Florida Highlights and Summary.....................................................5

UNEMPLO y MENT

The unemployment rate in Florida has fallen from its May 2020 peak of 14.2% and stands at 4.6% as of October 2021. When unemployment spiked to 14.2% in May of last year, this was 2.9 percentage points higher than the peak level of unemployment from the Great Recession. This unprecedented surge in unemployment occurred over just three months, while it took two-and-a-half years for the unemployment rate to reach its peak in the Great Recession.

Nationally, and in Florida, the level of workers who are working part-time but not by choice, and workers marginally attached to the labor force— defined as workers who are neither working nor currently looking for work but indicate that they want and are available for a job and have looked for work in the past 12 months—also spiked during the public health shutdowns. When adding these workers and discouraged workers—defined as workers who are currently not working and did not look for a job in the four weeks preceding the Bureau of Labor Statistics’ monthly survey of households—to the headline unemployment figure, U-3, we get the broadest measure of unemployment estimated by the BLS, known as U-6.

Looking at U-6, we see a labor market that is still suffering from the trauma of public health measures. U-6 in Florida averaged 10.1% from the fourth quarter of 2020 through the third quarter of 2021, according to the Bureau of Labor Statistics. Meanwhile, the national rate of U-6 averaged 10.4% over that same period. U-6 unemployment in Florida from the fourth quarter of 2020 through the third quarter of 2021 was 2.7 percentage points below the rate in 2014, but much lower than the 16% rate in 2012, the 17.6% rate in 2011, and down 9.2 percentage points from its peak average rate of 19.3% in 2010 (the nation’s U-6 averaged 16.7% in 2010). As the economy continues to recover and the COVID-19 pandemic abates, these numbers will continue to fall in Florida through the end of 2023.

Analysis of how U-6 behaves relative to the headline unemployment rate (U-3) continues to provide important information necessary to fully understand the health of the labor market. The gap between these two measures of unemployment is narrowing. The average spread between U-6 and U-3 from the fourth quarter of 2020 through the third quarter of 2021 at the national level was hovering at 4.4 percentage points, while that gap was 4.8 percentage points in Florida.

Table 1. Annual Summary of the University of Central Florida's Forecast for Florida

2016 2017 2018 2019 2020 2021 2022 2023 2024

Personal Income (Bil. $) Florida.(%Ch Year ago) U.S.(%Ch Year ago) Personal Income (Bil. 2012$) Florida.(%Ch Year ago) U.S.(%Ch Year ago) Disp. Income (Bil. 2012$) Florida.(%Ch Year ago) U.S.(%Ch Year ago) GSP (Bil. $) (%Ch Year ago) GSP (Bil. 2012$) (%Ch Year ago)

Employment Labor Force FL Unemployment Rate (%) U.S. Unemployment Rate (%)

Total Nonfarm U.S. Florida Mining Construction Manufacturing Nondurable Goods Durable Goods Trans. Warehs. & Utility Wholesale Trade Retail Trade Financial Activities Prof. and Business Services Edu & Health Services Leisure & Hospitality Information Federal Gov't. State & Local Gov't.

Personal Income and GSP

954.1 1023.1 1087.2 1139.8 1210.0 1297.3 1297.0 1349.1 1410.1 3.7 7.2 6.3 4.8 6.2 7.2 0.0 4.0 4.5 2.6 4.7 5.1 4.1 6.5 6.5 1.0 5.0 5.3 919.1 966.1 1001.0 1031.5 1082.6 1121.0 1089.8 1113.2 1140.6 2.3 5.1 3.6 3.0 5.0 3.5 -2.8 2.1 2.5 1.6 2.8 2.9 2.5 5.3 2.8 -2.0 3.0 3.1 825.7 852.0 896.2 922.8 976.1 1006.4 975.5 996.0 1020.7 3.5 3.2 5.2 3.0 5.8 3.1 -3.1 2.1 2.5 1.8 2.8 3.4 2.3 6.2 1.7 -3.0 2.9 3.1 953.4 1002.6 1057.9 1116.4 1106.0 1204.5 1265.5 1313.3 1372.1 4.9 5.2 5.5 5.5 -0.9 8.9 5.1 3.8 4.5 881.5 913.0 943.5 971.6 944.0 992.5 1006.6 1020.5 1039.2 3.4 3.6 3.3 3.0 -2.8 5.1 1.4 1.4 1.8

