Accessible Version
Accessible Version
Figure 1. The unemployment rate has fallen sharply
Monthly
Percent
| Total | Black | Hispanic | |
|---|---|---|---|
| Jan-06 | 4.7 | 8.9 | 5.5 |
| Feb-06 | 4.8 | 9.5 | 5.4 |
| Mar-06 | 4.7 | 9.5 | 5.2 |
| Apr-06 | 4.7 | 9.4 | 5.5 |
| May-06 | 4.6 | 8.7 | 5 |
| Jun-06 | 4.6 | 8.9 | 5.2 |
| Jul-06 | 4.7 | 9.5 | 5.2 |
| Aug-06 | 4.7 | 8.8 | 5.3 |
| Sep-06 | 4.5 | 9 | 5.5 |
| Oct-06 | 4.4 | 8.4 | 4.8 |
| Nov-06 | 4.5 | 8.5 | 5.1 |
| Dec-06 | 4.4 | 8.3 | 5 |
| Jan-07 | 4.6 | 7.9 | 5.5 |
| Feb-07 | 4.5 | 8 | 5.1 |
| Mar-07 | 4.4 | 8.4 | 5 |
| Apr-07 | 4.5 | 8.3 | 5.6 |
| May-07 | 4.4 | 8.3 | 5.8 |
| Jun-07 | 4.6 | 8.5 | 5.5 |
| Jul-07 | 4.7 | 8.1 | 5.9 |
| Aug-07 | 4.6 | 7.6 | 5.5 |
| Sep-07 | 4.7 | 8 | 5.9 |
| Oct-07 | 4.7 | 8.5 | 5.7 |
| Nov-07 | 4.7 | 8.5 | 5.9 |
| Dec-07 | 5 | 9 | 6.3 |
| Jan-08 | 5 | 9.1 | 6.3 |
| Feb-08 | 4.9 | 8.4 | 6.2 |
| Mar-08 | 5.1 | 9.2 | 6.9 |
| Apr-08 | 5 | 8.6 | 7.1 |
| May-08 | 5.4 | 9.6 | 6.9 |
| Jun-08 | 5.6 | 9.4 | 7.6 |
| Jul-08 | 5.8 | 10 | 7.5 |
| Aug-08 | 6.1 | 10.6 | 8 |
| Sep-08 | 6.1 | 11.3 | 8 |
| Oct-08 | 6.5 | 11.4 | 8.8 |
| Nov-08 | 6.8 | 11.5 | 8.7 |
| Dec-08 | 7.3 | 12.1 | 9.4 |
| Jan-09 | 7.8 | 12.7 | 10.1 |
| Feb-09 | 8.3 | 13.7 | 11.3 |
| Mar-09 | 8.7 | 13.7 | 11.7 |
| Apr-09 | 9 | 15 | 11.4 |
| May-09 | 9.4 | 15 | 12.3 |
| Jun-09 | 9.5 | 14.8 | 12.1 |
| Jul-09 | 9.5 | 14.8 | 12.5 |
| Aug-09 | 9.6 | 14.8 | 13 |
| Sep-09 | 9.8 | 15.3 | 12.6 |
| Oct-09 | 10 | 15.8 | 12.8 |
| Nov-09 | 9.9 | 15.7 | 12.4 |
| Dec-09 | 9.9 | 16.1 | 12.8 |
| Jan-10 | 9.8 | 16.5 | 12.9 |
| Feb-10 | 9.8 | 16.1 | 12.7 |
| Mar-10 | 9.9 | 16.8 | 12.9 |
| Apr-10 | 9.9 | 16.6 | 12.5 |
| May-10 | 9.6 | 15.5 | 12 |
| Jun-10 | 9.4 | 15.2 | 12.3 |
| Jul-10 | 9.4 | 15.6 | 12.2 |
| Aug-10 | 9.5 | 15.9 | 12 |
| Sep-10 | 9.5 | 16 | 12.3 |
| Oct-10 | 9.4 | 15.6 | 12.3 |
| Nov-10 | 9.8 | 16.2 | 12.9 |
| Dec-10 | 9.3 | 15.5 | 12.9 |
| Jan-11 | 9.1 | 15.8 | 12.3 |
| Feb-11 | 9 | 15.5 | 11.8 |
| Mar-11 | 9 | 15.8 | 11.6 |
| Apr-11 | 9.1 | 16.5 | 11.9 |
| May-11 | 9 | 16.3 | 11.6 |
| Jun-11 | 9.1 | 16.2 | 11.5 |
| Jul-11 | 9 | 15.9 | 11.2 |
| Aug-11 | 9 | 16.4 | 11.2 |
| Sep-11 | 9 | 15.9 | 11.2 |
| Oct-11 | 8.8 | 14.6 | 11.3 |
| Nov-11 | 8.6 | 15.6 | 11.2 |
| Dec-11 | 8.5 | 15.4 | 11.1 |
| Jan-12 | 8.3 | 13.6 | 10.7 |
| Feb-12 | 8.3 | 14 | 10.9 |
| Mar-12 | 8.2 | 14 | 10.6 |
| Apr-12 | 8.2 | 13.3 | 10.3 |
| May-12 | 8.2 | 13.5 | 10.9 |
| Jun-12 | 8.2 | 14.5 | 10.9 |
| Jul-12 | 8.2 | 14.2 | 10.2 |
| Aug-12 | 8.1 | 13.8 | 10.1 |
| Sep-12 | 7.8 | 13.6 | 9.7 |
| Oct-12 | 7.8 | 14.1 | 10 |
| Nov-12 | 7.7 | 13.3 | 9.9 |
| Dec-12 | 7.9 | 14 | 9.6 |
| Jan-13 | 8 | 13.7 | 9.7 |
| Feb-13 | 7.7 | 13.8 | 9.7 |
| Mar-13 | 7.5 | 13 | 9.3 |
| Apr-13 | 7.6 | 13.3 | 9 |
| May-13 | 7.5 | 13.4 | 9 |
| Jun-13 | 7.5 | 14.2 | 9.1 |
| Jul-13 | 7.3 | 12.6 | 9.4 |
| Aug-13 | 7.2 | 12.8 | 9.2 |
| Sep-13 | 7.2 | 13 | 8.8 |
| Oct-13 | 7.2 | 12.8 | 9.1 |
| Nov-13 | 6.9 | 12.3 | 8.7 |
| Dec-13 | 6.7 | 11.9 | 8.3 |
| Jan-14 | 6.6 | 12.1 | 8.3 |
| Feb-14 | 6.7 | 11.8 | 8.2 |
| Mar-14 | 6.7 | 12.1 | 7.9 |
| Apr-14 | 6.2 | 11.6 | 7.2 |
| May-14 | 6.3 | 11.4 | 7.7 |
| Jun-14 | 6.1 | 11 | 7.8 |
| Jul-14 | 6.2 | 11.6 | 7.7 |
| Aug-14 | 6.1 | 11.4 | 7.4 |
| Sep-14 | 5.9 | 11 | 6.8 |
| Oct-14 | 5.7 | 10.6 | 6.8 |
| Nov-14 | 5.8 | 10.9 | 6.6 |
| Dec-14 | 5.6 | 10.6 | 6.4 |
| Jan-15 | 5.7 | 10.3 | 6.7 |
| Feb-15 | 5.5 | 10.1 | 6.8 |
| Mar-15 | 5.4 | 9.9 | 6.8 |
| Apr-15 | 5.4 | 9.7 | 6.8 |
| May-15 | 5.6 | 10.3 | 6.8 |
| Jun-15 | 5.3 | 9.7 | 6.7 |
| Jul-15 | 5.2 | 9.1 | 6.9 |
| Aug-15 | 5.1 | 9.4 | 6.6 |
| Sep-15 | 5 | 9.3 | 6.2 |
| Oct-15 | 5 | 9 | 6.3 |
| Nov-15 | 5.1 | 9.4 | 6.4 |
| Dec-15 | 5 | 8.5 | 6.2 |
| Jan-16 | 4.8 | 8.5 | 5.9 |
| Feb-16 | 4.9 | 8.6 | 5.5 |
| Mar-16 | 5 | 8.9 | 5.6 |
| Apr-16 | 5.1 | 8.8 | 6.2 |
| May-16 | 4.8 | 8.2 | 5.7 |
| Jun-16 | 4.9 | 8.7 | 6 |
| Jul-16 | 4.8 | 8.2 | 5.4 |
| Aug-16 | 4.9 | 8 | 5.6 |
| Sep-16 | 5 | 8.5 | 6.2 |
| Oct-16 | 4.9 | 8.5 | 5.7 |
| Nov-16 | 4.7 | 8.2 | 5.6 |
| Dec-16 | 4.7 | 8 | 5.8 |
| Jan-17 | 4.7 | 7.5 | 5.8 |
| Feb-17 | 4.6 | 8 | 5.6 |
| Mar-17 | 4.4 | 7.8 | 5 |
| Apr-17 | 4.4 | 7.7 | 5.2 |
| May-17 | 4.4 | 7.7 | 5.2 |
| Jun-17 | 4.3 | 6.9 | 5 |
| Jul-17 | 4.3 | 7.3 | 5.1 |
| Aug-17 | 4.4 | 7.7 | 5.1 |
| Sep-17 | 4.3 | 7.2 | 5.1 |
| Oct-17 | 4.2 | 7.6 | 5 |
| Nov-17 | 4.2 | 7.5 | 4.9 |
| Dec-17 | 4.1 | 6.7 | 5 |
| Jan-18 | 4 | 7.5 | 4.9 |
| Feb-18 | 4.1 | 6.8 | 4.9 |
| Mar-18 | 4 | 6.7 | 4.9 |
| Apr-18 | 4 | 6.3 | 4.7 |
| May-18 | 3.8 | 5.9 | 4.8 |
| Jun-18 | 4 | 6.4 | 4.6 |
| Jul-18 | 3.8 | 6.5 | 4.5 |
| Aug-18 | 3.8 | 6.3 | 4.7 |
| Sep-18 | 3.7 | 6.1 | 4.6 |
| Oct-18 | 3.8 | 6.5 | 4.4 |
| Nov-18 | 3.8 | 6.1 | 4.7 |
| Dec-18 | 3.9 | 6.7 | 4.5 |
| Jan-19 | 4 | 7 | 4.7 |
| Feb-19 | 3.8 | 7.1 | 4.3 |
| Mar-19 | 3.8 | 6.5 | 4.5 |
| Apr-19 | 3.6 | 6.5 | 4.1 |
| May-19 | 3.6 | 6.1 | 4.2 |
| Jun-19 | 3.6 | 5.8 | 4.3 |
| Jul-19 | 3.7 | 5.8 | 4.4 |
| Aug-19 | 3.7 | 5.4 | 4.2 |
| Sep-19 | 3.5 | 5.4 | 4 |
| Oct-19 | 3.6 | 5.6 | 4.2 |
| Nov-19 | 3.6 | 5.6 | 4.3 |
| Dec-19 | 3.6 | 6 | 4.3 |
| Jan-20 | 3.5 | 6.3 | 4.3 |
| Feb-20 | 3.5 | 6 | 4.4 |
| Mar-20 | 4.4 | 6.8 | 5.9 |
| Apr-20 | 14.7 | 16.6 | 18.8 |
| May-20 | 13.2 | 16.8 | 17.6 |
| Jun-20 | 11 | 15.2 | 14.5 |
| Jul-20 | 10.2 | 14.4 | 12.8 |
| Aug-20 | 8.4 | 12.8 | 10.6 |
| Sep-20 | 7.9 | 12.1 | 10.4 |
| Oct-20 | 6.9 | 10.9 | 8.9 |
| Nov-20 | 6.7 | 10.4 | 8.6 |
| Dec-20 | 6.7 | 10 | 9.4 |
| Jan-21 | 6.4 | 9.2 | 8.6 |
| Feb-21 | 6.2 | 9.8 | 8.4 |
| Mar-21 | 6 | 9.5 | 7.7 |
| Apr-21 | 6 | 9.7 | 7.7 |
| May-21 | 5.8 | 9.1 | 7.1 |
| Jun-21 | 5.9 | 9.2 | 7.2 |
| Jul-21 | 5.4 | 8.2 | 6.4 |
| Aug-21 | 5.2 | 8.7 | 6.2 |
| Sep-21 | 4.7 | 7.8 | 6.1 |
| Oct-21 | 4.6 | 7.8 | 5.7 |
| Nov-21 | 4.2 | 6.5 | 5.2 |
| Dec-21 | 3.9 | 7.1 | 4.9 |
| Jan-22 | 4 | 6.9 | 4.9 |
| Feb-22 | 3.8 | 6.6 | 4.4 |
Source: Bureau of Labor Statistics, Employment Situation, via Haver Analytics.
