Accessible Version
Accessible Version
Figure 1: Real GDP
Percent
Make Full Screen| Date | Real GDP Growth Rate |
|---|---|
| 1/1/2019 | 2.5 |
| 4/1/2019 | 3.4 |
| 7/1/2019 | 4.8 |
| 10/1/2019 | 2.8 |
| 1/1/2020 | -5.5 |
| 4/1/2020 | -28.1 |
| 7/1/2020 | 35.2 |
| 10/1/2020 | 4.4 |
| 1/1/2021 | 5.6 |
| 4/1/2021 | 6.4 |
| 7/1/2021 | 3.5 |
| 10/1/2021 | 7.4 |
| 1/1/2022 | -1 |
| 4/1/2022 | 0.3 |
| 7/1/2022 | 2.7 |
| 10/1/2022 | 3.4 |
| 1/1/2023 | 2.8 |
| 4/1/2023 | 2.4 |
| 7/1/2023 | 4.4 |
| 10/1/2023 | 3.2 |
| 1/1/2024 | 1.6 |
| 4/1/2024 | 3 |
| 7/1/2024 | 3.1 |
| 10/1/2024 | 2.3 |
Note: Percent change from preceding period, seasonally adjusted annual rate.
Source: U.S. Bureau of Economic Analysis, Real Gross Domestic Product, retrieved from FRED, Federal Reserve Bank of St. Louis.
Figure 2: Real Personal Consumption Expenditures
Percent
Make Full Screen| Date | Real Personal Consumption Expenditures |
|---|---|
| 1/1/2019 | 0.6 |
| 4/1/2019 | 3.5 |
| 7/1/2019 | 4.6 |
| 10/1/2019 | 2.7 |
| 1/1/2020 | -6.6 |
| 4/1/2020 | -30.6 |
| 7/1/2020 | 41.2 |
| 10/1/2020 | 5.8 |
| 1/1/2021 | 9.5 |
| 4/1/2021 | 14.1 |
| 7/1/2021 | 3.1 |
| 10/1/2021 | 4.4 |
| 1/1/2022 | 1 |
| 4/1/2022 | 2.6 |
| 7/1/2022 | 1.5 |
| 10/1/2022 | 1.2 |
| 1/1/2023 | 4.9 |
| 4/1/2023 | 1 |
| 7/1/2023 | 2.5 |
| 10/1/2023 | 3.5 |
| 1/1/2024 | 1.9 |
| 4/1/2024 | 2.8 |
| 7/1/2024 | 3.7 |
| 10/1/2024 | 4.2 |
Note: Percent change from preceding period, seasonally adjusted annual rate.
Source: U.S. Bureau of Economic Analysis, Real Personal Consumption Expenditures retrieved from FRED, Federal Reserve Bank of St. Louis.
Figure 3: Unemployment Rate
Percent
Make Full Screen| Date | Unemployment Rate |
|---|---|
| 2019-01-01 | 4 |
| 2019-02-01 | 3.8 |
| 2019-03-01 | 3.8 |
| 2019-04-01 | 3.7 |
| 2019-05-01 | 3.6 |
| 2019-06-01 | 3.6 |
| 2019-07-01 | 3.7 |
| 2019-08-01 | 3.6 |
| 2019-09-01 | 3.5 |
| 2019-10-01 | 3.6 |
| 2019-11-01 | 3.6 |
| 2019-12-01 | 3.6 |
| 2020-01-01 | 3.6 |
| 2020-02-01 | 3.5 |
| 2020-03-01 | 4.4 |
| 2020-04-01 | 14.8 |
| 2020-05-01 | 13.2 |
| 2020-06-01 | 11 |
| 2020-07-01 | 10.2 |
| 2020-08-01 | 8.4 |
| 2020-09-01 | 7.8 |
| 2020-10-01 | 6.9 |
| 2020-11-01 | 6.7 |
| 2020-12-01 | 6.7 |
| 2021-01-01 | 6.4 |
| 2021-02-01 | 6.2 |
| 2021-03-01 | 6.1 |
| 2021-04-01 | 6.1 |
| 2021-05-01 | 5.8 |
| 2021-06-01 | 5.9 |
| 2021-07-01 | 5.4 |
| 2021-08-01 | 5.1 |
| 2021-09-01 | 4.7 |
| 2021-10-01 | 4.5 |
| 2021-11-01 | 4.2 |
| 2021-12-01 | 3.9 |
| 2022-01-01 | 4 |
| 2022-02-01 | 3.8 |
| 2022-03-01 | 3.7 |
| 2022-04-01 | 3.7 |
| 2022-05-01 | 3.6 |
| 2022-06-01 | 3.6 |
| 2022-07-01 | 3.5 |
| 2022-08-01 | 3.6 |
| 2022-09-01 | 3.5 |
| 2022-10-01 | 3.6 |
| 2022-11-01 | 3.6 |
| 2022-12-01 | 3.5 |
| 2023-01-01 | 3.5 |
| 2023-02-01 | 3.6 |
| 2023-03-01 | 3.5 |
| 2023-04-01 | 3.4 |
| 2023-05-01 | 3.6 |
| 2023-06-01 | 3.6 |
| 2023-07-01 | 3.5 |
| 2023-08-01 | 3.7 |
| 2023-09-01 | 3.8 |
| 2023-10-01 | 3.9 |
| 2023-11-01 | 3.7 |
| 2023-12-01 | 3.8 |
| 2024-01-01 | 3.7 |
| 2024-02-01 | 3.9 |
| 2024-03-01 | 3.9 |
| 2024-04-01 | 3.9 |
| 2024-05-01 | 4 |
| 2024-06-01 | 4.1 |
| 2024-07-01 | 4.2 |
| 2024-08-01 | 4.2 |
| 2024-09-01 | 4.1 |
| 2024-10-01 | 4.1 |
| 2024-11-01 | 4.2 |
| 2024-12-01 | 4.1 |
Source: U.S. Bureau of Labor Statistics, Unemployment Rate, retrieved from FRED, Federal Reserve Bank of St. Louis.
