Accessible Version

Figure 1. Personal consumption expenditures price indexes

Monthly

Percent change from year earlier

Period	Total	Excluding food and energy	Trimmed mean
January 2015	0.18	1.36	1.57
February 2015	0.29	1.40	1.62
March 2015	0.28	1.36	1.62
April 2015	0.16	1.34	1.62
May 2015	0.23	1.28	1.60
June 2015	0.31	1.29	1.62
July 2015	0.24	1.19	1.59
August 2015	0.26	1.23	1.62
September 2015	0.08	1.23	1.61
October 2015	0.09	1.16	1.56
November 2015	0.23	1.16	1.52
December 2015	0.30	1.13	1.51
January 2016	0.82	1.34	1.63
February 2016	0.59	1.39	1.63
March 2016	0.63	1.38	1.64
April 2016	0.89	1.47	1.68
May 2016	0.80	1.50	1.70
June 2016	0.79	1.50	1.68
July 2016	0.75	1.58	1.71
August 2016	0.90	1.70	1.75
September 2016	1.23	1.68	1.79
October 2016	1.46	1.82	1.88
November 2016	1.44	1.76	1.92
December 2016	1.71	1.83	1.97
January 2017	2.03	1.90	2.02
February 2017	2.25	1.94	1.99
March 2017	1.96	1.75	1.93
April 2017	1.85	1.73	1.88
May 2017	1.67	1.67	1.80
June 2017	1.57	1.70	1.79
July 2017	1.56	1.58	1.73
August 2017	1.65	1.52	1.74
September 2017	1.85	1.54	1.74
October 2017	1.78	1.65	1.73
November 2017	1.91	1.68	1.76
December 2017	1.87	1.70	1.77
January 2018	1.85	1.75	1.80
February 2018	1.95	1.77	1.83
March 2018	2.15	2.05	1.88
April 2018	2.12	1.98	1.84
May 2018	2.35	2.08	1.95
June 2018	2.36	2.04	1.98
July 2018	2.43	2.11	2.02
August 2018	2.27	2.01	2.00
September 2018	2.11	2.09	2.02
October 2018	2.13	1.96	2.00
November 2018	2.01	2.07	2.05
December 2018	1.88	2.08	2.04
January 2019	1.50	1.88	1.92
February 2019	1.41	1.73	1.95
March 2019	1.55	1.63	1.98
April 2019	1.66	1.73	2.13
May 2019	1.54	1.65	2.03
June 2019	1.49	1.75	2.00
July 2019	1.55	1.76	2.05
August 2019	1.50	1.84	2.07
September 2019	1.35	1.69	2.00
October 2019	1.38	1.69	2.01
November 2019	1.38	1.53	1.92
December 2019	1.60	1.59	1.91
January 2020	1.80	1.69	2.01
February 2020	1.76	1.80	2.01
March 2020	1.26	1.61	1.92
April 2020	0.42	0.91	1.74
May 2020	0.45	0.94	1.84
June 2020	0.74	0.94	1.83
July 2020	0.89	1.13	1.86
August 2020	1.16	1.35	1.86
September 2020	1.28	1.46	1.89
October 2020	1.11	1.35	1.80
November 2020	1.08	1.35	1.76
December 2020	1.28	1.46	1.76
January 2021	1.48	1.57	1.73
February 2021	1.70	1.56	1.74
March 2021	2.53	2.05	1.82
April 2021	3.63	3.12	1.94
May 2021	4.05	3.52	2.04
June 2021	4.25	3.80	2.10
July 2021	4.42	3.87	2.16
August 2021	4.52	3.88	2.26
September 2021	4.65	3.92	2.49
October 2021	5.22	4.31	2.76
November 2021	5.85	4.82	3.03
December 2021	5.97	5.04	3.26
January 2022	6.12	5.21	3.63
February 2022	6.39	5.42	3.78
March 2022	6.77	5.36	3.86
April 2022	6.41	5.03	3.91
May 2022	6.52	4.88	4.10
June 2022	6.98	5.04	4.48
July 2022	6.39	4.70	4.51
August 2022	6.26	4.93	4.75
September 2022	6.29	5.20	4.73
October 2022	6.12	5.09	4.75
November 2022	5.65	4.78	4.70
December 2022	5.29	4.60	4.66
January 2023	5.38	4.71	4.63

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

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Figure 2. Spot and futures prices for crude oil

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

Horizon: January 5, 2007, to February 24, 2023

Description: A line chart with two curves over January 5, 2007, to February 24, 2023. Units are dollars per barrel. The data are weekly averages of daily data.

The Brent spot price series starts at around 60 and rises sharply to around 140 in 2008 before falling sharply to around 40 by 2009. The series then rises steadily until it reaches around 120 in 2011, where it fluctuates between about 100 and 120 until 2015, when it plummets, reaching a low of around 30 in 2016. From 2016 to 2019, it remains between about 30 and 85 before dropping to around 20 in 2020. The series then climbs sharply and peaks at around 120 in the middle of 2022. The series then decreases to a bit above 80 by the end of February 2023. The 24-month-ahead futures contracts series largely follows the Brent spot price series. However, during the climb between 2009 and 2011, the futures contracts series is about 10 higher than the spot price series, and between 2017 and 2019, the futures contracts series is about 10 lower than the spot price series. The futures contracts series has not risen by as much as the spot price series following the 2020 drop, only reaching about 90 by mid-2022, before dropping to just below 80 by the end of February 2023.

Note: The data are weekly averages of daily data and extend through February 24, 2023.

Source: ICE Brent Futures via Bloomberg.

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Figure 3A. Subcomponents of personal consumption expenditures price indexes

Food and energy

Monthly, Percent change from year earlier

Period	Energy	Food and beverages
January 2015	-21.67	2.81
February 2015	-20.18	2.59
March 2015	-18.82	1.85
April 2015	-19.94	1.32
May 2015	-17.21	0.74
June 2015	-16.15	1.00
July 2015	-15.90	0.93
August 2015	-16.25	0.82
September 2015	-19.74	0.71
October 2015	-18.81	0.83
November 2015	-15.98	0.29
December 2015	-14.07	-0.28
January 2016	-8.14	-0.21
February 2016	-14.49	-0.17
March 2016	-12.75	-0.36
April 2016	-9.14	-0.11
May 2016	-10.77	-0.54
June 2016	-9.88	-1.04
July 2016	-11.90	-1.34
August 2016	-10.66	-1.58
September 2016	-3.12	-1.74
October 2016	0.03	-1.89
November 2016	0.50	-1.79
December 2016	5.48	-1.62
January 2017	12.24	-1.47
February 2017	17.65	-1.40
March 2017	12.40	-0.68
April 2017	9.37	-0.62
May 2017	5.26	-0.22
June 2017	2.18	-0.17
July 2017	3.62	0.13
August 2017	7.17	0.29
September 2017	11.86	0.43
October 2017	6.95	0.56
November 2017	9.45	0.65
December 2017	7.58	0.88
January 2018	5.83	0.88
February 2018	8.36	0.60
March 2018	7.54	0.42
April 2018	8.24	0.54
May 2018	12.37	0.26
June 2018	13.39	0.50
July 2018	13.70	0.45
August 2018	11.49	0.46
September 2018	5.26	0.55
October 2018	9.08	0.31
November 2018	3.01	0.62
December 2018	-0.51	0.72
January 2019	-5.33	0.81
February 2019	-5.31	1.37
March 2019	-0.20	1.41
April 2019	1.57	0.78
May 2019	-0.46	1.25
June 2019	-3.22	1.05
July 2019	-1.86	0.88
August 2019	-4.27	0.79
September 2019	-4.70	0.83
October 2019	-4.42	1.08
November 2019	-0.89	0.94
December 2019	3.68	0.75
January 2020	6.53	0.89
February 2020	2.98	0.89
March 2020	-6.00	1.23
April 2020	-17.32	4.00
May 2020	-18.19	4.60
June 2020	-12.39	5.16
July 2020	-11.04	4.29
August 2020	-9.08	4.27
September 2020	-8.00	3.88
October 2020	-9.68	3.86
November 2020	-10.04	3.66
December 2020	-7.76	3.85
January 2021	-4.51	3.51
February 2021	1.79	3.29
March 2021	13.46	3.04
April 2021	24.17	1.07
May 2021	27.53	0.66
June 2021	24.57	0.90
July 2021	23.91	2.40
August 2021	25.12	2.84
September 2021	25.05	4.12
October 2021	30.25	4.76
November 2021	33.63	5.58
December 2021	29.85	5.74
January 2022	27.63	6.57
February 2022	26.60	7.80
March 2022	34.34	9.02
April 2022	31.98	9.79
May 2022	36.28	10.79
June 2022	43.63	11.19
July 2022	34.36	11.95
August 2022	24.55	12.35
September 2022	20.13	11.88
October 2022	18.26	11.66
November 2022	13.62	11.49
December 2022	8.55	11.59
January 2023	9.56	11.08

Note: The data are monthly.

Source: Bureau of Economic Analysis via Haver Analytics.

Figure 3B. Subcomponents of personal consumption expenditures price indexes

Components of core prices

Monthly, Percent change from year earlier

Period	Services ex energy and housing	Housing services	Goods ex. food, beverages, and energy
January 2015	1.91	2.85	-0.94
February 2015	1.86	2.93	-0.73
March 2015	1.75	2.95	-0.63
April 2015	1.68	2.98	-0.58
May 2015	1.58	2.99	-0.58
June 2015	1.67	3.11	-0.83
July 2015	1.54	3.15	-0.95
August 2015	1.57	3.17	-0.90
September 2015	1.52	3.23	-0.80
October 2015	1.47	3.24	-0.98
November 2015	1.40	3.19	-0.79
December 2015	1.33	3.24	-0.79
January 2016	1.62	3.25	-0.62
February 2016	1.73	3.22	-0.63
March 2016	1.77	3.19	-0.75
April 2016	1.87	3.20	-0.65
May 2016	1.98	3.30	-0.84
June 2016	1.99	3.28	-0.86
July 2016	2.14	3.27	-0.86
August 2016	2.20	3.31	-0.58
September 2016	2.16	3.38	-0.58
October 2016	2.34	3.46	-0.52
November 2016	2.37	3.58	-0.88
December 2016	2.44	3.64	-0.84
January 2017	2.43	3.61	-0.50
February 2017	2.50	3.62	-0.51
March 2017	2.18	3.60	-0.54
April 2017	2.32	3.52	-0.85
May 2017	2.25	3.43	-0.89
June 2017	2.22	3.41	-0.71
July 2017	1.98	3.39	-0.58
August 2017	1.96	3.46	-0.85
September 2017	2.15	3.37	-1.17
October 2017	2.26	3.37	-0.97
November 2017	2.27	3.31	-0.83
December 2017	2.30	3.36	-0.85
January 2018	2.34	3.38	-0.76
February 2018	2.42	3.30	-0.83
March 2018	2.82	3.37	-0.67
April 2018	2.55	3.46	-0.38
May 2018	2.60	3.48	-0.13
June 2018	2.66	3.43	-0.39
July 2018	2.83	3.46	-0.51
August 2018	2.77	3.41	-0.73
September 2018	2.83	3.37	-0.54
October 2018	2.63	3.34	-0.57
November 2018	2.71	3.39	-0.35
December 2018	2.81	3.28	-0.46
January 2019	2.42	3.25	-0.35
February 2019	2.25	3.35	-0.63
March 2019	2.13	3.38	-0.76
April 2019	2.35	3.42	-0.92
May 2019	2.21	3.41	-0.89
June 2019	2.17	3.50	-0.47
July 2019	2.21	3.46	-0.49
August 2019	2.18	3.42	-0.08
September 2019	1.97	3.50	-0.25
October 2019	2.04	3.41	-0.32
November 2019	1.86	3.36	-0.51
December 2019	1.93	3.38	-0.44
January 2020	2.22	3.46	-0.75
February 2020	2.28	3.40	-0.39
March 2020	2.06	3.32	-0.58
April 2020	1.13	3.17	-1.23
May 2020	1.30	3.16	-1.50
June 2020	1.43	2.93	-1.58
July 2020	1.50	2.88	-0.93
August 2020	1.64	2.77	-0.35
September 2020	1.90	2.56	-0.28
October 2020	1.80	2.55	-0.45
November 2020	1.75	2.33	-0.19
December 2020	1.89	2.21	0.04
January 2021	2.00	2.03	0.31
February 2021	2.14	2.01	0.01
March 2021	2.82	1.96	0.51
April 2021	3.88	1.98	2.37
May 2021	3.98	2.03	3.58
June 2021	4.09	2.23	4.23
July 2021	4.30	2.30	3.98
August 2021	4.32	2.45	3.87
September 2021	4.17	2.78	4.10
October 2021	4.31	3.02	5.07
November 2021	4.93	3.41	5.45
December 2021	4.92	3.68	6.12
January 2022	4.80	4.00	6.77
February 2022	4.71	4.27	7.56
March 2022	4.61	4.51	7.38
April 2022	4.47	4.79	6.29
May 2022	4.41	5.12	5.69
June 2022	4.53	5.56	5.73
July 2022	3.93	5.95	5.51
August 2022	4.17	6.41	5.59
September 2022	4.48	6.82	5.69
October 2022	4.67	7.06	4.76
November 2022	4.35	7.32	4.10
December 2022	4.27	7.74	3.35
January 2023	4.67	7.99	2.79

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 4. Spot prices for commodities

Weekly

Week ending January 3, 2014 = 100

Period	Industrial metals	Agriculture and livestock
3 January 2014	100.00	100.00
10 January 2014	98.58	99.75
17 January 2014	99.98	100.42
24 January 2014	99.29	100.36
31 January 2014	96.91	100.33
7 February 2014	95.83	102.62
14 February 2014	96.98	103.96
21 February 2014	98.44	106.93
28 February 2014	97.43	108.73
7 March 2014	97.41	113.09
14 March 2014	93.74	114.59
21 March 2014	93.43	115.62
28 March 2014	94.07	116.01
4 April 2014	95.83	115.56
11 April 2014	97.26	115.49
18 April 2014	98.04	116.93
25 April 2014	99.05	117.07
2 May 2014	97.50	118.65
9 May 2014	97.45	118.57
16 May 2014	99.59	116.87
23 May 2014	99.62	115.18
30 May 2014	100.27	112.95
6 June 2014	99.85	111.79
13 June 2014	98.83	109.79
20 June 2014	99.52	109.22
27 June 2014	101.49	109.91
4 July 2014	103.47	107.34
11 July 2014	104.56	103.46
18 July 2014	104.71	101.04
25 July 2014	105.87	100.45
1 August 2014	105.52	99.78
8 August 2014	105.25	99.45
15 August 2014	104.13	98.12
22 August 2014	105.29	97.43
29 August 2014	106.24	97.98
5 September 2014	106.14	98.43
12 September 2014	104.37	97.30
19 September 2014	102.63	95.21
26 September 2014	100.65	93.61
3 October 2014	99.41	94.76
10 October 2014	100.05	97.36
17 October 2014	99.42	97.63
24 October 2014	99.67	97.53
31 October 2014	101.41	98.77
7 November 2014	101.32	97.84
14 November 2014	100.94	100.12
21 November 2014	101.08	100.37
28 November 2014	100.63	100.50
5 December 2014	98.83	100.36
12 December 2014	97.99	99.74
19 December 2014	95.88	100.34
26 December 2014	94.56	100.20
2 January 2015	93.94	99.07
9 January 2015	92.12	98.70
16 January 2015	88.97	95.01
23 January 2015	89.64	93.09
30 January 2015	88.38	91.50
6 February 2015	90.16	91.14
13 February 2015	89.33	92.45
20 February 2015	88.38	92.35
27 February 2015	88.77	90.93
6 March 2015	88.61	90.55
13 March 2015	87.99	90.34
20 March 2015	88.14	90.30
27 March 2015	90.78	91.80
3 April 2015	89.72	91.72
10 April 2015	89.83	91.84
17 April 2015	90.62	90.66
24 April 2015	90.68	90.27
1 May 2015	94.71	90.13
8 May 2015	96.83	90.13
15 May 2015	95.61	90.97
22 May 2015	91.93	90.94
29 May 2015	89.85	89.05
5 June 2015	89.07	90.42
12 June 2015	89.00	90.72
19 June 2015	86.07	88.78
26 June 2015	85.87	90.91
3 July 2015	85.61	95.51
10 July 2015	83.01	94.91
17 July 2015	84.31	93.76
24 July 2015	81.66	89.63
31 July 2015	80.16	86.97
7 August 2015	78.68	87.16
14 August 2015	78.47	87.72
21 August 2015	76.82	86.92
28 August 2015	76.13	85.32
4 September 2015	78.00	84.56
11 September 2015	79.96	85.25
18 September 2015	78.97	85.50
25 September 2015	76.31	84.94
2 October 2015	75.70	85.48
9 October 2015	76.96	86.92
16 October 2015	78.98	87.05
23 October 2015	76.78	86.90
30 October 2015	75.74	86.80
6 November 2015	74.94	85.83
13 November 2015	73.39	83.49
20 November 2015	70.42	83.37
27 November 2015	69.58	84.09
4 December 2015	70.45	84.18
11 December 2015	70.54	83.48
18 December 2015	70.52	82.70
25 December 2015	71.93	83.30
1 January 2016	72.50	83.49
8 January 2016	70.10	82.58
15 January 2016	68.06	82.84
22 January 2016	68.79	83.46
29 January 2016	70.45	83.90
5 February 2016	71.76	83.65
12 February 2016	70.62	82.07
19 February 2016	71.77	83.20
26 February 2016	73.10	83.14
4 March 2016	75.14	83.02
11 March 2016	75.76	84.56
18 March 2016	75.08	86.23
25 March 2016	74.86	85.73
1 April 2016	73.73	84.96
8 April 2016	72.77	83.50
15 April 2016	74.04	84.41
22 April 2016	77.03	86.70
29 April 2016	77.83	86.76
6 May 2016	76.75	86.50
13 May 2016	73.47	87.22
20 May 2016	73.03	88.18
27 May 2016	72.86	87.70
3 June 2016	73.57	90.16
10 June 2016	73.96	93.70
17 June 2016	74.40	93.19
24 June 2016	75.89	89.96
1 July 2016	77.28	88.60
8 July 2016	77.46	85.73
15 July 2016	79.38	85.14
22 July 2016	79.54	82.46
29 July 2016	78.58	81.59
5 August 2016	78.90	81.20
12 August 2016	78.88	82.57
19 August 2016	79.43	83.12
26 August 2016	77.99	81.92
2 September 2016	77.27	79.31
9 September 2016	77.06	79.96
16 September 2016	76.96	79.44
23 September 2016	78.51	80.83
30 September 2016	80.20	79.31
7 October 2016	80.12	79.11
14 October 2016	79.86	78.80
21 October 2016	78.15	79.88
28 October 2016	79.97	80.89
4 November 2016	82.56	80.37
11 November 2016	86.51	81.27
18 November 2016	87.08	81.42
25 November 2016	89.98	82.73
2 December 2016	90.71	81.29
9 December 2016	90.93	81.77
16 December 2016	90.25	82.48
23 December 2016	87.20	81.54
30 December 2016	85.95	82.23
6 January 2017	86.55	83.60
13 January 2017	90.01	84.86
20 January 2017	91.25	86.34
27 January 2017	92.37	85.84
3 February 2017	92.46	85.08
10 February 2017	93.22	86.37
17 February 2017	95.13	87.19
24 February 2017	94.21	86.27
3 March 2017	94.65	85.90
10 March 2017	91.92	84.95
17 March 2017	93.14	84.30
24 March 2017	93.78	83.78
31 March 2017	94.39	82.55
7 April 2017	93.53	81.83
14 April 2017	91.43	83.69
21 April 2017	90.28	83.28
28 April 2017	91.41	83.45
5 May 2017	90.65	86.21
12 May 2017	88.97	84.91
19 May 2017	90.08	84.79
26 May 2017	91.23	84.71
2 June 2017	90.39	84.22
9 June 2017	89.44	85.25
16 June 2017	89.31	84.78
23 June 2017	90.37	83.48
30 June 2017	92.67	83.51
7 July 2017	93.24	87.76
14 July 2017	93.13	86.53
21 July 2017	93.87	85.26
28 July 2017	96.18	83.35
4 August 2017	96.92	82.47
11 August 2017	99.93	82.02
18 August 2017	101.41	80.03
25 August 2017	103.44	78.72
1 September 2017	104.84	78.49
8 September 2017	105.15	79.81
15 September 2017	103.13	79.96
22 September 2017	103.59	80.69
29 September 2017	102.86	80.42
6 October 2017	104.81	80.30
13 October 2017	106.75	80.64
20 October 2017	107.58	80.41
27 October 2017	108.04	81.14
3 November 2017	108.05	81.89
10 November 2017	106.95	82.71
17 November 2017	105.54	82.99
24 November 2017	106.68	83.16
1 December 2017	105.34	83.41
8 December 2017	102.60	81.94
15 December 2017	104.07	80.43
22 December 2017	108.08	81.03
29 December 2017	111.88	82.28
5 January 2018	111.74	82.94
12 January 2018	110.69	82.04
19 January 2018	110.86	82.42
26 January 2018	112.29	83.07
2 February 2018	112.44	83.89
9 February 2018	109.92	83.87
16 February 2018	111.39	85.46
23 February 2018	111.93	85.60
2 March 2018	109.85	86.69
9 March 2018	107.98	87.37
16 March 2018	107.49	86.12
23 March 2018	105.66	83.38
30 March 2018	104.52	82.58
6 April 2018	104.73	82.85
13 April 2018	109.48	85.40
20 April 2018	114.28	84.91
27 April 2018	110.06	84.96
4 May 2018	109.23	86.88
11 May 2018	110.60	85.66
18 May 2018	110.67	84.51
25 May 2018	110.73	86.72
1 June 2018	111.09	87.18
8 June 2018	114.48	85.47
15 June 2018	113.05	85.40
22 June 2018	108.12	82.96
29 June 2018	106.23	81.35
6 July 2018	102.27	81.15
13 July 2018	99.95	79.06
20 July 2018	97.70	78.78
27 July 2018	99.45	80.32
3 August 2018	98.81	81.54
10 August 2018	99.01	82.21
17 August 2018	95.93	81.41
24 August 2018	96.86	80.37
31 August 2018	98.49	79.09
7 September 2018	95.01	79.41
14 September 2018	95.14	79.98
21 September 2018	96.46	80.07
28 September 2018	98.45	80.41
5 October 2018	100.13	81.45
12 October 2018	98.46	81.57
19 October 2018	98.03	82.56
26 October 2018	97.26	81.79
2 November 2018	95.23	81.59
9 November 2018	95.16	81.96
16 November 2018	94.16	83.00
23 November 2018	95.01	82.96
30 November 2018	94.23	82.90
7 December 2018	95.20	84.29
14 December 2018	94.05	84.50
21 December 2018	92.99	83.41
28 December 2018	91.79	82.25
4 January 2019	90.20	82.35
11 January 2019	91.54	83.76
18 January 2019	92.04	83.83
25 January 2019	93.72	83.97
1 February 2019	95.06	83.56
8 February 2019	96.49	83.69
15 February 2019	94.14	83.42
22 February 2019	96.85	82.51
1 March 2019	98.53	81.35
8 March 2019	97.39	80.65
15 March 2019	97.69	81.89
22 March 2019	98.14	84.32
29 March 2019	97.56	84.00
5 April 2019	98.05	83.86
12 April 2019	97.48	84.85
19 April 2019	97.24	84.67
26 April 2019	96.24	82.43
3 May 2019	94.37	81.02
10 May 2019	92.66	79.15
17 May 2019	92.31	79.59
24 May 2019	90.78	81.56
31 May 2019	90.33	83.92
7 June 2019	89.21	83.46
14 June 2019	89.65	85.11
21 June 2019	90.20	85.93
28 June 2019	91.59	85.01
5 July 2019	90.32	83.66
12 July 2019	91.30	84.35
19 July 2019	93.56	83.53
26 July 2019	92.85	83.16
2 August 2019	91.72	80.78
9 August 2019	89.93	79.65
16 August 2019	91.07	76.54
23 August 2019	90.53	75.65
30 August 2019	90.31	75.56
6 September 2019	91.97	74.59
13 September 2019	93.64	75.99
20 September 2019	92.80	78.25
27 September 2019	91.79	79.11
4 October 2019	90.93	80.68
11 October 2019	91.96	80.82
18 October 2019	91.84	82.32
25 October 2019	92.83	81.70
1 November 2019	93.71	81.96
8 November 2019	94.32	82.31
15 November 2019	91.61	83.71
22 November 2019	90.06	82.96
29 November 2019	90.27	83.47
6 December 2019	89.46	83.22
13 December 2019	91.19	84.12
20 December 2019	92.50	86.08
27 December 2019	93.24	86.19
3 January 2020	92.88	86.62
10 January 2020	92.87	86.52
17 January 2020	93.88	87.47
24 January 2020	91.94	87.28
31 January 2020	86.94	84.44
7 February 2020	86.21	83.62
14 February 2020	87.25	84.02
21 February 2020	86.93	85.12
28 February 2020	85.38	81.61
6 March 2020	85.80	81.06
13 March 2020	83.68	78.07
20 March 2020	78.35	73.77
27 March 2020	75.17	77.50
3 April 2020	75.23	73.20
10 April 2020	75.68	72.38
17 April 2020	77.43	71.58
24 April 2020	77.48	71.51
1 May 2020	77.71	71.72
8 May 2020	77.46	73.41
15 May 2020	77.70	73.44
22 May 2020	79.47	73.26
29 May 2020	79.34	74.06
5 June 2020	82.00	74.13
12 June 2020	84.40	74.64
19 June 2020	84.32	74.00
26 June 2020	84.92	72.88
3 July 2020	86.33	74.10
10 July 2020	89.15	75.47
17 July 2020	91.42	75.59
24 July 2020	91.74	75.80
31 July 2020	92.32	75.74
7 August 2020	93.95	75.49
14 August 2020	93.83	76.66
21 August 2020	95.75	78.63
28 August 2020	96.21	79.66
4 September 2020	97.14	80.57
11 September 2020	96.43	81.68
18 September 2020	97.64	83.53
25 September 2020	95.17	83.16
2 October 2020	94.48	83.88
9 October 2020	95.63	86.27
16 October 2020	98.02	87.11
23 October 2020	99.44	88.25
30 October 2020	98.12	87.31
6 November 2020	100.12	87.82
13 November 2020	101.55	90.26
20 November 2020	104.68	91.20
27 November 2020	106.33	92.15
4 December 2020	109.75	90.58
11 December 2020	110.51	90.23
18 December 2020	111.81	92.04
25 December 2020	110.32	94.33
1 January 2021	110.04	96.63
8 January 2021	112.86	99.20
15 January 2021	111.62	102.24
22 January 2021	111.62	102.47
29 January 2021	110.74	103.50
5 February 2021	109.82	104.39
12 February 2021	114.85	105.19
19 February 2021	118.72	106.50
26 February 2021	124.02	107.98
5 March 2021	121.21	105.98
12 March 2021	119.78	106.69
19 March 2021	121.52	107.44
26 March 2021	121.54	106.32
2 April 2021	119.94	106.13
9 April 2021	121.60	107.67
16 April 2021	123.18	108.81
23 April 2021	126.25	112.72
30 April 2021	130.99	117.57
7 May 2021	134.03	121.04
14 May 2021	136.50	120.88
21 May 2021	134.01	117.23
28 May 2021	133.36	116.02
4 June 2021	133.91	119.24
11 June 2021	133.58	117.43
18 June 2021	130.35	110.78
25 June 2021	129.14	107.75
2 July 2021	131.40	110.79
9 July 2021	131.08	106.44
16 July 2021	131.88	108.91
23 July 2021	130.95	110.77
30 July 2021	135.58	111.14
6 August 2021	134.61	111.27
13 August 2021	133.91	113.16
20 August 2021	131.26	113.67
27 August 2021	133.67	112.90
3 September 2021	135.60	111.14
10 September 2021	138.49	108.44
17 September 2021	139.37	108.65
24 September 2021	137.43	108.59
1 October 2021	136.64	111.10
8 October 2021	137.81	111.93
15 October 2021	146.70	110.46
22 October 2021	148.35	110.98
29 October 2021	141.16	112.96
5 November 2021	137.07	114.52
12 November 2021	137.18	116.10
19 November 2021	136.37	118.93
26 November 2021	138.73	120.81
3 December 2021	136.05	117.07
10 December 2021	136.47	117.75
17 December 2021	136.32	117.38
24 December 2021	140.10	119.16
31 December 2021	142.20	120.05
7 January 2022	143.65	119.16
14 January 2022	146.46	119.34
21 January 2022	149.74	122.68
28 January 2022	149.02	124.00
4 February 2022	148.05	125.46
11 February 2022	152.45	128.47
18 February 2022	153.65	129.09
25 February 2022	155.75	133.10
4 March 2022	164.63	140.02
11 March 2022	174.13	144.81
18 March 2022	167.49	142.88
25 March 2022	168.36	145.38
1 April 2022	167.75	141.93
8 April 2022	167.16	142.27
15 April 2022	163.78	146.75
22 April 2022	164.38	148.56
29 April 2022	156.04	146.43
6 May 2022	149.79	144.98
13 May 2022	141.61	144.66
20 May 2022	144.54	150.03
27 May 2022	145.94	147.56
3 June 2022	144.36	142.90
10 June 2022	145.83	143.23
17 June 2022	136.36	139.20
24 June 2022	130.59	132.30
1 July 2022	126.34	127.09
8 July 2022	120.54	122.10
15 July 2022	115.91	120.95
22 July 2022	118.24	119.95
29 July 2022	121.54	121.36
5 August 2022	123.00	120.93
12 August 2022	127.07	124.48
19 August 2022	124.59	123.60
26 August 2022	125.42	125.95
2 September 2022	121.38	126.80
9 September 2022	118.51	126.63
16 September 2022	120.75	128.56
23 September 2022	118.10	128.48
30 September 2022	113.38	125.39
7 October 2022	118.41	125.82
14 October 2022	117.54	127.22
21 October 2022	115.23	125.75
28 October 2022	117.05	124.97
4 November 2022	117.70	126.43
11 November 2022	124.13	125.87
18 November 2022	127.61	126.15
25 November 2022	123.49	125.22
2 December 2022	127.31	124.23
9 December 2022	131.97	122.06
16 December 2022	129.29	123.34
23 December 2022	128.04	124.83
30 December 2022	129.19	127.00
6 January 2023	126.72	123.46
13 January 2023	134.68	123.84
20 January 2023	139.21	125.32
27 January 2023	140.14	125.61
3 February 2023	138.17	127.79
10 February 2023	132.91	127.20
17 February 2023	130.45	128.07
24 February 2023	130.58	126.98

