Full text of Economic Indicators : April 2002
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107th Congress, 2d Session Economic Indicators APRIL 2002 (Includes data available as of May 8, 2002) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2002 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) JIM SAXTON, New Jersey, Chairman JACK REED, Rhode Island, Vice Chairman HOUSE OF REPRESENTATIVES PAUL RYAN (Wisconsin) LAMAR SMITH (Texas) JENNIFER DUNN (Washington) PHIL ENGLISH (Pennsylvania) ADAM H. PUTNAM (Florida) PETE STARK (California) CAROLYN B. MALONEY (New York) MELVIN L. WATT (North Carolina) SENATE EDWARD M. KENNEDY (Massachusetts) PAUL S. SARBANES (Maryland) JEFF BINGAMAN (New Mexico) JON CORZINE (New Jersey) ROBERT G. TORRICELLI (New Jersey) ROBERT F. BENNETT (Utah) SAM BROWNBACK (Kansas) JEFF SESSIONS (Alabama) MIKE CRAPO (Idaho) LINCOLN D. CHAFEE (Rhode Island) CHRISTOPHER FRENZE, Executive Director COUNCIL OF ECONOMIC ADVISERS R. GLENN HUBBARD, Chairman MARK B. MCCLELLAN, Member RANDALL S. KROSZNER, Member [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled ‘‘Economic Indicators’’ Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 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 2002, according to advance estimates, current-dollar gross domestic product (GDP) rose 6.7 percent (annual rate), real GDP (GDP in chained 1996 dollars) rose 5.8 percent, and the implicit price deflator rose 0.8 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1992 ...................... 1993 ...................... 1994 ...................... 1995 ...................... 1996 ...................... 1997 ...................... 1998 ...................... 1999 ...................... 2000 ...................... 2001 ...................... 1998: III ............. IV .............. 1999: I ................ II ............... III ............. IV .............. 2000: I ................ II ............... III ............. IV .............. 2001: I ................ II ............... III ............. IV .............. 2002: I p ............... 1 GDP Exports and imports of goods and services Personal Gross Gross conprivate domestic sumption domestic product expendi- investtures ment Net exports Exports 6,318.9 6,642.3 7,054.3 7,400.5 7,813.2 8,318.4 8,781.5 9,268.6 9,872.9 10,208.1 8,816.5 8,984.5 9,093.1 9,161.4 9,297.4 9,522.5 9,668.7 9,857.6 9,937.5 10,027.9 10,141.7 10,202.6 10,224.9 10,263.3 10,431.3 ¥27.9 ¥60.5 ¥87.1 ¥84.3 ¥89.0 ¥89.3 ¥151.7 ¥250.9 ¥364.0 ¥329.8 ¥165.3 ¥164.1 ¥199.7 ¥241.1 ¥273.9 ¥288.7 ¥333.9 ¥350.8 ¥380.6 ¥390.6 ¥363.8 ¥347.4 ¥294.4 ¥313.5 ¥342.3 636.8 658.0 725.1 818.6 874.2 966.4 964.9 989.8 1,102.9 1,050.4 946.7 979.7 960.2 971.3 996.6 1,031.0 1,059.7 1,099.7 1,131.1 1,121.0 1,117.4 1,079.6 1,020.6 983.8 998.6 4,209.7 4,454.7 4,716.4 4,969.0 5,237.5 5,529.3 5,856.0 6,250.2 6,728.4 7,064.5 5,895.1 5,989.1 6,080.7 6,197.1 6,298.4 6,424.7 6,581.9 6,674.9 6,785.5 6,871.4 6,977.6 7,044.6 7,057.6 7,178.2 7,251.9 866.6 955.1 1,097.1 1,143.8 1,242.7 1,390.5 1,538.7 1,636.7 1,767.5 1,633.9 1,538.6 1,589.3 1,621.3 1,595.7 1,631.7 1,698.1 1,709.0 1,792.4 1,788.4 1,780.3 1,722.8 1,669.9 1,624.8 1,518.2 1,590.0 Government consumption expenditures and gross investment Federal Imports Total Total less exports of goods and services plus imports of goods and services. 664.6 718.5 812.1 902.8 963.1 1,055.8 1,116.7 1,240.6 1,466.9 1,380.1 1,112.0 1,143.8 1,160.0 1,212.4 1,270.5 1,319.7 1,393.6 1,450.4 1,511.8 1,511.6 1,481.2 1,427.0 1,315.0 1,297.3 1,340.9 1,270.5 1,293.0 1,327.9 1,372.0 1,421.9 1,487.9 1,538.5 1,632.5 1,741.0 1,839.5 1,548.1 1,570.3 1,590.9 1,609.6 1,641.2 1,688.3 1,711.8 1,741.1 1,744.2 1,766.8 1,805.2 1,835.4 1,836.9 1,880.4 1,931.7 534.5 527.3 521.1 521.5 531.6 538.2 539.2 564.0 590.2 615.7 539.5 548.4 549.8 553.1 565.6 587.6 578.5 601.0 587.0 594.2 605.3 609.9 615.7 631.7 661.3 National defense 378.5 364.9 355.1 350.6 357.0 352.6 349.1 364.5 375.4 399.0 354.7 354.7 356.1 354.2 366.7 381.1 366.6 380.4 372.1 382.4 392.9 396.1 399.6 407.5 433.3 Nondefense 156.0 162.4 165.9 170.9 174.6 185.6 190.1 199.5 214.8 216.6 184.8 193.7 193.6 198.9 199.0 206.5 211.9 220.6 214.9 211.8 212.4 213.8 216.1 224.2 228.0 State and local 736.0 765.7 806.8 850.5 890.4 949.7 999.3 1,068.5 1,150.8 1,223.8 1,008.6 1,021.9 1,041.1 1,056.5 1,075.6 1,100.7 1,133.2 1,140.1 1,157.2 1,172.6 1,199.8 1,225.5 1,221.2 1,248.7 1,270.5 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 6,303.9 6,621.2 6,991.8 7,367.5 7,783.2 8,255.5 8,708.4 9,210.0 9,823.6 10,266.6 8,747.0 8,909.1 9,012.9 9,131.3 9,258.4 9,437.6 9,637.8 9,782.2 9,884.9 9,989.2 10,167.2 10,239.1 10,282.7 10,377.2 10,465.5 6,346.8 6,702.8 7,141.4 7,484.8 7,902.1 8,407.7 8,933.3 9,519.5 10,236.9 10,537.9 8,981.8 9,148.6 9,292.9 9,402.5 9,571.4 9,811.2 10,002.6 10,208.4 10,318.1 10,418.5 10,505.6 10,549.9 10,519.3 10,576.8 10,773.6 6,342.3 6,666.7 7,071.1 7,420.9 7,831.2 8,325.4 8,778.1 9,261.8 9,860.8 10,202.8 8,802.1 8,975.4 9,089.5 9,157.0 9,283.8 9,517.0 9,650.7 9,841.0 9,919.4 10,032.1 10,131.3 10,190.9 10,213.8 10,275.3 .............. Source: Department of Commerce, Bureau of Economic Analysis. 1 REAL GROSS DOMESTIC PRODUCT [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] Period 1992 ......... 1993 ......... 1994 ......... 1995 ......... 1996 ......... 1997 ......... 1998 ......... 1999 ......... 2000 ......... 2001 ......... 1998: III IV 1999: I .... II .. III IV 2000: I .... II .. III IV 2001: I .... II .. III IV 2002: I p .. Gross private domestic investment Personal consumption expenditures Gross domestic product 6,880.0 7,062.6 7,347.7 7,543.8 7,813.2 8,159.5 8,508.9 8,856.5 9,224.0 9,333.8 8,528.5 8,667.9 8,733.5 8,771.2 8,871.5 9,049.9 9,102.5 9,229.4 9,260.1 9,303.9 9,334.5 9,341.7 9,310.4 9,348.6 9,482.1 4,594.5 4,748.9 4,928.1 5,075.6 5,237.5 5,423.9 5,683.7 5,968.4 6,257.8 6,450.3 5,713.7 5,784.7 5,854.0 5,936.1 6,000.0 6,083.6 6,171.7 6,226.3 6,292.1 6,341.1 6,388.5 6,428.4 6,443.9 6,540.3 6,597.5 Exports and imports of goods and services Nonresidential fixed investment Residential fixed investment Change in private inventories Net exports Exports 630.6 683.6 744.6 817.5 899.4 1,009.3 1,135.9 1,228.6 1,350.7 1,308.0 1,136.6 1,175.4 1,192.6 1,214.9 1,244.6 1,262.4 1,309.4 1,347.7 1,371.1 1,374.5 1,373.9 1,320.9 1,292.0 1,245.0 1,226.8 257.2 276.0 302.7 291.7 313.3 319.7 345.1 368.3 371.4 376.9 349.5 357.4 366.3 368.9 368.2 369.7 377.3 376.5 366.3 365.3 372.9 378.3 380.5 376.0 390.0 17.1 20.0 66.8 30.4 30.0 63.8 76.7 62.1 50.6 ¥61.7 71.8 80.0 83.4 32.7 39.6 92.7 28.9 78.9 51.7 42.8 ¥27.1 ¥38.3 ¥61.9 ¥119.3 ¥36.2 ¥19.8 ¥59.1 ¥86.5 ¥78.4 ¥89.0 ¥113.3 ¥221.1 ¥316.9 ¥399.1 ¥408.7 ¥241.2 ¥239.2 ¥283.0 ¥313.4 ¥333.3 ¥337.8 ¥371.1 ¥392.8 ¥411.2 ¥421.1 ¥404.5 ¥406.7 ¥411.0 ¥412.7 ¥448.5 651.0 672.7 732.8 808.2 874.2 981.5 1,002.4 1,034.9 1,133.2 1,081.7 987.6 1,025.6 1,007.6 1,018.0 1,041.8 1,072.1 1,095.5 1,130.6 1,159.3 1,147.5 1,144.1 1,108.3 1,052.2 1,022.2 1,039.1 Government consumption expenditures and gross investment Federal Imports Total Total 670.8 731.8 819.4 886.6 963.1 1,094.8 1,223.5 1,351.7 1,532.3 1,490.4 1,228.9 1,264.8 1,290.6 1,331.4 1,375.1 1,409.8 1,466.6 1,523.4 1,570.6 1,568.5 1,548.6 1,515.0 1,463.2 1,434.9 1,487.6 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. 1,410.0 1,398.8 1,400.1 1,406.4 1,421.9 1,455.4 1,483.3 1,531.8 1,572.6 1,628.6 1,489.9 1,504.8 1,512.3 1,516.8 1,533.2 1,564.8 1,560.4 1,577.2 1,570.0 1,582.8 1,603.4 1,623.0 1,624.1 1,663.9 1,695.8 National defense 595.1 572.0 551.3 536.5 531.6 529.6 525.4 536.7 545.9 560.3 524.9 531.7 526.7 527.7 537.0 555.5 536.8 556.9 541.8 547.9 552.2 554.7 559.6 574.9 591.9 417.1 394.7 375.9 361.9 357.0 347.7 341.6 348.6 349.0 365.3 346.5 345.8 342.7 339.7 350.0 361.9 342.3 354.8 345.1 353.8 360.3 362.4 365.3 373.2 390.2 Nondefense 177.9 177.3 175.5 174.6 174.6 181.8 183.8 188.1 196.7 195.0 178.4 185.8 183.9 188.0 187.0 193.6 194.4 202.0 196.5 194.0 191.8 192.3 194.3 201.6 201.7 State and local 815.3 827.0 848.9 869.9 890.4 925.8 957.7 994.7 1,026.3 1,067.5 964.7 972.8 985.2 988.6 995.8 1,009.1 1,023.0 1,020.1 1,027.6 1,034.3 1,050.5 1,067.4 1,063.8 1,088.4 1,103.4 Final sales of domestic product 6,867.7 7,043.8 7,285.8 7,512.2 7,783.2 8,095.2 8,431.8 8,792.0 9,167.0 9,376.5 8,454.9 8,588.5 8,651.2 8,735.1 8,825.6 8,956.3 9,061.6 9,148.5 9,201.3 9,256.7 9,347.8 9,364.8 9,352.5 9,440.9 9,501.8 Gross domestic purchases 1 Addendum: Gross national product 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 8,721.3 8,508.4 9,154.9 8,853.0 9,594.7 9,216.4 9,715.7 9,333.6 8,759.7 8,517.6 8,896.6 8,662.0 9,002.3 8,732.9 9,066.5 8,769.7 9,184.1 8,861.5 9,366.5 9,047.9 9,448.5 9,089.1 9,594.5 9,217.7 9,641.5 9,247.2 9,694.4 9,311.7 9,710.4 9,329.1 9,720.4 9,335.5 9,695.1 9,304.9 9,737.0 9,364.7 9,900.8 .............. 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 1992 .................. 1993 .................. 1994 .................. 1995 .................. 1996 .................. 1997 .................. 1998 ................. 1999 ................. 2000 ................. 2001 ................. 1998: III ......... IV .......... 1999: I ............ II ........... III ......... IV .......... 2000: I ............ II ........... III ......... IV .......... 2001: I ............ II ........... III ......... IV ........... 2002: I p ........... Gross domestic product 91.84 94.05 96.01 98.10 100.00 101.95 103.20 104.65 107.04 109.37 103.38 103.65 104.12 104.45 104.80 105.22 106.22 106.81 107.31 107.78 108.65 109.21 109.82 109.78 110.01 Total 91.6293.81 95.70 97.90 100.00 101.94 103.03 104.72 107.52 109.52 103.17 103.53 103.87 104.40 104.97 105.61 106.65 107.20 107.84 108.36 109.22 109.59 109.52 109.75 109.92 Durable goods Nondurable goods Services 98.28 99.06 100.56 101.06 100.00 97.75 95.40 93.04 91.53 89.82 95.13 94.51 93.73 93.25 92.84 92.42 91.99 91.80 91.29 91.03 90.86 90.05 89.41 89.05 88.07 95.20 96.14 96.83 97.93 100.00 101.34 101.31 103.67 107.55 109.13 101.36 101.69 102.16 103.27 104.12 105.09 106.51 107.23 107.96 108.48 109.00 109.73 109.33 108.44 108.50 88.50 91.56 94.16 97.25 100.00 103.12 105.53 107.80 111.10 114.25 105.81 106.41 106.94 107.39 108.07 108.77 109.98 110.63 111.51 112.23 113.52 113.99 114.26 115.22 115.75 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 99.29 99.81 100.54 100.93 100.00 99.02 96.95 95.60 95.73 95.26 96.66 96.28 96.03 95.74 95.39 95.29 95.53 95.59 95.90 95.90 95.44 95.40 95.28 94.91 94.41 87.69 91.23 94.48 97.91 100.00 102.68 105.58 109.57 114.46 118.41 105.99 106.92 108.05 109.12 110.11 110.98 113.22 113.87 114.91 115.90 117.21 117.96 118.68 119.79 119.50 Exports Imports Total 97.82 97.82 98.94 101.28 100.00 98.47 96.26 95.65 97.33 97.10 95.86 95.52 95.30 95.42 95.66 96.17 96.74 97.27 97.57 97.70 97.67 97.41 96.99 96.25 96.10 99.09 98.18 99.12 101.83 100.00 96.44 91.27 91.78 95.73 92.60 90.49 90.43 89.88 91.06 92.39 93.61 95.03 95.21 96.26 96.37 95.65 94.19 89.87 90.41 90.14 89.82 92.18 94.51 97.21 100.00 101.63 102.63 105.08 108.12 109.87 102.78 103.15 104.38 104.80 105.32 105.78 107.77 107.91 108.35 108.45 109.62 109.96 110.02 109.88 111.72 National defense Nondefense State and local 90.75 92.45 94.49 96.88 100.00 101.41 102.22 104.58 107.56 109.24 102.37 102.60 103.93 104.28 104.76 105.32 107.10 107.22 107.81 108.08 109.05 109.31 109.41 109.19 111.04 87.71 91.58 94.55 97.90 100.00 102.06 103.41 106.05 109.21 111.09 103.56 104.21 105.26 105.81 106.41 106.67 109.05 109.21 109.37 109.19 110.74 111.20 111.20 111.20 113.01 90.28 92.59 95.04 97.77 100.00 102.58 104.34 107.42 112.14 114.64 104.55 105.04 105.68 106.87 108.01 109.08 110.77 111.77 112.62 113.37 114.21 114.81 114.79 114.73 115.14 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 1992 ............................................................. 1993 ............................................................. 1994 ............................................................. 1995 ............................................................. 1996 ............................................................. 1997 .............................................................. 1998 ............................................................. 1999 ............................................................. 2000 ............................................................. 2001 ............................................................. 1997: I ......................................................... II ....................................................... III ...................................................... IV ...................................................... 1998: I ......................................................... II ....................................................... III ...................................................... IV ...................................................... 1999: I ......................................................... II ....................................................... III ...................................................... IV ...................................................... 2000: I ......................................................... II ....................................................... III ..................................................... IV ...................................................... 2001: I ........................................................ II ....................................................... III ..................................................... IV ...................................................... 2002: I p ....................................................... 1 Percent Real GDP (chain-type quantity index) GDP (current dollars) 80.88 85.01 90.29 94.72 100.00 106.47 112.39 118.63 126.36 130.65 103.98 105.97 107.39 108.52 110.43 111.32 112.84 114.99 116.38 117.26 119.00 121.88 123.75 126.17 127.19 128.35 129.80 130.58 130.87 131.36 133.51 GDP chain-type price index 88.06 90.39 94.04 96.55 100.00 104.43 108.91 113.35 118.06 119.46 102.60 104.08 105.16 105.88 107.46 108.06 109.16 110.94 111.78 112.26 113.55 115.83 116.50 118.13 118.52 119.08 119.47 119.56 119.16 119.65 121.36 91.85 94.05 96.01 98.10 100.00 101.95 103.20 104.66 107.04 109.37 101.36 101.82 102.12 102.49 102.76 103.02 103.38 103.66 104.10 104.45 104.81 105.28 106.25 106.81 107.31 107.78 108.65 109.22 109.83 109.80 110.02 changes based on unrounded data. Quarterly percent changes are at annual rates. GDP implicit price deflator GDP (current dollars) 91.84 94.05 96.01 98.10 100.00 101.95 103.20 104.65 107.04 109.37 101.34 101.82 102.12 102.49 102.76 103.01 103.38 103.65 104.12 104.45 104.80 105.22 106.22 106.81 107.31 107.78 108.65 109.21 109.82 109.78 110.01 5.6 5.1 6.2 4.9 5.6 6.5 5.6 5.5 6.5 3.4 7.3 7.9 5.5 4.2 7.2 3.3 5.6 7.8 4.9 3.0 6.1 10.0 6.3 8.0 3.3 3.7 4.6 2.4 .9 1.5 6.7 Real GDP (chain-type quantity index) GDP chain-type price index 3.0 2.7 4.0 2.7 3.6 4.4 4.3 4.1 4.1 1.2 4.4 5.9 4.2 2.8 6.1 2.2 4.1 6.7 3.1 1.7 4.7 8.3 2.3 5.7 1.3 1.9 1.3 .3 ¥1.3 1.7 5.8 GDP implicit price deflator 2.4 2.4 2.1 2.2 1.9 1.9 1.2 1.4 2.3 2.2 2.9 1.9 1.2 1.4 1.1 1.0 1.4 1.1 1.7 1.4 1.4 1.8 3.8 2.1 1.9 1.8 3.3 2.1 2.3 ¥.1 .8 2.4 2.4 2.1 2.2 1.9 1.9 1.2 1.4 2.3 2.2 2.9 1.9 1.2 1.4 1.1 1.0 1.4 1.1 1.8 1.3 1.4 1.6 3.9 2.2 1.9 1.8 3.3 2.1 2.2 ¥.1 .8 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 1992 ........................................................ 1993 ........................................................ 1994 ........................................................ 1995 ........................................................ 1996 ........................................................ 1997 ......................................................... 1998 ........................................................ 1999 ........................................................ 2000 ........................................................ 2001 ........................................................ 1998: III ................................................ IV ................................................ 1999: I ................................................... II ................................................. III ................................................ IV ................................................ 2000: I ................................................... II ................................................. III ................................................ IV ................................................ 2001: I ................................................... II ................................................. III ................................................ IV ................................................ 1 The Chained (1996) dollars 3,288.0 3,457.6 3,737.2 3,945.9 4,159.5 4,435.1 4,707.1 5,006.1 5,380.7 5,538.9 4,756.0 4,817.4 4,905.3 4,958.7 5,029.5 5,130.7 5,252.7 5,370.1 5,437.1 5,463.0 5,496.3 5,539.7 5,541.1 5,578.6 3,468.4 3,573.8 3,801.5 3,960.1 4,159.5 4,404.2 4,658.1 4,920.9 5,157.9 5,215.7 4,703.9 4,760.7 4,839.2 4,882.4 4,941.7 5,020.5 5,085.9 5,156.8 5,192.3 5,196.7 5,205.3 5,216.3 5,181.5 5,259.9 Compensation of employees (unit labor cost) 0.948 .967 .983 .996 1.000 1.007 1.011 1.017 1.043 1.062 1.011 1.012 1.014 1.016 1.018 1.022 1.033 1.041 1.047 1.051 1.056 1.062 1.069 1.061 0.633 .641 .639 .645 .641 .644 .656 .665 .685 .713 .655 .659 .658 .664 .668 .669 .675 .679 .686 .701 .710 .714 .721 .709 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 Current 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 0.236 .236 .238 .239 .236 .237 .240 .244 .251 .262 .239 .243 .242 .243 .247 .247 .250 .250 .251 .253 .256 .261 .269 .262 Consumption of fixed capital Indirect business tax, etc.2 Net interest 0.107 .108 .109 .110 .111 .112 .112 .114 .118 .128 .112 .112 .112 .113 .115 .115 .116 .116 .118 .120 .122 .126 .136 .127 0.096 .098 .101 .100 .099 .098 .098 .097 .100 .102 .097 .100 .097 .097 .098 .098 .100 .100 .100 .101 .102 .103 .100 .103 0.033 .030 .028 .029 .026 .027 .030 .033 .033 .032 .030 .031 .033 .033 .034 .034 .034 .034 .033 .032 .032 .032 .033 .032 Total 0.080 .091 .106 .112 .122 .126 .114 .108 .107 .086 .117 .111 .114 .109 .103 .106 .109 .112 .109 .097 .089 .086 .080 .090 Profits tax liability 0.026 .029 .034 .035 .036 .036 .033 .035 .036 .027 .034 .032 .035 .035 .034 .035 .037 .038 .037 .032 .029 .029 .027 .022 Profits after tax 4 0.054 .062 .072 .077 .086 .090 .081 .073 .070 .060 .082 .079 .079 .074 .069 .070 .071 .074 .073 .065 .060 .057 .053 .068 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 2001 1999: ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... I ................................. II ............................... III .............................. IV .............................. 