Figure 2. Wage growth has surged particularly for low-wage workers
Average Hourly Earnings
Monthly
Percent change from year earlier
| All | Production workers | |
|---|---|---|
| Jan-95 | ND | 2.5 |
| Feb-95 | ND | 2.49 |
| Mar-95 | ND | 2.67 |
| Apr-95 | ND | 2.57 |
| May-95 | ND | 2.66 |
| Jun-95 | ND | 2.83 |
| Jul-95 | ND | 2.91 |
| Aug-95 | ND | 2.9 |
| Sep-95 | ND | 2.99 |
| Oct-95 | ND | 2.8 |
| Nov-95 | ND | 2.88 |
| Dec-95 | ND | 2.96 |
| Jan-96 | ND | 3.31 |
| Feb-96 | ND | 2.95 |
| Mar-96 | ND | 2.94 |
| Apr-96 | ND | 3.37 |
| May-96 | ND | 3.28 |
| Jun-96 | ND | 3.44 |
| Jul-96 | ND | 3.26 |
| Aug-96 | ND | 3.42 |
| Sep-96 | ND | 3.41 |
| Oct-96 | ND | 3.4 |
| Nov-96 | ND | 3.57 |
| Dec-96 | ND | 3.64 |
| Jan-97 | ND | 3.63 |
| Feb-97 | ND | 3.71 |
| Mar-97 | ND | 3.95 |
| Apr-97 | ND | 3.68 |
| May-97 | ND | 3.84 |
| Jun-97 | ND | 3.57 |
| Jul-97 | ND | 3.73 |
| Aug-97 | ND | 3.97 |
| Sep-97 | ND | 3.87 |
| Oct-97 | ND | 4.2 |
| Nov-97 | ND | 4.18 |
| Dec-97 | ND | 4.17 |
| Jan-98 | ND | 4.07 |
| Feb-98 | ND | 4.22 |
| Mar-98 | ND | 4.13 |
| Apr-98 | ND | 4.28 |
| May-98 | ND | 4.34 |
| Jun-98 | ND | 4.25 |
| Jul-98 | ND | 4.08 |
| Aug-98 | ND | 3.98 |
| Sep-98 | ND | 4.05 |
| Oct-98 | ND | 3.87 |
| Nov-98 | ND | 3.62 |
| Dec-98 | ND | 3.61 |
| Jan-99 | ND | 3.75 |
| Feb-99 | ND | 3.66 |
| Mar-99 | ND | 3.57 |
| Apr-99 | ND | 3.56 |
| May-99 | ND | 3.47 |
| Jun-99 | ND | 3.7 |
| Jul-99 | ND | 3.84 |
| Aug-99 | ND | 3.52 |
| Sep-99 | ND | 3.81 |
| Oct-99 | ND | 3.73 |
| Nov-99 | ND | 3.72 |
| Dec-99 | ND | 3.71 |
| Jan-00 | ND | 3.62 |
| Feb-00 | ND | 3.76 |
| Mar-00 | ND | 3.9 |
| Apr-00 | ND | 3.81 |
| May-00 | ND | 3.87 |
| Jun-00 | ND | 3.86 |
| Jul-00 | ND | 3.77 |
| Aug-00 | ND | 3.92 |
| Sep-00 | ND | 3.75 |
| Oct-00 | ND | 3.89 |
| Nov-00 | ND | 4.17 |
| Dec-00 | ND | 4.23 |
| Jan-01 | ND | 3.93 |
| Feb-01 | ND | 4.06 |
| Mar-01 | ND | 4.12 |
| Apr-01 | ND | 4.03 |
| May-01 | ND | 4.02 |
| Jun-01 | ND | 3.93 |
| Jul-01 | ND | 3.78 |
| Aug-01 | ND | 3.77 |
| Sep-01 | ND | 3.61 |
| Oct-01 | ND | 3.46 |
| Nov-01 | ND | 3.37 |
| Dec-01 | ND | 3.29 |
| Jan-02 | ND | 3.29 |
| Feb-02 | ND | 2.92 |
| Mar-02 | ND | 2.77 |
| Apr-02 | ND | 2.7 |
| May-02 | ND | 2.62 |
| Jun-02 | ND | 2.75 |
| Jul-02 | ND | 2.96 |
| Aug-02 | ND | 2.95 |
| Sep-02 | ND | 2.94 |
| Oct-02 | ND | 3.14 |
| Nov-02 | ND | 2.99 |
| Dec-02 | ND | 3.05 |
| Jan-03 | ND | 3.12 |
| Feb-03 | ND | 3.38 |
| Mar-03 | ND | 3.04 |
| Apr-03 | ND | 2.96 |
| May-03 | ND | 3.02 |
| Jun-03 | ND | 2.81 |
| Jul-03 | ND | 2.8 |
| Aug-03 | ND | 2.66 |
| Sep-03 | ND | 2.32 |
| Oct-03 | ND | 2.05 |
| Nov-03 | ND | 2.11 |
| Dec-03 | ND | 1.78 |
| Jan-04 | ND | 1.91 |
| Feb-04 | ND | 1.64 |
| Mar-04 | ND | 1.9 |
| Apr-04 | ND | 2.03 |
| May-04 | ND | 1.96 |
| Jun-04 | ND | 2.02 |
| Jul-04 | ND | 1.88 |
| Aug-04 | ND | 2.01 |
| Sep-04 | ND | 2.4 |
| Oct-04 | ND | 2.46 |
| Nov-04 | ND | 2.39 |
| Dec-04 | ND | 2.52 |
| Jan-05 | ND | 2.51 |
| Feb-05 | ND | 2.58 |
| Mar-05 | ND | 2.63 |
| Apr-05 | ND | 2.63 |
| May-05 | ND | 2.62 |
| Jun-05 | ND | 2.62 |
| Jul-05 | ND | 2.93 |
| Aug-05 | ND | 2.8 |
| Sep-05 | ND | 2.6 |
| Oct-05 | ND | 2.97 |
| Nov-05 | ND | 2.9 |
| Dec-05 | ND | 3.09 |
| Jan-06 | ND | 3.27 |
| Feb-06 | ND | 3.45 |
| Mar-06 | ND | 3.57 |
| Apr-06 | ND | 3.94 |
| May-06 | ND | 3.8 |
| Jun-06 | ND | 3.98 |
| Jul-06 | ND | 3.84 |
| Aug-06 | ND | 4.02 |
| Sep-06 | ND | 4.2 |
| Oct-06 | ND | 3.99 |
| Nov-06 | ND | 4.11 |
| Dec-06 | ND | 4.22 |
| Jan-07 | ND | 4.08 |
| Feb-07 | ND | 4.07 |
| Mar-07 | 3.39 | 4.11 |
| Apr-07 | 3.13 | 3.85 |
| May-07 | 3.53 | 4.08 |
| Jun-07 | 3.61 | 4.19 |
| Jul-07 | 3.2 | 4.11 |
| Aug-07 | 3.35 | 4.04 |
| Sep-07 | 3.09 | 4.09 |
| Oct-07 | 3.03 | 3.84 |
| Nov-07 | 3.13 | 3.89 |
| Dec-07 | 2.97 | 3.81 |
| Jan-08 | 2.86 | 3.74 |
| Feb-08 | 2.8 | 3.79 |
| Mar-08 | 3.09 | 3.83 |
| Apr-08 | 2.84 | 3.76 |
| May-08 | 3.02 | 3.75 |
| Jun-08 | 2.72 | 3.5 |
| Jul-08 | 3.05 | 3.67 |
| Aug-08 | 3.33 | 3.89 |
| Sep-08 | 3.23 | 3.64 |
| Oct-08 | 3.32 | 3.81 |
| Nov-08 | 3.6 | 3.86 |
| Dec-08 | 3.59 | 3.9 |
| Jan-09 | 3.68 | 3.78 |
| Feb-09 | 3.43 | 3.6 |
| Mar-09 | 3.28 | 3.47 |
| Apr-09 | 3.32 | 3.35 |
| May-09 | 2.93 | 3.06 |
| Jun-09 | 2.83 | 2.94 |
| Jul-09 | 2.73 | 2.71 |
| Aug-09 | 2.44 | 2.7 |
| Sep-09 | 2.49 | 2.75 |
| Oct-09 | 2.48 | 2.68 |
| Nov-09 | 2.19 | 2.68 |
| Dec-09 | 1.91 | 2.45 |
| Jan-10 | 2 | 2.61 |
| Feb-10 | 2.09 | 2.55 |
| Mar-10 | 1.77 | 2.22 |
| Apr-10 | 1.81 | 2.38 |
| May-10 | 1.95 | 2.59 |
| Jun-10 | 1.81 | 2.48 |
| Jul-10 | 1.85 | 2.42 |
| Aug-10 | 1.75 | 2.36 |
| Sep-10 | 1.84 | 2.19 |
| Oct-10 | 1.97 | 2.45 |
| Nov-10 | 1.65 | 2.18 |
| Dec-10 | 1.79 | 2.07 |
| Jan-11 | 1.96 | 2.33 |
| Feb-11 | 1.87 | 2.12 |
| Mar-11 | 1.87 | 2.12 |
| Apr-11 | 1.91 | 2.11 |
| May-11 | 2.04 | 2.1 |
| Jun-11 | 2.13 | 2.05 |
| Jul-11 | 2.26 | 2.26 |
| Aug-11 | 1.99 | 1.88 |
| Sep-11 | 1.94 | 1.94 |
| Oct-11 | 2.02 | 1.88 |
| Nov-11 | 2.02 | 1.82 |
| Dec-11 | 1.98 | 1.77 |
| Jan-12 | 1.71 | 1.4 |
| Feb-12 | 1.75 | 1.45 |
| Mar-12 | 2.14 | 1.71 |
| Apr-12 | 2.05 | 1.65 |
| May-12 | 1.74 | 1.39 |
| Jun-12 | 1.96 | 1.6 |
| Jul-12 | 1.77 | 1.39 |
| Aug-12 | 1.82 | 1.39 |
| Sep-12 | 1.99 | 1.54 |
| Oct-12 | 1.55 | 1.18 |
| Nov-12 | 1.9 | 1.43 |
| Dec-12 | 2.24 | 1.74 |
| Jan-13 | 2.24 | 1.79 |
| Feb-13 | 2.15 | 2.04 |
| Mar-13 | 1.93 | 1.88 |
| Apr-13 | 2.05 | 1.83 |
| May-13 | 2.14 | 1.88 |
| Jun-13 | 2.17 | 2.03 |
| Jul-13 | 2 | 2.03 |
| Aug-13 | 2.3 | 2.18 |
| Sep-13 | 2.08 | 2.28 |
| Oct-13 | 2.25 | 2.32 |
| Nov-13 | 2.24 | 2.37 |
| Dec-13 | 1.85 | 2.21 |
| Jan-14 | 1.89 | 2.26 |
| Feb-14 | 2.31 | 2.55 |
| Mar-14 | 2.1 | 2.45 |
| Apr-14 | 1.97 | 2.4 |
| May-14 | 2.13 | 2.44 |
| Jun-14 | 2 | 2.24 |
| Jul-14 | 2.09 | 2.33 |
| Aug-14 | 2.21 | 2.48 |
| Sep-14 | 2.08 | 2.17 |
| Oct-14 | 2.03 | 2.22 |
| Nov-14 | 2.03 | 2.22 |
| Dec-14 | 1.99 | 1.77 |
| Jan-15 | 2.15 | 2.01 |
| Feb-15 | 1.89 | 1.46 |
| Mar-15 | 2.18 | 1.85 |
| Apr-15 | 2.26 | 1.9 |
| May-15 | 2.3 | 2.19 |
| Jun-15 | 2.17 | 2.14 |
| Jul-15 | 2.17 | 2.04 |
| Aug-15 | 2.2 | 1.98 |
| Sep-15 | 2.24 | 2.13 |
| Oct-15 | 2.52 | 2.37 |
| Nov-15 | 2.39 | 2.12 |
| Dec-15 | 2.52 | 2.61 |
| Jan-16 | 2.55 | 2.45 |
| Feb-16 | 2.46 | 2.6 |
| Mar-16 | 2.46 | 2.49 |
| Apr-16 | 2.57 | 2.63 |
| May-16 | 2.44 | 2.29 |
| Jun-16 | 2.6 | 2.48 |
| Jul-16 | 2.72 | 2.62 |
| Aug-16 | 2.47 | 2.47 |
| Sep-16 | 2.63 | 2.51 |
| Oct-16 | 2.7 | 2.45 |
| Nov-16 | 2.65 | 2.45 |
| Dec-16 | 2.65 | 2.5 |
| Jan-17 | 2.64 | 2.35 |
| Feb-17 | 2.72 | 2.48 |
| Mar-17 | 2.59 | 2.24 |
| Apr-17 | 2.51 | 2.19 |
| May-17 | 2.5 | 2.28 |
| Jun-17 | 2.46 | 2.28 |
| Jul-17 | 2.57 | 2.27 |
| Aug-17 | 2.53 | 2.31 |
| Sep-17 | 2.79 | 2.5 |
| Oct-17 | 2.36 | 2.12 |
| Nov-17 | 2.43 | 2.35 |
| Dec-17 | 2.74 | 2.43 |
| Jan-18 | 2.69 | 2.66 |
| Feb-18 | 2.57 | 2.51 |
| Mar-18 | 2.83 | 2.83 |
| Apr-18 | 2.75 | 2.74 |
| May-18 | 2.9 | 2.87 |
| Jun-18 | 2.93 | 2.91 |
| Jul-18 | 2.85 | 2.85 |
| Aug-18 | 3.19 | 3.08 |
| Sep-18 | 3.1 | 3.02 |
| Oct-18 | 3.28 | 3.29 |
| Nov-18 | 3.35 | 3.42 |
| Dec-18 | 3.41 | 3.59 |
| Jan-19 | 3.25 | 3.35 |
| Feb-19 | 3.55 | 3.57 |
| Mar-19 | 3.54 | 3.6 |
| Apr-19 | 3.31 | 3.51 |
| May-19 | 3.26 | 3.54 |
| Jun-19 | 3.37 | 3.53 |
| Jul-19 | 3.43 | 3.7 |
| Aug-19 | 3.38 | 3.69 |
| Sep-19 | 3.08 | 3.63 |
| Oct-19 | 3.18 | 3.71 |
| Nov-19 | 3.35 | 3.57 |
| Dec-19 | 2.94 | 3.2 |
| Jan-20 | 3.01 | 3.33 |
| Feb-20 | 3.1 | 3.49 |
| Mar-20 | 3.56 | 3.78 |
| Apr-20 | 8.03 | 7.72 |
| May-20 | 6.68 | 6.8 |
| Jun-20 | 5.08 | 5.67 |
| Jul-20 | 4.92 | 4.93 |
| Aug-20 | 4.8 | 5.04 |
| Sep-20 | 4.83 | 4.73 |
| Oct-20 | 4.61 | 4.59 |
| Nov-20 | 4.59 | 4.66 |
| Dec-20 | 5.46 | 5.62 |
| Jan-21 | 5.28 | 5.31 |
| Feb-21 | 5.18 | 5.12 |
| Mar-21 | 4.41 | 4.8 |
| Apr-21 | 0.63 | 1.47 |
| May-21 | 2.19 | 2.76 |
| Jun-21 | 3.95 | 4.11 |
| Jul-21 | 4.28 | 5.1 |
| Aug-21 | 4.34 | 5.2 |
| Sep-21 | 4.78 | 5.89 |
| Oct-21 | 5.35 | 6.36 |
| Nov-21 | 5.33 | 6.54 |
| Dec-21 | 4.88 | 6.2 |
| Jan-22 | 5.48 | 6.67 |
| Feb-22 | 5.13 | 6.65 |
ND: No Data. Return to table
Source: Bureau of Labor Statistics, Employee Hours, via Haver Analytics.
