What Was the Economy Like?
Unemployment, inflation, jobs, growth, pay, gas prices, mortgage rates and the federal budget, since 1991. These are the numbers households feel first, lined up against who held the White House and Congress at the time.
How to read this
The colored bar under each chart shows who was president, and the gray columns mark recessions. These are conditions during each term, not a score of what any one official caused.
The bands show who held office, not who controlled the number: the Federal Reserve sets short-term rates on its own, and recessions, oil prices and older laws all move these figures. Congress bands show each chamber’s majority party, with the Senate’s mid-Congress changes (2001, 2002, 2021) on their dates. Values are the latest revised numbers as of October 16, 2026; jobs and income figures are routinely revised.
Misery index
The misery index peaked at 15.1 in April 2020, when unemployment spiked. It also topped 12 in 2009, 2011 and 2022, and bottomed at 5.0 in September 2015, when prices were barely rising.
Data notes
The unemployment rate plus the year-over-year inflation rate, monthly: a rough one-number gauge of everyday economic strain, devised in the 1970s. Both parts come from the Bureau of Labor Statistics; the Unemployment and Inflation cards below explain how each is measured. A higher number means more strain. Neither part was collected in October 2025, so the line skips that month.
View as table
| Year | Last reading | Low | High |
|---|---|---|---|
| 1991 | 10.3 | 9.8 | 12.0 |
| 1992 | 10.4 | 10.0 | 10.9 |
| 1993 | 9.3 | 9.3 | 10.6 |
| 1994 | 8.1 | 8.1 | 9.2 |
| 1995 | 8.1 | 8.1 | 8.9 |
| 1996 | 8.8 | 7.9 | 8.8 |
| 1997 | 6.4 | 6.4 | 8.3 |
| 1998 | 6.0 | 5.7 | 6.2 |
| 1999 | 6.7 | 5.9 | 6.8 |
| 2000 | 7.3 | 6.8 | 7.8 |
| 2001 | 7.3 | 7.3 | 7.9 |
| 2002 | 8.5 | 6.8 | 8.5 |
| 2003 | 7.7 | 7.7 | 9.0 |
| 2004 | 8.7 | 7.3 | 9.0 |
| 2005 | 8.2 | 7.5 | 9.7 |
| 2006 | 6.9 | 5.8 | 8.8 |
| 2007 | 9.1 | 6.5 | 9.1 |
| 2008 | 7.3 | 7.3 | 11.4 |
| 2009 | 12.7 | 7.5 | 12.7 |
| 2010 | 10.7 | 10.5 | 12.4 |
| 2011 | 11.6 | 10.8 | 12.8 |
| 2012 | 9.7 | 9.5 | 11.3 |
| 2013 | 8.2 | 8.1 | 9.7 |
| 2014 | 6.3 | 6.3 | 8.5 |
| 2015 | 5.6 | 5.0 | 5.6 |
| 2016 | 6.8 | 5.7 | 6.8 |
| 2017 | 6.2 | 5.9 | 7.4 |
| 2018 | 5.9 | 5.9 | 6.8 |
| 2019 | 5.9 | 5.2 | 5.9 |
| 2020 | 8.0 | 5.8 | 15.1 |
| 2021 | 11.1 | 7.8 | 11.2 |
| 2022 | 9.9 | 9.9 | 12.6 |
| 2023 | 7.1 | 6.7 | 9.8 |
| 2024 | 7.0 | 6.5 | 7.4 |
| 2025 | 7.1 | 6.5 | 7.4 |
| 2026 | 7.5 | 6.7 | 8.5 |
Behind the misery index
Unemployment
Unemployment hit 14.8% in April 2020, the highest since records began in 1948, but was back under 4% by December 2021. After the 2009 peak of 10.0%, it took until 2016 to fall below 5%.
Data notes
The share of the labor force that is out of work and looking for it, from the Bureau of Labor Statistics’ monthly household survey, seasonally adjusted. People who have stopped looking are not counted, so the rate can fall even when few jobs are added. The survey was not collected in October 2025, so the line has a one-month gap.
