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107th Congress, 1st Session

Economic Indicators
APRIL 2001
(Includes data available as of May 9, 2001)

Prepared for the Joint Economic Committee by the
Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2001

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
JIM SAXTON, New Jersey, Chairman
ROBERT F. BENNETT, Utah, Vice Chairman
HOUSE OF REPRESENTATIVES
PAUL RYAN (Wisconsin)
LAMAR SMITH (Texas)
JENNIFER DUNN (Washington)
PHIL ENGLISH (Pennsylvania)
ADAM H. PUTNAM (Florida)
PETE STARK (California)
CAROLYN B. MALONEY (New York)
MELVIN L. WATT (North Carolina)

SENATE
SAM BROWNBACK (Kansas)
JEFF SESSIONS (Alabama)
MIKE CRAPO (Idaho)
LINCOLN D. CHAFEE (Rhode Island)
JACK REED (Rhode Island)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
JEFF BINGAMAN (New Mexico)
JON CORZINE (New Jersey)

CHRISTOPHER FRENZE, Executive Director

COUNCIL OF ECONOMIC ADVISERS

[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

ii

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 2001, according to advance estimates, current-dollar gross domestic product (GDP) rose
5.2 percent (annual rate), real GDP (GDP in chained 1996 dollars) rose 2.0 percent, and the implicit price deflator
rose 3.2 percent.

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

Period

Personal Gross
Gross
conprivate
domestic sumption domestic
product expendi- investtures
ment

1991 ...................... 5,986.2
1992 ...................... 6,318.9
1993 ...................... 6,642.3
1994 ...................... 7,054.3
1995 ...................... 7,400.5
1996 ...................... 7,813.2
1997 ...................... 8,318.4
1998 ...................... 8,790.2
1999 ...................... 9,299.2
2000 ...................... 9,963.1
1997: III .............. 8,390.9
IV ............... 8,478.6
1998: I ................. 8,634.7
II ................ 8,722.0
III .............. 8,829.1
IV ............... 8,974.9
1999: I ................. 9,104.5
II ................ 9,191.5
III .............. 9,340.9
IV ............... 9,559.7
2000: I ................. 9,752.7
II ............... 9,945.7
III ............. 10,039.4
IV .............. 10,114.4
2001: I p ............... 10,243.6
1 GDP

3,971.2
4,209.7
4,454.7
4,716.4
4,969.0
5,237.5
5,529.3
5,850.9
6,268.7
6,757.3
5,575.9
5,640.6
5,712.6
5,811.4
5,893.4
5,986.0
6,095.3
6,213.2
6,319.9
6,446.2
6,621.7
6,706.3
6,810.8
6,890.2
6,999.4

800.2
866.6
955.1
1,097.1
1,143.8
1,242.7
1,390.5
1,549.9
1,650.1
1,832.7
1,405.7
1,434.5
1,532.1
1,523.9
1,553.0
1,590.8
1,609.8
1,607.9
1,659.1
1,723.7
1,755.7
1,852.6
1,869.3
1,853.3
1,797.7

Exports and imports
of goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

¥20.7
¥27.9
¥60.5
¥87.1
¥84.3
¥89.0
¥89.3
¥151.5
¥254.0
¥370.7
¥88.6
¥104.6
¥117.5
¥151.8
¥167.6
¥169.0
¥196.1
¥240.4
¥280.5
¥299.1
¥335.2
¥355.4
¥389.5
¥402.7
¥361.0

601.6
636.8
658.0
725.1
818.6
874.2
966.4
966.0
990.2
1,097.3
988.7
982.4
975.0
962.8
947.8
978.3
957.3
973.0
999.5
1,031.0
1,051.9
1,092.9
1,130.8
1,113.7
1,106.6

Imports

Total
Total

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

622.3
664.6
718.5
812.1
902.8
963.1
1,055.8
1,117.5
1,244.2
1,468.0
1,077.3
1,087.0
1,092.6
1,114.7
1,115.4
1,147.3
1,153.4
1,213.4
1,280.0
1,330.1
1,387.1
1,448.3
1,520.3
1,516.4
1,467.6

1,235.5
1,270.5
1,293.0
1,327.9
1,372.0
1,421.9
1,487.9
1,540.9
1,634.4
1,743.7
1,498.0
1,508.2
1,507.6
1,538.6
1,550.3
1,567.2
1,595.5
1,610.9
1,642.4
1,688.8
1,710.4
1,742.2
1,748.8
1,773.6
1,807.6

527.4
534.5
527.3
521.1
521.5
531.6
538.2
540.6
568.6
595.2
541.3
538.9
528.0
544.9
541.4
548.0
554.1
558.3
570.4
591.6
580.1
604.5
594.2
602.0
618.3

National
defense
384.5
378.5
364.9
355.1
350.6
357.0
352.6
349.2
365.0
377.0
354.7
354.4
338.6
349.3
355.0
353.8
356.5
355.3
367.5
380.8
366.6
381.9
375.0
384.4
393.1

Nondefense
142.9
156.0
162.4
165.9
170.9
174.6
185.6
191.4
203.5
218.2
186.6
184.5
189.3
195.6
186.4
194.2
197.6
203.0
202.8
210.7
213.5
222.6
219.2
217.6
225.2

State
and
local

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

708.1 5,986.4 6,006.9 6,010.9
736.0 6,303.9 6,346.8 6,342.3
765.7 6,621.2 6,702.8 6,666.7
806.8 6,991.8 7,141.4 7,071.1
850.5 7,367.5 7,484.8 7,420.9
890.4 7,783.2 7,902.1 7,831.2
949.7 8,255.5 8,407.7 8,325.4
1,000.3 8,713.2 8,941.7 8,786.7
1,065.8 9,255.9 9,553.2 9,288.2
1,148.6 9,908.5 10,333.7 9,958.7
956.6 8,341.1 8,479.5 8,397.7
969.3 8,413.5 8,583.2 8,480.4
979.6 8,522.4 8,752.3 8,640.3
993.7 8,663.5 8,873.8 8,725.0
1,008.9 8,758.5 8,996.7 8,814.9
1,019.2 8,908.3 9,143.9 8,966.6
1,041.4 9,055.3 9,300.6 9,097.2
1,052.6 9,177.0 9,432.0 9,181.8
1,072.1 9,304.2 9,621.4 9,327.3
1,097.3 9,486.9 9,858.8 9,546.3
1,130.4 9,722.8 10,087.9 9,745.0
1,137.7 9,873.7 10,301.1 9,937.4
1,154.6 9,973.1 10,429.0 10,030.5
1,171.6 10,064.6 10,517.1 10,121.8
1,189.2 10,257.7 10,604.6 ..............

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

1991 ...........
1992 ...........
1993 ...........
1994 ...........
1995 ...........
1996 ...........
1997 ...........
1998 ...........
1999 ...........
2000 ..........
1997: III ...
IV ....
1998: I ......
II .....
III ...
IV ....
1999: I ......
II .....
III ...
IV ....
2000: I ......
II ....
III ..
IV ...
2001: I p ....

Gross
domestic
product

6,676.4
6,880.0
7,062.6
7,347.7
7,543.8
7,813.2
8,159.5
8,515.7
8,875.8
9,318.5
8,216.6
8,272.9
8,404.9
8,465.6
8,537.6
8,654.5
8,730.0
8,783.2
8,905.8
9,084.1
9,191.8
9,318.9
9,369.5
9,393.7
9,439.9

Personal
consumption
expenditures

4,466.6
4,594.5
4,748.9
4,928.1
5,075.6
5,237.5
5,423.9
5,678.7
5,978.8
6,294.3
5,462.1
5,507.1
5,572.4
5,651.6
5,711.0
5,779.8
5,860.2
5,940.2
6,013.8
6,101.0
6,213.5
6,260.6
6,329.8
6,373.3
6,422.6

Gross private
domestic investment
Nonresidential
fixed
investment

Resi- Change
dential in prifixed
vate
invest- invenment
tories

610.1
630.6
683.6
744.6
817.5
899.4
1,009.3
1,140.3
1,255.3
1,413.7
1,037.0
1,047.0
1,096.0
1,136.4
1,146.3
1,182.3
1,209.4
1,237.5
1,272.5
1,301.8
1,365.3
1,412.5
1,438.8
1,438.3
1,442.2

221.1
257.2
276.0
302.7
291.7
313.3
319.7
346.1
368.3
366.3
320.3
324.9
332.4
342.4
350.9
358.5
365.7
370.9
368.0
368.5
371.4
372.6
362.3
359.0
361.9

Exports and imports of
goods and services

¥1.0
17.1
20.0
66.8
30.4
30.0
63.8
80.2
45.3
60.9
51.3
66.1
117.3
60.9
73.1
69.4
48.1
13.1
39.1
80.9
36.6
78.6
72.5
55.7
¥7.1

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

¥15.8
¥19.8
¥59.1
¥86.5
¥78.4
¥89.0
¥113.3
¥221.0
¥322.4
¥412.4
¥119.6
¥139.2
¥175.3
¥219.8
¥244.1
¥244.9
¥279.8
¥314.6
¥342.6
¥352.5
¥376.8
¥403.4
¥427.7
¥441.7
¥404.9

613.2
651.0
672.7
732.8
808.2
874.2
981.5
1,003.6
1,033.0
1,126.3
1,004.2
1,002.1
1,004.5
996.8
988.8
1,024.1
1,003.3
1,017.6
1,042.6
1,068.4
1,084.8
1,121.8
1,158.8
1,139.8
1,133.6

Imports

Total
Total

629.0
670.8
731.8
819.4
886.6
963.1
1,094.8
1,224.6
1,355.3
1,538.7
1,123.8
1,141.2
1,179.8
1,216.6
1,232.9
1,269.0
1,283.1
1,332.2
1,385.2
1,420.9
1,461.7
1,525.2
1,586.4
1,581.5
1,538.5

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.

1,403.4
1,410.0
1,398.8
1,400.1
1,406.4
1,421.9
1,455.4
1,486.4
1,536.1
1,579.2
1,464.8
1,465.3
1,461.6
1,487.6
1,492.9
1,503.3
1,517.1
1,519.9
1,537.8
1,569.5
1,565.1
1,583.7
1,578.2
1,589.6
1,605.1

National
defense

604.9
595.1
572.0
551.3
536.5
531.6
529.6
526.9
540.1
548.2
533.4
528.4
515.9
531.8
527.5
532.4
529.5
532.1
541.0
558.1
537.1
558.8
545.8
550.9
558.6

438.4
417.1
394.7
375.9
361.9
357.0
347.7
341.7
348.5
349.1
350.4
348.5
332.0
342.4
347.2
345.1
342.4
340.3
350.4
360.9
341.5
355.1
346.2
353.7
357.9

Nondefense

166.0
177.9
177.3
175.5
174.6
174.6
181.8
185.2
191.5
198.9
182.9
179.8
183.8
189.3
180.3
187.2
187.0
191.6
190.5
197.1
195.4
203.6
199.4
197.1
200.5

State
and
local

798.9
815.3
827.0
848.9
869.9
890.4
925.8
959.2
995.6
1,030.5
931.4
936.8
945.5
955.7
965.1
970.7
987.2
987.5
996.4
1,011.2
1,027.4
1,024.6
1,031.9
1,038.1
1,046.0

Final
sales of
domestic
product

6,681.5
6,867.7
7,043.8
7,285.8
7,512.2
7,783.2
8,095.2
8,435.2
8,826.9
9,250.9
8,164.9
8,206.3
8,289.4
8,402.7
8,463.4
8,585.0
8,680.3
8,764.9
8,861.8
9,000.5
9,148.0
9,235.3
9,290.9
9,329.5
9,433.9

Gross
domestic
purchases 1

Addendum:
Gross
national
product

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
8,271.7 8,168.1
8,727.9 8,515.1
9,179.1 8,868.3
9,701.8 9,316.6
8,334.5 8,225.1
8,409.4 8,276.9
8,575.2 8,412.9
8,676.8 8,471.4
8,771.4 8,526.7
8,888.2 8,649.3
8,996.2 8,726.0
9,079.6 8,776.7
9,226.7 8,895.4
9,414.1 9,075.0
9,543.6 9,187.7
9,694.3 9,313.7
9,766.0 9,362.8
9,803.2 9,402.2
9,817.0 ..............

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

1991 ..................
1992 ..................
1993 ..................
1994 ..................
1995 ..................
1996 ..................
1997 ..................
1998 ..................
1999 ..................
2000 .................
1997: III ..........
IV ...........
1998: I .............
II ............
III ..........
IV ...........
1999: I .............
II ............
III ..........
IV ...........
2000: I .............
II ...........
III .........
IV ..........
2001: I p ...........

Gross
domestic
product

89.66
91.84
94.05
96.01
98.10
100.00
101.95
103.22
104.77
106.92
102.12
102.49
102.74
103.03
103.41
103.70
104.29
104.65
104.89
105.24
106.10
106.73
107.15
107.67
108.51

Total

88.91
91.62
93.81
95.70
97.90
100.00
101.94
103.03
104.85
107.36
102.08
102.42
102.52
102.83
103.19
103.57
104.01
104.59
105.09
105.66
106.57
107.12
107.60
108.11
108.98

Durable
goods

Nondurable goods

Services

97.39
98.28
99.06
100.56
101.06
100.00
97.75
95.41
93.09
91.55
97.29
96.68
96.28
95.82
95.30
94.36
93.77
93.31
92.87
92.46
91.99
91.84
91.32
91.05
90.90

93.76
95.20
96.14
96.83
97.93
100.00
101.34
101.35
103.71
107.54
101.31
101.53
101.19
101.10
101.40
101.71
102.17
103.42
104.14
105.07
106.46
107.33
107.91
108.45
108.96

84.82
88.50
91.56
94.16
97.25
100.00
103.12
105.50
107.99
110.81
103.47
104.08
104.50
105.19
105.79
106.50
107.17
107.65
108.26
108.87
109.88
110.43
111.11
111.80
113.11

Source: Department of Commerce, Bureau of Economic Analysis.

2

Gross private
domestic investment

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Nonresidential
fixed

Residential fixed

99.80
99.29
99.81
100.54
100.93
100.00
99.02
97.13
95.84
96.36
98.94
98.55
97.91
97.31
96.88
96.48
96.35
96.00
95.62
95.42
95.84
96.23
96.65
96.67
96.36

86.64
87.69
91.23
94.48
97.91
100.00
102.68
105.59
109.64
113.57
102.95
103.87
104.28
105.02
105.98
106.95
108.10
109.28
110.22
110.94
112.36
113.08
113.83
115.07
116.61

Exports

Imports
Total

98.10
97.82
97.82
98.94
101.28
100.00
98.47
96.26
95.86
97.43
98.46
98.04
97.06
96.59
95.85
95.52
95.41
95.61
95.87
96.50
96.97
97.42
97.59
97.71
97.62

98.93
99.09
98.18
99.12
101.83
100.00
96.44
91.25
91.80
95.41
95.87
95.24
92.61
91.62
90.47
90.41
89.89
91.08
92.41
93.61
94.90
94.95
95.83
95.89
95.39

87.18
89.82
92.18
94.51
97.21
100.00
101.63
102.60
105.27
108.58
101.50
101.99
102.35
102.47
102.63
102.94
104.66
104.93
105.43
106.00
108.00
108.17
108.87
109.27
110.70

National
defense

Nondefense

State
and
local

87.70
90.75
92.45
94.49
96.88
100.00
101.41
102.20
104.75
107.98
101.24
101.70
102.01
102.01
102.24
102.51
104.12
104.39
104.90
105.51
107.34
107.55
108.33
108.68
109.84

86.07
87.71
91.58
94.55
97.90
100.00
102.06
103.37
106.27
109.72
102.01
102.57
103.01
103.35
103.37
103.76
105.68
105.96
106.44
106.94
109.24
109.34
109.92
110.38
112.32

88.64
90.28
92.59
95.04
97.77
100.00
102.58
104.28
107.05
111.46
102.71
103.46
103.60
103.97
104.54
105.00
105.48
106.60
107.59
108.51
110.02
111.04
111.89
112.86
113.69

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

1991 .............................................................
1992 .............................................................
1993 .............................................................
1994 .............................................................
1995 .............................................................
1996 .............................................................
1997 ..............................................................
1998 ..............................................................
1999 ..............................................................
2000 ..............................................................
1995: I .........................................................
II .......................................................
III ......................................................
IV ......................................................
1996: I .........................................................
II .......................................................
III ......................................................
IV ......................................................
1997: I .........................................................
II .......................................................
III ......................................................
IV ......................................................
1998: I .........................................................
II .......................................................
III ......................................................
IV ......................................................
1999: I .........................................................
II .......................................................
III ......................................................
IV ......................................................
2000: I .........................................................
II .......................................................
III .....................................................
IV ......................................................
2001: I p .......................................................
1 Percent

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

76.62
80.88
85.01
90.29
94.72
100.00
106.47
112.50
119.02
127.52
93.40
93.98
95.13
96.37
97.65
99.61
100.59
102.15
103.98
105.97
107.39
108.52
110.52
111.63
113.00
114.87
116.53
117.64
119.55
122.35
124.82
127.29
128.49
129.45
131.11

GDP
implicit
price
deflator

GDP
chain-type
price index

85.45
88.06
90.39
94.04
96.55
100.00
104.43
108.99
113.60
119.27
95.85
96.03
96.78
97.55
98.25
99.87
100.37
101.51
102.60
104.08
105.16
105.88
107.57
108.35
109.27
110.77
111.73
112.42
113.98
116.27
117.65
119.27
119.92
120.23
120.82

89.66
91.85
94.05
96.01
98.10
100.00
101.95
103.23
104.77
106.99
97.45
97.86
98.31
98.79
99.40
99.74
100.23
100.63
101.36
101.82
102.12
102.49
102.75
103.04
103.42
103.69
104.25
104.63
104.90
105.31
106.17
106.80
107.22
107.75
108.59

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

GDP
(current
dollars)

89.66
91.84
94.05
96.01
98.10
100.00
101.95
103.22
104.77
106.92
97.45
97.86
98.30
98.78
99.39
99.74
100.22
100.63
101.34
101.82
102.12
102.49
102.74
103.03
103.41
103.70
104.29
104.65
104.89
105.24
106.10
106.73
107.15
107.67
108.51

3.2
5.6
5.1
6.2
4.9
5.6
6.5
5.7
5.8
7.1
4.5
2.5
5.0
5.3
5.4
8.3
4.0
6.4
7.3
7.9
5.5
4.2
7.6
4.1
5.0
6.8
5.9
3.9
6.7
9.7
8.3
8.2
3.8
3.0
5.2

Real GDP
(chain-type
quantity
index)

GDP
chain-type
price
index

¥.5
3.0
2.7
4.0
2.7
3.6
4.4
4.4
4.2
5.0
1.5
.8
3.1
3.2
2.9
6.8
2.0
4.6
4.4
5.9
4.2
2.8
6.5
2.9
3.4
5.6
3.5
2.5
5.7
8.3
4.8
5.6
2.2
1.0
2.0

GDP
implicit
price
deflator

3.6
2.4
2.4
2.1
2.2
1.9
1.9
1.3
1.5
2.1
3.0
1.7
1.8
2.0
2.5
1.4
2.0
1.6
2.9
1.9
1.2
1.4
1.0
1.1
1.5
1.1
2.2
1.4
1.1
1.6
3.3
2.4
1.6
2.0
3.2

3.6
2.4
2.4
2.1
2.2
1.9
1.9
1.3
1.5
2.0
3.0
1.7
1.8
2.0
2.5
1.4
1.9
1.7
2.9
1.9
1.2
1.4
1.0
1.1
1.5
1.1
2.3
1.4
.9
1.3
3.3
2.4
1.6
2.0
3.2

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 ........................................................
2000 .........................................................
1998: I ...................................................
II .................................................
III ................................................
IV ................................................
1999: I ...................................................
II .................................................
III ................................................
IV ................................................
2000: I ...................................................
II .................................................
III ................................................
IV .................................................
1 The

3,150.6
3,288.0
3,457.6
3,737.2
3,945.9
4,159.5
4,435.1
4,728.1
5,048.8
5,420.1
4,619.1
4,681.7
4,773.0
4,838.5
4,923.1
4,999.7
5,080.6
5,191.9
5,300.3
5,414.0
5,480.1
5,486.2

3,381.9
3,468.4
3,573.8
3,801.5
3,960.1
4,159.5
4,404.2
4,679.9
4,957.1
5,257.2
4,580.9
4,640.0
4,718.0
4,780.7
4,843.5
4,904.4
4,987.0
5,093.6
5,171.0
5,251.2
5,308.1
5,298.7

Compensation of employees
(unit labor
cost)

0.932
.948
.967
.983
.996
1.000
1.007
1.010
1.019
1.031
1.008
1.009
1.012
1.012
1.016
1.019
1.019
1.019
1.025
1.031
1.032
1.035

0.617
.633
.641
.639
.645
.641
.644
.653
.659
.663
.650
.652
.653
.655
.657
.660
.661
.658
.658
.659
.661
.673

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
.237
.239
.241
.248
.236
.238
.237
.239
.238
.240
.242
.243
.245
.247
.247
.254

Consumption of
fixed
capital

Indirect
business
tax, etc.2

Net interest

0.105
.107
.108
.109
.110
.111
.112
.113
.115
.118
.112
.112
.113
.113
.114
.115
.116
.115
.116
.117
.118
.121

0.093
.096
.098
.101
.100
.099
.098
.098
.097
.099
.097
.098
.096
.099
.097
.097
.097
.098
.099
.099
.098
.101

0.042
.033
.030
.028
.029
.026
.027
.028
.029
.031
.027
.028
.028
.027
.027
.028
.029
.030
.030
.031
.031
.032

Total

0.075
.080
.091
.106
.112
.122
.126
.120
.119
.120
.121
.119
.122
.117
.121
.119
.116
.118
.122
.126
.123
.109

Profits
tax
liability

0.025
.026
.029
.034
.035
.036
.036
.034
.034
.035
.034
.034
.035
.033
.033
.034
.034
.034
.036
.037
.035
.031

Profits
after
tax 4

0.049
.054
.062
.072
.077
.086
.090
.086
.085
.085
.087
.084
.087
.084
.088
.085
.083
.084
.086
.089
.088
.078

4 With

inventory valuation and capital consumption adjustments.
Source: Department of Commerce, Bureau of Economic Analysis.