Figure 4: Job Openings: Total Nonfarm/Unemployment Level
Level in Thous./Thous. of Persons
Make Full Screen| Date | Vacancy/Unemployment Ratio |
|---|---|
| 2019-01-01 | 1.16 |
| 2019-02-01 | 1.15 |
| 2019-03-01 | 1.18 |
| 2019-04-01 | 1.22 |
| 2019-05-01 | 1.23 |
| 2019-06-01 | 1.21 |
| 2019-07-01 | 1.16 |
| 2019-08-01 | 1.21 |
| 2019-09-01 | 1.24 |
| 2019-10-01 | 1.24 |
| 2019-11-01 | 1.17 |
| 2019-12-01 | 1.14 |
| 2020-01-01 | 1.22 |
| 2020-02-01 | 1.21 |
| 2020-03-01 | 0.82 |
| 2020-04-01 | 0.20 |
| 2020-05-01 | 0.27 |
| 2020-06-01 | 0.35 |
| 2020-07-01 | 0.40 |
| 2020-08-01 | 0.47 |
| 2020-09-01 | 0.52 |
| 2020-10-01 | 0.62 |
| 2020-11-01 | 0.64 |
| 2020-12-01 | 0.63 |
| 2021-01-01 | 0.70 |
| 2021-02-01 | 0.78 |
| 2021-03-01 | 0.87 |
| 2021-04-01 | 0.95 |
| 2021-05-01 | 1.07 |
| 2021-06-01 | 1.09 |
| 2021-07-01 | 1.26 |
| 2021-08-01 | 1.32 |
| 2021-09-01 | 1.42 |
| 2021-10-01 | 1.56 |
| 2021-11-01 | 1.66 |
| 2021-12-01 | 1.80 |
| 2022-01-01 | 1.73 |
| 2022-02-01 | 1.86 |
| 2022-03-01 | 2.03 |
| 2022-04-01 | 1.96 |
| 2022-05-01 | 1.92 |
| 2022-06-01 | 1.88 |
| 2022-07-01 | 2.00 |
| 2022-08-01 | 1.71 |
| 2022-09-01 | 1.86 |
| 2022-10-01 | 1.76 |
| 2022-11-01 | 1.80 |
| 2022-12-01 | 1.91 |
| 2023-01-01 | 1.81 |
| 2023-02-01 | 1.65 |
| 2023-03-01 | 1.65 |
| 2023-04-01 | 1.72 |
| 2023-05-01 | 1.53 |
| 2023-06-01 | 1.53 |
| 2023-07-01 | 1.49 |
| 2023-08-01 | 1.49 |
| 2023-09-01 | 1.47 |
| 2023-10-01 | 1.34 |
| 2023-11-01 | 1.43 |
| 2023-12-01 | 1.41 |
| 2024-01-01 | 1.42 |
| 2024-02-01 | 1.36 |
| 2024-03-01 | 1.29 |
| 2024-04-01 | 1.22 |
| 2024-05-01 | 1.24 |
| 2024-06-01 | 1.15 |
| 2024-07-01 | 1.09 |
| 2024-08-01 | 1.11 |
| 2024-09-01 | 1.07 |
| 2024-10-01 | 1.12 |
| 2024-11-01 | 1.14 |
Note: Seasonally adjusted.
Source: U.S. Bureau of Labor Statistics, Job Openings: Total Nonfarm and Unemployment Level, retrieved from FRED, Federal Reserve Bank of St. Louis.
