Accessible Version

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

Accessible Version

Part 1: Recent Economic and Financial Developments

Figure 1. Nonfarm payroll employment

Monthly
Millions of jobs

Period	Total
January 2005	132.8
February 2005	133.0
March 2005	133.2
April 2005	133.5
May 2005	133.7
June 2005	133.9
July 2005	134.3
August 2005	134.5
September 2005	134.6
October 2005	134.7
November 2005	135.0
December 2005	135.1
January 2006	135.4
February 2006	135.7
March 2006	136.0
April 2006	136.2
May 2006	136.2
June 2006	136.3
July 2006	136.5
August 2006	136.7
September 2006	136.8
October 2006	136.9
November 2006	137.1
December 2006	137.2
January 2007	137.5
February 2007	137.6
March 2007	137.8
April 2007	137.8
May 2007	138.0
June 2007	138.1
July 2007	138.0
August 2007	138.0
September 2007	138.1
October 2007	138.2
November 2007	138.3
December 2007	138.4
January 2008	138.4
February 2008	138.3
March 2008	138.3
April 2008	138.0
May 2008	137.9
June 2008	137.7
July 2008	137.5
August 2008	137.2
September 2008	136.8
October 2008	136.3
November 2008	135.5
December 2008	134.8
January 2009	134.1
February 2009	133.3
March 2009	132.5
April 2009	131.8
May 2009	131.5
June 2009	131.0
July 2009	130.7
August 2009	130.5
September 2009	130.2
October 2009	130.0
November 2009	130.1
December 2009	129.8
January 2010	129.8
February 2010	129.7
March 2010	129.9
April 2010	130.1
May 2010	130.7
June 2010	130.5
July 2010	130.4
August 2010	130.4
September 2010	130.4
October 2010	130.6
November 2010	130.8
December 2010	130.8
January 2011	130.8
February 2011	131.1
March 2011	131.3
April 2011	131.6
May 2011	131.7
June 2011	131.9
July 2011	132.0
August 2011	132.1
September 2011	132.4
October 2011	132.6
November 2011	132.7
December 2011	132.9
January 2012	133.3
February 2012	133.5
March 2012	133.8
April 2012	133.8
May 2012	133.9
June 2012	134.0
July 2012	134.2
August 2012	134.3
September 2012	134.5
October 2012	134.7
November 2012	134.8
December 2012	135.1
January 2013	135.3
February 2013	135.5
March 2013	135.7
April 2013	135.9
May 2013	136.1
June 2013	136.3
July 2013	136.4
August 2013	136.6
September 2013	136.8
October 2013	137.0
November 2013	137.3
December 2013	137.4
January 2014	137.5
February 2014	137.7
March 2014	138.0
April 2014	138.3
May 2014	138.5
June 2014	138.8
July 2014	139.1
August 2014	139.3
September 2014	139.6
October 2014	139.8
November 2014	140.1
December 2014	140.4
January 2015	140.6
February 2015	140.8
March 2015	140.9
April 2015	141.2
May 2015	141.5
June 2015	141.7
July 2015	142.0
August 2015	142.1
September 2015	142.3
October 2015	142.6
November 2015	142.8
December 2015	143.1
January 2016	143.2
February 2016	143.4
March 2016	143.7
April 2016	143.9
May 2016	143.9
June 2016	144.2
July 2016	144.5
August 2016	144.7
September 2016	145.0
October 2016	145.1
November 2016	145.2
December 2016	145.4
January 2017	145.6
February 2017	145.8
March 2017	145.9
April 2017	146.2
May 2017	146.3
June 2017	146.5
July 2017	146.7
August 2017	146.9
September 2017	147.0
October 2017	147.2
November 2017	147.4
December 2017	147.6
January 2018	147.7
February 2018	148.0
March 2018	148.2
April 2018	148.4
May 2018	148.7
June 2018	148.9
July 2018	149.0
August 2018	149.3
September 2018	149.4
October 2018	149.6
November 2018	149.7
December 2018	149.9
January 2019	150.1
February 2019	150.1
March 2019	150.3
April 2019	150.5
May 2019	150.5
June 2019	150.7
July 2019	150.9
August 2019	151.1
September 2019	151.3
October 2019	151.5
November 2019	151.8
December 2019	151.9
January 2020	152.2
February 2020	152.5
March 2020	150.8
April 2020	130.2
May 2020	133.0
June 2020	137.8
July 2020	139.6
August 2020	141.1
September 2020	141.9
October 2020	142.5
November 2020	142.8
December 2020	142.6
January 2021	142.6

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 2. Civilian unemployment rate

Monthly

Period	Percent
January 2005	5.3
February 2005	5.4
March 2005	5.2
April 2005	5.2
May 2005	5.1
June 2005	5.0
July 2005	5.0
August 2005	4.9
September 2005	5.0
October 2005	5.0
November 2005	5.0
December 2005	4.9
January 2006	4.7
February 2006	4.8
March 2006	4.7
April 2006	4.7
May 2006	4.6
June 2006	4.6
July 2006	4.7
August 2006	4.7
September 2006	4.5
October 2006	4.4
November 2006	4.5
December 2006	4.4
January 2007	4.6
February 2007	4.5
March 2007	4.4
April 2007	4.5
May 2007	4.4
June 2007	4.6
July 2007	4.7
August 2007	4.6
September 2007	4.7
October 2007	4.7
November 2007	4.7
December 2007	5.0
January 2008	5.0
February 2008	4.9
March 2008	5.1
April 2008	5.0
May 2008	5.4
June 2008	5.6
July 2008	5.8
August 2008	6.1
September 2008	6.1
October 2008	6.5
November 2008	6.8
December 2008	7.3
January 2009	7.8
February 2009	8.3
March 2009	8.7
April 2009	9.0
May 2009	9.4
June 2009	9.5
July 2009	9.5
August 2009	9.6
September 2009	9.8
October 2009	10.0
November 2009	9.9
December 2009	9.9
January 2010	9.8
February 2010	9.8
March 2010	9.9
April 2010	9.9
May 2010	9.6
June 2010	9.4
July 2010	9.4
August 2010	9.5
September 2010	9.5
October 2010	9.4
November 2010	9.8
December 2010	9.3
January 2011	9.1
February 2011	9.0
March 2011	9.0
April 2011	9.1
May 2011	9.0
June 2011	9.1
July 2011	9.0
August 2011	9.0
September 2011	9.0
October 2011	8.8
November 2011	8.6
December 2011	8.5
January 2012	8.3
February 2012	8.3
March 2012	8.2
April 2012	8.2
May 2012	8.2
June 2012	8.2
July 2012	8.2
August 2012	8.1
September 2012	7.8
October 2012	7.8
November 2012	7.7
December 2012	7.9
January 2013	8.0
February 2013	7.7
March 2013	7.5
April 2013	7.6
May 2013	7.5
June 2013	7.5
July 2013	7.3
August 2013	7.2
September 2013	7.2
October 2013	7.2
November 2013	6.9
December 2013	6.7
January 2014	6.6
February 2014	6.7
March 2014	6.7
April 2014	6.2
May 2014	6.3
June 2014	6.1
July 2014	6.2
August 2014	6.1
September 2014	5.9
October 2014	5.7
November 2014	5.8
December 2014	5.6
January 2015	5.7
February 2015	5.5
March 2015	5.4
April 2015	5.4
May 2015	5.6
June 2015	5.3
July 2015	5.2
August 2015	5.1
September 2015	5.0
October 2015	5.0
November 2015	5.1
December 2015	5.0
January 2016	4.8
February 2016	4.9
March 2016	5.0
April 2016	5.1
May 2016	4.8
June 2016	4.9
July 2016	4.8
August 2016	4.9
September 2016	5.0
October 2016	4.9
November 2016	4.7
December 2016	4.7
January 2017	4.7
February 2017	4.6
March 2017	4.4
April 2017	4.5
May 2017	4.4
June 2017	4.3
July 2017	4.3
August 2017	4.4
September 2017	4.2
October 2017	4.1
November 2017	4.2
December 2017	4.1
January 2018	4.0
February 2018	4.1
March 2018	4.0
April 2018	4.0
May 2018	3.8
June 2018	4.0
July 2018	3.8
August 2018	3.8
September 2018	3.7
October 2018	3.8
November 2018	3.8
December 2018	3.9
January 2019	4.0
February 2019	3.8
March 2019	3.8
April 2019	3.7
May 2019	3.7
June 2019	3.6
July 2019	3.6
August 2019	3.7
September 2019	3.5
October 2019	3.6
November 2019	3.6
December 2019	3.6
January 2020	3.5
February 2020	3.5
March 2020	4.4
April 2020	14.8
May 2020	13.3
June 2020	11.1
July 2020	10.2
August 2020	8.4
September 2020	7.8
October 2020	6.9
November 2020	6.7
December 2020	6.7
January 2021	6.3

Source: Bureau of Labor Statistics.

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Figure A. Estimates of private payroll employment growth

Aggregate payroll employment growth (left panel)

Millions of jobs, monthly rate

Period	BLS CES
February 2020	0.24
March 2020	-1.62
April 2020	-19.73
May 2020	3.35
June 2020	4.81
July 2020	1.52
August 2020	1.07
September 2020	0.93
October 2020	0.95
November 2020	0.36
December 2020	-0.20
January 2021	0.01

Figure A. (left panel) continues

Weekly
Millions of jobs

Period	ADP-FRB, 4-week average	ADP-FRB
8 February 2020	0.23	0.23
15 February 2020	0.25	0.87
22 February 2020	0.40	0.56
29 February 2020	0.50	0.33
7 March 2020	-0.33	-3.10
14 March 2020	-2.01	-5.82
21 March 2020	-7.68	-22.13
28 March 2020	-15.58	-31.29
4 April 2020	-20.89	-24.31
11 April 2020	-22.86	-13.70
18 April 2020	-18.98	-6.62
25 April 2020	-11.80	-2.55
2 May 2020	-4.29	5.73
9 May 2020	1.23	8.37
16 May 2020	4.09	4.81
23 May 2020	6.10	5.49
30 May 2020	6.13	5.87
6 June 2020	4.61	2.27
13 June 2020	4.66	5.02
20 June 2020	3.81	2.10
27 June 2020	2.61	1.03
4 July 2020	2.42	1.52
11 July 2020	1.44	1.12
18 July 2020	0.98	0.25
25 July 2020	1.17	1.77
1 August 2020	1.05	1.08
8 August 2020	1.23	1.84
15 August 2020	1.20	0.13
22 August 2020	1.24	1.92
29 August 2020	1.21	0.96
5 September 2020	1.44	2.75
12 September 2020	1.69	1.11
19 September 2020	1.09	-0.46
26 September 2020	1.29	1.77
3 October 2020	1.33	2.90
10 October 2020	1.17	0.47
17 October 2020	1.72	1.74
24 October 2020	1.48	0.81
31 October 2020	1.05	1.18
7 November 2020	0.74	-0.74
14 November 2020	0.73	1.66
21 November 2020	0.66	0.55
28 November 2020	0.36	-0.05
5 December 2020	0.45	-0.36
12 December 2020	0.20	0.67
19 December 2020	0.41	1.39
26 December 2020	0.02	-1.62
2 January 2021	0.39	1.14
9 January 2021	-0.62	-3.38
16 January 2021	0.23	4.79
23 January 2021	0.75	0.45
30 January 2021	0.86	1.60
6 February 2021	1.52	-0.74

Payroll employment growth in leisure and hospitality (right panel)

Millions of jobs, monthly rate

Period	BLS CES
February 2020	0.06
March 2020	-0.78
April 2020	-7.44
May 2020	1.46
June 2020	2.01
July 2020	0.67
August 2020	0.14
September 2020	0.39
October 2020	0.27
November 2020	0.01
December 2020	-0.54
January 2021	-0.06

Figure A. (right panel) continues

Weekly
Millions of jobs

Period	ADP-FRB, 4-week average	ADP-FRB
8 February 2020	-0.03	-0.14
15 February 2020	0.03	0.22
22 February 2020	0.03	-0.04
29 February 2020	0.02	0.03
7 March 2020	-0.11	-0.65
14 March 2020	-0.62	-1.83
21 March 2020	-2.80	-8.74
28 March 2020	-4.98	-8.69
4 April 2020	-6.39	-6.31
11 April 2020	-6.61	-2.69
18 April 2020	-4.76	-1.34
25 April 2020	-2.71	-0.51
2 May 2020	-1.00	0.54
9 May 2020	0.08	1.64
16 May 2020	0.66	0.97
23 May 2020	1.16	1.50
30 May 2020	1.25	0.88
6 June 2020	1.16	1.28
13 June 2020	1.30	1.55
20 June 2020	1.16	0.92
27 June 2020	1.06	0.50
4 July 2020	0.88	0.54
11 July 2020	0.48	-0.04
18 July 2020	0.29	0.14
25 July 2020	0.14	-0.09
1 August 2020	0.15	0.61
8 August 2020	0.24	0.31
15 August 2020	0.24	0.11
22 August 2020	0.41	0.59
29 August 2020	0.35	0.38
5 September 2020	0.38	0.43
12 September 2020	0.42	0.26
19 September 2020	0.29	0.07
26 September 2020	0.32	0.53
3 October 2020	0.29	0.31
10 October 2020	0.28	0.22
17 October 2020	0.33	0.26
24 October 2020	0.24	0.16
31 October 2020	0.20	0.15
7 November 2020	0.11	-0.14
14 November 2020	0.04	-0.01
21 November 2020	-0.10	-0.39
28 November 2020	-0.28	-0.57
5 December 2020	-0.33	-0.34
12 December 2020	-0.43	-0.40
19 December 2020	-0.39	-0.23
26 December 2020	-0.32	-0.29
2 January 2021	-0.18	0.19
9 January 2021	-0.03	0.23
16 January 2021	0.10	0.28
23 January 2021	0.33	0.62
30 January 2021	0.30	0.08
6 February 2021	0.32	0.30

Note: ADP data are weekly and extend through February 6, 2021. BLS data are monthly.

Source: Federal Reserve Board staff calculations using ADP, Inc., Payroll Processing Data; Bureau of Labor Statistics (BLS), Current Employment Statistics (CES).

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Figure B. Indicators of consumption growth

Retail goods spending (left panel)

Series:Census total and NPD total

Horizon:February 1, 2020, to February 6, 2021

Description:A line chart with two curves. Units are percent change from a year earlier. The NPD data are weekly and extend over February 1, 2020, to February 6, 2021. The Census data are monthly and extend over February 2020 to January 2021. The Census curve starts near 4 and drops to about negative 13 by April 2020. The curve then increases to about 5.5 in June, gradually rises to about 10 by September, and drops back to about 5 in December 2020 before ending near 12 in January 2021. The NPD curve closely resembles the path of the Census data, but with greater fluctuations near inflection points. The NPD curve starts just under 0 in February, drops to about negative 29 in late March, and then rises to about 20 by mid-June. The curve then falls to about negative 10 by mid-July, rises to about 15 in mid-September, and then fluctuates wildly, with peaks of 20 in mid-October and 15 in mid-November and troughs of 0 in early November and negative 20 in late November. From December through January 2021, the curve rises to a peak of about 30 and, by February 2021, falls to about 15. The stimulus tranches occur in mid-April 2020 and the beginning of January 2021.

Note: NPD data are weekly and extend through February 6, 2021, and Census data are monthly. All series show nominal spending on nonfood retail goods. Dashed lines represent the first and second waves of stimulus tranche.

Source: NPD Group; Census Bureau.

Services spending (right panel)

Series:Airport passengers, food services, health-care visits, and hotel occupancy

Horizon:February 1, 2020, to February 16, 2021

Description:A line chart with four curves. The units are year-over-year percent change. The hotel occupancy and food services curves track each other closely. They fluctuate around 0 from February 2020 until mid-March, when they drop to about negative 70. The curves then increase to approximately negative 30 by the end of June and fluctuate between negative 20 and negative 40 until February 2021. The airport passengers curve is similar to the hotel occupancy and food services curves until mid-March, when it drops to a low of about negative 90. The curve rises steadily to about negative 60 by February 2021. The health-care visits curve begins at about 20 in January 2020, drops to about negative 50 in April, and then gradually increases to about negative 15 in June. The curve then fluctuates around negative 20 until February 2021.

Note: Year-over-year percent change in 7-day moving average. Health-care visits data extend through February 7, 2021; food services data extend through February 15, 2021; and hotel occupancy data extend through February 6, 2021.

Source: SafeGraph, Inc.; Fiserv, Inc.; STR, Inc.; Transportation Security Administration.

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Figure C. High-frequency indicators by official statistical agencies

New business applications (left panel)

Weekly, Thousands

Date	Cumulative 2017-19 average	Cumulative 2020	Cumulative 2021
Week 1	11.55	5.18	16.11
Week 2	24.38	18.61	34.22
Week 3	35.16	29.76	49.34
Week 4	46.67	39.91	64.76
Week 5	58.41	51.34	79.45
Week 6	69.46	62.17	ND
Week 7	80.50	72.69	ND
Week 8	90.76	82.32	ND
Week 9	101.99	92.98	ND
Week 10	112.56	103.83	ND
Week 11	123.62	113.93	ND
Week 12	134.68	122.03	ND
Week 13	146.06	128.89	ND
Week 14	156.98	135.89	ND
Week 15	167.06	142.92	ND
Week 16	176.67	149.61	ND
Week 17	187.35	157.17	ND
Week 18	198.09	165.40	ND
Week 19	208.58	174.08	ND
Week 20	218.95	182.96	ND
Week 21	229.30	192.31	ND
Week 22	237.66	200.38	ND
Week 23	247.96	209.57	ND
Week 24	257.79	219.60	ND
Week 25	267.77	230.22	ND
Week 26	277.98	242.75	ND
Week 27	285.36	256.23	ND
Week 28	294.47	269.21	ND
Week 29	303.54	282.96	ND
Week 30	312.84	296.23	ND
Week 31	322.19	309.82	ND
Week 32	331.34	322.95	ND
Week 33	340.78	335.98	ND
Week 34	349.99	347.91	ND
Week 35	358.90	359.78	ND
Week 36	366.31	371.82	ND
Week 37	375.16	381.04	ND
Week 38	384.48	392.41	ND
Week 39	393.68	403.65	ND
Week 40	402.31	414.42	ND
Week 41	410.41	424.97	ND
Week 42	418.77	434.54	ND
Week 43	427.83	445.40	ND
Week 44	436.59	456.15	ND
Week 45	445.05	466.09	ND
Week 46	453.17	475.77	ND
Week 47	460.60	485.88	ND
Week 48	468.11	494.01	ND
Week 49	476.66	503.53	ND
Week 50	486.20	514.56	ND
Week 51	496.03	525.63	ND
Week 52	500.37	533.66	ND

Note: The cumulative 2021 data extend through February 6, 2021. The data are derived from Employer Identification Number applications with planned wages.

Source: Business Formation Statistics, Census Bureau via Haver Analytics.

Household expectations (right panel)

Weekly, Percent of households

Period	High confidence in making next mortgage payment	High confidence in making next rent payment	Expect loss of employment income in next 4 weeks
4 May 2020	61.86	43.07	38.83
11 May 2020	63.31	39.49	37.02
18 May 2020	63.05	39.57	36.32
25 May 2020	64.61	42.99	34.88
1 June 2020	64.41	42.40	34.00
8 June 2020	66.46	46.39	31.72
15 June 2020	64.53	44.58	30.98
22 June 2020	63.45	41.88	32.02
29 June 2020	61.45	40.34	34.91
6 July 2020	60.19	39.21	34.90
13 July 2020	60.33	38.04	35.07
20 July 2020	59.44	37.56	35.24
27 July 2020	ND	ND	ND
3 August 2020	ND	ND	ND
10 August 2020	ND	ND	ND
17 August 2020	ND	ND	ND
24 August 2020	ND	ND	ND
31 August 2020	67.48	48.51	26.23
7 September 2020	ND	ND	ND
14 September 2020	67.81	46.46	25.21
21 September 2020	ND	ND	ND
28 September 2020	68.15	48.09	23.96
5 October 2020	ND	ND	ND
12 October 2020	68.75	47.88	23.56
19 October 2020	ND	ND	ND
26 October 2020	68.47	47.42	24.15
2 November 2020	ND	ND	ND
9 November 2020	67.72	46.87	25.95
16 November 2020	ND	ND	ND
23 November 2020	66.07	44.17	30.60
30 November 2020	ND	ND	ND
7 December 2020	66.24	42.54	30.97
14 December 2020	ND	ND	ND
21 December 2020	63.44	41.11	30.98
28 December 2020	ND	ND	ND
4 January 2021	ND	ND	ND
11 January 2021	ND	ND	ND
18 January 2021	66.19	44.24	27.00
25 January 2021	ND	ND	ND
1 February 2021	66.39	46.13	24.93

Note: Data extend through February 1, 2021. Dashed lines represent pauses in Household Pulse Survey data collection.

Source: Household Pulse Survey, Census Bureau via Haver Analytics.

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Figure 3. Labor force participation rate and employment-to-population ratio

Monthly
Percent

Period	Labor force participation rate	Employment-to-population ratio
January 2005	65.84	62.38
February 2005	65.93	62.38
March 2005	65.88	62.45
April 2005	66.06	62.66
May 2005	66.14	62.75
June 2005	66.06	62.73
July 2005	66.08	62.80
August 2005	66.15	62.91
September 2005	66.15	62.82
October 2005	66.09	62.81
November 2005	66.05	62.72
December 2005	65.97	62.77
January 2006	66.01	62.91
February 2006	66.14	62.99
March 2006	66.15	63.05
April 2006	66.12	63.00
May 2006	66.13	63.08
June 2006	66.19	63.13
July 2006	66.13	62.99
August 2006	66.20	63.11
September 2006	66.11	63.12
October 2006	66.20	63.27
November 2006	66.29	63.30
December 2006	66.37	63.44
January 2007	66.40	63.31
February 2007	66.27	63.27
March 2007	66.25	63.33
April 2007	65.92	62.96
May 2007	65.95	63.03
June 2007	66.05	63.04
July 2007	65.98	62.90
August 2007	65.78	62.74
September 2007	66.00	62.91
October 2007	65.82	62.71
November 2007	66.04	62.93
December 2007	66.02	62.74
January 2008	66.23	62.93
February 2008	66.00	62.78
March 2008	66.06	62.70
April 2008	65.94	62.66
May 2008	66.11	62.51
June 2008	66.05	62.38
July 2008	66.05	62.23
August 2008	66.06	62.02
September 2008	65.95	61.90
October 2008	66.01	61.72
November 2008	65.85	61.36
December 2008	65.80	61.00
January 2009	65.69	60.56
February 2009	65.79	60.29
March 2009	65.56	59.85
April 2009	65.67	59.78
May 2009	65.72	59.57
June 2009	65.65	59.41
July 2009	65.50	59.31
August 2009	65.36	59.08
September 2009	65.09	58.74
October 2009	65.01	58.52
November 2009	65.00	58.57
December 2009	64.62	58.25
January 2010	64.81	58.45
February 2010	64.85	58.47
March 2010	64.92	58.51
April 2010	65.15	58.69
May 2010	64.88	58.63
June 2010	64.63	58.54
July 2010	64.61	58.51
August 2010	64.72	58.56
September 2010	64.61	58.49
October 2010	64.41	58.32
November 2010	64.56	58.25
December 2010	64.32	58.31
January 2011	64.21	58.34
February 2011	64.15	58.36
March 2011	64.17	58.43
April 2011	64.20	58.37
May 2011	64.13	58.34
June 2011	64.03	58.20
July 2011	63.96	58.21
August 2011	64.10	58.34
September 2011	64.20	58.39
October 2011	64.08	58.42
November 2011	64.10	58.57
December 2011	64.01	58.57
January 2012	63.72	58.44
February 2012	63.80	58.51
March 2012	63.79	58.55
April 2012	63.66	58.45
May 2012	63.74	58.53
June 2012	63.78	58.56
July 2012	63.67	58.47
August 2012	63.54	58.42
September 2012	63.65	58.68
October 2012	63.76	58.79
November 2012	63.62	58.70
December 2012	63.69	58.66
January 2013	63.66	58.57
February 2013	63.44	58.56
March 2013	63.27	58.50
April 2013	63.38	58.58
May 2013	63.39	58.64
June 2013	63.43	58.64
July 2013	63.31	58.70
August 2013	63.26	58.68
September 2013	63.24	58.67
October 2013	62.78	58.26
November 2013	62.97	58.60
December 2013	62.89	58.68
January 2014	62.92	58.79
February 2014	62.93	58.74
March 2014	63.10	58.91
April 2014	62.79	58.87
May 2014	62.87	58.89
June 2014	62.83	59.01
July 2014	62.90	59.03
August 2014	62.90	59.03
September 2014	62.81	59.08
October 2014	62.90	59.29
November 2014	62.89	59.24
December 2014	62.78	59.28
January 2015	62.88	59.32
February 2015	62.68	59.24
March 2015	62.64	59.23
April 2015	62.76	59.34
May 2015	62.95	59.42
June 2015	62.66	59.37
July 2015	62.58	59.32
August 2015	62.59	59.41
September 2015	62.36	59.22
October 2015	62.48	59.33
November 2015	62.55	59.37
December 2015	62.73	59.59
January 2016	62.71	59.69
February 2016	62.81	59.76
March 2016	62.97	59.82
April 2016	62.91	59.72
May 2016	62.72	59.69
June 2016	62.73	59.68
July 2016	62.77	59.76
August 2016	62.86	59.79
September 2016	62.86	59.73
October 2016	62.76	59.69
November 2016	62.66	59.70
December 2016	62.68	59.73
January 2017	62.82	59.88
February 2017	62.85	59.95
March 2017	62.96	60.16
April 2017	63.03	60.20
May 2017	62.82	60.06
June 2017	62.84	60.15
July 2017	62.88	60.20
August 2017	62.92	60.15
September 2017	63.04	60.36
October 2017	62.66	60.07
November 2017	62.71	60.07
December 2017	62.69	60.10
January 2018	62.70	60.17
February 2018	62.96	60.39
March 2018	62.92	60.39
April 2018	62.93	60.39
May 2018	62.88	60.47
June 2018	62.96	60.46
July 2018	62.95	60.57
August 2018	62.67	60.28
September 2018	62.71	60.38
October 2018	62.85	60.46
November 2018	62.89	60.53
December 2018	63.01	60.55
January 2019	63.15	60.65
February 2019	63.09	60.72
March 2019	63.05	60.65
April 2019	62.91	60.59
May 2019	62.91	60.61
June 2019	62.94	60.66
July 2019	63.11	60.80
August 2019	63.16	60.85
September 2019	63.15	60.94
October 2019	63.22	60.94
November 2019	63.24	60.97
December 2019	63.26	61.01
January 2020	63.37	61.14
February 2020	63.34	61.14
March 2020	62.64	59.88
April 2020	60.21	51.32
May 2020	60.84	52.77
June 2020	61.41	54.61
July 2020	61.48	55.22
August 2020	61.72	56.52
September 2020	61.39	56.59
October 2020	61.60	57.36
November 2020	61.49	57.38
December 2020	61.47	57.36
January 2021	61.40	57.52

Note: The labor force participation rate and the employment-to-population ratio are percentages of the population aged 16 and over.

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure 4. Unemployment rate, by race and ethnicity

Monthly
Percent

Period	White	Black or African American	Asian	Hispanic or Latino
January 2005	4.5	10.6	4.1	6.0
February 2005	4.6	10.9	4.3	6.3
March 2005	4.5	10.5	3.9	5.8
April 2005	4.4	10.3	4.2	6.4
May 2005	4.4	10.1	4.2	6.0
June 2005	4.3	10.2	3.6	5.7
July 2005	4.2	9.2	4.8	5.5
August 2005	4.2	9.7	3.7	5.8
September 2005	4.4	9.4	4.3	6.4
October 2005	4.4	9.1	3.2	6.0
November 2005	4.3	10.6	3.6	6.1
December 2005	4.2	9.2	3.8	6.1
January 2006	4.1	8.9	3.0	5.5
February 2006	4.1	9.5	3.0	5.4
March 2006	4.0	9.5	3.5	5.2
April 2006	4.1	9.4	3.9	5.5
May 2006	4.1	8.7	3.3	5.0
June 2006	4.1	8.9	3.1	5.2
July 2006	4.1	9.5	2.4	5.2
August 2006	4.1	8.8	3.0	5.3
September 2006	3.9	9.0	3.0	5.5
October 2006	3.9	8.4	2.8	4.8
November 2006	4.0	8.5	3.1	5.1
December 2006	3.9	8.3	2.5	5.0
January 2007	4.2	7.9	3.1	5.5
February 2007	4.1	8.0	2.6	5.1
March 2007	3.8	8.4	3.0	5.0
April 2007	4.0	8.3	3.5	5.6
May 2007	3.9	8.3	3.2	5.8
June 2007	4.1	8.5	2.7	5.5
July 2007	4.2	8.1	2.7	5.9
August 2007	4.2	7.6	3.5	5.5
September 2007	4.2	8.0	3.4	5.9
October 2007	4.1	8.5	3.8	5.7
November 2007	4.2	8.5	3.6	5.9
December 2007	4.4	9.0	3.7	6.3
January 2008	4.4	9.1	3.1	6.3
February 2008	4.4	8.4	2.9	6.2
March 2008	4.5	9.2	3.6	6.9
April 2008	4.4	8.6	3.5	7.1
May 2008	4.8	9.6	4.1	6.9
June 2008	5.0	9.4	4.2	7.6
July 2008	5.2	10.0	3.7	7.5
August 2008	5.4	10.6	4.5	8.0
September 2008	5.4	11.3	4.0	8.0
October 2008	5.9	11.4	3.9	8.8
November 2008	6.2	11.5	4.8	8.7
December 2008	6.7	12.1	5.1	9.4
January 2009	7.1	12.7	6.1	10.1
February 2009	7.6	13.7	6.7	11.3
March 2009	8.0	13.7	6.5	11.7
April 2009	8.1	15.0	6.8	11.4
May 2009	8.5	15.0	7.0	12.3
June 2009	8.7	14.8	7.9	12.1
July 2009	8.7	14.8	8.1	12.5
August 2009	8.9	14.8	7.6	13.0
September 2009	8.9	15.3	7.6	12.6
October 2009	9.2	15.8	7.6	12.8
November 2009	9.2	15.7	7.2	12.4
December 2009	9.0	16.1	8.4	12.8
January 2010	8.8	16.5	8.3	12.9
February 2010	8.9	16.1	8.2	12.7
March 2010	8.9	16.8	7.6	12.9
April 2010	9.0	16.6	7.0	12.5
May 2010	8.7	15.5	7.8	12.0
June 2010	8.6	15.2	7.4	12.3
July 2010	8.5	15.6	7.9	12.2
August 2010	8.6	15.9	7.3	12.0
September 2010	8.6	16.0	6.6	12.3
October 2010	8.6	15.6	7.2	12.3
November 2010	8.9	16.2	7.5	12.9
December 2010	8.5	15.5	7.2	12.9
January 2011	8.1	15.8	6.8	12.3
February 2011	8.1	15.5	6.7	11.8
March 2011	8.0	15.8	7.3	11.6
April 2011	8.1	16.5	6.5	11.9
May 2011	7.9	16.3	7.2	11.6
June 2011	8.1	16.2	6.5	11.5
July 2011	8.0	15.9	7.4	11.2
August 2011	7.9	16.4	7.2	11.2
September 2011	7.9	15.9	8.0	11.2
October 2011	7.9	14.6	7.4	11.3
November 2011	7.7	15.6	6.4	11.2
December 2011	7.5	15.4	6.8	11.1
January 2012	7.4	13.6	6.7	10.7
February 2012	7.4	14.0	6.2	10.9
March 2012	7.3	14.0	6.4	10.6
April 2012	7.4	13.3	5.4	10.3
May 2012	7.4	13.5	5.5	10.9
June 2012	7.3	14.5	6.1	10.9
July 2012	7.3	14.2	5.9	10.2
August 2012	7.2	13.8	5.9	10.1
September 2012	7.0	13.6	4.9	9.7
October 2012	6.9	14.1	4.9	10.0
November 2012	6.8	13.3	6.3	9.9
December 2012	6.9	14.0	6.6	9.6
January 2013	7.1	13.7	6.4	9.7
February 2013	6.8	13.8	6.0	9.7
March 2013	6.7	13.0	5.1	9.3
April 2013	6.7	13.3	5.3	9.0
May 2013	6.7	13.4	4.5	9.0
June 2013	6.6	14.2	4.7	9.1
July 2013	6.5	12.6	5.3	9.4
August 2013	6.4	12.8	5.1	9.2
September 2013	6.3	13.0	5.4	8.8
October 2013	6.3	12.8	5.4	9.1
November 2013	6.1	12.3	5.2	8.7
December 2013	5.9	11.9	4.3	8.3
January 2014	5.7	12.1	4.7	8.3
February 2014	5.8	11.8	5.9	8.2
March 2014	5.8	12.1	5.5	7.9
April 2014	5.3	11.6	5.9	7.2
May 2014	5.4	11.4	5.7	7.7
June 2014	5.3	11.0	4.7	7.8
July 2014	5.3	11.6	4.2	7.7
August 2014	5.3	11.4	4.5	7.4
September 2014	5.1	11.0	4.4	6.8
October 2014	4.9	10.6	5.1	6.8
November 2014	5.0	10.9	4.8	6.6
December 2014	4.7	10.6	4.4	6.4
January 2015	4.9	10.3	4.0	6.7
February 2015	4.7	10.1	4.0	6.8
March 2015	4.8	9.9	3.2	6.8
April 2015	4.7	9.7	4.4	6.8
May 2015	4.8	10.3	4.1	6.8
June 2015	4.6	9.7	3.9	6.7
July 2015	4.5	9.1	3.9	6.9
August 2015	4.4	9.4	3.4	6.6
September 2015	4.4	9.3	3.5	6.2
October 2015	4.4	9.0	3.5	6.3
November 2015	4.4	9.4	3.9	6.4
December 2015	4.4	8.5	4.1	6.2
January 2016	4.2	8.5	3.6	5.9
February 2016	4.2	8.6	3.8	5.5
March 2016	4.3	8.9	3.9	5.6
April 2016	4.4	8.8	3.8	6.2
May 2016	4.2	8.2	4.1	5.7
June 2016	4.3	8.7	3.6	6.0
July 2016	4.2	8.2	3.8	5.4
August 2016	4.4	8.0	4.1	5.6
September 2016	4.4	8.5	3.8	6.2
October 2016	4.4	8.5	3.4	5.7
November 2016	4.2	8.2	3.1	5.6
December 2016	4.2	8.0	2.7	5.8
January 2017	4.2	7.4	3.7	5.8
February 2017	4.0	8.0	3.4	5.6
March 2017	3.9	7.9	3.3	5.0
April 2017	3.9	7.8	3.3	5.2
May 2017	3.8	7.6	3.6	5.2
June 2017	3.8	7.1	3.7	5.0
July 2017	3.7	7.2	3.8	5.1
August 2017	3.9	7.5	3.9	5.1
September 2017	3.7	7.2	3.6	5.1
October 2017	3.6	7.6	3.0	5.0
November 2017	3.7	7.5	3.0	4.9
December 2017	3.7	6.9	2.5	5.0
January 2018	3.5	7.5	3.0	4.9
February 2018	3.6	6.8	2.9	4.9
March 2018	3.5	6.6	3.1	4.9
April 2018	3.6	6.5	2.9	4.8
May 2018	3.5	5.8	2.2	4.8
June 2018	3.5	6.5	3.3	4.6
July 2018	3.3	6.4	3.1	4.5
August 2018	3.4	6.2	2.9	4.7
September 2018	3.3	6.2	3.5	4.6
October 2018	3.3	6.4	3.1	4.4
November 2018	3.4	6.2	2.8	4.6
December 2018	3.4	6.8	3.3	4.5
January 2019	3.5	6.9	3.0	4.8
February 2019	3.2	7.0	3.1	4.3
March 2019	3.3	6.5	3.1	4.5
April 2019	3.2	6.6	2.3	4.1
May 2019	3.3	6.1	2.5	4.1
June 2019	3.3	6.0	2.2	4.3
July 2019	3.3	5.6	2.8	4.4
August 2019	3.4	5.2	2.8	4.2
September 2019	3.2	5.4	2.5	4.0
October 2019	3.3	5.6	2.9	4.2
November 2019	3.3	5.7	2.6	4.3
December 2019	3.1	6.2	2.6	4.3
January 2020	3.0	6.1	3.1	4.3
February 2020	3.0	6.0	2.4	4.4
March 2020	3.9	6.8	4.1	6.0
April 2020	14.1	16.7	14.5	18.9
May 2020	12.3	16.7	14.9	17.6
June 2020	10.1	15.3	13.9	14.5
July 2020	9.2	14.4	11.9	12.7
August 2020	7.4	12.8	10.6	10.5
September 2020	7.0	12.0	8.8	10.3
October 2020	6.0	10.8	7.6	8.8
November 2020	5.9	10.3	6.7	8.4
December 2020	6.0	9.9	5.9	9.3
January 2021	5.7	9.2	6.6	8.6

Note: Unemployment rate measures total unemployed as a percentage of the labor force. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Small sample sizes preclude reliable estimates for Native Americans and other groups for which monthly data are not reported by the Bureau of Labor Statistics.

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure B. Employment declines for low-, middle-, and high-wage workers

Weekly
Week ending February 15, 2020 = 100

Period	Bottom	Bottom-middle	Top-middle	Top
8 February 2020	1.00	1.00	1.00	1.00
15 February 2020	1.00	1.00	1.00	1.00
22 February 2020	1.00	1.00	1.00	1.00
29 February 2020	1.00	1.00	0.99	0.99
7 March 2020	0.99	1.00	0.99	0.99
14 March 2020	0.97	0.99	0.99	0.99
21 March 2020	0.88	0.96	0.97	0.98
28 March 2020	0.75	0.88	0.93	0.96
4 April 2020	0.66	0.84	0.90	0.94
11 April 2020	0.62	0.80	0.88	0.93
18 April 2020	0.60	0.79	0.88	0.93
25 April 2020	0.60	0.78	0.87	0.92
2 May 2020	0.62	0.79	0.87	0.93
9 May 2020	0.64	0.79	0.88	0.93
16 May 2020	0.66	0.80	0.88	0.93
23 May 2020	0.68	0.81	0.89	0.93
30 May 2020	0.70	0.83	0.90	0.93
6 June 2020	0.72	0.83	0.90	0.93
13 June 2020	0.75	0.84	0.91	0.94
20 June 2020	0.76	0.84	0.90	0.94
27 June 2020	0.77	0.85	0.91	0.93
4 July 2020	0.77	0.84	0.91	0.93
11 July 2020	0.78	0.84	0.91	0.94
18 July 2020	0.78	0.84	0.91	0.94
25 July 2020	0.79	0.85	0.91	0.94
1 August 2020	0.79	0.85	0.91	0.94
8 August 2020	0.79	0.85	0.91	0.94
15 August 2020	0.80	0.85	0.91	0.94
22 August 2020	0.81	0.86	0.92	0.94
29 August 2020	0.81	0.86	0.92	0.93
5 September 2020	0.82	0.86	0.92	0.93
12 September 2020	0.82	0.86	0.91	0.94
19 September 2020	0.82	0.87	0.92	0.94
26 September 2020	0.82	0.87	0.92	0.94
3 October 2020	0.83	0.87	0.92	0.93
10 October 2020	0.82	0.86	0.91	0.93
17 October 2020	0.84	0.87	0.92	0.94
24 October 2020	0.84	0.88	0.92	0.94
31 October 2020	0.84	0.88	0.92	0.94
7 November 2020	0.83	0.88	0.92	0.94
14 November 2020	0.83	0.88	0.92	0.94
21 November 2020	0.84	0.89	0.93	0.95
28 November 2020	0.83	0.88	0.93	0.95
5 December 2020	0.83	0.88	0.93	0.95
12 December 2020	0.83	0.89	0.93	0.95
19 December 2020	0.83	0.89	0.94	0.96
26 December 2020	0.83	0.89	0.94	0.95
2 January 2021	0.81	0.89	0.93	0.95
9 January 2021	0.82	0.90	0.95	0.96
16 January 2021	0.80	0.90	0.95	0.95

Note: The data are seasonally adjusted by the Federal Reserve Board and extend through January 16, 2021. Wage quartiles are defined using the February 2020 wage distribution.

Source: Federal Reserve Board staff calculations using ADP, Inc., payroll processing data.

