Accessible Version

Part 1: Recent Economic and Financial Developments

Figure 1. Net change in payroll employment

3-month moving averages
Thousands of jobs

Period Total nonfarm Private
January 2009 -751.00 -761.00
February 2009 -732.67 -738.00
March 2009 -764.33 -765.67
April 2009 -736.67 -769.33
May 2009 -620.00 -633.67
June 2009 -509.00 -514.33
July 2009 -388.33 -336.33
August 2009 -335.67 -309.00
September 2009 -255.67 -214.00
October 2009 -211.33 -212.33
November 2009 -142.00 -140.67
December 2009 -158.00 -168.33
January 2010 -82.33 -71.33
February 2010 -110.67 -91.67
March 2010 46.00 34.00
April 2010 113.67 87.67
May 2010 312.00 138.67
June 2010 201.00 127.00
July 2010 101.33 101.33
August 2010 -78.00 114.00
September 2010 -52.33 112.00
October 2010 62.67 153.33
November 2010 111.00 155.33
December 2010 156.33 150.00
January 2011 82.00 95.00
February 2011 99.67 123.67
March 2011 160.00 184.67
April 2011 253.00 277.67
May 2011 219.33 248.00
June 2011 212.67 222.00
July 2011 129.00 174.00
August 2011 139.33 176.67
September 2011 139.00 199.33
October 2011 184.67 201.67
November 2011 195.67 211.00
December 2011 185.00 194.67
January 2012 231.33 248.67
February 2012 260.67 268.67
March 2012 281.67 285.33
April 2012 189.67 194.67
May 2012 151.00 163.00
June 2012 85.67 90.00
July 2012 113.67 119.67
August 2012 132.33 130.67
September 2012 174.33 176.00
October 2012 173.33 176.67
November 2012 159.00 170.00
December 2012 175.33 188.00
January 2013 193.33 204.67
February 2013 238.33 239.00
March 2013 209.33 215.00
April 2013 200.00 200.00
May 2013 191.67 197.33
June 2013 192.33 202.33
July 2013 169.67 187.67
August 2013 176.33 187.33
September 2013 190.67 192.33
October 2013 223.67 218.67
November 2013 210.67 206.67
December 2013 174.67 179.67
January 2014 162.67 169.33
February 2014 149.67 156.33
March 2014 205.67 202.00
April 2014 251.33 235.67
May 2014 274.67 261.33
June 2014 289.67 268.33
July 2014 251.33 244.33
August 2014 242.67 242.67
September 2014 235.33 235.00
October 2014 255.00 242.00
November 2014 282.00 258.33
December 2014 271.00 253.33
January 2015 256.33 243.67
February 2015 243.00 229.33
March 2015 185.33 180.33
April 2015 209.00 194.00
May 2015 228.67 217.00
June 2015 266.33 250.33
July 2015 257.67 246.33
August 2015 203.67 183.00
September 2015 169.33 159.67
October 2015 201.00 192.67
November 2015 234.33 230.33
December 2015 283.00 263.33
January 2016 200.33 182.33
February 2016 198.00 180.00
March 2016 198.33 174.00
April 2016 222.00 200.67
May 2016 147.67 130.00
June 2016 164.33 159.67
July 2016 214.67 180.00
August 2016 261.67 230.67
September 2016 254.67 214.00
October 2016 193.00 186.67
November 2016 192.00 187.33
December 2016 164.00 165.00
January 2017 203.67 199.33
February 2017 213.00 209.33
March 2017 177.33 174.67
April 2017 149.33 148.67
May 2017 134.33 135.67
June 2017 189.67 186.33
July 2017 194.67 191.00
August 2017 216.67 205.33
September 2017 141.67 137.33
October 2017 168.67 167.00
November 2017 167.00 170.00
December 2017 220.67 222.67
January 2018 189.00 193.00
February 2018 225.00 227.67
March 2018 218.33 220.67
April 2018 218.00 216.00
May 2018 191.33 188.67
June 2018 210.67 205.00

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 2. Measures of labor underutilization

Monthly
Percent

Period Unemployment rate U-4 U-5 U-6
January 2006 4.7 5.0 5.7 8.4
February 2006 4.8 5.0 5.7 8.4
March 2006 4.7 5.0 5.6 8.2
April 2006 4.7 5.0 5.5 8.1
May 2006 4.6 4.8 5.5 8.2
June 2006 4.6 4.9 5.6 8.4
July 2006 4.7 5.0 5.7 8.5
August 2006 4.7 5.0 5.7 8.4
September 2006 4.5 4.7 5.3 8.0
October 2006 4.4 4.6 5.3 8.2
November 2006 4.5 4.7 5.4 8.1
December 2006 4.4 4.6 5.2 7.9
January 2007 4.6 4.9 5.6 8.4
February 2007 4.5 4.8 5.4 8.2
March 2007 4.4 4.6 5.3 8.0
April 2007 4.5 4.7 5.4 8.2
May 2007 4.4 4.7 5.3 8.2
June 2007 4.6 4.8 5.5 8.3
July 2007 4.7 4.9 5.5 8.4
August 2007 4.6 4.9 5.5 8.4
September 2007 4.7 4.8 5.5 8.4
October 2007 4.7 4.9 5.6 8.4
November 2007 4.7 4.9 5.5 8.4
December 2007 5.0 5.2 5.8 8.8
January 2008 5.0 5.3 6.0 9.2
February 2008 4.9 5.1 5.9 9.0
March 2008 5.1 5.3 5.9 9.1
April 2008 5.0 5.2 5.8 9.2
May 2008 5.4 5.7 6.3 9.7
June 2008 5.6 5.8 6.5 10.1
July 2008 5.8 6.1 6.7 10.5
August 2008 6.1 6.3 7.1 10.8
September 2008 6.1 6.4 7.1 11.0
October 2008 6.5 6.8 7.5 11.8
November 2008 6.8 7.2 8.0 12.6
December 2008 7.3 7.7 8.4 13.6
January 2009 7.8 8.3 9.1 14.2
February 2009 8.3 8.8 9.5 15.2
March 2009 8.7 9.1 9.9 15.8
April 2009 9.0 9.4 10.2 15.9
May 2009 9.4 9.8 10.6 16.5
June 2009 9.5 10.0 10.8 16.5
July 2009 9.5 9.9 10.8 16.4
August 2009 9.6 10.0 10.9 16.7
September 2009 9.8 10.2 11.0 16.7
October 2009 10.0 10.5 11.4 17.1
November 2009 9.9 10.4 11.2 17.1
December 2009 9.9 10.4 11.3 17.1
January 2010 9.8 10.4 11.3 16.7
February 2010 9.8 10.5 11.3 17.0
March 2010 9.9 10.5 11.2 17.1
April 2010 9.9 10.6 11.3 17.1
May 2010 9.6 10.3 10.9 16.6
June 2010 9.4 10.1 10.9 16.4
July 2010 9.4 10.1 11.0 16.4
August 2010 9.5 10.2 10.9 16.5
September 2010 9.5 10.2 10.9 16.8
October 2010 9.4 10.2 11.0 16.6
November 2010 9.8 10.5 11.2 16.9
December 2010 9.3 10.1 10.9 16.6
January 2011 9.1 9.7 10.8 16.2
February 2011 9.0 9.6 10.6 16.0
March 2011 9.0 9.5 10.4 15.9
April 2011 9.1 9.7 10.5 16.1
May 2011 9.0 9.5 10.3 15.8
June 2011 9.1 9.7 10.7 16.1
July 2011 9.0 9.6 10.6 15.9
August 2011 9.0 9.6 10.5 16.1
September 2011 9.0 9.7 10.5 16.4
October 2011 8.8 9.4 10.3 15.8
November 2011 8.6 9.3 10.1 15.5
December 2011 8.5 9.1 10.0 15.2
January 2012 8.3 8.9 9.9 15.2
February 2012 8.3 8.9 9.8 15.0
March 2012 8.2 8.7 9.6 14.5
April 2012 8.2 8.8 9.6 14.6
May 2012 8.2 8.7 9.6 14.7
June 2012 8.2 8.7 9.6 14.8
July 2012 8.2 8.7 9.6 14.8
August 2012 8.1 8.6 9.6 14.6
September 2012 7.8 8.3 9.3 14.8
October 2012 7.8 8.3 9.2 14.4
November 2012 7.7 8.3 9.2 14.4
December 2012 7.9 8.5 9.4 14.4
January 2013 8.0 8.5 9.4 14.6
February 2013 7.7 8.2 9.2 14.4
March 2013 7.5 8.0 8.9 13.8
April 2013 7.6 8.1 8.9 14.0
May 2013 7.5 8.0 8.8 13.8
June 2013 7.5 8.2 9.1 14.2
July 2013 7.3 7.9 8.7 13.8
August 2013 7.2 7.8 8.6 13.6
September 2013 7.2 7.7 8.6 13.5
October 2013 7.2 7.7 8.5 13.6
November 2013 6.9 7.4 8.2 13.1
December 2013 6.7 7.3 8.1 13.1
January 2014 6.6 7.1 8.1 12.7
February 2014 6.7 7.1 8.0 12.7
March 2014 6.7 7.1 8.0 12.7
April 2014 6.3 6.7 7.5 12.3
May 2014 6.3 6.7 7.5 12.1
June 2014 6.1 6.5 7.3 12.0
July 2014 6.2 6.6 7.5 12.1
August 2014 6.2 6.6 7.4 11.9
September 2014 5.9 6.4 7.3 11.7
October 2014 5.7 6.2 7.0 11.5
November 2014 5.8 6.2 7.0 11.4
December 2014 5.6 6.0 6.9 11.2
January 2015 5.7 6.1 7.0 11.3
February 2015 5.5 5.9 6.8 11.0
March 2015 5.5 5.9 6.7 10.9
April 2015 5.4 5.9 6.7 10.9
May 2015 5.5 5.8 6.6 10.8
June 2015 5.3 5.7 6.4 10.4
July 2015 5.2 5.6 6.4 10.3
August 2015 5.1 5.5 6.2 10.2
September 2015 5.0 5.4 6.2 10.0
October 2015 5.0 5.4 6.2 9.8
November 2015 5.0 5.4 6.1 9.9
December 2015 5.0 5.4 6.1 9.9
January 2016 4.9 5.3 6.2 9.9
February 2016 4.9 5.3 6.0 9.7
March 2016 5.0 5.4 6.1 9.8
April 2016 5.0 5.3 6.0 9.8
May 2016 4.7 5.0 5.7 9.8
June 2016 4.9 5.2 6.0 9.5
July 2016 4.9 5.2 6.0 9.7
August 2016 4.9 5.2 5.9 9.6
September 2016 5.0 5.3 6.0 9.7
October 2016 4.9 5.1 5.9 9.6
November 2016 4.6 5.0 5.8 9.3
December 2016 4.7 5.0 5.7 9.1
January 2017 4.8 5.1 5.8 9.4
February 2017 4.7 5.0 5.7 9.2
March 2017 4.5 4.7 5.4 8.8
April 2017 4.4 4.7 5.3 8.6
May 2017 4.3 4.5 5.2 8.4
June 2017 4.3 4.7 5.3 8.5
July 2017 4.3 4.7 5.3 8.5
August 2017 4.4 4.7 5.4 8.6
September 2017 4.2 4.4 5.1 8.3
October 2017 4.1 4.4 5.0 8.0
November 2017 4.1 4.4 5.0 8.0
December 2017 4.1 4.4 5.1 8.1
January 2018 4.1 4.4 5.1 8.2
February 2018 4.1 4.4 5.1 8.2
March 2018 4.1 4.3 4.9 8.0
April 2018 3.9 4.2 4.7 7.8
May 2018 3.8 4.0 4.6 7.6
June 2018 4.0 4.3 4.9 7.8

Note: Unemployment rate measures total unemployed as a percentage of the labor force. U-4 measures total unemployed plus discouraged workers, as a percentage of the labor force plus discouraged workers. Discouraged workers are a subset of marginally attached workers who are not currently looking for work because they believe no jobs are available for them. U-5 measures total unemployed plus all marginally attached to the labor force, as a percentage of the labor force plus persons marginally attached to the labor force. Marginally attached workers are not in the labor force, want and are available for work, and have looked for a job in the past 12 months. U-6 measures total unemployed plus all marginally attached workers plus total employed part time for economic reasons, as a percentage of the labor force plus all marginally attached workers. The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research: December 2007-June 2009.

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 3. Labor force participation rates and employment-to-population ratio

Monthly
Percent

Period Labor force participation rate Employment-to-population ratio Prime-age labor force participation rate
January 2004 66.10 62.33 82.80
February 2004 65.98 62.31 82.70
March 2004 66.03 62.21 82.80
April 2004 65.92 62.26 82.70
May 2004 65.96 62.27 82.80
June 2004 66.07 62.36 82.90
July 2004 66.10 62.46 83.00
August 2004 65.97 62.40 82.70
September 2004 65.83 62.29 82.70
October 2004 65.92 62.33 82.60
November 2004 66.02 62.49 82.70
December 2004 65.91 62.38 82.60
January 2005 65.84 62.38 82.70
February 2005 65.93 62.38 82.80
March 2005 65.88 62.45 82.60
April 2005 66.06 62.66 82.70
May 2005 66.14 62.75 82.90
June 2005 66.06 62.73 82.60
July 2005 66.08 62.80 82.80
August 2005 66.15 62.91 82.90
September 2005 66.15 62.82 82.90
October 2005 66.09 62.81 82.70
November 2005 66.05 62.72 82.70
December 2005 65.97 62.77 82.70
January 2006 66.01 62.91 82.80
February 2006 66.14 62.99 82.90
March 2006 66.15 63.05 83.00
April 2006 66.12 63.00 82.80
May 2006 66.13 63.08 82.80
June 2006 66.19 63.13 82.80
July 2006 66.13 62.99 83.00
August 2006 66.20 63.11 82.90
September 2006 66.11 63.12 82.90
October 2006 66.20 63.27 82.90
November 2006 66.29 63.30 83.00
December 2006 66.37 63.44 83.10
January 2007 66.40 63.31 83.40
February 2007 66.27 63.27 83.20
March 2007 66.25 63.33 83.20
April 2007 65.92 62.96 83.00
May 2007 65.95 63.03 83.00
June 2007 66.05 63.04 82.90
July 2007 65.98 62.90 82.90
August 2007 65.78 62.74 82.90
September 2007 66.00 62.91 82.80
October 2007 65.82 62.71 82.70
November 2007 66.04 62.93 82.90
December 2007 66.02 62.74 83.10
January 2008 66.23 62.93 83.30
February 2008 66.00 62.78 83.20
March 2008 66.06 62.70 83.30
April 2008 65.94 62.66 83.10
May 2008 66.11 62.51 83.10
June 2008 66.05 62.38 83.10
July 2008 66.05 62.23 83.10
August 2008 66.06 62.02 83.20
September 2008 65.95 61.90 83.10
October 2008 66.01 61.72 83.00
November 2008 65.85 61.36 83.00
December 2008 65.80 61.00 82.80
January 2009 65.69 60.56 82.80
February 2009 65.79 60.29 82.80
March 2009 65.56 59.85 82.60
April 2009 65.67 59.78 82.80
May 2009 65.72 59.57 82.90
June 2009 65.65 59.41 82.90
July 2009 65.50 59.31 82.80
August 2009 65.36 59.08 82.80
September 2009 65.09 58.74 82.50
October 2009 65.01 58.52 82.50
November 2009 65.00 58.57 82.40
December 2009 64.62 58.25 82.00
January 2010 64.81 58.45 82.40
February 2010 64.85 58.47 82.30
March 2010 64.92 58.51 82.40
April 2010 65.15 58.69 82.60
May 2010 64.88 58.63 82.30
June 2010 64.63 58.54 82.20
July 2010 64.61 58.51 81.90
August 2010 64.72 58.56 82.00
September 2010 64.61 58.49 82.00
October 2010 64.41 58.32 81.80
November 2010 64.56 58.25 82.00
December 2010 64.32 58.31 81.90
January 2011 64.21 58.34 81.70
February 2011 64.15 58.36 81.60
March 2011 64.17 58.43 81.70
April 2011 64.20 58.37 81.70
May 2011 64.13 58.34 81.70
June 2011 64.03 58.20 81.70
July 2011 63.96 58.21 81.40
August 2011 64.10 58.34 81.60
September 2011 64.20 58.39 81.50
October 2011 64.08 58.42 81.30
November 2011 64.10 58.57 81.50
December 2011 64.01 58.57 81.60
January 2012 63.72 58.44 81.50
February 2012 63.80 58.51 81.50
March 2012 63.79 58.55 81.50
April 2012 63.66 58.45 81.40
May 2012 63.74 58.53 81.40
June 2012 63.78 58.56 81.50
July 2012 63.67 58.47 81.40
August 2012 63.54 58.42 81.40
September 2012 63.65 58.68 81.50
October 2012 63.76 58.79 81.60
November 2012 63.62 58.70 81.20
December 2012 63.69 58.66 81.40
January 2013 63.66 58.57 81.10
February 2013 63.44 58.56 81.00
March 2013 63.27 58.50 81.00
April 2013 63.38 58.58 81.00
May 2013 63.39 58.64 81.20
June 2013 63.43 58.64 81.20
July 2013 63.31 58.70 81.20
August 2013 63.26 58.68 81.00
September 2013 63.24 58.67 81.00
October 2013 62.78 58.26 80.60
November 2013 62.97 58.60 81.00
December 2013 62.89 58.68 80.80
January 2014 62.92 58.77 81.00
February 2014 62.94 58.75 81.10
March 2014 63.14 58.92 81.20
April 2014 62.80 58.88 80.80
May 2014 62.82 58.89 80.70
June 2014 62.85 59.02 81.00
July 2014 62.90 59.03 80.80
August 2014 62.90 59.03 81.10
September 2014 62.80 59.07 80.80
October 2014 62.89 59.28 80.90
November 2014 62.87 59.23 80.90
December 2014 62.76 59.27 80.90
January 2015 62.89 59.31 81.00
February 2015 62.72 59.26 80.90
March 2015 62.68 59.25 80.80
April 2015 62.75 59.34 81.00
May 2015 62.87 59.41 81.00
June 2015 62.66 59.36 80.90
July 2015 62.59 59.32 80.70
August 2015 62.58 59.39 80.70
September 2015 62.35 59.21 80.60
October 2015 62.47 59.34 80.70
November 2015 62.54 59.38 80.90
December 2015 62.73 59.59 81.00
January 2016 62.75 59.66 81.20
February 2016 62.88 59.79 81.20
March 2016 63.00 59.83 81.40
April 2016 62.82 59.68 81.20
May 2016 62.61 59.66 81.10
June 2016 62.74 59.66 81.30
July 2016 62.77 59.73 81.20
August 2016 62.84 59.75 81.30
September 2016 62.86 59.75 81.50
October 2016 62.79 59.74 81.60
November 2016 62.68 59.77 81.30
December 2016 62.71 59.76 81.40
January 2017 62.86 59.85 81.50
February 2017 62.93 59.99 81.70
March 2017 62.98 60.16 81.70
April 2017 62.92 60.16 81.70
May 2017 62.70 60.01 81.60
June 2017 62.84 60.11 81.60
July 2017 62.89 60.16 81.70
August 2017 62.89 60.10 81.60
September 2017 63.03 60.39 81.80
October 2017 62.70 60.15 81.60
November 2017 62.72 60.14 81.70
December 2017 62.71 60.14 81.90
January 2018 62.74 60.14 81.80
February 2018 63.02 60.41 82.20
March 2018 62.92 60.36 82.10
April 2018 62.78 60.32 82.00
May 2018 62.74 60.39 81.80
June 2018 62.93 60.38 82.00

Note: The data are monthly. The prime-age labor force participation rate is a percentage of the population aged 25 to 54. The labor force participation rate and the employment-to-population ratio are percentages of the population aged 16 and over.

Source: Bureau of Labor Statistics via Haver Analytics.

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The Labor Force Participation Rate for Prime-Age Individuals: Figure A. Prime-age labor force participation rates

Monthly
Percent

Period Men Women
January 1976 93.9 56.0
February 1976 93.9 56.1
March 1976 94.0 56.2
April 1976 94.2 56.4
May 1976 94.1 56.4
June 1976 94.1 56.8
July 1976 94.4 57.0
August 1976 94.3 57.2
September 1976 94.4 57.1
October 1976 94.3 57.1
November 1976 94.3 57.3
December 1976 94.1 57.6
January 1977 93.9 57.5
February 1977 94.1 57.7
March 1977 94.1 58.1
April 1977 94.2 58.2
May 1977 94.1 58.4
June 1977 94.3 58.5
July 1977 94.1 58.6
August 1977 94.1 58.6
September 1977 94.0 58.9
October 1977 94.3 58.8
November 1977 94.4 59.3
December 1977 94.5 59.3
January 1978 94.6 59.5
February 1978 94.4 59.7
March 1978 94.4 60.0
April 1978 94.3 60.2
May 1978 94.4 60.3
June 1978 94.1 60.5
July 1978 94.1 60.7
August 1978 94.0 60.5
September 1978 94.2 61.1
October 1978 94.0 61.6
November 1978 94.3 61.4
December 1978 94.5 61.6
January 1979 94.6 61.4
February 1979 94.7 61.6
March 1979 94.7 61.7
April 1979 94.3 61.6
May 1979 94.2 61.6
June 1979 94.3 61.8
July 1979 94.5 62.4
August 1979 94.3 62.8
September 1979 94.3 62.9
October 1979 94.2 63.1
November 1979 94.1 63.0
December 1979 94.3 63.6
January 1980 94.5 63.8
February 1980 94.4 63.8
March 1980 94.2 63.9
April 1980 94.2 64.1
May 1980 94.3 63.8
June 1980 94.2 63.8
July 1980 94.4 63.7
August 1980 94.2 64.0
September 1980 94.4 63.9
October 1980 94.2 64.1
November 1980 94.2 64.2
December 1980 94.0 64.4
January 1981 94.2 64.7
February 1981 94.0 64.9
March 1981 94.3 65.1
April 1981 94.4 65.3
May 1981 94.5 65.5
June 1981 94.1 65.2
July 1981 93.9 65.3
August 1981 94.1 65.2
September 1981 94.0 64.9
October 1981 94.0 65.6
November 1981 94.1 65.9
December 1981 93.9 65.7
January 1982 93.8 65.7
February 1982 93.9 66.0
March 1982 93.9 66.0
April 1982 94.0 66.0
May 1982 94.3 66.3
June 1982 94.2 66.3
July 1982 94.1 66.7
August 1982 94.1 66.6
September 1982 94.3 66.5
October 1982 94.2 66.6
November 1982 94.0 66.6
December 1982 93.9 67.0
January 1983 93.3 66.9
February 1983 93.3 66.6
March 1983 93.6 66.6
April 1983 93.8 66.8
May 1983 93.9 66.8
June 1983 94.0 67.2
July 1983 94.0 67.1
August 1983 94.0 67.5
September 1983 94.1 67.7
October 1983 93.8 67.4
November 1983 93.7 67.4
December 1983 93.8 67.6
January 1984 93.7 67.2
February 1984 93.8 67.5
March 1984 93.8 67.8
April 1984 93.8 68.1
May 1984 93.7 68.6
June 1984 93.9 68.3
July 1984 94.1 68.6
August 1984 94.1 68.7
September 1984 93.9 68.2
October 1984 94.0 68.5
November 1984 93.9 68.3
December 1984 94.0 68.7
January 1985 94.0 69.2
February 1985 93.9 69.2
March 1985 93.9 69.6
April 1985 94.1 69.6
May 1985 93.8 69.3
June 1985 93.8 69.5
July 1985 93.9 69.4
August 1985 93.9 69.5
September 1985 94.1 70.1
October 1985 94.0 69.8
November 1985 93.9 70.0
December 1985 93.8 70.2
January 1986 94.0 70.1
February 1986 93.8 70.0
March 1986 93.8 70.4
April 1986 93.7 70.5
May 1986 93.7 70.5
June 1986 93.9 70.9
July 1986 93.8 70.9
August 1986 93.8 71.0
September 1986 93.9 71.2
October 1986 93.7 71.5
November 1986 93.9 71.2
December 1986 93.9 71.2
January 1987 94.0 71.0
February 1987 93.8 71.4
March 1987 93.8 71.6
April 1987 93.7 71.7
May 1987 93.8 72.0
June 1987 93.6 71.8
July 1987 93.7 72.0
August 1987 93.6 72.0
September 1987 93.6 72.1
October 1987 93.7 72.2
November 1987 93.6 72.2
December 1987 93.5 72.3
January 1988 93.6 72.2
February 1988 93.7 72.2
March 1988 93.6 72.5
April 1988 93.8 72.3
May 1988 93.6 72.4
June 1988 93.3 72.4
July 1988 93.6 72.6
August 1988 93.6 72.8
September 1988 93.5 72.8
October 1988 93.4 73.0
November 1988 93.7 73.4
December 1988 93.4 73.4
January 1989 93.8 73.6
February 1989 93.7 73.5
March 1989 93.7 73.4
April 1989 93.7 73.5
May 1989 93.5 73.4
June 1989 93.5 73.3
July 1989 93.6 73.4
August 1989 93.5 73.5
September 1989 93.6 74.0
October 1989 93.7 73.8
November 1989 93.9 74.1
December 1989 93.8 74.1
January 1990 93.9 74.1
February 1990 94.0 74.0
March 1990 93.6 74.0
April 1990 93.5 73.9
May 1990 93.3 74.1
June 1990 93.3 73.9
July 1990 93.2 74.0
August 1990 93.3 74.0
September 1990 93.1 74.0
October 1990 93.2 73.9
November 1990 93.4 73.9
December 1990 93.1 73.9
January 1991 93.2 73.7
February 1991 93.4 73.9
March 1991 93.3 74.0
April 1991 93.4 74.3
May 1991 93.0 74.1
June 1991 93.1 74.2
July 1991 93.0 73.9
August 1991 92.9 74.1
September 1991 93.1 74.1
October 1991 92.9 74.2
November 1991 92.9 74.1
December 1991 92.7 74.1
January 1992 93.0 74.4
February 1992 92.8 74.4
March 1992 92.9 74.5
April 1992 93.0 74.7
May 1992 93.2 74.8
June 1992 93.3 74.9
July 1992 93.1 74.8
August 1992 93.2 74.8
September 1992 93.1 74.5
October 1992 93.0 74.4
November 1992 92.7 74.6
December 1992 92.6 74.6
January 1993 92.6 74.3
February 1993 92.4 74.2
March 1993 92.4 74.4
April 1993 92.5 74.1
May 1993 92.6 74.5
June 1993 92.8 74.6
July 1993 92.7 74.6
August 1993 92.7 74.8
September 1993 92.5 74.7
October 1993 92.5 74.8
November 1993 92.6 74.9
December 1993 92.4 75.2
January 1994 92.1 75.0
February 1994 91.9 75.3
March 1994 91.7 75.2
April 1994 91.7 75.1
May 1994 91.6 75.2
June 1994 91.4 74.7
July 1994 91.5 75.1
August 1994 91.4 75.4
September 1994 91.6 76.0
October 1994 91.8 75.5
November 1994 91.9 75.6
December 1994 92.0 75.2
January 1995 92.0 75.3
February 1995 92.0 75.5
March 1995 91.8 75.5
April 1995 91.8 75.9
May 1995 91.8 75.5
June 1995 91.6 75.2
July 1995 91.4 75.7
August 1995 91.4 75.6
September 1995 91.5 75.7
October 1995 91.3 75.8
November 1995 91.3 76.0
December 1995 91.3 75.7
January 1996 91.5 75.8
February 1996 91.7 75.7
March 1996 91.5 75.8
April 1996 91.6 75.9
May 1996 91.6 76.0
June 1996 91.6 76.0
July 1996 91.8 76.3
August 1996 92.0 76.3
September 1996 91.9 76.2
October 1996 92.0 76.4
November 1996 92.0 76.5
December 1996 91.9 76.6
January 1997 91.9 76.5
February 1997 91.9 76.3
March 1997 91.8 76.6
April 1997 91.7 76.5
May 1997 91.5 76.4
June 1997 91.8 76.7
July 1997 91.9 77.0
August 1997 92.0 77.2
September 1997 91.9 77.0
October 1997 91.8 76.8
November 1997 91.8 76.5
December 1997 91.8 76.6
January 1998 91.9 76.4
February 1998 91.8 76.5
March 1998 92.0 76.7
April 1998 91.8 76.3
May 1998 91.7 76.3
June 1998 91.7 76.4
July 1998 91.9 76.5
August 1998 91.7 76.6
September 1998 91.7 76.8
October 1998 91.8 76.7
November 1998 91.9 76.6
December 1998 91.8 76.8
January 1999 92.5 77.0
February 1999 92.2 76.8
March 1999 91.8 76.5
April 1999 91.9 76.6
May 1999 91.8 76.7
June 1999 91.6 76.9
July 1999 91.6 76.6
August 1999 91.5 76.7
September 1999 91.4 76.9
October 1999 91.4 77.0
November 1999 91.6 77.1
December 1999 91.6 76.7
January 2000 92.1 77.0
February 2000 92.2 76.9
March 2000 91.9 77.1
April 2000 91.7 77.3
May 2000 91.5 77.0
June 2000 91.7 76.8
July 2000 91.5 76.6
August 2000 91.5 76.3
September 2000 91.3 76.4
October 2000 91.2 76.3
November 2000 91.4 76.5
December 2000 91.6 76.5
January 2001 91.7 76.9
February 2001 91.6 76.8
March 2001 91.5 76.9
April 2001 91.4 76.3
May 2001 91.4 76.4
June 2001 91.3 76.2
July 2001 91.2 76.2
August 2001 91.1 76.2
September 2001 91.1 76.2
October 2001 91.3 76.1
November 2001 91.0 76.2
December 2001 91.2 76.3
January 2002 91.1 76.1
February 2002 91.3 76.4
March 2002 91.3 76.1
April 2002 91.2 76.2
May 2002 91.3 76.1
June 2002 91.0 75.7
July 2002 90.9 75.5
August 2002 91.1 75.7
September 2002 91.1 75.8
October 2002 91.0 75.7
November 2002 90.6 75.4
December 2002 90.6 75.8
January 2003 90.2 75.8
February 2003 90.5 75.8
March 2003 90.4 76.1
April 2003 90.7 76.0
May 2003 90.6 75.9
June 2003 90.7 76.1
July 2003 90.6 75.6
August 2003 90.7 75.6
September 2003 90.7 75.3
October 2003 90.7 75.3
November 2003 90.7 75.2
December 2003 90.7 75.1
January 2004 90.7 75.2
February 2004 90.4 75.2
March 2004 90.2 75.5
April 2004 90.3 75.4
May 2004 90.5 75.3
June 2004 90.5 75.5
July 2004 90.7 75.4
August 2004 90.5 75.1
September 2004 90.4 75.2
October 2004 90.2 75.1
November 2004 90.4 75.2
December 2004 90.3 75.1
January 2005 90.3 75.3
February 2005 90.5 75.3
March 2005 90.5 75.0
April 2005 90.5 75.2
May 2005 90.7 75.3
June 2005 90.4 75.0
July 2005 90.5 75.3
August 2005 90.9 75.2
September 2005 90.6 75.4
October 2005 90.4 75.2
November 2005 90.3 75.3
December 2005 90.2 75.4
January 2006 90.4 75.3
February 2006 90.6 75.5
March 2006 90.9 75.4
April 2006 90.6 75.3
May 2006 90.6 75.3
June 2006 90.5 75.4
July 2006 90.4 75.7
August 2006 90.5 75.6
September 2006 90.4 75.5
October 2006 90.4 75.6
November 2006 90.7 75.5
December 2006 90.9 75.5
January 2007 91.5 75.6
February 2007 91.4 75.3
March 2007 91.2 75.3
April 2007 91.1 75.0
May 2007 90.9 75.3
June 2007 90.7 75.3
July 2007 90.6 75.4
August 2007 90.5 75.5
September 2007 90.4 75.4
October 2007 90.3 75.3
November 2007 90.6 75.5
December 2007 90.9 75.5
January 2008 91.1 75.7
February 2008 91.0 75.5
March 2008 90.9 75.8
April 2008 90.6 75.8
May 2008 90.5 75.9
June 2008 90.5 76.0
July 2008 90.7 75.7
August 2008 90.5 76.0
September 2008 90.5 75.8
October 2008 90.4 75.8
November 2008 90.3 75.9
December 2008 89.9 75.9
January 2009 90.0 75.8
February 2009 89.8 76.0
March 2009 89.7 75.7
April 2009 89.9 75.9
May 2009 90.1 75.8
June 2009 90.0 75.9
July 2009 89.8 75.8
August 2009 90.1 75.6
September 2009 89.8 75.3
October 2009 89.8 75.3
November 2009 89.6 75.4
December 2009 88.9 75.2
January 2010 89.2 75.6
February 2010 89.2 75.5
March 2010 89.5 75.5
April 2010 89.7 75.6
May 2010 89.5 75.2
June 2010 89.5 75.1
July 2010 89.2 74.8
August 2010 89.3 74.9
September 2010 89.3 74.9
October 2010 88.9 74.9
November 2010 88.9 75.3
December 2010 88.6 75.2
January 2011 88.6 74.9
February 2011 88.7 74.7
March 2011 88.8 74.9
April 2011 88.7 74.9
May 2011 89.0 74.6
June 2011 88.9 74.6
July 2011 88.6 74.5
August 2011 88.7 74.7
September 2011 88.6 74.6
October 2011 88.4 74.4
November 2011 88.7 74.4
December 2011 88.7 74.6
January 2012 88.8 74.5
February 2012 88.7 74.5
March 2012 88.9 74.5
April 2012 88.7 74.4
May 2012 88.6 74.5
June 2012 88.9 74.4
July 2012 88.6 74.5
August 2012 88.6 74.5
September 2012 88.6 74.6
October 2012 88.8 74.7
November 2012 88.4 74.3
December 2012 88.6 74.6
January 2013 88.4 74.0
February 2013 88.5 73.9
March 2013 88.3 73.9
April 2013 88.6 73.7
May 2013 88.6 74.0
June 2013 88.6 74.0
July 2013 88.5 74.1
August 2013 88.3 74.0
September 2013 88.4 73.9
October 2013 88.0 73.5
November 2013 88.6 73.8
December 2013 88.1 73.8
January 2014 88.2 73.9
February 2014 88.1 74.3
March 2014 88.3 74.2
April 2014 88.0 74.0
May 2014 88.0 73.7
June 2014 88.3 74.0
July 2014 88.3 73.7
August 2014 88.5 74.0
September 2014 88.1 73.7
October 2014 88.1 73.9
November 2014 88.1 73.9
December 2014 88.2 73.8
January 2015 88.5 73.9
February 2015 88.4 73.7
March 2015 88.6 73.4
April 2015 88.5 73.8
May 2015 88.3 74.0
June 2015 88.2 73.8
July 2015 88.1 73.5
August 2015 88.2 73.5
September 2015 88.1 73.3
October 2015 88.2 73.6
November 2015 88.0 73.9
December 2015 88.2 73.9
January 2016 88.5 74.1
February 2016 88.6 74.1
March 2016 88.8 74.3
April 2016 88.6 74.2
May 2016 88.4 74.0
June 2016 88.6 74.1
July 2016 88.4 74.3
August 2016 88.4 74.4
September 2016 88.6 74.6
October 2016 88.6 74.8
November 2016 88.5 74.4
December 2016 88.5 74.5
January 2017 88.9 74.5
February 2017 88.7 74.8
March 2017 88.6 75.0
April 2017 88.6 75.1
May 2017 88.5 74.9
June 2017 88.5 75.0
July 2017 88.5 75.2
August 2017 88.4 75.0
September 2017 88.6 75.2
October 2017 88.6 74.9
November 2017 88.5 75.2
December 2017 89.0 75.0
January 2018 89.0 74.8
February 2018 89.3 75.2
March 2018 89.2 75.1
April 2018 89.3 74.8
May 2018 89.1 74.8
June 2018 88.9 75.3

Note: The data are seasonally adjusted. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: January 1980-July 1980, July 1981-November 1982, July 1990-March 1991, March 2001-November 2001, and December 2007-June 2009.

