M3 growth, reconstructed
6.3%
M2: 5.5%
as of 2026-06
Range
Money supply — M2 and reconstructed M3
Year-over-year growth; M3 official through Feb 2006, reconstructed after
Official M2M3 continuationBasic M1
Data table
| Date | Official M2 | M3 continuation | Basic M1 |
|---|---|---|---|
| 2026-06 | 5.5% | 6.3% | 19.1% |
| 2026-05 | 5.6% | 6.5% | 19.0% |
| 2026-04 | 4.7% | 5.9% | 17.7% |
| 2026-03 | 4.6% | 5.7% | 17.3% |
| 2026-02 | 4.7% | 5.8% | 17.3% |
| 2026-01 | 4.1% | 5.3% | 16.0% |
| 2025-12 | 4.0% | 5.3% | 16.2% |
| 2025-11 | 3.8% | 5.1% | 11.5% |
| 2025-10 | 4.3% | 5.4% | 5.4% |
| 2025-09 | 4.2% | 5.3% | 5.7% |
| 2025-08 | 4.2% | 5.5% | 5.6% |
| 2025-07 | 4.4% | 5.7% | 5.7% |
| 2025-06 | 4.1% | 5.4% | 6.2% |
| 2025-05 | 3.9% | 5.1% | 5.5% |
| 2025-04 | 3.9% | 5.1% | 5.1% |
| 2025-03 | 3.4% | 4.9% | 6.6% |
| 2025-02 | 3.3% | 4.8% | 6.9% |
| 2025-01 | 3.4% | 4.9% | 7.0% |
| 2024-12 | 3.4% | 5.0% | 6.5% |
| 2024-11 | 3.4% | 5.1% | 6.5% |
| 2024-10 | 2.9% | 4.8% | 5.6% |
| 2024-09 | 2.5% | 4.4% | 5.5% |
| 2024-08 | 2.0% | 4.0% | 4.9% |
| 2024-07 | 1.5% | 3.8% | 3.7% |
| 2024-06 | 1.3% | 3.8% | 3.4% |
| 2024-05 | 0.9% | 3.7% | 2.7% |
| 2024-04 | 0.9% | 3.8% | 3.1% |
| 2024-03 | 0.1% | 3.6% | -0.0% |
| 2024-02 | -1.5% | 2.4% | -1.1% |
| 2024-01 | -2.1% | 2.1% | -0.8% |
| 2023-12 | -2.4% | 2.8% | -0.9% |
| 2023-11 | -3.1% | 2.4% | -1.9% |
| 2023-10 | -3.4% | 2.2% | -1.7% |
| 2023-09 | -3.7% | 1.5% | -2.5% |
| 2023-08 | -4.0% | 1.1% | -3.3% |
| 2023-07 | -4.0% | 1.1% | 0.4% |
| 2023-06 | -3.9% | 0.6% | 0.5% |
| 2023-05 | -4.1% | 0.3% | 0.9% |
| 2023-04 | -4.6% | -0.3% | 1.9% |
| 2023-03 | -3.9% | -0.3% | 4.0% |
| 2023-02 | -2.2% | 0.9% | 5.5% |
| 2023-01 | -1.7% | 1.1% | 4.8% |
| 2022-12 | -1.0% | 0.2% | 6.4% |
| 2022-11 | 0.3% | 0.9% | 8.2% |
| 2022-10 | 1.4% | 1.7% | 9.3% |
| 2022-09 | 2.7% | 3.0% | 11.4% |
| 2022-08 | 3.8% | 3.9% | 12.7% |
| 2022-07 | 4.9% | 4.6% | 10.6% |
| 2022-06 | 5.7% | 4.9% | 13.2% |
| 2022-05 | 6.2% | 5.2% | 17.5% |
| 2022-04 | 7.9% | 6.6% | 20.4% |
| 2022-03 | 9.6% | 8.0% | 21.0% |
| 2022-02 | 10.6% | 8.7% | 23.7% |
| 2022-01 | 11.7% | 9.5% | 29.0% |
| 2021-12 | 12.5% | 10.4% | 29.9% |
| 2021-11 | 12.3% | 10.2% | 43.0% |
| 2021-10 | 12.8% | 10.1% | 52.9% |
| 2021-09 | 12.8% | 9.0% | 51.9% |
| 2021-08 | 13.2% | 8.6% | 56.5% |
| 2021-07 | 12.5% | 7.6% | 56.3% |
| 2021-06 | 12.6% | 7.2% | 54.9% |
| 2021-05 | 14.1% | 7.8% | 53.3% |
| 2021-04 | 18.2% | 11.7% | 53.2% |
| 2021-03 | 23.9% | 19.2% | 61.5% |
| 2021-02 | 26.8% | 22.3% | 68.4% |
| 2021-01 | 25.6% | 21.3% | 62.2% |
| 2020-12 | 24.5% | 20.6% | 58.2% |
| 2020-11 | 24.2% | 20.6% | 43.9% |
| 2020-10 | 23.5% | 20.9% | 34.0% |
| 2020-09 | 23.6% | 22.0% | 33.9% |
| 2020-08 | 23.0% | 22.6% | 31.0% |
| 2020-07 | 23.2% | 23.7% | 29.0% |
| 2020-06 | 22.8% | 24.4% | 27.9% |
| 2020-05 | 22.0% | 24.6% | 26.0% |
| 2020-04 | 16.9% | 19.6% | 21.8% |
| 2020-03 | 10.1% | 11.1% | 15.2% |
| 2020-02 | 6.8% | 7.7% | 6.2% |
| 2020-01 | 6.7% | 8.1% | 6.3% |
| 2019-12 | 6.7% | 8.4% | 6.2% |
| 2019-11 | 7.1% | 8.7% | 6.9% |
| 2019-10 | 6.5% | 7.9% | 5.7% |
| 2019-09 | 5.6% | 6.9% | 5.2% |
| 2019-08 | 5.3% | 6.6% | 4.2% |
| 2019-07 | 5.0% | 6.0% | 4.5% |
| 2019-06 | 4.7% | 5.5% | 4.4% |
| 2019-05 | 4.3% | 5.2% | 3.1% |
| 2019-04 | 4.0% | 4.8% | 2.5% |
| 2019-03 | 3.9% | 4.9% | 1.3% |
| 2019-02 | 4.0% | 4.7% | 3.6% |
| 2019-01 | 4.0% | 4.3% | 2.2% |
| 2018-12 | 3.6% | 3.7% | 3.5% |
| 2018-11 | 3.2% | 3.3% | 1.3% |
| 2018-10 | 3.3% | 3.4% | 2.3% |
| 2018-09 | 3.6% | 3.7% | 3.0% |
| 2018-08 | 3.8% | 3.9% | 2.2% |
| 2018-07 | 3.9% | 4.3% | 3.0% |
| 2018-06 | 4.1% | 4.4% | 3.0% |
| 2018-05 | 3.9% | 4.0% | 3.7% |
| 2018-04 | 3.8% | 4.1% | 5.6% |