Note: The data are weekly averages of daily data and extend through February 24, 2023.

Source: For industrial metals, S&P GSCI Industrial Metals Spot Index; for agriculture and livestock, S&P GSCI Agriculture & Livestock Spot Index; both via Haver Analytics.

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Figure 5. Suppliers' delivery times

Monthly

Diffusion index

Period	Manufacturing	Nonmanufacturing
January 2015	54.00	54.00
February 2015	54.50	55.00
March 2015	51.70	54.00
April 2015	51.10	53.50
May 2015	51.90	50.00
June 2015	49.00	51.50
July 2015	50.60	53.00
August 2015	49.90	52.50
September 2015	50.10	52.50
October 2015	49.50	52.00
November 2015	48.40	53.00
December 2015	49.20	48.50
January 2016	50.40	51.50
February 2016	49.60	50.50
March 2016	51.50	51.00
April 2016	50.90	51.00
May 2016	53.70	52.50
June 2016	53.70	54.00
July 2016	52.80	51.00
August 2016	51.30	51.50
September 2016	50.30	51.00
October 2016	51.70	50.50
November 2016	54.00	52.00
December 2016	52.50	52.00
January 2017	53.60	52.50
February 2017	55.90	50.50
March 2017	56.30	51.50
April 2017	56.30	53.00
May 2017	55.00	51.50
June 2017	55.50	52.50
July 2017	56.40	51.00
August 2017	57.00	50.50
September 2017	64.10	58.00
October 2017	60.10	58.00
November 2017	55.30	54.00
December 2017	56.30	55.50
January 2018	59.20	55.50
February 2018	61.40	55.50
March 2018	61.40	58.50
April 2018	61.30	54.50
May 2018	62.80	58.50
June 2018	68.20	55.50
July 2018	62.40	53.00
August 2018	64.10	56.00
September 2018	61.90	57.00
October 2018	63.90	57.50
November 2018	61.00	56.50
December 2018	56.60	51.50
January 2019	55.50	51.50
February 2019	55.30	53.50
March 2019	54.90	52.00
April 2019	54.80	50.50
May 2019	52.50	49.50
June 2019	51.20	51.50
July 2019	53.50	51.50
August 2019	51.60	50.50
September 2019	51.30	51.00
October 2019	50.10	52.50
November 2019	51.70	51.50
December 2019	52.20	52.50
January 2020	53.00	51.80
February 2020	57.30	52.40
March 2020	65.00	62.10
April 2020	76.00	78.30
May 2020	68.10	67.00
June 2020	57.00	57.50
July 2020	55.90	55.30
August 2020	58.20	60.50
September 2020	59.00	55.00
October 2020	60.50	56.10
November 2020	61.70	57.10
December 2020	67.70	62.80
January 2021	68.20	57.80
February 2021	72.00	60.80
March 2021	76.70	61.10
April 2021	75.00	66.20
May 2021	78.80	70.40
June 2021	75.10	68.50
July 2021	72.50	72.10
August 2021	69.60	69.70
September 2021	73.40	68.90
October 2021	75.60	75.70
November 2021	72.30	75.70
December 2021	65.00	63.90
January 2022	64.60	65.80
February 2022	66.10	66.20
March 2022	65.40	63.40
April 2022	67.20	65.10
May 2022	65.70	61.30
June 2022	57.30	61.90
July 2022	55.20	57.80
August 2022	55.10	54.50
September 2022	52.40	53.90
October 2022	46.80	56.20
November 2022	47.20	53.80
December 2022	45.10	48.50
January 2023	45.60	50.00
February 2023	45.20	ND

Note: Data for manufacturing extend through February 2023. Values greater than 50 indicate that more respondents reported longer delivery times relative to a month earlier than reported shorter delivery times.

Source: Institute for Supply Management, Report on Business.

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Figure 6. Nonfuel import price index

Monthly

12-month percent change

Period	Nonfuel import prices
January 2014	-1.08
February 2014	-1.16
March 2014	-0.75
April 2014	-0.58
May 2014	-0.17
June 2014	0.00
July 2014	0.50
August 2014	0.67
September 2014	0.42
October 2014	0.25
November 2014	0.00
December 2014	0.00
January 2015	-0.92
February 2015	-1.09
March 2015	-1.84
April 2015	-2.17
May 2015	-2.17
June 2015	-2.26
July 2015	-2.59
August 2015	-2.92
September 2015	-3.01
October 2015	-3.18
November 2015	-3.19
December 2015	-3.45
January 2016	-2.88
February 2016	-2.80
March 2016	-2.47
April 2016	-2.05
May 2016	-1.79
June 2016	-1.80
July 2016	-1.20
August 2016	-0.86
September 2016	-0.60
October 2016	-0.35
November 2016	-0.17
December 2016	0.17
January 2017	0.17
February 2017	0.61
March 2017	0.87
April 2017	1.05
May 2017	0.87
June 2017	1.13
July 2017	0.69
August 2017	0.95
September 2017	1.30
October 2017	1.39
November 2017	1.48
December 2017	1.30
January 2018	1.91
February 2018	1.99
March 2018	1.90
April 2018	1.73
May 2018	1.81
June 2018	1.46
July 2018	1.38
August 2018	0.95
September 2018	0.60
October 2018	0.60
November 2018	0.43
December 2018	0.60
January 2019	-0.17
February 2019	-0.51
March 2019	-0.76
April 2019	-0.93
May 2019	-1.35
June 2019	-1.36
July 2019	-1.19
August 2019	-1.11
September 2019	-1.19
October 2019	-1.53
November 2019	-1.45
December 2019	-1.36
January 2020	-0.85
February 2020	-0.77
March 2020	-0.60
April 2020	-1.03
May 2020	-0.69
June 2020	-0.17
July 2020	0.00
August 2020	0.78
September 2020	1.38
October 2020	1.64
November 2020	1.56
December 2020	1.90
January 2021	2.59
February 2021	2.84
March 2021	3.79
April 2021	5.19
May 2021	6.05
June 2021	6.47
July 2021	6.28
August 2021	5.56
September 2021	5.10
October 2021	5.61
November 2021	6.39
December 2021	6.45
January 2022	6.97
February 2022	7.36
March 2022	7.71
April 2022	7.24
May 2022	5.95
June 2022	4.62
July 2022	4.13
August 2022	3.89
September 2022	3.48
October 2022	2.90
November 2022	2.00
December 2022	1.91
January 2023	0.79

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 7. Housing rents

Monthly

Percent change from month earlier

Period	PCE housing services	Zillow	CoreLogic single-family detached	RealPage
January 2019	0.25	0.31	0.29	0.28
February 2019	0.29	0.31	0.30	0.26
March 2019	0.32	0.38	0.26	0.48
April 2019	0.34	0.41	0.28	0.42
May 2019	0.25	0.41	0.35	0.41
June 2019	0.33	0.39	0.25	0.21
July 2019	0.26	0.33	0.24	0.15
August 2019	0.25	0.28	0.13	0.33
September 2019	0.31	0.23	0.16	0.23
October 2019	0.19	0.21	0.04	0.13
November 2019	0.27	0.19	0.17	0.20
December 2019	0.27	0.31	0.33	0.39
January 2020	0.32	0.33	0.31	0.26
February 2020	0.24	0.45	0.40	0.26
March 2020	0.25	0.28	0.29	0.42
April 2020	0.19	-0.28	-0.18	-0.92
May 2020	0.24	-0.54	-0.19	-0.83
June 2020	0.11	-0.44	0.09	-0.40
July 2020	0.21	0.13	0.84	-0.27
August 2020	0.14	0.16	0.81	-0.49
September 2020	0.10	0.13	0.88	-0.25
October 2020	0.19	0.12	1.07	0.29
November 2020	0.06	0.36	0.99	0.47
December 2020	0.14	0.42	0.98	0.35
January 2021	0.14	0.40	0.52	0.50
February 2021	0.22	0.35	0.64	0.38
March 2021	0.20	0.63	0.80	0.84
April 2021	0.21	1.12	0.81	0.93
May 2021	0.29	1.53	1.00	1.35
June 2021	0.31	1.76	1.18	1.61
July 2021	0.27	1.92	1.22	1.63
August 2021	0.29	2.01	1.21	1.79
September 2021	0.43	1.81	1.14	1.92
October 2021	0.42	1.40	1.21	1.34
November 2021	0.44	1.09	0.92	0.96
December 2021	0.40	1.00	1.01	1.02
January 2022	0.45	0.66	0.86	1.08
February 2022	0.48	0.89	1.06	1.22
March 2022	0.43	0.62	0.99	1.00
April 2022	0.48	1.05	0.96	0.85
May 2022	0.61	0.85	0.75	1.14
June 2022	0.72	0.99	0.51	0.84
July 2022	0.65	0.81	0.42	0.59
August 2022	0.72	0.64	0.06	0.45
September 2022	0.82	0.48	0.03	0.28
October 2022	0.65	0.31	-0.27	0.11
November 2022	0.69	0.06	-0.01	0.23
December 2022	0.79	0.12	0.03	0.34
January 2023	0.69	ND	ND	0.24

Note: CoreLogic data extend through December 2022. Zillow, CoreLogic, and RealPage measure market-rate rents–-that is, rents for a new lease by a new tenant.

Source: Bureau of Economic Analysis, personal consumption expenditures (PCE), via Haver Analytics; CoreLogic, Inc.; Zillow, Inc.; RealPage, Inc.; Federal Reserve Board staff calculations.

Return to text

Figure 8. Measures of inflation expectations

Monthly

Percent

Period	Michigan survey, next 12 months	Michigan survey, next 5 to 10 years
January 2005	2.90	2.70
February 2005	2.90	2.80
March 2005	3.20	2.90
April 2005	3.30	3.00
May 2005	3.20	2.90
June 2005	3.20	2.80
July 2005	3.00	2.90
August 2005	3.10	2.80
September 2005	4.30	3.10
October 2005	4.60	3.20
November 2005	3.30	3.00
December 2005	3.10	3.10
January 2006	3.00	2.90
February 2006	3.00	2.90
March 2006	3.00	2.90
April 2006	3.30	3.10
May 2006	4.00	3.20
June 2006	3.30	2.90
July 2006	3.20	2.90
August 2006	3.80	3.20
September 2006	3.10	3.00
October 2006	3.10	3.10
November 2006	3.00	3.00
December 2006	2.90	3.00
January 2007	3.00	3.00
February 2007	3.00	2.90
March 2007	3.00	2.90
April 2007	3.30	3.10
May 2007	3.30	3.10
June 2007	3.40	2.90
July 2007	3.40	3.10
August 2007	3.20	2.90
September 2007	3.10	2.90
October 2007	3.10	2.80
November 2007	3.40	2.90
December 2007	3.40	3.10
January 2008	3.40	3.00
February 2008	3.60	3.00
March 2008	4.30	2.90
April 2008	4.80	3.20
May 2008	5.20	3.40
June 2008	5.10	3.40
July 2008	5.10	3.20
August 2008	4.80	3.20
September 2008	4.30	3.00
October 2008	3.90	2.90
November 2008	2.90	2.90
December 2008	1.70	2.60
January 2009	2.20	2.90
February 2009	1.90	3.10
March 2009	2.00	2.60
April 2009	2.80	2.80
May 2009	2.80	2.90
June 2009	3.10	3.00
July 2009	2.90	3.00
August 2009	2.80	2.80
September 2009	2.20	2.80
October 2009	2.90	2.90
November 2009	2.70	3.00
December 2009	2.50	2.70
January 2010	2.80	2.90
February 2010	2.70	2.70
March 2010	2.70	2.70
April 2010	2.90	2.70
May 2010	3.20	2.90
June 2010	2.80	2.80
July 2010	2.70	2.90
August 2010	2.70	2.80
September 2010	2.20	2.70
October 2010	2.70	2.80
November 2010	3.00	2.80
December 2010	3.00	2.80
January 2011	3.40	2.90
February 2011	3.40	2.90
March 2011	4.60	3.20
April 2011	4.60	2.90
May 2011	4.10	2.90
June 2011	3.80	3.00
July 2011	3.40	2.90
August 2011	3.50	2.90
September 2011	3.30	2.80
October 2011	3.20	2.70
November 2011	3.20	2.70
December 2011	3.10	2.70
January 2012	3.30	2.70
February 2012	3.30	2.90
March 2012	3.90	3.00
April 2012	3.20	2.90
May 2012	3.00	2.70
June 2012	3.10	2.80
July 2012	3.00	2.70
August 2012	3.60	3.00
September 2012	3.30	2.80
October 2012	3.10	2.70
November 2012	3.10	2.80
December 2012	3.20	2.90
January 2013	3.30	2.90
February 2013	3.30	3.00
March 2013	3.20	2.80
April 2013	3.10	2.90
May 2013	3.10	2.90
June 2013	3.00	2.90
July 2013	3.10	2.80
August 2013	3.00	2.90
September 2013	3.30	3.00
October 2013	3.00	2.80
November 2013	2.90	2.90
December 2013	3.00	2.70
January 2014	3.10	2.90
February 2014	3.20	2.90
March 2014	3.20	2.90
April 2014	3.20	2.90
May 2014	3.30	2.80
June 2014	3.10	2.90
July 2014	3.30	2.70
August 2014	3.20	2.90
September 2014	3.00	2.80
October 2014	2.90	2.80
November 2014	2.80	2.60
December 2014	2.80	2.80
January 2015	2.50	2.80
February 2015	2.80	2.70
March 2015	3.00	2.80
April 2015	2.60	2.60
May 2015	2.80	2.80
June 2015	2.70	2.60
July 2015	2.80	2.80
August 2015	2.80	2.70
September 2015	2.80	2.70
October 2015	2.70	2.50
November 2015	2.70	2.60
December 2015	2.60	2.60
January 2016	2.50	2.70
February 2016	2.50	2.50
March 2016	2.70	2.70
April 2016	2.80	2.50
May 2016	2.40	2.50
June 2016	2.60	2.60
July 2016	2.70	2.60
August 2016	2.50	2.50
September 2016	2.40	2.60
October 2016	2.40	2.40
November 2016	2.40	2.60
December 2016	2.20	2.30
January 2017	2.60	2.60
February 2017	2.70	2.50
March 2017	2.50	2.40
April 2017	2.50	2.40
May 2017	2.60	2.40
June 2017	2.60	2.50
July 2017	2.60	2.60
August 2017	2.60	2.50
September 2017	2.70	2.50
October 2017	2.40	2.50
November 2017	2.50	2.40
December 2017	2.70	2.40
January 2018	2.70	2.50
February 2018	2.70	2.50
March 2018	2.80	2.50
April 2018	2.70	2.50
May 2018	2.80	2.50
June 2018	3.00	2.60
July 2018	2.90	2.40
August 2018	3.00	2.60
September 2018	2.70	2.50
October 2018	2.90	2.40
November 2018	2.80	2.60
December 2018	2.70	2.50
January 2019	2.70	2.60
February 2019	2.60	2.30
March 2019	2.50	2.50
April 2019	2.50	2.30
May 2019	2.90	2.60
June 2019	2.70	2.30
July 2019	2.60	2.50
August 2019	2.70	2.60
September 2019	2.80	2.40
October 2019	2.50	2.30
November 2019	2.50	2.50
December 2019	2.30	2.20
January 2020	2.50	2.50
February 2020	2.40	2.30
March 2020	2.20	2.30
April 2020	2.10	2.50
May 2020	3.20	2.70
June 2020	3.00	2.50
July 2020	3.00	2.60
August 2020	3.10	2.70
September 2020	2.60	2.70
October 2020	2.60	2.40
November 2020	2.80	2.50
December 2020	2.50	2.50
January 2021	3.00	2.70
February 2021	3.30	2.70
March 2021	3.10	2.80
April 2021	3.40	2.70
May 2021	4.60	3.00
June 2021	4.20	2.80
July 2021	4.70	2.80
August 2021	4.60	2.90
September 2021	4.60	3.00
October 2021	4.80	2.90
November 2021	4.90	3.00
December 2021	4.80	2.90
January 2022	4.90	3.10
February 2022	4.90	3.00
March 2022	5.40	3.00
April 2022	5.40	3.00
May 2022	5.30	3.00
June 2022	5.30	3.10
July 2022	5.20	2.90
August 2022	4.80	2.90
September 2022	4.70	2.70
October 2022	5.00	2.90
November 2022	4.90	3.00
December 2022	4.40	2.90
January 2023	3.90	2.90
February 2023	4.10	2.90

Note: The Survey of Professional Forecasters (SPF) data are quarterly, begin in 2007:Q1, and extend through 2023:Q1. The data for the Michigan survey are monthly and extend through February 2023.

Source: University of Michigan Surveys of Consumers; Federal Reserve Bank of Philadelphia, SPF.