3

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

National
income

Period

1992
1993
1994
1995
1996
1997
1998
1999
2000
1997:
1998:

1999:

2000:

2001:

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

1 Includes

Compensation
of
employees1

4,994.9
5,251.9
5,556.8
5,876.7
6,210.4
6,618.4
7,038.1
7,469.7
8,002.0
6,676.4
6,786.7
6,889.3
6,986.7
7,093.0
7,183.2
7,312.7
7,392.3
7,493.1
7,680.7
7,833.5
7,983.2
8,088.5
8,102.8
................

Proprietors’ income
with inventory valuation and capital consumption adjustments

Farm

3,644.8
3,814.4
4,016.2
4,202.5
4,395.6
4,651.3
4,984.2
5,299.8
5,638.2
4,675.8
4,767.9
4,867.5
4,943.1
5,023.4
5,102.7
5,181.6
5,255.4
5,340.9
5,421.1
5,512.2
5,603.5
5,679.6
5,757.5
5,848.9

Nonfarm

32.7
30.1
31.9
22.2
34.3
29.7
25.4
25.3
22.6
29.8
28.9
25.3
23.3
21.2
32.0
25.0
29.0
15.5
31.7
19.1
21.5
31.7
18.0
20.9

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

401.7
431.7
444.6
475.5
510.5
551.5
595.2
638.2
687.8
556.2
563.8
580.9
590.0
598.4
611.7
619.1
631.4
644.2
657.9
674.8
688.1
693.1
695.2
702.5

63.3
90.9
110.3
117.9
129.7
128.3
135.4
143.4
140.0
127.4
126.7
126.7
132.8
138.8
143.5
144.9
145.7
136.6
146.2
145.6
140.8
138.1
135.4
138.0

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

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

453.1
510.5
573.2
668.8
754.0
833.8
815.0
856.0
946.2
858.3
852.7
824.5
814.0
818.0
803.4
852.0
836.8
842.0
893.2
936.3
963.6
970.3
914.7
................

Profits
before tax

Inventory
valuation
adjustment

448.8
506.4
561.0
650.2
729.4
800.8
775.1
813.9
912.7
824.7
817.3
786.2
774.4
777.8
762.2
809.1
795.6
799.3
851.5
895.7
928.8
940.5
885.6
................

451.6
510.4
573.4
668.5
726.3
792.4
758.2
823.0
925.6
819.0
811.6
763.5
766.7
760.1
742.3
797.6
804.5
819.0
870.7
920.7
942.5
945.1
894.1
................

¥2.8
¥4.0
¥12.4
¥18.3
3.1
8.4
17.0
¥9.1
¥12.9
5.6
5.7
22.6
7.7
17.7
19.9
11.4
¥8.9
¥19.7
¥19.2
¥25.0
¥13.6
¥4.5
¥8.5
................

Capital
consumption
adjustment

Net
interest

4.3
4.1
12.2
18.6
24.6
32.9
39.9
42.1
33.5
33.6
35.4
38.4
39.6
40.2
41.2
42.9
41.2
42.7
41.6
40.6
34.7
29.7
29.1
30.9

399.5
374.3
380.5
389.8
386.3
423.9
482.7
507.1
567.2
429.0
446.8
464.4
483.5
493.3
489.8
490.1
494.1
513.8
530.6
545.4
565.9
575.7
582.0
..............

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

1992
1993
1994
1995
1996
1997
1998
1999
2000
1997:
1998:

1999:

2000:

2001:

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

1 Includes

Total
personal
consumption
expenditures

4,594.5
4,748.9
4,928.1
5,075.6
5,237.5
5,423.9
5,678.7
5,978.8
6,294.3
5,462.1
5,507.1
5,572.4
5,651.6
5,711.0
5,779.8
5,860.2
5,940.2
6,013.8
6,101.0
6,213.5
6,260.6
6,329.8
6,373.3
6,422.6

Total
durable
goods

479.0
518.3
557.7
583.5
616.5
657.3
727.3
817.8
896.0
670.5
680.9
696.4
719.4
726.7
766.7
782.7
810.5
826.2
851.8
898.2
886.7
903.2
896.0
921.5

Motor
vehicles
and
parts

225.7
242.2
255.1
253.4
256.3
264.8
291.7
323.0
340.5
271.8
273.7
278.3
292.6
284.9
311.1
311.0
325.3
324.9
330.9
351.8
335.9
342.0
332.3
347.6

Furniture
and
household
equipment

161.5
177.4
196.3
215.4
236.9
261.9
294.4
338.7
382.7
266.5
273.2
281.9
286.9
299.1
309.9
320.9
331.7
343.9
358.2
374.1
379.3
387.2
389.9
397.4

Nondurable goods

Other

94.1
100.7
107.6
115.0
123.3
130.8
141.5
157.3
176.3
132.3
134.3
136.6
140.0
143.6
146.0
151.5
154.1
158.9
164.9
174.0
175.0
177.6
178.6
180.7

Total
nondurable
goods

1,389.7
1,430.3
1,485.1
1,529.0
1,574.1
1,619.9
1,684.8
1,779.4
1,869.0
1,631.7
1,634.1
1,652.8
1,676.3
1,694.2
1,716.0
1,748.5
1,765.0
1,786.1
1,818.1
1,844.8
1,861.1
1,882.6
1,887.4
1,899.6

Food

725.6
745.1
764.9
777.0
786.0
794.5
812.8
845.9
877.3
797.8
793.2
798.3
809.2
816.8
827.0
832.7
838.0
846.7
866.0
872.2
876.5
879.1
881.4
882.8

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

208.8
218.5
231.6
244.3
258.6
271.6
292.2
318.5
345.1
275.0
279.1
287.0
291.3
292.0
298.7
313.3
316.5
322.1
322.1
337.7
342.3
350.2
350.0
354.6

Gasoline
and
oil

112.5
115.4
117.4
120.2
124.2
128.1
131.2
134.2
132.8
128.7
128.9
129.4
130.7
132.2
132.2
132.5
134.3
133.6
136.2
131.2
132.2
133.8
134.1
136.1

Services

Fuel
oil
and
coal

13.2
14.0
15.0
15.7
15.6
15.0
14.0
15.5
15.3
15.4
15.1
13.6
14.1
14.3
14.0
15.0
15.7
16.0
15.3
14.7
15.3
15.8
15.4
14.2

Other

331.2
338.5
356.8
372.0
389.8
410.8
434.9
466.0
500.4
414.8
418.1
424.9
431.3
439.2
444.2
455.6
461.3
468.5
478.7
490.6
496.5
505.9
508.6
514.6

Total
services 1

2,729.7
2,802.5
2,886.2
2,963.4
3,047.0
3,147.0
3,269.4
3,390.8
3,543.9
3,160.6
3,193.0
3,224.5
3,258.2
3,292.4
3,302.8
3,335.8
3,373.4
3,411.1
3,443.0
3,487.2
3,526.7
3,559.3
3,602.5
3,617.6

Housing

Medical
care

719.3
728.1
749.1
763.7
772.6
787.2
807.7
828.3
849.2
789.1
793.9
800.0
806.1
810.3
814.4
820.4
825.7
830.7
836.5
841.4
847.0
851.7
856.8
861.7

765.4
775.4
783.1
797.7
814.4
835.4
859.8
881.7
906.8
839.3
844.0
855.2
857.7
861.5
864.8
870.5
878.1
885.6
892.8
897.4
903.8
909.1
916.9
923.0

Source: Department of Commerce, Bureau of Economic Analysis.

Retail sales
of new passenger cars
and light
trucks (millions of
units)

12.8
13.9
15.0
14.7
15.0
15.1
15.4
16.8
17.2
15.2
15.2
14.9
16.0
14.6
16.2
16.2
16.8
17.1
17.0
18.2
17.2
17.4
16.2
17.1

SOURCES OF PERSONAL INCOME
Personal income rose $40.8 billion (annual rate) in March, following an increase of $41.5 billion in February. Wages
and salaries increased $22.8 billion in March, following an increase of $30.0 billion in February.

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

Period

1992 .................................................................
1993 .................................................................
1994 .................................................................
1995 .................................................................
1996 .................................................................
1997 ................................................................
1998 ................................................................
1999 ................................................................
2000 ................................................................
2000: Mar ......................................................
Apr .......................................................
May ......................................................
June .....................................................
July ......................................................
Aug .......................................................
Sept ......................................................
Oct .......................................................
Nov ......................................................
Dec .......................................................
2001: Jan r ......................................................
Feb r .....................................................
Mar p .....................................................

Total
personal
income

5,390.4
5,610.0
5,888.0
6,200.9
6,547.4
6,937.0
7,391.0
7,789.6
8,281.7
8,161.6
8,209.3
8,237.6
8,279.5
8,300.0
8,326.5
8,420.6
8,406.0
8,422.1
8,461.0
8,509.6
8,551.1
8,591.9

Wage and
salary
disbursements 1

2,982.6
3,085.2
3,236.7
3,424.7
3,626.5
3,888.9
4,190.7
4,470.0
4,769.4
4,685.9
4,726.9
4,730.0
4,763.5
4,789.1
4,797.8
4,827.8
4,858.7
4,872.7
4,884.7
4,921.3
4,951.3
4,974.1

Proprietors’ income 3
Other labor
income 1 2

449.5
482.8
507.5
497.0
490.0
475.4
485.5
501.0
524.0
516.2
518.4
520.5
522.5
525.1
527.6
530.0
532.0
533.9
536.1
539.1
541.3
543.1

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.

Farm

32.7
30.1
31.9
22.2
34.3
29.7
25.4
25.3
22.6
21.7
23.1
17.5
23.7
17.5
14.7
62.9
17.0
15.4
21.6
17.1
20.9
24.6

Nonfarm

401.7
431.7
444.6
475.5
510.5
551.5
595.2
638.2
687.8
684.9
683.9
687.1
693.2
688.5
697.7
693.1
694.7
695.1
695.7
698.9
700.9
707.6

Rental
income
of
persons 4

63.3
90.9
110.3
117.9
129.7
128.3
135.4
143.4
140.0
147.0
144.3
140.0
138.1
136.0
134.5
144.0
134.3
134.8
137.1
136.5
138.0
139.4

Personal
dividend
income

185.3
203.0
234.7
254.0
297.4
334.9
351.1
370.3
396.6
388.9
390.6
392.4
394.8
397.2
399.6
402.2
404.7
407.1
409.8
412.0
414.3
416.4

Personal
interest
income

750.1
725.5
742.4
792.5
810.6
864.0
940.8
963.7
1,034.3
1,021.2
1,026.1
1,030.9
1,036.8
1,040.0
1,042.4
1,046.1
1,049.2
1,051.8
1,053.6
1,050.5
1,047.2
1,043.2

Transfer
payments 5

Less: Personal contributions
for social
insurance

751.7
798.6
833.9
885.9
928.8
962.2
983.0
1,016.2
1,067.8
1,050.9
1,053.8
1,077.3
1,067.3
1,068.7
1,074.9
1,079.1
1,082.2
1,078.9
1,090.9
1,109.2
1,114.3
1,122.2

226.6
237.8
254.1
268.8
280.4
297.9
316.2
338.5
360.7
355.2
357.9
358.2
360.4
362.1
362.6
364.6
366.7
367.6
368.4
375.1
377.1
378.6

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 1.1 percent in the first quarter of 2001.

Period

Personal
income

Less:
Personal
tax and
nontax
payments

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(1996)
dollars

Per capita
disposable personal
income
Current
dollars

Billions of dollars
1992
1993
1994
1995
1996
1997
1998
1999
2000

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

5,390.4
5,610.0
5,888.0
6,200.9
6,547.4
6,937.0
7,391.0
7,789.6
8,281.7

635.8
674.6
722.6
778.3
869.7
968.8
1,070.9
1,152.0
1,291.9

4,754.6
4,935.3
5,165.4
5,422.6
5,677.7
5,968.2
6,320.0
6,637.7
6,989.8

Chained
(1996)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(1996)
dollars

Dollars

4,340.9
4,584.5
4,849.9
5,120.2
5,405.6
5,715.3
6,054.7
6,490.1
6,998.3

413.7
350.8
315.5
302.4
272.1
252.9
265.4
147.6
¥8.5

5,189.3
5,261.3
5,397.2
5,539.1
5,677.7
5,854.5
6,134.1
6,331.0
6,511.0

18,616
19,121
19,820
20,613
21,385
22,262
23,359
24,314
25,379

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

20,318
20,384
20,709
21,055
21,385
21,838
22,672
23,191
23,640

16,482
17,259
18,097
18,888
19,727
20,625
21,625
22,962
24,534

17,989
18,399
18,910
19,294
19,727
20,232
20,989
21,901
22,853

2.0
.3
1.6
1.7
1.6
2.1
3.8
2.3
1.9

8.7
7.1
6.1
5.6
4.8
4.2
4.2
2.2
¥.1

255,403
258,107
260,616
263,073
265,504
268,087
270,560
272,996
275,423

21,895
22,102
22,412
22,615
22,756
22,903
23,022
23,133
23,203
23,404
23,472
23,639
23,732
23,718
23,781

20,772
20,961
21,188
21,509
21,756
22,044
22,403
22,791
23,123
23,528
24,122
24,381
24,701
24,930
25,267

20,348
20,465
20,667
20,917
21,083
21,285
21,539
21,789
22,003
22,268
22,635
22,761
22,956
23,059
23,185

2.8
3.8
5.7
3.7
2.5
2.6
2.1
1.9
1.2
3.5
1.2
2.9
1.6
¥.2
1.1

3.9
4.2
4.6
4.3
4.1
3.8
3.1
2.5
1.8
1.5
.2
.3
¥.2
¥.7
¥1.0

268,433
269,096
269,623
270,188
270,882
271,548
272,070
272,619
273,315
273,980
274,508
275,059
275,735
276,388
277,011

Seasonally adjusted annual rates
1997: III ..........
IV ..........
1998: I .............
II ...........
III ..........
IV ..........
1999: I .............
II ...........
III ..........
IV ..........
2000: I .............
II ...........
III ..........
IV ..........
2001: I p ...........

6,978.6
7,097.9
7,230.7
7,339.5
7,445.1
7,548.6
7,628.1
7,729.7
7,828.5
7,972.3
8,105.8
8,242.1
8,349.0
8,429.7
8,550.9

978.9
1,006.3
1,035.8
1,056.4
1,084.0
1,107.5
1,113.2
1,133.4
1,164.0
1,197.3
1,239.3
1,277.2
1,308.1
1,342.7
1,371.6

5,999.7
6,091.6
6,194.9
6,283.1
6,361.1
6,441.1
6,514.9
6,596.3
6,664.5
6,775.0
6,866.5
6,964.9
7,040.9
7,087.0
7,179.2

5,763.7 236.0
5,834.3 257.3
5,909.2 285.6
6,012.9 270.2
6,099.5 261.6
6,197.1 244.0
6,310.3 204.6
6,432.8 163.6
6,543.3 121.1
6,674.1 101.0
6,855.6
11.0
6,944.3
20.6
7,054.7 ¥13.8
7,138.6 ¥51.6
7,253.6 ¥74.3

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

5,877.3
5,947.5
6,042.8
6,110.3
6,164.1
6,219.2
6,263.7
6,306.6
6,341.7
6,412.2
6,443.1
6,502.0
6,543.7
6,555.3
6,587.7

22,351
22,637
22,976
23,254
23,483
23,720
23,946
24,196
24,384
24,728
25,014
25,322
25,535
25,641
25,917

Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

FARM INCOME
In the fourth quarter of 2000, according to preliminary estimates, gross farm income rose $23.2 billion (annual
rate) and net farm income rose $36.5 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

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

200.4
204.7
215.9
210.7
235.7
238.4
233.2
235.5
245.1
235.1
231.6
234.6
231.6
229.3
231.3
228.3
253.2
241.0
242.4
236.9
260.1

171.3
177.9
181.1
188.0
199.1
207.6
196.6
188.6
196.0
203.0
206.4
194.6
182.3
188.3
193.0
193.2
179.9
198.3
202.6
200.6
182.7

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

85.7
90.4
88.2
87.1
92.8
96.5
94.1
95.5
99.5
93.1
91.6
96.4
95.3
95.7
94.7
96.0
95.5
100.9
102.2
98.1
96.6

Crops

85.6
87.5
92.9
100.8
106.3
111.1
102.5
93.1
96.6
109.9
114.8
98.1
87.0
92.6
98.3
97.3
84.4
97.4
100.3
102.5
86.1

Value of
inventory
changes 2

4.2
¥4.2
8.3
¥5.0
8.0
.7
¥.7
¥.9
¥1.0
¥.9
¥.9
¥.6
¥.5
¥1.1
¥1.1
¥.8
¥.6
¥1.3
¥1.3
¥.9
¥.7

Production
expenses

152.8
160.4
167.1
173.8
180.8
189.8
188.6
192.1
199.7
196.3
196.3
185.8
176.0
199.5
200.4
189.5
179.1
205.3
210.1
198.4
185.1

Net farm
income

47.7
44.3
48.8
36.9
54.9
48.6
44.6
43.4
45.4
38.8
35.3
48.8
55.6
29.9
30.9
38.8
74.1
35.7
32.3
38.5
75.0

NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1992 and 1993 in chart do not reflect previous revisions to annual
data in table.
Data for 2000 are forecasts.
Source: Department of Agriculture.

7

CORPORATE PROFITS
In the fourth quarter of 2000, according to current estimates, corporate profits before tax fell $51.0 billion (annual
rate) and profits after tax fell $28.0 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

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

421.1
448.8
506.4
561.0
650.2
729.4
800.8
775.1
813.9
912.7
824.7
817.3

346.7
380.1
429.6
483.7
558.2
628.6
690.2
671.6
702.5
771.5
710.2
708.2

120.2
124.8
127.9
114.7
154.3
165.3
185.7
164.8
172.0
193.6
187.6
190.7

226.5
255.2
301.7
369.0
403.8
463.3
504.5
506.8
530.4
577.9
522.6
517.5

93.5
93.9
108.4
139.6
166.1
181.2
195.2
177.4
181.6
185.0
207.9
197.5

53.2
58.5
69.6
82.9
85.8
91.4
85.0
83.9
88.4
100.8
83.8
84.9

22.0
25.9
28.2
33.1
29.4
42.6
49.2
56.4
56.7
65.1
51.9
49.5

27.7
33.7
39.7
46.6
44.1
52.9
63.9
76.6
81.5
89.5
65.7
67.9

416.1
451.6
510.4
573.4
668.5
726.3
792.4
758.2
823.0
925.6
819.0
811.6

133.6
143.1
165.4
186.7
211.0
223.6
237.2
244.6
255.9
284.2
245.2
244.8

282.6
308.4
345.0
386.7
457.5
502.7
555.2
513.6
567.1
641.4
573.8
566.9

178.4
185.5
203.1
234.9
254.2
297.7
335.2
351.5
370.7
397.0
340.6
347.1

104.1
122.9
141.9
151.8
203.3
205.0
220.0
162.1
196.4
244.4
233.2
219.8

4.9
¥2.8
¥4.0
¥12.4
¥18.3
3.1
8.4
17.0
¥9.1
¥12.9
5.6
5.7

1998: I .........
II .......
III ......
IV ......

