Economic Indicators MARCH Prepared for the Joint Economic Committee by the Council of Economic Advisers. 114th Congress, 2nd Session

114th Congress, 2nd Session Economic Indicators MARCH 216 (Includes data available as of April 4, 216) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PUBLISHING OFFICE WASHINGTON : 216

JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 34, 79th Cong.) Senator Dan Coats, Indiana, Chairman Representative Patrick J. Tiberi, Ohio, Vice Chairman Senate Mike Lee, Utah Tom Cotton, Arkansas Ben Sasse, Nebraska Ted Cruz, Texas Bill Cassidy, M.D., Louisiana Amy Klobuchar, Minnesota Robert P. Casey, Jr., Pennsylvania Martin Heinrich, New Mexico Gary C. Peters, Michigan House of Representatives Justin Amash, Michigan Erik Paulsen, Minnesota Richard L. Hanna, New York David Schweikert, Arizona Glenn Grothman, Wisconsin Carolyn B. Maloney, New York, Ranking John Delaney, Maryl Alma S. Adams, Ph.D, North Carolina Donald S. Beyer, Jr., Virginia Viraj M. Mirani, Executive Director Jason Furman, Chairman Sra Black, Member Jay Shambaugh, Member [Public Law 12 81st Congress; Chapter 237 1st Session] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled Economic Indicators Resolved by the Senate House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators, that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, Doorkeeper of the House of Representatives; two copies to the libraries of the Senate House, the Congressional Library; seven hundred copies to the Joint Economic Committee; the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Mail Multimedia Division, Office of the Secretary, Department of Commerce. Monthly issues of Economic Indicators in PDF form, tables in Excel, are available online at: www.gpo.gov/economicindicators To subscribe to the print edition, $58. per year ($81.2 outside the United States), contact the U.S. Government Publishing Office at 22-512-18, www.gpo.gov/economicindicators, or: SUPERINTENDENT OF DOCUMENTS U.S. GOVERNMENT PUBLISHING OFFICE MAIL STOP: IDCC WASHINGTON, DC 242-9328 ii

TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product In the fourth quarter of 215, according to revised estimates, current dollar gross domestic product (GDP) rose 2.3 percent (annual rate), real GDP in chained (29) dollars rose 1.4 percent, the chained price index rose.9 percent. BILLIONS OF DOLLARS (RATIO SCALE) 18,4 18, 17,6 17,2 16,8 16,4 SEASONALLY ADJUSTED ANNUAL RATES BILLIONS OF DOLLARS (RATIO SCALE) 18,4 18, 17,6 17,2 16,8 16,4 16, 15,6 GDP IN CURRENT DOLLARS 16, 15,6 15,2 15,2 14,8 14,4 GDP IN CHAINED (29) DOLLARS 14,8 14,4 14, 14, 13,6 13,6 13,2 13,2 12,8 26 27 28 29 21 211 212 213 214 215 12,8 SOURCE: DEPARTMENT OF COMMERCE [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Gross domestic product Personal consumption expenditures Net exports Exports imports of goods services Exports Imports Government consumption expenditures gross investment Federal National defense Gross private domestic investment Nondefense State local Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 26... 13,855.9 9,34. 2,68.6 77.9 1,476.3 2,247.3 2,642.2 1,2. 642.4 359.6 1,64.2 13,788.9 14,626.8 13,923.5 27... 14,477.6 9,75.5 2,643.7 718.5 1,664.6 2,383.2 2,81.9 1,49.8 678.7 371. 1,752.2 14,443.2 15,196.2 14,63.2 28... 14,718.6 1,13.6 2,424.8 723.1 1,841.9 2,565. 3,3.2 1,155.6 754.1 41.5 1,847.6 14,75.6 15,441.6 14,89.6 29... 14,418.7 9,847. 1,878.1 395.4 1,587.7 1,983.2 3,89.1 1,217.7 788.3 429.4 1,871.4 14,566.3 14,814.2 14,569.8 21... 14,964.4 1,22.2 2,1.8 512.7 1,852.3 2,365. 3,174. 1,33.9 832.8 471.1 1,87.2 14,92.8 15,477. 15,17.3 211... 15,517.9 1,689.3 2,239.9 58. 2,16.4 2,686.4 3,168.7 1,33.5 836.9 466.5 1,865.3 15,476.2 16,97.9 15,764.6 212... 16,155.3 11,5.6 2,511.7 565.7 2,198.2 2,763.8 3,158.6 1,292.5 817.8 474.7 1,866.1 16,93.5 16,72.9 16,392.8 213... 16,663.2 11,392.3 2,665. 58.4 2,263.3 2,771.7 3,114.2 1,23.6 767.7 463. 1,883.6 16,591.4 17,171.6 16,913.5 214... 17,348.1 11,865.9 2,86. 53. 2,341.9 2,871.9 3,152.1 1,219.9 748.2 471.6 1,932.3 17,27.9 17,878.1 17,611.2 215 r... 17,947. 12,271.9 3,2.6 528.9 2,253.4 2,782.3 3,183.4 1,224.6 74.8 483.9 1,958.8 17,837.7 18,475.9 18,16.6 213: I... 16,44.7 11,271.8 2,578.3 529.2 2,226.6 2,755.8 3,119.8 1,25.4 783.8 466.6 1,869.4 16,44.2 16,969.9 16,661.7 II... 16,526.8 11,322.8 2,62.4 527.8 2,237.6 2,765.4 3,111.4 1,234.2 772.3 461.9 1,877.2 16,478.1 17,54.6 16,774. III... 16,727.5 11,417.7 2,711.5 512.4 2,264.3 2,776.7 3,11.7 1,22.4 759.2 461.1 1,89.3 16,621.9 17,239.9 16,991.4 IV... 16,957.6 11,556.9 2,749.9 464.3 2,324.5 2,788.8 3,115.1 1,217.6 755.4 462.2 1,897.5 16,861.2 17,421.9 17,226.9 214: I... 16,984.3 11,64.3 2,751.1 529.4 2,31.5 2,83.8 3,122.3 1,214.8 746.8 468. 1,97.5 16,941.6 17,513.7 17,243.1 II... 17,27. 11,813. 2,841.6 53.9 2,356.2 2,887. 3,146.3 1,216.9 748.4 468.4 1,929.4 17,181. 17,8.9 17,527. III... 17,522.1 11,949.1 2,91.2 514.6 2,36.6 2,875.2 3,177.4 1,233.1 759.5 473.6 1,944.3 17,433.8 18,36.6 17,794. IV... 17,615.9 12,61.4 2,937.2 545.2 2,349.5 2,894.6 3,162.5 1,214.7 738.2 476.5 1,947.8 17,527.4 18,161.1 17,88.6 215: I... 17,649.3 12,55.5 2,995.9 551.6 2,257.3 2,88.9 3,149.5 1,218.2 739. 479.2 1,931.3 17,522. 18,2.9 17,876.8 II... 17,913.7 12,228.4 3,25.5 519.3 2,28. 2,799.3 3,179.2 1,22.7 74.1 48.6 1,958.4 17,786.2 18,433. 18,144.3 III... 18,6.2 12,359. 3,3.6 53.4 2,259.8 2,79.2 3,21. 1,224.3 738.2 486.1 1,976.6 17,964.9 18,59.6 18,263.8 IV r... 18,164.8 12,444.7 3,3.6 514.3 2,216.6 2,73.9 3,23.9 1,235.2 745.7 489.5 1,968.7 18,77.9 18,679.1 18,357.5 1 GDP less exports of goods services plus imports of goods services. Source: Department of Commerce (Bureau of Economic Analysis). 1

