Real GDP Growth Compounded annual rates of change. Consumer Price Index Percent change

Similar documents
With the tax filing season in full swing, these summary

The relatively slow growth of employment has

There has been considerable discussion of the possibility

On October 4, 2006, President Bush signed the

Individual households and firms, as well as local, state,

The Federal Reserve has set the target range for the federal

House prices in the United States were 14.1 percent

The chorus from Travis s 1947 song about the

In 2010, the first of the Baby Boom generation will

In the past three decades, the share of foreign-born

Sharp declines in home prices, followed by a financial

The National Bureau of Economic Research (NBER)

Since the financial crisis began in mid-2007, media

Recently the Federal Open Market Committee

The effect that housing has on the economy has received

Many analysts have argued that a housing boom preceded

The U.S. economy s remarkable resilience in the face

The U.S. economy has experienced sustained trend

NationalEconomicTrends

NationalEconomicTrends

NationalEconomicTrends

NationalEconomicTrends

Policymakers at the Federal Reserve wage preemptive

ctrends Nominal Vs. Real Wage Growth Growth of Wages Percent Change From Year Ago August 1997

NationalEconomicTrends

What Determines Long-Run Growth?

Is Deflation Coming? Inflation. November 1997

Single-family home sales and construction are not expected to regain 2005 peaks

Calendar of Releases. Titles for the current week are links to their respective releases. September 27. New Home Sales (Aug) A: 1050K P: 1045K

U.S. Economy and Financial Markets

The President s Report to the Board of Directors

Nonfarm Payroll Employment

Economic Outlook June Economic Policy Division

Economic Outlook June Economic Policy Division

Calendar of Releases. Titles for the current week are links to their respective releases. Housing Starts (Jun) Building Permits (Jun) CPI (Jun)

National Economic Indicators. May 7, 2018

Calendar of Releases. Titles for the current week are links to their respective releases. Retail Sales (Sep) Business Inventories (Aug) PPI (Sep)

Economic Indicators For Manufacturing Executives

Decline in Economic Activity Larger Than Advance GDP Estimate February 27, 2009

Economic Outlook. William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago

Macroeconomic Uncertainty

The U.S. Economic Outlook

The Outlook for the U.S. Economy National Association of Credit Union Supervisory and Auditing Committees Annual Conference and Expo Louisville, KY

Emerging Trends in the U.S. and Colorado Economies

National Economic Indicators. December 11, 2017

United States. Gross Domestic Product Percent change over year-ago level. Industrial Production Index, 2010=100. Unemployment Rate Percent

The Federal Reserve Balance Sheet and Monetary Policy

The Economic & Financial Outlook

Chapter 1 International economy

National and Regional Update Charlotte Chapter of American Association of Individual Investors, Sept. 14, Rick Kaglic Senior Regional Economist

ECONOMIC & REVENUE UPDATE

Worcester Business Journal Economic Forecast Breakfast February 13, Jeff Fuhrer, EVP and Senior Policy Advisor Federal Reserve Bank of Boston

San Antonio Business and Economics Society October 27, The U.S. Economic Outlook: Soft Patch, Sink Hole, or Springboard?

The U.S. Economic Outlook

ECONOMIC AND FINANCIAL HIGHLIGHTS

The First Phase of the U.S. Recovery and Beyond

Economic and Housing Outlook

Implications of Low Inflation Rates for Monetary Policy

Charts Prepared for Beau Duncan

U.S. Chamber of Commerce Economic Outlook

Vermont Tax Seminar. Comments on the 2017 Economic Outlook Presentation to the. December 8, 2016

U.S. Economic Update and Outlook. Laurel Graefe, REIN Director Federal Reserve Bank of Atlanta October 2, 2013

United States. GDP Growth Annualized Percentage Change. Industrial Production Annualized Percentage Change

Moving On Up Today s Economic Environment

Revised October 17, 2016

THE ECONOMIC OUTLOOK RECESSION AND RECOVERY. Paul Darby Executive Director & Deuty Chief Economist Twitter hashtag: #psforum

BUENA VISTA INVESTMENT MANAGEMENT

ECONOMIC OUTLOOK UPDATE QUARTERLY

Chart 1. U.S. Personal Saving Rate and Household Debt (consu plus mortgage) as a % of Disposable Personal Incom

Economic Indicators JUNE Prepared for the Joint Economic Committee by the Council of Economic Advisers. 113th Congress, 1st Session

Three-speed recovery. GDP growth. Percent Emerging and developing economies. World

MonetaryTrends. 30-Year Bond Faces Uncertain Future

One Policymaker s Wait for Better Economic Data

The Economic & Financial Outlook

Economic Chartpack Astor Investment Manangement LLC

Will the Recovery Ever End? Certified Financial Planners

- US LEI & CEI - Yardeni Research, Inc.

The labor market has continued to strengthen and economic activity has been expanding at a moderate pace this year.

The Outlook and Current Policy Challenges

2018 Investment and Economic Outlook

2018 MACRO OVERVIEW. More of the Same, Yet Less of the Same. March 9, 2018

U.S. Economic Overview: Implications for So. Cal. And Arizona Metros

MonetaryTrends. What is the slope of the yield curve telling us?

Outlook for the Texas Economy. Luis Bernardo Torres Ruiz, Ph.D. August 26, 2016

ECONOMIC AND FINANCIAL HIGHLIGHTS

Ahmad Ijaz Center for Business and Economic Research Culverhouse College of Commerce The University of Alabama

Dealing with a Difficult Economy

Crandall s Business Index

Economic Indicators December 2017

MonetaryTrends. April 2013

[ ] WEEKLY CHANGES AGAINST THE USD

Monthly Mutual Fund Report

A View from the Fed: Slouching toward 2016

Fall 2018 Inforum Economic Outlook. Ronald Horst University of Maryland December 6, 2018

U.S. Economic Activity. Federal Reserve Bank of Dallas

U.S. Economic Activity. Federal Reserve Bank of Dallas

U.S. Economic Activity. Federal Reserve Bank of Dallas

U.S. Economic Activity. Federal Reserve Bank of Dallas

A summary of regional and national economic indicators for the Tenth District states SUMMARY OF CURRENT TENTH DISTRICT ECONOMIC CONDITIONS

Economics in Use GBA BANKING SCHOOL MAY 2 ND, 2016 UNIVERSITY OF GEORGIA ATHENS, GEORGIA

Transcription:

National Economic Trends Real Gross Domestic Product (DISCONTINUED) Real GDP Growth Compounded annual rates of change 6 5 Compounded Annual Rate of Change 4 3 2 1-1 Q1 214 Q1 215 Q1 216 Q1 217 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: Board of Governors of the Federal Reserve System (US) 217 fred.stlouisfed.org Consumer Price Index Percent change Consumer Price Index for All Urban Consumers: All Items.6.4.2 Percent Change. -.2 -.4 -.6 Sep 214 Jan 215 May 215 Sep 215 Jan 216 May 216 Sep 216 Jan 217 May 217 Sep 217 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: Board of Governors of the Federal Reserve System (US) 217 fred.stlouisfed.org Economy at a Glance 1

National Economic Trends Industrial Production Percent change 1.2 1..8.6 Percent Change.4.2. -.2 -.4 -.6 -.8 Sep 214 Jan 215 May 215 Sep 215 Jan 216 May 216 Sep 216 Jan 217 May 217 Sep 217 192 194 196 198 2 Shaded areas indicate U.S. recessions Source: Board of Governors of the Federal Reserve System (US) 217 fred.stlouisfed.org 3. 3-Month Treasury Bill: Secondary Market Rate 1-Year Treasury Constant Maturity Rate Interest Rates Percent 2.5 2. Percent 1.5 1..5. Sep 214 Jan 215 May 215 Sep 215 Jan 216 May 216 Sep 216 Jan 217 May 217 Sep 217 194 196 198 2 Shaded areas indicate U.S. recessions Source: Board of Governors of the Federal Reserve System (US) 217 fred.stlouisfed.org Economy at a Glance 2

National Economic Trends Change in Nonfarm Payrolls Thousands 36 32 28 Change, Thousands of Persons 24 2 16 12 8 4 Sep 214 Jan 215 May 215 Sep 215 Jan 216 May 216 Sep 216 Jan 217 May 217 Sep 217 194 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: Board of Governors of the Federal Reserve System (US) 217 fred.stlouisfed.org Unemployment Rate Percent of labor force Civilian Unemployment Rate 6.5 6. 5.5 Percent 5. 4.5 4. Sep 214 Jan 215 May 215 Sep 215 Jan 216 May 216 Sep 216 Jan 217 May 217 Sep 217 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: Board of Governors of the Federal Reserve System (US) 217 fred.stlouisfed.org Economy at a Glance 3

