Accessible Version

Supply vs Demand Factors Influencing Prices of Manufactured Goods, Accessible Data

Figure 1: PPI Manufacturing Inflation and Firm Level Survey Evidence

Top Panel
Percent

Date PPI Manufacturing (YoY)
31-Jan-2008 7.54
29-Feb-2008 7.31
31-Mar-2008 8.00
30-Apr-2008 7.73
31-May-2008 8.99
30-Jun-2008 10.56
31-Jul-2008 11.81
31-Aug-2008 11.26
30-Sep-2008 11.13
31-Oct-2008 7.36
30-Nov-2008 0.91
31-Dec-2008 -1.66
31-Jan-2009 -2.36
28-Feb-2009 -3.51
31-Mar-2009 -6.33
30-Apr-2009 -6.62
31-May-2009 -7.92
30-Jun-2009 -7.67
31-Jul-2009 -10.35
31-Aug-2009 -7.47
30-Sep-2009 -8.11
31-Oct-2009 -4.56
30-Nov-2009 0.89
31-Dec-2009 4.00
31-Jan-2010 4.85
28-Feb-2010 4.73
31-Mar-2010 6.36
30-Apr-2010 6.36
31-May-2010 6.08
30-Jun-2010 3.94
31-Jul-2010 4.69
31-Aug-2010 3.54
30-Sep-2010 3.98
31-Oct-2010 4.83
30-Nov-2010 4.38
31-Dec-2010 4.70
31-Jan-2011 4.33
28-Feb-2011 6.06
31-Mar-2011 7.28
30-Apr-2011 8.12
31-May-2011 8.73
30-Jun-2011 9.11
31-Jul-2011 9.49
31-Aug-2011 8.54
30-Sep-2011 8.65
31-Oct-2011 6.93
30-Nov-2011 6.77
31-Dec-2011 5.60
31-Jan-2012 5.30
29-Feb-2012 4.58
31-Mar-2012 3.60
30-Apr-2012 2.31
31-May-2012 1.02
30-Jun-2012 0.42
31-Jul-2012 -0.16
31-Aug-2012 1.52
30-Sep-2012 1.96
31-Oct-2012 2.49
30-Nov-2012 0.96
31-Dec-2012 1.06
31-Jan-2013 0.76
28-Feb-2013 1.59
31-Mar-2013 0.15
30-Apr-2013 -0.27
31-May-2013 0.35
30-Jun-2013 1.11
31-Jul-2013 1.44
31-Aug-2013 0.58
30-Sep-2013 -0.62
31-Oct-2013 -0.85
30-Nov-2013 -0.02
31-Dec-2013 0.67
31-Jan-2014 0.86
28-Feb-2014 0.04
31-Mar-2014 0.99
30-Apr-2014 1.92
31-May-2014 1.74
30-Jun-2014 1.57
31-Jul-2014 1.72
31-Aug-2014 1.38
30-Sep-2014 1.29
31-Oct-2014 0.52
30-Nov-2014 -0.09
31-Dec-2014 -2.23
31-Jan-2015 -4.88
28-Feb-2015 -5.13
31-Mar-2015 -5.09
30-Apr-2015 -6.02
31-May-2015 -4.62
30-Jun-2015 -4.40
31-Jul-2015 -4.62
31-Aug-2015 -5.40
30-Sep-2015 -6.52
31-Oct-2015 -5.90
30-Nov-2015 -5.32
31-Dec-2015 -4.56
31-Jan-2016 -2.93
29-Feb-2016 -3.70
31-Mar-2016 -3.72
30-Apr-2016 -2.74
31-May-2016 -3.41
30-Jun-2016 -2.91
31-Jul-2016 -2.70
31-Aug-2016 -2.36
30-Sep-2016 -0.59
31-Oct-2016 0.04
30-Nov-2016 0.07
31-Dec-2016 1.61
31-Jan-2017 3.16
28-Feb-2017 3.99
31-Mar-2017 4.02
30-Apr-2017 3.95
31-May-2017 2.94
30-Jun-2017 2.16
31-Jul-2017 2.11
31-Aug-2017 3.29
30-Sep-2017 3.64
31-Oct-2017 3.52
30-Nov-2017 4.28
31-Dec-2017 3.90
31-Jan-2018 3.65
28-Feb-2018 3.72
31-Mar-2018 3.70
30-Apr-2018 4.07
31-May-2018 5.38
30-Jun-2018 5.60
31-Jul-2018 5.80
31-Aug-2018 5.35
30-Sep-2018 4.90
31-Oct-2018 5.28
30-Nov-2018 3.77
31-Dec-2018 2.04
31-Jan-2019 0.90
28-Feb-2019 0.90
31-Mar-2019 1.58
30-Apr-2019 1.99
31-May-2019 0.62
30-Jun-2019 -0.75
31-Jul-2019 -0.60
31-Aug-2019 -1.09
30-Sep-2019 -1.40
31-Oct-2019 -1.86
30-Nov-2019 -0.87
31-Dec-2019 0.74
31-Jan-2020 1.32
29-Feb-2020 -0.15
31-Mar-2020 -2.79
30-Apr-2020 -6.85
31-May-2020 -5.43
30-Jun-2020 -3.67
31-Jul-2020 -2.77
31-Aug-2020 -1.73
30-Sep-2020 -1.38
31-Oct-2020 -1.43
30-Nov-2020 -0.92
31-Dec-2020 0.29
31-Jan-2021 1.67
28-Feb-2021 4.06
31-Mar-2021 7.67
30-Apr-2021 12.08
31-May-2021 12.83
30-Jun-2021 13.41
31-Jul-2021 13.10
31-Aug-2021 13.14
30-Sep-2021 14.13
31-Oct-2021 15.24
30-Nov-2021 15.62
31-Dec-2021 14.23
31-Jan-2022 14.96
28-Feb-2022 15.59
31-Mar-2022 16.49
30-Apr-2022 17.15
31-May-2022 17.43
30-Jun-2022 18.42
31-Jul-2022 15.54
31-Aug-2022 13.33
30-Sep-2022 12.76
31-Oct-2022 11.97
30-Nov-2022 10.85
31-Dec-2022 7.99
31-Jan-2023 7.42
28-Feb-2023 4.99
31-Mar-2023 1.40
30-Apr-2023 -0.44
31-May-2023 -4.15
30-Jun-2023 -6.63
31-Jul-2023 -4.45
31-Aug-2023 -0.16
30-Sep-2023 0.18
31-Oct-2023 -1.99
30-Nov-2023 -2.62
31-Dec-2023 -0.98