2000: I ................................. II ............................... III .............................. IV .............................. 2001: I ................................. II ................................ III .............................. IV .............................. 2002: Ip ................................ 1 Includes Compensation of employees1 4,994.9 5,251.9 5,556.8 5,876.7 6,210.4 6,618.4 7,041.4 7,462.1 7,980.9 8,217.5 7,326.6 7,393.1 7,482.1 7,646.5 7,796.5 7,956.1 8,047.2 8,124.0 8,169.7 8,207.9 8,189.6 8,302.6 ................ 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 4,989.6 5,310.7 5,715.2 6,010.0 5,183.0 5,262.8 5,354.9 5,442.2 5,562.8 5,669.9 5,759.3 5,868.9 5,955.7 6,010.8 6,037.7 6,035.7 6,082.7 Nonfarm 32.7 30.1 31.9 22.2 34.3 29.7 25.6 26.6 30.6 27.6 27.4 27.5 25.2 26.2 26.5 32.5 31.6 31.7 29.8 28.7 32.3 19.6 26.1 Corporate profits with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment 401.7 431.7 444.6 475.5 510.5 551.5 598.2 645.4 684.4 715.9 625.7 640.5 652.0 663.5 671.0 685.4 687.6 693.5 705.4 716.6 720.5 721.2 734.6 63.3 90.9 110.3 117.9 129.7 128.3 138.6 147.7 141.6 142.6 148.3 149.1 144.4 149.0 144.9 141.4 138.3 141.7 139.6 139.0 144.0 147.7 160.7 employer contributions for social insurance. (See also p. 5.) Profits with inventory valuation adjustment and without capital consumption adjustment Total 453.1 510.5 573.2 668.8 754.0 833.8 777.4 825.2 876.4 767.1 832.5 810.3 800.2 857.6 870.3 892.8 895.0 847.6 789.8 759.8 697.0 822.0 ................ Total Profits before tax Inventory valuation adjustment 448.8 506.4 561.0 650.2 729.4 800.8 739.4 773.4 833.0 700.7 783.5 758.2 748.1 804.0 821.1 847.2 854.6 809.2 753.8 729.5 683.6 635.9 ................ 451.6 510.4 573.4 668.5 726.3 792.4 721.1 776.3 845.4 698.5 755.4 759.1 765.8 825.0 844.9 862.0 858.3 816.5 755.7 738.3 680.6 619.4 ................ ¥2.8 ¥4.0 ¥12.4 ¥18.3 3.1 8.4 18.3 ¥2.9 ¥12.4 2.2 28.1 ¥.9 ¥17.7 ¥21.0 ¥23.8 ¥14.8 ¥3.6 ¥7.3 ¥1.9 ¥8.8 3.1 16.6 ................ Capital consumption adjustment Net interest 4.3 4.1 12.2 18.6 24.6 32.9 38.0 51.7 43.4 66.4 49.0 52.2 52.1 53.6 49.2 45.5 40.4 38.4 36.0 30.3 13.4 186.1 164.3 399.5 374.3 380.5 389.8 386.3 423.9 511.9 506.5 532.7 554.3 509.7 502.9 505.5 507.9 520.9 534.1 535.3 540.6 549.4 553.0 558.3 556.4 .............. 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 2001 1999: ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... I .......... II ......... III ....... IV ........ 2000: I .......... II ......... III ....... IV ........ 2001: I ........... II ......... III ....... IV ........ 2002: Ip ......... Total personal consumption expenditures Total durable goods 4,594.5 4,748.9 4,928.1 5,075.6 5,237.5 5,423.9 5,683.7 5,968.4 6,257.8 6,450.3 5,854.0 5,936.1 6,000.0 6,083.6 6,171.7 6,226.3 6,292.1 6,341.1 6,388.5 6,428.4 6,443.9 6,540.3 6,597.5 479.0 518.3 557.7 583.5 616.5 657.3 726.7 817.8 895.5 955.6 780.5 809.5 827.2 854.2 892.1 886.5 904.1 899.4 922.4 938.1 940.2 1,021.7 1,000.5 Motor vehicles and parts 225.7 242.2 255.1 253.4 256.3 264.8 292.0 327.6 348.3 375.0 312.3 328.5 331.3 338.5 355.2 342.9 351.2 343.9 357.0 361.9 361.5 419.4 383.9 Furniture and household equipment 161.5 177.4 196.3 215.4 236.9 261.9 293.3 334.7 377.0 403.2 317.7 328.5 339.8 352.9 368.1 374.9 381.3 383.8 391.0 400.5 403.7 417.8 434.5 Nondurable goods Other 94.1 100.7 107.6 115.0 123.3 130.8 141.8 156.3 172.8 180.0 151.1 153.0 157.1 164.2 170.1 171.5 174.3 175.4 177.5 179.5 179.3 183.6 187.9 Total nondurable goods 1,389.7 1,430.3 1,485.1 1,529.0 1,574.1 1,619.9 1,686.4 1,766.4 1,849.9 1,883.3 1,738.8 1,757.2 1,768.6 1,801.1 1,823.8 1,844.9 1,864.1 1,866.8 1,878.0 1,879.4 1,882.0 1,893.6 1,932.4 Food 725.6 745.1 764.9 777.0 786.0 794.5 819.4 847.8 881.3 886.2 834.0 843.2 848.0 865.9 871.2 881.5 886.2 886.4 887.3 886.1 883.8 887.6 898.7 1 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 4 Clothing and shoes 208.8 218.5 231.6 244.3 258.6 271.6 290.4 312.1 335.3 345.2 308.1 311.5 314.0 314.6 328.2 333.3 339.8 339.9 342.7 344.1 344.7 349.3 364.5 Gasoline and oil 112.5 115.4 117.4 120.2 124.2 128.1 131.8 136.7 136.6 139.1 134.2 136.8 136.5 139.2 135.2 136.4 137.6 137.2 138.9 137.7 140.1 139.6 142.1 Services Fuel oil and coal 13.2 14.0 15.0 15.7 15.6 15.0 14.3 14.6 13.8 12.8 15.0 15.0 14.7 13.8 13.6 13.9 14.0 13.8 13.8 12.6 12.7 12.3 12.6 Other 331.2 338.5 356.8 372.0 389.8 410.8 430.8 455.9 484.5 502.3 448.2 451.6 456.1 467.7 476.9 481.1 488.4 491.4 497.3 501.4 503.0 507.5 518.8 Total services 1 2,729.7 2,802.5 2,886.2 2,963.4 3,047.0 3,147.0 3,273.4 3,393.2 3,527.7 3,633.4 3,340.8 3,377.8 3,413.7 3,440.5 3,472.2 3,509.6 3,540.2 3,588.8 3,605.1 3,629.8 3,640.4 3,658.2 3,692.4 Housing Medical care 719.3 728.1 749.1 763.7 772.6 787.2 808.7 831.6 850.1 867.0 823.4 828.8 834.4 839.6 843.7 848.1 851.9 856.6 861.3 864.9 868.4 873.2 879.8 765.4 775.4 783.1 797.7 814.4 835.4 857.7 877.9 903.9 935.4 867.6 874.3 881.3 888.4 892.2 901.7 906.9 915.0 921.6 932.1 940.2 947.7 955.4 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 17.0 16.2 16.7 17.0 17.2 18.1 17.2 17.3 16.3 16.9 16.6 16.1 18.4 16.3 SOURCES OF PERSONAL INCOME Personal income rose $36.7 billion (annual rate) in March, following an increase of $53.2 billion in February. Wages and salaries rose $10.8 billion in March, following an increase of $20.0 billion in February. [Billions of dollars; monthly data at seasonally adjusted annual rates] Period 1992 ................................................................. 1993 ................................................................. 1994 ................................................................. 1995 ................................................................. 1996 ................................................................. 1997 ................................................................ 1998 ................................................................ 1999 ................................................................ 2000 ................................................................ 2001 ................................................................ 2001: Mar ...................................................... Apr ....................................................... May ....................................................... June ..................................................... July ..................................................... Aug ...................................................... Sept ..................................................... Oct ...................................................... Nov ...................................................... Dec ...................................................... 2002: 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 7,426.0 7,777.3 8,319.2 8,723.5 8,676.2 8,697.0 8,709.3 8,737.6 8,768.5 8,775.9 8,771.0 8,759.6 8,757.2 8,784.8 8,830.2 8,883.4 8,920.1 Wage and salary disbursements 1 2,982.6 3,085.2 3,236.7 3,424.7 3,626.5 3,888.9 4,192.8 4,472.2 4,837.2 5,098.2 5,073.8 5,092.8 5,091.7 5,115.0 5,124.5 5,123.8 5,122.0 5,110.6 5,112.8 5,136.8 5,134.9 5,154.9 5,165.7 Proprietors’ income 3 Other labor income 1 2 449.5 482.8 507.5 497.0 490.0 475.4 490.6 509.7 534.2 553.8 550.3 551.3 552.0 553.3 554.4 555.3 556.5 557.4 558.5 559.5 564.0 567.6 571.2 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 25.6 26.6 30.6 27.6 28.4 29.0 28.8 28.3 29.7 32.4 34.7 26.9 19.5 12.4 18.0 25.7 34.5 Nonfarm 401.7 431.7 444.6 475.5 510.5 551.5 598.2 645.4 684.4 715.9 711.8 711.0 717.1 721.8 722.3 725.4 713.9 717.0 719.6 726.9 731.7 735.0 737.0 Rental income of persons 4 63.3 90.9 110.3 117.9 129.7 128.3 138.6 147.7 141.6 142.6 137.9 138.1 140.3 138.6 142.3 144.4 145.2 146.3 147.7 149.2 154.3 160.7 167.0 Personal dividend income 185.3 203.0 234.7 254.0 297.4 334.9 348.3 343.1 379.2 416.3 407.2 409.6 411.9 414.3 416.9 420.1 423.0 425.8 428.3 431.0 433.6 435.8 437.6 Personal interest income 750.1 725.5 742.4 792.5 810.6 864.0 964.4 950.0 1,000.6 993.6 1,009.1 1,005.1 1,000.7 997.2 994.3 991.5 988.6 979.7 970.9 962.0 963.8 965.6 967.4 Transfer payments 5 Less: Personal contributions for social insurance 751.7 798.6 833.9 885.9 928.8 962.2 983.7 1,019.6 1,069.1 1,148.8 1,131.0 1,134.1 1,140.3 1,143.6 1,158.8 1,157.3 1,160.9 1,168.7 1,172.2 1,180.5 1,208.8 1,217.5 1,219.4 226.6 237.8 254.1 268.8 280.4 297.9 316.3 337.1 357.7 373.3 373.2 374.0 373.5 374.5 374.7 374.2 373.7 372.6 372.4 373.5 378.8 379.4 379.6 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 9.3 percent in the first quarter of 2002. 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 2001 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 5,390.4 5,610.0 5,888.0 6,200.9 6,547.4 6,937.0 7,426.0 7,777.3 8,319.2 8,723.5 635.8 674.6 722.6 778.3 869.7 968.8 1,070.4 1,159.2 1,288.2 1,306.2 4,754.6 4,935.3 5,165.4 5,422.6 5,677.7 5,968.2 6,355.6 6,618.0 7,031.0 7,417.3 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 6,054.1 6,457.2 6,963.3 7,298.9 413.7 350.8 315.5 302.4 272.1 252.9 301.5 160.9 67.7 118.4 5,189.3 5,261.3 5,397.2 5,539.1 5,677.7 5,854.5 6,168.6 6,320.0 6,539.2 6,772.4 18,524 18,979 19,624 20,358 21,069 21,881 23,031 23,708 24,889 25,943 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 20,217 20,233 20,504 20,795 21,069 21,464 22,354 22,641 23,148 23,687 16,401 17,131 17,918 18,655 19,435 20,272 21,221 22,391 23,818 24,709 17,900 18,262 18,722 19,055 19,435 19,886 20,597 21,381 22,152 22,561 1.8 .1 1.3 1.4 1.3 1.9 4.1 1.3 2.2 2.3 8.7 7.1 6.1 5.6 4.8 4.2 4.7 2.4 1.0 1.6 256,677 260,037 263,226 266,364 269,485 272,756 275,955 279,144 282,489 285,908 22,555 22,609 22,651 22,747 22,872 23,134 23,209 23,376 23,470 23,541 24,157 23,580 24,108 21,880 22,239 22,530 22,909 23,406 23,670 23,984 24,209 24,519 24,682 24,646 24,988 25,176 21,064 21,303 21,462 21,693 21,948 22,079 22,240 22,341 22,449 22,523 22,503 22,767 22,904 0.4 1.0 .7 1.7 2.2 4.7 1.3 2.9 1.6 1.2 10.9 ¥9.2 9.3 3.5 2.7 2.1 1.4 .8 1.3 .8 1.0 1.1 1.1 3.8 .4 2.1 277,910 278,657 279,562 280,446 281,202 281,994 282,923 283,838 284,582 285,418 286,360 287,272 288,051 Seasonally adjusted annual rates 1999: I ............. II ........... III .......... IV .......... 2000: I ............. II ........... III .......... IV .......... 2001: I ............. II ........... III .......... IV .......... 2002: I p ........... 7,631.4 7,719.6 7,818.7 7,939.3 8,104.4 8,271.0 8,381.5 8,519.6 8,640.2 8,714.6 8,771.8 8,767.2 8,877.9 1,120.4 1,142.6 1,171.3 1,202.5 1,245.3 1,277.3 1,300.2 1,329.8 1,345.2 1,351.4 1,195.5 1,332.7 1,244.9 6,511.0 6,577.0 6,647.3 6,736.8 6,859.1 6,993.7 7,081.3 7,189.8 7,295.0 7,363.2 7,576.4 7,434.5 7,633.0 6,280.6 6,401.8 6,506.5 6,639.7 6,805.7 6,905.6 7,026.9 7,115.1 7,216.2 7,281.7 7,291.0 7,406.6 7,472.3 230.4 175.2 140.8 97.2 53.5 88.1 54.5 74.7 78.8 81.5 285.3 27.9 160.7 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 6,268.2 6,300.0 6,332.4 6,379.2 6,431.6 6,523.7 6,566.5 6,634.9 6,679.0 6,719.2 6,917.5 6,773.8 6,944.3 23,428 23,602 23,778 24,022 24,392 24,801 25,029 25,331 25,634 25,798 26,457 25,880 26,499 Estimates shown here are by Bureau of Economic Analysis. See Survey of Current Business, December 2001. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the fourth quarter of 2001, according to preliminary estimates, gross farm income rose $12.6 billion (annual rate) and net farm income rose $30.6 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total 1992 ........................................................ 1993 ........................................................ 1994 ........................................................ 1995 ........................................................ 1996 ........................................................ 1997 ......................................................... 1998 ......................................................... 1999 ......................................................... 2000 ......................................................... 2001 p ....................................................... 1999: I ................................................... II .................................................. II .................................................. IV ................................................. 2000: I ................................................... II .................................................. III ................................................ IV ................................................. 2001: I ................................................... II .................................................. III p ............................................... IV p ............................................... 200.6 205.0 216.0 210.8 235.8 238.5 231.8 235.3 241.5 248.6 230.2 230.0 228.4 252.6 232.0 233.2 237.3 263.6 241.0 248.8 246.1 258.7 171.4 178.2 181.3 188.0 199.3 207.6 195.8 188.1 193.6 201.9 189.0 191.7 193.7 178.1 190.2 194.5 202.8 186.9 199.8 210.5 211.7 185.5 1 Cash marketing receipts and inventory changes plus Government payments, other farm cash income, and nonmoney income produced by farms. 2 Physical changes in end-of-year inventory of crop and livestock commodities valued at weighted average market prices during the period. NOTE.—Data include Commodity Credit Corporation loan transactions and imputed rent of operator residences. Livestock and products 85.8 90.5 88.3 87.2 92.9 96.5 94.1 95.5 99.5 106.1 95.5 94.9 96.9 94.9 99.7 98.9 100.1 99.2 105.4 108.5 110.8 99.6 Crops 85.7 87.7 93.0 100.8 106.3 111.2 101.7 92.6 94.1 95.8 93.5 96.8 96.8 83.2 90.5 95.6 102.6 87.7 94.4 102.0 100.9 85.9 Value of inventory changes 2 4.2 ¥4.2 8.3 ¥5.0 7.9 .6 ¥.6 ¥.2 .5 .9 ¥.3 ¥.3 ¥.2 ¥.1 .6 .5 .4 .3 1.1 1.0 .8 .6 Production expenses 152.8 160.4 167.2 173.8 181.0 190.0 189.0 191.0 195.1 199.4 198.3 198.2 188.8 178.7 198.6 202.3 195.7 183.7 200.4 207.1 203.9 185.8 Net farm income 47.8 44.7 48.9 36.9 54.8 48.5 42.9 44.3 46.4 49.3 31.9 31.8 39.6 73.9 33.5 30.8 41.6 79.9 40.6 41.7 42.2 72.8 Quarterly data plotted for 1992 and 1993 in chart do not reflect revisions to annual data in table. Data for 2001 are forecasts. Source: Department of Agriculture. 7 CORPORATE PROFITS In the fourth quarter of 2001, according to current estimates, corporate profits before tax fell $61.2 billion (annual rate) and profits after tax fell $50.4 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period Nonfinancial Total 2 Total Financial Total 3 Manufacturing Transportation4 Wholesale Profits before tax Tax liability Total Dividends Undistributed profits Inventory valuation adjustment Retail .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 448.8 506.4 561.0 650.2 729.4 800.8 739.4 773.4 833.0 700.7 380.1 429.6 483.7 558.2 628.6 690.2 637.2 658.8 696.3 551.4 124.8 127.9 114.7 154.3 165.3 185.7 158.4 191.0 204.4 180.0 255.2 301.7 369.0 403.8 463.3 504.5 478.8 467.8 491.8 371.4 93.9 108.4 139.6 166.1 181.2 195.2 164.3 163.7 155.2 79.5 58.5 69.6 82.9 85.8 91.4 85.0 79.1 59.0 67.4 52.4 25.9 28.2 33.1 29.4 42.6 49.2 55.9 53.8 60.5 40.4 33.7 39.7 46.6 44.1 52.9 63.9 73.8 77.1 81.8 85.5 451.6 510.4 573.4 668.5 726.3 792.4 721.1 776.3 845.4 698.5 143.1 165.4 186.7 211.0 223.6 237.2 238.8 253.0 271.5 216.0 308.4 345.0 386.7 457.5 502.7 555.2 482.3 523.3 573.9 482.5 185.5 203.1 234.9 254.2 297.7 335.2 348.7 343.5 379.6 416.6 122.9 141.9 151.8 203.3 205.0 220.0 133.6 179.8 194.3 65.9 ¥2.8 ¥4.0 ¥12.4 ¥18.3 3.1 8.4 18.3 ¥2.9 ¥12.4 2.2 1998: III ...... IV ....... 743.8 729.2 651.3 628.5 155.0 155.5 496.4 473.0 168.9 162.2 87.0 71.1 60.4 53.3 74.7 76.7 723.6 706.3 243.6 234.1 480.1 472.2 348.3 346.7 131.8 125.5 20.2 22.9 1999: I ......... II ........ III ...... IV ....... 2000: I ......... II ........ III ...... IV ....... 2001: I ......... II ........ III ...... IV ...... 2002: I p ...... 783.5 758.2 748.1 804.0 821.1 847.2 854.6 809.2 753.8 729.5 683.6 635.9 ............ 674.7 648.7 637.5 674.4 700.6 718.3 713.6 652.4 613.8 585.4 537.5 468.9 ............ 183.8 179.9 191.3 209.1 210.0 200.3 203.1 204.4 202.2 183.3 153.4 181.2 ............ 490.9 468.8 446.2 465.3 490.6 518.0 510.6 448.0 411.6 402.1 384.1 287.7 ............ 175.9 169.6 158.4 151.1 167.0 175.0 159.4 119.4 90.4 93.4 84.0 50.3 ................ 66.3 53.0 53.1 63.5 63.8 67.9 70.5 67.3 66.4 62.6 54.8 25.7 ................ 55.7 51.7 48.6 59.2 57.6 64.9 63.7 55.9 40.3 34.0 45.4 41.9 .............. 81.0 80.0 72.5 74.9 83.6 83.0 84.5 76.3 84.9 85.6 87.3 84.3 .............. 755.4 759.1 765.8 825.0 844.9 862.0 858.3 816.5 755.7 738.3 680.6 619.4 ............ 246.2 247.9 250.7 267.3 277.0 280.4 274.9 253.5 236.8 228.0 204.9 194.1 ............ 509.2 511.2 515.1 557.7 567.8 581.6 583.4 563.0 518.9 510.3 475.6 425.2 .............. 342.4 339.7 342.2 349.6 361.5 373.7 386.2 397.0 405.2 412.3 420.4 428.7 436.0 166.8 171.4 172.9 208.1 206.3 207.9 197.2 165.9 113.7 98.0 55.2 ¥3.5 .............. 28.1 ¥.9 ¥17.7 ¥21.0 ¥23.8 ¥14.8 ¥3.6 ¥7.3 ¥1.9 ¥8.8 3.1 16.6 ............ 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. rest of the world, not shown separately. 3 Includes industries not shown separately. 2 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 2002, according to advance estimates, nonresidential fixed investment in chained (1996) dollars fell $18.2 billion (annual rate) and residential investment rose $14.0 billion. There was a decrease of $36.2 billion in inventories following a decrease of $119.3 billion in the fourth quarter. [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Gross private domestic investment Change in private inventories Nonresidential Total Total Equipment and software Residential Structures Total Nonfarm ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. 899.8 977.9 1,107.0 1,140.6 1,242.7 1,393.3 1,558.0 1,660.1 1,772.9 1,630.8 886.5 958.4 1,045.9 1,109.2 1,212.7 1,328.6 1,480.0 1,595.4 1,716.2 1,682.6 630.6 683.6 744.6 817.5 899.4 1,009.3 1,135.9 1,228.6 1,350.7 1,308.0 197.3 198.9 200.5 210.1 225.0 245.4 262.2 256.9 272.8 275.2 437.5 487.1 544.9 607.6 674.4 764.2 875.4 978.3 1,087.4 1,039.0 257.2 276.0 302.7 291.7 313.3 319.7 345.1 368.3 371.4 376.9 17.1 20.0 66.8 30.4 30.0 63.8 76.7 62.1 50.6 ¥61.7 10.7 28.6 53.6 42.6 22.1 60.6 75.0 63.5 52.3 ¥59.0 1998: III ......................................................................... IV .......................................................................... 