Accessible Version
Accessible Version
Accessible Version
Figure 1. PCE and Core PCE Inflation
Monthly
Percent
| Period | PCE | Core PCE |
|---|---|---|
| Jan-61 | 1.58225796 | 1.327265832 |
| Feb-61 | 1.567662111 | 1.236437043 |
| Mar-61 | 1.450213648 | 1.261590866 |
| Apr-61 | 1.025674107 | 1.21521219 |
| May-61 | 0.979507669 | 1.181795323 |
| Jun-61 | 0.979066023 | 1.275365961 |
| Jul-61 | 1.01588118 | 1.254311696 |
| Aug-61 | 0.930740099 | 1.21492986 |
| Sep-61 | 0.987939441 | 1.332832739 |
| Oct-61 | 0.865051903 | 1.307066917 |
| Nov-61 | 0.530046619 | 1.054075968 |
| Dec-61 | 0.536329971 | 1.172947342 |
| Jan-62 | 0.70858602 | 1.266217565 |
| Feb-62 | 0.886536131 | 1.333499501 |
| Mar-62 | 1.078493937 | 1.538653211 |
| Apr-62 | 1.251516506 | 1.418351477 |
| May-62 | 1.257179324 | 1.428926441 |
| Jun-62 | 1.27575429 | 1.464019851 |
| Jul-62 | 0.999299854 | 1.393620316 |
| Aug-62 | 1.06207072 | 1.299344141 |
| Sep-62 | 1.442002287 | 1.296776584 |
| Oct-62 | 1.346801347 | 1.259336996 |
| Nov-62 | 1.410240122 | 1.314652512 |
| Dec-62 | 1.346373682 | 1.258016774 |
| Jan-63 | 1.400862069 | 1.330458885 |
| Feb-63 | 1.239094702 | 1.279055467 |
| Mar-63 | 1.022791843 | 1.104294479 |
| Apr-63 | 0.901809926 | 1.208366558 |
| May-63 | 1.002079788 | 1.24954061 |
| Jun-63 | 1.158909114 | 1.235020787 |
| Jul-63 | 1.417948072 | 1.240073305 |
| Aug-63 | 1.40960292 | 1.319325678 |
| Sep-63 | 0.895485002 | 1.304559863 |
| Oct-63 | 1.190998558 | 1.536304335 |
| Nov-63 | 1.265347031 | 1.553457204 |
| Dec-63 | 1.453816268 | 1.668696711 |
| Jan-64 | 1.419016066 | 1.616922983 |
| Feb-64 | 1.454976895 | 1.693989071 |
| Mar-64 | 1.599900006 | 1.729368932 |
| Apr-64 | 1.68125 | 1.696969697 |
| May-64 | 1.528765756 | 1.597096189 |
| Jun-64 | 1.450719133 | 1.497765431 |
| Jul-64 | 1.379481762 | 1.508477644 |
| Aug-64 | 1.315544524 | 1.549312756 |
| Sep-64 | 1.489572989 | 1.408111686 |
| Oct-64 | 1.356625163 | 1.2248574 |
| Nov-64 | 1.354695039 | 1.277744451 |
| Dec-64 | 1.352686844 | 1.275907512 |
| Jan-65 | 1.251232742 | 1.274152061 |
| Feb-65 | 1.15098172 | 1.200071646 |
| Mar-65 | 1.217936889 | 1.163137489 |
| Apr-65 | 1.30309177 | 1.191895113 |
| May-65 | 1.518038228 | 1.292128141 |
| Jun-65 | 1.669326132 | 1.196001428 |
| Jul-65 | 1.612013485 | 1.194792843 |
| Aug-65 | 1.561830097 | 1.25259721 |
| Sep-65 | 1.455479452 | 1.329219084 |
| Oct-65 | 1.424031292 | 1.251557032 |
| Nov-65 | 1.452548062 | 1.297162827 |
| Dec-65 | 1.669815345 | 1.460933341 |
| Jan-66 | 1.680160711 | 1.35262847 |
| Feb-66 | 2.056711695 | 1.480825959 |
| Mar-66 | 2.175630507 | 1.550707547 |
| Apr-66 | 2.366361264 | 1.79623086 |
| May-66 | 2.264196634 | 1.881135736 |
| Jun-66 | 2.221417361 | 2.234374081 |
| Jul-66 | 2.346483291 | 2.431860902 |
| Aug-66 | 2.713786033 | 2.427298311 |
| Sep-66 | 2.989752863 | 2.623565238 |
| Oct-66 | 3.229888521 | 2.993555946 |
| Nov-66 | 3.20640077 | 3.058121857 |
| Dec-66 | 3.05101001 | 3.060510668 |
| Jan-67 | 2.933604742 | 3.123725159 |
| Feb-67 | 2.629382304 | 3.057961746 |
| Mar-67 | 2.432641408 | 3.08308657 |
| Apr-67 | 2.252385751 | 2.99681805 |
| May-67 | 2.320625148 | 2.948473833 |
| Jun-67 | 2.391638124 | 2.875711739 |
| Jul-67 | 2.540225143 | 2.924647322 |
| Aug-67 | 2.465946454 | 3.050944476 |
| Sep-67 | 2.452300129 | 3.098607624 |
| Oct-67 | 2.469207869 | 3.145441101 |
| Nov-67 | 2.657962229 | 3.217021277 |
| Dec-67 | 2.605863192 | 3.15628712 |
| Jan-68 | 3.076833595 | 3.520768579 |
| Feb-68 | 3.375355836 | 3.779545326 |
| Mar-68 | 3.658111718 | 4.032893996 |
| Apr-68 | 3.808474871 | 4.128517666 |
| May-68 | 3.992131451 | 4.293240668 |
| Jun-68 | 3.996770287 | 4.438978029 |
| Jul-68 | 3.960225313 | 4.429462893 |
| Aug-68 | 4.062571625 | 4.515914014 |
| Sep-68 | 4.107397886 | 4.566336414 |
| Oct-68 | 4.272530477 | 4.604610125 |
| Nov-68 | 4.281171928 | 4.666886544 |
| Dec-68 | 4.33106576 | 4.721171245 |
| Jan-69 | 4.254598804 | 4.651162791 |
| Feb-69 | 4.096886591 | 4.560526173 |
| Mar-69 | 4.246022855 | 4.634542501 |
| Apr-69 | 4.377931651 | 4.649908296 |
| May-69 | 4.411928341 | 4.675408426 |
| Jun-69 | 4.580745342 | 4.625020074 |
| Jul-69 | 4.721623265 | 4.764445393 |
| Aug-69 | 4.581245526 | 4.650297619 |
| Sep-69 | 4.653204565 | 4.647469828 |
| Oct-69 | 4.550917832 | 4.670778639 |
| Nov-69 | 4.649896548 | 4.674124258 |
| Dec-69 | 4.911975657 | 4.749188397 |
| Jan-70 | 4.876596666 | 4.700052165 |
| Feb-70 | 5.026183664 | 4.741110418 |
| Mar-70 | 4.793121977 | 4.641415709 |
| Apr-70 | 4.863043013 | 4.654639175 |
| May-70 | 4.774337934 | 4.605195605 |
| Jun-70 | 4.539187613 | 4.620107444 |
| Jul-70 | 4.461221688 | 4.532491342 |
| Aug-70 | 4.449007529 | 4.601086791 |
| Sep-70 | 4.483011745 | 4.618108245 |
| Oct-70 | 4.64545122 | 4.683958701 |
| Nov-70 | 4.604578564 | 4.82163464 |
| Dec-70 | 4.588771494 | 4.95876031 |
| Jan-71 | 4.438251535 | 5.027153605 |
| Feb-71 | 4.328158733 | 5.02283105 |
| Mar-71 | 4.414931802 | 4.969589082 |
| Apr-71 | 4.295699199 | 4.945082008 |
| May-71 | 4.399125261 | 5.030674847 |
| Jun-71 | 4.590646241 | 5.071400626 |
| Jul-71 | 4.523400384 | 5.071616486 |
| Aug-71 | 4.551870148 | 4.855075982 |
| Sep-71 | 4.240477744 | 4.593144128 |
| Oct-71 | 3.884949566 | 4.243444792 |
| Nov-71 | 3.690624223 | 3.944093433 |
| Dec-71 | 3.639694959 | 3.748154498 |
| Jan-72 | 3.844443346 | 3.780834915 |
| Feb-72 | 3.95151754 | 3.667296786 |
| Mar-72 | 3.756813829 | 3.53778029 |
| Apr-72 | 3.507313017 | 3.393251044 |
| May-72 | 3.307677319 | 3.182242991 |
| Jun-72 | 3.006935351 | 2.983476844 |
| Jul-72 | 3.065615783 | 2.884035795 |
| Aug-72 | 3.066390242 | 2.95874427 |
| Sep-72 | 3.37473522 | 3.129478112 |
| Oct-72 | 3.331090175 | 3.027645729 |
| Nov-72 | 3.424953231 | 3.066863142 |
| Dec-72 | 3.349419466 | 3.052699229 |
| Jan-73 | 3.235783964 | 2.678612241 |
| Feb-73 | 3.369987677 | 2.726112327 |
| Mar-73 | 3.956834532 | 2.939169207 |
| Apr-73 | 4.569943289 | 3.295506128 |
| May-73 | 4.852171453 | 3.455459445 |
| Jun-73 | 5.292151231 | 3.692488475 |
| Jul-73 | 5.296739385 | 3.839740412 |
| Aug-73 | 6.202928381 | 4.101457097 |
| Sep-73 | 6.147254692 | 4.280591663 |
| Oct-73 | 6.62883193 | 4.623034538 |
| Nov-73 | 7.184267891 | 4.852113305 |
| Dec-73 | 7.720758206 | 5.118268074 |
| Jan-74 | 8.425904586 | 5.569158171 |
| Feb-74 | 9.115502774 | 5.906629981 |
| Mar-74 | 9.602076125 | 6.302762431 |
| Apr-74 | 9.562977358 | 6.481806996 |
| May-74 | 10.10073754 | 7.091577657 |
| Jun-74 | 10.40558065 | 7.723488646 |
| Jul-74 | 10.818036 | 8.215789245 |
| Aug-74 | 10.69902656 | 8.752376015 |
| Sep-74 | 11.40701092 | 9.176875134 |
| Oct-74 | 11.57403368 | 9.608220938 |
| Nov-74 | 11.49718736 | 9.8772797 |
| Dec-74 | 11.46351931 | 10.043224 |
| Jan-75 | 11.09127237 | 10.14168845 |
| Feb-75 | 10.40887507 | 10.21998743 |
| Mar-75 | 9.512732107 | 9.937216748 |
| Apr-75 | 9.111908592 | 9.65292394 |
| May-75 | 8.479699371 | 9.070470896 |
| Jun-75 | 8.238153098 | 8.488772001 |
| Jul-75 | 8.366838212 | 8.197641774 |
| Aug-75 | 7.711284418 | 7.535552554 |
| Sep-75 | 7.13188674 | 7.157480315 |
| Oct-75 | 6.987292278 | 6.855736552 |
| Nov-75 | 6.873132301 | 6.78275033 |
| Dec-75 | 6.618921104 | 6.677449168 |
| Jan-76 | 6.363845094 | 6.604387611 |
| Feb-76 | 5.926010505 | 6.276611922 |
| Mar-76 | 5.727724462 | 6.073900382 |
| Apr-76 | 5.610161803 | 5.972901769 |
| May-76 | 5.689434445 | 6.022561181 |
| Jun-76 | 5.493189642 | 5.937418416 |
| Jul-76 | 5.127444069 | 5.867744088 |
| Aug-76 | 5.249353528 | 6.113553249 |
| Sep-76 | 5.319070725 | 6.157689764 |
| Oct-76 | 5.259118485 | 6.149009286 |
| Nov-76 | 5.062096013 | 5.930633739 |
| Dec-76 | 5.070422535 | 5.862392607 |
| Jan-77 | 5.281525454 | 5.965378538 |
| Feb-77 | 5.968164996 | 6.192094437 |
| Mar-77 | 6.339468303 | 6.293008165 |
| Apr-77 | 6.71534937 | 6.399829527 |
| May-77 | 6.747657558 | 6.440438317 |
| Jun-77 | 6.877837684 | 6.64319662 |
| Jul-77 | 6.889006529 | 6.71545114 |
| Aug-77 | 6.798638166 | 6.624660586 |
| Sep-77 | 6.603608949 | 6.451166332 |
| Oct-77 | 6.541439533 | 6.443725031 |
| Nov-77 | 6.667357943 | 6.510559517 |
| Dec-77 | 6.58898742 | 6.482302394 |
| Jan-78 | 6.598776612 | 6.470089815 |
| Feb-78 | 6.262715313 | 6.228525231 |
| Mar-78 | 6.417004049 | 6.353146384 |
| Apr-78 | 6.60472293 | 6.515571281 |
| May-78 | 6.825084271 | 6.598698193 |
| Jun-78 | 6.923102453 | 6.556186452 |
| Jul-78 | 6.95347839 | 6.525804652 |
| Aug-78 | 6.996845011 | 6.572202814 |
| Sep-78 | 7.199685689 | 6.736458807 |
| Oct-78 | 7.554179567 | 7.001650112 |
| Nov-78 | 7.546741842 | 7.02352979 |
| Dec-78 | 7.526361614 | 6.888269767 |
| Jan-79 | 7.703404501 | 6.796332845 |
| Feb-79 | 7.776253231 | 6.735373395 |
| Mar-79 | 7.919599264 | 6.768434997 |
| Apr-79 | 8.225040118 | 7.063395068 |
| May-79 | 8.569732567 | 7.36160005 |
| Jun-79 | 8.756246702 | 7.364148956 |
| Jul-79 | 8.989596518 | 7.271775286 |
| Aug-79 | 9.269895875 | 7.407634336 |
| Sep-79 | 9.611508155 | 7.520560463 |
| Oct-79 | 9.632457655 | 7.51716005 |
| Nov-79 | 9.771015366 | 7.624289452 |
| Dec-79 | 10.17843755 | 7.978309066 |
| Jan-80 | 10.49796113 | 8.244657069 |
| Feb-80 | 11.10255803 | 8.966398289 |
| Mar-80 | 11.59518214 | 9.349521446 |
| Apr-80 | 11.01904347 | 8.903848968 |
| May-80 | 10.73638169 | 8.835819163 |
| Jun-80 | 10.52286089 | 8.948203722 |
| Jul-80 | 10.53958363 | 9.164776479 |
| Aug-80 | 10.61419536 | 9.229891614 |
| Sep-80 | 10.66064811 | 9.513017366 |
| Oct-80 | 10.64341385 | 9.612734483 |
| Nov-80 | 10.77594489 | 9.775318578 |
| Dec-80 | 10.56642805 | 9.647346078 |
| Jan-81 | 10.4703157 | 9.764560099 |
| Feb-81 | 10.39279433 | 9.474602612 |
| Mar-81 | 9.813883697 | 9.071507686 |
| Apr-81 | 9.721094671 | 9.207944742 |
| May-81 | 9.36281898 | 9.080971552 |
| Jun-81 | 9.110393802 | 8.901896387 |
| Jul-81 | 8.922256957 | 8.795139528 |
| Aug-81 | 8.698635359 | 8.73720493 |
| Sep-81 | 8.354525998 | 8.427969061 |
| Oct-81 | 7.980915745 | 8.184733804 |
| Nov-81 | 7.683540226 | 7.965480373 |
| Dec-81 | 7.318874474 | 7.718001923 |
| Jan-82 | 6.92984809 | 7.445874414 |
| Feb-82 | 6.177279969 | 7.078103208 |
| Mar-82 | 5.712573415 | 6.952321981 |
| Apr-82 | 5.305869155 | 6.694066399 |
| May-82 | 5.458001663 | 6.540708332 |
| Jun-82 | 5.800771543 | 6.544738186 |
| Jul-82 | 5.789498447 | 6.592529917 |
| Aug-82 | 5.456585776 | 6.370971615 |
| Sep-82 | 5.112355634 | 6.06942622 |
| Oct-82 | 5.225779587 | 6.109332385 |
| Nov-82 | 4.979291302 | 5.882907736 |
| Dec-82 | 4.814882782 | 5.828321744 |
| Jan-83 | 4.681549723 | 5.90254267 |
| Feb-83 | 4.544731158 | 5.886867935 |
| Mar-83 | 4.410630868 | 5.560187115 |
| Apr-83 | 4.834542158 | 5.462136415 |
| May-83 | 4.510837727 | 5.042556608 |
| Jun-83 | 4.145042949 | 5.005934989 |
| Jul-83 | 4.116168916 | 5.032658986 |
| Aug-83 | 4.238715971 | 5.090868044 |
| Sep-83 | 4.315433423 | 5.126071212 |
| Oct-83 | 3.90880911 | 4.648979683 |
| Nov-83 | 3.743643696 | 4.507192803 |
| Dec-83 | 3.643884184 | 4.253146574 |
| Jan-84 | 3.611728314 | 3.889146108 |
| Feb-84 | 4.131871955 | 4.15815486 |
| Mar-84 | 4.339421845 | 4.420507645 |
| Apr-84 | 4.26134521 | 4.595262571 |
| May-84 | 4.098395999 | 4.686919868 |
| Jun-84 | 3.89629916 | 4.445555531 |
| Jul-84 | 3.6821871 | 4.19338818 |
| Aug-84 | 3.5580604 | 4 |
| Sep-84 | 3.335805871 | 3.739997432 |
| Oct-84 | 3.404210304 | 3.788898144 |
| Nov-84 | 3.403617003 | 3.767313019 |
| Dec-84 | 3.638244858 | 4.100926222 |