Quarterly

Percent

Period	SPF, 10 years ahead	SPF, 6 to 10 years ahead
2007:Q1	2.00	2.05
2007:Q2	2.00	2.05
2007:Q3	2.10	2.00
2007:Q4	2.10	2.00
2008:Q1	2.20	2.10
2008:Q2	2.20	2.10
2008:Q3	2.20	2.07
2008:Q4	2.20	2.25
2009:Q1	2.20	2.40
2009:Q2	2.27	2.40
2009:Q3	2.15	2.50
2009:Q4	2.10	2.40
2010:Q1	2.10	2.30
2010:Q2	2.15	2.30
2010:Q3	2.10	2.30
2010:Q4	2.00	2.30
2011:Q1	2.10	2.20
2011:Q2	2.27	2.40
2011:Q3	2.25	2.25
2011:Q4	2.15	2.25
2012:Q1	2.15	2.20
2012:Q2	2.20	2.18
2012:Q3	2.20	2.20
2012:Q4	2.10	2.20
2013:Q1	2.00	2.10
2013:Q2	2.00	2.10
2013:Q3	2.00	2.15
2013:Q4	2.00	2.30
2014:Q1	2.00	2.20
2014:Q2	2.00	2.10
2014:Q3	2.00	2.10
2014:Q4	2.00	2.10
2015:Q1	2.00	2.00
2015:Q2	1.98	2.00
2015:Q3	2.00	2.10
2015:Q4	1.90	2.10
2016:Q1	1.97	2.05
2016:Q2	2.00	2.01
2016:Q3	2.00	2.00
2016:Q4	2.00	2.05
2017:Q1	2.10	2.05
2017:Q2	2.09	2.03
2017:Q3	2.00	2.10
2017:Q4	2.00	2.00
2018:Q1	2.00	2.10
2018:Q2	2.00	2.08
2018:Q3	2.00	2.07
2018:Q4	2.00	2.02
2019:Q1	2.00	2.00
2019:Q2	2.00	2.00
2019:Q3	2.00	2.04
2019:Q4	2.00	2.00
2020:Q1	2.00	2.00
2020:Q2	1.86	2.00
2020:Q3	1.85	2.00
2020:Q4	1.90	2.10
2021:Q1	2.03	2.08
2021:Q2	2.10	2.05
2021:Q3	2.20	2.00
2021:Q4	2.30	2.00
2022:Q1	2.20	2.00
2022:Q2	2.40	2.00
2022:Q3	2.45	2.04
2022:Q4	2.58	2.00
2023:Q1	2.15	2.00

Note: The Survey of Professional Forecasters (SPF) data are quarterly, begin in 2007:Q1, and extend through 2023:Q1. The data for the Michigan survey are monthly and extend through February 2023.

Source: University of Michigan Surveys of Consumers; Federal Reserve Bank of Philadelphia, SPF.

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Figure 9. Inflation compensation implied by Treasury Inflation-Protected Securities

Series: 5-to-10-year and 5-year

Horizon: January 4, 2010, to February 28, 2023

Description: A line chart with two curves over January 4, 2010, to February 28, 2023. Units are percent, and the data are daily. The 5-to-10-year series begins around 3.25 in January 2010, decreases to about 2.25 by mid-August 2010, and then increases back to about 3.25 by December 2010. The series then fluctuates between approximately 2.75 and 3.25 throughout the first eight months of 2011 before dropping almost to 2 in September 2011, reaching nearly 3 in March 2012, and dropping to about 2.5 in June 2012. The series then moves up to about 3 by January 2013 before it steps down to a bit below 1.5 through June 2016. The series then grows to about 2 in January 2018, moderates to about 1.5 by the end of February 2020, and then falls below 1 in March 2020 before returning to about 1.5 in April 2020. The series then steadily climbs to about 2.5 by May 2021 before edging down below 2.25 in September 2021. The series then fluctuates between approximately 2 and 2.5 throughout mid-April 2022 before briefly hitting 2.6 in late April, dropping to just above 2 in late May, and returning to just above 2.25 in mid-June 2022. The series then fluctuates between about 2.3 and 1.9 for the next four months of 2022 before edging up to 2.5 by November 2022. The series then declines steadily to about 1.9 in mid-December 2022 before rising slowly to about 2.5 by the end of February 2023.

The contour of the 5-year series is similar to that of the 5-to-10-year series from January 2010 through January 2016, except that it starts at about 2, more than 1 percent lower than the 5-to-10-year series, and remains noticeably below the 5-to-10 year series through 2015. Then from early 2016 through February 2020, they are nearly identical. The 5-year series subsequently falls to just above 0 by mid-March 2020 before jumping to around 2 in January 2021, surpassing the 5-to-10-year series, and then ramps up to more than 3 in November 2021. The series retreats slightly to about 2.75 by December 2021 and remains around there through most of February 2022. In late February 2022 and through March 2022, the series begins to rise, peaking around 3.5 in late March 2022. The series drops briefly to around 3.2 in early April before increasing again to roughly 3.4 in late April 2022. From there, it decreases to just below 3 in mid-May and remains roughly between 2.8 and 3.1 through mid-June 2022. The series then falls to about 2.1 by the end of September 2022 before rebounding to about 2.5 in early November 2022. The series then follows the 5-to-10-year series closely until the end of 2023, ending at about 2.5.

Note: The data are at a business-day frequency and are estimated from smoothed nominal and inflation-indexed Treasury yield curves.

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

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Figure 10. Nonfarm payroll employment

Monthly

Thousands

Period	Change in total nonfarm employment
October 2020	1138.3
November 2020	648.0
December 2020	238.3
January 2021	163.3
February 2021	267.0
March 2021	617.7
April 2021	548.3
May 2021	517.3
June 2021	487.0
July 2021	648.0
August 2021	708.3
September 2021	663.0
October 2021	667.0
November 2021	650.7
December 2021	654.7
January 2022	515.7
February 2022	612.3
March 2022	560.7
April 2022	524.0
May 2022	344.0
June 2022	329.3
July 2022	434.0
August 2022	430.0
September 2022	423.3
October 2022	342.0
November 2022	321.3
December 2022	291.3
January 2023	355.7

Note: The data shown are a 3-month moving average of the change in nonfarm payroll employment.

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 11. Civilian unemployment rate

Monthly

Percent

Period	Rate
January 2005	5.3
February 2005	5.4
March 2005	5.2
April 2005	5.2
May 2005	5.1
June 2005	5.0
July 2005	5.0
August 2005	4.9
September 2005	5.0
October 2005	5.0
November 2005	5.0
December 2005	4.9
January 2006	4.7
February 2006	4.8
March 2006	4.7
April 2006	4.7
May 2006	4.6
June 2006	4.6
July 2006	4.7
August 2006	4.7
September 2006	4.5
October 2006	4.4
November 2006	4.5
December 2006	4.4
January 2007	4.6
February 2007	4.5
March 2007	4.4
April 2007	4.5
May 2007	4.4
June 2007	4.6
July 2007	4.7
August 2007	4.6
September 2007	4.7
October 2007	4.7
November 2007	4.7
December 2007	5.0
January 2008	5.0
February 2008	4.9
March 2008	5.1
April 2008	5.0
May 2008	5.4
June 2008	5.6
July 2008	5.8
August 2008	6.1
September 2008	6.1
October 2008	6.5
November 2008	6.8
December 2008	7.3
January 2009	7.8
February 2009	8.3
March 2009	8.7
April 2009	9.0
May 2009	9.4
June 2009	9.5
July 2009	9.5
August 2009	9.6
September 2009	9.8
October 2009	10.0
November 2009	9.9
December 2009	9.9
January 2010	9.8
February 2010	9.8
March 2010	9.9
April 2010	9.9
May 2010	9.6
June 2010	9.4
July 2010	9.4
August 2010	9.5
September 2010	9.5
October 2010	9.4
November 2010	9.8
December 2010	9.3
January 2011	9.1
February 2011	9.0
March 2011	9.0
April 2011	9.1
May 2011	9.0
June 2011	9.1
July 2011	9.0
August 2011	9.0
September 2011	9.0
October 2011	8.8
November 2011	8.6
December 2011	8.5
January 2012	8.3
February 2012	8.3
March 2012	8.2
April 2012	8.2
May 2012	8.2
June 2012	8.2
July 2012	8.2
August 2012	8.1
September 2012	7.8
October 2012	7.8
November 2012	7.7
December 2012	7.9
January 2013	8.0
February 2013	7.7
March 2013	7.5
April 2013	7.6
May 2013	7.5
June 2013	7.5
July 2013	7.3
August 2013	7.2
September 2013	7.2
October 2013	7.2
November 2013	6.9
December 2013	6.7
January 2014	6.6
February 2014	6.7
March 2014	6.7
April 2014	6.2
May 2014	6.3
June 2014	6.1
July 2014	6.2
August 2014	6.1
September 2014	5.9
October 2014	5.7
November 2014	5.8
December 2014	5.6
January 2015	5.7
February 2015	5.5
March 2015	5.4
April 2015	5.4
May 2015	5.6
June 2015	5.3
July 2015	5.2
August 2015	5.1
September 2015	5.0
October 2015	5.0
November 2015	5.1
December 2015	5.0
January 2016	4.8
February 2016	4.9
March 2016	5.0
April 2016	5.1
May 2016	4.8
June 2016	4.9
July 2016	4.8
August 2016	4.9
September 2016	5.0
October 2016	4.9
November 2016	4.7
December 2016	4.7
January 2017	4.7
February 2017	4.6
March 2017	4.4
April 2017	4.4
May 2017	4.4
June 2017	4.3
July 2017	4.3
August 2017	4.4
September 2017	4.3
October 2017	4.2
November 2017	4.2
December 2017	4.1
January 2018	4.0
February 2018	4.1
March 2018	4.0
April 2018	4.0
May 2018	3.8
June 2018	4.0
July 2018	3.8
August 2018	3.8
September 2018	3.7
October 2018	3.8
November 2018	3.8
December 2018	3.9
January 2019	4.0
February 2019	3.8
March 2019	3.8
April 2019	3.6
May 2019	3.7
June 2019	3.6
July 2019	3.7
August 2019	3.7
September 2019	3.5
October 2019	3.6
November 2019	3.6
December 2019	3.6
January 2020	3.5
February 2020	3.5
March 2020	4.4
April 2020	14.7
May 2020	13.2
June 2020	11.0
July 2020	10.2
August 2020	8.4
September 2020	7.9
October 2020	6.9
November 2020	6.7
December 2020	6.7
January 2021	6.3
February 2021	6.2
March 2021	6.1
April 2021	6.1
May 2021	5.8
June 2021	5.9
July 2021	5.4
August 2021	5.2
September 2021	4.8
October 2021	4.5
November 2021	4.2
December 2021	3.9
January 2022	4.0
February 2022	3.8
March 2022	3.6
April 2022	3.6
May 2022	3.6
June 2022	3.6
July 2022	3.5
August 2022	3.7
September 2022	3.5
October 2022	3.7
November 2022	3.6
December 2022	3.5
January 2023	3.4

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 12. Unemployment rate, by race and ethnicity

Monthly

Percent

Period	Asian	Black or African American	Hispanic or Latino	White
January 2005	4.1	10.6	6.0	4.5
February 2005	4.3	10.9	6.3	4.6
March 2005	3.9	10.5	5.8	4.5
April 2005	4.2	10.3	6.4	4.4
May 2005	4.2	10.1	6.0	4.4
June 2005	3.6	10.2	5.7	4.3
July 2005	4.8	9.2	5.5	4.2
August 2005	3.7	9.7	5.8	4.2
September 2005	4.3	9.4	6.4	4.4
October 2005	3.2	9.1	6.0	4.4
November 2005	3.6	10.6	6.1	4.3
December 2005	3.8	9.2	6.1	4.2
January 2006	3.0	8.9	5.5	4.1
February 2006	3.0	9.5	5.4	4.1
March 2006	3.5	9.5	5.2	4.0
April 2006	3.9	9.4	5.5	4.1
May 2006	3.3	8.7	5.0	4.1
June 2006	3.1	8.9	5.2	4.1
July 2006	2.4	9.5	5.2	4.1
August 2006	3.0	8.8	5.3	4.1
September 2006	3.0	9.0	5.5	3.9
October 2006	2.8	8.4	4.8	3.9
November 2006	3.1	8.5	5.1	4.0
December 2006	2.5	8.3	5.0	3.9
January 2007	3.1	7.9	5.5	4.2
February 2007	2.6	8.0	5.1	4.1
March 2007	3.0	8.4	5.0	3.8
April 2007	3.5	8.3	5.6	4.0
May 2007	3.2	8.3	5.8	3.9
June 2007	2.7	8.5	5.5	4.1
July 2007	2.7	8.1	5.9	4.2
August 2007	3.5	7.6	5.5	4.2
September 2007	3.4	8.0	5.9	4.2
October 2007	3.8	8.5	5.7	4.1
November 2007	3.6	8.5	5.9	4.2
December 2007	3.7	9.0	6.3	4.4
January 2008	3.1	9.1	6.3	4.4
February 2008	2.9	8.4	6.2	4.4
March 2008	3.6	9.2	6.9	4.5
April 2008	3.5	8.6	7.1	4.4
May 2008	4.1	9.6	6.9	4.8
June 2008	4.2	9.4	7.6	5.0
July 2008	3.7	10.0	7.5	5.2
August 2008	4.5	10.6	8.0	5.4
September 2008	4.0	11.3	8.0	5.4
October 2008	3.9	11.4	8.8	5.9
November 2008	4.8	11.5	8.7	6.2
December 2008	5.1	12.1	9.4	6.7
January 2009	6.1	12.7	10.1	7.1
February 2009	6.7	13.7	11.3	7.6
March 2009	6.5	13.7	11.7	8.0
April 2009	6.8	15.0	11.4	8.1
May 2009	7.0	15.0	12.3	8.5
June 2009	7.9	14.8	12.1	8.7
July 2009	8.1	14.8	12.5	8.7
August 2009	7.6	14.8	13.0	8.9
September 2009	7.6	15.3	12.6	8.9
October 2009	7.6	15.8	12.8	9.2
November 2009	7.2	15.7	12.4	9.2
December 2009	8.4	16.1	12.8	9.0
January 2010	8.3	16.5	12.9	8.8
February 2010	8.2	16.1	12.7	8.9
March 2010	7.6	16.8	12.9	8.9
April 2010	7.0	16.6	12.5	9.0
May 2010	7.8	15.5	12.0	8.7
June 2010	7.4	15.2	12.3	8.6
July 2010	7.9	15.6	12.2	8.5
August 2010	7.3	15.9	12.0	8.6
September 2010	6.6	16.0	12.3	8.6
October 2010	7.2	15.6	12.3	8.6
November 2010	7.5	16.2	12.9	8.9
December 2010	7.2	15.5	12.9	8.5
January 2011	6.8	15.8	12.3	8.1
February 2011	6.7	15.5	11.8	8.1
March 2011	7.3	15.8	11.6	8.0
April 2011	6.5	16.5	11.9	8.1
May 2011	7.2	16.3	11.6	7.9
June 2011	6.5	16.2	11.5	8.1
July 2011	7.4	15.9	11.2	8.0
August 2011	7.2	16.4	11.2	7.9
September 2011	8.0	15.9	11.2	7.9
October 2011	7.4	14.6	11.3	7.9
November 2011	6.4	15.6	11.2	7.7
December 2011	6.8	15.4	11.1	7.5
January 2012	6.7	13.6	10.7	7.4
February 2012	6.2	14.0	10.9	7.4
March 2012	6.4	14.0	10.6	7.3
April 2012	5.4	13.3	10.3	7.4
May 2012	5.5	13.5	10.9	7.4
June 2012	6.1	14.5	10.9	7.3
July 2012	5.9	14.2	10.2	7.3
August 2012	5.9	13.8	10.1	7.2
September 2012	4.9	13.6	9.7	7.0
October 2012	4.9	14.1	10.0	6.9
November 2012	6.3	13.3	9.9	6.8
December 2012	6.6	14.0	9.6	6.9
January 2013	6.4	13.7	9.7	7.1
February 2013	6.0	13.8	9.7	6.8
March 2013	5.1	13.0	9.3	6.7
April 2013	5.3	13.3	9.0	6.7
May 2013	4.5	13.4	9.0	6.7
June 2013	4.7	14.2	9.1	6.6
July 2013	5.3	12.6	9.4	6.5
August 2013	5.1	12.8	9.2	6.4
September 2013	5.4	13.0	8.8	6.3
October 2013	5.4	12.8	9.1	6.3
November 2013	5.2	12.3	8.7	6.1
December 2013	4.3	11.9	8.3	5.9
January 2014	4.7	12.1	8.3	5.7
February 2014	5.9	11.8	8.2	5.8
March 2014	5.5	12.1	7.9	5.8
April 2014	5.9	11.6	7.2	5.3
May 2014	5.7	11.4	7.7	5.4
June 2014	4.7	11.0	7.8	5.3
July 2014	4.2	11.6	7.7	5.3
August 2014	4.5	11.4	7.4	5.3
September 2014	4.4	11.0	6.8	5.1
October 2014	5.1	10.6	6.8	4.9
November 2014	4.8	10.9	6.6	5.0
December 2014	4.4	10.6	6.4	4.7
January 2015	4.0	10.3	6.7	4.9
February 2015	4.0	10.1	6.8	4.7
March 2015	3.2	9.9	6.8	4.8
April 2015	4.4	9.7	6.8	4.7
May 2015	4.1	10.3	6.8	4.8
June 2015	3.9	9.7	6.7	4.6
July 2015	3.9	9.1	6.9	4.5
August 2015	3.4	9.4	6.6	4.4
September 2015	3.5	9.3	6.2	4.4
October 2015	3.5	9.0	6.3	4.4
November 2015	3.9	9.4	6.4	4.4
December 2015	4.1	8.5	6.2	4.4
January 2016	3.6	8.5	5.9	4.2
February 2016	3.8	8.6	5.5	4.2
March 2016	3.9	8.9	5.6	4.3
April 2016	3.8	8.8	6.2	4.4
May 2016	4.1	8.2	5.7	4.2
June 2016	3.6	8.7	6.0	4.3
July 2016	3.8	8.2	5.4	4.2
August 2016	4.1	8.0	5.6	4.4
September 2016	3.8	8.5	6.2	4.4
October 2016	3.4	8.5	5.7	4.4
November 2016	3.1	8.2	5.6	4.2
December 2016	2.7	8.0	5.8	4.2
January 2017	3.6	7.5	5.8	4.2
February 2017	3.5	8.0	5.6	4.0
March 2017	3.2	7.8	5.0	3.8
April 2017	3.3	7.7	5.2	3.9
May 2017	3.6	7.7	5.2	3.7
June 2017	3.7	6.9	5.0	3.8
July 2017	3.7	7.3	5.1	3.8
August 2017	3.9	7.7	5.1	3.9
September 2017	3.6	7.2	5.1	3.7
October 2017	3.0	7.6	5.0	3.6
November 2017	3.1	7.5	4.9	3.7
December 2017	2.6	6.7	5.0	3.7
January 2018	2.9	7.5	4.9	3.5
February 2018	3.0	6.8	4.9	3.6
March 2018	3.1	6.7	4.9	3.5
April 2018	2.9	6.4	4.8	3.6
May 2018	2.2	5.9	4.8	3.5
June 2018	3.2	6.4	4.5	3.5
July 2018	3.0	6.5	4.5	3.4
August 2018	2.9	6.3	4.7	3.4
September 2018	3.5	6.1	4.6	3.3
October 2018	3.1	6.5	4.4	3.4
November 2018	2.8	6.1	4.7	3.4
December 2018	3.3	6.6	4.4	3.5
January 2019	3.0	6.9	4.7	3.5
February 2019	3.2	7.1	4.3	3.2
March 2019	3.1	6.5	4.6	3.3
April 2019	2.3	6.5	4.1	3.2
May 2019	2.5	6.1	4.1	3.2
June 2019	2.1	5.9	4.2	3.3
July 2019	2.7	5.8	4.4	3.3
August 2019	2.7	5.3	4.2	3.4
September 2019	2.5	5.4	4.0	3.2
October 2019	2.8	5.6	4.2	3.3
November 2019	2.6	5.6	4.3	3.2
December 2019	2.6	6.0	4.2	3.2
January 2020	3.0	6.3	4.3	3.1
February 2020	2.6	6.0	4.4	3.0
March 2020	4.2	6.8	6.0	3.9
April 2020	14.5	16.6	18.8	14.1
May 2020	14.9	16.8	17.6	12.3
June 2020	13.7	15.4	14.5	10.0
July 2020	11.9	14.4	12.8	9.2
August 2020	10.6	12.8	10.6	7.4
September 2020	8.9	12.1	10.4	7.0
October 2020	7.5	10.9	8.9	6.0
November 2020	6.7	10.4	8.6	5.9
December 2020	6.0	10.0	9.3	6.1
January 2021	6.6	9.2	8.5	5.7
February 2021	5.2	9.8	8.4	5.6
March 2021	6.0	9.6	7.7	5.4
April 2021	5.7	9.9	7.7	5.3
May 2021	5.6	9.1	7.1	5.1
June 2021	5.7	9.2	7.2	5.2
July 2021	5.2	8.2	6.4	4.8
August 2021	4.5	8.6	6.1	4.5
September 2021	4.2	7.8	6.2	4.2
October 2021	4.2	7.7	5.7	4.0
November 2021	3.8	6.5	5.2	3.7
December 2021	3.8	7.0	4.8	3.3
January 2022	3.5	6.9	4.9	3.4
February 2022	3.0	6.6	4.5	3.3
March 2022	2.8	6.2	4.2	3.2
April 2022	3.1	5.9	4.2	3.2
May 2022	2.4	6.2	4.4	3.2
June 2022	3.0	5.9	4.3	3.3
July 2022	2.6	6.0	4.0	3.1
August 2022	2.8	6.4	4.5	3.2
September 2022	2.5	5.9	3.9	3.1
October 2022	2.9	5.9	4.2	3.3
November 2022	2.6	5.7	4.0	3.3
December 2022	2.4	5.7	4.1	3.0
January 2023	2.8	5.4	4.5	3.1

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. Small sample sizes preclude reliable estimates for Native Americans and other groups for which monthly data are not reported by the Bureau of Labor Statistics.

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Developments in Employment and Earnings across Demographic Groups: Figure A. Prime age employment-to-population ratios compared with the 2019 average ratio, by group

A1. Sex and educational attainment

Percentage points

Monthly

Period	Men, high school or less	Women, high school or less	Men, some college or more	Women, some college or more
January 2019	0.10	0.04	0.00	-0.43
February 2019	-0.64	0.04	0.44	-0.41
March 2019	0.29	-0.56	0.17	-0.48
April 2019	0.13	-0.51	-0.15	-0.32
May 2019	-0.39	-0.69	-0.03	-0.18
June 2019	-0.80	-0.48	0.01	0.01
July 2019	0.00	-1.07	-0.35	-0.33
August 2019	0.03	0.42	-0.11	0.21
September 2019	0.11	1.10	-0.10	0.26
October 2019	0.24	0.63	0.02	0.51
November 2019	0.50	0.04	0.18	0.64
December 2019	0.42	1.02	-0.08	0.51
January 2020	-0.26	1.34	0.38	0.52
February 2020	-0.52	1.62	0.09	0.36
March 2020	-1.45	-0.45	-0.53	-0.59
April 2020	-13.86	-14.62	-8.74	-8.82
May 2020	-11.23	-12.37	-7.21	-7.93
June 2020	-8.75	-9.83	-6.16	-5.23
July 2020	-7.70	-7.64	-6.26	-5.79
August 2020	-5.95	-6.41	-4.48	-4.52
September 2020	-6.08	-6.72	-4.24	-4.12
October 2020	-5.07	-4.92	-3.59	-3.14
November 2020	-5.46	-4.62	-3.69	-3.00
December 2020	-6.21	-4.86	-2.87	-2.73
January 2021	-5.51	-5.28	-2.99	-2.90
February 2021	-5.84	-5.19	-2.89	-2.53
March 2021	-5.89	-4.66	-2.55	-2.09
April 2021	-5.50	-4.25	-2.25	-2.15
May 2021	-5.47	-3.70	-2.40	-2.19
June 2021	-4.47	-4.29	-2.74	-1.83
July 2021	-3.85	-3.21	-1.80	-1.43
August 2021	-3.19	-2.31	-1.81	-1.84
September 2021	-3.16	-3.44	-1.73	-1.25
October 2021	-2.58	-2.43	-1.07	-1.30
November 2021	-2.01	-2.18	-0.98	-0.38
December 2021	-2.37	-1.38	-0.66	-0.06
January 2022	-1.44	-1.90	-1.33	-0.04
February 2022	-0.84	-2.06	-0.64	0.03
March 2022	-1.02	-0.15	-0.19	0.67
April 2022	-1.19	-0.58	0.02	0.59
May 2022	-0.94	-0.36	-0.22	0.59
June 2022	-1.07	-0.62	-0.44	0.43
July 2022	-1.43	-0.41	-0.21	0.46
August 2022	-1.00	-0.07	-0.40	0.94
September 2022	-0.76	0.31	-0.27	0.39
October 2022	-1.20	-0.86	-0.30	0.37
November 2022	-1.31	-0.82	-0.25	0.27
December 2022	-0.61	0.43	-0.18	0.19
January 2023	-1.29	0.79	-0.28	0.71

Note: Prime age is 25 to 54. All series are seasonally adjusted by the Federal Reserve Board staff.

