Accessible Version

Summary Part 1: Recent Economic and Financial Developments Part 2: Monetary Policy Part 3: Summary of Economic Projections Abbreviations

Accessible Version

Part 1: Recent Economic and Financial Developments

Figure 1. Net change in payroll employment

Monthly
Thousands of jobs

Period	Total nonfarm (3-month)	Total nonfarm (12-month)
January 2012	230.3	200.8
February 2012	273.7	204.9
March 2012	285.0	205.4
April 2012	194.3	185.6
May 2012	140.0	185.9
June 2012	84.7	172.3
July 2012	108.0	180.0
August 2012	131.7	184.0
September 2012	170.7	180.1
October 2012	172.3	176.3
November 2012	168.3	178.4
December 2012	184.3	181.2
January 2013	196.7	167.8
February 2013	237.0	169.3
March 2013	203.3	160.8
April 2013	202.3	169.8
May 2013	184.0	180.3
June 2013	199.0	189.3
July 2013	170.0	185.3
August 2013	176.0	191.3
September 2013	178.7	191.3
October 2013	218.7	196.9
November 2013	227.0	206.0
December 2013	186.3	191.8
January 2014	170.3	190.3
February 2014	137.3	181.1
March 2014	198.3	190.6
April 2014	248.3	201.8
May 2014	266.0	201.6
June 2014	290.7	213.5
July 2014	257.3	223.7
August 2014	246.3	219.2
September 2014	242.0	229.3
October 2014	252.3	232.1
November 2014	285.0	233.7
December 2014	271.0	250.5
January 2015	256.0	253.5
February 2015	243.3	260.2
March 2015	179.3	245.8
April 2015	208.3	243.5
May 2015	232.0	251.7
June 2015	263.0	238.8
July 2015	260.7	244.3
August 2015	195.0	238.8
September 2015	182.7	224.0
October 2015	198.0	230.8
November 2015	235.7	226.5
December 2015	284.7	227.4
January 2016	201.7	217.2
February 2016	200.7	215.8
March 2016	185.3	228.9
April 2016	225.7	221.5
May 2016	153.3	196.2
June 2016	169.3	205.5
July 2016	211.0	209.1
August 2016	251.0	210.2
September 2016	247.0	221.6
October 2016	177.7	204.0
November 2016	189.3	198.6
December 2016	171.0	193.2
January 2017	212.3	206.7
February 2017	202.7	199.1
March 2017	173.3	190.2
April 2017	160.3	190.3
May 2017	156.0	199.8
June 2017	190.0	195.3
July 2017	187.0	184.3
August 2017	206.7	188.7
September 2017	136.3	167.7
October 2017	155.0	178.7
November 2017	166.0	182.8
December 2017	218.0	179.4
January 2018	188.3	172.7
February 2018	225.0	188.4
March 2018	227.7	193.0
April 2018	236.0	191.6
May 2018	216.0	203.4
June 2018	242.7	206.2
July 2018	236.7	204.0
August 2018	240.7	211.9
September 2018	189.3	219.4
October 2018	222.3	220.8
November 2018	193.7	218.8
December 2018	233.3	223.3
January 2019	245.0	235.0
February 2019	198.3	212.2
March 2019	173.7	209.8
April 2019	141.7	211.4
May 2019	143.7	194.1
June 2019	152.0	187.1
July 2019	135.3	186.1
August 2019	187.7	180.8
September 2019	192.7	187.9
October 2019	188.0	177.5
November 2019	200.3	182.5
December 2019	184.3	175.7

Note: The data are 3-month and 12-month moving averages.

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure 2. Measures of labor underutilization

Monthly
Percent

Period	Unemployment rate	U-4	U-5	U-6
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	12.6
March 2014	6.7	7.1	7.9	12.6
April 2014	6.2	6.7	7.5	12.3
May 2014	6.3	6.7	7.6	12.2
June 2014	6.1	6.5	7.3	12.0
July 2014	6.2	6.6	7.5	12.1
August 2014	6.1	6.6	7.4	12.0
September 2014	5.9	6.4	7.3	11.7
October 2014	5.7	6.2	7.1	11.5
November 2014	5.8	6.2	7.1	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	5.4	5.9	6.7	10.8
April 2015	5.4	5.9	6.7	10.9
May 2015	5.6	5.9	6.7	10.9
June 2015	5.3	5.6	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	5.1	5.4	6.1	10.0
December 2015	5.0	5.4	6.1	9.9
January 2016	4.9	5.2	6.1	9.8
February 2016	4.9	5.2	6.0	9.7
March 2016	5.0	5.3	6.0	9.8
April 2016	5.0	5.4	6.0	9.8
May 2016	4.8	5.2	5.8	9.9
June 2016	4.9	5.2	5.9	9.5
July 2016	4.8	5.2	6.0	9.7
August 2016	4.9	5.2	5.9	9.6
September 2016	5.0	5.3	6.1	9.7
October 2016	4.9	5.2	5.9	9.6
November 2016	4.7	5.0	5.8	9.4
December 2016	4.7	4.9	5.7	9.2
January 2017	4.7	5.0	5.7	9.3
February 2017	4.6	4.9	5.6	9.1
March 2017	4.4	4.7	5.4	8.8
April 2017	4.4	4.7	5.3	8.6
May 2017	4.4	4.6	5.3	8.5
June 2017	4.3	4.6	5.3	8.5
July 2017	4.3	4.6	5.2	8.5
August 2017	4.4	4.7	5.3	8.5
September 2017	4.2	4.5	5.2	8.3
October 2017	4.1	4.4	5.0	8.0
November 2017	4.2	4.5	5.0	8.0
December 2017	4.1	4.4	5.0	8.1
January 2018	4.1	4.4	5.1	8.1
February 2018	4.1	4.3	5.0	8.2
March 2018	4.0	4.3	4.9	7.9
April 2018	4.0	4.2	4.8	7.8
May 2018	3.8	4.1	4.7	7.7
June 2018	4.0	4.2	4.9	7.8
July 2018	3.8	4.1	4.7	7.5
August 2018	3.8	4.1	4.7	7.3
September 2018	3.7	4.0	4.7	7.5
October 2018	3.8	4.1	4.6	7.4
November 2018	3.7	4.0	4.7	7.6
December 2018	3.9	4.1	4.8	7.6
January 2019	4.0	4.2	4.9	8.0
February 2019	3.8	4.0	4.6	7.2
March 2019	3.8	4.0	4.6	7.3
April 2019	3.6	3.9	4.4	7.3
May 2019	3.6	3.8	4.5	7.1
June 2019	3.7	3.9	4.6	7.2
July 2019	3.7	3.9	4.6	7.0
August 2019	3.7	3.9	4.6	7.2
September 2019	3.5	3.7	4.3	6.9
October 2019	3.6	3.8	4.3	6.9
November 2019	3.5	3.7	4.3	6.9
December 2019	3.5	3.7	4.2	6.7

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.

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

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 2000	67.29	64.59	84.40
February 2000	67.33	64.56	84.40
March 2000	67.26	64.55	84.30
April 2000	67.33	64.74	84.40
May 2000	67.09	64.37	84.10
June 2000	67.11	64.45	84.10
July 2000	66.90	64.20	83.90
August 2000	66.93	64.19	83.80
September 2000	66.86	64.22	83.70
October 2000	66.83	64.24	83.60
November 2000	66.95	64.31	83.80
December 2000	67.02	64.39	83.90
January 2001	67.23	64.42	84.10
February 2001	67.12	64.27	84.10
March 2001	67.16	64.29	84.10
April 2001	66.92	64.00	83.70
May 2001	66.74	63.84	83.80
June 2001	66.69	63.68	83.60
July 2001	66.76	63.70	83.60
August 2001	66.51	63.24	83.50
September 2001	66.77	63.45	83.50
October 2001	66.74	63.17	83.60
November 2001	66.74	63.04	83.50
December 2001	66.71	62.89	83.70
January 2002	66.46	62.68	83.50
February 2002	66.76	62.97	83.70
March 2002	66.64	62.81	83.50
April 2002	66.69	62.73	83.60
May 2002	66.73	62.86	83.60
June 2002	66.61	62.75	83.20
July 2002	66.54	62.68	83.10
August 2002	66.56	62.75	83.20
September 2002	66.73	62.95	83.30
October 2002	66.55	62.75	83.20
November 2002	66.37	62.47	82.90
December 2002	66.32	62.37	83.10
January 2003	66.37	62.49	82.90
February 2003	66.37	62.46	83.00
March 2003	66.28	62.38	83.10
April 2003	66.42	62.41	83.20
May 2003	66.36	62.30	83.10
June 2003	66.54	62.34	83.30
July 2003	66.21	62.13	83.00
August 2003	66.11	62.10	83.00
September 2003	66.07	62.05	82.80
October 2003	66.08	62.14	82.90
November 2003	66.13	62.27	82.80
December 2003	65.94	62.20	82.80
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	58.79	80.90
February 2014	62.93	58.74	81.10
March 2014	63.10	58.91	81.10
April 2014	62.79	58.87	80.80
May 2014	62.87	58.89	80.70
June 2014	62.83	59.01	81.00
July 2014	62.90	59.03	80.80
August 2014	62.90	59.03	81.10
September 2014	62.81	59.08	80.80
October 2014	62.90	59.29	80.90
November 2014	62.89	59.24	80.90
December 2014	62.78	59.28	80.90
January 2015	62.88	59.32	81.00
February 2015	62.68	59.24	80.90
March 2015	62.64	59.23	80.80
April 2015	62.76	59.34	81.00
May 2015	62.95	59.42	81.10
June 2015	62.66	59.37	80.90
July 2015	62.58	59.32	80.70
August 2015	62.59	59.41	80.70
September 2015	62.36	59.22	80.60
October 2015	62.48	59.33	80.80
November 2015	62.55	59.37	80.90
December 2015	62.73	59.59	80.90
January 2016	62.74	59.68	81.10
February 2016	62.81	59.75	81.10
March 2016	62.94	59.80	81.40
April 2016	62.85	59.69	81.20
May 2016	62.72	59.69	81.10
June 2016	62.74	59.66	81.30
July 2016	62.74	59.72	81.20
August 2016	62.86	59.79	81.30
September 2016	62.90	59.76	81.50
October 2016	62.81	59.73	81.60
November 2016	62.68	59.74	81.30
December 2016	62.69	59.75	81.40
January 2017	62.83	59.87	81.50
February 2017	62.84	59.93	81.60
March 2017	62.92	60.13	81.60
April 2017	62.97	60.19	81.70
May 2017	62.83	60.06	81.60
June 2017	62.85	60.13	81.70
July 2017	62.84	60.15	81.80
August 2017	62.93	60.15	81.60
September 2017	63.08	60.40	81.80
October 2017	62.70	60.12	81.60
November 2017	62.71	60.10	81.70
December 2017	62.68	60.12	81.80
January 2018	62.73	60.16	81.80
February 2018	62.97	60.38	82.10
March 2018	62.89	60.36	82.00
April 2018	62.87	60.37	82.00
May 2018	62.87	60.46	81.90
June 2018	62.98	60.45	82.10
July 2018	62.90	60.50	82.10
August 2018	62.68	60.30	82.00
September 2018	62.75	60.41	81.90
October 2018	62.90	60.53	82.30
November 2018	62.87	60.54	82.20
December 2018	63.00	60.58	82.30
January 2019	63.17	60.65	82.50
February 2019	63.10	60.71	82.50
March 2019	63.02	60.63	82.50
April 2019	62.83	60.57	82.20
May 2019	62.88	60.59	82.10
June 2019	62.98	60.67	82.20
July 2019	63.02	60.70	82.10
August 2019	63.17	60.86	82.60
September 2019	63.18	60.97	82.60
October 2019	63.27	61.01	82.80
November 2019	63.21	60.97	82.80
December 2019	63.25	61.04	82.90

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.

Return to text

Figure 4. Unemployment rate by race and ethnicity

Monthly
Percent

Period	White	Black or African American	Asian	Hispanic or Latino
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	4.7	8.3
February 2014	5.8	11.8	5.9	8.2
March 2014	5.8	12.1	5.5	7.9
April 2014	5.3	11.6	5.9	7.2
May 2014	5.4	11.4	5.7	7.7
June 2014	5.3	11.0	4.7	7.8
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	4.9	10.6	5.1	6.8
November 2014	5.0	10.9	4.8	6.6
December 2014	4.7	10.6	4.4	6.4
January 2015	4.9	10.3	4.0	6.7
February 2015	4.7	10.1	4.0	6.8
March 2015	4.8	9.9	3.2	6.8
April 2015	4.7	9.7	4.4	6.8
May 2015	4.8	10.3	4.1	6.8
June 2015	4.6	9.7	3.9	6.7
July 2015	4.5	9.1	3.9	6.9
August 2015	4.4	9.4	3.4	6.6
September 2015	4.4	9.3	3.5	6.2
October 2015	4.4	9.0	3.5	6.3
November 2015	4.4	9.4	3.9	6.4
December 2015	4.4	8.5	4.1	6.2
January 2016	4.2	8.7	3.6	5.8
February 2016	4.3	8.5	3.8	5.4
March 2016	4.3	8.9	3.9	5.5
April 2016	4.4	8.8	3.8	6.1
May 2016	4.2	8.2	4.2	5.6
June 2016	4.3	8.8	3.5	5.9
July 2016	4.2	8.4	3.8	5.5
August 2016	4.3	8.0	4.1	5.6
September 2016	4.4	8.5	3.8	6.4
October 2016	4.4	8.4	3.4	5.8
November 2016	4.2	8.1	3.1	5.8
December 2016	4.2	7.9	2.7	5.9
January 2017	4.2	7.5	3.7	5.8
February 2017	4.0	7.9	3.4	5.5
March 2017	3.9	7.9	3.3	5.0
April 2017	3.9	7.9	3.3	5.1
May 2017	3.8	7.7	3.7	5.2
June 2017	3.8	7.1	3.6	4.9
July 2017	3.7	7.4	3.8	5.1
August 2017	3.8	7.7	3.9	5.2
September 2017	3.7	7.2	3.6	5.1
October 2017	3.5	7.4	3.0	4.9
November 2017	3.7	7.4	3.0	4.8
December 2017	3.7	6.7	2.5	5.0
January 2018	3.5	7.5	3.0	5.0
February 2018	3.7	6.7	2.9	4.9
March 2018	3.6	6.8	3.1	5.0
April 2018	3.6	6.4	2.8	4.8
May 2018	3.5	5.9	2.2	4.9
June 2018	3.5	6.5	3.2	4.5
July 2018	3.3	6.6	3.1	4.4
August 2018	3.4	6.3	3.0	4.7
September 2018	3.3	6.2	3.5	4.6
October 2018	3.3	6.3	3.1	4.4
November 2018	3.4	6.1	2.8	4.5
December 2018	3.4	6.6	3.3	4.4
January 2019	3.5	6.8	3.1	4.8
February 2019	3.3	6.9	3.1	4.3
March 2019	3.4	6.6	3.1	4.7
April 2019	3.1	6.6	2.2	4.2
May 2019	3.3	6.2	2.5	4.2
June 2019	3.3	6.0	2.1	4.3
July 2019	3.3	5.9	2.8	4.5
August 2019	3.4	5.4	2.8	4.2
September 2019	3.2	5.5	2.5	3.9
October 2019	3.2	5.5	2.8	4.1
November 2019	3.2	5.6	2.6	4.2
December 2019	3.2	5.9	2.5	4.2

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.

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

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 2008	83.7	80.0	80.8	80.5
February 2008	83.7	80.0	80.8	80.5
March 2008	83.7	80.0	81.0	80.5
April 2008	83.7	80.0	81.3	80.5
May 2008	83.7	80.0	81.4	80.5
June 2008	83.7	80.1	81.5	80.6
July 2008	83.7	80.2	81.5	80.6
August 2008	83.7	80.3	81.5	80.5
September 2008	83.7	80.3	81.6	80.6
October 2008	83.7	80.4	81.7	80.6
November 2008	83.7	80.4	81.7	80.5
December 2008	83.7	80.5	81.8	80.5
January 2009	83.7	80.4	81.7	80.5
February 2009	83.7	80.4	81.7	80.5
March 2009	83.7	80.2	81.6	80.5
April 2009	83.7	80.1	81.5	80.5
May 2009	83.7	80.0	81.4	80.4
June 2009	83.7	79.8	81.4	80.3
July 2009	83.7	79.7	81.4	80.3
August 2009	83.6	79.5	81.4	80.2
September 2009	83.6	79.4	81.4	80.1
October 2009	83.5	79.3	81.4	80.1
November 2009	83.5	79.2	81.4	80.1
December 2009	83.4	79.1	81.4	80.0
January 2010	83.4	79.1	81.3	80.1
February 2010	83.4	79.1	81.1	80.1
March 2010	83.4	79.1	81.0	80.1
April 2010	83.4	79.1	80.9	80.1
May 2010	83.3	79.1	80.9	80.1
June 2010	83.3	79.1	80.7	80.2
July 2010	83.2	79.0	80.5	80.2
August 2010	83.1	78.9	80.4	80.2
September 2010	83.1	78.9	80.2	80.3
October 2010	83.1	78.9	80.2	80.4
November 2010	83.0	78.9	80.1	80.4
December 2010	83.0	78.9	79.9	80.4
January 2011	82.9	78.8	79.9	80.3
February 2011	82.9	78.7	79.9	80.2
March 2011	82.8	78.5	79.9	80.1
April 2011	82.7	78.4	79.8	80.0
May 2011	82.7	78.3	79.7	79.9
June 2011	82.7	78.2	79.8	79.8
July 2011	82.7	78.1	79.8	79.8
August 2011	82.6	78.0	79.8	79.8
September 2011	82.6	78.0	79.8	79.7
October 2011	82.5	77.9	79.8	79.6
November 2011	82.5	77.8	79.9	79.5
December 2011	82.5	77.8	80.0	79.5
January 2012	82.4	77.8	79.9	79.5
February 2012	82.4	77.9	79.8	79.6
March 2012	82.4	77.9	79.7	79.6
April 2012	82.4	77.9	79.6	79.5
May 2012	82.4	77.8	79.5	79.6
June 2012	82.3	77.9	79.5	79.6
July 2012	82.3	77.9	79.6	79.5
August 2012	82.3	78.0	79.6	79.5
September 2012	82.3	78.1	79.6	79.4
October 2012	82.3	78.2	79.5	79.4
November 2012	82.3	78.2	79.4	79.4
December 2012	82.3	78.2	79.4	79.3
January 2013	82.3	78.1	79.5	79.2
February 2013	82.2	78.1	79.6	79.2
March 2013	82.2	78.1	79.7	79.1
April 2013	82.1	78.1	79.7	79.0
May 2013	82.1	78.2	79.7	79.0
June 2013	82.1	78.2	79.7	78.9
July 2013	82.0	78.2	79.7	78.9
August 2013	82.0	78.0	79.7	78.9
September 2013	82.0	78.0	79.8	78.8
October 2013	81.9	77.8	79.9	78.7
November 2013	81.9	77.8	79.9	78.7
December 2013	81.8	77.7	79.8	78.7
January 2014	81.8	77.7	79.8	78.7
February 2014	81.8	77.7	79.7	78.7
March 2014	81.8	77.8	79.8	78.8
April 2014	81.8	77.8	79.7	78.9
May 2014	81.8	77.7	79.6	78.9
June 2014	81.8	77.7	79.4	78.9
July 2014	81.8	77.8	79.2	78.9
August 2014	81.8	77.9	79.0	78.9
September 2014	81.8	77.9	78.7	78.9
October 2014	81.8	78.0	78.6	79.0
November 2014	81.8	78.0	78.4	79.0
December 2014	81.8	78.1	78.4	79.0
January 2015	81.8	78.1	78.3	79.0
February 2015	81.8	78.2	78.2	79.0
March 2015	81.8	78.2	78.1	79.0
April 2015	81.8	78.4	78.1	79.0
May 2015	81.8	78.6	78.2	79.0
June 2015	81.7	78.6	78.3	79.0
July 2015	81.7	78.5	78.3	79.0
August 2015	81.7	78.5	78.2	78.9
September 2015	81.7	78.5	78.1	78.8
October 2015	81.7	78.5	77.9	78.8
November 2015	81.7	78.5	77.9	78.7
December 2015	81.7	78.5	77.9	78.7
January 2016	81.7	78.5	77.8	78.7
February 2016	81.7	78.6	77.9	78.7
March 2016	81.8	78.6	77.9	78.7
April 2016	81.8	78.5	78.0	78.6
May 2016	81.8	78.4	78.0	78.5
June 2016	81.9	78.4	78.0	78.5
July 2016	81.9	78.4	78.0	78.5
August 2016	82.0	78.5	78.2	78.6
September 2016	82.0	78.6	78.4	78.7
October 2016	82.1	78.7	78.6	78.8
November 2016	82.1	78.8	78.6	78.8
December 2016	82.1	78.9	78.7	78.9
January 2017	82.1	79.0	78.8	78.9
February 2017	82.2	79.0	78.9	79.0
March 2017	82.2	79.1	78.9	79.1
April 2017	82.2	79.2	78.9	79.2
May 2017	82.2	79.3	79.0	79.3
June 2017	82.2	79.4	79.1	79.4
July 2017	82.3	79.5	79.2	79.4
August 2017	82.3	79.6	79.3	79.3
September 2017	82.3	79.6	79.4	79.3
October 2017	82.3	79.7	79.4	79.3
November 2017	82.3	79.7	79.4	79.3
December 2017	82.4	79.8	79.5	79.3
January 2018	82.4	79.8	79.4	79.3
February 2018	82.4	79.9	79.4	79.3
March 2018	82.5	80.0	79.4	79.3
April 2018	82.5	79.9	79.4	79.4
May 2018	82.5	80.0	79.4	79.4
June 2018	82.5	80.0	79.5	79.4
July 2018	82.6	80.0	79.6	79.5
August 2018	82.6	80.0	79.7	79.5
September 2018	82.6	80.0	79.7	79.5
October 2018	82.6	80.1	79.8	79.6
November 2018	82.7	80.1	79.9	79.6
December 2018	82.7	80.1	79.9	79.7
January 2019	82.8	80.1	80.0	79.8
February 2019	82.9	80.0	80.1	79.8
March 2019	82.9	80.0	80.1	79.9
April 2019	82.9	80.1	80.1	79.8
May 2019	82.9	80.1	80.2	79.8
June 2019	83.0	80.0	80.2	79.8
July 2019	83.0	79.9	80.2	79.7
August 2019	83.0	79.9	80.2	79.8
September 2019	83.1	79.9	80.3	79.9
October 2019	83.2	79.8	80.4	80.0
November 2019	83.2	79.9	80.4	80.1
December 2019	83.3	80.0	80.4	80.1

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 12-month moving averages. The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research.

Source: Bureau of Labor Statistics via Haver Analytics.

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, private sector
2003:Q1	2.32	3.63
2003:Q2	3.40	3.48
2003:Q3	4.13	3.90
2003:Q4	5.28	4.00
2004:Q1	4.61	3.83
2004:Q2	4.52	3.90
2004:Q3	5.04	3.76
2004:Q4	4.40	3.85
2005:Q1	5.04	3.48
2005:Q2	3.46	3.13
2005:Q3	3.01	2.90
2005:Q4	3.03	2.88
2006:Q1	4.52	2.65
2006:Q2	4.11	2.83
2006:Q3	2.92	3.02
2006:Q4	3.90	3.20
2007:Q1	4.30	3.17
2007:Q2	4.60	3.15
2007:Q3	4.92	3.12
2007:Q4	4.09	3.00
2008:Q1	2.54	3.17
2008:Q2	2.54	2.96
2008:Q3	3.00	2.84
2008:Q4	3.04	2.45
2009:Q1	-0.54	1.86
2009:Q2	1.66	1.48
2009:Q3	1.41	1.20
2009:Q4	1.07	1.19
2010:Q1	3.03	1.65
2010:Q2	1.56	1.92
2010:Q3	1.35	2.00
2010:Q4	1.22	2.09
2011:Q1	3.70	1.98
2011:Q2	2.10	2.33
2011:Q3	2.30	2.14
2011:Q4	0.52	2.22
2012:Q1	1.14	2.12
2012:Q2	2.30	1.84
2012:Q3	1.73	1.92
2012:Q4	5.86	1.83
2013:Q1	2.08	1.90
2013:Q2	2.26	1.89
2013:Q3	1.80	1.88
2013:Q4	-0.24	1.96
2014:Q1	3.14	1.70
2014:Q2	1.84	2.02
2014:Q3	2.64	2.27
2014:Q4	2.96	2.35
2015:Q1	2.12	2.75
2015:Q2	3.52	1.90
2015:Q3	3.54	1.89
2015:Q4	2.28	1.88
2016:Q1	1.14	1.79
2016:Q2	0.51	2.35
2016:Q3	0.62	2.26
2016:Q4	2.16	2.17
2017:Q1	2.97	2.31
2017:Q2	3.29	2.38
2017:Q3	3.95	2.52
2017:Q4	3.75	2.59
2018:Q1	4.04	2.81
2018:Q2	3.69	2.86
2018:Q3	3.10	2.92
2018:Q4	2.13	2.99
2019:Q1	3.28	2.81
2019:Q2	3.80	2.63
2019:Q3	3.73	2.69
2019:Q4	ND	2.68

Note: Business-sector compensation is on a 4-quarter percent change basis and extends through 2019:Q3. For the private-sector employment cost index, change is over the 12 months ending in the last month of each quarter; for private-sector average hourly earnings, the data are 12-month percent changes and begin in March 2007; for the Atlanta Fed's Wage Growth Tracker, the data are shown as a 3-month moving average of the 12-month percent change.

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

Monthly
Percent change from year earlier

Period	Average hourly earnings, private sector	Atlanta Fed's Wage Growth Tracker
January 2003	ND	3.7
February 2003	ND	3.9
March 2003	ND	3.7
April 2003	ND	3.5
May 2003	ND	3.5
June 2003	ND	3.6
July 2003	ND	3.7
August 2003	ND	3.5
September 2003	ND	3.5
October 2003	ND	3.4
November 2003	ND	3.3
December 2003	ND	3.3
January 2004	ND	3.3
February 2004	ND	3.4
March 2004	ND	3.4
April 2004	ND	3.4
May 2004	ND	3.4
June 2004	ND	3.3
July 2004	ND	3.4
August 2004	ND	3.5
September 2004	ND	3.7
October 2004	ND	3.7
November 2004	ND	3.7
December 2004	ND	3.6
January 2005	ND	3.6
February 2005	ND	3.5
March 2005	ND	3.6
April 2005	ND	3.5
May 2005	ND	3.6
June 2005	ND	3.8
July 2005	ND	4.0
August 2005	ND	4.0
September 2005	ND	4.1
October 2005	ND	4.1
November 2005	ND	4.2
December 2005	ND	4.1
January 2006	ND	4.0
February 2006	ND	3.8
March 2006	ND	3.8
April 2006	ND	3.8
May 2006	ND	3.9
June 2006	ND	3.8
July 2006	ND	3.7
August 2006	ND	3.8
September 2006	ND	3.8
October 2006	ND	3.8
November 2006	ND	3.9
December 2006	ND	4.0
January 2007	ND	4.2
February 2007	ND	4.1
March 2007	3.44	4.3
April 2007	3.08	4.1
May 2007	3.48	4.1
June 2007	3.56	4.0
July 2007	3.25	4.2
August 2007	3.35	4.3
September 2007	3.14	4.4
October 2007	3.08	4.3
November 2007	3.07	4.3
December 2007	2.97	4.1
January 2008	2.91	3.9
February 2008	2.80	3.9
March 2008	3.04	4.0
April 2008	2.84	4.1
May 2008	3.07	4.1
June 2008	2.77	4.1
July 2008	3.05	4.1
August 2008	3.33	4.0
September 2008	3.23	4.0
October 2008	3.27	4.0
November 2008	3.60	4.0
December 2008	3.59	3.8
January 2009	3.63	3.6
February 2009	3.43	3.4
March 2009	3.28	3.3
April 2009	3.42	3.2
May 2009	2.93	3.3
June 2009	2.83	3.1
July 2009	2.69	2.9
August 2009	2.44	2.5
September 2009	2.44	2.3
October 2009	2.53	2.1
November 2009	2.19	2.1
December 2009	1.91	1.7
January 2010	2.05	1.6
February 2010	2.09	1.7
March 2010	1.81	1.9
April 2010	1.76	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	1.65	1.7
December 2010	1.79	1.7
January 2011	1.92	1.9
February 2011	1.87	1.9
March 2011	1.87	1.9
April 2011	1.91	1.9
May 2011	2.04	2.0
June 2011	2.13	2.0
July 2011	2.30	2.1
August 2011	1.99	2.2
September 2011	1.94	2.1
October 2011	2.07	2.2
November 2011	2.02	2.0
December 2011	1.98	2.0
January 2012	1.71	1.9
February 2012	1.79	1.9
March 2012	2.10	2.0
April 2012	2.09	2.2
May 2012	1.78	2.1
June 2012	2.00	2.3
July 2012	1.77	2.1
August 2012	1.86	2.1
September 2012	2.03	2.1
October 2012	1.51	2.1
November 2012	1.90	2.3
December 2012	2.24	2.3
January 2013	2.24	2.3
February 2013	2.15	2.3
March 2013	1.93	2.2
April 2013	2.05	2.2
May 2013	2.14	2.2
June 2013	2.13	2.1
July 2013	2.00	2.3
August 2013	2.26	2.3
September 2013	2.04	2.4
October 2013	2.25	2.2
November 2013	2.24	2.0
December 2013	1.85	2.2
January 2014	1.89	2.3
February 2014	2.27	2.5
March 2014	2.10	2.4
April 2014	1.93	2.3
May 2014	2.09	2.3
June 2014	1.96	2.3
July 2014	2.04	2.4
August 2014	2.16	2.4
September 2014	2.08	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	2.26	3.3
May 2015	2.34	3.3
June 2015	2.25	3.2
July 2015	2.17	3.2
August 2015	2.20	3.1
September 2015	2.28	3.0
October 2015	2.52	2.9
November 2015	2.43	3.1
December 2015	2.47	3.1
January 2016	2.55	3.1
February 2016	2.42	3.2
March 2016	2.45	3.2
April 2016	2.61	3.4
May 2016	2.40	3.5
June 2016	2.60	3.6
July 2016	2.76	3.4
August 2016	2.55	3.3
September 2016	2.63	3.6
October 2016	2.66	3.9
November 2016	2.61	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	2.47	3.5
May 2017	2.54	3.4
June 2017	2.50	3.2
July 2017	2.57	3.3
August 2017	2.57	3.4
September 2017	2.83	3.6
October 2017	2.32	3.4
November 2017	2.47	3.2
December 2017	2.74	2.9
January 2018	2.81	3.0
February 2018	2.57	2.9
March 2018	2.80	3.3
April 2018	2.79	3.3
May 2018	2.94	3.2
June 2018	2.93	3.2
July 2018	2.85	3.3
August 2018	3.18	3.5
September 2018	2.98	3.5
October 2018	3.32	3.7
November 2018	3.31	3.9
December 2018	3.34	3.8
January 2019	3.18	3.7
February 2019	3.40	3.4
March 2019	3.24	3.5
April 2019	3.16	3.6
May 2019	3.08	3.7
June 2019	3.18	3.9
July 2019	3.25	3.9
August 2019	3.23	3.7
September 2019	3.00	3.6
October 2019	3.11	3.5
November 2019	3.14	3.7
December 2019	2.87	3.7

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

Return to text

Figure 7. Change in business-sector output per hour

Percent, annual rate

Period	Percent change
1948-1973	3.21
1974-1995	1.59
1996-2007	2.89
2008-2017	1.41
2018	1.13
2019	1.52

Note: Changes are measured from Q4 of the year immediately preceding the period through Q4 of the final year of the period except 2019 changes, which are calculated from 2018:Q3 to 2019:Q3.

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

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 2013	1.47	1.59	1.58
February 2013	1.60	1.55	1.62
March 2013	1.28	1.48	1.57
April 2013	1.07	1.41	1.43
May 2013	1.25	1.42	1.40
June 2013	1.53	1.49	1.50
July 2013	1.62	1.51	1.55
August 2013	1.43	1.57	1.54
September 2013	1.16	1.55	1.52
October 2013	1.03	1.52	1.53
November 2013	1.25	1.58	1.61
December 2013	1.46	1.63	1.66
January 2014	1.46	1.52	1.62
February 2014	1.15	1.46	1.57
March 2014	1.48	1.55	1.60
April 2014	1.74	1.65	1.75
May 2014	1.84	1.71	1.80
June 2014	1.73	1.65	1.76
July 2014	1.75	1.71	1.78
August 2014	1.58	1.63	1.73
September 2014	1.56	1.63	1.74
October 2014	1.37	1.51	1.71
November 2014	1.13	1.45	1.69
December 2014	0.77	1.39	1.66
January 2015	0.10	1.28	1.57
February 2015	0.21	1.33	1.61
March 2015	0.24	1.30	1.61
April 2015	0.10	1.29	1.64
May 2015	0.19	1.24	1.62
June 2015	0.29	1.25	1.64
July 2015	0.25	1.18	1.64
August 2015	0.27	1.24	1.67
September 2015	0.10	1.25	1.66
October 2015	0.13	1.19	1.62
November 2015	0.26	1.21	1.59
December 2015	0.37	1.20	1.57
January 2016	0.91	1.41	1.65
February 2016	0.68	1.48	1.67
March 2016	0.62	1.41	1.67
April 2016	0.89	1.49	1.68
May 2016	0.82	1.52	1.72
June 2016	0.80	1.51	1.69
July 2016	0.78	1.60	1.71
August 2016	0.94	1.71	1.74
September 2016	1.20	1.66	1.76
October 2016	1.43	1.79	1.86
November 2016	1.41	1.73	1.87
December 2016	1.69	1.79	1.94
January 2017	1.98	1.85	2.01
February 2017	2.13	1.83	1.96
March 2017	1.86	1.63	1.90
April 2017	1.76	1.61	1.84
May 2017	1.59	1.57	1.78
June 2017	1.51	1.61	1.79
July 2017	1.50	1.50	1.74
August 2017	1.56	1.43	1.74
September 2017	1.79	1.50	1.75
October 2017	1.75	1.63	1.75
November 2017	1.90	1.65	1.78
December 2017	1.85	1.69	1.82
January 2018	1.79	1.69	1.82
February 2018	1.90	1.72	1.87
March 2018	2.13	2.03	1.94
April 2018	2.10	1.96	1.92
May 2018	2.33	2.06	2.03
June 2018	2.37	2.03	2.07
July 2018	2.45	2.11	2.13
August 2018	2.26	2.00	2.11
September 2018	2.02	2.00	2.08
October 2018	2.04	1.86	2.06
November 2018	1.91	1.96	2.12
December 2018	1.78	1.97	2.08
January 2019	1.41	1.77	1.95
February 2019	1.31	1.62	1.96
March 2019	1.40	1.48	1.97
April 2019	1.52	1.57	2.10
May 2019	1.38	1.48	1.96
June 2019	1.36	1.61	1.96
July 2019	1.44	1.65	2.00
August 2019	1.43	1.76	2.04
September 2019	1.33	1.66	2.03
October 2019	1.35	1.64	2.04
November 2019	1.40	1.53	1.97
December 2019	1.61	1.58	1.96

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

Return to text

Figure 9. Spot and futures prices for crude oil

Series: Brent spot price and 24-month-ahead futures contracts

Horizon: January 1, 2014, to January 29, 2020

Description: A line chart with two curves over January 1, 2014, to January 29, 2020. Units are dollars per barrel, and data are weekly. The Brent spot price curve starts at about 110, increases to about 115 by mid-2014, decreases to about 30 by early 2016, increases to about 85 by late 2018, decreases to about 50 by early 2019, and fluctuates between 60 and 75 through 2019 before ending at about 60 in early 2020. The 24-month-ahead futures contracts curve, following a similar pattern, starts at around 100, decreases to about 40 by early 2016, increases to about 75 by late 2018, decreases to about 55 by early 2019, and remains between about 55 and 65 before ending at just under 60.

Note: The data are weekly averages of daily data. The weekly data begin on Thursdays and extend through January 29, 2020.

Source: ICE Brent Futures via Bloomberg.

Return to text

Figure 10. Nonfuel import prices and industrial metals indexes

Monthly
January 2014 = 100

Period	Nonfuel import prices	Industrial metals
January 2014	100.00	100.00
February 2014	100.00	98.33
March 2014	100.34	95.89
April 2014	100.34	98.90
May 2014	100.34	100.23
June 2014	100.25	101.31
July 2014	100.34	106.34
August 2014	100.34	106.53
September 2014	100.17	104.33
October 2014	100.08	101.23
November 2014	99.83	102.29
December 2014	99.75	97.77
January 2015	99.08	91.10
February 2015	98.91	90.33
March 2015	98.49	90.09
April 2015	98.16	92.20
May 2015	98.16	95.08
June 2015	97.99	88.40
July 2015	97.74	83.67
August 2015	97.40	78.54
September 2015	97.15	78.83
October 2015	96.90	77.98
November 2015	96.65	73.01
December 2015	96.31	72.05
January 2016	96.23	70.26
February 2016	96.14	72.82
March 2016	96.06	75.95
April 2016	96.14	76.31
May 2016	96.40	74.94
June 2016	96.23	75.92
July 2016	96.56	79.82
August 2016	96.56	79.59
September 2016	96.56	79.14
October 2016	96.56	80.66
November 2016	96.48	88.34
December 2016	96.48	89.97
January 2017	96.40	91.53
February 2017	96.73	95.17
March 2017	96.90	94.66
April 2017	97.15	92.84
May 2017	97.23	91.40
June 2017	97.32	91.57
July 2017	97.23	95.48
August 2017	97.49	102.56
September 2017	97.82	105.05
October 2017	97.90	108.19
November 2017	97.90	107.82
December 2017	97.74	107.69
January 2018	98.24	112.95
February 2018	98.66	112.51
March 2018	98.74	108.09
April 2018	98.83	110.99
May 2018	98.99	111.84
June 2018	98.74	111.93
July 2018	98.58	101.00
August 2018	98.41	98.87
September 2018	98.41	97.55
October 2018	98.49	99.23
November 2018	98.32	95.93
December 2018	98.32	94.66
January 2019	98.07	93.64
February 2019	98.16	97.54
March 2019	97.99	98.98
April 2019	97.90	98.31
May 2019	97.65	93.02
June 2019	97.40	91.30
July 2019	97.40	93.31
August 2019	97.32	91.61
September 2019	97.23	93.69
October 2019	97.07	93.39
November 2019	96.98	92.91
December 2019	96.98	92.82
January 2020	ND	92.66

Note: The data for nonfuel import prices are monthly. The data for industrial metals are a monthly average of daily data and extend through January 31, 2020.

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

Return to text

Figure 11. Surveys of inflation expectations

Quarterly
Percent

Period	Survey of Professional Forecasters, next 10 years
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
2018:Q3	2.00
2018:Q4	2.00
2019:Q1	2.00
2019:Q2	2.00
2019:Q3	2.00
2019:Q4	2.00

Note: The series are medians of the survey responses. The Michigan survey data are monthly and extend through January 2020. The Survey of Professional Forecasters data for inflation expectations for personal consumption expenditures are quarterly and begin in 2007:Q1. The NY Fed survey data are monthly and begin in June 2013.