Source: Bureau of Labor Statistics.

Return to text

The Labor Force Participation Rate for Prime-Age Individuals: Figure B. Prime-age labor force participation rates by education

Monthly - Men
Percent

Period Bachelor's degree Some college High school degree or less
January 1976 96.97 95.08 93.00
February 1976 96.92 95.07 92.98
March 1976 96.89 95.08 92.95
April 1976 96.90 95.07 92.95
May 1976 96.88 95.06 92.96
June 1976 96.87 95.06 92.97
July 1976 96.85 95.12 93.00
August 1976 96.84 95.09 93.04
September 1976 96.87 95.09 93.05
October 1976 96.90 95.07 93.09
November 1976 96.93 95.04 93.12
December 1976 96.94 95.04 93.14
January 1977 96.92 95.03 93.13
February 1977 96.94 95.05 93.13
March 1977 96.96 95.03 93.14
April 1977 96.90 95.04 93.15
May 1977 96.89 95.05 93.14
June 1977 96.92 95.11 93.12
July 1977 96.97 95.10 93.06
August 1977 97.01 95.19 93.02
September 1977 96.96 95.19 93.02
October 1977 96.93 95.26 93.05
November 1977 96.95 95.32 93.08
December 1977 96.96 95.31 93.12
January 1978 96.99 95.37 93.15
February 1978 97.01 95.38 93.14
March 1978 96.99 95.40 93.16
April 1978 97.03 95.47 93.12
May 1978 97.09 95.49 93.11
June 1978 97.08 95.46 93.08
July 1978 97.05 95.46 93.09
August 1978 97.06 95.43 93.09
September 1978 97.10 95.45 93.09
October 1978 97.12 95.40 93.06
November 1978 97.12 95.41 93.07
December 1978 97.14 95.45 93.07
January 1979 97.13 95.43 93.08
February 1979 97.14 95.47 93.12
March 1979 97.16 95.50 93.13
April 1979 97.11 95.45 93.16
May 1979 97.09 95.46 93.15
June 1979 97.07 95.50 93.20
July 1979 97.08 95.53 93.24
August 1979 97.04 95.52 93.31
September 1979 97.04 95.51 93.33
October 1979 97.04 95.54 93.32
November 1979 97.02 95.50 93.28
December 1979 97.01 95.51 93.23
January 1980 97.00 95.50 93.20
February 1980 97.01 95.47 93.13
March 1980 97.00 95.45 93.08
April 1980 97.05 95.46 93.06
May 1980 97.04 95.46 93.05
June 1980 97.04 95.41 93.02
July 1980 97.05 95.37 92.99
August 1980 97.07 95.39 92.92
September 1980 97.05 95.39 92.88
October 1980 97.04 95.40 92.85
November 1980 97.03 95.40 92.83
December 1980 97.01 95.36 92.80
January 1981 97.03 95.33 92.79
February 1981 97.03 95.30 92.79
March 1981 97.05 95.27 92.81
April 1981 97.03 95.28 92.84
May 1981 97.05 95.29 92.87
June 1981 97.03 95.25 92.87
July 1981 96.98 95.23 92.85
August 1981 96.96 95.21 92.86
September 1981 96.93 95.20 92.84
October 1981 96.93 95.19 92.82
November 1981 96.95 95.23 92.80
December 1981 96.95 95.21 92.81
January 1982 96.95 95.21 92.79
February 1982 96.99 95.22 92.78
March 1982 96.97 95.21 92.78
April 1982 96.97 95.17 92.74
May 1982 96.95 95.12 92.73
June 1982 96.92 95.14 92.73
July 1982 96.94 95.12 92.73
August 1982 96.96 95.08 92.69
September 1982 96.98 95.04 92.68
October 1982 96.96 94.94 92.69
November 1982 96.93 94.85 92.70
December 1982 96.92 94.84 92.70
January 1983 96.88 94.81 92.69
February 1983 96.79 94.82 92.67
March 1983 96.74 94.86 92.65
April 1983 96.73 94.83 92.64
May 1983 96.69 94.82 92.60
June 1983 96.69 94.79 92.60
July 1983 96.69 94.78 92.59
August 1983 96.65 94.81 92.59
September 1983 96.60 94.83 92.61
October 1983 96.56 94.85 92.58
November 1983 96.49 94.88 92.57
December 1983 96.45 94.91 92.57
January 1984 96.42 94.94 92.57
February 1984 96.43 94.88 92.59
March 1984 96.46 94.89 92.55
April 1984 96.47 94.88 92.53
May 1984 96.51 94.90 92.50
June 1984 96.53 94.92 92.49
July 1984 96.53 94.95 92.51
August 1984 96.56 94.98 92.51
September 1984 96.58 94.99 92.49
October 1984 96.62 95.07 92.49
November 1984 96.69 95.07 92.48
December 1984 96.72 95.07 92.48
January 1985 96.76 95.08 92.48
February 1985 96.78 95.08 92.47
March 1985 96.78 95.03 92.49
April 1985 96.79 95.05 92.50
May 1985 96.80 95.07 92.48
June 1985 96.80 95.09 92.44
July 1985 96.81 95.12 92.39
August 1985 96.82 95.12 92.36
September 1985 96.86 95.15 92.35
October 1985 96.88 95.15 92.34
November 1985 96.90 95.20 92.31
December 1985 96.92 95.20 92.27
January 1986 96.91 95.22 92.25
February 1986 96.90 95.26 92.22
March 1986 96.91 95.27 92.19
April 1986 96.88 95.26 92.15
May 1986 96.85 95.21 92.14
June 1986 96.85 95.20 92.15
July 1986 96.89 95.16 92.13
August 1986 96.88 95.12 92.13
September 1986 96.87 95.07 92.14
October 1986 96.84 94.97 92.12
November 1986 96.80 94.95 92.15
December 1986 96.78 94.98 92.15
January 1987 96.78 94.96 92.17
February 1987 96.77 95.00 92.15
March 1987 96.75 95.03 92.16
April 1987 96.73 95.07 92.15
May 1987 96.74 95.11 92.15
June 1987 96.73 95.14 92.12
July 1987 96.68 95.13 92.12
August 1987 96.68 95.13 92.10
September 1987 96.68 95.12 92.06
October 1987 96.72 95.19 92.02
November 1987 96.74 95.18 91.95
December 1987 96.78 95.14 91.90
January 1988 96.79 95.10 91.83
February 1988 96.82 95.02 91.81
March 1988 96.86 94.96 91.78
April 1988 96.90 94.96 91.78
May 1988 96.93 94.96 91.74
June 1988 96.92 94.91 91.72
July 1988 96.94 94.94 91.68
August 1988 96.97 94.96 91.66
September 1988 96.97 94.98 91.65
October 1988 96.98 94.95 91.65
November 1988 97.00 94.97 91.65
December 1988 96.94 95.00 91.67
January 1989 96.93 95.05 91.68
February 1989 96.93 95.06 91.67
March 1989 96.94 95.11 91.65
April 1989 96.96 95.04 91.64
May 1989 96.96 95.05 91.61
June 1989 97.02 95.06 91.62
July 1989 97.03 95.04 91.62
August 1989 97.04 95.04 91.60
September 1989 97.03 95.03 91.61
October 1989 97.01 95.05 91.64
November 1989 96.99 95.01 91.67
December 1989 97.03 95.01 91.70
January 1990 97.02 94.99 91.69
February 1990 97.00 95.02 91.70
March 1990 96.99 95.01 91.68
April 1990 96.94 95.03 91.65
May 1990 96.91 95.00 91.67
June 1990 96.83 94.97 91.65
July 1990 96.81 94.94 91.62
August 1990 96.78 94.91 91.60
September 1990 96.78 94.91 91.55
October 1990 96.79 94.87 91.50
November 1990 96.81 94.87 91.43
December 1990 96.81 94.80 91.36
January 1991 96.82 94.74 91.30
February 1991 96.84 94.69 91.28
March 1991 96.83 94.72 91.24
April 1991 96.83 94.74 91.25
May 1991 96.83 94.75 91.17
June 1991 96.80 94.77 91.10
July 1991 96.77 94.75 91.04
August 1991 96.74 94.75 90.96
September 1991 96.71 94.75 90.94
October 1991 96.67 94.72 90.87
November 1991 96.62 94.70 90.81
December 1991 96.59 94.70 90.74
January 1992 96.59 94.69 90.70
February 1992 96.55 94.68 90.61
March 1992 96.51 94.63 90.56
April 1992 96.46 94.58 90.50
May 1992 96.45 94.57 90.50
June 1992 96.48 94.55 90.51
July 1992 96.53 94.57 90.48
August 1992 96.56 94.51 90.49
September 1992 96.58 94.49 90.42
October 1992 96.61 94.52 90.36
November 1992 96.64 94.49 90.24
December 1992 96.66 94.48 90.16
January 1993 96.64 94.42 90.10
February 1993 96.63 94.38 90.04
March 1993 96.62 94.29 90.00
April 1993 96.66 94.21 89.94
May 1993 96.66 94.14 89.87
June 1993 96.66 94.08 89.81
July 1993 96.65 94.03 89.77
August 1993 96.61 94.04 89.70
September 1993 96.59 93.99 89.63
October 1993 96.57 93.93 89.59
November 1993 96.55 93.89 89.61
December 1993 96.56 93.91 89.57
January 1994 96.54 93.94 89.46
February 1994 96.53 93.93 89.38
March 1994 96.54 93.93 89.23
April 1994 96.54 93.89 89.08
May 1994 96.54 93.86 88.92
June 1994 96.48 93.81 88.72
July 1994 96.43 93.80 88.54
August 1994 96.42 93.76 88.38
September 1994 96.42 93.70 88.27
October 1994 96.45 93.62 88.19
November 1994 96.44 93.55 88.12
December 1994 96.40 93.50 88.08
January 1995 96.39 93.47 88.07
February 1995 96.39 93.45 88.04
March 1995 96.39 93.44 88.02
April 1995 96.38 93.45 88.02
May 1995 96.38 93.44 88.07
June 1995 96.39 93.42 88.10
July 1995 96.40 93.35 88.09
August 1995 96.37 93.29 88.10
September 1995 96.32 93.22 88.12
October 1995 96.22 93.16 88.11
November 1995 96.15 93.13 88.05
December 1995 96.11 93.06 87.99
January 1996 96.08 93.00 87.97
February 1996 96.06 92.99 87.97
March 1996 95.99 92.97 88.01
April 1996 95.92 92.98 88.04
May 1996 95.87 92.98 88.02
June 1996 95.84 93.00 88.04
July 1996 95.81 93.00 88.13
August 1996 95.82 93.03 88.22
September 1996 95.82 93.06 88.30
October 1996 95.84 93.15 88.35
November 1996 95.88 93.18 88.45
December 1996 95.89 93.21 88.51
January 1997 95.90 93.19 88.58
February 1997 95.89 93.19 88.61
March 1997 95.93 93.21 88.61
April 1997 95.99 93.15 88.63
May 1997 95.99 93.13 88.61
June 1997 96.00 93.11 88.66
July 1997 96.01 93.10 88.69
August 1997 96.02 93.13 88.69
September 1997 96.04 93.15 88.66
October 1997 96.05 93.12 88.63
November 1997 96.04 93.12 88.61
December 1997 96.04 93.12 88.62
January 1998 96.04 93.14 88.59
February 1998 96.03 93.09 88.57
March 1998 96.05 93.05 88.61
April 1998 96.04 93.01 88.63
May 1998 96.06 93.00 88.71
June 1998 96.07 92.98 88.73
July 1998 96.04 93.01 88.73
August 1998 96.01 92.96 88.73
September 1998 95.97 92.94 88.74
October 1998 95.96 92.97 88.75
November 1998 95.93 92.99 88.75
December 1998 95.92 92.99 88.74
January 1999 95.93 92.99 88.77
February 1999 95.91 93.02 88.80
March 1999 95.83 92.97 88.76
April 1999 95.79 93.00 88.73
May 1999 95.76 92.99 88.67
June 1999 95.72 92.95 88.63
July 1999 95.72 92.88 88.57
August 1999 95.70 92.85 88.52
September 1999 95.69 92.84 88.48
October 1999 95.68 92.81 88.45
November 1999 95.70 92.78 88.43
December 1999 95.73 92.73 88.43
January 2000 95.74 92.68 88.44
February 2000 95.80 92.65 88.44
March 2000 95.85 92.65 88.43
April 2000 95.89 92.66 88.38
May 2000 95.89 92.66 88.31
June 2000 95.90 92.70 88.31
July 2000 95.89 92.72 88.30
August 2000 95.93 92.76 88.26
September 2000 95.94 92.73 88.24
October 2000 95.91 92.67 88.24
November 2000 95.92 92.61 88.22
December 2000 95.89 92.62 88.19
January 2001 95.83 92.63 88.12
February 2001 95.79 92.62 88.05
March 2001 95.75 92.61 88.02
April 2001 95.74 92.58 87.99
May 2001 95.75 92.56 87.99
June 2001 95.76 92.56 87.88
July 2001 95.79 92.54 87.79
August 2001 95.76 92.48 87.73
September 2001 95.75 92.45 87.66
October 2001 95.77 92.46 87.57
November 2001 95.74 92.47 87.48
December 2001 95.71 92.44 87.41
January 2002 95.67 92.40 87.35
February 2002 95.66 92.39 87.31
March 2002 95.65 92.43 87.28
April 2002 95.64 92.38 87.26
May 2002 95.63 92.33 87.26
June 2002 95.62 92.24 87.27
July 2002 95.59 92.17 87.28
August 2002 95.58 92.13 87.31
September 2002 95.58 92.12 87.36
October 2002 95.60 92.04 87.36
November 2002 95.57 91.95 87.35
December 2002 95.57 91.90 87.31
January 2003 95.58 91.84 87.27
February 2003 95.53 91.79 87.23
March 2003 95.51 91.68 87.20
April 2003 95.49 91.61 87.20
May 2003 95.42 91.54 87.18
June 2003 95.37 91.49 87.19
July 2003 95.34 91.44 87.20
August 2003 95.25 91.39 87.18
September 2003 95.16 91.33 87.15
October 2003 95.09 91.30 87.15
November 2003 95.05 91.27 87.20
December 2003 94.99 91.25 87.26
January 2004 94.98 91.25 87.34
February 2004 94.95 91.14 87.38
March 2004 94.90 91.07 87.37
April 2004 94.83 91.06 87.31
May 2004 94.81 91.08 87.29
June 2004 94.80 91.08 87.27
July 2004 94.78 91.10 87.28
August 2004 94.80 91.09 87.27
September 2004 94.85 91.05 87.25
October 2004 94.83 91.03 87.24
November 2004 94.85 91.08 87.19
December 2004 94.87 91.06 87.10
January 2005 94.82 91.03 87.01
February 2005 94.82 91.09 86.96
March 2005 94.81 91.17 86.93
April 2005 94.83 91.20 86.97
May 2005 94.81 91.22 87.01
June 2005 94.79 91.26 87.03
July 2005 94.78 91.27 87.02
August 2005 94.84 91.34 87.03
September 2005 94.82 91.44 87.03
October 2005 94.84 91.49 87.04
November 2005 94.82 91.47 87.06
December 2005 94.84 91.46 87.07
January 2006 94.86 91.45 87.07
February 2006 94.88 91.45 87.06
March 2006 94.91 91.47 87.10
April 2006 94.90 91.50 87.12
May 2006 94.92 91.46 87.15
June 2006 94.96 91.43 87.16
July 2006 94.98 91.46 87.14
August 2006 94.94 91.41 87.12
September 2006 94.98 91.40 87.09
October 2006 95.00 91.44 87.08
November 2006 95.02 91.46 87.12
December 2006 95.02 91.52 87.17
January 2007 95.09 91.59 87.26
February 2007 95.13 91.63 87.34
March 2007 95.20 91.61 87.30
April 2007 95.24 91.63 87.28
May 2007 95.32 91.69 87.20
June 2007 95.37 91.73 87.15
July 2007 95.38 91.71 87.16
August 2007 95.37 91.69 87.15
September 2007 95.35 91.67 87.17
October 2007 95.35 91.64 87.17
November 2007 95.38 91.67 87.16
December 2007 95.38 91.71 87.16
January 2008 95.36 91.68 87.10
February 2008 95.34 91.63 87.03
March 2008 95.28 91.59 87.04
April 2008 95.26 91.54 86.99
May 2008 95.21 91.52 86.97
June 2008 95.16 91.49 86.98
July 2008 95.15 91.50 86.98
August 2008 95.16 91.45 87.00
September 2008 95.18 91.41 86.99
October 2008 95.22 91.37 86.96
November 2008 95.20 91.34 86.91
December 2008 95.20 91.26 86.82
January 2009 95.20 91.18 86.76
February 2009 95.18 91.18 86.70
March 2009 95.19 91.18 86.56
April 2009 95.20 91.12 86.49
May 2009 95.19 91.00 86.42
June 2009 95.20 90.86 86.34
July 2009 95.20 90.74 86.21
August 2009 95.18 90.72 86.12
September 2009 95.16 90.63 86.04
October 2009 95.14 90.57 85.92
November 2009 95.10 90.46 85.82
December 2009 95.04 90.34 85.71
January 2010 95.01 90.30 85.62
February 2010 94.98 90.21 85.60
March 2010 94.94 90.14 85.65
April 2010 94.92 90.08 85.66
May 2010 94.89 90.08 85.60
June 2010 94.86 90.09 85.52
July 2010 94.78 90.04 85.49
August 2010 94.70 89.99 85.42
September 2010 94.61 89.97 85.38
October 2010 94.51 89.86 85.38
November 2010 94.48 89.78 85.34
December 2010 94.46 89.75 85.34
January 2011 94.42 89.66 85.31
February 2011 94.43 89.57 85.24
March 2011 94.41 89.43 85.14
April 2011 94.35 89.22 85.06
May 2011 94.33 89.13 85.02
June 2011 94.30 89.06 84.97
July 2011 94.31 88.96 84.90
August 2011 94.34 88.87 84.81
September 2011 94.38 88.80 84.71
October 2011 94.42 88.80 84.61
November 2011 94.47 88.77 84.59
December 2011 94.49 88.77 84.57
January 2012 94.49 88.78 84.55
February 2012 94.45 88.79 84.53
March 2012 94.44 88.86 84.50
April 2012 94.45 88.96 84.44
May 2012 94.48 88.95 84.38
June 2012 94.48 88.95 84.40
July 2012 94.50 89.01 84.39
August 2012 94.51 89.06 84.34
September 2012 94.52 89.15 84.31
October 2012 94.51 89.19 84.34
November 2012 94.48 89.18 84.31
December 2012 94.49 89.15 84.26
January 2013 94.49 89.11 84.20
February 2013 94.51 89.09 84.15
March 2013 94.51 89.08 84.08
April 2013 94.51 89.13 84.07
May 2013 94.45 89.21 84.06
June 2013 94.43 89.22 84.03
July 2013 94.40 89.24 83.98
August 2013 94.39 89.16 83.94
September 2013 94.37 89.07 83.92
October 2013 94.32 88.93 83.82
November 2013 94.28 88.95 83.81
December 2013 94.21 88.90 83.72
January 2014 94.20 88.83 83.65
February 2014 94.15 88.76 83.60
March 2014 94.11 88.67 83.61
April 2014 94.09 88.56 83.56
May 2014 94.12 88.45 83.49
June 2014 94.14 88.41 83.41
July 2014 94.11 88.38 83.42
August 2014 94.08 88.39 83.50
September 2014 94.06 88.33 83.50
October 2014 94.06 88.34 83.51
November 2014 94.03 88.28 83.45
December 2014 94.03 88.24 83.49
January 2015 93.98 88.28 83.53
February 2015 93.96 88.33 83.53
March 2015 93.99 88.41 83.53
April 2015 94.01 88.50 83.54
May 2015 94.00 88.52 83.58
June 2015 93.98 88.51 83.58
July 2015 93.98 88.46 83.52
August 2015 93.95 88.48 83.45
September 2015 93.92 88.56 83.40
October 2015 93.89 88.64 83.40
November 2015 93.88 88.70 83.41
December 2015 93.88 88.82 83.36
January 2016 93.91 88.88 83.33
February 2016 93.93 88.91 83.34
March 2016 93.95 88.85 83.39
April 2016 93.91 88.81 83.43
May 2016 93.87 88.82 83.43
June 2016 93.83 88.87 83.48
July 2016 93.79 88.96 83.52
August 2016 93.83 88.97 83.55
September 2016 93.84 89.05 83.58
October 2016 93.92 89.04 83.60
November 2016 93.97 89.06 83.62
December 2016 93.99 89.03 83.65
January 2017 94.04 88.98 83.70
February 2017 94.01 88.95 83.73
March 2017 93.97 89.00 83.68
April 2017 93.95 89.01 83.67
May 2017 93.96 88.98 83.68
June 2017 93.97 88.91 83.67
July 2017 94.03 88.83 83.69
August 2017 94.00 88.78 83.69
September 2017 94.04 88.70 83.72
October 2017 94.01 88.76 83.71
November 2017 93.97 88.83 83.72
December 2017 93.97 88.90 83.78
January 2018 93.94 88.96 83.79
February 2018 93.99 89.02 83.83
March 2018 94.02 89.04 83.91
April 2018 94.04 89.09 83.97
May 2018 94.09 89.15 83.99

Note: The data are seasonally adjusted 12-month moving averages and extend through May 2018. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: January 1980-July 1980, July 1981-November 1982, July 1990-March 1991, March 2001-November 2001, and December 2007-June 2009.

Source: U.S. Census Bureau, Current Population Survey.