National Economic Trends - Output and Growth Real Gross Domestic Product Percent change from a year ago Real Gross Domestic Product (DISCONTINUED) 6 5 4 Percent Change from Year Ago 3 2 1-1 -2-3 -4-5 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: Board of Governors of the Federal Reserve System (US) 217 fred.stlouisfed.org Industrial Production and Institute for Supply Management (ISM) Indexes Industrial Production Index (left) ISM Manufacturing: PMI Composite Index Percent change from a year ago 3 66. 2 63. Percent Change from Year Ago 1-1 -2 6. 57. 54. 51. Index 212=1-3 48. -4 Jan 216 Apr 216 Jul 216 Oct 216 Jan 217 Apr 217 Jul 217 Oct 217 45. 194 196 198 2 Shaded areas indicate U.S. recessions Source: Board of Governors of the Federal Reserve System (US) 217 fred.stlouisfed.org Long-Run View 4

National Economic Trends - Output and Growth Aggregate Private Nonfarm Hours Percent change from a year ago 5. 2.5 Percent Change from Year Ago. -2.5-5. -7.5-1. 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: Board of Governors of the Federal Reserve System (US) 217 fred.stlouisfed.org Real Change in Private Inventories Percent of GDP Change in Private Inventories 1.5 1..5 (Percent of GDP). -.5-1. -1.5 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: Board of Governors of the Federal Reserve System (US) 217 fred.stlouisfed.org Long-Run View 5

National Economic Trends - Output and Growth Real Gross Domestic Product (DISCONTINUED) Real Final Sales of Domestic Product (DISCONTINUED) Real Final Sales and GDP Compounded annual rates of change 3.5 3. Compounded Annual Rate of Change 2.5 2. 1.5 1..5. Q1 215 Q1 213 Q1 217 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Real GDP Revisions Compounded annual rates of change Advance Second Third Annual Revision 4. 3.5 Compounded Annual Rate of Change 3. 2.5 2. 1.5 1..5. Q2 213 Q3 213 Q4 213 Q1 217 Q2 217 Q3 217 1995 2 25 21 215 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Short-Run View 6

National Economic Trends - Output and Growth Industrial Production and ISM Index Percent change 1.2 61.5 1. 6..8 58.5.6 57. Percent Change.4.2. 55.5 54. 52.5 Index 212=1 -.2 51. -.4 49.5 -.6 48. -.8 Oct 215 Jan 216 Apr 216 Jul 216 Oct 216 Jan 217 Apr 217 Jul 217 Oct 217 46.5 192 194 196 198 2 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Nominal Gross Domestic Product Compounded annual rates of change Gross Domestic Product 3 5 Compounded Annual Rate of Change 4 3 2 1 Q1 215 Q1 213 Q1 217 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Short-Run View 7

National Economic Trends - Output and Growth Aggregate Private Nonfarm Hours Percent change.6.5.4.3 Percent Change.2.1. -.1 -.2 -.3 Oct 215 Jan 216 Apr 216 Jul 216 Oct 216 Jan 217 Apr 217 Jul 217 Oct 217 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Average Weekly Private Nonfarm Hours Hours Average Weekly Hours of Production and Nonsupervisory Employees: Total private 33.82 33.8 33.78 33.73 33.74 33.72 Hours 33.7 33.38 33.33 33.34 33.32 33.3 33.58 Oct 215 Jan 213 Apr 213 Jul 213 Oct 213 Jan 217 Apr 217 Jul 217 Oct 217 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Short-Run View 8

National Economic Trends - Output and Growth Real Change in Private Inventories Billions of 29 dollars 14 12 1 8 6 4 Billions of Chained 29 Dollars 2 Q1 215 Q1 216 Q1 217 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Inventory-Sales Ratio Manufacturing and trade Total Business: Inventories to Sales Ratio 1.44 1.42 1.4 1.38 Ratio 1.33 1.34 1.32 1.3 1.28 Sep 214 Jan 215 May 215 Sep 215 Jan 213 May 213 Sep 213 Jan 217 May 217 Sep 217 1995 2 25 21 215 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Short-Run View 9

National Economic Trends - Output and Growth Coutributiou of Compoueuts to Real GDP Growth Percentage points compounded annual rates Iuveutories Cousumptiou Iuvestmeut Goverumeut Exports Imports 4 3 Percentage Points at Annual Rate 2 1-1 -2-3 Q4 215 Q1 216 Q2 216 Q3 216 Q4 216 Q1 217 Q2 217 Q3 217 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Coutributiou of Compoueuts to Real GDP Growth 215 216 217 3rd 4th 1st 2nd 3rd 4th 1st 2nd Final Sales 1.86 1.17 1.23 2.94 2.63.69 2.73 2.95 Consumption 1.8 1.23 2.57 1.92 1.99 1.32 2.24 1.6 Fixed Investment -.41 -.5.22.25.28 1.27.53.39 Nonresidential -.67 -.52.41.42.2.86.82.59 Residential.26.47 -.18 -.18.26.41 -.3 -.2 Government.5.32 -.16.9.3 -.11 -.3.7 Federal.17 -.1 -.6.11 -.3 -.16.13.8 State and Local -.12.42 -.11 -.2.6.5 -.16 -.1 Net Exports -.28 -.28.28.36-1.61.22.21.43 Exports -.29 -.33.32.74 -.47.85.42.27 Imports.1.4 -.4 -.37-1.14 -.63 -.22.17 Changes in Inventory -.68 -.64 -.67.16 1.6-1.46.12.8 Residual.53.16 -.6 -.48.131 -.19 -.99 -.96 Real GDP Growth 1.63.49.58 2.24 2.78 1.76 1.24 3.6 Contributions of Components to GDP Growth 1

National Economic Trends - Output and Growth Interest Rates Percent 1-Year Treasury Constant Maturity Rate 3-Month Treasury Bill: Secondary Market Rate 8 7 6 5 Percent 4 3 2 1 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 194 196 198 2 Shaded areas indicate U.S. recessions Source: S&P Dow Jones Indices LLC 217 fred.stlouisfed.org Weekly data October 217 October 216 2.4 Treasury Yield Curve Percent 2.2 2. 1.8 1.6 1.4 1.2 1..8.6.4.2 3m 1y 2y 5y 7y 1y Shaded areas indicate U.S. recessions Source: S&P Dow Jones Indices LLC 217 fred.stlouisfed.org Interest Rates and Equity Market Performance 12

National Economic Trends - Output and Growth Standard and Poor's 5 Total Return Index Percent change from a year ago 6 5 4 3 Percent Change from Year Ago 2 1-1 -2-3 -4-5 29 21 211 212 213 214 215 216 217 Shaded areas indicate U.S. recessions Source: S&P Dow Jones Indices LLC 217 fred.stlouisfed.org The S&P Dow Jones Indices LLC series are Copyright 214, S&P Dow Jones Indices LLC. All rights reserved. Interest Rates and Equity Market Performance 13

National Economic Trends - Inflation and Prices 4 Gross Domestic Product: Chain-type Price Index Gross Domestic Purchases: Chain-type Price Index NIPA Chain Price Indexes Percent change from a year ago Percent Change from Year Ago 2 1-1 -2 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org 6 Consumer Price Index Percent change from a year ago Consumer Price Index for All Urban Consumers: All Items Consumer Price Index for All Urban Consumers: All Items Less Food and Energy 5 4 Percent Change from Year Ago 3 2 1-1 -2 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org Long-Run View 14

National Economic Trends - Inflation and Prices Producer Price Index, New and Old Methodology Percent change from a year ago 1. 7.5 Percent Change from Year Ago 5. 2.5. -2.5-5. -7.5 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org *Data Prior to Nov. 21 has transitioned from Stage of Processing to the Final Demand-Intermediate Demand aggregation system Employment Cost Index and Compensation per Hour 8 Employment Cost Index: Compensation: Private Industry Workers Nonfarm Business Sector: Compensation Per Hour 7 6 Percent Change from Year Ago 5 4 3 2 1-1 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org Long-Run View 15

National Economic Trends - Inflation and Prices 3. Gross Domestic Product: Chain-type Price Index Gross Domestic Purchases: Chain-type Price Index NIPA Chain Price Indexes Compounded annual rates of change 2.5 Compounded Annual Rate of Change 2. 1.5 1..5. -.5-1. -1.5 Q1 215 Q1 216 Q1 217 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Sources: Board of Governors, EIA 217 fred.stlouisfed.org Oil & Natural Gas Prices: Spot & Futures Dollars per barrel Crude Oil Prices: West Texas Intermediate (WTI) - Cushing, Oklahoma (left) Henry Hub Natural Gas Spot Price (right) Oil Futures (left) Gas Futures (right) 11 7.5 1 6.75 Dollars per Barrel, Percent 9 8 7 6 5 6. 5.25 4.5 3.75 3. Dollars per Million BTU, Percent 4 2.25 3 212 213 214 215 216 217 218 1.5 199 1995 2 25 21 215 Shaded areas indicate U.S. recessions EIA 217 fred.stlouisfed.org Short-Run View 16