Figure 5: 4−Week Moving Average of Initial Claims
Weekly, Ending Saturday
Millions
| Date | Jobless Claims |
|---|---|
| 1/5/2019 | 0.227 |
| 1/12/2019 | 0.22725 |
| 1/19/2019 | 0.22375 |
| 1/26/2019 | 0.22275 |
| 2/2/2019 | 0.2245 |
| 2/9/2019 | 0.2265 |
| 2/16/2019 | 0.22575 |
| 2/23/2019 | 0.2225 |
| 3/2/2019 | 0.2185 |
| 3/9/2019 | 0.2165 |
| 3/16/2019 | 0.21675 |
| 3/23/2019 | 0.214 |
| 3/30/2019 | 0.21075 |
| 4/6/2019 | 0.20525 |
| 4/13/2019 | 0.2015 |
| 4/20/2019 | 0.2045 |
| 4/27/2019 | 0.20975 |
| 5/4/2019 | 0.217 |
| 5/11/2019 | 0.22075 |
| 5/18/2019 | 0.219 |
| 5/25/2019 | 0.2185 |
| 6/1/2019 | 0.218 |
| 6/8/2019 | 0.2215 |
| 6/15/2019 | 0.222 |
| 6/22/2019 | 0.225 |
| 6/29/2019 | 0.22575 |
| 7/6/2019 | 0.223 |
| 7/13/2019 | 0.2215 |
| 7/20/2019 | 0.2135 |
| 7/27/2019 | 0.2085 |
| 8/3/2019 | 0.20675 |
| 8/10/2019 | 0.207 |
| 8/17/2019 | 0.20825 |
| 8/24/2019 | 0.21 |
| 8/31/2019 | 0.21175 |
| 9/7/2019 | 0.2105 |
| 9/14/2019 | 0.21 |
| 9/21/2019 | 0.2095 |
| 9/28/2019 | 0.2095 |
| 10/5/2019 | 0.21 |
| 10/12/2019 | 0.2125 |
| 10/19/2019 | 0.21225 |
| 10/26/2019 | 0.21225 |
| 11/2/2019 | 0.2135 |
| 11/9/2019 | 0.2165 |
| 11/16/2019 | 0.22125 |
| 11/23/2019 | 0.22275 |
| 11/30/2019 | 0.227 |
| 12/7/2019 | 0.232 |
| 12/14/2019 | 0.23375 |
| 12/21/2019 | 0.236 |
| 12/28/2019 | 0.236 |
| 1/4/2020 | 0.22975 |
| 1/11/2020 | 0.2225 |
| 1/18/2020 | 0.22025 |
| 1/25/2020 | 0.2145 |
| 2/1/2020 | 0.21025 |
| 2/8/2020 | 0.209 |
| 2/15/2020 | 0.2055 |
| 2/22/2020 | 0.20775 |
| 2/29/2020 | 0.20975 |
| 3/7/2020 | 0.211 |
| 3/14/2020 | 0.227 |
| 3/21/2020 | 0.90125 |
| 3/28/2020 | 2.3345 |
| 4/4/2020 | 3.817 |
| 4/11/2020 | 4.9665 |
| 4/18/2020 | 5.28825 |
| 4/25/2020 | 4.66325 |
| 5/2/2020 | 3.828 |
| 5/9/2020 | 3.1945 |
| 5/16/2020 | 2.68825 |
| 5/23/2020 | 2.307 |
| 5/30/2020 | 2.01775 |
| 6/6/2020 | 1.82775 |
| 6/13/2020 | 1.652 |
| 6/20/2020 | 1.5385 |
| 6/27/2020 | 1.49025 |
| 7/4/2020 | 1.44975 |
| 7/11/2020 | 1.4485 |
| 7/18/2020 | 1.43 |
| 7/25/2020 | 1.3835 |
| 8/1/2020 | 1.29125 |
| 8/8/2020 | 1.14525 |
| 8/15/2020 | 1.02875 |
| 8/22/2020 | 0.93275 |
| 8/29/2020 | 0.892 |
| 9/5/2020 | 0.894 |
| 9/12/2020 | 0.8775 |
| 9/19/2020 | 0.87325 |
| 9/26/2020 | 0.85175 |
| 10/3/2020 | 0.825 |
| 10/10/2020 | 0.8195 |
| 10/17/2020 | 0.80575 |
| 10/24/2020 | 0.801 |
| 10/31/2020 | 0.798 |
| 11/7/2020 | 0.7725 |
| 11/14/2020 | 0.756 |
| 11/21/2020 | 0.76025 |
| 11/28/2020 | 0.75125 |
| 12/5/2020 | 0.78525 |
| 12/12/2020 | 0.82225 |
| 12/19/2020 | 0.82775 |
| 12/26/2020 | 0.83675 |
| 1/2/2021 | 0.81925 |