Monthly - Women
Percent

Period Bachelor's degree Some college High school degree or less
January 1976 69.46 59.63 52.24
February 1976 69.59 59.66 52.39
March 1976 69.77 59.73 52.50
April 1976 69.85 59.73 52.66
May 1976 69.97 59.73 52.75
June 1976 69.93 59.77 52.80
July 1976 69.83 59.66 52.84
August 1976 69.80 59.51 52.90
September 1976 69.97 59.53 53.07
October 1976 70.10 59.61 53.26
November 1976 70.27 59.67 53.48
December 1976 70.38 59.83 53.67
January 1977 70.43 60.00 53.79
February 1977 70.51 60.23 53.89
March 1977 70.51 60.39 54.05
April 1977 70.55 60.57 54.19
May 1977 70.59 60.76 54.38
June 1977 70.74 60.74 54.58
July 1977 70.94 60.91 54.70
August 1977 71.05 61.13 54.82
September 1977 71.04 61.31 54.97
October 1977 71.06 61.42 55.10
November 1977 71.08 61.61 55.25
December 1977 71.11 61.77 55.36
January 1978 71.28 61.88 55.50
February 1978 71.35 62.03 55.65
March 1978 71.46 62.21 55.78
April 1978 71.67 62.50 55.88
May 1978 71.77 62.70 56.00
June 1978 71.78 63.09 56.16
July 1978 71.84 63.47 56.37
August 1978 71.83 63.78 56.54
September 1978 71.98 64.08 56.70
October 1978 72.14 64.42 56.88
November 1978 72.27 64.66 57.00
December 1978 72.44 64.88 57.16
January 1979 72.50 65.20 57.29
February 1979 72.68 65.40 57.41
March 1979 72.83 65.63 57.52
April 1979 72.91 65.69 57.63
May 1979 72.98 65.81 57.73
June 1979 73.05 65.96 57.83
July 1979 73.16 66.08 58.00
August 1979 73.39 66.27 58.19
September 1979 73.49 66.39 58.36
October 1979 73.59 66.47 58.49
November 1979 73.68 66.65 58.62
December 1979 73.85 66.76 58.78
January 1980 74.03 66.86 59.01
February 1980 74.14 67.07 59.21
March 1980 74.25 67.29 59.37
April 1980 74.35 67.61 59.56
May 1980 74.50 67.95 59.70
June 1980 74.73 68.14 59.83
July 1980 74.86 68.32 59.89
August 1980 74.96 68.47 59.95
September 1980 75.06 68.66 59.97
October 1980 75.17 68.89 59.97
November 1980 75.29 69.00 60.06
December 1980 75.27 69.14 60.14
January 1981 75.33 69.32 60.19
February 1981 75.39 69.47 60.31
March 1981 75.46 69.62 60.44
April 1981 75.58 69.77 60.55
May 1981 75.74 69.90 60.71
June 1981 75.88 70.06 60.80
July 1981 76.03 70.20 60.92
August 1981 76.14 70.30 60.98
September 1981 76.20 70.32 61.05
October 1981 76.31 70.40 61.17
November 1981 76.46 70.54 61.28
December 1981 76.66 70.70 61.30
January 1982 76.82 70.82 61.31
February 1982 76.97 70.94 61.31
March 1982 77.11 70.99 61.33
April 1982 77.14 71.02 61.34
May 1982 77.20 71.07 61.37
June 1982 77.37 71.16 61.42
July 1982 77.54 71.34 61.49
August 1982 77.65 71.51 61.63
September 1982 77.77 71.70 61.74
October 1982 77.81 71.83 61.83
November 1982 77.81 71.93 61.87
December 1982 77.75 72.03 61.98
January 1983 77.80 72.15 62.07
February 1983 77.89 72.19 62.08
March 1983 77.96 72.25 62.10
April 1983 78.15 72.29 62.13
May 1983 78.23 72.27 62.16
June 1983 78.22 72.33 62.26
July 1983 78.22 72.34 62.32
August 1983 78.23 72.38 62.42
September 1983 78.32 72.50 62.50
October 1983 78.42 72.52 62.53
November 1983 78.55 72.56 62.56
December 1983 78.72 72.59 62.57
January 1984 78.81 72.58 62.58
February 1984 78.91 72.65 62.66
March 1984 79.04 72.78 62.75
April 1984 79.15 72.92 62.85
May 1984 79.30 73.12 62.95
June 1984 79.40 73.17 62.98
July 1984 79.50 73.30 63.05
August 1984 79.70 73.39 63.05
September 1984 79.71 73.41 63.07
October 1984 79.81 73.53 63.13
November 1984 79.89 73.57 63.20
December 1984 80.01 73.60 63.31
January 1985 80.09 73.76 63.48
February 1985 80.13 73.86 63.61
March 1985 80.16 74.01 63.73
April 1985 80.19 74.07 63.86
May 1985 80.17 74.12 63.90
June 1985 80.24 74.20 63.99
July 1985 80.34 74.21 64.06
August 1985 80.41 74.29 64.10
September 1985 80.66 74.36 64.24
October 1985 80.77 74.43 64.34
November 1985 80.88 74.63 64.44
December 1985 80.93 74.85 64.52
January 1986 80.98 74.93 64.58
February 1986 81.01 75.00 64.65
March 1986 80.99 74.99 64.75
April 1986 81.04 75.06 64.83
May 1986 81.15 75.16 64.93
June 1986 81.30 75.29 65.01
July 1986 81.44 75.42 65.12
August 1986 81.53 75.55 65.25
September 1986 81.55 75.73 65.35
October 1986 81.62 75.85 65.50
November 1986 81.64 75.88 65.62
December 1986 81.69 75.91 65.70
January 1987 81.77 75.93 65.75
February 1987 81.91 76.03 65.84
March 1987 82.09 76.16 65.91
April 1987 82.21 76.36 65.97
May 1987 82.27 76.44 66.11
June 1987 82.27 76.47 66.21
July 1987 82.26 76.56 66.31
August 1987 82.25 76.61 66.42
September 1987 82.24 76.69 66.47
October 1987 82.24 76.81 66.50
November 1987 82.38 76.94 66.51
December 1987 82.48 77.05 66.59
January 1988 82.58 77.22 66.67
February 1988 82.65 77.33 66.71
March 1988 82.68 77.47 66.75
April 1988 82.72 77.47 66.78
May 1988 82.76 77.49 66.79
June 1988 82.77 77.59 66.81
July 1988 82.75 77.60 66.85
August 1988 82.77 77.64 66.90
September 1988 82.84 77.62 66.96
October 1988 82.91 77.64 67.03
November 1988 82.88 77.71 67.17
December 1988 82.87 77.76 67.28
January 1989 82.89 77.84 67.47
February 1989 82.90 77.91 67.60
March 1989 82.91 77.91 67.70
April 1989 82.93 78.01 67.79
May 1989 82.95 78.19 67.84
June 1989 83.02 78.27 67.91
July 1989 83.09 78.35 68.00
August 1989 83.09 78.40 68.07
September 1989 83.11 78.49 68.18
October 1989 83.12 78.52 68.27
November 1989 83.15 78.54 68.32
December 1989 83.20 78.54 68.39
January 1990 83.22 78.52 68.43
February 1990 83.24 78.54 68.45
March 1990 83.27 78.58 68.49
April 1990 83.29 78.54 68.55
May 1990 83.35 78.56 68.63
June 1990 83.39 78.61 68.70
July 1990 83.47 78.72 68.70
August 1990 83.60 78.81 68.66
September 1990 83.68 78.83 68.59
October 1990 83.73 78.81 68.55
November 1990 83.75 78.77 68.48
December 1990 83.79 78.79 68.42
January 1991 83.78 78.78 68.34
February 1991 83.81 78.74 68.33
March 1991 83.86 78.69 68.32
April 1991 83.88 78.72 68.35
May 1991 83.90 78.66 68.34
June 1991 83.90 78.70 68.36
July 1991 83.91 78.65 68.36
August 1991 83.89 78.61 68.42
September 1991 83.83 78.64 68.45
October 1991 83.83 78.74 68.43
November 1991 83.82 78.80 68.44
December 1991 83.79 78.89 68.43
January 1992 83.83 79.02 68.39
February 1992 83.89 79.11 68.31
March 1992 83.91 79.22 68.26
April 1992 83.93 79.27 68.19
May 1992 83.91 79.30 68.19
June 1992 83.94 79.30 68.18
July 1992 83.93 79.35 68.17
August 1992 83.97 79.40 68.09
September 1992 84.06 79.38 68.03
October 1992 84.11 79.35 67.94
November 1992 84.20 79.33 67.87
December 1992 84.28 79.34 67.79
January 1993 84.30 79.27 67.77
February 1993 84.28 79.17 67.75
March 1993 84.27 79.12 67.73
April 1993 84.27 79.06 67.61
May 1993 84.32 79.05 67.51
June 1993 84.38 79.05 67.36
July 1993 84.37 79.02 67.31
August 1993 84.38 79.03 67.29
September 1993 84.35 79.03 67.30
October 1993 84.31 79.02 67.39
November 1993 84.29 79.01 67.45
December 1993 84.33 78.98 67.51
January 1994 84.39 79.05 67.52
February 1994 84.44 79.18 67.57
March 1994 84.51 79.23 67.60
April 1994 84.49 79.30 67.68
May 1994 84.52 79.35 67.70
June 1994 84.53 79.34 67.67
July 1994 84.60 79.42 67.64
August 1994 84.68 79.52 67.64
September 1994 84.80 79.64 67.70
October 1994 84.88 79.74 67.72
November 1994 84.90 79.90 67.71
December 1994 84.85 79.94 67.68
January 1995 84.81 79.96 67.70
February 1995 84.76 79.98 67.72
March 1995 84.73 80.01 67.72
April 1995 84.82 80.09 67.77
May 1995 84.82 80.16 67.82
June 1995 84.74 80.21 67.91
July 1995 84.73 80.20 68.01
August 1995 84.65 80.16 68.06
September 1995 84.56 80.10 68.06
October 1995 84.55 80.08 68.08
November 1995 84.57 80.04 68.13
December 1995 84.60 80.03 68.19
January 1996 84.62 80.05 68.23
February 1996 84.62 80.03 68.22
March 1996 84.60 80.11 68.20
April 1996 84.55 80.12 68.18
May 1996 84.51 80.09 68.28
June 1996 84.55 80.11 68.35
July 1996 84.52 80.15 68.42
August 1996 84.53 80.20 68.49
September 1996 84.55 80.26 68.51
October 1996 84.51 80.36 68.56
November 1996 84.52 80.42 68.60
December 1996 84.52 80.50 68.69
January 1997 84.51 80.59 68.78
February 1997 84.52 80.66 68.85
March 1997 84.56 80.60 69.01
April 1997 84.55 80.55 69.12
May 1997 84.57 80.55 69.17
June 1997 84.54 80.56 69.28
July 1997 84.56 80.61 69.34
August 1997 84.56 80.68 69.46
September 1997 84.56 80.70 69.59
October 1997 84.57 80.64 69.69
November 1997 84.56 80.60 69.70
December 1997 84.58 80.58 69.70
January 1998 84.57 80.52 69.71
February 1998 84.57 80.48 69.77
March 1998 84.54 80.50 69.79
April 1998 84.53 80.49 69.80
May 1998 84.50 80.55 69.77
June 1998 84.46 80.57 69.74
July 1998 84.39 80.55 69.73
August 1998 84.35 80.51 69.68
September 1998 84.30 80.56 69.68
October 1998 84.24 80.63 69.67
November 1998 84.15 80.71 69.71
December 1998 84.06 80.76 69.76
January 1999 84.03 80.79 69.84
February 1999 83.97 80.84 69.88
March 1999 83.92 80.83 69.88
April 1999 83.85 80.89 69.89
May 1999 83.86 80.87 69.91
June 1999 83.90 80.85 69.90
July 1999 83.92 80.84 69.86
August 1999 83.95 80.74 69.82
September 1999 83.91 80.67 69.79
October 1999 83.94 80.63 69.77
November 1999 83.94 80.58 69.84
December 1999 83.85 80.55 69.85
January 2000 83.78 80.53 69.88
February 2000 83.71 80.54 69.90
March 2000 83.68 80.60 69.94
April 2000 83.73 80.63 70.01
May 2000 83.66 80.63 70.07
June 2000 83.57 80.61 70.08
July 2000 83.49 80.61 70.11
August 2000 83.34 80.60 70.15
September 2000 83.26 80.54 70.15
October 2000 83.11 80.50 70.16
November 2000 83.03 80.40 70.15
December 2000 83.02 80.39 70.13
January 2001 83.03 80.41 70.10
February 2001 83.02 80.33 70.15
March 2001 82.91 80.28 70.19
April 2001 82.76 80.21 70.13
May 2001 82.65 80.18 70.09
June 2001 82.51 80.16 70.10
July 2001 82.41 80.12 70.12
August 2001 82.33 80.15 70.12
September 2001 82.29 80.15 70.11
October 2001 82.27 80.10 70.08
November 2001 82.23 80.16 69.99
December 2001 82.22 80.13 69.97
January 2002 82.19 80.04 69.86
February 2002 82.21 79.95 69.78
March 2002 82.28 79.80 69.67
April 2002 82.30 79.68 69.72
May 2002 82.32 79.59 69.71
June 2002 82.34 79.50 69.64
July 2002 82.27 79.42 69.58
August 2002 82.28 79.38 69.49
September 2002 82.27 79.36 69.41
October 2002 82.23 79.40 69.35
November 2002 82.20 79.39 69.28
December 2002 82.13 79.35 69.27
January 2003 82.04 79.36 69.22
February 2003 81.91 79.44 69.10
March 2003 81.79 79.53 69.08
April 2003 81.71 79.60 68.99
May 2003 81.67 79.62 68.92
June 2003 81.69 79.62 68.93
July 2003 81.79 79.63 68.84
August 2003 81.84 79.55 68.78
September 2003 81.82 79.47 68.69
October 2003 81.81 79.34 68.61
November 2003 81.79 79.20 68.57
December 2003 81.76 79.13 68.43
January 2004 81.72 79.02 68.41
February 2004 81.71 78.97 68.36
March 2004 81.71 78.94 68.26
April 2004 81.72 78.90 68.14
May 2004 81.73 78.88 68.03
June 2004 81.69 78.89 67.94
July 2004 81.71 78.91 67.93
August 2004 81.67 78.96 67.89
September 2004 81.67 78.96 67.90
October 2004 81.72 78.99 67.90
November 2004 81.79 78.99 67.88
December 2004 81.87 78.93 67.88
January 2005 82.06 78.95 67.75
February 2005 82.13 78.93 67.72
March 2005 82.15 78.88 67.63
April 2005 82.20 78.89 67.55
May 2005 82.23 78.91 67.54
June 2005 82.26 78.89 67.48
July 2005 82.25 78.85 67.49
August 2005 82.25 78.80 67.49
September 2005 82.32 78.81 67.48
October 2005 82.33 78.84 67.47
November 2005 82.30 78.88 67.43
December 2005 82.29 78.97 67.38
January 2006 82.21 78.98 67.33
February 2006 82.25 78.96 67.30
March 2006 82.33 78.92 67.31
April 2006 82.34 78.82 67.34
May 2006 82.37 78.80 67.33
June 2006 82.36 78.76 67.38
July 2006 82.37 78.77 67.38
August 2006 82.40 78.82 67.39
September 2006 82.41 78.82 67.38
October 2006 82.47 78.84 67.37
November 2006 82.51 78.83 67.38
December 2006 82.52 78.82 67.41
January 2007 82.49 78.82 67.52
February 2007 82.41 78.81 67.54
March 2007 82.33 78.88 67.58
April 2007 82.23 78.97 67.54
May 2007 82.19 78.98 67.52
June 2007 82.23 79.02 67.38
July 2007 82.22 79.06 67.24
August 2007 82.24 79.07 67.15
September 2007 82.20 79.11 67.14
October 2007 82.18 79.11 67.07
November 2007 82.21 79.17 67.05
December 2007 82.25 79.21 67.01
January 2008 82.31 79.24 66.95
February 2008 82.40 79.26 66.92
March 2008 82.54 79.26 66.88
April 2008 82.70 79.28 66.87
May 2008 82.78 79.30 66.88
June 2008 82.86 79.34 66.96
July 2008 82.92 79.35 67.00
August 2008 82.97 79.38 67.02
September 2008 83.04 79.39 66.97
October 2008 83.06 79.40 67.00
November 2008 83.06 79.44 66.97
December 2008 83.09 79.39 66.95
January 2009 83.09 79.34 66.97
February 2009 83.12 79.37 66.99
March 2009 83.06 79.33 67.00
April 2009 83.06 79.29 67.03
May 2009 83.07 79.27 66.98
June 2009 83.08 79.22 66.96
July 2009 83.09 79.23 66.99
August 2009 83.12 79.12 66.92
September 2009 83.14 78.98 66.85
October 2009 83.17 78.86 66.72
November 2009 83.20 78.73 66.63
December 2009 83.17 78.66 66.53
January 2010 83.20 78.63 66.51
February 2010 83.17 78.55 66.52
March 2010 83.17 78.50 66.51
April 2010 83.15 78.46 66.48
May 2010 83.09 78.38 66.43
June 2010 83.00 78.31 66.35
July 2010 82.96 78.18 66.23
August 2010 82.86 78.17 66.21
September 2010 82.78 78.18 66.24
October 2010 82.73 78.19 66.29
November 2010 82.69 78.17 66.35
December 2010 82.72 78.18 66.39
January 2011 82.67 78.18 66.27
February 2011 82.62 78.16 66.13
March 2011 82.63 78.16 65.96
April 2011 82.61 78.15 65.78
May 2011 82.63 78.09 65.68
June 2011 82.65 78.02 65.58
July 2011 82.63 77.94 65.53
August 2011 82.65 77.85 65.48
September 2011 82.64 77.80 65.41
October 2011 82.56 77.75 65.35
November 2011 82.48 77.65 65.29
December 2011 82.37 77.57 65.24
January 2012 82.32 77.51 65.22
February 2012 82.32 77.48 65.16
March 2012 82.31 77.38 65.13
April 2012 82.30 77.22 65.14
May 2012 82.29 77.15 65.15
June 2012 82.31 77.10 65.14
July 2012 82.36 77.11 65.12
August 2012 82.40 77.05 65.04
September 2012 82.48 77.00 64.93
October 2012 82.56 76.99 64.83
November 2012 82.61 76.99 64.69
December 2012 82.66 76.96 64.57
January 2013 82.69 76.82 64.45
February 2013 82.68 76.69 64.34
March 2013 82.63 76.57 64.28
April 2013 82.61 76.49 64.17
May 2013 82.56 76.46 64.16
June 2013 82.55 76.41 64.11
July 2013 82.51 76.35 64.08
August 2013 82.52 76.33 63.99
September 2013 82.48 76.30 63.90
October 2013 82.47 76.17 63.76
November 2013 82.51 76.11 63.65
December 2013 82.53 76.05 63.58
January 2014 82.60 76.02 63.54
February 2014 82.64 76.00 63.60
March 2014 82.69 76.03 63.59
April 2014 82.72 76.06 63.59
May 2014 82.75 75.94 63.49
June 2014 82.71 75.92 63.36
July 2014 82.62 75.92 63.22
August 2014 82.54 75.96 63.16
September 2014 82.45 75.95 63.14
October 2014 82.43 76.01 63.15
November 2014 82.43 76.00 63.18
December 2014 82.43 75.99 63.12
January 2015 82.39 76.02 63.04
February 2015 82.37 76.01 62.89
March 2015 82.34 76.03 62.73
April 2015 82.31 76.11 62.62
May 2015 82.31 76.27 62.56
June 2015 82.30 76.34 62.51
July 2015 82.36 76.29 62.46
August 2015 82.38 76.18 62.44
September 2015 82.39 76.11 62.39
October 2015 82.39 76.03 62.36
November 2015 82.39 76.08 62.31
December 2015 82.43 76.11 62.29
January 2016 82.44 76.16 62.35
February 2016 82.43 76.22 62.38
March 2016 82.49 76.20 62.51
April 2016 82.56 76.16 62.58
May 2016 82.56 76.14 62.56
June 2016 82.65 76.06 62.61
July 2016 82.65 76.11 62.71
August 2016 82.69 76.17 62.81
September 2016 82.80 76.26 62.90
October 2016 82.84 76.36 63.00
November 2016 82.82 76.35 63.06
December 2016 82.80 76.42 63.12
January 2017 82.82 76.44 63.10
February 2017 82.86 76.50 63.13
March 2017 82.85 76.59 63.09
April 2017 82.87 76.66 63.14
May 2017 82.92 76.66 63.26
June 2017 82.92 76.72 63.38
July 2017 83.03 76.76 63.45
August 2017 83.08 76.85 63.45
September 2017 83.09 76.89 63.49
October 2017 83.06 76.84 63.49
November 2017 83.07 76.89 63.59
December 2017 83.06 76.87 63.68
January 2018 83.02 76.89 63.75
February 2018 83.03 76.85 63.79
March 2018 83.04 76.81 63.80
April 2018 83.00 76.78 63.71
May 2018 82.98 76.80 63.58

Note: The data are seasonally adjusted 12-month moving averages and extend through May 2018. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: January 1980-July 1980, July 1981-November 1982, July 1990-March 1991, March 2001-November 2001, and December 2007-June 2009.

Source: U.S. Census Bureau, Current Population Survey.

Return to text

The Labor Force Participation Rate for Prime-Age Individuals: Figure C. Prime-age nonparticipation by reason

Monthly - Men
Percent

Period Wants job Disabled Caregiving Other, does not want job
December 1994 1.72 4.28 0.47 1.75
January 1995 1.71 4.32 0.47 1.74
February 1995 1.70 4.33 0.47 1.73
March 1995 1.69 4.33 0.48 1.74
April 1995 1.66 4.35 0.49 1.74
May 1995 1.62 4.36 0.49 1.74
June 1995 1.60 4.38 0.49 1.73
July 1995 1.58 4.40 0.50 1.74
August 1995 1.56 4.41 0.50 1.75
September 1995 1.54 4.42 0.52 1.76
October 1995 1.53 4.45 0.52 1.78
November 1995 1.53 4.49 0.53 1.79
December 1995 1.53 4.54 0.52 1.80
January 1996 1.51 4.56 0.54 1.81
February 1996 1.49 4.58 0.54 1.81
March 1996 1.50 4.58 0.54 1.82
April 1996 1.51 4.56 0.55 1.83
May 1996 1.51 4.55 0.56 1.84
June 1996 1.51 4.54 0.57 1.84
July 1996 1.52 4.51 0.57 1.84
August 1996 1.50 4.48 0.57 1.83
September 1996 1.50 4.45 0.56 1.82
October 1996 1.48 4.43 0.56 1.81
November 1996 1.47 4.40 0.55 1.80
December 1996 1.47 4.35 0.55 1.81
January 1997 1.47 4.32 0.54 1.82
February 1997 1.46 4.29 0.54 1.83
March 1997 1.44 4.30 0.54 1.83
April 1997 1.44 4.29 0.53 1.84
May 1997 1.44 4.29 0.53 1.85
June 1997 1.44 4.28 0.52 1.87
July 1997 1.41 4.27 0.51 1.91
August 1997 1.41 4.27 0.50 1.91
September 1997 1.39 4.27 0.50 1.92
October 1997 1.38 4.27 0.51 1.94
November 1997 1.37 4.28 0.52 1.96
December 1997 1.34 4.29 0.52 1.96
January 1998 1.34 4.31 0.53 1.96
February 1998 1.33 4.33 0.53 1.96
March 1998 1.31 4.34 0.53 1.95
April 1998 1.29 4.36 0.54 1.95
May 1998 1.26 4.37 0.54 1.95
June 1998 1.24 4.40 0.55 1.95
July 1998 1.23 4.42 0.55 1.95
August 1998 1.24 4.44 0.55 1.96
September 1998 1.24 4.45 0.56 1.95
October 1998 1.23 4.45 0.56 1.95
November 1998 1.23 4.46 0.56 1.94
December 1998 1.22 4.47 0.55 1.93
January 1999 1.20 4.46 0.56 1.92
February 1999 1.18 4.45 0.55 1.92
March 1999 1.18 4.45 0.55 1.95
April 1999 1.17 4.45 0.54 1.96
May 1999 1.18 4.43 0.54 1.96
June 1999 1.17 4.45 0.54 1.96
July 1999 1.16 4.48 0.54 1.96
August 1999 1.13 4.51 0.54 1.98
September 1999 1.14 4.52 0.54 1.99
October 1999 1.13 4.54 0.55 1.99
November 1999 1.13 4.54 0.55 2.01
December 1999 1.13 4.55 0.54 2.02
January 2000 1.14 4.56 0.55 2.04
February 2000 1.13 4.56 0.55 2.05
March 2000 1.14 4.57 0.54 2.04
April 2000 1.15 4.58 0.55 2.03
May 2000 1.15 4.58 0.56 2.04
June 2000 1.16 4.56 0.57 2.04
July 2000 1.17 4.54 0.57 2.05
August 2000 1.18 4.54 0.58 2.05
September 2000 1.18 4.53 0.58 2.05
October 2000 1.17 4.54 0.59 2.06
November 2000 1.17 4.55 0.58 2.08
December 2000 1.18 4.54 0.58 2.09
January 2001 1.18 4.55 0.58 2.12
February 2001 1.20 4.58 0.59 2.12
March 2001 1.20 4.58 0.59 2.13
April 2001 1.20 4.59 0.59 2.14
May 2001 1.19 4.58 0.60 2.16
June 2001 1.20 4.62 0.59 2.17
July 2001 1.19 4.64 0.59 2.18
August 2001 1.22 4.64 0.59 2.20
September 2001 1.23 4.63 0.59 2.21
October 2001 1.24 4.62 0.59 2.21
November 2001 1.25 4.63 0.60 2.23
December 2001 1.26 4.63 0.60 2.23
January 2002 1.28 4.63 0.61 2.23
February 2002 1.27 4.62 0.62 2.25
March 2002 1.27 4.60 0.64 2.25
April 2002 1.28 4.60 0.64 2.26
May 2002 1.31 4.59 0.65 2.25
June 2002 1.31 4.60 0.66 2.26
July 2002 1.32 4.60 0.68 2.26
August 2002 1.32 4.61 0.69 2.26
September 2002 1.32 4.63 0.69 2.24
October 2002 1.31 4.66 0.70 2.25
November 2002 1.31 4.68 0.71 2.26
December 2002 1.33 4.70 0.72 2.26
January 2003 1.34 4.73 0.73 2.30
February 2003 1.35 4.74 0.74 2.32
March 2003 1.35 4.76 0.74 2.35
April 2003 1.35 4.78 0.75 2.37
May 2003 1.35 4.80 0.75 2.40
June 2003 1.35 4.81 0.75 2.41
July 2003 1.36 4.83 0.74 2.42
August 2003 1.36 4.85 0.74 2.44
September 2003 1.36 4.85 0.74 2.46
October 2003 1.39 4.83 0.75 2.47
November 2003 1.39 4.82 0.76 2.48
December 2003 1.37 4.81 0.76 2.49
January 2004 1.37 4.80 0.76 2.48
February 2004 1.36 4.81 0.77 2.49
March 2004 1.35 4.83 0.76 2.49
April 2004 1.36 4.86 0.77 2.49
May 2004 1.35 4.85 0.77 2.49
June 2004 1.36 4.85 0.78 2.50
July 2004 1.33 4.83 0.80 2.50
August 2004 1.33 4.83 0.81 2.50
September 2004 1.33 4.84 0.81 2.50
October 2004 1.33 4.86 0.81 2.50
November 2004 1.33 4.89 0.82 2.48
December 2004 1.36 4.91 0.82 2.46
January 2005 1.37 4.92 0.83 2.47
February 2005 1.36 4.92 0.84 2.46
March 2005 1.37 4.93 0.85 2.44
April 2005 1.36 4.94 0.86 2.42
May 2005 1.35 4.92 0.85 2.43
June 2005 1.37 4.91 0.85 2.43
July 2005 1.36 4.92 0.85 2.44
August 2005 1.36 4.91 0.84 2.43
September 2005 1.35 4.89 0.85 2.43
October 2005 1.34 4.88 0.85 2.44
November 2005 1.33 4.88 0.85 2.45
December 2005 1.32 4.87 0.86 2.45
January 2006 1.31 4.88 0.87 2.46
February 2006 1.32 4.87 0.86 2.46
March 2006 1.31 4.86 0.85 2.47
April 2006 1.30 4.84 0.86 2.50
May 2006 1.29 4.83 0.88 2.50
June 2006 1.28 4.83 0.87 2.50
July 2006 1.28 4.84 0.87 2.50
August 2006 1.30 4.84 0.87 2.52
September 2006 1.30 4.83 0.87 2.52
October 2006 1.30 4.82 0.88 2.51
November 2006 1.31 4.81 0.87 2.49
December 2006 1.29 4.78 0.86 2.48
January 2007 1.29 4.74 0.85 2.45
February 2007 1.29 4.70 0.84 2.43
March 2007 1.29 4.70 0.84 2.42
April 2007 1.31 4.69 0.83 2.39
May 2007 1.33 4.68 0.82 2.36
June 2007 1.33 4.68 0.82 2.34
July 2007 1.33 4.67 0.80 2.33
August 2007 1.34 4.67 0.81 2.32
September 2007 1.33 4.66 0.81 2.33
October 2007 1.32 4.65 0.82 2.34
November 2007 1.31 4.65 0.83 2.35
December 2007 1.32 4.67 0.83 2.32
January 2008 1.32 4.68 0.83 2.35
February 2008 1.30 4.70 0.85 2.36
March 2008 1.30 4.72 0.85 2.37
April 2008 1.30 4.73 0.85 2.40
May 2008 1.29 4.76 0.86 2.42
June 2008 1.29 4.75 0.86 2.44
July 2008 1.29 4.73 0.86 2.45
August 2008 1.29 4.76 0.85 2.45
September 2008 1.30 4.79 0.84 2.42
October 2008 1.32 4.81 0.83 2.41
November 2008 1.34 4.84 0.82 2.40
December 2008 1.37 4.85 0.82 2.42
January 2009 1.40 4.87 0.82 2.43
February 2009 1.45 4.86 0.82 2.42
March 2009 1.49 4.89 0.83 2.40
April 2009 1.54 4.92 0.84 2.38
May 2009 1.58 4.95 0.84 2.36
June 2009 1.62 4.99 0.85 2.34
July 2009 1.67 5.02 0.86 2.33
August 2009 1.69 5.04 0.87 2.34
September 2009 1.73 5.05 0.89 2.36
October 2009 1.77 5.06 0.90 2.37
November 2009 1.80 5.07 0.91 2.40
December 2009 1.84 5.07 0.92 2.42
January 2010 1.85 5.09 0.93 2.44
February 2010 1.86 5.09 0.92 2.46
March 2010 1.86 5.10 0.90 2.48
April 2010 1.86 5.10 0.91 2.50
May 2010 1.85 5.11 0.91 2.53
June 2010 1.86 5.11 0.91 2.58
July 2010 1.85 5.11 0.92 2.62
August 2010 1.89 5.11 0.92 2.65
September 2010 1.88 5.12 0.90 2.68
October 2010 1.88 5.13 0.92 2.73
November 2010 1.88 5.15 0.93 2.75
December 2010 1.90 5.16 0.92 2.76
January 2011 1.92 5.19 0.92 2.77
February 2011 1.93 5.22 0.93 2.79
March 2011 1.94 5.25 0.94 2.81
April 2011 1.97 5.27 0.95 2.85
May 2011 2.00 5.28 0.96 2.84
June 2011 2.01 5.30 0.97 2.83
July 2011 2.03 5.30 0.98 2.84
August 2011 2.03 5.33 0.98 2.86
September 2011 2.02 5.36 1.00 2.87
October 2011 2.03 5.40 1.02 2.84
November 2011 2.03 5.44 1.02 2.83
December 2011 2.01 5.45 1.02 2.83
January 2012 2.00 5.46 1.02 2.84
February 2012 1.98 5.47 1.02 2.85
March 2012 1.98 5.47 1.01 2.86
April 2012 1.96 5.48 1.02 2.86
May 2012 1.95 5.50 1.02 2.87
June 2012 1.94 5.50 1.03 2.87
July 2012 1.92 5.52 1.04 2.85
August 2012 1.93 5.51 1.04 2.85
September 2012 1.93 5.51 1.04 2.85
October 2012 1.91 5.49 1.03 2.85
November 2012 1.90 5.50 1.05 2.86
December 2012 1.90 5.53 1.05 2.86
January 2013 1.89 5.52 1.07 2.88
February 2013 1.90 5.50 1.10 2.88
March 2013 1.90 5.51 1.11 2.88
April 2013 1.90 5.51 1.12 2.90
May 2013 1.88 5.51 1.13 2.90
June 2013 1.88 5.52 1.13 2.90
July 2013 1.88 5.53 1.12 2.91
August 2013 1.86 5.56 1.13 2.91
September 2013 1.85 5.57 1.13 2.94
October 2013 1.88 5.58 1.14 2.96
November 2013 1.86 5.58 1.14 2.97
December 2013 1.86 5.59 1.14 3.00
January 2014 1.85 5.60 1.14 3.01
February 2014 1.85 5.63 1.14 3.03
March 2014 1.82 5.64 1.14 3.04
April 2014 1.83 5.66 1.14 3.07
May 2014 1.85 5.67 1.15 3.09
June 2014 1.82 5.70 1.14 3.11
July 2014 1.81 5.73 1.14 3.12
August 2014 1.79 5.73 1.15 3.11
September 2014 1.77 5.72 1.18 3.12
October 2014 1.76 5.70 1.18 3.13
November 2014 1.81 5.69 1.17 3.14
December 2014 1.82 5.69 1.18 3.13
January 2015 1.79 5.69 1.18 3.13
February 2015 1.79 5.68 1.18 3.12
March 2015 1.80 5.68 1.17 3.10
April 2015 1.79 5.68 1.17 3.08
May 2015 1.78 5.67 1.16 3.07
June 2015 1.78 5.65 1.20 3.06
July 2015 1.80 5.61 1.22 3.06
August 2015 1.81 5.60 1.23 3.08
September 2015 1.80 5.60 1.23 3.09
October 2015 1.79 5.59 1.25 3.08
November 2015 1.78 5.59 1.26 3.09
December 2015 1.77 5.58 1.27 3.12
January 2016 1.77 5.56 1.28 3.12
February 2016 1.75 5.51 1.30 3.15
March 2016 1.73 5.47 1.32 3.18
April 2016 1.71 5.46 1.30 3.21
May 2016 1.71 5.45 1.28 3.24
June 2016 1.69 5.41 1.25 3.28
July 2016 1.69 5.41 1.23 3.29
August 2016 1.68 5.40 1.22 3.29
September 2016 1.69 5.37 1.21 3.28
October 2016 1.69 5.36 1.19 3.27
November 2016 1.69 5.35 1.18 3.26
December 2016 1.70 5.34 1.17 3.25
January 2017 1.68 5.34 1.18 3.24
February 2017 1.65 5.35 1.17 3.23
March 2017 1.67 5.36 1.16 3.24
April 2017 1.68 5.35 1.17 3.23
May 2017 1.68 5.36 1.18 3.21
June 2017 1.67 5.37 1.21 3.20
July 2017 1.65 5.37 1.22 3.20
August 2017 1.65 5.36 1.22 3.21
September 2017 1.62 5.37 1.22 3.22
October 2017 1.59 5.37 1.23 3.24
November 2017 1.56 5.35 1.24 3.27
December 2017 1.53 5.35 1.23 3.29
January 2018 1.51 5.32 1.21 3.33
February 2018 1.51 5.31 1.20 3.31
March 2018 1.50 5.29 1.20 3.29
April 2018 1.49 5.27 1.20 3.26
May 2018 1.49 5.23 1.21 3.24

Note: The data are seasonally adjusted 12-month moving averages and extend through May 2018. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001-November 2001, and December 2007-June 2009.

Source: U.S. Census Bureau, Current Population Survey.