National Economic Trends - Inflation and Prices Consumer Price Index Compounded annual rates of change 7.5 5. Compounded Annual Rate of Change 2.5. -2.5-5. -7.5 Sep 214 Jan 215 May 215 Sep 215 Jan 216 May 216 Sep 216 Jan 217 May 217 Sep 217 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Sources: Board of Governors, EIA 217 fred.stlouisfed.org 7.5 Consumption Chain Price Index Compounded annual rates of change Personal Consumption Expenditures Excluding Food and Energy (Chain-Type Price Index) Personal Consumption Expenditures: Chain-type Price Index 5. Compounded Annual Rate of Change 2.5. -2.5-5. Sep 214 Jan 215 May 215 Sep 215 Jan 216 May 216 Sep 216 Jan 217 May 217 Sep 217 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Sources: Board of Governors, EIA 217 fred.stlouisfed.org Short-Run View 17

National Economic Trends - Inflation and Prices Producer Prce Index, Final Demand Compounded annual rates of change 1. 7.5 Compounded Annual Rate of Change 5. 2.5. -2.5-5. -7.5 Sep 214 Jan 215 May 215 Sep 215 Jan 216 May 216 Sep 216 Jan 217 May 217 Sep 217 21 212 214 216 Shaded areas indicate U.S. recessions Sources: Board of Governors, EIA 217 fred.stlouisfed.org 15 Nonfarm Business Sector: Unit Labor Cost Manufacturing Sector: Unit Labor Cost Unit Labor Cost Compounded annual rates of change 1 Compounded Annual Rate of Change 5-5 -1-15 Q1 215 Q1 216 Q1 217 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Sources: Board of Governors, EIA 217 fred.stlouisfed.org Short-Run View 18

National Economic Trends - Inflation and Prices Employment Cost Index Percent change from a year ago 3. 2.8 2.6 Percent Change from Year Ago 2.4 2.2 2. 1.8 1.6 1.4 1.2 1. Q1 212 Q3 212 Q1 213 Q3 213 Q1 214 Q3 214 Q1 215 Q3 215 Q1 216 Q3 216 Q1 217 Q3 217 24 26 28 21 212 214 216 Shaded areas indicate U.S. recessions Sources: Board of Governors, EIA 217 fred.stlouisfed.org Compensation per Hour Compounded annual rates of change Nonfarm Business Sector: Compensation Per Hour 6 5 4 Compounded Annual Rate of Change 3 2 1-1 -2-3 -4-5 Q1 215 Q1 216 Q1 217 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Sources: Board of Governors, EIA 217 fred.stlouisfed.org Short-Run View 19

National Economic Trends - Labor Markets Employment Percent change from a year ago All Employees: Total Nonfarm Payrolls Civilian Employment Level 4 3 2 Percent Change from Year Ago 1-1 -2-3 -4-5 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org Unemployment, Labor Force Participation, and Employment Rates Civilian Unemployment Rate (left) Civilian Employment-Population Ratio (right) Civilian Labor Force Participation Rate (right) Percent of labor force 11 69. 1 67.5 9 66. 8 64.5 Percent 7 63. Percent 6 61.5 5 6. 4 58.5 3 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 57. 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org Long-Run View 2

National Economic Trends - Labor Markets Duration of Unemployment Percent of labor force 6 28 5 24 (Percent of labor force) 4 3 2 2 16 12 (Weeks) 1 8 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 4 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org Long-Run View 21

National Economic Trends - Labor Markets Change in Nonfarm Payrolls Thousands All Employees: Total Nonfarm Payrolls 36 32 28 Change, Thousands of Persons 24 2 16 12 8 4 Jul 215 Oct 215 Jan 216 Apr 216 Jul 216 Oct 216 Jan 217 Apr 217 Jul 217 Oct 217 194 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org Change in Manufacturing Payrolls Thousands All Employees: Manufacturing 5 4 3 Change, Thousands of Persons 2 1-1 -2-3 Jul 215 Oct 215 Jan 216 Apr 216 Jul 216 Oct 216 Jan 217 Apr 217 Jul 217 Oct 217 194 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org Short-Run View 22

National Economic Trends - Labor Markets Change in Household Employment Thousands 1, 8 6 Change, Thousands of Persons 4 2-2 -4-6 Jul 215 Oct 215 Jan 216 Apr 216 Jul 216 Oct 216 Jan 217 Apr 217 Jul 217 Oct 217 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org 2. Civilian Labor Force Civilian Noninstitutional Population Labor Force and Population Percent change from a year ago 1.5 Percent Change from Year Ago 1..5. -.5-1. Jan 212 Jul 212 Jan 213 Jul 213 Jan 214 Jul 214 Jan 215 Jul 215 Jan 216 Jul 216 Jan 217 Jul 217 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org Short-Run View 23

National Economic Trends - Labor Markets Available Labor Supply and Components Percent of labor force 13 12 11 1 (Percent of labor force) 9 8 7 6 5 4 3 Jan 212 Jul 212 Jan 213 Jul 213 Jan 214 Jul 214 Jan 215 Jul 215 Jan 216 Jul 216 Jan 217 Jul 217 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org Job Openings Rate (right scale) Unemployment Rate (left scale) Unemployment Rate & Job Openings Rate Percent 9 5. 8 4.5 7 4. (Percent) (Percent) 6 3.5 5 3. 4 Jan 212 Jul 212 Jan 213 Jul 213 Jan 214 Jul 214 Jan 215 Jul 215 Jan 216 Jul 216 Jan 217 Jul 217 2.5 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org Short-Run View 24

National Economic Trends - Consumer Spending Real Disposable Personal Income Percent change from year ago, quarterly data Real Disposable Personal Income 7 6 5 (Percent change from a year ago) 4 3 2 1-1 -2-3 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of the Census 217 fred.stlouisfed.org Total (right scale) Durables (left scale) Real Consumption Percent change from year ago, quarterly data 15 8 1 6 5 4 (Percent) 2 (Percent) -5-1 -2-15 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216-4 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of the Census 217 fred.stlouisfed.org Long-Run View 25

National Economic Trends - Consumer Spending Retail and Food Services Sales Percent change from year ago, quarterly average 15 1 Break Percent Change from Year Ago 5-5 -1-15 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of the Census 217 fred.stlouisfed.org Data from Jan. 1992 to the present are on a NAICS basis; data prior to Jan. 1992 are on an SIC basis and are not strictly comparable (see End Note). Debt Service Payments and Household Debt Outstanding Household Debt Outstanding (left scale) Debt Service Payments (right scale) 15. 8. 12.5 6. (Percent change from year ago, quarterly data) 1. 7.5 5. 2.5. 4. 2.. -2. -4. (Percent) -2.5-6. -5. 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216-8. 196 198 2 Shaded areas indicate U.S. recessions Source: U.S. Bureau of the Census 217 fred.stlouisfed.org Long-Run View 26

National Economic Trends - Consumer Spending Real Disposable Personal Income Percent change Real Disposable Personal Income.6.5.4 Percent Change.3.2.1. -.1 -.2 Jan 215 May 215 Sep 215 Jan 216 May 216 Sep 216 Jan 217 May 217 Sep 217 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Personal Saving Rate Percent Personal Saving Rate 12 11 1 9 Percent 8 7 6 5 4 3 Jan 212 Jul 212 Jan 213 Jul 213 Jan 214 Jul 214 Jan 215 Jul 215 Jan 216 Jul 216 Jan 217 Jul 217 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Short-Run View 27

National Economic Trends - Consumer Spending Real Consumption Compounded annual rates of change 4. 3.5 3. 2.5 2. 1.5 1. Compounded Annual Rate of Change.5. Q1 215 Q1 216 Q1 217 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Real Consumption Percent change Real Personal Consumption Expenditures.8.7.6.5 Percent Change.4.3.2.1. -.1 -.2 Jan 215 May 215 Sep 215 Jan 216 May 216 Sep 216 Jan 217 May 217 Sep 217 2 22 24 26 28 21 212 214 216 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Short-Run View 28

National Economic Trends - Consumer Spending Retail & Food Services Percent change 2. 1.5 1. Percent Change.5. -.5-1. -1.5 Jan 215 May 215 Sep 215 Jan 216 May 216 Sep 216 Jan 217 May 217 Sep 217 1995 2 25 21 215 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Real Durables Consumption & Vehicle Sales Light Weight Vehicle Sales: Autos and Light Trucks (right) Percent change 15 28. 1 24. Percent Change 5 2. 16. Millions of Units -5 12. -1 198 1985 199 1995 2 25 21 215 8. 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Short-Run View 29