Real Gross Domestic Product [Billions of chained (29) dollars; quarterly data at seasonally adjusted annual rates] Gross domestic product Gross private domestic investment Nonresidential fixed investment Residential fixed investment Exports imports of goods services Net exports Exports Imports Government consumption expenditures gross investment Federal National defense Change in private inventories Nondefense State local Final sales of domestic product Gross domestic purchases 1 Personal consumption expenditures Addendum: Gross national product 26... 14,613.8 9,821.7 1,839.6 86.6 71.6 794.3 1,56.8 2,31. 2,869.3 1,6.9 678.8 382.1 1,88.8 14,542.3 15,431.6 14,688.6 27... 14,873.7 1,41.6 1,948.4 654.8 35.5 712.6 1,646.4 2,359. 2,914.4 1,78.7 695.6 383.1 1,836.1 14,836.2 15,66.8 15,5.7 28... 14,83.4 1,7.2 1,934.4 497.7 33.7 557.8 1,74.8 2,298.6 2,994.8 1,152.3 748.1 44.2 1,842.4 14,865.7 15,399.9 15,4.8 29... 14,418.7 9,847. 1,633.4 392.2 147.6 395.4 1,587.7 1,983.2 3,89.1 1,217.7 788.3 429.4 1,871.4 14,566.3 14,814.2 14,569.8 21... 14,783.8 1,36.3 1,673.8 382.4 58.2 458.8 1,776.6 2,235.4 3,91.4 1,27.7 813.5 457.1 1,82.8 14,722.2 15,244.9 14,97.8 211... 15,2.6 1,263.5 1,82.3 384.5 37.6 459.4 1,898.3 2,357.7 2,997.4 1,236.4 795. 441.4 1,761. 14,979. 15,483.9 15,241. 212... 15,354.6 1,413.2 1,964.1 436.5 54.7 447.1 1,963.2 2,41.2 2,941.6 1,213.5 768.2 445.3 1,728.1 15,292.3 15,84.3 15,562.1 213... 15,583.3 1,59.4 2,23.7 478. 61.4 417.5 2,18.1 2,435.6 2,854.9 1,144.1 716.6 427.5 1,71.2 15,511.4 16,1.4 15,799.3 214... 15,961.7 1,875.7 2,148.3 486.4 68. 442.5 2,86.4 2,528.9 2,838.3 1,116.3 689.1 427. 1,72.8 15,881.7 16,45.8 16,186.7 215 r... 16,348.9 11,213.3 2,29.3 529.6 97.5 543.4 2,11.1 2,653.5 2,858.9 1,113.2 68.6 432.2 1,744.3 16,241.9 16,894.7 16,529.5 213: I... 15,457.2 1,518.2 2,.7 469.9 25.2 425.9 1,976.6 2,42.6 2,878.8 1,17.1 734.4 435.6 1,78.5 15,424.7 15,883.9 15,647.1 II... 15,5.2 1,554.3 2,5.7 48.3 39.6 434.2 2,.5 2,434.7 2,864.1 1,153.2 723.6 429.5 1,71.4 15,451.9 15,935.9 15,713.9 III... 15,614.4 1,598.9 2,23.1 486. 93.6 428.3 2,21.1 2,449.4 2,848.1 1,136.3 79.4 426.7 1,711.1 15,58.9 16,43.9 15,842.6 IV... 15,761.5 1,69.4 2,65.5 475.9 87.2 381.5 2,74.2 2,455.7 2,828.5 1,116.9 698.8 418. 1,71.6 15,66. 16,141.9 15,993.8 214: I... 15,724.9 1,724.7 2,16.9 472.6 36.9 434. 2,38.7 2,472.7 2,828.4 1,117.8 69.6 427. 1,79.6 15,675.7 16,16.3 15,947.1 II... 15,91.5 1,826.3 2,129.8 484.4 77.1 443.3 2,86.8 2,53.1 2,836.5 1,114.5 689.8 424.6 1,72.8 15,89.7 16,346.6 16,12.9 III... 16,68.8 1,918.6 2,176.3 488.5 79.9 429.1 2,96. 2,525.1 2,849.2 1,124.7 697.3 427.1 1,723.5 15,978.6 16,498.9 16,31.1 IV... 16,151.4 11,33.3 2,18. 5.2 78.2 463.6 2,123.9 2,587.5 2,839. 1,18.3 678.6 429.4 1,729.3 16,62.9 16,617.2 16,377.7 215: I... 16,177.3 11,81.2 2,188.6 512.4 112.8 541.2 2,91.4 2,632.5 2,838.5 1,111.3 68.3 43.7 1,725.9 16,53.8 16,72.8 16,371.4 II... 16,333.6 11,178.9 2,21.6 524. 113.5 534.6 2,117.5 2,652.1 2,856.9 1,111.3 68.8 43.2 1,744.1 16,29.7 16,87.7 16,529.7 III... 16,414. 11,262.4 2,224.9 534.4 85.5 546.1 2,121.1 2,667.2 2,869.7 1,112. 678.4 433.2 1,756.2 16,319.3 16,962.4 16,585.1 IV r... 16,47.6 11,33.7 2,213. 547.4 78.3 551.9 2,11.3 2,662.2 2,87.6 1,118.3 683.1 434.8 1,75.9 16,385. 17,25. 16,631.7 1 GDP less exports of goods services plus imports of goods services. Note: Because of the formula used for calculating real GDP, the chained (29) dollar estimates 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, 29=1; quarterly data are seasonally adjusted] Gross domestic product Personal consumption expenditures Goods Services Gross private domestic investment Nonresidential fixed Residential fixed Exports imports of goods services Exports Imports Government consumption expenditures gross investment Federal National defense Nondefense State local 26... 94.812 94.729 98.277 92.976 96.561 13.821 97.979 97.663 94.448 94.633 94.11 9.677 27... 97.34 97.12 99.43 95.981 98.574 15.176 11.17 11.24 97.319 97.572 96.849 95.426 28... 99.218 1.65 12.362 98.947 1.337 13.647 15.89 111.588 1.286 1.89 99.321 1.279 29... 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 21... 11.226 11.653 11.637 11.661 99.7 99.645 14.263 15.8 12.614 12.365 13.64 12.714 211... 13.315 14.149 15.413 13.524 1.545 1.395 11.96 113.942 15.422 15.274 15.691 15.923 212... 15.22 16.121 16.71 15.84 12.216 11.324 111.97 114.671 16.512 16.466 16.6 17.985 213... 16.935 17.572 16.2 18.292 12.993 16.458 112.147 113.798 17.562 17.13 18.38 11.143 214... 18.694 19.15 15.823 11.818 13.977 112.93 112.25 113.566 19.274 18.585 11.444 112.287 215 r... 19.782 19.44 12.817 112.95 14.195 115.121 16.785 14.846 11.11 18.838 111.946 112.296 213: I... 16.333 17.166 16.74 17.398 12.574 14.21 112.644 114.699 16.855 16.718 17.14 19.415 II... 16.625 17.284 15.941 17.988 12.943 15.58 111.85 113.58 17.5 16.716 17.514 19.751 III... 17.154 17.728 16.179 18.539 13.11 16.992 112.34 113.361 17.388 17.8 18.49 11.475 IV... 17.63 18.18 15.939 19.241 13.345 19.51 112.62 113.554 19.2 18.79 11.566 11.93 214: I... 18.25 18.54 15.912 19.911 13.567 111.411 112.884 114.474 18.668 18.129 19.599 111.576 II... 18.621 19.117 16.276 11.598 13.849 111.692 112.895 114.92 19.179 18.53 11.329 112.125 III... 19.49 19.441 16.179 111.143 14.17 113.612 112.615 113.847 19.649 18.919 11.884 112.89 IV... 19.81 19.322 14.924 111.62 14.322 114.896 11.67 111.852 19.6 18.789 11.964 112.637 215: I... 19.112 18.795 12.567 112.51 14.211 114.773 17.925 16.685 19.623 18.636 111.266 111.91 II... 19.685 19.391 13.191 112.632 13.953 114.538 17.661 15.535 19.85 18.718 111.72 112.29 III... 11.45 19.74 13.125 113.2 14.251 115.286 16.528 14.596 11.18 18.828 112.213 112.556 IV r... 11.287 19.834 12.385 113.737 14.364 115.888 15.27 12.567 11.461 19.17 112.583 112.437 Source: Department of Commerce (Bureau of Economic Analysis). 2