786.2
774.4
777.8
762.2

676.3
665.9
684.3
660.2

173.7
168.0
161.1
156.5

502.6
497.9
523.2
503.7

177.1
175.1
184.5
172.8

85.7
82.5
87.6
80.0

53.2
57.5
60.5
54.3

73.7
75.5
77.0
80.0

763.5
766.7
760.1
742.3

244.1
245.9
249.0
239.4

519.4
520.9
511.1
502.9

348.8
349.8
351.4
356.1

170.6
171.1
159.7
146.9

22.6
7.7
17.7
19.9

1999: I .........
II .......
III ......
IV ......
2000: I .........
II .......
III ......
IV ......
2001: I p .......

809.1
795.6
799.3
851.5
895.7
928.8
940.5
885.6
............

701.8
689.6
687.4
731.0
766.8
794.5
798.4
726.2
............

173.2
160.5
167.2
187.3
191.9
188.1
195.5
198.9
............

528.6
529.2
520.2
543.8
574.9
606.5
602.9
527.3
............

188.8
184.8
179.8
173.0
193.7
201.8
192.1
152.4
................

83.8
79.7
88.6
101.4
101.9
103.9
103.1
94.3
................

55.2
58.0
54.3
59.2
61.2
69.7
71.1
58.6
..............

84.0
84.8
75.4
81.9
90.2
92.4
91.8
83.5
..............

797.6
804.5
819.0
870.7
920.7
942.5
945.1
894.1
............

247.8
250.8
254.2
270.8
286.3
292.0
290.6
267.7
............

549.9
553.7
564.8
599.9
634.4
650.4
654.4
626.4
..............

361.1
367.2
373.9
380.6
387.3
393.0
400.1
407.6
414.7

188.7
186.5
190.9
219.3
247.1
257.4
254.4
218.8
..............

11.4
¥8.9
¥19.7
¥19.2
¥25.0
¥13.6
¥4.5
¥8.5
............

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 2001, according to advance estimates, nonresidential fixed investment in chained (1996)
dollars rose $3.9 billion (annual rate) and residential investment rose $2.9 billion. There was a decrease of $7.1
billion in inventories following an increase of $55.7 billion in the fourth quarter.

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

Gross
private
domestic
investment

Change in private
inventories

Nonresidential
Total
Total

Equipment
and software

Residential

Structures

Total

Nonfarm

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

829.5
899.8
977.9
1,107.0
1,140.6
1,242.7
1,393.3
1,566.8
1,669.7
1,839.8

832.5
886.5
958.4
1,045.9
1,109.2
1,212.7
1,328.6
1,485.3
1,621.4
1,771.7

610.1
630.6
683.6
744.6
817.5
899.4
1,009.3
1,140.3
1,255.3
1,413.7

210.1
197.3
198.9
200.5
210.1
225.0
245.4
263.0
259.2
282.9

407.2
437.5
487.1
544.9
607.6
674.4
764.2
879.0
1,003.1
1,140.5

221.1
257.2
276.0
302.7
291.7
313.3
319.7
346.1
368.3
366.3

¥1.0
17.1
20.0
66.8
30.4
30.0
63.8
80.2
45.3
60.9

1.4
10.7
28.6
53.6
42.6
22.1
60.6
78.7
44.9
55.8

1997: III .........................................................................
IV ..........................................................................

1,408.6
1,438.5

1,356.7
1,371.3

1,037.0
1,047.0

248.5
252.7

788.9
794.5

320.3
324.9

51.3
66.1

42.4
61.3

1998: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

1,545.1
1,540.8
1,571.4
1,609.9

1,427.4
1,477.6
1,496.4
1,539.7

1,096.0
1,136.4
1,146.3
1,182.3

257.5
266.2
263.0
265.1

839.4
871.3
885.2
920.0

332.4
342.4
350.9
358.5

117.3
60.9
73.1
69.4

109.7
62.5
79.2
63.5

1999: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

1,623.2
1,623.1
1,680.8
1,751.6

1,574.0
1,607.1
1,637.8
1,666.6

1,209.4
1,237.5
1,272.5
1,301.8

262.9
258.7
254.6
260.6

950.9
985.0
1,026.6
1,050.1

365.7
370.9
368.0
368.5

48.1
13.1
39.1
80.9

49.2
14.1
43.5
73.0

2000: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
2001: I p ...........................................................................

1,773.6
1,863.0
1,871.1
1,851.5
1,795.8

1,730.9
1,777.6
1,791.3
1,787.1
1,794.2

1,365.3
1,412.5
1,438.8
1,438.3
1,442.2

274.0
277.0
286.6
293.8
301.6

1,100.4
1,146.6
1,162.4
1,152.7
1,146.7

371.4
372.6
362.3
359.0
361.9

36.6
78.6
72.5
55.7
¥7.1

33.0
72.3
67.4
50.5
¥13.1

1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

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 intermediate 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

1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
1997:
1998:

1999:

2000:

2001:

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

610.1
630.6
683.6
744.6
817.5
899.4
1,009.3
1,140.3
1,255.3
1,413.7
1,037.0
1,047.0
1,096.0
1,136.4
1,146.3
1,182.3
1,209.4
1,237.5
1,272.5
1,301.8
1,365.3
1,412.5
1,438.8
1,438.3
1,442.2

Total 1

210.1
197.3
198.9
200.5
210.1
225.0
245.4
263.0
259.2
282.9
248.5
252.7
257.5
266.2
263.0
265.1
262.9
258.7
254.6
260.6
274.0
277.0
286.6
293.8
301.6

Residential
Structures

Equipment and software
Information processing equipment
and software

Nonresidential
buildings,
including
farm

Utilities

142.7
129.2
131.7
137.2
147.6
161.7
177.0
189.1
187.4
200.8
180.9
178.8
184.5
190.1
188.6
193.2
193.6
187.7
183.2
185.1
196.5
199.5
202.7
204.6
207.7

38.9
41.8
38.4
36.1
36.8
36.0
35.3
43.0
43.5
45.7
35.5
36.7
41.5
43.0
43.6
44.0
43.3
43.2
43.6
44.0
44.9
42.8
45.6
49.4
49.0

Mining
exploration,
shafts,
and
wells

Total 2

20.8
17.2
20.5
19.8
18.2
21.1
26.2
24.4
21.5
29.4
25.7
27.4
25.1
26.2
24.6
21.7
19.7
20.6
21.3
24.6
26.1
28.4
30.5
32.5
37.4

407.2
437.5
487.1
544.9
607.6
674.4
764.2
879.0
1,003.1
1,140.5
788.9
794.5
839.4
871.3
885.2
920.0
950.9
985.0
1,026.6
1,050.1
1,100.4
1,146.6
1,162.4
1,152.7
1,146.7

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

142.7
163.0
183.4
206.6
242.8
287.3
349.8
431.6
542.2
676.6
363.7
375.2
401.4
422.2
440.7
462.0
492.9
526.9
561.1
587.9
629.4
669.1
695.6
712.3
700.6

15.4
20.8
26.4
32.6
49.2
70.9
102.9
149.3
217.3
304.2
110.5
115.8
131.8
144.0
153.4
168.0
186.1
208.5
230.9
243.8
264.1
297.3
324.3
331.2
328.7

Software

Other

Industrial
equipment

51.4
58.7
66.8
74.3
82.0
95.1
119.0
151.0
188.0
228.6
123.0
130.1
137.8
146.7
155.7
163.9
173.3
181.1
192.5
205.3
215.0
224.5
234.3
240.8
239.6

86.4
91.5
96.4
104.9
113.1
121.3
129.8
140.7
163.1
195.8
132.8
132.5
137.7
139.7
141.6
143.9
151.4
161.3
168.1
171.6
187.3
196.6
197.5
201.7
194.3

99.0
100.8
109.6
119.6
131.3
136.4
140.0
146.9
147.8
164.3
141.8
143.2
145.5
146.9
147.6
147.7
143.7
145.7
148.9
152.8
158.9
164.0
167.4
167.0
165.0

Transportation
equipment

Total
residential 3

87.7
92.3
103.4
120.4
128.2
138.9
150.5
168.0
191.8
189.8
156.2
150.3
161.1
167.1
162.3
181.6
183.1
189.0
199.1
195.9
197.3
199.2
190.6
172.0
176.0

221.1
257.2
276.0
302.7
291.7
313.3
319.7
346.1
368.3
366.3
320.3
324.9
332.4
342.4
350.9
358.5
365.7
370.9
368.0
368.5
371.4
372.6
362.3
359.0
361.9

Total 4

Single
family

215.1
251.0
269.4
295.8
284.4
305.6
311.8
337.7
359.2
356.6
312.4
316.9
324.3
334.1
342.6
350.0
356.9
361.9
358.8
359.2
361.8
362.9
352.6
349.2
352.1

112.3
135.7
148.0
163.2
147.7
159.1
158.6
175.9
187.6
189.4
158.2
160.2
165.6
173.6
179.9
184.7
187.6
188.5
185.6
188.8
195.8
193.5
184.9
183.2
187.4

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 .......
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 fell by 426,000, and unemployment rose by 314,000.

[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian employment

Period

1991 ..................................
1992 ..................................
1993 ..................................
1994 3 ................................
1995 ..................................
1996 ..................................
1997 4 ................................
1998 4 ................................
1999 4 ................................
2000 4 ................................
2000: Apr ........................
May .......................
June ......................
July .......................
Aug ........................
Sept .......................
Oct ........................
Nov ........................
Dec ........................
2001: Jan 4 ......................
Feb .........................
Mar ........................
Apr .........................

Civilian
noninstitutional
population
NSA

190,925
192,805
194,838
196,814
198,584
200,591
203,133
205,220
207,753
209,699
209,216
209,371
209,543
209,727
209,935
210,161
210,378
210,577
210,743
210,889
211,026
211,171
211,348

Civilian
labor
force

126,346
128,105
129,200
131,056
132,304
133,943
136,297
137,673
139,368
140,863
141,114
140,573
140,757
140,546
140,724
140,847
141,000
141,136
141,489
141,955
141,751
141,868
141,757

Nonagricultural
Total

117,718
118,492
120,259
123,060
124,900
126,708
129,558
131,463
133,488
135,208
135,517
134,843
135,183
134,898
134,939
135,310
135,464
135,478
135,836
135,999
135,815
135,780
135,354

Agricultural

3,269
3,247
3,115
3,409
3,440
3,443
3,399
3,378
3,281
3,305
3,360
3,294
3,313
3,295
3,317
3,356
3,241
3,176
3,274
3,179
3,135
3,161
3,192

Part time
for
economic
reasons 1

Total

114,449
115,245
117,144
119,651
121,460
123,264
126,159
128,025
130,207
131,903
132,157
131,549
131,870
131,603
131,622
131,954
132,223
132,302
132,562
132,819
132,680
132,618
132,162

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 Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire.

Percent 2

Unemployment

5,874
6,240
6,230
4,414
4,279
4,123
3,879
3,501
3,189
3,045
3,021
3,077
2,981
2,972
3,038
3,030
3,044
3,285
3,088
3,227
3,143
3,007
3,061

Total

8,628
9,613
8,940
7,996
7,404
7,236
6,739
6,210
5,880
5,655
5,597
5,730
5,574
5,648
5,785
5,537
5,536
5,658
5,653
5,956
5,936
6,088
6,402

15
weeks
and
over
2,357
3,408
3,094
2,860
2,363
2,316
2,062
1,637
1,480
1,309
1,274
1,325
1,260
1,319
1,373
1,247
1,311
1,317
1,326
1,371
1,490
1,517
1,499

Not in
labor
force

64,578
64,700
65,638
65,758
66,280
66,647
66,837
67,547
68,385
68,836
68,102
68,798
68,786
69,181
69,211
69,314
69,378
69,441
69,254
68,934
69,275
69,304
69,592

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

66.2
66.4
66.3
66.6
66.6
66.8
67.1
67.1
67.1
67.2
67.4
67.1
67.2
67.0
67.0
67.0
67.0
67.0
67.1
67.3
67.2
67.2
67.1

61.7
61.5
61.7
62.5
62.9
63.2
63.8
64.1
64.3
64.5
64.8
64.4
64.5
64.3
64.3
64.4
64.4
64.3
64.5
64.5
64.4
64.3
64.0

6.8
7.5
6.9
6.1
5.6
5.4
4.9
4.5
4.2
4.0
4.0
4.1
4.0
4.0
4.1
3.9
3.9
4.0
4.0
4.2
4.2
4.3
4.5

4 Not

strictly comparable with earlier data.
NOTE.—Data beginning January 1998, 1999, 2000, and 2001 reflect revised population controls. For details, see February issues, Employment and Earnings.
Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
In April, the unemployment rate rose to 4.5 percent from 4.3 percent in March.

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By sex and age
Period

1991 .........................
1992 .........................
1993 .........................
1994 2 .......................
1995 .........................
1996 .........................
1997 .........................
1998 .........................
1999 .........................
2000 .........................
2000: Apr ...............
May ..............
June .............
July ..............
Aug ..............
Sept ..............
Oct ...............
Nov ..............
Dec ...............
2001: Jan ...............
Feb ...............
Mar ...............
Apr ...............
1 Revised
2 Data

12

All
civilian
workers

6.8
7.5
6.9
6.1
5.6
5.4
4.9
4.5
4.2
4.0
4.0
4.1
4.0
4.0
4.1
3.9
3.9
4.0
4.0
4.2
4.2
4.3
4.5

Men
20 years
and over

Women
20 years
and over

6.4
7.1
6.4
5.4
4.8
4.6
4.2
3.7
3.5
3.3
3.3
3.3
3.2
3.2
3.3
3.3
3.3
3.4
3.4
3.6
3.5
3.8
4.0

5.7
6.3
5.9
5.4
4.9
4.8
4.4
4.1
3.8
3.6
3.6
3.8
3.7
3.7
3.7
3.5
3.4
3.4
3.4
3.6
3.7
3.6
3.8

By race
Both
sexes
16–19
years

White

18.7
20.1
19.0
17.6
17.3
16.7
16.0
14.6
13.9
13.1
12.8
12.8
11.9
13.4
14.2
12.9
12.6
13.0
13.1
13.8
13.6
13.8
14.2

definition; for details, see Employment and Earnings, February 1994.
beginning January 1994 are not directly comparable with data for earlier periods.

6.1
6.6
6.1
5.3
4.9
4.7
4.2
3.9
3.7
3.5
3.5
3.5
3.4
3.5
3.6
3.5
3.4
3.5
3.5
3.6
3.7
3.7
4.0

Black
and
other

11.1
12.7
11.7
10.5
9.6
9.3
8.8
7.8
7.0
6.7
6.5
7.1
6.9
6.7
6.9
6.2
6.5
6.4
6.4
7.1
6.6
7.3
7.1

By selected groups

Black

12.5
14.2
13.0
11.5
10.4
10.5
10.0
8.9
8.0
7.6
7.3
7.9
7.8
7.7
7.9
7.2
7.4
7.5
7.6
8.4
7.5
8.6
8.2

Experienced
wage
and
salary
workers

6.6
7.2
6.6
5.9
5.4
5.2
4.7
4.3
4.0
3.9
3.8
3.9
3.9
3.8
3.9
3.8
3.8
3.8
3.8
4.0
4.1
4.3
4.4

Married
men,
spouse
present

4.4
5.1
4.4
3.7
3.3
3.0
2.7
2.4
2.2
2.0
1.8
1.9
1.9
2.0
2.0
2.1
2.1
2.2
2.2
2.3
2.3
2.5
2.5

Women
who
maintain
families

Full-time
workers 1

Part-time
workers 1

9.3
10.0
9.7
8.9
8.0
8.2
8.1
7.2
6.4
5.9
6.2
6.3
6.0
5.7
6.0
5.4
5.4
5.2
5.1
6.4
6.1
6.2
6.3

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

7.0
7.5
7.2
6.0
6.0
5.8
5.5
5.3
5.0
4.8
4.7
5.1
4.9
5.1
5.0
4.6
4.5
4.5
4.6
4.9
4.8
4.8
5.5

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 rose; the percentages for 5–14 weeks and for 15–26 weeks fell. The mean duration of unemployment
fell to 12.6 weeks and the median duration fell to 5.8 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
1991 ........................................
1992 ........................................
1993 ........................................
1994 3 ......................................
1995 ........................................
1996 ........................................
1997 ........................................
1998 ........................................
1999 ........................................
2000 ........................................
2000: Apr ..............................
May .............................
June ............................
July .............................
Aug ..............................
Sept .............................
Oct ..............................
Nov ..............................
Dec ..............................
2001: Jan ..............................
Feb ..............................
Mar ..............................
Apr ...............................

8,628
9,613
8,940
7,996
7,404
7,236
6,739
6,210
5,880
5,655
5,597
5,730
5,574
5,648
5,785
5,537
5,536
5,658
5,653
5,956
5,936
6,088
6,402

40.3
35.1
36.5
34.1
36.5
36.4
37.7
42.2
43.7
45.0
44.6
44.0
45.9
44.3
44.5
45.5
45.0
44.8
43.4
43.8
47.0
43.2
46.0

32.4
29.4
28.9
30.1
31.6
31.6
31.7
31.4
31.2
31.9
32.7
33.0
31.7
32.2
31.7
31.8
31.5
31.8
33.0
33.2
28.0
32.2
30.7

14.4
15.1
14.5
15.5
14.6
14.6
14.8
12.3
12.8
11.8
11.8
11.6
10.9
11.6
11.7
11.2
12.6
12.6
12.0
12.3
13.3
13.2
11.8

12.9
20.3
20.1
20.3
17.3
17.4
15.8
14.1
12.3
11.4
10.9
11.4
11.6
11.9
12.1
11.4
10.9
10.7
11.6
10.7
11.7
11.4
11.5

1 Beginning January 1994, job losers and persons who completed temporary jobs.
2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental
compensation or Emergency Unemployment Compensation programs.

13.7
17.7
18.0
18.8
16.6
16.7
15.8
14.5
13.4
12.6
12.5
12.6
12.5
13.2
13.0
12.1
12.4
12.4
12.6
12.6
12.9
13.0
12.6

6.8
8.7
8.3
9.2
8.3
8.3
8.0
6.7
6.4
5.9
6.0
5.9
5.9
5.9
6.1
5.3
6.1
6.1
6.1
5.9
6.0
6.5
5.8

54.4
56.1
54.2
47.7
46.9
46.6
45.1
45.5
44.6
44.1
43.0
42.7
43.6
43.7
44.6
45.6
44.3
44.4
44.7
45.8
47.8
48.8
49.9

11.6
10.4
10.9
9.9
11.1
10.7
11.8
11.8
13.3
13.7
14.5
13.5
12.4
14.0
13.5
13.8
14.7
13.6
13.3
14.0
13.7
13.4
11.7

24.8
23.8
24.6
34.8
34.1
34.7
34.7
34.3
34.1
34.6
35.2
35.6
36.5
34.9
33.3
32.8
33.8
34.4
33.8
32.7
32.3
31.4
31.3

9.2
9.7
10.3
7.6
7.8
8.0
8.4
8.4
8.0
7.6
7.3
8.3
7.4
7.3
8.7
7.8
7.2
7.6
8.3
7.4
6.2
6.4
7.2

3,342
3,245
2,751
2,670
2,572
2,595
2,323
2,222
2,188
2,110
1,981
1,990
2,073
2,124
2,165
2,165
2,188
2,277
2,365
2,350
2,414
2,505
..............

447
408
341
340
357
356
323
321
298
301
280
292
301
296
313
307
313
344
355
330
355
r 378
p 398

3,406
3,348
2,845
2,739
2,633
2,650
2,366
2,257
2,219
2,142
2,161
1,882
1,802
2,199
1,932
1,767
1,898
1,943
2,385
3,104
3,046
2,821
.................

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 fell by 223,000 in April.

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]

Goods-producing industries
Period

1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2000:

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
Apr ........
May .......
June ......
July .......
Aug ........
Sept .......
Oct .........
Nov ........
Dec ........
2001: Jan .........
Feb r .......
Mar r ......
Apr p .......