National Economic Trends - Consumer Spending Consumer Sentiment (U. of Michigan) Index (6-Month Lag) 15 1 95 9 Index 1966:Q1=1 85 8 75 7 65 6 Jan 212 Jul 212 Jan 213 Jul 213 Jan 214 Jul 214 Jan 215 Jul 215 Jan 216 Jul 216 Jan 217 Jul 217 198 1985 199 1995 2 25 21 215 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Real Durables Consumption Compounded annual rates of change Real Personal Consumption Expenditures: Durable Goods 1 9 8 Compounded Annual Rate of Change 7 6 5 4 3 2 1-1 Q1 215 Q1 216 Q1 217 2 22 24 26 28 21 212 214 216 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Short-Run View 3

National Economic Trends - Investment Spending Investmeut Percent of nominal GDP Total Private 25. 22.5 (Percent of nominal GDP) 2. 17.5 15. 12.5 1. 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org 15 Real Private Fixed Iuvestmeut (DISCONTINUED) Fixed Private Iuvestmeut Private Fixed Iuvestmeut Percent change from year ago 1 5 Percent Change from Year Ago -5-1 -15-2 -25 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Long-Run View 3

National Economic Trends - Investment Spending Real Nouresideutial Fixed aud Equipmeut Iuvestmeut Percent change from year ago 3 2 Percent Change from Year Ago 1-1 -2-3 22 24 26 28 21 212 214 216 22 24 26 28 21 212 214 216 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Real Resideutial Fixed Iuvestmeut Percent change from year ago Real Private Resideutial Fixed Iuvestmeut (DISCONTINUED) 2 1 Percent Change from Year Ago -1-2 -3 22 24 26 28 21 212 214 216 22 24 26 28 21 212 214 216 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Long-Run View 31

National Economic Trends - Investment Spending 25 Gross Govt. Saving Gross Private. Saving BOCA Gross Saving Rates and Balance on Current Account (NIPA) Percent of GDP 2 15 (Percent) 1 5-5 -1 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of the Census 217 fred.stlouisfed.org Real Private Fixed Investment Compounded annual rates of change Real Private Fixed Investment (DISCONTINUED) 1. 7.5 Compounded Annual Rate of Change 5. 2.5. -2.5 Q1 215 Q1 213 Q1 217 2 22 24 26 28 21 212 214 216 Shaded areas indicate U.S. recessions Source: U.S. Bureau of the Census 217 fred.stlouisfed.org Short-Run View 32

National Economic Trends - Investment Spending Nondefense Capital Goods Orders Percent change from year ago, excluding aircraft 2 15 Percent Change from Year Ago 1 5-5 -1 Q1 212 Q3 212 Q1 213 Q3 213 Q1 214 Q3 214 Q1 215 Q3 215 Q1 216 Q3 216 Q1 217 Q3 217 1995 2 25 21 215 Shaded areas indicate U.S. recessions Source: U.S. Bureau of the Census 217 fred.stlouisfed.org Real Equipment Investment Compounded annual rates of change Real Equipment Investment 15 1 Compounded Annual Rate of Change 5-5 -1-15 Q1 215 Q1 213 Q1 217 2 25 21 215 Shaded areas indicate U.S. recessions Source: U.S. Bureau of the Census 217 fred.stlouisfed.org Short-Run View 33

National Economic Trends - Investment Spending Real Nonresidential Fixed Investment Compounded annual rates of change 7.5 5. Compounded Annual Rate of Change 2.5. -2.5-5. -7.5 Q1 215 Q1 216 Q1 217 2 22 24 26 28 21 212 214 216 Shaded areas indicate U.S. recessions Source: U.S. Bureau of the Census 217 fred.stlouisfed.org Real Residential Fixed Investment Compounded annual rates of change Real Private Residential Fixed Investment (DISCONTINUED) 15 1 Compounded Annual Rate of Change 5-5 -1 Q1 215 Q1 213 Q1 217 2 22 24 26 28 21 212 214 216 Shaded areas indicate U.S. recessions Source: U.S. Bureau of the Census 217 fred.stlouisfed.org Short-Run View 34

National Economic Trends - Investment Spending Housing Starts and New Home Sales Millions, annual rate 1.4.7 1.3.65 1.2.6 Millions, annual rate 1.1.55 Millions, annual rate 1..5.9.45.8 Sep 214 Jan 215 May 215 Sep 215 Jan 216 May 216 Sep 216 Jan 217 May 217 Sep 217.4 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of the Census 217 fred.stlouisfed.org Short-Run View 35

National Economic Trends - Government Reveues, Spending, and Debt 3,2 Total State & Local Federal Govt. Consumption and Investment Billions of 29 dollars 2,8 Billions of Chained 29 Dollars 2,4 2, 1,6 1,2 8 1995 2 25 21 215 196 198 2 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org 4 Govt. Current Receipts and Expenditures Total Expenditures Total Receipts Fed. Expenditures Fed. Receipts Percent of GDP 35 3 (Percent) 25 2 15 1995 2 25 21 215 196 198 2 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Economic Analysis 217 fred.stlouisfed.org Government Budgets Billions of Dollars National Income Accounts Calendar Years Unified Budget Fiscal Years State and Local Federal Federal Receipts Expenditures Surplus/Defecit (-) Receipts Expenditures Surplus/Defecit (-) Receipts Expenditures Surplus/Defecit (-) 2 1,33.1 1,293.2 9.9 2,68.2 1,911.7 156.5 1,991.1 1,862.8 128.2 21 1,352.6 1,417.9-65.3 2,31.8 2,17.4 14.5 1,853.1 2,1.9-157.8 22 1,388.4 1,59.4-12.9 1,87.6 2,141.1-27.5 1,782.3 2,159.9-377.6 23 1,474.6 1,596. -121.4 1,895.1 2,297.9-42.9 1,88.1 2,292.8-412.7 24 1,575.1 1,683.4-18.4 2,27.4 2,426.6-399.2 2,153.6 2,472. -318.3 25 1,78.8 1,775.4-66.6 2,33.5 2,68.2-34.7 2,46.9 2,655.1-248.2 26 1,81.9 1,85.3-39.4 2,537.7 2,764.8-227. 2,568. 2,728.7-16.7 27 1,9.6 1,973.3-72.7 2,667.2 2,932.8-265.7 2,524. 2,982.5-458.6 28 1,99.1 2,74.1-165.1 2,579.5 3,213.5-634. 2,15. 3,517.7-1,412.7 29 1,919.2 2,191.2-271.9 2,238.4 3,487.2-1,248.8 2,162.7 3,457.1-1,294.4 21 1,998.5 2,235.8-237.3 2,443.3 3,772. -1,328.7 2,33.5 3,63.1-1,299.6 Receipts and Outlays 35 211 2,3.5 2,246.4-215.9 2,574.1 3,818.3-1,244.1 2,45. 3,536.9-1,87.

National Economic Trends - Government Reveues, Spending, and Debt 212 2,57.2 2,277.9-22.8 2,699.1 3,789.1-1,9.1 2,775.1 3,454.6-679.5 213 2,136.8 2,327.3-19.5 3,138.4 3,782.2-643.8 3,21.5 3,56.1-484.6 214 2,236.7 2,45.6-168.9 3,291.2 3,91.4-61.2 3,249.9 3,688.4-438.5 215 2,35.7 2,497. -146.4 3,441.4 4,28. -586.7 3,268. 3,852.6-584.7 216 2,416.3 2,583.7-167.4 3,452.1 4,149.4-697.3 3,314.9 3,98.6-665.7 215Q1 2,32.1 2,451.7-149.6 3,399.8 3,953.8-554. 765.6 979.5-213.9 215Q2 2,326.9 2,492.2-165.4 3,44.4 4,31.4-591. 71.6 956.1-245.5 215Q3 2,335.6 2,512.8-177.1 3,43.6 4,64.2-633.5 992.6 932.4 6.2 215Q4 2,438. 2,531.4-93.4 3,494.7 4,62.8-568.1 797.9 984.4-186.5 216Q1 2,379.3 2,539.9-16.6 3,4.9 4,18.5-77.5 74.8 95.6-29.8 216Q2 2,388.9 2,573.8-184.9 3,441.7 4,13.3-688.5 732.4 149.4-317. 216Q3 2,438.7 2,6.9-162.2 3,486.3 4,165.3-679.1 134.7 13.9 3.8 216Q4 2,458.2 2,62.1-161.9 3,479.4 4,193.3-714. 87.1 949.7-142.6 217Q1 2,465.2 2,645.1-179.8 3,589.2 4,242. -652.8 217Q2 2,446.1 2,651.3-25.2 3,556.4 4,198.3-641.9 217Q3 2,51.1 2,68. -169.8 3,64.2 4,233.6-629.4 Receipts and Outlays 36

