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106th Congress, 2nd Session

Economic Indicators
APRIL 2000
(Includes data available as of May 9, 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 0–16–060575–X

ii

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 2000, according to advance estimates, current-dollar gross domestic product (GDP) rose
8.2 percent (annual rate), real GDP (GDP in chained 1996 dollars) rose 5.4 percent, and the implicit price deflator
rose 2.7 percent.

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]

Period

1990 ......................
1991 ......................
1992 ......................
1993 ......................
1994 ......................
1995 ......................
1996 ......................
1997 ......................
1998 ......................
1999 ......................
1997: I .................
II ................
III ..............
IV ...............
1998: I .................
II ................
III ..............
IV ...............
1999: I .................
II ................
III ..............
IV ...............
2000: I p ...............
1 GDP

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
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
9,697.2

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
5,430.8
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
6,615.2

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
1,327.0
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
1,709.9

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
¥87.7
¥77.5
¥90.6
¥97.4
¥117.4
¥153.9
¥165.7
¥161.2
¥201.6
¥245.8
¥278.2
¥290.1
¥335.0

557.2
601.6
636.8
658.0
725.1
818.6
874.2
968.0
966.3
998.3
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
1,043.7

Imports

Total
Total

less exports of goods and services plus imports of goods and services.

628.6
622.3
664.6
718.5
812.1
902.8
963.1
1,056.3
1,115.9
1,252.2
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
1,378.7

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
1,455.8
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
1,707.1

508.4
527.4
534.5
527.3
521.1
521.5
531.6
537.8
538.7
570.6
530.2
543.0
540.9
537.1
526.1
542.2
539.7
546.7
557.4
561.6
569.8
593.6
579.2

National
defense
374.9
384.5
378.5
364.9
355.1
350.6
357.0
352.5
348.6
364.5
347.0
354.9
354.5
353.6
338.9
347.9
354.7
352.9
355.8
354.3
365.4
382.6
363.7

Nondefense
133.6
142.9
156.0
162.4
165.9
170.9
174.6
185.3
190.1
206.1
183.2
188.1
186.4
183.5
187.2
194.3
185.0
193.8
201.6
207.3
204.4
211.1
215.5

State
and
local
673.0
708.1
736.0
765.7
806.8
850.5
890.4
943.2
991.0
1,059.4
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
1,127.9

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

5,788.7 5,874.7 5,832.2
5,986.4 6,006.9 6,010.9
6,303.9 6,346.8 6,342.3
6,621.2 6,702.8 6,666.7
6,991.8 7,141.4 7,071.1
7,367.5 7,484.8 7,420.9
7,783.2 7,902.1 7,831.2
8,232.4 8,389.1 8,305.0
8,688.7 8,909.5 8,750.0
9,211.5 9,510.0 9,236.2
8,073.0 8,213.6 8,131.1
8,166.9 8,337.0 8,269.1
8,306.9 8,455.1 8,366.5
8,382.8 8,550.4 8,453.3
8,511.7 8,728.0 8,613.7
8,642.9 8,837.7 8,683.7
8,724.2 8,963.6 8,772.2
8,876.2 9,108.8 8,930.5
9,021.6 9,274.2 9,058.2
9,128.6 9,392.0 9,131.9
9,257.0 9,575.9 9,282.3
9,438.8 9,798.0 9,472.3
9,662.8 10,032.2 ..............

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 .............
1991 .............
1992 .............
1993 .............
1994 .............
1995 .............
1996 .............
1997 .............
1998 .............
1999 .............
1997: I ........
II .......
III .....
IV ......
1998: I ........
II .......
III .....
IV ......
1999: I ........
II .......
III .....
IV ......
2000: I p ......

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
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
9,156.6

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
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
1,304.6

253.5
221.1
257.2
276.0
302.7
291.7
313.3
320.6
350.2
376.1
316.3
320.0
320.5
325.7
336.5
347.4
354.2
362.6
373.7
378.8
375.1
376.8
382.9

¥56.5
¥15.8
¥19.8
¥59.1
¥86.5
¥78.4
¥89.0
¥112.1
¥217.6
¥323.0
¥92.6
¥103.2
¥121.3
¥131.5
¥174.5
¥221.0
¥240.3
¥234.4
¥286.6
¥321.1
¥340.4
¥344.1
¥377.1

575.7
613.2
651.0
672.7
732.8
808.2
874.2
983.1
1,004.6
1,042.3
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
1,077.7

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
5,349.2
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
6,225.2

16.5
¥1.0
17.1
20.0
66.8
30.4
30.0
69.1
74.3
42.2
51.5
93.1
59.2
72.7
107.3
43.1
76.1
70.7
50.1
14.0
38.0
66.7
31.1

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
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
1,454.8

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
1,436.0
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
1,565.2

National
defense

606.8
604.9
595.1
572.0
551.3
536.5
531.6
530.7
525.9
540.8
523.8
536.2
534.4
528.6
515.2
529.8
526.8
531.9
531.2
534.1
539.5
558.3
535.2

443.2
438.4
417.1
394.7
375.9
361.9
357.0
348.3
341.7
347.8
342.9
350.8
350.7
348.6
332.7
341.6
347.5
344.9
341.4
339.2
348.3
362.4
339.2

Nondefense

163.0
166.0
177.9
177.3
175.5
174.6
174.6
182.5
184.2
192.9
180.9
185.3
183.6
180.0
182.4
188.1
179.4
186.9
189.7
194.7
191.1
195.9
195.8

State
and
local

781.1
798.9
815.3
827.0
848.9
869.9
890.4
923.0
952.7
993.1
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
1,029.4

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
7,966.4
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
9,115.2

Gross
domestic
purchases 1

Addendum:
Gross
national
product

6,764.9 6,740.0
6,688.4 6,703.4
6,896.4 6,905.8
7,120.6 7,087.8
7,434.2 7,364.3
7,621.8 7,564.0
7,902.1 7,831.2
8,255.9 8,150.9
8,704.8 8,487.8
9,151.2 8,830.8
8,111.5 8,025.1
8,218.1 8,126.7
8,311.7 8,196.1
8,382.3 8,255.7
8,560.7 8,396.0
8,648.6 8,438.2
8,746.0 8,492.8
8,863.7 8,624.4
8,988.8 8,705.1
9,059.5 8,746.0
9,197.8 8,866.8
9,358.6 9,005.2
9,508.0 ..............

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 ..................
1991 ..................
1992 ..................
1993 ..................
1994 ..................
1995 ..................
1996 ..................
1997 ..................
1998 ..................
1999 ..................
1997: I .............
II ............
III ..........
IV ...........
1998: I .............
II ............
III ..........
IV ...........
1999: I .............
II ............
III ..........
IV ...........
2000: I p ...........

Gross
domestic
product

86.51
89.66
91.84
94.05
96.01
98.10
100.00
101.91
103.11
104.61
101.34
101.78
102.10
102.42
102.62
102.93
103.31
103.57
104.07
104.43
104.71
105.21
105.90

Total

85.63
88.91
91.62
93.81
95.70
97.90
100.00
101.98
102.93
104.58
101.53
101.81
102.13
102.44
102.50
102.78
103.07
103.36
103.74
104.31
104.79
105.43
106.27

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
99.06
98.14
97.33
96.72
96.35
95.85
95.31
94.36
93.69
93.24
92.77
92.37
91.91

90.98
93.76
95.20
96.14
96.83
97.93
100.00
101.35
101.40
103.77
101.33
101.17
101.32
101.55
101.20
101.15
101.45
101.77
102.19
103.47
104.19
105.18
106.56

80.95
84.82
88.50
91.56
94.16
97.25
100.00
103.17
105.31
107.52
102.13
102.89
103.54
104.09
104.47
105.08
105.55
106.11
106.71
107.16
107.73
108.44
109.31

Source: Deaprtment 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

98.23
99.80
99.29
99.81
100.54
100.93
100.00
99.04
97.22
95.97
99.46
99.18
98.99
98.57
97.91
97.37
97.04
96.60
96.39
96.05
95.73
95.72
95.71

85.54
86.64
87.69
91.23
94.48
97.91
100.00
102.68
105.30
109.36
101.59
102.13
103.18
103.78
103.85
104.61
105.73
106.89
107.93
108.89
110.01
110.61
111.46

Exports

Imports
Total

96.79
98.10
97.82
97.82
98.94
101.28
100.00
98.47
96.19
95.77
98.67
98.74
98.44
98.03
97.00
96.54
95.81
95.45
95.33
95.50
95.80
96.42
96.85

99.43
98.93
99.09
98.18
99.12
101.83
100.00
96.45
91.31
91.71
98.32
96.48
95.88
95.27
92.60
91.65
90.56
90.50
89.82
90.98
92.36
93.48
94.77

83.79
87.18
89.82
92.18
94.51
97.21
100.00
101.33
102.42
105.52
101.23
101.27
101.22
101.61
102.11
102.34
102.44
102.79
104.92
105.15
105.63
106.33
108.21

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
101.20
101.16
101.07
101.44
101.86
101.85
102.07
102.32
104.20
104.46
104.92
105.58
107.21

81.95
86.07
87.71
91.58
94.55
97.90
100.00
101.55
103.18
106.86
101.28
101.48
101.52
101.94
102.62
103.28
103.15
103.67
106.26
106.45
106.95
107.75
110.07

86.16
88.64
90.28
92.59
95.04
97.77
100.00
102.19
104.03
106.68
101.48
101.74
102.35
103.18
103.26
103.70
104.40
104.73
105.09
106.13
107.22
108.23
109.57

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
1991
1992
1993
1994
1995
1996
1997
1998
1999
1994:

1995:

1996:

1997:

1998:

1999:

2000:

.............................................................
.............................................................
.............................................................
.............................................................
.............................................................
.............................................................
.............................................................
.............................................................
.............................................................
.............................................................
I ........................................................
II .......................................................
III .....................................................
IV ......................................................
I ........................................................
II .......................................................
III .....................................................
IV ......................................................
I ........................................................
II .......................................................
III .....................................................
IV ......................................................
I ........................................................
II .......................................................
III .....................................................
IV ......................................................
I ........................................................
II .......................................................
III .....................................................
IV ......................................................
I ........................................................
II .......................................................
III .....................................................
IV ......................................................
I p .......................................................

1 Percent

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

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
124.11

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
117.20

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
105.86

changes based on unrounded data. Quarterly percent changes are at annual rates.

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
105.90

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
8.2

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
5.4

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
2.7

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
2.7

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

1991
1992
1993
1994
1995
1996
1997
1998
1999
1997:

........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
I ...................................................
II .................................................
III ................................................
IV ................................................
1998: I ...................................................
II .................................................
III ................................................
IV ................................................
1999: I ...................................................
II .................................................
III ................................................
IV ................................................
1 The

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

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.
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

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.
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
1997:

......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
I .................................
II ...............................
III ..............................
IV ..............................
1998: I .................................
II ...............................
III ..............................
IV ..............................
1999: I .................................
II ...............................
III ..............................
IV ..............................
2000: I p ...............................
1 Includes

Compensation
of
employees1

4,756.6
4,994.9
5,251.9
5,556.8
5,876.7
6,210.4
6,635.5
7,038.8
7,496.3
6,474.4
6,582.3
6,695.3
6,789.9
6,887.3
6,979.1
7,090.1
7,198.6
7,339.4
7,428.1
7,527.0
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
4,566.1
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
5,547.4

Nonfarm

26.4
32.7
30.1
31.9
22.2
34.3
29.5
25.1
31.3
32.5
30.2
28.9
26.3
17.5
18.7
22.9
41.1
32.5
34.1
21.0
37.6
23.8

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

357.8
401.7
431.7
444.6
475.5
510.5
549.1
581.0
627.3
536.6
544.9
554.0
561.0
569.1
575.5
583.6
596.0
607.5
621.2
633.0
647.4
661.8

56.4
63.3
90.9
110.3
117.9
129.7
130.2
137.4
145.9
132.4
132.0
129.4
126.7
129.5
133.9
139.3
147.0
148.6
148.8
139.0
147.3
147.5

employer contributions for social insurance. (See also p. 5.)

Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total

431.2
453.1
510.5
573.2
668.8
754.0
838.5
848.4
892.7
804.4
832.0
863.2
854.3
858.4
849.4
846.8
839.0
886.9
880.5
884.1
919.4
................

Profits
before tax

Inventory
valuation
adjustment

421.1
448.8
506.4
561.0
650.2
729.4
803.2
802.8
835.6
772.6
797.7
827.0
815.5
818.4
805.6
799.9
787.4
831.4
822.2
827.1
861.4
................

416.1
451.6
510.4
573.4
668.5
726.3
795.9
781.9
848.5
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
9.3
11.2
4.9
4.0
29.5
13.6
19.8
20.8
13.3
¥13.6
¥26.7
¥24.9
................

Capital
consumption
adjustment

Net
interest

10.2
4.3
4.1
12.2
18.6
24.6
35.3
45.6
57.2
31.8
34.3
36.2
38.8
40.1
43.8
46.9
51.6
55.5
58.2
57.0
58.0
57.3

429.8
399.5
374.3
380.5
389.8
386.3
412.5
435.7
467.5
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
1997:

.................
.................
.................
.................
.................
.................
.................
.................
.................
I ............
II ...........
III .........
IV ..........
1998: I ............
II ...........
III .........
IV ..........
1999: I ............
II ...........
III .........
IV ..........
2000: I p ...........