Gross Domestic Product Related Price Measures: Indexes Percent Changes [Quarterly data are seasonally adjusted] Index numbers, 29=1 Percent change from preceding period 1 Gross domestic product (GDP) Real GDP (chain-type quantity index) GDP chain-type price index GDP implicit price deflator Personal consumption expenditures (PCE) PCE (chain-type price index) PCE less food energy price index Gross domestic purchases price index GDP (current dollars) Gross domestic product (GDP) Real GDP (chain-type quantity index) GDP chain-type price index GDP implicit price deflator Personal consumption expenditures (PCE) PCE (chain-type price index) PCE less food energy price index Gross domestic purchases price index 26... 11.353 94.812 94.814 94.729 94.786 94.783 5.8 2.7 3.1 3.1 2.7 2.2 3.2 27... 13.156 97.34 97.337 97.12 96.832 97.372 4.5 1.8 2.7 2.7 2.5 2.2 2.7 28... 12.855 99.218 99.246 1.65 98.827 1.244 1.7.3 1.9 2. 3.1 2.1 2.9 29... 1. 1. 1. 1. 1. 1. 2. 2.8.8.8.1 1.2.2 21... 12.532 11.226 11.221 11.653 11.286 11.527 3.8 2.5 1.2 1.2 1.7 1.3 1.5 211... 14.174 13.315 13.311 14.149 12.8 13.97 3.7 1.6 2.1 2.1 2.5 1.5 2.4 212... 16.491 15.22 15.214 16.121 14.741 15.85 4.1 2.2 1.8 1.8 1.9 1.9 1.8 213... 18.77 16.935 16.929 17.572 16.355 17.319 3.1 1.5 1.6 1.6 1.4 1.5 1.4 214... 11.71 18.694 18.686 19.15 17.981 18.982 4.1 2.4 1.6 1.6 1.4 1.5 1.5 215 r... 113.386 19.782 19.775 19.44 19.412 19.366 3.5 2.4 1. 1..3 1.3.4 213: I... 17.22 16.333 16.363 17.166 15.819 16.87 3.6 1.9 1.5 1.6 1.4 1.7 1.4 II... 17.51 16.625 16.623 17.284 16.14 17.2 2.1 1.1 1.1 1..4 1.2.8 III... 18.293 17.154 17.128 17.728 16.58 17.479 4.9 3. 2. 1.9 1.7 1.4 1.7 IV... 19.313 17.63 17.589 18.18 16.954 17.969 5.6 3.8 1.8 1.7 1.4 1.7 1.8 214: I... 19.59 18.25 18.9 18.54 17.334 18.39.6.9 1.5 1.6 1.6 1.4 1.6 II... 11.283 18.621 18.66 19.117 17.86 18.91 6.9 4.6 2.2 2.2 2.1 2. 1.9 III... 111.444 19.49 19.44 19.441 18.232 19.325 6. 4.3 1.6 1.6 1.2 1.4 1.5 IV... 112.17 19.81 19.67 19.322 18.498 19.34 2.2 2.1.1.1.4 1..1 215: I... 112.196 19.112 19.99 18.795 18.758 18.864.8.6.1.1 1.9 1. 1.6 II... 113.28 19.685 19.674 19.391 19.264 19.271 6.1 3.9 2.1 2.1 2.2 1.9 1.5 III... 113.838 11.45 11.29 19.74 19.636 19.614 3.3 2. 1.3 1.3 1.3 1.4 1.3 IV r... 114.23 11.287 11.286 19.834 19.992 19.716 2.3 1.4.9.9.3 1.3.4 1 Quarterly percent changes are at annual rates. Source: Department of Commerce (Bureau of Economic Analysis). Gross value added of nonfinancial corporate business (billions of dollars) 1 Current dollars Nonfinancial Corporate Business Gross Value Added Price, Costs, Profits Chained (29) dollars [Quarterly data at seasonally adjusted annual rates] Compensation of employees (unit labor cost) Price per unit of real gross value added of nonfinancial corporate business (dollars) 1, 2 Unit nonlabor cost Consumption of fixed capital Taxes on production imports 3 Net interest miscellaneous payments Corporate profits with inventory valuation capital consumption adjustments 4 Taxes on corporate income Profits after tax 5 26... 6,988. 7,46.3.944.558.249.132.92.25.137.42.96 27... 7,23.9 7,48.5.963.576.265.139.93.33.122.39.83 28... 7,256.8 7,383.9.983.59.283.148.93.42.11.31.79 29... 6,859.8 6,859.8 1..596.299.159.99.41.15.26.79 21... 7,238.7 7,24. 1..574.29.151.99.4.136.3.15 211... 7,592.3 7,421.5 1.23.588.296.154.13.39.14.31.19 212... 8,11.9 7,72.9 1.38.595.294.154.12.39.149.35.114 213... 8,316.8 7,954.8 1.46.597.293.155.13.35.155.36.12 214... 8,641. 8,27.3 1.53.69.289.157.11.31.155.39.116 215... 8,886.4 8,456.1 1.51.616.289.157.11.31.146.41.15 213: I... 8,29.1 7,852.2 1.45.596.295.154.14.37.155.37.118 II... 8,32.3 7,966.7 1.44.595.292.154.12.36.158.36.122 III... 8,335.1 7,977.7 1.45.597.293.155.13.35.155.35.119 IV... 8,42.8 8,22.6 1.47.599.293.156.14.34.155.35.12 214: I... 8,446.6 8,27. 1.52.614.293.158.12.33.146.38.18 II... 8,585.1 8,148.2 1.54.69.29.157.11.32.155.39.116 III... 8,729.9 8,252.3 1.58.68.289.157.12.31.161.39.122 IV... 8,82.3 8,41.6 1.48.65.285.155.99.3.158.39.12 215: I... 8,777.7 8,394.6 1.46.69.287.156.99.32.15.41.19 II... 8,873.1 8,436.4 1.52.615.285.156.99.3.152.43.19 III... 8,932.1 8,482.5 1.53.617.286.157.99.3.15.42.18 IV... 8,962.7 8,51.4 1.53.622.297.158.18.31.134.39.95 1 Estimates for nonfinancial corporate business are based on the North American Industry Classification System (NAICS). 2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 1. 3 Less subsidies plus business current transfer payments. 4 Unit profits from current production. 5 With inventory valuation capital consumption adjustments. Source: Department of Commerce (Bureau of Economic Analysis). 3

National Income [Billions of dollars; quarterly data at seasonally adjusted annual rates] National income Proprietors income 1 income Rental of persons with capital Compensation of employees Farm Nonfarm consumption adjustment Corporate profits with inventory valuation capital consumption adjustments Profits with inventory valuation adjustment without capital consumption adjustment Profits before tax Inventory valuation adjustment Capital consumption adjustment Net interest miscellaneous payments Taxes on production imports Less: Subsidies Business current transfer payments Current surplus of government enterprises 26... 12,4.8 7,52.3 36. 1,17.7 27.5 1,646.5 1,815.7 1,851.4 35.7 169.2 58.9 991.9 51.5 82.6 9.3 27... 12,321.4 7,898.3 38.1 941.1 189.4 1,529. 1,78.9 1,748.4 39.5 179.9 663.4 1,34.6 54.6 98.6 16.4 28... 12,427.8 8,78.3 47. 979.5 262.1 1,285.1 1,345.5 1,382.4 37. 6.4 693.4 1,41.9 52.6 114.4 21.2 29... 12,126.1 7,787. 35.5 937.5 333.7 1,397. 1,479.2 1,472.6 6.7 82.2 563.4 1,26.1 58.3 124.9 2.6 21... 12,739.5 7,961.4 46. 986.7 42.8 1,746.4 1,799.7 1,84.7 41. 53.3 489.4 1,57.1 55.9 128.5 22.9 211... 13,352.3 8,269. 75.5 1,68.1 485.3 1,816.6 1,738.5 1,86.8 68.3 78.1 488.1 1,12.6 6.1 131.5 24.5 212... 