Trimmed Mean Wage Growth by Wage Quartile
Weekly
Year-over-year percent change
| Bottom | Bottom-middle | Top-middle | Top | |
|---|---|---|---|---|
| 11-Jan-20 | 5.39 | 3.79 | 3.16 | 2.81 |
| 18-Jan-20 | 5.37 | 3.78 | 3.15 | 2.81 |
| 25-Jan-20 | 5.37 | 3.78 | 3.14 | 2.83 |
| 1-Feb-20 | 5.36 | 3.79 | 3.13 | 2.8 |
| 8-Feb-20 | 5.34 | 3.79 | 3.14 | 2.8 |
| 15-Feb-20 | 5.34 | 3.78 | 3.14 | 2.8 |
| 22-Feb-20 | 5.34 | 3.79 | 3.13 | 2.8 |
| 29-Feb-20 | 5.35 | 3.78 | 3.13 | 2.79 |
| 7-Mar-20 | 5.33 | 3.79 | 3.13 | 2.81 |
| 14-Mar-20 | 5.39 | 3.81 | 3.14 | 2.81 |
| 21-Mar-20 | 5.62 | 3.86 | 3.16 | 2.8 |
| 28-Mar-20 | 5.87 | 3.91 | 3.16 | 2.76 |
| 4-Apr-20 | 6.05 | 3.91 | 3.12 | 2.69 |
| 11-Apr-20 | 6.11 | 3.9 | 3.1 | 2.65 |
| 18-Apr-20 | 6.09 | 3.9 | 3.09 | 2.52 |
| 25-Apr-20 | 6.06 | 3.84 | 3.05 | 2.44 |
| 2-May-20 | 5.96 | 3.8 | 3 | 2.41 |
| 9-May-20 | 5.85 | 3.75 | 2.95 | 2.37 |
| 16-May-20 | 5.71 | 3.73 | 2.93 | 2.34 |
| 23-May-20 | 5.68 | 3.69 | 2.89 | 2.3 |
| 30-May-20 | 5.56 | 3.65 | 2.85 | 2.29 |
| 6-Jun-20 | 5.46 | 3.6 | 2.8 | 2.22 |
| 13-Jun-20 | 5.38 | 3.57 | 2.77 | 2.21 |
| 20-Jun-20 | 5.33 | 3.52 | 2.74 | 2.23 |
| 27-Jun-20 | 5.27 | 3.47 | 2.71 | 2.2 |
| 4-Jul-20 | 5.26 | 3.4 | 2.66 | 2.23 |
| 11-Jul-20 | 5.27 | 3.4 | 2.64 | 2.23 |
| 18-Jul-20 | 5.31 | 3.38 | 2.63 | 2.2 |
| 25-Jul-20 | 5.25 | 3.37 | 2.61 | 2.18 |
| 1-Aug-20 | 5.25 | 3.36 | 2.59 | 2.18 |
| 8-Aug-20 | 5.24 | 3.35 | 2.58 | 2.17 |
| 15-Aug-20 | 5.22 | 3.34 | 2.58 | 2.18 |
| 22-Aug-20 | 5.19 | 3.32 | 2.57 | 2.17 |
| 29-Aug-20 | 5.2 | 3.31 | 2.57 | 2.09 |
| 5-Sep-20 | 5.24 | 3.32 | 2.57 | 2.11 |
| 12-Sep-20 | 5.33 | 3.32 | 2.58 | 2.24 |
| 19-Sep-20 | 5.32 | 3.37 | 2.57 | 2.2 |
| 26-Sep-20 | 5.31 | 3.36 | 2.55 | 2.16 |
| 3-Oct-20 | 4.95 | 3.2 | 2.48 | 2.11 |
| 10-Oct-20 | 4.67 | 3.01 | 2.36 | 2.05 |
| 17-Oct-20 | 4.67 | 2.99 | 2.35 | 2.05 |
| 24-Oct-20 | 4.83 | 3 | 2.36 | 2.04 |
| 31-Oct-20 | 4.88 | 3.1 | 2.37 | 2.04 |
| 7-Nov-20 | 4.91 | 3.13 | 2.38 | 2.04 |
| 14-Nov-20 | 5.4 | 3.32 | 2.51 | 2.13 |
| 21-Nov-20 | 4.99 | 3.17 | 2.4 | 2.06 |
| 28-Nov-20 | 5.06 | 3.2 | 2.42 | 2.08 |
| 5-Dec-20 | 5.12 | 3.21 | 2.42 | 2.06 |
| 12-Dec-20 | 5.09 | 3.24 | 2.42 | 2.05 |
| 19-Dec-20 | 5.06 | 3.24 | 2.43 | 2.08 |
| 26-Dec-20 | 4.92 | 3.21 | 2.41 | 2.1 |
| 2-Jan-21 | 4.93 | 3.23 | 2.42 | 2.03 |
| 9-Jan-21 | 5.06 | 3.27 | 2.47 | 2.04 |
| 16-Jan-21 | 5.14 | 3.3 | 2.48 | 2.06 |
| 23-Jan-21 | 5.22 | 3.31 | 2.47 | 2.09 |
| 30-Jan-21 | 5.23 | 3.33 | 2.48 | 2.08 |
| 6-Feb-21 | 5.25 | 3.35 | 2.5 | 2.08 |
| 13-Feb-21 | 5.28 | 3.39 | 2.51 | 2.1 |
| 20-Feb-21 | 5.29 | 3.4 | 2.51 | 2.09 |
| 27-Feb-21 | 5.33 | 3.43 | 2.51 | 2.07 |
| 6-Mar-21 | 5.39 | 3.44 | 2.52 | 2.06 |
| 13-Mar-21 | 5.38 | 3.43 | 2.56 | 2.1 |
| 20-Mar-21 | 5.51 | 3.47 | 2.6 | 2.14 |
| 27-Mar-21 | 5.56 | 3.45 | 2.67 | 2.25 |
| 3-Apr-21 | 5.24 | 3.56 | 2.85 | 2.51 |
| 10-Apr-21 | 5.37 | 3.73 | 3.04 | 2.65 |
| 17-Apr-21 | 5.47 | 3.79 | 3.1 | 2.75 |
| 24-Apr-21 | 5.58 | 3.89 | 3.17 | 2.84 |
| 1-May-21 | 5.7 | 3.97 | 3.25 | 2.9 |
| 8-May-21 | 5.88 | 4.09 | 3.32 | 2.97 |
| 15-May-21 | 6.07 | 4.18 | 3.39 | 3.02 |
| 22-May-21 | 6.57 | 5 | 3.46 | 3.05 |
| 29-May-21 | 7 | 5.23 | 3.56 | 3.12 |
| 5-Jun-21 | 7.29 | 5.43 | 3.64 | 3.25 |
| 12-Jun-21 | 7.53 | 5.55 | 3.68 | 3.25 |
| 19-Jun-21 | 7.64 | 4.98 | 3.72 | 3.2 |
| 26-Jun-21 | 7.83 | 5.14 | 3.79 | 3.24 |
| 3-Jul-21 | 8.01 | 5.22 | 3.9 | 3.27 |
| 10-Jul-21 | 8.2 | 5.36 | 4 | 3.43 |
| 17-Jul-21 | 8.36 | 5.47 | 4.06 | 3.44 |
| 24-Jul-21 | 8.53 | 5.63 | 4.1 | 3.4 |
| 31-Jul-21 | 8.68 | 5.73 | 4.15 | 3.4 |
| 7-Aug-21 | 8.86 | 5.86 | 4.22 | 3.44 |
| 14-Aug-21 | 9.01 | 5.96 | 4.27 | 3.45 |
| 21-Aug-21 | 9.11 | 6.02 | 4.33 | 3.48 |
| 28-Aug-21 | 9.26 | 6.11 | 4.37 | 3.5 |
| 4-Sep-21 | 9.38 | 6.22 | 4.43 | 3.52 |
| 11-Sep-21 | 9.5 | 6.36 | 4.48 | 3.54 |
| 18-Sep-21 | 9.61 | 6.46 | 4.53 | 3.54 |
| 25-Sep-21 | 9.73 | 6.54 | 4.57 | 3.52 |
| 2-Oct-21 | 10.05 | 6.7 | 4.59 | 3.57 |
| 9-Oct-21 | 10.24 | 6.84 | 4.67 | 3.6 |
| 16-Oct-21 | 10.42 | 6.95 | 4.72 | 3.61 |
| 23-Oct-21 | 10.52 | 7.03 | 4.82 | 3.64 |
| 30-Oct-21 | 10.62 | 7.11 | 4.88 | 3.68 |
| 6-Nov-21 | 10.76 | 7.22 | 4.93 | 3.7 |
| 13-Nov-21 | 10.46 | 7.26 | 4.99 | 3.78 |
| 20-Nov-21 | 10.99 | 7.41 | 5.04 | 3.77 |
| 27-Nov-21 | 11.06 | 7.46 | 5.07 | 3.78 |
| 4-Dec-21 | 11.11 | 7.49 | 5.11 | 3.78 |
| 11-Dec-21 | 11.21 | 7.56 | 5.16 | 3.79 |
| 18-Dec-21 | 11.24 | 7.61 | 5.22 | 3.87 |
| 25-Dec-21 | 10.79 | 7.65 | 5.28 | 3.98 |
| 1-Jan-22 | 10.71 | 7.78 | 5.38 | 3.98 |
| 8-Jan-22 | 10.82 | 7.91 | 5.48 | 4.02 |
| 15-Jan-22 | 10.88 | 7.98 | 5.53 | 4.05 |
| 22-Jan-22 | 10.85 | 8.05 | 5.57 | 4.06 |
| 29-Jan-22 | 10.8 | 8.04 | 5.57 | 4.07 |
| 5-Feb-22 | 10.86 | 8.14 | 5.65 | 4.12 |
| 12-Feb-22 | 10.97 | 8.21 | 5.71 | 4.17 |
| 19-Feb-22 | 11.17 | 8.33 | 5.81 | 4.25 |
Note: Quartiles defined by hourly wage distribution from base period of year-over-year calculation. Wages are measured as hourly earnings, excluding tips, overtime, and other forms of compensation.
Source: Federal Reserve Board staff calculations; ADP, Inc.
Figure 3. Labor demand has recovered but labor supply has not
Quarterly
Millions
| CPS employment plus job openings | Labor force | |
|---|---|---|
| 2001:Q1 | 142.68 | 143.73 |
| 2001:Q2 | 141.44 | 143.29 |
| 2001:Q3 | 140.75 | 143.48 |
| 2001:Q4 | 139.75 | 144 |
| 2002:Q1 | 139.48 | 144.12 |
| 2002:Q2 | 139.59 | 144.59 |
| 2002:Q3 | 139.95 | 144.85 |
| 2002:Q4 | 139.75 | 144.83 |
| 2003:Q1 | 139.72 | 144.98 |
| 2003:Q2 | 139.8 | 145.49 |
| 2003:Q3 | 139.42 | 145.2 |
| 2003:Q4 | 140.34 | 145.45 |
| 2004:Q1 | 141.01 | 145.81 |
| 2004:Q2 | 141.41 | 146.06 |
| 2004:Q3 | 142.21 | 146.44 |
| 2004:Q4 | 142.75 | 146.83 |
| 2005:Q1 | 143.26 | 147.1 |
| 2005:Q2 | 144.4 | 147.95 |
| 2005:Q3 | 145.37 | 148.49 |
| 2005:Q4 | 145.62 | 148.75 |
| 2006:Q1 | 146.85 | 149.41 |
| 2006:Q2 | 147.58 | 149.93 |
| 2006:Q3 | 148.03 | 150.39 |
| 2006:Q4 | 149.09 | 151.2 |
| 2007:Q1 | 149.66 | 151.71 |
| 2007:Q2 | 149.29 | 151.35 |
| 2007:Q3 | 149.21 | 151.66 |
| 2007:Q4 | 149.51 | 152.2 |
| 2008:Q1 | 149.78 | 153.04 |
| 2008:Q2 | 149.13 | 153.27 |
| 2008:Q3 | 147.96 | 153.66 |
| 2008:Q4 | 146.44 | 153.77 |
| 2009:Q1 | 143.69 | 153.77 |
| 2009:Q2 | 142.21 | 154.1 |
| 2009:Q3 | 141.19 | 153.64 |
| 2009:Q4 | 140.28 | 152.99 |
| 2010:Q1 | 140.97 | 153.35 |
| 2010:Q2 | 141.88 | 153.78 |
| 2010:Q3 | 142.06 | 153.64 |
| 2010:Q4 | 142.1 | 153.59 |
| 2011:Q1 | 142.95 | 153.65 |
| 2011:Q2 | 143.23 | 153.91 |
| 2011:Q3 | 143.93 | 154.26 |
| 2011:Q4 | 144.9 | 154.65 |
| 2012:Q1 | 146.08 | 155.05 |
| 2012:Q2 | 146.49 | 155.35 |
| 2012:Q3 | 146.89 | 155.53 |
| 2012:Q4 | 147.84 | 156.15 |
| 2013:Q1 | 147.84 | 155.91 |
| 2013:Q2 | 148.47 | 156.14 |
| 2013:Q3 | 148.96 | 156.27 |
| 2013:Q4 | 149.07 | 155.74 |
| 2014:Q1 | 150.3 | 156.36 |
| 2014:Q2 | 151.42 | 156.38 |
| 2014:Q3 | 152.41 | 156.91 |
| 2014:Q4 | 153.36 | 157.35 |
| 2015:Q1 | 154.05 | 157.41 |
| 2015:Q2 | 154.82 | 157.93 |
| 2015:Q3 | 155.29 | 157.68 |
| 2015:Q4 | 156.11 | 158.32 |
| 2016:Q1 | 157.47 | 159.29 |
| 2016:Q2 | 157.51 | 159.58 |
| 2016:Q3 | 158.14 | 160.12 |
| 2016:Q4 | 158.42 | 160.23 |
| 2017:Q1 | 159.47 | 161.04 |
| 2017:Q2 | 160.43 | 161.39 |
| 2017:Q3 | 161.23 | 161.94 |
| 2017:Q4 | 161.28 | 161.69 |
| 2018:Q1 | 162.51 | 162.39 |
| 2018:Q2 | 163.45 | 162.79 |
| 2018:Q3 | 163.9 | 162.81 |
| 2018:Q4 | 164.76 | 163.58 |
| 2019:Q1 | 165.33 | 164.34 |
| 2019:Q2 | 165.34 | 164.07 |
| 2019:Q3 | 166.16 | 165 |
| 2019:Q4 | 166.78 | 165.73 |
| 2020:Q1 | 166.14 | 165.74 |
| 2020:Q2 | 144.57 | 159.82 |
| 2020:Q3 | 154.14 | 161.87 |
| 2020:Q4 | 158.08 | 162.14 |
| 2021:Q1 | 159.79 | 161.95 |
| 2021:Q2 | 162.51 | 162.47 |
| 2021:Q3 | 165.37 | 162.96 |
| 2021:Q4 | 167.8 | 163.54 |
Note: CPS labor force data adjusted for effects of population controls. Solid circles give January 22 levels, CPS employment plus job openings 168.44 and Labor force 163.69.
Source: For labor force, Bureau of Labor Statistics, Employment Situation; for CPS employment plus job openings, Bureau of Labor Statistics, Job Openings and Labor Turnover Survey, via Haver Analytics; for both, Federal Reserve Board staff calculations.
