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108th Congress, 1st Session

Economic Indicators
AUGUST 2003
(Includes data available as of September 8, 2003)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2003

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
ROBERT F. BENNETT, Utah, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
SAM BROWNBACK (Kansas)
JEFF SESSIONS (Alabama)
JOHN SUNUNU (New Hampshire)
LAMAR ALEXANDER (Tennessee)
SUSAN M. COLLINS (Maine)
JACK REED (Rhode Island)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
JEFF BINGAMAN (New Mexico)

HOUSE OF REPRESENTATIVES
PAUL RYAN (Wisconsin)
JENNIFER DUNN (Washington)
PHIL ENGLISH (Pennsylvania)
ADAM H. PUTNAM (Florida)
RON PAUL (Texas)
PETE STARK (California)
CAROLYN B. MALONEY (New York)
MELVIN L. WATT (North Carolina)
BARON P. HILL (Indiana)

DONALD B. MARRON, Executive Director

COUNCIL OF ECONOMIC ADVISERS
N. GREGORY MANKIW, Chairman
HARVEY S. ROSEN, Member-Designate
KRISTIN J. FORBES, Member-Designate
[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
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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 second quarter of 2003, according to revised estimates, current-dollar gross domestic product (GDP) rose
4.0 percent (annual rate), real GDP (GDP in chained 1996 dollars) rose 3.1 percent, and the implicit price deflator
rose 0.9 percent.

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

Period

1993 ......................
1994 ......................
1995 ......................
1996 ......................
1997 ......................
1998 ......................
1999 ......................
2000 ......................
2001 ......................
2002 ......................
2000: I .................
II ................
III ..............
IV ...............
2001: I .................
II ................
III ..............
IV ...............
2002: I .................
II ...............
III .............
IV ..............
2003: I .................
II r ..............
1 GDP

Exports and imports
of goods and services

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

Net
exports

Exports

6,642.3
7,054.3
7,400.5
7,813.2
8,318.4
8,781.5
9,274.3
9,824.6
10,082.2
10,446.2
9,649.5
9,820.7
9,874.8
9,953.6
10,028.1
10,049.9
10,097.7
10,152.9
10,313.1
10,376.9
10,506.2
10,588.8
10,688.4
10,793.9

¥60.5
¥87.1
¥84.3
¥89.0
¥89.3
¥151.7
¥249.9
¥365.5
¥348.9
¥423.6
¥330.6
¥353.2
¥384.9
¥393.2
¥372.7
¥365.7
¥312.6
¥344.5
¥360.1
¥425.6
¥432.9
¥476.0
¥487.2
¥502.0

658.0
725.1
818.6
874.2
966.4
964.9
989.3
1,101.1
1,034.1
1,014.9
1,055.9
1,098.0
1,130.9
1,119.8
1,100.0
1,059.7
1,005.8
971.1
977.5
1,018.1
1,038.6
1,025.4
1,031.8
1,030.8

4,454.7
4,716.4
4,969.0
5,237.5
5,529.3
5,856.0
6,246.5
6,683.7
6,987.0
7,303.7
6,552.2
6,638.7
6,736.1
6,808.0
6,904.7
6,959.8
6,983.7
7,099.9
7,174.2
7,254.7
7,360.7
7,425.4
7,512.5
7,595.6

955.1
1,097.1
1,143.8
1,242.7
1,390.5
1,538.7
1,636.7
1,755.4
1,586.0
1,593.2
1,711.4
1,786.3
1,766.4
1,757.4
1,671.1
1,597.2
1,574.9
1,500.7
1,559.4
1,588.0
1,597.3
1,628.1
1,611.2
1,610.1

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

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

718.5
812.1
902.8
963.1
1,055.8
1,116.7
1,239.2
1,466.6
1,383.0
1,438.5
1,386.5
1,451.1
1,515.8
1,513.0
1,472.8
1,425.3
1,318.4
1,315.6
1,337.5
1,443.7
1,471.5
1,501.4
1,519.0
1,532.7

1,293.0
1,327.9
1,372.0
1,421.9
1,487.9
1,538.5
1,641.0
1,751.0
1,858.0
1,972.9
1,716.5
1,748.8
1,757.2
1,781.4
1,825.0
1,858.5
1,851.7
1,896.8
1,939.5
1,959.8
1,981.1
2,011.3
2,052.0
2,090.2

527.3
521.1
521.5
531.6
538.2
539.2
565.0
589.2
628.1
693.7
575.7
598.5
589.7
592.9
613.3
624.8
627.4
646.9
672.0
688.2
697.7
716.9
735.2
779.7

National
defense
364.9
355.1
350.6
357.0
352.6
349.1
364.3
374.9
399.9
447.4
365.5
379.1
375.0
380.0
391.4
395.2
400.3
412.8
431.7
442.1
451.2
464.7
471.1
518.6

Nondefense
162.4
165.9
170.9
174.6
185.6
190.1
200.7
214.3
228.2
246.3
210.2
219.4
214.7
213.0
221.9
229.6
227.2
234.1
240.3
246.1
246.5
252.2
264.1
261.1

State
and
local
765.7
806.8
850.5
890.4
949.7
999.3
1,076.0
1,161.8
1,229.9
1,279.2
1,140.8
1,150.3
1,167.4
1,188.5
1,211.7
1,233.7
1,224.3
1,249.8
1,267.5
1,271.6
1,283.3
1,294.4
1,316.8
1,310.5

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

6,621.2
6,991.8
7,367.5
7,783.2
8,255.5
8,708.4
9,214.8
9,761.1
10,142.5
10,442.4
9,602.6
9,731.5
9,813.6
9,896.6
10,055.3
10,107.0
10,158.3
10,249.4
10,343.0
10,373.5
10,488.7
10,564.3
10,688.0
10,815.9

6,702.8
7,141.4
7,484.8
7,902.1
8,407.7
8,933.3
9,524.2
10,190.1
10,431.0
10,869.9
9,980.1
10,173.9
10,259.7
10,346.8
10,400.8
10,415.5
10,410.4
10,497.4
10,673.1
10,802.4
10,939.1
11,064.8
11,175.6
11,295.8

6,666.7
7,071.1
7,420.9
7,831.2
8,325.4
8,778.1
9,297.1
9,848.0
10,104.1
10,436.7
9,670.5
9,846.4
9,892.5
9,982.8
10,038.0
10,081.0
10,109.3
10,188.1
10,314.9
10,356.8
10,495.3
10,579.7
10,678.2
10,795.7

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

1993 ...........
1994 ...........
1995 ...........
1996 ...........
1997 ...........
1998 ...........
1999 ...........
2000 ...........
2001 ...........
2002 ...........
2000: I ......
II .....
III ...
IV ....
2001: I ......
II .....
III ...
IV ....
2002: I ......
II ....
III ...
IV ....
2003: I ......
II r ...

Gross
domestic
product

7,062.6
7,347.7
7,543.8
7,813.2
8,159.5
8,508.9
8,859.0
9,191.4
9,214.5
9,439.9
9,097.4
9,205.7
9,218.7
9,243.8
9,229.9
9,193.1
9,186.4
9,248.8
9,363.2
9,392.4
9,485.6
9,518.2
9,552.0
9,625.5

Personal
consumption
expenditures

4,748.9
4,928.1
5,075.6
5,237.5
5,423.9
5,683.7
5,964.5
6,223.9
6,377.2
6,576.0
6,151.9
6,198.2
6,256.8
6,288.8
6,326.0
6,348.0
6,370.9
6,464.0
6,513.8
6,542.4
6,609.9
6,637.9
6,670.9
6,733.3

Gross private
domestic investment

Exports and imports of
goods and services

Nonresidential
fixed
investment

Residential
fixed
investment

Change
in private
inventories

Net
exports

Exports

683.6
744.6
817.5
899.4
1,009.3
1,135.9
1,228.4
1,324.2
1,255.1
1,183.4
1,297.1
1,329.1
1,340.7
1,329.9
1,311.4
1,261.0
1,241.7
1,206.4
1,188.4
1,181.1
1,178.7
1,185.3
1,172.1
1,194.8

276.0
302.7
291.7
313.3
319.7
345.1
368.3
372.4
373.5
388.2
379.1
376.2
367.2
367.2
374.5
374.0
374.3
371.0
383.6
386.1
387.1
395.9
405.5
410.0

20.0
66.8
30.4
30.0
63.8
76.7
62.8
65.0
¥61.4
5.2
45.3
91.5
63.1
59.9
¥26.9
¥58.3
¥61.8
¥98.4
¥28.9
4.9
18.8
25.8
4.8
¥20.9

¥59.1
¥86.5
¥78.4
¥89.0
¥113.3
¥221.1
¥320.5
¥398.8
¥415.9
¥488.5
¥368.8
¥394.6
¥413.1
¥418.5
¥404.5
¥414.8
¥419.0
¥425.3
¥446.6
¥487.4
¥488.0
¥532.2
¥510.3
¥543.6

672.7
732.8
808.2
874.2
981.5
1,002.4
1,036.3
1,137.2
1,076.1
1,058.8
1,095.8
1,133.9
1,165.5
1,153.7
1,135.8
1,098.8
1,048.0
1,021.8
1,030.6
1,065.5
1,077.7
1,061.6
1,058.1
1,054.9

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

731.8
819.4
886.6
963.1
1,094.8
1,223.5
1,356.8
1,536.0
1,492.0
1,547.4
1,464.6
1,528.5
1,578.6
1,572.2
1,540.3
1,513.6
1,467.0
1,447.2
1,477.1
1,552.9
1,565.7
1,593.8
1,568.4
1,598.5

1 GDP less exports of goods and services plus imports of goods and services.
NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

1,398.8
1,400.1
1,406.4
1,421.9
1,455.4
1,483.3
1,540.6
1,582.5
1,640.4
1,712.8
1,568.3
1,586.1
1,582.2
1,593.4
1,615.7
1,638.0
1,633.3
1,674.5
1,697.3
1,703.3
1,715.6
1,735.0
1,736.7
1,771.2

National
defense

572.0
551.3
536.5
531.6
529.6
525.4
537.7
544.4
570.6
613.3
533.8
554.0
543.7
546.4
559.0
567.2
568.9
587.2
597.8
608.7
615.1
631.4
632.5
669.5

394.7
375.9
361.9
357.0
347.7
341.6
348.8
348.7
366.0
400.0
341.3
353.4
347.9
351.9
359.0
361.4
365.5
378.0
388.5
395.8
402.5
413.2
409.7
450.3

Nondefense

177.3
175.5
174.6
174.6
181.8
183.8
188.8
195.6
204.4
213.3
192.3
200.3
195.6
194.3
199.8
205.6
203.2
209.1
209.3
212.9
212.7
218.3
222.8
219.7

State
and
local

827.0
848.9
869.9
890.4
925.8
957.7
1,002.4
1,037.4
1,069.4
1,099.7
1,033.8
1,031.8
1,037.8
1,046.3
1,056.2
1,070.2
1,064.1
1,087.1
1,099.3
1,094.7
1,100.6
1,104.0
1,104.6
1,102.6

Final
sales of
domestic
product

Gross
domestic
purchases 1

7,043.8 7,120.6
7,285.8 7,434.2
7,512.2 7,621.8
7,783.2 7,902.1
8,095.2 8,271.7
8,431.8 8,721.3
8,793.9 9,160.2
9,121.1 9,561.2
9,258.4 9,600.7
9,424.4 9,889.8
9,042.9 9,440.8
9,111.1 9,571.9
9,150.4 9,600.9
9,179.8 9,631.0
9,243.8 9,604.6
9,234.3 9,577.1
9,230.5 9,575.8
9,324.9 9,645.3
9,379.4 9,778.2
9,377.9 9,840.8
9,457.2 9,934.7
9,483.1 10,005.5
9,536.2 10,020.7
9,630.4 10,123.3

Addendum:
Gross
national
product

7,087.8
7,364.3
7,564.0
7,831.2
8,168.1
8,508.4
8,883.7
9,216.2
9,237.3
9,433.5
9,119.7
9,233.0
9,238.2
9,274.0
9,241.7
9,224.3
9,199.8
9,283.5
9,367.5
9,376.7
9,477.9
9,512.1
9,544.7
9,629.0

Source: Department of Commerce, Bureau of Economic Analysis.

IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 1996=100; quarterly data are seasonally adjusted]

Personal consumption
expenditures
Period

1993 ..................
1994 ..................
1995 ..................
1996 ..................
1997 ..................
1998 .................
1999 .................
2000 .................
2001 .................
2002 ..................
2000: I ............
II ...........
III .........
IV ..........
2001: I ............
II ...........
III .........
IV ..........
2002: I ............
II ...........
III .........
IV ...........
2003: I ............
II r ..........

Gross
domestic
product

94.05
96.01
98.10
100.00
101.95
103.20
104.69
106.89
109.42
110.66
106.07
106.68
107.12
107.68
108.65
109.32
109.92
109.78
110.14
110.48
110.76
111.25
111.90
112.14

Total

93.81
95.70
97.90
100.00
101.94
103.03
104.73
107.39
109.56
111.07
106.51
107.11
107.66
108.26
109.15
109.64
109.62
109.84
110.14
110.89
111.36
111.86
112.62
112.81

Durable
goods

Nondurable goods

Services

99.06
100.56
101.06
100.00
97.75
95.40
93.03
91.46
89.70
87.20
91.91
91.74
91.24
90.96
90.70
89.91
89.31
88.97
88.02
87.38
86.96
86.48
85.66
84.84

96.14
96.83
97.93
100.00
101.34
101.31
103.69
107.59
109.17
109.62
106.48
107.28
108.04
108.53
109.00
109.80
109.42
108.45
108.52
109.75
109.92
110.26
111.51
110.97

91.56
94.16
97.25
100.00
103.12
105.53
107.81
110.85
114.32
117.45
109.75
110.44
111.15
112.02
113.42
114.08
114.40
115.38
116.14
117.00
117.88
118.74
119.64
120.50

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

99.81
100.54
100.93
100.00
99.02
96.95
95.53
95.59
95.73
94.42
95.33
95.43
95.73
95.85
95.95
95.96
95.68
95.31
94.81
94.47
94.16
94.25
94.14
93.74

91.23
94.48
97.91
100.00
102.68
105.58
109.59
114.40
119.09
121.58
112.89
113.98
114.87
115.91
117.49
118.78
119.51
120.60
120.61
121.40
121.38
122.88
125.10
124.93

Exports

Imports
Total

97.82
98.94
101.28
100.00
98.47
96.26
95.47
96.83
96.10
95.85
96.36
96.83
97.03
97.06
96.85
96.44
95.97
95.03
94.85
95.55
96.38
96.59
97.52
97.71

98.18
99.12
101.83
100.00
96.44
91.27
91.33
95.49
92.70
92.97
94.67
94.94
96.02
96.24
95.61
94.17
89.87
90.91
90.55
92.97
93.98
94.20
96.85
95.88

92.18
94.51
97.21
100.00
101.63
102.63
105.08
108.23
110.09
113.12
107.87
108.04
108.48
108.52
109.72
110.15
110.29
110.18
112.41
113.06
113.43
113.54
116.23
116.46

National
defense

Nondefense

State
and
local

92.45
94.49
96.88
100.00
101.41
102.22
104.44
107.53
109.27
111.86
107.09
107.26
107.80
107.96
109.02
109.35
109.50
109.22
111.14
111.70
112.11
112.47
114.98
115.17

91.58
94.55
97.90
100.00
102.06
103.41
106.29
109.55
111.63
115.45
109.34
109.52
109.77
109.59
111.06
111.67
111.79
111.97
114.79
115.60
115.89
115.52
118.54
118.84

92.59
95.04
97.77
100.00
102.58
104.34
107.33
111.98
115.01
116.33
110.35
111.49
112.49
113.59
114.72
115.28
115.06
114.97
115.29
116.16
116.60
117.24
119.21
118.85

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

1993 .............................................................
1994 .............................................................
1995 .............................................................
1996 .............................................................
1997 ..............................................................
1998 .............................................................
1999 .............................................................
2000 .............................................................
2001 .............................................................
2002 .............................................................
1998: I .........................................................
II .......................................................
III ......................................................
IV ......................................................
1999: I ........................................................
II .......................................................
III .....................................................
IV ......................................................
2000: I ........................................................
II .......................................................
III .....................................................
IV ......................................................
2001: I ........................................................
II .......................................................
III .....................................................
IV ......................................................
2002: I .........................................................
II .......................................................
III .....................................................
IV ......................................................
2003: I ........................................................
II r .....................................................
1 Percent

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

85.01
90.29
94.72
100.00
106.47
112.39
118.70
125.74
129.04
133.70
110.43
111.32
112.84
114.99
116.38
117.39
119.24
121.80
123.50
125.69
126.39
127.40
128.35
128.63
129.24
129.95
132.00
132.81
134.47
135.53
136.80
138.15

GDP
chain-type
price index

90.39
94.04
96.55
100.00
104.43
108.91
113.39
117.64
117.94
120.82
107.46
108.06
109.16
110.94
111.78
112.32
113.74
115.70
116.44
117.82
117.99
118.31
118.13
117.66
117.58
118.37
119.84
120.21
121.41
121.82
122.26
123.20

94.05
96.01
98.10
100.00
101.95
103.20
104.69
106.89
109.42
110.66
102.76
103.02
103.38
103.66
104.12
104.52
104.84
105.28
106.08
106.69
107.13
107.68
108.66
109.32
109.92
109.78
110.14
110.48
110.76
111.25
111.90
112.14

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

GDP
implicit
price
deflator

GDP
(current
dollars)

94.05
96.01
98.10
100.00
101.95
103.20
104.69
106.89
109.42
110.66
102.76
103.01
103.38
103.65
104.12
104.51
104.83
105.27
106.07
106.68
107.12
107.68
108.65
109.32
109.92
109.78
110.14
110.48
110.76
111.25
111.90
112.14

5.1
6.2
4.9
5.6
6.5
5.6
5.6
5.9
2.6
3.6
7.2
3.3
5.6
7.8
4.9
3.5
6.5
8.9
5.7
7.3
2.2
3.2
3.0
.9
1.9
2.2
6.5
2.5
5.1
3.2
3.8
4.0

Real GDP
(chain-type
quantity
index)

GDP
chain-type
price
index

2.7
4.0
2.7
3.6
4.4
4.3
4.1
3.8
.3
2.4
6.1
2.2
4.1
6.7
3.0
2.0
5.2
7.1
2.6
4.8
.6
1.1
¥.6
¥1.6
¥.3
2.7
5.0
1.3
4.0
1.4
1.4
3.1

GDP
implicit
price
deflator

2.4
2.1
2.2
1.9
1.9
1.2
1.4
2.1
2.4
1.1
1.1
1.0
1.4
1.1
1.8
1.5
1.2
1.7
3.1
2.3
1.6
2.1
3.7
2.5
2.2
¥.5
1.3
1.2
1.0
1.8
2.4
.8

2.4
2.1
2.2
1.9
1.9
1.2
1.4
2.1
2.4
1.1
1.1
1.0
1.4
1.1
1.8
1.5
1.2
1.7
3.1
2.3
1.6
2.1
3.7
2.5
2.2
¥.5
1.3
1.2
1.0
1.8
2.4
.9

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS–OUTPUT, PRICE, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross product
of nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars

1993 ........................................................
1994 ........................................................
1995 ........................................................
1996 ........................................................
1997 .........................................................
1998 ........................................................
1999 .........................................................
2000 ........................................................
2001 ........................................................
2002 ........................................................
2000: I ...................................................
II .................................................
III ................................................
IV ................................................
2001: I ...................................................
II .................................................
III ................................................
IV ................................................
2002: I ...................................................
II .................................................
III ................................................
IV ................................................
2003: I ...................................................
II p ................................................
1 The

Chained
(1996)
dollars

3,457.6
3,737.2
3,945.9
4,159.5
4,435.1
4,707.1
4,981.0
5,295.0
5,354.2
5,493.1
5,228.7
5,275.1
5,335.5
5,340.7
5,318.6
5,340.9
5,365.7
5,391.6
5,423.8
5,489.0
5,504.8
5,554.7
5,602.8
5,673.5

3,573.8
3,801.5
3,960.1
4,159.5
4,404.2
4,658.1
4,902.1
5,148.3
5,141.8
5,301.9
5,109.2
5,129.2
5,180.2
5,174.4
5,131.4
5,125.2
5,121.3
5,189.3
5,231.3
5,298.7
5,320.7
5,357.1
5,394.0
5,472.1

Price, costs, and profits per unit of real output (dollars)
Price per
unit of real
gross product of nonfinancial
corporate
business 1

Compensation of employees
(unit labor
cost)

0.967
.983
.996
1.000
1.007
1.011
1.016
1.029
1.041
1.036
1.023
1.028
1.030
1.032
1.037
1.042
1.048
1.039
1.037
1.036
1.035
1.037
1.039
1.037

0.641
.639
.645
.641
.644
.656
.667
.688
.695
.680
.682
.683
.690
.697
.699
.699
.698
.684
.682
.680
.679
.678
.679
.673

deflator for gross product of nonfinancial corporate business divided by 100.
business tax and nontax liability plus business transfer payments less subsidies.
profits from current production.
4 With inventory valuation and capital consumption adjustments.

