702 149028 154770 1517032011 155179 106893 22399 ndash5800 21064 26864 31687 13035 8369 4665 18653 154762 160979 1576462012 161553 110506 25117 ndash5657 21982 27638 31586 12925 8178 4747 18661 160935 167209 1639282013 166632 113923 26650 ndash5084 22633 27717 31142 12306 7677 4630 18836 165914 171716 169135

2014 173481 118659 28600 ndash5300 23419 28719 31521 12199 7482 4716 19323 172709 178781 1761122013 I 164407 112718 25783 ndash5292 22266 27558 31198 12504 7838 4666 18694 164042 169699 166617 II 165268 113228 26204 ndash5278 22376 27654 31114 12342 7723 4619 18772 164781 170546 167740 III 167275 114177 27115 ndash5124 22643 27767 31107 12204 7592 4611 18903 166219 172399 169914 IV 169576 115569 27499 ndash4643 23245 27888 31151 12176 7554 4622 18975 168612 174219 172269

2014 I 169843 116403 27511 ndash5294 23015 28308 31223 12148 7468 4680 19075 169416 175137 172431 II 172700 118130 28416 ndash5309 23562 28870 31463 12169 7484 4684 19294 171810 178009 175270 III 175221 119491 29102 ndash5146 23606 28752 31774 12331 7595 4736 19443 174338 180366 177940 IV 176159 120614 29372 ndash5452 23495 28946 31625 12147 7382 4765 19478 175274 181611 178806

2015 I 176493 120555 29959 ndash5516 22573 28089 31495 12182 7390 4792 19313 175220 182009 178768 II r 179137 122284 30255 ndash5193 22800 27993 31792 12207 7401 4806 19584 177862 184330 181443

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

Finalsales ofdomesticproduct

Grossdomestic

purchases 1

Adden-dumGross

nationalproduct

Nonresi-dentialfixed

invest-ment

Resi-dentialfixed

invest-ment

Changein

privateinven-tories

Netexports

Exports Imports Total

FederalStateandlocalTotal

Nationaldefense

Non-defense

2005 142342 95318 17174 8726 643 ndash7823 13819 21642 28262 10348 6655 3694 17923 141688 150403 1433842006 146138 98217 18396 8066 716 ndash7943 15068 23010 28693 10609 6788 3821 18088 145423 154316 146886

2007 148737 100416 19484 6548 355 ndash7126 16464 23590 29144 10787 6956 3831 18361 148362 156068 1500572008 148304 100072 19344 4977 ndash337 ndash5578 17408 22986 29948 11523 7481 4042 18424 148657 153999 1500482009 144187 98470 16334 3922 ndash1476 ndash3954 15877 19832 30891 12177 7883 4294 18714 145663 148142 1456982010 147838 100363 16738 3824 582 ndash4588 17766 22354 30914 12707 8135 4571 18208 147222 152449 1497082011 150206 102635 18023 3845 376 ndash4594 18983 23577 29974 12364 7950 4414 17610 149790 154839 1524102012 153546 104132 19641 4365 547 ndash4471 19632 24102 29416 12135 7682 4453 17281 152923 158043 1556212013 155833 105904 20237 4780 614 ndash4175 20181 24356 28549 11441 7166 4275 17102 155114 160014 1579932014 159617 108757 21483 4864 680 ndash4425 20864 25289 28383 11163 6891 4270 17208 158817 164058 161867

2013 I 154572 105182 20007 4699 252 ndash4259 19766 24026 28788 11701 7344 4356 17085 154247 158839 156471 II 155002 105543 20057 4803 396 ndash4342 20005 24347 28641 11532 7236 4295 17104 154519 159359 157139 III 156144 105989 20231 4860 936 ndash4283 20211 24494 28481 11363 7094 4267 17111 155089 160439 158426 IV 157615 106904 20655 4759 872 ndash3815 20742 24557 28285 11169 6988 4180 17106 156600 161419 159938

2014 I 157249 107247 21069 4726 369 ndash4340 20387 24727 28284 11178 6906 4270 17096 156757 161603 159471 II 159015 108263 21298 4844 771 ndash4433 20868 25301 28365 11145 6898 4246 17208 158097 163466 161209 III 160688 109186 21763 4885 799 ndash4291 20960 25251 28492 11247 6973 4271 17235 159786 164989 163011 IV 161514 110333 21800 5002 782 ndash4636 21239 25875 28390 11083 6786 4294 17293 160629 166172 163777

2015 I 161773 110812 21886 5124 1128 ndash5412 20914 26325 28385 11113 6803 4307 17259 160538 167208 163714 II r 163336 111789 22106 5240 1135 ndash5346 21175 26521 28569 11113 6808 4302 17441 162097 168707 165297

1

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

Total Goods ServicesNonresi-dentialfixed

Residentialfixed

Exports ImportsFederal State

andlocalTotal

Nationaldefense

Non-defense

2005 91985 92261 96951 89933 93830 98103 94717 93802 91449 91395 91529 863332006 94812 94729 98277 92976 96561 103821 97979 97663 94448 94633 94101 906772007 97340 97102 99403 95981 98574 105176 101107 101024 97319 97572 96849 954262008 99218 100065 102362 98947 100337 103647 105809 111588 100286 100809 99321 1002792009 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000 1000002010 101226 101653 101637 101661 99070 99645 104263 105800 102614 102365 103064 1027142011 103315 104149 105413 103524 100545 100395 110960 113942 105422 105274 105691 1059232012 105220 106121 106701 105840 102216 101324 111970 114671 106512 106466 106600 1079852013 106935 107572 106200 108292 102993 106458 112147 113798 107562 107130 108308 1101432014 108694 109105 105823 110818 103977 112903 112250 113566 109274 108585 110444 112287

2013 I 106333 107166 106740 107398 102574 104210 112644 114699 106855 106718 107104 109415 II 106625 107284 105941 107988 102943 105580 111850 113580 107005 106716 107514 109751 III 107154 107728 106179 108539 103110 106992 112034 113361 107388 107008 108049 110475 IV 107630 108108 105939 109241 103345 109051 112062 113554 109002 108079 110566 110930

2014 I 108025 108540 105912 109911 103567 111411 112884 114474 108668 108129 109599 111576 II 108621 109117 106276 110598 103849 111692 112895 114092 109179 108503 110329 112125 III 109049 109441 106179 111143 104170 113612 112615 113847 109649 108919 110884 112809 IV 109081 109322 104924 111620 104322 114896 110607 111852 109600 108789 110964 112637

2015 I 109112 108795 102567 112051 104211 114773 107925 106685 109623 108636 111266 111901 II r 109685 109391 103191 112632 103953 114538 107661 105535 109850 108718 111720 112290

Source Department of Commerce (Bureau of Economic Analysis)

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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

Gross domestic product (GDP)Personal consumption

expenditures (PCE)Gross

domesticpurchasesprice index

Gross domestic product (GDP)Personal consumption

expenditures (PCE)Gross

domesticpurchasesprice index

Real GDP(chain-type

quantityindex)

GDPchain-type

priceindex

GDPimplicit

pricedeflator

PCE(chain-typeprice index)

PCEless food

and energyprice index

GDP(currentdollars)

Real GDP(chain-type

quantityindex)

GDPchain-type

priceindex

GDPimplicit

pricedeflator

PCE(chain-typeprice index)

PCEless food

and energyprice index

2005 98720 91985 91988 92261 92711 91851 67 33 32 32 29 22 352006 101353 94812 94814 94729 94786 94783 58 27 31 31 27 22 322007 103156 97340 97337 97102 96832 97372 45 18 27 27 25 22 272008 102855 99218 99246 100065 98827 100244 17 ndash3 19 20 31 21 292009 100000 100000 100000 100000 100000 100000 ndash20 ndash28 8 8 ndash1 12 ndash22010 102532 101226 101221 101653 101286 101527 38 25 12 12 17 13 152011 104174 103315 103311 104149 102800 103970 37 16 21 21 25 15 242012 106491 105220 105214 106121 104741 105805 41 22 18 18 19 19 182013 108077 106935 106929 107572 106355 107319 31 15 16 16 14 15 142014 110701 108694 108686 109105 107981 108982 41 24 16 16 14 15 15

2013 I 107202 106333 106363 107166 105819 106807 36 19 15 16 14 17 14 II 107501 106625 106623 107284 106140 107020 21 11 11 10 4 12 8 III 108293 107154 107128 107728 106508 107479 49 30 20 19 17 14 17 IV 109313 107630 107589 108108 106954 107969 56 38 18 17 14 17 18

2014 I 109059 108025 108009 108540 107334 108390 6 ndash9 15 16 16 14 16 II 110283 108621 108606 109117 107860 108910 69 46 22 22 21 20 19 III 111444 109049 109044 109441 108232 109325 60 43 16 16 12 14 15 IV 112017 109081 109067 109322 108498 109304 22 21 1 1 ndash4 10 ndash1

2015 I 112196 109112 109099 108795 108758 108864 8 6 1 1 ndash19 10 ndash16 II r 113280 109685 109674 109391 109264 109271 61 39 21 21 22 19 15

1 Quarterly percent changes are at annual rates

Source Department of Commerce (Bureau of Economic Analysis)

Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits

[Quarterly data at seasonally adjusted annual rates]

Period

Gross value addedof nonfinancial

corporate business

(billions of dollars) 1

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

TotalCompensationof employees

(unit laborcost)

Unit nonlabor costCorporate profits with inventory valuation

and capital consumption adjustments 4

Currentdollars

Chained(2009)dollars

TotalConsumption

of fixedcapital

Taxes onproduction

and imports 3

Net interestand

miscellaneouspayments

TotalTaxes oncorporateincome

Profitsaftertax 5

2005 65321 71317 0916 0551 0243 0128 0091 0024 0122 0038 00842006 69880 74063 944 558 249 132 092 025 137 042 0962007 72039 74805 963 576 265 139 093 033 122 039 0832008 72568 73839 983 590 283 148 093 042 110 031 0792009 68598 68598 1000 596 299 159 099 041 105 026 0792010 72387 72400 1000 574 290 151 099 040 136 030 1052011 75923 74215 1023 588 296 154 103 039 140 031 1092012 80119 77209 1038 595 294 154 102 039 149 035 1142013 83168 79548 1046 597 293 155 103 035 155 036 1202014 86410 82073 1053 609 289 157 101 031 155 039 116

2012 I 79278 77078 1029 589 292 152 102 039 147 034 113 II 79904 77247 1034 591 293 153 101 039 150 034 117 III 79828 76524 1043 599 296 156 101 039 148 034 114

IV 81465 77989 1045 601 294 154 102 038 150 036 1142013 I 82091 78522 1045 596 295 154 104 037 155 037 118 II 83203 79667 1044 595 292 154 102 036 158 036 122 III 83351 79777 1045 597 293 155 103 035 155 035 119 IV 84028 80226 1047 599 293 156 104 034 155 035 120

2014 I 84466 80270 1052 614 293 158 102 033 146 038 108 II 85851 81482 1054 609 290 157 101 032 155 039 116 III 87299 82523 1058 608 289 157 102 031 161 039 122 IV 88023 84016 1048 605 285 155 099 030 158 039 120

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]

Period

Totalpersonal

con-sumptionexpendi-

tures

Goods ServicesAdden-dum

Personalcon-

sumptionexpendi-

turesexcludingfood andenergy 2

Retailsales of

new

passengercars andlight

trucks(millionsof units)

Totalgoods

Durable Nondurable

Totalservices 1

Householdcon-sumptionexpendi-

tures

Housingand

utilities

Healthcare

Financialservices

andinsurance

Totaldurablegoods 1

Motorvehicles

andparts

Totalnon-

durablegoods 1

Food andbeveragespurchased

for off-premises

con-sumption

Gasolineand

otherenergygoods

2005 95318 31772 10469 4000 21323 7576 2980 63534 61473 17884 14904 7041 82539 1692006 98217 32925 10915 3851 22022 7808 2974 65266 62918 18232 15252 7201 85281 1652007 100416 33818 11417 3928 22393 7913 2968 66564 64152 18408 15632 7425 87342 1612008 100072 32978 10832 3408 22147 7819 2834 67086 64351 18601 15988 7374 87305 1322009 98470 31984 10233 3171 21751 7700 2845 66485 63725 18810 16274 7190 85774 1042010 100363 33087 10857 3234 22235 7865 2822 67276 64493 19043 16492 7339 87461 1162011 102635 34118 11515 3338 22632 7951 2743 68514 65759 19280 16903 7472 89804 1272012 104132 35043 12362 3591 22775 7957 2700 69081 66143 19291 17270 7064 91439 1442013 105904 36128 13076 3758 23198 8034 2747 69770 66779 19388 17439 7139 93022 1552014 108757 37312 13841 3967 23678 8075 2768 71446 68395 19612 17916 7229 95823 164

2013 I 105182 35860 12936 3768 23063 8028 2722 69314 66338 19385 17230 7057 92294 154 II 105543 35968 13008 3758 23104 7994 2743 69568 66613 19388 17398 7141 92677 155

III 105989 36202 13112 3742 23238 8038 2757 69781 66793 19330 17490 7139 93155 156 IV 106904 36481 13246 3763 23389 8078 2766 70417 67373 19450 17637 7221 93962 156

2014 I 107247 36583 13332 3801 23413 8088 2763 70657 67626 19665 17540 7185 94152 158 II 108263 37180 13772 3959 23610 8085 2749 71085 68042 19600 17785 7199 95330 165 III 109186 37552 14025 4032 23752 8071 2751 71638 68562 19548 18010 7256 96378 167 IV 110333 37932 14235 4077 23937 8057 2808 72404 69349 19635 18329 7274 97433 168

2015 I 110812 38037 14304 4041 23978 8041 2848 72774 69776 19805 18538 7274 97746 167 II r 111789 38550 14583 4136 24230 8095 2845 73253 70243 19767 18675 7314 98746 17

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

capital consumption adjustment Capitalcon-

sumptionadjust-mentTotal

Profitsbefore

tax

Inventoryvaluationadjust-ment

2005 112398 70868 464 9326 2384 14777 16212 16533 ndash321 ndash1435 4968 9345 609 939 ndash642006 120048 75023 360 10177 2075 16465 18157 18514 ndash357 ndash1692 5809 9919 515 826 ndash932007 123214 78983 381 9411 1894 15290 17089 17484 ndash395 ndash1799 6634 10346 546 986 ndash1642008 124278 80783 470 9795 2621 12851 13455 13824 ndash370 ndash604 6934 10419 526 1144 ndash2122009 121261 77870 355 9375 3337 13970 14792 14726 67 ndash822 5634 10261 583 1249 ndash2062010 127395 79614 460 9867 4028 17464 17997 18407 ndash410 ndash533 4894 10571 559 1285 ndash2292011 133523 82690 755 10681 4853 18166 17385 18068 ndash683 781 4881 11026 601 1315 ndash2452012 140619 86099 616 11798 5253 19982 21166 21308 ndash142 ndash1185 5277 11321 580 1047 ndash1932013 144583 88397 888 11963 5634 20374 21649 21616 32 ndash1275 5135 11780 594 1194 ndash1882014 150765 92489 781 12686 6108 20729 22049 22078 ndash29 ndash1319 5323 12137 579 1273 ndash183

2013 I 142576 86967 939 11950 5479 19973 21275 21366 ndash91 ndash1301 5261 11686 592 1089 ndash177 II 144160 88204 902 11895 5565 20454 21725 21494 230 ndash1271 5052 11713 597 1159 ndash187 III 145008 88757 939 11936 5697 20421 21675 21636 39 ndash1253 5046 11832 595 1162 ndash188 IV 146589 89659 771 12072 5794 20647 21920 21970 ndash49 ndash1273 5183 11889 590 1365 ndash199

2014 I 147101 91037 717 12330 5910 19247 20544 21112 ndash569 ndash1296 5556 11961 581 1100 ndash176 II 149813 91773 888 12575 6055 20705 22037 22276 ndash240 ndash1332 5359 12102 579 1120 ndash184 III 152565 92899 772 12806 6184 21610 22950 22795 155 ndash1340 5158 12217 582 1685 ndash184 IV 153582 94249 748 13030 6284 21355 22663 22128 535 ndash1308 5219 12270 575 1187 ndash186

2015 I 153364 94879 605 13089 6370 20125 23515 22523 992 ndash3389 5613 12268 576 1156 ndash166 II r 154543 95492 569 13201 6541 20830 24142 23937 205 ndash3313 5066 12341 585 1249 ndash161

1 With inventory valuation and capital consumption adjustments

Source Department of Commerce (Bureau of Economic Analysis)

7172019 EI_201509pdf

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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

Rentalincome

ofpersons 2

Personal income receipts on assets

Personalcurrenttransfer

receipts 3

LessContributions

forgovernment

socialinsurancedomestic

TotalWages

andsalaries

Supple-ments towages

andsalaries

Farm Nonfarm TotalPersonalinterestincome

Personaldividendincome

2005 106140 70868 56920 13948 464 9326 2384 16665 10881 5783 15167 87332006 113939 75023 60574 14449 360 10177 2075 19384 12147 7237 16146 92262007 120002 78983 63952 15031 381 9411 1894 21666 13501 8165 17281 96142008 125022 80783 65319 15464 470 9795 2621 21671 13616 8054 19566 98822009 120948 77870 62514 15356 355 9375 3337 18180 12643 5537 21475 96442010 124771 79614 63775 15839 460 9867 4028 17396 11950 5446 23247 98412011 132545 82690 66332 16359 755 10681 4853 19139 12316 6822 23605 91782012 139151 86099 69303 16796 616 11798 5253 21238 12888 8349 23663 95162013 140684 88397 71144 17253 888 11963 5634 20604 12713 7890 24266 110682014 146942 92489 74778 17712 781 12686 6108 21175 13020 8155 25292 11590

2014 Aug 147846 93009 75244 17766 773 12790 6192 21131 12867 8264 25592 11642 Sept 148199 93286 75476 17810 659 12886 6219 21143 12837 8306 25677 11671 Oct 148872 93694 75837 17857 721 13012 6261 21232 12880 8352 25662 11710 Nov 149656 94434 76501 17934 759 12989 6281 21320 12904 8415 25667 11795 Dec 150142 94619 76642 17977 766 13091 6311 21367 12911 8456 25801 11811

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

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Disposition of Personal Income

PeriodPersonalincome

LessPersonalcurrenttaxes

EqualsDisposable

personalincome

LessPersonaloutlays 1

EqualsPersonalsaving

Disposablepersonalincome inbillions ofchained

(2009)dollars

Per capita disposablepersonal income

Per capita personalconsumptionexpenditures

Percentchangein real

per capitadisposable

personalincome

Savingas

percentof

disposable

personalincome

Populationincluding

ArmedForces

overseas(thousands) 2Currentdollars

Chained

(2009)dollars

Currentdollars

Chained

(2009)dollars

Billions of dollars Dollars Percent

2005 106140 12132 94008 91577 2431 101894 31760 34424 29711 32203 06 26 2959932006 113939 13571 100369 97055 3314 105954 33589 35458 31136 32868 30 33 2988182007 120002 14932 105070 101972 3098 108206 34826 35866 32319 33284 12 29 3016962008 125022 15078 109944 104577 5367 109873 36101 36078 32881 32860 6 49 3045432009 120948 11523 109425 102751 6674 109425 35616 35616 32050 32050 ndash13 61 3072402010 124771 12393 112379 106079 6300 110551 36274 35684 32931 32395 2 56 3098082011 132545 14532 118014 110912 7101 113312 37804 36298 34242 32878 17 60 3121722012 139151 15114 124037 114570 9467 116883 39440 37165 35137 33111 24 76 3144992013 140684 16728 123956 118057 5899 115231 39123 36369 35956 33425 ndash21 48 3168392014 146942 17802 129139 122937 6202 118363 40461 37084 37177 34075 20 48 319173

Seasonally adjusted annual rates

2013 I 138913 16411 122503 116833 5670 114312 38772 36180 35675 33290 ndash164 46 315957 II 140252 16808 123444 117347 6097 115065 39003 36356 35775 33347 20 49 316499 III 141363 16732 124631 118304 6327 115693 39299 36481 36002 33421 14 51 317136 IV 142207 16960 125247 119744 5503 115856 39415 36460 36369 33642 ndash2 44 317765

2014 I 144335 17360 126975 120603 6372 116988 39893 36755 36572 33695 33 50 318288 II 146128 17541 128587 122352 6235 117847 40331 36962 37051 33956 23 48 318833 III 147748 17920 129827 123770 6057 118631 40638 37134 37403 34177 19 47 319470 IV 149557 18388 131168 125025 6143 119987 40977 37484 37680 34468 38 47 320100

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

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Real Farm Income

[Billions of chained (2009) dollars]

Year

Income of farm operators from farming 1

Gross farm income

Production

expenses

Net

farmincomeTotal

Value of agricultural sector production

DirectGovernmentpaymentsTotal Crops 2 3 Livestock 3 Farm-related

income 4

1996 3072 2976 1507 1199 270 96 2304 7681997 3048 2952 1441 1233 278 96 2391 6571998 2947 2790 1294 1193 303 157 2350 5971999 2934 2666 1159 1189 318 269 2339 596

2000 2951 2668 1160 1210 298 284 2332 6192001 2984 2716 1135 1270 311 268 2328 6552002 2711 2565 1151 1099 315 146 2251 4602003 2983 2792 1252 1211 330 191 2280 7032004 3309 3163 1404 1394 365 146 2328 9812005 3245 2980 1243 1375 361 265 2389 8562006 3060 2894 1252 1259 383 167 2455 6062007 3488 3366 1552 1422 392 122 2769 7192008 3647 3523 1728 1402 394 123 2886 7612009 3339 3217 1624 1192 402 122 2743 596

2010 3495 3373 1640 1380 353 122 2760 7352011 4049 3948 1910 1584 454 101 2966 10832012 4226 4125 2002 1607 515 101 3357 8692013 4520 4417 2181 1692 544 103 3363 11572014 4424 4334 1883 1975 475 90 3586 8382015 4060 3957 1691 1793 473 103 3530 530

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

Profitsbefore

tax

Taxeson

corporateincome

Profits after tax

Inventoryvaluation

adjustmentTotal 2

Domestic industries

TotalNet

dividends

Undistrib-uted

profitsTotal Financial

Nonfinancial

Total 3Manufac-

turingUtil ities Wholesale Retai l

2005 16212 13821 4097 9724 2777 308 962 1217 16533 4124 12409 5805 6604 ndash3212006 18157 15596 4151 11444 3497 551 1059 1325 18514 4734 13781 7260 6521 ndash3572007 17089 13555 3015 10540 3219 495 1032 1190 17484 4455 13029 8189 4840 ndash3952008 13455 9388 954 8434 2406 301 906 803 13824 3091 10733 8086 2647 ndash3702009 14792 11220 3629 7592 1714 238 893 1087 14726 2694 12031 5746 6285 672010 17997 14045 4063 9982 2876 303 1024 1186 18407 3706 14701 5640 9062 ndash4102011 17385 13166 3759 9407 2981 98 944 1143 18068 3791 14277 7037 7240 ndash6832012 21166 17063 4790 12272 3957 125 1353 1541 21308 4476 16832 8594 8238 ndash1422013 21649 17501 4236 13264 4264 264 1455 1594 21616 4689 16927 9240 7687 322014 22049 17866 4234 13632 4398 277 1477 1584 22078 5139 16939 8600 8339 ndash29

2013 I 21275 17360 4286 13074 4076 190 1512 1583 21366 4549 16817 8142 8675 ndash91

II 21725 17611 4165 13446 4187 331 1477 1675 21494 4613 16882 10652 6230 230 III 21675 17410 4198 13212 4202 305 1446 1638 21636 4756 16879 8701 8179 39 IV 21920 17622 4296 13325 4590 231 1386 1480 21970 4838 17132 9467 7664 ndash49

2014 I 20544 16399 3798 12601 3804 389 1257 1425 21112 4973 16139 8573 7567 ndash569 II 22037 17950 4417 13533 4547 320 1345 1547 22276 5274 17002 8571 8431 ndash240 III 22950 18679 4473 14207 4580 231 1701 1577 22795 5184 17611 8536 9075 155 IV 22663 18436 4249 14187 4661 169 1605 1788 22128 5123 17005 8722 8283 535

2015 I 23515 19578 4219 15360 5346 249 1691 1894 22523 5178 17345 8785 8560 992 II r 24142 20091 4562 15530 5370 284 1635 1751 23937 5490 18446 8796 9650 205

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

Intellectualpropertyproducts

2005 26726 26110 17174 4212 8016 4950 8726 643 6392006 27300 26625 18396 4515 8708 5175 8066 716 7542007 26441 26096 19484 5090 8983 5424 6548 355 3652008 23960 24326 19344 5402 8361 5588 4977 ndash337 ndash3502009 18781 20257 16334 4382 6443 5509 3922 ndash1476 ndash14602010 21204 20562 16738 3663 7467 5613 3824 582 6592011 22304 21867 18023 3747 8479 5813 3845 376 3662012 24657 24004 19641 4231 9392 6038 4365 547 7272013 25773 25019 20237 4297 9695 6269 4780 614 5432014 27177 26338 21483 4646 10262 6595 4864 680 650

2013 I 25051 24706 20007 4110 9674 6253 4699 252 235

II 25372 24863 20057 4226 9653 6203 4803 396 329 III 26197 25095 20231 4404 9560 6283 4860 936 840 IV 26471 25410 20655 4447 9893 6337 4759 872 766

2014 I 26305 25783 21069 4646 9979 6457 4726 369 362 II 27095 26134 21298 4644 10137 6534 4844 771 745 III 27581 26635 21763 4623 10531 6638 4885 799 745 IV 27725 26797 21800 4671 10400 6750 5002 782 749

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]

Period

Totalfixed

invest-ment

Nonresidential Residential

Totalnonresi-dential

Structures

Equipment Intellectual property products

Totalresi-

dential 2

Structures

Total 2

Information processing equipment

Industrialequip-ment

Transpor-tationequip-ment

Total 2 Software

Researchand

develop-ment 3

Total 2Singlefamily

Total

Computersand

peripheralequipment 1

Other

2005 26110 17174 4212 8016 2222 1726 1836 1979 4950 2212 2023 8726 8625 43302006 26625 18396 4515 8708 2509 1875 1991 2126 5175 2303 2150 8066 7963 39072007 26096 19484 5090 8983 2799 2079 2053 2036 5424 2442 2279 6548 6449 28372008 24326 19344 5402 8361 2810 2042 1955 1569 5588 2562 2355 4977 4884 17822009 20257 16334 4382 6443 2561 1793 1521 706 5509 2568 2290 3922 3839 10532010 20562 16738 3663 7467 2814 1968 1513 1369 5613 2542 2344 3824 3736 11442011 21867 18023 3747 8479 2859 2028 1833 1830 5813 2718 2367 3845 3753 10922012 24004 19641 4231 9392 3031 2145 1998 2189 6038 2866 2429 4365 4271 13212013 25019 20237 4297 9695 3144 2223 1948 2431 6269 2958 2553 4780 4679 16192014 26338 21483 4646 10262 3264 2368 2089 2718 6595 3150 2668 4864 4758 1709

2013 I 24706 20007 4110 9674 3153 2221 1985 2285 6253 2967 2535 4699 4600 1563 II 24863 20057 4226 9653 3128 2232 1939 2440 6203 2905 2540 4803 4703 1632 III 25095 20231 4404 9560 3170 2252 1947 2396 6283 2962 2564 4860 4758 1654 IV 25410 20655 4447 9893 3125 2188 1920 2604 6337 2999 2574 4759 4657 1629

2014 I 25783 21069 4646 9979 3162 2285 2022 2585 6457 3058 2628 4726 4623 1665 II 26134 21298 4644 10137 3290 2390 2092 2617 6534 3116 2645 4844 4738 1697 III 26635 21763 4623 10531 3228 2322 2135 2865 6638 3191 2671 4885 4778 1688 IV 26797 21800 4671 10400 3376 2475 2108 2804 6750 3234 2728 5002 4893 1786

2015 I 27014 21886 4582 10460 3342 2488 2100 2881 6871 3306 2774 5124 5014 1824

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)

Business Investment[Billions of dollars]

Period

Capital expenditures

Totalcapital

expendi-tures

By industry

Forcompa-

nieswithoutemploy-

ees

Totalby

industry

Forestryfishing

and agri-culturalservices

Mining Uti li tiesCon-

structionManu-

facturing

Whole-saletrade

Retailtrade

Trans-porta-tionand

ware-housing

Informa-tion

Financeand

insur-ance

Realestate

andrentaland

leasing

Profes-sionalscien-tificand

technicalservices

Healthcareand

socialassis-tance

Other 1

For companies with employees

1999 10470 9746 17 306 428 231 1964 324 641 573 1228 1301 1006 295 513 918 723

2000 11610 10899 15 425 613 250 2148 336 698 599 1602 1337 925 341 522 1089 7122001 11090 10523 15 513 828 248 1928 300 669 578 1448 1311 827 305 529 1025 5672002 9979 9175 19 425 655 248 1572 268 593 471 882 1284 945 259 593 961 804

2003 9750 8868 19 505 546 232 1491 260 659 445 805 1208 880 247 612 962 8822004 10421 9532 21 513 504 286 1567 323 722 461 835 1536 916 267 646 936 8892005 11448 10625 27 667 580 301 1656 406 735 569 914 1614 1030 331 738 1056 8222006 13099 12171 27 993 698 303 1924 366 867 680 1044 1631 1321 303 753 1263 9282007 13547 12705 21 1207 854 367 1973 308 825 674 1061 1734 1175 318 842 1348 8422008 13742 12945 23 1493 987 408 2131 324 732 796 1033 1329 1069 330 902 1387 7972009 10907 10153 22 1006 1030 198 1552 253 584 557 884 995 729 282 794 1270 754

2010 11057 10362 33 1157 945 179 1608 311 653 590 972 1031 813 282 784 1006 6952011 12430 11696 31 1657 980 218 1924 357 681 727 1001 1092 911 281 831 1004 7342012 14236 13344 31 1967 1250 236 2031 409 776 818 1065 1302 1157 316 889 1100 8922013 14882 13978 30 1981 1117 276 2198 383 775 934 1231 1399 1139 356 933 1227 904

1 Includes the following industries Management of companies and enterprises administrative and support and waste management educational services arts entertainment and recreation ac-commodation and food services and other services (except public administration) Also includes an item for structure and equipment expenditures serving multiple industry categories

Note Data from Annual Capital Expenditures Industry data are based on the North American Industry Classification System (NAICS)Data shown in this table are capital expenditures for both new and used structures and equipment

Source Department of Commerce (Bureau of the Census)

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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]

Period

Civiliannoninsti-tutional

population(NSA)

Civilianlaborforce

Civilian employment Unemployment

Notin

laborforce

Percent 1

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Laborforce

participa-tionrate

Employ-ment

populationratio

Unemploy-mentrate

2005 226082 149320 141730 73050 62702 5978 7591 3392 3013 1186 76762 660 627 512006 228815 151428 144427 74431 63834 6162 7001 3131 2751 1119 77387 662 631 462007 231867 153124 146047 75337 64799 5911 7078 3259 2718 1101 78743 660 630 462008 233788 154287 145362 74750 65039 5573 8924 4297 3342 1285 79501 660 622 582009 235801 154142 139877 71341 63699 4837 14265 7555 5157 1552 81659 654 593 932010 237830 153889 139064 71230 63456 4378 14825 7763 5534 1528 83941 647 585 962011 239618 153617 139869 72182 63360 4327 13747 6898 5450 1400 86001 641 584 892012 243284 154975 142469 73403 64640 4426 12506 5984 5125 1397 88310 637 586 812013 245679 155389 143929 74176 65295 4458 11460 5568 4565 1327 90290 632 586 742014 247947 155922 146305 75471 66287 4548 9617 4585 3926 1106 92025 629 590 62

2014 Sept 248446 155845 146607 75889 66192 4527 9237 4273 3845 1119 92601 627 590 59 Oct 248657 156243 147260 75928 66560 4772 8983 4094 3794 1094 92414 628 592 57 Nov 248844 156402 147331 75675 66894 4762 9071 4354 3705 1013 92442 629 592 58 Dec 249027 156129 147442 76026 66632 4784 8688 4245 3479 963 92898 627 592 56

2015 Jan 249723 157180 148201 76496 66983 4722 8979 4308 3575 1096 92544 629 593 57 Feb 249899 157002 148297 76588 66901 4808 8705 4243 3469 993 92898 628 593 55 Mar 250080 156906 148331 76653 66874 4804 8575 4099 3455 1021 93175 627 593 55 Apr 250266 157072 148523 76805 66935 4784 8549 4079 3483 986 93194 628 593 54 May 250455 157469 148795 76833 67178 4784 8674 4082 3553 1039 92986 629 594 55 June 250663 157037 148739 76783 67294 4662 8299 3897 3372 1029 93626 626 593 53 July 250876 157106 148840 76903 67271 4666 8266 3887 3474 904 93770 626 593 53 Aug 251096 157065 149036 76880 67502 4654 8029 3760 3324 945 94031 626 594 51 Sept 251325 156715 148800 76763 67346 4690 7915 3790 3214 911 94610 624 592 51

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

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

White

Blackor

AfricanAmerican

Asian

Hispanicor

Latinoethnicity

Marriedmen

spousepresent

Womenwho

maintainfamilies(NSA)

Full-timeworkers

Part-timeworkers

2005 51 44 46 166 44 100 40 60 28 78 50 542006 46 40 41 154 40 89 30 52 24 71 45 512007 46 41 40 157 41 83 32 56 25 65 46 492008 58 54 49 187 52 101 40 76 34 80 58 552009 93 96 75 243 85 148 73 121 66 115 100 602010 96 98 80 259 87 160 75 125 68 123 104 632011 89 87 79 244 79 158 70 115 58 124 96 632012 81 75 73 240 72 138 59 103 49 114 85 612013 74 70 65 229 65 131 52 91 43 102 77 592014 62 57 56 196 53 113 50 74 34 86 64 54

2014 Sept 59 53 55 198 51 110 45 70 29 83 60 57 Oct 57 51 54 187 49 109 50 68 30 87 60 50 Nov 58 54 52 175 49 110 47 66 32 82 60 51 Dec 56 53 50 168 48 104 42 65 30 78 57 50

2015 Jan 57 53 51 188 49 103 40 67 29 81 59 49 Feb 55 52 49 171 47 104 40 66 30 77 57 49 Mar 55 51 49 175 47 101 32 68 28 81 56 49 Apr 54 50 49 171 47 96 44 69 30 70 55 49 May 55 50 50 179 47 102 41 67 29 68 56 49 June 53 48 48 181 46 95 38 66 28 78 53 52 July 53 48 49 162 46 91 40 68 28 80 53 51 Aug 51 47 47 169 44 95 35 66 28 81 51 49 Sept 51 47 46 163 44 92 36 64 28 71 51 48

1 Persons who selecte d this race group only Persons whose ethnicit y is identified as Hispanic or Latino may be of any race

Note Data relate to persons age 16 years and over

Source Department of Labor (Bureau of Labor Statistics)

PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED)

1SEE FOOTNOTE 1 TABLE BELOW2HISPANIC OR LATINO ETHNICITYSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

2012 2013 201520142011 2012 2013 2014 2015 2011

30

25

15

20

5

0

10

30

25

15

20

5

0

10

ALL CIVILIAN WORKERS

MEN 20 YEARS AND OVER

BLACK OR AFRICAN

AMERICAN1

TEENAGERS(16-19)

HISPANIC12

WHITE1 WOMEN 20 YEARS AND OVER

ASIAN1

In September the unemployment rate remained at 51 percent

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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

unemploy-ment

allprograms(NSA) 2

Percent distribution Number of weeks

Joblosers

Jobleavers

ReentrantsNew

entrants

Insuredunemploy-

ment(NSA)

Initialclaims(NSA)

Lessthan

5 weeks

5ndash14weeks

15ndash26weeks

27 weeksand over

Average(mean) 1

Median

Weekly average thousands

2005 7591 351 304 149 196 184 89 483 115 314 88 2661 328 27092006 7001 373 303 147 176 168 83 474 118 320 88 2476 313 25212007 7078 359 315 150 176 168 85 497 112 303 89 2572 324 26122008 8924 328 314 160 197 179 94 537 100 277 86 3306 424 38992009 14265 222 268 195 315 244 151 642 62 223 73 5724 568 91232010 14825 187 220 160 433 330 214 624 60 234 82 4487 454 97322011 13747 195 218 150 438 393 214 590 70 247 93 3679 406 76302012 12506 211 229 149 411 394 193 550 77 267 105 3297 374 60482013 11460 225 241 158 376 365 170 530 81 280 109 2947 342 46052014 9617 257 253 156 335 337 140 507 86 294 113 2574 305 2658

2014 Sept 9237 257 270 154 319 318 133 490 88 304 118 2328 259 2376 Oct 8983 270 255 156 319 329 135 481 86 316 117 2129 297 2176 Nov 9071 275 261 154 310 330 128 491 92 303 115 2277 r 316 2323 Dec 8688 272 263 146 319 328 126 492 91 307 110 2814 r 435 r 2865

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]

Period

Totalnonagri-culturalemploy-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tion Manufac-turing Total

Trade transportationand utilities

Informa-tion Financialactivities

Profes-sional

andbusinessservices

Education

andhealthservices

Leisure

andhospital-ity

OtherservicesTotal 3

Retailtrade

2005 134005 112201 22190 7336 14227 90010 25959 15280 3061 8197 16954 17630 12816 5395 218042006 136398 114424 22530 7691 14155 91894 26276 15353 3038 8367 17566 18099 13110 5438 219742007 137936 115718 22233 7630 13879 93485 26630 15520 3032 8348 17942 18613 13427 5494 222182008 137170 114661 21335 7162 13406 93326 26293 15283 2984 8206 17735 19156 13436 5515 225092009 131233 108678 18558 6016 11847 90121 24906 14522 2804 7838 16579 19550 13077 5367 225552010 130275 107785 17751 5518 11528 90034 24636 14440 2707 7695 16728 19889 13049 5331 224902011 131842 109756 18047 5533 11726 91708 25065 14668 2674 7697 17332 20228 13353 5360 220862012 134104 112184 18420 5646 11927 93763 25476 14841 2676 7784 17932 20698 13768 5430 219202013 136393 114541 18738 5856 12020 95803 25862 15079 2706 7886 18515 21097 14254 5483 218532014 139042 117180 19223 6138 12188 97957 26384 15364 2740 7979 19096 21475 14710 5573 21863

2014 Sept 139619 117739 19315 6191 12214 98424 26467 15410 2757 8007 19231 21585 14795 5582 21880 Oct 139840 117957 19349 6201 12237 98608 26517 15436 2754 8014 19271 21613 14850 5589 21883 Nov 140263 118371 19425 6231 12282 98946 26615 15498 2761 8042 19367 21664 14892 5605 21892 Dec 140592 118690 19489 6275 12301 99201 26669 15497 2767 8049 19439 21718 14948 5611 21902

2015 Jan 140793 118892 19540 6316 12318 99352 26704 15533 2773 8068 19459 21760 14972 5616 21901 Feb 141059 119153 19560 6347 12321 99593 26748 15556 2780 8077 19508 21821 15033 5626 21906 Mar 141178 119270 19540 6335 12327 99730 26787 15587 2778 8090 19547 21863 15039 5626 21908 Apr 141365 119459 19556 6365 12327 99903 26807 15598 2788 8097 19613 21917 15047 5634 21906 May 141625 119711 19554 6377 12333 100157 26864 15631 2787 8106 19681 21974 15103 5642 21914 June 141870 119929 19551 6378 12334 100378 26916 15667 2790 8127 19749 22035 15122 5639 21941 July r 142093 120124 19558 6383 12345 100566 26963 15696 2794 8142 19789 22077 15154 5647 21969 Aug r 142229 120224 19536 6388 12327 100688 26980 15700 2789 8154 19816 22124 15186 5639 22005 Sept p 142371 120342 19523 6396 12318 100819 27003 15724 2801 8154 19847 22153 15221 5640 22029

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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 304028

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 384036

US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 2: EI_201509.pdf

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httpslidepdfcomreaderfullei201509pdf 240ii

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

7172019 EI_201509pdf

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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

Finalsales ofdomesticproduct

Grossdomestic

purchases 1

AddendumGross

nationalproductNet

exportsExports Imports Total

FederalStateandlocalTotal

Nationaldefense

Non-defense

2005 130937 87941 25271 ndash7212 13089 20301 24937 9463 6083 3381 15474 130341 138149 1318632006 138559 93040 26806 ndash7709 14763 22473 26422 10020 6424 3596 16402 137889 146268 1392352007 144776 97505 26437 ndash7185 16646 23832 28019 10498 6787 3710 17522 144432 151962 1460322008 147186 100136 24248 ndash7231 18419 25650 30032 11556 7541 4015 18476 147506 154416 1489062009 144187 98470 18781 ndash3954 15877 19832 30891 12177 7883 4294 18714 145663 148142 1456982010 149644 102022 21008 ndash5127 18523 23650 31740 13039 8328 4711 18702 149028 154770 1517032011 155179 106893 22399 ndash5800 21064 26864 31687 13035 8369 4665 18653 154762 160979 1576462012 161553 110506 25117 ndash5657 21982 27638 31586 12925 8178 4747 18661 160935 167209 1639282013 166632 113923 26650 ndash5084 22633 27717 31142 12306 7677 4630 18836 165914 171716 169135

2014 173481 118659 28600 ndash5300 23419 28719 31521 12199 7482 4716 19323 172709 178781 1761122013 I 164407 112718 25783 ndash5292 22266 27558 31198 12504 7838 4666 18694 164042 169699 166617 II 165268 113228 26204 ndash5278 22376 27654 31114 12342 7723 4619 18772 164781 170546 167740 III 167275 114177 27115 ndash5124 22643 27767 31107 12204 7592 4611 18903 166219 172399 169914 IV 169576 115569 27499 ndash4643 23245 27888 31151 12176 7554 4622 18975 168612 174219 172269

2014 I 169843 116403 27511 ndash5294 23015 28308 31223 12148 7468 4680 19075 169416 175137 172431 II 172700 118130 28416 ndash5309 23562 28870 31463 12169 7484 4684 19294 171810 178009 175270 III 175221 119491 29102 ndash5146 23606 28752 31774 12331 7595 4736 19443 174338 180366 177940 IV 176159 120614 29372 ndash5452 23495 28946 31625 12147 7382 4765 19478 175274 181611 178806

2015 I 176493 120555 29959 ndash5516 22573 28089 31495 12182 7390 4792 19313 175220 182009 178768 II r 179137 122284 30255 ndash5193 22800 27993 31792 12207 7401 4806 19584 177862 184330 181443

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

Finalsales ofdomesticproduct

Grossdomestic

purchases 1

Adden-dumGross

nationalproduct

Nonresi-dentialfixed

invest-ment

Resi-dentialfixed

invest-ment

Changein

privateinven-tories

Netexports

Exports Imports Total

FederalStateandlocalTotal

Nationaldefense

Non-defense

2005 142342 95318 17174 8726 643 ndash7823 13819 21642 28262 10348 6655 3694 17923 141688 150403 1433842006 146138 98217 18396 8066 716 ndash7943 15068 23010 28693 10609 6788 3821 18088 145423 154316 146886

2007 148737 100416 19484 6548 355 ndash7126 16464 23590 29144 10787 6956 3831 18361 148362 156068 1500572008 148304 100072 19344 4977 ndash337 ndash5578 17408 22986 29948 11523 7481 4042 18424 148657 153999 1500482009 144187 98470 16334 3922 ndash1476 ndash3954 15877 19832 30891 12177 7883 4294 18714 145663 148142 1456982010 147838 100363 16738 3824 582 ndash4588 17766 22354 30914 12707 8135 4571 18208 147222 152449 1497082011 150206 102635 18023 3845 376 ndash4594 18983 23577 29974 12364 7950 4414 17610 149790 154839 1524102012 153546 104132 19641 4365 547 ndash4471 19632 24102 29416 12135 7682 4453 17281 152923 158043 1556212013 155833 105904 20237 4780 614 ndash4175 20181 24356 28549 11441 7166 4275 17102 155114 160014 1579932014 159617 108757 21483 4864 680 ndash4425 20864 25289 28383 11163 6891 4270 17208 158817 164058 161867

2013 I 154572 105182 20007 4699 252 ndash4259 19766 24026 28788 11701 7344 4356 17085 154247 158839 156471 II 155002 105543 20057 4803 396 ndash4342 20005 24347 28641 11532 7236 4295 17104 154519 159359 157139 III 156144 105989 20231 4860 936 ndash4283 20211 24494 28481 11363 7094 4267 17111 155089 160439 158426 IV 157615 106904 20655 4759 872 ndash3815 20742 24557 28285 11169 6988 4180 17106 156600 161419 159938

2014 I 157249 107247 21069 4726 369 ndash4340 20387 24727 28284 11178 6906 4270 17096 156757 161603 159471 II 159015 108263 21298 4844 771 ndash4433 20868 25301 28365 11145 6898 4246 17208 158097 163466 161209 III 160688 109186 21763 4885 799 ndash4291 20960 25251 28492 11247 6973 4271 17235 159786 164989 163011 IV 161514 110333 21800 5002 782 ndash4636 21239 25875 28390 11083 6786 4294 17293 160629 166172 163777

2015 I 161773 110812 21886 5124 1128 ndash5412 20914 26325 28385 11113 6803 4307 17259 160538 167208 163714 II r 163336 111789 22106 5240 1135 ndash5346 21175 26521 28569 11113 6808 4302 17441 162097 168707 165297

1

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

Total Goods ServicesNonresi-dentialfixed

Residentialfixed

Exports ImportsFederal State

andlocalTotal

Nationaldefense

Non-defense

2005 91985 92261 96951 89933 93830 98103 94717 93802 91449 91395 91529 863332006 94812 94729 98277 92976 96561 103821 97979 97663 94448 94633 94101 906772007 97340 97102 99403 95981 98574 105176 101107 101024 97319 97572 96849 954262008 99218 100065 102362 98947 100337 103647 105809 111588 100286 100809 99321 1002792009 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000 1000002010 101226 101653 101637 101661 99070 99645 104263 105800 102614 102365 103064 1027142011 103315 104149 105413 103524 100545 100395 110960 113942 105422 105274 105691 1059232012 105220 106121 106701 105840 102216 101324 111970 114671 106512 106466 106600 1079852013 106935 107572 106200 108292 102993 106458 112147 113798 107562 107130 108308 1101432014 108694 109105 105823 110818 103977 112903 112250 113566 109274 108585 110444 112287

2013 I 106333 107166 106740 107398 102574 104210 112644 114699 106855 106718 107104 109415 II 106625 107284 105941 107988 102943 105580 111850 113580 107005 106716 107514 109751 III 107154 107728 106179 108539 103110 106992 112034 113361 107388 107008 108049 110475 IV 107630 108108 105939 109241 103345 109051 112062 113554 109002 108079 110566 110930

2014 I 108025 108540 105912 109911 103567 111411 112884 114474 108668 108129 109599 111576 II 108621 109117 106276 110598 103849 111692 112895 114092 109179 108503 110329 112125 III 109049 109441 106179 111143 104170 113612 112615 113847 109649 108919 110884 112809 IV 109081 109322 104924 111620 104322 114896 110607 111852 109600 108789 110964 112637

2015 I 109112 108795 102567 112051 104211 114773 107925 106685 109623 108636 111266 111901 II r 109685 109391 103191 112632 103953 114538 107661 105535 109850 108718 111720 112290

Source Department of Commerce (Bureau of Economic Analysis)

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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

Gross domestic product (GDP)Personal consumption

expenditures (PCE)Gross

domesticpurchasesprice index

Gross domestic product (GDP)Personal consumption

expenditures (PCE)Gross

domesticpurchasesprice index

Real GDP(chain-type

quantityindex)

GDPchain-type

priceindex

GDPimplicit

pricedeflator

PCE(chain-typeprice index)

PCEless food

and energyprice index

GDP(currentdollars)

Real GDP(chain-type

quantityindex)

GDPchain-type

priceindex

GDPimplicit

pricedeflator

PCE(chain-typeprice index)

PCEless food

and energyprice index

2005 98720 91985 91988 92261 92711 91851 67 33 32 32 29 22 352006 101353 94812 94814 94729 94786 94783 58 27 31 31 27 22 322007 103156 97340 97337 97102 96832 97372 45 18 27 27 25 22 272008 102855 99218 99246 100065 98827 100244 17 ndash3 19 20 31 21 292009 100000 100000 100000 100000 100000 100000 ndash20 ndash28 8 8 ndash1 12 ndash22010 102532 101226 101221 101653 101286 101527 38 25 12 12 17 13 152011 104174 103315 103311 104149 102800 103970 37 16 21 21 25 15 242012 106491 105220 105214 106121 104741 105805 41 22 18 18 19 19 182013 108077 106935 106929 107572 106355 107319 31 15 16 16 14 15 142014 110701 108694 108686 109105 107981 108982 41 24 16 16 14 15 15

2013 I 107202 106333 106363 107166 105819 106807 36 19 15 16 14 17 14 II 107501 106625 106623 107284 106140 107020 21 11 11 10 4 12 8 III 108293 107154 107128 107728 106508 107479 49 30 20 19 17 14 17 IV 109313 107630 107589 108108 106954 107969 56 38 18 17 14 17 18

2014 I 109059 108025 108009 108540 107334 108390 6 ndash9 15 16 16 14 16 II 110283 108621 108606 109117 107860 108910 69 46 22 22 21 20 19 III 111444 109049 109044 109441 108232 109325 60 43 16 16 12 14 15 IV 112017 109081 109067 109322 108498 109304 22 21 1 1 ndash4 10 ndash1

2015 I 112196 109112 109099 108795 108758 108864 8 6 1 1 ndash19 10 ndash16 II r 113280 109685 109674 109391 109264 109271 61 39 21 21 22 19 15

1 Quarterly percent changes are at annual rates

Source Department of Commerce (Bureau of Economic Analysis)

Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits

[Quarterly data at seasonally adjusted annual rates]

Period

Gross value addedof nonfinancial

corporate business

(billions of dollars) 1

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

TotalCompensationof employees

(unit laborcost)

Unit nonlabor costCorporate profits with inventory valuation

and capital consumption adjustments 4

Currentdollars

Chained(2009)dollars

TotalConsumption

of fixedcapital

Taxes onproduction

and imports 3

Net interestand

miscellaneouspayments

TotalTaxes oncorporateincome

Profitsaftertax 5

2005 65321 71317 0916 0551 0243 0128 0091 0024 0122 0038 00842006 69880 74063 944 558 249 132 092 025 137 042 0962007 72039 74805 963 576 265 139 093 033 122 039 0832008 72568 73839 983 590 283 148 093 042 110 031 0792009 68598 68598 1000 596 299 159 099 041 105 026 0792010 72387 72400 1000 574 290 151 099 040 136 030 1052011 75923 74215 1023 588 296 154 103 039 140 031 1092012 80119 77209 1038 595 294 154 102 039 149 035 1142013 83168 79548 1046 597 293 155 103 035 155 036 1202014 86410 82073 1053 609 289 157 101 031 155 039 116

2012 I 79278 77078 1029 589 292 152 102 039 147 034 113 II 79904 77247 1034 591 293 153 101 039 150 034 117 III 79828 76524 1043 599 296 156 101 039 148 034 114

IV 81465 77989 1045 601 294 154 102 038 150 036 1142013 I 82091 78522 1045 596 295 154 104 037 155 037 118 II 83203 79667 1044 595 292 154 102 036 158 036 122 III 83351 79777 1045 597 293 155 103 035 155 035 119 IV 84028 80226 1047 599 293 156 104 034 155 035 120

2014 I 84466 80270 1052 614 293 158 102 033 146 038 108 II 85851 81482 1054 609 290 157 101 032 155 039 116 III 87299 82523 1058 608 289 157 102 031 161 039 122 IV 88023 84016 1048 605 285 155 099 030 158 039 120

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]

Period

Totalpersonal

con-sumptionexpendi-

tures

Goods ServicesAdden-dum

Personalcon-

sumptionexpendi-

turesexcludingfood andenergy 2

Retailsales of

new

passengercars andlight

trucks(millionsof units)

