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prices","color":"#c76e18","observation_start_year":1964}],"points":[{"label":"1964","year":1964,"hourly_earnings":69.9,"prices":76.7},{"label":"1965","year":1965,"hourly_earnings":72.5,"prices":77.9},{"label":"1966","year":1966,"hourly_earnings":75.4,"prices":80.2},{"label":"1967","year":1967,"hourly_earnings":78.7,"prices":82.4},{"label":"1968","year":1968,"hourly_earnings":83.4,"prices":85.9},{"label":"1969","year":1969,"hourly_earnings":88.7,"prices":90.6},{"label":"1970","year":1970,"hourly_earnings":93.9,"prices":95.9},{"label":"1971","year":1971,"hourly_earnings":100,"prices":100},{"label":"1972","year":1972,"hourly_earnings":107.5,"prices":103.3},{"label":"1973","year":1973,"hourly_earnings":114.1,"prices":109.7},{"label":"1974","year":1974,"hourly_earnings":122.4,"prices":121.8},{"label":"1975","year":1975,"hourly_earnings":130.7,"prices":133},{"label":"1976","year":1976,"hourly_earnings":139.5,"prices":140.6},{"label":"1977","year":1977,"hourly_earnings":149.9,"prices":149.7},{"label":"1978","year":1978,"hourly_earnings":162,"prices":161.2},{"label":"1979","year":1979,"hourly_earnings":174.8,"prices":179.3},{"label":"1980","year":1980,"hourly_earnings":188.8,"prices":203.5},{"label":"1981","year":1981,"hourly_earnings":205,"prices":224.6},{"label":"1982","year":1982,"hourly_earnings":216.9,"prices":238.5},{"label":"1983","year":1983,"hourly_earnings":226.1,"prices":246},{"label":"1984","year":1984,"hourly_earnings":234,"prices":256.7},{"label":"1985","year":1985,"hourly_earnings":240.8,"prices":265.8},{"label":"1986","year":1986,"hourly_earnings":246.1,"prices":271},{"label":"1987","year":1987,"hourly_earnings":252.1,"prices":280.7},{"label":"1988","year":1988,"hourly_earnings":260.2,"prices":292.2},{"label":"1989","year":1989,"hourly_earnings":270.3,"prices":306.2},{"label":"1990","year":1990,"hourly_earnings":281.2,"prices":322.7},{"label":"1991","year":1991,"hourly_earnings":289.9,"prices":336.4},{"label":"1992","year":1992,"hourly_earnings":297,"prices":346.6},{"label":"1993","year":1993,"hourly_earnings":304.6,"prices":356.9},{"label":"1994","year":1994,"hourly_earnings":312.5,"prices":366.1},{"label":"1995","year":1995,"hourly_earnings":321.2,"prices":376.4},{"label":"1996","year":1996,"hourly_earnings":331.9,"prices":387.5},{"label":"1997","year":1997,"hourly_earnings":344.7,"prices":396.5},{"label":"1998","year":1998,"hourly_earnings":358.6,"prices":402.7},{"label":"1999","year":1999,"hourly_earnings":371.9,"prices":411.5},{"label":"2000","year":2000,"hourly_earnings":386.3,"prices":425.3},{"label":"2001","year":2001,"hourly_earnings":400.8,"prices":437.3},{"label":"2002","year":2002,"hourly_earnings":412.5,"prices":444.3},{"label":"2003","year":2003,"hourly_earnings":423.5,"prices":454.5},{"label":"2004","year":2004,"hourly_earnings":432.4,"prices":466.6},{"label":"2005","year":2005,"hourly_earnings":444.3,"prices":482.3},{"label":"2006","year":2006,"hourly_earnings":461.6,"prices":497.9},{"label":"2007","year":2007,"hourly_earnings":480,"prices":512.2},{"label":"2008","year":2008,"hourly_earnings":498.1,"prices":531.7},{"label":"2009","year":2009,"hourly_earnings":513,"prices":530},{"label":"2010","year":2010,"hourly_earnings":525.3,"prices":538.7},{"label":"2011","year":2011,"hourly_earnings":536,"prices":555.6},{"label":"2012","year":2012,"hourly_earnings":543.9,"prices":567.1},{"label":"2013","year":2013,"hourly_earnings":555.1,"prices":575.4},{"label":"2014","year":2014,"hourly_earnings":567.9,"prices":584.7},{"label":"2015","year":2015,"hourly_earnings":579.8,"prices":