View as table
| Year | Last reading | Low | High |
|---|---|---|---|
| 1991 | 7.3% | 6.4% | 7.3% |
| 1992 | 7.4% | 7.3% | 7.8% |
| 1993 | 6.5% | 6.5% | 7.3% |
| 1994 | 5.5% | 5.5% | 6.6% |
| 1995 | 5.6% | 5.4% | 5.8% |
| 1996 | 5.4% | 5.1% | 5.6% |
| 1997 | 4.7% | 4.6% | 5.3% |
| 1998 | 4.4% | 4.3% | 4.7% |
| 1999 | 4.0% | 4.0% | 4.4% |
| 2000 | 3.9% | 3.8% | 4.1% |
| 2001 | 5.7% | 4.2% | 5.7% |
| 2002 | 6.0% | 5.7% | 6.0% |
| 2003 | 5.7% | 5.7% | 6.3% |
| 2004 | 5.4% | 5.4% | 5.8% |
| 2005 | 4.9% | 4.9% | 5.4% |
| 2006 | 4.4% | 4.4% | 4.8% |
| 2007 | 5.0% | 4.4% | 5.0% |
| 2008 | 7.3% | 4.9% | 7.3% |
| 2009 | 9.9% | 7.8% | 10.0% |
| 2010 | 9.3% | 9.3% | 9.9% |
| 2011 | 8.5% | 8.5% | 9.1% |
| 2012 | 7.9% | 7.7% | 8.3% |
| 2013 | 6.7% | 6.7% | 8.0% |
| 2014 | 5.6% | 5.6% | 6.7% |
| 2015 | 5.0% | 5.0% | 5.7% |
| 2016 | 4.7% | 4.7% | 5.1% |
| 2017 | 4.1% | 4.1% | 4.7% |
| 2018 | 3.9% | 3.7% | 4.1% |
| 2019 | 3.6% | 3.5% | 4.0% |
| 2020 | 6.7% | 3.5% | 14.8% |
| 2021 | 3.9% | 3.9% | 6.4% |
| 2022 | 3.5% | 3.5% | 4.0% |
| 2023 | 3.8% | 3.4% | 3.9% |
| 2024 | 4.1% | 3.7% | 4.2% |
| 2025 | 4.4% | 4.0% | 4.5% |
| 2026 | 4.2% | 4.1% | 4.4% |
Inflation
After nearly a decade at 3% or below, inflation peaked at 9.0% in June 2022, the highest since 1981. A year later it was back down to 3.1%.
Data notes
The year-over-year change in the Consumer Price Index for all urban consumers, all items, from the Bureau of Labor Statistics. It tracks a fixed basket of what households buy, with housing the largest part, so it can differ from any one household’s costs. Prices were not collected in October 2025, so that year-over-year figure does not exist.
View as table
| Year | Last reading | Low | High |
|---|---|---|---|
| 1991 | 3.0% | 2.8% | 5.6% |
| 1992 | 3.0% | 2.7% | 3.3% |
| 1993 | 2.8% | 2.7% | 3.3% |
| 1994 | 2.6% | 2.3% | 3.0% |
| 1995 | 2.5% | 2.5% | 3.1% |
| 1996 | 3.4% | 2.7% | 3.4% |
| 1997 | 1.7% | 1.7% | 3.0% |
| 1998 | 1.6% | 1.4% | 1.7% |
| 1999 | 2.7% | 1.7% | 2.7% |
| 2000 | 3.4% | 2.8% | 3.8% |
| 2001 | 1.6% | 1.6% | 3.7% |
| 2002 | 2.5% | 1.1% | 2.5% |
| 2003 | 2.0% | 1.9% | 3.1% |
| 2004 | 3.3% | 1.7% | 3.6% |
| 2005 | 3.3% | 2.5% | 4.7% |
| 2006 | 2.5% | 1.4% | 4.2% |
| 2007 | 4.1% | 1.9% | 4.4% |
| 2008 | 0.0% | 0.0% | 5.5% |
| 2009 | 2.8% | −2.0% | 2.8% |
| 2010 | 1.4% | 1.1% | 2.6% |
| 2011 | 3.1% | 1.7% | 3.8% |
| 2012 | 1.8% | 1.4% | 3.0% |
| 2013 | 1.5% | 0.9% | 2.0% |
| 2014 | 0.7% | 0.7% | 2.2% |
| 2015 | 0.6% | −0.2% | 0.6% |
| 2016 | 2.1% | 0.8% | 2.1% |
| 2017 | 2.1% | 1.6% | 2.8% |
| 2018 | 2.0% | 2.0% | 2.9% |
| 2019 | 2.3% | 1.5% | 2.3% |
| 2020 | 1.3% | 0.2% | 2.6% |
| 2021 | 7.2% | 1.4% | 7.2% |
| 2022 | 6.4% | 6.4% | 9.0% |
| 2023 | 3.3% | 3.1% | 6.3% |
| 2024 | 2.9% | 2.4% | 3.5% |
| 2025 | 2.7% | 2.3% | 3.0% |
| 2026 | 3.4% | 2.4% | 4.2% |
Everyday costs
Gas price
Regular gas peaked at $5.01 a gallon in June 2022, above its 2008 high of $4.11. In 2026 it climbed from $2.78 in January to $4.50 in May, and diesel hit a record $6.53 in September.