Return to text

Figure C. Change in employment-to-population ratio, by demographic group

Percentage points

Period	Men	Women	Less than a high school diploma	High school graduates, no college	Some college or associate's degree	Bachelor's degree and higher	16—24	25—54	55+	White	Black or African American	Asian	Hispanic or Latino
February to April 2020	-9.6	-10.0	-10.8	-11.4	-9.7	-6.2	-16.2	-10.8	-6.0	-9.6	-10.5	-10.5	-13.6
February 2020 to January 2021	-3.6	-3.6	-4.1	-5.0	-4.3	-2.5	-3.5	-4.0	-3.0	-3.4	-4.6	-4.0	-5.6

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

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure 5. Measures of change in hourly compensation

Quarterly
Percent change from year earlier

Period	Compensation per hour, business sector	Employment cost index, private sector
2005:Q1	5.03	3.48
2005:Q2	3.45	3.13
2005:Q3	3.00	2.90
2005:Q4	3.03	2.88
2006:Q1	4.52	2.65
2006:Q2	4.09	2.83
2006:Q3	2.92	3.02
2006:Q4	3.90	3.20
2007:Q1	4.31	3.17
2007:Q2	4.61	3.15
2007:Q3	4.91	3.12
2007:Q4	4.07	3.00
2008:Q1	2.54	3.17
2008:Q2	2.53	2.96
2008:Q3	3.02	2.84
2008:Q4	3.04	2.45
2009:Q1	-0.55	1.86
2009:Q2	1.67	1.48
2009:Q3	1.39	1.20
2009:Q4	1.09	1.19
2010:Q1	3.02	1.65
2010:Q2	1.55	1.92
2010:Q3	1.34	2.00
2010:Q4	1.22	2.09
2011:Q1	3.70	1.98
2011:Q2	2.10	2.33
2011:Q3	2.31	2.14
2011:Q4	0.51	2.22
2012:Q1	1.15	2.12
2012:Q2	2.29	1.84
2012:Q3	1.74	1.92
2012:Q4	5.87	1.83
2013:Q1	2.09	1.90
2013:Q2	2.28	1.89
2013:Q3	1.78	1.88
2013:Q4	-0.25	1.96
2014:Q1	3.08	1.70
2014:Q2	1.83	2.02
2014:Q3	2.69	2.27
2014:Q4	2.99	2.35
2015:Q1	2.19	2.75
2015:Q2	3.58	1.90
2015:Q3	3.51	1.89
2015:Q4	2.43	1.88
2016:Q1	1.19	1.79
2016:Q2	0.51	2.35
2016:Q3	0.61	2.26
2016:Q4	1.99	2.17
2017:Q1	2.83	2.31
2017:Q2	3.25	2.38
2017:Q3	4.17	2.52
2017:Q4	4.03	2.59
2018:Q1	3.86	2.81
2018:Q2	3.67	2.86
2018:Q3	3.40	2.92
2018:Q4	2.63	2.99
2019:Q1	4.14	2.81
2019:Q2	4.13	2.63
2019:Q3	2.91	2.69
2019:Q4	3.31	2.68
2020:Q1	3.34	2.80
2020:Q2	8.51	2.71
2020:Q3	8.24	2.40
2020:Q4	7.69	2.61

Figure 5. continues

Monthly
Percent change from year earlier

Period	Average hourly earnings, private sector	Atlanta Fed's Wage Growth Tracker
January 2005	ND	3.6
February 2005	ND	3.5
March 2005	ND	3.6
April 2005	ND	3.5
May 2005	ND	3.6
June 2005	ND	3.8
July 2005	ND	4.0
August 2005	ND	4.0
September 2005	ND	4.1
October 2005	ND	4.0
November 2005	ND	4.2
December 2005	ND	4.1
January 2006	ND	4.0
February 2006	ND	3.8
March 2006	ND	3.8
April 2006	ND	3.8
May 2006	ND	3.9
June 2006	ND	3.8
July 2006	ND	3.7
August 2006	ND	3.8
September 2006	ND	3.8
October 2006	ND	3.8
November 2006	ND	3.9
December 2006	ND	4.0
January 2007	ND	4.2
February 2007	ND	4.1
March 2007	3.39	4.3
April 2007	3.07	4.1
May 2007	3.53	4.1
June 2007	3.61	4.0
July 2007	3.25	4.2
August 2007	3.35	4.3
September 2007	3.09	4.4
October 2007	3.03	4.3
November 2007	3.13	4.3
December 2007	2.97	4.1
January 2008	2.86	3.9
February 2008	2.80	3.9
March 2008	3.09	4.0
April 2008	2.84	4.1
May 2008	3.02	4.1
June 2008	2.72	4.1
July 2008	3.01	4.1
August 2008	3.33	4.0
September 2008	3.23	4.0
October 2008	3.32	4.0
November 2008	3.60	4.0
December 2008	3.59	3.8
January 2009	3.68	3.7
February 2009	3.43	3.4
March 2009	3.28	3.3
April 2009	3.32	3.2
May 2009	2.93	3.3
June 2009	2.83	3.1
July 2009	2.73	3.0
August 2009	2.44	2.5
September 2009	2.49	2.3
October 2009	2.48	2.1
November 2009	2.19	2.1
December 2009	1.91	1.7
January 2010	2.00	1.6
February 2010	2.09	1.7
March 2010	1.77	1.9
April 2010	1.81	1.9
May 2010	1.95	1.6
June 2010	1.81	1.7
July 2010	1.85	1.8
August 2010	1.75	2.0
September 2010	1.84	1.9
October 2010	1.97	1.7
November 2010	1.65	1.7
December 2010	1.79	1.7
January 2011	1.96	1.9
February 2011	1.87	1.9
March 2011	1.87	1.9
April 2011	1.91	1.9
May 2011	2.04	2.0
June 2011	2.13	2.0
July 2011	2.26	2.1
August 2011	1.99	2.2
September 2011	1.94	2.1
October 2011	2.02	2.2
November 2011	1.98	2.0
December 2011	1.98	2.0
January 2012	1.71	1.9
February 2012	1.75	1.9
March 2012	2.14	2.0
April 2012	2.05	2.2
May 2012	1.74	2.1
June 2012	1.96	2.3
July 2012	1.77	2.1
August 2012	1.82	2.1
September 2012	1.99	2.1
October 2012	1.55	2.1
November 2012	1.94	2.3
December 2012	2.24	2.3
January 2013	2.24	2.3
February 2013	2.15	2.3
March 2013	1.93	2.2
April 2013	2.05	2.2
May 2013	2.14	2.2
June 2013	2.17	2.1
July 2013	2.00	2.3
August 2013	2.30	2.3
September 2013	2.08	2.4
October 2013	2.25	2.2
November 2013	2.24	2.0
December 2013	1.85	2.2
January 2014	1.89	2.3
February 2014	2.31	2.5
March 2014	2.10	2.4
April 2014	1.97	2.3
May 2014	2.13	2.3
June 2014	2.00	2.3
July 2014	2.09	2.4
August 2014	2.21	2.4
September 2014	2.08	2.6
October 2014	2.03	2.8
November 2014	2.03	2.9
December 2014	1.99	2.9
January 2015	2.15	3.0
February 2015	1.89	3.0
March 2015	2.18	3.2
April 2015	2.26	3.3
May 2015	2.30	3.3
June 2015	2.17	3.2
July 2015	2.17	3.1
August 2015	2.20	3.1
September 2015	2.24	3.0
October 2015	2.52	2.9
November 2015	2.39	3.1
December 2015	2.52	3.1
January 2016	2.55	3.1
February 2016	2.46	3.2
March 2016	2.46	3.2
April 2016	2.57	3.4
May 2016	2.44	3.5
June 2016	2.60	3.6
July 2016	2.72	3.4
August 2016	2.47	3.3
September 2016	2.63	3.6
October 2016	2.70	3.9
November 2016	2.65	3.9
December 2016	2.65	3.5
January 2017	2.60	3.2
February 2017	2.72	3.2
March 2017	2.55	3.4
April 2017	2.55	3.5
May 2017	2.54	3.4
June 2017	2.50	3.2
July 2017	2.61	3.3
August 2017	2.57	3.4
September 2017	2.83	3.6
October 2017	2.32	3.4
November 2017	2.43	3.2
December 2017	2.70	2.9
January 2018	2.69	3.0
February 2018	2.57	2.9
March 2018	2.80	3.3
April 2018	2.79	3.3
May 2018	2.94	3.2
June 2018	2.93	3.2
July 2018	2.88	3.3
August 2018	3.18	3.5
September 2018	3.06	3.5
October 2018	3.32	3.7
November 2018	3.35	3.9
December 2018	3.42	3.8
January 2019	3.26	3.8
February 2019	3.48	3.4
March 2019	3.47	3.5
April 2019	3.31	3.6
May 2019	3.30	3.7
June 2019	3.40	3.9
July 2019	3.39	3.9
August 2019	3.45	3.7
September 2019	3.08	3.6
October 2019	3.22	3.5
November 2019	3.28	3.7
December 2019	2.94	3.7
January 2020	3.04	3.8
February 2020	3.00	3.7
March 2020	3.53	3.5
April 2020	8.17	3.3
May 2020	6.67	3.5
June 2020	4.97	3.8
July 2020	4.74	3.9
August 2020	4.65	3.5
September 2020	4.80	3.5
October 2020	4.53	3.5
November 2020	4.52	3.7
December 2020	5.43	3.4
January 2021	5.38	3.4

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

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

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Figure 6. Change in the price index for personal consumption expenditures

Monthly
12-month percent change

Period	Total	Excluding food and energy	Trimmed mean
January 2014	1.46	1.52	1.62
February 2014	1.15	1.46	1.57
March 2014	1.48	1.55	1.60
April 2014	1.74	1.65	1.75
May 2014	1.84	1.71	1.80
June 2014	1.73	1.65	1.76
July 2014	1.75	1.71	1.78
August 2014	1.58	1.63	1.73
September 2014	1.56	1.63	1.74
October 2014	1.37	1.51	1.71
November 2014	1.13	1.45	1.69
December 2014	0.77	1.39	1.66
January 2015	0.12	1.28	1.56
February 2015	0.23	1.33	1.61
March 2015	0.22	1.29	1.61
April 2015	0.12	1.29	1.61
May 2015	0.20	1.25	1.60
June 2015	0.29	1.27	1.62
July 2015	0.23	1.18	1.59
August 2015	0.26	1.23	1.63
September 2015	0.09	1.24	1.62
October 2015	0.11	1.18	1.57
November 2015	0.26	1.19	1.53
December 2015	0.35	1.18	1.52
January 2016	0.92	1.42	1.64
February 2016	0.69	1.48	1.64
March 2016	0.66	1.45	1.63
April 2016	0.92	1.52	1.68
May 2016	0.83	1.55	1.70
June 2016	0.84	1.54	1.69
July 2016	0.81	1.63	1.73
August 2016	0.97	1.74	1.77
September 2016	1.25	1.70	1.79
October 2016	1.48	1.84	1.86
November 2016	1.45	1.78	1.89
December 2016	1.73	1.84	1.94
January 2017	2.01	1.89	2.01
February 2017	2.18	1.88	1.96
March 2017	1.89	1.67	1.91
April 2017	1.79	1.65	1.85
May 2017	1.61	1.60	1.78
June 2017	1.54	1.63	1.79
July 2017	1.52	1.53	1.72
August 2017	1.59	1.45	1.71
September 2017	1.83	1.53	1.71
October 2017	1.77	1.65	1.73
November 2017	1.90	1.66	1.74
December 2017	1.85	1.68	1.77
January 2018	1.80	1.70	1.78
February 2018	1.92	1.74	1.82
March 2018	2.15	2.04	1.85
April 2018	2.13	2.00	1.87
May 2018	2.36	2.11	1.99
June 2018	2.40	2.07	2.02
July 2018	2.45	2.13	2.07
August 2018	2.29	2.03	2.05
September 2018	2.10	2.07	2.06
October 2018	2.08	1.91	2.02
November 2018	1.97	2.04	2.09
December 2018	1.88	2.08	2.07
January 2019	1.47	1.85	1.93
February 2019	1.37	1.69	1.94
March 2019	1.50	1.58	2.01
April 2019	1.62	1.69	2.09
May 2019	1.49	1.60	1.99
June 2019	1.46	1.71	1.97
July 2019	1.53	1.74	2.02
August 2019	1.52	1.87	2.05
September 2019	1.39	1.72	2.00
October 2019	1.43	1.74	2.03
November 2019	1.44	1.58	1.96
December 2019	1.64	1.62	1.96
January 2020	1.88	1.75	2.10
February 2020	1.84	1.87	2.11
March 2020	1.34	1.65	1.98
April 2020	0.48	0.93	1.87
May 2020	0.54	1.01	1.92
June 2020	0.92	1.14	1.87
July 2020	1.01	1.26	1.89
August 2020	1.24	1.43	1.92
September 2020	1.35	1.53	1.92
October 2020	1.19	1.41	1.83
November 2020	1.12	1.37	1.73
December 2020	1.28	1.45	1.74

Note: The data extend through December 2020.

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

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Figure 7. Nonfuel import prices and industrial metals indexes

Monthly
January 2014 = 100

Period	Nonfuel import prices	Industrial metals
January 2014	100.00	100.00
February 2014	100.00	98.33
March 2014	100.34	95.89
April 2014	100.34	98.90
May 2014	100.34	100.23
June 2014	100.25	101.31
July 2014	100.34	106.34
August 2014	100.34	106.53
September 2014	100.17	104.33
October 2014	100.08	101.23
November 2014	99.83	102.29
December 2014	99.75	97.77
January 2015	99.08	91.10
February 2015	98.91	90.33
March 2015	98.49	90.09
April 2015	98.16	92.20
May 2015	98.16	95.08
June 2015	97.99	88.40
July 2015	97.74	83.67
August 2015	97.40	78.54
September 2015	97.15	78.83
October 2015	96.90	77.98
November 2015	96.65	73.01
December 2015	96.31	72.05
January 2016	96.23	70.26
February 2016	96.14	72.82
March 2016	96.06	75.95
April 2016	96.14	76.31
May 2016	96.40	74.94
June 2016	96.23	75.92
July 2016	96.56	79.82
August 2016	96.56	79.59
September 2016	96.56	79.14
October 2016	96.56	80.66
November 2016	96.48	88.34
December 2016	96.48	89.97
January 2017	96.40	91.53
February 2017	96.73	95.17
March 2017	96.90	94.66
April 2017	97.15	92.84
May 2017	97.23	91.40
June 2017	97.32	91.57
July 2017	97.23	95.48
August 2017	97.49	102.56
September 2017	97.82	105.05
October 2017	97.90	108.19
November 2017	97.90	107.82
December 2017	97.74	107.69
January 2018	98.24	112.95
February 2018	98.66	112.51
March 2018	98.74	108.09
April 2018	98.83	110.99
May 2018	98.99	111.84
June 2018	98.74	111.93
July 2018	98.58	101.00
August 2018	98.41	98.87
September 2018	98.41	97.55
October 2018	98.49	99.23
November 2018	98.32	95.93
December 2018	98.32	94.66
January 2019	98.07	93.64
February 2019	98.16	97.54
March 2019	97.99	98.98
April 2019	97.90	98.31
May 2019	97.65	93.02
June 2019	97.40	91.30
July 2019	97.40	93.31
August 2019	97.32	91.61
September 2019	97.23	93.69
October 2019	96.98	93.39
November 2019	96.90	92.91
December 2019	96.98	92.82
January 2020	97.23	92.66
February 2020	97.40	87.51
March 2020	97.40	81.32
April 2020	96.90	77.81
May 2020	96.98	79.35
June 2020	97.23	85.17
July 2020	97.40	91.89
August 2020	98.07	96.25
September 2020	98.58	97.59
October 2020	98.58	98.63
November 2020	98.41	104.62
December 2020	98.83	111.97
January 2021	99.66	113.13

Note: The data for nonfuel import prices are monthly and extend through December 2020. The data for industrial metals are monthly averages of daily data and extend through January 29, 2021.

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

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Figure 8. Spot and futures prices for crude oil

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

Horizon:January 1, 2006, to February 10, 2021

Description:A line chart with two curves over January 1, 2006, to February 10, 2021. Units are dollars per barrel, and data are weekly. The Brent spot price curve starts at about 60, rises steadily to a peak of about 140 by mid-2008, slumps to about 40 by late 2008, and increases to about 80 by the end of 2009 before reaching about 130 by early 2011. The curve fluctuates between about 90 and 130 through 2014, decreases sharply to about 30 by early 2016, increases to about 85 by late 2018, and fluctuates between about 50 and 75 through 2019 before falling to about 20 in early 2020 and rising to about 60 in early 2021. The 24-month-ahead futures contracts curve follows a similar pattern. The curve starts at about 60, peaks at about 140 in mid-2008, drops to about 60 by late 2008, and increases to about 90 by the end of 2009 before reaching about 115 by mid-2011. The curve fluctuates between about 90 and 110 through 2014, decreases sharply to about 40 by early 2016, increases to about 75 by late 2018, and fluctuates between 50 and 65 through 2019 before declining to about 40 in early 2020 and ending at about 55 in early 2021.

Note: The data are weekly averages of daily data. The data begin on Thursdays and extend through February 10, 2021.

Source: ICE Brent Futures via Bloomberg.

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Figure 9. Surveys of inflation expectations

Quarterly
Percent

Period	Survey of Professional Forecasters, next 10 years
2007:Q1	2.00
2007:Q2	2.00
2007:Q3	2.10
2007:Q4	2.10
2008:Q1	2.20
2008:Q2	2.20
2008:Q3	2.20
2008:Q4	2.20
2009:Q1	2.20
2009:Q2	2.28
2009:Q3	2.15
2009:Q4	2.10
2010:Q1	2.10
2010:Q2	2.15
2010:Q3	2.11
2010:Q4	2.00
2011:Q1	2.10
2011:Q2	2.27
2011:Q3	2.25
2011:Q4	2.16
2012:Q1	2.15
2012:Q2	2.20
2012:Q3	2.20
2012:Q4	2.10
2013:Q1	2.00
2013:Q2	2.00
2013:Q3	2.00
2013:Q4	2.00
2014:Q1	2.00
2014:Q2	2.00
2014:Q3	2.00
2014:Q4	2.00
2015:Q1	2.00
2015:Q2	1.98
2015:Q3	2.00
2015:Q4	1.90
2016:Q1	1.97
2016:Q2	2.00
2016:Q3	2.00
2016:Q4	2.00
2017:Q1	2.10
2017:Q2	2.09
2017:Q3	2.00
2017:Q4	2.00
2018:Q1	2.00
2018:Q2	2.00
2018:Q3	2.00
2018:Q4	2.01
2019:Q1	2.00
2019:Q2	2.00
2019:Q3	2.00
2019:Q4	2.00
2020:Q1	2.00
2020:Q2	1.87
2020:Q3	1.85
2020:Q4	1.90
2021:Q1	2.03

Figure 9. continues

Monthly
Percent

Period	Michigan survey, next 5 to 10 years	NY Fed survey, 3 years ahead
January 2005	2.7	ND
February 2005	2.8	ND
March 2005	2.9	ND
April 2005	3.0	ND
May 2005	2.9	ND
June 2005	2.8	ND
July 2005	2.9	ND
August 2005	2.8	ND
September 2005	3.1	ND
October 2005	3.2	ND
November 2005	3.0	ND
December 2005	3.1	ND
January 2006	2.9	ND
February 2006	2.9	ND
March 2006	2.9	ND
April 2006	3.1	ND
May 2006	3.2	ND
June 2006	2.9	ND
July 2006	2.9	ND
August 2006	3.2	ND
September 2006	3.0	ND
October 2006	3.1	ND
November 2006	3.0	ND
December 2006	3.0	ND
January 2007	3.0	ND
February 2007	2.9	ND
March 2007	2.9	ND
April 2007	3.1	ND
May 2007	3.1	ND
June 2007	2.9	ND
July 2007	3.1	ND
August 2007	2.9	ND
September 2007	2.9	ND
October 2007	2.8	ND
November 2007	2.9	ND
December 2007	3.1	ND
January 2008	3.0	ND
February 2008	3.0	ND
March 2008	2.9	ND
April 2008	3.2	ND
May 2008	3.4	ND
June 2008	3.4	ND
July 2008	3.2	ND
August 2008	3.2	ND
September 2008	3.0	ND
October 2008	2.9	ND
November 2008	2.9	ND
December 2008	2.6	ND
January 2009	2.9	ND
February 2009	3.1	ND
March 2009	2.6	ND
April 2009	2.8	ND
May 2009	2.9	ND
June 2009	3.0	ND
July 2009	3.0	ND
August 2009	2.8	ND
September 2009	2.8	ND
October 2009	2.9	ND
November 2009	3.0	ND
December 2009	2.7	ND
January 2010	2.9	ND
February 2010	2.7	ND
March 2010	2.7	ND
April 2010	2.7	ND
May 2010	2.9	ND
June 2010	2.8	ND
July 2010	2.9	ND
August 2010	2.8	ND
September 2010	2.7	ND
October 2010	2.8	ND
November 2010	2.8	ND
December 2010	2.8	ND
January 2011	2.9	ND
February 2011	2.9	ND
March 2011	3.2	ND
April 2011	2.9	ND
May 2011	2.9	ND
June 2011	3.0	ND
July 2011	2.9	ND
August 2011	2.9	ND
September 2011	2.8	ND
October 2011	2.7	ND
November 2011	2.7	ND
December 2011	2.7	ND
January 2012	2.7	ND
February 2012	2.9	ND
March 2012	3.0	ND
April 2012	2.9	ND
May 2012	2.7	ND
June 2012	2.8	ND
July 2012	2.7	ND
August 2012	3.0	ND
September 2012	2.8	ND
October 2012	2.7	ND
November 2012	2.8	ND
December 2012	2.9	ND
January 2013	2.9	ND
February 2013	3.0	ND
March 2013	2.8	ND
April 2013	2.9	ND
May 2013	2.9	ND
June 2013	2.9	3.4
July 2013	2.8	3.3
August 2013	2.9	3.8
September 2013	3.0	3.6
October 2013	2.8	3.2
November 2013	2.9	3.3
December 2013	2.7	3.3
January 2014	2.9	3.1
February 2014	2.9	3.2
March 2014	2.9	3.4
April 2014	2.9	3.2
May 2014	2.8	3.2
June 2014	2.9	3.3
July 2014	2.7	3.2
August 2014	2.9	3.1
September 2014	2.8	3.0
October 2014	2.8	3.0
November 2014	2.6	3.0
December 2014	2.8	3.0
January 2015	2.8	3.0
February 2015	2.7	3.0
March 2015	2.8	2.9
April 2015	2.6	3.0
May 2015	2.8	3.0
June 2015	2.6	3.0
July 2015	2.8	3.0
August 2015	2.7	2.9
September 2015	2.7	2.8
October 2015	2.5	2.8
November 2015	2.6	2.7
December 2015	2.6	2.8
January 2016	2.7	2.5
February 2016	2.5	2.6
March 2016	2.7	2.5
April 2016	2.5	2.8
May 2016	2.5	2.7
June 2016	2.6	2.9
July 2016	2.6	2.5
August 2016	2.5	2.7
September 2016	2.6	2.6
October 2016	2.4	2.6
November 2016	2.6	2.7
December 2016	2.3	2.8
January 2017	2.6	2.9
February 2017	2.5	3.0
March 2017	2.4	2.7
April 2017	2.4	2.9
May 2017	2.4	2.5
June 2017	2.5	2.8
July 2017	2.6	2.7
August 2017	2.5	2.6
September 2017	2.5	2.8
October 2017	2.5	2.8
November 2017	2.4	2.8
December 2017	2.4	2.9
January 2018	2.5	2.8
February 2018	2.5	2.9
March 2018	2.5	2.9
April 2018	2.5	3.0
May 2018	2.5	3.0
June 2018	2.6	3.0
July 2018	2.4	2.9
August 2018	2.6	3.0
September 2018	2.5	3.0
October 2018	2.4	3.0
November 2018	2.6	2.9
December 2018	2.5	3.0
January 2019	2.6	3.0
February 2019	2.3	2.8
March 2019	2.5	2.9
April 2019	2.3	2.7
May 2019	2.6	2.6
June 2019	2.3	2.7
July 2019	2.5	2.6
August 2019	2.6	2.5
September 2019	2.4	2.4
October 2019	2.3	2.4
November 2019	2.5	2.5
December 2019	2.2	2.5
January 2020	2.5	2.5
February 2020	2.3	2.6
March 2020	2.3	2.4
April 2020	2.5	2.6
May 2020	2.7	2.6
June 2020	2.5	2.5
July 2020	2.6	2.7
August 2020	2.7	3.0
September 2020	2.7	2.7
October 2020	2.4	2.7
November 2020	2.5	2.8
December 2020	2.5	3.0
January 2021	2.7	3.0
February 2021	2.7	ND

Note: The series are medians of the survey responses. The Michigan survey data are monthly and extend through February 2021; the February data are preliminary. The Survey of Professional Forecasters data for inflation expectations for personal consumption expenditures are quarterly, begin in 2007:Q1, and extend through 2021:Q1. The NY Fed survey data are monthly and begin in June 2013.

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

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

Series:Inflation swaps and TIPS breakeven rates

Horizon:January 11, 2013, to February 12, 2021

Description:A line chart with two curves over January 11, 2013, to February 12, 2021. Units are percent, and the data are weekly. The inflation swaps curve starts at about 3.1, decreases to about 2.25 by early 2015, decreases further to about 2 by mid-2016, and wavers between about 2 and 2.5 until the end of 2019. The curve then drops sharply to about 1.5 by mid-March 2020 and rebounds to about 1.7 at the beginning of April, continuing to grow rapidly before ending at about 2.5 in the beginning of February 2021. The TIPS breakeven rates curve remains about 0.25 to 0.5 points below the inflation swaps curve but maintains the same general trend over the period, ending at about 2.3.

Note: The data are weekly averages of daily data and extend through February 12, 2021. TIPS is Treasury Inflation-Protected Securities.

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

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Figure 11. Real gross domestic product and gross domestic income

Quarterly
Billions of chained 2012 dollars

Period	Gross domestic product	Gross domestic income
2005:Q1	14.77	14.76
2005:Q2	14.84	14.89
2005:Q3	14.97	15.00
2005:Q4	15.07	15.24
2006:Q1	15.27	15.50
2006:Q2	15.30	15.53
2006:Q3	15.33	15.60
2006:Q4	15.46	15.65
2007:Q1	15.49	15.64
2007:Q2	15.58	15.68
2007:Q3	15.67	15.56
2007:Q4	15.76	15.55
2008:Q1	15.67	15.55
2008:Q2	15.75	15.51
2008:Q3	15.67	15.45
2008:Q4	15.33	15.13
2009:Q1	15.16	14.88
2009:Q2	15.13	14.95
2009:Q3	15.19	15.01
2009:Q4	15.36	15.20
2010:Q1	15.42	15.27
2010:Q2	15.56	15.45
2010:Q3	15.67	15.69
2010:Q4	15.75	15.73
2011:Q1	15.71	15.75
2011:Q2	15.83	15.87
2011:Q3	15.82	15.92
2011:Q4	16.00	16.06
2012:Q1	16.13	16.40
2012:Q2	16.20	16.46
2012:Q3	16.22	16.37
2012:Q4	16.24	16.53
2013:Q1	16.38	16.54
2013:Q2	16.40	16.64
2013:Q3	16.53	16.65
2013:Q4	16.66	16.77
2014:Q1	16.62	16.86
2014:Q2	16.84	17.11
2014:Q3	17.05	17.32
2014:Q4	17.14	17.47
2015:Q1	17.31	17.59
2015:Q2	17.42	17.65
2015:Q3	17.49	17.69
2015:Q4	17.51	17.70
2016:Q1	17.61	17.80
2016:Q2	17.67	17.73
2016:Q3	17.76	17.83
2016:Q4	17.88	17.92
2017:Q1	17.98	18.08
2017:Q2	18.05	18.23
2017:Q3	18.19	18.31
2017:Q4	18.36	18.44
2018:Q1	18.53	18.60
2018:Q2	18.65	18.64
2018:Q3	18.75	18.85
2018:Q4	18.81	18.88
2019:Q1	18.95	18.98
2019:Q2	19.02	19.04
2019:Q3	19.14	19.08
2019:Q4	19.25	19.23
2020:Q1	19.01	19.11
2020:Q2	17.30	17.31
2020:Q3	18.60	18.34
2020:Q4	18.78	ND

Note: Gross domestic income extends through 2020:Q3.

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 12. Real personal consumption expenditures

Monthly
Billions of chained 2012 dollars

Period	Goods	Services
January 2005	3.32	6.58
February 2005	3.34	6.60
March 2005	3.34	6.62
April 2005	3.38	6.64
May 2005	3.35	6.66
June 2005	3.41	6.69
July 2005	3.47	6.71
August 2005	3.41	6.73
September 2005	3.36	6.75
October 2005	3.39	6.74
November 2005	3.40	6.77
December 2005	3.42	6.79
January 2006	3.49	6.77
February 2006	3.48	6.81
March 2006	3.47	6.84
April 2006	3.48	6.84
May 2006	3.48	6.87
June 2006	3.49	6.86
July 2006	3.52	6.88
August 2006	3.49	6.88
September 2006	3.53	6.90
October 2006	3.55	6.93
November 2006	3.55	6.94
December 2006	3.59	6.95
January 2007	3.59	6.96
February 2007	3.58	6.98
March 2007	3.59	6.97
April 2007	3.59	6.99
May 2007	3.61	6.97
June 2007	3.59	6.99
July 2007	3.61	7.00
August 2007	3.61	7.04
September 2007	3.63	7.03
October 2007	3.63	7.03
November 2007	3.63	7.05
December 2007	3.62	7.05
January 2008	3.59	7.07
February 2008	3.55	7.08
March 2008	3.56	7.08
April 2008	3.56	7.10
May 2008	3.57	7.10
June 2008	3.55	7.10
July 2008	3.51	7.10
August 2008	3.52	7.08
September 2008	3.44	7.10
October 2008	3.40	7.11
November 2008	3.38	7.11
December 2008	3.36	7.09
January 2009	3.41	7.09
February 2009	3.39	7.07
March 2009	3.35	7.07
April 2009	3.34	7.06
May 2009	3.37	7.05
June 2009	3.37	7.06
July 2009	3.40	7.06
August 2009	3.48	7.08
September 2009	3.38	7.07
October 2009	3.39	7.07
November 2009	3.39	7.05
December 2009	3.41	7.09
January 2010	3.40	7.09
February 2010	3.41	7.11
March 2010	3.46	7.10
April 2010	3.47	7.11
May 2010	3.46	7.14
June 2010	3.48	7.15
July 2010	3.48	7.18
August 2010	3.50	7.19
September 2010	3.51	7.19
October 2010	3.54	7.19
November 2010	3.55	7.21
December 2010	3.55	7.22
January 2011	3.57	7.22
February 2011	3.56	7.23
March 2011	3.57	7.26
April 2011	3.57	7.25
May 2011	3.54	7.28
June 2011	3.55	7.29
July 2011	3.55	7.31
August 2011	3.54	7.32
September 2011	3.57	7.31
October 2011	3.58	7.31
November 2011	3.57	7.30
December 2011	3.58	7.30
January 2012	3.61	7.33
February 2012	3.64	7.36
March 2012	3.62	7.36
April 2012	3.62	7.37
May 2012	3.63	7.37
June 2012	3.62	7.36
July 2012	3.63	7.38
August 2012	3.64	7.35
September 2012	3.65	7.37
October 2012	3.64	7.39
November 2012	3.67	7.40
December 2012	3.68	7.39
January 2013	3.74	7.38
February 2013	3.73	7.38
March 2013	3.72	7.40
April 2013	3.72	7.39
May 2013	3.74	7.39
June 2013	3.73	7.40
July 2013	3.76	7.39
August 2013	3.75	7.41
September 2013	3.77	7.43
October 2013	3.78	7.45
November 2013	3.80	7.48
December 2013	3.80	7.49
January 2014	3.77	7.48
February 2014	3.83	7.48
March 2014	3.86	7.51
April 2014	3.87	7.53
May 2014	3.88	7.55
June 2014	3.90	7.57
July 2014	3.91	7.59
August 2014	3.94	7.64
September 2014	3.94	7.65
October 2014	3.96	7.70
November 2014	3.99	7.71
December 2014	4.00	7.73
January 2015	4.01	7.76
February 2015	4.02	7.78
March 2015	4.06	7.78
April 2015	4.06	7.80
May 2015	4.08	7.83
June 2015	4.08	7.84
July 2015	4.11	7.86
August 2015	4.12	7.88
September 2015	4.13	7.89
October 2015	4.11	7.92
November 2015	4.14	7.92
December 2015	4.16	7.94
January 2016	4.16	7.95
February 2016	4.20	7.99
March 2016	4.19	7.98
April 2016	4.19	8.00
May 2016	4.22	8.01
June 2016	4.26	8.02
July 2016	4.26	8.03
August 2016	4.26	8.05
September 2016	4.27	8.07
October 2016	4.27	8.08
November 2016	4.27	8.11
December 2016	4.32	8.13
January 2017	4.32	8.15
February 2017	4.32	8.15
March 2017	4.35	8.19
April 2017	4.37	8.17
May 2017	4.37	8.17
June 2017	4.40	8.17
July 2017	4.40	8.19
August 2017	4.41	8.19
September 2017	4.46	8.21
October 2017	4.47	8.22
November 2017	4.51	8.25
December 2017	4.54	8.29
January 2018	4.52	8.29
February 2018	4.53	8.28
March 2018	4.55	8.31
April 2018	4.55	8.34
May 2018	4.61	8.34
June 2018	4.58	8.37
July 2018	4.60	8.39
August 2018	4.62	8.41
September 2018	4.61	8.40
October 2018	4.64	8.43
November 2018	4.70	8.42
December 2018	4.57	8.42
January 2019	4.66	8.44
February 2019	4.64	8.45
March 2019	4.71	8.48
April 2019	4.73	8.48
May 2019	4.76	8.49
June 2019	4.78	8.52
July 2019	4.80	8.53
August 2019	4.81	8.54
September 2019	4.81	8.56
October 2019	4.81	8.57
November 2019	4.81	8.59
December 2019	4.81	8.59
January 2020	4.84	8.62
February 2020	4.82	8.63
March 2020	4.79	7.85
April 2020	4.19	6.89
May 2020	4.79	7.29
June 2020	5.06	7.74
July 2020	5.11	7.84
August 2020	5.13	7.93
September 2020	5.22	8.00
October 2020	5.22	8.02
November 2020	5.15	8.00
December 2020	5.07	7.98

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

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 13. Indexes of consumer sentiment

Monthly

Period	Conference Board (1985 = 100)	Michigan survey (1966 = 100)
January 2005	105.1	95.5
February 2005	104.4	94.1
March 2005	103.0	92.6
April 2005	97.5	87.7
May 2005	103.1	86.9
June 2005	106.2	96.0
July 2005	103.6	96.5
August 2005	105.5	89.1
September 2005	87.5	76.9
October 2005	85.2	74.2
November 2005	98.3	81.6
December 2005	103.8	91.5
January 2006	106.8	91.2
February 2006	102.7	86.7
March 2006	107.5	88.9
April 2006	109.8	87.4
May 2006	104.7	79.1
June 2006	105.4	84.9
July 2006	107.0	84.7
August 2006	100.2	82.0
September 2006	105.9	85.4
October 2006	105.1	93.6
November 2006	105.3	92.1
December 2006	110.0	91.7
January 2007	110.2	96.9
February 2007	111.2	91.3
March 2007	108.2	88.4
April 2007	106.3	87.1
May 2007	108.5	88.3
June 2007	105.3	85.3
July 2007	111.9	90.4
August 2007	105.6	83.4
September 2007	99.5	83.4
October 2007	95.2	80.9
November 2007	87.8	76.1
December 2007	90.6	75.5
January 2008	87.3	78.4
February 2008	76.4	70.8
March 2008	65.9	69.5
April 2008	62.8	62.6
May 2008	58.1	59.8
June 2008	51.0	56.4
July 2008	51.9	61.2
August 2008	58.5	63.0
September 2008	61.4	70.3
October 2008	38.8	57.6
November 2008	44.7	55.3
December 2008	38.6	60.1
January 2009	37.4	61.2
February 2009	25.3	56.3
March 2009	26.9	57.3
April 2009	40.8	65.1
May 2009	54.8	68.7
June 2009	49.3	70.8
July 2009	47.4	66.0
August 2009	54.5	65.7
September 2009	53.4	73.5
October 2009	48.7	70.6
November 2009	50.6	67.4
December 2009	53.6	72.5
January 2010	56.5	74.4
February 2010	46.4	73.6
March 2010	52.3	73.6
April 2010	57.7	72.2
May 2010	62.7	73.6
June 2010	54.3	76.0
July 2010	51.0	67.8
August 2010	53.2	68.9
September 2010	48.6	68.2
October 2010	49.9	67.7
November 2010	57.8	71.6
December 2010	63.4	74.5
January 2011	64.8	74.2
February 2011	72.0	77.5
March 2011	63.8	67.5
April 2011	66.0	69.8
May 2011	61.7	74.3
June 2011	57.6	71.5
July 2011	59.2	63.7
August 2011	45.2	55.8
September 2011	46.4	59.5
October 2011	40.9	60.8
November 2011	55.2	63.7
December 2011	64.8	69.9
January 2012	61.5	75.0
February 2012	71.6	75.3
March 2012	69.5	76.2
April 2012	68.7	76.4
May 2012	64.4	79.3
June 2012	62.7	73.2
July 2012	65.4	72.3
August 2012	61.3	74.3
September 2012	68.4	78.3
October 2012	73.1	82.6
November 2012	71.5	82.7
December 2012	66.7	72.9
January 2013	58.4	73.8
February 2013	68.0	77.6
March 2013	61.9	78.6
April 2013	69.0	76.4
May 2013	74.3	84.5
June 2013	82.1	84.1
July 2013	81.0	85.1
August 2013	81.8	82.1
September 2013	80.2	77.5
October 2013	72.4	73.2
November 2013	72.0	75.1
December 2013	77.5	82.5
January 2014	79.4	81.2
February 2014	78.3	81.6
March 2014	83.9	80.0
April 2014	81.7	84.1
May 2014	82.2	81.9
June 2014	86.4	82.5
July 2014	90.3	81.8
August 2014	93.4	82.5
September 2014	89.0	84.6
October 2014	94.1	86.9
November 2014	91.0	88.8
December 2014	93.1	93.6
January 2015	103.8	98.1
February 2015	98.8	95.4
March 2015	101.4	93.0
April 2015	94.3	95.9
May 2015	94.6	90.7
June 2015	99.8	96.1
July 2015	91.0	93.1
August 2015	101.3	91.9
September 2015	102.6	87.2
October 2015	99.1	90.0
November 2015	92.6	91.3
December 2015	96.3	92.6
January 2016	97.8	92.0
February 2016	94.0	91.7
March 2016	96.1	91.0
April 2016	94.7	89.0
May 2016	92.4	94.7
June 2016	97.4	93.5
July 2016	96.7	90.0
August 2016	101.8	89.8
September 2016	103.5	91.2
October 2016	100.8	87.2
November 2016	109.4	93.8
December 2016	113.3	98.2
January 2017	111.6	98.5
February 2017	116.1	96.3
March 2017	124.9	96.9
April 2017	119.4	97.0
May 2017	117.6	97.1
June 2017	117.3	95.0
July 2017	120.0	93.4
August 2017	120.4	96.8
September 2017	120.6	95.1
October 2017	126.2	100.7
November 2017	128.6	98.5
December 2017	123.1	95.9
January 2018	124.3	95.7
February 2018	130.0	99.7
March 2018	127.0	101.4
April 2018	125.6	98.8
May 2018	128.8	98.0
June 2018	127.1	98.2
July 2018	127.9	97.9
August 2018	134.7	96.2
September 2018	135.3	100.1
October 2018	137.9	98.6
November 2018	136.4	97.5
December 2018	126.6	98.3
January 2019	121.7	91.2
February 2019	131.4	93.8
March 2019	124.2	98.4
April 2019	129.2	97.2
May 2019	131.3	100.0
June 2019	124.3	98.2
July 2019	135.8	98.4
August 2019	134.2	89.8
September 2019	126.3	93.2
October 2019	126.1	95.5
November 2019	126.8	96.8
December 2019	128.2	99.3
January 2020	130.4	99.8
February 2020	132.6	101.0
March 2020	118.8	89.1
April 2020	85.7	71.8
May 2020	85.9	72.3
June 2020	98.3	78.1
July 2020	91.7	72.5
August 2020	86.3	74.1
September 2020	101.3	80.4
October 2020	101.4	81.8
November 2020	92.9	76.9
December 2020	87.1	80.7
January 2021	89.3	79.0
February 2021	ND	76.2

Note: The data are monthly. Michigan survey data extend through February 2021; the February data are preliminary.

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

Return to text

Figure 14. Personal saving rate

Monthly
Percent

Period	Personal saving rate
January 2005	3.60
February 2005	3.20
March 2005	3.40
April 2005	3.00
May 2005	3.50
June 2005	2.80
July 2005	2.20
August 2005	2.60
September 2005	2.60
October 2005	3.00
November 2005	3.50
December 2005	3.60
January 2006	4.20
February 2006	4.20
March 2006	4.20
April 2006	3.90
May 2006	3.70
June 2006	3.90
July 2006	3.30
August 2006	3.60
September 2006	3.50
October 2006	3.50
November 2006	3.90
December 2006	3.70
January 2007	3.60
February 2007	4.00
March 2007	4.30
April 2007	4.10
May 2007	3.90
June 2007	3.70
July 2007	3.60
August 2007	3.30
September 2007	3.50
October 2007	3.30
November 2007	3.10
December 2007	3.50
January 2008	3.70
February 2008	4.10
March 2008	4.00
April 2008	3.40
May 2008	7.80
June 2008	5.50
July 2008	4.40
August 2008	3.80
September 2008	4.70
October 2008	5.50
November 2008	6.50
December 2008	6.40
January 2009	6.20
February 2009	5.50
March 2009	5.90
April 2009	6.80
May 2009	8.20
June 2009	6.70
July 2009	6.00
August 2009	4.90
September 2009	5.90
October 2009	5.40
November 2009	5.90
December 2009	5.90
January 2010	6.10
February 2010	5.80
March 2010	5.70
April 2010	6.40
May 2010	7.00
June 2010	6.90
July 2010	6.80
August 2010	6.90
September 2010	6.70
October 2010	6.60
November 2010	6.60
December 2010	7.10
January 2011	7.40
February 2011	7.60
March 2011	7.00
April 2011	6.90
May 2011	6.90
June 2011	7.20
July 2011	7.20
August 2011	7.20
September 2011	6.80
October 2011	6.80
November 2011	6.90
December 2011	7.80
January 2012	8.00
February 2012	8.00
March 2012	8.50
April 2012	8.70
May 2012	8.80
June 2012	9.10
July 2012	8.20
August 2012	7.90
September 2012	8.20
October 2012	8.80
November 2012	9.70
December 2012	12.00
January 2013	6.30
February 2013	5.80
March 2013	5.90
April 2013	6.40
May 2013	6.70
June 2013	6.80
July 2013	6.60
August 2013	6.70
September 2013	6.80
October 2013	6.20
November 2013	6.10
December 2013	6.40
January 2014	7.10
February 2014	7.10
March 2014	7.20
April 2014	7.20
May 2014	7.40
June 2014	7.50
July 2014	7.50
August 2014	7.30
September 2014	7.50
October 2014	7.30
November 2014	7.40
December 2014	7.70
January 2015	8.10
February 2015	8.20
March 2015	7.70
April 2015	7.60
May 2015	7.50
June 2015	7.40
July 2015	7.30
August 2015	7.30
September 2015	7.40
October 2015	7.50
November 2015	7.20
December 2015	7.30
January 2016	7.60
February 2016	7.20
March 2016	7.50
April 2016	7.10
May 2016	6.90
June 2016	6.50
July 2016	6.70
August 2016	6.60
September 2016	6.60
October 2016	6.80
November 2016	6.70
December 2016	6.40
January 2017	6.70
February 2017	7.00
March 2017	7.00
April 2017	7.10
May 2017	7.60
June 2017	7.40
July 2017	7.50
August 2017	7.60
September 2017	7.30
October 2017	7.40
November 2017	7.00
December 2017	6.60
January 2018	7.50
February 2018	7.80
March 2018	7.80
April 2018	7.70
May 2018	7.70
June 2018	7.90
July 2018	7.90
August 2018	7.80
September 2018	7.90
October 2018	7.60
November 2018	7.40
December 2018	9.10
January 2019	8.50
February 2019	8.60
March 2019	8.00
April 2019	7.50
May 2019	7.30
June 2019	7.10
July 2019	7.00
August 2019	7.30
September 2019	7.30
October 2019	7.20
November 2019	7.50
December 2019	7.20
January 2020	7.60
February 2020	8.30
March 2020	12.90
April 2020	33.70
May 2020	24.70
June 2020	19.00
July 2020	18.50
August 2020	15.00
September 2020	14.40
October 2020	13.60
November 2020	12.90
December 2020	13.70

Note: The data extend through December 2020.

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 15. Real prices of existing single-family houses

Quarterly
2005 = 100

Period	S&P/Case-Shiller national index	Zillow index	CoreLogic price index
2005:Q1	100.00	100.00	100.00
2005:Q2	102.97	102.23	103.76
2005:Q3	105.03	104.14	106.64
2005:Q4	107.18	106.15	109.08
2006:Q1	108.88	107.84	110.37
2006:Q2	108.41	108.74	109.85
2006:Q3	106.95	109.04	108.41
2006:Q4	107.62	109.60	108.55
2007:Q1	107.06	108.66	106.19
2007:Q2	104.58	107.53	102.90
2007:Q3	102.07	106.10	100.13
2007:Q4	99.44	103.85	95.85
2008:Q1	96.48	101.17	90.44
2008:Q2	92.77	97.70	85.94
2008:Q3	89.22	94.17	82.36
2008:Q4	87.26	92.95	78.89
2009:Q1	84.43	90.93	74.96
2009:Q2	82.85	88.41	74.86
2009:Q3	82.46	86.36	75.83
2009:Q4	81.68	85.01	74.72
2010:Q1	80.48	84.54	72.53
2010:Q2	80.32	84.28	74.06
2010:Q3	78.97	83.28	73.88
2010:Q4	77.56	81.43	71.33
2011:Q1	76.01	79.35	68.56
2011:Q2	74.89	77.20	69.06
2011:Q3	74.17	75.91	70.08
2011:Q4	72.86	75.16	68.62
2012:Q1	72.24	74.38	67.37
2012:Q2	73.70	74.50	70.10
2012:Q3	74.63	74.93	72.24
2012:Q4	75.40	75.46	72.07
2013:Q1	77.02	76.50	72.58
2013:Q2	79.38	78.04	75.90
2013:Q3	81.17	79.50	78.09
2013:Q4	82.47	80.80	78.29
2014:Q1	83.33	81.71	78.38
2014:Q2	83.54	82.19	79.86
2014:Q3	84.09	82.71	80.96
2014:Q4	85.28	83.63	81.35
2015:Q1	86.61	84.98	82.21
2015:Q2	87.03	85.72	83.84
2015:Q3	87.85	86.61	84.93
2015:Q4	89.32	87.80	85.54
2016:Q1	90.29	88.93	86.17
2016:Q2	90.61	89.59	87.57
2016:Q3	91.44	90.53	88.43
2016:Q4	92.48	91.49	88.80
2017:Q1	93.32	92.38	89.22
2017:Q2	94.24	93.65	91.04
2017:Q3	95.30	94.74	92.09
2017:Q4	96.31	95.68	92.45
2018:Q1	97.28	96.62	92.95
2018:Q2	97.94	97.69	94.53
2018:Q3	98.51	98.75	95.00
2018:Q4	99.06	99.44	95.11
2019:Q1	99.57	100.29	95.37
2019:Q2	99.77	100.62	96.54
2019:Q3	100.17	101.33	96.94
2019:Q4	100.93	101.67	97.23
2020:Q1	102.06	102.40	97.80
2020:Q2	103.54	104.28	100.08
2020:Q3	104.81	105.34	101.36
2020:Q4	ND	108.02	104.03

Note: The data for the S&P/Case-Shiller index extend through 2020:Q3. Series are deflated by the personal consumption expenditure price index.