Figure 4. Inflation has been rising, particularly for goods
Monthly
Percent change from year earlier
| Total PCE inflation | Core PCE inflation | |
|---|---|---|
| Jan-80 | 10.5 | 8.24 |
| Feb-80 | 11.1 | 8.97 |
| Mar-80 | 11.59 | 9.35 |
| Apr-80 | 11.02 | 8.91 |
| May-80 | 10.74 | 8.84 |
| Jun-80 | 10.52 | 8.95 |
| Jul-80 | 10.54 | 9.17 |
| Aug-80 | 10.61 | 9.23 |
| Sep-80 | 10.66 | 9.51 |
| Oct-80 | 10.65 | 9.61 |
| Nov-80 | 10.78 | 9.77 |
| Dec-80 | 10.57 | 9.65 |
| Jan-81 | 10.47 | 9.76 |
| Feb-81 | 10.39 | 9.47 |
| Mar-81 | 9.81 | 9.07 |
| Apr-81 | 9.72 | 9.21 |
| May-81 | 9.36 | 9.08 |
| Jun-81 | 9.11 | 8.9 |
| Jul-81 | 8.92 | 8.8 |
| Aug-81 | 8.7 | 8.74 |
| Sep-81 | 8.35 | 8.43 |
| Oct-81 | 7.98 | 8.18 |
| Nov-81 | 7.68 | 7.97 |
| Dec-81 | 7.32 | 7.71 |
| Jan-82 | 6.93 | 7.45 |
| Feb-82 | 6.17 | 7.08 |
| Mar-82 | 5.71 | 6.95 |
| Apr-82 | 5.31 | 6.69 |
| May-82 | 5.46 | 6.54 |
| Jun-82 | 5.8 | 6.54 |
| Jul-82 | 5.79 | 6.59 |
| Aug-82 | 5.46 | 6.37 |
| Sep-82 | 5.11 | 6.07 |
| Oct-82 | 5.23 | 6.11 |
| Nov-82 | 4.98 | 5.88 |
| Dec-82 | 4.81 | 5.83 |
| Jan-83 | 4.68 | 5.9 |
| Feb-83 | 4.55 | 5.89 |
| Mar-83 | 4.41 | 5.56 |
| Apr-83 | 4.83 | 5.46 |
| May-83 | 4.51 | 5.04 |
| Jun-83 | 4.15 | 5.01 |
| Jul-83 | 4.12 | 5.03 |
| Aug-83 | 4.24 | 5.09 |
| Sep-83 | 4.31 | 5.13 |
| Oct-83 | 3.91 | 4.65 |
| Nov-83 | 3.74 | 4.51 |
| Dec-83 | 3.65 | 4.25 |
| Jan-84 | 3.61 | 3.89 |
| Feb-84 | 4.13 | 4.16 |
| Mar-84 | 4.34 | 4.42 |
| Apr-84 | 4.26 | 4.59 |
| May-84 | 4.1 | 4.68 |
| Jun-84 | 3.89 | 4.44 |
| Jul-84 | 3.68 | 4.19 |
| Aug-84 | 3.56 | 4 |
| Sep-84 | 3.34 | 3.74 |
| Oct-84 | 3.4 | 3.79 |
| Nov-84 | 3.4 | 3.77 |
| Dec-84 | 3.64 | 4.1 |
| Jan-85 | 3.7 | 4.33 |
| Feb-85 | 3.49 | 4.22 |
| Mar-85 | 3.55 | 4.19 |
| Apr-85 | 3.31 | 3.83 |
| May-85 | 3.43 | 3.95 |
| Jun-85 | 3.52 | 4.04 |
| Jul-85 | 3.41 | 3.9 |
| Aug-85 | 3.43 | 4.07 |
| Sep-85 | 3.47 | 4.12 |
| Oct-85 | 3.39 | 4.05 |
| Nov-85 | 3.55 | 4.09 |
| Dec-85 | 3.61 | 3.96 |
| Jan-86 | 3.56 | 3.94 |
| Feb-86 | 3.09 | 3.67 |
| Mar-86 | 2.46 | 3.62 |
| Apr-86 | 2.1 | 3.69 |
| May-86 | 2.05 | 3.5 |
| Jun-86 | 2.15 | 3.47 |
| Jul-86 | 1.92 | 3.36 |
| Aug-86 | 1.72 | 3.07 |
| Sep-86 | 1.88 | 3.19 |
| Oct-86 | 1.89 | 3.38 |
| Nov-86 | 1.78 | 3.34 |
| Dec-86 | 1.57 | 3.19 |
| Jan-87 | 1.58 | 2.88 |
| Feb-87 | 1.94 | 2.82 |
| Mar-87 | 2.43 | 2.82 |
| Apr-87 | 3.02 | 3.07 |
| May-87 | 3.09 | 3.18 |
| Jun-87 | 3.1 | 3.15 |
| Jul-87 | 3.31 | 3.23 |
| Aug-87 | 3.59 | 3.37 |
| Sep-87 | 3.6 | 3.44 |
| Oct-87 | 3.74 | 3.53 |
| Nov-87 | 3.76 | 3.53 |
| Dec-87 | 3.81 | 3.61 |
| Jan-88 | 3.73 | 3.85 |
| Feb-88 | 3.51 | 3.86 |
| Mar-88 | 3.6 | 3.99 |
| Apr-88 | 3.72 | 4.06 |
| May-88 | 3.75 | 4.12 |
| Jun-88 | 3.8 | 4.27 |
| Jul-88 | 4.07 | 4.43 |
| Aug-88 | 3.97 | 4.34 |
| Sep-88 | 4.12 | 4.48 |
| Oct-88 | 4.13 | 4.43 |
| Nov-88 | 4.17 | 4.5 |
| Dec-88 | 4.31 | 4.63 |
| Jan-89 | 4.43 | 4.66 |
| Feb-89 | 4.63 | 4.71 |
| Mar-89 | 4.66 | 4.58 |
| Apr-89 | 4.84 | 4.42 |
| May-89 | 4.92 | 4.38 |
| Jun-89 | 4.71 | 4.21 |
| Jul-89 | 4.45 | 4.06 |
| Aug-89 | 4.15 | 3.95 |
| Sep-89 | 3.88 | 3.75 |
| Oct-89 | 3.94 | 3.73 |
| Nov-89 | 3.93 | 3.72 |
| Dec-89 | 3.91 | 3.68 |
| Jan-90 | 4.16 | 3.55 |
| Feb-90 | 4.27 | 3.79 |
| Mar-90 | 4.28 | 3.98 |
| Apr-90 | 3.8 | 3.94 |
| May-90 | 3.66 | 3.95 |
| Jun-90 | 3.89 | 4.07 |
| Jul-90 | 3.9 | 4.07 |
| Aug-90 | 4.58 | 4.35 |
| Sep-90 | 4.98 | 4.36 |
| Oct-90 | 5.17 | 4.34 |
| Nov-90 | 5.08 | 4.18 |
| Dec-90 | 4.87 | 4.03 |
| Jan-91 | 4.48 | 4.15 |
| Feb-91 | 4.07 | 3.93 |
| Mar-91 | 3.71 | 3.65 |
| Apr-91 | 3.68 | 3.55 |
| May-91 | 3.87 | 3.65 |
| Jun-91 | 3.59 | 3.47 |
| Jul-91 | 3.5 | 3.52 |
| Aug-91 | 3.05 | 3.38 |
| Sep-91 | 2.78 | 3.43 |
| Oct-91 | 2.38 | 3.3 |
| Nov-91 | 2.48 | 3.37 |
| Dec-91 | 2.64 | 3.48 |
| Jan-92 | 2.39 | 3.25 |
| Feb-92 | 2.6 | 3.25 |
| Mar-92 | 2.82 | 3.29 |
| Apr-92 | 2.91 | 3.42 |
| May-92 | 2.62 | 3.15 |
| Jun-92 | 2.63 | 3.01 |
| Jul-92 | 2.81 | 3.09 |
| Aug-92 | 2.71 | 2.9 |
| Sep-92 | 2.53 | 2.66 |
| Oct-92 | 2.7 | 2.83 |
| Nov-92 | 2.67 | 2.86 |
| Dec-92 | 2.59 | 2.8 |
| Jan-93 | 2.7 | 2.81 |
| Feb-93 | 2.6 | 2.73 |
| Mar-93 | 2.56 | 2.7 |
| Apr-93 | 2.56 | 2.66 |
| May-93 | 2.74 | 2.86 |
| Jun-93 | 2.59 | 2.88 |
| Jul-93 | 2.42 | 2.71 |
| Aug-93 | 2.45 | 2.8 |
| Sep-93 | 2.39 | 2.79 |
| Oct-93 | 2.35 | 2.57 |
| Nov-93 | 2.35 | 2.61 |
| Dec-93 | 2.19 | 2.46 |
| Jan-94 | 1.98 | 2.25 |
| Feb-94 | 2.06 | 2.27 |
| Mar-94 | 2.13 | 2.4 |
| Apr-94 | 1.98 | 2.25 |
| May-94 | 1.81 | 2.14 |
| Jun-94 | 2.03 | 2.27 |
| Jul-94 | 2.19 | 2.27 |
| Aug-94 | 2.25 | 2.19 |
| Sep-94 | 2.25 | 2.19 |
| Oct-94 | 2.1 | 2.26 |
| Nov-94 | 2.11 | 2.19 |
| Dec-94 | 2.15 | 2.18 |
| Jan-95 | 2.32 | 2.35 |
| Feb-95 | 2.27 | 2.3 |
| Mar-95 | 2.17 | 2.2 |
| Apr-95 | 2.32 | 2.28 |
| May-95 | 2.33 | 2.23 |
| Jun-95 | 2.18 | 2.09 |
| Jul-95 | 1.99 | 2.04 |
| Aug-95 | 1.97 | 2.17 |
| Sep-95 | 1.93 | 2.15 |
| Oct-95 | 2.02 | 2.16 |
| Nov-95 | 1.82 | 2.04 |
| Dec-95 | 1.95 | 2.14 |
| Jan-96 | 1.97 | 2.01 |
| Feb-96 | 1.95 | 1.97 |
| Mar-96 | 2.07 | 1.96 |
| Apr-96 | 2.11 | 1.86 |
| May-96 | 2.13 | 1.86 |
| Jun-96 | 2.03 | 1.85 |
| Jul-96 | 2.12 | 1.88 |
| Aug-96 | 1.99 | 1.73 |
| Sep-96 | 2.21 | 1.9 |
| Oct-96 | 2.26 | 1.9 |
| Nov-96 | 2.44 | 1.96 |
| Dec-96 | 2.36 | 1.86 |
| Jan-97 | 2.27 | 1.85 |
| Feb-97 | 2.32 | 1.93 |
| Mar-97 | 2.12 | 1.94 |
| Apr-97 | 1.92 | 2 |
| May-97 | 1.69 | 1.9 |
| Jun-97 | 1.83 | 1.97 |
| Jul-97 | 1.67 | 1.84 |
| Aug-97 | 1.66 | 1.72 |
| Sep-97 | 1.61 | 1.62 |
| Oct-97 | 1.44 | 1.53 |
| Nov-97 | 1.26 | 1.43 |
| Dec-97 | 1.12 | 1.45 |
| Jan-98 | 1.04 | 1.5 |
| Feb-98 | 0.78 | 1.38 |
| Mar-98 | 0.69 | 1.24 |
| Apr-98 | 0.72 | 1.23 |
| May-98 | 0.9 | 1.26 |
| Jun-98 | 0.69 | 0.98 |
| Jul-98 | 0.88 | 1.2 |
| Aug-98 | 0.93 | 1.43 |
| Sep-98 | 0.63 | 1.21 |
| Oct-98 | 0.72 | 1.25 |
| Nov-98 | 0.72 | 1.24 |
| Dec-98 | 0.85 | 1.35 |
| Jan-99 | 0.94 | 1.34 |
| Feb-99 | 0.93 | 1.22 |
| Mar-99 | 0.99 | 1.15 |
| Apr-99 | 1.36 | 1.22 |
| May-99 | 1.28 | 1.22 |
| Jun-99 | 1.4 | 1.4 |
| Jul-99 | 1.42 | 1.3 |
| Aug-99 | 1.46 | 1.15 |
| Sep-99 | 1.88 | 1.43 |
| Oct-99 | 1.83 | 1.41 |
| Nov-99 | 1.92 | 1.49 |
| Dec-99 | 2.06 | 1.44 |
| Jan-00 | 2.19 | 1.54 |
| Feb-00 | 2.57 | 1.72 |
| Mar-00 | 2.93 | 1.9 |
| Apr-00 | 2.35 | 1.71 |
| May-00 | 2.37 | 1.72 |
| Jun-00 | 2.68 | 1.74 |
| Jul-00 | 2.67 | 1.79 |
| Aug-00 | 2.48 | 1.87 |
| Sep-00 | 2.55 | 1.85 |
| Oct-00 | 2.51 | 1.82 |
| Nov-00 | 2.57 | 1.9 |
| Dec-00 | 2.49 | 1.87 |
| Jan-01 | 2.7 | 2.01 |
| Feb-01 | 2.54 | 2.03 |
| Mar-01 | 2.11 | 1.93 |
| Apr-01 | 2.37 | 2.03 |
| May-01 | 2.56 | 1.94 |
| Jun-01 | 2.39 | 2.09 |
| Jul-01 | 2.1 | 2.12 |
| Aug-01 | 2.1 | 2.04 |
| Sep-01 | 1.31 | 1.22 |
| Oct-01 | 1.53 | 1.79 |
| Nov-01 | 1.32 | 1.81 |
| Dec-01 | 1.06 | 1.74 |
| Jan-02 | 0.67 | 1.42 |
| Feb-02 | 0.68 | 1.43 |
| Mar-02 | 0.94 | 1.45 |
| Apr-02 | 1.19 | 1.57 |
| May-02 | 0.99 | 1.66 |
| Jun-02 | 0.94 | 1.59 |
| Jul-02 | 1.19 | 1.54 |
| Aug-02 | 1.4 | 1.69 |
| Sep-02 | 1.93 | 2.43 |
| Oct-02 | 1.76 | 1.8 |
| Nov-02 | 1.93 | 1.7 |
| Dec-02 | 2.13 | 1.77 |
| Jan-03 | 2.34 | 1.78 |
| Feb-03 | 2.61 | 1.73 |
| Mar-03 | 2.59 | 1.77 |
| Apr-03 | 1.99 | 1.6 |
| May-03 | 1.81 | 1.63 |
| Jun-03 | 1.79 | 1.53 |
| Jul-03 | 1.86 | 1.57 |
| Aug-03 | 2.01 | 1.49 |
| Sep-03 | 2.14 | 1.47 |
| Oct-03 | 1.97 | 1.57 |
| Nov-03 | 2 | 1.61 |
| Dec-03 | 2.12 | 1.64 |
| Jan-04 | 2.21 | 1.83 |
| Feb-04 | 2 | 1.85 |
| Mar-04 | 1.9 | 1.86 |
| Apr-04 | 2.26 | 2.01 |
| May-04 | 2.71 | 2 |
| Jun-04 | 2.89 | 2.11 |
| Jul-04 | 2.68 | 1.98 |
| Aug-04 | 2.39 | 1.9 |
| Sep-04 | 2.27 | 1.95 |
| Oct-04 | 2.7 | 1.98 |
| Nov-04 | 2.97 | 2.06 |
| Dec-04 | 2.79 | 2.07 |
| Jan-05 | 2.53 | 2.17 |
| Feb-05 | 2.6 | 2.17 |
| Mar-05 | 2.75 | 2.26 |
| Apr-05 | 2.84 | 2.11 |
| May-05 | 2.57 | 2.18 |
| Jun-05 | 2.34 | 2.09 |
| Jul-05 | 2.68 | 2.11 |
| Aug-05 | 3.04 | 2.16 |
| Sep-05 | 3.83 | 2.19 |
| Oct-05 | 3.55 | 2.26 |
| Nov-05 | 2.94 | 2.31 |
| Dec-05 | 2.88 | 2.28 |
| Jan-06 | 3.25 | 2.14 |
| Feb-06 | 3.02 | 2.14 |
| Mar-06 | 2.91 | 2.17 |
| Apr-06 | 3.1 | 2.36 |
| May-06 | 3.32 | 2.41 |
| Jun-06 | 3.51 | 2.6 |
| Jul-06 | 3.43 | 2.55 |
| Aug-06 | 3.34 | 2.67 |
| Sep-06 | 2.08 | 2.61 |
| Oct-06 | 1.68 | 2.5 |
| Nov-06 | 1.92 | 2.28 |
| Dec-06 | 2.29 | 2.32 |
| Jan-07 | 2.13 | 2.5 |
| Feb-07 | 2.39 | 2.56 |
| Mar-07 | 2.57 | 2.38 |
| Apr-07 | 2.33 | 2.21 |
| May-07 | 2.35 | 2.08 |
| Jun-07 | 2.32 | 1.99 |
| Jul-07 | 2.12 | 2.04 |
| Aug-07 | 1.87 | 1.99 |
| Sep-07 | 2.53 | 2.1 |
| Oct-07 | 3.09 | 2.18 |
| Nov-07 | 3.6 | 2.34 |
| Dec-07 | 3.47 | 2.4 |
| Jan-08 | 3.39 | 2.19 |
| Feb-08 | 3.27 | 2.07 |
| Mar-08 | 3.19 | 2.17 |
| Apr-08 | 3.14 | 2.08 |
| May-08 | 3.28 | 2.15 |
| Jun-08 | 3.81 | 2.21 |
| Jul-08 | 4.14 | 2.24 |
| Aug-08 | 3.98 | 2.22 |
| Sep-08 | 3.67 | 2.04 |
| Oct-08 | 2.67 | 1.63 |
| Nov-08 | 0.93 | 1.39 |
| Dec-08 | 0.13 | 1.14 |
| Jan-09 | -0.11 | 0.91 |
| Feb-09 | -0.13 | 0.89 |
| Mar-09 | -0.53 | 0.76 |
| Apr-09 | -0.57 | 0.93 |
| May-09 | -0.89 | 0.82 |
| Jun-09 | -1.02 | 0.72 |
| Jul-09 | -1.47 | 0.63 |
| Aug-09 | -1.1 | 0.65 |
| Sep-09 | -1.02 | 0.72 |