Corporate profits with inventory
valuation and capital consumption
adjustments 3

Unit nonlabor cost

Total

0.236
.238
.239
.236
.237
.240
.243
.250
.267
.270
.245
.250
.252
.256
.262
.266
.272
.268
.268
.269
.271
.271
.269
.263

Consumption of
fixed
capital

Indirect
business
tax, etc.2

Net interest

0.108
.109
.110
.111
.112
.112
.113
.116
.127
.129
.114
.116
.117
.119
.122
.125
.134
.127
.128
.129
.130
.130
.129
.126

0.098
.101
.100
.099
.098
.098
.098
.099
.102
.104
.098
.099
.099
.100
.102
.103
.099
.103
.103
.103
.104
.104
.104
.102

0.030
.028
.029
.026
.027
.030
.032
.035
.038
.037
.033
.035
.036
.037
.038
.038
.039
.038
.037
.037
.037
.037
.036
.035

Total

0.091
.106
.112
.122
.126
.114
.106
.090
.079
.086
.096
.096
.088
.079
.075
.077
.079
.087
.086
.087
.084
.089
.090
.101

Profits
tax
liability

0.029
.034
.035
.036
.036
.033
.034
.033
.024
.025
.036
.036
.033
.030
.026
.027
.025
.018
.023
.025
.025
.027
.028
.027

Profits
after
tax 4

0.062
.072
.077
.086
.090
.081
.072
.056
.055
.062
.060
.060
.055
.050
.049
.050
.053
.068
.064
.062
.059
.062
.062
.074

Source: Department of Commerce, Bureau of Economic Analysis.

2 Indirect
3 Unit

3

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

National
income

Period

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2000:

......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
I .................................
II ...............................
III ..............................
IV ..............................
2001: I .................................
II ...............................
III ..............................
IV ..............................
2002: I .................................
II ...............................
III ..............................
IV ..............................
2003: I .................................
II r ..............................
1 Includes

Compensation
of
employees1

5,251.9
5,556.8
5,876.7
6,210.4
6,618.4
7,041.4
7,468.7
7,984.4
8,122.0
8,340.1
7,860.2
7,954.5
8,048.3
8,074.8
8,092.1
8,110.1
8,089.1
8,196.8
8,268.5
8,328.0
8,349.9
8,413.9
8,512.3
8,637.0

Proprietors’ income
with inventory valuation and capital consumption adjustments

Farm

3,814.4
4,016.2
4,202.5
4,395.6
4,651.3
4,989.6
5,308.8
5,723.4
5,874.9
5,969.5
5,627.3
5,670.5
5,773.1
5,822.7
5,878.9
5,879.3
5,880.4
5,860.9
5,908.4
5,963.9
5,988.4
6,017.4
6,081.2
6,112.6

Rental
income
of
persons
with
capital
consumption
adjustment

Nonfarm

30.1
31.9
22.2
34.3
29.7
25.6
27.7
22.6
19.0
12.9
22.3
25.0
21.7
21.2
19.3
18.4
19.3
19.2
21.7
7.5
10.7
11.7
14.2
15.7

431.7
444.6
475.5
510.5
551.5
598.2
650.7
692.2
708.8
743.7
680.2
693.8
696.9
698.1
701.9
708.2
713.1
712.1
726.7
740.0
748.0
759.9
770.2
788.4

90.9
110.3
117.9
129.7
128.3
138.6
149.1
146.6
137.9
142.4
151.4
146.7
144.9
143.5
137.0
134.3
140.8
139.3
141.3
153.5
144.1
130.6
126.9
116.1

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

Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Profits
before tax

Total

510.5
573.2
668.8
754.0
833.8
777.4
805.8
788.1
731.6
787.4
807.6
807.3
787.7
749.7
706.5
721.4
687.2
811.4
797.6
785.0
771.0
796.1
816.5
904.8

Inventory
valuation
adjustment

510.4
573.4
668.5
726.3
792.4
721.1
762.1
782.3
670.2
665.2
796.9
800.5
780.6
751.1
707.0
720.2
654.3
599.1
639.4
657.9
668.5
694.9
728.1
707.5

¥4.0
¥12.4
¥18.3
3.1
8.4
18.3
¥4.2
¥15.0
5.0
¥6.9
¥22.6
¥16.4
¥8.3
¥12.5
¥10.1
¥6.2
8.9
27.2
1.9
¥5.7
¥15.1
¥8.5
¥26.9
¥1.9

506.4
561.0
650.2
729.4
800.8
739.4
757.9
767.3
675.1
658.3
774.3
784.2
772.3
738.6
696.9
714.0
663.2
626.3
641.3
652.2
653.4
686.4
701.2
705.6

Capital
consumption
adjustment

Net
interest

4.1
12.2
18.6
24.6
32.9
38.0
47.9
20.8
56.5
129.1
33.4
23.1
15.4
11.1
9.6
7.3
23.9
185.1
156.3
132.8
117.6
109.7
115.3
199.2

374.3
380.5
389.8
386.3
423.9
511.9
526.6
611.5
649.8
684.2
571.3
611.1
624.0
639.6
648.5
648.6
648.3
653.9
672.8
678.1
687.6
698.3
703.3
699.3

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

1993 ...............
1994 ...............
1995 ...............
1996 ...............
1997 ...............
1998 ...............
1999 ...............
2000 ...............
2001 ...............
2002 ................
2000: I ..........
II .........
III .......
IV ........
2001: I ..........
II .........
III .......
IV ........
2002: I ..........
II .........
III .......
IV ........
2003: I ..........
II r ........

Total
personal
consumption
expenditures

4,748.9
4,928.1
5,075.6
5,237.5
5,423.9
5,683.7
5,964.5
6,223.9
6,377.2
6,576.0
6,151.9
6,198.2
6,256.8
6,288.8
6,326.0
6,348.0
6,370.9
6,464.0
6,513.8
6,542.4
6,609.9
6,637.9
6,670.9
6,733.3

Total
durable
goods

518.3
557.7
583.5
616.5
657.3
726.7
812.5
878.9
931.9
999.9
879.5
871.3
888.5
876.5
900.6
912.4
922.6
992.0
975.9
980.7
1,032.4
1,010.6
1,005.4
1,061.2

Motor
vehicles
and
parts

242.2
255.1
253.4
256.3
264.8
292.0
322.1
338.4
361.9
382.4
347.3
333.8
343.6
329.1
345.1
349.5
352.8
400.4
370.0
369.1
407.6
382.8
374.9
403.0

Furniture
and
household
equipment

177.4
196.3
215.4
236.9
261.9
293.3
335.1
374.0
398.0
438.1
366.0
372.2
377.1
380.6
386.0
392.8
399.5
413.6
428.2
435.2
441.4
447.5
447.8
466.2

Nondurable goods

Other

100.7
107.6
115.0
123.3
130.8
141.8
156.5
169.6
175.3
185.8
167.8
168.6
170.7
171.3
173.1
174.2
175.0
178.9
184.2
184.1
187.0
188.1
191.3
199.2

Total
nondurable
goods

1,430.3
1,485.1
1,529.0
1,574.1
1,619.9
1,686.4
1,765.1
1,833.8
1,869.8
1,929.5
1,809.7
1,831.6
1,840.9
1,853.1
1,863.7
1,862.3
1,868.3
1,885.0
1,921.4
1,920.9
1,925.8
1,950.0
1,978.9
1,984.5

Food

745.1
764.9
777.0
786.0
794.5
819.4
846.8
879.0
887.0
902.3
870.8
880.5
880.7
883.9
889.1
887.4
884.3
887.1
901.4
899.2
897.9
910.7
929.7
931.6

1 Includes other items, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

4

Clothing
and
shoes

218.5
231.6
244.3
258.6
271.6
290.4
312.1
329.4
337.7
357.0
322.3
327.9
332.3
335.1
334.3
334.7
337.1
344.8
355.8
355.1
355.3
361.8
364.0
369.0

Gasoline
and
oil

115.4
117.4
120.2
124.2
128.1
131.8
136.4
135.7
138.8
145.1
134.4
135.9
136.1
136.3
137.6
136.2
139.9
141.4
145.1
144.7
145.4
145.1
146.2
144.3

Services

Fuel
oil
and
coal

14.0
15.0
15.7
15.6
15.0
14.3
14.7
14.0
12.6
12.7
13.3
14.2
14.0
14.5
13.9
12.3
12.2
12.2
12.4
12.1
12.4
14.0
13.3
12.1

Other

338.5
356.8
372.0
389.8
410.8
430.8
455.7
477.0
495.5
515.8
469.8
474.1
479.2
484.7
490.0
493.5
496.5
502.0
510.1
513.1
518.0
521.9
528.9
532.1

Total
services 1

2,802.5
2,886.2
2,963.4
3,047.0
3,147.0
3,273.4
3,395.4
3,524.5
3,594.9
3,675.6
3,477.7
3,508.2
3,541.7
3,570.6
3,576.3
3,589.3
3,597.5
3,616.6
3,642.2
3,666.2
3,687.0
3,707.0
3,714.9
3,728.6

Housing

728.1
749.1
763.7
772.6
787.2
808.7
835.0
851.3
866.0
880.1
844.7
849.5
853.4
857.5
862.0
865.1
867.1
869.6
874.0
878.5
882.1
885.8
889.9
893.8

Source: Department of Commerce, Bureau of Economic Analysis.

Medical
care

775.4
783.1
797.7
814.4
835.4
857.7
875.6
900.1
938.3
978.6
888.5
896.2
903.2
912.5
921.4
932.7
944.3
954.9
963.4
974.7
984.4
992.0
1,002.1
1,012.7

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

13.9
15.0
14.7
15.0
15.1
15.4
16.8
17.2
17.0
16.7
18.1
17.1
17.4
16.3
16.9
16.5
16.2
18.4
16.3
16.3
17.6
16.5
15.8
16.2

SOURCES OF PERSONAL INCOME
Personal income rose $19.4 billion (annual rate) in July, following an increase of $33.7 billion in June. Wages
and salaries fell $0.5 billion in July, following an increase of $14.2 billion in June.

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

Period

1993 .................................................................
1994 .................................................................
1995 .................................................................
1996 .................................................................
1997 ................................................................
1998 ................................................................
1999 ................................................................
2000 ................................................................
2001 ................................................................
2002 ................................................................
2002: July ......................................................
Aug ......................................................
Sept ......................................................
Oct .......................................................
Nov ......................................................
Dec .......................................................
2003: Jan .......................................................
Feb .......................................................
Mar ......................................................
Apr r ......................................................
May r .....................................................
June r ....................................................
July p ....................................................

Total
personal
income

5,610.0
5,888.0
6,200.9
6,547.4
6,937.0
7,426.0
7,786.5
8,406.6
8,685.3
8,922.2
8,934.8
8,958.7
8,983.1
8,983.1
9,007.1
9,047.4
9,069.1
9,096.0
9,119.2
9,137.3
9,172.9
9,206.6
9,226.0

Wage and
salary
disbursements 1

3,085.2
3,236.7
3,424.7
3,626.5
3,888.9
4,192.8
4,470.4
4,836.3
4,950.6
4,996.4
4,985.0
5,009.8
5,027.4
5,009.7
5,020.1
5,039.5
5,050.9
5,074.1
5,083.4
5,082.5
5,095.7
5,109.9
5,109.4

Proprietors’ income 3
Other labor
income 1 2

482.8
507.5
497.0
490.0
475.4
490.6
510.2
544.2
570.4
610.6
613.0
617.5
622.1
625.9
630.1
634.4
637.0
639.4
641.1
642.8
645.2
646.9
647.8

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

30.1
31.9
22.2
34.3
29.7
25.6
27.7
22.6
19.0
12.9
7.7
10.7
13.8
13.0
11.8
10.2
12.3
14.4
15.9
16.1
15.5
15.6
15.5

Nonfarm

431.7
444.6
475.5
510.5
551.5
598.2
650.7
692.2
708.8
743.7
747.4
746.7
750.0
756.7
758.6
764.4
771.0
767.9
771.7
778.7
787.7
798.9
808.2

Rental
income
of
persons 4

90.9
110.3
117.9
129.7
128.3
138.6
149.1
146.6
137.9
142.4
152.4
144.1
135.9
133.2
130.6
127.9
127.5
126.9
126.2
121.7
116.0
110.6
116.4

Personal
dividend
income

203.0
234.7
254.0
297.4
334.9
348.3
328.0
375.7
409.2
433.8
435.0
437.3
439.4
441.6
443.8
446.0
448.6
451.2
453.7
456.4
459.1
461.5
463.9

Personal
interest
income

725.5
742.4
792.5
810.6
864.0
964.4
969.2
1,077.0
1,091.3
1,078.5
1,084.8
1,080.7
1,076.7
1,078.8
1,080.9
1,083.1
1,079.4
1,075.8
1,072.2
1,076.9
1,081.6
1,086.3
1,086.4

Transfer
payments 5

Less: Personal contributions
for social
insurance

798.6
833.9
885.9
928.8
962.2
983.7
1,018.5
1,070.3
1,170.4
1,288.0
1,293.2
1,297.3
1,304.6
1,309.9
1,317.6
1,329.8
1,333.9
1,339.6
1,348.9
1,356.3
1,367.1
1,372.9
1,374.8

237.8
254.1
268.8
280.4
297.9
316.3
337.4
358.4
372.3
384.0
383.7
385.4
386.7
385.7
386.6
388.0
391.6
393.2
394.0
394.1
395.1
396.1
396.3

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 revised estimates, per capita disposable personal income in chained (1996) dollars rose at an annual
rate of 1.7 percent in the second quarter of 2003.

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
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

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

5,610.0
5,888.0
6,200.9
6,547.4
6,937.0
7,426.0
7,786.5
8,406.6
8,685.3
8,922.2

674.6
722.6
778.3
869.7
968.8
1,070.4
1,159.1
1,286.4
1,292.1
1,111.9

4,935.3
5,165.4
5,422.6
5,677.7
5,968.2
6,355.6
6,627.4
7,120.2
7,393.2
7,810.3

Chained
(1996)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(1996)
dollars

Dollars

4,584.5
4,849.9
5,120.2
5,405.6
5,715.3
6,054.1
6,453.3
6,918.6
7,223.5
7,524.5

350.8
315.5
302.4
272.1
252.9
301.5
174.0
201.5
169.7
285.8

5,261.3
5,397.2
5,539.1
5,677.7
5,854.5
6,168.6
6,328.4
6,630.3
6,748.0
7,032.2

18,981
19,626
20,361
21,072
21,887
23,037
23,749
25,237
25,957
27,170

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

20,235
20,507
20,798
21,072
21,470
22,359
22,678
23,501
23,692
24,463

17,133
17,920
18,657
19,438
20,277
21,226
22,384
23,690
24,531
25,408

18,264
18,724
19,058
19,438
19,891
20,601
21,373
22,061
22,390
22,877

0.1
1.3
1.4
1.3
1.9
4.1
1.4
3.6
.8
3.3

7.1
6.1
5.6
4.8
4.2
4.7
2.6
2.8
2.3
3.7

260,011
263,194
266,327
269,448
272,687
275,891
279,062
282,128
284,822
287,456

23,234
23,451
23,637
23,680
23,624
23,537
24,071
23,537
24,296
24,479
24,527
24,551
24,625
24,732

23,311
23,562
23,847
24,039
24,330
24,468
24,491
24,834
25,040
25,271
25,579
25,740
25,985
26,207

21,887
21,998
22,150
22,206
22,291
22,317
22,342
22,609
22,735
22,790
22,969
23,010
23,074
23,231

7.3
3.8
3.2
.7
¥.9
¥1.5
9.4
¥8.6
13.5
3.0
.8
.4
1.2
1.7

2.6
2.9
2.9
2.9
2.4
1.9
4.0
.8
3.5
4.0
3.5
3.6
3.6
3.3

281,076
281,758
282,476
283,202
283,794
284,442
285,154
285,898
286,507
287,072
287,770
288,475
289,109
289,834

Seasonally adjusted annual rates
2000: I .............
II ...........
III ..........
IV ..........
2001: I .............
II ...........
III ..........
IV ..........
2002: I .............
II ...........
III ..........
IV ..........
2003: I .............
II r ..........

8,211.6
8,350.2
8,487.8
8,576.6
8,658.1
8,676.2
8,706.2
8,700.9
8,803.4
8,914.0
8,958.9
9,012.5
9,094.8
9,172.3

1,256.3
1,273.0
1,299.6
1,316.7
1,340.6
1,336.1
1,181.9
1,309.7
1,136.8
1,121.8
1,099.0
1,090.1
1,077.2
1,086.0

6,955.3
7,077.2
7,188.2
7,259.8
7,317.5
7,340.0
7,524.2
7,391.2
7,666.7
7,792.2
7,859.9
7,922.5
8,017.6
8,086.2

6,775.9
6,869.8
6,976.7
7,052.1
7,143.9
7,198.5
7,222.0
7,329.6
7,396.3
7,477.9
7,583.0
7,640.7
7,727.6
7,818.2

179.4
207.5
211.5
207.7
173.7
141.6
302.2
61.5
270.4
314.3
276.9
281.8
290.0
268.0

1 Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
2 Annual data are averages of quarterly data, which are averages for the period.

6

6,530.4
6,607.6
6,676.8
6,706.2
6,704.3
6,694.8
6,864.0
6,729.1
6,961.0
7,027.2
7,058.1
7,082.3
7,119.4
7,168.2

24,745
25,118
25,447
25,635
25,785
25,805
26,387
25,853
26,759
27,144
27,313
27,463
27,732
27,900

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

FARM INCOME
In the first quarter of 2003, according to preliminary estimates, gross farm income fell $9.0 billion (annual rate)
and net farm income fell $17.0 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

1993 ................................
1994 ................................
1995 ................................
1996 ................................
1997 ................................
1998 ................................
1999 ................................
2000 ................................
2001 ................................
2002 ................................
2001: I ..........................
II .........................
III ........................
IV ........................
2002: I ..........................
II .........................
III ........................
IV ........................
2003: I p ........................

205.0
216.0
210.8
235.8
238.1
232.1
234.5
241.7
246.5
228.8
236.8
237.2
234.7
277.2
216.6
228.6
228.6
241.5
232.5

178.2
181.3
188.0
199.3
207.7
196.0
187.5
193.7
202.8
192.1
199.6
202.7
202.8
206.3
183.5
197.2
198.5
189.1
186.1

Livestock and
products

90.5
88.3
87.2
92.9
96.5
94.1
95.6
99.6
106.4
93.5
105.2
105.8
105.9
108.8
89.4
92.2
95.9
96.4
88.9

1 Cash marketing receipts, Government payments, value of changes in inventories, other farm
related cash income, and nonmoney income produced by farms including imputed rent of operator residences.
2 Crop receipts include proceeds received from commodities placed under Commodity Credit
Corporation loans.
3 Physical changes in beginning and ending year inventories of crop and livestock commodities
valued at weighted average market prices during the period.

Crops 2

87.7
93.0
100.8
106.3
111.2
101.9
91.9
94.1
96.4
98.6
94.4
96.9
96.9
97.5
94.1
105.0
102.6
92.7
97.1

Value of
inventory
changes 3

¥4.2
8.3
¥5.0
7.9
.6
¥.6
¥.3
.1
¥3.2
¥2.1
¥4.0
¥3.8
¥2.8
¥2.2
¥2.6
¥2.6
¥1.9
¥1.5
2.9

Direct
Government
payments 4

13.4
7.9
7.3
7.3
7.5
12.4
21.5
22.9
20.7
11.8
15.1
12.3
8.8
46.8
8.6
7.0
5.0
26.7
15.6

Production
expenses

160.4
167.2
173.8
181.0
187.6
186.5
188.3
193.7
200.8
198.6
202.5
208.8
200.2
191.5
196.5
206.0
199.4
192.6
200.6

Net farm
income

44.7
48.9
36.9
54.8
50.5
45.6
46.2
48.0
45.7
30.2
34.2
28.4
34.6
85.6
20.0
22.6
29.2
48.9
31.9

4 Includes only Government payments made directly to farmers.
NOTE.—Quarterly data plotted for 1993 in chart do not reflect revisions to annual data in
table.
Source: Department of Agriculture.