585.4},{"label":"2016","year":2016,"hourly_earnings":593.9,"prices":592.8},{"label":"2017","year":2017,"hourly_earnings":607.8,"prices":605.5},{"label":"2018","year":2018,"hourly_earnings":625.9,"prices":620.3},{"label":"2019","year":2019,"hourly_earnings":648.1,"prices":631.5},{"label":"2020","year":2020,"hourly_earnings":680.6,"prices":639.4},{"label":"2021","year":2021,"hourly_earnings":714.4,"prices":669.3},{"label":"2022","year":2022,"hourly_earnings":760.1,"prices":722.8},{"label":"2023","year":2023,"hourly_earnings":797.4,"prices":752.7},{"label":"2024","year":2024,"hourly_earnings":830.6,"prices":774.9}],"headline":"831 vs 775","insight":"From the same 1971 starting point of 100, hourly earnings reached 830.6 and consumer prices 774.9 in 2024. These are average hourly earnings, not median wages or total compensation including benefits.","methodology":"Average each complete year of 12 monthly BLS observations, divide by its own 1971 annual average, and multiply by 100. Earnings and CPI are seasonally adjusted. Stop at the latest complete common year; years missing a month are not estimated. Changes in the mix of jobs can affect average earnings.","source_ids":["fred-ahetpi","fred-cpiaucsl"],"seo":{"title":"Hourly Wages vs Consumer Prices Since 1964","description":"Compare official BLS hourly earnings and consumer prices on a shared 1971 = 100 scale.","keywords":["wages versus inflation 1971","hourly earnings prices history"]}},{"eyebrow":"What changed around 1971?","category":"1971 data story","chart_type":"line","caveats":["A change near 1971 does not, by itself, identify its cause.","Annual averaging can hide within-year movement.","Series definitions and revisions are controlled by the named publisher."],"featured":false,"reference_years":[{"year":1971,"label":"1971"}],"slug":"new-home-prices-versus-family-income-since-1963","title":"New-home prices versus family income","short_title":"Home prices & income","description":"New-house median sales prices and median family income in current dollars, rebased to the same 1971 starting point.","question":"Have new-home prices and family incomes grown together?","y_unit":"index","y_label":"Index (1971 = 100)","precision":1,"series":[{"key":"home_price","label":"New-home prices","color":"#b82f48","observation_start_year":1963},{"key":"family_income","label":"Median family 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vs 1028","insight":"In 2024, the new-home price index was 1661.0 and family income was 1028.2, with both equal to 100 in 1971. The price series covers newly sold houses, not existing homes or rents.","methodology":"Take the unweighted average of four quarterly Census/HUD new-house median sales prices and the annual Census nominal median family income. Rebase each to 1971 = 100. The mean of quarterly medians is not an annual sales median. Stop at the latest complete common year.","source_ids":["fred-mspus","fred-mefainusa646n"],"seo":{"title":"New-Home Prices vs Family Income Since 1963","description":"Explore how official new-house prices and median family incomes diverged around 1971.","keywords":["home prices income 1971","house prices versus family income"]}},{"eyebrow":"What changed around 1971?","category":"1971 data story","chart_type":"line","caveats":["A change near 1971 does not, by itself, identify its cause.","Annual averaging can hide within-year movement.","Series definitions and revisions are controlled by the named publisher."],"featured":false,"reference_years":[{"year":1971,"label":"1971"}],"slug":"new-home-price-to-family-income-ratio-since-1963","title":"How