1,559.7 1,612.1 1,485.4 1,531.7 1,136.6 1,175.4 263.0 265.1 875.1 912.9 349.5 357.4 71.8 80.0 70.8 75.1 1999: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,641.8 1,617.4 1,655.8 1,725.4 1,558.2 1,582.8 1,610.8 1,629.7 1,192.6 1,214.9 1,244.6 1,262.4 260.7 257.9 253.2 255.7 936.0 962.6 999.5 1,015.2 366.3 368.9 368.2 369.7 83.4 32.7 39.6 92.7 78.7 34.2 52.2 88.7 2000: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 2001: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 2002: I p ........................................................................... 1,722.9 1,801.6 1,788.8 1,778.3 1,721.0 1,666.2 1,620.5 1,515.5 1,594.6 1,683.4 1,719.2 1,730.1 1,732.1 1,740.3 1,696.4 1,671.6 1,621.9 1,621.3 1,309.4 1,347.7 1,371.1 1,374.5 1,373.9 1,320.9 1,292.0 1,245.0 1,226.8 261.1 268.5 278.2 283.3 291.7 282.3 276.8 249.9 236.4 1,058.3 1,089.6 1,102.3 1,099.3 1,087.7 1,043.2 1,019.4 1,005.6 1,004.4 377.3 376.5 366.3 365.3 372.9 378.3 380.5 376.0 390.0 28.9 78.9 51.7 42.8 ¥27.1 ¥38.3 ¥61.9 ¥119.3 ¥36.2 37.8 75.1 56.6 39.7 ¥27.3 ¥35.8 ¥59.0 ¥113.8 ¥31.0 NOTE.—See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any inter- mediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. 9 REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Structures Period 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 1998: 1999: 2000: 2001: 2002: ............................... ............................... ............................... ............................... ............................... ............................... ............................... ............................... ............................... ............................... III ....................... IV ........................ I .......................... II ......................... III ....................... IV ........................ I .......................... II ......................... III ....................... IV ........................ I .......................... II ......................... III ....................... IV ........................ I p ......................... Total nonresidential 630.6 683.6 744.6 817.5 899.4 1,009.3 1,135.9 1,228.6 1,350.7 1,308.0 1,136.6 1,175.4 1,192.6 1,214.9 1,244.6 1,262.4 1,309.4 1,347.7 1,371.1 1,374.5 1,373.9 1,320.9 1,292.0 1,245.0 1,226.8 Total 1 197.3 198.9 200.5 210.1 225.0 245.4 262.2 256.9 272.8 275.2 263.0 265.1 260.7 257.9 253.2 255.7 261.1 268.5 278.2 283.3 291.7 282.3 276.8 249.9 236.4 Structures Equipment and software Information processing equipment and software Nonresidential buildings, including farm Utilities 129.2 131.7 137.2 147.6 161.7 177.0 188.3 185.5 194.9 185.9 187.5 191.9 192.0 186.4 182.0 181.6 188.9 194.0 197.5 199.1 202.0 191.6 180.8 169.3 159.8 41.8 38.4 36.1 36.8 36.0 35.3 42.7 45.7 48.5 52.8 43.7 43.7 42.9 44.4 46.7 48.7 45.2 46.4 49.0 53.5 56.1 55.0 49.9 50.4 50.1 Mining exploration, shafts, and wells Total 2 17.2 20.5 19.8 18.2 21.1 26.2 25.1 20.0 23.5 28.4 25.9 23.7 20.2 20.6 19.2 20.1 21.3 22.5 25.3 24.8 28.3 30.4 30.0 25.1 21.7 437.5 487.1 544.9 607.6 674.4 764.2 875.4 978.3 1,087.4 1,039.0 875.1 912.9 936.0 962.6 999.5 1,015.2 1,058.3 1,089.6 1,102.3 1,099.3 1,087.7 1,043.2 1,019.4 1,005.6 1,004.4 1 Includes other structures, not shown separately. other items, not shown separately. equipment, not shown separately. 4 Includes multifamily and other structures, not shown separately. Total Computers and peripheral equipment 163.0 183.4 206.6 242.8 287.3 349.8 429.3 506.2 609.5 587.1 433.7 456.4 470.8 498.0 520.0 535.8 573.6 601.5 621.0 641.8 620.9 588.1 572.1 567.4 577.7 20.8 26.4 32.6 49.2 70.9 102.9 147.7 208.6 290.3 288.4 147.7 167.7 182.4 201.9 218.5 231.8 253.9 284.5 305.2 317.6 314.4 287.3 265.7 286.0 310.1 Software Other Industrial equipment 58.7 66.8 74.3 82.0 95.1 119.0 147.1 167.3 187.6 191.8 150.0 155.0 158.9 164.8 170.5 175.0 181.0 183.5 189.7 196.0 192.9 191.1 193.1 190.3 188.9 91.5 96.4 104.9 113.1 121.3 129.8 143.5 157.2 186.5 163.9 144.4 147.9 148.6 156.0 160.8 163.4 178.9 186.5 187.7 193.2 180.8 165.9 158.1 151.1 153.3 100.8 109.6 119.6 131.3 136.4 140.0 145.6 146.4 162.6 157.3 143.3 144.8 143.7 145.2 147.4 149.4 159.0 160.5 165.1 165.6 170.7 161.2 151.3 146.0 151.4 Transportation equipment Total residential 3 92.3 103.4 120.4 128.2 138.9 150.5 168.2 197.6 192.7 175.5 164.2 181.0 189.5 192.5 205.6 202.8 200.6 200.8 193.2 176.2 177.4 174.4 174.0 176.1 164.1 257.2 276.0 302.7 291.7 313.3 319.7 345.1 368.3 371.4 376.9 349.5 357.4 366.3 368.9 368.2 369.7 377.3 376.5 366.3 365.3 372.9 378.3 380.5 376.0 390.0 Total 4 Single family 251.0 269.4 295.8 284.4 305.6 311.8 336.8 359.3 361.8 367.3 341.2 349.0 357.6 360.0 359.1 360.5 367.8 367.0 356.8 355.8 363.3 368.6 370.9 366.3 380.1 135.7 148.0 163.2 147.7 159.1 158.6 175.9 188.9 190.9 191.8 180.2 185.5 188.3 187.9 187.5 192.1 197.4 195.0 186.2 185.0 191.1 192.8 193.3 189.9 197.4 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 capital expenditures Total by industry Forestry, fishing Con- Manuand Min- Utili- strucfacagriing ties turtion culing tural services ProFor Real fesscomTransesional, Health panies portaFiscien- care withWhole- Retail tion Infor- nance tate and tific, and Other out sale and maand rental 1 trade and social emtrade waretion insur- and assisployhousance leas- technical tance ees ing ing services For companies with employees 1996 .............................. 1997 ............................. 1998 .............................. 1999 r ............................ 2000 .............................. 807.1 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... .......... .......... 871.8 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... .......... .......... 970.9 896.5 0.9 40.4 36.0 26.9 203.6 29.2 57.3 51.3 96.5 118.2 85.2 22.3 47.1 81.7 74.4 1,047.0 974.6 1.7 30.6 42.8 23.1 196.4 32.4 64.1 57.3 122.8 130.1 100.6 29.5 51.3 91.8 72.3 1,171.6 1,100.5 1.5 42.5 61.3 24.0 214.7 35.0 69.6 60.0 164.2 133.7 98.3 33.5 53.2 109.0 71.2 1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories. 10 NOTE.—Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS): 1997. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In April, employment rose by 82,000, and unemployment rose by 483,000. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period 1992 .................................. 1993 .................................. 1994 3 ................................ 1995 .................................. 1996 .................................. 1997 4 ................................ 1998 4 ................................ 1999 4 ................................ 2000 4 ................................ 2001 .................................. 2001: Apr ........................ May ....................... June ...................... July ....................... Aug ........................ Sept ....................... Oct ........................ Nov ........................ Dec ......................... 2002: Jan ......................... Feb ......................... Mar ........................ Apr ......................... Civilian noninstitutional population NSA 192,805 194,838 196,814 198,584 200,591 203,133 205,220 207,753 209,699 211,864 211,348 211,525 211,725 211,921 212,135 212,357 212,581 212,767 212,927 213,089 213,206 213,334 213,492 Civilian labor force 128,105 129,200 131,056 132,304 133,943 136,297 137,673 139,368 140,863 141,815 141,734 141,445 141,468 141,651 141,380 142,068 142,280 142,279 142,314 141,390 142,211 142,005 142,570 Nonagricultural Total 118,492 120,259 123,060 124,900 126,708 129,558 131,463 133,488 135,208 135,073 135,424 135,235 135,003 135,106 134,408 135,004 134,615 134,253 134,055 133,468 134,319 133,894 133,976 Agricultural 3,247 3,115 3,409 3,440 3,443 3,399 3,378 3,281 3,305 3,144 3,167 3,193 3,044 3,055 3,126 3,181 3,203 3,154 3,246 3,273 3,246 3,126 3,154 Part time for economic reasons 1 Total 115,245 117,144 119,651 121,460 123,264 126,159 128,085 130,207 131,903 131,929 132,257 132,042 131,959 132,051 131,282 131,823 131,412 131,099 130,809 130,195 131,073 130,768 130,823 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. 4 Not Percent 2 Unemployment 6,240 6,230 4,414 4,279 4,123 3,879 3,501 3,189 3,045 3,529 3,120 3,231 3,556 3,425 3,246 4,015 4,222 4,017 4,119 3,781 3,998 3,848 4,009 Total 9,613 8,940 7,996 7,404 7,236 6,739 6,210 5,880 5,655 6,742 6,310 6,210 6,465 6,545 6,972 7,064 7,665 8,026 8,259 7,922 7,891 8,111 8,594 15 weeks and over 3,408 3,094 2,860 2,363 2,316 2,062 1,637 1,480 1,309 1,746 1,507 1,503 1,571 1,630 1,798 1,907 2,042 2,317 2,410 2,546 2,561 2,688 2,854 Not in labor force 64,700 65,638 65,758 66,280 66,647 66,837 67,547 68,385 68,836 70,050 69,614 70,080 70,257 70,270 70,755 70,289 70,301 70,488 70,613 71,699 70,995 71,329 70,922 Labor force participation rate Employment/ population ratio Unemployment rate 66.4 66.3 66.6 66.6 66.8 67.1 67.1 67.1 67.2 66.9 67.1 66.9 66.8 66.8 66.6 66.9 66.9 66.9 66.8 66.4 66.7 66.6 66.8 61.5 61.7 62.5 62.9 63.2 63.8 64.1 64.3 64.5 63.8 64.1 63.9 63.8 63.8 63.4 63.6 63.3 63.1 63.0 62.6 63.0 62.8 62.8 7.5 6.9 6.1 5.6 5.4 4.9 4.5 4.2 4.0 4.8 4.5 4.4 4.6 4.6 4.9 5.0 5.4 5.6 5.8 5.6 5.5 5.7 6.0 strictly comparable with earlier data. NOTE.—See Employment and Earnings for details on breaks in series. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In April, the unemployment rate rose to 6.0 percent from 5.7 percent in March. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By sex and age Period 1992 ......................... 1993 ......................... 1994 2 ....................... 1995 ......................... 1996 ......................... 1997 ......................... 1998 ......................... 1999 ......................... 2000 ......................... 2001 ......................... 2001: Apr ............... May .............. June ............. July .............. Aug .............. Sept .............. Oct ............... Nov .............. Dec ............... 2002: Jan ............... Feb ............... Mar ............... Apr ............... 1 Revised 2 Data 12 All civilian workers 7.5 6.9 6.1 5.6 5.4 4.9 4.5 4.2 4.0 4.8 4.5 4.4 4.6 4.6 4.9 5.0 5.4 5.6 5.8 5.6 5.5 5.7 6.0 Men 20 years and over Women 20 years and over 7.1 6.4 5.4 4.8 4.6 4.2 3.7 3.5 3.3 4.2 3.9 3.9 4.1 4.0 4.4 4.3 4.8 5.2 5.2 5.2 5.0 5.2 5.4 6.3 5.9 5.4 4.9 4.8 4.4 4.1 3.8 3.6 4.1 3.8 3.8 3.9 4.0 4.2 4.4 4.8 4.9 5.2 4.8 5.0 5.0 5.4 By race Both sexes 16–19 years White 20.1 19.0 17.6 17.3 16.7 16.0 14.6 13.9 13.1 14.7 14.2 13.8 14.4 14.8 15.8 14.9 15.4 15.7 16.2 16.1 15.6 16.4 16.8 definition; for details, see Employment and Earnings, February 1994. beginning January 1994 are not directly comparable with data for earlier periods. 6.6 6.1 5.3 4.9 4.7 4.2 3.9 3.7 3.5 4.2 3.9 3.9 4.0 4.1 4.3 4.3 4.7 5.0 5.1 5.0 4.9 5.0 5.3 Black and other 12.7 11.7 10.5 9.6 9.3 8.8 7.8 7.0 6.7 7.7 7.1 7.1 7.4 7.3 8.1 8.0 8.6 8.8 9.1 8.7 8.8 9.5 10.0 By selected groups Black 14.2 13.0 11.5 10.4 10.5 10.0 8.9 8.0 7.6 8.7 8.2 8.0 8.4 8.1 9.0 8.8 9.6 9.9 10.2 9.8 9.6 10.7 11.2 Experienced wage and salary workers 7.2 6.6 5.9 5.4 5.2 4.7 4.3 4.0 3.9 4.6 4.3 4.3 4.5 4.5 4.8 4.8 5.3 5.5 5.7 5.5 5.5 5.7 5.9 Married men, spouse present 5.1 4.4 3.7 3.3 3.0 2.7 2.4 2.2 2.0 2.7 2.5 2.6 2.6 2.7 2.8 2.8 3.1 3.3 3.4 3.5 3.4 3.4 3.9 Women who maintain families Full-time workers 1 Part-time workers 1 10.0 9.7 8.9 8.0 8.2 8.1 7.2 6.4 5.9 6.6 6.3 6.2 6.3 6.3 6.8 7.1 6.8 8.0 8.0 7.9 8.0 7.3 8.6 7.5 6.9 6.1 5.5 5.3 4.8 4.3 4.1 3.9 4.7 4.3 4.3 4.5 4.5 4.8 5.0 5.4 5.6 5.8 5.7 5.7 5.8 6.2 7.5 7.2 6.0 6.0 5.8 5.5 5.3 5.0 4.8 5.1 5.3 4.8 5.2 5.1 5.4 4.6 5.5 5.6 5.6 5.2 4.8 5.2 5.2 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 15– 26 weeks fell; the percentages for 5–14 weeks and for 27 weeks and over rose. The mean duration of unemployment rose to 16.6 weeks and the median duration rose to 8.9 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 1992 ........................................ 1993 ........................................ 1994 3 ...................................... 1995 ........................................ 1996 ........................................ 1997 ........................................ 1998 ........................................ 1999 ........................................ 2000 ........................................ 2001 ........................................ 2001: Apr .............................. May ............................. June ............................ July ............................. Aug .............................. Sept ............................. Oct .............................. Nov .............................. Dec ............................... 2002: Jan ............................... Feb .............................. Mar .............................. Apr ............................... 1 Beginning 9,613 8,940 7,996 7,404 7,236 6,739 6,210 5,880 5,655 6,742 6,310 6,210 6,465 6,545 6,972 7,064 7,665 8,026 8,259 7,922 7,891 8,111 8,594 35.1 36.5 34.1 36.5 36.4 37.7 42.2 43.7 45.0 42.0 44.8 43.5 43.4 41.1 42.8 39.6 40.3 38.7 37.1 36.7 35.8 37.6 33.0 29.4 28.9 30.1 31.6 31.6 31.7 31.4 31.2 31.9 32.1 31.3 32.4 32.4 33.7 31.2 33.4 33.0 32.2 33.4 31.9 31.8 29.5 33.3 15.1 14.5 15.5 14.6 14.6 14.8 12.3 12.8 11.8 14.1 12.4 13.8 13.0 14.7 14.2 15.3 14.9 15.1 15.9 17.5 17.5 16.6 16.1 20.3 20.1 20.3 17.3 17.4 15.8 14.1 12.3 11.4 11.8 11.5 10.3 11.2 10.6 11.8 11.6 11.8 13.9 13.7 13.9 14.9 16.3 17.6 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. 3 Data beginning January 1994 are not directly comparable with data for earlier periods. 17.7 18.0 18.8 16.6 16.7 15.8 14.5 13.4 12.6 13.2 12.6 12.4 12.9 12.7 13.2 13.3 13.0 14.4 14.5 14.6 15.0 15.4 16.6 8.7 8.3 9.2 8.3 8.3 8.0 6.7 6.4 5.9 6.8 6.0 6.4 6.3 6.7 6.6 7.3 7.4 7.6 8.2 8.8 8.1 8.1 8.9 56.1 54.2 47.7 46.9 46.6 45.1 45.5 44.6 44.1 50.8 48.4 50.2 50.4 50.9 49.4 51.5 55.4 56.0 54.4 55.1 54.4 52.3 53.2 10.4 10.9 9.9 11.1 10.7 11.8 11.8 13.3 13.7 12.3 12.4 13.1 12.5 12.2 12.6 11.7 11.3 10.5 11.0 11.1 11.0 10.6 12.0 23.8 24.6 34.8 34.1 34.7 34.7 34.3 34.1 34.6 30.1 31.9 29.3 29.8 30.1 31.0 30.1 27.2 27.3 28.6 27.7 28.5 30.3 28.8 9.7 10.3 7.6 7.8 8.0 8.4 8.4 8.0 7.6 6.7 7.3 7.5 7.3 6.8 7.0 6.7 6.0 6.2 6.0 6.1 6.1 6.8 6.1 3,245 2,751 2,670 2,572 2,595 2,323 2,222 2,188 2,110 2,972 r 2,733 r 2,891 r 2,982 r 3,035 r 3,150 r 3,318 r 3,562 r 3,603 r 3,540 r 3,475 r 3,522 3,619 .............. 408 341 340 357 356 323 321 298 301 404 r 402 r 402 r 400 r 397 r 403 r 453 r 465 r 439 410 r 401 r 391 r 422 p 436 3,348 2,845 2,739 2,633 2,650 2,366 2,257 2,219 2,141 3,005 2,966 2,534 2,644 3,171 2,727 2,853 3,026 3,138 3,940 4,313 4,300 4,156 ................. NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Seasonally adjusted insured and initial claims data revised historically to reflect annual revisions. Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose by 43,000 in April. [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Goods-producing industries Period 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2001: .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. Apr ........ May ....... June ...... July ........ Aug ........ Sept ....... Oct ......... Nov ........ Dec ........ 2002: Jan ........ Feb r ....... Mar r ...... Apr p ....... Total nonagricultural employment 108,601 110,713 114,163 117,191 119,608 122,690 125,865 128,916 131,759 132,213 132,489 132,530 132,431 132,449 132,395 132,230 131,782 131,427 131,321 131,212 131,208 131,187 131,230 Service-producing industries Manufacturing Total 2 23,231 23,352 23,908 24,265 24,493 24,962 25,414 25,507 25,709 25,122 25,421 25,324 25,186 25,122 24,963 24,888 24,746 24,577 24,453 24,273 24,242 24,159 24,068 Construction 4,492 4,668 4,986 5,160 5,418 5,691 6,020 6,415 6,698 6,861 6,852 6,881 6,864 6,867 6,861 6,871 6,852 6,851 6,850 6,787 6,815 6,774 6,695 Total 18,104 18,075 18,321 18,524 18,495 18,675 18,805 18,552 18,469 17,698 18,009 17,879 17,757 17,688 17,533 17,448 17,325 17,159 17,039 16,923 16,869 16,831 16,812 Durable goods Nondurable goods 10,277 10,221 10,448 10,683 10,789 11,010 11,205 11,111 11,138 10,638 10,870 10,778 10,692 10,624 10,523 10,460 10,363 10,240 10,158 10,048 10,018 9,988 9,987 7,827 7,854 7,873 7,841 7,706 7,665 7,600 7,441 7,331 7,060 7,139 7,101 7,065 7,064 7,010 6,988 6,962 6,919 6,881 6,875 6,851 6,843 6,825 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 85,370 87,361 90,256 92,925 95,115 97,727 100,451 103,409 106,050 107,092 107,068 107,206 107,245 107,327 107,432 107,342 107,036 106,850 106,868 106,939 106,966 107,028 107,162 Transportation and public utilities 5,718 5,811 5,984 6,132 6,253 6,408 6,611 6,834 7,019 7,070 7,119 7,130 7,118 7,108 7,082 7,070 7,016 6,952 6,915 6,898 6,895 6,881 6,886 Wholesale trade 5,997 5,981 6,162 6,378 6,482 6,648 6,800 6,911 7,024 7,014 7,053 7,038 7,022 7,017 7,010 6,988 6,971 6,941 6,938 6,933 6,917 6,911 6,910 Retail trade 19,356 19,773 20,507 21,187 21,597 21,966 22,295 22,848 23,307 23,488 23,530 23,546 23,561 23,606 23,583 23,536 23,422 23,424 23,365 23,408 23,466 23,452 23,475 Finance, insurance, Services and real estate 6,602 6,757 6,896 6,806 6,911 7,109 7,389 7,555 7,560 7,624 7,626 7,644 7,631 7,618 7,623 7,633 7,634 7,638 7,632 7,638 7,626 7,616 7,634 29,052 30,197 31,579 33,117 34,454 36,040 37,533 39,055 40,460 41,024 40,993 41,078 41,085 41,046 41,129 41,134 40,995 40,889 40,957 40,992 40,977 41,049 41,136 Government Total 18,645 18,841 19,128 19,305 19,419 19,557 19,823 20,206 20,681 20,873 20,747 20,770 20,828 20,932 21,005 20,981 20,998 21,006 21,061 21,070 21,085 21,119 21,121 Federal 2,969 2,915 2,870 2,822 2,757 2,699 2,686 2,669 2,777 2,616 2,615 2,612 2,621 2,626 2,622 2,627 2,625 2,607 2,615 2,607 2,608 2,605 2,605 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 1992 ...................... 1993 ...................... 1994 ...................... 1995 ...................... 1996 ..................... 1997 ..................... 1998 ...................... 1999 ...................... 2000 ...................... 2001 ...................... 2001: Mar ............ Apr ............ May ........... June .......... July ........... Aug ........... Sept .......... Oct ............ Nov ........... Dec ........... 