| Jan-85 | 3.704482382 | 4.337768723 |
| Feb-85 | 3.489683402 | 4.222025391 |
| Mar-85 | 3.555296518 | 4.191352578 |
| Apr-85 | 3.311629064 | 3.826690644 |
| May-85 | 3.42549446 | 3.943003776 |
| Jun-85 | 3.522771909 | 4.041959789 |
| Jul-85 | 3.407218194 | 3.898203221 |
| Aug-85 | 3.431704762 | 4.065107825 |
| Sep-85 | 3.466026785 | 4.120777132 |
| Oct-85 | 3.394442853 | 4.053915012 |
| Nov-85 | 3.549026418 | 4.088463592 |
| Dec-85 | 3.604246042 | 3.959829007 |
| Jan-86 | 3.564043304 | 3.937760602 |
| Feb-86 | 3.085460599 | 3.668555241 |
| Mar-86 | 2.458340871 | 3.621478838 |
| Apr-86 | 2.101523454 | 3.685652139 |
| May-86 | 2.046496726 | 3.506412701 |
| Jun-86 | 2.148776835 | 3.47483396 |
| Jul-86 | 1.924379457 | 3.36099254 |
| Aug-86 | 1.715511079 | 3.066693132 |
| Sep-86 | 1.877143254 | 3.19309088 |
| Oct-86 | 1.889854155 | 3.377830515 |
| Nov-86 | 1.775848461 | 3.343920772 |
| Dec-86 | 1.575221239 | 3.197119641 |
| Jan-87 | 1.585623679 | 2.890354396 |
| Feb-87 | 1.941899616 | 2.834110827 |
| Mar-87 | 2.436631876 | 2.825507404 |
| Apr-87 | 3.029409452 | 3.074861117 |
| May-87 | 3.102372402 | 3.187899942 |
| Jun-87 | 3.108443628 | 3.160947318 |
| Jul-87 | 3.320694238 | 3.240124279 |
| Aug-87 | 3.599593972 | 3.377948965 |
| Sep-87 | 3.60923029 | 3.447481572 |
| Oct-87 | 3.75233064 | 3.537198936 |
| Nov-87 | 3.763086468 | 3.533521686 |
| Dec-87 | 3.812123676 | 3.616639976 |
| Jan-88 | 3.726827764 | 3.857126555 |
| Feb-88 | 3.517935325 | 3.858783335 |
| Mar-88 | 3.598651703 | 3.99500388 |
| Apr-88 | 3.715010781 | 4.059172713 |
| May-88 | 3.753187926 | 4.121095952 |
| Jun-88 | 3.801596481 | 4.274737631 |
| Jul-88 | 4.065225205 | 4.430072152 |
| Aug-88 | 3.962541453 | 4.336891522 |
| Sep-88 | 4.118232521 | 4.481184591 |
| Oct-88 | 4.12766754 | 4.432578249 |
| Nov-88 | 4.172194092 | 4.500783627 |
| Dec-88 | 4.304364043 | 4.627500046 |
| Jan-89 | 4.434495058 | 4.662491301 |
| Feb-89 | 4.626400534 | 4.713257063 |
| Mar-89 | 4.656794779 | 4.578541272 |
| Apr-89 | 4.843991464 | 4.422390844 |
| May-89 | 4.921671497 | 4.378508131 |
| Jun-89 | 4.705366602 | 4.216315307 |
| Jul-89 | 4.44812041 | 4.059568984 |
| Aug-89 | 4.152242864 | 3.94593533 |
| Sep-89 | 3.877786595 | 3.750865789 |
| Oct-89 | 3.944269663 | 3.733125741 |
| Nov-89 | 3.929762887 | 3.724680641 |
| Dec-89 | 3.906808754 | 3.675436128 |
| Jan-90 | 4.159032287 | 3.550181971 |
| Feb-90 | 4.271125137 | 3.789029094 |
| Mar-90 | 4.276478485 | 3.977865943 |
| Apr-90 | 3.804242924 | 3.938537313 |
| May-90 | 3.65928283 | 3.945844068 |
| Jun-90 | 3.890303897 | 4.07332678 |
| Jul-90 | 3.898431925 | 4.068047337 |
| Aug-90 | 4.576619218 | 4.356115911 |
| Sep-90 | 4.98489426 | 4.358171143 |
| Oct-90 | 5.174769539 | 4.333884805 |
| Nov-90 | 5.078954181 | 4.182897579 |
| Dec-90 | 4.873264158 | 4.031957119 |
| Jan-91 | 4.481410005 | 4.149980568 |
| Feb-91 | 4.075768139 | 3.933207776 |
| Mar-91 | 3.706401504 | 3.651638384 |
| Apr-91 | 3.676657031 | 3.550690783 |
| May-91 | 3.872491145 | 3.646344506 |
| Jun-91 | 3.59013971 | 3.468160201 |
| Jul-91 | 3.497546023 | 3.52225583 |
| Aug-91 | 3.053447817 | 3.375964973 |
| Sep-91 | 2.776813032 | 3.428196506 |
| Oct-91 | 2.382792587 | 3.305433859 |
| Nov-91 | 2.478320851 | 3.37328152 |
| Dec-91 | 2.638444499 | 3.484371688 |
| Jan-92 | 2.38815241 | 3.251293866 |
| Feb-92 | 2.596065874 | 3.247205009 |
| Mar-92 | 2.822560886 | 3.288878843 |
| Apr-92 | 2.913650297 | 3.420883016 |
| May-92 | 2.625596727 | 3.155343701 |
| Jun-92 | 2.634138434 | 3.012395503 |
| Jul-92 | 2.811270979 | 3.087878401 |
| Aug-92 | 2.709466987 | 2.899496847 |
| Sep-92 | 2.524781153 | 2.65641107 |
| Oct-92 | 2.695149374 | 2.82463525 |
| Nov-92 | 2.671602801 | 2.857278241 |
| Dec-92 | 2.594599779 | 2.795109346 |
| Jan-93 | 2.704428622 | 2.814223535 |
| Feb-93 | 2.598850264 | 2.73137556 |
| Mar-93 | 2.56080319 | 2.699576384 |
| Apr-93 | 2.557074732 | 2.661140801 |
| May-93 | 2.737211841 | 2.864344281 |
| Jun-93 | 2.590223486 | 2.88232825 |
| Jul-93 | 2.416409546 | 2.707307251 |
| Aug-93 | 2.454055244 | 2.805415861 |
| Sep-93 | 2.393546058 | 2.793140738 |
| Oct-93 | 2.353842785 | 2.566983179 |
| Nov-93 | 2.346091409 | 2.607453817 |
| Dec-93 | 2.190850162 | 2.463137243 |
| Jan-94 | 1.977243052 | 2.246607165 |
| Feb-94 | 2.059631532 | 2.272831277 |
| Mar-94 | 2.131317669 | 2.397260274 |
| Apr-94 | 1.980442742 | 2.253722056 |
| May-94 | 1.814177691 | 2.135704994 |
| Jun-94 | 2.02755754 | 2.265137434 |
| Jul-94 | 2.185708357 | 2.267997708 |
| Aug-94 | 2.246432408 | 2.191516903 |
| Sep-94 | 2.253287961 | 2.192731973 |
| Oct-94 | 2.105649191 | 2.265668372 |
| Nov-94 | 2.10624247 | 2.189496999 |
| Dec-94 | 2.148455369 | 2.178043052 |
| Jan-95 | 2.321504786 | 2.351200263 |
| Feb-95 | 2.265952917 | 2.296896207 |
| Mar-95 | 2.173286622 | 2.199925678 |
| Apr-95 | 2.320684693 | 2.284196153 |
| May-95 | 2.32941568 | 2.230252051 |
| Jun-95 | 2.180408015 | 2.092322241 |
| Jul-95 | 1.987033889 | 2.039281607 |
| Aug-95 | 1.971966263 | 2.169558429 |
| Sep-95 | 1.929303832 | 2.148624204 |
| Oct-95 | 2.020322952 | 2.15678507 |
| Nov-95 | 1.823803549 | 2.035675581 |
| Dec-95 | 1.95399382 | 2.144791743 |
| Jan-96 | 1.973870425 | 2.006571742 |
| Feb-96 | 1.95401957 | 1.972677038 |
| Mar-96 | 2.073623274 | 1.959130245 |
| Apr-96 | 2.111122626 | 1.860262642 |
| May-96 | 2.130049814 | 1.864352764 |
| Jun-96 | 2.029032592 | 1.854049673 |
| Jul-96 | 2.116456742 | 1.884365833 |
| Aug-96 | 1.994172014 | 1.728487609 |
| Sep-96 | 2.211927348 | 1.903308474 |
| Oct-96 | 2.2560913 | 1.897252503 |
| Nov-96 | 2.44099224 | 1.964921346 |
| Dec-96 | 2.363103953 | 1.860398452 |
| Jan-97 | 2.268743061 | 1.853999341 |
| Feb-97 | 2.320595099 | 1.930225908 |
| Mar-97 | 2.120203004 | 1.937177256 |
| Apr-97 | 1.915242196 | 1.998660911 |
| May-97 | 1.693394315 | 1.89564698 |
| Jun-97 | 1.825129177 | 1.968084351 |
| Jul-97 | 1.671071826 | 1.846677541 |
| Aug-97 | 1.655051008 | 1.717541025 |
| Sep-97 | 1.612972849 | 1.62051427 |
| Oct-97 | 1.4388386 | 1.533517506 |
| Nov-97 | 1.264445176 | 1.431567686 |
| Dec-97 | 1.125668679 | 1.452130354 |
| Jan-98 | 1.044211128 | 1.498369504 |
| Feb-98 | 0.781172043 | 1.377472296 |
| Mar-98 | 0.690637237 | 1.244052617 |
| Apr-98 | 0.716988648 | 1.231843575 |
| May-98 | 0.900913723 | 1.25607101 |
| Jun-98 | 0.686547646 | 0.979681708 |
| Jul-98 | 0.87507458 | 1.194869581 |
| Aug-98 | 0.933995742 | 1.433586893 |
| Sep-98 | 0.632965166 | 1.206779095 |
| Oct-98 | 0.722649621 | 1.250763507 |
| Nov-98 | 0.721194638 | 1.237891698 |
| Dec-98 | 0.844401069 | 1.353675451 |
| Jan-99 | 0.935874237 | 1.343304251 |
| Feb-99 | 0.932120681 | 1.221773301 |
| Mar-99 | 0.992787442 | 1.144452584 |
| Apr-99 | 1.354558038 | 1.218233492 |
| May-99 | 1.282177869 | 1.21705811 |
| Jun-99 | 1.399025905 | 1.397993403 |
| Jul-99 | 1.418110125 | 1.29498383 |
| Aug-99 | 1.462563987 | 1.146867746 |
| Sep-99 | 1.885544627 | 1.431416993 |
| Oct-99 | 1.833677323 | 1.406693448 |
| Nov-99 | 1.920646955 | 1.48594928 |
| Dec-99 | 2.054756094 | 1.439597132 |
| Jan-00 | 2.189136951 | 1.538671768 |
| Feb-00 | 2.568737913 | 1.72237031 |
| Mar-00 | 2.930879964 | 1.900870492 |
| Apr-00 | 2.350990147 | 1.706535814 |
| May-00 | 2.368948805 | 1.718526588 |
| Jun-00 | 2.684264751 | 1.742112856 |
| Jul-00 | 2.668814308 | 1.79197348 |
| Aug-00 | 2.475467095 | 1.872572717 |
| Sep-00 | 2.548096179 | 1.850020992 |
| Oct-00 | 2.514856127 | 1.818476806 |
| Nov-00 | 2.566327796 | 1.900478159 |
| Dec-00 | 2.484779352 | 1.871087848 |
| Jan-01 | 2.701443237 | 2.005221651 |
| Feb-01 | 2.537197196 | 2.035879863 |
| Mar-01 | 2.108700088 | 1.932464328 |
| Apr-01 | 2.373236752 | 2.02768806 |
| May-01 | 2.55764914 | 1.942514425 |
| Jun-01 | 2.391734686 | 2.092195735 |
| Jul-01 | 2.101732509 | 2.122122122 |
| Aug-01 | 2.096464414 | 2.04209488 |
| Sep-01 | 1.313095944 | 1.21670678 |
| Oct-01 | 1.531881699 | 1.787326712 |
| Nov-01 | 1.321568153 | 1.814663114 |
| Dec-01 | 1.062075069 | 1.738727405 |
| Jan-02 | 0.665937116 | 1.418280648 |
| Feb-02 | 0.679565078 | 1.432898723 |
| Mar-02 | 0.943308241 | 1.448512676 |
| Apr-02 | 1.187705321 | 1.569683436 |
| May-02 | 0.988260264 | 1.658612176 |
| Jun-02 | 0.936200641 | 1.593333159 |
| Jul-02 | 1.192163512 | 1.538260472 |
| Aug-02 | 1.40294632 | 1.687719619 |
| Sep-02 | 1.932816675 | 2.435691952 |
| Oct-02 | 1.760451439 | 1.805515694 |
| Nov-02 | 1.929985021 | 1.697695613 |
| Dec-02 | 2.133673023 | 1.768886344 |
| Jan-03 | 2.346515358 | 1.780905673 |
| Feb-03 | 2.604621615 | 1.726869044 |
| Mar-03 | 2.589654581 | 1.768901569 |
| Apr-03 | 1.988696109 | 1.598448109 |
| May-03 | 1.804807566 | 1.631551072 |
| Jun-03 | 1.788127255 | 1.527071994 |
| Jul-03 | 1.862736115 | 1.57416465 |
| Aug-03 | 2.00671518 | 1.48885606 |
| Sep-03 | 2.141338793 | 1.464628328 |
| Oct-03 | 1.968211817 | 1.56590379 |
| Nov-03 | 1.996176704 | 1.605346033 |
| Dec-03 | 2.122877447 | 1.637100797 |
| Jan-04 | 2.212406575 | 1.82898773 |
| Feb-04 | 2.000619147 | 1.853270026 |
| Mar-04 | 1.89642972 | 1.860488824 |
| Apr-04 | 2.259224415 | 2.012448925 |
| May-04 | 2.709537572 | 2.005745227 |
| Jun-04 | 2.890910966 | 2.110063772 |
| Jul-04 | 2.684537884 | 1.975543306 |
| Aug-04 | 2.39116792 | 1.899903802 |
| Sep-04 | 2.273916985 | 1.949086129 |
| Oct-04 | 2.700011489 | 1.98208428 |
| Nov-04 | 2.965626275 | 2.062544098 |
| Dec-04 | 2.793715413 | 2.066266501 |
| Jan-05 | 2.532030567 | 2.171430006 |
| Feb-05 | 2.598732881 | 2.175438596 |
| Mar-05 | 2.747509438 | 2.255610879 |
| Apr-05 | 2.844503819 | 2.107509171 |
| May-05 | 2.568966384 | 2.176892788 |
| Jun-05 | 2.341195776 | 2.086365842 |
| Jul-05 | 2.679431825 | 2.11496881 |
| Aug-05 | 3.040802542 | 2.15887212 |
| Sep-05 | 3.830020973 | 2.193265225 |
| Oct-05 | 3.551362371 | 2.265220027 |
| Nov-05 | 2.938408579 | 2.306030492 |
| Dec-05 | 2.883627678 | 2.280881283 |
| Jan-06 | 3.246937842 | 2.142479822 |
| Feb-06 | 3.02223537 | 2.137706044 |
| Mar-06 | 2.913671275 | 2.167928845 |
| Apr-06 | 3.102827102 | 2.36218548 |
| May-06 | 3.321534863 | 2.408565958 |
| Jun-06 | 3.511627907 | 2.595788242 |
| Jul-06 | 3.427345635 | 2.545755452 |
| Aug-06 | 3.335882589 | 2.671351969 |
| Sep-06 | 2.080026932 | 2.60600546 |
| Oct-06 | 1.67697017 | 2.496915148 |
| Nov-06 | 1.924673106 | 2.28421802 |
| Dec-06 | 2.286752234 | 2.315601683 |
| Jan-07 | 2.133263102 | 2.500451019 |
| Feb-07 | 2.389213247 | 2.556466816 |
| Mar-07 | 2.564898622 | 2.376989307 |
| Apr-07 | 2.330777916 | 2.210973688 |
| May-07 | 2.352983013 | 2.075642461 |
| Jun-07 | 2.317634121 | 1.987266291 |
| Jul-07 | 2.124726013 | 2.041106945 |
| Aug-07 | 1.873715125 | 1.984841307 |
| Sep-07 | 2.534687051 | 2.102325801 |
| Oct-07 | 3.088474888 | 2.183509194 |
| Nov-07 | 3.599627055 | 2.335842201 |
| Dec-07 | 3.471634208 | 2.403393025 |
| Jan-08 | 3.387406817 | 2.193044213 |
| Feb-08 | 3.272922728 | 2.072405395 |
| Mar-08 | 3.191142571 | 2.169742906 |
| Apr-08 | 3.139518677 | 2.083722669 |
| May-08 | 3.282143933 | 2.14893195 |
| Jun-08 | 3.81143894 | 2.214095203 |
| Jul-08 | 4.135655024 | 2.244499232 |
| Aug-08 | 3.980627306 | 2.217938594 |
| Sep-08 | 3.667838353 | 2.043983278 |
| Oct-08 | 2.671843148 | 1.634402144 |
| Nov-08 | 0.925029334 | 1.390265834 |
| Dec-08 | 0.129569013 | 1.137827888 |
| Jan-09 | -0.111103553 | 0.905928146 |
| Feb-09 | -0.131248444 | 0.887838675 |
| Mar-09 | -0.525751678 | 0.762458643 |
