Full text of Economic Indicators : March 2000
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
106th Congress, 2nd Session Economic Indicators MARCH 2000 (Includes data available as of April 11, 2000) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2000 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) CONNIE MACK, Florida, Chairman JIM SAXTON, New Jersey, Vice Chairman SENATE WILLIAM V. ROTH, Jr. (Delaware) ROBERT F. BENNETT (Utah) ROD GRAMS (Minnesota) SAM BROWNBACK (Kansas) JEFF SESSIONS (Alabama) CHARLES S. ROBB (Virginia) PAUL S. SARBANES (Maryland) EDWARD M. KENNEDY (Massachusetts) JEFF BINGAMAN (New Mexico) HOUSE OF REPRESENTATIVES MARK SANFORD (South Carolina) JOHN DOOLITTLE (California) TOM CAMPBELL (California) JOSEPH R. PITTS (Pennsylvania) PAUL RYAN (Wisconsin) PETE STARK (California) CAROLYN B. MALONEY (New York) DAVID MINGE (Minnesota) MELVIN L. WATT (North Carolina) SHELLEY S. HYMES, Executive Director COUNCIL OF ECONOMIC ADVISERS MARTIN N. BAILY, Chair ROBERT Z. LAWRENCE, Member KATHRYN L. SHAW, Member-Nominee [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled ‘‘Economic Indicators’’ Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared by the Art Production Section, Design and Graphics Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $3.00 a single copy ($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328 ISBN 0–16–060456–7 ii TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the fourth quarter of 1999, according to revised estimates, current-dollar gross domestic product (GDP) rose 9.4 percent (annual rate), real GDP (GDP in chained 1996 dollars) rose 7.3 percent, and the implicit price deflator rose 1.9 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1990 ...................... 1991 ...................... 1992 ...................... 1993 ...................... 1994 ...................... 1995 ...................... 1996 ...................... 1997 ...................... 1998 ...................... 1999 r .................... 1996: III .............. IV ............... 1997: I ................. II ................ III .............. IV ............... 1998: I ................. II ................ III .............. IV ............... 1999: I ................. II ................ III .............. IV r ............. Personal Gross Gross conprivate domestic sumption domestic product expendi- investtures ment 5,803.2 5,986.2 6,318.9 6,642.3 7,054.3 7,400.5 7,813.2 8,300.8 8,759.9 9,256.1 7,859.0 7,981.4 8,125.9 8,259.5 8,364.5 8,453.0 8,610.6 8,683.7 8,797.9 8,947.6 9,072.7 9,146.2 9,297.8 9,507.9 3,831.5 3,971.2 4,209.7 4,454.7 4,716.4 4,969.0 5,237.5 5,524.4 5,848.6 6,257.3 5,263.7 5,337.9 5,430.8 5,466.3 5,569.1 5,631.3 5,714.7 5,816.2 5,889.6 5,973.7 6,090.8 6,200.8 6,303.7 6,434.1 861.7 800.2 866.6 955.1 1,097.1 1,143.8 1,242.7 1,383.7 1,531.2 1,622.7 1,282.6 1,284.3 1,327.0 1,392.2 1,395.9 1,419.6 1,514.3 1,495.0 1,535.3 1,580.3 1,594.3 1,585.4 1,635.0 1,675.8 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports ¥71.4 ¥20.7 ¥27.9 ¥60.5 ¥87.1 ¥84.3 ¥89.0 ¥88.3 ¥149.6 ¥253.9 ¥110.6 ¥79.7 ¥87.7 ¥77.5 ¥90.6 ¥97.4 ¥117.4 ¥153.9 ¥165.7 ¥161.2 ¥201.6 ¥245.8 ¥278.2 ¥290.1 557.2 601.6 636.8 658.0 725.1 818.6 874.2 968.0 966.3 998.3 865.6 913.1 929.6 965.3 988.6 988.6 974.3 960.1 949.1 981.8 966.9 978.2 1,008.5 1,039.5 Imports Total Total 1 GDP less exports of goods and services plus imports of goods and services. Note.—See Note, p. 2. 628.6 622.3 664.6 718.5 812.1 902.8 963.1 1,056.3 1,115.9 1,252.2 976.1 992.8 1,017.3 1,042.8 1,079.2 1,086.0 1,091.7 1,114.0 1,114.8 1,143.1 1,168.5 1,224.0 1,286.6 1,329.6 1,181.4 1,235.5 1,270.5 1,293.0 1,327.9 1,372.0 1,421.9 1,481.0 1,529.7 1,630.1 1,423.4 1,438.9 1,455.8 1,478.6 1,490.1 1,499.5 1,499.0 1,526.5 1,538.7 1,554.8 1,589.1 1,605.9 1,637.2 1,688.0 508.4 527.4 534.5 527.3 521.1 521.5 531.6 537.8 538.7 570.6 529.1 529.4 530.2 543.0 540.9 537.1 526.1 542.2 539.7 546.7 557.4 561.6 569.8 593.6 National defense 374.9 384.5 378.5 364.9 355.1 350.6 357.0 352.5 348.6 364.5 355.6 355.0 347.0 354.9 354.5 353.6 338.9 347.9 354.7 352.9 355.8 354.3 365.4 382.6 Nondefense 133.6 142.9 156.0 162.4 165.9 170.9 174.6 185.3 190.1 206.1 173.5 174.5 183.2 188.1 186.4 183.5 187.2 194.3 185.0 193.8 201.6 207.3 204.4 211.1 State and local 673.0 708.1 736.0 765.7 806.8 850.5 890.4 943.2 991.0 1,059.4 894.3 909.4 925.6 935.6 949.2 962.3 972.9 984.2 999.0 1,008.1 1,031.8 1,044.3 1,067.4 1,094.4 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 5,788.7 5,986.4 6,303.9 6,621.2 6,991.8 7,367.5 7,783.2 8,232.4 8,688.7 9,211.5 7,809.0 7,947.9 8,073.0 8,166.9 8,306.9 8,382.8 8,511.7 8,642.9 8,724.2 8,876.2 9,021.6 9,128.6 9,257.0 9,438.8 5,874.7 6,006.9 6,346.8 6,702.8 7,141.4 7,484.8 7,902.1 8,389.1 8,909.5 9,510.0 7,969.6 8,061.1 8,213.6 8,337.0 8,455.1 8,550.4 8,728.0 8,837.7 8,963.6 9,108.8 9,274.2 9,392.0 9,575.9 9,798.0 5,832.2 6,010.9 6,342.3 6,666.7 7,071.1 7,420.9 7,831.2 8,305.0 8,750.0 9,236.2 7,870.5 7,997.7 8,131.1 8,269.1 8,366.5 8,453.3 8,613.7 8,683.7 8,772.2 8,930.5 9,058.2 9,131.9 9,282.3 9,472.3 Source: Department of Commerce, Bureau of Economic Analysis. 1 REAL GROSS DOMESTIC PRODUCT [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] Period Gross domestic product 1990 r 1991 r 1992 r 1993 r 1994 r 1995 r 1996 r 1997 r 1998 r 1999 r 1996: ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... III r ... IV r .... 1997: I r ...... II r ..... III r ... IV r .... 1998: I r ...... II r ..... III r ... IV r .... 1999: I r ...... II r ..... III r ... IV r .... 6,707.9 6,676.4 6,880.0 7,062.6 7,347.7 7,543.8 7,813.2 8,144.8 8,495.7 8,848.2 7,841.9 7,931.3 8,018.7 8,115.4 8,192.2 8,253.2 8,391.1 8,436.3 8,515.7 8,639.5 8,717.6 8,758.3 8,879.8 9,037.2 Personal consumption expenditures Gross private domestic investment Exports and imports of goods and services Nonresidential fixed investment Resi- Change dential in prifixed vate invest- invenment tories Net exports Exports 641.7 610.1 630.6 683.6 744.6 817.5 899.4 995.7 1,122.5 1,215.8 914.3 936.2 957.9 980.8 1,018.0 1,026.1 1,088.6 1,120.2 1,120.3 1,160.8 1,182.7 1,202.9 1,234.3 1,243.2 253.5 221.1 257.2 276.0 302.7 291.7 313.3 320.6 350.2 376.1 317.3 314.0 316.3 320.0 320.5 325.7 336.5 347.4 354.2 362.6 373.7 378.8 375.1 376.8 ¥56.5 ¥15.8 ¥19.8 ¥59.1 ¥86.5 ¥78.4 ¥89.0 ¥112.1 ¥217.6 ¥323.0 ¥115.9 ¥74.6 ¥92.6 ¥103.2 ¥121.3 ¥131.5 ¥174.5 ¥221.0 ¥240.3 ¥234.4 ¥286.6 ¥321.1 ¥340.4 ¥344.1 575.7 613.2 651.0 672.7 732.8 808.2 874.2 983.1 1,004.6 1,042.3 867.0 923.5 942.1 977.6 1,004.2 1,008.4 1,004.5 994.5 990.6 1,028.7 1,014.3 1,024.3 1,052.6 1,078.2 4,474.5 4,466.6 4,594.5 4,748.9 4,928.1 5,075.6 5,237.5 5,417.3 5,681.8 5,983.6 5,254.3 5,291.9 5,349.2 5,369.3 5,453.1 5,497.3 5,575.1 5,658.8 5,714.2 5,779.3 5,871.3 5,944.5 6,015.7 6,102.9 16.5 ¥1.0 17.1 20.0 66.8 30.4 30.0 69.1 74.3 42.2 51.2 32.9 51.5 93.1 59.2 72.7 107.3 43.1 76.1 70.7 50.1 14.0 38.0 66.7 Government consumption expenditures and gross investment Federal Imports Total Total 632.2 629.0 670.8 731.8 819.4 886.6 963.1 1,095.2 1,222.2 1,365.4 982.9 998.1 1,034.7 1,080.8 1,125.5 1,139.9 1,179.0 1,215.6 1,231.0 1,263.1 1,300.9 1,345.4 1,393.0 1,422.3 1 GDP less exports of goods and services plus imports of goods and services. NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 1,387.3 1,403.4 1,410.0 1,398.8 1,400.1 1,406.4 1,421.9 1,453.7 1,478.8 1,534.1 1,422.0 1,430.6 1,436.0 1,455.8 1,461.8 1,461.4 1,457.6 1,479.1 1,483.9 1,494.7 1,513.4 1,518.3 1,535.3 1,569.6 National defense 606.8 604.9 595.1 572.0 551.3 536.5 531.6 530.7 525.9 540.8 529.5 527.6 523.8 536.2 534.4 528.6 515.2 529.8 526.8 531.9 531.2 534.1 539.5 558.3 443.2 438.4 417.1 394.7 375.9 361.9 357.0 348.3 341.7 347.8 355.4 353.3 342.9 350.8 350.7 348.6 332.7 341.6 347.5 344.9 341.4 339.2 348.3 362.4 Nondefense 163.0 166.0 177.9 177.3 175.5 174.6 174.6 182.5 184.2 192.9 174.1 174.4 180.9 185.3 183.6 180.0 182.4 188.1 179.4 186.9 189.7 194.7 191.1 195.9 State and local 781.1 798.9 815.3 827.0 848.9 869.9 890.4 923.0 952.7 993.1 892.5 903.0 912.2 919.6 927.3 932.7 942.2 949.1 956.9 962.6 981.8 984.0 995.5 1,011.1 Final sales of domestic product 6,695.6 6,681.5 6,867.7 7,043.8 7,285.8 7,512.2 7,783.2 8,075.5 8,420.8 8,800.5 7,792.1 7,897.6 7,966.4 8,022.7 8,132.6 8,180.3 8,285.5 8,389.5 8,439.4 8,568.7 8,665.0 8,737.5 8,835.0 8,964.6 Gross domestic purchases 1 6,764.9 6,688.4 6,896.4 7,120.6 7,434.2 7,621.8 7,902.1 8,255.9 8,704.8 9,151.2 7,957.9 8,006.5 8,111.5 8,218.1 8,311.7 8,382.3 8,560.7 8,648.6 8,746.0 8,863.7 8,988.8 9,059.5 9,197.8 9,358.6 Addendum: Gross national product 6,740.0 6,703.4 6,905.8 7,087.8 7,364.3 7,564.0 7,831.2 8,150.9 8,487.8 8,830.8 7,853.5 7,947.9 8,025.1 8,126.7 8,196.1 8,255.7 8,396.0 8,438.2 8,492.8 8,624.4 8,705.1 8,746.0 8,866.8 9,005.2 Real GDP and selected related series (as well as selected current-dollar series) reflect revisions for 1959–99 released on March 30, 2000. The revisions reflect corrections to: real services furnished without payment by financial intermediaries; private consumption of fixed capital and the capital consumption adjustment; and the allocation of indirect business tax and nontax liabilities by legal form of organization and by industry. See April 2000 Survey of Current Business for details. Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [Index numbers, 1996=100; quarterly data are seasonally adjusted] Personal consumption expenditures Period 1990 r 1991 r 1992 r 1993 r 1994 r 1995 r 1996 r 1997 r 1998 r 1999 r 1996: ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ III r ........ IV r ......... 1997: I r ........... II r .......... III r ........ IV r ......... 1998: I r ........... II r .......... III r ........ IV r ......... 1999: I r ........... II r .......... III r ........ IV r ......... Gross domestic product 86.51 89.66 91.84 94.05 96.01 98.10 100.00 101.91 103.11 104.61 100.22 100.63 101.34 101.78 102.10 102.42 102.62 102.93 103.31 103.57 104.07 104.43 104.71 105.21 Note.—See Note on table above. 2 Total 85.63 88.91 91.62 93.81 95.70 97.90 100.00 101.98 102.93 104.58 100.18 100.87 101.53 101.81 102.13 102.44 102.50 102.78 103.07 103.36 103.74 104.31 104.79 105.43 Gross private domestic investment Durable goods Nondurable goods Services 96.00 97.39 98.28 99.06 100.56 101.06 100.00 97.79 95.45 93.00 99.78 99.33 99.06 98.14 97.33 96.72 96.35 95.85 95.31 94.36 93.69 93.24 92.77 92.37 90.98 93.76 95.20 96.14 96.83 97.93 100.00 101.35 101.40 103.77 100.02 100.91 101.33 101.17 101.32 101.55 101.20 101.15 101.45 101.77 102.19 103.47 104.19 105.18 80.95 84.82 88.50 91.56 94.16 97.25 100.00 103.17 105.31 107.52 100.34 101.16 102.13 102.89 103.54 104.09 104.47 105.08 105.55 106.11 106.71 107.16 107.73 108.44 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Nonresidential fixed Residential fixed 98.23 99.80 99.29 99.81 100.54 100.93 100.00 99.04 97.22 95.97 99.93 99.72 99.46 99.18 98.99 98.57 97.91 97.37 97.04 96.60 96.39 96.05 95.73 95.72 85.54 86.64 87.69 91.23 94.48 97.91 100.00 102.68 105.30 109.36 100.52 101.02 101.59 102.13 103.18 103.78 103.85 104.61 105.73 106.89 107.93 108.89 110.01 110.61 Exports Imports Total 96.79 98.10 97.82 97.82 98.94 101.28 100.00 98.47 96.19 95.77 99.84 98.88 98.67 98.74 98.44 98.03 97.00 96.54 95.81 95.45 95.33 95.50 95.80 96.42 99.43 98.93 99.09 98.18 99.12 101.83 100.00 96.45 91.31 91.71 99.31 99.47 98.32 96.48 95.88 95.27 92.60 91.65 90.56 90.50 89.82 90.98 92.36 93.48 83.79 87.18 89.82 92.18 94.51 97.21 100.00 101.33 102.42 105.52 99.93 100.34 101.23 101.27 101.22 101.61 102.11 102.34 102.44 102.79 104.92 105.15 105.63 106.33 National defense Nondefense State and local 84.57 87.70 90.75 92.45 94.49 96.88 100.00 101.22 102.03 104.80 100.06 100.49 101.20 101.16 101.07 101.44 101.86 101.85 102.07 102.32 104.20 104.46 104.92 105.58 81.95 86.07 87.71 91.58 94.55 97.90 100.00 101.55 103.18 106.86 99.66 100.06 101.28 101.48 101.52 101.94 102.62 103.28 103.15 103.67 106.26 106.45 106.95 107.75 86.16 88.64 90.28 92.59 95.04 97.77 100.00 102.19 104.03 106.68 100.20 100.71 101.48 101.74 102.35 103.18 103.26 103.70 104.40 104.73 105.09 106.13 107.22 108.23 Source: Department of Commerce, Bureau of Economic Analysis. GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 1996=100 Period 1990 r 1991 r 1992 r 1993 r 1994 r 1995 r 1996 r 1997 r 1998 r 1999 r 1994: 1995: 1996: 1997: 1998: 1999: Real GDP (chain-type quantity index) GDP (current dollars) ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ I r ....................................................... II r ..................................................... III r .................................................... IV r .................................................... I r ....................................................... II r ..................................................... III r .................................................... IV r .................................................... I r ....................................................... II r ..................................................... III r .................................................... IV r .................................................... I r ....................................................... II r ..................................................... III r .................................................... IV r .................................................... I r ....................................................... II r ..................................................... III r .................................................... IV r .................................................... I r ....................................................... II r ..................................................... III r .................................................... IV r .................................................... 74.28 76.62 80.88 85.01 90.29 94.72 100.00 106.24 112.12 118.47 88.16 89.79 90.82 92.38 93.40 93.98 95.13 96.37 97.65 99.61 100.59 102.15 104.00 105.71 107.06 108.19 110.21 111.14 112.60 114.52 116.12 117.06 119.00 121.69 GDP chain-type price index 85.85 85.45 88.06 90.39 94.04 96.55 100.00 104.25 108.74 113.25 92.53 93.82 94.33 95.49 95.85 96.03 96.78 97.55 98.25 99.87 100.37 101.51 102.63 103.87 104.85 105.63 107.40 107.98 108.99 110.58 111.58 112.10 113.65 115.67 86.53 89.66 91.85 94.05 96.01 98.10 100.00 101.91 103.11 104.55 95.28 95.72 96.29 96.74 97.45 97.86 98.31 98.79 99.40 99.74 100.23 100.63 101.33 101.77 102.11 102.44 102.68 102.96 103.30 103.51 104.03 104.37 104.65 105.16 1 Percent changes based on unrounded data. Quarterly percent changes are at annual rates. Note.—See Note, p. 2. GDP implicit price deflator GDP (current dollars) 86.51 89.66 91.84 94.05 96.01 98.10 100.00 101.91 103.11 104.61 95.28 95.71 96.28 96.74 97.45 97.86 98.30 98.78 99.39 99.74 100.22 100.63 101.34 101.78 102.10 102.42 102.62 102.93 103.31 103.57 104.07 104.43 104.71 105.21 5.7 3.2 5.6 5.1 6.2 4.9 5.6 6.2 5.5 5.7 5.5 7.6 4.7 7.0 4.5 2.5 5.0 5.3 5.4 8.3 4.0 6.4 7.4 6.7 5.2 4.3 7.7 3.4 5.4 7.0 5.7 3.3 6.8 9.4 Real GDP (chain-type quantity index) GDP chain-type price index 1.8 ¥.5 3.0 2.7 4.0 2.7 3.6 4.2 4.3 4.2 3.4 5.7 2.2 5.0 1.5 .8 3.1 3.2 2.9 6.8 2.0 4.6 4.5 4.9 3.8 3.0 6.9 2.2 3.8 5.9 3.7 1.9 5.7 7.3 GDP implicit price deflator 3.9 3.6 2.4 2.4 2.1 2.2 1.9 1.9 1.2 1.4 2.1 1.8 2.4 1.9 3.0 1.7 1.8 2.0 2.5 1.4 2.0 1.6 2.8 1.8 1.3 1.3 .9 1.1 1.3 .8 2.0 1.3 1.1 2.0 3.9 3.6 2.4 2.4 2.1 2.2 1.9 1.9 1.2 1.5 2.0 1.8 2.4 1.9 3.0 1.7 1.8 2.0 2.5 1.4 1.9 1.7 2.8 1.7 1.3 1.2 .8 1.2 1.5 1.0 2.0 1.4 1.1 1.9 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS–OUTPUT, PRICE, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Gross product of nonfinancial corporate business (billions of dollars) Period 1991 r 1992 r 1993 r 1994 r 1995 r 1996 r 1997 r 1998 r 1999 r 1997: ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... I r .................................................. II r ................................................ III r ............................................... IV r ............................................... 1998: I r .................................................. II r ................................................ III r ............................................... IV r ............................................... 1999: I r .................................................. II r ................................................ III r ............................................... IV r ............................................... 1 The Current dollars Chained (1996) dollars 3,150.6 3,288.0 3,457.6 3,737.2 3,945.9 4,159.5 4,464.4 4,766.4 5,072.5 4,343.9 4,418.0 4,513.4 4,582.5 4,656.2 4,716.9 4,813.9 4,878.6 4,956.7 5,022.8 5,102.5 5,207.9 3,381.9 3,468.4 3,573.8 3,801.5 3,960.1 4,159.5 4,439.6 4,736.6 5,013.9 4,325.1 4,391.9 4,486.0 4,555.3 4,633.9 4,692.1 4,777.9 4,842.5 4,911.0 4,964.2 5,044.0 5,136.5 Price, costs, and profits per unit of real output (dollars) Price per unit of real gross product of nonfinancial corporate business 1 Compensation of employees (unit labor cost) 0.932 .948 .967 .983 .996 1.000 1.006 1.006 1.012 1.004 1.006 1.006 1.006 1.005 1.005 1.008 1.007 1.009 1.012 1.012 1.014 0.617 .633 .641 .639 .645 .641 .644 .652 .658 .643 .644 .642 .648 .649 .652 .653 .656 .656 .659 .659 .657 deflator for gross product of nonfinancial corporate business divided by 100. business tax and nontax liability plus business transfer payments less subsidies. 3 Unit profits from current production. 2 Indirect Corporate profits with inventory valuation and capital consumption adjustments 3 Unit nonlabor cost Total 0.240 .236 .236 .238 .239 .236 .235 .232 .234 .235 .236 .234 .233 .232 .232 .231 .234 .232 .232 .235 .236 Consumption of fixed capital Indirect business tax, etc.2 Net interest 0.105 .107 .108 .109 .110 .111 .111 .110 .111 .111 .111 .110 .110 .110 .110 .110 .110 .110 .110 .112 .111 0.093 .096 .098 .101 .100 .099 .097 .096 .097 .097 .098 .097 .096 .096 .096 .095 .098 .096 .096 .096 .098 0.042 .033 .030 .028 .029 .026 .027 .026 .026 .027 .027 .027 .027 .026 .026 .026 .026 .026 .026 .027 .027 Total 0.075 .080 .091 .106 .112 .122 .127 .122 .120 .126 .126 .130 .125 .124 .121 .124 .118 .122 .121 .118 .121 Profits tax liability 0.025 .026 .029 .034 .035 .036 .036 .032 .033 .035 .035 .037 .035 .033 .033 .033 .031 .032 .034 .034 .034 Profits after tax 4 0.049 .054 .062 .072 .077 .086 .091 .090 .087 .090 .091 .093 .090 .091 .089 .091 .088 .089 .087 .084 .086 4 With inventory valuation and capital consumption adjustment. Note.—See Note, p. 2. Source: Department of Commerce, Bureau of Economic Analysis. 3 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] National income Period 1991 ...................................... 1992 ...................................... 1993 ...................................... 1994 ...................................... 1995 ...................................... 1996 ...................................... 1997 ...................................... 1998 ...................................... 1999 r ..................................... 1996: III .............................. IV .............................. 1997: I ................................. II ............................... III .............................. IV .............................. 1998: I ................................. II ............................... III .............................. IV .............................. 1999: I ................................. II ............................... III .............................. IV r ............................. Compensation of employees1 r4,756.6 r4,994.9 r5,251.9 r5,556.8 r5,876.7 r6,210.4 r6,635.5 r7,038.8 7,496.3 r6,254.5 r6,342.9 r6,474.4 r6,582.3 r6,695.3 r6,789.9 r6,887.3 r6,979.1 r7,090.1 r7,198.6 r7,339.4 r7,428.1 r7,527.0 7,690.9 Proprietors’ income with inventory valuation and capital consumption adjustments Farm 3,454.9 3,644.8 3,814.4 4,016.2 4,202.5 4,395.6 4,675.7 5,011.2 5,331.7 4,427.8 4,489.4 4,566.1 4,631.3 4,705.2 4,800.3 4,889.4 4,967.0 5,053.6 5,134.7 5,217.7 5,287.1 5,373.6 5,448.3 Rental income of persons with capital consumption adjustment Nonfarm 26.4 32.7 30.1 31.9 22.2 34.3 29.5 25.1 31.3 38.0 31.7 32.5 30.2 28.9 26.3 17.5 18.7 22.9 41.1 32.5 34.1 21.0 37.6 357.8 401.7 431.7 444.6 475.5 510.5 549.1 581.0 627.3 515.5 521.4 536.6 544.9 554.0 561.0 569.1 575.5 583.6 596.0 607.5 621.2 633.0 647.4 56.4 63.3 90.9 110.3 117.9 129.7 130.2 137.4 145.9 130.1 131.4 132.4 132.0 129.4 126.7 129.5 133.9 139.3 147.0 148.6 148.8 139.0 147.3 1 Includes employer contributions for social insurance. (See also p. 5.) Note.