Monthly - Women
Percent

Period Wants job Disabled Caregiving Other, does not want job
December 1994 3.52 3.78 14.71 2.66
January 1995 3.47 3.84 14.67 2.65
February 1995 3.43 3.88 14.65 2.65
March 1995 3.39 3.91 14.65 2.65
April 1995 3.32 3.94 14.63 2.63
May 1995 3.29 3.97 14.61 2.61
June 1995 3.28 3.97 14.59 2.60
July 1995 3.23 3.99 14.55 2.61
August 1995 3.18 4.01 14.54 2.63
September 1995 3.17 4.04 14.52 2.65
October 1995 3.15 4.06 14.46 2.66
November 1995 3.13 4.08 14.43 2.66
December 1995 3.10 4.11 14.40 2.65
January 1996 3.09 4.13 14.35 2.66
February 1996 3.09 4.13 14.36 2.64
March 1996 3.08 4.16 14.34 2.63
April 1996 3.08 4.15 14.34 2.65
May 1996 3.05 4.15 14.34 2.65
June 1996 3.03 4.16 14.30 2.64
July 1996 3.01 4.16 14.29 2.62
August 1996 3.01 4.15 14.28 2.59
September 1996 2.99 4.17 14.25 2.57
October 1996 2.97 4.17 14.23 2.54
November 1996 2.97 4.18 14.19 2.53
December 1996 2.94 4.18 14.16 2.53
January 1997 2.90 4.18 14.14 2.53
February 1997 2.86 4.20 14.10 2.52
March 1997 2.83 4.20 14.09 2.52
April 1997 2.81 4.21 14.06 2.52
May 1997 2.79 4.21 14.03 2.52
June 1997 2.74 4.21 14.02 2.54
July 1997 2.71 4.21 13.98 2.56
August 1997 2.67 4.20 13.94 2.57
September 1997 2.64 4.18 13.92 2.56
October 1997 2.61 4.17 13.91 2.57
November 1997 2.57 4.16 13.96 2.58
December 1997 2.54 4.15 13.99 2.57
January 1998 2.54 4.15 14.02 2.57
February 1998 2.50 4.15 14.03 2.58
March 1998 2.49 4.16 14.02 2.58
April 1998 2.49 4.18 14.03 2.59
May 1998 2.48 4.19 14.03 2.59
June 1998 2.47 4.20 14.07 2.58
July 1998 2.47 4.20 14.12 2.57
August 1998 2.46 4.23 14.16 2.56
September 1998 2.45 4.22 14.20 2.56
October 1998 2.44 4.22 14.22 2.56
November 1998 2.43 4.22 14.23 2.57
December 1998 2.42 4.21 14.23 2.57
January 1999 2.41 4.21 14.20 2.57
February 1999 2.41 4.20 14.18 2.57
March 1999 2.38 4.20 14.23 2.57
April 1999 2.37 4.18 14.23 2.58
May 1999 2.35 4.18 14.24 2.56
June 1999 2.33 4.17 14.24 2.54
July 1999 2.31 4.17 14.24 2.57
August 1999 2.28 4.16 14.25 2.59
September 1999 2.24 4.17 14.25 2.61
October 1999 2.20 4.17 14.25 2.61
November 1999 2.19 4.17 14.23 2.61
December 1999 2.18 4.18 14.24 2.61
January 2000 2.16 4.18 14.24 2.63
February 2000 2.15 4.17 14.26 2.60
March 2000 2.14 4.16 14.24 2.59
April 2000 2.13 4.16 14.22 2.56
May 2000 2.10 4.17 14.21 2.56
June 2000 2.10 4.18 14.19 2.56
July 2000 2.08 4.20 14.18 2.56
August 2000 2.06 4.24 14.17 2.56
September 2000 2.08 4.26 14.17 2.56
October 2000 2.09 4.28 14.17 2.57
November 2000 2.07 4.30 14.21 2.58
December 2000 2.08 4.31 14.19 2.59
January 2001 2.07 4.33 14.17 2.63
February 2001 2.06 4.34 14.12 2.67
March 2001 2.04 4.35 14.13 2.69
April 2001 2.04 4.36 14.16 2.73
May 2001 2.04 4.37 14.17 2.76
June 2001 2.03 4.40 14.18 2.78
July 2001 2.04 4.41 14.16 2.81
August 2001 2.05 4.43 14.13 2.83
September 2001 2.03 4.45 14.13 2.84
October 2001 2.03 4.48 14.13 2.84
November 2001 2.03 4.52 14.11 2.84
December 2001 2.03 4.56 14.10 2.84
January 2002 2.05 4.60 14.10 2.84
February 2002 2.02 4.66 14.12 2.83
March 2002 2.03 4.71 14.14 2.83
April 2002 2.02 4.73 14.12 2.83
May 2002 2.03 4.76 14.14 2.84
June 2002 2.03 4.76 14.14 2.85
July 2002 2.04 4.78 14.17 2.86
August 2002 2.02 4.78 14.20 2.87
September 2002 2.04 4.78 14.22 2.87
October 2002 2.04 4.77 14.25 2.88
November 2002 2.05 4.77 14.27 2.91
December 2002 2.04 4.77 14.30 2.92
January 2003 2.02 4.76 14.35 2.93
February 2003 2.04 4.76 14.37 2.95
March 2003 2.05 4.75 14.37 2.96
April 2003 2.05 4.74 14.39 2.97
May 2003 2.05 4.74 14.40 3.00
June 2003 2.05 4.73 14.39 3.00
July 2003 2.03 4.73 14.40 3.01
August 2003 2.03 4.73 14.41 3.01
September 2003 2.05 4.73 14.43 3.02
October 2003 2.06 4.74 14.46 3.02
November 2003 2.04 4.73 14.51 3.02
December 2003 2.06 4.72 14.55 3.03
January 2004 2.08 4.73 14.56 3.04
February 2004 2.09 4.74 14.59 3.04
March 2004 2.09 4.75 14.61 3.06
April 2004 2.09 4.78 14.62 3.06
May 2004 2.10 4.82 14.62 3.06
June 2004 2.10 4.84 14.65 3.06
July 2004 2.11 4.84 14.66 3.05
August 2004 2.12 4.86 14.67 3.06
September 2004 2.11 4.87 14.67 3.08
October 2004 2.12 4.88 14.64 3.10
November 2004 2.13 4.89 14.61 3.11
December 2004 2.12 4.91 14.59 3.11
January 2005 2.10 4.94 14.58 3.10
February 2005 2.10 4.94 14.58 3.09
March 2005 2.12 4.95 14.62 3.07
April 2005 2.13 4.95 14.63 3.06
May 2005 2.10 4.96 14.65 3.05
June 2005 2.13 4.99 14.65 3.03
July 2005 2.15 5.01 14.61 3.04
August 2005 2.16 5.02 14.57 3.05
September 2005 2.17 5.04 14.53 3.04
October 2005 2.16 5.06 14.53 3.04
November 2005 2.14 5.05 14.52 3.05
December 2005 2.15 5.04 14.51 3.05
January 2006 2.18 5.03 14.48 3.05
February 2006 2.17 5.03 14.45 3.09
March 2006 2.16 5.03 14.41 3.09
April 2006 2.15 5.03 14.42 3.09
May 2006 2.15 5.03 14.41 3.10
June 2006 2.13 5.02 14.41 3.10
July 2006 2.11 5.02 14.40 3.10
August 2006 2.10 5.03 14.41 3.08
September 2006 2.08 5.04 14.40 3.07
October 2006 2.09 5.06 14.38 3.05
November 2006 2.09 5.09 14.34 3.03
December 2006 2.06 5.12 14.32 3.03
January 2007 2.03 5.14 14.31 3.02
February 2007 2.03 5.19 14.31 3.01
March 2007 2.02 5.19 14.30 3.02
April 2007 2.02 5.19 14.30 3.04
May 2007 2.02 5.19 14.30 3.05
June 2007 2.02 5.20 14.30 3.06
July 2007 2.02 5.21 14.29 3.07
August 2007 2.01 5.22 14.29 3.08
September 2007 2.01 5.22 14.29 3.09
October 2007 1.98 5.24 14.31 3.10
November 2007 1.99 5.26 14.28 3.09
December 2007 2.00 5.29 14.25 3.09
January 2008 2.00 5.30 14.22 3.09
February 2008 2.01 5.31 14.17 3.12
March 2008 2.01 5.31 14.13 3.10
April 2008 2.00 5.31 14.11 3.08
May 2008 2.01 5.31 14.05 3.08
June 2008 2.01 5.30 14.01 3.07
July 2008 2.02 5.30 13.97 3.07
August 2008 2.01 5.29 13.94 3.07
September 2008 2.01 5.29 13.92 3.07
October 2008 2.04 5.28 13.87 3.06
November 2008 2.05 5.25 13.84 3.07
December 2008 2.07 5.22 13.83 3.06
January 2009 2.10 5.20 13.80 3.07
February 2009 2.12 5.19 13.78 3.07
March 2009 2.14 5.20 13.75 3.06
April 2009 2.18 5.21 13.71 3.06
May 2009 2.21 5.23 13.68 3.04
June 2009 2.24 5.27 13.64 3.04
July 2009 2.25 5.25 13.58 3.05
August 2009 2.27 5.25 13.57 3.07
September 2009 2.30 5.26 13.54 3.11
October 2009 2.32 5.26 13.53 3.14
November 2009 2.33 5.28 13.53 3.15
December 2009 2.34 5.29 13.53 3.19
January 2010 2.33 5.30 13.51 3.21
February 2010 2.36 5.31 13.51 3.22
March 2010 2.36 5.32 13.49 3.24
April 2010 2.36 5.35 13.46 3.27
May 2010 2.34 5.38 13.47 3.30
June 2010 2.33 5.41 13.49 3.34
July 2010 2.33 5.44 13.53 3.33
August 2010 2.35 5.47 13.55 3.34
September 2010 2.36 5.46 13.58 3.34
October 2010 2.36 5.48 13.57 3.36
November 2010 2.38 5.49 13.55 3.37
December 2010 2.39 5.48 13.53 3.38
January 2011 2.41 5.50 13.53 3.40
February 2011 2.43 5.52 13.55 3.42
March 2011 2.45 5.53 13.56 3.43
April 2011 2.47 5.53 13.60 3.45
May 2011 2.49 5.52 13.58 3.48
June 2011 2.51 5.53 13.58 3.50
July 2011 2.53 5.54 13.56 3.49
August 2011 2.55 5.57 13.55 3.48
September 2011 2.56 5.60 13.55 3.48
October 2011 2.57 5.62 13.56 3.47
November 2011 2.58 5.63 13.59 3.49
December 2011 2.57 5.65 13.63 3.49
January 2012 2.55 5.68 13.65 3.48
February 2012 2.55 5.71 13.64 3.48
March 2012 2.54 5.72 13.66 3.49
April 2012 2.52 5.74 13.70 3.50
May 2012 2.53 5.74 13.68 3.52
June 2012 2.55 5.73 13.68 3.52
July 2012 2.54 5.74 13.67 3.53
August 2012 2.56 5.73 13.67 3.54
September 2012 2.58 5.72 13.65 3.56
October 2012 2.59 5.71 13.65 3.53
November 2012 2.60 5.73 13.66 3.51
December 2012 2.61 5.75 13.62 3.51
January 2013 2.61 5.77 13.65 3.51
February 2013 2.63 5.78 13.68 3.51
March 2013 2.65 5.78 13.69 3.53
April 2013 2.66 5.79 13.72 3.51
May 2013 2.66 5.79 13.76 3.50
June 2013 2.64 5.84 13.78 3.51
July 2013 2.63 5.85 13.81 3.51
August 2013 2.60 5.89 13.84 3.53
September 2013 2.58 5.93 13.87 3.55
October 2013 2.57 5.97 13.89 3.59
November 2013 2.54 6.00 13.90 3.62
December 2013 2.53 5.99 13.93 3.66
January 2014 2.53 5.97 13.92 3.70
February 2014 2.49 5.97 13.93 3.70
March 2014 2.48 5.97 13.94 3.68
April 2014 2.46 5.96 13.95 3.69
May 2014 2.47 5.96 13.94 3.70
June 2014 2.44 5.94 13.99 3.70
July 2014 2.46 5.95 13.99 3.71
August 2014 2.47 5.92 13.99 3.73
September 2014 2.47 5.89 14.04 3.73
October 2014 2.47 5.86 14.02 3.73
November 2014 2.50 5.84 14.04 3.71
December 2014 2.46 5.83 14.10 3.67
January 2015 2.45 5.84 14.13 3.66
February 2015 2.48 5.84 14.16 3.65
March 2015 2.49 5.86 14.20 3.65
April 2015 2.48 5.87 14.23 3.65
May 2015 2.46 5.87 14.25 3.61
June 2015 2.47 5.87 14.29 3.59
July 2015 2.46 5.87 14.33 3.58
August 2015 2.44 5.85 14.42 3.57
September 2015 2.44 5.85 14.43 3.59
October 2015 2.42 5.86 14.47 3.59
November 2015 2.40 5.86 14.47 3.60
December 2015 2.40 5.83 14.45 3.62
January 2016 2.38 5.81 14.47 3.62
February 2016 2.35 5.80 14.49 3.62
March 2016 2.34 5.76 14.45 3.63
April 2016 2.34 5.75 14.42 3.64
May 2016 2.35 5.74 14.38 3.68
June 2016 2.34 5.71 14.36 3.71
July 2016 2.32 5.69 14.35 3.71
August 2016 2.30 5.67 14.33 3.71
September 2016 2.27 5.64 14.30 3.67
October 2016 2.27 5.62 14.25 3.64
November 2016 2.28 5.61 14.24 3.62
December 2016 2.24 5.60 14.21 3.63
January 2017 2.24 5.59 14.19 3.63
February 2017 2.23 5.58 14.16 3.63
March 2017 2.21 5.56 14.13 3.63
April 2017 2.20 5.53 14.11 3.62
May 2017 2.17 5.50 14.11 3.61
June 2017 2.16 5.48 14.08 3.61
July 2017 2.13 5.48 14.04 3.60
August 2017 2.13 5.48 14.01 3.59
September 2017 2.12 5.47 13.97 3.59
October 2017 2.11 5.45 13.97 3.62
November 2017 2.10 5.42 13.93 3.62
December 2017 2.11 5.41 13.89 3.62
January 2018 2.10 5.39 13.87 3.64
February 2018 2.09 5.35 13.89 3.64
March 2018 2.06 5.34 13.92 3.63
April 2018 2.02 5.33 13.98 3.63
May 2018 2.02 5.32 14.03 3.61

Note: The data are seasonally adjusted 12-month moving averages and extend through May 2018. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001-November 2001, and December 2007-June 2009.

Source: U.S. Census Bureau, Current Population Survey.

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Figure 4. Unemployment rate by race and ethnicity

Monthly
Percent

Period White Black or African American Asian Hispanic or Latino
January 2006 4.1 8.9 3.0 5.5
February 2006 4.1 9.5 3.0 5.4
March 2006 4.0 9.5 3.5 5.2
April 2006 4.1 9.4 3.9 5.5
May 2006 4.1 8.7 3.3 5.0
June 2006 4.1 8.9 3.1 5.2
July 2006 4.1 9.5 2.4 5.2
August 2006 4.1 8.8 3.0 5.3
September 2006 3.9 9.0 3.0 5.5
October 2006 3.9 8.4 2.8 4.8
November 2006 4.0 8.5 3.1 5.1
December 2006 3.9 8.3 2.5 5.0
January 2007 4.2 7.9 3.1 5.5
February 2007 4.1 8.0 2.6 5.1
March 2007 3.8 8.4 3.0 5.0
April 2007 4.0 8.3 3.5 5.6
May 2007 3.9 8.3 3.2 5.8
June 2007 4.1 8.5 2.7 5.5
July 2007 4.2 8.1 2.7 5.9
August 2007 4.2 7.6 3.5 5.5
September 2007 4.2 8.0 3.4 5.9
October 2007 4.1 8.5 3.8 5.7
November 2007 4.2 8.5 3.6 5.9
December 2007 4.4 9.0 3.7 6.3
January 2008 4.4 9.1 3.1 6.3
February 2008 4.4 8.4 2.9 6.2
March 2008 4.5 9.2 3.6 6.9
April 2008 4.4 8.6 3.5 7.1
May 2008 4.8 9.6 4.1 6.9
June 2008 5.0 9.4 4.2 7.6
July 2008 5.2 10.0 3.7 7.5
August 2008 5.4 10.6 4.5 8.0
September 2008 5.4 11.3 4.0 8.0
October 2008 5.9 11.4 3.9 8.8
November 2008 6.2 11.5 4.8 8.7
December 2008 6.7 12.1 5.1 9.4
January 2009 7.1 12.7 6.1 10.1
February 2009 7.6 13.7 6.7 11.3
March 2009 8.0 13.7 6.5 11.7
April 2009 8.1 15.0 6.8 11.4
May 2009 8.5 15.0 7.0 12.3
June 2009 8.7 14.8 7.9 12.1
July 2009 8.7 14.8 8.1 12.5
August 2009 8.9 14.8 7.6 13.0
September 2009 8.9 15.3 7.6 12.6
October 2009 9.2 15.8 7.6 12.8
November 2009 9.2 15.7 7.2 12.4
December 2009 9.0 16.1 8.4 12.8
January 2010 8.8 16.5 8.3 12.9
February 2010 8.9 16.1 8.2 12.7
March 2010 8.9 16.8 7.6 12.9
April 2010 9.0 16.6 7.0 12.5
May 2010 8.7 15.5 7.8 12.0
June 2010 8.6 15.2 7.4 12.3
July 2010 8.5 15.6 7.9 12.2
August 2010 8.6 15.9 7.3 12.0
September 2010 8.6 16.0 6.6 12.3
October 2010 8.6 15.6 7.2 12.3
November 2010 8.9 16.2 7.5 12.9
December 2010 8.5 15.5 7.2 12.9
January 2011 8.1 15.8 6.8 12.3
February 2011 8.1 15.5 6.7 11.8
March 2011 8.0 15.8 7.3 11.6
April 2011 8.1 16.5 6.5 11.9
May 2011 7.9 16.3 7.2 11.6
June 2011 8.1 16.2 6.5 11.5
July 2011 8.0 15.9 7.4 11.2
August 2011 7.9 16.4 7.2 11.2
September 2011 7.9 15.9 8.0 11.2
October 2011 7.9 14.6 7.4 11.3
November 2011 7.7 15.6 6.4 11.2
December 2011 7.5 15.4 6.8 11.1
January 2012 7.4 13.6 6.7 10.7
February 2012 7.4 14.0 6.2 10.9
March 2012 7.3 14.0 6.4 10.6
April 2012 7.4 13.3 5.4 10.3
May 2012 7.4 13.5 5.5 10.9
June 2012 7.3 14.5 6.1 10.9
July 2012 7.3 14.2 5.9 10.2
August 2012 7.2 13.8 5.9 10.1
September 2012 7.0 13.6 4.9 9.7
October 2012 6.9 14.1 4.9 10.0
November 2012 6.8 13.3 6.3 9.9
December 2012 6.9 14.0 6.6 9.6
January 2013 7.1 13.7 6.4 9.7
February 2013 6.8 13.8 6.0 9.7
March 2013 6.7 13.0 5.1 9.3
April 2013 6.7 13.3 5.3 9.0
May 2013 6.7 13.4 4.5 9.0
June 2013 6.6 14.2 4.7 9.1
July 2013 6.5 12.6 5.3 9.4
August 2013 6.4 12.8 5.1 9.2
September 2013 6.3 13.0 5.4 8.8
October 2013 6.3 12.8 5.4 9.1
November 2013 6.1 12.3 5.2 8.7
December 2013 5.9 11.9 4.3 8.3
January 2014 5.7 12.1 4.8 8.3
February 2014 5.8 11.8 5.9 8.2
March 2014 5.8 12.1 5.6 7.9
April 2014 5.3 11.5 5.9 7.3
May 2014 5.4 11.4 5.5 7.7
June 2014 5.3 11.0 4.8 7.7
July 2014 5.3 11.6 4.2 7.7
August 2014 5.3 11.4 4.5 7.4
September 2014 5.1 11.0 4.4 6.8
October 2014 4.8 10.6 5.1 6.8
November 2014 5.0 10.9 4.7 6.6
December 2014 4.7 10.6 4.4 6.4
January 2015 4.9 10.4 4.0 6.7
February 2015 4.7 10.2 4.0 6.8
March 2015 4.8 10.0 3.3 6.8
April 2015 4.7 9.7 4.3 6.9
May 2015 4.8 10.3 4.0 6.8
June 2015 4.6 9.6 3.8 6.7
July 2015 4.5 9.1 3.9 6.9
August 2015 4.4 9.3 3.4 6.6
September 2015 4.4 9.2 3.6 6.2
October 2015 4.4 9.0 3.6 6.3
November 2015 4.4 9.3 3.9 6.4
December 2015 4.4 8.5 4.2 6.2
January 2016 4.3 8.9 3.7 5.9
February 2016 4.3 8.7 3.8 5.4
March 2016 4.3 9.0 4.0 5.6
April 2016 4.4 8.9 3.8 6.2
May 2016 4.2 8.2 4.0 5.6
June 2016 4.3 8.7 3.5 5.9
July 2016 4.2 8.4 3.8 5.4
August 2016 4.3 8.0 4.1 5.6
September 2016 4.4 8.3 3.8 6.4
October 2016 4.3 8.3 3.4 5.7
November 2016 4.2 7.9 3.0 5.7
December 2016 4.2 7.9 2.8 5.9
January 2017 4.3 7.8 3.8 5.9
February 2017 4.1 8.1 3.5 5.6
March 2017 3.9 8.0 3.3 5.1
April 2017 3.9 7.9 3.2 5.2
May 2017 3.7 7.6 3.6 5.2
June 2017 3.8 7.1 3.6 4.8
July 2017 3.7 7.4 3.8 5.1
August 2017 3.8 7.6 3.9 5.1
September 2017 3.7 7.0 3.6 5.1
October 2017 3.5 7.3 3.0 4.8
November 2017 3.7 7.2 3.0 4.8
December 2017 3.7 6.8 2.5 4.9
January 2018 3.5 7.7 3.0 5.0
February 2018 3.7 6.9 2.9 4.9
March 2018 3.6 6.9 3.1 5.1
April 2018 3.6 6.6 2.8 4.8
May 2018 3.5 5.9 2.1 4.9
June 2018 3.5 6.5 3.2 4.6

Note: Unemployment rate measures total unemployed as a percentage of the labor force. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research: December 2007-June 2009.

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 5. Prime-age labor force participation rate by race and ethnicity

Monthly
Percent

Period White Black or African American Asian Hispanic or Latino
January 2006 83.4 80.2 79.1 79.8
February 2006 83.4 80.3 79.4 79.9
March 2006 83.4 80.6 79.8 79.9
April 2006 83.5 80.6 80.1 79.9
May 2006 83.6 80.2 80.0 79.9
June 2006 83.6 79.6 80.0 80.2
July 2006 83.7 79.5 80.2 80.1
August 2006 83.7 79.5 79.9 80.1
September 2006 83.8 79.5 79.9 79.9
October 2006 83.8 79.7 80.1 80.0
November 2006 83.8 79.8 80.8 80.1
December 2006 83.8 80.0 81.2 80.3
January 2007 83.8 80.3 81.5 80.5
February 2007 83.8 80.3 81.5 80.5
March 2007 83.7 80.5 80.9 80.5
April 2007 83.6 80.6 80.2 80.4
May 2007 83.6 80.6 80.2 80.5
June 2007 83.6 80.2 80.5 80.5
July 2007 83.6 79.9 81.0 80.6
August 2007 83.6 79.7 81.2 80.7
September 2007 83.6 79.8 80.8 80.8
October 2007 83.7 79.7 80.6 80.6
November 2007 83.8 79.8 80.5 80.5
December 2007 83.9 79.6 80.8 80.5
January 2008 83.9 79.7 81.2 80.4
February 2008 83.8 79.9 81.4 80.3
March 2008 83.7 80.4 82.0 80.2
April 2008 83.6 80.6 82.4 80.3
May 2008 83.6 80.8 82.4 80.7
June 2008 83.6 80.7 82.3 80.9
July 2008 83.6 80.8 81.9 80.9
August 2008 83.7 80.9 81.8 80.7
September 2008 83.8 80.7 81.5 80.6
October 2008 83.8 80.5 81.4 80.6
November 2008 83.8 80.2 81.3 80.3
December 2008 83.8 80.1 81.2 80.2
January 2009 83.7 79.8 81.1 80.1
February 2009 83.7 79.7 81.2 80.2
March 2009 83.6 79.3 81.5 80.4
April 2009 83.6 79.1 81.7 80.4
May 2009 83.5 79.1 81.5 80.4
June 2009 83.5 79.2 81.5 80.1
July 2009 83.5 79.3 81.5 80.0
August 2009 83.5 79.2 81.6 79.9
September 2009 83.4 79.0 81.6 79.8
October 2009 83.3 78.7 81.3 79.8
November 2009 83.3 78.7 81.1 79.9
December 2009 83.2 78.8 81.0 79.9
January 2010 83.2 79.2 80.6 80.2
February 2010 83.2 79.3 80.3 80.3
March 2010 83.4 79.4 79.8 80.7
April 2010 83.4 79.2 80.3 80.4
May 2010 83.2 79.2 80.5 80.3
June 2010 83.0 79.1 80.6 80.2
July 2010 82.8 78.8 80.0 80.3
August 2010 82.8 78.5 79.5 80.3
September 2010 82.8 78.4 79.6 80.4
October 2010 82.8 78.5 79.8 80.6
November 2010 82.8 78.6 79.9 80.6
December 2010 82.7 78.7 79.6 80.4
January 2011 82.7 78.5 79.5 80.1
February 2011 82.7 78.2 79.5 79.5
March 2011 82.6 77.9 79.9 79.1
April 2011 82.6 77.8 79.8 79.1
May 2011 82.6 77.7 80.1 79.3
June 2011 82.5 77.6 79.9 79.4
July 2011 82.5 77.5 79.9 79.4
August 2011 82.5 77.5 79.8 79.7
September 2011 82.4 77.7 79.7 79.8
October 2011 82.3 77.8 80.0 79.8
November 2011 82.3 77.9 80.1 79.5
December 2011 82.2 78.1 80.3 79.6
January 2012 82.3 78.3 79.9 79.6
February 2012 82.3 78.3 79.2 79.6
March 2012 82.4 78.0 78.8 79.5
April 2012 82.3 77.8 78.6 79.4
May 2012 82.3 77.6 78.9 79.4
June 2012 82.3 77.6 79.2 79.4
July 2012 82.4 77.7 79.8 79.3
August 2012 82.3 78.4 80.0 79.2
September 2012 82.3 78.5 80.0 79.2
October 2012 82.3 79.0 79.6 79.4
November 2012 82.2 78.7 79.5 79.2
December 2012 82.2 78.6 79.6 79.1
January 2013 82.1 78.0 79.8 78.8
February 2013 82.0 77.8 79.9 78.8
March 2013 81.8 77.6 79.7 78.7
April 2013 81.8 77.6 79.6 78.5
May 2013 81.9 77.8 79.3 78.6
June 2013 81.9 78.0 79.5 78.7
July 2013 82.0 78.1 79.7 79.1
August 2013 81.9 77.8 80.1 78.9
September 2013 81.9 77.7 80.4 78.8
October 2013 81.7 77.5 80.4 78.3
November 2013 81.7 77.7 80.2 78.4
December 2013 81.7 77.5 79.7 78.5
January 2014 81.8 77.4 79.6 78.9
February 2014 81.8 77.6 79.3 78.9
March 2014 81.8 78.0 79.4 79.2
April 2014 81.8 78.1 79.1 79.1
May 2014 81.8 77.6 78.8 79.2
June 2014 81.8 77.6 78.0 79.1
July 2014 81.8 78.1 77.7 79.0
August 2014 81.8 78.7 77.5 79.0
September 2014 81.8 78.6 77.8 78.9
October 2014 81.8 78.2 78.0 79.0
November 2014 81.8 78.0 78.1 79.1
December 2014 81.8 78.1 78.4 79.0
January 2015 81.8 78.2 78.5 78.9
February 2015 81.8 78.4 78.5 78.8
March 2015 81.7 78.5 78.2 78.8
April 2015 81.6 79.0 78.2 78.9
May 2015 81.6 79.2 78.6 79.1
June 2015 81.7 79.1 78.7 79.1
July 2015 81.7 78.6 78.5 79.0
August 2015 81.6 78.4 77.5 78.6
September 2015 81.6 78.1 77.0 78.5
October 2015 81.6 78.2 76.4 78.4
November 2015 81.7 78.2 77.2 78.5
December 2015 81.8 78.2 77.7 78.6
January 2016 81.9 78.3 78.2 78.6
February 2016 81.9 78.5 78.3 78.6
March 2016 82.0 78.7 78.4 78.7
April 2016 82.0 78.6 78.9 78.5
May 2016 82.1 78.5 78.8 78.4
June 2016 82.1 78.4 78.7 78.3
July 2016 82.1 78.5 78.6 78.5
August 2016 82.2 78.7 78.4 79.1
September 2016 82.2 79.0 78.7 79.4
October 2016 82.3 79.2 78.8 79.5
November 2016 82.2 79.5 79.1 79.3
December 2016 82.2 79.5 78.9 79.1
January 2017 82.1 79.6 79.1 79.2
February 2017 82.2 79.4 79.2 79.4
March 2017 82.2 79.3 79.3 79.5
April 2017 82.3 79.4 79.2 79.5
May 2017 82.3 79.6 79.2 79.4
June 2017 82.3 79.7 79.4 79.4
July 2017 82.4 79.8 79.5 79.4
August 2017 82.4 79.8 79.7 79.2
September 2017 82.4 80.0 79.9 79.2
October 2017 82.3 80.0 79.9 79.0
November 2017 82.4 80.2 79.7 78.9
December 2017 82.5 80.2 79.3 79.1
January 2018 82.6 80.1 79.1 79.2
February 2018 82.6 80.1 78.9 79.4
March 2018 82.6 79.9 79.1 79.5
April 2018 82.7 79.9 79.1 79.8
May 2018 82.6 79.9 79.3 79.9
June 2018 82.7 79.9 79.7 79.9

Note: The prime-age labor force participation rate is a percentage of the population aged 25 to 54. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. The data are seasonally adjusted by Board staff and are 3-month moving averages. The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research: December 2007-June 2009.

Source: Bureau of Labor Statistics.

Return to text

Figure 6. Measures of change in hourly compensation

Quarterly
Percent change from year earlier

Period Compensation per hour, business sector Employment cost index
2010:Q1 3.01 1.65
2010:Q2 1.66 1.92
2010:Q3 1.41 2.00
2010:Q4 1.23 2.09
2011:Q1 3.73 1.98
2011:Q2 2.13 2.33
2011:Q3 2.21 2.14
2011:Q4 0.50 2.22
2012:Q1 1.11 2.12
2012:Q2 2.18 1.84
2012:Q3 1.73 1.92
2012:Q4 5.90 1.83
2013:Q1 1.26 1.90
2013:Q2 2.12 1.89
2013:Q3 2.16 1.88
2013:Q4 -0.12 1.96
2014:Q1 3.91 1.70
2014:Q2 1.81 2.02
2014:Q3 2.21 2.27
2014:Q4 2.86 2.35
2015:Q1 1.86 2.75
2015:Q2 3.48 1.90
2015:Q3 3.18 1.89
2015:Q4 3.09 1.88
2016:Q1 1.31 1.79
2016:Q2 1.45 2.35
2016:Q3 1.87 2.26
2016:Q4 -0.11 2.17
2017:Q1 1.92 2.31
2017:Q2 0.95 2.38
2017:Q3 1.29 2.52
2017:Q4 2.80 2.59
2018:Q1 2.67 2.81

Note: Business-sector compensation is on a 4-quarter percentage change basis. For the employment cost index, change is over the 12 months ending in the last month of each quarter.

Source: Bureau of Labor Statistics via Haver Analytics.

Monthly
Percent change from year earlier

Period Average hourly earnings Atlanta Fed's Wage Growth Tracker
January 2010 2.09 1.6
February 2010 2.09 1.7
March 2010 1.81 1.9
April 2010 1.81 1.9
May 2010 1.90 1.6
June 2010 1.76 1.7
July 2010 1.85 1.8
August 2010 1.75 2.0
September 2010 1.84 1.9
October 2010 1.93 1.7
November 2010 1.79 1.7
December 2010 1.79 1.7
January 2011 1.96 1.9
February 2011 1.83 1.9
March 2011 1.83 1.9
April 2011 1.87 1.9
May 2011 2.04 2.0
June 2011 2.13 2.0
July 2011 2.30 2.1
August 2011 1.95 2.2
September 2011 1.94 2.1
October 2011 2.07 2.2
November 2011 1.98 2.0
December 2011 2.02 2.0
January 2012 1.75 1.9
February 2012 1.79 1.9
March 2012 2.14 2.0
April 2012 2.09 2.2
May 2012 1.74 2.1
June 2012 1.96 2.3
July 2012 1.69 2.1
August 2012 1.86 2.1
September 2012 1.99 2.1
October 2012 1.51 2.1
November 2012 1.94 2.3
December 2012 2.11 2.3
January 2013 2.11 2.3
February 2013 2.19 2.3
March 2013 1.93 2.2
April 2013 2.01 2.2
May 2013 2.14 2.2
June 2013 2.13 2.1
July 2013 2.09 2.3
August 2013 2.26 2.3
September 2013 2.04 2.4
October 2013 2.25 2.2
November 2013 2.20 2.0
December 2013 1.90 2.2
January 2014 1.98 2.3
February 2014 2.23 2.5
March 2014 2.06 2.4
April 2014 1.97 2.3
May 2014 2.13 2.3
June 2014 2.05 2.3
July 2014 2.08 2.4
August 2014 2.21 2.4
September 2014 2.16 2.6
October 2014 2.03 2.8
November 2014 2.03 2.9
December 2014 1.99 2.9
January 2015 2.19 3.0
February 2015 1.93 3.0
March 2015 2.22 3.2
April 2015 2.22 3.3
May 2015 2.34 3.3
June 2015 2.17 3.2
July 2015 2.12 3.2
August 2015 2.24 3.1
September 2015 2.24 3.0
October 2015 2.52 2.9
November 2015 2.43 3.1
December 2015 2.56 3.1
January 2016 2.55 3.1
February 2016 2.38 3.2
March 2016 2.50 3.2
April 2016 2.61 3.4
May 2016 2.44 3.5
June 2016 2.56 3.6
July 2016 2.76 3.4
August 2016 2.47 3.3
September 2016 2.63 3.6
October 2016 2.70 3.9
November 2016 2.57 3.9
December 2016 2.65 3.5
January 2017 2.40 3.2
February 2017 2.72 3.2
March 2017 2.55 3.4
April 2017 2.51 3.5
May 2017 2.46 3.4
June 2017 2.50 3.2
July 2017 2.49 3.3
August 2017 2.60 3.4
September 2017 2.83 3.6
October 2017 2.28 3.4
November 2017 2.47 3.2
December 2017 2.66 2.9
January 2018 2.77 3.0
February 2018 2.57 2.9
March 2018 2.64 3.3
April 2018 2.64 3.3
May 2018 2.75 3.2
June 2018 2.74 ND

Note: For average hourly earnings, change is from 12 months earlier; for the Atlanta Fed's Wage Growth Tracker, the data are shown as a 3-month moving average of the 12-month percent change and extend through May 2018.

Source: Bureau of Labor Statistics via Haver Analytics; Federal Reserve Bank of Atlanta, Wage Growth Tracker.

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Figure 7. Change in business-sector output per hour

Percent, annual rate

Period Percent change
1948-1973 3.20
1974-1995 1.58
1996-2000 3.08
2001-2007 2.60
2008-present 1.13

Note: Changes are measured from Q4 of the year immediately preceding the period through Q4 of the final year of the period. The final period is measured from 2007:Q4 through 2018:Q1.