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

Return to text

Figure 16. Wealth-to-income ratio

Quarterly

Period	Ratio
1997:Q1	5.37
1997:Q2	5.53
1997:Q3	5.63
1997:Q4	5.62
1998:Q1	5.76
1998:Q2	5.78
1998:Q3	5.63
1998:Q4	5.87
1999:Q1	5.84
1999:Q2	5.96
1999:Q3	5.89
1999:Q4	6.13
2000:Q1	6.13
2000:Q2	6.01
2000:Q3	6.02
2000:Q4	5.90
2001:Q1	5.78
2001:Q2	5.93
2001:Q3	5.67
2001:Q4	5.94
2002:Q1	5.87
2002:Q2	5.72
2002:Q3	5.58
2002:Q4	5.66
2003:Q1	5.63
2003:Q2	5.80
2003:Q3	5.78
2003:Q4	5.96
2004:Q1	6.17
2004:Q2	6.16
2004:Q3	6.25
2004:Q4	6.37
2005:Q1	6.50
2005:Q2	6.58
2005:Q3	6.67
2005:Q4	6.70
2006:Q1	6.72
2006:Q2	6.67
2006:Q3	6.72
2006:Q4	6.79
2007:Q1	6.77
2007:Q2	6.74
2007:Q3	6.77
2007:Q4	6.63
2008:Q1	6.36
2008:Q2	6.05
2008:Q3	5.91
2008:Q4	5.66
2009:Q1	5.59
2009:Q2	5.56
2009:Q3	5.73
2009:Q4	5.71
2010:Q1	5.76
2010:Q2	5.63
2010:Q3	5.76
2010:Q4	5.77
2011:Q1	5.75
2011:Q2	5.76
2011:Q3	5.57
2011:Q4	5.64
2012:Q1	5.65
2012:Q2	5.60
2012:Q3	5.80
2012:Q4	5.68
2013:Q1	6.13
2013:Q2	6.18
2013:Q3	6.34
2013:Q4	6.45
2014:Q1	6.45
2014:Q2	6.49
2014:Q3	6.45
2014:Q4	6.51
2015:Q1	6.57
2015:Q2	6.57
2015:Q3	6.45
2015:Q4	6.52
2016:Q1	6.55
2016:Q2	6.63
2016:Q3	6.71
2016:Q4	6.67
2017:Q1	6.74
2017:Q2	6.78
2017:Q3	6.84
2017:Q4	6.93
2018:Q1	6.84
2018:Q2	6.85
2018:Q3	6.90
2018:Q4	6.58
2019:Q1	6.89
2019:Q2	7.01
2019:Q3	7.01
2019:Q4	7.15
2020:Q1	6.67
2020:Q2	6.53
2020:Q3	6.98

Note: The series is the ratio of household net worth to disposable personal income. Data extend through 2020:Q3.

Source: For net worth, Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States"; for income, Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 17. Consumer credit flows

Billions of dollars, monthly rate

Period	Credit cards	Auto loans	Student loans
2008	0.20	-1.92	7.22
2009	-7.33	-4.83	8.02
2010	-5.83	-3.40	7.09
2011	0.10	1.37	8.80
2012	-0.01	4.98	7.99
2013	1.19	5.72	7.61
2014	2.78	6.56	7.53
2015	4.22	6.60	7.04
2016	5.14	5.98	7.10
2017	4.81	3.27	6.96
2018	3.07	2.83	6.80
2019	3.30	3.68	6.32
2020:H1	-17.32	3.08	5.65
2020:Q3	-3.30	3.31	4.26

Note: The data are seasonally adjusted by the Federal Reserve Board.

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

Return to text

Figure 18. Mortgage rates

Weekly
Percent

Period	Mortgage rates
7 January 2010	5.09
14 January 2010	5.06
21 January 2010	4.99
28 January 2010	4.98
4 February 2010	5.01
11 February 2010	4.97
18 February 2010	4.93
25 February 2010	5.05
4 March 2010	4.97
11 March 2010	4.95
18 March 2010	4.96
25 March 2010	4.99
1 April 2010	5.08
8 April 2010	5.21
15 April 2010	5.07
22 April 2010	5.07
29 April 2010	5.06
6 May 2010	5.00
13 May 2010	4.93
20 May 2010	4.84
27 May 2010	4.78
3 June 2010	4.79
10 June 2010	4.72
17 June 2010	4.75
24 June 2010	4.69
1 July 2010	4.58
8 July 2010	4.57
15 July 2010	4.57
22 July 2010	4.56
29 July 2010	4.54
5 August 2010	4.49
12 August 2010	4.44
19 August 2010	4.42
26 August 2010	4.36
2 September 2010	4.32
9 September 2010	4.35
16 September 2010	4.37
23 September 2010	4.37
30 September 2010	4.32
7 October 2010	4.27
14 October 2010	4.19
21 October 2010	4.21
28 October 2010	4.23
4 November 2010	4.24
11 November 2010	4.17
18 November 2010	4.39
25 November 2010	4.40
2 December 2010	4.46
9 December 2010	4.61
16 December 2010	4.83
23 December 2010	4.81
30 December 2010	4.86
6 January 2011	4.77
13 January 2011	4.71
20 January 2011	4.74
27 January 2011	4.80
3 February 2011	4.81
10 February 2011	5.05
17 February 2011	5.00
24 February 2011	4.95
3 March 2011	4.87
10 March 2011	4.88
17 March 2011	4.76
24 March 2011	4.81
31 March 2011	4.86
7 April 2011	4.87
14 April 2011	4.91
21 April 2011	4.80
28 April 2011	4.78
5 May 2011	4.71
12 May 2011	4.63
19 May 2011	4.61
26 May 2011	4.60
2 June 2011	4.55
9 June 2011	4.49
16 June 2011	4.50
23 June 2011	4.50
30 June 2011	4.51
7 July 2011	4.60
14 July 2011	4.51
21 July 2011	4.52
28 July 2011	4.55
4 August 2011	4.39
11 August 2011	4.32
18 August 2011	4.15
25 August 2011	4.22
1 September 2011	4.22
8 September 2011	4.12
15 September 2011	4.09
22 September 2011	4.09
29 September 2011	4.01
6 October 2011	3.94
13 October 2011	4.12
20 October 2011	4.11
27 October 2011	4.10
3 November 2011	4.00
10 November 2011	3.99
17 November 2011	4.00
24 November 2011	3.98
1 December 2011	4.00
8 December 2011	3.99
15 December 2011	3.94
22 December 2011	3.91
29 December 2011	3.95
5 January 2012	3.91
12 January 2012	3.89
19 January 2012	3.88
26 January 2012	3.98
2 February 2012	3.87
9 February 2012	3.87
16 February 2012	3.87
23 February 2012	3.95
1 March 2012	3.90
8 March 2012	3.88
15 March 2012	3.92
22 March 2012	4.08
29 March 2012	3.99
5 April 2012	3.98
12 April 2012	3.88
19 April 2012	3.90
26 April 2012	3.88
3 May 2012	3.84
10 May 2012	3.83
17 May 2012	3.79
24 May 2012	3.78
31 May 2012	3.75
7 June 2012	3.67
14 June 2012	3.71
21 June 2012	3.66
28 June 2012	3.66
5 July 2012	3.62
12 July 2012	3.56
19 July 2012	3.53
26 July 2012	3.49
2 August 2012	3.55
9 August 2012	3.59
16 August 2012	3.62
23 August 2012	3.66
30 August 2012	3.59
6 September 2012	3.55
13 September 2012	3.55
20 September 2012	3.49
27 September 2012	3.40
4 October 2012	3.36
11 October 2012	3.39
18 October 2012	3.37
25 October 2012	3.41
1 November 2012	3.39
8 November 2012	3.40
15 November 2012	3.34
22 November 2012	3.31
29 November 2012	3.32
6 December 2012	3.34
13 December 2012	3.32
20 December 2012	3.37
27 December 2012	3.35
3 January 2013	3.34
10 January 2013	3.40
17 January 2013	3.38
24 January 2013	3.42
31 January 2013	3.53
7 February 2013	3.53
14 February 2013	3.53
21 February 2013	3.56
28 February 2013	3.51
7 March 2013	3.52
14 March 2013	3.63
21 March 2013	3.54
28 March 2013	3.57
4 April 2013	3.54
11 April 2013	3.43
18 April 2013	3.41
25 April 2013	3.40
2 May 2013	3.35
9 May 2013	3.42
16 May 2013	3.51
23 May 2013	3.59
30 May 2013	3.81
6 June 2013	3.91
13 June 2013	3.98
20 June 2013	3.93
27 June 2013	4.46
4 July 2013	4.29
11 July 2013	4.51
18 July 2013	4.37
25 July 2013	4.31
1 August 2013	4.39
8 August 2013	4.40
15 August 2013	4.40
22 August 2013	4.58
29 August 2013	4.51
5 September 2013	4.57
12 September 2013	4.57
19 September 2013	4.50
26 September 2013	4.32
3 October 2013	4.22
10 October 2013	4.23
17 October 2013	4.28
24 October 2013	4.13
31 October 2013	4.10
7 November 2013	4.16
14 November 2013	4.35
21 November 2013	4.22
28 November 2013	4.29
5 December 2013	4.46
12 December 2013	4.42
19 December 2013	4.47
26 December 2013	4.48
2 January 2014	4.53
9 January 2014	4.51
16 January 2014	4.41
23 January 2014	4.39
30 January 2014	4.32
6 February 2014	4.23
13 February 2014	4.28
20 February 2014	4.33
27 February 2014	4.37
6 March 2014	4.28
13 March 2014	4.37
20 March 2014	4.32
27 March 2014	4.40
3 April 2014	4.41
10 April 2014	4.34
17 April 2014	4.27
24 April 2014	4.33
1 May 2014	4.29
8 May 2014	4.21
15 May 2014	4.20
22 May 2014	4.14
29 May 2014	4.12
5 June 2014	4.14
12 June 2014	4.20
19 June 2014	4.17
26 June 2014	4.14
3 July 2014	4.12
10 July 2014	4.15
17 July 2014	4.13
24 July 2014	4.13
31 July 2014	4.12
7 August 2014	4.14
14 August 2014	4.12
21 August 2014	4.10
28 August 2014	4.10
4 September 2014	4.10
11 September 2014	4.12
18 September 2014	4.23
25 September 2014	4.20
2 October 2014	4.19
9 October 2014	4.12
16 October 2014	3.97
23 October 2014	3.92
30 October 2014	3.98
6 November 2014	4.02
13 November 2014	4.01
20 November 2014	3.99
27 November 2014	3.97
4 December 2014	3.89
11 December 2014	3.93
18 December 2014	3.80
25 December 2014	3.83
1 January 2015	3.87
8 January 2015	3.73
15 January 2015	3.66
22 January 2015	3.63
29 January 2015	3.66
5 February 2015	3.59
12 February 2015	3.69
19 February 2015	3.76
26 February 2015	3.80
5 March 2015	3.75
12 March 2015	3.86
19 March 2015	3.78
26 March 2015	3.69
2 April 2015	3.70
9 April 2015	3.66
16 April 2015	3.67
23 April 2015	3.65
30 April 2015	3.68
7 May 2015	3.80
14 May 2015	3.85
21 May 2015	3.84
28 May 2015	3.87
4 June 2015	3.87
11 June 2015	4.04
18 June 2015	4.00
25 June 2015	4.02
2 July 2015	4.08
9 July 2015	4.04
16 July 2015	4.09
23 July 2015	4.04
30 July 2015	3.98
6 August 2015	3.91
13 August 2015	3.94
20 August 2015	3.93
27 August 2015	3.84
3 September 2015	3.89
10 September 2015	3.90
17 September 2015	3.91
24 September 2015	3.86
1 October 2015	3.85
8 October 2015	3.76
15 October 2015	3.82
22 October 2015	3.79
29 October 2015	3.76
5 November 2015	3.87
12 November 2015	3.98
19 November 2015	3.97
26 November 2015	3.95
3 December 2015	3.93
10 December 2015	3.95
17 December 2015	3.97
24 December 2015	3.96
31 December 2015	4.01
7 January 2016	3.97
14 January 2016	3.92
21 January 2016	3.81
28 January 2016	3.79
4 February 2016	3.72
11 February 2016	3.65
18 February 2016	3.65
25 February 2016	3.62
3 March 2016	3.64
10 March 2016	3.68
17 March 2016	3.73
24 March 2016	3.71
31 March 2016	3.71
7 April 2016	3.59
14 April 2016	3.58
21 April 2016	3.59
28 April 2016	3.66
5 May 2016	3.61
12 May 2016	3.57
19 May 2016	3.58
26 May 2016	3.64
2 June 2016	3.66
9 June 2016	3.60
16 June 2016	3.54
23 June 2016	3.56
30 June 2016	3.48
7 July 2016	3.41
14 July 2016	3.42
21 July 2016	3.45
28 July 2016	3.48
4 August 2016	3.43
11 August 2016	3.45
18 August 2016	3.43
25 August 2016	3.43
1 September 2016	3.46
8 September 2016	3.44
15 September 2016	3.50
22 September 2016	3.48
29 September 2016	3.42
6 October 2016	3.42
13 October 2016	3.47
20 October 2016	3.52
27 October 2016	3.47
3 November 2016	3.54
10 November 2016	3.57
17 November 2016	3.94
24 November 2016	4.03
1 December 2016	4.08
8 December 2016	4.13
15 December 2016	4.16
22 December 2016	4.30
29 December 2016	4.32
5 January 2017	4.20
12 January 2017	4.12
19 January 2017	4.09
26 January 2017	4.19
2 February 2017	4.19
9 February 2017	4.17
16 February 2017	4.15
23 February 2017	4.16
2 March 2017	4.10
9 March 2017	4.21
16 March 2017	4.30
23 March 2017	4.23
30 March 2017	4.14
6 April 2017	4.10
13 April 2017	4.08
20 April 2017	3.97
27 April 2017	4.03
4 May 2017	4.02
11 May 2017	4.05
18 May 2017	4.02
25 May 2017	3.95
1 June 2017	3.94
8 June 2017	3.89
15 June 2017	3.91
22 June 2017	3.90
29 June 2017	3.88
6 July 2017	3.96
13 July 2017	4.03
20 July 2017	3.96
27 July 2017	3.92
3 August 2017	3.93
10 August 2017	3.90
17 August 2017	3.89
24 August 2017	3.86
31 August 2017	3.82
7 September 2017	3.78
14 September 2017	3.78
21 September 2017	3.83
28 September 2017	3.83
5 October 2017	3.85
12 October 2017	3.91
19 October 2017	3.88
26 October 2017	3.94
2 November 2017	3.94
9 November 2017	3.90
16 November 2017	3.95
23 November 2017	3.92
30 November 2017	3.90
7 December 2017	3.94
14 December 2017	3.93
21 December 2017	3.94
28 December 2017	3.99
4 January 2018	3.95
11 January 2018	3.99
18 January 2018	4.04
25 January 2018	4.15
1 February 2018	4.22
8 February 2018	4.32
15 February 2018	4.38
22 February 2018	4.40
1 March 2018	4.43
8 March 2018	4.46
15 March 2018	4.44
22 March 2018	4.45
29 March 2018	4.44
5 April 2018	4.40
12 April 2018	4.42
19 April 2018	4.47
26 April 2018	4.58
3 May 2018	4.55
10 May 2018	4.55
17 May 2018	4.61
24 May 2018	4.66
31 May 2018	4.56
7 June 2018	4.54
14 June 2018	4.62
21 June 2018	4.57
28 June 2018	4.55
5 July 2018	4.52
12 July 2018	4.53
19 July 2018	4.52
26 July 2018	4.54
2 August 2018	4.60
9 August 2018	4.59
16 August 2018	4.53
23 August 2018	4.51
30 August 2018	4.52
6 September 2018	4.54
13 September 2018	4.60
20 September 2018	4.65
27 September 2018	4.72
4 October 2018	4.71
11 October 2018	4.90
18 October 2018	4.85
25 October 2018	4.86
1 November 2018	4.83
8 November 2018	4.94
15 November 2018	4.94
22 November 2018	4.81
29 November 2018	4.81
6 December 2018	4.75
13 December 2018	4.63
20 December 2018	4.62
27 December 2018	4.55
3 January 2019	4.51
10 January 2019	4.45
17 January 2019	4.45
24 January 2019	4.45
31 January 2019	4.46
7 February 2019	4.41
14 February 2019	4.37
21 February 2019	4.35
28 February 2019	4.35
7 March 2019	4.41
14 March 2019	4.31
21 March 2019	4.28
28 March 2019	4.06
4 April 2019	4.08
11 April 2019	4.12
18 April 2019	4.17
25 April 2019	4.20
2 May 2019	4.14
9 May 2019	4.10
16 May 2019	4.07
23 May 2019	4.06
30 May 2019	3.99
6 June 2019	3.82
13 June 2019	3.82
20 June 2019	3.84
27 June 2019	3.73
4 July 2019	3.75
11 July 2019	3.75
18 July 2019	3.81
25 July 2019	3.75
1 August 2019	3.75
8 August 2019	3.60
15 August 2019	3.60
22 August 2019	3.55
29 August 2019	3.58
5 September 2019	3.49
12 September 2019	3.56
19 September 2019	3.73
26 September 2019	3.64
3 October 2019	3.65
10 October 2019	3.57
17 October 2019	3.69
24 October 2019	3.75
31 October 2019	3.78
7 November 2019	3.69
14 November 2019	3.75
21 November 2019	3.66
28 November 2019	3.68
5 December 2019	3.68
12 December 2019	3.73
19 December 2019	3.73
26 December 2019	3.74
2 January 2020	3.72
9 January 2020	3.64
16 January 2020	3.65
23 January 2020	3.60
30 January 2020	3.51
6 February 2020	3.45
13 February 2020	3.47
20 February 2020	3.49
27 February 2020	3.45
5 March 2020	3.29
12 March 2020	3.36
19 March 2020	3.65
26 March 2020	3.50
2 April 2020	3.33
9 April 2020	3.33
16 April 2020	3.31
23 April 2020	3.33
30 April 2020	3.23
7 May 2020	3.26
14 May 2020	3.28
21 May 2020	3.24
28 May 2020	3.15
4 June 2020	3.18
11 June 2020	3.21
18 June 2020	3.13
25 June 2020	3.13
2 July 2020	3.07
9 July 2020	3.03
16 July 2020	2.98
23 July 2020	3.01
30 July 2020	2.99
6 August 2020	2.88
13 August 2020	2.96
20 August 2020	2.99
27 August 2020	2.91
3 September 2020	2.93
10 September 2020	2.86
17 September 2020	2.87
24 September 2020	2.90
1 October 2020	2.88
8 October 2020	2.87
15 October 2020	2.81
22 October 2020	2.80
29 October 2020	2.81
5 November 2020	2.78
12 November 2020	2.84
19 November 2020	2.72
26 November 2020	2.72
3 December 2020	2.71
10 December 2020	2.71
17 December 2020	2.67
24 December 2020	2.66
31 December 2020	2.67
7 January 2021	2.65
14 January 2021	2.79
21 January 2021	2.77
28 January 2021	2.73
4 February 2021	2.73
11 February 2021	2.73

Note: The data extend through February 11, 2021.

Source: Freddie Mac Primary Mortgage Market Survey.

Return to text

Figure 19. Private housing starts and permits

Monthly
Millions of units, annual rate

Period	Multifamily starts	Single-family starts	Single-family permits
January 2005	0.41	1.74	1.65
February 2005	0.42	1.79	1.63
March 2005	0.28	1.58	1.58
April 2005	0.40	1.66	1.65
May 2005	0.31	1.71	1.64
June 2005	0.35	1.72	1.68
July 2005	0.33	1.72	1.72
August 2005	0.37	1.73	1.72
September 2005	0.36	1.79	1.80
October 2005	0.33	1.74	1.74
November 2005	0.34	1.81	1.73
December 2005	0.37	1.63	1.66
January 2006	0.45	1.82	1.69
February 2006	0.32	1.80	1.64
March 2006	0.37	1.60	1.55
April 2006	0.31	1.51	1.50
May 2006	0.37	1.57	1.45
June 2006	0.35	1.45	1.39
July 2006	0.31	1.42	1.31
August 2006	0.29	1.36	1.28
September 2006	0.34	1.38	1.22
October 2006	0.28	1.21	1.18
November 2006	0.28	1.29	1.16
December 2006	0.40	1.25	1.20
January 2007	0.28	1.13	1.17
February 2007	0.29	1.19	1.14
March 2007	0.29	1.20	1.15
April 2007	0.29	1.20	1.06
May 2007	0.29	1.13	1.04
June 2007	0.32	1.13	1.00
July 2007	0.31	1.04	0.98
August 2007	0.37	0.96	0.92
September 2007	0.25	0.94	0.86
October 2007	0.39	0.88	0.82
November 2007	0.36	0.83	0.80
December 2007	0.23	0.81	0.74
January 2008	0.31	0.77	0.71
February 2008	0.38	0.72	0.66
March 2008	0.28	0.73	0.64
April 2008	0.33	0.68	0.66
May 2008	0.29	0.68	0.63
June 2008	0.40	0.65	0.61
July 2008	0.31	0.62	0.57
August 2008	0.24	0.61	0.54
September 2008	0.28	0.54	0.53
October 2008	0.24	0.54	0.47
November 2008	0.19	0.46	0.42
December 2008	0.16	0.40	0.36
January 2009	0.13	0.36	0.34
February 2009	0.22	0.36	0.38
March 2009	0.15	0.35	0.36
April 2009	0.09	0.39	0.39
May 2009	0.13	0.41	0.43
June 2009	0.10	0.48	0.46
July 2009	0.09	0.51	0.49
August 2009	0.10	0.49	0.49
September 2009	0.08	0.51	0.48
October 2009	0.06	0.48	0.47
November 2009	0.09	0.50	0.48
December 2009	0.10	0.48	0.51
January 2010	0.10	0.51	0.50
February 2010	0.08	0.53	0.51
March 2010	0.09	0.54	0.54
April 2010	0.12	0.57	0.48
May 2010	0.13	0.46	0.44
June 2010	0.09	0.45	0.43
July 2010	0.12	0.43	0.41
August 2010	0.18	0.42	0.40
September 2010	0.15	0.45	0.40
October 2010	0.11	0.44	0.41
November 2010	0.09	0.45	0.42
December 2010	0.11	0.43	0.45
January 2011	0.20	0.43	0.42
February 2011	0.13	0.39	0.38
March 2011	0.17	0.43	0.40
April 2011	0.14	0.42	0.40
May 2011	0.15	0.41	0.41
June 2011	0.17	0.44	0.41
July 2011	0.19	0.43	0.42
August 2011	0.16	0.42	0.43
September 2011	0.23	0.42	0.43
October 2011	0.17	0.44	0.44
November 2011	0.25	0.47	0.45
December 2011	0.17	0.52	0.46
January 2012	0.21	0.52	0.46
February 2012	0.24	0.47	0.49
March 2012	0.22	0.47	0.48
April 2012	0.25	0.50	0.49
May 2012	0.19	0.52	0.49
June 2012	0.23	0.52	0.50
July 2012	0.22	0.52	0.52
August 2012	0.22	0.54	0.52
September 2012	0.25	0.59	0.56
October 2012	0.30	0.61	0.57
November 2012	0.26	0.57	0.57
December 2012	0.36	0.62	0.58
January 2013	0.28	0.60	0.59
February 2013	0.31	0.65	0.61
March 2013	0.39	0.62	0.61
April 2013	0.25	0.59	0.62
May 2013	0.32	0.61	0.62
June 2013	0.23	0.61	0.63
July 2013	0.29	0.59	0.62
August 2013	0.29	0.63	0.64
September 2013	0.27	0.58	0.63
October 2013	0.33	0.60	0.62
November 2013	0.40	0.70	0.64
December 2013	0.36	0.65	0.60
January 2014	0.32	0.57	0.62
February 2014	0.35	0.59	0.61
March 2014	0.32	0.65	0.62
April 2014	0.40	0.65	0.62
May 2014	0.36	0.65	0.63
June 2014	0.31	0.60	0.65
July 2014	0.43	0.66	0.65
August 2014	0.34	0.64	0.65
September 2014	0.36	0.66	0.66
October 2014	0.38	0.70	0.65
November 2014	0.34	0.66	0.66
December 2014	0.35	0.72	0.67
January 2015	0.38	0.70	0.66
February 2015	0.30	0.58	0.63
March 2015	0.33	0.63	0.66
April 2015	0.45	0.74	0.68
May 2015	0.37	0.71	0.70
June 2015	0.51	0.70	0.71
July 2015	0.39	0.76	0.70
August 2015	0.40	0.73	0.72
September 2015	0.48	0.75	0.72
October 2015	0.35	0.71	0.72
November 2015	0.40	0.77	0.73
December 2015	0.38	0.77	0.72
January 2016	0.35	0.76	0.72
February 2016	0.37	0.84	0.73
March 2016	0.36	0.76	0.73
April 2016	0.39	0.77	0.75
May 2016	0.39	0.74	0.75
June 2016	0.43	0.77	0.75
July 2016	0.47	0.78	0.72
August 2016	0.44	0.72	0.75
September 2016	0.29	0.78	0.75
October 2016	0.45	0.87	0.77
November 2016	0.33	0.82	0.77
December 2016	0.45	0.81	0.81
January 2017	0.41	0.79	0.80
February 2017	0.41	0.87	0.82
March 2017	0.35	0.83	0.83
April 2017	0.32	0.83	0.80
May 2017	0.32	0.80	0.79
June 2017	0.38	0.86	0.82
July 2017	0.36	0.85	0.82
August 2017	0.29	0.87	0.81
September 2017	0.34	0.84	0.83
October 2017	0.38	0.88	0.85
November 2017	0.35	0.95	0.85
December 2017	0.36	0.84	0.87
January 2018	0.44	0.87	0.86
February 2018	0.39	0.90	0.88
March 2018	0.44	0.89	0.86
April 2018	0.37	0.90	0.87
May 2018	0.39	0.95	0.86
June 2018	0.33	0.86	0.86
July 2018	0.33	0.86	0.88
August 2018	0.39	0.89	0.83
September 2018	0.37	0.88	0.86
October 2018	0.35	0.86	0.84
November 2018	0.40	0.80	0.84
December 2018	0.32	0.80	0.82
January 2019	0.32	0.95	0.81
February 2019	0.35	0.79	0.81
March 2019	0.36	0.84	0.82
April 2019	0.40	0.86	0.80
May 2019	0.45	0.82	0.83
June 2019	0.37	0.87	0.84
July 2019	0.34	0.88	0.85
August 2019	0.47	0.91	0.90
September 2019	0.37	0.91	0.90
October 2019	0.43	0.91	0.93
November 2019	0.44	0.93	0.94
December 2019	0.54	1.05	0.94
January 2020	0.63	0.99	0.98
February 2020	0.53	1.03	0.99
March 2020	0.39	0.88	0.88
April 2020	0.26	0.68	0.67
May 2020	0.31	0.73	0.75
June 2020	0.37	0.89	0.84
July 2020	0.50	0.99	0.98
August 2020	0.35	1.02	1.04
September 2020	0.34	1.10	1.11
October 2020	0.35	1.18	1.13
November 2020	0.38	1.20	1.14
December 2020	0.33	1.34	1.22

Note: The data extend through December 2020.

Source: Census Bureau via Haver Analytics.

Return to text

Figure 20. New and existing home sales

Monthly
Millions, annual rate

Period	Existing home sales	New home sales
January 2005	7.10	1.20
February 2005	6.89	1.32
March 2005	6.96	1.33
April 2005	7.12	1.26
May 2005	7.08	1.29
June 2005	7.18	1.27
July 2005	7.14	1.39
August 2005	7.23	1.26
September 2005	7.26	1.24
October 2005	7.11	1.34
November 2005	7.02	1.21
December 2005	6.85	1.24
January 2006	6.70	1.17
February 2006	6.85	1.06
March 2006	6.84	1.12
April 2006	6.70	1.12
May 2006	6.58	1.09
June 2006	6.48	1.07
July 2006	6.31	0.97
August 2006	6.34	1.04
September 2006	6.29	1.02
October 2006	6.35	0.94
November 2006	6.34	1.00
December 2006	6.42	1.00
January 2007	5.74	0.89
February 2007	5.79	0.83
March 2007	5.46	0.83
April 2007	5.29	0.89
May 2007	5.27	0.84
June 2007	5.12	0.79
July 2007	5.07	0.78
August 2007	4.87	0.70
September 2007	4.58	0.69
October 2007	4.43	0.73
November 2007	4.46	0.64
December 2007	4.41	0.62
January 2008	4.17	0.63
February 2008	4.12	0.59
March 2008	4.16	0.54
April 2008	4.11	0.54
May 2008	4.14	0.50
June 2008	4.09	0.49
July 2008	4.15	0.48
August 2008	4.19	0.44
September 2008	4.27	0.43
October 2008	4.09	0.39
November 2008	3.77	0.39
December 2008	4.01	0.38
January 2009	3.82	0.34
February 2009	3.97	0.37
March 2009	3.86	0.34
April 2009	3.90	0.34
May 2009	4.00	0.38
June 2009	4.10	0.39
July 2009	4.37	0.41
August 2009	4.45	0.42
September 2009	4.62	0.39
October 2009	5.02	0.40
November 2009	5.44	0.38
December 2009	4.40	0.35
January 2010	4.19	0.35
February 2010	4.27	0.34
March 2010	4.49	0.38
April 2010	4.82	0.42
May 2010	4.88	0.28
June 2010	4.45	0.31
July 2010	3.45	0.28
August 2010	3.68	0.28
September 2010	3.84	0.32
October 2010	3.83	0.29
November 2010	4.02	0.29
December 2010	4.27	0.33
January 2011	4.42	0.31
February 2011	4.16	0.27
March 2011	4.26	0.30
April 2011	4.17	0.31
May 2011	4.14	0.31
June 2011	4.23	0.30
July 2011	4.15	0.30
August 2011	4.38	0.30
September 2011	4.33	0.30
October 2011	4.34	0.32
November 2011	4.39	0.33
December 2011	4.35	0.34
January 2012	4.48	0.34
February 2012	4.58	0.37
March 2012	4.52	0.35
April 2012	4.59	0.35
May 2012	4.60	0.37
June 2012	4.47	0.36
July 2012	4.53	0.37
August 2012	4.76	0.38
September 2012	4.71	0.39
October 2012	4.79	0.36
November 2012	4.96	0.39
December 2012	4.89	0.40
January 2013	4.98	0.45
February 2013	5.06	0.45
March 2013	5.07	0.44
April 2013	5.09	0.44
May 2013	5.14	0.43
June 2013	5.11	0.47
July 2013	5.27	0.38
August 2013	5.26	0.38
September 2013	5.14	0.40
October 2013	5.04	0.44
November 2013	4.92	0.45
December 2013	4.86	0.43
January 2014	4.76	0.44
February 2014	4.78	0.42
March 2014	4.75	0.41
April 2014	4.79	0.40
May 2014	4.90	0.45
June 2014	4.94	0.42
July 2014	4.98	0.40
August 2014	4.97	0.46
September 2014	5.00	0.47
October 2014	5.12	0.48
November 2014	4.99	0.44
December 2014	5.09	0.50
January 2015	4.92	0.52
February 2015	5.08	0.54
March 2015	5.25	0.48
April 2015	5.17	0.50
May 2015	5.25	0.50
June 2015	5.36	0.48
July 2015	5.44	0.51
August 2015	5.36	0.52
September 2015	5.41	0.46
October 2015	5.28	0.48
November 2015	4.78	0.50
December 2015	5.44	0.55
January 2016	5.43	0.51
February 2016	5.26	0.52
March 2016	5.34	0.53
April 2016	5.47	0.57
May 2016	5.44	0.56
June 2016	5.47	0.56
July 2016	5.37	0.64
August 2016	5.40	0.58
September 2016	5.47	0.57
October 2016	5.56	0.58
November 2016	5.51	0.57
December 2016	5.52	0.56
January 2017	5.67	0.59
February 2017	5.45	0.60
March 2017	5.61	0.63
April 2017	5.56	0.59
May 2017	5.59	0.61
June 2017	5.49	0.62
July 2017	5.46	0.57
August 2017	5.39	0.56
September 2017	5.45	0.64
October 2017	5.46	0.63
November 2017	5.62	0.71
December 2017	5.57	0.66
January 2018	5.45	0.62
February 2018	5.52	0.64
March 2018	5.54	0.66
April 2018	5.43	0.64
May 2018	5.39	0.66
June 2018	5.43	0.61
July 2018	5.35	0.62
August 2018	5.30	0.60
September 2018	5.24	0.60
October 2018	5.19	0.55
November 2018	5.16	0.61
December 2018	5.01	0.56
January 2019	4.98	0.64
February 2019	5.38	0.67
March 2019	5.23	0.70
April 2019	5.23	0.66
May 2019	5.33	0.60
June 2019	5.32	0.73
July 2019	5.39	0.66
August 2019	5.43	0.71
September 2019	5.41	0.73
October 2019	5.41	0.71
November 2019	5.32	0.70
December 2019	5.53	0.73
January 2020	5.42	0.77
February 2020	5.76	0.72
March 2020	5.27	0.61
April 2020	4.33	0.57
May 2020	3.91	0.70
June 2020	4.70	0.84
July 2020	5.86	0.98
August 2020	5.98	0.98
September 2020	6.57	0.97
October 2020	6.86	0.95
November 2020	6.71	0.83
December 2020	6.76	0.84

Note: Data are monthly and extend through December 2020. New home sales include only single-family sales. Existing home sales include single-family, condo, and co-op sales.

Source: For new home sales, Census Bureau; for existing home sales, National Association of Realtors; all via Haver Analytics.

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Figure 21. Real business fixed investment

Quarterly
Billions of chained 2012 dollars

Period	Structures	Equipment and intangible capital
2005:Q1	467.31	1215.17
2005:Q2	465.40	1241.68
2005:Q3	463.37	1276.40
2005:Q4	468.16	1285.46
2006:Q1	485.66	1327.27
2006:Q2	500.69	1345.29
2006:Q3	510.14	1367.78
2006:Q4	510.32	1386.92
2007:Q1	529.39	1403.41
2007:Q2	558.80	1419.16
2007:Q3	585.61	1425.47
2007:Q4	600.60	1442.04
2008:Q1	603.28	1447.41
2008:Q2	613.27	1442.23
2008:Q3	609.55	1408.14
2008:Q4	595.50	1306.12
2009:Q1	551.28	1207.32
2009:Q2	508.95	1194.50
2009:Q3	474.32	1216.57
2009:Q4	434.14	1264.07
2010:Q1	405.11	1302.48
2010:Q2	416.76	1347.05
2010:Q3	410.71	1399.91
2010:Q4	418.56	1427.40
2011:Q1	387.83	1453.89
2011:Q2	414.76	1475.46
2011:Q3	439.40	1539.49
2011:Q4	454.53	1574.88
2012:Q1	476.04	1605.26
2012:Q2	487.37	1640.60
2012:Q3	481.81	1639.02
2012:Q4	472.52	1671.49
2013:Q1	462.12	1709.74
2013:Q2	475.77	1701.91
2013:Q3	499.77	1714.89
2013:Q4	504.17	1755.90
2014:Q1	521.89	1769.31
2014:Q2	540.34	1812.02
2014:Q3	542.16	1858.25
2014:Q4	550.96	1863.53
2015:Q1	545.06	1867.00
2015:Q2	549.09	1873.82
2015:Q3	531.81	1901.79
2015:Q4	510.55	1905.32
2016:Q1	491.83	1919.04
2016:Q2	500.93	1923.65
2016:Q3	520.58	1930.61
2016:Q4	528.46	1930.98
2017:Q1	538.54	1955.74
2017:Q2	537.62	1971.75
2017:Q3	522.31	2002.46
2017:Q4	528.39	2053.37
2018:Q1	554.85	2100.62
2018:Q2	561.65	2134.52
2018:Q3	553.19	2162.42
2018:Q4	534.89	2217.98
2019:Q1	545.54	2234.84
2019:Q2	547.75	2232.58
2019:Q3	552.55	2240.31
2019:Q4	545.14	2246.66
2020:Q1	540.01	2203.11
2020:Q2	487.50	2048.85
2020:Q3	464.69	2214.95
2020:Q4	468.14	2301.64

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

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 22. Selected components of net debt financing for nonfinancial businesses

Billions of dollars, monthly rate

Period	Bank loans	Bonds	Commercial paper	Sum
2007	32.89	10.34	0.94	44.17
2008	16.22	9.82	0.64	26.68
2009	-32.03	18.00	-6.09	-20.13
2010	-10.77	15.41	2.04	6.68
2011	11.08	13.31	2.78	27.18
2012	16.12	27.37	1.17	44.65
2013	19.57	23.28	1.18	44.03
2014	29.35	24.14	3.12	56.60
2015	18.29	33.51	-0.55	51.25
2016	9.49	22.39	0.43	32.30
2017	8.12	23.49	2.17	33.78
2018	29.62	12.88	-0.85	41.65
2019	8.93	20.71	-0.16	29.48
2020:H1	91.77	100.75	-4.74	187.78
2020:H2	-50.13	22.28	-5.67	-33.52

Source: Mergent Inc., Fixed Income Securities Database; S&P Global, Leveraged Commentary & Data; DTCC Solutions LLC, an affiliate of The Depository Trust & Clearing Corporation. This publication includes data licensed from DTCC Solutions LLC, an affiliate of The Depository Trust & Clearing Corporation. (For the DTCC licensing disclaimer, see the note on the Contents page.)

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Figure 23. Real imports and exports of goods and services

Quarterly
Billions of chained 2012 dollars

Period	Imports	Exports
2007:Q1	2634.23	1761.35
2007:Q2	2650.76	1788.42
2007:Q3	2661.52	1842.13
2007:Q4	2637.38	1897.39
2008:Q1	2645.61	1913.51
2008:Q2	2621.78	1974.66
2008:Q3	2587.99	1961.16
2008:Q4	2492.83	1852.40
2009:Q1	2246.49	1702.73
2009:Q2	2153.13	1707.89
2009:Q3	2242.93	1769.97
2009:Q4	2351.75	1874.47
2010:Q1	2408.56	1902.61
2010:Q2	2520.18	1947.62
2010:Q3	2612.58	2001.56
2010:Q4	2633.74	2059.62
2011:Q1	2650.84	2077.11
2011:Q2	2666.56	2110.78
2011:Q3	2696.96	2133.15
2011:Q4	2734.13	2155.16
2012:Q1	2749.00	2168.54
2012:Q2	2762.53	2192.18
2012:Q3	2777.31	2203.60
2012:Q4	2750.56	2200.80
2013:Q1	2758.61	2225.90
2013:Q2	2798.46	2252.66
2013:Q3	2818.65	2266.77
2013:Q4	2834.07	2333.16
2014:Q1	2866.20	2316.68
2014:Q2	2939.02	2366.79
2014:Q3	2946.58	2377.34
2014:Q4	3018.21	2400.29
2015:Q1	3065.59	2382.05
2015:Q2	3084.39	2388.04
2015:Q3	3111.15	2367.36
2015:Q4	3118.05	2363.54
2016:Q1	3114.89	2357.90
2016:Q2	3112.58	2366.61
2016:Q3	3151.83	2406.65
2016:Q4	3204.23	2397.88
2017:Q1	3238.35	2446.02
2017:Q2	3266.90	2451.90
2017:Q3	3281.00	2467.96
2017:Q4	3383.20	2536.24
2018:Q1	3386.12	2553.17
2018:Q2	3385.40	2565.25
2018:Q3	3451.28	2530.95
2018:Q4	3486.04	2548.79
2019:Q1	3467.79	2560.41
2019:Q2	3482.85	2531.42
2019:Q3	3486.79	2536.56
2019:Q4	3419.33	2557.85
2020:Q1	3283.11	2495.10
2020:Q2	2702.47	1927.42
2020:Q3	3185.54	2166.52
2020:Q4	3398.12	2276.98

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 24. U.S. trade and current account balances

Annual
Percent of nominal GDP

Period	Trade	Current account
2002	-3.90	-4.12
2003	-4.40	-4.53
2004	-5.10	-5.17
2005	-5.50	-5.72
2006	-5.60	-5.83
2007	-5.00	-4.92
2008	-4.90	-4.63
2009	-2.70	-2.58
2010	-3.40	-2.88
2011	-3.70	-2.87
2012	-3.50	-2.64
2013	-2.90	-2.08
2014	-2.90	-2.08
2015	-2.90	-2.24
2016	-2.70	-2.29
2017	-2.80	-2.25
2018	-3.00	-2.38
2019	-2.80	-2.33
2020	-3.10	ND
2020:Q1–Q3	ND	-2.92

Note: GDP is gross domestic product. The data for the trade balance extend through 2020. The data for the current account balance extend through 2019. The blue dot refers to the average current account balance for 2020:Q1–2020:Q3.

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 25. Federal receipts and expenditures

Monthly
Percent change from year earlier

Period	Expenditures	Receipts
January 2005	5.83	8.39
February 2005	6.88	8.73
March 2005	6.31	8.91
April 2005	6.01	12.78
May 2005	7.18	14.09
June 2005	6.83	13.88
July 2005	5.27	13.63
August 2005	7.04	13.14
September 2005	7.83	14.55
October 2005	8.53	15.16
November 2005	8.40	14.39
December 2005	8.30	14.03
January 2006	8.60	14.46
February 2006	8.14	14.55
March 2006	8.69	14.40
April 2006	6.93	13.00
May 2006	8.38	12.90
June 2006	8.92	13.21
July 2006	9.17	13.64
August 2006	8.44	12.61
September 2006	7.39	11.76
October 2006	8.07	11.96
November 2006	6.65	12.06
December 2006	5.60	11.55
January 2007	5.51	11.53
February 2007	5.11	11.27
March 2007	4.41	10.57
April 2007	5.75	11.75
May 2007	3.71	8.62
June 2007	2.67	7.77
July 2007	3.30	7.42
August 2007	5.28	8.03
September 2007	2.80	6.69
October 2007	2.69	6.32
November 2007	3.95	6.23
December 2007	4.85	6.14
January 2008	4.89	4.61
February 2008	6.10	3.71
March 2008	4.27	4.13
April 2008	5.31	2.12
May 2008	7.61	1.69
June 2008	6.57	0.55
July 2008	8.10	-0.26
August 2008	5.05	-1.12
September 2008	9.13	-1.71
October 2008	11.52	-2.63
November 2008	11.05	-3.07
December 2008	12.80	-5.21
January 2009	14.06	-6.14
February 2009	12.41	-6.32
March 2009	17.17	-8.69
April 2009	17.08	-14.66
May 2009	15.31	-13.61
June 2009	19.11	-14.79
July 2009	19.17	-14.81
August 2009	19.08	-14.94
September 2009	18.19	-16.61
October 2009	14.61	-17.35
November 2009	13.32	-17.59
December 2009	11.79	-17.04
January 2010	8.66	-16.91
February 2010	10.14	-15.44
March 2010	3.92	-12.62
April 2010	3.82	-8.17
May 2010	2.58	-6.55
June 2010	0.38	-3.00
July 2010	-1.93	-2.41
August 2010	-1.21	-1.03
September 2010	-1.82	2.73
October 2010	-2.30	4.70
November 2010	-0.55	6.02
December 2010	-1.00	7.87
January 2011	1.01	10.04
February 2011	-0.21	9.10
March 2011	6.27	7.70
April 2011	5.08	10.96
May 2011	4.35	10.74
June 2011	3.28	8.80
July 2011	2.69	8.76
August 2011	3.95	8.06
September 2011	4.15	6.51
October 2011	4.19	6.78
November 2011	2.55	6.18
December 2011	2.72	5.46
January 2012	1.47	4.80
February 2012	1.39	4.32
March 2012	-1.13	5.35
April 2012	-3.11	4.59
May 2012	0.27	3.56
June 2012	1.79	4.08
July 2012	1.74	5.03
August 2012	2.20	5.21
September 2012	-1.69	6.37
October 2012	0.19	6.50
November 2012	1.69	6.74
December 2012	-0.16	7.87
January 2013	0.46	9.14
February 2013	0.16	10.31
March 2013	-2.82	9.98
April 2013	0.09	12.33
May 2013	-1.09	12.75
June 2013	-5.96	13.36
July 2013	-3.86	12.80
August 2013	-6.58	12.62
September 2013	-2.38	13.27
October 2013	-3.96	12.88
November 2013	-5.57	13.30
December 2013	-5.20	12.58
January 2014	-4.37	11.84
February 2014	-3.81	11.83
March 2014	-2.84	12.35
April 2014	-3.39	8.93
May 2014	-4.39	8.36
June 2014	2.25	8.67
July 2014	1.29	8.58
August 2014	2.06	8.65
September 2014	1.43	8.88
October 2014	3.18	8.81
November 2014	1.63	8.32
December 2014	5.81	9.51
January 2015	5.19	8.97
February 2015	4.66	7.98
March 2015	6.90	7.50
April 2015	6.70	9.20
May 2015	5.91	9.53
June 2015	4.51	8.81
July 2015	6.05	8.65
August 2015	4.99	8.88
September 2015	5.25	7.56
October 2015	4.29	7.02
November 2015	6.94	7.14
December 2015	4.76	5.87
January 2016	2.40	5.72
February 2016	3.41	6.85
March 2016	3.78	6.02
April 2016	4.02	3.04
May 2016	4.45	3.02
June 2016	4.17	1.99
July 2016	0.93	1.16
August 2016	3.97	1.27
September 2016	4.46	0.56
October 2016	1.93	0.94
November 2016	3.24	0.36
December 2016	1.93	-1.01
January 2017	4.68	-0.28
February 2017	3.89	-1.10
March 2017	4.06	-1.25
April 2017	2.04	0.28
May 2017	3.94	0.39
June 2017	5.88	1.08
July 2017	6.06	2.23
August 2017	4.19	1.44
September 2017	3.33	1.47
October 2017	6.35	1.56
November 2017	4.71	1.98
December 2017	5.26	3.14
January 2018	4.81	2.70
February 2018	4.94	2.12
March 2018	4.10	2.30
April 2018	6.28	3.44
May 2018	5.77	2.23
June 2018	2.05	1.27
July 2018	3.97	0.40
August 2018	6.59	0.33
September 2018	3.19	0.42
October 2018	3.75	0.53
November 2018	5.08	0.20
December 2018	4.44	-0.39
January 2019	4.44	-1.52
February 2019	5.00	-0.70
March 2019	3.24	0.01
April 2019	4.59	-0.87
May 2019	5.54	0.26
June 2019	5.32	1.46
July 2019	6.30	2.45
August 2019	3.68	2.93
September 2019	8.25	4.01
October 2019	7.47	3.26
November 2019	6.39	3.91
December 2019	7.52	5.02
January 2020	8.77	6.66
February 2020	8.51	6.91
March 2020	9.16	6.57
April 2020	21.25	-2.95
May 2020	22.18	-5.11
June 2020	41.23	-8.34
July 2020	44.83	0.08
August 2020	44.88	-0.32
September 2020	47.35	-1.22
October 2020	49.63	-1.24
November 2020	47.32	-1.95
December 2020	49.68	-2.31
January 2021	50.39	-2.85

Note: The data are 12-month moving sums.