—See Note, p. 2. Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Total r431.2 r453.1 r 510.5 r573.2 r668.8 r754.0 r838.5 r848.4 892.7 r755.0 r775.8 r804.4 r832.0 r863.2 r854.3 r858.4 r849.4 r846.8 r839.0 r886.9 r880.5 r884.1 919.4 Profits before tax Inventory valuation adjustment 416.1 451.6 510.4 573.4 668.5 726.3 795.9 781.9 848.5 724.9 741.0 763.3 786.5 822.1 811.6 788.9 792.0 780.1 766.7 818.1 835.8 853.8 886.3 4.9 ¥2.8 ¥4.0 ¥12.4 ¥18.3 3.1 7.4 20.9 ¥13.0 4.7 7.1 9.3 11.2 4.9 4.0 29.5 13.6 19.8 20.8 13.3 ¥13.6 ¥26.7 ¥24.9 421.1 448.8 506.4 561.0 650.2 729.4 803.2 802.8 835.6 729.6 748.1 772.6 797.7 827.0 815.5 818.4 805.6 799.9 787.4 831.4 822.2 827.1 861.4 Capital consumption adjustment r10.2 r4.3 r4.1 r12.2 r18.6 r24.6 r35.3 r45.6 57.2 r25.4 r27.7 r31.8 r34.3 r36.2 r38.8 r40.1 r43.8 r46.9 r51.6 r55.5 r58.2 r57.0 58.0 Net interest 429.8 399.5 374.3 380.5 389.8 386.3 412.5 435.7 467.5 388.1 393.3 402.3 411.8 414.6 421.2 423.3 434.6 444.0 440.8 446.3 456.4 476.3 491.0 Source: Department of Commerce, Bureau of Economic Analysis. REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (1996) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durable goods Period 1991 ................. 1992 ................. 1993 ................. 1994 ................. 1995 ................. 1996 ................. 1997 ................. 1998 ................. 1999 r ................ 1996: III ......... IV .......... 1997: I ............ II ........... III ......... IV .......... 1998: I ............ II ........... III ......... IV .......... 1999: I ............ II ........... III ......... IV r ......... 1 Includes Total personal consumption expenditures r4,466.6 r4,594.5 r4,748.9 r4,928.1 r5,075.6 5,237.5 r5,417.3 r5,681.8 5,983.6 r5,254.3 r5,291.9 r5,349.2 r5,369.3 r5,453.1 r5,497.3 r5,575.1 r5,658.8 r5,714.2 r5,779.3 r5,871.3 r5,944.5 r6,015.7 6,102.9 Total durable goods 454.9 479.0 518.3 557.7 583.5 616.5 657.4 731.5 815.7 618.1 625.7 642.1 639.7 669.7 678.0 704.9 723.9 731.2 766.0 788.8 806.1 821.2 846.7 Motor vehicles and parts 211.8 225.7 242.2 255.1 253.4 256.3 263.8 291.9 318.2 255.2 253.4 261.1 252.9 270.9 270.4 281.5 291.7 286.7 307.4 310.4 317.2 319.6 325.7 Furniture and household equipment 152.7 161.5 177.4 196.3 215.4 236.9 262.1 297.4 341.9 238.7 245.5 251.4 257.8 266.2 273.1 284.8 290.4 301.7 312.6 326.7 335.5 346.0 359.4 Nondurable goods Other 92.6 94.1 100.7 107.6 115.0 123.3 131.6 142.7 157.3 124.1 126.7 129.6 129.3 132.8 134.7 138.9 141.9 143.7 146.5 152.9 154.7 157.6 164.1 Total nondurable goods 1,364.0 1,389.7 1,430.3 1,485.1 1,529.0 1,574.1 1,619.9 1,685.3 1,776.1 1,578.6 1,593.9 1,609.0 1,608.2 1,630.7 1,631.8 1,654.9 1,681.9 1,692.0 1,712.6 1,749.5 1,763.7 1,779.3 1,812.0 Food 721.4 725.6 745.1 764.9 777.0 786.0 799.1 820.6 851.8 785.3 788.5 798.7 796.7 802.2 798.9 805.7 818.2 823.0 835.4 839.5 844.6 850.0 873.1 other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. See Note, p. 2. 4 Clothing and shoes 197.8 208.8 218.5 231.6 244.3 258.6 271.1 292.2 317.8 261.6 264.3 267.8 264.7 274.7 277.1 287.8 293.1 292.2 295.6 314.7 316.8 321.6 318.1 Gasoline and oil 109.4 112.5 115.4 117.4 120.2 124.2 126.2 127.7 128.3 124.5 125.9 125.1 126.7 126.6 126.4 126.6 127.9 128.5 127.7 127.1 127.5 128.2 130.4 Services Fuel oil and coal 12.9 13.2 14.0 15.0 15.7 15.6 15.1 14.5 16.0 15.5 14.9 14.3 15.3 15.6 15.1 14.2 14.7 14.7 14.2 15.8 16.4 16.3 15.6 Other 325.1 331.2 338.5 356.8 372.0 389.8 408.5 430.6 462.2 391.7 400.4 403.1 404.8 411.7 414.6 420.9 428.3 433.9 439.4 452.6 458.6 463.5 474.1 Total services 1 r2,651.8 r2,729.7 r2,802.5 r2,886.2 r2,963.4 r3,047.0 r3,140.3 r3,268.0 3,400.1 r3,057.7 r3,072.2 r3,098.2 r3,121.3 r3,153.5 r3,188.1 r3,217.2 r3,255.6 r3,293.3 r3,305.9 r3,339.8 r3,382.3 r3,423.4 3,454.7 Housing Medical care 709.8 719.3 728.1 749.1 763.7 772.6 786.5 805.6 826.0 773.6 777.0 781.2 784.2 788.1 792.6 798.4 804.1 808.0 812.0 818.4 823.1 828.5 834.1 734.4 765.4 775.4 783.1 797.7 814.4 831.0 854.4 876.9 816.3 824.6 824.1 828.5 833.3 838.2 846.4 852.7 856.4 862.2 865.6 872.0 880.9 889.1 Source: Department of Commerce, Bureau of Economic Analysis. Retail sales of new passenger cars and light trucks (millions of units) 12.3 12.8 13.9 15.0 14.7 15.0 15.1 15.4 16.8 15.1 14.9 15.4 14.5 15.3 15.0 15.2 16.1 14.6 16.0 16.2 16.7 17.2 16.9 SOURCES OF PERSONAL INCOME Personal income rose $32.6 billion (annual rate) in February, following an increase of $58.7 billion in January. Wages and salaries increased $12.8 billion in February, following an increase of $40.9 billion in January. [Billions of dollars; monthly data at seasonally adjusted annual rates] Period Total personal income Wage and salary disbursements 1 Proprietors’ income 3 Other labor income 1 2 Farm Nonfarm Rental income of persons 4 Personal dividend income Personal interest income Transfer payments 5 Less: Personal contributions for social insurance 1991 ................................................................. 1992 ................................................................. 1993 ................................................................. 1994 ................................................................. 1995 ................................................................. 1996 ................................................................. 1997 ................................................................. 1998 ................................................................ 1999 r ............................................................... 5,085.4 5,390.4 5,610.0 5,888.0 6,200.9 6,547.4 6,951.1 7,358.9 7,791.8 2,824.2 2,982.6 3,085.2 3,236.7 3,424.7 3,626.5 3,888.9 4,186.0 4,472.3 415.6 449.5 482.8 507.5 497.0 490.0 500.9 515.7 535.8 26.4 32.7 30.1 31.9 22.2 34.3 29.5 25.1 31.3 357.8 401.7 431.7 444.6 475.5 510.5 549.1 581.0 627.3 56.4 63.3 90.9 110.3 117.9 129.7 130.2 137.4 145.9 178.3 185.3 203.0 234.7 254.0 297.4 333.4 348.3 364.3 771.8 750.1 725.5 742.4 792.5 810.6 854.9 897.8 931.3 669.9 751.7 798.6 833.9 885.9 928.8 962.4 983.6 1,018.2 215.1 226.6 237.8 254.1 268.8 280.4 298.1 315.9 334.6 1999: Feb ....................................................... Mar ...................................................... Apr ....................................................... May ...................................................... June ..................................................... July ...................................................... Aug ...................................................... Sept ...................................................... Oct r ...................................................... Nov r ..................................................... Dec r ..................................................... 7,636.4 7,655.3 7,692.7 7,721.8 7,783.3 7,806.0 7,840.0 7,848.1 7,943.4 7,976.8 7,998.6 4,377.9 4,385.8 4,410.4 4,432.1 4,455.4 4,491.4 4,508.2 4,528.5 4,556.7 4,569.5 4,600.5 528.1 529.8 531.3 533.0 534.8 536.7 538.6 540.3 541.9 543.7 545.4 33.7 30.1 30.1 27.3 45.0 23.5 21.4 18.0 44.9 46.1 21.8 608.0 610.8 618.4 619.4 625.8 630.2 636.4 632.5 639.3 648.7 654.1 148.8 149.3 148.6 147.3 150.5 144.9 143.6 128.5 148.2 149.2 144.4 356.0 357.6 359.3 361.2 363.0 364.9 367.0 369.0 371.1 373.1 375.2 906.8 909.6 914.3 921.0 926.2 932.4 938.8 945.3 952.2 958.6 964.6 1,006.6 1,012.0 1,011.3 1,013.0 1,016.4 1,017.8 1,022.6 1,023.6 1,028.3 1,027.8 1,034.4 329.3 329.6 331.1 332.3 333.7 335.7 336.6 337.8 339.3 339.9 341.8 2000: Jan r ...................................................... Feb p ..................................................... 8,057.3 8,089.9 4,641.4 4,654.2 548.3 550.2 22.4 23.4 655.0 659.2 145.5 146.5 377.5 379.7 970.0 975.2 1,043.6 1,048.7 346.6 347.3 1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. 2 Consists primarily of employer contributions to private pension and private welfare funds. 3 With inventory valuation and capital consumption adjustments. 4 With capital consumption adjustment. 5 Consists mainly of social insurance benefits, direct relief, and veterans payments. Note.—See Note, p. 2. Source: Department of Commerce, Bureau of Economic Analysis. 5 DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in chained (1996) dollars rose at an annual rate of 3.7 percent in the fourth quarter of 1999. Period Personal income Less: Personal tax and nontax payments Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (1996) dollars Per capita disposable personal income Current dollars Chained (1996) dollars Billions of dollars 1991 .................. 1992 .................. 1993 .................. 1994 .................. 1995 .................. 1996 .................. 1997 .................. 1998 .................. 1999 r ................. 5,085.4 5,390.4 5,610.0 5,888.0 6,200.9 6,547.4 6,951.1 7,358.9 7,791.8 610.5 635.8 674.6 722.6 778.3 869.7 968.3 1,072.6 1,152.1 4,474.8 4,754.6 4,935.3 5,165.4 5,422.6 5,677.7 5,982.8 6,286.2 6,639.7 Per capita personal consumption expenditures Current dollars Chained (1996) dollars Dollars 4,103.2 4,340.9 4,584.5 4,849.9 5,120.2 5,405.6 5,711.7 6,056.6 6,483.3 371.7 413.7 350.8 315.5 302.4 272.1 271.1 229.7 156.3 r5,033.0 r5,189.3 r5,261.3 r5,397.2 r5,539.1 5,677.7 r5,866.7 r6,107.1 6,349.4 17,710 18,616 19,121 19,820 20,613 21,385 22,320 23,231 24,307 r19,919 r20,318 r20,384 r20,709 r21,055 21,385 r21,887 r22,569 23,244 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 15,717 16,482 17,259 18,097 18,888 19,727 20,610 21,614 22,907 r17,677 r¥0.7 r17,989 r2.0 r18,399 r.3 19,801 20,029 20,337 20,422 20,749 20,929 21,198 21,524 21,737 21,993 22,381 22,732 23,047 23,465 r18,910 r19,294 1.6 1.7 19,727 r1.6 r20,210 r2.3 r20,998 21,905 3.1 3.0 r19,765 r3.2 r19,857 r.4 r20,031 r3.1 r20,059 r2.9 r20,317 r2.3 r20,430 r3.2 r20,680 r3.4 r20,942 r2.9 r21,090 3.4 3.7 3.3 2.3 1.8 3.7 8.3 8.7 7.1 6.1 5.6 4.8 4.5 3.7 2.4 252,677 255,403 258,107 260,616 263,073 265,504 268,046 270,595 273,161 5.0 4.6 4.5 5.0 4.2 4.4 4.0 3.5 3.6 3.5 3.0 2.5 2.1 1.8 265,834 266,504 267,040 267,671 268,399 269,075 269,591 270,219 270,946 271,623 272,145 272,778 273,518 274,204 Seasonally adjusted annual rates 1996: III .......... IV .......... 1997: I ............. II ........... III .......... IV .......... 1998: I ............. II ........... III .......... IV .......... 1999: I ............. II ........... III .......... IV r ......... 1 Includes 6,597.1 6,677.9 6,807.6 6,900.6 6,993.5 7,102.7 7,194.7 7,296.3 7,413.6 7,530.8 7,630.2 7,732.6 7,831.4 7,972.9 877.3 898.1 934.2 954.4 978.6 1,006.0 1,031.2 1,058.0 1,088.3 1,113.0 1,124.8 1,139.4 1,160.4 1,183.8 5,719.8 5,779.7 5,873.4 5,946.2 6,014.9 6,096.7 6,163.5 6,238.3 6,325.3 6,417.8 6,505.4 6,593.2 6,671.0 6,789.1 5,433.7 5,512.6 5,609.9 5,650.2 5,759.4 5,827.4 5,914.7 6,020.9 6,100.5 6,190.3 6,310.3 6,425.2 6,531.5 6,666.3 286.1 267.1 263.4 296.1 255.5 269.3 248.9 217.5 224.8 227.5 195.1 168.0 139.5 122.8 r5,709.7 r5,729.9 r5,785.1 r5,840.7 r5,889.6 r5,951.5 r6,013.0 r6,069.5 r6,136.9 r6,209.0 r6,271.0 r6,320.7 r6,366.2 personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net). 2 Annual data are averages of quarterly data, which are averages for the period. 6 6,439.6 21,517 21,687 21,994 22,215 22,410 22,658 22,863 23,086 23,345 23,628 23,904 24,171 24,389 24,759 r21,478 r21,500 r21,664 r21,821 r21,944 r22,118 r22,304 r22,462 r22,650 r22,859 r23,043 r23,172 r23,275 23,485 r21,277 r21,574 r21,792 r21,994 22,257 Note.—See Note, p. 2. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the fourth quarter of 1999, according to preliminary estimates, gross farm income rose $31.5 billion (annual rate) and net farm income rose $38.8 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total 1991 ......................................................... 1992 ......................................................... 1993 ........................................................ 1994 ........................................................ 1995 ........................................................ 1996 ........................................................ 1997 ........................................................ 1998 r ....................................................... 1999 p ....................................................... 1997: I r .................................................. II r ................................................ III r ............................................... IV r ............................................... 1998: I r .................................................. II r ................................................ III r ............................................... IV r ............................................... 1999: I r .................................................. II r ................................................ III r ............................................... IV p ............................................... r 192.0 200.5 204.8 216.1 210.7 235.7 238.7 233.0 239.1 249.4 231.0 242.9 231.4 234.7 229.4 233.2 234.7 241.0 234.8 224.6 256.1 167.9 171.3 177.9 181.3 188.1 199.1 207.6 196.8 191.9 217.7 207.1 207.3 198.4 203.2 204.6 193.6 185.7 200.4 197.2 190.4 179.8 1 Cash marketing receipts and inventory changes plus Government payments, other farm cash income, and nonmoney income furnished by farms. 2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year. Livestock and products 85.8 85.6 90.4 88.2 87.1 93.0 96.5 94.5 96.9 93.3 94.5 101.6 96.8 92.1 92.0 98.5 95.6 95.7 92.5 102.1 97.2 Crops 82.1 85.7 87.4 93.1 101.0 106.2 111.1 102.2 95.1 124.4 112.6 105.8 101.6 111.1 112.7 95.0 90.1 104.7 104.7 88.3 82.6 Value of inventory changes 2 ¥0.2 4.2 ¥4.2 8.3 ¥5.0 8.0 .5 ¥1.1 ¥1.4 .7 .6 .5 .4 ¥1.4 ¥1.3 ¥.9 ¥.7 ¥1.8 ¥1.7 ¥1.2 ¥.9 Production expenses 153.3 152.6 160.2 166.8 173.5 180.8 190.0 189.1 191.1 195.2 193.9 189.6 181.5 197.1 195.5 185.7 177.9 201.6 198.2 185.9 178.5 Net farm income 38.7 47.9 44.5 49.2 37.2 54.9 48.6 43.9 48.1 54.2 37.2 53.3 49.8 37.6 33.8 47.5 56.8 39.3 36.6 38.8 77.6 NOTE.—Data include net Commodity Credit Corporation loans and operator households. Quarterly data plotted for 1989 through 1993 in chart do not reflect previous revisions to annual data in table. Data for 1999 are forecasts. Source: Department of Agriculture. 7 CORPORATE PROFITS In the fourth quarter of 1999, according to current estimates, corporate profits before tax rose $32.5 billion (annual rate) and profits after tax rose $16.3 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period Nonfinancial Total 2 Total Financial Total 3 Manufacturing Transportation4 Wholesale Profits before tax Tax liability Total Dividends Undistributed profits Inventory valuation adjustment Retail 1990 .............. 1991 .............. 1992 .............. 1993 .............. 1994 .............. 1995 .............. 1996 .............. 1997 .............. 1998 .............. 1999 .............. 1996: III ...... IV ...... 388.6 421.1 448.8 506.4 561.0 650.2 729.4 803.2 802.8 835.6 729.6 748.1 315.9 346.7 380.1 429.6 483.7 558.2 628.6 695.1 702.8 732.2 631.1 637.8 91.6 120.2 124.8 127.9 114.7 154.3 165.3 184.2 191.3 208.1 166.4 156.0 224.3 226.5 255.2 301.7 369.0 403.8 463.3 510.9 511.5 524.2 464.8 481.8 109.2 93.5 93.9 108.4 139.6 166.1 181.2 185.6 168.4 165.6 181.8 185.7 44.4 53.2 58.5 69.6 82.9 85.8 91.4 104.7 109.0 116.3 90.4 93.6 19.1 22.0 25.9 28.2 33.1 29.4 42.6 46.8 47.2 42.4 41.4 50.2 21.0 27.7 33.7 39.7 46.6 44.1 52.9 63.7 69.8 72.9 54.9 52.9 401.5 416.1 451.6 510.4 573.4 668.5 726.3 795.9 781.9 848.5 724.9 741.0 140.6 133.6 143.1 165.4 186.7 211.0 223.6 238.3 240.2 259.4 224.0 225.6 260.9 282.6 308.4 345.0 386.7 457.5 502.7 557.6 541.7 589.1 500.9 515.4 165.6 178.4 185.5 203.1 234.9 254.2 297.7 333.7 348.6 364.7 302.7 311.3 95.3 104.1 122.9 141.9 151.8 203.3 205.0 223.9 193.1 224.4 198.2 204.1 ¥12.9 4.9 ¥2.8 ¥4.0 ¥12.4 ¥18.3 3.1 7.4 20.9 ¥13.0 4.7 7.1 1997: I ......... II ....... III ...... IV ...... 772.6 797.7 827.0 815.5 670.7 684.7 717.3 708.0 176.6 181.9 186.5 191.8 494.0 502.8 530.7 516.1 179.0 186.6 195.4 181.4 100.1 101.8 108.2 108.8 48.9 48.0 47.4 42.8 62.4 60.9 66.1 65.4 763.3 786.5 822.1 811.6 228.9 233.2 246.8 244.1 534.4 553.3 575.3 567.4 320.6 330.6 338.8 344.8 213.8 222.7 236.5 222.6 9.3 11.2 4.9 4.0 1998: I ......... II ....... III ...... IV ...... 818.4 805.6 799.9 787.4 710.5 698.2 713.2 689.1 194.9 192.2 189.5 188.6 515.6 506.0 523.7 500.6 170.8 169.2 171.9 161.7 110.9 105.0 113.0 106.9 47.9 50.1 49.7 41.2 71.0 69.7 69.3 69.0 788.9 792.0 780.1 766.7 239.9 241.1 244.3 235.6 548.9 550.9 535.8 531.0 346.5 347.3 348.4 352.2 202.5 203.6 187.4 178.8 29.5 13.6 19.8 20.8 1999: I ......... II ....... III ...... IV ...... 831.4 822.2 827.1 861.4 727.1 718.9 719.0 763.9 205.3 198.3 203.9 224.9 521.9 520.6 515.1 539.0 171.0 167.8 163.1 160.3 111.9 107.9 117.3 128.0 43.4 44.3 39.1 42.8 75.7 75.4 67.7 72.6 818.1 835.8 853.8 886.3 248.0 254.4 259.4 275.7 570.1 581.4 594.3 610.6 356.4 361.5 367.3 373.5 213.7 219.9 227.0 237.1 13.3 ¥13.6 ¥26.7 ¥24.9 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. rest of the world, not shown separately. industries not shown separately. 2 Includes 3 Includes 8 4 Transportation and public utilities. Note.—See Note, p. 2. Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the fourth quarter of 1999, according to revised estimates, nonresidential fixed investment in chained (1996) dollars rose $8.9 billion (annual rate) and residential investment rose $1.7 billion. There was an increase of $66.7 billion in inventories following an increase of $38.0 billion in the third quarter. [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period Gross private domestic investment Change in private inventories Nonresidential Total Total Equipment and software Residential Structures Total Nonfarm 1990 ................................................................................. 1991 ................................................................................. 1992 ................................................................................. 1993 ................................................................................. 1994 ................................................................................. 1995 ................................................................................. 1996 ................................................................................. 1997 ................................................................................. 1998 ................................................................................. 1999 r ................................................................................ 907.3 829.5 899.8 977.9 1,107.0 1,140.6 1,242.7 1,385.8 1,547.4 1,637.7 894.6 832.5 886.5 958.4 1,045.9 1,109.2 1,212.7 1,316.0 1,471.8 1,590.5 641.7 610.1 630.6 683.6 744.6 817.5 899.4 995.7 1,122.5 1,215.8 236.1 210.1 197.3 198.9 200.5 210.1 225.0 244.0 254.1 248.1 415.7 407.2 437.5 487.1 544.9 607.6 674.4 751.9 870.6 974.9 253.5 221.1 257.2 276.0 302.7 291.7 313.3 320.6 350.2 376.1 16.5 ¥1.0 17.1 20.0 66.8 30.4 30.0 69.1 74.3 42.2 13.8 1.4 10.7 28.6 53.6 42.6 22.1 66.2 73.2 42.4 1996: III ......................................................................... IV .......................................................................... 1,281.4 1,283.7 1,231.6 1,250.2 914.3 936.2 225.4 237.3 688.9 698.8 317.3 314.0 51.2 32.9 34.1 29.8 1997: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,326.5 1,394.1 1,397.6 1,424.9 1,274.1 1,300.6 1,337.9 1,351.3 957.9 980.8 1,018.0 1,026.1 242.0 239.5 245.9 248.6 715.8 741.5 772.3 777.8 316.3 320.0 320.5 325.7 51.5 93.1 59.2 72.7 56.7 85.7 52.6 69.7 1998: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,531.5 1,513.1 1,551.1 1,593.9 1,424.2 1,466.7 1,474.0 1,522.5 1,088.6 1,120.2 1,120.3 1,160.8 252.1 256.4 252.1 255.7 837.9 865.5 870.6 908.5 336.5 347.4 354.2 362.6 107.3 43.1 76.1 70.7 103.8 53.2 77.5 58.2 1999: I ............................................................................ II ........................................................................... III ......................................................................... IV r ........................................................................ 1,608.2 1,599.8 1,651.6 1,691.4 1,555.9 1,581.0 1,607.3 1,617.8 1,182.7 1,202.9 1,234.3 1,243.2 251.9 248.5 246.1 245.8 935.7 960.9 996.6 1,006.4 373.7 378.8 375.1 376.8 50.1 14.0 38.0 66.7 43.1 13.1 41.2 72.3 NOTE.—See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any inter- mediate aggregates. See Note, p. 2. Source: Department of Commerce, Bureau of Economic Analysis. 9 REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Structures Total nonresidential Period 1990 ............................... 1991 ............................... 1992 ............................... 1993 ............................... 1994 ............................... 1995 ............................... 1996 ............................... 1997 ............................... 1998 ............................... 1999 r .............................. 1996: III ....................... IV ........................ 1997: I .......................... II ......................... III ....................... IV ........................ 1998: I .......................... II ......................... III ....................... IV ........................ 1999: I .......................... II ......................... III ....................... IV r ....................... 641.7 610.1 630.6 683.6 744.6 817.5 899.4 995.7 1,122.5 1,215.8 914.3 936.2 957.9 980.8 1,018.0 1,026.1 1,088.6 1,120.2 1,120.3 1,160.8 1,182.7 1,202.9 1,234.3 1,243.2 Total 1 236.1 210.1 197.3 198.9 200.5 210.1 225.0 244.0 254.1 248.1 225.4 237.3 242.0 239.5 245.9 248.6 252.1 256.4 252.1 255.7 251.9 248.5 246.1 245.8 Residential Structures Equipment and software Information processing equipment and software Nonresidential buildings, including farm Utilities 173.6 142.7 129.2 131.7 137.2 147.6 161.7 175.3 184.6 180.4 162.4 172.4 175.1 171.4 178.5 176.1 181.7 184.9 184.2 187.4 186.6 181.2 177.2 176.5 33.0 38.9 41.8 38.4 36.1 36.8 36.0 35.7 38.0 38.2 35.5 36.8 35.1 35.4 36.0 36.2 37.6 37.7 37.9 38.7 38.1 38.0 38.5 38.0 Mining exploration, shafts, and wells Total 2 21.3 20.8 17.2 20.5 19.8 18.2 21.1 26.4 25.4 23.4 21.5 22.3 26.2 26.9 25.4 27.1 26.5 27.1 24.2 23.6 21.6 22.6 24.3 25.3 415.7 407.2 437.5 487.1 544.9 607.6 674.4 751.9 870.6 974.9 688.9 698.8 715.8 741.5 772.3 777.8 837.9 865.5 870.6 908.5 935.7 960.9 996.6 1,006.4 1 Includes other structures, not shown separately. other items, not shown separately. equipment, not shown separately. 4 Includes multifamily and other structures, not shown separately. Total Computers and peripheral equipment 136.4 142.7 163.0 183.4 206.6 242.8 287.3 339.4 418.5 509.8 293.6 302.4 316.9 330.0 350.2 360.4 388.8 409.4 427.4 448.5 470.4 501.0 526.0 541.7 14.2 15.4 20.8 26.4 32.6 49.2 70.9 99.0 154.2 220.8 73.9 78.5 85.8 94.2 105.1 110.9 131.3 146.9 160.4 178.3 193.4 212.9 233.5 243.3 Software Other Industrial equipment 45.9 51.4 58.7 66.8 74.3 82.0 95.1 109.4 129.2 149.3 96.4 99.8 104.0 107.1 111.1 115.3 120.9 126.2 131.9 137.8 141.6 147.0 152.0 156.6 87.6 86.4 91.5 96.4 104.9 113.1 121.3 132.7 147.1 169.9 123.3 124.3 127.6 129.9 136.2 137.1 143.1 146.3 148.3 150.9 157.8 168.4 174.7 178.6 105.8 99.0 100.8 109.6 119.6 131.3 136.4 141.3 148.1 149.0 135.7 136.5 135.6 141.1 143.2 145.1 147.0 147.9 148.7 148.9 145.0 146.6 150.0 154.3 Transportation equipment Total residential 3 87.4 87.7 92.3 103.4 120.4 128.2 138.9 149.6 175.3 195.7 145.8 144.9 144.9 149.1 155.0 149.6 174.2 177.0 164.2 185.8 190.8 191.6 204.0 196.4 253.5 221.1 257.2 276.0 302.7 291.7 313.3 320.6 350.2 376.1 317.3 314.0 316.3 320.0 320.5 325.7 336.5 347.4 354.2 362.6 373.7 378.8 375.1 376.8 Total 4 Single family 247.3 215.1 251.0 269.4 295.8 284.4 305.6 312.7 341.8 367.0 309.7 306.3 308.5 312.2 312.5 317.7 328.4 339.0 345.8 354.0 364.8 369.7 365.9 367.5 128.6 112.3 135.7 148.0 163.2 147.7 159.1 159.8 180.3 195.0 161.8 158.7 158.2 159.8 159.0 162.1 170.1 177.8 184.0 189.3 195.8 195.8 191.7 196.5 NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. See Note, p. 2. Source: Department of Commerce, Bureau of Economic Analysis. 2 Includes 3 Includes BUSINESS INVESTMENT [Billions of dollars] Capital expenditures Period By industry Total including nonemployer businesses Total 1 ............. ............. ............. 489.7 549.3 601.1 Finance Insurance and real estate Services Nonemployer businesses 41.4 46.5 51.9 26.0 29.8 30.4 14.2 17.4 19.8 111.8 123.8 134.2 ............. ............. ............. 55.8 55.9 87.1 91.3 23.4 29.3 145.9 165.1 100.0 99.4 Manufacturing Total by industry 2 488.2 547.9 601.0 Mining Construction Total Durable goods 19.6 24.6 27.6 11.6 9.1 10.4 134.1 154.4 181.0 66.4 79.7 97.0 Nondurable goods Transportation Communications Utilities Wholesale trade Retail trade 19.0 23.5 24.5 26.0 28.8 For businesses with 5 employees or more 1993 ..... 1994 ..... 1995 ..... 67.7 74.7 84.0 30.6 33.3 33.9 37.1 41.9 46.3 41.3 41.5 38.4 For businesses with 1 employee or more 1996 ..... 1997 ..... 807.1 870.2 707.1 770.8 707.1 770.8 30.2 37.4 13.8 15.5 191.8 192.3 109.9 108.3 81.9 83.9 1 For 1993, 1994, and 1995 includes an item for not distributed by industry, not shown separately. 2 Includes an item for expenditures serving multiple industries, not shown separately. 10 36.7 45.0 57.1 68.4 36.7 38.7 NOTE.—All data from Annual Capital Expenditures. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In March, employment fell by 203,000, and unemployment fell by 96,000. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period 1990 3 ................................ 1991 .................................. 1992 .................................. 1993 .................................. 1994 4 ................................ 1995 .................................. 1996 .................................. 1997 3 ................................ 1998 3 ................................ 1999 3 ................................ 1999: Mar ....................... Apr ........................ May ....................... June ...................... July ....................... Aug ........................ Sept ....................... Oct ........................ Nov ........................ Dec ......................... 2000: Jan 3 ...................... Feb ......................... Mar ........................ Civilian noninstitutional population NSA 189,164 190,925 192,805 194,838 196,814 198,584 200,591 203,133 205,220 207,753 207,036 207,236 207,427 207,632 207,828 208,038 208,265 208,483 208,666 208,832 208,782 208,907 209,053 Civilian labor force 125,840 126,346 128,105 129,200 131,056 132,304 133,943 136,297 137,673 139,368 138,804 139,086 139,013 139,332 139,336 139,372 139,475 139,697 139,834 140,108 140,910 141,165 140,867 Nonagricultural Total 118,793 117,718 118,492 120,259 123,060 124,900 126,708 129,558 131,463 133,488 132,976 133,054 133,190 133,398 133,399 133,530 133,650 133,940 134,098 134,420 135,221 135,362 135,159 Agricultural 3,223 3,269 3,247 3,115 3,409 3,440 3,443 3,399 3,378 3,281 3,290 3,341 3,290 3,330 3,278 3,234 3,179 3,238 3,310 3,279 3,371 3,408 3,359 Total 115,570 114,449 115,245 117,144 119,651 121,460 123,264 126,159 128,025 130,207 129,686 129,713 129,900 130,068 130,121 130,296 130,471 130,702 130,788 131,141 131,850 131,954 131,801 1 Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc. 2 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 3 Not strictly comparable with earlier data. Percent 2 Unemployment Part time for economic reasons 1 4,950 5,874 6,240 6,230 4,414 4,279 4,123 3,879 3,501 3,189 3,325 3,225 3,229 3,209 3,142 3,127 3,112 2,983 3,105 3,157 3,066 2,985 3,003 Total 7,047 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,210 5,880 5,828 6,032 5,823 5,934 5,937 5,842 5,825 5,757 5,736 5,688 5,689 5,804 5,708 15 weeks and over 1,525 2,357 3,408 3,094 2,860 2,363 2,316 2,062 1,637 1,480 1,467 1,474 1,519 1,634 1,511 1,463 1,412 1,434 1,401 1,388 1,372 1,277 1,295 Not in labor force 63,324 64,578 64,700 65,638 65,758 66,280 66,647 66,837 67,547 68,385 68,232 68,150 68,414 68,300 68,492 68,666 68,790 68,786 68,832 68,724 67,872 67,742 68,187 Labor force participation rate Employment/ population ratio Unemployment rate 66.5 66.2 66.4 66.3 66.6 66.6 66.8 67.1 67.1 67.1 67.0 67.1 67.0 67.1 67.0 67.0 67.0 67.0 67.0 67.1 67.5 67.6 67.4 62.8 61.7 61.5 61.7 62.5 62.9 63.2 63.8 64.1 64.3 64.2 64.2 64.2 64.2 64.2 64.2 64.2 64.2 64.3 64.4 64.8 64.8 64.7 5.6 6.8 7.5 6.9 6.1 5.6 5.4 4.9 4.5 4.2 4.2 4.3 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.1 4.0 4.1 4.1 4 Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire. NOTE.—Data beginning January 1998, 1999, and 2000 reflect revised population controls. For details, see February issues, Employment and Earnings. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In March, the unemployment rate was unchanged from February at 4.1 percent. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By sex and age Period 1990 ......................... 1991 ......................... 1992 ......................... 1993 ......................... 1994 2 ....................... 1995 ......................... 1996 ......................... 1997 ......................... 1998 ......................... 1999 ......................... 1999: Mar .............. Apr ............... May .............. June ............. July .............. Aug .............. Sept .............. Oct ............... Nov .............. Dec ............... 2000: Jan ............... Feb ............... Mar ............... 1 Revised 2 Data 12 All civilian workers 5.6 6.8 7.5 6.9 6.1 5.6 5.4 4.9 4.5 4.2 4.2 4.3 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.1 4.0 4.1 4.1 Men 20 years and over Women 20 years and over 5.0 6.4 7.1 6.4 5.4 4.8 4.6 4.2 3.7 3.5 3.3 3.5 3.6 3.5 3.5 3.5 3.4 3.5 3.3 3.3 3.3 3.4 3.3 4.9 5.7 6.3 5.9 5.4 4.9 4.8 4.4 4.1 3.8 3.9 4.0 3.7 3.8 3.9 3.7 3.7 3.5 3.6 3.6 3.7 3.5 3.6 By race Both sexes 16–19 years White 15.5 18.7 20.1 19.0 17.6 17.3 16.7 16.0 14.6 13.9 14.2 14.1 13.1 13.6 13.2 13.5 14.6 13.8 14.0 13.8 12.6 14.1 13.3 definition; for details, see Employment and Earnings, February 1994. beginning January 1994 are not directly comparable with data for earlier periods. 4.8 6.1 6.6 6.1 5.3 4.9 4.7 4.2 3.9 3.7 3.6 3.8 3.7 3.8 3.7 3.7 3.6 3.5 3.5 3.5 3.4 3.6 3.6 Black and other 10.1 11.1 12.7 11.7 10.5 9.6 9.3 8.8 7.8 7.0 7.2 7.0 6.8 6.7 7.2 6.8 7.2 7.2 7.1 7.0 7.1 6.9 6.6 By selected groups Black 11.4 12.5 14.2 13.0 11.5 10.4 10.5 10.0 8.9 8.0 8.0 7.8 7.6 7.6 8.6 7.8 8.3 8.3 8.0 7.9 8.2 7.8 7.3 Experienced wage and salary workers 5.3 6.6 7.2 6.6 5.9 5.4 5.2 4.7 4.3 4.0 4.1 4.2 4.1 4.1 4.1 4.0 4.0 3.9 3.9 3.9 3.9 3.9 4.0 Married men, spouse present 3.4 4.4 5.1 4.4 3.7 3.3 3.0 2.7 2.4 2.2 2.1 2.3 2.3 2.2 2.3 2.3 2.2 2.2 2.1 2.2 2.0 2.1 2.0 Women who maintain families Full-time workers 1 Part-time workers 1 8.3 9.3 10.0 9.7 8.9 8.0 8.2 8.1 7.2 6.4 6.6 7.1 6.0 6.5 6.4 6.3 6.4 6.0 6.0 6.2 6.2 6.1 6.8 5.4 6.8 7.5 6.9 6.1 5.5 5.3 4.8 4.3 4.1 4.0 4.2 4.0 4.0 4.1 4.1 4.0 4.0 3.9 3.9 3.9 3.9 3.8 6.4 7.0 7.5 7.2 6.0 6.0 5.8 5.5 5.3 5.0 5.0 5.0 5.2 5.3 4.9 4.6 5.0 4.7 4.9 4.9 4.6 4.9 5.1 NOTE.—Data relate to persons age 16 years and over. Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In March, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks and over rose; the percentages for 5–14 weeks and for 15–26 weeks fell. The mean duration of unemployment rose to 12.8 weeks and the median duration fell to 6.0 weeks. [Monthly data seasonally adjusted, except as noted] Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unemployment: percent distribution State programs Number of weeks 27 weeks and over Average (mean) Median Job losers 1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Weekly average, thousands 1990 ........................................ 1991 ........................................ 1992 ........................................ 1993 ........................................ 1994 3 ...................................... 1995 ........................................ 1996 ........................................ 1997 ........................................ 1998 ........................................ 1999 ........................................ 1999: Mar ............................. Apr .............................. May ............................. June ............................ July ............................. Aug .............................. Sept ............................. Oct .............................. Nov .............................. Dec ............................... 2000: Jan .............................. Feb .............................. Mar .............................. 1 Beginning 7,047 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,210 5,880 5,828 6,032 5,823 5,934 5,937 5,842 5,825 5,757 5,736 5,688 5,689 5,804 5,708 46.3 40.3 35.1 36.5 34.1 36.5 36.4 37.7 42.2 43.7 42.9 45.1 42.7 42.7 44.5 44.4 44.5 44.0 45.1 45.9 43.9 45.3 48.4 32.0 32.4 29.4 28.9 30.1 31.6 31.6 31.7 31.4 31.2 32.1 30.7 31.3 29.8 30.0 30.7 31.1 31.3 30.5 29.7 31.5 32.5 29.4 11.7 14.4 15.1 14.5 15.5 14.6 14.6 14.8 12.3 12.8 12.8 13.1 13.4 13.5 13.1 12.7 12.2 12.4 12.6 12.2 12.0 11.7 11.3 10.0 12.9 20.3 20.1 20.3 17.3 17.4 15.8 14.1 12.3 12.2 11.2 12.6 13.9 12.3 12.2 12.1 12.3 11.7 12.2 12.7 10.5 10.9 January 1994, job losers and persons who completed temporary jobs. State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation or Emergency Unemployment Compensation programs. 2 Includes 12.0 13.7 17.7 18.0 18.8 16.6 16.7 15.8 14.5 13.4 13.6 13.2 13.4 14.3 13.5 13.2 13.0 13.2 13.0 12.8 13.2 12.5 12.8 5.3 6.8 8.7 8.3 9.2 8.3 8.3 8.0 6.7 6.4 6.8 6.1 6.6 6.3 5.8 6.4 5.9 6.3 6.2 5.9 5.7 6.1 6.0 48.1 54.4 56.1 54.2 47.7 46.9 46.6 45.1 45.5 44.6 45.1 44.8 45.1 45.3 45.3 45.0 44.3 43.7 43.5 42.0 43.5 45.6 44.0 14.8 11.6 10.4 10.9 9.9 11.1 10.7 11.8 11.8 13.3 13.2 13.5 13.2 14.1 13.0 13.6 13.1 13.5 14.3 14.4 13.6 13.2 14.3 27.4 24.8 23.8 24.6 34.8 34.1 34.7 34.7 34.3 34.1 34.2 33.9 34.3 34.6 33.9 33.2 33.9 34.0 33.7 35.6 35.9 34.4 34.3 9.8 9.2 9.7 10.3 7.6 7.8 8.0 8.4 8.4 8.0 7.6 7.9 7.4 6.1 7.8 8.2 8.7 8.9 8.5 7.9 6.9 6.7 7.5 2,522 3,342 3,245 2,751 2,670 2,572 2,595 2,323 2,222 2,187 2,178 2,183 2,189 2,213 2,215 2,203 2,184 2,142 2,130 2,131 2,082 2,097 .............. 388 447 408 341 340 357 356 323 321 298 296 308 307 304 295 290 294 290 287 284 281 283 p 265 2,575 3,406 3,348 2,845 2,739 2,633 2,650 2,366 2,257 2,218 2,727 2,213 2,102 2,127 2,061 2,173 r 1,781 r 1,762 1,941 2,049 2,844 2,662 ................. 3 Data beginning January 1994 are not directly comparable with data for earlier periods. NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose by 416,000 in March. [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Goods-producing industries Period 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 1999: .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. Mar ........ Apr ......... May ....... June ....... July ........ Aug ........ Sept ........ Oct ......... Nov ........ Dec ........ 2000: Jan r ....... Feb r ....... Mar p ...... Total nonagricultural employment 109,403 108,249 108,601 110,713 114,163 117,191 119,608 122,690 125,826 128,615 127,813 128,134 128,162 128,443 128,816 128,945 129,048 129,332 129,589 129,898 130,292 130,299 130,715 Service-producing industries Manufacturing Total 2 24,905 23,745 23,231 23,352 23,908 24,265 24,493 24,962 25,347 25,240 25,285 25,288 25,199 25,180 25,247 25,148 25,186 25,198 25,257 25,283 25,410 25,383 25,471 Construction 5,120 4,650 4,492 4,668 4,986 5,160 5,418 5,691 5,985 6,273 6,232 6,277 6,239 6,258 6,270 6,246 6,293 6,314 6,369 6,393 6,504 6,487 6,576 Total 19,076 18,406 18,104 18,075 18,321 18,524 18,495 18,675 18,772 18,432 18,503 18,473 18,429 18,396 18,449 18,378 18,366 18,356 18,361 18,361 18,376 18,364 18,359 Durable goods Nondurable goods 11,109 10,569 10,277 10,221 10,448 10,683 10,789 11,010 11,170 10,985 11,014 10,993 10,971 10,960 11,015 10,975 10,959 10,952 10,954 10,960 10,973 10,973 10,978 7,968 7,837 7,827 7,854 7,873 7,841 7,706 7,665 7,602 7,446 7,489 7,480 7,458 7,436 7,434 7,403 7,407 7,404 7,407 7,401 7,403 7,391 7,381 1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total in this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample 14 Total 84,497 84,504 85,370 87,361 90,256 92,925 95,115 97,727 100,480 103,375 102,528 102,846 102,963 103,263 103,569 103,797 103,862 104,134 104,332 104,615 104,882 104,916 105,244 Transportation and public utilities 5,777 5,755 5,718 5,811 5,984 6,132 6,253 6,408 6,600 6,792 6,732 6,750 6,758 6,781 6,799 6,813 6,831 6,841 6,862 6,897 6,902 6,892 6,919 Wholesale trade 6,173 6,081 5,997 5,981 6,162 6,378 6,482 6,648 6,831 7,004 6,947 6,965 6,977 6,993 7,012 7,031 7,041 7,064 7,070 7,088 7,108 7,119 7,136 Retail trade 19,601 19,284 19,356 19,773 20,507 21,187 21,597 21,966 22,296 22,787 22,611 22,724 22,748 22,796 22,903 22,888 22,862 22,891 22,902 22,973 23,018 22,996 22,999 Finance, insurance, Services and real estate 6,709 6,646 6,602 6,757 6,896 6,806 6,911 7,109 7,407 7,632 7,595 7,611 7,621 7,636 7,647 7,650 7,653 7,668 7,675 7,685 7,685 7,696 7,685 27,934 28,336 29,052 30,197 31,579 33,117 34,454 36,040 37,526 39,000 38,556 38,697 38,782 38,952 39,055 39,205 39,257 39,433 39,554 39,657 39,804 39,826 39,976 Government Total 18,304 18,402 18,645 18,841 19,128 19,305 19,419 19,557 19,819 20,160 20,087 20,099 20,077 20,105 20,153 20,210 20,218 20,237 20,269 20,315 20,365 20,387 20,529 Federal 3,085 2,966 2,969 2,915 2,870 2,822 2,757 2,699 2,686 2,669 2,710 2,688 2,666 2,664 2,656 2,651 2,654 2,643 2,648 2,645 2,665 2,703 2,809 of the working-age population, whereas the estimates in this table are based on reports from employing establishments. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where persons are counted only once—as employed, unemployed, or not in the labor force. 2 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Average gross hourly earnings Manufacturing Period 1990 ..................... 1991 ..................... 1992 ..................... 1993 ..................... 1994 ..................... 1995 ..................... 1996 .................... 1997 .................... 1998 ..................... 1999 .................... 1999: Feb ........... Mar ........... Apr ........... May .......... June ......... July .......... Aug ........... Sept ......... Oct ........... Nov .......... Dec .......... 2000: Jan .......... Feb r ......... Mar p ........ Total private nonagricultural 1 34.5 34.3 34.4 34.5 34.7 34.5 34.4 34.6 34.6 34.5 34.6 34.5 34.4 34.4 34.5 34.5 34.5 34.4 34.5 34.5 34.5 34.6 34.5 34.5 Total 40.8 40.7 41.0 41.4 42.0 41.6 41.6 42.0 41.7 41.7 41.6 41.5 41.6 41.7 41.7 41.9 41.8 41.8 41.8 41.7 41.6 41.7 41.8 41.6 Overtime 3.6 3.6 3.8 4.1 4.7 4.4 4.5 4.8 4.6 4.6 4.5 4.5 4.3 4.6 4.7 4.7 4.7 4.7 4.7 4.6 4.6 r 4.7 4.8 4.6 Average gross weekly earnings Total private nonagricultural 1 Current dollars $10.01 10.32 10.57 10.83 11.12 11.43 11.82 12.28 12.78 13.24 13.06 13.11 13.14 13.18 13.24 13.28 13.29 13.35 13.39 13.40 13.44 13.49 13.55 13.60 1982 dollars 2 $7.52 7.45 7.41 7.39 7.40 7.39 7.43 7.55 7.75 7.86 7.84 7.86 7.83 7.85 7.89 7.88 7.87 7.86 7.87 7.86 7.87 7.88 7.88 .............. Total private nonagricultural 1 Manufacturing $10.83 11.18 11.46 11.74 12.07 12.37 12.77 13.17 13.49 13.91 13.67 13.71 13.79 13.85 13.95 14.02 14.03 14.04 14.07 14.06 14.09 14.15 14.21 14.24 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982=100 base). Percent change from a year earlier, total private nonagricultural Current dollars Current dollars 1982 dollars 2 Manufacturing Construction Retail trade $345.35 353.98 363.61 373.64 385.86 394.34 406.61 424.89 442.19 456.78 451.88 452.30 452.02 453.39 456.78 458.16 458.51 459.24 461.96 462.30 463.68 466.75 467.48 469.20 $259.47 255.40 254.99 254.87 256.73 255.07 255.73 261.31 268.32 271.25 271.40 271.33 269.22 270.04 272.05 271.91 271.47 270.46 271.58 271.30 271.48 272.79 271.79 .............. $441.86 455.03 469.86 486.04 506.94 514.59 531.23 553.14 562.53 580.05 568.67 568.97 573.66 577.55 581.72 587.44 586.45 586.87 588.13 586.30 586.14 590.06 593.98 592.38 $526.01 533.40 537.70 553.63 573.00 587.00 603.33 625.56 643.69 668.07 659.74 651.42 655.04 664.41 676.10 668.30 668.85 672.91 675.26 692.40 677.64 r 687.14 702.00 695.60 $194.40 198.48 205.06 209.95 216.46 221.47 230.11 240.74 253.17 263.32 261.34 260.42 261.87 263.06 263.65 264.81 264.77 263.52 265.30 265.88 269.47 r 270.39 269.99 271.79 Current dollars 3.3 2.5 2.7 2.8 3.3 2.2 3.1 4.5 4.1 3.3 3.4 3.4 2.9 2.6 3.5 3.5 3.1 3.3 3.4 3.3 3.2 3.5 3.5 3.7 1982 dollars ¥1.8 ¥1.6 ¥.2 ¥.0 .7 ¥.6 .3 2.2 2.7 1.1 1.7 1.7 .6 .6 1.5 1.2 .8 .6 .6 .5 .4 .7 .1 .............. Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits 1 Total compensation Wages and salaries 12 months earlier Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. ................................................................. .................................................................. .................................................................. .................................................................. .................................................................. 107.0 111.7 115.6 119.8 123.5 126.7 130.6 135.1 139.8 144.6 106.1 110.0 112.9 116.4 119.7 123.1 127.3 132.3 137.4 142.2 1996: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 1997: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 1998: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 1999: Mar ................................................................. June ............................................................... Sept ................................................................ Dec .................................................................. 127.9 128.9 129.7 130.7 131.6 132.7 133.7 135.2 136.1 137.3 138.7 139.7 140.2 141.8 143.0 144.5 124.4 125.6 126.4 127.4 128.5 129.7 130.9 132.4 133.6 134.9 136.5 137.5 138.1 139.8 140.9 142.3 109.4 116.2 122.2 128.3 133.0 135.9 138.6 141.8 145.2 150.2 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 1.0 1.0 .6 .8 .9 .9 .9 1.1 .9 1.0 1.2 .7 .4 1.2 .8 1.0 0.1 .6 .5 .7 .2 .6 .4 1.0 .4 .7 .6 .7 .2 1.0 .9 1.4 Seasonally adjusted 1 Employer costs for employee benefits. NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. 136.2 137.0 137.7 138.6 138.9 139.7 140.3 141.7 142.2 143.2 144.1 145.1 145.4 146.8 148.1 150.1 0.7 .8 .6 .8 .7 .8 .8 1.1 .7 .9 1.0 .7 .4 1.2 .8 1.0 4.6 4.4 3.5 3.6 3.1 2.6 3.1 3.4 3.5 3.4 4.0 3.7 2.6 3.1 2.8 2.8 3.4 3.9 3.9 3.5 6.6 6.2 5.2 5.0 3.7 2.2 2.0 2.3 2.4 3.4 Not seasonally adjusted 2.7 2.9 2.9 3.1 3.0 2.9 3.2 3.4 3.5 3.5 3.8 3.5 3.0 3.3 3.1 3.4 3.2 3.4 3.3 3.4 3.4 3.3 3.6 3.9 4.0 4.0 4.3 3.9 3.3 3.6 3.2 3.5 1.6 1.7 1.8 2.0 2.0 2.0 2.0 2.3 2.3 2.6 2.6 2.4 2.2 2.5 2.8 3.4 Data exclude farm and household workers. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output 1 Business sector Hours of all persons 2 Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Business sector Nonfarm business sector Implicit price deflator 5 Business sector Nonfarm business sector Indexes, 1992=100; quarterly data seasonally adjusted 1990 ........................ 1991 ........................ 1992 ........................ 1993 ........................ 1994 ........................ 1995 ........................ 1996 ........................ 1997 ........................ 1998 ........................ 1999 * ...................... 1996: I ................... II ................. III ................ IV ................ 1997: I ................... II ................. III ................ IV ................ 1998: I ................... II ................. III ................ IV ................ 1999: I ................... II ................. III ................ IV * ............... 94.5 95.9 100.0 100.1 101.4 102.2 105.2 107.5 110.5 114.0 104.1 105.3 105.4 105.9 106.3 107.1 108.1 108.4 109.7 109.8 110.7 111.9 112.7 113.0 114.3 116.0 94.6 96.1 100.0 100.1 101.4 102.4 105.2 107.2 110.2 113.5 104.2 105.3 105.3 105.8 106.1 106.9 107.8 108.1 109.3 109.5 110.4 111.5 112.2 112.4 113.8 115.5 97.0 96.1 100.0 102.7 107.7 111.1 116.1 122.3 128.6 134.7 113.7 115.8 116.6 118.3 120.0 121.8 123.2 124.4 126.9 127.5 128.9 131.2 132.5 133.1 135.2 137.9 97.1 96.3 100.0 103.0 107.8 111.5 116.4 122.5 129.0 135.1 114.0 116.1 116.9 118.6 120.2 122.0 123.4 124.6 127.1 127.9 129.3 131.6 132.9 133.5 135.7 138.3 102.6 100.3 100.0 102.6 106.2 108.8 110.4 113.8 116.4 118.1 109.2 110.0 110.7 111.7 112.9 113.7 114.0 114.7 115.7 116.1 116.4 117.2 117.5 117.8 118.3 118.9 102.7 100.2 100.0 102.9 106.3 108.9 110.7 114.3 117.1 119.0 109.4 110.3 111.0 112.1 113.3 114.1 114.5 115.3 116.3 116.8 117.1 118.0 118.4 118.7 119.3 119.7 90.6 94.9 100.0 102.4 104.5 106.7 110.1 114.2 120.3 126.3 108.6 109.7 110.7 111.6 112.5 113.2 114.6 116.4 117.8 119.4 121.2 122.7 124.2 125.7 127.1 128.2 90.5 94.9 100.0 102.1 104.3 106.5 109.8 113.8 119.7 125.4 108.4 109.4 110.3 111.2 112.2 112.9 114.1 115.9 117.2 118.8 120.6 122.0 123.3 124.7 126.1 127.3 96.4 97.4 100.0 99.9 99.7 99.1 99.6 101.1 105.1 108.1 99.2 99.4 99.8 99.8 100.1 100.4 101.2 102.4 103.4 104.4 105.6 106.5 107.3 107.8 108.3 108.5 96.3 97.4 100.0 99.6 99.5 98.9 99.3 100.7 104.5 107.2 99.1 99.2 99.4 99.5 99.8 100.1 100.8 101.9 102.9 103.9 105.1 105.9 106.6 106.9 107.5 107.7 95.9 99.0 100.0 102.3 103.0 104.4 104.7 106.2 108.8 110.8 104.3 104.2 105.0 105.3 105.9 105.7 106.0 107.4 107.5 108.8 109.5 109.6 110.2 111.3 111.3 110.5 95.7 98.8 100.0 102.1 102.9 104.0 104.4 106.1 108.6 110.5 104.0 103.9 104.7 105.0 105.7 105.6 105.8 107.2 107.3 108.5 109.3 109.4 109.8 111.0 110.9 110.2 95.4 98.4 100.0 102.5 104.4 106.4 107.9 109.5 110.3 111.3 107.3 107.8 108.2 108.5 109.1 109.5 109.7 109.9 110.0 110.2 110.4 110.5 110.9 111.2 111.4 111.8 95.1 98.3 100.0 102.6 104.5 106.5 107.8 109.7 110.5 111.5 107.3 107.6 107.9 108.4 109.1 109.6 109.9 110.1 110.4 110.5 110.7 110.6 111.0 111.4 111.6 112.1 4.3 3.3 1.2 2.1 .8 1.1 .4 1.6 2.4 1.7 2.4 1.8 1.7 ¥.1 ¥1.4 ¥.2 2.9 1.3 2.7 ¥.6 1.0 5.1 .4 4.6 3.0 .5 1.4 4.2 ¥.3 ¥2.5 3.6 3.1 1.6 2.5 1.8 1.9 1.5 1.5 .7 .9 2.7 1.5 1.5 1.1 1.7 1.7 1.4 1.2 2.2 1.4 .8 .7 .4 .8 .9 .4 1.3 1.1 .6 1.8 3.7 3.4 1.7 2.6 1.9 1.9 1.3 1.7 .8 .9 2.7 1.5 1.0 .6 1.6 1.4 1.2 1.8 2.5 1.7 1.1 .8 .9 .5 .6 ¥.3 1.5 1.4 .7 2.0 Percent change; quarterly data at seasonally adjusted annual rates 1990 ........................ 1991 ........................ 1992 ........................ 1993 ........................ 1994 ........................ 1995 ........................ 1996 ........................ 1997 ........................ 1998 ........................ 1999 * ...................... 1995: I ................... II ................. III ................ IV ................ 1996: I ................... II ................. III ................ IV ................ 1997: I ................... II ................. III ................ IV ................ 1998: I ................... II ................. III ................ IV ................ 1999: I ................... II ................. III ................ IV * ............... 1 Output 1.3 1.5 4.3 .1 1.3 .7 2.9 2.2 2.8 3.1 ¥1.3 1.1 .9 3.8 4.1 4.7 .3 2.1 1.3 3.4 3.6 1.2 4.6 .6 3.4 4.3 3.0 .8 4.7 6.1 1.1 1.6 4.1 .1 1.3 1.0 2.7 2.0 2.8 3.0 ¥.8 1.1 1.2 3.2 3.9 4.2 .1 1.9 .9 3.3 3.3 1.2 4.4 .9 3.1 4.1 2.7 .6 5.0 6.4 1.5 ¥.9 4.0 2.7 4.8 3.2 4.5 5.4 5.1 4.7 1.4 .9 3.8 4.2 4.1 7.7 2.7 5.9 5.8 6.2 4.8 3.9 8.1 2.2 4.4 7.2 3.9 1.9 6.5 8.2 1.4 ¥.9 3.9 3.0 4.7 3.4 4.4 5.3 5.2 4.7 1.8 1.1 4.2 4.0 3.9 7.6 2.8 5.9 5.5 6.2 4.6 4.1 8.3 2.4 4.4 7.3 4.0 1.8 6.8 8.0 0.2 ¥2.3 ¥.3 2.6 3.5 2.4 1.5 3.1 2.2 1.5 2.8 ¥.2 2.9 .4 .0 2.9 2.4 3.7 4.4 2.7 1.1 2.7 3.4 1.6 .9 2.8 .9 1.0 1.7 1.9 0.3 ¥2.4 ¥.2 2.9 3.3 2.4 1.7 3.3 2.4 1.7 2.6 ¥.1 3.0 .7 ¥.1 3.3 2.6 3.9 4.5 2.8 1.3 2.9 3.7 1.4 1.2 3.1 1.3 1.3 1.7 1.6 refers to real gross domestic product originating in the sector. of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPI– U) for recent quarters. The trend from 1978–98 is based on the consumer price index research series (CPI–U–RS). 2 Hours 16 5.7 4.8 5.3 2.4 2.0 2.1 3.2 3.7 5.3 5.0 1.6 3.1 2.9 3.4 2.4 4.4 3.5 3.3 3.4 2.6 4.8 6.7 4.9 5.5 6.1 4.9 4.9 5.1 4.5 3.3 5.5 4.9 5.3 2.1 2.1 2.1 3.1 3.6 5.2 4.7 1.6 2.9 3.0 3.1 2.5 4.0 3.1 3.3 3.6 2.6 4.4 6.4 4.8 5.6 6.2 4.6 4.2 4.8 4.7 3.7 0.6 1.0 2.7 ¥.1 ¥.2 ¥.6 .5 1.5 3.9 2.8 ¥1.2 ¥.1 .8 1.3 ¥.6 .7 1.4 .2 1.0 1.5 3.0 4.8 4.2 3.9 4.7 3.3 3.3 1.8 2.0 .4 0.5 1.1 2.7 ¥.4 ¥.1 ¥.6 .4 1.4 3.8 2.6 ¥1.3 ¥.2 .9 1.0 ¥.4 .3 1.0 .2 1.2 1.5 2.6 4.5 4.1 3.9 4.7 2.9 2.6 1.4 2.1 .8 4.3 3.2 1.0 2.3 .7 1.4 .3 1.5 2.4 1.8 3.0 1.9 2.0 ¥.4 ¥1.6 ¥.3 3.2 1.2 2.1 ¥.7 1.1 5.4 .3 4.9 2.6 .6 1.9 4.2 ¥.2 ¥2.7 5 Current dollar gross domestic output divided by the output index. NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. Data shown in this table do not reflect revisions to real GDP series released on March 30, 2000. * Data based on GDP data released February 25, 2000. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose in February; capacity utilization was unchanged. [Monthly data seasonally adjusted] Total industrial production Percent Period Index, 1992=100 From preceding month Industry production indexes, 1992=100 change 1 From year earlier Capacity utilization rate, percent 2 Manufacturing Total Durable Nondurable Mining Utilities Total industry Manufacturing 1990 ......................................... 1991 ......................................... 1992 ......................................... 1993 ........................................ 1994 ........................................ 1995 ........................................ 1996 ........................................ 1997 ........................................ 1998 ........................................ 1999 r ....................................... 98.9 97.0 100.0 103.4 109.1 114.4 119.4 127.1 132.4 137.1 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. ¥0.2 ¥2.0 3.1 3.4 5.5 4.9 4.4 6.4 4.2 3.6 98.5 96.2 100.0 103.7 110.0 115.8 121.3 130.1 136.4 142.3 99.0 95.5 100.0 105.4 114.3 123.9 134.0 148.0 160.7 172.8 97.9 97.0 100.0 101.8 105.2 107.1 107.8 111.2 111.6 111.8 104.8 102.6 100.0 100.0 102.5 102.1 103.7 105.9 103.8 98.0 98.3 100.4 100.0 103.9 105.3 109.0 112.6 112.7 114.4 115.7 82.3 79.3 80.2 81.3 83.1 83.3 82.5 83.3 81.8 80.6 81.4 77.9 79.4 80.5 82.5 82.6 81.5 82.4 80.9 79.8 1999: Feb .............................. Mar .............................. Apr ............................... May .............................. June ............................. July .............................. Aug .............................. Sept ............................. Oct ............................... Nov r ............................. Dec r ............................. 134.5 135.1 135.5 136.2 136.6 137.4 137.7 138.1 139.1 139.4 140.2 0.3 .5 .2 .5 .3 .5 .3 .2 .7 .3 .5 2.9 3.1 2.9 2.9 3.9 4.6 3.1 3.4 3.7 4.2 4.8 139.3 139.7 140.2 141.0 141.4 142.0 142.5 142.9 144.2 145.0 145.6 166.8 168.1 169.4 170.8 172.2 173.8 174.4 175.0 176.5 177.4 178.5 112.3 111.8 111.5 111.9 111.3 111.0 111.5 111.8 113.0 113.6 113.7 97.4 97.5 96.7 97.4 97.1 97.8 98.5 98.3 99.2 99.7 99.8 112.6 116.8 116.3 116.1 117.4 119.8 117.8 117.7 115.2 110.9 114.3 80.4 80.5 80.4 80.5 80.5 80.7 80.7 80.6 81.0 80.9 81.1 79.7 79.6 79.5 79.7 79.6 79.7 79.7 79.7 80.2 80.3 80.4 2000: Jan r ............................. Feb p ............................. 141.7 142.1 1.1 .3 5.7 5.6 147.0 147.5 181.3 181.9 113.9 114.2 100.5 99.8 117.3 118.1 81.7 81.7 80.9 80.9 1 Percent 2 Output changes based on unrounded indexes. as percent of capacity. Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1992=100; monthly data seasonally adjusted] Products Materials Final products Intermediate products Consumer goods Equipment Period Total Total Durable goods Nondurable goods Total 1 Business Defense and space equipment Total Construction supplies Business supplies Total Energy 1990 ............................................................ 1991 ............................................................ 1992 ............................................................ 1993 ............................................................ 1994 ............................................................ 1995 ............................................................ 1996 ............................................................ 1997 ............................................................ 1998 ............................................................ 1999 r .......................................................... 99.5 97.7 100.0 103.4 107.7 111.6 115.3 121.1 125.4 128.0 97.3 97.0 100.0 103.6 108.0 110.8 112.4 115.1 116.2 116.9 98.0 93.0 100.0 112.0 124.1 128.4 130.8 135.4 142.7 152.6 97.1 98.1 100.0 101.5 104.0 106.5 107.8 110.1 109.9 108.7 103.2 98.8 100.0 103.2 107.2 112.8 120.4 132.1 142.7 148.9 98.2 95.7 100.0 104.6 111.4 119.4 130.2 145.7 161.2 171.6 115.9 106.7 100.0 93.7 86.8 84.0 78.9 75.9 75.4 74.4 101.9 97.5 100.0 102.5 106.3 108.1 110.8 115.3 118.8 122.1 102.9 96.2 100.0 103.3 110.6 112.5 117.7 122.6 128.0 133.4 101.4 98.3 100.0 102.0 103.7 105.4 106.7 111.0 113.4 115.4 97.2 95.9 100.0 103.8 111.9 120.3 127.8 139.0 146.5 154.8 100.6 100.8 100.0 99.5 101.3 102.4 103.5 103.6 103.1 101.7 1999: Feb .................................................. Mar .................................................. Apr ................................................... May .................................................. June ................................................. July .................................................. Aug .................................................. Sept ................................................. Oct .................................................. Nov r ................................................ Dec r ................................................. 127.3 127.3 127.6 128.2 128.3 128.6 129.5 129.1 130.2 129.8 130.1 117.2 116.7 116.5 116.8 117.0 116.8 117.6 117.1 118.2 117.6 118.2 150.9 149.9 152.0 152.8 154.0 153.4 155.5 153.5 157.4 154.4 155.6 109.3 108.9 108.3 108.4 108.4 108.3 108.9 108.7 109.3 109.1 109.5 144.9 145.9 147.0 148.4 148.3 149.3 150.5 150.2 151.2 151.4 151.3 166.3 167.5 169.4 171.2 171.2 172.6 173.9 173.7 174.8 175.0 174.9 75.4 75.6 75.1 75.2 74.6 74.5 74.7 73.6 73.7 73.0 72.4 121.3 121.6 121.7 122.3 121.7 121.5 121.7 122.6 123.2 122.4 123.2 132.5 131.7 131.3 132.9 132.6 133.2 132.9 134.1 135.4 134.3 135.0 114.7 115.6 116.1 116.1 115.3 114.6 115.1 115.8 115.9 115.2 116.2 148.7 150.3 150.8 151.7 153.1 155.0 154.6 155.7 156.8 158.8 160.1 101.7 102.4 102.2 102.2 101.6 102.9 102.3 101.8 101.5 101.6 101.9 2000: Jan r ................................................. Feb p ................................................ 132.1 132.1 119.6 119.5 159.3 157.8 110.5 110.7 154.2 154.4 179.4 179.6 70.6 70.2 123.9 124.2 136.6 137.4 116.4 116.4 161.3 162.3 103.0 102.3 1 Includes oil and gas well drilling and manufactured homes, not shown separately. [1992=100; monthly data seasonally adjusted] Durable manufactures Primary metals Period Total Iron and steel Fabricated metal products Industrial machinery and equipment Electrical machinery Nondurable manufactures Transportation equipment Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods 1990 ............................................................ 1991 ............................................................ 1992 ............................................................ 1993 ............................................................ 1994 ............................................................ 1995 ............................................................ 1996 ............................................................ 1997 ............................................................ 1998 ............................................................ 1999 r .......................................................... 104.0 96.7 100.0 105.1 113.8 116.2 119.6 126.7 125.6 126.6 106.4 96.0 100.0 106.1 114.4 116.5 118.9 125.6 122.6 123.2 101.2 96.2 100.0 104.4 112.2 116.4 120.1 126.1 128.8 128.7 100.1 95.4 100.0 110.1 125.6 143.7 159.6 178.3 206.4 230.1 87.7 89.6 100.0 109.4 130.5 165.7 206.6 260.0 315.1 390.1 102.3 96.5 100.0 103.5 107.5 106.7 107.6 117.1 121.6 122.4 95.3 88.5 100.0 113.0 130.6 133.2 131.8 140.6 141.7 151.0 101.6 94.5 100.0 100.8 105.9 107.9 110.1 115.0 118.5 121.6 97.2 97.8 100.0 102.4 106.3 107.1 104.1 102.1 96.6 90.7 103.1 99.1 100.0 100.7 100.7 101.3 101.3 105.2 105.1 104.4 97.3 96.4 100.0 101.6 104.8 107.4 109.8 114.6 115.1 117.4 97.0 98.4 100.0 102.0 103.7 105.8 105.4 107.8 109.3 110.1 1999: Feb .................................................. Mar .................................................. Apr ................................................... May .................................................. June ................................................. July .................................................. Aug .................................................. Sept ................................................. Oct .................................................. Nov r ................................................ Dec r ................................................. 120.1 124.0 123.9 123.9 127.4 128.0 129.6 128.3 129.0 131.1 132.6 114.6 118.1 119.4 120.1 124.5 126.2 127.6 125.9 124.9 130.7 131.8 128.4 128.5 128.0 127.2 128.3 128.6 128.5 128.4 128.8 129.7 128.8 221.7 224.6 227.0 228.4 228.2 230.0 231.4 235.5 238.3 239.7 241.8 347.5 354.0 366.4 373.3 384.2 399.2 401.3 402.1 412.6 418.1 430.8 123.2 122.6 122.1 122.8 123.5 122.9 122.9 123.1 122.3 121.8 119.8 147.8 148.1 148.4 150.6 152.9 152.2 152.2 155.6 155.7 155.8 152.7 122.3 121.7 121.5 123.9 122.2 121.5 120.2 119.7 120.5 119.8 121.4 92.2 91.8 92.4 91.2 90.7 89.8 89.2 89.0 89.1 89.1 89.2 104.3 103.7 104.2 104.1 103.5 102.8 103.6 104.6 106.0 105.7 105.6 116.6 116.8 115.6 117.0 116.3 115.8 117.7 117.4 119.8 122.7 122.4 111.4 110.9 110.6 110.6 110.0 108.9 108.9 109.6 110.1 110.3 110.0 2000: Jan r ................................................. Feb p ................................................ 132.7 133.1 131.3 132.4 130.4 130.6 247.8 249.2 447.8 455.4 121.5 120.6 156.9 155.8 122.5 122.1 89.7 89.8 105.5 105.3 122.1 123.3 110.1 110.6 Source: Board of Governors of the Federal Reserve System. 18 6 NEW CONSTRUCTION [Monthly data seasonally adjusted] Construction contracts 3 Private Period Total new construction expenditures Residential Total New housing units Total 1 Commercial and industrial 2 Other Federal and State and local Total value index (1992=100) Commercial and industrial floor space (millions of square feet) Billions of dollars 1990 ...................................... 1991 ...................................... 1992 ...................................... 1993 ...................................... 1994 ...................................... 1995 ...................................... 1996 ...................................... 1997 ...................................... 1998 ...................................... 1999 r ..................................... 468.5 424.2 452.1 478.6 519.5 537.4 583.4 618.2 665.4 705.3 361.1 314.1 336.2 362.7 399.3 407.5 449.0 475.1 520.1 547.1 182.9 157.8 187.8 210.5 238.9 230.7 256.5 265.9 294.3 321.7 1999: Feb ............................. Mar ............................ Apr ............................ May ........................... June .......................... July ........................... Aug ............................ Sept ........................... Oct r ........................... Nov r ........................... Dec r ........................... 2000: Jan r ........................... Feb p .......................... 