Total
personal
consumption
expenditures

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
5,349.2
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
6,225.2

Total
durable
goods

454.9
479.0
518.3
557.7
583.5
616.5
657.4
731.5
815.7
642.1
639.7
669.7
678.0
704.9
723.9
731.2
766.0
788.8
806.1
821.2
846.7
898.1

Motor
vehicles
and
parts

211.8
225.7
242.2
255.1
253.4
256.3
263.8
291.9
318.2
261.1
252.9
270.9
270.4
281.5
291.7
286.7
307.4
310.4
317.2
319.6
325.7
345.0

Furniture
and
household
equipment

152.7
161.5
177.4
196.3
215.4
236.9
262.1
297.4
341.9
251.4
257.8
266.2
273.1
284.8
290.4
301.7
312.6
326.7
335.5
346.0
359.4
380.7

Nondurable goods

Other

92.6
94.1
100.7
107.6
115.0
123.3
131.6
142.7
157.3
129.6
129.3
132.8
134.7
138.9
141.9
143.7
146.5
152.9
154.7
157.6
164.1
175.0

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
1,609.0
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
1,842.4

Food

721.4
725.6
745.1
764.9
777.0
786.0
799.1
820.6
851.8
798.7
796.7
802.2
798.9
805.7
818.2
823.0
835.4
839.5
844.6
850.0
873.1
879.6

1 Includes 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

197.8
208.8
218.5
231.6
244.3
258.6
271.1
292.2
317.8
267.8
264.7
274.7
277.1
287.8
293.1
292.2
295.6
314.7
316.8
321.6
318.1
338.6

Gasoline
and
oil

109.4
112.5
115.4
117.4
120.2
124.2
126.2
127.7
128.3
125.1
126.7
126.6
126.4
126.6
127.9
128.5
127.7
127.1
127.5
128.2
130.4
126.1

Services

Fuel
oil
and
coal

12.9
13.2
14.0
15.0
15.7
15.6
15.1
14.5
16.0
14.3
15.3
15.6
15.1
14.2
14.7
14.7
14.2
15.8
16.4
16.3
15.6
15.7

Other

325.1
331.2
338.5
356.8
372.0
389.8
408.5
430.6
462.2
403.1
404.8
411.7
414.6
420.9
428.3
433.9
439.4
452.6
458.6
463.5
474.1
483.5

Total
services 1

2,651.8
2,729.7
2,802.5
2,886.2
2,963.4
3,047.0
3,140.3
3,268.0
3,400.1
3,098.2
3,121.3
3,153.5
3,188.1
3,217.2
3,255.6
3,293.3
3,305.9
3,339.8
3,382.3
3,423.4
3,454.7
3,500.6

Housing

Medical
care

709.8
719.3
728.1
749.1
763.7
772.6
786.5
805.6
826.0
781.2
784.2
788.1
792.6
798.4
804.1
808.0
812.0
818.4
823.1
828.5
834.1
838.8

734.4
765.4
775.4
783.1
797.7
814.4
831.0
854.4
876.9
824.1
828.5
833.3
838.2
846.4
852.7
856.4
862.2
865.6
872.0
880.9
889.1
895.4

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
15.4
14.5
15.3
15.0
15.2
16.1
14.6
16.0
16.2
16.7
17.2
16.9
18.1

SOURCES OF PERSONAL INCOME
Personal income rose $56.6 billion (annual rate) in March, following an increase of $33.4 billion in February. Wages
and salaries increased $30.5 billion in March, following an increase of $14.7 billion in February.

[Billions of dollars; monthly data at seasonally adjusted annual rates]

Period

1991
1992
1993
1994
1995
1996
1997
1998
1999

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

.................................................................
.................................................................
.................................................................
.................................................................
.................................................................
.................................................................
.................................................................
................................................................
................................................................

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: Mar .......................................................
Apr .......................................................
May ......................................................
June .....................................................
July ......................................................
Aug ......................................................
Sept ......................................................
Oct .......................................................
Nov ......................................................
Dec .......................................................

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

4,385.8
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

529.8
531.3
533.0
534.8
536.7
538.6
540.3
541.9
543.7
545.4

30.1
30.1
27.3
45.0
23.5
21.4
18.0
44.9
46.1
21.8

610.8
618.4
619.4
625.8
630.2
636.4
632.5
639.3
648.7
654.1

149.3
148.6
147.3
150.5
144.9
143.6
128.5
148.2
149.2
144.4

357.6
359.3
361.2
363.0
364.9
367.0
369.0
371.1
373.1
375.2

909.6
914.3
921.0
926.2
932.4
938.8
945.3
952.2
958.6
964.6

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

329.6
331.1
332.3
333.7
335.7
336.6
337.8
339.3
339.9
341.8

2000: Jan r ......................................................
Feb r .....................................................
Mar p .....................................................

8,054.8
8,088.2
8,144.8

4,641.0
4,655.7
4,686.2

548.3
550.3
552.8

22.0
22.6
26.8

655.5
660.1
669.9

145.7
147.3
149.6

377.5
379.7
381.6

968.9
972.2
976.5

1,042.3
1,047.9
1,050.5

346.5
347.4
349.0

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.
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 advance estimates, per capita disposable personal income in chained (1996) dollars rose at an
annual rate of 2.4 percent in the first quarter of 2000.

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
1991
1992
1993
1994
1995
1996
1997
1998
1999

..................
..................
..................
..................
..................
..................
..................
..................
..................

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

Chained
(1996)
dollars

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

5,033.0
5,189.3
5,261.3
5,397.2
5,539.1
5,677.7
5,866.7
6,107.1
6,349.4

17,710
18,616
19,121
19,820
20,613
21,385
22,320
23,231
24,307

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

19,919
20,318
20,384
20,709
21,055
21,385
21,887
22,569
23,244

15,717
16,482
17,259
18,097
18,888
19,727
20,610
21,614
22,907

17,677
17,989
18,399
18,910
19,294
19,727
20,210
20,998
21,905

¥0.7
2.0
.3
1.6
1.7
1.6
2.3
3.1
3.0

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

21,664
21,821
21,944
22,118
22,304
22,462
22,650
22,859
23,043
23,172
23,275
23,485
23,625

20,337
20,422
20,749
20,929
21,198
21,524
21,737
21,993
22,381
22,732
23,047
23,465
24,080

20,031
20,059
20,317
20,430
20,680
20,942
21,090
21,277
21,574
21,792
21,994
22,257
22,661

3.1
2.9
2.3
3.2
3.4
2.9
3.4
3.7
3.3
2.3
1.8
3.7
2.4

4.5
5.0
4.2
4.4
4.0
3.5
3.6
3.5
3.0
2.5
2.1
1.8
.7

267,040
267,671
268,399
269,075
269,591
270,219
270,946
271,623
272,145
272,778
273,518
274,204
274,714

Seasonally adjusted annual rates
1997: I .............
II ...........
III ..........
IV ..........
1998: I .............
II ...........
III ..........
IV ..........
1999: I .............
II ...........
III ..........
IV ..........
2000: I p ...........

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
8,095.9

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
1,199.1

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
6,896.8

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
6,851.9

263.4
296.1
255.5
269.3
248.9
217.5
224.8
227.5
195.1
168.0
139.5
122.8
45.0

1 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.

6

5,785.1
5,840.7
5,889.6
5,951.5
6,013.0
6,069.5
6,136.9
6,209.0
6,271.0
6,320.7
6,366.2
6,439.6
6,490.2

21,994
22,215
22,410
22,658
22,863
23,086
23,345
23,628
23,904
24,171
24,389
24,759
25,106

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 ........................................................
1999 p .......................................................
1997: I ...................................................
II ..................................................
III ................................................
IV .................................................
1998: I ...................................................
II ..................................................
III ................................................
IV .................................................
1999: I ...................................................
II ..................................................
III ................................................
IV p ...............................................

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

Profits
before
tax

Nonfinancial

Total 2
Total

Financial

Total 3

Manufacturing

Transportation4

Wholesale

Tax
liability

Total

Dividends

Undistributed
profits

Inventory
valuation
adjustment

Retail

1990 ..............
1991 ..............
1992 ..............
1993 ..............
1994 ..............
1995 ..............
1996 ..............
1997 ..............
1998 ..............
1999 ..............
1997: I .........
II .......
III ......
IV ......

388.6
421.1
448.8
506.4
561.0
650.2
729.4
803.2
802.8
835.6
772.6
797.7
827.0
815.5

315.9
346.7
380.1
429.6
483.7
558.2
628.6
695.1
702.8
732.2
670.7
684.7
717.3
708.0

91.6
120.2
124.8
127.9
114.7
154.3
165.3
184.2
191.3
208.1
176.6
181.9
186.5
191.8

224.3
226.5
255.2
301.7
369.0
403.8
463.3
510.9
511.5
524.2
494.0
502.8
530.7
516.1

109.2
93.5
93.9
108.4
139.6
166.1
181.2
185.6
168.4
165.6
179.0
186.6
195.4
181.4

44.4
53.2
58.5
69.6
82.9
85.8
91.4
104.7
109.0
116.3
100.1
101.8
108.2
108.8

19.1
22.0
25.9
28.2
33.1
29.4
42.6
46.8
47.2
42.4
48.9
48.0
47.4
42.8

21.0
27.7
33.7
39.7
46.6
44.1
52.9
63.7
69.8
72.9
62.4
60.9
66.1
65.4

401.5
416.1
451.6
510.4
573.4
668.5
726.3
795.9
781.9
848.5
763.3
786.5
822.1
811.6

140.6
133.6
143.1
165.4
186.7
211.0
223.6
238.3
240.2
259.4
228.9
233.2
246.8
244.1

260.9
282.6
308.4
345.0
386.7
457.5
502.7
557.6
541.7
589.1
534.4
553.3
575.3
567.4

165.6
178.4
185.5
203.1
234.9
254.2
297.7
333.7
348.6
364.7
320.6
330.6
338.8
344.8

95.3
104.1
122.9
141.9
151.8
203.3
205.0
223.9
193.1
224.4
213.8
222.7
236.5
222.6

¥12.9
4.9
¥2.8
¥4.0
¥12.4
¥18.3
3.1
7.4
20.9
¥13.0
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 ......
2000: I p .......

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
380.0

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.
Source: Department of Commerce, Bureau of Economic Analysis.

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the first quarter of 2000, according to advance estimates, nonresidential fixed investment in chained (1996)
dollars rose $61.4 billion (annual rate) and residential investment rose $6.1 billion. There was an increase of $31.1
billion in inventories following an increase of $66.7 billion in the fourth quarter.

[Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

Gross
private
domestic
investment

Change in private
inventories

Nonresidential
Total
Total

Equipment
and software

Residential

Structures

Total

Nonfarm

.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................

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

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 ..........................................................................

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

2000: I p ...........................................................................

1,724.2

1,683.7

1,304.6

253.6

1,061.4

382.9

31.1

38.1

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

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
1997:

...............................
...............................
...............................
...............................
...............................
...............................
...............................
...............................
...............................
...............................
I ..........................
II .........................
III .......................
IV ........................
1998: I ..........................
II .........................
III .......................
IV ........................
1999: I ..........................
II .........................
III .......................
IV ........................
2000: I p .........................

641.7
610.1
630.6
683.6
744.6
817.5
899.4
995.7
1,122.5
1,215.8
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
1,304.6

Total 1

236.1
210.1
197.3
198.9
200.5
210.1
225.0
244.0
254.1
248.1
242.0
239.5
245.9
248.6
252.1
256.4
252.1
255.7
251.9
248.5
246.1
245.8
253.6

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
175.1
171.4
178.5
176.1
181.7
184.9
184.2
187.4
186.6
181.2
177.2
176.5
183.7

33.0
38.9
41.8
38.4
36.1
36.8
36.0
35.7
38.0
38.2
35.1
35.4
36.0
36.2
37.6
37.7
37.9
38.7
38.1
38.0
38.5
38.0
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
26.2
26.9
25.4
27.1
26.5
27.1
24.2
23.6
21.6
22.6
24.3
25.3
25.2

415.7
407.2
437.5
487.1
544.9
607.6
674.4
751.9
870.6
974.9
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
1,061.4

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

136.4
142.7
163.0
183.4
206.6
242.8
287.3
339.4
418.5
509.8
316.9
330.0
350.2
360.4
388.8
409.4
427.4
448.5
470.4
501.0
526.0
541.7
583.4

14.2
15.4
20.8
26.4
32.6
49.2
70.9
99.0
154.2
220.8
85.8
94.2
105.1
110.9
131.3
146.9
160.4
178.3
193.4
212.9
233.5
243.3
265.8

Software

Other

Industrial
equipment

45.9
51.4
58.7
66.8
74.3
82.0
95.1
109.4
129.2
149.3
104.0
107.1
111.1
115.3
120.9
126.2
131.9
137.8
141.6
147.0
152.0
156.6
163.6

87.6
86.4
91.5
96.4
104.9
113.1
121.3
132.7
147.1
169.9
127.6
129.9
136.2
137.1
143.1
146.3
148.3
150.9
157.8
168.4
174.7
178.6
195.8

105.8
99.0
100.8
109.6
119.6
131.3
136.4
141.3
148.1
149.0
135.6
141.1
143.2
145.1
147.0
147.9
148.7
148.9
145.0
146.6
150.0
154.3
160.6

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
144.9
149.1
155.0
149.6
174.2
177.0
164.2
185.8
190.8
191.6
204.0
196.4
200.7

253.5
221.1
257.2
276.0
302.7
291.7
313.3
320.6
350.2
376.1
316.3
320.0
320.5
325.7
336.5
347.4
354.2
362.6
373.7
378.8
375.1
376.8
382.9

Total 4

Single
family

247.3
215.1
251.0
269.4
295.8
284.4
305.6
312.7
341.8
367.0
308.5
312.2
312.5
317.7
328.4
339.0
345.8
354.0
364.8
369.7
365.9
367.5
373.2

128.6
112.3
135.7
148.0
163.2
147.7
159.1
159.8
180.3
195.0
158.2
159.8
159.0
162.1
170.1
177.8
184.0
189.3
195.8
195.8
191.7
196.5
206.3

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
for
all
businesses

Total 1

..........
..........
..........