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 8. Change in the price index for personal consumption expenditures

Monthly
12-month percent change

Period Total Excluding food and energy Trimmed mean
January 2011 1.43 0.99 0.97
February 2011 1.70 1.08 1.09
March 2011 1.97 1.09 1.23
April 2011 2.43 1.31 1.39
May 2011 2.71 1.43 1.53
June 2011 2.69 1.46 1.59
July 2011 2.77 1.58 1.69
August 2011 2.86 1.69 1.76
September 2011 2.93 1.72 1.82
October 2011 2.75 1.78 1.93
November 2011 2.73 1.84 1.98
December 2011 2.50 1.96 2.06
January 2012 2.57 2.09 2.11
February 2012 2.52 2.06 2.04
March 2012 2.37 2.11 2.05
April 2012 2.06 2.03 2.02
May 2012 1.66 1.91 1.95
June 2012 1.60 1.90 1.90
July 2012 1.44 1.84 1.82
August 2012 1.55 1.68 1.78
September 2012 1.71 1.73 1.78
October 2012 1.94 1.84 1.76
November 2012 1.68 1.78 1.70
December 2012 1.66 1.72 1.62
January 2013 1.55 1.67 1.59
February 2013 1.71 1.66 1.65
March 2013 1.35 1.56 1.58
April 2013 1.13 1.44 1.43
May 2013 1.24 1.43 1.39
June 2013 1.44 1.45 1.46
July 2013 1.51 1.44 1.50
August 2013 1.31 1.50 1.50
September 2013 1.11 1.50 1.50
October 2013 0.96 1.43 1.49
November 2013 1.23 1.49 1.55
December 2013 1.42 1.55 1.60
January 2014 1.48 1.47 1.59
February 2014 1.17 1.41 1.52
March 2014 1.46 1.51 1.57
April 2014 1.74 1.63 1.71
May 2014 1.84 1.69 1.76
June 2014 1.76 1.67 1.74
July 2014 1.82 1.74 1.78
August 2014 1.65 1.68 1.73
September 2014 1.63 1.70 1.72
October 2014 1.48 1.62 1.70
November 2014 1.26 1.54 1.69
December 2014 0.86 1.48 1.65
January 2015 0.21 1.36 1.55
February 2015 0.30 1.39 1.60
March 2015 0.31 1.37 1.60
April 2015 0.16 1.33 1.62
May 2015 0.25 1.28 1.59
June 2015 0.34 1.30 1.63
July 2015 0.31 1.25 1.61
August 2015 0.33 1.30 1.64
September 2015 0.19 1.34 1.66
October 2015 0.23 1.28 1.62
November 2015 0.40 1.33 1.62
December 2015 0.53 1.37 1.62
January 2016 1.12 1.61 1.72
February 2016 0.91 1.70 1.74
March 2016 0.83 1.63 1.72
April 2016 1.11 1.71 1.75
May 2016 1.04 1.75 1.79
June 2016 1.00 1.72 1.74
July 2016 0.96 1.78 1.77
August 2016 1.14 1.91 1.79
September 2016 1.37 1.84 1.79
October 2016 1.56 1.91 1.88
November 2016 1.52 1.82 1.85
December 2016 1.77 1.87 1.91
January 2017 2.03 1.89 1.94
February 2017 2.18 1.86 1.90
March 2017 1.83 1.61 1.82
April 2017 1.73 1.58 1.76
May 2017 1.51 1.48 1.71
June 2017 1.42 1.50 1.70
July 2017 1.40 1.41 1.64
August 2017 1.44 1.30 1.61
September 2017 1.66 1.35 1.62
October 2017 1.60 1.47 1.62
November 2017 1.74 1.51 1.65
December 2017 1.70 1.52 1.67
January 2018 1.63 1.49 1.70
February 2018 1.67 1.51 1.69
March 2018 1.96 1.82 1.76
April 2018 1.98 1.81 1.77
May 2018 2.25 1.96 1.84

Note: The data extend through May 2018; changes are from one year earlier.

Source: For trimmed mean, Federal Reserve Bank of Dallas; for all else, Bureau of Economic Analysis; all via Haver Analytics.

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Figure 9. Brent spot and futures prices

Series: Spot price and 24-month-ahead futures contracts

Horizon: January 9, 2013, to July 11, 2018

Description: The data are weekly averages of daily data and are plotted as two lines. Units for both the spot price and the futures contracts series are in dollars per barrel along the right axis. The lines follow a similar, somewhat volatile pattern and intersect at multiple points over the time horizon. Both series begin in 2013 at roughly around 100 and are fairly constant until the latter half of 2014. In mid-2014, both series begin to decline, falling sharply through the end of the year before partially rebounding over the first few months of 2015. Both series then decline steadily and reach their respective troughs by the start of 2016. Both series increase moderately over the rest of 2016 but start to level off in early 2017. They subsequently decline modestly through mid-2017, after which both series begin to increase once again, with the spot price series increasing more rapidly than the futures contracts series over the second half of 2017. Each series reaches a peak in early 2018, after which they decline slightly. The spot price series ends above the futures contracts series.

The spot price series starts at around 110 in January 2013. The series declines to about 100 by the end of April and rises to about 110 in 2013:Q3. The series fluctuates around 110 through the first half of 2014. In the second half of 2014, the series declines dramatically from above 110 to below 50 in January 2015. In 2015:Q1, the series rebounds to around 60 before dropping slightly to near 55. In 2015:Q2, the series increases to above 65 then declines to about 45 in the middle of 2015:Q3. From the beginning of 2015:Q4 to the beginning of 2016:Q1, the series declines from about 50 to just under 30. The series gradually increases over the remainder of 2016 and the beginning of 2017 to about 55 in February 2017. The series then falls to about 45 in mid-June and increases to about 70 in January 2018. The series slightly declines in February to just under 65 then resumes rising to just under 80 by 2018:Q2. The series stays fairly constant at slightly under 80 for the remainder of the horizon and ends with a slight downward tick to about 75 in July.

The 24-month-ahead futures contracts series starts at around 100 in 2014 and is relatively unchanged until the middle of 2014. Starting in 2014:Q3, the series drops dramatically to about 70 in January 2015. The series stays at around 70 before another decline to about 60 by 2015:Q3. The series remains at around 60 in the beginning of 2015:Q4 but then declines to just above 40 in 2016:Q1. The series gradually increases over the first half of 2016 to about 55 by the middle of June and fluctuates between 50 and 60 through June 2017. The series then increases through January 2018, slightly dips in February, then resumes increasing, reaching a peak of about 70 in May. The series stays just under 70 for the remainder of the horizon, ending with a slight uptick between June and July.

Note: The data are weekly averages of daily data and extend through July 11, 2018.

Source: ICE Brent Futures via Bloomberg.

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The Recent Rise in Oil Prices: Figure A. Brent spot and futures prices

Series: Spot price and December 2019 futures price

Horizon: January 2, 2017, to July 11, 2018

Description: The data are daily and are plotted as two curves. Units for both the spot price and the futures price series are in dollars per barrel along the right axis. The lines follow a similar, generally increasing pattern and intersect at multiple points over the time horizon. Both series begin in 2017 at about 55 and are somewhat constant until September 2017. From 2017:Q3 to January 2018, both series steadily increase and reach a peak. Both series decline slightly in February 2018, after which they rise through May and then remain fairly constant until the end of the horizon. The spot price series increases more rapidly than the futures price series over the second half of 2017, and the gap persists through the end of the horizon.

The spot price series starts at about 55 in January 2017. The series fluctuates between about 50 and 55 until June, when it falls to about 45. The series then increases to about 70 in January 2018. The series slightly declines to just over 60 in February, then resumes rising to just under 80 by 2018:Q2. The series stays slightly under 80 for the remainder of the horizon and ends with a slight downward tick to about 75 in July.

The futures prices series starts at about 55 and stays relatively constant until the beginning of 2017:Q4. The series then increases to about 60 in January 2018. The series slightly dips in February to just under 60, then resumes increasing, reaching a peak of slightly over 70 in May. The series fluctuates around 70 for the remainder of the horizon and ends with a slight downward tick in July.

Source: ICE Brent Futures via Bloomberg.

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The Recent Rise in Oil Prices: Figure B. Net oil import share

Quarterly

Period Percent of nominal GDP
2001:Q1 1.02
2001:Q2 1.06
2001:Q3 0.96
2001:Q4 0.71
2002:Q1 0.73
2002:Q2 0.93
2002:Q3 0.93
2002:Q4 0.92
2003:Q1 1.02
2003:Q2 0.97
2003:Q3 1.04
2003:Q4 1.00
2004:Q1 1.12
2004:Q2 1.29
2004:Q3 1.48
2004:Q4 1.58
2005:Q1 1.66
2005:Q2 1.86
2005:Q3 2.15
2005:Q4 2.04
2006:Q1 2.05
2006:Q2 2.35
2006:Q3 2.41
2006:Q4 1.84
2007:Q1 1.80
2007:Q2 2.17
2007:Q3 2.28
2007:Q4 2.52
2008:Q1 2.68
2008:Q2 3.42
2008:Q3 3.11
2008:Q4 1.61
2009:Q1 1.24
2009:Q2 1.50
2009:Q3 1.64
2009:Q4 1.66
2010:Q1 1.80
2010:Q2 1.94
2010:Q3 1.84
2010:Q4 1.79
2011:Q1 2.24
2011:Q2 2.47
2011:Q3 2.17
2011:Q4 1.95
2012:Q1 2.08
2012:Q2 1.93
2012:Q3 1.86
2012:Q4 1.61
2013:Q1 1.64
2013:Q2 1.51
2013:Q3 1.54
2013:Q4 1.24
2014:Q1 1.24
2014:Q2 1.20
2014:Q3 1.08
2014:Q4 0.74
2015:Q1 0.57
2015:Q2 0.60
2015:Q3 0.50
2015:Q4 0.39
2016:Q1 0.34
2016:Q2 0.42
2016:Q3 0.47
2016:Q4 0.45
2017:Q1 0.45
2017:Q2 0.41
2017:Q3 0.37
2017:Q4 0.29
2018:Q1 0.37
2018:Q2 0.35
2018:Q3 0.36
2018:Q4 0.19
2019:Q1 0.22
2019:Q2 0.22
2019:Q3 0.22
2019:Q4 0.12

Note: The data extending through 2018:Q1 are quarterly averages of daily oil futures prices, quarterly averages of monthly oil imports and exports, and quarterly GDP. The data from 2018:Q2 through 2019:Q4 are projections based on quarterly averages of monthly oil futures prices, quarterly averages of monthly oil imports and exports, and quarterly GDP.

Source: Department of Energy via Haver Analytics; ICE Brent Futures via Bloomberg; Bureau of Economic Analysis; staff calculations.

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The Recent Rise in Oil Prices: Figure C. U.S. crude oil production

Quarterly
Million barrels per day

Period Production
2014:Q1 8.13
2014:Q2 8.63
2014:Q3 8.91
2014:Q4 9.33
2015:Q1 9.48
2015:Q2 9.46
2015:Q3 9.40
2015:Q4 9.29
2016:Q1 9.14
2016:Q2 8.82
2016:Q3 8.65
2016:Q4 8.81
2017:Q1 9.01
2017:Q2 9.13
2017:Q3 9.33
2017:Q4 9.93
2018:Q1 10.24
2018:Q2 10.71
2018:Q3 10.91
2018:Q4 11.29
2019:Q1 11.61
2019:Q2 11.78
2019:Q3 11.76
2019:Q4 12.03

Note: The data are quarterly averages of monthly data. The data extend through 2018:Q2. Data from 2018:Q3 through 2019:Q4 are projections.

Source: Department of Energy via Haver Analytics.

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Figure 10. Nonfuel import prices and industrial metals indexes

Monthly
July 2014 = 100

Period Nonfuel import prices Industrial metals
January 2012 100.75 108.20
February 2012 100.75 112.27
March 2012 101.17 110.61
April 2012 101.34 106.60
May 2012 101.25 102.76
June 2012 100.92 97.18
July 2012 100.50 97.70
August 2012 100.33 96.64
September 2012 100.58 106.08
October 2012 100.84 103.88
November 2012 100.67 100.77
December 2012 100.58 105.73
January 2013 100.75 106.18
February 2013 100.84 106.96
March 2013 100.75 100.42
April 2013 100.58 95.89
May 2013 100.17 94.92
June 2013 99.92 93.06
July 2013 99.50 91.37
August 2013 99.33 94.82
September 2013 99.42 93.01
October 2013 99.50 94.54
November 2013 99.50 92.26
December 2013 99.42 93.60
January 2014 99.67 94.04
February 2014 99.67 92.47
March 2014 100.00 90.18
April 2014 100.00 93.01
May 2014 100.00 94.25
June 2014 99.92 95.27
July 2014 100.00 100.00
August 2014 100.00 100.18
September 2014 99.83 98.11
October 2014 99.75 95.19
November 2014 99.50 96.20
December 2014 99.42 91.95
January 2015 98.75 85.68
February 2015 98.58 84.95
March 2015 98.16 84.72
April 2015 97.83 86.70
May 2015 97.83 89.41
June 2015 97.66 83.13
July 2015 97.41 78.68
August 2015 97.08 73.86
September 2015 96.83 74.13
October 2015 96.57 73.33
November 2015 96.32 68.66
December 2015 95.99 67.75
January 2016 95.91 66.07
February 2016 95.82 68.48
March 2016 95.74 71.43
April 2016 95.82 71.76
May 2016 96.07 70.48
June 2016 95.91 71.39
July 2016 96.24 75.07
August 2016 96.24 74.85
September 2016 96.24 74.43
October 2016 96.24 75.85
November 2016 96.16 83.08
December 2016 96.16 84.61
January 2017 96.07 86.07
February 2017 96.41 89.50
March 2017 96.57 89.02
April 2017 96.83 87.31
May 2017 96.91 85.95
June 2017 96.99 86.12
July 2017 96.91 89.79
August 2017 97.16 96.45
September 2017 97.49 98.79
October 2017 97.58 101.74
November 2017 97.58 101.39
December 2017 97.41 101.27
January 2018 97.91 106.22
February 2018 98.33 105.80
March 2018 98.41 101.65
April 2018 98.58 104.38
May 2018 98.75 105.18
June 2018 ND 105.26

Note: The data for nonfuel import prices are monthly and extend through May 2018. The data for industrial metals are a monthly average of daily data and extend through June 29, 2018.

Source: For nonfuel import prices, Bureau of Labor Statistics; for industrial metals, S&P GSCI Industrial Metals Spot Index via Haver Analytics.

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Figure 11. Median inflation expectations

SPF expectations for next 10 years

Period Percent
2007:Q1 2.00
2007:Q2 2.00
2007:Q3 2.10
2007:Q4 2.10
2008:Q1 2.20
2008:Q2 2.20
2008:Q3 2.20
2008:Q4 2.20
2009:Q1 2.20
2009:Q2 2.27
2009:Q3 2.15
2009:Q4 2.10
2010:Q1 2.10
2010:Q2 2.15
2010:Q3 2.10
2010:Q4 2.00
2011:Q1 2.10
2011:Q2 2.27
2011:Q3 2.25
2011:Q4 2.15
2012:Q1 2.15
2012:Q2 2.20
2012:Q3 2.20
2012:Q4 2.10
2013:Q1 2.00
2013:Q2 2.00
2013:Q3 2.00
2013:Q4 2.00
2014:Q1 2.00
2014:Q2 2.00
2014:Q3 2.00
2014:Q4 2.00
2015:Q1 2.00
2015:Q2 1.98
2015:Q3 2.00
2015:Q4 1.90
2016:Q1 1.97
2016:Q2 2.00
2016:Q3 2.00
2016:Q4 2.00
2017:Q1 2.10
2017:Q2 2.09
2017:Q3 2.00
2017:Q4 2.00
2018:Q1 2.00
2018:Q2 2.00

Note: The SPF data for inflation expectations for personal consumption expenditures are quarterly and extend from 2007:Q1 through 2018:Q2.

Source: Federal Reserve Bank of Philadelphia, Survey of Professional Forecasters (SPF).

Michigan survey expectations for next 5 to 10 years

Period Percent
January 2005 2.7
February 2005 2.8
March 2005 2.9
April 2005 3.0
May 2005 2.9
June 2005 2.8
July 2005 2.9
August 2005 2.8
September 2005 3.1
October 2005 3.2
November 2005 3.0
December 2005 3.1
January 2006 2.9
February 2006 2.9
March 2006 2.9
April 2006 3.1
May 2006 3.2
June 2006 2.9
July 2006 2.9
August 2006 3.2
September 2006 3.0
October 2006 3.1
November 2006 3.0
December 2006 3.0
January 2007 3.0
February 2007 2.9
March 2007 2.9
April 2007 3.1
May 2007 3.1
June 2007 2.9
July 2007 3.1
August 2007 2.9
September 2007 2.9
October 2007 2.8
November 2007 2.9
December 2007 3.1
January 2008 3.0
February 2008 3.0
March 2008 2.9
April 2008 3.2
May 2008 3.4
June 2008 3.4
July 2008 3.2
August 2008 3.2
September 2008 3.0
October 2008 2.9
November 2008 2.9
December 2008 2.6
January 2009 2.9
February 2009 3.1
March 2009 2.6
April 2009 2.8
May 2009 2.9
June 2009 3.0
July 2009 3.0
August 2009 2.8
September 2009 2.8
October 2009 2.9
November 2009 3.0
December 2009 2.7
January 2010 2.9
February 2010 2.7
March 2010 2.7
April 2010 2.7
May 2010 2.9
June 2010 2.8
July 2010 2.9
August 2010 2.8
September 2010 2.7
October 2010 2.8
November 2010 2.8
December 2010 2.8
January 2011 2.9
February 2011 2.9
March 2011 3.2
April 2011 2.9
May 2011 2.9
June 2011 3.0
July 2011 2.9
August 2011 2.9
September 2011 2.8
October 2011 2.7
November 2011 2.7
December 2011 2.7
January 2012 2.7
February 2012 2.9
March 2012 3.0
April 2012 2.9
May 2012 2.7
June 2012 2.8
July 2012 2.7
August 2012 3.0
September 2012 2.8
October 2012 2.7
November 2012 2.8
December 2012 2.9
January 2013 2.9
February 2013 3.0
March 2013 2.8
April 2013 2.9
May 2013 2.9
June 2013 2.9
July 2013 2.8
August 2013 2.9
September 2013 3.0
October 2013 2.8
November 2013 2.9
December 2013 2.7
January 2014 2.9
February 2014 2.9
March 2014 2.9
April 2014 2.9
May 2014 2.8
June 2014 2.9
July 2014 2.7
August 2014 2.9
September 2014 2.8
October 2014 2.8
November 2014 2.6
December 2014 2.8
January 2015 2.8
February 2015 2.7
March 2015 2.8
April 2015 2.6
May 2015 2.8
June 2015 2.6
July 2015 2.8
August 2015 2.7
September 2015 2.7
October 2015 2.5
November 2015 2.6
December 2015 2.6
January 2016 2.7
February 2016 2.5
March 2016 2.7
April 2016 2.5
May 2016 2.5
June 2016 2.6
July 2016 2.6
August 2016 2.5
September 2016 2.6
October 2016 2.4
November 2016 2.6
December 2016 2.3
January 2017 2.6
February 2017 2.5
March 2017 2.4
April 2017 2.4
May 2017 2.4
June 2017 2.5
July 2017 2.6
August 2017 2.5
September 2017 2.5
October 2017 2.5
November 2017 2.4
December 2017 2.4
January 2018 2.5
February 2018 2.5
March 2018 2.5
April 2018 2.5
May 2018 2.5
June 2018 2.6

Note: The Michigan survey data are monthly.

Source: University of Michigan Surveys of Consumers.

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Figure 12. 5-to-10-year-forward inflation compensation

Weekly
Percent

Period Inflation swaps TIPS breakeven rates
8 January 2010 3.24 3.26
15 January 2010 3.20 3.24
22 January 2010 3.11 3.19
29 January 2010 3.15 3.22
5 February 2010 3.16 3.24
12 February 2010 3.07 3.12
19 February 2010 3.10 3.13
26 February 2010 3.00 3.02
5 March 2010 2.98 2.97
12 March 2010 3.06 3.00
19 March 2010 3.07 2.93
26 March 2010 3.05 2.95
2 April 2010 3.09 3.01
9 April 2010 3.17 3.08
16 April 2010 3.15 3.07
23 April 2010 3.17 3.07
30 April 2010 3.21 3.14
7 May 2010 3.10 3.05
14 May 2010 3.16 3.07
21 May 2010 2.98 2.87
28 May 2010 3.01 2.76
4 June 2010 3.06 2.84
11 June 2010 3.00 2.76
18 June 2010 3.02 2.83
25 June 2010 3.00 2.78
2 July 2010 2.82 2.59
9 July 2010 2.81 2.59
16 July 2010 2.85 2.65
23 July 2010 2.76 2.56
30 July 2010 2.81 2.62
6 August 2010 2.81 2.63
13 August 2010 2.73 2.49
20 August 2010 2.59 2.33
27 August 2010 2.56 2.28
3 September 2010 2.58 2.40
10 September 2010 2.65 2.57
17 September 2010 2.70 2.68
24 September 2010 2.72 2.70
1 October 2010 2.70 2.55
8 October 2010 2.82 2.58
15 October 2010 3.02 2.77
22 October 2010 3.07 2.88
29 October 2010 3.15 3.03
5 November 2010 3.13 3.01
12 November 2010 3.08 2.84
19 November 2010 3.14 2.93
26 November 2010 3.20 2.99
3 December 2010 3.20 3.01
10 December 2010 3.14 3.10
17 December 2010 3.19 3.21
24 December 2010 3.13 3.15
31 December 2010 3.09 3.07
7 January 2011 3.10 3.09
14 January 2011 3.06 3.05
21 January 2011 3.07 3.06
28 January 2011 3.02 2.97
4 February 2011 3.07 3.02
11 February 2011 3.03 2.95
18 February 2011 2.98 2.84
25 February 2011 3.00 2.85
4 March 2011 3.08 2.96
11 March 2011 3.10 3.02
18 March 2011 2.99 2.94
25 March 2011 2.93 2.88
1 April 2011 2.98 2.91
8 April 2011 3.06 3.00
15 April 2011 3.13 3.10
22 April 2011 3.09 3.10
29 April 2011 3.01 3.01
6 May 2011 2.98 2.96
13 May 2011 2.98 2.94
20 May 2011 2.91 2.83
27 May 2011 2.95 2.84
3 June 2011 2.97 2.79
10 June 2011 2.97 2.77
17 June 2011 2.96 2.76
24 June 2011 3.02 2.82
1 July 2011 3.18 3.11
8 July 2011 3.11 3.07
15 July 2011 3.06 2.96
22 July 2011 3.14 3.07
29 July 2011 3.19 3.21
5 August 2011 3.06 3.06
12 August 2011 3.12 3.00
19 August 2011 2.99 2.85
26 August 2011 2.93 2.72
2 September 2011 2.90 2.67
9 September 2011 2.77 2.52
16 September 2011 2.74 2.48
23 September 2011 2.65 2.29
30 September 2011 2.65 2.31
7 October 2011 2.64 2.30
14 October 2011 2.69 2.48
21 October 2011 2.66 2.45
28 October 2011 2.80 2.58
4 November 2011 2.75 2.48
11 November 2011 2.73 2.46
18 November 2011 2.65 2.38
25 November 2011 2.55 2.30
2 December 2011 2.65 2.45
9 December 2011 2.62 2.49
16 December 2011 2.59 2.41
23 December 2011 2.63 2.50
30 December 2011 2.60 2.48
6 January 2012 2.64 2.56
13 January 2012 2.69 2.54
20 January 2012 2.69 2.55
27 January 2012 2.77 2.62
3 February 2012 2.82 2.56
10 February 2012 2.90 2.64
17 February 2012 2.87 2.61
24 February 2012 2.88 2.59
2 March 2012 2.84 2.54
9 March 2012 2.77 2.50
16 March 2012 2.91 2.70
23 March 2012 2.97 2.82
30 March 2012 2.89 2.72
6 April 2012 2.90 2.72
13 April 2012 2.86 2.67
20 April 2012 2.87 2.66
27 April 2012 2.88 2.67
4 May 2012 2.85 2.63
11 May 2012 2.82 2.57
18 May 2012 2.74 2.46
25 May 2012 2.80 2.53
1 June 2012 2.75 2.45
8 June 2012 2.85 2.59
15 June 2012 2.77 2.48
22 June 2012 2.75 2.47
29 June 2012 2.72 2.49
6 July 2012 2.72 2.45
13 July 2012 2.69 2.42
20 July 2012 2.71 2.46
27 July 2012 2.69 2.45
3 August 2012 2.78 2.53
10 August 2012 2.83 2.59
17 August 2012 2.81 2.58
24 August 2012 2.82 2.58
31 August 2012 2.83 2.54
7 September 2012 2.85 2.55
14 September 2012 2.99 2.70
21 September 2012 3.03 2.84
28 September 2012 2.92 2.72
5 October 2012 3.01 2.79
12 October 2012 2.99 2.78
19 October 2012 2.99 2.80
26 October 2012 3.07 2.88
2 November 2012 3.08 2.88
9 November 2012 3.06 2.83
16 November 2012 2.98 2.72
23 November 2012 2.98 2.71
30 November 2012 3.00 2.69
7 December 2012 3.09 2.78
14 December 2012 3.11 2.85
21 December 2012 3.10 2.87
28 December 2012 3.08 2.83
4 January 2013 3.07 2.86
11 January 2013 3.10 2.91
18 January 2013 3.07 2.87
25 January 2013 3.05 2.88
1 February 2013 3.07 2.91
8 February 2013 3.07 2.89
15 February 2013 3.09 2.87
22 February 2013 3.07 2.83
1 March 2013 3.05 2.79
8 March 2013 3.08 2.86
15 March 2013 3.06 2.86
22 March 2013 3.03 2.80
29 March 2013 3.02 2.75
5 April 2013 3.02 2.72
12 April 2013 3.01 2.72
19 April 2013 2.96 2.72
26 April 2013 3.02 2.77
3 May 2013 2.97 2.72
10 May 2013 2.96 2.71
17 May 2013 2.95 2.72
24 May 2013 2.91 2.71
31 May 2013 2.90 2.70
7 June 2013 2.87 2.62
14 June 2013 2.78 2.44
21 June 2013 2.80 2.40
28 June 2013 2.82 2.40
5 July 2013 2.81 2.46
12 July 2013 2.77 2.43
19 July 2013 2.86 2.58
26 July 2013 2.87 2.64
2 August 2013 2.89 2.69
9 August 2013 2.92 2.74
16 August 2013 2.91 2.73
23 August 2013 2.87 2.67
30 August 2013 2.84 2.60
6 September 2013 2.78 2.56
13 September 2013 2.81 2.54
20 September 2013 2.89 2.60
27 September 2013 2.92 2.64
4 October 2013 2.92 2.64
11 October 2013 2.91 2.61
18 October 2013 2.86 2.57
25 October 2013 2.85 2.56
1 November 2013 2.86 2.56
8 November 2013 2.88 2.58
15 November 2013 2.86 2.57
22 November 2013 2.87 2.61
29 November 2013 2.88 2.63
6 December 2013 2.86 2.62
13 December 2013 2.87 2.62
20 December 2013 2.91 2.66
27 December 2013 2.89 2.67
3 January 2014 2.94 2.71
10 January 2014 2.95 2.69
17 January 2014 2.93 2.65
24 January 2014 2.88 2.61
31 January 2014 2.85 2.56
7 February 2014 2.84 2.52
14 February 2014 2.85 2.56
21 February 2014 2.82 2.50
28 February 2014 2.82 2.51
7 March 2014 2.85 2.53
14 March 2014 2.83 2.50
21 March 2014 2.83 2.49
28 March 2014 2.82 2.47
4 April 2014 2.81 2.48
11 April 2014 2.80 2.48
18 April 2014 2.81 2.46
25 April 2014 2.82 2.48
2 May 2014 2.79 2.46
9 May 2014 2.77 2.44
16 May 2014 2.76 2.43
23 May 2014 2.76 2.44
30 May 2014 2.78 2.48
6 June 2014 2.77 2.45
13 June 2014 2.77 2.43
20 June 2014 2.80 2.44
27 June 2014 2.84 2.46
4 July 2014 2.83 2.45
11 July 2014 2.87 2.49
18 July 2014 2.86 2.50
25 July 2014 2.85 2.49
1 August 2014 2.86 2.51
8 August 2014 2.84 2.50
15 August 2014 2.83 2.47
22 August 2014 2.78 2.42
29 August 2014 2.74 2.36
5 September 2014 2.77 2.39
12 September 2014 2.74 2.36
19 September 2014 2.71 2.36
26 September 2014 2.63 2.29
3 October 2014 2.58 2.16
10 October 2014 2.58 2.19
17 October 2014 2.58 2.20
24 October 2014 2.56 2.20
31 October 2014 2.57 2.19
7 November 2014 2.57 2.18
14 November 2014 2.54 2.17
21 November 2014 2.47 2.12
28 November 2014 2.47 2.08
5 December 2014 2.43 2.04
12 December 2014 2.39 1.97
19 December 2014 2.37 1.96
26 December 2014 2.38 1.98
2 January 2015 2.32 1.94
9 January 2015 2.24 1.84
16 January 2015 2.14 1.76
23 January 2015 2.15 1.80
30 January 2015 2.12 1.79
6 February 2015 2.16 1.80
13 February 2015 2.18 1.81
20 February 2015 2.24 1.90
27 February 2015 2.26 1.91
6 March 2015 2.28 2.00
13 March 2015 2.16 1.90
20 March 2015 2.15 1.90
27 March 2015 2.18 1.92
3 April 2015 2.18 1.89
10 April 2015 2.21 1.93
17 April 2015 2.20 1.92
24 April 2015 2.23 1.95
1 May 2015 2.26 2.03
8 May 2015 2.26 2.05
15 May 2015 2.24 2.06
22 May 2015 2.25 2.07
29 May 2015 2.21 2.01
5 June 2015 2.24 2.04
12 June 2015 2.26 2.07
19 June 2015 2.30 2.08
26 June 2015 2.37 2.15
3 July 2015 2.37 2.13
10 July 2015 2.35 2.11
17 July 2015 2.34 2.11
24 July 2015 2.29 2.06
31 July 2015 2.24 2.03
7 August 2015 2.18 1.96
14 August 2015 2.15 1.91
21 August 2015 2.11 1.88
28 August 2015 2.12 1.86
4 September 2015 2.12 1.81
11 September 2015 2.12 1.83
18 September 2015 2.13 1.84
25 September 2015 2.05 1.76
2 October 2015 1.96 1.67
9 October 2015 2.07 1.76
16 October 2015 2.04 1.73
23 October 2015 2.03 1.73
30 October 2015 2.05 1.76
6 November 2015 2.10 1.81
13 November 2015 2.12 1.84
20 November 2015 2.13 1.85
27 November 2015 2.17 1.86
4 December 2015 2.16 1.81
11 December 2015 2.11 1.77
18 December 2015 2.07 1.68
25 December 2015 2.08 1.67
1 January 2016 2.13 1.70
8 January 2016 2.07 1.68
15 January 2016 1.94 1.57
22 January 2016 1.86 1.50
29 January 2016 1.91 1.52
5 February 2016 1.90 1.54
12 February 2016 1.79 1.40
19 February 2016 1.79 1.39
26 February 2016 1.83 1.43
4 March 2016 1.94 1.56
11 March 2016 1.89 1.51
18 March 2016 1.93 1.56
25 March 2016 2.00 1.63
1 April 2016 2.02 1.64
8 April 2016 2.02 1.62
15 April 2016 1.96 1.56
22 April 2016 2.01 1.62
29 April 2016 2.06 1.67
6 May 2016 2.02 1.64
13 May 2016 1.99 1.60
20 May 2016 1.99 1.59
27 May 2016 2.00 1.55
3 June 2016 1.96 1.51
10 June 2016 1.94 1.50
17 June 2016 1.82 1.36
24 June 2016 1.85 1.38
1 July 2016 1.81 1.31
8 July 2016 1.84 1.30
15 July 2016 1.86 1.34
22 July 2016 1.87 1.40
29 July 2016 1.87 1.39
5 August 2016 1.85 1.40
12 August 2016 1.89 1.43
19 August 2016 1.89 1.44
26 August 2016 1.89 1.44
2 September 2016 1.90 1.46
9 September 2016 1.95 1.50
16 September 2016 1.95 1.49
23 September 2016 1.94 1.49
30 September 2016 1.94 1.48
7 October 2016 2.00 1.56
14 October 2016 2.02 1.56
21 October 2016 2.07 1.58
28 October 2016 2.11 1.62
4 November 2016 2.12 1.65
11 November 2016 2.26 1.77
18 November 2016 2.36 1.90
25 November 2016 2.40 1.95
2 December 2016 2.39 1.95
9 December 2016 2.42 2.00
16 December 2016 2.37 1.96
23 December 2016 2.35 1.94
30 December 2016 2.39 1.96
6 January 2017 2.39 1.94
13 January 2017 2.37 1.92
20 January 2017 2.38 1.99
27 January 2017 2.41 2.05
3 February 2017 2.39 2.01
10 February 2017 2.35 1.99
17 February 2017 2.38 2.04
24 February 2017 2.36 2.04
3 March 2017 2.34 2.02
10 March 2017 2.34 2.00
17 March 2017 2.37 2.02
24 March 2017 2.33 1.98
31 March 2017 2.34 1.97
7 April 2017 2.33 1.98
14 April 2017 2.30 1.94
21 April 2017 2.26 1.89
28 April 2017 2.31 1.94
5 May 2017 2.29 1.94
12 May 2017 2.25 1.92
19 May 2017 2.22 1.88
26 May 2017 2.21 1.86
2 June 2017 2.19 1.84
9 June 2017 2.15 1.81
16 June 2017 2.11 1.75
23 June 2017 2.10 1.72
30 June 2017 2.15 1.75
7 July 2017 2.19 1.79
14 July 2017 2.19 1.81
21 July 2017 2.20 1.81
28 July 2017 2.21 1.82
4 August 2017 2.20 1.81
11 August 2017 2.22 1.82
18 August 2017 2.19 1.82
25 August 2017 2.18 1.79
1 September 2017 2.19 1.78
8 September 2017 2.21 1.78
15 September 2017 2.26 1.82
22 September 2017 2.26 1.81
29 September 2017 2.25 1.78
6 October 2017 2.25 1.79
13 October 2017 2.24 1.81
20 October 2017 2.22 1.77
27 October 2017 2.25 1.81
3 November 2017 2.23 1.80
10 November 2017 2.22 1.79
17 November 2017 2.22 1.80
24 November 2017 2.21 1.79
1 December 2017 2.25 1.82
8 December 2017 2.28 1.86
15 December 2017 2.26 1.88
22 December 2017 2.29 1.94
29 December 2017 2.30 1.95
5 January 2018 2.33 1.98
12 January 2018 2.32 1.99
19 January 2018 2.36 2.04
26 January 2018 2.38 2.05
2 February 2018 2.43 2.14
9 February 2018 2.43 2.18
16 February 2018 2.39 2.17
23 February 2018 2.39 2.17
2 March 2018 2.40 2.16
9 March 2018 2.39 2.14
16 March 2018 2.36 2.08
23 March 2018 2.37 2.07
30 March 2018 2.35 2.04
6 April 2018 2.37 2.06
13 April 2018 2.40 2.08
20 April 2018 2.43 2.10
27 April 2018 2.44 2.16
4 May 2018 2.44 2.15
11 May 2018 2.44 2.18
18 May 2018 2.44 2.17
25 May 2018 2.41 2.13
1 June 2018 2.37 2.05
8 June 2018 2.43 2.11
15 June 2018 2.43 2.13
22 June 2018 2.43 2.15
29 June 2018 2.41 2.14
6 July 2018 2.42 2.14

Note: The data are weekly averages of daily data and extend through July 6, 2018. TIPS is Treasury Inflation-Protected Securities.