| 1/9/2021 | 0.82025 |
| 1/16/2021 | 0.8275 |
| 1/23/2021 | 0.834 |
| 1/30/2021 | 0.834 |
| 2/6/2021 | 0.8145 |
| 2/13/2021 | 0.804 |
| 2/20/2021 | 0.77975 |
| 2/27/2021 | 0.755 |
| 3/6/2021 | 0.72525 |
| 3/13/2021 | 0.6995 |
| 3/20/2021 | 0.68075 |
| 3/27/2021 | 0.66925 |
| 4/3/2021 | 0.65725 |
| 4/10/2021 | 0.62525 |
| 4/17/2021 | 0.61 |
| 4/24/2021 | 0.589 |
| 5/1/2021 | 0.557 |
| 5/8/2021 | 0.53775 |
| 5/15/2021 | 0.513 |
| 5/22/2021 | 0.47975 |
| 5/29/2021 | 0.45725 |
| 6/5/2021 | 0.43875 |
| 6/12/2021 | 0.429 |
| 6/19/2021 | 0.42425 |
| 6/26/2021 | 0.4105 |
| 7/3/2021 | 0.398 |
| 7/10/2021 | 0.37575 |
| 7/17/2021 | 0.36725 |
| 7/24/2021 | 0.3695 |
| 7/31/2021 | 0.37225 |
| 8/7/2021 | 0.37775 |
| 8/14/2021 | 0.37275 |
| 8/21/2021 | 0.3675 |
| 8/28/2021 | 0.3605 |
| 9/4/2021 | 0.35475 |
| 9/11/2021 | 0.34875 |
| 9/18/2021 | 0.3505 |
| 9/25/2021 | 0.3545 |
| 10/2/2021 | 0.34875 |
| 10/9/2021 | 0.3355 |
| 10/16/2021 | 0.3165 |
| 10/23/2021 | 0.29125 |
| 10/30/2021 | 0.27775 |
| 11/6/2021 | 0.26775 |
| 11/13/2021 | 0.257 |
| 11/20/2021 | 0.24575 |
| 11/27/2021 | 0.236 |
| 12/4/2021 | 0.22525 |
| 12/11/2021 | 0.22025 |
| 12/18/2021 | 0.21775 |
| 12/25/2021 | 0.211 |
| 1/1/2022 | 0.21525 |
| 1/8/2022 | 0.22 |
| 1/15/2022 | 0.22775 |
| 1/22/2022 | 0.23825 |
| 1/29/2022 | 0.2395 |
| 2/5/2022 | 0.23 |
| 2/12/2022 | 0.227 |
| 2/19/2022 | 0.22325 |
| 2/26/2022 | 0.21775 |
| 3/5/2022 | 0.2205 |
| 3/12/2022 | 0.21625 |
| 3/19/2022 | 0.21225 |
| 3/26/2022 | 0.21325 |
| 4/2/2022 | 0.2115 |
| 4/9/2022 | 0.2115 |
| 4/16/2022 | 0.21225 |
| 4/23/2022 | 0.21175 |
| 4/30/2022 | 0.21325 |
| 5/7/2022 | 0.211 |
| 5/14/2022 | 0.21475 |
| 5/21/2022 | 0.21525 |
| 5/28/2022 | 0.21075 |
| 6/4/2022 | 0.213 |
| 6/11/2022 | 0.2105 |
| 6/18/2022 | 0.2115 |
| 6/25/2022 | 0.2145 |
| 7/2/2022 | 0.21425 |
| 7/9/2022 | 0.21475 |
| 7/16/2022 | 0.215 |
| 7/23/2022 | 0.217 |
| 7/30/2022 | 0.22075 |
| 8/6/2022 | 0.222 |
| 8/13/2022 | 0.22275 |
| 8/20/2022 | 0.2215 |
| 8/27/2022 | 0.21675 |
| 9/3/2022 | 0.21275 |
| 9/10/2022 | 0.207 |
| 9/17/2022 | 0.2035 |
| 9/24/2022 | 0.19775 |
| 10/1/2022 | 0.1975 |
| 10/8/2022 | 0.2 |
| 10/15/2022 | 0.1995 |
| 10/22/2022 | 0.203 |
| 10/29/2022 | 0.2025 |
| 11/5/2022 | 0.20175 |
| 11/12/2022 | 0.20375 |
| 11/19/2022 | 0.20825 |
| 11/26/2022 | 0.21 |
| 12/3/2022 | 0.2115 |
| 12/10/2022 | 0.21225 |
| 12/17/2022 | 0.21025 |
| 12/24/2022 | 0.20975 |
| 12/31/2022 | 0.208 |
| 1/7/2023 | 0.207 |
| 1/14/2023 | 0.205 |
| 1/21/2023 | 0.20375 |
| 1/28/2023 | 0.20275 |
| 2/4/2023 | 0.2045 |
| 2/11/2023 | 0.208 |