489.7
549.3
601.1

Manufacturing
Total
by industry 2

Mining

Construction

Total

Durable
goods

488.2
547.9
601.0

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

For
businesses
without
employees

Wholesale
trade

Retail
trade

Finance

Insurance
and
real
estate

41.3
41.5
38.4

19.0
23.5
24.5

41.4
46.5
51.9

26.0
29.8
30.4

14.2
17.4
19.8

111.8
123.8
134.2

.............
.............
.............

36.7
38.7
42.3

26.0
28.8
31.2

55.8
55.9
63.1

87.1
91.3
110.1

23.4
29.3
50.3

145.9
165.0
182.4

100.0
99.4
94.5

Utilities

Services

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

For businesses with employees
1996 ........
1997 r ......
1998 ........

807.1
871.8
973.6

707.1
772.3
879.0

707.1
772.3
879.0

30.2
39.0
40.3

13.8
15.5
18.3

191.8
192.3
207.3

109.9
108.4
119.0

81.9
83.9
88.3

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
51.8

57.1
68.5
78.5

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 April, employment rose by 547,000, and unemployment fell by 184,000.

[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: Apr ........................
May .......................
June ......................
July .......................
Aug ........................
Sept .......................
Oct ........................
Nov ........................
Dec .........................
2000: Jan 3 ......................
Feb .........................
Mar ........................
Apr .........................

Civilian
noninstitutional
population
NSA

189,164
190,925
192,805
194,838
196,814
198,584
200,591
203,133
205,220
207,753
207,236
207,427
207,632
207,828
208,038
208,265
208,483
208,666
208,832
208,782
208,907
209,053
209,216

Civilian
labor
force

125,840
126,346
128,105
129,200
131,056
132,304
133,943
136,297
137,673
139,368
139,086
139,013
139,332
139,336
139,372
139,475
139,697
139,834
140,108
140,910
141,165
140,867
141,230

Nonagricultural
Total

118,793
117,718
118,492
120,259
123,060
124,900
126,708
129,558
131,463
133,488
133,054
133,190
133,398
133,399
133,530
133,650
133,940
134,098
134,420
135,221
135,362
135,159
135,706

Agricultural

3,223
3,269
3,247
3,115
3,409
3,440
3,443
3,399
3,378
3,281
3,341
3,290
3,330
3,278
3,234
3,179
3,238
3,310
3,279
3,371
3,408
3,359
3,355

Total

115,570
114,449
115,245
117,144
119,651
121,460
123,264
126,159
128,025
130,207
129,713
129,900
130,068
130,121
130,296
130,471
130,702
130,788
131,141
131,850
131,954
131,801
132,351

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
3,225
3,229
3,209
3,142
3,127
3,112
2,983
3,105
3,157
3,066
2,985
3,003
3,021

Total

7,047
8,628
9,613
8,940
7,996
7,404
7,236
6,739
6,210
5,880
6,032
5,823
5,934
5,937
5,842
5,825
5,757
5,736
5,688
5,689
5,804
5,708
5,524

15
weeks
and
over
1,525
2,357
3,408
3,094
2,860
2,363
2,316
2,062
1,637
1,480
1,474
1,519
1,634
1,511
1,463
1,412
1,434
1,401
1,388
1,372
1,277
1,295
1,250

Not in
labor
force

63,324
64,578
64,700
65,638
65,758
66,280
66,647
66,837
67,547
68,385
68,150
68,414
68,300
68,492
68,666
68,790
68,786
68,832
68,724
67,872
67,742
68,187
67,986

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
67.1
67.0
67.1
67.0
67.0
67.0
67.0
67.0
67.1
67.5
67.6
67.4
67.5

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
64.3
64.4
64.8
64.8
64.7
64.9

5.6
6.8
7.5
6.9
6.1
5.6
5.4
4.9
4.5
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
3.9

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 April, the unemployment rate fell to 3.9 percent from 4.1 percent in March.

[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: Apr ...............
May ..............
June .............
July ..............
Aug ..............
Sept ..............
Oct ...............
Nov ..............
Dec ...............
2000: Jan ...............
Feb ...............
Mar ...............
Apr ...............
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
4.3
4.2
4.3
4.3
4.2
4.2
4.1
4.1
4.1
4.0
4.1
4.1
3.9

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
3.5
3.6
3.5
3.5
3.5
3.4
3.5
3.3
3.3
3.3
3.4
3.3
3.2

4.9
5.7
6.3
5.9
5.4
4.9
4.8
4.4
4.1
3.8
4.0
3.7
3.8
3.9
3.7
3.7
3.5
3.6
3.6
3.7
3.5
3.6
3.5

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
14.1
13.1
13.6
13.2
13.5
14.6
13.8
14.0
13.8
12.6
14.1
13.3
12.7

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
3.8
3.7
3.8
3.7
3.7
3.6
3.5
3.5
3.5
3.4
3.6
3.6
3.5

Black
and
other

10.1
11.1
12.7
11.7
10.5
9.6
9.3
8.8
7.8
7.0
7.0
6.8
6.7
7.2
6.8
7.2
7.2
7.1
7.0
7.1
6.9
6.6
6.3

By selected groups

Black

11.4
12.5
14.2
13.0
11.5
10.4
10.5
10.0
8.9
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
7.2

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
4.2
4.1
4.1
4.1
4.0
4.0
3.9
3.9
3.9
3.9
3.9
4.0
3.7

Married
men,
spouse
present

3.4
4.4
5.1
4.4
3.7
3.3
3.0
2.7
2.4
2.2
2.3
2.3
2.2
2.3
2.3
2.2
2.2
2.1
2.2
2.0
2.1
2.0
1.8

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
7.1
6.0
6.5
6.4
6.3
6.4
6.0
6.0
6.2
6.2
6.1
6.8
6.3

5.4
6.8
7.5
6.9
6.1
5.5
5.3
4.8
4.3
4.1
4.2
4.0
4.0
4.1
4.1
4.0
4.0
3.9
3.9
3.9
3.9
3.8
3.8

6.4
7.0
7.5
7.2
6.0
6.0
5.8
5.5
5.3
5.0
5.0
5.2
5.3
4.9
4.6
5.0
4.7
4.9
4.9
4.6
4.9
5.1
4.6

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 April, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks
and over fell; the percentages for 5–14 weeks and for 15–26 weeks rose. The mean duration of unemployment
fell to 12.4 weeks and the median duration was unchanged at 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: Apr ..............................
May .............................
June ............................
July .............................
Aug ..............................
Sept .............................
Oct ..............................
Nov ..............................
Dec ...............................
2000: Jan ..............................
Feb ..............................
Mar ..............................
Apr ...............................
1 Beginning

7,047
8,628
9,613
8,940
7,996
7,404
7,236
6,739
6,210
5,880
6,032
5,823
5,934
5,937
5,842
5,825
5,757
5,736
5,688
5,689
5,804
5,708
5,524

46.3
40.3
35.1
36.5
34.1
36.5
36.4
37.7
42.2
43.7
45.1
42.7
42.7
44.5
44.4
44.5
44.0
45.1
45.9
43.9
45.3
48.4
44.1

32.0
32.4
29.4
28.9
30.1
31.6
31.6
31.7
31.4
31.2
30.7
31.3
29.8
30.0
30.7
31.1
31.3
30.5
29.7
31.5
32.5
29.4
33.5

11.7
14.4
15.1
14.5
15.5
14.6
14.6
14.8
12.3
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
12.0

10.0
12.9
20.3
20.1
20.3
17.3
17.4
15.8
14.1
12.3
11.2
12.6
13.9
12.3
12.2
12.1
12.3
11.7
12.2
12.7
10.5
10.9
10.4

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
13.2
13.4
14.3
13.5
13.2
13.0
13.2
13.0
12.8
13.2
12.5
12.8
12.4

5.3
6.8
8.7
8.3
9.2
8.3
8.3
8.0
6.7
6.4
6.1
6.6
6.3
5.8
6.4
5.9
6.3
6.2
5.9
5.7
6.1
6.0
6.0

48.1
54.4
56.1
54.2
47.7
46.9
46.6
45.1
45.5
44.6
44.8
45.1
45.3
45.3
45.0
44.3
43.7
43.5
42.0
43.5
45.6
44.0
41.9

14.8
11.6
10.4
10.9
9.9
11.1
10.7
11.8
11.8
13.3
13.5
13.2
14.1
13.0
13.6
13.1
13.5
14.3
14.4
13.6
13.2
14.3
15.1

27.4
24.8
23.8
24.6
34.8
34.1
34.7
34.7
34.3
34.1
33.9
34.3
34.6
33.9
33.2
33.9
34.0
33.7
35.6
35.9
34.4
34.3
35.6

9.8
9.2
9.7
10.3
7.6
7.8
8.0
8.4
8.4
8.0
7.9
7.4
6.1
7.8
8.2
8.7
8.9
8.5
7.9
6.9
6.7
7.5
7.4

2,522
3,342
3,245
2,751
2,670
2,572
2,595
2,323
2,222
2,187
2,183
2,189
2,213
2,215
2,203
2,184
2,142
2,130
2,131
2,082
2,097
2,000
..............

388
447
408
341
340
357
356
323
321
298
308
307
304
295
290
294
290
287
284
281
283
265
p 278

2,575
3,406
3,348
2,845
2,739
2,633
2,650
2,366
2,257
2,218
2,213
2,102
2,127
2,061
2,173
1,781
1,762
1,941
2,049
2,844
2,662
2,287
.................

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 340,000 in April.

[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:

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
Apr .........
May .......
June .......
July ........
Aug ........
Sept ........
Oct .........
Nov ........
Dec ........
2000: Jan .........
Feb r .......
Mar r ......
Apr p .......

Total
nonagricultural
employment

109,403
108,249
108,601
110,713
114,163
117,191
119,608
122,690
125,826
128,615
128,134
128,162
128,443
128,816
128,945
129,048
129,332
129,589
129,898
130,292
130,319
130,777
131,117

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
25,288
25,199
25,180
25,247
25,148
25,186
25,198
25,257
25,283
25,410
25,382
25,471
25,431

Construction

5,120
4,650
4,492
4,668
4,986
5,160
5,418
5,691
5,985
6,273
6,277
6,239
6,258
6,270
6,246
6,293
6,314
6,369
6,393
6,504
6,484
6,574
6,519

Total

19,076
18,406
18,104
18,075
18,321
18,524
18,495
18,675
18,772
18,432
18,473
18,429
18,396
18,449
18,378
18,366
18,356
18,361
18,361
18,376
18,366
18,361
18,372

Durable
goods

Nondurable
goods

11,109
10,569
10,277
10,221
10,448
10,683
10,789
11,010
11,170
10,985
10,993
10,971
10,960
11,015
10,975
10,959
10,952
10,954
10,960
10,973
10,973
10,977
10,987

7,968
7,837
7,827
7,854
7,873
7,841
7,706
7,665
7,602
7,446
7,480
7,458
7,436
7,434
7,403
7,407
7,404
7,407
7,401
7,403
7,393
7,384
7,385

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
102,846
102,963
103,263
103,569
103,797
103,862
104,134
104,332
104,615
104,882
104,937
105,306
105,686

Transportation and
public
utilities

5,777
5,755
5,718
5,811
5,984
6,132
6,253
6,408
6,600
6,792
6,750
6,758
6,781
6,799
6,813
6,831
6,841
6,862
6,897
6,902
6,898
6,914
6,937

Wholesale
trade

6,173
6,081
5,997
5,981
6,162
6,378
6,482
6,648
6,831
7,004
6,965
6,977
6,993
7,012
7,031
7,041
7,064
7,070
7,088
7,108
7,121
7,141
7,145

Retail
trade

19,601
19,284
19,356
19,773
20,507
21,187
21,597
21,966
22,296
22,787
22,724
22,748
22,796
22,903
22,888
22,862
22,891
22,902
22,973
23,018
23,016
23,041
23,160

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
7,611
7,621
7,636
7,647
7,650
7,653
7,668
7,675
7,685
7,685
7,698
7,689
7,696

