Accessible Version

A. Headline Inflation
12-month percent change

Date	Canada	Euro area	Japan	U.K.	U.S.
1/1/2015	1.0	-0.6	2.4	0.3	0.2
2/1/2015	1.0	-0.2	2.2	0.1	0.3
3/1/2015	1.3	0.0	2.4	0.0	0.3
4/1/2015	0.6	0.2	0.7	-0.1	0.2
5/1/2015	1.0	0.6	0.6	0.1	0.2
6/1/2015	1.1	0.5	0.4	-0.1	0.3
7/1/2015	1.4	0.5	0.2	0.1	0.2
8/1/2015	1.3	0.4	0.1	0.0	0.3
9/1/2015	1.0	0.2	0.1	-0.1	0.1
10/1/2015	1.0	0.4	0.2	-0.1	0.1
11/1/2015	1.3	0.2	0.2	0.1	0.2
12/1/2015	1.5	0.3	0.1	0.2	0.3
1/1/2016	1.9	0.4	-0.1	0.3	0.8
2/1/2016	1.4	-0.1	0.2	0.3	0.6
3/1/2016	1.3	0.0	0.0	0.5	0.6
4/1/2016	1.7	-0.3	-0.2	0.3	0.9
5/1/2016	1.6	-0.1	-0.5	0.3	0.8
6/1/2016	1.4	0.0	-0.3	0.5	0.8
7/1/2016	1.1	0.1	-0.4	0.5	0.8
8/1/2016	1.2	0.2	-0.5	0.6	0.9
9/1/2016	1.4	0.4	-0.5	1.0	1.2
10/1/2016	1.5	0.5	0.2	0.9	1.5
11/1/2016	1.3	0.6	0.4	1.1	1.4
12/1/2016	1.5	1.1	0.2	1.6	1.7
1/1/2017	2.0	1.7	0.4	1.8	2.0
2/1/2017	2.0	2.0	0.2	2.3	2.3
3/1/2017	1.6	1.6	0.2	2.3	2.0
4/1/2017	1.7	1.9	0.4	2.7	1.9
5/1/2017	1.2	1.4	0.5	2.9	1.7
6/1/2017	1.0	1.3	0.4	2.6	1.6
7/1/2017	1.2	1.3	0.5	2.6	1.6
8/1/2017	1.4	1.5	0.6	2.8	1.6
9/1/2017	1.5	1.6	0.8	2.9	1.9
10/1/2017	1.4	1.4	0.2	3.0	1.8
11/1/2017	2.2	1.6	0.5	3.1	1.9
12/1/2017	1.9	1.4	1.1	3.0	1.9
1/1/2018	1.7	1.3	1.3	3.0	1.9
2/1/2018	2.1	1.1	1.4	2.7	1.9
3/1/2018	2.3	1.4	1.0	2.5	2.1
4/1/2018	2.1	1.2	0.6	2.4	2.1
5/1/2018	2.3	2.0	0.7	2.4	2.3
6/1/2018	2.5	2.0	0.7	2.4	2.4
7/1/2018	2.8	2.2	0.9	2.5	2.4
8/1/2018	2.7	2.1	1.3	2.7	2.3
9/1/2018	2.4	2.1	1.2	2.4	2.1
10/1/2018	2.5	2.3	1.4	2.4	2.1
11/1/2018	1.7	1.9	0.8	2.3	2.0
12/1/2018	1.9	1.6	0.2	2.1	1.9
1/1/2019	1.5	1.3	0.1	1.8	1.5
2/1/2019	1.6	1.4	0.2	1.9	1.4