Employment and Labor Force (Household Survey % Change Year Ago)

3.4 2.2 2.5 2.1 -5.2 2.5 4.3 2.1 1.2 2.1 1.9 1.3 1.6 -2.1 3.0 4.1 1.1 0.7 4.9 4.3 3.6 3.3 7.9 5.0 4.6 4.1 4.0 4.9 4.4 3.9 3.7 8.1 5.4 3.8 3.5 3.6

NonFarm Employment (Payroll Survey % Change Year Ago)

1.8 1.6 1.6 1.3 -5.7 2.7 3.9 1.9 0.9 3.4 2.2 2.5 2.1 -5.2 2.5 4.3 2.1 1.2 -1.2 -1.3 2.2 -1.6 -4.0 1.9 1.6 -0.5 -0.7 9.9 6.3 7.4 4.2 -0.6 1.1 -1.1 -1.0 0.0 3.6 2.2 2.6 3.2 -2.1 1.5 1.2 -0.1 -1.3 4.0 1.9 1.2 2.9 -3.1 0.7 1.6 -0.7 -1.0 3.4 2.3 3.2 3.4 -1.6 1.8 1.0 0.2 -1.5 2.2 1.5 2.4 1.4 -3.6 2.3 0.4 -0.6 -2.2 1.2 1.5 2.5 2.0 -2.7 2.3 7.0 3.6 3.2 1.6 0.8 1.0 -0.5 -5.0 1.8 -4.1 -3.0 -5.9 2.4 2.6 2.3 2.9 0.0 3.2 6.2 1.0 1.0 5.0 3.0 2.8 2.1 -2.9 2.8 7.0 2.1 3.4 3.6 2.6 2.3 2.9 -2.6 2.0 4.2 -0.1 1.7 3.6 2.1 2.4 2.4 -20.3 6.6 9.5 12.2 4.2 0.6 0.7 0.7 -0.1 -6.7 3.7 6.8 0.7 3.5 2.5 1.2 0.5 2.3 4.7 -1.3 1.0 0.5 0.5 1.0 0.7 0.9 0.7 -2.3 -1.3 3.6 1.6 0.8

Population (thous) (%Ch Year ago) Net Migration (thous) (%Ch Year ago)

Population and Migration

20580.1 20904.8 21164.1 21390.9 21592.6 21745.4 21947.8 22181.9 22426.3 1.9 1.6 1.2 1.1 0.9 0.7 0.9 1.1 1.1 83.8 69.6 57.2 55.3 49.3 50.5 55.9 58.8 59.6 -1.5 -16.9 -17.8 -3.4 -10.9 2.5 10.7 5.2 1.4

Housing

Housing Starts Tot. Private (thous) 112.6 116.8 130.7 146.4 156.8 189.7 169.7 155.8 149.4 Housing Starts Single Family (thous) 77.5 85.2 93.8 101.9 112.2 139.3 121.8 109.9 105.0 Housing Starts Multi-Family (thous) 35.1 31.7 36.8 44.5 44.5 50.4 47.9 45.9 44.3

(%Ch Year ago)

Consumer Prices

1.6 2.5 2.5 1.8 0.9 4.6 1.8 0.6 1.2

Table 2. Quarterly Summary of the University of Central Florida's Forecast for Florida*

2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q3 2024Q4

Personal Income (Bil. $) Florida.(%Ch Year ago) U.S.(%Ch Year ago) Personal Income (Bil. 2012$) Florida.(%Ch Year ago) U.S.(%Ch Year ago) Disp. Income (Bil. 2012$) Florida.(%Ch Year ago) U.S.(%Ch Year ago) GSP (Bil. $) (%Ch Year ago) GSP (Bil. 2012$) (%Ch Year ago)

Employment Labor Force FL Unemployment Rate (%) U.S. Unemployment Rate (%)

Total Nonfarm U.S. Florida Mining Construction Manufacturing Nondurable Goods Durable Goods Trans. Warehs. & Utility Wholesale Trade Retail Trade Financial Activities Prof. and Business Services Edu & Health Services Leisure & Hospitality Information Federal Gov't. State & Local Gov't.