| 2/18/2023 | 0.21125 |
| 2/25/2023 | 0.2135 |
| 3/4/2023 | 0.21675 |
| 3/11/2023 | 0.21775 |
| 3/18/2023 | 0.221 |
| 3/25/2023 | 0.227 |
| 4/1/2023 | 0.22425 |
| 4/8/2023 | 0.224 |
| 4/15/2023 | 0.223 |
| 4/22/2023 | 0.21725 |
| 4/29/2023 | 0.21675 |
| 5/6/2023 | 0.218 |
| 5/13/2023 | 0.21825 |
| 5/20/2023 | 0.22275 |
| 5/27/2023 | 0.227 |
| 6/3/2023 | 0.2345 |
| 6/10/2023 | 0.24325 |
| 6/17/2023 | 0.25175 |
| 6/24/2023 | 0.2535 |
| 7/1/2023 | 0.25175 |
| 7/8/2023 | 0.24475 |
| 7/15/2023 | 0.23725 |
| 7/22/2023 | 0.2355 |
| 7/29/2023 | 0.2335 |
| 8/5/2023 | 0.24 |
| 8/12/2023 | 0.24425 |
| 8/19/2023 | 0.24675 |
| 8/26/2023 | 0.24525 |
| 9/2/2023 | 0.23775 |
| 9/9/2023 | 0.2325 |
| 9/16/2023 | 0.22475 |
| 9/23/2023 | 0.2195 |
| 9/30/2023 | 0.2165 |
| 10/7/2023 | 0.2125 |
| 10/14/2023 | 0.2105 |
| 10/21/2023 | 0.2105 |
| 10/28/2023 | 0.2105 |
| 11/4/2023 | 0.21175 |
| 11/11/2023 | 0.21825 |
| 11/18/2023 | 0.21825 |
| 11/25/2023 | 0.2175 |
| 12/2/2023 | 0.2175 |
| 12/9/2023 | 0.21175 |
| 12/16/2023 | 0.21025 |
| 12/23/2023 | 0.21025 |
| 12/30/2023 | 0.20575 |
| 1/6/2024 | 0.204 |
| 1/13/2024 | 0.20075 |
| 1/20/2024 | 0.20275 |
| 1/27/2024 | 0.2095 |
| 2/3/2024 | 0.21325 |
| 2/10/2024 | 0.2175 |
| 2/17/2024 | 0.21225 |
| 2/24/2024 | 0.20925 |
| 3/2/2024 | 0.2085 |
| 3/9/2024 | 0.20875 |
| 3/16/2024 | 0.21175 |
| 3/23/2024 | 0.2115 |
| 3/30/2024 | 0.2145 |
| 4/6/2024 | 0.2145 |
| 4/13/2024 | 0.2145 |
| 4/20/2024 | 0.2135 |
| 4/27/2024 | 0.21025 |
| 5/4/2024 | 0.21525 |
| 5/11/2024 | 0.218 |
| 5/18/2024 | 0.22 |
| 5/25/2024 | 0.223 |
| 6/1/2024 | 0.22225 |
| 6/8/2024 | 0.22725 |
| 6/15/2024 | 0.233 |
| 6/22/2024 | 0.23625 |
| 6/29/2024 | 0.23875 |
| 7/6/2024 | 0.23375 |
| 7/13/2024 | 0.23525 |
| 7/20/2024 | 0.2355 |
| 7/27/2024 | 0.23825 |
| 8/3/2024 | 0.241 |
| 8/10/2024 | 0.23675 |
| 8/17/2024 | 0.23625 |
| 8/24/2024 | 0.23175 |
| 8/31/2024 | 0.23025 |
| 9/7/2024 | 0.231 |
| 9/14/2024 | 0.22825 |
| 9/21/2024 | 0.225 |
| 9/28/2024 | 0.22425 |
| 10/5/2024 | 0.2315 |
| 10/12/2024 | 0.2365 |
| 10/19/2024 | 0.23875 |
| 10/26/2024 | 0.237 |
| 11/2/2024 | 0.22725 |
| 11/9/2024 | 0.2215 |
| 11/16/2024 | 0.21825 |
| 11/23/2024 | 0.2175 |
| 11/30/2024 | 0.2185 |
| 12/7/2024 | 0.22425 |
| 12/14/2024 | 0.2255 |
| 12/21/2024 | 0.22675 |
| 12/28/2024 | 0.22325 |
| 1/4/2025 | 0.2135 |
| 1/11/2025 | 0.21275 |
| 1/18/2025 | 0.2135 |
| 1/25/2025 | 0.2125 |
Source: U.S. Employment and Training Administration, 4−Week Moving Average of Initial Claims, retrieved from FRED, Federal Reserve Bank of St. Louis.