3/1/2019	1.9	1.4	0.5	1.9	1.5
4/1/2019	2.1	1.7	0.9	2.1	1.7
5/1/2019	2.3	1.2	0.7	2.0	1.5
6/1/2019	2.1	1.3	0.8	2.0	1.5
7/1/2019	2.0	1.0	0.5	2.0	1.5
8/1/2019	1.9	1.0	0.2	1.8	1.5
9/1/2019	1.9	0.9	0.2	1.7	1.4
10/1/2019	1.9	0.7	0.2	1.4	1.4
11/1/2019	2.1	1.0	0.6	1.4	1.4
12/1/2019	2.2	1.4	0.9	1.3	1.6
1/1/2020	2.4	1.3	0.8	1.8	1.8
2/1/2020	2.2	1.2	0.5	1.8	1.8
3/1/2020	0.8	0.7	0.6	1.6	1.3
4/1/2020	0.0	0.3	0.2	0.8	0.4
5/1/2020	-0.4	0.1	0.2	0.4	0.5
6/1/2020	0.4	0.3	0.1	0.6	0.7
7/1/2020	0.1	0.4	0.2	1.0	0.9
8/1/2020	0.3	-0.2	0.1	0.3	1.2
9/1/2020	0.6	-0.3	-0.2	0.6	1.3
10/1/2020	0.6	-0.3	-0.6	0.7	1.1
11/1/2020	0.9	-0.3	-1.0	0.3	1.1
12/1/2020	0.9	-0.2	-1.1	0.6	1.3
1/1/2021	1.1	0.9	-0.7	0.7	1.5
2/1/2021	1.1	0.9	-0.5	0.5	1.7
3/1/2021	2.2	1.3	-0.4	0.8	2.5
4/1/2021	3.3	1.6	-1.1	1.5	3.6
5/1/2021	3.6	2.0	-0.8	2.1	4.0
6/1/2021	3.1	1.9	-0.5	2.5	4.3
7/1/2021	3.7	2.2	-0.3	2.0	4.4
8/1/2021	4.2	3.0	-0.4	3.2	4.5
9/1/2021	4.4	3.4	0.2	3.1	4.7
10/1/2021	4.7	4.1	0.1	4.2	5.2
11/1/2021	4.7	4.8	0.7	5.1	5.9
12/1/2021	4.8	5.0	0.8	5.4	6.0
1/1/2022	5.1	5.1	0.5	5.5	6.1
2/1/2022	5.7	5.8	1.0	6.2	6.4
3/1/2022	6.7	7.4	1.2	7.1	6.8
4/1/2022	6.9	7.4	2.4	9.0	6.4
5/1/2022	7.8	8.1	2.5	9.0	6.5
6/1/2022	8.1	8.7	2.4	9.4	7.0
7/1/2022	7.6	8.9	2.6	10.1	6.4
8/1/2022	6.9	9.2	3.0	9.9	6.3
9/1/2022	6.8	10.0	3.0	10.1	6.3
10/1/2022	6.9	10.6	3.8	11.0	6.1
11/1/2022	6.8	10.0	3.8	10.7	5.7
12/1/2022	6.3	9.2	4.0	10.5	5.3
1/1/2023	5.9	8.6	4.4	10.1	5.4
2/1/2023	5.3	8.5	3.3	10.4	5.0
3/1/2023	4.5	6.9	3.2	10.1	4.2
4/1/2023	4.3	7.0	3.4	8.7	4.3
5/1/2023	3.2	6.1	3.2	8.7	3.8
6/1/2023	2.9	5.5	3.2	7.9	3.0
7/1/2023	3.3	5.3	3.2	6.8	ND