| 2018-03 | 4.1% | 4.2% | 6.1% |
| 2018-02 | 4.1% | 4.3% | 6.0% |
| 2018-01 | 4.4% | 4.6% | 7.7% |
| 2017-12 | 4.9% | 4.9% | 7.8% |
| 2017-11 | 4.8% | 4.7% | 8.2% |
| 2017-10 | 5.2% | 5.1% | 8.4% |
| 2017-09 | 5.3% | 4.7% | 7.6% |
| 2017-08 | 5.5% | 4.0% | 8.4% |
| 2017-07 | 5.7% | 3.8% | 9.6% |
| 2017-06 | 5.7% | 3.6% | 8.8% |
| 2017-05 | 6.0% | 3.9% | 8.5% |
| 2017-04 | 6.1% | 3.9% | 7.8% |
| 2017-03 | 6.3% | 3.7% | 9.6% |
| 2017-02 | 6.3% | 3.7% | 8.7% |
| 2017-01 | 6.4% | 4.0% | 9.7% |
| 2016-12 | 6.8% | 4.0% | 8.1% |
| 2016-11 | 7.2% | 3.9% | 9.2% |
| 2016-10 | 7.3% | 3.8% | 10.8% |
| 2016-09 | 7.2% | 4.5% | 9.7% |
| 2016-08 | 7.2% | 4.7% | 10.2% |
| 2016-07 | 7.0% | 4.8% | 7.6% |
| 2016-06 | 6.9% | 5.1% | 8.4% |
| 2016-05 | 6.8% | 5.0% | 9.5% |
| 2016-04 | 6.6% | 4.8% | 7.6% |
| 2016-03 | 6.2% | 4.5% | 5.8% |
| 2016-02 | 5.7% | 3.9% | 4.2% |
| 2016-01 | 6.1% | 4.0% | 5.0% |
| 2015-12 | 5.7% | 4.4% | 5.0% |
| 2015-11 | 5.9% | 5.1% | 6.6% |
| 2015-10 | 5.4% | 5.3% | 4.7% |
| 2015-09 | 5.7% | 5.2% | 6.2% |
| 2015-08 | 5.5% | 5.5% | 9.0% |
| 2015-07 | 5.3% | 5.0% | 7.4% |
| 2015-06 | 5.5% | 4.9% | 7.5% |
| 2015-05 | 5.6% | 4.7% | 7.4% |
| 2015-04 | 6.0% | 5.0% | 8.9% |
| 2015-03 | 6.1% | 5.5% | 10.0% |
| 2015-02 | 6.5% | 5.8% | 12.0% |
| 2015-01 | 6.1% | 5.5% | 10.2% |
| 2014-12 | 6.0% | 5.5% | 12.1% |
| 2014-11 | 5.8% | 5.2% | 11.1% |
| 2014-10 | 5.5% | 4.8% | 11.1% |
| 2014-09 | 6.0% | 4.7% | 12.5% |
| 2014-08 | 6.2% | 5.2% | 10.3% |
| 2014-07 | 6.6% | 5.6% | 13.0% |
| 2014-06 | 6.5% | 5.6% | 12.9% |
| 2014-05 | 6.5% | 6.0% | 11.6% |
| 2014-04 | 6.3% | 5.9% | 12.0% |
| 2014-03 | 6.1% | 5.7% | 12.2% |
| 2014-02 | 6.4% | 5.7% | 11.7% |
| 2014-01 | 6.0% | 5.4% | 10.6% |
| 2013-12 | 5.5% | 5.1% | 9.4% |
| 2013-11 | 6.1% | 5.8% | 8.4% |
| 2013-10 | 6.7% | 6.0% | 9.2% |
| 2013-09 | 6.2% | 5.8% | 8.6% |
| 2013-08 | 6.5% | 5.4% | 8.8% |
| 2013-07 | 6.6% | 5.7% | 10.3% |
| 2013-06 | 6.8% | 5.9% | 11.7% |
| 2013-05 | 7.0% | 5.9% | 13.0% |
| 2013-04 | 7.1% | 5.9% | 12.9% |
| 2013-03 | 7.4% | 6.1% | 12.3% |
| 2013-02 | 7.3% | 6.3% | 13.0% |
| 2013-01 | 7.7% | 6.4% | 13.5% |
| 2012-12 | 8.3% | 6.3% | 15.2% |
| 2012-11 | 7.5% | 5.3% | 13.8% |
| 2012-10 | 7.4% | 5.0% | 15.6% |
| 2012-09 | 7.1% | 4.7% | 14.5% |
| 2012-08 | 6.5% | 4.3% | 13.1% |
| 2012-07 | 7.8% | 3.6% | 18.8% |
| 2012-06 | 9.1% | 3.5% | 19.1% |
| 2012-05 | 9.2% | 2.9% | 19.2% |
| 2012-04 | 9.6% | 3.8% | 21.5% |
| 2012-03 | 9.8% | 4.2% | 21.2% |
| 2012-02 | 10.1% | 4.6% | 22.0% |
| 2012-01 | 10.3% | 4.8% | 23.6% |
| 2011-12 | 9.8% | 4.0% | 22.6% |
| 2011-11 | 9.7% | 3.5% | 24.1% |
| 2011-10 | 9.3% | 3.4% | 24.1% |
| 2011-09 | 9.6% | 3.6% | 24.4% |
| 2011-08 | 9.7% | 3.7% | 25.1% |
| 2011-07 | 8.2% | 4.4% | 19.0% |
| 2011-06 | 6.4% | 4.3% | 15.8% |
| 2011-05 | 5.8% | 4.2% | 15.6% |
| 2011-04 | 5.6% | 2.7% | 13.1% |
| 2011-03 | 5.3% | 0.9% | 13.2% |
| 2011-02 | 4.5% | -0.7% | 12.0% |
| 2011-01 | 4.4% | -1.4% | 11.8% |
| 2010-12 | 3.7% | -1.8% | 9.6% |
| 2010-11 | 3.2% | -2.0% | 9.6% |
| 2010-10 | 3.3% | -2.2% | 7.0% |
| 2010-09 | 3.0% | -2.9% | 6.4% |
| 2010-08 | 2.6% | -3.6% | 5.6% |
| 2010-07 | 2.1% | -4.6% | 3.4% |
| 2010-06 | 2.0% | -5.1% | 3.7% |
| 2010-05 | 1.9% | -5.0% | 4.7% |
| 2010-04 | 2.0% | -3.9% | 4.4% |
| 2010-03 | 1.7% | -2.9% | 5.9% |
| 2010-02 | 2.5% | -1.5% | 6.1% |
| 2010-01 | 2.3% | -1.2% | 2.6% |
| 2009-12 | 3.7% | 0.6% | 1.8% |
| 2009-11 | 6.1% | 3.1% | 7.8% |
| 2009-10 | 6.4% | 3.5% | 12.1% |
| 2009-09 | 7.5% | 3.9% | 13.4% |
| 2009-08 | 8.4% | 5.1% | 18.4% |
| 2009-07 | 8.6% | 5.8% | 18.2% |
| 2009-06 | 9.2% | 6.4% | 19.9% |
| 2009-05 | 9.4% | 6.9% | 18.6% |
| 2009-04 | 8.8% | 6.4% | 18.5% |
| 2009-03 | 9.3% | 6.9% | 16.6% |