Totalgoods

Durable Nondurable

Totalservices 1

Householdcon-sumptionexpendi-

tures

Housingand

utilities

Healthcare

Financialservices

andinsurance

Totaldurablegoods 1

Motorvehicles

andparts

Totalnon-

durablegoods 1

Food andbeveragespurchased

for off-premises

con-sumption

Gasolineand

otherenergygoods

2005 95318 31772 10469 4000 21323 7576 2980 63534 61473 17884 14904 7041 82539 1692006 98217 32925 10915 3851 22022 7808 2974 65266 62918 18232 15252 7201 85281 1652007 100416 33818 11417 3928 22393 7913 2968 66564 64152 18408 15632 7425 87342 1612008 100072 32978 10832 3408 22147 7819 2834 67086 64351 18601 15988 7374 87305 1322009 98470 31984 10233 3171 21751 7700 2845 66485 63725 18810 16274 7190 85774 1042010 100363 33087 10857 3234 22235 7865 2822 67276 64493 19043 16492 7339 87461 1162011 102635 34118 11515 3338 22632 7951 2743 68514 65759 19280 16903 7472 89804 1272012 104132 35043 12362 3591 22775 7957 2700 69081 66143 19291 17270 7064 91439 1442013 105904 36128 13076 3758 23198 8034 2747 69770 66779 19388 17439 7139 93022 1552014 108757 37312 13841 3967 23678 8075 2768 71446 68395 19612 17916 7229 95823 164

2013 I 105182 35860 12936 3768 23063 8028 2722 69314 66338 19385 17230 7057 92294 154 II 105543 35968 13008 3758 23104 7994 2743 69568 66613 19388 17398 7141 92677 155

III 105989 36202 13112 3742 23238 8038 2757 69781 66793 19330 17490 7139 93155 156 IV 106904 36481 13246 3763 23389 8078 2766 70417 67373 19450 17637 7221 93962 156

2014 I 107247 36583 13332 3801 23413 8088 2763 70657 67626 19665 17540 7185 94152 158 II 108263 37180 13772 3959 23610 8085 2749 71085 68042 19600 17785 7199 95330 165 III 109186 37552 14025 4032 23752 8071 2751 71638 68562 19548 18010 7256 96378 167 IV 110333 37932 14235 4077 23937 8057 2808 72404 69349 19635 18329 7274 97433 168

2015 I 110812 38037 14304 4041 23978 8041 2848 72774 69776 19805 18538 7274 97746 167 II r 111789 38550 14583 4136 24230 8095 2845 73253 70243 19767 18675 7314 98746 17

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

capital consumption adjustment Capitalcon-

sumptionadjust-mentTotal

Profitsbefore

tax

Inventoryvaluationadjust-ment

2005 112398 70868 464 9326 2384 14777 16212 16533 ndash321 ndash1435 4968 9345 609 939 ndash642006 120048 75023 360 10177 2075 16465 18157 18514 ndash357 ndash1692 5809 9919 515 826 ndash932007 123214 78983 381 9411 1894 15290 17089 17484 ndash395 ndash1799 6634 10346 546 986 ndash1642008 124278 80783 470 9795 2621 12851 13455 13824 ndash370 ndash604 6934 10419 526 1144 ndash2122009 121261 77870 355 9375 3337 13970 14792 14726 67 ndash822 5634 10261 583 1249 ndash2062010 127395 79614 460 9867 4028 17464 17997 18407 ndash410 ndash533 4894 10571 559 1285 ndash2292011 133523 82690 755 10681 4853 18166 17385 18068 ndash683 781 4881 11026 601 1315 ndash2452012 140619 86099 616 11798 5253 19982 21166 21308 ndash142 ndash1185 5277 11321 580 1047 ndash1932013 144583 88397 888 11963 5634 20374 21649 21616 32 ndash1275 5135 11780 594 1194 ndash1882014 150765 92489 781 12686 6108 20729 22049 22078 ndash29 ndash1319 5323 12137 579 1273 ndash183

2013 I 142576 86967 939 11950 5479 19973 21275 21366 ndash91 ndash1301 5261 11686 592 1089 ndash177 II 144160 88204 902 11895 5565 20454 21725 21494 230 ndash1271 5052 11713 597 1159 ndash187 III 145008 88757 939 11936 5697 20421 21675 21636 39 ndash1253 5046 11832 595 1162 ndash188 IV 146589 89659 771 12072 5794 20647 21920 21970 ndash49 ndash1273 5183 11889 590 1365 ndash199

2014 I 147101 91037 717 12330 5910 19247 20544 21112 ndash569 ndash1296 5556 11961 581 1100 ndash176 II 149813 91773 888 12575 6055 20705 22037 22276 ndash240 ndash1332 5359 12102 579 1120 ndash184 III 152565 92899 772 12806 6184 21610 22950 22795 155 ndash1340 5158 12217 582 1685 ndash184 IV 153582 94249 748 13030 6284 21355 22663 22128 535 ndash1308 5219 12270 575 1187 ndash186

2015 I 153364 94879 605 13089 6370 20125 23515 22523 992 ndash3389 5613 12268 576 1156 ndash166 II r 154543 95492 569 13201 6541 20830 24142 23937 205 ndash3313 5066 12341 585 1249 ndash161

1 With inventory valuation and capital consumption adjustments

Source Department of Commerce (Bureau of Economic Analysis)

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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

Rentalincome

ofpersons 2

Personal income receipts on assets

Personalcurrenttransfer

receipts 3

LessContributions

forgovernment

socialinsurancedomestic

TotalWages

andsalaries

Supple-ments towages

andsalaries

Farm Nonfarm TotalPersonalinterestincome

Personaldividendincome

2005 106140 70868 56920 13948 464 9326 2384 16665 10881 5783 15167 87332006 113939 75023 60574 14449 360 10177 2075 19384 12147 7237 16146 92262007 120002 78983 63952 15031 381 9411 1894 21666 13501 8165 17281 96142008 125022 80783 65319 15464 470 9795 2621 21671 13616 8054 19566 98822009 120948 77870 62514 15356 355 9375 3337 18180 12643 5537 21475 96442010 124771 79614 63775 15839 460 9867 4028 17396 11950 5446 23247 98412011 132545 82690 66332 16359 755 10681 4853 19139 12316 6822 23605 91782012 139151 86099 69303 16796 616 11798 5253 21238 12888 8349 23663 95162013 140684 88397 71144 17253 888 11963 5634 20604 12713 7890 24266 110682014 146942 92489 74778 17712 781 12686 6108 21175 13020 8155 25292 11590

2014 Aug 147846 93009 75244 17766 773 12790 6192 21131 12867 8264 25592 11642 Sept 148199 93286 75476 17810 659 12886 6219 21143 12837 8306 25677 11671 Oct 148872 93694 75837 17857 721 13012 6261 21232 12880 8352 25662 11710 Nov 149656 94434 76501 17934 759 12989 6281 21320 12904 8415 25667 11795 Dec 150142 94619 76642 17977 766 13091 6311 21367 12911 8456 25801 11811

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

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Disposition of Personal Income

PeriodPersonalincome

LessPersonalcurrenttaxes

EqualsDisposable

personalincome

LessPersonaloutlays 1

EqualsPersonalsaving

Disposablepersonalincome inbillions ofchained

(2009)dollars

Per capita disposablepersonal income

Per capita personalconsumptionexpenditures

Percentchangein real

per capitadisposable

personalincome

Savingas

percentof

disposable

personalincome

Populationincluding

ArmedForces

overseas(thousands) 2Currentdollars

Chained

(2009)dollars

Currentdollars

Chained

(2009)dollars

Billions of dollars Dollars Percent

2005 106140 12132 94008 91577 2431 101894 31760 34424 29711 32203 06 26 2959932006 113939 13571 100369 97055 3314 105954 33589 35458 31136 32868 30 33 2988182007 120002 14932 105070 101972 3098 108206 34826 35866 32319 33284 12 29 3016962008 125022 15078 109944 104577 5367 109873 36101 36078 32881 32860 6 49 3045432009 120948 11523 109425 102751 6674 109425 35616 35616 32050 32050 ndash13 61 3072402010 124771 12393 112379 106079 6300 110551 36274 35684 32931 32395 2 56 3098082011 132545 14532 118014 110912 7101 113312 37804 36298 34242 32878 17 60 3121722012 139151 15114 124037 114570 9467 116883 39440 37165 35137 33111 24 76 3144992013 140684 16728 123956 118057 5899 115231 39123 36369 35956 33425 ndash21 48 3168392014 146942 17802 129139 122937 6202 118363 40461 37084 37177 34075 20 48 319173

Seasonally adjusted annual rates

2013 I 138913 16411 122503 116833 5670 114312 38772 36180 35675 33290 ndash164 46 315957 II 140252 16808 123444 117347 6097 115065 39003 36356 35775 33347 20 49 316499 III 141363 16732 124631 118304 6327 115693 39299 36481 36002 33421 14 51 317136 IV 142207 16960 125247 119744 5503 115856 39415 36460 36369 33642 ndash2 44 317765

2014 I 144335 17360 126975 120603 6372 116988 39893 36755 36572 33695 33 50 318288 II 146128 17541 128587 122352 6235 117847 40331 36962 37051 33956 23 48 318833 III 147748 17920 129827 123770 6057 118631 40638 37134 37403 34177 19 47 319470 IV 149557 18388 131168 125025 6143 119987 40977 37484 37680 34468 38 47 320100

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

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Real Farm Income

[Billions of chained (2009) dollars]

Year

Income of farm operators from farming 1

Gross farm income

Production

expenses

Net

farmincomeTotal

Value of agricultural sector production

DirectGovernmentpaymentsTotal Crops 2 3 Livestock 3 Farm-related

income 4

1996 3072 2976 1507 1199 270 96 2304 7681997 3048 2952 1441 1233 278 96 2391 6571998 2947 2790 1294 1193 303 157 2350 5971999 2934 2666 1159 1189 318 269 2339 596

2000 2951 2668 1160 1210 298 284 2332 6192001 2984 2716 1135 1270 311 268 2328 6552002 2711 2565 1151 1099 315 146 2251 4602003 2983 2792 1252 1211 330 191 2280 7032004 3309 3163 1404 1394 365 146 2328 9812005 3245 2980 1243 1375 361 265 2389 8562006 3060 2894 1252 1259 383 167 2455 6062007 3488 3366 1552 1422 392 122 2769 7192008 3647 3523 1728 1402 394 123 2886 7612009 3339 3217 1624 1192 402 122 2743 596

2010 3495 3373 1640 1380 353 122 2760 7352011 4049 3948 1910 1584 454 101 2966 10832012 4226 4125 2002 1607 515 101 3357 8692013 4520 4417 2181 1692 544 103 3363 11572014 4424 4334 1883 1975 475 90 3586 8382015 4060 3957 1691 1793 473 103 3530 530

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

Profitsbefore

tax

Taxeson

corporateincome

Profits after tax

Inventoryvaluation

adjustmentTotal 2

Domestic industries

TotalNet

dividends

Undistrib-uted

profitsTotal Financial

Nonfinancial

Total 3Manufac-

turingUtil ities Wholesale Retai l

2005 16212 13821 4097 9724 2777 308 962 1217 16533 4124 12409 5805 6604 ndash3212006 18157 15596 4151 11444 3497 551 1059 1325 18514 4734 13781 7260 6521 ndash3572007 17089 13555 3015 10540 3219 495 1032 1190 17484 4455 13029 8189 4840 ndash3952008 13455 9388 954 8434 2406 301 906 803 13824 3091 10733 8086 2647 ndash3702009 14792 11220 3629 7592 1714 238 893 1087 14726 2694 12031 5746 6285 672010 17997 14045 4063 9982 2876 303 1024 1186 18407 3706 14701 5640 9062 ndash4102011 17385 13166 3759 9407 2981 98 944 1143 18068 3791 14277 7037 7240 ndash6832012 21166 17063 4790 12272 3957 125 1353 1541 21308 4476 16832 8594 8238 ndash1422013 21649 17501 4236 13264 4264 264 1455 1594 21616 4689 16927 9240 7687 322014 22049 17866 4234 13632 4398 277 1477 1584 22078 5139 16939 8600 8339 ndash29

2013 I 21275 17360 4286 13074 4076 190 1512 1583 21366 4549 16817 8142 8675 ndash91

II 21725 17611 4165 13446 4187 331 1477 1675 21494 4613 16882 10652 6230 230 III 21675 17410 4198 13212 4202 305 1446 1638 21636 4756 16879 8701 8179 39 IV 21920 17622 4296 13325 4590 231 1386 1480 21970 4838 17132 9467 7664 ndash49

2014 I 20544 16399 3798 12601 3804 389 1257 1425 21112 4973 16139 8573 7567 ndash569 II 22037 17950 4417 13533 4547 320 1345 1547 22276 5274 17002 8571 8431 ndash240 III 22950 18679 4473 14207 4580 231 1701 1577 22795 5184 17611 8536 9075 155 IV 22663 18436 4249 14187 4661 169 1605 1788 22128 5123 17005 8722 8283 535

2015 I 23515 19578 4219 15360 5346 249 1691 1894 22523 5178 17345 8785 8560 992 II r 24142 20091 4562 15530 5370 284 1635 1751 23937 5490 18446 8796 9650 205

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

Intellectualpropertyproducts

2005 26726 26110 17174 4212 8016 4950 8726 643 6392006 27300 26625 18396 4515 8708 5175 8066 716 7542007 26441 26096 19484 5090 8983 5424 6548 355 3652008 23960 24326 19344 5402 8361 5588 4977 ndash337 ndash3502009 18781 20257 16334 4382 6443 5509 3922 ndash1476 ndash14602010 21204 20562 16738 3663 7467 5613 3824 582 6592011 22304 21867 18023 3747 8479 5813 3845 376 3662012 24657 24004 19641 4231 9392 6038 4365 547 7272013 25773 25019 20237 4297 9695 6269 4780 614 5432014 27177 26338 21483 4646 10262 6595 4864 680 650

2013 I 25051 24706 20007 4110 9674 6253 4699 252 235

II 25372 24863 20057 4226 9653 6203 4803 396 329 III 26197 25095 20231 4404 9560 6283 4860 936 840 IV 26471 25410 20655 4447 9893 6337 4759 872 766

2014 I 26305 25783 21069 4646 9979 6457 4726 369 362 II 27095 26134 21298 4644 10137 6534 4844 771 745 III 27581 26635 21763 4623 10531 6638 4885 799 745 IV 27725 26797 21800 4671 10400 6750 5002 782 749

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]

Period

Totalfixed

invest-ment

Nonresidential Residential

Totalnonresi-dential

Structures

Equipment Intellectual property products

Totalresi-

dential 2

Structures

Total 2

Information processing equipment

Industrialequip-ment

Transpor-tationequip-ment

Total 2 Software

Researchand

develop-ment 3

Total 2Singlefamily

Total

Computersand

peripheralequipment 1

Other

2005 26110 17174 4212 8016 2222 1726 1836 1979 4950 2212 2023 8726 8625 43302006 26625 18396 4515 8708 2509 1875 1991 2126 5175 2303 2150 8066 7963 39072007 26096 19484 5090 8983 2799 2079 2053 2036 5424 2442 2279 6548 6449 28372008 24326 19344 5402 8361 2810 2042 1955 1569 5588 2562 2355 4977 4884 17822009 20257 16334 4382 6443 2561 1793 1521 706 5509 2568 2290 3922 3839 10532010 20562 16738 3663 7467 2814 1968 1513 1369 5613 2542 2344 3824 3736 11442011 21867 18023 3747 8479 2859 2028 1833 1830 5813 2718 2367 3845 3753 10922012 24004 19641 4231 9392 3031 2145 1998 2189 6038 2866 2429 4365 4271 13212013 25019 20237 4297 9695 3144 2223 1948 2431 6269 2958 2553 4780 4679 16192014 26338 21483 4646 10262 3264 2368 2089 2718 6595 3150 2668 4864 4758 1709

2013 I 24706 20007 4110 9674 3153 2221 1985 2285 6253 2967 2535 4699 4600 1563 II 24863 20057 4226 9653 3128 2232 1939 2440 6203 2905 2540 4803 4703 1632 III 25095 20231 4404 9560 3170 2252 1947 2396 6283 2962 2564 4860 4758 1654 IV 25410 20655 4447 9893 3125 2188 1920 2604 6337 2999 2574 4759 4657 1629

2014 I 25783 21069 4646 9979 3162 2285 2022 2585 6457 3058 2628 4726 4623 1665 II 26134 21298 4644 10137 3290 2390 2092 2617 6534 3116 2645 4844 4738 1697 III 26635 21763 4623 10531 3228 2322 2135 2865 6638 3191 2671 4885 4778 1688 IV 26797 21800 4671 10400 3376 2475 2108 2804 6750 3234 2728 5002 4893 1786

2015 I 27014 21886 4582 10460 3342 2488 2100 2881 6871 3306 2774 5124 5014 1824

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)

Business Investment[Billions of dollars]

Period

Capital expenditures

Totalcapital

expendi-tures

By industry

Forcompa-

nieswithoutemploy-

ees

Totalby

industry

Forestryfishing

and agri-culturalservices

Mining Uti li tiesCon-

structionManu-

facturing

Whole-saletrade

Retailtrade

Trans-porta-tionand

ware-housing

Informa-tion

Financeand

insur-ance

Realestate

andrentaland

leasing

Profes-sionalscien-tificand

technicalservices

Healthcareand

socialassis-tance

Other 1

For companies with employees

1999 10470 9746 17 306 428 231 1964 324 641 573 1228 1301 1006 295 513 918 723

2000 11610 10899 15 425 613 250 2148 336 698 599 1602 1337 925 341 522 1089 7122001 11090 10523 15 513 828 248 1928 300 669 578 1448 1311 827 305 529 1025 5672002 9979 9175 19 425 655 248 1572 268 593 471 882 1284 945 259 593 961 804

2003 9750 8868 19 505 546 232 1491 260 659 445 805 1208 880 247 612 962 8822004 10421 9532 21 513 504 286 1567 323 722 461 835 1536 916 267 646 936 8892005 11448 10625 27 667 580 301 1656 406 735 569 914 1614 1030 331 738 1056 8222006 13099 12171 27 993 698 303 1924 366 867 680 1044 1631 1321 303 753 1263 9282007 13547 12705 21 1207 854 367 1973 308 825 674 1061 1734 1175 318 842 1348 8422008 13742 12945 23 1493 987 408 2131 324 732 796 1033 1329 1069 330 902 1387 7972009 10907 10153 22 1006 1030 198 1552 253 584 557 884 995 729 282 794 1270 754

2010 11057 10362 33 1157 945 179 1608 311 653 590 972 1031 813 282 784 1006 6952011 12430 11696 31 1657 980 218 1924 357 681 727 1001 1092 911 281 831 1004 7342012 14236 13344 31 1967 1250 236 2031 409 776 818 1065 1302 1157 316 889 1100 8922013 14882 13978 30 1981 1117 276 2198 383 775 934 1231 1399 1139 356 933 1227 904

1 Includes the following industries Management of companies and enterprises administrative and support and waste management educational services arts entertainment and recreation ac-commodation and food services and other services (except public administration) Also includes an item for structure and equipment expenditures serving multiple industry categories

Note Data from Annual Capital Expenditures Industry data are based on the North American Industry Classification System (NAICS)Data shown in this table are capital expenditures for both new and used structures and equipment

Source Department of Commerce (Bureau of the Census)

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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]

Period

Civiliannoninsti-tutional

population(NSA)

Civilianlaborforce

Civilian employment Unemployment

Notin

laborforce

Percent 1

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Laborforce

participa-tionrate

Employ-ment

populationratio

Unemploy-mentrate

2005 226082 149320 141730 73050 62702 5978 7591 3392 3013 1186 76762 660 627 512006 228815 151428 144427 74431 63834 6162 7001 3131 2751 1119 77387 662 631 462007 231867 153124 146047 75337 64799 5911 7078 3259 2718 1101 78743 660 630 462008 233788 154287 145362 74750 65039 5573 8924 4297 3342 1285 79501 660 622 582009 235801 154142 139877 71341 63699 4837 14265 7555 5157 1552 81659 654 593 932010 237830 153889 139064 71230 63456 4378 14825 7763 5534 1528 83941 647 585 962011 239618 153617 139869 72182 63360 4327 13747 6898 5450 1400 86001 641 584 892012 243284 154975 142469 73403 64640 4426 12506 5984 5125 1397 88310 637 586 812013 245679 155389 143929 74176 65295 4458 11460 5568 4565 1327 90290 632 586 742014 247947 155922 146305 75471 66287 4548 9617 4585 3926 1106 92025 629 590 62

2014 Sept 248446 155845 146607 75889 66192 4527 9237 4273 3845 1119 92601 627 590 59 Oct 248657 156243 147260 75928 66560 4772 8983 4094 3794 1094 92414 628 592 57 Nov 248844 156402 147331 75675 66894 4762 9071 4354 3705 1013 92442 629 592 58 Dec 249027 156129 147442 76026 66632 4784 8688 4245 3479 963 92898 627 592 56

2015 Jan 249723 157180 148201 76496 66983 4722 8979 4308 3575 1096 92544 629 593 57 Feb 249899 157002 148297 76588 66901 4808 8705 4243 3469 993 92898 628 593 55 Mar 250080 156906 148331 76653 66874 4804 8575 4099 3455 1021 93175 627 593 55 Apr 250266 157072 148523 76805 66935 4784 8549 4079 3483 986 93194 628 593 54 May 250455 157469 148795 76833 67178 4784 8674 4082 3553 1039 92986 629 594 55 June 250663 157037 148739 76783 67294 4662 8299 3897 3372 1029 93626 626 593 53 July 250876 157106 148840 76903 67271 4666 8266 3887 3474 904 93770 626 593 53 Aug 251096 157065 149036 76880 67502 4654 8029 3760 3324 945 94031 626 594 51 Sept 251325 156715 148800 76763 67346 4690 7915 3790 3214 911 94610 624 592 51

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

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

White

Blackor

AfricanAmerican

Asian

Hispanicor

Latinoethnicity

Marriedmen

spousepresent

Womenwho

maintainfamilies(NSA)

Full-timeworkers

Part-timeworkers

2005 51 44 46 166 44 100 40 60 28 78 50 542006 46 40 41 154 40 89 30 52 24 71 45 512007 46 41 40 157 41 83 32 56 25 65 46 492008 58 54 49 187 52 101 40 76 34 80 58 552009 93 96 75 243 85 148 73 121 66 115 100 602010 96 98 80 259 87 160 75 125 68 123 104 632011 89 87 79 244 79 158 70 115 58 124 96 632012 81 75 73 240 72 138 59 103 49 114 85 612013 74 70 65 229 65 131 52 91 43 102 77 592014 62 57 56 196 53 113 50 74 34 86 64 54

2014 Sept 59 53 55 198 51 110 45 70 29 83 60 57 Oct 57 51 54 187 49 109 50 68 30 87 60 50 Nov 58 54 52 175 49 110 47 66 32 82 60 51 Dec 56 53 50 168 48 104 42 65 30 78 57 50

2015 Jan 57 53 51 188 49 103 40 67 29 81 59 49 Feb 55 52 49 171 47 104 40 66 30 77 57 49 Mar 55 51 49 175 47 101 32 68 28 81 56 49 Apr 54 50 49 171 47 96 44 69 30 70 55 49 May 55 50 50 179 47 102 41 67 29 68 56 49 June 53 48 48 181 46 95 38 66 28 78 53 52 July 53 48 49 162 46 91 40 68 28 80 53 51 Aug 51 47 47 169 44 95 35 66 28 81 51 49 Sept 51 47 46 163 44 92 36 64 28 71 51 48

1 Persons who selecte d this race group only Persons whose ethnicit y is identified as Hispanic or Latino may be of any race

Note Data relate to persons age 16 years and over

Source Department of Labor (Bureau of Labor Statistics)

PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED)

1SEE FOOTNOTE 1 TABLE BELOW2HISPANIC OR LATINO ETHNICITYSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

2012 2013 201520142011 2012 2013 2014 2015 2011

30

25

15

20

5

0

10

30

25

15

20

5

0

10

ALL CIVILIAN WORKERS

MEN 20 YEARS AND OVER

BLACK OR AFRICAN

AMERICAN1

TEENAGERS(16-19)

HISPANIC12

WHITE1 WOMEN 20 YEARS AND OVER

ASIAN1

In September the unemployment rate remained at 51 percent

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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

unemploy-ment

allprograms(NSA) 2

Percent distribution Number of weeks

Joblosers

Jobleavers

ReentrantsNew

entrants

Insuredunemploy-

ment(NSA)

Initialclaims(NSA)

Lessthan

5 weeks

5ndash14weeks

15ndash26weeks

27 weeksand over

Average(mean) 1

Median

Weekly average thousands

2005 7591 351 304 149 196 184 89 483 115 314 88 2661 328 27092006 7001 373 303 147 176 168 83 474 118 320 88 2476 313 25212007 7078 359 315 150 176 168 85 497 112 303 89 2572 324 26122008 8924 328 314 160 197 179 94 537 100 277 86 3306 424 38992009 14265 222 268 195 315 244 151 642 62 223 73 5724 568 91232010 14825 187 220 160 433 330 214 624 60 234 82 4487 454 97322011 13747 195 218 150 438 393 214 590 70 247 93 3679 406 76302012 12506 211 229 149 411 394 193 550 77 267 105 3297 374 60482013 11460 225 241 158 376 365 170 530 81 280 109 2947 342 46052014 9617 257 253 156 335 337 140 507 86 294 113 2574 305 2658

2014 Sept 9237 257 270 154 319 318 133 490 88 304 118 2328 259 2376 Oct 8983 270 255 156 319 329 135 481 86 316 117 2129 297 2176 Nov 9071 275 261 154 310 330 128 491 92 303 115 2277 r 316 2323 Dec 8688 272 263 146 319 328 126 492 91 307 110 2814 r 435 r 2865

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]

Period

Totalnonagri-culturalemploy-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tion Manufac-turing Total

Trade transportationand utilities

Informa-tion Financialactivities

Profes-sional

andbusinessservices

Education

andhealthservices

Leisure

andhospital-ity

OtherservicesTotal 3

Retailtrade

2005 134005 112201 22190 7336 14227 90010 25959 15280 3061 8197 16954 17630 12816 5395 218042006 136398 114424 22530 7691 14155 91894 26276 15353 3038 8367 17566 18099 13110 5438 219742007 137936 115718 22233 7630 13879 93485 26630 15520 3032 8348 17942 18613 13427 5494 222182008 137170 114661 21335 7162 13406 93326 26293 15283 2984 8206 17735 19156 13436 5515 225092009 131233 108678 18558 6016 11847 90121 24906 14522 2804 7838 16579 19550 13077 5367 225552010 130275 107785 17751 5518 11528 90034 24636 14440 2707 7695 16728 19889 13049 5331 224902011 131842 109756 18047 5533 11726 91708 25065 14668 2674 7697 17332 20228 13353 5360 220862012 134104 112184 18420 5646 11927 93763 25476 14841 2676 7784 17932 20698 13768 5430 219202013 136393 114541 18738 5856 12020 95803 25862 15079 2706 7886 18515 21097 14254 5483 218532014 139042 117180 19223 6138 12188 97957 26384 15364 2740 7979 19096 21475 14710 5573 21863

2014 Sept 139619 117739 19315 6191 12214 98424 26467 15410 2757 8007 19231 21585 14795 5582 21880 Oct 139840 117957 19349 6201 12237 98608 26517 15436 2754 8014 19271 21613 14850 5589 21883 Nov 140263 118371 19425 6231 12282 98946 26615 15498 2761 8042 19367 21664 14892 5605 21892 Dec 140592 118690 19489 6275 12301 99201 26669 15497 2767 8049 19439 21718 14948 5611 21902

2015 Jan 140793 118892 19540 6316 12318 99352 26704 15533 2773 8068 19459 21760 14972 5616 21901 Feb 141059 119153 19560 6347 12321 99593 26748 15556 2780 8077 19508 21821 15033 5626 21906 Mar 141178 119270 19540 6335 12327 99730 26787 15587 2778 8090 19547 21863 15039 5626 21908 Apr 141365 119459 19556 6365 12327 99903 26807 15598 2788 8097 19613 21917 15047 5634 21906 May 141625 119711 19554 6377 12333 100157 26864 15631 2787 8106 19681 21974 15103 5642 21914 June 141870 119929 19551 6378 12334 100378 26916 15667 2790 8127 19749 22035 15122 5639 21941 July r 142093 120124 19558 6383 12345 100566 26963 15696 2794 8142 19789 22077 15154 5647 21969 Aug r 142229 120224 19536 6388 12327 100688 26980 15700 2789 8154 19816 22124 15186 5639 22005 Sept p 142371 120342 19523 6396 12318 100819 27003 15724 2801 8154 19847 22153 15221 5640 22029

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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

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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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 3: EI_201509.pdf

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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

Finalsales ofdomesticproduct

Grossdomestic

purchases 1

AddendumGross

nationalproductNet

exportsExports Imports Total

FederalStateandlocalTotal

Nationaldefense

Non-defense

2005 130937 87941 25271 ndash7212 13089 20301 24937 9463 6083 3381 15474 130341 138149 1318632006 138559 93040 26806 ndash7709 14763 22473 26422 10020 6424 3596 16402 137889 146268 1392352007 144776 97505 26437 ndash7185 16646 23832 28019 10498 6787 3710 17522 144432 151962 1460322008 147186 100136 24248 ndash7231 18419 25650 30032 11556 7541 4015 18476 147506 154416 1489062009 144187 98470 18781 ndash3954 15877 19832 30891 12177 7883 4294 18714 145663 148142 1456982010 149644 102022 21008 ndash5127 18523 23650 31740 13039 8328 4711 18702 149028 154770 1517032011 155179 106893 22399 ndash5800 21064 26864 31687 13035 8369 4665 18653 154762 160979 1576462012 161553 110506 25117 ndash5657 21982 27638 31586 12925 8178 4747 18661 160935 167209 1639282013 166632 113923 26650 ndash5084 22633 27717 31142 12306 7677 4630 18836 165914 171716 169135

2014 173481 118659 28600 ndash5300 23419 28719 31521 12199 7482 4716 19323 172709 178781 1761122013 I 164407 112718 25783 ndash5292 22266 27558 31198 12504 7838 4666 18694 164042 169699 166617 II 165268 113228 26204 ndash5278 22376 27654 31114 12342 7723 4619 18772 164781 170546 167740 III 167275 114177 27115 ndash5124 22643 27767 31107 12204 7592 4611 18903 166219 172399 169914 IV 169576 115569 27499 ndash4643 23245 27888 31151 12176 7554 4622 18975 168612 174219 172269

2014 I 169843 116403 27511 ndash5294 23015 28308 31223 12148 7468 4680 19075 169416 175137 172431 II 172700 118130 28416 ndash5309 23562 28870 31463 12169 7484 4684 19294 171810 178009 175270 III 175221 119491 29102 ndash5146 23606 28752 31774 12331 7595 4736 19443 174338 180366 177940 IV 176159 120614 29372 ndash5452 23495 28946 31625 12147 7382 4765 19478 175274 181611 178806

2015 I 176493 120555 29959 ndash5516 22573 28089 31495 12182 7390 4792 19313 175220 182009 178768 II r 179137 122284 30255 ndash5193 22800 27993 31792 12207 7401 4806 19584 177862 184330 181443

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

Finalsales ofdomesticproduct

Grossdomestic

purchases 1

Adden-dumGross

nationalproduct

Nonresi-dentialfixed

invest-ment

Resi-dentialfixed

invest-ment

Changein

privateinven-tories

Netexports

Exports Imports Total

FederalStateandlocalTotal

Nationaldefense

Non-defense

2005 142342 95318 17174 8726 643 ndash7823 13819 21642 28262 10348 6655 3694 17923 141688 150403 1433842006 146138 98217 18396 8066 716 ndash7943 15068 23010 28693 10609 6788 3821 18088 145423 154316 146886

2007 148737 100416 19484 6548 355 ndash7126 16464 23590 29144 10787 6956 3831 18361 148362 156068 1500572008 148304 100072 19344 4977 ndash337 ndash5578 17408 22986 29948 11523 7481 4042 18424 148657 153999 1500482009 144187 98470 16334 3922 ndash1476 ndash3954 15877 19832 30891 12177 7883 4294 18714 145663 148142 1456982010 147838 100363 16738 3824 582 ndash4588 17766 22354 30914 12707 8135 4571 18208 147222 152449 1497082011 150206 102635 18023 3845 376 ndash4594 18983 23577 29974 12364 7950 4414 17610 149790 154839 1524102012 153546 104132 19641 4365 547 ndash4471 19632 24102 29416 12135 7682 4453 17281 152923 158043 1556212013 155833 105904 20237 4780 614 ndash4175 20181 24356 28549 11441 7166 4275 17102 155114 160014 1579932014 159617 108757 21483 4864 680 ndash4425 20864 25289 28383 11163 6891 4270 17208 158817 164058 161867

2013 I 154572 105182 20007 4699 252 ndash4259 19766 24026 28788 11701 7344 4356 17085 154247 158839 156471 II 155002 105543 20057 4803 396 ndash4342 20005 24347 28641 11532 7236 4295 17104 154519 159359 157139 III 156144 105989 20231 4860 936 ndash4283 20211 24494 28481 11363 7094 4267 17111 155089 160439 158426 IV 157615 106904 20655 4759 872 ndash3815 20742 24557 28285 11169 6988 4180 17106 156600 161419 159938

2014 I 157249 107247 21069 4726 369 ndash4340 20387 24727 28284 11178 6906 4270 17096 156757 161603 159471 II 159015 108263 21298 4844 771 ndash4433 20868 25301 28365 11145 6898 4246 17208 158097 163466 161209 III 160688 109186 21763 4885 799 ndash4291 20960 25251 28492 11247 6973 4271 17235 159786 164989 163011 IV 161514 110333 21800 5002 782 ndash4636 21239 25875 28390 11083 6786 4294 17293 160629 166172 163777

2015 I 161773 110812 21886 5124 1128 ndash5412 20914 26325 28385 11113 6803 4307 17259 160538 167208 163714 II r 163336 111789 22106 5240 1135 ndash5346 21175 26521 28569 11113 6808 4302 17441 162097 168707 165297

1

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

Total Goods ServicesNonresi-dentialfixed

Residentialfixed

Exports ImportsFederal State

andlocalTotal

Nationaldefense

Non-defense

2005 91985 92261 96951 89933 93830 98103 94717 93802 91449 91395 91529 863332006 94812 94729 98277 92976 96561 103821 97979 97663 94448 94633 94101 906772007 97340 97102 99403 95981 98574 105176 101107 101024 97319 97572 96849 954262008 99218 100065 102362 98947 100337 103647 105809 111588 100286 100809 99321 1002792009 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000 1000002010 101226 101653 101637 101661 99070 99645 104263 105800 102614 102365 103064 1027142011 103315 104149 105413 103524 100545 100395 110960 113942 105422 105274 105691 1059232012 105220 106121 106701 105840 102216 101324 111970 114671 106512 106466 106600 1079852013 106935 107572 106200 108292 102993 106458 112147 113798 107562 107130 108308 1101432014 108694 109105 105823 110818 103977 112903 112250 113566 109274 108585 110444 112287

2013 I 106333 107166 106740 107398 102574 104210 112644 114699 106855 106718 107104 109415 II 106625 107284 105941 107988 102943 105580 111850 113580 107005 106716 107514 109751 III 107154 107728 106179 108539 103110 106992 112034 113361 107388 107008 108049 110475 IV 107630 108108 105939 109241 103345 109051 112062 113554 109002 108079 110566 110930

2014 I 108025 108540 105912 109911 103567 111411 112884 114474 108668 108129 109599 111576 II 108621 109117 106276 110598 103849 111692 112895 114092 109179 108503 110329 112125 III 109049 109441 106179 111143 104170 113612 112615 113847 109649 108919 110884 112809 IV 109081 109322 104924 111620 104322 114896 110607 111852 109600 108789 110964 112637

2015 I 109112 108795 102567 112051 104211 114773 107925 106685 109623 108636 111266 111901 II r 109685 109391 103191 112632 103953 114538 107661 105535 109850 108718 111720 112290

Source Department of Commerce (Bureau of Economic Analysis)

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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

Gross domestic product (GDP)Personal consumption

expenditures (PCE)Gross

domesticpurchasesprice index

Gross domestic product (GDP)Personal consumption

expenditures (PCE)Gross

domesticpurchasesprice index

Real GDP(chain-type

quantityindex)

GDPchain-type

priceindex

GDPimplicit

pricedeflator

PCE(chain-typeprice index)

PCEless food

and energyprice index

GDP(currentdollars)

Real GDP(chain-type

quantityindex)

GDPchain-type

priceindex

GDPimplicit

pricedeflator

PCE(chain-typeprice index)

PCEless food

and energyprice index

2005 98720 91985 91988 92261 92711 91851 67 33 32 32 29 22 352006 101353 94812 94814 94729 94786 94783 58 27 31 31 27 22 322007 103156 97340 97337 97102 96832 97372 45 18 27 27 25 22 272008 102855 99218 99246 100065 98827 100244 17 ndash3 19 20 31 21 292009 100000 100000 100000 100000 100000 100000 ndash20 ndash28 8 8 ndash1 12 ndash22010 102532 101226 101221 101653 101286 101527 38 25 12 12 17 13 152011 104174 103315 103311 104149 102800 103970 37 16 21 21 25 15 242012 106491 105220 105214 106121 104741 105805 41 22 18 18 19 19 182013 108077 106935 106929 107572 106355 107319 31 15 16 16 14 15 142014 110701 108694 108686 109105 107981 108982 41 24 16 16 14 15 15

2013 I 107202 106333 106363 107166 105819 106807 36 19 15 16 14 17 14 II 107501 106625 106623 107284 106140 107020 21 11 11 10 4 12 8 III 108293 107154 107128 107728 106508 107479 49 30 20 19 17 14 17 IV 109313 107630 107589 108108 106954 107969 56 38 18 17 14 17 18

2014 I 109059 108025 108009 108540 107334 108390 6 ndash9 15 16 16 14 16 II 110283 108621 108606 109117 107860 108910 69 46 22 22 21 20 19 III 111444 109049 109044 109441 108232 109325 60 43 16 16 12 14 15 IV 112017 109081 109067 109322 108498 109304 22 21 1 1 ndash4 10 ndash1

2015 I 112196 109112 109099 108795 108758 108864 8 6 1 1 ndash19 10 ndash16 II r 113280 109685 109674 109391 109264 109271 61 39 21 21 22 19 15

1 Quarterly percent changes are at annual rates

Source Department of Commerce (Bureau of Economic Analysis)

Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits

[Quarterly data at seasonally adjusted annual rates]

Period

Gross value addedof nonfinancial

corporate business

(billions of dollars) 1

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

TotalCompensationof employees

(unit laborcost)

Unit nonlabor costCorporate profits with inventory valuation

and capital consumption adjustments 4

Currentdollars

Chained(2009)dollars

TotalConsumption

of fixedcapital

Taxes onproduction

and imports 3

Net interestand

miscellaneouspayments

TotalTaxes oncorporateincome

Profitsaftertax 5

2005 65321 71317 0916 0551 0243 0128 0091 0024 0122 0038 00842006 69880 74063 944 558 249 132 092 025 137 042 0962007 72039 74805 963 576 265 139 093 033 122 039 0832008 72568 73839 983 590 283 148 093 042 110 031 0792009 68598 68598 1000 596 299 159 099 041 105 026 0792010 72387 72400 1000 574 290 151 099 040 136 030 1052011 75923 74215 1023 588 296 154 103 039 140 031 1092012 80119 77209 1038 595 294 154 102 039 149 035 1142013 83168 79548 1046 597 293 155 103 035 155 036 1202014 86410 82073 1053 609 289 157 101 031 155 039 116

2012 I 79278 77078 1029 589 292 152 102 039 147 034 113 II 79904 77247 1034 591 293 153 101 039 150 034 117 III 79828 76524 1043 599 296 156 101 039 148 034 114

IV 81465 77989 1045 601 294 154 102 038 150 036 1142013 I 82091 78522 1045 596 295 154 104 037 155 037 118 II 83203 79667 1044 595 292 154 102 036 158 036 122 III 83351 79777 1045 597 293 155 103 035 155 035 119 IV 84028 80226 1047 599 293 156 104 034 155 035 120

2014 I 84466 80270 1052 614 293 158 102 033 146 038 108 II 85851 81482 1054 609 290 157 101 032 155 039 116 III 87299 82523 1058 608 289 157 102 031 161 039 122 IV 88023 84016 1048 605 285 155 099 030 158 039 120

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]

Period

Totalpersonal

con-sumptionexpendi-

tures

Goods ServicesAdden-dum

Personalcon-

sumptionexpendi-

turesexcludingfood andenergy 2

Retailsales of

new

passengercars andlight

trucks(millionsof units)

Totalgoods

Durable Nondurable

Totalservices 1

Householdcon-sumptionexpendi-

tures

Housingand

utilities

Healthcare

Financialservices

andinsurance

Totaldurablegoods 1

Motorvehicles

andparts

Totalnon-

durablegoods 1

Food andbeveragespurchased

for off-premises

con-sumption

Gasolineand

otherenergygoods

2005 95318 31772 10469 4000 21323 7576 2980 63534 61473 17884 14904 7041 82539 1692006 98217 32925 10915 3851 22022 7808 2974 65266 62918 18232 15252 7201 85281 1652007 100416 33818 11417 3928 22393 7913 2968 66564 64152 18408 15632 7425 87342 1612008 100072 32978 10832 3408 22147 7819 2834 67086 64351 18601 15988 7374 87305 1322009 98470 31984 10233 3171 21751 7700 2845 66485 63725 18810 16274 7190 85774 1042010 100363 33087 10857 3234 22235 7865 2822 67276 64493 19043 16492 7339 87461 1162011 102635 34118 11515 3338 22632 7951 2743 68514 65759 19280 16903 7472 89804 1272012 104132 35043 12362 3591 22775 7957 2700 69081 66143 19291 17270 7064 91439 1442013 105904 36128 13076 3758 23198 8034 2747 69770 66779 19388 17439 7139 93022 1552014 108757 37312 13841 3967 23678 8075 2768 71446 68395 19612 17916 7229 95823 164

2013 I 105182 35860 12936 3768 23063 8028 2722 69314 66338 19385 17230 7057 92294 154 II 105543 35968 13008 3758 23104 7994 2743 69568 66613 19388 17398 7141 92677 155

III 105989 36202 13112 3742 23238 8038 2757 69781 66793 19330 17490 7139 93155 156 IV 106904 36481 13246 3763 23389 8078 2766 70417 67373 19450 17637 7221 93962 156

2014 I 107247 36583 13332 3801 23413 8088 2763 70657 67626 19665 17540 7185 94152 158 II 108263 37180 13772 3959 23610 8085 2749 71085 68042 19600 17785 7199 95330 165 III 109186 37552 14025 4032 23752 8071 2751 71638 68562 19548 18010 7256 96378 167 IV 110333 37932 14235 4077 23937 8057 2808 72404 69349 19635 18329 7274 97433 168

2015 I 110812 38037 14304 4041 23978 8041 2848 72774 69776 19805 18538 7274 97746 167 II r 111789 38550 14583 4136 24230 8095 2845 73253 70243 19767 18675 7314 98746 17

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

capital consumption adjustment Capitalcon-

sumptionadjust-mentTotal

Profitsbefore

tax

Inventoryvaluationadjust-ment

2005 112398 70868 464 9326 2384 14777 16212 16533 ndash321 ndash1435 4968 9345 609 939 ndash642006 120048 75023 360 10177 2075 16465 18157 18514 ndash357 ndash1692 5809 9919 515 826 ndash932007 123214 78983 381 9411 1894 15290 17089 17484 ndash395 ndash1799 6634 10346 546 986 ndash1642008 124278 80783 470 9795 2621 12851 13455 13824 ndash370 ndash604 6934 10419 526 1144 ndash2122009 121261 77870 355 9375 3337 13970 14792 14726 67 ndash822 5634 10261 583 1249 ndash2062010 127395 79614 460 9867 4028 17464 17997 18407 ndash410 ndash533 4894 10571 559 1285 ndash2292011 133523 82690 755 10681 4853 18166 17385 18068 ndash683 781 4881 11026 601 1315 ndash2452012 140619 86099 616 11798 5253 19982 21166 21308 ndash142 ndash1185 5277 11321 580 1047 ndash1932013 144583 88397 888 11963 5634 20374 21649 21616 32 ndash1275 5135 11780 594 1194 ndash1882014 150765 92489 781 12686 6108 20729 22049 22078 ndash29 ndash1319 5323 12137 579 1273 ndash183

2013 I 142576 86967 939 11950 5479 19973 21275 21366 ndash91 ndash1301 5261 11686 592 1089 ndash177 II 144160 88204 902 11895 5565 20454 21725 21494 230 ndash1271 5052 11713 597 1159 ndash187 III 145008 88757 939 11936 5697 20421 21675 21636 39 ndash1253 5046 11832 595 1162 ndash188 IV 146589 89659 771 12072 5794 20647 21920 21970 ndash49 ndash1273 5183 11889 590 1365 ndash199

2014 I 147101 91037 717 12330 5910 19247 20544 21112 ndash569 ndash1296 5556 11961 581 1100 ndash176 II 149813 91773 888 12575 6055 20705 22037 22276 ndash240 ndash1332 5359 12102 579 1120 ndash184 III 152565 92899 772 12806 6184 21610 22950 22795 155 ndash1340 5158 12217 582 1685 ndash184 IV 153582 94249 748 13030 6284 21355 22663 22128 535 ndash1308 5219 12270 575 1187 ndash186

2015 I 153364 94879 605 13089 6370 20125 23515 22523 992 ndash3389 5613 12268 576 1156 ndash166 II r 154543 95492 569 13201 6541 20830 24142 23937 205 ndash3313 5066 12341 585 1249 ndash161

1 With inventory valuation and capital consumption adjustments

Source Department of Commerce (Bureau of Economic Analysis)

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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

Rentalincome

ofpersons 2

Personal income receipts on assets

Personalcurrenttransfer

receipts 3

LessContributions

forgovernment

socialinsurancedomestic

TotalWages

andsalaries

Supple-ments towages

andsalaries

Farm Nonfarm TotalPersonalinterestincome

Personaldividendincome

2005 106140 70868 56920 13948 464 9326 2384 16665 10881 5783 15167 87332006 113939 75023 60574 14449 360 10177 2075 19384 12147 7237 16146 92262007 120002 78983 63952 15031 381 9411 1894 21666 13501 8165 17281 96142008 125022 80783 65319 15464 470 9795 2621 21671 13616 8054 19566 98822009 120948 77870 62514 15356 355 9375 3337 18180 12643 5537 21475 96442010 124771 79614 63775 15839 460 9867 4028 17396 11950 5446 23247 98412011 132545 82690 66332 16359 755 10681 4853 19139 12316 6822 23605 91782012 139151 86099 69303 16796 616 11798 5253 21238 12888 8349 23663 95162013 140684 88397 71144 17253 888 11963 5634 20604 12713 7890 24266 110682014 146942 92489 74778 17712 781 12686 6108 21175 13020 8155 25292 11590

2014 Aug 147846 93009 75244 17766 773 12790 6192 21131 12867 8264 25592 11642 Sept 148199 93286 75476 17810 659 12886 6219 21143 12837 8306 25677 11671 Oct 148872 93694 75837 17857 721 13012 6261 21232 12880 8352 25662 11710 Nov 149656 94434 76501 17934 759 12989 6281 21320 12904 8415 25667 11795 Dec 150142 94619 76642 17977 766 13091 6311 21367 12911 8456 25801 11811

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

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Disposition of Personal Income

PeriodPersonalincome

LessPersonalcurrenttaxes

EqualsDisposable

personalincome

LessPersonaloutlays 1

EqualsPersonalsaving

Disposablepersonalincome inbillions ofchained

(2009)dollars

Per capita disposablepersonal income

Per capita personalconsumptionexpenditures

Percentchangein real

per capitadisposable

personalincome

Savingas

percentof

disposable

personalincome

Populationincluding

ArmedForces

overseas(thousands) 2Currentdollars

Chained

(2009)dollars

Currentdollars

Chained

(2009)dollars

Billions of dollars Dollars Percent

2005 106140 12132 94008 91577 2431 101894 31760 34424 29711 32203 06 26 2959932006 113939 13571 100369 97055 3314 105954 33589 35458 31136 32868 30 33 2988182007 120002 14932 105070 101972 3098 108206 34826 35866 32319 33284 12 29 3016962008 125022 15078 109944 104577 5367 109873 36101 36078 32881 32860 6 49 3045432009 120948 11523 109425 102751 6674 109425 35616 35616 32050 32050 ndash13 61 3072402010 124771 12393 112379 106079 6300 110551 36274 35684 32931 32395 2 56 3098082011 132545 14532 118014 110912 7101 113312 37804 36298 34242 32878 17 60 3121722012 139151 15114 124037 114570 9467 116883 39440 37165 35137 33111 24 76 3144992013 140684 16728 123956 118057 5899 115231 39123 36369 35956 33425 ndash21 48 3168392014 146942 17802 129139 122937 6202 118363 40461 37084 37177 34075 20 48 319173

Seasonally adjusted annual rates

2013 I 138913 16411 122503 116833 5670 114312 38772 36180 35675 33290 ndash164 46 315957 II 140252 16808 123444 117347 6097 115065 39003 36356 35775 33347 20 49 316499 III 141363 16732 124631 118304 6327 115693 39299 36481 36002 33421 14 51 317136 IV 142207 16960 125247 119744 5503 115856 39415 36460 36369 33642 ndash2 44 317765

2014 I 144335 17360 126975 120603 6372 116988 39893 36755 36572 33695 33 50 318288 II 146128 17541 128587 122352 6235 117847 40331 36962 37051 33956 23 48 318833 III 147748 17920 129827 123770 6057 118631 40638 37134 37403 34177 19 47 319470 IV 149557 18388 131168 125025 6143 119987 40977 37484 37680 34468 38 47 320100

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

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Real Farm Income

[Billions of chained (2009) dollars]

Year

Income of farm operators from farming 1

Gross farm income

Production

expenses

Net

farmincomeTotal

Value of agricultural sector production

DirectGovernmentpaymentsTotal Crops 2 3 Livestock 3 Farm-related

income 4

1996 3072 2976 1507 1199 270 96 2304 7681997 3048 2952 1441 1233 278 96 2391 6571998 2947 2790 1294 1193 303 157 2350 5971999 2934 2666 1159 1189 318 269 2339 596

2000 2951 2668 1160 1210 298 284 2332 6192001 2984 2716 1135 1270 311 268 2328 6552002 2711 2565 1151 1099 315 146 2251 4602003 2983 2792 1252 1211 330 191 2280 7032004 3309 3163 1404 1394 365 146 2328 9812005 3245 2980 1243 1375 361 265 2389 8562006 3060 2894 1252 1259 383 167 2455 6062007 3488 3366 1552 1422 392 122 2769 7192008 3647 3523 1728 1402 394 123 2886 7612009 3339 3217 1624 1192 402 122 2743 596

2010 3495 3373 1640 1380 353 122 2760 7352011 4049 3948 1910 1584 454 101 2966 10832012 4226 4125 2002 1607 515 101 3357 8692013 4520 4417 2181 1692 544 103 3363 11572014 4424 4334 1883 1975 475 90 3586 8382015 4060 3957 1691 1793 473 103 3530 530

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

Profitsbefore

tax

Taxeson

corporateincome

Profits after tax

Inventoryvaluation

adjustmentTotal 2

Domestic industries

TotalNet

dividends

Undistrib-uted

profitsTotal Financial

Nonfinancial

Total 3Manufac-

turingUtil ities Wholesale Retai l

2005 16212 13821 4097 9724 2777 308 962 1217 16533 4124 12409 5805 6604 ndash3212006 18157 15596 4151 11444 3497 551 1059 1325 18514 4734 13781 7260 6521 ndash3572007 17089 13555 3015 10540 3219 495 1032 1190 17484 4455 13029 8189 4840 ndash3952008 13455 9388 954 8434 2406 301 906 803 13824 3091 10733 8086 2647 ndash3702009 14792 11220 3629 7592 1714 238 893 1087 14726 2694 12031 5746 6285 672010 17997 14045 4063 9982 2876 303 1024 1186 18407 3706 14701 5640 9062 ndash4102011 17385 13166 3759 9407 2981 98 944 1143 18068 3791 14277 7037 7240 ndash6832012 21166 17063 4790 12272 3957 125 1353 1541 21308 4476 16832 8594 8238 ndash1422013 21649 17501 4236 13264 4264 264 1455 1594 21616 4689 16927 9240 7687 322014 22049 17866 4234 13632 4398 277 1477 1584 22078 5139 16939 8600 8339 ndash29

2013 I 21275 17360 4286 13074 4076 190 1512 1583 21366 4549 16817 8142 8675 ndash91

II 21725 17611 4165 13446 4187 331 1477 1675 21494 4613 16882 10652 6230 230 III 21675 17410 4198 13212 4202 305 1446 1638 21636 4756 16879 8701 8179 39 IV 21920 17622 4296 13325 4590 231 1386 1480 21970 4838 17132 9467 7664 ndash49