14,61.9 8,69.9 61.6 1,179.8 525.3 1,998.2 2,116.6 2,13.8 14.2 118.5 527.7 1,132.1 58. 14.7 19.3 213... 14,458.3 8,839.7 88.8 1,196.3 563.4 2,37.4 2,164.9 2,161.6 3.2 127.5 513.5 1,178. 59.4 119.4 18.8 214... 15,76.5 9,248.9 78.1 1,268.6 61.8 2,72.9 2,24.9 2,27.8 2.9 131.9 532.3 1,213.7 57.9 127.3 18.3 215 r... 15,534.5 9,654.9 59.9 1,328.4 656.6 2,8.9 2,341.9 2,28.4 61.5 332.9 523.8 1,236. 58.6 141.2 16.5 213: I... 14,257.6 8,696.7 93.9 1,195. 547.9 1,997.3 2,127.5 2,136.6 9.1 13.1 526.1 1,168.6 59.2 18.9 17.7 II... 14,416. 8,82.4 9.2 1,189.5 556.5 2,45.4 2,172.5 2,149.4 23. 127.1 55.2 1,171.3 59.7 115.9 18.7 III... 14,5.8 8,875.7 93.9 1,193.6 569.7 2,42.1 2,167.5 2,163.6 3.9 125.3 54.6 1,183.2 59.5 116.2 18.8 IV... 14,658.9 8,965.9 77.1 1,27.2 579.4 2,64.7 2,192. 2,197. 4.9 127.3 518.3 1,188.9 59. 136.5 19.9 214: I... 14,71.1 9,13.7 71.7 1,233. 591. 1,924.7 2,54.4 2,111.2 56.9 129.6 555.6 1,196.1 58.1 11. 17.6 II... 14,981.3 9,177.3 88.8 1,257.5 65.5 2,7.5 2,23.7 2,227.6 24. 133.2 535.9 1,21.2 57.9 112. 18.4 III... 15,256.5 9,289.9 77.2 1,28.6 618.4 2,161. 2,295. 2,279.5 15.5 134. 515.8 1,221.7 58.2 168.5 18.4 IV... 15,358.2 9,424.9 74.8 1,33. 628.4 2,135.5 2,266.3 2,212.8 53.5 13.8 521.9 1,227. 57.5 118.7 18.6 215: I... 15,336.4 9,487.9 6.5 1,38.9 637. 2,12.5 2,351.5 2,252.3 99.2 338.9 561.3 1,226.8 57.6 115.6 16.6 II... 15,52.3 9,615.2 56.9 1,32.1 654.1 2,83. 2,414.2 2,393.7 2.5 331.3 56.6 1,234.1 58.5 124.9 16.1 III... 15,615.6 9,79.5 65.2 1,334.9 663.6 2,49.9 2,382.5 2,326. 56.5 332.6 58.3 1,238.2 59.2 121.2 16. IV r... 15,665.7 9,86.9 57.1 1,349.7 671.7 1,89.3 2,219.3 2,149.5 69.7 329. 519. 1,244.7 59.3 23. 17.4 1 With inventory valuation capital consumption adjustments. Source: Department of Commerce (Bureau of Economic Analysis). Real Personal Consumption Expenditures [Billions of chained (29) dollars, except as noted; quarterly data at seasonally adjusted annual rates] goods durable goods 1 Durable Motor vehicles parts Goods nondurable goods 1 Nondurable Food beverages purchased for offpremises consumption Gasoline other energy goods services 1 Household consumption expenditures Services Housing utilities Health care Financial services insurance personal consumption expenditures Addendum: Personal consumption expenditures excluding food energy 2 Retail sales of new passenger cars light trucks (millions of units) 26... 9,821.7 3,292.5 1,91.5 385.1 2,22.2 78.8 297.4 6,526.6 6,291.8 1,823.2 1,525.2 72.1 8,528.1 16.5 27... 1,41.6 3,381.8 1,141.7 392.8 2,239.3 791.3 296.8 6,656.4 6,415.2 1,84.8 1,563.2 742.5 8,734.2 16.1 28... 1,7.2 3,297.8 1,83.2 34.8 2,214.7 781.9 283.4 6,78.6 6,435.1 1,86.1 1,598.8 737.4 8,73.5 13.2 29... 9,847. 3,198.4 1,23.3 317.1 2,175.1 77. 284.5 6,648.5 6,372.5 1,881. 1,627.4 719. 8,577.4 1.4 21... 1,36.3 3,38.7 1,85.7 323.4 2,223.5 786.5 282.2 6,727.6 6,449.3 1,94.3 1,649.2 733.9 8,746.1 11.6 211... 1,263.5 3,411.8 1,151.5 333.8 2,263.2 795.1 274.3 6,851.4 6,575.9 1,928. 1,69.3 747.2 8,98.4 12.7 212... 1,413.2 3,54.3 1,236.2 359.1 2,277.5 795.7 27. 6,98.1 6,614.3 1,929.1 1,727. 76.4 9,143.9 14.4 213... 1,59.4 3,612.8 1,37.6 375.8 2,319.8 83.4 274.7 6,977. 6,677.9 1,938.8 1,743.9 713.9 9,32.2 15.5 214... 1,875.7 3,731.2 1,384.1 396.7 2,367.8 87.5 276.8 7,144.6 6,839.5 1,961.2 1,791.6 722.9 9,582.3 16.4 215 r... 11,213.3 3,869.6 1,466.5 411.3 2,43. 88.3 285.9 7,345.3 7,37.6 1,977.8 1,875.4 73.8 9,99.7 17.3 213: I... 1,518.2 3,586. 1,293.6 376.8 2,36.3 82.8 272.2 6,931.4 6,633.8 1,938.5 1,723. 75.7 9,229.4 15.4 II... 1,554.3 3,596.8 1,3.8 375.8 2,31.4 799.4 274.3 6,956.8 6,661.3 1,938.8 1,739.8 714.1 9,267.7 15.5 III... 1,598.9 3,62.2 1,311.2 374.2 2,323.8 83.8 275.7 6,978.1 6,679.3 1,933. 1,749. 713.9 9,315.5 15.6 IV... 1,69.4 3,648.1 1,324.6 376.3 2,338.9 87.8 276.6 7,41.7 6,737.3 1,945. 1,763.7 722.1 9,396.2 15.6 214: I... 1,724.7 3,658.3 1,333.2 38.1 2,341.3 88.8 276.3 7,65.7 6,762.6 1,966.5 1,754. 718.5 9,415.2 15.8 II... 1,826.3 3,718. 1,377.2 395.9 2,361. 88.5 274.9 7,18.5 6,84.2 1,96. 1,778.5 719.9 9,533. 16.5 III... 1,918.6 3,755.2 1,42.5 43.2 2,375.2 87.1 275.1 7,163.8 6,856.2 1,954.8 1,81. 725.6 9,637.8 16.7 IV... 11,33.3 3,793.2 1,423.5 47.7 2,393.7 85.7 28.8 7,24.4 6,934.9 1,963.5 1,832.9 727.4 9,743.3 16.8 215: I... 11,81.2 3,83.7 1,43.4 44.1 2,397.8 84.1 284.8 7,277.4 6,977.6 1,98.5 1,853.8 727.4 9,774.6 16.7 II... 11,178.9 3,855. 1,458.3 413.6 2,423. 89.5 284.5 7,325.3 7,24.3 1,976.7 1,867.5 731.4 9,874.6 17.1 III... 11,262.4 3,92. 1,481.7 416.7 2,447.9 81.1 288.1 7,363.4 7,52.4 1,98.7 1,884. 729.5 9,953.5 17.8 IV r... 11,33.7 3,917.9 1,495.5 41.6 2,451.5 89.4 286.3 7,415. 7,96.3 1,973.1 1,896.2 735. 1,36.1 17.8 1 Includes other items, not shown separately. 2 Food consists of food beverages purchased for off-premises consumption; food services, which include purchased meals beverages, are not classified as food. Note: Because of the formula used for calculating real GDP, the chained (29) dollar estimates 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). 4