National Economic Trends - Government Reveues, Spending, and Debt 11 Total Held by Public Federal Debt Percent of GDP 1 9 8 (Percent) 7 6 5 4 3 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 1975 2 Shaded areas indicate U.S. recessions Sources: BEA, St. Louis Fed 217 fred.stlouisfed.org 2.5 Unified Budget NIPA Federal Surplus (+) / Deficit (-) Percent of GDP. -2.5 (Percent) -5. -7.5-1. 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 1975 2 Shaded areas indicate U.S. recessions Sources: BEA, St. Louis Fed 217 fred.stlouisfed.org NIPA: Net government saving. Change in Federal Debt Percent of GDP Debt and Budgets 37

National Economic Trends - Government Reveues, Spending, and Debt 15. Total Held by Public 12.5 1. (Percent) 7.5 5. 2.5. -2.5 1994 1996 1998 2 22 24 26 28 21 212 214 216 196 198 2 Shaded areas indicate U.S. recessions Sources: BEA, St. Louis Fed 217 fred.stlouisfed.org 6 Federal Surplus (+) / (-), Unified Basis Excluding Interest Payments Total Billions of dollars, fiscal years 4 2-2 (Percent) -4-6 -8-1, -1,2-1,4-1,6 1995 2 25 21 215 1925 195 1975 2 Shaded areas indicate U.S. recessions Sources: BEA, St. Louis Fed 217 fred.stlouisfed.org Total Public Debt Federal Government Debt Held by Agencies and Trusts Billions of dollars, end of month or fis cal year Excludes Agency-is s ued debt Held by Public Total Federal Reserve Banks Held by Private Investors Total Foreign and International 214 17,824.1 5,39.3 12,784.8 2,767.3 1,333.2 6,69.2 215 18,15.6 5,26.9 13,123.8 2,82.1 1,661.9 6,15.9 216 19,573.4 5,395.7 14,177.8 2,83.1 11,79.9 6,158.1 217 2,244.9 5,563.1 14,681.8 2,867.6 12,28. 6,323.5 213 March 16,771.4 4,848.9 11,922.5 1,796. 1,114.8 5,725. June 16,738.3 4,831.8 11,96.6 1,936.6 9,964.9 5,595. September 16,738.2 4,757.2 11,981. 2,72.3 9,94. 5,652.8 December 17,156.1 4,996.8 12,355.2 2,28.8 1,146.6 5,792.6 214 March 17,61.2 4,982. 12,643.2 2,614.6 1,299.7 5,948.3 June 17,632.6 5,6.6 12,572. 2,75.9 1,171.6 6,18.7 September 17,824.1 5,39.3 12,784.8 2,767.3 1,333.2 6,69.2 December 18,141.4 5,117.6 13,23.8 2,793.4 1,562.6 6,157.7 215 March 18,152.1 5,61.9 13,9.2 2,797.5 1,63.8 6,172.6 June 18,152. 5,77. 13,75. 2,798.5 1,615.5 6,163.1 September 18,15.6 5,26.9 13,123.8 2,82.1 1,661.9 6,15.9 December 18,922.2 5,222.3 13,699.9 2,81.1 11,211. 6,146.2 216 March 19,264.9 5,335.2 13,929.8 2,815.3 11,463.6 6,286.5 Debt and Budgets 38 June 19,381.6 5,444.3 13,937.3 2,819.1 11,47.4 6,281.1

National Economic Trends - Government Reveues, Spending, and Debt September 19,573.4 5,395.7 14,177.8 2,83.1 11,79.9 6,158.1 December 19,976.8 5,537.5 14,439.3 2,843.7 11,971.3 6,6.3 217 March 19,846.4 5,472. 14,374.5 2,859.1 11,95.3 6,79. June 19,844.6 5,473.7 14,37.9 2,864.1 11,91.1 6,171.6 September 2,244.9 5,563.1 14,681.8 2,867.6 12,28. 6,323.5 Debt and Budgets 39

National Economic Trends - International Trade C rrent Account, Trade and Investment Income Balances Investment Income (left scale) Goods and Services (left scale) Current Account (right scale) 8 4-1 (Billions of dollars, quarterly rate) -4-8 -12-2 -3-4 -5 (Percent of GDP) -16-6 -2 22 24 26 28 21 212 214 216-7 2 25 21 215 Shaded areas indicate U.S. recessions Source: Board of Governors of the Federal Reserve System (US) 217 fred.stlouisfed.org Exchange Rates Yen (right scale) Ecu (right scale) Euro (right scale) Major Currency Index (left scale) 12 18 11 16 (Index, March 1973 = 1) 1 9 8 14 12 1 (Yen/US$, 1 x (Ecu or Euro/US$) 7 8 6 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 6 198 199 2 21 Shaded areas indicate U.S. recessions Source: Board of Governors of the Federal Reserve System (US) 217 fred.stlouisfed.org Exchange Rates and Trade 4

National Economic Trends - International Trade Goods Export Shares, 214 Unit ed Kingo m: 3.8 % All Ot her: 28.11 % Mexico : 15.78 % China: 7.94 % France: 2.14 % Japan: 4.34 % Germany: 3.39 % Ot her OECD: 16.17 % Canada: 18.33 % Shaded areas indicate U.S. recessions Source: Board of Governors of the Federal Reserve System (US) 217 fred.stlouisfed.org Goods Import Shares, 214 Unit ed Kingo m: 2.46 % All Ot her: 22.66 % Mexico : 13.32 % France: 2.12 % China: 2.95 % Ot her OECD: 14.77 % Japan: 5.98 % Canada: 12.58 % Germany: 5.17 % Shaded areas indicate U.S. recessions Source: Board of Governors of the Federal Reserve System (US) 217 fred.stlouisfed.org Exchange Rates and Trade 41

National Economic Trends - International Trade Trade Balance Billions of dollars Goods and Services Goods -35-4 -45 (Billions of Dollars) -5-55 -6-65 -7 Jul 215 Oct 215 Jan 216 Apr 216 Jul 216 Oct 216 Jan 217 Apr 217 Jul 217 1995 2 25 21 215 Shaded areas indicate U.S. recessions Source: Organization for Economic Co-operation and Development 217 fred.stlouisfed.org 15 Exports Imports Goods Trade Percent Change from a year ago 1 (Percent Change from a year ago) 5-5 -1-15 Jul 215 Oct 215 Jan 216 Apr 216 Jul 216 Oct 216 Jan 217 Apr 217 Jul 217 1995 2 25 21 215 Shaded areas indicate U.S. recessions Source: Organization for Economic Co-operation and Development 217 fred.stlouisfed.org More Trade, International Growth Comparisons 42

National Economic Trends - International Trade Current Account Balance Billions of dollars -12.5-15. -17.5-11. (Billions of dollars) -112.5-115. -117.5-12. -122.5-125. Q1 216 Q1 217 2 25 21 215 Shaded areas indicate U.S. recessions Source: Organization for Economic Co-operation and Development 217 fred.stlouisfed.org 7 Exports Imports Services Trade Percent Change from a year ago 6 5 (Percent change from a year ago) 4 3 2 1-1 -2 Jul 215 Oct 215 Jan 216 Apr 216 Jul 216 Oct 216 Jan 217 Apr 217 Jul 217 1995 2 25 21 215 Shaded areas indicate U.S. recessions Source: Organization for Economic Co-operation and Development 217 fred.stlouisfed.org More Trade, International Growth Comparisons 43

National Economic Trends - International Trade Real GDP Growth of Major Trading Partners: United Kingdom Compound annual rates of change 3. 2.5 2. (Percent) 1.5 1..5. Q1 216 Q1 217 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: Organization for Economic Co-operation and Development 217 fred.stlouisfed.org Real GDP Growth of Major Trading Partners: Germany Compound annual rates of change Germany 3. 2.5 2. (Percent) 1.5 1..5. Q1 216 Q1 217 1995 2 25 21 215 Shaded areas indicate U.S. recessions Source: Organization for Economic Co-operation and Development 217 fred.stlouisfed.org More Trade, International Growth Comparisons 44

National Economic Trends - International Trade Real GDP Growth of Major Trading Partners: Canada Compound annual rates of change 5 4 3 (Percent) 2 1-1 -2 Q1 216 Q1 217 1985 199 1995 2 25 21 215 Shaded areas indicate U.S. recessions Source: Organization for Economic Co-operation and Development 217 fred.stlouisfed.org Real GDP Growth of Major Trading Partners: France Compound annual rates of change France 2.5 2. 1.5 (Percent) 1..5. -.5 Q1 216 Q1 217 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: Organization for Economic Co-operation and Development 217 fred.stlouisfed.org More Trade, International Growth Comparisons 45