2014 I 20544 16399 3798 12601 3804 389 1257 1425 21112 4973 16139 8573 7567 ndash569 II 22037 17950 4417 13533 4547 320 1345 1547 22276 5274 17002 8571 8431 ndash240 III 22950 18679 4473 14207 4580 231 1701 1577 22795 5184 17611 8536 9075 155 IV 22663 18436 4249 14187 4661 169 1605 1788 22128 5123 17005 8722 8283 535

2015 I 23515 19578 4219 15360 5346 249 1691 1894 22523 5178 17345 8785 8560 992 II r 24142 20091 4562 15530 5370 284 1635 1751 23937 5490 18446 8796 9650 205

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

Intellectualpropertyproducts

2005 26726 26110 17174 4212 8016 4950 8726 643 6392006 27300 26625 18396 4515 8708 5175 8066 716 7542007 26441 26096 19484 5090 8983 5424 6548 355 3652008 23960 24326 19344 5402 8361 5588 4977 ndash337 ndash3502009 18781 20257 16334 4382 6443 5509 3922 ndash1476 ndash14602010 21204 20562 16738 3663 7467 5613 3824 582 6592011 22304 21867 18023 3747 8479 5813 3845 376 3662012 24657 24004 19641 4231 9392 6038 4365 547 7272013 25773 25019 20237 4297 9695 6269 4780 614 5432014 27177 26338 21483 4646 10262 6595 4864 680 650

2013 I 25051 24706 20007 4110 9674 6253 4699 252 235

II 25372 24863 20057 4226 9653 6203 4803 396 329 III 26197 25095 20231 4404 9560 6283 4860 936 840 IV 26471 25410 20655 4447 9893 6337 4759 872 766

2014 I 26305 25783 21069 4646 9979 6457 4726 369 362 II 27095 26134 21298 4644 10137 6534 4844 771 745 III 27581 26635 21763 4623 10531 6638 4885 799 745 IV 27725 26797 21800 4671 10400 6750 5002 782 749

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]

Period

Totalfixed

invest-ment

Nonresidential Residential

Totalnonresi-dential

Structures

Equipment Intellectual property products

Totalresi-

dential 2

Structures

Total 2

Information processing equipment

Industrialequip-ment

Transpor-tationequip-ment

Total 2 Software

Researchand

develop-ment 3

Total 2Singlefamily

Total

Computersand

peripheralequipment 1

Other

2005 26110 17174 4212 8016 2222 1726 1836 1979 4950 2212 2023 8726 8625 43302006 26625 18396 4515 8708 2509 1875 1991 2126 5175 2303 2150 8066 7963 39072007 26096 19484 5090 8983 2799 2079 2053 2036 5424 2442 2279 6548 6449 28372008 24326 19344 5402 8361 2810 2042 1955 1569 5588 2562 2355 4977 4884 17822009 20257 16334 4382 6443 2561 1793 1521 706 5509 2568 2290 3922 3839 10532010 20562 16738 3663 7467 2814 1968 1513 1369 5613 2542 2344 3824 3736 11442011 21867 18023 3747 8479 2859 2028 1833 1830 5813 2718 2367 3845 3753 10922012 24004 19641 4231 9392 3031 2145 1998 2189 6038 2866 2429 4365 4271 13212013 25019 20237 4297 9695 3144 2223 1948 2431 6269 2958 2553 4780 4679 16192014 26338 21483 4646 10262 3264 2368 2089 2718 6595 3150 2668 4864 4758 1709

2013 I 24706 20007 4110 9674 3153 2221 1985 2285 6253 2967 2535 4699 4600 1563 II 24863 20057 4226 9653 3128 2232 1939 2440 6203 2905 2540 4803 4703 1632 III 25095 20231 4404 9560 3170 2252 1947 2396 6283 2962 2564 4860 4758 1654 IV 25410 20655 4447 9893 3125 2188 1920 2604 6337 2999 2574 4759 4657 1629

2014 I 25783 21069 4646 9979 3162 2285 2022 2585 6457 3058 2628 4726 4623 1665 II 26134 21298 4644 10137 3290 2390 2092 2617 6534 3116 2645 4844 4738 1697 III 26635 21763 4623 10531 3228 2322 2135 2865 6638 3191 2671 4885 4778 1688 IV 26797 21800 4671 10400 3376 2475 2108 2804 6750 3234 2728 5002 4893 1786

2015 I 27014 21886 4582 10460 3342 2488 2100 2881 6871 3306 2774 5124 5014 1824

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)

Business Investment[Billions of dollars]

Period

Capital expenditures

Totalcapital

expendi-tures

By industry

Forcompa-

nieswithoutemploy-

ees

Totalby

industry

Forestryfishing

and agri-culturalservices

Mining Uti li tiesCon-

structionManu-

facturing

Whole-saletrade

Retailtrade

Trans-porta-tionand

ware-housing

Informa-tion

Financeand

insur-ance

Realestate

andrentaland

leasing

Profes-sionalscien-tificand

technicalservices

Healthcareand

socialassis-tance

Other 1

For companies with employees

1999 10470 9746 17 306 428 231 1964 324 641 573 1228 1301 1006 295 513 918 723

2000 11610 10899 15 425 613 250 2148 336 698 599 1602 1337 925 341 522 1089 7122001 11090 10523 15 513 828 248 1928 300 669 578 1448 1311 827 305 529 1025 5672002 9979 9175 19 425 655 248 1572 268 593 471 882 1284 945 259 593 961 804

2003 9750 8868 19 505 546 232 1491 260 659 445 805 1208 880 247 612 962 8822004 10421 9532 21 513 504 286 1567 323 722 461 835 1536 916 267 646 936 8892005 11448 10625 27 667 580 301 1656 406 735 569 914 1614 1030 331 738 1056 8222006 13099 12171 27 993 698 303 1924 366 867 680 1044 1631 1321 303 753 1263 9282007 13547 12705 21 1207 854 367 1973 308 825 674 1061 1734 1175 318 842 1348 8422008 13742 12945 23 1493 987 408 2131 324 732 796 1033 1329 1069 330 902 1387 7972009 10907 10153 22 1006 1030 198 1552 253 584 557 884 995 729 282 794 1270 754

2010 11057 10362 33 1157 945 179 1608 311 653 590 972 1031 813 282 784 1006 6952011 12430 11696 31 1657 980 218 1924 357 681 727 1001 1092 911 281 831 1004 7342012 14236 13344 31 1967 1250 236 2031 409 776 818 1065 1302 1157 316 889 1100 8922013 14882 13978 30 1981 1117 276 2198 383 775 934 1231 1399 1139 356 933 1227 904

1 Includes the following industries Management of companies and enterprises administrative and support and waste management educational services arts entertainment and recreation ac-commodation and food services and other services (except public administration) Also includes an item for structure and equipment expenditures serving multiple industry categories

Note Data from Annual Capital Expenditures Industry data are based on the North American Industry Classification System (NAICS)Data shown in this table are capital expenditures for both new and used structures and equipment

Source Department of Commerce (Bureau of the Census)

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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]

Period

Civiliannoninsti-tutional

population(NSA)

Civilianlaborforce

Civilian employment Unemployment

Notin

laborforce

Percent 1

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Laborforce

participa-tionrate

Employ-ment

populationratio

Unemploy-mentrate

2005 226082 149320 141730 73050 62702 5978 7591 3392 3013 1186 76762 660 627 512006 228815 151428 144427 74431 63834 6162 7001 3131 2751 1119 77387 662 631 462007 231867 153124 146047 75337 64799 5911 7078 3259 2718 1101 78743 660 630 462008 233788 154287 145362 74750 65039 5573 8924 4297 3342 1285 79501 660 622 582009 235801 154142 139877 71341 63699 4837 14265 7555 5157 1552 81659 654 593 932010 237830 153889 139064 71230 63456 4378 14825 7763 5534 1528 83941 647 585 962011 239618 153617 139869 72182 63360 4327 13747 6898 5450 1400 86001 641 584 892012 243284 154975 142469 73403 64640 4426 12506 5984 5125 1397 88310 637 586 812013 245679 155389 143929 74176 65295 4458 11460 5568 4565 1327 90290 632 586 742014 247947 155922 146305 75471 66287 4548 9617 4585 3926 1106 92025 629 590 62

2014 Sept 248446 155845 146607 75889 66192 4527 9237 4273 3845 1119 92601 627 590 59 Oct 248657 156243 147260 75928 66560 4772 8983 4094 3794 1094 92414 628 592 57 Nov 248844 156402 147331 75675 66894 4762 9071 4354 3705 1013 92442 629 592 58 Dec 249027 156129 147442 76026 66632 4784 8688 4245 3479 963 92898 627 592 56

2015 Jan 249723 157180 148201 76496 66983 4722 8979 4308 3575 1096 92544 629 593 57 Feb 249899 157002 148297 76588 66901 4808 8705 4243 3469 993 92898 628 593 55 Mar 250080 156906 148331 76653 66874 4804 8575 4099 3455 1021 93175 627 593 55 Apr 250266 157072 148523 76805 66935 4784 8549 4079 3483 986 93194 628 593 54 May 250455 157469 148795 76833 67178 4784 8674 4082 3553 1039 92986 629 594 55 June 250663 157037 148739 76783 67294 4662 8299 3897 3372 1029 93626 626 593 53 July 250876 157106 148840 76903 67271 4666 8266 3887 3474 904 93770 626 593 53 Aug 251096 157065 149036 76880 67502 4654 8029 3760 3324 945 94031 626 594 51 Sept 251325 156715 148800 76763 67346 4690 7915 3790 3214 911 94610 624 592 51

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

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

White

Blackor

AfricanAmerican

Asian

Hispanicor

Latinoethnicity

Marriedmen

spousepresent

Womenwho

maintainfamilies(NSA)

Full-timeworkers

Part-timeworkers

2005 51 44 46 166 44 100 40 60 28 78 50 542006 46 40 41 154 40 89 30 52 24 71 45 512007 46 41 40 157 41 83 32 56 25 65 46 492008 58 54 49 187 52 101 40 76 34 80 58 552009 93 96 75 243 85 148 73 121 66 115 100 602010 96 98 80 259 87 160 75 125 68 123 104 632011 89 87 79 244 79 158 70 115 58 124 96 632012 81 75 73 240 72 138 59 103 49 114 85 612013 74 70 65 229 65 131 52 91 43 102 77 592014 62 57 56 196 53 113 50 74 34 86 64 54

2014 Sept 59 53 55 198 51 110 45 70 29 83 60 57 Oct 57 51 54 187 49 109 50 68 30 87 60 50 Nov 58 54 52 175 49 110 47 66 32 82 60 51 Dec 56 53 50 168 48 104 42 65 30 78 57 50

2015 Jan 57 53 51 188 49 103 40 67 29 81 59 49 Feb 55 52 49 171 47 104 40 66 30 77 57 49 Mar 55 51 49 175 47 101 32 68 28 81 56 49 Apr 54 50 49 171 47 96 44 69 30 70 55 49 May 55 50 50 179 47 102 41 67 29 68 56 49 June 53 48 48 181 46 95 38 66 28 78 53 52 July 53 48 49 162 46 91 40 68 28 80 53 51 Aug 51 47 47 169 44 95 35 66 28 81 51 49 Sept 51 47 46 163 44 92 36 64 28 71 51 48

1 Persons who selecte d this race group only Persons whose ethnicit y is identified as Hispanic or Latino may be of any race

Note Data relate to persons age 16 years and over

Source Department of Labor (Bureau of Labor Statistics)

PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED)

1SEE FOOTNOTE 1 TABLE BELOW2HISPANIC OR LATINO ETHNICITYSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

2012 2013 201520142011 2012 2013 2014 2015 2011

30

25

15

20

5

0

10

30

25

15

20

5

0

10

ALL CIVILIAN WORKERS

MEN 20 YEARS AND OVER

BLACK OR AFRICAN

AMERICAN1

TEENAGERS(16-19)

HISPANIC12

WHITE1 WOMEN 20 YEARS AND OVER

ASIAN1

In September the unemployment rate remained at 51 percent

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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

unemploy-ment

allprograms(NSA) 2

Percent distribution Number of weeks

Joblosers

Jobleavers

ReentrantsNew

entrants

Insuredunemploy-

ment(NSA)

Initialclaims(NSA)

Lessthan

5 weeks

5ndash14weeks

15ndash26weeks

27 weeksand over

Average(mean) 1

Median

Weekly average thousands

2005 7591 351 304 149 196 184 89 483 115 314 88 2661 328 27092006 7001 373 303 147 176 168 83 474 118 320 88 2476 313 25212007 7078 359 315 150 176 168 85 497 112 303 89 2572 324 26122008 8924 328 314 160 197 179 94 537 100 277 86 3306 424 38992009 14265 222 268 195 315 244 151 642 62 223 73 5724 568 91232010 14825 187 220 160 433 330 214 624 60 234 82 4487 454 97322011 13747 195 218 150 438 393 214 590 70 247 93 3679 406 76302012 12506 211 229 149 411 394 193 550 77 267 105 3297 374 60482013 11460 225 241 158 376 365 170 530 81 280 109 2947 342 46052014 9617 257 253 156 335 337 140 507 86 294 113 2574 305 2658

2014 Sept 9237 257 270 154 319 318 133 490 88 304 118 2328 259 2376 Oct 8983 270 255 156 319 329 135 481 86 316 117 2129 297 2176 Nov 9071 275 261 154 310 330 128 491 92 303 115 2277 r 316 2323 Dec 8688 272 263 146 319 328 126 492 91 307 110 2814 r 435 r 2865

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]

Period

Totalnonagri-culturalemploy-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tion Manufac-turing Total

Trade transportationand utilities

Informa-tion Financialactivities

Profes-sional

andbusinessservices

Education

andhealthservices

Leisure

andhospital-ity

OtherservicesTotal 3

Retailtrade

2005 134005 112201 22190 7336 14227 90010 25959 15280 3061 8197 16954 17630 12816 5395 218042006 136398 114424 22530 7691 14155 91894 26276 15353 3038 8367 17566 18099 13110 5438 219742007 137936 115718 22233 7630 13879 93485 26630 15520 3032 8348 17942 18613 13427 5494 222182008 137170 114661 21335 7162 13406 93326 26293 15283 2984 8206 17735 19156 13436 5515 225092009 131233 108678 18558 6016 11847 90121 24906 14522 2804 7838 16579 19550 13077 5367 225552010 130275 107785 17751 5518 11528 90034 24636 14440 2707 7695 16728 19889 13049 5331 224902011 131842 109756 18047 5533 11726 91708 25065 14668 2674 7697 17332 20228 13353 5360 220862012 134104 112184 18420 5646 11927 93763 25476 14841 2676 7784 17932 20698 13768 5430 219202013 136393 114541 18738 5856 12020 95803 25862 15079 2706 7886 18515 21097 14254 5483 218532014 139042 117180 19223 6138 12188 97957 26384 15364 2740 7979 19096 21475 14710 5573 21863

2014 Sept 139619 117739 19315 6191 12214 98424 26467 15410 2757 8007 19231 21585 14795 5582 21880 Oct 139840 117957 19349 6201 12237 98608 26517 15436 2754 8014 19271 21613 14850 5589 21883 Nov 140263 118371 19425 6231 12282 98946 26615 15498 2761 8042 19367 21664 14892 5605 21892 Dec 140592 118690 19489 6275 12301 99201 26669 15497 2767 8049 19439 21718 14948 5611 21902

2015 Jan 140793 118892 19540 6316 12318 99352 26704 15533 2773 8068 19459 21760 14972 5616 21901 Feb 141059 119153 19560 6347 12321 99593 26748 15556 2780 8077 19508 21821 15033 5626 21906 Mar 141178 119270 19540 6335 12327 99730 26787 15587 2778 8090 19547 21863 15039 5626 21908 Apr 141365 119459 19556 6365 12327 99903 26807 15598 2788 8097 19613 21917 15047 5634 21906 May 141625 119711 19554 6377 12333 100157 26864 15631 2787 8106 19681 21974 15103 5642 21914 June 141870 119929 19551 6378 12334 100378 26916 15667 2790 8127 19749 22035 15122 5639 21941 July r 142093 120124 19558 6383 12345 100566 26963 15696 2794 8142 19789 22077 15154 5647 21969 Aug r 142229 120224 19536 6388 12327 100688 26980 15700 2789 8154 19816 22124 15186 5639 22005 Sept p 142371 120342 19523 6396 12318 100819 27003 15724 2801 8154 19847 22153 15221 5640 22029

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

httpslidepdfcomreaderfullei201509pdf 174015

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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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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httpslidepdfcomreaderfullei201509pdf 304028

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Finalsales ofdomesticproduct

Grossdomestic

purchases 1

Adden-dumGross

nationalproduct

Nonresi-dentialfixed

invest-ment

Resi-dentialfixed

invest-ment

Changein

privateinven-tories

Netexports

Exports Imports Total

FederalStateandlocalTotal

Nationaldefense

Non-defense

2005 142342 95318 17174 8726 643 ndash7823 13819 21642 28262 10348 6655 3694 17923 141688 150403 1433842006 146138 98217 18396 8066 716 ndash7943 15068 23010 28693 10609 6788 3821 18088 145423 154316 146886

2007 148737 100416 19484 6548 355 ndash7126 16464 23590 29144 10787 6956 3831 18361 148362 156068 1500572008 148304 100072 19344 4977 ndash337 ndash5578 17408 22986 29948 11523 7481 4042 18424 148657 153999 1500482009 144187 98470 16334 3922 ndash1476 ndash3954 15877 19832 30891 12177 7883 4294 18714 145663 148142 1456982010 147838 100363 16738 3824 582 ndash4588 17766 22354 30914 12707 8135 4571 18208 147222 152449 1497082011 150206 102635 18023 3845 376 ndash4594 18983 23577 29974 12364 7950 4414 17610 149790 154839 1524102012 153546 104132 19641 4365 547 ndash4471 19632 24102 29416 12135 7682 4453 17281 152923 158043 1556212013 155833 105904 20237 4780 614 ndash4175 20181 24356 28549 11441 7166 4275 17102 155114 160014 1579932014 159617 108757 21483 4864 680 ndash4425 20864 25289 28383 11163 6891 4270 17208 158817 164058 161867

2013 I 154572 105182 20007 4699 252 ndash4259 19766 24026 28788 11701 7344 4356 17085 154247 158839 156471 II 155002 105543 20057 4803 396 ndash4342 20005 24347 28641 11532 7236 4295 17104 154519 159359 157139 III 156144 105989 20231 4860 936 ndash4283 20211 24494 28481 11363 7094 4267 17111 155089 160439 158426 IV 157615 106904 20655 4759 872 ndash3815 20742 24557 28285 11169 6988 4180 17106 156600 161419 159938

2014 I 157249 107247 21069 4726 369 ndash4340 20387 24727 28284 11178 6906 4270 17096 156757 161603 159471 II 159015 108263 21298 4844 771 ndash4433 20868 25301 28365 11145 6898 4246 17208 158097 163466 161209 III 160688 109186 21763 4885 799 ndash4291 20960 25251 28492 11247 6973 4271 17235 159786 164989 163011 IV 161514 110333 21800 5002 782 ndash4636 21239 25875 28390 11083 6786 4294 17293 160629 166172 163777

2015 I 161773 110812 21886 5124 1128 ndash5412 20914 26325 28385 11113 6803 4307 17259 160538 167208 163714 II r 163336 111789 22106 5240 1135 ndash5346 21175 26521 28569 11113 6808 4302 17441 162097 168707 165297

1

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

Total Goods ServicesNonresi-dentialfixed

Residentialfixed

Exports ImportsFederal State

andlocalTotal

Nationaldefense

Non-defense

2005 91985 92261 96951 89933 93830 98103 94717 93802 91449 91395 91529 863332006 94812 94729 98277 92976 96561 103821 97979 97663 94448 94633 94101 906772007 97340 97102 99403 95981 98574 105176 101107 101024 97319 97572 96849 954262008 99218 100065 102362 98947 100337 103647 105809 111588 100286 100809 99321 1002792009 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000 1000002010 101226 101653 101637 101661 99070 99645 104263 105800 102614 102365 103064 1027142011 103315 104149 105413 103524 100545 100395 110960 113942 105422 105274 105691 1059232012 105220 106121 106701 105840 102216 101324 111970 114671 106512 106466 106600 1079852013 106935 107572 106200 108292 102993 106458 112147 113798 107562 107130 108308 1101432014 108694 109105 105823 110818 103977 112903 112250 113566 109274 108585 110444 112287

2013 I 106333 107166 106740 107398 102574 104210 112644 114699 106855 106718 107104 109415 II 106625 107284 105941 107988 102943 105580 111850 113580 107005 106716 107514 109751 III 107154 107728 106179 108539 103110 106992 112034 113361 107388 107008 108049 110475 IV 107630 108108 105939 109241 103345 109051 112062 113554 109002 108079 110566 110930

2014 I 108025 108540 105912 109911 103567 111411 112884 114474 108668 108129 109599 111576 II 108621 109117 106276 110598 103849 111692 112895 114092 109179 108503 110329 112125 III 109049 109441 106179 111143 104170 113612 112615 113847 109649 108919 110884 112809 IV 109081 109322 104924 111620 104322 114896 110607 111852 109600 108789 110964 112637

2015 I 109112 108795 102567 112051 104211 114773 107925 106685 109623 108636 111266 111901 II r 109685 109391 103191 112632 103953 114538 107661 105535 109850 108718 111720 112290

Source Department of Commerce (Bureau of Economic Analysis)

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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

Gross domestic product (GDP)Personal consumption

expenditures (PCE)Gross

domesticpurchasesprice index

Gross domestic product (GDP)Personal consumption

expenditures (PCE)Gross

domesticpurchasesprice index

Real GDP(chain-type

quantityindex)

GDPchain-type

priceindex

GDPimplicit

pricedeflator

PCE(chain-typeprice index)

PCEless food

and energyprice index

GDP(currentdollars)

Real GDP(chain-type

quantityindex)

GDPchain-type

priceindex

GDPimplicit

pricedeflator

PCE(chain-typeprice index)

PCEless food

and energyprice index

2005 98720 91985 91988 92261 92711 91851 67 33 32 32 29 22 352006 101353 94812 94814 94729 94786 94783 58 27 31 31 27 22 322007 103156 97340 97337 97102 96832 97372 45 18 27 27 25 22 272008 102855 99218 99246 100065 98827 100244 17 ndash3 19 20 31 21 292009 100000 100000 100000 100000 100000 100000 ndash20 ndash28 8 8 ndash1 12 ndash22010 102532 101226 101221 101653 101286 101527 38 25 12 12 17 13 152011 104174 103315 103311 104149 102800 103970 37 16 21 21 25 15 242012 106491 105220 105214 106121 104741 105805 41 22 18 18 19 19 182013 108077 106935 106929 107572 106355 107319 31 15 16 16 14 15 142014 110701 108694 108686 109105 107981 108982 41 24 16 16 14 15 15

2013 I 107202 106333 106363 107166 105819 106807 36 19 15 16 14 17 14 II 107501 106625 106623 107284 106140 107020 21 11 11 10 4 12 8 III 108293 107154 107128 107728 106508 107479 49 30 20 19 17 14 17 IV 109313 107630 107589 108108 106954 107969 56 38 18 17 14 17 18

2014 I 109059 108025 108009 108540 107334 108390 6 ndash9 15 16 16 14 16 II 110283 108621 108606 109117 107860 108910 69 46 22 22 21 20 19 III 111444 109049 109044 109441 108232 109325 60 43 16 16 12 14 15 IV 112017 109081 109067 109322 108498 109304 22 21 1 1 ndash4 10 ndash1

2015 I 112196 109112 109099 108795 108758 108864 8 6 1 1 ndash19 10 ndash16 II r 113280 109685 109674 109391 109264 109271 61 39 21 21 22 19 15

1 Quarterly percent changes are at annual rates

Source Department of Commerce (Bureau of Economic Analysis)

Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits

[Quarterly data at seasonally adjusted annual rates]

Period

Gross value addedof nonfinancial

corporate business

(billions of dollars) 1

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

TotalCompensationof employees

(unit laborcost)

Unit nonlabor costCorporate profits with inventory valuation

and capital consumption adjustments 4

Currentdollars

Chained(2009)dollars

TotalConsumption

of fixedcapital

Taxes onproduction

and imports 3

Net interestand

miscellaneouspayments

TotalTaxes oncorporateincome

Profitsaftertax 5

2005 65321 71317 0916 0551 0243 0128 0091 0024 0122 0038 00842006 69880 74063 944 558 249 132 092 025 137 042 0962007 72039 74805 963 576 265 139 093 033 122 039 0832008 72568 73839 983 590 283 148 093 042 110 031 0792009 68598 68598 1000 596 299 159 099 041 105 026 0792010 72387 72400 1000 574 290 151 099 040 136 030 1052011 75923 74215 1023 588 296 154 103 039 140 031 1092012 80119 77209 1038 595 294 154 102 039 149 035 1142013 83168 79548 1046 597 293 155 103 035 155 036 1202014 86410 82073 1053 609 289 157 101 031 155 039 116

2012 I 79278 77078 1029 589 292 152 102 039 147 034 113 II 79904 77247 1034 591 293 153 101 039 150 034 117 III 79828 76524 1043 599 296 156 101 039 148 034 114

IV 81465 77989 1045 601 294 154 102 038 150 036 1142013 I 82091 78522 1045 596 295 154 104 037 155 037 118 II 83203 79667 1044 595 292 154 102 036 158 036 122 III 83351 79777 1045 597 293 155 103 035 155 035 119 IV 84028 80226 1047 599 293 156 104 034 155 035 120

2014 I 84466 80270 1052 614 293 158 102 033 146 038 108 II 85851 81482 1054 609 290 157 101 032 155 039 116 III 87299 82523 1058 608 289 157 102 031 161 039 122 IV 88023 84016 1048 605 285 155 099 030 158 039 120

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]

Period

Totalpersonal

con-sumptionexpendi-

tures

Goods ServicesAdden-dum

Personalcon-

sumptionexpendi-

turesexcludingfood andenergy 2

Retailsales of

new

passengercars andlight

trucks(millionsof units)

Totalgoods

Durable Nondurable

Totalservices 1

Householdcon-sumptionexpendi-

tures

Housingand

utilities

Healthcare

Financialservices

andinsurance

Totaldurablegoods 1

Motorvehicles

andparts

Totalnon-

durablegoods 1

Food andbeveragespurchased

for off-premises

con-sumption

Gasolineand

otherenergygoods

2005 95318 31772 10469 4000 21323 7576 2980 63534 61473 17884 14904 7041 82539 1692006 98217 32925 10915 3851 22022 7808 2974 65266 62918 18232 15252 7201 85281 1652007 100416 33818 11417 3928 22393 7913 2968 66564 64152 18408 15632 7425 87342 1612008 100072 32978 10832 3408 22147 7819 2834 67086 64351 18601 15988 7374 87305 1322009 98470 31984 10233 3171 21751 7700 2845 66485 63725 18810 16274 7190 85774 1042010 100363 33087 10857 3234 22235 7865 2822 67276 64493 19043 16492 7339 87461 1162011 102635 34118 11515 3338 22632 7951 2743 68514 65759 19280 16903 7472 89804 1272012 104132 35043 12362 3591 22775 7957 2700 69081 66143 19291 17270 7064 91439 1442013 105904 36128 13076 3758 23198 8034 2747 69770 66779 19388 17439 7139 93022 1552014 108757 37312 13841 3967 23678 8075 2768 71446 68395 19612 17916 7229 95823 164

2013 I 105182 35860 12936 3768 23063 8028 2722 69314 66338 19385 17230 7057 92294 154 II 105543 35968 13008 3758 23104 7994 2743 69568 66613 19388 17398 7141 92677 155

III 105989 36202 13112 3742 23238 8038 2757 69781 66793 19330 17490 7139 93155 156 IV 106904 36481 13246 3763 23389 8078 2766 70417 67373 19450 17637 7221 93962 156

2014 I 107247 36583 13332 3801 23413 8088 2763 70657 67626 19665 17540 7185 94152 158 II 108263 37180 13772 3959 23610 8085 2749 71085 68042 19600 17785 7199 95330 165 III 109186 37552 14025 4032 23752 8071 2751 71638 68562 19548 18010 7256 96378 167 IV 110333 37932 14235 4077 23937 8057 2808 72404 69349 19635 18329 7274 97433 168

2015 I 110812 38037 14304 4041 23978 8041 2848 72774 69776 19805 18538 7274 97746 167 II r 111789 38550 14583 4136 24230 8095 2845 73253 70243 19767 18675 7314 98746 17

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

capital consumption adjustment Capitalcon-

sumptionadjust-mentTotal

Profitsbefore

tax

Inventoryvaluationadjust-ment

2005 112398 70868 464 9326 2384 14777 16212 16533 ndash321 ndash1435 4968 9345 609 939 ndash642006 120048 75023 360 10177 2075 16465 18157 18514 ndash357 ndash1692 5809 9919 515 826 ndash932007 123214 78983 381 9411 1894 15290 17089 17484 ndash395 ndash1799 6634 10346 546 986 ndash1642008 124278 80783 470 9795 2621 12851 13455 13824 ndash370 ndash604 6934 10419 526 1144 ndash2122009 121261 77870 355 9375 3337 13970 14792 14726 67 ndash822 5634 10261 583 1249 ndash2062010 127395 79614 460 9867 4028 17464 17997 18407 ndash410 ndash533 4894 10571 559 1285 ndash2292011 133523 82690 755 10681 4853 18166 17385 18068 ndash683 781 4881 11026 601 1315 ndash2452012 140619 86099 616 11798 5253 19982 21166 21308 ndash142 ndash1185 5277 11321 580 1047 ndash1932013 144583 88397 888 11963 5634 20374 21649 21616 32 ndash1275 5135 11780 594 1194 ndash1882014 150765 92489 781 12686 6108 20729 22049 22078 ndash29 ndash1319 5323 12137 579 1273 ndash183

2013 I 142576 86967 939 11950 5479 19973 21275 21366 ndash91 ndash1301 5261 11686 592 1089 ndash177 II 144160 88204 902 11895 5565 20454 21725 21494 230 ndash1271 5052 11713 597 1159 ndash187 III 145008 88757 939 11936 5697 20421 21675 21636 39 ndash1253 5046 11832 595 1162 ndash188 IV 146589 89659 771 12072 5794 20647 21920 21970 ndash49 ndash1273 5183 11889 590 1365 ndash199

2014 I 147101 91037 717 12330 5910 19247 20544 21112 ndash569 ndash1296 5556 11961 581 1100 ndash176 II 149813 91773 888 12575 6055 20705 22037 22276 ndash240 ndash1332 5359 12102 579 1120 ndash184 III 152565 92899 772 12806 6184 21610 22950 22795 155 ndash1340 5158 12217 582 1685 ndash184 IV 153582 94249 748 13030 6284 21355 22663 22128 535 ndash1308 5219 12270 575 1187 ndash186

2015 I 153364 94879 605 13089 6370 20125 23515 22523 992 ndash3389 5613 12268 576 1156 ndash166 II r 154543 95492 569 13201 6541 20830 24142 23937 205 ndash3313 5066 12341 585 1249 ndash161

1 With inventory valuation and capital consumption adjustments

Source Department of Commerce (Bureau of Economic Analysis)

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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

Rentalincome

ofpersons 2

Personal income receipts on assets

Personalcurrenttransfer

receipts 3

LessContributions

forgovernment

socialinsurancedomestic

TotalWages

andsalaries

Supple-ments towages

andsalaries

Farm Nonfarm TotalPersonalinterestincome

Personaldividendincome

2005 106140 70868 56920 13948 464 9326 2384 16665 10881 5783 15167 87332006 113939 75023 60574 14449 360 10177 2075 19384 12147 7237 16146 92262007 120002 78983 63952 15031 381 9411 1894 21666 13501 8165 17281 96142008 125022 80783 65319 15464 470 9795 2621 21671 13616 8054 19566 98822009 120948 77870 62514 15356 355 9375 3337 18180 12643 5537 21475 96442010 124771 79614 63775 15839 460 9867 4028 17396 11950 5446 23247 98412011 132545 82690 66332 16359 755 10681 4853 19139 12316 6822 23605 91782012 139151 86099 69303 16796 616 11798 5253 21238 12888 8349 23663 95162013 140684 88397 71144 17253 888 11963 5634 20604 12713 7890 24266 110682014 146942 92489 74778 17712 781 12686 6108 21175 13020 8155 25292 11590

2014 Aug 147846 93009 75244 17766 773 12790 6192 21131 12867 8264 25592 11642 Sept 148199 93286 75476 17810 659 12886 6219 21143 12837 8306 25677 11671 Oct 148872 93694 75837 17857 721 13012 6261 21232 12880 8352 25662 11710 Nov 149656 94434 76501 17934 759 12989 6281 21320 12904 8415 25667 11795 Dec 150142 94619 76642 17977 766 13091 6311 21367 12911 8456 25801 11811

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

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Disposition of Personal Income

PeriodPersonalincome

LessPersonalcurrenttaxes

EqualsDisposable

personalincome

LessPersonaloutlays 1

EqualsPersonalsaving

Disposablepersonalincome inbillions ofchained

(2009)dollars

Per capita disposablepersonal income

Per capita personalconsumptionexpenditures

Percentchangein real

per capitadisposable

personalincome

Savingas

percentof

disposable

personalincome

Populationincluding

ArmedForces

overseas(thousands) 2Currentdollars

Chained

(2009)dollars

Currentdollars

Chained

(2009)dollars

Billions of dollars Dollars Percent

2005 106140 12132 94008 91577 2431 101894 31760 34424 29711 32203 06 26 2959932006 113939 13571 100369 97055 3314 105954 33589 35458 31136 32868 30 33 2988182007 120002 14932 105070 101972 3098 108206 34826 35866 32319 33284 12 29 3016962008 125022 15078 109944 104577 5367 109873 36101 36078 32881 32860 6 49 3045432009 120948 11523 109425 102751 6674 109425 35616 35616 32050 32050 ndash13 61 3072402010 124771 12393 112379 106079 6300 110551 36274 35684 32931 32395 2 56 3098082011 132545 14532 118014 110912 7101 113312 37804 36298 34242 32878 17 60 3121722012 139151 15114 124037 114570 9467 116883 39440 37165 35137 33111 24 76 3144992013 140684 16728 123956 118057 5899 115231 39123 36369 35956 33425 ndash21 48 3168392014 146942 17802 129139 122937 6202 118363 40461 37084 37177 34075 20 48 319173

Seasonally adjusted annual rates

2013 I 138913 16411 122503 116833 5670 114312 38772 36180 35675 33290 ndash164 46 315957 II 140252 16808 123444 117347 6097 115065 39003 36356 35775 33347 20 49 316499 III 141363 16732 124631 118304 6327 115693 39299 36481 36002 33421 14 51 317136 IV 142207 16960 125247 119744 5503 115856 39415 36460 36369 33642 ndash2 44 317765

2014 I 144335 17360 126975 120603 6372 116988 39893 36755 36572 33695 33 50 318288 II 146128 17541 128587 122352 6235 117847 40331 36962 37051 33956 23 48 318833 III 147748 17920 129827 123770 6057 118631 40638 37134 37403 34177 19 47 319470 IV 149557 18388 131168 125025 6143 119987 40977 37484 37680 34468 38 47 320100

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

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Real Farm Income

[Billions of chained (2009) dollars]

Year

Income of farm operators from farming 1

Gross farm income

Production

expenses

Net

farmincomeTotal

Value of agricultural sector production

DirectGovernmentpaymentsTotal Crops 2 3 Livestock 3 Farm-related

income 4

1996 3072 2976 1507 1199 270 96 2304 7681997 3048 2952 1441 1233 278 96 2391 6571998 2947 2790 1294 1193 303 157 2350 5971999 2934 2666 1159 1189 318 269 2339 596

2000 2951 2668 1160 1210 298 284 2332 6192001 2984 2716 1135 1270 311 268 2328 6552002 2711 2565 1151 1099 315 146 2251 4602003 2983 2792 1252 1211 330 191 2280 7032004 3309 3163 1404 1394 365 146 2328 9812005 3245 2980 1243 1375 361 265 2389 8562006 3060 2894 1252 1259 383 167 2455 6062007 3488 3366 1552 1422 392 122 2769 7192008 3647 3523 1728 1402 394 123 2886 7612009 3339 3217 1624 1192 402 122 2743 596

2010 3495 3373 1640 1380 353 122 2760 7352011 4049 3948 1910 1584 454 101 2966 10832012 4226 4125 2002 1607 515 101 3357 8692013 4520 4417 2181 1692 544 103 3363 11572014 4424 4334 1883 1975 475 90 3586 8382015 4060 3957 1691 1793 473 103 3530 530

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

Profitsbefore

tax

Taxeson

corporateincome

Profits after tax

Inventoryvaluation

adjustmentTotal 2

Domestic industries

TotalNet

dividends

Undistrib-uted

profitsTotal Financial

Nonfinancial

Total 3Manufac-

turingUtil ities Wholesale Retai l

2005 16212 13821 4097 9724 2777 308 962 1217 16533 4124 12409 5805 6604 ndash3212006 18157 15596 4151 11444 3497 551 1059 1325 18514 4734 13781 7260 6521 ndash3572007 17089 13555 3015 10540 3219 495 1032 1190 17484 4455 13029 8189 4840 ndash3952008 13455 9388 954 8434 2406 301 906 803 13824 3091 10733 8086 2647 ndash3702009 14792 11220 3629 7592 1714 238 893 1087 14726 2694 12031 5746 6285 672010 17997 14045 4063 9982 2876 303 1024 1186 18407 3706 14701 5640 9062 ndash4102011 17385 13166 3759 9407 2981 98 944 1143 18068 3791 14277 7037 7240 ndash6832012 21166 17063 4790 12272 3957 125 1353 1541 21308 4476 16832 8594 8238 ndash1422013 21649 17501 4236 13264 4264 264 1455 1594 21616 4689 16927 9240 7687 322014 22049 17866 4234 13632 4398 277 1477 1584 22078 5139 16939 8600 8339 ndash29

2013 I 21275 17360 4286 13074 4076 190 1512 1583 21366 4549 16817 8142 8675 ndash91

II 21725 17611 4165 13446 4187 331 1477 1675 21494 4613 16882 10652 6230 230 III 21675 17410 4198 13212 4202 305 1446 1638 21636 4756 16879 8701 8179 39 IV 21920 17622 4296 13325 4590 231 1386 1480 21970 4838 17132 9467 7664 ndash49

2014 I 20544 16399 3798 12601 3804 389 1257 1425 21112 4973 16139 8573 7567 ndash569 II 22037 17950 4417 13533 4547 320 1345 1547 22276 5274 17002 8571 8431 ndash240 III 22950 18679 4473 14207 4580 231 1701 1577 22795 5184 17611 8536 9075 155 IV 22663 18436 4249 14187 4661 169 1605 1788 22128 5123 17005 8722 8283 535

2015 I 23515 19578 4219 15360 5346 249 1691 1894 22523 5178 17345 8785 8560 992 II r 24142 20091 4562 15530 5370 284 1635 1751 23937 5490 18446 8796 9650 205

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

Intellectualpropertyproducts

2005 26726 26110 17174 4212 8016 4950 8726 643 6392006 27300 26625 18396 4515 8708 5175 8066 716 7542007 26441 26096 19484 5090 8983 5424 6548 355 3652008 23960 24326 19344 5402 8361 5588 4977 ndash337 ndash3502009 18781 20257 16334 4382 6443 5509 3922 ndash1476 ndash14602010 21204 20562 16738 3663 7467 5613 3824 582 6592011 22304 21867 18023 3747 8479 5813 3845 376 3662012 24657 24004 19641 4231 9392 6038 4365 547 7272013 25773 25019 20237 4297 9695 6269 4780 614 5432014 27177 26338 21483 4646 10262 6595 4864 680 650

2013 I 25051 24706 20007 4110 9674 6253 4699 252 235

II 25372 24863 20057 4226 9653 6203 4803 396 329 III 26197 25095 20231 4404 9560 6283 4860 936 840 IV 26471 25410 20655 4447 9893 6337 4759 872 766

2014 I 26305 25783 21069 4646 9979 6457 4726 369 362 II 27095 26134 21298 4644 10137 6534 4844 771 745 III 27581 26635 21763 4623 10531 6638 4885 799 745 IV 27725 26797 21800 4671 10400 6750 5002 782 749

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]

Period

Totalfixed

invest-ment

Nonresidential Residential

Totalnonresi-dential

Structures

Equipment Intellectual property products

Totalresi-

dential 2

Structures

Total 2

Information processing equipment

Industrialequip-ment

Transpor-tationequip-ment

Total 2 Software

Researchand

develop-ment 3

Total 2Singlefamily

Total

Computersand

peripheralequipment 1

Other

2005 26110 17174 4212 8016 2222 1726 1836 1979 4950 2212 2023 8726 8625 43302006 26625 18396 4515 8708 2509 1875 1991 2126 5175 2303 2150 8066 7963 39072007 26096 19484 5090 8983 2799 2079 2053 2036 5424 2442 2279 6548 6449 28372008 24326 19344 5402 8361 2810 2042 1955 1569 5588 2562 2355 4977 4884 17822009 20257 16334 4382 6443 2561 1793 1521 706 5509 2568 2290 3922 3839 10532010 20562 16738 3663 7467 2814 1968 1513 1369 5613 2542 2344 3824 3736 11442011 21867 18023 3747 8479 2859 2028 1833 1830 5813 2718 2367 3845 3753 10922012 24004 19641 4231 9392 3031 2145 1998 2189 6038 2866 2429 4365 4271 13212013 25019 20237 4297 9695 3144 2223 1948 2431 6269 2958 2553 4780 4679 16192014 26338 21483 4646 10262 3264 2368 2089 2718 6595 3150 2668 4864 4758 1709

2013 I 24706 20007 4110 9674 3153 2221 1985 2285 6253 2967 2535 4699 4600 1563 II 24863 20057 4226 9653 3128 2232 1939 2440 6203 2905 2540 4803 4703 1632 III 25095 20231 4404 9560 3170 2252 1947 2396 6283 2962 2564 4860 4758 1654 IV 25410 20655 4447 9893 3125 2188 1920 2604 6337 2999 2574 4759 4657 1629

2014 I 25783 21069 4646 9979 3162 2285 2022 2585 6457 3058 2628 4726 4623 1665 II 26134 21298 4644 10137 3290 2390 2092 2617 6534 3116 2645 4844 4738 1697 III 26635 21763 4623 10531 3228 2322 2135 2865 6638 3191 2671 4885 4778 1688 IV 26797 21800 4671 10400 3376 2475 2108 2804 6750 3234 2728 5002 4893 1786

2015 I 27014 21886 4582 10460 3342 2488 2100 2881 6871 3306 2774 5124 5014 1824

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)

Business Investment[Billions of dollars]

Period

Capital expenditures

Totalcapital

expendi-tures

By industry

Forcompa-

nieswithoutemploy-

ees

Totalby

industry

Forestryfishing

and agri-culturalservices

Mining Uti li tiesCon-

structionManu-

facturing

Whole-saletrade

Retailtrade

Trans-porta-tionand

ware-housing

Informa-tion

Financeand

insur-ance

Realestate

andrentaland

leasing

Profes-sionalscien-tificand

technicalservices

Healthcareand

socialassis-tance

Other 1

For companies with employees

1999 10470 9746 17 306 428 231 1964 324 641 573 1228 1301 1006 295 513 918 723

2000 11610 10899 15 425 613 250 2148 336 698 599 1602 1337 925 341 522 1089 7122001 11090 10523 15 513 828 248 1928 300 669 578 1448 1311 827 305 529 1025 5672002 9979 9175 19 425 655 248 1572 268 593 471 882 1284 945 259 593 961 804

2003 9750 8868 19 505 546 232 1491 260 659 445 805 1208 880 247 612 962 8822004 10421 9532 21 513 504 286 1567 323 722 461 835 1536 916 267 646 936 8892005 11448 10625 27 667 580 301 1656 406 735 569 914 1614 1030 331 738 1056 8222006 13099 12171 27 993 698 303 1924 366 867 680 1044 1631 1321 303 753 1263 9282007 13547 12705 21 1207 854 367 1973 308 825 674 1061 1734 1175 318 842 1348 8422008 13742 12945 23 1493 987 408 2131 324 732 796 1033 1329 1069 330 902 1387 7972009 10907 10153 22 1006 1030 198 1552 253 584 557 884 995 729 282 794 1270 754

2010 11057 10362 33 1157 945 179 1608 311 653 590 972 1031 813 282 784 1006 6952011 12430 11696 31 1657 980 218 1924 357 681 727 1001 1092 911 281 831 1004 7342012 14236 13344 31 1967 1250 236 2031 409 776 818 1065 1302 1157 316 889 1100 8922013 14882 13978 30 1981 1117 276 2198 383 775 934 1231 1399 1139 356 933 1227 904

1 Includes the following industries Management of companies and enterprises administrative and support and waste management educational services arts entertainment and recreation ac-commodation and food services and other services (except public administration) Also includes an item for structure and equipment expenditures serving multiple industry categories

Note Data from Annual Capital Expenditures Industry data are based on the North American Industry Classification System (NAICS)Data shown in this table are capital expenditures for both new and used structures and equipment

Source Department of Commerce (Bureau of the Census)

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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]

Period

Civiliannoninsti-tutional

population(NSA)

Civilianlaborforce

Civilian employment Unemployment

Notin

laborforce

Percent 1

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Laborforce

participa-tionrate

Employ-ment

populationratio

Unemploy-mentrate

2005 226082 149320 141730 73050 62702 5978 7591 3392 3013 1186 76762 660 627 512006 228815 151428 144427 74431 63834 6162 7001 3131 2751 1119 77387 662 631 462007 231867 153124 146047 75337 64799 5911 7078 3259 2718 1101 78743 660 630 462008 233788 154287 145362 74750 65039 5573 8924 4297 3342 1285 79501 660 622 582009 235801 154142 139877 71341 63699 4837 14265 7555 5157 1552 81659 654 593 932010 237830 153889 139064 71230 63456 4378 14825 7763 5534 1528 83941 647 585 962011 239618 153617 139869 72182 63360 4327 13747 6898 5450 1400 86001 641 584 892012 243284 154975 142469 73403 64640 4426 12506 5984 5125 1397 88310 637 586 812013 245679 155389 143929 74176 65295 4458 11460 5568 4565 1327 90290 632 586 742014 247947 155922 146305 75471 66287 4548 9617 4585 3926 1106 92025 629 590 62

2014 Sept 248446 155845 146607 75889 66192 4527 9237 4273 3845 1119 92601 627 590 59 Oct 248657 156243 147260 75928 66560 4772 8983 4094 3794 1094 92414 628 592 57 Nov 248844 156402 147331 75675 66894 4762 9071 4354 3705 1013 92442 629 592 58 Dec 249027 156129 147442 76026 66632 4784 8688 4245 3479 963 92898 627 592 56

2015 Jan 249723 157180 148201 76496 66983 4722 8979 4308 3575 1096 92544 629 593 57 Feb 249899 157002 148297 76588 66901 4808 8705 4243 3469 993 92898 628 593 55 Mar 250080 156906 148331 76653 66874 4804 8575 4099 3455 1021 93175 627 593 55 Apr 250266 157072 148523 76805 66935 4784 8549 4079 3483 986 93194 628 593 54 May 250455 157469 148795 76833 67178 4784 8674 4082 3553 1039 92986 629 594 55 June 250663 157037 148739 76783 67294 4662 8299 3897 3372 1029 93626 626 593 53 July 250876 157106 148840 76903 67271 4666 8266 3887 3474 904 93770 626 593 53 Aug 251096 157065 149036 76880 67502 4654 8029 3760 3324 945 94031 626 594 51 Sept 251325 156715 148800 76763 67346 4690 7915 3790 3214 911 94610 624 592 51

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

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

White

Blackor

AfricanAmerican

Asian

Hispanicor

Latinoethnicity

Marriedmen

spousepresent

Womenwho

maintainfamilies(NSA)

Full-timeworkers

Part-timeworkers

2005 51 44 46 166 44 100 40 60 28 78 50 542006 46 40 41 154 40 89 30 52 24 71 45 512007 46 41 40 157 41 83 32 56 25 65 46 492008 58 54 49 187 52 101 40 76 34 80 58 552009 93 96 75 243 85 148 73 121 66 115 100 602010 96 98 80 259 87 160 75 125 68 123 104 632011 89 87 79 244 79 158 70 115 58 124 96 632012 81 75 73 240 72 138 59 103 49 114 85 612013 74 70 65 229 65 131 52 91 43 102 77 592014 62 57 56 196 53 113 50 74 34 86 64 54

2014 Sept 59 53 55 198 51 110 45 70 29 83 60 57 Oct 57 51 54 187 49 109 50 68 30 87 60 50 Nov 58 54 52 175 49 110 47 66 32 82 60 51 Dec 56 53 50 168 48 104 42 65 30 78 57 50

2015 Jan 57 53 51 188 49 103 40 67 29 81 59 49 Feb 55 52 49 171 47 104 40 66 30 77 57 49 Mar 55 51 49 175 47 101 32 68 28 81 56 49 Apr 54 50 49 171 47 96 44 69 30 70 55 49 May 55 50 50 179 47 102 41 67 29 68 56 49 June 53 48 48 181 46 95 38 66 28 78 53 52 July 53 48 49 162 46 91 40 68 28 80 53 51 Aug 51 47 47 169 44 95 35 66 28 81 51 49 Sept 51 47 46 163 44 92 36 64 28 71 51 48

1 Persons who selecte d this race group only Persons whose ethnicit y is identified as Hispanic or Latino may be of any race

Note Data relate to persons age 16 years and over

Source Department of Labor (Bureau of Labor Statistics)

PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED)

1SEE FOOTNOTE 1 TABLE BELOW2HISPANIC OR LATINO ETHNICITYSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

2012 2013 201520142011 2012 2013 2014 2015 2011

30

25

15

20

5

0

10

30

25

15

20

5

0

10

ALL CIVILIAN WORKERS

MEN 20 YEARS AND OVER

BLACK OR AFRICAN

AMERICAN1

TEENAGERS(16-19)

HISPANIC12

WHITE1 WOMEN 20 YEARS AND OVER

ASIAN1

In September the unemployment rate remained at 51 percent

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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

unemploy-ment

allprograms(NSA) 2

Percent distribution Number of weeks

Joblosers

Jobleavers

ReentrantsNew

entrants

Insuredunemploy-

ment(NSA)

Initialclaims(NSA)

Lessthan

5 weeks

5ndash14weeks

15ndash26weeks

27 weeksand over

Average(mean) 1

Median

Weekly average thousands

2005 7591 351 304 149 196 184 89 483 115 314 88 2661 328 27092006 7001 373 303 147 176 168 83 474 118 320 88 2476 313 25212007 7078 359 315 150 176 168 85 497 112 303 89 2572 324 26122008 8924 328 314 160 197 179 94 537 100 277 86 3306 424 38992009 14265 222 268 195 315 244 151 642 62 223 73 5724 568 91232010 14825 187 220 160 433 330 214 624 60 234 82 4487 454 97322011 13747 195 218 150 438 393 214 590 70 247 93 3679 406 76302012 12506 211 229 149 411 394 193 550 77 267 105 3297 374 60482013 11460 225 241 158 376 365 170 530 81 280 109 2947 342 46052014 9617 257 253 156 335 337 140 507 86 294 113 2574 305 2658

2014 Sept 9237 257 270 154 319 318 133 490 88 304 118 2328 259 2376 Oct 8983 270 255 156 319 329 135 481 86 316 117 2129 297 2176 Nov 9071 275 261 154 310 330 128 491 92 303 115 2277 r 316 2323 Dec 8688 272 263 146 319 328 126 492 91 307 110 2814 r 435 r 2865

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]

Period

Totalnonagri-culturalemploy-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tion Manufac-turing Total

Trade transportationand utilities

Informa-tion Financialactivities

Profes-sional

andbusinessservices

Education

andhealthservices

Leisure

andhospital-ity

OtherservicesTotal 3

Retailtrade

2005 134005 112201 22190 7336 14227 90010 25959 15280 3061 8197 16954 17630 12816 5395 218042006 136398 114424 22530 7691 14155 91894 26276 15353 3038 8367 17566 18099 13110 5438 219742007 137936 115718 22233 7630 13879 93485 26630 15520 3032 8348 17942 18613 13427 5494 222182008 137170 114661 21335 7162 13406 93326 26293 15283 2984 8206 17735 19156 13436 5515 225092009 131233 108678 18558 6016 11847 90121 24906 14522 2804 7838 16579 19550 13077 5367 225552010 130275 107785 17751 5518 11528 90034 24636 14440 2707 7695 16728 19889 13049 5331 224902011 131842 109756 18047 5533 11726 91708 25065 14668 2674 7697 17332 20228 13353 5360 220862012 134104 112184 18420 5646 11927 93763 25476 14841 2676 7784 17932 20698 13768 5430 219202013 136393 114541 18738 5856 12020 95803 25862 15079 2706 7886 18515 21097 14254 5483 218532014 139042 117180 19223 6138 12188 97957 26384 15364 2740 7979 19096 21475 14710 5573 21863