Source: Bureau of Labor Statistics; U.S. Census Bureau, Current Population Survey; Federal Reserve Board staff calculations.

A2. Race and ethnicity

Percentage points

Monthly

Period	Asian	Black or African-American	Hispanic or Latino	White
January 2019	-0.33	-0.09	-0.01	-0.10
February 2019	-0.08	-1.01	-0.18	-0.09
March 2019	-0.42	-0.59	-0.10	-0.21
April 2019	-0.69	-0.36	-0.92	-0.30
May 2019	-0.30	-0.18	-0.36	-0.29
June 2019	0.86	-0.66	-0.76	-0.21
July 2019	-0.08	-0.53	-0.89	-0.47
August 2019	0.78	-0.03	0.11	0.03
September 2019	0.47	0.40	0.55	0.25
October 2019	0.43	0.94	1.10	0.35
November 2019	0.14	1.06	0.92	0.47
December 2019	-0.77	1.05	0.54	0.55
January 2020	-0.63	0.50	0.94	0.82
February 2020	-0.10	0.44	0.73	0.61
March 2020	-0.89	-0.49	-1.66	-0.47
April 2020	-9.74	-12.10	-13.76	-10.07
May 2020	-10.56	-11.03	-12.06	-8.04
June 2020	-7.54	-9.34	-9.08	-5.85
July 2020	-6.40	-9.20	-8.09	-5.66
August 2020	-5.14	-7.18	-6.03	-4.21
September 2020	-5.75	-7.52	-6.22	-4.20
October 2020	-4.40	-5.96	-4.56	-3.20
November 2020	-3.24	-4.88	-5.00	-3.49
December 2020	-2.48	-4.84	-5.32	-3.40
January 2021	-2.30	-4.92	-5.45	-3.34
February 2021	-1.74	-5.44	-5.62	-3.23
March 2021	-1.69	-5.50	-4.53	-2.92
April 2021	-2.60	-4.37	-4.10	-2.83
May 2021	-1.83	-4.09	-3.87	-2.79
June 2021	-1.20	-3.70	-4.23	-2.79
July 2021	-0.32	-3.83	-2.82	-2.12
August 2021	-0.37	-2.82	-2.61	-2.08
September 2021	0.46	-3.02	-2.73	-2.01
October 2021	0.36	-3.25	-2.20	-1.38
November 2021	1.18	-1.96	-0.84	-0.89
December 2021	1.42	-2.32	-0.90	-0.64
January 2022	1.31	-0.92	-0.96	-0.94
February 2022	0.59	-1.09	-0.23	-0.57
March 2022	1.74	-0.30	-0.18	-0.18
April 2022	1.74	0.53	-0.39	-0.40
May 2022	2.23	0.60	-0.09	-0.33
June 2022	1.87	0.03	0.28	-0.37
July 2022	1.03	0.15	-0.04	-0.26
August 2022	2.77	-0.06	0.74	-0.04
September 2022	2.25	0.17	0.69	-0.10
October 2022	0.76	-0.07	0.14	-0.10
November 2022	1.81	0.38	0.02	-0.25
December 2022	1.09	0.59	0.39	0.13
January 2023	1.58	0.96	0.42	0.20

Note: Prime age is 25 to 54. All series are seasonally adjusted by the Federal Reserve Board staff.

Source: Bureau of Labor Statistics; U.S. Census Bureau, Current Population Survey; Federal Reserve Board staff calculations.

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Developments in Employment and Earnings across Demographic Groups: Figure B. Nominal weekly earnings growth, by group

B1. Educational attainment

Percent

Monthly

Period	High school	Associate's degree	Bachelor's degree
January 2019	3.40	3.40	3.50
February 2019	3.50	3.40	3.50
March 2019	3.40	3.50	3.50
April 2019	3.40	3.60	3.60
May 2019	3.50	3.70	3.70
June 2019	3.60	3.60	3.60
July 2019	3.60	3.50	3.70
August 2019	3.60	3.50	3.70
September 2019	3.60	3.40	3.80
October 2019	3.60	3.30	3.80
November 2019	3.70	3.20	3.70
December 2019	3.70	3.20	3.70
January 2020	3.70	3.20	3.70
February 2020	3.80	3.20	3.80
March 2020	3.70	3.10	3.70
April 2020	3.80	3.10	3.60
May 2020	3.80	3.10	3.70
June 2020	3.70	3.10	3.80
July 2020	3.70	3.20	3.70
August 2020	3.60	3.20	3.80
September 2020	3.60	3.20	3.70
October 2020	3.60	3.30	3.70
November 2020	3.60	3.20	3.70
December 2020	3.60	3.20	3.60
January 2021	3.60	3.30	3.50
February 2021	3.70	3.30	3.40
March 2021	3.70	3.30	3.40
April 2021	3.70	3.30	3.40
May 2021	3.70	3.20	3.20
June 2021	3.60	3.10	3.30
July 2021	3.70	3.30	3.30
August 2021	3.80	3.20	3.30
September 2021	3.90	3.20	3.40
October 2021	4.00	3.10	3.40
November 2021	4.00	3.20	3.40
December 2021	4.20	3.30	3.70
January 2022	4.40	3.60	3.80
February 2022	4.60	3.90	4.10
March 2022	4.80	4.20	4.30
April 2022	5.20	4.50	4.50
May 2022	5.50	4.90	4.70
June 2022	5.90	5.20	4.90
July 2022	6.10	5.20	5.00
August 2022	6.30	5.60	5.20
September 2022	6.40	5.80	5.40
October 2022	6.50	5.90	5.60
November 2022	6.60	6.30	5.80
December 2022	6.70	6.50	5.80
January 2023	6.70	6.30	5.90

Note: Series show 12-month moving averages of the median percent change in the nominal hourly wage of individuals observed 12 months apart. In the bottom right panel, workers are assigned to wage quartiles based on the average of their wage reports in both Current Population Survey outgoing rotation group interviews; workers in the lowest 25 percent of the average wage distribution are assigned to the 1st quartile, and those in the top 25 percent are assigned to the 4th quartile.

Source: Federal Reserve Bank of Atlanta, Wage Growth Tracker; Bureau of Labor Statistics; U.S. Census Bureau, Current Population Survey.

B2. Race

Percent

Monthly

Period	White	Nonwhite
January 2019	3.50	3.50
February 2019	3.50	3.60
March 2019	3.50	3.60
April 2019	3.50	3.80
May 2019	3.60	3.70
June 2019	3.60	3.90
July 2019	3.60	4.20
August 2019	3.60	4.20
September 2019	3.60	4.30
October 2019	3.60	4.50
November 2019	3.50	4.40
December 2019	3.50	4.30
January 2020	3.60	4.30
February 2020	3.60	4.30
March 2020	3.60	4.30
April 2020	3.60	4.00
May 2020	3.60	4.20
June 2020	3.60	4.10
July 2020	3.60	3.80
August 2020	3.60	3.70
September 2020	3.60	3.50
October 2020	3.60	3.50
November 2020	3.60	3.40
December 2020	3.50	3.60
January 2021	3.50	3.50
February 2021	3.50	3.50
March 2021	3.50	3.40
April 2021	3.40	3.40
May 2021	3.40	3.20
June 2021	3.40	3.00
July 2021	3.50	3.00
August 2021	3.50	3.10
September 2021	3.50	3.50
October 2021	3.60	3.50
November 2021	3.60	3.80
December 2021	3.80	3.90
January 2022	4.00	4.30
February 2022	4.20	4.60
March 2022	4.40	5.00
April 2022	4.60	5.40
May 2022	4.90	5.80
June 2022	5.20	6.20
July 2022	5.30	6.40
August 2022	5.50	6.60
September 2022	5.70	6.60
October 2022	5.90	6.70
November 2022	6.20	6.60
December 2022	6.20	6.60
January 2023	6.20	6.60

Note: Series show 12-month moving averages of the median percent change in the nominal hourly wage of individuals observed 12 months apart. In the bottom right panel, workers are assigned to wage quartiles based on the average of their wage reports in both Current Population Survey outgoing rotation group interviews; workers in the lowest 25 percent of the average wage distribution are assigned to the 1st quartile, and those in the top 25 percent are assigned to the 4th quartile.

Source: Federal Reserve Bank of Atlanta, Wage Growth Tracker; Bureau of Labor Statistics; U.S. Census Bureau, Current Population Survey.

B3. Sex

Percent

Monthly

Period	Men	Women
January 2019	3.50	3.50
February 2019	3.50	3.50
March 2019	3.60	3.40
April 2019	3.60	3.50
May 2019	3.70	3.50
June 2019	3.80	3.60
July 2019	3.90	3.50
August 2019	3.90	3.50
September 2019	3.90	3.50
October 2019	3.80	3.50
November 2019	3.80	3.50
December 2019	3.80	3.50
January 2020	3.90	3.50
February 2020	3.90	3.60
March 2020	3.80	3.50
April 2020	3.70	3.60
May 2020	3.70	3.60
June 2020	3.70	3.60
July 2020	3.70	3.50
August 2020	3.70	3.50
September 2020	3.70	3.50
October 2020	3.80	3.40
November 2020	3.80	3.40
December 2020	3.70	3.40
January 2021	3.70	3.40
February 2021	3.70	3.30
March 2021	3.70	3.30
April 2021	3.70	3.30
May 2021	3.60	3.20
June 2021	3.60	3.20
July 2021	3.50	3.40
August 2021	3.50	3.50
September 2021	3.50	3.60
October 2021	3.50	3.70
November 2021	3.40	3.80
December 2021	3.60	4.10
January 2022	3.90	4.20
February 2022	4.10	4.40
March 2022	4.30	4.70
April 2022	4.60	4.90
May 2022	4.90	5.20
June 2022	5.20	5.50
July 2022	5.50	5.50
August 2022	5.80	5.70
September 2022	6.00	5.80
October 2022	6.20	5.90
November 2022	6.40	6.10
December 2022	6.50	6.10
January 2023	6.40	6.20

Note: Series show 12-month moving averages of the median percent change in the nominal hourly wage of individuals observed 12 months apart. In the bottom right panel, workers are assigned to wage quartiles based on the average of their wage reports in both Current Population Survey outgoing rotation group interviews; workers in the lowest 25 percent of the average wage distribution are assigned to the 1st quartile, and those in the top 25 percent are assigned to the 4th quartile.

Source: Federal Reserve Bank of Atlanta, Wage Growth Tracker; Bureau of Labor Statistics; U.S. Census Bureau, Current Population Survey.

B4. Wage quartiles

Percent

Monthly

Period	1st quartile	2nd quartile	3rd quartile	4th quartile
January 2019	4.50	3.10	3.30	3.00
February 2019	4.50	3.00	3.40	3.10
March 2019	4.40	3.00	3.50	3.00
April 2019	4.40	3.10	3.60	3.10
May 2019	4.40	3.20	3.60	3.10
June 2019	4.50	3.30	3.60	3.10
July 2019	4.50	3.30	3.70	3.20
August 2019	4.40	3.40	3.60	3.20
September 2019	4.50	3.50	3.70	3.20
October 2019	4.40	3.50	3.70	3.00
November 2019	4.50	3.50	3.60	2.90
December 2019	4.60	3.50	3.50	3.00
January 2020	4.70	3.50	3.50	3.10
February 2020	4.70	3.70	3.50	3.10
March 2020	4.60	3.70	3.30	3.10
April 2020	4.60	3.60	3.30	3.10
May 2020	4.60	3.70	3.40	3.20
June 2020	4.40	3.70	3.30	3.30
July 2020	4.40	3.70	3.30	3.20
August 2020	4.40	3.50	3.40	3.30
September 2020	4.30	3.50	3.50	3.30
October 2020	4.30	3.60	3.40	3.40
November 2020	4.20	3.60	3.40	3.40
December 2020	4.20	3.60	3.30	3.30
January 2021	4.00	3.70	3.40	3.20
February 2021	4.20	3.50	3.40	3.20
March 2021	4.30	3.50	3.50	3.00
April 2021	4.10	3.40	3.50	3.00
May 2021	4.20	3.30	3.40	2.90
June 2021	4.40	3.30	3.30	2.90
July 2021	4.60	3.50	3.30	2.80
August 2021	4.80	3.60	3.20	2.80
September 2021	4.90	3.80	3.20	2.70
October 2021	5.10	3.90	3.20	2.70
November 2021	5.10	3.90	3.30	2.70
December 2021	5.40	4.10	3.40	2.80
January 2022	5.80	4.20	3.50	2.90
February 2022	5.90	4.40	3.70	3.20
March 2022	6.10	4.80	3.80	3.30
April 2022	6.40	5.30	4.10	3.50
May 2022	6.70	5.70	4.30	3.60
June 2022	7.00	6.20	4.60	3.70
July 2022	7.30	6.30	4.70	3.80
August 2022	7.30	6.60	4.90	4.00
September 2022	7.30	6.70	5.30	4.30
October 2022	7.40	6.80	5.50	4.50
November 2022	7.40	7.20	5.70	4.80
December 2022	7.40	7.20	5.80	4.90
January 2023	7.20	7.30	5.90	5.00

Note: Series show 12-month moving averages of the median percent change in the nominal hourly wage of individuals observed 12 months apart. In the bottom right panel, workers are assigned to wage quartiles based on the average of their wage reports in both Current Population Survey outgoing rotation group interviews; workers in the lowest 25 percent of the average wage distribution are assigned to the 1st quartile, and those in the top 25 percent are assigned to the 4th quartile.

Source: Federal Reserve Bank of Atlanta, Wage Growth Tracker; Bureau of Labor Statistics; U.S. Census Bureau, Current Population Survey.

Return to text

Figure 13. Labor force participation rate

Monthly

Percent

Period	Labor force participation rate
January 2005	65.56
February 2005	65.65
March 2005	65.61
April 2005	65.78
May 2005	65.86
June 2005	65.78
July 2005	65.80
August 2005	65.86
September 2005	65.84
October 2005	65.78
November 2005	65.73
December 2005	65.66
January 2006	65.72
February 2006	65.84
March 2006	65.85
April 2006	65.81
May 2006	65.82
June 2006	65.89
July 2006	65.83
August 2006	65.88
September 2006	65.78
October 2006	65.88
November 2006	65.96
December 2006	66.04
January 2007	66.05
February 2007	65.92
March 2007	65.90
April 2007	65.56
May 2007	65.59
June 2007	65.69
July 2007	65.63
August 2007	65.42
September 2007	65.61
October 2007	65.44
November 2007	65.65
December 2007	65.62
January 2008	65.89
February 2008	65.66
March 2008	65.71
April 2008	65.60
May 2008	65.76
June 2008	65.70
July 2008	65.70
August 2008	65.69
September 2008	65.57
October 2008	65.63
November 2008	65.45
December 2008	65.42
January 2009	65.35
February 2009	65.42
March 2009	65.21
April 2009	65.31
May 2009	65.35
June 2009	65.29
July 2009	65.15
August 2009	64.98
September 2009	64.71
October 2009	64.62
November 2009	64.61
December 2009	64.24
January 2010	64.45
February 2010	64.49
March 2010	64.57
April 2010	64.80
May 2010	64.52
June 2010	64.26
July 2010	64.25
August 2010	64.34
September 2010	64.21
October 2010	64.04
November 2010	64.19
December 2010	63.95
January 2011	63.96
February 2011	63.87
March 2011	63.89
April 2011	63.93
May 2011	63.84
June 2011	63.76
July 2011	63.73
August 2011	63.84
September 2011	63.93
October 2011	63.79
November 2011	63.81
December 2011	63.72
January 2012	63.74
February 2012	63.82
March 2012	63.80
April 2012	63.67
May 2012	63.78
June 2012	63.82
July 2012	63.75
August 2012	63.60
September 2012	63.72
October 2012	63.83
November 2012	63.69
December 2012	63.76
January 2013	63.75
February 2013	63.53
March 2013	63.36
April 2013	63.45
May 2013	63.46
June 2013	63.50
July 2013	63.42
August 2013	63.37
September 2013	63.35
October 2013	62.87
November 2013	63.07
December 2013	63.00
January 2014	63.02
February 2014	63.03
March 2014	63.20
April 2014	62.90
May 2014	62.98
June 2014	62.96
July 2014	63.03
August 2014	63.02
September 2014	62.94
October 2014	63.01
November 2014	63.02
December 2014	62.92
January 2015	63.01
February 2015	62.82
March 2015	62.77
April 2015	62.91
May 2015	63.10
June 2015	62.81
July 2015	62.78
August 2015	62.79
September 2015	62.55
October 2015	62.66
November 2015	62.74
December 2015	62.90
January 2016	62.87
February 2016	62.96
March 2016	63.12
April 2016	63.07
May 2016	62.86
June 2016	62.90
July 2016	62.98
August 2016	63.07
September 2016	63.06
October 2016	62.96
November 2016	62.89
December 2016	62.91
January 2017	63.04
February 2017	63.07
March 2017	63.12
April 2017	63.18
May 2017	63.04
June 2017	63.06
July 2017	63.13
August 2017	63.12
September 2017	63.28
October 2017	62.92
November 2017	62.99
December 2017	62.93
January 2018	62.92
February 2018	63.21
March 2018	63.12
April 2018	63.12
May 2018	63.11
June 2018	63.21
July 2018	63.22
August 2018	62.92
September 2018	63.03
October 2018	63.17
November 2018	63.18
December 2018	63.31
January 2019	63.38
February 2019	63.38
March 2019	63.30
April 2019	63.13
May 2019	63.16
June 2019	63.24
July 2019	63.42
August 2019	63.45
September 2019	63.53
October 2019	63.60
November 2019	63.58
December 2019	63.62
January 2020	63.62
February 2020	63.63
March 2020	62.91
April 2020	60.46
May 2020	61.11
June 2020	61.78
July 2020	61.87
August 2020	62.07
September 2020	61.81
October 2020	62.04
November 2020	61.91
December 2020	61.92
January 2021	61.69
February 2021	61.72
March 2021	61.80
April 2021	61.95
May 2021	61.87
June 2021	62.01
July 2021	62.13
August 2021	62.09
September 2021	62.07
October 2021	62.08
November 2021	62.27
December 2021	62.27
January 2022	62.14
February 2022	62.19
March 2022	62.35
April 2022	62.17
May 2022	62.27
June 2022	62.16
July 2022	62.12
August 2022	62.37
September 2022	62.27
October 2022	62.21
November 2022	62.15
December 2022	62.31
January 2023	62.35

Note: The labor force participation rate is a percentage of the population aged 16 and over. Data are adjusted for the January 2022 updated population controls. See Bureau of Labor Statistics (2022), "Adjustments to Household Survey Population Estimates in January 2022," Current Population Survey Technical Documentation, February, https://www.bls.gov/cps/population-control-adjustments-2022.pdf.

Source: Bureau of Labor Statistics via Haver Analytics.

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Why Has the Labor Force Recovery Been So Slow?: Figure A. Labor force relative to an ex-pandemic counterfactual

Quarterly

Millions

Period	Observed labor force	CBO, Jan. 2020
2020:Q1	165.6	166.3
2020:Q2	159.6	166.5
2020:Q3	161.7	166.7
2020:Q4	161.9	166.9
2021:Q1	161.8	167.1
2021:Q2	162.4	167.3
2021:Q3	162.8	167.4
2021:Q4	163.4	167.6
2022:Q1	163.9	167.8
2022:Q2	164.1	167.9
2022:Q3	164.4	168.1
2022:Q4	164.7	168.2

Note: The "CBO, Jan. 2020" line appends the Congressional Budget Office's (CBO) January 2020 projected labor force growth onto the level of the labor force at the start of the pandemic through the end of 2022.

Source: Congressional Budget Office; Federal Reserve Board staff calculations.

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Why Has the Labor Force Recovery Been So Slow?: Figure C. Nonparticipation in the labor force as a percent of the population and by reason, relative to February 2020

Monthly

Change since Feb. 2020 as percent of population

Period	Not in labor force	Retirements	Caregiving	Other
February 2020	0.0	0.0	0.0	0.0
March 2020	0.7	0.3	0.1	0.4
April 2020	3.2	0.3	0.7	2.0
May 2020	2.5	0.6	0.6	1.3
June 2020	2.0	0.6	0.5	0.7
July 2020	1.9	0.8	0.3	0.7
August 2020	1.7	0.7	0.3	0.6
September 2020	1.9	0.6	0.8	0.4
October 2020	1.6	0.7	0.7	0.1
November 2020	1.8	0.7	0.7	0.3
December 2020	1.8	0.7	0.8	0.3
January 2021	1.9	0.7	0.7	0.4
February 2021	1.9	0.8	0.6	0.4
March 2021	1.8	0.8	0.5	0.5
April 2021	1.7	0.9	0.6	0.1
May 2021	1.8	1.0	0.7	0.0
June 2021	1.7	1.1	0.6	0.0
July 2021	1.6	1.1	0.5	-0.1
August 2021	1.6	1.0	0.5	0.0
September 2021	1.6	1.0	0.4	0.1
October 2021	1.5	1.1	0.4	0.0
November 2021	1.4	1.2	0.4	-0.2
December 2021	1.5	1.0	0.5	-0.1
January 2022	1.5	1.3	0.4	-0.2
February 2022	1.4	1.3	0.3	-0.1
March 2022	1.3	1.3	0.2	-0.2
April 2022	1.5	1.3	0.2	-0.1
May 2022	1.4	1.4	0.1	-0.1
June 2022	1.5	1.4	0.1	0.1
July 2022	1.5	1.5	0.1	0.0
August 2022	1.3	1.5	0.1	-0.3
September 2022	1.4	1.4	0.1	-0.1
October 2022	1.4	1.4	0.2	-0.1
November 2022	1.5	1.6	0.0	-0.2
December 2022	1.4	1.7	0.1	-0.4

Note: The curves show estimates of the percent of the population indicating they are not in the labor force for various reasons, relative to February 2020 values. The "Other" category includes disability, illness, school, and all other reasons. The data extend through December 2022.

Source: Staff estimates using microdata from the Current Population Survey, Bureau of Labor Statistics.

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Figure D. Retired share of the population (aged 16 and older), actual relative to expected

Series: Expected retired share and observed retired share

Horizon: January 2007 to December 2022

Description: A line chart with two curves from January 2007 to December 2022. Units are percent, and the data are monthly.

The expected retired share series starts just above 15.5 in January 2007 and edges up gradually to above 15.6 by June 2008 before returning to about 15.5 by June 2009. It then rises steadily throughout the rest of the time horizon and ends at 19 in December 2022.

The observed retired share begins slightly below the expected retired series at about 15.5 in January 2007 and fluctuates between approximately 15.4 and 15.6 until June 2009. The series then fluctuates around the expected retired share series from July 2009 through November 2017. The series rises to 18 by January 2018, then falls to about 17.7 in May 2018, below the expected retired share series. It generally increases while remaining below the expected retired share series until March 2020, when it surpasses that series and remains above it for the rest of the time horizon. The observed retired series climbs to nearly 18.9 by July 2020, then moderates to about 18.8 until January 2021, when it resumes a slow rise to roughly 19.9 by December 2022.

Note: Data are adjusted for the January 2022 updated population controls. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: December 2007–June 2009, and February 2020–April 2020. The data extend through December 2022.

