In discussions about the economy, a lot of terms are thrown around, often without any context. It can make it difficult to follow the conversation and understand daily updates.
We have put together a cheat sheet to help break through the jargon. It defines key economic indicators and provides current numbers and historic averages. We removed the years of the Great Recession and the years most affected by COVID-19 to give a sense of normal economic behavior.
Gross Domestic Product (GDP) Growth Rate
Measures the percentage change in the value of goods and services produced by a country’s economy over a specific period of time.
2002-2008 Average: 2.6%
2013-2019 Average: 2.3%
2022 Q4: 2.7%
Consumer Price Index (CPI) Inflation Rate
Measures the percentage change in the average price of a basket of goods and services consumed by households over a specific period of time
2002-2008 Average: 2.6%
2013-2019 Average: 1.8%
January 2023: 6.4%
Unemployment Rate
Measures the percentage of the labor force unemployed and seeking employment
2002-2008 Average: 5.2%
2013-2019 Average: 5.9%
January 2023: 3.4%
Retail Sales Growth Rate
Measures the percentage change in the total sales of goods and services by retailers over a specific period of time
2002-2008 Average: 3.7%
2013-2019 Average: 3.4%
January 2023: 7.3%
Personal Income Growth Rate
Measures the percentage change in the total income received by individuals over a specific period of time
2002-2008 Average: 5.3%
2013-2019 Average: 3.9%
February 2023: 0.6%
Industrial Production Growth Rate
Measures the percentage change in the total output of goods produced by manufacturing, mining, and utilities over a specific period of time
2002-2008 Average: 2.5%
2013-2019 Average: 2.5%
January 2023: 0.8%
Housing Starts
Measures the number of new residential construction projects that have started during a specific period of time
2002-2008 Average: 1.8 million
2013-2019 Average: 1.2 million
2023 Forecast: 1.3 million
New Home Sales
Measures the number of new-constructed homes sold during a specific period of time
2002-2008 Average: 1.2 million
2013-2019 Average: 651,000
2023 Forecast: 600,000
Existing Home Sales
Measures the number of previously owned homes sold during a specific period of time
2002-2008 Average: 6.3 million
2013-2019 Average: 5.4 million
2023 Forecast: 4.8 million
S&P 500 Stock Index Growth Rate
Measures the percentage change in the value of a stock market index that tracks the performance of 500 large-cap US companies
2002-2008 Average: 8.8%
2013-2019 Average: 11.7%
February 2023: -2.6%
Dow Jones Industrial Average Stock Index Growth Rate
Measures the percentage change in the value of a stock market index that tracks the performance of 30 large-cap US companies
2002-2008 Average: 9.3%
2013-2019 Average: 13.4%
February 2023: -4.3%
NASDAQ Composite Stock Index Growth Rate
Measures the percentage change in the value of a stock market index that tracks the performance of over 3,000 companies listed on the NASDAQ stock exchange
2002-2008 Average: 16.8%
2013-2019 Average: 16.1%
February 2023: -6.7%
Corporate Profit Growth Rate
Measures the percentage change in the net income earned by US corporations over a specific period of time
2002-2008 Average: 6.2%
2013-2019 Average: 6.0%
2022 Q3: 0%
Capacity Utilization Rate
Measures the percentage of a company’s total production capacity that is being used to produce goods or services
2002-2008 Average: 80.3%
2013-2019 Average: 78.3%
January 2023: 78.3%
Federal Funds Rate
The interest rate at which depository institutions lend or borrow overnight funds from one another, set by the Federal Reserve
2002-2008 Average: 3.8%
2013-2019 Average: 0.7%
Current: 4.5%
Consumer Confidence Index
Measures consumers’ confidence in the state of the economy based on surveys of their attitudes and intentions of future spending and saving
2002-2008 Average: 95.8
2013-2019 Average: 99.3
February 2023: 102.9