| Apr-09 | -0.567573959 | 0.92791762 |
| May-09 | -0.889212828 | 0.822302676 |
| Jun-09 | -1.01862469 | 0.720145852 |
| Jul-09 | -1.466009197 | 0.62558293 |
| Aug-09 | -1.100119771 | 0.650944039 |
| Sep-09 | -1.022748679 | 0.725180444 |
| Oct-09 | 0.013385238 | 1.239899535 |
| Nov-09 | 1.460612012 | 1.373476442 |
| Dec-09 | 2.089718268 | 1.509515522 |
| Jan-10 | 2.301720616 | 1.690903712 |
| Feb-10 | 2.116330184 | 1.698653811 |
| Mar-10 | 2.372716034 | 1.776969835 |
| Apr-10 | 2.28212243 | 1.602974686 |
| May-10 | 2.208469571 | 1.636855877 |
| Jun-10 | 1.562218823 | 1.55557064 |
| Jul-10 | 1.637390072 | 1.470588235 |
| Aug-10 | 1.482395156 | 1.417623224 |
| Sep-10 | 1.419551296 | 1.296828348 |
| Oct-10 | 1.358419861 | 1.078781348 |
| Nov-10 | 1.307196814 | 1.121579183 |
| Dec-10 | 1.477668197 | 1.056748398 |
| Jan-11 | 1.559865093 | 1.123444633 |
| Feb-11 | 1.845030732 | 1.211904389 |
| Mar-11 | 2.110546083 | 1.214570379 |
| Apr-11 | 2.488096556 | 1.394700139 |
| May-11 | 2.766247136 | 1.523561143 |
| Jun-11 | 2.788451955 | 1.586329052 |
| Jul-11 | 2.875699838 | 1.73445176 |
| Aug-11 | 2.976729796 | 1.839630516 |
| Sep-11 | 3.019030378 | 1.85082197 |
| Oct-11 | 2.693632332 | 1.744721966 |
| Nov-11 | 2.699259845 | 1.827861579 |
| Dec-11 | 2.526624885 | 1.974960911 |
| Jan-12 | 2.569312447 | 2.061479219 |
| Feb-12 | 2.513154025 | 2.025847785 |
| Mar-12 | 2.298027472 | 2.044845423 |
| Apr-12 | 1.999848742 | 1.965337001 |
| May-12 | 1.576940477 | 1.826744684 |
| Jun-12 | 1.546019673 | 1.819258479 |
| Jul-12 | 1.410026135 | 1.773865055 |
| Aug-12 | 1.511867462 | 1.635922542 |
| Sep-12 | 1.677971005 | 1.691602053 |
| Oct-12 | 1.976877498 | 1.889449211 |
| Nov-12 | 1.699101796 | 1.783069014 |
| Dec-12 | 1.624382841 | 1.689865159 |
| Jan-13 | 1.470807506 | 1.591586708 |
| Feb-13 | 1.604607668 | 1.560131653 |
| Mar-13 | 1.276992915 | 1.480744912 |
| Apr-13 | 1.04122532 | 1.377062626 |
| May-13 | 1.229030137 | 1.392916824 |
| Jun-13 | 1.505506398 | 1.46365105 |
| Jul-13 | 1.595112846 | 1.487960751 |
| Aug-13 | 1.40478833 | 1.5332509 |
| Sep-13 | 1.141285448 | 1.529226044 |
| Oct-13 | 0.97610692 | 1.454818148 |
| Nov-13 | 1.19547046 | 1.514259725 |
| Dec-13 | 1.388100196 | 1.547361892 |
| Jan-14 | 1.405405405 | 1.452461501 |
| Feb-14 | 1.093982053 | 1.390117798 |
| Mar-14 | 1.389703418 | 1.447423076 |
| Apr-14 | 1.673113816 | 1.571265848 |
| May-14 | 1.766166288 | 1.623656257 |
| Jun-14 | 1.651458614 | 1.563544884 |
| Jul-14 | 1.66924169 | 1.610321322 |
| Aug-14 | 1.506243876 | 1.5397486 |
| Sep-14 | 1.497249312 | 1.554848059 |
| Oct-14 | 1.332944861 | 1.470914332 |
| Nov-14 | 1.085759408 | 1.392578537 |
| Dec-14 | 0.732258801 | 1.35634629 |
| Jan-15 | 0.041401867 | 1.209711352 |
| Feb-15 | 0.170701428 | 1.277481626 |
| Mar-15 | 0.199349274 | 1.280839895 |
| Apr-15 | 0.110324064 | 1.294372884 |
| May-15 | 0.185286216 | 1.247201122 |
| Jun-15 | 0.270428676 | 1.254154386 |
| Jul-15 | 0.21973283 | 1.178950004 |
| Aug-15 | 0.239271301 | 1.221254628 |
| Sep-15 | 0.06569965 | 1.232124816 |
| Oct-15 | 0.095498234 | 1.177988678 |
| Nov-15 | 0.253877543 | 1.196702051 |
| Dec-15 | 0.345963756 | 1.191700693 |
| Jan-16 | 0.871148633 | 1.406240256 |
| Feb-16 | 0.640330493 | 1.465885968 |
| Mar-16 | 0.685510473 | 1.457447911 |
| Apr-16 | 0.925906853 | 1.51994868 |
| May-16 | 0.84868536 | 1.568732819 |
| Jun-16 | 0.829607449 | 1.552403955 |
| Jul-16 | 0.755084268 | 1.599331807 |
| Aug-16 | 0.888210466 | 1.696958457 |
| Sep-16 | 1.219774921 | 1.685254537 |
| Oct-16 | 1.427003293 | 1.78240836 |
| Nov-16 | 1.397404089 | 1.718859162 |
| Dec-16 | 1.657158102 | 1.770093228 |
| Jan-17 | 2.00521047 | 1.863334939 |
| Feb-17 | 2.197136846 | 1.867275108 |
| Mar-17 | 1.906361021 | 1.678654624 |
| Apr-17 | 1.767473187 | 1.636821346 |
| May-17 | 1.55777205 | 1.545521143 |
| Jun-17 | 1.465547928 | 1.576443803 |
| Jul-17 | 1.485631775 | 1.503110759 |
| Aug-17 | 1.571908732 | 1.43359371 |
| Sep-17 | 1.757444307 | 1.422587369 |
| Oct-17 | 1.682040701 | 1.541011105 |
| Nov-17 | 1.793712905 | 1.545376496 |
| Dec-17 | 1.766409948 | 1.576876513 |
| Jan-18 | 1.757649496 | 1.632037028 |
| Feb-18 | 1.837607696 | 1.644218118 |
| Mar-18 | 1.998292058 | 1.909183171 |
| Apr-18 | 2.046628228 | 1.884219287 |
| May-18 | 2.266206537 | 1.980902378 |
| Jun-18 | 2.26830784 | 1.936219818 |
| Jul-18 | 2.338607056 | 1.99580042 |
| Aug-18 | 2.180411289 | 1.895763 |
| Sep-18 | 2.009960159 | 1.960295291 |
| Oct-18 | 2.053098049 | 1.87090739 |
| Nov-18 | 1.941892227 | 2.010245188 |
| Dec-18 | 1.864690888 | 2.038079914 |
| Jan-19 | 1.497050366 | 1.852346867 |
| Feb-19 | 1.425810523 | 1.740152967 |
| Mar-19 | 1.509002797 | 1.607193918 |
| Apr-19 | 1.577147574 | 1.645636897 |
| May-19 | 1.456724968 | 1.57300059 |
| Jun-19 | 1.411363436 | 1.682503534 |
| Jul-19 | 1.440222446 | 1.666568633 |
| Aug-19 | 1.421610833 | 1.759527917 |
| Sep-19 | 1.304458201 | 1.647668901 |
| Oct-19 | 1.331448901 | 1.643123693 |
| Nov-19 | 1.33196921 | 1.472366317 |
| Dec-19 | 1.539420259 | 1.5028958 |
| Jan-20 | 1.697918492 | 1.552324112 |
| Feb-20 | 1.642005794 | 1.65599899 |
| Mar-20 | 1.146949231 | 1.49152345 |
| Apr-20 | 0.411140455 | 0.932470903 |
| May-20 | 0.448629938 | 0.950851704 |
| Jun-20 | 0.705525326 | 0.908423918 |
| Jul-20 | 0.900509613 | 1.163867086 |
| Aug-20 | 1.165337012 | 1.365943879 |
| Sep-20 | 1.247180832 | 1.444811289 |
| Oct-20 | 1.118688739 | 1.366676918 |
| Nov-20 | 1.153879439 | 1.427939961 |
| Dec-20 | 1.366487026 | 1.553524679 |
| Jan-21 | 1.615003159 | 1.715242881 |
| Feb-21 | 1.88520435 | 1.753229382 |
| Mar-21 | 2.713022122 | 2.255560018 |
| Apr-21 | 3.724613665 | 3.220545488 |
| May-21 | 4.155356627 | 3.64397685 |
| Jun-21 | 4.372402806 | 3.949218862 |
| Jul-21 | 4.533149673 | 4.009989229 |
| Aug-21 | 4.644842613 | 4.018854118 |
| Sep-21 | 4.805422283 | 4.07439036 |
| Oct-21 | 5.406947985 | 4.500805916 |
| Nov-21 | 5.985912146 | 4.951114143 |
| Dec-21 | 6.180290804 | 5.238009802 |
| Jan-22 | 6.297046493 | 5.369493822 |
| Feb-22 | 6.547004375 | 5.574700232 |
| Mar-22 | 6.892944539 | 5.549581561 |
| Apr-22 | 6.61979157 | 5.254939867 |
| May-22 | 6.689955363 | 5.074560633 |
| Jun-22 | 7.116914165 | 5.192582026 |
| Jul-22 | 6.616947291 | 4.961510264 |
| Aug-22 | 6.515400036 | 5.20747684 |
| Sep-22 | 6.556096498 | 5.47208344 |
| Oct-22 | 6.347917118 | 5.325857173 |
| Nov-22 | 5.928570147 | 5.090360902 |
| Dec-22 | 5.441910192 | 4.865136479 |
| Jan-23 | 5.479087823 | 4.901181535 |
| Feb-23 | 5.189610207 | 4.844533779 |
| Mar-23 | 4.442269717 | 4.782955351 |
| Apr-23 | 4.446419082 | 4.762998022 |
| May-23 | 3.962025536 | 4.687829943 |
| Jun-23 | 3.198420533 | 4.280077342 |
| Jul-23 | 3.314708482 | 4.189149074 |
| Aug-23 | 3.347591753 | 3.726184894 |
| Sep-23 | 3.369589307 | 3.592483101 |
| Oct-23 | 2.950560921 | 3.394006219 |
| Nov-23 | 2.712016528 | 3.192832662 |
| Dec-23 | 2.62192855 | 2.943491803 |
| Jan-24 | 2.402298947 | 2.849456415 |
Note: Percent change in the personal consumption expenditures (PCE) price index from 12 months ago. Core refers to the price index excluding food and energy. The gray shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research. The nine shaded recession periods extend from April 1960 through February 1961, December 1969 through November 1970, November 1973 through March 1975, January 1980 through July 1980, July 1981 through November 1982, July 1990 through March 1991, March 2001 through November 2001, December 2007 through June 2009, and February 2020 through April 2020.
Source: Bureau of Economic Analysis; Personal Consumption Expenditures Price Index via Haver Analytics.
Figure 2. Subcomponents of Personal Consumption Expenditures Price Indexes
2a. Food and Energy
Monthly
Percent change from year earlier
| Period | Food and beverages | Energy |
|---|---|---|
| Jan-17 | 12.2520173 | -1.428939238 |
| Feb-17 | 17.69329578 | -1.371814019 |
| Mar-17 | 12.42182446 | -0.651776488 |
| Apr-17 | 9.361617589 | -0.597957805 |
| May-17 | 5.245010857 | -0.20650645 |
| Jun-17 | 2.143374058 | -0.164990101 |
| Jul-17 | 3.616967899 | 0.140180833 |
| Aug-17 | 7.149965552 | 0.285599759 |
| Sep-17 | 11.84014411 | 0.436317679 |
| Oct-17 | 6.948143178 | 0.55064091 |
| Nov-17 | 9.46697906 | 0.636168117 |
| Dec-17 | 7.574778766 | 0.856628046 |
| Jan-18 | 5.861969677 | 0.942325273 |
| Feb-18 | 8.270669163 | 0.597673486 |
| Mar-18 | 6.951245368 | 0.367029362 |
| Apr-18 | 8.666209152 | 0.391710135 |
| May-18 | 12.60367421 | 0.164947217 |
| Jun-18 | 13.20094188 | 0.428681604 |
| Jul-18 | 13.8049371 | 0.395956445 |
| Aug-18 | 11.70556956 | 0.420684487 |
| Sep-18 | 5.537818429 | 0.572238922 |
| Oct-18 | 8.884858585 | 0.359098662 |
| Nov-18 | 2.662984798 | 0.690068408 |
| Dec-18 | -0.026690052 | 0.880292233 |
| Jan-19 | -4.701700415 | 0.842962211 |
| Feb-19 | -4.974521645 | 1.392599386 |
| Mar-19 | -0.534305026 | 1.422891818 |
| Apr-19 | 1.415396618 | 0.804252185 |
| May-19 | -0.633441669 | 1.255526613 |
| Jun-19 | -3.620867388 | 1.077102594 |
| Jul-19 | -2.259756357 | 0.880416704 |
| Aug-19 | -4.349097288 | 0.806002229 |
| Sep-19 | -4.687627751 | 0.811272417 |
| Oct-19 | -4.273057946 | 1.06449593 |
| Nov-19 | -0.701760917 | 0.948168131 |
| Dec-19 | 4.070366133 | 0.767739127 |
| Jan-20 | 6.860680261 | 0.876379212 |
| Feb-20 | 3.14154469 | 0.886808962 |
| Mar-20 | -6.149991458 | 1.213318007 |
| Apr-20 | -17.54718536 | 3.927957817 |
| May-20 | -18.38220987 | 4.500517471 |
| Jun-20 | -12.45392211 | 4.982782267 |
| Jul-20 | -11.27041811 | 4.133634775 |
| Aug-20 | -9.213090326 | 4.131048507 |
| Sep-20 | -8.142627029 | 3.75481418 |
| Oct-20 | -9.635823254 | 3.796148778 |
| Nov-20 | -9.895022964 | 3.655852705 |
| Dec-20 | -7.513582351 | 3.889957978 |
| Jan-21 | -4.342460328 | 3.564091025 |
| Feb-21 | 1.972070202 | 3.316279296 |
| Mar-21 | 13.08678681 | 3.018772689 |
| Apr-21 | 24.20254121 | 1.101166724 |
| May-21 | 27.32556819 | 0.679110742 |
| Jun-21 | 24.26777786 | 0.915422137 |
| Jul-21 | 23.48731295 | 2.330343768 |
| Aug-21 | 25.2201635 | 2.772748386 |
| Sep-21 | 25.26615062 | 4.011961836 |
| Oct-21 | 30.39853451 | 4.637964033 |
| Nov-21 | 33.81149033 | 5.469038795 |
| Dec-21 | 30.51174862 | 5.650481033 |
| Jan-22 | 28.13871986 | 6.492721313 |
| Feb-22 | 26.7197187 | 7.682657662 |
| Mar-22 | 33.14584134 | 8.88704632 |
| Apr-22 | 31.54783728 | 9.607089493 |
| May-22 | 35.62359571 | 10.55733036 |
| Jun-22 | 42.79933287 | 10.98507073 |
| Jul-22 | 33.37853478 | 11.77642307 |
| Aug-22 | 24.11501265 | 12.17716942 |
| Sep-22 | 19.95874888 | 11.75326987 |
| Oct-22 | 18.23152383 | 11.46626583 |
| Nov-22 | 13.51555151 | 11.16892687 |
| Dec-22 | 6.863809213 | 11.0892453 |
| Jan-23 | 7.802990458 | 10.61651734 |
| Feb-23 | 4.288551692 | 9.480304477 |
| Mar-23 | -7.585984566 | 7.941919629 |
| Apr-23 | -5.695892758 | 6.935370475 |
| May-23 | -12.30359608 | 5.854588594 |
| Jun-23 | -17.51015817 | 4.717709452 |
| Jul-23 | -13.01878606 | 3.676013494 |
| Aug-23 | -3.491906603 | 3.105625812 |
| Sep-23 | 0.095981881 | 2.72137735 |
| Oct-23 | -4.56171856 | 2.37205524 |
| Nov-23 | -4.975243626 | 1.741295543 |
| Dec-23 | -1.724529803 | 1.386585071 |
| Jan-24 | -4.906081199 | 1.445091341 |
Note: Data extend through January 2024. The gray shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research. The shaded recession period extends from February 2020 through April 2020.