Source: Joshua Montes, Christopher Smith, and Juliana Dajon (2022), “‘The Great Retirement Boom’: The Pandemic-Era Surge in Retirements and Implications for Future Labor Force Participation,” Finance and Economics Discussion Series 2022-081 (Washington: Board of Governors, November), https://doi.org/10.17016/FEDS.2022.081.

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Why Has the Labor Force Recovery Been So Slow?: Figure E. Labor force participation rate for prime-age people

Monthly

Percent

Period	Labor force participation rate for prime-age people
January 2016	81.1
February 2016	81.1
March 2016	81.3
April 2016	81.2
May 2016	81.2
June 2016	81.3
July 2016	81.3
August 2016	81.4
September 2016	81.6
October 2016	81.5
November 2016	81.4
December 2016	81.3
January 2017	81.5
February 2017	81.6
March 2017	81.6
April 2017	81.7
May 2017	81.7
June 2017	81.6
July 2017	81.8
August 2017	81.6
September 2017	81.9
October 2017	81.6
November 2017	81.7
December 2017	81.8
January 2018	81.7
February 2018	82.1
March 2018	82.0
April 2018	82.0
May 2018	81.9
June 2018	82.1
July 2018	82.1
August 2018	81.9
September 2018	81.9
October 2018	82.3
November 2018	82.2
December 2018	82.3
January 2019	82.5
February 2019	82.5
March 2019	82.5
April 2019	82.3
May 2019	82.2
June 2019	82.2
July 2019	82.1
August 2019	82.5
September 2019	82.7
October 2019	82.8
November 2019	82.8
December 2019	82.9
January 2020	83.1
February 2020	83.0
March 2020	82.5
April 2020	79.9
May 2020	80.6
June 2020	81.5
July 2020	81.2
August 2020	81.3
September 2020	80.9
October 2020	81.2
November 2020	80.9
December 2020	81.0
January 2021	81.1
February 2021	81.2
March 2021	81.3
April 2021	81.4
May 2021	81.3
June 2021	81.7
July 2021	81.9
August 2021	81.7
September 2021	81.6
October 2021	81.7
November 2021	81.9
December 2021	81.9
January 2022	82.1
February 2022	82.3
March 2022	82.5
April 2022	82.5
May 2022	82.6
June 2022	82.4
July 2022	82.4
August 2022	82.8
September 2022	82.6
October 2022	82.5
November 2022	82.3
December 2022	82.4

Note: The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research: February 2020–April 2020. The data extend through December 2022.

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 14. Available jobs versus available workers

Monthly

Millions

Period	Available workers	Available jobs
January 2001	143.8	142.9
February 2001	143.7	142.8
March 2001	143.9	142.9
April 2001	143.5	142.0
May 2001	143.3	141.7
June 2001	143.3	141.3
July 2001	143.7	141.4
August 2001	143.3	140.7
September 2001	144.0	140.8
October 2001	144.1	140.4
November 2001	144.2	139.9
December 2001	144.2	139.7
January 2002	143.8	139.3
February 2002	144.5	140.0
March 2002	144.4	139.5
April 2002	144.6	139.6
May 2002	144.8	139.9
June 2002	144.7	139.7
July 2002	144.7	139.7
August 2002	144.9	139.9
September 2002	145.4	140.7
October 2002	145.2	140.2
November 2002	144.9	139.8
December 2002	144.9	139.7
January 2003	144.6	139.3
February 2003	144.8	139.7
March 2003	144.7	139.4
April 2003	145.2	139.5
May 2003	145.2	139.4
June 2003	145.8	139.8
July 2003	145.2	139.6
August 2003	145.1	139.3
September 2003	145.2	139.5
October 2003	145.4	139.8
November 2003	145.6	140.4
December 2003	145.3	140.4
January 2004	145.8	140.9
February 2004	145.7	141.0
March 2004	145.9	141.0
April 2004	145.8	141.2
May 2004	146.0	141.3
June 2004	146.4	141.8
July 2004	146.6	141.8
August 2004	146.4	142.3
September 2004	146.2	141.9
October 2004	146.6	142.4
November 2004	147.0	143.0
December 2004	146.8	142.4
January 2005	146.8	143.2
February 2005	147.2	143.0
March 2005	147.2	143.5
April 2005	147.8	144.2
May 2005	148.1	144.6
June 2005	148.1	144.4
July 2005	148.3	145.0
August 2005	148.6	145.5
September 2005	148.7	145.3
October 2005	148.7	145.7
November 2005	148.8	145.4
December 2005	148.8	145.8
January 2006	149.1	146.3
February 2006	149.5	146.7
March 2006	149.7	146.9
April 2006	149.7	147.4
May 2006	149.9	147.7
June 2006	150.2	147.7
July 2006	150.2	147.7
August 2006	150.5	147.9
September 2006	150.5	148.4
October 2006	150.9	148.9
November 2006	151.2	149.0
December 2006	151.6	149.5
January 2007	151.8	149.3
February 2007	151.6	149.5
March 2007	151.7	149.7
April 2007	151.0	149.2
May 2007	151.3	149.2
June 2007	151.6	149.4
July 2007	151.7	149.4
August 2007	151.3	148.9
September 2007	152.0	149.4
October 2007	151.7	149.2
November 2007	152.4	149.8
December 2007	152.4	149.5
January 2008	153.2	150.1
February 2008	152.8	149.9
March 2008	153.0	149.5
April 2008	152.9	149.5
May 2008	153.4	149.1
June 2008	153.4	149.0
July 2008	153.6	148.5
August 2008	153.7	148.0
September 2008	153.6	147.8
October 2008	153.9	147.1
November 2008	153.6	146.5
December 2008	153.7	145.7
January 2009	153.7	144.8
February 2009	154.0	143.8
March 2009	153.6	143.0
April 2009	153.9	142.6
May 2009	154.1	142.0
June 2009	154.1	142.0
July 2009	154.0	141.8
August 2009	153.7	141.1
September 2009	153.2	140.6
October 2009	153.2	140.3
November 2009	153.3	140.5
December 2009	152.5	139.9
January 2010	153.1	140.6
February 2010	153.3	141.1
March 2010	153.6	141.1
April 2010	154.3	141.7
May 2010	153.8	142.1
June 2010	153.3	141.8
July 2010	153.4	141.6
August 2010	153.8	142.2
September 2010	153.6	142.1
October 2010	153.4	141.7
November 2010	153.9	142.0
December 2010	153.4	142.3
January 2011	153.6	142.5
February 2011	153.5	142.7
March 2011	153.6	143.1
April 2011	153.8	143.1
May 2011	153.7	143.1
June 2011	153.7	142.8
July 2011	153.7	143.4
August 2011	154.2	143.9
September 2011	154.5	143.8
October 2011	154.3	144.5
November 2011	154.5	144.8
December 2011	154.4	144.8
January 2012	154.6	145.6
February 2012	154.9	146.0
March 2012	155.0	145.9
April 2012	154.8	146.1
May 2012	155.2	146.3
June 2012	155.4	146.6
July 2012	155.4	146.6
August 2012	155.1	146.4
September 2012	155.6	147.2
October 2012	156.0	147.7
November 2012	155.8	147.5
December 2012	156.1	147.7
January 2013	156.2	147.7
February 2013	155.8	147.7
March 2013	155.4	147.7
April 2013	155.8	148.1
May 2013	155.9	148.2
June 2013	156.1	148.5
July 2013	156.1	148.9
August 2013	156.1	148.7
September 2013	156.2	149.0
October 2013	155.2	148.1
November 2013	155.8	149.2
December 2013	155.7	149.4
January 2014	155.9	149.8
February 2014	156.0	149.8
March 2014	156.6	150.5
April 2014	156.0	150.6
May 2014	156.3	151.0
June 2014	156.4	151.6
July 2014	156.7	152.0
August 2014	156.8	152.0
September 2014	156.7	152.8
October 2014	157.1	153.0
November 2014	157.2	153.1
December 2014	157.1	153.2
January 2015	157.5	153.7
February 2015	157.1	153.8
March 2015	157.1	154.0
April 2015	157.5	154.2
May 2015	158.1	154.9
June 2015	157.5	154.8
July 2015	157.6	154.7
August 2015	157.8	155.8
September 2015	157.3	154.8
October 2015	157.7	155.3
November 2015	158.1	155.8
December 2015	158.6	156.4
January 2016	158.7	156.8
February 2016	159.0	157.3
March 2016	159.5	157.3
April 2016	159.5	157.6
May 2016	159.1	157.3
June 2016	159.4	157.4
July 2016	159.7	157.8
August 2016	160.1	158.2
September 2016	160.2	157.9
October 2016	160.1	158.1
November 2016	160.0	158.0
December 2016	160.2	158.6
January 2017	160.6	159.1
February 2017	160.8	159.0
March 2017	161.0	159.9
April 2017	161.3	160.0
May 2017	161.1	160.1
June 2017	161.2	160.1
July 2017	161.5	160.9
August 2017	161.6	160.7
September 2017	162.1	161.5
October 2017	161.3	160.9
November 2017	161.6	161.2
December 2017	161.6	161.2
January 2018	161.6	161.5
February 2018	162.4	162.5
March 2018	162.3	162.4
April 2018	162.4	162.8
May 2018	162.5	163.2
June 2018	162.9	163.4
July 2018	163.0	164.0
August 2018	162.3	163.4
September 2018	162.7	163.9
October 2018	163.2	164.3
November 2018	163.3	164.6
December 2018	163.8	164.9
January 2019	164.0	165.0
February 2019	164.1	165.4
March 2019	164.0	164.8
April 2019	163.6	165.0
May 2019	163.8	165.0
June 2019	164.1	165.4
July 2019	164.7	165.8
August 2019	164.9	165.9
September 2019	165.2	166.5
October 2019	165.5	166.6
November 2019	165.5	167.0
December 2019	165.8	166.8
January 2020	165.8	166.7
February 2020	165.9	167.3
March 2020	164.1	163.9
April 2020	157.8	140.5
May 2020	159.5	143.2
June 2020	161.3	149.1
July 2020	161.6	151.3
August 2020	162.2	155.2
September 2020	161.6	155.2
October 2020	162.3	157.6
November 2020	162.0	158.1
December 2020	162.1	158.1
January 2021	161.5	158.2
February 2021	161.6	158.8
March 2021	161.9	159.9
April 2021	162.3	160.9
May 2021	162.1	162.0
June 2021	162.6	162.6
July 2021	163.0	164.0
August 2021	163.0	165.4
September 2021	163.0	165.9
October 2021	163.2	166.4
November 2021	163.8	168.0
December 2021	163.8	168.4
January 2022	163.5	168.5
February 2022	163.8	168.8
March 2022	164.3	169.6
April 2022	163.9	169.8
May 2022	164.2	169.9
June 2022	164.0	169.4
July 2022	164.0	169.3
August 2022	164.8	169.9
September 2022	164.6	169.1
October 2022	164.6	169.2
November 2022	164.5	169.0
December 2022	165.0	169.7
January 2023	165.8	171.2

Note: Available jobs are employment plus job openings as of the end of the previous month. Available workers are the labor force. Data are adjusted for the January 2022 updated population controls. See Bureau of Labor Statistics (2022), "Adjustments to Household Survey Population Estimates in January 2022," Current Population Survey Technical Documentation, February, https://www.bls.gov/cps/population-control- adjustments-2022.pdf.

Source: Bureau of Labor Statistics; Job Openings and Labor Turnover Survey; all via Haver Analytics; Federal Reserve Board staff calculations.

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Figure 15. Measures of change in hourly compensation

Quarterly

Percent change from year earlier

Period	Employment cost index, private sector
2013:Q1	1.90
2013:Q2	1.89
2013:Q3	1.88
2013:Q4	1.96
2014:Q1	1.70
2014:Q2	2.02
2014:Q3	2.27
2014:Q4	2.35
2015:Q1	2.75
2015:Q2	1.90
2015:Q3	1.89
2015:Q4	1.88
2016:Q1	1.79
2016:Q2	2.35
2016:Q3	2.26
2016:Q4	2.17
2017:Q1	2.31
2017:Q2	2.38
2017:Q3	2.52
2017:Q4	2.59
2018:Q1	2.81
2018:Q2	2.86
2018:Q3	2.92
2018:Q4	2.99
2019:Q1	2.81
2019:Q2	2.63
2019:Q3	2.69
2019:Q4	2.68
2020:Q1	2.80
2020:Q2	2.71
2020:Q3	2.40
2020:Q4	2.61
2021:Q1	2.80
2021:Q2	3.07
2021:Q3	4.05
2021:Q4	4.38
2022:Q1	4.82
2022:Q2	5.54
2022:Q3	5.19
2022:Q4	5.07

Note: 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; 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 2013	2.15	2.30
February 2013	2.15	2.30
March 2013	1.88	2.20
April 2013	2.05	2.20
May 2013	2.09	2.20
June 2013	2.13	2.10
July 2013	2.04	2.30
August 2013	2.26	2.30
September 2013	2.08	2.40
October 2013	2.25	2.20
November 2013	2.24	2.00
December 2013	1.90	2.20
January 2014	2.02	2.30
February 2014	2.31	2.50
March 2014	2.18	2.40
April 2014	1.97	2.30
May 2014	2.13	2.30
June 2014	2.09	2.30
July 2014	2.09	2.40
August 2014	2.16	2.40
September 2014	2.04	2.60
October 2014	2.03	2.80
November 2014	2.07	2.90
December 2014	1.82	2.90
January 2015	2.15	3.00
February 2015	1.89	3.00
March 2015	2.22	3.20
April 2015	2.26	3.30
May 2015	2.34	3.30
June 2015	2.09	3.20
July 2015	2.12	3.10
August 2015	2.24	3.10
September 2015	2.28	3.00
October 2015	2.48	2.90
November 2015	2.39	3.10
December 2015	2.52	3.10
January 2016	2.55	3.10
February 2016	2.38	3.20
March 2016	2.37	3.20
April 2016	2.57	3.40
May 2016	2.44	3.50
June 2016	2.60	3.60
July 2016	2.76	3.40
August 2016	2.51	3.30
September 2016	2.63	3.60
October 2016	2.78	3.90
November 2016	2.57	3.90
December 2016	2.69	3.50
January 2017	2.44	3.20
February 2017	2.68	3.20
March 2017	2.59	3.40
April 2017	2.51	3.50
May 2017	2.46	3.40
June 2017	2.50	3.20
July 2017	2.61	3.30
August 2017	2.57	3.40
September 2017	2.79	3.60
October 2017	2.32	3.40
November 2017	2.39	3.20
December 2017	2.66	2.90
January 2018	2.81	3.00
February 2018	2.65	2.90
March 2018	2.87	3.30
April 2018	2.87	3.30
May 2018	2.94	3.20
June 2018	2.93	3.20
July 2018	2.77	3.30
August 2018	3.11	3.50
September 2018	3.13	3.50
October 2018	3.28	3.70
November 2018	3.47	3.90
December 2018	3.57	3.80
January 2019	3.22	3.80
February 2019	3.55	3.40
March 2019	3.46	3.50
April 2019	3.12	3.60
May 2019	3.26	3.70
June 2019	3.37	3.90
July 2019	3.43	3.90
August 2019	3.42	3.70
September 2019	3.11	3.60
October 2019	3.22	3.50
November 2019	3.32	3.70
December 2019	2.94	3.70
January 2020	3.04	3.80
February 2020	3.07	3.70
March 2020	3.63	3.50
April 2020	8.11	3.30
May 2020	6.68	3.50
June 2020	5.12	3.80
July 2020	4.89	3.90
August 2020	4.80	3.50
September 2020	4.79	3.50
October 2020	4.60	3.50
November 2020	4.55	3.70
December 2020	5.46	3.40
January 2021	5.24	3.40
February 2021	5.25	3.40
March 2021	4.34	3.40
April 2021	0.63	3.20
May 2021	2.22	3.00
June 2021	3.95	3.20
July 2021	4.32	3.70
August 2021	4.41	3.90
September 2021	4.88	4.20
October 2021	5.42	4.10
November 2021	5.40	4.30
December 2021	5.01	4.50
January 2022	5.72	5.10
February 2022	5.26	5.80
March 2022	5.92	6.00
April 2022	5.76	6.00
May 2022	5.53	6.10
June 2022	5.40	6.70
July 2022	5.45	6.70
August 2022	5.36	6.70
September 2022	5.07	6.30
October 2022	4.88	6.40
November 2022	4.99	6.40
December 2022	4.81	6.10
January 2023	4.43	6.10

Note: 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; 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.

Return to text

Figure 16. U.S. labor productivity

Quarterly

2012 = 100

Period	Labor productivity
2010:Q1	99.0
2010:Q2	99.2
2010:Q3	100.0
2010:Q4	100.2
2011:Q1	99.4
2011:Q2	99.4
2011:Q3	99.1
2011:Q4	99.7
2012:Q1	100.0
2012:Q2	100.4
2012:Q3	100.2
2012:Q4	99.9
2013:Q1	100.7
2013:Q2	100.5
2013:Q3	100.9
2013:Q4	101.6
2014:Q1	100.7
2014:Q2	101.4
2014:Q3	102.1
2014:Q4	101.5
2015:Q1	102.2
2015:Q2	102.6
2015:Q3	102.9
2015:Q4	102.4
2016:Q1	102.7
2016:Q2	102.6
2016:Q3	103.1
2016:Q4	103.9
2017:Q1	103.9
2017:Q2	103.7
2017:Q3	104.8
2017:Q4	105.2
2018:Q1	105.6
2018:Q2	106.0
2018:Q3	106.3
2018:Q4	106.3
2019:Q1	107.1
2019:Q2	107.7
2019:Q3	108.2
2019:Q4	108.9
2020:Q1	108.6
2020:Q2	112.9
2020:Q3	115.1
2020:Q4	113.8
2021:Q1	114.7
2021:Q2	115.5
2021:Q3	114.8
2021:Q4	116.1
2022:Q1	114.3
2022:Q2	113.2
2022:Q3	113.5
2022:Q4	114.4

Note: The data are output per hour in the nonfarm business sector.

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure 17. Real gross domestic product

Quarterly

Trillions of chained 2012 dollars

Period	Gross domestic product
2015:Q1	17.28
2015:Q2	17.38
2015:Q3	17.44
2015:Q4	17.46
2016:Q1	17.57
2016:Q2	17.62
2016:Q3	17.72
2016:Q4	17.81
2017:Q1	17.89
2017:Q2	17.98
2017:Q3	18.13
2017:Q4	18.31
2018:Q1	18.44
2018:Q2	18.57
2018:Q3	18.70
2018:Q4	18.73
2019:Q1	18.84
2019:Q2	18.96
2019:Q3	19.13
2019:Q4	19.22
2020:Q1	18.99
2020:Q2	17.38
2020:Q3	18.74
2020:Q4	18.92
2021:Q1	19.22
2021:Q2	19.54
2021:Q3	19.67
2021:Q4	20.01
2022:Q1	19.92
2022:Q2	19.90
2022:Q3	20.05
2022:Q4	20.19

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 18. Real personal consumption expenditures

Monthly

Trillions of chained 2012 dollars

Period	Goods	Services
January 2006	3.49	6.78
February 2006	3.48	6.81
March 2006	3.47	6.83
April 2006	3.48	6.84
May 2006	3.48	6.86
June 2006	3.49	6.86
July 2006	3.52	6.88
August 2006	3.49	6.88
September 2006	3.53	6.91
October 2006	3.55	6.93
November 2006	3.55	6.94
December 2006	3.59	6.95
January 2007	3.59	6.97
February 2007	3.58	6.99
March 2007	3.59	6.98
April 2007	3.59	7.00
May 2007	3.61	6.99
June 2007	3.59	7.01
July 2007	3.61	7.02
August 2007	3.61	7.06
September 2007	3.63	7.06
October 2007	3.63	7.07
November 2007	3.63	7.09
December 2007	3.62	7.09
January 2008	3.59	7.12
February 2008	3.55	7.13
March 2008	3.56	7.14
April 2008	3.56	7.16
May 2008	3.57	7.17
June 2008	3.55	7.17
July 2008	3.51	7.16
August 2008	3.52	7.15
September 2008	3.44	7.16
October 2008	3.40	7.18
November 2008	3.38	7.17
December 2008	3.36	7.16
January 2009	3.41	7.16
February 2009	3.39	7.13
March 2009	3.35	7.13
April 2009	3.34	7.12
May 2009	3.37	7.10
June 2009	3.37	7.11
July 2009	3.40	7.11
August 2009	3.48	7.13
September 2009	3.38	7.13
October 2009	3.39	7.13
November 2009	3.39	7.11
December 2009	3.41	7.15
January 2010	3.40	7.15
February 2010	3.41	7.17
March 2010	3.46	7.17
April 2010	3.47	7.18
May 2010	3.46	7.22
June 2010	3.48	7.23
July 2010	3.48	7.26
August 2010	3.50	7.27
September 2010	3.51	7.26
October 2010	3.54	7.27
November 2010	3.55	7.28
December 2010	3.55	7.30
January 2011	3.57	7.29
February 2011	3.56	7.30
March 2011	3.57	7.32
April 2011	3.57	7.31
May 2011	3.54	7.33
June 2011	3.55	7.34
July 2011	3.55	7.36
August 2011	3.54	7.36
September 2011	3.57	7.36
October 2011	3.58	7.36
November 2011	3.57	7.35
December 2011	3.58	7.35
January 2012	3.61	7.36
February 2012	3.64	7.40
March 2012	3.62	7.40
April 2012	3.62	7.41
May 2012	3.63	7.41
June 2012	3.62	7.41
July 2012	3.63	7.42
August 2012	3.64	7.40
September 2012	3.65	7.42
October 2012	3.64	7.42
November 2012	3.67	7.44
December 2012	3.68	7.43
January 2013	3.74	7.42
February 2013	3.73	7.42
March 2013	3.72	7.44
April 2013	3.72	7.44
May 2013	3.74	7.44
June 2013	3.73	7.45
July 2013	3.76	7.44
August 2013	3.75	7.46
September 2013	3.77	7.47
October 2013	3.78	7.49
November 2013	3.80	7.52
December 2013	3.80	7.53
January 2014	3.77	7.52
February 2014	3.83	7.52
March 2014	3.86	7.55
April 2014	3.87	7.55
May 2014	3.88	7.57
June 2014	3.90	7.59
July 2014	3.91	7.60
August 2014	3.94	7.65
September 2014	3.94	7.66
October 2014	3.96	7.71
November 2014	3.99	7.71
December 2014	4.00	7.73
January 2015	4.01	7.74
February 2015	4.02	7.76
March 2015	4.06	7.75
April 2015	4.06	7.77
May 2015	4.08	7.79
June 2015	4.08	7.80
July 2015	4.11	7.82
August 2015	4.12	7.83
September 2015	4.13	7.85
October 2015	4.11	7.87
November 2015	4.14	7.86
December 2015	4.16	7.89
January 2016	4.16	7.91
February 2016	4.20	7.94
March 2016	4.18	7.92
April 2016	4.19	7.95
May 2016	4.21	7.95
June 2016	4.25	7.96
July 2016	4.25	7.97
August 2016	4.25	7.98
September 2016	4.26	8.00
October 2016	4.26	7.99
November 2016	4.26	8.02
December 2016	4.32	8.05
January 2017	4.30	8.06
February 2017	4.31	8.05
March 2017	4.32	8.10
April 2017	4.35	8.07
May 2017	4.35	8.08
June 2017	4.38	8.09
July 2017	4.39	8.10
August 2017	4.39	8.10
September 2017	4.45	8.12
October 2017	4.45	8.13
November 2017	4.50	8.15
December 2017	4.55	8.20
January 2018	4.51	8.22
February 2018	4.52	8.21
March 2018	4.52	8.25
April 2018	4.52	8.28
May 2018	4.57	8.27
June 2018	4.55	8.31
July 2018	4.58	8.32
August 2018	4.59	8.34
September 2018	4.59	8.33
October 2018	4.61	8.36
November 2018	4.68	8.36
December 2018	4.58	8.34
January 2019	4.61	8.35
February 2019	4.60	8.36
March 2019	4.66	8.39
April 2019	4.66	8.38
May 2019	4.69	8.39
June 2019	4.71	8.41
July 2019	4.75	8.42
August 2019	4.75	8.45
September 2019	4.75	8.46
October 2019	4.75	8.47
November 2019	4.78	8.49
December 2019	4.82	8.49
January 2020	4.79	8.53
February 2020	4.81	8.55
March 2020	4.76	7.79
April 2020	4.14	6.89
May 2020	4.76	7.28
June 2020	5.05	7.68
July 2020	5.18	7.79
August 2020	5.14	7.89
September 2020	5.25	7.97
October 2020	5.24	8.01
November 2020	5.19	7.99
December 2020	5.16	7.98
January 2021	5.40	8.04
February 2021	5.28	8.02
March 2021	5.80	8.17
April 2021	5.72	8.24
May 2021	5.61	8.30
June 2021	5.62	8.39
July 2021	5.53	8.45
August 2021	5.52	8.50
September 2021	5.55	8.53
October 2021	5.62	8.57
November 2021	5.60	8.57
December 2021	5.48	8.57
January 2022	5.61	8.55
February 2022	5.55	8.62
March 2022	5.54	8.67
April 2022	5.55	8.68
May 2022	5.52	8.72
June 2022	5.53	8.73
July 2022	5.51	8.75
August 2022	5.52	8.80
September 2022	5.54	8.82
October 2022	5.58	8.83
November 2022	5.51	8.84
December 2022	5.45	8.85
January 2023	5.57	8.90

Note: The data are monthly.