Source: Federal Reserve Bank of New York; Barclays; Federal Reserve Board staff estimates.

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Figure 13. Change in real gross domestic product and gross domestic income

Percent, annual rate

Period Gross domestic product Gross domestic income
2011 1.68 2.09
2012 1.28 2.85
2013 2.66 1.28
2014 2.70 4.22
2015 2.02 1.63
2016 1.84 0.55
2017 2.58 2.11
2018:Q1 1.99 3.57

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 14. Change in real personal consumption expenditures and disposable personal income

Percent, annual rate

Period Personal consumption expenditures Disposable personal income
2012 1.32 5.05
2013 2.00 -2.84
2014 3.59 4.94
2015 3.02 3.22
2016 2.84 0.24
2017 2.85 1.88
2018:H1 1.59 2.87

Note: The values for 2018:H1 are the annualized May/Q4 changes.

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 15. Personal saving rate

Monthly

Period Percent
January 2006 3.8
February 2006 3.8
March 2006 3.8
April 2006 3.4
May 2006 3.2
June 2006 3.4
July 2006 2.9
August 2006 3.0
September 2006 3.0
October 2006 3.1
November 2006 3.2
December 2006 3.0
January 2007 3.0
February 2007 3.3
March 2007 3.6
April 2007 3.2
May 2007 3.0
June 2007 2.8
July 2007 2.8
August 2007 2.6
September 2007 2.8
October 2007 2.8
November 2007 2.5
December 2007 3.0
January 2008 3.3
February 2008 3.8
March 2008 3.9
April 2008 3.5
May 2008 7.9
June 2008 5.5
July 2008 4.4
August 2008 3.7
September 2008 4.4
October 2008 5.4
November 2008 6.2
December 2008 6.4
January 2009 6.4
February 2009 5.9
March 2009 6.1
April 2009 6.7
May 2009 8.1
June 2009 6.6
July 2009 6.0
August 2009 4.9
September 2009 5.9
October 2009 5.4
November 2009 5.7
December 2009 5.7
January 2010 5.6
February 2010 5.2
March 2010 5.0
April 2010 5.6
May 2010 6.0
June 2010 5.9
July 2010 5.9
August 2010 5.8
September 2010 5.6
October 2010 5.4
November 2010 5.3
December 2010 5.9
January 2011 6.3
February 2011 6.4
March 2011 6.1
April 2011 5.8
May 2011 5.9
June 2011 6.1
July 2011 6.2
August 2011 6.2
September 2011 5.7
October 2011 5.5
November 2011 5.6
December 2011 6.4
January 2012 6.6
February 2012 6.7
March 2012 7.0
April 2012 7.2
May 2012 7.3
June 2012 7.6
July 2012 7.1
August 2012 7.1
September 2012 7.2
October 2012 7.8
November 2012 8.8
December 2012 11.0
January 2013 4.9
February 2013 4.7
March 2013 4.8
April 2013 4.9
May 2013 5.3
June 2013 5.4
July 2013 5.2
August 2013 5.4
September 2013 5.3
October 2013 4.8
November 2013 4.6
December 2013 4.7
January 2014 5.1
February 2014 5.4
March 2014 5.4
April 2014 5.5
May 2014 5.7
June 2014 5.9
July 2014 5.8
August 2014 5.6
September 2014 5.8
October 2014 5.8
November 2014 5.8
December 2014 6.1
January 2015 6.1
February 2015 6.3
March 2015 5.8
April 2015 6.2
May 2015 6.2
June 2015 6.3
July 2015 6.0
August 2015 6.0
September 2015 6.0
October 2015 6.3
November 2015 6.1
December 2015 5.8
January 2016 5.9
February 2016 5.5
March 2016 5.7
April 2016 5.5
May 2016 5.4
June 2016 5.1
July 2016 5.1
August 2016 4.9
September 2016 4.5
October 2016 4.1
November 2016 3.7
December 2016 3.2
January 2017 3.7
February 2017 4.1
March 2017 3.9
April 2017 3.7
May 2017 3.8
June 2017 3.6
July 2017 3.5
August 2017 3.5
September 2017 3.0
October 2017 3.0
November 2017 2.5
December 2017 2.4
January 2018 3.1
February 2018 3.5
March 2018 3.2
April 2018 3.0
May 2018 3.2

Note: Data are through May 2018.

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 16. Prices of existing single-family houses

Monthly
Percent change from year earlier

Period S&P/Case-Shiller national index Zillow index CoreLogic price index
January 2007 1.05 4.61 -0.59
February 2007 0.53 4.06 -1.45
March 2007 -0.30 3.52 -2.78
April 2007 -0.82 3.03 -3.67
May 2007 -1.35 2.56 -4.36
June 2007 -1.63 1.73 -4.70
July 2007 -1.96 0.86 -5.06
August 2007 -2.26 0.10 -5.69
September 2007 -2.76 -0.55 -6.66
October 2007 -3.54 -1.21 -7.87
November 2007 -4.61 -1.81 -9.08
December 2007 -5.40 -2.46 -10.19
January 2008 -6.36 -3.20 -11.43
February 2008 -7.28 -4.00 -12.62
March 2008 -7.84 -4.85 -13.32
April 2008 -8.13 -5.79 -13.93
May 2008 -8.17 -6.73 -14.05
June 2008 -8.26 -7.45 -14.09
July 2008 -8.44 -7.93 -14.40
August 2008 -8.85 -8.42 -14.77
September 2008 -9.60 -8.91 -15.55
October 2008 -10.35 -9.25 -16.31
November 2008 -10.90 -9.56 -16.79
December 2008 -12.00 -9.76 -17.60
January 2009 -12.70 -9.83 -18.05
February 2009 -12.75 -9.85 -17.54
March 2009 -12.73 -9.87 -16.69
April 2009 -12.17 -9.90 -15.38
May 2009 -11.28 -9.89 -13.61
June 2009 -10.05 -9.89 -11.81
July 2009 -9.03 -9.65 -10.25
August 2009 -8.28 -9.36 -8.87
September 2009 -7.60 -8.89 -7.62
October 2009 -6.65 -8.46 -5.95
November 2009 -5.21 -7.85 -3.94
December 2009 -3.85 -7.23 -2.23
January 2010 -2.93 -6.48 -1.40
February 2010 -3.10 -5.66 -1.41
March 2010 -2.00 -5.13 -0.22
April 2010 -1.07 -4.82 0.90
May 2010 -0.78 -4.21 1.09
June 2010 -1.42 -3.24 0.67
July 2010 -2.14 -2.90 -0.20
August 2010 -2.84 -2.79 -1.24
September 2010 -3.37 -2.93 -2.15
October 2010 -3.68 -3.12 -2.82
November 2010 -4.14 -3.37 -3.58
December 2010 -4.12 -3.87 -3.68
January 2011 -4.10 -4.72 -3.61
February 2011 -3.72 -5.45 -3.57
March 2011 -4.05 -5.71 -4.35
April 2011 -4.29 -5.62 -4.53
May 2011 -4.31 -5.70 -4.43
June 2011 -3.89 -6.07 -3.88
July 2011 -3.53 -6.22 -3.03
August 2011 -3.16 -6.06 -2.29
September 2011 -3.07 -5.84 -1.61
October 2011 -3.30 -5.50 -1.36
November 2011 -3.65 -5.20 -1.33
December 2011 -3.89 -4.73 -0.95
January 2012 -3.52 -4.19 -0.32
February 2012 -2.72 -3.63 0.64
March 2012 -1.39 -3.06 1.98
April 2012 -0.48 -2.42 2.76
May 2012 0.27 -1.77 3.46
June 2012 0.87 -1.12 3.82
July 2012 1.38 -0.33 4.18
August 2012 2.07 0.33 4.75
September 2012 3.01 1.00 5.38
October 2012 4.03 1.54 6.08
November 2012 5.36 2.01 7.05
December 2012 6.45 2.55 7.88
January 2013 7.57 3.29 8.68
February 2013 8.34 3.70 9.32
March 2013 8.91 4.23 9.91
April 2013 9.03 4.76 10.00
May 2013 9.08 5.02 9.82
June 2013 9.27 5.47 9.41
July 2013 9.72 5.92 9.46
August 2013 10.17 6.30 9.64
September 2013 10.62 6.61 9.99
October 2013 10.83 6.85 10.23
November 2013 10.71 6.89 10.19
December 2013 10.73 6.93 10.00
January 2014 10.46 6.96 9.99
February 2014 10.16 7.00 9.98
March 2014 8.95 6.77 9.13
April 2014 7.96 6.53 8.10
May 2014 7.04 6.50 7.12
June 2014 6.26 6.14 6.40
July 2014 5.60 5.90 5.79
August 2014 5.06 5.74 5.38
September 2014 4.75 5.45 5.15
October 2014 4.62 5.18 5.19
November 2014 4.59 5.10 5.13
December 2014 4.51 4.95 5.02
January 2015 4.33 4.87 5.05
February 2015 4.23 4.85 5.17
March 2015 4.29 4.89 5.29
April 2015 4.31 4.81 5.35
May 2015 4.37 4.78 5.35
June 2015 4.37 5.01 5.29
July 2015 4.42 5.04 5.17
August 2015 4.49 4.95 5.16
September 2015 4.69 5.05 5.36
October 2015 4.90 5.27 5.42
November 2015 5.12 5.49 5.52
December 2015 5.22 5.65 5.73
January 2016 5.30 5.63 5.81
February 2016 5.21 5.72 5.70
March 2016 5.08 5.81 5.69
April 2016 5.03 5.91 5.69
May 2016 4.96 6.05 5.45
June 2016 4.91 6.13 5.20
July 2016 4.92 6.21 5.20
August 2016 5.03 6.40 5.22
September 2016 5.13 6.60 5.30
October 2016 5.18 6.73 5.44
November 2016 5.25 6.70 5.62
December 2016 5.37 6.84 5.55
January 2017 5.56 7.08 5.52
February 2017 5.62 7.22 5.72
March 2017 5.69 7.24 5.76
April 2017 5.69 7.36 5.68
May 2017 5.72 7.53 5.76
June 2017 5.75 7.43 5.92
July 2017 5.79 7.39 5.96
August 2017 5.88 7.50 6.04
September 2017 5.96 7.56 6.06
October 2017 6.07 7.51 6.08
November 2017 6.15 7.63 6.13
December 2017 6.26 7.69 6.10
January 2018 6.26 7.79 6.04
February 2018 6.48 8.16 6.33
March 2018 6.49 8.42 6.62
April 2018 6.41 8.47 6.74
May 2018 ND 8.11 7.08

Note: The data for the S&P/Case-Shiller index extend through April 2018. The data for the Zillow index and the CoreLogic index extend through May 2018.

Source: CoreLogic Home Price Index; Zillow; S&P/Case-Shiller U.S. National Home Price Index. The S&P/Case-Shiller Index is a product of S&P Dow Jones Indices LLC and/or its affiliates. (For Dow Jones Indices licensing information, see the note on the Contents page: For figures 16 and 34, note that the S&P 500 Index and the Dow Jones Bank Index are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the Board. Copyright © 2018 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution, reproduction, and/or photocopying in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor's Financial Services LLC, and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent, and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.)

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Figure 17. Wealth-to-income ratio

Quarterly
Ratio

Period Ratio
1998:Q1 5.62
1998:Q2 5.63
1998:Q3 5.42
1998:Q4 5.71
1999:Q1 5.72
1999:Q2 5.88
1999:Q3 5.79
1999:Q4 6.10
2000:Q1 6.10
2000:Q2 5.97
2000:Q3 5.95
2000:Q4 5.77
2001:Q1 5.56
2001:Q2 5.70
2001:Q3 5.39
2001:Q4 5.65
2002:Q1 5.58
2002:Q2 5.39
2002:Q3 5.21
2002:Q4 5.29
2003:Q1 5.26
2003:Q2 5.41
2003:Q3 5.42
2003:Q4 5.63
2004:Q1 5.80
2004:Q2 5.84
2004:Q3 5.89
2004:Q4 6.04
2005:Q1 6.18
2005:Q2 6.27
2005:Q3 6.35
2005:Q4 6.43
2006:Q1 6.51
2006:Q2 6.45
2006:Q3 6.43
2006:Q4 6.51
2007:Q1 6.49
2007:Q2 6.48
2007:Q3 6.41
2007:Q4 6.23
2008:Q1 5.90
2008:Q2 5.60
2008:Q3 5.48
2008:Q4 5.14
2009:Q1 5.05
2009:Q2 5.09
2009:Q3 5.24
2009:Q4 5.28
2010:Q1 5.34
2010:Q2 5.18
2010:Q3 5.28
2010:Q4 5.43
2011:Q1 5.43
2011:Q2 5.43
2011:Q3 5.18
2011:Q4 5.29
2012:Q1 5.37
2012:Q2 5.34
2012:Q3 5.48
2012:Q4 5.40
2013:Q1 5.84
2013:Q2 5.95
2013:Q3 6.09
2013:Q4 6.27
2014:Q1 6.26
2014:Q2 6.27
2014:Q3 6.22
2014:Q4 6.27
2015:Q1 6.35
2015:Q2 6.32
2015:Q3 6.19
2015:Q4 6.27
2016:Q1 6.29
2016:Q2 6.29
2016:Q3 6.42
2016:Q4 6.55
2017:Q1 6.61
2017:Q2 6.67
2017:Q3 6.76
2017:Q4 6.85
2018:Q1 6.81

Note: The series is the ratio of household net worth to disposable personal income.

Source: For net worth, Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States"; for income, Bureau of Economic Analysis via Haver Analytics.

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Figure 18. Changes in household debt

Billions of dollars, annual rate

Period Mortgages Consumer credit Sum
2007 702.41 152.76 855.17
2008 -30.02 34.31 4.29
2009 -139.73 -88.77 -228.51
2010 -482.86 91.79 -391.06
2011 -215.86 110.26 -105.60
2012 -211.08 161.19 -49.90
2013 -83.77 175.13 91.36
2014 -18.81 221.18 202.37
2015 117.53 99.05 216.58
2016 204.51 230.59 435.09
2017 298.36 188.54 486.90
2018:Q1 273.05 162.13 435.18

Note: Changes are calculated from year-end to year-end except 2018 changes, which are calculated from 2017:Q4 to 2018:Q1.

Source: Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."

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Figure 19. Indexes of consumer sentiment and income expectations

Monthly
Index

Period Real income expectations (Diffusion index) Consumer sentiment (Index)
January 2005 84.67 95.50
February 2005 85.67 94.10
March 2005 83.33 92.60
April 2005 80.67 87.70
May 2005 78.33 86.90
June 2005 77.67 96.00
July 2005 80.33 96.50
August 2005 80.00 89.10
September 2005 78.67 76.90
October 2005 75.00 74.20
November 2005 74.33 81.60
December 2005 77.33 91.50
January 2006 78.67 91.20
February 2006 79.00 86.70
March 2006 76.33 88.90
April 2006 78.67 87.40
May 2006 77.67 79.10
June 2006 76.33 84.90
July 2006 75.67 84.70
August 2006 78.33 82.00
September 2006 81.00 85.40
October 2006 84.33 93.60
November 2006 85.00 92.10
December 2006 86.33 91.70
January 2007 84.00 96.90
February 2007 83.67 91.30
March 2007 82.00 88.40
April 2007 80.33 87.10
May 2007 78.33 88.30
June 2007 76.00 85.30
July 2007 75.00 90.40
August 2007 74.00 83.40
September 2007 73.33 83.40
October 2007 73.00 80.90
November 2007 76.00 76.10
December 2007 77.00 75.50
January 2008 78.00 78.40
February 2008 73.67 70.80
March 2008 72.67 69.50
April 2008 67.00 62.60
May 2008 66.00 59.80
June 2008 60.33 56.40
July 2008 62.33 61.20
August 2008 61.33 63.00
September 2008 67.33 70.30
October 2008 67.00 57.60
November 2008 69.00 55.30
December 2008 65.67 60.10
January 2009 67.00 61.20
February 2009 67.33 56.30
March 2009 68.67 57.30
April 2009 68.00 65.10
May 2009 66.00 68.70
June 2009 65.67 70.80
July 2009 65.00 66.00
August 2009 66.00 65.70
September 2009 67.67 73.50
October 2009 66.67 70.60
November 2009 66.33 67.40
December 2009 66.33 72.50
January 2010 67.67 74.40
February 2010 67.00 73.60
March 2010 66.33 73.60
April 2010 65.67 72.20
May 2010 66.00 73.60
June 2010 65.67 76.00
July 2010 64.33 67.80
August 2010 64.00 68.90
September 2010 64.33 68.20
October 2010 66.00 67.70
November 2010 67.67 71.60
December 2010 66.33 74.50
January 2011 64.33 74.20
February 2011 61.33 77.50
March 2011 59.33 67.50
April 2011 58.67 69.80
May 2011 57.00 74.30
June 2011 56.00 71.50
July 2011 58.33 63.70
August 2011 59.67 55.80
September 2011 59.33 59.50
October 2011 57.67 60.80
November 2011 57.33 63.70
December 2011 58.67 69.90
January 2012 58.67 75.00
February 2012 60.00 75.30
March 2012 61.33 76.20
April 2012 61.00 76.40
May 2012 62.33 79.30
June 2012 59.67 73.20
July 2012 60.67 72.30
August 2012 58.33 74.30
September 2012 60.33 78.30
October 2012 60.33 82.60
November 2012 63.00 82.70
December 2012 62.33 72.90
January 2013 63.00 73.80
February 2013 60.33 77.60
March 2013 63.33 78.60
April 2013 64.33 76.40
May 2013 67.00 84.50
June 2013 67.33 84.10
July 2013 68.00 85.10
August 2013 68.67 82.10
September 2013 66.33 77.50
October 2013 66.33 73.20
November 2013 64.67 75.10
December 2013 66.00 82.50
January 2014 67.00 81.20
February 2014 68.67 81.60
March 2014 69.00 80.00
April 2014 66.67 84.10
May 2014 65.33 81.90
June 2014 67.00 82.50
July 2014 68.33 81.80
August 2014 69.33 82.50
September 2014 69.67 84.60
October 2014 69.67 86.90
November 2014 70.33 88.80
December 2014 72.67 93.60
January 2015 77.00 98.10
February 2015 78.33 95.40
March 2015 76.67 93.00
April 2015 76.33 95.90
May 2015 77.33 90.70
June 2015 78.00 96.10
July 2015 77.33 93.10
August 2015 78.00 91.90
September 2015 77.00 87.20
October 2015 76.33 90.00
November 2015 76.33 91.30
December 2015 79.33 92.60
January 2016 81.00 92.00
February 2016 81.67 91.70
March 2016 81.67 91.00
April 2016 79.33 89.00
May 2016 79.67 94.70
June 2016 80.33 93.50
July 2016 81.00 90.00
August 2016 80.67 89.80
September 2016 81.33 91.20
October 2016 82.00 87.20
November 2016 84.67 93.80
December 2016 84.67 98.20
January 2017 85.00 98.50
February 2017 84.00 96.30
March 2017 85.33 96.90
April 2017 86.33 97.00
May 2017 88.67 97.10
June 2017 87.67 95.00
July 2017 88.00 93.40
August 2017 86.00 96.80
September 2017 85.67 95.10
October 2017 87.33 100.70
November 2017 89.00 98.50
December 2017 89.00 95.90
January 2018 87.33 95.70
February 2018 87.00 99.70
March 2018 86.67 101.40
April 2018 87.67 98.80
May 2018 86.00 98.00
June 2018 86.00 98.20

Note: The consumer sentiment data are monthly and are indexed to 100 in 1966. The real income expectations data are calculated as the net percentage of survey respondents expecting family income to go up more than prices during the next year or two plus 100 and are shown as a three-month moving average.

Source: University of Michigan Surveys of Consumers.

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Figure 20. Change in real private nonresidential fixed investment

Percent, annual rate

Period Structures Equipment and intangible capital
2010 -3.96 11.98
2011 8.01 9.21
2012 4.12 5.53
2013 5.78 4.51
2014 8.80 5.25
2015 -9.12 3.33
2016 3.54 -0.12
2017 4.98 6.74
2018:Q1 16.24 8.76

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 21. Selected components of net debt financing for nonfinancial businesses

Billions of dollars, monthly rate

Period Bank loans Bonds Commercial paper Sum
2007 19.76 9.88 0.94 30.58
2008 15.31 9.68 0.64 25.63
2009 -28.00 17.65 -6.09 -16.44
2010 -8.65 14.97 2.04 8.36
2011 10.47 13.58 2.78 26.83
2012 13.84 26.95 1.17 41.96
2013 8.01 23.20 1.18 32.39
2014 13.08 23.79 3.13 39.99
2015 14.67 33.30 -0.25 47.72
2016 10.22 23.18 0.15 33.54
2017 6.35 22.01 2.16 30.52
2018:Q1 9.93 22.78 0.29 33.01

Source: Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."

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Figure 22. Corporate bond yields, by securities rating

Series: High-yield, triple-B, and double-A

Horizon: January 1, 1998, to July 11, 2018

Description: Data are plotted as three curves. Units are percentage points along the right axis. All three curves follow a similar pattern.

The high-yield series starts at the beginning of 1998 at just above 9. The series increases generally to about 13 by the end of 2000, reaching a high of about 13.75 in December 2000. The series then decreases, bottoming out at around 7.25 in early 2005. The series fluctuates around 8 before beginning to increase in mid-2007. At the beginning of 2008:Q4, the series sharply jumps, and it reaches nearly 20 in 2009. The series then declines quickly to about 14, experiences another jump to about 17, and then continues to decline, landing near 7 in early 2012. After increasing slightly to around 7.75 in mid-2012, the series resumes its fall, dropping below 6 in 2013:Q2. The series increases to slightly below 7 through 2014:Q4 before falling again in early 2015. The series rises starting in mid-2015 and climbs above 8 in early 2016 before falling for the remainder of 2016 and 2017 to around 5.5. The series then increases to about 6.5 by the end of the horizon.

The triple-B series starts at the beginning of 1998 at about 6.5. The series fluctuates between about 6 and about 9 until mid-2003, when it decreases generally to around 5. The series gradually climbs back up to about 7 by mid-2008 and then increases quickly, reaching nearly 10 later that year. Throughout 2009, the series sharply declines, reaching about 6 by the end of the year; it then continues to decline more gradually, dipping below 4 near the end of 2012 and again in 2013:Q1. The series then increases, reaching about 5 in late 2013 before falling to just above 4 by mid-2014. The series falls below 4 in early 2015 before rising to almost 4.75 in early 2016. In 2016, the series declines, remaining mostly below 4 until November. At the end of 2016:Q4, it increases and reaches a high of about 4.5 in March 2017. The series decreases through the rest of 2017 before rising to about 4.75 by the end of the horizon.

The double-A series starts at the beginning of 1998 at about 6.25. The series declines generally to about 5.5 in 1998:Q4 before increasing generally to about 8 in 2000:Q2. The series then decreases generally to just above 4 in mid-2003. The series remains between about 5 and about 6 through the beginning of 2008. Then the series increases quickly, reaching about 8.5 by 2008:Q4. The series sharply declines in late 2008 and early 2009 and then continues to fall more gradually until it reaches about 2.5 by the end of 2012. The series increases through the beginning of 2014 to around 4 but then falls through January 2015 to just under 3. The series rises to about 3.75 by mid-2015 before falling below 3 for most of 2016. In late 2016, the series jumps to about 3.5 and then gradually declines to about 3 in 2017:Q4 before rising to around 3.75 by the end of the horizon.

Note: The yields shown are yields on 10-year bonds.

Source: ICE Bank of America Merrill Lynch Indices, used with permission.

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Figure 23. Mortgage rates and housing affordability

Monthly

Period Housing affordability index
January 2009 164.95
February 2009 161.53
March 2009 163.25
April 2009 174.03
May 2009 173.67
June 2009 171.66
July 2009 168.75
August 2009 169.78
September 2009 164.53
October 2009 169.06
November 2009 172.62
December 2009 175.16
January 2010 166.41
February 2010 166.04
March 2010 167.04
April 2010 165.32
May 2010 169.00
June 2010 170.95
July 2010 174.61
August 2010 177.44
September 2010 177.35
October 2010 176.69
November 2010 177.28
December 2010 174.92
January 2011 177.35
February 2011 178.41
March 2011 178.38
April 2011 181.76
May 2011 180.08
June 2011 184.45
July 2011 191.34
August 2011 188.47
September 2011 188.70
October 2011 194.50
November 2011 189.11
December 2011 191.48
January 2012 191.59
February 2012 191.85
March 2012 198.75
April 2012 190.36
May 2012 192.52
June 2012 194.38
July 2012 197.34
August 2012 197.90
September 2012 197.75
October 2012 198.90
November 2012 197.60
December 2012 199.28
January 2013 198.89
February 2013 194.95
March 2013 188.11
April 2013 184.69
May 2013 184.44
June 2013 179.41
July 2013 170.46
August 2013 164.99
September 2013 165.61
October 2013 164.23
November 2013 167.77
December 2013 164.89
January 2014 162.22
February 2014 163.96
March 2014 165.88
April 2014 166.11
May 2014 164.35
June 2014 165.14
July 2014 165.37
August 2014 164.75
September 2014 166.41
October 2014 164.40
November 2014 166.51
December 2014 167.47
January 2015 171.29
February 2015 170.26
March 2015 168.62
April 2015 168.17
May 2015 167.08
June 2015 166.68
July 2015 165.99
August 2015 164.91
September 2015 165.14
October 2015 165.91
November 2015 165.65
December 2015 162.17
January 2016 163.91
February 2016 165.76
March 2016 168.83
April 2016 167.29
May 2016 168.25
June 2016 169.65
July 2016 169.59
August 2016 172.29
September 2016 169.13
October 2016 167.64
November 2016 165.60
December 2016 161.80
January 2017 155.92
February 2017 154.49
March 2017 158.01
April 2017 159.82
May 2017 161.37
June 2017 158.72
July 2017 160.51
August 2017 159.25
September 2017 158.20
October 2017 158.50
November 2017 156.82
December 2017 159.01
January 2018 154.85
February 2018 151.42
March 2018 147.59
April 2018 145.56

Note: The housing affordability index data are monthly through April 2018. At an index value of 100, a median-income family has exactly enough income to qualify for a median-priced home mortgage. Housing affordability is seasonally adjusted by Board staff.

Source: National Association of Realtors.