Note: Shaded areas indicate periods of recessions as defined by the National Bureau of Economic Research where appropriate: March 2001–November 2001, December 2007–June 2009, and February 2020–April 2020.

Sources: Top panel: Bureau of Labor Statistics. Bottom panel: U.S. Census Bureau Quarterly Survey of Plant Capacity (Disclosure Review Board (DRB) approval number: CBDRB FY23 0231).

Bottom Panel
Share

Date Firms citing insufficient orders Firms citing insufficient materials
31-Dec-1997 75.01 5.73
31-Dec-1998 78.06 4.79
31-Dec-1999 72.14 4.89
31-Dec-2000 75.95 4.78
31-Dec-2001 81.70 3.82
31-Dec-2002 81.98 3.80
31-Dec-2003 80.93 4.39
31-Dec-2004 76.95 6.41
31-Dec-2005 75.51 6.27
31-Dec-2006 76.03 5.63
31-Mar-2008 77.27 6.64
30-Jun-2008 76.96 5.43
30-Sep-2008 81.93 4.66
31-Dec-2008 83.41 2.92
31-Mar-2009 86.30 3.60
30-Jun-2009 87.79 3.15
30-Sep-2009 87.95 3.29
31-Dec-2009 85.95 3.42
31-Mar-2010 86.04 4.18
30-Jun-2010 84.82 5.89
30-Sep-2010 83.52 6.54
31-Dec-2010 84.10 5.82
31-Mar-2011 83.17 6.37
30-Jun-2011 81.85 7.40
30-Sep-2011 82.87 6.40
31-Dec-2011 81.01 5.50
31-Mar-2012 83.58 6.58
30-Jun-2012 83.69 5.37
30-Sep-2012 84.20 4.57
31-Dec-2012 83.65 4.50
31-Mar-2013 83.72 5.33
30-Jun-2013 84.66 5.42
30-Sep-2013 82.88 5.97
31-Dec-2013 81.69 4.63
31-Mar-2014 82.36 5.22
30-Jun-2014 81.24 5.10
30-Sep-2014 81.49 5.56
31-Dec-2014 81.06 5.34
31-Mar-2015 81.04 4.12
30-Jun-2015 75.23 5.52
30-Sep-2015 76.23 4.51
31-Dec-2015 75.27 5.18
31-Mar-2016 77.97 4.90
30-Jun-2016 80.25 4.79
30-Sep-2016 79.02 4.27
31-Dec-2016 76.93 3.82
31-Mar-2017 77.00 4.76
30-Jun-2017 75.77 6.26
30-Sep-2017 73.47 6.46
31-Dec-2017 74.61 6.60
31-Mar-2018 73.41 6.62
30-Jun-2018 69.97 8.78
30-Sep-2018 72.23 10.29
31-Dec-2018 72.60 7.30
31-Mar-2019 72.10 7.50
30-Jun-2019 71.90 7.10
30-Sep-2019 74.50 7.30
31-Dec-2019 72.40 7.40
31-Mar-2020 72.40 9.80
30-Jun-2020 70.80 9.40
30-Sep-2020 68.20 11.00
31-Dec-2020 65.50 13.50
31-Mar-2021 62.70 21.60
30-Jun-2021 57.30 33.30
30-Sep-2021 49.90 38.10
31-Dec-2021 49.40 42.70
31-Mar-2022 48.30 39.20
30-Jun-2022 50.90 39.50
30-Sep-2022 53.80 34.20
31-Dec-2022 60.00 27.70
31-Mar-2023 62.10 23.70
30-Jun-2023 64.10 19.50
30-Sep-2023 69.10 17.30