| 2009-02 | 9.4% | 7.9% | 16.6% |
| 2009-01 | 10.3% | 10.1% | 19.1% |
| 2008-12 | 9.6% | 9.7% | 21.1% |
| 2008-11 | 7.7% | 8.3% | 13.1% |
| 2008-10 | 7.4% | 9.7% | 8.3% |
| 2008-09 | 6.2% | 11.6% | 7.2% |
| 2008-08 | 5.6% | 12.7% | 2.4% |
| 2008-07 | 6.5% | 14.4% | 3.2% |
| 2008-06 | 6.3% | 14.9% | 2.2% |
| 2008-05 | 6.5% | 14.9% | 1.1% |
| 2008-04 | 6.5% | 15.4% | 1.3% |
| 2008-03 | 7.0% | 15.9% | 2.0% |
| 2008-02 | 6.6% | 15.0% | 1.2% |
| 2008-01 | 5.6% | 13.1% | 0.6% |
| 2007-12 | 5.7% | 12.6% | 0.7% |
| 2007-11 | 5.9% | 12.8% | 0.8% |
| 2007-10 | 6.1% | 11.9% | 1.2% |
| 2007-09 | 6.6% | 11.0% | 1.4% |
| 2007-08 | 6.8% | 10.1% | 1.0% |
| 2007-07 | 6.2% | 8.9% | 0.8% |
| 2007-06 | 6.4% | 9.1% | 0.3% |
| 2007-05 | 6.5% | 9.5% | -0.2% |
| 2007-04 | 6.4% | 9.2% | 0.2% |
| 2007-03 | 5.9% | 8.9% | -0.7% |
| 2007-02 | 5.6% | 8.9% | -0.2% |
| 2007-01 | 5.8% | 9.1% | 0.3% |
| 2006-12 | 5.9% | 9.7% | 0.6% |
| 2006-11 | 5.7% | 9.6% | 1.0% |
| 2006-10 | 5.4% | 9.2% | 0.7% |
| 2006-09 | 5.2% | 9.1% | 0.0% |
| 2006-08 | 5.3% | 9.2% | 0.8% |
| 2006-07 | 5.4% | 9.7% | 1.3% |
| 2006-06 | 5.2% | 9.0% | 0.5% |
| 2006-05 | 5.2% | 8.8% | 2.9% |
| 2006-04 | 5.3% | 8.8% | 2.8% |
| 2006-03 | 5.0% | 8.4% | 1.6% |
| 2006-02 | 4.9% | 8.0% | 1.2% |
| 2006-01 | 4.6% | 8.0% | 1.7% |
| 2005-12 | 4.1% | 7.6% | 0.8% |
| 2005-11 | 4.0% | 7.3% | 1.1% |
| 2005-10 | 4.1% | 7.2% | 2.1% |
| 2005-09 | 4.1% | 6.4% | 2.1% |
| 2005-08 | 4.1% | 5.9% | 3.0% |
| 2005-07 | 4.0% | 5.2% | 3.6% |
| 2005-06 | 3.7% | 4.8% | 4.4% |
| 2005-05 | 3.2% | 4.6% | 3.1% |
| 2005-04 | 4.2% | 5.2% | 2.4% |
| 2005-03 | 4.7% | 5.3% | 4.2% |
| 2005-02 | 5.2% | 5.9% | 4.7% |
| 2005-01 | 5.7% | 6.2% | 5.2% |
| 2004-12 | 5.8% | 6.3% | 5.3% |
| 2004-11 | 5.4% | 5.8% | 5.3% |
| 2004-10 | 5.1% | 5.2% | 4.4% |
| 2004-09 | 4.5% | 5.0% | 4.7% |
| 2004-08 | 3.5% | 4.4% | 3.1% |
| 2004-07 | 4.0% | 4.4% | 2.5% |
| 2004-06 | 4.6% | 5.5% | 2.9% |
| 2004-05 | 5.2% | 5.7% | 3.3% |
| 2004-04 | 5.0% | 5.3% | 4.9% |
| 2004-03 | 4.9% | 5.0% | 5.6% |
| 2004-02 | 4.7% | 4.3% | 5.0% |
| 2004-01 | 4.6% | 4.0% | 4.8% |
| 2003-12 | 5.1% | 3.6% | 5.9% |
| 2003-11 | 5.5% | 4.5% | 6.5% |
| 2003-10 | 6.4% | 6.3% | 6.7% |
| 2003-09 | 7.4% | 6.9% | 7.0% |
| 2003-08 | 8.3% | 7.5% | 8.1% |
| 2003-07 | 8.1% | 7.8% | 6.1% |
| 2003-06 | 8.1% | 7.3% | 6.4% |
| 2003-05 | 7.9% | 6.9% | 6.0% |
| 2003-04 | 7.3% | 6.7% | 4.4% |
| 2003-03 | 6.7% | 6.5% | 2.4% |
| 2003-02 | 6.5% | 6.4% | 2.6% |
| 2003-01 | 6.4% | 6.5% | 1.8% |
| 2002-12 | 6.2% | 6.6% | 1.7% |
| 2002-11 | 6.9% | 6.6% | 1.7% |
| 2002-10 | 6.8% | 6.0% | 1.8% |
| 2002-09 | 5.7% | 6.1% | -2.3% |
| 2002-08 | 7.5% | 7.8% | 3.1% |
| 2002-07 | 7.4% | 7.2% | 6.0% |
| 2002-06 | 7.2% | 7.1% | 6.6% |
| 2002-05 | 7.6% | 8.1% | 6.5% |
| 2002-04 | 7.1% | 8.5% | 6.7% |
| 2002-03 | 8.4% | 10.1% | 8.2% |
| 2002-02 | 9.4% | 11.0% | 8.4% |
| 2002-01 | 9.7% | 11.4% | 8.8% |
| 2001-12 | 10.4% | 12.9% | 9.0% |
| 2001-11 | 10.3% | 13.3% | 7.7% |
| 2001-10 | 9.7% | 12.4% | 6.7% |
| 2001-09 | 10.3% | 12.1% | 10.4% |
| 2001-08 | 8.8% | 10.8% | 4.0% |
| 2001-07 | 8.7% | 11.9% | 2.0% |
| 2001-06 | 8.5% | 12.0% | 1.2% |
The Fed discontinued M3 in March 2006. The continuation sums M2 (H.6), large time deposits (H.8 commercial-bank proxy), and institutional money-market funds (H.6 memo item through Jan 2021, then Z.1 total MMF assets ratio-linked at the seam), level-spliced to official M3 at February 2006. Repos and eurodollars (~8% of M3 at discontinuation) are no longer observable and are spread proportionally by the splice. Basic M1 (currency + demand deposits, the original M1 definition) is what ShadowStats charted after the Fed's Feb 2021 M1 redefinition made headline M1 cover 93% of M2.