National Economic Trends - International Trade Real GDP Growth of Major Trading Partners: Japan Compound annual rates of change 3. 2.5 2. 1.5 (Percent) 1..5. -.5-1. Q1 216 Q1 217 1995 2 25 21 215 Shaded areas indicate U.S. recessions Source: Organization for Economic Co-operation and Development 217 fred.stlouisfed.org Real GDP Growth of Major Trading Partners: Mexico Compound annual rates of change Mexico 5 4 3 (Percent) 2 1 Q1 216 Q1 217 1995 2 25 21 215 Shaded areas indicate U.S. recessions Source: Organization for Economic Co-operation and Development 217 fred.stlouisfed.org More Trade, International Growth Comparisons 46

National Economic Trends - Productivity and Profits Output/Hour(left scale) Utilization Rate(level)(right scale) Output per Hour and Capacity Utilization, Manufacturing Percent change from a year ago(right)/percent(left) 15 93 1 9 (Percent change from a year ago) 5-5 84 78 72 Percent of Capacity -1 33-15 1992 1994 1993 1998 2 22 24 23 28 21 212 214 213 3 198 199 2 21 Shaded areas indicate U.S. recessions Sources: BLS, Board of Governors 217 fred.stlouisfed.org 1. Nominal Real Nonfarm Compensation per Hour Percent change from a year ago 7.5 (Percent change from a year ago) 5. 2.5. -2.5-5. 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Sources: BLS, Board of Governors 217 fred.stlouisfed.org Productivity, Capacity Utilization, and Compensation 46

National Economic Trends - Productivity and Profits Output per Hour, Nonfarm Buisness and Nonfinancial Corporations Percent change from a year ago 8 7 6 (Percent change from a year ago) 5 4 3 2 1-1 -2 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Sources: BLS, Board of Governors 217 fred.stlouisfed.org Productivity, Capacity Utilization, and Compensation 47

National Economic Trends - Productivity and Profits Noufarm Ouput Per Hour Compounded annual rates of change Nonfarm Ouput per hour 4 3 Compounded Annual Rate of Change 2 1-1 -2-3 Q1 215 Q1 216 Q1 217 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org Manufacturing Output per Hour Compounded annual rates of change Manufacturing Ouput per Hour 4 3 2 Compounded Annual Rate of Change 1-1 -2-3 -4-5 -6 Q1 215 Q1 216 Q1 217 199 1995 2 25 21 215 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org Productivity, Shares of National Income, and Profits 48

National Economic Trends - Productivity and Profits Selected Component Shares of National Income Percent 15 68 14 67 13 66 12 65 (Percent) 11 64 (Percent) 1 63 9 62 8 61 7 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 6 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org 13 Profits ( Before Tax) Profits (After Tax) Corporate Profits (with IVA and CCAdj) Percent of GDP 12 11 1 (Percent of GDP) 9 8 7 6 5 4 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 195 196 197 198 199 2 21 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics 217 fred.stlouisfed.org Productivity, Shares of National Income, and Profits 49

National Economic Trends - FOMC Economic Projections 2.8 Change in Real GDP (Q4/Q4) Percent Gross Domestic Product FOMC Summary of Economic Projections for the Growth Rate of Real Gross Domestic Product, Range, Midpoint Long Run 2.6 2.4 2.2 (Percent) 2. 1.8 1.6 1.4 1.2 Jan 212 Jan 21 Jan 214 Jan 215 Jan 216 Jan 217 Jan 218 Jan 219 Jan 22 Shaded areas indicate U.S. recessions Sources: BEA, St. Louis Fed 217 fred.stlouisfed.org 1 Unemployment Rate (Q4) Percent Unemployment Rate FOMC Summary of Economic Projections for the Civilian Unemployment Rate, Range, Midpoint Long Run 9 8 (Percent) 7 6 5 4 3 Jan 211 Jan 212 Jan 213 Jan 214 Jan 215 Jan 216 Jan 217 Jan 218 Jan 219 Jan 22 Shaded areas indicate U.S. recessions Sources: BEA, St. Louis Fed, Univ of Michigan 217 fred.stlouisfed.org Nov 217 Projections 5

National Economic Trends - FOMC Economic Projections Change in PCE Price Index (Q4/Q4) Percent 3. 2.5 2. (Percent) 1.5 1..5. Jan 212 Jan 213 Jan 214 Jan 215 Jan 216 Jan 217 Jan 218 Jan 219 Jan 22 Shaded areas indicate U.S. recessions Sources: BEA, St. Louis Fed, Univ of Michigan 217 fred.stlouisfed.org 2.3 Change in PCE Price Index Exluding Food and Energy Prices (Q4/Q4) Percent PCE Core FOMC Summary of Economic Projections for the Personal Consumption Expenditures less Food and Energy Inflation Rate, Range, 2.2 2.1 2. 1.9 (Percent) 1.8 1.7 1.6 1.5 1.4 1.3 Jan 212 Jan 213 Jan 214 Jan 215 Jan 216 Jan 217 Jan 218 Jan 219 Jan 22 Shaded areas indicate U.S. recessions Sources: BEA, St. Louis Fed, Univ of Michigan 217 fred.stlouisfed.org Nov 217 Projections 51

National Economic Trends - FOMC Economic Projections Median 2.8 Change in Real GDP for 216 Percent 2.6 2.4 (Percent) 2.2 2. 1.8 1.6 1.4 9-214 12-215 3-215 6-215 9-215 12-216 3-216 6-216 9-216 12-217 3-217 6-217 9-217 Jan '15 Jul '15 Jan '16 Jul '16 Jan '17 Jul '17 Shaded areas indicate U.S. recessions 217 fred.stlouisfed.org Change in Real GDP for 217 Percent Median 2.8 2.6 2.4 (Percent) 2.2 2. 1.8 1.6 1.4 9-215 12-216 3-216 6-216 9-216 12-217 3-217 6-217 9-217 Jan '16 May '16 Sep '16 Jan '17 May '17 Shaded areas indicate U.S. recessions 217 fred.stlouisfed.org Current and Following Year Projections: A Timeline 52

National Economic Trends - FOMC Economic Projections Unemployment Rate for 216 (Q4) Percent 6. 5.8 5.6 5.4 5.2 (Percent) 5. 4.8 4.6 4.4 4.2 4. 9-214 12-215 3-215 6-215 9-215 12-216 3-216 6-216 9-216 12-217 3-217 6-217 9-217 Jan '15 Jul '15 Jan '16 Jul '16 Jan '17 Jul '17 Shaded areas indicate U.S. recessions 217 fred.stlouisfed.org Unemployment Rate for 217 (Q4) Percent Median 5.4 5.2 5. 4.8 (Percent) 4.6 4.4 4.2 4. 3.8 9-215 12-216 3-216 6-216 9-216 12-217 3-217 6-217 9-217 Jan '16 May '16 Sep '16 Jan '17 May '17 Shaded areas indicate U.S. recessions 217 fred.stlouisfed.org Current and Following Year Projections: A Timeline 53

National Economic Trends - FOMC Economic Projections Change in PCE Price Index for 216 Percent 2.3 2.2 2.1 2. (Percent) 1.9 1.8 1.7 1.6 1.5 1.4 9-214 12-215 3-215 6-215 9-215 12-216 3-216 6-216 9-216 12-217 3-217 6-217 9-217 Jan '15 Jul '15 Jan '16 Jul '16 Jan '17 Jul '17 Shaded areas indicate U.S. recessions 217 fred.stlouisfed.org Change in PCE Price Index for 217 Percent Median 2.3 2.2 2.1 (Percent) 2. 1.9 1.8 1.7 1.6 9-215 12-216 3-216 6-216 9-216 12-217 3-217 6-217 9-217 Jan '16 May '16 Sep '16 Jan '17 May '17 Shaded areas indicate U.S. recessions 217 fred.stlouisfed.org Current and Following Year Projections: A Timeline 54

National Economic Trends - FOMC Economic Projections Change in PCE Core Price Index for 216 Percent 2.3 2.2 2.1 2. 1.9 (Percent) 1.8 1.7 1.6 1.5 1.4 1.3 9-214 12-215 3-215 6-215 9-215 12-216 3-216 6-216 9-216 12-217 3-217 6-217 9-217 Jan '15 Jul '15 Jan '16 Jul '16 Jan '17 Jul '17 Shaded areas indicate U.S. recessions 217 fred.stlouisfed.org Change in PCE Core Price Index for 217 Percent Median 2.3 2.2 2.1 (Percent) 2. 1.9 1.8 1.7 1.6 9-215 12-216 3-216 6-216 9-216 12-217 3-217 6-217 9-217 Jan '16 May '16 Sep '16 Jan '17 May '17 Shaded areas indicate U.S. recessions 217 fred.stlouisfed.org Current and Following Year Projections: A Timeline 55