7

CORPORATE PROFITS
In the second quarter of 2003, according to preliminary estimates, corporate profits before tax fell $20.6 billion
(annual rate) and profits after tax fell $16.8 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1

Profits after tax

Domestic industries
Period

Profits
before
tax

Nonfinancial

Total 2
Total

Financial

Total 3

Manufacturing

Transportation4

Wholesale

Tax
liability

Total

Dividends

Undistributed
profits

Inventory
valuation
adjustment

Retail

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

506.4
561.0
650.2
729.4
800.8
739.4
757.9
767.3
675.1
658.3

429.6
483.7
558.2
628.6
690.2
637.2
637.6
624.0
524.4
539.0

127.9
114.7
154.3
165.3
185.7
158.4
181.7
201.0
190.6
217.3

301.7
369.0
403.8
463.3
504.5
478.8
455.9
423.0
333.7
321.7

108.4
139.6
166.1
181.2
195.2
164.3
157.5
159.8
83.4
92.6

69.6
82.9
85.8
91.4
85.0
79.1
57.2
36.6
27.7
16.7

28.2
33.1
29.4
42.6
49.2
55.9
54.4
62.1
44.8
47.3

39.7
46.6
44.1
52.9
63.9
73.8
75.6
73.4
79.1
81.2

510.4
573.4
668.5
726.3
792.4
721.1
762.1
782.3
670.2
665.2

165.4
186.7
211.0
223.6
237.2
238.8
247.8
259.4
199.3
213.3

345.0
386.7
457.5
502.7
555.2
482.3
514.3
522.9
470.9
451.9

203.1
234.9
254.2
297.7
335.2
348.7
328.4
376.1
409.6
434.3

141.9
151.8
203.3
205.0
220.0
133.6
185.9
146.8
61.2
17.6

¥4.0
¥12.4
¥18.3
3.1
8.4
18.3
¥4.2
¥15.0
5.0
¥6.9

2000: I .........
II .......
III ......
IV ......
2001: I .........
II .......
III ......
IV ......
2002: I .........
II .......
III ......
IV ......
2003: I .........
II p ......

774.3
784.2
772.3
738.6
696.9
714.0
663.2
626.3
641.3
652.2
653.4
686.4
701.2
705.6

642.7
642.7
626.9
583.6
560.8
553.6
521.4
461.6
509.3
537.1
537.3
572.3
594.7
589.5

201.7
193.1
204.5
204.9
208.2
191.6
162.7
200.1
218.2
218.5
216.1
216.5
230.3
232.3

441.0
449.7
422.4
378.8
352.6
362.0
358.7
261.5
291.1
318.6
321.2
355.8
364.4
357.2

167.6
176.1
160.7
134.6
92.3
99.2
91.1
50.9
68.9
91.9
100.5
108.9
122.0
................

43.6
35.7
34.4
32.8
36.6
34.3
33.3
6.5
15.0
17.1
13.2
21.5
20.1
................

57.3
66.7
67.1
57.4
45.2
41.0
45.9
46.9
41.2
44.8
44.5
58.9
51.4
..............

77.7
74.1
74.0
67.9
75.7
77.8
82.6
80.5
81.4
86.0
82.5
75.1
74.8
..............

796.9
800.5
780.6
751.1
707.0
720.2
654.3
599.1
639.4
657.9
668.5
694.9
728.1
707.5

270.8
267.3
257.4
241.9
217.3
213.1
196.2
170.6
202.4
213.7
214.7
222.4
237.8
234.1

526.1
533.3
523.2
509.2
489.7
507.1
458.1
428.5
437.0
444.3
453.8
472.5
490.2
473.4

351.1
369.7
386.1
397.6
402.9
406.5
411.4
417.7
424.2
430.8
437.7
444.3
451.6
459.5

174.9
163.6
137.1
111.6
86.8
100.7
46.7
10.8
12.8
13.5
16.1
28.2
38.6
13.9

¥22.6
¥16.4
¥8.3
¥12.5
¥10.1
¥6.2
8.9
27.2
1.9
¥5.7
¥15.1
¥8.5
¥26.9
¥1.9

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

1 See

p. 4 for profits with inventory valuation and capital consumption adjustments.
rest of the world, not shown separately.
industries not shown separately.

2 Includes
3 Includes

8

4 Transportation and public utilities.
Source: Department of Commerce, Bureau of Economic Analysis.

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the second quarter of 2003, according to revised estimates, nonresidential fixed investment in chained (1996)
dollars rose $22.7 billion (annual rate) and residential investment rose $4.5 billion. There was a decrease of $20.9
billion in inventories following an increase of $4.8 billion in the first quarter.

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

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

Gross
private
domestic
investment

Change in private
inventories

Nonresidential
Total
Total

Equipment
and software

Residential

Structures

Total

Nonfarm

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

977.9
1,107.0
1,140.6
1,242.7
1,393.3
1,558.0
1,660.5
1,762.9
1,574.6
1,589.6

958.4
1,045.9
1,109.2
1,212.7
1,328.6
1,480.0
1,595.2
1,691.9
1,627.4
1,577.3

683.6
744.6
817.5
899.4
1,009.3
1,135.9
1,228.4
1,324.2
1,255.1
1,183.4

198.9
200.5
210.1
225.0
245.4
262.2
258.6
275.5
270.9
226.4

487.1
544.9
607.6
674.4
764.2
875.4
975.9
1,056.0
988.2
971.1

276.0
302.7
291.7
313.3
319.7
345.1
368.3
372.4
373.5
388.2

20.0
66.8
30.4
30.0
63.8
76.7
62.8
65.0
¥61.4
5.2

28.6
53.6
42.6
22.1
60.6
75.0
64.1
67.2
¥63.2
4.1

2000: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
2001: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
2002: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
2003: I ............................................................................
II r .........................................................................

1,727.8
1,798.1
1,770.3
1,755.2
1,661.8
1,583.5
1,562.7
1,490.3
1,554.0
1,583.9
1,598.0
1,622.4
1,600.4
1,603.9

1,673.6
1,700.9
1,701.7
1,691.3
1,682.1
1,633.5
1,615.7
1,578.4
1,576.4
1,572.6
1,571.6
1,588.5
1,587.9
1,614.5

1,297.1
1,329.1
1,340.7
1,329.9
1,311.4
1,261.0
1,241.7
1,206.4
1,188.4
1,181.1
1,178.7
1,185.3
1,172.1
1,194.8

267.0
272.3
280.2
282.7
280.4
274.4
276.3
252.7
243.2
231.7
218.2
212.6
211.0
214.7

1,038.0
1,065.3
1,067.7
1,053.1
1,036.1
989.9
966.4
960.3
953.7
961.4
977.2
992.1
979.9
999.4

379.1
376.2
367.2
367.2
374.5
374.0
374.3
371.0
383.6
386.1
387.1
395.9
405.5
410.0

45.3
91.5
63.1
59.9
¥26.9
¥58.3
¥61.8
¥98.4
¥28.9
4.9
18.8
25.8
4.8
¥20.9

58.9
88.6
64.6
56.8
¥32.6
¥54.9
¥63.6
¥101.5
¥35.1
4.2
20.8
26.5
3.8
¥19.8

NOTE.—See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (1996) dollar estimates
for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates.

Source: Department of Commerce, Bureau of Economic Analysis.

9

REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential

Residential

Structures

Period

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2000:

...............................
...............................
...............................
...............................
...............................
...............................
...............................
...............................
...............................
...............................
I ..........................
II .........................
III .......................
IV ........................
2001: I ..........................
II .........................
III .......................
IV ........................
2002: I ..........................
II .........................
III .......................
IV ........................
2003: I ..........................
II r ........................

Total
nonresidential

683.6
744.6
817.5
899.4
1,009.3
1,135.9
1,228.4
1,324.2
1,255.1
1,183.4
1,297.1
1,329.1
1,340.7
1,329.9
1,311.4
1,261.0
1,241.7
1,206.4
1,188.4
1,181.1
1,178.7
1,185.3
1,172.1
1,194.8

Total 1

198.9
200.5
210.1
225.0
245.4
262.2
258.6
275.5
270.9
226.4
267.0
272.3
280.2
282.7
280.4
274.4
276.3
252.7
243.2
231.7
218.2
212.6
211.0
214.7

Structures

Equipment and software
Information processing equipment
and software

Nonresidential
buildings,
including
farm

Utilities

131.7
137.2
147.6
161.7
177.0
188.3
185.5
192.3
178.7
145.6
188.4
192.4
194.5
193.9
193.8
183.2
174.2
163.5
157.1
148.2
139.1
137.8
136.5
138.2

38.4
36.1
36.8
36.0
35.3
42.7
45.7
50.4
50.3
47.3
48.3
49.3
51.1
52.9
50.6
51.5
49.7
49.3
50.8
48.4
45.6
44.6
43.2
41.0

Mining
exploration,
shafts,
and
wells

Total 2

20.5
19.8
18.2
21.1
26.2
25.1
21.6
27.0
34.0
29.2
24.5
25.0
28.6
30.1
30.9
34.6
35.9
34.8
30.2
30.3
29.9
26.5
28.4
32.7

487.1
544.9
607.6
674.4
764.2
875.4
975.9
1,056.0
988.2
971.1
1,038.0
1,065.3
1,067.7
1,053.1
1,036.1
989.9
966.4
960.3
953.7
961.4
977.2
992.1
979.9
999.4

Total

1 Includes

other structures, not shown separately.
other items, not shown separately.
equipment, not shown separately.
4 Includes multifamily and other structures, not shown separately.

Computers
and
peripheral
equipment

183.4
206.6
242.8
287.3
349.8
429.3
508.1
583.3
548.5
563.1
561.3
585.5
591.9
594.3
578.9
549.8
533.4
531.8
540.4
557.0
575.2
579.7
594.5
621.5

26.4
32.6
49.2
70.9
102.9
147.7
207.4
246.4
239.9
283.7
226.7
249.2
255.9
253.9
253.0
239.0
224.5
243.3
262.1
271.6
297.6
303.2
319.1
357.5

Software

Other

Industrial
equipment

66.8
74.3
82.0
95.1
119.0
147.1
169.3
184.4
182.0
185.7
181.8
184.3
185.8
185.6
185.5
181.7
180.5
180.6
179.0
184.3
189.4
190.3
192.5
196.9

96.4
104.9
113.1
121.3
129.8
143.5
157.5
187.4
163.9
158.2
180.2
188.2
189.1
192.2
180.2
165.7
158.6
151.2
154.1
158.5
159.7
160.7
165.3
171.4

109.6
119.6
131.3
136.4
140.0
145.6
147.5
160.8
153.8
146.9
156.0
159.3
164.5
163.4
164.8
156.4
149.2
144.7
148.3
145.6
147.9
145.9
143.9
143.3

Transportation
equipment

Total
residential 3

103.4
120.4
128.2
138.9
150.5
168.2
193.2
186.6
163.6
147.0
193.9
192.5
186.9
173.0
167.6
161.6
160.0
165.4
151.5
143.4
141.7
151.4
135.8
133.5

276.0
302.7
291.7
313.3
319.7
345.1
368.3
372.4
373.5
388.2
379.1
376.2
367.2
367.2
374.5
374.0
374.3
371.0
383.6
386.1
387.1
395.9
405.5
410.0

Total 4

Single
family

269.4
295.8
284.4
305.6
311.8
336.8
359.4
363.0
364.0
378.5
369.7
366.8
357.8
357.8
365.1
364.6
365.0
361.5
373.9
376.4
377.4
386.1
395.6
399.7

148.0
163.2
147.7
159.1
158.6
175.9
189.0
191.0
192.6
200.5
198.0
193.8
186.5
185.8
192.0
193.1
194.1
191.3
197.2
198.4
199.8
206.5
214.7
214.8

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
portaFiWhole- Retail
tion
Infor- nance tate scien- care Other withand
tific,
and
out
sale
and
maand
1
and
emtrade trade waretion insur- rental tech- social
and
ployhousance leas- nical assistance
ees
ing
ing
services

For companies with employees
1996
1997
1998
1999
2000
2001

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

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
1,161.0 1,089.9
1.5 42.5 61.3 25.0 214.8
33.6 69.8
59.9 160.2 133.7 92.5
34.1
52.2 108.9 71.2
1,109.9 1,053.2
1.5 51.1 82.8 24.8 192.4
29.7 66.8
57.5 146.3 131.1 83.1
30.5
52.9 102.6 56.7

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 August, employment rose by 147,000 and unemployment fell by 157,000.

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

Period

1993 ......................
1994 2 ....................
1995 ......................
1996 ......................
1997 3 ....................
1998 3 ....................
1999 3 ....................
2000 3 ....................
2001 .....................
2002 3 ....................
2002: Aug ............
Sept ...........
Oct .............
Nov ............
Dec ............
2003: Jan 3 ..........
Feb 3 ..........
Mar ............
Apr .............
May ............
June ...........
July ............
Aug ............

Civilian
noninstitutional
population
NSA

Civilian
labor
force

194,838
196,814
198,584
200,591
203,133
205,220
207,753
212,577
215,092
217,570
217,866
218,107
218,340
218,548
218,741
219,897
220,114
220,317
220,540
220,768
221,014
221,252
221,507

129,200
131,056
132,304
133,943
136,297
137,673
139,368
142,583
143,734
144,863
145,123
145,634
145,393
145,180
145,150
145,838
145,857
145,793
146,473
146,485
147,096
146,540
146,530

Percent 1

Unemployment

Total

Men
20
years
and
over

Women
20
years
and
over

Both
sexes
16–19
years

120,259
123,060
124,900
126,708
129,558
131,463
133,488
136,891
136,933
136,485
136,757
137,312
136,988
136,542
136,439
137,536
137,408
137,348
137,687
137,487
137,738
137,478
137,625

62,355
63,294
64,085
64,897
66,284
67,135
67,761
69,634
69,776
69,734
69,895
70,213
69,921
69,617
69,600
69,967
70,293
70,293
70,364
70,144
70,130
70,193
70,203

52,099
53,606
54,396
55,311
56,613
57,278
58,555
60,067
60,417
60,420
60,581
60,675
60,668
60,697
60,676
61,443
61,073
61,227
61,401
61,436
61,753
61,462
61,470

5,805
6,161
6,419
6,500
6,661
7,051
7,172
7,189
6,740
6,332
6,280
6,425
6,400
6,228
6,164
6,125
6,042
5,829
5,923
5,907
5,855
5,823
5,952

1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
2 Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire.
3 Not strictly comparable with earlier data.

Total

8,940
7,996
7,404
7,236
6,739
6,210
5,880
5,692
6,801
8,378
8,366
8,321
8,405
8,637
8,711
8,302
8,450
8,445
8,786
8,998
9,358
9,062
8,905

Men
20
years
and
over
4,287
3,627
3,239
3,146
2,882
2,580
2,433
2,376
3,040
3,896
3,906
3,895
3,962
4,153
4,145
4,026
3,962
3,944
4,207
4,362
4,562
4,388
4,357

Women
20
years
and
over

Both
sexes
16–19
years

3,288
3,049
2,819
2,783
2,585
2,424
2,285
2,235
2,599
3,228
3,180
3,184
3,308
3,224
3,360
3,035
3,237
3,250
3,276
3,297
3,395
3,357
3,361

1,365
1,320
1,346
1,306
1,271
1,205
1,162
1,081
1,162
1,253
1,280
1,243
1,135
1,261
1,206
1,241
1,251
1,251
1,303
1,339
1,401
1,317
1,187

Not in
labor
force

65,638
65,758
66,280
66,647
66,836
67,547
68,385
69,994
71,359
72,707
72,743
72,473
72,947
73,369
73,591
74,059
74,257
74,524
74,067
74,283
73,918
74,712
74,977

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

66.3
66.6
66.6
66.8
67.1
67.1
67.1
67.1
66.8
66.6
66.6
66.8
66.6
66.4
66.4
66.3
66.3
66.2
66.4
66.4
66.6
66.2
66.2

61.7
62.5
62.9
63.2
63.8
64.1
64.3
64.4
63.7
62.7
62.8
63.0
62.7
62.5
62.4
62.5
62.4
62.3
62.4
62.3
62.3
62.1
62.1

6.9
6.1
5.6
5.4
4.9
4.5
4.2
4.0
4.7
5.8
5.8
5.7
5.8
5.9
6.0
5.7
5.8
5.8
6.0
6.1
6.4
6.2
6.1

Data beginning 2000 reflect new population controls based on Census 2000, an additional
population adjustment in January 2003, and other changes. Data for February 2003 are not
directly comparable with earlier data due to a weighting difference. For details, see The Employment Situation, January 2003 and February 2003.
Source: Department of Labor, Bureau of Labor Statistics.

NOTE.—See Employment and Earnings for details on breaks in series.

11

SELECTED UNEMPLOYMENT RATES
In August, the unemployment rate fell to 6.1 percent from 6.2 percent in July.

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race or ethnicity 1

By sex and age
Period

1993 .........................
1994 2 .......................
1995 .........................
1996 .........................
1997 .........................
1998 .........................
1999 .........................
2000 ........................
2001 ........................
2002 ........................
2002: Aug ..............
Sept ..............
Oct ...............
Nov ..............
Dec ...............
2003: Jan ...............
Feb ...............
Mar ...............
Apr ...............
May ...............
June ..............
July ...............
Aug ...............

All
civilian
workers

6.9
6.1
5.6
5.4
4.9
4.5
4.2
4.0
4.7
5.8
5.8
5.7
5.8
5.9
6.0
5.7
5.8
5.8
6.0
6.1
6.4
6.2
6.1

Men
20 years
and over

Women
20 years
and over

6.4
5.4
4.8
4.6
4.2
3.7
3.5
3.3
4.2
5.3
5.3
5.3
5.4
5.6
5.6
5.4
5.3
5.3
5.6
5.9
6.1
5.9
5.8

5.9
5.4
4.9
4.8
4.4
4.1
3.8
3.6
4.1
5.1
5.0
5.0
5.2
5.0
5.2
4.7
5.0
5.0
5.1
5.1
5.2
5.2
5.2

Both
sexes
16–19
years

19.0
17.6
17.3
16.7
16.0
14.6
13.9
13.1
14.7
16.5
16.9
16.2
15.1
16.8
16.4
16.8
17.1
17.7
18.0
18.5
19.3
18.4
16.6

White

6.1
5.3
4.9
4.7
4.2
3.9
3.7
3.5
4.2
5.1
5.1
5.1
5.1
5.2
5.1
5.1
5.0
5.1
5.2
5.4
5.5
5.5
5.4

1 Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who
reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race.
2 Data beginning January 1994 are not directly comparable with data for earlier periods.

12

By selected groups

Black or
African
American

Asian
(NSA)

Hispanic or
Latino
ethnicity

13.0
11.5
10.4
10.5
10.0
8.9
8.0
7.6
8.6
10.2
9.9
9.8
9.9
10.8
11.2
10.3
10.5
10.2
10.9
10.8
11.8
11.1
10.9

..........
..........
..........
..........
..........
..........
..........
3.6
4.5
5.9
6.5
5.4
5.6
5.6
5.9
5.6
6.0
6.5
5.8
5.1
7.8
6.2
5.9

10.8
9.9
9.3
8.9
7.7
7.2
6.4
5.7
6.6
7.5
7.6
7.5
7.8
7.8
7.9
7.8
7.7
7.5
7.5
8.2
8.4
8.2
7.8

Married
men,
spouse
present

Women
who
maintain
families
(NSA)

Full-time
workers

Part-time
workers

9.7
8.9
8.0
8.2
8.1
7.2
6.4
5.9
6.6
8.0
7.6
7.0
7.7
8.0
7.9
8.0
9.0
8.4
8.5
8.3
8.7
9.0
8.4

6.9
6.1
5.5
5.3
4.8
4.3
4.1
3.8
4.7
5.9
5.8
5.8
5.9
6.1
6.1
5.8
5.9
5.9
6.1
6.3
6.5
6.3
6.2

7.2
6.0
6.0
5.8
5.5
5.3
5.0
4.8
5.1
5.3
5.4
5.3
5.2
5.1
5.3
5.4
5.5
5.5
5.4
5.6
5.9
5.5
5.3

4.4
3.7
3.3
3.0
2.7
2.4
2.2
2.0
2.7
3.6
3.5
3.6
3.6
3.6
3.7
3.5
3.6
3.8
3.7
3.9
4.4
3.9
3.8

NOTE.—Data relate to persons age 16 years and over.
See Note, p. 11.
Source: Department of Labor, Bureau of Labor Statistics.