U.S. dollar — trade-weighted vs financial-weighted
Index, January 1999 = 100
Fed trade-weightedSGS financial-weighted
Data table
| Date | Fed trade-weighted | SGS financial-weighted |
|---|---|---|
| 2026-06 | 99.8 | 109 |
| 2026-05 | 98.1 | 107 |
| 2026-04 | 98.3 | 107 |
| 2026-03 | 98.8 | 108 |
| 2026-02 | 97.1 | 106 |
| 2026-01 | 98.0 | 107 |
| 2025-12 | 98.4 | 107 |
| 2025-11 | 99.7 | 109 |
| 2025-10 | 98.8 | 107 |
| 2025-09 | 97.7 | 106 |
| 2025-08 | 98.2 | 106 |
| 2025-07 | 97.8 | 106 |
| 2025-06 | 98.1 | 106 |
| 2025-05 | 99.8 | 108 |
| 2025-04 | 100 | 108 |
| 2025-03 | 104 | 112 |
| 2025-02 | 106 | 115 |
| 2025-01 | 107 | 116 |
| 2024-12 | 106 | 114 |
| 2024-11 | 104 | 113 |
| 2024-10 | 102 | 110 |
| 2024-09 | 99.8 | 108 |
| 2024-08 | 101 | 109 |
| 2024-07 | 103 | 112 |
| 2024-06 | 103 | 113 |
| 2024-05 | 103 | 113 |
| 2024-04 | 104 | 113 |
| 2024-03 | 102 | 111 |
| 2024-02 | 102 | 112 |
| 2024-01 | 101 | 110 |
| 2023-12 | 101 | 110 |
| 2023-11 | 103 | 112 |
| 2023-10 | 104 | 114 |
| 2023-09 | 103 | 113 |
| 2023-08 | 101 | 110 |
| 2023-07 | 99.6 | 108 |
| 2023-06 | 101 | 110 |
| 2023-05 | 101 | 109 |
| 2023-04 | 101 | 108 |
| 2023-03 | 102 | 110 |
| 2023-02 | 102 | 110 |
| 2023-01 | 101 | 109 |
| 2022-12 | 103 | 111 |
| 2022-11 | 106 | 115 |
| 2022-10 | 109 | 119 |
| 2022-09 | 107 | 117 |
| 2022-08 | 104 | 113 |
| 2022-07 | 104 | 113 |
| 2022-06 | 101 | 110 |
| 2022-05 | 101 | 109 |
| 2022-04 | 98.4 | 106 |
| 2022-03 | 96.7 | 103 |
| 2022-02 | 95.1 | 101 |
| 2022-01 | 94.9 | 101 |
| 2021-12 | 95.4 | 101 |
| 2021-11 | 94.4 | 100 |
| 2021-10 | 93.2 | 99.0 |
| 2021-09 | 92.9 | 98.0 |
| 2021-08 | 92.6 | 97.8 |
| 2021-07 | 92.3 | 97.6 |
| 2021-06 | 90.6 | 96.2 |
| 2021-05 | 89.9 | 95.4 |
| 2021-04 | 91.5 | 96.6 |
| 2021-03 | 91.9 | 96.8 |
| 2021-02 | 91.0 | 95.3 |
| 2021-01 | 90.7 | 95.0 |
| 2020-12 | 91.1 | 95.5 |
| 2020-11 | 93.2 | 97.5 |
| 2020-10 | 94.0 | 98.4 |
| 2020-09 | 94.0 | 98.4 |
| 2020-08 | 93.7 | 98.0 |
| 2020-07 | 96.0 | 100 |
| 2020-06 | 97.4 | 102 |
| 2020-05 | 99.9 | 104 |
| 2020-04 | 100 | 104 |
| 2020-03 | 99.4 | 104 |
| 2020-02 | 98.3 | 103 |
| 2020-01 | 97.0 | 102 |
| 2019-12 | 97.1 | 102 |
| 2019-11 | 97.6 | 103 |
| 2019-10 | 97.6 | 103 |
| 2019-09 | 97.9 | 103 |
| 2019-08 | 97.5 | 103 |
| 2019-07 | 96.9 | 102 |
| 2019-06 | 96.8 | 102 |
| 2019-05 | 97.8 | 102 |
| 2019-04 | 97.5 | 102 |
| 2019-03 | 97.1 | 102 |
| 2019-02 | 96.5 | 101 |
| 2019-01 | 96.3 | 101 |
| 2018-12 | 97.2 | 102 |
| 2018-11 | 96.9 | 102 |
| 2018-10 | 95.9 | 101 |
| 2018-09 | 95.1 | 100 |
| 2018-08 | 95.5 | 101 |
| 2018-07 | 95.1 | 99.9 |
| 2018-06 | 94.8 | 99.3 |
| 2018-05 | 93.7 | 98.4 |
| 2018-04 | 91.2 | 95.4 |
| 2018-03 | 91.1 | 94.9 |
| 2018-02 | 90.6 | 95.0 |
| 2018-01 | 91.2 | 96.2 |
| 2017-12 | 93.8 | 99.0 |
| 2017-11 | 94.2 | 99.6 |
| 2017-10 | 93.7 | 99.3 |
| 2017-09 | 92.0 | 97.7 |
| 2017-08 | 93.1 | 98.6 |
| 2017-07 | 94.6 | 100 |
| 2017-06 | 96.9 | 102 |
| 2017-05 | 98.4 | 103 |
| 2017-04 | 99.2 | 104 |
| 2017-03 | 99.8 | 105 |
| 2017-02 | 99.2 | 105 |
| 2017-01 | 99.9 | 106 |
| 2016-12 | 101 | 106 |
| 2016-11 | 98.9 | 104 |
| 2016-10 | 97.0 | 102 |
| 2016-09 | 95.1 | 99.1 |
| 2016-08 | 94.8 | 99.0 |
| 2016-07 | 96.0 | 100 |
| 2016-06 | 94.5 | 98.4 |
| 2016-05 | 94.7 | 98.6 |
| 2016-04 | 94.3 | 98.5 |
| 2016-03 | 96.5 | 100 |
| 2016-02 | 98.2 | 102 |
| 2016-01 | 100 | 103 |
| 2015-12 | 99.2 | 103 |
| 2015-11 | 99.1 | 103 |
| 2015-10 | 96.2 | 100 |
| 2015-09 | 96.7 | 101 |