National Economic Trends - Real GDP Nowcast Fourth Quarter, 217 Forecasts St. Louis Fed Economic News Index: Real GDP Nowcast Revised Weekly Predictions for the Fourth Quarter, 217 3.2 3.1 3. Index 2.9 2.8 2.7 2.6 217-11-1 217-11-2 13. Nov 2. Nov Shaded areas indicate U.S. recessions Source: Federal Reserve Bank of St. Louis 217 fred.stlouisfed.org St. Louis Fed s Economic News Index (ENI) uses economic content from key monthly economic data releases to forecast the growth of real GDP during that quarter. In general, the most-current observation is revised multiple times throughout the quarter. The final forecasted value (before the BEA s release of the advance estimate of GDP) is the static, historical value for that quarter. For more information, see, Grover, Sean P.; Kliesen, Kevin L.; and McCracken, Michael W. A Macroeconomic News Index for Constructing Nowcasts of U.S. Real Gross Domestic Product Growth", Real GDP Nowcast 56

National Economic Trends - Quick Reference Tables Nomiual GDP Real GDP Fiual Sales Chauge iu Privat e Iuveut ories Percent Change Percent Change Percent Change Billions of 29 $ Billions of $ Annual rate Year ago Billions of 29 $ Annual rate Year ago Billions of 29 $ Annual rate Year ago Last qtr Year/year ago 213 16691.5 3.3 15612.175 1.7 15521.73 1.5 78.77 214 17427.6 4.4 1613.283 2.6 15932.95 2.7 67.777 215 1812.7 4. 16471.516 2.9 16354.31 2.6 1.549 216 18624.5 2.8 16716.164 1.5 16664.85 1.9 33.365 213 1 16475.4 4.4 3.1 15491.878 2.8 1.3 15434.333 1.8 1.4 49.628 53.76 2 16541.4 1.6 2.6 15521.559.8 1. 15459.141.6 1.2 52.587 47.6 3 16749.3 5.1 3.2 15641.336 3.1 1.7 15516.561 1.5 1.4 19.18 56.675 4 16999.9 6.1 4.3 15793.928 4. 2.7 15674.256 4.1 2. 13.594 78.77 214 1 1731.3.7 3.4 15757.57 -.9 1.7 1577.413.8 1.8 38.72 75.98 2 1732.9 7. 4.7 15935.825 4.6 2.7 15852.34 3.7 2.5 69.897 8.37 3 17622.3 7.1 5.2 16139.513 5.2 3.2 164.283 4.8 3.4 85.584 74.449 4 17735.9 2.6 4.3 1622.222 2. 2.7 16131.585 2.3 2.9 76.95 67.777 215 1 17874.7 3.2 5. 16349.97 3.2 3.8 1622.291 1.8 3.2 132.216 91.151 2 1893.2 5. 4.5 1646.889 2.7 3.3 16338.632 3.4 3.1 15.559 1.66 3 18227.7 3. 3.4 16527.587 1.6 2.4 16414.142 1.9 2.3 96.212 12.723 4 18287.2 1.3 3.1 16547.619.5 2. 16462.138 1.2 2. 68.28 1.549 216 1 18325.2.8 2.5 16571.573.6 1.4 16512.674 1.2 1.9 4.61 77.645 2 18538. 4.7 2.5 16663.516 2.2 1.2 16632.6 2.9 1.8 12.22 54.36 3 18729.1 4.2 2.8 16778.148 2.8 1.5 16741.79 2.6 2. 17.597 34.652 4 1895.5 3.8 3.4 16851.42 1.8 1.8 16769.987.7 1.9 63.59 33.365 217 1 1957.7 3.3 4. 1693.24 1.2 2. 16883.467 2.7 2.2 1.172 23.58 2 1925. 4.1 3.8 1731.85 3.1 2.2 176.646 3. 2.2 5.498 21.832 3 1959. 5.5 4.2 Cousumpt iou Durables Cousumpt iou Privat e Fixed Iuvest meut Chauge iu Nou-Resideut ial Fixed Iuvest meut Percent Change Percent Change Percent Change Percent Change Billions of $ Annual rate Year ago Billions of 29 $ Annual rate Year ago Billions of 29 $ Annual rate Year ago Billions of 29 $ Annual rate Year ago 213 1565.4 1.5 1312.712 6.2 2521.351 5. 232.895 3.5 214 1868.4 2.9 143.87 6.9 2677.274 6.2 2172.679 6.9 215 11264.3 3.6 1511.824 7.7 2782.739 3.9 2223.533 2.3 216 11572.1 2.7 1595.81 5.5 283.446.7 221.419 -.6 213 1 152.3 1.9 1.2 1297.131 1. 6.9 2482.669 7. 5.2 26.738 5.2 3.5 2 1523.9.8 1.2 133.914 2.1 6.7 258.795 4.3 4.5 218.983 2.5 2.3 3 1573.1 1.9 1.4 1316.934 4.1 6. 2526.739 2.9 5.3 229.566 2.1 3.4 4 1662.2 3.4 2. 1332.869 4.9 5.2 2567.21 6.6 5.2 276.292 9.5 4.8 214 1 1713.4 1.9 2. 135.926 5.5 4.1 2599.376 5.1 4.7 2112.552 7.2 5.3 2 185.1 3.5 2.7 1393.556 13.2 6.9 2663. 1.2 6.1 216.631 9.4 7. 3 199.9 3.9 3.2 1419.647 7.7 7.8 2722.479 9.2 7.7 2215.96 1.5 9.1 4 1145.2 5.1 3.6 1448.219 8.3 8.7 2724.24.3 6.1 222.437-2.3 6.1 215 1 11145.3 3.7 4. 1475.573 7.8 9.2 2751.522 4.1 5.9 2214.696 2.2 4.8 2 11227.9 3. 3.9 156.35 8.6 8.1 2783.39 4.7 4.5 223.697 2.9 3.2 3 1134.6 2.8 3.6 1524.853 5. 7.4 286.596 3.4 3.1 2238.798 1.5 1.1 4 11379.3 2.7 3. 154.563 4.2 6.4 2789.447-2.4 2.4 229.941-5.1.3 216 1 1143.5 1.8 2.6 1544.395 1. 4.7 2787.837 -.2 1.3 2187.499-4. -1.2 2 11537.7 3.8 2.8 1576.17 8.5 4.6 2797.464 1.4.5 225.321 3.3-1.1 3 11618.1 2.8 2.8 1611.891 9.4 5.7 288.15 1.5.1 2223.993 3.4 -.7 4 1172.1 2.9 2.8 1647.868 9.2 7. 282.331 1.7 1.1 2224.864.2.7 217 1 11758. 1.9 2.9 1647.313 -.1 6.7 2875.663 8.1 3.2 2263.637 7.2 3.5 2 11853. 3.3 2.7 1677.793 7.6 6.4 2898.459 3.2 3.6 23.598 6.7 4.3 3 11921.1 2.3 2.6 171.774 8.1 6.1 GDP, Final Sales, Private Inventories, Consumption, and Investment 57