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In August, the percentages of the unemployed who had been out of work for less than 5 weeks, for 15–26 weeks,
and for 27 weeks and over rose; the percentage for 5–14 weeks fell. The mean duration of unemployment fell
to 19.0 weeks and the median duration fell to 9.6 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
1993 ........................................
1994 3 ......................................
1995 ........................................
1996 ........................................
1997 ........................................
1998 ........................................
1999 ........................................
2000 ........................................
2001 ........................................
2002 ........................................
2002: Aug ..............................
Sept .............................
Oct ..............................
Nov ..............................
Dec ..............................
2003: Jan ...............................
Feb ..............................
Mar ..............................
Apr ...............................
May ..............................
June .............................
July ..............................
Aug ..............................
1 Beginning

8,940
7,996
7,404
7,236
6,739
6,210
5,880
5,692
6,801
8,378
8,366
8,321
8,405
8,637
8,711
8,302
8,450
8,445
8,786
8,998
9,358
9,062
8,905

36.5
34.1
36.5
36.4
37.7
42.2
43.7
44.9
42.0
34.5
34.9
33.3
33.2
33.9
32.9
32.6
32.5
33.3
32.2
34.3
31.6
30.3
30.7

28.9
30.1
31.6
31.6
31.7
31.4
31.2
31.9
32.3
30.8
30.2
30.6
29.9
29.5
29.3
30.4
30.3
29.6
30.1
29.2
30.9
29.9
29.2

14.5
15.5
14.6
14.6
14.8
12.3
12.8
11.8
14.0
16.3
16.4
16.3
16.3
15.3
16.0
17.2
15.1
15.7
15.9
14.8
16.1
18.1
18.4

20.1
20.3
17.3
17.4
15.8
14.1
12.3
11.4
11.8
18.3
18.5
19.9
20.5
21.3
21.9
19.8
22.1
21.4
21.8
21.7
21.4
21.7
21.8

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.

18.0
18.8
16.6
16.7
15.8
14.5
13.4
12.6
13.1
16.6
16.3
17.8
17.6
17.9
18.4
18.4
18.6
18.0
19.6
19.2
19.8
19.3
19.0

8.3
9.2
8.3
8.3
8.0
6.7
6.4
5.9
6.8
9.1
8.7
9.5
9.6
9.4
9.6
9.8
9.4
9.6
10.2
10.1
12.3
10.0
9.6

54.2
47.7
46.9
46.6
45.1
45.5
44.6
44.2
51.1
55.0
55.1
55.7
56.4
55.9
55.8
54.9
55.9
54.8
54.2
56.5
54.2
55.4
55.6

10.9
9.9
11.1
10.7
11.8
11.8
13.3
13.7
12.3
10.3
10.1
9.8
9.9
9.6
9.9
9.9
9.1
9.4
9.4
8.6
9.7
8.9
8.8

24.6
34.8
34.1
34.7
34.7
34.3
34.1
34.5
29.9
28.3
27.8
28.0
27.9
27.7
28.2
27.9
28.2
28.4
29.1
27.8
29.1
28.3
28.6

10.3
7.6
7.8
8.0
8.4
8.4
8.0
7.6
6.8
6.4
7.0
6.5
5.8
6.8
6.1
7.4
6.8
7.4
7.3
7.1
7.0
7.5
7.1

2,751
2,670
2,572
2,595
2,323
2,222
2,188
2,110
2,974
3,585
3,549
3,608
3,601
3,486
3,478
3,361
3,429
3,514
3,622
3,716
3,726
3,625
..............

341
340
357
356
323
321
298
301
404
407
397
417
411
390
409
388
409
423
443
432
427
r406
p 401

2,845
2,739
2,633
2,650
2,366
2,257
2,219
2,141
3,007
3,618
3,123
3,267
2,935
3,082
3,906
3,968
4,172
4,348
3,708
3,270
r 3,674
3,276
.................

NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and
initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell by 93,000 in August.

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

Goods-producing industries

Period

Total
nonagricultural
employment

Total 2

Construction

Manufacturing

Service-providing industries
Trade, transportation, and utilities
Total
Total 3

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2002:

................
................
................
................
................
................
................
................
................
................
Aug ......
Sept .....
Oct .......
Nov ......
Dec ......
2003: Jan ......
Feb ......
Mar ......
Apr ......
May .....
June r ...
July r ....
Aug p ....

110,844
114,291
117,298
119,708
122,776
125,930
128,993
131,785
131,826
130,376
130,224
130,289
130,408
130,409
130,198
130,356
130,235
130,084
130,062
129,986
129,903
129,854
129,761

22,219
22,774
23,156
23,410
23,886
24,354
24,465
24,649
23,873
22,619
22,527
22,497
22,435
22,409
22,323
22,288
22,191
22,159
22,119
22,098
22,061
22,003
21,977

4,779
5,095
5,274
5,536
5,813
6,149
6,545
6,787
6,826
6,732
6,719
6,728
6,720
6,745
6,731
6,738
6,700
6,720
6,760
6,786
6,800
6,803
6,822

16,774
17,021
17,241
17,237
17,419
17,560
17,322
17,263
16,441
15,306
15,233
15,196
15,143
15,091
15,020
14,982
14,922
14,874
14,795
14,746
14,692
14,633
14,589

88,625
91,517
94,142
96,299
98,890
101,576
104,528
107,136
107,952
107,757
107,697
107,792
107,973
108,000
107,875
108,068
108,044
107,925
107,943
107,888
107,842
107,851
107,784

Retail
trade

22,378
23,128
23,834
24,239
24,700
25,186
25,771
26,225
25,983
25,493
25,458
25,430
25,439
25,406
25,378
25,376
25,346
25,338
25,321
25,282
25,238
25,204
25,183

13,021
13,491
13,897
14,143
14,389
14,609
14,970
15,280
15,239
15,047
15,033
15,016
15,025
15,014
15,006
15,009
14,987
14,995
15,000
14,979
14,964
14,963
14,959

1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include
those workers and also 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. 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. See Employment and Earnings for details.

14

2 Includes
3 Includes

Financial
activities

6,709
6,867
6,827
6,969
7,178
7,462
7,648
7,687
7,807
7,843
7,830
7,851
7,872
7,880
7,889
7,902
7,916
7,930
7,956
7,971
7,972
7,975
7,974

Professional
Educa- Leisure
and
tion and and hosbusihealth
ness
services pitality
services

11,495
12,174
12,844
13,462
14,335
15,147
15,957
16,666
16,476
16,010
16,008
16,008
16,036
16,014
15,972
16,015
16,043
15,980
15,989
16,002
16,006
16,052
16,024

12,303
12,807
13,289
13,683
14,087
14,446
14,798
15,109
15,645
16,184
16,241
16,273
16,315
16,357
16,373
16,405
16,430
16,452
16,483
16,509
16,503
16,501
16,525

9,732
10,100
10,501
10,777
11,018
11,232
11,543
11,862
12,036
11,969
11,940
11,975
12,032
12,069
12,019
12,132
12,084
12,050
12,043
12,026
12,039
12,047
12,052

Other
services 4

Government

Total

7,018
7,166
7,415
7,630
7,909
8,194
8,506
8,799
8,887
8,768
8,741
8,729
8,735
8,734
8,688
8,662
8,637
8,628
8,625
8,614
8,608
8,589
8,569

18,989
19,275
19,432
19,539
19,664
19,909
20,307
20,790
21,118
21,489
21,479
21,526
21,544
21,540
21,556
21,576
21,588
21,547
21,526
21,484
21,476
21,483
21,457

Federal

3,063
3,018
2,949
2,877
2,806
2,772
2,769
2,865
2,764
2,767
2,765
2,774
2,781
2,782
2,778
2,786
2,791
2,789
2,769
2,761
2,749
2,745
2,740

natural resources and mining, not shown separately.
wholesale trade, transportation and warehousing, and utilities, not shown sepa-

rately.
4 Other services and informaiton.
Note.—Data classified by industry based on the 2002 North American Industry Classification
System (NAICS). For details see Employment and Earnings,June 2003.
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

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2002:

.....................
.....................
.....................
....................
....................
.....................
.....................
....................
.....................
.....................
July ...........
Aug ...........
Sept ..........
Oct ............
Nov ...........
Dec ...........
2003: Jan ...........
Feb ...........
Mar ...........
Apr ...........
May ...........
June r ........
July r .........
Aug p ..........

Total
private
nonagricultural 1

34.3
34.5
34.3
34.3
34.5
34.5
34.3
34.3
34.0
33.9
33.8
33.9
33.9
33.8
33.8
33.8
33.8
33.7
33.8
33.7
33.7
33.7
33.6
33.6

Total

41.1
41.7
41.3
41.3
41.7
41.4
41.4
41.3
40.3
40.5
40.4
40.5
40.5
40.3
40.4
40.5
40.4
40.4
40.4
40.1
40.2
40.3
40.1
40.1

Average gross weekly earnings

Total private
nonagricultural 1

Overtime

4.4
5.0
4.7
4.8
5.1
4.8
4.8
4.7
4.0
4.2
4.2
4.2
4.2
4.2
4.3
4.3
4.4
4.3
4.1
4.0
4.1
4.0
4.0
4.1

Current
dollars

$11.03
11.32
11.64
12.03
12.49
13.00
13.47
14.00
14.53
14.95
14.97
15.02
15.05
15.10
15.14
15.20
15.22
15.29
15.29
15.30
15.35
15.38
15.43
15.45

1982
dollars 2

$7.52
7.53
7.53
7.57
7.68
7.89
8.00
8.03
8.11
8.24
8.23
8.24
8.24
8.26
8.27
8.30
8.28
8.26
8.22
8.27
8.31
8.30
8.32
..............

Total private
nonagricultural 1
Manufacturing

Current
dollars

$11.70
12.04
12.34
12.75
13.14
13.45
13.85
14.32
14.76
15.29
15.27
15.34
15.38
15.45
15.48
15.55
15.59
15.63
15.64
15.63
15.68
15.72
15.73
15.78

1 Also

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

Percent change from
a year earlier, total
private nonagricultural

Current dollars

1982
dollars 2

Manufacturing

Construction

Retail
trade

$378.40
390.73
399.53
412.74
431.25
448.04
462.49
480.41
493.20
506.22
505.99
509.18
510.20
510.38
511.73
513.76
514.44
515.27
516.80
515.61
517.30
518.31
518.45
519.12

$258.12
259.97
258.43
259.58
265.22
271.87
274.64
275.62
275.38
278.91
278.32
279.46
279.41
279.05
279.63
280.44
279.89
278.52
277.85
278.56
279.92
279.87
279.64
..............

$480.80
502.12
509.26
526.55
548.22
557.12
573.17
590.65
595.19
618.87
616.91
621.27
622.89
622.64
625.39
629.78
629.84
631.45
631.86
626.76
630.34
633.52
630.77
632.78

$539.81
558.53
571.57
588.48
609.48
629.75
655.11
685.78
695.89
711.61
708.61
714.95
721.76
712.81
710.22
718.54
730.15
708.38
728.72
716.31
729.58
728.06
724.27
731.12

$256.89
265.77
272.56
282.76
295.97
310.34
321.63
333.38
346.16
360.53
360.60
360.67
363.08
363.69
363.13
364.36
364.98
364.72
366.17
364.36
366.52
367.14
365.67
368.37

Current
dollars

2.9
3.3
2.3
3.3
4.5
3.9
3.2
3.9
2.7
2.6
2.3
3.0
3.2
3.4
3.0
2.9
3.3
2.9
3.0
2.7
2.7
2.1
2.5
2.0

1982
dollars

0.1
.7
¥.6
.4
2.2
2.5
1.0
.4
¥.1
1.3
1.0
1.4
1.9
1.5
.9
.4
.6
¥.2
¥.3
.4
.6
.0
.5
..............

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
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

119.8
123.5
126.7
130.6
135.1
139.8
144.6
150.9
157.2
162.3

116.4
119.7
123.1
127.3
132.3
137.4
142.2
147.7
153.3
157.5

2000: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2001: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2002: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2003: Mar .................................................................
June ...............................................................

146.6
148.2
149.7
151.1
152.8
154.2
155.7
157.4
158.8
160.5
161.5
162.7
164.9
166.3

143.9
145.4
146.7
147.9
149.4
150.8
152.0
153.4
154.8
156.2
156.9
157.7
159.3
160.3

128.3
133.0
135.9
138.6
141.8
145.2
150.2
158.6
166.7
174.6

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

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

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

1.1
1.0
.9
.8
1.0
.9
.8
.9
.9
.9
.4
.5
1.0
.6

2.0
1.2
1.2
1.1
1.3
1.1
1.4
1.3
1.1
1.3
1.1
1.2
2.4
1.3

Seasonally adjusted

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

153.2
155.1
157.0
158.7
160.8
162.5
164.7
166.8
168.6
170.8
172.6
174.7
178.9
181.3

1.3
1.1
1.0
.9
1.1
.9
1.0
1.1
.9
1.1
.6
.7
1.4
.8

3.6
3.1
2.6
3.1
3.4
3.5
3.4
4.4
4.2
3.2

3.1
2.8
2.8
3.4
3.9
3.9
3.5
3.9
3.8
2.7

5.0
3.7
2.2
2.0
2.3
2.4
3.4
5.6
5.1
4.7

Not seasonally adjusted
4.6
4.6
4.6
4.4
4.2
4.0
4.0
4.2
3.9
4.0
3.7
3.2
3.8
3.5

4.2
4.1
4.1
3.9
3.8
3.8
3.6
3.8
3.5
3.6
3.2
2.7
3.0
2.6

5.5
5.7
6.0
5.6
5.0
4.8
4.9
5.1
4.8
5.1
4.8
4.7
6.1
6.1

Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.

15

PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector

Nonfarm
business
sector

Output 1
Business
sector

Nonfarm
business
sector

Hours of all
persons 2
Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Indexes, 1992=100; quarterly data seasonally adjusted
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

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

100.5
101.7
102.3
105.1
107.4
110.2
113.0
116.5
118.8
125.1

100.5
101.8
102.7
105.3
107.4
110.2
112.8
116.1
118.3
124.7

103.1
108.1
111.5
116.4
122.5
128.5
134.5
140.0
139.8
143.5

103.3
108.2
111.8
116.7
122.7
128.8
134.8
140.2
140.1
143.9

102.6
106.3
108.9
110.7
114.0
116.6
119.0
120.1
117.6
114.7

102.9
106.3
108.9
110.8
114.2
116.9
119.6
120.7
118.4
115.4

102.4
104.4
106.5
109.9
113.2
119.4
124.8
133.5
138.6
142.5

102.2
104.3
106.5
109.8
113.0
119.1
124.3
133.0
137.8
141.7

99.9
99.7
99.4
99.8
100.7
104.8
107.2
111.0
112.1
113.5

99.7
99.6
99.4
99.7
100.5
104.5
106.8
110.6
111.4
112.8

101.9
102.6
104.1
104.6
105.4
108.4
110.4
114.6
116.7
113.9

101.7
102.5
103.7
104.3
105.2
108.1
110.3
114.6
116.5
113.6

102.2
104.0
106.0
107.7
109.7
110.6
111.6
113.5
115.8
116.3

102.2
104.1
106.1
107.6
109.8
110.8
112.1
114.1
116.3
116.9

2000: I ...................
II .................
III ................
IV ................
2001: I ...................
II .................
III ................
IV ................
2002: I ...................
II .................
III ................
IV ................
2003: I ...................
II r* ..............

114.8
116.6
116.8
117.5
117.4
117.8
118.8
121.3
123.9
124.1
125.9
126.4
127.2
129.5

114.6
116.1
116.4
117.0
116.9
117.4
118.3
120.7
123.4
123.7
125.5
126.0
126.7
128.8

138.4
140.3
140.4
140.7
140.4
139.4
139.1
140.3
142.3
142.5
144.4
145.0
145.5
147.0

138.7
140.5
140.6
141.0
140.7
139.7
139.4
140.4
142.5
142.9
144.7
145.3
145.8
147.4

120.6
120.3
120.2
119.7
119.6
118.3
117.1
115.6
114.9
114.8
114.6
114.7
114.3
113.5

121.0
121.0
120.8
120.5
120.3
119.0
117.8
116.3
115.5
115.5
115.3
115.3
115.1
114.4

131.1
131.9
134.6
135.9
137.4
138.2
139.1
139.8
141.0
142.4
143.1
143.7
145.4
146.9

130.8
131.4
134.2
135.3
136.7
137.4
138.2
138.9
140.2
141.5
142.2
142.8
144.2
145.6

110.3
110.1
111.4
111.7
111.9
111.6
112.1
112.8
113.4
113.5
113.5
113.4
113.7
114.7

110.1
109.7
111.0
111.2
111.3
111.0
111.4
112.1
112.8
112.9
112.8
112.7
112.8
113.7

114.1
113.1
115.3
115.6
117.1
117.3
117.1
115.2
113.8
114.7
113.6
113.7
114.2
113.5

114.2
113.1
115.3
115.6
117.0
117.1
116.8
115.1
113.6
114.4
113.3
113.3
113.8
113.0

112.8
113.4
113.7
114.3
115.2
115.8
116.4
115.9
116.0
116.2
116.3
116.8
117.2
117.4

113.4
113.9
114.3
114.8
115.7
116.3
116.8
116.5
116.4
116.8
116.9
117.3
117.7
117.9

1.7
.8
1.2
.5
1.0
2.7
2.0
3.9
1.7
¥2.4
4.9
1.3
.0
¥.6
15.1
¥3.6
7.9
1.1
4.7
.3
¥.9
¥5.7
¥5.2
2.9
¥3.7
¥.1
2.0
¥2.8

2.2
1.8
2.0
1.6
1.8
.8
1.0
1.7
2.0
.4
1.3
1.0
1.2
1.1
2.4
2.2
1.1
1.9
3.4
2.2
1.8
¥1.6
.3
.7
.5
1.5
1.6
.8

2.2
1.9
2.0
1.4
2.1
.9
1.2
1.8
1.9
.5
1.4
1.5
1.4
1.3
2.7
1.9
1.4
1.6
3.3
2.0
1.7
¥1.0
¥.2
1.4
.1
1.4
1.4
.6

Percent change; quarterly data at seasonally adjusted annual rates
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
1999:

2000:

2001:

2002:

2003:

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

1 Output

0.5
1.2
.6
2.7
2.2
2.6
2.5
3.1
2.0
5.3
3.1
¥.8
3.6
5.8
.5
6.3
.7
2.6
¥.5
1.5
3.3
8.7
8.7
.8
5.9
1.5
2.7
7.2

0.5
1.3
.9
2.5
2.0
2.6
2.3
3.0
1.9
5.4
2.4
¥.9
3.5
6.3
.3
5.7
.8
2.2
¥.4
1.6
3.4
8.3
9.3
1.0
5.9
1.7
2.1
6.8

3.1
4.9
3.1
4.4
5.2
4.9
4.7
4.1
¥.2
2.7
3.4
2.1
5.9
8.4
2.2
5.4
.4
.9
¥1.0
¥2.8
¥.9
3.5
5.9
.6
5.3
1.7
1.4
4.2

3.3
4.7
3.4
4.3
5.1
5.0
4.6
4.0
¥.1
2.7
3.3
1.9
6.0
8.3
1.9
5.4
.2
1.1
¥.9
¥2.7
¥.8
2.9
6.2
.9
5.2
1.7
1.4
4.4

2.6
3.6
2.5
1.6
3.0
2.2
2.1
.9
¥2.1
¥2.5
.3
3.0
2.2
2.4
1.7
¥.8
¥.3
¥1.7
¥.5
¥4.3
¥4.1
¥4.8
¥2.6
¥.2
¥.6
.2
¥1.2
¥2.7

2.9
3.3
2.4
1.7
3.1
2.4
2.3
1.0
¥2.0
¥2.5
.9
2.8
2.4
1.9
1.6
¥.2
¥.6
¥1.0
¥.5
¥4.3
¥4.1
¥5.0
¥2.9
.0
¥.6
.0
¥.7
¥2.3

refers to real gross domestic product originating in the sector.
2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–
U) for recent quarters. The trend from 1978–2002 is based on the consumer price index research series (CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

16

2.4
1.9
2.1
3.1
3.0
5.5
4.5
6.9
3.8
2.8
8.3
.2
3.5
4.9
15.2
2.6
8.5
3.9
4.6
2.3
2.5
2.1
3.5
4.0
2.1
1.6
4.8
4.3

2.2
2.1
2.2
3.1
2.9
5.4
4.3
7.0
3.6
2.8
7.5
.3
3.5
5.7
15.4
1.9
8.8
3.3
4.3
2.0
2.4
2.1
3.7
3.9
2.0
1.6
4.1
3.8

¥0.1
¥.2
¥.3
.4
.9
4.0
2.4
3.5
1.0
1.2
6.8
¥2.7
.4
1.9
11.0
¥.8
4.7
.9
.8
¥.9
1.6
2.7
2.2
.4
.0
¥.4
.9
3.7

¥0.3
.0
¥.3
.4
.8
3.9
2.2
3.6
.8
1.2
5.9
¥2.6
.4
2.6
11.3
¥1.4
5.0
.4
.5
¥1.2
1.5
2.7
2.4
.3
¥.2
¥.4
.2
3.2

1.9
.7
1.5
.4
.8
2.8
1.9
3.7
1.8
¥2.3
5.1
1.1
¥.1
¥.8
14.6
¥3.5
7.8
1.2
5.1
.8
¥.8
¥6.1
¥4.8
3.1
¥3.6
.1
2.0
¥2.7

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 August 28, 2003.
Source: Department of Labor, Bureau of Labor Statistics.