| 2015-08 | 96.9 | 101 |
| 2015-07 | 96.7 | 101 |
| 2015-06 | 94.7 | 99.7 |
| 2015-05 | 94.1 | 99.2 |
| 2015-04 | 96.0 | 101 |
| 2015-03 | 96.9 | 102 |
| 2015-02 | 94.1 | 98.6 |
| 2015-01 | 92.4 | 97.5 |
| 2014-12 | 88.8 | 94.6 |
| 2014-11 | 87.4 | 93.1 |
| 2014-10 | 85.4 | 90.3 |
| 2014-09 | 84.1 | 89.0 |
| 2014-08 | 81.9 | 86.3 |
| 2014-07 | 80.6 | 84.9 |
| 2014-06 | 80.8 | 85.0 |
| 2014-05 | 80.5 | 84.7 |
| 2014-04 | 80.7 | 84.8 |
| 2014-03 | 80.9 | 85.0 |
| 2014-02 | 81.3 | 85.6 |
| 2014-01 | 81.4 | 86.2 |
| 2013-12 | 80.5 | 85.7 |
| 2013-11 | 80.3 | 85.7 |
| 2013-10 | 79.3 | 84.6 |
| 2013-09 | 80.3 | 86.0 |
| 2013-08 | 80.6 | 86.5 |
| 2013-07 | 81.6 | 87.9 |
| 2013-06 | 80.5 | 86.4 |
| 2013-05 | 81.3 | 87.7 |
| 2013-04 | 80.6 | 86.6 |
| 2013-03 | 80.6 | 86.5 |
| 2013-02 | 78.9 | 84.5 |
| 2013-01 | 77.8 | 83.1 |
| 2012-12 | 77.3 | 82.1 |
| 2012-11 | 77.9 | 82.5 |
| 2012-10 | 76.9 | 81.6 |
| 2012-09 | 76.8 | 81.4 |
| 2012-08 | 78.5 | 83.4 |
| 2012-07 | 79.6 | 84.2 |
| 2012-06 | 79.4 | 83.7 |
| 2012-05 | 78.2 | 82.6 |
| 2012-04 | 77.0 | 81.6 |
| 2012-03 | 77.1 | 81.9 |
| 2012-02 | 76.4 | 80.8 |
| 2012-01 | 77.6 | 81.8 |
| 2011-12 | 77.4 | 81.6 |
| 2011-11 | 76.3 | 80.2 |
| 2011-10 | 75.7 | 79.5 |
| 2011-09 | 75.2 | 79.3 |
| 2011-08 | 73.0 | 76.8 |
| 2011-07 | 73.0 | 77.6 |
| 2011-06 | 73.5 | 77.8 |
| 2011-05 | 73.5 | 78.1 |
| 2011-04 | 73.4 | 78.4 |
| 2011-03 | 74.8 | 79.7 |
| 2011-02 | 76.0 | 80.9 |
| 2011-01 | 77.0 | 82.1 |
| 2010-12 | 78.0 | 83.0 |
| 2010-11 | 76.9 | 81.5 |
| 2010-10 | 76.4 | 80.8 |
| 2010-09 | 79.2 | 84.1 |
| 2010-08 | 80.2 | 85.2 |
| 2010-07 | 81.1 | 86.5 |
| 2010-06 | 83.5 | 90.0 |
| 2010-05 | 82.9 | 89.4 |
| 2010-04 | 79.7 | 85.9 |
| 2010-03 | 79.5 | 85.4 |
| 2010-02 | 79.8 | 84.7 |
| 2010-01 | 78.0 | 82.6 |
| 2009-12 | 77.4 | 81.7 |
| 2009-11 | 76.5 | 80.3 |
| 2009-10 | 77.0 | 81.2 |
| 2009-09 | 78.3 | 82.3 |
| 2009-08 | 79.6 | 83.9 |
| 2009-07 | 80.9 | 84.8 |
| 2009-06 | 81.5 | 85.5 |
| 2009-05 | 83.5 | 87.9 |
| 2009-04 | 87.1 | 91.3 |
| 2009-03 | 88.8 | 92.7 |
| 2009-02 | 88.2 | 92.1 |
| 2009-01 | 85.8 | 89.7 |
| 2008-12 | 85.4 | 89.0 |
| 2008-11 | 87.7 | 92.0 |
| 2008-10 | 85.2 | 89.0 |
| 2008-09 | 79.8 | 84.9 |
| 2008-08 | 78.2 | 82.6 |
| 2008-07 | 74.9 | 78.8 |
| 2008-06 | 75.4 | 79.5 |
| 2008-05 | 74.7 | 79.1 |
| 2008-04 | 74.4 | 78.3 |
| 2008-03 | 74.3 | 78.2 |
| 2008-02 | 76.8 | 81.6 |
| 2008-01 | 77.3 | 82.0 |
| 2007-12 | 78.0 | 83.0 |
| 2007-11 | 76.4 | 81.7 |
| 2007-10 | 78.3 | 84.0 |
| 2007-09 | 80.3 | 85.4 |
| 2007-08 | 82.0 | 86.8 |
| 2007-07 | 82.0 | 86.9 |
| 2007-06 | 83.5 | 88.6 |
| 2007-05 | 83.8 | 88.3 |
| 2007-04 | 84.5 | 88.1 |
| 2007-03 | 85.9 | 89.3 |
| 2007-02 | 86.8 | 90.4 |
| 2007-01 | 87.1 | 90.6 |
| 2006-12 | 85.6 | 89.2 |
| 2006-11 | 86.2 | 90.6 |
| 2006-10 | 87.2 | 92.2 |
| 2006-09 | 86.3 | 91.4 |
| 2006-08 | 85.9 | 90.8 |
| 2006-07 | 86.7 | 91.7 |
| 2006-06 | 86.3 | 91.6 |
| 2006-05 | 85.3 | 90.2 |
| 2006-04 | 88.8 | 94.3 |
| 2006-03 | 90.0 | 95.6 |
| 2006-02 | 90.0 | 95.7 |
| 2006-01 | 89.3 | 94.3 |
| 2005-12 | 90.7 | 96.2 |
| 2005-11 | 91.5 | 96.7 |
| 2005-10 | 89.9 | 94.7 |
| 2005-09 | 88.6 | 92.7 |
| 2005-08 | 89.0 | 92.7 |
| 2005-07 | 90.7 | 94.4 |
| 2005-06 | 89.8 | 92.6 |
| 2005-05 | 88.2 | 90.1 |
| 2005-04 | 87.0 | 89.0 |
| 2005-03 | 85.6 | 87.6 |
| 2005-02 | 86.6 | 88.4 |
| 2005-01 | 85.8 | 87.8 |
| 2004-12 | 84.8 | 86.6 |
| 2004-11 | 85.7 | 88.4 |
| 2004-10 | 89.2 | 91.9 |
| 2004-09 | 91.2 | 93.7 |