National Economic Trends - Quick Reference Tables GDP Chain Price Index Employment Cost Index ECI: Wages ECI: Benefit s Percent Change Percent Change Percent Change Percent Change Index Annual rate Year ago Index Annual rate Year ago Index Annual rate Year ago Index Annual rate Year ago 213 16.917 1.6 118.8 2. 118.2 1.9 12. 2. 214 18.839 1.8 121.2 2. 12.6 2. 122.7 2.3 215 11.12 1.1 123.8 2.1 123.3 2.2 124.7 1.6 216 111.419 1.3 126.4 2.1 126.2 2.4 126.7 1.6 213 1 16.318 1.4 1.8 117.9 2.4 1.9 117.4 2.4 1.8 119.1 2. 2. 2 16.565.9 1.6 118.5 2.1 1.9 118. 2.1 1.9 119.7 2. 1.9 3 17.112 2.1 1.5 119. 1.7 1.9 118.4 1.4 1.8 12.3 2. 2. 4 17.674 2.1 1.6 119.6 2. 2. 119.1 2.4 2.1 12.8 1.7 1.9 214 1 18.13 1.6 1.7 119.9 1. 1.7 119.4 1. 1.7 121.3 1.7 1.8 2 18.694 2.2 2. 12.9 3.4 2. 12.2 2.7 1.9 122.6 4.4 2.4 3 19.2 1.9 1.9 121.7 2.7 2.3 121.1 3. 2.3 123.2 2. 2.4 4 19.359.6 1.6 122.3 2. 2.3 121.7 2. 2.2 123.8 2. 2.5 215 1 19.322 -.1 1.1 123.2 3. 2.8 122.6 3. 2.7 124.5 2.3 2.6 2 19.921 2.2 1.1 123.2. 1.9 122.8.7 2.2 124.2-1. 1.3 3 11.298 1.4 1. 124. 2.6 1.9 123.6 2.6 2.1 124.8 1.9 1.3 4 11.57.8 1. 124.6 1.9 1.9 124.3 2.3 2.1 125.3 1.6 1.2 216 1 11.588.3 1.2 125.4 2.6 1.8 125.1 2.6 2. 125.9 1.9 1.1 2 111.257 2.4 1.2 126.1 2.3 2.4 126. 2.9 2.6 126.4 1.6 1.8 3 111.641 1.4 1.2 126.7 1.9 2.2 126.6 1.9 2.4 127. 1.9 1.8 4 112.19 2. 1.5 127.3 1.9 2.2 127.2 1.9 2.3 127.5 1.6 1.8 217 1 112.752 2. 2. 128.3 3.2 2.3 128.3 3.5 2.6 128.3 2.5 1.9 2 113.37 1. 1.6 129. 2.2 2.3 129. 2.2 2.4 129.1 2.5 2.1 3 113.637 2.1 1.8 13. 3.1 2.6 129.9 2.8 2.6 13. 2.8 2.4 Export s Import s Nonfarm Out put per Hour Nonfarm Compensat ion per Hour Percent Change Percent Change Percent Change Percent Change Billions of 29 $ Annual rate Year ago Billions of 25 $ Annual rate Year ago Index Annual rate Year ago Index Annual rate Year ago 213 231.53 3.5 2436.435 1.1 14.655.3 18.156 1.2 214 2118.37 4.3 2546.54 4.5 15.682 1. 111.253 2.9 215 2127.5.4 2672.35 5. 16.997 1.2 114.711 3.1 216 212.6 -.3 276.39 1.3 16.995 -. 115.988 1.1 213 1 1991.13 4. 2.5 245.489 1.3. 14.286.9.2 16.714-9. 1. 2 215.47 5. 2.6 2436.565 5.3.8 14.116 -.7 -.6 18.222 5.8 1.8 3 23.96 3.1 2.9 2447.62 1.7 1.1 14.541 1.6. 18.516 1.1 2. 4 288.55 11.8 5.9 2456.623 1.6 2.5 15.676 4.4 1.6 19.172 2.4 -.1 214 1 275.76-2.4 4.3 2486.757 5. 3.4 14.774-3.4.5 11.986 6.8 4. 2 2121.8 9.2 5.3 2547.962 1.2 4.6 15.386 2.4 1.2 11.297-2.5 1.9 3 2125.11.6 4.6 2541.77-1. 3.9 16.53 4.4 1.9 111.166 3.2 2.4 4 215.8 4.9 3. 267.725 1.8 6.2 16.37-1.8.3 112.563 5.1 3.1 215 1 2126.38-4.5 2.4 265.521 6.7 6.6 16.748 2.7 1.9 113.49 3.3 2.3 2 2145.78 3.7 1.1 2671.995 3.3 4.9 17.81 1.3 1.6 114.485 3.6 3.8 3 2124.13-4. -. 2683.435 1.7 5.6 17.426 1.3.8 114.85 1.1 3.3 4 2111.93-2.3-1.8 2683.45. 2.9 16.732-2.6.7 116.62 4.5 3.1 216 1 298.8-2.6-1.3 2682.298 -.2 1.2 16.417-1.2 -.3 114.945-3.8 1.3 2 2112.5 2.8-1.6 2684.95.4.5 16.638.8 -.4 116.294 4.8 1.6 3 2145.28 6.4 1. 272.569 2.7.7 17.295 2.5 -.1 117.26 2.5 1.9 4 2124.38-3.8.6 2755.464 8.1 2.7 17.63 1.3.8 115.685-4.5 -.3 217 1 2162.3 7.3 3.1 2784.515 4.3 3.8 17.664.1 1.2 117.8 4.9 1.9 2 2181.15 3.5 3.2 2794.781 1.5 4.1 18.69 1.5 1.3 117.61 1.8 1.1 213 1 18.871 3. 1.5 118.625 3.5 1.4 GDP Price Index, Employment Cost Index, Trade, Productivity, and Compensation 59

National Economic Trends - Quick Reference Tables Ho sehold Snrvery Employment Nonfarm Payroll Employment Nonfarm Aggregat e Honrs Percent Change Percent Change Percent Change Thousands Change Annual rate Year ago Thousands Change Annual rate Year ago Index Monthly rate Annual rate Year ago 212 142475 259 1.9 134171 223 1.7 14.1 2.7 213 143939 1464 1. 136379 228 1.6 16.1 1.9 214 14638 2369 1.6 138937 2558 1.9 18.5 2.3 215 148841 2533 1.7 141813 2876 2.1 11.8 2.1 216 151437 2596 1.7 14436 2493 1.8 112.6 1.6 214 1 145291 16 2.8 1.4 137755 498 1.5 1.7 17..2.8 1.4 2 14595 614 1.7 1.4 138581 826 2.4 1.8 18.3 1.2 4.9 2.3 3 14662 697 1.9 1.6 139315 734 2.1 2. 19..6 2.6 2.6 4 147436 834 2.3 2.2 1498 783 2.3 2.1 19.7.6 2.6 2.7 215 1 148138 72 1.9 2. 14793 695 2. 2.2 11.1.4 1.5 2.9 2 148685 547 1.5 1.9 14149 697 2. 2.1 11.4.3 1.1 1.9 3 148971 286.8 1.6 142134 644 1.8 2. 111.1.6 2.6 1.9 4 149568 597 1.6 1.4 142835 71 2. 2. 111.8.6 2.5 1.9 216 1 15959 1391 3.8 1.9 143444 69 1.7 1.9 112..2.7 1.7 2 15159 1.3 1.6 143954 51 1.4 1.7 112.2.2.7 1.6 3 15179 65 1.7 1.8 144657 73 2. 1.8 112.9.6 2.5 1.6 4 1522 311.8 1.6 145167 51 1.4 1.6 113.3.4 1.4 1.3 217 1 152536 516 1.4 1. 145712 545 1.5 1.6 113.9.5 2.1 1.7 2 15382 546 1.4 1.3 146197 485 1.3 1.6 114.6.6 2.5 2.1 3 153766 684 1.8 1.4 146668 471 1.3 1.4 114.8.2.7 1.7 4........ 215 Oct 149255 323 2.6 1.2 142574 321 2.7 2. 111.5.3 3.3 2. Nov 149419 164 1.3 1.4 142846 272 2.3 1.9 111.7.2 2.2 1.7 Dec 153 611 5. 1.7 14385 239 2. 1.9 112.3.5 6.6 2.1 216 Jan 15533 53 4.1 1.7 143211 126 1.1 1.9 112.1 -.2-2.1 2. Feb 15143 51 4.1 2. 143448 237 2. 1.8 111.9 -.2-2.1 1.6 Mar 15131 258 2.1 2.1 143673 225 1.9 1.9 112.1.2 2.2 1.7 Apr 15128-273 -2.1 1.7 143826 153 1.3 1.9 112.1.. 1.9 May 15158 3.2 1.5 143869 43.4 1.6 112.1.. 1.6 Jun 1519 32.3 1.6 144166 297 2.5 1.7 112.4.3 3.3 1.4 Jul 151546 456 3.7 1.8 144457 291 2.4 1.7 113..5 6.6 1.8 Aug 151655 19.9 1.7 144633 176 1.5 1.7 112.7 -.3-3.1 1.4 Sep 151926 271 2.2 2. 144882 249 2.1 1.8 112.9.2 2.2 1.5 Oct 15192-24 -.2 1.8 1456 124 1. 1.7 113.1.2 2.1 1.4 Nov 15248 146 1.2 1.8 14517 164 1.4 1.6 113.2.1 1.1 1.3 Dec 152111 63.5 1.4 145325 155 1.3 1.6 113.5.3 3.2 1.1 217 Jan 15281-3 -.2 1. 145541 216 1.8 1.6 113.7.2 2.1 1.4 Feb 152528 447 3.6 1. 145773 232 1.9 1.6 113.9.2 2.1 1.8 Mar 153 472 3.8 1.1 145823 5.4 1.5 114..1 1.1 1.7 Apr 153156 156 1.2 1.4 1463 27 1.7 1.5 114.5.4 5.4 2.1 May 152923-233 -1.8 1.2 146175 145 1.2 1.6 114.6.1 1.1 2.2 Jun 153168 245 1.9 1.4 146385 21 1.7 1.5 114.8.2 2.1 2.1 Jul 153513 345 2.7 1.3 146523 138 1.1 1.4 114.9.1 1.1 1.7 Aug 153439-74 -.6 1.2 146731 28 1.7 1.5 114.7 -.2-2.1 1.8 Sep 154345 96 7.3 1.6 146749 18.1 1.3 114.7.. 1.6 Oct 153861-484 -3.7 1.3 1471 261 2.2 1.4 115.3.5 6.5 1.9 Employment and Nonfarm Aggregate Hours 61

2024 © financedocbox.com Privacy Policy | Terms of Service | Feedback