Total
nonagricultural
employment

108,249
108,601
110,713
114,163
117,191
119,608
122,690
125,865
128,786
131,418
131,419
131,590
131,647
131,607
131,528
131,723
131,789
131,842
131,878
132,167
132,303
132,250
132,027

Service-producing industries

Manufacturing
Total 2

23,745
23,231
23,352
23,908
24,265
24,493
24,962
25,414
25,482
25,662
25,725
25,684
25,700
25,756
25,644
25,639
25,665
25,635
25,569
25,641
25,563
25,500
25,336

Construction

4,650
4,492
4,668
4,986
5,160
5,418
5,691
6,020
6,404
6,687
6,694
6,666
6,668
6,670
6,675
6,720
6,745
6,734
6,717
6,874
6,888
6,904
6,840

Total

18,406
18,104
18,075
18,321
18,524
18,495
18,675
18,805
18,543
18,437
18,492
18,479
18,493
18,548
18,432
18,380
18,378
18,360
18,312
18,220
18,124
18,043
17,939

Durable
goods

Nondurable
goods

10,569
10,277
10,221
10,448
10,683
10,789
11,010
11,205
11,103
11,085
11,104
11,106
11,120
11,161
11,087
11,052
11,052
11,058
11,037
10,952
10,903
10,841
10,768

7,837
7,827
7,854
7,873
7,841
7,706
7,665
7,600
7,440
7,353
7,388
7,373
7,373
7,387
7,345
7,328
7,326
7,302
7,275
7,268
7,221
7,202
7,171

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

84,504
85,370
87,361
90,256
92,925
95,115
97,727
100,451
103,304
105,756
105,694
105,906
105,947
105,851
105,884
106,084
106,124
106,207
106,309
106,526
106,740
106,750
106,691

Transportation and
public
utilities

5,755
5,718
5,811
5,984
6,132
6,253
6,408
6,611
6,826
6,993
6,970
6,962
6,985
7,010
6,941
7,037
7,046
7,060
7,086
7,077
7,096
7,098
7,096

Wholesale
trade

6,081
5,997
5,981
6,162
6,378
6,482
6,648
6,800
6,924
7,054
7,055
7,048
7,049
7,050
7,062
7,070
7,087
7,093
7,085
7,074
7,072
7,070
7,066

Retail
trade

19,284
19,356
19,773
20,507
21,187
21,597
21,966
22,295
22,788
23,136
23,197
23,064
23,122
23,196
23,191
23,179
23,193
23,238
23,245
23,272
23,355
23,309
23,331

Finance,
insurance,
Services
and real
estate

6,646
6,602
6,757
6,896
6,806
6,911
7,109
7,389
7,569
7,618
7,610
7,600
7,588
7,586
7,608
7,622
7,638
7,647
7,661
7,676
7,690
7,708
7,716

28,336
29,052
30,197
31,579
33,117
34,454
36,040
37,533
39,027
40,384
40,195
40,220
40,401
40,403
40,572
40,685
40,696
40,764
40,797
40,917
40,938
40,965
40,844

Government
Total

18,402
18,645
18,841
19,128
19,305
19,419
19,557
19,823
20,170
20,572
20,667
21,012
20,802
20,606
20,510
20,491
20,464
20,405
20,435
20,510
20,589
20,600
20,638

Federal

2,966
2,969
2,915
2,870
2,822
2,757
2,699
2,686
2,669
2,777
2,885
3,238
3,092
2,819
2,657
2,627
2,625
2,615
2,566
2,616
2,619
2,615
2,614

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

1991 ......................
1992 ......................
1993 ......................
1994 ......................
1995 ......................
1996 .....................
1997 .....................
1998 ......................
1999 .....................
2000 .....................
2000: Mar ...........
Apr ...........
May ...........
June ..........
July ...........
Aug ...........
Sept ..........
Oct ............
Nov ............
Dec ............
2001: Jan ...........
Feb ...........
Mar r ..........
Apr p ..........

Total
private
nonagricultural 1

34.3
34.4
34.5
34.7
34.5
34.4
34.6
34.6
34.5
34.5
34.5
34.6
34.4
34.5
34.4
34.3
34.4
34.4
34.3
34.1
34.3
34.2
34.3
34.3

Total

40.7
41.0
41.4
42.0
41.6
41.6
42.0
41.7
41.7
41.5
41.7
42.2
41.4
41.6
41.7
41.4
41.3
41.4
41.2
40.4
40.9
40.7
40.7
40.7

Average gross weekly earnings

Total private
nonagricultural 1

Overtime

3.6
3.8
4.1
4.7
4.4
4.5
4.8
4.6
4.6
4.5
4.6
4.9
4.5
4.6
4.6
4.5
4.4
4.5
4.3
3.9
4.1
3.9
3.8
3.8

Current
dollars

$10.32
10.57
10.83
11.12
11.43
11.82
12.28
12.78
13.24
13.74
13.58
13.64
13.66
13.70
13.75
13.80
13.83
13.88
13.96
14.02
14.02
14.11
14.17
14.22

1982
dollars 2

$7.45
7.41
7.39
7.40
7.39
7.43
7.55
7.75
7.86
7.88
7.84
7.87
7.88
7.86
7.87
7.90
7.87
7.89
7.91
7.93
7.89
7.92
7.95
..............

Total private
nonagricultural 1
Manufacturing

Current
dollars

$11.18
11.46
11.74
12.07
12.37
12.77
13.17
13.49
13.91
14.38
14.23
14.28
14.27
14.36
14.39
14.43
14.43
14.56
14.63
14.60
14.59
14.67
14.70
14.78

1 Also

includes other private industry groups shown on p. 14.
2 Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI–W) (on a 1982=100 base).

Percent change from
a year earlier, total
private nonagricultural

Current dollars

1982
dollars 2

Manufacturing

Construction

Retail
trade

$353.98
363.61
373.64
385.86
394.34
406.61
424.89
442.19
456.78
474.03
468.51
471.94
469.90
472.65
473.00
473.34
475.75
477.47
478.83
478.08
480.89
482.56
486.03
487.75

$255.40
254.99
254.87
256.73
255.07
255.73
261.31
268.32
271.25
271.96
270.35
272.33
271.15
271.17
270.75
270.94
270.77
271.29
271.45
270.56
270.62
270.80
272.74
..............

$455.03
469.86
486.04
506.94
514.59
531.23
553.14
562.53
580.05
596.77
593.39
602.62
590.78
597.38
600.06
597.40
595.96
602.78
602.76
589.84
596.73
597.07
598.29
601.55

$533.40
537.70
553.63
573.00
587.00
603.33
625.56
646.13
671.74
701.90
703.27
704.09
695.80
687.70
703.47
702.86
700.44
707.40
700.70
687.51
713.04
697.68
720.22
711.20

$198.48
205.06
209.95
216.46
221.47
230.11
240.74
253.46
263.32
273.11
271.15
270.43
270.43
273.47
272.16
273.31
274.75
275.33
277.44
277.24
279.65
279.75
280.62
281.20

Current
dollars

2.5
2.7
2.8
3.3
2.2
3.1
4.5
4.1
3.3
3.8
3.7
4.1
3.3
3.6
3.3
3.2
3.3
3.4
3.5
3.1
3.3
3.0
3.7
3.4

1982
dollars

¥1.6
¥.2
¥.0
.7
¥.6
.3
2.2
2.7
1.1
.3
¥.3
.8
¥.1
¥.3
¥.4
¥.2
¥.2
.0
¥.0
¥.3
¥.4
¥.5
.9
..............

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
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

111.7
115.6
119.8
123.5
126.7
130.6
135.1
139.8
144.6
150.9

110.0
112.9
116.4
119.7
123.1
127.3
132.3
137.4
142.2
147.7

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 r ...............................................................
June r ..............................................................
Sept r ...............................................................
Dec r ................................................................
2001: Mar .................................................................

131.6
132.6
133.7
135.2
136.2
137.3
138.8
139.7
140.2
141.8
143.0
144.6
146.6
148.3
149.7
151.0
152.7

128.5
129.7
130.9
132.4
133.7
134.8
136.5
137.5
138.1
139.7
140.9
142.3
143.9
145.4
146.7
147.9
149.5

116.2
122.2
128.3
133.0
135.9
138.6
141.8
145.2
150.2
158.6

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

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

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

0.9
.9
.9
1.1
1.0
.8
1.3
.7
.4
1.2
.9
1.0
1.1
1.0
.9
.8
1.1

0.2
.6
.5
1.0
.3
.6
.7
.7
.1
1.0
1.0
1.3
2.0
1.2
1.2
1.1
1.4

Seasonally adjusted

1 Employer

costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries.

138.9
139.7
140.4
141.8
142.2
143.1
144.1
145.1
145.3
146.7
148.2
150.2
153.2
155.1
157.0
158.7
161.0

0.7
.8
.8
1.1
.7
.8
1.1
.6
.4
1.1
.8
1.1
1.4
1.2
.9
.9
1.1

4.4
3.5
3.6
3.1
2.6
3.1
3.4
3.5
3.4
4.4

3.7
2.6
3.1
2.8
2.8
3.4
3.9
3.9
3.5
3.9

6.2
5.2
5.0
3.7
2.2
2.0
2.3
2.4
3.4
5.6

Not seasonally adjusted
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
4.6
4.6
4.4
4.2

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
4.1
4.1
3.9
3.8

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
5.7
6.0
5.6
5.0

Data exclude farm and household workers.
Seasonally adjusted data revised beginning 1996 to reflect annual seasonal adjustment revisions.
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
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
1997:

1998:

1999:

2000:

2001:

........................
........................
........................
........................
........................
........................
........................
........................
........................
........................
I ...................
II ..................
III ................
IV .................
I ...................
II ..................
III ................
IV .................
I ...................
II ..................
III ................
IV .................
I ...................
II ..................
III ................
IV r ...............
I p* ................

96.3
100.0
100.5
101.9
102.6
105.4
107.8
110.8
113.8
118.6
106.4
107.5
108.5
108.7
110.0
110.3
110.8
111.8
112.5
112.7
114.0
116.1
116.6
118.6
119.3
120.1
120.0

96.4
100.0
100.5
101.8
102.8
105.4
107.5
110.4
113.2
118.1
106.2
107.3
108.2
108.4
109.6
110.1
110.5
111.4
111.9
112.0
113.4
115.6
116.2
118.0
118.8
119.4
119.4

96.5
100.0
103.1
108.1
111.5
116.4
122.5
128.6
134.8
142.4
119.9
122.0
123.5
124.4
126.8
127.7
128.9
131.0
132.3
133.1
135.3
138.5
140.3
142.4
143.3
143.5
144.2

96.6
100.0
103.3
108.2
111.8
116.7
122.7
129.0
135.1
142.8
120.2
122.2
123.6
124.7
127.1
128.1
129.2
131.4
132.6
133.4
135.6
138.9
140.7
142.9
143.7
144.0
144.6

100.2
100.0
102.6
106.2
108.7
110.4
113.6
116.1
118.4
120.0
112.7
113.5
113.8
114.5
115.3
115.8
116.3
117.2
117.5
118.1
118.7
119.3
120.3
120.1
120.1
119.5
120.1

100.2
100.0
102.9
106.2
108.8
110.7
114.1
116.8
119.3
120.9
113.1
113.9
114.3
115.0
115.9
116.4
116.9
118.0
118.4
119.1
119.6
120.2
121.1
121.1
120.9
120.6
121.1

95.0
100.0
102.5
104.5
106.7
110.1
113.5
119.6
125.1
131.4
112.2
112.5
113.8
115.6
117.4
118.9
120.3
121.6
123.0
124.3
125.9
127.1
128.2
130.4
132.2
134.6
136.4

95.0
100.0
102.2
104.3
106.6
109.8
113.1
119.0
124.2
130.5
111.8
112.2
113.3
115.0
116.8
118.3
119.8
120.9
122.1
123.4
125.0
126.3
127.6
129.4
131.4
133.5
135.2

97.5
100.0
99.9
99.7
99.3
r 99.8
r 100.7
104.6
107.1
r 108.9
99.9
100.0
r 100.7
101.8
103.2
r 104.2
105.0
105.7
106.4
r 106.9
107.4
r107.5
r 107.4
r 108.5
109.1
110.3
110.5

97.5
100.0
99.6
99.5
99.2
r 99.5
r 100.3
104.0
106.4
r 108.1
99.6
r 99.7
100.2
101.3
102.6
r 103.7
104.5
105.1
105.6
r 106.1
106.6
r106.9
r 106.9
r 107.7
r 108.4
109.3
109.6

98.7
100.0
101.9
102.6
104.1
104.5
105.3
108.0
109.9
110.7
105.4
104.7
104.9
106.3
106.7
107.8
108.6
108.8
109.3
110.4
110.5
109.5
110.0
110.0
110.8
112.1
113.6

98.5
100.0
101.7
102.5
103.7
104.2
105.2
107.7
109.7
110.5
105.3
104.5
104.7
106.1
106.5
107.5
108.4
108.6
109.0
110.2
110.2
109.3
109.8
109.7
110.6
111.8
113.2

98.1
100.0
102.2
104.0
106.0
107.7
109.7
110.6
111.8
113.8
109.1
109.6
109.9
110.2
110.3
110.5
110.7
110.9
111.4
111.8
111.9
112.2
113.0
113.7
114.0
114.5
115.3

98.0
100.0
102.2
104.1
106.1
107.6
109.8
110.8
112.3
114.3
109.1
109.7
110.1
110.4
110.5
110.7
111.0
111.2
111.8
112.2
112.4
112.7
113.6
114.1
114.5
115.0
115.7

3.6
1.6
1.7
.8
1.2
.5
.9
2.5
1.8
.7
1.3
¥2.7
.6
5.5
1.6
3.6
3.3
.7
1.8
4.3
.2
¥3.5
1.9
¥.2
3.2
4.5
5.2

3.5
2.0
2.2
1.8
2.0
1.6
1.8
.8
1.1
1.8
2.6
1.9
1.0
1.1
.3
.7
1.1
.6
1.9
1.2
.5
1.0
3.0
2.4
1.2
1.7
2.7

3.7
2.1
2.2
1.9
2.0
1.4
2.1
.9
1.3
1.8
3.1
2.2
1.3
1.1
.4
.7
1.3
.6
2.2
1.5
.6
1.0
3.2
2.0
1.4
1.6
2.5

Percent change; quarterly data at seasonally adjusted annual rates
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
1997:

1998:

1999:

2000:

2001:

........................
........................
........................
........................
........................
........................
........................
........................
........................
........................
I ...................
II ..................
III ................
IV .................
I ...................
II ..................
III ................
IV .................
I ...................
II ..................
III ................
IV .................
I ...................
II ..................
III ................
IVr ................
I p* ................

1.1
3.9
.5
1.3
.7
2.8
2.3
2.8
2.8
4.2
1.4
4.2
3.8
1.0
4.8
1.1
1.9
3.5
2.7
.5
4.7
7.6
1.7
7.0
2.4
2.9
¥.4

1.2
3.7
.5
1.3
.9
2.5
2.0
2.7
2.6
4.3
1.0
4.2
3.4
.8
4.7
1.6
1.6
3.2
2.0
.2
5.0
8.0
2.1
6.3
3.0
2.0
¥.1

¥1.2
3.7
3.1
4.9
c 3.1
4.4
5.2
5.0
4.8
5.6
5.2
7.1
4.9
3.2
7.9
2.9
3.7
6.8
3.8
2.6
6.6
9.9
5.3
6.3
2.3
.7
1.8

¥1.3
3.5
3.3
4.7
3.4
4.3
5.1
5.1
4.8
5.7
4.8
7.1
4.6
3.4
8.2
3.1
3.7
6.8
3.6
2.4
7.0
10.0
5.2
6.5
2.3
.8
1.9

¥2.3
¥.2
2.6
3.5
2.4
1.6
2.9
2.2
2.0
1.3
3.7
2.8
1.1
2.2
2.9
1.8
1.8
3.2
1.1
2.1
1.9
2.1
3.5
¥.7
¥.1
¥2.1
2.2

¥2.4
¥.2
2.9
3.3
2.4
1.7
3.1
2.4
2.2
1.3
3.8
2.8
1.2
2.5
3.3
1.5
2.0
3.5
1.6
2.2
1.9
1.8
3.0
.2
¥.7
¥1.3
2.0

1 Output refers to real gross domestic product originating in the sector.
2 Hours of all persons engage in the sector, including hours of proprietors and and unpaid
family workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–
U) for recent quarters. The trend from 1978–2000 is based on the consumer price index research series (CPI–U–RS).

16

4.7
5.3
2.5
2.0
2.1
3.2
3.1
5.3
4.6
5.0
2.2
1.3
4.5
6.7
6.4
5.1
4.9
4.3
4.5
4.5
5.1
3.8
3.7
7.1
5.7
7.5
5.2
5 Current

4.9
5.3
2.2
2.1
2.1
3.0
3.0
5.2
4.4
5.1
2.3
1.4
4.0
6.4
6.3
5.3
4.9
4.0
3.8
4.5
5.2
4.2
4.1
6.0
6.2
6.6
5.2

1.0
2.6
¥.1
¥.2
¥.4
.4
.9
3.9
2.4
r 1.6
r ¥.1
r .4
r 2.7
r 4.5
5.7
r 3.8
r 3.3
r 2.5
2.9
r 1.6
r 2.0
r .5
r ¥.3
4.0
2.0
4.4
1.0

1.2
2.6
¥.4
¥.1
¥.4
.3
.8
3.8
2.3
r 1.6
r .0
r .5
2.3
r 4.1
5.5
r 4.1
3.4
r 2.1
r 2.2
r 1.6
r 2.2
r .9
r .1
r 3.0
2.6
3.6
1.0

3.6
1.4
1.9
.7
1.4
.4
.8
2.5
1.8
.8
.8
¥2.8
.7
5.7
1.5
3.9
2.9
.8
1.8
4.0
.4
¥3.6
1.9
.0
3.1
4.5
5.6

dollar gross domestic output divided by the output index.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released April 27, 2001.
Source: Department of Labor, Bureau of Labor Statistics.

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

[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

1991 .........................................
1992 .........................................
1993 ........................................
1994 ........................................
1995 ........................................
1996 ........................................
1997 ........................................
1998 ........................................
1999 ........................................
2000 r .......................................

97.0
100.0
103.5
109.1
114.3
119.6
127.7
134.0
139.6
147.5

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

¥2.0
3.1
3.5
5.4
4.8
4.6
6.8
4.9
4.2
5.6

96.2
100.0
103.7
109.9
115.7
121.4
130.8
138.2
144.8
153.6

95.5
100.0
105.7
114.6
124.2
134.7
148.8
162.3
175.6
193.4

97.0
100.0
101.6
104.8
106.6
107.4
112.3
114.4
115.4
116.9

102.6
100.0
100.0
102.3
102.0
103.5
105.3
103.0
98.0
100.0

100.4
100.0
104.0
105.4
109.1
112.7
112.8
114.1
117.1
120.4

79.3
80.2
81.3
83.1
83.3
82.6
83.5
82.1
81.2
82.1

77.9
79.4
80.4
82.5
82.5
81.6
82.7
81.3
80.5
81.3

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

145.2
146.3
147.2
147.9
147.6
148.6
149.0
148.7
148.2
147.3

0.7
.7
.7
.5
¥.2
.7
.2
¥.2
¥.3
¥.6

5.8
6.4
6.4
6.7
5.7
6.0
6.1
5.1
4.5
3.1

151.3
152.2
153.1
153.8
153.7
154.6
155.1
154.9
154.1
152.6

188.9
191.0
193.0
194.6
194.7
196.9
198.4
197.6
196.7
195.1

116.6
116.7
116.7
116.7
116.3
116.3
116.0
116.3
115.5
114.1

100.4
99.9
99.6
100.4
100.5
101.0
100.4
100.1
101.1
99.6

114.7
118.7
121.6
121.7
119.1
122.1
121.7
120.0
121.9
129.1

82.2
82.5
82.7
82.7
82.3
82.6
82.4
82.0
81.4
80.6

81.6
81.8
81.9
82.0
81.6
81.7
81.7
81.2
80.5
79.3

2001: Jan r .............................
Feb r .............................
Mar p .............................

146.4
145.9
146.5

¥.6
¥.4
.4

2.0
1.1
.8

151.8
151.3
151.8

192.7
191.9
193.6

114.6
114.4
114.0

100.7
101.1
101.9

124.4
121.8
123.1

79.9
79.3
79.4

78.6
78.2
78.1

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

1991 ............................................................
1992 ............................................................
1993 ............................................................
1994 ............................................................
1995 ............................................................
1996 ............................................................
1997 ............................................................
1998 ............................................................
1999 ............................................................
2000 r ..........................................................

97.7
100.0
103.6
107.9
111.9
116.1
123.2
129.3
133.3
138.8

97.0
100.0
103.5
107.8
110.6
112.5
115.9
118.4
120.8
123.0

93.0
100.0
111.8
123.8
128.1
130.9
138.1
145.8
158.3
160.8

98.1
100.0
101.4
103.9
106.3
108.0
110.4
111.8
112.0
114.2

98.8
100.0
103.7
108.1
114.2
122.4
135.4
147.1
153.8
166.1

95.7
100.0
105.5
112.7
121.5
132.6
150.2
165.7
176.4
194.2

106.7
100.0
93.0
86.4
83.7
80.6
75.8
79.5
80.8
76.2

97.5
100.0
102.4
106.2
108.0
110.7
116.3
121.0
125.1
128.7

96.2
100.0
103.4
110.6
112.6
117.8
123.6
131.6
138.5
143.2

98.3
100.0
101.8
103.6
105.3
106.6
112.0
114.7
117.2
120.1

95.9
100.0
103.8
111.6
119.6
127.0
138.0
145.7
154.5
167.8

100.8
100.0
99.6
101.3
102.5
103.6
103.8
103.5
103.1
103.4

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

136.0
137.2
137.5
138.3
138.1
139.2
139.3
138.8
138.8
139.1

122.2
123.2
123.5
124.2
122.9
123.8
123.8
122.7
122.4
123.1

162.1
164.7
163.8
164.4
158.7
160.0
162.8
157.3
154.3
153.4

112.9
113.6
114.1
114.8
114.5
115.2
114.7
114.5
114.6
115.7

161.3
162.8
163.1
164.3
166.3
167.9
168.3
169.1
169.9
168.9

188.9
191.1
191.6
192.8
195.0
197.8
199.5
200.0
200.6
199.2

76.0
75.5
75.5
76.3
77.9
76.1
73.7
75.3
77.0
77.5

129.5
129.3
129.4
129.0
128.7
128.8
128.6
128.7
128.5
126.8

144.6
144.4
143.1
143.4
143.8
142.7
143.1
142.3
141.6
140.6

120.6
120.4
121.3
120.5
119.8
120.6
120.0
120.7
120.7
118.5

164.7
166.1
168.4
169.4
169.0
170.5
171.3
171.1
169.9
167.8

102.5
103.5
103.3
103.1
102.9
104.2
104.3
103.9
105.4
104.5

2001: Jan r .................................................
Feb r .................................................
Mar p ................................................