2002: Jan r .......... Feb r .......... Mar r .......... Apr p .......... Total private nonagricultural 1 34.4 34.5 34.7 34.5 34.4 34.6 34.6 34.5 34.5 34.2 34.3 34.2 34.2 34.2 34.2 34.0 34.1 34.0 34.1 34.1 34.1 34.1 34.2 34.1 Total 41.0 41.4 42.0 41.6 41.6 42.0 41.7 41.7 41.6 40.7 41.0 41.0 40.7 40.7 40.8 40.7 40.6 40.5 40.3 40.6 40.6 40.7 41.0 41.0 Average gross weekly earnings Total private nonagricultural 1 Overtime 3.8 4.1 4.7 4.4 4.5 4.8 4.6 4.6 4.6 3.9 4.1 3.9 3.9 3.9 4.0 4.1 3.9 3.8 3.7 3.8 3.9 3.9 4.2 4.3 Current dollars $10.57 10.83 11.12 11.43 11.82 12.28 12.78 13.24 13.75 14.33 14.17 14.21 14.24 14.31 14.34 14.40 14.45 14.47 14.54 14.58 14.59 14.63 14.67 14.69 1982 dollars 2 $7.41 7.39 7.40 7.39 7.43 7.55 7.75 7.86 7.89 8.00 7.96 7.94 7.93 7.95 8.00 8.03 8.02 8.06 8.11 8.15 8.14 8.15 8.14 .............. Total private nonagricultural 1 Manufacturing $11.46 11.74 12.07 12.37 12.77 13.17 13.49 13.90 14.38 14.84 14.66 14.72 14.78 14.81 14.86 14.93 14.96 14.97 15.05 15.09 15.12 15.18 15.20 15.21 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982=100 base). Percent change from a year earlier, total private nonagricultural Current dollars Current dollars 1982 dollars 2 Manufacturing Construction Retail trade $363.61 373.64 385.86 394.34 406.61 424.89 442.19 456.78 474.38 490.09 486.03 485.98 487.01 489.40 490.43 489.60 492.75 491.98 495.81 497.18 497.52 498.88 501.71 500.93 $254.99 254.87 256.73 255.07 255.73 261.31 268.32 271.25 272.16 273.64 272.90 271.65 271.16 272.04 273.52 273.06 273.45 274.08 276.53 278.06 277.63 277.77 278.42 .............. $469.86 486.04 506.94 514.59 531.23 553.14 562.53 579.63 598.21 603.99 601.06 603.52 601.55 602.77 606.29 607.65 607.38 606.29 606.52 612.65 613.87 617.83 623.20 623.61 $537.70 553.63 573.00 587.00 603.33 625.56 646.13 672.13 702.68 718.54 716.70 713.30 723.33 720.23 719.44 719.32 717.88 711.31 723.63 720.52 737.89 735.37 730.78 731.25 $205.06 209.95 216.46 221.47 230.11 240.74 253.46 263.61 273.39 282.82 279.94 280.51 281.95 282.12 281.42 282.28 283.27 284.42 287.42 288.71 287.71 290.29 290.87 289.44 Current dollars 2.7 2.8 3.3 2.2 3.1 4.5 4.1 3.3 3.9 3.3 3.7 3.3 3.6 3.4 3.7 3.4 3.5 2.9 3.5 3.6 3.1 3.1 3.2 3.1 1982 dollars ¥0.2 ¥.0 .7 ¥.6 .3 2.2 2.7 1.1 .3 .5 .8 .1 ¥.1 .2 1.0 .7 1.0 .9 1.8 2.4 2.2 2.2 2.0 .............. 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 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: 2001: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec .................................................................. .................................................................. .................................................................. ................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. 115.6 119.8 123.5 126.7 130.6 135.1 139.8 144.6 150.9 157.2 112.9 116.4 119.7 123.1 127.3 132.3 137.4 142.2 147.7 153.3 1999: Mar r ............................................................... June r .............................................................. Sept r ............................................................... Dec r ................................................................ 2000: Mar r ............................................................... June r .............................................................. Sept r ............................................................... Dec r ................................................................ 2001: Mar r ............................................................... June r .............................................................. Sept r ............................................................... Dec r ................................................................ 2002: Mar ................................................................. 140.2 141.8 143.1 144.6 146.6 148.3 149.8 151.1 152.8 154.3 155.7 157.3 158.7 138.1 139.7 140.9 142.3 143.9 145.4 146.7 147.9 149.4 150.9 152.0 153.4 154.8 122.2 128.3 133.0 135.9 138.6 141.8 145.2 150.2 158.6 166.7 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 0.4 1.2 .9 1.0 1.1 1.0 .9 .8 1.0 1.0 .7 .9 .9 0.0 1.0 1.0 1.3 1.9 1.3 1.2 1.1 1.3 1.1 1.4 1.3 1.1 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. 145.2 146.7 148.2 150.2 153.1 155.1 157.0 158.8 160.8 162.5 164.7 166.8 168.6 0.3 1.1 .9 1.0 1.4 1.2 1.0 .9 1.1 1.0 .9 1.0 .9 3.5 3.6 3.1 2.6 3.1 3.4 3.5 3.4 4.4 4.2 2.6 3.1 2.8 2.8 3.4 3.9 3.9 3.5 3.9 3.8 5.2 5.0 3.7 2.2 2.0 2.3 2.4 3.4 5.6 5.1 Not seasonally adjusted 3.0 3.3 3.1 3.4 4.6 4.6 4.6 4.4 4.2 4.0 4.0 4.2 3.9 3.3 3.6 3.2 3.5 4.2 4.1 4.1 3.9 3.8 3.8 3.6 3.8 3.5 2.2 2.5 2.8 3.4 5.5 5.7 6.0 5.6 5.0 4.8 4.9 5.1 4.8 Data exclude farm and household workers. Seasonally adjusted data revised beginning 1997 to reflect annual 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 Implicit price deflator 5 Nonfarm business sector Business sector Nonfarm business sector 100.0 101.7 102.5 103.7 104.2 105.2 108.0 110.2 113.6 117.9 106.7 108.0 108.7 108.6 109.0 110.5 111.1 110.2 112.1 112.5 114.0 115.8 117.2 118.0 118.7 117.8 116.2 100.0 102.2 104.0 106.0 107.7 109.7 110.6 111.6 113.7 115.8 110.3 110.4 110.7 110.8 111.2 111.4 111.7 112.0 112.9 113.5 113.9 114.4 115.2 115.7 116.2 115.9 115.8 100.0 102.2 104.1 106.1 107.6 109.8 110.8 112.0 114.2 116.2 110.5 110.6 111.0 111.1 111.5 111.8 112.1 112.5 113.5 114.0 114.5 114.9 115.7 116.1 116.6 116.5 116.2 1.6 1.7 .8 1.2 .5 .9 2.7 2.0 3.1 3.8 2.0 5.1 2.7 ¥.4 1.3 5.6 2.2 ¥2.9 6.9 1.3 5.7 6.4 5.0 2.6 2.6 ¥3.1 ¥5.4 2.0 2.2 1.8 2.0 1.6 1.8 .8 .9 1.9 1.8 .5 .5 .9 .5 1.3 .8 .9 1.2 3.2 2.1 1.7 1.6 2.9 1.7 1.9 ¥1.2 ¥.2 2.1 2.2 1.9 2.0 1.4 2.1 .9 1.1 2.0 1.8 .6 .4 1.2 .5 1.5 1.2 1.0 1.4 3.5 1.7 1.8 1.5 2.7 1.5 1.7 ¥.4 ¥.8 Indexes, 1992=100; quarterly data seasonally adjusted 1992 ........................ 1993 ........................ 1994 ........................ 1995 ........................ 1996 ........................ 1997 ........................ 1998 ........................ 1999 ........................ 2000 ........................ 2001 r ....................... 1998: I ................... II ................. III ................ IV ................ 1999: I ................... II ................. III ................ IV ................ 2000: I ................... II ................. III ................ IV ................ 2001: I ................... II ................. III ................ IV r ............... 2002: I p* ................ 100.0 100.5 101.9 102.6 105.4 107.8 110.7 113.4 117.3 119.6 110.0 110.0 110.7 111.9 112.7 112.4 113.3 115.3 115.3 117.5 117.8 118.7 118.6 119.3 119.5 121.1 123.6 100.0 100.5 101.8 102.8 105.4 107.5 110.3 112.9 116.6 118.8 109.6 109.8 110.3 111.5 112.2 111.8 112.7 114.8 114.8 116.7 117.2 117.8 117.8 118.4 118.7 120.3 122.8 100.0 103.1 108.1 111.5 116.4 122.5 128.5 134.4 140.6 141.9 126.7 127.3 128.7 131.3 132.4 132.9 134.6 137.8 138.6 140.8 141.2 141.9 142.3 142.1 141.2 141.8 144.1 100.0 103.3 108.2 111.8 116.7 122.7 128.8 134.8 140.8 142.1 127.0 127.7 129.0 131.6 132.8 133.2 134.9 138.1 138.8 141.0 141.4 142.1 142.5 142.4 141.5 142.1 144.3 100.0 102.6 106.2 108.7 110.4 113.6 116.1 118.5 119.8 118.6 115.2 115.7 116.3 117.3 117.4 118.2 118.8 119.5 120.2 119.8 119.9 119.5 119.9 119.1 118.2 117.1 116.6 100.0 102.9 106.2 108.8 110.7 114.1 116.8 119.4 120.8 119.6 115.9 116.3 116.9 118.0 118.3 119.2 119.7 120.3 120.9 120.8 120.7 120.6 121.0 120.2 119.2 118.1 117.5 100.0 102.5 104.5 106.7 110.1 113.5 119.8 125.2 133.3 141.2 117.6 119.1 120.6 121.8 123.1 124.4 126.1 127.3 129.3 132.1 134.3 137.4 139.1 140.9 142.1 142.8 143.8 100.0 102.2 104.3 106.6 109.8 113.1 119.2 124.4 132.5 140.1 116.9 118.6 120.0 121.1 122.2 123.5 125.1 126.6 128.7 131.2 133.6 136.5 138.1 139.7 141.0 141.8 142.7 100.0 r 100.0 r 99.9 r 99.6 r 100.1 r 101.0 r 105.1 r 107.6 r 110.8 114.2 r 103.6 r 104.7 r 105.6 r 106.1 r 106.9 r 107.3 r 107.9 r108.1 r 108.7 r 110.3 r 111.1 r 112.9 r 113.3 r 113.8 r 114.5 115.3 115.6 100.0 r 99.7 r 99.7 r 99.4 r 99.8 r 100.6 r 104.5 r 106.8 r 110.2 113.3 r 103.1 r 104.2 r 105.0 r 105.6 r 106.1 r 106.5 r 107.1 r107.5 r 108.2 r 109.5 r 110.5 r 112.1 r 112.4 r 112.8 r 113.7 114.4 114.7 100.0 101.9 102.6 104.1 104.5 105.3 108.2 110.4 113.6 118.1 106.9 108.3 108.9 108.8 109.2 110.7 111.3 110.4 112.2 112.5 114.0 115.8 117.3 118.1 118.9 118.0 116.4 Percent change; quarterly data at seasonally adjusted annual rates 1992 ........................ 1993 ........................ 1994 ........................ 1995 ........................ 1996 ........................ 1997 ........................ 1998 ........................ 1999 ........................ 2000 ........................ 2001 r ....................... 1998: I ................... II ................. III ................ IV ................ 1999: I ................... II ................. III ................ IV ................ 2000: I ................... II ................. III ................ IV ................ 2001: I ................... II ................. III ................ IV r ............... 2002: I p* ............... 1 Output 3.9 .5 1.3 .7 2.8 2.3 2.7 2.5 3.4 2.0 4.9 .1 2.5 4.5 3.0 ¥1.1 3.1 7.4 ¥.1 7.7 1.2 3.0 ¥.2 2.2 .7 5.4 8.5 3.7 .5 1.3 .9 2.5 2.0 2.6 2.3 3.3 1.9 4.7 .5 2.2 4.4 2.3 ¥1.3 3.2 7.8 .0 6.7 1.6 2.3 ¥.1 2.1 1.1 5.5 8.6 3.7 3.1 4.9 3.1 4.4 5.2 4.9 4.6 4.6 .9 7.5 1.9 4.4 8.2 3.5 1.6 5.1 9.9 2.2 6.5 1.3 1.8 1.2 ¥.7 ¥2.3 1.6 6.5 3.5 3.3 4.7 3.4 4.3 5.1 5.0 4.6 4.5 .9 7.8 2.1 4.3 8.3 3.5 1.4 5.3 9.8 2.0 6.5 1.2 1.8 1.4 ¥.4 ¥2.3 1.5 6.5 ¥0.2 2.6 3.5 2.4 1.6 2.9 2.2 2.0 1.1 ¥1.0 2.4 1.9 1.8 3.6 .5 2.7 1.9 2.3 2.3 ¥1.1 .1 ¥1.1 1.4 ¥2.8 ¥2.9 ¥3.6 ¥1.8 ¥0.2 2.9 3.3 2.4 1.7 3.1 2.4 2.2 1.1 ¥.9 3.0 1.6 2.1 3.7 1.1 2.8 2.0 1.9 2.0 ¥.2 ¥.5 ¥.5 1.4 ¥2.4 ¥3.4 ¥3.8 ¥1.9 refers to real gross domestic product originating in the sector. 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 1978–2001 is based on the consumer price index research series (CPI–U–RS). 2 Hours 16 5.3 2.5 2.0 2.1 3.2 3.1 5.5 4.6 6.4 6.0 7.1 5.4 4.9 4.1 4.5 4.3 5.3 4.0 6.5 9.0 6.8 9.5 5.1 5.2 3.3 2.2 2.8 5.3 2.2 2.1 2.1 3.1 3.0 5.4 4.4 6.5 5.8 6.8 5.6 4.9 3.9 3.6 4.2 5.5 4.7 6.9 8.1 7.4 8.9 4.9 4.7 3.7 2.3 2.7 r 2.7 r 2.7 r .0 r ¥.3 r ¥.1 r .0 r ¥.3 r ¥.3 r .5 r .4 .9 4.0 2.4 3.0 3.1 6.3 r 4.2 3.3 r 2.3 r 2.8 1.4 r 2.4 .7 2.4 5.9 3.1 6.4 r 1.4 2.0 r 2.6 2.5 1.3 .8 3.9 2.2 3.1 2.9 r 6.0 4.4 3.3 r 2.1 2.0 1.4 r 2.5 1.4 r 2.7 5.0 3.7 5.8 r 1.2 1.5 r 3.0 2.6 1.2 1.4 1.9 .7 1.4 .4 .8 2.8 2.0 2.9 3.9 2.1 5.3 2.3 ¥.4 1.5 5.4 2.2 ¥3.2 6.6 1.3 5.5 6.3 5.3 3.0 2.6 ¥3.0 ¥5.3 5 Current dollar gross domestic output divided by the output index. NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released April 26, 2002. 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 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 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 ......................................... ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ 100.0 103.4 109.1 114.4 119.6 127.9 134.5 139.4 145.7 140.1 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 3.1 3.4 5.5 4.8 4.6 6.9 5.1 3.7 4.5 r ¥3.9 100.0 103.7 110.0 115.8 121.5 131.1 138.8 144.7 151.6 144.8 100.0 105.6 114.8 124.4 135.0 149.6 164.1 176.3 190.0 179.3 100.0 101.5 104.8 106.5 107.4 112.0 113.4 113.7 114.8 111.4 100.0 100.0 102.3 102.0 103.5 105.3 102.9 98.2 100.7 101.3 100.0 104.0 105.4 109.1 112.7 112.7 114.3 117.3 120.7 r 119.8 80.2 81.2 83.2 83.3 82.7 83.5 82.2 81.4 81.8 76.8 79.4 80.4 82.5 82.6 81.6 82.7 81.4 80.6 80.7 75.1 2001: Mar .............................. Apr ............................... May .............................. June ............................. July .............................. Aug .............................. Sept ............................. Oct ............................... Nov ............................... Dec r ............................. 142.9 142.0 141.6 140.3 140.4 140.0 138.5 137.7 137.2 136.7 ¥0.4 ¥.6 ¥.3 ¥.9 .1 ¥.3 ¥1.1 ¥.6 ¥.3 ¥.4 ¥1.3 ¥2.5 ¥3.4 ¥4.7 ¥4.2 ¥4.6 ¥5.7 ¥5.9 ¥5.9 ¥5.8 147.9 146.7 146.4 145.0 145.2 144.5 142.9 142.1 142.0 141.6 184.7 182.9 182.7 180.1 180.0 178.9 176.1 173.9 174.3 174.1 112.5 111.8 111.5 111.1 111.5 111.1 110.5 110.8 110.2 109.7 102.5 103.1 103.0 102.5 101.9 101.4 102.1 99.5 99.0 97.4 121.8 121.3 119.7 119.1 118.2 121.1 118.1 119.4 116.2 115.2 78.5 77.8 77.5 76.7 76.7 76.4 75.5 75.0 74.7 74.4 76.7 76.0 75.8 75.0 75.1 74.6 73.7 73.3 73.2 72.9 2002: Jan r ............................. Feb r ............................. Mar p ............................. 137.4 137.9 138.8 .5 .3 .7 ¥4.5 ¥3.9 ¥2.9 142.5 142.7 143.9 175.4 175.8 177.5 110.3 110.4 111.0 97.3 96.6 95.1 114.9 118.3 120.2 74.7 74.9 75.4 73.3 73.4 73.9 1 Percent 2 Output changes based on unrounded indexes. as percent of capacity. Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1992=100; monthly data seasonally adjusted] Products Materials Final products Intermediate products Consumer goods Equipment Period Total Total Durable goods Nondurable goods Total 1 Business Defense and space equipment Total Construction supplies Business supplies Total Energy 1992 ............................................................ 1993 ............................................................ 1994 ............................................................ 1995 ............................................................ 1996 ............................................................ 1997 ............................................................ 1998 ............................................................ 1999 ............................................................ 2000 ............................................................ 2001 r .......................................................... 100.0 103.5 108.0 112.0 116.4 123.5 128.9 131.8 135.8 132.0 100.0 103.4 107.8 110.6 112.6 115.9 118.3 119.9 121.9 120.7 100.0 112.0 124.2 128.6 131.8 138.2 146.4 158.6 161.2 151.3 100.0 101.3 103.8 106.2 107.9 110.5 111.6 110.8 112.7 113.3 100.0 103.7 108.3 114.5 122.9 136.9 148.1 153.5 161.8 152.3 100.0 105.6 113.2 122.0 133.4 152.3 167.1 176.6 188.9 175.9 100.0 92.7 86.1 83.3 80.1 77.5 80.8 79.1 74.4 74.0 100.0 102.4 106.1 107.9 110.7 116.2 120.2 123.2 126.4 121.4 100.0 103.2 110.5 112.4 117.7 123.8 131.3 136.5 141.5 137.6 100.0 101.9 103.5 105.3 106.6 111.7 113.7 115.4 117.5 111.9 100.0 103.7 111.6 119.6 127.0 137.9 146.9 155.6 166.4 158.0 100.0 99.6 101.3 102.5 103.7 103.9 103.9 103.9 104.6 103.3 2001: Mar .................................................. Apr ................................................... May .................................................. June ................................................. July .................................................. Aug .................................................. Sept ................................................. Oct .................................................. Nov .................................................. Dec r ................................................. 135.1 134.0 133.9 132.9 133.2 132.0 130.0 129.2 129.4 129.1 121.8 121.3 121.4 121.1 122.2 121.4 119.9 119.6 120.0 120.6 152.9 152.2 154.2 153.2 157.0 154.1 151.8 146.2 152.1 156.2 114.3 113.9 113.6 113.4 113.9 113.6 112.3 113.1 112.3 112.2 159.6 157.3 156.5 154.1 152.7 150.5 147.1 145.4 145.0 142.7 185.4 182.1 181.3 177.8 176.1 173.3 168.4 166.9 167.2 164.3 74.5 74.4 73.5 73.4 73.6 73.5 73.8 74.2 74.3 74.7 123.4 122.2 122.2 121.4 121.4 121.6 120.7 119.6 118.9 118.6 139.4 139.0 138.7 138.0 137.3 138.8 138.1 134.6 134.0 135.6 113.8 112.2 112.4 111.6 112.0 111.3 110.4 110.7 109.8 108.6 160.9 160.3 159.4 157.4 157.2 157.6 156.5 155.9 154.8 153.6 104.5 104.9 103.8 103.1 102.3 103.0 103.1 102.6 102.6 101.6 2002: Jan r ................................................. Feb r ................................................. Mar p ................................................ 129.1 129.2 129.8 120.5 121.0 121.7 154.5 155.5 156.9 112.4 112.9 113.4 142.9 142.0 142.3 164.7 163.5 163.7 74.9 75.1 75.9 118.8 119.6 120.7 135.7 137.5 139.2 108.8 108.9 109.7 155.7 156.5 157.9 101.6 102.3 101.9 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 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 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 ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ 100.0 105.1 113.8 116.2 119.7 125.5 127.7 129.4 131.9 116.9 100.0 106.0 114.4 116.6 119.1 123.9 124.0 123.9 127.3 112.6 100.0 104.3 112.1 116.3 120.1 126.5 131.3 132.4 137.2 130.4 100.0 110.4 126.0 144.7 161.1 178.3 195.2 207.9 227.1 213.3 100.0 109.8 131.3 165.5 206.3 266.8 334.5 411.3 536.6 504.2 100.0 104.0 108.8 108.5 110.2 120.2 130.6 137.8 137.1 128.5 100.0 114.4 133.6 137.6 137.6 148.4 154.7 174.3 177.6 162.9 100.0 100.8 105.9 107.9 110.4 113.1 117.4 122.0 118.8 113.0 100.0 102.4 106.5 107.0 105.1 108.8 105.5 106.1 101.9 r 93.1 100.0 100.5 100.5 101.1 101.1 107.3 106.3 105.3 106.9 101.6 100.0 100.9 103.7 106.0 108.8 115.9 118.3 119.1 122.0 121.1 100.0 102.0 103.6 105.7 105.4 107.2 110.6 112.0 113.8 112.9 2001: Mar .................................................. Apr ................................................... May .................................................. June ................................................. July .................................................. Aug .................................................. Sept ................................................. Oct .................................................. Nov .................................................. Dec r ................................................. 117.5 121.2 120.8 119.5 119.5 117.5 116.4 113.6 110.2 103.6 111.3 115.8 118.4 117.7 118.8 115.7 112.7 110.4 107.1 94.6 132.2 131.0 131.0 129.5 131.1 131.0 128.7 127.5 127.2 129.1 225.5 220.2 217.0 213.8 210.2 211.0 205.1 202.8 203.4 200.4 533.6 518.8 511.4 497.6 485.9 485.5 484.6 484.8 485.1 487.3 131.0 130.5 133.2 131.9 134.6 131.6 128.5 124.6 127.2 129.1 163.7 163.2 169.7 167.7 174.6 169.9 164.2 157.3 165.9 172.1 111.8 111.8 113.7 114.2 114.0 116.2 116.4 112.8 112.4 113.0 97.4 97.0 96.5 94.0 95.1 91.2 89.4 87.8 87.3 88.8 104.3 102.5 102.3 101.3 101.1 100.7 99.7 99.8 98.9 97.3 121.4 119.5 119.9 119.5 121.2 121.2 121.0 123.2 122.4 121.4 113.6 112.6 112.8 112.9 113.1 113.0 111.7 112.2 113.0 114.0 2002: Jan r ................................................. Feb r ................................................. Mar p ................................................ 111.7 112.7 113.8 107.7 110.4 110.7 128.3 128.4 130.1 204.2 203.0 205.0 492.4 498.1 506.1 128.2 128.0 127.5 171.8 172.7 173.1 112.6 114.0 116.4 89.2 89.3 91.6 96.7 95.3 95.1 122.6 122.9 123.5 114.0 114.3 114.9 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 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... 463.7 491.0 539.2 557.8 615.9 653.4 704.7 763.8 815.4 861.2 347.8 375.1 419.0 427.9 476.6 502.7 551.4 596.3 640.6 666.5 199.4 225.1 258.6 247.4 281.1 289.0 314.6 350.6 374.3 395.7 135.1 150.9 176.4 171.4 191.1 198.1 224.0 251.3 264.9 277.7 82.2 81.5 93.3 110.9 125.2 136.6 151.1 153.1 165.6 162.7 66.2 68.5 67.1 69.7 70.4 77.1 85.7 92.6 100.7 108.1 115.8 116.0 120.2 129.9 139.3 150.7 153.3 167.5 174.9 194.7 76 82 89 92 100 109 122 135 142 .................... 556 589 744 862 875 1,027 1,223 1,255 1,240 ...................... 