Note: The data are monthly and extend through July 2023. U.S. data are total PCE inflation and the data point for July 2023 is an estimate based on consumer price index and producer price index data. The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research: February 2020-April 2020. PCE is personal consumption expenditures.

Source: Haver Analytics; Bureau of Economic Analysis, PCE, via Haver Analytics.

Percent change

Date	12-Month	6-Month	3-Month
1/1/2015	1.4	0.9	0.7
2/1/2015	1.4	1	0.7
3/1/2015	1.4	1.1	0.9
4/1/2015	1.3	1.2	1.7
5/1/2015	1.3	1.2	1.8
6/1/2015	1.3	1.3	1.7
7/1/2015	1.2	1.5	1.3
8/1/2015	1.2	1.5	1.1
9/1/2015	1.2	1.4	1.2
10/1/2015	1.2	1.1	0.9
11/1/2015	1.2	1.1	1
12/1/2015	1.1	1	0.7
1/1/2016	1.3	1.2	1.4
2/1/2016	1.4	1.3	1.6
3/1/2016	1.4	1.4	2
4/1/2016	1.5	1.8	2.2
5/1/2016	1.5	1.9	2.2
6/1/2016	1.5	2	2.1
7/1/2016	1.6	2	1.8
8/1/2016	1.7	2.1	1.9
9/1/2016	1.7	2	1.9
10/1/2016	1.8	1.8	1.8
11/1/2016	1.8	1.6	1.3
12/1/2016	1.8	1.6	1.3
1/1/2017	1.9	1.8	1.8
2/1/2017	1.9	1.8	2.4
3/1/2017	1.7	1.5	1.6
4/1/2017	1.7	1.7	1.6
5/1/2017	1.7	1.7	1.1
6/1/2017	1.7	1.8	1.9
7/1/2017	1.6	1.4	1.2
8/1/2017	1.5	1.2	1.3
9/1/2017	1.5	1.6	1.3
10/1/2017	1.7	1.6	2.1
11/1/2017	1.7	1.6	1.9
12/1/2017	1.7	1.6	2
1/1/2018	1.7	2.1	2.2
2/1/2018	1.8	2.3	2.7
3/1/2018	2	2.5	3.1
4/1/2018	2	2.3	2.5
5/1/2018	2.1	2.5	2.4
6/1/2018	2	2.5	1.9
7/1/2018	2.1	2.1	1.7
8/1/2018	2	1.7	1.1
9/1/2018	2.1	1.7	1.5
10/1/2018	2	1.6	1.5
11/1/2018	2.1	1.6	2.1
12/1/2018	2.1	1.7	1.9
1/1/2019	1.9	1.7	1.9
2/1/2019	1.7	1.8	1.4
3/1/2019	1.6	1.6	1.2
4/1/2019	1.7	1.9	1.9
5/1/2019	1.7	1.7	2.1
6/1/2019	1.8	1.8	2.4
7/1/2019	1.8	1.8	1.8
8/1/2019	1.8	1.9	1.8
9/1/2019	1.7	1.8	1.2
10/1/2019	1.7	1.5	1.2
11/1/2019	1.5	1.3	0.9
12/1/2019	1.6	1.4	1.6
1/1/2020	1.7	1.5	1.8
2/1/2020	1.8	1.7	2.4
3/1/2020	1.6	1.4	1.3
4/1/2020	0.9	0.3	-1.2
5/1/2020	0.9	0.5	-1.4
6/1/2020	0.9	0.5	-0.3
7/1/2020	1.1	0.7	2.7
8/1/2020	1.3	1	3.5
9/1/2020	1.5	1.5	3.3
10/1/2020	1.4	2.4	2.1
11/1/2020	1.4	2.2	0.9
12/1/2020	1.5	2.4	1.6
1/1/2021	1.6	2.4	2.7
2/1/2021	1.6	2.1	3.3
3/1/2021	2	2.6	3.7
4/1/2021	3.1	3.8	5
5/1/2021	3.5	4.9	6.5
6/1/2021	3.8	5.2	6.7
7/1/2021	3.9	5.3	5.7
8/1/2021	3.9	5.7	4.9
9/1/2021	3.9	5.2	3.8
10/1/2021	4.3	4.8	3.9
11/1/2021	4.8	4.8	4.6
12/1/2021	5	4.9	6
1/1/2022	5.2	5.1	6.3
2/1/2022	5.4	5.2	5.7
3/1/2022	5.4	5.5	4.9
4/1/2022	5	5.3	4.3
5/1/2022	4.9	5	4.3
6/1/2022	5	5.2	5.4
7/1/2022	4.7	4.3	4.4
8/1/2022	4.9	4.7	5.1
9/1/2022	5.2	4.9	4.5
10/1/2022	5.1	4.9	5.4
11/1/2022	4.8	4.6	4.1
12/1/2022	4.6	4.1	3.7
1/1/2023	4.7	5	4.6
2/1/2023	4.7	4.6	5.1
3/1/2023	4.6	4.3	4.9
4/1/2023	4.7	4.4	4.1
5/1/2023	4.6	4.6	4
6/1/2023	4.1	4.2	3.4
7/1/2023	4.3	3.5	2.9

Note: The data are monthly and extend through July 2023. The data for July 2023 are estimates based on consumer price index and producer price index data. PCE is personal consumption expenditures. The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research: February 2020-April 2020.