Note: Shaded areas indicate periods of recessions as defined by the National Bureau of Economic Research where appropriate: March 2001–November 2001, December 2007–June 2009, and February 2020–April 2020.

Sources: Top panel: Bureau of Labor Statistics. Bottom panel: U.S. Census Bureau Quarterly Survey of Plant Capacity (Disclosure Review Board (DRB) approval number: CBDRB FY23 0231).

Return to text

Figure 2: Estimated impulse Response Functions of the PPI Decomposition to Monetary Policy and Oil Supply Shocks

Top Left Panel
Perc. Deviation

Months after shock Median Response (Solid Line) UpperBound1 (Dashed Line) LowerBound1 (Dashed Line) UpperBound2 (Dotted Line) LowerBound2 (Dotted Line)
0 -0.06 -0.01 -0.18 -0.01 -0.15
1 -0.09 -0.01 -0.24 -0.01 -0.21
2 -0.12 -0.01 -0.34 -0.01 -0.31
3 -0.16 0.00 -0.44 -0.02 -0.40
4 -0.20 -0.01 -0.54 -0.02 -0.49
5 -0.24 -0.01 -0.63 -0.03 -0.57
6 -0.28 -0.02 -0.71 -0.05 -0.65
7 -0.31 -0.03 -0.78 -0.07 -0.72
8 -0.35 -0.04 -0.84 -0.08 -0.79
9 -0.37 -0.05 -0.88 -0.10 -0.84
10 -0.41 -0.06 -0.93 -0.12 -0.91
11 -0.43 -0.07 -0.96 -0.13 -0.96
12 -0.44 -0.07 -0.96 -0.13 -0.99
13 -0.45 -0.07 -0.96 -0.14 -1.01
14 -0.46 -0.07 -0.98 -0.14 -1.02
15 -0.47 -0.08 -0.99 -0.14 -1.04
16 -0.48 -0.07 -0.99 -0.15 -1.05
17 -0.48 -0.07 -0.98 -0.15 -1.05
18 -0.48 -0.07 -0.98 -0.15 -1.04
19 -0.48 -0.06 -0.96 -0.15 -1.04
20 -0.48 -0.06 -0.94 -0.15 -1.03
21 -0.47 -0.05 -0.92 -0.15 -1.02
22 -0.46 -0.04 -0.89 -0.14 -0.99
23 -0.45 -0.04 -0.86 -0.14 -0.96
24 -0.44 -0.03 -0.84 -0.13 -0.95
25 -0.44 -0.03 -0.81 -0.13 -0.92
26 -0.42 -0.02 -0.79 -0.12 -0.89
27 -0.41 -0.01 -0.77 -0.12 -0.87
28 -0.41 -0.01 -0.74 -0.11 -0.85
29 -0.40 0.00 -0.72 -0.11 -0.83
30 -0.39 0.00 -0.69 -0.11 -0.82
31 -0.38 0.01 -0.67 -0.10 -0.80
32 -0.37 0.02 -0.65 -0.09 -0.78
33 -0.36 0.02 -0.64 -0.09 -0.76
34 -0.35 0.02 -0.63 -0.08 -0.74
35 -0.34 0.03 -0.62 -0.07 -0.73
36 -0.34 0.03 -0.61 -0.07 -0.72
37 -0.33 0.03 -0.59 -0.06 -0.71
38 -0.32 0.04 -0.58 -0.05 -0.70
39 -0.31 0.04 -0.57 -0.05 -0.69
40 -0.31 0.04 -0.56 -0.04 -0.68
41 -0.30 0.04 -0.55 -0.04 -0.67
42 -0.30 0.04 -0.54 -0.03 -0.66
43 -0.29 0.05 -0.53 -0.03 -0.65
44 -0.28 0.05 -0.52 -0.02 -0.65
45 -0.28 0.05 -0.51 -0.02 -0.64
46 -0.27 0.05 -0.50 -0.01 -0.64
47 -0.27 0.05 -0.49 -0.01 -0.63

Note: Note: The solid lines show the dynamics of producer prices in percentage deviations from trend, with dashed and dotted lines indicating estimation uncertainty at the 68% confidence interval. The dashed line corresponds to confidence intervals computed by the block bootstrap of Jentsch and Lunsford (2022), while the dotted line corresponds to weak-identification robust confidence set by Montiel Olea, Stock and Watson (2021).