138.2
137.7
138.4

122.1
122.0
122.3

149.0
150.7
154.4

115.3
114.9
114.5

168.6
167.1
168.8

198.2
196.2
197.9

78.5
78.1
79.4

127.3
126.5
126.2

140.3
139.5
139.1

119.6
118.7
118.5

166.2
165.8
166.5

104.0
104.1
104.9

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

1991 ............................................................
1992 ............................................................
1993 ............................................................
1994 ............................................................
1995 ............................................................
1996 ............................................................
1997 ............................................................
1998 ............................................................
1999 ............................................................
2000 r ..........................................................

96.7
100.0
105.1
113.7
116.2
119.6
125.4
127.8
130.4
133.7

96.0
100.0
105.9
114.3
116.5
118.9
123.8
124.6
126.7
131.1

96.2
100.0
104.4
112.2
116.4
120.1
126.1
130.3
131.9
135.6

95.4
100.0
110.2
125.4
144.0
160.2
177.1
195.2
219.0
252.8

89.6
100.0
109.8
131.4
165.9
206.6
264.3
321.0
399.4
549.7

96.5
100.0
104.4
108.4
108.0
109.6
119.0
128.8
131.4
131.0

88.5
100.0
114.9
132.9
136.3
136.3
147.0
152.4
165.8
170.5

94.5
100.0
100.8
105.9
107.9
110.5
114.1
118.7
122.4
118.3

97.8
100.0
102.4
106.4
107.0
104.3
104.8
100.4
94.8
91.7

99.1
100.0
100.5
100.6
101.2
101.8
107.6
107.4
106.8
109.9

96.4
100.0
101.1
103.9
106.1
108.4
116.8
121.4
126.1
128.3

98.4
100.0
102.0
103.6
105.7
105.3
107.0
110.8
112.5
114.7

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

137.1
137.8
136.7
136.4
133.9
132.4
133.9
129.0
127.3
126.3

136.9
136.8
135.9
135.5
129.9
129.7
131.9
123.7
122.0
118.7

135.6
135.9
136.2
135.7
136.1
136.3
136.0
136.0
134.7
132.9

245.8
247.2
249.9
250.9
253.9
257.9
260.0
261.5
261.9
262.3

495.2
516.5
533.8
555.0
571.2
580.0
592.2
597.4
604.4
610.2

131.9
132.1
133.6
133.5
128.0
132.4
132.4
129.2
126.8
122.8

172.5
174.1
177.6
176.1
163.1
173.9
175.5
167.2
160.1
151.8

121.9
121.6
120.5
118.7
118.6
115.5
116.8
114.8
113.2
111.5

94.1
94.6
93.0
91.2
92.0
90.7
89.5
89.2
89.2
88.2

109.7
109.1
109.9
109.1
110.0
110.4
110.9
111.6
111.2
109.2

124.9
125.2
126.3
125.9
124.8
125.9
125.4
125.8
124.8
122.9

114.9
114.7
114.2
114.9
115.0
115.1
114.6
114.8
115.0
114.2

2001: Jan r .................................................
Feb r .................................................
Mar p ................................................

123.5
122.7
122.6

116.0
117.1
118.6

133.6
130.9
131.0

260.1
258.4
257.7

607.4
604.4
608.6

115.9
117.9
123.4

138.5
143.6
153.7

107.7
109.1
108.6

89.1
86.6
86.7

111.1
110.2
109.2

123.3
123.1
123.2

114.3
115.1
114.8

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
(1996=100)

Commercial
and industrial
floor space
(millions of
square feet)

Billions of dollars
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

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

432.6
463.7
493.3
539.2
555.6
613.5
656.6
711.8
764.2
807.6

322.5
347.8
377.3
419.0
425.7
474.3
501.7
552.2
591.6
623.9

166.3
199.4
225.1
258.6
247.4
281.1
289.0
314.6
348.8
358.6

2000: Mar ............................
Apr ............................
May ...........................
June ..........................
July ...........................
Aug ............................
Sept ...........................
Oct .............................
Nov ............................
Dec ............................
2001: Jan r ...........................
Feb r ...........................
Mar p ..........................

829.5
816.2
811.8
798.9
793.0
801.7
813.5
803.9
808.9
811.5
835.8
843.1
854.4

637.7
629.5
629.8
624.4
619.0
616.9
625.3
618.7
624.6
625.1
643.3
651.6
660.1

114.6
135.1
150.9
176.4
171.4
191.1
198.1
224.0
249.5
259.6

372.1
368.9
367.7
363.8
355.2
350.8
351.7
348.1
349.0
350.7
359.9
368.8
370.0

93.7
82.2
84.4
93.3
109.4
123.2
135.8
151.1
154.5
171.5

62.6
66.2
67.8
67.1
68.9
70.0
77.0
86.5
88.2
93.8

110.1
115.8
116.0
120.2
129.9
139.3
154.9
159.5
172.7
183.7

172.2
170.5
170.1
169.1
170.4
172.7
176.0
175.4
178.4
174.7
184.5
184.3
190.9

93.4
90.0
92.1
91.6
93.5
93.4
97.7
95.3
97.1
99.8
98.9
98.5
99.2

191.8
186.7
182.0
174.5
174.0
184.8
188.2
185.2
184.4
186.4
192.5
191.5
194.2

70
76
82
89
92
100
109
122
135
141

577
556
589
744
862
875
1,027
1,223
1,255
1,240

148
143

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

Annual rates
270.7
268.1
266.0
261.5
254.4
253.9
252.5
253.2
255.4
257.8
263.8
268.6
266.4

1 Includes

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

146
r 140

138
r143
r 150
r 143
r 143

151
147
139

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

2 Includes
3 F.W.

r 138

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Period
Total
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

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

New private homes

Units started, by type of structure

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
1,593.1

1 unit
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
1,261.8

2–4 units

5 or more
units

35.6
30.7
29.4
35.0
33.7
45.2
44.5
42.6
31.9
36.1

137.9
139.0
132.6
223.5
244.1
270.8
295.8
302.9
299.7
295.3

Units
authorized
948.8
1,094.9
1,199.1
3 1,371.6
1,332.5
1,425.6
1,441.1
1,612.3
1,663.5
1,574.4

Units
completed

Homes
sold

Homes for
sale at end
of period 1

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
1,609.0

509
610
666
670
667
757
804
886
907
r 904

284
265
293
336
370
322
281
294
320
r 308

1,728
1,660
1,705
1,545
1,531
1,612
1,559
1,546
1,589
1,578
1,460
1,586
1,490

947
865
875
827
914
860
924
940
890
r 1,007
968
980
1,021

321
305
308
312
311
313
309
312
316
r 308
308
307
300

Vacancy rate
for rental
housing units
(percent) 2
7.4
7.4
2 7.3

7.4
7.6
7.8
7.7
7.9
8.1
8.0

Seasonally adjusted annual rates
2000: Mar ............................
Apr ............................
May ...........................
June ..........................
July ............................
Aug ............................
Sept ...........................
Oct .............................
Nov ............................
Dec ............................
2001: Jan r ...........................
Feb r ...........................
Mar p ..........................

1,630
1,652
1,591
1,571
1,527
1,519
1,537
1,529
1,564
1,577
1,671
1,634
1,613

1,327
1,310
1,258
1,227
1,201
1,229
1,226
1,232
1,233
1,298
1,351
1,297
1,241

16
30
26
39
43
41
41
40
41
37
43
24
42

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.

287
312
307
305
283
249
270
257
290
242
277
313
330

1,597
1,559
1,511
1,528
1,511
1,486
1,518
1,546
1,598
1,507
1,724
1,675
1,615

7.9
......................
......................
8.0
......................
......................
8.2
......................
......................
7.8
......................
......................
8.2

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 fell 0.3 percent and inventories fell $4.1 billion. According to advance
data, retail sales fell 0.2 percent in March, following no change in February.

Manufacturing and
trade 1

Wholesale

Retail

Inventory-sales
ratio 4

Sales 2
Period
Sales 2

Inventories 3

Sales 2

Inventories 3

Total

Inventories 3

Durable
goods
stores

Nondurable
goods
stores

Total

Durable
goods
stores

Nondurable
goods
stores

Manufacturing
and
trade 1

Retail

Millions of dollars, seasonally adjusted, except as noted
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

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

542,815
567,176
595,628
639,163
684,982
718,113
753,445
779,413
833,079
893,806

834,609
842,809
870,396
934,769
995,547
1,014,340
1,061,815
1,100,166
1,151,147
1,220,343

148,306
154,150
161,484
172,811
188,842
199,961
208,446
212,926
228,540
248,244

200,448
208,302
217,425
236,287
254,844
257,626
276,140
290,171
308,691
328,734

154,661
162,632
173,509
187,350
196,584
208,530
217,547
228,799
249,577
269,338

54,165
58,634
65,160
73,888
78,946
84,916
88,602
94,699
104,583
111,235

100,497
103,999
108,349
113,462
117,639
123,614
128,944
134,101
144,994
158,103

243,211
251,997
268,932
293,605
309,718
319,985
329,542
343,197
372,079
398,552

119,206
123,169
135,056
152,996
164,999
170,775
176,349
183,630
202,367
221,638

124,005
128,828
133,876
140,609
144,719
149,210
153,193
159,567
169,712
176,914

1.53
1.48
1.44
1.41
1.43
1.40
1.38
1.39
1.35
1.33

1.54
1.52
1.51
1.50
1.55
1.51
1.49
1.47
1.44
1.43

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

881,384
893,375
886,555
895,965
902,798
897,634
901,289
903,881
898,912
895,583
896,591

1,164,287
1,167,035
1,171,965
1,182,162
1,192,224
1,197,112
1,205,636
1,207,688
1,215,754
1,219,868
1,220,343

243,720
246,705
246,357
247,391
250,154
249,405
249,960
251,142
250,994
250,949
253,028

312,996
315,495
317,164
320,188
323,252
324,313
326,195
326,352
327,653
328,810
328,734

266,799
269,108
267,119
267,417
268,436
270,645
270,549
272,714
272,490
270,931
271,347

112,663
112,776
111,202
110,805
110,718
111,700
111,268
112,186
111,647
110,315
110,202

154,136
156,332
155,917
156,612
157,718
158,945
159,281
160,528
160,843
160,616
161,145

375,292
375,653
376,933
382,612
386,931
386,496
391,797
392,452
395,819
397,672
398,552

204,444
204,946
206,841
210,216
214,153
214,124
218,203
217,872
219,794
221,444
221,638

170,848
170,707
170,092
172,396
172,778
172,372
173,594
174,580
176,025
176,228
176,914

1.32
1.31
1.32
1.32
1.32
1.33
1.34
1.34
1.35
1.36
1.36

1.41
1.40
1.41
1.43
1.44
1.43
1.45
1.44
1.45
1.47
1.47

2001: Jan r .....................
Feb r .....................
Mar p ....................

894,614 1,222,063
891,507 1,217,944
889,075 ..................

253,294
251,682
248,468

327,276
326,746
327,189

274,912
274,779
274,093

111,932
112,485
111,687

162,980 399,239 221,920 177,319
1.37
1.45
162,294 397,498 219,584 177,914
1.37
1.45
162,406 ................ ................ ................ ................ ................

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.

20

3 Seasonally
4 Annual

adjusted, end of period.
data are averages of seasonally adjusted monthly ratios.

Source: Department of Commerce, Bureau of the Census.

MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers’ shipments and new and unfilled orders rose; inventories fell.

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total
Total

Capital
goods
industries,
nondefense

Nondurable
goods

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

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

239,847
250,394
260,635
279,002
299,555
309,622
327,452
337,687
354,961
376,225

121,000
128,489
135,886
149,131
160,586
167,013
179,892
189,666
200,623
211,009

118,847
121,905
124,749
129,870
138,970
142,608
147,560
148,022
154,338
165,216

390,950
382,510
384,039
404,877
430,985
436,729
456,133
466,798
470,377
493,057

250,019
238,105
239,334
253,624
268,353
273,815
286,372
295,344
295,034
310,210

140,931
144,405
144,705
151,253
162,632
162,914
169,761
171,454
175,343
182,847

238,805
248,212
257,698
279,733
300,632
312,442
329,335
336,140
356,599
381,025

119,849
126,308
133,081
149,542
161,782
169,711
181,726
188,308
202,097
215,855

30,471
31,524
31,694
35,697
40,511
44,631
48,165
51,700
54,955
63,844

118,957
121,905
124,617
130,191
138,851
142,730
147,610
147,832
154,502
165,170

519,199
492,893
457,810
466,699
479,674
513,062
536,131
519,038
538,217
597,049

1.65
1.54
1.47
1.41
1.41
1.40
1.37
1.38
1.31
1.29

2000: Mar .......................
Apr ........................
May .......................
June ......................
July .......................
Aug .......................
Sept .......................
Oct ........................
Nov ........................
Dec ........................
2001: Jan ........................
Feb r .......................
Mar p ......................

377,562
373,079
381,157
384,208
377,584
380,780
380,025
375,428
373,703
372,216
366,408
365,046
366,514

211,477
209,309
214,890
217,645
212,142
214,018
214,165
209,833
207,715
206,588
201,519
200,406
201,966

166,085
163,770
166,267
166,563
165,442
166,762
165,860
165,595
165,988
165,628
164,889
164,640
164,548

475,887
477,868
479,362
482,041
486,303
487,644
488,884
492,282
493,386
493,057
495,548
493,700
490,851

297,959
299,396
299,916
301,119
303,724
305,162
305,333
308,247
309,680
310,210
312,158
310,866
308,000

177,928
178,472
179,446
180,922
182,579
182,482
183,551
184,035
183,706
182,847
183,390
182,834
182,851

385,097
370,423
387,906
408,087
375,030
382,368
386,647
371,251
378,452
380,894
364,357
363,830
370,522

219,165
206,557
221,388
241,748
209,877
215,860
220,651
206,060
212,391
215,289
199,560
199,365
206,290

60,375
61,509
60,818
70,943
62,283
64,993
68,494
59,332
64,526
72,054
63,359
58,872
61,377

165,932
163,866
166,518
166,339
165,153
166,508
165,996
165,191
166,061
165,605
164,797
164,465
164,232

554,171
551,515
558,264
582,143
579,589
581,177
587,799
583,622
588,371
597,049
594,998
593,782
597,790

1.26
1.28
1.26
1.25
1.29
1.28
1.29
1.31
1.32
1.32
1.35
1.35
1.34

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.

3 Annual

data are averages of seasonally adjusted monthly ratios.

Source: Department of Commerce, Bureau of the Census.

21

PRICES
PRODUCER PRICES
The producer price index for all finished goods fell 0.1 percent in March. Prices of finished consumer foods rose
1.1 percent, while prices of other finished consumer goods fell 0.7 percent. Capital equipment prices were unchanged.

[1982=100; monthly data seasonally adjusted]
Finished goods

Period

Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

1991 ...........................
1992 ...........................
1993 ...........................
1994 ...........................
1995 ...........................
1996 ...........................
1997 ...........................
1998 ...........................
1999 ..........................
2000 p ........................
2000: Mar ................
Apr ................
May ...............
June ..............
July ...............
Aug ................
Sept ...............
Oct .................
Nov r ...............
Dec ................
2001: Jan ................
Feb .................
Mar ................
1 Intermediate

22

121.7
123.2
124.7
125.5
127.9
131.3
131.8
130.7
133.0
138.0
137.5
137.1
137.1
138.3
138.2
138.0
139.0
139.6
139.8
140.0
141.6
141.8
141.7

Intermediate materials

124.1
123.3
125.7
126.8
129.0
133.6
134.5
134.3
135.1
137.1
136.3
137.8
137.9
137.4
137.3
136.7
137.0
138.0
138.3
137.8
138.9
139.8
141.3

120.9
123.1
124.4
125.1
127.5
130.5
130.9
129.5
132.3
138.1
137.7
136.8
136.8
138.5
138.4
138.3
139.5
139.9
140.2
140.5
142.3
142.3
141.7

materials for food manufacturing and feeds.

118.7
120.8
121.7
121.6
124.0
127.6
128.2
126.4
130.5
138.4
138.0
136.6
136.6
138.9
138.7
138.6
140.2
140.9
141.1
141.5
144.0
144.3
143.3

Durable

123.9
125.7
128.0
130.9
132.7
134.2
133.7
132.9
133.0
133.9
133.5
133.7
133.9
134.0
134.0
134.0
134.3
134.1
134.3
134.4
134.7
133.7
133.9

Nondurable

115.0
117.3
117.6
116.2
118.8
123.3
124.3
122.2
127.9
138.6
138.3
136.2
136.1
139.3
139.1
138.8
141.0
142.0
142.3
142.9
146.2
147.0
145.6

Capital
equipment

126.7
129.1
131.4
134.1
136.7
138.3
138.2
137.6
137.6
138.8
138.3
138.4
138.6
138.8
139.0
139.1
139.4
139.3
139.4
139.5
139.9
139.5
139.5

Crude materials

Other

Total

Foodstuffs
and
feedstuffs

Other

114.6
114.9
116.4
118.7
125.5
125.6
125.7
123.4
123.9
130.1
129.4
129.3
129.2
130.4
130.8
130.5
131.4
131.7
131.5
131.8
132.8
132.7
132.4

101.2
100.4
102.4
101.8
102.7
113.8
111.1
96.8
98.2
119.8
112.9
111.2
114.7
124.5
122.0
117.6
126.0
130.8
129.1
137.0
156.1
133.9
131.6

105.5
105.1
108.4
106.5
105.8
121.5
112.2
103.9
98.7
100.2
101.7
103.1
102.2
99.8
97.9
94.1
97.7
100.7
101.9
105.5
107.8
106.1
109.3

94.6
93.5
94.7
94.8
96.8
104.5
106.4
88.4
94.3
129.0
116.6
112.8
119.2
137.1
134.2
129.6
140.9
146.8
143.1
153.8
183.7
148.2
142.1

Total
finished
consumer
goods

Total

Foods
and
feeds 1

120.5
121.7
123.0
123.3
125.6
129.5
130.2
128.9
132.0
138.1
137.6
137.1
137.1
138.6
138.4
138.1
139.4
140.2
140.4
140.6
142.6
143.1
142.9

114.4
114.7
116.2
118.5
124.9
125.7
125.6
123.0
123.2
129.1
128.5
128.4
128.4
129.5
129.8
129.4
130.4
130.6
130.4
130.9
131.8
131.7
131.4

111.1
110.7
112.7
114.8
114.8
128.1
125.4
116.2
111.1
111.7
111.3
112.2
113.2
113.2
112.5
110.2
110.9
111.6
111.8
113.6
115.5
113.8
114.4

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In March, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted; it rose 0.2
percent not seasonally adjusted. The index was 2.9 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 .........................
1991 .................................
1992 .................................
1993 .................................
1994 .................................
1995 .................................
1996 .................................
1997 .................................
1998 .................................
1999 .................................
2000 .................................

100.0
136.2
140.3
144.5
148.2
152.4
156.9
160.5
163.0
166.6
172.2

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

15.2
136.3
137.9
140.9
144.3
148.4
153.3
157.3
160.7
164.1
167.8

40.0
133.6
137.5
141.2
144.8
148.5
152.8
156.8
160.4
163.9
169.6

30.3
146.3
151.2
155.7
160.5
165.7
171.0
176.3
182.1
187.3
193.4

7.1
143.3
146.9
150.3
154.0
157.8
162.0
166.7
172.1
177.5
183.9

20.5
150.4
155.5
160.5
165.8
171.3
176.8
181.9
187.8
192.9
198.7

5.1
115.3
117.8
121.3
122.8
123.7
127.5
130.8
128.5
128.8
137.9

4.5
128.7
131.9
133.7
133.4
132.0
131.7
132.9
133.0
131.3
129.6

17.6 ............
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
153.3 139.6

3.5
99.4
99.0
98.0
98.5
100.0
106.3
106.2
92.2
100.7
129.3

5.8
177.0
190.1
201.4
211.0
220.5
228.2
234.6
242.1
250.6
260.8

7.7
102.5
103.0
104.2
104.6
105.2
110.1
111.5
102.9
106.6
124.6

77.1
142.1
147.3
152.2
156.5
161.2
165.6
169.5
173.4
177.0
181.3

2000: Mar ......................
Apr ......................
May .....................
June ....................
July .....................
Aug ......................
Sept .....................
Oct .......................
Nov ......................
Dec ......................