many years of family income buys a new home?","short_title":"Home price / income","description":"The average of quarterly new-house median prices divided by annual median family income. A price-to-income comparison, not a mortgage-payment estimate.","question":"How has the new-home price-to-income ratio changed?","y_unit":"ratio","y_label":"New-home price / annual family income","precision":2,"series":[{"key":"home_income_ratio","label":"Price-to-income ratio","color":"#b82f48","observation_start_year":1963}],"points":[{"label":"1963","year":1963,"home_income_ratio":2.89},{"label":"1964","year":1964,"home_income_ratio":2.88},{"label":"1965","year":1965,"home_income_ratio":2.89},{"label":"1966","year":1966,"home_income_ratio":2.85},{"label":"1967","year":1967,"home_income_ratio":2.87},{"label":"1968","year":1968,"home_income_ratio":2.87},{"label":"1969","year":1969,"home_income_ratio":2.71},{"label":"1970","year":1970,"home_income_ratio":2.38},{"label":"1971","year":1971,"home_income_ratio":2.45},{"label":"1972","year":1972,"home_income_ratio":2.48},{"label":"1973","year":1973,"home_income_ratio":2.71},{"label":"1974","year":1974,"home_income_ratio":2.79},{"label":"1975","year":1975,"home_income_ratio":2.86},{"label":"1976","year":1976,"home_income_ratio":2.96},{"label":"1977","year":1977,"home_income_ratio":3.05},{"label":"1978","year":1978,"home_income_ratio":3.17},{"label":"1979","year":1979,"home_income_ratio":3.2},{"label":"1980","year":1980,"home_income_ratio":3.08},{"label":"1981","year":1981,"home_income_ratio":3.08},{"label":"1982","year":1982,"home_income_ratio":2.95},{"label":"1983","year":1983,"home_income_ratio":3.07},{"label":"1984","year":1984,"home_income_ratio":3.02},{"label":"1985","year":1985,"home_income_ratio":3.04},{"label":"1986","year":1986,"home_income_ratio":3.12},{"label":"1987","year":1987,"home_income_ratio":3.38},{"label":"1988","year":1988,"home_income_ratio":3.49},{"label":"1989","year":1989,"home_income_ratio":3.52},{"label":"1990","year":1990,"home_income_ratio":3.46},{"label":"1991","year":1991,"home_income_ratio":3.34},{"label":"1992","year":1992,"home_income_ratio":3.32},{"label":"1993","year":1993,"home_income_ratio":3.42},{"label":"1994","year":1994,"home_income_ratio":3.36},{"label":"1995","year":1995,"home_income_ratio":3.29},{"label":"1996","year":1996,"home_income_ratio":3.32},{"label":"1997","year":1997,"home_income_ratio":3.25},{"label":"1998","year":1998,"home_income_ratio":3.25},{"label":"1999","year":1999,"home_income_ratio":3.28},{"label":"2000","year":2000,"home_income_ratio":3.3},{"label":"2001","year":2001,"home_income_ratio":3.37},{"label":"2002","year":2002,"home_income_ratio":3.6},{"label":"2003","year":2003,"home_income_ratio":3.65},{"label":"2004","year":2004,"home_income_ratio":4.04},{"label":"2005","year":2005,"home_income_ratio":4.21},{"label":"2006","year":2006,"home_income_ratio":4.17},{"label":"2007","year":2007,"home_income_ratio":3.99},{"label":"2008","year":2008,"home_income_ratio":3.73},{"label":"2009","year":2009,"home_income_ratio":3.59},{"label":"2010","year":2010,"home_income_ratio":3.7},{"label":"2011","year":2011,"home_income_ratio":3.69},{"label":"2012","year":2012,"home_income_ratio":3.93},{"label":"2013","year":2013,"home_income_ratio":4.07},{"label":"2014","year":2014,"home_income_ratio":4.29},{"label":"2015","year":2015,"home_income_ratio":4.16},{"label":"2016","year":2016,"home_income_ratio":4.2},{"label":"2017","year":2017,"home_income_ratio":4.23},{"label":"2018","year":2018,"home_income_ratio":4.14},{"label":"2019","year":2019,"home_income_ratio":3.72},{"label":"2020","year":2020,"home_income_ratio":3.89},{"label":"2021","year":2021,"home_income_ratio":4.32},{"label":"2022","year":2022,"home_income_ratio":4.67},{"label":"2023","year":2023,"home_income_ratio":4.23},{"label":"2024","year":2024,"home_income_ratio":3.96}],"headline":"3.96× in 