Weekly

Period Mortgage rates (Percent)
1 January 2009 5.10
8 January 2009 5.01
15 January 2009 4.96
22 January 2009 5.12
29 January 2009 5.10
5 February 2009 5.25
12 February 2009 5.16
19 February 2009 5.04
26 February 2009 5.07
5 March 2009 5.15
12 March 2009 5.03
19 March 2009 4.98
26 March 2009 4.85
2 April 2009 4.78
9 April 2009 4.87
16 April 2009 4.82
23 April 2009 4.80
30 April 2009 4.78
7 May 2009 4.84
14 May 2009 4.86
21 May 2009 4.82
28 May 2009 4.91
4 June 2009 5.29
11 June 2009 5.59
18 June 2009 5.38
25 June 2009 5.42
2 July 2009 5.32
9 July 2009 5.20
16 July 2009 5.14
23 July 2009 5.20
30 July 2009 5.25
6 August 2009 5.22
13 August 2009 5.29
20 August 2009 5.12
27 August 2009 5.14
3 September 2009 5.08
10 September 2009 5.07
17 September 2009 5.04
24 September 2009 5.04
1 October 2009 4.94
8 October 2009 4.87
15 October 2009 4.92
22 October 2009 5.00
29 October 2009 5.03
5 November 2009 4.98
12 November 2009 4.91
19 November 2009 4.83
26 November 2009 4.78
3 December 2009 4.71
10 December 2009 4.81
17 December 2009 4.94
24 December 2009 5.05
31 December 2009 5.14
7 January 2010 5.09
14 January 2010 5.06
21 January 2010 4.99
28 January 2010 4.98
4 February 2010 5.01
11 February 2010 4.97
18 February 2010 4.93
25 February 2010 5.05
4 March 2010 4.97
11 March 2010 4.95
18 March 2010 4.96
25 March 2010 4.99
1 April 2010 5.08
8 April 2010 5.21
15 April 2010 5.07
22 April 2010 5.07
29 April 2010 5.06
6 May 2010 5.00
13 May 2010 4.93
20 May 2010 4.84
27 May 2010 4.78
3 June 2010 4.79
10 June 2010 4.72
17 June 2010 4.75
24 June 2010 4.69
1 July 2010 4.58
8 July 2010 4.57
15 July 2010 4.57
22 July 2010 4.56
29 July 2010 4.54
5 August 2010 4.49
12 August 2010 4.44
19 August 2010 4.42
26 August 2010 4.36
2 September 2010 4.32
9 September 2010 4.35
16 September 2010 4.37
23 September 2010 4.37
30 September 2010 4.32
7 October 2010 4.27
14 October 2010 4.19
21 October 2010 4.21
28 October 2010 4.23
4 November 2010 4.24
11 November 2010 4.17
18 November 2010 4.39
25 November 2010 4.40
2 December 2010 4.46
9 December 2010 4.61
16 December 2010 4.83
23 December 2010 4.81
30 December 2010 4.86
6 January 2011 4.77
13 January 2011 4.71
20 January 2011 4.74
27 January 2011 4.80
3 February 2011 4.81
10 February 2011 5.05
17 February 2011 5.00
24 February 2011 4.95
3 March 2011 4.87
10 March 2011 4.88
17 March 2011 4.76
24 March 2011 4.81
31 March 2011 4.86
7 April 2011 4.87
14 April 2011 4.91
21 April 2011 4.80
28 April 2011 4.78
5 May 2011 4.71
12 May 2011 4.63
19 May 2011 4.61
26 May 2011 4.60
2 June 2011 4.55
9 June 2011 4.49
16 June 2011 4.50
23 June 2011 4.50
30 June 2011 4.51
7 July 2011 4.60
14 July 2011 4.51
21 July 2011 4.52
28 July 2011 4.55
4 August 2011 4.39
11 August 2011 4.32
18 August 2011 4.15
25 August 2011 4.22
1 September 2011 4.22
8 September 2011 4.12
15 September 2011 4.09
22 September 2011 4.09
29 September 2011 4.01
6 October 2011 3.94
13 October 2011 4.12
20 October 2011 4.11
27 October 2011 4.10
3 November 2011 4.00
10 November 2011 3.99
17 November 2011 4.00
24 November 2011 3.98
1 December 2011 4.00
8 December 2011 3.99
15 December 2011 3.94
22 December 2011 3.91
29 December 2011 3.95
5 January 2012 3.91
12 January 2012 3.89
19 January 2012 3.88
26 January 2012 3.98
2 February 2012 3.87
9 February 2012 3.87
16 February 2012 3.87
23 February 2012 3.95
1 March 2012 3.90
8 March 2012 3.88
15 March 2012 3.92
22 March 2012 4.08
29 March 2012 3.99
5 April 2012 3.98
12 April 2012 3.88
19 April 2012 3.90
26 April 2012 3.88
3 May 2012 3.84
10 May 2012 3.83
17 May 2012 3.79
24 May 2012 3.78
31 May 2012 3.75
7 June 2012 3.67
14 June 2012 3.71
21 June 2012 3.66
28 June 2012 3.66
5 July 2012 3.62
12 July 2012 3.56
19 July 2012 3.53
26 July 2012 3.49
2 August 2012 3.55
9 August 2012 3.59
16 August 2012 3.62
23 August 2012 3.66
30 August 2012 3.59
6 September 2012 3.55
13 September 2012 3.55
20 September 2012 3.49
27 September 2012 3.40
4 October 2012 3.36
11 October 2012 3.39
18 October 2012 3.37
25 October 2012 3.41
1 November 2012 3.39
8 November 2012 3.40
15 November 2012 3.34
22 November 2012 3.31
29 November 2012 3.32
6 December 2012 3.34
13 December 2012 3.32
20 December 2012 3.37
27 December 2012 3.35
3 January 2013 3.34
10 January 2013 3.40
17 January 2013 3.38
24 January 2013 3.42
31 January 2013 3.53
7 February 2013 3.53
14 February 2013 3.53
21 February 2013 3.56
28 February 2013 3.51
7 March 2013 3.52
14 March 2013 3.63
21 March 2013 3.54
28 March 2013 3.57
4 April 2013 3.54
11 April 2013 3.43
18 April 2013 3.41
25 April 2013 3.40
2 May 2013 3.35
9 May 2013 3.42
16 May 2013 3.51
23 May 2013 3.59
30 May 2013 3.81
6 June 2013 3.91
13 June 2013 3.98
20 June 2013 3.93
27 June 2013 4.46
4 July 2013 4.29
11 July 2013 4.51
18 July 2013 4.37
25 July 2013 4.31
1 August 2013 4.39
8 August 2013 4.40
15 August 2013 4.40
22 August 2013 4.58
29 August 2013 4.51
5 September 2013 4.57
12 September 2013 4.57
19 September 2013 4.50
26 September 2013 4.32
3 October 2013 4.22
10 October 2013 4.23
17 October 2013 4.28
24 October 2013 4.13
31 October 2013 4.10
7 November 2013 4.16
14 November 2013 4.35
21 November 2013 4.22
28 November 2013 4.29
5 December 2013 4.46
12 December 2013 4.42
19 December 2013 4.47
26 December 2013 4.48
2 January 2014 4.53
9 January 2014 4.51
16 January 2014 4.41
23 January 2014 4.39
30 January 2014 4.32
6 February 2014 4.23
13 February 2014 4.28
20 February 2014 4.33
27 February 2014 4.37
6 March 2014 4.28
13 March 2014 4.37
20 March 2014 4.32
27 March 2014 4.40
3 April 2014 4.41
10 April 2014 4.34
17 April 2014 4.27
24 April 2014 4.33
1 May 2014 4.29
8 May 2014 4.21
15 May 2014 4.20
22 May 2014 4.14
29 May 2014 4.12
5 June 2014 4.14
12 June 2014 4.20
19 June 2014 4.17
26 June 2014 4.14
3 July 2014 4.12
10 July 2014 4.15
17 July 2014 4.13
24 July 2014 4.13
31 July 2014 4.12
7 August 2014 4.14
14 August 2014 4.12
21 August 2014 4.10
28 August 2014 4.10
4 September 2014 4.10
11 September 2014 4.12
18 September 2014 4.23
25 September 2014 4.20
2 October 2014 4.19
9 October 2014 4.12
16 October 2014 3.97
23 October 2014 3.92
30 October 2014 3.98
6 November 2014 4.02
13 November 2014 4.01
20 November 2014 3.99
27 November 2014 3.97
4 December 2014 3.89
11 December 2014 3.93
18 December 2014 3.80
25 December 2014 3.83
1 January 2015 3.87
8 January 2015 3.73
15 January 2015 3.66
22 January 2015 3.63
29 January 2015 3.66
5 February 2015 3.59
12 February 2015 3.69
19 February 2015 3.76
26 February 2015 3.80
5 March 2015 3.75
12 March 2015 3.86
19 March 2015 3.78
26 March 2015 3.69
2 April 2015 3.70
9 April 2015 3.66
16 April 2015 3.67
23 April 2015 3.65
30 April 2015 3.68
7 May 2015 3.80
14 May 2015 3.85
21 May 2015 3.84
28 May 2015 3.87
4 June 2015 3.87
11 June 2015 4.04
18 June 2015 4.00
25 June 2015 4.02
2 July 2015 4.08
9 July 2015 4.04
16 July 2015 4.09
23 July 2015 4.04
30 July 2015 3.98
6 August 2015 3.91
13 August 2015 3.94
20 August 2015 3.93
27 August 2015 3.84
3 September 2015 3.89
10 September 2015 3.90
17 September 2015 3.91
24 September 2015 3.86
1 October 2015 3.85
8 October 2015 3.76
15 October 2015 3.82
22 October 2015 3.79
29 October 2015 3.76
5 November 2015 3.87
12 November 2015 3.98
19 November 2015 3.97
26 November 2015 3.95
3 December 2015 3.93
10 December 2015 3.95
17 December 2015 3.97
24 December 2015 3.96
31 December 2015 4.01
7 January 2016 3.97
14 January 2016 3.92
21 January 2016 3.81
28 January 2016 3.79
4 February 2016 3.72
11 February 2016 3.65
18 February 2016 3.65
25 February 2016 3.62
3 March 2016 3.64
10 March 2016 3.68
17 March 2016 3.73
24 March 2016 3.71
31 March 2016 3.71
7 April 2016 3.59
14 April 2016 3.58
21 April 2016 3.59
28 April 2016 3.66
5 May 2016 3.61
12 May 2016 3.57
19 May 2016 3.58
26 May 2016 3.64
2 June 2016 3.66
9 June 2016 3.60
16 June 2016 3.54
23 June 2016 3.56
30 June 2016 3.48
7 July 2016 3.41
14 July 2016 3.42
21 July 2016 3.45
28 July 2016 3.48
4 August 2016 3.43
11 August 2016 3.45
18 August 2016 3.43
25 August 2016 3.43
1 September 2016 3.46
8 September 2016 3.44
15 September 2016 3.50
22 September 2016 3.48
29 September 2016 3.42
6 October 2016 3.42
13 October 2016 3.47
20 October 2016 3.52
27 October 2016 3.47
3 November 2016 3.54
10 November 2016 3.57
17 November 2016 3.94
24 November 2016 4.03
1 December 2016 4.08
8 December 2016 4.13
15 December 2016 4.16
22 December 2016 4.30
29 December 2016 4.32
5 January 2017 4.20
12 January 2017 4.12
19 January 2017 4.09
26 January 2017 4.19
2 February 2017 4.19
9 February 2017 4.17
16 February 2017 4.15
23 February 2017 4.16
2 March 2017 4.10
9 March 2017 4.21
16 March 2017 4.30
23 March 2017 4.23
30 March 2017 4.14
6 April 2017 4.10
13 April 2017 4.08
20 April 2017 3.97
27 April 2017 4.03
4 May 2017 4.02
11 May 2017 4.05
18 May 2017 4.02
25 May 2017 3.95
1 June 2017 3.94
8 June 2017 3.89
15 June 2017 3.91
22 June 2017 3.90
29 June 2017 3.88
6 July 2017 3.96
13 July 2017 4.03
20 July 2017 3.96
27 July 2017 3.92
3 August 2017 3.93
10 August 2017 3.90
17 August 2017 3.89
24 August 2017 3.86
31 August 2017 3.82
7 September 2017 3.78
14 September 2017 3.78
21 September 2017 3.83
28 September 2017 3.83
5 October 2017 3.85
12 October 2017 3.91
19 October 2017 3.88
26 October 2017 3.94
2 November 2017 3.94
9 November 2017 3.90
16 November 2017 3.95
23 November 2017 3.92
30 November 2017 3.90
7 December 2017 3.94
14 December 2017 3.93
21 December 2017 3.94
28 December 2017 3.99
4 January 2018 3.95
11 January 2018 3.99
18 January 2018 4.04
25 January 2018 4.15
1 February 2018 4.22
8 February 2018 4.32
15 February 2018 4.38
22 February 2018 4.40
1 March 2018 4.43
8 March 2018 4.46
15 March 2018 4.44
22 March 2018 4.45
29 March 2018 4.44
5 April 2018 4.40
12 April 2018 4.42
19 April 2018 4.47
26 April 2018 4.58
3 May 2018 4.55
10 May 2018 4.55
17 May 2018 4.61
24 May 2018 4.66
31 May 2018 4.56
7 June 2018 4.54
14 June 2018 4.62
21 June 2018 4.57
28 June 2018 4.55
5 July 2018 4.52

Note: The mortgage rate data are weekly through July 5, 2018.

Source: Freddie Mac Primary Mortgage Market Survey.

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Figure 24. Private housing starts and permits

Monthly
Millions of units, annual rate

Period Multifamily starts Single-family starts Single-family permits
January 2006 0.45 1.82 1.69
February 2006 0.32 1.80 1.64
March 2006 0.37 1.60 1.55
April 2006 0.31 1.51 1.50
May 2006 0.37 1.57 1.45
June 2006 0.35 1.45 1.39
July 2006 0.31 1.42 1.31
August 2006 0.29 1.36 1.28
September 2006 0.34 1.38 1.22
October 2006 0.28 1.21 1.18
November 2006 0.28 1.29 1.16
December 2006 0.40 1.25 1.20
January 2007 0.28 1.13 1.17
February 2007 0.29 1.19 1.14
March 2007 0.29 1.20 1.15
April 2007 0.29 1.20 1.06
May 2007 0.29 1.13 1.04
June 2007 0.32 1.13 1.00
July 2007 0.31 1.04 0.98
August 2007 0.37 0.96 0.92
September 2007 0.25 0.94 0.86
October 2007 0.39 0.88 0.82
November 2007 0.36 0.83 0.80
December 2007 0.23 0.81 0.74
January 2008 0.31 0.77 0.71
February 2008 0.38 0.72 0.66
March 2008 0.28 0.73 0.64
April 2008 0.33 0.68 0.66
May 2008 0.29 0.68 0.63
June 2008 0.40 0.65 0.61
July 2008 0.31 0.62 0.57
August 2008 0.24 0.61 0.54
September 2008 0.28 0.54 0.53
October 2008 0.24 0.54 0.47
November 2008 0.19 0.46 0.42
December 2008 0.16 0.40 0.36
January 2009 0.13 0.36 0.34
February 2009 0.22 0.36 0.38
March 2009 0.15 0.35 0.36
April 2009 0.09 0.39 0.39
May 2009 0.13 0.41 0.43
June 2009 0.10 0.48 0.46
July 2009 0.09 0.51 0.49
August 2009 0.10 0.49 0.49
September 2009 0.08 0.51 0.48
October 2009 0.06 0.48 0.47
November 2009 0.09 0.50 0.48
December 2009 0.10 0.48 0.51
January 2010 0.10 0.51 0.50
February 2010 0.08 0.53 0.51
March 2010 0.09 0.54 0.54
April 2010 0.12 0.57 0.48
May 2010 0.13 0.46 0.44
June 2010 0.09 0.45 0.43
July 2010 0.12 0.43 0.41
August 2010 0.18 0.42 0.40
September 2010 0.15 0.45 0.40
October 2010 0.11 0.44 0.41
November 2010 0.09 0.45 0.42
December 2010 0.11 0.43 0.45
January 2011 0.20 0.43 0.42
February 2011 0.13 0.39 0.38
March 2011 0.17 0.43 0.40
April 2011 0.14 0.42 0.40
May 2011 0.15 0.41 0.41
June 2011 0.17 0.44 0.41
July 2011 0.19 0.43 0.42
August 2011 0.16 0.42 0.43
September 2011 0.23 0.42 0.43
October 2011 0.17 0.44 0.44
November 2011 0.25 0.47 0.45
December 2011 0.17 0.52 0.46
January 2012 0.21 0.52 0.46
February 2012 0.24 0.47 0.49
March 2012 0.22 0.47 0.48
April 2012 0.25 0.50 0.49
May 2012 0.19 0.52 0.49
June 2012 0.23 0.52 0.50
July 2012 0.22 0.52 0.52
August 2012 0.22 0.54 0.52
September 2012 0.25 0.59 0.56
October 2012 0.30 0.61 0.57
November 2012 0.26 0.57 0.57
December 2012 0.36 0.62 0.58
January 2013 0.28 0.60 0.59
February 2013 0.31 0.65 0.61
March 2013 0.39 0.62 0.61
April 2013 0.25 0.59 0.62
May 2013 0.32 0.61 0.62
June 2013 0.23 0.61 0.63
July 2013 0.29 0.59 0.62
August 2013 0.29 0.63 0.63
September 2013 0.27 0.58 0.63
October 2013 0.33 0.60 0.62
November 2013 0.40 0.70 0.64
December 2013 0.36 0.65 0.61
January 2014 0.32 0.57 0.62
February 2014 0.35 0.59 0.61
March 2014 0.32 0.65 0.62
April 2014 0.40 0.65 0.62
May 2014 0.36 0.65 0.63
June 2014 0.30 0.60 0.65
July 2014 0.42 0.66 0.65
August 2014 0.34 0.64 0.65
September 2014 0.36 0.66 0.66
October 2014 0.38 0.70 0.65
November 2014 0.35 0.66 0.66
December 2014 0.35 0.72 0.67
January 2015 0.38 0.71 0.66
February 2015 0.30 0.59 0.63
March 2015 0.34 0.63 0.66
April 2015 0.46 0.75 0.68
May 2015 0.38 0.70 0.70
June 2015 0.49 0.70 0.70
July 2015 0.38 0.76 0.70
August 2015 0.40 0.73 0.72
September 2015 0.47 0.74 0.71
October 2015 0.35 0.71 0.72
November 2015 0.40 0.77 0.73
December 2015 0.39 0.77 0.72
January 2016 0.35 0.77 0.73
February 2016 0.37 0.83 0.73
March 2016 0.36 0.75 0.73
April 2016 0.40 0.78 0.75
May 2016 0.40 0.74 0.74
June 2016 0.42 0.77 0.75
July 2016 0.45 0.77 0.72
August 2016 0.44 0.72 0.75
September 2016 0.28 0.78 0.75
October 2016 0.45 0.87 0.78
November 2016 0.33 0.82 0.78
December 2016 0.46 0.82 0.82
January 2017 0.42 0.81 0.80
February 2017 0.41 0.88 0.83
March 2017 0.36 0.82 0.83
April 2017 0.33 0.83 0.80
May 2017 0.33 0.79 0.78
June 2017 0.37 0.86 0.81
July 2017 0.35 0.84 0.82
August 2017 0.29 0.88 0.80
September 2017 0.33 0.83 0.83
October 2017 0.38 0.89 0.85
November 2017 0.36 0.95 0.86
December 2017 0.36 0.85 0.88
January 2018 0.45 0.89 0.87
February 2018 0.39 0.90 0.89
March 2018 0.45 0.88 0.85
April 2018 0.39 0.90 0.86
May 2018 0.41 0.94 0.84

Note: The data extend through May 2018.

Source: U.S. Census Bureau via Haver Analytics.

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Figure 25. New and existing home sales

Monthly
Millions, annual rate

Period Existing home sales New home sales
January 2006 6.70 1.17
February 2006 6.85 1.06
March 2006 6.84 1.12
April 2006 6.70 1.12
May 2006 6.58 1.09
June 2006 6.48 1.07
July 2006 6.31 0.97
August 2006 6.34 1.04
September 2006 6.29 1.02
October 2006 6.35 0.94
November 2006 6.34 1.00
December 2006 6.42 1.00
January 2007 5.74 0.89
February 2007 5.79 0.83
March 2007 5.46 0.83
April 2007 5.29 0.89
May 2007 5.27 0.84
June 2007 5.12 0.79
July 2007 5.07 0.78
August 2007 4.87 0.70
September 2007 4.58 0.69
October 2007 4.43 0.73
November 2007 4.46 0.64
December 2007 4.41 0.62
January 2008 4.17 0.63
February 2008 4.12 0.59
March 2008 4.16 0.54
April 2008 4.11 0.54
May 2008 4.14 0.50
June 2008 4.09 0.49
July 2008 4.15 0.48
August 2008 4.19 0.44
September 2008 4.27 0.43
October 2008 4.09 0.39
November 2008 3.77 0.39
December 2008 4.01 0.38
January 2009 3.82 0.34
February 2009 3.97 0.37
March 2009 3.86 0.34
April 2009 3.90 0.34
May 2009 4.00 0.38
June 2009 4.10 0.39
July 2009 4.37 0.41
August 2009 4.45 0.42
September 2009 4.62 0.39
October 2009 5.02 0.40
November 2009 5.44 0.38
December 2009 4.40 0.35
January 2010 4.19 0.35
February 2010 4.27 0.34
March 2010 4.49 0.38
April 2010 4.82 0.42
May 2010 4.88 0.28
June 2010 4.45 0.31
July 2010 3.45 0.28
August 2010 3.68 0.28
September 2010 3.84 0.32
October 2010 3.83 0.29
November 2010 4.02 0.29
December 2010 4.27 0.33
January 2011 4.42 0.31
February 2011 4.16 0.27
March 2011 4.26 0.30
April 2011 4.17 0.31
May 2011 4.14 0.31
June 2011 4.23 0.30
July 2011 4.15 0.30
August 2011 4.38 0.30
September 2011 4.33 0.30
October 2011 4.34 0.32
November 2011 4.39 0.33
December 2011 4.35 0.34
January 2012 4.48 0.34
February 2012 4.58 0.37
March 2012 4.52 0.35
April 2012 4.59 0.35
May 2012 4.60 0.37
June 2012 4.47 0.36
July 2012 4.53 0.37
August 2012 4.76 0.38
September 2012 4.71 0.39
October 2012 4.79 0.36
November 2012 4.96 0.39
December 2012 4.89 0.40
January 2013 4.98 0.45
February 2013 5.06 0.45
March 2013 5.07 0.44
April 2013 5.09 0.44
May 2013 5.14 0.43
June 2013 5.11 0.47
July 2013 5.27 0.38
August 2013 5.26 0.38
September 2013 5.14 0.40
October 2013 5.04 0.44
November 2013 4.92 0.45
December 2013 4.86 0.43
January 2014 4.76 0.45
February 2014 4.78 0.43
March 2014 4.75 0.41
April 2014 4.79 0.40
May 2014 4.90 0.45
June 2014 4.94 0.42
July 2014 4.98 0.40
August 2014 4.97 0.46
September 2014 5.00 0.47
October 2014 5.12 0.47
November 2014 4.99 0.44
December 2014 5.09 0.49
January 2015 4.92 0.52
February 2015 5.08 0.56
March 2015 5.25 0.49
April 2015 5.17 0.50
May 2015 5.25 0.50
June 2015 5.36 0.47
July 2015 5.44 0.50
August 2015 5.36 0.52
September 2015 5.41 0.46
October 2015 5.28 0.48
November 2015 4.78 0.50
December 2015 5.44 0.53
January 2016 5.44 0.52
February 2016 5.21 0.53
March 2016 5.38 0.54
April 2016 5.50 0.57
May 2016 5.45 0.56
June 2016 5.46 0.56
July 2016 5.35 0.63
August 2016 5.39 0.57
September 2016 5.47 0.57
October 2016 5.55 0.57
November 2016 5.57 0.57
December 2016 5.52 0.55
January 2017 5.65 0.60
February 2017 5.48 0.62
March 2017 5.67 0.64
April 2017 5.54 0.59
May 2017 5.60 0.60
June 2017 5.50 0.62
July 2017 5.42 0.56
August 2017 5.42 0.56
September 2017 5.37 0.64
October 2017 5.50 0.62
November 2017 5.72 0.71
December 2017 5.56 0.64
January 2018 5.38 0.63
February 2018 5.54 0.66
March 2018 5.60 0.67
April 2018 5.45 0.65
May 2018 5.43 0.69

Note: Data are monthly and extend through May 2018. New home sales includes only single-family sales. Existing home sales includes single-family, condo, townhome, and co-op sales.

Source: For new home sales, U.S. Census Bureau; for existing home sales, National Association of Realtors; all via Haver Analytics.

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Figure 26. Change in real imports and exports of goods and services

Percent, annual rate

Period Imports Exports
2012 0.27 2.18
2013 2.45 5.92
2014 6.15 2.98
2015 2.90 -1.81
2016 2.68 0.59
2017 4.65 4.96
2018:Q1 3.20 3.61

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 27. U.S. trade and current account balances

Quarterly
Percent of nominal GDP

Period Trade Current account
2001:Q1 -3.7 -4.01
2001:Q2 -3.4 -3.56
2001:Q3 -3.4 -3.88
2001:Q4 -3.3 -3.23
2002:Q1 -3.5 -3.77
2002:Q2 -3.8 -4.14
2002:Q3 -3.9 -4.09
2002:Q4 -4.3 -4.42
2003:Q1 -4.5 -4.77
2003:Q2 -4.4 -4.53
2003:Q3 -4.3 -4.47
2003:Q4 -4.3 -4.28
2004:Q1 -4.6 -4.57
2004:Q2 -5.0 -5.13
2004:Q3 -5.2 -5.14
2004:Q4 -5.4 -5.71
2005:Q1 -5.3 -5.29
2005:Q2 -5.3 -5.53
2005:Q3 -5.5 -5.65
2005:Q4 -5.9 -6.28
2006:Q1 -5.7 -5.81
2006:Q2 -5.7 -5.87
2006:Q3 -5.8 -6.21
2006:Q4 -5.1 -5.39
2007:Q1 -5.1 -5.56
2007:Q2 -5.1 -5.20
2007:Q3 -4.9 -4.63
2007:Q4 -4.8 -4.28
2008:Q1 -5.2 -4.93
2008:Q2 -5.1 -4.75
2008:Q3 -5.2 -4.71
2008:Q4 -4.1 -4.12
2009:Q1 -2.7 -2.66
2009:Q2 -2.4 -2.41
2009:Q3 -2.8 -2.53
2009:Q4 -3.0 -2.73
2010:Q1 -3.3 -2.88
2010:Q2 -3.5 -2.99
2010:Q3 -3.6 -3.06
2010:Q4 -3.3 -2.60
2011:Q1 -3.7 -3.04
2011:Q2 -3.8 -3.03
2011:Q3 -3.7 -2.69
2011:Q4 -3.8 -2.73
2012:Q1 -3.8 -2.89
2012:Q2 -3.6 -2.77
2012:Q3 -3.3 -2.48
2012:Q4 -3.3 -2.43
2013:Q1 -3.2 -2.29
2013:Q2 -3.1 -2.20
2013:Q3 -2.9 -2.10
2013:Q4 -2.6 -1.78
2014:Q1 -3.0 -2.10
2014:Q2 -3.0 -1.99
2014:Q3 -2.8 -1.99
2014:Q4 -2.9 -2.29
2015:Q1 -3.0 -2.27
2015:Q2 -2.8 -2.14
2015:Q3 -2.9 -2.40
2015:Q4 -2.8 -2.18
2016:Q1 -2.9 -2.44
2016:Q2 -2.7 -2.22
2016:Q3 -2.6 -2.33
2016:Q4 -3.0 -2.30
2017:Q1 -3.1 -2.26
2017:Q2 -2.9 -2.53
2017:Q3 -2.7 -2.12
2017:Q4 -3.0 -2.35
2018:Q1 -3.2 -2.49

Note: GDP is gross domestic product.

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 28. Change in real government expenditures on consumption and investment

Percent, annual rate

Period Federal State and local
2009 3.94 1.30
2010 3.25 -4.03
2011 -4.01 -2.35
2012 -2.14 -2.27
2013 -6.67 -0.11
2014 -1.16 1.52
2015 1.16 1.86
2016 -0.33 0.81
2017 0.98 0.53
2018:Q1 1.73 0.98

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 29. Federal receipts and expenditures

Annual
Percent of nominal GDP

Period Expenditures Receipts
1997 18.87 18.62
1998 18.45 19.23
1999 17.89 19.22
2000 17.63 19.96
2001 17.63 18.85
2002 18.49 17.04
2003 19.06 15.73
2004 18.97 15.55
2005 19.18 16.71
2006 19.40 17.59
2007 19.05 17.93
2008 20.22 17.11
2009 24.40 14.60
2010 23.36 14.61
2011 23.43 14.98
2012 22.07 15.29
2013 20.92 16.80
2014 20.33 17.52
2015 20.51 18.07
2016 20.86 17.69
2017 20.76 17.29
2018 20.83 16.97

Note: Through 2017, receipts and expenditures are for fiscal years (October to September); gross domestic product (GDP) is for the four quarters ending in Q3. For 2018, receipts and expenditures are for the 12 months ending in May; GDP is the average of 2017:Q4 and 2018:Q1. Receipts and expenditures are on a unified-budget basis.

Source: Office of Management and Budget via Haver Analytics.

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Figure 30. Federal government debt held by the public

Quarterly

Period Percent of nominal GDP
1968:Q1 30.96
1968:Q2 29.73
1968:Q3 30.05
1968:Q4 29.78
1969:Q1 29.03
1969:Q2 27.34
1969:Q3 27.23
1969:Q4 27.47
1970:Q1 27.32
1970:Q2 26.32
1970:Q3 26.55
1970:Q4 27.30
1971:Q1 26.36
1971:Q2 26.01
1971:Q3 26.30
1971:Q4 27.06
1972:Q1 26.50
1972:Q2 25.27
1972:Q3 25.19
1972:Q4 25.38
1973:Q1 25.08
1973:Q2 23.96
1973:Q3 23.56
1973:Q4 23.33
1974:Q1 23.31
1974:Q2 22.32
1974:Q3 22.18
1974:Q4 22.27
1975:Q1 23.26
1975:Q2 23.76
1975:Q3 24.34
1975:Q4 25.08
1976:Q1 25.60
1976:Q2 25.65
1976:Q3 26.16
1976:Q4 26.42
1977:Q1 26.59
1977:Q2 25.67
1977:Q3 25.83
1977:Q4 26.21
1978:Q1 26.67
1978:Q2 25.32
1978:Q3 25.28
1978:Q4 25.02
1979:Q1 24.93
1979:Q2 24.14
1979:Q3 23.93
1979:Q4 24.06
1980:Q1 24.12
1980:Q2 24.32
1980:Q3 24.78
1980:Q4 24.53
1981:Q1 24.54
1981:Q2 24.19
1981:Q3 24.05
1981:Q4 24.97
1982:Q1 26.04
1982:Q2 25.86
1982:Q3 27.29
1982:Q4 28.80
1983:Q1 29.80
1983:Q2 30.25
1983:Q3 30.63
1983:Q4 30.74
1984:Q1 31.07
1984:Q2 31.04
1984:Q3 31.80
1984:Q4 32.89
1985:Q1 33.20
1985:Q2 33.76
1985:Q3 34.12
1985:Q4 35.70
1986:Q1 36.03
1986:Q2 36.85
1986:Q3 37.58
1986:Q4 38.67
1987:Q1 38.72
1987:Q2 38.70
1987:Q3 38.53
1987:Q4 38.82
1988:Q1 39.11
1988:Q2 38.60
1988:Q3 38.69
1988:Q4 38.89
1989:Q1 38.76
1989:Q2 38.24
1989:Q3 38.35
1989:Q4 39.06
1990:Q1 39.21
1990:Q2 39.29
1990:Q3 39.98
1990:Q4 41.47
1991:Q1 42.09
1991:Q2 42.19
1991:Q3 43.21
1991:Q4 44.21
1992:Q1 44.82
1992:Q2 45.03
1992:Q3 45.53
1992:Q4 45.99
1993:Q1 46.53
1993:Q2 46.87
1993:Q3 47.03
1993:Q4 47.44
1994:Q1 47.47
1994:Q2 46.71
1994:Q3 46.68
1994:Q4 46.71
1995:Q1 47.15
1995:Q2 47.12
1995:Q3 46.76
1995:Q4 46.63
1996:Q1 47.09
1996:Q2 45.82
1996:Q3 45.75
1996:Q4 45.63
1997:Q1 45.58
1997:Q2 43.97
1997:Q3 43.39
1997:Q4 43.29
1998:Q1 43.09
1998:Q2 41.68
1998:Q3 40.67
1998:Q4 40.23
1999:Q1 39.80
1999:Q2 38.21
1999:Q3 37.41
1999:Q4 37.08
2000:Q1 36.42
2000:Q2 33.70
2000:Q3 32.92
2000:Q4 32.32
2001:Q1 32.44
2001:Q2 30.56
2001:Q3 31.20
2001:Q4 31.58
2002:Q1 31.66
2002:Q2 31.56
2002:Q3 32.08
2002:Q4 32.75
2003:Q1 32.95
2003:Q2 33.48
2003:Q3 33.66
2003:Q4 34.12
2004:Q1 34.76
2004:Q2 34.55
2004:Q3 34.71
2004:Q4 34.98
2005:Q1 35.58
2005:Q2 34.81
2005:Q3 34.75
2005:Q4 35.13
2006:Q1 35.59
2006:Q2 34.65
2006:Q3 34.70
2006:Q4 34.72
2007:Q1 35.39
2007:Q2 34.16
2007:Q3 34.53
2007:Q4 34.87
2008:Q1 36.27
2008:Q2 35.59
2008:Q3 39.07
2008:Q4 43.71
2009:Q1 47.45
2009:Q2 49.95
2009:Q3 52.42
2009:Q4 53.56
2010:Q1 56.40
2010:Q2 57.93
2010:Q3 59.87
2010:Q4 61.60
2011:Q1 63.28
2011:Q2 62.97
2011:Q3 64.96
2011:Q4 66.21
2012:Q1 67.92
2012:Q2 68.53
2012:Q3 69.50
2012:Q4 71.13
2013:Q1 72.40
2013:Q2 72.01
2013:Q3 71.52
2013:Q4 72.65
2014:Q1 74.05
2014:Q2 72.55
2014:Q3 72.51
2014:Q4 73.40
2015:Q1 73.20
2015:Q2 72.23
2015:Q3 71.95
2015:Q4 74.73
2016:Q1 75.95
2016:Q2 75.12
2016:Q3 75.64
2016:Q4 76.30
2017:Q1 75.34
2017:Q2 74.57
2017:Q3 75.20
2017:Q4 74.94
2018:Q1 77.22

Note: The data for gross domestic product (GDP) are at an annual rate. Federal debt held by the public equals federal debt less Treasury securities held in federal employee defined benefit retirement accounts, evaluated at the end of the quarter.

Source: For GDP, Bureau of Economic Analysis via Haver Analytics; for federal debt, Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."

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Figure 31. Market-implied federal funds rate

Quarterly
Percent

Period July 11, 2018 Dec. 29, 2017
2017:Q4 ND 1.39
2018:Q1 ND 1.51
2018:Q2 ND 1.66
2018:Q3 2.03 1.81
2018:Q4 2.22 1.92
2019:Q1 2.40 1.97
2019:Q2 2.53 1.99
2019:Q3 2.59 2.00
2019:Q4 2.61 2.02
2020:Q1 2.62 2.03
2020:Q2 2.62 2.04
2020:Q3 2.62 2.04
2020:Q4 2.61 2.04

Note: The federal funds rate path is implied by quotes on overnight index swaps–-a derivative contract tied to the effective federal funds rate. The implied path as of July 11, 2018, is compared with that as of December 29, 2017. The path is estimated with a spline approach, assuming a term premium of 0 basis points. The paths extend through 2020:Q4.

Source: Bloomberg; Federal Reserve Board staff estimates.

