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The following is plain-text output generated by Optical Character Recognition. 107th Congress 1st Session Economic Indicators DECEMBER 2001 Includes data available as of December Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong JIM SAXTON New Jersey Chairman JACK REED Rhode Island Vice Chairman HOUSE OF REPRESENTATIVES PAUL RYAN Wisconsin LAMAR SMITH Texas JENNIFER DUNN Washington PHIL ENGLISH Pennsylvania ADAM H PUTNAM Florida PETE STARK California CAROLYN B MALONEY New York MELVIN L WATT North Carolina SENATE EDWARD M KENNEDY Massachusetts PAUL S SARBANES Maryland JEFF BINGAMAN New Mexico JON CORZINE New Jersey ROBERT G TORRICELLI New Jersey ROBERT F BENNETT Utah SAM BROWNBACK Kansas JEFF SESSIONS Alabama MIKE CRAPO Idaho LINCOLN D CHAFEE Rhode Island CHRISTOPHER FRENZE Executive Director COUNCIL OF ECONOMIC ADVISERS R GLENN HUBBARD Chairman MARK B MCCLELLAN Member RANDALL S KROSZNER Member 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 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 ii TOTAL OUTPUT INCOME AND SPENDING GROSS DOMESTIC PRODUCT In the third quarter of 2001 according to revised estimates current dollar gross domestic product GDP rose 0 9 percent annual rate real GDP GDP in chained 1996 dollars fell 1 3 percent and the implicit price deflator rose 2 2 percent Billions of current dollars quarterly data at seasonally adjusted annual rates Period I II III IV I II III IV I II III IV I II III r GDP Exports and imports of goods and services Personal Gross Gross conprivate domestic sumption domestic product expendi investtures ment Net exports Exports Government consumption expenditures and gross investment Federal Imports Total Total less exports of goods and services plus imports of goods and services National defense Nondefense State and local Final sales of domestic product Gross domestic purchases 1 Addendum Gross national product 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 I II III IV I II III IV I II III IV I II III r Gross domestic product Personal consumption expenditures Gross private domestic investment Exports and imports of goods and services Nonresidential fixed investment Residential fixed investment Change in private inventories Net exports Exports Government consumption expenditures and gross investment Federal Imports Total Total 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 National defense Nondefense State and local Final sales of domestic product Gross domestic purchases Addendum Gross national product Source Department of Commerce Bureau of Economic Analysis IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT Index numbers quarterly data are seasonally adjusted Personal consumption expenditures Period I II III IV I II III IV I II III IV I II III r Gross domestic product Total Durable goods Nondurable goods Services Source Department of Commerce Bureau of Economic Analysis 2 Gross private domestic investment Exports and imports of goods and services Government consumption expenditures and gross investment Federal Nonresidential fixed Residential fixed Exports Imports Total National defense Nondefense State and local GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES INDEXES AND PERCENT CHANGES Quarterly data are seasonally adjusted Percent change from preceding period 1 Index numbers Period I II III IV I II III IV I II III IV I II III IV I II III IV I II III r Percent Real GDP chain type quantity index GDP current dollars GDP implicit price deflator GDP chain type price index changes based on unrounded data Quarterly percent changes are at annual rates GDP current dollars Real GDP chain type quantity index GDP chain type price index GDP implicit price deflator 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 Current dollars I II III IV I II III IV I II III IV I II III r The Compensation of employees unit labor cost deflator for gross product of nonfinancial corporate business divided by 100 business tax and nontax liability plus business transfer payments less subsidies profits from current production 2 Indirect 3 Unit Chained 1996 dollars Price costs and profits per unit of real output dollars Price per unit of real gross product of nonfinancial corporate business 1 Corporate profits with inventory valuation and capital consumption adjustments 3 Unit nonlabor cost Total Consumption of fixed capital Indirect business tax etc 2 Net interest Total Profits tax liability Profits after tax With inventory valuation and capital consumption adjustments Source Department of Commerce Bureau of Economic Analysis 3 NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates National income Period I II III IV I II III IV I II III IV I II III r Includes Compensation of employees Proprietors income with inventory valuation and capital consumption adjustments Farm Rental income of persons with capital consumption adjustment Nonfarm employer contributions for social insurance See also p 5 Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Total Profits before tax Inventory valuation adjustment Capital consumption adjustment Net interest 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 I II III IV I II III IV I II III IV I II III r Includes Total