Top Right Panel
Perc. Deviation

Months after shock Median Response (Solid Line) UpperBound1 (Dashed Line) LowerBound1 (Dashed Line) UpperBound2 (Dotted Line) LowerBound2 (Dotted Line)
0 0.02 0.18 -0.20 0.16 -0.13
1 -0.07 0.16 -0.43 0.13 -0.34
2 -0.13 0.16 -0.64 0.11 -0.52
3 -0.14 0.17 -0.74 0.13 -0.61
4 -0.19 0.16 -0.82 0.11 -0.72
5 -0.19 0.18 -0.79 0.12 -0.74
6 -0.14 0.23 -0.68 0.17 -0.66
7 -0.14 0.24 -0.63 0.19 -0.63
8 -0.12 0.25 -0.59 0.20 -0.60
9 -0.10 0.26 -0.53 0.21 -0.56
10 -0.13 0.21 -0.57 0.18 -0.63
11 -0.11 0.23 -0.55 0.21 -0.61
12 -0.12 0.22 -0.57 0.21 -0.63
13 -0.13 0.23 -0.55 0.20 -0.63
14 -0.12 0.24 -0.54 0.22 -0.63
15 -0.12 0.24 -0.54 0.23 -0.63
16 -0.12 0.24 -0.54 0.24 -0.63
17 -0.09 0.27 -0.50 0.27 -0.59
18 -0.08 0.28 -0.50 0.28 -0.58
19 -0.07 0.28 -0.50 0.29 -0.56
20 -0.07 0.28 -0.51 0.29 -0.56
21 -0.08 0.28 -0.52 0.29 -0.58
22 -0.07 0.27 -0.52 0.29 -0.58
23 -0.07 0.27 -0.51 0.29 -0.56
24 -0.07 0.27 -0.50 0.28 -0.55
25 -0.07 0.27 -0.49 0.28 -0.54
26 -0.06 0.27 -0.49 0.28 -0.54
27 -0.06 0.28 -0.48 0.28 -0.53
28 -0.06 0.28 -0.48 0.28 -0.52
29 -0.06 0.27 -0.49 0.27 -0.52
30 -0.06 0.28 -0.48 0.28 -0.51
31 -0.05 0.28 -0.47 0.29 -0.50
32 -0.05 0.28 -0.46 0.29 -0.48
33 -0.04 0.29 -0.45 0.31 -0.47
34 -0.03 0.30 -0.43 0.33 -0.45
35 -0.02 0.30 -0.41 0.35 -0.43
36 0.00 0.32 -0.40 0.37 -0.41
37 0.01 0.33 -0.38 0.39 -0.39
38 0.02 0.35 -0.36 0.40 -0.37
39 0.03 0.36 -0.35 0.42 -0.36
40 0.04 0.36 -0.33 0.44 -0.34
41 0.06 0.37 -0.31 0.45 -0.33
42 0.07 0.38 -0.30 0.47 -0.32
43 0.08 0.39 -0.29 0.49 -0.30
44 0.09 0.40 -0.27 0.51 -0.29
45 0.10 0.41 -0.25 0.53 -0.28
46 0.12 0.41 -0.24 0.53 -0.27
47 0.13 0.42 -0.22 0.54 -0.25

Note: Note: The solid lines show the dynamics of producer prices in percentage deviations from trend, with dashed and dotted lines indicating estimation uncertainty at the 68% confidence interval. The dashed line corresponds to confidence intervals computed by the block bootstrap of Jentsch and Lunsford (2022), while the dotted line corresponds to weak-identification robust confidence set by Montiel Olea, Stock and Watson (2021).