| 2004-08 | 91.7 | 93.5 |
| 2004-07 | 91.4 | 92.9 |
| 2004-06 | 92.6 | 93.7 |
| 2004-05 | 94.1 | 95.3 |
| 2004-04 | 92.5 | 93.8 |
| 2004-03 | 91.5 | 92.7 |
| 2004-02 | 89.9 | 90.5 |
| 2004-01 | 89.4 | 90.7 |
| 2003-12 | 91.2 | 93.2 |
| 2003-11 | 93.6 | 96.4 |
| 2003-10 | 93.9 | 96.8 |
| 2003-09 | 97.8 | 101 |
| 2003-08 | 99.5 | 103 |
| 2003-07 | 98.3 | 101 |
| 2003-06 | 96.4 | 99.3 |
| 2003-05 | 97.5 | 100 |
| 2003-04 | 102 | 105 |
| 2003-03 | 103 | 105 |
| 2003-02 | 103 | 105 |
| 2003-01 | 105 | 106 |
| 2002-12 | 107 | 109 |
| 2002-11 | 108 | 110 |
| 2002-10 | 110 | 112 |
| 2002-09 | 109 | 111 |
| 2002-08 | 109 | 111 |
| 2002-07 | 108 | 110 |
| 2002-06 | 110 | 114 |
| 2002-05 | 113 | 117 |
| 2002-04 | 117 | 121 |
| 2002-03 | 117 | 122 |
| 2002-02 | 119 | 123 |
| 2002-01 | 118 | 122 |
| 2001-12 | 116 | 120 |
| 2001-11 | 115 | 119 |
| 2001-10 | 114 | 118 |
| 2001-09 | 113 | 117 |
| 2001-08 | 113 | 118 |
| 2001-07 | 116 | 122 |
| 2001-06 | 116 | 122 |
The SGS Financial-Weighted Dollar Index weights the dollar against EUR, JPY, GBP, CHF, AUD and CAD by FX trading volume rather than merchandise trade. Weights here are those six USD pairs' shares of global turnover in the BIS 2004 Triennial Survey (the vintage of Williams' 2005 primer): EUR 39%, JPY 24%, GBP 19%, AUD 7%, CHF 6%, CAD 6%; geometric index from January 1999 (the euro's start). The Fed comparison splices the discontinued Major Currencies index to the Advanced Foreign Economies index at 2006.
Real retail sales growth — official vs SGS-corrected
Nominal retail & food services sales deflated by CPI-U vs SGS 1980-base
Deflated by CPI-UDeflated by SGS 1980-base
Data table
| Date | Deflated by CPI-U | Deflated by SGS 1980-base |
|---|---|---|
| 2026-06 | 3.1% | -5.1% |
| 2026-05 | 3.0% | -5.1% |
| 2026-04 | 1.2% | -6.8% |
| 2026-03 | 1.0% | -7.0% |
| 2026-02 | 1.7% | -6.4% |
| 2026-01 | 0.9% | -7.2% |
| 2025-12 | -0.2% | -8.2% |
| 2025-11 | 0.5% | -7.5% |
| 2025-09 | 1.1% | -6.9% |
| 2025-08 | 2.0% | -6.1% |
| 2025-07 | 1.4% | -6.6% |
| 2025-06 | 1.3% | -6.7% |
| 2025-05 | 0.8% | -7.2% |
| 2025-04 | 2.7% | -5.4% |
| 2025-03 | 2.7% | -5.4% |
| 2025-02 | 1.0% | -7.0% |
| 2025-01 | 1.5% | -6.5% |
| 2024-12 | 1.6% | -6.4% |
| 2024-11 | 1.1% | -6.9% |
| 2024-10 | 0.6% | -7.3% |
| 2024-09 | -0.4% | -8.3% |
| 2024-08 | -0.7% | -8.5% |
| 2024-07 | 0.1% | -7.7% |
| 2024-06 | -0.7% | -8.5% |
| 2024-05 | -0.5% | -8.2% |
| 2024-04 | -0.8% | -8.5% |
| 2024-03 | -0.1% | -7.9% |
| 2024-02 | -1.2% | -8.9% |
| 2024-01 | -3.0% | -10.5% |
| 2023-12 | 1.9% | -6.0% |
| 2023-11 | 0.8% | -7.1% |
| 2023-10 | -0.6% | -8.3% |
| 2023-09 | 0.4% | -7.3% |
| 2023-08 | -0.5% | -8.1% |
| 2023-07 | -0.3% | -8.0% |
| 2023-06 | -1.3% | -8.9% |
| 2023-05 | -1.8% | -9.4% |
| 2023-04 | -3.2% | -10.6% |
| 2023-03 | -2.7% | -10.1% |
| 2023-02 | -0.7% | -8.2% |
| 2023-01 | 1.2% | -6.4% |
| 2022-12 | -1.2% | -8.7% |
| 2022-11 | -1.5% | -8.8% |
| 2022-10 | 0.3% | -7.1% |
| 2022-09 | 0.3% | -7.1% |
| 2022-08 | 1.2% | -6.2% |
| 2022-07 | 1.0% | -6.4% |
| 2022-06 | -0.2% | -7.5% |
| 2022-05 | 0.4% | -7.0% |
| 2022-04 | 0.1% | -7.2% |
| 2022-03 | -0.6% | -7.9% |
| 2022-02 | 8.6% | 0.6% |
| 2022-01 | 5.1% | -2.7% |
| 2021-12 | 7.5% | -0.4% |
| 2021-11 | 9.6% | 1.4% |
| 2021-10 | 8.0% | -0.0% |
| 2021-09 | 6.9% | -1.1% |
| 2021-08 | 8.4% | 0.3% |
| 2021-07 | 8.5% | 0.4% |
| 2021-06 | 12.1% | 3.7% |
| 2021-05 | 20.5% | 11.4% |
| 2021-04 | 45.8% | 34.8% |
| 2021-03 | 25.6% | 16.0% |