personal consumption expenditures Total durable goods Motor vehicles and parts Furniture and household equipment Nondurable goods Other Total nondurable goods Food 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 4 Clothing and shoes Gasoline and oil Services Fuel oil and coal Other Total services Housing Medical care Source Department of Commerce Bureau of Economic Analysis Retail sales of new passenger cars and light trucks millions of units SOURCES OF PERSONAL INCOME Personal income fell 5 6 billion annual rate in November following a decrease of 9 4 billion in October Wages and salaries rose 0 7 billion in November following a decrease of 12 4 billion in October Billions of dollars monthly data at seasonally adjusted annual rates Period Nov Dec Jan Feb Mar Apr May June July r Aug r Sept r Oct r Nov p Total personal income Wage and salary disbursements Proprietors income 3 Other labor income 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 Farm Nonfarm Rental income of persons Personal dividend income Personal interest income Transfer payments 5 Less Personal contributions for social insurance With inventory valuation and capital consumption adjustments capital consumption adjustment mainly of social insurance benefits direct relief and veterans payments Source Department of Commerce Bureau of Economic Analysis 4 With 5 Consists 5 DISPOSITION OF PERSONAL INCOME According to revised estimates per capita disposable personal income in chained 1996 dollars rose at an annual rate of 10 9 percent in the third quarter of 2001 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 Billions of dollars Chained 1996 dollars Per capita personal consumption expenditures Current dollars Chained 1996 dollars Dollars Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population including Armed Forces overseas thousands 2 Percent Seasonally adjusted annual rates 1998 I II III IV I II III IV I II III IV I II III r Includes 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 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME In the second quarter of 2001 according to current estimates gross farm income rose 3 5 billion annual rate and net farm income fell 2 6 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 I II II IV I II III IV I II 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 Crops Value of inventory changes Production expenses Net farm income NOTE Data include net Commodity Credit Corporation loans and operator households Quarterly data plotted for 1992 and 1993 in chart do not reflect previous revisions to annual data in table Data for 2001 are forecasts Source Department of Agriculture 7 CORPORATE PROFITS In the third quarter of 2001 according to revised estimates corporate profits before tax fell 57 7 billion annual rate and profits after tax fell 34 7 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 Profits before tax Financial Total 3 Manufacturing Transportation4 Wholesale Tax liability Total Dividends Undistributed profits Inventory valuation adjustment Retail I II III IV I II III IV I II III IV I II III r 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 Source Department of Commerce Bureau of Economic Analysis REAL GROSS PRIVATE DOMESTIC INVESTMENT In the third quarter of 2001 according to revised estimates nonresidential fixed investment in chained 1996 dollars fell 28 9 billion annual rate and residential investment rose 2 2 billion There was a decrease of 61 9 billion in inventories following a decrease of 38 3 billion in the second 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 I II III IV I II III IV I II III IV I II III r 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 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 I II III IV I II III IV I II III IV I II III r Total Residential Structures Equipment and software Information processing equipment and software Nonresidential buildings including farm Utilities Mining exploration shafts and wells Total Total 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 Computers and peripheral equipment Software Other Industrial equipment Transportation equipment Total residential Total 4 Single family 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 Source Department of Commerce Bureau of Economic Analysis 2 Includes 3 Includes BUSINESS INVESTMENT Billions of dollars Capital expenditures By industry Period Total capital expenditures Total by industry Forestry fishing and agricultural services Mining Utilities Construction Manufacturing Wholesale trade Retail trade Transportation and warehousing Information Finance and insurance Real estate and rental and leasing Professional scientific and technical services Health care and social assistance Other For companies without employees For companies with employees Includes the following industries Management of companies and enterprises administrative and support and waste management educational services arts entertainment and recreation accommodation and food services and other services except public administration Also includes an item for structure and equipment expenditures serving multiple industry categories NOTE Data from Annual Capital Expenditures Industry data for 1998 and 1999 are based on the North American Industry