Figure 6: 12−Month PCE and Core PCE Inflation
Percent
Make Full Screen| Date | PCE Inflation | Core PCE Inflation |
|---|---|---|
| 1/1/2019 | 1.43 | 1.84 |
| 2/1/2019 | 1.40 | 1.74 |
| 3/1/2019 | 1.52 | 1.62 |
| 4/1/2019 | 1.57 | 1.64 |
| 5/1/2019 | 1.47 | 1.56 |
| 6/1/2019 | 1.43 | 1.66 |
| 7/1/2019 | 1.45 | 1.64 |
| 8/1/2019 | 1.43 | 1.75 |
| 9/1/2019 | 1.28 | 1.63 |
| 10/1/2019 | 1.29 | 1.62 |
| 11/1/2019 | 1.36 | 1.50 |
| 12/1/2019 | 1.56 | 1.54 |
| 1/1/2020 | 1.73 | 1.57 |
| 2/1/2020 | 1.66 | 1.67 |
| 3/1/2020 | 1.15 | 1.49 |
| 4/1/2020 | 0.44 | 0.96 |
| 5/1/2020 | 0.46 | 0.97 |
| 6/1/2020 | 0.72 | 0.94 |
| 7/1/2020 | 0.91 | 1.18 |
| 8/1/2020 | 1.17 | 1.39 |
| 9/1/2020 | 1.27 | 1.47 |
| 10/1/2020 | 1.14 | 1.39 |
| 11/1/2020 | 1.15 | 1.43 |
| 12/1/2020 | 1.33 | 1.52 |
| 1/1/2021 | 1.59 | 1.68 |
| 2/1/2021 | 1.85 | 1.71 |
| 3/1/2021 | 2.67 | 2.20 |
| 4/1/2021 | 3.67 | 3.16 |
| 5/1/2021 | 4.11 | 3.58 |
| 6/1/2021 | 4.33 | 3.89 |
| 7/1/2021 | 4.51 | 3.97 |
| 8/1/2021 | 4.61 | 3.99 |
| 9/1/2021 | 4.76 | 4.04 |
| 10/1/2021 | 5.36 | 4.47 |
| 11/1/2021 | 5.97 | 4.94 |
| 12/1/2021 | 6.18 | 5.24 |
| 1/1/2022 | 6.31 | 5.41 |
| 2/1/2022 | 6.59 | 5.65 |
| 3/1/2022 | 6.97 | 5.63 |
| 4/1/2022 | 6.70 | 5.35 |
| 5/1/2022 | 6.80 | 5.19 |
| 6/1/2022 | 7.25 | 5.32 |
| 7/1/2022 | 6.76 | 5.11 |
| 8/1/2022 | 6.64 | 5.36 |
| 9/1/2022 | 6.66 | 5.61 |
| 10/1/2022 | 6.46 | 5.46 |
| 11/1/2022 | 6.02 | 5.20 |
| 12/1/2022 | 5.51 | 4.95 |
| 1/1/2023 | 5.53 | 4.95 |
| 2/1/2023 | 5.21 | 4.86 |
| 3/1/2023 | 4.42 | 4.77 |
| 4/1/2023 | 4.46 | 4.78 |
| 5/1/2023 | 3.98 | 4.71 |
| 6/1/2023 | 3.26 | 4.37 |
| 7/1/2023 | 3.37 | 4.27 |
| 8/1/2023 | 3.39 | 3.78 |
| 9/1/2023 | 3.42 | 3.66 |
| 10/1/2023 | 2.99 | 3.44 |
| 11/1/2023 | 2.70 | 3.22 |
| 12/1/2023 | 2.70 | 3.04 |
| 1/1/2024 | 2.61 | 3.06 |
| 2/1/2024 | 2.59 | 2.93 |
| 3/1/2024 | 2.81 | 2.98 |
| 4/1/2024 | 2.72 | 2.89 |
| 5/1/2024 | 2.57 | 2.67 |
| 6/1/2024 | 2.44 | 2.63 |
| 7/1/2024 | 2.47 | 2.67 |
| 8/1/2024 | 2.28 | 2.73 |
| 9/1/2024 | 2.10 | 2.66 |
| 10/1/2024 | 2.31 | 2.79 |
| 11/1/2024 | 2.44 | 2.82 |
| 12/1/2024 | 2.55 | 2.79 |
Note: PCE Inflation is the change in the personal consumption expenditures price index and core PCE Inflation is the change in PCE price index excluding food and energy. PCE and core PCE are 12−Month inflation percentages calculated using seasonally adjusted annual rates.