Data notes
Weekly national average retail price per gallon from the Energy Information Administration, taxes included. Prices are not adjusted for inflation, so a dollar in 1991 buys more than a dollar today. Diesel is the dashed line and is plotted from March 1994, when the EIA series starts. Use the legend to show either line alone.
View as table
| Year | Last reading | Low | High |
|---|---|---|---|
| 1991 | $1.05 | $1.03 | $1.19 |
| 1992 | $1.07 | $1.00 | $1.15 |
| 1993 | $1.00 | $1.00 | $1.11 |
| 1994 | $1.08 | $0.99 | $1.17 |
| 1995 | $1.08 | $1.06 | $1.20 |
| 1996 | $1.23 | $1.08 | $1.29 |
| 1997 | $1.11 | $1.11 | $1.24 |
| 1998 | $0.94 | $0.94 | $1.10 |
| 1999 | $1.27 | $0.91 | $1.28 |
| 2000 | $1.41 | $1.26 | $1.68 |
| 2001 | $1.10 | $1.06 | $1.71 |
| 2002 | $1.44 | $1.10 | $1.46 |
| 2003 | $1.48 | $1.44 | $1.75 |
| 2004 | $1.79 | $1.51 | $2.06 |
| 2005 | $2.20 | $1.78 | $3.07 |
| 2006 | $2.34 | $2.20 | $3.04 |
| 2007 | $3.05 | $2.17 | $3.22 |
| 2008 | $1.61 | $1.61 | $4.11 |
| 2009 | $2.61 | $1.68 | $2.69 |
| 2010 | $3.05 | $2.61 | $3.05 |
| 2011 | $3.26 | $3.07 | $3.97 |
| 2012 | $3.30 | $3.25 | $3.94 |
| 2013 | $3.33 | $3.19 | $3.78 |
| 2014 | $2.30 | $2.30 | $3.71 |
| 2015 | $2.03 | $2.03 | $2.84 |
| 2016 | $2.31 | $1.72 | $2.40 |
| 2017 | $2.47 | $2.26 | $2.69 |
| 2018 | $2.27 | $2.27 | $2.96 |
| 2019 | $2.57 | $2.24 | $2.90 |
| 2020 | $2.24 | $1.77 | $2.58 |
| 2021 | $3.28 | $2.25 | $3.41 |
| 2022 | $3.09 | $3.09 | $5.01 |
| 2023 | $3.12 | $3.05 | $3.88 |
| 2024 | $3.01 | $3.01 | $3.67 |
| 2025 | $2.81 | $2.81 | $3.24 |
| 2026 | $4.35 | $2.78 | $4.50 |
Mortgage rate
The 30-year rate fell to a record low of 2.65% in January 2021, then nearly tripled to 7.79% by October 2023, the highest since 2000.
Data notes
Freddie Mac’s weekly survey of the average 30-year fixed mortgage rate. It is an average, not the rate every borrower gets, and it is not adjusted for inflation. Freddie Mac changed how it collects the rate in November 2022, to rely on lender applications, so comparisons across that line aren’t exact. The dashed vertical line marks the change. Source: Freddie Mac.