Classification System NAICS 1997 Source Department of Commerce Bureau of the Census EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE In November employment fell by and unemployment rose by Thousands of persons 16 years of age and over except as noted monthly data seasonally adjusted except as noted by NSA Civilian employment Period Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Civilian noninstitutional population NSA Civilian labor force Nonagricultural Total Agricultural Part time for economic reasons 1 Total 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 Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire Percent 2 Unemployment Total weeks and over Not in labor force Labor force participation rate Employment population ratio Unemployment rate Not strictly comparable with earlier data NOTE Data beginning January and 2001 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 November the unemployment rate rose to 5 7 percent from 5 4 percent in October Monthly data seasonally adjusted Unemployment rate percent of civilian labor force in group By sex and age Period Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Revised 2 Data 12 All civilian workers Men 20 years and over Women 20 years and over By race Both sexes 16 19 years White definition for details see Employment and Earnings February 1994 beginning January 1994 are not directly comparable with data for earlier periods Black and other By selected groups Black Experienced wage and salary workers Married men spouse present Women who maintain families Full time workers 1 Part time workers 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 November the percentages of the unemployed who had been out of work for less than 5 weeks and for 5 14 weeks fell the percentage for 27 weeks and over rose and the percentage for 15 26 weeks was unchanged The mean duration of unemployment rose to 14 5 weeks and the median duration rose to 7 7 weeks Monthly data seasonally adjusted except as noted Duration of unemployment Period Unemployment thousands Percent distribution Less than 5 weeks 5 14 weeks 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 Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Beginning January 1994 job losers and persons who completed temporary jobs 2 Includes 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 p r 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 fell by 331 000 in November Thousands of wage and salary workers 1 monthly data seasonally adjusted Goods producing industries Period Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov p Total nonagricultural employment Service producing industries Manufacturing Total Construction Total Durable goods Nondurable goods 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 Transportation and public utilities Wholesale trade Retail trade Finance insurance Services and real estate Government Total Federal 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 Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov p Total private nonagricultural Total Average gross weekly earnings Total private nonagricultural 1 Overtime Current dollars dollars Total private nonagricultural 1 Manufacturing Current dollars 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 base Percent change from a year earlier total private nonagricultural Current dollars 1982 dollars 2 Manufacturing Construction Retail trade Current dollars 1982 dollars Source Department of Labor Bureau of Labor Statistics EMPLOYMENT COST INDEX PRIVATE INDUSTRY Index June 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 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Sept Dec Mar June Sept Dec Mar June Sept Dec Mar June Sept Dec Mar June Sept 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 Not seasonally adjusted 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 Nonfarm business sector Hours of all persons 2 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 quarterly data seasonally adjusted I II III IV I II III IV I II III IV I II III Percent change quarterly data at seasonally adjusted annual rates I II III IV I II III IV I II III IV I II III IV I II III Output refers to real gross domestic product originating in the sector 2 Hours of all persons engage in the sector including hours of proprietors and 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 is based on the consumer price index research series CPI U RS 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 based on GDP data released November Data for 2001 III shown elsewhere in this issue were released December Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization fell in November Monthly data seasonally adjusted Total industrial production Percent Period Index From preceding month Industry production indexes change 1 From year earlier Capacity utilization rate percent 2 Manufacturing Total Durable Nondurable Mining Utilities Total industry Manufacturing Nov Dec Jan Feb Mar Apr May June July Aug r Sept r Oct r Nov p 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 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 Nov Dec Jan Feb Mar Apr May June July Aug r Sept r Oct r Nov p Includes oil and gas well drilling and manufactured homes not shown separately 