Source: Office of Management and Budget via Haver Analytics.

Return to text

Figure 26. Federal government debt and net interest outlays

Quarterly
Percent of nominal GDP

Period	Debt held by the public
1900:Q1	NC
1900:Q2	NC
1900:Q3	NC
1900:Q4	6.60
1901:Q1	NC
1901:Q2	NC
1901:Q3	NC
1901:Q4	5.70
1902:Q1	NC
1902:Q2	NC
1902:Q3	NC
1902:Q4	5.40
1903:Q1	NC
1903:Q2	NC
1903:Q3	NC
1903:Q4	5.00
1904:Q1	NC
1904:Q2	NC
1904:Q3	NC
1904:Q4	4.70
1905:Q1	NC
1905:Q2	NC
1905:Q3	NC
1905:Q4	4.30
1906:Q1	NC
1906:Q2	NC
1906:Q3	NC
1906:Q4	4.00
1907:Q1	NC
1907:Q2	NC
1907:Q3	NC
1907:Q4	4.00
1908:Q1	NC
1908:Q2	NC
1908:Q3	NC
1908:Q4	4.30
1909:Q1	NC
1909:Q2	NC
1909:Q3	NC
1909:Q4	3.80
1910:Q1	NC
1910:Q2	NC
1910:Q3	NC
1910:Q4	3.70
1911:Q1	NC
1911:Q2	NC
1911:Q3	NC
1911:Q4	3.60
1912:Q1	NC
1912:Q2	NC
1912:Q3	NC
1912:Q4	3.40
1913:Q1	NC
1913:Q2	NC
1913:Q3	NC
1913:Q4	3.20
1914:Q1	NC
1914:Q2	NC
1914:Q3	NC
1914:Q4	3.50
1915:Q1	NC
1915:Q2	NC
1915:Q3	NC
1915:Q4	3.30
1916:Q1	NC
1916:Q2	NC
1916:Q3	NC
1916:Q4	2.70
1917:Q1	NC
1917:Q2	NC
1917:Q3	NC
1917:Q4	13.30
1918:Q1	NC
1918:Q2	NC
1918:Q3	NC
1918:Q4	30.20
1919:Q1	NC
1919:Q2	NC
1919:Q3	NC
1919:Q4	33.40
1920:Q1	NC
1920:Q2	NC
1920:Q3	NC
1920:Q4	27.30
1921:Q1	NC
1921:Q2	NC
1921:Q3	NC
1921:Q4	31.60
1922:Q1	NC
1922:Q2	NC
1922:Q3	NC
1922:Q4	31.10
1923:Q1	NC
1923:Q2	NC
1923:Q3	NC
1923:Q4	25.20
1924:Q1	NC
1924:Q2	NC
1924:Q3	NC
1924:Q4	23.50
1925:Q1	NC
1925:Q2	NC
1925:Q3	NC
1925:Q4	21.60
1926:Q1	NC
1926:Q2	NC
1926:Q3	NC
1926:Q4	19.00
1927:Q1	NC
1927:Q2	NC
1927:Q3	NC
1927:Q4	18.00
1928:Q1	NC
1928:Q2	NC
1928:Q3	NC
1928:Q4	17.00
1929:Q1	NC
1929:Q2	NC
1929:Q3	NC
1929:Q4	14.80
1930:Q1	NC
1930:Q2	NC
1930:Q3	NC
1930:Q4	16.30
1931:Q1	NC
1931:Q2	NC
1931:Q3	NC
1931:Q4	22.00
1932:Q1	NC
1932:Q2	NC
1932:Q3	NC
1932:Q4	34.00
1933:Q1	NC
1933:Q2	NC
1933:Q3	NC
1933:Q4	38.60
1934:Q1	NC
1934:Q2	NC
1934:Q3	NC
1934:Q4	43.50
1935:Q1	NC
1935:Q2	NC
1935:Q3	NC
1935:Q4	42.30
1936:Q1	NC
1936:Q2	NC
1936:Q3	NC
1936:Q4	42.40
1937:Q1	NC
1937:Q2	NC
1937:Q3	NC
1937:Q4	39.60
1938:Q1	NC
1938:Q2	NC
1938:Q3	NC
1938:Q4	42.20
1939:Q1	NC
1939:Q2	NC
1939:Q3	NC
1939:Q4	42.40
1940:Q1	NC
1940:Q2	NC
1940:Q3	NC
1940:Q4	43.60
1941:Q1	NC
1941:Q2	NC
1941:Q3	NC
1941:Q4	41.50
1942:Q1	NC
1942:Q2	NC
1942:Q3	NC
1942:Q4	45.90
1943:Q1	NC
1943:Q2	NC
1943:Q3	NC
1943:Q4	69.20
1944:Q1	NC
1944:Q2	NC
1944:Q3	NC
1944:Q4	86.40
1945:Q1	NC
1945:Q2	NC
1945:Q3	NC
1945:Q4	103.90
1946:Q1	NC
1946:Q2	NC
1946:Q3	NC
1946:Q4	106.10
1947:Q1	NC
1947:Q2	NC
1947:Q3	NC
1947:Q4	85.01
1948:Q1	NC
1948:Q2	NC
1948:Q3	NC
1948:Q4	76.72
1949:Q1	NC
1949:Q2	NC
1949:Q3	NC
1949:Q4	80.43
1950:Q1	NC
1950:Q2	NC
1950:Q3	NC
1950:Q4	67.67
1951:Q1	NC
1951:Q2	NC
1951:Q3	NC
1951:Q4	60.66
1952:Q1	59.65
1952:Q2	59.30
1952:Q3	59.09
1952:Q4	58.14
1953:Q1	56.30
1953:Q2	55.68
1953:Q3	57.44
1953:Q4	59.19
1954:Q1	58.27
1954:Q2	57.87
1954:Q3	57.62
1954:Q4	57.75
1955:Q1	54.89
1955:Q2	53.31
1955:Q3	52.60
1955:Q4	52.63
1956:Q1	51.33
1956:Q2	49.32
1956:Q3	48.90
1956:Q4	48.67
1957:Q1	47.36
1957:Q2	45.79
1957:Q3	45.89
1957:Q4	46.71
1958:Q1	47.20
1958:Q2	47.20
1958:Q3	45.95
1958:Q4	46.15
1959:Q1	45.08
1959:Q2	44.06
1959:Q3	44.59
1959:Q4	44.87
1960:Q1	43.00
1960:Q2	42.68
1960:Q3	42.57
1960:Q4	43.45
1961:Q1	42.69
1961:Q2	41.89
1961:Q3	41.90
1961:Q4	41.63
1962:Q1	40.79
1962:Q2	40.32
1962:Q3	39.82
1962:Q4	40.56
1963:Q1	40.05
1963:Q2	39.47
1963:Q3	38.52
1963:Q4	38.54
1964:Q1	37.65
1964:Q2	36.96
1964:Q3	36.64
1964:Q4	37.01
1965:Q1	35.93
1965:Q2	34.84
1965:Q3	33.82
1965:Q4	33.64
1966:Q1	32.70
1966:Q2	31.79
1966:Q3	31.38
1966:Q4	31.60
1967:Q1	31.50
1967:Q2	30.37
1967:Q3	30.77
1967:Q4	31.35
1968:Q1	31.02
1968:Q2	29.79
1968:Q3	30.09
1968:Q4	29.85
1969:Q1	29.09
1969:Q2	27.40
1969:Q3	27.29
1969:Q4	27.54
1970:Q1	27.38
1970:Q2	26.39
1970:Q3	26.61
1970:Q4	27.37
1971:Q1	26.42
1971:Q2	26.08
1971:Q3	26.36
1971:Q4	27.13
1972:Q1	26.57
1972:Q2	25.35
1972:Q3	25.26
1972:Q4	25.44
1973:Q1	25.14
1973:Q2	24.02
1973:Q3	23.61
1973:Q4	23.37
1974:Q1	23.36
1974:Q2	22.38
1974:Q3	22.23
1974:Q4	22.32
1975:Q1	23.31
1975:Q2	23.83
1975:Q3	24.39
1975:Q4	25.13
1976:Q1	25.66
1976:Q2	25.72
1976:Q3	26.21
1976:Q4	26.47
1977:Q1	26.64
1977:Q2	25.72
1977:Q3	25.88
1977:Q4	26.27
1978:Q1	26.74
1978:Q2	25.37
1978:Q3	25.32
1978:Q4	25.07
1979:Q1	24.98
1979:Q2	24.18
1979:Q3	23.96
1979:Q4	24.12
1980:Q1	24.18
1980:Q2	24.34
1980:Q3	24.81
1980:Q4	24.60
1981:Q1	24.60
1981:Q2	24.23
1981:Q3	24.05
1981:Q4	24.99
1982:Q1	26.03
1982:Q2	25.86
1982:Q3	27.30
1982:Q4	28.84
1983:Q1	29.86
1983:Q2	30.29
1983:Q3	30.65
1983:Q4	30.75
1984:Q1	31.11
1984:Q2	31.09
1984:Q3	31.82
1984:Q4	32.88
1985:Q1	33.25
1985:Q2	33.82
1985:Q3	34.18
1985:Q4	35.77
1986:Q1	36.10
1986:Q2	36.93
1986:Q3	37.68
1986:Q4	38.77
1987:Q1	38.84
1987:Q2	38.82
1987:Q3	38.65
1987:Q4	38.93
1988:Q1	39.24
1988:Q2	38.74
1988:Q3	38.81
1988:Q4	38.98
1989:Q1	38.88
1989:Q2	38.35
1989:Q3	38.46
1989:Q4	39.17
1990:Q1	39.33
1990:Q2	39.38
1990:Q3	40.07
1990:Q4	41.60
1991:Q1	42.23
1991:Q2	42.30
1991:Q3	43.30
1991:Q4	44.32
1992:Q1	44.94
1992:Q2	45.18
1992:Q3	45.67
1992:Q4	46.11
1993:Q1	46.66
1993:Q2	47.02
1993:Q3	47.18
1993:Q4	47.57
1994:Q1	47.61
1994:Q2	46.85
1994:Q3	46.82
1994:Q4	46.84
1995:Q1	47.30
1995:Q2	47.27
1995:Q3	46.90
1995:Q4	46.79
1996:Q1	47.24
1996:Q2	45.98
1996:Q3	45.91
1996:Q4	45.78
1997:Q1	45.80
1997:Q2	44.14
1997:Q3	43.53
1997:Q4	43.40
1998:Q1	43.20
1998:Q2	41.80
1998:Q3	40.79
1998:Q4	40.37
1999:Q1	39.92
1999:Q2	38.34
1999:Q3	37.53
1999:Q4	37.18
2000:Q1	36.52
2000:Q2	33.80
2000:Q3	33.04
2000:Q4	32.43
2001:Q1	32.55
2001:Q2	30.68
2001:Q3	31.33
2001:Q4	31.70
2002:Q1	31.79
2002:Q2	31.68
2002:Q3	32.21
2002:Q4	32.85
2003:Q1	33.09
2003:Q2	33.65
2003:Q3	33.83
2003:Q4	34.26
2004:Q1	34.96
2004:Q2	34.75
2004:Q3	34.89
2004:Q4	35.09
2005:Q1	35.73
2005:Q2	34.98
2005:Q3	34.91
2005:Q4	35.26
2006:Q1	35.70
2006:Q2	34.78
2006:Q3	34.80
2006:Q4	34.80
2007:Q1	35.45
2007:Q2	34.25
2007:Q3	34.61
2007:Q4	34.88
2008:Q1	36.32
2008:Q2	35.61
2008:Q3	39.09
2008:Q4	43.68
2009:Q1	47.42
2009:Q2	49.91
2009:Q3	52.29
2009:Q4	53.34
2010:Q1	56.24
2010:Q2	57.78
2010:Q3	59.78
2010:Q4	61.56
2011:Q1	63.08
2011:Q2	62.82
2011:Q3	64.94
2011:Q4	66.16
2012:Q1	67.72
2012:Q2	68.40
2012:Q3	69.37
2012:Q4	70.86
2013:Q1	71.99
2013:Q2	71.59
2013:Q3	71.10
2013:Q4	72.30
2014:Q1	73.74
2014:Q2	72.08
2014:Q3	72.10
2014:Q4	72.93
2015:Q1	72.68
2015:Q2	71.71
2015:Q3	71.48
2015:Q4	74.36
2016:Q1	75.35
2016:Q2	74.64
2016:Q3	75.27
2016:Q4	75.79
2017:Q1	74.63
2017:Q2	74.07
2017:Q3	74.75
2017:Q4	74.25
2018:Q1	76.14
2018:Q2	75.20
2018:Q3	75.93
2018:Q4	76.95
2019:Q1	76.69
2019:Q2	75.85
2019:Q3	78.00
2019:Q4	78.87
2020:Q1	81.92
2020:Q2	105.15
2020:Q3	99.28

Note: The data for net interest outlays are annual, begin in 1948, and extend through 2020. Net interest outlays are the cost of servicing the debt held by the public. Federal debt held by the public equals federal debt less Treasury securities held in federal employee defined-benefit retirement accounts, evaluated at the end of the quarter. The data for federal debt begin in 1900 and are annual from 1900 to 1951 and quarterly thereafter. The data for gross domestic product (GDP) and federal debt extend through 2020:Q3.

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

Figure 26. continues

Annual
Percent of nominal GDP

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

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

Return to text

Figure 27. State and local tax receipts

Series: Total state taxes and property taxes

Horizon: January 2015 to November 2020

Description: A line chart with two curves. Units are year-over-year percent changes. The total state taxes data are monthly from January 2015 to November 2020. The property taxes data are quarterly from 2015:Q1 to 2020:Q3. The total state taxes curve starts at about 3, increases to nearly 6 by mid-2015, and then decreases to just above 0 by the end of 2016 before steadily increasing to about 8 by late 2018. The curve falls to about 3.5 by January 2019 and rebounds to about 5 in March, remaining between 5 and 7 until the end of 2019. It increases to about 8 in January 2020 and then drops to approximately negative 4.5 by June before increasing to about 0 and ending at about negative 0.5 in November 2020. The property taxes curve starts at about 2.5 and gradually increases to nearly 5.5 in 2017:Q4. The curve decreases through 2019:Q1 to about 3 and then increases to its peak near 6.5 in 2020:Q1 before ending just below 5 in 2020:Q3.

Note: State tax data are 12-month percent changes of 4-quarter moving averages, extend through November 2020, and are aggregated over all states except Wyoming, for which data are not available. Revenues from Washington, DC are also excluded. Data for October and November are missing for New Mexico, as this state has longer reporting lags than others. Property tax data are 4-quarter percent changes of 4-quarter moving averages, extend through 2020:Q3, and are primarily collected by local governments.

Source: State Tax and Economic Review Project, State and Local Finance Initiative at Urban Institute; Census Bureau.

Return to text

Figure 28. State and local government payroll employment

Monthly
Millions

Period	State and local government payroll employment
January 2005	19.008
February 2005	19.016
March 2005	19.007
April 2005	19.029
May 2005	19.047
June 2005	19.030
July 2005	19.129
August 2005	19.132
September 2005	19.113
October 2005	19.094
November 2005	19.120
December 2005	19.146
January 2006	19.120
February 2006	19.145
March 2006	19.170
April 2006	19.186
May 2006	19.192
June 2006	19.186
July 2006	19.233
August 2006	19.278
September 2006	19.350
October 2006	19.337
November 2006	19.354
December 2006	19.358
January 2007	19.364
February 2007	19.399
March 2007	19.418
April 2007	19.443
May 2007	19.460
June 2007	19.478
July 2007	19.444
August 2007	19.488
September 2007	19.542
October 2007	19.563
November 2007	19.590
December 2007	19.620
January 2008	19.650
February 2008	19.670
March 2008	19.691
April 2008	19.695
May 2008	19.726
June 2008	19.758
July 2008	19.801
August 2008	19.801
September 2008	19.769
October 2008	19.777
November 2008	19.782
December 2008	19.781
January 2009	19.793
February 2009	19.781
March 2009	19.763
April 2009	19.755
May 2009	19.757
June 2009	19.762
July 2009	19.695
August 2009	19.712
September 2009	19.625
October 2009	19.681
November 2009	19.691
December 2009	19.651
January 2010	19.631
February 2010	19.604
March 2010	19.595
April 2010	19.585
May 2010	19.580
June 2010	19.547
July 2010	19.518
August 2010	19.475
September 2010	19.378
October 2010	19.431
November 2010	19.421
December 2010	19.396
January 2011	19.384
February 2011	19.339
March 2011	19.315
April 2011	19.314
May 2011	19.258
June 2011	19.304
July 2011	19.187
August 2011	19.167
September 2011	19.137
October 2011	19.148
November 2011	19.129
December 2011	19.118
January 2012	19.113
February 2012	19.119
March 2012	19.115
April 2012	19.105
May 2012	19.088
June 2012	19.106
July 2012	19.098
August 2012	19.096
September 2012	19.103
October 2012	19.079
November 2012	19.074
December 2012	19.081
January 2013	19.063
February 2013	19.075
March 2013	19.076
April 2013	19.075
May 2013	19.089
June 2013	19.069
July 2013	19.054
August 2013	19.077
September 2013	19.082
October 2013	19.091
November 2013	19.097
December 2013	19.079
January 2014	19.078
February 2014	19.094
March 2014	19.105
April 2014	19.125
May 2014	19.104
June 2014	19.166
July 2014	19.170
August 2014	19.120
September 2014	19.162
October 2014	19.182
November 2014	19.192
December 2014	19.204
January 2015	19.215
February 2015	19.231
March 2015	19.222
April 2015	19.242
May 2015	19.259
June 2015	19.261
July 2015	19.294
August 2015	19.300
September 2015	19.281
October 2015	19.297
November 2015	19.315
December 2015	19.321
January 2016	19.343
February 2016	19.360
March 2016	19.395
April 2016	19.399
May 2016	19.407
June 2016	19.383
July 2016	19.489
August 2016	19.481
September 2016	19.517
October 2016	19.491
November 2016	19.479
December 2016	19.489
January 2017	19.494
February 2017	19.507
March 2017	19.514
April 2017	19.536
May 2017	19.526
June 2017	19.538
July 2017	19.557
August 2017	19.569
September 2017	19.584
October 2017	19.571
November 2017	19.597
December 2017	19.599
January 2018	19.564
February 2018	19.604
March 2018	19.610
April 2018	19.624
May 2018	19.640
June 2018	19.661
July 2018	19.665
August 2018	19.684
September 2018	19.690
October 2018	19.689
November 2018	19.668
December 2018	19.704
January 2019	19.707
February 2019	19.681
March 2019	19.709
April 2019	19.741
May 2019	19.731
June 2019	19.735
July 2019	19.779
August 2019	19.809
September 2019	19.837
October 2019	19.853
November 2019	19.872
December 2019	19.887
January 2020	19.937
February 2020	19.972
March 2020	19.895
April 2020	18.943
May 2020	18.437
June 2020	18.477
July 2020	18.659
August 2020	18.920
September 2020	18.740
October 2020	18.608
November 2020	18.600
December 2020	18.576
January 2021	18.643

Note: The data are seasonally adjusted.

Source: Bureau of Labor Statistics, National Compensation Survey.

Return to text

Figure 29. Market-implied federal funds rate path

Quarterly
Percent

Period	June 11, 2020	February 16, 2021
2020:Q1	ND	ND
2020:Q2	0.09	ND
2020:Q3	0.08	ND
2020:Q4	0.05	ND
2021:Q1	0.04	0.06
2021:Q2	0.01	0.08
2021:Q3	-0.00	0.08
2021:Q4	-0.01	0.09
2022:Q1	-0.01	0.10
2022:Q2	-0.00	0.10
2022:Q3	0.01	0.11
2022:Q4	0.04	0.13
2023:Q1	0.07	0.19
2023:Q2	0.10	0.28
2023:Q3	0.14	0.38
2023:Q4	0.18	0.49
2024:Q1	0.23	0.60
2024:Q2	0.27	0.71
2024:Q3	ND	0.82
2024:Q4	ND	0.93
2025:Q1	ND	1.03
2025:Q2	ND	ND
2025:Q3	ND	ND
2025:Q4	ND	ND

Note: The federal funds rate path is implied by quotes on overnight index swaps–-a derivative contract tied to the effective federal funds rate. The implied path as of June 11, 2020, is compared with that as of February 16, 2021. The path is estimated with a spline approach, assuming a term premium of 0 basis points. The June 11, 2020, path extends through June 2024 and the February 16, 2021, path through January 2025.

Source: Bloomberg; Federal Reserve Board staff estimates.