178.7 174.5 165.1 164.8 165.5 157.1 157.2 152.1 147.0 143.6 143.7 135.1 134.3 107.4 110.8 111.5 109.1 106.6 106.5 104.9 104.7 108.0 111.4 103.8 103.8 106.8 188.0 193.4 198.7 196.2 196.0 193.5 191.6 199.2 204.4 208.3 216.2 220.8 208.5 141 142 141 149 142 .................... .................... .................... .................... .................... .................... .................... .................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... Annual rates 2001: Mar ............................ Apr ............................ May ........................... June .......................... July ........................... Aug ............................ Sept ........................... Oct ............................. Nov ............................ Dec ............................ 2002: Jan r ........................... Feb r ........................... Mar p .......................... 869.1 870.8 869.6 861.6 863.7 856.6 851.9 856.1 856.0 862.6 875.1 881.5 874.0 681.2 677.4 670.8 665.3 667.8 663.1 660.2 656.9 651.5 654.3 658.9 660.7 665.5 395.1 392.2 394.3 391.5 395.7 399.6 398.1 400.1 396.5 399.2 411.4 421.8 424.4 273.9 274.7 278.8 278.5 280.0 280.2 279.3 280.3 280.0 281.2 286.9 293.3 294.5 1 Includes residential improvements, not shown separately. hotels and motels. Dodge series. Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies, Inc., F.W. Dodge Division. 2 Includes 3 F.W. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or houses, except as noted] New private housing units Period Total 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... New private houses Units started, by type of structure 1,199.7 1,287.6 1,457.0 1,354.1 1,476.8 1,474.0 1,616.9 1,640.9 1,568.7 1,602.7 1 unit 1,029.9 1,125.7 1,198.4 1,076.2 1,160.9 1,133.7 1,271.4 1,302.4 1,230.9 1,273.3 2–4 units 1 5 units or more 30.9 29.4 35.2 33.8 45.3 44.5 42.6 31.9 38.7 36.6 139.0 132.6 223.5 244.1 270.8 295.8 302.9 306.6 299.1 292.8 Units authorized 1,094.9 1,199.1 1,371.6 1,332.5 1,425.6 1,441.1 1,612.3 1,663.5 1,592.3 1,610.8 Units completed Houses sold Houses for sale at end of period 2 1,157.5 1,192.7 1,346.9 1,312.6 1,412.9 1,400.5 1,474.2 1,604.9 1,573.7 1,570.8 610 666 670 667 757 804 886 880 877 r908 265 293 336 370 322 281 294 308 297 r307 1,478 1,569 1,499 1,643 1,583 1,620 1,543 1,577 1,574 1,703 1,594 1,667 1,552 953 899 882 889 877 871 854 860 937 r988 853 906 878 289 293 296 301 307 309 310 308 309 r307 310 310 311 Vacancy rate for rental housing units (percent) 3 7.4 3 7.3 7.4 7.6 7.8 7.7 7.9 8.1 8.0 8.4 Seasonally adjusted annual rates 2001: Mar ............................ Apr ............................ May ............................ June .......................... July ........................... Aug ............................ Sept ........................... Oct ............................. Nov ............................ Dec ............................ 2002: Jan r ........................... Feb r ........................... Mar p .......................... 1,592 1,626 1,610 1,634 1,660 1,559 1,585 1,518 1,616 1,602 1,713 1,785 1,646 1,208 1,295 1,285 1,292 1,290 1,271 1,265 1,225 1,244 1,312 1,346 1,470 1,303 45 42 29 54 41 27 46 33 39 17 66 43 51 1 Derived; seasonally adjusted monthly data for 2–4 housing units started are no longer published. 2 Seasonally adjusted. 3 Revised series beginning 1994; data for 1993 reflect the revision. Quarterly data entered in last month of quarter. 339 289 296 288 329 261 274 260 333 273 301 272 292 1,627 1,587 1,621 1,587 1,571 1,571 1,528 1,485 1,595 1,654 1,721 1,774 1,630 8.2 ...................... ...................... 8.3 ...................... ...................... 8.4 ...................... ...................... 8.8 ...................... ...................... 9.1 NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units authorized are for 17,000 places. Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In February, manufacturing and trade sales fell 0.8 percent and inventories fell $2.2 billion. In March, according to preliminary estimates, manufacturing and trade sales rose 0.3 percent. According to current estimates, retail sales rose 0.2 percent in March; retail and food services sales rose 0.1 percent. (Series revised.) [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period Sales 2 1992 r 1993 r 1994 r 1995 r 1996 r 1997 r 1998 r 1999 r 2000 r 2001 r 2001: ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... Feb r ..................................................... Mar r ..................................................... Apr r ..................................................... May r .................................................... June r ................................................... July r .................................................... Aug r ..................................................... Sept r .................................................... Oct r ...................................................... Nov r ..................................................... Dec r ..................................................... 2002: Jan r ..................................................... Feb r ..................................................... Mar p .................................................... 1 See Inventories 3 Inventorysales ratio 4 537,899 838,168 1.53 564,458 865,094 1.51 605,983 928,083 1.47 648,961 986,467 1.49 680,673 1,005,155 1.47 716,672 1,045,085 1.43 736,556 1,079,537 1.45 780,682 1,133,927 1.41 831,966 1,196,671 1.41 818,963 1,123,746 1.42 831,480 1,193,207 1.44 825,832 1,187,747 1.44 821,977 1,184,982 1.44 830,858 1,182,637 1.42 817,691 1,174,902 1.44 821,351 1,168,778 1.42 822,997 1,166,326 1.42 799,350 1,159,768 1.45 820,091 1,142,254 1.39 810,015 1,129,679 1.39 808,549 1,123,746 1.39 814,505 1,122,799 1.38 807,982 1,120,609 1.39 810,556 .................. ................ page 21 for manufacturing. data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 3 Seasonally adjusted, end of period. 4 Annual data are averages of seasonally adjusted monthly ratios. 2 Annual 20 Wholesale Sales 2 Inventories 3 144,302 150,833 161,133 176,227 186,649 194,541 198,319 211,756 229,313 226,313 231,852 228,370 228,276 227,478 224,662 225,958 227,530 225,481 221,161 222,704 220,380 223,023 224,738 224,557 194,463 202,730 219,766 236,145 238,782 256,417 269,412 285,686 304,678 288,014 303,381 303,029 302,445 302,399 301,016 297,972 297,130 295,863 292,811 289,487 288,014 286,994 284,508 284,444 Retail Inventory sales ratio 4 1.32 1.31 1.30 1.31 1.28 1.27 1.33 1.31 1.30 1.32 1.31 1.33 1.32 1.33 1.34 1.32 1.31 1.31 1.32 1.30 1.31 1.29 1.27 1.27 Sales 2 Inventories 3 Inventory sales ratio 4 154,268 267,808 1.68 164,837 285,906 1.69 178,932 312,019 1.67 188,235 329,536 1.72 200,190 340,335 1.68 209,112 350,763 1.65 219,507 364,288 1.62 239,013 392,501 1.59 254,928 416,475 1.59 263,987 395,814 1.55 260,725 414,111 1.59 258,708 412,644 1.60 262,491 411,357 1.57 263,411 411,984 1.56 262,854 410,391 1.56 263,462 410,408 1.56 264,038 412,220 1.56 258,609 411,033 1.59 276,275 399,642 1.45 268,345 396,256 1.48 267,283 395,814 1.48 267,002 399,269 1.50 268,092 401,862 1.50 268,504 ................ ................ Retail and food services sales 2 171,219 182,841 197,735 207,704 220,431 230,616 242,228 262,803 280,427 290,713 287,182 285,235 288,964 290,022 289,579 290,319 291,073 285,006 302,770 295,036 295,232 294,852 296,120 296,371 NOTE.—Wholesale and retail data reflect annual benchmark revisions released May 3, 2002. Also, data for manufacturers have been revised historically. See Note, p. 21. Total manufacturing and trade data reflect the revisions. Source: Department of Commerce, Bureau of the Census. MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS In March, manufacturers’ shipments, new orders, and unfilled orders rose, while inventories fell. (Series revised.) Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries, nondefense Manufacturers’ unfilled orders 2 Manufacturers’ inventory— shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 1992 r 1993 r 1994 r 1995 r 1996 r 1997 r 1998 r 1999 r 2000 r 2001 r 2001: ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... Mar r ......................................... Apr r ......................................... May r ......................................... June r ........................................ July r ......................................... Aug r ......................................... Sept r ........................................ Oct r .......................................... Nov r ......................................... Dec r ......................................... 2002: Jan r ......................................... Feb r ......................................... Mar p ......................................... 239,330 248,789 265,918 284,499 293,835 313,018 318,730 329,913 347,724 328,663 338,754 331,210 339,969 330,175 331,931 331,429 315,260 322,655 318,966 320,886 324,480 315,152 317,495 123,899 130,793 143,081 153,094 158,952 172,409 179,712 186,870 193,903 178,256 185,350 178,698 185,165 180,674 180,969 179,529 168,157 174,047 173,539 174,768 177,743 172,327 172,397 115,430 117,996 122,838 131,405 134,883 140,610 139,019 143,043 153,822 150,407 153,404 152,512 154,804 149,501 150,962 151,900 147,103 148,608 145,427 146,118 146,737 142,825 145,098 375,897 376,458 396,298 420,786 426,038 437,905 445,837 455,740 475,518 439,918 472,074 471,180 468,254 463,495 460,398 456,976 452,872 449,801 443,936 439,918 436,536 434,239 431,487 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. 235,133 235,394 249,400 263,256 267,996 275,360 286,231 288,556 301,519 275,375 298,628 298,009 295,716 292,351 289,960 287,435 284,169 282,332 278,234 275,375 272,910 271,121 268,488 140,764 ................ ................ ................ 141,064 246,688 128,672 40,681 146,898 266,641 143,803 45,175 157,530 285,542 154,137 51,011 158,042 297,282 162,399 54,066 162,545 314,986 174,377 60,697 159,606 317,345 178,327 62,133 167,184 330,554 187,510 64,162 173,999 353,319 199,498 73,451 164,543 325,256 174,850 60,196 173,446 339,227 185,823 68,344 173,171 330,561 178,049 64,619 172,538 336,361 181,557 63,765 171,144 326,746 177,245 61,364 170,438 327,917 176,955 59,476 169,541 326,777 174,877 58,921 168,703 304,352 157,249 51,267 167,469 327,252 178,644 54,251 165,702 313,061 167,634 56,437 164,543 314,489 168,371 55,817 163,626 316,572 169,835 54,833 163,118 317,123 174,298 57,329 162,999 318,517 173,419 55,592 451,325 425,945 434,708 447,394 488,755 513,090 496,375 504,797 572,519 529,407 564,372 563,723 560,115 556,686 552,672 548,020 537,112 541,709 535,804 529,407 521,499 523,470 524,492 1.57 1.51 1.45 1.45 1.45 1.38 1.40 1.36 1.35 1.40 1.39 1.42 1.38 1.40 1.39 1.38 1.44 1.39 1.39 1.37 1.35 1.38 1.36 Note.—Beginning with data for March 2002, the Census Bureau announced that because of data availability, monthly estimates for shipments, orders, and inventories would no longer include data on semiconductors. Historical data have been revised to exclude data on semiconductors. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES The producer price index for all finished goods rose 1.0 percent in March. Prices of finished consumer foods rose 0.6 percent, while prices of other finished consumer goods rose 1.7 percent. Capital equipment prices rose 0.1 percent. [1982=100; monthly data seasonally adjusted] Finished goods Period Total finished goods Finished goods excluding consumer foods Consumer foods Consumer goods Total Total 1992 ........................... 1993 ........................... 1994 ........................... 1995 ........................... 1996 ........................... 1997 ........................... 1998 ........................... 1999 .......................... 2000 ........................... 2001 p ........................ 2001: Mar ................ Apr ................ May ............... June .............. July ............... Aug ................ Sept ............... Oct ................. Nov r ............... Dec ................ 2002: Jan ................. Feb ................. Mar ................ 1 Intermediate 22 123.2 124.7 125.5 127.9 131.3 131.8 130.7 133.0 138.0 140.7 141.7 142.1 142.4 141.7 140.0 140.6 141.1 139.2 138.3 137.6 137.8 138.1 139.5 123.3 125.7 126.8 129.0 133.6 134.5 134.3 135.1 137.2 141.3 141.4 142.1 142.1 141.6 141.0 142.0 142.2 142.1 140.9 140.7 141.8 143.2 144.1 123.1 124.4 125.1 127.5 130.5 130.9 129.5 132.3 138.1 140.4 141.7 141.9 142.3 141.6 139.7 140.0 140.6 138.3 137.4 136.6 136.6 136.6 138.1 materials for food manufacturing and feeds. 120.8 121.7 121.6 124.0 127.6 128.2 126.4 130.5 138.4 141.4 143.2 143.5 144.2 143.1 140.1 140.7 141.5 138.4 137.1 135.9 136.0 136.0 138.3 Durable 125.7 128.0 130.9 132.7 134.2 133.7 132.9 133.0 133.9 133.9 134.0 134.3 134.0 133.9 134.3 134.3 134.6 133.2 133.1 133.2 133.5 133.3 133.7 Nondurable 117.3 117.6 116.2 118.8 123.3 124.3 122.2 127.9 138.7 142.8 145.3 145.7 146.8 145.3 140.9 141.7 142.7 138.9 137.1 135.4 135.5 135.6 138.7 Capital equipment 129.1 131.4 134.1 136.7 138.3 138.2 137.6 137.6 138.8 139.7 139.6 139.8 139.6 139.7 140.0 140.0 140.1 139.5 139.4 139.4 139.3 139.4 139.5 Total finished consumer goods 121.7 123.0 123.3 125.6 129.5 130.2 128.9 132.0 138.2 141.5 142.8 143.2 143.7 142.8 140.5 141.2 141.8 139.6 138.4 137.5 137.8 138.3 140.1 Intermediate materials Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other 114.7 116.2 118.5 124.9 125.7 125.6 123.0 123.2 129.2 129.7 131.3 131.1 131.2 131.0 129.5 129.2 129.3 127.6 126.7 125.8 125.7 125.6 126.9 110.7 112.7 114.8 114.8 128.1 125.4 116.2 111.1 111.7 115.9 114.4 114.3 115.0 116.1 116.8 118.9 118.0 117.5 115.6 114.5 114.4 114.4 114.6 114.9 116.4 118.7 125.5 125.6 125.7 123.4 123.9 130.1 130.5 132.3 132.0 132.1 131.8 130.2 129.8 129.9 128.2 127.3 126.5 126.4 126.3 127.6 100.4 102.4 101.8 102.7 113.8 111.1 96.8 98.2 120.6 121.3 132.0 132.8 130.2 119.6 113.3 112.5 107.6 98.1 102.9 95.5 99.0 98.2 102.1 105.1 108.4 106.5 105.8 121.5 112.2 103.9 98.7 100.2 106.2 108.9 108.7 107.8 107.8 108.5 107.9 108.8 105.0 99.9 97.8 101.7 104.0 102.7 93.5 94.7 94.8 96.8 104.5 106.4 88.4 94.3 130.4 127.3 143.2 144.6 140.9 123.5 112.5 111.5 102.9 89.9 101.3 90.6 93.5 90.3 98.1 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In March, the consumer price index for all urban consumers rose 0.3 percent seasonally adjusted; it rose 0.6 percent not seasonally adjusted. The index was 1.5 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 ......................... 1992 ................................. 1993 ................................. 1994 ................................. 1995 ................................. 1996 ................................. 1997 ................................. 1998 ................................. 1999 ................................. 2000 ................................. 2001 ................................. 100.0 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.2 177.1 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 14.7 137.9 140.9 144.3 148.4 153.3 157.3 160.7 164.1 167.8 173.1 40.9 137.5 141.2 144.8 148.5 152.8 156.8 160.4 163.9 169.6 176.4 31.5 151.2 155.7 160.5 165.7 171.0 176.3 182.1 187.3 193.4 200.6 6.4 146.9 150.3 154.0 157.8 162.0 166.7 172.1 177.5 183.9 192.1 22.0 155.5 160.5 165.8 171.3 176.8 181.9 187.8 192.9 198.7 206.3 4.5 117.8 121.3 122.8 123.7 127.5 130.8 128.5 128.8 137.9 150.2 4.4 131.9 133.7 133.4 132.0 131.7 132.9 133.0 131.3 129.6 127.3 17.1 ............ 126.5 128.4 130.4 131.5 134.3 136.0 139.1 139.0 143.0 141.4 144.3 141.7 141.6 140.7 144.4 139.6 153.3 139.6 154.3 138.9 2.6 99.0 98.0 98.5 100.0 106.3 106.2 92.2 100.7 129.3 124.7 5.8 190.1 201.4 211.0 220.5 228.2 234.6 242.1 250.6 260.8 272.8 6.2 103.0 104.2 104.6 105.2 110.1 111.5 102.9 106.6 124.6 129.3 79.1 147.3 152.2 156.5 161.2 165.6 169.5 173.4 177.0 181.3 186.1 2001: Mar ...................... Apr ...................... May ..................... June .................... July ..................... Aug ...................... Sept ..................... Oct ....................... Nov ...................... Dec ...................... 176.2 176.9 177.7 178.0 177.5 177.5 178.3 177.7 177.4 176.7 176.1 176.6 177.4 177.8 177.3 177.4 178.1 177.6 177.5 177.3 171.7 171.9 172.4 173.0 173.6 173.9 174.2 174.9 174.8 174.8 175.1 175.3 176.2 176.8 176.8 177.2 177.0 177.0 177.5 177.9 198.2 198.8 199.6 200.5 200.9 201.8 202.0 202.5 203.5 204.3 189.5 190.2 191.1 191.8 192.5 193.2 194.0 194.7 195.4 196.2 203.6 204.3 205.1 205.8 206.5 207.4 208.1 209.0 209.9 210.7 152.4 151.6 153.6 153.3 151.5 150.0 148.0 145.3 144.5 143.4 130.1 128.5 127.3 127.1 126.5 125.8 126.0 126.5 125.7 124.9 154.2 155.6 157.9 157.7 154.0 153.2 155.8 152.5 150.1 148.8 138.9 139.0 138.9 138.7 138.7 138.4 138.4 138.5 139.3 139.6 126.2 132.6 141.5 138.8 123.5 120.1 130.5 116.8 104.7 98.5 269.4 270.3 271.3 272.3 272.9 274.1 275.2 276.3 277.5 278.4 131.4 133.8 139.0 137.6 129.5 127.0 130.5 122.7 116.7 113.2 184.8 185.1 185.4 185.9 186.3 186.7 187.1 187.4 188.1 188.3 2002: Jan ...................... Feb ....................... Mar ...................... 177.1 177.8 178.8 177.6 178.0 178.6 175.4 175.8 176.1 178.2 178.7 178.9 205.0 206.0 206.2 196.8 197.5 198.2 211.4 212.2 212.8 143.1 141.6 142.1 124.0 124.6 126.1 149.2 148.9 150.7 138.7 138.0 137.6 101.1 101.0 109.6 279.7 280.4 281.4 114.2 113.3 117.6 188.6 189.1 189.3 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 2001. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Period Change from preceding period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Excluding foods Foods Change from year earlier, total finished goods NSA Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment 1.7 1.8 2.0 2.2 .4 ¥.6 0 .3 1.2 ¥.1 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 1.2 1.2 .6 1.9 2.7 .4 ¥.8 1.8 3.8 2.0 Change, Dec. to Dec., NSA 1992 ....................... 1993 ....................... 1994 ....................... 1995 ....................... 1996 ....................... 1997 ....................... 1998 ....................... 1999 ....................... 2000 ....................... 2001 p ..................... 1.6 .2 1.7 2.3 2.8 ¥1.2 0 2.9 3.6 ¥1.8 1.6 2.4 1.1 1.9 3.4 ¥.8 .1 .8 1.7 1.8 1.6 ¥1.4 2.0 2.3 3.7 ¥1.5 ¥.1 5.1 5.5 ¥4.1 Change, month to month 2001: Mar ............. Apr ............. May ............ June ........... July ............ Aug ............. Sept ............ Oct .............. Nov r ............ Dec ............. ¥0.2 .3 .2 ¥.5 ¥1.2 .4 .4 ¥1.3 ¥.6 r¥.5 0.6 .5 0 ¥.4 ¥.4 .7 .1 ¥.1 ¥.8 r¥.1 ¥0.7 .2 .5 ¥.8 ¥2.1 .4 .6 ¥2.2 ¥.9 r¥.9 0.1 .1 ¥.1 .1 .2 0 .1 ¥.4 ¥.1 0 4.3 1.1 1.1 0 ¥5.8 ¥5.0 ¥1.7 ¥2.3 ¥6.4 ¥9.6 9.9 8.6 4.6 .6 ¥3.1 ¥.3 1.7 3.2 ¥3.1 ¥4.2 3.7 ¥1.7 0 ¥.3 ¥9.1 ¥9.4 ¥4.4 ¥4.8 ¥9.8 ¥14.9 0 0 .6 .3 .6 1.2 1.2 ¥1.4 ¥1.7 ¥2.0 4.1 3.6 3.6 2.2 ¥2.4 ¥2.0 ¥.8 ¥4.0 ¥5.7 ¥5.7 6.8 6.2 5.6 5.1 2.6 2.1 1.1 0 ¥1.7 ¥1.3 4.5 3.6 4.0 1.7 ¥5.5 ¥4.8 ¥2.4 ¥7.0 ¥9.6 ¥9.8 0.6 .7 .3 .1 .3 .9 .7 ¥.4 ¥.3 ¥.4 3.0 3.7 3.9 2.6 1.4 2.0 1.6 ¥.3 ¥1.2 ¥1.8 2002: Jan .............. Feb .............. Mar ............. .1 .2 1.0 .8 1.0 .6 .1 0 1.7 ¥.1 .1 .1 ¥4.0 r¥.6 5.6 ¥.8 r6.7 10.0 ¥6.8 r¥3.2 ¥.6 0 .3 ¥3.1 ¥3.5 ¥2.3 1.1 1.7 2.7 ¥5.8 ¥6.6 ¥4.5 ¥1.0 ¥.9 ¥.9 ¥2.6 ¥2.6 ¥1.4 7.3 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 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ 2.9 2.7 2.7 2.5 3.3 1.7 1.6 2.7 3.4 1.6 1.5 2.9 2.9 2.1 4.3 1.5 2.3 1.9 2.8 2.8 2.6 2.7 2.2 3.0 2.9 2.4 2.3 2.2 4.3 2.9 2.9 3.0 3.0 3.5 2.9 3.4 3.3 2.5 3.4 4.2 2.3 2.2 2.5 2.5 2.8 3.1 3.4 3.1 4.0 4.7 3.0 3.2 3.3 3.7 2.8 3.1 3.2 2.4 3.4 4.5 2.3 2.5 .2 1.4 4.6 .5 ¥2.6 2.4 12.1 ¥2.1 1.4 .9 ¥1.6 .1 ¥.2 1.0 ¥.7 ¥.5 ¥1.8 ¥3.2 3.0 2.4 3.8 1.5 4.4 ¥1.4 ¥1.7 5.4 4.1 ¥3.8 2.3 2.8 3.2 1.6 1.6 ¥1.0 ¥.1 ¥.8 .3 0 1.8 ¥5.4 5.9 ¥4.0 12.7 ¥6.2 ¥15.4 30.2 13.9 ¥24.8 6.6 2.0 5.4 ¥1.4 4.9 2.2 3.9 ¥1.3 3.0 8.6 2.8 ¥3.4 3.4 ¥8.8 3.7 13.4 4.2 14.2 4.7 ¥13.0 3.3 3.2 2.6 3.0 2.6 2.2 2.4 1.9 2.6 2.7 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 3.0 3.0 2.6 2.8 3.0 2.3 1.6 2.2 3.4 2.8 0.2 .2 .2 .3 .2 .2 .2 .2 .4 .1 4.0 .......... .......... 3.2 .......... .......... .7 .......... .......... ¥.2 3.5 2.3 3.2 3.9 1.6 0 .7 .7 .2 ¥1.8 2.9 3.1 3.7 3.7 1.9 1.6 2.3 1.1 .1 ¥.6 2.9 3.3 3.6 3.2 2.7 2.7 2.6 2.1 1.9 1.6 .2 .......... .3 .......... .1 1.4 0 1.1 3.0 .3 .7 .6 1.1 1.1 1.5 Change, month to month 2001: Mar ................. Apr ................. May ................. June ................ July ................ Aug ................. Sept ................ Oct .................. Nov ................. Dec ................. 0.1 .3 .5 .2 ¥.3 .1 .4 ¥.3 ¥.1 ¥.1 0.2 .1 .3 .3 .3 .2 .2 .4 ¥.1 0 0.2 .1 .5 .3 0 .2 ¥.1 0 .3 .2 0.4 .3 .4 .5 .2 .4 .1 .2 .5 .4 0.4 .4 .5 .4 .4 .4 .4 .4 .4 .4 0.4 .3 .4 .3 .3 .4 .3 .4 .4 .4 ¥0.7 ¥.5 1.3 ¥.2 ¥1.2 ¥1.0 ¥1.3 ¥1.8 ¥.6 ¥.8 0.5 ¥1.2 ¥.9 ¥.2 ¥.5 ¥.6 .2 .4 ¥.6 ¥.6 ¥0.9 .9 1.5 ¥.1 ¥2.3 ¥.5 1.7 ¥2.1 ¥1.6 ¥.9 ¥0.2 .1 ¥.1 ¥.1 0 ¥.2 0 .1 .6 .2 ¥3.7 5.1 6.7 ¥1.9 ¥11.0 ¥2.8 8.7 ¥10.5 ¥10.4 ¥5.9 0.4 .3 .4 .4 .2 .4 .4 .4 .4 .3 ¥2.1 1.8 3.9 ¥1.0 ¥5.9 ¥1.9 2.8 ¥6.0 ¥4.9 ¥3.0 2002: Jan .................. Feb .................. Mar ................. .2 .2 .3 .3 .2 .2 .2 .3 .1 .3 .5 .1 .3 .4 .4 .3 .4 .3 ¥.2 ¥1.0 .4 ¥.7 .5 1.2 .3 ¥.2 1.2 ¥.6 ¥.5 ¥.3 2.6 ¥.1 8.5 .5 .3 .4 .9 ¥.8 3.8 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 fell 9.5 percent while prices paid by farmers were unchanged. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 All farm products 98 101 100 102 112 107 102 95 96 102 2001: Apr .................... May .................... June ................... July .................... Aug .................... Sept ................... Oct ..................... Nov .................... Dec .................... 2002: Jan r ................... Feb r ................... Mar r ................... Apr .................... 106 108 107 r 108 r 110 106 95 94 r 93 95 99 105 95 1 Includes Livestock and products Crops ............................... ............................... ............................... ............................... ............................... .............................. .............................. ............................... .............................. .............................. Prices paid by farmers All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 101 102 105 112 127 115 107 96 96 99 97 100 95 92 99 98 97 95 97 106 101 104 106 109 115 118 115 115 120 r 124 101 103 106 108 115 118 114 113 118 122 101 104 106 108 115 119 113 111 116 120 97 97 94 93 98 90 89 83 81 r 82 103 r 109 r 105 110 r 113 112 111 r 111 104 99 96 97 97 95 90 124 124 124 r 124 r 124 r 124 123 r 123 122 123 123 123 123 122 122 122 122 122 122 121 r 121 r 120 121 121 121 121 120 120 120 120 120 120 r 119 118 117 118 117 118 118 85 87 86 87 89 r 85 77 r 76 r 76 77 80 85 77 102 r 104 r 109 102 88 89 r 90 93 101 117 100 items not shown separately. 2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. NOTE.—The official indexes are published on a 1910—14 base as required by law. The indexes have been converted to a 1990—92=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In March, M2 fell slightly; M3 was about unchanged. [Averages of daily figures, except debt; billions of dollars, seasonally adjusted] M1 M2 M3 Debt M2 plus large time deposits, RPs, Eurodollars, and institutional MMMF balances Debt of domestic nonfinancial sectors (monthly average of adjacent month-end levels)1 Percent change from year or 6 months earlier 2 Sum of currency, demand deposits, travelers’ checks, and other checkable deposits (OCDs) M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec r ...................................................... 1,024.0 1,129.1 1,149.7 1,126.5 1,079.1 1,072.2 1,096.5 1,124.4 1,088.9 1,178.1 3,431.0 3,483.6 3,496.8 3,640.1 3,813.3 4,030.9 4,386.3 4,655.0 4,942.3 5,463.2 4,215.6 4,277.6 4,360.1 4,625.7 4,971.9 5,451.8 6,042.1 6,541.7 7,116.0 8,029.8 11,823.7 12,407.6 12,988.5 13,694.9 14,433.5 15,227.3 16,277.3 17,360.8 r 18,278.3 19,375.5 14.3 10.3 1.8 ¥2.0 ¥4.2 ¥.6 2.3 2.5 ¥3.2 8.2 1.6 1.5 .4 4.1 4.8 5.7 8.8 6.1 6.2 10.5 0.3 1.5 1.9 6.1 7.5 9.7 10.8 8.3 8.8 12.8 2001: Feb ........................................................ Mar ....................................................... Apr ........................................................ May ....................................................... June ...................................................... July r ...................................................... Aug r ...................................................... Sept r ..................................................... Oct r ....................................................... Nov r ...................................................... Dec r ...................................................... 1,098.9 1,107.4 1,109.7 1,116.6 1,125.6 1,138.6 1,147.2 1,204.6 1,161.5 1,163.6 1,178.1 5,025.7 5,073.9 5,115.8 5,141.4 5,187.8 5,229.2 5,270.0 5,388.1 5,377.6 5,421.3 5,463.2 7,279.6 7,331.8 7,434.3 7,525.4 7,612.3 7,656.0 7,669.9 7,825.4 7,872.4 7,960.8 8,029.8 r 18,402.0 18,825.1 18,931.9 19,060.2 19,157.9 19,274.8 19,375.2 ¥.6 1.5 1.9 4.6 6.7 7.8 8.8 17.6 9.3 8.4 9.3 7.8 8.4 9.4 9.8 9.9 9.7 9.7 12.4 10.2 10.9 10.6 10.2 9.9 12.1 14.0 13.9 12.3 10.7 13.5 11.8 11.6 11.0 2002: Jan r ...................................................... Feb r ...................................................... Mar ........................................................ 1,181.5 1,183.1 1,185.6 5,474.0 5,504.5 5,498.7 8,023.3 8,066.5 8,067.4 19,410.0 19,493.1 ...................... 7.5 6.3 ¥3.2 9.4 8.9 4.1 9.6 10.3 6.2 Period 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: 2001: 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. Monthly series no longer published (discontinued May 2, 2002). 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. r 18,496.8 r 18,575.6 r 18,674.9 r 18,767.9 M1 M3 Debt 4.6 4.9 4.7 5.4 5.4 5.5 6.9 6.7 5.3 6.0 4.6 r 4.8 5.1 5.3 5.4 5.4 5.8 6.1 6.3 6.4 6.5 6.2 5.9 ............ NOTE.—See p. 27 for components. Data on debt of domestic nonfinancial sectors are as published April 25, 2002. Publication of monthly debt measures has been discontinued by the Federal Reserve. However, quarterly debt series will continue to be published in the Z.1 release, Flow of Funds Accounts. Source: Board of Governors of the Federal Reserve System. 26 M2 COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] Period 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: 2001: 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) Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec r .......................................... 292.2 321.6 354.1 372.1 394.0 424.4 459.3 516.9 530.1 579.9 7.6 7.5 8.0 8.5 8.3 8.1 8.2 8.3 8.0 7.8 339.9 385.4 383.6 389.2 401.0 393.9 378.4 354.5 309.9 329.3 384.4 414.6 404.1 356.7 275.8 245.8 250.5 244.7 240.9 261.2 1,186.8 1,219.5 1,149.9 1,134.1 1,272.7 1,400.1 1,602.2 1,738.8 1,875.8 2,307.4 868.1 782.0 816.3 931.3 946.9 968.2 951.7 955.4 1,043.7 972.5 352.1 353.1 380.8 448.1 514.6 590.4 736.0 836.6 934.0 1,005.1 213.3 216.5 210.3 263.9 323.1 395.9 538.2 633.6 792.5 1,197.2 350.2 332.1 370.4 429.4 510.7 620.5 671.8 743.1 820.8 786.7 141.6 172.6 196.3 198.4 210.3 253.9 293.4 336.0 364.0 372.0 79.5 72.8 86.3 94.0 114.5 150.6 152.5 174.0 196.4 210.7 2001: Mar ........................................... Apr ............................................ May ........................................... June .......................................... July ........................................... Aug ........................................... Sept .......................................... Oct ............................................ Nov ........................................... Dec r .......................................... 539.4 542.6 546.1 549.3 554.2 562.7 567.7 571.4 575.0 579.9 7.9 7.8 7.9 8.2 8.6 8.8 8.4 8.2 7.8 7.8 313.5 310.8 313.0 312.9 314.8 317.8 370.1 328.6 326.2 329.3 246.5 248.6 249.6 255.2 260.9 257.9 258.4 253.3 254.7 261.2 1,962.9 1,997.7 2,025.6 2,061.7 2,089.2 2,130.9 2,184.4 2,216.7 2,268.0 2,307.4 1,046.6 1,043.0 1,040.4 1,033.0 1,023.9 1,016.2 1,009.4 999.2 986.3 972.5 957.0 965.4 958.9 967.5 977.6 975.7 989.7 1,000.2 1,003.3 1,005.1 901.6 926.9 979.9 1,018.8 1,030.1 1,022.5 1,072.2 1,140.2 1,171.6 1,197.2 779.9 802.7 811.3 814.9 807.7 796.4 794.1 790.7 783.4 786.7 352.7 372.0 377.3 377.7 373.5 r 369.6 r 358.6 r 354.6 r 371.0 372.0 223.7 216.9 215.5 213.1 r 215.5 r 211.4 r 212.3 r 209.2 r 213.5 210.7 2002: Jan r .......................................... Feb r .......................................... Mar ........................................... 585.8 591.0 594.5 7.8 7.8 7.7 326.5 324.2 323.3 261.3 260.2 260.1 2,346.1 2,398.4 2,421.2 957.9 947.0 938.5 988.5 975.9 953.5 1,167.1 1,166.3 1,167.9 799.9 803.0 808.4 372.7 376.5 374.2 209.6 216.2 218.3 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 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: 2001: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Nonborrowed Nonborrowed plus extended credit Required Monetary base Total Seasonal Extended credit ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... 54,332 60,460 59,369 56,430 50,149 46,848 45,136 41,824 38,535 41,099 54,208 60,378 59,160 56,173 49,994 46,523 45,019 41,504 38,326 41,032 54,209 60,378 59,160 56,173 49,994 46,523 45,019 41,504 38,326 41,032 53,178 59,390 58,209 55,140 48,733 45,163 43,622 40,527 37,108 39,459 350,751 386,477 418,205 434,396 451,839 479,703 513,550 593,121 584,042 r 634,386 124 82 209 257 155 324 117 320 210 67 18 31 100 40 68 79 15 67 111 33 1 0 0 0 0 0 0 0 0 0 2001: Apr ........................................................................... May .......................................................................... June ......................................................................... July .......................................................................... Aug .......................................................................... Sept ......................................................................... Oct ........................................................................... Nov .......................................................................... Dec ........................................................................... 38,568 38,316 39,066 39,785 40,079 58,214 45,655 40,904 41,099 38,517 38,103 38,836 39,502 39,895 54,829 45,528 40,820 41,032 38,517 38,103 38,836 39,502 39,895 54,829 45,528 40,820 41,032 37,291 37,297 37,704 38,377 38,870 39,195 44,334 39,417 39,459 595,638 598,894 602,835 608,105 616,025 639,692 630,435 629,468 r 634,386 51 213 229 283 183 3,385 127 84 67 35 79 120 174 164 93 67 33 33 0 0 0 0 0 0 0 0 0 2002: Jan r Feb r Mar r Apr p 41,510 41,362 40,986 40,736 41,460 41,332 40,907 40,665 41,460 41,332 40,907 40,665 40,105 39,989 39,570 39,526 640,873 646,217 649,657 654,496 50 30 79 71 17 17 20 50 0 0 0 0 ......................................................................... ......................................................................... ......................................................................... ......................................................................... 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases fell 0.2 percent in March; commercial and industrial loans also fell 0.2 percent. [Billions of dollars, seasonally adjusted 1] Securities in bank credit Period 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: 2001: 2001: Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec r .......... Dec r .......... Dec r .......... Mar r ......... Apr r .......... May r ......... June r ........ July r ......... Aug r ......... Sept r ......... Oct r .......... Nov r ......... Dec r .......... 2002: Jan r .......... Feb r .......... Mar .......... Total bank credit 2,956.9 3,115.4 3,321.9 3,605.4 3,761.8 4,104.3 4,544.9 4,779.1 5,223.1 5,452.1 5,288.2 5,311.1 5,327.2 5,328.9 5,342.6 5,359.3 5,430.1 5,429.7 5,459.8 5,452.1 5,436.0 5,437.5 5,426.7 Total securities U.S. Treasury and agency securities 843.3 917.6 942.4 986.7 980.5 1,087.9 1,228.7 1,274.0 1,334.4 1,491.7 1,346.5 1,363.7 1,372.2 1,385.0 1,399.0 1,427.2 1,444.6 1,473.1 1,488.7 1,491.7 1,491.6 1,484.5 1,481.5 666.3 732.9 724.3 703.8 700.5 749.0 r 792.1 807.8 785.5 832.6 756.8 764.0 760.8 751.1 753.8 766.0 777.1 808.1 816.0 832.6 820.4 812.4 829.0 Loans and leases in bank credit Real estate CommerOther Total loans cial and securities and leases 2 industrial 177.0 184.8 218.1 282.9 280.0 338.9 436.5 466.1 548.9 659.1 589.7 599.7 611.3 634.0 645.3 661.2 667.5 665.0 672.7 659.1 671.1 672.2 652.5 2,113.6 2,197.8 2,379.5 2,618.7 2,781.3 3,016.3 3,316.2 3,505.1 3,888.7 3,960.4 3,941.7 3,947.4 3,955.1 3,943.8 3,943.5 3,932.1 3,985.6 3,956.6 3,971.0 3,960.4 3,944.4 3,952.9 3,945.2 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. 28 599.3 589.9 649.9 724.2 788.0 856.5 951.0 1,004.7 1,090.1 1,033.4 1,101.7 1,097.4 1,095.3 1,080.3 1,069.7 1,063.3 1,064.9 1,053.3 1,042.3 1,033.4 1,025.0 1,032.7 1,030.7 Total 907.3 948.3 1,011.7 1,090.6 1,142.6 1,248.5 r 1,339.5 1,477.7 1,660.6 1,786.5 1,687.5 1,693.8 1,704.2 1,707.7 1,717.2 1,718.1 1,726.5 1,753.3 1,773.5 1,786.5 1,782.9 1,788.5 1,785.6 Revolving home equity 78.4 78.0 80.4 84.4 90.7 104.8 103.9 101.5 130.0 154.0 132.4 133.6 135.1 136.3 138.1 140.1 142.7 148.9 150.7 154.0 157.3 160.6 165.9 Consumer Security Other Other 828.9 870.3 931.2 1,006.2 1,051.8 1,143.7 1,235.6 1,376.3 1,530.6 1,632.6 1,555.1 1,560.3 1,569.1 1,571.4 1,579.1 1,578.0 1,583.7 1,604.4 1,622.8 1,632.6 1,625.6 1,627.9 1,619.7 356.3 387.7 448.3 491.4 512.8 502.5 497.2 490.5 538.5 558.4 544.0 549.0 552.5 552.7 552.9 552.5 551.8 552.2 559.6 558.4 561.2 563.8 561.7 63.2 86.4 75.8 83.3 75.5 94.9 146.5 151.4 176.0 145.6 175.7 174.7 167.6 168.7 166.5 166.5 177.0 154.2 154.1 145.6 150.1 149.7 155.7 187.5 185.4 193.8 229.2 r 262.3 313.9 382.0 380.8 423.6 436.5 432.8 432.5 435.3 434.4 437.2 431.8 465.4 443.6 441.6 436.5 425.2 418.2 411.5 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 1992 .................. 1993 .................. 1994 .................. 1995 .................. 1996 .................. 1997 .................. 1998 .................. 1999 .................. 2000 .................. 2001 p ................ 1999: I ............. II ........... III .......... IV .......... 2000: I ............. II ........... III .......... IV .......... 2001: I ............. II ........... III .......... IV p ......... 626.7 728.6 808.2 1,010.7 1,074.5 1,011.1 1,332.7 1,484.1 1,501.1 1,047.6 1,451.3 1,598.7 1,504.0 1,382.8 1,607.8 1,551.4 1,609.5 1,235.6 1,064.3 969.5 1,184.0 972.9 Internal 1 465.4 510.7 566.6 619.9 676.0 727.6 716.7 750.4 795.1 761.2 747.3 737.2 738.8 778.5 761.1 803.4 814.3 801.4 760.9 762.0 784.5 737.5 Credit market instruments Total 161.3 217.9 241.6 390.8 398.5 283.5 616.0 733.7 706.0 286.4 704.0 861.5 765.2 604.3 846.7 748.0 795.2 434.2 303.4 207.5 399.5 235.4 Total net funds raised 51.6 55.7 79.7 166.5 109.9 177.4 138.5 298.3 269.4 212.2 516.1 ¥4.9 346.7 335.2 542.4 301.0 213.7 20.5 201.4 253.4 136.3 257.6 Capital expenditures 3 Total Net new equity issues 27.0 21.3 ¥44.9 ¥58.3 ¥69.5 ¥114.4 ¥267.0 ¥143.5 ¥159.7 ¥55.7 ¥52.1 ¥338.4 ¥128.4 ¥55.0 62.2 ¥245.7 ¥87.8 ¥367.5 ¥25.3 ¥71.5 ¥120.8 ¥5.1 Total Securities and mortgages 24.6 34.4 124.6 224.9 179.4 291.9 405.5 441.7 429.1 267.8 568.2 333.5 475.1 390.2 480.2 546.7 301.5 388.0 226.7 324.9 257.1 262.7 1 Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed capital, foreign earnings retained abroad, and inventory valuation adjustment. 2 Includes tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in the U.S. 34.5 56.7 30.3 100.0 125.9 187.3 245.1 296.9 233.3 412.8 323.8 354.7 278.6 230.4 255.7 208.6 218.3 250.5 449.5 480.4 291.1 429.9 Loans and shortterm paper ¥9.9 ¥22.2 94.3 124.9 53.7 104.6 160.5 144.9 195.8 ¥144.9 244.3 ¥21.2 196.5 159.8 224.5 338.1 83.2 137.5 ¥222.8 ¥155.6 ¥34.1 ¥167.2 Other 2 109.7 162.2 162.0 224.3 288.6 106.0 477.4 435.5 436.7 74.2 187.9 866.4 418.5 269.1 304.4 447.0 581.5 413.7 101.9 ¥45.9 263.2 ¥22.2 601.8 841.5 850.7 1,065.1 1,116.7 1,032.6 1,396.4 1,557.7 1,563.5 1,097.2 1,524.2 1,670.0 1,583.4 1,453.4 1,671.5 1,623.8 1,667.0 1,291.5 1,097.4 1,042.8 1,242.1 1,006.4 455.8 508.8 575.6 638.7 662.7 760.2 826.5 892.5 960.2 833.1 876.4 875.9 887.7 930.1 924.8 970.1 987.4 958.3 903.3 859.7 824.3 744.9 Increase in financial assets 146.0 332.7 275.1 426.4 454.0 272.4 569.9 665.2 603.3 264.1 647.8 794.1 695.7 523.3 746.7 653.7 679.6 333.2 194.1 183.1 417.8 261.5 Discrepancy (sources less uses) 24.9 ¥112.8 ¥42.5 ¥54.4 ¥42.2 ¥21.5 ¥63.7 ¥73.6 ¥62.4 ¥49.5 ¥73.0 ¥71.4 ¥79.5 ¥70.6 ¥63.7 ¥72.3 ¥57.6 ¥56.0 ¥33.1 ¥73.4 ¥58.1 ¥33.5 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 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: 2001: 2001: 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 .............................................................................. 2002: Jan r .............................................................................. Feb r .............................................................................. Mar p ............................................................................. 