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

[Monthly data seasonally adjusted]
Total industrial production 1
Percent
Period

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

Index,
1997=100

From
preceding
month

Industry production indexes, 1997=100

change 2
From
year
earlier

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

Total 1

Durable

Nondurable

Other
(nonNAICS) 1

Mining

Utilities
Total
industry

Total
manufacturing

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

80.8
85.1
89.2
93.1
100.0
105.6
110.1
115.3
111.2
110.5

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

3.3
5.4
4.9
4.4
7.4
5.6
4.3
4.7
¥3.5
¥.7

78.8
83.6
88.0
92.1
100.0
106.5
111.8
117.4
112.6
111.4

69.3
75.4
82.0
89.1
100.0
110.3
119.3
129.4
122.9
121.1

91.3
94.5
96.2
96.5
100.0
101.4
102.2
102.9
99.8
99.5

93.8
93.1
93.2
92.5
100.0
106.5
109.9
112.4
109.1
105.5

94.4
96.6
96.4
98.1
100.0
98.2
94.0
96.0
96.6
93.8

91.5
92.8
96.4
99.7
100.0
101.5
103.9
106.4
105.6
110.2

81.1
83.3
83.6
82.5
83.7
82.9
82.4
82.7
77.3
75.6

80.0
82.4
82.8
81.2
82.7
81.9
81.4
81.4
75.6
73.7

2002: July ...........
Aug ............
Sept ...........
Oct .............
Nov ............
Dec ............

111.6
111.3
111.2
110.6
110.8
109.9

0.7
¥.2
¥.1
¥.6
.2
¥.8

.5
.6
1.2
1.0
1.8
1.4

112.3
112.4
112.1
111.4
111.6
110.6

122.2
122.7
122.0
121.5
122.2
120.5

100.4
100.0
100.0
99.1
98.9
98.3

105.0
105.8
107.1
106.7
105.4
105.9

94.4
93.9
92.2
92.3
93.6
95.2

113.7
110.4
113.3
112.1
112.1
110.5

76.4
76.1
76.0
75.5
75.6
74.9

74.3
74.3
74.1
73.7
73.7
73.0

2003: Jan ............
Feb ............
Mar ............
Apr r ...........
May r ..........
June r .........
July p ..........

110.7
110.7
110.1
109.5
109.5
109.5
110.0

.7
.1
¥.6
¥.5
.1
.0
.5

1.6
1.4
.4
¥.6
¥.8
¥1.2
¥1.4

111.1
111.1
110.9
110.1
110.3
110.6
110.8

121.9
121.3
120.5
119.8
120.2
120.7
121.8

98.2
98.5
98.6
97.8
97.9
97.8
97.4

105.3
107.5
108.1
107.3
107.5
108.5
107.1

93.6
92.8
92.8
93.0
92.6
93.8
93.4

115.0
116.3
111.7
112.1
111.1
107.4
111.5

75.3
75.3
74.8
74.3
74.3
74.2
74.5

73.3
73.3
73.1
72.5
72.6
72.7
72.8

1 Total industry and total manufacturing series include manufacturing as defined in the
North American Industry Classification System (NAICS) plus those industries—logging and
newspaper, periodical, book and directory-publishing—that have traditionally been included in
manufacturing.
2 Percent changes based on unrounded indexes.

Note.—Data based on the North American Industry Classification System (NAICS) except
series as defined in footnote 1.
Source: Board of Governors of the Federal Reserve System.

17

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1997=100; monthly data seasonally adjusted]
Products and nonindustrial supplies
Final products
Consumer goods

Equipment

Durable
goods

Business
equipment

Period
Total
Total

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

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

Materials
Nonindustrial supplies

Nondurable
goods

Total 1

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

83.1
86.7
90.4
93.8
100.0
105.6
108.2
112.1
109.0
107.2

87.3
91.5
94.4
96.4
100.0
103.6
105.4
107.8
106.5
107.5

75.3
84.5
89.1
92.9
100.0
107.2
114.6
119.0
112.2
117.3

91.8
94.1
96.3
97.7
100.0
102.3
102.2
103.9
104.3
104.1

75.4
78.1
82.9
89.0
100.0
109.7
113.8
120.8
113.8
105.2

69.8
73.4
79.5
87.0
100.0
111.1
116.9
126.5
117.3
107.3

105.2
101.6
100.8
99.2
100.0
104.2
103.4
99.3
100.1
101.2

79.4
84.0
88.1
92.8
100.0
106.7
112.2
118.8
115.3
114.6

83.2
89.1
91.4
95.6
100.0
105.0
107.3
110.2
105.5
104.0

77.1
81.0
86.1
91.1
100.0
107.8
115.5
124.7
121.9
121.9

79.2
84.0
88.7
92.6
100.0
105.2
111.2
117.0
111.8
112.2

94.7
95.6
97.4
99.4
100.0
99.2
98.9
99.3
97.5
98.7

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

107.9
107.6
107.4
106.6
107.1
106.0

108.5
107.8
107.9
107.0
107.8
106.6

120.0
119.3
118.7
117.0
121.0
117.8

104.6
103.8
104.2
103.6
103.3
102.8

105.2
106.0
105.0
104.5
104.2
103.3

107.3
108.1
106.9
106.0
106.1
104.6

101.2
101.9
102.0
102.5
101.7
102.3

115.5
115.4
115.8
115.4
114.9
113.9

104.4
104.8
104.5
104.2
103.8
102.4

123.2
122.6
123.6
123.1
122.5
121.9

113.8
113.6
113.4
112.8
113.1
112.4

101.0
99.3
99.1
98.4
99.4
99.7

2003: Jan ..................................................
Feb ..................................................
Mar .................................................
Apr r .................................................
May r ................................................
June r ...............................................
July p ................................................

107.1
107.2
106.7
106.3
106.3
106.5
107.0

107.7
107.8
107.2
106.8
106.5
106.7
107.2

120.5
118.5
117.9
116.9
116.5
117.6
120.4

103.4
104.1
103.6
103.3
103.1
102.9
102.9

104.3
104.7
104.4
103.8
104.5
104.9
105.5

105.6
105.9
105.5
104.8
105.3
105.7
106.1

104.1
104.8
105.2
104.7
106.0
106.5
107.7

114.4
114.7
113.8
113.0
113.7
113.3
113.7

102.3
101.8
101.4
101.0
101.6
101.6
101.8

122.8
123.7
122.5
121.3
122.1
121.4
122.1

113.0
112.8
112.1
111.4
111.3
111.1
111.6

100.9
100.8
99.2
99.2
98.6
98.3
99.6

2002: July
Aug
Sept
Oct
Nov
Dec

1 Includes

other items, not shown separately.

[1997=100; monthly data seasonally adjusted]
Durable manufactures
Primary metal
Period
Total

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

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

Iron
and
steel
products

Nondurable manufactures

Computer and electronic products

Fabricated
metal
products

Machinery
Total

Selected
hightechnology 1

Transportation
equipment

Total

Motor
vehicles
and
parts

Apparel

Printing
and
support

Chemical

Food

86.2
92.6
93.7
95.9
100.0
102.3
101.7
98.8
88.2
85.6

86.5
93.3
94.8
97.1
100.0
100.4
100.0
100.3
86.7
88.7

79.9
87.0
92.2
95.6
100.0
103.0
103.8
108.2
100.5
99.0

78.9
86.3
92.3
95.3
100.0
101.9
99.6
106.6
95.1
87.9

37.1
44.1
57.6
73.9
100.0
128.2
166.4
221.1
223.7
220.4

25.6
33.2
47.4
66.8
100.0
138.9
197.2
281.4
290.4
291.6

85.8
89.8
90.0
91.7
100.0
108.7
114.4
110.5
104.1
106.1

77.7
89.3
92.0
92.7
100.0
105.1
116.4
116.3
107.6
117.3

101.7
103.9
103.9
101.1
100.0
94.4
90.6
87.2
78.1
72.2

94.8
95.9
97.3
98.0
100.0
100.9
101.9
102.5
98.0
97.8

89.0
91.3
92.7
94.6
100.0
101.3
103.8
105.9
105.3
105.1

96.3
96.8
99.2
97.3
100.0
104.2
105.1
106.3
105.0
105.6

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

85.0
87.6
85.0
87.6
86.2
84.1

88.1
93.0
88.8
94.5
92.6
88.5

99.7
99.3
99.4
99.8
98.7
98.3

88.4
89.4
88.2
86.8
87.4
85.8

221.5
223.0
223.2
224.2
224.5
224.5

293.6
296.8
296.3
299.5
301.7
299.9

108.4
108.5
107.7
105.9
109.1
105.5

122.1
122.0
121.1
118.3
123.9
117.8

72.9
71.4
72.2
70.2
70.6
69.8

98.4
98.6
99.9
99.5
98.4
98.9

106.9
106.2
106.1
104.6
104.2
103.4

105.5
105.3
105.8
105.6
104.7
104.9

2003: Jan ..................................................
Feb ..................................................
Mar .................................................
Apr r .................................................
May r ................................................
June r ...............................................
July p ................................................

85.0
85.2
81.3
79.8
79.2
80.2
80.9

92.9
89.7
83.8
88.0
82.6
86.4
88.4

97.9
97.1
96.1
95.7
95.7
95.4
95.5

86.7
87.4
87.5
87.2
88.0
88.7
88.5

226.6
227.5
229.3
229.6
232.5
233.1
236.1

302.7
306.5
309.9
312.5
316.2
318.3
320.8

109.0
107.1
106.1
105.2
104.7
105.9
108.0

122.9
120.0
118.4
116.9
115.6
117.6
121.0

69.5
68.9
67.8
65.8
65.5
64.0
62.9

99.1
97.7
96.3
94.8
95.7
95.4
95.2

104.4
106.0
105.8
105.7
104.7
105.3
104.7

104.7
104.5
104.6
104.5
104.3
104.9
103.4

2002: July
Aug
Sept
Oct
Nov
Dec

1 Computers and office equipment, communications equipment, and semiconductors and related electronic components.

18

Source: Board of Governors of the Federal Reserve System.

NEW CONSTRUCTION
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Private
Period

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2002:

Total new
construction expenditures

Residential
Total
Total 1

Federal
and
State
and
local

Nonresidential

New
housing

Total

Lodging

Commercial
(including
farm)

Office

Manufacturing

Other 2

....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
July .........................
Aug ..........................
Sept .........................
Oct ...........................
Nov ..........................
Dec ..........................

491.0
539.2
557.8
615.9
653.4
705.7
766.1
828.8
852.6
860.9
858.7
848.6
854.9
861.9
870.0
872.1

375.1
419.0
427.9
476.6
502.7
551.4
596.3
642.6
652.5
650.5
648.2
638.1
641.5
651.1
656.4
658.2

225.1
258.6
247.4
281.1
289.0
314.6
350.6
374.5
388.3
421.5
423.9
423.6
425.7
429.9
434.4
441.5

150.9
176.4
171.4
191.1
198.1
224.0
251.3
265.0
279.4
298.5
299.5
298.7
302.1
305.7
310.0
315.6

150.0
160.4
180.5
195.5
213.7
236.8
245.8
268.2
264.2
229.0
224.3
214.6
215.8
221.2
222.0
216.8

4.6
4.7
7.1
10.9
12.9
14.8
16.0
16.3
14.5
10.3
10.0
9.5
9.4
9.7
9.0
8.9

20.0
20.4
23.0
26.5
32.8
40.4
45.1
52.4
49.7
35.1
34.7
33.9
33.6
33.5
33.2
32.1

34.4
39.6
44.1
49.4
53.1
55.7
59.4
64.1
63.6
58.2
55.4
56.6
57.8
57.4
56.9
52.3

23.4
28.8
35.4
38.1
37.6
40.5
32.6
31.8
29.5
16.6
16.1
15.1
14.2
14.6
14.6
13.9

67.7
66.9
70.9
70.6
77.3
85.4
92.8
103.6
106.8
108.7
108.1
99.5
100.8
106.1
108.2
109.6

116.0
120.2
129.9
139.3
150.7
154.3
169.7
186.1
200.1
210.4
210.5
210.5
213.3
210.8
213.6
213.8

2003: Jan ..........................
Feb ..........................
Mar ..........................
Apr ..........................
May r ........................
June r .......................
July p ........................

883.2
876.5
875.2
871.9
871.9
877.8
879.8

667.6
665.1
668.8
662.8
660.9
661.1
664.2

450.0
448.5
447.1
443.9
444.9
446.8
449.6

323.6
322.8
321.7
320.3
324.2
327.0
332.3

217.6
216.5
221.6
218.9
216.1
214.3
214.5

9.2
9.3
10.1
10.4
10.8
10.2
10.0

30.8
29.7
29.7
29.3
28.6
29.5
28.4

56.8
54.8
55.6
54.7
55.3
55.6
57.1

14.0
13.6
14.0
13.9
14.2
13.5
12.8

106.7
109.2
112.2
110.6
107.2
105.5
106.3

215.6
211.4
206.5
209.1
210.9
216.7
215.7

1 Includes

residential improvements, not shown separately.
2 Includes health care, educational, communication, and power, among other categories not
shown separately.

Source: Department of Commerce, Bureau of the Census.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]
New private housing units
Units started, by type of structure

Period
Total
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

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

New private houses

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
1,704.9

1 unit
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
1,358.6

2–4 units 1

5 units or
more

29.4
35.2
33.8
45.3
44.5
42.6
31.9
38.7
36.6
38.5

132.6
223.5
244.1
270.8
295.8
302.9
306.6
299.1
292.8
307.9

Units
authorized
1,199.1
1,371.6
1,332.5
1,425.6
1,441.1
1,612.3
1,663.5
1,592.3
1,636.7
1,747.7

Units
completed

Houses
sold

Houses for
sale at end
of period 2

Vacancy rate
for rental
housing units
(percent) 3

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
1,648.4

666
670
667
757
804
886
880
877
908
973

293
336
370
322
281
294
308
298
308
339

3 7.3

7.4
7.6
7.8
7.7
7.9
8.1
8.0
8.4
9.0

Seasonally adjusted annual rates
2002: July ...........................
Aug ............................
Sept ...........................
Oct .............................
Nov ............................
Dec ............................

1,666
1,630
1,810
1,653
1,760
1,815

1,329
1,249
1,449
1,366
1,403
1,462

31
31
37
33
34
35

306
350
324
254
323
318

1,742
1,704
1,803
1,813
1,764
1,907

1,612
1,705
1,655
1,591
1,706
1,674

961
1,025
1,057
1,005
1,022
1,052

331
332
333
336
338
339

......................
......................
9.0
......................
......................
9.3

2003: Jan ............................
Feb ............................
Mar ............................
Apr ............................
May r ..........................
June r .........................
July p ..........................

1,828
1,640
1,742
1,627
1,745
1,845
1,872

1,509
1,312
1,393
1,357
1,389
1,492
1,521

41
30
36
31
27
28
32

278
298
313
239
329
325
319

1,777
1,786
1,688
1,724
1,803
1,823
1,800

1,647
1,672
1,621
1,680
1,742
1,677
1,671

1,009
935
1,008
r 1,004
1,108
1,200
1,165

343
343
341
r 341
342
340
338

......................
......................
9.4
......................
......................
9.6
......................

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.
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 June, manufacturing and trade sales rose 1.3 percent and inventories rose $0.5 billion. (Data reflect revisions
for manufacturing series.) According to advance estimates, retail sales rose 1.4 percent in July. Retail and food
services sales also rose 1.4 percent.

[Millions of dollars, except ratios; seasonally adjusted, except as noted]

Manufacturing and trade 1
Period
Sales 2

1993r
1994r
1995r
1996r
1997r
1998r
1999r
2000r
2001r
2002r
2002:

...............................................................
...............................................................
...............................................................
...............................................................
...............................................................
...............................................................
...............................................................
...............................................................
...............................................................
...............................................................
June r ...................................................
July r ....................................................
Aug r .....................................................
Sept r ....................................................
Oct r ......................................................
Nov r .....................................................
Dec r .....................................................

568,073
610,669
655,227
687,472
724,126
743,716
787,656
835,239
819,373
824,013
821,495
831,210
834,992
829,784
833,517
835,360
834,194

Inventories 3
868,067
931,353
989,989
1,009,196
1,050,132
1,082,701
1,143,124
1,201,677
1,145,363
1,169,352
1,144,988
1,151,505
1,151,442
1,158,420
1,160,224
1,163,611
1,169,352

Inventorysales
ratio 4
1.50
1.47
1.48
1.46
1.42
1.44
1.41
1.41
1.44
1.40
1.39
1.39
1.38
1.40
1.39
1.39
1.40

Wholesale

Sales 2

Inventories 3

150,833
161,133
176,227
186,649
194,541
198,319
211,797
228,549
225,722
229,250
228,575
230,225
232,506
232,312
232,465
235,263
233,732

201,939
218,856
235,128
237,828
255,427
268,385
285,167
302,495
287,556
288,847
283,920
285,761
286,238
286,946
285,719
286,419
288,847

Retail
Inventory
sales
ratio 4
1.31
1.30
1.30
1.28
1.27
1.32
1.31
1.30
1.32
1.25
1.24
1.24
1.23
1.24
1.23
1.22
1.24

2003: Jan r .....................................................
844,999 1,172,045
1.39 236,978 288,705
1.22
Feb r .....................................................
837,850 1,179,647
1.41 238,193 289,680
1.22
r .....................................................
Mar
851,680 1,183,281
1.39 240,547 290,938
1.21
Apr r .....................................................
836,843 1,183,557
1.41 234,634 290,092
1.24
r ....................................................
May
838,547 1,179,925
1.41 234,049 288,962
1.23
p ...................................................
June
849,262 1,180,470
1.39 237,523 289,049
1.22
July p .................................................... ................ .................. ................ ................ ................ ................
1 See

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.
2 Annual

20

4 Annual

Sales 2

Inventories 3

165,533
179,693
189,028
201,058
210,027
220,413
239,869
255,974
262,776
270,451
270,093
272,618
276,318
271,307
271,703
273,570
277,100

286,026
312,162
329,644
340,552
350,901
365,085
394,311
417,786
405,571
436,317
418,653
423,139
422,377
427,879
430,960
434,693
436,317

Inventory
sales
ratio 4

Retail and
food services
sales 2

1.68
1.66
1.72
1.67
1.64
1.62
1.59
1.59
1.58
1.56
1.55
1.55
1.53
1.58
1.59
1.59
1.57

183,537
198,496
208,496
221,299
231,530
243,133
263,696
281,497
289,300
298,334
298,026
300,466
304,269
299,214
299,458
301,707
305,816

278,356 439,120
1.58
274,066 443,879
1.62
280,369 447,163
1.59
279,601 448,258
1.60
280,578 446,914
1.59
283,096 448,755
1.59
287,152 ................ ................

307,045
302,741
309,567
308,675
310,214
312,859
317,194

data are averages of seasonally adjusted monthly ratios.

Note.—Data for total manufacturing and trade series reflect annual benchmark revisions to
manufacturing series. See Note, p. 21.
Source: Department of Commerce, Bureau of the Census.

MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS
In July, manufacturers’ shipments and new orders rose; inventories and unfilled orders 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
1993 r
1994 r
1995 r
1996 r
1997 r
1998 r
1999 r
2000 r
2001 r
2002 r
2002:

...................................................
...................................................
...................................................
...................................................
...................................................
...................................................
...................................................
...................................................
...................................................
...................................................
July r .........................................
Aug r .........................................
Sept r ........................................
Oct r ..........................................
Nov r .........................................
Dec r .........................................
2003: Jan r .........................................
Feb r .........................................
Mar r .........................................
Apr r .........................................
May r .........................................
June r ........................................
July p ........................................