Bottom Left Panel
Perc. Deviation

Months after shock Median Response (Solid Line) UpperBound1 (Dashed Line) LowerBound1 (Dashed Line) UpperBound2 (Dotted Line) LowerBound2 (Dotted Line)
0 -0.01 0.01 -0.03 0.00 -0.03
1 -0.02 0.02 -0.04 0.01 -0.05
2 -0.03 0.02 -0.06 0.01 -0.07
3 -0.04 0.02 -0.08 0.01 -0.09
4 -0.05 0.02 -0.10 0.01 -0.11
5 -0.05 0.03 -0.11 0.02 -0.12
6 -0.06 0.03 -0.12 0.02 -0.14
7 -0.06 0.04 -0.13 0.02 -0.15
8 -0.06 0.04 -0.14 0.02 -0.16
9 -0.06 0.04 -0.14 0.03 -0.16
10 -0.07 0.04 -0.16 0.03 -0.18
11 -0.07 0.05 -0.15 0.03 -0.18
12 -0.07 0.06 -0.15 0.04 -0.19
13 -0.06 0.06 -0.15 0.04 -0.19
14 -0.06 0.06 -0.15 0.05 -0.19
15 -0.06 0.07 -0.15 0.06 -0.19
16 -0.05 0.08 -0.15 0.06 -0.19
17 -0.05 0.08 -0.14 0.06 -0.19
18 -0.05 0.08 -0.14 0.06 -0.19
19 -0.05 0.08 -0.14 0.07 -0.19
20 -0.05 0.08 -0.14 0.07 -0.19
21 -0.05 0.08 -0.14 0.07 -0.19
22 -0.05 0.08 -0.15 0.07 -0.19
23 -0.04 0.08 -0.15 0.07 -0.19
24 -0.04 0.08 -0.15 0.07 -0.19
25 -0.05 0.08 -0.15 0.07 -0.19
26 -0.05 0.08 -0.15 0.07 -0.19
27 -0.05 0.08 -0.15 0.07 -0.18
28 -0.05 0.08 -0.15 0.06 -0.18
29 -0.05 0.08 -0.16 0.06 -0.18
30 -0.05 0.07 -0.16 0.06 -0.19
31 -0.05 0.07 -0.16 0.06 -0.19
32 -0.06 0.07 -0.16 0.05 -0.19
33 -0.06 0.06 -0.17 0.05 -0.19
34 -0.06 0.06 -0.17 0.05 -0.19
35 -0.06 0.06 -0.17 0.04 -0.19
36 -0.07 0.06 -0.17 0.04 -0.20
37 -0.07 0.05 -0.18 0.04 -0.20
38 -0.07 0.05 -0.18 0.03 -0.20
39 -0.07 0.05 -0.18 0.03 -0.20
40 -0.08 0.04 -0.18 0.03 -0.20
41 -0.08 0.04 -0.18 0.02 -0.20
42 -0.08 0.04 -0.19 0.02 -0.21
43 -0.09 0.03 -0.19 0.02 -0.21
44 -0.09 0.03 -0.19 0.02 -0.21
45 -0.09 0.03 -0.19 0.01 -0.21
46 -0.09 0.02 -0.19 0.01 -0.22
47 -0.10 0.02 -0.19 0.01 -0.22

Note: Note: The solid lines show the dynamics of producer prices in percentage deviations from trend, with dashed and dotted lines indicating estimation uncertainty at the 68% confidence interval. The dashed line corresponds to confidence intervals computed by the block bootstrap of Jentsch and Lunsford (2022), while the dotted line corresponds to weak-identification robust confidence set by Montiel Olea, Stock and Watson (2021).