Sources of Personal Income Personal income rose $23.7 billion (annual rate) in February, following an increase of $72.8 billion in January. Wages salaries fell $9.4 billion in February, following an increase of $46.5 billion in January. BILLIONS OF DOLLARS* (RATIO SCALE) 18, 16, 14, 12, 1, 9, 8, 7, 6, 5, 4, TOTAL PERSONAL INCOME WAGES AND SALARIES OTHER INCOME BILLIONS OF DOLLARS* (RATIO SCALE) 18, 16, 14, 12, 1, 9, 8, 7, 6, 5, 4, 3, PERSONAL CURRENT TRANSFER RECEIPTS 3, 2, 2, 1, 28 29 21 211 212 213 214 215 216 1, *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; monthly data at seasonally adjusted annual rates] personal income Compensation of employees Proprietors income 1 Personal income receipts on assets Rental Supplements to income Wages of Personal Personal wages Farm Nonfarm persons salaries 2 interest dividend income income salaries Personal current transfer receipts 3 Less: Contributions for government social insurance, domestic 26... 11,393.9 7,52.3 6,57.4 1,444.9 36. 1,17.7 27.5 1,938.4 1,214.7 723.7 1,614.6 922.6 27... 12,.2 7,898.3 6,395.2 1,53.1 38.1 941.1 189.4 2,166.6 1,35.1 816.5 1,728.1 961.4 28... 12,52.2 8,78.3 6,531.9 1,546.4 47. 979.5 262.1 2,167.1 1,361.6 85.4 1,956.6 988.2 29... 12,94.8 7,787. 6,251.4 1,535.6 35.5 937.5 333.7 1,818. 1,264.3 553.7 2,147.5 964.4 21... 12,477.1 7,961.4 6,377.5 1,583.9 46. 986.7 42.8 1,739.6 1,195. 544.6 2,324.7 984.1 211... 13,254.5 8,269. 6,633.2 1,635.9 75.5 1,68.1 485.3 1,913.9 1,231.6 682.2 2,36.5 917.8 212... 13,915.1 8,69.9 6,93.3 1,679.6 61.6 1,179.8 525.3 2,123.8 1,288.8 834.9 2,366.3 951.6 213... 14,68.4 8,839.7 7,114.4 1,725.3 88.8 1,196.3 563.4 2,6.4 1,271.3 789. 2,426.6 1,16.8 214... 14,694.2 9,248.9 7,477.8 1,771.2 78.1 1,268.6 61.8 2,117.5 1,32. 815.5 2,529.2 1,159. 215 r... 15,34.4 9,654.9 7,824. 1,83.9 59.9 1,328.4 656.6 2,18.5 1,312.3 868.2 2,662.7 1,22.5 215: Feb... 15,95.8 9,488.4 7,682.9 1,85.5 6.5 1,36.9 636.9 2,165.8 1,282.6 883.2 2,623.2 1,185.9 Mar... 15,95.6 9,493.2 7,684.3 1,88.9 52.5 1,312.8 64.8 2,138. 1,278.3 859.7 2,643.9 1,185.5 Apr... 15,192.6 9,558.7 7,742.4 1,816.3 54. 1,314.2 647. 2,165.4 1,295.9 869.6 2,646. 1,192.7 May... 15,282.4 9,625.8 7,81.8 1,824. 56.9 1,319.9 654.2 2,174.3 1,313.4 86.8 2,651.7 1,2.2 June... 15,356. 9,661. 7,831.1 1,829.8 59.7 1,326.3 661.1 2,195.3 1,331. 864.3 2,656.3 1,23.7 July... 15,46.8 9,69.1 7,855.1 1,835. 62.4 1,335.5 661.6 2,196.7 1,333. 863.8 2,666.8 1,26.3 Aug... 15,451.3 9,719.9 7,879.5 1,84.4 65.2 1,332.9 663.4 2,22.5 1,335. 867.5 2,676.7 1,29.2 Sept... 15,472.9 9,718.5 7,875.4 1,843.1 68. 1,336.2 665.8 2,29.1 1,337. 872.1 2,683.6 1,28.2 Oct r... 15,52.7 9,768.8 7,919.5 1,849.4 62.5 1,344.5 668.4 2,22.3 1,327.7 874.6 2,687.8 1,213.6 Nov r... 15,561.2 9,816.1 7,96.3 1,855.8 57.1 1,343.9 671.6 2,196.5 1,318.3 878.2 2,694.8 1,218.8 Dec r... 15,61.4 9,835.6 7,975.2 1,86.4 51.6 1,36.6 675.3 2,187. 1,39. 878. 2,711.5 1,22.3 216: Jan r... 15,674.2 9,888.3 8,21.7 1,866.6 53.7 1,362.5 681.3 2,195.8 1,316.5 879.3 2,722.3 1,229.7 Feb p... 15,697.9 9,881.3 8,12.3 1,869. 55.7 1,361. 688. 2,23.2 1,324. 879.2 2,736.4 1,227.7 1 With inventory valuation capital consumption adjustments. 2 With capital consumption adjustment. 3 Consists mainly of social insurance benefits to persons. Source: Department of Commerce (Bureau of Economic Analysis). 5

Disposition of Personal Income According to revised estimates, per capita disposable personal income in chained (29) dollars rose 1.5 percent (annual rate) in the fourth quarter of 215. BILLIONS OF DOLLARS* (RATIO SCALE) 14, 13,5 13, 12,5 12, 11,5 11, 1,5 1, 9,5 9, DISPOSABLE PERSONAL INCOME PERSONAL OUTLAYS SAVING BILLIONS OF DOLLARS* (RATIO SCALE) 14, 13,5 13, 12,5 12, 11,5 11, 1,5 1, 9,5 9, DOLLARS* (RATIO SCALE) 44, PER CAPITA DISPOSABLE PERSONAL INCOME 42, 4, 38, 36, 34, CURRENT DOLLARS CHAINED (29) DOLLARS DOLLARS* (RATIO SCALE) 44, 42, 4, 38, 36, 34, 32, 32, 3, 26 27 28 29 21 211 212 213 214 215 3, *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Personal income Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (29) dollars Per capita disposable personal income Current dollars Chained (29) dollars Per capita personal consumption expenditures Current dollars Chained (29) dollars Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thouss) 2 Billions of dollars Dollars Percent 26... 11,393.9 1,357.1 1,36.9 9,75.5 331.4 1,595.4 33,589 35,458 31,136 32,868 3. 3.3 298,818 27... 12,.2 1,493.2 1,57. 1,197.2 39.8 1,82.6 34,826 35,866 32,319 33,284 1.2 2.9 31,696 28... 12,52.2 1,57.8 1,994.4 1,457.7 536.7 1,987.3 36,11 36,78 32,881 32,86.6 4.9 34,543 29... 12,94.8 1,152.3 1,942.5 1,275.1 667.4 1,942.5 35,616 35,616 32,5 32,5 1.3 6.1 37,24 21... 12,477.1 1,239.3 11,237.9 1,67.9 63. 11,55.1 36,274 35,684 32,931 32,395.2 5.6 39,87 211... 13,254.5 1,453.2 11,81.4 11,91.2 71.1 11,331.2 37,84 36,298 34,242 32,878 1.7 6. 312,169 212... 13,915.1 1,511.4 12,43.7 11,457. 946.7 11,688.3 39,441 37,166 35,138 33,112 2.4 7.6 314,49 213... 14,68.4 1,672.8 12,395.6 11,85.7 589.9 11,523.1 39,128 36,374 35,961 33,43 2.1 4.8 316,796 214... 14,694.2 1,78.2 12,913.9 12,293.7 62.2 11,836.3 4,453 37,77 37,17 34,68 1.9 4.8 319,233 215 r... 15,34.4 1,945.4 13,395. 12,717.5 677.5 12,239.5 41,638 38,46 38,146 34,856 2.6 5.1 321,74 Seasonally adjusted annual rates 213: I... 13,891.3 1,641.1 12,25.3 11,683.3 567. 11,431.2 38,777 36,185 35,68 33,295 16.4 4.6 315,912 II... 14,25.2 1,68.8 12,344.4 11,734.7 69.7 11,56.5 39,11 36,363 35,783 33,354 2. 4.9 316,433 III... 14,136.3 1,673.2 12,463.1 11,83.4 632.7 11,569.3 39,35 36,486 36,8 33,426 1.4 5.1 317,85 IV... 14,22.7 1,696. 12,524.7 11,974.4 55.3 11,585.6 39,416 36,461 36,37 33,643.3 4.4 317,755 214: I... 14,433.5 1,736. 12,697.5 12,6.3 637.2 11,698.8 39,891 36,754 36,57 33,694 3.3 5. 318,31 II... 14,612.8 1,754.1 12,858.7 12,235.2 623.5 11,784.7 4,326 36,958 37,47 33,953 2.2 4.8 318,866 III... 14,774.8 1,792. 12,982.7 12,377. 65.7 11,863.1 4,629 37,125 37,394 34,169 1.8 4.7 319,544 IV... 14,955.7 1,838.8 13,116.8 12,52.5 614.3 11,998.7 4,962 37,47 37,666 34,455 3.8 4.7 32,222 215: I... 15,79.8 1,9.1 13,179.8 12,492.2 687.6 12,114.7 41,88 37,767 37,583 34,546 3.2 5.2 32,771 II... 15,277. 1,938.7 13,338.3 12,674.5 663.9 12,193.6 41,59 37,947 38,55 34,789 1.9 5. 321,337 III... 15,443.7 1,957.3 13,486.4 12,86.2 68.2 12,289.8 41,881 38,165 38,38 34,975 2.3 5. 322,15 IV r... 15,561.1 1,985.7 13,575.4 12,897.1 678.3 12,36.2 42,69 38,33 38,565 35,113 1.5 5. 322,693 1 Includes personal consumption expenditures, personal interest payments (nonmortgage), personal current transfer payments. 2 Annual data are averages of quarterly data, which are averages for the period. Source: Department of Commerce (Bureau of Economic Analysis Bureau of the Census). 6