251,708
269,843
289,973
299,766
319,558
324,984
335,991
350,715
330,875
324,313
328,367
326,168
326,165
329,349
326,527
323,362
329,665
325,591
330,764
322,608
323,920
328,643
336,923

133,712
147,005
158,568
164,883
178,949
185,966
193,895
197,807
181,201
177,617
181,527
178,881
178,199
179,936
177,483
172,894
177,331
173,992
175,475
173,512
173,783
176,782
181,476

117,996
122,838
131,405
134,883
140,610
139,019
142,096
152,908
149,674
146,696
146,840
147,287
147,966
149,413
149,044
150,468
152,334
151,599
155,289
149,096
150,137
151,861
155,447

380,102
400,335
425,217
430,816
443,804
449,231
463,646
481,396
452,236
444,188
442,605
442,827
443,595
443,545
442,499
444,188
444,220
446,088
445,180
445,207
444,049
442,666
440,361

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.
NOTE.—Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are
durable unfilled orders.

239,040
253,444
267,696
272,787
281,249
290,874
296,645
306,682
283,722
271,789
272,636
271,941
271,364
270,836
269,774
271,789
270,964
270,765
269,454
269,285
268,449
266,154
263,962

141,062
146,891
157,521
158,029
162,555
158,357
167,001
174,714
168,514
172,399
169,969
170,886
172,231
172,709
172,725
172,399
173,256
175,323
175,726
175,922
175,600
176,512
176,399

246,668
266,641
285,542
297,282
314,986
317,345
329,770
346,789
322,944
316,744
324,427
323,955
313,949
320,000
317,869
316,944
322,157
320,664
325,614
317,095
318,144
324,098
329,386

128,672
143,803
154,137
162,399
174,377
178,327
187,674
193,881
173,270
170,048
177,587
176,668
165,983
170,587
168,825
166,476
169,823
169,065
170,325
167,999
168,007
172,237
173,939

40,681
45,175
51,011
54,066
60,697
62,133
64,392
69,278
58,336
53,991
56,065
58,967
51,702
54,829
54,439
53,807
55,261
53,417
54,838
55,845
55,367
57,351
57,815

425,665
434,594
447,338
488,815
513,166
496,471
505,941
550,005
517,590
485,816
498,562
501,299
494,297
490,267
487,009
485,816
483,871
484,649
485,178
485,534
485,829
487,360
485,287

1.51
1.44
1.44
1.43
1.37
1.39
1.35
1.35
1.42
1.37
1.35
1.36
1.36
1.35
1.36
1.37
1.35
1.37
1.35
1.38
1.37
1.35
1.31

Data reflect benchmark revisions released on August 19, 2003. Total and durable shipments
and inventories include data on semiconductors; new and unfilled orders do not. For details
on the revisions see, Manufacturers’ Shipments, Inventories, and Orders, 1992–2002, August
2003.
Source: Department of Commerce, Bureau of the Census.

21

PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 0.1 percent in July. Prices of finished consumer foods fell
0.2 percent, while prices of other finished consumer goods rose 0.1 percent. Capital equipment prices rose 0.4
percent.

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

Period

Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

1993 ...........................
1994 ...........................
1995 ...........................
1996 ...........................
1997 ...........................
1998 ...........................
1999 ..........................
2000 ...........................
2001 ...........................
2002 ..........................
2002: July ...............
Aug ................
Sept ...............
Oct .................
Nov ................
Dec ................
2003: Jan .................
Feb .................
Mar r ...............
Apr ................
May ...............
June ...............
July ................
1 Intermediate

22

124.7
125.5
127.9
131.3
131.8
130.7
133.0
138.0
140.7
138.9
138.6
138.6
139.0
140.1
139.7
139.3
141.2
142.8
144.8
142.3
141.9
142.6
142.8

Intermediate materials

125.7
126.8
129.0
133.6
134.5
134.3
135.1
137.2
141.3
140.1
139.4
138.8
138.2
138.8
139.3
139.8
142.4
142.9
143.2
144.3
144.4
145.0
144.7

124.4
125.1
127.5
130.5
130.9
129.5
132.3
138.1
140.4
138.3
138.1
138.4
139.0
140.2
139.6
139.0
140.6
142.6
144.9
141.6
141.0
141.7
142.1

materials for food manufacturing and feeds.

121.7
121.6
124.0
127.6
128.2
126.4
130.5
138.4
141.4
138.8
138.6
139.0
139.8
141.5
140.7
139.9
142.2
145.3
148.4
143.6
142.6
143.9
144.1

Durable

128.0
130.9
132.7
134.2
133.7
132.9
133.0
133.9
134.0
133.0
132.4
132.1
132.6
133.5
132.7
132.1
132.8
132.6
134.3
132.6
132.7
132.2
132.5

Nondurable

117.6
116.2
118.8
123.3
124.3
122.2
127.9
138.7
142.8
139.8
139.8
140.6
141.5
143.5
142.7
141.9
144.9
149.4
153.2
147.0
145.5
147.6
147.9

Capital
equipment

131.4
134.1
136.7
138.3
138.2
137.6
137.6
138.8
139.7
139.1
138.8
138.6
139.0
139.3
139.1
138.8
139.2
139.0
139.8
139.3
139.4
139.2
139.7

Total
finished
consumer
goods

123.0
123.3
125.6
129.5
130.2
128.9
132.0
138.2
141.5
139.4
139.1
139.2
139.6
141.0
140.5
140.1
142.5
144.8
147.2
144.0
143.3
144.4
144.5

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

116.2
118.5
124.9
125.7
125.6
123.0
123.2
129.2
129.7
127.8
127.7
128.2
128.9
129.8
129.7
129.6
131.2
133.8
136.6
133.6
132.5
133.1
133.3

112.7
114.8
114.8
128.1
125.4
116.2
111.1
111.7
115.9
115.5
115.5
116.3
117.6
117.2
117.8
119.0
120.8
121.7
121.3
121.4
122.6
124.9
124.4

116.4
118.7
125.5
125.6
125.7
123.4
123.9
130.1
130.5
128.5
128.4
128.9
129.6
130.5
130.4
130.2
131.8
134.4
137.4
134.3
133.0
133.6
133.8

102.4
101.8
102.7
113.8
111.1
96.8
98.2
120.6
121.0
108.1
105.9
107.8
110.2
112.6
116.8
119.1
128.2
134.9
152.4
128.0
130.2
136.1
132.1

108.4
106.5
105.8
121.5
112.2
103.9
98.7
100.2
106.1
99.5
96.5
98.1
99.4
99.6
100.7
102.0
107.4
108.2
106.3
106.8
109.4
108.9
105.6

94.7
94.8
96.8
104.5
106.4
88.4
94.3
130.4
126.8
111.4
109.9
111.9
115.2
119.1
125.8
128.7
140.6
151.8
184.4
140.7
142.4
153.4
148.9

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In July, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted; it rose 0.1 percent
not seasonally adjusted. The index was 2.1 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 .........................
1993 .................................
1994 .................................
1995 .................................
1996 .................................
1997 .................................
1998 .................................
1999 .................................
2000 .................................
2001 .................................
2002 .................................

100.0
144.5
148.2
152.4
156.9
160.5
163.0
166.6
172.2
177.1
179.9

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

14.6
140.9
144.3
148.4
153.3
157.3
160.7
164.1
167.8
173.1
176.2

40.9
141.2
144.8
148.5
152.8
156.8
160.4
163.9
169.6
176.4
180.3

31.7
155.7
160.5
165.7
171.0
176.3
182.1
187.3
193.4
200.6
208.1

6.5
150.3
154.0
157.8
162.0
166.7
172.1
177.5
183.9
192.1
199.7

22.2
160.5
165.8
171.3
176.8
181.9
187.8
192.9
198.7
206.3
214.7

4.5
121.3
122.8
123.7
127.5
130.8
128.5
128.8
137.9
150.2
143.6

4.2
133.7
133.4
132.0
131.7
132.9
133.0
131.3
129.6
127.3
124.0

17.3 ............
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
152.9 137.3

3.1
98.0
98.5
100.0
106.3
106.2
92.2
100.7
129.3
124.7
116.6

6.0
201.4
211.0
220.5
228.2
234.6
242.1
250.6
260.8
272.8
285.6

6.7
104.2
104.6
105.2
110.1
111.5
102.9
106.6
124.6
129.3
121.7

78.7
152.2
156.5
161.2
165.6
169.5
173.4
177.0
181.3
186.1
190.5

2002: July .....................
Aug ......................
Sept .....................
Oct .......................
Nov ......................
Dec ......................

180.1
180.7
181.0
181.3
181.3
180.9

180.1
180.5
180.9
181.2
181.4
181.6

176.1
176.0
176.4
176.6
177.0
177.3

180.4
180.8
181.1
181.6
181.8
182.2

208.2
208.9
209.4
209.9
210.3
210.8

200.0
200.4
200.8
201.3
201.9
202.3

215.1
215.6
216.2
216.8
217.1
217.7

143.4
143.8
144.1
144.6
144.7
145.3

123.0
124.0
123.7
123.5
123.2
122.9

153.8
154.2
154.5
155.2
154.9
154.5

136.8
136.6
137.0
137.4
137.3
136.8

120.9
121.1
121.9
125.0
123.8
122.1

286.4
287.1
288.0
289.7
291.2
292.3

123.7
123.9
124.4
126.2
125.6
125.1

190.5
191.1
191.4
191.6
191.8
192.1

2003: Jan ......................
Feb .......................
Mar ......................
Apr .......................
May .....................
June .....................
July ......................

181.7
183.1
184.2
183.8
183.5
183.7
183.9

182.2
183.3
183.9
183.3
183.3
183.6
183.9

177.0
178.2
178.5
178.3
178.9
179.7
179.8

182.9
183.4
184.1
184.0
184.7
184.8
185.1

211.4
211.5
211.4
211.6
212.8
212.7
213.3

203.1
203.5
203.9
204.5
205.1
205.4
205.8

218.3
218.7
218.9
218.9
219.3
219.3
219.9

147.4
150.3
156.9
155.4
155.7
156.4
156.1

121.8
121.6
121.1
120.4
120.0
120.5
120.5

156.2
159.3
160.9
158.2
156.2
156.6
156.9

135.7
135.4
135.6
135.0
134.8
134.5
134.2

130.2
143.0
148.7
136.5
127.3
128.9
130.8

292.6
293.0
293.5
294.1
295.2
296.1
297.5

130.1
137.8
144.2
137.5
133.3
134.4
135.0

192.3
192.5
192.5
192.5
193.0
193.0
193.4

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 2002.
Source: Department of Labor, Bureau of Labor Statistics.

23

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

Change from 3 months earlier, annual rate

Consumer goods

Consumer goods

Total
finished
goods

Excluding
foods

Foods

Capital
equipment

Change from 6 months earlier, annual rate

Change
from year
earlier,
total
finished
goods
NSA

Consumer goods

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

1.8
2.0
2.2
.4
¥.6
0
.3
1.2
0
¥.6

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

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

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

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

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

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

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

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

¥0.3
¥.1
.3
.2
¥.1
¥.2
.3
¥.1
.6
r ¥.4
.1
¥.1
.4

¥1.1
.6
1.2
4.4
3.2
.9
3.2
9.2
16.8
3.2
¥2.5
r ¥5.9
1.4

¥0.6
¥1.1
¥3.7
¥1.7
1.4
4.7
10.8
10.7
10.1
5.4
4.3
r 5.1
1.1

¥1.7
2.3
3.8
8.6
5.0
.3
2.0
13.7
26.6
4.0
¥7.2
r ¥11.6
1.4

¥1.1
¥1.4
¥.6
1.4
1.5
¥.6
¥.3
¥.3
2.9
.3
1.2
r¥1.7
1.2

1.3
.7
¥.3
1.6
1.9
1.0
3.8
6.2
8.5
3.2
3.2
4.8
2.3

¥2.9
¥5.8
¥7.6
¥1.1
.1
.4
4.4
6.0
7.4
8.1
7.5
7.6
3.3

4.2
4.5
3.1
3.3
3.7
2.0
5.3
9.3
12.7
3.0
2.7
5.8
2.7

Change, Dec. to Dec., NSA
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

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

0.2
1.7
2.3
2.8
¥1.2
0
2.9
3.6
¥1.6
1.2

¥1.4
2.0
2.3
3.7
¥1.5
¥.1
5.1
5.5
¥3.9
2.9

2.4
1.1
1.9
3.4
¥.8
.1
.8
1.7
1.8
¥.6

1.2
.6
1.9
2.7
.4
¥.8
1.8
3.8
2.0
¥1.3

Change, month to month
2002: July ..........
Aug ...........
Sept ..........
Oct ............
Nov ...........
Dec ...........
2003: Jan ...........
Feb ...........
Mar r .........
Apr ............
May ..........
June .........
July ..........

0
0
.3
.8
¥.3
¥.3
1.4
1.1
1.4
r ¥1.7
¥.3
.5
.1

¥0.1
¥.4
¥.4
.4
.4
.4
1.9
.4
.2
r .8
.1
.4
¥.2

0.1
.3
.6
1.2
¥.6
¥.6
1.6
2.2
2.1
r ¥3.2
¥.7
.9
.1

¥1.0
¥1.3
¥.7
.1
0
¥.6
.6
.6
1.2
0
.4
.6
.7

¥1.2
¥1.5
¥1.8
.7
1.0
1.2
2.5
3.3
4.0
2.4
2.5
2.9
3.0

Source: Department of Labor, Bureau of Labor Statistics.

CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing

Transportation

Shelter
Period

All
items 1

Food
Total 1
Total 1

Rent of Ownpriers’
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

Addendum: All items,
percent change
(annual rate)
From
previous
quarter 3

From
From
3
6
months months
earlier earlier

From
year
earlier
NSA

Change, December to December, NSA
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

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

2.7
2.7
2.5
3.3
1.7
1.6
2.7
3.4
1.6
2.4

2.9
2.9
2.1
4.3
1.5
2.3
1.9
2.8
2.8
1.5

2.7
2.2
3.0
2.9
2.4
2.3
2.2
4.3
2.9
2.4

3.0
3.0
3.5
2.9
3.4
3.3
2.5
3.4
4.2
3.1

2.2
2.5
2.5
2.8
3.1
3.4
3.1
4.0
4.7
3.1

3.2
3.3
3.7
2.8
3.1
3.2
2.4
3.4
4.5
3.3

2.5
.2
1.4
4.6
.5
¥2.6
2.4
12.1
¥2.1
1.4

0.9
¥1.6
.1
¥.2
1.0
¥.7
¥.5
¥1.8
¥3.2
¥1.8

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

2.8
3.2
1.6
1.6
¥1.0
¥.1
¥.8
.3
0
¥2.0

¥5.4
5.9
¥4.0
12.7
¥6.2
¥15.4
30.2
13.9
¥24.8
24.6

5.4
4.9
3.9
3.0
2.8
3.4
3.7
4.2
4.7
5.0

¥1.4
2.2
¥1.3
8.6
¥3.4
¥8.8
13.4
14.2
¥13.0
10.7

3.2
2.6
3.0
2.6
2.2
2.4
1.9
2.6
2.7
1.9

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

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

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

3.0
2.6
2.8
3.0
2.3
1.6
2.2
3.4
2.8
1.6

¥0.1
¥.1
.3
.3
¥.1
¥.4
¥.8
¥.2
.1
¥.4
¥.1
¥.2
¥.2

1.5
.2
.7
2.5
¥1.0
¥1.4
6.6
9.8
4.0
¥8.2
¥6.7
1.3
1.5

0.6
.2
.3
.6
.5
.4
.1
.1
.2
.2
.4
.3
.5

0.7
.2
.4
1.4
¥.5
¥.4
4.0
5.9
4.6
¥4.6
¥3.1
.8
.4

0.2
.3
.2
.1
.1
.2
.1
.1
0
0
.3
0
.2

..........
..........
2.2
..........
..........
2.0
..........
..........
3.8
..........
..........
.7
..........

1.8
2.2
2.5
2.5
2.0
1.6
2.2
4.3
5.2
2.4
0
¥.7
1.3

2.8
2.9
2.7
2.1
2.1
2.0
2.3
3.1
3.3
2.3
2.1
2.2
1.9

1.5
1.8
1.5
2.0
2.2
2.4
2.6
3.0
3.0
2.2
2.1
2.1
2.1

Change, month to month
2002: July ..............
Aug ...............
Sept ..............
Oct ................
Nov ...............
Dec ...............
2003: Jan ...............
Feb ................
Mar ...............
Apr ................
May ...............
June ..............
July ..............
1 Includes

0.2
.2
.2
.2
.1
.1
.3
.6
.3
¥.3
0
.2
.2

0.1
¥.1
.2
.1
.2
.2
¥.2
.7
.2
¥.1
.3
.4
.1

0.2
.2
.2
.3
.1
.2
.4
.3
.4
¥.1
.4
.1
.2

0.2
.3
.2
.2
.2
.2
.3
0
0
.1
.6
0
.3

0.3
.2
.2
.2
.3
.2
.4
.2
.2
.3
.3
.1
.2

0.3
.2
.3
.3
.1
.3
.3
.2
.1
0
.2
0
.3

¥0.1
.3
.2
.3
.1
.4
1.4
2.0
4.4
¥1.0
.2
.4
¥.2

¥0.6
.8
¥.2
¥.2
¥.2
¥.2
¥.9
¥.2
¥.4
¥.6
¥.3
.4
0

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

24

0.4
.3
.2
.5
¥.2
¥.3
1.1
2.0
1.0
¥1.7
¥1.3
.3
.2

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 August, prices received by farmers rose 2.9 percent; prices paid by farmers were unchanged. (Data are not
seasonally adjusted.)

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

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

All farm
products

Prices paid by farmers
Livestock and
products

Crops

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

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

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

101
100
102
112
107
101
96
96
102
98

102
105
112
127
115
107
97
96
99
105

100
95
92
99
98
97
95
97
106
90

104
106
109
115
118
115
115
120
123
124

103
106
108
115
118
114
113
118
122
121

104
106
108
115
119
113
111
116
120
119

97
94
93
98
90
89
83
80
83
79

2002: Aug ....................
Sept ...................
Oct .....................
Nov ....................
Dec ....................
2003: Jan ....................
Feb .....................
Mar .....................
Apr .....................
May ....................
June ...................
July r ..................
Aug ....................

100
98
95
97
100
100
99
99
101
106
107
105
108

113
109
101
103
107
103
104
106
111
117
117
109
112

87
85
87
89
91
96
95
93
94
97
99
101
105

124
125
125
125
125
126
127
128
128
127
128
127
127

122
122
123
123
123
125
126
126
126
125
126
125
125

120
121
121
120
121
122
123
124
123
123
123
123
123

81
78
76
78
80
79
78
77
79
83
84
83
85

1 Includes

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 July, M2 and M3 rose.

[Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
M1

M2

M3

Debt

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

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

Debt of
domestic
nonfinancial
sectors1

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

1,129.3
1,149.9
1,126.7
1,078.4
1,071.4
1,094.8
1,121.4
1,084.7
1,172.9
1,210.4

3,483.2
3,496.2
3,640.1
3,815.3
4,031.4
4,384.4
4,649.7
r4,931.5
5,444.6
5,791.8

4,277.6
4,360.0
4,625.2
4,971.8
5,446.2
6,036.4
6,534.9
r 7,099.4
8,004.5
8,522.7

12,418.5
12,985.8
13,681.7
14,405.9
15,194.3
16,238.9
17,305.0
18,164.5
19,299.7
20,685.1

10.3
1.8
¥2.0
¥4.3
¥.6
2.2
2.4
¥3.3
8.1
3.2

1.5
.4
4.1
4.8
5.7
8.8
6.1
6.1
10.4
6.4

1.5
1.9
6.1
7.5
9.5
10.8
8.3
8.6
12.7
6.5

4.8
4.5
5.4
5.3
5.5
6.9
6.4
4.9
6.2
7.2

2002: July r ......................................................
Aug r ......................................................
Sept r .....................................................
Oct r .......................................................
Nov r ......................................................
Dec r ......................................................

1,195.7
1,184.5
1,191.2
1,202.6
1,202.2
1,210.4

5,635.2
5,673.1
5,698.7
5,736.6
5,776.5
5,791.8

8,224.9
8,291.4
8,333.0
8,344.3
8,467.2
8,522.7

......................
......................
20,281.9
......................
......................
20,685.1

2.8
¥.1
.7
5.1
3.2
3.6

6.1
6.0
6.9
8.8
7.9
7.3

5.2
5.5
6.2
6.5
7.8
8.4

............
............
6.6
............
............
8.0

2003: Jan r ......................................................
Feb r ......................................................
Mar r ......................................................
Apr r ......................................................
May r ......................................................
June r .....................................................
July .......................................................

1,213.0
1,233.4
1,237.0
1,237.4
1,258.3
1,272.2
1,277.8

5,820.5
5,873.5
5,885.7
5,908.5
5,996.2
6,043.6
6,092.1

8,522.5
8,569.0
8,595.6
8,610.7
8,699.6
8,761.6
8,922.2

......................
......................
21,019.8
......................
......................
......................
......................