27,934
28,336
29,052
30,197
31,579
33,117
34,454
36,040
37,526
39,000
38,697
38,782
38,952
39,055
39,205
39,257
39,433
39,554
39,657
39,804
39,822
39,980
40,101

Government
Total

18,304
18,402
18,645
18,841
19,128
19,305
19,419
19,557
19,819
20,160
20,099
20,077
20,105
20,153
20,210
20,218
20,237
20,269
20,315
20,365
20,382
20,540
20,647

Federal

3,085
2,966
2,969
2,915
2,870
2,822
2,757
2,699
2,686
2,669
2,688
2,666
2,664
2,656
2,651
2,654
2,643
2,648
2,645
2,665
2,702
2,818
2,887

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: Mar ...........
Apr ...........
May ..........
June .........
July ..........
Aug ...........
Sept .........
Oct ...........
Nov ..........
Dec ..........
2000: Jan ..........
Feb r .........
Mar r .........
Apr 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
34.5
34.4
34.4
34.5
34.5
34.5
34.4
34.5
34.5
34.5
34.6
34.5
34.5
34.6

Total

40.8
40.7
41.0
41.4
42.0
41.6
41.6
42.0
41.7
41.7
41.5
41.6
41.7
41.7
41.9
41.8
41.8
41.8
41.7
41.6
41.7
41.8
41.7
42.1

Average gross weekly earnings

Total private
nonagricultural 1

Overtime

3.6
3.6
3.8
4.1
4.7
4.4
4.5
4.8
4.6
4.6
4.5
4.3
4.6
4.7
4.7
4.7
4.7
4.7
4.6
4.6
4.7
4.8
4.6
4.9

Current
dollars

$10.01
10.32
10.57
10.83
11.12
11.43
11.82
12.28
12.78
13.24
13.11
13.14
13.18
13.24
13.28
13.29
13.35
13.39
13.40
13.44
13.49
13.54
13.58
13.64

1982
dollars 2

$7.52
7.45
7.41
7.39
7.40
7.39
7.43
7.55
7.75
7.86
7.86
7.83
7.85
7.89
7.88
7.87
7.86
7.87
7.86
7.87
7.88
7.87
7.84
..............

Total private
nonagricultural 1
Manufacturing

Current
dollars

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).

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
452.30
452.02
453.39
456.78
458.16
458.51
459.24
461.96
462.30
463.68
466.75
467.13
468.51
471.94

$10.83
11.18
11.46
11.74
12.07
12.37
12.77
13.17
13.49
13.91
13.71
13.79
13.85
13.95
14.02
14.03
14.04
14.07
14.06
14.09
14.15
14.21
14.22
14.30

1 Also

Percent change from
a year earlier, total
private nonagricultural

Current dollars

$259.47
255.40
254.99
254.87
256.73
255.07
255.73
261.31
268.32
271.25
271.33
269.22
270.04
272.05
271.91
271.47
270.46
271.58
271.30
271.48
272.79
271.59
270.35
..............

$441.86
455.03
469.86
486.04
506.94
514.59
531.23
553.14
562.53
580.05
568.97
573.66
577.55
581.72
587.44
586.45
586.87
588.13
586.30
586.14
590.06
593.98
592.97
602.03

$526.01
533.40
537.70
553.63
573.00
587.00
603.33
625.56
643.69
668.07
651.42
655.04
664.41
676.10
668.30
668.85
672.91
675.26
692.40
677.64
687.14
700.25
697.75
698.17

$194.40
198.48
205.06
209.95
216.46
221.47
230.11
240.74
253.17
263.32
260.42
261.87
263.06
263.65
264.81
264.77
263.52
265.30
265.88
269.47
270.39
269.99
271.79
272.31

Current
dollars

3.3
2.5
2.7
2.8
3.3
2.2
3.1
4.5
4.1
3.3
3.4
2.9
2.6
3.5
3.5
3.1
3.3
3.4
3.3
3.2
3.5
3.4
3.6
4.4

1982
dollars

¥1.8
¥1.6
¥.2
¥.0
.7
¥.6
.3
2.2
2.7
1.1
1.7
.6
.6
1.5
1.2
.8
.6
.6
.5
.4
.7
.1
¥.4
..............

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 r ...............................................................
June r ..............................................................
Sept r ...............................................................
Dec r ................................................................
1997: Mar r ...............................................................
June r ..............................................................
Sept r ...............................................................
Dec r ................................................................
1998: Mar r ...............................................................
June r ..............................................................
Sept r ...............................................................
Dec r ................................................................
1999: Mar r ...............................................................
June r ..............................................................
Sept r ...............................................................
Dec r ................................................................
2000: Mar .................................................................

127.9
128.9
129.8
130.6
131.6
132.7
133.7
135.1
136.2
137.3
138.8
139.7
140.3
141.8
143.1
144.5
146.6

124.4
125.6
126.5
127.4
128.5
129.7
131.0
132.4
133.7
134.9
136.5
137.5
138.1
139.7
140.9
142.2
143.9

109.4
116.2
122.2
128.3
133.0
135.9
138.6
141.8
145.2
150.2

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................

1.0
1.0
.7
.7
.9
.9
1.0
1.1
1.0
.9
1.2
.7
.4
1.2
.9
.9
1.2

0.2
.6
.5
.6
.3
.6
.5
.9
.4
.7
.6
.6
.3
1.0
1.0
1.1
2.3

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
138.5
138.9
139.7
140.4
141.6
142.2
143.2
144.1
144.9
145.4
146.8
148.2
149.9
153.4

0.8
.8
.7
.6
.8
.8
.8
1.0
.8
.8
1.1
.6
.4
1.1
.9
1.0
1.5

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
4.6

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
4.2

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
5.5

Data exclude farm and household workers.
Seasonally adjusted data revised beginning 1995.
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, 1992=100; quarterly data seasonally adjusted
1990 r
1991 r
1992 r
1993 r
1994 r
1995 r
1996 r
1997 r
1998 r
1999 r
1996:

1997:

1998:

1999:

2000:

.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
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 p * ...............

95.1
96.2
100.0
100.5
101.8
102.5
105.4
107.4
110.5
114.0
104.4
105.6
105.6
106.0
106.2
107.0
107.9
108.3
109.6
109.8
110.7
111.9
112.7
112.9
114.2
116.1
116.6

95.3
96.4
100.0
100.5
101.8
102.7
105.4
107.1
110.1
113.5
104.5
105.6
105.5
106.0
106.0
106.8
107.7
108.0
109.2
109.5
110.4
111.5
112.2
112.4
113.7
115.6
116.3

97.6
96.5
100.0
103.1
108.1
111.5
116.4
122.2
128.5
134.6
114.0
116.1
116.8
118.4
119.9
121.7
123.0
124.2
126.7
127.4
128.8
131.1
132.4
133.0
135.1
137.9
139.9

97.8
96.6
100.0
103.3
108.2
111.8
116.7
122.4
128.8
135.0
114.4
116.4
117.2
118.7
120.2
121.9
123.2
124.4
127.0
127.8
129.1
131.5
132.8
133.4
135.6
138.4
140.4

102.6
100.3
100.0
102.6
106.2
108.8
110.4
113.8
116.3
118.1
109.2
110.0
110.7
111.7
112.9
113.7
114.0
114.7
115.6
116.1
116.4
117.2
117.5
117.8
118.3
118.8
120.0

102.7
100.2
100.0
102.9
106.3
108.9
110.7
114.3
117.0
119.0
109.4
110.3
111.0
112.1
113.3
114.1
114.4
115.3
116.3
116.7
117.0
117.9
118.3
118.7
119.2
119.7
120.7

90.6
94.9
100.0
102.4
104.5
106.7
110.1
114.2
120.4
126.4
108.6
109.7
110.7
111.6
112.5
113.2
114.6
116.5
117.9
119.5
121.3
122.8
124.3
125.8
127.2
128.2
129.4

90.5
94.9
100.0
102.1
104.3
106.5
109.8
113.8
119.8
125.4
108.4
109.4
110.3
111.2
112.1
112.9
114.1
115.9
117.3
118.9
120.7
122.1
123.3
124.8
126.2
127.4
128.7

96.4
97.4
100.0
99.9
99.7
99.3
99.7
101.2
105.3
108.3
99.3
99.5
99.9
100.0
100.2
100.6
101.4
102.5
103.6
104.6
105.8
106.7
107.5
108.0
108.5
108.6
108.6

96.3
97.4
100.0
99.6
99.5
99.1
99.5
100.8
104.7
107.5
99.2
99.3
99.5
99.6
99.9
100.3
100.9
102.0
103.1
104.1
105.3
106.1
106.7
107.1
107.7
107.9
108.0

95.3
98.7
100.0
101.9
102.6
104.1
104.5
106.4
109.0
110.9
104.0
103.9
104.8
105.2
105.9
105.8
106.1
107.6
107.6
108.9
109.6
109.7
110.3
111.4
111.4
110.5
111.0

95.0
98.5
100.0
101.7
102.5
103.7
104.2
106.2
108.7
110.5
103.7
103.7
104.5
104.9
105.8
105.7
106.0
107.3
107.4
108.6
109.4
109.5
109.9
111.1
111.0
110.2
110.6

94.8
98.1
100.0
102.2
104.0
106.0
107.7
109.6
110.4
111.4
107.0
107.5
108.0
108.4
109.1
109.6
109.8
110.0
110.1
110.3
110.5
110.6
111.0
111.3
111.5
111.9
112.5

94.5
98.0
100.0
102.2
104.1
106.1
107.6
109.8
110.6
111.6
106.9
107.3
107.7
108.3
109.1
109.7
110.0
110.3
110.5
110.6
110.8
110.7
111.1
111.5
111.7
112.2
112.9

4.3
3.6
1.6
1.7
.8
1.2
.5
1.9
2.4
1.6
¥1.4
.0
3.2
1.6
3.3
¥.3
1.2
5.2
.2
4.5
3.0
.4
1.5
4.2
¥.3
¥2.9
1.8

3.5
3.5
2.0
2.2
1.8
2.0
1.6
1.8
.7
.9
1.7
1.9
1.6
1.5
2.8
1.7
1.0
.8
.2
.7
.8
.3
1.3
1.1
.7
1.7
2.2

3.6
3.7
2.1
2.2
1.9
2.0
1.4
2.0
.8
.9
1.6
1.6
1.4
2.1
3.1
2.1
1.3
.9
.7
.5
.6
¥.4
1.5
1.4
.7
1.9
2.3

Percent change; quarterly data at seasonally adjusted annual rates
1990 r
1991 r
1992 r
1993 r
1994 r
1995 r
1996 r
1997 r
1998 r
1999 r
1996:

1997:

1998:

1999:

2000:

.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
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 p * ...............

1 Output

1.3
1.2
3.9
.5
1.3
.7
2.8
1.9
2.9
3.2
4.1
4.5
.0
1.7
.7
3.1
3.5
1.2
4.8
.7
3.5
4.3
2.9
.8
4.7
6.6
1.8

1.1
1.2
3.7
.5
1.3
.9
2.6
1.6
2.8
3.0
3.9
4.0
¥.1
1.6
.3
3.0
3.2
1.1
4.7
1.0
3.2
4.1
2.7
.5
5.0
6.9
2.4

1.5
¥1.2
3.7
3.1
4.9
3.1
4.4
5.0
5.2
4.7
4.1
7.6
2.4
5.5
5.2
5.9
4.6
3.9
8.3
2.3
4.5
7.3
3.9
1.9
6.5
8.6
6.0

1.4
¥1.3
3.5
3.3
4.7
3.4
4.3
4.9
5.2
4.8
3.9
7.4
2.5
5.6
4.8
5.8
4.4
4.0
8.5
2.4
4.4
7.4
4.0
1.8
6.8
8.5
6.0

0.2
¥2.3
¥.3
2.6
3.5
2.4
1.5
3.1
2.2
1.5
.0
2.9
2.4
3.7
4.5
2.7
1.1
2.6
3.3
1.5
.9
2.9
1.0
1.1
1.7
1.9
4.2

0.3
¥2.4
¥.2
2.9
3.3
2.4
1.7
3.2
2.4
1.7
¥.1
3.3
2.6
3.9
4.5
2.8
1.2
2.9
3.6
1.4
1.2
3.1
1.3
1.3
1.7
1.5
3.6

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
5.4
5.0
2.4
4.4
3.5
3.3
3.4
2.7
4.8
6.7
5.0
5.6
6.1
4.9
4.9
5.1
4.5
3.3
3.7

5.5
4.9
5.3
2.1
2.1
2.1
3.1
3.6
5.3
4.7
2.5
4.0
3.1
3.3
3.6
2.6
4.4
6.4
4.9
5.6
6.2
4.6
4.2
4.7
4.6
3.8
4.2

0.6
1.1
2.6
¥.1
¥.2
¥.4
.5
1.5
4.0
2.8
¥.6
.8
1.4
.4
.9
1.6
3.1
4.7
4.2
4.0
4.6
3.3
3.2
1.8
1.9
.5
¥.2

0.4
1.2
2.6
¥.4
¥.1
¥.4
.4
1.4
3.9
2.6
¥.5
.4
1.0
.3
1.1
1.5
2.7
4.4
4.2
4.0
4.7
3.0
2.5
1.5
2.0
.9
.3

4.3
3.6
1.4
1.9
.7
1.4
.4
1.8
2.4
1.8
¥1.6
¥.2
3.5
1.5
2.7
¥.4
1.3
5.4
.2
4.8
2.6
.6
2.0
4.2
¥.2
¥3.1
1.9

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 revised historically to reflect GDP revisions released March 30, 2000, as well as results
of the 1998 Hours at Work Survey. Real hourly compensation data reflect revisions based on
updated consumer price index research series.
* Data based on GDP data released April 27, 2000.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose in March; capacity utilization fell.

