The Council of Economic Advisers (CEA) is a United States agency within the Executive Office of the President established in 1946, which advises the president of the United States on economic policy. The CEA provides much of the empirical research for the White House and prepares the publicly-available annual Economic Report of the President. The council is made up of its chairperson and generally two to three additional member economists. Its chairperson requires appointment and Senate confirmation, and its other members are appointed by the president.

The report is published by the CEA annually in February, no later than 10 days after the budget of the US government is submitted. The president typically writes a letter introducing the report, serving as an executive summary. The report proceeds with several hundred pages of qualitative and quantitative research reviewing the impact of economic activity in the previous year, outlining economic goals for the coming year (based on the president's economic agenda), and making numerical projections of economic performance and outcomes. The data referenced or used in the report are from the Bureau of Economic Analysis and U.S. Bureau of Labor Statistics.^{[citation needed]}

The Truman administration established the Council of Economic Advisers via the Employment Act of 1946 to provide presidents with objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. It was a step from an "ad hoc style of economic policy-making to a more institutionalized and focused process". The act gave the council the following goals:

1. to assist and advise the President in the preparation of the Economic Report;

2. to gather timely and authoritative information concerning economic developments and economic trends, both current and prospective, to analyze and interpret such information in the light of the policy declared in section 2 for the purpose of determining whether such developments and trends are interfering, or are likely to interfere, with the achievement of such policy, and to compile and submit to the President studies relating to such developments and trends;

3. to appraise the various programs and activities of the Federal Government in the light of the policy declared in section 2 for the purpose of determining the extent to which such programs and activities are contributing, and the extent to which they are not contributing, to the achievement of such policy, and to make recommendations to the President with respect thereto;

4. to develop and recommend to the President national economic policies to foster and promote free competitive enterprise, to avoid economic fluctuations or to diminish the effects thereof, and to maintain employment, production, and purchasing power;

5. to make and furnish such studies, reports thereon, and recommendations with respect to matters of Federal economic policy and legislation as the President may request.