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 Nov Dec Jan Feb Mar Apr May June July Aug r Sept r Oct r Nov p Source Board of Governors of the Federal Reserve System 18 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 Commercial and industrial floor space millions of square feet Billions of dollars Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct p Annual rates 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 houses except as noted New private housing units Period Total New private houses Units started by type of structure unit units 1 5 units or more Units authorized Units completed Houses sold Houses for sale at end of period Vacancy rate for rental housing units percent Seasonally adjusted annual rates 2000 Nov Dec Jan Feb Mar Apr May June July Aug Sept r Oct r Nov p Derived seasonally adjusted monthly data for 2 4 housing units started are no longer published 2 Seasonally adjusted 3 Revised series beginning 1994 data for 1993 reflect the revision Quarterly data entered in last month of quarter NOTE Beginning 1994 units authorized are for 19 000 places For other data shown units authorized are for 17 000 places Beginning 1999 housing starts completions and sales are not directly comparable with earlier data due to new estimation methods Source Department of Commerce Bureau of the Census 19 BUSINESS SALES AND INVENTORIES Manufacturing and Trade In October manufacturing and trade sales rose 2 7 percent and inventories fell 16 5 billion According to advance estimates retail sales fell 4 1 percent in November retail and food services sales fell 3 7 percent Millions of dollars except ratios seasonally adjusted except as noted Manufacturing and trade 1 Period Sales Inventories 3 Inventorysales ratio 4 Wholesale Sales 2 Inventories 3 Retail Inventory sales ratio 4 Sales 2 Inventories 3 Inventory sales ratio 4 Retail and food services sales Oct r Nov r Dec r r Jan Feb Mar Apr May June July Aug Sept r p Oct Nov p 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 4 Annual data are averages of seasonally adjusted monthly ratios Source Department of Commerce Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In October manufacturers shipments and new and unfilled orders rose inventories fell 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 Manufacturers unfilled orders 2 Manufacturers inventory shipments ratio 3 Millions of dollars seasonally adjusted except as noted Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct p 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 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 fell 0 6 percent in November Prices of finished consumer foods fell 0 8 percent while prices of other finished consumer goods also fell 0 8 percent Capital equipment prices rose 0 1 percent monthly data seasonally adjusted Finished goods Period Total finished goods Finished goods excluding consumer foods Consumer foods Consumer goods Total Total Nov Dec Jan Feb Mar Apr May June July r Aug Sept Oct Nov Intermediate Intermediate materials materials for food manufacturing and feeds Durable Nondurable Capital equipment Total finished consumer goods Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES ALL URBAN CONSUMERS In November the consumer price index for all urban consumers was unchanged seasonally adjusted it fell 0 2 percent not seasonally adjusted The index was 1 9 percent above its year earlier level 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 Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Rel imp Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Includes items not shown separately fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc excluded beginning 1983 2 Household 3 Relative importance December 2000 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 Change from preceding period Period Change from 3 months earlier annual rate Change from 6 months earlier annual rate Consumer goods Consumer goods Consumer goods Total finished goods Excluding foods Foods Capital equipment Change from year earlier total finished goods NSA Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment Change Dec to Dec NSA Change month to month 2000 Nov Dec Jan Feb Mar Apr May June July r Aug Sept Oct Nov r r r r r r r r 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 Change month to month 2000 Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov 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 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 November prices received by farmers fell 1 1 percent while prices paid by farmers fell 0 8 percent Data are not seasonally adjusted not seasonally adjusted Prices received by farmers Period 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 Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Includes items not shown separately ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates 2 Percentage NOTE The official indexes are published on a base as required by law The indexes have been converted to a base to facilitate comparison with other indexes Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In November M2 and M3 rose Averages of daily figures except debt 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 Percent change from year or 6 