Personal Income and GSP

1271.3 1274.9 1290.0 1305.9 1317.2 1327.9 1341.7 1356.2 1370.7 1386.3 1401.7 1418.0 1434.6 -0.2 0.3 1.2 1.2 0.9 0.8 1.0 1.1 1.1 1.1 1.1 1.2 1.2 -0.3 0.6 1.4 1.5 1.0 1.2 1.2 1.2 1.2 1.4 1.3 1.3 1.3 1080.2 1078.8 1086.6 1094.6 1099.1 1103.5 1109.5 1116.7 1123.2 1130.1 1136.8 1144.2 1151.5 -1.1 -0.1 0.7 0.7 0.4 0.4 0.5 0.7 0.6 0.6 0.6 0.7 0.6 -1.2 0.2 0.9 0.9 0.6 0.8 0.7 0.8 0.7 0.9 0.8 0.7 0.7 967.9 965.6 972.6 979.9 983.9 987.1 992.6 999.2 1005.1 1011.2 1017.3 1023.9 1030.5 -1.2 -0.2 0.7 0.7 0.4 0.3 0.6 0.7 0.6 0.6 0.6 0.7 0.6 -1.5 0.0 0.9 0.9 0.5 0.7 0.7 0.7 0.7 0.9 0.7 0.7 0.7 1235.4 1248.5 1260.8 1271.2 1281.7 1292.5 1305.8 1320.2 1334.7 1349.4 1364.4 1379.2 1395.3 1.2 1.1 1.0 0.8 0.8 0.8 1.0 1.1 1.1 1.1 1.1 1.1 1.2 1000.2 1002.1 1005.7 1007.9 1010.8 1013.4 1017.8 1023.0 1027.6 1032.0 1036.8 1041.3 1046.8 0.3 0.2 0.4 0.2 0.3 0.3 0.4 0.5 0.5 0.4 0.5 0.4 0.5

Employment and Labor Force (Household Survey % Change Year Ago)

1.4 0.9 0.9 0.6 0.5 0.5 0.5 0.4 0.3 0.3 0.3 0.3 0.3 1.2 0.9 0.5 0.4 0.3 0.3 0.3 0.2 0.1 0.1 0.2 0.2 0.3 5.2 5.0 4.6 4.4 4.2 4.1 4.1 4.1 4.0 4.0 4.0 4.0 4.0 4.5 4.2 3.9 3.6 3.5 3.5 3.5 3.5 3.5 3.6 3.6 3.7 3.7

NonFarm Employment (Payroll Survey % Change Year Ago)

0.9 0.9 0.9 0.8 0.6 0.4 0.3 0.2 0.2 0.2 0.2 0.2 0.2 1.4 0.9 0.9 0.6 0.5 0.5 0.5 0.4 0.3 0.3 0.3 0.3 0.3 1.3 0.1 -0.1 -0.5 -1.0 0.4 0.1 -0.1 0.1 -0.3 -0.4 -0.3 -0.1 -0.5 -0.3 -0.4 -0.2 -0.3 -0.3 -0.2 -0.1 -0.1 0.1 0.0 0.0 0.1 0.8 0.0 0.5 -0.3 0.3 0.1 -0.1 -0.4 -0.3 -0.3 -0.4 -0.4 -0.3 1.2 0.5 0.1 -0.1 -0.1 -0.1 -0.3 -0.4 -0.2 -0.3 -0.2 -0.2 -0.2 0.6 -0.2 0.7 -0.4 0.4 0.2 0.0 -0.5 -0.3 -0.3 -0.5 -0.5 -0.4 1.6 -0.9 -0.3 0.2 -1.3 -0.3 1.2 -0.4 0.0 -0.8 -1.6 -0.4 -0.3 1.1 1.6 1.5 3.5 0.8 0.8 -0.1 0.1 0.4 1.1 1.4 0.9 0.9 1.7 -2.7 -1.5 -1.8 -2.6 -1.1 2.4 -0.7 -0.3 -2.1 -4.0 -1.3 -1.1 0.4 1.7 2.2 1.9 0.0 0.3 -0.8 -0.3 0.1 0.5 0.7 0.4 0.4 0.3 4.8 1.5 0.2 0.7 0.9 -0.2 0.2 0.7 1.1 1.4 0.8 0.7 1.4 0.5 2.5 0.3 -0.8 0.1 -0.5 0.0 0.2 0.7 0.7 0.7 0.4 4.1 -0.1 -0.2 1.3 6.0 2.3 3.5 3.0 0.8 0.3 0.8 0.3 0.4 2.1 1.6 -0.2 2.1 -2.0 0.3 0.6 0.3 1.6 1.3 0.9 0.0 -0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 1.7 0.7 0.6 0.6 0.5 0.4 0.3 0.3 0.2 0.2 0.2 0.2 0.2