2024","insight":"The comparison rose from 2.45 times annual family income in 1971 to 3.96 in 2024. It excludes interest rates, down payments, taxes, home size and regional differences.","methodology":"Divide the unweighted average of four quarterly Census/HUD new-house median sales prices by Census median family income for that year. Both inputs are nominal dollars. This combines two population-level measures, not the income of the households that bought those homes.","source_ids":["fred-mspus","fred-mefainusa646n"],"seo":{"title":"New-Home Price to Family Income Ratio Since 1963","description":"Compare new-house prices with annual median family income using official Census and HUD data.","keywords":["home price income ratio history","housing affordability since 1971"]}},{"eyebrow":"What changed around 1971?","category":"1971 data story","chart_type":"line","caveats":["A change near 1971 does not, by itself, identify its cause.","Annual averaging can hide within-year movement.","Series definitions and revisions are controlled by the named publisher."],"featured":false,"reference_years":[{"year":1971,"label":"1971"}],"slug":"manufacturing-share-of-nonfarm-jobs-since-1950","title":"Manufacturing's share of American payroll jobs","short_title":"Manufacturing jobs","description":"Manufacturing payroll jobs as a percentage of all nonfarm payroll jobs, using annual averages of the BLS monthly series.","question":"How much of America's payroll employment is in manufacturing?","y_unit":"percent","y_label":"Percent of nonfarm payroll jobs","precision":1,"series":[{"key":"manufacturing_share","label":"Manufacturing share","color":"#1f7a62","observation_start_year":1950}],"points":[{"label":"1950","year":1950,"manufacturing_share":30.9},{"label":"1951","year":1951,"manufacturing_share":31.4},{"label":"1952","year":1952,"manufacturing_share":31.3},{"label":"1953","year":1953,"manufacturing_share":32.1},{"label":"1954","year":1954,"manufacturing_share":30.6},{"label":"1955","year":1955,"manufacturing_share":30.6},{"label":"1956","year":1956,"manufacturing_share":30.2},{"label":"1957","year":1957,"manufacturing_share":29.8},{"label":"1958","year":1958,"manufacturing_share":28.5},{"label":"1959","year":1959,"manufacturing_share":28.7},{"label":"1960","year":1960,"manufacturing_share":28.4},{"label":"1961","year":1961,"manufacturing_share":27.7},{"label":"1962","year":1962,"manufacturing_share":27.8},{"label":"1963","year":1963,"manufacturing_share":27.5},{"label":"1964","year":1964,"manufacturing_share":27.2},{"label":"1965","year":1965,"manufacturing_share":27.3},{"label":"1966","year":1966,"manufacturing_share":27.6},{"label":"1967","year":1967,"manufacturing_share":27.1},{"label":"1968","year":1968,"manufacturing_share":26.8},{"label":"1969","year":1969,"manufacturing_share":26.3},{"label":"1970","year":1970,"manufacturing_share":25.1},{"label":"1971","year":1971,"manufacturing_share":24.1},{"label":"1972","year":1972,"manufacturing_share":23.9},{"label":"1973","year":1973,"manufacturing_share":24.2},{"label":"1974","year":1974,"manufacturing_share":23.6},{"label":"1975","year":1975,"manufacturing_share":21.9},{"label":"1976","year":1976,"manufacturing_share":22.1},{"label":"1977","year":1977,"manufacturing_share":22},{"label":"1978","year":1978,"manufacturing_share":21.8},{"