Source: Bureau of Economic Analysis via Haver Analytics.
2b. Components of Core Prices
Monthly
Percent change from year earlier
| Period | Housing services | Services ex. energy and housing | Goods ex. food, beverages, and energy |
|---|---|---|---|
| Jan-17 | -0.533626382 | 3.611975444 | 2.381591444 |
| Feb-17 | -0.581395349 | 3.619245327 | 2.406521829 |
| Mar-17 | -0.591915113 | 3.598958279 | 2.087532393 |
| Apr-17 | -0.926410603 | 3.521706938 | 2.185086019 |
| May-17 | -0.961861975 | 3.425732489 | 2.067540333 |
| Jun-17 | -0.786519083 | 3.409079134 | 2.049423057 |
| Jul-17 | -0.659508745 | 3.385960199 | 1.872605754 |
| Aug-17 | -0.941673778 | 3.453925337 | 1.853961151 |
| Sep-17 | -1.267466059 | 3.36577953 | 2.00414651 |
| Oct-17 | -0.990040078 | 3.361310133 | 2.086926526 |
| Nov-17 | -0.874833104 | 3.299225692 | 2.064278262 |
| Dec-17 | -0.837325349 | 3.350523329 | 2.089884232 |
| Jan-18 | -0.756459768 | 3.377500913 | 2.137635493 |
| Feb-18 | -0.82149819 | 3.293501027 | 2.214103841 |
| Mar-18 | -0.666135617 | 3.37196624 | 2.581743458 |
| Apr-18 | -0.374826792 | 3.474432848 | 2.381310926 |
| May-18 | -0.135888571 | 3.487121768 | 2.443620327 |
| Jun-18 | -0.357889054 | 3.429962825 | 2.476560233 |
| Jul-18 | -0.452923003 | 3.465955086 | 2.611261126 |
| Aug-18 | -0.671147663 | 3.420284659 | 2.54610446 |
| Sep-18 | -0.490811093 | 3.367438164 | 2.591463415 |
| Oct-18 | -0.552071018 | 3.336172067 | 2.473589537 |
| Nov-18 | -0.224156648 | 3.392358059 | 2.554458393 |
| Dec-18 | -0.25764636 | 3.281269991 | 2.643307055 |
| Jan-19 | -0.30489028 | 3.262245689 | 2.353521892 |
| Feb-19 | -0.522452418 | 3.369707893 | 2.216358319 |
| Mar-19 | -0.702679404 | 3.407492773 | 2.054263185 |
| Apr-19 | -0.917578074 | 3.446362335 | 2.201390455 |
| May-19 | -0.862465731 | 3.427883355 | 2.057568879 |
| Jun-19 | -0.429404152 | 3.505134664 | 2.038823575 |
| Jul-19 | -0.516250854 | 3.464796623 | 2.060408768 |
| Aug-19 | -0.076644581 | 3.415996533 | 2.048625649 |
| Sep-19 | -0.216860665 | 3.4758793 | 1.901543183 |
| Oct-19 | -0.315349353 | 3.38466551 | 1.963883932 |
| Nov-19 | -0.514804405 | 3.316394758 | 1.777644452 |
| Dec-19 | -0.527723122 | 3.332348653 | 1.833251319 |
| Jan-20 | -0.8017786 | 3.393938242 | 2.01680186 |
| Feb-20 | -0.443543916 | 3.337566097 | 2.06523205 |
| Mar-20 | -0.624873814 | 3.264041707 | 1.882054095 |
| Apr-20 | -1.259341547 | 3.106618858 | 1.216587032 |
| May-20 | -1.564329256 | 3.09363528 | 1.39966063 |
| Jun-20 | -1.700841352 | 2.86414946 | 1.472727273 |
| Jul-20 | -0.958101969 | 2.815691693 | 1.603399704 |
| Aug-20 | -0.419850025 | 2.695982567 | 1.742250041 |
| Sep-20 | -0.462967643 | 2.50192706 | 1.98423666 |
| Oct-20 | -0.540720826 | 2.505445613 | 1.886110503 |
| Nov-20 | -0.187341772 | 2.296512703 | 1.894918993 |
| Dec-20 | 0.080136333 | 2.189269444 | 2.053230498 |
| Jan-21 | 0.34378898 | 2.03147406 | 2.273801645 |
| Feb-21 | 0.017213272 | 2.039468858 | 2.502878499 |
| Mar-21 | 0.509950122 | 2.006640021 | 3.201586627 |
| Apr-21 | 2.415799863 | 2.033626025 | 4.023925531 |
| May-21 | 3.663337913 | 2.093730647 | 4.160875854 |
| Jun-21 | 4.299025185 | 2.299404903 | 4.325766935 |
| Jul-21 | 4.004036656 | 2.366294379 | 4.548188808 |
| Aug-21 | 3.927351597 | 2.506415662 | 4.553937336 |
| Sep-21 | 4.176949091 | 2.840420038 | 4.419254455 |
| Oct-21 | 5.225238042 | 3.076283141 | 4.60978342 |
| Nov-21 | 5.590219652 | 3.451485793 | 5.123683155 |
| Dec-21 | 6.225357537 | 3.708082157 | 5.245664203 |
| Jan-22 | 6.918925475 | 4.01989225 | 5.05015022 |
| Feb-22 | 7.642390006 | 4.265223956 | 4.992173833 |
| Mar-22 | 7.464904036 | 4.493817862 | 4.945321437 |
| Apr-22 | 6.317471414 | 4.768038932 | 4.891606448 |
| May-22 | 5.679132009 | 5.08996191 | 4.780706532 |
| Jun-22 | 5.664809191 | 5.510340227 | 4.868656555 |
| Jul-22 | 5.431789001 | 5.900510928 | 4.451017234 |
| Aug-22 | 5.547970588 | 6.356100884 | 4.694633551 |
| Sep-22 | 5.711528338 | 6.761757088 | 4.965186418 |
| Oct-22 | 4.61713778 | 6.993595929 | 5.157150761 |
| Nov-22 | 3.842421331 | 7.273712074 | 5.020415409 |
| Dec-22 | 3.108689637 | 7.692240757 | 4.84482789 |
| Jan-23 | 2.589987901 | 7.924822449 | 5.096006618 |
| Feb-23 | 2.203579524 | 8.169421986 | 5.112599972 |
| Mar-23 | 2.451824056 | 8.204696979 | 4.867499717 |
| Apr-23 | 2.454419928 | 8.267017316 | 4.807700661 |
| May-23 | 2.447379012 | 8.186980621 | 4.701184175 |
| Jun-23 | 1.657443147 | 7.931208902 | 4.431438127 |
| Jul-23 | 1.114612674 | 7.740308909 | 4.582386559 |
| Aug-23 | 0.470290397 | 7.419360205 | 4.164560541 |
| Sep-23 | 0.151234312 | 7.152111305 | 4.154801085 |
| Oct-23 | 0.284316441 | 6.920188255 | 3.799316004 |
| Nov-23 | 0.180431926 | 6.702336452 | 3.553196525 |
| Dec-23 | -0.084211695 | 6.309742164 | 3.34875894 |
| Jan-24 | -0.565731766 | 6.128721611 | 3.460633514 |
Note: Data extend through January 2024. The gray shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research. The shaded recession period extends from February 2020 through April 2020.
Source: Bureau of Economic Analysis via Haver Analytics.
Figure 3. Selected Market-Rate Rents and PCE Housing Services Price Index
Monthly
Percent
| Period | Zillow | CoreLogic single-family | RealPage | PCE housing services |
|---|---|---|---|---|
| Jan-17 | 3.300966613 | 2.707998099 | 3.032657789 | 3.611975444 |
| Feb-17 | 3.511456573 | 2.467220592 | 2.946546973 | 3.619245327 |
| Mar-17 | 3.948052098 | 2.753339034 | 3.086174186 | 3.598958279 |
| Apr-17 | 3.848623485 | 2.918807658 | 3.078659322 | 3.521706938 |
| May-17 | 3.852806488 | 2.966308215 | 3.218761301 | 3.425732489 |
| Jun-17 | 3.728599376 | 3.001906023 | 3.452124097 | 3.409079134 |
| Jul-17 | 3.84777523 | 3.068144386 | 3.1582913 | 3.385960199 |
| Aug-17 | 3.865086567 | 3.082227782 | 3.065211108 | 3.453925337 |
| Sep-17 | 3.970904644 | 3.069189858 | 2.755851045 | 3.36577953 |
| Oct-17 | 4.084304549 | 3.14152693 | 2.68837787 | 3.361310133 |
| Nov-17 | 4.264678784 | 3.272415897 | 2.951922052 | 3.299225692 |
| Dec-17 | 4.484313082 | 3.530636902 | 3.011201002 | 3.350523329 |
| Jan-18 | 4.339248769 | 3.452902714 | 2.951843149 | 3.377500913 |
| Feb-18 | 4.246058455 | 3.457261912 | 3.028832445 | 3.293501027 |
| Mar-18 | 3.970346687 | 3.160455143 | 3.010956961 | 3.37196624 |
| Apr-18 | 4.066368885 | 3.261683537 | 3.099453754 | 3.474432848 |
| May-18 | 4.021374053 | 3.275091821 | 3.393621152 | 3.487121768 |
| Jun-18 | 4.072844376 | 3.41792595 | 3.301877628 | 3.429962825 |
| Jul-18 | 4.094485477 | 3.445979653 | 3.896353461 | 3.465955086 |
| Aug-18 | 4.193323586 | 3.473412288 | 4.219273276 | 3.420284659 |
| Sep-18 | 4.149262168 | 3.384359355 | 4.352166113 | 3.367438164 |
| Oct-18 | 4.197538873 | 3.236530556 | 4.553675761 | 3.336172067 |
| Nov-18 | 4.230023939 | 3.230718989 | 4.34881259 | 3.392358059 |
| Dec-18 | 4.276619312 | 3.333670766 | 4.44854908 | 3.281269991 |
| Jan-19 | 4.239935189 | 3.376695147 | 4.459766177 | 3.262245689 |
| Feb-19 | 4.13928417 | 3.311713334 | 4.334031231 | 3.369707893 |
| Mar-19 | 4.110967708 | 3.312176249 | 4.481648354 | 3.407492773 |
| Apr-19 | 4.101766996 | 3.113433925 | 4.604692296 | 3.446362335 |
| May-19 | 4.199522942 | 3.088006072 | 4.280935364 | 3.427883355 |
| Jun-19 | 4.255253339 | 3.000154966 | 4.096063357 | 3.505134664 |
| Jul-19 | 4.275156745 | 3.039766573 | 3.825465035 | 3.464796623 |
| Aug-19 | 4.258982467 | 3.005119338 | 3.763820656 | 3.415996533 |
| Sep-19 | 4.309904717 | 3.054385266 | 3.76621587 | 3.4758793 |
| Oct-19 | 4.277235413 | 2.925600415 | 3.477056165 | 3.38466551 |
| Nov-19 | 4.165188551 | 2.868117933 | 3.53657096 | 3.316394758 |
| Dec-19 | 4.039055468 | 2.819497497 | 3.60654741 | 3.332348653 |
| Jan-20 | 4.083162223 | 2.844215072 | 3.598269808 | 3.393938242 |
| Feb-20 | 4.189971275 | 2.978366502 | 3.579881137 | 3.337566097 |
| Mar-20 | 4.254240176 | 3.013062829 | 3.504562453 | 3.264041707 |
| Apr-20 | 3.685239295 | 2.406186035 | 2.026488779 | 3.106618858 |
| May-20 | 2.928987357 | 1.832672875 | 0.851510344 | 3.09363528 |
| Jun-20 | 2.24299809 | 1.693241281 | 0.223333331 | 2.86414946 |
| Jul-20 | 1.8870797 | 2.374790824 | -0.093401462 | 2.815691693 |
| Aug-20 | 1.53664193 | 3.074732704 | -0.909920094 | 2.695982567 |
| Sep-20 | 1.237531057 | 3.885824964 | -1.330933582 | 2.50192706 |
| Oct-20 | 1.176250037 | 5.011648631 | -1.215042997 | 2.505445613 |
| Nov-20 | 1.375189693 | 5.890578652 | -1.002998358 | 2.296512703 |
| Dec-20 | 1.598030628 | 6.555268723 | -0.982464235 | 2.189269444 |
| Jan-21 | 1.810003742 | 6.808174221 | -0.80154969 | 2.03147406 |
| Feb-21 | 1.989418257 | 7.072676226 | -0.687023531 | 2.039468858 |
| Mar-21 | 2.423475665 | 7.640571745 | -0.366776327 | 2.006640021 |
| Apr-21 | 3.735285449 | 8.889590559 | 1.560074624 | 2.033626025 |
| May-21 | 5.544604327 | 10.2406195 | 3.738391118 | 2.093730647 |
| Jun-21 | 7.514608684 | 11.39445194 | 5.887293695 | 2.299404903 |
| Jul-21 | 9.229885547 | 11.73549515 | 7.879180382 | 2.366294379 |
| Aug-21 | 11.05936994 | 12.24202118 | 10.34755786 | 2.506415662 |
| Sep-21 | 12.78380848 | 12.55344789 | 12.55444794 | 2.840420038 |
| Oct-21 | 13.992447 | 12.81524936 | 13.75666007 | 3.076283141 |
| Nov-21 | 14.73107717 | 12.64863891 | 14.36142049 | 3.451485793 |
| Dec-21 | 15.318107 | 12.79204322 | 15.06471219 | 3.708082157 |
| Jan-22 | 15.71023088 | 13.1368077 | 15.67340648 | 4.01989225 |
| Feb-22 | 16.11800604 | 13.6180813 | 16.65282396 | 4.265223956 |
| Mar-22 | 16.11112409 | 13.67837878 | 16.81778423 | 4.493817862 |
| Apr-22 | 15.86622978 | 13.67934917 | 16.66029075 | 4.768038932 |
| May-22 | 15.18375177 | 13.26614404 | 16.49622291 | 5.08996191 |
| Jun-22 | 14.32677346 | 12.44481724 | 15.53778947 | 5.510340227 |
| Jul-22 | 13.22028547 | 11.47217266 | 14.39400044 | 5.900510928 |
| Aug-22 | 11.8618018 | 10.17339101 | 12.96897144 | 6.356100884 |
| Sep-22 | 10.45419322 | 8.945476356 | 11.29184711 | 6.761757088 |
| Oct-22 | 9.298841643 | 7.430342255 | 9.983781627 | 6.993595929 |
| Nov-22 | 8.363783013 | 6.548688622 | 9.168096611 | 7.273712074 |
| Dec-22 | 7.623095392 | 5.46840452 | 8.412806933 | 7.692240757 |
| Jan-23 | 7.026477429 | 4.553926216 | 7.528165274 | 7.924822449 |
| Feb-23 | 6.425927129 | 3.669914698 | 6.490543041 | 8.169421986 |
| Mar-23 | 6.064122782 | 3.114512139 | 5.937863045 | 8.204696979 |
| Apr-23 | 5.435691176 | 2.557648159 | 5.236714137 | 8.267017316 |
| May-23 | 4.811196101 | 2.399023054 | 4.107302187 | 8.186980621 |
| Jun-23 | 4.041050096 | 2.428410794 | 3.264663084 | 7.931208902 |
| Jul-23 | 3.511552696 | 2.266644967 | 2.415387526 | 7.740308909 |
| Aug-23 | 3.221971326 | 2.20384003 | 1.825745686 | 7.419360205 |
| Sep-23 | 3.156339004 | 2.12094303 | 1.537833147 | 7.152111305 |
| Oct-23 | 3.244277037 | 2.206595372 | 1.58910037 | 6.920188255 |
| Nov-23 | 3.393363029 | 2.424181133 | 1.521306252 | 6.702336452 |
| Dec-23 | 3.456858137 | 2.741622433 | 1.405394303 | 6.309742164 |
| Jan-24 | 3.553951098 | #N/A | 1.595487806 | 6.128721611 |
| Feb-24 | 3.630246918 | #N/A | 1.466506082 | #N/A |
Note: Percent change in various market-rate rent indexes and the housing services category of the personal consumption expenditures (PCE) price index from 12 months ago. CoreLogic, RealPage, and Zillow measure market-rate rents—that is, rents for a new lease by a new tenant. Data are through December 2023 for CoreLogic, January 2024 for PCE, and February 2024 for RealPage and Zillow. The gray shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research. The shaded recession period extends from February 2020 through April 2020.