| Oct-09 | 0.01 | 1.24 |
| Nov-09 | 1.46 | 1.37 |
| Dec-09 | 2.09 | 1.51 |
| Jan-10 | 2.3 | 1.69 |
| Feb-10 | 2.12 | 1.7 |
| Mar-10 | 2.37 | 1.78 |
| Apr-10 | 2.28 | 1.6 |
| May-10 | 2.21 | 1.64 |
| Jun-10 | 1.56 | 1.56 |
| Jul-10 | 1.64 | 1.47 |
| Aug-10 | 1.48 | 1.42 |
| Sep-10 | 1.42 | 1.3 |
| Oct-10 | 1.36 | 1.08 |
| Nov-10 | 1.31 | 1.12 |
| Dec-10 | 1.48 | 1.06 |
| Jan-11 | 1.56 | 1.12 |
| Feb-11 | 1.85 | 1.21 |
| Mar-11 | 2.11 | 1.21 |
| Apr-11 | 2.49 | 1.4 |
| May-11 | 2.77 | 1.52 |
| Jun-11 | 2.79 | 1.59 |
| Jul-11 | 2.88 | 1.73 |
| Aug-11 | 2.98 | 1.84 |
| Sep-11 | 3.02 | 1.85 |
| Oct-11 | 2.69 | 1.74 |
| Nov-11 | 2.7 | 1.83 |
| Dec-11 | 2.53 | 1.98 |
| Jan-12 | 2.57 | 2.06 |
| Feb-12 | 2.51 | 2.02 |
| Mar-12 | 2.3 | 2.04 |
| Apr-12 | 2 | 1.96 |
| May-12 | 1.58 | 1.83 |
| Jun-12 | 1.55 | 1.82 |
| Jul-12 | 1.41 | 1.77 |
| Aug-12 | 1.51 | 1.64 |
| Sep-12 | 1.68 | 1.69 |
| Oct-12 | 1.98 | 1.89 |
| Nov-12 | 1.7 | 1.78 |
| Dec-12 | 1.63 | 1.69 |
| Jan-13 | 1.47 | 1.59 |
| Feb-13 | 1.62 | 1.58 |
| Mar-13 | 1.29 | 1.5 |
| Apr-13 | 1.08 | 1.42 |
| May-13 | 1.26 | 1.43 |
| Jun-13 | 1.53 | 1.49 |
| Jul-13 | 1.62 | 1.51 |
| Aug-13 | 1.43 | 1.57 |
| Sep-13 | 1.17 | 1.56 |
| Oct-13 | 1.04 | 1.53 |
| Nov-13 | 1.26 | 1.59 |
| Dec-13 | 1.48 | 1.66 |
| Jan-14 | 1.48 | 1.54 |
| Feb-14 | 1.17 | 1.48 |
| Mar-14 | 1.5 | 1.58 |
| Apr-14 | 1.78 | 1.7 |
| May-14 | 1.89 | 1.77 |
| Jun-14 | 1.79 | 1.72 |
| Jul-14 | 1.81 | 1.77 |
| Aug-14 | 1.64 | 1.69 |
| Sep-14 | 1.63 | 1.71 |
| Oct-14 | 1.43 | 1.58 |
| Nov-14 | 1.19 | 1.51 |
| Dec-14 | 0.84 | 1.47 |
| Jan-15 | 0.18 | 1.36 |
| Feb-15 | 0.29 | 1.4 |
| Mar-15 | 0.28 | 1.36 |
| Apr-15 | 0.16 | 1.34 |
| May-15 | 0.23 | 1.28 |
| Jun-15 | 0.31 | 1.29 |
| Jul-15 | 0.24 | 1.19 |
| Aug-15 | 0.26 | 1.23 |
| Sep-15 | 0.08 | 1.23 |
| Oct-15 | 0.09 | 1.16 |
| Nov-15 | 0.23 | 1.16 |
| Dec-15 | 0.3 | 1.13 |
| Jan-16 | 0.82 | 1.34 |
| Feb-16 | 0.59 | 1.39 |
| Mar-16 | 0.63 | 1.38 |
| Apr-16 | 0.89 | 1.47 |
| May-16 | 0.8 | 1.5 |
| Jun-16 | 0.79 | 1.5 |
| Jul-16 | 0.75 | 1.58 |
| Aug-16 | 0.9 | 1.7 |
| Sep-16 | 1.23 | 1.68 |
| Oct-16 | 1.46 | 1.82 |
| Nov-16 | 1.44 | 1.76 |
| Dec-16 | 1.71 | 1.83 |
| Jan-17 | 2.04 | 1.9 |
| Feb-17 | 2.19 | 1.89 |
| Mar-17 | 1.9 | 1.69 |
| Apr-17 | 1.84 | 1.7 |
| May-17 | 1.66 | 1.65 |
| Jun-17 | 1.58 | 1.7 |
| Jul-17 | 1.56 | 1.59 |
| Aug-17 | 1.63 | 1.5 |
| Sep-17 | 1.88 | 1.58 |
| Oct-17 | 1.82 | 1.69 |
| Nov-17 | 1.96 | 1.7 |
| Dec-17 | 1.88 | 1.72 |
| Jan-18 | 1.84 | 1.73 |
| Feb-18 | 1.96 | 1.78 |
| Mar-18 | 2.18 | 2.08 |
| Apr-18 | 2.15 | 2.01 |
| May-18 | 2.37 | 2.11 |
| Jun-18 | 2.38 | 2.07 |
| Jul-18 | 2.44 | 2.13 |
| Aug-18 | 2.28 | 2.03 |
| Sep-18 | 2.07 | 2.04 |
| Oct-18 | 2.11 | 1.93 |
| Nov-18 | 2.01 | 2.06 |
| Dec-18 | 1.86 | 2.06 |
| Jan-19 | 1.47 | 1.83 |
| Feb-19 | 1.36 | 1.67 |
| Mar-19 | 1.47 | 1.56 |
| Apr-19 | 1.62 | 1.69 |
| May-19 | 1.5 | 1.61 |
| Jun-19 | 1.46 | 1.72 |
| Jul-19 | 1.52 | 1.73 |
| Aug-19 | 1.51 | 1.85 |
| Sep-19 | 1.38 | 1.71 |
| Oct-19 | 1.41 | 1.72 |
| Nov-19 | 1.42 | 1.57 |
| Dec-19 | 1.65 | 1.64 |
| Jan-20 | 1.9 | 1.78 |
| Feb-20 | 1.87 | 1.91 |
| Mar-20 | 1.34 | 1.7 |
| Apr-20 | 0.41 | 0.91 |
| May-20 | 0.51 | 1 |
| Jun-20 | 0.91 | 1.13 |
| Jul-20 | 1.04 | 1.3 |
| Aug-20 | 1.3 | 1.5 |
| Sep-20 | 1.38 | 1.57 |
| Oct-20 | 1.17 | 1.42 |
| Nov-20 | 1.11 | 1.38 |
| Dec-20 | 1.29 | 1.48 |
| Jan-21 | 1.41 | 1.51 |
| Feb-21 | 1.63 | 1.49 |
| Mar-21 | 2.45 | 1.97 |
| Apr-21 | 3.58 | 3.08 |
| May-21 | 3.97 | 3.46 |
| Jun-21 | 4.03 | 3.59 |
| Jul-21 | 4.16 | 3.6 |
| Aug-21 | 4.24 | 3.6 |
| Sep-21 | 4.44 | 3.7 |
| Oct-21 | 5.05 | 4.18 |
| Nov-21 | 5.64 | 4.67 |
| Dec-21 | 5.79 | 4.9 |
| Jan-22 | 6.06 | 5.21 |
Note: PCE is personal consumption expenditures.
Source: Bureau of Economic Analysis, Personal Income and Outlays, via Haver Analytics.
Monthly
Percent change from year earlier
| Core goods PCE | Core services PCE | Motor vehicles PCE | |
|---|---|---|---|
| Jan-00 | -0.92 | 2.58 | 0.3 |
| Feb-00 | -0.71 | 2.76 | 0.33 |
| Mar-00 | -0.06 | 2.73 | 0.82 |
| Apr-00 | -0.39 | 2.6 | 0.83 |
| May-00 | -0.32 | 2.58 | 1.05 |
| Jun-00 | -0.54 | 2.71 | 0.93 |
| Jul-00 | -0.51 | 2.77 | 0.28 |
| Aug-00 | -0.54 | 2.89 | -0.27 |
| Sep-00 | -0.5 | 2.84 | -0.29 |
| Oct-00 | -0.68 | 2.87 | -0.32 |
| Nov-00 | -0.26 | 2.81 | 0.03 |
| Dec-00 | -0.3 | 2.79 | 0.75 |
| Jan-01 | -0.1 | 2.89 | 0.88 |
| Feb-01 | -0.03 | 2.9 | 1.03 |
| Mar-01 | -0.52 | 2.96 | 0.66 |
| Apr-01 | -0.63 | 3.14 | 0.56 |
| May-01 | -0.94 | 3.15 | 0.19 |
| Jun-01 | -0.57 | 3.21 | 0.05 |
| Jul-01 | -0.38 | 3.16 | 0.73 |
| Aug-01 | -0.63 | 3.16 | 0.84 |
| Sep-01 | -1.12 | 2.19 | -0.75 |
| Oct-01 | -0.81 | 2.87 | 0.36 |
| Nov-01 | -0.94 | 2.96 | 0.25 |
| Dec-01 | -1.08 | 2.9 | -0.08 |
| Jan-02 | -1.38 | 2.57 | -0.33 |
| Feb-02 | -1.39 | 2.6 | -0.81 |
| Mar-02 | -1.34 | 2.6 | -0.74 |
| Apr-02 | -1.09 | 2.66 | -0.68 |
| May-02 | -0.9 | 2.71 | -0.66 |
| Jun-02 | -1.11 | 2.71 | -0.61 |
| Jul-02 | -1.45 | 2.77 | -0.71 |
| Aug-02 | -0.92 | 2.76 | -0.5 |
| Sep-02 | -0.8 | 3.77 | 1.02 |
| Oct-02 | -1.11 | 3.01 | -0.22 |
| Nov-02 | -1.35 | 2.96 | -0.8 |
| Dec-02 | -1.33 | 3.05 | -1.21 |
| Jan-03 | -1.55 | 3.15 | -1.96 |
| Feb-03 | -1.73 | 3.15 | -1.77 |
| Mar-03 | -1.81 | 3.24 | -1.62 |
| Apr-03 | -2.2 | 3.16 | -2.02 |
| May-03 | -2.4 | 3.29 | -2.19 |
| Jun-03 | -2.46 | 3.17 | -2.54 |
| Jul-03 | -2.22 | 3.13 | -2.8 |
| Aug-03 | -2.54 | 3.15 | -3.33 |
| Sep-03 | -2.57 | 3.12 | -3.6 |
| Oct-03 | -2.52 | 3.24 | -4.18 |
| Nov-03 | -2.5 | 3.29 | -4.04 |
| Dec-03 | -2.33 | 3.26 | -3.82 |
| Jan-04 | -1.89 | 3.35 | -2.76 |
| Feb-04 | -1.51 | 3.22 | -2.18 |
| Mar-04 | -1.15 | 3.09 | -2.16 |
| Apr-04 | -0.97 | 3.22 | -1.72 |
| May-04 | -0.55 | 3.04 | -1.33 |
| Jun-04 | -0.4 | 3.13 | -1.01 |
| Jul-04 | -0.76 | 3.09 | -1.21 |
| Aug-04 | -0.82 | 3 | -1.1 |
| Sep-04 | -0.6 | 2.97 | -0.45 |
| Oct-04 | -0.1 | 2.82 | 0.74 |
| Nov-04 | 0.14 | 2.83 | 1.68 |
| Dec-04 | 0.11 | 2.85 | 2.05 |
| Jan-05 | 0.11 | 2.99 | 2.02 |
| Feb-05 | -0.08 | 3.08 | 1.98 |
| Mar-05 | -0.18 | 3.23 | 1.75 |
| Apr-05 | -0.36 | 3.09 | 1.78 |
| May-05 | -0.12 | 3.09 | 2.02 |
| Jun-05 | -0.35 | 3.05 | 1.97 |
| Jul-05 | -0.28 | 3.07 | 1.62 |
| Aug-05 | -0.06 | 3.04 | 1.45 |
| Sep-05 | -0.1 | 3.1 | 1.31 |
| Oct-05 | -0.35 | 3.3 | 1.27 |
| Nov-05 | -0.33 | 3.35 | 0.76 |
| Dec-05 | -0.23 | 3.27 | 0.52 |
| Jan-06 | -0.29 | 3.1 | 0.62 |
| Feb-06 | -0.43 | 3.15 | 0.45 |
| Mar-06 | -0.32 | 3.15 | 0.47 |
| Apr-06 | -0.11 | 3.33 | 0.23 |
| May-06 | -0.32 | 3.48 | -0.28 |
| Jun-06 | -0.18 | 3.68 | -0.35 |
| Jul-06 | -0.19 | 3.61 | 0.23 |
| Aug-06 | 0.04 | 3.7 | 0.75 |
| Sep-06 | -0.06 | 3.64 | 0.41 |
| Oct-06 | -0.2 | 3.54 | -0.18 |
| Nov-06 | -0.59 | 3.4 | -0.74 |
| Dec-06 | -0.6 | 3.45 | -0.97 |
| Jan-07 | -0.53 | 3.68 | -1.08 |
| Feb-07 | -0.29 | 3.66 | -1.18 |
| Mar-07 | -0.61 | 3.53 | -0.92 |
| Apr-07 | -0.87 | 3.4 | -0.81 |
| May-07 | -0.93 | 3.23 | -0.76 |
| Jun-07 | -0.94 | 3.11 | -0.69 |
| Jul-07 | -0.86 | 3.15 | -0.63 |
| Aug-07 | -1.22 | 3.21 | -0.47 |
| Sep-07 | -1.13 | 3.33 | -0.36 |
| Oct-07 | -0.88 | 3.35 | -0.27 |
| Nov-07 | -0.55 | 3.43 | 0.26 |
| Dec-07 | -0.47 | 3.49 | 0.34 |
| Jan-08 | -0.45 | 3.19 | -0.03 |
| Feb-08 | -0.61 | 3.07 | -0.42 |
| Mar-08 | -0.39 | 3.12 | -0.62 |
| Apr-08 | -0.34 | 2.97 | -1.11 |
| May-08 | -0.42 | 3.09 | -1.31 |
| Jun-08 | -0.31 | 3.13 | -1.47 |
| Jul-08 | -0.1 | 3.09 | -1.65 |
| Aug-08 | 0.22 | 2.93 | -2.13 |
| Sep-08 | 0.15 | 2.71 | -2.7 |
| Oct-08 | -0.1 | 2.24 | -3.17 |
| Nov-08 | -0.23 | 1.95 | -3.58 |
| Dec-08 | -0.48 | 1.69 | -3.76 |
| Jan-09 | -0.54 | 1.4 | -3.3 |
| Feb-09 | -0.04 | 1.2 | -2.9 |
| Mar-09 | 0.33 | 0.91 | -3.23 |
| Apr-09 | 0.97 | 0.92 | -2.44 |
| May-09 | 1.08 | 0.74 | -1.83 |
| Jun-09 | 1.13 | 0.58 | -0.98 |
| Jul-09 | 0.86 | 0.54 | -0.9 |
| Aug-09 | 0.67 | 0.64 | -0.23 |
| Sep-09 | 1.06 | 0.61 | 1.29 |
| Oct-09 | 1.31 | 1.21 | 3.25 |
| Nov-09 | 1.36 | 1.38 | 4.51 |
| Dec-09 | 1.53 | 1.5 | 5.33 |
| Jan-10 | 1.41 | 1.78 | 5.55 |
| Feb-10 | 0.97 | 1.94 | 5.76 |
| Mar-10 | 0.55 | 2.18 | 5.96 |
| Apr-10 | -0.28 | 2.22 | 5.36 |
| May-10 | -0.41 | 2.31 | 4.85 |
| Jun-10 | -0.61 | 2.27 | 4.65 |
| Jul-10 | -0.67 | 2.18 | 4.47 |
| Aug-10 | -0.51 | 2.06 | 4.4 |
| Sep-10 | -0.84 | 2.01 | 3.6 |
| Oct-10 | -1.08 | 1.8 | 2.24 |
| Nov-10 | -0.98 | 1.82 | 1.6 |
| Dec-10 | -1.05 | 1.75 | 1.33 |
| Jan-11 | -0.78 | 1.76 | 1.47 |
| Feb-11 | -0.57 | 1.8 | 1.66 |
| Mar-11 | -0.6 | 1.82 | 1.93 |
| Apr-11 | -0.04 | 1.87 | 2.65 |
| May-11 | 0.34 | 1.92 | 3.53 |
| Jun-11 | 0.6 | 1.91 | 3.78 |
| Jul-11 | 0.88 | 2.02 | 4.06 |
| Aug-11 | 0.93 | 2.14 | 4 |
| Sep-11 | 0.82 | 2.19 | 3.68 |
| Oct-11 | 1.03 | 1.98 | 3.72 |
| Nov-11 | 1.15 | 2.05 | 3.52 |
| Dec-11 | 1.26 | 2.21 | 3.32 |
| Jan-12 | 1.22 | 2.34 | 2.91 |
| Feb-12 | 1.03 | 2.36 | 2.38 |
| Mar-12 | 1.19 | 2.33 | 2.6 |
| Apr-12 | 0.88 | 2.33 | 2.09 |
| May-12 | 0.63 | 2.22 | 1.51 |
| Jun-12 | 0.37 | 2.3 | 0.71 |
| Jul-12 | 0.3 | 2.26 | 0.77 |
| Aug-12 | -0.01 | 2.18 | 0.54 |
| Sep-12 | 0.14 | 2.21 | 0.59 |
| Oct-12 | 0.13 | 2.47 | 0.67 |
| Nov-12 | -0.06 | 2.39 | 0.64 |