label":"1979","year":1979,"manufacturing_share":21.6},{"label":"1980","year":1980,"manufacturing_share":20.7},{"label":"1981","year":1981,"manufacturing_share":20.4},{"label":"1982","year":1982,"manufacturing_share":19.4},{"label":"1983","year":1983,"manufacturing_share":18.9},{"label":"1984","year":1984,"manufacturing_share":19},{"label":"1985","year":1985,"manufacturing_share":18.3},{"label":"1986","year":1986,"manufacturing_share":17.6},{"label":"1987","year":1987,"manufacturing_share":17.2},{"label":"1988","year":1988,"manufacturing_share":17},{"label":"1989","year":1989,"manufacturing_share":16.6},{"label":"1990","year":1990,"manufacturing_share":16.2},{"label":"1991","year":1991,"manufacturing_share":15.7},{"label":"1992","year":1992,"manufacturing_share":15.4},{"label":"1993","year":1993,"manufacturing_share":15.1},{"label":"1994","year":1994,"manufacturing_share":14.9},{"label":"1995","year":1995,"manufacturing_share":14.7},{"label":"1996","year":1996,"manufacturing_share":14.4},{"label":"1997","year":1997,"manufacturing_share":14.2},{"label":"1998","year":1998,"manufacturing_share":13.9},{"label":"1999","year":1999,"manufacturing_share":13.4},{"label":"2000","year":2000,"manufacturing_share":13.1},{"label":"2001","year":2001,"manufacturing_share":12.4},{"label":"2002","year":2002,"manufacturing_share":11.7},{"label":"2003","year":2003,"manufacturing_share":11.1},{"label":"2004","year":2004,"manufacturing_share":10.9},{"label":"2005","year":2005,"manufacturing_share":10.6},{"label":"2006","year":2006,"manufacturing_share":10.4},{"label":"2007","year":2007,"manufacturing_share":10.1},{"label":"2008","year":2008,"manufacturing_share":9.8},{"label":"2009","year":2009,"manufacturing_share":9},{"label":"2010","year":2010,"manufacturing_share":8.8},{"label":"2011","year":2011,"manufacturing_share":8.9},{"label":"2012","year":2012,"manufacturing_share":8.9},{"label":"2013","year":2013,"manufacturing_share":8.8},{"label":"2014","year":2014,"manufacturing_share":8.8},{"label":"2015","year":2015,"manufacturing_share":8.7},{"label":"2016","year":2016,"manufacturing_share":8.5},{"label":"2017","year":2017,"manufacturing_share":8.5},{"label":"2018","year":2018,"manufacturing_share":8.5},{"label":"2019","year":2019,"manufacturing_share":8.5},{"label":"2020","year":2020,"manufacturing_share":8.5},{"label":"2021","year":2021,"manufacturing_share":8.4},{"label":"2022","year":2022,"manufacturing_share":8.4},{"label":"2023","year":2023,"manufacturing_share":8.3},{"label":"2024","year":2024,"manufacturing_share":8.1},{"label":"2025","year":2025,"manufacturing_share":8}],"headline":"8.0% in 2025","insight":"Manufacturing accounted for 24.1% of nonfarm payroll jobs in 1971 and 8.0% in 2025. The decline in its share began before 1971. A falling employment share does not itself measure manufacturing output.","methodology":"Divide the annual average of 12 seasonally adjusted monthly manufacturing payroll observations by the corresponding total nonfarm payroll average; multiply by 100. These are jobs, not unique workers.","source_ids":["fred-manemp","fred-payems"],"seo":{"title":"Manufacturing Share of U.S. Payroll Jobs Since 1950","description":"Track manufacturing's share of American nonfarm payroll employment before and after 1971.","keywords":["manufacturing jobs share history","manufacturing employment 1971"]}},{"eyebrow":"What changed around 1971?","category":"1971 data story","chart_type":"line","caveats":["A change near 1971 does not, by itself, identify its cause.","Annual averaging can hide within-year movement.","Series definitions and revisions are