Bottom Right Panel
Perc. Deviation

Months after shock Median Response (Solid Line) UpperBound1 (Dashed Line) LowerBound1 (Dashed Line) UpperBound2 (Dotted Line) LowerBound2 (Dotted Line)
0 0.24 0.36 0.14 0.34 0.16
1 0.43 0.59 0.29 0.56 0.34
2 0.53 0.71 0.36 0.69 0.41
3 0.60 0.80 0.39 0.78 0.46
4 0.63 0.86 0.39 0.84 0.48
5 0.64 0.86 0.39 0.85 0.49
6 0.65 0.86 0.39 0.86 0.49
7 0.67 0.87 0.40 0.89 0.52
8 0.67 0.84 0.38 0.89 0.51
9 0.66 0.82 0.38 0.87 0.50
10 0.67 0.80 0.40 0.87 0.52
11 0.69 0.82 0.43 0.89 0.54
12 0.70 0.82 0.44 0.90 0.55
13 0.69 0.79 0.43 0.88 0.55
14 0.68 0.77 0.42 0.87 0.53
15 0.68 0.76 0.41 0.86 0.53
16 0.67 0.74 0.40 0.85 0.52
17 0.67 0.74 0.40 0.84 0.51
18 0.66 0.73 0.39 0.84 0.51
19 0.66 0.72 0.38 0.83 0.50
20 0.65 0.71 0.37 0.83 0.49
21 0.65 0.71 0.36 0.83 0.49
22 0.64 0.70 0.35 0.82 0.48
23 0.65 0.70 0.35 0.83 0.49
24 0.64 0.70 0.34 0.82 0.48
25 0.63 0.69 0.33 0.81 0.47
26 0.63 0.69 0.32 0.80 0.47
27 0.62 0.68 0.32 0.80 0.46
28 0.62 0.68 0.31 0.79 0.46
29 0.61 0.67 0.30 0.79 0.45
30 0.60 0.65 0.29 0.78 0.44
31 0.59 0.64 0.28 0.77 0.43
32 0.58 0.63 0.27 0.76 0.42
33 0.56 0.62 0.25 0.75 0.41
34 0.55 0.61 0.24 0.74 0.40
35 0.54 0.59 0.23 0.73 0.38
36 0.53 0.58 0.22 0.72 0.37
37 0.52 0.57 0.21 0.71 0.36
38 0.50 0.55 0.19 0.70 0.35
39 0.49 0.54 0.18 0.68 0.34
40 0.48 0.53 0.17 0.67 0.32
41 0.47 0.52 0.16 0.66 0.31
42 0.45 0.51 0.14 0.64 0.30
43 0.44 0.49 0.13 0.63 0.28
44 0.43 0.48 0.12 0.62 0.27
45 0.42 0.47 0.11 0.61 0.25
46 0.40 0.46 0.10 0.60 0.24
47 0.39 0.45 0.09 0.59 0.23

Note: Note: The solid lines show the dynamics of producer prices in percentage deviations from trend, with dashed and dotted lines indicating estimation uncertainty at the 68% confidence interval. The dashed line corresponds to confidence intervals computed by the block bootstrap of Jentsch and Lunsford (2022), while the dotted line corresponds to weak-identification robust confidence set by Montiel Olea, Stock and Watson (2021).

Return to text

Figure 3: Decomposition of manufacturing producer price inflation into supply and demand factors