| Dec-12 | -0.24 | 2.33 | 0.99 |
| Jan-13 | -0.35 | 2.24 | 0.8 |
| Feb-13 | -0.43 | 2.24 | 0.81 |
| Mar-13 | -0.78 | 2.25 | 0.4 |
| Apr-13 | -0.84 | 2.17 | 0.31 |
| May-13 | -0.93 | 2.21 | 0.13 |
| Jun-13 | -0.8 | 2.25 | 0.52 |
| Jul-13 | -0.82 | 2.29 | 0.52 |
| Aug-13 | -0.7 | 2.33 | 0.7 |
| Sep-13 | -0.81 | 2.35 | 0.94 |
| Oct-13 | -0.96 | 2.36 | 0.71 |
| Nov-13 | -0.98 | 2.46 | 0.56 |
| Dec-13 | -1 | 2.55 | 0.12 |
| Jan-14 | -1.13 | 2.44 | -0.07 |
| Feb-14 | -1.1 | 2.35 | 0.19 |
| Mar-14 | -0.94 | 2.43 | 0.3 |
| Apr-14 | -0.8 | 2.53 | 0.54 |
| May-14 | -0.7 | 2.6 | 0.53 |
| Jun-14 | -0.66 | 2.51 | 0.13 |
| Jul-14 | -0.64 | 2.58 | 0.12 |
| Aug-14 | -0.79 | 2.53 | 0.07 |
| Sep-14 | -0.71 | 2.52 | -0.33 |
| Oct-14 | -0.6 | 2.31 | -0.22 |
| Nov-14 | -0.82 | 2.3 | -0.35 |
| Dec-14 | -0.77 | 2.22 | -0.41 |
| Jan-15 | -0.94 | 2.13 | -0.51 |
| Feb-15 | -0.73 | 2.11 | 0.11 |
| Mar-15 | -0.63 | 2.03 | 0.01 |
| Apr-15 | -0.58 | 1.98 | -0.05 |
| May-15 | -0.58 | 1.91 | 0.3 |
| Jun-15 | -0.83 | 2 | 0.45 |
| Jul-15 | -0.95 | 1.92 | 0.16 |
| Aug-15 | -0.9 | 1.94 | -0.18 |
| Sep-15 | -0.8 | 1.92 | 0 |
| Oct-15 | -0.98 | 1.88 | -0.25 |
| Nov-15 | -0.79 | 1.81 | -0.21 |
| Dec-15 | -0.79 | 1.77 | -0.53 |
| Jan-16 | -0.62 | 1.99 | -0.06 |
| Feb-16 | -0.63 | 2.07 | -0.81 |
| Mar-16 | -0.75 | 2.1 | -0.81 |
| Apr-16 | -0.65 | 2.18 | -0.78 |
| May-16 | -0.84 | 2.28 | -1.23 |
| Jun-16 | -0.86 | 2.29 | -1.48 |
| Jul-16 | -0.86 | 2.4 | -1.55 |
| Aug-16 | -0.58 | 2.46 | -1.4 |
| Sep-16 | -0.58 | 2.44 | -1.09 |
| Oct-16 | -0.52 | 2.6 | -1.22 |
| Nov-16 | -0.88 | 2.64 | -1.75 |
| Dec-16 | -0.84 | 2.72 | -1.11 |
| Jan-17 | -0.43 | 2.68 | -0.74 |
| Feb-17 | -0.57 | 2.71 | -1.08 |
| Mar-17 | -0.63 | 2.46 | -1.36 |
| Apr-17 | -0.87 | 2.56 | -1.29 |
| May-17 | -0.89 | 2.5 | -1.1 |
| Jun-17 | -0.67 | 2.48 | -1.25 |
| Jul-17 | -0.58 | 2.31 | -1.45 |
| Aug-17 | -0.94 | 2.31 | -1.42 |
| Sep-17 | -1.09 | 2.47 | -1.53 |
| Oct-17 | -0.97 | 2.57 | -1.34 |
| Nov-17 | -0.88 | 2.55 | -1.06 |
| Dec-17 | -0.85 | 2.57 | -0.83 |
| Jan-18 | -0.89 | 2.6 | -1.48 |
| Feb-18 | -0.9 | 2.67 | -1.51 |
| Mar-18 | -0.66 | 2.99 | -0.83 |
| Apr-18 | -0.45 | 2.83 | -1.34 |
| May-18 | -0.23 | 2.88 | -1.1 |
| Jun-18 | -0.46 | 2.9 | -0.45 |
| Jul-18 | -0.55 | 3.01 | 0.31 |
| Aug-18 | -0.76 | 2.94 | 0.49 |
| Sep-18 | -0.7 | 2.94 | -0.17 |
| Oct-18 | -0.69 | 2.79 | -0.02 |
| Nov-18 | -0.39 | 2.86 | 0.62 |
| Dec-18 | -0.49 | 2.89 | 0.25 |
| Jan-19 | -0.42 | 2.57 | 0.25 |
| Feb-19 | -0.7 | 2.44 | 0.19 |
| Mar-19 | -0.89 | 2.36 | 0.11 |
| Apr-19 | -0.99 | 2.56 | 0.93 |
| May-19 | -0.95 | 2.45 | 0.59 |
| Jun-19 | -0.55 | 2.45 | 0.48 |
| Jul-19 | -0.61 | 2.5 | 0.04 |
| Aug-19 | -0.2 | 2.52 | 0.08 |
| Sep-19 | -0.4 | 2.4 | 0.34 |
| Oct-19 | -0.46 | 2.43 | 0.21 |
| Nov-19 | -0.58 | 2.28 | -0.08 |
| Dec-19 | -0.53 | 2.36 | -0.12 |
| Jan-20 | -0.75 | 2.63 | 0.04 |
| Feb-20 | -0.35 | 2.66 | 0.57 |
| Mar-20 | -0.68 | 2.51 | -0.08 |
| Apr-20 | -1.67 | 1.8 | -2.65 |
| May-20 | -1.71 | 1.94 | -0.77 |
| Jun-20 | -1.3 | 1.97 | 1.36 |
| Jul-20 | -0.6 | 1.95 | 2.51 |
| Aug-20 | -0.06 | 2.03 | 3.56 |
| Sep-20 | -0.11 | 2.16 | 4.79 |
| Oct-20 | -0.34 | 2.04 | 5 |
| Nov-20 | -0.15 | 1.93 | 4.19 |
| Dec-20 | 0.05 | 2 | 4.03 |
| Jan-21 | 0.36 | 1.92 | 3.64 |
| Feb-21 | 0.28 | 1.93 | 4.43 |
| Mar-21 | 0.95 | 2.36 | 5.52 |
| Apr-21 | 3.11 | 3.07 | 11.51 |
| May-21 | 4.29 | 3.14 | 13.87 |
| Jun-21 | 4.29 | 3.31 | 15.17 |
| Jul-21 | 3.99 | 3.44 | 14.8 |
| Aug-21 | 3.94 | 3.45 | 13.68 |
| Sep-21 | 4.42 | 3.41 | 14.14 |
| Oct-21 | 5.7 | 3.59 | 17.43 |
| Nov-21 | 6.12 | 4.11 | 20.51 |
| Dec-21 | 6.79 | 4.17 | 23.03 |
| Jan-22 | 7.33 | 4.4 | 24.01 |
Note: PCE is personal consumption expenditures.
Source: Bureau of Economic Analysis, Personal Income and Outlays, via Haver Analytics.
Figure 5. FOMC participants project a higher federal funds rate path
Annual
Percent
| June 2021 | September 2021 | December 2021 | March 2022 | |
|---|---|---|---|---|
| 2021 | 0.1 | 0.1 | 0.1 | 0.1 |
| 2022 | 0.1 | 0.3 | 0.9 | 1.9 |
| 2023 | 0.6 | 1 | 1.6 | 2.8 |
| 2024 | ND | 1.8 | 2.1 | 2.8 |
Note: Figure reports the median expectation of FOMC participants for the federal funds rate at the end of the year indicated.
Source: Summary of Economic Projections, available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm.
Figure 6. Three soft landings
Monthly
Federal funds rate, percent
| Federal funds rate | |
|---|---|
| Jan-60 | 3.99 |
| Feb-60 | 3.97 |
| Mar-60 | 3.84 |
| Apr-60 | 3.92 |
| May-60 | 3.85 |
| Jun-60 | 3.32 |
| Jul-60 | 3.23 |
| Aug-60 | 2.98 |
| Sep-60 | 2.6 |
| Oct-60 | 2.47 |
| Nov-60 | 2.44 |
| Dec-60 | 1.98 |
| Jan-61 | 1.45 |
| Feb-61 | 2.54 |
| Mar-61 | 2.02 |
| Apr-61 | 1.49 |
| May-61 | 1.98 |
| Jun-61 | 1.73 |
| Jul-61 | 1.17 |
| Aug-61 | 2 |
| Sep-61 | 1.88 |
| Oct-61 | 2.26 |
| Nov-61 | 2.61 |
| Dec-61 | 2.33 |
| Jan-62 | 2.15 |
| Feb-62 | 2.37 |
| Mar-62 | 2.85 |
| Apr-62 | 2.78 |
| May-62 | 2.36 |
| Jun-62 | 2.68 |
| Jul-62 | 2.71 |
| Aug-62 | 2.93 |
| Sep-62 | 2.9 |
| Oct-62 | 2.9 |
| Nov-62 | 2.94 |
| Dec-62 | 2.93 |
| Jan-63 | 2.92 |
| Feb-63 | 3 |
| Mar-63 | 2.98 |
| Apr-63 | 2.9 |
| May-63 | 3 |
| Jun-63 | 2.99 |
| Jul-63 | 3.02 |
| Aug-63 | 3.49 |
| Sep-63 | 3.48 |
| Oct-63 | 3.5 |
| Nov-63 | 3.48 |
| Dec-63 | 3.38 |
| Jan-64 | 3.48 |
| Feb-64 | 3.48 |
| Mar-64 | 3.43 |
| Apr-64 | 3.47 |
| May-64 | 3.5 |
| Jun-64 | 3.5 |
| Jul-64 | 3.42 |
| Aug-64 | 3.5 |
| Sep-64 | 3.45 |
| Oct-64 | 3.36 |
| Nov-64 | 3.52 |
| Dec-64 | 3.85 |
| Jan-65 | 3.9 |
| Feb-65 | 3.98 |
| Mar-65 | 4.05 |
| Apr-65 | 4.09 |
| May-65 | 4.1 |
| Jun-65 | 4.05 |
| Jul-65 | 4.09 |
| Aug-65 | 4.12 |
| Sep-65 | 4.02 |
| Oct-65 | 4.08 |
| Nov-65 | 4.1 |
| Dec-65 | 4.32 |
| Jan-66 | 4.42 |
| Feb-66 | 4.6 |
| Mar-66 | 4.66 |
| Apr-66 | 4.67 |
| May-66 | 4.9 |
| Jun-66 | 5.17 |
| Jul-66 | 5.3 |
| Aug-66 | 5.53 |
| Sep-66 | 5.4 |
| Oct-66 | 5.53 |
| Nov-66 | 5.76 |
| Dec-66 | 5.4 |
| Jan-67 | 4.94 |
| Feb-67 | 5 |
| Mar-67 | 4.53 |
| Apr-67 | 4.05 |
| May-67 | 3.94 |
| Jun-67 | 3.98 |
| Jul-67 | 3.79 |
| Aug-67 | 3.9 |
| Sep-67 | 3.99 |
| Oct-67 | 3.88 |
| Nov-67 | 4.13 |
| Dec-67 | 4.51 |
| Jan-68 | 4.61 |
| Feb-68 | 4.71 |
| Mar-68 | 5.05 |
| Apr-68 | 5.76 |
| May-68 | 6.12 |
| Jun-68 | 6.07 |
| Jul-68 | 6.03 |
| Aug-68 | 6.03 |
| Sep-68 | 5.78 |
| Oct-68 | 5.91 |
| Nov-68 | 5.82 |
| Dec-68 | 6.02 |
| Jan-69 | 6.3 |
| Feb-69 | 6.61 |
| Mar-69 | 6.79 |
| Apr-69 | 7.41 |
| May-69 | 8.67 |
| Jun-69 | 8.9 |
| Jul-69 | 8.61 |
| Aug-69 | 9.19 |
| Sep-69 | 9.15 |
| Oct-69 | 9 |
| Nov-69 | 8.85 |
| Dec-69 | 8.97 |
| Jan-70 | 8.98 |
| Feb-70 | 8.98 |
| Mar-70 | 7.76 |
| Apr-70 | 8.1 |
| May-70 | 7.95 |
| Jun-70 | 7.61 |
| Jul-70 | 7.21 |
| Aug-70 | 6.62 |
| Sep-70 | 6.29 |
| Oct-70 | 6.2 |
| Nov-70 | 5.6 |
| Dec-70 | 4.9 |
| Jan-71 | 4.14 |
| Feb-71 | 3.72 |
| Mar-71 | 3.71 |
| Apr-71 | 4.16 |
| May-71 | 4.63 |
| Jun-71 | 4.91 |
| Jul-71 | 5.31 |
| Aug-71 | 5.57 |
| Sep-71 | 5.55 |
| Oct-71 | 5.2 |
| Nov-71 | 4.91 |
| Dec-71 | 4.14 |
| Jan-72 | 3.51 |
| Feb-72 | 3.3 |
| Mar-72 | 3.83 |
| Apr-72 | 4.17 |
| May-72 | 4.27 |
| Jun-72 | 4.46 |
| Jul-72 | 4.55 |
| Aug-72 | 4.81 |
| Sep-72 | 4.87 |
| Oct-72 | 5.05 |
| Nov-72 | 5.06 |
| Dec-72 | 5.33 |
| Jan-73 | 5.94 |
| Feb-73 | 6.58 |
| Mar-73 | 7.09 |
| Apr-73 | 7.12 |
| May-73 | 7.84 |
| Jun-73 | 8.49 |
| Jul-73 | 10.4 |
| Aug-73 | 10.5 |
| Sep-73 | 10.78 |
| Oct-73 | 10.01 |
| Nov-73 | 10.03 |
| Dec-73 | 9.95 |
| Jan-74 | 9.65 |
| Feb-74 | 8.97 |
| Mar-74 | 9.35 |
| Apr-74 | 10.51 |
| May-74 | 11.31 |
| Jun-74 | 11.93 |
| Jul-74 | 12.92 |
| Aug-74 | 12.01 |
| Sep-74 | 11.34 |
| Oct-74 | 10.06 |
| Nov-74 | 9.45 |
| Dec-74 | 8.53 |
| Jan-75 | 7.13 |
| Feb-75 | 6.24 |
| Mar-75 | 5.54 |
| Apr-75 | 5.49 |
| May-75 | 5.22 |
| Jun-75 | 5.55 |
| Jul-75 | 6.1 |
| Aug-75 | 6.14 |
| Sep-75 | 6.24 |
| Oct-75 | 5.82 |
| Nov-75 | 5.22 |
| Dec-75 | 5.2 |
| Jan-76 | 4.87 |
| Feb-76 | 4.77 |
| Mar-76 | 4.84 |
| Apr-76 | 4.82 |
| May-76 | 5.29 |
| Jun-76 | 5.48 |
| Jul-76 | 5.31 |
| Aug-76 | 5.29 |
| Sep-76 | 5.25 |
| Oct-76 | 5.02 |
| Nov-76 | 4.95 |
| Dec-76 | 4.65 |
| Jan-77 | 4.61 |
| Feb-77 | 4.68 |
| Mar-77 | 4.69 |
| Apr-77 | 4.73 |
| May-77 | 5.35 |
| Jun-77 | 5.39 |
| Jul-77 | 5.42 |
| Aug-77 | 5.9 |
| Sep-77 | 6.14 |
| Oct-77 | 6.47 |
| Nov-77 | 6.51 |
| Dec-77 | 6.56 |
| Jan-78 | 6.7 |
| Feb-78 | 6.78 |
| Mar-78 | 6.79 |
| Apr-78 | 6.89 |
| May-78 | 7.36 |
| Jun-78 | 7.6 |
| Jul-78 | 7.81 |
| Aug-78 | 8.04 |
| Sep-78 | 8.45 |
| Oct-78 | 8.96 |
| Nov-78 | 9.76 |
| Dec-78 | 10.03 |
| Jan-79 | 10.07 |
| Feb-79 | 10.06 |
| Mar-79 | 10.09 |
| Apr-79 | 10.01 |
| May-79 | 10.24 |
| Jun-79 | 10.29 |
| Jul-79 | 10.47 |
| Aug-79 | 10.94 |
| Sep-79 | 11.43 |
| Oct-79 | 13.77 |
| Nov-79 | 13.18 |
| Dec-79 | 13.78 |
| Jan-80 | 13.82 |
| Feb-80 | 14.13 |
| Mar-80 | 17.19 |
| Apr-80 | 17.61 |
| May-80 | 10.98 |
| Jun-80 | 9.47 |
| Jul-80 | 9.03 |
| Aug-80 | 9.61 |
| Sep-80 | 10.87 |
| Oct-80 | 12.81 |
| Nov-80 | 15.85 |
| Dec-80 | 18.9 |
| Jan-81 | 19.08 |
| Feb-81 | 15.93 |
| Mar-81 | 14.7 |
| Apr-81 | 15.72 |
| May-81 | 18.52 |
| Jun-81 | 19.1 |
| Jul-81 | 19.04 |