Source: Bureau of Economic Analysis, PCE, via Haver Analytics.

12-month percent change

Date	Housing services	Services ex housing and energy	Goods ex food and energy
1/1/2015	2.9	1.9	-0.9
2/1/2015	2.9	1.9	-0.7
3/1/2015	2.9	1.8	-0.6
4/1/2015	3	1.7	-0.6
5/1/2015	3	1.6	-0.6
6/1/2015	3.1	1.7	-0.8
7/1/2015	3.1	1.5	-1
8/1/2015	3.2	1.6	-0.9
9/1/2015	3.2	1.5	-0.8
10/1/2015	3.2	1.5	-1
11/1/2015	3.2	1.4	-0.8
12/1/2015	3.2	1.3	-0.8
1/1/2016	3.2	1.6	-0.6
2/1/2016	3.2	1.7	-0.6
3/1/2016	3.2	1.8	-0.8
4/1/2016	3.2	1.9	-0.7
5/1/2016	3.3	2	-0.8
6/1/2016	3.3	2	-0.9
7/1/2016	3.3	2.1	-0.9
8/1/2016	3.3	2.2	-0.6
9/1/2016	3.4	2.2	-0.6
10/1/2016	3.5	2.3	-0.5
11/1/2016	3.6	2.4	-0.9
12/1/2016	3.6	2.4	-0.8
1/1/2017	3.6	2.4	-0.5
2/1/2017	3.6	2.5	-0.5
3/1/2017	3.6	2.2	-0.5
4/1/2017	3.5	2.3	-0.9
5/1/2017	3.4	2.3	-0.9
6/1/2017	3.4	2.2	-0.7
7/1/2017	3.4	2	-0.6
8/1/2017	3.5	2	-0.8
9/1/2017	3.4	2.2	-1.2
10/1/2017	3.4	2.3	-1
11/1/2017	3.3	2.3	-0.8
12/1/2017	3.4	2.3	-0.9
1/1/2018	3.4	2.3	-0.8
2/1/2018	3.3	2.4	-0.8
3/1/2018	3.4	2.8	-0.7
4/1/2018	3.5	2.5	-0.4
5/1/2018	3.5	2.6	-0.1
6/1/2018	3.4	2.7	-0.4
7/1/2018	3.5	2.8	-0.5
8/1/2018	3.4	2.8	-0.7
9/1/2018	3.4	2.8	-0.5
10/1/2018	3.3	2.6	-0.6
11/1/2018	3.4	2.7	-0.3
12/1/2018	3.3	2.8	-0.5
1/1/2019	3.3	2.4	-0.4
2/1/2019	3.4	2.3	-0.6
3/1/2019	3.4	2.1	-0.8
4/1/2019	3.4	2.4	-0.9
5/1/2019	3.4	2.2	-0.9
6/1/2019	3.5	2.2	-0.5
7/1/2019	3.5	2.2	-0.5
8/1/2019	3.4	2.2	-0.1
9/1/2019	3.5	2	-0.3
10/1/2019	3.4	2	-0.3
11/1/2019	3.4	1.9	-0.5
12/1/2019	3.4	1.9	-0.4
1/1/2020	3.5	2.2	-0.8
2/1/2020	3.4	2.3	-0.4
3/1/2020	3.3	2.1	-0.6
4/1/2020	3.2	1.1	-1.2
5/1/2020	3.2	1.3	-1.5
6/1/2020	2.9	1.4	-1.6
7/1/2020	2.9	1.5	-0.9
8/1/2020	2.8	1.6	-0.3
9/1/2020	2.6	1.9	-0.3
10/1/2020	2.6	1.8	-0.5
11/1/2020	2.3	1.7	-0.2
12/1/2020	2.2	1.9	0
1/1/2021	2	2	0.3
2/1/2021	2	2.1	0
3/1/2021	2	2.8	0.5
4/1/2021	2	3.9	2.4
5/1/2021	2	4	3.6
6/1/2021	2.2	4.1	4.2
7/1/2021	2.3	4.3	4
8/1/2021	2.5	4.3	3.9
9/1/2021	2.8	4.2	4.1
10/1/2021	3	4.3	5.1
11/1/2021	3.4	4.9	5.5
12/1/2021	3.7	4.9	6.1
1/1/2022	4	4.8	6.8
2/1/2022	4.3	4.7	7.6
3/1/2022	4.5	4.6	7.4
4/1/2022	4.8	4.5	6.3
5/1/2022	5.1	4.4	5.7
6/1/2022	5.6	4.5	5.7
7/1/2022	6	3.9	5.5
8/1/2022	6.4	4.2	5.6
9/1/2022	6.8	4.5	5.7
10/1/2022	7.1	4.7	4.8
11/1/2022	7.3	4.4	4.1
12/1/2022	7.7	4.3	3.4
1/1/2023	8	4.6	2.8
2/1/2023	8.2	4.7	2.3
3/1/2023	8.3	4.5	2.5
4/1/2023	8.4	4.6	2.6
5/1/2023	8.3	4.5	2.5
6/1/2023	8	4.2	1.7
7/1/2023	7.8	4.7	1.1