171.2
171.3
171.5
172.4
172.8
172.8
173.7
174.0
174.1
174.0

171.2
171.1
171.3
172.2
172.7
172.8
173.6
173.9
174.3
174.6

166.7
166.7
167.4
167.5
168.4
168.8
169.2
169.4
169.3
170.1

167.4
167.7
168.1
169.0
169.7
170.0
170.8
171.5
172.0
172.6

191.2
191.6
192.2
192.8
193.2
193.7
194.2
194.9
195.4
195.7

181.9
182.3
182.9
183.4
184.1
184.7
185.4
186.1
186.7
187.4

196.9
197.3
197.8
198.4
198.8
199.3
199.9
200.4
201.0
201.6

133.0
133.1
133.1
136.0
138.2
138.2
140.9
142.7
143.3
145.8

130.6
129.9
129.7
128.9
128.0
128.1
129.7
130.0
129.4
129.0

154.2
152.8
152.1
155.0
154.6
153.3
155.1
154.6
155.1
155.0

139.3
139.7
139.8
139.7
139.9
139.8
139.6
139.3
139.5
139.7

135.0
128.6
123.8
135.0
133.1
126.3
134.1
133.1
133.1
130.7

258.0
258.7
259.6
260.6
261.4
262.5
263.5
264.3
265.0
265.8

124.1
121.3
119.0
125.8
126.2
123.1
128.2
128.8
129.0
129.4

180.3
180.7
181.0
181.3
181.7
182.1
182.6
182.8
183.3
183.5

2001: Jan ......................
Feb .......................
Mar ......................

175.1
175.8
176.2

175.7
176.2
176.3

170.6
171.4
171.8

174.3
174.6
175.0

196.3
197.1
198.0

188.1
188.7
189.6

202.2
202.9
203.6

154.4
152.8
151.9

128.7
129.7
130.2

155.5
156.1
154.7

139.6
139.2
138.8

130.7
132.2
127.3

267.4
268.8
269.8

134.4
134.1
131.3

184.1
184.7
185.1

1 Includes

items not shown separately.
fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
2 Household

3 Relative

importance, December 2000.
Source: Department of Labor, Bureau of Labor Statistics.

23

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Period

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

2.5
1.7
1.8
2.0
2.2
.4
¥.6
0
.3
1.2

Excluding
foods

Foods

Change
from year
earlier,
total
finished
goods
NSA

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

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

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

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

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

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

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

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

2.1
1.2
1.2
.6
1.9
2.7
.4
¥.8
1.8
3.8

Change, Dec. to Dec., NSA
¥0.1
1.6
.2
1.7
2.3
2.8
¥1.2
0
2.9
3.6

1991 .......................
1992 .......................
1993 .......................
1994 .......................
1995 .......................
1996 .......................
1997 .......................
1998 .......................
1999 .......................
2000 p .....................

¥1.5
1.6
2.4
1.1
1.9
3.4
¥.8
.1
.8
1.7

¥0.7
1.6
¥1.4
2.0
2.3
3.7
¥1.5
¥.1
5.1
5.4

Change, month to month
2000: Mar .............
Apr .............
May ............
June ...........
July ............
Aug .............
Sept ............
Oct ..............
Nov r ............
Dec .............

0.9
¥.3
0
.9
¥.1
¥.1
.7
.4
.1
r.1

0.1
1.1
.1
¥.4
¥.1
¥.4
.2
.7
.2
¥.4

1.5
¥1.0
0
1.7
¥.1
¥.1
1.2
.5
.1
r.3

0.1
.1
.1
.1
.1
.1
.2
¥.1
.1
.1

7.0
6.1
2.4
2.3
3.2
2.7
2.0
4.1
5.3
2.9

2.1
6.6
5.1
3.3
¥1.4
¥3.4
¥1.2
2.1
4.8
2.4

11.8
8.3
1.8
2.6
6.3
6.0
3.8
6.5
7.4
3.8

0.9
.9
1.2
1.5
1.7
1.5
1.7
.9
.9
.3

4.5
3.7
3.6
4.6
4.6
2.5
2.2
3.7
4.0
2.5

0.1
3.0
3.6
2.7
2.5
.7
1.0
.3
.6
.6

7.8
5.5
4.7
7.1
7.3
3.9
3.2
6.4
6.7
3.8

1.2
.6
1.2
1.2
1.3
1.3
1.6
1.3
1.2
1.0

4.3
3.6
3.7
4.4
4.3
3.4
3.5
3.7
3.8
3.6

2001: Jan .............
Feb ..............
Mar .............

1.1
.1
¥.1

.8
.6
1.1

1.8
.2
¥.7

.3
¥.3
0

5.9

2.6
4.4
10.6

9.1

r5.8

r9.4

1.7
r.3
0

5.0
5.6
3.9

2.3
4.6
6.4

7.8
8.4
4.5

1.3
.6
.1

4.8
4.0
3.1

4.9

5.2

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
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

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

3.1
2.9
2.7
2.7
2.5
3.3
1.7
1.6
2.7
3.4

1.9
1.5
2.9
2.9
2.1
4.3
1.5
2.3
1.9
2.8

3.4
2.6
2.7
2.2
3.0
2.9
2.4
2.3
2.2
4.3

3.9
2.9
3.0
3.0
3.5
2.9
3.4
3.3
2.5
3.4

2.9
2.3
2.2
2.5
2.5
2.8
3.1
3.4
3.1
4.0

3.6
3.0
3.2
3.3
3.6
2.8
3.1
3.2
2.4
3.4

2.9
2.3
2.5
.2
1.4
4.6
.5
¥2.6
2.4
12.1

3.4
1.4
.9
¥1.6
.1
¥.2
1.0
¥.7
¥.5
¥1.8

¥1.5
3.0
2.4
3.8
1.5
4.4
¥1.4
¥1.7
5.4
4.1

3.3 ¥16.0
2.3
1.8
2.8 ¥5.4
3.2
5.9
1.6 ¥4.0
1.6 12.7
¥1.0 ¥6.2
¥.1 ¥15.4
¥.8 30.2
.3 13.9

7.9
6.6
5.4
4.9
3.9
3.0
2.8
3.4
3.7
4.2

¥7.4
2.0
¥1.4
2.2
¥1.3
8.6
¥3.4
¥8.8
13.4
14.2

4.4
3.3
3.2
2.6
3.0
2.6
2.2
2.4
1.9
2.6

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

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

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

4.2
3.0
3.0
2.6
2.8
3.0
2.3
1.6
2.2
3.4

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

4.3
..........
..........
2.8
..........
..........
3.5
..........
..........
3.0

5.6
4.1
2.6
2.4
3.8
3.5
3.3
2.8
3.5
2.3

4.1
3.5
3.4
3.9
3.9
3.1
2.8
3.3
3.5
2.8

3.8
3.1
3.2
3.7
3.7
3.4
3.5
3.4
3.4
3.4

.3 ..........
.3 ..........
.2
4.2

4.2
4.4
4.0

3.5
4.0
3.1

3.7
3.5
2.9

Change, month to month
2000: Mar ...................
Apr ...................
May ...................
June ..................
July ..................
Aug ...................
Sept ..................
Oct ....................
Nov ...................
Dec ...................

0.6
¥.1
.1
.5
.3
.1
.5
.2
.2
.2

0.2
0
.4
.1
.5
.2
.2
.1
¥.1
.5

0.2
.2
.2
.5
.4
.2
.5
.4
.3
.3

0.4
.2
.3
.3
.2
.3
.3
.4
.3
.2

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

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

¥0.5
.1
0
2.2
1.6
0
2.0
1.3
.4
1.7

0.1
¥.5
¥.2
¥.6
¥.7
.1
1.2
.2
¥.5
¥.3

2.3
¥.9
¥.5
1.9
¥.3
¥.8
1.2
¥.3
.3
¥.1

0.1
.3
.1
¥.1
.1
¥.1
¥.1
¥.2
.1
.1

10.3
¥4.7
¥3.7
9.0
¥1.4
¥5.1
6.2
¥.7
0
¥1.8

0.4
.3
.3
.4
.3
.4
.4
.3
.3
.3

4.5
¥2.3
¥1.9
5.7
.3
¥2.5
4.1
.5
.2
.3

2001: Jan ...................
Feb ...................
Mar ...................

.6
.3
.1

.3
.5
.2

1.0
.2
.2

.3
.4
.5

.4
.3
.5

.3
.3
.3

5.9
¥1.0
¥.6

¥.2
.8
.4

.3
.4
¥.9

¥.1
¥.3
¥.3

0
1.1
¥3.7

.6
.5
.4

3.9
¥.2
¥2.1

1 Includes

items not shown separately.
fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.
2 Household

24

3 Quarterly

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 3.9 percent while prices paid by farmers rose 0.8 percent. (Data are
not seasonally adjusted.)

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

All farm
products

Prices paid by farmers
Livestock and
products

Crops

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

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

1991 ...............................
1992 ...............................
1993 ...............................
1994 ...............................
1995 ...............................
1996 ...............................
1997 ..............................
1998 ..............................
1999 ...............................
2000 r .............................

100
98
101
100
102
112
107
101
96
96

101
101
102
105
112
127
115
107
97
96

99
97
100
95
92
99
98
97
95
97

100
101
104
106
109
115
118
115
115
120

100
101
103
106
108
115
118
114
113
118

100
101
104
106
108
115
119
113
111
116

99
97
97
94
93
98
90
88
83
80

2000: Apr r ...................
May r ..................
June r .................
July r ..................
Aug r ...................
Sept r ..................
Oct r ....................
Nov r ...................
Dec r ...................

100
100
98
97
96
97
93
98
99

102
104
98
95
97
97
91
97
98

98
97
98
99
96
98
97
99
101

119
119
120
120
119
120
121
121
122

118
118
118
118
117
118
119
120
120

116
116
116
116
115
116
117
118
118

84
84
82
81
81
81
77
81
81

2001: Jan r ...................
Feb r ...................
Mar r ...................
Apr ....................

97
100
103
107

94
98
98
106

100
102
108
109

124
124
123
124

123
122
122
122

120
120
119
120

78
81
84
86

1 Includes

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

NOTE.—The official indexes are published on a 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, M2 and M3 rose.

[Averages of daily figures, except debt; billions of dollars, seasonally adjusted]
M1

M2

M3

Debt

M2 plus large
time deposits,
RPs, Eurodollars, and
institutional MMMF
balances

Debt of
domestic
nonfinancial
sectors
(monthly
average of
adjacent
month-end
levels)1

Percent change from year or 6
months 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

Dec ........................................................
Dec ........................................................
Dec ........................................................
Dec ........................................................
Dec ........................................................
Dec ........................................................
Dec ........................................................
Dec ........................................................
Dec ........................................................
Dec r ......................................................

895.9
1,024.0
1,129.2
1,149.8
1,126.2
1,080.5
1,073.4
1,097.0
1,124.3
1,090.3

3,376.6
3,430.7
3,484.3
3,498.8
3,641.7
3,814.2
4,030.4
4,383.4
4,650.0
4,943.4

4,202.3
4,213.0
4,275.1
4,357.3
4,622.5
4,968.5
5,427.8
6,027.3
6,526.8
7,098.4

11,299.5
11,823.7
12,407.6
12,988.4
13,694.9
r 14,430.7
15,223.1
r 16,277.9
r 17,379.4
18,303.3

8.7
14.3
10.3
1.8
¥2.1
¥4.1
¥.7
2.2
2.5
¥3.0

3.0
1.6
1.6
.4
4.1
4.7
5.7
8.8
6.1
6.3

1.3
.3
1.5
1.9
6.1
7.5
9.2
11.0
8.3
8.8

4.4
4.6
4.9
4.7
5.4
5.4
5.5
6.9
6.8
5.3

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

1,113.2
1,117.3
1,106.6
1,105.6
1,103.9
1,099.7
1,095.7
1,096.1
1,088.5
1,090.3

4,717.2
4,754.8
4,761.7
4,783.1
4,803.3
4,833.4
4,865.3
r 4,887.0
4,904.1
4,943.4

6,672.6
6,724.1
6,756.4
6,806.8
6,855.3
6,913.6
6,965.5
6,988.4
7,015.1
7,098.4

r 17,619.6

18,303.3

3.6
3.8
¥.1
¥3.3
¥3.4
¥1.6
¥3.1
¥3.8
¥3.3
¥2.8

6.1
6.8
6.0
5.7
5.7
6.3
6.3
5.6
6.0
6.7

11.7
11.5
9.7
8.6
8.7
9.5
8.8
7.9
7.7
8.6

5.8
5.9
6.0
5.7
5.6
r 5.6
5.3
4.7
r 4.7
4.8

2001: Jan r ......................................................
Feb r ......................................................
Mar ........................................................

1,101.2
1,101.2
1,110.9

4,993.9
5,038.3
5,098.9

7,193.2
7,252.0
7,315.2

18,360.1
p 18,447.9
......................

¥.5
.3
2.8

7.9
8.5
9.6

9.9
9.8
10.0

4.6
4.9
............

Period

1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:

1 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data derived from flow of funds accounts.
2 Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.

26

r 17,719.1
r17,796.4
r17,878.6
r17,944.6
r 18,005.5
r 18,082.5
r 18,133.6
r 18,214.4

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

1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Currency

Nonbank
travelers
checks

Demand
deposits

Other
checkable
deposits
(OCDs)

Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)

Money market
mutual fund
balances

Small
denomination
time
deposits 1

Institutional

Retail

Large
denomination
time
deposits 1

Overnight
and term Overnight
repurand term
chase
Euroagreedollars
ments
(net)
(RPs)
(net)

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

267.1
292.2
321.6
354.0
372.0
393.9
424.3
459.2
516.7
530.1

7.1
7.6
7.5
8.0
8.5
8.3
8.1
8.2
8.2
8.0

289.4
339.9
385.5
383.7
389.2
402.3
395.4
379.4
355.6
313.2

332.3
384.4
414.7
404.1
356.5
276.0
245.7
250.1
243.7
239.0

1,043.8
1,186.5
1,219.3
1,149.8
1,134.1
1,271.0
1,397.9
1,599.9
1,736.2
r 1,872.1

1,065.6
868.1
782.0
816.3
931.5
947.0
968.4
952.2
956.1
1,046.2

371.3
352.0
353.7
382.8
450.0
515.8
590.6
734.3
833.4
934.8

187.3
210.8
213.2
205.4
258.9
317.6
390.0
530.4
622.4
767.4

415.0
350.4
332.2
370.6
429.6
512.0
603.1
664.1
739.9
830.0

131.1
141.6
172.6
196.3
198.4
210.4
254.3
297.5
341.2
360.5

92.3
79.5
72.8
86.2
93.8
114.2
150.0
151.8
173.3
197.1

2000: Mar ............................................
Apr ............................................
May ...........................................
June ..........................................
July ...........................................
Aug ............................................
Sept ...........................................
Oct .............................................
Nov ...........................................
Dec ............................................

516.0
516.7
518.7
520.9
522.4
523.5
524.7
526.3
527.7
530.1

8.2
8.1
8.3
8.8
9.3
9.3
8.9
8.4
8.0
8.0

344.4
343.5
336.6
333.8
332.3
326.5
323.6
322.0
314.8
313.2

244.6
249.0
243.1
242.1
239.9
240.4
238.6
239.4
238.0
239.0

1,757.2
1,766.7
1,774.4
1,783.0
1,797.1
1,816.8
1,838.7
1,845.8
1,856.5
r 1,872.1

977.3
985.7
992.6
1,003.9
1,012.6
1,021.8
1,027.2
1,032.1
1,039.2
1,046.2

869.6
885.0
888.0
890.6
889.6
895.2
903.7
913.0
920.0
934.8

656.2
660.9
672.0
682.7
704.7
720.4
737.4
743.8
751.8
767.4

758.2
773.5
776.1
787.7
795.9
808.9
808.1
r 804.5
807.6
830.0

349.3
347.9
355.8
362.7
364.2
361.3
362.2
361.2
356.8
360.5

191.7
187.1
190.8
190.6
187.2
189.6
192.5
191.9
194.9
197.1

2001: Jan r ..........................................
Feb r ..........................................
Mar ...........................................

534.5
537.3
539.1

8.1
8.0
7.9

317.0
314.8
315.5

241.7
241.1
248.5

1,888.3
1,927.2
1,962.5

1,053.3
1,051.9
1,048.4

951.1
958.0
977.1

801.0
859.0
888.0

846.3
812.4
788.9

357.3
348.3
342.3

194.7
194.1
197.0

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

1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Nonborrowed

Nonborrowed
plus
extended
credit

Required

Monetary
base

Total

Seasonal

Extended
credit

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

45,493
54,391
60,532
59,420
56,452
50,154
46,848
45,183
41,778
38,507

45,301
54,267
60,450
59,211
56,195
49,999
46,524
45,066
41,457
38,297

45,302
54,268
60,450
59,211
56,195
49,999
46,524
45,066
41,457
38,297

44,504
53,237
59,463
58,261
55,162
48,738
45,164
43,669
40,480
37,182

317,549
350,840
386,510
418,166
434,307
451,712
479,466
513,489
593,094
583,968

192
124
82
209
257
155
324
117
320
210

38
18
31
100
40
68
79
15
67
111

1
1
0
0
0
0
0
0
0
0

2000: Apr ...........................................................................
May ..........................................................................
June .........................................................................
July ..........................................................................
Aug ...........................................................................
Sept ..........................................................................
Oct ............................................................................
Nov ...........................................................................
Dec ...........................................................................

40,783
41,003
39,882
40,124
39,643
39,386
39,021
39,023
38,507

40,479
40,641
39,403
39,555
39,064
38,908
38,602
38,739
38,297

40,479
40,641
39,403
39,555
39,064
38,908
38,602
38,739
38,297

39,626
40,031
38,766
38,981
38,639
38,267
37,874
37,821
37,182

572,495
574,144
575,307
576,957
577,531
578,336
579,698
581,398
583,968

304
362
479
570
579
477
418
283
210

120
276
389
510
554
427
299
159
111

0
0
0
0
0
0
0
0
0

2001: Jan ...........................................................................
Feb ..........................................................................
Mar r .........................................................................
Apr p .........................................................................

38,827
38,867
38,261
38,800

37,574
37,434
36,875
37,528

589,397

73
51
58
51

34
21
20
35

0
0
0
0

1 Data

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

38,754

38,754

r 38,815

r 38,815

38,203
38,749

38,203
38,749

r 591,033

592,229
596,349

Source: Board of Governors of the Federal Reserve System.

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.4 percent in March; commercial and industrial loans fell 0.1 percent.

[Billions of dollars, seasonally adjusted 1]
Securities in bank credit

Period

1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2000:

Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec r ..........
Mar ..........
Apr ...........
May ..........
June .........
July r .........
Aug r .........
Sept r .........
Oct r ..........
Nov r .........
Dec r ..........
2001: Jan r ..........
Feb r ..........
Mar ..........

Total
bank
credit

2,856.4
2,954.8
3,112.8
3,318.6
3,601.5
3,757.4
4,098.7
4,537.4
4,774.7
5,216.2
4,887.9
4,941.7
5,005.9
5,031.9
5,069.3
5,107.5
5,159.5
5,147.5
5,166.5
5,216.2
5,266.5
5,280.4
5,288.5

Total
securities

U.S.
Treasury
and
agency
securities

746.7
842.7
916.8
941.4
985.5
979.0
1,086.6
1,227.6
1,277.2
1,335.2
1,279.0
1,294.0
1,311.8
1,303.8
1,310.0
1,316.5
1,332.4
1,316.8
1,311.4
1,335.2
1,356.5
1,351.2
1,344.6

566.7
666.0
732.2
723.6
703.1
699.8
748.8
793.2
810.0
788.8
815.2
816.8
819.1
817.6
817.0
810.6
804.7
794.4
786.0
788.8
786.9
777.5
758.2

Loans and leases in bank credit
Real estate

Other
Total loans Commersecurities and leases 2 cial and
industrial

180.1
176.8
184.6
217.8
282.4
279.2
337.7
434.4
467.3
546.4
463.8
477.3
492.6
486.3
493.0
505.9
527.7
522.4
525.3
546.4
569.5
573.7
586.4

2,109.7
2,112.0
2,196.1
2,377.2
2,616.0
2,778.4
3,012.1
3,309.8
3,497.4
3,880.9
3,608.9
3,647.6
3,694.1
3,728.1
3,759.3
3,791.0
3,827.1
3,830.7
3,855.1
3,880.9
3,910.0
3,929.1
3,943.9

1 Data are prorated averages of Wednesday values for domestically chartered commercial
banks, branches and agencies of foreign banks, New York State investment companies (through
September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks
caused by reclassifications of assets and liabilities.