controlled by the named publisher."],"featured":false,"reference_years":[{"year":1971,"label":"1971"}],"slug":"trade-balance-as-share-of-gdp-since-1950","title":"From trade surpluses to trade deficits","short_title":"Trade balance","description":"Exports minus imports of goods and services, as a percentage of the economy. Above zero is a surplus; below zero is a deficit.","question":"When did the U.S. trade balance move below zero?","y_unit":"percent","y_label":"Net exports as percent of GDP","precision":2,"series":[{"key":"trade_gdp","label":"Trade balance / GDP","color":"#5c3f92","observation_start_year":1950}],"points":[{"label":"1950","year":1950,"trade_gdp":0.25},{"label":"1951","year":1951,"trade_gdp":0.72},{"label":"1952","year":1952,"trade_gdp":0.32},{"label":"1953","year":1953,"trade_gdp":-0.18},{"label":"1954","year":1954,"trade_gdp":0.1},{"label":"1955","year":1955,"trade_gdp":0.11},{"label":"1956","year":1956,"trade_gdp":0.53},{"label":"1957","year":1957,"trade_gdp":0.86},{"label":"1958","year":1958,"trade_gdp":0.11},{"label":"1959","year":1959,"trade_gdp":0.08},{"label":"1960","year":1960,"trade_gdp":0.78},{"label":"1961","year":1961,"trade_gdp":0.87},{"label":"1962","year":1962,"trade_gdp":0.68},{"label":"1963","year":1963,"trade_gdp":0.77},{"label":"1964","year":1964,"trade_gdp":1.01},{"label":"1965","year":1965,"trade_gdp":0.76},{"label":"1966","year":1966,"trade_gdp":0.47},{"label":"1967","year":1967,"trade_gdp":0.41},{"label":"1968","year":1968,"trade_gdp":0.14},{"label":"1969","year":1969,"trade_gdp":0.14},{"label":"1970","year":1970,"trade_gdp":0.37},{"label":"1971","year":1971,"trade_gdp":0.05},{"label":"1972","year":1972,"trade_gdp":-0.26},{"label":"1973","year":1973,"trade_gdp":0.29},{"label":"1974","year":1974,"trade_gdp":-0.05},{"label":"1975","year":1975,"trade_gdp":0.95},{"label":"1976","year":1976,"trade_gdp":-0.09},{"label":"1977","year":1977,"trade_gdp":-1.11},{"label":"1978","year":1978,"trade_gdp":-1.08},{"label":"1979","year":1979,"trade_gdp":-0.86},{"label":"1980","year":1980,"trade_gdp":-0.46},{"label":"1981","year":1981,"trade_gdp":-0.39},{"label":"1982","year":1982,"trade_gdp":-0.6},{"label":"1983","year":1983,"trade_gdp":-1.42},{"label":"1984","year":1984,"trade_gdp":-2.54},{"label":"1985","year":1985,"trade_gdp":-2.63},{"label":"1986","year":1986,"trade_gdp":-2.88},{"label":"1987","year":1987,"trade_gdp":-2.98},{"label":"1988","year":1988,"trade_gdp":-2.09},{"label":"1989","year":1989,"trade_gdp":-1.54},{"label":"1990","year":1990,"trade_gdp":-1.31},{"label":"1991","year":1991,"trade_gdp":-0.46},{"label":"1992","year":1992,"trade_gdp":-0.53},{"label":"1993","year":1993,"trade_gdp":-0.95},{"label":"1994","year":1994,"trade_gdp":-1.27},{"label":"1995","year":1995,"trade_gdp":-1.17},{"label":"1996","year":1996,"trade_gdp":-1.19},{"label":"1997","year":1997,"trade_gdp":-1.19},{"label":"1998","year":1998,"trade_gdp":-1.8},{"label":"1999","year":1999,"trade_gdp":-2.69},{"label":"2000","year":2000,"trade_gdp":-3.72},{"label":"2001","year":2001,"trade_gdp":-3.56},{"label":"2002","year":2002,"trade_gdp":-4.02},{"label":"2003","year":2003,"trade_gdp":-4.56},{"label":"2004","year":2004,"trade_gdp":-5.19},{"label":"2005","year":2005,"trade_gdp":-5.67},{"label":"2006","year":2006,"trade_gdp":-5.69},{"label":"2007","year":2007,"trade_gdp":-5.08},{"label":"2008","year":2008,"trade_gdp":-5.02},{"label":"2009","year":2009,"trade_gdp":-2.9},{"label":"2010","year":2010,"trade_gdp":-3.54},{"label":"2011","year":2011,"trade_gdp":-3.72},{"label":"2012","year":2012,"trade_gdp":-3.39},{"label":"2013","year":2013,"trade_gdp":-2.83