Population (thous) (%Ch Year ago) Net Migration (thous) (%Ch Year ago)

Population and Migration

21,815.721,866.021,918.721,974.322,032.122,091.522,151.722,211.922,272.422,333.222,394.722,457.122,520.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 52.7 54.1 55.4 56.5 57.5 58.3 58.8 59.0 59.1 59.3 59.5 59.7 59.9 3.3 2.8 2.3 2.1 1.7 1.3 0.8 0.3 0.3 0.3 0.3 0.4 0.3

Housing

Housing Starts Tot. Private (thous) 190.6 181.7 170.9 165.0 161.1 158.3 155.7 154.8 154.5 151.9 149.5 149.0 147.0 Housing Starts Single Family (thous) 137.5 130.2 123.8 118.1 115.0 112.1 109.5 109.2 108.8 106.4 104.8 105.0 103.9 Housing Starts Multi-Family (thous) 53.1 51.5 47.1 46.9 46.1 46.2 46.1 45.7 45.6 45.5 44.7 44.0 43.2

(%Ch Year ago)

Consumer Prices

0.3 0.3 0.2 0.0 0.2 0.0 0.3 0.2 0.3 0.3 0.4 0.2 0.5

*Quarterly at an annual rate

Table 3. Employment Quarterly*

2021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2

Total Nonfarm

Manufacturing Durable Goods

Florida Payroll Employment (Thousands)

8,908.48,989.89,069.79,124.59,174.69,220.29,270.39,304.19,333.49,359.99,384.39,411.09,434.7 385.9 386.0 387.8 386.7 387.7 388.1 387.7 386.0 384.8 383.6 382.2 380.7 379.6

265.8 265.3 267.0 266.0 267.1 267.7 267.6 266.3 265.4 264.6 263.4 262.2 261.3

Wood Products 14.7 14.3 14.1 13.6 13.4 13.2 13.1 13.0 13.1 13.2 13.2 13.3 13.3

Computer & Electronics 45.3 45.4 45.1 44.8 44.9 45.1 45.2 45.3 45.4 45.5 45.6 45.7 45.8 Transportation Equipment 48.1 48.5 49.6 50.9 52.2 52.3 51.9 51.0 50.2 49.3 48.6 47.9 47.3 Nondurables 120.1 120.7 120.8 120.7 120.6 120.4 120.1 119.6 119.3 119.0 118.8 118.5 118.3

Foods 34.5 34.5 34.1 34.3 34.4 34.4 34.3 34.2 34.2 34.2 34.2 34.2 34.3

Non-Manufacturing 8,522.48,603.88,681.98,737.88,786.98,832.18,882.68,918.18,948.78,976.39,002.19,030.39,055.1 Mining 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.5 5.5 5.5 Construction 566.2 564.8 562.5 561.6 559.7 558.2 556.8 556.0 555.8 556.1 556.4 556.6 557.1

Trans. Warehs. & Utility 1,813.71,797.21,791.31,795.21,772.21,766.61,787.61,779.81,779.51,765.61,737.01,729.91,725.2 Wholesale Trade 358.6 364.3 369.9 382.9 385.9 389.0 388.5 389.0 390.7 394.9 400.5 404.0 407.5

Retail Trade

Information 1,086.01,057.21,041.01,022.3 995.4 984.61,008.31,000.8 998.1 977.1 938.4 926.0 915.6 141.1 143.3 143.1 146.0 143.1 143.5 144.4 144.8 147.1 149.1 150.4 150.4 150.2

Prof. & Bus. Services 1,400.41,467.31,489.91,492.31,502.71,516.61,513.61,516.61,527.81,544.91,566.31,578.61,589.5 Admin. & Support 665.0 681.5 702.3 711.5 706.0 702.7 691.2 684.9 685.3 688.8 694.1 697.8 702.4 Prof. Sci & Tech 112.2 115.2 117.6 120.3 121.4 122.0 122.2 123.0 123.9 125.1 126.3 126.5 126.7