Source: University of Michigan Surveys of Consumers; Federal Reserve Bank of New York, Survey of Consumer Expectations; Federal Reserve Bank of Philadelphia, Survey of Professional Forecasters.

Monthly
Percent

Period	Michigan survey of consumers, next 5 to 10 years	NY Fed survey of consumers, 3 years ahead
January 2005	2.7	ND
February 2005	2.8	ND
March 2005	2.9	ND
April 2005	3.0	ND
May 2005	2.9	ND
June 2005	2.8	ND
July 2005	2.9	ND
August 2005	2.8	ND
September 2005	3.1	ND
October 2005	3.2	ND
November 2005	3.0	ND
December 2005	3.1	ND
January 2006	2.9	ND
February 2006	2.9	ND
March 2006	2.9	ND
April 2006	3.1	ND
May 2006	3.2	ND
June 2006	2.9	ND
July 2006	2.9	ND
August 2006	3.2	ND
September 2006	3.0	ND
October 2006	3.1	ND
November 2006	3.0	ND
December 2006	3.0	ND
January 2007	3.0	ND
February 2007	2.9	ND
March 2007	2.9	ND
April 2007	3.1	ND
May 2007	3.1	ND
June 2007	2.9	ND
July 2007	3.1	ND
August 2007	2.9	ND
September 2007	2.9	ND
October 2007	2.8	ND
November 2007	2.9	ND
December 2007	3.1	ND
January 2008	3.0	ND
February 2008	3.0	ND
March 2008	2.9	ND
April 2008	3.2	ND
May 2008	3.4	ND
June 2008	3.4	ND
July 2008	3.2	ND
August 2008	3.2	ND
September 2008	3.0	ND
October 2008	2.9	ND
November 2008	2.9	ND
December 2008	2.6	ND
January 2009	2.9	ND
February 2009	3.1	ND
March 2009	2.6	ND
April 2009	2.8	ND
May 2009	2.9	ND
June 2009	3.0	ND
July 2009	3.0	ND
August 2009	2.8	ND
September 2009	2.8	ND
October 2009	2.9	ND
November 2009	3.0	ND
December 2009	2.7	ND
January 2010	2.9	ND
February 2010	2.7	ND
March 2010	2.7	ND
April 2010	2.7	ND
May 2010	2.9	ND
June 2010	2.8	ND
July 2010	2.9	ND
August 2010	2.8	ND
September 2010	2.7	ND
October 2010	2.8	ND
November 2010	2.8	ND
December 2010	2.8	ND
January 2011	2.9	ND
February 2011	2.9	ND
March 2011	3.2	ND
April 2011	2.9	ND
May 2011	2.9	ND
June 2011	3.0	ND
July 2011	2.9	ND
August 2011	2.9	ND
September 2011	2.8	ND
October 2011	2.7	ND
November 2011	2.7	ND
December 2011	2.7	ND
January 2012	2.7	ND
February 2012	2.9	ND
March 2012	3.0	ND
April 2012	2.9	ND
May 2012	2.7	ND
June 2012	2.8	ND
July 2012	2.7	ND
August 2012	3.0	ND
September 2012	2.8	ND
October 2012	2.7	ND
November 2012	2.8	ND
December 2012	2.9	ND
January 2013	2.9	ND
February 2013	3.0	ND
March 2013	2.8	ND
April 2013	2.9	ND
May 2013	2.9	ND
June 2013	2.9	3.4
July 2013	2.8	3.3
August 2013	2.9	3.8
September 2013	3.0	3.6
October 2013	2.8	3.2
November 2013	2.9	3.3
December 2013	2.7	3.3
January 2014	2.9	3.1
February 2014	2.9	3.2
March 2014	2.9	3.4
April 2014	2.9	3.2
May 2014	2.8	3.2
June 2014	2.9	3.3
July 2014	2.7	3.2
August 2014	2.9	3.1
September 2014	2.8	3.0
October 2014	2.8	3.0
November 2014	2.6	3.0
December 2014	2.8	3.0
January 2015	2.8	3.0
February 2015	2.7	3.0
March 2015	2.8	2.9
April 2015	2.6	3.0
May 2015	2.8	3.0
June 2015	2.6	3.0
July 2015	2.8	3.0
August 2015	2.7	2.9
September 2015	2.7	2.8
October 2015	2.5	2.8
November 2015	2.6	2.7
December 2015	2.6	2.8
January 2016	2.7	2.5
February 2016	2.5	2.6
March 2016	2.7	2.5
April 2016	2.5	2.8
May 2016	2.5	2.7
June 2016	2.6	2.9
July 2016	2.6	2.5
August 2016	2.5	2.7
September 2016	2.6	2.6
October 2016	2.4	2.6
November 2016	2.6	2.7
December 2016	2.3	2.8
January 2017	2.6	2.9
February 2017	2.5	3.0
March 2017	2.4	2.7
April 2017	2.4	2.9
May 2017	2.4	2.5
June 2017	2.5	2.8
July 2017	2.6	2.7
August 2017	2.5	2.6
September 2017	2.5	2.8
October 2017	2.5	2.8
November 2017	2.4	2.8
December 2017	2.4	2.9
January 2018	2.5	2.8
February 2018	2.5	2.9
March 2018	2.5	2.9
April 2018	2.5	3.0
May 2018	2.5	3.0
June 2018	2.6	3.0
July 2018	2.4	2.9
August 2018	2.6	3.0
September 2018	2.5	3.0
October 2018	2.4	3.0
November 2018	2.6	2.9
December 2018	2.5	3.0
January 2019	2.6	3.0
February 2019	2.3	2.8
March 2019	2.5	2.9
April 2019	2.3	2.7
May 2019	2.6	2.6
June 2019	2.3	2.7
July 2019	2.5	2.6
August 2019	2.6	2.5
September 2019	2.4	2.4
October 2019	2.3	2.4
November 2019	2.5	2.5
December 2019	2.2	2.5
January 2020	2.5	ND

Source: University of Michigan Surveys of Consumers; Federal Reserve Bank of New York, Survey of Consumer Expectations; Federal Reserve Bank of Philadelphia, Survey of Professional Forecasters.

Return to text

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

Series: Inflation swaps and TIPS breakeven rates

Horizon: January 6, 2012, to January 31, 2020

Description: A line chart with two curves over January 6, 2012, to January 31, 2020. Units are percent, and data are weekly averages of daily data. The inflation swaps curve starts at about 2.6, increases to about 3.1 by early 2013, decreases to 2.25 by late 2014, decreases further to 1.8 by mid-2016, and wavers between 2.0 and 2.5 until mid-2019. The curve then fluctuates between 1.8 and 2.0 before ending at 2.0. The TIPS breakeven rates curve falls below the inflation swaps curve but maintains the same general trend over the time period.

Note: The data are weekly averages of daily data and extend through January 31, 2020. TIPS is Treasury Inflation-Protected Securities.

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

Return to text

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

Percent, annual rate

Period	Gross domestic product	Gross domestic income
2014	2.88	4.17
2015	1.90	1.32
2016	2.03	0.92
2017	2.80	2.49
2018	2.52	2.34
2019:H1	2.55	2.05
2019:H2	2.09	ND

Note: Gross domestic income is not yet available for 2019:H2

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Manufacturing and U.S. Business Cycles: Figure A. Industrial production index for manufacturing

Quarterly
2012 = 100

Period	Industrial production index
2017:Q1	101.90
2017:Q2	102.75
2017:Q3	102.34
2017:Q4	103.66
2018:Q1	104.07
2018:Q2	104.60
2018:Q3	105.53
2018:Q4	105.94
2019:Q1	105.45
2019:Q2	104.58
2019:Q3	104.77
2019:Q4	104.64

Source: Federal Reserve Board, Statistical Release G.17, "Industrial Production and Capacity Utilization."

Return to text

Manufacturing and U.S. Business Cycles: Figure B. Manufacturing share of GDP and employment

Annual
Percent

Period	Share of GDP	Share of employment
1950	26.80	30.93
1951	27.60	31.45
1952	27.20	31.26
1953	28.10	32.06
1954	26.50	30.56
1955	27.60	30.59
1956	27.20	30.22
1957	26.90	29.83
1958	25.10	28.50
1959	26.10	28.71
1960	25.40	28.43
1961	24.60	27.74
1962	25.20	27.84
1963	25.20	27.54
1964	25.30	27.21
1965	25.80	27.30
1966	26.10	27.61
1967	25.30	27.14
1968	25.20	26.77
1969	24.40	26.34
1970	22.90	25.13
1971	22.20	24.07
1972	22.30	23.94
1973	22.10	24.17
1974	21.40	23.62
1975	20.90	21.94
1976	21.40	22.06
1977	21.90	22.00
1978	21.60	21.81
1979	21.60	21.60
1980	20.50	20.69
1981	20.30	20.41
1982	19.20	19.36
1983	19.20	18.88
1984	19.20	18.96
1985	18.50	18.27
1986	18.10	17.64
1987	18.10	17.24
1988	18.30	16.99
1989	18.00	16.65
1990	17.40	16.16
1991	16.90	15.74
1992	16.60	15.44
1993	16.40	15.12
1994	16.40	14.88
1995	16.50	14.69
1996	16.10	14.39
1997	16.10	14.17
1998	15.80	13.92
1999	15.50	13.41
2000	15.10	13.08
2001	13.90	12.45
2002	13.40	11.68
2003	13.30	11.13
2004	13.20	10.86
2005	13.00	10.61
2006	13.00	10.38
2007	12.80	10.06
2008	12.20	9.77
2009	11.80	9.02
2010	12.00	8.85
2011	12.00	8.89
2012	11.90	8.89
2013	11.90	8.81
2014	11.70	8.77
2015	11.70	8.70
2016	11.20	8.56
2017	11.20	8.49
2018	11.30	8.52
2019	11.03	8.51

Source: Staff estimates of data from the Bureau of Economic Analysis (for gross domestic product) and from the Bureau of Labor Statistics (for employment).

Return to text

Manufacturing and U.S. Business Cycles: Figure C. Manufacturing IP and its trend

Monthly
Ratio scale, 2012 = 100

Period	Trend	Manufacturing IP
January 1959	20.57	21.15
February 1959	20.69	21.54
March 1959	20.81	21.87
April 1959	20.94	22.34
May 1959	21.06	22.65
June 1959	21.18	22.68
July 1959	21.30	22.26
August 1959	21.43	21.38
September 1959	21.55	21.33
October 1959	21.67	21.15
November 1959	21.80	21.30
December 1959	21.92	22.76
January 1960	22.04	23.38
February 1960	22.16	23.20
March 1960	22.29	22.91
April 1960	22.41	22.73
May 1960	22.53	22.60
June 1960	22.66	22.34
July 1960	22.78	22.29
August 1960	22.90	22.19
September 1960	23.02	21.95
October 1960	23.15	21.93
November 1960	23.27	21.51
December 1960	23.39	21.15
January 1961	23.52	21.18
February 1961	23.64	21.07
March 1961	23.76	21.23
April 1961	23.89	21.72
May 1961	24.01	22.06
June 1961	24.13	22.39
July 1961	24.26	22.68
August 1961	24.38	22.99
September 1961	24.50	22.81
October 1961	24.62	23.27
November 1961	24.75	23.69
December 1961	24.87	24.00
January 1962	24.99	23.66
February 1962	25.12	24.08
March 1962	25.24	24.29
April 1962	25.36	24.31
May 1962	25.49	24.26
June 1962	25.61	24.21
July 1962	25.73	24.44
August 1962	25.86	24.49
September 1962	25.98	24.67
October 1962	26.10	24.62
November 1962	26.23	24.83
December 1962	26.35	24.86
January 1963	26.47	25.01
February 1963	26.60	25.22
March 1963	26.72	25.37
April 1963	26.84	25.71
May 1963	26.96	25.94
June 1963	27.09	26.02
July 1963	27.21	25.92
August 1963	27.33	26.05
September 1963	27.46	26.23
October 1963	27.58	26.46
November 1963	27.70	26.54
December 1963	27.82	26.54
January 1964	27.95	26.77
February 1964	28.07	26.93
March 1964	28.19	26.93
April 1964	28.31	27.42
May 1964	28.44	27.53
June 1964	28.56	27.58
July 1964	28.68	27.81
August 1964	28.80	27.99
September 1964	28.92	28.12
October 1964	29.05	27.71
November 1964	29.17	28.54
December 1964	29.29	29.05
January 1965	29.41	29.39
February 1965	29.53	29.57
March 1965	29.65	29.94
April 1965	29.77	30.12
May 1965	29.89	30.35
June 1965	30.01	30.53
July 1965	30.13	31.00
August 1965	30.25	31.02
September 1965	30.37	31.10
October 1965	30.49	31.36
November 1965	30.61	31.49
December 1965	30.73	31.98
January 1966	30.85	32.29
February 1966	30.97	32.50
March 1966	31.09	32.94
April 1966	31.21	33.12
May 1966	31.33	33.36
June 1966	31.44	33.51
July 1966	31.56	33.67
August 1966	31.68	33.75
September 1966	31.80	34.00
October 1966	31.91	34.34
November 1966	32.03	33.98
December 1966	32.15	34.13
January 1967	32.26	34.24
February 1967	32.38	33.85
March 1967	32.50	33.68
April 1967	32.61	33.90
May 1967	32.73	33.66
June 1967	32.84	33.61
July 1967	32.96	33.47
August 1967	33.07	34.10
September 1967	33.19	34.10
October 1967	33.30	34.38
November 1967	33.41	35.01
December 1967	33.53	35.36
January 1968	33.64	35.29
February 1968	33.75	35.44
March 1968	33.86	35.50
April 1968	33.98	35.53
May 1968	34.09	35.98
June 1968	34.20	36.06
July 1968	34.31	35.95
August 1968	34.42	36.12
September 1968	34.53	36.14
October 1968	34.64	36.37
November 1968	34.75	36.89
December 1968	34.86	36.89
January 1969	34.97	37.11
February 1969	35.08	37.41
March 1969	35.19	37.70
April 1969	35.30	37.54
May 1969	35.41	37.39
June 1969	35.52	37.62
July 1969	35.63	37.89
August 1969	35.73	37.94
September 1969	35.84	37.89
October 1969	35.95	37.93
November 1969	36.05	37.54
December 1969	36.16	37.33
January 1970	36.27	36.52
February 1970	36.37	36.55
March 1970	36.48	36.44
April 1970	36.58	36.31
May 1970	36.69	36.23
June 1970	36.80	36.12
July 1970	36.90	36.23
August 1970	37.00	35.99
September 1970	37.11	35.68
October 1970	37.21	34.88
November 1970	37.32	34.67
December 1970	37.42	35.59
January 1971	37.52	35.89
February 1971	37.63	35.90
March 1971	37.73	35.83
April 1971	37.83	36.02
May 1971	37.93	36.26
June 1971	38.04	36.35
July 1971	38.14	36.41
August 1971	38.24	35.98
September 1971	38.34	36.71
October 1971	38.44	37.25
November 1971	38.55	37.39
December 1971	38.65	37.74
January 1972	38.75	38.71
February 1972	38.85	39.01
March 1972	38.95	39.28
April 1972	39.05	39.74
May 1972	39.15	39.78
June 1972	39.25	39.93
July 1972	39.35	39.95
August 1972	39.45	40.45
September 1972	39.54	40.77
October 1972	39.64	41.37
November 1972	39.74	41.89
December 1972	39.84	42.45
January 1973	39.94	42.74
February 1973	40.04	43.45
March 1973	40.13	43.53
April 1973	40.23	43.46
May 1973	40.33	43.73
June 1973	40.43	43.70
July 1973	40.52	43.91
August 1973	40.62	43.78
September 1973	40.72	44.17
October 1973	40.81	44.53
November 1973	40.91	44.88
December 1973	41.00	44.92
January 1974	41.10	44.55
February 1974	41.20	44.37
March 1974	41.29	44.34
April 1974	41.39	44.13
May 1974	41.48	44.46
June 1974	41.58	44.51
July 1974	41.67	44.42
August 1974	41.77	44.07
September 1974	41.86	44.10
October 1974	41.96	43.76
November 1974	42.05	42.46
December 1974	42.14	40.56
January 1975	42.24	39.73
February 1975	42.33	38.63
March 1975	42.43	38.12
April 1975	42.52	38.06
May 1975	42.61	38.04
June 1975	42.71	38.37
July 1975	42.80	38.89
August 1975	42.90	39.31
September 1975	42.99	39.93
October 1975	43.08	40.15
November 1975	43.18	40.24
December 1975	43.27	40.77
January 1976	43.36	41.30
February 1976	43.46	41.91
March 1976	43.55	41.98
April 1976	43.65	42.26
May 1976	43.74	42.50
June 1976	43.83	42.50
July 1976	43.93	42.83
August 1976	44.02	43.11
September 1976	44.11	43.21
October 1976	44.21	43.20
November 1976	44.30	43.74
December 1976	44.39	44.20
January 1977	44.49	44.09
February 1977	44.58	44.88
March 1977	44.67	45.52
April 1977	44.77	46.00
May 1977	44.86	46.40
June 1977	44.96	46.79
July 1977	45.05	46.79
August 1977	45.14	47.01
September 1977	45.24	47.08
October 1977	45.33	47.19
November 1977	45.43	47.27
December 1977	45.52	47.78
January 1978	45.61	47.10
February 1978	45.71	47.27
March 1978	45.80	48.10
April 1978	45.90	48.87
May 1978	45.99	49.04
June 1978	46.08	49.42
July 1978	46.18	49.39
August 1978	46.27	49.62
September 1978	46.37	49.84
October 1978	46.46	50.21
November 1978	46.56	50.68
December 1978	46.65	51.06
January 1979	46.75	50.64
February 1979	46.84	50.83
March 1979	46.94	51.09
April 1979	47.03	50.26
May 1979	47.13	50.91
June 1979	47.22	50.97
July 1979	47.32	51.03
August 1979	47.42	50.39
September 1979	47.51	50.52
October 1979	47.61	50.69
November 1979	47.71	50.57
December 1979	47.80	50.75
January 1980	47.90	50.96
February 1980	48.00	50.89
March 1980	48.10	50.51
April 1980	48.19	49.44
May 1980	48.29	47.99
June 1980	48.39	47.26
July 1980	48.49	46.76
August 1980	48.59	47.12
September 1980	48.69	47.87
October 1980	48.79	48.73
November 1980	48.89	49.63
December 1980	48.99	49.77
January 1981	49.09	49.61
February 1981	49.19	49.33
March 1981	49.29	49.49
April 1981	49.39	49.75
May 1981	49.50	50.00
June 1981	49.60	49.74
July 1981	49.70	49.84
August 1981	49.81	49.89
September 1981	49.91	49.66
October 1981	50.02	49.22
November 1981	50.12	48.61
December 1981	50.23	47.80
January 1982	50.33	46.64
February 1982	50.44	47.94
March 1982	50.55	47.53
April 1982	50.66	47.20
May 1982	50.77	47.12
June 1982	50.88	47.03
July 1982	50.99	46.99
August 1982	51.10	46.59
September 1982	51.21	46.48
October 1982	51.32	45.94
November 1982	51.43	45.65
December 1982	51.54	45.50
January 1983	51.66	46.61
February 1983	51.77	46.56
March 1983	51.89	46.98
April 1983	52.00	47.53
May 1983	52.12	48.12
June 1983	52.24	48.50
July 1983	52.36	49.20
August 1983	52.47	49.58
September 1983	52.59	50.53
October 1983	52.71	51.09
November 1983	52.83	51.29
December 1983	52.96	51.44
January 1984	53.08	52.37
February 1984	53.20	52.92
March 1984	53.32	53.17
April 1984	53.45	53.45
May 1984	53.57	53.58
June 1984	53.70	53.82
July 1984	53.82	54.06
August 1984	53.95	54.16
September 1984	54.08	54.04
October 1984	54.21	54.25
November 1984	54.34	54.43
December 1984	54.47	54.61
January 1985	54.60	54.43
February 1985	54.73	54.24
March 1985	54.86	54.69
April 1985	55.00	54.45
May 1985	55.13	54.55
June 1985	55.26	54.65
July 1985	55.40	54.33
August 1985	55.54	54.65
September 1985	55.67	54.71
October 1985	55.81	54.55
November 1985	55.95	54.91
December 1985	56.09	55.13
January 1986	56.23	55.74
February 1986	56.37	55.45
March 1986	56.51	55.27
April 1986	56.65	55.46
May 1986	56.80	55.56
June 1986	56.94	55.37
July 1986	57.09	55.64
August 1986	57.23	55.82
September 1986	57.38	55.93
October 1986	57.52	56.16
November 1986	57.67	56.42
December 1986	57.82	56.89
January 1987	57.97	56.73
February 1987	58.12	57.57
March 1987	58.27	57.60
April 1987	58.43	57.93
May 1987	58.58	58.35
June 1987	58.73	58.54
July 1987	58.89	59.00
August 1987	59.04	59.38
September 1987	59.20	59.70
October 1987	59.35	60.64
November 1987	59.51	60.99
December 1987	59.67	61.35
January 1988	59.83	61.25
February 1988	59.99	61.40
March 1988	60.15	61.54
April 1988	60.31	62.08
May 1988	60.47	61.97
June 1988	60.64	62.07
July 1988	60.80	62.05
August 1988	60.97	62.08
September 1988	61.13	62.31
October 1988	61.30	62.63
November 1988	61.47	62.79
December 1988	61.64	63.09
January 1989	61.80	63.61
February 1989	61.97	62.99
March 1989	62.14	62.91
April 1989	62.32	63.07
May 1989	62.49	62.51
June 1989	62.66	62.64
July 1989	62.84	61.93
August 1989	63.01	62.47
September 1989	63.19	62.31
October 1989	63.36	62.20
November 1989	63.54	62.33
December 1989	63.72	62.38
January 1990	63.90	62.24
February 1990	64.08	63.14
March 1990	64.26	63.45
April 1990	64.44	63.26
May 1990	64.62	63.39
June 1990	64.81	63.58
July 1990	64.99	63.46
August 1990	65.18	63.67
September 1990	65.36	63.64
October 1990	65.55	63.12
November 1990	65.74	62.43
December 1990	65.93	61.97
January 1991	66.12	61.51
February 1991	66.31	61.09
March 1991	66.50	60.66
April 1991	66.69	60.87
May 1991	66.88	61.29
June 1991	67.08	61.94
July 1991	67.27	62.15
August 1991	67.47	62.28
September 1991	67.67	62.96
October 1991	67.86	62.85
November 1991	68.06	62.73
December 1991	68.26	62.61
January 1992	68.46	62.23
February 1992	68.66	62.79
March 1992	68.86	63.43
April 1992	69.07	63.77
May 1992	69.27	64.14
June 1992	69.48	64.32
July 1992	69.68	64.90
August 1992	69.89	64.63
September 1992	70.09	64.66
October 1992	70.30	65.08
November 1992	70.51	65.35
December 1992	70.72	65.28
January 1993	70.93	65.92
February 1993	71.14	66.08
March 1993	71.35	65.92
April 1993	71.56	66.28
May 1993	71.77	66.23
June 1993	71.99	66.11
July 1993	72.20	66.29
August 1993	72.42	66.15
September 1993	72.63	66.58
October 1993	72.85	67.16
November 1993	73.06	67.44
December 1993	73.28	67.83
January 1994	73.50	67.94
February 1994	73.72	68.02
March 1994	73.93	68.91
April 1994	74.15	69.50
May 1994	74.37	69.94
June 1994	74.59	70.13
July 1994	74.81	70.41
August 1994	75.03	70.96
September 1994	75.25	71.32
October 1994	75.48	72.02
November 1994	75.70	72.56
December 1994	75.92	73.37
January 1995	76.14	73.51
February 1995	76.37	73.30
March 1995	76.59	73.49
April 1995	76.81	73.34
May 1995	77.04	73.49
June 1995	77.26	73.85
July 1995	77.48	73.36
August 1995	77.71	74.17
September 1995	77.93	74.83
October 1995	78.15	74.78
November 1995	78.38	74.84
December 1995	78.60	75.12
January 1996	78.83	74.54
February 1996	79.05	75.70
March 1996	79.27	75.58
April 1996	79.50	76.43
May 1996	79.72	77.02
June 1996	79.95	77.83
July 1996	80.17	78.04
August 1996	80.39	78.46
September 1996	80.61	79.12
October 1996	80.84	79.00
November 1996	81.06	79.69
December 1996	81.28	80.40
January 1997	81.50	80.46
February 1997	81.72	81.61
March 1997	81.94	82.43
April 1997	82.16	82.30
May 1997	82.38	82.91
June 1997	82.60	83.47
July 1997	82.82	84.03
August 1997	83.04	85.10
September 1997	83.26	85.84
October 1997	83.47	86.59
November 1997	83.69	87.52
December 1997	83.90	87.85
January 1998	84.12	88.58
February 1998	84.33	88.70
March 1998	84.54	88.58
April 1998	84.76	89.02
May 1998	84.97	89.48
June 1998	85.18	88.78
July 1998	85.39	88.46
August 1998	85.60	90.60
September 1998	85.80	90.40
October 1998	86.01	91.29
November 1998	86.21	91.45
December 1998	86.42	91.95
January 1999	86.62	92.23
February 1999	86.82	92.99
March 1999	87.03	92.93
April 1999	87.23	93.30
May 1999	87.42	94.12
June 1999	87.62	93.79
July 1999	87.82	94.22
August 1999	88.01	94.80
September 1999	88.21	94.41
October 1999	88.40	95.85
November 1999	88.59	96.44
December 1999	88.78	97.10
January 2000	88.97	97.20
February 2000	89.16	97.39
March 2000	89.34	97.99
April 2000	89.53	98.71
May 2000	89.71	98.57
June 2000	89.89	98.78
July 2000	90.07	98.89
August 2000	90.25	98.21
September 2000	90.43	98.65
October 2000	90.60	98.35
November 2000	90.78	98.09
December 2000	90.95	97.54
January 2001	91.12	96.97
February 2001	91.29	96.34
March 2001	91.46	96.14
April 2001	91.63	95.83
May 2001	91.79	95.21
June 2001	91.96	94.59
July 2001	92.12	94.16
August 2001	92.28	93.73
September 2001	92.44	93.53
October 2001	92.60	92.99
November 2001	92.76	92.74
December 2001	92.91	93.00
January 2002	93.06	93.53
February 2002	93.22	93.49
March 2002	93.37	94.21
April 2002	93.52	94.40
May 2002	93.66	94.89
June 2002	93.81	95.95
July 2002	93.95	95.62
August 2002	94.10	95.85
September 2002	94.24	95.96
October 2002	94.38	95.60
November 2002	94.52	96.04
December 2002	94.65	95.55
January 2003	94.79	96.24
February 2003	94.92	96.15
March 2003	95.05	96.28
April 2003	95.18	95.46
May 2003	95.31	95.56
June 2003	95.44	96.04
July 2003	95.56	96.27
August 2003	95.69	95.90
September 2003	95.81	96.64
October 2003	95.93	96.76
November 2003	96.05	97.70
December 2003	96.17	97.50
January 2004	96.29	97.52
February 2004	96.40	98.25
March 2004	96.52	98.09
April 2004	96.63	98.49
May 2004	96.74	99.26
June 2004	96.85	98.54
July 2004	96.95	99.44
August 2004	97.06	99.90
September 2004	97.16	99.87
October 2004	97.26	100.87
November 2004	97.36	100.82
December 2004	97.46	101.54
January 2005	97.56	102.30
February 2005	97.66	103.15
March 2005	97.75	102.63
April 2005	97.85	103.02
May 2005	97.94	103.35
June 2005	98.03	103.48
July 2005	98.11	103.12
August 2005	98.20	103.60
September 2005	98.29	102.56
October 2005	98.37	104.10
November 2005	98.45	104.91
December 2005	98.53	105.10
January 2006	98.61	105.94
February 2006	98.69	105.60
March 2006	98.77	105.55
April 2006	98.84	106.08
May 2006	98.92	105.64
June 2006	98.99	106.02
July 2006	99.06	105.69
August 2006	99.13	106.39
September 2006	99.19	106.45
October 2006	99.26	106.03
November 2006	99.33	106.08
December 2006	99.39	107.62
January 2007	99.45	107.05
February 2007	99.51	107.45
March 2007	99.57	108.38
April 2007	99.63	109.11
May 2007	99.69	109.02
June 2007	99.74	109.39
July 2007	99.80	109.49
August 2007	99.85	109.20
September 2007	99.90	109.71
October 2007	99.95	109.35
November 2007	100.00	109.95
December 2007	100.05	110.08
January 2008	100.10	109.64
February 2008	100.15	108.95
March 2008	100.19	108.61
April 2008	100.24	107.39
May 2008	100.28	106.80
June 2008	100.32	106.09
July 2008	100.36	104.85
August 2008	100.40	103.56
September 2008	100.44	99.98
October 2008	100.48	99.35
November 2008	100.52	96.98
December 2008	100.56	93.62
January 2009	100.60	90.77
February 2009	100.63	90.64
March 2009	100.67	88.96
April 2009	100.70	88.35
May 2009	100.74	87.42
June 2009	100.77	87.13
July 2009	100.81	88.42
August 2009	100.84	89.42
September 2009	100.87	90.20
October 2009	100.90	90.37
November 2009	100.93	91.25
December 2009	100.97	91.09
January 2010	101.00	92.09
February 2010	101.03	92.05
March 2010	101.06	93.14
April 2010	101.09	93.91
May 2010	101.12	95.21
June 2010	101.15	95.10
July 2010	101.17	95.66
August 2010	101.20	95.74
September 2010	101.23	95.74
October 2010	101.26	95.82
November 2010	101.29	95.86
December 2010	101.32	96.31
January 2011	101.34	96.46
February 2011	101.37	96.58
March 2011	101.40	97.14
April 2011	101.42	96.60
May 2011	101.45	96.72
June 2011	101.48	96.82
July 2011	101.50	97.45
August 2011	101.53	97.79
September 2011	101.56	98.12
October 2011	101.58	98.65
November 2011	101.61	98.39
December 2011	101.64	99.09
January 2012	101.66	99.91
February 2012	101.69	100.23
March 2012	101.71	99.75
April 2012	101.74	100.30
May 2012	101.76	99.90
June 2012	101.79	100.12
July 2012	101.81	99.97
August 2012	101.84	99.78
September 2012	101.86	99.71
October 2012	101.89	99.35
November 2012	101.92	100.09
December 2012	101.94	100.88
January 2013	101.97	100.55
February 2013	101.99	101.01
March 2013	102.02	100.90
April 2013	102.04	100.51
May 2013	102.07	100.81
June 2013	102.09	101.05
July 2013	102.12	100.12
August 2013	102.14	101.03
September 2013	102.17	101.16
October 2013	102.19	101.24
November 2013	102.22	101.20
December 2013	102.24	101.18
January 2014	102.27	100.02
February 2014	102.29	101.06
March 2014	102.32	101.91
April 2014	102.34	101.75
May 2014	102.37	102.05
June 2014	102.39	102.41
July 2014	102.42	102.87
August 2014	102.44	102.31
September 2014	102.47	102.28
October 2014	102.49	102.18
November 2014	102.52	103.00
December 2014	102.54	102.67
January 2015	102.57	102.24
February 2015	102.59	101.52
March 2015	102.62	101.85
April 2015	102.64	101.73
May 2015	102.67	101.70
June 2015	102.70	101.29
July 2015	102.72	101.99
August 2015	102.75	101.66
September 2015	102.77	101.21
October 2015	102.80	101.19
November 2015	102.82	100.91
December 2015	102.85	100.60
January 2016	102.88	101.27
February 2016	102.90	100.69
March 2016	102.93	100.50
April 2016	102.95	100.12
May 2016	102.98	100.14
June 2016	103.01	100.40
July 2016	103.03	100.65
August 2016	103.06	100.28
September 2016	103.09	100.66
October 2016	103.11	100.97
November 2016	103.14	101.07
December 2016	103.17	101.42
January 2017	103.19	102.03
February 2017	103.22	101.97
March 2017	103.25	101.70
April 2017	103.27	102.82
May 2017	103.30	102.64
June 2017	103.33	102.78
July 2017	103.36	102.59
August 2017	103.38	102.29
September 2017	103.41	102.14
October 2017	103.44	103.50
November 2017	103.46	103.77
December 2017	103.49	103.71
January 2018	103.52	103.32
February 2018	103.55	104.44
March 2018	103.57	104.46
April 2018	103.60	104.91
May 2018	103.63	104.08
June 2018	103.66	104.80
July 2018	103.68	105.23
August 2018	103.71	105.68
September 2018	103.74	105.69
October 2018	103.77	105.61
November 2018	103.79	105.79
December 2018	103.82	106.41
January 2019	103.85	105.82
February 2019	103.88	105.30
March 2019	103.90	105.24
April 2019	103.93	104.33
May 2019	103.96	104.41
June 2019	103.99	105.00
July 2019	104.01	104.57
August 2019	104.04	105.20
September 2019	104.07	104.53
October 2019	104.10	103.93
November 2019	104.12	104.95
December 2019	104.15	105.03

Note: The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research.

Source: Federal Reserve Board, Statistical Release G.17, "Industrial Production and Capacity Utilization"; Federal Reserve Board staff estimates of the trend.