| 2021-02 | 4.0% | -4.0% |
| 2021-01 | 7.1% | -1.2% |
| 2020-12 | 3.0% | -5.0% |
| 2020-11 | 2.6% | -5.3% |
| 2020-10 | 4.3% | -3.7% |
| 2020-09 | 4.8% | -3.2% |
| 2020-08 | 2.2% | -5.7% |
| 2020-07 | 2.4% | -5.5% |
| 2020-06 | 1.9% | -6.0% |
| 2020-05 | -5.3% | -12.7% |
| 2020-04 | -20.0% | -26.2% |
| 2020-03 | -7.6% | -14.7% |
| 2020-02 | 2.4% | -5.4% |
| 2020-01 | 2.5% | -5.3% |
| 2019-12 | 3.1% | -4.7% |
| 2019-11 | 1.0% | -6.7% |
| 2019-10 | 1.1% | -6.6% |
| 2019-09 | 1.9% | -5.9% |
| 2019-08 | 2.1% | -5.7% |
| 2019-07 | 1.4% | -6.3% |
| 2019-06 | 1.4% | -6.3% |
| 2019-05 | 0.8% | -6.9% |
| 2019-04 | 1.1% | -6.6% |
| 2019-03 | 1.3% | -6.4% |
| 2019-02 | 0.1% | -7.5% |
| 2019-01 | 0.3% | -7.3% |
| 2018-12 | -0.8% | -8.3% |
| 2018-11 | 1.5% | -6.2% |
| 2018-10 | 1.7% | -5.9% |
| 2018-09 | 1.0% | -6.6% |
| 2018-08 | 3.1% | -4.6% |
| 2018-07 | 3.0% | -4.7% |
| 2018-06 | 2.5% | -5.2% |
| 2018-05 | 3.4% | -4.3% |
| 2018-04 | 1.6% | -6.1% |
| 2018-03 | 2.0% | -5.6% |
| 2018-02 | 2.0% | -5.7% |
| 2018-01 | 1.6% | -6.1% |
| 2017-12 | 3.1% | -4.6% |
| 2017-11 | 3.7% | -4.1% |
| 2017-10 | 2.8% | -4.9% |
| 2017-09 | 2.7% | -5.0% |
| 2017-08 | 1.6% | -6.0% |
| 2017-07 | 1.6% | -6.0% |
| 2017-06 | 1.6% | -6.0% |
| 2017-05 | 2.0% | -5.7% |
| 2017-04 | 2.5% | -5.2% |
| 2017-03 | 2.5% | -5.1% |
| 2017-02 | 2.0% | -5.6% |
| 2017-01 | 3.1% | -4.6% |
| 2016-12 | 1.8% | -5.8% |
| 2016-11 | 1.4% | -6.2% |
| 2016-10 | 1.8% | -5.8% |
| 2016-09 | 1.5% | -6.1% |
| 2016-08 | 0.8% | -6.8% |
| 2016-07 | 0.9% | -6.6% |
| 2016-06 | 1.8% | -5.8% |
| 2016-05 | 0.7% | -6.8% |
| 2016-04 | 1.1% | -6.4% |
| 2016-03 | 1.0% | -6.5% |
| 2016-02 | 2.7% | -5.0% |
| 2016-01 | 1.2% | -6.3% |
| 2015-12 | 2.1% | -5.6% |
| 2015-11 | 1.2% | -6.4% |
| 2015-10 | 1.4% | -6.2% |
| 2015-09 | 2.3% | -5.4% |
| 2015-08 | 2.2% | -5.4% |
| 2015-07 | 3.1% | -4.7% |
| 2015-06 | 2.4% | -5.3% |
| 2015-05 | 2.8% | -4.9% |
| 2015-04 | 2.3% | -5.4% |
| 2015-03 | 3.0% | -4.7% |
| 2015-02 | 2.5% | -5.1% |
| 2015-01 | 4.1% | -3.6% |
| 2014-12 | 2.9% | -4.7% |
| 2014-11 | 3.6% | -4.0% |
| 2014-10 | 3.3% | -4.3% |
| 2014-09 | 3.2% | -4.4% |
| 2014-08 | 3.5% | -4.1% |
| 2014-07 | 2.3% | -5.2% |
| 2014-06 | 2.6% | -4.9% |
| 2014-05 | 2.6% | -4.8% |
| 2014-04 | 3.3% | -4.3% |
| 2014-03 | 2.1% | -5.3% |
| 2014-02 | 0.7% | -6.7% |
| 2014-01 | 0.2% | -7.1% |
| 2013-12 | 1.9% | -5.5% |
| 2013-11 | 2.0% | -5.5% |
| 2013-10 | 2.5% | -5.0% |
| 2013-09 | 1.9% | -5.5% |
| 2013-08 | 2.3% | -5.2% |
| 2013-07 | 3.3% | -4.2% |
| 2013-06 | 3.3% | -4.1% |
| 2013-05 | 2.5% | -4.9% |
| 2013-04 | 2.0% | -5.4% |
| 2013-03 | 1.7% | -5.7% |
| 2013-02 | 2.3% | -5.1% |
| 2013-01 | 2.7% | -4.7% |
| 2012-12 | 2.7% | -4.7% |
| 2012-11 | 2.4% | -5.0% |
| 2012-10 | 1.8% | -5.5% |
| 2012-09 | 2.6% | -4.8% |
| 2012-08 | 3.2% | -4.2% |
| 2012-07 | 2.4% | -5.0% |
| 2012-06 | 1.6% | -5.7% |
| 2012-05 | 3.3% | -4.1% |
| 2012-04 | 2.8% | -4.6% |
| 2012-03 | 3.4% | -3.9% |
| 2012-02 | 3.8% | -3.6% |
| 2012-01 | 3.3% | -4.0% |
| 2011-12 | 3.0% | -4.3% |
| 2011-11 | 3.2% | -4.1% |
| 2011-10 | 3.6% | -3.7% |
| 2011-09 | 3.9% | -3.4% |
| 2011-08 | 3.7% | -3.5% |
| 2011-07 | 4.2% | -3.1% |
| 2011-06 | 4.7% | -2.7% |
| 2011-05 | 3.7% | -3.6% |
| 2011-04 | 3.3% | -4.0% |
| 2011-03 | 4.1% | -3.3% |
| 2011-02 | 6.0% | -1.5% |
| 2011-01 | 5.7% | -1.8% |
| 2010-12 | 5.3% | -2.2% |
| 2010-11 | 5.4% | -2.2% |
| 2010-10 | 5.2% | -2.3% |
| 2010-09 | 5.2% | -2.3% |