Return to text

Figure 30. Yields on nominal Treasury securities

Daily
Percent

Date	2-year	5-year	10-year
4 January 2011	0.63	2.01	3.36
5 January 2011	0.71	2.14	3.50
6 January 2011	0.68	2.09	3.44
7 January 2011	0.60	1.96	3.34
10 January 2011	0.59	1.93	3.32
11 January 2011	0.60	1.98	3.37
12 January 2011	0.61	1.99	3.40
13 January 2011	0.59	1.93	3.34
14 January 2011	0.59	1.95	3.35
17 January 2011	ND	ND	ND
18 January 2011	0.60	1.97	3.39
19 January 2011	0.60	1.95	3.37
20 January 2011	0.65	2.06	3.47
21 January 2011	0.63	2.04	3.44
24 January 2011	0.65	2.03	3.43
25 January 2011	0.62	1.96	3.35
26 January 2011	0.62	2.03	3.45
27 January 2011	0.59	1.98	3.42
28 January 2011	0.54	1.92	3.36
31 January 2011	0.58	1.95	3.42
1 February 2011	0.61	2.02	3.48
2 February 2011	0.67	2.10	3.52
3 February 2011	0.71	2.18	3.58
4 February 2011	0.77	2.27	3.68
7 February 2011	0.78	2.29	3.68
8 February 2011	0.86	2.39	3.75
9 February 2011	0.81	2.33	3.65
10 February 2011	0.85	2.40	3.70
11 February 2011	0.85	2.38	3.64
14 February 2011	0.87	2.37	3.62
15 February 2011	0.84	2.35	3.61
16 February 2011	0.86	2.37	3.62
17 February 2011	0.80	2.30	3.58
18 February 2011	0.78	2.30	3.59
21 February 2011	ND	ND	ND
22 February 2011	0.74	2.16	3.46
23 February 2011	0.74	2.21	3.49
24 February 2011	0.73	2.19	3.46
25 February 2011	0.72	2.16	3.42
28 February 2011	0.69	2.13	3.42
1 March 2011	0.66	2.11	3.41
2 March 2011	0.69	2.16	3.46
3 March 2011	0.79	2.30	3.58
4 March 2011	0.68	2.17	3.49
7 March 2011	0.70	2.19	3.51
8 March 2011	0.73	2.22	3.56
9 March 2011	0.70	2.16	3.48
10 March 2011	0.65	2.05	3.37
11 March 2011	0.64	2.06	3.40
14 March 2011	0.61	2.00	3.36
15 March 2011	0.63	2.00	3.33
16 March 2011	0.58	1.87	3.22
17 March 2011	0.60	1.91	3.25
18 March 2011	0.61	1.96	3.28
21 March 2011	0.67	2.04	3.34
22 March 2011	0.68	2.07	3.34
23 March 2011	0.69	2.07	3.36
24 March 2011	0.72	2.14	3.42
25 March 2011	0.79	2.20	3.46
28 March 2011	0.81	2.23	3.47
29 March 2011	0.81	2.25	3.50
30 March 2011	0.80	2.21	3.47
31 March 2011	0.80	2.24	3.47
1 April 2011	0.80	2.24	3.46
4 April 2011	0.77	2.20	3.45
5 April 2011	0.84	2.28	3.50
6 April 2011	0.85	2.32	3.56
7 April 2011	0.81	2.29	3.58
8 April 2011	0.83	2.31	3.59
11 April 2011	0.85	2.31	3.59
12 April 2011	0.77	2.22	3.52
13 April 2011	0.75	2.19	3.49
14 April 2011	0.77	2.23	3.51
15 April 2011	0.71	2.14	3.43
18 April 2011	0.69	2.09	3.40
19 April 2011	0.68	2.09	3.39
20 April 2011	0.69	2.15	3.43
21 April 2011	0.68	2.14	3.42
22 April 2011	ND	ND	ND
25 April 2011	0.67	2.10	3.39
26 April 2011	0.65	2.05	3.34
27 April 2011	0.65	2.06	3.39
28 April 2011	0.62	2.00	3.34
29 April 2011	0.61	1.97	3.32
2 May 2011	0.61	1.96	3.31
3 May 2011	0.61	1.96	3.28
4 May 2011	0.60	1.95	3.25
5 May 2011	0.58	1.88	3.18
6 May 2011	0.57	1.87	3.19
9 May 2011	0.57	1.84	3.17
10 May 2011	0.59	1.91	3.23
11 May 2011	0.56	1.87	3.19
12 May 2011	0.57	1.89	3.22
13 May 2011	0.57	1.86	3.18
16 May 2011	0.54	1.83	3.15
17 May 2011	0.55	1.80	3.12
18 May 2011	0.58	1.87	3.18
19 May 2011	0.55	1.85	3.17
20 May 2011	0.55	1.82	3.15
23 May 2011	0.55	1.80	3.13
24 May 2011	0.56	1.81	3.12
25 May 2011	0.54	1.81	3.13
26 May 2011	0.48	1.72	3.07
27 May 2011	0.48	1.71	3.07
30 May 2011	ND	ND	ND
31 May 2011	0.45	1.68	3.05
1 June 2011	0.44	1.60	2.96
2 June 2011	0.45	1.65	3.04
3 June 2011	0.42	1.60	2.99
6 June 2011	0.43	1.60	3.01
7 June 2011	0.39	1.59	3.01
8 June 2011	0.39	1.52	2.98
9 June 2011	0.43	1.60	3.01
10 June 2011	0.41	1.58	2.99
13 June 2011	0.40	1.59	3.00
14 June 2011	0.45	1.70	3.11
15 June 2011	0.38	1.55	2.98
16 June 2011	0.38	1.52	2.93
17 June 2011	0.38	1.53	2.94
20 June 2011	0.38	1.55	2.97
21 June 2011	0.40	1.57	2.99
22 June 2011	0.39	1.58	3.01
23 June 2011	0.35	1.48	2.93
24 June 2011	0.35	1.40	2.88
27 June 2011	0.41	1.47	2.95
28 June 2011	0.48	1.62	3.05
29 June 2011	0.47	1.70	3.14
30 June 2011	0.45	1.76	3.18
1 July 2011	0.50	1.80	3.22
4 July 2011	ND	ND	ND
5 July 2011	0.44	1.70	3.16
6 July 2011	0.43	1.66	3.12
7 July 2011	0.49	1.74	3.17
8 July 2011	0.40	1.57	3.03
11 July 2011	0.37	1.49	2.94
12 July 2011	0.37	1.47	2.92
13 July 2011	0.37	1.45	2.92
14 July 2011	0.38	1.51	2.98
15 July 2011	0.37	1.46	2.94
18 July 2011	0.37	1.45	2.94
19 July 2011	0.39	1.45	2.91
20 July 2011	0.40	1.49	2.96
21 July 2011	0.40	1.56	3.03
22 July 2011	0.40	1.53	2.99
25 July 2011	0.42	1.55	3.03
26 July 2011	0.41	1.51	2.99
27 July 2011	0.44	1.56	3.01
28 July 2011	0.42	1.52	2.98
29 July 2011	0.36	1.35	2.82
1 August 2011	0.38	1.32	2.77
2 August 2011	0.33	1.23	2.66
3 August 2011	0.33	1.25	2.64
4 August 2011	0.27	1.12	2.47
5 August 2011	0.28	1.23	2.58
8 August 2011	0.27	1.11	2.40
9 August 2011	0.19	0.91	2.20
10 August 2011	0.19	0.93	2.17
11 August 2011	0.19	1.02	2.34
12 August 2011	0.20	0.96	2.24
15 August 2011	0.19	0.99	2.29
16 August 2011	0.20	0.95	2.23
17 August 2011	0.19	0.92	2.17
18 August 2011	0.20	0.90	2.08
19 August 2011	0.20	0.90	2.07
22 August 2011	0.22	0.94	2.10
23 August 2011	0.22	0.95	2.15
24 August 2011	0.23	1.05	2.29
25 August 2011	0.22	0.98	2.23
26 August 2011	0.20	0.94	2.19
29 August 2011	0.20	0.99	2.28
30 August 2011	0.20	0.94	2.19
31 August 2011	0.20	0.96	2.23
1 September 2011	0.19	0.90	2.15
2 September 2011	0.20	0.88	2.02
5 September 2011	ND	ND	ND
6 September 2011	0.21	0.88	1.98
7 September 2011	0.21	0.92	2.05
8 September 2011	0.19	0.88	2.00
9 September 2011	0.17	0.81	1.93
12 September 2011	0.21	0.87	1.94
13 September 2011	0.21	0.89	2.00
14 September 2011	0.19	0.91	2.03
15 September 2011	0.21	0.95	2.09
16 September 2011	0.18	0.94	2.08
19 September 2011	0.16	0.85	1.97
20 September 2011	0.18	0.85	1.95
21 September 2011	0.21	0.88	1.88
22 September 2011	0.20	0.79	1.72
23 September 2011	0.23	0.89	1.84
26 September 2011	0.25	0.92	1.91
27 September 2011	0.25	0.97	2.00
28 September 2011	0.27	0.99	2.03
29 September 2011	0.27	0.98	1.99
30 September 2011	0.25	0.96	1.92
3 October 2011	0.24	0.87	1.80
4 October 2011	0.25	0.90	1.81
5 October 2011	0.25	0.96	1.92
6 October 2011	0.29	1.01	2.01
7 October 2011	0.30	1.08	2.10
10 October 2011	ND	ND	ND
11 October 2011	0.32	1.14	2.18
12 October 2011	0.29	1.17	2.24
13 October 2011	0.29	1.11	2.19
14 October 2011	0.28	1.12	2.26
17 October 2011	0.28	1.08	2.18
18 October 2011	0.28	1.07	2.19
19 October 2011	0.28	1.05	2.18
20 October 2011	0.28	1.07	2.20
21 October 2011	0.30	1.08	2.23
24 October 2011	0.30	1.10	2.25
25 October 2011	0.26	1.01	2.14
26 October 2011	0.28	1.09	2.23
27 October 2011	0.31	1.20	2.42
28 October 2011	0.28	1.13	2.34
31 October 2011	0.25	0.99	2.17
1 November 2011	0.23	0.90	2.01
2 November 2011	0.23	0.89	2.03
3 November 2011	0.24	0.91	2.09
4 November 2011	0.22	0.88	2.06
7 November 2011	0.25	0.88	2.04
8 November 2011	0.25	0.92	2.10
9 November 2011	0.24	0.88	2.00
10 November 2011	0.24	0.90	2.04
11 November 2011	ND	ND	ND
14 November 2011	0.24	0.91	2.04
15 November 2011	0.26	0.93	2.06
16 November 2011	0.26	0.90	2.01
17 November 2011	0.27	0.88	1.96
18 November 2011	0.29	0.94	2.01
21 November 2011	0.27	0.92	1.97
22 November 2011	0.26	0.91	1.94
23 November 2011	0.26	0.88	1.89
24 November 2011	ND	ND	ND
25 November 2011	0.28	0.93	1.97
28 November 2011	0.26	0.91	1.97
29 November 2011	0.27	0.93	2.00
30 November 2011	0.25	0.96	2.08
1 December 2011	0.27	0.97	2.11
2 December 2011	0.25	0.92	2.05
5 December 2011	0.27	0.93	2.04
6 December 2011	0.25	0.94	2.08
7 December 2011	0.24	0.89	2.02
8 December 2011	0.22	0.86	1.99
9 December 2011	0.22	0.89	2.07
12 December 2011	0.24	0.87	2.03
13 December 2011	0.24	0.85	1.96
14 December 2011	0.25	0.86	1.92
15 December 2011	0.26	0.86	1.92
16 December 2011	0.24	0.81	1.86
19 December 2011	0.24	0.82	1.82
20 December 2011	0.26	0.88	1.94
21 December 2011	0.28	0.91	1.98
22 December 2011	0.28	0.91	1.97
23 December 2011	0.28	0.97	2.03
26 December 2011	ND	ND	ND
27 December 2011	0.30	0.96	2.02
28 December 2011	0.28	0.91	1.93
29 December 2011	0.28	0.88	1.91
30 December 2011	0.25	0.83	1.89
2 January 2012	ND	ND	ND
3 January 2012	0.27	0.89	1.97
4 January 2012	0.25	0.89	2.00
5 January 2012	0.27	0.88	2.02
6 January 2012	0.25	0.86	1.98
9 January 2012	0.26	0.85	1.98
10 January 2012	0.24	0.86	2.00
11 January 2012	0.24	0.82	1.93
12 January 2012	0.22	0.84	1.94
13 January 2012	0.24	0.80	1.89
16 January 2012	ND	ND	ND
17 January 2012	0.21	0.79	1.87
18 January 2012	0.24	0.82	1.92
19 January 2012	0.26	0.87	2.01
20 January 2012	0.26	0.91	2.05
23 January 2012	0.26	0.93	2.09
24 January 2012	0.24	0.92	2.08
25 January 2012	0.22	0.81	2.01
26 January 2012	0.22	0.77	1.96
27 January 2012	0.22	0.75	1.93
30 January 2012	0.22	0.73	1.87
31 January 2012	0.22	0.71	1.83
1 February 2012	0.23	0.72	1.87
2 February 2012	0.23	0.71	1.86
3 February 2012	0.23	0.78	1.97
6 February 2012	0.24	0.76	1.93
7 February 2012	0.25	0.82	2.00
8 February 2012	0.27	0.82	2.01
9 February 2012	0.27	0.86	2.04
10 February 2012	0.27	0.81	1.96
13 February 2012	0.29	0.85	1.99
14 February 2012	0.29	0.81	1.92
15 February 2012	0.29	0.81	1.93
16 February 2012	0.29	0.87	1.99
17 February 2012	0.29	0.88	2.01
20 February 2012	ND	ND	ND
21 February 2012	0.31	0.92	2.05
22 February 2012	0.29	0.88	2.01
23 February 2012	0.31	0.88	1.99
24 February 2012	0.31	0.89	1.98
27 February 2012	0.30	0.84	1.92
28 February 2012	0.30	0.84	1.94
29 February 2012	0.30	0.87	1.98
1 March 2012	0.30	0.89	2.03
2 March 2012	0.28	0.84	1.99
5 March 2012	0.31	0.87	2.00
6 March 2012	0.30	0.83	1.96
7 March 2012	0.30	0.85	1.98
8 March 2012	0.32	0.89	2.03
9 March 2012	0.33	0.90	2.04
12 March 2012	0.33	0.92	2.04
13 March 2012	0.35	0.99	2.14
14 March 2012	0.40	1.13	2.29
15 March 2012	0.37	1.11	2.29
16 March 2012	0.37	1.13	2.31
19 March 2012	0.39	1.20	2.39
20 March 2012	0.41	1.22	2.38
21 March 2012	0.39	1.15	2.31
22 March 2012	0.37	1.13	2.29
23 March 2012	0.37	1.10	2.25
26 March 2012	0.36	1.09	2.26
27 March 2012	0.33	1.04	2.20
28 March 2012	0.34	1.05	2.21
29 March 2012	0.33	1.01	2.18
30 March 2012	0.33	1.04	2.23
2 April 2012	0.33	1.03	2.22
3 April 2012	0.36	1.10	2.30
4 April 2012	0.35	1.05	2.25
5 April 2012	0.35	1.01	2.19
6 April 2012	0.32	0.89	2.07
9 April 2012	0.32	0.90	2.06
10 April 2012	0.28	0.85	2.01
11 April 2012	0.30	0.89	2.05
12 April 2012	0.29	0.90	2.08
13 April 2012	0.27	0.86	2.02
16 April 2012	0.27	0.85	2.00
17 April 2012	0.27	0.88	2.03
18 April 2012	0.27	0.86	2.00
19 April 2012	0.27	0.84	1.98
20 April 2012	0.29	0.86	1.99
23 April 2012	0.27	0.83	1.96
24 April 2012	0.27	0.86	2.00
25 April 2012	0.26	0.86	2.01
26 April 2012	0.26	0.83	1.98
27 April 2012	0.26	0.82	1.96
30 April 2012	0.27	0.82	1.95
1 May 2012	0.27	0.84	1.98
2 May 2012	0.27	0.82	1.96
3 May 2012	0.28	0.82	1.96
4 May 2012	0.27	0.78	1.91
7 May 2012	0.27	0.79	1.92
8 May 2012	0.27	0.77	1.88
9 May 2012	0.27	0.77	1.87
10 May 2012	0.27	0.79	1.89
11 May 2012	0.27	0.75	1.84
14 May 2012	0.29	0.73	1.78
15 May 2012	0.29	0.74	1.76
16 May 2012	0.30	0.75	1.76
17 May 2012	0.32	0.74	1.70
18 May 2012	0.32	0.75	1.71
21 May 2012	0.30	0.75	1.75
22 May 2012	0.30	0.78	1.79
23 May 2012	0.28	0.74	1.73
24 May 2012	0.29	0.77	1.77
25 May 2012	0.30	0.76	1.75
28 May 2012	ND	ND	ND
29 May 2012	0.30	0.76	1.74
30 May 2012	0.27	0.69	1.63
31 May 2012	0.27	0.67	1.59
1 June 2012	0.25	0.62	1.47
4 June 2012	0.25	0.68	1.53
5 June 2012	0.25	0.68	1.57
6 June 2012	0.26	0.73	1.66
7 June 2012	0.27	0.72	1.66
8 June 2012	0.28	0.71	1.65
11 June 2012	0.27	0.69	1.60
12 June 2012	0.30	0.75	1.67
13 June 2012	0.30	0.71	1.61
14 June 2012	0.30	0.73	1.64
15 June 2012	0.29	0.68	1.60
18 June 2012	0.29	0.69	1.59
19 June 2012	0.30	0.71	1.64
20 June 2012	0.32	0.74	1.65
21 June 2012	0.32	0.73	1.63
22 June 2012	0.31	0.76	1.69
25 June 2012	0.31	0.72	1.63
26 June 2012	0.31	0.75	1.66
27 June 2012	0.31	0.73	1.65
28 June 2012	0.31	0.69	1.60
29 June 2012	0.33	0.72	1.67
2 July 2012	0.30	0.67	1.61
3 July 2012	0.30	0.69	1.65
4 July 2012	ND	ND	ND
5 July 2012	0.28	0.68	1.62
6 July 2012	0.27	0.64	1.57
9 July 2012	0.27	0.63	1.53
10 July 2012	0.27	0.63	1.53
11 July 2012	0.27	0.64	1.54
12 July 2012	0.25	0.63	1.50
13 July 2012	0.25	0.63	1.52
16 July 2012	0.24	0.60	1.50
17 July 2012	0.25	0.62	1.53
18 July 2012	0.22	0.60	1.52
19 July 2012	0.22	0.62	1.54
20 July 2012	0.22	0.59	1.49
23 July 2012	0.22	0.57	1.47
24 July 2012	0.22	0.57	1.44
25 July 2012	0.22	0.56	1.43
26 July 2012	0.23	0.58	1.45
27 July 2012	0.25	0.65	1.58
30 July 2012	0.23	0.61	1.53
31 July 2012	0.23	0.60	1.51
1 August 2012	0.24	0.63	1.56
2 August 2012	0.24	0.61	1.51
3 August 2012	0.24	0.67	1.60
6 August 2012	0.24	0.65	1.59
7 August 2012	0.27	0.71	1.66
8 August 2012	0.29	0.73	1.68
9 August 2012	0.29	0.74	1.69
10 August 2012	0.27	0.71	1.65
13 August 2012	0.27	0.71	1.65
14 August 2012	0.27	0.75	1.73
15 August 2012	0.27	0.80	1.80
16 August 2012	0.29	0.83	1.83
17 August 2012	0.29	0.81	1.81
20 August 2012	0.29	0.80	1.82
21 August 2012	0.31	0.80	1.80
22 August 2012	0.26	0.71	1.71
23 August 2012	0.26	0.71	1.68
24 August 2012	0.28	0.72	1.68
27 August 2012	0.28	0.70	1.65
28 August 2012	0.27	0.69	1.64
29 August 2012	0.27	0.69	1.66
30 August 2012	0.27	0.66	1.63
31 August 2012	0.22	0.59	1.57
3 September 2012	ND	ND	ND
4 September 2012	0.23	0.62	1.59
5 September 2012	0.25	0.62	1.60
6 September 2012	0.27	0.68	1.68
7 September 2012	0.25	0.64	1.67
10 September 2012	0.25	0.66	1.68
11 September 2012	0.25	0.67	1.70
12 September 2012	0.25	0.70	1.77
13 September 2012	0.24	0.65	1.75
14 September 2012	0.27	0.72	1.88
17 September 2012	0.25	0.73	1.85
18 September 2012	0.25	0.71	1.82
19 September 2012	0.27	0.70	1.79
20 September 2012	0.27	0.70	1.80
21 September 2012	0.27	0.68	1.77
24 September 2012	0.27	0.68	1.74
25 September 2012	0.27	0.66	1.70
26 September 2012	0.26	0.63	1.64
27 September 2012	0.25	0.64	1.66
28 September 2012	0.23	0.62	1.65
1 October 2012	0.25	0.62	1.64
2 October 2012	0.23	0.61	1.64
3 October 2012	0.23	0.61	1.64
4 October 2012	0.23	0.63	1.70
5 October 2012	0.27	0.67	1.75
8 October 2012	ND	ND	ND
9 October 2012	0.25	0.67	1.74
10 October 2012	0.27	0.66	1.72
11 October 2012	0.28	0.67	1.70
12 October 2012	0.27	0.67	1.69
15 October 2012	0.27	0.67	1.70
16 October 2012	0.27	0.70	1.75
17 October 2012	0.30	0.78	1.83
18 October 2012	0.29	0.79	1.86
19 October 2012	0.30	0.77	1.79
22 October 2012	0.32	0.79	1.83
23 October 2012	0.29	0.77	1.79
24 October 2012	0.29	0.76	1.80
25 October 2012	0.31	0.82	1.86
26 October 2012	0.30	0.76	1.78
29 October 2012	0.30	0.74	1.74
30 October 2012	ND	ND	ND
31 October 2012	0.30	0.72	1.72
1 November 2012	0.30	0.73	1.75
2 November 2012	0.28	0.73	1.75
5 November 2012	0.28	0.70	1.72
6 November 2012	0.30	0.75	1.78
7 November 2012	0.27	0.67	1.68
8 November 2012	0.27	0.65	1.62
9 November 2012	0.27	0.65	1.61
12 November 2012	ND	ND	ND
13 November 2012	0.27	0.63	1.59
14 November 2012	0.25	0.63	1.59
15 November 2012	0.24	0.62	1.58
16 November 2012	0.24	0.62	1.58
19 November 2012	0.25	0.64	1.61
20 November 2012	0.27	0.67	1.66
21 November 2012	0.27	0.69	1.69
22 November 2012	ND	ND	ND
23 November 2012	0.29	0.70	1.70
26 November 2012	0.27	0.68	1.66
27 November 2012	0.27	0.66	1.64
28 November 2012	0.27	0.64	1.63
29 November 2012	0.25	0.63	1.62
30 November 2012	0.25	0.61	1.62
3 December 2012	0.25	0.63	1.63
4 December 2012	0.25	0.63	1.62
5 December 2012	0.25	0.61	1.60
6 December 2012	0.25	0.60	1.59
7 December 2012	0.25	0.63	1.64
10 December 2012	0.24	0.62	1.63
11 December 2012	0.24	0.64	1.66
12 December 2012	0.25	0.66	1.72
13 December 2012	0.27	0.70	1.74
14 December 2012	0.24	0.70	1.72
17 December 2012	0.25	0.74	1.78
18 December 2012	0.28	0.78	1.84
19 December 2012	0.28	0.77	1.82
20 December 2012	0.28	0.77	1.81
21 December 2012	0.26	0.75	1.77
24 December 2012	0.26	0.77	1.79
25 December 2012	ND	ND	ND
26 December 2012	0.26	0.76	1.77
27 December 2012	0.26	0.72	1.74
28 December 2012	0.27	0.72	1.73
31 December 2012	0.25	0.72	1.78
1 January 2013	ND	ND	ND
2 January 2013	0.27	0.76	1.86
3 January 2013	0.27	0.81	1.92
4 January 2013	0.27	0.82	1.93
7 January 2013	0.27	0.82	1.92
8 January 2013	0.25	0.79	1.89
9 January 2013	0.24	0.77	1.88
10 January 2013	0.26	0.80	1.91
11 January 2013	0.26	0.78	1.89
14 January 2013	0.26	0.78	1.89
15 January 2013	0.26	0.75	1.86
16 January 2013	0.26	0.75	1.84
17 January 2013	0.28	0.79	1.89
18 January 2013	0.26	0.77	1.87
21 January 2013	ND	ND	ND
22 January 2013	0.26	0.76	1.86
23 January 2013	0.26	0.76	1.86
24 January 2013	0.23	0.78	1.88
25 January 2013	0.28	0.87	1.98
28 January 2013	0.29	0.89	2.00
29 January 2013	0.30	0.90	2.03
30 January 2013	0.27	0.88	2.03
31 January 2013	0.27	0.88	2.02
1 February 2013	0.27	0.88	2.04
4 February 2013	0.25	0.85	2.00
5 February 2013	0.27	0.88	2.04
6 February 2013	0.27	0.84	2.00
7 February 2013	0.25	0.83	1.99
8 February 2013	0.25	0.84	1.99
11 February 2013	0.27	0.85	1.99
12 February 2013	0.29	0.88	2.02
13 February 2013	0.29	0.92	2.05
14 February 2013	0.27	0.86	2.00
15 February 2013	0.29	0.87	2.01
18 February 2013	ND	ND	ND
19 February 2013	0.29	0.89	2.03
20 February 2013	0.27	0.88	2.02
21 February 2013	0.26	0.86	1.99
22 February 2013	0.27	0.84	1.97
25 February 2013	0.25	0.78	1.88
26 February 2013	0.25	0.78	1.88
27 February 2013	0.27	0.78	1.91
28 February 2013	0.25	0.77	1.89
1 March 2013	0.25	0.75	1.86
4 March 2013	0.24	0.76	1.88
5 March 2013	0.25	0.77	1.90
6 March 2013	0.25	0.81	1.95
7 March 2013	0.25	0.85	2.00
8 March 2013	0.27	0.90	2.06
11 March 2013	0.27	0.90	2.07
12 March 2013	0.27	0.88	2.03
13 March 2013	0.27	0.89	2.04
14 March 2013	0.27	0.88	2.04
15 March 2013	0.25	0.84	2.01
18 March 2013	0.26	0.81	1.96
19 March 2013	0.24	0.79	1.92
20 March 2013	0.26	0.81	1.96
21 March 2013	0.27	0.81	1.95
22 March 2013	0.26	0.80	1.93
25 March 2013	0.24	0.80	1.93
26 March 2013	0.25	0.79	1.92
27 March 2013	0.25	0.76	1.87
28 March 2013	0.25	0.77	1.87
29 March 2013	ND	ND	ND
1 April 2013	0.23	0.76	1.86
2 April 2013	0.25	0.78	1.88
3 April 2013	0.24	0.73	1.83
4 April 2013	0.22	0.69	1.78
5 April 2013	0.24	0.68	1.72
8 April 2013	0.24	0.71	1.76
9 April 2013	0.24	0.70	1.78
10 April 2013	0.24	0.74	1.84
11 April 2013	0.24	0.74	1.82
12 April 2013	0.22	0.70	1.75
15 April 2013	0.22	0.69	1.72
16 April 2013	0.24	0.71	1.75
17 April 2013	0.24	0.71	1.73
18 April 2013	0.24	0.71	1.72
19 April 2013	0.24	0.72	1.73
22 April 2013	0.24	0.70	1.72
23 April 2013	0.23	0.71	1.74
24 April 2013	0.23	0.70	1.73
25 April 2013	0.23	0.71	1.74
26 April 2013	0.22	0.68	1.70
29 April 2013	0.20	0.68	1.70
30 April 2013	0.22	0.68	1.70
1 May 2013	0.20	0.65	1.66
2 May 2013	0.20	0.65	1.66
3 May 2013	0.22	0.73	1.78
6 May 2013	0.22	0.74	1.80
7 May 2013	0.22	0.75	1.82
8 May 2013	0.22	0.75	1.81
9 May 2013	0.22	0.75	1.81
10 May 2013	0.26	0.82	1.90
13 May 2013	0.24	0.83	1.92
14 May 2013	0.26	0.85	1.96
15 May 2013	0.26	0.84	1.94
16 May 2013	0.23	0.79	1.87
17 May 2013	0.26	0.84	1.95
20 May 2013	0.26	0.85	1.97
21 May 2013	0.26	0.84	1.94
22 May 2013	0.26	0.91	2.03
23 May 2013	0.26	0.91	2.02
24 May 2013	0.26	0.90	2.01
27 May 2013	ND	ND	ND
28 May 2013	0.29	1.02	2.15
29 May 2013	0.30	1.02	2.13
30 May 2013	0.31	1.01	2.13
31 May 2013	0.30	1.05	2.16
3 June 2013	0.30	1.03	2.13
4 June 2013	0.32	1.05	2.14
5 June 2013	0.30	1.02	2.10
6 June 2013	0.30	1.01	2.08
7 June 2013	0.32	1.10	2.17
10 June 2013	0.32	1.13	2.22
11 June 2013	0.34	1.12	2.20
12 June 2013	0.34	1.15	2.25
13 June 2013	0.32	1.11	2.19
14 June 2013	0.29	1.04	2.14
17 June 2013	0.27	1.06	2.19
18 June 2013	0.27	1.07	2.20
19 June 2013	0.31	1.24	2.33
20 June 2013	0.33	1.31	2.41
21 June 2013	0.38	1.42	2.52
24 June 2013	0.42	1.48	2.57
25 June 2013	0.43	1.49	2.60
26 June 2013	0.39	1.45	2.55
27 June 2013	0.36	1.38	2.49
28 June 2013	0.36	1.41	2.52
1 July 2013	0.34	1.39	2.50
2 July 2013	0.34	1.38	2.48
3 July 2013	0.36	1.42	2.52
4 July 2013	ND	ND	ND
5 July 2013	0.40	1.60	2.73
8 July 2013	0.37	1.51	2.65
9 July 2013	0.37	1.50	2.65
10 July 2013	0.38	1.54	2.70
11 July 2013	0.34	1.40	2.60
12 July 2013	0.37	1.43	2.61
15 July 2013	0.34	1.40	2.57
16 July 2013	0.34	1.38	2.55
17 July 2013	0.32	1.33	2.52
18 July 2013	0.32	1.35	2.56
19 July 2013	0.32	1.31	2.50
22 July 2013	0.32	1.32	2.50
23 July 2013	0.33	1.33	2.53
24 July 2013	0.34	1.40	2.61
25 July 2013	0.32	1.38	2.61
26 July 2013	0.31	1.36	2.58
29 July 2013	0.33	1.37	2.61
30 July 2013	0.33	1.39	2.63
31 July 2013	0.31	1.38	2.60
1 August 2013	0.35	1.49	2.74
2 August 2013	0.30	1.36	2.63
5 August 2013	0.32	1.39	2.67
6 August 2013	0.32	1.39	2.67
7 August 2013	0.32	1.38	2.61
8 August 2013	0.30	1.36	2.58
9 August 2013	0.32	1.36	2.57
12 August 2013	0.32	1.39	2.61
13 August 2013	0.34	1.49	2.71
14 August 2013	0.34	1.48	2.71
15 August 2013	0.36	1.54	2.77
16 August 2013	0.36	1.60	2.84
19 August 2013	0.36	1.63	2.88
20 August 2013	0.36	1.57	2.82
21 August 2013	0.38	1.64	2.87
22 August 2013	0.42	1.71	2.90
23 August 2013	0.40	1.66	2.82
26 August 2013	0.41	1.61	2.79
27 August 2013	0.38	1.56	2.72
28 August 2013	0.40	1.62	2.78
29 August 2013	0.39	1.60	2.75
30 August 2013	0.39	1.62	2.78
2 September 2013	ND	ND	ND
3 September 2013	0.43	1.68	2.86
4 September 2013	0.46	1.74	2.90
5 September 2013	0.52	1.85	2.98
6 September 2013	0.46	1.77	2.94
9 September 2013	0.45	1.71	2.90
10 September 2013	0.50	1.78	2.96
11 September 2013	0.47	1.72	2.93
12 September 2013	0.45	1.72	2.92
13 September 2013	0.45	1.71	2.90
16 September 2013	0.41	1.65	2.88
17 September 2013	0.39	1.62	2.86
18 September 2013	0.34	1.43	2.69
19 September 2013	0.34	1.49	2.76
20 September 2013	0.34	1.50	2.75
23 September 2013	0.35	1.48	2.72
24 September 2013	0.35	1.44	2.67
25 September 2013	0.36	1.41	2.63
26 September 2013	0.34	1.43	2.66
27 September 2013	0.34	1.40	2.64
30 September 2013	0.33	1.39	2.64
1 October 2013	0.33	1.42	2.66
2 October 2013	0.31	1.38	2.63
3 October 2013	0.33	1.36	2.62
4 October 2013	0.33	1.41	2.66
7 October 2013	0.37	1.41	2.65
8 October 2013	0.40	1.43	2.66
9 October 2013	0.37	1.43	2.68
10 October 2013	0.35	1.44	2.71
11 October 2013	0.35	1.42	2.70
14 October 2013	ND	ND	ND
15 October 2013	0.37	1.45	2.75
16 October 2013	0.34	1.41	2.69
17 October 2013	0.33	1.35	2.61
18 October 2013	0.33	1.35	2.60
21 October 2013	0.33	1.38	2.63
22 October 2013	0.31	1.30	2.54
23 October 2013	0.31	1.30	2.51
24 October 2013	0.33	1.32	2.53
25 October 2013	0.32	1.30	2.53
28 October 2013	0.32	1.31	2.54
29 October 2013	0.31	1.29	2.53
30 October 2013	0.33	1.30	2.55
31 October 2013	0.31	1.31	2.57
1 November 2013	0.33	1.37	2.65
4 November 2013	0.32	1.36	2.63
5 November 2013	0.32	1.39	2.69
6 November 2013	0.30	1.34	2.67
7 November 2013	0.29	1.31	2.63
8 November 2013	0.32	1.42	2.77
11 November 2013	ND	ND	ND
12 November 2013	0.34	1.47	2.80
13 November 2013	0.32	1.41	2.75
14 November 2013	0.29	1.34	2.69
15 November 2013	0.31	1.36	2.71
18 November 2013	0.31	1.33	2.67
19 November 2013	0.29	1.37	2.71
20 November 2013	0.28	1.39	2.80
21 November 2013	0.29	1.38	2.79
22 November 2013	0.31	1.37	2.75
25 November 2013	0.30	1.37	2.74
26 November 2013	0.29	1.34	2.71
27 November 2013	0.28	1.36	2.74
28 November 2013	ND	ND	ND
29 November 2013	0.28	1.37	2.75
2 December 2013	0.30	1.43	2.81
3 December 2013	0.28	1.40	2.79
4 December 2013	0.30	1.45	2.84
5 December 2013	0.30	1.49	2.88
6 December 2013	0.30	1.51	2.88
9 December 2013	0.30	1.50	2.86
10 December 2013	0.30	1.46	2.81
11 December 2013	0.31	1.50	2.86
12 December 2013	0.34	1.55	2.89
13 December 2013	0.34	1.55	2.88
16 December 2013	0.34	1.55	2.89
17 December 2013	0.34	1.52	2.85
18 December 2013	0.32	1.55	2.89
19 December 2013	0.35	1.63	2.94
20 December 2013	0.37	1.66	2.89
23 December 2013	0.38	1.68	2.94
24 December 2013	0.38	1.73	2.99
25 December 2013	ND	ND	ND
26 December 2013	0.42	1.74	3.00
27 December 2013	0.40	1.74	3.02
30 December 2013	0.39	1.71	2.99
31 December 2013	0.38	1.75	3.04
1 January 2014	ND	ND	ND
2 January 2014	0.39	1.72	3.00
3 January 2014	0.41	1.73	3.01
6 January 2014	0.40	1.70	2.98
7 January 2014	0.40	1.69	2.96
8 January 2014	0.43	1.77	3.01
9 January 2014	0.44	1.75	2.97
10 January 2014	0.39	1.64	2.88
13 January 2014	0.39	1.60	2.84
14 January 2014	0.39	1.65	2.88
15 January 2014	0.41	1.68	2.90
16 January 2014	0.41	1.66	2.86
17 January 2014	0.40	1.64	2.84
20 January 2014	ND	ND	ND
21 January 2014	0.40	1.67	2.85
22 January 2014	0.44	1.72	2.87
23 January 2014	0.39	1.62	2.79
24 January 2014	0.37	1.58	2.75
27 January 2014	0.37	1.61	2.78
28 January 2014	0.38	1.59	2.77
29 January 2014	0.36	1.52	2.69
30 January 2014	0.36	1.55	2.72
31 January 2014	0.34	1.49	2.67
3 February 2014	0.30	1.44	2.61
4 February 2014	0.31	1.46	2.64
5 February 2014	0.32	1.50	2.70
6 February 2014	0.33	1.52	2.73
7 February 2014	0.30	1.47	2.71
10 February 2014	0.32	1.48	2.70
11 February 2014	0.35	1.54	2.75
12 February 2014	0.35	1.59	2.80
13 February 2014	0.32	1.51	2.73
14 February 2014	0.32	1.53	2.75
17 February 2014	ND	ND	ND
18 February 2014	0.31	1.50	2.71
19 February 2014	0.33	1.53	2.73
20 February 2014	0.34	1.57	2.76
21 February 2014	0.33	1.56	2.73
24 February 2014	0.35	1.57	2.75
25 February 2014	0.34	1.53	2.70
26 February 2014	0.33	1.50	2.67
27 February 2014	0.33	1.49	2.65
28 February 2014	0.33	1.51	2.66
3 March 2014	0.32	1.46	2.60
4 March 2014	0.33	1.54	2.70
5 March 2014	0.33	1.54	2.70
6 March 2014	0.37	1.57	2.74
7 March 2014	0.38	1.65	2.80
10 March 2014	0.37	1.64	2.79
11 March 2014	0.37	1.62	2.77
12 March 2014	0.37	1.59	2.73
13 March 2014	0.34	1.53	2.66
14 March 2014	0.36	1.55	2.65
17 March 2014	0.38	1.58	2.70
18 March 2014	0.36	1.56	2.68
19 March 2014	0.47	1.75	2.78
20 March 2014	0.45	1.73	2.79
21 March 2014	0.45	1.73	2.75
24 March 2014	0.47	1.76	2.74
25 March 2014	0.47	1.76	2.75
26 March 2014	0.45	1.70	2.71
27 March 2014	0.45	1.70	2.69
28 March 2014	0.45	1.74	2.73
31 March 2014	0.44	1.73	2.73
1 April 2014	0.44	1.74	2.77
2 April 2014	0.47	1.80	2.82
3 April 2014	0.46	1.79	2.80
4 April 2014	0.43	1.71	2.74
7 April 2014	0.41	1.68	2.71
8 April 2014	0.40	1.67	2.69
9 April 2014	0.37	1.65	2.71
10 April 2014	0.37	1.59	2.65
11 April 2014	0.37	1.58	2.63
14 April 2014	0.37	1.61	2.65
15 April 2014	0.39	1.63	2.64
16 April 2014	0.39	1.67	2.65
17 April 2014	0.43	1.75	2.73
18 April 2014	ND	ND	ND
21 April 2014	0.42	1.74	2.73
22 April 2014	0.45	1.76	2.73
23 April 2014	0.43	1.73	2.70
24 April 2014	0.43	1.74	2.70
25 April 2014	0.43	1.72	2.68
28 April 2014	0.44	1.73	2.70
29 April 2014	0.44	1.74	2.71
30 April 2014	0.42	1.69	2.67
1 May 2014	0.41	1.66	2.63
2 May 2014	0.42	1.67	2.60
5 May 2014	0.43	1.68	2.63
6 May 2014	0.43	1.68	2.61
7 May 2014	0.41	1.65	2.62
8 May 2014	0.40	1.63	2.61
9 May 2014	0.40	1.63	2.62
12 May 2014	0.41	1.67	2.66
13 May 2014	0.39	1.62	2.61
14 May 2014	0.39	1.57	2.54
15 May 2014	0.38	1.55	2.50
16 May 2014	0.38	1.56	2.52
19 May 2014	0.36	1.56	2.54
20 May 2014	0.35	1.53	2.52
21 May 2014	0.37	1.55	2.54
22 May 2014	0.37	1.57	2.56
23 May 2014	0.37	1.55	2.54
26 May 2014	ND	ND	ND
27 May 2014	0.39	1.56	2.52
28 May 2014	0.37	1.50	2.44
29 May 2014	0.37	1.52	2.45
30 May 2014	0.37	1.54	2.48
2 June 2014	0.39	1.60	2.54
3 June 2014	0.41	1.65	2.60
4 June 2014	0.41	1.65	2.61
5 June 2014	0.40	1.63	2.59
6 June 2014	0.41	1.66	2.60
9 June 2014	0.43	1.69	2.62
10 June 2014	0.45	1.71	2.64
11 June 2014	0.44	1.70	2.65
12 June 2014	0.42	1.66	2.58
13 June 2014	0.45	1.70	2.60
16 June 2014	0.49	1.71	2.61
17 June 2014	0.51	1.77	2.66
18 June 2014	0.48	1.71	2.61
19 June 2014	0.48	1.71	2.64
20 June 2014	0.50	1.71	2.63
23 June 2014	0.48	1.72	2.63
24 June 2014	0.49	1.70	2.59
25 June 2014	0.48	1.68	2.57
26 June 2014	0.46	1.64	2.53
27 June 2014	0.45	1.64	2.54
30 June 2014	0.47	1.62	2.53
1 July 2014	0.47	1.66	2.58
2 July 2014	0.49	1.71	2.64
3 July 2014	0.52	1.74	2.65
4 July 2014	ND	ND	ND
7 July 2014	0.52	1.74	2.63
8 July 2014	0.51	1.70	2.58
9 July 2014	0.51	1.68	2.57
10 July 2014	0.46	1.66	2.55
11 July 2014	0.48	1.65	2.53
14 July 2014	0.48	1.68	2.55
15 July 2014	0.49	1.70	2.56
16 July 2014	0.50	1.71	2.55
17 July 2014	0.47	1.65	2.47
18 July 2014	0.51	1.69	2.50
21 July 2014	0.51	1.70	2.49
22 July 2014	0.49	1.68	2.48
23 July 2014	0.50	1.67	2.48
24 July 2014	0.53	1.72	2.52
25 July 2014	0.53	1.69	2.48
28 July 2014	0.54	1.73	2.50
29 July 2014	0.54	1.70	2.47
30 July 2014	0.56	1.77	2.57
31 July 2014	0.53	1.76	2.58
1 August 2014	0.47	1.67	2.52
4 August 2014	0.47	1.66	2.51
5 August 2014	0.47	1.66	2.49
6 August 2014	0.48	1.66	2.49
7 August 2014	0.44	1.60	2.43
8 August 2014	0.45	1.62	2.44
11 August 2014	0.47	1.62	2.44
12 August 2014	0.45	1.63	2.46
13 August 2014	0.43	1.59	2.43
14 August 2014	0.42	1.58	2.40
15 August 2014	0.42	1.55	2.34
18 August 2014	0.44	1.58	2.39
19 August 2014	0.46	1.59	2.40
20 August 2014	0.49	1.65	2.43
21 August 2014	0.49	1.64	2.41
22 August 2014	0.53	1.68	2.40
25 August 2014	0.53	1.69	2.39
26 August 2014	0.52	1.68	2.39
27 August 2014	0.51	1.65	2.37
28 August 2014	0.50	1.63	2.34
29 August 2014	0.48	1.63	2.35
1 September 2014	ND	ND	ND
2 September 2014	0.53	1.69	2.42
3 September 2014	0.52	1.69	2.41
4 September 2014	0.54	1.71	2.45
5 September 2014	0.52	1.69	2.46
8 September 2014	0.54	1.72	2.48
9 September 2014	0.56	1.76	2.50
10 September 2014	0.58	1.79	2.54
11 September 2014	0.58	1.79	2.54
12 September 2014	0.58	1.83	2.62
15 September 2014	0.58	1.80	2.60
16 September 2014	0.55	1.78	2.60
17 September 2014	0.59	1.82	2.62
18 September 2014	0.59	1.85	2.63
19 September 2014	0.59	1.83	2.59
22 September 2014	0.58	1.80	2.57
23 September 2014	0.57	1.78	2.54
24 September 2014	0.59	1.82	2.57
25 September 2014	0.56	1.75	2.52
26 September 2014	0.59	1.80	2.54
29 September 2014	0.58	1.77	2.50
30 September 2014	0.58	1.78	2.52
1 October 2014	0.53	1.69	2.42
2 October 2014	0.53	1.70	2.44
3 October 2014	0.57	1.73	2.45
6 October 2014	0.54	1.70	2.43
7 October 2014	0.52	1.64	2.36
8 October 2014	0.46	1.57	2.35
9 October 2014	0.46	1.58	2.34
10 October 2014	0.45	1.55	2.31
13 October 2014	ND	ND	ND
14 October 2014	0.39	1.45	2.21
15 October 2014	0.34	1.37	2.15
16 October 2014	0.35	1.39	2.17
17 October 2014	0.39	1.44	2.22
20 October 2014	0.37	1.41	2.20
21 October 2014	0.38	1.44	2.23
22 October 2014	0.41	1.46	2.25
23 October 2014	0.41	1.52	2.29
24 October 2014	0.41	1.52	2.29
27 October 2014	0.41	1.51	2.27
28 October 2014	0.42	1.53	2.30
29 October 2014	0.48	1.61	2.34
30 October 2014	0.48	1.58	2.32
31 October 2014	0.50	1.62	2.35
3 November 2014	0.52	1.63	2.36
4 November 2014	0.52	1.63	2.35
5 November 2014	0.52	1.63	2.36
6 November 2014	0.54	1.67	2.39
7 November 2014	0.51	1.60	2.32
10 November 2014	0.55	1.65	2.38
11 November 2014	ND	ND	ND
12 November 2014	0.55	1.65	2.37
13 November 2014	0.53	1.64	2.35
14 November 2014	0.54	1.62	2.32
17 November 2014	0.54	1.64	2.34
18 November 2014	0.53	1.63	2.32
19 November 2014	0.54	1.66	2.36
20 November 2014	0.53	1.64	2.34
21 November 2014	0.53	1.63	2.31
24 November 2014	0.53	1.62	2.30
25 November 2014	0.51	1.58	2.27
26 November 2014	0.53	1.56	2.24
27 November 2014	ND	ND	ND
28 November 2014	0.47	1.49	2.18
1 December 2014	0.49	1.52	2.22
2 December 2014	0.55	1.59	2.28
3 December 2014	0.57	1.61	2.29
4 December 2014	0.55	1.59	2.25
5 December 2014	0.65	1.69	2.31
8 December 2014	0.64	1.67	2.26
9 December 2014	0.64	1.63	2.22
10 December 2014	0.59	1.58	2.18
11 December 2014	0.62	1.62	2.19
12 December 2014	0.56	1.53	2.10
15 December 2014	0.60	1.58	2.12
16 December 2014	0.58	1.53	2.07
17 December 2014	0.62	1.61	2.14
18 December 2014	0.67	1.68	2.22
19 December 2014	0.67	1.66	2.17
22 December 2014	0.71	1.67	2.17
23 December 2014	0.73	1.76	2.26
24 December 2014	0.73	1.76	2.27
25 December 2014	ND	ND	ND
26 December 2014	0.73	1.75	2.25
29 December 2014	0.72	1.72	2.22
30 December 2014	0.69	1.68	2.20
31 December 2014	0.67	1.65	2.17
1 January 2015	ND	ND	ND
2 January 2015	0.66	1.61	2.12
5 January 2015	0.68	1.57	2.04
6 January 2015	0.65	1.50	1.97
7 January 2015	0.62	1.47	1.96
8 January 2015	0.62	1.50	2.03
9 January 2015	0.59	1.45	1.98
12 January 2015	0.56	1.39	1.92
13 January 2015	0.54	1.37	1.91
14 January 2015	0.51	1.33	1.86
15 January 2015	0.44	1.22	1.77
16 January 2015	0.49	1.29	1.83
19 January 2015	ND	ND	ND
20 January 2015	0.53	1.31	1.82
21 January 2015	0.53	1.35	1.87
22 January 2015	0.53	1.39	1.90
23 January 2015	0.52	1.33	1.81
26 January 2015	0.54	1.36	1.83
27 January 2015	0.54	1.34	1.83
28 January 2015	0.50	1.25	1.73
29 January 2015	0.51	1.28	1.77
30 January 2015	0.47	1.18	1.68
2 February 2015	0.49	1.19	1.68
3 February 2015	0.52	1.28	1.79
4 February 2015	0.52	1.29	1.81
5 February 2015	0.52	1.30	1.83
6 February 2015	0.65	1.48	1.95
9 February 2015	0.65	1.49	1.96
10 February 2015	0.67	1.52	2.01
11 February 2015	0.67	1.53	2.00
12 February 2015	0.61	1.50	1.99
13 February 2015	0.66	1.53	2.02
16 February 2015	ND	ND	ND
17 February 2015	0.70	1.62	2.14
18 February 2015	0.62	1.52	2.07
19 February 2015	0.67	1.58	2.11
20 February 2015	0.67	1.61	2.13
23 February 2015	0.64	1.56	2.06
24 February 2015	0.60	1.47	1.99
25 February 2015	0.61	1.47	1.96
26 February 2015	0.66	1.54	2.03
27 February 2015	0.63	1.50	2.00
2 March 2015	0.66	1.57	2.08
3 March 2015	0.68	1.61	2.12
4 March 2015	0.66	1.60	2.12
5 March 2015	0.65	1.57	2.11
6 March 2015	0.73	1.70	2.24
9 March 2015	0.70	1.66	2.20
10 March 2015	0.70	1.62	2.14
11 March 2015	0.70	1.60	2.11
12 March 2015	0.67	1.59	2.10
13 March 2015	0.68	1.60	2.13
16 March 2015	0.66	1.57	2.10
17 March 2015	0.70	1.56	2.06
18 March 2015	0.57	1.41	1.93
19 March 2015	0.63	1.48	1.98
20 March 2015	0.60	1.42	1.93
23 March 2015	0.60	1.41	1.92
24 March 2015	0.58	1.37	1.88
25 March 2015	0.59	1.41	1.93
26 March 2015	0.61	1.47	2.01
27 March 2015	0.58	1.42	1.95
30 March 2015	0.58	1.41	1.96
31 March 2015	0.56	1.37	1.94
1 April 2015	0.55	1.32	1.87
2 April 2015	0.55	1.35	1.92
3 April 2015	0.49	1.26	1.85
6 April 2015	0.51	1.31	1.92
7 April 2015	0.52	1.32	1.89
8 April 2015	0.54	1.35	1.92
9 April 2015	0.56	1.40	1.97
10 April 2015	0.57	1.41	1.96
13 April 2015	0.54	1.38	1.94
14 April 2015	0.53	1.34	1.90
15 April 2015	0.51	1.33	1.91
16 April 2015	0.50	1.31	1.90
17 April 2015	0.51	1.31	1.87
20 April 2015	0.55	1.33	1.90
21 April 2015	0.55	1.35	1.92
22 April 2015	0.57	1.41	1.99
23 April 2015	0.55	1.37	1.96
24 April 2015	0.54	1.34	1.93
27 April 2015	0.54	1.36	1.94
28 April 2015	0.56	1.39	2.00
29 April 2015	0.56	1.43	2.06
30 April 2015	0.58	1.43	2.05
1 May 2015	0.60	1.50	2.12
4 May 2015	0.60	1.51	2.16
5 May 2015	0.62	1.54	2.19
6 May 2015	0.65	1.58	2.25
7 May 2015	0.63	1.55	2.18
8 May 2015	0.59	1.50	2.16
11 May 2015	0.62	1.59	2.28
12 May 2015	0.61	1.58	2.28
13 May 2015	0.59	1.57	2.27
14 May 2015	0.56	1.51	2.23
15 May 2015	0.55	1.46	2.14
18 May 2015	0.58	1.54	2.23
19 May 2015	0.63	1.60	2.27
20 May 2015	0.60	1.57	2.26
21 May 2015	0.60	1.53	2.19
22 May 2015	0.64	1.57	2.21
25 May 2015	ND	ND	ND
26 May 2015	0.64	1.54	2.14
27 May 2015	0.64	1.53	2.14
28 May 2015	0.62	1.51	2.13
29 May 2015	0.61	1.49	2.12
1 June 2015	0.64	1.55	2.19
2 June 2015	0.64	1.61	2.27
3 June 2015	0.69	1.69	2.38
4 June 2015	0.66	1.65	2.31
5 June 2015	0.73	1.75	2.41
8 June 2015	0.70	1.72	2.39
9 June 2015	0.72	1.74	2.42
10 June 2015	0.75	1.80	2.50
11 June 2015	0.73	1.74	2.39
12 June 2015	0.74	1.75	2.39
15 June 2015	0.72	1.71	2.36
16 June 2015	0.71	1.68	2.32
17 June 2015	0.67	1.63	2.32
18 June 2015	0.66	1.65	2.35
19 June 2015	0.65	1.59	2.26
22 June 2015	0.68	1.68	2.37
23 June 2015	0.70	1.71	2.42
24 June 2015	0.68	1.69	2.38
25 June 2015	0.68	1.70	2.40
26 June 2015	0.72	1.75	2.49
29 June 2015	0.64	1.62	2.33
30 June 2015	0.64	1.63	2.35
1 July 2015	0.69	1.70	2.43
2 July 2015	0.64	1.64	2.40
3 July 2015	ND	ND	ND
6 July 2015	0.60	1.56	2.30
7 July 2015	0.58	1.55	2.27
8 July 2015	0.55	1.50	2.22
9 July 2015	0.60	1.58	2.32
10 July 2015	0.65	1.68	2.42
13 July 2015	0.69	1.71	2.44
14 July 2015	0.66	1.67	2.41
15 July 2015	0.64	1.63	2.36
16 July 2015	0.67	1.66	2.36
17 July 2015	0.68	1.67	2.34
20 July 2015	0.71	1.72	2.38
21 July 2015	0.71	1.69	2.35
22 July 2015	0.75	1.69	2.33
23 July 2015	0.71	1.65	2.28
24 July 2015	0.70	1.64	2.27
27 July 2015	0.68	1.58	2.23
28 July 2015	0.69	1.61	2.26
29 July 2015	0.70	1.62	2.29
30 July 2015	0.72	1.62	2.28
31 July 2015	0.67	1.54	2.20
3 August 2015	0.68	1.52	2.16
4 August 2015	0.74	1.60	2.23
5 August 2015	0.73	1.65	2.28
6 August 2015	0.71	1.62	2.23
7 August 2015	0.73	1.59	2.18
10 August 2015	0.73	1.62	2.24
11 August 2015	0.68	1.53	2.15
12 August 2015	0.67	1.52	2.14
13 August 2015	0.72	1.58	2.19
14 August 2015	0.73	1.61	2.20
17 August 2015	0.72	1.58	2.16
18 August 2015	0.74	1.60	2.20
19 August 2015	0.67	1.50	2.12
20 August 2015	0.69	1.50	2.09
21 August 2015	0.64	1.44	2.05
24 August 2015	0.59	1.39	2.01
25 August 2015	0.67	1.48	2.12
26 August 2015	0.67	1.49	2.18
27 August 2015	0.68	1.49	2.18
28 August 2015	0.72	1.52	2.19
31 August 2015	0.74	1.54	2.21
1 September 2015	0.70	1.49	2.17
2 September 2015	0.72	1.52	2.20
3 September 2015	0.71	1.49	2.18
4 September 2015	0.71	1.47	2.13
7 September 2015	ND	ND	ND
8 September 2015	0.74	1.53	2.20
9 September 2015	0.75	1.53	2.21
10 September 2015	0.75	1.55	2.23
11 September 2015	0.71	1.52	2.20
14 September 2015	0.73	1.51	2.18
15 September 2015	0.82	1.61	2.28
16 September 2015	0.82	1.62	2.30
17 September 2015	0.70	1.50	2.21
18 September 2015	0.69	1.45	2.13
21 September 2015	0.72	1.51	2.20
22 September 2015	0.69	1.44	2.14
23 September 2015	0.70	1.47	2.16
24 September 2015	0.67	1.44	2.13
25 September 2015	0.70	1.48	2.17
28 September 2015	0.67	1.42	2.10
29 September 2015	0.64	1.37	2.05
30 September 2015	0.64	1.37	2.06
1 October 2015	0.64	1.37	2.05
2 October 2015	0.58	1.29	1.99
5 October 2015	0.61	1.35	2.07
6 October 2015	0.61	1.34	2.05
7 October 2015	0.65	1.37	2.08
8 October 2015	0.65	1.40	2.12
9 October 2015	0.65	1.41	2.12
12 October 2015	ND	ND	ND
13 October 2015	0.64	1.36	2.06
14 October 2015	0.57	1.29	1.99
15 October 2015	0.61	1.34	2.04
16 October 2015	0.61	1.36	2.04
19 October 2015	0.61	1.35	2.04
20 October 2015	0.66	1.40	2.08
21 October 2015	0.64	1.37	2.04
22 October 2015	0.61	1.36	2.04
23 October 2015	0.66	1.43	2.09
26 October 2015	0.66	1.41	2.07
27 October 2015	0.65	1.38	2.05
28 October 2015	0.73	1.47	2.10
29 October 2015	0.75	1.53	2.19
30 October 2015	0.75	1.52	2.16
2 November 2015	0.77	1.57	2.20
3 November 2015	0.80	1.59	2.23
4 November 2015	0.84	1.64	2.25
5 November 2015	0.85	1.65	2.26
6 November 2015	0.90	1.73	2.34
9 November 2015	0.89	1.75	2.36
10 November 2015	0.87	1.72	2.32
11 November 2015	ND	ND	ND
12 November 2015	0.89	1.73	2.32
13 November 2015	0.86	1.67	2.28
16 November 2015	0.88	1.66	2.27
17 November 2015	0.86	1.66	2.25
18 November 2015	0.90	1.69	2.27
19 November 2015	0.91	1.68	2.24
20 November 2015	0.93	1.70	2.26
23 November 2015	0.94	1.70	2.25
24 November 2015	0.93	1.66	2.24
25 November 2015	0.93	1.66	2.23
26 November 2015	ND	ND	ND
27 November 2015	0.92	1.64	2.22
30 November 2015	0.94	1.65	2.21
1 December 2015	0.91	1.59	2.15
2 December 2015	0.94	1.63	2.18
3 December 2015	0.96	1.74	2.33
4 December 2015	0.96	1.71	2.28
7 December 2015	0.94	1.67	2.23
8 December 2015	0.94	1.68	2.24
9 December 2015	0.93	1.64	2.22
10 December 2015	0.95	1.68	2.24
11 December 2015	0.88	1.56	2.13
14 December 2015	0.97	1.66	2.23
15 December 2015	0.98	1.71	2.28
16 December 2015	1.02	1.75	2.30
17 December 2015	1.00	1.73	2.24
18 December 2015	0.97	1.67	2.19
21 December 2015	0.96	1.67	2.20
22 December 2015	0.99	1.71	2.24
23 December 2015	1.01	1.74	2.27
24 December 2015	1.03	1.73	2.25
25 December 2015	ND	ND	ND
28 December 2015	1.05	1.73	2.24
29 December 2015	1.09	1.81	2.32
30 December 2015	1.08	1.80	2.31
31 December 2015	1.06	1.76	2.27
1 January 2016	ND	ND	ND
4 January 2016	1.02	1.73	2.24
5 January 2016	1.04	1.73	2.25
6 January 2016	0.99	1.65	2.18
7 January 2016	0.96	1.61	2.16
8 January 2016	0.94	1.57	2.13
11 January 2016	0.94	1.58	2.17
12 January 2016	0.93	1.55	2.12
13 January 2016	0.91	1.51	2.08
14 January 2016	0.90	1.52	2.10
15 January 2016	0.85	1.46	2.03
18 January 2016	ND	ND	ND
19 January 2016	0.88	1.49	2.06
20 January 2016	0.85	1.44	2.01
21 January 2016	0.84	1.44	2.02
22 January 2016	0.88	1.49	2.07