View as table
| Year | Last reading | Low | High |
|---|---|---|---|
| 1991 | 8.35% | 8.35% | 9.67% |
| 1992 | 8.14% | 7.84% | 9.03% |
| 1993 | 7.13% | 6.74% | 8.07% |
| 1994 | 9.18% | 6.97% | 9.25% |
| 1995 | 7.11% | 7.11% | 9.22% |
| 1996 | 7.64% | 6.94% | 8.42% |
| 1997 | 6.99% | 6.99% | 8.18% |
| 1998 | 6.83% | 6.49% | 7.22% |
| 1999 | 8.06% | 6.74% | 8.15% |
| 2000 | 7.13% | 7.13% | 8.64% |
| 2001 | 7.16% | 6.45% | 7.24% |
| 2002 | 5.93% | 5.93% | 7.18% |
| 2003 | 5.85% | 5.21% | 6.44% |
| 2004 | 5.81% | 5.38% | 6.34% |
| 2005 | 6.22% | 5.53% | 6.37% |
| 2006 | 6.18% | 6.10% | 6.80% |
| 2007 | 6.17% | 5.96% | 6.74% |
| 2008 | 5.10% | 5.10% | 6.63% |
| 2009 | 5.14% | 4.71% | 5.59% |
| 2010 | 4.86% | 4.17% | 5.21% |
| 2011 | 3.95% | 3.91% | 5.05% |
| 2012 | 3.35% | 3.31% | 4.08% |
| 2013 | 4.48% | 3.34% | 4.58% |
| 2014 | 3.87% | 3.80% | 4.53% |
| 2015 | 4.01% | 3.59% | 4.09% |
| 2016 | 4.32% | 3.41% | 4.32% |
| 2017 | 3.99% | 3.78% | 4.30% |
| 2018 | 4.55% | 3.95% | 4.94% |
| 2019 | 3.74% | 3.49% | 4.51% |
| 2020 | 2.67% | 2.66% | 3.72% |
| 2021 | 3.11% | 2.65% | 3.18% |
| 2022 | 6.42% | 3.22% | 7.08% |
| 2023 | 6.61% | 6.09% | 7.79% |
| 2024 | 6.85% | 6.08% | 7.22% |
| 2025 | 6.15% | 6.15% | 7.04% |
| 2026 | 7.40% | 5.98% | 7.40% |
What people earn
Real hourly earnings
After inflation, hourly pay was flat in the early 1990s and has risen about a quarter since its 1995 low. The 2020 spike came from lower-paid workers losing jobs; by mid-2022, inflation had pulled pay back to its early-2020 level.
Data notes
Average hourly pay of production and nonsupervisory employees, about 80% of private-sector workers, from the Bureau of Labor Statistics’ employer survey, in August 2026 dollars: pay is divided by the Consumer Price Index so each point shows what that hourly wage buys in the latest month. Hourly pay misses cuts in hours, and it rises when lower-paid workers lose jobs, as in April 2020. Prices were not collected in October 2025, so that month has no value.
View as table
| Year | Last reading | Low | High |
|---|---|---|---|
| 1991 | $25.72 | $25.72 | $25.87 |
| 1992 | $25.59 | $25.54 | $25.71 |
| 1993 | $25.53 | $25.51 | $25.63 |
| 1994 | $25.56 | $25.47 | $25.62 |
| 1995 | $25.64 | $25.45 | $25.64 |
| 1996 | $25.71 | $25.55 | $25.71 |
| 1997 | $26.33 | $25.76 | $26.33 |
| 1998 | $26.85 | $26.38 | $26.85 |
| 1999 | $27.12 | $26.92 | $27.12 |
| 2000 | $27.35 | $27.06 | $27.35 |
| 2001 | $27.76 | $27.19 | $27.76 |
| 2002 | $27.94 | $27.65 | $27.94 |
| 2003 | $27.87 | $27.74 | $28.03 |
| 2004 | $27.64 | $27.61 | $27.82 |
| 2005 | $27.59 | $27.21 | $27.74 |
| 2006 | $28.05 | $27.53 | $28.09 |
| 2007 | $27.94 | $27.94 | $28.16 |
| 2008 | $29.07 | $27.61 | $29.07 |
| 2009 | $28.96 | $28.87 | $29.09 |
| 2010 | $29.14 | $29.01 | $29.30 |
| 2011 | $28.78 | $28.74 | $29.20 |
| 2012 | $28.76 | $28.55 | $28.87 |
| 2013 | $28.95 | $28.67 | $28.99 |
| 2014 | $29.29 | $28.95 | $29.29 |
| 2015 | $29.84 | $29.52 | $29.84 |
| 2016 | $29.97 | $29.93 | $30.03 |
| 2017 | $30.06 | $29.92 | $30.19 |
| 2018 | $30.55 | $30.01 | $30.55 |
| 2019 | $30.81 | $30.54 | $30.88 |
| 2020 | $32.08 | $30.83 | $32.81 |
| 2021 | $31.84 | $31.82 | $32.08 |
| 2022 | $31.55 | $31.18 | $31.82 |
| 2023 | $31.89 | $31.49 | $31.89 |
| 2024 | $32.26 | $31.86 | $32.27 |
| 2025 | $32.62 | $32.25 | $32.68 |
| 2026 | $32.53 | $32.32 | $32.69 |
Household income
After inflation, median household income fell after 2007 and didn’t pass that level again until 2016. It set a record in 2019, slipped about 5% by 2022, then set a new record in 2025.