Source: U.S. Bureau of Economic Analysis, Personal Consumption Expenditures: Chain−type Price Index and Personal Consumption Expenditures Excluding Food and Energy (Chain−Type Price Index), retrieved from FRED, Federal Reserve Bank of St. Louis.
Figure 7: Components of Core PCE Inflation
Percent change from year earlier
Make Full Screen| Date | Core Goods | Core services less housing | Housing services |
|---|---|---|---|
| 1/1/2019 | -0.24 | 2.32 | 3.25 |
| 2/1/2019 | -0.44 | 2.19 | 3.37 |
| 3/1/2019 | -0.62 | 2.04 | 3.40 |
| 4/1/2019 | -0.88 | 2.18 | 3.43 |
| 5/1/2019 | -0.90 | 2.06 | 3.42 |
| 6/1/2019 | -0.50 | 2.02 | 3.51 |
| 7/1/2019 | -0.58 | 2.04 | 3.47 |
| 8/1/2019 | -0.16 | 2.06 | 3.43 |
| 9/1/2019 | -0.27 | 1.89 | 3.50 |
| 10/1/2019 | -0.34 | 1.93 | 3.41 |
| 11/1/2019 | -0.49 | 1.80 | 3.35 |
| 12/1/2019 | -0.46 | 1.87 | 3.36 |
| 1/1/2020 | -0.80 | 2.04 | 3.43 |
| 2/1/2020 | -0.44 | 2.08 | 3.37 |
| 3/1/2020 | -0.64 | 1.88 | 3.30 |
| 4/1/2020 | -1.26 | 1.25 | 3.15 |
| 5/1/2020 | -1.57 | 1.41 | 3.14 |
| 6/1/2020 | -1.69 | 1.50 | 2.90 |
| 7/1/2020 | -0.94 | 1.61 | 2.85 |
| 8/1/2020 | -0.41 | 1.76 | 2.75 |
| 9/1/2020 | -0.39 | 1.97 | 2.53 |
| 10/1/2020 | -0.48 | 1.88 | 2.53 |
| 11/1/2020 | -0.16 | 1.87 | 2.31 |
| 12/1/2020 | 0.10 | 1.97 | 2.18 |
| 1/1/2021 | 0.36 | 2.20 | 2.00 |
| 2/1/2021 | 0.04 | 2.42 | 2.00 |
| 3/1/2021 | 0.54 | 3.09 | 1.96 |
| 4/1/2021 | 2.44 | 3.91 | 1.99 |
| 5/1/2021 | 3.67 | 4.05 | 2.05 |
| 6/1/2021 | 4.32 | 4.22 | 2.26 |
| 7/1/2021 | 4.03 | 4.47 | 2.34 |
| 8/1/2021 | 3.92 | 4.51 | 2.49 |
| 9/1/2021 | 4.18 | 4.37 | 2.82 |
| 10/1/2021 | 5.21 | 4.57 | 3.07 |
| 11/1/2021 | 5.59 | 5.10 | 3.45 |
| 12/1/2021 | 6.24 | 5.26 | 3.71 |
| 1/1/2022 | 6.91 | 5.13 | 4.05 |
| 2/1/2022 | 7.66 | 5.13 | 4.31 |
| 3/1/2022 | 7.47 | 5.08 | 4.56 |
| 4/1/2022 | 6.35 | 5.03 | 4.85 |
| 5/1/2022 | 5.72 | 4.94 | 5.18 |
| 6/1/2022 | 5.72 | 5.05 | 5.61 |
| 7/1/2022 | 5.50 | 4.66 | 6.01 |
| 8/1/2022 | 5.61 | 4.90 | 6.47 |
| 9/1/2022 | 5.75 | 5.16 | 6.86 |
| 10/1/2022 | 4.68 | 5.33 | 7.08 |
| 11/1/2022 | 3.92 | 5.14 | 7.34 |
| 12/1/2022 | 3.16 | 4.93 | 7.74 |
| 1/1/2023 | 2.65 | 5.10 | 7.95 |
| 2/1/2023 | 2.26 | 5.07 | 8.18 |
| 3/1/2023 | 2.49 | 4.79 | 8.21 |
| 4/1/2023 | 2.50 | 4.78 | 8.27 |
| 5/1/2023 | 2.49 | 4.68 | 8.18 |
| 6/1/2023 | 1.71 | 4.52 | 7.92 |
| 7/1/2023 | 1.18 | 4.64 | 7.73 |
| 8/1/2023 | 0.56 | 4.16 | 7.40 |
| 9/1/2023 | 0.25 | 4.17 | 7.12 |
| 10/1/2023 | 0.37 | 3.80 | 6.89 |
| 11/1/2023 | 0.22 | 3.54 | 6.68 |
| 12/1/2023 | -0.04 | 3.43 | 6.33 |
| 1/1/2024 | -0.51 | 3.74 | 6.17 |
| 2/1/2024 | -0.41 | 3.53 | 5.90 |
| 3/1/2024 | -0.53 | 3.69 | 5.83 |
| 4/1/2024 | -0.54 | 3.58 | 5.66 |
| 5/1/2024 | -0.99 | 3.43 | 5.55 |
| 6/1/2024 | -0.74 | 3.31 | 5.34 |
| 7/1/2024 | -0.42 | 3.25 | 5.24 |
| 8/1/2024 | -0.51 | 3.39 | 5.27 |
| 9/1/2024 | -0.38 | 3.25 | 5.09 |
| 10/1/2024 | -0.42 | 3.54 | 5.04 |
| 11/1/2024 | -0.15 | 3.52 | 4.78 |
| 12/1/2024 | -0.14 | 3.50 | 4.67 |
Note: Core goods Inflation is the change in the personal consumption expenditures price index exlcuding energy and food. Core services Inflation is the change in the PCE price index excluding energy services.