Source: Bureau of Economic Analysis, Personal Consumption Expenditures Price Index via Haver Analytics; CoreLogic, Inc.; RealPage, Inc.; Zillow, Inc.
Figure 4. Inflation compensation implied by Treasury Inflation-Protected Securities
Series: 5-to-10-year and 5-year
Horizon: January 4, 2016, to March 18, 2024
Description: A line chart with two curves over January 4, 2016, to March 18, 2024. Units are percent, and the data are business daily. The 5-to-10-year series begins around 1.7 in January 2016. It then steps down gradually to a bit below 1.5 in June 2016, rises to 2 in January 2017, and drops again to 1.8 in June 2017. 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 2.3 in September 2021. The series then fluctuates between approximately 2 and 2.5 through mid-April 2022 before briefly hitting close to 2.8 in late April, dropping to just above 2 in late May, and returning to just above 2.3 in mid-June 2022. The series then fluctuates between just below 2 and about 2.5 through May 2023 before hitting close to 2.3 in June 2023. The series then falls slightly and fluctuates while increasing to above 2.5 in September 2023 and remaining there through November 2023. It then dips to about 2.1 in December 2023 before increasing again, ending up around 2.4 in March 2024.
From early 2016 through February 2020, both series are nearly identical. The 5-year series subsequently falls to just above 0 by mid-March 2020 before jumping over 2.7 in May 2021, surpassing the 5-to-10-year series. From there, the series fluctuates slightly, ramping up to more than 3 in November 2021. The series retreats slightly to about 2.8 by December 2021 and remains around there through most of February 2022. In late February 2022, the series begins to rise, peaking around 3.5 in late March 2022. The series drops briefly to below 3.3 in early April before increasing again to nearly 3.5 in late April 2022. From there, it decreases to just below 3 in mid-May and remains roughly between 2.8 and just above 3 through mid-June 2022. The series then falls to slightly above 2 by the end of September 2022 before rebounding to over 2.5 in late October 2022. The series then follows the 5-to-10-year series closely until early March 2023, when it rises to nearly 2.8. Over the next three months, the series then declines slowly past the 5-to-10-year series to just above 2 by mid-June 2023. The series then increases and peaks around 2.4 by mid-October 2023. The series then decreases to just above 2 in December 2023 before increasing and ending around 2.3 in March 2024.
Note: Data extend through March 18, 2024. The data are at a business-day frequency and are estimated from smoothed nominal and inflation-indexed Treasury yield curves. The gray shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research. The shaded recession period extends from February 2020 through April 2020.
Source: Federal Reserve Bank of New York; Federal Reserve Board staff calculations.
Figure 5. Civilian Unemployment Rate
Monthly
Percent
| Period | Civilian unemployment rate |
|---|---|
| Jan-04 | 5.7 |
| Feb-04 | 5.6 |
| Mar-04 | 5.8 |
| Apr-04 | 5.6 |
| May-04 | 5.6 |
| Jun-04 | 5.6 |
| Jul-04 | 5.5 |
| Aug-04 | 5.4 |
| Sep-04 | 5.4 |
| Oct-04 | 5.5 |
| Nov-04 | 5.4 |
| Dec-04 | 5.4 |
| Jan-05 | 5.3 |
| Feb-05 | 5.4 |
| Mar-05 | 5.2 |
| Apr-05 | 5.2 |
| May-05 | 5.1 |
| Jun-05 | 5 |
| Jul-05 | 5 |
| Aug-05 | 4.9 |
| Sep-05 | 5 |
| Oct-05 | 5 |
| Nov-05 | 5 |
| Dec-05 | 4.9 |
| Jan-06 | 4.7 |
| Feb-06 | 4.8 |
| Mar-06 | 4.7 |
| Apr-06 | 4.7 |
| May-06 | 4.6 |
| Jun-06 | 4.6 |
| Jul-06 | 4.7 |
| Aug-06 | 4.7 |
| Sep-06 | 4.5 |
| Oct-06 | 4.4 |
| Nov-06 | 4.5 |
| Dec-06 | 4.4 |
| Jan-07 | 4.6 |
| Feb-07 | 4.5 |
| Mar-07 | 4.4 |
| Apr-07 | 4.5 |
| May-07 | 4.4 |
| Jun-07 | 4.6 |
| Jul-07 | 4.7 |
| Aug-07 | 4.6 |
| Sep-07 | 4.7 |
| Oct-07 | 4.7 |
| Nov-07 | 4.7 |
| Dec-07 | 5 |
| Jan-08 | 5 |
| Feb-08 | 4.9 |
| Mar-08 | 5.1 |
| Apr-08 | 5 |
| May-08 | 5.4 |
| Jun-08 | 5.6 |
| Jul-08 | 5.8 |
| Aug-08 | 6.1 |
| Sep-08 | 6.1 |
| Oct-08 | 6.5 |
| Nov-08 | 6.8 |
| Dec-08 | 7.3 |
| Jan-09 | 7.8 |
| Feb-09 | 8.3 |
| Mar-09 | 8.7 |
| Apr-09 | 9 |
| May-09 | 9.4 |
| Jun-09 | 9.5 |
| Jul-09 | 9.5 |
| Aug-09 | 9.6 |
| Sep-09 | 9.8 |
| Oct-09 | 10 |
| Nov-09 | 9.9 |
| Dec-09 | 9.9 |
| Jan-10 | 9.8 |
| Feb-10 | 9.8 |
| Mar-10 | 9.9 |
| Apr-10 | 9.9 |
| May-10 | 9.6 |
| Jun-10 | 9.4 |
| Jul-10 | 9.4 |
| Aug-10 | 9.5 |
| Sep-10 | 9.5 |
| Oct-10 | 9.4 |
| Nov-10 | 9.8 |
| Dec-10 | 9.3 |
| Jan-11 | 9.1 |
| Feb-11 | 9 |
| Mar-11 | 9 |
| Apr-11 | 9.1 |
| May-11 | 9 |
| Jun-11 | 9.1 |
| Jul-11 | 9 |
| Aug-11 | 9 |
| Sep-11 | 9 |
| Oct-11 | 8.8 |
| Nov-11 | 8.6 |
| Dec-11 | 8.5 |
| Jan-12 | 8.3 |
| Feb-12 | 8.3 |
| Mar-12 | 8.2 |
| Apr-12 | 8.2 |
| May-12 | 8.2 |
| Jun-12 | 8.2 |
| Jul-12 | 8.2 |
| Aug-12 | 8.1 |
| Sep-12 | 7.8 |
| Oct-12 | 7.8 |
| Nov-12 | 7.7 |
| Dec-12 | 7.9 |
| Jan-13 | 8 |
| Feb-13 | 7.7 |
| Mar-13 | 7.5 |
| Apr-13 | 7.6 |
| May-13 | 7.5 |
| Jun-13 | 7.5 |
| Jul-13 | 7.3 |
| Aug-13 | 7.2 |
| Sep-13 | 7.2 |
| Oct-13 | 7.2 |
| Nov-13 | 6.9 |
| Dec-13 | 6.7 |
| Jan-14 | 6.6 |
| Feb-14 | 6.7 |
| Mar-14 | 6.7 |
| Apr-14 | 6.2 |
| May-14 | 6.3 |
| Jun-14 | 6.1 |
| Jul-14 | 6.2 |
| Aug-14 | 6.1 |
| Sep-14 | 5.9 |
| Oct-14 | 5.7 |
| Nov-14 | 5.8 |
| Dec-14 | 5.6 |
| Jan-15 | 5.7 |
| Feb-15 | 5.5 |
| Mar-15 | 5.4 |
| Apr-15 | 5.4 |
| May-15 | 5.6 |
| Jun-15 | 5.3 |
| Jul-15 | 5.2 |
| Aug-15 | 5.1 |
| Sep-15 | 5 |
| Oct-15 | 5 |
| Nov-15 | 5.1 |
| Dec-15 | 5 |
| Jan-16 | 4.8 |
| Feb-16 | 4.9 |
| Mar-16 | 5 |
| Apr-16 | 5.1 |
| May-16 | 4.8 |
| Jun-16 | 4.9 |
| Jul-16 | 4.8 |
| Aug-16 | 4.9 |
| Sep-16 | 5 |
| Oct-16 | 4.9 |
| Nov-16 | 4.7 |
| Dec-16 | 4.7 |
| Jan-17 | 4.7 |
| Feb-17 | 4.6 |
| Mar-17 | 4.4 |
| Apr-17 | 4.4 |
| May-17 | 4.4 |
| Jun-17 | 4.3 |
| Jul-17 | 4.3 |
| Aug-17 | 4.4 |
| Sep-17 | 4.3 |
| Oct-17 | 4.2 |
| Nov-17 | 4.2 |
| Dec-17 | 4.1 |
| Jan-18 | 4 |
| Feb-18 | 4.1 |
| Mar-18 | 4 |
| Apr-18 | 4 |
| May-18 | 3.8 |
| Jun-18 | 4 |
| Jul-18 | 3.8 |
| Aug-18 | 3.8 |
| Sep-18 | 3.7 |
| Oct-18 | 3.8 |
| Nov-18 | 3.8 |
| Dec-18 | 3.9 |
| Jan-19 | 4 |
| Feb-19 | 3.8 |
| Mar-19 | 3.8 |
| Apr-19 | 3.7 |
| May-19 | 3.6 |
| Jun-19 | 3.6 |
| Jul-19 | 3.7 |
| Aug-19 | 3.6 |
| Sep-19 | 3.5 |
| Oct-19 | 3.6 |
| Nov-19 | 3.6 |
| Dec-19 | 3.6 |
| Jan-20 | 3.6 |
| Feb-20 | 3.5 |
| Mar-20 | 4.4 |
| Apr-20 | 14.8 |
| May-20 | 13.2 |
| Jun-20 | 11 |
| Jul-20 | 10.2 |
| Aug-20 | 8.4 |
| Sep-20 | 7.8 |
| Oct-20 | 6.8 |
| Nov-20 | 6.7 |
| Dec-20 | 6.7 |
| Jan-21 | 6.4 |
| Feb-21 | 6.2 |
| Mar-21 | 6.1 |
| Apr-21 | 6.1 |
| May-21 | 5.8 |
| Jun-21 | 5.9 |
| Jul-21 | 5.4 |
| Aug-21 | 5.1 |
| Sep-21 | 4.7 |
| Oct-21 | 4.5 |
| Nov-21 | 4.1 |
| Dec-21 | 3.9 |
| Jan-22 | 4 |
| Feb-22 | 3.8 |
| Mar-22 | 3.6 |
| Apr-22 | 3.7 |
| May-22 | 3.6 |
| Jun-22 | 3.6 |
| Jul-22 | 3.5 |
| Aug-22 | 3.6 |
| Sep-22 | 3.5 |
| Oct-22 | 3.6 |
| Nov-22 | 3.6 |
| Dec-22 | 3.5 |
| Jan-23 | 3.4 |
| Feb-23 | 3.6 |
| Mar-23 | 3.5 |
| Apr-23 | 3.4 |
| May-23 | 3.7 |
| Jun-23 | 3.6 |
| Jul-23 | 3.5 |
| Aug-23 | 3.8 |
| Sep-23 | 3.8 |
| Oct-23 | 3.8 |
| Nov-23 | 3.7 |
| Dec-23 | 3.7 |
| Jan-24 | 3.7 |
| Feb-24 | 3.9 |
Note: Data extend through February 2024. The gray shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research. The shaded recession periods extend from December 2007 through June 2009 and from February 2020 through April 2020.
Source: Bureau of Labor Statistics via Haver Analytics.