},{"label":"2014","year":2014,"trade_gdp":-2.89},{"label":"2015","year":2015,"trade_gdp":-2.87},{"label":"2016","year":2016,"trade_gdp":-2.68},{"label":"2017","year":2017,"trade_gdp":-2.77},{"label":"2018","year":2018,"trade_gdp":-2.87},{"label":"2019","year":2019,"trade_gdp":-2.68},{"label":"2020","year":2020,"trade_gdp":-2.89},{"label":"2021","year":2021,"trade_gdp":-3.58},{"label":"2022","year":2022,"trade_gdp":-3.6},{"label":"2023","year":2023,"trade_gdp":-2.83},{"label":"2024","year":2024,"trade_gdp":-3.07},{"label":"2025","year":2025,"trade_gdp":-3.01}],"headline":"-3.01% in 2025","insight":"The trade balance was 0.05% of GDP in 1971 and -3.01% in 2025. Follow the zero line to distinguish surpluses from deficits; the balance continued to fluctuate after 1971.","methodology":"Divide the annual average of four quarterly BEA net-export observations by the corresponding nominal GDP average; multiply by 100. Both series are billions of current dollars at seasonally adjusted annual rates. This includes goods and services, not only merchandise trade.","source_ids":["fred-netexp","fred-gdp"],"seo":{"title":"U.S. Trade Balance as Share of GDP Since 1950","description":"See official U.S. goods-and-services trade surpluses and deficits around the 1971 marker.","keywords":["US trade balance 1971","trade deficit GDP history"]}},{"eyebrow":"What changed around 1971?","category":"1971 data story","chart_type":"line","caveats":["A change near 1971 does not, by itself, identify its cause.","Annual averaging can hide within-year movement.","Series definitions and revisions are controlled by the named publisher."],"featured":false,"reference_years":[{"year":1971,"label":"1971"}],"slug":"money-supply-versus-nominal-gdp-since-1959","title":"Money supply versus the size of the economy","short_title":"Money supply & GDP","description":"M2 money stock and nominal GDP, each rebased to 1971 = 100 so their cumulative growth can be compared.","question":"Has M2 grown at the same rate as nominal GDP?","y_unit":"index","y_label":"Index (1971 = 100)","precision":1,"series":[{"key":"money_supply","label":"M2 money stock","color":"#5c3f92","observation_start_year":1959},{"key":"gdp","label":"Nominal GDP","color":"#173f78","observation_start_year":1959}],"points":[{"label":"1959","year":1959,"money_supply":43.5,"gdp":44.8},{"label":"1960","year":1960,"money_supply":45.1,"gdp":46.6},{"label":"1961","year":1961,"money_supply":48.2,"gdp":48.3},{"label":"1962","year":1962,"money_supply":51.9,"gdp":51.8},{"label":"1963","year":1963,"money_supply":56.3,"gdp":54.7},{"label":"1964","year":1964,"money_supply":60.7,"gdp":58.8},{"label":"1965","year":1965,"money_supply":65.6,"gdp":63.7},{"label":"1966","year":1966,"money_supply":69.9,"gdp":69.8},{"label":"1967","year":1967,"money_supply":74.7,"gdp":73.8},{"label":"1968","year":1968,"money_supply":80.9,"gdp":80.8},{"label":"1969","year":1969,"money_supply":85.8,"gdp":87.4},{"label":"1970","year":1970,"money_supply":89.2,"gdp":92.1},{"label":"1971","year":1971,"money_supply":100,"gdp":100},{"label":"1972","year":1972,"money_supply":112.4,"gdp":109.8},{"label":"1973","year":1973,"money_supply":123.3,"gdp":122.4},{"label":"1974","year":1974,"money_supply":130.6,"gdp":132.7},{"label":"1975","year":1975,"money_supply":142.9,"gdp":144.6},{"label":"1976","year":1976,"money_supply":161.1,"gdp":160.8},{"label":"1977","year":1977,"money_supply":181.1,"gdp":178.7},{"label":"1978","year":1978,"money_supply":196.1,"gdp":201.9},{"label":"1979","year":1979,"money_supply":211.4,"gdp":225.6},{"label":"1980","year":1980,"money_supply":228.4,"gdp":245