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Index of Economic Activity

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The U.S. Census Bureau’s economic indicator surveys provide monthly and quarterly data that are timely, reliable, and offer comprehensive measures of the U.S. economy. These surveys provide a variety of statistics covering construction, housing, international trade, retail trade, wholesale trade, services and manufacturing. The survey data provide measures of the economic activity that allows analysis of economic performance and inform business investment and policy decisions. For information on the reliability and use of the data, including important notes on estimation and sampling variance, seasonal adjustment, and measures of sampling variability, please visit each program’s methodology page linked below.

Categories

Business Profits & Formations
Consumer Spending
Inventories
Manufacturing
Construction & Housing
International Trade

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Business Profits & Formations

Business Applications

Business applications include all applications for an EIN, except for applications for tax liens, estates, trusts, certain financial filings, applications outside of the 50 states and DC or with no state-county geocodes, applications with a NAICS sector code of 11 (agriculture, forestry, fishing and hunting) or 92 (public administration), and applications in certain industries (e.g. private households, and civic and social organizations).

Business applications are a key component of the Business Formation Statistics (BFS) standard data product of the U.S. Census Bureau. BFS was developed at the Center for Economic Studies in research collaboration with economists affiliated with Board of Governors of the Federal Reserve System, Federal Reserve Bank of Atlanta, University of Maryland, and University of Notre Dame. BFS provide timely and high frequency information on new business applications and formations in the United States.

For information on the methodology of this survey refer to the Technical Documentation on the Business Formation Statistics website.

Retailer Quarterly Profits

Retail corporations’ after-tax profits, or otherwise referred to as net income or net profits, represent the earnings of these businesses after all income taxes have been deducted. After-tax profits are one of many financial measures reported as part of the Quarterly Financial Report (QFR) program of the U.S. Census Bureau.

The Quarterly Financial Report (QFR) has collected and published quarterly aggregate statistics on the financial results and position of U.S. corporations since 1947. Corporations are considered in-scope for QFR if they meet certain size thresholds. Manufacturing corporations are in-scope if they have domestic assets of $5 million and over. Mining, wholesale trade, retail trade, and selected service industries are in-scope if they have domestic assets of $50 million and over.

The QFR data are a primary source for current estimates of corporate profits for the Nation's Gross Domestic Income Accounts. QFR data are widely used by government agencies, domestic and foreign businesses, financial analysts, researchers, trade associations, and banking institutions. Uses include assessing industrial debt structure, liquidity, and profitability; estimating corporate tax liability; designing economic policies and drafting legislation; making investment evaluations; and studying economic trends.

For information on the methodology of this survey refer to the Technical Documentation on the Quarterly Financial Report website.

Manufacturing Quarterly Profits

Manufacturing corporations’ after-tax profits, or otherwise referred to as net income or net profits, represent the earnings of these businesses after all income taxes have been deducted. After-tax profits are one of many financial measures reported as part of the Quarterly Financial Report (QFR) program of the U.S. Census Bureau.

The Quarterly Financial Report (QFR) has collected and published quarterly aggregate statistics on the financial results and position of U.S. corporations since 1947. Corporations are considered in-scope for QFR if they meet certain size thresholds. Manufacturing corporations are in-scope if they have domestic assets of $5 million and over. Mining, wholesale trade, retail trade, and selected service industries are in-scope if they have domestic assets of $50 million and over.

The QFR data are a primary source for current estimates of corporate profits for the Nation's Gross Domestic Income Accounts. QFR data are widely used by government agencies, domestic and foreign businesses, financial analysts, researchers, trade associations, and banking institutions. Uses include assessing industrial debt structure, liquidity, and profitability; estimating corporate tax liability; designing economic policies and drafting legislation; making investment evaluations; and studying economic trends.

For information on the methodology of this survey refer to the Technical Documentation on the Quarterly Financial Report website.

Consumer Spending

Quarterly Selected Services Revenue - Advance Report

Total revenue includes charges or billings to customers or clients for services rendered and merchandise sold during the survey period whether or not payment was received. The Quarterly Services Survey (QSS) provides quarterly estimates of total operating revenue and the percentage of revenue by class of customer (government, business, household consumers/individual users) for select industries. The survey also produces estimates of total operating expenses from tax-exempt firms in industries that have a large not-for-profit component.

For information on the methodology of this survey refer to the Technical Documentation on the Quarterly Services website.

Advance Retail and Food Services Sales

Sales include merchandise sold by establishments primarily engaged in retail trade. The sales estimates represent total sales and receipts of all establishments primarily engaged in retail trade. Because the retail establishment is the basic unit of measure, the published estimates of sales by type of retail store are not intended to measure the total sales for a given commodity or merchandise line. U.S. Retail and food services is measured by the Advance Monthly Retail Trade Survey (MARTS) which provides an early indication of sales of retail and food service companies. MARTS also provides an estimate of monthly sales at food service establishments and drinking places.