Source: U.S. Bureau of Economic Analysis.
Figure 8: Federal Funds Rate
Percent
Make Full Screen| Date | Fed Funds Monthly Average Rate |
|---|---|
| 1/1/2019 | 2.40 |
| 2/1/2019 | 2.40 |
| 3/1/2019 | 2.40 |
| 4/1/2019 | 2.42 |
| 5/1/2019 | 2.39 |
| 6/1/2019 | 2.38 |
| 7/1/2019 | 2.40 |
| 8/1/2019 | 2.13 |
| 9/1/2019 | 2.05 |
| 10/1/2019 | 1.83 |
| 11/1/2019 | 1.55 |
| 12/1/2019 | 1.55 |
| 1/1/2020 | 1.55 |
| 2/1/2020 | 1.58 |
| 3/1/2020 | 0.63 |
| 4/1/2020 | 0.05 |
| 5/1/2020 | 0.05 |
| 6/1/2020 | 0.08 |
| 7/1/2020 | 0.09 |
| 8/1/2020 | 0.09 |
| 9/1/2020 | 0.09 |
| 10/1/2020 | 0.09 |
| 11/1/2020 | 0.09 |
| 12/1/2020 | 0.09 |
| 1/1/2021 | 0.09 |
| 2/1/2021 | 0.08 |
| 3/1/2021 | 0.07 |
| 4/1/2021 | 0.07 |
| 5/1/2021 | 0.06 |
| 6/1/2021 | 0.08 |
| 7/1/2021 | 0.10 |
| 8/1/2021 | 0.09 |
| 9/1/2021 | 0.08 |
| 10/1/2021 | 0.08 |
| 11/1/2021 | 0.08 |
| 12/1/2021 | 0.08 |
| 1/1/2022 | 0.08 |
| 2/1/2022 | 0.08 |
| 3/1/2022 | 0.20 |
| 4/1/2022 | 0.33 |
| 5/1/2022 | 0.76 |
| 6/1/2022 | 1.19 |
| 7/1/2022 | 1.65 |
| 8/1/2022 | 2.33 |
| 9/1/2022 | 2.58 |
| 10/1/2022 | 3.08 |
| 11/1/2022 | 3.76 |
| 12/1/2022 | 4.09 |
| 1/1/2023 | 4.33 |
| 2/1/2023 | 4.57 |
| 3/1/2023 | 4.65 |
| 4/1/2023 | 4.83 |
| 5/1/2023 | 5.05 |
| 6/1/2023 | 5.08 |
| 7/1/2023 | 5.12 |
| 8/1/2023 | 5.33 |
| 9/1/2023 | 5.33 |
| 10/1/2023 | 5.33 |
| 11/1/2023 | 5.33 |
| 12/1/2023 | 5.33 |
| 1/1/2024 | 5.33 |
| 2/1/2024 | 5.33 |
| 3/1/2024 | 5.33 |
| 4/1/2024 | 5.33 |
| 5/1/2024 | 5.33 |
| 6/1/2024 | 5.33 |
| 7/1/2024 | 5.33 |
| 8/1/2024 | 5.33 |
| 9/1/2024 | 5.13 |
| 10/1/2024 | 4.83 |
| 11/1/2024 | 4.65 |
| 12/1/2024 | 4.48 |
| 1/1/2025 | 4.33 |
Source: Federal Reserve Bank of New York.
Last Update:
February 04, 2025