| 2010-08 | 1.7% | -5.6% |
| 2010-07 | 2.9% | -4.4% |
| 2010-06 | 3.2% | -4.1% |
| 2010-05 | 4.0% | -3.4% |
| 2010-04 | 5.5% | -1.9% |
| 2010-03 | 5.1% | -2.3% |
| 2010-02 | 1.2% | -5.9% |
| 2010-01 | 0.2% | -6.8% |
| 2009-12 | 1.5% | -5.5% |
| 2009-11 | -0.4% | -7.4% |
| 2009-10 | -3.2% | -10.1% |
| 2009-09 | -6.6% | -13.3% |
| 2009-08 | -5.5% | -12.3% |
| 2009-07 | -7.3% | -14.0% |
| 2009-06 | -8.6% | -15.2% |
| 2009-05 | -10.0% | -16.5% |
| 2009-04 | -10.4% | -16.9% |
| 2009-03 | -11.3% | -17.6% |
| 2009-02 | -10.0% | -16.4% |
| 2009-01 | -10.3% | -16.6% |
| 2008-12 | -11.5% | -17.8% |
| 2008-11 | -11.3% | -17.5% |
| 2008-10 | -9.1% | -15.3% |
| 2008-09 | -6.3% | -12.7% |
| 2008-08 | -4.9% | -11.3% |
| 2008-07 | -3.8% | -10.2% |
| 2008-06 | -2.5% | -9.1% |
| 2008-05 | -2.6% | -9.3% |
| 2008-04 | -2.1% | -8.8% |
| 2008-03 | -2.3% | -8.9% |
| 2008-02 | -1.8% | -8.5% |
| 2008-01 | -1.0% | -7.7% |
| 2007-12 | -1.2% | -7.9% |
| 2007-11 | 1.0% | -5.9% |
| 2007-10 | 1.1% | -5.8% |
| 2007-09 | 1.2% | -5.7% |
| 2007-08 | 1.0% | -6.0% |
| 2007-07 | 0.4% | -6.5% |
| 2007-06 | 0.0% | -6.8% |
| 2007-05 | 1.3% | -5.6% |
| 2007-04 | -0.1% | -7.0% |
| 2007-03 | 0.4% | -6.5% |
| 2007-02 | 0.3% | -6.5% |
| 2007-01 | -0.3% | -7.1% |
| 2006-12 | 2.2% | -4.7% |
| 2006-11 | 1.6% | -5.3% |
| 2006-10 | 2.9% | -4.2% |
| 2006-09 | 2.2% | -4.7% |
| 2006-08 | 1.4% | -5.4% |
| 2006-07 | -0.5% | -7.1% |
| 2006-06 | -0.3% | -6.9% |
| 2006-05 | 2.4% | -4.5% |
| 2006-04 | 2.7% | -4.2% |
| 2006-03 | 3.3% | -3.6% |
| 2006-02 | 3.0% | -3.9% |
| 2006-01 | 4.7% | -2.3% |
| 2005-12 | 1.2% | -5.5% |
| 2005-11 | 2.4% | -4.4% |
| 2005-10 | 1.3% | -5.4% |
| 2005-09 | 1.3% | -5.4% |
| 2005-08 | 4.1% | -2.9% |
| 2005-07 | 5.6% | -1.5% |
| 2005-06 | 6.4% | -0.8% |
| 2005-05 | 2.3% | -4.5% |
| 2005-04 | 3.4% | -3.4% |
| 2005-03 | 2.2% | -4.6% |
| 2005-02 | 3.9% | -3.0% |
| 2005-01 | 3.3% | -3.6% |
| 2004-12 | 4.6% | -2.4% |
| 2004-11 | 3.4% | -3.5% |
| 2004-10 | 3.5% | -3.4% |
| 2004-09 | 3.6% | -3.3% |
| 2004-08 | 1.2% | -5.6% |
| 2004-07 | 2.2% | -4.6% |
| 2004-06 | 1.9% | -4.8% |
| 2004-05 | 4.2% | -2.7% |
| 2004-04 | 4.0% | -3.0% |
| 2004-03 | 5.6% | -1.5% |
| 2004-02 | 5.0% | -2.0% |
| 2004-01 | 2.6% | -4.2% |
| 2003-12 | 3.0% | -3.9% |
| 2003-11 | 3.8% | -3.1% |
| 2003-10 | 3.3% | -3.6% |
| 2003-09 | 3.9% | -2.9% |
| 2003-08 | 2.6% | -4.2% |
| 2003-07 | 2.1% | -4.7% |
| 2003-06 | 2.6% | -4.2% |
| 2003-05 | 1.7% | -5.0% |
| 2003-04 | 0.6% | -6.1% |
| 2003-03 | 0.6% | -6.0% |
| 2003-02 | -0.9% | -7.4% |
| 2003-01 | 1.5% | -5.1% |
| 2002-12 | 1.3% | -5.3% |
| 2002-11 | -1.0% | -7.5% |
| 2002-10 | -3.9% | -10.2% |
| 2002-09 | 3.1% | -3.8% |
| 2002-08 | 1.9% | -4.8% |
| 2002-07 | 2.5% | -4.2% |
| 2002-06 | 1.1% | -5.6% |
| 2002-05 | -0.0% | -6.6% |
| 2002-04 | 0.8% | -5.8% |
| 2002-03 | 1.6% | -5.1% |
| 2002-02 | 1.1% | -5.5% |
| 2002-01 | 0.4% | -6.2% |
| 2001-12 | 1.4% | -5.3% |
| 2001-11 | 2.2% | -4.5% |
| 2001-10 | 4.5% | -2.3% |
| 2001-09 | -3.3% | -9.5% |
| 2001-08 | 0.6% | -6.0% |
| 2001-07 | 0.1% | -6.4% |
| 2001-06 | -0.7% | -7.1% |
ShadowStats' newsletter regularly published "corrected" real growth for nominal series by substituting the SGS-CPI for the official deflator; retail sales was the recurring example. Both lines here start from the same official nominal retail and food services sales (Census, from 1992); only the deflator differs. The corrected line inherits the 1980-base add-factor and its caveats wholesale.