710.7 715.4 704.6 698.5 698.9 702.0 698.4 698.2 703.4 717.6 731.8 747.6 758.7 548.7 555.4 547.9 546.9 546.9 546.0 541.8 540.9 544.5 550.0 557.7 568.3 579.6 318.5 323.1 322.2 321.8 320.9 320.3 319.7 320.0 322.9 326.1 330.1 338.6 340.7 128.0 110.6 129.6 144.1 167.9 162.9 179.4 187.3 213.9 240.4 119.4 93.7 82.2 84.4 93.3 107.9 119.6 130.4 142.5 145.2 58.8 62.6 66.2 67.8 67.1 68.9 72.9 78.9 83.2 80.2 107.5 110.1 115.8 116.0 120.2 129.9 134.5 143.1 145.4 158.2 98 92 100 108 118 122 132 144 160 r 175 783 577 556 589 744 862 875 1,027 1,223 1,143 148.6 149.5 144.7 145.4 144.4 144.9 143.2 143.2 142.9 145.3 146.4 148.7 156.0 81.6 82.8 81.0 79.7 81.7 80.7 78.9 77.7 78.8 78.6 81.1 81.0 83.0 162.0 160.0 156.7 151.6 151.9 156.0 156.6 157.2 158.9 167.6 174.1 179.3 179.2 175 171 179 180 r 186 181 r 166 r 172 172 172 171 174 175 ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... Annual rates 238.1 241.5 241.2 239.9 238.5 238.9 238.6 239.1 240.3 244.6 251.3 257.5 259.6 1 Includes residential improvements, not shown separately. hotels and motels. Dodge series. Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies, Inc., F.W. Dodge Division. 2 Includes 3 F.W. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] New private housing units Period Total 1990 ...................................... 1991 ...................................... 1992 ...................................... 1993 ...................................... 1994 ...................................... 1995 ...................................... 1996 ...................................... 1997 ...................................... 1998 ...................................... 1999 r ..................................... New private homes Units started, by type of structure 1,192.7 1,013.9 1,199.7 1,287.6 1,457.0 1,354.1 1,476.8 1,474.0 1,616.9 1,666.5 1 unit 894.8 840.4 1,029.9 1,125.7 1,198.4 1,076.2 1,160.9 1,133.7 1,271.4 1,334.9 2–4 units 5 or more units 37.5 35.6 30.7 29.4 35.0 33.7 45.2 44.5 42.6 31.9 260.4 137.9 139.0 132.6 223.5 244.1 270.8 295.8 302.9 299.7 Units authorized 1,110.8 948.8 1,094.9 1,199.1 3 1,371.6 1,332.5 1,425.6 1,441.1 1,612.3 1,640.2 Units completed Homes sold Homes for sale at end of period 1 Vacancy rate for rental housing units (percent) 2 1,308.0 1,090.8 1,157.5 1,192.7 1,346.9 1,312.6 1,412.9 1,400.5 1,474.2 1,636.1 534 509 610 666 670 667 757 804 886 907 321 284 265 293 336 370 322 281 294 320 7.2 7.4 7.4 2 7.3 7.4 7.6 7.8 7.7 7.9 8.1 1,510 1,722 1,635 1,680 1,657 1,619 1,581 1,642 1,608 1,653 1,675 1,593 1,712 893 881 930 896 948 936 914 848 906 r895 921 924 919 296 298 301 305 305 306 307 311 314 r317 320 323 311 ...................... 8.2 ...................... ...................... 8.1 ...................... ...................... 8.2 ...................... ...................... 7.9 ...................... ...................... Seasonally adjusted annual rates 1999: Feb ............................ Mar ............................ Apr ............................ May ........................... June .......................... July ........................... Aug ............................ Sept ........................... Oct ............................. Nov ............................ Dec r ........................... 2000: Jan r ........................... Feb p .......................... 1,738 1,737 1,561 1,649 1,562 1,704 1,657 1,628 1,636 1,663 1,769 1,758 1,781 1,379 1,377 1,248 1,368 1,269 1,348 1,285 1,290 1,343 1,344 1,441 1,363 1,310 25 33 31 26 29 40 31 38 26 25 30 34 36 1 Seasonally adjusted. 2 Revised series beginning 1994; not comparable with earlier data, except 1993 data have been revised to be comparable with new series beginning in 1994. Quarterly data entered in last month of quarter. 3 The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units. 334 327 282 255 264 316 341 300 267 294 298 361 435 1,738 1,654 1,572 1,591 1,641 1,641 1,619 1,506 1,594 1,612 1,622 1,772 1,653 NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units authorized are for 17,000 places. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In January, manufacturing and trade sales rose 0.6 percent and inventories rose $6.2 billion. According to advance data, retail sales rose 1.1 percent in February, following an increase of 0.4 percent in January. Manufacturing and trade 1 Wholesale Retail Inventory-sales ratio 4 Sales 2 Period Sales 2 Inventories 3 Sales 2 Inventories 3 Total Durable goods stores Inventories 3 Nondurable goods stores Total Durable goods stores Nondurable goods stores Manufacturing and trade 1 Retail Millions of dollars, seasonally adjusted, except as noted 1990 ................................ 1991 ................................ 1992 ................................ 1993 ................................ 1994 ................................ 1995 ................................ 1996 ................................ 1997 ................................ 1998 ................................ 1999 r .............................. 545,909 542,815 567,176 595,444 638,742 684,261 717,135 752,095 777,772 831,269 840,663 834,715 842,939 870,316 934,342 994,826 1,013,201 1,060,326 1,094,345 1,144,898 149,506 148,306 154,150 161,223 172,237 187,889 198,668 206,671 211,251 226,811 195,775 200,376 208,244 216,974 235,413 253,565 255,871 273,885 286,705 304,712 153,718 154,661 162,632 173,586 187,503 196,816 208,845 217,972 228,834 249,497 55,736 54,165 58,634 65,189 73,954 79,054 85,072 88,841 94,857 104,699 97,981 100,497 103,999 108,397 113,549 117,762 123,773 129,132 133,977 144,798 239,815 243,389 252,185 269,303 294,052 310,276 320,601 330,308 340,842 369,809 121,194 119,189 123,152 135,088 153,019 165,108 170,849 176,483 181,069 199,896 118,621 124,200 129,033 134,215 141,033 145,168 149,752 153,825 159,773 169,913 1.52 1.53 1.48 1.44 1.41 1.43 1.41 1.38 1.39 1.35 1.56 1.54 1.52 1.51 1.50 1.55 1.51 1.49 1.46 1.43 1999: Jan r ..................... Feb r ..................... Mar ...................... Apr ....................... May ...................... June ..................... July ..................... Aug ...................... Sept ..................... Oct ....................... Nov ...................... Dec r ..................... 794,478 802,964 812,055 812,237 821,761 829,593 834,062 844,439 842,647 846,797 859,289 869,946 1,095,243 1,097,954 1,103,619 1,105,654 1,108,901 1,112,311 1,115,790 1,119,251 1,124,016 1,127,772 1,139,025 1,144,898 213,716 216,457 219,595 219,921 223,909 227,863 227,293 229,827 231,135 233,048 237,464 240,262 286,481 288,284 289,360 289,636 290,216 291,367 293,982 295,558 298,469 299,793 303,649 304,712 239,089 242,783 243,295 244,748 247,228 247,028 249,468 252,768 252,803 253,548 256,854 261,812 100,117 102,438 102,096 101,901 103,884 103,109 104,850 106,764 105,837 105,870 108,319 109,976 138,972 140,345 141,299 142,847 143,344 143,919 144,618 146,004 146,966 147,678 148,535 151,836 343,895 345,472 350,681 352,824 354,943 358,254 356,765 359,342 359,878 360,457 365,540 369,809 183,036 184,152 188,316 190,264 192,144 194,621 193,482 194,626 194,472 194,406 197,079 199,896 160,859 161,320 162,365 162,560 162,799 163,633 163,283 164,716 165,406 166,051 168,461 169,913 1.38 1.37 1.36 1.36 1.35 1.34 1.34 1.33 1.33 1.33 1.33 1.32 1.44 1.42 1.44 1.44 1.44 1.45 1.43 1.42 1.42 1.42 1.42 1.41 2000: Jan p .................... Feb p .................... 875,000 1,151,069 875,677 .................. 241,611 241,080 306,566 308,564 r 262,824 r 112,171 r 150,653 265,687 112,933 1 See page 21 for manufacturing. 2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 3 Seasonally adjusted, end of period. 20 371,797 201,983 169,814 1.32 1.41 152,754 ................ ................ ................ ................ ................ 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS In February, manufacturers’ shipments and new orders fell, while inventories and unfilled orders rose. Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries, nondefense Nondurable goods 33,331 30,471 31,524 31,694 35,697 40,511 44,631 48,165 51,700 54,955 53,233 53,299 52,525 53,041 50,948 55,030 56,423 56,050 56,291 54,385 62,639 63,350 57,311 118,924 118,957 121,905 124,617 130,191 138,851 142,730 147,610 147,832 154,502 149,260 150,356 150,241 151,650 154,044 154,371 156,994 156,537 158,283 160,813 161,318 160,985 163,812 Manufacturers’ unfilled orders 2 Manufacturers’ inventory— shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 1990 ................................. 1991 ................................. 1992 ................................. 1993 ................................. 1994 ................................. 1995 .................................. 1996 .................................. 1997 .................................. 1998 .................................. 1999 ................................. 1999: Feb ........................ Mar ........................ Apr ......................... May ....................... June ...................... July ........................ Aug ....................... Sept ....................... Oct ......................... Nov ........................ Dec ........................ 2000: Jan r ....................... Feb p ...................... 242,686 239,847 250,394 260,635 279,002 299,555 309,622 327,452 337,687 354,961 343,724 349,065 347,568 350,624 354,702 357,301 361,844 358,709 360,201 364,971 367,872 370,565 368,910 123,776 121,000 128,489 135,886 149,131 160,586 167,013 179,892 189,666 200,623 194,465 198,292 197,246 199,425 200,990 203,268 205,709 201,895 202,306 204,430 206,480 209,442 205,534 118,910 118,847 121,905 124,749 129,870 138,970 142,608 147,560 148,022 154,338 149,259 150,773 150,322 151,199 153,712 154,033 156,135 156,814 157,895 160,541 161,392 161,123 163,376 405,073 390,950 382,510 384,039 404,877 430,985 436,729 456,133 466,798 470,377 464,198 463,578 463,194 463,742 462,690 465,043 464,351 465,669 467,522 469,836 470,377 472,706 476,052 263,209 250,019 238,105 239,334 253,624 268,353 273,815 286,372 295,344 295,034 294,030 293,391 292,415 292,403 291,645 293,505 292,461 292,901 293,448 294,970 295,034 296,566 298,974 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 141,864 140,931 144,405 144,705 151,253 162,632 162,914 169,761 171,454 175,343 170,168 170,187 170,779 171,339 171,045 171,538 171,890 172,768 174,074 174,866 175,343 176,140 177,078 244,507 238,805 248,212 257,698 279,733 300,632 312,442 329,335 336,140 356,599 343,046 349,722 344,915 348,259 351,128 359,903 364,440 360,886 360,725 365,612 379,485 374,967 372,031 125,583 119,849 126,308 133,081 149,542 161,782 169,711 181,726 188,308 202,097 193,786 199,366 194,674 196,609 197,084 205,532 207,446 204,349 202,442 204,799 218,167 213,982 208,219 531,131 519,199 492,893 457,810 466,699 479,674 513,062 536,131 519,038 538,217 525,999 526,656 524,003 521,638 518,064 520,666 523,262 525,439 525,963 526,604 538,217 542,619 545,740 1.65 1.65 1.54 1.47 1.41 1.41 1.40 1.37 1.38 1.31 1.35 1.33 1.33 1.32 1.30 1.30 1.28 1.30 1.30 1.29 1.28 1.28 1.29 3 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES The producer price index for all finished goods rose 1.0 percent in February. Prices of finished consumer foods rose 0.4 percent, while prices of other finished consumer goods rose 1.7 percent. Capital equipment prices were unchanged. [1982=100; monthly data seasonally adjusted] Finished goods Period Total finished goods Finished goods excluding consumer foods Consumer foods Consumer goods Total Total 1990 ........................... 1991 ........................... 1992 ........................... 1993 ........................... 1994 ........................... 1995 ........................... 1996 ........................... 1997 ........................... 1998 ........................... 1999 p ........................ 1999: Feb ................ Mar ................ Apr ................ May ............... June ............ July ............. Aug ............. Sept ............. Oct r ............. Nov ............. Dec .............. 2000: Jan ................ Feb .............. 1 Intermediate 22 119.2 121.7 123.2 124.7 125.5 127.9 131.3 131.8 130.7 133.1 131.1 131.6 132.2 132.3 132.4 132.7 133.5 134.6 134.6 134.9 135.0 135.0 136.4 124.4 124.1 123.3 125.7 126.8 129.0 133.6 134.5 134.3 135.1 134.6 135.2 134.1 134.2 135.0 134.4 135.1 136.1 135.7 135.5 135.5 135.7 136.3 117.4 120.9 123.1 124.4 125.1 127.5 130.5 130.9 129.5 132.3 130.0 130.4 131.5 131.6 131.6 132.1 132.9 134.1 134.2 134.6 134.8 134.7 136.3 materials for food manufacturing and feeds. 115.3 118.7 120.8 121.7 121.6 124.0 127.6 128.2 126.4 130.6 127.1 127.7 129.3 129.5 129.5 130.4 131.5 133.1 133.2 133.8 133.9 133.8 136.1 Durable 120.4 123.9 125.7 128.0 130.9 132.7 134.2 133.7 132.9 133.0 132.9 132.7 132.9 133.0 132.8 132.6 132.8 133.2 133.7 133.5 133.9 133.7 133.3 Nondurable 111.5 115.0 117.3 117.6 116.2 118.8 123.3 124.3 122.2 127.9 123.1 124.1 126.2 126.4 126.6 127.9 129.3 131.4 131.3 132.2 132.4 132.2 135.7 Capital equipment 122.9 126.7 129.1 131.4 134.1 136.7 138.3 138.2 137.6 137.6 137.7 137.5 137.6 137.7 137.5 137.3 137.4 137.6 137.9 137.8 138.0 138.1 138.1 Total finished consumer goods 118.2 120.5 121.7 123.0 123.3 125.6 129.5 130.2 128.9 132.1 129.5 130.1 130.9 131.0 131.3 131.7 132.7 134.1 134.0 134.4 134.5 134.5 136.3 Intermediate materials Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other 114.5 114.4 114.7 116.2 118.5 124.9 125.7 125.6 123.0 123.2 120.8 121.1 121.9 122.3 122.7 123.5 124.1 124.7 124.9 125.5 125.8 126.3 127.3 113.3 111.1 110.7 112.7 114.8 114.8 128.1 125.4 116.2 111.1 112.9 111.4 109.3 109.5 110.1 109.0 110.4 111.5 112.4 112.0 109.9 109.9 110.6 114.5 114.6 114.9 116.4 118.7 125.5 125.6 125.7 123.4 123.9 121.2 121.7 122.6 123.0 123.4 124.3 124.9 125.4 125.6 126.2 126.7 127.2 128.2 108.9 101.2 100.4 102.4 101.8 102.7 113.8 111.1 96.8 98.2 88.9 89.6 91.5 96.7 96.9 97.1 102.1 106.8 104.2 108.9 104.6 107.4 111.9 113.1 105.5 105.1 108.4 106.5 105.8 121.5 112.2 103.9 98.8 99.9 100.2 96.5 98.2 98.2 94.4 97.8 99.1 99.2 100.2 98.1 98.8 99.5 101.5 94.6 93.5 94.7 94.8 96.8 104.5 106.4 88.4 94.3 78.1 79.0 84.8 92.2 92.4 95.4 101.3 108.2 103.9 111.0 105.2 109.4 116.5 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In February, the consumer price index for all urban consumers rose 0.5 percent seasonally adjusted; it rose 0.6 percent not seasonally adjusted. The index was 3.2 percent above its year-earlier level. [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted] All items 1 Housing Transportation Shelter Period Not season- Seasonally ally adjust- adjusted ed (NSA) Food Total 1 Rent of primary residence Total 1 Owners’ equivalent rent (12/82= 100) Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Rel. imp.3 ......................... 1990 ................................. 1991 ................................. 1992 ................................. 1993 ................................. 1994 ................................. 1995 ................................. 1996 ................................. 1997 ................................. 1998 ................................. 1999 ................................. 1999: Feb ...................... Mar ...................... Apr ...................... May ..................... June ..................... July ..................... Aug ...................... Sept ..................... Oct ....................... Nov ...................... Dec ...................... 100.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 164.5 165.0 166.2 166.2 166.2 166.7 167.1 167.9 168.2 168.3 168.3 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 164.8 165.1 166.2 166.2 166.2 166.7 167.2 167.8 168.1 168.4 168.8 15.3 132.4 136.3 137.9 140.9 144.3 148.4 153.3 157.3 160.7 164.1 163.4 163.3 163.4 163.9 163.9 164.1 164.4 164.9 165.3 165.6 165.8 39.6 128.5 133.6 137.5 141.2 144.8 148.5 152.8 156.8 160.4 163.9 162.2 162.6 163.1 163.3 163.6 163.9 164.2 164.7 164.8 165.3 165.4 30.2 140.0 146.3 151.2 155.7 160.5 165.7 171.0 176.3 182.1 187.3 185.0 185.6 186.2 186.5 186.9 187.3 187.6 188.1 188.3 188.9 189.1 7.0 138.4 143.3 146.9 150.3 154.0 157.8 162.0 166.7 172.1 177.5 175.5 176.0 176.5 176.9 177.2 177.6 178.0 178.4 178.8 179.6 180.1 20.5 144.8 150.4 155.5 160.5 165.8 171.3 176.8 181.9 187.8 192.9 191.3 191.6 192.1 192.5 192.8 193.1 193.5 193.8 194.0 194.6 195.0 4.7 111.6 115.3 117.8 121.3 122.8 123.7 127.5 130.8 128.5 128.8 127.1 127.4 127.6 127.4 127.6 128.2 128.7 129.9 130.1 130.5 129.8 4.7 124.1 128.7 131.9 133.7 133.4 132.0 131.7 132.9 133.0 131.3 130.7 130.7 131.9 131.8 131.4 130.4 130.0 131.2 132.0 131.5 131.5 17.5 ............ 120.5 121.0 123.8 125.3 126.5 128.4 130.4 131.5 134.3 136.0 139.1 139.0 143.0 141.4 144.3 141.7 141.6 140.7 144.4 139.6 140.3 140.0 141.1 139.6 144.5 139.6 143.8 139.4 143.2 139.3 144.7 139.3 145.8 139.2 146.7 139.5 147.1 139.5 147.2 139.4 148.4 139.3 3.2 101.2 99.4 99.0 98.0 98.5 100.0 106.3 106.2 92.2 100.7 86.5 89.1 102.2 99.3 97.5 101.0 105.9 108.6 108.3 108.0 113.4 5.8 162.8 177.0 190.1 201.4 211.0 220.5 228.2 234.6 242.1 250.6 247.5 248.2 249.0 249.6 250.4 251.2 252.0 252.8 253.4 254.1 255.0 7.0 102.1 102.5 103.0 104.2 104.6 105.2 110.1 111.5 102.9 106.6 99.0 100.3 106.3 104.9 104.2 106.1 108.5 110.4 110.4 110.5 112.5 77.7 135.5 142.1 147.3 152.2 156.5 161.2 165.6 169.5 173.4 177.0 175.8 176.1 176.7 176.8 177.0 177.4 177.5 178.1 178.4 178.7 178.9 2000: Jan ...................... Feb ...................... 168.7 169.7 169.1 170.0 165.7 166.3 165.9 166.8 189.7 190.2 180.6 181.2 195.5 196.1 130.5 133.9 130.0 130.2 148.6 150.5 115.1 122.2 255.7 256.7 113.6 118.8 179.2 179.5 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. 3 Relative importance, December 1999. 139.0 139.0 Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Period Change from preceding period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Excluding foods Foods Change from year earlier, total finished goods NSA Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment 3.4 2.5 1.7 1.8 2.0 2.2 .4 ¥.6 0 .3 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 4.9 2.1 1.2 1.2 .6 1.9 2.7 .4 ¥.8 1.8 2.6 1.3 6.1 7.8 5.8 3.4 6.3 11.6 8.9 7.2 2.4 ¥0.3 ¥.3 0 0 0 ¥.9 ¥.9 .3 1.8 1.2 1.2 1.1 1.5 1.8 2.3 2.0 1.7 3.7 4.6 3.7 4.0 4.0 0.3 .6 ¥2.1 ¥1.0 1.0 ¥2.8 .7 1.3 r2.4 1.9 .7 1.8 2.6 4.3 5.1 3.5 4.8 7.0 8.6 6.1 6.8 6.9 0.6 ¥.1 0 ¥.1 ¥.1 ¥.4 ¥.4 .1 .4 .1 .7 .5 .8 1.2 1.4 1.5 1.5 2.3 3.1 r2.8 3.1 3.0 1.8 7.1 .6 .9 3.5 4.4 1.9 1.8 5.3 7.1 1.2 1.0 2.5 4.0 Change, Dec. to Dec., NSA 1990 ....................... 1991 ....................... 1992 ....................... 1993 ....................... 1994 ....................... 1995 ....................... 1996 ....................... 1997 ....................... 1998 ....................... 1999 p ..................... 5.7 ¥.1 1.6 .2 1.7 2.3 2.8 ¥1.2 0 3.0 2.6 ¥1.5 1.6 2.4 1.1 1.9 3.4 ¥.8 .1 .9 8.7 ¥.7 1.6 ¥1.4 2.0 2.3 3.7 ¥1.5 ¥.1 5.2 Change, month to month 1999: Feb .............. Mar ............. Apr .............. May ............. June ............ July ............. Aug ............. Sept ............. Oct .............. Nov ............. Dec .............. ¥0.4 .4 .5 .1 .1 .2 .6 .8 0 .2 .1 ¥1.2 .4 ¥.8 .1 .6 ¥.4 .5 .7 r¥.3 r¥.1 0 ¥0.2 .5 1.3 .2 0 .7 .8 1.2 .1 .5 .1 0.1 ¥.1 .1 .1 ¥.1 ¥.1 .1 .1 .2 ¥.1 .1 0.9 1.5 1.8 3.7 2.5 1.5 3.7 6.8 5.9 4.3 1.2 ¥0.9 2.7 ¥6.3 ¥1.2 ¥.6 .9 2.7 3.3 r3.9 1.2 ¥1.8 2000: Jan .............. Feb .............. 0 1.0 .1 .4 ¥.1 1.7 .1 1.2 4.5 r0 0 2.4 Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing Transportation Shelter Period All items 1 Food Total 1 Total 1 Rent of Ownpriers’ mary equivaresilent dence rent Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Addendum: All items, percent change (annual rate) From previous quarter 3 From From 3 6 months months earlier earlier From year earlier NSA Change, December to December, NSA 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 ......................... ......................... ......................... ......................... ......................... ......................... ......................... ......................... ......................... ......................... 6.1 3.1 2.9 2.7 2.7 2.5 3.3 1.7 1.6 2.7 5.3 1.9 1.5 2.9 2.9 2.1 4.3 1.5 2.3 1.9 4.5 3.4 2.6 2.7 2.2 3.0 2.9 2.4 2.3 2.2 5.2 3.9 2.9 3.0 3.0 3.5 2.9 3.4 3.3 2.5 4.1 2.9 2.3 2.2 2.5 2.5 2.8 3.1 3.4 3.1 4.8 3.7 3.0 3.2 3.3 3.7 2.8 3.1 3.2 2.4 4.0 2.9 2.3 2.5 .2 1.4 4.6 .5 ¥2.6 2.4 5.1 3.4 1.4 .9 ¥1.6 .1 ¥.2 1.0 ¥.7 ¥.5 1999: Feb ............... Mar ............... Apr ............... May .............. June ............. July .............. Aug ............... Sept .............. Oct ............... Nov ............... Dec ............... 