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 19. Indexes of consumer sentiment

Monthly

2018 average = 100

Period	Conference Board	Michigan survey
January 2005	80.8	97.1
February 2005	80.2	95.7
March 2005	79.2	94.2
April 2005	74.9	89.2
May 2005	79.2	88.4
June 2005	81.6	97.6
July 2005	79.6	98.1
August 2005	81.1	90.6
September 2005	67.2	78.2
October 2005	65.5	75.4
November 2005	75.5	83.0
December 2005	79.8	93.0
January 2006	82.1	92.7
February 2006	78.9	88.2
March 2006	82.6	90.4
April 2006	84.4	88.9
May 2006	80.5	80.4
June 2006	81.0	86.3
July 2006	82.2	86.1
August 2006	77.0	83.4
September 2006	81.4	86.8
October 2006	80.8	95.2
November 2006	80.9	93.6
December 2006	84.5	93.2
January 2007	84.7	98.5
February 2007	85.5	92.8
March 2007	83.2	89.9
April 2007	81.7	88.6
May 2007	83.4	89.8
June 2007	80.9	86.7
July 2007	86.0	91.9
August 2007	81.2	84.8
September 2007	76.5	84.8
October 2007	73.2	82.3
November 2007	67.5	77.4
December 2007	69.6	76.8
January 2008	67.1	79.7
February 2008	58.7	72.0
March 2008	50.6	70.7
April 2008	48.3	63.6
May 2008	44.6	60.8
June 2008	39.2	57.3
July 2008	39.9	62.2
August 2008	45.0	64.1
September 2008	47.2	71.5
October 2008	29.8	58.6
November 2008	34.4	56.2
December 2008	29.7	61.1
January 2009	28.7	62.2
February 2009	19.4	57.2
March 2009	20.7	58.3
April 2009	31.4	66.2
May 2009	42.1	69.9
June 2009	37.9	72.0
July 2009	36.4	67.1
August 2009	41.9	66.8
September 2009	41.0	74.7
October 2009	37.4	71.8
November 2009	38.9	68.5
December 2009	41.2	73.7
January 2010	43.4	75.6
February 2010	35.7	74.8
March 2010	40.2	74.8
April 2010	44.3	73.4
May 2010	48.2	74.8
June 2010	41.7	77.3
July 2010	39.2	68.9
August 2010	40.9	70.1
September 2010	37.3	69.3
October 2010	38.3	68.8
November 2010	44.4	72.8
December 2010	48.7	75.7
January 2011	49.8	75.4
February 2011	55.3	78.8
March 2011	49.0	68.6
April 2011	50.7	71.0
May 2011	47.4	75.5
June 2011	44.3	72.7
July 2011	45.5	64.8
August 2011	34.7	56.7
September 2011	35.7	60.5
October 2011	31.4	61.8
November 2011	42.4	64.8
December 2011	49.8	71.1
January 2012	47.3	76.3
February 2012	55.0	76.6
March 2012	53.4	77.5
April 2012	52.8	77.7
May 2012	49.5	80.6
June 2012	48.2	74.4
July 2012	50.3	73.5
August 2012	47.1	75.5
September 2012	52.6	79.6
October 2012	56.2	84.0
November 2012	54.9	84.1
December 2012	51.3	74.1
January 2013	44.9	75.0
February 2013	52.3	78.9
March 2013	47.6	79.9
April 2013	53.0	77.7
May 2013	57.1	85.9
June 2013	63.1	85.5
July 2013	62.2	86.5
August 2013	62.9	83.5
September 2013	61.6	78.8
October 2013	55.6	74.4
November 2013	55.3	76.4
December 2013	59.6	83.9
January 2014	61.0	82.6
February 2014	60.2	83.0
March 2014	64.5	81.3
April 2014	62.8	85.5
May 2014	63.2	83.3
June 2014	66.4	83.9
July 2014	69.4	83.2
August 2014	71.8	83.9
September 2014	68.4	86.0
October 2014	72.3	88.4
November 2014	69.9	90.3
December 2014	71.5	95.2
January 2015	79.8	99.7
February 2015	75.9	97.0
March 2015	77.9	94.6
April 2015	72.5	97.5
May 2015	72.7	92.2
June 2015	76.7	97.7
July 2015	69.9	94.7
August 2015	77.8	93.4
September 2015	78.8	88.7
October 2015	76.2	91.5
November 2015	71.2	92.8
December 2015	74.0	94.2
January 2016	75.2	93.5
February 2016	72.2	93.2
March 2016	73.9	92.5
April 2016	72.8	90.5
May 2016	71.0	96.3
June 2016	74.9	95.1
July 2016	74.3	91.5
August 2016	78.2	91.3
September 2016	79.5	92.7
October 2016	77.5	88.7
November 2016	84.1	95.4
December 2016	87.1	99.8
January 2017	85.8	100.1
February 2017	89.2	97.9
March 2017	96.0	98.5
April 2017	91.8	98.6
May 2017	90.4	98.7
June 2017	90.1	96.6
July 2017	92.2	95.0
August 2017	92.5	98.4
September 2017	92.7	96.7
October 2017	97.0	102.4
November 2017	98.8	100.1
December 2017	94.6	97.5
January 2018	95.5	97.3
February 2018	99.9	101.4
March 2018	97.6	103.1
April 2018	96.5	100.5
May 2018	99.0	99.6
June 2018	97.7	99.8
July 2018	98.3	99.5
August 2018	103.5	97.8
September 2018	104.0	101.8
October 2018	106.0	100.3
November 2018	104.8	99.1
December 2018	97.3	99.9
January 2019	93.5	92.7
February 2019	101.0	95.4
March 2019	95.4	100.0
April 2019	99.3	98.8
May 2019	100.9	101.7
June 2019	95.5	99.8
July 2019	104.4	100.0
August 2019	103.1	91.3
September 2019	97.1	94.8
October 2019	96.9	97.1
November 2019	97.4	98.4
December 2019	98.5	101.0
January 2020	100.2	101.5
February 2020	101.9	102.7
March 2020	91.3	90.6
April 2020	65.9	73.0
May 2020	66.0	73.5
June 2020	75.5	79.4
July 2020	70.5	73.7
August 2020	66.3	75.3
September 2020	77.8	81.7
October 2020	77.9	83.2
November 2020	71.4	78.2
December 2020	66.9	82.1
January 2021	66.9	80.3
February 2021	73.2	78.1
March 2021	88.3	86.3
April 2021	90.3	89.8
May 2021	92.2	84.3
June 2021	99.1	86.9
July 2021	96.1	82.6
August 2021	88.5	71.5
September 2021	84.4	74.0
October 2021	85.8	72.9
November 2021	86.0	68.5
December 2021	88.5	71.8
January 2022	85.4	68.3
February 2022	81.2	63.9
March 2022	82.7	60.4
April 2022	83.5	66.3
May 2022	79.3	59.4
June 2022	75.6	50.8
July 2022	73.2	52.4
August 2022	79.6	59.2
September 2022	82.8	59.6
October 2022	78.5	60.9
November 2022	77.9	57.8
December 2022	83.8	60.7
January 2023	81.5	66.0
February 2023	79.1	68.1

Note: The data extend through February 2023.

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

Return to text

Figure 20. Personal saving rate

Monthly

Percent

Period	Personal saving rate
January 2005	3.20
February 2005	2.90
March 2005	3.10
April 2005	2.70
May 2005	3.20
June 2005	2.60
July 2005	2.10
August 2005	2.60
September 2005	2.70
October 2005	2.90
November 2005	3.20
December 2005	3.10
January 2006	3.70
February 2006	3.90
March 2006	4.10
April 2006	3.80
May 2006	3.60
June 2006	3.70
July 2006	3.10
August 2006	3.30
September 2006	3.20
October 2006	3.20
November 2006	3.60
December 2006	3.50
January 2007	3.20
February 2007	3.60
March 2007	3.90
April 2007	3.80
May 2007	3.60
June 2007	3.50
July 2007	3.40
August 2007	3.10
September 2007	3.10
October 2007	3.00
November 2007	2.80
December 2007	3.20
January 2008	3.20
February 2008	3.60
March 2008	3.40
April 2008	2.90
May 2008	7.30
June 2008	5.10
July 2008	4.00
August 2008	3.50
September 2008	4.30
October 2008	5.20
November 2008	6.30
December 2008	6.20
January 2009	6.20
February 2009	5.60
March 2009	5.90
April 2009	6.60
May 2009	7.90
June 2009	6.20
July 2009	5.50
August 2009	4.50
September 2009	5.60
October 2009	5.20
November 2009	5.60
December 2009	5.60
January 2010	5.90
February 2010	5.60
March 2010	5.60
April 2010	6.20
May 2010	6.70
June 2010	6.50
July 2010	6.40
August 2010	6.50
September 2010	6.50
October 2010	6.30
November 2010	6.10
December 2010	6.50
January 2011	6.90
February 2011	7.20
March 2011	6.60
April 2011	6.60
May 2011	6.50
June 2011	6.70
July 2011	6.90
August 2011	6.90
September 2011	6.50
October 2011	6.50
November 2011	6.60
December 2011	7.50
January 2012	7.80
February 2012	7.80
March 2012	8.20
April 2012	8.50
May 2012	8.60
June 2012	8.60
July 2012	7.80
August 2012	7.60
September 2012	8.10
October 2012	8.70
November 2012	9.50
December 2012	11.60
January 2013	5.90
February 2013	5.60
March 2013	5.90
April 2013	6.20
May 2013	6.40
June 2013	6.50
July 2013	6.30
August 2013	6.40
September 2013	6.50
October 2013	6.00
November 2013	5.80
December 2013	6.00
January 2014	6.70
February 2014	6.60
March 2014	6.70
April 2014	6.90
May 2014	7.10
June 2014	7.10
July 2014	7.20
August 2014	7.00
September 2014	7.20
October 2014	7.10
November 2014	7.30
December 2014	7.70
January 2015	8.00
February 2015	8.10
March 2015	7.70
April 2015	7.60
May 2015	7.50
June 2015	7.40
July 2015	7.30
August 2015	7.30
September 2015	7.40
October 2015	7.50
November 2015	7.30
December 2015	7.40
January 2016	7.70
February 2016	7.20
March 2016	7.60
April 2016	7.20
May 2016	6.90
June 2016	6.60
July 2016	6.80
August 2016	6.80
September 2016	6.80
October 2016	6.90
November 2016	7.00
December 2016	6.50
January 2017	6.90
February 2017	7.20
March 2017	7.20
April 2017	7.30
May 2017	7.80
June 2017	7.50
July 2017	7.60
August 2017	7.60
September 2017	7.30
October 2017	7.40
November 2017	6.90
December 2017	6.30
January 2018	7.10
February 2018	7.20
March 2018	7.20
April 2018	7.20
May 2018	7.20
June 2018	7.40
July 2018	7.50
August 2018	7.60
September 2018	7.70
October 2018	7.60
November 2018	7.50
December 2018	9.40
January 2019	9.30
February 2019	9.50
March 2019	9.10
April 2019	8.90
May 2019	8.60
June 2019	8.50
July 2019	8.40
August 2019	8.70
September 2019	8.90
October 2019	8.90
November 2019	8.90
December 2019	8.30
January 2020	9.10
February 2020	9.30
March 2020	13.80
April 2020	33.80
May 2020	24.90
June 2020	20.10
July 2020	19.20
August 2020	15.50
September 2020	14.60
October 2020	14.00
November 2020	13.30
December 2020	13.80
January 2021	20.00
February 2021	13.40
March 2021	26.30
April 2021	12.80
May 2021	10.30
June 2021	9.30
July 2021	9.90
August 2021	9.50
September 2021	7.90
October 2021	7.30
November 2021	7.10
December 2021	7.50
January 2022	4.70
February 2022	4.50
March 2022	3.80
April 2022	3.60
May 2022	3.40
June 2022	2.70
July 2022	3.50
August 2022	3.20
September 2022	3.00
October 2022	3.40
November 2022	4.00
December 2022	4.50
January 2023	4.70

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 21. Consumer credit flows

Annual

Billions of dollars, monthly rate

Period	Credit cards	Auto loans	Student loans
2010	-5.83	-3.40	7.09
2011	0.09	1.37	8.80
2012	-0.02	4.98	7.99
2013	1.18	5.72	7.61
2014	2.77	6.41	7.53
2015	4.20	6.49	7.04
2016	5.17	6.02	7.10
2017	4.73	3.31	6.99
2018	3.11	2.81	6.55
2019	3.18	3.73	5.97
2020	-10.17	3.37	4.69
2021	5.59	7.50	3.30
2022	12.86	8.43	1.98

Source: Federal Reserve Board, Statistical Release G.19, "Consumer Credit."

Return to text

Figure 22. Mortgage interest rates

Weekly

Percent

Period	Mortgage rates
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
6 February 2020	3.45
13 February 2020	3.47
20 February 2020	3.49
27 February 2020	3.45
5 March 2020	3.29
12 March 2020	3.36
19 March 2020	3.65
26 March 2020	3.50
2 April 2020	3.33
9 April 2020	3.33
16 April 2020	3.31
23 April 2020	3.33
30 April 2020	3.23
7 May 2020	3.26
14 May 2020	3.28
21 May 2020	3.24
28 May 2020	3.15
4 June 2020	3.18
11 June 2020	3.21
18 June 2020	3.13
25 June 2020	3.13
2 July 2020	3.07
9 July 2020	3.03
16 July 2020	2.98
23 July 2020	3.01
30 July 2020	2.99
6 August 2020	2.88
13 August 2020	2.96
20 August 2020	2.99
27 August 2020	2.91
3 September 2020	2.93
10 September 2020	2.86
17 September 2020	2.87
24 September 2020	2.90
1 October 2020	2.88
8 October 2020	2.87
15 October 2020	2.81
22 October 2020	2.80
29 October 2020	2.81
5 November 2020	2.78
12 November 2020	2.84
19 November 2020	2.72
26 November 2020	2.72
3 December 2020	2.71
10 December 2020	2.71
17 December 2020	2.67
24 December 2020	2.66
31 December 2020	2.67
7 January 2021	2.65
14 January 2021	2.79
21 January 2021	2.77
28 January 2021	2.73
4 February 2021	2.73
11 February 2021	2.73
18 February 2021	2.81
25 February 2021	2.97
4 March 2021	3.02
11 March 2021	3.05
18 March 2021	3.09
25 March 2021	3.17
1 April 2021	3.18
8 April 2021	3.13
15 April 2021	3.04
22 April 2021	2.97
29 April 2021	2.98
6 May 2021	2.96
13 May 2021	2.94
20 May 2021	3.00
27 May 2021	2.95
3 June 2021	2.99
10 June 2021	2.96
17 June 2021	2.93
24 June 2021	3.02
1 July 2021	2.98
8 July 2021	2.90
15 July 2021	2.88
22 July 2021	2.78
29 July 2021	2.80
5 August 2021	2.77
12 August 2021	2.87
19 August 2021	2.86
26 August 2021	2.87
2 September 2021	2.87
9 September 2021	2.88
16 September 2021	2.86
23 September 2021	2.88
30 September 2021	3.01
7 October 2021	2.99
14 October 2021	3.05
21 October 2021	3.09
28 October 2021	3.14
4 November 2021	3.09
11 November 2021	2.98
18 November 2021	3.10
25 November 2021	3.10
2 December 2021	3.11
9 December 2021	3.10
16 December 2021	3.12
23 December 2021	3.05
30 December 2021	3.11
6 January 2022	3.22
13 January 2022	3.45
20 January 2022	3.56
27 January 2022	3.55
3 February 2022	3.55
10 February 2022	3.69
17 February 2022	3.92
24 February 2022	3.89
3 March 2022	3.76
10 March 2022	3.85
17 March 2022	4.16
24 March 2022	4.42
31 March 2022	4.67
7 April 2022	4.72
14 April 2022	5.00
21 April 2022	5.11
28 April 2022	5.10
5 May 2022	5.27
12 May 2022	5.30
19 May 2022	5.25
26 May 2022	5.10
2 June 2022	5.09
9 June 2022	5.23
16 June 2022	5.78
23 June 2022	5.81
30 June 2022	5.70
7 July 2022	5.30
14 July 2022	5.51
21 July 2022	5.54
28 July 2022	5.30
4 August 2022	4.99
11 August 2022	5.22
18 August 2022	5.13
25 August 2022	5.55
1 September 2022	5.66
8 September 2022	5.89
15 September 2022	6.02
22 September 2022	6.29
29 September 2022	6.70
6 October 2022	6.66
13 October 2022	6.92
20 October 2022	6.94
27 October 2022	7.08
3 November 2022	6.95
10 November 2022	7.08
17 November 2022	6.61
24 November 2022	6.58
1 December 2022	6.49
8 December 2022	6.33
15 December 2022	6.31
22 December 2022	6.27
29 December 2022	6.42
5 January 2023	6.48
12 January 2023	6.33
19 January 2023	6.15
26 January 2023	6.13
2 February 2023	6.09
9 February 2023	6.12
16 February 2023	6.32
23 February 2023	6.50

Note: The data are contract rates on 30-year, fixed-rate conventional home mortgage commitments and extend through February 23, 2023.

Source: Freddie Mac Primary Mortgage Market Survey.

Return to text

Figure 23. New and existing home sales

Monthly

Millions, annual rate

Period	Existing home sales	New home sales
January 2006	6.70	1.17
February 2006	6.85	1.06
March 2006	6.84	1.12
April 2006	6.70	1.12
May 2006	6.58	1.09
June 2006	6.48	1.07
July 2006	6.31	0.97
August 2006	6.34	1.04
September 2006	6.29	1.02
October 2006	6.35	0.94
November 2006	6.34	1.00
December 2006	6.42	1.00
January 2007	5.74	0.89
February 2007	5.79	0.83
March 2007	5.46	0.83
April 2007	5.29	0.89
May 2007	5.27	0.84
June 2007	5.12	0.79
July 2007	5.07	0.78
August 2007	4.87	0.70
September 2007	4.58	0.69
October 2007	4.43	0.73
November 2007	4.46	0.64
December 2007	4.41	0.62
January 2008	4.17	0.63
February 2008	4.12	0.59
March 2008	4.16	0.54
April 2008	4.11	0.54
May 2008	4.14	0.50
June 2008	4.09	0.49
July 2008	4.15	0.48
August 2008	4.19	0.44
September 2008	4.27	0.43
October 2008	4.09	0.39
November 2008	3.77	0.39
December 2008	4.01	0.38
January 2009	3.82	0.34
February 2009	3.97	0.37
March 2009	3.86	0.34
April 2009	3.90	0.34
May 2009	4.00	0.38
June 2009	4.10	0.39
July 2009	4.37	0.41
August 2009	4.45	0.42
September 2009	4.62	0.39
October 2009	5.02	0.40
November 2009	5.44	0.38
December 2009	4.40	0.35
January 2010	4.19	0.35
February 2010	4.27	0.34
March 2010	4.49	0.38
April 2010	4.82	0.42
May 2010	4.88	0.28
June 2010	4.45	0.31
July 2010	3.45	0.28
August 2010	3.68	0.28
September 2010	3.84	0.32
October 2010	3.83	0.29
November 2010	4.02	0.29
December 2010	4.27	0.33
January 2011	4.42	0.31
February 2011	4.16	0.27
March 2011	4.26	0.30
April 2011	4.17	0.31
May 2011	4.14	0.31
June 2011	4.23	0.30
July 2011	4.15	0.30
August 2011	4.38	0.30
September 2011	4.33	0.30
October 2011	4.34	0.32
November 2011	4.39	0.33
December 2011	4.35	0.34
January 2012	4.48	0.34
February 2012	4.58	0.37
March 2012	4.52	0.35
April 2012	4.59	0.35
May 2012	4.60	0.37
June 2012	4.47	0.36
July 2012	4.53	0.37
August 2012	4.76	0.38
September 2012	4.71	0.39
October 2012	4.79	0.36
November 2012	4.96	0.39
December 2012	4.89	0.40
January 2013	4.98	0.45
February 2013	5.06	0.45
March 2013	5.07	0.44
April 2013	5.09	0.44
May 2013	5.14	0.43
June 2013	5.11	0.47
July 2013	5.27	0.38
August 2013	5.26	0.38
September 2013	5.14	0.40
October 2013	5.04	0.44
November 2013	4.92	0.45
December 2013	4.86	0.43
January 2014	4.76	0.44
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	0.51
August 2015	5.36	0.52
September 2015	5.41	0.46
October 2015	5.28	0.48
November 2015	4.78	0.50
December 2015	5.44	0.55
January 2016	5.43	0.51
February 2016	5.26	0.52
March 2016	5.34	0.53
April 2016	5.47	0.58
May 2016	5.44	0.57
June 2016	5.47	0.56
July 2016	5.37	0.63
August 2016	5.40	0.58
September 2016	5.47	0.56
October 2016	5.56	0.58
November 2016	5.51	0.57
December 2016	5.52	0.56
January 2017	5.67	0.57
February 2017	5.45	0.59
March 2017	5.61	0.63
April 2017	5.56	0.60
May 2017	5.59	0.64
June 2017	5.49	0.62
July 2017	5.46	0.57
August 2017	5.39	0.56
September 2017	5.45	0.64
October 2017	5.46	0.63
November 2017	5.62	0.71
December 2017	5.57	0.63
January 2018	5.41	0.61
February 2018	5.48	0.62
March 2018	5.53	0.67
April 2018	5.47	0.66
May 2018	5.43	0.67
June 2018	5.45	0.63
July 2018	5.38	0.61
August 2018	5.31	0.59
September 2018	5.20	0.59
October 2018	5.16	0.57
November 2018	5.18	0.60
December 2018	5.01	0.55
January 2019	4.97	0.60
February 2019	5.31	0.64
March 2019	5.25	0.70
April 2019	5.31	0.70
May 2019	5.46	0.62
June 2019	5.39	0.75
July 2019	5.43	0.67
August 2019	5.47	0.70
September 2019	5.31	0.72
October 2019	5.29	0.71
November 2019	5.26	0.69
December 2019	5.45	0.69
January 2020	5.35	0.71
February 2020	5.63	0.69
March 2020	5.34	0.61
April 2020	4.46	0.58
May 2020	4.09	0.71
June 2020	4.87	0.92
July 2020	5.96	1.01
August 2020	6.04	1.04
September 2020	6.35	0.99
October 2020	6.56	1.00
November 2020	6.47	0.85
December 2020	6.51	0.87
January 2021	6.56	0.91
February 2021	6.17	0.77
March 2021	6.02	0.88
April 2021	5.96	0.81
May 2021	5.93	0.74
June 2021	6.02	0.71
July 2021	6.09	0.73
August 2021	5.98	0.69
September 2021	6.16	0.73
October 2021	6.18	0.67
November 2021	6.36	0.76
December 2021	6.11	0.84
January 2022	6.34	0.83
February 2022	5.92	0.79
March 2022	5.69	0.71
April 2022	5.57	0.62
May 2022	5.40	0.64
June 2022	5.13	0.57
July 2022	4.88	0.54
August 2022	4.77	0.65
September 2022	4.68	0.55
October 2022	4.44	0.59
November 2022	4.12	0.58
December 2022	4.03	0.63
January 2023	4.00	0.67