Return to text

Manufacturing and U.S. Business Cycles: Figure D. 12-month change in detrended manufacturing IP

Monthly
Percent

Period	12-month change
January 1960	3.14
February 1960	0.54
March 1960	-2.19
April 1960	-4.95
May 1960	-6.76
June 1960	-7.90
July 1960	-6.37
August 1960	-2.92
September 1960	-3.68
October 1960	-2.93
November 1960	-5.43
December 1960	-12.92
January 1961	-15.11
February 1961	-14.83
March 1961	-13.11
April 1961	-10.35
May 1961	-8.41
June 1961	-5.90
July 1961	-4.45
August 1961	-2.66
September 1961	-2.37
October 1961	-0.22
November 1961	3.55
December 1961	6.74
January 1962	5.14
February 1962	7.55
March 1962	7.71
April 1962	5.41
May 1962	3.61
June 1962	1.86
July 1962	1.58
August 1962	0.45
September 1962	2.03
October 1962	-0.20
November 1962	-1.09
December 1962	-2.25
January 1963	-0.21
February 1963	-1.08
March 1963	-1.30
April 1963	-0.06
May 1963	1.08
June 1963	1.63
July 1963	0.29
August 1963	0.60
September 1963	0.59
October 1963	1.72
November 1963	1.20
December 1963	1.12
January 1964	1.40
February 1964	1.18
March 1964	0.58
April 1964	1.11
May 1964	0.60
June 1964	0.52
July 1964	1.80
August 1964	1.98
September 1964	1.77
October 1964	-0.58
November 1964	2.12
December 1964	4.00
January 1965	4.32
February 1965	4.38
March 1965	5.69
April 1965	4.45
May 1965	4.89
June 1965	5.35
July 1965	6.09
August 1965	5.51
September 1965	5.32
October 1965	7.81
November 1965	5.14
December 1965	4.91
January 1966	4.74
February 1966	4.79
March 1966	4.95
April 1966	4.92
May 1966	4.88
June 1966	4.77
July 1966	3.70
August 1966	3.88
September 1966	4.44
October 1966	4.63
November 1966	3.13
December 1966	2.03
January 1967	1.37
February 1967	-0.38
March 1967	-2.18
April 1967	-2.06
May 1967	-3.41
June 1967	-3.97
July 1967	-4.78
August 1967	-3.19
September 1967	-3.92
October 1967	-4.05
November 1967	-1.22
December 1967	-0.65
January 1968	-1.15
February 1968	0.44
March 1968	1.14
April 1968	0.61
May 1968	2.63
June 1968	3.02
July 1968	3.15
August 1968	1.77
September 1968	1.86
October 1968	1.68
November 1968	1.30
December 1968	0.31
January 1969	1.17
February 1969	1.56
March 1969	2.20
April 1969	1.69
May 1969	0.04
June 1969	0.46
July 1969	1.52
August 1969	1.18
September 1969	1.01
October 1969	0.50
November 1969	-1.92
December 1969	-2.43
January 1970	-5.11
February 1970	-5.78
March 1970	-6.74
April 1970	-6.67
May 1970	-6.49
June 1970	-7.32
July 1970	-7.68
August 1970	-8.42
September 1970	-9.05
October 1970	-11.16
November 1970	-10.75
December 1970	-7.89
January 1971	-5.02
February 1971	-5.03
March 1971	-4.94
April 1971	-4.09
May 1971	-3.20
June 1971	-2.65
July 1971	-2.77
August 1971	-3.24
September 1971	-0.43
October 1971	3.37
November 1971	4.41
December 1971	2.69
January 1972	4.46
February 1972	5.24
March 1972	6.20
April 1972	6.90
May 1972	6.31
June 1972	6.45
July 1972	6.34
August 1972	9.00
September 1972	7.68
October 1972	7.70
November 1972	8.65
December 1972	9.12
January 1973	7.13
February 1973	8.06
March 1973	7.53
April 1973	6.14
May 1973	6.70
June 1973	6.26
July 1973	6.72
August 1973	5.10
September 1973	5.23
October 1973	4.54
November 1973	4.08
December 1973	2.81
January 1974	1.27
February 1974	-0.75
March 1974	-0.98
April 1974	-1.29
May 1974	-1.15
June 1974	-0.98
July 1974	-1.61
August 1974	-2.11
September 1974	-2.89
October 1974	-4.40
November 1974	-7.96
December 1974	-12.15
January 1975	-13.21
February 1975	-15.28
March 1975	-16.33
April 1975	-16.04
May 1975	-16.70
June 1975	-16.06
July 1975	-14.78
August 1975	-13.16
September 1975	-11.82
October 1975	-10.67
November 1975	-7.69
December 1975	-2.10
January 1976	1.25
February 1976	5.69
March 1976	7.29
April 1976	8.16
May 1976	8.83
June 1976	7.90
July 1976	7.31
August 1976	6.89
September 1976	5.45
October 1976	4.87
November 1976	5.93
December 1976	5.67
January 1977	4.06
February 1977	4.38
March 1977	5.70
April 1977	6.13
May 1977	6.46
June 1977	7.35
July 1977	6.53
August 1977	6.32
September 1977	6.24
October 1977	6.53
November 1977	5.39
December 1977	5.44
January 1978	4.19
February 1978	2.72
March 1978	3.06
April 1978	3.63
May 1978	3.10
June 1978	3.03
July 1978	2.97
August 1978	2.98
September 1978	3.29
October 1978	3.81
November 1978	4.60
December 1978	4.26
January 1979	4.91
February 1979	4.94
March 1979	3.64
April 1979	0.35
May 1979	1.31
June 1979	0.64
July 1979	0.84
August 1979	-0.90
September 1979	-1.10
October 1979	-1.49
November 1979	-2.61
December 1979	-3.01
January 1980	-1.79
February 1980	-2.30
March 1980	-3.51
April 1980	-4.01
May 1980	-8.02
June 1980	-9.50
July 1980	-10.58
August 1980	-8.75
September 1980	-7.53
October 1980	-6.19
November 1980	-4.23
December 1980	-4.30
January 1981	-5.02
February 1981	-5.41
March 1981	-4.39
April 1981	-1.82
May 1981	1.66
June 1981	2.67
July 1981	3.99
August 1981	3.29
September 1981	1.19
October 1981	-1.48
November 1981	-4.47
December 1981	-6.34
January 1982	-8.30
February 1982	-5.23
March 1982	-6.34
April 1982	-7.49
May 1982	-8.12
June 1982	-7.81
July 1982	-8.10
August 1982	-8.97
September 1982	-8.77
October 1982	-9.02
November 1982	-8.49
December 1982	-7.23
January 1983	-2.64
February 1983	-5.37
March 1983	-3.72
April 1983	-1.89
May 1983	-0.51
June 1983	0.43
July 1983	1.96
August 1983	3.64
September 1983	5.85
October 1983	8.28
November 1983	9.38
December 1983	10.03
January 1984	9.37
February 1984	10.61
March 1984	10.13
April 1984	9.41
May 1984	8.31
June 1984	7.95
July 1984	6.88
August 1984	6.23
September 1984	4.01
October 1984	3.25
November 1984	3.19
December 1984	3.23
January 1985	1.04
February 1985	-0.37
March 1985	-0.03
April 1985	-1.00
May 1985	-1.05
June 1985	-1.33
July 1985	-2.36
August 1985	-1.97
September 1985	-1.65
October 1985	-2.33
November 1985	-2.03
December 1985	-1.97
January 1986	-0.57
February 1986	-0.76
March 1986	-1.89
April 1986	-1.12
May 1986	-1.13
June 1986	-1.66
July 1986	-0.62
August 1986	-0.89
September 1986	-0.82
October 1986	-0.13
November 1986	-0.32
December 1986	0.10
January 1987	-1.29
February 1987	0.71
March 1987	1.07
April 1987	1.29
May 1987	1.82
June 1987	2.50
July 1987	2.80
August 1987	3.12
September 1987	3.46
October 1987	4.65
November 1987	4.77
December 1987	4.51
January 1988	4.62
February 1988	3.34
March 1988	3.51
April 1988	3.80
May 1988	2.88
June 1988	2.70
July 1988	1.84
August 1988	1.24
September 1988	1.07
October 1988	0.01
November 1988	-0.32
December 1988	-0.44
January 1989	0.53
February 1989	-0.71
March 1989	-1.06
April 1989	-1.67
May 1989	-2.38
June 1989	-2.35
July 1989	-3.43
August 1989	-2.64
September 1989	-3.26
October 1989	-3.92
November 1989	-3.97
December 1989	-4.37
January 1990	-5.36
February 1990	-3.05
March 1990	-2.46
April 1990	-3.00
May 1990	-1.94
June 1990	-1.86
July 1990	-0.92
August 1990	-1.46
September 1990	-1.26
October 1990	-1.91
November 1990	-3.20
December 1990	-3.98
January 1991	-4.50
February 1991	-6.49
March 1991	-7.62
April 1991	-7.03
May 1991	-6.58
June 1991	-5.88
July 1991	-5.39
August 1991	-5.50
September 1991	-4.43
October 1991	-3.83
November 1991	-2.95
December 1991	-2.42
January 1992	-2.28
February 1992	-0.75
March 1992	0.97
April 1992	1.16
May 1992	1.05
June 1992	0.27
July 1992	0.82
August 1992	0.19
September 1992	-0.86
October 1992	-0.03
November 1992	0.57
December 1992	0.64
January 1993	2.23
February 1993	1.57
March 1993	0.30
April 1993	0.32
May 1993	-0.35
June 1993	-0.81
July 1993	-1.43
August 1993	-1.22
September 1993	-0.62
October 1993	-0.42
November 1993	-0.42
December 1993	0.27
January 1994	-0.53
February 1994	-0.66
March 1994	0.89
April 1994	1.19
May 1994	1.92
June 1994	2.37
July 1994	2.51
August 1994	3.53
September 1994	3.37
October 1994	3.50
November 1994	3.86
December 1994	4.41
January 1995	4.43
February 1995	4.02
March 1995	2.94
April 1995	1.87
May 1995	1.45
June 1995	1.67
July 1995	0.61
August 1995	0.92
September 1995	1.33
October 1995	0.27
November 1995	-0.39
December 1995	-1.12
January 1996	-2.05
February 1996	-0.23
March 1996	-0.64
April 1996	0.69
May 1996	1.27
June 1996	1.85
July 1996	2.82
August 1996	2.25
September 1996	2.21
October 1996	2.14
November 1996	2.95
December 1996	3.50
January 1997	4.41
February 1997	4.28
March 1997	5.52
April 1997	4.19
May 1997	4.17
June 1997	3.79
July 1997	4.22
August 1997	5.00
September 1997	5.04
October 1997	6.15
November 1997	6.37
December 1997	5.86
January 1998	6.67
February 1998	5.33
March 1998	4.16
April 1998	4.86
May 1998	4.64
June 1998	3.15
July 1998	2.10
August 1998	3.29
September 1998	2.19
October 1998	2.32
November 1998	1.43
December 1998	1.62
January 1999	1.10
February 1999	1.83
March 1999	1.91
April 1999	1.85
May 1999	2.23
June 1999	2.70
July 1999	3.57
August 1999	1.76
September 1999	1.59
October 1999	2.15
November 1999	2.63
December 1999	2.79
January 2000	2.62
February 2000	1.99
March 2000	2.72
April 2000	3.08
May 2000	2.07
June 2000	2.66
July 2000	2.33
August 2000	1.03
September 2000	1.93
October 2000	0.12
November 2000	-0.74
December 2000	-1.94
January 2001	-2.60
February 2001	-3.39
March 2001	-4.16
April 2001	-5.14
May 2001	-5.61
June 2001	-6.39
July 2001	-6.90
August 2001	-6.67
September 2001	-7.26
October 2001	-7.49
November 2001	-7.47
December 2001	-6.67
January 2002	-5.56
February 2002	-4.97
March 2002	-4.01
April 2002	-3.48
May 2002	-2.33
June 2002	-0.56
July 2002	-0.43
August 2002	0.29
September 2002	0.64
October 2002	0.88
November 2002	1.63
December 2002	0.86
January 2003	1.02
February 2003	1.00
March 2003	0.39
April 2003	-0.65
May 2003	-1.04
June 2003	-1.62
July 2003	-1.02
August 2003	-1.61
September 2003	-0.94
October 2003	-0.43
November 2003	0.10
December 2003	0.42
January 2004	-0.25
February 2004	0.62
March 2004	0.34
April 2004	1.63
May 2004	2.35
June 2004	1.11
July 2004	1.82
August 2004	2.70
September 2004	1.91
October 2004	2.82
November 2004	1.80
December 2004	2.76
January 2005	3.54
February 2005	3.63
March 2005	3.31
April 2005	3.29
May 2005	2.85
June 2005	3.75
July 2005	2.47
August 2005	2.49
September 2005	1.51
October 2005	2.04
November 2005	2.91
December 2005	2.39
January 2006	2.45
February 2006	1.31
March 2006	1.79
April 2006	1.93
May 2006	1.20
June 2006	1.46
July 2006	1.52
August 2006	1.74
September 2006	2.84
October 2006	0.94
November 2006	0.23
December 2006	1.51
January 2007	0.19
February 2007	0.92
March 2007	1.85
April 2007	2.05
May 2007	2.40
June 2007	2.40
July 2007	2.83
August 2007	1.90
September 2007	2.34
October 2007	2.41
November 2007	2.94
December 2007	1.61
January 2008	1.76
February 2008	0.75
March 2008	-0.41
April 2008	-2.17
May 2008	-2.62
June 2008	-3.58
July 2008	-4.78
August 2008	-5.69
September 2008	-9.36
October 2008	-9.63
November 2008	-12.25
December 2008	-15.38
January 2009	-17.62
February 2009	-17.21
March 2009	-18.48
April 2009	-18.11
May 2009	-18.52
June 2009	-18.23
July 2009	-16.04
August 2009	-14.02
September 2009	-10.17
October 2009	-9.42
November 2009	-6.29
December 2009	-3.10
January 2010	1.05
February 2010	1.16
March 2010	4.29
April 2010	5.90
May 2010	8.51
June 2010	8.74
July 2010	7.79
August 2010	6.68
September 2010	5.76
October 2010	5.67
November 2010	4.69
December 2010	5.36
January 2011	4.38
February 2011	4.57
March 2011	3.95
April 2011	2.51
May 2011	1.24
June 2011	1.47
July 2011	1.54
August 2011	1.81
September 2011	2.16
October 2011	2.63
November 2011	2.32
December 2011	2.57
January 2012	3.26
February 2012	3.46
March 2012	2.37
April 2012	3.51
May 2012	2.98
June 2012	3.09
July 2012	2.28
August 2012	1.72
September 2012	1.31
October 2012	0.40
November 2012	1.42
December 2012	1.50
January 2013	0.34
February 2013	0.48
March 2013	0.85
April 2013	-0.09
May 2013	0.61
June 2013	0.63
July 2013	-0.15
August 2013	0.96
September 2013	1.15
October 2013	1.60
November 2013	0.81
December 2013	-0.00
January 2014	-0.82
February 2014	-0.24
March 2014	0.71
April 2014	0.94
May 2014	0.93
June 2014	1.05
July 2014	2.45
August 2014	0.97
September 2014	0.82
October 2014	0.63
November 2014	1.48
December 2014	1.18
January 2015	1.92
February 2015	0.16
March 2015	-0.35
April 2015	-0.32
May 2015	-0.64
June 2015	-1.39
July 2015	-1.15
August 2015	-0.93
September 2015	-1.34
October 2015	-1.26
November 2015	-2.32
December 2015	-2.31
January 2016	-1.24
February 2016	-1.12
March 2016	-1.62
April 2016	-1.89
May 2016	-1.82
June 2016	-1.19
July 2016	-1.61
August 2016	-1.66
September 2016	-0.85
October 2016	-0.52
November 2016	-0.15
December 2016	0.51
January 2017	0.43
February 2017	0.97
March 2017	0.87
April 2017	2.38
May 2017	2.18
June 2017	2.06
July 2017	1.61
August 2017	1.69
September 2017	1.15
October 2017	2.18
November 2017	2.35
December 2017	1.94
January 2018	0.96
February 2018	2.09
March 2018	2.39
April 2018	1.71
May 2018	1.09
June 2018	1.64
July 2018	2.24
August 2018	2.98
September 2018	3.15
October 2018	1.71
November 2018	1.63
December 2018	2.27
January 2019	2.09
February 2019	0.50
March 2019	0.43
April 2019	-0.87
May 2019	-0.00
June 2019	-0.13
July 2019	-0.94
August 2019	-0.77
September 2019	-1.41
October 2019	-1.90
November 2019	-1.11
December 2019	-1.60

Note: The red line is drawn at -7. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research.

Source: Federal Reserve Board, Statistical Release G.17, "Industrial Production and Capacity Utilization."

Return to text

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

Percent, annual rate

Period	Personal consumption expenditures	Disposable personal income
2014	3.83	5.35
2015	2.87	2.97
2016	2.79	1.62
2017	2.95	3.40
2018	2.64	3.90
2019:H1	2.83	3.00
2019:H2	2.46	2.23

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 15. Personal saving rate

Monthly
Percent

Period	Personal saving rate
January 2006	4.20
February 2006	4.20
March 2006	4.20
April 2006	4.00
May 2006	3.80
June 2006	4.00
July 2006	3.40
August 2006	3.60
September 2006	3.60
October 2006	3.60
November 2006	3.90
December 2006	3.70
January 2007	3.70
February 2007	4.10
March 2007	4.40
April 2007	4.20
May 2007	4.00
June 2007	3.80
July 2007	3.70
August 2007	3.40
September 2007	3.50
October 2007	3.40
November 2007	3.10
December 2007	3.60
January 2008	3.70
February 2008	4.10
March 2008	4.00
April 2008	3.40
May 2008	7.80
June 2008	5.50
July 2008	4.40
August 2008	3.80
September 2008	4.70
October 2008	5.50
November 2008	6.40
December 2008	6.40
January 2009	6.20
February 2009	5.50
March 2009	5.90
April 2009	6.80
May 2009	8.20
June 2009	6.70
July 2009	6.00
August 2009	4.90
September 2009	5.90
October 2009	5.40
November 2009	5.90
December 2009	5.90
January 2010	6.10
February 2010	5.80
March 2010	5.70
April 2010	6.40
May 2010	7.00
June 2010	6.90
July 2010	6.80
August 2010	6.90
September 2010	6.70
October 2010	6.60
November 2010	6.60
December 2010	7.10
January 2011	7.40
February 2011	7.60
March 2011	7.00
April 2011	6.90
May 2011	6.90
June 2011	7.20
July 2011	7.30
August 2011	7.20
September 2011	6.80
October 2011	6.80
November 2011	7.00
December 2011	7.80
January 2012	8.00
February 2012	8.00
March 2012	8.50
April 2012	8.70
May 2012	8.80
June 2012	9.10
July 2012	8.20
August 2012	8.00
September 2012	8.20
October 2012	8.80
November 2012	9.70
December 2012	12.00
January 2013	6.30
February 2013	5.80
March 2013	5.90
April 2013	6.40
May 2013	6.70
June 2013	6.80
July 2013	6.60
August 2013	6.70
September 2013	6.80
October 2013	6.30
November 2013	6.20
December 2013	6.40
January 2014	7.10
February 2014	7.10
March 2014	7.20
April 2014	7.20
May 2014	7.40
June 2014	7.50
July 2014	7.50
August 2014	7.30
September 2014	7.50
October 2014	7.30
November 2014	7.40
December 2014	7.70
January 2015	7.80
February 2015	7.90
March 2015	7.40
April 2015	7.60
May 2015	7.60
June 2015	7.70
July 2015	7.60
August 2015	7.60
September 2015	7.70
October 2015	7.70
November 2015	7.30
December 2015	7.40
January 2016	7.60
February 2016	7.10
March 2016	7.50
April 2016	7.10
May 2016	6.70
June 2016	6.30
July 2016	6.50
August 2016	6.50
September 2016	6.50
October 2016	6.50
November 2016	6.50
December 2016	6.30
January 2017	6.80
February 2017	7.10
March 2017	7.20
April 2017	7.00
May 2017	7.20
June 2017	6.90
July 2017	7.00
August 2017	7.10
September 2017	6.80
October 2017	6.90
November 2017	6.70
December 2017	6.70
January 2018	7.70
February 2018	8.00
March 2018	8.00
April 2018	7.70
May 2018	7.50
June 2018	7.60
July 2018	7.50
August 2018	7.50
September 2018	7.50
October 2018	7.30
November 2018	7.20
December 2018	8.80
January 2019	8.30
February 2019	8.80
March 2019	8.40
April 2019	8.00
May 2019	7.80
June 2019	7.80
July 2019	7.60
August 2019	7.90
September 2019	8.10
October 2019	7.80
November 2019	7.80
December 2019	7.60

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

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 2009	-12.69	-10.11	-17.79
February 2009	-12.75	-10.21	-17.34
March 2009	-12.74	-10.20	-16.52
April 2009	-12.18	-10.11	-15.23
May 2009	-11.29	-10.04	-13.47
June 2009	-10.05	-9.88	-11.69
July 2009	-9.03	-9.59	-10.15
August 2009	-8.29	-9.17	-8.79
September 2009	-7.59	-8.72	-7.55
October 2009	-6.65	-8.18	-5.90
November 2009	-5.22	-7.42	-3.91
December 2009	-3.85	-6.55	-2.23
January 2010	-2.93	-5.65	-1.41
February 2010	-3.10	-4.96	-1.40
March 2010	-1.99	-4.24	-0.24
April 2010	-1.05	-3.47	0.87
May 2010	-0.78	-2.74	1.05
June 2010	-1.40	-2.23	0.64
July 2010	-2.12	-2.10	-0.22
August 2010	-2.82	-2.13	-1.23
September 2010	-3.36	-2.30	-2.15
October 2010	-3.67	-2.56	-2.82
November 2010	-4.14	-3.05	-3.58
December 2010	-4.12	-3.57	-3.67
January 2011	-4.10	-4.08	-3.56
February 2011	-3.72	-4.51	-3.52
March 2011	-4.05	-4.96	-4.31
April 2011	-4.29	-5.50	-4.53
May 2011	-4.31	-6.01	-4.42
June 2011	-3.90	-6.34	-3.89
July 2011	-3.54	-6.32	-3.04
August 2011	-3.17	-6.12	-2.30
September 2011	-3.07	-5.80	-1.61
October 2011	-3.30	-5.51	-1.33
November 2011	-3.64	-5.15	-1.32
December 2011	-3.89	-4.82	-0.94
January 2012	-3.51	-4.41	-0.34
February 2012	-2.72	-3.97	0.61
March 2012	-1.39	-3.37	1.94
April 2012	-0.49	-2.65	2.74
May 2012	0.26	-1.82	3.43
June 2012	0.87	-1.03	3.81
July 2012	1.36	-0.35	4.16
August 2012	2.06	0.25	4.70
September 2012	3.00	0.84	5.34
October 2012	4.02	1.50	6.03
November 2012	5.35	2.20	7.00
December 2012	6.44	2.93	7.81
January 2013	7.56	3.66	8.67
February 2013	8.33	4.39	9.31
March 2013	8.90	5.04	9.89
April 2013	9.02	5.60	9.91
May 2013	9.09	6.11	9.73
June 2013	9.27	6.63	9.36
July 2013	9.72	7.13	9.41
August 2013	10.17	7.58	9.58
September 2013	10.61	7.95	9.90
October 2013	10.83	8.24	10.10
November 2013	10.69	8.40	10.06
December 2013	10.71	8.48	9.88
January 2014	10.44	8.45	9.83
February 2014	10.15	8.37	9.80
March 2014	8.96	8.08	8.97
April 2014	7.96	7.70	8.01
May 2014	7.04	7.23	7.06
June 2014	6.26	6.77	6.33
July 2014	5.59	6.26	5.73
August 2014	5.05	5.71	5.32
September 2014	4.74	5.19	5.08
October 2014	4.62	4.79	5.11
November 2014	4.59	4.56	5.06
December 2014	4.53	4.41	5.00
January 2015	4.34	4.29	5.03
February 2015	4.25	4.20	5.15
March 2015	4.30	4.26	5.25
April 2015	4.31	4.42	5.27
May 2015	4.36	4.59	5.24
June 2015	4.36	4.67	5.22
July 2015	4.41	4.73	5.10
August 2015	4.48	4.86	5.09
September 2015	4.68	5.03	5.26
October 2015	4.89	5.16	5.35
November 2015	5.11	5.19	5.45
December 2015	5.21	5.24	5.61
January 2016	5.29	5.36	5.68
February 2016	5.19	5.46	5.61
March 2016	5.06	5.45	5.60
April 2016	5.01	5.45	5.57
May 2016	4.95	5.43	5.38
June 2016	4.89	5.49	5.14
July 2016	4.90	5.54	5.15
August 2016	5.01	5.58	5.16
September 2016	5.11	5.61	5.24
October 2016	5.15	5.67	5.36
November 2016	5.22	5.81	5.49
December 2016	5.33	5.90	5.48
January 2017	5.52	5.94	5.52
February 2017	5.58	5.95	5.71
March 2017	5.65	6.06	5.74
April 2017	5.66	6.18	5.66
May 2017	5.68	6.28	5.70
June 2017	5.73	6.34	5.82
July 2017	5.77	6.35	5.85
August 2017	5.85	6.37	5.93
September 2017	5.93	6.41	5.98
October 2017	6.03	6.48	6.07
November 2017	6.10	6.52	6.16
December 2017	6.22	6.57	6.15
January 2018	6.22	6.61	6.09
February 2018	6.45	6.69	6.33
March 2018	6.48	6.74	6.56
April 2018	6.44	6.74	6.55
May 2018	6.29	6.73	6.41
June 2018	6.16	6.67	6.12
July 2018	5.94	6.62	5.85
August 2018	5.68	6.54	5.54
September 2018	5.44	6.41	5.33
October 2018	5.30	6.22	5.21
November 2018	4.97	6.00	4.85
December 2018	4.55	5.79	4.44
January 2019	4.16	5.61	4.16
February 2019	3.86	5.38	3.91
March 2019	3.67	5.12	3.60
April 2019	3.58	4.82	3.50
May 2019	3.45	4.56	3.49
June 2019	3.25	4.34	3.36
July 2019	3.15	4.17	3.28
August 2019	3.15	4.03	3.33
September 2019	3.21	3.92	3.31
October 2019	3.25	3.86	3.29
November 2019	3.54	3.79	3.51
December 2019	ND	3.75	4.02

Note: The data for the S&P/Case-Shiller index extend through November 2019.

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 figure 16, 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 © 2020 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.

Return to text

Figure 17. Wealth-to-income ratio

Quarterly
Ratio

Period	Ratio
1996:Q1	5.35
1996:Q2	5.35
1996:Q3	5.34
1996:Q4	5.40
1997:Q1	5.37
1997:Q2	5.55
1997:Q3	5.66
1997:Q4	5.64
1998:Q1	5.78
1998:Q2	5.79
1998:Q3	5.63
1998:Q4	5.87
1999:Q1	5.86
1999:Q2	5.98
1999:Q3	5.90
1999:Q4	6.15
2000:Q1	6.16
2000:Q2	6.03
2000:Q3	6.04
2000:Q4	5.91
2001:Q1	5.78
2001:Q2	5.92
2001:Q3	5.66
2001:Q4	5.93
2002:Q1	5.86
2002:Q2	5.71
2002:Q3	5.56
2002:Q4	5.65
2003:Q1	5.62
2003:Q2	5.79
2003:Q3	5.78
2003:Q4	5.97
2004:Q1	6.16
2004:Q2	6.16
2004:Q3	6.24
2004:Q4	6.37
2005:Q1	6.50
2005:Q2	6.58
2005:Q3	6.67
2005:Q4	6.70
2006:Q1	6.73
2006:Q2	6.68
2006:Q3	6.71
2006:Q4	6.79
2007:Q1	6.76
2007:Q2	6.75
2007:Q3	6.76
2007:Q4	6.62
2008:Q1	6.34
2008:Q2	6.05
2008:Q3	5.91
2008:Q4	5.65
2009:Q1	5.57
2009:Q2	5.56
2009:Q3	5.73
2009:Q4	5.72
2010:Q1	5.76
2010:Q2	5.61
2010:Q3	5.75
2010:Q4	5.83
2011:Q1	5.80
2011:Q2	5.81
2011:Q3	5.61
2011:Q4	5.69
2012:Q1	5.71
2012:Q2	5.65
2012:Q3	5.84
2012:Q4	5.73
2013:Q1	6.16
2013:Q2	6.22
2013:Q3	6.39
2013:Q4	6.52
2014:Q1	6.51
2014:Q2	6.54
2014:Q3	6.49
2014:Q4	6.54
2015:Q1	6.63
2015:Q2	6.59
2015:Q3	6.46
2015:Q4	6.55
2016:Q1	6.56
2016:Q2	6.65
2016:Q3	6.75
2016:Q4	6.75
2017:Q1	6.78
2017:Q2	6.84
2017:Q3	6.93
2017:Q4	6.98
2018:Q1	6.86
2018:Q2	6.91
2018:Q3	6.97
2018:Q4	6.64
2019:Q1	6.88
2019:Q2	6.94
2019:Q3	6.90

Note: The data extend through 2019:Q3. 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.

Return to text

Figure 18. Indexes of consumer sentiment

Monthly

Period	Conference Board (1985 = 100)	Michigan survey (1966 = 100)
January 2000	144.7	112.0
February 2000	140.8	111.3
March 2000	137.1	107.1
April 2000	137.7	109.2
May 2000	144.7	110.7
June 2000	139.2	106.4
July 2000	143.0	108.3
August 2000	140.8	107.3
September 2000	142.5	106.8
October 2000	135.8	105.8
November 2000	132.6	107.6
December 2000	128.6	98.4
January 2001	115.7	94.7
February 2001	109.2	90.6
March 2001	116.9	91.5
April 2001	109.9	88.4
May 2001	116.1	92.0
June 2001	118.9	92.6
July 2001	116.3	92.4
August 2001	114.0	91.5
September 2001	97.0	81.8
October 2001	85.3	82.7
November 2001	84.9	83.9
December 2001	94.6	88.8
January 2002	97.8	93.0
February 2002	95.0	90.7
March 2002	110.7	95.7
April 2002	108.5	93.0
May 2002	110.3	96.9
June 2002	106.3	92.4
July 2002	97.4	88.1
August 2002	94.5	87.6
September 2002	93.7	86.1
October 2002	79.6	80.6
November 2002	84.9	84.2
December 2002	80.7	86.7
January 2003	78.8	82.4
February 2003	64.8	79.9
March 2003	61.4	77.6
April 2003	81.0	86.0
May 2003	83.6	92.1
June 2003	83.5	89.7
July 2003	77.0	90.9
August 2003	81.7	89.3
September 2003	77.0	87.7
October 2003	81.7	89.6
November 2003	92.5	93.7
December 2003	94.8	92.6
January 2004	97.7	103.8
February 2004	88.5	94.4
March 2004	88.5	95.8
April 2004	93.0	94.2
May 2004	93.1	90.2
June 2004	102.8	95.6
July 2004	105.7	96.7
August 2004	98.7	95.9
September 2004	96.7	94.2
October 2004	92.9	91.7
November 2004	92.6	92.8
December 2004	102.7	97.1
January 2005	105.1	95.5
February 2005	104.4	94.1
March 2005	103.0	92.6
April 2005	97.5	87.7
May 2005	103.1	86.9
June 2005	106.2	96.0
July 2005	103.6	96.5
August 2005	105.5	89.1
September 2005	87.5	76.9
October 2005	85.2	74.2
November 2005	98.3	81.6
December 2005	103.8	91.5
January 2006	106.8	91.2
February 2006	102.7	86.7
March 2006	107.5	88.9
April 2006	109.8	87.4
May 2006	104.7	79.1
June 2006	105.4	84.9
July 2006	107.0	84.7
August 2006	100.2	82.0
September 2006	105.9	85.4
October 2006	105.1	93.6
November 2006	105.3	92.1
December 2006	110.0	91.7
January 2007	110.2	96.9
February 2007	111.2	91.3
March 2007	108.2	88.4
April 2007	106.3	87.1
May 2007	108.5	88.3
June 2007	105.3	85.3
July 2007	111.9	90.4
August 2007	105.6	83.4
September 2007	99.5	83.4
October 2007	95.2	80.9
November 2007	87.8	76.1
December 2007	90.6	75.5
January 2008	87.3	78.4
February 2008	76.4	70.8
March 2008	65.9	69.5
April 2008	62.8	62.6
May 2008	58.1	59.8
June 2008	51.0	56.4
July 2008	51.9	61.2
August 2008	58.5	63.0
September 2008	61.4	70.3
October 2008	38.8	57.6
November 2008	44.7	55.3
December 2008	38.6	60.1
January 2009	37.4	61.2
February 2009	25.3	56.3
March 2009	26.9	57.3
April 2009	40.8	65.1
May 2009	54.8	68.7
June 2009	49.3	70.8
July 2009	47.4	66.0
August 2009	54.5	65.7
September 2009	53.4	73.5
October 2009	48.7	70.6
November 2009	50.6	67.4
December 2009	53.6	72.5
January 2010	56.5	74.4
February 2010	46.4	73.6
March 2010	52.3	73.6
April 2010	57.7	72.2
May 2010	62.7	73.6
June 2010	54.3	76.0
July 2010	51.0	67.8
August 2010	53.2	68.9
September 2010	48.6	68.2
October 2010	49.9	67.7
November 2010	57.8	71.6
December 2010	63.4	74.5
January 2011	64.8	74.2
February 2011	72.0	77.5
March 2011	63.8	67.5
April 2011	66.0	69.8
May 2011	61.7	74.3
June 2011	57.6	71.5
July 2011	59.2	63.7
August 2011	45.2	55.8
September 2011	46.4	59.5
October 2011	40.9	60.8
November 2011	55.2	63.7
December 2011	64.8	69.9
January 2012	61.5	75.0
February 2012	71.6	75.3
March 2012	69.5	76.2
April 2012	68.7	76.4
May 2012	64.4	79.3
June 2012	62.7	73.2
July 2012	65.4	72.3
August 2012	61.3	74.3
September 2012	68.4	78.3
October 2012	73.1	82.6
November 2012	71.5	82.7
December 2012	66.7	72.9
January 2013	58.4	73.8
February 2013	68.0	77.6
March 2013	61.9	78.6
April 2013	69.0	76.4
May 2013	74.3	84.5
June 2013	82.1	84.1
July 2013	81.0	85.1
August 2013	81.8	82.1
September 2013	80.2	77.5
October 2013	72.4	73.2
November 2013	72.0	75.1
December 2013	77.5	82.5
January 2014	79.4	81.2
February 2014	78.3	81.6
March 2014	83.9	80.0
April 2014	81.7	84.1
May 2014	82.2	81.9
June 2014	86.4	82.5
July 2014	90.3	81.8
August 2014	93.4	82.5
September 2014	89.0	84.6
October 2014	94.1	86.9
November 2014	91.0	88.8
December 2014	93.1	93.6
January 2015	103.8	98.1
February 2015	98.8	95.4
March 2015	101.4	93.0
April 2015	94.3	95.9
May 2015	94.6	90.7
June 2015	99.8	96.1
July 2015	91.0	93.1
August 2015	101.3	91.9
September 2015	102.6	87.2
October 2015	99.1	90.0
November 2015	92.6	91.3
December 2015	96.3	92.6
January 2016	97.8	92.0
February 2016	94.0	91.7
March 2016	96.1	91.0
April 2016	94.7	89.0
May 2016	92.4	94.7
June 2016	97.4	93.5
July 2016	96.7	90.0
August 2016	101.8	89.8
September 2016	103.5	91.2
October 2016	100.8	87.2
November 2016	109.4	93.8
December 2016	113.3	98.2
January 2017	111.6	98.5
February 2017	116.1	96.3
March 2017	124.9	96.9
April 2017	119.4	97.0
May 2017	117.6	97.1
June 2017	117.3	95.0
July 2017	120.0	93.4
August 2017	120.4	96.8
September 2017	120.6	95.1
October 2017	126.2	100.7
November 2017	128.6	98.5
December 2017	123.1	95.9
January 2018	124.3	95.7
February 2018	130.0	99.7
March 2018	127.0	101.4
April 2018	125.6	98.8
May 2018	128.8	98.0
June 2018	127.1	98.2
July 2018	127.9	97.9
August 2018	134.7	96.2
September 2018	135.3	100.1
October 2018	137.9	98.6
November 2018	136.4	97.5
December 2018	126.6	98.3
January 2019	121.7	91.2
February 2019	131.4	93.8
March 2019	124.2	98.4
April 2019	129.2	97.2
May 2019	131.3	100.0
June 2019	124.3	98.2
July 2019	135.8	98.4
August 2019	134.2	89.8
September 2019	126.3	93.2
October 2019	126.1	95.5
November 2019	126.8	96.8
December 2019	128.2	99.3
January 2020	131.6	99.8

Note: The data are monthly and extend through January 2020.

Source: University of Michigan Surveys of Consumers; Conference Board.

Return to text

Figure 19. Changes in household debt

Quarterly
Percent change from year earlier

Period	Mortgages	Consumer credit
2007:Q1	9.81	5.65
2007:Q2	8.38	5.88
2007:Q3	7.67	6.32
2007:Q4	7.20	6.11
2008:Q1	5.92	6.53
2008:Q2	4.04	5.69
2008:Q3	2.19	3.45
2008:Q4	0.75	1.31
2009:Q1	0.31	-0.92
2009:Q2	0.40	-2.95
2009:Q3	0.43	-3.44
2009:Q4	0.88	-3.58
2010:Q1	-0.32	-3.67
2010:Q2	-0.76	-2.91
2010:Q3	-1.18	-2.29
2010:Q4	-1.50	-1.10
2011:Q1	-0.89	0.76
2011:Q2	-0.91	2.36
2011:Q3	-0.73	3.29
2011:Q4	-0.68	4.15
2012:Q1	-0.76	4.45
2012:Q2	-0.73	5.27
2012:Q3	-0.65	5.57
2012:Q4	-0.74	5.77
2013:Q1	-0.67	6.23
2013:Q2	-0.57	6.09
2013:Q3	-0.16	6.32
2013:Q4	0.06	6.10
2014:Q1	-0.00	6.29
2014:Q2	0.11	6.90
2014:Q3	0.01	7.03
2014:Q4	0.20	7.15
2015:Q1	0.32	7.09
2015:Q2	0.86	7.18
2015:Q3	1.21	7.13
2015:Q4	1.47	7.06
2016:Q1	1.66	7.18
2016:Q2	1.78	6.82
2016:Q3	2.09	6.72
2016:Q4	2.24	6.84
2017:Q1	2.81	6.43
2017:Q2	2.97	5.94
2017:Q3	2.99	5.03
2017:Q4	3.20	5.05
2018:Q1	2.98	4.66
2018:Q2	3.00	4.45
2018:Q3	3.06	4.95
2018:Q4	2.88	4.75
2019:Q1	2.78	5.00
2019:Q2	2.79	4.98
2019:Q3	2.67	4.83

Note: The data extend through 2019:Q3.

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

Return to text

Figure 20. Private housing starts and permits

Monthly
Millions of units, annual rate

Period	Multifamily starts	Single-family starts	Single-family permits
January 2008	0.31	0.77	0.68
February 2008	0.38	0.72	0.65
March 2008	0.28	0.73	0.62
April 2008	0.33	0.68	0.65
May 2008	0.29	0.68	0.64
June 2008	0.40	0.65	0.62
July 2008	0.31	0.62	0.58
August 2008	0.24	0.61	0.55
September 2008	0.28	0.54	0.54
October 2008	0.24	0.54	0.47
November 2008	0.19	0.46	0.41
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	0.38
May 2009	0.13	0.41	0.41
June 2009	0.10	0.48	0.43
July 2009	0.09	0.51	0.46
August 2009	0.10	0.49	0.46
September 2009	0.08	0.51	0.45
October 2009	0.06	0.48	0.45
November 2009	0.09	0.50	0.47
December 2009	0.10	0.48	0.51
January 2010	0.10	0.51	0.51
February 2010	0.08	0.53	0.52
March 2010	0.09	0.54	0.54
April 2010	0.12	0.57	0.49
May 2010	0.13	0.46	0.44
June 2010	0.09	0.45	0.42
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	0.40
November 2010	0.09	0.45	0.42
December 2010	0.11	0.43	0.44
January 2011	0.20	0.43	0.42
February 2011	0.13	0.39	0.38
March 2011	0.17	0.43	0.39
April 2011	0.14	0.42	0.40
May 2011	0.15	0.41	0.41
June 2011	0.17	0.44	0.40
July 2011	0.19	0.43	0.40
August 2011	0.16	0.42	0.42
September 2011	0.23	0.42	0.41
October 2011	0.17	0.44	0.43
November 2011	0.25	0.47	0.44
December 2011	0.17	0.52	0.44
January 2012	0.21	0.52	0.45
February 2012	0.24	0.47	0.48
March 2012	0.22	0.47	0.47
April 2012	0.25	0.50	0.48
May 2012	0.19	0.52	0.49
June 2012	0.23	0.52	0.49
July 2012	0.22	0.52	0.51
August 2012	0.22	0.54	0.51
September 2012	0.25	0.59	0.55
October 2012	0.30	0.61	0.57
November 2012	0.26	0.57	0.57
December 2012	0.36	0.62	0.57
January 2013	0.28	0.60	0.59
February 2013	0.31	0.65	0.60
March 2013	0.39	0.62	0.60
April 2013	0.25	0.59	0.61
May 2013	0.32	0.61	0.62
June 2013	0.23	0.61	0.63
July 2013	0.29	0.59	0.61
August 2013	0.29	0.63	0.63
September 2013	0.27	0.58	0.62
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	0.60
February 2014	0.35	0.59	0.59
March 2014	0.32	0.65	0.60
April 2014	0.40	0.65	0.60
May 2014	0.36	0.65	0.62
June 2014	0.31	0.60	0.63
July 2014	0.43	0.66	0.63
August 2014	0.34	0.64	0.63
September 2014	0.36	0.66	0.63
October 2014	0.38	0.70	0.65
November 2014	0.34	0.66	0.64
December 2014	0.35	0.72	0.67
January 2015	0.39	0.71	0.66
February 2015	0.30	0.59	0.63
March 2015	0.34	0.63	0.64
April 2015	0.45	0.74	0.67
May 2015	0.38	0.71	0.68
June 2015	0.50	0.70	0.69
July 2015	0.38	0.76	0.68
August 2015	0.40	0.74	0.70
September 2015	0.47	0.75	0.69
October 2015	0.35	0.71	0.72
November 2015	0.39	0.78	0.73
December 2015	0.39	0.77	0.73
January 2016	0.35	0.77	0.73
February 2016	0.37	0.84	0.73
March 2016	0.36	0.76	0.73
April 2016	0.39	0.77	0.74
May 2016	0.39	0.74	0.73
June 2016	0.43	0.77	0.74
July 2016	0.46	0.78	0.71
August 2016	0.44	0.72	0.74
September 2016	0.28	0.78	0.74
October 2016	0.45	0.87	0.77
November 2016	0.33	0.83	0.78
December 2016	0.47	0.82	0.83
January 2017	0.42	0.80	0.81
February 2017	0.41	0.88	0.83
March 2017	0.35	0.83	0.83
April 2017	0.33	0.83	0.79
May 2017	0.33	0.79	0.78
June 2017	0.38	0.86	0.81
July 2017	0.35	0.84	0.81
August 2017	0.29	0.87	0.80
September 2017	0.33	0.84	0.82
October 2017	0.38	0.88	0.85
November 2017	0.35	0.95	0.87
December 2017	0.37	0.85	0.88
January 2018	0.45	0.88	0.87
February 2018	0.39	0.91	0.89
March 2018	0.44	0.89	0.85
April 2018	0.38	0.89	0.86
May 2018	0.40	0.94	0.84
June 2018	0.33	0.85	0.85
July 2018	0.32	0.86	0.87
August 2018	0.39	0.89	0.83
September 2018	0.36	0.88	0.85
October 2018	0.35	0.87	0.85
November 2018	0.40	0.80	0.85
December 2018	0.33	0.81	0.83
January 2019	0.33	0.97	0.82
February 2019	0.36	0.79	0.81
March 2019	0.37	0.83	0.81
April 2019	0.41	0.86	0.79
May 2019	0.45	0.81	0.81
June 2019	0.37	0.86	0.82
July 2019	0.33	0.87	0.83
August 2019	0.47	0.91	0.88
September 2019	0.36	0.90	0.88
October 2019	0.43	0.91	0.91
November 2019	0.43	0.95	0.92
December 2019	0.55	1.06	0.93

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

Return to text

Figure 21. New and existing home sales

Monthly
Millions, annual rate

Period	Existing home sales	New home sales
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	0.44
February 2014	4.78	0.42
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	0.48
November 2014	4.99	0.44
December 2014	5.09	0.50
January 2015	4.92	0.52
February 2015	5.08	0.54
March 2015	5.25	0.48
April 2015	5.17	0.50
May 2015	5.25	0.50
June 2015	5.36	0.48
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	0.51
December 2015	5.44	0.55
January 2016	5.43	0.51
February 2016	5.26	0.52
March 2016	5.34	0.53
April 2016	5.47	0.56
May 2016	5.44	0.56
June 2016	5.47	0.56
July 2016	5.37	0.63
August 2016	5.40	0.59
September 2016	5.47	0.57
October 2016	5.56	0.58
November 2016	5.51	0.57
December 2016	5.52	0.56
January 2017	5.64	0.59
February 2017	5.52	0.60
March 2017	5.59	0.63
April 2017	5.53	0.59
May 2017	5.59	0.60
June 2017	5.50	0.62
July 2017	5.47	0.56
August 2017	5.44	0.57
September 2017	5.40	0.64
October 2017	5.48	0.63
November 2017	5.64	0.72
December 2017	5.57	0.66
January 2018	5.40	0.63
February 2018	5.61	0.64
March 2018	5.51	0.65
April 2018	5.43	0.63
May 2018	5.40	0.65
June 2018	5.39	0.62
July 2018	5.39	0.61
August 2018	5.35	0.60
September 2018	5.18	0.61
October 2018	5.22	0.56
November 2018	5.21	0.62
December 2018	5.00	0.56
January 2019	4.93	0.64
February 2019	5.48	0.67
March 2019	5.21	0.69
April 2019	5.21	0.66
May 2019	5.36	0.60
June 2019	5.29	0.73
July 2019	5.42	0.66
August 2019	5.50	0.71
September 2019	5.36	0.73
October 2019	5.44	0.71
November 2019	5.35	0.70
December 2019	5.54	0.69

Note: Data are monthly. 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.