2014 Sept 139619 117739 19315 6191 12214 98424 26467 15410 2757 8007 19231 21585 14795 5582 21880 Oct 139840 117957 19349 6201 12237 98608 26517 15436 2754 8014 19271 21613 14850 5589 21883 Nov 140263 118371 19425 6231 12282 98946 26615 15498 2761 8042 19367 21664 14892 5605 21892 Dec 140592 118690 19489 6275 12301 99201 26669 15497 2767 8049 19439 21718 14948 5611 21902

2015 Jan 140793 118892 19540 6316 12318 99352 26704 15533 2773 8068 19459 21760 14972 5616 21901 Feb 141059 119153 19560 6347 12321 99593 26748 15556 2780 8077 19508 21821 15033 5626 21906 Mar 141178 119270 19540 6335 12327 99730 26787 15587 2778 8090 19547 21863 15039 5626 21908 Apr 141365 119459 19556 6365 12327 99903 26807 15598 2788 8097 19613 21917 15047 5634 21906 May 141625 119711 19554 6377 12333 100157 26864 15631 2787 8106 19681 21974 15103 5642 21914 June 141870 119929 19551 6378 12334 100378 26916 15667 2790 8127 19749 22035 15122 5639 21941 July r 142093 120124 19558 6383 12345 100566 26963 15696 2794 8142 19789 22077 15154 5647 21969 Aug r 142229 120224 19536 6388 12327 100688 26980 15700 2789 8154 19816 22124 15186 5639 22005 Sept p 142371 120342 19523 6396 12318 100819 27003 15724 2801 8154 19847 22153 15221 5640 22029

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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 384036

US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Gross domestic product (GDP)Personal consumption

expenditures (PCE)Gross

domesticpurchasesprice index

Gross domestic product (GDP)Personal consumption

expenditures (PCE)Gross

domesticpurchasesprice index

Real GDP(chain-type

quantityindex)

GDPchain-type

priceindex

GDPimplicit

pricedeflator

PCE(chain-typeprice index)

PCEless food

and energyprice index

GDP(currentdollars)

Real GDP(chain-type

quantityindex)

GDPchain-type

priceindex

GDPimplicit

pricedeflator

PCE(chain-typeprice index)

PCEless food

and energyprice index

2005 98720 91985 91988 92261 92711 91851 67 33 32 32 29 22 352006 101353 94812 94814 94729 94786 94783 58 27 31 31 27 22 322007 103156 97340 97337 97102 96832 97372 45 18 27 27 25 22 272008 102855 99218 99246 100065 98827 100244 17 ndash3 19 20 31 21 292009 100000 100000 100000 100000 100000 100000 ndash20 ndash28 8 8 ndash1 12 ndash22010 102532 101226 101221 101653 101286 101527 38 25 12 12 17 13 152011 104174 103315 103311 104149 102800 103970 37 16 21 21 25 15 242012 106491 105220 105214 106121 104741 105805 41 22 18 18 19 19 182013 108077 106935 106929 107572 106355 107319 31 15 16 16 14 15 142014 110701 108694 108686 109105 107981 108982 41 24 16 16 14 15 15

2013 I 107202 106333 106363 107166 105819 106807 36 19 15 16 14 17 14 II 107501 106625 106623 107284 106140 107020 21 11 11 10 4 12 8 III 108293 107154 107128 107728 106508 107479 49 30 20 19 17 14 17 IV 109313 107630 107589 108108 106954 107969 56 38 18 17 14 17 18

2014 I 109059 108025 108009 108540 107334 108390 6 ndash9 15 16 16 14 16 II 110283 108621 108606 109117 107860 108910 69 46 22 22 21 20 19 III 111444 109049 109044 109441 108232 109325 60 43 16 16 12 14 15 IV 112017 109081 109067 109322 108498 109304 22 21 1 1 ndash4 10 ndash1

2015 I 112196 109112 109099 108795 108758 108864 8 6 1 1 ndash19 10 ndash16 II r 113280 109685 109674 109391 109264 109271 61 39 21 21 22 19 15

1 Quarterly percent changes are at annual rates

Source Department of Commerce (Bureau of Economic Analysis)

Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits

[Quarterly data at seasonally adjusted annual rates]

Period

Gross value addedof nonfinancial

corporate business

(billions of dollars) 1

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

TotalCompensationof employees

(unit laborcost)

Unit nonlabor costCorporate profits with inventory valuation

and capital consumption adjustments 4

Currentdollars

Chained(2009)dollars

TotalConsumption

of fixedcapital

Taxes onproduction

and imports 3

Net interestand

miscellaneouspayments

TotalTaxes oncorporateincome

Profitsaftertax 5

2005 65321 71317 0916 0551 0243 0128 0091 0024 0122 0038 00842006 69880 74063 944 558 249 132 092 025 137 042 0962007 72039 74805 963 576 265 139 093 033 122 039 0832008 72568 73839 983 590 283 148 093 042 110 031 0792009 68598 68598 1000 596 299 159 099 041 105 026 0792010 72387 72400 1000 574 290 151 099 040 136 030 1052011 75923 74215 1023 588 296 154 103 039 140 031 1092012 80119 77209 1038 595 294 154 102 039 149 035 1142013 83168 79548 1046 597 293 155 103 035 155 036 1202014 86410 82073 1053 609 289 157 101 031 155 039 116

2012 I 79278 77078 1029 589 292 152 102 039 147 034 113 II 79904 77247 1034 591 293 153 101 039 150 034 117 III 79828 76524 1043 599 296 156 101 039 148 034 114

IV 81465 77989 1045 601 294 154 102 038 150 036 1142013 I 82091 78522 1045 596 295 154 104 037 155 037 118 II 83203 79667 1044 595 292 154 102 036 158 036 122 III 83351 79777 1045 597 293 155 103 035 155 035 119 IV 84028 80226 1047 599 293 156 104 034 155 035 120

2014 I 84466 80270 1052 614 293 158 102 033 146 038 108 II 85851 81482 1054 609 290 157 101 032 155 039 116 III 87299 82523 1058 608 289 157 102 031 161 039 122 IV 88023 84016 1048 605 285 155 099 030 158 039 120

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]

Period

Totalpersonal

con-sumptionexpendi-

tures

Goods ServicesAdden-dum

Personalcon-

sumptionexpendi-

turesexcludingfood andenergy 2

Retailsales of

new

passengercars andlight

trucks(millionsof units)

Totalgoods

Durable Nondurable

Totalservices 1

Householdcon-sumptionexpendi-

tures

Housingand

utilities

Healthcare

Financialservices

andinsurance

Totaldurablegoods 1

Motorvehicles

andparts

Totalnon-

durablegoods 1

Food andbeveragespurchased

for off-premises

con-sumption

Gasolineand

otherenergygoods

2005 95318 31772 10469 4000 21323 7576 2980 63534 61473 17884 14904 7041 82539 1692006 98217 32925 10915 3851 22022 7808 2974 65266 62918 18232 15252 7201 85281 1652007 100416 33818 11417 3928 22393 7913 2968 66564 64152 18408 15632 7425 87342 1612008 100072 32978 10832 3408 22147 7819 2834 67086 64351 18601 15988 7374 87305 1322009 98470 31984 10233 3171 21751 7700 2845 66485 63725 18810 16274 7190 85774 1042010 100363 33087 10857 3234 22235 7865 2822 67276 64493 19043 16492 7339 87461 1162011 102635 34118 11515 3338 22632 7951 2743 68514 65759 19280 16903 7472 89804 1272012 104132 35043 12362 3591 22775 7957 2700 69081 66143 19291 17270 7064 91439 1442013 105904 36128 13076 3758 23198 8034 2747 69770 66779 19388 17439 7139 93022 1552014 108757 37312 13841 3967 23678 8075 2768 71446 68395 19612 17916 7229 95823 164

2013 I 105182 35860 12936 3768 23063 8028 2722 69314 66338 19385 17230 7057 92294 154 II 105543 35968 13008 3758 23104 7994 2743 69568 66613 19388 17398 7141 92677 155

III 105989 36202 13112 3742 23238 8038 2757 69781 66793 19330 17490 7139 93155 156 IV 106904 36481 13246 3763 23389 8078 2766 70417 67373 19450 17637 7221 93962 156

2014 I 107247 36583 13332 3801 23413 8088 2763 70657 67626 19665 17540 7185 94152 158 II 108263 37180 13772 3959 23610 8085 2749 71085 68042 19600 17785 7199 95330 165 III 109186 37552 14025 4032 23752 8071 2751 71638 68562 19548 18010 7256 96378 167 IV 110333 37932 14235 4077 23937 8057 2808 72404 69349 19635 18329 7274 97433 168

2015 I 110812 38037 14304 4041 23978 8041 2848 72774 69776 19805 18538 7274 97746 167 II r 111789 38550 14583 4136 24230 8095 2845 73253 70243 19767 18675 7314 98746 17

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

capital consumption adjustment Capitalcon-

sumptionadjust-mentTotal

Profitsbefore

tax

Inventoryvaluationadjust-ment

2005 112398 70868 464 9326 2384 14777 16212 16533 ndash321 ndash1435 4968 9345 609 939 ndash642006 120048 75023 360 10177 2075 16465 18157 18514 ndash357 ndash1692 5809 9919 515 826 ndash932007 123214 78983 381 9411 1894 15290 17089 17484 ndash395 ndash1799 6634 10346 546 986 ndash1642008 124278 80783 470 9795 2621 12851 13455 13824 ndash370 ndash604 6934 10419 526 1144 ndash2122009 121261 77870 355 9375 3337 13970 14792 14726 67 ndash822 5634 10261 583 1249 ndash2062010 127395 79614 460 9867 4028 17464 17997 18407 ndash410 ndash533 4894 10571 559 1285 ndash2292011 133523 82690 755 10681 4853 18166 17385 18068 ndash683 781 4881 11026 601 1315 ndash2452012 140619 86099 616 11798 5253 19982 21166 21308 ndash142 ndash1185 5277 11321 580 1047 ndash1932013 144583 88397 888 11963 5634 20374 21649 21616 32 ndash1275 5135 11780 594 1194 ndash1882014 150765 92489 781 12686 6108 20729 22049 22078 ndash29 ndash1319 5323 12137 579 1273 ndash183

2013 I 142576 86967 939 11950 5479 19973 21275 21366 ndash91 ndash1301 5261 11686 592 1089 ndash177 II 144160 88204 902 11895 5565 20454 21725 21494 230 ndash1271 5052 11713 597 1159 ndash187 III 145008 88757 939 11936 5697 20421 21675 21636 39 ndash1253 5046 11832 595 1162 ndash188 IV 146589 89659 771 12072 5794 20647 21920 21970 ndash49 ndash1273 5183 11889 590 1365 ndash199

2014 I 147101 91037 717 12330 5910 19247 20544 21112 ndash569 ndash1296 5556 11961 581 1100 ndash176 II 149813 91773 888 12575 6055 20705 22037 22276 ndash240 ndash1332 5359 12102 579 1120 ndash184 III 152565 92899 772 12806 6184 21610 22950 22795 155 ndash1340 5158 12217 582 1685 ndash184 IV 153582 94249 748 13030 6284 21355 22663 22128 535 ndash1308 5219 12270 575 1187 ndash186

2015 I 153364 94879 605 13089 6370 20125 23515 22523 992 ndash3389 5613 12268 576 1156 ndash166 II r 154543 95492 569 13201 6541 20830 24142 23937 205 ndash3313 5066 12341 585 1249 ndash161

1 With inventory valuation and capital consumption adjustments

Source Department of Commerce (Bureau of Economic Analysis)

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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

Rentalincome

ofpersons 2

Personal income receipts on assets

Personalcurrenttransfer

receipts 3

LessContributions

forgovernment

socialinsurancedomestic

TotalWages

andsalaries

Supple-ments towages

andsalaries

Farm Nonfarm TotalPersonalinterestincome

Personaldividendincome

2005 106140 70868 56920 13948 464 9326 2384 16665 10881 5783 15167 87332006 113939 75023 60574 14449 360 10177 2075 19384 12147 7237 16146 92262007 120002 78983 63952 15031 381 9411 1894 21666 13501 8165 17281 96142008 125022 80783 65319 15464 470 9795 2621 21671 13616 8054 19566 98822009 120948 77870 62514 15356 355 9375 3337 18180 12643 5537 21475 96442010 124771 79614 63775 15839 460 9867 4028 17396 11950 5446 23247 98412011 132545 82690 66332 16359 755 10681 4853 19139 12316 6822 23605 91782012 139151 86099 69303 16796 616 11798 5253 21238 12888 8349 23663 95162013 140684 88397 71144 17253 888 11963 5634 20604 12713 7890 24266 110682014 146942 92489 74778 17712 781 12686 6108 21175 13020 8155 25292 11590

2014 Aug 147846 93009 75244 17766 773 12790 6192 21131 12867 8264 25592 11642 Sept 148199 93286 75476 17810 659 12886 6219 21143 12837 8306 25677 11671 Oct 148872 93694 75837 17857 721 13012 6261 21232 12880 8352 25662 11710 Nov 149656 94434 76501 17934 759 12989 6281 21320 12904 8415 25667 11795 Dec 150142 94619 76642 17977 766 13091 6311 21367 12911 8456 25801 11811

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

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Disposition of Personal Income

PeriodPersonalincome

LessPersonalcurrenttaxes

EqualsDisposable

personalincome

LessPersonaloutlays 1

EqualsPersonalsaving

Disposablepersonalincome inbillions ofchained

(2009)dollars

Per capita disposablepersonal income

Per capita personalconsumptionexpenditures

Percentchangein real

per capitadisposable

personalincome

Savingas

percentof

disposable

personalincome

Populationincluding

ArmedForces

overseas(thousands) 2Currentdollars

Chained

(2009)dollars

Currentdollars

Chained

(2009)dollars

Billions of dollars Dollars Percent

2005 106140 12132 94008 91577 2431 101894 31760 34424 29711 32203 06 26 2959932006 113939 13571 100369 97055 3314 105954 33589 35458 31136 32868 30 33 2988182007 120002 14932 105070 101972 3098 108206 34826 35866 32319 33284 12 29 3016962008 125022 15078 109944 104577 5367 109873 36101 36078 32881 32860 6 49 3045432009 120948 11523 109425 102751 6674 109425 35616 35616 32050 32050 ndash13 61 3072402010 124771 12393 112379 106079 6300 110551 36274 35684 32931 32395 2 56 3098082011 132545 14532 118014 110912 7101 113312 37804 36298 34242 32878 17 60 3121722012 139151 15114 124037 114570 9467 116883 39440 37165 35137 33111 24 76 3144992013 140684 16728 123956 118057 5899 115231 39123 36369 35956 33425 ndash21 48 3168392014 146942 17802 129139 122937 6202 118363 40461 37084 37177 34075 20 48 319173

Seasonally adjusted annual rates

2013 I 138913 16411 122503 116833 5670 114312 38772 36180 35675 33290 ndash164 46 315957 II 140252 16808 123444 117347 6097 115065 39003 36356 35775 33347 20 49 316499 III 141363 16732 124631 118304 6327 115693 39299 36481 36002 33421 14 51 317136 IV 142207 16960 125247 119744 5503 115856 39415 36460 36369 33642 ndash2 44 317765

2014 I 144335 17360 126975 120603 6372 116988 39893 36755 36572 33695 33 50 318288 II 146128 17541 128587 122352 6235 117847 40331 36962 37051 33956 23 48 318833 III 147748 17920 129827 123770 6057 118631 40638 37134 37403 34177 19 47 319470 IV 149557 18388 131168 125025 6143 119987 40977 37484 37680 34468 38 47 320100

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

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Real Farm Income

[Billions of chained (2009) dollars]

Year

Income of farm operators from farming 1

Gross farm income

Production

expenses

Net

farmincomeTotal

Value of agricultural sector production

DirectGovernmentpaymentsTotal Crops 2 3 Livestock 3 Farm-related

income 4

1996 3072 2976 1507 1199 270 96 2304 7681997 3048 2952 1441 1233 278 96 2391 6571998 2947 2790 1294 1193 303 157 2350 5971999 2934 2666 1159 1189 318 269 2339 596

2000 2951 2668 1160 1210 298 284 2332 6192001 2984 2716 1135 1270 311 268 2328 6552002 2711 2565 1151 1099 315 146 2251 4602003 2983 2792 1252 1211 330 191 2280 7032004 3309 3163 1404 1394 365 146 2328 9812005 3245 2980 1243 1375 361 265 2389 8562006 3060 2894 1252 1259 383 167 2455 6062007 3488 3366 1552 1422 392 122 2769 7192008 3647 3523 1728 1402 394 123 2886 7612009 3339 3217 1624 1192 402 122 2743 596

2010 3495 3373 1640 1380 353 122 2760 7352011 4049 3948 1910 1584 454 101 2966 10832012 4226 4125 2002 1607 515 101 3357 8692013 4520 4417 2181 1692 544 103 3363 11572014 4424 4334 1883 1975 475 90 3586 8382015 4060 3957 1691 1793 473 103 3530 530

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

Profitsbefore

tax

Taxeson

corporateincome

Profits after tax

Inventoryvaluation

adjustmentTotal 2

Domestic industries

TotalNet

dividends

Undistrib-uted

profitsTotal Financial

Nonfinancial

Total 3Manufac-

turingUtil ities Wholesale Retai l

2005 16212 13821 4097 9724 2777 308 962 1217 16533 4124 12409 5805 6604 ndash3212006 18157 15596 4151 11444 3497 551 1059 1325 18514 4734 13781 7260 6521 ndash3572007 17089 13555 3015 10540 3219 495 1032 1190 17484 4455 13029 8189 4840 ndash3952008 13455 9388 954 8434 2406 301 906 803 13824 3091 10733 8086 2647 ndash3702009 14792 11220 3629 7592 1714 238 893 1087 14726 2694 12031 5746 6285 672010 17997 14045 4063 9982 2876 303 1024 1186 18407 3706 14701 5640 9062 ndash4102011 17385 13166 3759 9407 2981 98 944 1143 18068 3791 14277 7037 7240 ndash6832012 21166 17063 4790 12272 3957 125 1353 1541 21308 4476 16832 8594 8238 ndash1422013 21649 17501 4236 13264 4264 264 1455 1594 21616 4689 16927 9240 7687 322014 22049 17866 4234 13632 4398 277 1477 1584 22078 5139 16939 8600 8339 ndash29

2013 I 21275 17360 4286 13074 4076 190 1512 1583 21366 4549 16817 8142 8675 ndash91

II 21725 17611 4165 13446 4187 331 1477 1675 21494 4613 16882 10652 6230 230 III 21675 17410 4198 13212 4202 305 1446 1638 21636 4756 16879 8701 8179 39 IV 21920 17622 4296 13325 4590 231 1386 1480 21970 4838 17132 9467 7664 ndash49

2014 I 20544 16399 3798 12601 3804 389 1257 1425 21112 4973 16139 8573 7567 ndash569 II 22037 17950 4417 13533 4547 320 1345 1547 22276 5274 17002 8571 8431 ndash240 III 22950 18679 4473 14207 4580 231 1701 1577 22795 5184 17611 8536 9075 155 IV 22663 18436 4249 14187 4661 169 1605 1788 22128 5123 17005 8722 8283 535

2015 I 23515 19578 4219 15360 5346 249 1691 1894 22523 5178 17345 8785 8560 992 II r 24142 20091 4562 15530 5370 284 1635 1751 23937 5490 18446 8796 9650 205

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

Intellectualpropertyproducts

2005 26726 26110 17174 4212 8016 4950 8726 643 6392006 27300 26625 18396 4515 8708 5175 8066 716 7542007 26441 26096 19484 5090 8983 5424 6548 355 3652008 23960 24326 19344 5402 8361 5588 4977 ndash337 ndash3502009 18781 20257 16334 4382 6443 5509 3922 ndash1476 ndash14602010 21204 20562 16738 3663 7467 5613 3824 582 6592011 22304 21867 18023 3747 8479 5813 3845 376 3662012 24657 24004 19641 4231 9392 6038 4365 547 7272013 25773 25019 20237 4297 9695 6269 4780 614 5432014 27177 26338 21483 4646 10262 6595 4864 680 650

2013 I 25051 24706 20007 4110 9674 6253 4699 252 235

II 25372 24863 20057 4226 9653 6203 4803 396 329 III 26197 25095 20231 4404 9560 6283 4860 936 840 IV 26471 25410 20655 4447 9893 6337 4759 872 766

2014 I 26305 25783 21069 4646 9979 6457 4726 369 362 II 27095 26134 21298 4644 10137 6534 4844 771 745 III 27581 26635 21763 4623 10531 6638 4885 799 745 IV 27725 26797 21800 4671 10400 6750 5002 782 749

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]

Period

Totalfixed

invest-ment

Nonresidential Residential

Totalnonresi-dential

Structures

Equipment Intellectual property products

Totalresi-

dential 2

Structures

Total 2

Information processing equipment

Industrialequip-ment

Transpor-tationequip-ment

Total 2 Software

Researchand

develop-ment 3

Total 2Singlefamily

Total

Computersand

peripheralequipment 1

Other

2005 26110 17174 4212 8016 2222 1726 1836 1979 4950 2212 2023 8726 8625 43302006 26625 18396 4515 8708 2509 1875 1991 2126 5175 2303 2150 8066 7963 39072007 26096 19484 5090 8983 2799 2079 2053 2036 5424 2442 2279 6548 6449 28372008 24326 19344 5402 8361 2810 2042 1955 1569 5588 2562 2355 4977 4884 17822009 20257 16334 4382 6443 2561 1793 1521 706 5509 2568 2290 3922 3839 10532010 20562 16738 3663 7467 2814 1968 1513 1369 5613 2542 2344 3824 3736 11442011 21867 18023 3747 8479 2859 2028 1833 1830 5813 2718 2367 3845 3753 10922012 24004 19641 4231 9392 3031 2145 1998 2189 6038 2866 2429 4365 4271 13212013 25019 20237 4297 9695 3144 2223 1948 2431 6269 2958 2553 4780 4679 16192014 26338 21483 4646 10262 3264 2368 2089 2718 6595 3150 2668 4864 4758 1709

2013 I 24706 20007 4110 9674 3153 2221 1985 2285 6253 2967 2535 4699 4600 1563 II 24863 20057 4226 9653 3128 2232 1939 2440 6203 2905 2540 4803 4703 1632 III 25095 20231 4404 9560 3170 2252 1947 2396 6283 2962 2564 4860 4758 1654 IV 25410 20655 4447 9893 3125 2188 1920 2604 6337 2999 2574 4759 4657 1629

2014 I 25783 21069 4646 9979 3162 2285 2022 2585 6457 3058 2628 4726 4623 1665 II 26134 21298 4644 10137 3290 2390 2092 2617 6534 3116 2645 4844 4738 1697 III 26635 21763 4623 10531 3228 2322 2135 2865 6638 3191 2671 4885 4778 1688 IV 26797 21800 4671 10400 3376 2475 2108 2804 6750 3234 2728 5002 4893 1786

2015 I 27014 21886 4582 10460 3342 2488 2100 2881 6871 3306 2774 5124 5014 1824

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)

Business Investment[Billions of dollars]

Period

Capital expenditures

Totalcapital

expendi-tures

By industry

Forcompa-

nieswithoutemploy-

ees

Totalby

industry

Forestryfishing

and agri-culturalservices

Mining Uti li tiesCon-

structionManu-

facturing

Whole-saletrade

Retailtrade

Trans-porta-tionand

ware-housing

Informa-tion

Financeand

insur-ance

Realestate

andrentaland

leasing

Profes-sionalscien-tificand

technicalservices

Healthcareand

socialassis-tance

Other 1

For companies with employees

1999 10470 9746 17 306 428 231 1964 324 641 573 1228 1301 1006 295 513 918 723

2000 11610 10899 15 425 613 250 2148 336 698 599 1602 1337 925 341 522 1089 7122001 11090 10523 15 513 828 248 1928 300 669 578 1448 1311 827 305 529 1025 5672002 9979 9175 19 425 655 248 1572 268 593 471 882 1284 945 259 593 961 804

2003 9750 8868 19 505 546 232 1491 260 659 445 805 1208 880 247 612 962 8822004 10421 9532 21 513 504 286 1567 323 722 461 835 1536 916 267 646 936 8892005 11448 10625 27 667 580 301 1656 406 735 569 914 1614 1030 331 738 1056 8222006 13099 12171 27 993 698 303 1924 366 867 680 1044 1631 1321 303 753 1263 9282007 13547 12705 21 1207 854 367 1973 308 825 674 1061 1734 1175 318 842 1348 8422008 13742 12945 23 1493 987 408 2131 324 732 796 1033 1329 1069 330 902 1387 7972009 10907 10153 22 1006 1030 198 1552 253 584 557 884 995 729 282 794 1270 754

2010 11057 10362 33 1157 945 179 1608 311 653 590 972 1031 813 282 784 1006 6952011 12430 11696 31 1657 980 218 1924 357 681 727 1001 1092 911 281 831 1004 7342012 14236 13344 31 1967 1250 236 2031 409 776 818 1065 1302 1157 316 889 1100 8922013 14882 13978 30 1981 1117 276 2198 383 775 934 1231 1399 1139 356 933 1227 904

1 Includes the following industries Management of companies and enterprises administrative and support and waste management educational services arts entertainment and recreation ac-commodation and food services and other services (except public administration) Also includes an item for structure and equipment expenditures serving multiple industry categories

Note Data from Annual Capital Expenditures Industry data are based on the North American Industry Classification System (NAICS)Data shown in this table are capital expenditures for both new and used structures and equipment

Source Department of Commerce (Bureau of the Census)

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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]

Period

Civiliannoninsti-tutional

population(NSA)

Civilianlaborforce

Civilian employment Unemployment

Notin

laborforce

Percent 1

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Laborforce

participa-tionrate

Employ-ment

populationratio

Unemploy-mentrate

2005 226082 149320 141730 73050 62702 5978 7591 3392 3013 1186 76762 660 627 512006 228815 151428 144427 74431 63834 6162 7001 3131 2751 1119 77387 662 631 462007 231867 153124 146047 75337 64799 5911 7078 3259 2718 1101 78743 660 630 462008 233788 154287 145362 74750 65039 5573 8924 4297 3342 1285 79501 660 622 582009 235801 154142 139877 71341 63699 4837 14265 7555 5157 1552 81659 654 593 932010 237830 153889 139064 71230 63456 4378 14825 7763 5534 1528 83941 647 585 962011 239618 153617 139869 72182 63360 4327 13747 6898 5450 1400 86001 641 584 892012 243284 154975 142469 73403 64640 4426 12506 5984 5125 1397 88310 637 586 812013 245679 155389 143929 74176 65295 4458 11460 5568 4565 1327 90290 632 586 742014 247947 155922 146305 75471 66287 4548 9617 4585 3926 1106 92025 629 590 62

2014 Sept 248446 155845 146607 75889 66192 4527 9237 4273 3845 1119 92601 627 590 59 Oct 248657 156243 147260 75928 66560 4772 8983 4094 3794 1094 92414 628 592 57 Nov 248844 156402 147331 75675 66894 4762 9071 4354 3705 1013 92442 629 592 58 Dec 249027 156129 147442 76026 66632 4784 8688 4245 3479 963 92898 627 592 56

2015 Jan 249723 157180 148201 76496 66983 4722 8979 4308 3575 1096 92544 629 593 57 Feb 249899 157002 148297 76588 66901 4808 8705 4243 3469 993 92898 628 593 55 Mar 250080 156906 148331 76653 66874 4804 8575 4099 3455 1021 93175 627 593 55 Apr 250266 157072 148523 76805 66935 4784 8549 4079 3483 986 93194 628 593 54 May 250455 157469 148795 76833 67178 4784 8674 4082 3553 1039 92986 629 594 55 June 250663 157037 148739 76783 67294 4662 8299 3897 3372 1029 93626 626 593 53 July 250876 157106 148840 76903 67271 4666 8266 3887 3474 904 93770 626 593 53 Aug 251096 157065 149036 76880 67502 4654 8029 3760 3324 945 94031 626 594 51 Sept 251325 156715 148800 76763 67346 4690 7915 3790 3214 911 94610 624 592 51

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

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

White

Blackor

AfricanAmerican

Asian

Hispanicor

Latinoethnicity

Marriedmen

spousepresent

Womenwho

maintainfamilies(NSA)

Full-timeworkers

Part-timeworkers

2005 51 44 46 166 44 100 40 60 28 78 50 542006 46 40 41 154 40 89 30 52 24 71 45 512007 46 41 40 157 41 83 32 56 25 65 46 492008 58 54 49 187 52 101 40 76 34 80 58 552009 93 96 75 243 85 148 73 121 66 115 100 602010 96 98 80 259 87 160 75 125 68 123 104 632011 89 87 79 244 79 158 70 115 58 124 96 632012 81 75 73 240 72 138 59 103 49 114 85 612013 74 70 65 229 65 131 52 91 43 102 77 592014 62 57 56 196 53 113 50 74 34 86 64 54

2014 Sept 59 53 55 198 51 110 45 70 29 83 60 57 Oct 57 51 54 187 49 109 50 68 30 87 60 50 Nov 58 54 52 175 49 110 47 66 32 82 60 51 Dec 56 53 50 168 48 104 42 65 30 78 57 50

2015 Jan 57 53 51 188 49 103 40 67 29 81 59 49 Feb 55 52 49 171 47 104 40 66 30 77 57 49 Mar 55 51 49 175 47 101 32 68 28 81 56 49 Apr 54 50 49 171 47 96 44 69 30 70 55 49 May 55 50 50 179 47 102 41 67 29 68 56 49 June 53 48 48 181 46 95 38 66 28 78 53 52 July 53 48 49 162 46 91 40 68 28 80 53 51 Aug 51 47 47 169 44 95 35 66 28 81 51 49 Sept 51 47 46 163 44 92 36 64 28 71 51 48

1 Persons who selecte d this race group only Persons whose ethnicit y is identified as Hispanic or Latino may be of any race

Note Data relate to persons age 16 years and over

Source Department of Labor (Bureau of Labor Statistics)

PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED)

1SEE FOOTNOTE 1 TABLE BELOW2HISPANIC OR LATINO ETHNICITYSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

2012 2013 201520142011 2012 2013 2014 2015 2011

30

25

15

20

5

0

10

30

25

15

20

5

0

10

ALL CIVILIAN WORKERS

MEN 20 YEARS AND OVER

BLACK OR AFRICAN

AMERICAN1

TEENAGERS(16-19)

HISPANIC12

WHITE1 WOMEN 20 YEARS AND OVER

ASIAN1

In September the unemployment rate remained at 51 percent

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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

unemploy-ment

allprograms(NSA) 2

Percent distribution Number of weeks

Joblosers

Jobleavers

ReentrantsNew

entrants

Insuredunemploy-

ment(NSA)

Initialclaims(NSA)

Lessthan

5 weeks

5ndash14weeks

15ndash26weeks

27 weeksand over

Average(mean) 1

Median

Weekly average thousands

2005 7591 351 304 149 196 184 89 483 115 314 88 2661 328 27092006 7001 373 303 147 176 168 83 474 118 320 88 2476 313 25212007 7078 359 315 150 176 168 85 497 112 303 89 2572 324 26122008 8924 328 314 160 197 179 94 537 100 277 86 3306 424 38992009 14265 222 268 195 315 244 151 642 62 223 73 5724 568 91232010 14825 187 220 160 433 330 214 624 60 234 82 4487 454 97322011 13747 195 218 150 438 393 214 590 70 247 93 3679 406 76302012 12506 211 229 149 411 394 193 550 77 267 105 3297 374 60482013 11460 225 241 158 376 365 170 530 81 280 109 2947 342 46052014 9617 257 253 156 335 337 140 507 86 294 113 2574 305 2658

2014 Sept 9237 257 270 154 319 318 133 490 88 304 118 2328 259 2376 Oct 8983 270 255 156 319 329 135 481 86 316 117 2129 297 2176 Nov 9071 275 261 154 310 330 128 491 92 303 115 2277 r 316 2323 Dec 8688 272 263 146 319 328 126 492 91 307 110 2814 r 435 r 2865

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]

Period

Totalnonagri-culturalemploy-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tion Manufac-turing Total

Trade transportationand utilities

Informa-tion Financialactivities

Profes-sional

andbusinessservices

Education

andhealthservices

Leisure

andhospital-ity

OtherservicesTotal 3

Retailtrade

2005 134005 112201 22190 7336 14227 90010 25959 15280 3061 8197 16954 17630 12816 5395 218042006 136398 114424 22530 7691 14155 91894 26276 15353 3038 8367 17566 18099 13110 5438 219742007 137936 115718 22233 7630 13879 93485 26630 15520 3032 8348 17942 18613 13427 5494 222182008 137170 114661 21335 7162 13406 93326 26293 15283 2984 8206 17735 19156 13436 5515 225092009 131233 108678 18558 6016 11847 90121 24906 14522 2804 7838 16579 19550 13077 5367 225552010 130275 107785 17751 5518 11528 90034 24636 14440 2707 7695 16728 19889 13049 5331 224902011 131842 109756 18047 5533 11726 91708 25065 14668 2674 7697 17332 20228 13353 5360 220862012 134104 112184 18420 5646 11927 93763 25476 14841 2676 7784 17932 20698 13768 5430 219202013 136393 114541 18738 5856 12020 95803 25862 15079 2706 7886 18515 21097 14254 5483 218532014 139042 117180 19223 6138 12188 97957 26384 15364 2740 7979 19096 21475 14710 5573 21863

2014 Sept 139619 117739 19315 6191 12214 98424 26467 15410 2757 8007 19231 21585 14795 5582 21880 Oct 139840 117957 19349 6201 12237 98608 26517 15436 2754 8014 19271 21613 14850 5589 21883 Nov 140263 118371 19425 6231 12282 98946 26615 15498 2761 8042 19367 21664 14892 5605 21892 Dec 140592 118690 19489 6275 12301 99201 26669 15497 2767 8049 19439 21718 14948 5611 21902

2015 Jan 140793 118892 19540 6316 12318 99352 26704 15533 2773 8068 19459 21760 14972 5616 21901 Feb 141059 119153 19560 6347 12321 99593 26748 15556 2780 8077 19508 21821 15033 5626 21906 Mar 141178 119270 19540 6335 12327 99730 26787 15587 2778 8090 19547 21863 15039 5626 21908 Apr 141365 119459 19556 6365 12327 99903 26807 15598 2788 8097 19613 21917 15047 5634 21906 May 141625 119711 19554 6377 12333 100157 26864 15631 2787 8106 19681 21974 15103 5642 21914 June 141870 119929 19551 6378 12334 100378 26916 15667 2790 8127 19749 22035 15122 5639 21941 July r 142093 120124 19558 6383 12345 100566 26963 15696 2794 8142 19789 22077 15154 5647 21969 Aug r 142229 120224 19536 6388 12327 100688 26980 15700 2789 8154 19816 22124 15186 5639 22005 Sept p 142371 120342 19523 6396 12318 100819 27003 15724 2801 8154 19847 22153 15221 5640 22029

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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 304028

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 6: EI_201509.pdf

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

Period

Totalpersonal

con-sumptionexpendi-

tures

Goods ServicesAdden-dum

Personalcon-

sumptionexpendi-

turesexcludingfood andenergy 2

Retailsales of

new

passengercars andlight

trucks(millionsof units)

Totalgoods

Durable Nondurable

Totalservices 1

Householdcon-sumptionexpendi-

tures

Housingand

utilities

Healthcare

Financialservices

andinsurance

Totaldurablegoods 1

Motorvehicles

andparts

Totalnon-

durablegoods 1

Food andbeveragespurchased

for off-premises

con-sumption

Gasolineand

otherenergygoods

2005 95318 31772 10469 4000 21323 7576 2980 63534 61473 17884 14904 7041 82539 1692006 98217 32925 10915 3851 22022 7808 2974 65266 62918 18232 15252 7201 85281 1652007 100416 33818 11417 3928 22393 7913 2968 66564 64152 18408 15632 7425 87342 1612008 100072 32978 10832 3408 22147 7819 2834 67086 64351 18601 15988 7374 87305 1322009 98470 31984 10233 3171 21751 7700 2845 66485 63725 18810 16274 7190 85774 1042010 100363 33087 10857 3234 22235 7865 2822 67276 64493 19043 16492 7339 87461 1162011 102635 34118 11515 3338 22632 7951 2743 68514 65759 19280 16903 7472 89804 1272012 104132 35043 12362 3591 22775 7957 2700 69081 66143 19291 17270 7064 91439 1442013 105904 36128 13076 3758 23198 8034 2747 69770 66779 19388 17439 7139 93022 1552014 108757 37312 13841 3967 23678 8075 2768 71446 68395 19612 17916 7229 95823 164

2013 I 105182 35860 12936 3768 23063 8028 2722 69314 66338 19385 17230 7057 92294 154 II 105543 35968 13008 3758 23104 7994 2743 69568 66613 19388 17398 7141 92677 155

III 105989 36202 13112 3742 23238 8038 2757 69781 66793 19330 17490 7139 93155 156 IV 106904 36481 13246 3763 23389 8078 2766 70417 67373 19450 17637 7221 93962 156

2014 I 107247 36583 13332 3801 23413 8088 2763 70657 67626 19665 17540 7185 94152 158 II 108263 37180 13772 3959 23610 8085 2749 71085 68042 19600 17785 7199 95330 165 III 109186 37552 14025 4032 23752 8071 2751 71638 68562 19548 18010 7256 96378 167 IV 110333 37932 14235 4077 23937 8057 2808 72404 69349 19635 18329 7274 97433 168

2015 I 110812 38037 14304 4041 23978 8041 2848 72774 69776 19805 18538 7274 97746 167 II r 111789 38550 14583 4136 24230 8095 2845 73253 70243 19767 18675 7314 98746 17

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

capital consumption adjustment Capitalcon-

sumptionadjust-mentTotal

Profitsbefore

tax

Inventoryvaluationadjust-ment

2005 112398 70868 464 9326 2384 14777 16212 16533 ndash321 ndash1435 4968 9345 609 939 ndash642006 120048 75023 360 10177 2075 16465 18157 18514 ndash357 ndash1692 5809 9919 515 826 ndash932007 123214 78983 381 9411 1894 15290 17089 17484 ndash395 ndash1799 6634 10346 546 986 ndash1642008 124278 80783 470 9795 2621 12851 13455 13824 ndash370 ndash604 6934 10419 526 1144 ndash2122009 121261 77870 355 9375 3337 13970 14792 14726 67 ndash822 5634 10261 583 1249 ndash2062010 127395 79614 460 9867 4028 17464 17997 18407 ndash410 ndash533 4894 10571 559 1285 ndash2292011 133523 82690 755 10681 4853 18166 17385 18068 ndash683 781 4881 11026 601 1315 ndash2452012 140619 86099 616 11798 5253 19982 21166 21308 ndash142 ndash1185 5277 11321 580 1047 ndash1932013 144583 88397 888 11963 5634 20374 21649 21616 32 ndash1275 5135 11780 594 1194 ndash1882014 150765 92489 781 12686 6108 20729 22049 22078 ndash29 ndash1319 5323 12137 579 1273 ndash183

2013 I 142576 86967 939 11950 5479 19973 21275 21366 ndash91 ndash1301 5261 11686 592 1089 ndash177 II 144160 88204 902 11895 5565 20454 21725 21494 230 ndash1271 5052 11713 597 1159 ndash187 III 145008 88757 939 11936 5697 20421 21675 21636 39 ndash1253 5046 11832 595 1162 ndash188 IV 146589 89659 771 12072 5794 20647 21920 21970 ndash49 ndash1273 5183 11889 590 1365 ndash199

2014 I 147101 91037 717 12330 5910 19247 20544 21112 ndash569 ndash1296 5556 11961 581 1100 ndash176 II 149813 91773 888 12575 6055 20705 22037 22276 ndash240 ndash1332 5359 12102 579 1120 ndash184 III 152565 92899 772 12806 6184 21610 22950 22795 155 ndash1340 5158 12217 582 1685 ndash184 IV 153582 94249 748 13030 6284 21355 22663 22128 535 ndash1308 5219 12270 575 1187 ndash186

2015 I 153364 94879 605 13089 6370 20125 23515 22523 992 ndash3389 5613 12268 576 1156 ndash166 II r 154543 95492 569 13201 6541 20830 24142 23937 205 ndash3313 5066 12341 585 1249 ndash161

1 With inventory valuation and capital consumption adjustments

Source Department of Commerce (Bureau of Economic Analysis)

7172019 EI_201509pdf

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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

Rentalincome

ofpersons 2

Personal income receipts on assets

Personalcurrenttransfer

receipts 3

LessContributions

forgovernment

socialinsurancedomestic

TotalWages

andsalaries

Supple-ments towages

andsalaries

Farm Nonfarm TotalPersonalinterestincome

Personaldividendincome

2005 106140 70868 56920 13948 464 9326 2384 16665 10881 5783 15167 87332006 113939 75023 60574 14449 360 10177 2075 19384 12147 7237 16146 92262007 120002 78983 63952 15031 381 9411 1894 21666 13501 8165 17281 96142008 125022 80783 65319 15464 470 9795 2621 21671 13616 8054 19566 98822009 120948 77870 62514 15356 355 9375 3337 18180 12643 5537 21475 96442010 124771 79614 63775 15839 460 9867 4028 17396 11950 5446 23247 98412011 132545 82690 66332 16359 755 10681 4853 19139 12316 6822 23605 91782012 139151 86099 69303 16796 616 11798 5253 21238 12888 8349 23663 95162013 140684 88397 71144 17253 888 11963 5634 20604 12713 7890 24266 110682014 146942 92489 74778 17712 781 12686 6108 21175 13020 8155 25292 11590

2014 Aug 147846 93009 75244 17766 773 12790 6192 21131 12867 8264 25592 11642 Sept 148199 93286 75476 17810 659 12886 6219 21143 12837 8306 25677 11671 Oct 148872 93694 75837 17857 721 13012 6261 21232 12880 8352 25662 11710 Nov 149656 94434 76501 17934 759 12989 6281 21320 12904 8415 25667 11795 Dec 150142 94619 76642 17977 766 13091 6311 21367 12911 8456 25801 11811

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 8406

Disposition of Personal Income

PeriodPersonalincome

LessPersonalcurrenttaxes

EqualsDisposable

personalincome

LessPersonaloutlays 1

EqualsPersonalsaving

Disposablepersonalincome inbillions ofchained

(2009)dollars

Per capita disposablepersonal income

Per capita personalconsumptionexpenditures

Percentchangein real

per capitadisposable

personalincome

Savingas

percentof

disposable

personalincome

Populationincluding

ArmedForces

overseas(thousands) 2Currentdollars

Chained

(2009)dollars

Currentdollars

Chained

(2009)dollars

Billions of dollars Dollars Percent

2005 106140 12132 94008 91577 2431 101894 31760 34424 29711 32203 06 26 2959932006 113939 13571 100369 97055 3314 105954 33589 35458 31136 32868 30 33 2988182007 120002 14932 105070 101972 3098 108206 34826 35866 32319 33284 12 29 3016962008 125022 15078 109944 104577 5367 109873 36101 36078 32881 32860 6 49 3045432009 120948 11523 109425 102751 6674 109425 35616 35616 32050 32050 ndash13 61 3072402010 124771 12393 112379 106079 6300 110551 36274 35684 32931 32395 2 56 3098082011 132545 14532 118014 110912 7101 113312 37804 36298 34242 32878 17 60 3121722012 139151 15114 124037 114570 9467 116883 39440 37165 35137 33111 24 76 3144992013 140684 16728 123956 118057 5899 115231 39123 36369 35956 33425 ndash21 48 3168392014 146942 17802 129139 122937 6202 118363 40461 37084 37177 34075 20 48 319173

Seasonally adjusted annual rates

2013 I 138913 16411 122503 116833 5670 114312 38772 36180 35675 33290 ndash164 46 315957 II 140252 16808 123444 117347 6097 115065 39003 36356 35775 33347 20 49 316499 III 141363 16732 124631 118304 6327 115693 39299 36481 36002 33421 14 51 317136 IV 142207 16960 125247 119744 5503 115856 39415 36460 36369 33642 ndash2 44 317765

2014 I 144335 17360 126975 120603 6372 116988 39893 36755 36572 33695 33 50 318288 II 146128 17541 128587 122352 6235 117847 40331 36962 37051 33956 23 48 318833 III 147748 17920 129827 123770 6057 118631 40638 37134 37403 34177 19 47 319470 IV 149557 18388 131168 125025 6143 119987 40977 37484 37680 34468 38 47 320100

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

7172019 EI_201509pdf

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Real Farm Income

[Billions of chained (2009) dollars]

Year

Income of farm operators from farming 1

Gross farm income

Production

expenses

Net

farmincomeTotal

Value of agricultural sector production

DirectGovernmentpaymentsTotal Crops 2 3 Livestock 3 Farm-related

income 4

1996 3072 2976 1507 1199 270 96 2304 7681997 3048 2952 1441 1233 278 96 2391 6571998 2947 2790 1294 1193 303 157 2350 5971999 2934 2666 1159 1189 318 269 2339 596

2000 2951 2668 1160 1210 298 284 2332 6192001 2984 2716 1135 1270 311 268 2328 6552002 2711 2565 1151 1099 315 146 2251 4602003 2983 2792 1252 1211 330 191 2280 7032004 3309 3163 1404 1394 365 146 2328 9812005 3245 2980 1243 1375 361 265 2389 8562006 3060 2894 1252 1259 383 167 2455 6062007 3488 3366 1552 1422 392 122 2769 7192008 3647 3523 1728 1402 394 123 2886 7612009 3339 3217 1624 1192 402 122 2743 596

2010 3495 3373 1640 1380 353 122 2760 7352011 4049 3948 1910 1584 454 101 2966 10832012 4226 4125 2002 1607 515 101 3357 8692013 4520 4417 2181 1692 544 103 3363 11572014 4424 4334 1883 1975 475 90 3586 8382015 4060 3957 1691 1793 473 103 3530 530

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

Profitsbefore

tax

Taxeson

corporateincome

Profits after tax

Inventoryvaluation

adjustmentTotal 2

Domestic industries

TotalNet

dividends

Undistrib-uted

profitsTotal Financial

Nonfinancial

Total 3Manufac-

turingUtil ities Wholesale Retai l

2005 16212 13821 4097 9724 2777 308 962 1217 16533 4124 12409 5805 6604 ndash3212006 18157 15596 4151 11444 3497 551 1059 1325 18514 4734 13781 7260 6521 ndash3572007 17089 13555 3015 10540 3219 495 1032 1190 17484 4455 13029 8189 4840 ndash3952008 13455 9388 954 8434 2406 301 906 803 13824 3091 10733 8086 2647 ndash3702009 14792 11220 3629 7592 1714 238 893 1087 14726 2694 12031 5746 6285 672010 17997 14045 4063 9982 2876 303 1024 1186 18407 3706 14701 5640 9062 ndash4102011 17385 13166 3759 9407 2981 98 944 1143 18068 3791 14277 7037 7240 ndash6832012 21166 17063 4790 12272 3957 125 1353 1541 21308 4476 16832 8594 8238 ndash1422013 21649 17501 4236 13264 4264 264 1455 1594 21616 4689 16927 9240 7687 322014 22049 17866 4234 13632 4398 277 1477 1584 22078 5139 16939 8600 8339 ndash29

2013 I 21275 17360 4286 13074 4076 190 1512 1583 21366 4549 16817 8142 8675 ndash91

II 21725 17611 4165 13446 4187 331 1477 1675 21494 4613 16882 10652 6230 230 III 21675 17410 4198 13212 4202 305 1446 1638 21636 4756 16879 8701 8179 39 IV 21920 17622 4296 13325 4590 231 1386 1480 21970 4838 17132 9467 7664 ndash49

2014 I 20544 16399 3798 12601 3804 389 1257 1425 21112 4973 16139 8573 7567 ndash569 II 22037 17950 4417 13533 4547 320 1345 1547 22276 5274 17002 8571 8431 ndash240 III 22950 18679 4473 14207 4580 231 1701 1577 22795 5184 17611 8536 9075 155 IV 22663 18436 4249 14187 4661 169 1605 1788 22128 5123 17005 8722 8283 535

2015 I 23515 19578 4219 15360 5346 249 1691 1894 22523 5178 17345 8785 8560 992 II r 24142 20091 4562 15530 5370 284 1635 1751 23937 5490 18446 8796 9650 205

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

Intellectualpropertyproducts

2005 26726 26110 17174 4212 8016 4950 8726 643 6392006 27300 26625 18396 4515 8708 5175 8066 716 7542007 26441 26096 19484 5090 8983 5424 6548 355 3652008 23960 24326 19344 5402 8361 5588 4977 ndash337 ndash3502009 18781 20257 16334 4382 6443 5509 3922 ndash1476 ndash14602010 21204 20562 16738 3663 7467 5613 3824 582 6592011 22304 21867 18023 3747 8479 5813 3845 376 3662012 24657 24004 19641 4231 9392 6038 4365 547 7272013 25773 25019 20237 4297 9695 6269 4780 614 5432014 27177 26338 21483 4646 10262 6595 4864 680 650

2013 I 25051 24706 20007 4110 9674 6253 4699 252 235

II 25372 24863 20057 4226 9653 6203 4803 396 329 III 26197 25095 20231 4404 9560 6283 4860 936 840 IV 26471 25410 20655 4447 9893 6337 4759 872 766

2014 I 26305 25783 21069 4646 9979 6457 4726 369 362 II 27095 26134 21298 4644 10137 6534 4844 771 745 III 27581 26635 21763 4623 10531 6638 4885 799 745 IV 27725 26797 21800 4671 10400 6750 5002 782 749

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]

Period

Totalfixed

invest-ment

Nonresidential Residential

Totalnonresi-dential

Structures

Equipment Intellectual property products

Totalresi-

dential 2

Structures

Total 2

Information processing equipment

Industrialequip-ment

Transpor-tationequip-ment

Total 2 Software

Researchand

develop-ment 3

Total 2Singlefamily

Total

Computersand

peripheralequipment 1

Other

2005 26110 17174 4212 8016 2222 1726 1836 1979 4950 2212 2023 8726 8625 43302006 26625 18396 4515 8708 2509 1875 1991 2126 5175 2303 2150 8066 7963 39072007 26096 19484 5090 8983 2799 2079 2053 2036 5424 2442 2279 6548 6449 28372008 24326 19344 5402 8361 2810 2042 1955 1569 5588 2562 2355 4977 4884 17822009 20257 16334 4382 6443 2561 1793 1521 706 5509 2568 2290 3922 3839 10532010 20562 16738 3663 7467 2814 1968 1513 1369 5613 2542 2344 3824 3736 11442011 21867 18023 3747 8479 2859 2028 1833 1830 5813 2718 2367 3845 3753 10922012 24004 19641 4231 9392 3031 2145 1998 2189 6038 2866 2429 4365 4271 13212013 25019 20237 4297 9695 3144 2223 1948 2431 6269 2958 2553 4780 4679 16192014 26338 21483 4646 10262 3264 2368 2089 2718 6595 3150 2668 4864 4758 1709

2013 I 24706 20007 4110 9674 3153 2221 1985 2285 6253 2967 2535 4699 4600 1563 II 24863 20057 4226 9653 3128 2232 1939 2440 6203 2905 2540 4803 4703 1632 III 25095 20231 4404 9560 3170 2252 1947 2396 6283 2962 2564 4860 4758 1654 IV 25410 20655 4447 9893 3125 2188 1920 2604 6337 2999 2574 4759 4657 1629

2014 I 25783 21069 4646 9979 3162 2285 2022 2585 6457 3058 2628 4726 4623 1665 II 26134 21298 4644 10137 3290 2390 2092 2617 6534 3116 2645 4844 4738 1697 III 26635 21763 4623 10531 3228 2322 2135 2865 6638 3191 2671 4885 4778 1688 IV 26797 21800 4671 10400 3376 2475 2108 2804 6750 3234 2728 5002 4893 1786

2015 I 27014 21886 4582 10460 3342 2488 2100 2881 6871 3306 2774 5124 5014 1824

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)

Business Investment[Billions of dollars]