25 January 2016	0.88	1.47	2.03
26 January 2016	0.85	1.45	2.01
27 January 2016	0.84	1.43	2.02
28 January 2016	0.83	1.40	2.00
29 January 2016	0.76	1.33	1.94
1 February 2016	0.81	1.38	1.97
2 February 2016	0.75	1.28	1.87
3 February 2016	0.72	1.27	1.88
4 February 2016	0.70	1.25	1.87
5 February 2016	0.74	1.25	1.86
8 February 2016	0.66	1.16	1.75
9 February 2016	0.69	1.15	1.74
10 February 2016	0.71	1.15	1.71
11 February 2016	0.64	1.11	1.63
12 February 2016	0.71	1.20	1.74
15 February 2016	ND	ND	ND
16 February 2016	0.74	1.23	1.78
17 February 2016	0.74	1.26	1.81
18 February 2016	0.71	1.21	1.75
19 February 2016	0.76	1.24	1.76
22 February 2016	0.78	1.25	1.77
23 February 2016	0.76	1.23	1.74
24 February 2016	0.75	1.21	1.75
25 February 2016	0.72	1.16	1.71
26 February 2016	0.80	1.23	1.76
29 February 2016	0.78	1.22	1.74
1 March 2016	0.85	1.31	1.83
2 March 2016	0.85	1.34	1.84
3 March 2016	0.85	1.33	1.83
4 March 2016	0.88	1.38	1.88
7 March 2016	0.91	1.42	1.91
8 March 2016	0.88	1.34	1.83
9 March 2016	0.90	1.39	1.90
10 March 2016	0.93	1.45	1.93
11 March 2016	0.97	1.49	1.98
14 March 2016	0.97	1.49	1.97
15 March 2016	0.98	1.50	1.97
16 March 2016	0.87	1.41	1.94
17 March 2016	0.87	1.39	1.91
18 March 2016	0.84	1.34	1.88
21 March 2016	0.87	1.38	1.92
22 March 2016	0.91	1.42	1.94
23 March 2016	0.87	1.37	1.88
24 March 2016	0.89	1.39	1.91
25 March 2016	ND	ND	ND
28 March 2016	0.89	1.37	1.89
29 March 2016	0.78	1.29	1.81
30 March 2016	0.76	1.26	1.83
31 March 2016	0.73	1.21	1.78
1 April 2016	0.76	1.24	1.79
4 April 2016	0.75	1.22	1.78
5 April 2016	0.72	1.17	1.73
6 April 2016	0.73	1.20	1.76
7 April 2016	0.70	1.14	1.70
8 April 2016	0.70	1.16	1.72
11 April 2016	0.70	1.16	1.73
12 April 2016	0.74	1.22	1.79
13 April 2016	0.75	1.22	1.77
14 April 2016	0.77	1.26	1.80
15 April 2016	0.74	1.22	1.76
18 April 2016	0.75	1.24	1.78
19 April 2016	0.77	1.26	1.79
20 April 2016	0.80	1.32	1.85
21 April 2016	0.82	1.35	1.88
22 April 2016	0.84	1.37	1.89
25 April 2016	0.85	1.38	1.91
26 April 2016	0.86	1.40	1.94
27 April 2016	0.83	1.33	1.87
28 April 2016	0.78	1.28	1.84
29 April 2016	0.77	1.28	1.83
2 May 2016	0.80	1.32	1.88
3 May 2016	0.75	1.25	1.81
4 May 2016	0.75	1.23	1.79
5 May 2016	0.72	1.20	1.76
6 May 2016	0.74	1.23	1.79
9 May 2016	0.72	1.20	1.77
10 May 2016	0.72	1.20	1.77
11 May 2016	0.74	1.20	1.73
12 May 2016	0.76	1.24	1.75
13 May 2016	0.76	1.22	1.71
16 May 2016	0.79	1.26	1.75
17 May 2016	0.82	1.29	1.76
18 May 2016	0.90	1.41	1.87
19 May 2016	0.89	1.38	1.85
20 May 2016	0.89	1.38	1.85
23 May 2016	0.91	1.38	1.84
24 May 2016	0.92	1.41	1.86
25 May 2016	0.92	1.40	1.87
26 May 2016	0.87	1.35	1.83
27 May 2016	0.90	1.39	1.85
30 May 2016	ND	ND	ND
31 May 2016	0.87	1.37	1.84
1 June 2016	0.91	1.39	1.85
2 June 2016	0.89	1.36	1.81
3 June 2016	0.78	1.23	1.71
6 June 2016	0.80	1.25	1.73
7 June 2016	0.78	1.23	1.72
8 June 2016	0.78	1.23	1.71
9 June 2016	0.77	1.22	1.68
10 June 2016	0.73	1.17	1.64
13 June 2016	0.73	1.14	1.62
14 June 2016	0.74	1.15	1.62
15 June 2016	0.69	1.10	1.60
16 June 2016	0.70	1.10	1.57
17 June 2016	0.70	1.13	1.62
20 June 2016	0.74	1.17	1.67
21 June 2016	0.76	1.22	1.71
22 June 2016	0.75	1.20	1.69
23 June 2016	0.78	1.25	1.74
24 June 2016	0.64	1.08	1.57
27 June 2016	0.61	1.00	1.46
28 June 2016	0.61	1.00	1.46
29 June 2016	0.62	1.03	1.50
30 June 2016	0.58	1.01	1.49
1 July 2016	0.59	1.00	1.46
4 July 2016	ND	ND	ND
5 July 2016	0.56	0.94	1.37
6 July 2016	0.58	0.95	1.38
7 July 2016	0.58	0.97	1.40
8 July 2016	0.61	0.95	1.37
11 July 2016	0.66	1.03	1.43
12 July 2016	0.69	1.10	1.53
13 July 2016	0.68	1.07	1.48
14 July 2016	0.68	1.10	1.53
15 July 2016	0.71	1.15	1.60
18 July 2016	0.68	1.14	1.59
19 July 2016	0.70	1.12	1.56
20 July 2016	0.73	1.15	1.59
21 July 2016	0.70	1.11	1.57
22 July 2016	0.71	1.13	1.57
25 July 2016	0.72	1.15	1.58
26 July 2016	0.75	1.15	1.57
27 July 2016	0.73	1.10	1.52
28 July 2016	0.72	1.09	1.52
29 July 2016	0.67	1.03	1.46
1 August 2016	0.67	1.06	1.51
2 August 2016	0.67	1.07	1.55
3 August 2016	0.67	1.07	1.55
4 August 2016	0.64	1.03	1.51
5 August 2016	0.72	1.13	1.59
8 August 2016	0.74	1.15	1.59
9 August 2016	0.71	1.11	1.55
10 August 2016	0.69	1.07	1.50
11 August 2016	0.76	1.16	1.57
12 August 2016	0.71	1.10	1.51
15 August 2016	0.72	1.14	1.55
16 August 2016	0.76	1.16	1.57
17 August 2016	0.74	1.15	1.56
18 August 2016	0.71	1.12	1.53
19 August 2016	0.76	1.17	1.58
22 August 2016	0.76	1.15	1.55
23 August 2016	0.74	1.15	1.55
24 August 2016	0.76	1.13	1.56
25 August 2016	0.78	1.16	1.58
26 August 2016	0.84	1.23	1.62
29 August 2016	0.81	1.18	1.57
30 August 2016	0.80	1.18	1.57
31 August 2016	0.80	1.19	1.58
1 September 2016	0.78	1.18	1.57
2 September 2016	0.80	1.20	1.60
5 September 2016	ND	ND	ND
6 September 2016	0.74	1.13	1.55
7 September 2016	0.74	1.12	1.54
8 September 2016	0.78	1.19	1.61
9 September 2016	0.79	1.23	1.67
12 September 2016	0.79	1.21	1.68
13 September 2016	0.80	1.26	1.73
14 September 2016	0.77	1.21	1.70
15 September 2016	0.74	1.20	1.71
16 September 2016	0.77	1.21	1.70
19 September 2016	0.79	1.22	1.70
20 September 2016	0.79	1.20	1.69
21 September 2016	0.79	1.20	1.66
22 September 2016	0.79	1.18	1.63
23 September 2016	0.77	1.16	1.62
26 September 2016	0.76	1.13	1.59
27 September 2016	0.75	1.12	1.56
28 September 2016	0.75	1.13	1.57
29 September 2016	0.73	1.12	1.56
30 September 2016	0.77	1.14	1.60
3 October 2016	0.80	1.18	1.63
4 October 2016	0.82	1.22	1.69
5 October 2016	0.85	1.26	1.72
6 October 2016	0.86	1.28	1.75
7 October 2016	0.83	1.26	1.73
10 October 2016	ND	ND	ND
11 October 2016	0.87	1.30	1.77
12 October 2016	0.87	1.31	1.79
13 October 2016	0.85	1.27	1.75
14 October 2016	0.84	1.28	1.80
17 October 2016	0.81	1.26	1.77
18 October 2016	0.82	1.24	1.75
19 October 2016	0.81	1.24	1.76
20 October 2016	0.84	1.26	1.76
21 October 2016	0.84	1.25	1.74
24 October 2016	0.84	1.27	1.77
25 October 2016	0.86	1.29	1.77
26 October 2016	0.86	1.30	1.79
27 October 2016	0.87	1.33	1.85
28 October 2016	0.86	1.33	1.86
31 October 2016	0.86	1.31	1.84
1 November 2016	0.83	1.30	1.83
2 November 2016	0.81	1.26	1.81
3 November 2016	0.81	1.26	1.82
4 November 2016	0.80	1.24	1.79
7 November 2016	0.82	1.29	1.83
8 November 2016	0.87	1.34	1.88
9 November 2016	0.90	1.49	2.07
10 November 2016	0.92	1.56	2.15
11 November 2016	ND	ND	ND
14 November 2016	1.00	1.66	2.23
15 November 2016	1.02	1.68	2.23
16 November 2016	1.00	1.68	2.22
17 November 2016	1.04	1.73	2.29
18 November 2016	1.07	1.80	2.34
21 November 2016	1.08	1.79	2.33
22 November 2016	1.07	1.77	2.31
23 November 2016	1.12	1.83	2.36
24 November 2016	ND	ND	ND
25 November 2016	1.12	1.83	2.36
28 November 2016	1.11	1.80	2.32
29 November 2016	1.09	1.78	2.30
30 November 2016	1.11	1.83	2.37
1 December 2016	1.14	1.90	2.45
2 December 2016	1.11	1.84	2.40
5 December 2016	1.13	1.84	2.39
6 December 2016	1.12	1.84	2.39
7 December 2016	1.10	1.80	2.34
8 December 2016	1.12	1.83	2.40
9 December 2016	1.15	1.89	2.47
12 December 2016	1.15	1.90	2.49
13 December 2016	1.17	1.92	2.48
14 December 2016	1.27	2.02	2.54
15 December 2016	1.29	2.10	2.60
16 December 2016	1.28	2.07	2.60
19 December 2016	1.24	2.03	2.54
20 December 2016	1.25	2.06	2.57
21 December 2016	1.21	2.04	2.55
22 December 2016	1.22	2.04	2.55
23 December 2016	1.22	2.04	2.55
26 December 2016	ND	ND	ND
27 December 2016	1.28	2.07	2.57
28 December 2016	1.26	2.02	2.51
29 December 2016	1.22	1.96	2.49
30 December 2016	1.20	1.93	2.45
2 January 2017	ND	ND	ND
3 January 2017	1.22	1.94	2.45
4 January 2017	1.24	1.94	2.46
5 January 2017	1.17	1.86	2.37
6 January 2017	1.22	1.92	2.42
9 January 2017	1.21	1.89	2.38
10 January 2017	1.19	1.89	2.38
11 January 2017	1.20	1.89	2.38
12 January 2017	1.18	1.87	2.36
13 January 2017	1.21	1.90	2.40
16 January 2017	ND	ND	ND
17 January 2017	1.17	1.84	2.33
18 January 2017	1.23	1.93	2.42
19 January 2017	1.25	1.97	2.47
20 January 2017	1.20	1.95	2.48
23 January 2017	1.16	1.88	2.41
24 January 2017	1.21	1.94	2.47
25 January 2017	1.23	1.99	2.53
26 January 2017	1.21	1.95	2.51
27 January 2017	1.22	1.94	2.49
30 January 2017	1.22	1.94	2.49
31 January 2017	1.19	1.90	2.45
1 February 2017	1.22	1.93	2.48
2 February 2017	1.21	1.92	2.48
3 February 2017	1.21	1.93	2.49
6 February 2017	1.16	1.86	2.42
7 February 2017	1.16	1.85	2.40
8 February 2017	1.15	1.81	2.34
9 February 2017	1.20	1.88	2.40
10 February 2017	1.20	1.89	2.41
13 February 2017	1.20	1.92	2.43
14 February 2017	1.25	1.98	2.47
15 February 2017	1.27	2.01	2.51
16 February 2017	1.22	1.95	2.45
17 February 2017	1.21	1.92	2.42
20 February 2017	ND	ND	ND
21 February 2017	1.22	1.93	2.43
22 February 2017	1.22	1.92	2.42
23 February 2017	1.18	1.87	2.38
24 February 2017	1.12	1.80	2.31
27 February 2017	1.20	1.87	2.36
28 February 2017	1.22	1.89	2.36
1 March 2017	1.29	1.99	2.46
2 March 2017	1.32	2.03	2.49
3 March 2017	1.32	2.02	2.49
6 March 2017	1.31	2.02	2.49
7 March 2017	1.32	2.05	2.52
8 March 2017	1.36	2.08	2.57
9 March 2017	1.37	2.13	2.60
10 March 2017	1.36	2.11	2.58
13 March 2017	1.40	2.14	2.62
14 March 2017	1.40	2.13	2.60
15 March 2017	1.33	2.02	2.51
16 March 2017	1.35	2.05	2.53
17 March 2017	1.33	2.03	2.50
20 March 2017	1.30	2.00	2.47
21 March 2017	1.27	1.96	2.43
22 March 2017	1.27	1.95	2.40
23 March 2017	1.26	1.95	2.41
24 March 2017	1.26	1.93	2.40
27 March 2017	1.27	1.93	2.38
28 March 2017	1.30	1.97	2.42
29 March 2017	1.26	1.93	2.39
30 March 2017	1.28	1.96	2.42
31 March 2017	1.27	1.93	2.40
3 April 2017	1.24	1.88	2.35
4 April 2017	1.25	1.88	2.36
5 April 2017	1.24	1.85	2.34
6 April 2017	1.24	1.87	2.34
7 April 2017	1.29	1.92	2.38
10 April 2017	1.29	1.91	2.37
11 April 2017	1.24	1.84	2.32
12 April 2017	1.24	1.81	2.28
13 April 2017	1.21	1.77	2.24
14 April 2017	ND	ND	ND
17 April 2017	1.21	1.79	2.26
18 April 2017	1.18	1.71	2.18
19 April 2017	1.19	1.74	2.21
20 April 2017	1.21	1.78	2.24
21 April 2017	1.20	1.77	2.24
24 April 2017	1.25	1.81	2.28
25 April 2017	1.29	1.87	2.35
26 April 2017	1.28	1.84	2.32
27 April 2017	1.25	1.81	2.30
28 April 2017	1.28	1.81	2.29
1 May 2017	1.28	1.84	2.33
2 May 2017	1.27	1.81	2.29
3 May 2017	1.30	1.86	2.33
4 May 2017	1.32	1.88	2.36
5 May 2017	1.32	1.89	2.36
8 May 2017	1.33	1.91	2.39
9 May 2017	1.37	1.94	2.42
10 May 2017	1.35	1.94	2.41
11 May 2017	1.35	1.93	2.39
12 May 2017	1.29	1.85	2.33
15 May 2017	1.31	1.86	2.34
16 May 2017	1.29	1.86	2.33
17 May 2017	1.26	1.76	2.22
18 May 2017	1.27	1.78	2.23
19 May 2017	1.28	1.79	2.23
22 May 2017	1.29	1.80	2.25
23 May 2017	1.31	1.84	2.29
24 May 2017	1.29	1.79	2.26
25 May 2017	1.30	1.78	2.25
26 May 2017	1.30	1.79	2.25
29 May 2017	ND	ND	ND
30 May 2017	1.28	1.76	2.21
31 May 2017	1.28	1.75	2.21
1 June 2017	1.28	1.76	2.21
2 June 2017	1.28	1.71	2.15
5 June 2017	1.32	1.74	2.18
6 June 2017	1.30	1.71	2.14
7 June 2017	1.32	1.74	2.18
8 June 2017	1.33	1.75	2.19
9 June 2017	1.35	1.77	2.21
12 June 2017	1.35	1.78	2.21
13 June 2017	1.38	1.79	2.21
14 June 2017	1.35	1.74	2.15
15 June 2017	1.35	1.76	2.16
16 June 2017	1.32	1.75	2.16
19 June 2017	1.36	1.80	2.19
20 June 2017	1.36	1.77	2.16
21 June 2017	1.36	1.78	2.16
22 June 2017	1.34	1.76	2.15
23 June 2017	1.34	1.77	2.15
26 June 2017	1.36	1.77	2.14
27 June 2017	1.38	1.83	2.21
28 June 2017	1.34	1.81	2.22
29 June 2017	1.38	1.85	2.27
30 June 2017	1.38	1.89	2.31
3 July 2017	1.41	1.93	2.35
4 July 2017	ND	ND	ND
5 July 2017	1.41	1.92	2.33
6 July 2017	1.40	1.94	2.37
7 July 2017	1.40	1.95	2.39
10 July 2017	1.40	1.93	2.38
11 July 2017	1.37	1.92	2.37
12 July 2017	1.35	1.88	2.33
13 July 2017	1.37	1.89	2.35
14 July 2017	1.35	1.87	2.33
17 July 2017	1.36	1.86	2.31
18 July 2017	1.36	1.82	2.27
19 July 2017	1.37	1.83	2.27
20 July 2017	1.37	1.82	2.27
21 July 2017	1.36	1.81	2.24
24 July 2017	1.37	1.83	2.26
25 July 2017	1.40	1.90	2.33
26 July 2017	1.36	1.83	2.29
27 July 2017	1.36	1.84	2.32
28 July 2017	1.34	1.83	2.30
31 July 2017	1.34	1.84	2.30
1 August 2017	1.34	1.80	2.26
2 August 2017	1.36	1.82	2.27
3 August 2017	1.34	1.79	2.24
4 August 2017	1.36	1.82	2.27
7 August 2017	1.36	1.81	2.26
8 August 2017	1.36	1.84	2.29
9 August 2017	1.33	1.81	2.24
10 August 2017	1.33	1.78	2.20
11 August 2017	1.30	1.74	2.19
14 August 2017	1.33	1.77	2.22
15 August 2017	1.35	1.83	2.27
16 August 2017	1.33	1.79	2.23
17 August 2017	1.32	1.76	2.19
18 August 2017	1.33	1.77	2.19
21 August 2017	1.32	1.76	2.18
22 August 2017	1.33	1.80	2.22
23 August 2017	1.32	1.76	2.17
24 August 2017	1.33	1.78	2.19
25 August 2017	1.35	1.77	2.17
28 August 2017	1.33	1.74	2.16
29 August 2017	1.33	1.70	2.13
30 August 2017	1.33	1.72	2.15
31 August 2017	1.33	1.70	2.12
1 September 2017	1.35	1.73	2.16
4 September 2017	ND	ND	ND
5 September 2017	1.30	1.65	2.07
6 September 2017	1.30	1.69	2.10
7 September 2017	1.27	1.63	2.05
8 September 2017	1.27	1.64	2.06
11 September 2017	1.32	1.71	2.14
12 September 2017	1.33	1.75	2.17
13 September 2017	1.35	1.78	2.20
14 September 2017	1.37	1.79	2.20
15 September 2017	1.39	1.81	2.20
18 September 2017	1.40	1.83	2.23
19 September 2017	1.40	1.84	2.24
20 September 2017	1.45	1.89	2.28
21 September 2017	1.45	1.89	2.27
22 September 2017	1.46	1.88	2.26
25 September 2017	1.44	1.85	2.22
26 September 2017	1.45	1.87	2.24
27 September 2017	1.47	1.91	2.31
28 September 2017	1.45	1.89	2.31
29 September 2017	1.47	1.92	2.33
2 October 2017	1.49	1.94	2.34
3 October 2017	1.47	1.92	2.33
4 October 2017	1.47	1.92	2.33
5 October 2017	1.49	1.94	2.35
6 October 2017	1.54	1.97	2.37
9 October 2017	ND	ND	ND
10 October 2017	1.51	1.95	2.35
11 October 2017	1.51	1.95	2.35
12 October 2017	1.51	1.95	2.33
13 October 2017	1.51	1.91	2.28
16 October 2017	1.54	1.95	2.30
17 October 2017	1.54	1.97	2.30
18 October 2017	1.59	1.99	2.34
19 October 2017	1.58	1.98	2.33
20 October 2017	1.60	2.03	2.39
23 October 2017	1.58	2.01	2.38
24 October 2017	1.60	2.05	2.42
25 October 2017	1.61	2.06	2.44
26 October 2017	1.63	2.07	2.46
27 October 2017	1.59	2.03	2.42
30 October 2017	1.58	2.00	2.37
31 October 2017	1.60	2.01	2.38
1 November 2017	1.61	2.01	2.37
2 November 2017	1.61	2.00	2.35
3 November 2017	1.63	1.99	2.34
6 November 2017	1.61	1.99	2.32
7 November 2017	1.63	1.99	2.32
8 November 2017	1.65	2.01	2.32
9 November 2017	1.63	2.01	2.33
10 November 2017	1.67	2.06	2.40
13 November 2017	1.70	2.08	2.40
14 November 2017	1.68	2.06	2.38
15 November 2017	1.68	2.04	2.33
16 November 2017	1.72	2.07	2.37
17 November 2017	1.73	2.06	2.35
20 November 2017	1.77	2.09	2.37
21 November 2017	1.77	2.11	2.36
22 November 2017	1.74	2.05	2.32
23 November 2017	ND	ND	ND
24 November 2017	1.75	2.07	2.34
27 November 2017	1.74	2.06	2.32
28 November 2017	1.75	2.07	2.34
29 November 2017	1.78	2.09	2.37
30 November 2017	1.78	2.14	2.42
1 December 2017	1.78	2.13	2.37
4 December 2017	1.80	2.15	2.37
5 December 2017	1.83	2.15	2.36
6 December 2017	1.78	2.11	2.33
7 December 2017	1.80	2.14	2.37
8 December 2017	1.80	2.14	2.38
11 December 2017	1.82	2.16	2.39
12 December 2017	1.83	2.18	2.40
13 December 2017	1.79	2.12	2.36
14 December 2017	1.82	2.14	2.35
15 December 2017	1.84	2.16	2.35
18 December 2017	1.84	2.17	2.39
19 December 2017	1.87	2.23	2.46
20 December 2017	1.87	2.24	2.49
21 December 2017	1.89	2.26	2.48
22 December 2017	1.91	2.26	2.48
25 December 2017	ND	ND	ND
26 December 2017	1.92	2.25	2.47
27 December 2017	1.89	2.22	2.42
28 December 2017	1.91	2.23	2.43
29 December 2017	1.89	2.20	2.40
1 January 2018	ND	ND	ND
2 January 2018	1.92	2.25	2.46
3 January 2018	1.94	2.25	2.44
4 January 2018	1.96	2.27	2.46
5 January 2018	1.96	2.29	2.47
8 January 2018	1.96	2.29	2.49
9 January 2018	1.98	2.33	2.55
10 January 2018	1.98	2.32	2.55
11 January 2018	1.98	2.32	2.54
12 January 2018	1.99	2.35	2.55
15 January 2018	ND	ND	ND
16 January 2018	2.03	2.36	2.54
17 January 2018	2.05	2.39	2.57
18 January 2018	2.05	2.43	2.62
19 January 2018	2.06	2.45	2.64
22 January 2018	2.08	2.46	2.66
23 January 2018	2.06	2.43	2.63
24 January 2018	2.08	2.43	2.65
25 January 2018	2.08	2.41	2.63
26 January 2018	2.13	2.47	2.66
29 January 2018	2.11	2.49	2.70
30 January 2018	2.13	2.51	2.73
31 January 2018	2.14	2.52	2.72
1 February 2018	2.16	2.56	2.78
2 February 2018	2.15	2.58	2.84
5 February 2018	2.08	2.50	2.77
6 February 2018	2.10	2.52	2.79
7 February 2018	2.15	2.57	2.84
8 February 2018	2.13	2.57	2.85
9 February 2018	2.05	2.52	2.83
12 February 2018	2.09	2.56	2.86
13 February 2018	2.10	2.54	2.83
14 February 2018	2.17	2.65	2.91
15 February 2018	2.19	2.65	2.90
16 February 2018	2.21	2.63	2.87
19 February 2018	ND	ND	ND
20 February 2018	2.25	2.65	2.88
21 February 2018	2.26	2.69	2.94
22 February 2018	2.25	2.66	2.92
23 February 2018	2.25	2.62	2.88
26 February 2018	2.22	2.60	2.86
27 February 2018	2.27	2.67	2.90
28 February 2018	2.25	2.65	2.87
1 March 2018	2.22	2.58	2.81
2 March 2018	2.25	2.63	2.86
5 March 2018	2.24	2.65	2.88
6 March 2018	2.25	2.65	2.88
7 March 2018	2.25	2.65	2.89
8 March 2018	2.25	2.63	2.86
9 March 2018	2.27	2.65	2.90
12 March 2018	2.27	2.64	2.87
13 March 2018	2.26	2.62	2.84
14 March 2018	2.26	2.61	2.81
15 March 2018	2.29	2.62	2.82
16 March 2018	2.31	2.65	2.85
19 March 2018	2.31	2.65	2.85
20 March 2018	2.34	2.69	2.89
21 March 2018	2.31	2.69	2.89
22 March 2018	2.29	2.63	2.83
23 March 2018	2.28	2.61	2.82
26 March 2018	2.33	2.64	2.85
27 March 2018	2.26	2.58	2.78
28 March 2018	2.28	2.59	2.77
29 March 2018	2.27	2.56	2.74
30 March 2018	ND	ND	ND
2 April 2018	2.25	2.55	2.73
3 April 2018	2.28	2.60	2.79
4 April 2018	2.28	2.61	2.79
5 April 2018	2.30	2.64	2.83
6 April 2018	2.27	2.58	2.77
9 April 2018	2.29	2.60	2.78
10 April 2018	2.32	2.62	2.80
11 April 2018	2.32	2.62	2.79
12 April 2018	2.34	2.67	2.83
13 April 2018	2.37	2.67	2.82
16 April 2018	2.39	2.69	2.83
17 April 2018	2.41	2.68	2.82
18 April 2018	2.42	2.73	2.87
19 April 2018	2.44	2.77	2.92
20 April 2018	2.46	2.80	2.96
23 April 2018	2.49	2.83	2.98
24 April 2018	2.48	2.83	3.00
25 April 2018	2.49	2.84	3.03
26 April 2018	2.49	2.82	3.00
27 April 2018	2.49	2.80	2.96
30 April 2018	2.49	2.79	2.95
1 May 2018	2.50	2.82	2.97
2 May 2018	2.49	2.80	2.97
3 May 2018	2.49	2.78	2.94
4 May 2018	2.51	2.78	2.95
7 May 2018	2.49	2.78	2.95
8 May 2018	2.51	2.81	2.97
9 May 2018	2.54	2.84	3.00
10 May 2018	2.54	2.83	2.97
11 May 2018	2.54	2.84	2.97
14 May 2018	2.55	2.85	3.00
15 May 2018	2.58	2.92	3.08
16 May 2018	2.58	2.94	3.09
17 May 2018	2.57	2.94	3.11
18 May 2018	2.55	2.90	3.06
21 May 2018	2.58	2.90	3.06
22 May 2018	2.59	2.90	3.06
23 May 2018	2.53	2.83	3.01
24 May 2018	2.50	2.82	2.98
25 May 2018	2.48	2.76	2.93
28 May 2018	ND	ND	ND
29 May 2018	2.32	2.58	2.77
30 May 2018	2.42	2.67	2.84
31 May 2018	2.40	2.68	2.83
1 June 2018	2.47	2.74	2.89
4 June 2018	2.52	2.78	2.94
5 June 2018	2.49	2.76	2.92
6 June 2018	2.52	2.81	2.97
7 June 2018	2.50	2.77	2.93
8 June 2018	2.50	2.77	2.93
11 June 2018	2.52	2.80	2.96
12 June 2018	2.54	2.81	2.96
13 June 2018	2.59	2.85	2.98
14 June 2018	2.59	2.81	2.94
15 June 2018	2.55	2.81	2.93
18 June 2018	2.56	2.80	2.92
19 June 2018	2.54	2.77	2.89
20 June 2018	2.56	2.80	2.93
21 June 2018	2.56	2.77	2.90
22 June 2018	2.56	2.77	2.90
25 June 2018	2.54	2.75	2.87
26 June 2018	2.53	2.75	2.88
27 June 2018	2.52	2.71	2.83
28 June 2018	2.52	2.73	2.84
29 June 2018	2.52	2.73	2.85
2 July 2018	2.57	2.75	2.87
3 July 2018	2.53	2.72	2.83
4 July 2018	ND	ND	ND
5 July 2018	2.55	2.74	2.84
6 July 2018	2.53	2.71	2.82
9 July 2018	2.57	2.75	2.86
10 July 2018	2.59	2.77	2.87
11 July 2018	2.58	2.74	2.85
12 July 2018	2.60	2.75	2.85
13 July 2018	2.59	2.73	2.83
16 July 2018	2.59	2.75	2.85
17 July 2018	2.62	2.76	2.86
18 July 2018	2.60	2.77	2.88
19 July 2018	2.60	2.74	2.84
20 July 2018	2.60	2.77	2.89
23 July 2018	2.64	2.83	2.96
24 July 2018	2.63	2.83	2.95
25 July 2018	2.66	2.82	2.94
26 July 2018	2.69	2.86	2.98
27 July 2018	2.67	2.84	2.96
30 July 2018	2.66	2.85	2.98
31 July 2018	2.67	2.85	2.96
1 August 2018	2.67	2.87	3.00
2 August 2018	2.66	2.85	2.98
3 August 2018	2.63	2.82	2.95
6 August 2018	2.64	2.80	2.94
7 August 2018	2.68	2.84	2.98
8 August 2018	2.68	2.83	2.96
9 August 2018	2.64	2.80	2.93
10 August 2018	2.61	2.75	2.87
13 August 2018	2.61	2.75	2.88
14 August 2018	2.63	2.77	2.89
15 August 2018	2.61	2.73	2.86
16 August 2018	2.63	2.75	2.87
17 August 2018	2.61	2.75	2.87
20 August 2018	2.60	2.70	2.82
21 August 2018	2.61	2.73	2.85
22 August 2018	2.60	2.70	2.82
23 August 2018	2.61	2.72	2.82
24 August 2018	2.63	2.72	2.82
27 August 2018	2.67	2.74	2.85
28 August 2018	2.67	2.77	2.88
29 August 2018	2.67	2.78	2.89
30 August 2018	2.64	2.75	2.86
31 August 2018	2.62	2.74	2.86
3 September 2018	ND	ND	ND
4 September 2018	2.66	2.78	2.90
5 September 2018	2.66	2.77	2.90
6 September 2018	2.64	2.76	2.88
7 September 2018	2.71	2.82	2.94
10 September 2018	2.73	2.83	2.94
11 September 2018	2.76	2.87	2.98
12 September 2018	2.74	2.87	2.97
13 September 2018	2.76	2.87	2.97
14 September 2018	2.78	2.90	2.99
17 September 2018	2.78	2.89	2.99
18 September 2018	2.81	2.94	3.05
19 September 2018	2.81	2.96	3.08
20 September 2018	2.81	2.96	3.07
21 September 2018	2.81	2.95	3.07
24 September 2018	2.83	2.96	3.08
25 September 2018	2.83	2.99	3.10
26 September 2018	2.83	2.96	3.06
27 September 2018	2.83	2.96	3.06
28 September 2018	2.81	2.94	3.05
1 October 2018	2.82	2.96	3.09
2 October 2018	2.82	2.94	3.05
3 October 2018	2.85	3.02	3.15
4 October 2018	2.87	3.05	3.19
5 October 2018	2.88	3.07	3.23
8 October 2018	ND	ND	ND
9 October 2018	2.88	3.05	3.21
10 October 2018	2.88	3.05	3.22
11 October 2018	2.85	3.00	3.14
12 October 2018	2.85	3.00	3.15
15 October 2018	2.85	3.01	3.16
16 October 2018	2.87	3.02	3.16
17 October 2018	2.89	3.04	3.19
18 October 2018	2.87	3.03	3.17
19 October 2018	2.92	3.05	3.20
22 October 2018	2.92	3.05	3.20
23 October 2018	2.89	3.01	3.17
24 October 2018	2.84	2.94	3.10
25 October 2018	2.86	2.98	3.14
26 October 2018	2.81	2.91	3.08
29 October 2018	2.81	2.91	3.08
30 October 2018	2.84	2.94	3.12
31 October 2018	2.87	2.98	3.15
1 November 2018	2.84	2.96	3.14
2 November 2018	2.91	3.04	3.22
5 November 2018	2.91	3.03	3.20
6 November 2018	2.93	3.05	3.22
7 November 2018	2.96	3.07	3.22
8 November 2018	2.98	3.09	3.24
9 November 2018	2.94	3.05	3.19
12 November 2018	ND	ND	ND
13 November 2018	2.89	2.99	3.14
14 November 2018	2.86	2.95	3.12
15 November 2018	2.86	2.94	3.11
16 November 2018	2.81	2.90	3.08
19 November 2018	2.79	2.87	3.06
20 November 2018	2.79	2.88	3.06
21 November 2018	2.81	2.89	3.06
22 November 2018	ND	ND	ND
23 November 2018	2.81	2.88	3.05
26 November 2018	2.84	2.90	3.07
27 November 2018	2.83	2.89	3.06
28 November 2018	2.81	2.87	3.06
29 November 2018	2.81	2.85	3.03
30 November 2018	2.80	2.84	3.01
3 December 2018	2.83	2.83	2.98
4 December 2018	2.80	2.79	2.91
5 December 2018	ND	ND	ND
6 December 2018	2.75	2.75	2.87
7 December 2018	2.72	2.70	2.85
10 December 2018	2.72	2.71	2.85
11 December 2018	2.78	2.75	2.89
12 December 2018	2.77	2.77	2.91
13 December 2018	2.75	2.75	2.91
14 December 2018	2.73	2.73	2.89
17 December 2018	2.70	2.69	2.86
18 December 2018	2.65	2.65	2.82
19 December 2018	2.63	2.62	2.77
20 December 2018	2.67	2.65	2.79
21 December 2018	2.63	2.64	2.79
24 December 2018	2.55	2.58	2.74
25 December 2018	ND	ND	ND
26 December 2018	2.61	2.67	2.81
27 December 2018	2.56	2.60	2.77
28 December 2018	2.52	2.56	2.72
31 December 2018	2.48	2.51	2.69
1 January 2019	ND	ND	ND
2 January 2019	2.50	2.49	2.66
3 January 2019	2.39	2.37	2.56
4 January 2019	2.50	2.49	2.67
7 January 2019	2.53	2.53	2.70
8 January 2019	2.58	2.58	2.73
9 January 2019	2.56	2.57	2.74
10 January 2019	2.56	2.56	2.74
11 January 2019	2.55	2.52	2.71
14 January 2019	2.53	2.53	2.71
15 January 2019	2.53	2.53	2.72
16 January 2019	2.55	2.54	2.73
17 January 2019	2.56	2.58	2.75
18 January 2019	2.62	2.62	2.79
21 January 2019	ND	ND	ND
22 January 2019	2.58	2.57	2.74
23 January 2019	2.58	2.59	2.76
24 January 2019	2.56	2.55	2.72
25 January 2019	2.60	2.59	2.76
28 January 2019	2.60	2.58	2.75
29 January 2019	2.56	2.55	2.72
30 January 2019	2.52	2.49	2.70
31 January 2019	2.45	2.43	2.63
1 February 2019	2.52	2.51	2.70
4 February 2019	2.53	2.53	2.73
5 February 2019	2.53	2.51	2.71
6 February 2019	2.52	2.50	2.70
7 February 2019	2.48	2.46	2.65
8 February 2019	2.45	2.44	2.63
11 February 2019	2.48	2.47	2.65
12 February 2019	2.50	2.49	2.68
13 February 2019	2.53	2.53	2.71
14 February 2019	2.50	2.48	2.66
15 February 2019	2.52	2.49	2.66
18 February 2019	ND	ND	ND
19 February 2019	2.50	2.47	2.65
20 February 2019	2.50	2.47	2.65
21 February 2019	2.53	2.51	2.69
22 February 2019	2.48	2.47	2.65
25 February 2019	2.51	2.48	2.67
26 February 2019	2.48	2.45	2.64
27 February 2019	2.50	2.49	2.69
28 February 2019	2.52	2.52	2.73
1 March 2019	2.55	2.56	2.76
4 March 2019	2.55	2.53	2.72
5 March 2019	2.55	2.53	2.72
6 March 2019	2.52	2.49	2.69
7 March 2019	2.47	2.44	2.64
8 March 2019	2.45	2.42	2.62
11 March 2019	2.47	2.44	2.64
12 March 2019	2.45	2.41	2.61
13 March 2019	2.45	2.42	2.61
14 March 2019	2.46	2.43	2.63
15 March 2019	2.43	2.40	2.59
18 March 2019	2.45	2.42	2.60
19 March 2019	2.46	2.42	2.61
20 March 2019	2.40	2.34	2.54
21 March 2019	2.41	2.34	2.54
22 March 2019	2.31	2.24	2.44
25 March 2019	2.26	2.21	2.43
26 March 2019	2.24	2.18	2.41
27 March 2019	2.22	2.18	2.39
28 March 2019	2.23	2.20	2.39
29 March 2019	2.27	2.23	2.41
1 April 2019	2.33	2.31	2.49
2 April 2019	2.30	2.28	2.48
3 April 2019	2.33	2.32	2.52
4 April 2019	2.33	2.32	2.51
5 April 2019	2.35	2.31	2.50
8 April 2019	2.36	2.33	2.52
9 April 2019	2.35	2.31	2.51
10 April 2019	2.31	2.28	2.48
11 April 2019	2.35	2.31	2.51
12 April 2019	2.40	2.38	2.56
15 April 2019	2.40	2.37	2.55
16 April 2019	2.41	2.41	2.60
17 April 2019	2.40	2.40	2.59
18 April 2019	2.38	2.38	2.57
19 April 2019	ND	ND	ND
22 April 2019	2.38	2.39	2.59
23 April 2019	2.36	2.36	2.57
24 April 2019	2.32	2.32	2.53
25 April 2019	2.33	2.33	2.54
26 April 2019	2.28	2.29	2.51
29 April 2019	2.30	2.32	2.54
30 April 2019	2.27	2.28	2.51
1 May 2019	2.31	2.31	2.52
2 May 2019	2.35	2.34	2.55
3 May 2019	2.33	2.33	2.54
6 May 2019	2.31	2.30	2.51
7 May 2019	2.28	2.25	2.45
8 May 2019	2.30	2.28	2.49
9 May 2019	2.26	2.25	2.45
10 May 2019	2.26	2.26	2.47
13 May 2019	2.18	2.18	2.40
14 May 2019	2.20	2.20	2.42
15 May 2019	2.16	2.15	2.37
16 May 2019	2.20	2.18	2.40
17 May 2019	2.20	2.17	2.39
20 May 2019	2.21	2.21	2.41
21 May 2019	2.26	2.23	2.43
22 May 2019	2.23	2.19	2.39
23 May 2019	2.12	2.11	2.31
24 May 2019	2.16	2.12	2.32
27 May 2019	ND	ND	ND
28 May 2019	2.12	2.06	2.26
29 May 2019	2.09	2.05	2.25
30 May 2019	2.06	2.03	2.22
31 May 2019	1.95	1.93	2.14
3 June 2019	1.82	1.83	2.07
4 June 2019	1.88	1.89	2.12
5 June 2019	1.83	1.86	2.12
6 June 2019	1.88	1.88	2.12
7 June 2019	1.85	1.85	2.09
10 June 2019	1.90	1.91	2.15
11 June 2019	1.93	1.92	2.15
12 June 2019	1.88	1.88	2.13
13 June 2019	1.83	1.84	2.10
14 June 2019	1.84	1.85	2.09
17 June 2019	1.86	1.85	2.09
18 June 2019	1.86	1.83	2.06
19 June 2019	1.74	1.77	2.03
20 June 2019	1.72	1.74	2.01
21 June 2019	1.77	1.80	2.07
24 June 2019	1.72	1.75	2.02
25 June 2019	1.71	1.73	2.00
26 June 2019	1.77	1.80	2.05
27 June 2019	1.74	1.76	2.01
28 June 2019	1.75	1.76	2.00
1 July 2019	1.78	1.79	2.03
2 July 2019	1.77	1.75	1.98
3 July 2019	1.77	1.74	1.96
4 July 2019	ND	ND	ND
5 July 2019	1.87	1.84	2.04
8 July 2019	1.88	1.86	2.05
9 July 2019	1.92	1.88	2.07
10 July 2019	1.82	1.82	2.07
11 July 2019	1.85	1.88	2.13
12 July 2019	1.84	1.86	2.12
15 July 2019	1.83	1.84	2.09
16 July 2019	1.87	1.88	2.13
17 July 2019	1.83	1.83	2.06
18 July 2019	1.77	1.78	2.04
19 July 2019	1.80	1.80	2.05
22 July 2019	1.80	1.80	2.05
23 July 2019	1.83	1.83	2.08
24 July 2019	1.83	1.82	2.05
25 July 2019	1.86	1.85	2.08
26 July 2019	1.86	1.85	2.08
29 July 2019	1.85	1.84	2.06
30 July 2019	1.85	1.84	2.06
31 July 2019	1.89	1.84	2.02
1 August 2019	1.73	1.68	1.90
2 August 2019	1.72	1.66	1.86
5 August 2019	1.59	1.55	1.75
6 August 2019	1.60	1.53	1.73
7 August 2019	1.59	1.52	1.71
8 August 2019	1.62	1.54	1.72
9 August 2019	1.63	1.57	1.74
12 August 2019	1.58	1.49	1.65
13 August 2019	1.66	1.57	1.68
14 August 2019	1.58	1.51	1.59
15 August 2019	1.48	1.42	1.52
16 August 2019	1.48	1.42	1.55
19 August 2019	1.53	1.47	1.60
20 August 2019	1.50	1.42	1.55
21 August 2019	1.56	1.47	1.59
22 August 2019	1.61	1.50	1.62
23 August 2019	1.51	1.40	1.52
26 August 2019	1.54	1.43	1.54
27 August 2019	1.53	1.40	1.49
28 August 2019	1.50	1.37	1.47
29 August 2019	1.53	1.40	1.50
30 August 2019	1.50	1.39	1.50
2 September 2019	ND	ND	ND
3 September 2019	1.47	1.35	1.47
4 September 2019	1.43	1.32	1.47
5 September 2019	1.55	1.43	1.57
6 September 2019	1.53	1.42	1.55
9 September 2019	1.58	1.49	1.63
10 September 2019	1.67	1.58	1.72
11 September 2019	1.68	1.60	1.75
12 September 2019	1.72	1.65	1.79
13 September 2019	1.79	1.75	1.90
16 September 2019	1.74	1.69	1.84
17 September 2019	1.72	1.66	1.81
18 September 2019	1.77	1.68	1.80
19 September 2019	1.74	1.66	1.79
20 September 2019	1.69	1.61	1.74
23 September 2019	1.68	1.59	1.72
24 September 2019	1.60	1.52	1.64
25 September 2019	1.68	1.60	1.73
26 September 2019	1.66	1.59	1.70
27 September 2019	1.63	1.56	1.69
30 September 2019	1.63	1.55	1.68
1 October 2019	1.56	1.51	1.65
2 October 2019	1.48	1.43	1.60
3 October 2019	1.39	1.34	1.54
4 October 2019	1.40	1.34	1.52
7 October 2019	1.46	1.38	1.56
8 October 2019	1.42	1.36	1.54
9 October 2019	1.47	1.40	1.59
10 October 2019	1.53	1.48	1.67
11 October 2019	1.63	1.59	1.76
14 October 2019	ND	ND	ND
15 October 2019	1.61	1.59	1.77
16 October 2019	1.58	1.57	1.75
17 October 2019	1.60	1.57	1.76
18 October 2019	1.58	1.56	1.76
21 October 2019	1.62	1.61	1.80
22 October 2019	1.60	1.60	1.78
23 October 2019	1.58	1.58	1.77
24 October 2019	1.58	1.58	1.77
25 October 2019	1.63	1.62	1.80
28 October 2019	1.64	1.66	1.85
29 October 2019	1.64	1.66	1.84
30 October 2019	1.61	1.61	1.78
31 October 2019	1.52	1.51	1.69
1 November 2019	1.56	1.55	1.73
4 November 2019	1.60	1.60	1.79
5 November 2019	1.63	1.66	1.86
6 November 2019	1.61	1.63	1.81
7 November 2019	1.68	1.74	1.92
8 November 2019	1.68	1.74	1.94
11 November 2019	ND	ND	ND
12 November 2019	1.66	1.73	1.92
13 November 2019	1.63	1.69	1.88
14 November 2019	1.58	1.63	1.82
15 November 2019	1.61	1.65	1.84
18 November 2019	1.60	1.63	1.81
19 November 2019	1.60	1.63	1.79
20 November 2019	1.56	1.58	1.73
21 November 2019	1.60	1.62	1.77
22 November 2019	1.61	1.62	1.77
25 November 2019	1.61	1.62	1.76
26 November 2019	1.58	1.58	1.74
27 November 2019	1.63	1.63	1.77
28 November 2019	ND	ND	ND
29 November 2019	1.61	1.62	1.78
2 December 2019	1.61	1.65	1.83
3 December 2019	1.53	1.54	1.72
4 December 2019	1.58	1.60	1.77
5 December 2019	1.58	1.62	1.80
6 December 2019	1.61	1.67	1.84
9 December 2019	1.63	1.67	1.83
10 December 2019	1.65	1.68	1.85
11 December 2019	1.61	1.64	1.79
12 December 2019	1.66	1.73	1.90
13 December 2019	1.61	1.66	1.82
16 December 2019	1.65	1.72	1.89
17 December 2019	1.63	1.71	1.89
18 December 2019	1.63	1.74	1.92
19 December 2019	1.62	1.73	1.92
20 December 2019	1.63	1.73	1.92
23 December 2019	1.64	1.75	1.93
24 December 2019	1.62	1.72	1.90
25 December 2019	ND	ND	ND
26 December 2019	1.64	1.72	1.90
27 December 2019	1.59	1.68	1.88
30 December 2019	1.58	1.68	1.90
31 December 2019	1.58	1.69	1.92
1 January 2020	ND	ND	ND
2 January 2020	1.58	1.67	1.88
3 January 2020	1.53	1.59	1.80
6 January 2020	1.54	1.61	1.81
7 January 2020	1.54	1.62	1.83
8 January 2020	1.58	1.67	1.87
9 January 2020	1.58	1.65	1.85
10 January 2020	1.56	1.63	1.83
13 January 2020	1.58	1.65	1.85
14 January 2020	1.58	1.63	1.82
15 January 2020	1.56	1.60	1.79
16 January 2020	1.58	1.63	1.81
17 January 2020	1.58	1.63	1.84
20 January 2020	ND	ND	ND
21 January 2020	1.53	1.57	1.78
22 January 2020	1.53	1.57	1.77
23 January 2020	1.51	1.55	1.74
24 January 2020	1.49	1.51	1.70
27 January 2020	1.44	1.44	1.61
28 January 2020	1.45	1.47	1.65
29 January 2020	1.42	1.41	1.60
30 January 2020	1.41	1.39	1.57
31 January 2020	1.33	1.32	1.51
3 February 2020	1.36	1.35	1.54
4 February 2020	1.41	1.42	1.61
5 February 2020	1.44	1.46	1.66
6 February 2020	1.44	1.45	1.65
7 February 2020	1.41	1.41	1.59
10 February 2020	1.37	1.38	1.56
11 February 2020	1.41	1.40	1.59
12 February 2020	1.44	1.45	1.62
13 February 2020	1.44	1.43	1.61
14 February 2020	1.42	1.42	1.59
17 February 2020	ND	ND	ND
18 February 2020	1.41	1.39	1.55
19 February 2020	1.42	1.41	1.56
20 February 2020	1.39	1.37	1.52
21 February 2020	1.34	1.30	1.46
24 February 2020	1.26	1.21	1.38
25 February 2020	1.20	1.16	1.33
26 February 2020	1.16	1.14	1.33
27 February 2020	1.11	1.11	1.30
28 February 2020	0.86	0.89	1.13
2 March 2020	0.84	0.88	1.10
3 March 2020	0.71	0.77	1.02
4 March 2020	0.67	0.75	1.02
5 March 2020	0.59	0.67	0.92
6 March 2020	0.49	0.58	0.74
9 March 2020	0.38	0.46	0.54
10 March 2020	0.50	0.63	0.76
11 March 2020	0.50	0.66	0.82
12 March 2020	0.50	0.66	0.88
13 March 2020	0.49	0.70	0.94
16 March 2020	0.36	0.49	0.73
17 March 2020	0.47	0.66	1.02
18 March 2020	0.54	0.79	1.18
19 March 2020	0.44	0.66	1.12
20 March 2020	0.37	0.52	0.92
23 March 2020	0.28	0.38	0.76
24 March 2020	0.38	0.52	0.84
25 March 2020	0.34	0.56	0.88
26 March 2020	0.30	0.51	0.83
27 March 2020	0.25	0.41	0.72
30 March 2020	0.23	0.39	0.70
31 March 2020	0.23	0.37	0.70
1 April 2020	0.23	0.37	0.62
2 April 2020	0.23	0.39	0.63
3 April 2020	0.23	0.39	0.62
6 April 2020	0.27	0.44	0.67
7 April 2020	0.28	0.48	0.75
8 April 2020	0.27	0.47	0.77
9 April 2020	0.23	0.41	0.73
10 April 2020	ND	ND	ND
13 April 2020	0.25	0.44	0.76
14 April 2020	0.23	0.42	0.76
15 April 2020	0.20	0.34	0.63
16 April 2020	0.20	0.35	0.61
17 April 2020	0.20	0.36	0.65
20 April 2020	0.20	0.35	0.63
21 April 2020	0.20	0.34	0.58
22 April 2020	0.22	0.37	0.63
23 April 2020	0.22	0.37	0.61
24 April 2020	0.22	0.36	0.60
27 April 2020	0.24	0.41	0.67
28 April 2020	0.20	0.37	0.62
29 April 2020	0.20	0.36	0.63
30 April 2020	0.20	0.36	0.64
1 May 2020	0.20	0.36	0.64
4 May 2020	0.19	0.36	0.64
5 May 2020	0.19	0.36	0.66
6 May 2020	0.17	0.37	0.72
7 May 2020	0.13	0.29	0.63
8 May 2020	0.16	0.33	0.69
11 May 2020	0.17	0.36	0.73
12 May 2020	0.17	0.34	0.69
13 May 2020	0.16	0.31	0.64
14 May 2020	0.16	0.31	0.63
15 May 2020	0.16	0.31	0.64
18 May 2020	0.18	0.38	0.73
19 May 2020	0.17	0.35	0.70
20 May 2020	0.16	0.34	0.68
21 May 2020	0.17	0.35	0.68
22 May 2020	0.17	0.34	0.66
25 May 2020	ND	ND	ND
26 May 2020	0.18	0.35	0.69
27 May 2020	0.19	0.34	0.68
28 May 2020	0.17	0.34	0.70
29 May 2020	0.16	0.30	0.65
1 June 2020	0.14	0.31	0.66
2 June 2020	0.17	0.32	0.68
3 June 2020	0.19	0.38	0.77
4 June 2020	0.19	0.40	0.82
5 June 2020	0.22	0.47	0.91
8 June 2020	0.22	0.45	0.88
9 June 2020	0.20	0.40	0.84
10 June 2020	0.17	0.33	0.75
11 June 2020	0.19	0.32	0.66
12 June 2020	0.19	0.33	0.71
15 June 2020	0.19	0.33	0.71
16 June 2020	0.21	0.34	0.75
17 June 2020	0.19	0.34	0.74
18 June 2020	0.19	0.34	0.71
19 June 2020	0.19	0.33	0.70
22 June 2020	0.19	0.34	0.71
23 June 2020	0.18	0.33	0.72
24 June 2020	0.19	0.33	0.69
25 June 2020	0.17	0.32	0.68
26 June 2020	0.17	0.30	0.64
29 June 2020	0.16	0.28	0.64
30 June 2020	0.16	0.29	0.66
1 July 2020	0.17	0.31	0.69
2 July 2020	0.16	0.29	0.68
3 July 2020	ND	ND	ND
6 July 2020	0.16	0.31	0.69
7 July 2020	0.16	0.29	0.65
8 July 2020	0.16	0.30	0.67
9 July 2020	0.16	0.28	0.62
10 July 2020	0.16	0.30	0.65
13 July 2020	0.16	0.30	0.64
14 July 2020	0.14	0.28	0.63
15 July 2020	0.16	0.28	0.64
16 July 2020	0.16	0.28	0.62
17 July 2020	0.14	0.29	0.64
20 July 2020	0.16	0.29	0.62
21 July 2020	0.14	0.27	0.61
22 July 2020	0.14	0.27	0.60
23 July 2020	0.16	0.27	0.59
24 July 2020	0.14	0.27	0.59
27 July 2020	0.15	0.30	0.62
28 July 2020	0.14	0.26	0.59
29 July 2020	0.12	0.25	0.58
30 July 2020	0.11	0.23	0.55
31 July 2020	0.11	0.21	0.55
3 August 2020	0.11	0.22	0.56
4 August 2020	0.11	0.19	0.52
5 August 2020	0.11	0.22	0.55
6 August 2020	0.11	0.21	0.55
7 August 2020	0.13	0.23	0.57
10 August 2020	0.14	0.24	0.59
11 August 2020	0.16	0.27	0.64
12 August 2020	0.16	0.30	0.69
13 August 2020	0.16	0.32	0.71
14 August 2020	0.14	0.29	0.71
17 August 2020	0.14	0.29	0.69
18 August 2020	0.14	0.27	0.67
19 August 2020	0.14	0.29	0.68
20 August 2020	0.13	0.26	0.65
21 August 2020	0.16	0.27	0.64
24 August 2020	0.14	0.28	0.65
25 August 2020	0.15	0.30	0.69
26 August 2020	0.16	0.28	0.69
27 August 2020	0.16	0.31	0.74
28 August 2020	0.14	0.28	0.74
31 August 2020	0.14	0.28	0.72
1 September 2020	0.13	0.26	0.68
2 September 2020	0.14	0.26	0.66
3 September 2020	0.13	0.24	0.63
4 September 2020	0.14	0.30	0.72
7 September 2020	ND	ND	ND
8 September 2020	0.14	0.28	0.69
9 September 2020	0.14	0.28	0.71
10 September 2020	0.14	0.26	0.68
11 September 2020	0.13	0.26	0.67
14 September 2020	0.14	0.27	0.68
15 September 2020	0.14	0.27	0.68
16 September 2020	0.14	0.28	0.69
17 September 2020	0.13	0.28	0.69
18 September 2020	0.14	0.29	0.70
21 September 2020	0.14	0.27	0.68
22 September 2020	0.13	0.27	0.68
23 September 2020	0.14	0.28	0.68
24 September 2020	0.14	0.27	0.67
25 September 2020	0.12	0.26	0.66
28 September 2020	0.14	0.26	0.67
29 September 2020	0.11	0.24	0.66
30 September 2020	0.13	0.28	0.69
1 October 2020	0.14	0.27	0.68
2 October 2020	0.13	0.28	0.70
5 October 2020	0.14	0.33	0.78
6 October 2020	0.14	0.32	0.76
7 October 2020	0.16	0.35	0.81
8 October 2020	0.13	0.33	0.78
9 October 2020	0.16	0.34	0.79
12 October 2020	ND	ND	ND
13 October 2020	0.16	0.31	0.74
14 October 2020	0.14	0.30	0.73
15 October 2020	0.14	0.32	0.74
16 October 2020	0.14	0.32	0.76
19 October 2020	0.16	0.34	0.78
20 October 2020	0.14	0.34	0.81
21 October 2020	0.14	0.36	0.83
22 October 2020	0.16	0.38	0.87
23 October 2020	0.18	0.37	0.85
26 October 2020	0.16	0.35	0.81
27 October 2020	0.16	0.34	0.79
28 October 2020	0.16	0.34	0.79
29 October 2020	0.16	0.38	0.85
30 October 2020	0.14	0.38	0.88
2 November 2020	0.16	0.38	0.87
3 November 2020	0.17	0.39	0.90
4 November 2020	0.14	0.33	0.78
5 November 2020	0.14	0.33	0.79
6 November 2020	0.16	0.36	0.83
9 November 2020	0.17	0.44	0.96
10 November 2020	0.19	0.46	0.98
11 November 2020	ND	ND	ND
12 November 2020	0.17	0.40	0.88
13 November 2020	0.17	0.41	0.89
16 November 2020	0.19	0.41	0.91
17 November 2020	0.18	0.39	0.87
18 November 2020	0.16	0.40	0.88
19 November 2020	0.18	0.39	0.86
20 November 2020	0.16	0.38	0.83
23 November 2020	0.16	0.39	0.86
24 November 2020	0.16	0.39	0.88
25 November 2020	0.17	0.39	0.88
26 November 2020	ND	ND	ND
27 November 2020	0.16	0.37	0.84
30 November 2020	0.16	0.36	0.84
1 December 2020	0.17	0.42	0.92
2 December 2020	0.16	0.42	0.95
3 December 2020	0.16	0.40	0.92
4 December 2020	0.16	0.42	0.97
7 December 2020	0.14	0.40	0.94
8 December 2020	0.14	0.39	0.92
9 December 2020	0.16	0.41	0.95
10 December 2020	0.14	0.39	0.92
11 December 2020	0.11	0.37	0.90
14 December 2020	0.13	0.37	0.90
15 December 2020	0.11	0.37	0.92
16 December 2020	0.13	0.37	0.92
17 December 2020	0.13	0.38	0.94
18 December 2020	0.13	0.39	0.95
21 December 2020	0.13	0.39	0.95
22 December 2020	0.13	0.37	0.93
23 December 2020	0.13	0.38	0.96
24 December 2020	0.13	0.37	0.94
25 December 2020	ND	ND	ND
28 December 2020	0.13	0.38	0.94
29 December 2020	0.12	0.37	0.94
30 December 2020	0.12	0.37	0.93
31 December 2020	0.13	0.36	0.93
1 January 2021	ND	ND	ND
4 January 2021	0.11	0.36	0.93
5 January 2021	0.13	0.38	0.96
6 January 2021	0.14	0.43	1.04
7 January 2021	0.14	0.46	1.08
8 January 2021	0.14	0.49	1.13
11 January 2021	0.14	0.50	1.15
12 January 2021	0.14	0.50	1.15
13 January 2021	0.14	0.48	1.10
14 January 2021	0.16	0.49	1.15
15 January 2021	0.13	0.46	1.11
18 January 2021	ND	ND	ND
19 January 2021	0.14	0.45	1.10
20 January 2021	0.13	0.45	1.10
21 January 2021	0.13	0.45	1.12
22 January 2021	0.13	0.44	1.10
25 January 2021	0.13	0.42	1.05
26 January 2021	0.11	0.42	1.05
27 January 2021	0.12	0.41	1.04
28 January 2021	0.12	0.42	1.07
29 January 2021	0.11	0.45	1.11
1 February 2021	0.11	0.42	1.09
2 February 2021	0.11	0.45	1.12
3 February 2021	0.11	0.46	1.15
4 February 2021	0.11	0.46	1.15
5 February 2021	0.09	0.47	1.19
8 February 2021	0.11	0.48	1.19
9 February 2021	0.11	0.48	1.18
10 February 2021	0.11	0.46	1.15
11 February 2021	0.11	0.46	1.16
12 February 2021	0.11	0.50	1.20
15 February 2021	ND	ND	ND
16 February 2021	0.13	0.57	1.30