.3},{"label":"1981","year":1981,"money_supply":249,"gdp":275.3},{"label":"1982","year":1982,"money_supply":271.5,"gdp":287.1},{"label":"1983","year":1983,"money_supply":304.6,"gdp":312},{"label":"1984","year":1984,"money_supply":329,"gdp":346.6},{"label":"1985","year":1985,"money_supply":358.3,"gdp":372.5},{"label":"1986","year":1986,"money_supply":387.4,"gdp":393.2},{"label":"1987","year":1987,"money_supply":412.6,"gdp":416.8},{"label":"1988","year":1988,"money_supply":434.6,"gdp":449.5},{"label":"1989","year":1989,"money_supply":452.9,"gdp":484.3},{"label":"1990","year":1990,"money_supply":477.8,"gdp":511.9},{"label":"1991","year":1991,"money_supply":495.6,"gdp":528.7},{"label":"1992","year":1992,"money_supply":504.8,"gdp":559.8},{"label":"1993","year":1993,"money_supply":510,"gdp":588.8},{"label":"1994","year":1994,"money_supply":516.5,"gdp":625.6},{"label":"1995","year":1995,"money_supply":527.2,"gdp":655.9},{"label":"1996","year":1996,"money_supply":552.9,"gdp":693.1},{"label":"1997","year":1997,"money_supply":582.1,"gdp":736.4},{"label":"1998","year":1998,"money_supply":623.7,"gdp":778},{"label":"1999","year":1999,"money_supply":669.9,"gdp":826.8},{"label":"2000","year":2000,"money_supply":710.6,"gdp":880},{"label":"2001","year":2001,"money_supply":772.4,"gdp":908.4},{"label":"2002","year":2002,"money_supply":830.1,"gdp":938.2},{"label":"2003","year":2003,"money_supply":887.9,"gdp":983.5},{"label":"2004","year":2004,"money_supply":930.3,"gdp":1048.8},{"label":"2005","year":2005,"money_supply":969.9,"gdp":1119.4},{"label":"2006","year":2006,"money_supply":1020.9,"gdp":1186},{"label":"2007","year":2007,"money_supply":1083.6,"gdp":1242.6},{"label":"2008","year":2008,"money_supply":1157.2,"gdp":1268},{"label":"2009","year":2009,"money_supply":1250.5,"gdp":1242.9},{"label":"2010","year":2010,"money_supply":1282,"gdp":1291.9},{"label":"2011","year":2011,"money_supply":1376.4,"gdp":1339.2},{"label":"2012","year":2012,"money_supply":1493.7,"gdp":1395.4},{"label":"2013","year":2013,"money_supply":1594.3,"gdp":1449.2},{"label":"2014","year":2014,"money_supply":1692.5,"gdp":1511.6},{"label":"2015","year":2015,"money_supply":1790.4,"gdp":1570.6},{"label":"2016","year":2016,"money_supply":1911.6,"gdp":1614.4},{"label":"2017","year":2017,"money_supply":2019.8,"gdp":1683.7},{"label":"2018","year":2018,"money_supply":2096.9,"gdp":1773.3},{"label":"2019","year":2019,"money_supply":2204,"gdp":1849.2},{"label":"2020","year":2020,"money_supply":2624,"gdp":1835},{"label":"2021","year":2021,"money_supply":3045.4,"gdp":2036.8},{"label":"2022","year":2022,"money_supply":3204,"gdp":2236.7},{"label":"2023","year":2023,"money_supply":3094.5,"gdp":2387.6},{"label":"2024","year":2024,"money_supply":3133.8,"gdp":2515.2},{"label":"2025","year":2025,"money_supply":3256.7,"gdp":2640.9}],"headline":"3257 vs 2641","insight":"By 2025, M2 reached 3256.7 and nominal GDP 2640.9 on the 1971 = 100 scale. M2 is a stock of money; GDP is an annual flow of production. Their indexed growth is not an estimate of money causing inflation.","methodology":"Average 12 monthly Federal Reserve M2 observations and four quarterly BEA nominal GDP observations per complete year. Rebase each annual average to its own 1971 value. Both are seasonally adjusted. Read the Federal Reserve's series notes for deposit-category changes in May 2020.","source_ids":["fred-m2sl","fred-gdp"],"seo":{"title":"M2 Money Supply vs Nominal GDP Since 1959","description":"Compare official Federal Reserve money-stock and BEA GDP growth on a common 1971 index.","keywords":["money supply 1971","M2 versus GDP history"]}}]}