Figure 6. Labor Force Participation Rate, by Age
Monthly
Percent
| Period | Ages 25 to 54 | Ages 55+ |
|---|---|---|
| Jan-06 | 82.75471789 | 37.57872321 |
| Feb-06 | 82.94246492 | 37.53976031 |
| Mar-06 | 83.0267686 | 37.56993323 |
| Apr-06 | 82.81707307 | 37.96410241 |
| May-06 | 82.84571484 | 37.90340696 |
| Jun-06 | 82.83962982 | 38.04073338 |
| Jul-06 | 82.96778533 | 37.98606864 |
| Aug-06 | 82.94205195 | 38.05554729 |
| Sep-06 | 82.88376185 | 38.2719349 |
| Oct-06 | 82.91144805 | 38.32037325 |
| Nov-06 | 82.96579101 | 38.43822086 |
| Dec-06 | 83.1129635 | 38.53078331 |
| Jan-07 | 83.44565226 | 38.01209161 |
| Feb-07 | 83.23635378 | 38.32865726 |
| Mar-07 | 83.17368991 | 38.49198206 |
| Apr-07 | 82.956591 | 38.20461428 |
| May-07 | 82.99742795 | 38.58435493 |
| Jun-07 | 82.8872791 | 38.66515244 |
| Jul-07 | 82.9240743 | 38.92005814 |
| Aug-07 | 82.91213203 | 38.77240299 |
| Sep-07 | 82.84061748 | 38.859474 |
| Oct-07 | 82.72896217 | 38.70600115 |
| Nov-07 | 82.9390846 | 38.92200052 |
| Dec-07 | 83.08454158 | 38.92399609 |
| Jan-08 | 83.31206737 | 39.10815994 |
| Feb-08 | 83.15688776 | 39.24198917 |
| Mar-08 | 83.26426192 | 39.30409982 |
| Apr-08 | 83.09642567 | 38.99696871 |
| May-08 | 83.08896729 | 39.00245763 |
| Jun-08 | 83.14534296 | 39.22919857 |
| Jul-08 | 83.12794851 | 39.48966161 |
| Aug-08 | 83.15041911 | 39.67588475 |
| Sep-08 | 83.06213782 | 39.46234439 |
| Oct-08 | 83.01592853 | 39.88656783 |
| Nov-08 | 82.97830077 | 39.89548747 |
| Dec-08 | 82.83374635 | 39.97650908 |
| Jan-09 | 82.81218865 | 40.0286964 |
| Feb-09 | 82.82283383 | 39.86928105 |
| Mar-09 | 82.63409114 | 39.86652422 |
| Apr-09 | 82.83621933 | 39.84137091 |
| May-09 | 82.85356895 | 40.21329207 |
| Jun-09 | 82.88019883 | 40.14885259 |
| Jul-09 | 82.76886086 | 40.03384653 |
| Aug-09 | 82.77621659 | 39.96569468 |
| Sep-09 | 82.46694843 | 39.89600438 |
| Oct-09 | 82.49657763 | 39.94678674 |
| Nov-09 | 82.43173335 | 40.00081659 |
| Dec-09 | 81.97707736 | 39.90931552 |
| Jan-10 | 82.36680623 | 39.950628 |
| Feb-10 | 82.29401333 | 40.07635138 |
| Mar-10 | 82.4372359 | 40.17752199 |
| Apr-10 | 82.61630136 | 40.3041005 |
| May-10 | 82.27211395 | 40.40832257 |
| Jun-10 | 82.18459623 | 40.33405838 |
| Jul-10 | 81.89681311 | 40.37523452 |
| Aug-10 | 82.00212228 | 40.52020263 |
| Sep-10 | 82.03407949 | 40.4284248 |
| Oct-10 | 81.84551102 | 40.03245803 |
| Nov-10 | 82.00853167 | 40.14677974 |
| Dec-10 | 81.8563113 | 40.18587656 |
| Jan-11 | 81.67185544 | 39.90300347 |
| Feb-11 | 81.63854726 | 40.01105132 |
| Mar-11 | 81.7456115 | 40.02599688 |
| Apr-11 | 81.70434308 | 40.2327776 |
| May-11 | 81.73611167 | 40.22514562 |
| Jun-11 | 81.683208 | 40.24530421 |
| Jul-11 | 81.44600909 | 40.20572859 |
| Aug-11 | 81.61691622 | 40.26210411 |
| Sep-11 | 81.50535565 | 40.5711619 |
| Oct-11 | 81.3215972 | 40.63191112 |
| Nov-11 | 81.47640352 | 40.36742224 |
| Dec-11 | 81.57510626 | 40.31122495 |
| Jan-12 | 81.54170285 | 40.08537402 |
| Feb-12 | 81.4807666 | 40.36900741 |
| Mar-12 | 81.54484689 | 40.44642857 |
| Apr-12 | 81.37298262 | 40.26089795 |
| May-12 | 81.43016814 | 40.52794447 |
| Jun-12 | 81.50938844 | 40.58867642 |
| Jul-12 | 81.38246551 | 40.18432835 |
| Aug-12 | 81.41390739 | 40.42159166 |
| Sep-12 | 81.48544572 | 40.44453805 |
| Oct-12 | 81.62468818 | 40.69061832 |
| Nov-12 | 81.20935548 | 40.69499402 |
| Dec-12 | 81.44164741 | 40.73727959 |
| Jan-13 | 81.06499835 | 40.71827614 |
| Feb-13 | 81.02755038 | 40.57147058 |
| Mar-13 | 80.96957609 | 40.45112782 |
| Apr-13 | 81.04196816 | 40.38590625 |
| May-13 | 81.1758369 | 40.47517566 |
| Jun-13 | 81.19061782 | 40.45353458 |
| Jul-13 | 81.15851159 | 40.20704787 |
| Aug-13 | 81.01584291 | 40.40793626 |
| Sep-13 | 81.00751215 | 40.14478764 |
| Oct-13 | 80.60436603 | 40.08975408 |
| Nov-13 | 81.0498578 | 39.92796686 |
| Dec-13 | 80.82016747 | 39.9379767 |
| Jan-14 | 80.94381011 | 39.85972207 |
| Feb-14 | 81.05095669 | 40.04887935 |
| Mar-14 | 81.1212925 | 39.86109625 |
| Apr-14 | 80.82569323 | 39.91309303 |
| May-14 | 80.73399656 | 40.06703699 |
| Jun-14 | 81.01270907 | 39.94444116 |
| Jul-14 | 80.82730924 | 40.03396707 |
| Aug-14 | 81.13192398 | 39.92044625 |
| Sep-14 | 80.81822341 | 39.88448128 |
| Oct-14 | 80.87747879 | 39.99461352 |
| Nov-14 | 80.88065355 | 40.10793888 |
| Dec-14 | 80.88637768 | 39.92822521 |
| Jan-15 | 81.00965001 | 40.05440722 |
| Feb-15 | 80.86812474 | 39.69154056 |
| Mar-15 | 80.77615667 | 39.93036679 |
| Apr-15 | 80.99383852 | 40.07294384 |
| May-15 | 81.0558733 | 39.99193641 |
| Jun-15 | 80.89459168 | 39.87926871 |
| Jul-15 | 80.69789927 | 39.9719994 |
| Aug-15 | 80.69563134 | 39.76983854 |
| Sep-15 | 80.61371149 | 39.69644366 |
| Oct-15 | 80.75949569 | 39.86721179 |
| Nov-15 | 80.8674895 | 39.94614921 |
| Dec-15 | 80.94652637 | 39.88236227 |
| Jan-16 | 81.06678562 | 40.07197338 |
| Feb-16 | 81.08067214 | 40.15183181 |
| Mar-16 | 81.34364004 | 40.1642025 |
| Apr-16 | 81.24487603 | 40.18389718 |
| May-16 | 81.18703948 | 39.82163716 |
| Jun-16 | 81.32536829 | 40.00089663 |
| Jul-16 | 81.25561536 | 40.19060616 |
| Aug-16 | 81.37335918 | 39.86827417 |
| Sep-16 | 81.54985067 | 39.95478792 |
| Oct-16 | 81.53945111 | 40.01954991 |
| Nov-16 | 81.35434446 | 39.88649464 |
| Dec-16 | 81.33603239 | 39.67420154 |
| Jan-17 | 81.48183549 | 39.97297477 |
| Feb-17 | 81.59150095 | 39.96484129 |
| Mar-17 | 81.59143758 | 40.07812155 |
| Apr-17 | 81.72297351 | 40.03567143 |
| May-17 | 81.71287081 | 39.97735866 |
| Jun-17 | 81.64673303 | 40.03226373 |
| Jul-17 | 81.79222473 | 39.98268816 |
| Aug-17 | 81.63343192 | 40.04286167 |
| Sep-17 | 81.92267336 | 40.11128689 |
| Oct-17 | 81.59781278 | 39.86610788 |
| Nov-17 | 81.7463786 | 39.9109083 |
| Dec-17 | 81.8101647 | 39.79111535 |
| Jan-18 | 81.74876028 | 39.48549369 |
| Feb-18 | 82.12625058 | 39.84908838 |
| Mar-18 | 81.98555614 | 39.78591987 |
| Apr-18 | 81.98265965 | 40.03421636 |
| May-18 | 81.94599473 | 40.16690116 |
| Jun-18 | 82.08838266 | 40.12069113 |
| Jul-18 | 82.1209292 | 40.12069593 |
| Aug-18 | 81.92101121 | 40.19304277 |
| Sep-18 | 81.91521323 | 40.07502611 |
| Oct-18 | 82.27293921 | 40.04956867 |
| Nov-18 | 82.20640288 | 40.20894381 |
| Dec-18 | 82.27537056 | 40.24792075 |
| Jan-19 | 82.50689579 | 40.21490093 |
| Feb-19 | 82.48643081 | 40.37923729 |
| Mar-19 | 82.4482327 | 40.02179295 |
| Apr-19 | 82.22468618 | 40.02852163 |
| May-19 | 82.15722294 | 39.98207129 |
| Jun-19 | 82.20608729 | 40.09241813 |
| Jul-19 | 82.08143292 | 40.51445257 |
| Aug-19 | 82.51027666 | 40.32207368 |
| Sep-19 | 82.66746914 | 40.25180909 |
| Oct-19 | 82.84226026 | 40.23426489 |
| Nov-19 | 82.85117427 | 40.31568632 |
| Dec-19 | 82.9779659 | 40.24981784 |
| Jan-20 | 83.08505908 | 40.17137622 |
| Feb-20 | 82.9813418 | 40.30592615 |
| Mar-20 | 82.48174023 | 39.66768783 |
| Apr-20 | 79.84838863 | 38.63139008 |
| May-20 | 80.60410832 | 38.52385985 |
| Jun-20 | 81.42565901 | 39.0196971 |
| Jul-20 | 81.23403715 | 39.32064404 |
| Aug-20 | 81.32262081 | 39.42724011 |
| Sep-20 | 80.89855555 | 38.85088216 |
| Oct-20 | 81.26278889 | 38.70146142 |
| Nov-20 | 80.952834 | 38.73952424 |
| Dec-20 | 81.06767263 | 38.55503177 |
| Jan-21 | 81.1153419 | 38.24105906 |
| Feb-21 | 81.19129221 | 38.27771798 |
| Mar-21 | 81.31554315 | 38.26189379 |
| Apr-21 | 81.35663127 | 38.45051977 |
| May-21 | 81.33446482 | 38.44471471 |
| Jun-21 | 81.65914624 | 38.43939781 |
| Jul-21 | 81.86798811 | 38.37645524 |
| Aug-21 | 81.7393787 | 38.499186 |
| Sep-21 | 81.57951076 | 38.49967994 |
| Oct-21 | 81.73704194 | 38.32983183 |
| Nov-21 | 81.92921967 | 38.36968861 |
| Dec-21 | 81.97931936 | 38.45413759 |
| Jan-22 | 82.06567897 | 39.09575281 |
| Feb-22 | 82.23620066 | 39.15627703 |
| Mar-22 | 82.50464026 | 38.93535503 |
| Apr-22 | 82.41980397 | 38.82855635 |
| May-22 | 82.58820753 | 38.93416864 |
| Jun-22 | 82.33179412 | 38.6853481 |
| Jul-22 | 82.38601955 | 38.65106968 |
| Aug-22 | 82.82732149 | 38.49477127 |
| Sep-22 | 82.59426729 | 38.70954733 |
| Oct-22 | 82.50902144 | 38.79815535 |
| Nov-22 | 82.35368107 | 38.51815357 |
| Dec-22 | 82.4962666 | 38.81048286 |
| Jan-23 | 82.74067514 | 38.67000293 |
| Feb-23 | 83.08826984 | 38.41877453 |
| Mar-23 | 83.16584488 | 38.59645586 |
| Apr-23 | 83.3174258 | 38.4472081 |
| May-23 | 83.37531092 | 38.43075345 |
| Jun-23 | 83.4646162 | 38.40949924 |
| Jul-23 | 83.42230107 | 38.64568603 |
| Aug-23 | 83.47353375 | 38.7271598 |
| Sep-23 | 83.483875 | 38.747499 |
| Oct-23 | 83.30576062 | 38.59885719 |
| Nov-23 | 83.30187649 | 38.80007185 |
| Dec-23 | 83.15167392 | 38.41975161 |
| Jan-24 | 83.28324509 | 38.47910186 |
| Feb-24 | 83.4925157 | 38.50896414 |
Note: Data extend through February 2024. The labor force participation rate is a percentage of the relevant population. Data are monthly, and values before January 2023 are estimated by Federal Reserve Board staff in order to eliminate discontinuities in the published history. The gray shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research. The shaded recession periods extend from December 2007 through June 2009 and from February 2020 through April 2020.
Source: Bureau of Labor Statistics via Haver Analytics; U.S. Census Bureau; Federal Reserve Board staff calculations.
Figure 7. Available Jobs versus Available Workers
Monthly
Millions
| Period | Available workers | Available jobs |
|---|---|---|
| Jan-04 | 145.8136195 | 140.9169065 |
| Feb-04 | 145.6540859 | 141.0625332 |
| Mar-04 | 145.8857806 | 140.9612606 |
| Apr-04 | 145.7788801 | 141.1644622 |
| May-04 | 145.9867621 | 141.5285279 |
| Jun-04 | 146.3845153 | 141.4631816 |
| Jul-04 | 146.6091484 | 142.3162041 |
| Aug-04 | 146.4471895 | 142.0366131 |
| Sep-04 | 146.2438277 | 142.1747814 |
| Oct-04 | 146.6254348 | 142.5423489 |
| Nov-04 | 146.9554308 | 142.5375454 |
| Dec-04 | 146.8413826 | 143.0243574 |
| Jan-05 | 146.8450812 | 142.9123753 |
| Feb-05 | 147.17947 | 143.205789 |
| Mar-05 | 147.2230166 | 143.56394 |
| Apr-05 | 147.7574211 | 144.2787199 |
| May-05 | 148.0782735 | 144.2518216 |
| Jun-05 | 148.0623911 | 144.626638 |
| Jul-05 | 148.2726696 | 145.1498403 |
| Aug-05 | 148.5600087 | 145.3977128 |
| Sep-05 | 148.7042183 | 145.5477688 |
| Oct-05 | 148.7357711 | 145.5063683 |
| Nov-05 | 148.7787604 | 145.4944491 |
| Dec-05 | 148.7717545 | 145.8118926 |
| Jan-06 | 149.0734537 | 146.4358008 |
| Feb-06 | 149.4817822 | 146.660583 |
| Mar-06 | 149.6531177 | 147.3435306 |
| Apr-06 | 149.7110446 | 147.4093713 |
| May-06 | 149.8950693 | 147.4146799 |
| Jun-06 | 150.2078574 | 147.8400067 |
| Jul-06 | 150.2440633 | 147.4854947 |
| Aug-06 | 150.5271177 | 148.1701237 |
| Sep-06 | 150.4833423 | 148.3878901 |
| Oct-06 | 150.883245 | 148.7841305 |
| Nov-06 | 151.2312432 | 149.0309583 |
| Dec-06 | 151.5641953 | 149.4694021 |
| Jan-07 | 151.7498528 | 149.4315537 |
| Feb-07 | 151.5921393 | 149.4207907 |
| Mar-07 | 151.6742966 | 149.9318165 |
| Apr-07 | 151.0335902 | 148.9153445 |
| May-07 | 151.2530881 | 149.1834222 |
| Jun-07 | 151.6458085 | 149.5604252 |
| Jul-07 | 151.6619481 | 149.1336614 |
| Aug-07 | 151.3357045 | 148.8431924 |
| Sep-07 | 151.9551568 | 149.4839046 |
| Oct-07 | 151.7089748 | 149.1467141 |
| Nov-07 | 152.3594623 | 149.8031081 |
| Dec-07 | 152.441247 | 149.3871456 |
| Jan-08 | 153.2062733 | 150.1510926 |
| Feb-08 | 152.78707 | 149.5713159 |
| Mar-08 | 153.0441536 | 149.4502974 |
| Apr-08 | 152.9235705 | 149.3309049 |
| May-08 | 153.4243771 | 149.2330208 |
| Jun-08 | 153.4440004 | 148.6853206 |
| Jul-08 | 153.5977624 | 148.4027971 |
| Aug-08 | 153.7239592 | 147.9552094 |
| Sep-08 | 153.6234446 | 147.3691572 |
| Oct-08 | 153.9114421 | 147.2440255 |
| Nov-08 | 153.6315618 | 146.3594412 |
| Dec-08 | 153.6992112 | 145.6047604 |
| Jan-09 | 153.6517715 | 144.3458041 |
| Feb-09 | 153.9556376 | 143.9355824 |
| Mar-09 | 153.5543218 | 142.6776631 |
| Apr-09 | 153.9199335 | 142.3668459 |
| May-09 | 154.1374685 | 142.2230117 |
| Jun-09 | 154.1345003 | 141.9253312 |
| Jul-09 | 153.9510877 | 141.5654836 |
| Aug-09 | 153.7008873 | 141.2233861 |
| Sep-09 | 153.2250227 | 140.7022308 |
| Oct-09 | 153.1619316 | 140.2126387 |
| Nov-09 | 153.2646067 | 140.5525832 |
| Dec-09 | 152.5140099 | 139.9840224 |
| Jan-10 | 153.1152199 | 140.916705 |
| Feb-10 | 153.3284795 | 140.9087012 |
| Mar-10 | 153.6401866 | 141.1027258 |
| Apr-10 | 154.3123232 | 142.1354811 |
| May-10 | 153.7683621 | 141.9069256 |