Source: Department of the Treasury via Haver Analytics.

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Figure 31. Yield and spread on agency mortgage-backed securities

Series: Yield and spread

Horizon: January 1, 2011, to February 16, 2021

Description: A line chart with two curves over January 1, 2011, to February 16, 2021. Units are percent for the yield curve and basis points for the spread curve. The data are daily. The yield curve starts at around 4.1 in 2011, drops to around 1.8 in mid-2012, increases to about 3.5 by late 2013, decreases to about 2.5 by mid-2016, increases to just over 4 by the end of 2018, and plummets to about 1 by mid-2020 before increasing to about 1.6 by early 2021. The spread curve starts at about 140 in 2011 and increases to about 175 by late 2011 before dropping to about 75 by late 2012. It then increases to about 150 by mid-2013, gradually decreases to about 75 by mid-2019, spikes to 190 in March 2020, and ends just above 50.

Note: The yield is on mortgage-backed securities from Fannie Mae through May 31, 2019, and from uniform mortgage-backed securities thereafter. Data are daily.

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Figure 32. Corporate bond yields, by securities rating, and municipal bond yield

Series: Investment-grade, high-yield, and municipal

Horizon: January 4, 2010, to February 16, 2021

Description: A line chart with three curves. Data are daily, and units for all three series are in percent. The investment-grade series starts at approximately 5.8 in 2010, drops to about 3.7 by late 2012, and fluctuates between 3.6 and 4.9 until late 2019, with peaks in mid-2013, early 2016, and late 2018 and troughs in early 2013 and late 2016. The curve then plummets to just above 2 in early 2020 and immediately spikes up to about 5.3 in mid-March 2020 before dropping sharply and ending at about 2.3. The high-yield series begins at about 8.4 in the beginning of 2010, drops to 7 by mid-2011, increases to about 9.8 in late 2011, declines to 5.5 by May 2013, increases to about 7.9 by the beginning of 2016, drops to 5.5 by mid-2017, increases to almost 8 in early 2019, declines to about 4.5 at the beginning of 2020, and skyrockets to 9.1 in mid-March 2020 before dropping quickly to end at about 3.9. The municipal yield series starts around 4 in 2010, increases to about 4.3 in early 2011, decreases to about 2.2 by early 2013, picks back up to about 4.3 in late 2013, drops steadily to just under 2 by mid-2016, and fluctuates between 2 and 3.5 until the beginning of 2020, where the curve drops to 1.5 before shooting up to 3.5 and dropping back to 1.5 by early 2021.

Note: Investment-grade corporate is the 10-year triple-B, which reflects the effective yield of the ICE BofAML 7-to-10-year triple-B U.S. Corporate Index (C4A4). High-yield corporate is the 10-year high yield and reflects the effective yield of the ICE BofAML 7-to-10-year U.S. Cash Pay High Yield Index (J4A0). Municipal is the Municipal Market Advisors 20-year yield.

Source: ICE Data Indices, LLC, used with permission; Municipal Market Advisors.

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Figure 33. Equity prices

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

Horizon: January 4, 2011, to February 16, 2021

Description: A line chart with two curves. Units for all series have been indexed to 100 based on their respective values on December 31, 2009, and data are daily. The Dow Jones bank index series starts at around 102, drops to about 75 by the end of 2011, steadily rises to about 250 by early 2018 aside from a notable dip throughout 2016, fluctuates between about 175 and 250 until early 2020, plummets to about 125, and rebounds to about 240 by early 2021. The S&P 500 index series follows a similar trajectory but with a magnitude about 25 points higher until early 2019, when the gap begins to steadily increase to almost 150 points by early 2021.

Source: S&P Dow Jones Indices LLC via Bloomberg. (For Dow Jones Indices licensing information, see the note on the Contents page.)

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Figure 34. S&P 500 volatility

Series: VIX and realized volatility

Horizon: January 4, 2010, to February 16, 2021

Description: A line chart with two curves. Units for both series are in percent, and data are daily. The VIX series starts at around 20 in 2010 and generally remains flat from 2010 to 2015 aside from spikes to about 46 in May 2010 and about 48 in August 2011. It fluctuates between approximately 9 and 28 in 2016 and 2017, generally increases during 2018 aside from spikes to 37 in February 2018 and 36 in December 2018, and declines to about 16 by the beginning of 2020. It sharply increases to 85 in early 2020 and quickly decreases by early 2021 to about 21. The realized volatility series follows a similar trajectory but with a magnitude about 5 to 10 points lower.

Note: The VIX is a measure of implied volatility that represents the expected annualized change in the S&P 500 index over the following 30 days. For realized volatility, 5-minute S&P 500 returns are used in an exponentially weighted moving average with 75 percent of weight distributed over the past 20 days.

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

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Figure 35. Commercial and industrial loan growth

Monthly
Percent

Date	C&I
31 January 2006	13.87
28 February 2006	13.55
31 March 2006	12.94
30 April 2006	13.10
31 May 2006	13.82
30 June 2006	14.66
31 July 2006	14.08
31 August 2006	15.63
30 September 2006	15.11
31 October 2006	14.66
30 November 2006	14.56
31 December 2006	14.20
31 January 2007	13.71
28 February 2007	13.86
31 March 2007	13.75
30 April 2007	12.96
31 May 2007	12.74
30 June 2007	12.89
31 July 2007	13.21
31 August 2007	13.41
30 September 2007	17.36
31 October 2007	18.48
30 November 2007	19.27
31 December 2007	19.97
31 January 2008	20.81
29 February 2008	20.25
31 March 2008	20.99
30 April 2008	21.40
31 May 2008	19.84
30 June 2008	18.51
31 July 2008	17.87
31 August 2008	15.70
30 September 2008	13.44
31 October 2008	15.42
30 November 2008	13.12
31 December 2008	10.02
31 January 2009	7.16
28 February 2009	5.74
31 March 2009	2.79
30 April 2009	0.06
31 May 2009	-1.46
30 June 2009	-4.11
31 July 2009	-7.68
31 August 2009	-9.88
30 September 2009	-12.63
31 October 2009	-17.62
30 November 2009	-18.16
31 December 2009	-18.83
31 January 2010	-19.86
28 February 2010	-20.21
31 March 2010	-19.90
30 April 2010	-19.04
31 May 2010	-18.51
30 June 2010	-17.05
31 July 2010	-14.67
31 August 2010	-12.82
30 September 2010	-11.43
31 October 2010	-9.50
30 November 2010	-8.14
31 December 2010	-5.80
31 January 2011	-3.50
28 February 2011	-2.00
31 March 2011	-0.20
30 April 2011	0.68
31 May 2011	2.73
30 June 2011	3.80
31 July 2011	4.89
31 August 2011	6.47
30 September 2011	6.91
31 October 2011	7.90
30 November 2011	8.64
31 December 2011	9.24
31 January 2012	10.42
29 February 2012	12.00
31 March 2012	12.04
30 April 2012	12.79
31 May 2012	12.30
30 June 2012	13.51
31 July 2012	13.83
31 August 2012	12.92
30 September 2012	12.78
31 October 2012	13.11
30 November 2012	12.47
31 December 2012	12.95
31 January 2013	12.32
28 February 2013	10.90
31 March 2013	11.12
30 April 2013	10.34
31 May 2013	9.61
30 June 2013	8.99
31 July 2013	8.49
31 August 2013	7.55
30 September 2013	7.18
31 October 2013	6.85
30 November 2013	6.83
31 December 2013	6.64
31 January 2014	6.77
28 February 2014	8.61
31 March 2014	9.02
30 April 2014	9.69
31 May 2014	10.26
30 June 2014	10.30
31 July 2014	10.69
31 August 2014	11.59
30 September 2014	11.92
31 October 2014	11.63
30 November 2014	12.39
31 December 2014	12.55
31 January 2015	12.83
28 February 2015	11.63
31 March 2015	12.27
30 April 2015	12.04
31 May 2015	12.10
30 June 2015	12.19
31 July 2015	11.51
31 August 2015	11.12
30 September 2015	10.88
31 October 2015	11.44
30 November 2015	11.17
31 December 2015	10.12
31 January 2016	9.59
29 February 2016	9.91
31 March 2016	10.03
30 April 2016	10.10
31 May 2016	9.98
30 June 2016	9.13
31 July 2016	8.92
31 August 2016	7.72
30 September 2016	8.04
31 October 2016	7.96
30 November 2016	7.40
31 December 2016	6.68
31 January 2017	6.01
28 February 2017	4.79
31 March 2017	2.31
30 April 2017	1.75
31 May 2017	1.23
30 June 2017	1.15
31 July 2017	0.99
31 August 2017	1.66
30 September 2017	1.61
31 October 2017	1.17
30 November 2017	0.80
31 December 2017	1.03
31 January 2018	1.30
28 February 2018	1.40
31 March 2018	2.81
30 April 2018	4.83
31 May 2018	4.88
30 June 2018	5.66
31 July 2018	6.20
31 August 2018	5.98
30 September 2018	5.76
31 October 2018	6.19
30 November 2018	7.74
31 December 2018	9.35
31 January 2019	10.22
28 February 2019	10.44
31 March 2019	10.24
30 April 2019	7.84
31 May 2019	7.62
30 June 2019	6.98
31 July 2019	6.67
31 August 2019	7.11
30 September 2019	6.46
31 October 2019	5.23
30 November 2019	4.15
31 December 2019	2.43
31 January 2020	1.22
29 February 2020	0.89
31 March 2020	9.89
30 April 2020	25.58
31 May 2020	30.06
30 June 2020	25.01
31 July 2020	21.73
31 August 2020	19.03
30 September 2020	16.71
31 October 2020	14.12
30 November 2020	11.82
31 December 2020	10.70
31 January 2021	9.29

Note: Data are calculated as monthly year-over-year growth rates.

Source: Federal Reserve Board, Statistical Release H.8, "Assets and Liabilities of Commercial Banks in the United States."

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Figure 36. Profitability of bank holding companies

Quarterly
Percent, annual rate

Period	Return on assets	Return on equity
2004:Q1	1.24	16.08
2004:Q2	1.02	13.03
2004:Q3	1.21	14.84
2004:Q4	1.18	14.38
2005:Q1	1.14	13.70
2005:Q2	1.19	14.29
2005:Q3	1.30	15.58
2005:Q4	1.21	14.94
2006:Q1	1.10	13.82
2006:Q2	1.17	14.61
2006:Q3	1.31	16.09
2006:Q4	1.32	16.45
2007:Q1	0.97	12.05
2007:Q2	1.08	13.70
2007:Q3	0.82	10.33
2007:Q4	-0.13	-1.75
2008:Q1	0.09	1.55
2008:Q2	-0.14	-1.83
2008:Q3	-0.57	-7.92
2008:Q4	-1.60	-21.51
2009:Q1	0.00	0.43
2009:Q2	-0.07	-0.84
2009:Q3	0.19	2.10
2009:Q4	0.10	1.24
2010:Q1	0.39	4.69
2010:Q2	0.53	6.11
2010:Q3	0.45	4.94
2010:Q4	0.50	5.56
2011:Q1	0.59	6.28
2011:Q2	0.43	4.61
2011:Q3	0.94	9.95
2011:Q4	0.59	6.20
2012:Q1	0.58	5.73
2012:Q2	0.71	6.97
2012:Q3	0.73	7.12
2012:Q4	0.89	8.60
2013:Q1	0.81	7.67
2013:Q2	0.86	8.19
2013:Q3	0.82	7.77
2013:Q4	0.92	8.72
2014:Q1	0.85	7.86
2014:Q2	0.82	7.61
2014:Q3	0.87	8.04
2014:Q4	0.82	7.42
2015:Q1	0.96	8.76
2015:Q2	0.96	8.72
2015:Q3	0.98	8.85
2015:Q4	0.84	7.21
2016:Q1	0.82	7.24
2016:Q2	0.93	8.28
2016:Q3	0.95	8.77
2016:Q4	0.92	7.95
2017:Q1	0.97	8.90
2017:Q2	0.97	8.87
2017:Q3	0.95	8.64
2017:Q4	0.11	0.66
2018:Q1	1.15	10.80
2018:Q2	1.18	10.93
2018:Q3	1.17	10.84
2018:Q4	1.17	10.35
2019:Q1	1.25	11.73
2019:Q2	1.22	11.14
2019:Q3	0.99	9.16
2019:Q4	1.05	9.38
2020:Q1	0.35	3.59
2020:Q2	0.46	4.58
2020:Q3	0.84	8.71

Note: The data are quarterly, extend through 2020:Q3, and are seasonally adjusted.

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

Return to text

Figure 37. Foreign real gross domestic product

Quarterly
2005 average = 100

Period	Foreign GDP
2005:Q1	98.32
2005:Q2	99.29
2005:Q3	100.51
2005:Q4	101.88
2006:Q1	103.22
2006:Q2	104.22
2006:Q3	105.10
2006:Q4	106.41
2007:Q1	107.84
2007:Q2	109.12
2007:Q3	110.12
2007:Q4	111.30
2008:Q1	112.07
2008:Q2	112.71
2008:Q3	112.91
2008:Q4	111.43
2009:Q1	109.06
2009:Q2	109.64
2009:Q3	111.35
2009:Q4	112.97
2010:Q1	114.41
2010:Q2	115.94
2010:Q3	117.29
2010:Q4	118.55
2011:Q1	119.83
2011:Q2	120.55
2011:Q3	122.10
2011:Q4	122.78
2012:Q1	123.93
2012:Q2	124.64
2012:Q3	125.48
2012:Q4	126.22
2013:Q1	127.19
2013:Q2	128.14
2013:Q3	129.43
2013:Q4	130.47
2014:Q1	131.42
2014:Q2	132.48
2014:Q3	133.55
2014:Q4	134.70
2015:Q1	135.45
2015:Q2	136.38
2015:Q3	137.44
2015:Q4	138.00
2016:Q1	139.02
2016:Q2	139.75
2016:Q3	140.95
2016:Q4	142.17
2017:Q1	143.55
2017:Q2	144.79
2017:Q3	145.82
2017:Q4	147.14
2018:Q1	148.38
2018:Q2	149.35
2018:Q3	150.04
2018:Q4	150.83
2019:Q1	151.66
2019:Q2	152.64
2019:Q3	153.33
2019:Q4	153.62
2020:Q1	148.73
2020:Q2	136.17
2020:Q3	148.53

Note: The data extend through 2020:Q3. Foreign GDP is computed on a representative sample of 40 countries and aggregated using U.S. trade weights.

Source: Federal Reserve Bank of Dallas, Database of Global Economic Indicators, https://www.dallasfed.org/institute/dgei/gdp.aspx.

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Figure 38. Services purchasing managers index in selected foreign economies

Series: China, euro area, and Japan

Horizon: January 2016 to January 2021

Description: A line chart with three curves over January 2016 to January 2021. The data are monthly, and the units are an index. The euro-area curve begins at just under 55 and fluctuates between 50 and 60 through 2019. The curve then decreases sharply to about 13 in the first quarter of 2020, rebounds to 55 between the second and third quarters of 2020, dips to 42 at the end of 2020, and ends at 45 in January 2021. The other two curves track the euro-area curve closely, although they show generally lower values until about the fourth quarter of 2018 and then higher values after. Additionally, China had an earlier downward spike and recovery in 2020, decreasing to 27 early in the year before increasing to nearly 60 by mid-2020 and ending at 53 by the beginning of 2021.

Note: For the foreign services output purchasing managers index (PMI), values greater than (less than) 50 indicate better (worse) business conditions, on average, for the participants surveyed relative to conditions at the time of the previous survey.

Source: IHS Markit, Global Sector PMI.

Return to text

Figure 39. Real gross domestic product in selected foreign economies

Percent change from year earlier

Period	Euro area	Canada	China	Mexico	South Korea
2020:Q4	-5.10	-3.50	6.51	-5.19	-1.29

Note: The data are for 2020:Q4. For Canada, the euro area, and Mexico, the values correspond to flash estimates of GDP. For South Korea, the value is the advance GDP estimate. For China, the value corresponds to preliminary GDP.

Source: For the euro area, Eurostat; for Canada, Statistics Canada; for China, National Bureau of Statistics of China; for Mexico, Instituto Nacional de Estadística y Geografía; for South Korea, Bank of Korea; all via Haver Analytics.

Return to text

Figure 40. 24-month policy expectations for selected advanced foreign economies

Weekly
Basis points

Period	Euro area	United Kingdom	Japan
6 January 2016	-16.99	114.48	4.77
13 January 2016	-22.06	92.20	3.91
20 January 2016	-24.60	76.01	2.57
27 January 2016	-33.62	76.69	2.13
3 February 2016	-37.90	64.18	-10.58
10 February 2016	-40.50	47.69	-31.32
17 February 2016	-39.69	42.36	-30.62
24 February 2016	-41.15	45.59	-34.48
2 March 2016	-47.13	37.99	-37.94
9 March 2016	-45.21	47.40	-36.13
16 March 2016	-33.35	58.45	-29.10
23 March 2016	-35.57	53.96	-28.06
30 March 2016	-36.26	53.67	-27.51
6 April 2016	-37.32	45.33	-27.84
13 April 2016	-41.61	42.31	-29.20
20 April 2016	-39.54	50.72	-29.54
27 April 2016	-36.92	68.07	-33.41
4 May 2016	-35.59	64.42	-28.83
11 May 2016	-39.89	50.25	-29.96
18 May 2016	-37.95	53.08	-31.95
25 May 2016	-36.41	65.59	-30.15
1 June 2016	-38.10	67.00	-31.44
8 June 2016	-39.37	48.19	-32.29
15 June 2016	-42.47	43.93	-35.72
22 June 2016	-46.00	51.54	-32.66
29 June 2016	-49.57	29.59	-34.65
6 July 2016	-53.86	16.36	-36.88
13 July 2016	-55.06	16.33	-38.99
20 July 2016	-49.76	21.13	-34.92
27 July 2016	-47.52	17.03	-37.31
3 August 2016	-47.17	15.30	-24.40
10 August 2016	-48.63	9.80	-19.10
17 August 2016	-47.59	9.77	-17.85
24 August 2016	-46.04	11.62	-20.83
31 August 2016	-44.46	12.39	-21.78
7 September 2016	-47.81	12.57	-23.63
14 September 2016	-43.63	16.73	-26.96
21 September 2016	-44.10	14.13	-28.45
28 September 2016	-47.24	9.08	-26.89
5 October 2016	-45.08	10.28	-28.30
12 October 2016	-40.51	23.13	-26.73
19 October 2016	-39.05	27.74	-23.97
26 October 2016	-36.83	28.64	-19.46
2 November 2016	-31.31	35.29	-17.97
9 November 2016	-29.00	35.39	-18.78
16 November 2016	-23.40	47.10	-12.16
23 November 2016	-26.12	48.81	-8.10
30 November 2016	-28.48	46.12	-7.68
7 December 2016	-24.64	45.42	-7.05
14 December 2016	-24.47	46.01	-7.04
21 December 2016	-24.29	49.10	-3.65
28 December 2016	-24.55	47.94	-4.19
4 January 2017	-26.69	41.13	-6.77
11 January 2017	-24.57	43.33	-6.79
18 January 2017	-25.11	44.75	-6.03
25 January 2017	-20.34	54.79	-3.31
1 February 2017	-17.53	60.98	-1.06
8 February 2017	-20.25	48.79	0.47
15 February 2017	-20.21	45.32	0.15
22 February 2017	-22.59	40.53	0.25
1 March 2017	-25.85	36.06	-1.53
8 March 2017	-17.31	39.57	-1.29
15 March 2017	-9.37	46.18	0.18
22 March 2017	-8.03	51.06	-0.73
29 March 2017	-9.83	52.34	-1.37
5 April 2017	-17.82	44.03	-1.96
12 April 2017	-20.98	39.14	-4.36
19 April 2017	-23.11	34.98	-6.68
26 April 2017	-16.16	37.56	-5.48
3 May 2017	-15.37	40.91	-5.96
10 May 2017	-11.06	47.96	-5.53
17 May 2017	-13.40	42.88	-4.37
24 May 2017	-12.50	43.41	-3.86
31 May 2017	-16.14	41.36	-4.07
7 June 2017	-18.03	42.17	-3.96
14 June 2017	-20.34	38.24	-3.25
21 June 2017	-19.28	47.29	-3.72
28 June 2017	-16.04	57.19	-4.30
5 July 2017	-8.27	69.03	-3.01
12 July 2017	-5.85	67.56	-0.75
19 July 2017	-7.55	63.71	-2.81
26 July 2017	-11.51	58.56	-3.17
2 August 2017	-12.21	59.26	-2.83
9 August 2017	-14.11	53.86	-2.99
16 August 2017	-16.75	49.95	-4.42
23 August 2017	-16.82	51.50	-5.05
30 August 2017	-17.84	51.00	-5.53
6 September 2017	-20.17	51.01	-5.05
13 September 2017	-20.19	57.51	-4.48
20 September 2017	-15.10	87.08	-3.89
27 September 2017	-14.13	91.47	-3.32
4 October 2017	-12.86	92.23	-1.52
11 October 2017	-12.80	89.96	-1.40
18 October 2017	-15.67	90.10	0.03
25 October 2017	-13.83	88.99	0.95
1 November 2017	-16.44	91.28	1.10
8 November 2017	-17.73	83.49	0.14
15 November 2017	-16.26	87.52	0.62
22 November 2017	-16.21	89.45	0.99
29 November 2017	-14.38	91.04	1.53
6 December 2017	-15.00	93.74	0.92
13 December 2017	-15.23	90.88	0.15
20 December 2017	-12.23	86.17	-0.00
27 December 2017	-4.86	88.94	0.83
3 January 2018	-4.23	86.41	0.67
10 January 2018	-4.79	91.22	1.49
17 January 2018	1.94	98.31	1.31
24 January 2018	1.18	101.57	2.11
31 January 2018	6.82	109.31	2.72
7 February 2018	6.71	113.23	2.74
14 February 2018	6.13	118.13	2.23
21 February 2018	6.63	122.24	1.76
28 February 2018	4.60	117.32	1.23
7 March 2018	4.06	118.42	1.19
14 March 2018	2.37	116.50	1.80
21 March 2018	-0.51	117.35	1.17
28 March 2018	-2.98	115.37	0.83
4 April 2018	-4.02	110.77	1.03
11 April 2018	-3.09	113.33	0.67
18 April 2018	-2.46	114.32	0.69
25 April 2018	0.87	112.67	2.02
2 May 2018	-0.52	107.24	1.76
9 May 2018	-2.75	104.50	1.31
16 May 2018	0.69	108.57	1.62
23 May 2018	-1.30	111.09	1.75
30 May 2018	-10.88	96.63	0.78
6 June 2018	-6.37	98.29	1.01
13 June 2018	-2.42	105.88	1.10
20 June 2018	-10.71	102.36	0.73
27 June 2018	-12.54	102.87	0.33
4 July 2018	-11.65	100.57	-0.15
11 July 2018	-10.77	104.14	-0.65
18 July 2018	-11.11	101.21	-0.24
25 July 2018	-9.31	100.52	-0.01
1 August 2018	-5.84	108.49	0.99
8 August 2018	-5.80	109.65	2.05
15 August 2018	-9.75	102.24	1.44
22 August 2018	-10.40	102.12	1.10
29 August 2018	-8.34	106.22	0.43
5 September 2018	-8.03	107.87	1.30
12 September 2018	-5.38	110.06	1.23
19 September 2018	-1.50	118.47	1.86
26 September 2018	4.08	120.59	2.67
3 October 2018	5.32	121.23	2.41
10 October 2018	8.71	130.98	3.40
17 October 2018	5.74	125.02	2.78
24 October 2018	2.64	114.42	2.91
31 October 2018	-0.27	106.57	1.25
7 November 2018	1.64	116.87	0.89
14 November 2018	1.42	116.29	0.58
21 November 2018	-1.79	104.54	-0.28
28 November 2018	-3.34	106.64	-0.60
5 December 2018	-7.10	104.77	-2.51
12 December 2018	-6.70	100.58	-4.06
19 December 2018	-8.90	103.98	-4.61
26 December 2018	-12.20	104.86	-4.93
2 January 2019	-14.88	100.62	-5.31
9 January 2019	-13.60	97.23	-5.59
16 January 2019	-13.94	105.38	-6.72
23 January 2019	-12.95	106.43	-8.32
30 January 2019	-14.50	100.99	-9.40
6 February 2019	-15.20	96.91	-10.01
13 February 2019	-17.29	91.92	-10.14
20 February 2019	-16.56	91.14	-11.73
27 February 2019	-15.64	97.70	-12.47
6 March 2019	-13.72	104.94	-10.98
13 March 2019	-19.72	96.64	-12.01
20 March 2019	-19.41	97.84	-12.58
27 March 2019	-23.26	77.08	-13.33
3 April 2019	-26.49	78.01	-13.62
10 April 2019	-26.61	85.19	-11.40
17 April 2019	-25.04	95.28	-10.78
24 April 2019	-25.65	96.30	-10.81
1 May 2019	-25.78	91.05	-11.79
8 May 2019	-26.86	95.55	-11.98
15 May 2019	-29.89	87.53	-12.54
22 May 2019	-31.90	82.80	-12.88
29 May 2019	-33.93	71.32	-13.98
5 June 2019	-37.89	66.65	-17.06
12 June 2019	-41.42	60.61	-19.84
19 June 2019	-47.44	64.17	-21.29
26 June 2019	-49.61	61.26	-25.54
3 July 2019	-52.98	55.70	-23.34
10 July 2019	-52.73	49.23	-21.50
17 July 2019	-51.81	55.57	-17.87
24 July 2019	-59.50	46.78	-19.40
31 July 2019	-58.02	41.53	-19.62
7 August 2019	-62.50	34.77	-22.48
14 August 2019	-67.61	34.33	-26.93
21 August 2019	-74.74	38.11	-26.10
28 August 2019	-73.16	37.99	-26.32
4 September 2019	-77.46	31.59	-26.49
11 September 2019	-71.48	44.49	-23.58
18 September 2019	-60.14	55.85	-20.35
25 September 2019	-61.63	47.05	-25.25
2 October 2019	-64.75	33.25	-24.05
9 October 2019	-66.65	29.39	-25.32
16 October 2019	-55.97	49.28	-21.33
23 October 2019	-50.68	55.67	-19.53
30 October 2019	-48.24	53.01	-17.54
6 November 2019	-49.10	53.69	-17.64
13 November 2019	-44.62	59.52	-11.24
20 November 2019	-47.15	56.71	-14.02
27 November 2019	-46.86	52.18	-13.58
4 December 2019	-45.78	55.59	-10.79
11 December 2019	-44.16	62.64	-8.43
18 December 2019	-42.50	60.55	-7.98
25 December 2019	-40.16	57.02	-4.51
1 January 2020	-38.84	59.84	-5.64
8 January 2020	-41.22	58.81	-6.66
15 January 2020	-37.83	52.11	-6.12
22 January 2020	-38.76	43.15	-6.27
29 January 2020	-44.66	40.01	-8.99
5 February 2020	-49.10	45.60	-12.32
12 February 2020	-48.26	47.13	-11.73
19 February 2020	-50.45	49.96	-12.24
26 February 2020	-52.88	42.27	-15.73
4 March 2020	-60.58	31.33	-20.94
11 March 2020	-67.12	22.33	-27.36
18 March 2020	-54.23	32.56	-16.58
25 March 2020	-42.68	24.29	-7.85
1 April 2020	-49.60	22.52	-9.21
8 April 2020	-47.83	20.20	-9.93
15 April 2020	-52.32	17.45	-11.14
22 April 2020	-50.50	17.40	-12.56
29 April 2020	-52.23	15.09	-15.72
6 May 2020	-58.77	10.36	-15.17
13 May 2020	-55.80	5.34	-13.57
20 May 2020	-54.04	1.91	-13.53
27 May 2020	-52.36	-2.19	-13.32
3 June 2020	-50.67	-0.65	-12.86
10 June 2020	-46.68	4.26	-10.82
17 June 2020	-52.26	-0.62	-12.90
24 June 2020	-54.06	-2.19	-11.45
1 July 2020	-54.93	-4.26	-10.90
8 July 2020	-53.42	-4.19	-11.18
15 July 2020	-52.91	-6.87	-11.59
22 July 2020	-53.82	-10.01	-12.34
29 July 2020	-53.33	-11.23	-11.98
5 August 2020	-55.55	-11.41	-11.21
12 August 2020	-53.20	-4.84	-10.12
19 August 2020	-50.56	-5.16	-8.88
26 August 2020	-52.54	-5.85	-8.98
2 September 2020	-51.95	-4.91	-8.40
9 September 2020	-55.83	-8.33	-9.56
16 September 2020	-55.65	-12.49	-10.58
23 September 2020	-57.94	-14.26	-11.80
30 September 2020	-56.71	-10.88	-12.43
7 October 2020	-55.71	-7.31	-10.60
14 October 2020	-56.74	-7.17	-9.82
21 October 2020	-59.39	-9.81	-10.33
28 October 2020	-57.88	-7.01	-9.64
4 November 2020	-58.96	-7.97	-9.27
11 November 2020	-54.62	-2.65	-9.58
18 November 2020	-53.04	-1.17	-9.56
25 November 2020	-53.13	-0.86	-9.84
2 December 2020	-52.49	-0.58	-9.08
9 December 2020	-55.02	-3.00	-8.89
16 December 2020	-55.97	-5.54	-9.63
23 December 2020	-52.87	-3.97	-9.99
30 December 2020	-52.25	-3.71	-9.50
6 January 2021	-54.16	-9.31	-9.70
13 January 2021	-50.44	-5.31	-10.16
20 January 2021	-51.27	-5.79	-10.94
27 January 2021	-50.49	-5.42	-11.57
3 February 2021	-50.96	-2.25	-10.65
10 February 2021	-48.19	7.99	-9.26

Note: The data are weekly averages of daily 24-month market-implied central bank policy rates. The 24-month policy rates are implied by quotes on overnight index swaps tied to the policy rates. The data begin on Thursdays and extend through February 10, 2021.

Source: Bloomberg; Federal Reserve Board staff estimations.