782.2 838.8 960.4 1,095.8 1,185.1 1,243.0 1,317.5 1,416.3 1,560.6 1,667.4 1,596.3 1,608.5 1,614.1 1,614.9 1,621.9 1,625.8 1,631.2 1,644.4 1,664.7 1,667.4 1,674.6 1,681.6 1,686.2 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 278.4 309.9 365.6 443.1 498.9 531.0 562.5 597.7 666.5 701.3 688.2 693.4 696.0 696.5 700.9 699.3 700.3 699.8 706.8 701.3 702.4 703.2 704.7 Nonrevolving 2 503.7 528.8 594.9 652.7 686.1 712.0 755.0 818.6 894.0 966.1 908.1 915.1 918.1 918.5 921.0 926.5 930.9 944.6 957.9 966.1 972.2 978.5 981.6 Net change in consumer credit outstanding 1 Total 5.1 56.6 121.6 135.4 89.3 57.9 74.5 98.8 144.3 106.8 8.4 12.2 5.6 .8 7.0 3.9 5.4 13.2 20.3 2.7 7.2 7.0 4.6 Revolving 14.6 31.5 55.7 77.5 55.8 32.1 31.5 35.2 68.8 34.8 6.5 5.2 2.6 .5 4.4 ¥1.6 1.0 ¥.5 7.0 ¥5.5 1.1 .8 1.5 Nonrevolving 2 ¥9.6 25.1 66.1 57.8 33.4 25.9 43.0 63.6 75.4 72.1 1.9 7.0 3.0 .4 2.5 5.5 4.4 13.7 13.3 8.2 6.1 6.3 3.1 Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates fell in April. [Percent per annum] U.S. Treasury security yields Constant Period 1992 ....................... 1993 ....................... 1994 ....................... 1995 ....................... 1996 ....................... 1997 ....................... 1998 ....................... 1999 ....................... 2000 ....................... 2001 ....................... 2001: Apr .............. May ............. June ............ July ............. Aug ............. Sept ............. Oct .............. Nov ............. Dec ............. 2002: Jan ............. Feb ............. Mar ............. Apr ............. Week ended: 2002: Apr 6 ......... 13 ........ 20 ........ 27 ........ May 4 ........ 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 3.45 3.02 4.29 5.51 5.02 5.07 4.81 4.66 5.85 3.45 3.92 3.67 3.48 3.54 3.39 2.87 2.22 1.93 1.72 1.66 1.73 1.81 1.72 5.30 4.44 6.27 6.25 5.99 6.10 5.14 5.49 6.22 4.09 4.42 4.51 4.35 4.31 4.04 3.45 3.14 3.22 3.62 3.56 3.55 4.14 4.01 7.01 5.87 7.09 6.57 6.44 6.35 5.26 5.65 6.03 5.02 5.14 5.39 5.28 5.24 4.97 4.73 4.57 4.65 5.09 5.04 4.91 5.28 5.21 7.67 6.59 7.37 6.88 6.71 6.61 5.58 5.87 5.94 5.49 5.65 5.78 5.67 5.61 5.48 5.48 5.32 5.12 5.48 5.45 * * * 6.41 5.63 6.19 5.95 5.75 5.55 5.12 5.43 5.77 5.19 5.33 5.35 5.24 5.22 5.06 5.09 5.07 5.06 5.28 5.19 5.14 5.27 5.27 8.14 7.22 7.96 7.59 7.37 7.26 6.53 7.04 7.62 7.08 7.20 7.29 7.18 7.13 7.02 7.17 7.03 6.97 6.76 6.55 6.51 6.81 6.76 3.80 3.30 4.93 5.93 5.42 5.62 * * * * * * * * * * * * * * * * * 3.25 3.00 3.60 5.21 5.02 5.00 4.92 4.62 5.73 3.40 4.50–4.00 4.00–3.50 3.50–3.25 3.25–3.25 3.25–3.00 3.00–2.50 2.50–2.00 2.00–1.50 1.50–1.25 1.25–1.25 1.25–1.25 1.25–1.25 1.25–1.25 6.25 6.00 7.15 8.83 8.27 8.44 8.35 8.00 9.23 6.91 8.00–7.50 7.50–7.00 7.00–6.75 6.75–6.75 6.75–6.50 6.50–6.00 6.00–5.50 5.50–5.00 5.00–4.75 4.75–4.75 4.75–4.75 4.75–4.75 4.75–4.75 3.52 3.02 4.21 5.83 5.30 5.46 5.35 4.97 6.24 3.88 4.80 4.21 3.97 3.77 3.65 3.07 2.49 2.09 1.82 1.73 1.74 1.73 1.75 8.24 7.20 7.49 7.87 7.80 7.71 7.07 7.04 7.52 7.00 7.07 7.12 7.12 7.11 7.15 6.89 6.73 6.63 6.79 6.87 6.82 6.76 .............. 1.79 1.71 1.68 1.69 1.73 4.18 4.05 3.99 3.88 3.81 5.32 5.22 5.21 5.13 5.11 * * * * * 5.33 5.25 5.28 5.21 5.19 6.83 6.75 6.74 6.74 6.71 * * * * * 1.25–1.25 1.25–1.25 1.25–1.25 1.25–1.25 1.25–1.25 4.75–4.75 4.75–4.75 4.75–4.75 4.75–4.75 4.75–4.75 1.77 1.71 1.78 1.70 1.81 .............. .............. .............. .............. .............. 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. 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 fell in April. Common stock prices 1 Period New York Stock Exchange indexes (Dec. 31, 1965=50, except as noted) 2 Composite 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Industrial Transportation Utility 3 Finance 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 ..................................... ..................................... ..................................... ..................................... ..................................... ..................................... ..................................... ..................................... ..................................... ..................................... 229.01 249.58 254.12 291.15 358.17 456.54 550.26 619.16 643.66 605.07 284.62 299.99 315.25 367.34 453.98 574.52 681.57 774.78 810.63 748.26 201.09 242.49 247.29 269.41 327.33 414.60 468.69 491.60 413.60 443.59 198.91 228.90 209.06 220.30 249.77 283.82 378.12 473.73 477.65 377.30 179.26 216.42 209.73 238.45 303.89 424.48 516.35 530.86 553.13 595.61 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 10,189.13 415.74 451.41 460.42 541.72 670.50 873.43 1,085.50 1,327.33 1,427.22 1,194.18 599.26 715.16 751.65 925.19 1,164.96 1,469.49 1,794.91 2,728.15 3,783.67 2,035.00 2.99 2.78 2.82 2.56 2.19 1.77 1.49 1.25 1.15 1.32 4.22 4.46 5.83 6.09 5.24 4.57 3.46 3.17 3.63 2.95 2001: Apr ........................... May .......................... June ......................... July .......................... Aug ........................... Sept .......................... Oct ............................ Nov ........................... Dec ........................... 607.06 644.44 630.86 613.36 604.52 544.39 556.04 575.30 582.82 747.48 798.94 782.73 756.04 748.65 672.89 688.35 715.98 727.67 455.22 477.21 458.60 469.80 458.39 382.68 371.56 410.05 433.70 400.49 414.69 382.98 374.11 357.76 339.72 341.51 330.78 325.33 587.88 618.74 622.17 614.54 605.59 538.01 553.16 577.85 585.47 10,234.52 11,004.96 10,767.20 10,444.50 10,314.68 9,042.56 9,220.75 9,721.82 9,979.88 1,189.84 1,270.37 1,238.71 1,204.45 1,178.51 1,044.64 1,076.59 1,129.68 1,144.93 1,933.93 2,181.13 2,112.05 2,033.98 1,929.71 1,573.31 1,656.43 1,870.06 1,977.71 1.32 1.23 1.27 1.30 1.34 1.48 1.45 1.38 1.36 .................. .................. 3.00 .................. .................. 2.72 .................. .................. r 2.15 2002: Jan Feb Mar Apr 581.74 569.55 600.74 587.58 723.56 715.80 751.79 732.71 446.13 453.51 490.51 470.00 322.49 301.32 316.27 300.57 591.94 570.18 609.72 610.24 9,923.80 9,891.05 10,500.95 10,165.18 1,140.21 1,100.67 1,153.79 1,112.03 1,976.77 1,799.72 1,863.05 1,758.80 1.38 1.43 1.37 1.42 .................. .................. .................. .................. 593.43 590.48 591.76 581.15 576.48 740.13 735.68 737.50 725.55 719.25 471.72 473.31 475.23 463.43 464.15 311.18 300.30 302.08 294.39 288.41 610.62 616.10 615.95 603.69 602.33 10,276.30 10,241.28 10,215.63 10,040.38 9,984.84 1,131.55 1,117.65 1,121.33 1,093.95 1,077.36 1,802.23 1,755.39 1,796.10 1,715.98 1,656.11 1.41 1.40 1.41 1.45 1.47 .................. .................. .................. .................. .................. ........................... ........................... ........................... ........................... Week ended: 2002: Apr 6 13 20 27 May 4 ...................... ...................... ...................... ...................... ...................... 1 Average of daily closing prices. 2 Includes all the stocks (nearly 3,000) 3 Dec. 31, 1965=100. Effective April listed on the NYSE. 27, 1993 the NYSE doubled the value of the utility index to facilitate trading of options and futures on the index. All indexes shown here reflect the doubling. 4 Includes 30 stocks. 5 Includes 500 stocks. 6 Includes over 4,000 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 2002, there was a deficit of $133.6 billion, compared with a deficit of $24.8 billion a year earlier. [Billions of dollars] Total Receipts Outlays Surplus or deficit (¥) Receipts 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 1,991.0 1,946.1 946.4 990.5 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 1,701.9 1,788.8 1,863.9 2,052.3 ¥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 69.2 125.5 236.4 127.1 ¥106.2 547.9 569.0 641.0 667.8 727.5 750.3 761.2 788.9 842.5 923.6 1,000.8 1,085.6 1,187.3 1,306.0 1,383.0 1,544.6 1,483.5 1,428.9 946.6 ¥24.8 1,012.6 ¥133.6 678.5 632.6 Fiscal year or period 1985 ........................................... 1986 ........................................... 1987 ........................................... 1988 ........................................... 1989 ........................................... 1990 ........................................... 1991 ........................................... 1992 ........................................... 1993 ........................................... 1994 ........................................... 1995 ........................................... 1996 ........................................... 1997 ........................................... 1998 ........................................... 1999 ........................................... 2000 ........................................... 2001 ........................................... 2002 (estimates) ........................ Cumulative total, first 6 months: 1 Fiscal year 2001 .................... Fiscal year 2002 .................... On-budget 921.8 878.9 1 Data from current issue Monthly Treasury Statement. NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2003, issued February 4, 2002. 32 Outlays Off-budget Surplus or deficit (¥) Receipts Outlays Federal debt (end of period) Surplus or deficit (¥) Gross Federal Held by the public ¥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 1.8 86.6 ¥33.4 ¥261.7 186.2 200.2 213.4 241.5 263.7 281.7 293.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 480.6 507.5 517.2 176.8 183.5 193.8 202.7 210.9 225.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 330.8 347.0 361.7 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 99.2 123.7 149.8 160.5 155.5 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 5,770.3 6,137.1 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 3,320.0 3,477.5 779.3 ¥100.8 840.2 ¥207.6 243.3 246.4 167.3 172.4 76.0 74.0 5,729.4 5,972.3 3,408.7 3,430.3 769.6 807.0 810.3 861.8 932.8 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 1,381.2 1,458.1 1,516.9 1,690.6 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 2002, receipts were $42.9 billion lower than a year earlier and outlays were $66.0 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 1985 1986 1987 1988 1989 ................................................... ................................................... ................................................... ................................................... ................................................... 734.1 769.2 854.4 909.3 991.2 334.5 349.0 392.6 401.2 445.7 61.3 63.1 83.9 94.5 103.3 265.2 283.9 303.3 334.3 359.4 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 1,991.0 994.3 1,946.1 949.2 207.3 151.1 201.4 80.0 78.3 2000 ................................................... 2001 .................................................. 2002 (estimates) ................................ Cumulative total, first 6 months: 1 Fiscal year 2001 ............................ Fiscal year 2002 ............................ 921.8 878.9 438.7 399.2 Total 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 252.7 273.4 282.0 290.4 303.6 245.2 265.5 274.0 281.9 294.9 16.2 14.2 11.6 10.5 9.6 33.5 35.9 40.0 44.5 48.4 65.8 70.2 75.1 78.9 85.0 129.0 120.6 124.1 130.4 137.4 188.6 198.8 207.4 219.3 232.5 129.5 136.0 138.7 151.8 169.0 131.0 141.4 125.3 138.7 158.2 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 1,701.9 299.3 273.3 298.4 291.1 281.6 272.1 265.8 270.5 268.5 274.9 289.8 262.4 286.9 278.6 268.6 259.4 253.2 258.3 256.1 261.4 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 98.1 104.5 119.0 130.6 144.7 159.9 174.2 190.0 192.8 190.4 148.7 172.4 199.5 209.9 217.1 223.7 229.7 234.9 237.7 242.4 248.6 269.0 287.6 304.6 319.6 335.8 349.7 365.3 379.2 390.0 184.4 194.5 199.4 198.7 203.0 232.2 241.1 244.0 241.2 229.8 202.6 223.7 172.2 158.0 171.7 160.3 167.3 157.5 188.8 218.1 652.9 694.0 708.0 160.6 1,788.8 151.6 1,863.9 87.4 2,052.3 294.5 308.5 348.0 281.2 294.0 330.6 17.2 16.6 23.5 154.5 172.6 195.2 197.1 217.5 226.4 253.5 269.8 310.7 409.4 433.1 459.7 223.0 206.2 178.4 239.5 239.6 310.4 329.9 332.5 73.2 946.6 68.9 1,012.6 150.6 168.0 143.8 160.2 12.4 14.8 82.7 96.0 106.3 110.4 145.6 164.0 211.4 224.0 110.2 89.8 127.3 145.7 1 Data from current issue Monthly Treasury Statement. NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2003, issued February 4, 2002. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 2002, according to advance estimates, Federal current expenditures rose $63.0 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 1,705.9 1,753.6 1,828.3 1,909.2 445.8 442.6 439.7 439.2 445.3 456.9 453.1 469.6 493.7 514.1 565.2 597.9 618.6 652.1 691.6 717.5 730.6 746.1 779.3 831.7 149.1 162.6 174.5 184.5 190.4 196.8 210.3 230.5 245.6 274.2 229.2 230.2 239.6 267.5 273.6 276.2 278.5 263.9 262.9 236.9 29.6 38.2 33.6 32.4 35.1 31.5 33.4 43.4 46.8 52.4 0.0 .0 .0 .0 .0 .0 .0 .0 .0 .0 ¥297.5 ¥274.1 ¥212.3 ¥192.0 ¥136.8 ¥53.3 43.8 119.2 218.6 119.0 637.5 646.0 655.4 719.1 1,733.0 1,733.0 1,754.9 1,929.3 462.3 457.9 470.6 525.0 740.1 744.1 744.0 853.1 225.5 223.8 233.4 285.0 265.3 264.6 262.1 219.1 39.9 42.6 44.9 47.1 .0 .0 .0 .0 85.2 116.5 132.0 97.4 108.6 111.5 111.9 112.7 678.5 687.6 695.0 704.9 1,790.2 1,833.4 1,834.4 1,855.0 483.4 503.8 493.6 494.1 758.7 775.1 780.5 802.9 237.2 244.2 250.9 250.1 264.2 264.4 262.9 259.9 46.7 46.0 46.5 48.1 .0 .0 .0 .0 212.8 209.1 229.9 222.5 112.2 112.0 110.2 109.5 108.5 718.8 722.2 722.3 719.1 731.6 1,882.1 1,904.7 1,920.7 1,929.3 1,992.3 507.5 510.1 513.7 525.0 551.9 811.7 823.3 838.6 853.1 897.7 264.0 281.2 266.4 285.0 293.5 253.5 242.5 232.5 219.1 205.4 45.4 47.6 69.5 47.1 43.8 .0 .0 .0 .0 .0 205.3 186.7 ¥13.6 97.4 .................... Total Corporate profits tax accruals Indirect business tax and nontax accruals Calendar year: 1992 .............................. 1993 .............................. 1994 .............................. 1995 .............................. 1996 .............................. 1997 .............................. 1998 .............................. 1999 .............................. 2000 .............................. 2001 .............................. 1,121.3 1,197.3 1,293.7 1,383.7 1,499.1 1,625.5 1,749.7 1,872.8 2,046.8 2,028.2 479.4 509.9 547.8 591.8 670.0 751.9 834.9 903.3 1,009.5 1,010.1 118.8 138.5 156.7 179.3 190.6 203.0 204.2 218.3 234.7 186.5 81.3 85.3 95.2 93.0 95.1 93.7 97.4 100.6 111.2 110.9 441.8 463.7 493.9 519.6 543.3 577.0 613.1 650.6 691.5 720.6 1999: I ............................. II ........................... III .......................... IV .......................... 1,818.2 1,849.5 1,886.9 2,026.7 871.3 891.8 914.3 1,031.8 212.2 213.8 216.3 166.4 97.2 97.9 101.0 109.5 2000: I ............................. II ........................... III .......................... IV .......................... 2,003.0 2,042.5 2,064.3 2,077.5 976.6 1,001.1 1,019.8 1,040.5 239.3 242.3 237.6 219.4 2001: I ............................. II ........................... III .......................... IV .......................... 2002: I p ........................... 2,087.4 2,091.5 1,907.1 2,026.7 .............. 1,051.4 1,060.0 897.2 1,031.8 948.6 205.0 197.3 177.4 166.4 ............ 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 1992 ..................................... 1993 ..................................... 1994 ..................................... 1995 ..................................... 1996 ..................................... 1997 ..................................... 1998 ..................................... 1999 ..................................... 2000 ..................................... 2001 p ................................... 2001: Feb ........................... Mar ........................... Apr ........................... May .......................... June ......................... July .......................... Aug ........................... Sept .......................... Oct ............................ Nov ......................... Dec .......................... 2002: Jan ........................... Feb .......................... Mar p ........................ 1 Data Canada Japan 100.0 100.0 103.4 104.8 109.1 111.4 114.4 116.5 119.6 117.9 127.9 124.5 134.5 128.8 139.4 136.0 145.7 143.5 140.1 139.5 r 140.9 143.5 142.9 141.1 r 142.4 142.0 141.6 141.6 140.3 140.2 r 139.4 140.4 r 139.5 140.0 138.5 136.1 137.7 136.5 r 136.4 137.2 r 136.7 r 135.2 r 137.4 r 137.5 r 137.9 139.9 138.8 .............. France Germany Consumer prices (1982–84=100; NSA) United Kingdom Italy United States 1 100.0 100.0 100.0 100.0 100.0 96.5 96.2 92.0 97.9 102.2 97.8 100.4 94.9 103.9 107.7 100.9 102.8 95.7 109.2 109.5 103.3 103.7 96.4 107.1 111.0 107.0 107.6 99.9 111.1 112.2 99.9 113.2 104.1 112.3 113.3 100.8 115.5 105.6 112.3 114.1 r 116.0 106.5 119.5 112.2 117.7 98.7 120.5 112.6 116.3 113.5 r 105.5 r 116.0 120.9 118.3 115.4 r 114.5 r 118.9 103.2 121.0 115.4 r101.8 r 113.1 r 116.3 120.2 115.1 r 100.5 120.7 113.2 116.8 113.9 r 99.7 120.8 113.3 116.9 114.2 r 97.8 r 111.8 121.6 116.0 113.3 r 96.9 r 113.7 121.6 116.7 113.9 r 94.7 r 120.9 112.2 115.6 112.5 r 94.5 r 110.6 r 115.5 119.7 111.0 r 92.5 r 109.6 r 112.6 120.0 110.7 r 93.0 r 114.4 118.7 109.7 110.4 r 93.2 r 119.6 r 110.3 r 114.6 r 109.7 r 93.9 120.1 110.2 114.6 109.5 94.2 ............ .............. .............. .............. relate to all urban consumers. 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.2 177.1 175.8 176.2 176.9 177.7 178.0 177.5 177.5 178.3 177.7 177.4 176.7 177.1 177.8 178.8 Canada Japan 145.3 147.9 148.2 151.4 153.8 156.3 157.8 160.5 164.9 169.1 167.4 167.9 169.1 170.6 170.7 170.1 170.1 170.6 169.7 168.2 168.4 168.8 169.8 171.0 France 117.0 118.5 119.3 119.2 119.3 121.5 122.2 121.8 121.0 120.1 120.4 120.1 120.4 120.5 120.1 119.8 120.3 120.0 120.0 119.4 119.3 119.0 118.4 118.7 Germany Italy 122.2 127.6 131.1 133.4 135.2 137.8 139.1 139.9 142.6 146.2 145.4 145.5 146.0 146.7 147.0 147.0 146.7 146.7 146.3 146.0 146.2 147.5 147.9 148.2 179.5 187.7 195.3 205.6 213.8 218.2 222.5 226.2 231.9 238.3 236.5 236.7 237.7 238.3 238.9 239.1 239.1 239.1 239.5 240.0 240.2 241.4 242.4 242.6 140.4 143.4 145.8 148.4 151.4 153.2 154.2 155.0 157.6 160.2 158.5 159.1 159.9 161.0 161.0 160.7 160.7 161.0 161.1 160.7 160.8 161.6 161.8 162.5 United Kingdom 162.7 165.3 169.3 175.2 179.4 185.1 191.4 194.3 200.1 203.6 202.1 202.3 203.4 204.7 204.9 203.6 204.4 205.1 204.8 204.0 203.7 203.6 204.2 205.0 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 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 BOP basis Total, Census basis 1 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 ................. ................. ................. ................. ................. ................. ................. ................. ................. ................. 