Estimates for the most recent month are advance estimates that are based on data from a subsample of firms from the larger Monthly Retail Trade Survey. The advance estimates will be superseded in following months by revised estimates derived from the larger Monthly Retail Trade Survey.

For information on the methodology of this survey refer to the Technical Documentation on the Monthly Retail Trade website.

Inventories

Advance Retail Inventories

Inventories are the value of stocks of goods held for sale. Merchandise inventories are shown for stores and warehouses servicing retail establishments. The inventories estimates represent the value, at cost, of the merchandise available for sale as of the last day of the report period. Retail Inventories are measured by the Monthly Retail Trade Survey but are also released earlier in the month in the Advance Economic Indicators Report which provides advance statistics for U.S. International Trade in Goods, domestic retail inventories, and domestic wholesale inventories.

For information on the methodology of this report refer to the Technical Documentation on the Advance Economic Indicators website. For more information on the Monthly Retail Trade Survey refer to the Monthly Retail Trade website.

Business Inventories

Business Inventories is the only source of monthly data on total business activities of retail trade, wholesale trade, and manufacturers. Business Inventories are released in the Manufacturing and Trade Inventories and Sales Report which is based on data from three surveys: the Monthly Retail Trade Survey, the Monthly Wholesale Trade Survey, and the Manufacturers’ Shipments, Inventories, and Orders Survey. The purpose of this report is to provide broad and timely measures of combined changes in domestic retail trade, wholesale trade and manufacturers' activities.

For information on the methodology of this report refer to the Technical Documentation on the Manufacturing and Trade Inventories and Sales website.

Wholesale Inventories

Inventories are the value, at cost, of merchandise on hand and available for sale at the end of the reference month. All goods owned by a firm, regardless of location, except goods outside the United States are included. Items not held for resale, such as fixtures, equipment, and supplies are excluded. Wholesale Inventories are measured by the Monthly Wholesale Trade Survey, which provides national estimates of monthly sales, end-of-month inventories, and inventories-to-sales ratios by kind of business for wholesale firms located in the United States.

Inventories estimates released as part of the Advance Economic Indicators Report are not included in this data. For the latest advance estimates, go to the Advance Economic Indicators Report website.

For information on the methodology of this survey refer to the Technical Documentation on the Monthly Wholesale Trade website.

Advance Wholesale Inventories

Inventories are the value, at cost, of merchandise on hand and available for sale at the end of the reference month. Wholesale Inventories are measured by the Monthly Wholesale Trade Survey but are also released earlier in the month in the Advance Economic Indicators Report which provides advance statistics for U.S. International Trade in Goods, domestic retail inventories, and domestic wholesale inventories.

For information on the methodology of this report refer to the Technical Documentation on the Advance Economic Indicators website. For more information on the Monthly Wholesale Trade Survey refer to the Monthly Wholesale Trade website.

Manufacturing

Advance New Orders for Manufactured Durable Goods

Estimates of new orders serve as an indicator of future production commitments and represent the value of new orders received during the month, net of cancellations. New orders are measured by the Manufacturers’ Shipments, Inventories, and Orders (M3) survey which provides broad-based monthly statistical data on the economic conditions in the domestic manufacturing sector. It is designed to measure current industrial activity and to provide an indication of future demand in manufacturing.

For information on the methodology of this survey refer to the Technical Documentation on the Manufacturers' Shipments, Inventories, and Orders website.

New Orders for Manufactured Goods

Estimates of new orders serve as an indicator of future production commitments and represent the value of new orders received during the month, net of cancellations. New orders are measured by the Manufacturers’ Shipments, Inventories, and Orders (M3) survey which provides broad-based monthly statistical data on the economic conditions in the domestic manufacturing sector. It is designed to measure current industrial activity and to provide an indication of future demand in manufacturing.

For information on the methodology of this survey refer to the Technical Documentation on the Manufacturers' Shipments, Inventories, and Orders website.

Construction & Housing

Housing Starts

The “Start” of construction occurs when excavation begins for the footings or foundation of a building. All housing units in a multifamily building are defined as being started when this excavation begins. Beginning with data for September 1992, estimates of housing starts include units in structures being totally rebuilt on an existing foundation. Privately owned is defined as structures not owned by any federal, state, or local government.

Housing starts is a key estimate within the New Residential Construction release. Estimates within the release are produced from the Survey of Construction (SOC) and the Building Permits Survey (BPS).

For information on the methodology of the surveys refer to the Technical Documentation on the New Residential Construction website.