2.9
8.3
7.7
5.8
9.3
10.2
10.7

6.6
7.1
6.6
6.0
7.6
8.7
9.3

7.2
6.7
6.3
6.4
5.5
5.6
9.4

............
............
6.5
............
............
............
............

Period

1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:

1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter.
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2 Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.

26

Percent change
From year or 6 months
earlier2

M1

M2

M3

From
previous
period3
Debt

3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.

COMPONENTS OF MONEY STOCK
[Averages of daily figures; billions of dollars, seasonally adjusted]

Period

1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Currency

Nonbank
travelers
checks

Demand
deposits

Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)

Other
checkable
deposits
(OCDs)

Small
denomination
time
deposits 1

Money market
mutual fund
balances

Large
denomination
time
deposits 1

Institutional

Retail

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

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

321.6
354.0
372.1
394.1
424.6
459.9
517.7
531.5
581.9
627.3

7.5
8.0
8.5
8.3
8.1
8.2
8.3
8.0
7.8
7.5

385.5
383.6
389.3
400.3
393.1
377.1
352.1
306.9
326.1
297.1

414.8
404.2
356.8
275.7
245.7
249.5
243.4
238.2
257.2
278.5

1,219.3
1,149.8
1,134.1
1,274.0
1,400.6
1,605.2
1,740.8
1,877.2
2,307.0
2,762.3

782.0
816.3
931.4
946.9
968.0
951.6
954.1
1,044.3
973.3
893.2

352.5
380.0
447.8
516.1
591.4
732.8
833.4
r 925.4
r 991.5
r 925.9

217.2
211.3
264.5
322.7
395.6
539.1
634.8
788.8
1,190.3
1,234.5

331.8
369.8
428.1
508.7
617.7
669.4
744.1
821.3
786.0
793.9

172.6
196.4
198.5
210.5
254.0
293.4
335.7
363.5
375.0
r 474.6

72.8
86.3
94.0
114.7
147.5
150.2
170.5
194.3
208.6
227.9

2002: July r .........................................
Aug r ..........................................
Sept r .........................................
Oct r ...........................................
Nov r ..........................................
Dec r ..........................................

613.7
616.4
618.3
620.9
623.6
627.3

8.5
8.3
7.9
7.7
7.5
7.5

305.1
290.0
292.7
299.7
294.6
297.1

268.4
269.8
272.3
274.4
276.6
278.5

2,568.6
2,625.9
2,664.5
2,699.6
2,743.3
2,762.3

919.3
914.3
907.3
902.3
898.1
893.2

951.6
948.4
935.7
932.1
932.9
925.9

1,192.8
1,192.0
1,183.9
1,143.4
1,209.1
1,234.5

815.5
815.8
813.2
819.1
811.9
793.9

373.3
400.9
424.3
423.4
443.4
474.6

208.1
209.6
212.8
221.8
226.4
227.9

2003: Jan r ..........................................
Feb r ..........................................
Mar r ..........................................
Apr r ..........................................
May r ..........................................
June r .........................................
July ...........................................

630.9
636.1
640.2
643.2
645.8
646.5
646.2

7.6
7.6
7.5
7.4
7.5
7.9
8.2

295.9
306.2
304.4
304.4
315.4
322.5
322.5

278.5
283.5
284.9
282.4
289.6
295.3
300.9

2,806.7
2,850.8
2,870.5
2,913.9
2,981.7
3,029.6
3,096.1

888.0
881.9
877.0
871.2
863.3
854.9
842.4

912.8
907.3
901.2
886.1
892.8
886.9
875.8

1,198.5
1,178.7
1,165.8
1,144.0
1,124.8
1,143.8
1,183.9

803.1
800.8
805.4
805.0
808.0
805.3
896.9

466.3
480.9
499.4
509.3
517.5
520.2
495.1

234.0
235.2
239.3
243.9
253.0
248.6
254.2

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
Reserves of depository institutions

Period
Total 2
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Borrowings of depository institutions from the Federal
Reserve (NSA)

Nonborrowed 3

Required

Excess
(NSA)

Monetary
base

Total

Primary

Secondary

Seasonal

Adjustment

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

60,460
59,369
56,430
50,149
46,848
45,141
41,809
38,537
41,243
40,217

60,378
59,160
56,173
49,994
46,523
45,024
41,488
38,327
41,177
40,138

59,390
58,209
55,140
48,733
45,163
43,627
40,512
37,110
39,595
38,208

1,070
1,159
1,290
1,416
1,685
1,514
1,297
1,427
1,649
2,009

386,462
418,194
434,400
451,921
479,838
513,708
593,155
584,765
635,617
681,900

82
209
257
155
324
117
320
210
67
80

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

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

31
100
40
68
79
15
67
111
33
45

51
109
217
87
245
101
179
99
34
35

2002: Aug .................................
Sept .................................
Oct ..................................
Nov .................................
Dec ..................................

39,961
39,209
39,171
39,760
40,217

39,628
38,980
39,028
39,489
40,138

38,353
37,722
37,636
38,122
38,208

1,608
1,486
1,535
1,638
2,009

669,833
671,399
674,250
677,612
681,900

333
229
143
272
80

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

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

185
169
120
60
45

148
60
23
211
35

2003: Jan ..................................
Feb ..................................
Mar .................................
Apr ..................................
May .................................
June r ...............................
July r ................................
Aug p ................................

40,731
40,820
40,973
40,806
40,986
42,795
43,927
46,299

40,704
40,795
40,951
40,777
40,931
42,634
43,797
45,970

39,024
38,855
39,337
39,274
39,367
40,942
42,011
42,525

1,707
1,965
1,636
1,532
1,619
1,854
1,916
3,773

r 685,722

27
25
22
29
55
161
130
329

12
21
14
8
3
87
21
168

0
0
0
0
0
0
0
15

13
5
8
21
53
74
110
146

2
................
................
................
................
................
................
................

1 Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Reserves and monetary base incorporate adjustments for discontinuities, or ‘‘breaks,’’ associated with changes in reserve requirements.
2 Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves.

r 691,306

695,142
r 698,228
r 701,181

703,172
703,530
710,120

3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve.
Source: Board of Governors of the Federal Reserve System.

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 2.0 percent in July; commercial and industrial loans rose 0.4 percent.

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

Period

1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2002:

Dec ...........
Dec ...........
Dec ...........
Dec r ..........
Dec r ..........
Dec r ..........
Dec r ..........
Dec r ..........
Dec r ..........
Dec r ..........
July r .........
Aug r .........
Sept r .........
Oct r ..........
Nov r .........
Dec r ..........
2003: Jan r ..........
Feb r ..........
Mar r .........
Apr r ..........
May r .........
June r ........
July ..........

Total
bank
credit

3,116.0
3,322.4
3,605.1
3,757.3
4,101.6
4,537.8
4,769.5
5,224.4
5,433.6
5,891.0
5,579.1
5,661.4
5,721.4
5,756.2
5,835.0
5,891.0
5,884.9
5,962.0
5,992.6
6,024.2
6,126.2
6,181.4
6,220.8

Total
securities

U.S.
Treasury
and
agency
securities

917.9
942.6
986.7
981.9
1,096.6
1,236.1
1,281.4
1,346.9
1,491.6
1,716.4
1,591.8
1,629.5
1,642.4
1,644.8
1,687.2
1,716.4
1,710.3
1,753.9
1,766.2
1,777.8
1,834.9
1,856.9
1,810.6

733.1
724.2
703.7
701.8
755.2
797.6
814.6
791.8
852.3
1,027.9
917.5
943.7
962.5
981.4
1,012.3
1,027.9
1,030.4
1,059.2
1,072.3
1,105.0
1,136.4
1,152.6
1,115.7

Loans and leases in bank credit
Real estate

CommerOther
Total loans cial and
securities and leases 2 industrial

184.8
218.4
283.0
280.1
341.4
438.5
466.8
555.0
639.3
688.4
674.3
685.8
679.9
663.4
674.9
688.4
679.9
694.8
693.9
672.8
698.5
704.3
695.0

2,198.0
2,379.8
2,618.3
2,775.4
3,005.0
3,301.7
3,488.1
3,877.5
3,942.0
4,174.6
3,987.3
4,031.9
4,079.0
4,111.4
4,147.8
4,174.6
4,174.6
4,208.1
4,226.4
4,246.4
4,291.3
4,324.5
4,410.2

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

590.3
650.3
723.8
784.8
854.3
947.9
999.6
1,088.2
1,028.7
965.3
978.7
978.6
973.1
968.3
967.3
965.3
960.8
954.5
948.8
947.2
937.6
924.6
928.0

Total

948.3
1,012.1
1,091.0
1,142.7
1,245.8
1,336.6
1,475.8
1,656.3
1,783.7
2,027.5
1,871.6
1,903.6
1,937.2
1,970.5
2,005.5
2,027.5
2,046.0
2,079.2
2,094.3
2,110.4
2,133.0
2,155.6
2,193.5

Revolving
home
equity

78.0
80.5
84.4
90.8
104.9
103.8
101.5
130.0
155.5
213.4
192.3
197.3
200.8
204.7
208.7
213.4
217.6
222.7
230.5
234.8
238.4
244.8
248.9

Consumer

Security

Other

Other

870.3
931.7
1,006.5
1,052.0
1,140.9
1,232.8
1,374.4
1,526.4
1,628.2
1,814.1
1,679.2
1,706.3
1,736.5
1,765.8
1,796.8
1,814.1
1,828.4
1,856.5
1,863.8
1,875.6
1,894.6
1,910.8
1,944.6

387.6
448.3
491.5
513.2
503.0
497.3
491.2
540.1
557.4
588.1
564.0
574.3
582.9
584.7
585.5
588.1
591.8
591.7
586.9
583.9
587.9
592.5
592.4

86.5
75.9
83.3
75.4
94.6
145.8
150.4
177.2
145.5
189.5
178.0
176.9
180.9
183.0
185.8
189.5
174.8
181.3
193.6
190.4
209.8
211.2
213.7

185.3
193.3
228.7
259.4
307.3
374.1
371.0
415.6
426.6
404.3
395.1
398.5
404.8
404.8
403.6
404.3
401.2
401.3
402.7
414.6
423.0
440.6
482.6

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 (Net increase in liabilities)
Funds raised in markets
Period
Total

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2000:

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
I .............
II ...........
III ..........
IV ..........
2001: I .............
II ...........
III ..........
IV ..........
2002: I .............
II ...........
III ..........
IV ..........
2003: I p ...........

728.6
808.2
1,010.7
1,074.5
1,011.1
1,332.8
1,743.9
1,978.4
962.8
988.8
1,908.4
2,140.7
2,098.3
1,765.9
1,172.0
923.8
816.5
938.9
971.1
1,101.1
842.6
1,040.5
1,116.0

Internal 1

510.7
566.6
619.9
676.0
727.6
716.8
756.3
741.0
777.1
799.9
740.5
751.0
743.9
728.4
710.3
748.3
789.7
860.1
815.4
797.2
783.8
803.1
786.2

Credit market instruments
Total

217.9
241.6
390.8
398.5
283.5
616.0
987.6
1,237.4
185.7
188.9
1,167.9
1,389.7
1,354.4
1,037.5
461.7
175.5
26.8
78.8
155.7
303.9
58.8
237.4
329.8

Capital
expenditures 3

Total

Total
net
funds
raised

Net new
equity
issues

54.5
81.4
168.7
135.8
214.2
193.7
268.0
261.7
209.1
27.0
527.6
317.7
176.3
25.3
222.8
285.5
88.7
239.4
32.4
112.7
¥149.0
111.9
86.7

21.3
¥44.9
¥58.3
¥47.3
¥77.4
¥215.5
¥110.4
¥118.2
¥47.4
¥40.5
108.2
¥202.5
¥42.9
¥335.5
¥19.0
¥57.9
¥108.6
¥4.2
¥9.8
16.1
¥140.3
¥27.9
¥62.0

Total

Securities
and mortgages

33.2
126.3
227.1
183.1
291.6
409.2
378.4
380.0
256.5
67.5
419.5
520.2
219.3
360.9
241.8
343.4
197.3
243.7
42.2
96.6
¥8.7
139.8
148.7

1 Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed
capital, foreign earnings retained abroad, inventory valuation adjustment, and net capital transfers.
2 Includes tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
the U.S.

55.4
32.0
102.1
129.6
187.0
258.6
256.8
202.6
405.0
180.1
224.4
183.6
170.6
231.6
444.5
478.7
285.7
410.9
262.0
251.2
¥.7
208.0
228.0

Loans
and
shortterm
paper

Other 2

¥22.2
94.3
124.9
53.7
104.6
150.7
121.6
177.4
¥148.5
¥112.7
195.1
336.6
48.7
129.2
¥202.8
¥135.3
¥88.4
¥167.3
¥219.8
¥154.7
¥7.9
¥68.1
¥79.2

163.4
160.3
222.1
262.7
69.2
422.3
719.6
975.7
¥23.4
161.9
640.3
1,072.0
1,178.1
1,012.2
238.9
¥110.0
¥61.9
¥160.7
123.3
191.3
207.8
125.4
243.1

841.5
850.7
1,065.1
1,116.7
1,032.6
1,396.4
1,854.9
2,166.4
984.0
967.7
2,008.1
2,303.6
2,389.7
1,964.3
1,271.1
952.2
786.4
926.3
943.9
1,096.5
820.0
1,010.3
1,081.1

508.8
575.6
638.7
662.7
760.2
826.5
885.0
957.2
794.2
802.6
936.5
970.3
975.3
946.9
866.3
812.2
781.2
717.1
773.6
796.3
816.4
824.2
800.3

Increase
in financial assets

332.7
275.1
426.4
454.0
272.4
569.9
969.9
1,209.2
189.8
165.1
1,071.6
1,333.3
1,414.4
1,017.4
404.8
140.0
5.2
209.2
170.3
300.2
3.6
186.1
280.8

Discrepancy
(sources
less
uses)

¥112.8
¥42.5
¥54.4
¥42.2
¥21.5
¥63.6
¥111.0
¥188.1
¥21.2
21.1
¥99.7
¥162.9
¥291.4
¥198.4
¥99.1
¥28.4
30.2
12.5
27.1
4.6
22.6
30.2
35.0

3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, 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

1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2002:

Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
July ...............................................................................
Aug ...............................................................................
Sept ..............................................................................
Oct ...............................................................................
Nov ...............................................................................
Dec ...............................................................................
2003: Jan r ..............................................................................
Feb r ..............................................................................
Mar r .............................................................................
Apr r ..............................................................................
May r .............................................................................
June r ............................................................................
July p ............................................................................

Revolving

838.8
960.4
1,095.8
1,185.1
1,243.0
1,317.0
1,415.5
1,559.5
1,666.8
1,726.1
1,717.5
1,725.4
1,727.1
1,728.0
1,725.0
1,726.1
1,741.3
1,744.0
1,746.8
1,757.5
1,768.3
1,768.4
1,774.4

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 unse-

309.9
365.6
443.1
498.9
531.0
562.5
598.0
667.4
701.3
712.0
714.7
720.7
717.6
717.1
716.1
712.0
714.9
718.8
720.6
723.3
727.9
726.6
726.9

Nonrevolving 2

528.8
594.9
652.7
686.1
712.0
754.5
817.5
892.1
965.5
1,014.1
1,002.7
1,004.8
1,009.5
1,010.9
1,008.9
1,014.1
1,026.4
1,025.2
1,026.2
1,034.3
1,040.4
1,041.8
1,047.5

Net change in consumer credit outstanding 1
Total

56.6
121.6
135.4
89.3
57.9
74.0
98.5
144.0
107.3
59.3
7.5
7.9
1.7
.9
¥3.0
1.1
15.2
2.7
2.8
10.7
10.8
.1
6.0

Revolving

31.5
55.7
77.5
55.8
32.1
31.5
35.5
69.4
33.9
10.7
2.2
6.0
¥3.1
¥.5
¥1.0
¥4.1
2.9
3.9
1.8
2.7
4.6
¥1.3
.3

Nonrevolving 2

25.1
66.1
57.8
33.4
25.9
42.5
63.0
74.6
73.4
48.6
5.2
2.1
4.7
1.4
¥2.0
5.2
12.3
¥1.2
1.0
8.1
6.1
1.4
5.7

cured.
Source: Board of Governors of the Federal Reserve System.

29

INTEREST RATES AND BOND YIELDS
Interest rates rose in August.

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

1993 .......................
1994 .......................
1995 .......................
1996 .......................
1997 .......................
1998 .......................
1999 .......................
2000 .......................
2001 .......................
2002 .......................
2002: Aug .............
Sept .............
Oct ..............
Nov .............
Dec ..............
2003: Jan ..............
Feb ..............
Mar .............
Apr ..............
May .............
June ............
July .............
Aug .............
Week ended:
2003: Aug 9 ........
16 ........
23 ........
30 ........
Sept 6 ........
1 Bank-discount

3-month
bills (new
issues) 1

3-year

maturities 2

10-year

30-year

Highgrade
municipal
bonds
(Standard
&
Poor’s) 3

Corporate
Aaa
bonds
(Moody’s)

30

Primary
credit 4

3.02
4.29
5.51
5.02
5.07
4.81
4.66
5.85
3.45
1.62
1.63
1.63
1.60
1.26
1.20
1.17
1.16
1.13
1.14
1.08
0.95
0.90
0.96

4.44
6.27
6.25
5.99
6.10
5.14
5.49
6.22
4.09
3.10
2.52
2.32
2.25
2.32
2.23
2.18
2.05
1.98
2.06
1.75
1.51
1.93
2.44

5.87
7.09
6.57
6.44
6.35
5.26
5.65
6.03
5.02
4.61
4.26
3.87
3.94
4.05
4.03
4.05
3.90
3.81
3.96
3.57
3.33
3.98
4.45

6.59
7.37
6.88
6.71
6.61
5.58
5.87
5.94
5.49
*
*
*
*
*
*
*
*
*
*
*
*
*
*

5.63
6.19
5.95
5.75
5.55
5.12
5.43
5.77
5.19
5.05
4.92
4.73
4.85
4.98
4.91
4.88
4.80
4.72
4.71
4.35
4.32
4.71
5.08

7.22
7.96
7.59
7.37
7.26
6.53
7.04
7.62
7.08
6.49
6.37
6.15
6.32
6.31
6.21
6.17
5.95
5.89
5.74
5.22
4.97
5.49
5.88

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
2.25
2.25
2.25
2.25
2.25
2.00
2.00
2.00

0.95
0.94
0.95
0.98
0.97

2.32
2.41
2.47
2.55
2.51

4.34
4.49
4.47
4.49
4.52

*
*
*
*
*

5.05
5.13
5.05
5.10
5.11

5.83
5.93
5.89
5.87
5.90

2.00
2.00
2.00
2.00
2.00

basis.
on actively traded issues adjusted to constant maturities.
3 Weekly data are Wednesday figures.
4 The rate for primary credit replaces the rate for adjustment credit under an amendment
to the Federal Reserve Board’s Regulation A, effective January 9, 2003.
5 Average effective rate for year; rate in effect at end of month or week.
2 Yields

Discount window
(N.Y. F.R. Bank) 4

6 Daily

Discount
rate 5

3.00
3.60
5.21
5.02
5.00
4.92
4.62
5.73
3.40
1.17
1.25
1.25
1.25
0.75
0.75

Prime rate
charged by
banks 5

Federal
funds
rate 6

Newhome
mortgage
yields
(FHFB) 7

*
*
*
*
*
*
*
*

6.00
7.15
8.83
8.27
8.44
8.35
8.00
9.23
6.91
4.67
4.75
4.75
4.75
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.00
4.00
4.00

3.02
4.21
5.83
5.30
5.46
5.35
4.97
6.24
3.88
1.67
1.74
1.75
1.75
1.34
1.24
1.24
1.26
1.25
1.26
1.26
1.22
1.01
1.03

7.20
7.49
7.87
7.80
7.71
7.07
7.04
7.52
7.00
6.43
6.26
6.17
6.09
6.08
6.04
6.12
5.82
5.75
5.92
5.75
5.51
5.53
..............

*
*
*
*
*

4.00
4.00
4.00
4.00
4.00

0.97
0.98
1.18
1.00
1.01

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

effective rate; weighted average of rates on brokered trades.
7 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 or discontinued.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s.

COMMON STOCK PRICES AND YIELDS
Stock prices were mixed in August.