Period

Capital expenditures

Totalcapital

expendi-tures

By industry

Forcompa-

nieswithoutemploy-

ees

Totalby

industry

Forestryfishing

and agri-culturalservices

Mining Uti li tiesCon-

structionManu-

facturing

Whole-saletrade

Retailtrade

Trans-porta-tionand

ware-housing

Informa-tion

Financeand

insur-ance

Realestate

andrentaland

leasing

Profes-sionalscien-tificand

technicalservices

Healthcareand

socialassis-tance

Other 1

For companies with employees

1999 10470 9746 17 306 428 231 1964 324 641 573 1228 1301 1006 295 513 918 723

2000 11610 10899 15 425 613 250 2148 336 698 599 1602 1337 925 341 522 1089 7122001 11090 10523 15 513 828 248 1928 300 669 578 1448 1311 827 305 529 1025 5672002 9979 9175 19 425 655 248 1572 268 593 471 882 1284 945 259 593 961 804

2003 9750 8868 19 505 546 232 1491 260 659 445 805 1208 880 247 612 962 8822004 10421 9532 21 513 504 286 1567 323 722 461 835 1536 916 267 646 936 8892005 11448 10625 27 667 580 301 1656 406 735 569 914 1614 1030 331 738 1056 8222006 13099 12171 27 993 698 303 1924 366 867 680 1044 1631 1321 303 753 1263 9282007 13547 12705 21 1207 854 367 1973 308 825 674 1061 1734 1175 318 842 1348 8422008 13742 12945 23 1493 987 408 2131 324 732 796 1033 1329 1069 330 902 1387 7972009 10907 10153 22 1006 1030 198 1552 253 584 557 884 995 729 282 794 1270 754

2010 11057 10362 33 1157 945 179 1608 311 653 590 972 1031 813 282 784 1006 6952011 12430 11696 31 1657 980 218 1924 357 681 727 1001 1092 911 281 831 1004 7342012 14236 13344 31 1967 1250 236 2031 409 776 818 1065 1302 1157 316 889 1100 8922013 14882 13978 30 1981 1117 276 2198 383 775 934 1231 1399 1139 356 933 1227 904

1 Includes the following industries Management of companies and enterprises administrative and support and waste management educational services arts entertainment and recreation ac-commodation and food services and other services (except public administration) Also includes an item for structure and equipment expenditures serving multiple industry categories

Note Data from Annual Capital Expenditures Industry data are based on the North American Industry Classification System (NAICS)Data shown in this table are capital expenditures for both new and used structures and equipment

Source Department of Commerce (Bureau of the Census)

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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]

Period

Civiliannoninsti-tutional

population(NSA)

Civilianlaborforce

Civilian employment Unemployment

Notin

laborforce

Percent 1

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Laborforce

participa-tionrate

Employ-ment

populationratio

Unemploy-mentrate

2005 226082 149320 141730 73050 62702 5978 7591 3392 3013 1186 76762 660 627 512006 228815 151428 144427 74431 63834 6162 7001 3131 2751 1119 77387 662 631 462007 231867 153124 146047 75337 64799 5911 7078 3259 2718 1101 78743 660 630 462008 233788 154287 145362 74750 65039 5573 8924 4297 3342 1285 79501 660 622 582009 235801 154142 139877 71341 63699 4837 14265 7555 5157 1552 81659 654 593 932010 237830 153889 139064 71230 63456 4378 14825 7763 5534 1528 83941 647 585 962011 239618 153617 139869 72182 63360 4327 13747 6898 5450 1400 86001 641 584 892012 243284 154975 142469 73403 64640 4426 12506 5984 5125 1397 88310 637 586 812013 245679 155389 143929 74176 65295 4458 11460 5568 4565 1327 90290 632 586 742014 247947 155922 146305 75471 66287 4548 9617 4585 3926 1106 92025 629 590 62

2014 Sept 248446 155845 146607 75889 66192 4527 9237 4273 3845 1119 92601 627 590 59 Oct 248657 156243 147260 75928 66560 4772 8983 4094 3794 1094 92414 628 592 57 Nov 248844 156402 147331 75675 66894 4762 9071 4354 3705 1013 92442 629 592 58 Dec 249027 156129 147442 76026 66632 4784 8688 4245 3479 963 92898 627 592 56

2015 Jan 249723 157180 148201 76496 66983 4722 8979 4308 3575 1096 92544 629 593 57 Feb 249899 157002 148297 76588 66901 4808 8705 4243 3469 993 92898 628 593 55 Mar 250080 156906 148331 76653 66874 4804 8575 4099 3455 1021 93175 627 593 55 Apr 250266 157072 148523 76805 66935 4784 8549 4079 3483 986 93194 628 593 54 May 250455 157469 148795 76833 67178 4784 8674 4082 3553 1039 92986 629 594 55 June 250663 157037 148739 76783 67294 4662 8299 3897 3372 1029 93626 626 593 53 July 250876 157106 148840 76903 67271 4666 8266 3887 3474 904 93770 626 593 53 Aug 251096 157065 149036 76880 67502 4654 8029 3760 3324 945 94031 626 594 51 Sept 251325 156715 148800 76763 67346 4690 7915 3790 3214 911 94610 624 592 51

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

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

White

Blackor

AfricanAmerican

Asian

Hispanicor

Latinoethnicity

Marriedmen

spousepresent

Womenwho

maintainfamilies(NSA)

Full-timeworkers

Part-timeworkers

2005 51 44 46 166 44 100 40 60 28 78 50 542006 46 40 41 154 40 89 30 52 24 71 45 512007 46 41 40 157 41 83 32 56 25 65 46 492008 58 54 49 187 52 101 40 76 34 80 58 552009 93 96 75 243 85 148 73 121 66 115 100 602010 96 98 80 259 87 160 75 125 68 123 104 632011 89 87 79 244 79 158 70 115 58 124 96 632012 81 75 73 240 72 138 59 103 49 114 85 612013 74 70 65 229 65 131 52 91 43 102 77 592014 62 57 56 196 53 113 50 74 34 86 64 54

2014 Sept 59 53 55 198 51 110 45 70 29 83 60 57 Oct 57 51 54 187 49 109 50 68 30 87 60 50 Nov 58 54 52 175 49 110 47 66 32 82 60 51 Dec 56 53 50 168 48 104 42 65 30 78 57 50

2015 Jan 57 53 51 188 49 103 40 67 29 81 59 49 Feb 55 52 49 171 47 104 40 66 30 77 57 49 Mar 55 51 49 175 47 101 32 68 28 81 56 49 Apr 54 50 49 171 47 96 44 69 30 70 55 49 May 55 50 50 179 47 102 41 67 29 68 56 49 June 53 48 48 181 46 95 38 66 28 78 53 52 July 53 48 49 162 46 91 40 68 28 80 53 51 Aug 51 47 47 169 44 95 35 66 28 81 51 49 Sept 51 47 46 163 44 92 36 64 28 71 51 48

1 Persons who selecte d this race group only Persons whose ethnicit y is identified as Hispanic or Latino may be of any race

Note Data relate to persons age 16 years and over

Source Department of Labor (Bureau of Labor Statistics)

PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED)

1SEE FOOTNOTE 1 TABLE BELOW2HISPANIC OR LATINO ETHNICITYSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

2012 2013 201520142011 2012 2013 2014 2015 2011

30

25

15

20

5

0

10

30

25

15

20

5

0

10

ALL CIVILIAN WORKERS

MEN 20 YEARS AND OVER

BLACK OR AFRICAN

AMERICAN1

TEENAGERS(16-19)

HISPANIC12

WHITE1 WOMEN 20 YEARS AND OVER

ASIAN1

In September the unemployment rate remained at 51 percent

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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

unemploy-ment

allprograms(NSA) 2

Percent distribution Number of weeks

Joblosers

Jobleavers

ReentrantsNew

entrants

Insuredunemploy-

ment(NSA)

Initialclaims(NSA)

Lessthan

5 weeks

5ndash14weeks

15ndash26weeks

27 weeksand over

Average(mean) 1

Median

Weekly average thousands

2005 7591 351 304 149 196 184 89 483 115 314 88 2661 328 27092006 7001 373 303 147 176 168 83 474 118 320 88 2476 313 25212007 7078 359 315 150 176 168 85 497 112 303 89 2572 324 26122008 8924 328 314 160 197 179 94 537 100 277 86 3306 424 38992009 14265 222 268 195 315 244 151 642 62 223 73 5724 568 91232010 14825 187 220 160 433 330 214 624 60 234 82 4487 454 97322011 13747 195 218 150 438 393 214 590 70 247 93 3679 406 76302012 12506 211 229 149 411 394 193 550 77 267 105 3297 374 60482013 11460 225 241 158 376 365 170 530 81 280 109 2947 342 46052014 9617 257 253 156 335 337 140 507 86 294 113 2574 305 2658

2014 Sept 9237 257 270 154 319 318 133 490 88 304 118 2328 259 2376 Oct 8983 270 255 156 319 329 135 481 86 316 117 2129 297 2176 Nov 9071 275 261 154 310 330 128 491 92 303 115 2277 r 316 2323 Dec 8688 272 263 146 319 328 126 492 91 307 110 2814 r 435 r 2865

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]

Period

Totalnonagri-culturalemploy-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tion Manufac-turing Total

Trade transportationand utilities

Informa-tion Financialactivities

Profes-sional

andbusinessservices

Education

andhealthservices

Leisure

andhospital-ity

OtherservicesTotal 3

Retailtrade

2005 134005 112201 22190 7336 14227 90010 25959 15280 3061 8197 16954 17630 12816 5395 218042006 136398 114424 22530 7691 14155 91894 26276 15353 3038 8367 17566 18099 13110 5438 219742007 137936 115718 22233 7630 13879 93485 26630 15520 3032 8348 17942 18613 13427 5494 222182008 137170 114661 21335 7162 13406 93326 26293 15283 2984 8206 17735 19156 13436 5515 225092009 131233 108678 18558 6016 11847 90121 24906 14522 2804 7838 16579 19550 13077 5367 225552010 130275 107785 17751 5518 11528 90034 24636 14440 2707 7695 16728 19889 13049 5331 224902011 131842 109756 18047 5533 11726 91708 25065 14668 2674 7697 17332 20228 13353 5360 220862012 134104 112184 18420 5646 11927 93763 25476 14841 2676 7784 17932 20698 13768 5430 219202013 136393 114541 18738 5856 12020 95803 25862 15079 2706 7886 18515 21097 14254 5483 218532014 139042 117180 19223 6138 12188 97957 26384 15364 2740 7979 19096 21475 14710 5573 21863

2014 Sept 139619 117739 19315 6191 12214 98424 26467 15410 2757 8007 19231 21585 14795 5582 21880 Oct 139840 117957 19349 6201 12237 98608 26517 15436 2754 8014 19271 21613 14850 5589 21883 Nov 140263 118371 19425 6231 12282 98946 26615 15498 2761 8042 19367 21664 14892 5605 21892 Dec 140592 118690 19489 6275 12301 99201 26669 15497 2767 8049 19439 21718 14948 5611 21902

2015 Jan 140793 118892 19540 6316 12318 99352 26704 15533 2773 8068 19459 21760 14972 5616 21901 Feb 141059 119153 19560 6347 12321 99593 26748 15556 2780 8077 19508 21821 15033 5626 21906 Mar 141178 119270 19540 6335 12327 99730 26787 15587 2778 8090 19547 21863 15039 5626 21908 Apr 141365 119459 19556 6365 12327 99903 26807 15598 2788 8097 19613 21917 15047 5634 21906 May 141625 119711 19554 6377 12333 100157 26864 15631 2787 8106 19681 21974 15103 5642 21914 June 141870 119929 19551 6378 12334 100378 26916 15667 2790 8127 19749 22035 15122 5639 21941 July r 142093 120124 19558 6383 12345 100566 26963 15696 2794 8142 19789 22077 15154 5647 21969 Aug r 142229 120224 19536 6388 12327 100688 26980 15700 2789 8154 19816 22124 15186 5639 22005 Sept p 142371 120342 19523 6396 12318 100819 27003 15724 2801 8154 19847 22153 15221 5640 22029

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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

7172019 EI_201509pdf

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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)

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 284026

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 294027

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

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 304028

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Rentalincome

ofpersons 2

Personal income receipts on assets

Personalcurrenttransfer

receipts 3

LessContributions

forgovernment

socialinsurancedomestic

TotalWages

andsalaries

Supple-ments towages

andsalaries

Farm Nonfarm TotalPersonalinterestincome

Personaldividendincome

2005 106140 70868 56920 13948 464 9326 2384 16665 10881 5783 15167 87332006 113939 75023 60574 14449 360 10177 2075 19384 12147 7237 16146 92262007 120002 78983 63952 15031 381 9411 1894 21666 13501 8165 17281 96142008 125022 80783 65319 15464 470 9795 2621 21671 13616 8054 19566 98822009 120948 77870 62514 15356 355 9375 3337 18180 12643 5537 21475 96442010 124771 79614 63775 15839 460 9867 4028 17396 11950 5446 23247 98412011 132545 82690 66332 16359 755 10681 4853 19139 12316 6822 23605 91782012 139151 86099 69303 16796 616 11798 5253 21238 12888 8349 23663 95162013 140684 88397 71144 17253 888 11963 5634 20604 12713 7890 24266 110682014 146942 92489 74778 17712 781 12686 6108 21175 13020 8155 25292 11590

2014 Aug 147846 93009 75244 17766 773 12790 6192 21131 12867 8264 25592 11642 Sept 148199 93286 75476 17810 659 12886 6219 21143 12837 8306 25677 11671 Oct 148872 93694 75837 17857 721 13012 6261 21232 12880 8352 25662 11710 Nov 149656 94434 76501 17934 759 12989 6281 21320 12904 8415 25667 11795 Dec 150142 94619 76642 17977 766 13091 6311 21367 12911 8456 25801 11811

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

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Disposition of Personal Income

PeriodPersonalincome

LessPersonalcurrenttaxes

EqualsDisposable

personalincome

LessPersonaloutlays 1

EqualsPersonalsaving

Disposablepersonalincome inbillions ofchained

(2009)dollars

Per capita disposablepersonal income

Per capita personalconsumptionexpenditures

Percentchangein real

per capitadisposable

personalincome

Savingas

percentof

disposable

personalincome

Populationincluding

ArmedForces

overseas(thousands) 2Currentdollars

Chained

(2009)dollars

Currentdollars

Chained

(2009)dollars

Billions of dollars Dollars Percent

2005 106140 12132 94008 91577 2431 101894 31760 34424 29711 32203 06 26 2959932006 113939 13571 100369 97055 3314 105954 33589 35458 31136 32868 30 33 2988182007 120002 14932 105070 101972 3098 108206 34826 35866 32319 33284 12 29 3016962008 125022 15078 109944 104577 5367 109873 36101 36078 32881 32860 6 49 3045432009 120948 11523 109425 102751 6674 109425 35616 35616 32050 32050 ndash13 61 3072402010 124771 12393 112379 106079 6300 110551 36274 35684 32931 32395 2 56 3098082011 132545 14532 118014 110912 7101 113312 37804 36298 34242 32878 17 60 3121722012 139151 15114 124037 114570 9467 116883 39440 37165 35137 33111 24 76 3144992013 140684 16728 123956 118057 5899 115231 39123 36369 35956 33425 ndash21 48 3168392014 146942 17802 129139 122937 6202 118363 40461 37084 37177 34075 20 48 319173

Seasonally adjusted annual rates

2013 I 138913 16411 122503 116833 5670 114312 38772 36180 35675 33290 ndash164 46 315957 II 140252 16808 123444 117347 6097 115065 39003 36356 35775 33347 20 49 316499 III 141363 16732 124631 118304 6327 115693 39299 36481 36002 33421 14 51 317136 IV 142207 16960 125247 119744 5503 115856 39415 36460 36369 33642 ndash2 44 317765

2014 I 144335 17360 126975 120603 6372 116988 39893 36755 36572 33695 33 50 318288 II 146128 17541 128587 122352 6235 117847 40331 36962 37051 33956 23 48 318833 III 147748 17920 129827 123770 6057 118631 40638 37134 37403 34177 19 47 319470 IV 149557 18388 131168 125025 6143 119987 40977 37484 37680 34468 38 47 320100

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

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Real Farm Income

[Billions of chained (2009) dollars]

Year

Income of farm operators from farming 1

Gross farm income

Production

expenses

Net

farmincomeTotal

Value of agricultural sector production

DirectGovernmentpaymentsTotal Crops 2 3 Livestock 3 Farm-related

income 4

1996 3072 2976 1507 1199 270 96 2304 7681997 3048 2952 1441 1233 278 96 2391 6571998 2947 2790 1294 1193 303 157 2350 5971999 2934 2666 1159 1189 318 269 2339 596

2000 2951 2668 1160 1210 298 284 2332 6192001 2984 2716 1135 1270 311 268 2328 6552002 2711 2565 1151 1099 315 146 2251 4602003 2983 2792 1252 1211 330 191 2280 7032004 3309 3163 1404 1394 365 146 2328 9812005 3245 2980 1243 1375 361 265 2389 8562006 3060 2894 1252 1259 383 167 2455 6062007 3488 3366 1552 1422 392 122 2769 7192008 3647 3523 1728 1402 394 123 2886 7612009 3339 3217 1624 1192 402 122 2743 596

2010 3495 3373 1640 1380 353 122 2760 7352011 4049 3948 1910 1584 454 101 2966 10832012 4226 4125 2002 1607 515 101 3357 8692013 4520 4417 2181 1692 544 103 3363 11572014 4424 4334 1883 1975 475 90 3586 8382015 4060 3957 1691 1793 473 103 3530 530

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

Profitsbefore

tax

Taxeson

corporateincome

Profits after tax

Inventoryvaluation

adjustmentTotal 2

Domestic industries

TotalNet

dividends

Undistrib-uted

profitsTotal Financial

Nonfinancial

Total 3Manufac-

turingUtil ities Wholesale Retai l

2005 16212 13821 4097 9724 2777 308 962 1217 16533 4124 12409 5805 6604 ndash3212006 18157 15596 4151 11444 3497 551 1059 1325 18514 4734 13781 7260 6521 ndash3572007 17089 13555 3015 10540 3219 495 1032 1190 17484 4455 13029 8189 4840 ndash3952008 13455 9388 954 8434 2406 301 906 803 13824 3091 10733 8086 2647 ndash3702009 14792 11220 3629 7592 1714 238 893 1087 14726 2694 12031 5746 6285 672010 17997 14045 4063 9982 2876 303 1024 1186 18407 3706 14701 5640 9062 ndash4102011 17385 13166 3759 9407 2981 98 944 1143 18068 3791 14277 7037 7240 ndash6832012 21166 17063 4790 12272 3957 125 1353 1541 21308 4476 16832 8594 8238 ndash1422013 21649 17501 4236 13264 4264 264 1455 1594 21616 4689 16927 9240 7687 322014 22049 17866 4234 13632 4398 277 1477 1584 22078 5139 16939 8600 8339 ndash29

2013 I 21275 17360 4286 13074 4076 190 1512 1583 21366 4549 16817 8142 8675 ndash91

II 21725 17611 4165 13446 4187 331 1477 1675 21494 4613 16882 10652 6230 230 III 21675 17410 4198 13212 4202 305 1446 1638 21636 4756 16879 8701 8179 39 IV 21920 17622 4296 13325 4590 231 1386 1480 21970 4838 17132 9467 7664 ndash49

2014 I 20544 16399 3798 12601 3804 389 1257 1425 21112 4973 16139 8573 7567 ndash569 II 22037 17950 4417 13533 4547 320 1345 1547 22276 5274 17002 8571 8431 ndash240 III 22950 18679 4473 14207 4580 231 1701 1577 22795 5184 17611 8536 9075 155 IV 22663 18436 4249 14187 4661 169 1605 1788 22128 5123 17005 8722 8283 535

2015 I 23515 19578 4219 15360 5346 249 1691 1894 22523 5178 17345 8785 8560 992 II r 24142 20091 4562 15530 5370 284 1635 1751 23937 5490 18446 8796 9650 205

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

Intellectualpropertyproducts

2005 26726 26110 17174 4212 8016 4950 8726 643 6392006 27300 26625 18396 4515 8708 5175 8066 716 7542007 26441 26096 19484 5090 8983 5424 6548 355 3652008 23960 24326 19344 5402 8361 5588 4977 ndash337 ndash3502009 18781 20257 16334 4382 6443 5509 3922 ndash1476 ndash14602010 21204 20562 16738 3663 7467 5613 3824 582 6592011 22304 21867 18023 3747 8479 5813 3845 376 3662012 24657 24004 19641 4231 9392 6038 4365 547 7272013 25773 25019 20237 4297 9695 6269 4780 614 5432014 27177 26338 21483 4646 10262 6595 4864 680 650

2013 I 25051 24706 20007 4110 9674 6253 4699 252 235

II 25372 24863 20057 4226 9653 6203 4803 396 329 III 26197 25095 20231 4404 9560 6283 4860 936 840 IV 26471 25410 20655 4447 9893 6337 4759 872 766

2014 I 26305 25783 21069 4646 9979 6457 4726 369 362 II 27095 26134 21298 4644 10137 6534 4844 771 745 III 27581 26635 21763 4623 10531 6638 4885 799 745 IV 27725 26797 21800 4671 10400 6750 5002 782 749

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]

Period

Totalfixed

invest-ment

Nonresidential Residential

Totalnonresi-dential

Structures

Equipment Intellectual property products

Totalresi-

dential 2

Structures

Total 2

Information processing equipment

Industrialequip-ment

Transpor-tationequip-ment

Total 2 Software

Researchand

develop-ment 3

Total 2Singlefamily

Total

Computersand

peripheralequipment 1

Other

2005 26110 17174 4212 8016 2222 1726 1836 1979 4950 2212 2023 8726 8625 43302006 26625 18396 4515 8708 2509 1875 1991 2126 5175 2303 2150 8066 7963 39072007 26096 19484 5090 8983 2799 2079 2053 2036 5424 2442 2279 6548 6449 28372008 24326 19344 5402 8361 2810 2042 1955 1569 5588 2562 2355 4977 4884 17822009 20257 16334 4382 6443 2561 1793 1521 706 5509 2568 2290 3922 3839 10532010 20562 16738 3663 7467 2814 1968 1513 1369 5613 2542 2344 3824 3736 11442011 21867 18023 3747 8479 2859 2028 1833 1830 5813 2718 2367 3845 3753 10922012 24004 19641 4231 9392 3031 2145 1998 2189 6038 2866 2429 4365 4271 13212013 25019 20237 4297 9695 3144 2223 1948 2431 6269 2958 2553 4780 4679 16192014 26338 21483 4646 10262 3264 2368 2089 2718 6595 3150 2668 4864 4758 1709

2013 I 24706 20007 4110 9674 3153 2221 1985 2285 6253 2967 2535 4699 4600 1563 II 24863 20057 4226 9653 3128 2232 1939 2440 6203 2905 2540 4803 4703 1632 III 25095 20231 4404 9560 3170 2252 1947 2396 6283 2962 2564 4860 4758 1654 IV 25410 20655 4447 9893 3125 2188 1920 2604 6337 2999 2574 4759 4657 1629

2014 I 25783 21069 4646 9979 3162 2285 2022 2585 6457 3058 2628 4726 4623 1665 II 26134 21298 4644 10137 3290 2390 2092 2617 6534 3116 2645 4844 4738 1697 III 26635 21763 4623 10531 3228 2322 2135 2865 6638 3191 2671 4885 4778 1688 IV 26797 21800 4671 10400 3376 2475 2108 2804 6750 3234 2728 5002 4893 1786

2015 I 27014 21886 4582 10460 3342 2488 2100 2881 6871 3306 2774 5124 5014 1824

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)

Business Investment[Billions of dollars]

Period

Capital expenditures

Totalcapital

expendi-tures

By industry

Forcompa-

nieswithoutemploy-

ees

Totalby

industry

Forestryfishing

and agri-culturalservices

Mining Uti li tiesCon-

structionManu-

facturing

Whole-saletrade

Retailtrade

Trans-porta-tionand

ware-housing

Informa-tion

Financeand

insur-ance

Realestate

andrentaland

leasing

Profes-sionalscien-tificand

technicalservices

Healthcareand

socialassis-tance

Other 1

For companies with employees

1999 10470 9746 17 306 428 231 1964 324 641 573 1228 1301 1006 295 513 918 723

2000 11610 10899 15 425 613 250 2148 336 698 599 1602 1337 925 341 522 1089 7122001 11090 10523 15 513 828 248 1928 300 669 578 1448 1311 827 305 529 1025 5672002 9979 9175 19 425 655 248 1572 268 593 471 882 1284 945 259 593 961 804

2003 9750 8868 19 505 546 232 1491 260 659 445 805 1208 880 247 612 962 8822004 10421 9532 21 513 504 286 1567 323 722 461 835 1536 916 267 646 936 8892005 11448 10625 27 667 580 301 1656 406 735 569 914 1614 1030 331 738 1056 8222006 13099 12171 27 993 698 303 1924 366 867 680 1044 1631 1321 303 753 1263 9282007 13547 12705 21 1207 854 367 1973 308 825 674 1061 1734 1175 318 842 1348 8422008 13742 12945 23 1493 987 408 2131 324 732 796 1033 1329 1069 330 902 1387 7972009 10907 10153 22 1006 1030 198 1552 253 584 557 884 995 729 282 794 1270 754

2010 11057 10362 33 1157 945 179 1608 311 653 590 972 1031 813 282 784 1006 6952011 12430 11696 31 1657 980 218 1924 357 681 727 1001 1092 911 281 831 1004 7342012 14236 13344 31 1967 1250 236 2031 409 776 818 1065 1302 1157 316 889 1100 8922013 14882 13978 30 1981 1117 276 2198 383 775 934 1231 1399 1139 356 933 1227 904

1 Includes the following industries Management of companies and enterprises administrative and support and waste management educational services arts entertainment and recreation ac-commodation and food services and other services (except public administration) Also includes an item for structure and equipment expenditures serving multiple industry categories

Note Data from Annual Capital Expenditures Industry data are based on the North American Industry Classification System (NAICS)Data shown in this table are capital expenditures for both new and used structures and equipment

Source Department of Commerce (Bureau of the Census)

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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]

Period

Civiliannoninsti-tutional

population(NSA)

Civilianlaborforce

Civilian employment Unemployment

Notin

laborforce

Percent 1

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Laborforce

participa-tionrate

Employ-ment

populationratio

Unemploy-mentrate

2005 226082 149320 141730 73050 62702 5978 7591 3392 3013 1186 76762 660 627 512006 228815 151428 144427 74431 63834 6162 7001 3131 2751 1119 77387 662 631 462007 231867 153124 146047 75337 64799 5911 7078 3259 2718 1101 78743 660 630 462008 233788 154287 145362 74750 65039 5573 8924 4297 3342 1285 79501 660 622 582009 235801 154142 139877 71341 63699 4837 14265 7555 5157 1552 81659 654 593 932010 237830 153889 139064 71230 63456 4378 14825 7763 5534 1528 83941 647 585 962011 239618 153617 139869 72182 63360 4327 13747 6898 5450 1400 86001 641 584 892012 243284 154975 142469 73403 64640 4426 12506 5984 5125 1397 88310 637 586 812013 245679 155389 143929 74176 65295 4458 11460 5568 4565 1327 90290 632 586 742014 247947 155922 146305 75471 66287 4548 9617 4585 3926 1106 92025 629 590 62

2014 Sept 248446 155845 146607 75889 66192 4527 9237 4273 3845 1119 92601 627 590 59 Oct 248657 156243 147260 75928 66560 4772 8983 4094 3794 1094 92414 628 592 57 Nov 248844 156402 147331 75675 66894 4762 9071 4354 3705 1013 92442 629 592 58 Dec 249027 156129 147442 76026 66632 4784 8688 4245 3479 963 92898 627 592 56

2015 Jan 249723 157180 148201 76496 66983 4722 8979 4308 3575 1096 92544 629 593 57 Feb 249899 157002 148297 76588 66901 4808 8705 4243 3469 993 92898 628 593 55 Mar 250080 156906 148331 76653 66874 4804 8575 4099 3455 1021 93175 627 593 55 Apr 250266 157072 148523 76805 66935 4784 8549 4079 3483 986 93194 628 593 54 May 250455 157469 148795 76833 67178 4784 8674 4082 3553 1039 92986 629 594 55 June 250663 157037 148739 76783 67294 4662 8299 3897 3372 1029 93626 626 593 53 July 250876 157106 148840 76903 67271 4666 8266 3887 3474 904 93770 626 593 53 Aug 251096 157065 149036 76880 67502 4654 8029 3760 3324 945 94031 626 594 51 Sept 251325 156715 148800 76763 67346 4690 7915 3790 3214 911 94610 624 592 51

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

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

White

Blackor

AfricanAmerican

Asian

Hispanicor

Latinoethnicity

Marriedmen

spousepresent

Womenwho

maintainfamilies(NSA)

Full-timeworkers

Part-timeworkers

2005 51 44 46 166 44 100 40 60 28 78 50 542006 46 40 41 154 40 89 30 52 24 71 45 512007 46 41 40 157 41 83 32 56 25 65 46 492008 58 54 49 187 52 101 40 76 34 80 58 552009 93 96 75 243 85 148 73 121 66 115 100 602010 96 98 80 259 87 160 75 125 68 123 104 632011 89 87 79 244 79 158 70 115 58 124 96 632012 81 75 73 240 72 138 59 103 49 114 85 612013 74 70 65 229 65 131 52 91 43 102 77 592014 62 57 56 196 53 113 50 74 34 86 64 54

2014 Sept 59 53 55 198 51 110 45 70 29 83 60 57 Oct 57 51 54 187 49 109 50 68 30 87 60 50 Nov 58 54 52 175 49 110 47 66 32 82 60 51 Dec 56 53 50 168 48 104 42 65 30 78 57 50

2015 Jan 57 53 51 188 49 103 40 67 29 81 59 49 Feb 55 52 49 171 47 104 40 66 30 77 57 49 Mar 55 51 49 175 47 101 32 68 28 81 56 49 Apr 54 50 49 171 47 96 44 69 30 70 55 49 May 55 50 50 179 47 102 41 67 29 68 56 49 June 53 48 48 181 46 95 38 66 28 78 53 52 July 53 48 49 162 46 91 40 68 28 80 53 51 Aug 51 47 47 169 44 95 35 66 28 81 51 49 Sept 51 47 46 163 44 92 36 64 28 71 51 48

1 Persons who selecte d this race group only Persons whose ethnicit y is identified as Hispanic or Latino may be of any race

Note Data relate to persons age 16 years and over

Source Department of Labor (Bureau of Labor Statistics)

PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED)

1SEE FOOTNOTE 1 TABLE BELOW2HISPANIC OR LATINO ETHNICITYSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

2012 2013 201520142011 2012 2013 2014 2015 2011

30

25

15

20

5

0

10

30

25

15

20

5

0

10

ALL CIVILIAN WORKERS

MEN 20 YEARS AND OVER

BLACK OR AFRICAN

AMERICAN1

TEENAGERS(16-19)

HISPANIC12

WHITE1 WOMEN 20 YEARS AND OVER

ASIAN1

In September the unemployment rate remained at 51 percent

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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

unemploy-ment

allprograms(NSA) 2

Percent distribution Number of weeks

Joblosers

Jobleavers

ReentrantsNew

entrants

Insuredunemploy-

ment(NSA)

Initialclaims(NSA)

Lessthan

5 weeks

5ndash14weeks

15ndash26weeks

27 weeksand over

Average(mean) 1

Median

Weekly average thousands

2005 7591 351 304 149 196 184 89 483 115 314 88 2661 328 27092006 7001 373 303 147 176 168 83 474 118 320 88 2476 313 25212007 7078 359 315 150 176 168 85 497 112 303 89 2572 324 26122008 8924 328 314 160 197 179 94 537 100 277 86 3306 424 38992009 14265 222 268 195 315 244 151 642 62 223 73 5724 568 91232010 14825 187 220 160 433 330 214 624 60 234 82 4487 454 97322011 13747 195 218 150 438 393 214 590 70 247 93 3679 406 76302012 12506 211 229 149 411 394 193 550 77 267 105 3297 374 60482013 11460 225 241 158 376 365 170 530 81 280 109 2947 342 46052014 9617 257 253 156 335 337 140 507 86 294 113 2574 305 2658

2014 Sept 9237 257 270 154 319 318 133 490 88 304 118 2328 259 2376 Oct 8983 270 255 156 319 329 135 481 86 316 117 2129 297 2176 Nov 9071 275 261 154 310 330 128 491 92 303 115 2277 r 316 2323 Dec 8688 272 263 146 319 328 126 492 91 307 110 2814 r 435 r 2865

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]

Period

Totalnonagri-culturalemploy-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tion Manufac-turing Total

Trade transportationand utilities

Informa-tion Financialactivities

Profes-sional

andbusinessservices

Education

andhealthservices

Leisure

andhospital-ity

OtherservicesTotal 3

Retailtrade

2005 134005 112201 22190 7336 14227 90010 25959 15280 3061 8197 16954 17630 12816 5395 218042006 136398 114424 22530 7691 14155 91894 26276 15353 3038 8367 17566 18099 13110 5438 219742007 137936 115718 22233 7630 13879 93485 26630 15520 3032 8348 17942 18613 13427 5494 222182008 137170 114661 21335 7162 13406 93326 26293 15283 2984 8206 17735 19156 13436 5515 225092009 131233 108678 18558 6016 11847 90121 24906 14522 2804 7838 16579 19550 13077 5367 225552010 130275 107785 17751 5518 11528 90034 24636 14440 2707 7695 16728 19889 13049 5331 224902011 131842 109756 18047 5533 11726 91708 25065 14668 2674 7697 17332 20228 13353 5360 220862012 134104 112184 18420 5646 11927 93763 25476 14841 2676 7784 17932 20698 13768 5430 219202013 136393 114541 18738 5856 12020 95803 25862 15079 2706 7886 18515 21097 14254 5483 218532014 139042 117180 19223 6138 12188 97957 26384 15364 2740 7979 19096 21475 14710 5573 21863

2014 Sept 139619 117739 19315 6191 12214 98424 26467 15410 2757 8007 19231 21585 14795 5582 21880 Oct 139840 117957 19349 6201 12237 98608 26517 15436 2754 8014 19271 21613 14850 5589 21883 Nov 140263 118371 19425 6231 12282 98946 26615 15498 2761 8042 19367 21664 14892 5605 21892 Dec 140592 118690 19489 6275 12301 99201 26669 15497 2767 8049 19439 21718 14948 5611 21902

2015 Jan 140793 118892 19540 6316 12318 99352 26704 15533 2773 8068 19459 21760 14972 5616 21901 Feb 141059 119153 19560 6347 12321 99593 26748 15556 2780 8077 19508 21821 15033 5626 21906 Mar 141178 119270 19540 6335 12327 99730 26787 15587 2778 8090 19547 21863 15039 5626 21908 Apr 141365 119459 19556 6365 12327 99903 26807 15598 2788 8097 19613 21917 15047 5634 21906 May 141625 119711 19554 6377 12333 100157 26864 15631 2787 8106 19681 21974 15103 5642 21914 June 141870 119929 19551 6378 12334 100378 26916 15667 2790 8127 19749 22035 15122 5639 21941 July r 142093 120124 19558 6383 12345 100566 26963 15696 2794 8142 19789 22077 15154 5647 21969 Aug r 142229 120224 19536 6388 12327 100688 26980 15700 2789 8154 19816 22124 15186 5639 22005 Sept p 142371 120342 19523 6396 12318 100819 27003 15724 2801 8154 19847 22153 15221 5640 22029

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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

7172019 EI_201509pdf

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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)

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 284026

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 294027

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

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 304028

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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httpslidepdfcomreaderfullei201509pdf 384036

US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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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Disposition of Personal Income

PeriodPersonalincome

LessPersonalcurrenttaxes

EqualsDisposable

personalincome

LessPersonaloutlays 1

EqualsPersonalsaving

Disposablepersonalincome inbillions ofchained

(2009)dollars

Per capita disposablepersonal income

Per capita personalconsumptionexpenditures

Percentchangein real

per capitadisposable

personalincome

Savingas

percentof

disposable

personalincome

Populationincluding

ArmedForces

overseas(thousands) 2Currentdollars

Chained

(2009)dollars

Currentdollars

Chained

(2009)dollars

Billions of dollars Dollars Percent

2005 106140 12132 94008 91577 2431 101894 31760 34424 29711 32203 06 26 2959932006 113939 13571 100369 97055 3314 105954 33589 35458 31136 32868 30 33 2988182007 120002 14932 105070 101972 3098 108206 34826 35866 32319 33284 12 29 3016962008 125022 15078 109944 104577 5367 109873 36101 36078 32881 32860 6 49 3045432009 120948 11523 109425 102751 6674 109425 35616 35616 32050 32050 ndash13 61 3072402010 124771 12393 112379 106079 6300 110551 36274 35684 32931 32395 2 56 3098082011 132545 14532 118014 110912 7101 113312 37804 36298 34242 32878 17 60 3121722012 139151 15114 124037 114570 9467 116883 39440 37165 35137 33111 24 76 3144992013 140684 16728 123956 118057 5899 115231 39123 36369 35956 33425 ndash21 48 3168392014 146942 17802 129139 122937 6202 118363 40461 37084 37177 34075 20 48 319173

Seasonally adjusted annual rates

2013 I 138913 16411 122503 116833 5670 114312 38772 36180 35675 33290 ndash164 46 315957 II 140252 16808 123444 117347 6097 115065 39003 36356 35775 33347 20 49 316499 III 141363 16732 124631 118304 6327 115693 39299 36481 36002 33421 14 51 317136 IV 142207 16960 125247 119744 5503 115856 39415 36460 36369 33642 ndash2 44 317765

2014 I 144335 17360 126975 120603 6372 116988 39893 36755 36572 33695 33 50 318288 II 146128 17541 128587 122352 6235 117847 40331 36962 37051 33956 23 48 318833 III 147748 17920 129827 123770 6057 118631 40638 37134 37403 34177 19 47 319470 IV 149557 18388 131168 125025 6143 119987 40977 37484 37680 34468 38 47 320100

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

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Real Farm Income

[Billions of chained (2009) dollars]

Year

Income of farm operators from farming 1

Gross farm income

Production

expenses

Net

farmincomeTotal

Value of agricultural sector production

DirectGovernmentpaymentsTotal Crops 2 3 Livestock 3 Farm-related

income 4

1996 3072 2976 1507 1199 270 96 2304 7681997 3048 2952 1441 1233 278 96 2391 6571998 2947 2790 1294 1193 303 157 2350 5971999 2934 2666 1159 1189 318 269 2339 596

2000 2951 2668 1160 1210 298 284 2332 6192001 2984 2716 1135 1270 311 268 2328 6552002 2711 2565 1151 1099 315 146 2251 4602003 2983 2792 1252 1211 330 191 2280 7032004 3309 3163 1404 1394 365 146 2328 9812005 3245 2980 1243 1375 361 265 2389 8562006 3060 2894 1252 1259 383 167 2455 6062007 3488 3366 1552 1422 392 122 2769 7192008 3647 3523 1728 1402 394 123 2886 7612009 3339 3217 1624 1192 402 122 2743 596

2010 3495 3373 1640 1380 353 122 2760 7352011 4049 3948 1910 1584 454 101 2966 10832012 4226 4125 2002 1607 515 101 3357 8692013 4520 4417 2181 1692 544 103 3363 11572014 4424 4334 1883 1975 475 90 3586 8382015 4060 3957 1691 1793 473 103 3530 530

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

Profitsbefore

tax

Taxeson

corporateincome

Profits after tax

Inventoryvaluation

adjustmentTotal 2

Domestic industries

TotalNet

dividends

Undistrib-uted

profitsTotal Financial

Nonfinancial

Total 3Manufac-

turingUtil ities Wholesale Retai l

2005 16212 13821 4097 9724 2777 308 962 1217 16533 4124 12409 5805 6604 ndash3212006 18157 15596 4151 11444 3497 551 1059 1325 18514 4734 13781 7260 6521 ndash3572007 17089 13555 3015 10540 3219 495 1032 1190 17484 4455 13029 8189 4840 ndash3952008 13455 9388 954 8434 2406 301 906 803 13824 3091 10733 8086 2647 ndash3702009 14792 11220 3629 7592 1714 238 893 1087 14726 2694 12031 5746 6285 672010 17997 14045 4063 9982 2876 303 1024 1186 18407 3706 14701 5640 9062 ndash4102011 17385 13166 3759 9407 2981 98 944 1143 18068 3791 14277 7037 7240 ndash6832012 21166 17063 4790 12272 3957 125 1353 1541 21308 4476 16832 8594 8238 ndash1422013 21649 17501 4236 13264 4264 264 1455 1594 21616 4689 16927 9240 7687 322014 22049 17866 4234 13632 4398 277 1477 1584 22078 5139 16939 8600 8339 ndash29

2013 I 21275 17360 4286 13074 4076 190 1512 1583 21366 4549 16817 8142 8675 ndash91

II 21725 17611 4165 13446 4187 331 1477 1675 21494 4613 16882 10652 6230 230 III 21675 17410 4198 13212 4202 305 1446 1638 21636 4756 16879 8701 8179 39 IV 21920 17622 4296 13325 4590 231 1386 1480 21970 4838 17132 9467 7664 ndash49

2014 I 20544 16399 3798 12601 3804 389 1257 1425 21112 4973 16139 8573 7567 ndash569 II 22037 17950 4417 13533 4547 320 1345 1547 22276 5274 17002 8571 8431 ndash240 III 22950 18679 4473 14207 4580 231 1701 1577 22795 5184 17611 8536 9075 155 IV 22663 18436 4249 14187 4661 169 1605 1788 22128 5123 17005 8722 8283 535

2015 I 23515 19578 4219 15360 5346 249 1691 1894 22523 5178 17345 8785 8560 992 II r 24142 20091 4562 15530 5370 284 1635 1751 23937 5490 18446 8796 9650 205

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

Intellectualpropertyproducts

2005 26726 26110 17174 4212 8016 4950 8726 643 6392006 27300 26625 18396 4515 8708 5175 8066 716 7542007 26441 26096 19484 5090 8983 5424 6548 355 3652008 23960 24326 19344 5402 8361 5588 4977 ndash337 ndash3502009 18781 20257 16334 4382 6443 5509 3922 ndash1476 ndash14602010 21204 20562 16738 3663 7467 5613 3824 582 6592011 22304 21867 18023 3747 8479 5813 3845 376 3662012 24657 24004 19641 4231 9392 6038 4365 547 7272013 25773 25019 20237 4297 9695 6269 4780 614 5432014 27177 26338 21483 4646 10262 6595 4864 680 650

2013 I 25051 24706 20007 4110 9674 6253 4699 252 235

II 25372 24863 20057 4226 9653 6203 4803 396 329 III 26197 25095 20231 4404 9560 6283 4860 936 840 IV 26471 25410 20655 4447 9893 6337 4759 872 766

2014 I 26305 25783 21069 4646 9979 6457 4726 369 362 II 27095 26134 21298 4644 10137 6534 4844 771 745 III 27581 26635 21763 4623 10531 6638 4885 799 745 IV 27725 26797 21800 4671 10400 6750 5002 782 749

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]

Period

Totalfixed

invest-ment

Nonresidential Residential

Totalnonresi-dential

Structures

Equipment Intellectual property products

Totalresi-

dential 2

Structures

Total 2

Information processing equipment

Industrialequip-ment

Transpor-tationequip-ment

Total 2 Software

Researchand

develop-ment 3

Total 2Singlefamily

Total

Computersand

peripheralequipment 1

Other

2005 26110 17174 4212 8016 2222 1726 1836 1979 4950 2212 2023 8726 8625 43302006 26625 18396 4515 8708 2509 1875 1991 2126 5175 2303 2150 8066 7963 39072007 26096 19484 5090 8983 2799 2079 2053 2036 5424 2442 2279 6548 6449 28372008 24326 19344 5402 8361 2810 2042 1955 1569 5588 2562 2355 4977 4884 17822009 20257 16334 4382 6443 2561 1793 1521 706 5509 2568 2290 3922 3839 10532010 20562 16738 3663 7467 2814 1968 1513 1369 5613 2542 2344 3824 3736 11442011 21867 18023 3747 8479 2859 2028 1833 1830 5813 2718 2367 3845 3753 10922012 24004 19641 4231 9392 3031 2145 1998 2189 6038 2866 2429 4365 4271 13212013 25019 20237 4297 9695 3144 2223 1948 2431 6269 2958 2553 4780 4679 16192014 26338 21483 4646 10262 3264 2368 2089 2718 6595 3150 2668 4864 4758 1709

2013 I 24706 20007 4110 9674 3153 2221 1985 2285 6253 2967 2535 4699 4600 1563 II 24863 20057 4226 9653 3128 2232 1939 2440 6203 2905 2540 4803 4703 1632 III 25095 20231 4404 9560 3170 2252 1947 2396 6283 2962 2564 4860 4758 1654 IV 25410 20655 4447 9893 3125 2188 1920 2604 6337 2999 2574 4759 4657 1629

2014 I 25783 21069 4646 9979 3162 2285 2022 2585 6457 3058 2628 4726 4623 1665 II 26134 21298 4644 10137 3290 2390 2092 2617 6534 3116 2645 4844 4738 1697 III 26635 21763 4623 10531 3228 2322 2135 2865 6638 3191 2671 4885 4778 1688 IV 26797 21800 4671 10400 3376 2475 2108 2804 6750 3234 2728 5002 4893 1786

2015 I 27014 21886 4582 10460 3342 2488 2100 2881 6871 3306 2774 5124 5014 1824

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)

Business Investment[Billions of dollars]

Period

Capital expenditures

Totalcapital

expendi-tures

By industry

Forcompa-

nieswithoutemploy-

ees

Totalby

industry

Forestryfishing

and agri-culturalservices

Mining Uti li tiesCon-

structionManu-

facturing

Whole-saletrade

Retailtrade

Trans-porta-tionand

ware-housing

Informa-tion

Financeand

insur-ance

Realestate

andrentaland

leasing

Profes-sionalscien-tificand

technicalservices

Healthcareand

socialassis-tance

Other 1

For companies with employees

1999 10470 9746 17 306 428 231 1964 324 641 573 1228 1301 1006 295 513 918 723

2000 11610 10899 15 425 613 250 2148 336 698 599 1602 1337 925 341 522 1089 7122001 11090 10523 15 513 828 248 1928 300 669 578 1448 1311 827 305 529 1025 5672002 9979 9175 19 425 655 248 1572 268 593 471 882 1284 945 259 593 961 804

2003 9750 8868 19 505 546 232 1491 260 659 445 805 1208 880 247 612 962 8822004 10421 9532 21 513 504 286 1567 323 722 461 835 1536 916 267 646 936 8892005 11448 10625 27 667 580 301 1656 406 735 569 914 1614 1030 331 738 1056 8222006 13099 12171 27 993 698 303 1924 366 867 680 1044 1631 1321 303 753 1263 9282007 13547 12705 21 1207 854 367 1973 308 825 674 1061 1734 1175 318 842 1348 8422008 13742 12945 23 1493 987 408 2131 324 732 796 1033 1329 1069 330 902 1387 7972009 10907 10153 22 1006 1030 198 1552 253 584 557 884 995 729 282 794 1270 754

2010 11057 10362 33 1157 945 179 1608 311 653 590 972 1031 813 282 784 1006 6952011 12430 11696 31 1657 980 218 1924 357 681 727 1001 1092 911 281 831 1004 7342012 14236 13344 31 1967 1250 236 2031 409 776 818 1065 1302 1157 316 889 1100 8922013 14882 13978 30 1981 1117 276 2198 383 775 934 1231 1399 1139 356 933 1227 904

1 Includes the following industries Management of companies and enterprises administrative and support and waste management educational services arts entertainment and recreation ac-commodation and food services and other services (except public administration) Also includes an item for structure and equipment expenditures serving multiple industry categories

Note Data from Annual Capital Expenditures Industry data are based on the North American Industry Classification System (NAICS)Data shown in this table are capital expenditures for both new and used structures and equipment

Source Department of Commerce (Bureau of the Census)

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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]

Period

Civiliannoninsti-tutional

population(NSA)

Civilianlaborforce

Civilian employment Unemployment

Notin

laborforce

Percent 1

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Laborforce

participa-tionrate

Employ-ment

populationratio

Unemploy-mentrate

2005 226082 149320 141730 73050 62702 5978 7591 3392 3013 1186 76762 660 627 512006 228815 151428 144427 74431 63834 6162 7001 3131 2751 1119 77387 662 631 462007 231867 153124 146047 75337 64799 5911 7078 3259 2718 1101 78743 660 630 462008 233788 154287 145362 74750 65039 5573 8924 4297 3342 1285 79501 660 622 582009 235801 154142 139877 71341 63699 4837 14265 7555 5157 1552 81659 654 593 932010 237830 153889 139064 71230 63456 4378 14825 7763 5534 1528 83941 647 585 962011 239618 153617 139869 72182 63360 4327 13747 6898 5450 1400 86001 641 584 892012 243284 154975 142469 73403 64640 4426 12506 5984 5125 1397 88310 637 586 812013 245679 155389 143929 74176 65295 4458 11460 5568 4565 1327 90290 632 586 742014 247947 155922 146305 75471 66287 4548 9617 4585 3926 1106 92025 629 590 62

2014 Sept 248446 155845 146607 75889 66192 4527 9237 4273 3845 1119 92601 627 590 59 Oct 248657 156243 147260 75928 66560 4772 8983 4094 3794 1094 92414 628 592 57 Nov 248844 156402 147331 75675 66894 4762 9071 4354 3705 1013 92442 629 592 58 Dec 249027 156129 147442 76026 66632 4784 8688 4245 3479 963 92898 627 592 56

2015 Jan 249723 157180 148201 76496 66983 4722 8979 4308 3575 1096 92544 629 593 57 Feb 249899 157002 148297 76588 66901 4808 8705 4243 3469 993 92898 628 593 55 Mar 250080 156906 148331 76653 66874 4804 8575 4099 3455 1021 93175 627 593 55 Apr 250266 157072 148523 76805 66935 4784 8549 4079 3483 986 93194 628 593 54 May 250455 157469 148795 76833 67178 4784 8674 4082 3553 1039 92986 629 594 55 June 250663 157037 148739 76783 67294 4662 8299 3897 3372 1029 93626 626 593 53 July 250876 157106 148840 76903 67271 4666 8266 3887 3474 904 93770 626 593 53 Aug 251096 157065 149036 76880 67502 4654 8029 3760 3324 945 94031 626 594 51 Sept 251325 156715 148800 76763 67346 4690 7915 3790 3214 911 94610 624 592 51

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

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

White

Blackor

AfricanAmerican

Asian

Hispanicor

Latinoethnicity

Marriedmen

spousepresent

Womenwho

maintainfamilies(NSA)

Full-timeworkers

Part-timeworkers

2005 51 44 46 166 44 100 40 60 28 78 50 542006 46 40 41 154 40 89 30 52 24 71 45 512007 46 41 40 157 41 83 32 56 25 65 46 492008 58 54 49 187 52 101 40 76 34 80 58 552009 93 96 75 243 85 148 73 121 66 115 100 602010 96 98 80 259 87 160 75 125 68 123 104 632011 89 87 79 244 79 158 70 115 58 124 96 632012 81 75 73 240 72 138 59 103 49 114 85 612013 74 70 65 229 65 131 52 91 43 102 77 592014 62 57 56 196 53 113 50 74 34 86 64 54

2014 Sept 59 53 55 198 51 110 45 70 29 83 60 57 Oct 57 51 54 187 49 109 50 68 30 87 60 50 Nov 58 54 52 175 49 110 47 66 32 82 60 51 Dec 56 53 50 168 48 104 42 65 30 78 57 50

2015 Jan 57 53 51 188 49 103 40 67 29 81 59 49 Feb 55 52 49 171 47 104 40 66 30 77 57 49 Mar 55 51 49 175 47 101 32 68 28 81 56 49 Apr 54 50 49 171 47 96 44 69 30 70 55 49 May 55 50 50 179 47 102 41 67 29 68 56 49 June 53 48 48 181 46 95 38 66 28 78 53 52 July 53 48 49 162 46 91 40 68 28 80 53 51 Aug 51 47 47 169 44 95 35 66 28 81 51 49 Sept 51 47 46 163 44 92 36 64 28 71 51 48

1 Persons who selecte d this race group only Persons whose ethnicit y is identified as Hispanic or Latino may be of any race

Note Data relate to persons age 16 years and over

Source Department of Labor (Bureau of Labor Statistics)

PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED)

1SEE FOOTNOTE 1 TABLE BELOW2HISPANIC OR LATINO ETHNICITYSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

2012 2013 201520142011 2012 2013 2014 2015 2011

30

25

15

20

5

0

10

30

25

15

20

5

0

10

ALL CIVILIAN WORKERS

MEN 20 YEARS AND OVER

BLACK OR AFRICAN

AMERICAN1

TEENAGERS(16-19)