Rental Vacancy Rate

The rental vacancy rate measures the percentage of residential rental housing units that are available for rent during the time period. The rental vacancy rate is one component of the Housing Vacancies and Homeownership program of the U.S. Census Bureau. The program provides current information on the rental and homeowner vacancy rates, and characteristics of units available for occupancy. These data are used extensively by public and private sector organizations to evaluate the need for new housing programs and initiatives. In addition, the rental vacancy rate is a component of the index of leading economic indicators and is thereby used by the Federal Government and economic forecasters to gauge the current economic climate.

For information on the methodology of this survey refer to the Technical Documentation on the Housing Vacancies and Homeownership website.

Homeownership Rate

The homeownership rate measures the percentage of households that are owner-occupied. It is computed by dividing the number of households that are occupied by owners by the total number of occupied households. The homeownership rate is one component of the Housing Vacancies and Homeownership program of the U.S. Census Bureau. The program provides current information on the rental and homeowner vacancy rates, and characteristics of units available for occupancy. These data are used extensively by public and private sector organizations to evaluate the need for new housing programs and initiatives. In addition, the rental vacancy rate is a component of the index of leading economic indicators and is thereby used by the Federal Government and economic forecasters to gauge the current economic climate.

For information on the methodology of this survey refer to the Technical Documentation on the Housing Vacancies and Homeownership website.

New Single-Family Houses Sold

The single-family statistics include fully detached, semidetached (semiattached, side-by-side), row houses, and townhouses. A house is considered sold when either a sales contract has been signed or a deposit accepted. The estimates include houses sold while under any stage of construction, even those sold before the building permit has been issued. The survey does not follow through to the completion closing of the sales transaction, so even if the initial transaction is not finalized, the house is still considered sold.

New single-family houses sold are measured in the New Residential Sales report which provides national and regional data on the number of new single-family houses sold and for sale. It also provides national data on median and average prices, the number of houses sold and for sale by stage of construction, and other statistics. The data are from the Survey of Construction (SOC), which is partially funded by the Department of Housing and Urban Development (HUD).

For information on the methodology of this survey refer to the Technical Documentation on the New Residential Sales website.

Construction Spending

Total construction activity is a combination of private and public construction which includes both residential and nonresidential buildings. Total construction activity is measured by the Value of Construction Put in Place Survey (VIP) which provides monthly estimates of the total dollar value of construction work done in the U.S. The survey covers construction work done each month on new structures or improvements to existing structures for private and public sectors. Data are shown by type of construction as seasonally adjusted annual rates and in unadjusted dollars.

For information on the methodology of this survey refer to the Technical Documentation on the Construction Spending website.

International Trade

Advance International Trade Deficit in Goods

The goods trade deficit measures the extent to which imports exceed exports. The goods trade deficit is one component of the broader International Trade Statistics program of the U.S. Census Bureau.

International Trade is the official source for U.S. export and import statistics. The international trade statistics program is unique among the Census Bureau's economic statistics programs in that the information is not collected from forms sent to respondents soliciting responses as in the case of surveys. Rather, the information is compiled from automated forms and reports filed initially with the U.S. Customs and Border Protection or, in some cases, directly with the Census Bureau, for virtually all shipments leaving (exports) or entering (imports) the United States.

For information on the methodology of this indicator refer to the Technical Documentation on the International Trade website.

International Trade Deficit in Goods & Services

The goods and services trade deficit measures the extent to which imports exceed exports for both categories combined. The goods and services trade deficit is one component of the broader International Trade Statistics program of the U.S. Census Bureau.

International Trade is the official source for U.S. statistics on exports and imports of goods. Data on the imports and exports of services are provided by the Bureau of Economic Analysis which is combined with data for goods and released jointly. The international trade statistics program is unique among the Census Bureau's economic statistics programs in that the information is not collected from forms sent to respondents soliciting responses as in the case of surveys. Rather, the information is compiled from automated forms and reports filed initially with the U.S. Customs and Border Protection or, in some cases, directly with the Census Bureau, for virtually all shipments leaving (exports) or entering (imports) the United States.

For information on the methodology of this indicator, refer to the Technical Documentation on the International Trade website.

All estimates are seasonally adjusted except for the Rental Vacancy Rate, Home Ownership Rate, Retailer Quarterly Profits, and Manufacturing Quarterly Profits. None of the estimates are adjusted for price changes.


* The 90% confidence interval includes zero. The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

○ Statistical significance is not applicable or not measurable for these surveys. The Manufacturers' Shipments, Inventories and Orders estimates are not based on a probability sample, so we can neither measure the sampling error of these estimates nor compute confidence intervals. For Homeownership Rate and Rental Vacancy Rate, this value has not been tested for statistical significance.

(r) Revised.


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