0.1 .2 .7 0 0 .3 .3 .4 .2 .2 .2 0.2 ¥.1 .1 .3 0 .1 .2 .3 .2 .2 .1 0.1 .2 .3 .1 .2 .2 .2 .3 .1 .3 .1 0.2 .3 .3 .2 .2 .2 .2 .3 .1 .3 .1 0.2 .3 .3 .2 .2 .2 .2 .2 .2 .4 .3 0.2 .2 .3 .2 .2 .2 .2 .2 .1 .3 .2 0.2 .2 .2 ¥.2 .2 .5 .4 .9 .2 .3 ¥.5 ¥0.3 0 .9 ¥.1 ¥.3 ¥.8 ¥.3 .9 .6 ¥.4 0 2000: Jan ............... Feb ............... .2 .5 ¥.1 .4 .3 .5 .3 .3 .3 .3 .3 .3 .5 2.6 ¥1.1 .2 10.4 ¥1.5 3.0 2.4 3.8 1.5 4.4 ¥1.4 ¥1.7 5.4 1.4 3.3 2.3 2.8 3.2 1.6 1.6 ¥1.0 ¥.1 ¥.8 36.5 ¥16.0 1.8 ¥5.4 5.9 ¥4.0 12.7 ¥6.2 ¥15.4 30.2 9.6 7.9 6.6 5.4 4.9 3.9 3.0 2.8 3.4 3.7 18.1 ¥7.4 2.0 ¥1.4 2.2 ¥1.3 8.6 ¥3.4 ¥8.8 13.4 5.2 4.4 3.3 3.2 2.6 3.0 2.6 2.2 2.4 1.9 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 5.4 4.2 3.0 3.0 2.6 2.8 3.0 2.3 1.6 2.2 ¥0.2 .6 2.4 ¥.5 ¥.4 1.0 .8 .6 .3 .1 .8 ¥0.4 ¥.3 0 ¥.1 ¥.1 0 ¥.1 .2 0 ¥.1 ¥.1 ¥0.5 3.0 14.7 ¥2.8 ¥1.8 3.6 4.9 2.5 ¥.3 ¥.3 5.0 0.3 .3 .3 .2 .3 .3 .3 .3 .2 .3 .4 0 1.3 6.0 ¥1.3 ¥.7 1.8 2.3 1.8 0 .1 1.8 0 .......... 1.7 .......... .......... 3.2 .......... .......... 2.4 .......... .......... 2.9 1.5 1.7 3.7 3.4 2.7 1.2 2.4 3.9 3.4 2.9 2.4 1.6 1.8 2.8 2.5 2.2 2.4 2.9 3.3 2.3 2.7 3.2 1.6 1.7 2.3 2.1 2.0 2.1 2.3 2.6 2.6 2.6 2.7 .1 1.3 ¥.2 0 1.5 6.2 .3 .4 1.0 4.6 .2 .......... .2 .......... 2.4 3.9 2.9 3.4 2.7 3.2 Change, month to month 1 Includes items not shown separately. fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 2 Household 24 3 Quarterly .2 .3 .1 .1 .2 .1 .3 .2 .2 .1 changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS In March, prices received by farmers rose 4.3 percent while prices paid by farmers rose 0.8 percent. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 All farm products Prices paid by farmers Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 ............................... ............................... ............................... ............................... ............................... ............................... ............................... ............................... .............................. .............................. ............................... 104 104 100 98 101 100 102 112 107 101 95 109 103 101 101 102 105 112 127 116 106 96 100 105 99 97 100 95 92 99 98 97 95 96 99 100 101 104 106 109 115 118 115 115 97 99 100 101 103 106 108 115 118 114 114 95 99 100 101 104 106 108 115 119 113 112 108 105 99 97 97 94 93 98 91 88 82 1999: Mar ..................... Apr .................... May .................... June ................... July .................... Aug .................... Sept ................... Oct ..................... Nov .................... Dec ..................... 96 96 98 97 95 98 96 91 93 92 98 103 104 100 95 99 95 88 89 90 95 90 93 95 94 97 98 96 98 95 115 115 115 115 115 115 116 117 117 118 113 113 113 113 113 113 114 115 115 116 111 111 111 111 111 112 112 113 114 115 83 83 85 84 83 85 83 78 79 78 2000: Jan ..................... Feb ..................... Mar ..................... 90 92 96 87 94 94 95 118 119 120 117 115 r90 r118 r116 119 117 76 77 80 1 Includes 96 items not shown separately. 2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. NOTE.—The official indexes are published on a 1910—14 base as required by law. The indexes have been converted to a 1990—92=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In February, growth in M2 and M3 slowed. [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted] M1 M2 M3 Debt M2 plus large time deposits, RPs, Eurodollars, and institutional MMMF balances Debt of domestic nonfinancial sectors (monthly average of adjacent month-end levels) 1 Sum of currency, demand deposits, travelers’ checks, and other checkable deposits (OCDs) M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits Dec ....................................................... Dec ....................................................... Dec ....................................................... Dec ....................................................... Dec ....................................................... Dec ....................................................... Dec ....................................................... Dec ....................................................... Dec ....................................................... Dec r ...................................................... 824.4 896.3 1,024.3 1,129.7 1,150.1 1,126.8 1,081.1 1,073.9 1,097.4 1,123.8 3,280.9 3,381.0 3,435.7 3,490.8 3,505.4 3,650.1 3,822.9 4,040.8 4,397.0 4,652.2 4,155.8 4,208.2 4,219.2 4,280.0 4,354.1 4,617.4 4,952.4 5,402.2 5,996.9 6,469.3 r 10,825.0 1999: Jan ....................................................... Feb ....................................................... Mar ....................................................... Apr ....................................................... May ....................................................... June ...................................................... July r ..................................................... Aug r ...................................................... Sept r ..................................................... Oct r ....................................................... Nov r ...................................................... Dec r ...................................................... 1,096.0 1,094.3 1,101.4 1,107.2 1,101.8 1,100.2 1,099.6 1,098.7 1,096.0 1,101.1 1,109.4 1,123.8 4,422.4 4,447.7 r 4,463.4 4,490.4 4,513.1 4,531.0 4,552.7 4,569.9 4,589.1 4,605.3 4,624.2 4,652.2 r 6,028.7 r 16,316.4 6,078.0 6,087.8 r 6,123.7 r 6,156.3 r 6,187.3 6,210.8 6,228.4 6,254.6 6,302.9 6,379.3 6,469.3 r 16,407.0 2000: Jan r ...................................................... Feb ....................................................... 1,120.9 1,105.0 4,675.3 4,683.6 6,512.6 6,526.9 Period 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 1 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data derived from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 26 Percent change from year or 6 months earlier 2 M1 M2 M3 Debt 4.0 8.7 14.3 10.3 1.8 ¥2.0 ¥4.1 ¥.7 2.2 2.4 3.8 3.1 1.6 1.6 .4 4.1 4.7 5.7 8.8 5.8 1.6 1.3 .3 1.4 1.7 6.0 7.3 9.1 11.0 7.9 6.5 4.4 4.6 r 4.9 r 4.7 r 5.4 5.4 5.3 6.7 6.7 9.6 9.6 8.3 7.5 6.8 6.1 5.9 5.5 5.6 5.1 4.9 5.3 11.4 11.0 9.0 8.0 7.1 6.3 6.0 4.9 5.5 5.9 7.2 9.1 r 6.3 16,858.8 16,955.7 17,059.1 17,149.8 17,217.5 17,314.9 3.5 4.0 4.3 4.1 1.5 .5 .7 .8 ¥1.0 ¥1.1 1.4 4.3 p 17,401.7 ...................... 3.9 1.1 5.4 5.0 9.7 9.6 6.4 ............ r 11,300.0 r 11,824.0 r 12,409.1 r 12,997.9 r 13,705.9 r 14,446.5 r 15,209.2 r 16,230.9 17,314.9 r 16,523.7 r 16,627.2 r 16,700.2 r 16,777.9 NOTE.—See p. 27 for components. Source: Board of Governors of the Federal Reserve System. 6.4 6.9 7.1 6.8 6.7 6.6 6.7 6.5 6.3 6.2 6.4 COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] Period 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: Currency Nonbank travelers checks Demand deposits Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec r .......................................... 247.0 267.5 292.6 322.1 354.4 372.5 394.3 424.8 459.5 515.6 7.0 7.1 7.6 7.4 8.0 8.5 8.3 8.1 8.2 8.3 276.8 289.5 339.8 385.5 383.6 389.2 402.3 395.3 379.3 355.9 1999: Feb ........................................... Mar ........................................... Apr ........................................... May ........................................... June .......................................... July r ......................................... Aug r .......................................... Sept r ......................................... Oct r ........................................... Nov r .......................................... Dec r .......................................... 467.4 471.5 475.6 480.0 483.5 487.3 491.2 495.3 499.3 504.3 515.6 8.1 8.2 8.2 8.3 8.8 9.1 8.9 8.7 8.4 8.2 8.3 371.3 371.9 371.6 366.1 360.8 360.2 356.6 351.1 353.1 355.7 355.9 2000: Jan r .......................................... Feb ............................................ 524.3 518.1 8.2 8.1 345.4 338.2 Other checkable deposits (OCDs) 293.7 332.3 384.3 414.6 404.1 356.6 276.1 245.8 250.3 244.0 Money market mutual fund balances Retail Savings deposits, including money market deposit accounts (MMDAs) Institutional Small denomination time deposits 1 Large denomination time deposits 1 Overnight and term Overnight repurand term chase Euroagreedollars ments (net) (RPs) (net) 360.2 375.3 356.9 359.8 389.0 457.7 524.4 601.7 749.4 838.9 138.0 186.2 208.0 209.4 201.9 254.3 312.0 380.8 518.4 607.4 923.0 1,043.8 1,186.5 1,219.2 1,149.9 1,134.2 1,270.6 1,397.1 1,598.6 1,734.5 1,173.4 1,065.6 868.1 782.0 816.3 931.4 946.9 968.2 951.7 955.0 482.1 417.6 354.5 334.5 364.2 420.5 492.2 573.9 628.1 701.9 151.5 131.1 141.6 172.6 196.3 198.4 210.7 256.0 300.8 334.7 103.3 92.3 79.5 72.8 86.3 94.0 114.6 150.7 152.6 173.1 r 249.7 773.7 777.6 r 251.8 r 785.6 247.4 247.2 242.9 242.0 240.8 240.3 241.2 244.0 793.0 799.4 803.5 808.1 813.9 818.7 825.0 838.9 533.2 535.9 544.4 550.1 553.9 556.1 563.8 566.9 577.7 592.1 607.4 1,638.6 1,647.2 1,662.4 1,684.3 1,699.9 1,718.0 1,729.7 1,741.5 1,743.2 1,740.8 1,734.5 941.1 937.3 935.2 933.9 931.5 931.6 933.5 937.7 942.2 949.0 955.0 627.8 624.1 626.5 625.8 624.8 626.3 623.3 629.3 651.9 678.0 701.9 315.1 305.7 300.9 305.0 312.8 312.7 313.3 313.5 313.4 321.5 334.7 154.1 158.7 161.5 162.3 164.8 163.0 158.0 155.8 154.7 163.4 173.1 243.0 240.6 857.7 860.6 623.5 617.5 1,735.5 1,751.3 961.2 966.7 709.0 712.4 329.0 342.0 175.9 171.3 247.5 1 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Borrowings of depository institutions from the Federal Reserve (NSA) Reserves of depository institutions Period Total 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Nonborrowed Nonborrowed plus extended credit Required Monetary base Total Seasonal Extended credit ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... .......................................................................... ........................................................................... ........................................................................... ........................................................................... 41,747 45,493 54,388 60,530 59,419 56,454 50,162 46,861 44,902 41,520 41,422 45,301 54,265 60,448 59,210 56,197 50,008 46,537 44,785 41,200 41,445 45,301 54,265 60,448 59,210 56,197 50,008 46,537 44,785 41,200 40,083 44,504 53,235 59,460 58,260 55,164 48,746 45,176 43,319 40,209 293,249 317,548 350,928 386,549 418,200 434,309 451,606 479,164 512,594 r 590,652 326 192 124 82 209 257 155 324 117 320 76 38 18 31 100 40 68 79 15 67 23 1 1 0 0 0 0 0 0 0 1999: Mar ........................................................................... Apr ........................................................................... May .......................................................................... June ......................................................................... July .......................................................................... Aug ........................................................................... Sept .......................................................................... Oct ............................................................................ Nov .......................................................................... Dec ........................................................................... 43,717 43,979 44,360 42,867 41,978 42,067 42,113 40,943 41,198 41,520 43,652 43,812 44,233 42,722 41,669 41,723 41,774 40,661 40,962 41,200 43,652 43,812 44,233 42,722 41,669 41,723 41,774 40,661 40,962 41,200 42,412 42,820 43,105 41,606 40,902 40,938 40,916 39,790 39,864 40,209 523,829 528,233 534,029 537,147 r 541,250 r 544,629 r 550,218 r 557,753 r 569,657 r 590,652 65 166 127 145 309 344 338 281 236 320 18 39 89 127 226 271 282 221 71 67 0 0 0 0 0 0 0 0 0 0 2000: Jan r ......................................................................... Feb ........................................................................... Mar p ......................................................................... 43,147 41,483 40,317 42,773 41,376 40,138 42,773 41,376 40,138 41,121 40,367 39,116 591,297 572,510 569,969 374 108 179 31 44 71 0 0 0 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 0.9 percent in February; commercial and industrial loans rose 1.2 percent. [Billions of dollars, seasonally adjusted 1] Securities in bank credit Period Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Feb r .......... Mar r ......... Apr r .......... May r ......... June r ........ July r ......... Aug r ......... Sept r ......... Oct r .......... Nov r ......... Dec r .......... 2000: Jan r .......... Feb ........... 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 1999: Total bank credit 2,751.4 2,857.5 2,956.2 3,115.6 3,322.2 3,605.2 3,761.9 4,104.0 4,547.1 4,780.9 4,519.9 4,490.6 4,498.9 4,508.3 4,552.2 4,550.0 4,583.3 4,607.5 4,637.6 4,703.0 4,780.9 4,788.5 4,814.0 Total securities U.S. Government securities 634.3 746.0 841.5 915.0 939.8 984.7 978.7 1,086.0 1,226.4 1,268.6 1,204.7 1,187.5 1,187.9 1,186.7 1,210.0 1,227.9 1,242.9 1,247.1 1,255.7 1,250.0 1,268.6 1,261.0 1,256.1 456.4 566.5 664.8 730.3 721.7 701.8 699.1 748.0 792.9 803.9 793.3 801.5 801.5 799.6 811.7 814.6 820.2 817.8 813.7 799.3 803.9 806.2 805.8 Loans and leases in bank credit Real estate Other Total loans Commersecurities and leases 2 cial and industrial 177.9 179.5 176.7 184.7 218.1 282.9 279.6 337.9 433.4 464.7 411.4 386.0 386.4 387.0 398.3 413.2 422.7 429.3 442.0 450.7 464.7 454.8 450.3 2,117.1 2,111.5 2,114.8 2,200.6 2,382.3 2,620.5 2,783.2 3,018.0 3,320.7 3,512.3 3,315.2 3,303.2 3,310.9 3,321.6 3,342.2 3,322.2 3,340.4 3,360.4 3,381.9 3,453.0 3,512.3 3,527.4 3,557.9 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities. 28 645.8 624.2 600.5 591.2 651.3 725.0 788.9 856.1 951.8 1,007.0 950.6 955.0 959.4 956.1 964.4 964.9 972.2 980.1 982.4 1,002.4 1,007.0 1,008.4 1,020.4 Total 858.7 884.6 907.0 948.7 1,012.1 1,091.1 1,142.9 1,248.5 1,338.7 1,472.3 1,348.1 1,349.3 1,351.5 1,360.8 1,366.5 1,368.4 1,380.4 1,396.7 1,421.0 1,434.9 1,472.3 1,489.6 1,505.0 Revolving home equity 66.3 74.3 78.4 78.0 80.3 84.2 90.4 104.3 103.3 107.3 102.7 102.9 104.1 105.4 104.8 99.0 99.6 99.4 100.3 101.9 107.3 110.7 112.6 Consumer Security Other Other 792.4 810.3 828.6 870.7 931.8 1,006.9 1,052.5 1,144.2 1,235.4 1,365.0 1,245.4 1,246.3 1,247.3 1,255.5 1,261.7 1,269.4 1,280.7 1,297.2 1,320.7 1,331.1 1,365.0 1,378.9 1,392.4 379.9 362.9 355.3 386.7 446.9 489.9 511.1 501.2 496.5 492.5 498.1 497.5 498.1 494.5 489.1 480.1 479.1 480.0 478.7 482.2 492.5 499.1 503.9 44.5 53.8 63.9 88.1 77.7 84.6 76.8 97.1 150.6 155.6 138.9 119.0 121.7 126.2 130.8 122.4 122.4 116.1 111.2 134.4 155.6 147.1 144.7 188.2 186.0 188.0 185.9 194.5 230.0 263.5 315.1 383.1 384.8 379.4 382.4 380.3 383.9 391.4 386.3 386.2 387.5 388.7 399.0 384.8 383.3 384.0 2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External Funds raised in markets Period Total 1990 .................... 1991 .................... 1992 .................... 1993 .................... 1994 .................... 1995 .................... 1996 .................... 1997 .................... 1998 r .................. 1999 p .................. 1997: I ............... II ............. III ............ IV ............ 1998: I ............... II ............. III r ........... IVr ........... 1999: I r .............. II r ............ III r ........... IV p ........... 615.0 514.5 626.6 728.9 808.7 1,012.6 1,076.9 1,078.1 1,116.9 1,510.2 1,081.4 967.2 1,246.2 1,017.9 1,258.0 1,106.8 1,116.6 986.4 1,526.8 1,446.6 1,506.0 1,561.7 Internal 1 431.5 447.4 465.3 511.0 567.1 621.8 678.4 732.5 763.1 805.5 712.2 730.8 746.6 740.6 760.0 759.6 762.0 771.2 790.8 793.9 800.3 837.4 Credit market instruments Total 183.5 67.1 161.3 217.9 241.6 390.8 398.5 345.6 353.8 704.7 369.2 236.4 499.6 277.3 498.0 347.2 354.6 215.2 736.0 652.7 705.7 724.3 Total net funds raised r 64.0 r ¥27.5 r 72.5 r 66.7 r 89.6 r 176.4 r 85.4 r 171.3 138.7 301.4 r 107.1 r 152.4 r 153.8 r 271.8 r 277.2 r 327.7 45.0 ¥95.2 545.3 ¥22.9 311.3 371.8 Total Net new equity issues ¥63.0 18.3 27.0 21.3 ¥44.9 ¥58.3 ¥69.5 ¥114.4 ¥267.0 ¥142.7 ¥90.4 ¥100.0 ¥124.0 ¥143.3 ¥139.2 ¥129.1 ¥308.4 ¥491.3 ¥52.2 ¥338.2 ¥138.6 ¥41.6 Total r 127.0 Other 2 Loans and shortterm paper Securities and mortgages r 59.1 67.9 r 119.5 r ¥45.8 r 71.1 r ¥116.9 r 94.6 r 45.5 r 55.3 r ¥9.8 r 88.8 ¥25.0 90.8 117.2 57.0 130.9 153.9 156.5 100.1 87.4 102.9 233.1 112.8 142.3 232.6 127.8 259.0 ¥26.1 188.3 204.7 r 151.3 r 45.4 r 70.4 r 134.5 r 43.7 r 234.7 r 117.5 r 154.9 r 97.9 r 285.7 r 154.8 405.7 444.0 r 197.5 r 252.4 r 277.8 r 415.2 r 416.4 r 456.9 353.4 396.1 597.5 315.3 449.9 413.4 251.8 287.5 r 97.4 r 165.0 r 174.8 r 182.0 r 303.6 r 314.5 120.8 268.3 338.5 341.4 261.5 208.7 1 Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed capital, foreign earnings retained abroad, and inventory valuation adjustment. 2 Includes tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in the U.S. r 152.0 r 214.5 r 313.1 r 174.3 215.1 403.3 r 262.1 r 84.0 r 345.9 r 5.5 r 220.8 r 19.4 309.6 310.4 190.7 675.5 394.4 352.5 Capital expenditures 3 538.4 474.7 563.0 810.6 824.5 1,035.8 1,051.5 1,045.9 1,093.3 1,502.3 1,087.2 930.9 1,179.8 985.6 1,191.8 1,091.2 1,165.9 924.4 1,524.8 1,432.3 1,513.6 1,538.2 Increase in financial assets Discrepancy (sources less uses) 107.9 61.5 124.4 313.3 251.2 400.6 373.4 286.9 261.8 614.8 364.2 136.5 416.9 230.0 352.0 284.8 336.7 73.7 675.5 557.9 617.5 608.1 76.6 39.7 63.7 ¥81.7 ¥15.9 ¥23.3 25.4 32.3 23.5 7.9 ¥5.9 36.3 66.4 32.3 66.2 15.6 ¥49.3 62.0 2.0 14.2 ¥7.6 23.4 430.5 413.2 438.6 497.3 573.3 635.2 678.1 759.0 831.5 887.5 723.0 794.4 762.9 755.6 839.8 806.4 829.2 850.7 849.3 874.4 896.1 930.1 3 Plant and equipment, residential structures, inventory investment, and access rights from U.S. Government. Source: Board of Governors of the Federal Reserve System. CONSUMER CREDIT [Billions of dollars; seasonally adjusted] Consumer credit outstanding (end of period) Period Total 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 1999: Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec r ............................................................................. Feb r .............................................................................. Mar r ............................................................................. Apr r .............................................................................. May r ............................................................................. June r ............................................................................ July r ............................................................................. Aug r ............................................................................. Sept r ............................................................................. Oct r .............................................................................. Nov r ............................................................................. Dec r .............................................................................. 2000: Jan r .............................................................................. Feb p ............................................................................. 789.3 777.4 782.5 839.2 960.7 1,096.0 1,182.4 1,234.1 1,300.5 1,393.1 1,325.5 1,332.8 1,332.7 1,343.5 1,347.8 1,356.0 1,365.1 1,365.4 1,370.4 1,383.1 1,393.1 1,411.3 1,423.3 1 Change based on data in billions of dollar as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. Revolving 238.6 263.7 278.4 310.0 365.6 443.2 499.5 531.3 560.7 595.8 566.7 567.1 569.9 572.0 578.5 583.3 584.5 584.4 584.7 589.6 595.8 605.0 610.7 Nonrevolving 2 550.7 513.7 504.1 529.2 595.1 652.8 682.9 702.8 739.8 797.3 758.8 765.7 762.9 771.5 769.3 772.7 780.6 781.0 785.7 793.5 797.3 806.3 812.5 Net change in consumer credit outstanding 1 Total 10.5 ¥11.9 5.1 56.7 121.5 135.3 86.4 51.7 66.4 92.6 9.7 7.3 ¥.1 10.8 4.3 8.2 9.1 .3 5.0 12.7 10.0 18.2 12.0 Revolving 27.4 25.1 14.7 31.6 55.6 77.6 56.3 31.8 29.4 35.1 1.7 .4 2.8 2.1 6.5 4.8 1.2 ¥.1 .3 4.9 6.2 9.2 5.7 Nonrevolving 2 ¥16.9 ¥37.0 ¥9.6 25.1 65.9 57.7 30.1 19.9 37.0 57.5 8.0 6.9 ¥2.8 8.6 ¥2.2 3.4 7.9 .4 4.7 7.8 3.8 9.0 6.2 Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Long-term interest rates fell in March. [Percent per annum] U.S. Treasury security yields Constant Period 1990 ....................... 