[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
115.6

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: Mar ..............................
Apr ...............................
May ..............................
June .............................
July ..............................
Aug ..............................
Sept .............................
Oct ...............................
Nov ..............................
Dec r .............................

135.1
135.5
136.2
136.6
137.4
137.7
138.1
139.1
139.4
140.1

0.5
.2
.5
.3
.5
.3
.2
.7
.3
.5

3.1
2.9
2.9
3.9
4.6
3.1
3.4
3.7
4.2
4.7

139.7
140.2
141.0
141.4
142.0
142.5
142.9
144.2
145.0
145.6

168.1
169.4
170.8
172.2
173.8
174.4
175.0
176.5
177.4
178.4

111.8
111.5
111.9
111.3
111.0
111.5
111.8
113.0
113.6
113.7

97.5
96.7
97.4
97.1
97.8
98.5
98.3
99.2
99.7
99.5

116.8
116.3
116.1
117.4
119.8
117.8
117.7
115.2
110.9
113.5

80.5
80.4
80.5
80.5
80.7
80.7
80.6
81.0
80.9
81.1

79.6
79.5
79.7
79.6
79.7
79.7
79.7
80.2
80.3
80.3

2000: Jan r .............................
Feb r .............................
Mar p .............................

141.5
141.6
142.0

1.0
.1
.3

5.5
5.3
5.1

146.8
147.0
147.6

181.0
181.2
182.5

113.8
113.9
113.9

99.9
99.1
100.0

117.7
118.6
115.7

81.6
81.5
81.4

80.7
80.6
80.6

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
115.3

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: Mar ..................................................
Apr ...................................................
May ..................................................
June .................................................
July ..................................................
Aug ..................................................
Sept .................................................
Oct ..................................................
Nov ..................................................
Dec r .................................................

127.3
127.6
128.2
128.3
128.6
129.5
129.1
130.2
129.8
130.3

116.7
116.5
116.8
117.0
116.8
117.6
117.1
118.2
117.6
118.1

149.9
152.0
152.8
154.0
153.4
155.5
153.5
157.4
154.4
155.7

108.9
108.3
108.4
108.4
108.3
108.9
108.7
109.3
109.1
109.5

145.9
147.0
148.4
148.3
149.3
150.5
150.2
151.2
151.4
151.8

167.5
169.4
171.2
171.2
172.6
173.9
173.7
174.8
175.0
175.5

75.6
75.1
75.2
74.6
74.5
74.7
73.6
73.7
73.0
72.4

121.6
121.7
122.3
121.7
121.5
121.7
122.6
123.2
122.4
123.1

131.7
131.3
132.9
132.6
133.2
132.9
134.1
135.4
134.3
134.9

115.6
116.1
116.1
115.3
114.6
115.1
115.8
115.9
115.2
116.0

150.3
150.8
151.7
153.1
155.0
154.6
155.7
156.8
158.8
159.7

102.4
102.2
102.2
101.6
102.9
102.3
101.8
101.5
101.6
101.4

2000: Jan r .................................................
Feb r .................................................
Mar p ................................................

131.9
132.0
132.2

119.2
119.2
119.0

159.0
157.6
158.1

110.1
110.4
110.0

154.3
154.6
155.7

179.4
180.0
181.5

70.6
69.8
70.2

124.3
124.5
124.2

136.5
136.6
136.5

117.0
117.2
116.9

160.8
161.0
162.0

102.7
102.0
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
390.2

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
117.5

97.0
98.4
100.0
102.0
103.7
105.8
105.4
107.8
109.3
110.1

1999: Mar ..................................................
Apr ...................................................
May ..................................................
June .................................................
July ..................................................
Aug ..................................................
Sept .................................................
Oct ..................................................
Nov ..................................................
Dec r .................................................

124.0
123.9
123.9
127.4
128.0
129.6
128.3
129.0
131.1
132.8

118.1
119.4
120.1
124.5
126.2
127.6
125.9
124.9
130.7
131.7

128.5
128.0
127.2
128.3
128.6
128.5
128.4
128.8
129.7
129.0

224.6
227.0
228.4
228.2
230.0
231.4
235.5
238.3
239.7
241.8

354.0
366.4
373.3
384.2
399.2
401.3
402.1
412.6
418.1
426.4

122.6
122.1
122.8
123.5
122.9
122.9
123.1
122.3
121.8
120.4

148.1
148.4
150.6
152.9
152.2
152.2
155.6
155.7
155.8
152.7

121.7
121.5
123.9
122.2
121.5
120.2
119.7
120.5
119.8
121.4

91.8
92.4
91.2
90.7
89.8
89.2
89.0
89.1
89.1
89.1

103.7
104.2
104.1
103.5
102.8
103.6
104.6
106.0
105.7
105.3

116.8
115.6
117.0
116.3
115.8
117.7
117.4
119.8
122.7
122.9

110.9
110.6
110.6
110.0
108.9
108.9
109.6
110.1
110.3
110.0

2000: Jan r .................................................
Feb r .................................................
Mar p ................................................

132.9
131.7
132.3

131.0
129.5
130.4

130.6
130.7
130.8

247.9
251.6
254.0

442.2
449.2
460.6

121.6
119.1
119.2

156.8
153.1
154.1

122.5
121.9
121.2

89.5
89.6
89.3

106.0
105.3
105.4

121.8
122.8
123.1

110.0
110.7
110.6

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
(1992=100)

Commercial
and industrial
floor space
(millions of
square feet)

Billions of dollars
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................

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: Mar ............................
Apr ............................
May ...........................
June ..........................
July ...........................
Aug ............................
Sept ...........................
Oct .............................
Nov ............................
Dec ............................
2000: Jan r ...........................
Feb r ...........................
Mar p ..........................

715.4
704.6
698.5
698.9
702.0
698.4
698.2
703.4
717.6
731.8
746.2
754.8
765.2

555.4
547.9
546.9
546.9
546.0
541.8
540.9
544.5
550.0
557.7
565.8
581.3
586.8

128.0
110.6
129.6
144.1
167.9
162.9
179.4
187.3
213.9
240.4

323.1
322.2
321.8
320.9
320.3
319.7
320.0
322.9
326.1
330.1
337.2
339.4
344.1

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 176

783
577
556
589
744
862
875
1,027
1,223
1,143

149.5
144.7
145.4
144.4
144.9
143.2
143.2
142.9
145.3
146.4
145.5
156.0
159.2

82.8
81.0
79.7
81.7
80.7
78.9
77.7
78.8
78.6
81.1
83.0
85.9
83.5

160.0
156.7
151.6
151.9
156.0
156.6
157.2
158.9
167.6
174.1
180.4
173.5
178.4

r 170

......................
......................
......................
......................
......................
......................
......................
......................
......................
......................
......................
......................
......................

Annual rates
241.5
241.2
239.9
238.5
238.9
238.6
239.1
240.3
244.6
251.3
256.5
258.4
261.0

1 Includes

residential improvements, not shown separately.
hotels and motels.
Dodge series.

186
r 182
r 167

172
172
r 174
r 173

174
177
182

Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies,
Inc., F.W. Dodge Division.

2 Includes
3 F.W.

179
r 181

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

......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................

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

1,722
1,635
1,680
1,657
1,619
1,581
1,642
1,608
1,653
1,675
1,599
1,739
1,738

881
930
896
948
936
914
848
906
895
r 916
930
924
966

298
301
305
305
306
307
311
314
317
320
322
310
322

8.2
......................
......................
8.1
......................
......................
8.2
......................
......................
7.9
......................
......................
7.9

Seasonally adjusted annual rates
1999: Mar ............................
Apr ............................
May ...........................
June ..........................
July ...........................
Aug ............................
Sept ...........................
Oct .............................
Nov ............................
Dec ............................
2000: Jan r ...........................
Feb r ...........................
Mar p ..........................

1,737
1,561
1,649
1,562
1,704
1,657
1,628
1,636
1,663
1,769
1,744
1,807
1,604

1,377
1,248
1,368
1,269
1,348
1,285
1,290
1,343
1,344
1,441
1,361
1,307
1,309

33
31
26
29
40
31
38
26
25
30
32
40
23

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.

327
282
255
264
316
341
300
267
294
298
351
460
272

1,654
1,572
1,591
1,641
1,641
1,619
1,506
1,594
1,612
1,622
1,772
1,653
1,608

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 February, manufacturing and trade sales rose 0.4 percent and inventories rose $6.2 billion. According to revised
data, retail sales rose 0.2 percent in March, following an increase of 1.3 percent in February. (Series revised.)

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
r 195,833

870,396
934,769
995,535
1,014,201
1,061,731
1,098,549
1,148,816

149,506
148,306
154,150
161,484
172,811
188,842
199,961
208,446
212,926
228,540

1,102,150
1,106,965
1,109,495
1,112,789
1,116,200
1,121,140
1,124,243
1,128,862
1,132,975
1,143,139
1,148,816

218,269
220,492
221,975
225,938
229,134
229,508
231,625
232,968
235,226
238,540
241,672

875,396

1,154,776
1,160,962
888,385 ..................

243,213

310,368

261,618

110,727

r 879,140

r 243,128

r 312,230

r 265,147

r 112,044

245,592

314,476

265,685

111,190

1990 ................................
1991 ................................
1992 ................................
1993 r ..............................
1994 r ..............................
1995 r ..............................
1996 r ..............................
1997 r ..............................
1998 r ..............................
1999 r ..............................

545,909
542,815
567,176
595,628
639,163
684,982
718,113
753,445
778,041
831,191

1999: Feb r .....................
Mar r ....................
Apr r .....................
May r ....................
June r ...................
July r ....................
Aug r ....................
Sept r ....................
Oct r .....................
Nov r ....................
Dec r .....................

801,901
810,408
811,991
821,574
829,027
834,709
844,606
843,537
848,333
858,959
869,332

2000: Jan r .....................
Feb p ....................
Mar p ....................

r 840,594
r 834,609
r 842,809

55,736
54,165
58,634
65,160
73,888
78,946
84,916
88,602
93,973
103,585

97,981
100,497
103,999
108,349
113,462
117,639
123,614
128,944
133,454
144,105

r 239,688

r 121,212

r 118,476

r 243,211

r 119,206

r 124,005

r 251,997

r 123,169

r 128,828

217,425
236,287
254,844
257,626
276,140
290,171
307,925

153,718
154,661
162,632
173,509
187,350
196,584
208,530
217,547
227,427
247,690

268,932
293,605
309,706
319,846
329,458
341,580
370,514

135,056
152,996
164,999
170,662
176,324
182,422
201,173

291,961
292,488
292,966
294,356
295,593
298,467
299,906
301,510
303,570
306,900
307,925

239,908
240,851
242,448
245,012
245,191
247,900
251,137
251,860
252,906
255,448
259,788

100,410
100,593
100,756
102,342
102,167
103,987
105,770
105,351
105,623
107,564
108,620

139,498
140,258
141,692
142,670
143,024
143,913
145,367
146,509
147,283
147,884
151,168

345,991
350,899
353,335
354,691
357,917
357,630
359,986
361,683
361,883
366,403
370,514

185,416
189,356
191,584
192,460
194,672
194,484
195,573
196,439
195,937
198,350
201,173

r 200,448
r 208,302

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

133,876
140,609
144,707
149,184
153,134
159,158
169,341

1.52
1.53
1.48
1.44
1.41
1.43
1.40
1.38
1.39
1.35

1.56
1.54
1.52
1.51
1.50
1.55
1.51
1.49
1.47
1.44

160,575
161,543
161,751
162,231
163,245
163,146
164,413
165,244
165,946
168,053
169,341

1.37
1.37
1.37
1.35
1.35
1.34
1.33
1.34
1.34
1.33
1.32

1.44
1.46
1.46
1.45
1.46
1.44
1.43
1.44
1.43
1.43
1.43

150,891

371,702 202,324 169,378
1.32
1.42
372,733 201,901 170,832
1.32
1.41
154,495 ................ ................ ................ ................ ................

r 153,103

4 Annual data are averages of seasonally adjusted monthly ratios.
Note.—Retail and wholesale data (and therefore total data) reflect annual benchmark revisions. Seasonally adjusted data revised beginning 1990; unadjusted data revised beginning
1993.
Source: Department of Commerce, Bureau of the Census.

MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers’ shipments, inventories, and new 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
53,299
52,525
53,041
50,948
55,030
56,423
56,050
56,291
54,385
62,639
63,350
57,715
58,700

118,924
118,957
121,905
124,617
130,191
138,851
142,730
147,610
147,832
154,502
150,356
150,241
151,650
154,044
154,371
156,994
156,537
158,283
160,813
161,318
160,985
164,627
165,625

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: Mar ........................
Apr .........................
May .......................
June ......................
July ........................
Aug .......................
Sept .......................
Oct .........................
Nov ........................
Dec ........................
2000: Jan ........................
Feb r .......................
Mar p ......................