28

623.2
599.4
589.7
649.7
723.8
787.4
855.4
949.5
1,003.0
1,094.4
1,033.2
1,040.4
1,059.0
1,064.8
1,070.0
1,077.7
1,080.4
1,082.8
1,087.0
1,094.4
1,109.8
1,118.5
1,117.9

Total

884.1
906.3
947.7
1,010.9
1,089.6
1,141.5
1,247.0
1,337.8
1,475.6
1,658.0
1,533.8
1,555.1
1,577.0
1,595.3
1,611.9
1,623.5
1,635.4
1,638.4
1,651.3
1,658.0
1,661.1
1,671.4
1,679.0

Revolving
home
equity

74.3
78.4
78.0
80.4
84.4
90.6
104.7
103.8
101.5
129.4
108.8
112.5
114.2
115.4
119.0
119.9
121.7
125.0
127.1
129.4
131.2
132.3
133.8

Consumer

Security

Other

Other

809.8
827.9
869.7
930.5
1,005.3
1,050.9
1,142.3
1,234.0
1,374.2
1,528.6
1,425.0
1,442.6
1,462.7
1,479.9
1,492.9
1,503.6
1,513.7
1,513.4
1,524.2
1,528.6
1,529.9
1,539.1
1,545.2

363.6
355.9
387.2
447.5
490.7
512.0
501.8
496.8
490.9
537.0
504.7
507.9
510.5
516.8
519.4
527.5
531.5
530.1
533.9
537.0
540.8
540.3
538.3

53.7
63.0
86.2
75.6
83.0
75.1
93.9
143.8
147.4
168.8
143.4
147.4
148.7
153.0
154.1
153.5
168.5
164.1
165.1
168.8
170.3
169.1
173.9

185.2
187.4
185.2
193.5
228.9
262.3
313.9
382.0
380.6
422.8
393.8
396.9
398.9
398.1
403.8
408.8
411.3
415.4
417.8
422.8
427.9
429.9
434.9

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

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

514.6
626.7
728.6
808.2
1,010.7
1,074.5
1,011.1
1,218.0
1,640.2
1,567.4
1,421.2
1,131.0
1,261.8
1,057.8
1,673.1
1,676.4
1,635.4
1,576.0
1,565.1
1,657.9
1,653.9
1,392.5

Internal 1

447.5
465.4
510.7
566.6
619.9
676.0
727.6
746.5
804.5
886.6
739.1
738.2
751.3
757.4
791.8
796.0
802.3
827.9
862.9
898.8
914.5
870.1

Credit market instruments
Total

67.1
161.3
217.9
241.6
390.8
398.5
283.5
471.5
835.7
680.8
682.1
392.8
510.5
300.4
881.3
880.4
833.1
748.1
702.2
759.1
739.4
522.4

Total

Total
net
funds
raised

Net new
equity
issues

Total

¥34.6
66.6
61.5
78.7
169.2
79.6
152.0
151.1
338.1
293.7
288.4
351.7
51.1
¥86.7
574.0
34.4
345.4
398.6
544.1
343.6
233.5
53.7

18.3
27.0
21.3
¥44.9
¥58.3
¥69.5
¥114.4
¥267.0
¥143.5
¥153.1
¥139.2
¥129.1
¥308.4
¥491.3
¥52.1
¥338.4
¥128.4
¥55.0
62.8
¥248.8
¥75.6
¥350.8

¥52.9
39.6
40.2
123.6
227.5
149.1
266.5
418.1
481.6
446.8
427.6
480.8
359.4
404.5
626.1
372.8
473.8
453.6
481.3
592.4
309.1
404.5

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.

Securities
and mortgages
64.1
49.5
65.2
32.8
110.3
92.1
132.9
265.5
323.0
248.8
318.2
332.0
130.1
282.0
367.1
377.9
287.2
259.8
253.7
235.3
256.6
249.3

Loans
and
shortterm
paper
¥117.0
¥9.9
¥25.0
90.8
117.2
57.0
133.6
152.6
158.6
198.0
109.4
148.8
229.3
122.5
259.0
¥5.1
186.6
193.8
227.6
357.1
52.5
155.2

Other 2

101.7
94.7
156.4
162.9
221.7
318.9
131.4
320.3
497.6
387.0
393.6
41.1
459.5
387.1
307.3
846.0
487.7
349.4
158.1
415.4
505.8
468.7

526.4
616.2
857.5
868.1
1,090.0
1,088.0
933.9
1,194.2
1,598.4
1,534.6
1,391.3
1,126.6
1,249.5
1,009.4
1,626.2
1,609.5
1,612.1
1,545.8
1,533.7
1,618.9
1,623.8
1,362.1

Capital
expenditures 3

444.1
471.1
524.9
593.3
666.4
684.7
783.6
847.1
907.0
1,021.1
831.3
829.8
860.6
866.6
873.0
886.8
912.0
956.3
966.6
1,024.8
1,056.3
1,036.6

Increase
in financial assets

82.3
145.1
332.6
274.8
423.6
403.3
150.3
347.1
691.4
513.5
560.0
296.8
388.9
142.8
753.2
722.7
700.1
589.5
567.1
594.1
567.5
325.5

Discrepancy
(sources
less
uses)

¥11.7
10.5
¥128.9
¥59.9
¥79.2
¥13.6
77.1
23.8
41.8
32.8
29.9
4.4
12.4
48.3
46.9
66.8
23.3
30.1
31.4
39.0
30.1
30.5

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

1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2000:

Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec r ..............................................................................
Mar ..............................................................................
Apr ...............................................................................
May ..............................................................................
June .............................................................................
July r .............................................................................
Aug r .............................................................................
Sept r .............................................................................
Oct r ..............................................................................
Nov r .............................................................................
Dec r ..............................................................................
2001: Jan r ..............................................................................
Feb r ..............................................................................
Mar p .............................................................................

777.1
782.2
838.8
960.4
1,095.8
1,182.6
1,234.5
1,301.0
1,393.7
1,533.2
1,429.2
1,435.6
1,447.4
1,462.8
1,470.7
1,484.0
1,492.6
1,510.0
1,526.2
1,533.2
1,549.1
1,562.5
1,568.6

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

263.8
278.4
309.9
365.6
443.1
499.4
531.2
560.5
595.6
663.8
615.5
622.2
628.8
634.7
638.5
645.4
649.5
654.9
661.0
663.8
670.3
681.2
687.8

Nonrevolving 2

513.3
503.7
528.8
594.9
652.7
683.1
703.3
740.5
798.0
869.3
813.7
813.4
818.6
828.2
832.2
838.6
843.1
855.1
865.2
869.3
878.9
881.3
880.8

Net change in consumer credit outstanding 1
Total

¥12.0
5.1
56.6
121.6
135.4
86.8
51.9
66.5
92.7
139.5
10.7
6.4
11.8
15.4
7.9
13.3
8.6
17.4
16.2
7.0
15.9
13.4
6.1

Revolving

25.2
14.6
31.5
55.7
77.5
56.3
31.8
29.3
35.1
68.2
7.0
6.7
6.6
5.9
3.8
6.9
4.1
5.4
6.1
2.8
6.5
10.9
6.6

Nonrevolving 2

¥37.2
¥9.6
25.1
66.1
57.8
30.4
20.2
37.2
57.5
71.3
3.7
¥.3
5.2
9.6
4.0
6.4
4.5
12.0
10.1
4.1
9.6
2.4
¥.5

Source: Board of Governors of the Federal Reserve System.

29

INTEREST RATES AND BOND YIELDS
Short-term interest rates fell in April, while long-term rates rose.

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

1991 .......................
1992 .......................
1993 .......................
1994 .......................
1995 .......................
1996 .......................
1997 .......................
1998 .......................
1999 .......................
2000 .......................
2000: Apr ..............
May .............
June ............
July .............
Aug .............
Sept .............
Oct ..............
Nov .............
Dec .............
2001: Jan .............
Feb .............
Mar .............
Apr ..............
Week ended:
2001: Apr 14 .......
21 ......
28 ......
May 5 ......
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

5.42
3.45
3.02
4.29
5.51
5.02
5.07
4.81
4.66
5.85
5.67
5.92
5.74
5.93
6.11
6.00
6.10
6.19
5.83
5.27
4.93
4.50
3.92

6.82
5.30
4.44
6.27
6.25
5.99
6.10
5.14
5.49
6.22
6.36
6.77
6.43
6.28
6.17
6.02
5.85
5.79
5.26
4.77
4.71
4.43
4.42

7.86
7.01
5.87
7.09
6.57
6.44
6.35
5.26
5.65
6.03
5.99
6.44
6.10
6.05
5.83
5.80
5.74
5.72
5.24
5.16
5.10
4.89
5.14

8.14
7.67
6.59
7.37
6.88
6.71
6.61
5.58
5.87
5.94
5.85
6.15
5.93
5.85
5.72
5.83
5.80
5.78
5.49
5.54
5.45
5.34
5.65

6.89
6.41
5.63
6.19
5.95
5.75
5.55
5.12
5.43
5.77
5.76
6.04
5.84
5.72
5.63
5.64
5.65
5.60
5.30
5.15
5.21
5.19
5.33

8.77
8.14
7.22
7.96
7.59
7.37
7.26
6.53
7.04
7.62
7.64
7.99
7.67
7.65
7.55
7.62
7.55
7.45
7.21
7.15
7.10
6.98
7.20

5.85
3.80
3.30
4.93
5.93
5.42
5.62
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*

5.45
3.25
3.00
3.60
5.21
5.02
5.00
4.92
4.62
5.73
5.50–5.50
5.50–6.00
6.00–6.00
6.00–6.00
6.00–6.00
6.00–6.00
6.00–6.00
6.00–6.00
6.00–6.00
6.00–5.00
5.00–5.00
5.00–4.50
4.50–4.00

8.46
6.25
6.00
7.15
8.83
8.27
8.44
8.35
8.00
9.23
9.00–9.00
9.00–9.50
9.50–9.50
9.50–9.50
9.50–9.50
9.50–9.50
9.50–9.50
9.50–9.50
9.50–9.50
9.50–9.00
8.50–8.50
8.50–8.00
8.00–7.50

5.69
3.52
3.02
4.21
5.83
5.30
5.46
5.35
4.97
6.24
6.02
6.27
6.53
6.54
6.50
6.52
6.51
6.51
6.40
5.98
5.49
5.31
4.80

9.32
8.24
7.20
7.49
7.87
7.80
7.71
7.07
7.04
7.52
7.63
7.55
7.50
7.51
7.54
7.52
7.53
7.47
7.40
7.20
7.10
7.04
..............

3.82
4.05
3.66
3.89

4.41
4.53
4.43
4.49

5.08
5.24
5.25
5.28

5.59
5.71
5.76
5.71

5.30
5.39
5.39
5.38

7.18
7.27
7.26
7.21

*
*
*
*

4.50–4.50
4.50–4.00
4.00–4.00
4.00–4.00

8.00–8.00
8.00–7.50
7.50–7.50
7.50–7.50

4.96
4.98
4.42
4.53

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

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
Overall, stock prices rose in April.

Common stock prices 1
Period

New York Stock Exchange indexes (Dec. 31, 1965=50,
except as noted) 2
Composite

1991 .....................................
1992 .....................................
1993 .....................................
1994 .....................................
1995 .....................................
1996 .....................................
1997 .....................................
1998 .....................................
1999 .....................................
2000 .....................................
2000: Apr ...........................
May ..........................
June .........................
July ..........................
Aug ...........................
Sept ..........................
Oct ............................
Nov ...........................
Dec ...........................
2001: Jan ...........................
Feb ...........................
Mar ...........................
Apr ...........................
Week ended:
2001: Apr 14 ....................
21 ....................
28 ....................
May 5 ...................

Common stock yields
(percent) 7

Dow Jones
industrial
average 4

Standard &
Poor’s composite index
(1941–
43=10) 5

Nasdaq composite index
(Feb. 5,
1971=100) 6

Dividendprice ratio

Earningsprice ratio

Industrial

Transportation

206.33
229.01
249.58
254.12
291.15
358.17
456.54
550.26
619.16
643.66
646.82
640.07
649.61
653.27
666.14
667.05
646.53
646.64
645.44
650.55
648.05
603.44
607.06

258.14
284.62
299.99
315.25
367.34
453.98
574.52
681.57
774.78
810.63
822.76
814.75
819.54
825.28
837.23
829.99
803.88
800.88
792.66
796.74
799.38
744.21
747.48

173.99
201.09
242.49
247.29
269.41
327.33
414.60
468.69
491.60
413.60
406.14
411.50
395.09
410.67
419.84
404.23
401.37
434.92
439.97
471.21
482.26
452.36
455.22

185.32
198.91
228.90
209.06
220.30
249.77
283.82
378.12
473.73
477.65
502.78
487.17
501.93
484.19
459.91
464.66
453.68
455.66
444.16
440.36
424.53
395.34
400.49

150.82
179.26
216.42
209.73
238.45
303.89
424.48
516.35
530.86
553.13
524.05
523.22
544.51
556.32
597.17
616.89
596.53
600.45
621.62
634.17
626.41
583.38
587.88

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
10,734.90
10,944.31
10,580.27
10,582.93
10,662.95
11,014.51
10,967.87
10,440.96
10,666.06
10,652.41
10,682.74
10,774.57
10,081.32
10,234.52

376.18
415.74
451.41
460.42
541.72
670.50
873.43
1,085.50
1,327.33
1,427.22
1,461.36
1,418.48
1,461.96
1,473.00
1,485.46
1,468.05
1,390.14
1,375.04
1,330.93
1,335.63
1,305.75
1,185.85
1,189.84

491.69
599.26
715.16
751.65
925.19
1,164.96
1,469.49
1,794.91
2,728.15
3,783.67
3,863.64
3,528.42
3,865.48
4,017.69
3,909.60
3,875.82
3,333.82
3,055.42
2,657.81
2,656.86
2,449.57
1,986.66
1,933.93

3.24
2.99
2.78
2.82
2.56
2.19
1.77
1.49
1.25
1.15
1.14
1.17
1.12
1.10
1.09
1.10
1.15
1.16
1.19
1.16
1.22
1.33
1.32

4.79
4.22
4.46
5.83
6.09
5.24
4.57
3.46
3.17
r 3.63
..................
..................
3.57
..................
..................
3.74
..................
..................
r 3.79
..................
..................
..................
..................

596.07
617.86
624.65
637.43

733.23
761.42
771.85
788.13

452.90
462.73
457.55
464.58

394.01
406.08
412.24
419.87

577.98
597.93
598.85
610.72

10,022.08
10,452.94
10,622.83
10,851.58

1,163.84
1,221.27
1,230.03
1,259.70

1,864.53
2,051.56
2,049.26
2,168.56

1.33
1.26
1.27
1.23

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

1 Average of daily closing prices.
2 Includes all the stocks (more than 3,500)
3 Dec. 31, 1965=100. Effective April 27,

Utility 3

listed on the NYSE.
1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. All indexes shown here reflect
the doubling.
4 Includes 30 stocks.
5 Includes 500 stocks.

Finance

6 Includes

over 5,000 stocks.
7 Standard & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and
the National Association of Securities Dealers, Inc.

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 6 months of fiscal 2001, there was a deficit of $24.8 billion, compared with a deficit of $35.2 billion
a year earlier.

[Billions of dollars]
Total

On-budget

Receipts

Outlays

Surplus
or
deficit
(¥)

Receipts

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
2,025.2
2,136.9

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
1,702.9
1,788.8
1,856.2

¥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
124.6
236.4
280.7

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
1,544.6
1,633.1

877.3
921.0

912.6
945.8

¥35.2
¥24.8

648.2
677.7

Fiscal year or period

1984 ...........................................
1985 ...........................................
1986 ...........................................
1987 ...........................................
1988 ...........................................
1989 ...........................................
1990 ...........................................
1991 ...........................................
1992 ...........................................
1993 ...........................................
1994 ...........................................
1995 ...........................................
1996 ...........................................
1997 ...........................................
1998 ...........................................
1999 ...........................................
2000 ...........................................
2001 (estimates) .......................
Cumulative total, first 6
months: 1
Fiscal year 2000 ................
Fiscal year 2001 ................

1 Data from current issue Monthly Treasury Statement.
Note.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2002, issued April 9, 2001.

32

Outlays

Off-budget
Surplus
or
deficit
(¥)

Receipts

Outlays

Federal debt (end of
period)
Surplus
or
deficit
(¥)

Gross
Federal

Held by
the public

¥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
.9
86.6
124.6

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
480.6
503.9

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
330.8
347.7

0.3
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
149.8
156.1

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
5,629.0
5,625.0

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
3,410.1
3,174.2

754.7 ¥106.5
778.5 ¥100.8

229.1
243.3

157.9
167.3

71.3
76.0

5,723.4
5,729.4

3,653.4
3,408.7

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
1,382.1
1,458.1
1,508.5

Sources: Department of the Treasury and Office of Management and Budget.

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 6 months of fiscal 2001, receipts were $43.7 billion higher than a year earlier and outlays were $33.2
billion higher.

[Billions of dollars]
On-budget and off-budget receipts

Fiscal year or period
Total

Individual
income
taxes

Corporation
income
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Total

1984
1985
1986
1987
1988
1989

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

666.5
734.1
769.2
854.4
909.3
991.2

298.4
334.5
349.0
392.6
401.2
445.7

56.9
61.3
63.1
83.9
94.5
103.3

239.4
265.2
283.9
303.3
334.3
359.4

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

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

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

466.9
467.8
476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5

93.5
98.1
100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7

380.0
396.0
413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8

91.5
93.1
101.4
98.9
113.7
120.1
115.4
120.2
132.7
151.5

2,025.2 1,004.5
2,136.9 1,072.9

207.3
213.1

652.9
689.7

80.2
81.4

305.6
329.9

2000 ...................................................
2001 (estimates) ...............................
Cumulative total, first 6 months: 1
Fiscal year 2000 ............................
Fiscal year 2001 ............................

877.3
921.0

417.3
437.3

Total

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

InterDepart- nationment of
al
Defense, affairs
military

Health

Medicare

Income Social
security security

Net
interest

Other

227.4
252.7
273.4
282.0
290.4
303.6

220.9
245.2
265.5
274.0
281.9
294.9

15.9
16.2
14.2
11.6
10.5
9.6

30.4
33.5
35.9
40.0
44.5
48.4

57.5
65.8
70.2
75.1
78.9
85.0

112.7
128.2
119.8
123.3
129.4
136.1

178.2
188.6
198.8
207.4
219.3
232.5

111.1
129.5
136.0
138.7
151.8
169.0

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
1,702.9

299.3
273.3
298.4
291.1
281.6
272.1
265.8
270.5
268.5
274.9

289.8
262.4
286.9
278.6
268.6
259.4
253.2
258.3
256.1
261.4

13.8
15.9
16.1
17.2
17.1
16.4
13.5
15.2
13.1
15.2

57.7
71.2
89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

98.1
104.5
119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

147.1
170.3
197.0
207.3
214.1
220.5
226.0
230.9
233.2
237.7

248.6
269.0
287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

184.4
194.5
199.4
198.7
203.0
232.2
241.1
244.0
241.2
229.7

204.2
225.8
174.7
160.6
174.7
163.6
171.0
161.5
193.2
223.8

160.6 1,788.8
161.3 1,856.2

294.5
299.1

281.2
283.9

17.2
17.5

154.5
175.3

197.1
219.3

247.9
262.6

409.4
433.6

223.2
206.4

244.9
242.5

146.7
150.6

140.1
143.8

9.7
12.4

75.3
82.7

100.5
106.3

137.5
142.6

198.6
211.4

114.3
110.2

130.0
129.6

74.2
72.4

1 Data from current issue Monthly Treasury Statement.
Note.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2002, issued April 9, 2001.

912.6
945.8

Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 2001, according to advance estimates, Federal current expenditures rose $32.3 billion (annual
rate); receipts data are incomplete.