HISPANIC12

WHITE1 WOMEN 20 YEARS AND OVER

ASIAN1

In September the unemployment rate remained at 51 percent

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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

unemploy-ment

allprograms(NSA) 2

Percent distribution Number of weeks

Joblosers

Jobleavers

ReentrantsNew

entrants

Insuredunemploy-

ment(NSA)

Initialclaims(NSA)

Lessthan

5 weeks

5ndash14weeks

15ndash26weeks

27 weeksand over

Average(mean) 1

Median

Weekly average thousands

2005 7591 351 304 149 196 184 89 483 115 314 88 2661 328 27092006 7001 373 303 147 176 168 83 474 118 320 88 2476 313 25212007 7078 359 315 150 176 168 85 497 112 303 89 2572 324 26122008 8924 328 314 160 197 179 94 537 100 277 86 3306 424 38992009 14265 222 268 195 315 244 151 642 62 223 73 5724 568 91232010 14825 187 220 160 433 330 214 624 60 234 82 4487 454 97322011 13747 195 218 150 438 393 214 590 70 247 93 3679 406 76302012 12506 211 229 149 411 394 193 550 77 267 105 3297 374 60482013 11460 225 241 158 376 365 170 530 81 280 109 2947 342 46052014 9617 257 253 156 335 337 140 507 86 294 113 2574 305 2658

2014 Sept 9237 257 270 154 319 318 133 490 88 304 118 2328 259 2376 Oct 8983 270 255 156 319 329 135 481 86 316 117 2129 297 2176 Nov 9071 275 261 154 310 330 128 491 92 303 115 2277 r 316 2323 Dec 8688 272 263 146 319 328 126 492 91 307 110 2814 r 435 r 2865

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]

Period

Totalnonagri-culturalemploy-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tion Manufac-turing Total

Trade transportationand utilities

Informa-tion Financialactivities

Profes-sional

andbusinessservices

Education

andhealthservices

Leisure

andhospital-ity

OtherservicesTotal 3

Retailtrade

2005 134005 112201 22190 7336 14227 90010 25959 15280 3061 8197 16954 17630 12816 5395 218042006 136398 114424 22530 7691 14155 91894 26276 15353 3038 8367 17566 18099 13110 5438 219742007 137936 115718 22233 7630 13879 93485 26630 15520 3032 8348 17942 18613 13427 5494 222182008 137170 114661 21335 7162 13406 93326 26293 15283 2984 8206 17735 19156 13436 5515 225092009 131233 108678 18558 6016 11847 90121 24906 14522 2804 7838 16579 19550 13077 5367 225552010 130275 107785 17751 5518 11528 90034 24636 14440 2707 7695 16728 19889 13049 5331 224902011 131842 109756 18047 5533 11726 91708 25065 14668 2674 7697 17332 20228 13353 5360 220862012 134104 112184 18420 5646 11927 93763 25476 14841 2676 7784 17932 20698 13768 5430 219202013 136393 114541 18738 5856 12020 95803 25862 15079 2706 7886 18515 21097 14254 5483 218532014 139042 117180 19223 6138 12188 97957 26384 15364 2740 7979 19096 21475 14710 5573 21863

2014 Sept 139619 117739 19315 6191 12214 98424 26467 15410 2757 8007 19231 21585 14795 5582 21880 Oct 139840 117957 19349 6201 12237 98608 26517 15436 2754 8014 19271 21613 14850 5589 21883 Nov 140263 118371 19425 6231 12282 98946 26615 15498 2761 8042 19367 21664 14892 5605 21892 Dec 140592 118690 19489 6275 12301 99201 26669 15497 2767 8049 19439 21718 14948 5611 21902

2015 Jan 140793 118892 19540 6316 12318 99352 26704 15533 2773 8068 19459 21760 14972 5616 21901 Feb 141059 119153 19560 6347 12321 99593 26748 15556 2780 8077 19508 21821 15033 5626 21906 Mar 141178 119270 19540 6335 12327 99730 26787 15587 2778 8090 19547 21863 15039 5626 21908 Apr 141365 119459 19556 6365 12327 99903 26807 15598 2788 8097 19613 21917 15047 5634 21906 May 141625 119711 19554 6377 12333 100157 26864 15631 2787 8106 19681 21974 15103 5642 21914 June 141870 119929 19551 6378 12334 100378 26916 15667 2790 8127 19749 22035 15122 5639 21941 July r 142093 120124 19558 6383 12345 100566 26963 15696 2794 8142 19789 22077 15154 5647 21969 Aug r 142229 120224 19536 6388 12327 100688 26980 15700 2789 8154 19816 22124 15186 5639 22005 Sept p 142371 120342 19523 6396 12318 100819 27003 15724 2801 8154 19847 22153 15221 5640 22029

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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

7172019 EI_201509pdf

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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)

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 284026

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 294027

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

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 304028

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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 Farm Income

[Billions of chained (2009) dollars]

Year

Income of farm operators from farming 1

Gross farm income

Production

expenses

Net

farmincomeTotal

Value of agricultural sector production

DirectGovernmentpaymentsTotal Crops 2 3 Livestock 3 Farm-related

income 4

1996 3072 2976 1507 1199 270 96 2304 7681997 3048 2952 1441 1233 278 96 2391 6571998 2947 2790 1294 1193 303 157 2350 5971999 2934 2666 1159 1189 318 269 2339 596

2000 2951 2668 1160 1210 298 284 2332 6192001 2984 2716 1135 1270 311 268 2328 6552002 2711 2565 1151 1099 315 146 2251 4602003 2983 2792 1252 1211 330 191 2280 7032004 3309 3163 1404 1394 365 146 2328 9812005 3245 2980 1243 1375 361 265 2389 8562006 3060 2894 1252 1259 383 167 2455 6062007 3488 3366 1552 1422 392 122 2769 7192008 3647 3523 1728 1402 394 123 2886 7612009 3339 3217 1624 1192 402 122 2743 596

2010 3495 3373 1640 1380 353 122 2760 7352011 4049 3948 1910 1584 454 101 2966 10832012 4226 4125 2002 1607 515 101 3357 8692013 4520 4417 2181 1692 544 103 3363 11572014 4424 4334 1883 1975 475 90 3586 8382015 4060 3957 1691 1793 473 103 3530 530

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

Profitsbefore

tax

Taxeson

corporateincome

Profits after tax

Inventoryvaluation

adjustmentTotal 2

Domestic industries

TotalNet

dividends

Undistrib-uted

profitsTotal Financial

Nonfinancial

Total 3Manufac-

turingUtil ities Wholesale Retai l

2005 16212 13821 4097 9724 2777 308 962 1217 16533 4124 12409 5805 6604 ndash3212006 18157 15596 4151 11444 3497 551 1059 1325 18514 4734 13781 7260 6521 ndash3572007 17089 13555 3015 10540 3219 495 1032 1190 17484 4455 13029 8189 4840 ndash3952008 13455 9388 954 8434 2406 301 906 803 13824 3091 10733 8086 2647 ndash3702009 14792 11220 3629 7592 1714 238 893 1087 14726 2694 12031 5746 6285 672010 17997 14045 4063 9982 2876 303 1024 1186 18407 3706 14701 5640 9062 ndash4102011 17385 13166 3759 9407 2981 98 944 1143 18068 3791 14277 7037 7240 ndash6832012 21166 17063 4790 12272 3957 125 1353 1541 21308 4476 16832 8594 8238 ndash1422013 21649 17501 4236 13264 4264 264 1455 1594 21616 4689 16927 9240 7687 322014 22049 17866 4234 13632 4398 277 1477 1584 22078 5139 16939 8600 8339 ndash29

2013 I 21275 17360 4286 13074 4076 190 1512 1583 21366 4549 16817 8142 8675 ndash91

II 21725 17611 4165 13446 4187 331 1477 1675 21494 4613 16882 10652 6230 230 III 21675 17410 4198 13212 4202 305 1446 1638 21636 4756 16879 8701 8179 39 IV 21920 17622 4296 13325 4590 231 1386 1480 21970 4838 17132 9467 7664 ndash49

2014 I 20544 16399 3798 12601 3804 389 1257 1425 21112 4973 16139 8573 7567 ndash569 II 22037 17950 4417 13533 4547 320 1345 1547 22276 5274 17002 8571 8431 ndash240 III 22950 18679 4473 14207 4580 231 1701 1577 22795 5184 17611 8536 9075 155 IV 22663 18436 4249 14187 4661 169 1605 1788 22128 5123 17005 8722 8283 535

2015 I 23515 19578 4219 15360 5346 249 1691 1894 22523 5178 17345 8785 8560 992 II r 24142 20091 4562 15530 5370 284 1635 1751 23937 5490 18446 8796 9650 205

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

Intellectualpropertyproducts

2005 26726 26110 17174 4212 8016 4950 8726 643 6392006 27300 26625 18396 4515 8708 5175 8066 716 7542007 26441 26096 19484 5090 8983 5424 6548 355 3652008 23960 24326 19344 5402 8361 5588 4977 ndash337 ndash3502009 18781 20257 16334 4382 6443 5509 3922 ndash1476 ndash14602010 21204 20562 16738 3663 7467 5613 3824 582 6592011 22304 21867 18023 3747 8479 5813 3845 376 3662012 24657 24004 19641 4231 9392 6038 4365 547 7272013 25773 25019 20237 4297 9695 6269 4780 614 5432014 27177 26338 21483 4646 10262 6595 4864 680 650

2013 I 25051 24706 20007 4110 9674 6253 4699 252 235

II 25372 24863 20057 4226 9653 6203 4803 396 329 III 26197 25095 20231 4404 9560 6283 4860 936 840 IV 26471 25410 20655 4447 9893 6337 4759 872 766

2014 I 26305 25783 21069 4646 9979 6457 4726 369 362 II 27095 26134 21298 4644 10137 6534 4844 771 745 III 27581 26635 21763 4623 10531 6638 4885 799 745 IV 27725 26797 21800 4671 10400 6750 5002 782 749

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]

Period

Totalfixed

invest-ment

Nonresidential Residential

Totalnonresi-dential

Structures

Equipment Intellectual property products

Totalresi-

dential 2

Structures

Total 2

Information processing equipment

Industrialequip-ment

Transpor-tationequip-ment

Total 2 Software

Researchand

develop-ment 3

Total 2Singlefamily

Total

Computersand

peripheralequipment 1

Other

2005 26110 17174 4212 8016 2222 1726 1836 1979 4950 2212 2023 8726 8625 43302006 26625 18396 4515 8708 2509 1875 1991 2126 5175 2303 2150 8066 7963 39072007 26096 19484 5090 8983 2799 2079 2053 2036 5424 2442 2279 6548 6449 28372008 24326 19344 5402 8361 2810 2042 1955 1569 5588 2562 2355 4977 4884 17822009 20257 16334 4382 6443 2561 1793 1521 706 5509 2568 2290 3922 3839 10532010 20562 16738 3663 7467 2814 1968 1513 1369 5613 2542 2344 3824 3736 11442011 21867 18023 3747 8479 2859 2028 1833 1830 5813 2718 2367 3845 3753 10922012 24004 19641 4231 9392 3031 2145 1998 2189 6038 2866 2429 4365 4271 13212013 25019 20237 4297 9695 3144 2223 1948 2431 6269 2958 2553 4780 4679 16192014 26338 21483 4646 10262 3264 2368 2089 2718 6595 3150 2668 4864 4758 1709

2013 I 24706 20007 4110 9674 3153 2221 1985 2285 6253 2967 2535 4699 4600 1563 II 24863 20057 4226 9653 3128 2232 1939 2440 6203 2905 2540 4803 4703 1632 III 25095 20231 4404 9560 3170 2252 1947 2396 6283 2962 2564 4860 4758 1654 IV 25410 20655 4447 9893 3125 2188 1920 2604 6337 2999 2574 4759 4657 1629

2014 I 25783 21069 4646 9979 3162 2285 2022 2585 6457 3058 2628 4726 4623 1665 II 26134 21298 4644 10137 3290 2390 2092 2617 6534 3116 2645 4844 4738 1697 III 26635 21763 4623 10531 3228 2322 2135 2865 6638 3191 2671 4885 4778 1688 IV 26797 21800 4671 10400 3376 2475 2108 2804 6750 3234 2728 5002 4893 1786

2015 I 27014 21886 4582 10460 3342 2488 2100 2881 6871 3306 2774 5124 5014 1824

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)

Business Investment[Billions of dollars]

Period

Capital expenditures

Totalcapital

expendi-tures

By industry

Forcompa-

nieswithoutemploy-

ees

Totalby

industry

Forestryfishing

and agri-culturalservices

Mining Uti li tiesCon-

structionManu-

facturing

Whole-saletrade

Retailtrade

Trans-porta-tionand

ware-housing

Informa-tion

Financeand

insur-ance

Realestate

andrentaland

leasing

Profes-sionalscien-tificand

technicalservices

Healthcareand

socialassis-tance

Other 1

For companies with employees

1999 10470 9746 17 306 428 231 1964 324 641 573 1228 1301 1006 295 513 918 723

2000 11610 10899 15 425 613 250 2148 336 698 599 1602 1337 925 341 522 1089 7122001 11090 10523 15 513 828 248 1928 300 669 578 1448 1311 827 305 529 1025 5672002 9979 9175 19 425 655 248 1572 268 593 471 882 1284 945 259 593 961 804

2003 9750 8868 19 505 546 232 1491 260 659 445 805 1208 880 247 612 962 8822004 10421 9532 21 513 504 286 1567 323 722 461 835 1536 916 267 646 936 8892005 11448 10625 27 667 580 301 1656 406 735 569 914 1614 1030 331 738 1056 8222006 13099 12171 27 993 698 303 1924 366 867 680 1044 1631 1321 303 753 1263 9282007 13547 12705 21 1207 854 367 1973 308 825 674 1061 1734 1175 318 842 1348 8422008 13742 12945 23 1493 987 408 2131 324 732 796 1033 1329 1069 330 902 1387 7972009 10907 10153 22 1006 1030 198 1552 253 584 557 884 995 729 282 794 1270 754

2010 11057 10362 33 1157 945 179 1608 311 653 590 972 1031 813 282 784 1006 6952011 12430 11696 31 1657 980 218 1924 357 681 727 1001 1092 911 281 831 1004 7342012 14236 13344 31 1967 1250 236 2031 409 776 818 1065 1302 1157 316 889 1100 8922013 14882 13978 30 1981 1117 276 2198 383 775 934 1231 1399 1139 356 933 1227 904

1 Includes the following industries Management of companies and enterprises administrative and support and waste management educational services arts entertainment and recreation ac-commodation and food services and other services (except public administration) Also includes an item for structure and equipment expenditures serving multiple industry categories

Note Data from Annual Capital Expenditures Industry data are based on the North American Industry Classification System (NAICS)Data shown in this table are capital expenditures for both new and used structures and equipment

Source Department of Commerce (Bureau of the Census)

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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]

Period

Civiliannoninsti-tutional

population(NSA)

Civilianlaborforce

Civilian employment Unemployment

Notin

laborforce

Percent 1

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Laborforce

participa-tionrate

Employ-ment

populationratio

Unemploy-mentrate

2005 226082 149320 141730 73050 62702 5978 7591 3392 3013 1186 76762 660 627 512006 228815 151428 144427 74431 63834 6162 7001 3131 2751 1119 77387 662 631 462007 231867 153124 146047 75337 64799 5911 7078 3259 2718 1101 78743 660 630 462008 233788 154287 145362 74750 65039 5573 8924 4297 3342 1285 79501 660 622 582009 235801 154142 139877 71341 63699 4837 14265 7555 5157 1552 81659 654 593 932010 237830 153889 139064 71230 63456 4378 14825 7763 5534 1528 83941 647 585 962011 239618 153617 139869 72182 63360 4327 13747 6898 5450 1400 86001 641 584 892012 243284 154975 142469 73403 64640 4426 12506 5984 5125 1397 88310 637 586 812013 245679 155389 143929 74176 65295 4458 11460 5568 4565 1327 90290 632 586 742014 247947 155922 146305 75471 66287 4548 9617 4585 3926 1106 92025 629 590 62

2014 Sept 248446 155845 146607 75889 66192 4527 9237 4273 3845 1119 92601 627 590 59 Oct 248657 156243 147260 75928 66560 4772 8983 4094 3794 1094 92414 628 592 57 Nov 248844 156402 147331 75675 66894 4762 9071 4354 3705 1013 92442 629 592 58 Dec 249027 156129 147442 76026 66632 4784 8688 4245 3479 963 92898 627 592 56

2015 Jan 249723 157180 148201 76496 66983 4722 8979 4308 3575 1096 92544 629 593 57 Feb 249899 157002 148297 76588 66901 4808 8705 4243 3469 993 92898 628 593 55 Mar 250080 156906 148331 76653 66874 4804 8575 4099 3455 1021 93175 627 593 55 Apr 250266 157072 148523 76805 66935 4784 8549 4079 3483 986 93194 628 593 54 May 250455 157469 148795 76833 67178 4784 8674 4082 3553 1039 92986 629 594 55 June 250663 157037 148739 76783 67294 4662 8299 3897 3372 1029 93626 626 593 53 July 250876 157106 148840 76903 67271 4666 8266 3887 3474 904 93770 626 593 53 Aug 251096 157065 149036 76880 67502 4654 8029 3760 3324 945 94031 626 594 51 Sept 251325 156715 148800 76763 67346 4690 7915 3790 3214 911 94610 624 592 51

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

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

White

Blackor

AfricanAmerican

Asian

Hispanicor

Latinoethnicity

Marriedmen

spousepresent

Womenwho

maintainfamilies(NSA)

Full-timeworkers

Part-timeworkers

2005 51 44 46 166 44 100 40 60 28 78 50 542006 46 40 41 154 40 89 30 52 24 71 45 512007 46 41 40 157 41 83 32 56 25 65 46 492008 58 54 49 187 52 101 40 76 34 80 58 552009 93 96 75 243 85 148 73 121 66 115 100 602010 96 98 80 259 87 160 75 125 68 123 104 632011 89 87 79 244 79 158 70 115 58 124 96 632012 81 75 73 240 72 138 59 103 49 114 85 612013 74 70 65 229 65 131 52 91 43 102 77 592014 62 57 56 196 53 113 50 74 34 86 64 54

2014 Sept 59 53 55 198 51 110 45 70 29 83 60 57 Oct 57 51 54 187 49 109 50 68 30 87 60 50 Nov 58 54 52 175 49 110 47 66 32 82 60 51 Dec 56 53 50 168 48 104 42 65 30 78 57 50

2015 Jan 57 53 51 188 49 103 40 67 29 81 59 49 Feb 55 52 49 171 47 104 40 66 30 77 57 49 Mar 55 51 49 175 47 101 32 68 28 81 56 49 Apr 54 50 49 171 47 96 44 69 30 70 55 49 May 55 50 50 179 47 102 41 67 29 68 56 49 June 53 48 48 181 46 95 38 66 28 78 53 52 July 53 48 49 162 46 91 40 68 28 80 53 51 Aug 51 47 47 169 44 95 35 66 28 81 51 49 Sept 51 47 46 163 44 92 36 64 28 71 51 48

1 Persons who selecte d this race group only Persons whose ethnicit y is identified as Hispanic or Latino may be of any race

Note Data relate to persons age 16 years and over

Source Department of Labor (Bureau of Labor Statistics)

PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED)

1SEE FOOTNOTE 1 TABLE BELOW2HISPANIC OR LATINO ETHNICITYSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

2012 2013 201520142011 2012 2013 2014 2015 2011

30

25

15

20

5

0

10

30

25

15

20

5

0

10

ALL CIVILIAN WORKERS

MEN 20 YEARS AND OVER

BLACK OR AFRICAN

AMERICAN1

TEENAGERS(16-19)

HISPANIC12

WHITE1 WOMEN 20 YEARS AND OVER

ASIAN1

In September the unemployment rate remained at 51 percent

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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

unemploy-ment

allprograms(NSA) 2

Percent distribution Number of weeks

Joblosers

Jobleavers

ReentrantsNew

entrants

Insuredunemploy-

ment(NSA)

Initialclaims(NSA)

Lessthan

5 weeks

5ndash14weeks

15ndash26weeks

27 weeksand over

Average(mean) 1

Median

Weekly average thousands

2005 7591 351 304 149 196 184 89 483 115 314 88 2661 328 27092006 7001 373 303 147 176 168 83 474 118 320 88 2476 313 25212007 7078 359 315 150 176 168 85 497 112 303 89 2572 324 26122008 8924 328 314 160 197 179 94 537 100 277 86 3306 424 38992009 14265 222 268 195 315 244 151 642 62 223 73 5724 568 91232010 14825 187 220 160 433 330 214 624 60 234 82 4487 454 97322011 13747 195 218 150 438 393 214 590 70 247 93 3679 406 76302012 12506 211 229 149 411 394 193 550 77 267 105 3297 374 60482013 11460 225 241 158 376 365 170 530 81 280 109 2947 342 46052014 9617 257 253 156 335 337 140 507 86 294 113 2574 305 2658

2014 Sept 9237 257 270 154 319 318 133 490 88 304 118 2328 259 2376 Oct 8983 270 255 156 319 329 135 481 86 316 117 2129 297 2176 Nov 9071 275 261 154 310 330 128 491 92 303 115 2277 r 316 2323 Dec 8688 272 263 146 319 328 126 492 91 307 110 2814 r 435 r 2865

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]

Period

Totalnonagri-culturalemploy-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tion Manufac-turing Total

Trade transportationand utilities

Informa-tion Financialactivities

Profes-sional

andbusinessservices

Education

andhealthservices

Leisure

andhospital-ity

OtherservicesTotal 3

Retailtrade

2005 134005 112201 22190 7336 14227 90010 25959 15280 3061 8197 16954 17630 12816 5395 218042006 136398 114424 22530 7691 14155 91894 26276 15353 3038 8367 17566 18099 13110 5438 219742007 137936 115718 22233 7630 13879 93485 26630 15520 3032 8348 17942 18613 13427 5494 222182008 137170 114661 21335 7162 13406 93326 26293 15283 2984 8206 17735 19156 13436 5515 225092009 131233 108678 18558 6016 11847 90121 24906 14522 2804 7838 16579 19550 13077 5367 225552010 130275 107785 17751 5518 11528 90034 24636 14440 2707 7695 16728 19889 13049 5331 224902011 131842 109756 18047 5533 11726 91708 25065 14668 2674 7697 17332 20228 13353 5360 220862012 134104 112184 18420 5646 11927 93763 25476 14841 2676 7784 17932 20698 13768 5430 219202013 136393 114541 18738 5856 12020 95803 25862 15079 2706 7886 18515 21097 14254 5483 218532014 139042 117180 19223 6138 12188 97957 26384 15364 2740 7979 19096 21475 14710 5573 21863

2014 Sept 139619 117739 19315 6191 12214 98424 26467 15410 2757 8007 19231 21585 14795 5582 21880 Oct 139840 117957 19349 6201 12237 98608 26517 15436 2754 8014 19271 21613 14850 5589 21883 Nov 140263 118371 19425 6231 12282 98946 26615 15498 2761 8042 19367 21664 14892 5605 21892 Dec 140592 118690 19489 6275 12301 99201 26669 15497 2767 8049 19439 21718 14948 5611 21902

2015 Jan 140793 118892 19540 6316 12318 99352 26704 15533 2773 8068 19459 21760 14972 5616 21901 Feb 141059 119153 19560 6347 12321 99593 26748 15556 2780 8077 19508 21821 15033 5626 21906 Mar 141178 119270 19540 6335 12327 99730 26787 15587 2778 8090 19547 21863 15039 5626 21908 Apr 141365 119459 19556 6365 12327 99903 26807 15598 2788 8097 19613 21917 15047 5634 21906 May 141625 119711 19554 6377 12333 100157 26864 15631 2787 8106 19681 21974 15103 5642 21914 June 141870 119929 19551 6378 12334 100378 26916 15667 2790 8127 19749 22035 15122 5639 21941 July r 142093 120124 19558 6383 12345 100566 26963 15696 2794 8142 19789 22077 15154 5647 21969 Aug r 142229 120224 19536 6388 12327 100688 26980 15700 2789 8154 19816 22124 15186 5639 22005 Sept p 142371 120342 19523 6396 12318 100819 27003 15724 2801 8154 19847 22153 15221 5640 22029

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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 294027

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

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 304028

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 10: EI_201509.pdf

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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

Profitsbefore

tax

Taxeson

corporateincome

Profits after tax

Inventoryvaluation

adjustmentTotal 2

Domestic industries

TotalNet

dividends

Undistrib-uted

profitsTotal Financial

Nonfinancial

Total 3Manufac-

turingUtil ities Wholesale Retai l

2005 16212 13821 4097 9724 2777 308 962 1217 16533 4124 12409 5805 6604 ndash3212006 18157 15596 4151 11444 3497 551 1059 1325 18514 4734 13781 7260 6521 ndash3572007 17089 13555 3015 10540 3219 495 1032 1190 17484 4455 13029 8189 4840 ndash3952008 13455 9388 954 8434 2406 301 906 803 13824 3091 10733 8086 2647 ndash3702009 14792 11220 3629 7592 1714 238 893 1087 14726 2694 12031 5746 6285 672010 17997 14045 4063 9982 2876 303 1024 1186 18407 3706 14701 5640 9062 ndash4102011 17385 13166 3759 9407 2981 98 944 1143 18068 3791 14277 7037 7240 ndash6832012 21166 17063 4790 12272 3957 125 1353 1541 21308 4476 16832 8594 8238 ndash1422013 21649 17501 4236 13264 4264 264 1455 1594 21616 4689 16927 9240 7687 322014 22049 17866 4234 13632 4398 277 1477 1584 22078 5139 16939 8600 8339 ndash29

2013 I 21275 17360 4286 13074 4076 190 1512 1583 21366 4549 16817 8142 8675 ndash91

II 21725 17611 4165 13446 4187 331 1477 1675 21494 4613 16882 10652 6230 230 III 21675 17410 4198 13212 4202 305 1446 1638 21636 4756 16879 8701 8179 39 IV 21920 17622 4296 13325 4590 231 1386 1480 21970 4838 17132 9467 7664 ndash49

2014 I 20544 16399 3798 12601 3804 389 1257 1425 21112 4973 16139 8573 7567 ndash569 II 22037 17950 4417 13533 4547 320 1345 1547 22276 5274 17002 8571 8431 ndash240 III 22950 18679 4473 14207 4580 231 1701 1577 22795 5184 17611 8536 9075 155 IV 22663 18436 4249 14187 4661 169 1605 1788 22128 5123 17005 8722 8283 535

2015 I 23515 19578 4219 15360 5346 249 1691 1894 22523 5178 17345 8785 8560 992 II r 24142 20091 4562 15530 5370 284 1635 1751 23937 5490 18446 8796 9650 205

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

Intellectualpropertyproducts

2005 26726 26110 17174 4212 8016 4950 8726 643 6392006 27300 26625 18396 4515 8708 5175 8066 716 7542007 26441 26096 19484 5090 8983 5424 6548 355 3652008 23960 24326 19344 5402 8361 5588 4977 ndash337 ndash3502009 18781 20257 16334 4382 6443 5509 3922 ndash1476 ndash14602010 21204 20562 16738 3663 7467 5613 3824 582 6592011 22304 21867 18023 3747 8479 5813 3845 376 3662012 24657 24004 19641 4231 9392 6038 4365 547 7272013 25773 25019 20237 4297 9695 6269 4780 614 5432014 27177 26338 21483 4646 10262 6595 4864 680 650

2013 I 25051 24706 20007 4110 9674 6253 4699 252 235

II 25372 24863 20057 4226 9653 6203 4803 396 329 III 26197 25095 20231 4404 9560 6283 4860 936 840 IV 26471 25410 20655 4447 9893 6337 4759 872 766

2014 I 26305 25783 21069 4646 9979 6457 4726 369 362 II 27095 26134 21298 4644 10137 6534 4844 771 745 III 27581 26635 21763 4623 10531 6638 4885 799 745 IV 27725 26797 21800 4671 10400 6750 5002 782 749

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]

Period

Totalfixed

invest-ment

Nonresidential Residential

Totalnonresi-dential

Structures

Equipment Intellectual property products

Totalresi-

dential 2

Structures

Total 2

Information processing equipment

Industrialequip-ment

Transpor-tationequip-ment

Total 2 Software

Researchand

develop-ment 3

Total 2Singlefamily

Total

Computersand

peripheralequipment 1

Other

2005 26110 17174 4212 8016 2222 1726 1836 1979 4950 2212 2023 8726 8625 43302006 26625 18396 4515 8708 2509 1875 1991 2126 5175 2303 2150 8066 7963 39072007 26096 19484 5090 8983 2799 2079 2053 2036 5424 2442 2279 6548 6449 28372008 24326 19344 5402 8361 2810 2042 1955 1569 5588 2562 2355 4977 4884 17822009 20257 16334 4382 6443 2561 1793 1521 706 5509 2568 2290 3922 3839 10532010 20562 16738 3663 7467 2814 1968 1513 1369 5613 2542 2344 3824 3736 11442011 21867 18023 3747 8479 2859 2028 1833 1830 5813 2718 2367 3845 3753 10922012 24004 19641 4231 9392 3031 2145 1998 2189 6038 2866 2429 4365 4271 13212013 25019 20237 4297 9695 3144 2223 1948 2431 6269 2958 2553 4780 4679 16192014 26338 21483 4646 10262 3264 2368 2089 2718 6595 3150 2668 4864 4758 1709

2013 I 24706 20007 4110 9674 3153 2221 1985 2285 6253 2967 2535 4699 4600 1563 II 24863 20057 4226 9653 3128 2232 1939 2440 6203 2905 2540 4803 4703 1632 III 25095 20231 4404 9560 3170 2252 1947 2396 6283 2962 2564 4860 4758 1654 IV 25410 20655 4447 9893 3125 2188 1920 2604 6337 2999 2574 4759 4657 1629

2014 I 25783 21069 4646 9979 3162 2285 2022 2585 6457 3058 2628 4726 4623 1665 II 26134 21298 4644 10137 3290 2390 2092 2617 6534 3116 2645 4844 4738 1697 III 26635 21763 4623 10531 3228 2322 2135 2865 6638 3191 2671 4885 4778 1688 IV 26797 21800 4671 10400 3376 2475 2108 2804 6750 3234 2728 5002 4893 1786

2015 I 27014 21886 4582 10460 3342 2488 2100 2881 6871 3306 2774 5124 5014 1824

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)

Business Investment[Billions of dollars]

Period

Capital expenditures

Totalcapital

expendi-tures

By industry

Forcompa-

nieswithoutemploy-

ees

Totalby

industry

Forestryfishing

and agri-culturalservices

Mining Uti li tiesCon-

structionManu-

facturing

Whole-saletrade

Retailtrade

Trans-porta-tionand

ware-housing

Informa-tion

Financeand

insur-ance

Realestate

andrentaland

leasing

Profes-sionalscien-tificand

technicalservices

Healthcareand

socialassis-tance

Other 1

For companies with employees

1999 10470 9746 17 306 428 231 1964 324 641 573 1228 1301 1006 295 513 918 723

2000 11610 10899 15 425 613 250 2148 336 698 599 1602 1337 925 341 522 1089 7122001 11090 10523 15 513 828 248 1928 300 669 578 1448 1311 827 305 529 1025 5672002 9979 9175 19 425 655 248 1572 268 593 471 882 1284 945 259 593 961 804

2003 9750 8868 19 505 546 232 1491 260 659 445 805 1208 880 247 612 962 8822004 10421 9532 21 513 504 286 1567 323 722 461 835 1536 916 267 646 936 8892005 11448 10625 27 667 580 301 1656 406 735 569 914 1614 1030 331 738 1056 8222006 13099 12171 27 993 698 303 1924 366 867 680 1044 1631 1321 303 753 1263 9282007 13547 12705 21 1207 854 367 1973 308 825 674 1061 1734 1175 318 842 1348 8422008 13742 12945 23 1493 987 408 2131 324 732 796 1033 1329 1069 330 902 1387 7972009 10907 10153 22 1006 1030 198 1552 253 584 557 884 995 729 282 794 1270 754

2010 11057 10362 33 1157 945 179 1608 311 653 590 972 1031 813 282 784 1006 6952011 12430 11696 31 1657 980 218 1924 357 681 727 1001 1092 911 281 831 1004 7342012 14236 13344 31 1967 1250 236 2031 409 776 818 1065 1302 1157 316 889 1100 8922013 14882 13978 30 1981 1117 276 2198 383 775 934 1231 1399 1139 356 933 1227 904

1 Includes the following industries Management of companies and enterprises administrative and support and waste management educational services arts entertainment and recreation ac-commodation and food services and other services (except public administration) Also includes an item for structure and equipment expenditures serving multiple industry categories

Note Data from Annual Capital Expenditures Industry data are based on the North American Industry Classification System (NAICS)Data shown in this table are capital expenditures for both new and used structures and equipment

Source Department of Commerce (Bureau of the Census)

7172019 EI_201509pdf

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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]

Period

Civiliannoninsti-tutional

population(NSA)

Civilianlaborforce

Civilian employment Unemployment

Notin

laborforce

Percent 1

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Laborforce

participa-tionrate

Employ-ment

populationratio

Unemploy-mentrate

2005 226082 149320 141730 73050 62702 5978 7591 3392 3013 1186 76762 660 627 512006 228815 151428 144427 74431 63834 6162 7001 3131 2751 1119 77387 662 631 462007 231867 153124 146047 75337 64799 5911 7078 3259 2718 1101 78743 660 630 462008 233788 154287 145362 74750 65039 5573 8924 4297 3342 1285 79501 660 622 582009 235801 154142 139877 71341 63699 4837 14265 7555 5157 1552 81659 654 593 932010 237830 153889 139064 71230 63456 4378 14825 7763 5534 1528 83941 647 585 962011 239618 153617 139869 72182 63360 4327 13747 6898 5450 1400 86001 641 584 892012 243284 154975 142469 73403 64640 4426 12506 5984 5125 1397 88310 637 586 812013 245679 155389 143929 74176 65295 4458 11460 5568 4565 1327 90290 632 586 742014 247947 155922 146305 75471 66287 4548 9617 4585 3926 1106 92025 629 590 62

2014 Sept 248446 155845 146607 75889 66192 4527 9237 4273 3845 1119 92601 627 590 59 Oct 248657 156243 147260 75928 66560 4772 8983 4094 3794 1094 92414 628 592 57 Nov 248844 156402 147331 75675 66894 4762 9071 4354 3705 1013 92442 629 592 58 Dec 249027 156129 147442 76026 66632 4784 8688 4245 3479 963 92898 627 592 56

2015 Jan 249723 157180 148201 76496 66983 4722 8979 4308 3575 1096 92544 629 593 57 Feb 249899 157002 148297 76588 66901 4808 8705 4243 3469 993 92898 628 593 55 Mar 250080 156906 148331 76653 66874 4804 8575 4099 3455 1021 93175 627 593 55 Apr 250266 157072 148523 76805 66935 4784 8549 4079 3483 986 93194 628 593 54 May 250455 157469 148795 76833 67178 4784 8674 4082 3553 1039 92986 629 594 55 June 250663 157037 148739 76783 67294 4662 8299 3897 3372 1029 93626 626 593 53 July 250876 157106 148840 76903 67271 4666 8266 3887 3474 904 93770 626 593 53 Aug 251096 157065 149036 76880 67502 4654 8029 3760 3324 945 94031 626 594 51 Sept 251325 156715 148800 76763 67346 4690 7915 3790 3214 911 94610 624 592 51

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

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

White

Blackor

AfricanAmerican

Asian

Hispanicor

Latinoethnicity

Marriedmen

spousepresent

Womenwho

maintainfamilies(NSA)

Full-timeworkers

Part-timeworkers

2005 51 44 46 166 44 100 40 60 28 78 50 542006 46 40 41 154 40 89 30 52 24 71 45 512007 46 41 40 157 41 83 32 56 25 65 46 492008 58 54 49 187 52 101 40 76 34 80 58 552009 93 96 75 243 85 148 73 121 66 115 100 602010 96 98 80 259 87 160 75 125 68 123 104 632011 89 87 79 244 79 158 70 115 58 124 96 632012 81 75 73 240 72 138 59 103 49 114 85 612013 74 70 65 229 65 131 52 91 43 102 77 592014 62 57 56 196 53 113 50 74 34 86 64 54

2014 Sept 59 53 55 198 51 110 45 70 29 83 60 57 Oct 57 51 54 187 49 109 50 68 30 87 60 50 Nov 58 54 52 175 49 110 47 66 32 82 60 51 Dec 56 53 50 168 48 104 42 65 30 78 57 50

2015 Jan 57 53 51 188 49 103 40 67 29 81 59 49 Feb 55 52 49 171 47 104 40 66 30 77 57 49 Mar 55 51 49 175 47 101 32 68 28 81 56 49 Apr 54 50 49 171 47 96 44 69 30 70 55 49 May 55 50 50 179 47 102 41 67 29 68 56 49 June 53 48 48 181 46 95 38 66 28 78 53 52 July 53 48 49 162 46 91 40 68 28 80 53 51 Aug 51 47 47 169 44 95 35 66 28 81 51 49 Sept 51 47 46 163 44 92 36 64 28 71 51 48

1 Persons who selecte d this race group only Persons whose ethnicit y is identified as Hispanic or Latino may be of any race

Note Data relate to persons age 16 years and over

Source Department of Labor (Bureau of Labor Statistics)

PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED)

1SEE FOOTNOTE 1 TABLE BELOW2HISPANIC OR LATINO ETHNICITYSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

2012 2013 201520142011 2012 2013 2014 2015 2011

30

25

15

20

5

0

10

30

25

15

20

5

0

10

ALL CIVILIAN WORKERS

MEN 20 YEARS AND OVER

BLACK OR AFRICAN

AMERICAN1

TEENAGERS(16-19)

HISPANIC12

WHITE1 WOMEN 20 YEARS AND OVER

ASIAN1

In September the unemployment rate remained at 51 percent

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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

unemploy-ment

allprograms(NSA) 2

Percent distribution Number of weeks

Joblosers

Jobleavers

ReentrantsNew

entrants

Insuredunemploy-

ment(NSA)

Initialclaims(NSA)

Lessthan

5 weeks

5ndash14weeks

15ndash26weeks

27 weeksand over

Average(mean) 1

Median

Weekly average thousands

2005 7591 351 304 149 196 184 89 483 115 314 88 2661 328 27092006 7001 373 303 147 176 168 83 474 118 320 88 2476 313 25212007 7078 359 315 150 176 168 85 497 112 303 89 2572 324 26122008 8924 328 314 160 197 179 94 537 100 277 86 3306 424 38992009 14265 222 268 195 315 244 151 642 62 223 73 5724 568 91232010 14825 187 220 160 433 330 214 624 60 234 82 4487 454 97322011 13747 195 218 150 438 393 214 590 70 247 93 3679 406 76302012 12506 211 229 149 411 394 193 550 77 267 105 3297 374 60482013 11460 225 241 158 376 365 170 530 81 280 109 2947 342 46052014 9617 257 253 156 335 337 140 507 86 294 113 2574 305 2658

2014 Sept 9237 257 270 154 319 318 133 490 88 304 118 2328 259 2376 Oct 8983 270 255 156 319 329 135 481 86 316 117 2129 297 2176 Nov 9071 275 261 154 310 330 128 491 92 303 115 2277 r 316 2323 Dec 8688 272 263 146 319 328 126 492 91 307 110 2814 r 435 r 2865

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]

Period

Totalnonagri-culturalemploy-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tion Manufac-turing Total

Trade transportationand utilities

Informa-tion Financialactivities

Profes-sional

andbusinessservices

Education

andhealthservices

Leisure

andhospital-ity

OtherservicesTotal 3

Retailtrade

2005 134005 112201 22190 7336 14227 90010 25959 15280 3061 8197 16954 17630 12816 5395 218042006 136398 114424 22530 7691 14155 91894 26276 15353 3038 8367 17566 18099 13110 5438 219742007 137936 115718 22233 7630 13879 93485 26630 15520 3032 8348 17942 18613 13427 5494 222182008 137170 114661 21335 7162 13406 93326 26293 15283 2984 8206 17735 19156 13436 5515 225092009 131233 108678 18558 6016 11847 90121 24906 14522 2804 7838 16579 19550 13077 5367 225552010 130275 107785 17751 5518 11528 90034 24636 14440 2707 7695 16728 19889 13049 5331 224902011 131842 109756 18047 5533 11726 91708 25065 14668 2674 7697 17332 20228 13353 5360 220862012 134104 112184 18420 5646 11927 93763 25476 14841 2676 7784 17932 20698 13768 5430 219202013 136393 114541 18738 5856 12020 95803 25862 15079 2706 7886 18515 21097 14254 5483 218532014 139042 117180 19223 6138 12188 97957 26384 15364 2740 7979 19096 21475 14710 5573 21863

2014 Sept 139619 117739 19315 6191 12214 98424 26467 15410 2757 8007 19231 21585 14795 5582 21880 Oct 139840 117957 19349 6201 12237 98608 26517 15436 2754 8014 19271 21613 14850 5589 21883 Nov 140263 118371 19425 6231 12282 98946 26615 15498 2761 8042 19367 21664 14892 5605 21892 Dec 140592 118690 19489 6275 12301 99201 26669 15497 2767 8049 19439 21718 14948 5611 21902

2015 Jan 140793 118892 19540 6316 12318 99352 26704 15533 2773 8068 19459 21760 14972 5616 21901 Feb 141059 119153 19560 6347 12321 99593 26748 15556 2780 8077 19508 21821 15033 5626 21906 Mar 141178 119270 19540 6335 12327 99730 26787 15587 2778 8090 19547 21863 15039 5626 21908 Apr 141365 119459 19556 6365 12327 99903 26807 15598 2788 8097 19613 21917 15047 5634 21906 May 141625 119711 19554 6377 12333 100157 26864 15631 2787 8106 19681 21974 15103 5642 21914 June 141870 119929 19551 6378 12334 100378 26916 15667 2790 8127 19749 22035 15122 5639 21941 July r 142093 120124 19558 6383 12345 100566 26963 15696 2794 8142 19789 22077 15154 5647 21969 Aug r 142229 120224 19536 6388 12327 100688 26980 15700 2789 8154 19816 22124 15186 5639 22005 Sept p 142371 120342 19523 6396 12318 100819 27003 15724 2801 8154 19847 22153 15221 5640 22029

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

httpslidepdfcomreaderfullei201509pdf 174015

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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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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httpslidepdfcomreaderfullei201509pdf 264024

Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

7172019 EI_201509pdf

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 11: EI_201509.pdf

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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

Intellectualpropertyproducts

2005 26726 26110 17174 4212 8016 4950 8726 643 6392006 27300 26625 18396 4515 8708 5175 8066 716 7542007 26441 26096 19484 5090 8983 5424 6548 355 3652008 23960 24326 19344 5402 8361 5588 4977 ndash337 ndash3502009 18781 20257 16334 4382 6443 5509 3922 ndash1476 ndash14602010 21204 20562 16738 3663 7467 5613 3824 582 6592011 22304 21867 18023 3747 8479 5813 3845 376 3662012 24657 24004 19641 4231 9392 6038 4365 547 7272013 25773 25019 20237 4297 9695 6269 4780 614 5432014 27177 26338 21483 4646 10262 6595 4864 680 650

2013 I 25051 24706 20007 4110 9674 6253 4699 252 235

II 25372 24863 20057 4226 9653 6203 4803 396 329 III 26197 25095 20231 4404 9560 6283 4860 936 840 IV 26471 25410 20655 4447 9893 6337 4759 872 766

2014 I 26305 25783 21069 4646 9979 6457 4726 369 362 II 27095 26134 21298 4644 10137 6534 4844 771 745 III 27581 26635 21763 4623 10531 6638 4885 799 745 IV 27725 26797 21800 4671 10400 6750 5002 782 749

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]

Period

Totalfixed

invest-ment

Nonresidential Residential

Totalnonresi-dential

Structures

Equipment Intellectual property products

Totalresi-

dential 2

Structures

Total 2

Information processing equipment

Industrialequip-ment

Transpor-tationequip-ment

Total 2 Software

Researchand

develop-ment 3

Total 2Singlefamily

Total

Computersand

peripheralequipment 1

Other

2005 26110 17174 4212 8016 2222 1726 1836 1979 4950 2212 2023 8726 8625 43302006 26625 18396 4515 8708 2509 1875 1991 2126 5175 2303 2150 8066 7963 39072007 26096 19484 5090 8983 2799 2079 2053 2036 5424 2442 2279 6548 6449 28372008 24326 19344 5402 8361 2810 2042 1955 1569 5588 2562 2355 4977 4884 17822009 20257 16334 4382 6443 2561 1793 1521 706 5509 2568 2290 3922 3839 10532010 20562 16738 3663 7467 2814 1968 1513 1369 5613 2542 2344 3824 3736 11442011 21867 18023 3747 8479 2859 2028 1833 1830 5813 2718 2367 3845 3753 10922012 24004 19641 4231 9392 3031 2145 1998 2189 6038 2866 2429 4365 4271 13212013 25019 20237 4297 9695 3144 2223 1948 2431 6269 2958 2553 4780 4679 16192014 26338 21483 4646 10262 3264 2368 2089 2718 6595 3150 2668 4864 4758 1709

2013 I 24706 20007 4110 9674 3153 2221 1985 2285 6253 2967 2535 4699 4600 1563 II 24863 20057 4226 9653 3128 2232 1939 2440 6203 2905 2540 4803 4703 1632 III 25095 20231 4404 9560 3170 2252 1947 2396 6283 2962 2564 4860 4758 1654 IV 25410 20655 4447 9893 3125 2188 1920 2604 6337 2999 2574 4759 4657 1629

2014 I 25783 21069 4646 9979 3162 2285 2022 2585 6457 3058 2628 4726 4623 1665 II 26134 21298 4644 10137 3290 2390 2092 2617 6534 3116 2645 4844 4738 1697 III 26635 21763 4623 10531 3228 2322 2135 2865 6638 3191 2671 4885 4778 1688 IV 26797 21800 4671 10400 3376 2475 2108 2804 6750 3234 2728 5002 4893 1786

2015 I 27014 21886 4582 10460 3342 2488 2100 2881 6871 3306 2774 5124 5014 1824

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)

Business Investment[Billions of dollars]

Period

Capital expenditures

Totalcapital

expendi-tures

By industry

Forcompa-

nieswithoutemploy-

ees

Totalby

industry

Forestryfishing

and agri-culturalservices

Mining Uti li tiesCon-

structionManu-

facturing

Whole-saletrade

Retailtrade

Trans-porta-tionand

ware-housing

Informa-tion

Financeand

insur-ance

Realestate

andrentaland

leasing

Profes-sionalscien-tificand

technicalservices

Healthcareand

socialassis-tance

Other 1

For companies with employees

1999 10470 9746 17 306 428 231 1964 324 641 573 1228 1301 1006 295 513 918 723

2000 11610 10899 15 425 613 250 2148 336 698 599 1602 1337 925 341 522 1089 7122001 11090 10523 15 513 828 248 1928 300 669 578 1448 1311 827 305 529 1025 5672002 9979 9175 19 425 655 248 1572 268 593 471 882 1284 945 259 593 961 804

2003 9750 8868 19 505 546 232 1491 260 659 445 805 1208 880 247 612 962 8822004 10421 9532 21 513 504 286 1567 323 722 461 835 1536 916 267 646 936 8892005 11448 10625 27 667 580 301 1656 406 735 569 914 1614 1030 331 738 1056 8222006 13099 12171 27 993 698 303 1924 366 867 680 1044 1631 1321 303 753 1263 9282007 13547 12705 21 1207 854 367 1973 308 825 674 1061 1734 1175 318 842 1348 8422008 13742 12945 23 1493 987 408 2131 324 732 796 1033 1329 1069 330 902 1387 7972009 10907 10153 22 1006 1030 198 1552 253 584 557 884 995 729 282 794 1270 754

2010 11057 10362 33 1157 945 179 1608 311 653 590 972 1031 813 282 784 1006 6952011 12430 11696 31 1657 980 218 1924 357 681 727 1001 1092 911 281 831 1004 7342012 14236 13344 31 1967 1250 236 2031 409 776 818 1065 1302 1157 316 889 1100 8922013 14882 13978 30 1981 1117 276 2198 383 775 934 1231 1399 1139 356 933 1227 904

1 Includes the following industries Management of companies and enterprises administrative and support and waste management educational services arts entertainment and recreation ac-commodation and food services and other services (except public administration) Also includes an item for structure and equipment expenditures serving multiple industry categories

Note Data from Annual Capital Expenditures Industry data are based on the North American Industry Classification System (NAICS)Data shown in this table are capital expenditures for both new and used structures and equipment

Source Department of Commerce (Bureau of the Census)

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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]

Period

Civiliannoninsti-tutional

population(NSA)

Civilianlaborforce

Civilian employment Unemployment

Notin

laborforce

Percent 1

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Laborforce

participa-tionrate

Employ-ment

populationratio

Unemploy-mentrate

2005 226082 149320 141730 73050 62702 5978 7591 3392 3013 1186 76762 660 627 512006 228815 151428 144427 74431 63834 6162 7001 3131 2751 1119 77387 662 631 462007 231867 153124 146047 75337 64799 5911 7078 3259 2718 1101 78743 660 630 462008 233788 154287 145362 74750 65039 5573 8924 4297 3342 1285 79501 660 622 582009 235801 154142 139877 71341 63699 4837 14265 7555 5157 1552 81659 654 593 932010 237830 153889 139064 71230 63456 4378 14825 7763 5534 1528 83941 647 585 962011 239618 153617 139869 72182 63360 4327 13747 6898 5450 1400 86001 641 584 892012 243284 154975 142469 73403 64640 4426 12506 5984 5125 1397 88310 637 586 812013 245679 155389 143929 74176 65295 4458 11460 5568 4565 1327 90290 632 586 742014 247947 155922 146305 75471 66287 4548 9617 4585 3926 1106 92025 629 590 62

2014 Sept 248446 155845 146607 75889 66192 4527 9237 4273 3845 1119 92601 627 590 59 Oct 248657 156243 147260 75928 66560 4772 8983 4094 3794 1094 92414 628 592 57 Nov 248844 156402 147331 75675 66894 4762 9071 4354 3705 1013 92442 629 592 58 Dec 249027 156129 147442 76026 66632 4784 8688 4245 3479 963 92898 627 592 56

2015 Jan 249723 157180 148201 76496 66983 4722 8979 4308 3575 1096 92544 629 593 57 Feb 249899 157002 148297 76588 66901 4808 8705 4243 3469 993 92898 628 593 55 Mar 250080 156906 148331 76653 66874 4804 8575 4099 3455 1021 93175 627 593 55 Apr 250266 157072 148523 76805 66935 4784 8549 4079 3483 986 93194 628 593 54 May 250455 157469 148795 76833 67178 4784 8674 4082 3553 1039 92986 629 594 55 June 250663 157037 148739 76783 67294 4662 8299 3897 3372 1029 93626 626 593 53 July 250876 157106 148840 76903 67271 4666 8266 3887 3474 904 93770 626 593 53 Aug 251096 157065 149036 76880 67502 4654 8029 3760 3324 945 94031 626 594 51 Sept 251325 156715 148800 76763 67346 4690 7915 3790 3214 911 94610 624 592 51

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

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

White

Blackor

AfricanAmerican

Asian

Hispanicor

Latinoethnicity

Marriedmen

spousepresent

Womenwho

maintainfamilies(NSA)

Full-timeworkers

Part-timeworkers

2005 51 44 46 166 44 100 40 60 28 78 50 542006 46 40 41 154 40 89 30 52 24 71 45 512007 46 41 40 157 41 83 32 56 25 65 46 492008 58 54 49 187 52 101 40 76 34 80 58 552009 93 96 75 243 85 148 73 121 66 115 100 602010 96 98 80 259 87 160 75 125 68 123 104 632011 89 87 79 244 79 158 70 115 58 124 96 632012 81 75 73 240 72 138 59 103 49 114 85 612013 74 70 65 229 65 131 52 91 43 102 77 592014 62 57 56 196 53 113 50 74 34 86 64 54

2014 Sept 59 53 55 198 51 110 45 70 29 83 60 57 Oct 57 51 54 187 49 109 50 68 30 87 60 50 Nov 58 54 52 175 49 110 47 66 32 82 60 51 Dec 56 53 50 168 48 104 42 65 30 78 57 50

2015 Jan 57 53 51 188 49 103 40 67 29 81 59 49 Feb 55 52 49 171 47 104 40 66 30 77 57 49 Mar 55 51 49 175 47 101 32 68 28 81 56 49 Apr 54 50 49 171 47 96 44 69 30 70 55 49 May 55 50 50 179 47 102 41 67 29 68 56 49 June 53 48 48 181 46 95 38 66 28 78 53 52 July 53 48 49 162 46 91 40 68 28 80 53 51 Aug 51 47 47 169 44 95 35 66 28 81 51 49 Sept 51 47 46 163 44 92 36 64 28 71 51 48