439.6 456.9 502.9 575.2 612.1 678.4 670.4 684.6 772.2 720.9 448.2 465.1 512.6 584.7 625.1 689.2 682.1 695.8 781.9 730.9 40.3 40.6 42.0 50.5 55.5 51.5 46.4 45.5 47.5 49.0 109.1 111.8 121.4 146.2 147.7 158.2 148.3 147.0 171.9 160.3 175.9 181.7 205.0 233.0 253.0 294.5 299.4 310.9 357.0 322.3 47.0 52.4 57.8 61.8 65.0 74.0 72.4 75.1 80.2 74.6 2001: Feb ....... Mar ....... Apr ....... May ...... June ..... July ...... Aug ....... Sept ...... Oct ....... Nov ...... Dec ...... 2002: Jan r ...... Feb p ...... 65.6 63.8 62.0 62.7 60.7 58.6 59.4 55.5 56.5 56.0 55.0 55.0 55.1 66.3 64.5 62.8 63.6 61.6 59.6 60.2 56.3 57.4 56.9 55.8 55.7 56.1 4.2 4.3 4.2 4.0 3.9 3.9 4.2 3.9 4.2 4.2 4.1 4.2 4.3 14.4 14.4 14.0 13.9 13.4 12.8 13.4 12.3 12.7 12.4 12.4 12.3 12.4 31.1 29.2 27.8 28.2 26.9 26.2 25.6 24.1 24.2 24.2 23.6 23.9 23.6 5.9 6.1 6.1 6.3 6.6 6.2 6.7 6.4 6.3 6.2 5.7 5.9 6.1 BOP basis 51.4 536.5 54.7 589.4 60.0 668.7 64.4 749.4 70.1 803.1 77.4 876.5 80.3 917.1 82.0 1,030.0 90.6 1,224.4 89.6 1,147.1 7.8 7.8 7.9 8.1 7.3 7.4 7.2 6.9 7.1 7.0 7.2 6.9 6.9 100.3 102.6 99.7 97.2 96.3 94.4 93.5 91.0 91.5 90.3 85.9 88.8 92.1 IndusAutoFoods, trial Capital motive Total, feeds, supgoods vehiCensus and plies except cles, basis 1 bevand auto- parts erages mate- motive and enrials gines 532.7 580.7 663.3 743.5 795.3 869.7 911.9 1,024.6 1,218.0 1,142.0 27.6 27.9 31.0 33.2 35.7 39.7 41.2 43.6 46.0 46.7 99.7 102.0 99.1 96.4 95.7 94.2 93.2 90.8 91.3 90.1 85.7 88.5 91.8 3.8 3.7 3.7 3.7 3.9 4.1 3.9 4.0 4.0 4.0 3.8 3.9 4.0 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. Consumer goods (nonfood) except automotive Exports Imports Goods, Census basis Goods Services Goods and services 138.6 145.6 162.1 181.8 204.5 213.8 200.1 222.0 299.8 275.8 134.3 152.4 184.4 221.4 228.1 253.3 269.5 295.3 346.7 297.9 91.8 102.4 118.3 123.8 128.9 139.8 148.7 179.0 195.9 189.6 122.7 134.0 146.3 159.9 172.0 193.8 217.0 241.7 281.4 283.5 176.9 185.9 201.0 219.2 240.0 256.6 262.3 272.8 293.5 283.8 116.5 122.3 131.9 141.4 150.9 166.3 182.4 189.2 217.0 205.0 ¥84.5 ¥115.6 ¥150.6 ¥158.8 ¥170.2 ¥180.5 ¥229.8 ¥328.8 ¥436.1 ¥411.0 ¥96.9 ¥132.5 ¥165.8 ¥174.2 ¥191.0 ¥198.1 ¥246.7 ¥345.4 ¥452.2 ¥426.3 60.4 63.7 69.2 77.8 89.2 90.4 79.9 83.6 76.5 78.8 ¥36.5 ¥68.8 ¥96.7 ¥96.4 ¥101.8 ¥107.8 ¥166.8 ¥261.8 ¥375.7 ¥347.5 24.8 28.4 28.7 25.9 24.6 24.3 23.6 23.4 22.2 22.8 22.8 22.2 23.3 23.8 15.5 15.4 16.1 15.6 16.0 15.9 16.5 15.6 15.7 16.0 15.4 15.0 16.5 23.1 25.4 24.3 23.6 23.7 23.5 23.3 23.3 23.5 23.5 22.0 23.4 24.4 24.6 24.7 24.7 24.3 24.4 23.8 24.4 21.5 21.4 22.1 23.1 23.2 24.1 18.7 19.0 18.9 18.8 18.8 18.6 18.7 5.3 16.0 16.3 16.8 17.7 18.6 ¥33.3 ¥37.4 ¥36.4 ¥32.9 ¥34.1 ¥34.6 ¥33.1 ¥34.5 ¥33.9 ¥33.2 ¥29.9 ¥32.8 ¥35.7 ¥34.6 ¥38.8 ¥37.7 ¥34.5 ¥35.6 ¥35.9 ¥34.1 ¥35.6 ¥35.1 ¥34.3 ¥31.0 ¥33.8 ¥36.9 5.9 5.8 5.8 5.5 5.7 5.2 5.7 16.2 5.5 5.8 6.3 5.5 5.4 ¥28.8 ¥33.1 ¥31.9 ¥29.0 ¥29.9 ¥30.7 ¥28.4 ¥19.4 ¥29.6 ¥28.5 ¥24.7 ¥28.2 ¥31.5 c 24.9 24.9 24.6 23.8 23.1 22.3 21.8 21.2 19.7 18.2 19.0 19.1 Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the fourth quarter of 2001, the goods deficit fell to $100.7 billion, from $105.5 billion in the third quarter. The current account deficit rose slightly to $98.8 billion in the fourth quarter, from $98.5 billion in the third quarter. [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (¥)] Goods 1 Period Exports 1992 ................... 1993 ................... 1994 ................... 1995 ................... 1996 ................... 1997 ................... 1998 ................... 1999 ................... 2000 ................... 2001 p .................. 1999: I .............. II ............. III ........... IV ........... 2000: I .............. II ............. III ........... IV ........... 2001: I .............. II ............. III ........... IV p .......... 1 Adjusted Imports 439,631 ¥536,528 456,943 ¥589,394 502,859 ¥668,690 575,204 ¥749,374 612,113 ¥803,113 678,366 ¥876,485 670,416 ¥917,112 684,553 ¥1,029,987 772,210 ¥1,224,417 720,831 ¥1,147,446 164,716 ¥238,709 166,267 ¥250,557 173,045 ¥264,777 180,525 ¥275,944 185,142 ¥292,547 191,558 ¥303,229 199,273 ¥313,884 196,237 ¥314,757 194,542 ¥307,163 185,464 ¥293,222 173,419 ¥278,960 167,406 ¥268,101 Services Balance on goods Net military transactions 2 3 ¥96,897 ¥1,448 ¥132,451 1,385 ¥165,831 2,570 ¥174,170 4,600 ¥191,000 5,385 ¥198,119 4,968 ¥246,696 5,265 ¥345,434 2,586 ¥452,207 500 ¥426,615 ¥1,962 ¥73,993 1,031 ¥84,290 1,220 ¥91,732 296 ¥95,419 39 ¥107,405 139 ¥111,671 528 ¥114,611 ¥212 ¥118,520 45 ¥112,621 ¥187 ¥107,758 ¥151 ¥105,541 ¥637 ¥100,695 ¥987 Net travel and transportation 19,969 19,714 16,305 21,772 25,015 22,152 10,145 7,113 3,180 ¥2,237 2,108 1,887 1,566 1,552 929 1,571 177 500 383 ¥532 ¥1,127 ¥964 from Census data for differences in timing and coverage; excludes military. under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 2 Transfers 36 Income receipts and payments Other services, net 41,918 42,562 50,278 51,410 58,757 63,234 64,458 73,897 72,788 83,004 17,982 18,317 18,735 18,860 19,015 18,788 17,306 17,682 17,113 17,606 28,855 19,431 Balance on goods and services ¥36,457 ¥68,791 ¥96,678 ¥96,388 ¥101,843 ¥107,765 ¥166,828 ¥261,838 ¥375,739 ¥347,810 ¥52,872 ¥62,866 ¥71,135 ¥74,968 ¥87,322 ¥90,784 ¥97,340 ¥100,293 ¥95,312 ¥90,835 ¥78,450 ¥83,215 3 Quarterly Receipts 132,056 134,159 165,438 211,502 225,846 260,558 259,238 285,302 352,866 293,808 64,893 68,703 73,506 78,202 82,389 89,253 88,739 92,486 85,544 76,889 69,190 62,191 Payments ¥109,101 ¥110,255 ¥148,744 ¥190,955 ¥204,859 ¥251,808 ¥265,440 ¥298,915 ¥367,658 ¥312,926 ¥67,418 ¥71,619 ¥78,673 ¥81,204 ¥88,046 ¥94,142 ¥93,624 ¥91,844 ¥90,535 ¥81,856 ¥76,602 ¥63,935 Balance on income 22,954 23,904 16,694 20,547 20,987 8,750 ¥6,202 ¥13,613 ¥14,792 ¥19,118 ¥2,525 ¥2,916 ¥5,167 ¥3,002 ¥5,657 ¥4,889 ¥4,885 642 ¥4,991 ¥4,967 ¥7,412 ¥1,744 Unilateral current transfers, net 4 ¥35,013 ¥37,637 ¥38,260 ¥34,057 ¥40,081 ¥40,794 ¥44,427 ¥48,913 ¥54,136 ¥50,501 ¥11,051 ¥11,596 ¥11,761 ¥14,504 ¥11,924 ¥12,461 ¥13,080 ¥16,673 ¥11,826 ¥12,130 ¥12,669 ¥13,876 data are not seasonally adjusted. transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. 4 Includes Balance on current account ¥48,515 ¥82,523 ¥118,244 ¥109,898 ¥120,937 ¥139,809 ¥217,457 ¥324,364 ¥444,667 ¥417,429 ¥66,448 ¥77,378 ¥88,063 ¥92,474 ¥104,903 ¥108,134 ¥115,305 ¥116,324 ¥112,129 ¥107,932 ¥98,531 ¥98,835 U.S. INTERNATIONAL TRANSACTIONS—Continued In the financial account, U.S. claims on foreigners reported by U.S. banks increased $53.6 billion in the fourth quarter of 2001, compared with a decrease of $59.1 billion in the third quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, increased $103.4 billion in the fourth quarter, compared with a decrease of $59.4 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) 1992 .................................. 1993 .................................. 1994 .................................. 1995 .................................. 1996 .................................. 1997 .................................. 1998 .................................. 1999 .................................. 2000 .................................. 2001 p ................................. 612 ¥88 ¥469 372 693 350 678 ¥3,491 705 726 ¥74,410 ¥200,552 ¥176,056 ¥352,376 ¥413,923 ¥487,599 ¥359,632 ¥437,067 ¥580,952 ¥439,563 3,901 ¥1,379 5,346 ¥9,742 6,668 ¥1,010 ¥6,783 8,747 ¥290 ¥4,911 ¥1,667 ¥351 ¥390 ¥984 ¥989 68 ¥422 2,751 ¥944 ¥573 ¥76,644 ¥198,822 ¥181,012 ¥341,650 ¥419,602 ¥486,657 ¥352,427 ¥448,565 ¥579,718 ¥434,079 170,663 282,040 305,989 465,684 586,038 759,290 504,464 813,744 1,024,218 895,459 40,477 71,753 39,583 109,880 126,724 19,036 ¥19,948 43,551 37,619 6,092 130,186 210,287 266,406 355,804 459,314 740,254 524,412 770,193 986,599 889,367 ¥48,350 1,123 ¥11,220 ¥3,782 ¥51,871 ¥132,232 71,947 ¥48,822 696 ¥39,193 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 71,323 73,442 74,335 85,832 75,089 69,954 81,761 71,516 67,647 68,654 1999: I ............................. II ............................ III .......................... IV ........................... 2000: I ............................. II ............................ III .......................... IV ........................... 2001: I ............................. II ............................ III .......................... IV p ......................... 158 167 173 ¥3,989 173 173 175 184 173 177 182 194 ¥43,657 ¥170,707 ¥114,931 ¥107,769 ¥198,105 ¥93,573 ¥107,727 ¥181,548 ¥243,302 ¥72,357 ¥17,443 ¥106,460 4,068 1,159 1,951 1,569 ¥554 2,020 ¥346 ¥1,410 190 ¥1,343 ¥3,559 ¥199 118 ¥392 ¥686 3,711 ¥127 ¥572 114 ¥359 21 ¥786 21 171 ¥47,843 ¥171,474 ¥116,196 ¥113,049 ¥197,424 ¥95,021 ¥107,495 ¥179,779 ¥243,513 ¥70,228 ¥13,905 ¥106,432 130,758 278,047 172,119 232,820 256,782 250,007 222,108 295,321 347,006 226,927 57,718 263,806 4,164 ¥736 12,721 27,402 22,498 6,447 12,247 ¥3,573 4,898 ¥20,879 16,877 5,196 126,594 278,783 159,398 205,418 234,284 243,560 209,861 298,894 342,108 247,806 40,841 258,610 ¥20,811 ¥30,129 30,702 ¥28,588 46,053 ¥48,473 749 2,367 8,252 ¥46,815 58,074 ¥58,705 6,425 ¥711 ¥10,320 4,602 8,501 ¥2,380 ¥9,977 3,856 9,008 ¥1,643 ¥8,580 1,214 74,359 71,689 73,414 71,516 70,789 67,955 66,256 67,647 64,222 64,847 70,963 68,654 5 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the IMF. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Page TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product .......................................................................................................................................................................................... Real Gross Domestic Product .................................................................................................................................................................................. Implicit Price Deflators for Gross Domestic Product .............................................................................................................................................. Gross Domestic Product and Related Price Measures: Indexes and Percent Changes .............................................................................................. Nonfinancial Corporate Business—Output, Price, Costs, and Profits ...................................................................................................................... National Income ...................................................................................................................................................................................................... Real Personal Consumption Expenditures ............................................................................................................................................................... Sources of Personal Income ...................................................................................................................................................................................... Disposition of Personal Income ............................................................................................................................................................................... Farm Income ............................................................................................................................................................................................................ Corporate Profits ...................................................................................................................................................................................................... Real Gross Private Domestic Investment ................................................................................................................................................................ Real Private Fixed Investment by Type .................................................................................................................................................................. Business Investment ................................................................................................................................................................................................ 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ......................................................................................................................................................................................... Selected Unemployment Rates ................................................................................................................................................................................ Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................................................... Nonagricultural Employment .................................................................................................................................................................................. Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................................................. Employment Cost Index—Private Industry ............................................................................................................................................................. Productivity and Related Data, Business Sector ...................................................................................................................................................... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization ....................................................................................................................................................... Industrial Production—Major Market Groups and Selected Manufactures .............................................................................................................. New Construction .................................................................................................................................................................................................... New Private Housing and Vacancy Rates ............................................................................................................................................................... Business Sales and Inventories—Manufacturing and Trade ..................................................................................................................................... Manufacturers’ Shipments, Inventories, and Orders ................................................................................................................................................. 17 18 19 19 20 21 PRICES Producer Prices ........................................................................................................................................................................................................ Consumer Prices—All Urban Consumers ................................................................................................................................................................ Changes in Producer Prices for Finished Goods ...................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers ............................................................................................................................................. Prices Received and Paid by Farmers ...................................................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures ............................................................................................................................................................................. Components of Money Stock ................................................................................................................................................................................... Aggregate Reserves and Monetary Base ................................................................................................................................................................... Bank Credit at All Commercial Banks .................................................................................................................................................................... Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .................................................................................................................. Consumer Credit ...................................................................................................................................................................................................... Interest Rates and Bond Yields ............................................................................................................................................................................... Common Stock Prices and Yields ............................................................................................................................................................................ 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ....................................................................................................................................................................... Federal Receipts by Source and Outlays by Function .............................................................................................................................................. Federal Sector, National Income Accounts Basis ..................................................................................................................................................... 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ............................................................................................................... U.S. International Trade in Goods and Services ...................................................................................................................................................... U.S. International Transactions ................................................................................................................................................................................ 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. … Not available (also, not applicable). NSA not seasonally adjusted. 38 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $3.00 (single copy) ($3.75 foreign). Subscription price: $33.00 per year; $41.25 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 2002 79–487