Return to text

Figure 22. Mortgage rates

Weekly
Percent

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
12 July 2018	4.53
19 July 2018	4.52
26 July 2018	4.54
2 August 2018	4.60
9 August 2018	4.59
16 August 2018	4.53
23 August 2018	4.51
30 August 2018	4.52
6 September 2018	4.54
13 September 2018	4.60
20 September 2018	4.65
27 September 2018	4.72
4 October 2018	4.71
11 October 2018	4.90
18 October 2018	4.85
25 October 2018	4.86
1 November 2018	4.83
8 November 2018	4.94
15 November 2018	4.94
22 November 2018	4.81
29 November 2018	4.81
6 December 2018	4.75
13 December 2018	4.63
20 December 2018	4.62
27 December 2018	4.55
3 January 2019	4.51
10 January 2019	4.45
17 January 2019	4.45
24 January 2019	4.45
31 January 2019	4.46
7 February 2019	4.41
14 February 2019	4.37
21 February 2019	4.35
28 February 2019	4.35
7 March 2019	4.41
14 March 2019	4.31
21 March 2019	4.28
28 March 2019	4.06
4 April 2019	4.08
11 April 2019	4.12
18 April 2019	4.17
25 April 2019	4.20
2 May 2019	4.14
9 May 2019	4.10
16 May 2019	4.07
23 May 2019	4.06
30 May 2019	3.99
6 June 2019	3.82
13 June 2019	3.82
20 June 2019	3.84
27 June 2019	3.73
4 July 2019	3.75
11 July 2019	3.75
18 July 2019	3.81
25 July 2019	3.75
1 August 2019	3.75
8 August 2019	3.60
15 August 2019	3.60
22 August 2019	3.55
29 August 2019	3.58
5 September 2019	3.49
12 September 2019	3.56
19 September 2019	3.73
26 September 2019	3.64
3 October 2019	3.65
10 October 2019	3.57
17 October 2019	3.69
24 October 2019	3.75
31 October 2019	3.78
7 November 2019	3.69
14 November 2019	3.75
21 November 2019	3.66
28 November 2019	3.68
5 December 2019	3.68
12 December 2019	3.73
19 December 2019	3.73
26 December 2019	3.74
2 January 2020	3.72
9 January 2020	3.64
16 January 2020	3.65
23 January 2020	3.60
30 January 2020	3.51

Note: Data are weekly through January 30, 2020.

Source: Freddie Mac Primary Mortgage Market Survey.

Return to text

Figure 23. Change in real business fixed investment

Percent, annual rate

Period	Structures	Equipment and intangible capital
2014	9.28	6.13
2015	-10.86	2.31
2016	4.27	1.89
2017	1.53	6.58
2018	2.60	6.85
2019:H1	-3.87	3.31
2019:H2	-10.00	0.46

Note: Business fixed investment is known as "private nonresidential fixed investment" in the National Income and Product Accounts.

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 24. Selected components of net debt financing for nonfinancial businesses

Billions of dollars, monthly rate

Period	Bank loans	Bonds	Commercial paper	Sum
2007	19.70	10.14	0.94	30.78
2008	15.22	9.82	0.64	25.68
2009	-27.53	17.91	-6.09	-15.71
2010	-8.48	15.48	2.04	9.05
2011	10.08	13.37	2.78	26.23
2012	13.71	27.23	1.17	42.10
2013	6.27	23.40	1.18	30.84
2014	15.38	24.15	3.13	42.65
2015	13.81	34.94	-0.25	48.50
2016	10.03	22.35	0.15	32.52
2017	6.77	23.35	2.16	32.28
2018	14.54	11.17	-0.85	24.86
2019:H1	9.17	27.91	2.70	39.79
2019:Q3	-1.33	31.74	0.75	31.15

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

Return to text

Figure 25. Change in real imports and exports of goods and services

Percent, annual rate

Period	Imports	Exports
2015	3.24	-1.54
2016	3.43	1.05
2017	5.59	5.49
2018	3.19	0.37
2019	-2.20	0.15

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 26. U.S. trade and current account balances

Annual
Percent of nominal GDP

Period	Trade	Current account
2001	-3.5	-3.68
2002	-3.9	-4.12
2003	-4.4	-4.53
2004	-5.1	-5.17
2005	-5.5	-5.72
2006	-5.6	-5.83
2007	-5.0	-4.92
2008	-4.9	-4.63
2009	-2.7	-2.58
2010	-3.4	-2.88
2011	-3.7	-2.87
2012	-3.5	-2.64
2013	-2.9	-2.08
2014	-2.9	-2.08
2015	-2.9	-2.24
2016	-2.8	-2.29
2017	-2.9	-2.25
2018	-3.1	-2.39
2019	-2.9	-2.41

Note: GDP is gross domestic product. Current account data for 2019 are the average of the first three quarters of the year.

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 27. Change in real government expenditures on consumption and investment

Percent, annual rate

Period	Federal	State and local
2012	-2.58	-1.73
2013	-6.13	0.16
2014	-1.07	1.21
2015	1.12	3.04
2016	0.11	2.29
2017	1.67	0.36
2018	2.67	0.85
2019:H1	5.18	3.04
2019:H2	3.45	1.42

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 28. Federal receipts and expenditures

Annual
Percent of nominal GDP

Period	Expenditures	Receipts
1997	18.95	18.69
1998	18.50	19.28
1999	17.95	19.28
2000	17.68	20.02
2001	17.70	18.91
2002	18.56	17.11
2003	19.14	15.80
2004	19.07	15.63
2005	19.26	16.78
2006	19.47	17.65
2007	19.09	17.97
2008	20.23	17.12
2009	24.37	14.59
2010	23.30	14.57
2011	23.39	14.95
2012	21.96	15.26
2013	20.81	16.71
2014	20.23	17.43
2015	20.40	17.96
2016	20.76	17.61
2017	20.64	17.19
2018	20.21	16.37
2019	20.95	16.32

Note: The receipts and expenditures data are on a unified-budget basis and are for fiscal years (October through September); gross domestic product (GDP) data are for the four quarters ending in Q3.

Source: Office of Management and Budget via Haver Analytics.

Return to text

Figure 29. Federal government debt held by the public

Quarterly
Percent of nominal GDP

Period	Percent of nominal GDP
1969:Q1	29.09
1969:Q2	27.40
1969:Q3	27.29
1969:Q4	27.54
1970:Q1	27.38
1970:Q2	26.39
1970:Q3	26.61
1970:Q4	27.37
1971:Q1	26.42
1971:Q2	26.08
1971:Q3	26.36
1971:Q4	27.13
1972:Q1	26.57
1972:Q2	25.35
1972:Q3	25.26
1972:Q4	25.44
1973:Q1	25.14
1973:Q2	24.02
1973:Q3	23.61
1973:Q4	23.37
1974:Q1	23.36
1974:Q2	22.38
1974:Q3	22.23
1974:Q4	22.32
1975:Q1	23.31
1975:Q2	23.83
1975:Q3	24.39
1975:Q4	25.13
1976:Q1	25.66
1976:Q2	25.72
1976:Q3	26.21
1976:Q4	26.47
1977:Q1	26.64
1977:Q2	25.72
1977:Q3	25.88
1977:Q4	26.27
1978:Q1	26.74
1978:Q2	25.37
1978:Q3	25.32
1978:Q4	25.07
1979:Q1	24.98
1979:Q2	24.18
1979:Q3	23.96
1979:Q4	24.12
1980:Q1	24.18
1980:Q2	24.34
1980:Q3	24.81
1980:Q4	24.60
1981:Q1	24.60
1981:Q2	24.23
1981:Q3	24.05
1981:Q4	24.99
1982:Q1	26.03
1982:Q2	25.86
1982:Q3	27.30
1982:Q4	28.84
1983:Q1	29.86
1983:Q2	30.29
1983:Q3	30.65
1983:Q4	30.75
1984:Q1	31.11
1984:Q2	31.09
1984:Q3	31.82
1984:Q4	32.88
1985:Q1	33.25
1985:Q2	33.82
1985:Q3	34.18
1985:Q4	35.77
1986:Q1	36.10
1986:Q2	36.93
1986:Q3	37.68
1986:Q4	38.77
1987:Q1	38.84
1987:Q2	38.82
1987:Q3	38.65
1987:Q4	38.93
1988:Q1	39.24
1988:Q2	38.74
1988:Q3	38.81
1988:Q4	38.98
1989:Q1	38.88
1989:Q2	38.35
1989:Q3	38.46
1989:Q4	39.17
1990:Q1	39.33
1990:Q2	39.38
1990:Q3	40.07
1990:Q4	41.60
1991:Q1	42.23
1991:Q2	42.30
1991:Q3	43.30
1991:Q4	44.32
1992:Q1	44.94
1992:Q2	45.18
1992:Q3	45.67
1992:Q4	46.11
1993:Q1	46.66
1993:Q2	47.02
1993:Q3	47.18
1993:Q4	47.57
1994:Q1	47.61
1994:Q2	46.85
1994:Q3	46.82
1994:Q4	46.84
1995:Q1	47.30
1995:Q2	47.27
1995:Q3	46.90
1995:Q4	46.79
1996:Q1	47.24
1996:Q2	45.98
1996:Q3	45.91
1996:Q4	45.78
1997:Q1	45.80
1997:Q2	44.14
1997:Q3	43.53
1997:Q4	43.40
1998:Q1	43.20
1998:Q2	41.80
1998:Q3	40.79
1998:Q4	40.37
1999:Q1	39.92
1999:Q2	38.34
1999:Q3	37.53
1999:Q4	37.18
2000:Q1	36.52
2000:Q2	33.80
2000:Q3	33.04
2000:Q4	32.43
2001:Q1	32.55
2001:Q2	30.68
2001:Q3	31.33
2001:Q4	31.70
2002:Q1	31.79
2002:Q2	31.68
2002:Q3	32.21
2002:Q4	32.85
2003:Q1	33.09
2003:Q2	33.65
2003:Q3	33.83
2003:Q4	34.26
2004:Q1	34.96
2004:Q2	34.75
2004:Q3	34.89
2004:Q4	35.09
2005:Q1	35.73
2005:Q2	34.98
2005:Q3	34.91
2005:Q4	35.26
2006:Q1	35.70
2006:Q2	34.78
2006:Q3	34.80
2006:Q4	34.80
2007:Q1	35.45
2007:Q2	34.25
2007:Q3	34.61
2007:Q4	34.88
2008:Q1	36.32
2008:Q2	35.61
2008:Q3	39.09
2008:Q4	43.68
2009:Q1	47.42
2009:Q2	49.91
2009:Q3	52.29
2009:Q4	53.34
2010:Q1	56.24
2010:Q2	57.78
2010:Q3	59.78
2010:Q4	61.56
2011:Q1	63.08
2011:Q2	62.82
2011:Q3	64.94
2011:Q4	66.16
2012:Q1	67.72
2012:Q2	68.40
2012:Q3	69.37
2012:Q4	70.86
2013:Q1	71.99
2013:Q2	71.59
2013:Q3	71.10
2013:Q4	72.30
2014:Q1	73.74
2014:Q2	72.08
2014:Q3	72.10
2014:Q4	72.93
2015:Q1	72.75
2015:Q2	71.73
2015:Q3	71.49
2015:Q4	74.48
2016:Q1	75.54
2016:Q2	74.72
2016:Q3	75.33
2016:Q4	75.96
2017:Q1	74.82
2017:Q2	74.15
2017:Q3	74.78
2017:Q4	74.32
2018:Q1	76.44
2018:Q2	75.36
2018:Q3	75.90
2018:Q4	76.99
2019:Q1	76.75
2019:Q2	75.81
2019:Q3	77.99

Note: Federal debt extends through 2019:Q3. 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."

Return to text

Figure 30. Market-implied federal funds rate path

Quarterly
Percent

Period	February 4, 2020	July 1, 2019
2019:Q1	ND	ND
2019:Q2	ND	2.42
2019:Q3	ND	1.95
2019:Q4	ND	1.70
2020:Q1	1.59	1.59
2020:Q2	1.53	1.50
2020:Q3	1.42	1.42
2020:Q4	1.30	1.37
2021:Q1	1.20	1.34
2021:Q2	1.15	1.34
2021:Q3	1.13	1.35
2021:Q4	1.11	1.38
2022:Q1	1.11	1.41
2022:Q2	1.10	1.45
2022:Q3	1.11	1.50
2022:Q4	1.12	1.54
2023:Q1	1.13	1.57
2023:Q2	1.15	1.59
2023:Q3	1.17	ND
2023:Q4	1.18	ND

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 1, 2019, is compared with that as of February 4, 2020. The path is estimated with a spline approach, assuming a term premium of 0 basis points. The July 1, 2019, path extends through July 2023 and the February 4, 2020, path through December 2023.

Source: Bloomberg; Federal Reserve Board staff estimates.