Percent

Date PPI Demand Supply
01-Jan-2007 -1.50 1.06 -2.36
01-Feb-2007 -0.88 0.91 -1.60
01-Mar-2007 -0.58 0.99 -1.37
01-Apr-2007 -0.65 1.15 -1.61
01-May-2007 -0.89 1.32 -2.02
01-Jun-2007 -1.56 1.39 -2.76
01-Jul-2007 -1.07 1.37 -2.25
01-Aug-2007 -1.96 1.33 -3.10
01-Sep-2007 -0.64 1.23 -1.68
01-Oct-2007 0.28 1.23 -0.75
01-Nov-2007 1.30 1.09 0.41
01-Dec-2007 0.88 0.73 0.35
01-Jan-2008 2.05 0.54 1.71
01-Feb-2008 2.10 0.33 1.95
01-Mar-2008 2.47 0.12 2.54
01-Apr-2008 2.57 -0.19 2.95
01-May-2008 3.35 -0.45 3.99
01-Jun-2008 4.44 -0.78 5.41
01-Jul-2008 5.43 -1.03 6.65
01-Aug-2008 6.10 -1.30 7.59
01-Sep-2008 6.34 -1.77 8.30
01-Oct-2008 4.74 -2.07 7.00
01-Nov-2008 0.93 -2.61 3.73
01-Dec-2008 -1.15 -3.13 2.17
01-Jan-2009 -2.16 -3.46 1.49
01-Feb-2009 -3.32 -3.66 0.54
01-Mar-2009 -5.16 -4.06 -0.91
01-Apr-2009 -6.00 -4.37 -1.44
01-May-2009 -7.10 -4.78 -2.13
01-Jun-2009 -7.28 -4.50 -2.58
01-Jul-2009 -9.03 -4.63 -4.22
01-Aug-2009 -8.45 -4.67 -3.60
01-Sep-2009 -8.81 -4.41 -4.22
01-Oct-2009 -7.51 -4.09 -3.23
01-Nov-2009 -4.54 -3.65 -0.71
01-Dec-2009 -2.12 -3.20 1.25
01-Jan-2010 -1.40 -3.01 1.80
01-Feb-2010 -0.81 -2.92 2.29
01-Mar-2010 0.38 -2.50 3.06
01-Apr-2010 0.94 -2.00 3.12
01-May-2010 0.99 -1.30 2.47
01-Jun-2010 -0.08 -1.27 1.37
01-Jul-2010 0.25 -0.91 1.34
01-Aug-2010 -0.40 -0.70 0.47
01-Sep-2010 -0.32 -0.43 0.29
01-Oct-2010 0.20 -0.30 0.68
01-Nov-2010 0.07 -0.16 0.40
01-Dec-2010 0.25 -0.08 0.51
01-Jan-2011 0.48 0.09 0.58
01-Feb-2011 1.26 0.44 1.00
01-Mar-2011 1.82 0.73 1.28
01-Apr-2011 2.09 0.64 1.63
01-May-2011 2.51 0.55 2.14
01-Jun-2011 2.90 0.57 2.52
01-Jul-2011 3.30 0.63 2.86
01-Aug-2011 2.76 0.71 2.24
01-Sep-2011 2.85 0.78 2.26
01-Oct-2011 1.85 0.73 1.31
01-Nov-2011 1.64 0.80 1.02
01-Dec-2011 0.86 0.91 0.14
01-Jan-2012 0.38 1.03 -0.46
01-Feb-2012 -0.09 0.97 -0.87
01-Mar-2012 -0.67 0.76 -1.24
01-Apr-2012 -1.48 0.72 -2.01
01-May-2012 -2.32 0.70 -2.83
01-Jun-2012 -2.94 0.54 -3.30
01-Jul-2012 -3.44 0.26 -3.52
01-Aug-2012 -2.68 0.12 -2.61
01-Sep-2012 -2.62 -0.13 -2.30
01-Oct-2012 -2.27 -0.35 -1.73
01-Nov-2012 -2.94 -0.62 -2.14
01-Dec-2012 -2.85 -0.71 -1.95
01-Jan-2013 -2.93 -0.83 -1.91
01-Feb-2013 -2.61 -0.91 -1.51
01-Mar-2013 -3.36 -0.99 -2.18
01-Apr-2013 -3.51 -0.91 -2.41
01-May-2013 -3.34 -1.00 -2.16
01-Jun-2013 -2.81 -1.01 -1.62
01-Jul-2013 -2.66 -1.01 -1.47
01-Aug-2013 -2.89 -0.92 -1.78
01-Sep-2013 -3.45 -0.88 -2.39
01-Oct-2013 -3.52 -0.79 -2.54
01-Nov-2013 -3.08 -0.72 -2.17
01-Dec-2013 -2.79 -0.77 -1.83
01-Jan-2014 -2.73 -0.92 -1.62
01-Feb-2014 -3.15 -1.03 -1.93
01-Mar-2014 -2.81 -1.04 -1.58
01-Apr-2014 -2.36 -1.19 -0.99
01-May-2014 -2.30 -1.27 -0.84
01-Jun-2014 -2.29 -1.26 -0.85
01-Jul-2014 -2.07 -1.19 -0.70
01-Aug-2014 -2.18 -1.35 -0.65
01-Sep-2014 -2.13 -1.45 -0.49
01-Oct-2014 -2.47 -1.49 -0.81
01-Nov-2014 -2.94 -1.51 -1.24
01-Dec-2014 -3.99 -1.58 -2.22
01-Jan-2015 -5.38 -1.65 -3.54
01-Feb-2015 -5.63 -1.64 -3.81
01-Mar-2015 -5.52 -1.68 -3.66
01-Apr-2015 -5.98 -1.69 -4.11
01-May-2015 -5.43 -1.75 -3.50
01-Jun-2015 -5.31 -1.86 -3.27
01-Jul-2015 -5.61 -1.85 -3.58
01-Aug-2015 -6.18 -1.86 -4.13
01-Sep-2015 -6.98 -1.91 -4.89
01-Oct-2015 -6.90 -1.89 -4.83