1 Persons who selecte d this race group only Persons whose ethnicit y is identified as Hispanic or Latino may be of any race

Note Data relate to persons age 16 years and over

Source Department of Labor (Bureau of Labor Statistics)

PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED)

1SEE FOOTNOTE 1 TABLE BELOW2HISPANIC OR LATINO ETHNICITYSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

2012 2013 201520142011 2012 2013 2014 2015 2011

30

25

15

20

5

0

10

30

25

15

20

5

0

10

ALL CIVILIAN WORKERS

MEN 20 YEARS AND OVER

BLACK OR AFRICAN

AMERICAN1

TEENAGERS(16-19)

HISPANIC12

WHITE1 WOMEN 20 YEARS AND OVER

ASIAN1

In September the unemployment rate remained at 51 percent

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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

unemploy-ment

allprograms(NSA) 2

Percent distribution Number of weeks

Joblosers

Jobleavers

ReentrantsNew

entrants

Insuredunemploy-

ment(NSA)

Initialclaims(NSA)

Lessthan

5 weeks

5ndash14weeks

15ndash26weeks

27 weeksand over

Average(mean) 1

Median

Weekly average thousands

2005 7591 351 304 149 196 184 89 483 115 314 88 2661 328 27092006 7001 373 303 147 176 168 83 474 118 320 88 2476 313 25212007 7078 359 315 150 176 168 85 497 112 303 89 2572 324 26122008 8924 328 314 160 197 179 94 537 100 277 86 3306 424 38992009 14265 222 268 195 315 244 151 642 62 223 73 5724 568 91232010 14825 187 220 160 433 330 214 624 60 234 82 4487 454 97322011 13747 195 218 150 438 393 214 590 70 247 93 3679 406 76302012 12506 211 229 149 411 394 193 550 77 267 105 3297 374 60482013 11460 225 241 158 376 365 170 530 81 280 109 2947 342 46052014 9617 257 253 156 335 337 140 507 86 294 113 2574 305 2658

2014 Sept 9237 257 270 154 319 318 133 490 88 304 118 2328 259 2376 Oct 8983 270 255 156 319 329 135 481 86 316 117 2129 297 2176 Nov 9071 275 261 154 310 330 128 491 92 303 115 2277 r 316 2323 Dec 8688 272 263 146 319 328 126 492 91 307 110 2814 r 435 r 2865

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]

Period

Totalnonagri-culturalemploy-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tion Manufac-turing Total

Trade transportationand utilities

Informa-tion Financialactivities

Profes-sional

andbusinessservices

Education

andhealthservices

Leisure

andhospital-ity

OtherservicesTotal 3

Retailtrade

2005 134005 112201 22190 7336 14227 90010 25959 15280 3061 8197 16954 17630 12816 5395 218042006 136398 114424 22530 7691 14155 91894 26276 15353 3038 8367 17566 18099 13110 5438 219742007 137936 115718 22233 7630 13879 93485 26630 15520 3032 8348 17942 18613 13427 5494 222182008 137170 114661 21335 7162 13406 93326 26293 15283 2984 8206 17735 19156 13436 5515 225092009 131233 108678 18558 6016 11847 90121 24906 14522 2804 7838 16579 19550 13077 5367 225552010 130275 107785 17751 5518 11528 90034 24636 14440 2707 7695 16728 19889 13049 5331 224902011 131842 109756 18047 5533 11726 91708 25065 14668 2674 7697 17332 20228 13353 5360 220862012 134104 112184 18420 5646 11927 93763 25476 14841 2676 7784 17932 20698 13768 5430 219202013 136393 114541 18738 5856 12020 95803 25862 15079 2706 7886 18515 21097 14254 5483 218532014 139042 117180 19223 6138 12188 97957 26384 15364 2740 7979 19096 21475 14710 5573 21863

2014 Sept 139619 117739 19315 6191 12214 98424 26467 15410 2757 8007 19231 21585 14795 5582 21880 Oct 139840 117957 19349 6201 12237 98608 26517 15436 2754 8014 19271 21613 14850 5589 21883 Nov 140263 118371 19425 6231 12282 98946 26615 15498 2761 8042 19367 21664 14892 5605 21892 Dec 140592 118690 19489 6275 12301 99201 26669 15497 2767 8049 19439 21718 14948 5611 21902

2015 Jan 140793 118892 19540 6316 12318 99352 26704 15533 2773 8068 19459 21760 14972 5616 21901 Feb 141059 119153 19560 6347 12321 99593 26748 15556 2780 8077 19508 21821 15033 5626 21906 Mar 141178 119270 19540 6335 12327 99730 26787 15587 2778 8090 19547 21863 15039 5626 21908 Apr 141365 119459 19556 6365 12327 99903 26807 15598 2788 8097 19613 21917 15047 5634 21906 May 141625 119711 19554 6377 12333 100157 26864 15631 2787 8106 19681 21974 15103 5642 21914 June 141870 119929 19551 6378 12334 100378 26916 15667 2790 8127 19749 22035 15122 5639 21941 July r 142093 120124 19558 6383 12345 100566 26963 15696 2794 8142 19789 22077 15154 5647 21969 Aug r 142229 120224 19536 6388 12327 100688 26980 15700 2789 8154 19816 22124 15186 5639 22005 Sept p 142371 120342 19523 6396 12318 100819 27003 15724 2801 8154 19847 22153 15221 5640 22029

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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 274025

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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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)

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 284026

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 294027

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

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 304028

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

7172019 EI_201509pdf

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

7172019 EI_201509pdf

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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]

Period

Totalfixed

invest-ment

Nonresidential Residential

Totalnonresi-dential

Structures

Equipment Intellectual property products

Totalresi-

dential 2

Structures

Total 2

Information processing equipment

Industrialequip-ment

Transpor-tationequip-ment

Total 2 Software

Researchand

develop-ment 3

Total 2Singlefamily

Total

Computersand

peripheralequipment 1

Other

2005 26110 17174 4212 8016 2222 1726 1836 1979 4950 2212 2023 8726 8625 43302006 26625 18396 4515 8708 2509 1875 1991 2126 5175 2303 2150 8066 7963 39072007 26096 19484 5090 8983 2799 2079 2053 2036 5424 2442 2279 6548 6449 28372008 24326 19344 5402 8361 2810 2042 1955 1569 5588 2562 2355 4977 4884 17822009 20257 16334 4382 6443 2561 1793 1521 706 5509 2568 2290 3922 3839 10532010 20562 16738 3663 7467 2814 1968 1513 1369 5613 2542 2344 3824 3736 11442011 21867 18023 3747 8479 2859 2028 1833 1830 5813 2718 2367 3845 3753 10922012 24004 19641 4231 9392 3031 2145 1998 2189 6038 2866 2429 4365 4271 13212013 25019 20237 4297 9695 3144 2223 1948 2431 6269 2958 2553 4780 4679 16192014 26338 21483 4646 10262 3264 2368 2089 2718 6595 3150 2668 4864 4758 1709

2013 I 24706 20007 4110 9674 3153 2221 1985 2285 6253 2967 2535 4699 4600 1563 II 24863 20057 4226 9653 3128 2232 1939 2440 6203 2905 2540 4803 4703 1632 III 25095 20231 4404 9560 3170 2252 1947 2396 6283 2962 2564 4860 4758 1654 IV 25410 20655 4447 9893 3125 2188 1920 2604 6337 2999 2574 4759 4657 1629

2014 I 25783 21069 4646 9979 3162 2285 2022 2585 6457 3058 2628 4726 4623 1665 II 26134 21298 4644 10137 3290 2390 2092 2617 6534 3116 2645 4844 4738 1697 III 26635 21763 4623 10531 3228 2322 2135 2865 6638 3191 2671 4885 4778 1688 IV 26797 21800 4671 10400 3376 2475 2108 2804 6750 3234 2728 5002 4893 1786

2015 I 27014 21886 4582 10460 3342 2488 2100 2881 6871 3306 2774 5124 5014 1824

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)

Business Investment[Billions of dollars]

Period

Capital expenditures

Totalcapital

expendi-tures

By industry

Forcompa-

nieswithoutemploy-

ees

Totalby

industry

Forestryfishing

and agri-culturalservices

Mining Uti li tiesCon-

structionManu-

facturing

Whole-saletrade

Retailtrade

Trans-porta-tionand

ware-housing

Informa-tion

Financeand

insur-ance

Realestate

andrentaland

leasing

Profes-sionalscien-tificand

technicalservices

Healthcareand

socialassis-tance

Other 1

For companies with employees

1999 10470 9746 17 306 428 231 1964 324 641 573 1228 1301 1006 295 513 918 723

2000 11610 10899 15 425 613 250 2148 336 698 599 1602 1337 925 341 522 1089 7122001 11090 10523 15 513 828 248 1928 300 669 578 1448 1311 827 305 529 1025 5672002 9979 9175 19 425 655 248 1572 268 593 471 882 1284 945 259 593 961 804

2003 9750 8868 19 505 546 232 1491 260 659 445 805 1208 880 247 612 962 8822004 10421 9532 21 513 504 286 1567 323 722 461 835 1536 916 267 646 936 8892005 11448 10625 27 667 580 301 1656 406 735 569 914 1614 1030 331 738 1056 8222006 13099 12171 27 993 698 303 1924 366 867 680 1044 1631 1321 303 753 1263 9282007 13547 12705 21 1207 854 367 1973 308 825 674 1061 1734 1175 318 842 1348 8422008 13742 12945 23 1493 987 408 2131 324 732 796 1033 1329 1069 330 902 1387 7972009 10907 10153 22 1006 1030 198 1552 253 584 557 884 995 729 282 794 1270 754

2010 11057 10362 33 1157 945 179 1608 311 653 590 972 1031 813 282 784 1006 6952011 12430 11696 31 1657 980 218 1924 357 681 727 1001 1092 911 281 831 1004 7342012 14236 13344 31 1967 1250 236 2031 409 776 818 1065 1302 1157 316 889 1100 8922013 14882 13978 30 1981 1117 276 2198 383 775 934 1231 1399 1139 356 933 1227 904

1 Includes the following industries Management of companies and enterprises administrative and support and waste management educational services arts entertainment and recreation ac-commodation and food services and other services (except public administration) Also includes an item for structure and equipment expenditures serving multiple industry categories

Note Data from Annual Capital Expenditures Industry data are based on the North American Industry Classification System (NAICS)Data shown in this table are capital expenditures for both new and used structures and equipment

Source Department of Commerce (Bureau of the Census)

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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]

Period

Civiliannoninsti-tutional

population(NSA)

Civilianlaborforce

Civilian employment Unemployment

Notin

laborforce

Percent 1

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Laborforce

participa-tionrate

Employ-ment

populationratio

Unemploy-mentrate

2005 226082 149320 141730 73050 62702 5978 7591 3392 3013 1186 76762 660 627 512006 228815 151428 144427 74431 63834 6162 7001 3131 2751 1119 77387 662 631 462007 231867 153124 146047 75337 64799 5911 7078 3259 2718 1101 78743 660 630 462008 233788 154287 145362 74750 65039 5573 8924 4297 3342 1285 79501 660 622 582009 235801 154142 139877 71341 63699 4837 14265 7555 5157 1552 81659 654 593 932010 237830 153889 139064 71230 63456 4378 14825 7763 5534 1528 83941 647 585 962011 239618 153617 139869 72182 63360 4327 13747 6898 5450 1400 86001 641 584 892012 243284 154975 142469 73403 64640 4426 12506 5984 5125 1397 88310 637 586 812013 245679 155389 143929 74176 65295 4458 11460 5568 4565 1327 90290 632 586 742014 247947 155922 146305 75471 66287 4548 9617 4585 3926 1106 92025 629 590 62

2014 Sept 248446 155845 146607 75889 66192 4527 9237 4273 3845 1119 92601 627 590 59 Oct 248657 156243 147260 75928 66560 4772 8983 4094 3794 1094 92414 628 592 57 Nov 248844 156402 147331 75675 66894 4762 9071 4354 3705 1013 92442 629 592 58 Dec 249027 156129 147442 76026 66632 4784 8688 4245 3479 963 92898 627 592 56

2015 Jan 249723 157180 148201 76496 66983 4722 8979 4308 3575 1096 92544 629 593 57 Feb 249899 157002 148297 76588 66901 4808 8705 4243 3469 993 92898 628 593 55 Mar 250080 156906 148331 76653 66874 4804 8575 4099 3455 1021 93175 627 593 55 Apr 250266 157072 148523 76805 66935 4784 8549 4079 3483 986 93194 628 593 54 May 250455 157469 148795 76833 67178 4784 8674 4082 3553 1039 92986 629 594 55 June 250663 157037 148739 76783 67294 4662 8299 3897 3372 1029 93626 626 593 53 July 250876 157106 148840 76903 67271 4666 8266 3887 3474 904 93770 626 593 53 Aug 251096 157065 149036 76880 67502 4654 8029 3760 3324 945 94031 626 594 51 Sept 251325 156715 148800 76763 67346 4690 7915 3790 3214 911 94610 624 592 51

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

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

White

Blackor

AfricanAmerican

Asian

Hispanicor

Latinoethnicity

Marriedmen

spousepresent

Womenwho

maintainfamilies(NSA)

Full-timeworkers

Part-timeworkers

2005 51 44 46 166 44 100 40 60 28 78 50 542006 46 40 41 154 40 89 30 52 24 71 45 512007 46 41 40 157 41 83 32 56 25 65 46 492008 58 54 49 187 52 101 40 76 34 80 58 552009 93 96 75 243 85 148 73 121 66 115 100 602010 96 98 80 259 87 160 75 125 68 123 104 632011 89 87 79 244 79 158 70 115 58 124 96 632012 81 75 73 240 72 138 59 103 49 114 85 612013 74 70 65 229 65 131 52 91 43 102 77 592014 62 57 56 196 53 113 50 74 34 86 64 54

2014 Sept 59 53 55 198 51 110 45 70 29 83 60 57 Oct 57 51 54 187 49 109 50 68 30 87 60 50 Nov 58 54 52 175 49 110 47 66 32 82 60 51 Dec 56 53 50 168 48 104 42 65 30 78 57 50

2015 Jan 57 53 51 188 49 103 40 67 29 81 59 49 Feb 55 52 49 171 47 104 40 66 30 77 57 49 Mar 55 51 49 175 47 101 32 68 28 81 56 49 Apr 54 50 49 171 47 96 44 69 30 70 55 49 May 55 50 50 179 47 102 41 67 29 68 56 49 June 53 48 48 181 46 95 38 66 28 78 53 52 July 53 48 49 162 46 91 40 68 28 80 53 51 Aug 51 47 47 169 44 95 35 66 28 81 51 49 Sept 51 47 46 163 44 92 36 64 28 71 51 48

1 Persons who selecte d this race group only Persons whose ethnicit y is identified as Hispanic or Latino may be of any race

Note Data relate to persons age 16 years and over

Source Department of Labor (Bureau of Labor Statistics)

PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED)

1SEE FOOTNOTE 1 TABLE BELOW2HISPANIC OR LATINO ETHNICITYSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

2012 2013 201520142011 2012 2013 2014 2015 2011

30

25

15

20

5

0

10

30

25

15

20

5

0

10

ALL CIVILIAN WORKERS

MEN 20 YEARS AND OVER

BLACK OR AFRICAN

AMERICAN1

TEENAGERS(16-19)

HISPANIC12

WHITE1 WOMEN 20 YEARS AND OVER

ASIAN1

In September the unemployment rate remained at 51 percent

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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

unemploy-ment

allprograms(NSA) 2

Percent distribution Number of weeks

Joblosers

Jobleavers

ReentrantsNew

entrants

Insuredunemploy-

ment(NSA)

Initialclaims(NSA)

Lessthan

5 weeks

5ndash14weeks

15ndash26weeks

27 weeksand over

Average(mean) 1

Median

Weekly average thousands

2005 7591 351 304 149 196 184 89 483 115 314 88 2661 328 27092006 7001 373 303 147 176 168 83 474 118 320 88 2476 313 25212007 7078 359 315 150 176 168 85 497 112 303 89 2572 324 26122008 8924 328 314 160 197 179 94 537 100 277 86 3306 424 38992009 14265 222 268 195 315 244 151 642 62 223 73 5724 568 91232010 14825 187 220 160 433 330 214 624 60 234 82 4487 454 97322011 13747 195 218 150 438 393 214 590 70 247 93 3679 406 76302012 12506 211 229 149 411 394 193 550 77 267 105 3297 374 60482013 11460 225 241 158 376 365 170 530 81 280 109 2947 342 46052014 9617 257 253 156 335 337 140 507 86 294 113 2574 305 2658

2014 Sept 9237 257 270 154 319 318 133 490 88 304 118 2328 259 2376 Oct 8983 270 255 156 319 329 135 481 86 316 117 2129 297 2176 Nov 9071 275 261 154 310 330 128 491 92 303 115 2277 r 316 2323 Dec 8688 272 263 146 319 328 126 492 91 307 110 2814 r 435 r 2865

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]

Period

Totalnonagri-culturalemploy-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tion Manufac-turing Total

Trade transportationand utilities

Informa-tion Financialactivities

Profes-sional

andbusinessservices

Education

andhealthservices

Leisure

andhospital-ity

OtherservicesTotal 3

Retailtrade

2005 134005 112201 22190 7336 14227 90010 25959 15280 3061 8197 16954 17630 12816 5395 218042006 136398 114424 22530 7691 14155 91894 26276 15353 3038 8367 17566 18099 13110 5438 219742007 137936 115718 22233 7630 13879 93485 26630 15520 3032 8348 17942 18613 13427 5494 222182008 137170 114661 21335 7162 13406 93326 26293 15283 2984 8206 17735 19156 13436 5515 225092009 131233 108678 18558 6016 11847 90121 24906 14522 2804 7838 16579 19550 13077 5367 225552010 130275 107785 17751 5518 11528 90034 24636 14440 2707 7695 16728 19889 13049 5331 224902011 131842 109756 18047 5533 11726 91708 25065 14668 2674 7697 17332 20228 13353 5360 220862012 134104 112184 18420 5646 11927 93763 25476 14841 2676 7784 17932 20698 13768 5430 219202013 136393 114541 18738 5856 12020 95803 25862 15079 2706 7886 18515 21097 14254 5483 218532014 139042 117180 19223 6138 12188 97957 26384 15364 2740 7979 19096 21475 14710 5573 21863

2014 Sept 139619 117739 19315 6191 12214 98424 26467 15410 2757 8007 19231 21585 14795 5582 21880 Oct 139840 117957 19349 6201 12237 98608 26517 15436 2754 8014 19271 21613 14850 5589 21883 Nov 140263 118371 19425 6231 12282 98946 26615 15498 2761 8042 19367 21664 14892 5605 21892 Dec 140592 118690 19489 6275 12301 99201 26669 15497 2767 8049 19439 21718 14948 5611 21902

2015 Jan 140793 118892 19540 6316 12318 99352 26704 15533 2773 8068 19459 21760 14972 5616 21901 Feb 141059 119153 19560 6347 12321 99593 26748 15556 2780 8077 19508 21821 15033 5626 21906 Mar 141178 119270 19540 6335 12327 99730 26787 15587 2778 8090 19547 21863 15039 5626 21908 Apr 141365 119459 19556 6365 12327 99903 26807 15598 2788 8097 19613 21917 15047 5634 21906 May 141625 119711 19554 6377 12333 100157 26864 15631 2787 8106 19681 21974 15103 5642 21914 June 141870 119929 19551 6378 12334 100378 26916 15667 2790 8127 19749 22035 15122 5639 21941 July r 142093 120124 19558 6383 12345 100566 26963 15696 2794 8142 19789 22077 15154 5647 21969 Aug r 142229 120224 19536 6388 12327 100688 26980 15700 2789 8154 19816 22124 15186 5639 22005 Sept p 142371 120342 19523 6396 12318 100819 27003 15724 2801 8154 19847 22153 15221 5640 22029

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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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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httpslidepdfcomreaderfullei201509pdf 264024

Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 13: EI_201509.pdf

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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]

Period

Civiliannoninsti-tutional

population(NSA)

Civilianlaborforce

Civilian employment Unemployment

Notin

laborforce

Percent 1

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Total

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

Laborforce

participa-tionrate

Employ-ment

populationratio

Unemploy-mentrate

2005 226082 149320 141730 73050 62702 5978 7591 3392 3013 1186 76762 660 627 512006 228815 151428 144427 74431 63834 6162 7001 3131 2751 1119 77387 662 631 462007 231867 153124 146047 75337 64799 5911 7078 3259 2718 1101 78743 660 630 462008 233788 154287 145362 74750 65039 5573 8924 4297 3342 1285 79501 660 622 582009 235801 154142 139877 71341 63699 4837 14265 7555 5157 1552 81659 654 593 932010 237830 153889 139064 71230 63456 4378 14825 7763 5534 1528 83941 647 585 962011 239618 153617 139869 72182 63360 4327 13747 6898 5450 1400 86001 641 584 892012 243284 154975 142469 73403 64640 4426 12506 5984 5125 1397 88310 637 586 812013 245679 155389 143929 74176 65295 4458 11460 5568 4565 1327 90290 632 586 742014 247947 155922 146305 75471 66287 4548 9617 4585 3926 1106 92025 629 590 62

2014 Sept 248446 155845 146607 75889 66192 4527 9237 4273 3845 1119 92601 627 590 59 Oct 248657 156243 147260 75928 66560 4772 8983 4094 3794 1094 92414 628 592 57 Nov 248844 156402 147331 75675 66894 4762 9071 4354 3705 1013 92442 629 592 58 Dec 249027 156129 147442 76026 66632 4784 8688 4245 3479 963 92898 627 592 56

2015 Jan 249723 157180 148201 76496 66983 4722 8979 4308 3575 1096 92544 629 593 57 Feb 249899 157002 148297 76588 66901 4808 8705 4243 3469 993 92898 628 593 55 Mar 250080 156906 148331 76653 66874 4804 8575 4099 3455 1021 93175 627 593 55 Apr 250266 157072 148523 76805 66935 4784 8549 4079 3483 986 93194 628 593 54 May 250455 157469 148795 76833 67178 4784 8674 4082 3553 1039 92986 629 594 55 June 250663 157037 148739 76783 67294 4662 8299 3897 3372 1029 93626 626 593 53 July 250876 157106 148840 76903 67271 4666 8266 3887 3474 904 93770 626 593 53 Aug 251096 157065 149036 76880 67502 4654 8029 3760 3324 945 94031 626 594 51 Sept 251325 156715 148800 76763 67346 4690 7915 3790 3214 911 94610 624 592 51

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

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

White

Blackor

AfricanAmerican

Asian

Hispanicor

Latinoethnicity

Marriedmen

spousepresent

Womenwho

maintainfamilies(NSA)

Full-timeworkers

Part-timeworkers

2005 51 44 46 166 44 100 40 60 28 78 50 542006 46 40 41 154 40 89 30 52 24 71 45 512007 46 41 40 157 41 83 32 56 25 65 46 492008 58 54 49 187 52 101 40 76 34 80 58 552009 93 96 75 243 85 148 73 121 66 115 100 602010 96 98 80 259 87 160 75 125 68 123 104 632011 89 87 79 244 79 158 70 115 58 124 96 632012 81 75 73 240 72 138 59 103 49 114 85 612013 74 70 65 229 65 131 52 91 43 102 77 592014 62 57 56 196 53 113 50 74 34 86 64 54

2014 Sept 59 53 55 198 51 110 45 70 29 83 60 57 Oct 57 51 54 187 49 109 50 68 30 87 60 50 Nov 58 54 52 175 49 110 47 66 32 82 60 51 Dec 56 53 50 168 48 104 42 65 30 78 57 50

2015 Jan 57 53 51 188 49 103 40 67 29 81 59 49 Feb 55 52 49 171 47 104 40 66 30 77 57 49 Mar 55 51 49 175 47 101 32 68 28 81 56 49 Apr 54 50 49 171 47 96 44 69 30 70 55 49 May 55 50 50 179 47 102 41 67 29 68 56 49 June 53 48 48 181 46 95 38 66 28 78 53 52 July 53 48 49 162 46 91 40 68 28 80 53 51 Aug 51 47 47 169 44 95 35 66 28 81 51 49 Sept 51 47 46 163 44 92 36 64 28 71 51 48

1 Persons who selecte d this race group only Persons whose ethnicit y is identified as Hispanic or Latino may be of any race

Note Data relate to persons age 16 years and over

Source Department of Labor (Bureau of Labor Statistics)

PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED)

1SEE FOOTNOTE 1 TABLE BELOW2HISPANIC OR LATINO ETHNICITYSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

2012 2013 201520142011 2012 2013 2014 2015 2011

30

25

15

20

5

0

10

30

25

15

20

5

0

10

ALL CIVILIAN WORKERS

MEN 20 YEARS AND OVER

BLACK OR AFRICAN

AMERICAN1

TEENAGERS(16-19)

HISPANIC12

WHITE1 WOMEN 20 YEARS AND OVER

ASIAN1

In September the unemployment rate remained at 51 percent

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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

unemploy-ment

allprograms(NSA) 2

Percent distribution Number of weeks

Joblosers

Jobleavers

ReentrantsNew

entrants

Insuredunemploy-

ment(NSA)

Initialclaims(NSA)

Lessthan

5 weeks

5ndash14weeks

15ndash26weeks

27 weeksand over

Average(mean) 1

Median

Weekly average thousands

2005 7591 351 304 149 196 184 89 483 115 314 88 2661 328 27092006 7001 373 303 147 176 168 83 474 118 320 88 2476 313 25212007 7078 359 315 150 176 168 85 497 112 303 89 2572 324 26122008 8924 328 314 160 197 179 94 537 100 277 86 3306 424 38992009 14265 222 268 195 315 244 151 642 62 223 73 5724 568 91232010 14825 187 220 160 433 330 214 624 60 234 82 4487 454 97322011 13747 195 218 150 438 393 214 590 70 247 93 3679 406 76302012 12506 211 229 149 411 394 193 550 77 267 105 3297 374 60482013 11460 225 241 158 376 365 170 530 81 280 109 2947 342 46052014 9617 257 253 156 335 337 140 507 86 294 113 2574 305 2658

2014 Sept 9237 257 270 154 319 318 133 490 88 304 118 2328 259 2376 Oct 8983 270 255 156 319 329 135 481 86 316 117 2129 297 2176 Nov 9071 275 261 154 310 330 128 491 92 303 115 2277 r 316 2323 Dec 8688 272 263 146 319 328 126 492 91 307 110 2814 r 435 r 2865

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]

Period

Totalnonagri-culturalemploy-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tion Manufac-turing Total

Trade transportationand utilities

Informa-tion Financialactivities

Profes-sional

andbusinessservices

Education

andhealthservices

Leisure

andhospital-ity

OtherservicesTotal 3

Retailtrade

2005 134005 112201 22190 7336 14227 90010 25959 15280 3061 8197 16954 17630 12816 5395 218042006 136398 114424 22530 7691 14155 91894 26276 15353 3038 8367 17566 18099 13110 5438 219742007 137936 115718 22233 7630 13879 93485 26630 15520 3032 8348 17942 18613 13427 5494 222182008 137170 114661 21335 7162 13406 93326 26293 15283 2984 8206 17735 19156 13436 5515 225092009 131233 108678 18558 6016 11847 90121 24906 14522 2804 7838 16579 19550 13077 5367 225552010 130275 107785 17751 5518 11528 90034 24636 14440 2707 7695 16728 19889 13049 5331 224902011 131842 109756 18047 5533 11726 91708 25065 14668 2674 7697 17332 20228 13353 5360 220862012 134104 112184 18420 5646 11927 93763 25476 14841 2676 7784 17932 20698 13768 5430 219202013 136393 114541 18738 5856 12020 95803 25862 15079 2706 7886 18515 21097 14254 5483 218532014 139042 117180 19223 6138 12188 97957 26384 15364 2740 7979 19096 21475 14710 5573 21863

2014 Sept 139619 117739 19315 6191 12214 98424 26467 15410 2757 8007 19231 21585 14795 5582 21880 Oct 139840 117957 19349 6201 12237 98608 26517 15436 2754 8014 19271 21613 14850 5589 21883 Nov 140263 118371 19425 6231 12282 98946 26615 15498 2761 8042 19367 21664 14892 5605 21892 Dec 140592 118690 19489 6275 12301 99201 26669 15497 2767 8049 19439 21718 14948 5611 21902

2015 Jan 140793 118892 19540 6316 12318 99352 26704 15533 2773 8068 19459 21760 14972 5616 21901 Feb 141059 119153 19560 6347 12321 99593 26748 15556 2780 8077 19508 21821 15033 5626 21906 Mar 141178 119270 19540 6335 12327 99730 26787 15587 2778 8090 19547 21863 15039 5626 21908 Apr 141365 119459 19556 6365 12327 99903 26807 15598 2788 8097 19613 21917 15047 5634 21906 May 141625 119711 19554 6377 12333 100157 26864 15631 2787 8106 19681 21974 15103 5642 21914 June 141870 119929 19551 6378 12334 100378 26916 15667 2790 8127 19749 22035 15122 5639 21941 July r 142093 120124 19558 6383 12345 100566 26963 15696 2794 8142 19789 22077 15154 5647 21969 Aug r 142229 120224 19536 6388 12327 100688 26980 15700 2789 8154 19816 22124 15186 5639 22005 Sept p 142371 120342 19523 6396 12318 100819 27003 15724 2801 8154 19847 22153 15221 5640 22029

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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 304028

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 14: EI_201509.pdf

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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

Men20 years

andover

Women20 years

andover

Bothsexes16ndash19years

White

Blackor

AfricanAmerican

Asian

Hispanicor

Latinoethnicity

Marriedmen

spousepresent

Womenwho

maintainfamilies(NSA)

Full-timeworkers

Part-timeworkers

2005 51 44 46 166 44 100 40 60 28 78 50 542006 46 40 41 154 40 89 30 52 24 71 45 512007 46 41 40 157 41 83 32 56 25 65 46 492008 58 54 49 187 52 101 40 76 34 80 58 552009 93 96 75 243 85 148 73 121 66 115 100 602010 96 98 80 259 87 160 75 125 68 123 104 632011 89 87 79 244 79 158 70 115 58 124 96 632012 81 75 73 240 72 138 59 103 49 114 85 612013 74 70 65 229 65 131 52 91 43 102 77 592014 62 57 56 196 53 113 50 74 34 86 64 54

2014 Sept 59 53 55 198 51 110 45 70 29 83 60 57 Oct 57 51 54 187 49 109 50 68 30 87 60 50 Nov 58 54 52 175 49 110 47 66 32 82 60 51 Dec 56 53 50 168 48 104 42 65 30 78 57 50

2015 Jan 57 53 51 188 49 103 40 67 29 81 59 49 Feb 55 52 49 171 47 104 40 66 30 77 57 49 Mar 55 51 49 175 47 101 32 68 28 81 56 49 Apr 54 50 49 171 47 96 44 69 30 70 55 49 May 55 50 50 179 47 102 41 67 29 68 56 49 June 53 48 48 181 46 95 38 66 28 78 53 52 July 53 48 49 162 46 91 40 68 28 80 53 51 Aug 51 47 47 169 44 95 35 66 28 81 51 49 Sept 51 47 46 163 44 92 36 64 28 71 51 48

1 Persons who selecte d this race group only Persons whose ethnicit y is identified as Hispanic or Latino may be of any race

Note Data relate to persons age 16 years and over

Source Department of Labor (Bureau of Labor Statistics)

PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED)

1SEE FOOTNOTE 1 TABLE BELOW2HISPANIC OR LATINO ETHNICITYSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

2012 2013 201520142011 2012 2013 2014 2015 2011

30

25

15

20

5

0

10

30

25

15

20

5

0

10

ALL CIVILIAN WORKERS

MEN 20 YEARS AND OVER

BLACK OR AFRICAN

AMERICAN1

TEENAGERS(16-19)

HISPANIC12

WHITE1 WOMEN 20 YEARS AND OVER

ASIAN1

In September the unemployment rate remained at 51 percent

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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

unemploy-ment

allprograms(NSA) 2

Percent distribution Number of weeks

Joblosers

Jobleavers

ReentrantsNew

entrants

Insuredunemploy-

ment(NSA)

Initialclaims(NSA)

Lessthan

5 weeks

5ndash14weeks

15ndash26weeks

27 weeksand over

Average(mean) 1

Median

Weekly average thousands

2005 7591 351 304 149 196 184 89 483 115 314 88 2661 328 27092006 7001 373 303 147 176 168 83 474 118 320 88 2476 313 25212007 7078 359 315 150 176 168 85 497 112 303 89 2572 324 26122008 8924 328 314 160 197 179 94 537 100 277 86 3306 424 38992009 14265 222 268 195 315 244 151 642 62 223 73 5724 568 91232010 14825 187 220 160 433 330 214 624 60 234 82 4487 454 97322011 13747 195 218 150 438 393 214 590 70 247 93 3679 406 76302012 12506 211 229 149 411 394 193 550 77 267 105 3297 374 60482013 11460 225 241 158 376 365 170 530 81 280 109 2947 342 46052014 9617 257 253 156 335 337 140 507 86 294 113 2574 305 2658

2014 Sept 9237 257 270 154 319 318 133 490 88 304 118 2328 259 2376 Oct 8983 270 255 156 319 329 135 481 86 316 117 2129 297 2176 Nov 9071 275 261 154 310 330 128 491 92 303 115 2277 r 316 2323 Dec 8688 272 263 146 319 328 126 492 91 307 110 2814 r 435 r 2865

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]

Period

Totalnonagri-culturalemploy-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tion Manufac-turing Total

Trade transportationand utilities

Informa-tion Financialactivities

Profes-sional

andbusinessservices

Education

andhealthservices

Leisure

andhospital-ity

OtherservicesTotal 3

Retailtrade

2005 134005 112201 22190 7336 14227 90010 25959 15280 3061 8197 16954 17630 12816 5395 218042006 136398 114424 22530 7691 14155 91894 26276 15353 3038 8367 17566 18099 13110 5438 219742007 137936 115718 22233 7630 13879 93485 26630 15520 3032 8348 17942 18613 13427 5494 222182008 137170 114661 21335 7162 13406 93326 26293 15283 2984 8206 17735 19156 13436 5515 225092009 131233 108678 18558 6016 11847 90121 24906 14522 2804 7838 16579 19550 13077 5367 225552010 130275 107785 17751 5518 11528 90034 24636 14440 2707 7695 16728 19889 13049 5331 224902011 131842 109756 18047 5533 11726 91708 25065 14668 2674 7697 17332 20228 13353 5360 220862012 134104 112184 18420 5646 11927 93763 25476 14841 2676 7784 17932 20698 13768 5430 219202013 136393 114541 18738 5856 12020 95803 25862 15079 2706 7886 18515 21097 14254 5483 218532014 139042 117180 19223 6138 12188 97957 26384 15364 2740 7979 19096 21475 14710 5573 21863

2014 Sept 139619 117739 19315 6191 12214 98424 26467 15410 2757 8007 19231 21585 14795 5582 21880 Oct 139840 117957 19349 6201 12237 98608 26517 15436 2754 8014 19271 21613 14850 5589 21883 Nov 140263 118371 19425 6231 12282 98946 26615 15498 2761 8042 19367 21664 14892 5605 21892 Dec 140592 118690 19489 6275 12301 99201 26669 15497 2767 8049 19439 21718 14948 5611 21902

2015 Jan 140793 118892 19540 6316 12318 99352 26704 15533 2773 8068 19459 21760 14972 5616 21901 Feb 141059 119153 19560 6347 12321 99593 26748 15556 2780 8077 19508 21821 15033 5626 21906 Mar 141178 119270 19540 6335 12327 99730 26787 15587 2778 8090 19547 21863 15039 5626 21908 Apr 141365 119459 19556 6365 12327 99903 26807 15598 2788 8097 19613 21917 15047 5634 21906 May 141625 119711 19554 6377 12333 100157 26864 15631 2787 8106 19681 21974 15103 5642 21914 June 141870 119929 19551 6378 12334 100378 26916 15667 2790 8127 19749 22035 15122 5639 21941 July r 142093 120124 19558 6383 12345 100566 26963 15696 2794 8142 19789 22077 15154 5647 21969 Aug r 142229 120224 19536 6388 12327 100688 26980 15700 2789 8154 19816 22124 15186 5639 22005 Sept p 142371 120342 19523 6396 12318 100819 27003 15724 2801 8154 19847 22153 15221 5640 22029

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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 294027

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

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 304028

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 15: EI_201509.pdf

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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

unemploy-ment

allprograms(NSA) 2

Percent distribution Number of weeks

Joblosers

Jobleavers

ReentrantsNew

entrants

Insuredunemploy-

ment(NSA)

Initialclaims(NSA)

Lessthan

5 weeks

5ndash14weeks

15ndash26weeks

27 weeksand over

Average(mean) 1

Median

Weekly average thousands

2005 7591 351 304 149 196 184 89 483 115 314 88 2661 328 27092006 7001 373 303 147 176 168 83 474 118 320 88 2476 313 25212007 7078 359 315 150 176 168 85 497 112 303 89 2572 324 26122008 8924 328 314 160 197 179 94 537 100 277 86 3306 424 38992009 14265 222 268 195 315 244 151 642 62 223 73 5724 568 91232010 14825 187 220 160 433 330 214 624 60 234 82 4487 454 97322011 13747 195 218 150 438 393 214 590 70 247 93 3679 406 76302012 12506 211 229 149 411 394 193 550 77 267 105 3297 374 60482013 11460 225 241 158 376 365 170 530 81 280 109 2947 342 46052014 9617 257 253 156 335 337 140 507 86 294 113 2574 305 2658

2014 Sept 9237 257 270 154 319 318 133 490 88 304 118 2328 259 2376 Oct 8983 270 255 156 319 329 135 481 86 316 117 2129 297 2176 Nov 9071 275 261 154 310 330 128 491 92 303 115 2277 r 316 2323 Dec 8688 272 263 146 319 328 126 492 91 307 110 2814 r 435 r 2865

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]

Period

Totalnonagri-culturalemploy-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tion Manufac-turing Total

Trade transportationand utilities

Informa-tion Financialactivities

Profes-sional

andbusinessservices

Education

andhealthservices

Leisure

andhospital-ity

OtherservicesTotal 3

Retailtrade

2005 134005 112201 22190 7336 14227 90010 25959 15280 3061 8197 16954 17630 12816 5395 218042006 136398 114424 22530 7691 14155 91894 26276 15353 3038 8367 17566 18099 13110 5438 219742007 137936 115718 22233 7630 13879 93485 26630 15520 3032 8348 17942 18613 13427 5494 222182008 137170 114661 21335 7162 13406 93326 26293 15283 2984 8206 17735 19156 13436 5515 225092009 131233 108678 18558 6016 11847 90121 24906 14522 2804 7838 16579 19550 13077 5367 225552010 130275 107785 17751 5518 11528 90034 24636 14440 2707 7695 16728 19889 13049 5331 224902011 131842 109756 18047 5533 11726 91708 25065 14668 2674 7697 17332 20228 13353 5360 220862012 134104 112184 18420 5646 11927 93763 25476 14841 2676 7784 17932 20698 13768 5430 219202013 136393 114541 18738 5856 12020 95803 25862 15079 2706 7886 18515 21097 14254 5483 218532014 139042 117180 19223 6138 12188 97957 26384 15364 2740 7979 19096 21475 14710 5573 21863

2014 Sept 139619 117739 19315 6191 12214 98424 26467 15410 2757 8007 19231 21585 14795 5582 21880 Oct 139840 117957 19349 6201 12237 98608 26517 15436 2754 8014 19271 21613 14850 5589 21883 Nov 140263 118371 19425 6231 12282 98946 26615 15498 2761 8042 19367 21664 14892 5605 21892 Dec 140592 118690 19489 6275 12301 99201 26669 15497 2767 8049 19439 21718 14948 5611 21902

2015 Jan 140793 118892 19540 6316 12318 99352 26704 15533 2773 8068 19459 21760 14972 5616 21901 Feb 141059 119153 19560 6347 12321 99593 26748 15556 2780 8077 19508 21821 15033 5626 21906 Mar 141178 119270 19540 6335 12327 99730 26787 15587 2778 8090 19547 21863 15039 5626 21908 Apr 141365 119459 19556 6365 12327 99903 26807 15598 2788 8097 19613 21917 15047 5634 21906 May 141625 119711 19554 6377 12333 100157 26864 15631 2787 8106 19681 21974 15103 5642 21914 June 141870 119929 19551 6378 12334 100378 26916 15667 2790 8127 19749 22035 15122 5639 21941 July r 142093 120124 19558 6383 12345 100566 26963 15696 2794 8142 19789 22077 15154 5647 21969 Aug r 142229 120224 19536 6388 12327 100688 26980 15700 2789 8154 19816 22124 15186 5639 22005 Sept p 142371 120342 19523 6396 12318 100819 27003 15724 2801 8154 19847 22153 15221 5640 22029

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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 294027

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

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 304028

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 16: EI_201509.pdf

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Nonagricultural Employment

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

Period

Totalnonagri-culturalemploy-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tion Manufac-turing Total

Trade transportationand utilities

Informa-tion Financialactivities

Profes-sional

andbusinessservices

Education

andhealthservices

Leisure

andhospital-ity

OtherservicesTotal 3

Retailtrade

2005 134005 112201 22190 7336 14227 90010 25959 15280 3061 8197 16954 17630 12816 5395 218042006 136398 114424 22530 7691 14155 91894 26276 15353 3038 8367 17566 18099 13110 5438 219742007 137936 115718 22233 7630 13879 93485 26630 15520 3032 8348 17942 18613 13427 5494 222182008 137170 114661 21335 7162 13406 93326 26293 15283 2984 8206 17735 19156 13436 5515 225092009 131233 108678 18558 6016 11847 90121 24906 14522 2804 7838 16579 19550 13077 5367 225552010 130275 107785 17751 5518 11528 90034 24636 14440 2707 7695 16728 19889 13049 5331 224902011 131842 109756 18047 5533 11726 91708 25065 14668 2674 7697 17332 20228 13353 5360 220862012 134104 112184 18420 5646 11927 93763 25476 14841 2676 7784 17932 20698 13768 5430 219202013 136393 114541 18738 5856 12020 95803 25862 15079 2706 7886 18515 21097 14254 5483 218532014 139042 117180 19223 6138 12188 97957 26384 15364 2740 7979 19096 21475 14710 5573 21863

2014 Sept 139619 117739 19315 6191 12214 98424 26467 15410 2757 8007 19231 21585 14795 5582 21880 Oct 139840 117957 19349 6201 12237 98608 26517 15436 2754 8014 19271 21613 14850 5589 21883 Nov 140263 118371 19425 6231 12282 98946 26615 15498 2761 8042 19367 21664 14892 5605 21892 Dec 140592 118690 19489 6275 12301 99201 26669 15497 2767 8049 19439 21718 14948 5611 21902

2015 Jan 140793 118892 19540 6316 12318 99352 26704 15533 2773 8068 19459 21760 14972 5616 21901 Feb 141059 119153 19560 6347 12321 99593 26748 15556 2780 8077 19508 21821 15033 5626 21906 Mar 141178 119270 19540 6335 12327 99730 26787 15587 2778 8090 19547 21863 15039 5626 21908 Apr 141365 119459 19556 6365 12327 99903 26807 15598 2788 8097 19613 21917 15047 5634 21906 May 141625 119711 19554 6377 12333 100157 26864 15631 2787 8106 19681 21974 15103 5642 21914 June 141870 119929 19551 6378 12334 100378 26916 15667 2790 8127 19749 22035 15122 5639 21941 July r 142093 120124 19558 6383 12345 100566 26963 15696 2794 8142 19789 22077 15154 5647 21969 Aug r 142229 120224 19536 6388 12327 100688 26980 15700 2789 8154 19816 22124 15186 5639 22005 Sept p 142371 120342 19523 6396 12318 100819 27003 15724 2801 8154 19847 22153 15221 5640 22029

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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

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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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 17: EI_201509.pdf

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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

Seasonally adjusted Not seasonally adjusted

2013 Mar 1179 1174 1191 06 06 05 19 17 20 June 1185 1180 1197 5 5 5 19 19 19

Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 19

2014 Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 25

2015 Mar 1232 1226 1245 7 7 6 28 28 26 June 1232 1228 1242 0 2 ndash2 19 22 14

1 Employer costs for employee benefits

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

Totalprivate

nonagricul-tural 1

ManufacturingTotal private

nonagricultural 1Manufac-

turing

Total privatenonagricultural 1

Current dollars

Percent change froma year earliertotal private

nonagricultural

Total OvertimeCurrentdollars

1982-84dollars 2

Currentdollars

1982-84dollars 2

Manufac-turing

Construc-tion

Retailtrade

Currentdollars

1982-84dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 ndash062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 ndash92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 ndash92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 ndash22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 10

2014 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 22

2015 Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr 336 418 43 2091 906 1980 70258 30439 82764 99303 44010 16 23 May 336 418 43 2097 904 1985 70459 30364 82973 99170 44160 17 22 June 337 418 44 2098 901 1988 70703 30366 83098 100575 44310 19 22 July r 337 418 43 2102 902 1995 70837 30384 83391 98761 44460 19 21 Aug r 337 418 43 2108 905 2000 71040 30504 83600 99288 44640 19 22 Sept p 336 416 41 2108 2004 70829 83366 96518 44820 16

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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 18: EI_201509.pdf

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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

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1041 1044 1084 1088 1041 1041 1070 1070 1000 1000 1027 1025 1053 10472013 1046 1044 1106 1106 1057 1059 1083 1082 997 996 1036 1036 1069 10632014 1052 1052 1139 1140 1083 1084 1111 1111 1007 1007 1056 1057 1084 1079

2011 I 1030 1031 1041 1041 1010 1010 1044 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 993 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 1035

2012 I 1039 1042 1078 1081 1037 1037 1057 1058 993 994 1017 1015 1045 1040 II 1045 1049 1085 1088 1038 1037 1064 1065 997 998 1017 1015 1050 1045 III 1043 1046 1086 1091 1042 1042 1065 1065 994 994 1021 1018 1057 1051 IV 1038 1041 1087 1091 1048 1049 1093 1093 1014 1013 1053 1050 1060 1053

2013 I 1041 1040 1094 1096 1051 1053 1068 1066 987 986 1027 1025 1064 1057

II 1042 1040 1098 1099 1054 1056 1085 1083 1003 1001 1041 1041 1066 1060 III 1046 1044 1109 1108 1060 1062 1086 1085 999 998 1039 1040 1071 1065 IV 1054 1053 1122 1122 1065 1066 1092 1091 1000 1000 1036 1037 1074 1070

2014 I 1045 1044 1118 1119 1070 1072 1107 1106 1009 1008 1060 1060 1078 1074 II 1052 1051 1133 1134 1077 1079 1105 1104 1001 1000 1050 1050 1084 1078 III 1059 1059 1148 1149 1085 1085 1112 1113 1004 1005 1050 1051 1087 1083 IV 1052 1053 1156 1156 1099 1098 1120 1122 1014 1016 1065 1065 1085 1082

2015 I 1049 1050 1158 1158 1104 1102 1124 1126 1025 1027 1071 1072 1085 1083 II 1058 1059 1171 1171 1107 1106 1130 1131 1023 1024 1068 1068 1091 1090

Percent change quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 ndash12 ndash13 ndash20 ndash20 26 27 ndash12 ndash11 18 20 15 152009 33 32 ndash41 ndash43 ndash71 ndash72 10 11 14 14 ndash22 ndash20 2 62010 33 33 32 32 ndash1 ndash1 19 20 2 3 ndash14 ndash13 11 10

2011 1 2 21 22 20 20 22 22 ndash10 ndash9 21 21 22 182012 7 9 29 31 22 22 28 27 7 6 20 17 19 192013 4 0 20 17 16 17 12 11 ndash2 ndash4 8 11 15 152014 6 7 30 30 24 23 26 27 10 11 20 20 14 15

2011 I ndash33 ndash33 ndash22 ndash25 12 9 69 73 25 29 106 110 17 9 II 13 15 38 45 25 29 ndash17 ndash20 ndash61 ndash64 ndash29 ndash35 31 28 III ndash10 ndash8 11 11 22 20 21 24 ndash5 ndash2 32 33 27 25 IV 32 30 61 58 28 27 ndash48 ndash49 ndash64 ndash66 ndash77 ndash77 8 13

2012 I 1 6 34 39 33 32 97 96 72 72 96 89 17 17 II 24 25 26 27 2 2 26 24 16 14 2 ndash1 21 22 III ndash11 ndash8 6 10 17 18 4 3 ndash13 ndash15 15 11 24 21 IV ndash19 ndash22 2 2 21 24 110 107 82 79 131 131 14 11

2013 I 12 ndash1 25 17 13 18 ndash86 ndash92 ndash99 ndash105 ndash97 ndash91 16 12 II 6 1 16 11 10 11 63 63 65 65 57 62 6 12 III 13 14 39 35 25 21 5 9 ndash18 ndash14 ndash9 ndash5 17 22 IV 34 35 51 52 17 17 21 23 7 9 ndash12 ndash12 12 17

2014 I ndash36 ndash35 ndash17 ndash12 20 23 59 55 37 34 99 93 15 13 II 29 28 57 54 27 25 ndash9 ndash8 ndash32 ndash31 ndash37 ndash35 23 19

III 25 31 55 55 29 23 25 32 13 20 0 1 12 18 IV ndash24 ndash22 26 26 52 49 30 34 39 42 56 57 ndash6 ndash5

2015 I ndash13 ndash11 6 5 19 16 13 15 44 46 26 26 ndash1 5 II 35 33 46 47 11 14 21 18 ndash8 ndash11 ndash13 ndash14 22 22

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 274025

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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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)

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 284026

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 294027

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

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 304028

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

7172019 EI_201509pdf

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

capacity) 1

Index2012=100

Percent change 2 Manufacturing

Mining UtilitiesFrompreceding

month

Fromyear

earlierTotal 1 Durable Nondurable

Other(non-NAICS) 1

Totalindustry

Totalmanufacturing

2005 996 33 1030 936 1105 1482 848 987 800 7832006 1018 22 1057 980 1111 1466 868 981 803 7862007 1044 25 1085 1028 1125 1382 875 1014 807 7882008 1008 ndash34 1034 992 1058 1293 884 1013 777 7482009 894 ndash113 893 806 977 1115 838 988 687 6572010 944 56 946 893 998 1056 881 1024 737 7092011 972 30 974 948 999 1028 931 1022 762 7372012 1000 28 1000 1000 1000 1000 1000 1000 767 7452013 1019 19 1009 1014 1007 967 1065 1025 767 7412014 1057 37 1034 1055 1021 913 1180 1036 781 753

2014 Aug 1061 00 40 1039 1062 1024 906 1205 1003 782 756 Sept 1067 5 39 1041 1067 1025 890 1210 1034 785 757 Oct 1068 2 41 1043 1072 1026 883 1208 1034 785 758 Nov 1078 9 47 1052 1080 1037 877 1212 1056 790 764 Dec 1079 1 46 1052 1077 1040 865 1241 1030 790 763

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

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 20: EI_201509.pdf

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Industrial ProductionmdashMajor Market Groups and Selected Manufactures

[2012=100 monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal

Durablegoods

Nondurablegoods

Total 1 BusinessDefense

and

space

2005 1026 1111 1195 1086 858 872 770 1118 1275 1055 930 8592006 1052 1116 1187 1094 927 952 765 1139 1307 1072 949 8692007 1077 1121 1200 1097 988 999 912 1145 1296 1086 982 8872008 1038 1064 1051 1065 986 979 984 1083 1176 1046 957 8942009 932 990 863 1025 816 800 940 929 904 938 850 8732010 963 1002 938 1018 887 864 1011 962 937 972 921 9102011 984 1014 980 1022 926 910 982 978 959 985 960 9412012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1006 1015 1055 1006 988 996 969 1019 1029 1015 1031 10572014 1032 1037 1128 1015 1021 1043 938 1043 1069 1032 1084 1148

2014 Aug 1031 1032 1137 1007 1029 1052 938 1043 1079 1028 1092 1161 Sept 1036 1037 1136 1013 1033 1054 943 1050 1084 1036 1099 1171 Oct 1037 1035 1135 1010 1041 1066 941 1054 1086 1040 1100 1175 Nov 1051 1053 1168 1025 1047 1074 941 1059 1089 1046 1107 1181 Dec 1046 1051 1162 1023 1038 1063 944 1058 1103 1038 1114 1194

2015 Jan 1046 1053 1159 1027 1031 1062 936 1059 1101 1042 1107 1187 Feb 1041 1053 1138 1032 1019 1057 941 1058 1091 1044 1108 1192