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

Federal Government current expenditures

Transfer
payments

1,418.9
1,471.5
1,506.0
1,575.7
1,635.9
1,678.8
1,705.0
1,750.2
1,813.9

445.8
442.6
439.7
439.2
445.3
456.9
453.7
470.8
489.2

565.2
597.9
618.6
652.1
691.6
717.5
731.0
746.1
782.4

149.1
162.6
174.5
184.5
190.4
196.8
209.1
229.3
244.6

229.2
230.2
239.6
267.5
273.6
276.2
278.8
264.7
259.4

29.6
38.2
33.6
32.4
35.1
31.5
32.4
39.3
38.4

0.0
.0
.0
.0
.0
.0
.0
.0
.0

¥297.5
¥274.1
¥212.3
¥192.0
¥136.8
¥53.3
49.0
124.4
251.8

580.2
590.5

1,679.2
1,701.0

457.5
457.2

717.1
729.4

196.7
205.6

277.5
278.5

30.4
30.3

.0
.0

¥33.7
¥25.0

95.1
95.8
97.5
97.3

600.5
607.7
615.9
624.2

1,685.9
1,698.4
1,700.6
1,735.1

445.5
457.5
451.0
460.7

726.9
726.6
730.9
739.6

205.0
205.4
209.9
216.1

279.6
280.2
280.0
275.4

28.7
28.7
28.8
43.2

.0
.0
.0
.0

25.9
41.9
71.9
56.4

212.3
214.9
217.8
232.3

97.9
98.9
101.4
103.9

638.6
647.4
657.4
666.6

1,727.8
1,732.2
1,743.1
1,797.7

464.5
460.2
471.3
487.0

738.6
742.8
745.0
757.7

223.0
221.4
234.0
238.8

267.7
267.1
262.2
261.8

33.9
40.7
30.5
52.3

.0
.0
.0
.0

89.7
117.5
147.3
143.3

978.0
1,003.6
1,030.9
1,058.4

245.7
250.5
249.4
230.3

106.8
108.9
108.9
109.0

681.5
691.8
700.2
709.0

1,776.0
1,813.9
1,836.0
1,829.6

478.7
499.0
489.9
489.2

763.2
779.0
785.2
802.0

235.0
240.9
251.2
251.2

265.0
260.3
257.2
254.9

34.1
34.6
52.4
32.4

.0
.0
.0
.0

235.8
240.9
253.3
277.0

1,083.1

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

109.8

725.6

1,861.9

506.9

812.9

262.0

245.5

34.6

.0

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

Total

Corporate
profits
tax accruals

Indirect
business
tax and
nontax
accruals

Calendar year:
1992 ..............................
1993 ..............................
1994 ..............................
1995 ..............................
1996 ..............................
1997 ..............................
1998 ..............................
1999 ..............................
2000 ..............................

1,121.3
1,197.3
1,293.7
1,383.7
1,499.1
1,625.5
1,754.0
1,874.6
2,065.7

479.4
509.9
547.8
591.8
670.0
751.9
836.0
902.2
1,017.7

118.8
138.5
156.7
179.3
190.6
203.0
209.5
219.3
244.0

81.3
85.3
95.2
93.0
95.1
93.7
96.4
100.5
108.4

441.8
463.7
493.9
519.6
543.3
577.0
612.1
652.5
695.6

1997: III ..........................
IV ..........................

1,645.5
1,676.0

759.6
781.3

209.8
209.5

95.9
94.7

1998: I .............................
II ...........................
III ..........................
IV ..........................

1,711.8
1,740.3
1,772.6
1,791.5

807.0
826.2
845.9
864.8

209.1
210.6
213.3
205.1

1999: I .............................
II ...........................
III ..........................
IV ..........................

1,817.4
1,849.6
1,890.3
1,941.0

868.7
888.5
913.7
938.2

2000: I .............................
II ...........................
III ..........................
IV ..........................

2,011.9
2,054.8
2,089.4
2,106.6

2001: I p ...........................

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

Source: Department of Commerce, Bureau of Economic Analysis.

34

Net
interest
paid

Less:
Wage
accruals less
disbursements

Current
surplus
or
deficit
(¥),
national
income
and
product
accounts

Consumption
expenditures

Contributions
for
social
insurance

Personal
tax and
nontax
receipts

Period

Subsidies less
current
surplus
of
Government
enterprises

Grantsin-aid
to
State
and
local
governments

Total

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1992=100; seasonally adjusted)
Period

United
States

1991 .......................................
1992 .......................................
1993 .......................................
1994 .......................................
1995 .......................................
1996 .......................................
1997 .......................................
1998 .......................................
1999 .......................................
2000 p .....................................
2000: Feb .............................
Mar .............................
Apr .............................
May ............................
June ...........................
July ............................
Aug ...........................
Sept ...........................
Oct ..............................
Nov .............................
Dec ............................
2001: Jan ............................
Feb ............................
Mar p ..........................
1 Data

Canada

97.0
98.9
100.0
100.0
103.5
104.5
109.1
111.3
114.3
116.3
119.6
117.9
127.7
123.1
134.0
126.0
139.6
131.6
147.5
139.1
r 136.4
144.3
r 137.5
145.2
r 137.0
146.3
r 139.8
147.2
147.9
139.9
147.6
139.7
148.6
140.4
r 139.7
149.0
r 140.2
148.7
r 140.0
148.2
r 147.3
r 139.5
r 146.4
r 138.8
r 145.9
138.4
146.5 ..............

Japan

France

Germany

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

Italy

United
States 1

106.1 101.1 102.3
101.3
99.7
100.0 100.0 100.0
100.0
100.0
96.5
96.3
92.4
97.9
102.2
97.8 100.1
95.6
103.9
107.7
100.9 102.6
96.8
109.2
109.5
103.3 103.5
97.4
107.1
110.7
107.0 107.3 100.8
111.1
111.8
99.9 112.9 105.0
112.3
112.7
100.8 115.2 106.7
112.3
113.3
106.4 119.0 113.7
117.7
115.0
r103.5
r 116.6
117.7 110.7
113.4
r 104.6
r 116.8
118.2 111.0
114.1
r 105.3
r 115.9
117.9 112.5
114.9
r 105.2
118.1 115.1
118.7
115.1
r 107.0
118.2 112.0
117.7
115.4
r 106.8
r 116.6
119.9 115.5
116.0
r 109.6
119.9 116.0
118.1
116.4
r 106.2
119.4 115.6
118.1
115.4
r 107.6
r 117.4
120.1 114.6
115.3
r 107.5
r 120.6
r 118.4
115.3
115.6
r 121.1
108.8 120.7 115.3
114.8
r 104.6
r 120.5
r 118.8
117.8
114.8
r 105.3
120.6 117.6
118.4
114.5
103.1 ............ ............ .............. ..............

relate to all urban consumers.

136.2
140.3
144.5
148.2
152.4
156.9
160.5
163.0
166.6
172.2
169.8
171.2
171.3
171.5
172.4
172.8
172.8
173.7
174.0
174.1
174.0
175.1
175.8
176.2

Canada

Japan

143.1
145.3
147.9
148.2
151.4
153.8
156.3
157.8
160.5
164.9
162.7
163.9
163.3
164.2
165.2
165.8
165.5
166.2
166.5
167.1
167.2
166.6
167.4
167.9

Germany

115.0
117.0
118.4
119.3
119.1
119.3
121.3
122.1
121.8
120.9
120.7
120.9
121.2
121.3
120.9
120.7
120.7
121.0
121.2
120.9
120.9
120.9
120.6
120.5

Italy

116.2
122.1
127.6
131.1
133.3
135.2
137.8
139.1
139.9
142.6
141.6
141.9
141.9
141.7
142.5
143.2
142.9
143.6
143.3
143.6
143.7
144.4
145.3
145.5

France

170.5
179.5
187.7
195.3
205.6
213.8
218.2
222.5
226.2
231.9
229.7
230.3
230.5
231.3
231.9
232.4
232.6
233.0
233.8
234.4
234.6
235.6
236.5
236.7

137.2
140.4
143.4
145.8
148.4
151.4
153.2
154.2
155.0
157.6
156.4
157.1
157.1
157.4
157.7
157.4
157.7
158.7
158.4
158.8
158.7
158.1
158.5
159.1

United
Kingdom

156.9
162.7
165.3
169.3
175.2
179.4
185.1
191.4
194.3
200.1
196.8
197.9
199.9
200.6
201.0
200.3
200.3
201.7
201.6
202.2
202.3
201.0
202.1
202.3

Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)

Goods: Imports (customs value)

Census basis (by end-use category)

Services
(BOP basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
BOP basis

Period

1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2000:

.................
.................
.................
.................
.................
.................
.................
.................
.................
.................
Feb .......
Mar .......
Apr .......
May ......
June .....
July ......
Aug .......
Sept ......
Oct ........
Nov .......
Dec .......
2001: Jan r ......
Feb p ......

BOP
basis

416.9
440.4
456.8
502.4
575.8
612.1
679.7
670.3
684.4
772.5
60.9
62.5
62.5
62.7
66.4
65.1
68.0
67.8
66.3
65.9
64.1
64.6
65.2

Total,
Census
basis 1

421.7
448.2
465.1
512.6
584.7
625.1
689.2
682.1
695.8
781.7
62.0
63.1
63.1
63.4
67.3
65.6
68.7
68.4
67.1
66.7
64.9
65.4
66.0

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
35.7
40.3
40.6
42.0
50.5
55.5
51.5
46.4
45.5
47.7
3.8
3.9
3.8
4.0
4.0
4.1
4.3
4.1
4.0
3.9
3.9
3.9
4.1

109.7
109.1
111.8
121.4
146.2
147.7
158.2
148.3
147.0
171.9
13.9
14.6
13.7
13.7
14.3
14.0
14.8
15.3
15.0
15.1
14.2
14.1
14.5

166.7
175.9
181.7
205.0
233.0
253.0
294.5
299.6
311.4
356.6
27.0
27.2
29.1
29.1
31.1
30.7
31.8
31.7
31.1
30.7
29.9
30.8
30.9

40.0
47.0
52.4
57.8
61.8
65.0
74.0
73.2
75.8
79.9
6.6
6.9
6.4
6.6
7.0
6.5
7.1
6.6
6.7
6.5
6.4
5.8
5.7

BOP
basis

45.9 491.0
51.4 536.5
54.7 589.4
60.0 668.6
64.4 749.6
70.1 803.3
77.4 876.4
79.3 917.2
80.8 1,029.9
89.1 1,222.4
7.4
95.6
7.4
99.7
7.2
99.5
7.2
99.3
7.8 103.4
7.6 103.7
7.7 104.7
7.7 107.2
7.3 106.3
7.4 105.0
7.5 103.7
7.8 104.1
8.0
98.6

IndusAutoFoods, trial Capital motive
Total, feeds, supgoods vehiCensus and
plies except cles,
basis 1
bevand
auto- parts
erages mate- motive and enrials
gines
488.5
532.7
580.7
663.3
743.5
795.3
869.7
911.9
1,024.6
1,216.4
94.7
99.0
99.3
99.0
103.0
103.5
104.4
106.6
105.7
104.4
103.2
103.5
98.0

1 Total includes ‘‘other’’ exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.

26.5
27.6
27.9
31.0
33.2
35.7
39.7
41.2
43.6
46.0
3.7
3.8
3.8
3.8
3.8
3.9
4.0
3.9
3.8
4.0
3.8
4.0
3.8

131.6
138.6
145.6
162.1
181.8
204.5
213.8
200.1
222.0
297.9
23.6
24.6
c 23.4
23.9
25.4
25.8
25.1
26.5
26.1
25.1
26.5
26.6
24.8

120.7
134.3
152.4
184.4
221.4
228.1
253.3
269.6
297.1
352.2
26.8
27.8
28.7
28.8
29.7
29.6
30.8
31.5
31.1
30.4
30.5
29.1
27.8

85.7
91.8
102.4
118.3
123.8
128.9
139.8
149.1
179.4
196.3
15.6
16.4
16.5
15.6
16.7
17.0
16.9
16.7
16.8
16.5
15.2
15.3
15.2

Consumer
goods
(nonfood)
except
automotive
108.0
122.7
134.0
146.3
159.9
172.0
193.8
216.5
239.5
275.5
21.2
22.6
23.0
23.0
23.1
23.1
23.3
23.7
23.8
24.1
23.2
24.5
22.6

Exports

164.3
176.9
185.9
201.0
219.2
240.0
257.2
262.7
271.9
296.2
24.4
24.5
25.1
24.3
24.8
24.7
24.9
25.0
25.1
25.0
25.1
25.0
25.2

Imports

118.5
116.5
122.3
131.9
141.4
150.9
166.5
182.7
191.3
215.2
17.2
17.7
17.3
17.4
17.8
18.2
18.1
19.1
18.3
18.7
18.7
18.8
18.8

Goods,
Census
basis

Goods

¥66.7
¥84.5
¥115.6
¥150.6
¥158.8
¥170.2
¥180.5
¥229.8
¥328.8
¥434.7
¥32.7
¥36.0
¥36.2
¥35.6
¥35.6
¥37.9
¥35.7
¥38.2
¥38.5
¥37.7
¥38.3
¥38.1
¥32.0

¥74.1
¥96.1
¥132.6
¥166.2
¥173.7
¥191.3
¥196.7
¥246.9
¥345.6
¥449.9
¥34.7
¥37.2
¥37.0
¥36.5
¥36.9
¥38.6
¥36.8
¥39.4
¥40.0
¥39.1
¥39.6
¥39.5
¥33.4

Services

45.8
60.4
63.7
69.2
77.8
89.2
90.7
80.0
80.6
81.0
7.2
6.8
7.7
6.9
7.1
6.5
6.8
5.8
6.8
6.2
6.4
6.2
6.4

Goods
and
services

¥28.3
¥35.7
¥68.9
¥97.0
¥95.9
¥102.1
¥105.9
¥166.9
¥265.0
¥368.9
¥27.5
¥30.4
¥29.2
¥29.7
¥29.9
¥32.1
¥30.0
¥33.5
¥33.2
¥32.9
¥33.2
¥33.3
¥27.0

Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).

35

U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 2000, the goods deficit rose to $118.3 billion, from $114.7 billion in the third quarter. The
current account deficit rose to $115.3 billion in the fourth quarter, from $113.1 billion in the third quarter.

[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (¥)]
Goods 1

Period
Exports

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

Imports

416,913 ¥490,981
440,352 ¥536,458
456,832 ¥589,441
502,398 ¥668,590
575,845 ¥749,574
612,057 ¥803,327
679,702 ¥876,367
670,324 ¥917,178
684,358 ¥1,029,917
773,304 ¥1,222,772
170,609 ¥225,255
166,054 ¥228,675
164,378 ¥228,942
169,283 ¥234,306
163,949 ¥236,973
166,443 ¥250,427
173,881 ¥266,199
180,085 ¥276,318
183,659 ¥289,699
191,713 ¥302,147
200,836 ¥315,574
197,096 ¥315,352

Services

Balance
on
goods

Net
military
transactions 2 3

¥74,068 ¥5,274
¥96,106 ¥1,448
¥132,609
1,385
¥166,192
2,570
¥173,729
4,600
¥191,270
5,385
¥196,665
5,138
¥246,854
5,387
¥345,559
2,684
¥449,468
720
¥54,646
1,728
¥62,621
1,564
¥64,564
827
¥65,023
1,268
¥73,024
947
¥83,984
1,188
¥92,318
318
¥96,233
231
¥106,040
252
¥110,434
268
¥114,738
179
¥118,256
21

Net
travel
and
transportation
16,561
19,969
19,714
16,305
21,772
25,015
22,152
10,145
6,797
6,654
3,419
3,118
1,820
1,788
1,910
1,979
1,428
1,478
1,620
2,368
1,622
1,042

Income receipts and payments

Other
services,
net

34,516
41,918
42,562
50,278
51,410
58,757
63,443
64,424
71,107
73,614
15,886
16,331
15,583
16,619
17,491
17,517
17,854
18,244
18,908
19,053
17,307
18,340

1 Adjusted

3 Quarterly

2 Transfers

4 Includes

from Census data for differences in timing and coverage; excludes military.
under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).

36

Balance
on
goods
and
services

¥28,266
¥35,666
¥68,949
¥97,039
¥95,947
¥102,113
¥105,932
¥166,898
¥264,971
¥368,480
¥33,613
¥41,608
¥46,334
¥45,348
¥52,676
¥63,300
¥72,718
¥76,280
¥85,260
¥88,745
¥95,630
¥98,853

Receipts

149,214
132,056
134,159
165,438
211,502
223,810
257,346
258,445
276,165
345,394
65,996
66,506
62,469
63,474
63,396
66,697
71,115
74,959
80,793
87,569
87,354
89,682

Payments

Unilateral
current
Balance transfers,
on
net 4
income

¥125,084
24,130
10,752
¥109,101
22,954 ¥35,013
¥110,255
23,904 ¥37,637
¥148,744
16,694 ¥38,260
¥190,955
20,547 ¥34,057
¥204,934
18,876 ¥40,081
¥251,160
6,186 ¥40,794
¥264,656 ¥6,211 ¥44,029
¥294,648 ¥18,483 ¥48,025
¥359,050 ¥13,656 ¥53,241
¥64,979
1,017 ¥9,794
¥66,274
232 ¥10,099
¥66,786 ¥4,317 ¥10,658
¥66,617 ¥3,143 ¥13,474
¥66,516 ¥3,120 ¥10,831
¥70,842 ¥4,145 ¥11,537
¥76,650 ¥5,535 ¥11,396
¥80,642 ¥5,683 ¥14,260
¥85,214 ¥4,421 ¥12,087
¥91,729 ¥4,160 ¥12,334
¥91,885 ¥4,531 ¥12,949
¥90,223
¥541 ¥15,872

data are not seasonally adjusted.
transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

Balance
on
current
account

6,616
¥47,724
¥82,681
¥118,605
¥109,457
¥123,318
¥140,540
¥217,138
¥331,479
¥435,377
¥42,390
¥51,475
¥61,309
¥61,965
¥66,627
¥78,982
¥89,649
¥96,223
¥101,768
¥105,239
¥113,110
¥115,266

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks increased $67.0 billion in the fourth
quarter of 2000, compared with an increase of $6.0 billion in the third quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $42.8 billion in the fourth quarter, compared with
a decrease of $1.4 billion in the third quarter.

[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (¥)]
Financial account

Period

Capital
account
transactions,
net 3

U.S.-owned assets abroad, net
[increase/financial outflow (¥)]

Total

U.S.
official
reserve
assets 3 5

Other U.S.
Government
assets 3

Statistical discrepancy
Foreign-owned assets in the U.S., net
[increase/financial inflow (+)]

U.S.
private
assets

Total

Foreign
official
assets 3

Other
foreign
assets

Total (sum
of the items
with sign
reversed)

Of which:
Seasonal
adjustment
discrepancy

U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)

1991 ..................................
1992 ..................................
1993 ..................................
1994 ..................................
1995 ..................................
1996 ..................................
1997 ..................................
1998 ..................................
1999 ..................................
2000 p .................................

¥4,479
612
¥88
¥469
372
693
350
637
¥3,500
680

¥64,388
¥74,410
¥200,552
¥176,056
¥352,376
¥413,923
¥488,940
¥335,436
¥430,187
¥553,349

5,763
3,901
¥1,379
5,346
¥9,742
6,668
¥1,010
¥6,783
8,747
¥290

2,924
¥1,667
¥351
¥390
¥984
¥989
68
¥422
2,751
¥715

¥73,075
¥76,644
¥198,822
¥181,012
¥341,650
¥419,602
¥487,998
¥328,231
¥441,685
¥552,344

110,808
170,663
282,040
305,989
465,684
571,706
756,962
482,235
753,564
952,430

17,389
40,477
71,753
39,583
109,880
126,724
18,876
¥20,127
42,864
35,909

93,420
130,186
210,287
266,406
355,804
444,982
738,086
502,362
710,700
916,521

¥48,557
¥49,141
1,281
¥10,859
¥4,223
¥35,158
¥127,832
69,702
11,602
35,616

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

77,721
71,323
73,442
74,335
85,832
75,089
69,954
81,761
71,516
67,647

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

149
157
155
176
157
165
171
¥3,993
166
170
167
177

¥68,887
¥141,617
¥53,027
¥71,904
¥21,555
¥170,842
¥122,909
¥114,882
¥178,947
¥92,413
¥93,420
¥188,566

¥444
¥1,945
¥2,025
¥2,369
4,068
1,159
1,951
1,569
¥554
2,020
¥346
¥1,410

¥80
¥483
188
¥47
118
¥392
¥686
3,711
¥131
¥574
114
¥124

¥68,363
¥139,189
¥51,190
¥69,488
¥25,741
¥171,609
¥124,174
¥120,162
¥178,262
¥93,859
¥93,188
¥187,032

86,840
167,085
82,790
145,520
102,780
272,008
194,210
184,567
236,638
245,252
195,325
275,211

10,967
¥10,235
¥46,651
25,792
4,274
¥1,096
12,191
27,495
22,015
6,346
11,901
¥4,353

75,873
177,320
129,441
119,728
98,506
273,104
182,019
157,072
214,623
238,906
183,424
279,564

24,288
25,850
31,391
¥11,827
¥14,755
¥22,349
18,177
30,531
43,911
¥47,770
11,038
28,444

5,720
¥1,578
¥11,014
6,872
5,514
¥1,511
¥9,739
5,738
5,873
¥2,361
¥9,215
5,710

69,353
71,161
75,676
81,761
74,359
71,689
73,414
71,516
70,789
67,955
66,256
67,647

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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