Return to text

Figure 31. Yields on nominal Treasury securities

Daily
Percent

Date	2-year	5-year	10-year
4 January 2010	1.09	2.65	3.85
5 January 2010	1.01	2.56	3.77
6 January 2010	1.01	2.60	3.85
7 January 2010	1.03	2.62	3.85
8 January 2010	0.96	2.57	3.83
11 January 2010	0.95	2.58	3.85
12 January 2010	0.92	2.49	3.74
13 January 2010	0.97	2.55	3.80
14 January 2010	0.94	2.51	3.76
15 January 2010	0.89	2.44	3.70
18 January 2010	ND	ND	ND
19 January 2010	0.93	2.48	3.73
20 January 2010	0.92	2.45	3.68
21 January 2010	0.87	2.38	3.62
22 January 2010	0.84	2.37	3.62
25 January 2010	0.86	2.39	3.66
26 January 2010	0.87	2.38	3.65
27 January 2010	0.90	2.43	3.66
28 January 2010	0.87	2.41	3.68
29 January 2010	0.82	2.34	3.63
1 February 2010	0.86	2.38	3.68
2 February 2010	0.86	2.37	3.67
3 February 2010	0.88	2.40	3.73
4 February 2010	0.80	2.29	3.62
5 February 2010	0.77	2.23	3.59
8 February 2010	0.79	2.26	3.62
9 February 2010	0.84	2.32	3.67
10 February 2010	0.91	2.39	3.72
11 February 2010	0.91	2.39	3.73
12 February 2010	0.84	2.35	3.69
15 February 2010	ND	ND	ND
16 February 2010	0.82	2.32	3.66
17 February 2010	0.87	2.40	3.74
18 February 2010	0.90	2.46	3.79
19 February 2010	0.95	2.48	3.78
22 February 2010	0.91	2.47	3.80
23 February 2010	0.87	2.37	3.69
24 February 2010	0.87	2.40	3.70
25 February 2010	0.82	2.33	3.64
26 February 2010	0.81	2.30	3.61
1 March 2010	0.80	2.28	3.61
2 March 2010	0.80	2.27	3.62
3 March 2010	0.82	2.27	3.63
4 March 2010	0.86	2.28	3.61
5 March 2010	0.91	2.35	3.69
8 March 2010	0.90	2.36	3.72
9 March 2010	0.89	2.34	3.71
10 March 2010	0.92	2.39	3.73
11 March 2010	0.97	2.43	3.73
12 March 2010	0.97	2.42	3.71
15 March 2010	0.96	2.42	3.71
16 March 2010	0.93	2.37	3.66
17 March 2010	0.95	2.38	3.65
18 March 2010	0.98	2.44	3.68
19 March 2010	1.02	2.48	3.70
22 March 2010	1.01	2.43	3.67
23 March 2010	1.02	2.44	3.69
24 March 2010	1.08	2.62	3.84
25 March 2010	1.10	2.65	3.91
26 March 2010	1.04	2.59	3.86
29 March 2010	1.04	2.60	3.88
30 March 2010	1.06	2.60	3.88
31 March 2010	1.02	2.55	3.84
1 April 2010	1.05	2.59	3.89
2 April 2010	1.11	2.67	3.96
5 April 2010	1.18	2.75	4.01
6 April 2010	1.14	2.71	3.98
7 April 2010	1.06	2.62	3.89
8 April 2010	1.09	2.64	3.91
9 April 2010	1.08	2.65	3.90
12 April 2010	1.07	2.60	3.87
13 April 2010	1.07	2.58	3.84
14 April 2010	1.07	2.61	3.88
15 April 2010	1.04	2.57	3.86
16 April 2010	0.98	2.49	3.79
19 April 2010	1.01	2.54	3.83
20 April 2010	1.05	2.56	3.82
21 April 2010	1.03	2.52	3.77
22 April 2010	1.07	2.57	3.80
23 April 2010	1.10	2.61	3.84
26 April 2010	1.09	2.60	3.83
27 April 2010	1.03	2.46	3.71
28 April 2010	1.03	2.53	3.80
29 April 2010	1.01	2.49	3.76
30 April 2010	0.97	2.43	3.69
3 May 2010	1.00	2.47	3.72
4 May 2010	0.96	2.38	3.63
5 May 2010	0.88	2.31	3.58
6 May 2010	0.75	2.13	3.41
7 May 2010	0.83	2.17	3.45
10 May 2010	0.87	2.27	3.57
11 May 2010	0.85	2.26	3.56
12 May 2010	0.89	2.29	3.56
13 May 2010	0.87	2.27	3.55
14 May 2010	0.79	2.16	3.44
17 May 2010	0.81	2.20	3.47
18 May 2010	0.76	2.11	3.38
19 May 2010	0.80	2.13	3.36
20 May 2010	0.76	2.04	3.25
21 May 2010	0.76	2.02	3.20
24 May 2010	0.77	2.04	3.23
25 May 2010	0.81	2.01	3.18
26 May 2010	0.82	2.06	3.21
27 May 2010	0.87	2.18	3.34
28 May 2010	0.76	2.10	3.31
31 May 2010	ND	ND	ND
1 June 2010	0.78	2.09	3.29
2 June 2010	0.82	2.14	3.35
3 June 2010	0.82	2.17	3.39
4 June 2010	0.72	1.98	3.20
7 June 2010	0.74	1.95	3.17
8 June 2010	0.74	1.98	3.18
9 June 2010	0.74	1.99	3.20
10 June 2010	0.79	2.12	3.33
11 June 2010	0.75	2.03	3.24
14 June 2010	0.77	2.07	3.28
15 June 2010	0.79	2.10	3.32
16 June 2010	0.75	2.06	3.27
17 June 2010	0.72	2.01	3.21
18 June 2010	0.74	2.04	3.24
21 June 2010	0.74	2.05	3.26
22 June 2010	0.71	1.98	3.18
23 June 2010	0.66	1.93	3.13
24 June 2010	0.67	1.93	3.14
25 June 2010	0.65	1.90	3.12
28 June 2010	0.62	1.83	3.05
29 June 2010	0.61	1.78	2.97
30 June 2010	0.61	1.79	2.97
1 July 2010	0.63	1.80	2.96
2 July 2010	0.63	1.82	3.00
5 July 2010	ND	ND	ND
6 July 2010	0.62	1.76	2.95
7 July 2010	0.63	1.79	3.00
8 July 2010	0.63	1.80	3.04
9 July 2010	0.63	1.85	3.07
12 July 2010	0.65	1.85	3.08
13 July 2010	0.67	1.90	3.15
14 July 2010	0.62	1.82	3.07
15 July 2010	0.61	1.76	3.00
16 July 2010	0.61	1.70	2.96
19 July 2010	0.61	1.73	2.99
20 July 2010	0.61	1.71	2.98
21 July 2010	0.58	1.66	2.90
22 July 2010	0.60	1.69	2.96
23 July 2010	0.60	1.75	3.02
26 July 2010	0.62	1.76	3.03
27 July 2010	0.65	1.82	3.08
28 July 2010	0.61	1.75	3.03
29 July 2010	0.59	1.70	3.03
30 July 2010	0.55	1.60	2.94
2 August 2010	0.56	1.64	2.99
3 August 2010	0.53	1.55	2.94
4 August 2010	0.56	1.62	2.98
5 August 2010	0.53	1.57	2.94
6 August 2010	0.50	1.51	2.86
9 August 2010	0.54	1.54	2.86
10 August 2010	0.52	1.46	2.79
11 August 2010	0.54	1.44	2.72
12 August 2010	0.55	1.48	2.74
13 August 2010	0.54	1.47	2.68
16 August 2010	0.51	1.40	2.58
17 August 2010	0.52	1.44	2.64
18 August 2010	0.51	1.46	2.64
19 August 2010	0.49	1.41	2.58
20 August 2010	0.49	1.47	2.62
23 August 2010	0.49	1.43	2.60
24 August 2010	0.50	1.36	2.50
25 August 2010	0.53	1.40	2.54
26 August 2010	0.51	1.38	2.50
27 August 2010	0.56	1.49	2.66
30 August 2010	0.50	1.39	2.54
31 August 2010	0.47	1.33	2.47
1 September 2010	0.50	1.41	2.58
2 September 2010	0.50	1.43	2.63
3 September 2010	0.52	1.49	2.72
6 September 2010	ND	ND	ND
7 September 2010	0.49	1.41	2.61
8 September 2010	0.52	1.46	2.66
9 September 2010	0.57	1.57	2.77
10 September 2010	0.58	1.59	2.81
13 September 2010	0.53	1.51	2.74
14 September 2010	0.50	1.43	2.68
15 September 2010	0.50	1.46	2.74
16 September 2010	0.48	1.48	2.77
17 September 2010	0.48	1.46	2.75
20 September 2010	0.47	1.43	2.72
21 September 2010	0.43	1.34	2.61
22 September 2010	0.44	1.33	2.56
23 September 2010	0.45	1.34	2.56
24 September 2010	0.45	1.37	2.62
27 September 2010	0.44	1.31	2.54
28 September 2010	0.37	1.25	2.48
29 September 2010	0.44	1.28	2.52
30 September 2010	0.42	1.27	2.53
1 October 2010	0.42	1.26	2.54
4 October 2010	0.41	1.23	2.50
5 October 2010	0.41	1.21	2.50
6 October 2010	0.38	1.16	2.41
7 October 2010	0.36	1.14	2.41
8 October 2010	0.35	1.11	2.41
11 October 2010	ND	ND	ND
12 October 2010	0.37	1.14	2.44
13 October 2010	0.37	1.13	2.46
14 October 2010	0.38	1.18	2.52
15 October 2010	0.37	1.20	2.59
18 October 2010	0.38	1.14	2.52
19 October 2010	0.37	1.11	2.50
20 October 2010	0.35	1.11	2.51
21 October 2010	0.37	1.15	2.57
22 October 2010	0.35	1.17	2.59
25 October 2010	0.37	1.20	2.59
26 October 2010	0.40	1.27	2.67
27 October 2010	0.40	1.34	2.75
28 October 2010	0.37	1.23	2.69
29 October 2010	0.34	1.17	2.63
1 November 2010	0.34	1.17	2.66
2 November 2010	0.34	1.15	2.63
3 November 2010	0.34	1.11	2.67
4 November 2010	0.33	1.04	2.53
5 November 2010	0.38	1.10	2.58
8 November 2010	0.41	1.13	2.60
9 November 2010	0.46	1.27	2.72
10 November 2010	0.44	1.23	2.65
11 November 2010	ND	ND	ND
12 November 2010	0.51	1.35	2.76
15 November 2010	0.53	1.51	2.92
16 November 2010	0.51	1.49	2.85
17 November 2010	0.50	1.49	2.89
18 November 2010	0.52	1.51	2.90
19 November 2010	0.52	1.54	2.88
22 November 2010	0.49	1.44	2.80
23 November 2010	0.45	1.40	2.77
24 November 2010	0.53	1.56	2.93
25 November 2010	ND	ND	ND
26 November 2010	0.51	1.53	2.87
29 November 2010	0.52	1.51	2.84
30 November 2010	0.45	1.47	2.81
1 December 2010	0.53	1.64	2.97
2 December 2010	0.55	1.68	3.01
3 December 2010	0.49	1.64	3.03
6 December 2010	0.42	1.53	2.95
7 December 2010	0.54	1.74	3.15
8 December 2010	0.63	1.87	3.26
9 December 2010	0.64	1.90	3.23
10 December 2010	0.64	1.98	3.32
13 December 2010	0.61	1.91	3.29
14 December 2010	0.66	2.08	3.49
15 December 2010	0.68	2.11	3.53
16 December 2010	0.66	2.06	3.47
17 December 2010	0.61	1.97	3.33
20 December 2010	0.62	1.99	3.36
21 December 2010	0.63	1.99	3.35
22 December 2010	0.65	2.02	3.36
23 December 2010	0.67	2.09	3.41
24 December 2010	ND	ND	ND
27 December 2010	0.71	2.08	3.36
28 December 2010	0.75	2.18	3.50
29 December 2010	0.64	2.03	3.35
30 December 2010	0.66	2.06	3.38
31 December 2010	0.61	2.01	3.30
3 January 2011	0.61	2.02	3.36
4 January 2011	0.63	2.01	3.36
5 January 2011	0.71	2.14	3.50
6 January 2011	0.68	2.09	3.44
7 January 2011	0.60	1.96	3.34
10 January 2011	0.59	1.93	3.32
11 January 2011	0.60	1.98	3.37
12 January 2011	0.61	1.99	3.40
13 January 2011	0.59	1.93	3.34
14 January 2011	0.59	1.95	3.35
17 January 2011	ND	ND	ND
18 January 2011	0.60	1.97	3.39
19 January 2011	0.60	1.95	3.37
20 January 2011	0.65	2.06	3.47
21 January 2011	0.63	2.04	3.44
24 January 2011	0.65	2.03	3.43
25 January 2011	0.62	1.96	3.35
26 January 2011	0.62	2.03	3.45
27 January 2011	0.59	1.98	3.42
28 January 2011	0.54	1.92	3.36
31 January 2011	0.58	1.95	3.42
1 February 2011	0.61	2.02	3.48
2 February 2011	0.67	2.10	3.52
3 February 2011	0.71	2.18	3.58
4 February 2011	0.77	2.27	3.68
7 February 2011	0.78	2.29	3.68
8 February 2011	0.86	2.39	3.75
9 February 2011	0.81	2.33	3.65
10 February 2011	0.85	2.40	3.70
11 February 2011	0.85	2.38	3.64
14 February 2011	0.87	2.37	3.62
15 February 2011	0.84	2.35	3.61
16 February 2011	0.86	2.37	3.62
17 February 2011	0.80	2.30	3.58
18 February 2011	0.78	2.30	3.59
21 February 2011	ND	ND	ND
22 February 2011	0.74	2.16	3.46
23 February 2011	0.74	2.21	3.49
24 February 2011	0.73	2.19	3.46
25 February 2011	0.72	2.16	3.42
28 February 2011	0.69	2.13	3.42
1 March 2011	0.66	2.11	3.41
2 March 2011	0.69	2.16	3.46
3 March 2011	0.79	2.30	3.58
4 March 2011	0.68	2.17	3.49
7 March 2011	0.70	2.19	3.51
8 March 2011	0.73	2.22	3.56
9 March 2011	0.70	2.16	3.48
10 March 2011	0.65	2.05	3.37
11 March 2011	0.64	2.06	3.40
14 March 2011	0.61	2.00	3.36
15 March 2011	0.63	2.00	3.33
16 March 2011	0.58	1.87	3.22
17 March 2011	0.60	1.91	3.25
18 March 2011	0.61	1.96	3.28
21 March 2011	0.67	2.04	3.34
22 March 2011	0.68	2.07	3.34
23 March 2011	0.69	2.07	3.36
24 March 2011	0.72	2.14	3.42
25 March 2011	0.79	2.20	3.46
28 March 2011	0.81	2.23	3.47
29 March 2011	0.81	2.25	3.50
30 March 2011	0.80	2.21	3.47
31 March 2011	0.80	2.24	3.47
1 April 2011	0.80	2.24	3.46
4 April 2011	0.77	2.20	3.45
5 April 2011	0.84	2.28	3.50
6 April 2011	0.85	2.32	3.56
7 April 2011	0.81	2.29	3.58
8 April 2011	0.83	2.31	3.59
11 April 2011	0.85	2.31	3.59
12 April 2011	0.77	2.22	3.52
13 April 2011	0.75	2.19	3.49
14 April 2011	0.77	2.23	3.51
15 April 2011	0.71	2.14	3.43
18 April 2011	0.69	2.09	3.40
19 April 2011	0.68	2.09	3.39
20 April 2011	0.69	2.15	3.43
21 April 2011	0.68	2.14	3.42
22 April 2011	ND	ND	ND
25 April 2011	0.67	2.10	3.39
26 April 2011	0.65	2.05	3.34
27 April 2011	0.65	2.06	3.39
28 April 2011	0.62	2.00	3.34
29 April 2011	0.61	1.97	3.32
2 May 2011	0.61	1.96	3.31
3 May 2011	0.61	1.96	3.28
4 May 2011	0.60	1.95	3.25
5 May 2011	0.58	1.88	3.18
6 May 2011	0.57	1.87	3.19
9 May 2011	0.57	1.84	3.17
10 May 2011	0.59	1.91	3.23
11 May 2011	0.56	1.87	3.19
12 May 2011	0.57	1.89	3.22
13 May 2011	0.57	1.86	3.18
16 May 2011	0.54	1.83	3.15
17 May 2011	0.55	1.80	3.12
18 May 2011	0.58	1.87	3.18
19 May 2011	0.55	1.85	3.17
20 May 2011	0.55	1.82	3.15
23 May 2011	0.55	1.80	3.13
24 May 2011	0.56	1.81	3.12
25 May 2011	0.54	1.81	3.13
26 May 2011	0.48	1.72	3.07
27 May 2011	0.48	1.71	3.07
30 May 2011	ND	ND	ND
31 May 2011	0.45	1.68	3.05
1 June 2011	0.44	1.60	2.96
2 June 2011	0.45	1.65	3.04
3 June 2011	0.42	1.60	2.99
6 June 2011	0.43	1.60	3.01
7 June 2011	0.39	1.59	3.01
8 June 2011	0.39	1.52	2.98
9 June 2011	0.43	1.60	3.01
10 June 2011	0.41	1.58	2.99
13 June 2011	0.40	1.59	3.00
14 June 2011	0.45	1.70	3.11
15 June 2011	0.38	1.55	2.98
16 June 2011	0.38	1.52	2.93
17 June 2011	0.38	1.53	2.94
20 June 2011	0.38	1.55	2.97
21 June 2011	0.40	1.57	2.99
22 June 2011	0.39	1.58	3.01
23 June 2011	0.35	1.48	2.93
24 June 2011	0.35	1.40	2.88
27 June 2011	0.41	1.47	2.95
28 June 2011	0.48	1.62	3.05
29 June 2011	0.47	1.70	3.14
30 June 2011	0.45	1.76	3.18
1 July 2011	0.50	1.80	3.22
4 July 2011	ND	ND	ND
5 July 2011	0.44	1.70	3.16
6 July 2011	0.43	1.66	3.12
7 July 2011	0.49	1.74	3.17
8 July 2011	0.40	1.57	3.03
11 July 2011	0.37	1.49	2.94
12 July 2011	0.37	1.47	2.92
13 July 2011	0.37	1.45	2.92
14 July 2011	0.38	1.51	2.98
15 July 2011	0.37	1.46	2.94
18 July 2011	0.37	1.45	2.94
19 July 2011	0.39	1.45	2.91
20 July 2011	0.40	1.49	2.96
21 July 2011	0.40	1.56	3.03
22 July 2011	0.40	1.53	2.99
25 July 2011	0.42	1.55	3.03
26 July 2011	0.41	1.51	2.99
27 July 2011	0.44	1.56	3.01
28 July 2011	0.42	1.52	2.98
29 July 2011	0.36	1.35	2.82
1 August 2011	0.38	1.32	2.77
2 August 2011	0.33	1.23	2.66
3 August 2011	0.33	1.25	2.64
4 August 2011	0.27	1.12	2.47
5 August 2011	0.28	1.23	2.58
8 August 2011	0.27	1.11	2.40
9 August 2011	0.19	0.91	2.20
10 August 2011	0.19	0.93	2.17
11 August 2011	0.19	1.02	2.34
12 August 2011	0.20	0.96	2.24
15 August 2011	0.19	0.99	2.29
16 August 2011	0.20	0.95	2.23
17 August 2011	0.19	0.92	2.17
18 August 2011	0.20	0.90	2.08
19 August 2011	0.20	0.90	2.07
22 August 2011	0.22	0.94	2.10
23 August 2011	0.22	0.95	2.15
24 August 2011	0.23	1.05	2.29
25 August 2011	0.22	0.98	2.23
26 August 2011	0.20	0.94	2.19
29 August 2011	0.20	0.99	2.28
30 August 2011	0.20	0.94	2.19
31 August 2011	0.20	0.96	2.23
1 September 2011	0.19	0.90	2.15
2 September 2011	0.20	0.88	2.02
5 September 2011	ND	ND	ND
6 September 2011	0.21	0.88	1.98
7 September 2011	0.21	0.92	2.05
8 September 2011	0.19	0.88	2.00
9 September 2011	0.17	0.81	1.93
12 September 2011	0.21	0.87	1.94
13 September 2011	0.21	0.89	2.00
14 September 2011	0.19	0.91	2.03
15 September 2011	0.21	0.95	2.09
16 September 2011	0.18	0.94	2.08
19 September 2011	0.16	0.85	1.97
20 September 2011	0.18	0.85	1.95
21 September 2011	0.21	0.88	1.88
22 September 2011	0.20	0.79	1.72
23 September 2011	0.23	0.89	1.84
26 September 2011	0.25	0.92	1.91
27 September 2011	0.25	0.97	2.00
28 September 2011	0.27	0.99	2.03
29 September 2011	0.27	0.98	1.99
30 September 2011	0.25	0.96	1.92
3 October 2011	0.24	0.87	1.80
4 October 2011	0.25	0.90	1.81
5 October 2011	0.25	0.96	1.92
6 October 2011	0.29	1.01	2.01
7 October 2011	0.30	1.08	2.10
10 October 2011	ND	ND	ND
11 October 2011	0.32	1.14	2.18
12 October 2011	0.29	1.17	2.24
13 October 2011	0.29	1.11	2.19
14 October 2011	0.28	1.12	2.26
17 October 2011	0.28	1.08	2.18
18 October 2011	0.28	1.07	2.19
19 October 2011	0.28	1.05	2.18
20 October 2011	0.28	1.07	2.20
21 October 2011	0.30	1.08	2.23
24 October 2011	0.30	1.10	2.25
25 October 2011	0.26	1.01	2.14
26 October 2011	0.28	1.09	2.23
27 October 2011	0.31	1.20	2.42
28 October 2011	0.28	1.13	2.34
31 October 2011	0.25	0.99	2.17
1 November 2011	0.23	0.90	2.01
2 November 2011	0.23	0.89	2.03
3 November 2011	0.24	0.91	2.09
4 November 2011	0.22	0.88	2.06
7 November 2011	0.25	0.88	2.04
8 November 2011	0.25	0.92	2.10
9 November 2011	0.24	0.88	2.00
10 November 2011	0.24	0.90	2.04
11 November 2011	ND	ND	ND
14 November 2011	0.24	0.91	2.04
15 November 2011	0.26	0.93	2.06
16 November 2011	0.26	0.90	2.01
17 November 2011	0.27	0.88	1.96
18 November 2011	0.29	0.94	2.01
21 November 2011	0.27	0.92	1.97
22 November 2011	0.26	0.91	1.94
23 November 2011	0.26	0.88	1.89
24 November 2011	ND	ND	ND
25 November 2011	0.28	0.93	1.97
28 November 2011	0.26	0.91	1.97
29 November 2011	0.27	0.93	2.00
30 November 2011	0.25	0.96	2.08
1 December 2011	0.27	0.97	2.11
2 December 2011	0.25	0.92	2.05
5 December 2011	0.27	0.93	2.04
6 December 2011	0.25	0.94	2.08
7 December 2011	0.24	0.89	2.02
8 December 2011	0.22	0.86	1.99
9 December 2011	0.22	0.89	2.07
12 December 2011	0.24	0.87	2.03
13 December 2011	0.24	0.85	1.96
14 December 2011	0.25	0.86	1.92
15 December 2011	0.26	0.86	1.92
16 December 2011	0.24	0.81	1.86
19 December 2011	0.24	0.82	1.82
20 December 2011	0.26	0.88	1.94
21 December 2011	0.28	0.91	1.98
22 December 2011	0.28	0.91	1.97
23 December 2011	0.28	0.97	2.03
26 December 2011	ND	ND	ND
27 December 2011	0.30	0.96	2.02
28 December 2011	0.28	0.91	1.93
29 December 2011	0.28	0.88	1.91
30 December 2011	0.25	0.83	1.89
2 January 2012	ND	ND	ND
3 January 2012	0.27	0.89	1.97
4 January 2012	0.25	0.89	2.00
5 January 2012	0.27	0.88	2.02
6 January 2012	0.25	0.86	1.98
9 January 2012	0.26	0.85	1.98
10 January 2012	0.24	0.86	2.00
11 January 2012	0.24	0.82	1.93
12 January 2012	0.22	0.84	1.94
13 January 2012	0.24	0.80	1.89
16 January 2012	ND	ND	ND
17 January 2012	0.21	0.79	1.87
18 January 2012	0.24	0.82	1.92
19 January 2012	0.26	0.87	2.01
20 January 2012	0.26	0.91	2.05
23 January 2012	0.26	0.93	2.09
24 January 2012	0.24	0.92	2.08
25 January 2012	0.22	0.81	2.01
26 January 2012	0.22	0.77	1.96
27 January 2012	0.22	0.75	1.93
30 January 2012	0.22	0.73	1.87
31 January 2012	0.22	0.71	1.83
1 February 2012	0.23	0.72	1.87
2 February 2012	0.23	0.71	1.86
3 February 2012	0.23	0.78	1.97
6 February 2012	0.24	0.76	1.93
7 February 2012	0.25	0.82	2.00
8 February 2012	0.27	0.82	2.01
9 February 2012	0.27	0.86	2.04
10 February 2012	0.27	0.81	1.96
13 February 2012	0.29	0.85	1.99
14 February 2012	0.29	0.81	1.92
15 February 2012	0.29	0.81	1.93
16 February 2012	0.29	0.87	1.99
17 February 2012	0.29	0.88	2.01
20 February 2012	ND	ND	ND
21 February 2012	0.31	0.92	2.05
22 February 2012	0.29	0.88	2.01
23 February 2012	0.31	0.88	1.99
24 February 2012	0.31	0.89	1.98
27 February 2012	0.30	0.84	1.92
28 February 2012	0.30	0.84	1.94
29 February 2012	0.30	0.87	1.98
1 March 2012	0.30	0.89	2.03
2 March 2012	0.28	0.84	1.99
5 March 2012	0.31	0.87	2.00
6 March 2012	0.30	0.83	1.96
7 March 2012	0.30	0.85	1.98
8 March 2012	0.32	0.89	2.03
9 March 2012	0.33	0.90	2.04
12 March 2012	0.33	0.92	2.04
13 March 2012	0.35	0.99	2.14
14 March 2012	0.40	1.13	2.29
15 March 2012	0.37	1.11	2.29
16 March 2012	0.37	1.13	2.31
19 March 2012	0.39	1.20	2.39
20 March 2012	0.41	1.22	2.38
21 March 2012	0.39	1.15	2.31
22 March 2012	0.37	1.13	2.29
23 March 2012	0.37	1.10	2.25
26 March 2012	0.36	1.09	2.26
27 March 2012	0.33	1.04	2.20
28 March 2012	0.34	1.05	2.21
29 March 2012	0.33	1.01	2.18
30 March 2012	0.33	1.04	2.23
2 April 2012	0.33	1.03	2.22
3 April 2012	0.36	1.10	2.30
4 April 2012	0.35	1.05	2.25
5 April 2012	0.35	1.01	2.19
6 April 2012	0.32	0.89	2.07
9 April 2012	0.32	0.90	2.06
10 April 2012	0.28	0.85	2.01
11 April 2012	0.30	0.89	2.05
12 April 2012	0.29	0.90	2.08
13 April 2012	0.27	0.86	2.02
16 April 2012	0.27	0.85	2.00
17 April 2012	0.27	0.88	2.03
18 April 2012	0.27	0.86	2.00
19 April 2012	0.27	0.84	1.98
20 April 2012	0.29	0.86	1.99
23 April 2012	0.27	0.83	1.96
24 April 2012	0.27	0.86	2.00
25 April 2012	0.26	0.86	2.01
26 April 2012	0.26	0.83	1.98
27 April 2012	0.26	0.82	1.96
30 April 2012	0.27	0.82	1.95
1 May 2012	0.27	0.84	1.98
2 May 2012	0.27	0.82	1.96
3 May 2012	0.28	0.82	1.96
4 May 2012	0.27	0.78	1.91
7 May 2012	0.27	0.79	1.92
8 May 2012	0.27	0.77	1.88
9 May 2012	0.27	0.77	1.87
10 May 2012	0.27	0.79	1.89
11 May 2012	0.27	0.75	1.84
14 May 2012	0.29	0.73	1.78
15 May 2012	0.29	0.74	1.76
16 May 2012	0.30	0.75	1.76
17 May 2012	0.32	0.74	1.70
18 May 2012	0.32	0.75	1.71
21 May 2012	0.30	0.75	1.75
22 May 2012	0.30	0.78	1.79
23 May 2012	0.28	0.74	1.73
24 May 2012	0.29	0.77	1.77
25 May 2012	0.30	0.76	1.75
28 May 2012	ND	ND	ND
29 May 2012	0.30	0.76	1.74
30 May 2012	0.27	0.69	1.63
31 May 2012	0.27	0.67	1.59
1 June 2012	0.25	0.62	1.47
4 June 2012	0.25	0.68	1.53
5 June 2012	0.25	0.68	1.57
6 June 2012	0.26	0.73	1.66
7 June 2012	0.27	0.72	1.66
8 June 2012	0.28	0.71	1.65
11 June 2012	0.27	0.69	1.60
12 June 2012	0.30	0.75	1.67
13 June 2012	0.30	0.71	1.61
14 June 2012	0.30	0.73	1.64
15 June 2012	0.29	0.68	1.60
18 June 2012	0.29	0.69	1.59
19 June 2012	0.30	0.71	1.64
20 June 2012	0.32	0.74	1.65
21 June 2012	0.32	0.73	1.63
22 June 2012	0.31	0.76	1.69
25 June 2012	0.31	0.72	1.63
26 June 2012	0.31	0.75	1.66
27 June 2012	0.31	0.73	1.65
28 June 2012	0.31	0.69	1.60
29 June 2012	0.33	0.72	1.67
2 July 2012	0.30	0.67	1.61
3 July 2012	0.30	0.69	1.65
4 July 2012	ND	ND	ND
5 July 2012	0.28	0.68	1.62
6 July 2012	0.27	0.64	1.57
9 July 2012	0.27	0.63	1.53
10 July 2012	0.27	0.63	1.53
11 July 2012	0.27	0.64	1.54
12 July 2012	0.25	0.63	1.50
13 July 2012	0.25	0.63	1.52
16 July 2012	0.24	0.60	1.50
17 July 2012	0.25	0.62	1.53
18 July 2012	0.22	0.60	1.52
19 July 2012	0.22	0.62	1.54
20 July 2012	0.22	0.59	1.49
23 July 2012	0.22	0.57	1.47
24 July 2012	0.22	0.57	1.44
25 July 2012	0.22	0.56	1.43
26 July 2012	0.23	0.58	1.45
27 July 2012	0.25	0.65	1.58
30 July 2012	0.23	0.61	1.53
31 July 2012	0.23	0.60	1.51
1 August 2012	0.24	0.63	1.56
2 August 2012	0.24	0.61	1.51
3 August 2012	0.24	0.67	1.60
6 August 2012	0.24	0.65	1.59
7 August 2012	0.27	0.71	1.66
8 August 2012	0.29	0.73	1.68
9 August 2012	0.29	0.74	1.69
10 August 2012	0.27	0.71	1.65
13 August 2012	0.27	0.71	1.65
14 August 2012	0.27	0.75	1.73
15 August 2012	0.27	0.80	1.80
16 August 2012	0.29	0.83	1.83
17 August 2012	0.29	0.81	1.81
20 August 2012	0.29	0.80	1.82
21 August 2012	0.31	0.80	1.80
22 August 2012	0.26	0.71	1.71
23 August 2012	0.26	0.71	1.68
24 August 2012	0.28	0.72	1.68
27 August 2012	0.28	0.70	1.65
28 August 2012	0.27	0.69	1.64
29 August 2012	0.27	0.69	1.66
30 August 2012	0.27	0.66	1.63
31 August 2012	0.22	0.59	1.57
3 September 2012	ND	ND	ND
4 September 2012	0.23	0.62	1.59
5 September 2012	0.25	0.62	1.60
6 September 2012	0.27	0.68	1.68
7 September 2012	0.25	0.64	1.67
10 September 2012	0.25	0.66	1.68
11 September 2012	0.25	0.67	1.70
12 September 2012	0.25	0.70	1.77
13 September 2012	0.24	0.65	1.75
14 September 2012	0.27	0.72	1.88
17 September 2012	0.25	0.73	1.85
18 September 2012	0.25	0.71	1.82
19 September 2012	0.27	0.70	1.79
20 September 2012	0.27	0.70	1.80
21 September 2012	0.27	0.68	1.77
24 September 2012	0.27	0.68	1.74
25 September 2012	0.27	0.66	1.70
26 September 2012	0.26	0.63	1.64
27 September 2012	0.25	0.64	1.66
28 September 2012	0.23	0.62	1.65
1 October 2012	0.25	0.62	1.64
2 October 2012	0.23	0.61	1.64
3 October 2012	0.23	0.61	1.64
4 October 2012	0.23	0.63	1.70
5 October 2012	0.27	0.67	1.75
8 October 2012	ND	ND	ND
9 October 2012	0.25	0.67	1.74
10 October 2012	0.27	0.66	1.72
11 October 2012	0.28	0.67	1.70
12 October 2012	0.27	0.67	1.69
15 October 2012	0.27	0.67	1.70
16 October 2012	0.27	0.70	1.75
17 October 2012	0.30	0.78	1.83
18 October 2012	0.29	0.79	1.86
19 October 2012	0.30	0.77	1.79
22 October 2012	0.32	0.79	1.83
23 October 2012	0.29	0.77	1.79
24 October 2012	0.29	0.76	1.80
25 October 2012	0.31	0.82	1.86
26 October 2012	0.30	0.76	1.78
29 October 2012	0.30	0.74	1.74
30 October 2012	ND	ND	ND
31 October 2012	0.30	0.72	1.72
1 November 2012	0.30	0.73	1.75
2 November 2012	0.28	0.73	1.75
5 November 2012	0.28	0.70	1.72
6 November 2012	0.30	0.75	1.78
7 November 2012	0.27	0.67	1.68
8 November 2012	0.27	0.65	1.62
9 November 2012	0.27	0.65	1.61
12 November 2012	ND	ND	ND
13 November 2012	0.27	0.63	1.59
14 November 2012	0.25	0.63	1.59
15 November 2012	0.24	0.62	1.58
16 November 2012	0.24	0.62	1.58
19 November 2012	0.25	0.64	1.61
20 November 2012	0.27	0.67	1.66
21 November 2012	0.27	0.69	1.69
22 November 2012	ND	ND	ND
23 November 2012	0.29	0.70	1.70
26 November 2012	0.27	0.68	1.66
27 November 2012	0.27	0.66	1.64
28 November 2012	0.27	0.64	1.63
29 November 2012	0.25	0.63	1.62
30 November 2012	0.25	0.61	1.62
3 December 2012	0.25	0.63	1.63
4 December 2012	0.25	0.63	1.62
5 December 2012	0.25	0.61	1.60
6 December 2012	0.25	0.60	1.59
7 December 2012	0.25	0.63	1.64
10 December 2012	0.24	0.62	1.63
11 December 2012	0.24	0.64	1.66
12 December 2012	0.25	0.66	1.72
13 December 2012	0.27	0.70	1.74
14 December 2012	0.24	0.70	1.72
17 December 2012	0.25	0.74	1.78
18 December 2012	0.28	0.78	1.84
19 December 2012	0.28	0.77	1.82
20 December 2012	0.28	0.77	1.81
21 December 2012	0.26	0.75	1.77
24 December 2012	0.26	0.77	1.79
25 December 2012	ND	ND	ND
26 December 2012	0.26	0.76	1.77
27 December 2012	0.26	0.72	1.74
28 December 2012	0.27	0.72	1.73
31 December 2012	0.25	0.72	1.78
1 January 2013	ND	ND	ND
2 January 2013	0.27	0.76	1.86
3 January 2013	0.27	0.81	1.92
4 January 2013	0.27	0.82	1.93
7 January 2013	0.27	0.82	1.92
8 January 2013	0.25	0.79	1.89
9 January 2013	0.24	0.77	1.88
10 January 2013	0.26	0.80	1.91
11 January 2013	0.26	0.78	1.89
14 January 2013	0.26	0.78	1.89
15 January 2013	0.26	0.75	1.86
16 January 2013	0.26	0.75	1.84
17 January 2013	0.28	0.79	1.89
18 January 2013	0.26	0.77	1.87
21 January 2013	ND	ND	ND
22 January 2013	0.26	0.76	1.86
23 January 2013	0.26	0.76	1.86
24 January 2013	0.23	0.78	1.88
25 January 2013	0.28	0.87	1.98
28 January 2013	0.29	0.89	2.00
29 January 2013	0.30	0.90	2.03
30 January 2013	0.27	0.88	2.03
31 January 2013	0.27	0.88	2.02
1 February 2013	0.27	0.88	2.04
4 February 2013	0.25	0.85	2.00
5 February 2013	0.27	0.88	2.04
6 February 2013	0.27	0.84	2.00
7 February 2013	0.25	0.83	1.99
8 February 2013	0.25	0.84	1.99
11 February 2013	0.27	0.85	1.99
12 February 2013	0.29	0.88	2.02
13 February 2013	0.29	0.92	2.05
14 February 2013	0.27	0.86	2.00
15 February 2013	0.29	0.87	2.01
18 February 2013	ND	ND	ND
19 February 2013	0.29	0.89	2.03
20 February 2013	0.27	0.88	2.02
21 February 2013	0.26	0.86	1.99
22 February 2013	0.27	0.84	1.97
25 February 2013	0.25	0.78	1.88
26 February 2013	0.25	0.78	1.88
27 February 2013	0.27	0.78	1.91
28 February 2013	0.25	0.77	1.89
1 March 2013	0.25	0.75	1.86
4 March 2013	0.24	0.76	1.88
5 March 2013	0.25	0.77	1.90
6 March 2013	0.25	0.81	1.95
7 March 2013	0.25	0.85	2.00
8 March 2013	0.27	0.90	2.06
11 March 2013	0.27	0.90	2.07
12 March 2013	0.27	0.88	2.03
13 March 2013	0.27	0.89	2.04
14 March 2013	0.27	0.88	2.04
15 March 2013	0.25	0.84	2.01
18 March 2013	0.26	0.81	1.96
19 March 2013	0.24	0.79	1.92
20 March 2013	0.26	0.81	1.96
21 March 2013	0.27	0.81	1.95
22 March 2013	0.26	0.80	1.93
25 March 2013	0.24	0.80	1.93
26 March 2013	0.25	0.79	1.92
27 March 2013	0.25	0.76	1.87
28 March 2013	0.25	0.77	1.87
29 March 2013	ND	ND	ND
1 April 2013	0.23	0.76	1.86
2 April 2013	0.25	0.78	1.88
3 April 2013	0.24	0.73	1.83
4 April 2013	0.22	0.69	1.78
5 April 2013	0.24	0.68	1.72
8 April 2013	0.24	0.71	1.76
9 April 2013	0.24	0.70	1.78
10 April 2013	0.24	0.74	1.84
11 April 2013	0.24	0.74	1.82
12 April 2013	0.22	0.70	1.75
15 April 2013	0.22	0.69	1.72
16 April 2013	0.24	0.71	1.75
17 April 2013	0.24	0.71	1.73
18 April 2013	0.24	0.71	1.72
19 April 2013	0.24	0.72	1.73
22 April 2013	0.24	0.70	1.72
23 April 2013	0.23	0.71	1.74
24 April 2013	0.23	0.70	1.73
25 April 2013	0.23	0.71	1.74
26 April 2013	0.22	0.68	1.70
29 April 2013	0.20	0.68	1.70
30 April 2013	0.22	0.68	1.70
1 May 2013	0.20	0.65	1.66
2 May 2013	0.20	0.65	1.66
3 May 2013	0.22	0.73	1.78
6 May 2013	0.22	0.74	1.80
7 May 2013	0.22	0.75	1.82
8 May 2013	0.22	0.75	1.81
9 May 2013	0.22	0.75	1.81
10 May 2013	0.26	0.82	1.90
13 May 2013	0.24	0.83	1.92
14 May 2013	0.26	0.85	1.96
15 May 2013	0.26	0.84	1.94
16 May 2013	0.23	0.79	1.87
17 May 2013	0.26	0.84	1.95
20 May 2013	0.26	0.85	1.97
21 May 2013	0.26	0.84	1.94
22 May 2013	0.26	0.91	2.03
23 May 2013	0.26	0.91	2.02
24 May 2013	0.26	0.90	2.01
27 May 2013	ND	ND	ND
28 May 2013	0.29	1.02	2.15
29 May 2013	0.30	1.02	2.13
30 May 2013	0.31	1.01	2.13
31 May 2013	0.30	1.05	2.16
3 June 2013	0.30	1.03	2.13
4 June 2013	0.32	1.05	2.14
5 June 2013	0.30	1.02	2.10
6 June 2013	0.30	1.01	2.08
7 June 2013	0.32	1.10	2.17
10 June 2013	0.32	1.13	2.22
11 June 2013	0.34	1.12	2.20
12 June 2013	0.34	1.15	2.25
13 June 2013	0.32	1.11	2.19
14 June 2013	0.29	1.04	2.14
17 June 2013	0.27	1.06	2.19
18 June 2013	0.27	1.07	2.20
19 June 2013	0.31	1.24	2.33
20 June 2013	0.33	1.31	2.41
21 June 2013	0.38	1.42	2.52
24 June 2013	0.42	1.48	2.57
25 June 2013	0.43	1.49	2.60
26 June 2013	0.39	1.45	2.55
27 June 2013	0.36	1.38	2.49
28 June 2013	0.36	1.41	2.52
1 July 2013	0.34	1.39	2.50
2 July 2013	0.34	1.38	2.48
3 July 2013	0.36	1.42	2.52
4 July 2013	ND	ND	ND
5 July 2013	0.40	1.60	2.73
8 July 2013	0.37	1.51	2.65
9 July 2013	0.37	1.50	2.65
10 July 2013	0.38	1.54	2.70
11 July 2013	0.34	1.40	2.60
12 July 2013	0.37	1.43	2.61
15 July 2013	0.34	1.40	2.57
16 July 2013	0.34	1.38	2.55
17 July 2013	0.32	1.33	2.52
18 July 2013	0.32	1.35	2.56
19 July 2013	0.32	1.31	2.50
22 July 2013	0.32	1.32	2.50
23 July 2013	0.33	1.33	2.53
24 July 2013	0.34	1.40	2.61
25 July 2013	0.32	1.38	2.61
26 July 2013	0.31	1.36	2.58
29 July 2013	0.33	1.37	2.61
30 July 2013	0.33	1.39	2.63
31 July 2013	0.31	1.38	2.60
1 August 2013	0.35	1.49	2.74
2 August 2013	0.30	1.36	2.63
5 August 2013	0.32	1.39	2.67
6 August 2013	0.32	1.39	2.67
7 August 2013	0.32	1.38	2.61
8 August 2013	0.30	1.36	2.58
9 August 2013	0.32	1.36	2.57
12 August 2013	0.32	1.39	2.61
13 August 2013	0.34	1.49	2.71
14 August 2013	0.34	1.48	2.71
15 August 2013	0.36	1.54	2.77
16 August 2013	0.36	1.60	2.84
19 August 2013	0.36	1.63	2.88
20 August 2013	0.36	1.57	2.82
21 August 2013	0.38	1.64	2.87
22 August 2013	0.42	1.71	2.90
23 August 2013	0.40	1.66	2.82
26 August 2013	0.41	1.61	2.79
27 August 2013	0.38	1.56	2.72
28 August 2013	0.40	1.62	2.78
29 August 2013	0.39	1.60	2.75
30 August 2013	0.39	1.62	2.78
2 September 2013	ND	ND	ND
3 September 2013	0.43	1.68	2.86
4 September 2013	0.46	1.74	2.90
5 September 2013	0.52	1.85	2.98
6 September 2013	0.46	1.77	2.94
9 September 2013	0.45	1.71	2.90
10 September 2013	0.50	1.78	2.96
11 September 2013	0.47	1.72	2.93
12 September 2013	0.45	1.72	2.92
13 September 2013	0.45	1.71	2.90
16 September 2013	0.41	1.65	2.88
17 September 2013	0.39	1.62	2.86
18 September 2013	0.34	1.43	2.69
19 September 2013	0.34	1.49	2.76
20 September 2013	0.34	1.50	2.75
23 September 2013	0.35	1.48	2.72
24 September 2013	0.35	1.44	2.67
25 September 2013	0.36	1.41	2.63
26 September 2013	0.34	1.43	2.66
27 September 2013	0.34	1.40	2.64
30 September 2013	0.33	1.39	2.64
1 October 2013	0.33	1.42	2.66
2 October 2013	0.31	1.38	2.63
3 October 2013	0.33	1.36	2.62
4 October 2013	0.33	1.41	2.66
7 October 2013	0.37	1.41	2.65
8 October 2013	0.40	1.43	2.66
9 October 2013	0.37	1.43	2.68
10 October 2013	0.35	1.44	2.71
11 October 2013	0.35	1.42	2.70
14 October 2013	ND	ND	ND
15 October 2013	0.37	1.45	2.75
16 October 2013	0.34	1.41	2.69
17 October 2013	0.33	1.35	2.61
18 October 2013	0.33	1.35	2.60
21 October 2013	0.33	1.38	2.63
22 October 2013	0.31	1.30	2.54
23 October 2013	0.31	1.30	2.51
24 October 2013	0.33	1.32	2.53
25 October 2013	0.32	1.30	2.53
28 October 2013	0.32	1.31	2.54
29 October 2013	0.31	1.29	2.53
30 October 2013	0.33	1.30	2.55
31 October 2013	0.31	1.31	2.57
1 November 2013	0.33	1.37	2.65
4 November 2013	0.32	1.36	2.63
5 November 2013	0.32	1.39	2.69
6 November 2013	0.30	1.34	2.67
7 November 2013	0.29	1.31	2.63
8 November 2013	0.32	1.42	2.77
11 November 2013	ND	ND	ND
12 November 2013	0.34	1.47	2.80
13 November 2013	0.32	1.41	2.75
14 November 2013	0.29	1.34	2.69
15 November 2013	0.31	1.36	2.71
18 November 2013	0.31	1.33	2.67
19 November 2013	0.29	1.37	2.71
20 November 2013	0.28	1.39	2.80
21 November 2013	0.29	1.38	2.79
22 November 2013	0.31	1.37	2.75
25 November 2013	0.30	1.37	2.74
26 November 2013	0.29	1.34	2.71
27 November 2013	0.28	1.36	2.74
28 November 2013	ND	ND	ND
29 November 2013	0.28	1.37	2.75
2 December 2013	0.30	1.43	2.81
3 December 2013	0.28	1.40	2.79
4 December 2013	0.30	1.45	2.84
5 December 2013	0.30	1.49	2.88
6 December 2013	0.30	1.51	2.88
9 December 2013	0.30	1.50	2.86
10 December 2013	0.30	1.46	2.81
11 December 2013	0.31	1.50	2.86
12 December 2013	0.34	1.55	2.89
13 December 2013	0.34	1.55	2.88
16 December 2013	0.34	1.55	2.89
17 December 2013	0.34	1.52	2.85
18 December 2013	0.32	1.55	2.89
19 December 2013	0.35	1.63	2.94
20 December 2013	0.37	1.66	2.89
23 December 2013	0.38	1.68	2.94
24 December 2013	0.38	1.73	2.99
25 December 2013	ND	ND	ND
26 December 2013	0.42	1.74	3.00
27 December 2013	0.40	1.74	3.02
30 December 2013	0.39	1.71	2.99
31 December 2013	0.38	1.75	3.04
1 January 2014	ND	ND	ND
2 January 2014	0.39	1.72	3.00
3 January 2014	0.41	1.73	3.01
6 January 2014	0.40	1.70	2.98
7 January 2014	0.40	1.69	2.96
8 January 2014	0.43	1.77	3.01
9 January 2014	0.44	1.75	2.97
10 January 2014	0.39	1.64	2.88
13 January 2014	0.39	1.60	2.84
14 January 2014	0.39	1.65	2.88
15 January 2014	0.41	1.68	2.90
16 January 2014	0.41	1.66	2.86
17 January 2014	0.40	1.64	2.84
20 January 2014	ND	ND	ND
21 January 2014	0.40	1.67	2.85
22 January 2014	0.44	1.72	2.87
23 January 2014	0.39	1.62	2.79
24 January 2014	0.37	1.58	2.75
27 January 2014	0.37	1.61	2.78
28 January 2014	0.38	1.59	2.77
29 January 2014	0.36	1.52	2.69
30 January 2014	0.36	1.55	2.72
31 January 2014	0.34	1.49	2.67
3 February 2014	0.30	1.44	2.61
4 February 2014	0.31	1.46	2.64
5 February 2014	0.32	1.50	2.70
6 February 2014	0.33	1.52	2.73
7 February 2014	0.30	1.47	2.71
10 February 2014	0.32	1.48	2.70
11 February 2014	0.35	1.54	2.75
12 February 2014	0.35	1.59	2.80
13 February 2014	0.32	1.51	2.73
14 February 2014	0.32	1.53	2.75
17 February 2014	ND	ND	ND
18 February 2014	0.31	1.50	2.71
19 February 2014	0.33	1.53	2.73
20 February 2014	0.34	1.57	2.76
21 February 2014	0.33	1.56	2.73
24 February 2014	0.35	1.57	2.75
25 February 2014	0.34	1.53	2.70
26 February 2014	0.33	1.50	2.67
27 February 2014	0.33	1.49	2.65
28 February 2014	0.33	1.51	2.66
3 March 2014	0.32	1.46	2.60
4 March 2014	0.33	1.54	2.70
5 March 2014	0.33	1.54	2.70
6 March 2014	0.37	1.57	2.74
7 March 2014	0.38	1.65	2.80
10 March 2014	0.37	1.64	2.79
11 March 2014	0.37	1.62	2.77
12 March 2014	0.37	1.59	2.73
13 March 2014	0.34	1.53	2.66
14 March 2014	0.36	1.55	2.65
17 March 2014	0.38	1.58	2.70
18 March 2014	0.36	1.56	2.68
19 March 2014	0.47	1.75	2.78
20 March 2014	0.45	1.73	2.79
21 March 2014	0.45	1.73	2.75
24 March 2014	0.47	1.76	2.74
25 March 2014	0.47	1.76	2.75
26 March 2014	0.45	1.70	2.71
27 March 2014	0.45	1.70	2.69
28 March 2014	0.45	1.74	2.73
31 March 2014	0.44	1.73	2.73
1 April 2014	0.44	1.74	2.77
2 April 2014	0.47	1.80	2.82
3 April 2014	0.46	1.79	2.80
4 April 2014	0.43	1.71	2.74
7 April 2014	0.41	1.68	2.71
8 April 2014	0.40	1.67	2.69
9 April 2014	0.37	1.65	2.71
10 April 2014	0.37	1.59	2.65
11 April 2014	0.37	1.58	2.63
14 April 2014	0.37	1.61	2.65
15 April 2014	0.39	1.63	2.64
16 April 2014	0.39	1.67	2.65
17 April 2014	0.43	1.75	2.73
18 April 2014	ND	ND	ND
21 April 2014	0.42	1.74	2.73
22 April 2014	0.45	1.76	2.73
23 April 2014	0.43	1.73	2.70
24 April 2014	0.43	1.74	2.70
25 April 2014	0.43	1.72	2.68
28 April 2014	0.44	1.73	2.70
29 April 2014	0.44	1.74	2.71
30 April 2014	0.42	1.69	2.67
1 May 2014	0.41	1.66	2.63
2 May 2014	0.42	1.67	2.60
5 May 2014	0.43	1.68	2.63
6 May 2014	0.43	1.68	2.61
7 May 2014	0.41	1.65	2.62
8 May 2014	0.40	1.63	2.61
9 May 2014	0.40	1.63	2.62
12 May 2014	0.41	1.67	2.66
13 May 2014	0.39	1.62	2.61
14 May 2014	0.39	1.57	2.54
15 May 2014	0.38	1.55	2.50
16 May 2014	0.38	1.56	2.52
19 May 2014	0.36	1.56	2.54
20 May 2014	0.35	1.53	2.52
21 May 2014	0.37	1.55	2.54
22 May 2014	0.37	1.57	2.56
23 May 2014	0.37	1.55	2.54
26 May 2014	ND	ND	ND
27 May 2014	0.39	1.56	2.52
28 May 2014	0.37	1.50	2.44
29 May 2014	0.37	1.52	2.45
30 May 2014	0.37	1.54	2.48
2 June 2014	0.39	1.60	2.54
3 June 2014	0.41	1.65	2.60
4 June 2014	0.41	1.65	2.61
5 June 2014	0.40	1.63	2.59
6 June 2014	0.41	1.66	2.60
9 June 2014	0.43	1.69	2.62
10 June 2014	0.45	1.71	2.64
11 June 2014	0.44	1.70	2.65
12 June 2014	0.42	1.66	2.58
13 June 2014	0.45	1.70	2.60
16 June 2014	0.49	1.71	2.61
17 June 2014	0.51	1.77	2.66
18 June 2014	0.48	1.71	2.61
19 June 2014	0.48	1.71	2.64
20 June 2014	0.50	1.71	2.63
23 June 2014	0.48	1.72	2.63
24 June 2014	0.49	1.70	2.59
25 June 2014	0.48	1.68	2.57
26 June 2014	0.46	1.64	2.53
27 June 2014	0.45	1.64	2.54
30 June 2014	0.47	1.62	2.53
1 July 2014	0.47	1.66	2.58
2 July 2014	0.49	1.71	2.64
3 July 2014	0.52	1.74	2.65
4 July 2014	ND	ND	ND
7 July 2014	0.52	1.74	2.63
8 July 2014	0.51	1.70	2.58
9 July 2014	0.51	1.68	2.57
10 July 2014	0.46	1.66	2.55
11 July 2014	0.48	1.65	2.53
14 July 2014	0.48	1.68	2.55
15 July 2014	0.49	1.70	2.56
16 July 2014	0.50	1.71	2.55
17 July 2014	0.47	1.65	2.47
18 July 2014	0.51	1.69	2.50
21 July 2014	0.51	1.70	2.49
22 July 2014	0.49	1.68	2.48
23 July 2014	0.50	1.67	2.48
24 July 2014	0.53	1.72	2.52
25 July 2014	0.53	1.69	2.48
28 July 2014	0.54	1.73	2.50
29 July 2014	0.54	1.70	2.47
30 July 2014	0.56	1.77	2.57
31 July 2014	0.53	1.76	2.58
1 August 2014	0.47	1.67	2.52
4 August 2014	0.47	1.66	2.51
5 August 2014	0.47	1.66	2.49
6 August 2014	0.48	1.66	2.49
7 August 2014	0.44	1.60	2.43
8 August 2014	0.45	1.62	2.44
11 August 2014	0.47	1.62	2.44
12 August 2014	0.45	1.63	2.46
13 August 2014	0.43	1.59	2.43
14 August 2014	0.42	1.58	2.40
15 August 2014	0.42	1.55	2.34
18 August 2014	0.44	1.58	2.39
19 August 2014	0.46	1.59	2.40
20 August 2014	0.49	1.65	2.43
21 August 2014	0.49	1.64	2.41
22 August 2014	0.53	1.68	2.40
25 August 2014	0.53	1.69	2.39
26 August 2014	0.52	1.68	2.39
27 August 2014	0.51	1.65	2.37
28 August 2014	0.50	1.63	2.34
29 August 2014	0.48	1.63	2.35
1 September 2014	ND	ND	ND
2 September 2014	0.53	1.69	2.42
3 September 2014	0.52	1.69	2.41
4 September 2014	0.54	1.71	2.45
5 September 2014	0.52	1.69	2.46
8 September 2014	0.54	1.72	2.48
9 September 2014	0.56	1.76	2.50
10 September 2014	0.58	1.79	2.54
11 September 2014	0.58	1.79	2.54
12 September 2014	0.58	1.83	2.62
15 September 2014	0.58	1.80	2.60
16 September 2014	0.55	1.78	2.60
17 September 2014	0.59	1.82	2.62
18 September 2014	0.59	1.85	2.63
19 September 2014	0.59	1.83	2.59
22 September 2014	0.58	1.80	2.57
23 September 2014	0.57	1.78	2.54
24 September 2014	0.59	1.82	2.57
25 September 2014	0.56	1.75	2.52
26 September 2014	0.59	1.80	2.54
29 September 2014	0.58	1.77	2.50
30 September 2014	0.58	1.78	2.52
1 October 2014	0.53	1.69	2.42
2 October 2014	0.53	1.70	2.44
3 October 2014	0.57	1.73	2.45
6 October 2014	0.54	1.70	2.43
7 October 2014	0.52	1.64	2.36
8 October 2014	0.46	1.57	2.35
9 October 2014	0.46	1.58	2.34
10 October 2014	0.45	1.55	2.31
13 October 2014	ND	ND	ND
14 October 2014	0.39	1.45	2.21
15 October 2014	0.34	1.37	2.15
16 October 2014	0.35	1.39	2.17
17 October 2014	0.39	1.44	2.22
20 October 2014	0.37	1.41	2.20
21 October 2014	0.38	1.44	2.23
22 October 2014	0.41	1.46	2.25
23 October 2014	0.41	1.52	2.29
24 October 2014	0.41	1.52	2.29
27 October 2014	0.41	1.51	2.27
28 October 2014	0.42	1.53	2.30
29 October 2014	0.48	1.61	2.34
30 October 2014	0.48	1.58	2.32
31 October 2014	0.50	1.62	2.35
3 November 2014	0.52	1.63	2.36
4 November 2014	0.52	1.63	2.35
5 November 2014	0.52	1.63	2.36
6 November 2014	0.54	1.67	2.39
7 November 2014	0.51	1.60	2.32
10 November 2014	0.55	1.65	2.38
11 November 2014	ND	ND	ND
12 November 2014	0.55	1.65	2.37
13 November 2014	0.53	1.64	2.35
14 November 2014	0.54	1.62	2.32
17 November 2014	0.54	1.64	2.34
18 November 2014	0.53	1.63	2.32
19 November 2014	0.54	1.66	2.36
20 November 2014	0.53	1.64	2.34
21 November 2014	0.53	1.63	2.31
24 November 2014	0.53	1.62	2.30
25 November 2014	0.51	1.58	2.27
26 November 2014	0.53	1.56	2.24
27 November 2014	ND	ND	ND
28 November 2014	0.47	1.49	2.18
1 December 2014	0.49	1.52	2.22
2 December 2014	0.55	1.59	2.28
3 December 2014	0.57	1.61	2.29
4 December 2014	0.55	1.59	2.25
5 December 2014	0.65	1.69	2.31
8 December 2014	0.64	1.67	2.26
9 December 2014	0.64	1.63	2.22
10 December 2014	0.59	1.58	2.18
11 December 2014	0.62	1.62	2.19
12 December 2014	0.56	1.53	2.10
15 December 2014	0.60	1.58	2.12
16 December 2014	0.58	1.53	2.07
17 December 2014	0.62	1.61	2.14
18 December 2014	0.67	1.68	2.22
19 December 2014	0.67	1.66	2.17
22 December 2014	0.71	1.67	2.17
23 December 2014	0.73	1.76	2.26
24 December 2014	0.73	1.76	2.27
25 December 2014	ND	ND	ND
26 December 2014	0.73	1.75	2.25
29 December 2014	0.72	1.72	2.22
30 December 2014	0.69	1.68	2.20
31 December 2014	0.67	1.65	2.17
1 January 2015	ND	ND	ND
2 January 2015	0.66	1.61	2.12
5 January 2015	0.68	1.57	2.04
6 January 2015	0.65	1.50	1.97
7 January 2015	0.62	1.47	1.96
8 January 2015	0.62	1.50	2.03
9 January 2015	0.59	1.45	1.98
12 January 2015	0.56	1.39	1.92
13 January 2015	0.54	1.37	1.91
14 January 2015	0.51	1.33	1.86
15 January 2015	0.44	1.22	1.77