Real Farm Income According to the preliminary forecast for 216, gross farm income in chained (29) dollars is forecast to be $385. billion net farm income to be $48.9 billion. BILLIONS OF CHAINED (29) DOLLARS (RATIO SCALE) 52 48 44 4 36 32 28 24 GROSS FARM INCOME BILLIONS OF CHAINED (29) DOLLARS (RATIO SCALE) 52 48 44 4 36 32 28 24 2 2 16 16 12 NET FARM INCOME 12 8 8 6 6 4 27 28 29 21 211 212 213 214 215 216 4 SOURCE: DEPARTMENT OF AGRICULTURE [Billions of chained (29) dollars] Income of farm operators from farming 1 Gross farm income Year Value of agricultural sector production Crops 2, 3 animal Animals products 3 Farm-related income 4 Direct Federal Government payments Production expenses Net farm income 1997... 34.8 295.2 144.1 123.3 27.8 9.6 239.1 65.7 1998... 294.7 279. 129.4 119.3 3.3 15.7 235. 59.7 1999... 293.4 266.6 115.9 118.9 31.8 26.9 233.9 59.6 2... 295.1 266.8 116. 121. 29.8 28.4 233.2 61.9 21... 298.4 271.6 113.5 127. 31.1 26.8 232.8 65.5 22... 271.1 256.5 115.1 19.9 31.5 14.6 225.1 46. 23... 298.3 279.2 125.2 121.1 33. 19.1 228. 7.3 24... 33.9 316.3 14.4 139.4 36.5 14.6 232.8 98.1 25... 324.5 298. 124.3 137.5 36.1 26.5 238.9 85.6 26... 36. 289.4 125.2 125.9 38.3 16.7 245.5 6.6 27... 348.8 336.6 155.2 142.2 39.2 12.2 276.9 71.9 28... 367.4 355.1 175.2 14.5 39.4 12.3 288.6 78.8 29... 336.5 324.3 164.6 119.5 4.2 12.2 274.3 62.3 21... 352.2 339.9 166.1 138.5 35.3 12.2 276. 76.1 211... 46.9 396.8 192.9 158.4 45.4 1.1 296.6 11.3 212... 427.5 417.4 22.3 16.7 54.3 1.1 335.8 91.7 213... 452. 441.7 218.1 169.2 54.4 1.3 336.7 115.3 214... 442.4 433.4 188.3 197.6 47.6 9. 359.1 83.3 215... 397.6 388. 168.5 173. 46.5 9.6 346.2 51.4 216... 385. 372.6 163.8 162. 46.8 12.4 336.1 48.9 1 The GDP chain-type price index is used to convert the current-dollar statistics to 29=1 equivalents. 2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans. 3 The value of production equates to the sum of cash receipts, home consumption, the value of the change in inventories. 4 Includes income from forest products sold, the gross imputed rental value of farm dwellings, machine hire custom work, other sources of farm income such as commodity insurance indemnities. Note: Data for 215 216 are forecasts. Source: Department of Agriculture (Economic Research Service). 7

Corporate Profits In the fourth quarter of 215, according to current estimates, corporate profits before tax fell $176.5 billion (annual rate) profits after tax fell $144.2 billion. BILLIONS OF DOLLARS 2,6 2,5 2,4 2,3 2,2 2,1 2, 1,9 1,8 1,7 1,6 1,5 1,4 1,3 1,2 1,1 1, 9 8 7 6 5 4 3 2 1 1 2 SEASONALLY ADJUSTED ANNUAL RATES PROFITS BEFORE TAX PROFITS AFTER TAX UNDISTRIBUTED PROFITS TAXES ON CORPORATE INCOME BILLIONS OF DOLLARS 2,6 2,5 2,4 2,3 2,2 2,1 2, 1,9 1,8 1,7 1,6 1,5 1,4 1,3 1,2 1,1 1, 9 8 7 6 5 4 3 2 1 1 2 26 27 28 29 21 211 212 213 214 215 SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax 2 Financial 3 Domestic industries Manufacturing Nonfinancial Utilities Wholesale Retail Profits before tax Taxes on corporate income Net dividends Undistributed profits Inventory valuation adjustment 25... 1,621.2 1,382.1 49.7 972.4 277.7 3.8 96.2 121.7 1,653.3 412.4 1,24.9 58.5 66.4 32.1 26... 1,815.7 1,559.6 415.1 1,144.4 349.7 55.1 15.9 132.5 1,851.4 473.4 1,378.1 726. 652.1 35.7 27... 1,78.9 1,355.5 31.5 1,54. 321.9 49.5 13.2 119. 1,748.4 445.5 1,32.9 818.9 484. 39.5 28... 1,345.5 938.8 95.4 843.4 24.6 3.1 9.6 8.3 1,382.4 39.1 1,73.3 88.6 264.7 37. 29... 1,479.2 1,122. 362.9 759.2 171.4 23.8 89.3 18.7 1,472.6 269.4 1,23.1 574.6 628.5 6.7 21... 1,799.7 1,44.5 46.3 998.2 287.6 3.3 12.4 118.6 1,84.7 37.6 1,47.1 564. 96.2 41. 211... 1,738.5 1,316.6 375.9 94.7 298.1 9.8 94.4 114.3 1,86.8 379.1 1,427.7 73.7 724. 68.3 212... 2,116.6 1,76.3 479. 1,227.2 395.7 12.5 135.3 154.1 2,13.8 447.6 1,683.2 859.4 823.8 14.2 213... 2,164.9 1,75.1 423.6 1,326.4 426.4 26.4 145.5 159.4 2,161.6 468.9 1,692.7 924. 768.7 3.2 214... 2,24.9 1,786.6 423.4 1,363.2 439.8 27.7 147.7 158.4 2,27.8 513.9 1,693.9 86. 833.9 2.9 215... 2,341.9 1,952.8 442.8 1,51. 499.5 19. 17.1 181.1 2,28.4 529.7 1,75.6 888.6 862.1 61.5 213: I... 2,127.5 1,736. 428.6 1,37.4 47.6 19. 151.2 158.3 2,136.6 454.9 1,681.7 814.2 867.5 9.1 II... 2,172.5 1,761.1 416.5 1,344.6 418.7 33.1 147.7 167.5 2,149.4 461.3 1,688.2 1,65.2 623. 23. III... 2,167.5 1,741. 419.8 1,321.2 42.2 3.5 144.6 163.8 2,163.6 475.6 1,687.9 87.1 817.9 3.9 IV... 2,192. 1,762.2 429.6 1,332.5 459. 23.1 138.6 148. 2,197. 483.8 1,713.2 946.7 766.4 4.9 214: I... 2,54.4 1,639.9 379.8 1,26.1 38.4 38.9 125.7 142.5 2,111.2 497.3 1,613.9 857.3 756.7 56.9 II... 2,23.7 1,795. 441.7 1,353.3 454.7 32. 134.5 154.7 2,227.6 527.4 1,7.2 857.1 843.1 24. III... 2,295. 1,867.9 447.3 1,42.7 458. 23.1 17.1 157.7 2,279.5 518.4 1,761.1 853.6 97.5 15.5 IV... 2,266.3 1,843.6 424.9 1,418.7 466.1 16.9 16.5 178.8 2,212.8 512.3 1,7.5 872.2 828.3 53.5 215: I... 2,351.5 1,957.8 421.9 1,536. 534.6 24.9 169.1 189.4 2,252.3 517.8 1,734.5 878.5 856. 99.2 II... 2,414.2 2,9.1 456.2 1,553. 537. 28.4 163.5 175.1 2,393.7 549. 1,844.6 879.6 965. 2.5 III... 2,382.5 2,.4 458.6 1,541.8 532.9 13.2 168.2 18.6 2,326. 542.2 1,783.8 95.7 878.2 56.5 IV... 2,219.3 1,843.7 434.6 1,49.1 393.6 9.5 179.5 179.4 2,149.5 59.9 1,639.6 r 89.5 749.1 69.7 8 1 See p. 4 for profits with inventory valuation capital consumption adjustments. 2 Includes rest of the world, not shown separately. 3 Includes industries not shown separately. Note: Data by industry are based on the North American Industry Classification System (NAICS). Source: Department of Commerce (Bureau of Economic Analysis).