| Jun-10 | 153.2927219 | 141.592309 |
| Jul-10 | 153.3916744 | 141.9138148 |
| Aug-10 | 153.7726833 | 142.1106559 |
| Sep-10 | 153.6134968 | 141.972617 |
| Oct-10 | 153.3599362 | 142.0599698 |
| Nov-10 | 153.858686 | 141.9684657 |
| Dec-10 | 153.4207638 | 142.0946496 |
| Jan-11 | 153.5534875 | 142.5600661 |
| Feb-11 | 153.459877 | 142.8566149 |
| Mar-11 | 153.6123969 | 143.107575 |
| Apr-11 | 153.8270566 | 143.1115823 |
| May-11 | 153.7335397 | 143.0190821 |
| Jun-11 | 153.670097 | 143.0790822 |
| Jul-11 | 153.7423141 | 143.5295754 |
| Aug-11 | 154.1537402 | 143.5820484 |
| Sep-11 | 154.5365044 | 144.2854912 |
| Oct-11 | 154.327439 | 144.2972514 |
| Nov-11 | 154.520466 | 144.7227104 |
| Dec-11 | 154.426469 | 145.0390593 |
| Jan-12 | 154.6077195 | 145.7013837 |
| Feb-12 | 154.9070845 | 145.6945565 |
| Mar-12 | 154.9844254 | 146.2226245 |
| Apr-12 | 154.7767086 | 145.9054014 |
| May-12 | 155.1737061 | 146.322576 |
| Jun-12 | 155.4115991 | 146.6189616 |
| Jul-12 | 155.3651605 | 146.4022676 |
| Aug-12 | 155.1365961 | 146.4499451 |
| Sep-12 | 155.5819557 | 147.307588 |
| Oct-12 | 156.0020036 | 147.6105153 |
| Nov-12 | 155.7923929 | 147.6200799 |
| Dec-12 | 156.0931237 | 147.737325 |
| Jan-13 | 156.1819602 | 147.6067351 |
| Feb-13 | 155.7386619 | 147.7548177 |
| Mar-13 | 155.4196514 | 147.7780418 |
| Apr-13 | 155.7592588 | 147.9581423 |
| May-13 | 155.8971068 | 148.3490869 |
| Jun-13 | 156.1248663 | 148.4917503 |
| Jul-13 | 156.070212 | 148.585386 |
| Aug-13 | 156.0863463 | 148.8545356 |
| Sep-13 | 156.1842757 | 149.0035852 |
| Oct-13 | 155.1409244 | 148.1893795 |
| Nov-13 | 155.7539509 | 149.0434033 |
| Dec-13 | 155.7144177 | 149.3755637 |
| Jan-14 | 155.8808354 | 149.7713845 |
| Feb-14 | 156.0196579 | 149.9912775 |
| Mar-14 | 156.5582406 | 150.5156149 |
| Apr-14 | 155.947257 | 150.7698916 |
| May-14 | 156.2637384 | 151.1241637 |
| Jun-14 | 156.3482095 | 151.8283907 |
| Jul-14 | 156.6537904 | 151.8159143 |
| Aug-14 | 156.7733927 | 152.4683833 |
| Sep-14 | 156.7267073 | 152.325975 |
| Oct-14 | 157.0584002 | 153.047462 |
| Nov-14 | 157.2191189 | 152.9366389 |
| Dec-14 | 157.0769664 | 153.432989 |
| Jan-15 | 157.4450267 | 153.8778216 |
| Feb-15 | 157.0732127 | 153.9258912 |
| Mar-15 | 157.0463094 | 153.7248725 |
| Apr-15 | 157.5163457 | 154.5493187 |
| May-15 | 158.1263059 | 154.8308154 |
| Jun-15 | 157.5289511 | 154.5037964 |
| Jul-15 | 157.6011134 | 155.4468669 |
| Aug-15 | 157.7614309 | 155.1885596 |
| Sep-15 | 157.2886446 | 154.8432916 |
| Oct-15 | 157.7194285 | 155.5701352 |
| Nov-15 | 158.0686561 | 155.7543486 |
| Dec-15 | 158.5801866 | 156.5052516 |
| Jan-16 | 158.6417742 | 156.9896298 |
| Feb-16 | 158.992529 | 157.0395617 |
| Mar-16 | 159.5114337 | 157.6686004 |
| Apr-16 | 159.5053573 | 157.2244683 |
| May-16 | 159.1134114 | 157.2329732 |
| Jun-16 | 159.3463666 | 157.3131262 |
| Jul-16 | 159.6958271 | 157.9917391 |
| Aug-16 | 160.0455554 | 157.9199537 |
| Sep-16 | 160.1554497 | 158.0491854 |
| Oct-16 | 160.0511064 | 157.8003976 |
| Nov-16 | 159.9977206 | 158.3978725 |
| Dec-16 | 160.1692349 | 158.5963848 |
| Jan-17 | 160.6126912 | 158.7131593 |
| Feb-17 | 160.7869057 | 159.2870327 |
| Mar-17 | 161.0268655 | 159.7275755 |
| Apr-17 | 161.2736524 | 160.236445 |
| May-17 | 161.0396672 | 159.8203928 |
| Jun-17 | 161.2034025 | 160.5925314 |
| Jul-17 | 161.5028776 | 160.8253211 |
| Aug-17 | 161.596637 | 160.7517514 |
| Sep-17 | 162.1214563 | 161.5506659 |
| Oct-17 | 161.3139155 | 160.9851433 |
| Nov-17 | 161.6171214 | 161.0845749 |
| Dec-17 | 161.5666391 | 161.2292479 |
| Jan-18 | 161.6269107 | 161.7386231 |
| Feb-18 | 162.4270053 | 162.3903098 |
| Mar-18 | 162.2809085 | 162.6116385 |
| Apr-18 | 162.3939214 | 162.8064021 |
| May-18 | 162.45085 | 163.2659237 |
| Jun-18 | 162.8406342 | 163.6049609 |
| Jul-18 | 162.9731712 | 163.9559949 |
| Aug-18 | 162.3092759 | 163.3460867 |
| Sep-18 | 162.7105971 | 164.0296202 |
| Oct-18 | 163.1952967 | 164.2620476 |
| Nov-18 | 163.3298751 | 164.7839992 |
| Dec-18 | 163.7515818 | 164.8353302 |
| Jan-19 | 163.9997148 | 164.9986948 |
| Feb-19 | 164.0501838 | 164.9297318 |
| Mar-19 | 163.9083933 | 164.9876736 |
| Apr-19 | 163.5952359 | 164.870166 |
| May-19 | 163.7513231 | 165.0606591 |
| Jun-19 | 164.1760218 | 165.3877568 |
| Jul-19 | 164.6976771 | 165.6455641 |
| Aug-19 | 164.8460498 | 166.053495 |
| Sep-19 | 165.1818786 | 166.5056795 |
| Oct-19 | 165.473787 | 166.8580897 |
| Nov-19 | 165.4717542 | 166.4566598 |
| Dec-19 | 165.7395286 | 166.5510502 |
| Jan-20 | 165.7977219 | 167.0880056 |
| Feb-20 | 165.8646508 | 167.0662481 |
| Mar-20 | 164.0430925 | 162.6906779 |
| Apr-20 | 157.742767 | 139.1142984 |
| May-20 | 159.5285264 | 144.0270883 |
| Jun-20 | 161.4520418 | 149.8295349 |
| Jul-20 | 161.7381142 | 151.750109 |
| Aug-20 | 162.2878636 | 155.0619191 |
| Sep-20 | 161.6830586 | 155.5104161 |
| Oct-20 | 162.3769092 | 158.1081079 |
| Nov-20 | 162.0195608 | 158.0860245 |
| Dec-20 | 162.1697226 | 158.0673644 |
| Jan-21 | 161.5761423 | 158.4615799 |
| Feb-21 | 161.6128323 | 159.3580646 |
| Mar-21 | 161.8771756 | 160.5712461 |
| Apr-21 | 162.3891158 | 161.7741325 |
| May-21 | 162.2762344 | 162.8324235 |
| Jun-21 | 162.8433759 | 163.5388819 |
| Jul-21 | 163.2099298 | 165.3112717 |
| Aug-21 | 163.1948786 | 165.6943466 |
| Sep-21 | 163.2377705 | 166.3566585 |
| Oct-21 | 163.3536748 | 167.4116893 |
| Nov-21 | 163.8790209 | 168.2599578 |
| Dec-21 | 164.0622278 | 169.2041946 |
| Jan-22 | 163.7616651 | 168.4366599 |
| Feb-22 | 163.9298594 | 169.3377711 |
| Mar-22 | 164.409375 | 170.5922987 |
| Apr-22 | 164.1078505 | 169.8447045 |
| May-22 | 164.5371848 | 170.0345679 |
| Jun-22 | 164.4695932 | 169.6525733 |
| Jul-22 | 164.4712468 | 170.211696 |
| Aug-22 | 165.2040508 | 169.3198295 |
| Sep-22 | 165.0797504 | 170.0961465 |
| Oct-22 | 165.0608379 | 169.6057117 |
| Nov-22 | 164.9140965 | 169.629391 |
| Dec-22 | 165.5825457 | 170.8616597 |
| Jan-23 | 165.5372509 | 170.2735054 |
| Feb-23 | 165.8971006 | 169.8114366 |
| Mar-23 | 166.3294116 | 170.1321585 |
| Apr-23 | 166.3591272 | 170.586989 |
| May-23 | 166.4490698 | 169.667478 |
| Jun-23 | 166.6212987 | 169.7928081 |
| Jul-23 | 166.813529 | 169.7528868 |
| Aug-23 | 167.4926044 | 170.5291135 |
| Sep-23 | 167.581541 | 170.576665 |
| Oct-23 | 167.3658769 | 169.6535328 |
| Nov-23 | 167.7898316 | 170.5062041 |
| Dec-23 | 167.0910165 | 169.7474508 |
| Jan-24 | 167.275 | 170.015 |
| Feb-24 | 167.426 | #N/A |
Note: Data extend through January 2024 for available jobs and February 2024 for available workers. Available jobs are employment plus job openings as of the end of the previous month. Available workers are the labor force. Data for employment and labor force before January 2023 are estimated by Federal Reserve Board staff in order to eliminate discontinuities in the published history. The gray shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research. The shaded recession periods extend from December 2007 through June 2009 and from February 2020 through April 2020.
Source: Bureau of Labor Statistics via Haver Analytics; U.S. Census Bureau; Federal Reserve Board staff calculations.
Figure 8. JOLTS Quits Rate
Monthly
Percent
| Period | JOLTS quits rate |
|---|---|
| Jan-06 | 2.133333333 |
| Feb-06 | 2.166666667 |
| Mar-06 | 2.2 |
| Apr-06 | 2.133333333 |
| May-06 | 2.133333333 |
| Jun-06 | 2.133333333 |
| Jul-06 | 2.2 |
| Aug-06 | 2.2 |
| Sep-06 | 2.166666667 |
| Oct-06 | 2.166666667 |
| Nov-06 | 2.166666667 |
| Dec-06 | 2.2 |
| Jan-07 | 2.166666667 |
| Feb-07 | 2.133333333 |
| Mar-07 | 2.133333333 |
| Apr-07 | 2.133333333 |
| May-07 | 2.166666667 |
| Jun-07 | 2.133333333 |
| Jul-07 | 2.133333333 |
| Aug-07 | 2.133333333 |
| Sep-07 | 2.066666667 |
| Oct-07 | 2.066666667 |
| Nov-07 | 2 |
| Dec-07 | 2.033333333 |
| Jan-08 | 2.033333333 |
| Feb-08 | 2.066666667 |
| Mar-08 | 2.033333333 |
| Apr-08 | 2.033333333 |
| May-08 | 1.966666667 |
| Jun-08 | 1.966666667 |
| Jul-08 | 1.866666667 |
| Aug-08 | 1.833333333 |
| Sep-08 | 1.8 |
| Oct-08 | 1.766666667 |
| Nov-08 | 1.7 |
| Dec-08 | 1.6 |
| Jan-09 | 1.533333333 |
| Feb-09 | 1.5 |
| Mar-09 | 1.466666667 |
| Apr-09 | 1.4 |
| May-09 | 1.333333333 |
| Jun-09 | 1.3 |
| Jul-09 | 1.3 |
| Aug-09 | 1.266666667 |
| Sep-09 | 1.233333333 |
| Oct-09 | 1.233333333 |
| Nov-09 | 1.3 |
| Dec-09 | 1.366666667 |
| Jan-10 | 1.366666667 |
| Feb-10 | 1.366666667 |
| Mar-10 | 1.366666667 |
| Apr-10 | 1.433333333 |
| May-10 | 1.433333333 |
| Jun-10 | 1.466666667 |
| Jul-10 | 1.433333333 |
| Aug-10 | 1.433333333 |
| Sep-10 | 1.433333333 |
| Oct-10 | 1.433333333 |
| Nov-10 | 1.433333333 |
| Dec-10 | 1.433333333 |
| Jan-11 | 1.433333333 |
| Feb-11 | 1.466666667 |
| Mar-11 | 1.466666667 |
| Apr-11 | 1.466666667 |
| May-11 | 1.466666667 |
| Jun-11 | 1.466666667 |
| Jul-11 | 1.5 |
| Aug-11 | 1.5 |
| Sep-11 | 1.5 |
| Oct-11 | 1.5 |
| Nov-11 | 1.5 |
| Dec-11 | 1.5 |
| Jan-12 | 1.5 |
| Feb-12 | 1.533333333 |
| Mar-12 | 1.566666667 |
| Apr-12 | 1.6 |
| May-12 | 1.6 |
| Jun-12 | 1.6 |
| Jul-12 | 1.566666667 |
| Aug-12 | 1.533333333 |
| Sep-12 | 1.466666667 |
| Oct-12 | 1.466666667 |
| Nov-12 | 1.466666667 |
| Dec-12 | 1.5 |
| Jan-13 | 1.566666667 |
| Feb-13 | 1.633333333 |
| Mar-13 | 1.666666667 |
| Apr-13 | 1.666666667 |
| May-13 | 1.633333333 |
| Jun-13 | 1.633333333 |
| Jul-13 | 1.633333333 |
| Aug-13 | 1.666666667 |
| Sep-13 | 1.7 |
| Oct-13 | 1.7 |
| Nov-13 | 1.7 |
| Dec-13 | 1.7 |
| Jan-14 | 1.7 |
| Feb-14 | 1.733333333 |
| Mar-14 | 1.766666667 |
| Apr-14 | 1.8 |
| May-14 | 1.8 |
| Jun-14 | 1.8 |
| Jul-14 | 1.833333333 |
| Aug-14 | 1.833333333 |
| Sep-14 | 1.9 |
| Oct-14 | 1.9 |
| Nov-14 | 1.933333333 |
| Dec-14 | 1.866666667 |
| Jan-15 | 1.9 |
| Feb-15 | 1.9 |
| Mar-15 | 1.966666667 |
| Apr-15 | 1.933333333 |
| May-15 | 1.933333333 |
| Jun-15 | 1.9 |
| Jul-15 | 1.9 |
| Aug-15 | 1.933333333 |
| Sep-15 | 1.966666667 |
| Oct-15 | 2 |
| Nov-15 | 2 |
| Dec-15 | 2.033333333 |
| Jan-16 | 2.033333333 |
| Feb-16 | 2.066666667 |
| Mar-16 | 2.033333333 |
| Apr-16 | 2.066666667 |
| May-16 | 2.066666667 |
| Jun-16 | 2.1 |
| Jul-16 | 2.1 |
| Aug-16 | 2.1 |
| Sep-16 | 2.1 |
| Oct-16 | 2.1 |
| Nov-16 | 2.1 |
| Dec-16 | 2.1 |
| Jan-17 | 2.133333333 |
| Feb-17 | 2.133333333 |
| Mar-17 | 2.166666667 |
| Apr-17 | 2.133333333 |
| May-17 | 2.133333333 |
| Jun-17 | 2.133333333 |
| Jul-17 | 2.133333333 |
| Aug-17 | 2.133333333 |
| Sep-17 | 2.133333333 |
| Oct-17 | 2.166666667 |
| Nov-17 | 2.2 |
| Dec-17 | 2.2 |
| Jan-18 | 2.133333333 |
| Feb-18 | 2.133333333 |
| Mar-18 | 2.133333333 |
| Apr-18 | 2.233333333 |
| May-18 | 2.266666667 |
| Jun-18 | 2.3 |
| Jul-18 | 2.3 |
| Aug-18 | 2.3 |
| Sep-18 | 2.3 |
| Oct-18 | 2.3 |
| Nov-18 | 2.3 |
| Dec-18 | 2.3 |
| Jan-19 | 2.3 |
| Feb-19 | 2.333333333 |
| Mar-19 | 2.333333333 |
| Apr-19 | 2.333333333 |
| May-19 | 2.3 |
| Jun-19 | 2.3 |
| Jul-19 | 2.333333333 |
| Aug-19 | 2.333333333 |
| Sep-19 | 2.333333333 |
| Oct-19 | 2.3 |
| Nov-19 | 2.3 |
| Dec-19 | 2.3 |
| Jan-20 | 2.3 |
| Feb-20 | 2.3 |
| Mar-20 | 2.166666667 |
| Apr-20 | 1.9 |
| May-20 | 1.7 |
| Jun-20 | 1.7 |
| Jul-20 | 1.933333333 |
| Aug-20 | 2.066666667 |
| Sep-20 | 2.166666667 |
| Oct-20 | 2.2 |
| Nov-20 | 2.266666667 |
| Dec-20 | 2.333333333 |
| Jan-21 | 2.333333333 |
| Feb-21 | 2.366666667 |
| Mar-21 | 2.4 |
| Apr-21 | 2.533333333 |
| May-21 | 2.6 |
| Jun-21 | 2.666666667 |
| Jul-21 | 2.7 |
| Aug-21 | 2.766666667 |
| Sep-21 | 2.833333333 |
| Oct-21 | 2.833333333 |
| Nov-21 | 2.9 |
| Dec-21 | 2.9 |
| Jan-22 | 2.966666667 |
| Feb-22 | 2.9 |
| Mar-22 | 2.9 |
| Apr-22 | 2.9 |
| May-22 | 2.9 |
| Jun-22 | 2.833333333 |
| Jul-22 | 2.7 |
| Aug-22 | 2.666666667 |
| Sep-22 | 2.633333333 |
| Oct-22 | 2.633333333 |
| Nov-22 | 2.633333333 |
| Dec-22 | 2.666666667 |
| Jan-23 | 2.633333333 |
| Feb-23 | 2.6 |
| Mar-23 | 2.533333333 |
| Apr-23 | 2.466666667 |
| May-23 | 2.466666667 |
| Jun-23 | 2.433333333 |
| Jul-23 | 2.433333333 |
| Aug-23 | 2.333333333 |
| Sep-23 | 2.3 |
| Oct-23 | 2.3 |
| Nov-23 | 2.266666667 |
| Dec-23 | 2.233333333 |
| Jan-24 | 2.166666667 |
Note: Data extend through January 2024 and are a 3-month moving average of the Job Openings and Labor Turnover Survey (JOLTS) quits rate. The gray shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research. The shaded recession periods extend from December 2007 through June 2009 and from February 2020 through April 2020.