Note: The data are monthly. New home sales include only single-family sales. Existing home sales include single-family, condo, 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 24. Real prices of existing single-family houses

Monthly

January 2005 = 100

Period	S&P/Case-Shiller national index	Zillow index	CoreLogic price index
January 2005	100.00	100.00	100.00
February 2005	100.99	100.56	100.75
March 2005	102.21	101.11	102.04
April 2005	102.96	101.79	103.38
May 2005	104.04	102.76	104.66
June 2005	105.11	103.76	106.00
July 2005	105.69	104.40	106.84
August 2005	106.22	105.06	107.71
September 2005	106.41	105.10	108.18
October 2005	107.20	105.93	109.03
November 2005	108.42	107.06	110.10
December 2005	109.16	107.89	110.95
January 2006	109.48	108.07	111.08
February 2006	110.00	108.65	111.31
March 2006	110.43	109.10	111.55
April 2006	109.90	109.29	111.27
May 2006	109.50	109.69	110.76
June 2006	108.85	110.02	110.09
July 2006	108.22	110.12	109.40
August 2006	107.60	110.14	108.94
September 2006	108.00	110.67	109.49
October 2006	108.50	111.10	109.82
November 2006	108.70	111.15	109.59
December 2006	108.63	110.81	108.86
January 2007	108.49	110.46	108.17
February 2007	108.20	110.14	107.21
March 2007	107.54	109.75	105.85
April 2007	106.63	109.51	104.86
May 2007	105.50	109.14	103.64
June 2007	104.49	108.77	102.70
July 2007	103.67	108.35	101.90
August 2007	103.03	107.98	101.11
September 2007	102.31	107.20	100.01
October 2007	101.46	106.49	98.54
November 2007	100.09	105.47	96.64
December 2007	99.40	104.74	94.97
January 2008	98.46	103.92	93.20
February 2008	97.36	103.11	91.31
March 2008	96.24	102.13	89.54
April 2008	95.09	101.21	88.16
May 2008	93.74	100.01	86.89
June 2008	92.15	98.50	85.64
July 2008	90.92	97.20	84.39
August 2008	90.11	96.34	83.47
September 2008	89.11	95.31	82.02
October 2008	88.59	95.02	80.85
November 2008	88.41	95.23	80.18
December 2008	87.47	94.85	78.69
January 2009	86.26	93.94	76.95
February 2009	85.25	93.02	75.78
March 2009	84.58	92.42	75.31
April 2009	84.05	91.63	75.30
May 2009	83.82	90.87	75.97
June 2009	83.55	89.71	76.48
July 2009	83.72	89.14	77.03
August 2009	83.41	88.36	77.06
September 2009	83.12	87.74	76.67
October 2009	82.72	87.02	76.10
November 2009	82.67	86.58	75.96
December 2009	82.51	86.44	75.36
January 2010	82.03	86.21	74.15
February 2010	81.05	86.18	73.15
March 2010	81.06	86.06	73.36
April 2010	81.32	86.06	74.22
May 2010	81.29	86.07	75.10
June 2010	80.95	86.03	75.81
July 2010	80.47	85.69	75.64
August 2010	79.76	85.18	75.01
September 2010	79.19	84.60	74.00
October 2010	78.67	83.83	73.00
November 2010	78.32	83.15	72.30
December 2010	78.08	82.49	71.50
January 2011	77.55	81.80	70.37
February 2011	76.69	81.17	69.27
March 2011	76.18	80.46	68.71
April 2011	75.88	79.72	69.13
May 2011	75.59	79.05	69.84
June 2011	75.58	78.66	70.86
July 2011	75.39	78.18	71.26
August 2011	74.98	77.70	71.15
September 2011	74.53	77.34	70.65
October 2011	74.15	77.10	70.08
November 2011	73.56	76.73	69.43
December 2011	73.27	76.51	69.04
January 2012	72.98	76.14	68.33
February 2012	72.78	75.96	67.92
March 2012	73.37	75.92	68.43
April 2012	73.94	76.01	69.58
May 2012	74.56	76.33	71.07
June 2012	75.06	76.65	72.40
July 2012	75.37	76.92	73.17
August 2012	75.44	76.93	73.35
September 2012	75.55	76.98	73.15
October 2012	75.69	77.06	72.83
November 2012	76.26	77.48	73.02
December 2012	76.75	77.89	73.23
January 2013	77.30	78.18	73.19
February 2013	77.52	78.36	73.11
March 2013	78.77	78.93	74.27
April 2013	79.65	79.52	75.69
May 2013	80.30	80.07	77.03
June 2013	80.83	80.58	78.02
July 2013	81.47	81.10	78.81
August 2013	82.05	81.58	79.26
September 2013	82.68	82.11	79.48
October 2013	83.07	82.60	79.39
November 2013	83.37	82.99	79.37
December 2013	83.68	83.30	79.32
January 2014	84.01	83.56	79.23
February 2014	84.27	83.96	79.34
March 2014	84.39	84.25	79.71
April 2014	84.39	84.54	80.29
May 2014	84.38	84.90	80.92
June 2014	84.49	85.24	81.49
July 2014	84.63	85.55	81.85
August 2014	84.97	85.90	82.15
September 2014	85.30	86.20	82.17
October 2014	85.70	86.45	82.25
November 2014	86.13	86.81	82.39
December 2014	86.63	87.29	82.59
January 2015	87.33	88.11	83.04
February 2015	87.45	88.38	83.14
March 2015	87.63	88.63	83.60
April 2015	87.81	89.01	84.34
May 2015	87.90	89.30	84.92
June 2015	88.02	89.60	85.46
July 2015	88.30	90.03	85.80
August 2015	88.71	90.55	86.11
September 2015	89.30	91.27	86.44
October 2015	89.81	91.90	86.56
November 2015	90.25	92.40	86.64
December 2015	90.73	93.03	86.88
January 2016	91.06	93.57	87.01
February 2016	91.31	94.21	87.31
March 2016	91.36	94.43	87.74
April 2016	91.37	94.52	88.25
May 2016	91.57	94.79	88.81
June 2016	91.72	95.08	89.19
July 2016	92.08	95.42	89.57
August 2016	92.46	95.62	89.73
September 2016	92.79	95.84	89.82
October 2016	93.05	96.09	89.85
November 2016	93.53	96.56	90.05
December 2016	93.85	96.92	90.08
January 2017	94.04	97.10	89.98
February 2017	94.15	97.52	90.21
March 2017	94.54	98.17	90.95
April 2017	94.70	98.59	91.55
May 2017	95.18	99.19	92.31
June 2017	95.53	99.63	92.87
July 2017	96.00	100.07	93.30
August 2017	96.38	100.30	93.44
September 2017	96.56	100.41	93.40
October 2017	96.93	100.82	93.55
November 2017	97.33	101.26	93.72
December 2017	97.79	101.74	93.77
January 2018	97.99	101.99	93.64
February 2018	98.21	102.34	93.97
March 2018	98.43	102.88	94.71
April 2018	98.59	103.31	95.29
May 2018	98.80	103.72	95.76
June 2018	99.09	104.05	96.09
July 2018	99.35	104.52	96.31
August 2018	99.67	104.98	96.41
September 2018	99.76	105.29	96.36
October 2018	99.93	105.49	96.36
November 2018	100.14	105.82	96.39
December 2018	100.34	106.20	96.29
January 2019	100.50	106.70	96.33
February 2019	100.52	107.08	96.51
March 2019	100.35	107.36	96.86
April 2019	100.30	107.53	97.28
May 2019	100.57	107.84	97.82
June 2019	100.77	108.10	98.15
July 2019	100.95	108.27	98.27
August 2019	101.33	108.60	98.51
September 2019	101.62	108.84	98.71
October 2019	101.79	109.05	98.78
November 2019	102.18	109.57	99.00
December 2019	102.43	109.97	98.94
January 2020	102.69	110.49	98.99
February 2020	103.03	111.08	99.44
March 2020	103.56	112.08	100.64
April 2020	104.37	113.33	101.87
May 2020	104.41	113.59	102.08
June 2020	104.38	113.42	102.34
July 2020	104.92	113.42	102.95
August 2020	106.08	113.83	103.49
September 2020	107.47	114.89	104.32
October 2020	109.21	116.40	105.38
November 2020	110.76	118.14	106.37
December 2020	111.76	119.34	106.82
January 2021	112.67	120.54	107.14
February 2021	113.69	121.83	107.92
March 2021	114.54	122.86	109.35
April 2021	115.71	124.10	111.10
May 2021	117.25	125.55	112.67
June 2021	118.92	127.08	114.16
July 2021	120.41	128.53	115.29
August 2021	121.82	129.50	116.00
September 2021	122.95	130.06	116.82
October 2021	123.64	130.23	117.29
November 2021	124.35	130.61	117.77
December 2021	125.40	131.33	118.42
January 2022	126.63	132.59	118.96
February 2022	128.31	134.13	120.38
March 2022	129.56	135.57	122.65
April 2022	131.28	137.98	125.30
May 2022	132.04	139.52	126.43
June 2022	131.20	140.11	125.58
July 2022	130.91	141.28	125.00
August 2022	129.53	141.10	123.41
September 2022	128.09	140.15	122.22
October 2022	127.26	139.14	121.53
November 2022	126.68	138.55	120.95
December 2022	125.99	137.82	120.20
January 2023	ND	136.71	ND

Note: Series are deflated by the personal consumption expenditures price index. CoreLogic is not seasonally adjusted. The data for S&P Case-Shiller and CoreLogic extend through December 2022.

Source: Bureau of Economic Analysis via Haver Analytics; CoreLogic Home Price Index; Zillow, Inc., Real Estate Data; S&P/Case-Shiller U.S. National Home Price Index. The S&P/Case-Shiller index is a product of S&P Dow Jones Indices LLC and/or its affiliates. (For Dow Jones Indices licensing information, see the note on the Contents page.)

Return to text

Figure 25. Private housing starts and permits

Monthly

Millions of units, annual rate

Period	Multifamily starts	Single-family starts	Single-family permits
January 2007	0.28	1.13	1.17
February 2007	0.29	1.19	1.14
March 2007	0.29	1.20	1.15
April 2007	0.29	1.20	1.06
May 2007	0.29	1.13	1.04
June 2007	0.32	1.13	1.00
July 2007	0.31	1.04	0.98
August 2007	0.37	0.96	0.92
September 2007	0.25	0.94	0.86
October 2007	0.39	0.88	0.82
November 2007	0.36	0.83	0.80
December 2007	0.23	0.81	0.74
January 2008	0.31	0.77	0.71
February 2008	0.38	0.72	0.66
March 2008	0.28	0.73	0.64
April 2008	0.33	0.68	0.66
May 2008	0.29	0.68	0.63
June 2008	0.40	0.65	0.61
July 2008	0.31	0.62	0.57
August 2008	0.24	0.61	0.54
September 2008	0.28	0.54	0.53
October 2008	0.24	0.54	0.47
November 2008	0.19	0.46	0.42
December 2008	0.16	0.40	0.36
January 2009	0.13	0.36	0.34
February 2009	0.22	0.36	0.38
March 2009	0.15	0.35	0.36
April 2009	0.09	0.39	0.39
May 2009	0.13	0.41	0.43
June 2009	0.10	0.48	0.46
July 2009	0.09	0.51	0.49
August 2009	0.10	0.49	0.49
September 2009	0.08	0.51	0.48
October 2009	0.06	0.48	0.47
November 2009	0.09	0.50	0.48
December 2009	0.10	0.48	0.51
January 2010	0.10	0.51	0.50
February 2010	0.08	0.53	0.51
March 2010	0.09	0.54	0.54
April 2010	0.12	0.57	0.48
May 2010	0.13	0.46	0.44
June 2010	0.09	0.45	0.43
July 2010	0.12	0.43	0.41
August 2010	0.18	0.42	0.40
September 2010	0.15	0.45	0.40
October 2010	0.11	0.44	0.41
November 2010	0.09	0.45	0.42
December 2010	0.11	0.43	0.45
January 2011	0.20	0.43	0.42
February 2011	0.13	0.39	0.38
March 2011	0.17	0.43	0.40
April 2011	0.14	0.42	0.40
May 2011	0.15	0.41	0.41
June 2011	0.17	0.44	0.41
July 2011	0.19	0.43	0.42
August 2011	0.16	0.42	0.43
September 2011	0.23	0.42	0.43
October 2011	0.17	0.44	0.44
November 2011	0.25	0.47	0.45
December 2011	0.17	0.52	0.46
January 2012	0.21	0.52	0.46
February 2012	0.24	0.47	0.49
March 2012	0.22	0.47	0.48
April 2012	0.25	0.50	0.49
May 2012	0.19	0.52	0.49
June 2012	0.23	0.52	0.50
July 2012	0.22	0.52	0.52
August 2012	0.22	0.54	0.52
September 2012	0.25	0.59	0.56
October 2012	0.30	0.61	0.57
November 2012	0.26	0.57	0.57
December 2012	0.36	0.62	0.58
January 2013	0.28	0.60	0.59
February 2013	0.31	0.65	0.61
March 2013	0.39	0.62	0.61
April 2013	0.25	0.59	0.62
May 2013	0.32	0.61	0.62
June 2013	0.23	0.61	0.63
July 2013	0.29	0.59	0.62
August 2013	0.29	0.63	0.64
September 2013	0.27	0.58	0.63
October 2013	0.33	0.60	0.62
November 2013	0.40	0.70	0.64
December 2013	0.36	0.65	0.60
January 2014	0.32	0.57	0.62
February 2014	0.35	0.59	0.61
March 2014	0.32	0.65	0.62
April 2014	0.40	0.65	0.62
May 2014	0.36	0.65	0.63
June 2014	0.31	0.60	0.65
July 2014	0.43	0.66	0.65
August 2014	0.34	0.64	0.65
September 2014	0.36	0.66	0.66
October 2014	0.38	0.70	0.65
November 2014	0.34	0.66	0.66
December 2014	0.35	0.72	0.67
January 2015	0.38	0.70	0.66
February 2015	0.30	0.58	0.63
March 2015	0.33	0.63	0.66
April 2015	0.45	0.74	0.68
May 2015	0.37	0.71	0.70
June 2015	0.51	0.70	0.71
July 2015	0.39	0.76	0.70
August 2015	0.40	0.73	0.72
September 2015	0.48	0.75	0.71
October 2015	0.35	0.71	0.72
November 2015	0.40	0.77	0.73
December 2015	0.38	0.77	0.72
January 2016	0.34	0.75	0.72
February 2016	0.37	0.86	0.72
March 2016	0.36	0.75	0.74
April 2016	0.39	0.78	0.75
May 2016	0.40	0.75	0.75
June 2016	0.43	0.77	0.75
July 2016	0.47	0.77	0.72
August 2016	0.44	0.73	0.75
September 2016	0.29	0.78	0.75
October 2016	0.45	0.86	0.77
November 2016	0.32	0.82	0.77
December 2016	0.45	0.80	0.81
January 2017	0.41	0.79	0.79
February 2017	0.41	0.86	0.81
March 2017	0.35	0.84	0.83
April 2017	0.32	0.83	0.80
May 2017	0.33	0.83	0.80
June 2017	0.38	0.87	0.83
July 2017	0.37	0.84	0.82
August 2017	0.29	0.87	0.81
September 2017	0.34	0.84	0.83
October 2017	0.38	0.88	0.85
November 2017	0.35	0.92	0.85
December 2017	0.35	0.82	0.86
January 2018	0.43	0.87	0.85
February 2018	0.39	0.89	0.87
March 2018	0.44	0.88	0.86
April 2018	0.37	0.92	0.88
May 2018	0.39	0.97	0.87
June 2018	0.33	0.87	0.87
July 2018	0.34	0.86	0.88
August 2018	0.39	0.90	0.84
September 2018	0.37	0.87	0.85
October 2018	0.35	0.87	0.84
November 2018	0.40	0.78	0.84
December 2018	0.32	0.77	0.81
January 2019	0.31	0.93	0.79
February 2019	0.35	0.78	0.80
March 2019	0.36	0.84	0.82
April 2019	0.40	0.88	0.81
May 2019	0.45	0.86	0.84
June 2019	0.37	0.86	0.85
July 2019	0.34	0.89	0.86
August 2019	0.47	0.90	0.90
September 2019	0.38	0.92	0.90
October 2019	0.43	0.90	0.92
November 2019	0.44	0.91	0.93
December 2019	0.53	1.01	0.92
January 2020	0.60	0.97	0.96
February 2020	0.53	1.04	1.00
March 2020	0.38	0.89	0.90
April 2020	0.25	0.69	0.68
May 2020	0.31	0.75	0.76
June 2020	0.37	0.90	0.87
July 2020	0.51	1.00	1.00
August 2020	0.35	1.03	1.06
September 2020	0.35	1.12	1.13
October 2020	0.36	1.17	1.14
November 2020	0.38	1.17	1.14
December 2020	0.34	1.31	1.21
January 2021	0.49	1.12	1.22
February 2021	0.38	1.05	1.13
March 2021	0.47	1.24	1.20
April 2021	0.44	1.06	1.15
May 2021	0.50	1.11	1.14
June 2021	0.50	1.17	1.09
July 2021	0.45	1.12	1.05
August 2021	0.48	1.10	1.06
September 2021	0.47	1.09	1.05
October 2021	0.48	1.08	1.08
November 2021	0.49	1.22	1.11
December 2021	0.56	1.21	1.12
January 2022	0.51	1.16	1.20
February 2022	0.56	1.21	1.20
March 2022	0.53	1.19	1.16
April 2022	0.63	1.17	1.11
May 2022	0.49	1.07	1.05
June 2022	0.56	1.01	0.97
July 2022	0.48	0.90	0.93
August 2022	0.59	0.92	0.90
September 2022	0.57	0.89	0.87
October 2022	0.57	0.86	0.84
November 2022	0.61	0.81	0.78
December 2022	0.49	0.88	0.73
January 2023	0.47	0.84	0.72

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

Return to text

Figure 26. Real business fixed investment

Quarterly

Billions of chained 2012 dollars

Period	Structures	Equipment and intangible capital
2005:Q1	467.31	1215.17
2005:Q2	465.40	1241.68
2005:Q3	463.37	1276.40
2005:Q4	468.16	1285.46
2006:Q1	485.66	1327.27
2006:Q2	500.69	1345.29
2006:Q3	510.14	1367.78
2006:Q4	510.32	1386.92
2007:Q1	529.39	1403.41
2007:Q2	558.80	1419.16
2007:Q3	585.61	1425.47
2007:Q4	600.60	1442.04
2008:Q1	603.28	1447.41
2008:Q2	613.27	1442.23
2008:Q3	609.55	1408.14
2008:Q4	595.50	1306.12
2009:Q1	551.28	1207.32
2009:Q2	508.95	1194.50
2009:Q3	474.32	1216.57
2009:Q4	434.14	1264.07
2010:Q1	405.11	1302.48
2010:Q2	416.76	1347.05
2010:Q3	410.71	1399.91
2010:Q4	418.56	1427.40
2011:Q1	387.83	1453.89
2011:Q2	414.76	1475.46
2011:Q3	439.40	1539.49
2011:Q4	454.53	1574.88
2012:Q1	476.04	1605.26
2012:Q2	487.37	1640.60
2012:Q3	481.81	1639.02
2012:Q4	472.52	1671.49
2013:Q1	462.12	1709.74
2013:Q2	475.77	1701.91
2013:Q3	499.77	1714.89
2013:Q4	504.17	1755.90
2014:Q1	521.89	1769.31
2014:Q2	540.34	1812.02
2014:Q3	542.16	1858.25
2014:Q4	550.96	1863.54
2015:Q1	545.06	1867.01
2015:Q2	549.09	1873.83
2015:Q3	531.81	1901.79
2015:Q4	510.55	1905.30
2016:Q1	491.89	1923.53
2016:Q2	501.50	1929.01
2016:Q3	521.42	1939.30
2016:Q4	529.01	1947.07
2017:Q1	534.87	1966.43
2017:Q2	538.58	1988.59
2017:Q3	526.57	2022.80
2017:Q4	533.32	2073.52
2018:Q1	553.44	2108.47
2018:Q2	564.91	2139.55
2018:Q3	560.31	2169.83
2018:Q4	542.33	2216.96
2019:Q1	543.40	2228.44
2019:Q2	563.26	2248.57
2019:Q3	586.87	2249.94
2019:Q4	578.10	2248.15
2020:Q1	573.08	2191.52
2020:Q2	498.07	2041.52
2020:Q3	484.60	2182.05
2020:Q4	485.71	2256.95
2021:Q1	487.98	2315.36
2021:Q2	484.88	2388.57
2021:Q3	476.56	2403.61
2021:Q4	460.68	2432.17
2022:Q1	455.61	2496.97
2022:Q2	440.35	2517.90
2022:Q3	436.35	2570.80
2022:Q4	445.36	2583.82

Note: Business fixed investment is known as "private nonresidential fixed investment" in the national income and product accounts. The data are quarterly.

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 27. Real imports and exports of goods and services

Quarterly

Billions of chained 2012 dollars

Period	Imports	Exports
2007:Q1	2653.06	1758.45
2007:Q2	2667.16	1785.06
2007:Q3	2682.10	1840.84
2007:Q4	2656.77	1883.06
2008:Q1	2666.73	1913.05
2008:Q2	2641.50	1969.20
2008:Q3	2608.16	1960.36
2008:Q4	2513.84	1844.98
2009:Q1	2274.90	1697.64
2009:Q2	2182.50	1708.83
2009:Q3	2272.54	1772.00
2009:Q4	2385.07	1871.49
2010:Q1	2448.04	1916.24
2010:Q2	2559.69	1958.37
2010:Q3	2649.15	2014.23
2010:Q4	2658.89	2069.35
2011:Q1	2671.87	2087.06
2011:Q2	2681.87	2122.32
2011:Q3	2711.62	2151.47
2011:Q4	2747.22	2167.65
2012:Q1	2760.75	2194.09
2012:Q2	2771.01	2215.75
2012:Q3	2785.88	2229.35
2012:Q4	2759.63	2231.61
2013:Q1	2757.27	2242.31
2013:Q2	2797.30	2262.52
2013:Q3	2817.40	2281.98
2013:Q4	2839.67	2347.58
2014:Q1	2876.34	2324.81
2014:Q2	2941.84	2375.12
2014:Q3	2947.35	2384.78
2014:Q4	3024.68	2404.43
2015:Q1	3068.49	2384.84
2015:Q2	3091.08	2391.15
2015:Q3	3117.76	2371.21
2015:Q4	3124.36	2367.67
2016:Q1	3119.98	2360.71
2016:Q2	3123.25	2378.61
2016:Q3	3145.98	2415.55
2016:Q4	3192.53	2398.55
2017:Q1	3241.84	2460.75
2017:Q2	3273.40	2468.95
2017:Q3	3270.76	2483.47
2017:Q4	3362.96	2548.00
2018:Q1	3391.26	2564.66
2018:Q2	3395.28	2578.61
2018:Q3	3441.07	2544.55
2018:Q4	3474.27	2552.44
2019:Q1	3485.93	2582.29
2019:Q2	3491.75	2567.28
2019:Q3	3476.38	2567.01
2019:Q4	3404.66	2571.85
2020:Q1	3295.49	2467.30
2020:Q2	2718.62	1951.37
2020:Q3	3184.18	2193.03
2020:Q4	3419.00	2315.03
2021:Q1	3482.04	2317.51
2021:Q2	3549.00	2345.13
2021:Q3	3606.28	2338.83
2021:Q4	3763.32	2465.67
2022:Q1	3925.63	2436.93
2022:Q2	3947.47	2516.93
2022:Q3	3872.91	2604.14
2022:Q4	3831.73	2593.37

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	18.92
2002	18.57	17.11
2003	19.15	15.80
2004	19.06	15.63
2005	19.25	16.77
2006	19.47	17.65
2007	19.07	17.95
2008	20.16	17.06
2009	24.31	14.55
2010	23.23	14.53
2011	23.30	14.89
2012	21.89	15.21
2013	20.73	16.65
2014	20.18	17.39
2015	20.41	17.97
2016	20.78	17.63
2017	20.69	17.23
2018	20.24	16.40
2019	21.02	16.37
2020	31.12	16.24
2021	30.12	17.86
2022	25.07	19.57

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 on a 4-quarter basis ending in Q3.