Real Gross Private Domestic Investment In the fourth quarter of 215, according to revised estimates, nonresidential fixed investment in chained (29) dollars fell $11.9 billion (annual rate) residential investment rose $13. billion. Inventories rose $78.3 billion, following an increase of $85.5 billion in the third quarter. BILLIONS OF CHAINED (29) DOLLARS 3, 2,8 2,6 2,4 2,2 2, 1,8 1,6 1,4 1,2 1, 8 6 4 SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT NONRESIDENTIAL FIXED INVESTMENT RESIDENTIAL FIXED INVESTMENT BILLIONS OF CHAINED (29) DOLLARS 3, 2,8 2,6 2,4 2,2 2, 1,8 1,6 1,4 1,2 1, 8 6 4 2 2 4 CHANGE IN PRIVATE INVENTORIES 26 27 28 29 21 211 212 213 214 215 2 2 4 SOURCE: DEPARTMENT OF COMMERCE [Billions of chained (29) dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Change in private inventories Residential Nonfarm 26... 2,73. 2,662.5 1,839.6 451.5 87.8 517.5 86.6 71.6 75.4 27... 2,644.1 2,69.6 1,948.4 59. 898.3 542.4 654.8 35.5 36.5 28... 2,396. 2,432.6 1,934.4 54.2 836.1 558.8 497.7 33.7 35. 29... 1,878.1 2,25.7 1,633.4 438.2 644.3 55.9 392.2 147.6 146. 21... 2,12.4 2,56.2 1,673.8 366.3 746.7 561.3 382.4 58.2 65.9 211... 2,23.4 2,186.7 1,82.3 374.7 847.9 581.3 384.5 37.6 36.6 212... 2,465.7 2,4.4 1,964.1 423.1 939.2 63.8 436.5 54.7 72.7 213... 2,577.3 2,51.9 2,23.7 429.7 969.5 626.9 478. 61.4 54.3 214... 2,717.7 2,633.8 2,148.3 464.6 1,26.2 659.5 486.4 68. 65. 215 r... 2,851.9 2,74.2 2,29.3 457.7 1,57.8 696.8 529.6 97.5 93.2 213: I... 2,55.1 2,47.6 2,.7 411. 967.4 625.3 469.9 25.2 23.5 II... 2,537.2 2,486.3 2,5.7 422.6 965.3 62.3 48.3 39.6 32.9 III... 2,619.7 2,59.5 2,23.1 44.4 956. 628.3 486. 93.6 84. IV... 2,647.1 2,541. 2,65.5 444.7 989.3 633.7 475.9 87.2 76.6 214: I... 2,63.5 2,578.3 2,16.9 464.6 997.9 645.7 472.6 36.9 36.2 II... 2,79.5 2,613.4 2,129.8 464.4 1,13.7 653.4 484.4 77.1 74.5 III... 2,758.1 2,663.5 2,176.3 462.3 1,53.1 663.8 488.5 79.9 74.5 IV... 2,772.5 2,679.7 2,18. 467.1 1,4. 675. 5.2 78.2 74.9 215: I... 2,83.2 2,71.4 2,188.6 458.2 1,46. 687.1 512.4 112.8 16.8 II... 2,864.8 2,735.5 2,21.6 465.2 1,46.9 71. 524. 113.5 111. III... 2,859.7 2,76.7 2,224.9 456.6 1,72. 699.6 534.4 85.5 79.2 IV r... 2,852.7 2,763.2 2,213. 45.7 1,66.4 699.4 547.4 78.3 76. Note: See p. 1 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (29) dollar estimates 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). 9

Real Private Fixed Investment by Type [Billions of chained (29) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential fixed investment nonresidential Structures 2 Equipment Information processing equipment Computers peripheral equipment 1 Other Industrial equipment Transportation equipment Intellectual property products 2 Software Structures Research residential development 2 2 Single family 3 26... 2,662.5 1,839.6 451.5 87.8 25.9... 187.5 199.1 212.6 517.5 23.3 215. 86.6 796.3 39.7 27... 2,69.6 1,948.4 59. 898.3 279.9... 27.9 25.3 23.6 542.4 244.2 227.9 654.8 644.9 283.7 28... 2,432.6 1,934.4 54.2 836.1 281.... 24.2 195.5 156.9 558.8 256.2 235.5 497.7 488.4 178.2 29... 2,25.7 1,633.4 438.2 644.3 256.1... 179.3 152.1 7.6 55.9 256.8 229. 392.2 383.9 15.3 21... 2,56.2 1,673.8 366.3 746.7 281.4... 196.8 151.3 136.9 561.3 254.2 234.4 382.4 373.6 114.4 211... 2,186.7 1,82.3 374.7 847.9 285.9... 22.8 183.3 183. 581.3 271.8 236.7 384.5 375.3 19.2 212... 2,4.4 1,964.1 423.1 939.2 33.1... 214.5 199.8 218.9 63.8 286.6 242.9 436.5 427.1 132.1 213... 2,51.9 2,23.7 429.7 969.5 314.4... 222.3 194.8 243.1 626.9 295.8 255.3 478. 467.9 161.9 214... 2,633.8 2,148.3 464.6 1,26.2 326.4... 236.8 28.9 271.8 659.5 315. 266.8 486.4 475.8 17.9 215 r... 2,74.2 2,29.3 457.7 1,57.8 342.2... 252.8 218.7 29.2 696.8 334.1 282.7 529.6 518.3 188.2 213: I... 2,47.6 2,.7 411. 967.4 315.3... 222.1 198.5 228.5 625.3 296.7 253.5 469.9 46. 156.3 II... 2,486.3 2,5.7 422.6 965.3 312.8... 223.2 193.9 244. 62.3 29.5 254. 48.3 47.3 163.2 III... 2,59.5 2,23.1 44.4 956. 317.... 225.2 194.7 239.6 628.3 296.2 256.4 486. 475.8 165.4 IV... 2,541. 2,65.5 444.7 989.3 312.5... 218.8 192. 26.4 633.7 299.9 257.4 475.9 465.7 162.9 214: I... 2,578.3 2,16.9 464.6 997.9 316.2... 228.5 22.2 258.5 645.7 35.8 262.8 472.6 462.3 166.5 II... 2,613.4 2,129.8 464.4 1,13.7 329.... 239. 29.2 261.7 653.4 311.6 264.5 484.4 473.8 169.7 III... 2,663.5 2,176.3 462.3 1,53.1 322.8... 232.2 213.5 286.5 663.8 319.1 267.1 488.5 477.8 168.8 IV... 2,679.7 2,18. 467.1 1,4. 337.6... 247.5 21.8 28.4 675. 323.4 272.8 5.2 489.3 178.6 215: I... 2,71.4 2,188.6 458.2 1,46. 334.2... 248.8 21. 288.1 687.1 33.6 277.4 512.4 51.4 182.4 II... 2,735.5 2,21.6 465.2 1,46.9 33.5... 24.3 22.9 285.1 71. 335.4 285.7 524. 512.8 184.5 III... 2,76.7 2,224.9 456.6 1,72. 351.... 256.6 219. 297.8 699.6 334.6 284.4 534.4 523. 19.2 IV r... 2,763.2 2,213. 45.7 1,66.4 352.9... 265.7 224.9 29. 699.4 335.8 283.1 547.4 535.9 195.8 1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component s relative importance or its contribution to the growth rate of more aggregate series. The quantity index for computers can be used to accurately measure the real growth rate of this series. For information on this component, see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), Table 5.3.3 (for quantity indexes). 2 Includes other items, not shown separately. 3 Research development investment excludes expenditures for software development. Note: Because of the formula used for calculating real GDP, the chained (29) dollar estimates 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). Business Investment [Billions of dollars] Capital expenditures By industry capital expenditures by industry Forestry, fishing, agricultural services Mining Utilities Construction Manufacturing Wholesale trade Retail trade Transportation warehousing Information Real estate rental leasing Finance insurance Professional, scientific, technical services Health care social assistance Other 1 For companies without employees For companies with employees 2... 1,161. 1,89.9 1.5 42.5 61.3 25. 214.8 33.6 69.8 59.9 16.2 133.7 92.5 34.1 52.2 18.9 71.2 21... 1,19. 1,52.3 1.5 51.3 82.8 24.8 192.8 3. 66.9 57.8 144.8 131.1 82.7 3.5 52.9 12.5 56.7 22... 997.9 917.5 1.9 42.5 65.5 24.8 157.2 26.8 59.3 47.1 88.2 128.4 94.5 25.9 59.3 96.1 8.4 23... 975. 886.8 1.9 5.5 54.6 23.2 149.1 26. 65.9 44.5 8.5 12.8 88. 24.7 61.2 96.2 88.2 24... 1,42.1 953.2 2.1 51.3 5.4 28.6 156.7 32.3 72.2 46.1 83.5 153.6 91.6 26.7 64.6 93.6 88.9 25... 1,144.8 1,62.5 2.7 66.7 58. 3.1 165.6 4.6 73.5 56.9 91.4 161.4 13. 33.1 73.8 15.6 82.2 26... 1,39.9 1,217.1 2.7 99.3 69.8 3.3 192.4 36.6 86.7 68. 14.4 163.1 132.1 3.3 75.3 126.3 92.8 27... 1,354.7 1,27.5 2.1 12.7 85.4 36.7 197.3 3.8 82.5 67.4 16.1 173.4 117.5 31.8 84.2 134.8 84.2 28... 