1991 ....................... 1992 ....................... 1993 ....................... 1994 ....................... 1995 ....................... 1996 ....................... 1997 ....................... 1998 ....................... 1999 ....................... 1999: Mar ............. Apr .............. May ............. June ............ July ............. Aug ............. Sept ............. Oct .............. Nov ............. Dec ............. 2000: Jan ............. Feb .............. Mar ............. Week ended: 2000: Mar 11 ...... 18 ...... 25 ...... Apr 1 ...... 8 ...... 1 Bank-discount 3-month bills (new issues) 1 3-year maturities 2 10-year 30-year Highgrade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) 30 Discount rate (N.Y. F.R. Bank) 4 Prime rate charged by banks 4 Federal funds rate 5 Newhome mortgage yields (FHFB) 6 7.51 5.42 3.45 3.02 4.29 5.51 5.02 5.07 4.81 4.66 4.48 4.28 4.51 4.59 4.60 4.76 4.73 4.88 5.07 5.23 5.34 5.57 5.72 8.26 6.82 5.30 4.44 6.27 6.25 5.99 6.10 5.14 5.49 5.11 5.03 5.33 5.70 5.62 5.77 5.75 5.94 5.92 6.14 6.49 6.65 6.53 8.55 7.86 7.01 5.87 7.09 6.57 6.44 6.35 5.26 5.65 5.23 5.18 5.54 5.90 5.79 5.94 5.92 6.11 6.03 6.28 6.66 6.52 6.26 8.61 8.14 7.67 6.59 7.37 6.88 6.71 6.61 5.58 5.87 5.58 5.55 5.81 6.04 5.98 6.07 6.07 6.26 6.15 6.35 6.63 6.23 6.05 7.25 6.89 6.41 5.63 6.19 5.95 5.75 5.55 5.12 5.43 5.10 5.07 5.17 5.34 5.36 5.59 5.70 5.92 5.85 5.93 6.10 6.06 5.89 9.32 8.77 8.14 7.22 7.96 7.59 7.37 7.26 6.53 7.04 6.62 6.64 6.93 7.23 7.19 7.40 7.39 7.55 7.36 7.55 7.78 7.68 7.68 7.95 5.85 3.80 3.30 4.93 5.93 5.42 5.62 * * * * * * * * * * * * * * * 6.98 5.45 3.25 3.00 3.60 5.21 5.02 5.00 4.92 4.62 4.50–4.50 4.50–4.50 4.50–4.50 4.50–4.50 4.50–4.50 4.50–4.75 4.75–4.75 4.75–4.75 4.75–5.00 5.00–5.00 5.00–5.00 5.00–5.25 5.25–5.50 10.01 8.46 6.25 6.00 7.15 8.83 8.27 8.44 8.35 8.00 7.75–7.75 7.75–7.75 7.75–7.75 7.75–7.75 8.00–8.00 8.00–8.25 8.25–8.25 8.25–8.25 8.25–8.50 8.50–8.50 8.50–8.50 8.50–8.75 8.75–9.00 8.10 5.69 3.52 3.02 4.21 5.83 5.30 5.46 5.35 4.97 4.81 4.74 4.74 4.76 4.99 5.07 5.22 5.20 5.42 5.30 5.45 5.73 5.85 10.05 9.32 8.24 7.20 7.49 7.87 7.80 7.71 7.07 7.04 6.86 6.85 6.89 7.03 7.29 7.09 7.09 7.17 7.24 7.28 7.45 7.54 .............. 5.69 5.73 5.78 5.72 5.71 6.56 6.50 6.50 6.53 6.33 6.39 6.28 6.14 6.13 5.92 6.17 6.08 5.97 5.94 5.79 5.95 5.89 5.83 5.79 5.71 7.73 7.75 7.61 7.63 7.58 * * * * * 5.25–5.25 5.25–5.25 5.25–5.50 5.50–5.50 5.50–5.50 8.75–8.75 8.75–8.75 8.75–9.00 9.00–9.00 9.00–9.00 5.73 5.79 5.81 6.01 6.12 .............. .............. .............. .............. .............. basis. on the more actively traded issues adjusted to constant maturities by the Treasury Department. 3 Weekly data are Wednesday figures. 4 Average effective rate for year; opening and closing rate for month and week. 5 Daily effective rate; average of the rates on a given day weighted by the volume of transactions at these rates. 2 Yields Prime commercial paper, 6 months 1 6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. *Series no longer published by Federal Reserve (FR). See FR release H. 15 Selected Interest Rates, May 12, 1997. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s. COMMON STOCK PRICES AND YIELDS Stock prices rose in March. Common stock prices 1 Period Composite 1990 ........................................... 1991 ........................................... 1992 ........................................... 1993 ........................................... 1994 ........................................... 1995 ........................................... 1996 ........................................... 1997 ........................................... 1998 ........................................... 1999 ........................................... 1999: Mar ................................. Apr .................................. May ................................. June ................................ July ................................. Aug ................................. Sept ................................. Oct .................................. Nov ................................. Dec .................................. 2000: Jan .................................. Feb .................................. Mar ................................. Week ended: 2000: Mar 11 .......................... 18 .......................... 25 .......................... Apr 1 .......................... 8 .......................... 1 Average Industrial Transportation 3 Dec. Utility 3 Finance Dow-Jones industrial average 4 Standard & Poor’s composite index (1941– 43=10) 5 Dividendprice ratio Earningsprice ratio 183.46 206.33 229.01 249.58 254.12 291.15 358.17 456.54 550.26 619.16 603.69 627.75 635.62 629.53 648.83 621.03 607.87 599.04 634.22 638.17 634.07 606.03 622.28 225.78 258.14 284.62 299.99 315.25 367.34 453.98 574.52 681.57 774.78 751.93 780.84 791.72 783.96 809.33 778.82 769.47 753.94 791.41 808.28 814.73 775.46 790.35 158.62 173.99 201.09 242.49 247.29 269.41 327.33 414.60 468.69 491.60 491.25 523.08 537.88 520.66 528.72 492.13 462.33 450.13 474.78 461.04 456.36 398.69 384.39 181.20 185.32 198.91 228.90 209.06 220.30 249.77 283.82 378.12 473.73 436.23 456.96 470.40 482.71 501.00 483.68 475.42 478.19 502.59 511.64 485.82 482.30 509.59 133.26 150.82 179.26 216.42 209.73 238.45 303.89 424.48 516.35 530.86 544.08 564.99 562.66 546.43 557.92 521.59 493.37 490.92 539.20 510.99 495.23 471.65 489.90 2,678.94 2,929.33 3,284.29 3,522.06 3,793.77 4,493.76 5,742.89 7,441.15 8,625.52 10,464.88 9,753.63 10,443.50 10,853.87 10,704.02 11,052.22 10,935.47 10,714.03 10,396.88 10,809.80 11,246.36 11,281.26 10,541.93 10,483.39 334.59 376.18 415.74 451.41 460.42 541.72 670.50 873.43 1,085.50 1,327.33 1,281.66 1,334.76 1,332.07 1,322.55 1,380.99 1,327.49 1,318.17 1,300.01 1,391.00 1,428.68 1,425.59 1,388.87 1,442.21 3.61 3.24 2.99 2.78 2.82 2.56 2.19 1.77 1.49 1.25 1.30 1.24 1.24 1.25 1.20 1.25 1.27 1.28 1.21 1.18 1.18 1.21 1.18 6.47 4.79 4.22 4.46 5.83 6.09 5.24 4.57 3.46 3.17 2.98 .................. .................. 2.99 .................. .................. 3.43 .................. .................. 3.28 .................. .................. .................. 597.23 611.10 644.40 647.47 656.14 760.94 776.43 817.27 820.55 834.98 363.35 377.85 399.25 402.87 407.22 509.84 505.27 510.25 511.71 509.35 450.59 477.02 521.96 526.48 531.64 9,952.52 10,223.12 10,937.37 10,976.57 11,129.29 1,382.07 1,411.57 1,501.19 1,505.32 1,501.15 1.23 1.21 1.12 1.11 1.12 .................. .................. .................. .................. .................. of daily closing prices. all the stocks (more than 3,000) listed on the NYSE. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index to facilitate trading of options and futures on the index. All indexes shown here reflect the doubling. 4 Includes 30 stocks. 2 Includes Common stock yields (percent) 6 New York Stock Exchange indexes (Dec. 31, 1965=50, except as noted) 2 5 Includes 500 stocks. 6 Standard & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor’s. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 5 months of fiscal 2000, there was a deficit of $0.2 billion, compared with a deficit of $26.4 billion a year earlier. [Billions of dollars] Total Fiscal year or period 1982 ............................. 1983 ............................. 1984 ............................. 1985 ............................. 1986 ............................. 1987 ............................. 1988 ............................. 1989 ............................. 1990 ............................. 1991 ............................. 1992 ............................. 1993 ............................. 1994 ............................. 1995 ............................. 1996 ............................. 1997 ............................. 1998 ............................. 1999 ............................. 2000 (estimates) .......... Cumulative total, first 5 months: 1 Fiscal year 1999 ...... Fiscal year 2000 ...... Receipts Outlays 617.8 600.6 666.5 734.1 769.2 854.4 909.3 991.2 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,721.8 1,827.5 1,956.3 745.8 808.4 851.9 946.4 990.5 1,004.1 1,064.5 1,143.7 1,253.2 1,324.4 1,381.7 1,409.5 1,461.9 1,515.8 1,560.6 1,601.3 1,652.6 1,703.0 1,789.6 683.8 741.8 710.2 741.9 On-budget Surplus or deficit (¥) Federal debt (end of period) Receipts Outlays Surplus or deficit (¥) ¥128.0 ¥207.8 ¥185.4 ¥212.3 ¥221.2 ¥149.8 ¥155.2 ¥152.5 ¥221.2 ¥269.4 ¥290.4 ¥255.1 ¥203.3 ¥164.0 ¥107.5 ¥22.0 69.2 124.4 166.7 474.3 453.2 500.4 547.9 569.0 641.0 667.8 727.5 750.3 761.2 788.9 842.5 923.6 1,000.8 1,085.6 1,187.3 1,306.0 1,383.0 1,479.5 594.4 661.3 686.1 769.6 807.0 810.3 861.8 932.8 1,028.1 1,082.7 1,129.3 1,142.9 1,182.5 1,227.2 1,259.7 1,290.7 1,336.0 1,382.3 1,460.6 ¥120.1 ¥208.0 ¥185.7 ¥221.7 ¥238.0 ¥169.3 ¥194.0 ¥205.2 ¥277.8 ¥321.6 ¥340.5 ¥300.5 ¥258.9 ¥226.4 ¥174.1 ¥103.4 ¥30.0 .7 18.9 143.5 147.3 166.1 186.2 200.2 213.4 241.5 263.7 281.7 293.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 476.8 151.4 147.1 165.8 176.8 183.5 193.8 202.7 210.9 225.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 328.9 ¥7.9 .2 .3 9.4 16.7 19.6 38.8 52.8 56.6 52.2 50.1 45.3 55.7 62.4 66.6 81.4 99.2 123.7 147.8 1,137.3 1,371.7 1,564.7 1,817.5 2,120.6 2,346.1 2,601.3 2,868.0 3,206.6 3,598.5 4,002.1 4,351.4 4,643.7 4,921.0 5,181.9 5,369.7 5,478.7 5,606.1 5,686.3 924.6 1,137.3 1,307.0 1,507.4 1,740.8 1,889.9 2,051.8 2,191.0 2,411.8 2,689.3 3,000.1 3,248.8 3,433.4 3,604.8 3,734.5 3,772.8 3,721.6 3,632.9 3,475.9 ¥26.4 ¥.2 510.3 553.6 586.0 617.2 ¥75.7 ¥63.6 173.5 188.1 124.2 124.8 49.3 63.4 5,574.7 5,683.7 3,722.6 3,613.7 1 Data from current issue Monthly Treasury Statement. NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 32 Off-budget Receipts Outlays Surplus or deficit (¥) Gross Federal 2001, issued February 7, 2000. Sources: Department of the Treasury and Office of Management and Budget. Held by the public FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 5 months of fiscal 2000, receipts were $58.0 billion higher than a year earlier and outlays were $31.7 billion higher. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period Total 1982 1983 1984 1985 1986 1987 1988 1989 Individual income taxes Corporation income taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total Total ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... 617.8 600.6 666.5 734.1 769.2 854.4 909.3 991.2 297.7 288.9 298.4 334.5 349.0 392.6 401.2 445.7 49.2 37.0 56.9 61.3 63.1 83.9 94.5 103.3 201.5 209.0 239.4 265.2 283.9 303.3 334.3 359.4 69.3 745.8 65.6 808.4 71.8 851.9 73.1 946.4 73.2 990.5 74.6 1,004.1 79.3 1,064.5 82.8 1,143.7 1990 ................................................... 1991 ................................................... 1992 ................................................... 1993 ................................................... 1994 ................................................... 1995 ................................................... 1996 ................................................... 1997 ................................................... 1998 ................................................... 1999 ................................................... 2000 (estimates) ................................ Cumulative total, first 5 months: 1 Fiscal year 1999 .................... Fiscal year 2000 .................... 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,721.8 1,827.5 1,956.3 466.9 467.8 476.0 509.7 543.1 590.2 656.4 737.5 828.6 879.5 951.6 93.5 98.1 100.3 117.5 140.4 157.0 171.8 182.3 188.7 184.7 192.4 380.0 396.0 413.7 428.3 461.5 484.5 509.4 539.4 571.8 611.8 650.0 91.5 93.1 101.4 98.9 113.7 120.1 115.4 120.2 132.7 151.5 162.3 683.8 741.8 330.3 372.6 53.9 55.9 237.4 252.3 62.2 61.0 1 Data from current issue Monthly Treasury Statement. NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year InterDepart- nationment of al Defense, affairs military Health Medicare Income Social security security Net interest Other 185.3 209.9 227.4 252.7 273.4 282.0 290.4 303.6 180.7 204.4 220.9 245.2 265.5 274.0 281.9 294.9 12.3 11.8 15.9 16.2 14.2 11.6 10.5 9.6 27.4 28.6 30.4 33.5 35.9 40.0 44.5 48.4 46.6 52.6 57.5 65.8 70.2 75.1 78.9 85.0 107.7 122.6 112.7 128.2 119.8 123.3 129.4 136.1 156.0 170.7 178.2 188.6 198.8 207.4 219.3 232.5 85.0 89.8 111.1 129.5 136.0 138.7 151.8 169.0 125.4 122.2 118.6 131.8 142.2 126.1 139.7 159.5 1,253.2 1,324.4 1,381.7 1,409.5 1,461.9 1,515.8 1,560.6 1,601.3 1,652.6 1,703.0 1,789.6 299.3 273.3 298.4 291.1 281.6 272.1 265.8 270.5 268.5 274.9 290.6 289.8 262.4 286.9 278.6 268.6 259.4 253.2 258.3 256.1 261.4 277.5 13.8 15.9 16.1 17.2 17.1 16.4 13.5 15.2 13.1 15.2 17.1 57.7 71.2 89.5 99.4 107.1 115.4 119.4 123.8 131.4 141.1 154.2 98.1 104.5 119.0 130.6 144.7 159.9 174.2 190.0 192.8 190.4 202.5 147.1 170.3 197.0 207.3 214.1 220.5 226.0 230.9 233.2 237.7 251.3 248.6 269.0 287.6 304.6 319.6 335.8 349.7 365.3 379.2 390.0 406.6 184.4 194.5 199.4 198.7 203.0 232.2 241.1 244.0 241.2 229.7 220.3 204.2 225.8 174.7 160.6 174.7 163.6 171.0 161.5 193.2 223.9 246.9 710.2 741.9 110.2 117.5 104.7 111.8 8.5 8.8 56.9 61.0 76.4 79.8 104.0 108.2 159.5 165.0 96.8 95.3 97.9 106.3 2001, issued February 7, 2000. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter of 1999, according to current estimates, Federal current receipts rose $39.2 billion (annual rate) and Federal current expenditures rose $60.9 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government current receipts Period Total Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Federal Government current expenditures Contributions for social insurance Total Consumption expenditures Transfer payments Grantsin-aid to State and local governments Net interest paid Subsidies less current surplus of Government enterprises Less: Wage accruals less disbursements Current surplus or deficit (¥), national income and product accounts Calendar year: 1991 .............................. 1992 .............................. 1993 .............................. 1994 .............................. 1995 .............................. 1996 .............................. 1997 .............................. 1998 .............................. 1999 r ............................. 1,072.3 1,121.3 1,197.3 1,293.7 1,383.7 1,499.1 1,627.2 1,750.7 1,871.3 465.2 479.4 509.9 547.8 591.8 670.0 750.9 835.7 900.2 109.9 118.8 138.5 156.7 179.3 190.6 204.2 206.5 222.4 78.5 81.3 85.3 95.2 93.0 95.1 94.9 97.3 101.5 418.6 441.8 463.7 493.9 519.6 543.3 577.2 611.2 647.1 1,287.6 1,418.9 1,471.5 1,506.0 1,575.7 1,635.9 1,676.0 1,703.8 1,755.8 439.1 445.8 442.6 439.7 439.2 445.3 457.0 453.5 474.8 463.4 565.2 597.9 618.6 652.1 691.6 716.6 730.4 754.5 131.6 149.1 162.6 174.5 184.5 190.4 195.7 209.3 225.5 225.2 229.2 230.2 239.6 267.5 273.6 276.3 278.4 262.8 28.2 29.6 38.2 33.6 32.4 35.1 30.4 32.1 38.3 ¥0.1 .0 .0 .0 .0 .0 .0 .0 .0 ¥215.3 ¥297.5 ¥274.1 ¥212.3 ¥192.0 ¥136.8 ¥48.8 46.9 115.4 1996: III ........................... IV .......................... 1,503.4 1,550.5 675.6 692.6 190.9 192.3 89.7 111.3 547.2 554.2 1,633.5 1,654.2 442.9 449.4 689.2 705.8 193.0 189.2 273.7 275.1 34.7 34.8 .0 .0 ¥130.1 ¥103.7 1997: I ............................. II ........................... III .......................... IV .......................... 1,573.8 1,609.0 1,648.0 1,677.8 723.0 740.1 759.0 781.5 196.2 199.9 211.5 209.3 89.4 96.7 97.2 96.2 565.2 572.4 580.4 590.8 1,661.2 1,672.2 1,675.9 1,694.6 452.7 461.6 458.1 455.6 709.3 712.7 715.6 728.6 192.8 192.2 195.9 201.7 273.6 275.2 277.1 279.4 32.7 30.5 29.1 29.2 .0 .0 .0 .0 ¥87.4 ¥63.2 ¥27.9 ¥16.8 1998: I ............................. II ........................... III .......................... IV .......................... 1,704.8 1,734.4 1,770.3 1,793.3 803.3 824.0 847.3 868.1 206.2 207.2 209.9 202.6 95.8 96.4 97.7 99.6 599.5 606.9 615.4 623.1 1,680.0 1,690.9 1,710.7 1,733.5 445.1 457.4 451.4 460.0 724.4 724.2 731.0 742.1 202.1 200.8 220.2 214.2 279.8 280.0 279.6 274.3 28.6 28.4 28.5 42.9 .0 .0 .0 .0 24.9 43.5 59.6 59.7 1999: I ............................. II ........................... III .......................... IV r ......................... 1,826.5 1,853.1 1,883.1 1,922.3 877.9 892.1 908.0 922.7 212.6 218.1 222.4 236.7 99.5 100.0 101.5 105.0 636.5 642.9 651.2 657.9 1,728.9 1,735.0 1,749.3 1,810.2 467.0 465.2 475.0 491.9 743.4 749.7 754.8 770.1 219.9 215.7 230.6 235.6 266.0 264.8 259.9 260.6 32.6 39.5 29.0 51.8 .0 .0 .0 .0 97.6 118.1 133.8 112.2 Note.—See Note, p. 2. 34 Source: Department of Commerce, Bureau of Economic Analysis. INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (1992=100; seasonally adjusted) Period United States 1990 ....................................... 1991 ....................................... 1992 ....................................... 1993 ....................................... 1994 ....................................... 1995 ....................................... 1996 ....................................... 1997 ....................................... 1998 ...................................... 1999 p ..................................... 1999: Jan ............................. Feb ............................. Mar ............................. Apr ............................. May ............................ June ........................... July ............................ Aug ............................. Sept ........................... Oct ............................. Nov ............................ Dec ............................ 2000: Jan ............................ Feb p ........................... 1 Data Canada Japan France Germany Consumer prices (1982–84=100; NSA) United Kingdom Italy United States 1 98.9 102.9 104.1 102.4 99.9 101.7 103.1 97.0 98.9 106.1 101.2 102.3 101.3 99.7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 103.4 104.5 96.5 96.1 92.4 97.9 102.2 109.1 111.3 97.7 100.0 95.6 103.9 107.7 114.4 116.3 100.9 102.0 96.8 109.2 109.5 119.4 118.3 103.2 102.2 97.4 107.1 110.7 127.1 124.8 107.0 106.2 100.8 111.1 111.8 132.4 127.7 99.9 r 111.1 105.0 112.3 112.5 137.1 133.5 100.3 113.6 106.4 112.3 113.0 r 130.0 r 112.2 134.1 97.5 r 111.1 105.4 111.3 r 130.2 r 111.5 134.5 98.3 r 110.7 r 104.2 111.1 135.1 130.6 100.8 r 111.8 104.3 112.8 111.9 r 130.8 135.5 97.7 r 111.7 r 105.0 111.1 112.0 r 131.3 136.2 96.7 r 112.2 r 105.4 110.7 112.4 r 132.3 r 112.8 136.6 99.9 r 113.4 r 105.8 112.3 r r 137.4 134.0 98.9 114.6 106.6 113.0 113.7 r 114.2 137.7 135.2 103.3 r 114.6 108.0 114.0 r 136.1 r 113.4 r 114.0 138.1 103.1 r 114.5 107.1 r 135.5 r 114.1 r 114.2 139.1 100.1 114.9 r 108.5 r 139.4 r 136.7 r 114.3 104.3 r 116.7 r 108.5 115.4 r 140.2 r 137.7 r 103.2 r 116.5 r 108.6 r 113.8 115.5 r 141.7 139.1 103.3 116.1 109.5 114.5 113.6 142.1 .............. ............ ............ ............ .............. .............. relate to all urban consumers. 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 164.3 164.5 165.0 166.2 166.2 166.2 166.7 167.1 167.9 168.2 168.3 168.3 168.7 169.7 Canada Japan 135.5 143.1 145.3 147.9 148.2 151.4 153.8 156.3 157.8 160.5 158.2 158.5 159.1 160.0 160.4 160.5 161.0 161.4 161.8 162.0 161.8 162.0 161.8 162.7 France 111.4 115.0 116.9 118.4 119.3 119.1 119.3 121.4 122.1 121.8 121.9 121.4 121.5 122.1 122.1 121.8 121.3 121.6 122.0 122.2 121.5 121.2 120.8 120.7 Germany Italy 112.2 116.2 122.1 127.6 131.1 133.3 135.2 137.8 139.1 139.9 138.8 139.1 139.2 139.7 139.7 139.9 140.5 140.4 140.1 140.0 140.3 140.7 141.1 141.6 160.4 170.5 179.5 187.7 195.3 205.6 213.8 218.2 222.5 226.2 223.9 224.3 224.7 225.4 225.8 225.8 226.4 226.6 227.0 227.8 228.2 228.4 228.9 229.7 132.9 137.2 140.4 143.4 145.8 148.4 151.4 153.2 154.2 155.0 153.7 154.2 154.8 155.1 155.1 155.1 154.8 155.0 155.3 155.4 155.4 156.2 156.2 156.4 United Kingdom 148.2 156.9 162.7 165.3 169.4 175.1 179.4 185.0 191.4 194.3 192.0 192.3 192.8 194.1 194.6 194.6 194.0 194.5 195.3 195.6 195.9 196.6 195.7 196.8 Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Office of Trade and Economic Analysis). U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Goods: Imports (customs value) Census basis (by end-use category) 1 Services (BOP basis) Balance of trade (exports minus imports) Census basis (by end-use category) BOP basis Period 1990 ............. 