Data notes
Median household income from the Census Bureau, one value per year, in constant 2024 dollars that the Census Bureau re-bases with each release. Published each September for the prior year, so 2026 isn’t available yet. Because it comes once a year, it lags the monthly charts by most of a year.
View as table
| Year | Value |
|---|---|
| 1991 | $65,100 |
| 1992 | $64,560 |
| 1993 | $64,240 |
| 1994 | $64,930 |
| 1995 | $66,990 |
| 1996 | $67,980 |
| 1997 | $69,390 |
| 1998 | $71,930 |
| 1999 | $73,760 |
| 2000 | $73,560 |
| 2001 | $72,350 |
| 2002 | $71,770 |
| 2003 | $71,810 |
| 2004 | $71,700 |
| 2005 | $72,810 |
| 2006 | $73,620 |
| 2007 | $74,810 |
| 2008 | $72,260 |
| 2009 | $71,790 |
| 2010 | $70,110 |
| 2011 | $69,070 |
| 2012 | $69,070 |
| 2013 | $71,670 |
| 2014 | $70,760 |
| 2015 | $74,590 |
| 2016 | $77,230 |
| 2017 | $78,600 |
| 2018 | $79,620 |
| 2019 | $85,320 |
| 2020 | $83,590 |
| 2021 | $83,270 |
| 2022 | $81,460 |
| 2023 | $84,730 |
| 2024 | $85,210 |
| 2025 | $87,460 |
Federal finances
Federal deficit
The deficit hit a record $3.1 trillion in fiscal 2020 and, after easing to $1.4 trillion in 2022, has climbed back to $2.0 trillion in 2026. The budget ran a surplus only in 1998–2001.
Data notes
Budget receipts minus outlays, from the Office of Management and Budget, in dollars or as a share of GDP. Dollars are not adjusted for inflation, so later years look larger partly because prices and the economy grew; the share of GDP corrects for that. Bars are fiscal years, which run October to September and are named for the year they end. Fiscal 2027 isn’t reported yet. Negative is a deficit; positive is a surplus. The newest year can come from Treasury Fiscal Data before the other sources publish it.
View as table
| Fiscal year | Value |
|---|---|
| 1991 | −$269B |
| 1992 | −$290B |
| 1993 | −$255B |
| 1994 | −$203B |
| 1995 | −$164B |
| 1996 | −$107B |
| 1997 | −$22B |
| 1998 | +$69B |
| 1999 | +$126B |
| 2000 | +$236B |
| 2001 | +$128B |
| 2002 | −$158B |
| 2003 | −$378B |
| 2004 | −$413B |
| 2005 | −$318B |
| 2006 | −$248B |
| 2007 | −$161B |
| 2008 | −$459B |
| 2009 | −$1.4T |
| 2010 | −$1.3T |
| 2011 | −$1.3T |
| 2012 | −$1.1T |
| 2013 | −$680B |
| 2014 | −$485B |
| 2015 | −$442B |
| 2016 | −$585B |
| 2017 | −$665B |
| 2018 | −$779B |
| 2019 | −$984B |
| 2020 | −$3.1T |
| 2021 | −$2.8T |
| 2022 | −$1.4T |
| 2023 | −$1.7T |
| 2024 | −$1.8T |
| 2025 | −$1.8T |
| 2026 | −$2.0T |
Federal debt
Total federal debt has grown more than elevenfold since 1991, from $3.5 trillion to $40.2 trillion in 2026. It passed $10 trillion in 2008, $20 trillion in 2017 and $30 trillion in 2022.