Note: The data are monthly and extend through July 2023. The data for July 2023 are estimates based on consumer price index and producer price index data. PCE is personal consumption expenditures. The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research: February 2020-April 2020.

Source: Bureau of Economic Analysis, PCE, via Haver Analytics.

12-month percent change

Date	PCE housing	Zillow	CoreLogic
1/1/2019	3.3	4.2	3.6
2/1/2019	3.4	4.1	3.4
3/1/2019	3.4	4.1	3.4
4/1/2019	3.4	4.1	3.1
5/1/2019	3.4	4.1	3.1
6/1/2019	3.5	4.2	3
7/1/2019	3.5	4.2	3.1
8/1/2019	3.4	4.2	3.1
9/1/2019	3.5	4.2	3.1
10/1/2019	3.4	4.2	3
11/1/2019	3.4	4.1	3
12/1/2019	3.4	4	2.9
1/1/2020	3.5	4	3
2/1/2020	3.4	4.2	3.1
3/1/2020	3.3	4	3
4/1/2020	3.2	3.3	2.5
5/1/2020	3.2	2.4	1.9
6/1/2020	2.9	1.8	1.9
7/1/2020	2.9	1.7	2.5
8/1/2020	2.8	1.6	3.2
9/1/2020	2.6	1.4	4
10/1/2020	2.6	1.4	5.1
11/1/2020	2.3	1.5	6
12/1/2020	2.2	1.6	6.7
1/1/2021	2	1.6	6.8
2/1/2021	2	1.6	7.1
3/1/2021	2	2	7.6
4/1/2021	2	3.4	8.8
5/1/2021	2	5.4	10.1
6/1/2021	2.2	7.5	11.2
7/1/2021	2.3	9.3	11.8
8/1/2021	2.5	11.2	12.3
9/1/2021	2.8	13	12.6
10/1/2021	3	14.2	12.8
11/1/2021	3.4	14.8	12.6
12/1/2021	3.7	15.3	12.6
1/1/2022	4	15.7	12.9
2/1/2022	4.3	16.2	13.4
3/1/2022	4.5	16.1	13.5
4/1/2022	4.8	15.9	13.5
5/1/2022	5.1	15.3	13.2
6/1/2022	5.6	14.5	12.4
7/1/2022	6	13.4	11.6
8/1/2022	6.4	12.1	10.4
9/1/2022	6.8	10.8	9.1
10/1/2022	7.1	9.7	7.4
11/1/2022	7.3	8.8	6.4
12/1/2022	7.7	8	5.3
1/1/2023	8	7.3	4.5
2/1/2023	8.2	6.6	3.6
3/1/2023	8.3	6	3.1
4/1/2023	8.4	5.4	2.5
5/1/2023	8.3	4.8	2.5
6/1/2023	8	4.1	ND
7/1/2023	7.8	3.6	ND

Note: The data are monthly and extend, for CoreLogic, through May 2023 and, for PCE and Zillow, through July 2023. For PCE, the data point for July 2023 is an estimate based on consumer price index and producer price index data. PCE is personal consumption expenditures. The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research: February 2020-April 2020.