1991 ............. 1992 ............. 1993 ............. 1994 ............. 1995 ............. 1996 ............. 1997 ............. 1998 ............. 1999 r ............ 1999: Jan ... Feb ... Mar ... Apr ... May .. June July .. Aug ... Sept .. Oct .... Nov ... Dec r .. 2000: Jan p .. 1 Includes 2 Total BOP basis 389.3 416.9 440.4 456.8 502.4 575.8 612.1 679.7 670.2 683.2 55.2 54.6 54.2 55.2 55.0 55.4 55.8 59.0 58.8 58.8 59.2 61.9 60.4 Total, Census basis 2 393.6 421.7 448.2 465.1 512.6 584.7 625.1 689.2 682.1 695.2 56.1 55.7 55.3 56.2 56.2 56.6 56.8 59.9 60.0 59.7 59.9 62.9 61.4 Auto- ConIndusmo- sumer Foods, trial Capital tive goods feeds, supgoods vehi- (nonand plies except cles, food) bevand auto- parts except erages mate- motive and autorials enmogines tive 35.1 35.7 40.3 40.6 42.0 50.5 55.5 51.5 46.4 45.4 3.6 3.6 3.5 3.7 3.7 3.8 3.8 3.9 4.0 4.0 3.7 3.9 4.0 104.4 109.7 109.1 111.8 121.4 146.2 147.7 158.2 148.3 147.0 11.3 11.4 11.4 11.6 11.7 11.7 11.5 12.5 13.1 13.3 13.8 13.7 13.4 152.7 166.7 175.9 181.7 205.0 233.0 253.0 294.5 299.6 310.7 25.6 24.9 24.9 25.0 24.9 24.8 25.7 27.3 26.7 26.3 26.2 28.4 27.5 37.4 40.0 47.0 52.4 57.8 61.8 65.0 74.0 73.2 74.7 6.0 6.0 5.8 6.2 6.1 6.5 6.1 6.7 6.2 6.3 6.2 6.6 6.7 undocumented exports to Canada through 1988. includes ‘‘other’’ exports or imports, not shown separately. 43.3 45.9 51.4 54.7 60.0 64.4 70.1 77.4 79.3 80.6 6.6 6.8 6.5 6.7 6.5 6.5 6.6 6.6 6.9 6.7 6.9 7.3 7.0 BOP basis 498.3 491.0 536.5 589.4 668.6 749.6 803.3 876.4 917.2 1,030.4 78.6 79.8 80.0 80.6 83.0 86.6 87.3 89.2 89.1 90.7 92.1 93.4 95.2 IndusAutoFoods, trial Capital motive Total, feeds, supgoods vehiCensus and plies except cles, basis 2 bevand auto- parts erages mate- motive and enrials gines 495.3 488.5 532.7 580.7 663.3 743.5 795.3 869.7 911.9 1,025.3 78.4 79.6 79.7 80.3 82.8 86.3 87.1 88.8 88.2 90.2 91.1 92.7 94.5 26.6 26.5 27.6 27.9 31.0 33.2 35.7 39.7 41.2 43.6 3.5 3.5 3.4 3.5 3.6 3.8 3.7 3.7 3.7 3.6 3.7 3.8 3.6 143.2 131.6 138.6 145.6 162.1 181.8 204.5 213.8 200.1 221.6 15.5 15.4 16.0 17.0 18.0 18.2 18.7 19.9 20.3 20.8 20.7 21.1 21.9 116.4 120.7 134.3 152.4 184.4 221.4 228.1 253.3 269.6 296.9 23.1 23.7 23.0 23.3 24.2 25.5 25.5 25.1 24.9 25.9 26.3 26.5 26.7 87.3 85.7 91.8 102.4 118.3 123.8 128.9 139.8 149.1 179.7 14.0 14.3 14.6 13.7 14.6 15.4 15.4 15.7 15.3 15.0 15.5 16.2 16.9 Consumer goods (nonfood) except automotive 105.7 108.0 122.7 134.0 146.3 159.9 172.0 193.8 216.5 239.6 18.9 19.4 18.9 19.3 18.9 19.9 20.2 20.2 20.3 20.9 21.2 21.4 21.5 Exports 146.8 163.0 175.6 185.0 199.7 217.6 237.7 258.8 263.7 277.1 22.6 22.3 22.7 22.8 22.8 23.1 r 23.0 r 23.1 r 23.4 r 23.9 r 23.8 23.6 23.6 Imports 117.7 118.5 116.5 122.3 131.9 141.4 150.8 166.9 181.0 197.5 15.4 15.7 r 16.3 16.3 r 16.3 16.6 16.8 r 16.7 r 16.7 r 16.9 r 16.9 16.7 16.9 Goods, Census basis Goods ¥101.7 ¥66.7 ¥84.5 ¥115.6 ¥150.6 ¥158.8 ¥170.2 ¥180.5 ¥229.8 ¥330.1 ¥22.3 ¥23.9 ¥24.5 ¥24.1 ¥26.6 ¥29.8 ¥30.3 ¥28.9 ¥28.3 ¥30.5 ¥31.3 ¥29.8 ¥33.0 ¥109.0 ¥74.1 ¥96.1 ¥132.6 ¥166.2 ¥173.7 ¥191.3 ¥196.7 ¥246.9 ¥347.2 ¥23.4 ¥25.2 ¥25.7 ¥25.4 ¥28.0 ¥31.2 ¥31.5 ¥30.2 ¥30.3 ¥31.9 ¥32.9 ¥31.5 ¥34.7 Services 29.1 44.6 59.1 62.7 67.8 76.2 87.0 91.9 82.7 79.6 7.2 6.7 6.4 r 6.4 6.4 r 6.4 r 6.2 r 6.4 r 6.7 r 6.9 r 6.9 6.9 6.7 Goods and services ¥79.9 ¥29.5 ¥37.0 ¥69.9 ¥98.4 ¥97.5 ¥104.3 ¥104.7 ¥164.3 ¥267.6 ¥16.2 ¥18.6 ¥19.4 r ¥19.0 r ¥21.6 ¥24.8 r ¥25.3 r ¥23.7 r ¥23.5 r ¥24.9 r ¥26.0 ¥24.6 ¥28.0 NOTE.—BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the fourth quarter of 1999, the goods deficit rose to $96.2 billion, from $91.9 billion in the third quarter. The current account deficit rose to $99.8 billion in the fourth quarter, from $89.1 billion in the third quarter. [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (¥)] Goods 1 Period Exports 1990 ........................... 1991 ........................... 1992 ........................... 1993 ........................... 1994 ........................... 1995 ........................... 1996 ........................... 1997 ........................... 1998 ........................... 1999 p .......................... 1997: I ...................... II ..................... III ................... IV .................... 1998: I ...................... II ..................... III ................... IV .................... 1999: I r ..................... II r ................... III r .................. IV p .................. Imports 389,307 ¥498,337 416,913 ¥490,981 440,352 ¥536,458 456,832 ¥589,441 502,398 ¥668,590 575,845 ¥749,574 612,057 ¥803,327 679,715 ¥876,366 670,246 ¥917,178 683,021 ¥1,030,152 162,979 ¥212,187 169,895 ¥217,773 173,447 ¥222,362 173,394 ¥224,044 170,665 ¥225,541 165,198 ¥228,698 164,259 ¥229,228 170,124 ¥233,711 164,008 ¥238,389 165,577 ¥250,168 173,680 ¥265,623 179,756 ¥275,972 Services Balance on goods Net military transactions 2 3 ¥109,030 ¥7,599 ¥74,068 ¥5,274 ¥96,106 ¥1,448 ¥132,609 1,385 ¥166,192 2,570 ¥173,729 4,600 ¥191,270 4,707 ¥196,651 5,863 ¥246,932 4,314 ¥347,131 2,084 ¥49,208 1,314 ¥47,878 2,096 ¥48,915 1,509 ¥50,650 944 ¥54,876 1,508 ¥63,500 1,428 ¥64,969 703 ¥63,587 675 ¥74,381 837 ¥84,591 506 ¥91,943 424 ¥96,216 317 Net travel and transportation receipts 7,501 16,561 19,969 19,714 16,305 21,772 24,969 21,948 10,405 6,987 5,956 5,465 5,387 5,143 3,471 2,997 1,685 2,251 1,969 1,792 1,322 1,904 1 Adjusted from Census data for differences in timing and coverage; excludes military. 2 Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 36 Income receipts and payments Other services, net 29,189 33,299 40,559 41,571 48,922 49,818 57,276 64,110 67,931 70,512 15,326 16,128 16,296 16,362 16,559 17,114 16,857 17,399 17,398 17,003 17,609 18,499 Balance on goods and services ¥79,939 ¥29,484 ¥37,025 ¥69,940 ¥98,395 ¥97,539 ¥104,318 ¥104,730 ¥164,282 ¥267,548 ¥26,612 ¥24,189 ¥25,723 ¥28,201 ¥33,338 ¥41,961 ¥45,724 ¥43,262 ¥54,177 ¥65,290 ¥72,588 ¥75,496 Receipts 172,078 149,558 132,523 134,621 165,968 212,233 224,619 258,663 258,324 273,856 61,603 65,430 66,580 65,050 66,458 66,574 62,209 63,081 63,936 66,765 69,929 73,225 Payments Unilateral current Balance transfers, on net 4 income ¥143,649 28,429 ¥27,821 ¥125,608 23,950 9,819 ¥110,253 22,269 ¥35,873 ¥111,445 23,176 ¥38,522 ¥150,061 15,907 ¥39,192 ¥192,823 19,410 ¥35,437 ¥207,409 17,210 ¥42,187 ¥255,432 3,231 ¥41,966 ¥270,529 ¥12,205 ¥44,075 ¥298,645 ¥24,789 ¥46,581 ¥60,542 1,061 ¥9,347 ¥63,218 2,212 ¥9,494 ¥66,376 204 ¥10,096 ¥65,297 ¥247 ¥13,030 ¥66,211 247 ¥9,927 ¥67,127 ¥553 ¥9,886 ¥69,174 ¥6,965 ¥10,787 ¥68,014 ¥4,933 ¥13,474 ¥68,355 ¥4,419 ¥10,306 ¥71,457 ¥4,692 ¥11,175 ¥75,218 ¥5,289 ¥11,208 ¥83,616 ¥10,391 ¥13,892 3 Quarterly data are not seasonally adjusted. 4 Includes transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. Balance on current account ¥79,332 4,284 ¥50,629 ¥85,286 ¥121,680 ¥113,566 ¥129,295 ¥143,465 ¥220,562 ¥338,918 ¥34,898 ¥31,471 ¥35,615 ¥41,478 ¥43,018 ¥52,400 ¥63,476 ¥61,669 ¥68,902 ¥81,157 ¥89,085 ¥99,779 U.S. INTERNATIONAL TRANSACTIONS—Continued In the financial account, U.S. claims on foreigners reported by U.S. banks increased $37.9 billion in the fourth quarter of 1999, following an increase of $8.8 billion in the third quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, increased $24.3 billion in the fourth quarter, following an increase of $22.6 billion in the third quarter. [Millions of dollars; quarterly data seasonally adjusted, except as noted] Financial account Period Capital account transactions, net 3 U.S.-owned assets abroad, net [increase/capital outflow (¥)] Total U.S. official reserve assets 3 5 Other U.S. Government assets 3 Statistical discrepancy Foreign-owned assets in the U.S., net [increase/capital inflow (+)] U.S. private assets Total Foreign official assets 3 Other foreign assets Total (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy U.S. official reserve assets, net 5 (unadjusted, end of period) 1990 .......................................... 1991 .......................................... 1992 .......................................... 1993 .......................................... 1994 .......................................... 1995 .......................................... 1996 .......................................... 1997 .......................................... 1998 .......................................... 1999 p ......................................... ¥6,579 ¥4,479 612 ¥88 ¥469 372 672 292 617 ¥172 ¥81,570 ¥64,732 ¥74,877 ¥201,014 ¥176,586 ¥330,675 ¥380,762 ¥465,296 ¥292,818 ¥372,567 ¥2,158 5,763 3,901 ¥1,379 5,346 ¥9,742 6,668 ¥1,010 ¥6,784 8,749 2,317 2,924 ¥1,667 ¥351 ¥390 ¥984 ¥989 68 ¥429 ¥365 ¥81,729 ¥73,419 ¥77,111 ¥199,284 ¥181,542 ¥319,949 ¥386,441 ¥464,354 ¥285,605 ¥380,951 142,028 111,332 171,815 283,230 307,306 467,552 574,847 751,661 502,637 750,765 33,910 17,389 40,477 71,753 39,583 109,880 127,390 18,119 ¥21,684 44,570 108,118 93,944 131,338 211,477 267,723 357,672 447,457 733,542 524,321 706,195 25,454 ¥46,405 ¥46,921 3,157 ¥8,571 ¥23,683 ¥65,462 ¥143,192 10,126 ¥39,108 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 83,316 77,721 71,323 73,442 74,335 85,832 75,089 69,954 81,761 71,516 1997: I ..................................... II .................................... III .................................. IV ................................... 1998: I ..................................... II .................................... III .................................. IV ................................... 1999: I r .................................... II r ................................... III r ................................. IV p ................................. 135 56 19 82 143 160 148 166 166 178 175 ¥691 ¥144,665 ¥91,124 ¥112,578 ¥116,929 ¥59,599 ¥120,517 ¥62,097 ¥50,607 ¥15,394 ¥154,959 ¥113,388 ¥88,822 4,480 ¥236 ¥730 ¥4,524 ¥444 ¥1,945 ¥2,026 ¥2,369 4,068 1,159 1,950 1,572 ¥76 ¥298 377 65 ¥81 ¥483 185 ¥50 119 ¥392 ¥686 594 ¥149,069 ¥90,590 ¥112,225 ¥112,470 ¥59,074 ¥118,089 ¥60,256 ¥48,188 ¥19,581 ¥155,726 ¥114,652 ¥90,988 185,303 152,767 188,126 225,466 96,817 162,466 93,547 149,805 88,968 274,379 207,735 179,686 27,524 ¥6,177 23,260 ¥26,488 11,004 ¥10,551 ¥46,489 24,352 4,708 ¥628 11,881 28,609 157,779 158,944 164,866 251,954 85,813 173,017 140,036 125,453 84,260 275,007 195,854 151,077 ¥5,875 ¥30,228 ¥39,952 ¥67,141 5,657 10,291 31,878 ¥37,695 ¥4,838 ¥38,441 ¥5,437 9,606 4,724 ¥682 ¥10,546 6,500 5,915 528 ¥10,582 4,144 5,650 662 ¥9,615 3,301 67,222 67,813 67,148 69,954 69,353 71,161 75,676 81,761 74,359 71,689 73,414 71,516 5 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the IMF. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Page TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product .......................................................................................................................................................................................... Real Gross Domestic Product .................................................................................................................................................................................. Implicit Price Deflators for Gross Domestic Product .............................................................................................................................................. Gross Domestic Product and Related Price Measures: Indexes and Percent Changes .............................................................................................. Nonfinancial Corporate Business—Output, Price, Costs, and Profits ...................................................................................................................... National Income ...................................................................................................................................................................................................... Real Personal Consumption Expenditures ............................................................................................................................................................... Sources of Personal Income ...................................................................................................................................................................................... Disposition of Personal Income ............................................................................................................................................................................... Farm Income ............................................................................................................................................................................................................ Corporate Profits ...................................................................................................................................................................................................... Real Gross Private Domestic Investment ................................................................................................................................................................ Real Private Fixed Investment by Type .................................................................................................................................................................. Business Investment ................................................................................................................................................................................................ 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ......................................................................................................................................................................................... Selected Unemployment Rates ................................................................................................................................................................................ Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................................................... Nonagricultural Employment .................................................................................................................................................................................. Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................................................. Employment Cost Index—Private Industry ............................................................................................................................................................. Productivity and Related Data, Business Sector ...................................................................................................................................................... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization ....................................................................................................................................................... Industrial Production—Major Market Groups and Selected Manufactures .............................................................................................................. New Construction .................................................................................................................................................................................................... New Private Housing and Vacancy Rates ............................................................................................................................................................... Business Sales and Inventories—Manufacturing and Trade ..................................................................................................................................... Manufacturers’ Shipments, Inventories, and Orders ................................................................................................................................................. 17 18 19 19 20 21 PRICES Producer Prices ........................................................................................................................................................................................................ Consumer Prices—All Urban Consumers ................................................................................................................................................................ Changes in Producer Prices for Finished Goods ...................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers ............................................................................................................................................. Prices Received and Paid by Farmers ...................................................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures ............................................................................................................................................................................. Components of Money Stock ................................................................................................................................................................................... Aggregate Reserves and Monetary Base ................................................................................................................................................................... Bank Credit at All Commercial Banks .................................................................................................................................................................... Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .................................................................................................................. Consumer Credit ...................................................................................................................................................................................................... Interest Rates and Bond Yields ............................................................................................................................................................................... Common Stock Prices and Yields ............................................................................................................................................................................ 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ....................................................................................................................................................................... Federal Receipts by Source and Outlays by Function .............................................................................................................................................. Federal Sector, National Income Accounts Basis ..................................................................................................................................................... 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ............................................................................................................... U.S. International Trade in Goods and Services ...................................................................................................................................................... U.S. International Transactions ................................................................................................................................................................................ 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. … Not available (also, not applicable). NSA not seasonally adjusted. 38 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $3.00 (single copy) ($3.75 foreign). Subscription price: $33.00 per year; $41.25 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 2000 63–648
@FedFRASER