Source: Department of the Treasury, Financial Management Service; Office of Management and Budget and Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 29. Federal government debt and net interest outlays

Quarterly

Percent of nominal GDP

Period	Debt held by the public
1901:Q1	ND
1901:Q2	ND
1901:Q3	ND
1901:Q4	5.70
1902:Q1	ND
1902:Q2	ND
1902:Q3	ND
1902:Q4	5.40
1903:Q1	ND
1903:Q2	ND
1903:Q3	ND
1903:Q4	5.00
1904:Q1	ND
1904:Q2	ND
1904:Q3	ND
1904:Q4	4.70
1905:Q1	ND
1905:Q2	ND
1905:Q3	ND
1905:Q4	4.30
1906:Q1	ND
1906:Q2	ND
1906:Q3	ND
1906:Q4	4.00
1907:Q1	ND
1907:Q2	ND
1907:Q3	ND
1907:Q4	4.00
1908:Q1	ND
1908:Q2	ND
1908:Q3	ND
1908:Q4	4.30
1909:Q1	ND
1909:Q2	ND
1909:Q3	ND
1909:Q4	3.80
1910:Q1	ND
1910:Q2	ND
1910:Q3	ND
1910:Q4	3.70
1911:Q1	ND
1911:Q2	ND
1911:Q3	ND
1911:Q4	3.60
1912:Q1	ND
1912:Q2	ND
1912:Q3	ND
1912:Q4	3.40
1913:Q1	ND
1913:Q2	ND
1913:Q3	ND
1913:Q4	3.20
1914:Q1	ND
1914:Q2	ND
1914:Q3	ND
1914:Q4	3.50
1915:Q1	ND
1915:Q2	ND
1915:Q3	ND
1915:Q4	3.30
1916:Q1	ND
1916:Q2	ND
1916:Q3	ND
1916:Q4	2.70
1917:Q1	ND
1917:Q2	ND
1917:Q3	ND
1917:Q4	13.30
1918:Q1	ND
1918:Q2	ND
1918:Q3	ND
1918:Q4	30.20
1919:Q1	ND
1919:Q2	ND
1919:Q3	ND
1919:Q4	33.40
1920:Q1	ND
1920:Q2	ND
1920:Q3	ND
1920:Q4	27.30
1921:Q1	ND
1921:Q2	ND
1921:Q3	ND
1921:Q4	31.60
1922:Q1	ND
1922:Q2	ND
1922:Q3	ND
1922:Q4	31.10
1923:Q1	ND
1923:Q2	ND
1923:Q3	ND
1923:Q4	25.20
1924:Q1	ND
1924:Q2	ND
1924:Q3	ND
1924:Q4	23.50
1925:Q1	ND
1925:Q2	ND
1925:Q3	ND
1925:Q4	21.60
1926:Q1	ND
1926:Q2	ND
1926:Q3	ND
1926:Q4	19.00
1927:Q1	ND
1927:Q2	ND
1927:Q3	ND
1927:Q4	18.00
1928:Q1	ND
1928:Q2	ND
1928:Q3	ND
1928:Q4	17.00
1929:Q1	ND
1929:Q2	ND
1929:Q3	ND
1929:Q4	14.80
1930:Q1	ND
1930:Q2	ND
1930:Q3	ND
1930:Q4	16.30
1931:Q1	ND
1931:Q2	ND
1931:Q3	ND
1931:Q4	22.00
1932:Q1	ND
1932:Q2	ND
1932:Q3	ND
1932:Q4	34.00
1933:Q1	ND
1933:Q2	ND
1933:Q3	ND
1933:Q4	38.60
1934:Q1	ND
1934:Q2	ND
1934:Q3	ND
1934:Q4	43.50
1935:Q1	ND
1935:Q2	ND
1935:Q3	ND
1935:Q4	42.30
1936:Q1	ND
1936:Q2	ND
1936:Q3	ND
1936:Q4	42.40
1937:Q1	ND
1937:Q2	ND
1937:Q3	ND
1937:Q4	39.60
1938:Q1	ND
1938:Q2	ND
1938:Q3	ND
1938:Q4	42.20
1939:Q1	ND
1939:Q2	ND
1939:Q3	ND
1939:Q4	42.40
1940:Q1	ND
1940:Q2	ND
1940:Q3	ND
1940:Q4	43.60
1941:Q1	ND
1941:Q2	ND
1941:Q3	ND
1941:Q4	41.50
1942:Q1	ND
1942:Q2	ND
1942:Q3	ND
1942:Q4	45.90
1943:Q1	ND
1943:Q2	ND
1943:Q3	ND
1943:Q4	69.20
1944:Q1	ND
1944:Q2	ND
1944:Q3	ND
1944:Q4	86.40
1945:Q1	ND
1945:Q2	ND
1945:Q3	ND
1945:Q4	103.90
1946:Q1	ND
1946:Q2	ND
1946:Q3	ND
1946:Q4	106.10
1947:Q1	ND
1947:Q2	ND
1947:Q3	ND
1947:Q4	85.01
1948:Q1	ND
1948:Q2	ND
1948:Q3	ND
1948:Q4	76.72
1949:Q1	ND
1949:Q2	ND
1949:Q3	ND
1949:Q4	80.43
1950:Q1	ND
1950:Q2	ND
1950:Q3	ND
1950:Q4	67.67
1951:Q1	ND
1951:Q2	ND
1951:Q3	ND
1951:Q4	60.66
1952:Q1	59.65
1952:Q2	59.30
1952:Q3	59.68
1952:Q4	59.05
1953:Q1	58.21
1953:Q2	57.30
1953:Q3	56.89
1953:Q4	57.15
1954:Q1	57.64
1954:Q2	58.19
1954:Q3	58.24
1954:Q4	57.88
1955:Q1	57.03
1955:Q2	55.89
1955:Q3	54.64
1955:Q4	53.36
1956:Q1	52.47
1956:Q2	51.47
1956:Q3	50.55
1956:Q4	49.56
1957:Q1	48.56
1957:Q2	47.68
1957:Q3	46.93
1957:Q4	46.43
1958:Q1	46.40
1958:Q2	46.75
1958:Q3	46.76
1958:Q4	46.62
1959:Q1	46.10
1959:Q2	45.31
1959:Q3	44.97
1959:Q4	44.65
1960:Q1	44.13
1960:Q2	43.79
1960:Q3	43.28
1960:Q4	42.93
1961:Q1	42.85
1961:Q2	42.65
1961:Q3	42.49
1961:Q4	42.03
1962:Q1	41.55
1962:Q2	41.16
1962:Q3	40.64
1962:Q4	40.37
1963:Q1	40.19
1963:Q2	39.97
1963:Q3	39.65
1963:Q4	39.14
1964:Q1	38.55
1964:Q2	37.92
1964:Q3	37.45
1964:Q4	37.06
1965:Q1	36.64
1965:Q2	36.11
1965:Q3	35.40
1965:Q4	34.56
1966:Q1	33.75
1966:Q2	32.99
1966:Q3	32.38
1966:Q4	31.87
1967:Q1	31.57
1967:Q2	31.21
1967:Q3	31.06
1967:Q4	31.00
1968:Q1	30.88
1968:Q2	30.73
1968:Q3	30.56
1968:Q4	30.19
1969:Q1	29.71
1969:Q2	29.11
1969:Q3	28.41
1969:Q4	27.83
1970:Q1	27.40
1970:Q2	27.15
1970:Q3	26.98
1970:Q4	26.94
1971:Q1	26.70
1971:Q2	26.62
1971:Q3	26.56
1971:Q4	26.50
1972:Q1	26.54
1972:Q2	26.35
1972:Q3	26.08
1972:Q4	25.65
1973:Q1	25.29
1973:Q2	24.96
1973:Q3	24.55
1973:Q4	24.03
1974:Q1	23.59
1974:Q2	23.18
1974:Q3	22.84
1974:Q4	22.57
1975:Q1	22.56
1975:Q2	22.92
1975:Q3	23.46
1975:Q4	24.17
1976:Q1	24.75
1976:Q2	25.23
1976:Q3	25.68
1976:Q4	26.02
1977:Q1	26.26
1977:Q2	26.26
1977:Q3	26.18
1977:Q4	26.13
1978:Q1	26.15
1978:Q2	26.06
1978:Q3	25.92
1978:Q4	25.63
1979:Q1	25.19
1979:Q2	24.89
1979:Q3	24.55
1979:Q4	24.31
1980:Q1	24.11
1980:Q2	24.15
1980:Q3	24.36
1980:Q4	24.48
1981:Q1	24.59
1981:Q2	24.56
1981:Q3	24.37
1981:Q4	24.47
1982:Q1	24.83
1982:Q2	25.23
1982:Q3	26.05
1982:Q4	27.01
1983:Q1	27.97
1983:Q2	29.07
1983:Q3	29.91
1983:Q4	30.39
1984:Q1	30.70
1984:Q2	30.90
1984:Q3	31.19
1984:Q4	31.73
1985:Q1	32.26
1985:Q2	32.94
1985:Q3	33.53
1985:Q4	34.26
1986:Q1	34.97
1986:Q2	35.75
1986:Q3	36.62
1986:Q4	37.37
1987:Q1	38.05
1987:Q2	38.53
1987:Q3	38.77
1987:Q4	38.81
1988:Q1	38.91
1988:Q2	38.89
1988:Q3	38.93
1988:Q4	38.94
1989:Q1	38.85
1989:Q2	38.76
1989:Q3	38.67
1989:Q4	38.71
1990:Q1	38.83
1990:Q2	39.09
1990:Q3	39.49
1990:Q4	40.10
1991:Q1	40.82
1991:Q2	41.55
1991:Q3	42.36
1991:Q4	43.04
1992:Q1	43.72
1992:Q2	44.43
1992:Q3	45.03
1992:Q4	45.47
1993:Q1	45.90
1993:Q2	46.36
1993:Q3	46.74
1993:Q4	47.11
1994:Q1	47.34
1994:Q2	47.30
1994:Q3	47.21
1994:Q4	47.03
1995:Q1	46.95
1995:Q2	47.06
1995:Q3	47.08
1995:Q4	47.06
1996:Q1	47.05
1996:Q2	46.73
1996:Q3	46.48
1996:Q4	46.23
1997:Q1	45.87
1997:Q2	45.41
1997:Q3	44.81
1997:Q4	44.22
1998:Q1	43.57
1998:Q2	42.98
1998:Q3	42.30
1998:Q4	41.54
1999:Q1	40.72
1999:Q2	39.86
1999:Q3	39.04
1999:Q4	38.24
2000:Q1	37.39
2000:Q2	36.25
2000:Q3	35.14
2000:Q4	33.95
2001:Q1	32.96
2001:Q2	32.18
2001:Q3	31.75
2001:Q4	31.56
2002:Q1	31.38
2002:Q2	31.63
2002:Q3	31.86
2002:Q4	32.16
2003:Q1	32.48
2003:Q2	32.97
2003:Q3	33.37
2003:Q4	33.71
2004:Q1	34.17
2004:Q2	34.44
2004:Q3	34.71
2004:Q4	34.91
2005:Q1	35.10
2005:Q2	35.15
2005:Q3	35.16
2005:Q4	35.21
2006:Q1	35.21
2006:Q2	35.17
2006:Q3	35.14
2006:Q4	35.02
2007:Q1	34.95
2007:Q2	34.80
2007:Q3	34.74
2007:Q4	34.74
2008:Q1	34.93
2008:Q2	35.25
2008:Q3	36.34
2008:Q4	38.53
2009:Q1	41.30
2009:Q2	44.89
2009:Q3	48.21
2009:Q4	50.64
2010:Q1	52.83
2010:Q2	54.77
2010:Q3	56.61
2010:Q4	58.62
2011:Q1	60.30
2011:Q2	61.55
2011:Q3	62.85
2011:Q4	64.02
2012:Q1	65.19
2012:Q2	66.59
2012:Q3	67.69
2012:Q4	68.84
2013:Q1	69.90
2013:Q2	70.69
2013:Q3	71.12
2013:Q4	71.49
2014:Q1	71.95
2014:Q2	72.11
2014:Q3	72.41
2014:Q4	72.61
2015:Q1	72.40
2015:Q2	72.37
2015:Q3	72.28
2015:Q4	72.69
2016:Q1	73.39
2016:Q2	74.14
2016:Q3	75.09
2016:Q4	75.47
2017:Q1	75.33
2017:Q2	75.21
2017:Q3	75.09
2017:Q4	74.68
2018:Q1	75.05
2018:Q2	75.34
2018:Q3	75.63
2018:Q4	76.35
2019:Q1	76.49
2019:Q2	76.63
2019:Q3	77.11
2019:Q4	77.54
2020:Q1	78.78
2020:Q2	85.89
2020:Q3	90.98
2020:Q4	96.15
2021:Q1	100.27
2021:Q2	98.36
2021:Q3	97.42
2021:Q4	96.27
2022:Q1	95.77
2022:Q2	95.20
2022:Q3	95.12

Note: The data for net interest outlays are annual, begin in 1948, and extend through 2022. Net interest outlays are the cost of servicing the debt held by the public. 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. The data for federal debt are annual from 1901 to 1951 and a four-quarter moving average thereafter and extend through 2022:Q3. GDP is gross domestic product.

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

Annual

Percent of nominal GDP

Period	Net interest outlays on federal debt
1948	1.61
1949	1.65
1950	1.67
1951	1.38
1952	1.30
1953	1.33
1954	1.24
1955	1.17
1956	1.15
1957	1.14
1958	1.18
1959	1.12
1960	1.29
1961	1.22
1962	1.16
1963	1.23
1964	1.22
1965	1.19
1966	1.18
1967	1.21
1968	1.21
1969	1.27
1970	1.36
1971	1.30
1972	1.24
1973	1.25
1974	1.42
1975	1.41
1976	1.46
1977	1.48
1978	1.56
1979	1.66
1980	1.88
1981	2.19
1982	2.57
1983	2.54
1984	2.81
1985	3.04
1986	3.01
1987	2.91
1988	2.95
1989	3.04
1990	3.13
1991	3.19
1992	3.11
1993	2.93
1994	2.83
1995	3.07
1996	3.03
1997	2.89
1998	2.70
1999	2.42
2000	2.20
2001	1.96
2002	1.58
2003	1.36
2004	1.33
2005	1.43
2006	1.66
2007	1.66
2008	1.71
2009	1.29
2010	1.32
2011	1.49
2012	1.37
2013	1.33
2014	1.32
2015	1.23
2016	1.29
2017	1.36
2018	1.60
2019	1.77
2020	1.64
2021	1.56
2022	1.90

Note: The data for net interest outlays are annual, begin in 1948, and extend through 2022. Net interest outlays are the cost of servicing the debt held by the public. 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. The data for federal debt are annual from 1901 to 1951 and a four-quarter moving average thereafter and extend through 2022:Q3. GDP is gross domestic product.

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

Return to text

Figure 30. State and local tax receipts

Series: Total state taxes and property taxes

Horizon: June 2012 to December 2022

Description: A line chart with two curves over June 2012 to December 2022. Units are percent change from year earlier. The total state taxes data are monthly and extend from June 2012 to December 2022. The property taxes data are quarterly and extend from 2012:Q2 to 2022:Q3. The total state taxes series starts near 4 in June 2012, moves up to 8 in September 2013, and decreases to about 1.5 in September 2014. The series then climbs close to 6 in May 2015, before dropping below 1 in July 2016 and remaining below 1 through March 2017. The series then steadily increases to 8 by September 2018, falls sharply to 3.6 in January 2019, and rebounds almost to 7 by May 2019. By November 2019, the curve decreases to 5.4 before rising to about 8.3 in January 2020. The series plummets to about negative 4.5 in June 2020, then increases to negative 0.1 in July 2020 and remains between negative 1.0 and 0.0 through January 2021. From there, the series soars to a peak of above 25 in June 2021, drops to about 15 in July 2021, and then climbs above 26 in March 2022 before falling to nearly 15 in June 2022. The series then increases to about 20 by July 2022, falls steadily to about 16 in November 2022, and declines sharply to about 11.6 in December 2022.

The property taxes series starts around negative 0.7 in 2012:Q2 and gradually increases to about 5.2 by 2016:Q2. The series then moves down to 3.5 by 2017:Q2 and rises almost to 6 by 2017:Q4. The series decreases through 2018:Q4 to 1.8 and then increases to a peak of above 6 in 2019:Q4. The series lowers to 3.6 in 2020:Q2, strengthens to 6.6 by 2021:Q2, and wanes through the rest of 2021 and the first quarter of 2022 to just below 3.8 in 2022:Q1. The series then climbs to about 5.1 by 2022:Q3.

Note: State tax data are year-over-year percent changes of 12-month moving averages, begin in June 2012, extend through December 2022, and are aggregated over all states except Wyoming, for which data are not available. Revenues from Washington, D.C., are also excluded. The data extend only through September 2022 for New Mexico and November 2022 for Nevada and South Dakota, as these states have longer reporting lags than others. Property tax data are year-over-year percent changes of 4-quarter moving averages, begin in 2012:Q2, extend through 2022:Q3, and are primarily collected by local governments.

Source: Monthly State Government Tax Revenue Data via Urban Institute; U.S. Census Bureau, Quarterly Summary of State and Local Government Tax Revenue.

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Figure 31. State and local government payroll employment

Monthly

Millions of jobs

Period	State and local government payroll employment
January 2005	19.008
February 2005	19.016
March 2005	19.007
April 2005	19.029
May 2005	19.047
June 2005	19.030
July 2005	19.129
August 2005	19.132
September 2005	19.113
October 2005	19.094
November 2005	19.120
December 2005	19.146
January 2006	19.120
February 2006	19.145
March 2006	19.170
April 2006	19.186
May 2006	19.192
June 2006	19.186
July 2006	19.233
August 2006	19.278
September 2006	19.350
October 2006	19.337
November 2006	19.354
December 2006	19.358
January 2007	19.364
February 2007	19.399
March 2007	19.418
April 2007	19.443
May 2007	19.460
June 2007	19.478
July 2007	19.444
August 2007	19.488
September 2007	19.542
October 2007	19.563
November 2007	19.590
December 2007	19.620
January 2008	19.650
February 2008	19.670
March 2008	19.691
April 2008	19.695
May 2008	19.726
June 2008	19.758
July 2008	19.801
August 2008	19.801
September 2008	19.769
October 2008	19.777
November 2008	19.782
December 2008	19.781
January 2009	19.793
February 2009	19.781
March 2009	19.763
April 2009	19.755
May 2009	19.757
June 2009	19.762
July 2009	19.695
August 2009	19.712
September 2009	19.625
October 2009	19.681
November 2009	19.691
December 2009	19.651
January 2010	19.631
February 2010	19.604
March 2010	19.595
April 2010	19.585
May 2010	19.580
June 2010	19.547
July 2010	19.518
August 2010	19.475
September 2010	19.378
October 2010	19.431
November 2010	19.421
December 2010	19.396
January 2011	19.384
February 2011	19.339
March 2011	19.315
April 2011	19.314
May 2011	19.258
June 2011	19.304
July 2011	19.187
August 2011	19.167
September 2011	19.137
October 2011	19.148
November 2011	19.129
December 2011	19.118
January 2012	19.113
February 2012	19.119
March 2012	19.115
April 2012	19.105
May 2012	19.088
June 2012	19.106
July 2012	19.098
August 2012	19.096
September 2012	19.103
October 2012	19.079
November 2012	19.074
December 2012	19.081
January 2013	19.063
February 2013	19.075
March 2013	19.076
April 2013	19.075
May 2013	19.089
June 2013	19.069
July 2013	19.054
August 2013	19.077
September 2013	19.082
October 2013	19.091
November 2013	19.097
December 2013	19.079
January 2014	19.078
February 2014	19.094
March 2014	19.105
April 2014	19.125
May 2014	19.104
June 2014	19.166
July 2014	19.170
August 2014	19.120
September 2014	19.162
October 2014	19.182
November 2014	19.192
December 2014	19.204
January 2015	19.215
February 2015	19.231
March 2015	19.222
April 2015	19.242
May 2015	19.259
June 2015	19.261
July 2015	19.294
August 2015	19.300
September 2015	19.281
October 2015	19.297
November 2015	19.315
December 2015	19.321
January 2016	19.343
February 2016	19.360
March 2016	19.395
April 2016	19.399
May 2016	19.407
June 2016	19.383
July 2016	19.489
August 2016	19.481
September 2016	19.517
October 2016	19.491
November 2016	19.479
December 2016	19.489
January 2017	19.503
February 2017	19.514
March 2017	19.519
April 2017	19.537
May 2017	19.539
June 2017	19.555
July 2017	19.568
August 2017	19.508
September 2017	19.534
October 2017	19.559
November 2017	19.588
December 2017	19.590
January 2018	19.580
February 2018	19.629
March 2018	19.635
April 2018	19.644
May 2018	19.656
June 2018	19.684
July 2018	19.637
August 2018	19.667
September 2018	19.669
October 2018	19.674
November 2018	19.664
December 2018	19.703
January 2019	19.720
February 2019	19.726
March 2019	19.760
April 2019	19.782
May 2019	19.744
June 2019	19.743
July 2019	19.712
August 2019	19.759
September 2019	19.793
October 2019	19.837
November 2019	19.872
December 2019	19.887
January 2020	19.927
February 2020	20.016
March 2020	19.965
April 2020	19.047
May 2020	18.518
June 2020	18.523
July 2020	18.602
August 2020	18.853
September 2020	18.797
October 2020	18.789
November 2020	18.792
December 2020	18.776
January 2021	18.894
February 2021	18.912
March 2021	18.989
April 2021	19.030
May 2021	19.039
June 2021	19.110
July 2021	19.149
August 2021	19.210
September 2021	19.187
October 2021	19.160
November 2021	19.156
December 2021	19.183
January 2022	19.201
February 2022	19.208
March 2022	19.200
April 2022	19.230
May 2022	19.254
June 2022	19.259
July 2022	19.318
August 2022	19.366
September 2022	19.370
October 2022	19.391
November 2022	19.451
December 2022	19.442
January 2023	19.511

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 32. Market-implied federal funds rate path

Quarterly

Percent

Period	June 22, 2022	February 28, 2023
2022:Q1	ND	ND
2022:Q2	1.407	ND
2022:Q3	2.711	ND
2022:Q4	3.455	ND
2023:Q1	3.593	4.513
2023:Q2	3.527	5.189
2023:Q3	3.416	5.412
2023:Q4	3.239	5.344
2024:Q1	3.064	5.122
2024:Q2	2.963	4.751
2024:Q3	2.922	4.339
2024:Q4	2.884	3.967
2025:Q1	2.851	3.718
2025:Q2	2.822	3.573
2025:Q3	2.799	3.457
2025:Q4	2.780	3.364
2026:Q1	2.768	3.293
2026:Q2	2.761	3.237
2026:Q3	ND	3.194
2026:Q4	ND	3.160
2027:Q1	ND	3.129

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 June 22, 2022, is compared with that as of February 28, 2023. The path is estimated with a spline approach, assuming a term premium of 0 basis points. The June 22, 2022, path extends through 2026:Q2 and the February 28, 2023, path through 2027:Q1.

Source: Bloomberg; Federal Reserve Board staff estimates.

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Figure 33. Yields on nominal Treasury securities

Daily

Percent

Date	2-year	5-year	10-year
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

Monetary Policy Report – March 2023