Mgmt. of Co. Financial Activities 623.2 670.6 670.0 660.6 675.3 691.9 700.2 708.8 718.5 731.0 745.9 754.3 760.5

622.2 632.5 646.5 658.8 658.9 660.6 655.5 653.7 654.0 657.0 661.6 664.6 667.1

Real Estate & Rent

Fin. & Insurance 424.2 432.5 442.6 451.3 450.9 452.0 448.0 446.4 446.4 448.0 450.6 452.1 453.3

198.0 200.0 203.9 207.6 208.0 208.7 207.5 207.3 207.7 209.0 211.0 212.5 213.8

Edu. & Health Service 1,358.71,365.91,400.21,403.71,392.21,394.01,386.91,386.61,389.21,399.61,409.91,419.51,424.7 Education Services 180.0 183.8 186.4 189.5 190.0 190.5 189.4 189.4 189.6 190.9 192.9 194.0 194.4

Health Services 1,178.71,182.11,213.81,214.21,202.21,203.51,197.51,197.21,199.61,208.71,217.01,225.61,230.3 Leisure & Hospitality 1,149.21,148.51,145.61,160.31,230.41,259.11,302.71,342.31,353.61,357.61,368.51,372.91,378.6 Other Services 349.8 356.3 369.1 379.9 382.9 384.9 383.3 383.7 384.8 387.4 391.2 394.9 398.1

Government

Federal Gov't. 1,115.51,122.21,128.01,134.21,139.21,143.11,146.21,149.01,151.41,153.31,155.31,157.21,159.0 148.7 148.8 149.0 149.3 149.5 149.6 149.8 149.9 150.0 150.2 150.4 150.7 151.0

State & Local Gov't 966.8 973.3 978.9 985.0 989.8 993.5 996.4 999.11,001.31,003.11,004.91,006.51,008.1

*Quarterly at an annual rate

Table 4. Employment Annual

2016 2017 2018 2019 2020 2021 2022 2023 2024

Total Nonfarm

Manufacturing Durable Goods

Florida Payroll Employment (Thousands)

8,387.7 8,570.7 8,782.8 8966.34 8,502.4 8,710.8 9,089.7 9,282.0 9,397.5 355.7 363.5 372.8 384.8 376.8 382.4 387.1 386.6 381.5

240.9 246.5 254.5 263.0 258.9 263.6 266.3 266.8 262.9

Wood Products 13.5 14.0 14.4 14.0 14.0 14.5 13.8 13.1 13.3

Computer & Electronics 41.2 41.3 41.9 44.0 44.5 44.9 45.0 45.2 45.6 Transportation Equipment 40.9 42.0 44.9 47.8 48.3 48.8 50.3 51.4 48.3 Nondurables 114.8 117.0 118.4 121.8 118.0 118.8 120.7 119.9 118.7

Foods 31.6 32.2 32.8 34.2 33.5 34.1 34.3 34.3 34.2

Non-Manufacturing Mining Construction 8,032.0 8,207.2 8,410.0 8,581.6 8,125.5 8,328.5 8,702.6 8,895.4 9,015.9 5.7 5.6 5.7 5.6 5.4 5.5 5.6 5.6 5.5

475.4 505.2 542.6 565.3 561.8 568.2 562.2 556.7 556.5

Trans. Warehs. & Utility 1,712.9 1,738.7 1,779.8 1,805.4 1,740.9 1,781.3 1,789.0 1,778.4 1,739.4 Wholesale Trade 332.2 337.1 345.7 352.7 343.1 351.0 375.7 389.3 401.7

Retail Trade

Information 1,095.5 1,104.0 1,115.1 1,109.5 1,053.6 1,072.4 1,029.0 997.9 939.3 137.5 138.4 139.4 139.3 129.9 134.8 143.9 145.0 150.0

Prof. & Bus. Services 1,288.0 1,326.4 1,363.9 1,392.9 1,353.0 1,390.8 1,488.1 1,518.7 1,569.8 Admin. & Support 535.0 550.9 570.2 594.5 601.8 646.2 700.3 691.0 695.8 Prof. Sci & Tech 101.0 104.0 109.2 115.5 111.0 110.1 118.6 122.8 126.1