Mar r 1041 1056 1154 1032 1012 1058 938 1050 1075 1039 1107 1186 Apr r 1038 1054 1170 1026 1006 1060 931 1054 1084 1041 1103 1173 May r 1035 1047 1186 1013 1009 1068 929 1050 1088 1034 1097 1156 June r 1034 1048 1166 1020 1007 1066 929 1052 1091 1035 1097 1158 July r 1044 1063 1231 1021 1008 1067 926 1052 1094 1033 1109 1171 Aug p 1040 1059 1201 1024 1003 1063 916 1054 1095 1036 1102 1168

1 Includes other items not shown separately

[2012=100 monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricatedmetal

productsMachinery

Computer andelectronic products

Transportationequipment

Apparel

Printingand

relatedsupport

activities

Chemicals Food

Total

Ironandsteel

products

TotalSelected

high-tech-

nology 1

Total

Motorvehicles

andparts

2005 991 967 1045 889 604 469 946 1088 2590 1299 1093 10052006 1019 1010 1102 931 689 564 958 1071 2523 1285 1119 10132007 1040 1026 1149 971 792 670 1017 1063 2023 1311 1175 10192008 1042 1092 1108 945 851 765 910 851 1572 1227 1086 10062009 775 704 852 735 757 673 746 623 1128 1028 981 10002010 951 918 907 821 859 818 865 827 1095 1027 1013 10042011 1021 1001 971 925 931 921 904 904 1030 1010 1013 10022012 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002013 1028 1019 1011 954 997 1037 1047 1065 946 1005 982 10172014 1054 1046 1039 999 1027 1061 1104 1177 927 1016 1000 1030

2014 Aug 1068 1048 1035 1005 1031 1064 1117 1196 900 1013 1011 1022 Sept 1072 1072 1047 1005 1035 1066 1116 1184 927 1012 1012 1022 Oct 1062 1078 1048 1034 1041 1071 1115 1183 922 1015 1013 1027 Nov 1046 1052 1049 1038 1040 1075 1144 1241 939 1022 1021 1044 Dec 1061 1058 1051 1008 1044 1070 1140 1231 956 1029 1027 1045

2015 Jan 1019 967 1055 1007 1047 1067 1135 1225 973 1023 1027 1045 Feb 1012 929 1048 1005 1042 1064 1129 1202 937 1022 1029 1043

Mar r 991 882 1048 990 1037 1058 1150 1241 931 1031 1028 1052 Apr r 990 903 1049 997 1034 1060 1159 1262 925 1031 1030 1051 May r 998 912 1049 1004 1030 1053 1177 1293 910 1022 1021 1046 June r 1028 993 1048 995 1042 1058 1144 1235 914 1026 1034 1044 July r 1026 980 1049 984 1040 1061 1210 1366 928 1033 1040 1053 Aug p 1026 983 1037 1000 1036 1057 1159 1278 936 1037 1033 1056

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

Source Board of Governors of the Federal Reserve System

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 21: EI_201509.pdf

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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

Newhousing

unitscompleted

Newhouses

sold

Newhousesfor saleat end

of period 3

Vacancyrate forrental

housingunits

(percent) 4

Type of structure Type of structure

Total 1 unit 2ndash4 units 1 5 units ormore

Total 1 unit 2ndash4 units5 units or

more

2005 20683 17158 411 3114 21553 16820 840 3893 19314 1283 511 992006 18009 14654 427 2928 18389 13782 766 3841 19794 1051 536 972007 13550 10460 317 2773 13984 9799 596 3590 15028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 11197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 10033 6479 137 3417 10521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014 Aug 966 643 306 1040 643 35 362 905 454 205 Sept 1026 661 353 1053 653 26 374 948 459 209 74

Oct 1079 705 357 1120 652 32 436 917 472 208 Nov 1007 670 328 1079 663 28 388 867 449 210 Dec 1080 724 336 1077 685 24 368 939 495 212 70

2015 Jan 1080 706 368 1059 657 27 375 975 521 208 Feb 900 600 292 1098 626 28 444 865 545 204 Mar 954 623 311 1038 642 26 370 806 485 205 71

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]

Period

Totalnew

constructionexpenditures

Private

Federaland

Stateandlocal

Total

Residential Nonresidential

Total 1New

housingTotal Lodging Office

Commercial(including

farm)

Manufactur-ing

Other 2

2005 11041 8700 6119 4808 2581 127 373 666 284 1131 23422006 11672 9118 6137 4688 2981 176 457 734 323 1291 2554

2007 11524 8633 4932 3541 3700 275 538 859 402 1626 28912008 10684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9183 6477 3354 2023 3123 130 301 509 499 1661 27072014 9621 6864 3387 2354 3477 157 384 608 572 1756 2757

2014 Aug 9550 6763 3300 2348 3463 157 385 619 581 1721 2787 Sept 9592 6849 3371 2419 3478 163 408 650 616 1640 2743 Oct 9796 6921 3421 2487 3500 170 425 661 641 1603 2874 Nov 9769 6993 3472 2531 3522 169 414 668 649 1622 2775 Dec 9891 7076 3548 2599 3527 169 427 690 657 1584 2816

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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 22: EI_201509.pdf

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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

Sales 2 Inventories 3 Inventorysalesratio 4 Sales 2 Inventories 3 Inventorysales

ratio 4 Sales 2 Inventories 3 Inventorysalesratio 4

2005 1005821 1313394 127 303208 368070 117 307440 471658 151 3404792006 1069032 1407845 128 328438 398969 117 322631 486439 149 3578632007 1128176 1486057 128 351956 424318 117 332932 500625 149 3699782008 1160303 1462775 131 376603 443905 119 328026 477449 152 3660632009 987564 1325989 138 318068 394417 128 301204 429453 147 3389022010 1087061 1442657 127 359869 437273 114 318405 455051 139 3573622011 1204161 1555262 126 405214 480931 114 342166 470989 135 3834822012 1267342 1643981 127 430430 512794 116 358853 505169 138 4025942013 1303200 1715907 129 443551 534519 118 372419 543511 141 4176452014 1348311 1781446 131 462592 570198 120 386024 558321 143 434037

2014 July r 1365363 1766082 129 469153 556796 119 387541 555312 143 435576 Aug r 1361475 1769533 130 466534 560382 120 389886 554795 142 438243 Sept 1358331 1774039 131 466414 561836 120 388462 556747 143 437311 Oct 1354287 1778433 131 466173 565118 121 389672 557744 143 439189

Nov 1352373 1780173 132 465997 569479 122 391741 554624 142 441444 Dec 1339038 1781446 133 461666 570198 124 387188 558321 144 437590

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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

7172019 EI_201509pdf

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 23: EI_201509.pdf

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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

2005 395173 202070 193103 473666 283663 190003 397015 203913 67867 654688 1172006 417963 213516 204447 522437 317440 204997 424150 219703 74127 798211 1202007 443288 223919 219369 561114 334597 226517 449779 230410 79817 947045 1222008 455675 218328 237347 541421 330120 211301 453919 216572 73134 996124 1272009 368292 171886 196406 502119 295112 207007 349269 152863 48358 825118 1392010 408787 190900 217887 550333 321953 228380 406314 188426 61656 869235 1282011 456781 207780 249001 603342 353150 250192 456739 207738 70941 950208 1282012 478059 221518 256542 626018 366644 259374 478182 221640 78887 1021440 1292013 487231 225593 261638 637877 375526 262351 487654 226016 80976 1087229 1302014 499695 236532 263162 652927 398295 254632 504584 241422 86432 1210631 131

2014 Aug 505055 241202 263853 654356 390907 263449 505642 241789 87448 1210827 130 Sept 503455 240834 262621 655456 392885 262571 500812 238191 83139 1213630 130

Oct 498442 239888 258554 655571 394605 260966 496308 237754 80128 1216967 132 Nov 494635 237558 257077 656070 396418 259652 493017 235940 81725 1220658 133 Dec 490184 242029 248155 652927 398295 254632 474894 226739 73440 1210631 133

2015 Jan 479363 239765 239598 648226 399540 248686 472969 233371 80376 1209242 135 Feb 479810 237047 242763 649072 400588 248484 468026 225263 75521 1202563 135 Mar 482432 240599 241833 648373 400745 247628 478504 236671 81074 1203506 134 Apr 482323 239866 242457 649569 401392 248177 475026 232569 79256 1200999 135 May 481347 238793 242554 649972 400446 249526 469833 227279 73608 1194695 135 June 484363 240911 243452 651751 402145 249606 480063 236611 81504 1195217 135 July r 483362 243200 240162 650029 401297 248732 481206 241044 81970 1197457 134 Aug p 480143 242677 237466 648385 401173 247212 472989 235523 79944 1195011 135

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 384036

US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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]

PeriodTotalfinal

demand 1

Final demand goods Final demand servicesFinal

demandless

foodsenergy

andtrade

(Aug 2013=100) 2

Processed goodsfor intermediate

demand (1982=100)

Unprocessed goodsfor intermediate

demand (1982=100) Servicesfor

intermedi-ate

demandTotal Foods 2 Energy

Lessfoodand

energy

Total Trade 3

Transpor-tationand

warehous-ing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Rel imp 4 1000 34673 5797 6309 22567 63306 20034 5108 38164 67860 1000 73245 1000 22814 1000 2005 1540 1546 1822 2024 2006 1640 1638 1848 2445 2007 1707 1684 2071 2826 2008 1883 1809 2518 3244 2009 1725 1734 1752 2484 2010 1018 1028 1037 1072 1014 1013 1017 1032 1009 1834 1808 2122 3291 10112011 1057 1099 1125 1262 1049 1034 1040 1100 1025 1999 1920 2494 3904 10322012 1077 1117 1159 1263 1068 1054 1067 1142 1039 2007 1926 2414 3696 10532013 1091 1126 1178 1253 1079 1071 1082 1153 1058 2008 1938 2467 3512 10722014 1109 1140 1216 1242 1095 1090 1102 1177 1075 1015 2019 1952 2493 3457 1089

2014 Aug 1113 1145 1219 1258 1097 1094 1106 1186 1079 1018 2034 1964 2457 3455 1092

Sept 1111 1144 1218 1247 1099 1091 1097 1184 1079 1018 2030 1963 2459 3458 1091 Oct 1114 1139 1225 1215 1098 1098 1119 1179 1079 1018 2010 1957 2377 3371 1095 Nov 1111 1130 1226 1170 1097 1098 1115 1183 1080 1019 1989 1948 2347 3318 1095 Dec 1108 1116 1225 1093 1097 1101 1121 1183 1082 1020 1954 1936 2224 3298 1097

2015 Jan 1100 1095 1214 983 1098 1100 1127 1171 1080 1018 1907 1916 2017 3266 1098 Feb 1096 1091 1195 983 1098 1095 1109 1160 1081 1018 1897 1910 1942 3094 1096 Mar 1096 1092 1183 995 1098 1096 1111 1157 1082 1018 1893 1905 1928 3045 1099 Apr r 1095 1085 1171 969 1098 1098 1110 1151 1086 1020 1878 1902 1939 3039 1104 May 1099 1099 1183 1027 1099 1095 1108 1150 1084 1019 1892 1894 1997 3035 1098 June 1103 1107 1190 1052 1103 1098 1110 1157 1086 1022 1906 1898 2020 3045 1102 July 1105 1106 1189 1046 1103 1102 1114 1159 1090 1024 1903 1899 1961 3030 1104 Aug 1105 1099 1193 1012 1101 1106 1124 1151 1092 1025 1892 1895 1875 2886 1112

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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 294027

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

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 304028

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 25: EI_201509.pdf

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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

C-CPI-U(NSA) 3

Notseasonallyadjusted

(NSA)

Seasonallyadjusted

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

home

Awayfromhome

Total 1 2 Gasoline

Rel imp 4 1000 77634 32886 7713 3254 3508 14086 8275 5811 8280 4191 2005 1953 2009 2244 3232 1195 1379 1907 1898 1934 1771 1947 11372006 2016 2059 2321 3362 1195 1376 1952 1931 1994 1969 2199 11702007 207342 210729 240611 351054 118998 136254 202916 201245 206659 207723 237959 1199572008 215303 215572 246666 364065 118907 134194 214106 214125 215769 236666 277457 1244332009 214537 219235 249354 375613 120078 135623 217955 215124 223272 193126 201555 1238502010 218056 221337 248396 388436 119503 138005 219625 215836 226114 211449 238594 1256152011 224939 225008 251646 400258 122111 141883 227842 226201 231401 243909 301694 1294532012 229594 229755 257083 414924 126265 144232 233777 231774 237986 246080 311470 1319762013 232957 233806 263056 425134 127411 145783 237037 233869 243068 244409 302577 2014 236736 237897 270513 435292 127514 146275 242725 239456 248981 243583 290889

2014 Aug 237852 237409 238340 271489 436047 127751 146511 243843 240777 249801 245612 294814 136162 Sept 238031 237626 238686 272186 436872 127907 146554 244654 241619 250570 243843 292119 136248

Oct 237433 237753 239120 272833 437686 127567 146752 245125 242053 251100 240863 286208 135862 Nov 236151 237067 239304 273501 439419 126706 146720 245632 242309 251987 230897 265500 135033 Dec 234812 236284 239445 274016 441370 125643 146655 246237 242893 252628 220070 240998 134113

2015 Jan 233707 234677 239871 274759 441362 125965 146453 246132 242446 253037 198727 195938 133185 Feb 234722 235186 240247 275431 441385 126336 146735 246512 242626 253719 200622 200557 133838 Mar 236119 235740 240793 276163 442735 126996 147046 246003 241519 254108 202910 208324 134773 Apr 236599 235982 241409 276925 445800 126563 147236 245998 241100 254727 200372 204717 135038 May 237805 237031 241760 277468 446781 125964 147505 246014 240730 255322 209039 225935 135826 June 238638 237786 242193 278316 446051 125776 147667 246734 241584 255846 212668 233504 136307 July 238654 238099 242513 279305 446649 126151 147381 247149 242237 255905 212790 235596 136267 Aug 238316 237931 242693 279908 446812 126545 147347 247729 242843 256449 208521 226047 135989

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]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 384036

US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 26: EI_201509.pdf

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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]

PeriodAll

items 1

All items less food and energy Food Energy

C-CPI-U

(NSA) 3

Addendum All itemspercent change (annual rate)

Total 1 ShelterMedicalcare 2 Apparel

Newvehicles

Total 1At

homeAwayfromhome

Total 1 2 GasolineFrom

previousquarter 4

From3

monthsearlier

From6

monthsearlier

Fromyear

earlier(NSA)

Change December to December NSA

2005 34 22 26 43 ndash11 ndash04 23 17 32 171 161 29 342006 25 26 42 36 9 ndash9 21 14 32 29 64 23 322007 41 24 31 52 ndash3 ndash3 49 56 40 174 296 37 282008 1 18 19 26 ndash10 ndash32 59 66 50 ndash213 ndash431 2 382009 27 18 3 34 19 49 ndash5 ndash24 19 182 535 25 ndash42010 15 8 4 33 ndash11 ndash2 15 17 13 77 138 13 162011 30 22 19 35 46 32 47 60 29 66 99 29 322012 17 19 22 32 18 16 18 13 25 5 17 15 212013 15 17 25 20 6 4 11 4 21 5 ndash10 13 152014 8 16 29 30 ndash20 5 34 37 30 ndash106 ndash210 4 16

Change month to month

2014 Aug ndash01 01 02 01 ndash04 01 03 03 02 ndash17 ndash27 ndash02 08 18 17 Sept 1 1 3 2 1 0 3 3 3 ndash7 ndash9 1 12 5 16 17 Oct 1 2 2 2 ndash3 1 2 2 2 ndash12 ndash20 ndash3 3 13 17 Nov ndash3 1 2 4 ndash7 0 2 1 4 ndash41 ndash72 ndash6 ndash6 1 13 Dec ndash3 1 2 4 ndash8 0 2 2 3 ndash47 ndash92 ndash7 ndash9 ndash22 ndash9 8

2015 Jan ndash7 2 3 0 3 ndash1 0 ndash2 2 ndash97 ndash187 ndash7 ndash51 ndash24 ndash1 Feb 2 2 2 0 3 2 2 1 3 10 24 5 ndash31 ndash19 0 Mar 2 2 3 3 5 2 ndash2 ndash5 2 11 39 7 ndash31 ndash9 ndash16 ndash1 Apr 1 3 3 7 ndash3 1 0 ndash2 2 ndash13 ndash17 2 22 ndash15 ndash2 May 4 1 2 2 ndash5 2 0 ndash2 2 43 104 6 32 0 0 June 3 2 3 ndash2 ndash1 1 3 4 2 17 34 4 30 35 13 1 July 1 1 4 1 3 ndash2 2 3 0 1 9 0 36 29 2 Aug ndash1 1 2 0 3 0 2 3 2 ndash20 ndash41 ndash2 15 23 2

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

lessfoodsenergy

andtrade

Processed goodsfor intermediate

demand

Unprocessed goodsfor intermediate

demand Servicesfor

interme-diate

demand

Change from year earlier(NSA)

Total Foods Energy

Lessfoodand

energy

Total Trade

Transpor-tationand

ware-housing

Other Total

Lessfoodand

energyTotal

Nonfoodmaterials

lessenergy

Totalfinal

demand

Finaldemandgoods

Finaldemandservices

Change December to December NSA

2005 86 48 211 52 2006 28 45 ndash47 170 2007 71 33 198 156 2008 ndash23 29 ndash246 ndash241 2009 29 ndash1 133 289 2010 28 47 53 127 24 17 21 43 13 64 47 161 276 14 2011 32 47 57 92 31 23 23 67 18 57 38 66 24 20 38 69 212012 19 14 41 ndash13 14 22 38 27 14 4 6 14 ndash16 29 19 16 192013 12 8 ndash8 9 13 13 ndash4 20 20 1 7 ndash19 ndash56 10 13 8 162014 9 ndash12 44 ndash132 11 21 40 8 14 13 ndash26 ndash1 ndash87 ndash53 18 16 12 18

Change month to month

2014 Aug ndash01 ndash03 ndash02 ndash10 00 ndash01 ndash06 02 03 02 ndash01 02 ndash30 ndash08 00 19 17 20 Sept ndash2 ndash1 ndash1 ndash9 2 ndash3 ndash8 ndash2 0 0 ndash2 ndash1 1 1 ndash1 16 15 16 Oct 3 ndash4 6 ndash26 ndash1 6 20 ndash4 0 0 ndash10 ndash3 ndash33 ndash25 4 15 10 19 Nov ndash3 ndash8 1 ndash37 ndash1 0 ndash4 3 1 1 ndash10 ndash5 ndash13 ndash16 0 13 4 18 Dec ndash3 ndash12 ndash1 ndash66 0 3 5 0 2 1 ndash18 ndash6 ndash52 ndash6 2 9 ndash12 21

2015 Jan ndash7 ndash19 ndash9 ndash101 1 ndash1 5 ndash10 ndash2 ndash2 ndash24 ndash10 ndash93 ndash10 1 0 ndash36 20

Feb ndash4 ndash4 ndash16 0 0 ndash5 ndash16 ndash9 1 0 ndash5 ndash3 ndash37 ndash53 ndash2 ndash5 ndash41 12 Mar 0 1 ndash10 12 0 1 2 ndash3 1 0 ndash2 ndash3 ndash7 ndash16 3 ndash9 ndash45 9 Apr r ndash1 ndash6 ndash10 ndash26 0 2 ndash1 ndash5 4 2 ndash8 ndash2 6 ndash2 5 ndash11 ndash55 12 May r 4 13 10 60 1 ndash3 ndash2 ndash1 ndash2 ndash1 7 ndash4 30 ndash1 ndash5 ndash11 ndash43 6 June 4 7 6 24 4 3 2 6 2 3 7 2 12 3 4 ndash7 ndash37 8 July 2 ndash1 ndash1 ndash6 0 4 4 2 4 2 ndash2 1 ndash29 ndash5 2 ndash8 ndash37 6 Aug 0 ndash6 3 ndash33 ndash2 4 9 ndash7 2 1 ndash6 ndash2 ndash44 ndash48 7 ndash8 ndash41 10

1 Includes final demand construction not shown separately

Source Department of Labor (Bureau of Labor Statistics)

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 27: EI_201509.pdf

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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)

Productionitems

2005 71 63 78 70 67 65 1012006 71 68 73 74 72 69 962007 84 81 86 79 77 75 1062008 92 96 86 90 89 88 1022009 81 86 74 87 86 85 932010 82 79 86 90 89 88 922011 100 100 100 100 100 100 1002012 105 107 102 104 105 105 1002013 107 106 109 106 107 107 1002014 108 92 129 111 113 114 97

2014 Aug 109 91 130 112 113 114 97

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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 304028

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 28: EI_201509.pdf

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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]

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 304028

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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 29: EI_201509.pdf

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

Period CurrencyNonbanktravelerschecks

Demanddeposits

Other checkabledeposits (OCDs)

Savings deposits(including MMDAs)

Small-denominationtime deposits 1

Retailmoneyfunds

Institu-tionalmoneyfunds 2

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

Total

Atcommer-

cialbanks

Atthrift

institu-tions

2005 Dec 7246 72 3243 3187 1808 1380 36034 27746 8289 9937 6467 3470 6788 118022006 Dec 7502 67 3056 3057 1768 1289 36955 29118 7837 12060 7807 4254 7729 139472007 Dec 7606 63 3034 3064 1730 1333 38696 30421 8275 12760 8588 4172 9266 19650

2008 Dec 8162 55 4733 3120 1788 1333 40914 33221 7693 14576 10788 3788 10179 246212009 Dec 8637 51 4482 3814 2312 1502 48155 39792 8364 11878 8683 3196 7783 225712010 Dec 9188 47 5193 3990 2358 1632 53337 44100 9236 9325 6616 2710 6734 189592011 Dec 10015 43 7518 4106 2332 1775 60333 50342 9990 7714 5425 2289 6618 176402012 Dec 10905 38 9205 4428 2446 1983 66860 57270 9590 6372 4603 1769 6417 174222013 Dec 11603 35 10217 4689 2568 2121 71318 61080 10238 5592 4150 1442 6385 177712014 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

2014 Aug 12233 32 11055 4841 2650 2191 74682 63947 10736 5307 3952 1354 6271 17483 Sept 12280 31 11451 4808 2627 2181 74729 63977 10752 5261 3916 1345 6235 17533 Oct 12327 30 11461 4820 2616 2204 75089 64314 10775 5207 3870 1337 6271 17752 Nov 12420 30 11513 4832 2615 2217 75453 64691 10762 5149 3821 1328 6243 17866 Dec 12522 29 11701 4892 2672 2220 75843 65026 10817 5099 3782 1317 6205 18031

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]

Period

Reserves of depository institutions

Monetarybase 5

Borrowings from the Federal Reserve

Reserve balances maintained

Reservebalancerequire-ments 3

Vault cashused tosatisfy

requiredreserves

Non-borrowed 4 Total 6 Primary Secondary Seasonal

Termasset-backed

securitiesloan

facility 7

Total

To satisfyreservebalancerequire-ments 2

Thatexceed thetop of the

penalty-freeband

2005 Dec 10046 8146 35337 45214 803124 169 97 0 72 2006 Dec 8479 6616 34803 43091 826731 191 111 0 80 2007 Dec 8098 6314 35365 28033 837192 15430 3787 1 30 2008 Dec 783631 16312 37245 167311 1666365 653565 88245 52 3 2009 Dec 1099831 24632 40619 970523 2026220 169927 19025 518 37 463102010 Dec 1035074 28438 42927 1032512 2017000 45488 41 3 26 250252011 Dec 1550043 47838 48672 1589189 2619586 9526 103 0 23 94002012 Dec 1517425 58673 52959 1569589 2675945 795 12 0 23 7602013 Dec 2485248 75713 2409535 69030 55771 2540849 3717450 170 13 0 59 982014 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2014 Sept 2759284 89839 2669445 81892 55203 2814187 4049189 300 18 0 253 29 Oct 2705668 93260 2612408 85026 54648 2760096 4001451 221 8 0 200 13 Nov 2519578 94838 2424740 86424 55521 2574969 3830424 130 12 0 119 0 Dec 2606700 90852 2515848 82770 59236 2665835 3934455 102 22 0 80 0

2015 Jan 2683709 99273 2584437 90522 61875 2745518 4017103 66 48 0 18 0 Feb 2496868 97853 2399015 89118 59203 2556053 3840464 18 13 0 5 0 Mar 2675202 100477 2574726 91495 57660 2732842 4030632 20 11 0 9 0

Apr 2698960 101495 2597465 92469 57779 2756687 4059374 52 24 0 28 0 May 2584359 101248 2483111 92358 57374 2641646 3949351 87 6 0 81 0 June 2553138 96362 2456776 87882 57990 2610979 3919581 150 14 0 135 0 July 2590841 100727 2490114 91834 58459 2649114 3961126 186 6 0 179 0 Aug 2608263 105413 2502851 96142 57795 2665823 3983882 235 14 0 221 0 Sept 2643958 100898 2543060 91977 57321 2701023 4028301 256 9 0 246 0

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

7172019 EI_201509pdf

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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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 30: EI_201509.pdf

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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]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

7172019 EI_201509pdf

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 31: EI_201509.pdf

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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]

Period

Sources Uses

Discrepancy(sources

lessuses)Total Internal 1

External (Net increase in liabilities)

TotalCapital

expendi-tures 3

Increasein

financialassetsTotal

Funds raised in markets

Other 2Totalnet

fundsraised

Netnew

equityissues

Credit market instruments

TotalSecurities

and

mortgages

Loansand

short-term

paper

2005 r 23008 13354 9654 ndash336 ndash3002 2666 1914 753 9002 21362 11917 9445 16462006 r 22022 13631 8391 ndash1088 ndash4969 3881 2157 1723 7559 20374 13373 7001 16482007 r 26334 13525 12809 ndash539 ndash7063 6525 2575 3951 11227 24672 13944 10728 16632008 r 17320 13931 3389 ndash537 ndash3156 2618 1221 1399 2030 7512 13600 ndash6088 98082009 r 11850 14337 ndash2487 ndash4094 ndash512 ndash3582 1097 ndash4679 560 13206 10208 2998 ndash13562010 r 21643 16767 4876 ndash3214 ndash2507 ndash707 822 ndash1530 6520 18681 12354 6327 29612011 r 26228 17285 8943 ndash1600 ndash4546 2946 1088 1857 8616 18287 13319 4968 79422012 r 27417 17564 9853 192 ndash3449 3641 2755 884 7779 20075 15012 5063 73422013 r 28908 18861 10047 794 ndash3529 4324 3149 1173 7403 26084 15394 10690 28232014 r 28272 19082 9190 1016 ndash3875 4891 2833 2058 7203 23400 16673 6727 4871

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

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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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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[Percent per annum]

Period

US Treasury security yields High-grademunicipal

bonds(Standardamp Poorrsquos) 3

CorporateAaa

bonds(Moodyrsquos)

Discountwindow

primary credit(NY FRBank) 4

Primerate

chargedby

banks 4

Federalfundsrate 5

New-homemortgage

yields(FHFA) 6

3-month bills(at auction) 1

Constant maturities 2

3-year 10-year 30-year

2005 316 393 429 429 524 419 619 322 594

2006 473 477 480 491 442 559 596 796 497 6632007 441 435 463 484 442 556 586 805 502 6412008 148 224 366 428 480 563 239 509 192 6052009 16 143 326 408 464 531 50 325 16 5142010 14 111 322 425 416 494 72 325 18 4802011 06 75 278 391 429 464 75 325 10 4562012 09 38 180 292 314 367 75 325 14 3692013 06 54 235 345 396 424 75 325 11 4002014 03 90 254 334 378 416 75 325 09 422

2014 Sept 02 105 253 326 355 411 75 325 09 423 Oct 02 88 230 304 335 392 75 325 09 423 Nov 02 96 233 304 349 392 75 325 09 416 Dec 04 106 221 283 339 379 75 325 12 414

2015 Jan 03 90 188 246 316 346 75 325 11 405 Feb 02 99 198 257 326 361 75 325 11 391 Mar 02 102 204 263 329 364 75 325 11 393 Apr 03 87 194 259 340 352 75 325 12 392 May 02 98 220 296 377 398 75 325 12 389 June 01 107 236 311 376 419 75 325 13 398

July 03 103 232 307 373 415 75 325 13 410 Aug 09 103 217 286 357 404 75 325 14 412 Sept 06 101 217 295 356 407 75 325 14

Week ended2015 Sept 5 10 103 218 294 355 412 75 325 13 12 08 105 221 297 359 409 75 325 14 19 06 105 222 301 365 410 75 325 14 26 01 99 216 296 354 403 75 325 14 Oct 3 02 92 205 285 348 398 75 325 12

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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

7172019 EI_201509pdf

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 33: EI_201509.pdf

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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

industrialaverage 3

Standardamp Poorrsquos

compositeindex

(1941ndash43=10) 4

Nasdaqcomposite

index(Feb 5

1971=100) 5

Dividendpriceratio

Earningspriceratio

Composite Financial EnergyHealthCare

2005 734901 738370 937784 628396 1054767 120706 209903 183 5362006 835799 865440 1120694 668506 1140867 131067 226517 187 5782007 964882 932133 1333992 719191 1316998 147666 257712 186 5292008 803688 627838 1325842 617119 1125261 122089 216246 237 3542009 609102 398704 1002030 545663 887615 94673 184103 240 1862010 723042 474405 1094385 623062 1066280 113931 234770 198 6042011 787141 464101 1288035 684780 1196636 126889 268042 205 6772012 801165 461663 1251231 750305 1296708 137956 296577 224 6202013 942677 580554 1349083 925002 1499967 164251 353769 214 5572014 1065317 644833 1459807 1119585 1677399 193067 437431 204 525

2014 Sept 1092674 659399 1536176 1160633 1709813 199323 455158 201 537 Oct 1047137 638844 1380600 1133180 1670187 193727 440323 208 Nov 1091173 668169 1371024 1193926 1764898 204457 468770 200 Dec 1081824 671214 1242024 1210874 1775424 205427 473270 201 497

2015 Jan 1067925 648039 1200474 1223002 1754226 202818 467370 204 Feb 1096994 660733 1262448 1247021 1794541 208220 485426 200 Mar 1091786 662448 1196522 1280787 1793175 207999 493801 202 480 Apr 1109459 669003 1269746 1305310 1797051 209486 498595 202 May 1114524 678459 1265205 1310992 1812471 211194 502943 206

June 1101496 678454 1206940 1318509 1792722 209928 507304 207 460 July 1085776 677374 1125916 1335741 1779502 209414 508281 208 Aug 1053202 659514 1038396 1316534 1706159 203987 493462 216 Sept 995764 615878 973962 1237038 1633995 194440 474800 225

Week ended2015 Sept 5 999714 618120 999729 1242225 1628298 194145 471600 229 12 1003955 620536 983461 1250716 1637744 195620 479676 223 19 1011566 624251 987478 1267311 1655402 197493 485534 223 26 990833 612487 962773 1234188 1632731 194241 475188 226 Oct 3 976354 607004 948694 1187648 1621602 191221 460326 228

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

2007 20152014201320122011201020092008

PERCENT

15

10

0

20

5

PERCENT

15

10

0

20

2007 2008 2009 2010 2011 2012 2014 20152013

EARNINGSPRICE RATIO ON COMMON STOCKS(SampP)

COMPOSITE STOCK PRICE INDEX (NYSE)

INDEX DEC 31 2002=5000 (RATIO SCALE)

4000

5000

6000

7000

9000

10000

11000

8000

12000

4000

5000

6000

7000

9000

10000

11000

8000

12000

Stock prices fell in September

7172019 EI_201509pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 34: EI_201509.pdf

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Federal Receipts Outlays and Debt

[Billions of dollars]

Fiscal year or period

Total On-budget Off-budgetFederal debt

(end of period)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

Receipts Outlays

Surplusor

deficit(ndash)

GrossFederal

Held bythe public

1997 15792 16011 ndash219 11872 12905 ndash1032 3920 3106 814 53692 377231998 17217 16525 693 13059 13359 ndash299 4158 3166 992 54782 372111999 18275 17018 1256 13830 13811 19 4445 3208 1237 56055 36324

2000 20252 17890 2362 15446 14582 864 4806 3308 1498 56287 340982001 19911 18628 1282 14836 15160 ndash324 5075 3468 1607 57699 331962002 18531 20109 ndash1578 13378 16552 ndash3174 5153 3557 1597 61984 354042003 17823 21599 ndash3776 12585 17969 ndash5384 5238 3630 1608 67600 391342004 18801 22928 ndash4127 13454 19133 ndash5680 5347 3795 1552 73547 429552005 21536 24720 ndash3183 15761 20697 ndash4936 5775 4022 1753 79053 459222006 24069 26551 ndash2482 17985 22330 ndash4345 6084 4221 1863 84514 482902007 25680 27287 ndash1607 19329 22750 ndash3422 6351 4536 1815 89507 503512008 25240 29825 ndash4586 18659 25078 ndash6418 6580 4748 1833 99861 58031

2009 21050 35177 ndash14127 14510 30007 ndash15497 6540 5170 1370 118759 754472010 21627 34571 ndash12944 15310 29024 ndash13714 6317 5547 770 135288 901892011 23035 36031 ndash12996 17377 31045 ndash13668 5658 4986 672 147642 1012822012 24500 35370 ndash10870 18805 30294 ndash11489 5695 5076 619 160509 1128112013 27751 34546 ndash6795 21018 28208 ndash7190 6733 6338 395 167194 1198272014 30215 35061 ndash4846 22859 28001 ndash5141 7356 7061 295 177945 1277992015 (estimates) 32485 37030 ndash4545 24771 29594 ndash4823 7713 7435 278 185402 1341092016 (estimates) 35574 39868 ndash4294 27493 32014 ndash4521 8081 7854 228 192352 139741

Cumulative total first 11 months 1

Fiscal year 2014 26691 32583 ndash5892 19948 26219 ndash6271 6743 6364 380 177183 127283Fiscal year 2015 28833 34132 ndash5300 21781 27428 ndash5647 7052 6705 347 181196 131137

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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 35: EI_201509.pdf

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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

TotalIndi-

vidualincometaxes

Corpora-tion

incometaxes

Social

insur-anceand

retire-ment

receipts

Other Total

National defense

Interna-tionalaffairs

HealthMedi-care

Incomesecurity

Socialsecurity

Netinterest

OtherTotal

Depart-ment

ofDe-

fensemilitary

1997 15792 7375 1823 5394 1201 16011 2705 2583 152 1238 1900 2350 3653 2440 15731998 17217 8286 1887 5718 1326 16525 2682 2558 131 1314 1928 2378 3792 2411 18891999 18275 8795 1847 6118 1515 17018 2748 2612 152 1410 1904 2425 3900 2298 2181

2000 20252 10045 2073 6529 1606 17890 2944 2810 172 1545 1971 2537 4094 2229 23972001 19911 9943 1511 6940 1517 18628 3047 2902 165 1722 2174 2698 4330 2062 24312002 18531 8583 1480 7008 1460 20109 3485 3318 223 1965 2309 3127 4560 1709 27312003 17823 7937 1318 7130 1439 21599 4047 3871 212 2195 2494 3346 4747 1531 30262004 18801 8090 1894 7334 1484 22928 4558 4364 269 2401 2694 3331 4955 1602 31182005 21536 9272 2783 7941 1540 24720 4953 4741 346 2505 2986 3458 5233 1840 33982006 24069 10439 3539 8378 1712 26551 5218 4993 295 2527 3299 3525 5485 2266 39352007 25680 11635 3702 8696 1647 27287 5513 5285 285 2664 3754 3660 5862 2371 31792008 25240 11457 3043 9002 1737 29825 6161 5946 289 2806 3908 4313 6170 2528 3652

2009 21050 9153 1382 8909 1605 35177 6610 6367 375 3343 4301 5332 6830 1869 65162010 21627 8985 1914 8648 2079 34571 6935 6667 452 3691 4516 6222 7067 1962 37262011 23035 10915 1811 8188 2121 36031 7056 6781 457 3725 4857 5974 7308 2300 43552012 24500 11322 2423 8453 2302 35370 6779 6509 472 3467 4718 5413 7733 2204 45832013 27751 13164 2735 9478 2374 34546 6334 6078 462 3583 4978 5365 8136 2209 34792014 30215 13946 3207 10235 2827 35061 6035 5779 467 4094 5117 5136 8505 2290 34172015 (estimates) 32485 15403 3469 10704 2909 37030 5931 5664 494 4885 5435 5146 8895 2101 41432016 (estimates) 35574 17014 4291 11209 3060 39868 6146 5861 564 5489 5924 5470 9302 2497 4476

Cumulative total first 11 months 1

Fiscal year 2014 26691 12333 2472 9414 2473 32583 5554 5309 411 3717 4674 4862 7790 2398 3177Fiscal year 2015 28833 13793 2684 9775 2581 34132 5363 5100 425 4442 5011 4733 8132 2347 3679

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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 36: EI_201509.pdf

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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

NetFederal

Govern-ment

savingTotal

Current tax receipts Contribu-tions

forgovern-mentsocialinsur-ance

Incomereceiptson

assets

Currenttransferreceipts

Current

surplus ofgovern-mententer-prises

TotalCon-sumption

expendi-tures

Currenttransferpay-

ments 2

Interestpayments

SubsidiesTotal 1

Personalcurrenttaxes

Taxeson

productionand

imports

Taxeson

corporateincome

Calendar year2005 23035 13893 9368 994 3410 8534 273 327 09 26082 7234 14798 3444 605 ndash30472006 25377 15634 10546 992 3950 9057 290 379 18 27648 7639 15774 3723 511 ndash22702007 26672 16424 11697 946 3628 9472 334 420 20 29328 7984 16788 4082 475 ndash26572008 25795 15207 11743 940 2337 9744 339 497 8 32135 8798 18961 3880 496 ndash63402009 22384 11711 8645 914 2004 9508 485 672 8 34872 9337 21429 3536 569 ndash124882010 24433 13527 9416 968 2987 9709 546 681 ndash31 37720 10039 23332 3806 543 ndash132872011 25741 15538 11291 1086 2994 9040 564 671 ndash71 38183 10061 23270 4257 595 ndash124412012 26991 16611 11647 1151 3631 9381 526 561 ndash89 37891 10078 23008 4229 576 ndash109012013 31413 18250 13006 1258 3792 10934 1632 711 ndash113 37822 9613 23460 4161 589 ndash64092014 32652 19744 13969 1378 4179 11452 748 806 ndash97 38967 9553 24439 4401 574 ndash6315

2013 I 29767 17719 12634 1228 3669 10754 728 669 ndash102 37673 9785 23282 4019 587 ndash7906 II 32538 18097 12944 1249 3717 10917 2983 654 ndash113 37798 9670 23392 4143 593 ndash5259

III 30864 18442 13110 1267 3866 10982 919 635 ndash114 37941 9508 23610 4233 590 ndash7077 IV 32482 18740 13336 1289 3918 11082 1898 885 ndash123 37877 9487 23556 4249 586 ndash5396

2014 I 32155 19219 13593 1365 4032 11307 1038 685 ndash95 38347 9529 23903 4338 576 ndash6192 II 32563 19702 13802 1371 4326 11374 751 834 ndash99 38863 9509 24298 4482 574 ndash6300 III 32934 19897 14065 1390 4219 11491 577 1065 ndash96 39435 9682 24717 4459 577 ndash6501 IV 32957 20156 14417 1388 4139 11635 625 638 ndash98 39224 9491 24840 4323 570 ndash6267

2015 I 33565 20851 15010 1405 4190 11722 457 616 ndash81 39358 9567 25394 3826 571 ndash5793 II r 34208 21347 15159 1453 4487 11770 445 726 ndash80 40146 9572 25422 4572 580 ndash5939

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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

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US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 37: EI_201509.pdf

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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)

UnitedStates

Canada Japan France Germany ItalyUnited

KingdomUnited

States 1 Canada Japan France Germany ItalyUnited

Kingdom

2005 996 1063 1095 1117 899 1189 1121 1953 1850 1184 1734 1537 2606 22562006 1018 1056 1140 1130 951 1233 1129 2016 1887 1186 1763 1562 2661 23282007 r 1044 1044 1174 1143 1009 1255 1132 207342 1927 1187 1789 1597 2709 24272008 1008 1015 1132 1108 1008 1209 1102 215303 1973 1203 1840 1639 2800 2524

2009 r 894 903 887 954 843 984 1005 214537 1979 1187 1841 1645 2822 25112010 944 947 1026 1001 935 1052 1036 218056 2014 1179 1869 1663 2865 26272011 972 984 998 1025 1003 1066 1028 224939 2072 1175 1909 1697 2945 27632012 1000 1000 1000 1000 1000 1000 1000 229594 2104 1175 1946 1731 3034 28522013 r 1019 1014 994 994 1001 969 994 232957 2124 1179 1963 1757 3071 29392014 1057 1054 1015 983 1015 964 1011 236736 2164 1212 1973 1773 3079 3008

2014 July r 1061 1057 999 991 1025 956 1011 238250 2173 1219 1971 1779 3081 3008 Aug r 1061 1045 991 986 994 962 1008 237852 2173 1222 1980 1779 3087 3019 Sept r 1067 1062 1005 986 1013 956 1016 238031 2175 1225 1972 1779 3075 3027 Oct r 1068 1068 1009 976 1016 957 1015 237433 2177 1221 1973 1774 3078 3028 Nov r 1078 1059 1003 976 1017 961 1016 236151 2168 1216 1970 1774 3072 3021 Dec r 1079 1066 1005 989 1027 967 1015 234812 2153 1218 1971 1774 3072 3025

2015 Jan r 1076 1062 1046 996 1024 961 1015 233707 2149 1215 1951 1756 3061 3001 Feb r 1074 1055 1013 999 1026 967 1016 234722 2168 1213 1964 1771 3072 3016 Mar r 1072 1047 1005 997 1021 972 1023 236119 2184 1218 1977 1779 3075 3021 Apr r 1070 1035 1017 988 1030 970 1025 236599 2182 1222 1980 1779 3081 3031 May r 1066 1026 996 991 1032 979 1028 237805 2194 1226 1984 1781 3084 3037 June r 1066 1037 1007 991 1025 969 1024 238638 2199 1223 1983 1779 3090 3042 July r 1075 1051 999 983 1030 980 1020 238654 2201 1222 1974 1783 3087 3038

Aug p

1071 994 238316 2201 1225 1981 1783 3092 3052 Sept p 1779 3084

1 Data relate to all urban consumers

Note See Note p 17 for information on US industrial production series

Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor (Bureau of Labor Statistics)

US International Trade in Goods and Services[Billions of dollars monthly data seasonally adjusted]

Period

Goods Exports (fas value) Goods Imports (customs value)Services

(BOP basis)Balance of trade

(exports minus imports)

BOPbasis

Census basis (by end-use category)

BOPbasis

Census basis (by end-use category)

ExportsIm-

ports

GoodsCensusbasis

BOP basis

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

TotalCensusbasis 1

Foodsfeeds

andbever-ages

Indus-trialsup-pliesand

materi-als

Capitalgoodsexceptauto-

motive

Auto-

motiveve-

hiclespartsanden-

gines

Con-

sumergoods(non-food)

exceptauto-

motive

GoodsSer-vices

Goodsand

services

2005 9130 9011 590 2330 3584 984 1153 16958 16735 681 5238 3793 2394 4072 3730 3044 ndash7724 ndash7828 686 ndash71422006 10409 10260 660 2760 4040 1073 1291 18782 18539 749 6020 4183 2566 4426 4167 3412 ndash8280 ndash8373 756 ndash76172007 11652 11482 843 3164 4330 1213 1460 19863 19570 817 6347 4445 2567 4746 4884 3726 ndash8088 ndash8212 1158 ndash70542008 13088 12874 1083 3880 4577 1215 1613 21413 21036 890 7795 4537 2312 4816 5328 4091 ndash8162 ndash8325 1238 ndash70872009 10703 10560 939 2965 3912 817 1495 15800 15596 816 4624 3705 1577 4273 5127 3868 ndash5036 ndash5097 1259 ndash38382010 12903 12785 1077 3917 4475 1120 1652 19390 19139 917 6031 4494 2251 4832 5633 4093 ndash6354 ndash6487 1540 ndash49472011 14992 14825 1262 5011 4940 1330 1753 22399 22080 1075 7558 5108 2546 5141 6278 4358 ndash7254 ndash7406 1920 ndash54862012 15626 15458 1330 5012 5272 1462 1817 23037 22763 1103 7306 5487 2978 5169 6564 4520 ndash7304 ndash7412 2044 ndash53682013 15920 15784 1362 5081 5342 1527 1891 22946 22684 1151 6816 5546 3088 5328 6879 4637 ndash6899 ndash7026 2242 ndash47842014 16326 16205 1438 5051 5511 1597 1989 23741 23477 1258 6668 5911 3277 5578 7106 4774 ndash7272 ndash7415 2331 ndash5083

2014 July 1384 1372 116 431 461 148 165 1986 1964 107 557 493 285 455 585 397 ndash593 ndash602 188 ndash414 Aug 1382 1374 109 440 469 134 169 1990 1969 105 557 507 275 460 591 396 ndash594 ndash608 195 ndash413 Sept 1364 1357 121 423 460 135 166 1984 1963 106 546 501 272 472 587 398 ndash606 ndash621 189 ndash432 Oct 1381 1372 120 419 477 136 170 2000 1979 108 548 506 280 473 597 405 ndash607 ndash619 192 ndash428 Nov 1365 1355 121 423 457 132 166 1958 1937 105 510 504 275 479 597 404 ndash582 ndash593 193 ndash400 Dec 1345 1341 119 395 464 136 167 1993 1971 106 535 502 282 478 604 413 ndash631 ndash647 192 ndash455

2015 Jan 1293 1285 110 376 459 128 167 1922 1896 107 467 504 281 472 597 404 ndash611 ndash630 194 ndash436 Feb 1263 1256 108 363 444 118 178 1844 1816 105 426 487 266 463 596 401 ndash559 ndash580 195 ndash385 Mar 1272 1261 110 363 453 124 161 1983 1954 110 422 521 290 538 596 406 ndash693 ndash712 190 ndash522 Apr 1294 1285 108 369 473 125 160 1910 1879 109 415 516 286 489 598 404 ndash594 ndash616 193 ndash423 May 1278 1271 110 378 449 126 160 1898 1867 105 407 504 294 489 600 406 ndash596 ndash620 194 ndash425 June 1275 1266 105 371 441 127 168 1924 1889 111 419 491 297 504 601 405 ndash623 ndash648 196 ndash452 July p 1282 1276 107 374 443 133 163 1896 1868 105 423 493 300 478 603 408 ndash592 ndash614 196 ndash419

1 Total includes lsquolsquootherrsquorsquo exports or imports not shown separately

Note BOP refers to balance of pay ments on international tr ansactions basis BOP data show n here are consistent with figures shown on pp 36 and 37

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

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 384036

US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 38: EI_201509.pdf

7172019 EI_201509pdf

httpslidepdfcomreaderfullei201509pdf 384036

US International Transactions

[Millions of dollars quarterly data seasonally adjusted]

Period

Current Account 1

Currentaccountbalance

as apercentage

of GDP

Goods 2 ServicesBalance

ongoodsand

services

Primary income receipts and payments

BalanceonsecondaryIncome 3

BalanceoncurrentaccountExports Imports

Balanceon

goodsExports Imports

Balanceon

servicesReceipts Payments

Balanceon

primaryincome

2005 913016 1695820 ndash782804 373006 304448 68558 ndash714245 543982 476349 67632 ndash98822 ndash745434 ndash572006 1040905 1878194 ndash837289 416738 341165 75573 ndash761716 693089 649752 43337 ndash88347 ndash806726 ndash582007 1165151 1986347 ndash821196 488396 372575 115821 ndash705375 844033 743429 100604 ndash113872 ndash718643 ndash502008 1308795 2141287 ndash832492 532817 409052 123765 ndash708726 823707 677561 146146 ndash128209 ndash690789 ndash472009 1070331 1580025 ndash509694 512722 386801 125920 ndash383774 614379 490794 123584 ndash123833 ndash384023 ndash272010 1290273 1938950 ndash648678 563333 409313 154020 ndash494658 684915 507254 177661 ndash124964 ndash441961 ndash302011 1499240 2239886 ndash740646 627781 435761 192020 ndash548625 759727 538766 220961 ndash132690 ndash460354 ndash302012 1562578 2303749 ndash741171 656411 452013 204398 ndash536773 769479 557301 212178 ndash125075 ndash449670 ndash282013 1592043 2294630 ndash702587 687894 463700 224193 ndash478394 794763 570220 224543 ndash122910 ndash376760 ndash232014 1632639 2374101 ndash741462 710565 477428 233138 ndash508324 823353 585369 237984 ndash119185 ndash389526 ndash22

2013 I 393405 571802 ndash178396 170358 113828 56530 ndash121867 193362 144609 48753 ndash29605 ndash102719 ndash25 II 394698 570862 ndash176165 170449 115540 54908 ndash121256 198575 143273 55302 ndash31660 ndash97615 ndash24 III 397058 575470 ndash178413 172358 116100 56259 ndash122154 200477 140954 59523 ndash32163 ndash94794 ndash23 IV 406883 576496 ndash169614 174729 118232 56496 ndash113117 202349 141383 60965 ndash29482 ndash81633 ndash19

2014 I 401429 585739 ndash184310 175704 116812 58892 ndash125418 202235 143941 58294 ndash29319 ndash96443 ndash23 II 409152 597265 ndash188113 178721 119320 59401 ndash128712 204850 146915 57935 ndash21263 ndash92039 ndash21 III 412933 596009 ndash183076 176331 119126 57205 ndash125871 209715 147985 61730 ndash33764 ndash97905 ndash22 IV 409126 595089 ndash185963 179810 122170 57640 ndash128323 206554 146529 60025 ndash34840 ndash103138 ndash23

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 39: EI_201509.pdf

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 (+)]

Financialderivatives

otherthan

reservesnet trans-

actions

Net lending(+)or net

borrowing(ndash)

fromfinancialaccounttrans-

actions 5

Total

Directinvest-ment

assets

Portfolioinvest-ment

assets

Otherinvest-ment

assets

Reserveassets 4 Total

Directinvest-ment

liabilities

Portfolioinvest-ment

liabilities

Otherinvest-ment

liabilities

2005 13116 572317 61925 267290 257196 ndash14094 1273038 138328 832037 302673 ndash700721 31597 651272006 ndash1788 1336866 296059 493366 549814 ndash2373 2116304 294289 1126735 695280 ndash29710 ndash809148 ndash634 658952007 384 1572509 532939 380807 658641 122 2183538 340066 1156612 686860 ndash6222 ndash617251 101008 705652008 6010 ndash309468 351724 ndash284269 ndash381770 4848 454051 332734 523683 ndash402367 32947 ndash730572 ndash45793 776482009 ndash140 132204 313726 375883 ndash609662 52256 318350 153787 357352 ndash192789 ndash44816 ndash230962 153201 1307602010 ndash157 963449 354575 199620 407420 1835 1386345 259345 820434 306566 ndash14076 ndash436972 5146 1324332011 ndash1186 496320 440405 85365 ndash45327 15877 977073 257411 311626 408036 ndash35006 ndash515759 ndash54219 1479532012 6904 167398 377899 238763 ndash453724 4460 615711 232001 746988 ndash363278 7064 ndash441249 1516 1501752013 ndash412 643915 399203 476237 ndash228426 ndash3099 1041959 287163 501975 252821 2213 ndash395831 ndash18658 144575

2014 ndash45 792145 357190 538058 ndash99520 ndash3583 977421 131831 705030 140559 ndash54372 ndash239648 149923 1300902013 I ndash40 212645 73344 152958 ndash14532 875 254145 35783 147451 70911 ndash3948 ndash45448 57311 146329 II ndash227 202007 132629 166159 ndash96590 ndash191 226354 93715 ndash15951 148591 ndash3302 ndash27649 70192 145703 III ndash146 22561 95717 13088 ndash85243 ndash1001 165377 68674 201780 ndash105077 6569 ndash136247 ndash41308 147747 IV 0 206703 97514 144031 ndash32060 ndash2782 396083 88992 168695 138396 2894 ndash186486 ndash104853 144575

2014 I ndash43 151706 55050 98981 ndash1369 ndash956 271921 ndash105425 242627 134719 6147 ndash114068 ndash17582 144284 II ndash2 239149 90293 195068 ndash46986 773 283271 78405 88549 116317 ndash4513 ndash48635 43406 145176 III ndash1 359601 99300 162884 98306 ndash889 364518 106473 240879 17166 ndash24269 ndash29186 68720 137054 IV 0 41690 112547 81125 ndash149471 ndash2511 57712 52378 132976 ndash127642 ndash31737 ndash47759 55379 130090

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

Page 40: EI_201509.pdf

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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