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Figure 32. Yields on nominal Treasury securities

Daily
Percent

Date 2-year 10-year 30-year
3 January 2000 6.38 6.58 6.61
4 January 2000 6.30 6.49 6.53
5 January 2000 6.38 6.62 6.64
6 January 2000 6.35 6.57 6.58
7 January 2000 6.31 6.52 6.55
10 January 2000 6.38 6.57 6.59
11 January 2000 6.45 6.67 6.68
12 January 2000 6.49 6.72 6.71
13 January 2000 6.40 6.63 6.65
14 January 2000 6.44 6.69 6.69
17 January 2000 ND ND ND
18 January 2000 6.47 6.75 6.75
19 January 2000 6.46 6.73 6.72
20 January 2000 6.49 6.79 6.74
21 January 2000 6.48 6.79 6.71
24 January 2000 6.43 6.69 6.65
25 January 2000 6.44 6.70 6.64
26 January 2000 6.45 6.69 6.60
27 January 2000 6.51 6.68 6.53
28 January 2000 6.58 6.66 6.45
31 January 2000 6.61 6.68 6.49
1 February 2000 6.60 6.62 6.43
2 February 2000 6.63 6.60 6.32
3 February 2000 6.56 6.49 6.17
4 February 2000 6.63 6.53 6.23
7 February 2000 6.68 6.64 6.34
8 February 2000 6.69 6.59 6.22
9 February 2000 6.69 6.56 6.32
10 February 2000 6.67 6.67 6.35
11 February 2000 6.65 6.63 6.29
14 February 2000 6.62 6.56 6.22
15 February 2000 6.66 6.56 6.26
16 February 2000 6.63 6.56 6.27
17 February 2000 6.69 6.58 6.23
18 February 2000 6.66 6.49 6.16
21 February 2000 ND ND ND
22 February 2000 6.57 6.36 6.08
23 February 2000 6.61 6.44 6.14
24 February 2000 6.52 6.36 6.13
25 February 2000 6.45 6.36 6.17
28 February 2000 6.47 6.37 6.16
29 February 2000 6.53 6.42 6.15
1 March 2000 6.52 6.39 6.16
2 March 2000 6.52 6.40 6.15
3 March 2000 6.50 6.39 6.13
6 March 2000 6.55 6.42 6.16
7 March 2000 6.48 6.39 6.16
8 March 2000 6.50 6.38 6.17
9 March 2000 6.48 6.35 6.16
10 March 2000 6.55 6.39 6.19
13 March 2000 6.52 6.36 6.17
14 March 2000 6.48 6.31 6.11
15 March 2000 6.50 6.29 6.07
16 March 2000 6.50 6.26 6.05
17 March 2000 6.50 6.20 6.01
20 March 2000 6.52 6.18 5.99
21 March 2000 6.50 6.13 5.97
22 March 2000 6.50 6.13 5.97
23 March 2000 6.52 6.08 5.92
24 March 2000 6.64 6.20 6.00
27 March 2000 6.66 6.21 5.99
28 March 2000 6.60 6.17 5.98
29 March 2000 6.59 6.18 5.99
30 March 2000 6.52 6.06 5.89
31 March 2000 6.50 6.03 5.84
3 April 2000 6.45 6.00 5.84
4 April 2000 6.35 5.90 5.77
5 April 2000 6.35 5.90 5.81
6 April 2000 6.38 5.93 5.80
7 April 2000 6.38 5.86 5.71
10 April 2000 6.31 5.80 5.69
11 April 2000 6.36 5.89 5.77
12 April 2000 6.40 5.97 5.84
13 April 2000 6.40 5.94 5.81
14 April 2000 6.27 5.85 5.79
17 April 2000 6.33 6.01 5.92
18 April 2000 6.33 6.05 5.92
19 April 2000 6.33 5.99 5.85
20 April 2000 6.38 5.99 5.83
21 April 2000 ND ND ND
24 April 2000 6.36 6.00 5.86
25 April 2000 6.48 6.14 5.95
26 April 2000 6.50 6.14 5.95
27 April 2000 6.63 6.23 6.00
28 April 2000 6.68 6.23 5.97
1 May 2000 6.73 6.29 5.98
2 May 2000 6.72 6.32 6.03
3 May 2000 6.73 6.40 6.11
4 May 2000 6.77 6.46 6.19
5 May 2000 6.84 6.51 6.20
8 May 2000 6.87 6.57 6.25
9 May 2000 6.86 6.53 6.22
10 May 2000 6.84 6.47 6.18
11 May 2000 6.82 6.43 6.16
12 May 2000 6.91 6.51 6.20
15 May 2000 6.88 6.47 6.17
16 May 2000 6.89 6.43 6.12
17 May 2000 6.90 6.48 6.18
18 May 2000 6.93 6.56 6.24
19 May 2000 6.86 6.51 6.22
22 May 2000 6.81 6.44 6.18
23 May 2000 6.83 6.45 6.17
24 May 2000 6.79 6.47 6.19
25 May 2000 6.71 6.39 6.11
26 May 2000 6.69 6.33 6.06
29 May 2000 ND ND ND
30 May 2000 6.74 6.38 6.09
31 May 2000 6.69 6.29 6.02
1 June 2000 6.61 6.20 5.95
2 June 2000 6.52 6.15 5.94
5 June 2000 6.49 6.12 5.91
6 June 2000 6.51 6.14 5.91
7 June 2000 6.52 6.13 5.89
8 June 2000 6.56 6.13 5.89
9 June 2000 6.56 6.13 5.89
12 June 2000 6.52 6.09 5.88
13 June 2000 6.49 6.11 5.94
14 June 2000 6.44 6.06 5.91
15 June 2000 6.44 6.05 5.93
16 June 2000 6.38 5.99 5.88
19 June 2000 6.40 6.00 5.89
20 June 2000 6.43 6.03 5.90
21 June 2000 6.50 6.11 5.96
22 June 2000 6.50 6.12 5.98
23 June 2000 6.55 6.19 6.04
26 June 2000 6.50 6.11 5.99
27 June 2000 6.50 6.10 5.95
28 June 2000 6.43 6.11 5.97
29 June 2000 6.37 6.04 5.88
30 June 2000 6.38 6.03 5.90
3 July 2000 6.31 6.00 5.87
4 July 2000 ND ND ND
5 July 2000 6.29 5.99 5.86
6 July 2000 6.34 6.05 5.91
7 July 2000 6.29 6.01 5.87
10 July 2000 6.31 6.04 5.88
11 July 2000 6.32 6.06 5.89
12 July 2000 6.34 6.09 5.89
13 July 2000 6.31 6.01 5.81
14 July 2000 6.41 6.10 5.88
17 July 2000 6.46 6.17 5.93
18 July 2000 6.44 6.16 5.92
19 July 2000 6.46 6.16 5.92
20 July 2000 6.32 6.01 5.81
21 July 2000 6.32 6.01 5.79
24 July 2000 6.35 6.04 5.81
25 July 2000 6.35 6.04 5.81
26 July 2000 6.29 6.04 5.82
27 July 2000 6.27 6.02 5.78
28 July 2000 6.30 6.04 5.78
31 July 2000 6.30 6.04 5.79
1 August 2000 6.27 6.00 5.74
2 August 2000 6.23 5.98 5.77
3 August 2000 6.22 5.95 5.74
4 August 2000 6.15 5.91 5.72
7 August 2000 6.20 5.97 5.76
8 August 2000 6.16 5.93 5.73
9 August 2000 6.18 5.81 5.73
10 August 2000 6.16 5.76 5.68
11 August 2000 6.25 5.79 5.72
14 August 2000 6.25 5.78 5.70
15 August 2000 6.28 5.81 5.72
16 August 2000 6.30 5.83 5.73
17 August 2000 6.30 5.81 5.72
18 August 2000 6.27 5.78 5.69
21 August 2000 6.28 5.79 5.71
22 August 2000 6.27 5.78 5.71
23 August 2000 6.20 5.73 5.68
24 August 2000 6.19 5.73 5.67
25 August 2000 6.19 5.73 5.67
28 August 2000 6.23 5.78 5.72
29 August 2000 6.26 5.81 5.75
30 August 2000 6.24 5.81 5.74
31 August 2000 6.18 5.73 5.67
1 September 2000 6.09 5.68 5.67
4 September 2000 ND ND ND
5 September 2000 6.09 5.69 5.67
6 September 2000 6.11 5.72 5.71
7 September 2000 6.14 5.76 5.72
8 September 2000 6.11 5.73 5.70
11 September 2000 6.12 5.77 5.73
12 September 2000 6.12 5.78 5.76
13 September 2000 6.09 5.74 5.73
14 September 2000 6.11 5.79 5.81
15 September 2000 6.07 5.84 5.90
18 September 2000 6.04 5.88 5.96
19 September 2000 6.05 5.86 5.92
20 September 2000 6.11 5.91 5.97
21 September 2000 6.11 5.88 5.93
22 September 2000 6.09 5.85 5.92
25 September 2000 6.11 5.84 5.90
26 September 2000 6.07 5.81 5.86
27 September 2000 6.00 5.83 5.90
28 September 2000 6.02 5.82 5.89
29 September 2000 5.98 5.80 5.88
2 October 2000 5.98 5.83 5.93
3 October 2000 6.00 5.87 5.94
4 October 2000 6.03 5.90 5.95
5 October 2000 6.02 5.87 5.91
6 October 2000 5.98 5.82 5.85
9 October 2000 ND ND ND
10 October 2000 5.98 5.80 5.83
11 October 2000 5.93 5.77 5.83
12 October 2000 5.86 5.73 5.82
13 October 2000 5.84 5.73 5.80
16 October 2000 5.89 5.74 5.81
17 October 2000 5.83 5.68 5.77
18 October 2000 5.82 5.66 5.77
19 October 2000 5.86 5.66 5.76
20 October 2000 5.84 5.64 5.73
23 October 2000 5.82 5.59 5.68
24 October 2000 5.86 5.63 5.71
25 October 2000 5.87 5.67 5.75
26 October 2000 5.90 5.69 5.74
27 October 2000 5.94 5.72 5.74
30 October 2000 5.97 5.74 5.76
31 October 2000 5.94 5.77 5.79
1 November 2000 5.88 5.74 5.78
2 November 2000 5.87 5.74 5.79
3 November 2000 5.94 5.83 5.86
6 November 2000 5.99 5.87 5.89
7 November 2000 5.99 5.87 5.90
8 November 2000 5.99 5.87 5.89
9 November 2000 5.94 5.82 5.85
10 November 2000 5.92 5.82 5.88
13 November 2000 5.90 5.77 5.85
14 November 2000 5.92 5.76 5.81
15 November 2000 5.90 5.72 5.77
16 November 2000 5.87 5.68 5.75
17 November 2000 5.88 5.71 5.78
20 November 2000 5.87 5.68 5.76
21 November 2000 5.86 5.67 5.74
22 November 2000 5.85 5.62 5.68
23 November 2000 ND ND ND
24 November 2000 5.86 5.63 5.67
27 November 2000 5.86 5.64 5.71
28 November 2000 5.79 5.59 5.67
29 November 2000 5.69 5.55 5.66
30 November 2000 5.61 5.48 5.60
1 December 2000 5.62 5.52 5.64
4 December 2000 5.59 5.53 5.66
5 December 2000 5.49 5.43 5.59
6 December 2000 5.42 5.32 5.52
7 December 2000 5.45 5.32 5.51
8 December 2000 5.50 5.35 5.55
11 December 2000 5.52 5.37 5.54
12 December 2000 5.54 5.36 5.53
13 December 2000 5.45 5.29 5.48
14 December 2000 5.43 5.23 5.45
15 December 2000 5.38 5.20 5.44
18 December 2000 5.33 5.17 5.44
19 December 2000 5.35 5.19 5.47
20 December 2000 5.24 5.08 5.42
21 December 2000 5.14 5.03 5.41
22 December 2000 5.10 5.02 5.40
25 December 2000 ND ND ND
26 December 2000 5.10 5.04 5.41
27 December 2000 5.10 5.11 5.45
28 December 2000 5.18 5.13 5.44
29 December 2000 5.11 5.12 5.46
1 January 2001 ND ND ND
2 January 2001 4.87 4.92 5.35
3 January 2001 4.92 5.14 5.49
4 January 2001 4.77 5.03 5.44
5 January 2001 4.56 4.93 5.41
8 January 2001 4.54 4.94 5.42
9 January 2001 4.64 4.98 5.43
10 January 2001 4.76 5.10 5.49
11 January 2001 4.77 5.14 5.55
12 January 2001 4.90 5.25 5.63
15 January 2001 ND ND ND
16 January 2001 4.89 5.24 5.60
17 January 2001 4.84 5.19 5.52
18 January 2001 4.72 5.12 5.47
19 January 2001 4.75 5.19 5.56
22 January 2001 4.75 5.25 5.61
23 January 2001 4.82 5.30 5.65
24 January 2001 4.81 5.33 5.67
25 January 2001 4.78 5.29 5.61
26 January 2001 4.78 5.29 5.64
29 January 2001 4.77 5.32 5.69
30 January 2001 4.70 5.24 5.59
31 January 2001 4.62 5.19 5.54
1 February 2001 4.55 5.10 5.46
2 February 2001 4.65 5.17 5.51
5 February 2001 4.68 5.18 5.48
6 February 2001 4.72 5.22 5.51
7 February 2001 4.70 5.10 5.52
8 February 2001 4.73 5.10 5.44
9 February 2001 4.67 5.03 5.38
12 February 2001 4.67 5.05 5.42
13 February 2001 4.75 5.07 5.43
14 February 2001 4.84 5.13 5.44
15 February 2001 4.89 5.19 5.50
16 February 2001 4.75 5.11 5.46
19 February 2001 ND ND ND
20 February 2001 4.73 5.11 5.46
21 February 2001 4.68 5.14 5.49
22 February 2001 4.63 5.15 5.52
23 February 2001 4.53 5.10 5.49
26 February 2001 4.46 5.05 5.45
27 February 2001 4.44 4.96 5.34
28 February 2001 4.41 4.92 5.34
1 March 2001 4.41 4.87 5.29
2 March 2001 4.48 4.95 5.38
5 March 2001 4.49 4.98 5.36
6 March 2001 4.49 4.99 5.38
7 March 2001 4.43 4.92 5.32
8 March 2001 4.43 4.89 5.30
9 March 2001 4.47 4.95 5.32
12 March 2001 4.46 4.92 5.31
13 March 2001 4.46 4.95 5.34
14 March 2001 4.32 4.84 5.28
15 March 2001 4.22 4.81 5.29
16 March 2001 4.26 4.78 5.28
19 March 2001 4.32 4.82 5.30
20 March 2001 4.24 4.78 5.27
21 March 2001 4.21 4.77 5.28
22 March 2001 4.17 4.73 5.25
23 March 2001 4.24 4.80 5.30
26 March 2001 4.27 4.85 5.36
27 March 2001 4.41 5.00 5.45
28 March 2001 4.30 4.97 5.47
29 March 2001 4.27 4.98 5.48
30 March 2001 4.18 4.93 5.46
2 April 2001 4.22 4.98 5.49
3 April 2001 4.15 4.94 5.48
4 April 2001 4.12 4.94 5.50
5 April 2001 4.19 4.98 5.53
6 April 2001 4.07 4.89 5.46
9 April 2001 4.10 4.93 5.50
10 April 2001 4.24 5.09 5.63
11 April 2001 4.29 5.12 5.60
12 April 2001 4.36 5.17 5.61
13 April 2001 ND ND ND
16 April 2001 4.49 5.28 5.70
17 April 2001 4.41 5.21 5.65
18 April 2001 4.26 5.14 5.65
19 April 2001 4.29 5.27 5.77
20 April 2001 4.26 5.29 5.79
23 April 2001 4.15 5.20 5.73
24 April 2001 4.16 5.22 5.75
25 April 2001 4.20 5.28 5.78
26 April 2001 4.14 5.20 5.71
27 April 2001 4.28 5.34 5.81
30 April 2001 4.30 5.35 5.78
1 May 2001 4.23 5.30 5.75
2 May 2001 4.27 5.31 5.71
3 May 2001 4.22 5.22 5.64
4 May 2001 4.14 5.21 5.65
7 May 2001 4.12 5.21 5.68
8 May 2001 4.10 5.24 5.72
9 May 2001 4.07 5.20 5.67
10 May 2001 4.17 5.31 5.75
11 May 2001 4.36 5.51 5.88
14 May 2001 4.29 5.46 5.85
15 May 2001 4.28 5.50 5.89
16 May 2001 4.25 5.48 5.86
17 May 2001 4.33 5.46 5.80
18 May 2001 4.37 5.41 5.76
21 May 2001 4.37 5.41 5.75
22 May 2001 4.34 5.42 5.78
23 May 2001 4.29 5.41 5.79
24 May 2001 4.32 5.52 5.87
25 May 2001 4.31 5.52 5.86
28 May 2001 ND ND ND
29 May 2001 4.33 5.54 5.86
30 May 2001 4.34 5.54 5.86
31 May 2001 4.22 5.43 5.78
1 June 2001 4.22 5.39 5.71
4 June 2001 4.19 5.35 5.69
5 June 2001 4.12 5.29 5.66
6 June 2001 4.12 5.27 5.65
7 June 2001 4.14 5.33 5.72
8 June 2001 4.17 5.38 5.73
11 June 2001 4.11 5.32 5.69
12 June 2001 4.09 5.27 5.65
13 June 2001 4.08 5.28 5.66
14 June 2001 4.04 5.26 5.65
15 June 2001 4.01 5.27 5.68
18 June 2001 3.98 5.27 5.70
19 June 2001 3.99 5.26 5.69
20 June 2001 3.98 5.24 5.67
21 June 2001 3.99 5.22 5.64
22 June 2001 3.93 5.14 5.58
25 June 2001 3.96 5.16 5.59
26 June 2001 4.03 5.24 5.65
27 June 2001 4.06 5.26 5.62
28 June 2001 4.22 5.35 5.68
29 June 2001 4.25 5.42 5.75
2 July 2001 4.21 5.37 5.70
3 July 2001 4.24 5.41 5.73
4 July 2001 ND ND ND
5 July 2001 4.24 5.44 5.76
6 July 2001 4.16 5.41 5.75
9 July 2001 4.15 5.37 5.70
10 July 2001 4.08 5.32 5.68
11 July 2001 4.07 5.31 5.69
12 July 2001 4.07 5.27 5.65
13 July 2001 4.12 5.27 5.64
16 July 2001 4.07 5.21 5.59
17 July 2001 4.09 5.22 5.59
18 July 2001 3.96 5.12 5.52
19 July 2001 3.98 5.13 5.53
20 July 2001 3.98 5.15 5.54
23 July 2001 3.98 5.13 5.53
24 July 2001 3.97 5.13 5.52
25 July 2001 3.98 5.20 5.58
26 July 2001 3.94 5.19 5.59
27 July 2001 3.87 5.13 5.55
30 July 2001 3.86 5.11 5.53
31 July 2001 3.79 5.07 5.51
1 August 2001 3.83 5.11 5.53
2 August 2001 3.89 5.17 5.57
3 August 2001 3.91 5.20 5.59
6 August 2001 3.88 5.19 5.59
7 August 2001 3.90 5.20 5.60
8 August 2001 3.77 4.99 5.52
9 August 2001 3.77 5.04 5.54
10 August 2001 3.73 4.99 5.52
13 August 2001 3.70 4.97 5.52
14 August 2001 3.74 4.97 5.51
15 August 2001 3.80 5.00 5.52
16 August 2001 3.75 4.95 5.48
17 August 2001 3.67 4.84 5.43
20 August 2001 3.74 4.91 5.46
21 August 2001 3.69 4.87 5.44
22 August 2001 3.76 4.91 5.44
23 August 2001 3.72 4.89 5.41
24 August 2001 3.76 4.93 5.45
27 August 2001 3.78 4.94 5.47
28 August 2001 3.71 4.85 5.41
29 August 2001 3.67 4.78 5.36
30 August 2001 3.61 4.79 5.37
31 August 2001 3.64 4.85 5.39
3 September 2001 ND ND ND
4 September 2001 3.83 4.99 5.50
5 September 2001 3.79 4.97 5.48
6 September 2001 3.65 4.86 5.41
7 September 2001 3.53 4.80 5.39
10 September 2001 3.53 4.84 5.43
11 September 2001 ND ND ND
12 September 2001 ND ND ND
13 September 2001 2.99 4.64 5.39
14 September 2001 2.87 4.57 5.35
17 September 2001 2.96 4.63 5.41
18 September 2001 2.96 4.72 5.55
19 September 2001 2.81 4.69 5.56
20 September 2001 2.91 4.75 5.62
21 September 2001 2.91 4.70 5.59
24 September 2001 2.94 4.73 5.58
25 September 2001 2.88 4.72 5.58
26 September 2001 2.82 4.65 5.50
27 September 2001 2.78 4.58 5.45
28 September 2001 2.86 4.60 5.42
1 October 2001 2.82 4.55 5.38
2 October 2001 2.77 4.53 5.34
3 October 2001 2.77 4.50 5.32
4 October 2001 2.75 4.53 5.31
5 October 2001 2.71 4.52 5.31
8 October 2001 ND ND ND
9 October 2001 2.74 4.62 5.39
10 October 2001 2.78 4.61 5.36
11 October 2001 2.88 4.69 5.41
12 October 2001 2.81 4.68 5.42
15 October 2001 2.78 4.62 5.38
16 October 2001 2.77 4.59 5.35
17 October 2001 2.80 4.59 5.32
18 October 2001 2.77 4.58 5.32
19 October 2001 2.77 4.63 5.36
22 October 2001 2.79 4.63 5.36
23 October 2001 2.81 4.66 5.38
24 October 2001 2.72 4.61 5.32
25 October 2001 2.63 4.56 5.28
26 October 2001 2.63 4.53 5.27
29 October 2001 2.55 4.50 5.25
30 October 2001 2.48 4.44 5.22
31 October 2001 2.44 4.30 4.89
1 November 2001 2.49 4.24 4.79
2 November 2001 2.48 4.37 4.96
5 November 2001 2.46 4.31 4.86
6 November 2001 2.37 4.30 4.86
7 November 2001 2.32 4.22 4.79
8 November 2001 2.42 4.32 4.87
9 November 2001 2.45 4.34 4.88
12 November 2001 ND ND ND
13 November 2001 2.54 4.41 4.92
14 November 2001 2.70 4.54 5.02
15 November 2001 2.98 4.79 5.22
16 November 2001 3.09 4.91 5.30
19 November 2001 2.92 4.80 5.22
20 November 2001 2.96 4.88 5.30
21 November 2001 3.11 4.98 5.35
22 November 2001 ND ND ND
23 November 2001 3.20 5.04 5.39
26 November 2001 3.22 5.05 5.39
27 November 2001 3.11 4.98 5.37
28 November 2001 3.12 4.98 5.36
29 November 2001 2.87 4.79 5.24
30 November 2001 2.84 4.78 5.27
3 December 2001 2.82 4.75 5.26
4 December 2001 2.81 4.70 5.22
5 December 2001 3.07 4.92 5.35
6 December 2001 3.19 5.04 5.47
7 December 2001 3.19 5.20 5.60
10 December 2001 3.10 5.17 5.58
11 December 2001 3.03 5.13 5.55
12 December 2001 2.97 5.02 5.47
13 December 2001 3.09 5.13 5.53
14 December 2001 3.20 5.24 5.59
17 December 2001 3.21 5.26 5.61
18 December 2001 3.13 5.16 5.52
19 December 2001 3.11 5.08 5.45
20 December 2001 3.15 5.08 5.43
21 December 2001 3.17 5.12 5.45
24 December 2001 3.22 5.18 5.49
25 December 2001 ND ND ND
26 December 2001 3.26 5.22 5.52
27 December 2001 3.19 5.13 5.49
28 December 2001 3.16 5.15 5.54
31 December 2001 3.07 5.07 5.48
1 January 2002 ND ND ND
2 January 2002 3.22 5.20 5.56
3 January 2002 3.19 5.16 5.54
4 January 2002 3.19 5.18 5.57
7 January 2002 3.08 5.09 5.49
8 January 2002 3.07 5.10 5.51
9 January 2002 3.03 5.10 5.51
10 January 2002 2.94 5.00 5.42
11 January 2002 2.76 4.92 5.37
14 January 2002 2.79 4.91 5.38
15 January 2002 2.79 4.88 5.34
16 January 2002 2.84 4.88 5.36
17 January 2002 2.96 4.98 5.41
18 January 2002 2.91 4.94 5.36
21 January 2002 ND ND ND
22 January 2002 2.97 4.96 5.39
23 January 2002 3.07 5.05 5.48
24 January 2002 3.15 5.07 5.47
25 January 2002 3.17 5.10 5.47
28 January 2002 3.19 5.12 5.47
29 January 2002 3.05 5.02 5.40
30 January 2002 3.06 5.02 5.41
31 January 2002 3.16 5.07 5.44
1 February 2002 3.08 5.02 5.40
4 February 2002 2.99 4.94 5.35
5 February 2002 2.99 4.92 5.35
6 February 2002 2.98 4.92 5.38
7 February 2002 2.99 4.93 5.42
8 February 2002 2.95 4.90 5.39
11 February 2002 2.95 4.91 5.41
12 February 2002 3.04 4.97 5.45
13 February 2002 3.09 5.01 5.47
14 February 2002 3.07 4.95 5.42
15 February 2002 2.97 4.86 5.37
18 February 2002 ND ND ND
19 February 2002 2.98 4.88 ND
20 February 2002 3.00 4.88 ND
21 February 2002 3.00 4.88 ND
22 February 2002 2.97 4.84 ND
25 February 2002 3.01 4.86 ND
26 February 2002 3.08 4.93 ND
27 February 2002 3.09 4.84 ND
28 February 2002 3.06 4.88 ND
1 March 2002 3.18 4.98 ND
4 March 2002 3.24 5.02 ND
5 March 2002 3.25 5.02 ND
6 March 2002 3.26 5.06 ND
7 March 2002 3.36 5.22 ND
8 March 2002 3.60 5.33 ND
11 March 2002 3.59 5.33 ND
12 March 2002 3.56 5.32 ND
13 March 2002 3.49 5.28 ND
14 March 2002 3.63 5.40 ND
15 March 2002 3.63 5.35 ND
18 March 2002 3.67 5.32 ND
19 March 2002 3.64 5.33 ND
20 March 2002 3.71 5.40 ND
21 March 2002 3.73 5.39 ND
22 March 2002 3.77 5.40 ND
25 March 2002 3.78 5.41 ND
26 March 2002 3.68 5.35 ND
27 March 2002 3.66 5.35 ND
28 March 2002 3.72 5.42 ND
29 March 2002 ND ND ND
1 April 2002 3.74 5.44 ND
2 April 2002 3.63 5.36 ND
3 April 2002 3.55 5.30 ND
4 April 2002 3.57 5.28 ND
5 April 2002 3.49 5.22 ND
8 April 2002 3.51 5.25 ND
9 April 2002 3.48 5.22 ND
10 April 2002 3.48 5.24 ND
11 April 2002 3.47 5.22 ND
12 April 2002 3.41 5.18 ND
15 April 2002 3.38 5.15 ND
16 April 2002 3.43 5.20 ND
17 April 2002 3.41 5.24 ND
18 April 2002 3.38 5.23 ND
19 April 2002 3.36 5.21 ND
22 April 2002 3.37 5.19 ND
23 April 2002 3.39 5.18 ND
24 April 2002 3.28 5.11 ND
25 April 2002 3.25 5.10 ND
26 April 2002 3.22 5.08 ND
29 April 2002 3.26 5.13 ND
30 April 2002 3.24 5.11 ND
1 May 2002 3.21 5.08 ND
2 May 2002 3.25 5.13 ND
3 May 2002 3.17 5.08 ND
6 May 2002 3.19 5.10 ND
7 May 2002 3.14 5.09 ND
8 May 2002 3.32 5.24 ND
9 May 2002 3.27 5.20 ND
10 May 2002 3.19 5.15 ND
13 May 2002 3.28 5.23 ND
14 May 2002 3.40 5.32 ND
15 May 2002 3.37 5.28 ND
16 May 2002 3.28 5.20 ND
17 May 2002 3.41 5.27 ND
20 May 2002 3.33 5.21 ND
21 May 2002 3.28 5.18 ND
22 May 2002 3.23 5.13 ND
23 May 2002 3.28 5.16 ND
24 May 2002 3.28 5.16 ND
27 May 2002 ND ND ND
28 May 2002 3.30 5.16 ND
29 May 2002 3.24 5.11 ND
30 May 2002 3.17 5.06 ND
31 May 2002 3.22 5.08 ND
3 June 2002 3.19 5.06 ND
4 June 2002 3.13 5.04 ND
5 June 2002 3.16 5.08 ND
6 June 2002 3.13 5.04 ND
7 June 2002 3.16 5.10 ND
10 June 2002 3.15 5.07 ND
11 June 2002 3.09 5.02 ND
12 June 2002 3.05 4.98 ND
13 June 2002 3.00 4.94 ND
14 June 2002 2.92 4.83 ND
17 June 2002 2.96 4.89 ND
18 June 2002 2.93 4.88 ND
19 June 2002 2.81 4.76 ND
20 June 2002 2.93 4.85 ND
21 June 2002 2.88 4.79 ND
24 June 2002 2.93 4.87 ND
25 June 2002 2.92 4.88 ND
26 June 2002 2.77 4.75 ND
27 June 2002 2.85 4.84 ND
28 June 2002 2.90 4.86 ND
1 July 2002 2.88 4.85 ND
2 July 2002 2.78 4.77 ND
3 July 2002 2.78 4.78 ND
4 July 2002 ND ND ND
5 July 2002 2.90 4.90 ND
8 July 2002 2.84 4.84 ND
9 July 2002 2.74 4.78 ND
10 July 2002 2.61 4.66 ND
11 July 2002 2.61 4.66 ND
12 July 2002 2.56 4.63 ND
15 July 2002 2.55 4.66 ND
16 July 2002 2.66 4.75 ND
17 July 2002 2.63 4.71 ND
18 July 2002 2.55 4.66 ND
19 July 2002 2.48 4.61 ND
22 July 2002 2.40 4.51 ND
23 July 2002 2.34 4.47 ND
24 July 2002 2.38 4.49 ND
25 July 2002 2.28 4.43 ND
26 July 2002 2.20 4.43 ND
29 July 2002 2.41 4.62 ND
30 July 2002 2.44 4.65 ND
31 July 2002 2.23 4.51 ND
1 August 2002 2.15 4.47 ND
2 August 2002 1.99 4.33 ND
5 August 2002 1.93 4.29 ND
6 August 2002 2.11 4.42 ND
7 August 2002 1.98 4.35 ND
8 August 2002 2.10 4.40 ND
9 August 2002 2.10 4.27 ND
12 August 2002 2.10 4.22 ND
13 August 2002 2.00 4.12 ND
14 August 2002 2.12 4.06 ND
15 August 2002 2.22 4.17 ND
16 August 2002 2.28 4.32 ND
19 August 2002 2.25 4.29 ND
20 August 2002 2.12 4.17 ND
21 August 2002 2.12 4.20 ND
22 August 2002 2.22 4.30 ND
23 August 2002 2.19 4.25 ND
26 August 2002 2.19 4.22 ND
27 August 2002 2.26 4.29 ND
28 August 2002 2.23 4.22 ND
29 August 2002 2.14 4.16 ND
30 August 2002 2.14 4.14 ND
2 September 2002 ND ND ND
3 September 2002 2.01 3.98 ND
4 September 2002 2.02 3.96 ND
5 September 2002 1.95 3.91 ND
6 September 2002 2.08 4.05 ND
9 September 2002 2.13 4.05 ND
10 September 2002 2.12 4.00 ND
11 September 2002 2.18 4.07 ND
12 September 2002 2.12 3.98 ND
13 September 2002 2.07 3.92 ND
16 September 2002 2.07 3.90 ND
17 September 2002 2.06 3.87 ND
18 September 2002 2.04 3.86 ND
19 September 2002 1.93 3.79 ND
20 September 2002 1.94 3.79 ND
23 September 2002 1.93 3.70 ND
24 September 2002 1.93 3.69 ND
25 September 2002 2.00 3.77 ND
26 September 2002 1.97 3.79 ND
27 September 2002 1.82 3.69 ND
30 September 2002 1.72 3.63 ND
1 October 2002 1.80 3.72 ND
2 October 2002 1.75 3.71 ND
3 October 2002 1.75 3.70 ND
4 October 2002 1.78 3.69 ND
7 October 2002 1.77 3.64 ND
8 October 2002 1.80 3.65 ND
9 October 2002 1.72 3.61 ND
10 October 2002 1.75 3.68 ND
11 October 2002 1.85 3.83 ND
14 October 2002 ND ND ND
15 October 2002 2.08 4.07 ND
16 October 2002