Source: Bureau of Labor Statistics via Haver Analytics.
Figure 9. Employment Cost Index for Total Compensation for Private Industry Workers
Quarterly
12-month growth rate, percent
| Period | Employment cost index for total compensation for private industry workers |
|---|---|
| Mar-06 | 2.647657841 |
| Jun-06 | 2.834008097 |
| Sep-06 | 3.015075377 |
| Dec-06 | 3.093812375 |
| Mar-07 | 3.075396825 |
| Jun-07 | 3.149606299 |
| Sep-07 | 3.024390244 |
| Dec-07 | 3.097773475 |
| Mar-08 | 3.176130895 |
| Jun-08 | 3.053435115 |
| Sep-08 | 2.840909091 |
| Dec-08 | 2.441314554 |
| Mar-09 | 1.958955224 |
| Jun-09 | 1.388888889 |
| Sep-09 | 1.197053407 |
| Dec-09 | 1.191567369 |
| Mar-10 | 1.64684355 |
| Jun-10 | 1.917808219 |
| Sep-10 | 2.001819836 |
| Dec-10 | 1.992753623 |
| Mar-11 | 1.98019802 |
| Jun-11 | 2.329749104 |
| Sep-11 | 2.23015165 |
| Dec-11 | 2.220248668 |
| Mar-12 | 2.118270079 |
| Jun-12 | 1.838879159 |
| Sep-12 | 1.919720768 |
| Dec-12 | 1.824500434 |
| Mar-13 | 1.901469317 |
| Jun-13 | 1.891659501 |
| Sep-13 | 1.883561644 |
| Dec-13 | 2.04778157 |
| Mar-14 | 1.696352841 |
| Jun-14 | 2.025316456 |
| Sep-14 | 2.268907563 |
| Dec-14 | 2.341137124 |
| Mar-15 | 2.752293578 |
| Jun-15 | 1.902398677 |
| Sep-15 | 1.88989318 |
| Dec-15 | 1.797385621 |
| Mar-16 | 1.704545455 |
| Jun-16 | 2.353896104 |
| Sep-16 | 2.177419355 |
| Dec-16 | 2.247191011 |
| Mar-17 | 2.314445331 |
| Jun-17 | 2.299762094 |
| Sep-17 | 2.604577743 |
| Dec-17 | 2.590266876 |
| Mar-18 | 2.808112324 |
| Jun-18 | 2.868217054 |
| Sep-18 | 2.846153846 |
| Dec-18 | 2.98393267 |
| Mar-19 | 2.807283763 |
| Jun-19 | 2.637528259 |
| Sep-19 | 2.692595363 |
| Dec-19 | 2.674591382 |
| Mar-20 | 2.804428044 |
| Jun-20 | 2.716593245 |
| Sep-20 | 2.476329206 |
| Dec-20 | 2.604920405 |
| Mar-21 | 2.79971285 |
| Jun-21 | 3.073624017 |
| Sep-21 | 3.980099502 |
| Dec-21 | 4.37235543 |
| Mar-22 | 4.818435754 |
| Jun-22 | 5.47850208 |
| Sep-22 | 5.126452495 |
| Dec-22 | 5.067567568 |
| Mar-23 | 4.796802132 |
| Jun-23 | 4.470742932 |
| Sep-23 | 4.356306892 |
| Dec-23 | 4.115755627 |
Note: Data extend through 2023:Q4. The gray shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research. The shaded recession periods extend from December 2007 through June 2009 and from February 2020 through April 2020.
Source: Bureau of Labor Statistics via Haver Analytics.
Figure 10. U.S. Labor Productivity
Quarterly
2017 average = 100
| Period | U.S.labor productivity |
|---|---|
| Mar-47 | 19.55 |
| Jun-47 | 19.636 |
| Sep-47 | 19.438 |
| Dec-47 | 19.694 |
| Mar-48 | 20.152 |
| Jun-48 | 20.561 |
| Sep-48 | 20.459 |
| Dec-48 | 20.577 |
| Mar-49 | 20.514 |
| Jun-49 | 20.595 |
| Sep-49 | 21.192 |
| Dec-49 | 21.242 |
| Mar-50 | 22.196 |
| Jun-50 | 22.447 |
| Sep-50 | 22.802 |
| Dec-50 | 22.913 |
| Mar-51 | 22.899 |
| Jun-51 | 23 |
| Sep-51 | 23.648 |
| Dec-51 | 23.582 |
| Mar-52 | 23.692 |
| Jun-52 | 23.888 |
| Sep-52 | 23.944 |
| Dec-52 | 24.332 |
| Mar-53 | 24.725 |
| Jun-53 | 24.927 |
| Sep-53 | 24.916 |
| Dec-53 | 24.855 |
| Mar-54 | 24.858 |
| Jun-54 | 25.197 |
| Sep-54 | 25.593 |
| Dec-54 | 25.964 |
| Mar-55 | 26.364 |
| Jun-55 | 26.603 |
| Sep-55 | 26.566 |
| Dec-55 | 26.393 |
| Mar-56 | 26.295 |
| Jun-56 | 26.45 |
| Sep-56 | 26.446 |
| Dec-56 | 26.994 |
| Mar-57 | 27.171 |
| Jun-57 | 27.176 |
| Sep-57 | 27.456 |
| Dec-57 | 27.739 |
| Mar-58 | 27.538 |
| Jun-58 | 27.929 |
| Sep-58 | 28.438 |
| Dec-58 | 28.776 |
| Mar-59 | 29.009 |
| Jun-59 | 29.087 |
| Sep-59 | 29.301 |
| Dec-59 | 29.336 |
| Mar-60 | 30.14 |
| Jun-60 | 29.51 |
| Sep-60 | 29.672 |
| Dec-60 | 29.432 |
| Mar-61 | 29.767 |
| Jun-61 | 30.72 |
| Sep-61 | 31.147 |
| Dec-61 | 31.448 |
| Mar-62 | 31.748 |
| Jun-62 | 31.85 |
| Sep-62 | 32.427 |
| Dec-62 | 32.712 |
| Mar-63 | 32.852 |
| Jun-63 | 33.02 |
| Sep-63 | 33.851 |
| Dec-63 | 33.891 |
| Mar-64 | 34.236 |
| Jun-64 | 34.295 |
| Sep-64 | 34.7 |
| Dec-64 | 34.524 |
| Mar-65 | 35.112 |
| Jun-65 | 35.104 |
| Sep-65 | 36.01 |
| Dec-65 | 36.536 |
| Mar-66 | 37.187 |
| Jun-66 | 36.955 |
| Sep-66 | 37.084 |
| Dec-66 | 37.378 |
| Mar-67 | 37.708 |
| Jun-67 | 38.021 |
| Sep-67 | 38.106 |
| Dec-67 | 38.193 |
| Mar-68 | 39.02 |
| Jun-68 | 39.419 |
| Sep-68 | 39.483 |
| Dec-68 | 39.406 |
| Mar-69 | 39.532 |
| Jun-69 | 39.488 |
| Sep-69 | 39.613 |
| Dec-69 | 39.489 |
| Mar-70 | 39.666 |
| Jun-70 | 40.122 |
| Sep-70 | 40.822 |
| Dec-70 | 40.559 |
| Mar-71 | 41.736 |
| Jun-71 | 41.755 |
| Sep-71 | 42.261 |
| Dec-71 | 41.91 |
| Mar-72 | 42.388 |
| Jun-72 | 43.396 |
| Sep-72 | 43.521 |
| Dec-72 | 43.991 |
| Mar-73 | 44.814 |
| Jun-73 | 44.927 |
| Sep-73 | 44.304 |
| Dec-73 | 44.483 |
| Mar-74 | 43.848 |
| Jun-74 | 43.99 |
| Sep-74 | 43.62 |
| Dec-74 | 43.963 |
| Mar-75 | 44.554 |
| Jun-75 | 45.274 |
| Sep-75 | 45.771 |
| Dec-75 | 45.894 |
| Mar-76 | 46.554 |
| Jun-76 | 46.855 |
| Sep-76 | 46.918 |
| Dec-76 | 47.209 |
| Mar-77 | 47.497 |
| Jun-77 | 47.579 |
| Sep-77 | 48.203 |
| Dec-77 | 47.667 |
| Mar-78 | 47.483 |
| Jun-78 | 48.418 |
| Sep-78 | 48.552 |
| Dec-78 | 48.74 |
| Mar-79 | 48.46 |
| Jun-79 | 48.412 |
| Sep-79 | 48.405 |
| Dec-79 | 48.296 |
| Mar-80 | 48.612 |
| Jun-80 | 48.087 |
| Sep-80 | 48.147 |
| Dec-80 | 48.626 |
| Mar-81 | 49.543 |
| Jun-81 | 49.096 |
| Sep-81 | 49.772 |
| Dec-81 | 49.171 |
| Mar-82 | 48.958 |
| Jun-82 | 49.024 |
| Sep-82 | 49.029 |
| Dec-82 | 49.452 |
| Mar-83 | 49.912 |
| Jun-83 | 50.775 |
| Sep-83 | 50.986 |
| Dec-83 | 51.446 |
| Mar-84 | 51.724 |
| Jun-84 | 52.184 |
| Sep-84 | 52.46 |
| Dec-84 | 52.576 |
| Mar-85 | 52.801 |
| Jun-85 | 53.017 |
| Sep-85 | 53.865 |
| Dec-85 | 54.039 |
| Mar-86 | 54.555 |
| Jun-86 | 54.915 |
| Sep-86 | 55.201 |
| Dec-86 | 55.066 |
| Mar-87 | 54.835 |
| Jun-87 | 55.154 |
| Sep-87 | 55.222 |
| Dec-87 | 55.711 |
| Mar-88 | 55.88 |
| Jun-88 | 55.966 |
| Sep-88 | 56.148 |
| Dec-88 | 56.263 |
| Mar-89 | 56.375 |
| Jun-89 | 56.652 |
| Sep-89 | 56.874 |
| Dec-89 | 56.92 |
| Mar-90 | 57.497 |
| Jun-90 | 57.954 |
| Sep-90 | 58.242 |
| Dec-90 | 57.624 |
| Mar-91 | 57.756 |
| Jun-91 | 58.693 |
| Sep-91 | 59.098 |
| Dec-91 | 59.451 |
| Mar-92 | 60.759 |
| Jun-92 | 61.207 |
| Sep-92 | 61.794 |
| Dec-92 | 62.143 |
| Mar-93 | 61.647 |
| Jun-93 | 61.384 |
| Sep-93 | 61.317 |
| Dec-93 | 61.792 |
| Mar-94 | 61.933 |
| Jun-94 | 61.885 |
| Sep-94 | 61.569 |
| Dec-94 | 62.166 |
| Mar-95 | 62.045 |
| Jun-95 | 62.243 |
| Sep-95 | 62.291 |
| Dec-95 | 62.714 |
| Mar-96 | 63.171 |
| Jun-96 | 63.877 |
| Sep-96 | 64.106 |
| Dec-96 | 64.2 |
| Mar-97 | 64.073 |
| Jun-97 | 65.079 |
| Sep-97 | 65.678 |
| Dec-97 | 66.032 |
| Mar-98 | 66.612 |
| Jun-98 | 66.908 |
| Sep-98 | 67.848 |
| Dec-98 | 68.407 |
| Mar-99 | 69.448 |
| Jun-99 | 69.684 |
| Sep-99 | 70.334 |
| Dec-99 | 71.29 |
| Mar-00 | 71.145 |
| Jun-00 | 72.534 |
| Sep-00 | 72.589 |
| Dec-00 | 73.338 |
| Mar-01 | 72.948 |
| Jun-01 | 74.168 |
| Sep-01 | 74.574 |
| Dec-01 | 75.572 |
| Mar-02 | 76.865 |
| Jun-02 | 77.233 |
| Sep-02 | 77.887 |
| Dec-02 | 77.811 |
| Mar-03 | 78.561 |
| Jun-03 | 79.768 |
| Sep-03 | 81.308 |
| Dec-03 | 81.96 |
| Mar-04 | 82.062 |
| Jun-04 | 82.701 |
| Sep-04 | 83.133 |
| Dec-04 | 83.807 |
| Mar-05 | 84.623 |
| Jun-05 | 84.391 |
| Sep-05 | 84.994 |
| Dec-05 | 85.105 |
| Mar-06 | 85.679 |
| Jun-06 | 85.622 |
| Sep-06 | 85.369 |
| Dec-06 | 85.825 |
| Mar-07 | 86.126 |
| Jun-07 | 86.48 |
| Sep-07 | 87.217 |
| Dec-07 | 87.778 |
| Mar-08 | 87.264 |
| Jun-08 | 88.247 |
| Sep-08 | 88.399 |
| Dec-08 | 88.009 |
| Mar-09 | 89.058 |
| Jun-09 | 91.033 |
| Sep-09 | 92.585 |
| Dec-09 | 93.805 |
| Mar-10 | 93.832 |
| Jun-10 | 94.117 |
| Sep-10 | 94.831 |
| Dec-10 | 95.03 |
| Mar-11 | 94.372 |
| Jun-11 | 94.369 |
| Sep-11 | 94.126 |
| Dec-11 | 94.66 |
| Mar-12 | 95.043 |
| Jun-12 | 95.483 |
| Sep-12 | 95.189 |
| Dec-12 | 94.881 |
| Mar-13 | 95.559 |
| Jun-13 | 95.471 |
| Sep-13 | 96.121 |
| Dec-13 | 96.963 |
| Mar-14 | 96.154 |
| Jun-14 | 96.753 |
| Sep-14 | 97.399 |
| Dec-14 | 97.007 |
| Mar-15 | 97.583 |
| Jun-15 | 98.135 |
| Sep-15 | 98.387 |
| Dec-15 | 97.798 |
| Mar-16 | 98.207 |
| Jun-16 | 98.191 |
| Sep-16 | 98.57 |
| Dec-16 | 99.398 |
| Mar-17 | 99.482 |
| Jun-17 | 99.484 |
| Sep-17 | 100.275 |
| Dec-17 | 100.983 |
| Mar-18 | 101.465 |
| Jun-18 | 101.554 |
| Sep-18 | 101.74 |
| Dec-18 | 101.648 |
| Mar-19 | 102.727 |
| Jun-19 | 103.408 |
| Sep-19 | 104.404 |
| Dec-19 | 105.301 |
| Mar-20 | 105.192 |
| Jun-20 | 110.849 |
| Sep-20 | 111.921 |
| Dec-20 | 110.682 |
| Mar-21 | 111.367 |
| Jun-21 | 111.388 |
| Sep-21 | 110.78 |
| Dec-21 | 111.498 |
| Mar-22 | 109.787 |
| Jun-22 | 108.7 |
| Sep-22 | 108.688 |
| Dec-22 | 109.364 |
| Mar-23 | 109.262 |
| Jun-23 | 110.049 |
| Sep-23 | 111.283 |
| Dec-23 | 112.202 |
Note: Data extend through 2023:Q4. The data are output per hour in the business sector. The gray shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research. The shaded recession period extends from February 2020 through April 2020.
Source: Bureau of Labor Statistics via Haver Analytics.
Last Update:
March 25, 2024