Data notes
Total public debt, the figure the news reports, counts what the government owes itself, such as to the Social Security trust funds. The dashed line is debt held by the public, owed to investors outside government. Dollars are not adjusted for inflation, so the line climbs with prices and the economy; as a share of GDP the ratio can fall when the economy grows faster than debt does. Sources: Office of Management and Budget and the St. Louis Fed; the newest dollar figures come from Treasury Fiscal Data.
View as table
| Year | Last reading | Low | High |
|---|---|---|---|
| 1991 | $3.8T | $3.5T | $3.8T |
| 1992 | $4.2T | $3.9T | $4.2T |
| 1993 | $4.5T | $4.2T | $4.5T |
| 1994 | $4.8T | $4.6T | $4.8T |
| 1995 | $5.0T | $4.9T | $5.0T |
| 1996 | $5.3T | $5.1T | $5.3T |
| 1997 | $5.5T | $5.4T | $5.5T |
| 1998 | $5.6T | $5.5T | $5.6T |
| 1999 | $5.8T | $5.6T | $5.8T |
| 2000 | $5.7T | $5.7T | $5.8T |
| 2001 | $5.9T | $5.7T | $5.9T |
| 2002 | $6.4T | $6.0T | $6.4T |
| 2003 | $7.0T | $6.5T | $7.0T |
| 2004 | $7.6T | $7.1T | $7.6T |
| 2005 | $8.2T | $7.8T | $8.2T |
| 2006 | $8.7T | $8.4T | $8.7T |
| 2007 | $9.2T | $8.8T | $9.2T |
| 2008 | $10.7T | $9.4T | $10.7T |
| 2009 | $12.3T | $11.1T | $12.3T |
| 2010 | $14.0T | $12.8T | $14.0T |
| 2011 | $15.2T | $14.3T | $15.2T |
| 2012 | $16.4T | $15.6T | $16.4T |
| 2013 | $17.2T | $16.7T | $17.2T |
| 2014 | $18.1T | $17.6T | $18.1T |
| 2015 | $18.9T | $18.2T | $18.9T |
| 2016 | $20.0T | $19.3T | $20.0T |
| 2017 | $20.5T | $19.8T | $20.5T |
| 2018 | $22.0T | $21.1T | $22.0T |
| 2019 | $23.2T | $22.0T | $23.2T |
| 2020 | $27.7T | $23.2T | $27.7T |
| 2021 | $29.6T | $28.1T | $29.6T |
| 2022 | $31.4T | $30.4T | $31.4T |
| 2023 | $34.0T | $31.5T | $34.0T |
| 2024 | $36.2T | $34.6T | $36.2T |
| 2025 | $38.5T | $36.2T | $38.5T |
| 2026 | $40.2T | $39.1T | $40.2T |
Jobs and output
Jobs added
The economy lost 20.5 million jobs in April 2020, the largest one-month loss on record, yet regained its pre-pandemic total by June 2022. After the 2008 recession, getting back to the old peak took until May 2014.
Data notes
Month-over-month change in total nonfarm payroll employment from the Bureau of Labor Statistics’ employer survey, in thousands of jobs. Each estimate is revised in the next two months and again every year, so recent bars can change. The axis is capped at ±1M a month so ordinary months stay readable; larger months run to the edge with a triangle, and the largest gain and loss are labeled with their true values. Gray columns mark recessions dated by the National Bureau of Economic Research; the 2020 one ran two months, from a February peak to an April trough.
View as table
| Year | Last reading | Low | High |
|---|---|---|---|
| 1991 | +30K | −323K | +77K |
| 1992 | +219K | −53K | +219K |
| 1993 | +338K | −43K | +338K |
| 1994 | +307K | +181K | +463K |
| 1995 | +160K | −20K | +331K |
| 1996 | +196K | −8K | +421K |
| 1997 | +324K | −27K | +488K |
| 1998 | +373K | +136K | +400K |
| 1999 | +317K | +104K | +418K |
| 2000 | +160K | −42K | +484K |
| 2001 | −161K | −311K | +85K |
| 2002 | −151K | −151K | +115K |
| 2003 | +109K | −206K | +187K |
| 2004 | +127K | +60K | +340K |
| 2005 | +162K | +50K | +366K |
| 2006 | +189K | +17K | +306K |
| 2007 | +105K | −31K | +224K |
| 2008 | −694K | −750K | −4K |
| 2009 | −249K | −824K | −4K |
| 2010 | +81K | −132K | +522K |
| 2011 | +198K | +7K | +314K |
| 2012 | +249K | +77K | +358K |
| 2013 | +55K | +55K | +289K |
| 2014 | +275K | +151K | +336K |
| 2015 | +269K | +96K | +342K |
| 2016 | +225K | +46K | +373K |
| 2017 | +151K | +89K | +223K |
| 2018 | +192K | +60K | +394K |
| 2019 | +127K | +7K | +296K |
| 2020 | −185K | −20,469K | +4,631K |
| 2021 | +586K | +315K | +942K |
| 2022 | +100K | +100K | +819K |
| 2023 | +154K | +68K | +434K |
| 2024 | +237K | +9K | +237K |
| 2025 | −17K | −140K | +108K |
| 2026 | +29K | −156K | +214K |
GDP growth
The economy shrank from a year earlier in only three stretches: 1991, late 2008–2009 and 2020. The 2020 drop (−7.4%) was the deepest, and the rebound a year later (+12.6%) the strongest.