242,686
239,847
250,394
260,635
279,002
299,555
309,622
327,452
337,687
354,961
349,065
347,568
350,624
354,702
357,301
361,844
358,709
360,201
364,971
367,872
370,565
370,865
377,108

123,776
121,000
128,489
135,886
149,131
160,586
167,013
179,892
189,666
200,623
198,292
197,246
199,425
200,990
203,268
205,709
201,895
202,306
204,430
206,480
209,442
206,555
211,230

118,910
118,847
121,905
124,749
129,870
138,970
142,608
147,560
148,022
154,338
150,773
150,322
151,199
153,712
154,033
156,135
156,814
157,895
160,541
161,392
161,123
164,310
165,878

405,073
390,950
382,510
384,039
404,877
430,985
436,729
456,133
466,798
470,377
463,578
463,194
463,742
462,690
465,043
464,351
465,669
467,522
469,836
470,377
472,706
475,999
476,216

263,209
250,019
238,105
239,334
253,624
268,353
273,815
286,372
295,344
295,034
293,391
292,415
292,403
291,645
293,505
292,461
292,901
293,448
294,970
295,034
296,566
298,505
298,305

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
170,187
170,779
171,339
171,045
171,538
171,890
172,768
174,074
174,866
175,343
176,140
177,494
177,911

244,507
238,805
248,212
257,698
279,733
300,632
312,442
329,335
336,140
356,599
349,722
344,915
348,259
351,128
359,903
364,440
360,886
360,725
365,612
379,485
374,967
374,882
383,190

125,583
119,849
126,308
133,081
149,542
161,782
169,711
181,726
188,308
202,097
199,366
194,674
196,609
197,084
205,532
207,446
204,349
202,442
204,799
218,167
213,982
210,255
217,565

531,131
519,199
492,893
457,810
466,699
479,674
513,062
536,131
519,038
538,217
526,656
524,003
521,638
518,064
520,666
523,262
525,439
525,963
526,604
538,217
542,619
546,636
552,718

1.65
1.65
1.54
1.47
1.41
1.41
1.40
1.37
1.38
1.31
1.33
1.33
1.32
1.30
1.30
1.28
1.30
1.30
1.29
1.28
1.28
1.28
1.26

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 March. Prices of finished consumer foods
rose 0.1 percent, while prices of other finished consumer goods rose 1.7 percent. Capital equipment prices rose
0.1 percent.

[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: Mar ................
Apr ................
May ...............
June ............
July .............
Aug .............
Sept .............
Oct ..............
Nov r ............
Dec ..............
2000: Jan ................
Feb ..............
Mar .............
1 Intermediate

22

119.2
121.7
123.2
124.7
125.5
127.9
131.3
131.8
130.7
133.1
131.6
132.2
132.3
132.4
132.7
133.5
134.6
134.6
134.7
135.0
135.0
136.4
137.7

Intermediate materials

124.4
124.1
123.3
125.7
126.8
129.0
133.6
134.5
134.3
135.1
135.2
134.1
134.2
135.0
134.4
135.1
136.1
135.7
135.4
135.5
135.7
136.3
136.5

117.4
120.9
123.1
124.4
125.1
127.5
130.5
130.9
129.5
132.3
130.4
131.5
131.6
131.6
132.1
132.9
134.1
134.2
134.4
134.8
134.7
136.3
138.0

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
127.7
129.3
129.5
129.5
130.4
131.5
133.1
133.2
133.5
133.9
133.8
136.1
138.4

Durable

120.4
123.9
125.7
128.0
130.9
132.7
134.2
133.7
132.9
133.0
132.7
132.9
133.0
132.8
132.6
132.8
133.2
133.7
133.5
133.9
133.7
133.3
133.6

Nondurable

111.5
115.0
117.3
117.6
116.2
118.8
123.3
124.3
122.2
127.9
124.1
126.2
126.4
126.6
127.9
129.3
131.4
131.3
131.9
132.4
132.2
135.7
138.8

Capital
equipment

122.9
126.7
129.1
131.4
134.1
136.7
138.3
138.2
137.6
137.6
137.5
137.6
137.7
137.5
137.3
137.4
137.6
137.9
137.8
138.0
138.1
138.1
138.3

Total
finished
consumer
goods

118.2
120.5
121.7
123.0
123.3
125.6
129.5
130.2
128.9
132.1
130.1
130.9
131.0
131.3
131.7
132.7
134.1
134.0
134.2
134.5
134.5
136.3
138.0

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
121.1
121.9
122.3
122.7
123.5
124.1
124.7
124.9
125.2
125.8
126.3
127.3
128.5

113.3
111.1
110.7
112.7
114.8
114.8
128.1
125.4
116.2
111.1
111.4
109.3
109.5
110.1
109.0
110.4
111.5
112.4
111.7
109.9
109.9
110.6
111.2

114.5
114.6
114.9
116.4
118.7
125.5
125.6
125.7
123.4
123.9
121.7
122.6
123.0
123.4
124.3
124.9
125.4
125.6
126.0
126.7
127.2
128.2
129.5

108.9
101.2
100.4
102.4
101.8
102.7
113.8
111.1
96.8
98.2
89.6
91.5
96.7
96.9
97.1
102.1
106.8
104.2
109.6
104.6
107.4
111.9
113.9

113.1
105.5
105.1
108.4
106.5
105.8
121.5
112.2
103.9
98.8
100.2
96.5
98.2
98.2
94.4
97.8
99.1
99.2
100.2
98.1
98.8
99.5
103.0

101.5
94.6
93.5
94.7
94.8
96.8
104.5
106.4
88.4
94.3
79.0
84.8
92.2
92.4
95.4
101.3
108.2
103.9
112.1
105.2
109.4
116.5
117.4

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In March, the consumer price index for all urban consumers rose 0.7 percent seasonally adjusted; it rose 0.8
percent not seasonally adjusted. The index was 3.7 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: 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
165.0
166.2
166.2
166.2
166.7
167.1
167.9
168.2
168.3
168.3

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
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
163.3
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
162.6
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
185.6
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
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
191.6
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
127.4
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
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
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
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
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
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
176.1
176.7
176.8
177.0
177.4
177.5
178.1
178.4
178.7
178.9

2000: Jan ......................
Feb ......................
Mar ......................

168.7
169.7
171.1

169.1
170.0
171.2

165.7
166.3
166.5

165.9
166.8
167.4

189.7
190.2
191.1

180.6
181.2
181.7

195.5
196.1
196.6

130.5
133.9
133.3

130.0
130.2
130.6

148.6
150.5
154.3

115.1
122.2
136.0

255.7
256.7
258.0

113.6
118.8
124.6

179.2
179.5
180.3

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
139.3

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

Capital
equipment

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

Excluding
foods

Foods

Change
from year
earlier,
total
finished
goods
NSA

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

4.9
2.1
1.2
1.2
.6
1.9
2.7
.4
¥.8
1.8

1.5
1.8
3.7
2.5
1.5
3.7
6.8
5.9
3.6
1.2

2.7
¥6.3
¥1.2
¥.6
.9
2.7
3.3
3.9
.9
¥1.8

1.3
6.1
7.8
5.8
3.4
6.3
11.6
8.9
6.2
2.4

¥0.3
0
0
0
¥.9
¥.9
.3
1.8
1.2
1.2

1.5
1.8
2.3
2.0
1.7
3.7
4.6
3.7
3.7
4.0

0.6
¥2.1
¥1.0
1.0
¥2.8
.7
1.3
2.4
1.8
.7

2.6
4.3
5.1
3.5
4.8
7.0
8.6
6.1
6.3
6.9

¥0.1
0
¥.1
¥.1
¥.4
¥.4
.1
.4
.1
.7

.8
1.2
1.4
1.5
1.5
2.3
3.1
2.8
3.1
3.0

0

1.8
r 8.0
14.1

.6
.9
.9

3.5
4.4
4.7

1.9
1.8
.6

5.3
7.1
8.1

1.2
1.0
1.0

2.5
4.0
4.5

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: Mar .............
Apr ..............
May .............
June ............
July .............
Aug .............
Sept .............
Oct ..............
Nov r ............
Dec ..............

0.4
.5
.1
.1
.2
.6
.8
0
.1
r .2

0.4
¥.8
.1
.6
¥.4
.5
.7
¥.3
¥.2
r .1

0.5
1.3
.2
0
.7
.8
1.2
.1
.2
r .3

¥0.1
.1
.1
¥.1
¥.1
.1
.1
.2
¥.1
.1

2000: Jan ..............
Feb ..............
Mar .............

0
1.0
1.0

.1
.4
.1

¥.1
1.7
1.7

0

.1

1.2
r 5.1

r 2.7

8.2

.1

3.0

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: Mar ...............
Apr ...............
May ..............
June .............
July ..............
Aug ...............
Sept ..............
Oct ...............
Nov ...............
Dec ...............

0.2
.7
0
0
.3
.3
.4
.2
.2
.2

¥0.1
.1
.3
0
.1
.2
.3
.2
.2
.1

0.2
.3
.1
.2
.2
.2
.3
.1
.3
.1

0.3
.3
.2
.2
.2
.2
.3
.1
.3
.1

0.3
.3
.2
.2
.2
.2
.2
.2
.4
.3

0.2
.3
.2
.2
.2
.2
.2
.1
.3
.2

0.2
.2
¥.2
.2
.5
.4
.9
.2
.3
¥.5

.9
¥.1
¥.3
¥.8
¥.3
.9
.6
¥.4
0

2000: Jan ...............
Feb ...............
Mar ...............

.2
.5
.7

¥.1
.4
.1

.3
.5
.4

.3
.3
.5

.3
.3
.3

.3
.3
.3

.5
2.6
¥.4

¥1.1
.2
.3

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

0.6
2.4
¥.5
¥.4
1.0
.8
.6
.3
.1
.8

¥0.3
0
¥.1
¥.1
0
¥.1
.2
0
¥.1
¥.1

3.0
14.7
¥2.8
¥1.8
3.6
4.9
2.5
¥.3
¥.3
5.0

0.3
.3
.2
.3
.3
.3
.3
.2
.3
.4

1.3
6.0
¥1.3
¥.7
1.8
2.3
1.8
0
.1
1.8

0.2
.3
.1
.1
.2
.1
.3
.2
.2
.1

1.7
..........
..........
3.2
..........
..........
2.4
..........
..........
2.9

1.7
3.7
3.4
2.7
1.2
2.4
3.9
3.4
2.9
2.4

1.8
2.8
2.5
2.2
2.4
2.9
3.3
2.3
2.7
3.2

1.7
2.3
2.1
2.0
2.1
2.3
2.6
2.6
2.6
2.7

.1
1.3
2.5

¥.2
0
.2

1.5
6.2
11.3

.3
.4
.5

1.0
4.6
4.9

.2 ..........
.2 ..........
.4
4.1

2.4
3.9
5.8

2.9
3.4
4.1

2.7
3.2
3.7

Change, month to month

1 Includes

0

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 April, prices received by farmers rose 4.2 percent while prices paid by farmers were unchanged. (Data are
not seasonally adjusted.)

[1990–92=100; not seasonally adjusted]
Prices received by farmers
Period

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

All farm
products

104
100
98
101
100
102
112
107
101
r 96

1999: Apr ....................
May ....................
June ...................
July ....................
Aug ....................
Sept ...................
Oct .....................
Nov ....................
Dec .....................

96
98
97
95
r 99
96
91
93
r 91

2000: Jan
Feb
Mar
Apr

90
92
r 95
99

1 Includes

.....................
.....................
.....................
.....................

Livestock and
products

Crops

...............................
...............................
...............................
...............................
...............................
...............................
...............................
..............................
..............................
...............................

Prices paid by farmers
Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

103
101
101
102
105
112
127
r 115
106
96

105
99
97
100
95
92
99
98
97
95

99
100
101
104
106
109
115
118
115
115

99
100
101
103
106
108
115
118
114
r 113

99
100
101
104
106
108
115
119
113
112

105
99
97
97
94
93
98
91
88
r 83

103

r 91

r 103

100
95
99
95
88
89
r 88

93
95
r 95
r 98
98
96
98
95

115
115
115
115
115
r 115
r 116
r 116
r 117

113
113
113
113
113
r 113
r 114
115
r 115

111
111
111
111
r 111
112
r 112
r 113
r 113

83
85
84
83
r 86
83
78
r 80
78

87
90
r 94
99

94
94
r 96
99

items not shown separately.
ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates.
2 Percentage

All commodities,
services, interest,
taxes, and wage
rates 1

118

r 116

r 114

76

r 118

r117

r115

r 78

r 119

r 117

r 115

119

118

115

80
83

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 March, growth in M2 and M3 accelerated.

[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

Percent change from year or 6
months earlier2

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

........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................

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

10,825.0
11,300.0
11,824.0
12,409.1
12,997.9
13,705.9
14,446.5
15,209.2
16,230.9
r 17,314.8

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
4.9
4.7
5.4
5.4
5.3
6.7
6.7

1999: Feb ........................................................
Mar ........................................................
Apr ........................................................
May .......................................................
June ......................................................
July .......................................................
Aug ........................................................
Sept .......................................................
Oct .........................................................
Nov ........................................................
Dec ........................................................