16 January 2015	0.49	1.29	1.83
19 January 2015	ND	ND	ND
20 January 2015	0.53	1.31	1.82
21 January 2015	0.53	1.35	1.87
22 January 2015	0.53	1.39	1.90
23 January 2015	0.52	1.33	1.81
26 January 2015	0.54	1.36	1.83
27 January 2015	0.54	1.34	1.83
28 January 2015	0.50	1.25	1.73
29 January 2015	0.51	1.28	1.77
30 January 2015	0.47	1.18	1.68
2 February 2015	0.49	1.19	1.68
3 February 2015	0.52	1.28	1.79
4 February 2015	0.52	1.29	1.81
5 February 2015	0.52	1.30	1.83
6 February 2015	0.65	1.48	1.95
9 February 2015	0.65	1.49	1.96
10 February 2015	0.67	1.52	2.01
11 February 2015	0.67	1.53	2.00
12 February 2015	0.61	1.50	1.99
13 February 2015	0.66	1.53	2.02
16 February 2015	ND	ND	ND
17 February 2015	0.70	1.62	2.14
18 February 2015	0.62	1.52	2.07
19 February 2015	0.67	1.58	2.11
20 February 2015	0.67	1.61	2.13
23 February 2015	0.64	1.56	2.06
24 February 2015	0.60	1.47	1.99
25 February 2015	0.61	1.47	1.96
26 February 2015	0.66	1.54	2.03
27 February 2015	0.63	1.50	2.00
2 March 2015	0.66	1.57	2.08
3 March 2015	0.68	1.61	2.12
4 March 2015	0.66	1.60	2.12
5 March 2015	0.65	1.57	2.11
6 March 2015	0.73	1.70	2.24
9 March 2015	0.70	1.66	2.20
10 March 2015	0.70	1.62	2.14
11 March 2015	0.70	1.60	2.11
12 March 2015	0.67	1.59	2.10
13 March 2015	0.68	1.60	2.13
16 March 2015	0.66	1.57	2.10
17 March 2015	0.70	1.56	2.06
18 March 2015	0.57	1.41	1.93
19 March 2015	0.63	1.48	1.98
20 March 2015	0.60	1.42	1.93
23 March 2015	0.60	1.41	1.92
24 March 2015	0.58	1.37	1.88
25 March 2015	0.59	1.41	1.93
26 March 2015	0.61	1.47	2.01
27 March 2015	0.58	1.42	1.95
30 March 2015	0.58	1.41	1.96
31 March 2015	0.56	1.37	1.94
1 April 2015	0.55	1.32	1.87
2 April 2015	0.55	1.35	1.92
3 April 2015	0.49	1.26	1.85
6 April 2015	0.51	1.31	1.92
7 April 2015	0.52	1.32	1.89
8 April 2015	0.54	1.35	1.92
9 April 2015	0.56	1.40	1.97
10 April 2015	0.57	1.41	1.96
13 April 2015	0.54	1.38	1.94
14 April 2015	0.53	1.34	1.90
15 April 2015	0.51	1.33	1.91
16 April 2015	0.50	1.31	1.90
17 April 2015	0.51	1.31	1.87
20 April 2015	0.55	1.33	1.90
21 April 2015	0.55	1.35	1.92
22 April 2015	0.57	1.41	1.99
23 April 2015	0.55	1.37	1.96
24 April 2015	0.54	1.34	1.93
27 April 2015	0.54	1.36	1.94
28 April 2015	0.56	1.39	2.00
29 April 2015	0.56	1.43	2.06
30 April 2015	0.58	1.43	2.05
1 May 2015	0.60	1.50	2.12
4 May 2015	0.60	1.51	2.16
5 May 2015	0.62	1.54	2.19
6 May 2015	0.65	1.58	2.25
7 May 2015	0.63	1.55	2.18
8 May 2015	0.59	1.50	2.16
11 May 2015	0.62	1.59	2.28
12 May 2015	0.61	1.58	2.28
13 May 2015	0.59	1.57	2.27
14 May 2015	0.56	1.51	2.23
15 May 2015	0.55	1.46	2.14
18 May 2015	0.58	1.54	2.23
19 May 2015	0.63	1.60	2.27
20 May 2015	0.60	1.57	2.26
21 May 2015	0.60	1.53	2.19
22 May 2015	0.64	1.57	2.21
25 May 2015	ND	ND	ND
26 May 2015	0.64	1.54	2.14
27 May 2015	0.64	1.53	2.14
28 May 2015	0.62	1.51	2.13
29 May 2015	0.61	1.49	2.12
1 June 2015	0.64	1.55	2.19
2 June 2015	0.64	1.61	2.27
3 June 2015	0.69	1.69	2.38
4 June 2015	0.66	1.65	2.31
5 June 2015	0.73	1.75	2.41
8 June 2015	0.70	1.72	2.39
9 June 2015	0.72	1.74	2.42
10 June 2015	0.75	1.80	2.50
11 June 2015	0.73	1.74	2.39
12 June 2015	0.74	1.75	2.39
15 June 2015	0.72	1.71	2.36
16 June 2015	0.71	1.68	2.32
17 June 2015	0.67	1.63	2.32
18 June 2015	0.66	1.65	2.35
19 June 2015	0.65	1.59	2.26
22 June 2015	0.68	1.68	2.37
23 June 2015	0.70	1.71	2.42
24 June 2015	0.68	1.69	2.38
25 June 2015	0.68	1.70	2.40
26 June 2015	0.72	1.75	2.49
29 June 2015	0.64	1.62	2.33
30 June 2015	0.64	1.63	2.35
1 July 2015	0.69	1.70	2.43
2 July 2015	0.64	1.64	2.40
3 July 2015	ND	ND	ND
6 July 2015	0.60	1.56	2.30
7 July 2015	0.58	1.55	2.27
8 July 2015	0.55	1.50	2.22
9 July 2015	0.60	1.58	2.32
10 July 2015	0.65	1.68	2.42
13 July 2015	0.69	1.71	2.44
14 July 2015	0.66	1.67	2.41
15 July 2015	0.64	1.63	2.36
16 July 2015	0.67	1.66	2.36
17 July 2015	0.68	1.67	2.34
20 July 2015	0.71	1.72	2.38
21 July 2015	0.71	1.69	2.35
22 July 2015	0.75	1.69	2.33
23 July 2015	0.71	1.65	2.28
24 July 2015	0.70	1.64	2.27
27 July 2015	0.68	1.58	2.23
28 July 2015	0.69	1.61	2.26
29 July 2015	0.70	1.62	2.29
30 July 2015	0.72	1.62	2.28
31 July 2015	0.67	1.54	2.20
3 August 2015	0.68	1.52	2.16
4 August 2015	0.74	1.60	2.23
5 August 2015	0.73	1.65	2.28
6 August 2015	0.71	1.62	2.23
7 August 2015	0.73	1.59	2.18
10 August 2015	0.73	1.62	2.24
11 August 2015	0.68	1.53	2.15
12 August 2015	0.67	1.52	2.14
13 August 2015	0.72	1.58	2.19
14 August 2015	0.73	1.61	2.20
17 August 2015	0.72	1.58	2.16
18 August 2015	0.74	1.60	2.20
19 August 2015	0.67	1.50	2.12
20 August 2015	0.69	1.50	2.09
21 August 2015	0.64	1.44	2.05
24 August 2015	0.59	1.39	2.01
25 August 2015	0.67	1.48	2.12
26 August 2015	0.67	1.49	2.18
27 August 2015	0.68	1.49	2.18
28 August 2015	0.72	1.52	2.19
31 August 2015	0.74	1.54	2.21
1 September 2015	0.70	1.49	2.17
2 September 2015	0.72	1.52	2.20
3 September 2015	0.71	1.49	2.18
4 September 2015	0.71	1.47	2.13
7 September 2015	ND	ND	ND
8 September 2015	0.74	1.53	2.20
9 September 2015	0.75	1.53	2.21
10 September 2015	0.75	1.55	2.23
11 September 2015	0.71	1.52	2.20
14 September 2015	0.73	1.51	2.18
15 September 2015	0.82	1.61	2.28
16 September 2015	0.82	1.62	2.30
17 September 2015	0.70	1.50	2.21
18 September 2015	0.69	1.45	2.13
21 September 2015	0.72	1.51	2.20
22 September 2015	0.69	1.44	2.14
23 September 2015	0.70	1.47	2.16
24 September 2015	0.67	1.44	2.13
25 September 2015	0.70	1.48	2.17
28 September 2015	0.67	1.42	2.10
29 September 2015	0.64	1.37	2.05
30 September 2015	0.64	1.37	2.06
1 October 2015	0.64	1.37	2.05
2 October 2015	0.58	1.29	1.99
5 October 2015	0.61	1.35	2.07
6 October 2015	0.61	1.34	2.05
7 October 2015	0.65	1.37	2.08
8 October 2015	0.65	1.40	2.12
9 October 2015	0.65	1.41	2.12
12 October 2015	ND	ND	ND
13 October 2015	0.64	1.36	2.06
14 October 2015	0.57	1.29	1.99
15 October 2015	0.61	1.34	2.04
16 October 2015	0.61	1.36	2.04
19 October 2015	0.61	1.35	2.04
20 October 2015	0.66	1.40	2.08
21 October 2015	0.64	1.37	2.04
22 October 2015	0.61	1.36	2.04
23 October 2015	0.66	1.43	2.09
26 October 2015	0.66	1.41	2.07
27 October 2015	0.65	1.38	2.05
28 October 2015	0.73	1.47	2.10
29 October 2015	0.75	1.53	2.19
30 October 2015	0.75	1.52	2.16
2 November 2015	0.77	1.57	2.20
3 November 2015	0.80	1.59	2.23
4 November 2015	0.84	1.64	2.25
5 November 2015	0.85	1.65	2.26
6 November 2015	0.90	1.73	2.34
9 November 2015	0.89	1.75	2.36
10 November 2015	0.87	1.72	2.32
11 November 2015	ND	ND	ND
12 November 2015	0.89	1.73	2.32
13 November 2015	0.86	1.67	2.28
16 November 2015	0.88	1.66	2.27
17 November 2015	0.86	1.66	2.25
18 November 2015	0.90	1.69	2.27
19 November 2015	0.91	1.68	2.24
20 November 2015	0.93	1.70	2.26
23 November 2015	0.94	1.70	2.25
24 November 2015	0.93	1.66	2.24
25 November 2015	0.93	1.66	2.23
26 November 2015	ND	ND	ND
27 November 2015	0.92	1.64	2.22
30 November 2015	0.94	1.65	2.21
1 December 2015	0.91	1.59	2.15
2 December 2015	0.94	1.63	2.18
3 December 2015	0.96	1.74	2.33
4 December 2015	0.96	1.71	2.28
7 December 2015	0.94	1.67	2.23
8 December 2015	0.94	1.68	2.24
9 December 2015	0.93	1.64	2.22
10 December 2015	0.95	1.68	2.24
11 December 2015	0.88	1.56	2.13
14 December 2015	0.97	1.66	2.23
15 December 2015	0.98	1.71	2.28
16 December 2015	1.02	1.75	2.30
17 December 2015	1.00	1.73	2.24
18 December 2015	0.97	1.67	2.19
21 December 2015	0.96	1.67	2.20
22 December 2015	0.99	1.71	2.24
23 December 2015	1.01	1.74	2.27
24 December 2015	1.03	1.73	2.25
25 December 2015	ND	ND	ND
28 December 2015	1.05	1.73	2.24
29 December 2015	1.09	1.81	2.32
30 December 2015	1.08	1.80	2.31
31 December 2015	1.06	1.76	2.27
1 January 2016	ND	ND	ND
4 January 2016	1.02	1.73	2.24
5 January 2016	1.04	1.73	2.25
6 January 2016	0.99	1.65	2.18
7 January 2016	0.96	1.61	2.16
8 January 2016	0.94	1.57	2.13
11 January 2016	0.94	1.58	2.17
12 January 2016	0.93	1.55	2.12
13 January 2016	0.91	1.51	2.08
14 January 2016	0.90	1.52	2.10
15 January 2016	0.85	1.46	2.03
18 January 2016	ND	ND	ND
19 January 2016	0.88	1.49	2.06
20 January 2016	0.85	1.44	2.01
21 January 2016	0.84	1.44	2.02
22 January 2016	0.88	1.49	2.07
25 January 2016	0.88	1.47	2.03
26 January 2016	0.85	1.45	2.01
27 January 2016	0.84	1.43	2.02
28 January 2016	0.83	1.40	2.00
29 January 2016	0.76	1.33	1.94
1 February 2016	0.81	1.38	1.97
2 February 2016	0.75	1.28	1.87
3 February 2016	0.72	1.27	1.88
4 February 2016	0.70	1.25	1.87
5 February 2016	0.74	1.25	1.86
8 February 2016	0.66	1.16	1.75
9 February 2016	0.69	1.15	1.74
10 February 2016	0.71	1.15	1.71
11 February 2016	0.64	1.11	1.63
12 February 2016	0.71	1.20	1.74
15 February 2016	ND	ND	ND
16 February 2016	0.74	1.23	1.78
17 February 2016	0.74	1.26	1.81
18 February 2016	0.71	1.21	1.75
19 February 2016	0.76	1.24	1.76
22 February 2016	0.78	1.25	1.77
23 February 2016	0.76	1.23	1.74
24 February 2016	0.75	1.21	1.75
25 February 2016	0.72	1.16	1.71
26 February 2016	0.80	1.23	1.76
29 February 2016	0.78	1.22	1.74
1 March 2016	0.85	1.31	1.83
2 March 2016	0.85	1.34	1.84
3 March 2016	0.85	1.33	1.83
4 March 2016	0.88	1.38	1.88
7 March 2016	0.91	1.42	1.91
8 March 2016	0.88	1.34	1.83
9 March 2016	0.90	1.39	1.90
10 March 2016	0.93	1.45	1.93
11 March 2016	0.97	1.49	1.98
14 March 2016	0.97	1.49	1.97
15 March 2016	0.98	1.50	1.97
16 March 2016	0.87	1.41	1.94
17 March 2016	0.87	1.39	1.91
18 March 2016	0.84	1.34	1.88
21 March 2016	0.87	1.38	1.92
22 March 2016	0.91	1.42	1.94
23 March 2016	0.87	1.37	1.88
24 March 2016	0.89	1.39	1.91
25 March 2016	ND	ND	ND
28 March 2016	0.89	1.37	1.89
29 March 2016	0.78	1.29	1.81
30 March 2016	0.76	1.26	1.83
31 March 2016	0.73	1.21	1.78
1 April 2016	0.76	1.24	1.79
4 April 2016	0.75	1.22	1.78
5 April 2016	0.72	1.17	1.73
6 April 2016	0.73	1.20	1.76
7 April 2016	0.70	1.14	1.70
8 April 2016	0.70	1.16	1.72
11 April 2016	0.70	1.16	1.73
12 April 2016	0.74	1.22	1.79
13 April 2016	0.75	1.22	1.77
14 April 2016	0.77	1.26	1.80
15 April 2016	0.74	1.22	1.76
18 April 2016	0.75	1.24	1.78
19 April 2016	0.77	1.26	1.79
20 April 2016	0.80	1.32	1.85
21 April 2016	0.82	1.35	1.88
22 April 2016	0.84	1.37	1.89
25 April 2016	0.85	1.38	1.91
26 April 2016	0.86	1.40	1.94
27 April 2016	0.83	1.33	1.87
28 April 2016	0.78	1.28	1.84
29 April 2016	0.77	1.28	1.83
2 May 2016	0.80	1.32	1.88
3 May 2016	0.75	1.25	1.81
4 May 2016	0.75	1.23	1.79
5 May 2016	0.72	1.20	1.76
6 May 2016	0.74	1.23	1.79
9 May 2016	0.72	1.20	1.77
10 May 2016	0.72	1.20	1.77
11 May 2016	0.74	1.20	1.73
12 May 2016	0.76	1.24	1.75
13 May 2016	0.76	1.22	1.71
16 May 2016	0.79	1.26	1.75
17 May 2016	0.82	1.29	1.76
18 May 2016	0.90	1.41	1.87
19 May 2016	0.89	1.38	1.85
20 May 2016	0.89	1.38	1.85
23 May 2016	0.91	1.38	1.84
24 May 2016	0.92	1.41	1.86
25 May 2016	0.92	1.40	1.87
26 May 2016	0.87	1.35	1.83
27 May 2016	0.90	1.39	1.85
30 May 2016	ND	ND	ND
31 May 2016	0.87	1.37	1.84
1 June 2016	0.91	1.39	1.85
2 June 2016	0.89	1.36	1.81
3 June 2016	0.78	1.23	1.71
6 June 2016	0.80	1.25	1.73
7 June 2016	0.78	1.23	1.72
8 June 2016	0.78	1.23	1.71
9 June 2016	0.77	1.22	1.68
10 June 2016	0.73	1.17	1.64
13 June 2016	0.73	1.14	1.62
14 June 2016	0.74	1.15	1.62
15 June 2016	0.69	1.10	1.60
16 June 2016	0.70	1.10	1.57
17 June 2016	0.70	1.13	1.62
20 June 2016	0.74	1.17	1.67
21 June 2016	0.76	1.22	1.71
22 June 2016	0.75	1.20	1.69
23 June 2016	0.78	1.25	1.74
24 June 2016	0.64	1.08	1.57
27 June 2016	0.61	1.00	1.46
28 June 2016	0.61	1.00	1.46
29 June 2016	0.62	1.03	1.50
30 June 2016	0.58	1.01	1.49
1 July 2016	0.59	1.00	1.46
4 July 2016	ND	ND	ND
5 July 2016	0.56	0.94	1.37
6 July 2016	0.58	0.95	1.38
7 July 2016	0.58	0.97	1.40
8 July 2016	0.61	0.95	1.37
11 July 2016	0.66	1.03	1.43
12 July 2016	0.69	1.10	1.53
13 July 2016	0.68	1.07	1.48
14 July 2016	0.68	1.10	1.53
15 July 2016	0.71	1.15	1.60
18 July 2016	0.68	1.14	1.59
19 July 2016	0.70	1.12	1.56
20 July 2016	0.73	1.15	1.59
21 July 2016	0.70	1.11	1.57
22 July 2016	0.71	1.13	1.57
25 July 2016	0.72	1.15	1.58
26 July 2016	0.75	1.15	1.57
27 July 2016	0.73	1.10	1.52
28 July 2016	0.72	1.09	1.52
29 July 2016	0.67	1.03	1.46
1 August 2016	0.67	1.06	1.51
2 August 2016	0.67	1.07	1.55
3 August 2016	0.67	1.07	1.55
4 August 2016	0.64	1.03	1.51
5 August 2016	0.72	1.13	1.59
8 August 2016	0.74	1.15	1.59
9 August 2016	0.71	1.11	1.55
10 August 2016	0.69	1.07	1.50
11 August 2016	0.76	1.16	1.57
12 August 2016	0.71	1.10	1.51
15 August 2016	0.72	1.14	1.55
16 August 2016	0.76	1.16	1.57
17 August 2016	0.74	1.15	1.56
18 August 2016	0.71	1.12	1.53
19 August 2016	0.76	1.17	1.58
22 August 2016	0.76	1.15	1.55
23 August 2016	0.74	1.15	1.55
24 August 2016	0.76	1.13	1.56
25 August 2016	0.78	1.16	1.58
26 August 2016	0.84	1.23	1.62
29 August 2016	0.81	1.18	1.57
30 August 2016	0.80	1.18	1.57
31 August 2016	0.80	1.19	1.58
1 September 2016	0.78	1.18	1.57
2 September 2016	0.80	1.20	1.60
5 September 2016	ND	ND	ND
6 September 2016	0.74	1.13	1.55
7 September 2016	0.74	1.12	1.54
8 September 2016	0.78	1.19	1.61
9 September 2016	0.79	1.23	1.67
12 September 2016	0.79	1.21	1.68
13 September 2016	0.80	1.26	1.73
14 September 2016	0.77	1.21	1.70
15 September 2016	0.74	1.20	1.71
16 September 2016	0.77	1.21	1.70
19 September 2016	0.79	1.22	1.70
20 September 2016	0.79	1.20	1.69
21 September 2016	0.79	1.20	1.66
22 September 2016	0.79	1.18	1.63
23 September 2016	0.77	1.16	1.62
26 September 2016	0.76	1.13	1.59
27 September 2016	0.75	1.12	1.56
28 September 2016	0.75	1.13	1.57
29 September 2016	0.73	1.12	1.56
30 September 2016	0.77	1.14	1.60
3 October 2016	0.80	1.18	1.63
4 October 2016	0.82	1.22	1.69
5 October 2016	0.85	1.26	1.72
6 October 2016	0.86	1.28	1.75
7 October 2016	0.83	1.26	1.73
10 October 2016	ND	ND	ND
11 October 2016	0.87	1.30	1.77
12 October 2016	0.87	1.31	1.79
13 October 2016	0.85	1.27	1.75
14 October 2016	0.84	1.28	1.80
17 October 2016	0.81	1.26	1.77
18 October 2016	0.82	1.24	1.75
19 October 2016	0.81	1.24	1.76
20 October 2016	0.84	1.26	1.76
21 October 2016	0.84	1.25	1.74
24 October 2016	0.84	1.27	1.77
25 October 2016	0.86	1.29	1.77
26 October 2016	0.86	1.30	1.79
27 October 2016	0.87	1.33	1.85
28 October 2016	0.86	1.33	1.86
31 October 2016	0.86	1.31	1.84
1 November 2016	0.83	1.30	1.83
2 November 2016	0.81	1.26	1.81
3 November 2016	0.81	1.26	1.82
4 November 2016	0.80	1.24	1.79
7 November 2016	0.82	1.29	1.83
8 November 2016	0.87	1.34	1.88
9 November 2016	0.90	1.49	2.07
10 November 2016	0.92	1.56	2.15
11 November 2016	ND	ND	ND
14 November 2016	1.00	1.66	2.23
15 November 2016	1.02	1.68	2.23
16 November 2016	1.00	1.68	2.22
17 November 2016	1.04	1.73	2.29
18 November 2016	1.07	1.80	2.34
21 November 2016	1.08	1.79	2.33
22 November 2016	1.07	1.77	2.31
23 November 2016	1.12	1.83	2.36
24 November 2016	ND	ND	ND
25 November 2016	1.12	1.83	2.36
28 November 2016	1.11	1.80	2.32
29 November 2016	1.09	1.78	2.30
30 November 2016	1.11	1.83	2.37
1 December 2016	1.14	1.90	2.45
2 December 2016	1.11	1.84	2.40
5 December 2016	1.13	1.84	2.39
6 December 2016	1.12	1.84	2.39
7 December 2016	1.10	1.80	2.34
8 December 2016	1.12	1.83	2.40
9 December 2016	1.15	1.89	2.47
12 December 2016	1.15	1.90	2.49
13 December 2016	1.17	1.92	2.48
14 December 2016	1.27	2.02	2.54
15 December 2016	1.29	2.10	2.60
16 December 2016	1.28	2.07	2.60
19 December 2016	1.24	2.03	2.54
20 December 2016	1.25	2.06	2.57
21 December 2016	1.21	2.04	2.55
22 December 2016	1.22	2.04	2.55
23 December 2016	1.22	2.04	2.55
26 December 2016	ND	ND	ND
27 December 2016	1.28	2.07	2.57
28 December 2016	1.26	2.02	2.51
29 December 2016	1.22	1.96	2.49
30 December 2016	1.20	1.93	2.45
2 January 2017	ND	ND	ND
3 January 2017	1.22	1.94	2.45
4 January 2017	1.24	1.94	2.46
5 January 2017	1.17	1.86	2.37
6 January 2017	1.22	1.92	2.42
9 January 2017	1.21	1.89	2.38
10 January 2017	1.19	1.89	2.38
11 January 2017	1.20	1.89	2.38
12 January 2017	1.18	1.87	2.36
13 January 2017	1.21	1.90	2.40
16 January 2017	ND	ND	ND
17 January 2017	1.17	1.84	2.33
18 January 2017	1.23	1.93	2.42
19 January 2017	1.25	1.97	2.47
20 January 2017	1.20	1.95	2.48
23 January 2017	1.16	1.88	2.41
24 January 2017	1.21	1.94	2.47
25 January 2017	1.23	1.99	2.53
26 January 2017	1.21	1.95	2.51
27 January 2017	1.22	1.94	2.49
30 January 2017	1.22	1.94	2.49
31 January 2017	1.19	1.90	2.45
1 February 2017	1.22	1.93	2.48
2 February 2017	1.21	1.92	2.48
3 February 2017	1.21	1.93	2.49
6 February 2017	1.16	1.86	2.42
7 February 2017	1.16	1.85	2.40
8 February 2017	1.15	1.81	2.34
9 February 2017	1.20	1.88	2.40
10 February 2017	1.20	1.89	2.41
13 February 2017	1.20	1.92	2.43
14 February 2017	1.25	1.98	2.47
15 February 2017	1.27	2.01	2.51
16 February 2017	1.22	1.95	2.45
17 February 2017	1.21	1.92	2.42
20 February 2017	ND	ND	ND
21 February 2017	1.22	1.93	2.43
22 February 2017	1.22	1.92	2.42
23 February 2017	1.18	1.87	2.38
24 February 2017	1.12	1.80	2.31
27 February 2017	1.20	1.87	2.36
28 February 2017	1.22	1.89	2.36
1 March 2017	1.29	1.99	2.46
2 March 2017	1.32	2.03	2.49
3 March 2017	1.32	2.02	2.49
6 March 2017	1.31	2.02	2.49
7 March 2017	1.32	2.05	2.52
8 March 2017	1.36	2.08	2.57
9 March 2017	1.37	2.13	2.60
10 March 2017	1.36	2.11	2.58
13 March 2017	1.40	2.14	2.62
14 March 2017	1.40	2.13	2.60
15 March 2017	1.33	2.02	2.51
16 March 2017	1.35	2.05	2.53
17 March 2017	1.33	2.03	2.50
20 March 2017	1.30	2.00	2.47
21 March 2017	1.27	1.96	2.43
22 March 2017	1.27	1.95	2.40
23 March 2017	1.26	1.95	2.41
24 March 2017	1.26	1.93	2.40
27 March 2017	1.27	1.93	2.38
28 March 2017	1.30	1.97	2.42
29 March 2017	1.26	1.93	2.39
30 March 2017	1.28	1.96	2.42
31 March 2017	1.27	1.93	2.40
3 April 2017	1.24	1.88	2.35
4 April 2017	1.25	1.88	2.36
5 April 2017	1.24	1.85	2.34
6 April 2017	1.24	1.87	2.34
7 April 2017	1.29	1.92	2.38
10 April 2017	1.29	1.91	2.37
11 April 2017	1.24	1.84	2.32
12 April 2017	1.24	1.81	2.28
13 April 2017	1.21	1.77	2.24
14 April 2017	ND	ND	ND
17 April 2017	1.21	1.79	2.26
18 April 2017	1.18	1.71	2.18
19 April 2017	1.19	1.74	2.21
20 April 2017	1.21	1.78	2.24
21 April 2017	1.20	1.77	2.24
24 April 2017	1.25	1.81	2.28
25 April 2017	1.29	1.87	2.35
26 April 2017	1.28	1.84	2.32
27 April 2017	1.25	1.81	2.30
28 April 2017	1.28	1.81	2.29
1 May 2017	1.28	1.84	2.33
2 May 2017	1.27	1.81	2.29
3 May 2017	1.30	1.86	2.33
4 May 2017	1.32	1.88	2.36
5 May 2017	1.32	1.89	2.36
8 May 2017	1.33	1.91	2.39
9 May 2017	1.37	1.94	2.42
10 May 2017	1.35	1.94	2.41
11 May 2017	1.35	1.93	2.39
12 May 2017	1.29	1.85	2.33
15 May 2017	1.31	1.86	2.34
16 May 2017	1.29	1.86	2.33
17 May 2017	1.26	1.76	2.22
18 May 2017	1.27	1.78	2.23
19 May 2017	1.28	1.79	2.23
22 May 2017	1.29	1.80	2.25
23 May 2017	1.31	1.84	2.29
24 May 2017	1.29	1.79	2.26
25 May 2017	1.30	1.78	2.25
26 May 2017	1.30	1.79	2.25
29 May 2017	ND	ND	ND
30 May 2017	1.28	1.76	2.21
31 May 2017	1.28	1.75	2.21
1 June 2017	1.28	1.76	2.21
2 June 2017	1.28	1.71	2.15
5 June 2017	1.32	1.74	2.18
6 June 2017	1.30	1.71	2.14
7 June 2017	1.32	1.74	2.18
8 June 2017	1.33	1.75	2.19
9 June 2017	1.35	1.77	2.21
12 June 2017	1.35	1.78	2.21
13 June 2017	1.38	1.79	2.21
14 June 2017	1.35	1.74	2.15
15 June 2017	1.35	1.76	2.16
16 June 2017	1.32	1.75	2.16
19 June 2017	1.36	1.80	2.19
20 June 2017	1.36	1.77	2.16
21 June 2017	1.36	1.78	2.16
22 June 2017	1.34	1.76	2.15
23 June 2017	1.34	1.77	2.15
26 June 2017	1.36	1.77	2.14
27 June 2017	1.38	1.83	2.21
28 June 2017	1.34	1.81	2.22
29 June 2017	1.38	1.85	2.27
30 June 2017	1.38	1.89	2.31
3 July 2017	1.41	1.93	2.35
4 July 2017	ND	ND	ND
5 July 2017	1.41	1.92	2.33
6 July 2017	1.40	1.94	2.37
7 July 2017	1.40	1.95	2.39
10 July 2017	1.40	1.93	2.38
11 July 2017	1.37	1.92	2.37
12 July 2017	1.35	1.88	2.33
13 July 2017	1.37	1.89	2.35
14 July 2017	1.35	1.87	2.33
17 July 2017	1.36	1.86	2.31
18 July 2017	1.36	1.82	2.27
19 July 2017	1.37	1.83	2.27
20 July 2017	1.37	1.82	2.27
21 July 2017	1.36	1.81	2.24
24 July 2017	1.37	1.83	2.26
25 July 2017	1.40	1.90	2.33
26 July 2017	1.36	1.83	2.29
27 July 2017	1.36	1.84	2.32
28 July 2017	1.34	1.83	2.30
31 July 2017	1.34	1.84	2.30
1 August 2017	1.34	1.80	2.26
2 August 2017	1.36	1.82	2.27
3 August 2017	1.34	1.79	2.24
4 August 2017	1.36	1.82	2.27
7 August 2017	1.36	1.81	2.26
8 August 2017	1.36	1.84	2.29
9 August 2017	1.33	1.81	2.24
10 August 2017	1.33	1.78	2.20
11 August 2017	1.30	1.74	2.19
14 August 2017	1.33	1.77	2.22
15 August 2017	1.35	1.83	2.27
16 August 2017	1.33	1.79	2.23
17 August 2017	1.32	1.76	2.19
18 August 2017	1.33	1.77	2.19
21 August 2017	1.32	1.76	2.18
22 August 2017	1.33	1.80	2.22
23 August 2017	1.32	1.76	2.17
24 August 2017	1.33	1.78	2.19
25 August 2017	1.35	1.77	2.17
28 August 2017	1.33	1.74	2.16
29 August 2017	1.33	1.70	2.13
30 August 2017	1.33	1.72	2.15
31 August 2017	1.33	1.70	2.12
1 September 2017	1.35	1.73	2.16
4 September 2017	ND	ND	ND
5 September 2017	1.30	1.65	2.07
6 September 2017	1.30	1.69	2.10
7 September 2017	1.27	1.63	2.05
8 September 2017	1.27	1.64	2.06
11 September 2017	1.32	1.71	2.14
12 September 2017	1.33	1.75	2.17
13 September 2017	1.35	1.78	2.20
14 September 2017	1.37	1.79	2.20
15 September 2017	1.39	1.81	2.20
18 September 2017	1.40	1.83	2.23
19 September 2017	1.40	1.84	2.24
20 September 2017	1.45	1.89	2.28
21 September 2017	1.45	1.89	2.27
22 September 2017	1.46	1.88	2.26
25 September 2017	1.44	1.85	2.22
26 September 2017	1.45	1.87	2.24
27 September 2017	1.47	1.91	2.31
28 September 2017	1.45	1.89	2.31
29 September 2017	1.47	1.92	2.33
2 October 2017	1.49	1.94	2.34
3 October 2017	1.47	1.92	2.33
4 October 2017	1.47	1.92	2.33
5 October 2017	1.49	1.94	2.35
6 October 2017	1.54	1.97	2.37
9 October 2017	ND	ND	ND
10 October 2017	1.51	1.95	2.35
11 October 2017	1.51	1.95	2.35
12 October 2017	1.51	1.95	2.33
13 October 2017	1.51	1.91	2.28
16 October 2017	1.54	1.95	2.30
17 October 2017	1.54	1.97	2.30
18 October 2017	1.59	1.99	2.34
19 October 2017	1.58	1.98	2.33
20 October 2017	1.60	2.03	2.39
23 October 2017	1.58	2.01	2.38
24 October 2017	1.60	2.05	2.42
25 October 2017	1.61	2.06	2.44
26 October 2017	1.63	2.07	2.46
27 October 2017	1.59	2.03	2.42
30 October 2017	1.58	2.00	2.37
31 October 2017	1.60	2.01	2.38
1 November 2017	1.61	2.01	2.37
2 November 2017	1.61	2.00	2.35
3 November 2017	1.63	1.99	2.34
6 November 2017	1.61	1.99	2.32
7 November 2017	1.63	1.99	2.32
8 November 2017	1.65	2.01	2.32
9 November 2017	1.63	2.01	2.33
10 November 2017	1.67	2.06	2.40
13 November 2017	1.70	2.08	2.40
14 November 2017	1.68	2.06	2.38
15 November 2017	1.68	2.04	2.33
16 November 2017	1.72	2.07	2.37
17 November 2017	1.73	2.06	2.35
20 November 2017	1.77	2.09	2.37
21 November 2017	1.77	2.11	2.36
22 November 2017	1.74	2.05	2.32
23 November 2017	ND	ND	ND
24 November 2017	1.75	2.07	2.34
27 November 2017	1.74	2.06	2.32
28 November 2017	1.75	2.07	2.34
29 November 2017	1.78	2.09	2.37
30 November 2017	1.78	2.14	2.42
1 December 2017	1.78	2.13	2.37
4 December 2017	1.80	2.15	2.37
5 December 2017	1.83	2.15	2.36
6 December 2017	1.78	2.11	2.33
7 December 2017	1.80	2.14	2.37
8 December 2017	1.80	2.14	2.38
11 December 2017	1.82	2.16	2.39
12 December 2017	1.83	2.18	2.40
13 December 2017	1.79	2.12	2.36
14 December 2017	1.82	2.14	2.35
15 December 2017	1.84	2.16	2.35
18 December 2017	1.84	2.17	2.39
19 December 2017	1.87	2.23	2.46
20 December 2017	1.87	2.24	2.49
21 December 2017	1.89	2.26	2.48
22 December 2017	1.91	2.26	2.48
25 December 2017	ND	ND	ND
26 December 2017	1.92	2.25	2.47
27 December 2017	1.89	2.22	2.42
28 December 2017	1.91	2.23	2.43
29 December 2017	1.89	2.20	2.40
1 January 2018	ND	ND	ND
2 January 2018	1.92	2.25	2.46
3 January 2018	1.94	2.25	2.44
4 January 2018	1.96	2.27	2.46
5 January 2018	1.96	2.29	2.47
8 January 2018	1.96	2.29	2.49
9 January 2018	1.98	2.33	2.55
10 January 2018	1.98	2.32	2.55
11 January 2018	1.98	2.32	2.54
12 January 2018	1.99	2.35	2.55
15 January 2018	ND	ND	ND
16 January 2018	2.03	2.36	2.54
17 January 2018	2.05	2.39	2.57
18 January 2018	2.05	2.43	2.62
19 January 2018	2.06	2.45	2.64
22 January 2018	2.08	2.46	2.66
23 January 2018	2.06	2.43	2.63
24 January 2018	2.08	2.43	2.65
25 January 2018	2.08	2.41	2.63
26 January 2018	2.13	2.47	2.66
29 January 2018	2.11	2.49	2.70
30 January 2018	2.13	2.51	2.73
31 January 2018	2.14	2.52	2.72
1 February 2018	2.16	2.56	2.78
2 February 2018	2.15	2.58	2.84
5 February 2018	2.08	2.50	2.77
6 February 2018	2.10	2.52	2.79
7 February 2018	2.15	2.57	2.84
8 February 2018	2.13	2.57	2.85
9 February 2018	2.05	2.52	2.83
12 February 2018	2.09	2.56	2.86
13 February 2018	2.10	2.54	2.83
14 February 2018	2.17	2.65	2.91
15 February 2018	2.19	2.65	2.90
16 February 2018	2.21	2.63	2.87
19 February 2018	ND	ND	ND
20 February 2018	2.25	2.65	2.88
21 February 2018	2.26	2.69	2.94
22 February 2018	2.25	2.66	2.92
23 February 2018	2.25	2.62	2.88
26 February 2018	2.22	2.60	2.86
27 February 2018	2.27	2.67	2.90
28 February 2018	2.25	2.65	2.87
1 March 2018	2.22	2.58	2.81
2 March 2018	2.25	2.63	2.86
5 March 2018	2.24	2.65	2.88
6 March 2018	2.25	2.65	2.88
7 March 2018	2.25	2.65	2.89
8 March 2018	2.25	2.63	2.86
9 March 2018	2.27	2.65	2.90
12 March 2018	2.27	2.64	2.87
13 March 2018	2.26	2.62	2.84
14 March 2018	2.26	2.61	2.81
15 March 2018	2.29	2.62	2.82
16 March 2018	2.31	2.65	2.85
19 March 2018	2.31	2.65	2.85
20 March 2018	2.34	2.69	2.89
21 March 2018	2.31	2.69	2.89
22 March 2018	2.29	2.63	2.83
23 March 2018	2.28	2.61	2.82
26 March 2018	2.33	2.64	2.85
27 March 2018	2.26	2.58	2.78
28 March 2018	2.28	2.59	2.77
29 March 2018	2.27	2.56	2.74
30 March 2018	ND	ND	ND
2 April 2018	2.25	2.55	2.73
3 April 2018	2.28	2.60	2.79
4 April 2018	2.28	2.61	2.79
5 April 2018	2.30	2.64	2.83
6 April 2018	2.27	2.58	2.77
9 April 2018	2.29	2.60	2.78
10 April 2018	2.32	2.62	2.80
11 April 2018	2.32	2.62	2.79
12 April 2018	2.34	2.67	2.83
13 April 2018	2.37	2.67	2.82
16 April 2018	2.39	2.69	2.83
17 April 2018	2.41	2.68	2.82
18 April 2018	2.42	2.73	2.87
19 April 2018	2.44	2.77	2.92
20 April 2018	2.46	2.80	2.96
23 April 2018	2.49	2.83	2.98
24 April 2018	2.48	2.83	3.00
25 April 2018	2.49	2.84	3.03
26 April 2018	2.49	2.82	3.00
27 April 2018	2.49	2.80	2.96
30 April 2018	2.49	2.79	2.95
1 May 2018	2.50	2.82	2.97
2 May 2018	2.49	2.80	2.97
3 May 2018	2.49	2.78	2.94
4 May 2018	2.51	2.78	2.95
7 May 2018	2.49	2.78	2.95
8 May 2018	2.51	2.81	2.97
9 May 2018	2.54	2.84	3.00
10 May 2018	2.54	2.83	2.97
11 May 2018	2.54	2.84	2.97
14 May 2018	2.55	2.85	3.00
15 May 2018	2.58	2.92	3.08
16 May 2018	2.58	2.94	3.09
17 May 2018	2.57	2.94	3.11
18 May 2018	2.55	2.90	3.06
21 May 2018	2.58	2.90	3.06
22 May 2018	2.59	2.90	3.06
23 May 2018	2.53	2.83	3.01
24 May 2018	2.50	2.82	2.98
25 May 2018	2.48	2.76	2.93
28 May 2018	ND	ND	ND
29 May 2018	2.32	2.58	2.77
30 May 2018	2.42	2.67	2.84
31 May 2018	2.40	2.68	2.83
1 June 2018	2.47	2.74	2.89
4 June 2018	2.52	2.78	2.94
5 June 2018	2.49	2.76	2.92
6 June 2018	2.52	2.81	2.97
7 June 2018	2.50	2.77	2.93
8 June 2018	2.50	2.77	2.93
11 June 2018	2.52	2.80	2.96
12 June 2018	2.54	2.81	2.96
13 June 2018	2.59	2.85	2.98
14 June 2018	2.59	2.81	2.94
15 June 2018	2.55	2.81	2.93
18 June 2018	2.56	2.80	2.92
19 June 2018	2.54	2.77	2.89
20 June 2018	2.56	2.80	2.93
21 June 2018	2.56	2.77	2.90
22 June 2018	2.56	2.77	2.90
25 June 2018	2.54	2.75	2.87
26 June 2018	2.53	2.75	2.88
27 June 2018	2.52	2.71	2.83
28 June 2018	2.52	2.73	2.84
29 June 2018	2.52	2.73	2.85
2 July 2018	2.57	2.75	2.87
3 July 2018	2.53	2.72	2.83
4 July 2018	ND	ND	ND
5 July 2018	2.55	2.74	2.84
6 July 2018	2.53	2.71	2.82
9 July 2018	2.57	2.75	2.86
10 July 2018	2.59	2.77	2.87
11 July 2018	2.58	2.74	2.85
12 July 2018	2.60	2.75	2.85
13 July 2018	2.59	2.73	2.83
16 July 2018	2.59	2.75	2.85
17 July 2018	2.62	2.76	2.86
18 July 2018	2.60	2.77	2.88
19 July 2018	2.60	2.74	2.84
20 July 2018	2.60	2.77	2.89
23 July 2018	2.64	2.83	2.96
24 July 2018	2.63	2.83	2.95
25 July 2018	2.66	2.82	2.94
26 July 2018	2.69	2.86	2.98
27 July 2018	2.67	2.84	2.96
30 July 2018	2.66	2.85	2.98
31 July 2018	2.67	2.85	2.96
1 August 2018	2.67	2.87	3.00
2 August 2018	2.66	2.85	2.98
3 August 2018	2.63	2.82	2.95
6 August 2018	2.64	2.80	2.94
7 August 2018	2.68	2.84	2.98
8 August 2018	2.68	2.83	2.96
9 August 2018	2.64	2.80	2.93
10 August 2018	2.61	2.75	2.87
13 August 2018	2.61	2.75	2.88
14 August 2018	2.63	2.77	2.89
15 August 2018	2.61	2.73	2.86
16 August 2018	2.63	2.75	2.87
17 August 2018	2.61	2.75	2.87
20 August 2018	2.60	2.70	2.82
21 August 2018	2.61	2.73	2.85
22 August 2018	2.60	2.70	2.82
23 August 2018	2.61	2.72	2.82
24 August 2018	2.63	2.72	2.82
27 August 2018	2.67	2.74	2.85
28 August 2018	2.67	2.77	2.88
29 August 2018	2.67	2.78	2.89
30 August 2018	2.64	2.75	2.86
31 August 2018	2.62	2.74	2.86
3 September 2018	ND	ND	ND
4 September 2018	2.66	2.78	2.90
5 September 2018	2.66	2.77	2.90
6 September 2018	2.64	2.76	2.88
7 September 2018	2.71	2.82	2.94
10 September 2018	2.73	2.83	2.94
11 September 2018	2.76	2.87	2.98
12 September 2018	2.74	2.87	2.97
13 September 2018	2.76	2.87	2.97
14 September 2018	2.78	2.90	2.99
17 September 2018	2.78	2.89	2.99
18 September 2018	2.81	2.94	3.05
19 September 2018	2.81	2.96	3.08
20 September 2018	2.81	2.96	3.07
21 September 2018	2.81	2.95	3.07
24 September 2018	2.83	2.96	3.08
25 September 2018	2.83	2.99	3.10
26 September 2018	2.83	2.96	3.06
27 September 2018	2.83	2.96	3.06
28 September 2018	2.81	2.94	3.05
1 October 2018	2.82	2.96	3.09
2 October 2018	2.82	2.94	3.05
3 October 2018	2.85	3.02	3.15
4 October 2018	2.87	3.05	3.19
5 October 2018	2.88	3.07	3.23
8 October 2018	ND	ND	ND
9 October 2018	2.88	3.05	3.21
10 October 2018	2.88	3.05	3.22
11 October 2018	2.85	3.00	3.14
12 October 2018	2.85	3.00	3.15
15 October 2018	2.85	3.01	3.16
16 October 2018	2.87	3.02	3.16
17 October 2018	2.89	3.04	3.19
18 October 2018	2.87	3.03	3.17
19 October 2018	2.92	3.05	3.20
22 October 2018	2.92	3.05	3.20
23 October 2018	2.89	3.01	3.17
24 October 2018	2.84	2.94	3.10
25 October 2018	2.86	2.98	3.14
26 October 2018	2.81	2.91	3.08
29 October 2018	2.81	2.91	3.08
30 October 2018	2.84	2.94	3.12
31 October 2018	2.87	2.98	3.15
1 November 2018	2.84	2.96	3.14
2 November 2018	2.91	3.04	3.22
5 November 2018	2.91	3.03	3.20
6 November 2018	2.93	3.05	3.22
7 November 2018	2.96	3.07	3.22
8 November 2018	2.98	3.09	3.24
9 November 2018	2.94	3.05	3.19
12 November 2018	ND	ND	ND
13 November 2018	2.89	2.99	3.14
14 November 2018	2.86	2.95	3.12
15 November 2018	2.86	2.94	3.11
16 November 2018	2.81	2.90	3.08
19 November 2018	2.79	2.87	3.06
20 November 2018	2.79	2.88	3.06
21 November 2018	2.81	2.89	3.06
22 November 2018	ND	ND	ND
23 November 2018	2.81	2.88	3.05
26 November 2018	2.84	2.90	3.07
27 November 2018	2.83	2.89	3.06
28 November 2018	2.81	2.87	3.06
29 November 2018	2.81	2.85	3.03
30 November 2018	2.80	2.84	3.01
3 December 2018	2.83	2.83	2.98
4 December 2018	2.80	2.79	2.91
5 December 2018	ND	ND	ND
6 December 2018	2.75	2.75	2.87
7 December 2018	2.72	2.70	2.85
10 December 2018	2.72	2.71	2.85
11 December 2018	2.78	2.75	2.89
12 December 2018	2.77	2.77	2.91
13 December 2018	2.75	2.75	2.91
14 December 2018	2.73	2.73	2.89
17 December 2018	2.70	2.69	2.86
18 December 2018	2.65	2.65	2.82
19 December 2018	2.63	2.62	2.77
20 December 2018	2.67	2.65	2.79
21 December 2018	2.63	2.64	2.79
24 December 2018	2.55	2.58	2.74
25 December 2018	ND	ND	ND
26 December 2018	2.61	2.67	2.81
27 December 2018	2.56	2.60	2.77
28 December 2018	2.52	2.56	2.72
31 December 2018	2.48	2.51	2.69
1 January 2019	ND	ND	ND
2 January 2019	2.50	2.49	2.66
3 January 2019	2.39	2.37	2.56
4 January 2019	2.50	2.49	2.67
7 January 2019	2.53	2.53	2.70
8 January 2019	2.58	2.58	2.73
9 January 2019	2.56	2.57	2.74
10 January 2019	2.56	2.56	2.74
11 January 2019	2.55	2.52	2.71
14 January 2019	2.53	2.53	2.71
15 January 2019	2.53	2.53	2.72
16 January 2019	2.55	2.54	2.73
17 January 2019	2.56	2.58	2.75
18 January 2019	2.62	2.62	2.79
21 January 2019	ND	ND	ND
22 January 2019	2.58	2.57	2.74
23 January 2019	2.58	2.59	2.76
24 January 2019	2.56	2.55	2.72
25 January 2019	2.60	2.59	2.76
28 January 2019	2.60	2.58	2.75
29 January 2019	2.56	2.55	2.72
30 January 2019	2.52	2.49	2.70
31 January 2019	2.45	2.43	2.63
1 February 2019	2.52	2.51	2.70
4 February 2019	2.53	2.53	2.73
5 February 2019	2.53	2.51	2.71
6 February 2019	2.52	2.50	2.70
7 February 2019	2.48	2.46	2.65
8 February 2019	2.45	2.44	2.63
11 February 2019	2.48	2.47	2.65
12 February 2019	2.50	2.49	2.68
13 February 2019	2.53	2.53	2.71
14 February 2019	2.50	2.48	2.66
15 February 2019	2.52	2.49	2.66
18 February 2019	ND	ND	ND
19 February 2019	2.50	2.47	2.65
20 February 2019	2.50	2.47	2.65
21 February 2019	2.53	2.51	2.69
22 February 2019	2.48	2.47	2.65
25 February 2019	2.51	2.48	2.67
26 February 2019	2.48	2.45	2.64
27 February 2019	2.50	2.49	2.69
28 February 2019	2.52	2.52	2.73
1 March 2019	2.55	2.56	2.76
4 March 2019	2.55	2.53	2.72
5 March 2019	2.55	2.53	2.72
6 March 2019	2.52	2.49	2.69
7 March 2019	2.47	2.44	2.64
8 March 2019	2.45	2.42	2.62
11 March 2019	2.47	2.44	2.64
12 March 2019	2.45	2.41	2.61
13 March 2019	2.45	2.42	2.61
14 March 2019	2.46	2.43	2.63
15 March 2019	2.43	2.40	2.59
18 March 2019	2.45	2.42	2.60
19 March 2019	2.46	2.42	2.61
20 March 2019	2.40	2.34	2.54
21 March 2019	2.41	2.34	2.54
22 March 2019	2.31	2.24	2.44
25 March 2019	2.26	2.21	2.43
26 March 2019	2.24	2.18	2.41
27 March 2019	2.22	2.18	2.39
28 March 2019	2.23	2.20	2.39
29 March 2019	2.27	2.23	2.41
1 April 2019	2.33	2.31	2.49
2 April 2019	2.30	2.28	2.48
3 April 2019	2.33	2.32	2.52
4 April 2019	2.33	2.32	2.51
5 April 2019	2.35	2.31	2.50
8 April 2019	2.36	2.33	2.52
9 April 2019	2.35	2.31	2.51
10 April 2019	2.31	2.28	2.48
11 April 2019	2.35	2.31	2.51
12 April 2019	2.40	2.38	2.56
15 April 2019	2.40	2.37	2.55
16 April 2019	2.41	2.41	2.60
17 April 2019	2.40	2.40	2.59
18 April 2019	2.38	2.38	2.57
19 April 2019	ND	ND	ND
22 April 2019	2.38	2.39	2.59
23 April 2019	2.36	2.36	2.57
24 April 2019	2.32	2.32	2.53
25 April 2019	2.33	2.33	2.54
26 April 2019	2.28	2.29	2.51
29 April 2019	2.30	2.32	2.54
30 April 2019	2.27	2.28	2.51
1 May 2019	2.31	2.31	2.52
2 May 2019	2.35	2.34	2.55
3 May 2019	2.33	2.33	2.54
6 May 2019	2.31	2.30	2.51
7 May 2019	2.28	2.25	2.45
8 May 2019	2.30	2.28	2.49
9 May 2019	2.26	2.25	2.45
10 May 2019	2.26	2.26	2.47
13 May 2019	2.18	2.18	2.40
14 May 2019	2.20	2.20	2.42
15 May 2019	2.16	2.15	2.37
16 May 2019	2.20	2.18	2.40
17 May 2019	2.20	2.17	2.39
20 May 2019	2.21	2.21	2.41
21 May 2019	2.26	2.23	2.43
22 May 2019	2.23	2.19	2.39
23 May 2019	2.12	2.11	2.31
24 May 2019	2.16	2.12	2.32
27 May 2019	ND	ND	ND
28 May 2019	2.12	2.06	2.26
29 May 2019	2.09	2.05	2.25
30 May 2019	2.06	2.03	2.22
31 May 2019	1.95	1.93	2.14
3 June 2019	1.82	1.83	2.07
4 June 2019	1.88	1.89	2.12
5 June 2019	1.83	1.86	2.12
6 June 2019	1.88	1.88	2.12
7 June 2019	1.85	1.85	2.09
10 June 2019	1.90	1.91	2.15
11 June 2019	1.93	1.92	2.15
12 June 2019	1.88	1.88	2.13
13 June 2019	1.83	1.84	2.10
14 June 2019	1.84	1.85	2.09
17 June 2019	1.86	1.85	2.09
18 June 2019	1.86	1.83	2.06
19 June 2019	1.74	1.77	2.03
20 June 2019	1.72	1.74	2.01
21 June 2019	1.77	1.80	2.07
24 June 2019	1.72	1.75	2.02
25 June 2019	1.71	1.73	2.00
26 June 2019	1.77	1.80	2.05
27 June 2019	1.74	1.76	2.01
28 June 2019	1.75	1.76	2.00
1 July 2019	1.78	1.79	2.03
2 July 2019	1.77	1.75	1.98
3 July 2019	1.77	1.74	1.96
4 July 2019	ND	ND	ND
5 July 2019	1.87	1.84	2.04
8 July 2019	1.88	1.86	2.05
9 July 2019	1.92	1.88	2.07
10 July 2019	1.82	1.82	2.07
11 July 2019	1.85	1.88	2.13
12 July 2019	1.84	1.86	2.12
15 July 2019	1.83	1.84	2.09
16 July 2019	1.87	1.88	2.13
17 July 2019	1.83	1.83	2.06
18 July 2019	1.77	1.78	2.04
19 July 2019	1.80	1.80	2.05
22 July 2019	1.80	1.80	2.05
23 July 2019	1.83	1.83	2.08
24 July 2019	1.83	1.82	2.05
25 July 2019	1.86	1.85	2.08
26 July 2019	1.86	1.85	2.08
29 July 2019	1.85	1.84	2.06
30 July 2019	1.85	1.84	2.06
31 July 2019	1.89	1.84	2.02
1 August 2019	1.73	1.68	1.90
2 August 2019	1.72	1.66	1.86
5 August 2019	1.59	1.55	1.75
6 August 2019	1.60	1.53	1.73
7 August 2019	1.59	1.52	1.71
8 August 2019	1.62	1.54	1.72
9 August 2019	1.63	1.57	1.74
12 August 2019	1.58	1.49	1.65
13 August 2019	1.66	1.57	1.68
14 August 2019	1.58	1.51	1.59
15 August 2019	1.48	1.42	1.52
16 August 2019	1.48	1.42	1.55
19 August 2019	1.53	1.47	1.60
20 August 2019	1.50	1.42	1.55
21 August 2019	1.56	1.47	1.59
22 August 2019	1.61	1.50	1.62
23 August 2019	1.51	1.40	1.52
26 August 2019	1.54	1.43	1.54
27 August 2019	1.53	1.40	1.49
28 August 2019	1.50	1.37	1.47
29 August 2019	1.53	1.40	1.50
30 August 2019	1.50	1.39	1.50
2 September 2019	ND	ND	ND
3 September 2019	1.47	1.35	1.47
4 September 2019	1.43	1.32	1.47
5 September 2019	1.55	1.43	1.57
6 September 2019	1.53	1.42	1.55
9 September 2019	1.58	1.49	1.63
10 September 2019	1.67	1.58	1.72
11 September 2019	1.68	1.60	1.75
12 September 2019	1.72	1.65	1.79
13 September 2019	1.79	1.75	1.90
16 September 2019	1.74	1.69	1.84
17 September 2019	1.72	1.66	1.81
18 September 2019	1.77	1.68	1.80
19 September 2019	1.74	1.66	1.79
20 September 2019	1.69	1.61	1.74
23 September 2019	1.68	1.59	1.72
24 September 2019	1.60	1.52	1.64
25 September 2019	1.68	1.60	1.73
26 September 2019	1.66	1.59	1.70
27 September 2019	1.63	1.56	1.69
30 September 2019	1.63	1.55	1.68
1 October 2019	1.56	1.51	1.65
2 October 2019	1.48	1.43	1.60
3 October 2019	1.39	1.34	1.54
4 October 2019	1.40	1.34	1.52
7 October 2019	1.46	1.38	1.56
8 October 2019	1.42	1.36	1.54
9 October 2019	1.47	1.40	1.59
10 October 2019	1.53	1.48	1.67
11 October 2019	1.63	1.59	1.76
14 October 2019	ND	ND	ND
15 October 2019	1.61	1.59	1.77
16 October 2019	1.58	1.57	1.75
17 October 2019	1.60	1.57	1.76
18 October 2019	1.58	1.56	1.76
21 October 2019	1.62	1.61	1.80
22 October 2019	1.60	1.60	1.78
23 October 2019	1.58	1.58	1.77
24 October 2019	1.58	1.58	1.77
25 October 2019	1.63	1.62	1.80
28 October 2019	1.64	1.66	1.85
29 October 2019	1.64	1.66	1.84
30 October 2019	1.61	1.61	1.78
31 October 2019	1.52	1.51	1.69
1 November 2019	1.56	1.55	1.73
4 November 2019	1.60	1.60	1.79
5 November 2019	1.63	1.66	1.86
6 November 2019	1.61	1.63	1.81
7 November 2019	1.68	1.74	1.92
8 November 2019	1.68	1.74	1.94
11 November 2019	ND	ND	ND
12 November 2019	1.66	1.73	1.92
13 November 2019	1.63	1.69	1.88
14 November 2019	1.58	1.63	1.82
15 November 2019	1.61	1.65	1.84
18 November 2019	1.60	1.63	1.81
19 November 2019	1.60	1.63	1.79
20 November 2019	1.56	1.58	1.73
21 November 2019	1.60	1.62	1.77
22 November 2019	1.61	1.62	1.77
25 November 2019	1.61	1.62	1.76
26 November 2019	1.58	1.58	1.74
27 November 2019	1.63	1.63	1.77
28 November 2019	ND	ND	ND
29 November 2019	1.61	1.62	1.78
2 December 2019	1.61	1.65	1.83
3 December 2019	1.53	1.54	1.72
4 December 2019	1.58	1.60	1.77
5 December 2019	1.58	1.62	1.80
6 December 2019	1.61	1.67	1.84
9 December 2019	1.63	1.67	1.83
10 December 2019	1.65	1.68	1.85
11 December 2019	1.61	1.64	1.79
12 December 2019	1.66	1.73	1.90
13 December 2019	1.61	1.66	1.82
16 December 2019	1.65	1.72	1.89
17 December 2019	1.63	1.71	1.89
18 December 2019	1.63	1.74	1.92
19 December 2019	1.62	1.73	1.92
20 December 2019	1.63	1.73	1.92
23 December 2019	1.64	1.75	1.93
24 December 2019	1.62	1.72	1.90
25 December 2019	ND	ND	ND
26 December 2019	1.64	1.72	1.90
27 December 2019	1.59	1.68	1.88
30 December 2019	1.58	1.68	1.90
31 December 2019	1.58	1.69	1.92
1 January 2020	ND	ND	ND
2 January 2020	1.58	1.67	1.88
3 January 2020	1.53	1.59	1.80
6 January 2020	1.54	1.61	1.81
7 January 2020	1.54	1.62	1.83
8 January 2020	1.58	1.67	1.87
9 January 2020	1.58	1.65	1.85
10 January 2020	1.56	1.63	1.83
13 January 2020	1.58	1.65	1.85
14 January 2020	1.58	1.63	1.82
15 January 2020	1.56	1.60	1.79
16 January 2020	1.58	1.63	1.81
17 January 2020	1.58	1.63	1.84
20 January 2020	ND	ND	ND
21 January 2020	1.53	1.57	1.78
22 January 2020	1.53	1.57	1.77
23 January 2020	1.51	1.55	1.74
24 January 2020	1.49	1.51	1.70
27 January 2020	1.44	1.44	1.61
28 January 2020	1.45	1.47	1.65
29 January 2020	1.42	1.41	1.60
30 January 2020	1.41	1.39	1.57
31 January 2020	1.33	1.32	1.51
3 February 2020	1.36	1.35	1.54
4 February 2020	1.41	1.42	1.61