months earlier 2 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 Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Period Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 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 r r r r p M1 NOTE See p 27 for components Source Board of Governors of the Federal Reserve System M2 M3 Debt COMPONENTS OF MONEY STOCK Averages of daily figures billions of dollars seasonally adjusted Period Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Currency Nonbank travelers checks Demand deposits Other checkable deposits OCDs Savings deposits including money market deposit accounts MMDAs Money market mutual fund balances Small denomination time deposits 1 Institutional Retail Large denomination time deposits 1 Overnight and term Overnight repurand term chase Euroagreedollars ments net RPs net r Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov r Small denomination and large denomination deposits are those issued in amounts of less than and more than 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 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Nonborrowed Nonborrowed plus extended credit Required Monetary base Total Seasonal Extended credit Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov 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 4 percent in November commercial and industrial loans fell 1 1 percent Billions of dollars seasonally adjusted 1 Securities in bank credit Period Dec Dec Dec Dec Dec Dec Dec Dec r Dec r Dec r Nov r Dec r Jan r Feb r Mar r Apr r May r June r July r Aug r Sept r Oct r Nov Total bank credit Total securities U S Treasury and agency securities Loans and leases in bank credit Real estate Other Total loans Commersecurities and leases 2 cial and industrial 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 Total Revolving home equity Consumer Security Other Other 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 I II III IV I II III IV I II III p Internal Credit market instruments Total Total Total net funds raised Net new equity issues Total 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 Securities and mortgages Loans and shortterm paper Other Capital expenditures Increase in financial assets Discrepancy sources less uses 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 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct p 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 Nonrevolving Net change in consumer credit outstanding 1 Total Revolving Nonrevolving Source Board of Governors of the Federal Reserve System 29 INTEREST RATES AND BOND YIELDS Interest rates were mixed in December Percent per annum U S Treasury security yields Constant Period Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec p Week ended 2001 Dec p 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 r 7 04 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 Discount rate N Y F R Bank 4 Prime rate charged by banks 4 Federal funds rate 5 Newhome mortgage yields FHFB 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 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 Overall stock prices rose in December Common stock prices 1 Period New York Stock Exchange indexes Dec except as noted 2 Composite Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec p Week ended 2001 Dec p Common stock yields percent 7 Dow Jones industrial average 4 Standard Poor s composite index Nasdaq composite index Feb Dividendprice ratio Earningsprice ratio Industrial Transportation Average of daily closing prices 2 Includes all the stocks more than Dec Effective April 27 Utility 3 listed on the NYSE 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 5 Includes 500 stocks Finance 6 Includes over 5 000 stocks Poor s series Dividend price ratios based on Wednesday closing prices Earnings price ratios based on prices at end of quarter 7 Standard Sources New York Stock Exchange Dow Jones Company Inc Standard Poor s and the National Association of Securities Dealers Inc 31 FEDERAL FINANCE FEDERAL RECEIPTS OUTLAYS AND DEBT In the first 2 months of fiscal 2002 there was a deficit of 63 7 billion compared with a deficit of 35 0 billion a year earlier Billions of dollars Total On budget Off budget Receipts Outlays Surplus or deficit Receipts Fiscal year or period estimates Cumulative total first 2 months 2 Fiscal year Fiscal year Data from Monthly Treasury Statement issued October Data from current issue Monthly Treasury Statement NOTE Data for fiscal 2002 are from Mid Session Review Budget of the U S Government Fiscal Year 2002 issued August Other data except as noted are from Budget of the United States Government Fiscal Year 2002 issued April Outlays Surplus or deficit Federal debt end of period Receipts Outlays Surplus or deficit Gross Federal 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 2 months of fiscal 2002 receipts were 16 9 billion higher than a year earlier and outlays were 45 5 billion higher Billions of dollars On budget and off budget receipts Fiscal year or period Total Individual income taxes Corporation income taxes Social insurance and retirement receipts On budget and off budget outlays National defense Other Total estimates Cumulative total first 2 months 2 Fiscal year