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

4,447.7
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

6,078.0
6,087.8
6,123.7
6,156.3
6,187.3
6,210.8
6,228.4
6,254.6
6,302.9
6,379.3
6,469.3

16,407.0
16,523.7
16,627.2
16,700.2
r 16,778.0
r 16,858.9
r 16,956.0
r 17,059.3
r 17,148.7
r 17,216.5
r 17,314.8

4.0
4.3
4.1
1.5
.5
.7
.8
¥1.0
¥1.1
1.4
4.3

9.6
8.3
7.5
6.8
6.1
5.9
5.5
5.6
5.1
4.9
5.3

11.0
9.0
8.0
7.1
6.3
6.0
4.9
5.5
5.9
7.2
9.1

6.4
6.9
7.1
6.8
6.7
6.6
6.7
6.5
6.3
6.2
6.4

2000: Jan r ......................................................
Feb r ......................................................
Mar ........................................................

1,121.1
1,105.7
1,111.5

4,675.7
4,684.9
4,719.8

6,513.2
6,528.5
6,594.7

17,401.2
p 17,467.8
......................

3.9
1.3
2.8

5.4
5.0
5.7

9.7
9.6
10.9

6.4
6.0
............

Period

1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

1Consists 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.
2Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.

26

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

1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Currency

Nonbank
travelers
checks

Demand
deposits

Other
checkable
deposits
(OCDs)

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)

...........................................
...........................................
...........................................
...........................................
...........................................
...........................................
...........................................
...........................................
...........................................
............................................

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

293.7
332.3
384.3
414.6
404.1
356.6
276.1
245.8
250.3
244.0

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

1999: Mar ...........................................
Apr ...........................................
May ...........................................
June ..........................................
July ...........................................
Aug ............................................
Sept ...........................................
Oct .............................................
Nov ............................................
Dec ............................................

471.5
475.6
480.0
483.5
487.3
491.2
495.3
499.3
504.3
515.6

8.2
8.2
8.3
8.8
9.1
8.9
8.7
8.4
8.2
8.3

371.9
371.6
366.1
360.8
360.2
356.6
351.1
353.1
355.7
355.9

249.7
251.8
247.4
247.2
242.9
242.0
240.8
240.3
241.2
244.0

777.6
785.6
793.0
799.4
803.5
808.1
813.9
818.7
825.0
838.9

535.9
544.4
550.1
553.9
556.1
563.8
566.9
577.7
592.1
607.4

1,647.2
1,662.4
1,684.3
1,699.9
1,718.0
1,729.7
1,741.5
1,743.2
r 1,740.9
1,734.5

937.3
935.2
933.9
931.5
931.6
933.5
937.7
942.2
949.0
955.0

624.1
626.5
625.8
624.8
626.3
623.3
629.3
651.9
678.0
701.9

305.7
300.9
305.0
312.8
312.7
313.3
313.5
313.4
321.5
334.7

158.7
161.5
162.3
164.8
163.0
158.0
155.8
154.7
163.4
173.1

2000: Jan r ..........................................
Feb r ..........................................
Mar ............................................

524.3
518.2
517.0

8.2
8.1
8.2

345.5
338.3
343.0

243.2
241.1
243.4

857.7
860.6
874.5

623.5
617.5
640.7

1,735.6
1,751.7
1,761.3

961.3
966.8
972.5

709.2
712.9
716.1

329.0
342.0
337.7

175.8
171.2
180.5

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
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: Apr ...........................................................................
May ..........................................................................
June .........................................................................
July ..........................................................................
Aug ...........................................................................
Sept ..........................................................................
Oct ............................................................................
Nov ..........................................................................
Dec ...........................................................................

43,979
44,360
42,867
41,978
42,067
42,113
40,943
41,198
41,520

43,812
44,233
42,722
41,669
41,723
41,774
40,661
40,962
41,200

43,812
44,233
42,722
41,669
41,723
41,774
40,661
40,962
41,200

42,820
43,105
41,606
40,902
40,938
40,916
39,790
39,864
40,209

528,233
534,029
537,147
541,250
544,629
550,218
557,753
569,657
590,652

166
127
145
309
344
338
281
236
320

39
89
127
226
271
282
221
71
67

0
0
0
0
0
0
0
0
0

2000: Jan ...........................................................................
Feb ...........................................................................
Mar r .........................................................................
Apr p .........................................................................

43,147
41,483
40,343
40,920

42,773
41,376
40,164
40,616

42,773
41,376
40,164
40,616

41,121
40,367
39,117
39,746

r 591,303

374
108
179
304

31
44
71
120

0
0
0
0

1 Data

are prorated averages of biweekly (maintenance period) averages of daily figures.

r 572,624

570,165
574,236

Source: Board of Governors of the Federal Reserve System.

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.8 percent in March; commercial and industrial loans rose 0.9
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 ..........
Mar r .........
Apr r ..........
May r .........
June r ........
July r .........
Aug r .........
Sept r .........
Oct r ..........
Nov r .........
Dec r ..........
2000: Jan r ..........
Feb r ..........
Mar ..........
1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
1999:

Total
bank
credit

2,752.0
2,858.1
2,956.7
3,115.5
3,321.7
3,604.4
3,759.9
4,099.5
4,536.5
4,764.4
4,494.4
4,504.2
4,516.2
4,560.0
4,563.9
4,593.2
4,617.3
4,633.8
4,688.9
4,764.4
4,786.3
4,820.4
4,856.7

Total
securities

U.S.
Government
securities

634.3
746.0
841.5
915.2
940.0
984.5
978.0
1,084.0
1,222.2
1,263.3
1,190.8
1,192.0
1,191.2
1,214.2
1,232.3
1,244.0
1,244.8
1,249.7
1,242.9
1,263.3
1,265.2
1,267.6
1,275.6

456.4
566.5
664.8
730.5
722.0
702.2
699.4
748.3
792.7
804.0
801.4
802.5
801.9
811.7
815.3
818.6
817.6
813.2
799.1
804.0
811.4
813.9
812.0

Loans and leases in bank credit
Real estate

Other
Total loans Commersecurities and leases 2 cial and
industrial

177.9
179.5
176.7
184.6
217.9
282.2
278.5
335.7
429.5
459.3
389.4
389.5
389.3
402.5
417.0
425.3
427.2
436.5
443.9
459.3
453.8
453.7
463.5

2,117.7
2,112.1
2,115.3
2,200.3
2,381.7
2,619.9
2,781.9
3,015.6
3,314.3
3,501.0
3,303.6
3,312.2
3,325.0
3,345.8
3,331.6
3,349.3
3,372.5
3,384.0
3,446.0
3,501.0
3,521.1
3,552.7
3,581.1

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

645.9
624.3
600.6
591.0
651.0
725.2
788.7
856.1
950.5
1,003.2
954.9
959.4
957.6
965.1
966.8
973.1
978.4
982.4
998.0
1,003.2
1,010.1
1,019.4
1,028.3

Total

858.4
884.2
906.6
947.8
1,011.0
1,089.7
1,141.3
1,246.5
1,336.0
1,469.2
1,346.1
1,350.8
1,361.3
1,368.5
1,372.1
1,384.0
1,402.6
1,419.3
1,432.6
1,469.2
1,487.6
1,505.0
1,520.4

Revolving
home
equity

66.6
74.6
78.7
78.2
80.6
84.5
90.7
104.7
103.7
102.1
103.3
104.5
105.6
104.6
99.1
100.1
100.2
100.2
100.9
102.1
104.7
106.9
109.2

Consumer

Security

Other

Other

791.8
809.7
827.9
869.6
930.3
1,005.2
1,050.6
1,141.8
1,232.3
1,367.1
1,242.8
1,246.3
1,255.6
1,263.9
1,273.0
1,283.8
1,302.3
1,319.1
1,331.7
1,367.1
1,382.9
1,398.1
1,411.2

380.4
363.5
355.9
387.3
447.7
490.9
512.3
502.2
497.2
491.1
495.8
496.7
493.3
489.2
482.3
481.9
482.4
482.2
483.6
491.1
497.6
502.4
505.6

44.5
53.8
63.9
88.1
77.5
84.1
76.4
96.2
148.3
153.1
123.5
122.9
128.1
130.7
123.5
123.4
118.3
109.6
133.6
153.1
143.1
142.3
142.5

188.5
186.3
188.3
186.1
194.5
229.9
263.1
314.6
382.2
384.3
383.4
382.4
384.8
392.3
387.0
386.9
390.8
390.5
398.2
384.3
382.7
383.6
384.4

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 ....................
1999 p ..................
1997: I ...............
II .............
III ............
IV ............
1998: I ...............
II .............
III ............
IV .............
1999: I ...............
II .............
III ............
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

Total
net
funds
raised

Net new
equity
issues

Total

64.0
¥27.5
72.5
66.7
89.6
176.4
85.4
171.3
138.7
301.4
107.1
152.4
153.8
271.8
277.2
327.7
45.0
¥95.2
545.3
¥22.9
311.3
371.8

¥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

127.0
¥45.8
45.5
45.4
134.5
234.7
154.9
285.7
405.7
444.0
197.5
252.4
277.8
415.2
416.4
456.9
353.4
396.1
597.5
315.3
449.9
413.4

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.

Other 2

Loans
and
shortterm
paper

Securities
and mortgages
59.1
71.1
55.3
70.4
43.7
117.5
97.9
154.8
251.8
287.5
97.4
165.0
174.8
182.0
303.6
314.5
120.8
268.3
338.5
341.4
261.5
208.7

67.9
¥116.9
¥9.8
¥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

119.5
94.6
88.8
151.3
152.0
214.5
313.1
174.3
215.1
403.3
262.1
84.0
345.9
5.5
220.8
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 ..............................................................................
Mar ..............................................................................
Apr ...............................................................................
May ..............................................................................
June .............................................................................
July ..............................................................................
Aug ..............................................................................
Sept ..............................................................................
Oct ...............................................................................
Nov ...............................................................................
Dec ...............................................................................
2000: Jan ...............................................................................
Feb r ..............................................................................
Mar 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
1,332.8
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
1,422.8
1,431.9

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
567.1
569.9
572.0
578.5
583.3
584.5
584.4
584.7
589.6
595.8
605.0
610.6
618.4

Nonrevolving 2

550.7
513.7
504.1
529.2
595.1
652.8
682.9
702.8
739.8
797.3
765.7
762.9
771.5
769.3
772.7
780.6
781.0
785.7
793.5
797.3
806.3
812.2
813.5

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
7.3
¥.1
10.8
4.3
8.2
9.1
.3
5.0
12.7
10.0
18.2
11.5
9.1

Revolving

27.4
25.1
14.7
31.6
55.6
77.6
56.3
31.8
29.4
35.1
.4
2.8
2.1
6.5
4.8
1.2
¥.1
.3
4.9
6.2
9.2
5.6
7.8

Nonrevolving 2

¥16.9
¥37.0
¥9.6
25.1
65.9
57.7
30.1
19.9
37.0
57.5
6.9
¥2.8
8.6
¥2.2
3.4
7.9
.4
4.7
7.8
3.8
9.0
5.9
1.3

Source: Board of Governors of the Federal Reserve System.

29

INTEREST RATES AND BOND YIELDS
After falling in April, interest rates rose in early May.

[Percent per annum]
U.S. Treasury security yields
Constant
Period

1990 .......................
1991 .......................
1992 .......................
1993 .......................
1994 .......................
1995 .......................
1996 .......................
1997 .......................
1998 .......................
1999 .......................
1999: Apr ..............
May .............
June ............
July .............
Aug .............
Sept .............
Oct ..............
Nov .............
Dec .............
2000: Jan .............
Feb ..............
Mar .............
Apr ..............
Week ended:
2000: Apr 8 ......
15 ......
22 ......
29 ......
May 6 ......
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
4.28
4.51
4.59
4.60
4.76
4.73
4.88
5.07
5.23
5.34
5.57
5.72
5.67

8.26
6.82
5.30
4.44
6.27
6.25
5.99
6.10
5.14
5.49
5.03
5.33
5.70
5.62
5.77
5.75
5.94
5.92
6.14
6.49
6.65
6.53
6.36

8.55
7.86
7.01
5.87
7.09
6.57
6.44
6.35
5.26
5.65
5.18
5.54
5.90
5.79
5.94
5.92
6.11
6.03
6.28
6.66
6.52
6.26
5.99

8.61
8.14
7.67
6.59
7.37
6.88
6.71
6.61
5.58
5.87
5.55
5.81
6.04
5.98
6.07
6.07
6.26
6.15
6.35
6.63
6.23
6.05
5.85

7.25
6.89
6.41
5.63
6.19
5.95
5.75
5.55
5.12
5.43
5.07
5.17
5.34
5.36
5.59
5.70
5.92
5.85
5.93
6.10
6.06
5.89
5.76

9.32
8.77
8.14
7.22
7.96
7.59
7.37
7.26
6.53
7.04
6.64
6.93
7.23
7.19
7.40
7.39
7.55
7.36
7.55
7.78
7.68
7.68
7.64

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
4.50–4.75
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
5.50–5.50

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
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
9.00–9.00

8.10
5.69
3.52
3.02
4.21
5.83
5.30
5.46
5.35
4.97
4.74
4.74
4.76
4.99
5.07
5.22
5.20
5.42
5.30
5.45
5.73
5.85
6.02

10.05
9.32
8.24
7.20
7.49
7.87
7.80
7.71
7.07
7.04
6.85
6.89
7.03
7.29
7.09
7.09
7.17
7.24
7.28
7.45
7.54
7.60
..............