| Aug-81 | 17.82 |
| Sep-81 | 15.87 |
| Oct-81 | 15.08 |
| Nov-81 | 13.31 |
| Dec-81 | 12.37 |
| Jan-82 | 13.22 |
| Feb-82 | 14.78 |
| Mar-82 | 14.68 |
| Apr-82 | 14.94 |
| May-82 | 14.45 |
| Jun-82 | 14.15 |
| Jul-82 | 12.59 |
| Aug-82 | 10.12 |
| Sep-82 | 10.31 |
| Oct-82 | 9.71 |
| Nov-82 | 9.2 |
| Dec-82 | 8.95 |
| Jan-83 | 8.68 |
| Feb-83 | 8.51 |
| Mar-83 | 8.77 |
| Apr-83 | 8.8 |
| May-83 | 8.63 |
| Jun-83 | 8.98 |
| Jul-83 | 9.37 |
| Aug-83 | 9.56 |
| Sep-83 | 9.45 |
| Oct-83 | 9.48 |
| Nov-83 | 9.34 |
| Dec-83 | 9.47 |
| Jan-84 | 9.56 |
| Feb-84 | 9.59 |
| Mar-84 | 9.91 |
| Apr-84 | 10.29 |
| May-84 | 10.32 |
| Jun-84 | 11.06 |
| Jul-84 | 11.23 |
| Aug-84 | 11.64 |
| Sep-84 | 11.3 |
| Oct-84 | 9.99 |
| Nov-84 | 9.43 |
| Dec-84 | 8.38 |
| Jan-85 | 8.35 |
| Feb-85 | 8.5 |
| Mar-85 | 8.58 |
| Apr-85 | 8.27 |
| May-85 | 7.97 |
| Jun-85 | 7.53 |
| Jul-85 | 7.88 |
| Aug-85 | 7.9 |
| Sep-85 | 7.92 |
| Oct-85 | 7.99 |
| Nov-85 | 8.05 |
| Dec-85 | 8.27 |
| Jan-86 | 8.14 |
| Feb-86 | 7.86 |
| Mar-86 | 7.48 |
| Apr-86 | 6.99 |
| May-86 | 6.85 |
| Jun-86 | 6.92 |
| Jul-86 | 6.56 |
| Aug-86 | 6.17 |
| Sep-86 | 5.89 |
| Oct-86 | 5.85 |
| Nov-86 | 6.04 |
| Dec-86 | 6.91 |
| Jan-87 | 6.43 |
| Feb-87 | 6.1 |
| Mar-87 | 6.13 |
| Apr-87 | 6.37 |
| May-87 | 6.85 |
| Jun-87 | 6.73 |
| Jul-87 | 6.58 |
| Aug-87 | 6.73 |
| Sep-87 | 7.22 |
| Oct-87 | 7.29 |
| Nov-87 | 6.69 |
| Dec-87 | 6.77 |
| Jan-88 | 6.83 |
| Feb-88 | 6.58 |
| Mar-88 | 6.58 |
| Apr-88 | 6.87 |
| May-88 | 7.09 |
| Jun-88 | 7.51 |
| Jul-88 | 7.75 |
| Aug-88 | 8.01 |
| Sep-88 | 8.19 |
| Oct-88 | 8.3 |
| Nov-88 | 8.35 |
| Dec-88 | 8.76 |
| Jan-89 | 9.12 |
| Feb-89 | 9.36 |
| Mar-89 | 9.85 |
| Apr-89 | 9.84 |
| May-89 | 9.81 |
| Jun-89 | 9.53 |
| Jul-89 | 9.24 |
| Aug-89 | 8.99 |
| Sep-89 | 9.02 |
| Oct-89 | 8.84 |
| Nov-89 | 8.55 |
| Dec-89 | 8.45 |
| Jan-90 | 8.23 |
| Feb-90 | 8.24 |
| Mar-90 | 8.28 |
| Apr-90 | 8.26 |
| May-90 | 8.18 |
| Jun-90 | 8.29 |
| Jul-90 | 8.15 |
| Aug-90 | 8.13 |
| Sep-90 | 8.2 |
| Oct-90 | 8.11 |
| Nov-90 | 7.81 |
| Dec-90 | 7.31 |
| Jan-91 | 6.91 |
| Feb-91 | 6.25 |
| Mar-91 | 6.12 |
| Apr-91 | 5.91 |
| May-91 | 5.78 |
| Jun-91 | 5.9 |
| Jul-91 | 5.82 |
| Aug-91 | 5.66 |
| Sep-91 | 5.45 |
| Oct-91 | 5.21 |
| Nov-91 | 4.81 |
| Dec-91 | 4.43 |
| Jan-92 | 4.03 |
| Feb-92 | 4.06 |
| Mar-92 | 3.98 |
| Apr-92 | 3.73 |
| May-92 | 3.82 |
| Jun-92 | 3.76 |
| Jul-92 | 3.25 |
| Aug-92 | 3.3 |
| Sep-92 | 3.22 |
| Oct-92 | 3.1 |
| Nov-92 | 3.09 |
| Dec-92 | 2.92 |
| Jan-93 | 3.02 |
| Feb-93 | 3.03 |
| Mar-93 | 3.07 |
| Apr-93 | 2.96 |
| May-93 | 3 |
| Jun-93 | 3.04 |
| Jul-93 | 3.06 |
| Aug-93 | 3.03 |
| Sep-93 | 3.09 |
| Oct-93 | 2.99 |
| Nov-93 | 3.02 |
| Dec-93 | 2.96 |
| Jan-94 | 3.05 |
| Feb-94 | 3.25 |
| Mar-94 | 3.34 |
| Apr-94 | 3.56 |
| May-94 | 4.01 |
| Jun-94 | 4.25 |
| Jul-94 | 4.26 |
| Aug-94 | 4.47 |
| Sep-94 | 4.73 |
| Oct-94 | 4.76 |
| Nov-94 | 5.29 |
| Dec-94 | 5.45 |
| Jan-95 | 5.53 |
| Feb-95 | 5.92 |
| Mar-95 | 5.98 |
| Apr-95 | 6.05 |
| May-95 | 6.01 |
| Jun-95 | 6 |
| Jul-95 | 5.85 |
| Aug-95 | 5.74 |
| Sep-95 | 5.8 |
| Oct-95 | 5.76 |
| Nov-95 | 5.8 |
| Dec-95 | 5.6 |
| Jan-96 | 5.56 |
| Feb-96 | 5.22 |
| Mar-96 | 5.31 |
| Apr-96 | 5.22 |
| May-96 | 5.24 |
| Jun-96 | 5.27 |
| Jul-96 | 5.4 |
| Aug-96 | 5.22 |
| Sep-96 | 5.3 |
| Oct-96 | 5.24 |
| Nov-96 | 5.31 |
| Dec-96 | 5.29 |
| Jan-97 | 5.25 |
| Feb-97 | 5.19 |
| Mar-97 | 5.39 |
| Apr-97 | 5.51 |
| May-97 | 5.5 |
| Jun-97 | 5.56 |
| Jul-97 | 5.52 |
| Aug-97 | 5.54 |
| Sep-97 | 5.54 |
| Oct-97 | 5.5 |
| Nov-97 | 5.52 |
| Dec-97 | 5.5 |
| Jan-98 | 5.56 |
| Feb-98 | 5.51 |
| Mar-98 | 5.49 |
| Apr-98 | 5.45 |
| May-98 | 5.49 |
| Jun-98 | 5.56 |
| Jul-98 | 5.54 |
| Aug-98 | 5.55 |
| Sep-98 | 5.51 |
| Oct-98 | 5.07 |
| Nov-98 | 4.83 |
| Dec-98 | 4.68 |
| Jan-99 | 4.63 |
| Feb-99 | 4.76 |
| Mar-99 | 4.81 |
| Apr-99 | 4.74 |
| May-99 | 4.74 |
| Jun-99 | 4.76 |
| Jul-99 | 4.99 |
| Aug-99 | 5.07 |
| Sep-99 | 5.22 |
| Oct-99 | 5.2 |
| Nov-99 | 5.42 |
| Dec-99 | 5.3 |
| Jan-00 | 5.45 |
| Feb-00 | 5.73 |
| Mar-00 | 5.85 |
| Apr-00 | 6.02 |
| May-00 | 6.27 |
| Jun-00 | 6.53 |
| Jul-00 | 6.54 |
| Aug-00 | 6.5 |
| Sep-00 | 6.52 |
| Oct-00 | 6.51 |
| Nov-00 | 6.51 |
| Dec-00 | 6.4 |
| Jan-01 | 5.98 |
| Feb-01 | 5.49 |
| Mar-01 | 5.31 |
| Apr-01 | 4.8 |
| May-01 | 4.21 |
| Jun-01 | 3.97 |
| Jul-01 | 3.77 |
| Aug-01 | 3.65 |
| Sep-01 | 3.07 |
| Oct-01 | 2.49 |
| Nov-01 | 2.09 |
| Dec-01 | 1.82 |
| Jan-02 | 1.73 |
| Feb-02 | 1.74 |
| Mar-02 | 1.73 |
| Apr-02 | 1.75 |
| May-02 | 1.75 |
| Jun-02 | 1.75 |
| Jul-02 | 1.73 |
| Aug-02 | 1.74 |
| Sep-02 | 1.75 |
| Oct-02 | 1.75 |
| Nov-02 | 1.34 |
| Dec-02 | 1.24 |
| Jan-03 | 1.24 |
| Feb-03 | 1.26 |
| Mar-03 | 1.25 |
| Apr-03 | 1.26 |
| May-03 | 1.26 |
| Jun-03 | 1.22 |
| Jul-03 | 1.01 |
| Aug-03 | 1.03 |
| Sep-03 | 1.01 |
| Oct-03 | 1.01 |
| Nov-03 | 1 |
| Dec-03 | 0.98 |
| Jan-04 | 1 |
| Feb-04 | 1.01 |
| Mar-04 | 1 |
| Apr-04 | 1 |
| May-04 | 1 |
| Jun-04 | 1.03 |
| Jul-04 | 1.26 |
| Aug-04 | 1.43 |
| Sep-04 | 1.61 |
| Oct-04 | 1.76 |
| Nov-04 | 1.93 |
| Dec-04 | 2.16 |
| Jan-05 | 2.28 |
| Feb-05 | 2.5 |
| Mar-05 | 2.63 |
| Apr-05 | 2.79 |
| May-05 | 3 |
| Jun-05 | 3.04 |
| Jul-05 | 3.26 |
| Aug-05 | 3.5 |
| Sep-05 | 3.62 |
| Oct-05 | 3.78 |
| Nov-05 | 4 |
| Dec-05 | 4.16 |
| Jan-06 | 4.29 |
| Feb-06 | 4.49 |
| Mar-06 | 4.59 |
| Apr-06 | 4.79 |
| May-06 | 4.94 |
| Jun-06 | 4.99 |
| Jul-06 | 5.24 |
| Aug-06 | 5.25 |
| Sep-06 | 5.25 |
| Oct-06 | 5.25 |
| Nov-06 | 5.25 |
| Dec-06 | 5.24 |
| Jan-07 | 5.25 |
| Feb-07 | 5.26 |
| Mar-07 | 5.26 |
| Apr-07 | 5.25 |
| May-07 | 5.25 |
| Jun-07 | 5.25 |
| Jul-07 | 5.26 |
| Aug-07 | 5.02 |
| Sep-07 | 4.94 |
| Oct-07 | 4.76 |
| Nov-07 | 4.49 |
| Dec-07 | 4.24 |
| Jan-08 | 3.94 |
| Feb-08 | 2.98 |
| Mar-08 | 2.61 |
| Apr-08 | 2.28 |
| May-08 | 1.98 |
| Jun-08 | 2 |
| Jul-08 | 2.01 |
| Aug-08 | 2 |
| Sep-08 | 1.81 |
| Oct-08 | 0.97 |
| Nov-08 | 0.39 |
| Dec-08 | 0.16 |
| Jan-09 | 0.15 |
| Feb-09 | 0.22 |
| Mar-09 | 0.18 |
| Apr-09 | 0.15 |
| May-09 | 0.18 |
| Jun-09 | 0.21 |
| Jul-09 | 0.16 |
| Aug-09 | 0.16 |
| Sep-09 | 0.15 |
| Oct-09 | 0.12 |
| Nov-09 | 0.12 |
| Dec-09 | 0.12 |
| Jan-10 | 0.11 |
| Feb-10 | 0.13 |
| Mar-10 | 0.16 |
| Apr-10 | 0.2 |
| May-10 | 0.2 |
| Jun-10 | 0.18 |
| Jul-10 | 0.18 |
| Aug-10 | 0.19 |
| Sep-10 | 0.19 |
| Oct-10 | 0.19 |
| Nov-10 | 0.19 |
| Dec-10 | 0.18 |
| Jan-11 | 0.17 |
| Feb-11 | 0.16 |
| Mar-11 | 0.14 |
| Apr-11 | 0.1 |
| May-11 | 0.09 |
| Jun-11 | 0.09 |
| Jul-11 | 0.07 |
| Aug-11 | 0.1 |
| Sep-11 | 0.08 |
| Oct-11 | 0.07 |
| Nov-11 | 0.08 |
| Dec-11 | 0.07 |
| Jan-12 | 0.08 |
| Feb-12 | 0.1 |
| Mar-12 | 0.13 |
| Apr-12 | 0.14 |
| May-12 | 0.16 |
| Jun-12 | 0.16 |
| Jul-12 | 0.16 |
| Aug-12 | 0.13 |
| Sep-12 | 0.14 |
| Oct-12 | 0.16 |
| Nov-12 | 0.16 |
| Dec-12 | 0.16 |
| Jan-13 | 0.14 |
| Feb-13 | 0.15 |
| Mar-13 | 0.14 |
| Apr-13 | 0.15 |
| May-13 | 0.11 |
| Jun-13 | 0.09 |
| Jul-13 | 0.09 |
| Aug-13 | 0.08 |
| Sep-13 | 0.08 |
| Oct-13 | 0.09 |
| Nov-13 | 0.08 |
| Dec-13 | 0.09 |
| Jan-14 | 0.07 |
| Feb-14 | 0.07 |
| Mar-14 | 0.08 |
| Apr-14 | 0.09 |
| May-14 | 0.09 |
| Jun-14 | 0.1 |
| Jul-14 | 0.09 |
| Aug-14 | 0.09 |
| Sep-14 | 0.09 |
| Oct-14 | 0.09 |
| Nov-14 | 0.09 |
| Dec-14 | 0.12 |
| Jan-15 | 0.11 |
| Feb-15 | 0.11 |
| Mar-15 | 0.11 |
| Apr-15 | 0.12 |
| May-15 | 0.12 |
| Jun-15 | 0.13 |
| Jul-15 | 0.13 |
| Aug-15 | 0.14 |
| Sep-15 | 0.14 |
| Oct-15 | 0.12 |
| Nov-15 | 0.12 |
| Dec-15 | 0.24 |
| Jan-16 | 0.34 |
| Feb-16 | 0.38 |
| Mar-16 | 0.36 |
| Apr-16 | 0.37 |
| May-16 | 0.37 |
| Jun-16 | 0.38 |
| Jul-16 | 0.39 |
| Aug-16 | 0.4 |
| Sep-16 | 0.4 |
| Oct-16 | 0.4 |
| Nov-16 | 0.41 |
| Dec-16 | 0.54 |
| Jan-17 | 0.65 |
| Feb-17 | 0.66 |
| Mar-17 | 0.79 |
| Apr-17 | 0.9 |
| May-17 | 0.91 |
| Jun-17 | 1.04 |
| Jul-17 | 1.15 |
| Aug-17 | 1.16 |
| Sep-17 | 1.15 |
| Oct-17 | 1.15 |
| Nov-17 | 1.16 |
| Dec-17 | 1.3 |
| Jan-18 | 1.41 |
| Feb-18 | 1.42 |
| Mar-18 | 1.51 |
| Apr-18 | 1.69 |
| May-18 | 1.7 |
| Jun-18 | 1.82 |
| Jul-18 | 1.91 |
| Aug-18 | 1.91 |
| Sep-18 | 1.95 |
| Oct-18 | 2.19 |
| Nov-18 | 2.2 |
| Dec-18 | 2.27 |
| Jan-19 | 2.4 |
| Feb-19 | 2.4 |
| Mar-19 | 2.41 |
| Apr-19 | 2.42 |
| May-19 | 2.39 |
| Jun-19 | 2.38 |
| Jul-19 | 2.4 |
| Aug-19 | 2.13 |
| Sep-19 | 2.04 |
| Oct-19 | 1.83 |
| Nov-19 | 1.55 |
| Dec-19 | 1.55 |
| Jan-20 | 1.55 |
| Feb-20 | 1.58 |
| Mar-20 | 0.65 |
| Apr-20 | 0.05 |
| May-20 | 0.05 |
| Jun-20 | 0.08 |
| Jul-20 | 0.09 |
| Aug-20 | 0.1 |
| Sep-20 | 0.09 |
| Oct-20 | 0.09 |
| Nov-20 | 0.09 |
| Dec-20 | 0.09 |
| Jan-21 | 0.09 |
| Feb-21 | 0.08 |
| Mar-21 | 0.07 |
| Apr-21 | 0.07 |
| May-21 | 0.06 |
| Jun-21 | 0.08 |
| Jul-21 | 0.1 |
| Aug-21 | 0.09 |
| Sep-21 | 0.08 |
| Oct-21 | 0.08 |
| Nov-21 | 0.08 |
| Dec-21 | 0.08 |
| Jan-22 | 0.08 |
| Feb-22 | 0.08 |
Note: The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research (NBER): December 1969 to November 1970, November 1973 to March 1975, January 1980 to July 1980, July 1981 to November 1982, July 1990 to March 1991, March 2001 to November 2001, December 2007 to June 2009, and February 2020 to April 2020.