Fiscal year Data InterDepart nationment of al Defense affairs military Health Medicare Income Social security security Net interest Other from Monthly Treasury Statement issued October from current issue Monthly Treasury Statement NOTE Data for fiscal 2002 are from Mid Session Review Budget of the U S Government 2 Data Total Fiscal Year 2002 issued August Other data except as noted are from Budget of the United States Government Fiscal Year 2002 issued April FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the third quarter of 2001 according to revised estimates Federal current receipts fell 184 4 billion annual rate while Federal current expenditures rose 16 0 billion Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government current receipts Federal Government current expenditures Transfer payments Total Corporate profits tax accruals Indirect business tax and nontax accruals Calendar year I II III IV I II III IV I II III IV I II III r Source Department of Commerce Bureau of Economic Analysis 34 Net interest paid Less Wage accruals less disbursements Current surplus or deficit national income and product accounts Consumption expenditures Contributions for social insurance Personal tax and nontax receipts Period Subsidies less current surplus of Government enterprises Grantsin aid to State and local governments Total INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Industrial production seasonally adjusted Period United States p Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov p Data Canada Japan France Germany Consumer prices NSA United Kingdom Italy United States r r r r r r r r r 140 0 r r 138 8 r 116 0 r r relate to all urban consumers Canada Japan Germany Italy France United Kingdom 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 Services BOP basis Balance of trade exports minus imports Census basis by end use category BOP basis Period Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept r Oct p 1 Total BOP basis Total Census basis 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 BOP basis IndusAutoFoods trial Capital motive Total feeds supgoods vehiCensus and plies except cles basis 1 bevand auto parts erages mate motive and enrials gines includes other exports or imports not shown separately NOTE BOP refers to balance of payments on international transactions basis BOP data shown here are consistent with figures shown on pp 36 and Consumer goods nonfood except automotive Exports r 24 7 r 24 3 r 24 5 r 24 1 r Imports r 18 9 r 18 7 r 18 7 r 18 5 r Goods Census basis Goods Services r 5 8 r 5 6 r 5 7 r 5 7 r Goods and services r 31 8 r 28 9 r 29 8 r 30 2 r Source Department of Commerce Bureau of the Census and Bureau of Economic Analysis 35 U S INTERNATIONAL TRANSACTIONS In the third quarter of 2001 the goods deficit fell to 105 8 billion from 107 7 billion in the second quarter The current account deficit fell to 95 0 billion in the third quarter from 107 6 billion in the second quarter Millions of dollars quarterly data seasonally adjusted except as noted Credits debits Goods 1 Period Exports I II III IV I II III IV I II r III p Imports Services Balance on goods Net military transactions Net travel and transportation 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 Balance on goods and services Quarterly Receipts Payments Balance on income Unilateral current transfers net data are not seasonally adjusted transfers of goods and services under U S military grant programs See p 37 for continuation of table 4 Includes Balance on current account U S INTERNATIONAL TRANSACTIONS Continued In the financial account U S claims on foreigners reported by U S banks decreased 56 0 billion in the third quarter of 2001 in contrast to an increase of 0 1 billion in the second quarter U S liabilities to private foreigners reported by U S banks excluding Treasury securities decreased 54 0 billion in the third quarter in contrast to an increase of 44 3 billion in the second quarter Millions of dollars quarterly data seasonally adjusted except as noted Credits debits Financial account Period Capital account transactions net 3 U S owned assets abroad net increase financial 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 financial 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 I II III IV I II III IV I II r III p 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 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 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 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 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 FEDERAL FINANCE Federal Receipts Outlays and Debt Federal Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S International Trade in Goods and Services U S International Transactions 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

Business Investment

DATE: December 2001

PART OF:

Economic Indicators : December 2001

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Business Investment," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "December 2001," Economic Indicators (December 2001) : 12-12. https://fraser.stlouisfed.org/title/1/item/53/toc/418579 , accessed on December 8, 2019.

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Economic Data