Source: Department of the Treasury via Haver Analytics.

Return to text

Figure 32. Yield and spread on agency mortgage-backed securities

Series: Yield and spread

Horizon: January 4, 2010, to February 4, 2020

Description: A line chart with two curves over January 4, 2010, to February 4, 2020. Units are percent for the yield curve and basis points for the spread curve. Data are daily. The yield curve starts at about 4.5 in 2010, decreases to about 2 by late 2012, increases to about 3.75 by late 2013, decreases to about 2.5 by mid-2016, increases to about 4 by the end of 2018, and ends at about 2.25. The spread curve starts at about 120 in 2010, increases to about 175 by late 2011, decreases to about 75 by late 2012, increases to about 150 by mid-2013, gradually decreases to about 75 by 2018, and fluctuates between about 75 and 110 before ending at about 95.

Note: The data are daily. Yield shown is for the Fannie Mae 30-year current coupon, the coupon rate at which new mortgage-backed securities would be priced at par, or face, value. Spread shown is to the average of the 5- and 10-year nominal Treasury yields.

Source: Department of the Treasury; Barclays Live.

Return to text

Figure 33. Corporate bond yields, by securities rating

Series: Investment-grade and high-yield

Horizon: January 4, 2010, to February 4, 2020

Description: A line chart with two curves. Data are daily, and units for both series are in percentage points. The investment-grade series starts at approximately 5.8 at the beginning of 2010, drops substantially to about 3.6 by late 2012, increases to 4.6 by the end of 2013, falls to around 3.6 by early 2015, and then fluctuates fairly consistently between 3.6 and 4.9 until late 2019, ending at about 2.9 in 2020. The high-yield series begins at about 8.4 in 2010, declines to 5.6 by May 2013, increases to about 7.9 by the beginning of 2016, drops to 5.5 by mid-2017, rises to 7.5 by the end of 2018, and declines to about 4.6 by early 2020.

Note: Investment-grade is the 10-year triple-B, which reflects the effective yield of the ICE BofAML 7-to-10-year triple-B U.S. Corporate Index (C4A4). High-yield is the 10-year high-yield and reflects the effective yield of the ICE BofAML 7-to-10-year U.S. Cash Pay High Yield Index (J4A0).

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

Return to text

Figure 34. Equity prices

Series: Dow Jones bank index and S&P 500 index

Horizon: January 4, 2010, to February 4, 2020

Description: A line chart with two curves. Units for all series have been indexed to 100 based on their respective values on December 31, 2009, and data are daily. The Dow Jones bank index series starts at 100, fluctuates between 75 and 120 through 2012, steadily rises to about 170 by the end of 2015, drops to about 120 in early 2016, rises sharply through 2016 and 2017 to around 250, decreases to approximately 175 by the end of 2018, rebounds to about 250 by the end of 2019, and ends at about 235. The S&P 500 index series starts at 100, steadily increases to about 190 in mid- 2015, fluctuates between 160 and 195 in late 2015 through 2016, rises to about 225 by the very beginning of 2018, drops sharply to 210 by the end of 2018, and increases steadily through early 2020, ending at just below 300.

Source: S&P's Dow Jones Indices via Bloomberg. For figure 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 © 2020 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.

Return to text

Figure 35. S&P 500 volatility

Series: VIX and realized volatility

Horizon: January 4, 2010, to February 4, 2020

Description: A line chart with two curves. Units for both series are in percent, and data are daily. The VIX series starts at around 20 in January 2010, generally remains flat from 2010 to 2015 aside from spikes to about 46 in May 2010 and about 48 in August 2011, fluctuates between approximately 9 and about 28 in 2016 and 2017, generally increases during 2018 aside from spikes to 37 in February 2018 and 36 in December 2018, and declines to about 16 by the end of the series. The realized volatility series starts at around 12 in January 2010, generally remains flat through early 2015 aside from spikes to roughly 27 in May 2010 and 32 in August 2011, increases briefly to 30 in late 2015 and 21 in early 2016, fluctuates between approximately 4 and about 15 from mid-2016 through 2017, spikes to 20 in February 2018 and 25 in December 2018, declines to 8 in July 2019, spikes to 15 in August, and dips down to about 8 in January 2020 before spiking back up to nearly 11 in February.

Note: The VIX is a measure of implied volatility that represents the expected annualized change in the S&P 500 index over the following 30 days. For realized volatility, five-minute S&P 500 returns are used in an exponentially weighted moving average with 75 percent of weight distributed over the past 20 days.

Source: Cboe Volatility Index ® (VIX®) accessed via Bloomberg; Federal Reserve Board staff estimates.

Return to text

Developments Related to Financial Stability: Figure A. Forward price-to-earnings ratio of S&P 500 firms

Monthly
Ratio

Period	Price-to-earning ratio	Historical median
January 1988	10.33	15.06
February 1988	10.89	15.06
March 1988	11.05	15.06
April 1988	10.98	15.06
May 1988	9.88	15.06
June 1988	10.66	15.06
July 1988	10.33	15.06
August 1988	9.78	15.06
September 1988	9.99	15.06
October 1988	10.12	15.06
November 1988	9.47	15.06
December 1988	9.81	15.06
January 1989	10.06	15.06
February 1989	10.14	15.06
March 1989	10.12	15.06
April 1989	10.43	15.06
May 1989	10.73	15.06
June 1989	10.85	15.06
July 1989	11.24	15.06
August 1989	11.56	15.06
September 1989	11.51	15.06
October 1989	11.47	15.06
November 1989	11.52	15.06
December 1989	11.88	15.06
January 1990	11.53	15.06
February 1990	11.32	15.06
March 1990	11.49	15.06
April 1990	11.65	15.06
May 1990	12.07	15.06
June 1990	12.38	15.06
July 1990	12.39	15.06
August 1990	11.50	15.06
September 1990	10.79	15.06
October 1990	10.30	15.06
November 1990	11.18	15.06
December 1990	11.66	15.06
January 1991	11.25	15.06
February 1991	13.43	15.06
March 1991	13.77	15.06
April 1991	14.45	15.06
May 1991	13.64	15.06
June 1991	13.90	15.06
July 1991	14.15	15.06
August 1991	14.40	15.06
September 1991	14.21	15.06
October 1991	14.31	15.06
November 1991	14.46	15.06
December 1991	14.01	15.06
January 1992	15.37	15.06
February 1992	15.00	15.06
March 1992	14.85	15.06
April 1992	14.81	15.06
May 1992	14.70	15.06
June 1992	14.01	15.06
July 1992	14.43	15.06
August 1992	14.45	15.06
September 1992	14.41	15.06
October 1992	14.00	15.06
November 1992	14.52	15.06
December 1992	14.70	15.06
January 1993	14.62	15.06
February 1993	14.67	15.06
March 1993	15.01	15.06
April 1993	15.04	15.06
May 1993	14.71	15.06
June 1993	14.64	15.06
July 1993	14.63	15.06
August 1993	14.76	15.06
September 1993	14.81	15.06
October 1993	14.64	15.06
November 1993	14.67	15.06
December 1993	14.48	15.06
January 1994	14.74	15.06
February 1994	14.60	15.06
March 1994	14.33	15.06
April 1994	13.46	15.06
May 1994	13.42	15.06
June 1994	13.46	15.06
July 1994	13.00	15.06
August 1994	13.20	15.06
September 1994	13.10	15.06
October 1994	12.92	15.06
November 1994	12.56	15.06
December 1994	12.09	15.06
January 1995	12.32	15.06
February 1995	12.48	15.06
March 1995	12.50	15.06
April 1995	12.66	15.06
May 1995	12.90	15.06
June 1995	13.05	15.06
July 1995	13.30	15.06
August 1995	13.36	15.06
September 1995	13.68	15.06
October 1995	13.77	15.06
November 1995	13.80	15.06
December 1995	14.32	15.06
January 1996	14.01	15.06
February 1996	15.23	15.06
March 1996	14.81	15.06
April 1996	14.79	15.06
May 1996	15.20	15.06
June 1996	14.71	15.06
July 1996	14.40	15.06
August 1996	14.92	15.06
September 1996	15.25	15.06
October 1996	15.61	15.06
November 1996	16.07	15.06
December 1996	15.85	15.06
January 1997	16.46	15.06
February 1997	17.36	15.06
March 1997	16.65	15.06
April 1997	16.02	15.06
May 1997	17.38	15.06
June 1997	18.39	15.06
July 1997	19.23	15.06
August 1997	18.68	15.06
September 1997	18.92	15.06
October 1997	19.20	15.06
November 1997	18.60	15.06
December 1997	18.87	15.06
January 1998	18.66	15.06
February 1998	20.36	15.06
March 1998	21.42	15.06
April 1998	21.90	15.06
May 1998	21.69	15.06
June 1998	21.42	15.06
July 1998	22.77	15.06
August 1998	21.16	15.06
September 1998	20.01	15.06
October 1998	19.28	15.06
November 1998	22.02	15.06
December 1998	22.30	15.06
January 1999	23.71	15.06
February 1999	23.53	15.06
March 1999	24.73	15.06
April 1999	24.96	15.06
May 1999	24.74	15.06
June 1999	24.30	15.06
July 1999	25.44	15.06
August 1999	23.91	15.06
September 1999	23.47	15.06
October 1999	22.55	15.06
November 1999	24.50	15.06
December 1999	24.42	15.06
January 2000	24.85	15.06
February 2000	24.03	15.06
March 2000	23.73	15.06
April 2000	23.91	15.06
May 2000	23.89	15.06
June 2000	24.10	15.06
July 2000	24.09	15.06
August 2000	23.86	15.06
September 2000	23.85	15.06
October 2000	21.44	15.06
November 2000	22.24	15.06
December 2000	22.10	15.06
January 2001	21.98	15.06
February 2001	22.07	15.06
March 2001	19.72	15.06
April 2001	21.41	15.06
May 2001	22.23	15.06
June 2001	21.67	15.06
July 2001	21.61	15.06
August 2001	21.17	15.06
September 2001	18.42	15.06
October 2001	20.37	15.06
November 2001	21.49	15.06
December 2001	21.57	15.06
January 2002	21.00	15.06
February 2002	20.47	15.06
March 2002	20.75	15.06
April 2002	20.17	15.06
May 2002	19.40	15.06
June 2002	18.11	15.06
July 2002	16.15	15.06
August 2002	16.60	15.06
September 2002	15.72	15.06
October 2002	15.77	15.06
November 2002	16.01	15.06
December 2002	16.12	15.06
January 2003	16.48	15.06
February 2003	15.33	15.06
March 2003	15.70	15.06
April 2003	15.67	15.06
May 2003	16.55	15.06
June 2003	17.68	15.06
July 2003	17.27	15.06
August 2003	16.94	15.06
September 2003	17.41	15.06
October 2003	17.50	15.06
November 2003	17.10	15.06
December 2003	17.43	15.06
January 2004	18.10	15.06
February 2004	18.09	15.06
March 2004	17.40	15.06
April 2004	17.10	15.06
May 2004	15.97	15.06
June 2004	16.41	15.06
July 2004	15.92	15.06
August 2004	15.51	15.06
September 2004	15.77	15.06
October 2004	15.49	15.06
November 2004	16.17	15.06
December 2004	16.32	15.06
January 2005	15.95	15.06
February 2005	16.17	15.06
March 2005	15.64	15.06
April 2005	15.30	15.06
May 2005	15.27	15.06
June 2005	15.41	15.06
July 2005	15.41	15.06
August 2005	15.14	15.06
September 2005	14.95	15.06
October 2005	14.33	15.06
November 2005	14.61	15.06
December 2005	14.98	15.06
January 2006	14.90	15.06
February 2006	14.93	15.06
March 2006	15.06	15.06
April 2006	14.99	15.06
May 2006	14.29	15.06
June 2006	13.69	15.06
July 2006	13.90	15.06
August 2006	14.13	15.06
September 2006	14.26	15.06
October 2006	14.65	15.06
November 2006	14.81	15.06
December 2006	14.83	15.06
January 2007	15.01	15.06
February 2007	15.39	15.06
March 2007	14.56	15.06
April 2007	15.31	15.06
May 2007	15.51	15.06
June 2007	15.30	15.06
July 2007	15.41	15.06
August 2007	13.87	15.06
September 2007	15.01	15.06
October 2007	15.01	15.06
November 2007	14.32	15.06
December 2007	14.20	15.06
January 2008	13.49	15.06
February 2008	13.68	15.06
March 2008	13.09	15.06
April 2008	13.80	15.06
May 2008	14.30	15.06
June 2008	13.51	15.06
July 2008	12.60	15.06
August 2008	13.29	15.06
September 2008	12.01	15.06
October 2008	9.93	15.06
November 2008	9.74	15.06
December 2008	11.87	15.06
January 2009	11.48	15.06
February 2009	12.46	15.06
March 2009	12.42	15.06
April 2009	13.51	15.06
May 2009	14.66	15.06
June 2009	14.73	15.06
July 2009	14.80	15.06
August 2009	15.20	15.06
September 2009	15.91	15.06
October 2009	15.85	15.06
November 2009	15.12	15.06
December 2009	14.89	15.06
January 2010	14.80	15.06
February 2010	13.81	15.06
March 2010	14.44	15.06
April 2010	14.83	15.06
May 2010	12.99	15.06
June 2010	12.82	15.06
July 2010	12.49	15.06
August 2010	12.10	15.06
September 2010	12.36	15.06
October 2010	12.84	15.06
November 2010	12.57	15.06
December 2010	13.03	15.06
January 2011	13.21	15.06
February 2011	13.70	15.06
March 2011	12.61	15.06
April 2011	12.97	15.06
May 2011	12.90	15.06
June 2011	12.07	15.06
July 2011	12.64	15.06
August 2011	11.28	15.06
September 2011	11.24	15.06
October 2011	11.50	15.06
November 2011	11.68	15.06
December 2011	11.40	15.06
January 2012	12.33	15.06
February 2012	12.63	15.06
March 2012	12.96	15.06
April 2012	12.66	15.06
May 2012	12.01	15.06
June 2012	11.89	15.06
July 2012	12.59	15.06
August 2012	12.92	15.06
September 2012	13.34	15.06
October 2012	13.21	15.06
November 2012	12.19	15.06
December 2012	12.86	15.06
January 2013	13.12	15.06
February 2013	13.53	15.06
March 2013	13.72	15.06
April 2013	13.59	15.06
May 2013	14.48	15.06
June 2013	14.10	15.06
July 2013	14.51	15.06
August 2013	14.58	15.06
September 2013	14.84	15.06
October 2013	14.71	15.06
November 2013	15.03	15.06
December 2013	15.20	15.06
January 2014	15.42	15.06
February 2014	15.44	15.06
March 2014	15.60	15.06
April 2014	15.49	15.06
May 2014	15.45	15.06
June 2014	15.83	15.06
July 2014	15.97	15.06
August 2014	15.55	15.06
September 2014	15.89	15.06
October 2014	14.76	15.06
November 2014	16.19	15.06
December 2014	16.11	15.06
January 2015	16.23	15.06
February 2015	17.35	15.06
March 2015	17.27	15.06
April 2015	17.29	15.06
May 2015	17.09	15.06
June 2015	16.96	15.06
July 2015	16.98	15.06
August 2015	16.75	15.06
September 2015	16.09	15.06
October 2015	16.14	15.06
November 2015	16.80	15.06
December 2015	16.69	15.06
January 2016	15.29	15.06
February 2016	15.91	15.06
March 2016	16.71	15.06
April 2016	17.09	15.06
May 2016	16.67	15.06
June 2016	16.74	15.06
July 2016	17.39	15.06
August 2016	17.52	15.06
September 2016	16.92	15.06
October 2016	16.89	15.06
November 2016	16.95	15.06
December 2016	17.33	15.06
January 2017	17.27	15.06
February 2017	17.91	15.06
March 2017	18.04	15.06
April 2017	17.54	15.06
May 2017	17.50	15.06
June 2017	17.91	15.06
July 2017	18.23	15.06
August 2017	18.09	15.06
September 2017	18.18	15.06
October 2017	18.44	15.06
November 2017	18.15	15.06
December 2017	18.64	15.06
January 2018	18.72	15.06
February 2018	17.28	15.06
March 2018	17.37	15.06
April 2018	16.92	15.06
May 2018	16.68	15.06
June 2018	16.84	15.06
July 2018	17.03	15.06
August 2018	16.82	15.06
September 2018	17.21	15.06
October 2018	16.49	15.06
November 2018	15.72	15.06
December 2018	14.65	15.06
January 2019	15.45	15.06
February 2019	16.34	15.06
March 2019	16.60	15.06
April 2019	17.08	15.06
May 2019	16.66	15.06
June 2019	17.03	15.06
July 2019	17.45	15.06
August 2019	16.54	15.06
September 2019	17.40	15.06
October 2019	17.31	15.06
November 2019	17.83	15.06
December 2019	18.25	15.06
January 2020	18.73	15.06

Note: The data extend through January 2020. The series represents the aggregate forward price-to-earnings ratio of S&P 500 firms based on expected earnings for 12 months ahead.

Source: Federal Reserve Board staff calculations using Refinitiv (formerly Thomson Reuters), IBES Estimates.

Return to text

Developments Related to Financial Stability: Figure B. Corporate Bond Spreads to Similar-Maturity Treasury Securities

Series: Corporate bond spreads to similar-maturity Treasury securities

Horizon: 10-year high-yield and 10-year triple-B corporate bond spreads

Description: Monthly data are plotted as two curves. Units for the yield series are percentage points. The 10-year high-yield curve starts at around 2.8 in 1997, rises to approximately 9 in late 2001, drops to about 3 by 2004, stays flat through 2007, rises sharply to a peak of 14 in 2009, declines sharply to about 4 by early 2010, and stays between about 3 and 5 through the end of the series, with peaks of 7, 5.5, and 5 in 2011, 2016, and 2018, respectively, and troughs of about 3 in 2014, 2017, and at the end of the series. The 10-year triple-B curve begins around 0.75 in 1997, rises to almost 3 by mid-2002, gently declines to a little below 1 by late 2003, rises incrementally to approximately 1.75 by 2007, increases sharply to almost 7 in late 2008, plummets to about 1.5 by 2010, and stays between about 1 and 2.5 through the end of the series, with peaks of 2.75, 2.5, and 2.25 in 2011, 2016, and 2018, respectively, and troughs of about 1.5, 1.25, and 1 in 2011, 2014, and 2017 before ending at about 1.25.

Note: The data are monthly and extend through January 2020. The 10-year triple-B reflects the effective yield of the ICE BofAML 7-to-10-year triple-B U.S. Corporate Index (C4A4), and the 10-year high-yield reflects the effective yield of the ICE BofAML 7-to-10-year U.S. Cash Pay High Yield Index (J4A0). Treasury yields from smoothed yield curve estimated from off-the-run securities.

Source: ICE Data Indices, LLC, used with permission; Department of the Treasury.