Source: Bureau of Economic Analysis, PCE, via Haver Analytics; CoreLogic, Inc.; Zillow, Inc.

A. Industrial Production
12-month percent change

Date	Industrial production
1/1/2015	2.8
2/1/2015	1.4
3/1/2015	0
4/1/2015	-0.6
5/1/2015	-1.4
6/1/2015	-2.1
7/1/2015	-1.7
8/1/2015	-1.7
9/1/2015	-2.3
10/1/2015	-2.7
11/1/2015	-4.1
12/1/2015	-4.5
1/1/2016	-3.3
2/1/2016	-3.2
3/1/2016	-3.6
4/1/2016	-2.7
5/1/2016	-2.5
6/1/2016	-1.7
7/1/2016	-2.2
8/1/2016	-2.2
9/1/2016	-2
10/1/2016	-1.5
11/1/2016	-1.1
12/1/2016	0.1
1/1/2017	-0.7
2/1/2017	-0.5
3/1/2017	0.9
4/1/2017	1.6
5/1/2017	1.9
6/1/2017	1.6
7/1/2017	1.3
8/1/2017	0.9
9/1/2017	1.1
10/1/2017	2.3
11/1/2017	3
12/1/2017	2.5
1/1/2018	2.6
2/1/2018	3.4
3/1/2018	3.2
4/1/2018	3.3
5/1/2018	2.3
6/1/2018	2.9
7/1/2018	3.2
8/1/2018	4.4
9/1/2018	4.4
10/1/2018	2.9
11/1/2018	2.7
12/1/2018	2.5
1/1/2019	2
2/1/2019	1
3/1/2019	0.6
4/1/2019	-1.1
5/1/2019	0
6/1/2019	-0.7
7/1/2019	-1.3
8/1/2019	-1.3
9/1/2019	-1.5
10/1/2019	-2.2
11/1/2019	-1.8
12/1/2019	-2
1/1/2020	-1.9
2/1/2020	-1.2
3/1/2020	-5
4/1/2020	-17.3
5/1/2020	-16.1
6/1/2020	-10.7
7/1/2020	-6.9
8/1/2020	-6.7
9/1/2020	-6.5
10/1/2020	-5.1
11/1/2020	-5.2
12/1/2020	-3.8
1/1/2021	-2.6
2/1/2021	-6.2
3/1/2021	0.5
4/1/2021	16.2
5/1/2021	15.3
6/1/2021	8.7
7/1/2021	5.4
8/1/2021	4.4
9/1/2021	3.4
10/1/2021	4
11/1/2021	4.5
12/1/2021	3
1/1/2022	2.3
2/1/2022	6.6
3/1/2022	4.4
4/1/2022	4.6
5/1/2022	3.7
6/1/2022	3.2
7/1/2022	3
8/1/2022	3.1
9/1/2022	4.5
10/1/2022	3.1
11/1/2022	1.9
12/1/2022	0.6
1/1/2023	1.5
2/1/2023	0.9
3/1/2023	0.2
4/1/2023	0.3
5/1/2023	0
6/1/2023	-0.8
7/1/2023	-0.2

Note: The data are monthly and extend through July 2023. The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research: February 2020-April 2020.

Source: Federal Reserve Board, Statistical Release G.17, "Industrial Production and Capacity Utilization."

4-quarter percent change

Date	Private residential investment
3/1/2015	13.7
6/1/2015	13.2
9/1/2015	13.6
12/1/2015	12.1
3/1/2016	13.1
6/1/2016	11.4
9/1/2016	8.5
12/1/2016	8.7
3/1/2017	8.3
6/1/2017	9
9/1/2017	8.8
12/1/2017	8.7
3/1/2018	6.1
6/1/2018	6.9
9/1/2018	5.7
12/1/2018	1.5
3/1/2019	0.7
6/1/2019	0
9/1/2019	2.2
12/1/2019	4.5
3/1/2020	9.4
6/1/2020	-0.9
9/1/2020	12.3
12/1/2020	22
3/1/2021	23.4
6/1/2021	36.6
9/1/2021	20.9
12/1/2021	13.6
3/1/2022	11.1
6/1/2022	7
9/1/2022	-1.2
12/1/2022	-9.3
3/1/2023	-13.9
6/1/2023	-13.8

Note: The data are quarterly and extend through 2023:02. The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research: February 2020-April 2020.