5.71
5.68
5.65
5.62
5.78

6.33
6.29
6.30
6.49
6.72

5.92
5.89
6.01
6.15
6.40

5.79
5.78
5.88
5.95
6.10

5.71
5.73
5.78
5.82
5.92

7.58
7.62
7.68
7.70
7.87

*
*
*
*
*

5.50–5.50
5.50–5.50
5.50–5.50
5.50–5.50
5.50–5.50

9.00–9.00
9.00–9.00
9.00–9.00
9.00–9.00
9.00–9.00

6.12
5.98
6.04
5.97
6.06

..............
..............
..............
..............
..............

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 were mixed in April and fell in early May.

Common stock prices 1
Period

Composite
1990 ...........................................
1991 ...........................................
1992 ...........................................
1993 ...........................................
1994 ...........................................
1995 ...........................................
1996 ...........................................
1997 ...........................................
1998 ...........................................
1999 ...........................................
1999: Apr ..................................
May .................................
June ................................
July .................................
Aug .................................
Sept .................................
Oct ..................................
Nov .................................
Dec ..................................
2000: Jan ..................................
Feb ..................................
Mar .................................
Apr ..................................
Week ended:
2000: Apr 8 ..........................
15 ..........................
22 ..........................
29 ..........................
May 6 ..........................
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
627.75
635.62
629.53
648.83
621.03
607.87
599.04
634.22
638.17
634.07
606.03
622.28
646.82

225.78
258.14
284.62
299.99
315.25
367.34
453.98
574.52
681.57
774.78
780.84
791.72
783.96
809.33
778.82
769.47
753.94
791.41
808.28
814.73
775.46
790.35
822.76

158.62
173.99
201.09
242.49
247.29
269.41
327.33
414.60
468.69
491.60
523.08
537.88
520.66
528.72
492.13
462.33
450.13
474.78
461.04
456.36
398.69
384.39
406.14

181.20
185.32
198.91
228.90
209.06
220.30
249.77
283.82
378.12
473.73
456.96
470.40
482.71
501.00
483.68
475.42
478.19
502.59
511.64
485.82
482.30
509.59
502.78

133.26
150.82
179.26
216.42
209.73
238.45
303.89
424.48
516.35
530.86
564.99
562.66
546.43
557.92
521.59
493.37
490.92
539.20
510.99
495.23
471.65
489.90
524.05

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
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
10,944.31

334.59
376.18
415.74
451.41
460.42
541.72
670.50
873.43
1,085.50
1,327.33
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
1,461.36

3.61
3.24
2.99
2.78
2.82
2.56
2.19
1.77
1.49
1.25
1.24
1.24
1.25
1.20
1.25
1.27
1.28
1.21
1.18
1.18
1.21
1.18
1.14

6.47
4.79
4.22
4.46
5.83
6.09
5.24
4.57
3.46
3.17
..................
..................
2.99
..................
..................
3.43
..................
..................
3.28
..................
..................
..................
..................

656.14
646.25
631.93
649.97
639.61

834.98
821.15
804.83
826.50
815.92

407.22
410.52
395.43
409.26
407.17

509.35
499.24
493.01
507.56
496.48

531.64
527.46
508.43
525.56
512.59

11,129.29
10,965.62
10,717.24
10,919.69
10,602.68

1,501.15
1,453.86
1,426.27
1,457.13
1,434.37

1.12
1.13
1.16
1.14
1.17

..................
..................
..................
..................
..................

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 6 months of fiscal 2000, there was a deficit of $35.6 billion, compared with a deficit of $48.8 billion
a year earlier.

[Billions of dollars]
Total
Fiscal year or period
Receipts

1982 .............................
1983 .............................
1984 .............................
1985 .............................
1986 .............................
1987 .............................
1988 .............................
1989 .............................
1990 .............................
1991 .............................
1992 .............................
1993 .............................
1994 .............................
1995 .............................
1996 .............................
1997 .............................
1998 .............................
1999 .............................
2000 (estimates) ..........
Cumulative total, first
6 months: 1
Fiscal year 1999 ......
Fiscal year 2000 ......

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

814.2
877.3

863.0
912.9

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

¥48.8
¥35.6

602.9
648.2

708.2
755.0

¥105.4
¥106.8

211.4
229.1

154.8
157.9

56.6
71.3

5,604.5
5,723.4

3,759.6
3,653.4

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 6 months of fiscal 2000, receipts were $63.1 billion higher than a year earlier and outlays were $49.9
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 6 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

814.2
877.3

380.9
417.3

72.4
80.2

286.6
305.6

74.3
74.2

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

863.0
912.9

135.5
146.7

129.0
140.2

9.4
9.7

68.9
75.3

94.0
100.5

131.2
137.5

191.8
198.6

116.8
114.3

115.6
130.3

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 first quarter of 2000, according to advance estimates, Federal current expenditures fell $23.5 billion (annual
rate); receipts data are incomplete.

[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 ..............................

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

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 ..........................

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

2000: I p ...........................

..............

935.6

............

107.7

671.8

1,786.7

482.5

773.4

231.9

263.9

35.0

.0

....................

Source: Department of Commerce, Bureau of Economic Analysis.

34

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: Feb .............................
Mar .............................
Apr .............................
May ............................
June ...........................
July ............................
Aug .............................
Sept ...........................
Oct .............................
Nov ............................
Dec ............................
2000: Jan ............................
Feb .............................
Mar p ..........................
1 Data

Canada

98.9
102.9
97.0
98.9
100.0
100.0
103.4
104.5
109.1
111.3
114.4
116.3
119.4
118.3
127.1
124.8
132.4
127.7
137.1
133.5
134.5
130.2
135.1
130.6
r 130.9
135.5
r 131.4
136.2
r 132.5
136.6
r 134.1
137.4
r 135.4
137.7
r 136.3
138.1
r 135.6
139.1
r 136.8
139.4
r 140.1
r 137.6
r 141.5
139.1
r 141.6
137.5
142.0 ..............

Japan

France

Germany

Consumer prices (1982–84=100; NSA)
United
Kingdom

Italy

United
States 1

104.1 102.4
99.9
101.7
103.1
106.1 101.2 102.3
101.3
99.7
100.0 100.0 100.0
100.0
100.0
96.5
96.1
92.4
97.9
102.2
97.7 100.0
95.6
103.9
107.7
100.9 102.0
96.8
109.2
109.5
r 103.0
103.2
97.4
107.1
110.7
107.0 r 106.8 100.8
111.1
111.8
99.9 r 112.3 105.0
112.3
112.5
100.3 r 114.8 r 106.7
112.3
113.0
r 110.9
98.3 r 113.0 r 104.5
111.5
100.8 r 113.2 r 105.0
112.8
111.9
97.7 r 112.9 r 105.4
111.1
112.0
r 114.2
r 105.7
96.7
110.7
112.4
99.9 r 114.3 r 106.3
112.3
112.8
98.9 r 115.3 r 107.5
113.0
113.7
103.3 r 115.3 r 109.1
114.0
114.2
r 113.5
103.1 r 115.8 r 107.6
114.0
r 114.2
100.1 r 116.7 r 108.9
114.2
r 115.5
104.3 r 118.0 r 109.1
114.3
r 115.6
103.2 r 116.6 r 109.0
113.8
r 114.3
r 113.4
103.3 r 116.4 r 108.2
106.9 117.7 110.6
116.0
112.7
105.7 ............ ............ .............. ..............

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
164.5
165.0
166.2
166.2
166.2
166.7
167.1
167.9
168.2
168.3
168.3
168.7
169.7
171.1

Canada

Japan

135.5
143.1
145.3
147.9
148.2
151.4
153.8
156.3
157.8
160.5
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
163.9

Germany

111.4
115.0
116.9
118.4
119.3
119.1
119.3
121.4
122.1
121.8
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
120.9

Italy

112.2
116.2
122.1
127.6
131.1
133.3
135.2
137.8
139.1
139.9
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
141.9

France

160.4
170.5
179.5
187.7
195.3
205.6
213.8
218.2
222.5
226.2
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
230.3

132.9
137.2
140.4
143.4
145.8
148.4
151.4
153.2
154.2
155.0
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
157.1

United
Kingdom

148.2
156.9
162.7
165.3
169.4
175.1
179.4
185.0
191.4
194.3
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
197.9

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
1999:

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
Feb ...
Mar ...
Apr ...
May ..
June
July ..
Aug ...
Sept ..
Oct ....
Nov ...
Dec ....
2000: Jan r ..
Feb 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
54.6
54.2
55.2
55.0
55.4
55.8
59.0
58.8
58.8
59.2
61.9
60.7
60.2

Total,
Census
basis 2

393.6
421.7
448.2
465.1
512.6
584.7
625.1
689.2
682.1
695.2
55.7
55.3
56.2
56.2
56.6
56.8
59.9
60.0
59.7
59.9
62.9
61.7
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
3.5
3.7
3.7
3.8
3.8
3.9
4.0
4.0
3.7
3.9
3.9
3.8

104.4
109.7
109.1
111.8
121.4
146.2
147.7
158.2
148.3
147.0
11.4
11.4
11.6
11.7
11.7
11.5
12.5
13.1
13.3
13.8
13.7
13.4
13.7

152.7
166.7
175.9
181.7
205.0
233.0
253.0
294.5
299.6
310.7
24.9
24.9
25.0
24.9
24.8
25.7
27.3
26.7
26.3
26.2
28.4
27.6
26.7

37.4
40.0
47.0
52.4
57.8
61.8
65.0
74.0
73.2
74.7
6.0
5.8
6.2
6.1
6.5
6.1
6.7
6.2
6.3
6.2
6.6
6.7
6.6

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
6.8
6.5
6.7
6.5
6.5
6.6
6.6
6.9
6.7
6.9
7.3
7.1
7.3

BOP
basis

498.3
491.0
536.5
589.4
668.6
749.6
803.3
876.4
917.2
1,030.4
79.8
80.0
80.6
83.0
86.6
87.3
89.2
89.1
90.7
92.1
93.4
94.9
96.2

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
79.6
79.7
80.3
82.8
86.3
87.1
88.8
88.2
90.2
91.1
92.7
94.2
95.3

26.6
26.5
27.6
27.9
31.0
33.2
35.7
39.7
41.2
43.6
3.5
3.4
3.5
3.6
3.8
3.7
3.7
3.7
3.6
3.7
3.8
3.6
3.6

143.2
131.6
138.6
145.6
162.1
181.8
204.5
213.8
200.1
221.6
15.4
16.0
17.0
18.0
18.2
18.7
19.9
20.3
20.8
20.7
21.1
21.8
23.8

116.4
120.7
134.3
152.4
184.4
221.4
228.1
253.3
269.6
296.9
23.7
23.0
23.3
24.2
25.5
25.5
25.1
24.9
25.9
26.3
26.5
26.6
26.9

87.3
85.7
91.8
102.4
118.3
123.8
128.9
139.8
149.1
179.7
14.3
14.6
13.7
14.6
15.4
15.4
15.7
15.3
15.0
15.5
16.2
16.7
15.6

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
19.4
18.9
19.3
18.9
19.9
20.2
20.2
20.3
20.9
21.2
21.4
21.5
21.3

Exports

146.8
163.0
175.6
185.0
199.7
217.6
237.7
258.8
263.7
277.1
22.3
22.7
22.8
22.8
23.1
23.0
23.1
23.4
23.9
23.8
23.6
23.6
24.0

Imports

117.7
118.5
116.5
122.3
131.9
141.4
150.8
166.9
181.0
197.5
15.7
16.3
16.3
16.3
16.6
16.8
16.7
16.7
16.9
16.9
16.7
16.9
17.3

Goods,
Census
basis

Goods

¥101.7
¥66.7
¥84.5
¥115.6
¥150.6
¥158.8
¥170.2
¥180.5
¥229.8
¥330.1
¥23.9
¥24.5
¥24.1
¥26.6
¥29.8
¥30.3
¥28.9
¥28.3
¥30.5
¥31.3
¥29.8
¥32.5
¥33.9

¥109.0
¥74.1
¥96.1
¥132.6
¥166.2
¥173.7
¥191.3
¥196.7
¥246.9
¥347.2
¥25.2
¥25.7
¥25.4
¥28.0
¥31.2
¥31.5
¥30.2
¥30.3
¥31.9
¥32.9
¥31.5
¥34.2
¥36.0

Services

29.1
44.6
59.1
62.7
67.8
76.2
87.0
91.9
82.7
79.6
6.7
6.4
6.4
6.4
6.4
6.2
6.4
6.7
6.9
6.9
6.9
6.7
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
¥18.6
¥19.4
¥19.0
¥21.6
¥24.8
¥25.3
¥23.7
¥23.5
¥24.9
¥26.0
¥24.6
¥27.4
¥29.2

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 ......................
II .....................
III ...................
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 .....................................
II ....................................
III ..................................
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

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