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Figure 41. Unemployment rate in selected advanced economies

Monthly
Percent

Period	Canada	Japan	United Kingdom	Euro area	United States
January 2005	7.00	4.50	4.80	9.20	5.30
February 2005	7.00	4.60	4.70	9.20	5.40
March 2005	6.90	4.50	4.70	9.20	5.20
April 2005	6.70	4.50	4.80	9.20	5.20
May 2005	7.00	4.50	4.80	9.20	5.10
June 2005	6.80	4.30	4.70	9.20	5.00
July 2005	6.70	4.40	4.70	9.10	5.00
August 2005	6.70	4.30	4.70	9.00	4.90
September 2005	6.70	4.20	4.90	9.00	5.00
October 2005	6.70	4.40	5.10	9.00	5.00
November 2005	6.40	4.50	5.10	9.00	5.00
December 2005	6.60	4.40	5.10	8.90	4.90
January 2006	6.60	4.40	5.20	8.80	4.70
February 2006	6.40	4.10	5.20	8.80	4.80
March 2006	6.40	4.10	5.30	8.70	4.70
April 2006	6.30	4.10	5.40	8.60	4.70
May 2006	6.10	4.10	5.50	8.50	4.60
June 2006	6.10	4.20	5.50	8.40	4.60
July 2006	6.40	4.10	5.50	8.30	4.70
August 2006	6.40	4.10	5.50	8.20	4.70
September 2006	6.40	4.10	5.50	8.20	4.50
October 2006	6.20	4.10	5.40	8.10	4.40
November 2006	6.40	4.00	5.50	8.00	4.50
December 2006	6.20	4.00	5.50	7.90	4.40
January 2007	6.30	4.00	5.50	7.90	4.60
February 2007	6.20	4.00	5.50	7.80	4.50
March 2007	6.20	4.00	5.50	7.70	4.40
April 2007	6.20	3.80	5.40	7.60	4.50
May 2007	6.00	3.80	5.40	7.50	4.40
June 2007	6.10	3.70	5.30	7.50	4.60
July 2007	6.00	3.60	5.30	7.50	4.70
August 2007	5.90	3.70	5.30	7.50	4.60
September 2007	5.90	3.90	5.20	7.40	4.70
October 2007	5.90	4.00	5.20	7.30	4.70
November 2007	6.10	3.80	5.20	7.30	4.70
December 2007	6.10	3.70	5.20	7.30	5.00
January 2008	5.90	3.90	5.20	7.30	5.00
February 2008	6.00	4.00	5.20	7.30	4.90
March 2008	6.20	3.80	5.30	7.30	5.10
April 2008	6.10	3.90	5.20	7.40	5.00
May 2008	6.10	4.00	5.40	7.40	5.40
June 2008	6.10	4.00	5.50	7.50	5.60
July 2008	6.10	3.90	5.70	7.50	5.80
August 2008	6.10	4.10	5.90	7.60	6.10
September 2008	6.10	4.00	6.00	7.70	6.10
October 2008	6.20	3.80	6.20	7.80	6.50
November 2008	6.60	4.00	6.40	8.00	6.80
December 2008	6.90	4.40	6.50	8.30	7.30
January 2009	7.40	4.30	6.70	8.70	7.80
February 2009	8.00	4.60	7.10	9.00	8.30
March 2009	8.20	4.80	7.30	9.30	8.70
April 2009	8.30	5.00	7.60	9.50	9.00
May 2009	8.70	5.10	7.80	9.60	9.40
June 2009	8.70	5.20	7.90	9.70	9.50
July 2009	8.70	5.50	7.90	9.80	9.50
August 2009	8.60	5.40	7.80	9.90	9.60
September 2009	8.40	5.40	7.90	10.00	9.80
October 2009	8.50	5.20	7.80	10.10	10.00
November 2009	8.50	5.20	7.80	10.10	9.90
December 2009	8.50	5.20	7.70	10.10	9.90
January 2010	8.30	5.00	7.90	10.20	9.80
February 2010	8.30	5.00	8.00	10.20	9.80
March 2010	8.30	5.10	8.00	10.20	9.90
April 2010	8.20	5.10	7.90	10.30	9.90
May 2010	8.10	5.10	7.90	10.30	9.60
June 2010	8.00	5.20	7.80	10.30	9.40
July 2010	8.00	5.00	7.80	10.20	9.40
August 2010	8.10	5.10	7.80	10.20	9.50
September 2010	8.20	5.10	7.90	10.20	9.50
October 2010	8.00	5.10	7.90	10.20	9.40
November 2010	7.70	5.00	7.90	10.10	9.80
December 2010	7.70	4.90	7.90	10.10	9.30
January 2011	7.80	4.80	7.80	10.10	9.10
February 2011	7.70	4.70	7.80	10.00	9.00
March 2011	7.70	4.70	7.70	10.00	9.00
April 2011	7.70	4.70	7.80	10.00	9.10
May 2011	7.60	4.60	7.90	10.00	9.00
June 2011	7.60	4.70	8.00	10.10	9.10
July 2011	7.30	4.70	8.20	10.20	9.00
August 2011	7.30	4.50	8.30	10.20	9.00
September 2011	7.40	4.20	8.40	10.40	9.00
October 2011	7.40	4.40	8.50	10.50	8.80
November 2011	7.60	4.50	8.40	10.60	8.60
December 2011	7.50	4.50	8.40	10.70	8.50
January 2012	7.70	4.50	8.30	10.80	8.30
February 2012	7.50	4.50	8.20	10.90	8.30
March 2012	7.30	4.50	8.20	11.10	8.20
April 2012	7.30	4.50	8.10	11.20	8.20
May 2012	7.40	4.40	8.00	11.30	8.20
June 2012	7.20	4.30	8.00	11.40	8.20
July 2012	7.30	4.30	7.90	11.50	8.20
August 2012	7.30	4.20	7.90	11.50	8.10
September 2012	7.30	4.20	7.90	11.60	7.80
October 2012	7.50	4.10	7.80	11.70	7.80
November 2012	7.40	4.10	7.80	11.80	7.70
December 2012	7.30	4.30	7.80	11.90	7.90
January 2013	7.10	4.20	8.00	12.00	8.00
February 2013	7.10	4.30	7.80	12.10	7.70
March 2013	7.30	4.10	7.80	12.00	7.50
April 2013	7.20	4.10	7.80	12.10	7.60
May 2013	7.00	4.10	7.70	12.10	7.50
June 2013	7.20	3.90	7.70	12.10	7.50
July 2013	7.10	3.80	7.70	12.00	7.30
August 2013	7.10	4.10	7.60	12.00	7.20
September 2013	7.10	3.90	7.40	12.00	7.20
October 2013	7.10	4.00	7.20	12.00	7.20
November 2013	7.00	3.90	7.20	11.90	6.90
December 2013	7.30	3.70	7.20	11.90	6.70
January 2014	7.10	3.70	6.90	11.90	6.60
February 2014	7.10	3.60	6.80	11.90	6.70
March 2014	7.00	3.70	6.60	11.80	6.70
April 2014	7.10	3.60	6.40	11.70	6.20
May 2014	7.10	3.60	6.30	11.70	6.30
June 2014	7.10	3.70	6.10	11.50	6.10
July 2014	7.10	3.70	6.00	11.60	6.20
August 2014	7.00	3.50	6.00	11.50	6.10
September 2014	6.90	3.50	6.00	11.50	5.90
October 2014	6.70	3.60	5.90	11.50	5.70
November 2014	6.70	3.40	5.70	11.50	5.80
December 2014	6.70	3.40	5.70	11.40	5.60
January 2015	6.70	3.60	5.60	11.30	5.70
February 2015	6.80	3.50	5.50	11.20	5.50
March 2015	6.90	3.40	5.50	11.20	5.40
April 2015	6.90	3.40	5.60	11.10	5.40
May 2015	6.90	3.30	5.60	11.00	5.60
June 2015	6.90	3.40	5.50	11.00	5.30
July 2015	6.90	3.30	5.40	10.80	5.20
August 2015	7.00	3.40	5.30	10.70	5.10
September 2015	7.10	3.40	5.20	10.60	5.00
October 2015	6.90	3.20	5.10	10.60	5.00
November 2015	7.10	3.30	5.10	10.50	5.10
December 2015	7.20	3.30	5.10	10.50	5.00
January 2016	7.20	3.20	5.10	10.40	4.80
February 2016	7.30	3.30	5.10	10.40	4.90
March 2016	7.10	3.20	5.00	10.20	5.00
April 2016	7.20	3.20	4.90	10.20	5.10
May 2016	7.00	3.20	4.90	10.10	4.80
June 2016	6.90	3.10	4.90	10.10	4.90
July 2016	7.00	3.00	5.00	10.00	4.80
August 2016	7.00	3.10	4.80	9.90	4.90
September 2016	7.00	3.00	4.80	9.90	5.00
October 2016	7.00	3.00	4.80	9.80	4.90
November 2016	6.90	3.00	4.70	9.80	4.70
December 2016	7.00	3.00	4.70	9.60	4.70
January 2017	6.80	3.00	4.60	9.60	4.70
February 2017	6.60	2.90	4.60	9.40	4.60
March 2017	6.70	2.80	4.50	9.40	4.40
April 2017	6.50	2.80	4.40	9.20	4.50
May 2017	6.60	3.10	4.40	9.20	4.40
June 2017	6.50	2.80	4.30	9.10	4.30
July 2017	6.30	2.80	4.30	9.00	4.30
August 2017	6.20	2.80	4.30	9.00	4.40
September 2017	6.20	2.80	4.20	8.90	4.20
October 2017	6.30	2.70	4.30	8.80	4.10
November 2017	6.00	2.70	4.40	8.70	4.20
December 2017	5.90	2.70	4.30	8.70	4.10
January 2018	6.00	2.40	4.20	8.60	4.00
February 2018	5.90	2.50	4.20	8.50	4.10
March 2018	5.90	2.50	4.20	8.50	4.00
April 2018	5.90	2.50	4.20	8.40	4.00
May 2018	6.00	2.30	4.00	8.20	3.80
June 2018	6.10	2.50	4.00	8.20	4.00
July 2018	5.80	2.50	4.00	8.10	3.80
August 2018	6.00	2.50	4.10	8.00	3.80
September 2018	5.90	2.30	4.10	8.00	3.70
October 2018	5.90	2.40	4.00	8.00	3.80
November 2018	5.70	2.50	4.00	7.90	3.80
December 2018	5.80	2.40	3.90	7.80	3.90
January 2019	5.90	2.50	3.90	7.80	4.00
February 2019	5.90	2.40	3.80	7.80	3.80
March 2019	5.80	2.50	3.80	7.70	3.80
April 2019	5.80	2.40	3.80	7.70	3.70
May 2019	5.40	2.40	3.90	7.60	3.70
June 2019	5.60	2.30	3.80	7.50	3.60
July 2019	5.80	2.30	3.90	7.50	3.60
August 2019	5.80	2.30	3.80	7.50	3.70
September 2019	5.60	2.40	3.80	7.40	3.50
October 2019	5.60	2.40	3.80	7.40	3.60
November 2019	5.90	2.20	3.80	7.40	3.60
December 2019	5.70	2.20	3.90	7.40	3.60
January 2020	5.60	2.40	4.00	7.30	3.50
February 2020	5.70	2.40	4.00	7.20	3.50
March 2020	7.90	2.50	4.00	7.40	4.40
April 2020	13.10	2.60	4.10	7.30	14.80
May 2020	13.70	2.90	4.10	7.60	13.30
June 2020	12.50	2.80	4.30	7.90	11.10
July 2020	10.90	2.90	4.50	8.60	10.20
August 2020	10.20	3.00	4.80	8.60	8.40
September 2020	9.20	3.00	4.90	8.60	7.80
October 2020	9.00	3.10	5.00	8.40	6.90
November 2020	8.60	2.90	5.10	8.30	6.70
December 2020	8.80	2.90	ND	8.30	6.70
January 2021	9.40	ND	ND	ND	6.30

Note: The data for the United Kingdom extend through October 2020 and are centered 3-month averages of monthly data. The data for the euro area and Japan extend through December 2020.

Source: For the United Kingdom, Office for National Statistics; for Japan, Ministry of Health, Labour, and Welfare; for the euro area, Statistical Office of the European Communities; for Canada, Statistics Canada; for the United States, Bureau of Labor Statistics; all via Haver Analytics.

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Figure 42. Consumer price inflation in selected advanced foreign economies

Monthly
12-month percent change

Period	United Kingdom	Japan	Euro area	Canada
January 2016	0.29	-0.10	0.33	1.92
February 2016	0.28	0.20	-0.12	1.43
March 2016	0.46	0.00	-0.04	1.27
April 2016	0.29	-0.30	-0.26	1.67
May 2016	0.31	-0.40	-0.12	1.58
June 2016	0.46	-0.30	0.05	1.42
July 2016	0.56	-0.40	0.17	1.10
August 2016	0.64	-0.50	0.22	1.18
September 2016	0.98	-0.40	0.40	1.42
October 2016	0.91	0.10	0.51	1.49
November 2016	1.17	0.40	0.59	1.26
December 2016	1.56	0.30	1.10	1.49
January 2017	1.82	0.40	1.72	2.04
February 2017	2.30	0.20	1.95	2.04
March 2017	2.32	0.20	1.53	1.57
April 2017	2.71	0.50	1.90	1.72
May 2017	2.87	0.50	1.38	1.25
June 2017	2.64	0.40	1.30	1.01
July 2017	2.63	0.50	1.34	1.25
August 2017	2.86	0.60	1.54	1.40
September 2017	2.96	0.70	1.56	1.48
October 2017	3.00	0.10	1.37	1.39
November 2017	3.09	0.60	1.53	2.17
December 2017	2.97	1.00	1.34	1.93
January 2018	2.99	1.30	1.30	1.69
February 2018	2.71	1.40	1.11	2.08
March 2018	2.46	1.10	1.40	2.31
April 2018	2.38	0.60	1.22	2.08
May 2018	2.42	0.70	1.95	2.31
June 2018	2.45	0.80	1.97	2.46
July 2018	2.47	0.90	2.19	2.77
August 2018	2.65	1.30	2.08	2.68
September 2018	2.42	1.20	2.08	2.37
October 2018	2.39	1.50	2.29	2.52
November 2018	2.31	0.79	1.92	1.75
December 2018	2.10	0.30	1.52	1.90
January 2019	1.85	0.20	1.39	1.51
February 2019	1.87	0.20	1.49	1.58
March 2019	1.91	0.49	1.40	1.88
April 2019	2.12	0.89	1.72	2.11
May 2019	2.02	0.79	1.22	2.33
June 2019	2.01	0.69	1.27	2.10
July 2019	2.06	0.49	1.02	2.02
August 2019	1.72	0.20	1.01	1.87
September 2019	1.71	0.20	0.83	1.87
October 2019	1.46	0.20	0.73	1.86
November 2019	1.47	0.49	0.96	2.09
December 2019	1.30	0.79	1.33	2.23
January 2020	1.77	0.59	1.36	2.23
February 2020	1.71	0.39	1.22	2.08
March 2020	1.52	0.39	0.75	0.74
April 2020	0.77	0.10	0.31	0.00
May 2020	0.48	0.10	0.09	-0.22
June 2020	0.60	0.10	0.27	0.59
July 2020	1.04	0.29	0.39	0.22
August 2020	0.22	0.10	-0.17	0.37
September 2020	0.53	0.00	-0.31	0.59
October 2020	0.70	-0.39	-0.28	0.66
November 2020	0.32	-0.88	-0.29	0.95
December 2020	0.59	-1.08	-0.27	0.66

Note: The data extend through December 2020.

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

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Figure 43. Nominal 10-year government bond yields in selected advanced economies

Series: Germany, Japan, U.K., and U.S. 10-year benchmark yields

Horizon: January 1, 2005, to February 10, 2021

Description: A line chart with four curves over January 1, 2005, to February 10, 2021. Units are percent, and data are weekly averages of daily benchmark yields. The Japan curve begins just above 1, rises to nearly 2 in 2006, declines steadily to 0 through 2015, and fluctuates near 0 through early 2021. The Germany, U.S., and U.K. curves all vary significantly at short timescales. The Germany curve begins just below 4, climbs close to 5 in 2007, and steadily falls to 0 by 2016, with peaks of 4.5, 3.5, and 2 in 2008, 2011, and 2013, respectively. The curve then fluctuates between 0 and 1 through 2018 and drops to fluctuate between 0 and negative 1 from 2019 through early 2021. The U.S. curve begins just above 4, increases to about 5 by the end of 2006, slumps to 2 at the end of 2008, increases to about 4 in 2010, drops to about 1.5 in 2012, climbs to 3 in 2013, fluctuates sharply between about 1.5 and 3 through the end of 2019, plummets to about 0.5 in 2020, and ends at just above 1 in early 2021. The U.K. curve follows a path similar to that of the United States, diverging significantly only after 2016. In mid-2016, it drops to less than 1, fluctuates between 1 and 2 through 2018, slides to just above 0 by 2020, and rises to end around 0.5 in early 2021.

Note: The data are weekly averages of daily benchmark yields. The data begin on Thursdays and extend through February 10, 2021.

Source: Bloomberg.

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Figure 44. Equity indexes for selected advanced economies

Series: Euro area, Japan, United Kingdom, and United States

Horizon: January 1, 2016, to February 10, 2021

Description: A line chart with four curves over January 1, 2016, to February 10, 2021. Units are an index with the week ending January 6, 2016, equal to 100, and data are weekly averages of daily data. The euro-area curve begins at 100, increases to about 120 by the end of 2017, fluctuates between 95 and about 120 through 2019, spikes down to 80 in early 2020, then climbs to about 120 by early 2021. The Japan curve tracks the euro-area curve closely. The U.K. curve follows a similar path as well; it begins at 100, increases to 120 in mid-2017, fluctuates between 110 and 130 through the end of 2019, spikes down to 80 in early 2020, and rises to about 110 by early 2021. The U.S. curve again follows a similar path, but with a higher trajectory. It begins at 100, increases to 145 in mid-2018, drops to about 120 in late 2018, rises to almost 170 in late 2019, plummets to about 120 in early 2020, and climbs to about 190 by early 2021.

Note: The data are weekly averages of daily data. The data begin on Thursdays and extend through February 10, 2021.

Source: For euro area, DJ Euro Stoxx Index; for Japan, TOPIX Stock Index; for United Kingdom, FTSE 100 Stock Index; for United States, S&P 500 Index; all via Bloomberg. (For Dow Jones Indices licensing information, see the note on the Contents page.)

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Figure 45. Emerging market mutual fund flows and spreads

Series: EMBI+, bond fund flows, and equity fund flows

Horizon: January 1, 2007, to February 10, 2021

Description: A stacked bar chart with two series that are sometimes negative and sometimes positive and one curve from January 1, 2007, to February 10, 2021. The curve is the EMBI+ data, which are weekly averages of daily data, and the units are basis points. The stacked bar chart consists of a series for equity fund flows and a series for bond fund flows, which are semiannual sums from December 28, 2006, to December 30, 2020, and monthly sums from December 31, 2020, to January 26, 2021, and the units are billions of dollars.

The EMBI+ curve begins around 150, rises sharply to about 750 in mid-2008, drops to about 300 in 2009, fluctuates between about 200 and about 300 through 2019, spikes upward to about 600 in early 2020, and drops to about 300 by early 2021.

The combined equity and bond fund flows bars begin at around 35 in late 2007, fall to about negative 35 in late 2008, increase sharply to about 85 in late 2010, drop to about negative 30 in 2011, rise to about 60 in 2012, fluctuate between just above 0 and about negative 40 through early 2015, fall sharply to about negative 75 in late 2015, rise to about 75 by early 2017, decrease to fluctuate between just above 55 and about negative 10 through 2019, drop sharply to about negative 75 in early 2020, rebound to about 90 in late 2020, and end at about 35 in January 2021. The bond fund flows bars follow a similar pattern with about one-third to one-half the magnitude of the equity fund flows bars with the exceptions of early 2013, where it makes up three-fourths of the magnitude, and late 2018 and early 2019, where it makes up about nine-tenths of the magnitude.

Note: The bond and equity fund flows data are semiannual sums of weekly data from December 28, 2006, to December 30, 2020, and a monthly sum of weekly data from December 31, 2020, to January 26, 2021. Weekly data span Thursday through Wednesday, and the semiannual and monthly values are sums over weekly data for weeks ending in that half year or month. The fund flows data exclude funds located in China. The J.P. Morgan Emerging Markets Bond Index Plus (EMBI+) data are weekly averages of daily data. The weekly data begin on Thursdays and extend through February 10, 2021. The EMBI+ data exclude Venezuela.

Source: For bond and equity fund flows, EPFR Global; for EMBI+, J.P. Morgan Emerging Markets Bond Index Plus via Bloomberg.

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Figure 46. Equity indexes for selected emerging market economies

Series: Brazil, China, Mexico, South Korea, and Taiwan

Horizon: January 1, 2016, to February 10, 2021

Description: A line chart with four curves over January 1, 2016, to February 10, 2021. Units are an index with the week ending January 6, 2016, equal to 100. Data are weekly averages of daily data. The curves all start at 100. The curve for Brazil shows the greatest net change, steadily climbing to about 280 by the end of 2019, plummeting to about 160 in early 2020, and rising to about 290 by February 2021. The curve for China remains below the others for most of the chart, fluctuating between about 75 and 100 with peaks of about 100 in both early 2018 and early 2019 and with a low of about 75 at the end of 2018. The curve ends just above 100 in early 2021. The curves for South Korea and Mexico track each other closely from January 2016 until early 2020, fluctuating between about 100 and 140, after which they both drop to about 80 in early 2020. By February 2021, the South Korea curve rises to about 160 and the Mexico curve modestly increases to just above 100. The Taiwan curve tracks the curves for South Korea and Mexico until about 2018, after which it rises to about 150 at the end of 2019, falls to about 110 in early 2020, and increases to just under 200 by early 2021.

Note: The data are weekly averages of daily data. The data begin on Thursdays and extend through February 10, 2021.

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

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Figure 47. U.S. dollar exchange rate indexes

Weekly
Week ending January 6, 2016 = 100

Period	Broad dollar index	EME dollar index	AFE dollar index
6 January 2016	100.00	100.00	100.00
13 January 2016	100.82	100.29	101.58
20 January 2016	101.51	101.08	102.28
27 January 2016	101.45	100.67	102.68
3 February 2016	101.02	99.95	102.00
10 February 2016	100.05	98.07	102.26
17 February 2016	100.10	97.93	102.60
24 February 2016	99.92	98.30	101.77
2 March 2016	99.96	98.56	101.56
9 March 2016	98.82	97.64	100.36
16 March 2016	98.45	96.80	99.92
23 March 2016	97.10	95.80	98.79
30 March 2016	97.56	96.19	98.94
6 April 2016	96.78	95.24	98.62
13 April 2016	96.63	94.73	98.68
20 April 2016	96.24	94.60	98.23
27 April 2016	96.39	94.61	98.42
4 May 2016	95.72	93.40	98.26
11 May 2016	96.88	94.52	99.55
18 May 2016	97.40	95.07	100.16
25 May 2016	98.37	95.90	100.98
1 June 2016	98.35	95.96	101.11
8 June 2016	97.49	94.57	100.63
15 June 2016	97.63	94.71	100.93
22 June 2016	97.53	94.30	100.87
29 June 2016	98.19	95.46	101.13
6 July 2016	98.33	95.78	100.77
13 July 2016	98.45	96.35	100.82
20 July 2016	98.44	96.52	100.60
27 July 2016	99.05	97.12	100.97
3 August 2016	98.20	95.91	100.83
10 August 2016	98.07	96.13	100.23
17 August 2016	97.23	95.35	99.36
24 August 2016	97.17	94.67	99.94
31 August 2016	97.98	95.74	100.60
7 September 2016	97.75	95.47	100.29
14 September 2016	98.23	95.61	101.07
21 September 2016	98.99	96.08	102.10
28 September 2016	98.66	95.72	101.77
5 October 2016	98.60	96.10	101.47
12 October 2016	99.36	97.36	101.36
19 October 2016	99.40	97.64	101.31
26 October 2016	99.68	98.44	101.11
2 November 2016	99.95	98.25	101.94
9 November 2016	99.72	97.80	101.85
16 November 2016	102.27	99.53	105.08
23 November 2016	102.97	100.72	105.67
30 November 2016	103.23	100.90	105.95
7 December 2016	102.66	99.98	105.55
14 December 2016	102.50	100.45	105.11
21 December 2016	103.90	102.14	105.84
28 December 2016	104.25	102.47	106.20
4 January 2017	104.07	102.06	106.54
11 January 2017	103.83	101.03	106.84
18 January 2017	103.15	100.35	106.61
25 January 2017	102.88	99.86	106.18
1 February 2017	102.32	99.44	105.33
8 February 2017	101.69	99.27	104.44
15 February 2017	101.91	99.94	104.09
22 February 2017	101.93	100.01	103.96
1 March 2017	101.59	100.30	103.39
8 March 2017	102.23	101.19	103.49
15 March 2017	102.18	100.98	103.48
22 March 2017	100.85	99.73	102.20
29 March 2017	100.40	99.45	101.73
5 April 2017	100.64	100.08	101.55
12 April 2017	100.81	100.17	101.63
19 April 2017	100.34	99.68	101.36
26 April 2017	100.48	99.39	101.73
3 May 2017	100.57	99.60	101.77
10 May 2017	100.84	99.71	102.26
17 May 2017	100.25	99.33	101.49
24 May 2017	99.72	98.02	101.57
31 May 2017	99.41	97.98	101.13
7 June 2017	99.04	97.62	100.67
14 June 2017	98.77	97.59	100.22
21 June 2017	99.01	97.76	100.49
28 June 2017	98.76	97.30	100.47
5 July 2017	98.39	96.27	100.72
12 July 2017	98.27	96.13	100.55
19 July 2017	97.15	95.11	99.39
26 July 2017	96.64	94.02	99.34
2 August 2017	96.33	93.52	99.37
9 August 2017	96.63	93.91	99.46
16 August 2017	96.63	94.06	99.33
23 August 2017	96.33	93.81	99.12
30 August 2017	95.84	93.23	98.79
6 September 2017	95.48	92.86	98.50
13 September 2017	94.81	91.92	97.97
20 September 2017	95.11	92.28	98.31
27 September 2017	95.86	92.98	99.07
4 October 2017	96.63	93.67	99.82
11 October 2017	96.84	93.94	100.20
18 October 2017	96.89	93.65	100.29
25 October 2017	97.37	94.23	100.74
1 November 2017	98.04	95.30	101.04
8 November 2017	97.96	95.28	100.83
15 November 2017	97.80	94.77	100.98
22 November 2017	97.30	94.51	100.30
29 November 2017	96.58	93.99	99.52
6 December 2017	96.82	94.02	99.83
13 December 2017	97.48	94.68	100.43
20 December 2017	97.30	94.49	100.38
27 December 2017	97.25	94.02	100.85
3 January 2018	96.39	92.98	100.18
10 January 2018	96.05	92.84	99.51
17 January 2018	95.29	91.81	98.76
24 January 2018	94.52	91.14	98.00
31 January 2018	93.64	90.21	97.45
7 February 2018	93.99	90.67	97.67
14 February 2018	94.63	91.12	98.17
21 February 2018	94.11	90.68	97.88
28 February 2018	94.63	91.45	98.07
7 March 2018	94.83	91.56	98.26
14 March 2018	94.61	91.59	97.91
21 March 2018	94.98	91.93	98.05
28 March 2018	94.28	91.32	97.65
4 April 2018	94.32	91.66	97.14
11 April 2018	94.23	91.27	97.43
18 April 2018	93.91	90.90	97.17
25 April 2018	95.14	92.07	98.45
2 May 2018	96.02	93.23	99.05
9 May 2018	96.93	93.85	100.22
16 May 2018	97.05	93.88	100.50
23 May 2018	97.74	94.42	101.23
30 May 2018	97.94	94.98	101.16
6 June 2018	98.11	94.73	101.78
13 June 2018	98.30	94.56	102.38
20 June 2018	99.36	95.96	103.15
27 June 2018	99.46	95.95	103.20
4 July 2018	99.61	95.78	103.47
11 July 2018	98.81	95.38	102.54
18 July 2018	99.07	95.90	102.56
25 July 2018	99.36	95.71	103.03
1 August 2018	98.86	95.51	102.57
8 August 2018	99.13	95.92	102.70
15 August 2018	100.33	96.85	103.94
22 August 2018	100.10	96.34	103.94
29 August 2018	99.56	95.66	103.91
5 September 2018	100.35	95.94	104.80
12 September 2018	100.41	95.98	105.00
19 September 2018	99.80	95.47	104.49
26 September 2018	99.55	95.07	104.35
3 October 2018	99.86	95.95	104.27
10 October 2018	100.47	96.26	104.88
17 October 2018	100.07	95.96	104.56
24 October 2018	100.86	96.70	105.39
31 October 2018	101.60	97.31	106.37
7 November 2018	101.32	96.91	105.98
14 November 2018	101.95	97.66	106.79
21 November 2018	101.78	97.32	106.53
28 November 2018	102.29	97.60	106.88
5 December 2018	101.78	97.67	106.34
12 December 2018	102.04	97.90	106.38
19 December 2018	102.04	98.06	106.37
26 December 2018	101.80	97.98	105.95
2 January 2019	101.46	97.79	105.27
9 January 2019	100.59	96.90	104.55
16 January 2019	100.04	96.70	103.56
23 January 2019	100.42	97.14	103.94
30 January 2019	100.05	96.74	103.53
6 February 2019	99.82	96.60	103.34
13 February 2019	100.55	97.55	103.83
20 February 2019	100.69	97.40	103.82
27 February 2019	100.10	96.99	103.44
6 March 2019	100.48	97.41	103.74
13 March 2019	100.94	97.89	104.13
20 March 2019	100.30	97.30	103.41
27 March 2019	100.45	97.51	103.56
3 April 2019	100.82	97.90	103.93
10 April 2019	100.55	97.83	103.45
17 April 2019	100.38	97.79	103.17
24 April 2019	100.75	98.30	103.45
1 May 2019	101.16	98.55	103.99
8 May 2019	101.20	98.36	104.22
15 May 2019	101.50	98.22	105.06
22 May 2019	101.89	98.65	105.41
29 May 2019	101.92	98.60	105.42
5 June 2019	101.96	98.29	105.84
12 June 2019	101.31	97.54	105.44
19 June 2019	101.51	98.10	105.12
26 June 2019	100.52	96.89	104.44
3 July 2019	100.55	97.02	104.34
10 July 2019	100.86	97.51	104.32
17 July 2019	100.65	97.37	104.20
24 July 2019	100.84	97.54	104.27
31 July 2019	101.24	98.33	104.48
7 August 2019	102.07	98.22	106.24
14 August 2019	102.28	98.11	106.80
21 August 2019	102.76	98.58	107.33
28 August 2019	103.07	98.38	108.20
4 September 2019	103.47	98.93	108.46
11 September 2019	102.74	98.52	107.31
18 September 2019	102.48	98.62	106.71
25 September 2019	102.80	98.74	107.10
2 October 2019	103.31	99.21	107.72
9 October 2019	103.10	99.16	107.38
16 October 2019	102.45	98.53	106.65
23 October 2019	101.76	97.62	106.18
30 October 2019	101.74	97.79	105.92
6 November 2019	101.62	97.81	105.73
13 November 2019	102.08	98.44	105.95
20 November 2019	102.19	98.23	106.40
27 November 2019	102.52	98.54	106.75
4 December 2019	102.48	98.31	106.97
11 December 2019	101.96	97.81	106.34
18 December 2019	101.38	97.55	105.43
25 December 2019	101.43	97.84	105.31
1 January 2020	100.90	97.07	104.99
8 January 2020	100.83	97.02	104.95
15 January 2020	100.88	97.46	104.54
22 January 2020	100.94	97.61	104.44
29 January 2020	101.42	98.02	104.90
5 February 2020	101.63	98.13	105.33
12 February 2020	102.03	98.88	105.39
19 February 2020	102.18	99.20	105.32
26 February 2020	102.81	99.33	106.65
4 March 2020	102.64	98.29	107.29
11 March 2020	103.00	97.35	109.20
18 March 2020	106.91	100.38	113.65
25 March 2020	110.10	103.47	117.30
1 April 2020	107.93	100.45	115.72
8 April 2020	108.67	101.45	116.92
15 April 2020	107.58	100.41	115.27
22 April 2020	108.47	101.14	116.47
29 April 2020	108.61	100.95	116.98
6 May 2020	108.11	100.61	116.37
13 May 2020	108.19	100.93	116.35
20 May 2020	108.04	100.78	115.93
27 May 2020	107.02	100.33	114.21
3 June 2020	105.57	98.81	112.99
10 June 2020	104.27	97.47	111.73
17 June 2020	105.10	97.92	112.94
24 June 2020	105.32	98.14	113.37
1 July 2020	105.80	98.36	113.80
8 July 2020	105.04	97.86	112.97
15 July 2020	104.80	97.56	112.81
22 July 2020	104.29	96.88	112.59
29 July 2020	103.29	95.35	112.04
5 August 2020	103.13	94.72	112.29
12 August 2020	103.11	94.80	112.31
19 August 2020	102.59	94.30	111.89
26 August 2020	102.65	94.31	111.70
2 September 2020	101.88	93.70	110.93
9 September 2020	102.04	94.27	110.46
16 September 2020	101.64	94.42	109.65
23 September 2020	102.06	94.84	110.02
30 September 2020	103.27	95.47	111.67
7 October 2020	102.33	94.97	110.44
14 October 2020	101.72	94.48	109.49
21 October 2020	101.49	94.56	109.11
28 October 2020	101.27	94.35	108.92
4 November 2020	101.84	94.93	109.26
11 November 2020	100.30	93.81	107.33
18 November 2020	100.08	93.87	106.92
25 November 2020	99.72	93.50	106.39
2 December 2020	99.16	92.88	106.11
9 December 2020	98.30	92.07	105.21
16 December 2020	98.36	91.76	105.40
23 December 2020	98.19	91.51	105.44
30 December 2020	98.03	91.47	105.27
6 January 2021	97.59	90.97	104.81
13 January 2021	97.93	91.30	105.12
20 January 2021	97.85	91.53	104.80
27 January 2021	98.11	91.38	105.40
3 February 2021	98.58	91.96	105.88
10 February 2021	98.48	91.88	105.59

Note: The data, which are in foreign currency units per dollar, are weekly averages of daily values of the broad dollar index, advanced foreign economies (AFE) dollar index, and emerging market economies (EME) dollar index. The weekly data begin on Thursdays and extend through February 10, 2021. As indicated by the leftmost arrow, increases in the data reflect U.S. dollar appreciation and decreases reflect U.S. dollar depreciation.

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

Return to text

Figure 48. Exchange rate indexes for selected emerging market economies

Weekly
Week ending January 6, 2016 = 100

Period	Brazilian real	Korean won	Mexican peso	Chinese renminbi
6 January 2016	100.00	100.00	100.00	100.00
13 January 2016	100.60	101.44	103.02	100.87
20 January 2016	100.97	102.06	105.15	100.92
27 January 2016	101.95	100.91	106.51	100.87
3 February 2016	99.99	101.71	105.78	100.83
10 February 2016	97.26	100.79	107.23	100.73
17 February 2016	99.63	101.95	108.52	100.37
24 February 2016	99.44	103.55	104.85	100.00
2 March 2016	98.52	103.98	103.96	100.34
9 March 2016	93.67	101.32	102.69	99.87
16 March 2016	91.94	100.38	102.93	99.75
23 March 2016	90.22	97.56	100.28	99.40
30 March 2016	91.39	97.76	100.78	99.66
6 April 2016	89.78	96.83	100.83	99.22
13 April 2016	89.57	96.62	101.88	99.11
20 April 2016	88.36	95.94	100.28	99.20
27 April 2016	88.45	96.47	100.62	99.52
4 May 2016	87.45	96.58	100.24	99.37
11 May 2016	87.44	98.33	103.55	99.72
18 May 2016	87.37	99.04	105.00	100.01
25 May 2016	89.12	99.82	106.46	100.44
1 June 2016	89.73	99.76	106.47	100.69
8 June 2016	87.13	98.08	106.61	100.69
15 June 2016	86.00	98.35	107.82	100.80
22 June 2016	85.26	97.78	108.09	100.93
29 June 2016	83.16	97.90	108.15	101.55
6 July 2016	81.40	97.19	107.31	102.22
13 July 2016	82.26	96.72	106.85	102.50
20 July 2016	81.17	95.69	106.64	102.53
27 July 2016	81.78	95.78	108.03	102.31
3 August 2016	81.20	93.76	108.80	101.77
10 August 2016	78.93	93.15	107.31	101.93
17 August 2016	79.16	92.64	104.76	101.66
24 August 2016	80.40	94.00	105.55	101.88
31 August 2016	80.66	93.99	107.20	102.29
7 September 2016	80.62	92.92	106.93	102.28
14 September 2016	81.63	93.66	109.46	102.33
21 September 2016	81.65	94.24	113.30	102.25
28 September 2016	80.53	92.70	113.20	102.24
5 October 2016	80.61	93.03	111.36	102.23
12 October 2016	80.28	94.33	110.36	102.63
19 October 2016	79.47	95.09	108.66	103.23
26 October 2016	78.19	95.40	107.23	103.74
2 November 2016	79.61	96.46	109.37	103.81
9 November 2016	80.13	96.12	109.81	103.80
16 November 2016	85.26	98.41	118.17	104.93
23 November 2016	84.33	99.12	117.97	105.65
30 November 2016	84.73	98.74	118.64	105.79
7 December 2016	85.67	98.27	118.39	105.49
14 December 2016	83.52	98.14	116.99	105.75
21 December 2016	83.99	100.06	118.11	106.51
28 December 2016	81.92	101.57	119.34	106.54
4 January 2017	80.79	101.36	120.52	106.51
11 January 2017	79.80	100.63	124.04	106.08
18 January 2017	79.90	98.52	124.99	105.31
25 January 2017	79.20	98.34	124.04	105.24
1 February 2017	78.56	98.04	120.80	105.44
8 February 2017	77.77	95.90	118.40	105.34
15 February 2017	77.33	96.35	117.30	105.35
22 February 2017	76.95	96.33	117.00	105.31
1 March 2017	77.25	95.31	114.56	105.30
8 March 2017	78.08	97.03	113.22	105.76
15 March 2017	78.73	96.84	113.14	105.93
22 March 2017	77.15	94.72	110.14	105.73
29 March 2017	77.85	93.73	108.85	105.48
5 April 2017	77.81	94.26	108.17	105.57
12 April 2017	78.15	95.85	107.97	105.70
19 April 2017	77.86	95.81	107.23	105.53
26 April 2017	78.68	95.34	108.97	105.56
3 May 2017	79.09	95.40	108.88	105.69
10 May 2017	79.20	95.48	109.84	105.82
17 May 2017	77.60	94.25	107.92	105.64
24 May 2017	82.25	94.43	107.83	105.58
31 May 2017	81.33	94.31	107.11	104.96
7 June 2017	81.40	94.28	106.30	104.27
14 June 2017	82.05	94.64	104.45	104.20
21 June 2017	82.32	95.67	104.08	104.53
28 June 2017	82.68	95.77	103.61	104.59
5 July 2017	82.43	96.61	104.77	104.11
12 July 2017	81.40	96.78	104.00	104.24
19 July 2017	79.20	94.95	101.37	103.71
26 July 2017	78.41	94.07	101.83	103.57
2 August 2017	78.07	94.31	102.59	103.15
9 August 2017	77.98	95.09	103.37	102.85
16 August 2017	79.01	95.91	102.72	102.27
23 August 2017	78.56	95.56	102.09	102.18
30 August 2017	78.62	94.49	102.39	101.50
6 September 2017	77.94	94.79	102.67	100.43
13 September 2017	77.41	95.03	102.22	99.84
20 September 2017	77.95	95.04	102.23	100.65
27 September 2017	78.63	95.53	103.33	101.41
4 October 2017	78.64	96.22	105.00	102.03
11 October 2017	78.72	95.67	106.97	101.44
18 October 2017	79.00	95.02	109.24	101.19
25 October 2017	80.15	95.04	109.82	101.61
1 November 2017	81.39	94.26	110.35	101.72
8 November 2017	81.69	93.63	110.15	101.61
15 November 2017	82.02	93.78	110.51	101.70
22 November 2017	81.13	91.84	109.09	101.53
29 November 2017	80.27	91.14	106.92	101.23
6 December 2017	81.08	91.44	107.88	101.41
13 December 2017	82.40	91.81	109.80	101.48
20 December 2017	82.40	91.28	110.37	101.23
27 December 2017	82.54	90.54	113.09	100.65
3 January 2018	81.74	89.63	112.77	99.78
10 January 2018	80.62	89.65	111.03	99.68
17 January 2018	80.33	89.57	109.40	99.00
24 January 2018	80.01	89.93	107.61	98.08
31 January 2018	78.89	89.83	107.17	96.82
7 February 2018	80.48	91.02	107.09	96.37
14 February 2018	81.97	91.31	108.04	96.98
21 February 2018	80.73	90.08	107.13	97.20
28 February 2018	80.86	90.62	107.86	97.01
7 March 2018	80.77	90.38	108.51	97.15
14 March 2018	81.17	89.74	107.33	96.98
21 March 2018	81.97	90.04	107.86	97.00
28 March 2018	82.67	90.45	106.09	96.54
4 April 2018	82.81	89.09	105.14	96.38
11 April 2018	84.23	89.72	105.17	96.46
18 April 2018	84.82	89.96	104.12	96.25
25 April 2018	85.94	90.45	108.04	96.64
2 May 2018	87.24	90.30	108.68	97.18
9 May 2018	88.77	90.73	111.76	97.52
16 May 2018	90.28	90.16	112.61	97.39
23 May 2018	91.92	90.83	114.26	97.75
30 May 2018	92.01	90.91	113.48	98.12
6 June 2018	93.83	90.25	115.92	98.19
13 June 2018	93.43	90.60	118.49	98.08
20 June 2018	93.08	92.76	118.64	98.82
27 June 2018	94.58	93.93	115.96	100.28
4 July 2018	96.60	94.03	114.22	101.73
11 July 2018	96.65	93.96	110.15	101.78
18 July 2018	96.07	94.89	108.75	102.60
25 July 2018	94.23	95.11	109.44	103.91
1 August 2018	93.04	94.04	107.23	104.34
8 August 2018	92.96	94.50	106.89	104.81
15 August 2018	96.62	95.07	109.71	105.39
22 August 2018	98.98	94.36	109.34	105.15
29 August 2018	102.20	93.59	108.79	104.61
5 September 2018	103.72	94.04	111.24	104.80
12 September 2018	102.73	94.65	110.91	105.05
19 September 2018	103.57	94.41	108.53	105.08
26 September 2018	101.55	94.05	108.94	105.17
3 October 2018	98.73	93.78	108.17	105.36
10 October 2018	95.31	95.42	109.98	105.72
17 October 2018	93.03	95.04	108.81	105.96
24 October 2018	92.35	95.57	111.46	106.37
31 October 2018	91.99	95.89	114.03	106.68
7 November 2018	92.83	94.37	115.14	106.00
14 November 2018	94.02	95.02	117.13	106.53
21 November 2018	93.87	94.86	116.99	106.36
28 November 2018	96.39	95.02	118.08	106.52
5 December 2018	95.86	93.82	117.21	105.84
12 December 2018	97.08	94.72	117.10	105.60
19 December 2018	96.99	94.91	116.30	105.69
26 December 2018	96.85	94.67	114.85	105.65
2 January 2019	96.30	94.04	113.28	105.32
9 January 2019	92.58	94.28	111.84	105.03
16 January 2019	92.50	94.18	110.03	103.72
23 January 2019	94.11	94.79	110.15	104.06
30 January 2019	93.38	94.25	109.71	103.38
6 February 2019	91.50	94.05	110.06	103.24
13 February 2019	93.15	94.61	110.91	103.67
20 February 2019	92.81	94.80	111.26	103.72
27 February 2019	93.37	94.24	110.60	102.71
6 March 2019	94.22	94.82	111.35	102.78
13 March 2019	95.84	95.24	112.04	102.93
20 March 2019	94.77	95.27	110.18	102.87
27 March 2019	96.77	95.45	110.12	102.91
3 April 2019	96.89	95.59	111.17	103.01
10 April 2019	96.06	95.87	109.53	102.96
17 April 2019	96.86	95.56	108.75	102.81
24 April 2019	98.24	96.16	108.81	102.93
1 May 2019	98.10	97.74	109.49	103.25
8 May 2019	98.55	98.41	109.82	103.60
15 May 2019	99.01	99.72	110.53	105.09
22 May 2019	101.21	100.49	110.00	105.85
29 May 2019	100.16	99.95	110.28	105.91
5 June 2019	97.23	99.67	112.61	105.86
12 June 2019	96.22	99.47	111.73	106.01
19 June 2019	96.48	99.77	110.47	106.01
26 June 2019	95.48	97.50	110.27	105.34
3 July 2019	95.79	97.80	110.25	105.31
10 July 2019	94.66	99.20	109.67	105.53
17 July 2019	93.58	99.16	109.81	105.40
24 July 2019	93.47	99.12	109.94	105.46
31 July 2019	94.17	99.57	109.87	105.51
7 August 2019	97.80	101.50	112.28	107.21
14 August 2019	98.84	102.23	112.52	108.02
21 August 2019	100.18	101.71	113.54	108.08
28 August 2019	102.98	102.04	114.82	109.32
4 September 2019	103.26	102.03	115.29	109.70
11 September 2019	101.68	100.55	112.86	109.19
18 September 2019	101.69	99.64	111.86	108.54
25 September 2019	103.87	100.59	112.24	109.01
2 October 2019	103.58	101.06	113.76	109.45
9 October 2019	101.80	100.77	112.98	109.52
16 October 2019	102.90	100.11	111.37	108.76
23 October 2019	102.52	98.92	110.34	108.46
30 October 2019	99.69	98.43	110.12	108.31
6 November 2019	99.87	97.80	110.58	107.66
13 November 2019	103.41	97.66	110.93	107.33
20 November 2019	104.58	98.29	111.57	107.67
27 November 2019	105.38	99.01	112.26	107.82
4 December 2019	104.87	99.95	112.68	108.01
11 December 2019	103.47	100.21	111.11	107.91
18 December 2019	101.71	98.74	109.59	107.25
25 December 2019	101.51	97.91	109.21	107.46
1 January 2020	100.61	97.52	108.85	107.09
8 January 2020	100.99	98.12	108.69	106.69
15 January 2020	102.72	97.48	108.47	105.84
22 January 2020	104.45	97.91	108.00	105.58
29 January 2020	104.73	98.75	108.54	106.10
5 February 2020	106.08	100.18	108.18	106.78
12 February 2020	107.55	99.56	107.87	106.98
19 February 2020	108.16	99.91	107.27	107.15
26 February 2020	109.54	101.91	109.52	107.67
4 March 2020	112.01	101.11	112.50	106.82
11 March 2020	116.56	100.42	119.02	106.48
18 March 2020	123.29	103.20	131.14	107.56
25 March 2020	126.68	105.18	141.62	108.74
1 April 2020	128.13	102.99	136.93	108.68
8 April 2020	130.68	103.15	140.07	108.48
15 April 2020	128.75	102.55	136.62	108.07
22 April 2020	132.06	103.17	139.59	108.54
29 April 2020	138.42	103.23	141.49	108.50
6 May 2020	138.23	102.68	139.88	108.40
13 May 2020	144.85	102.83	138.24	108.63
20 May 2020	143.82	103.48	136.86	108.84
27 May 2020	135.99	103.96	130.29	109.41
3 June 2020	131.64	103.41	126.56	109.22
10 June 2020	123.28	101.13	125.40	108.54
17 June 2020	127.76	101.62	129.06	108.57
24 June 2020	131.49	101.64	130.16	108.43
1 July 2020	135.16	101.20	132.43	108.46
8 July 2020	133.01	100.64	130.19	107.70
15 July 2020	133.53	101.19	129.90	107.27
22 July 2020	131.22	101.00	129.11	107.14
29 July 2020	128.79	100.84	127.64	107.38
5 August 2020	131.20	100.46	129.37	106.93
12 August 2020	135.14	99.84	129.19	106.59
19 August 2020	135.77	99.67	127.55	106.30
26 August 2020	139.81	100.05	126.97	105.94
2 September 2020	135.73	99.80	126.25	105.08
9 September 2020	132.30	100.02	124.74	104.88
16 September 2020	131.72	99.48	122.09	104.29
23 September 2020	134.71	98.22	123.61	104.02
30 September 2020	139.64	98.45	128.96	104.46
7 October 2020	140.07	97.78	124.79	104.10
14 October 2020	138.91	96.60	123.01	103.27
21 October 2020	139.60	96.01	122.12	102.50
28 October 2020	140.59	95.21	121.01	102.76
4 November 2020	142.91	95.49	122.50	102.49
11 November 2020	135.64	94.18	118.67	101.40
18 November 2020	134.41	93.29	117.46	100.92
25 November 2020	133.76	93.66	115.82	100.86
2 December 2020	131.94	92.98	115.83	100.73
9 December 2020	127.57	91.42	114.21	100.19
16 December 2020	126.98	91.89	115.74	100.29
23 December 2020	127.80	92.83	115.29	100.28
30 December 2020	129.99	91.93	115.16	100.10
6 January 2021	131.36	91.36	114.58	99.28
13 January 2021	134.50	92.13	114.96	99.23
20 January 2021	131.46	92.60	113.69	99.31
27 January 2021	134.98	92.80	115.46	99.24
3 February 2021	134.87	93.90	116.75	98.93
10 February 2021	133.99	94.06	116.33	98.98

Note: The data, which are in foreign currency units per dollar, are weekly averages of daily data. The weekly data begin on Thursdays and extend through February 10, 2021. As indicated by the leftmost arrow, increases in the data reflect U.S. dollar appreciation and decreases reflect U.S. dollar depreciation.

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

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Last Update: March 08, 2021

Monetary Policy Report – February 2021