Source: Bureau of Economic Analysis via Haver Analytics.

A. Aggregate hours
2007=100

Date	Aggregate hours	Aggregate hours 2021-2022 trend
1/1/2021	106.5	106.5
2/1/2021	105.8	106.9
3/1/2021	107.3	107.3
4/1/2021	107.5	107.7
5/1/2021	107.9	108.1
6/1/2021	108.1	108.5
7/1/2021	108.8	108.8
8/1/2021	109	109.2
9/1/2021	109.8	109.6
10/1/2021	110.2	110
11/1/2021	111.1	110.4
12/1/2021	111.5	110.7
1/1/2022	111.2	111.1
2/1/2022	112.3	111.5
3/1/2022	112.7	111.9
4/1/2022	112.5	112.3
5/1/2022	112.8	112.7
6/1/2022	113.2	113
7/1/2022	113.6	113.4
8/1/2022	113.5	113.8
9/1/2022	114.2	114.2
10/1/2022	114.4	114.6
11/1/2022	114.3	114.9
12/1/2022	114.2	115.3
1/1/2023	115.1	115.7
2/1/2023	115	116.1
3/1/2023	114.8	116.5
4/1/2023	114.9	116.8
5/1/2023	114.8	117.2
6/1/2023	115.3	117.6
7/1/2023	115.1	118

Note: Data are monthly and end in July 2023. The red dotted line is the 2021-2022 trend.

Source: Bureau of Labor Statistics.

Hours per person

Date	Workweek
1/1/2015	34.5
2/1/2015	34.6
3/1/2015	34.5
4/1/2015	34.5
5/1/2015	34.5
6/1/2015	34.5
7/1/2015	34.5
8/1/2015	34.6
9/1/2015	34.5
10/1/2015	34.5
11/1/2015	34.5
12/1/2015	34.5
1/1/2016	34.6
2/1/2016	34.4
3/1/2016	34.4
4/1/2016	34.4
5/1/2016	34.4
6/1/2016	34.4
7/1/2016	34.4
8/1/2016	34.3
9/1/2016	34.4
10/1/2016	34.4
11/1/2016	34.3
12/1/2016	34.4
1/1/2017	34.4
2/1/2017	34.3
3/1/2017	34.3
4/1/2017	34.4
5/1/2017	34.4
6/1/2017	34.4
7/1/2017	34.4
8/1/2017	34.4
9/1/2017	34.3
10/1/2017	34.4
11/1/2017	34.5
12/1/2017	34.4
1/1/2018	34.4
2/1/2018	34.5
3/1/2018	34.5
4/1/2018	34.5
5/1/2018	34.5
6/1/2018	34.6
7/1/2018	34.5
8/1/2018	34.5
9/1/2018	34.4
10/1/2018	34.5
11/1/2018	34.4
12/1/2018	34.5
1/1/2019	34.5
2/1/2019	34.4
3/1/2019	34.5
4/1/2019	34.4
5/1/2019	34.4
6/1/2019	34.4
7/1/2019	34.4
8/1/2019	34.4
9/1/2019	34.4
10/1/2019	34.3
11/1/2019	34.3
12/1/2019	34.3
1/1/2020	34.3
2/1/2020	34.4
3/1/2020	34.1
4/1/2020	34.2
5/1/2020	34.7
6/1/2020	34.6
7/1/2020	34.6
8/1/2020	34.7
9/1/2020	34.8
10/1/2020	34.8
11/1/2020	34.8
12/1/2020	34.8
1/1/2021	35
2/1/2021	34.6
3/1/2021	34.9
4/1/2021	34.9
5/1/2021	34.9
6/1/2021	34.8
7/1/2021	34.8
8/1/2021	34.7
9/1/2021	34.8
10/1/2021	34.7
11/1/2021	34.8
12/1/2021	34.8
1/1/2022	34.6
2/1/2022	34.7
3/1/2022	34.7
4/1/2022	34.6
5/1/2022	34.6
6/1/2022	34.6
7/1/2022	34.6
8/1/2022	34.5
9/1/2022	34.6
10/1/2022	34.6
11/1/2022	34.5
12/1/2022	34.4
1/1/2023	34.6
2/1/2023	34.5
3/1/2023	34.4
4/1/2023	34.4
5/1/2023	34.3
6/1/2023	34.4
7/1/2023	34.3

Note: Data are monthly and end in July 2023. The gray shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research: February 2020-April 2020.