01-Nov-2015 -6.72 -1.90 -4.64
01-Dec-2015 -6.46 -1.82 -4.45
01-Jan-2016 -5.74 -1.68 -3.89
01-Feb-2016 -6.30 -1.66 -4.46
01-Mar-2016 -6.09 -1.66 -4.25
01-Apr-2016 -5.43 -1.62 -3.63
01-May-2016 -5.53 -1.44 -3.91
01-Jun-2016 -5.16 -1.31 -3.68
01-Jul-2016 -5.06 -1.38 -3.50
01-Aug-2016 -4.65 -1.33 -3.15
01-Sep-2016 -3.66 -1.18 -2.30
01-Oct-2016 -3.16 -1.16 -1.83
01-Nov-2016 -2.92 -1.11 -1.64
01-Dec-2016 -2.01 -1.20 -0.63
01-Jan-2017 -1.01 -1.19 0.35
01-Feb-2017 -0.15 -1.15 1.18
01-Mar-2017 -0.19 -1.08 1.07
01-Apr-2017 -0.21 -0.97 0.94
01-May-2017 -0.90 -0.98 0.26
01-Jun-2017 -1.35 -0.95 -0.22
01-Jul-2017 -1.38 -0.69 -0.51
01-Aug-2017 -0.84 -0.51 -0.15
01-Sep-2017 -0.44 -0.56 0.30
01-Oct-2017 -0.44 -0.59 0.33
01-Nov-2017 0.07 -0.59 0.84
01-Dec-2017 0.01 -0.44 0.62
01-Jan-2018 -0.13 -0.38 0.43
01-Feb-2018 -0.06 -0.27 0.39
01-Mar-2018 0.03 -0.32 0.53
01-Apr-2018 0.14 -0.32 0.64
01-May-2018 1.19 -0.41 1.77
01-Jun-2018 1.59 -0.21 1.98
01-Jul-2018 1.81 -0.46 2.44
01-Aug-2018 1.64 -0.58 2.40
01-Sep-2018 1.26 -0.54 1.99
01-Oct-2018 1.35 -0.39 1.92
01-Nov-2018 0.51 -0.26 0.95
01-Dec-2018 -0.62 -0.16 -0.27
01-Jan-2019 -1.47 -0.18 -1.11
01-Feb-2019 -1.72 -0.35 -1.18
01-Mar-2019 -1.68 -0.24 -1.25
01-Apr-2019 -1.72 -0.26 -1.27
01-May-2019 -2.82 -0.32 -2.32
01-Jun-2019 -3.87 -0.59 -3.09
01-Jul-2019 -3.96 -0.44 -3.34
01-Aug-2019 -4.60 -0.39 -4.02
01-Sep-2019 -4.85 -0.35 -4.32
01-Oct-2019 -5.13 -0.55 -4.39
01-Nov-2019 -4.82 -0.68 -3.96
01-Dec-2019 -4.03 -0.97 -2.88
01-Jan-2020 -3.65 -1.14 -2.33
01-Feb-2020 -4.12 -1.19 -2.74
01-Mar-2020 -5.29 -1.56 -3.54
01-Apr-2020 -7.43 -2.83 -4.41
01-May-2020 -7.31 -3.12 -4.00
01-Jun-2020 -6.02 -3.13 -2.70
01-Jul-2020 -5.54 -3.49 -1.86
01-Aug-2020 -4.62 -3.61 -0.83
01-Sep-2020 -4.05 -3.20 -0.66
01-Oct-2020 -3.90 -3.15 -0.56
01-Nov-2020 -3.49 -3.35 0.04
01-Dec-2020 -2.28 -3.16 1.07
01-Jan-2021 -1.04 -2.62 1.78
01-Feb-2021 0.58 -2.95 3.73
01-Mar-2021 3.21 -2.21 5.61
01-Apr-2021 6.64 -0.89 7.72
01-May-2021 8.70 -0.21 9.11
01-Jun-2021 9.60 0.49 9.31
01-Jul-2021 10.14 1.50 8.84
01-Aug-2021 10.36 1.91 8.65
01-Sep-2021 10.90 1.98 9.11
01-Oct-2021 12.20 2.58 9.83
01-Nov-2021 13.14 3.66 9.67
01-Dec-2021 12.41 4.30 8.32
01-Jan-2022 12.85 4.60 8.46
01-Feb-2022 12.84 5.60 7.45
01-Mar-2022 12.61 5.71 7.10
01-Apr-2022 12.42 5.96 6.66
01-May-2022 12.11 6.28 6.04
01-Jun-2022 11.83 6.06 5.98
01-Jul-2022 9.73 5.42 4.52
01-Aug-2022 8.31 5.28 3.24
01-Sep-2022 7.43 4.86 2.78
01-Oct-2022 5.88 4.58 1.50
01-Nov-2022 4.52 4.02 0.70
01-Dec-2022 2.53 3.28 -0.55
01-Jan-2023 1.55 2.48 -0.73
01-Feb-2023 0.26 1.82 -1.35
01-Mar-2023 -1.91 1.29 -3.00
01-Apr-2023 -3.28 1.00 -4.09
01-May-2023 -5.68 0.41 -5.89
01-Jun-2023 -7.22 -0.09 -6.93
01-Jul-2023 -6.48 -0.05 -6.23
01-Aug-2023 -4.48 -0.32 -3.97
01-Sep-2023 -4.21 -0.32 -3.68
01-Oct-2023 -5.23 -0.66 -4.37
01-Nov-2023 -5.43 -0.87 -4.37
01-Dec-2023 -4.51 -0.99 -3.33

Note: Shaded areas indicate periods of recessions as defined by the National Bureau of Economic Research: December 2007–June 2009 and February 2020–April 2020.

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Last Update: February 23, 2024