Mgmt. of Co. Financial Activities 652.0 671.6 684.5 682.9 640.2 634.4 669.1 704.9 747.9

548.6 563.0 575.8 592.5 592.7 611.4 649.2 655.9 662.6

Real Estate & Rent

Fin. & Insurance 368.4 379.7 387.3 396.3 406.1 418.9 444.3 448.2 451.0

180.2 183.3 188.6 196.2 186.6 192.5 204.9 207.8 211.6

Edu. & Health Service 1,243.5 1,275.9 1,305.0 1,343.3 1,308.2 1,334.4 1,390.5 1,389.2 1,413.4 Education Services 157.0 163.3 168.3 173.1 165.4 174.8 187.4 189.7 193.0

Health Services 1,086.5 1,112.5 1,136.8 1,170.2 1,142.8 1,159.7 1,203.1 1,199.4 1,220.4 Leisure & Hospitality 1,175.1 1,200.2 1,229.4 1,259.0 1,003.3 1,069.4 1,171.2 1,314.4 1,369.4 Other Services 347.7 348.0 353.1 353.4 321.0 337.9 372.1 384.2 392.9

Government

Federal Gov't.

State & Local Gov't 1,097.6 1,106.0 1,115.1 1,124.8 1,109.4 1,094.9 1,130.9 1,147.4 1,156.2 137.4 138.9 139.6 142.9 149.7 147.7 149.1 149.8 150.6

960.3 967.0 975.5 982.0 959.8 947.2 981.7 997.6 1,005.6

Table 5. Personal Income-Quarterly*

Personal Income

Wages & Salaries Other Labor Income

Nonfarm

Property Income Transfer Payments Social Insurance

Personal Income

Wages & Salaries Other Labor Income

Nonfarm

Property Income Transfer Payments Social Insurance

2021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q1 2024Q2

Billions Current Dollars

1271.31274.91290.01305.91317.21327.91341.71356.21370.71386.31401.71418.01434.6

569.0 578.0 586.1 592.8 598.5 604.3 610.4 616.1 622.2 628.8 635.7 643.0 650.4

112.1 113.8 115.2 116.3 117.2 118.5 119.5 120.8 121.7 123.0 124.2 125.4 126.5

72.6 71.7 72.2 73.2 73.7 74.7 76.3 78.7 80.2 82.2 84.2 86.1 87.8

3.0 2.4 2.1 2.0 1.9 1.8 1.7 1.7 1.8 1.8 1.8 1.8 1.8

333.2 337.5 341.6 346.9 351.7 355.8 359.7 363.4 367.3 371.3 374.3 377.6 381.1

267.7 259.1 261.6 264.2 264.5 264.3 266.2 268.4 271.0 274.0 277.1 280.5 284.3

90.1 91.5 92.5 93.2 94.0 95.2 95.9 96.7 97.5 98.8 99.6 100.5 101.3

Billions 2012 $

1080.21078.81086.61094.61099.11103.51109.5 1116.71123.21130.11136.81144.21151.5

483.5 489.1 493.7 496.9 499.4 502.1 504.7 507.3 509.9 512.6 515.5 518.8 522.0

95.3 96.3 97.0 97.5 97.8 98.4 98.8 99.4 99.8 100.3 100.7 101.2 101.5

61.7 60.7 60.8 61.4 61.5 62.0 63.1 64.8 65.7 67.0 68.3 69.5 70.4

2.5 2.0 1.8 1.7 1.6 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4

283.1 285.6 287.8 290.7 293.4 295.7 297.4 299.2 301.0 302.7 303.6 304.7 305.9

227.5 219.3 220.3 221.4 220.7 219.6 220.1 221.0 222.1 223.4 224.7 226.3 228.2

76.5 77.4 77.9 78.1 78.4 79.1 79.3 79.6 79.9 80.5 80.8 81.1 81.3

New Passenger Car & Truck Registrations 1442.51364.81347.81336.81353.81359.01361.71362.71365.31357.91350.61344.71339.7 Retail Sales (Billions $) 446.8 440.5 441.0 439.3 439.1 440.6 441.0 443.4 445.9 448.8 451.9 455.2 459.1 Real Retail Sales (Billions 2012$) 379.6 372.7 371.5 368.2 366.4 366.2 364.7 365.1 365.4 365.8 366.5 367.3 368.5

*Quarterly at an annual rate