Source: Federal Reserve Board, Statistical Release H.15, "Selected Interest Rates".
Figure 7. Longer-run expectations remain well-anchored in their historical ranges
Monthly
Percent
| Michigan survey, next 5 to 10 years | |
|---|---|
| Apr-90 | 4 |
| May-90 | 4.3 |
| Jun-90 | 4.6 |
| Jul-90 | 4.2 |
| Aug-90 | 4.6 |
| Sep-90 | 4.7 |
| Oct-90 | 4.6 |
| Nov-90 | 4.6 |
| Dec-90 | 4.5 |
| Jan-91 | 4.6 |
| Feb-91 | 4.6 |
| Mar-91 | 4.6 |
| Apr-91 | 4.2 |
| May-91 | 4.4 |
| Jun-91 | 4.5 |
| Jul-91 | 4.2 |
| Aug-91 | 4 |
| Sep-91 | 3.9 |
| Oct-91 | 3.7 |
| Nov-91 | 3.8 |
| Dec-91 | 3.8 |
| Jan-92 | 3.6 |
| Feb-92 | 3.4 |
| Mar-92 | 3.6 |
| Apr-92 | 3.9 |
| May-92 | 4 |
| Jun-92 | 3.4 |
| Jul-92 | 3.7 |
| Aug-92 | 4.2 |
| Sep-92 | 3.5 |
| Oct-92 | 3.7 |
| Nov-92 | 3.7 |
| Dec-92 | 3.4 |
| Jan-93 | 3.4 |
| Feb-93 | 4.1 |
| Mar-93 | 3.6 |
| Apr-93 | 3.5 |
| May-93 | 3.5 |
| Jun-93 | 3.8 |
| Jul-93 | 3.5 |
| Aug-93 | 3.3 |
| Sep-93 | 3.3 |
| Oct-93 | 3.5 |
| Nov-93 | 3.4 |
| Dec-93 | 3.6 |
| Jan-94 | 3.2 |
| Feb-94 | 3.3 |
| Mar-94 | 3.4 |
| Apr-94 | 3.2 |
| May-94 | 3.4 |
| Jun-94 | 3.4 |
| Jul-94 | 3.2 |
| Aug-94 | 3.5 |
| Sep-94 | 3.2 |
| Oct-94 | 3.3 |
| Nov-94 | 3.2 |
| Dec-94 | 3.2 |
| Jan-95 | 3.2 |
| Feb-95 | 3.2 |
| Mar-95 | 3.3 |
| Apr-95 | 3.5 |
| May-95 | 3.2 |
| Jun-95 | 3.1 |
| Jul-95 | 3.2 |
| Aug-95 | 3.1 |
| Sep-95 | 3.1 |
| Oct-95 | 3.2 |
| Nov-95 | 3.1 |
| Dec-95 | 3.1 |
| Jan-96 | 3.2 |
| Feb-96 | 3.3 |
| Mar-96 | 3.2 |
| Apr-96 | 3 |
| May-96 | 3.3 |
| Jun-96 | 3.1 |
| Jul-96 | 3.2 |
| Aug-96 | 3.3 |
| Sep-96 | 3.2 |
| Oct-96 | 3 |
| Nov-96 | 3 |
| Dec-96 | 3 |
| Jan-97 | 3.2 |
| Feb-97 | 3.1 |
| Mar-97 | 3 |
| Apr-97 | 2.9 |
| May-97 | 3 |
| Jun-97 | 3.1 |
| Jul-97 | 2.9 |
| Aug-97 | 3 |
| Sep-97 | 3.1 |
| Oct-97 | 3 |
| Nov-97 | 3.1 |
| Dec-97 | 3.1 |
| Jan-98 | 2.9 |
| Feb-98 | 2.9 |
| Mar-98 | 2.8 |
| Apr-98 | 2.7 |
| May-98 | 2.8 |
| Jun-98 | 2.9 |
| Jul-98 | 2.7 |
| Aug-98 | 2.7 |
| Sep-98 | 2.9 |
| Oct-98 | 2.8 |
| Nov-98 | 2.8 |
| Dec-98 | 2.9 |
| Jan-99 | 3 |
| Feb-99 | 2.8 |
| Mar-99 | 2.7 |
| Apr-99 | 2.8 |
| May-99 | 2.9 |
| Jun-99 | 2.8 |
| Jul-99 | 2.9 |
| Aug-99 | 2.8 |
| Sep-99 | 2.9 |
| Oct-99 | 2.8 |
| Nov-99 | 2.9 |
| Dec-99 | 2.9 |
| Jan-00 | 3 |
| Feb-00 | 2.9 |
| Mar-00 | 3.1 |
| Apr-00 | 2.8 |
| May-00 | 2.9 |
| Jun-00 | 2.8 |
| Jul-00 | 2.8 |
| Aug-00 | 2.9 |
| Sep-00 | 3 |
| Oct-00 | 3 |
| Nov-00 | 2.9 |
| Dec-00 | 3 |
| Jan-01 | 2.9 |
| Feb-01 | 3 |
| Mar-01 | 3 |
| Apr-01 | 3.1 |
| May-01 | 3 |
| Jun-01 | 3 |
| Jul-01 | 2.9 |
| Aug-01 | 3 |
| Sep-01 | 2.9 |
| Oct-01 | 2.7 |
| Nov-01 | 2.8 |
| Dec-01 | 3 |
| Jan-02 | 2.7 |
| Feb-02 | 2.8 |
| Mar-02 | 2.8 |
| Apr-02 | 2.8 |
| May-02 | 3 |
| Jun-02 | 2.8 |
| Jul-02 | 2.8 |
| Aug-02 | 2.9 |
| Sep-02 | 2.5 |
| Oct-02 | 2.8 |
| Nov-02 | 2.8 |
| Dec-02 | 2.8 |
| Jan-03 | 2.7 |
| Feb-03 | 2.7 |
| Mar-03 | 2.8 |
| Apr-03 | 2.7 |
| May-03 | 2.8 |
| Jun-03 | 2.7 |
| Jul-03 | 2.7 |
| Aug-03 | 2.7 |
| Sep-03 | 2.7 |
| Oct-03 | 2.8 |
| Nov-03 | 2.7 |
| Dec-03 | 2.8 |
| Jan-04 | 2.8 |
| Feb-04 | 2.9 |
| Mar-04 | 2.9 |
| Apr-04 | 2.7 |
| May-04 | 2.8 |
| Jun-04 | 2.9 |
| Jul-04 | 2.8 |
| Aug-04 | 2.7 |
| Sep-04 | 2.8 |
| Oct-04 | 2.8 |
| Nov-04 | 2.7 |
| Dec-04 | 2.8 |
| Jan-05 | 2.7 |
| Feb-05 | 2.8 |
| Mar-05 | 2.9 |
| Apr-05 | 3 |
| May-05 | 2.9 |
| Jun-05 | 2.8 |
| Jul-05 | 2.9 |
| Aug-05 | 2.8 |
| Sep-05 | 3.1 |
| Oct-05 | 3.2 |
| Nov-05 | 3 |
| Dec-05 | 3.1 |
| Jan-06 | 2.9 |
| Feb-06 | 2.9 |
| Mar-06 | 2.9 |
| Apr-06 | 3.1 |
| May-06 | 3.2 |
| Jun-06 | 2.9 |
| Jul-06 | 2.9 |
| Aug-06 | 3.2 |
| Sep-06 | 3 |
| Oct-06 | 3.1 |
| Nov-06 | 3 |
| Dec-06 | 3 |
| Jan-07 | 3 |
| Feb-07 | 2.9 |
| Mar-07 | 2.9 |
| Apr-07 | 3.1 |
| May-07 | 3.1 |
| Jun-07 | 2.9 |
| Jul-07 | 3.1 |
| Aug-07 | 2.9 |
| Sep-07 | 2.9 |
| Oct-07 | 2.8 |
| Nov-07 | 2.9 |
| Dec-07 | 3.1 |
| Jan-08 | 3 |
| Feb-08 | 3 |
| Mar-08 | 2.9 |
| Apr-08 | 3.2 |
| May-08 | 3.4 |
| Jun-08 | 3.4 |
| Jul-08 | 3.2 |
| Aug-08 | 3.2 |
| Sep-08 | 3 |
| Oct-08 | 2.9 |
| Nov-08 | 2.9 |
| Dec-08 | 2.6 |
| Jan-09 | 2.9 |
| Feb-09 | 3.1 |
| Mar-09 | 2.6 |
| Apr-09 | 2.8 |
| May-09 | 2.9 |
| Jun-09 | 3 |
| Jul-09 | 3 |
| Aug-09 | 2.8 |
| Sep-09 | 2.8 |
| Oct-09 | 2.9 |
| Nov-09 | 3 |
| Dec-09 | 2.7 |
| Jan-10 | 2.9 |
| Feb-10 | 2.7 |
| Mar-10 | 2.7 |
| Apr-10 | 2.7 |
| May-10 | 2.9 |
| Jun-10 | 2.8 |
| Jul-10 | 2.9 |
| Aug-10 | 2.8 |
| Sep-10 | 2.7 |
| Oct-10 | 2.8 |
| Nov-10 | 2.8 |
| Dec-10 | 2.8 |
| Jan-11 | 2.9 |
| Feb-11 | 2.9 |
| Mar-11 | 3.2 |
| Apr-11 | 2.9 |
| May-11 | 2.9 |
| Jun-11 | 3 |
| Jul-11 | 2.9 |
| Aug-11 | 2.9 |
| Sep-11 | 2.8 |
| Oct-11 | 2.7 |
| Nov-11 | 2.7 |
| Dec-11 | 2.7 |
| Jan-12 | 2.7 |
| Feb-12 | 2.9 |
| Mar-12 | 3 |
| Apr-12 | 2.9 |
| May-12 | 2.7 |
| Jun-12 | 2.8 |
| Jul-12 | 2.7 |
| Aug-12 | 3 |
| Sep-12 | 2.8 |
| Oct-12 | 2.7 |
| Nov-12 | 2.8 |
| Dec-12 | 2.9 |
| Jan-13 | 2.9 |
| Feb-13 | 3 |
| Mar-13 | 2.8 |
| Apr-13 | 2.9 |
| May-13 | 2.9 |
| Jun-13 | 2.9 |
| Jul-13 | 2.8 |
| Aug-13 | 2.9 |
| Sep-13 | 3 |
| Oct-13 | 2.8 |
| Nov-13 | 2.9 |
| Dec-13 | 2.7 |
| Jan-14 | 2.9 |
| Feb-14 | 2.9 |
| Mar-14 | 2.9 |
| Apr-14 | 2.9 |
| May-14 | 2.8 |
| Jun-14 | 2.9 |
| Jul-14 | 2.7 |
| Aug-14 | 2.9 |
| Sep-14 | 2.8 |
| Oct-14 | 2.8 |
| Nov-14 | 2.6 |
| Dec-14 | 2.8 |
| Jan-15 | 2.8 |
| Feb-15 | 2.7 |
| Mar-15 | 2.8 |
| Apr-15 | 2.6 |
| May-15 | 2.8 |
| Jun-15 | 2.6 |
| Jul-15 | 2.8 |
| Aug-15 | 2.7 |
| Sep-15 | 2.7 |
| Oct-15 | 2.5 |
| Nov-15 | 2.6 |
| Dec-15 | 2.6 |
| Jan-16 | 2.7 |
| Feb-16 | 2.5 |
| Mar-16 | 2.7 |
| Apr-16 | 2.5 |
| May-16 | 2.5 |
| Jun-16 | 2.6 |
| Jul-16 | 2.6 |
| Aug-16 | 2.5 |
| Sep-16 | 2.6 |
| Oct-16 | 2.4 |
| Nov-16 | 2.6 |
| Dec-16 | 2.3 |
| Jan-17 | 2.6 |
| Feb-17 | 2.5 |
| Mar-17 | 2.4 |
| Apr-17 | 2.4 |
| May-17 | 2.4 |
| Jun-17 | 2.5 |
| Jul-17 | 2.6 |
| Aug-17 | 2.5 |
| Sep-17 | 2.5 |
| Oct-17 | 2.5 |
| Nov-17 | 2.4 |
| Dec-17 | 2.4 |
| Jan-18 | 2.5 |
| Feb-18 | 2.5 |
| Mar-18 | 2.5 |
| Apr-18 | 2.5 |
| May-18 | 2.5 |
| Jun-18 | 2.6 |
| Jul-18 | 2.4 |
| Aug-18 | 2.6 |
| Sep-18 | 2.5 |
| Oct-18 | 2.4 |
| Nov-18 | 2.6 |
| Dec-18 | 2.5 |
| Jan-19 | 2.6 |
| Feb-19 | 2.3 |
| Mar-19 | 2.5 |
| Apr-19 | 2.3 |
| May-19 | 2.6 |
| Jun-19 | 2.3 |
| Jul-19 | 2.5 |
| Aug-19 | 2.6 |
| Sep-19 | 2.4 |
| Oct-19 | 2.3 |
| Nov-19 | 2.5 |
| Dec-19 | 2.2 |
| Jan-20 | 2.5 |
| Feb-20 | 2.3 |
| Mar-20 | 2.3 |
| Apr-20 | 2.5 |
| May-20 | 2.7 |
| Jun-20 | 2.5 |
| Jul-20 | 2.6 |
| Aug-20 | 2.7 |
| Sep-20 | 2.7 |
| Oct-20 | 2.4 |
| Nov-20 | 2.5 |
| Dec-20 | 2.5 |
| Jan-21 | 2.7 |
| Feb-21 | 2.7 |
| Mar-21 | 2.8 |
| Apr-21 | 2.7 |
| May-21 | 3 |
| Jun-21 | 2.8 |
| Jul-21 | 2.8 |
| Aug-21 | 2.9 |
| Sep-21 | 3 |
| Oct-21 | 2.9 |
| Nov-21 | 3 |
| Dec-21 | 2.9 |
| Jan-22 | 3.1 |
| Feb-22 | 3 |
| Mar-22 | 3 |
Note: The series are medians of the survey responses about average inflation during the next 5 to 10 years. March data are preliminary.
Source: University of Michigan Surveys of Consumers.
Last Update:
March 21, 2022