1,374.2 1,294.5 2.3 149.3 98.7 4.8 213.1 32.4 73.2 79.6 13.3 132.9 16.9 33. 9.2 138.7 79.7 29... 1,9.7 1,15.3 2.2 1.6 13. 19.8 155.2 25.3 58.4 55.7 88.4 99.5 72.9 28.2 79.4 127. 75.4 21... 1,15.7 1,36.2 3.3 115.7 94.5 17.9 16.8 31.1 65.3 59. 97.2 13.1 81.3 28.2 78.4 1.6 69.5 211... 1,243. 1,169.6 3.1 165.7 98. 21.8 192.4 35.7 68.1 72.7 1.1 19.2 91.1 28.1 83.1 1.4 73.4 212... 1,423.6 1,334.4 3.1 196.7 125. 23.6 23.1 4.9 77.6 81.8 16.5 13.2 115.7 31.6 88.9 11. 89.2 213... 1,491.3 1,4.9 3. 22.2 111.3 27.6 221.3 37.5 77.5 92.6 123.9 137.8 114.2 35.7 94.2 122.1 9.4 214 p... 1,62.1 1,51.8 4. 228.7 12.2 3.3 23.9 44.8 82.7 19.3 131.3 153.4 121.2 31.2 88.9 133.9 91.3 1 Includes the following industries: Management of companies enterprises; administrative support waste management; educational services; arts, entertainment, recreation; accommodation food services; other services (except public administration). Also includes an item for structure 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 used structures equipment. Source: Department of Commerce (Bureau of the Census). 1

EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force In March, employment as measured by the household survey rose 246, unemployment rose 151,. MILLIONS OF PERSONS* 162 SEASONALLY ADJUSTED MILLIONS OF PERSONS* 162 158 158 154 15 CIVILIAN LABOR FORCE 154 15 146 146 142 138 CIVILIAN EMPLOYMENT 142 138 134 134 2 16 12 8 4 UNEMPLOYMENT 2 16 12 8 4 28 29 21 211 212 213 214 215 216 *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR [Thouss of persons 16 years of age over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian noninstitutional population (NSA) Civilian labor force Civilian employment Men 2 years over Women 2 years over Both sexes 16 19 years Unemployment Men 2 years over Women 2 years over Both sexes 16 19 years Not in labor force Labor force participation rate Percent 1 Employment/ population ratio Unemployment rate 26... 228,815 151,428 144,427 74,431 63,834 6,162 7,1 3,131 2,751 1,119 77,387 66.2 63.1 4.6 27... 231,867 153,124 146,47 75,337 64,799 5,911 7,78 3,259 2,718 1,11 78,743 66. 63. 4.6 28... 233,788 154,287 145,362 74,75 65,39 5,573 8,924 4,297 3,342 1,285 79,51 66. 62.2 5.8 29... 235,81 154,142 139,877 71,341 63,699 4,837 14,265 7,555 5,157 1,552 81,659 65.4 59.3 9.3 21... 237,83 153,889 139,64 71,23 63,456 4,378 14,825 7,763 5,534 1,528 83,941 64.7 58.5 9.6 211... 239,618 153,617 139,869 72,182 63,36 4,327 13,747 6,898 5,45 1,4 86,1 64.1 58.4 8.9 212... 243,284 154,975 142,469 73,43 64,64 4,426 12,56 5,984 5,125 1,397 88,31 63.7 58.6 8.1 213... 245,679 155,389 143,929 74,176 65,295 4,458 11,46 5,568 4,565 1,327 9,29 63.2 58.6 7.4 214... 247,947 155,922 146,35 75,471 66,287 4,548 9,617 4,585 3,926 1,16 92,25 62.9 59. 6.2 215... 25,81 157,13 148,834 76,776 67,323 4,734 8,296 3,959 3,371 966 93,671 62.7 59.3 5.3 215: Mar... 25,8 156,89 148,333 76,647 66,99 4,777 8,557 4,84 3,455 1,18 93,19 62.7 59.3 5.5 Apr... 25,266 157,32 148,59 76,773 66,972 4,763 8,523 4,63 3,481 98 93,234 62.7 59.3 5.4 May... 25,455 157,367 148,748 76,87 67,175 4,766 8,619 4,48 3,538 1,33 93,89 62.8 59.4 5.5 June... 25,663 156,984 148,722 76,762 67,32 4,659 8,262 3,89 3,355 1,18 93,679 62.6 59.3 5.3 July... 25,876 157,115 148,866 76,871 67,323 4,672 8,249 3,88 3,46 99 93,761 62.6 59.3 5.3 Aug... 251,96 157,61 149,43 76,865 67,54 4,674 8,18 3,776 3,31 941 94,35 62.6 59.4 5.1 Sept... 251,325 156,867 148,942 76,775 67,465 4,72 7,925 3,83 3,214 98 94,458 62.4 59.3 5.1 Oct... 251,541 157,96 149,197 76,857 67,624 4,715 7,899 3,83 3,29 887 94,446 62.5 59.3 5. Nov... 251,747 157,367 149,444 76,823 67,891 4,729 7,924 3,8 3,249 875 94,38 62.5 59.4 5. Dec... 251,936 157,833 149,929 77,119 67,911 4,899 7,94 3,88 3,157 938 94,13 62.6 59.5 5. 216: Jan... 252,397 158,335 15,544 77,74 67,94 4,91 7,791 3,629 3,231 931 94,62 62.7 59.6 4.9 Feb... 252,577 158,89 151,74 77,991 68,94 4,99 7,815 3,677 3,219 92 93,688 62.9 59.8 4.9 Mar... 252,768 159,286 151,32 78,96 68,293 4,931 7,966 3,719 3,317 929 93,482 63. 59.9 5. 1 Civilian labor force (or employment) as percent of civilian noninstitutional population; unemployment as percent of civilian labor force. Note: Beginning each January, data reflect revised population controls are not strictly comparable with earlier data. See Employment Earnings for details on breaks in series. Source: Department of Labor (Bureau of Labor Statistics). 11

In March, the unemployment rate rose to 5. percent. Selected Unemployment Rates PERCENT (SEASONALLY ADJUSTED) 3 PERCENT (SEASONALLY ADJUSTED) 3 25 25 TEENAGERS (16-19) 2 2 15 BLACK OR AFRICAN AMERICAN 1 15 1 HISPANIC 1,2 1 MEN 2 YEARS AND OVER 5 WHITE 1 ALL CIVILIAN WORKERS ASIAN 1 5 WOMEN 2 YEARS AND OVER 212 213 214 215 216 212 1 SEE FOOTNOTE 1 TABLE BELOW. 2 HISPANIC OR LATINO ETHNICITY. SOURCE: DEPARTMENT OF LABOR 213 214 215 216 [Monthly data seasonally adjusted, except as noted by NSA] Unemployment rate (percent of civilian labor force in group) By sex age By race or ethnicity 1 By selected groups All civilian workers Men 2 years over Women 2 years over Both sexes 16 19 years White Black or African American Asian Hispanic or Latino ethnicity Married men, spouse present Women who maintain families (NSA) Full-time workers Part-time workers 26... 4.6 4. 4.1 15.4 4. 8.9 3. 5.2 2.4 7.1 4.5 5.1 27... 4.6 4.1 4. 15.7 4.1 8.3 3.2 5.6 2.5 6.5 4.6 4.9 28... 5.8 5.4 4.9 18.7 5.2 1.1 4. 7.6 3.4 8. 5.8 5.5 29... 9.3 9.6 7.5 24.3 8.5 14.8 7.3 12.1 6.6 11.5 1. 6. 21... 9.6 9.8 8. 25.9 8.7 16. 7.5 12.5 6.8 12.3 1.4 6.3 211... 8.9 8.7 7.9 24.4 7.9 15.8 7. 11.5 5.8 12.4 9.6 6.3 212... 8.1 7.5 7.3 24. 7.2 13.8 5.9 1.3 4.9 11.4 8.5 6.1 213... 7.4 7. 6.5 22.9 6.5 13.1 5.2 9.1 4.3 1.2 7.7 5.9 214... 6.2 5.7 5.6 19.6 5.3 11.3 5. 7.4 3.4 8.6 6.4 5.4 215... 5.3 4.9 4.8 16.9 4.6 9.6 3.8 6.6 2.8 7.4 5.4 4.9 215: Mar... 5.5 5.1 4.9 17.6 4.7 1. 3.2 6.8 2.8 8.1 5.6 4.9 Apr... 5.4 5. 4.9 17.1 4.7 9.6 4.4 6.9 3. 7. 5.5 5. May... 5.5 5. 5. 17.8 4.7 1.2 4.1 6.7 2.9 6.8 5.6 4.9 June... 5.3 4.8 4.7 17.9 4.6 9.5 3.8 6.6 2.8 7.8 5.3 5.2 July... 5.3 4.8 4.9 16.3 4.6 9.1 4. 6.8 2.8 8. 5.3 5.1 Aug... 5.1 4.7 4.7 16.8 4.4 9.4 3.5 6.6 2.8 8.1 5.1 4.9 Sept... 5.1 4.7 4.5 16.2 4.4 9.2 3.7 6.4 2.8 7.1 5.1 4.8 Oct... 5. 4.7 4.5 15.8 4.4 9.2 3.5 6.4 2.8 7.5 5.1 4.6 Nov... 5. 4.7 4.6 15.6 4.4 9.4 3.9 6.4 2.7 6.9 5.1 4.9 Dec... 5. 4.7 4.4 16.1 4.5 8.3 4. 6.3 2.7 5.8 5.1 4.6 216: Jan... 4.9 4.5 4.5 16. 4.3 8.8 3.7 5.9 2.6 7.1 4.9 5. Feb... 4.9 4.5 4.5 15.6 4.3 8.8 3.8 5.4 2.6 7. 4.9 4.9 Mar... 5. 4.5 4.6 15.9 4.3 9. 4. 5.6 2.9 6.8 5.1 4.8 1 Persons who selected this race group only. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Note: Data relate to persons age 16 years over. Source: Department of Labor (Bureau of Labor Statistics). 12