Source: Bureau of Labor Statistics.

12-month percent change

Date	AHE	ECI	Atlanta Wage Growth Tracker	Indeed
1/1/2019	3.2		3.8	3.2
2/1/2019	3.6		3.4	3.4
3/1/2019	3.5	2.8	3.5	3.7
4/1/2019	3.1		3.6	3.4
5/1/2019	3.3		3.7	3.3
6/1/2019	3.4	2.6	3.9	3.3
7/1/2019	3.4		3.9	3
8/1/2019	3.4		3.7	3.4
9/1/2019	3.1	2.7	3.6	2.7
10/1/2019	3.2		3.5	2.8
11/1/2019	3.3		3.7	2.7
12/1/2019	2.9	2.7	3.7	2.2
1/1/2020	3		3.8	2.4
2/1/2020	3.1		3.7	2.5
3/1/2020	3.6	2.8	3.5	3.1
4/1/2020	8.1		3.3	3.2
5/1/2020	6.7		3.5	1.9
6/1/2020	5.1	2.7	3.8	1.8
7/1/2020	4.9		3.9	2.4
8/1/2020	4.8		3.5	2.6
9/1/2020	4.8	2.4	3.5	2.9
10/1/2020	4.6		3.5	3.3
11/1/2020	4.6		3.7	3.2
12/1/2020	5.5	2.6	3.4	3.6
1/1/2021	5.2		3.4	4
2/1/2021	5.3		3.4	4.5
3/1/2021	4.3	2.8	3.4	4.3
4/1/2021	0.6		3.2	5
5/1/2021	2.2		3	7.7
6/1/2021	4	3.1	3.2	7.7
7/1/2021	4.3		3.7	8
8/1/2021	4.4		3.9	8.3
9/1/2021	4.9	4.1	4.2	8.6
10/1/2021	5.4		4.1	9.1
11/1/2021	5.4		4.3	9.5
12/1/2021	5	4.4	4.5	9.1
1/1/2022	5.7		5.1	9.3
2/1/2022	5.3		5.8	9
3/1/2022	5.9	4.8	6	9.1
4/1/2022	5.8		6	9
5/1/2022	5.5		6.1	8.3
6/1/2022	5.4	5.5	6.7	8
7/1/2022	5.4		6.7	7.7
8/1/2022	5.4		6.7	7.5
9/1/2022	5.1	5.2	6.3	6.9
10/1/2022	4.9		6.4	6.6
11/1/2022	5		6.4	6.3
12/1/2022	4.8	5.1	6.1	6.3
1/1/2023	4.4		6.1	6.2
2/1/2023	4.7		6.1	6.3
3/1/2023	4.3	4.8	6.4	5.8
4/1/2023	4.4		6.1	5.3
5/1/2023	4.3		6	5.2
6/1/2023	4.4	4.5	5.6	4.8
7/1/2023	4.4		5.7	4.2

Note: The data for AHE, Atlanta Wage Growth Tracker, and Indeed are monthly and extend through July 2023. Atlanta Wage Growth Tracker data are shown as a 3-month moving average of the 12-month percent change. ECI change is over the 12 months ending in the last month of each quarter and starts in 2019: Q1 and extends through 2023: Q2. The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research: February 2020-April 2020. AHE is average hourly earnings; ECI is employment cost index.

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

Board of Governors of the Federal Reserve System

Accessible Version

Accessible Version

Figure 1.

B. Core PCE Inflation

Figure 2. Price Indexes for Core PCE Goods and Services

Figure 3. Rental Prices

Figure 4.

B. Private Residential Investment

Figure 5.

B. Workweek

Figure 6. Wage Growth