Return to text

Developments Related to Financial Stability: Figure C. Nonfinancial business- and household-sector credit-to-GDP ratios

Quarterly
Ratio

Period	Nonfinancial business	Houshold
1980:Q1	0.4959	0.4798
1980:Q2	0.5020	0.4833
1980:Q3	0.5011	0.4836
1980:Q4	0.4939	0.4757
1981:Q1	0.4830	0.4617
1981:Q2	0.4953	0.4664
1981:Q3	0.4961	0.4597
1981:Q4	0.5055	0.4653
1982:Q1	0.5192	0.4719
1982:Q2	0.5241	0.4695
1982:Q3	0.5317	0.4656
1982:Q4	0.5312	0.4696
1983:Q1	0.5349	0.4630
1983:Q2	0.5299	0.4617
1983:Q3	0.5274	0.4610
1983:Q4	0.5261	0.4637
1984:Q1	0.5301	0.4640
1984:Q2	0.5384	0.4664
1984:Q3	0.5473	0.4690
1984:Q4	0.5594	0.4767
1985:Q1	0.5621	0.4914
1985:Q2	0.5690	0.4989
1985:Q3	0.5700	0.5069
1985:Q4	0.5787	0.5242
1986:Q1	0.5848	0.5288
1986:Q2	0.5960	0.5360
1986:Q3	0.6044	0.5456
1986:Q4	0.6151	0.5566
1987:Q1	0.6200	0.5562
1987:Q2	0.6198	0.5632
1987:Q3	0.6232	0.5680
1987:Q4	0.6210	0.5595
1988:Q1	0.6268	0.5672
1988:Q2	0.6276	0.5685
1988:Q3	0.6290	0.5718
1988:Q4	0.6310	0.5712
1989:Q1	0.6303	0.5713
1989:Q2	0.6317	0.5742
1989:Q3	0.6295	0.5784
1989:Q4	0.6343	0.5856
1990:Q1	0.6299	0.5890
1990:Q2	0.6264	0.5907
1990:Q3	0.6250	0.5938
1990:Q4	0.6288	0.6035
1991:Q1	0.6218	0.6097
1991:Q2	0.6125	0.6097
1991:Q3	0.5997	0.6069
1991:Q4	0.5888	0.6117
1992:Q1	0.5800	0.6103
1992:Q2	0.5693	0.6059
1992:Q3	0.5612	0.6049
1992:Q4	0.5509	0.6034
1993:Q1	0.5494	0.6052
1993:Q2	0.5480	0.6070
1993:Q3	0.5474	0.6108
1993:Q4	0.5426	0.6100
1994:Q1	0.5434	0.6113
1994:Q2	0.5399	0.6109
1994:Q3	0.5407	0.6136
1994:Q4	0.5389	0.6169
1995:Q1	0.5433	0.6210
1995:Q2	0.5488	0.6269
1995:Q3	0.5477	0.6307
1995:Q4	0.5493	0.6327
1996:Q1	0.5484	0.6404
1996:Q2	0.5463	0.6385
1996:Q3	0.5473	0.6394
1996:Q4	0.5435	0.6389
1997:Q1	0.5457	0.6414
1997:Q2	0.5463	0.6393
1997:Q3	0.5513	0.6399
1997:Q4	0.5554	0.6414
1998:Q1	0.5651	0.6465
1998:Q2	0.5769	0.6528
1998:Q3	0.5816	0.6519
1998:Q4	0.5851	0.6539
1999:Q1	0.5947	0.6603
1999:Q2	0.5992	0.6677
1999:Q3	0.6108	0.6709
1999:Q4	0.6099	0.6712
2000:Q1	0.6201	0.6828
2000:Q2	0.6215	0.6793
2000:Q3	0.6270	0.6904
2000:Q4	0.6307	0.6935
2001:Q1	0.6329	0.7019
2001:Q2	0.6355	0.7101
2001:Q3	0.6425	0.7331
2001:Q4	0.6450	0.7375
2002:Q1	0.6427	0.7463
2002:Q2	0.6392	0.7528
2002:Q3	0.6360	0.7638
2002:Q4	0.6354	0.7792
2003:Q1	0.6306	0.7916
2003:Q2	0.6241	0.8142
2003:Q3	0.6147	0.8172
2003:Q4	0.6039	0.8251
2004:Q1	0.6090	0.8355
2004:Q2	0.6038	0.8465
2004:Q3	0.6045	0.8539
2004:Q4	0.6029	0.8672
2005:Q1	0.6029	0.8701
2005:Q2	0.6070	0.8852
2005:Q3	0.6064	0.8934
2005:Q4	0.6118	0.9026
2006:Q1	0.6153	0.9133
2006:Q2	0.6235	0.9284
2006:Q3	0.6282	0.9416
2006:Q4	0.6395	0.9489
2007:Q1	0.6493	0.9511
2007:Q2	0.6622	0.9613
2007:Q3	0.6767	0.9660
2007:Q4	0.6883	0.9701
2008:Q1	0.7039	0.9829
2008:Q2	0.7101	0.9681
2008:Q3	0.7182	0.9740
2008:Q4	0.7330	0.9692
2009:Q1	0.7364	0.9757
2009:Q2	0.7323	0.9771
2009:Q3	0.7196	0.9698
2009:Q4	0.6946	0.9538
2010:Q1	0.6889	0.9422
2010:Q2	0.6739	0.9262
2010:Q3	0.6704	0.9112
2010:Q4	0.6575	0.9013
2011:Q1	0.6569	0.8993
2011:Q2	0.6522	0.8839
2011:Q3	0.6533	0.8724
2011:Q4	0.6506	0.8602
2012:Q1	0.6466	0.8487
2012:Q2	0.6468	0.8394
2012:Q3	0.6525	0.8340
2012:Q4	0.6590	0.8307
2013:Q1	0.6552	0.8214
2013:Q2	0.6594	0.8185
2013:Q3	0.6618	0.8106
2013:Q4	0.6584	0.8035
2014:Q1	0.6683	0.8036
2014:Q2	0.6645	0.7950
2014:Q3	0.6642	0.7854
2014:Q4	0.6711	0.7829
2015:Q1	0.6790	0.7795
2015:Q2	0.6840	0.7761
2015:Q3	0.6884	0.7717
2015:Q4	0.6973	0.7720
2016:Q1	0.7097	0.7728
2016:Q2	0.7086	0.7707
2016:Q3	0.7126	0.7714
2016:Q4	0.7092	0.7686
2017:Q1	0.7157	0.7673
2017:Q2	0.7210	0.7685
2017:Q3	0.7224	0.7630
2017:Q4	0.7236	0.7605
2018:Q1	0.7218	0.7568
2018:Q2	0.7314	0.7500
2018:Q3	0.7300	0.7477
2018:Q4	0.7332	0.7474
2019:Q1	0.7389	0.7439
2019:Q2	0.7386	0.7431
2019:Q3	0.7421	0.7420

Note: The data extend through 2019:Q3. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research. GDP is gross domestic product.

Source: Federal Reserve Board staff calculations based on Bureau of Economic Analysis, national income and product accounts, and Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."

Return to text

Developments Related to Financial Stability: Figure D. Net issuance of risky debt

Billions of dollars

Period	High-yield and unrated bonds	Institutional leveraged loans
2004:Q2	-20.78	15.57
2004:Q3	-2.48	6.33
2004:Q4	-7.45	20.88
2005:Q1	3.98	10.50
2005:Q2	-15.32	16.90
2005:Q3	-6.94	7.28
2005:Q4	0.40	20.61
2006:Q1	-7.80	27.16
2006:Q2	4.98	40.14
2006:Q3	-3.23	17.86
2006:Q4	27.00	66.30
2007:Q1	1.12	40.68
2007:Q2	20.82	54.31
2007:Q3	-10.68	25.72
2007:Q4	-7.24	36.06
2008:Q1	-16.77	2.21
2008:Q2	-1.50	26.22
2008:Q3	3.33	6.60
2008:Q4	-34.36	4.80
2009:Q1	-14.45	-11.82
2009:Q2	2.60	-15.53
2009:Q3	-12.70	-13.26
2009:Q4	-16.72	-24.98
2010:Q1	10.78	-17.85
2010:Q2	3.38	-9.71
2010:Q3	22.95	11.76
2010:Q4	12.33	-15.34
2011:Q1	5.28	-4.49
2011:Q2	9.42	25.49
2011:Q3	-6.91	-5.51
2011:Q4	1.76	3.91
2012:Q1	30.46	-6.47
2012:Q2	-17.26	18.45
2012:Q3	29.54	-4.38
2012:Q4	25.06	25.96
2013:Q1	31.61	11.30
2013:Q2	5.08	31.31
2013:Q3	33.06	45.16
2013:Q4	21.71	43.54
2014:Q1	23.37	29.44
2014:Q2	10.15	45.62
2014:Q3	29.80	48.42
2014:Q4	6.41	26.18
2015:Q1	35.09	6.46
2015:Q2	4.81	-3.11
2015:Q3	2.91	8.58
2015:Q4	-14.51	28.80
2016:Q1	6.19	9.09
2016:Q2	2.46	4.99
2016:Q3	-6.38	-12.88
2016:Q4	-22.00	7.19
2017:Q1	12.08	-4.24
2017:Q2	-9.82	49.01
2017:Q3	4.34	13.03
2017:Q4	-5.69	16.81
2018:Q1	2.43	24.23
2018:Q2	-9.49	62.21
2018:Q3	12.28	46.68
2018:Q4	-16.82	48.55
2019:Q1	18.84	45.53
2019:Q2	12.54	9.20
2019:Q3	17.27	-11.33
2019:Q4	5.48	13.09

Note: Institutional leveraged loans generally exclude loan commitments held by banks.

Source: Mergent, Fixed Investment Securities Database; S&P Global, Leveraged Commentary & Data.

Return to text

Figure 36. Ratio of total commercial bank credit to nominal gross domestic product

Quarterly
Percent

Period	Ratio
2004:Q1	60.75
2004:Q2	61.52
2004:Q3	61.41
2004:Q4	61.45
2005:Q1	62.23
2005:Q2	62.95
2005:Q3	63.43
2005:Q4	63.67
2006:Q1	63.70
2006:Q2	64.80
2006:Q3	65.65
2006:Q4	65.71
2007:Q1	66.05
2007:Q2	66.47
2007:Q3	67.45
2007:Q4	68.32
2008:Q1	69.44
2008:Q2	69.31
2008:Q3	69.24
2008:Q4	71.26
2009:Q1	71.29
2009:Q2	70.68
2009:Q3	68.90
2009:Q4	66.24
2010:Q1	64.59
2010:Q2	62.69
2010:Q3	62.03
2010:Q4	61.50
2011:Q1	61.04
2011:Q2	60.02
2011:Q3	59.94
2011:Q4	59.81
2012:Q1	59.61
2012:Q2	59.61
2012:Q3	59.89
2012:Q4	59.91
2013:Q1	59.60
2013:Q2	59.57
2013:Q3	58.94
2013:Q4	58.54
2014:Q1	59.32
2014:Q2	59.13
2014:Q3	59.19
2014:Q4	59.55
2015:Q1	60.59
2015:Q2	60.96
2015:Q3	61.37
2015:Q4	62.33
2016:Q1	63.20
2016:Q2	63.55
2016:Q3	64.02
2016:Q4	64.35
2017:Q1	64.11
2017:Q2	63.98
2017:Q3	63.63
2017:Q4	63.19
2018:Q1	62.84
2018:Q2	62.29
2018:Q3	62.22
2018:Q4	62.52
2019:Q1	62.85
2019:Q2	62.90
2019:Q3	63.16
2019:Q4	63.40

Source: Federal Reserve Board, Statistical Release H.8, "Assets and Liabilities of Commercial Banks in the United States"; Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 37. Profitability of bank holding companies

Quarterly
Percent, annual rate

Period	Return on assets	Return on equity
2004:Q1	1.24	15.99
2004:Q2	1.02	13.18
2004:Q3	1.21	14.79
2004:Q4	1.18	14.38
2005:Q1	1.14	13.57
2005:Q2	1.19	14.58
2005:Q3	1.30	15.38
2005:Q4	1.21	14.94
2006:Q1	1.10	13.72
2006:Q2	1.17	15.02
2006:Q3	1.31	15.74
2006:Q4	1.32	16.41
2007:Q1	0.97	12.06
2007:Q2	1.08	14.17
2007:Q3	0.82	9.83
2007:Q4	-0.13	-1.79
2008:Q1	0.09	1.64
2008:Q2	-0.14	-1.36
2008:Q3	-0.57	-8.46
2008:Q4	-1.60	-21.58
2009:Q1	0.00	0.61
2009:Q2	-0.07	-0.41
2009:Q3	0.19	1.55
2009:Q4	0.10	1.18
2010:Q1	0.39	4.91
2010:Q2	0.53	6.40
2010:Q3	0.45	4.52
2010:Q4	0.50	5.50
2011:Q1	0.59	6.49
2011:Q2	0.43	4.75
2011:Q3	0.94	9.69
2011:Q4	0.59	6.18
2012:Q1	0.58	5.85
2012:Q2	0.71	7.02
2012:Q3	0.73	7.02
2012:Q4	0.89	8.60
2013:Q1	0.81	7.71
2013:Q2	0.86	8.20
2013:Q3	0.82	7.72
2013:Q4	0.92	8.76
2014:Q1	0.85	7.87
2014:Q2	0.82	7.58
2014:Q3	0.87	7.96
2014:Q4	0.82	7.60
2015:Q1	0.96	8.69
2015:Q2	0.96	8.63
2015:Q3	0.99	8.77
2015:Q4	0.84	7.55
2016:Q1	0.81	7.06
2016:Q2	0.93	8.12
2016:Q3	0.96	8.73
2016:Q4	0.93	8.53
2017:Q1	0.95	8.48
2017:Q2	0.96	8.59
2017:Q3	0.98	8.79
2017:Q4	0.14	1.42
2018:Q1	1.11	10.09
2018:Q2	1.15	10.52
2018:Q3	1.23	11.23
2018:Q4	1.21	11.33
2019:Q1	1.19	10.67
2019:Q2	1.17	10.61
2019:Q3	1.07	9.87

Note: The data are quarterly and are seasonally adjusted. The data extend through 2019:Q3.

Source: Federal Reserve Board, Form FR Y-9C, Consolidated Financial Statements for Bank Holding Companies.

Return to text

Figure 38. Real gross domestic product growth in selected advanced foreign economies

Percent, annual rate

Period	United Kingdom	Japan	Euro area	Canada
2015	2.44	1.03	2.05	-0.39
2016	1.81	1.15	2.12	1.65
2017	1.58	2.50	2.96	3.16
2018	1.39	-0.30	1.18	1.80
2019:H1	0.86	2.33	1.22	2.16
2019:Q3	1.68	1.80	1.10	1.32
2019:Q4	ND	ND	0.38	ND

Note: The data for the euro area incorporate a preliminary release for 2019:Q4.

Source: For the United Kingdom, Office for National Statistics; for Japan, Cabinet Office, Government of Japan; for the euro area, Eurostat; for Canada, Statistics Canada; all via Haver Analytics.

Return to text

Figure 39. Consumer price inflation in selected advanced foreign economies

Monthly
12-month percent change

Period	United Kingdom	Japan	Euro area	Canada
January 2015	0.28	2.46	-0.60	0.97
February 2015	0.03	2.26	-0.29	0.97
March 2015	-0.01	2.36	-0.07	1.29
April 2015	-0.12	0.70	0.21	0.64
May 2015	0.11	0.50	0.60	0.96
June 2015	-0.04	0.40	0.50	1.12
July 2015	0.15	0.30	0.54	1.36
August 2015	0.01	0.20	0.44	1.27
September 2015	-0.12	0.00	0.20	1.03
October 2015	-0.11	0.20	0.39	1.03
November 2015	0.11	0.10	0.13	1.27
December 2015	0.20	0.10	0.25	1.51
January 2016	0.29	-0.10	0.33	1.92
February 2016	0.28	0.10	-0.12	1.43
March 2016	0.46	0.00	-0.04	1.27
April 2016	0.29	-0.30	-0.26	1.67
May 2016	0.31	-0.40	-0.12	1.58
June 2016	0.46	-0.30	0.05	1.42
July 2016	0.56	-0.40	0.17	1.10
August 2016	0.64	-0.50	0.22	1.18
September 2016	0.98	-0.40	0.40	1.42
October 2016	0.91	0.10	0.51	1.49
November 2016	1.17	0.50	0.59	1.26
December 2016	1.56	0.30	1.10	1.49
January 2017	1.82	0.40	1.72	2.04
February 2017	2.30	0.20	1.95	2.04
March 2017	2.32	0.20	1.53	1.57
April 2017	2.71	0.40	1.90	1.72
May 2017	2.87	0.50	1.38	1.25
June 2017	2.64	0.40	1.30	1.01
July 2017	2.63	0.50	1.34	1.25
August 2017	2.86	0.60	1.54	1.40
September 2017	2.96	0.80	1.56	1.48
October 2017	3.00	0.20	1.37	1.39
November 2017	3.09	0.50	1.53	2.17
December 2017	2.97	1.00	1.34	1.93
January 2018	2.99	1.30	1.30	1.69
February 2018	2.71	1.50	1.11	2.08
March 2018	2.46	1.10	1.40	2.31
April 2018	2.38	0.70	1.22	2.08
May 2018	2.42	0.70	1.95	2.31
June 2018	2.45	0.80	1.97	2.46
July 2018	2.47	1.00	2.19	2.77
August 2018	2.65	1.30	2.08	2.68
September 2018	2.42	1.09	2.08	2.37
October 2018	2.39	1.40	2.29	2.52
November 2018	2.31	0.79	1.92	1.75
December 2018	2.10	0.30	1.52	1.90
January 2019	1.85	0.20	1.39	1.44
February 2019	1.87	0.10	1.49	1.58
March 2019	1.91	0.49	1.40	1.88
April 2019	2.12	0.79	1.72	2.11
May 2019	2.02	0.79	1.22	2.33
June 2019	2.01	0.69	1.27	2.10
July 2019	2.06	0.49	1.02	2.09
August 2019	1.72	0.30	1.01	1.87
September 2019	1.71	0.30	0.83	1.87
October 2019	1.46	0.20	0.73	1.86
November 2019	1.47	0.49	0.96	2.09
December 2019	1.30	0.79	1.33	2.23
January 2020	ND	ND	1.37	ND

Note: The data for the euro area incorporate the flash estimate for January 2020.

Source: For the United Kingdom, Office for National Statistics; for Japan, Ministry of Internal Affairs and Communications; for the euro area, Statistical Office of the European Communities; for Canada, Statistics Canada; all via Haver Analytics.

Return to text

Figure 40. Nominal 10-year government bond yields in selected advanced foreign economies

Series: United States, United Kingdom, Germany, and Japan 10-year benchmark yields

Horizon: January 7, 2015, to January 29, 2020

Description: A line chart with four curves over January 7, 2015, to January 29, 2020. Units are percent, and data are weekly averages of daily benchmark yields. The curves generally move in the same direction from 2015 to 2016, with the United States and the United Kingdom tracking closely between about 1.75 and 2.5 and between about 1.5 and 2, respectively, until the middle of 2016, when the United Kingdom declines faster than the United States, reaching a low of about 0.5 compared with about 1.5 for the United States. At the same time, Germany fluctuates between about 0 and 1, with a peak of almost 1 in mid-2015. Japan stays mostly flat between about negative 0.25 and positive 0.5. All four curves decline through the middle of 2016 but rise again in the second half of the year, with particularly strong increases in the United States and the United Kingdom. The curves are generally flat through 2017, with averages of about 0, 0.5, 1.25, and 2.5 for Japan, Germany, the United Kingdom, and the United States, respectively. The United States, United Kingdom, and Germany slightly increase at the beginning of 2018 and slightly fall in the second quarter, while Japan stays relatively constant. In 2018:Q3, each curve rises and then falls slightly. From 2018:Q4 until 2019:Q3, each curve displays a general downward trend, reaching lows of about negative 0.25, negative 0.75, 0.5, and 1.5 for Japan, Germany, the United Kingdom, and the United States, respectively. Each curve rebounds a bit through the end of the series, ending at about 0, negative 0.25, 0.5, and 1.75, respectively. The United States remains above the other curves for the entire horizon. Generally, Japan remains below the other curves, except for when Germany dips below Japan in the first half of 2015, again in the second half of 2016, and toward the end of the horizon in 2019:Q2.

Note: The data are weekly averages of daily benchmark yields. The weekly data begin on Thursdays and extend through January 29, 2020.

Source: Bloomberg.

Return to text

Figure 41. Equity indexes for selected advanced foreign economies

Series: Euro area, United Kingdom, and Japan

Horizon: January 7, 2015, to January 29, 2020

Description: A line chart with three curves over January 7, 2015, to January 29, 2020. Units are an index with the week ending January 7, 2015, equal to 100, and data are weekly averages of daily data. All of the curves begin at 100 and then fluctuate significantly but in 2015:H1 generally reach interim highs of about 110, 120, and 125 for the United Kingdom, Japan, and the euro area, respectively, before falling in 2015:Q4 to about 90, 90, and 95, respectively, by the start of 2016. The curves increase through the rest of 2016, 2017, and the first weeks of 2018, when they reach their highest levels over the time horizon of about 120, 140, and 130 for the United Kingdom, Japan, and the euro area, respectively. The curves all drop around 10 points in March 2018, climb steadily until June, and then broadly drop until November, reaching lows of about 105 each. The exception to this trend is Japan, which has a divergent peak in August. From a relative trough at the end of 2018, the curves all reach relative peaks in April 2019 of about 115, 120, and 125 for the United Kingdom, Japan, and the euro area, respectively. The curves roughly flatten out, staying within about five points below their April peaks until late 2019 when they start increasing slightly for the United Kingdom and quickly for Japan and the euro area, ending at about 115, 125, and 130, respectively.

Note: The data are weekly averages of daily data. The weekly data begin on Thursdays and extend through January 29, 2020.

Source: For euro area, DJ Euro Stoxx Index; for Japan, TOPIX Stock Index; for United Kingdom, FTSE 100 Stock Index; all via Bloomberg.

Return to text

Figure 42. Real gross domestic product growth in selected emerging market economies

Percent, annual rate

Period	China	Korea	Mexico	Brazil
2015	6.81	3.41	2.80	-5.47
2016	7.30	2.68	3.31	-2.15
2017	6.86	2.81	1.65	2.45
2018	6.53	2.97	1.43	1.26
2019:H1	6.19	1.34	-0.31	0.93
2019:Q3	5.52	1.66	0.05	2.48
2019:Q4	6.08	4.71	0.00	ND

Note: The data for China are seasonally adjusted by Board staff. The data for Korea, Mexico, and Brazil are seasonally adjusted by their respective government agencies. The 2019:Q4 value for Mexico is 0 percent.

Source: For China, National Bureau of Statistics of China; for Korea, Bank of Korea; for Mexico, Instituto Nacional de Estadística y Geografía; for Brazil, Instituto Brasileiro de Geografia e Estatística; all via Haver Analytics.

Return to text

Figure 43. Equity indexes for selected emerging market economies

Series: Brazil, South Korea, China, and Mexico

Horizon: January 1, 2015, to January 29, 2020

Description: A line chart with four curves over January 1, 2015, to January 29, 2020. Units are an index with the week ending January 7, 2015, equal to 100. Data are weekly averages of daily data. The curves start at 100 and track closely between about 100 and 110 through mid-2016 with the exception of a spike to 150 in mid-2015 by China and troughs to about 80 in early 2016 by China and Brazil. The curve for China remains below the others for the rest of the series, fluctuating between about 75 and 100 with peaks of about 100 in early 2018 and early 2019 and a low of about 75 at the end of 2018, and ends at about 90. The curves for South Korea and Mexico continue to stay moderately flat between about 100 and 140 from mid-2016 through early 2020, with South Korea slightly above Mexico except for mid-2016 to early 2017 and briefly near the end of 2018. The two curves diverge the most in late 2017 and early 2018, with South Korea averaging about 130 and Mexico 115. The curves for South Korea and Mexico end at about 120 and 115, respectively. The curve for Brazil begins increasing in mid-2016 and ends far from the other curves, at about 240. The curve increases sharply in mid-2017 and early 2018, falls steeply in mid-2018, and then generally increases quickly through the end of the series.

Note: The data are weekly averages of daily data. The weekly data begin on Thursdays and extend through January 29, 2020.

Source: For China, Shanghai Composite Index; for Brazil, Bovespa Index; for South Korea, Korean Composite Index; for Mexico, IPC Index; all via Bloomberg.

Return to text

Figure 44. Sovereign spreads in selected emerging market economies

Series: Brazil, Mexico, and EME Asia

Horizon: January 1, 2015, to January 29, 2020

Description: A line chart with three curves over January 1, 2015, to January 29, 2020. Units are basis points, and data are weekly. The curves follow similar trends throughout the series, with EME Asia below the other curves and Brazil above Mexico until late 2016, then tracking closely with Mexico through late 2018, and falling below Mexico for the rest of the series. The EME Asia curve begins at about 225, dips to 200, and rises to almost 300 by the end of 2015. The curve gradually decreases to about 150 by early 2018, rises to 200 by mid-2018, and fluctuates between 150 and 200 before ending at about 175. The curve for Brazil begins just under 300, spikes to 350, falls to 275, and increases sharply to about 575 by early 2016. The curve then falls to almost 200 by the end of 2017, rises to 350 in mid-2018, and declines through the end of the curve, ending at about 225. The curve for Mexico begins at about 225, increases to about 375 by early 2016, decreases steadily to about 225 by early 2018 besides one jump to 350 in late 2016, increases to 300 by mid-2018, dips to 250 in late 2018, jumps to 350 by the end of 2018, and fluctuates between 300 and 350 before ending at 300.

Note: The data are weekly averages of daily data. The weekly data begin on Thursdays and extend through January 29, 2020.

Source: J.P. Morgan Emerging Markets Bond Index Global via Bloomberg.

Return to text

Figure 45. Emerging market mutual fund flows

Billions of dollars

Period	Bond fund flows	Equity fund flows
2015:Q1	-0.93	-9.38
2015:Q2	1.64	0.85
2015:Q3	-15.77	-43.90
2015:Q4	-11.56	-9.34
2016:Q1	-1.11	-5.75
2016:Q2	6.93	-9.08
2016:Q3	26.94	20.37
2016:Q4	-9.72	-9.51
2017:Q1	18.46	10.67
2017:Q2	23.69	24.45
2017:Q3	16.13	16.01
2017:Q4	11.25	14.07
2018:Q1	11.70	41.05
2018:Q2	-10.67	-4.64
2018:Q3	-2.41	-12.52
2018:Q4	-10.78	13.81
2019:Q1	21.65	18.95
2019:Q2	5.99	-23.58
2019:Q3	6.81	-26.59
2019:Q4	6.36	15.70
January 2020	10.13	10.07

Note: The bond and equity fund flows data are quarterly sums of weekly data from January 1, 2015, to December 25, 2019. Weekly data span Thursday through Wednesday, and the quarterly and January 2020 values are sums over weekly data for weeks ending in that quarter or month. The data exclude funds located in China.

Source: EPFR Global.

Return to text

Figure 46. U.S. dollar exchange rate indexes

Weekly
Week ending January 7, 2015 = 100

Period	British pound	Broad dollar	Euro	Chinese renminbi
7 January 2015	100.00	100.00	100.00	100.00
14 January 2015	100.28	99.87	100.93	99.86
21 January 2015	100.44	100.07	103.09	99.87
28 January 2015	100.70	100.92	105.14	100.38
4 February 2015	100.82	101.70	104.92	100.64
11 February 2015	99.75	101.74	105.14	100.52
18 February 2015	98.84	101.62	104.68	100.58
25 February 2015	98.47	101.92	104.98	100.69
4 March 2015	98.91	102.31	106.67	100.91
11 March 2015	100.84	104.41	110.43	100.81
18 March 2015	102.92	105.03	112.55	100.64
25 March 2015	102.26	103.45	109.92	99.89
1 April 2015	102.51	103.60	110.11	99.89
8 April 2015	102.08	102.81	109.30	99.74
15 April 2015	103.31	103.82	112.22	99.94
22 April 2015	101.74	103.00	110.86	99.76
29 April 2015	99.72	102.08	108.94	99.84
6 May 2015	100.06	101.91	106.41	99.86
13 May 2015	97.88	101.54	105.92	99.92
20 May 2015	97.15	101.38	105.74	99.87
27 May 2015	98.33	102.79	108.58	99.79
3 June 2015	99.48	103.25	107.94	99.77
10 June 2015	98.99	103.05	106.07	99.86
17 June 2015	97.50	102.60	105.95	99.93
24 June 2015	96.24	102.23	105.54	99.92
1 July 2015	96.79	103.06	106.89	99.88
8 July 2015	98.09	103.86	107.92	99.93
15 July 2015	98.00	104.10	108.04	99.94
22 July 2015	97.53	105.01	109.56	99.95
29 July 2015	97.65	105.24	108.10	99.94
5 August 2015	97.46	105.77	108.93	99.95
12 August 2015	97.82	106.02	108.16	100.88
19 August 2015	97.35	106.58	107.56	102.93
26 August 2015	97.12	106.67	104.71	103.02
2 September 2015	99.04	107.03	106.24	102.66
9 September 2015	99.42	107.34	107.00	102.42
16 September 2015	98.56	106.94	105.56	102.55
23 September 2015	98.53	107.11	106.13	102.55
30 September 2015	100.17	107.82	106.28	102.51
7 October 2015	99.95	106.87	106.08	102.31
14 October 2015	99.22	105.79	104.89	102.16
21 October 2015	98.36	105.71	104.94	102.23
28 October 2015	99.11	106.72	107.75	102.27
4 November 2015	98.83	106.88	108.70	101.88
11 November 2015	100.49	108.02	110.73	102.05
18 November 2015	100.01	108.52	111.48	102.61
25 November 2015	100.31	108.21	111.89	102.80
2 December 2015	101.26	108.65	112.60	102.86
9 December 2015	100.82	108.43	109.40	103.11
16 December 2015	100.63	109.08	108.73	103.92
23 December 2015	102.26	109.72	109.53	104.29
30 December 2015	102.33	109.53	108.96	104.31
6 January 2016	103.61	110.41	110.47	104.99
13 January 2016	104.84	111.31	109.73	105.89
20 January 2016	106.67	112.08	109.28	105.95
27 January 2016	106.58	112.01	110.00	105.90
3 February 2016	105.81	111.54	109.12	105.86
10 February 2016	105.03	110.47	106.41	105.75
17 February 2016	105.78	110.53	106.27	105.37
24 February 2016	107.42	110.33	107.85	104.99
2 March 2016	109.05	110.38	109.34	105.35
9 March 2016	106.97	109.12	108.36	104.85
16 March 2016	106.63	108.71	107.14	104.72
23 March 2016	106.03	107.21	105.94	104.35
30 March 2016	106.82	107.72	106.31	104.63
6 April 2016	106.85	106.86	104.64	104.17
13 April 2016	107.27	106.70	104.80	104.05
20 April 2016	106.50	106.27	105.35	104.15
27 April 2016	105.07	106.44	105.59	104.49
4 May 2016	104.34	105.70	104.08	104.32
11 May 2016	105.23	106.97	104.47	104.69
18 May 2016	105.14	107.55	105.29	105.00
25 May 2016	104.35	108.62	106.61	105.45
1 June 2016	104.47	108.60	106.87	105.72
8 June 2016	104.90	107.65	105.34	105.71
15 June 2016	106.60	107.81	105.81	105.83
22 June 2016	105.08	107.70	105.92	105.97
29 June 2016	111.27	108.42	107.04	106.61
6 July 2016	115.98	108.57	107.57	107.31
13 July 2016	116.53	108.70	107.73	107.61
20 July 2016	115.04	108.69	107.86	107.64
27 July 2016	115.82	109.36	108.51	107.41
3 August 2016	114.72	108.43	106.76	106.85
10 August 2016	116.53	108.27	107.26	107.01
17 August 2016	117.36	107.35	106.30	106.73
24 August 2016	115.66	107.29	105.43	106.95
31 August 2016	115.85	108.18	106.47	107.39
7 September 2016	114.06	107.92	106.38	107.37
14 September 2016	114.78	108.46	106.04	107.43
21 September 2016	116.45	109.29	106.59	107.35
28 September 2016	116.95	108.93	106.20	107.34
5 October 2016	118.21	108.87	106.26	107.33
12 October 2016	122.95	109.70	107.43	107.74
19 October 2016	124.34	109.74	108.41	108.38
26 October 2016	124.53	110.04	109.39	108.91
2 November 2016	124.52	110.35	108.46	108.99
9 November 2016	122.17	110.09	107.91	108.97
16 November 2016	122.01	112.91	110.83	110.17
23 November 2016	122.40	113.69	112.41	110.92
30 November 2016	122.02	113.98	112.54	111.07
7 December 2016	120.14	113.35	111.43	110.75
14 December 2016	120.27	113.18	112.34	111.02
21 December 2016	122.68	114.72	114.44	111.83
28 December 2016	124.07	115.10	114.23	111.85
4 January 2017	123.84	114.91	113.73	111.82
11 January 2017	124.32	114.64	112.88	111.37
18 January 2017	123.90	113.90	111.76	110.57
25 January 2017	121.80	113.60	111.26	110.49
1 February 2017	121.07	112.97	111.23	110.69
8 February 2017	121.63	112.28	110.96	110.60
15 February 2017	121.76	112.52	112.29	110.60
22 February 2017	122.10	112.54	112.53	110.56
1 March 2017	122.14	112.16	112.53	110.55
8 March 2017	124.43	112.86	112.94	111.03
15 March 2017	124.78	112.81	112.05	111.21
22 March 2017	122.54	111.34	110.71	111.00
29 March 2017	121.65	110.84	110.22	110.74
5 April 2017	121.82	111.10	111.62	110.84
12 April 2017	122.10	111.29	112.26	110.97
19 April 2017	120.34	110.77	111.78	110.79
26 April 2017	118.70	110.94	110.17	110.82
3 May 2017	117.76	111.03	109.37	110.96
10 May 2017	117.58	111.33	109.10	111.10
17 May 2017	117.84	110.67	108.43	110.91
24 May 2017	117.09	110.09	106.58	110.84
31 May 2017	118.11	109.75	106.43	110.19
7 June 2017	117.84	109.34	106.00	109.46
14 June 2017	119.05	109.04	106.29	109.39
21 June 2017	119.61	109.31	106.88	109.75
28 June 2017	119.12	109.03	106.06	109.81
5 July 2017	117.31	108.64	104.73	109.30
12 July 2017	117.96	108.50	104.50	109.43
19 July 2017	116.78	107.27	103.85	108.88
26 July 2017	116.88	106.70	102.39	108.73
2 August 2017	115.53	106.36	101.21	108.29
9 August 2017	116.70	106.69	101.22	107.98
16 August 2017	117.61	106.69	101.40	107.37
23 August 2017	118.35	106.37	101.27	107.28
30 August 2017	117.96	105.82	100.02	106.56
6 September 2017	117.12	105.43	100.13	105.44
13 September 2017	115.27	104.69	99.52	104.82
20 September 2017	112.60	105.03	99.75	105.67
27 September 2017	112.86	105.85	100.55	106.47
4 October 2017	114.15	106.70	101.29	107.11
11 October 2017	115.62	106.93	101.27	106.50
18 October 2017	115.00	106.99	101.01	106.24
25 October 2017	115.34	107.52	101.13	106.68
1 November 2017	115.19	108.25	102.47	106.80
8 November 2017	116.04	108.16	102.68	106.68
15 November 2017	115.82	107.98	101.76	106.77
22 November 2017	114.91	107.43	101.30	106.60
29 November 2017	114.07	106.63	100.22	106.28
6 December 2017	112.99	106.91	100.58	106.47
13 December 2017	113.76	107.63	101.31	106.54
20 December 2017	113.65	107.43	100.93	106.28
27 December 2017	113.67	107.37	100.44	105.66
3 January 2018	112.46	106.43	99.24	104.75
10 January 2018	112.34	106.05	99.42	104.65
17 January 2018	110.97	105.21	98.05	103.94
24 January 2018	108.87	104.37	97.13	102.97
31 January 2018	107.42	103.40	96.02	101.65
7 February 2018	108.30	103.78	96.13	101.18
14 February 2018	109.62	104.49	96.94	101.81
21 February 2018	108.48	103.92	96.17	102.04
28 February 2018	109.32	104.49	97.13	101.85
7 March 2018	109.97	104.71	96.66	101.99
14 March 2018	109.40	104.47	96.58	101.82
21 March 2018	108.68	104.87	96.97	101.83
28 March 2018	107.48	104.10	96.35	101.35
4 April 2018	108.28	104.14	96.99	101.19
11 April 2018	107.77	104.05	96.85	101.27
18 April 2018	106.57	103.70	96.55	101.05
25 April 2018	108.50	105.06	97.34	101.45
2 May 2018	110.73	106.03	98.92	102.03
9 May 2018	112.23	107.03	100.09	102.38
16 May 2018	112.46	107.16	100.23	102.25
23 May 2018	113.19	107.93	101.35	102.62
30 May 2018	114.23	108.14	102.31	103.02
6 June 2018	113.93	108.33	101.91	103.09
13 June 2018	113.48	108.55	101.09	102.97
20 June 2018	114.80	109.72	102.73	103.74
27 June 2018	114.94	109.83	102.45	105.28
4 July 2018	115.67	110.00	102.52	106.80
11 July 2018	114.88	109.12	101.67	106.86
18 July 2018	115.40	109.40	102.11	107.71
25 July 2018	116.12	109.72	102.12	109.09
1 August 2018	115.89	109.16	102.06	109.54
8 August 2018	117.29	109.47	102.83	110.04
15 August 2018	119.17	110.79	104.50	110.64
22 August 2018	118.85	110.54	103.92	110.40
29 August 2018	117.96	109.94	102.27	109.82
5 September 2018	117.69	110.82	102.71	110.03
12 September 2018	117.11	110.89	102.74	110.28
19 September 2018	115.83	110.22	102.08	110.32
26 September 2018	115.62	109.95	101.40	110.41
3 October 2018	116.70	110.28	102.88	110.62
10 October 2018	115.98	110.95	103.59	110.99
17 October 2018	115.47	110.52	103.04	111.25
24 October 2018	117.07	111.38	103.95	111.68
31 October 2018	118.88	112.20	104.86	112.00
7 November 2018	116.68	111.89	104.51	111.29
14 November 2018	116.69	112.59	105.18	111.84
21 November 2018	118.80	112.40	104.66	111.66
28 November 2018	119.04	112.96	105.42	111.83
5 December 2018	119.24	112.40	105.02	111.11
12 December 2018	120.21	112.69	104.93	110.86
19 December 2018	120.48	112.68	104.98	110.96
26 December 2018	120.06	112.41	104.45	110.92
2 January 2019	120.03	112.03	104.42	110.57
9 January 2019	119.54	111.07	104.13	110.26
16 January 2019	118.77	110.42	104.13	108.89
23 January 2019	117.30	110.84	104.81	109.24
30 January 2019	115.99	110.43	104.56	108.54
6 February 2019	116.64	110.17	104.30	108.38
13 February 2019	117.88	110.97	105.38	108.84
20 February 2019	117.96	111.12	105.57	108.89
27 February 2019	115.66	110.45	105.00	107.83
6 March 2019	115.28	110.87	105.13	107.90
13 March 2019	116.03	111.37	105.94	108.07
20 March 2019	114.82	110.68	105.20	108.00
27 March 2019	115.40	110.85	105.51	108.04
3 April 2019	116.14	111.25	106.25	108.14
10 April 2019	116.50	110.95	105.99	108.10
17 April 2019	116.38	110.77	105.58	107.94
24 April 2019	117.22	111.16	106.16	108.07
1 May 2019	117.23	111.62	106.62	108.39
8 May 2019	116.41	111.67	106.54	108.76
15 May 2019	117.35	112.05	106.23	110.33
22 May 2019	119.45	112.48	106.77	111.13
29 May 2019	120.08	112.51	106.73	111.19
5 June 2019	120.25	112.56	106.50	111.14
12 June 2019	119.66	111.87	105.40	111.29
19 June 2019	120.68	112.08	106.19	111.29
26 June 2019	119.67	110.99	104.98	110.59
3 July 2019	120.35	111.01	105.26	110.56
10 July 2019	121.73	111.34	106.22	110.79
17 July 2019	121.74	111.11	106.03	110.66
24 July 2019	121.84	111.32	106.52	110.71
31 July 2019	123.74	111.75	107.02	110.77
7 August 2019	125.19	112.71	106.82	112.56
14 August 2019	125.85	112.98	106.50	113.41
21 August 2019	125.29	113.51	107.44	113.47
28 August 2019	124.10	113.87	107.35	114.77
4 September 2019	125.08	114.31	108.28	115.17
11 September 2019	123.28	113.49	108.03	114.63
18 September 2019	122.24	113.19	107.84	113.95
25 September 2019	122.20	113.56	108.40	114.44
2 October 2019	123.63	114.11	109.04	114.91
9 October 2019	123.78	113.90	108.63	114.98
16 October 2019	120.13	113.18	107.97	114.19
23 October 2019	117.77	112.42	107.05	113.87
30 October 2019	118.31	112.39	107.38	113.71
6 November 2019	117.84	112.25	107.19	113.03
13 November 2019	118.56	112.74	108.17	112.68
20 November 2019	117.74	112.87	107.83	113.04
27 November 2019	118.16	113.23	108.15	113.20
4 December 2019	117.06	113.20	107.75	113.40
11 December 2019	115.57	112.63	107.59	113.29
18 December 2019	115.22	111.99	107.13	112.60
25 December 2019	117.13	112.05	107.46	112.82
1 January 2020	115.88	111.46	106.64	112.43
8 January 2020	115.90	111.38	106.86	112.01
15 January 2020	116.71	111.41	107.11	111.11
22 January 2020	116.36	111.47	107.39	110.84
29 January 2020	116.57	111.99	108.19	111.39

Note: The data, which are in foreign currency units per dollar, are weekly averages of daily data. The weekly data begin on Thursdays and extend through January 29, 2020. As indicated by the leftmost arrow, increases in the data represent U.S. dollar appreciation, and decreases represent U.S. dollar depreciation.

Source: Federal Reserve Board, Statistical Release H.10, "Foreign Exchange Rates."

Return to text

Last Update: February 27, 2020

Monetary Policy Report – February 2020