Data notes
GDP is the value of everything the U.S. produces, here adjusted for inflation. Bars compare each quarter with the same quarter a year earlier; the tooltip adds the annualized quarter-over-quarter rate that headlines report, which exaggerates swings. As first reported, GDP fell in the first two quarters of 2022, a common rule of thumb for recession, but the National Bureau of Economic Research declared none, and later revisions show only one decline. It did date a March–November 2001 recession, though output never fell from a year earlier: it weighs jobs, income and spending, not output alone.
View as table
| Year | Last reading | Low | High |
|---|---|---|---|
| 1991 | 1.2% | −1.0% | 1.2% |
| 1992 | 4.4% | 2.9% | 4.4% |
| 1993 | 2.6% | 2.3% | 3.3% |
| 1994 | 4.1% | 3.4% | 4.3% |
| 1995 | 2.2% | 2.2% | 3.5% |
| 1996 | 4.4% | 2.6% | 4.4% |
| 1997 | 4.5% | 4.3% | 4.7% |
| 1998 | 4.9% | 4.1% | 4.9% |
| 1999 | 4.8% | 4.7% | 4.8% |
| 2000 | 2.9% | 2.9% | 5.2% |
| 2001 | 0.2% | 0.2% | 2.2% |
| 2002 | 2.0% | 1.3% | 2.1% |
| 2003 | 4.3% | 1.7% | 4.3% |
| 2004 | 3.4% | 3.4% | 4.3% |
| 2005 | 3.0% | 3.0% | 3.9% |
| 2006 | 2.6% | 2.3% | 3.2% |
| 2007 | 2.1% | 1.6% | 2.4% |
| 2008 | −2.5% | −2.5% | 1.4% |
| 2009 | 0.1% | −4.0% | 0.1% |
| 2010 | 2.8% | 1.7% | 3.3% |
| 2011 | 1.5% | 0.9% | 2.0% |
| 2012 | 1.6% | 1.6% | 2.6% |
| 2013 | 3.0% | 1.5% | 3.0% |
| 2014 | 2.7% | 1.7% | 3.1% |
| 2015 | 2.1% | 2.1% | 4.0% |
| 2016 | 2.2% | 1.5% | 2.2% |
| 2017 | 3.0% | 2.1% | 3.0% |
| 2018 | 2.1% | 2.1% | 3.3% |
| 2019 | 3.4% | 1.9% | 3.4% |
| 2020 | −0.9% | −7.4% | 1.4% |
| 2021 | 5.8% | 1.9% | 12.6% |
| 2022 | 1.2% | 1.2% | 4.0% |
| 2023 | 3.4% | 2.3% | 3.4% |
| 2024 | 2.6% | 2.6% | 3.3% |
| 2025 | 2.0% | 2.0% | 2.6% |
| 2026 | 2.2% | 2.2% | 2.6% |
Source: U.S. Bureau of Labor Statistics, U.S. Bureau of Economic Analysis, U.S. Energy Information Administration, U.S. Census Bureau, U.S. Office of Management and Budget and the National Bureau of Economic Research, via Federal Reserve Bank of St. Louis, FRED®. Mortgage rates: Freddie Mac, Primary Mortgage Market Survey®. Copyright Freddie Mac, reprinted with permission per FRED; via Federal Reserve Bank of St. Louis, FRED®, https://fred.stlouisfed.org/. Chamber majorities: U.S. Senate and U.S. House historians’ party-division tables.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.