Common stock prices 1

Common stock yields
(percent) 8

New York Stock Exchange indexes 2
Period

Standard &
Poor’s composite index
(1941–
43=10) 6

Nasdaq composite index
(Feb. 5,
1971=100) 7

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
9,226.43

451.41
460.42
541.72
670.50
873.43
1,085.50
1,327.33
1,427.22
1,194.18
993.94

715.16
751.65
925.19
1,164.96
1,469.49
1,794.91
2,728.15
3,783.67
2,035.00
1,539.73

2.78
2.82
2.56
2.19
1.77
1.49
1.25
1.15
1.32
1.61

4.46
5.83
6.09
5.24
4.57
3.46
3.17
3.63
2.95
2.92

533.60
506.05
494.06
523.50
519.72

8,685.48
8,160.78
8,048.12
8,625.72
8,526.66

912.55
867.81
854.63
909.93
899.18

1,327.36
1,251.07
1,241.91
1,409.15
1,387.15

1.72
1.80
1.86
1.73
1.77

..................
3.68
..................
..................
3.14

236.43
214.63
211.45
221.06
238.33
254.16
244.67
238.06

522.51
485.33
486.71
522.05
549.91
579.48
588.81
582.20

8,474.59
7,916.18
7,977.73
8,332.09
8,623.41
9,098.07
9,154.39
9,284.78

895.84
837.62
846.62
890.03
935.96
988.00
992.54
989.53

1,389.56
1,313.26
1,348.50
1,409.83
1,524.18
1,631.75
1,716.85
1,724.82

1.80
1.95
1.93
1.83
1.75
1.66
1.71
1.78

..................
..................
3.57
..................
..................
3.57
..................
..................

236.07
237.91
239.91
238.76
244.06

577.41
585.55
586.14
580.43
592.92

9,120.33
9,286.28
9,402.28
9,356.38
9,545.74

973.41
987.23
999.74
999.62
1,024.41

1,667.29
1,687.50
1,760.80
1,785.54
1,855.40

1.81
1.79
1.76
1.77
1.71

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

Dow Jones
industrial
average 5

December 31, 1965=50

Composite
(Dec. 31,
2002=5,000) 3

Industrial

Transportation

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

2,638.96
2,687.02
3,078.56
3,787.20
4,827.35
5,818.26
6,546.81
6,805.89
6,397.85
5,578.89

299.99
315.25
367.34
453.98
574.52
681.57
774.78
810.63
748.26
657.37

242.49
247.29
269.41
327.33
414.60
468.69
491.60
413.60
443.59
431.10

228.90
209.06
220.30
249.77
283.82
378.12
473.73
477.65
377.30
260.85

216.42
209.73
238.45
303.89
424.48
516.35
530.86
553.13
595.61
555.27

2002: Aug .................
Sept ................
Oct ..................
Nov .................
Dec .................

5,200.62
4,980.65
4,862.70
5,104.89
5,075.76

611.34
589.14
574.45
597.75
593.15

409.96
388.19
383.41
405.03
401.39

225.52
210.76
207.83
229.41
233.38

2003: Jan .................
Feb .................
Mar .................
Apr .................
May .................
June ................
July ................
Aug .................

5,055.78
4,738.56
4,724.22
4,977.45
5,269.96
5,583.60
5,567.94
5,580.87

587.78
553.90
558.10
583.74
613.26
649.25
648.00
651.19

394.84
367.55
366.90
395.85
425.12
441.81
445.29
451.31

Week ended:
2003: Aug 9 ............
16 ............
23 ............
30 ............
Sept 6 ...........

5,490.80
5,588.73
5,641.35
5,617.63
5,752.08

638.99
649.82
658.36
659.31
675.28

443.83
450.91
456.35
455.01
467.48

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

1 Average of daily closing prices.
2 Includes all the stocks (nearly 3,000) listed on the NYSE.
3 Effective January 9, 2003, the NYSE relaunched the composite

Utility 4

Finance

Dividendprice ratio

Earningsprice ratio

6 Includes

index with changes in

methodology, definitions, and based on Dec. 31, 2002=5,000.
4 Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index.
5 Includes 30 stocks.

500 stocks.
over 4,000 stocks.
& Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
7 Includes

8 Standard

Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and
Nasdaq Stock Market.

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 10 months of fiscal 2003, there was a deficit of $324.0 billion, compared with a deficit of $145.5 billion
a year earlier.

[Billions of dollars]
Total

On-budget

Off-budget

Receipts

Outlays

Surplus
or
deficit
(¥)

Receipts

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
1,991.2
1,853.2
1,756.3

990.4
1,004.1
1,064.5
1,143.6
1,253.2
1,324.4
1,381.7
1,409.5
1,461.9
1,515.8
1,560.5
1,601.3
1,652.6
1,701.9
1,788.8
1,863.9
2,011.0
2,211.7

¥221.2
¥149.7
¥155.2
¥152.5
¥221.2
¥269.3
¥290.4
¥255.1
¥203.3
¥164.0
¥107.5
¥22.0
69.2
125.6
236.4
127.3
¥157.8
¥455.4

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
1,483.7
1,337.9
1,233.3

806.9
810.2
861.8
932.7
1,028.1
1,082.7
1,129.3
1,142.9
1,182.5
1,227.1
1,259.6
1,290.6
1,336.0
1,381.1
1,458.0
1,517.1
1,655.3
1,847.8

¥237.9
¥169.3
¥194.0
¥205.2
¥277.8
¥321.5
¥340.5
¥300.4
¥258.9
¥226.4
¥174.1
¥103.3
¥30.0
1.9
86.6
¥33.4
¥317.5
¥614.5

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
515.3
523.0

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
346.8
355.7
363.9

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
160.7
159.7
159.1

2,120.5
2,346.0
2,601.1
2,867.8
3,206.3
3,598.2
4,001.8
4,351.0
4,643.3
4,920.6
5,181.5
5,369.2
5,478.2
5,605.5
5,628.7
5,769.9
6,198.4
6,896.2

1,740.6
1,889.8
2,051.6
2,190.7
2,411.6
2,689.0
2,999.7
3,248.4
3,433.1
3,604.4
3,734.1
3,772.3
3,721.1
3,632.4
3,409.8
3,319.6
3,540.4
4,036.0

1,535.9
1,476.4

1,681.4
1,800.4

¥145.5
¥324.0

1,104.5
1,036.6

1,405.6
1,516.9

¥301.1
¥480.3

431.4
439.8

275.7
283.5

155.6
156.3

6,129.0
6,727.2

3,487.5
3,892.8

Fiscal year or period

1986 ......................................
1987 ......................................
1988 ......................................
1989 ......................................
1990 ......................................
1991 ......................................
1992 ......................................
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 ......................................
2003 (estimates) ...................
Cumulative total, first 10
months: 1
Fiscal year 2002 ................
Fiscal year 2003 ................

1 Data from current issue Monthly Treasury Statement.
NOTE.—Data for fiscal 2002 and 2003 are from Mid-Session Review of the FY 2004 Budget
issued July 15, 2003. Other data (except as noted) are from Budget of the United States Gov-

32

Outlays

Surplus
or
deficit
(¥)

Federal debt (end of
period)

Receipts

Outlays

Surplus
or
deficit
(¥)

Gross
Federal

ernment, Fiscal Year 2004, issued February 3, 2003.
Sources: Department of the Treasury and Office of Management and Budget.

Held by
the public

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 10 months of fiscal 2003, receipts were $59.5 billion lower than a year earlier and outlays were $119.0
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

1986
1987
1988
1989

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

769.2
854.4
909.3
991.2

349.0
392.6
401.2
445.7

63.1
83.9
94.5
103.3

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
1,991.2 994.3
1,853.2 858.3
1,756.3 790.0

207.3
151.1
148.0
125.3

652.9
694.0
700.8
711.0

160.6
151.8
146.0
129.9

1,535.9
1,476.4

117.6
100.2

588.9
598.5

2000 ...............................................
2001 ..............................................
2002 ..............................................
2003 (estimates) ...........................
Cumulative total, first 10
months: 2
Fiscal year 2002 ........................
Fiscal year 2003 ........................

707.9
658.8

Total

73.2
990.4
74.6 1,004.1
79.3 1,064.5
82.8 1,143.6

Department of
Defense,
military

International
affairs

Health

Medicare

Income Social
security security

Net
interest

Other

273.4
282.0
290.4
303.6

265.5
274.0
281.9
294.9

14.2
11.6
10.5
9.6

35.9
40.0
44.5
48.4

70.2
75.1
78.9
85.0

120.6
124.1
130.4
137.4

198.8
207.4
219.3
232.5

136.0
138.6
151.8
169.0

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
1,560.5
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
235.0
237.7
242.4

248.6
269.0
287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

184.3
194.4
199.3
198.7
202.9
232.1
241.1
244.0
241.1
229.8

202.6
223.7
172.2
158.0
171.7
160.3
167.3
157.5
188.8
218.1

1,788.8
1,863.9
2,011.0
2,211.7

294.5
305.5
348.6
425.1

281.2
291.0
332.0
1 408.6

17.2
16.5
22.4
27.3

154.5
172.3
196.5
224.6

197.1
217.4
230.9
248.2

253.6
269.6
312.5
337.4

409.4
433.0
456.0
475.1

223.0
206.2
171.0
156.2

239.5
243.5
273.2
317.7

121.6 1,681.4
119.0 1,800.4

285.8
331.1

273.0
318.1

20.0
17.5

163.5
182.0

191.4
207.3

266.4
288.1

379.6
395.0

149.5
134.4

225.3
245.0

1 For fiscal 2003, outlays for Department of Defense, Military include a small amount classified as international affairs and not included in national defense.
2 Data from current issue Monthly Treasury Statement.

NOTE.—Data for fiscal 2002 and 2003 are from Mid-Session Review of the FY 2004 Budget
issued July 15, 2003. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2004, issued February 3, 2003.
Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 2003, according to preliminary estimates, Federal current receipts rose $6.0 billion (annual
rate), while Federal current expenditures rose $114.1 billion.

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

Federal Government current expenditures

Contributions
for
social
insurance

Total

Personal
tax and
nontax
receipts

Corporate
profits
tax accruals

Indirect
business
tax and
nontax
accruals

Calendar year:
1993 ..............................
1994 ..............................
1995 ..............................
1996 ..............................
1997 ..............................
1998 ..............................
1999 ..............................
2000 ..............................
2001 ..............................
2002 ..............................

1,197.3
1,293.7
1,383.7
1,499.1
1,625.5
1,749.7
1,867.2
2,033.9
2,008.4
1,873.3

509.9
547.8
591.8
670.0
751.9
834.9
903.3
1,009.0
1,010.9
845.8

138.5
156.7
179.3
190.6
203.0
204.2
213.0
223.8
170.2
179.8

85.3
95.2
93.0
95.1
93.7
97.4
100.2
109.1
110.3
110.6

463.7
493.9
519.6
543.3
577.0
613.1
650.7
692.1
716.9
737.1

2000: I .............................
II ...........................
III ..........................
IV ..........................
2001: I .............................
II ...........................
III ..........................
IV ..........................
2002: I .............................
II ...........................
III ..........................
IV ..........................
2003: I .............................
II r ..........................

2,009.6
2,022.9
2,049.1
2,054.1
2,072.9
2,072.3
1,896.0
1,992.3
1,884.7
1,883.7
1,864.1
1,860.8
1,869.8
1,875.8

984.5
997.2
1,020.5
1,033.6
1,057.9
1,059.8
900.4
1,025.5
874.8
856.6
831.3
820.5
803.3
809.1

233.7
230.5
222.1
208.9
186.9
183.2
168.0
142.9
170.5
180.2
181.1
187.5
200.7
196.4

107.0
109.5
109.8
110.1
112.3
112.2
109.5
107.3
108.4
110.2
112.4
111.5
111.2
111.9

684.5
685.7
696.6
701.5
715.8
717.1
718.1
716.6
731.1
736.7
739.3
741.4
754.6
758.5

Period

Source: Department of Commerce, Bureau of Economic Analysis.

34

Net
interest
paid

Subsidies less
current
surplus
of
Government
enterprises

Less:
Wage
accruals less
disbursements

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

Consumption
expenditures

Transfer
payments

Grantsin-aid
to
State
and
local
governments

1,471.5
1,506.0
1,575.7
1,635.9
1,678.8
1,705.9
1,755.3
1,827.1
1,936.4
2,075.5

442.6
439.7
439.2
445.3
456.9
453.1
471.6
493.3
528.4
586.5

597.9
618.6
652.1
691.6
717.5
730.6
745.8
779.5
842.2
931.7

162.6
174.5
184.5
190.4
196.8
210.3
231.0
247.5
277.4
305.7

230.2
239.6
267.5
273.6
276.2
278.5
263.8
263.0
238.1
207.8

38.2
33.6
32.4
35.1
31.5
33.4
43.0
43.8
50.3
43.7

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

¥274.1
¥212.3
¥192.0
¥136.8
¥53.3
43.8
111.9
206.9
72.0
¥202.1

1,786.4
1,825.7
1,835.9
1,860.3
1,899.1
1,927.8
1,947.7
1,971.0
2,030.5
2,079.3
2,074.6
2,117.4
2,145.1
2,259.2

480.0
501.3
494.2
497.7
517.3
524.9
527.9
543.6
566.3
581.0
589.8
608.9
626.6
664.2

758.5
774.6
781.3
803.5
816.3
832.2
849.3
870.9
916.9
927.6
934.1
948.5
970.7
988.3

239.4
242.2
253.8
254.6
266.8
281.9
271.4
289.4
292.3
309.6
305.0
315.8
313.0
351.4

264.2
264.1
263.0
260.5
254.1
243.1
233.6
221.6
208.5
214.9
205.8
202.1
192.7
195.0

44.2
43.5
43.6
44.0
44.6
45.6
65.5
45.5
46.6
46.3
39.9
42.1
43.5
58.9

.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
1.4
¥1.4

223.2
197.2
213.2
193.8
173.8
144.4
¥51.7
21.3
¥145.8
¥195.6
¥210.5
¥256.6
¥275.3
¥383.4

Total

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1997=100; seasonally adjusted)
Period

United
States

Canada

Japan

France

Germany

Italy

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

United
States 1

Canada

Japan

Germany

France

r 87.5
1993 ....................................
80.8
84.2
90.4
89.5
92.1
91.1
144.5
147.9 118.5 143.4
r 92.7
1994 ....................................
85.1
89.4
91.5
93.2
95.0
96.0
148.2
148.2 119.3 145.8
r 97.9
1995 ....................................
89.2
93.5
94.4
95.4
95.8
97.7
152.4
151.4 119.2 148.4
r 96.3
1996 ....................................
93.1
94.7
96.6
96.3
96.5
98.9
156.9
153.8 119.3 151.4
r 100.0
1997 ....................................
100.0
100.0 100.0 100.0
100.0
100.0
160.5
156.3 121.5 153.2
r 101.3
1998 ....................................
105.6
103.5
93.5 105.2
104.2
101.0
163.0
157.8 122.2 154.2
r 101.2
1999 ....................................
110.1
108.8
93.8 107.2
105.7
101.8
166.6
160.5 121.8 155.0
r 105.3
2000 ....................................
115.3
115.0
99.0 111.0
112.3
103.4
172.2
164.9 121.0 157.6
r 104.1
2001 .....................................
111.2
111.0
92.7 112.2
112.8
101.2
177.1
169.1 120.1 160.2
r 102.7
2002 p ...................................
110.5
112.9
91.5 111.1
111.6
97.6
179.9
172.9 119.0 163.3
r 112.8
r 112.3
r 103.4
2002: June .........................
110.8
91.6 r 111.5
95.2
179.9
172.9 119.3 163.3
r 114.2
r 111.8
r 104.4
July ..........................
111.6
92.5 r 111.4
98.2
180.1
173.8 118.8 163.3
r 113.8
r 113.0
r 103.1
Aug ..........................
111.3
92.8 r 111.5
98.1
180.7
174.5 119.2 163.6
r 114.0
r 112.0
r 103.6
Sept .........................
111.2
93.4 111.3
97.9
181.0
174.5 119.2 163.9
r 113.9
r 111.8
r 102.9
Oct ...........................
110.6
93.5 r 110.3
97.5
181.3
175.1 118.9 164.2
r 113.7
r 113.5
r 103.3
Nov ...........................
110.8
93.4 r 111.3
97.2
181.3
175.5 118.9 164.2
r 110.5
r 102.9
Dec ..........................
109.9
113.4
93.2 r 110.0
97.0
180.9
174.9 118.9 164.5
r 114.4
r 112.7
r 102.5
2003: Jan ..........................
110.7
94.8 r 111.1
96.8
181.7
176.4 118.5 164.8
r 113.6
r 113.1
r 102.6
Feb ..........................
110.7
93.2 r 111.8
97.3
183.1
177.7 118.2 165.9
r 112.5
r 102.2
Mar ..........................
110.1
113.4
93.4 r 111.3
96.5
184.2
178.4 118.5 166.7
r 112.4
r 111.5
r 102.4
r 96.8
Apr ..........................
109.5
92.1 r 110.7
183.8
177.1 118.9 166.4
r 109.5
r 111.9
r 96.7
May ..........................
94.2 r 109.3
110.7
100.8
183.5
177.2 119.2 166.2
r109.5
r 93.2
June .........................
111.0
110.6
110.1
100.8
97.4
183.7
177.4 118.8 166.5
July p ........................
110.0 ..............
93.0 ............ .............. .............. ..............
183.9
177.5 118.5 166.4
p ......................... .............. .............. ............ ............ .............. .............. .............. .............. .............. ............ ............
Aug
1 Data relate to all urban consumers.
NOTE.—See Note, p. 17, for information on U.S. industrial production series.

127.6
131.1
133.3
135.3
137.8
139.1
140.0
142.0
144.8
146.7
146.8
147.2
146.9
146.8
146.6
146.2
147.6
147.6
148.3
148.5
148.1
147.8
148.2
148.5
148.6

United
Kingdom

Italy

187.7
165.3
195.3
169.3
205.6
175.2
213.8
179.4
218.2
185.1
222.5
191.4
226.2
194.3
231.9
200.1
238.3
203.6
244.3
207.0
244.1
207.0
244.5
206.7
244.9
207.3
245.3
208.7
245.9
209.0
246.7
209.4
247.0
209.7
248.0
209.6
248.4
210.7
249.2
211.4
249.8
212.9
250.4
213.3
r 250.7
213.0
r 251.1
213.0
251.7 ..............

Data are as available through September 3, 2003.
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

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

BOP
basis

IndusAutoFoods, trial Capital motive
Total, feeds, supgoods vehiCensus and
plies except cles,
basis 1
bevand
auto- parts
erages mate- motive and enrials
gines

Consumer
goods
(nonfood)
except
automotive

Exports

Imports

Goods,
Census
basis

Goods

Services

Goods
and
services

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

456.9
502.9
575.2
612.1
678.4
670.4
684.0
772.0
718.7
681.9

465.1
512.6
584.7
625.1
689.2
682.1
695.8
781.9
729.1
693.1

40.6
42.0
50.5
55.5
51.5
46.4
46.0
47.9
49.4
49.6

111.8
121.4
146.2
147.7
158.2
148.3
147.5
172.6
160.1
156.8

181.7
205.0
233.0
253.0
294.5
299.4
310.8
356.9
321.7
290.5

52.4
57.8
61.8
65.0
74.0
72.4
75.3
80.4
75.4
78.9

54.7
60.0
64.4
70.1
77.4
80.3
80.9
89.4
88.3
84.4

589.4
668.7
749.4
803.1
876.5
917.1
1,030.0
1,224.4
1,145.9
1,164.7

580.7
663.3
743.5
795.3
869.7
911.9
1,024.6
1,218.0
1,141.0
1,161.4

27.9
31.0
33.2
35.7
39.7
41.2
43.6
46.0
46.6
49.7

145.6
162.1
181.8
204.5
213.8
200.1
221.4
299.0
273.9
267.7

152.4
184.4
221.4
228.1
253.3
269.5
295.7
347.0
298.0
283.3

102.4
118.3
123.8
128.9
139.8
148.7
179.0
195.9
189.8
203.7

134.0
146.3
159.9
172.0
193.8
217.0
241.9
281.8
284.3
307.9

185.4
199.8
218.5
238.8
255.5
262.1
281.5
298.1
288.9
292.2

122.1
131.1
139.4
150.6
164.4
178.6
196.7
221.0
219.5
227.4

¥115.6
¥150.6
¥158.8
¥170.2
¥180.5
¥229.8
¥328.8
¥436.1
¥411.9
¥468.3

¥132.5
¥165.8
¥174.2
¥191.0
¥198.1
¥246.7
¥346.0
¥452.4
¥427.2
¥482.9

63.3
68.6
79.1
88.1
91.1
83.5
84.8
77.0
69.4
64.8

¥69.2
¥97.2
¥95.1
¥102.9
¥107.0
¥163.2
¥261.2
¥375.4
¥357.8
¥418.0

2002: June
July ..
Aug ...
Sept ..
Oct ....
Nov ...
Dec ...

57.7
58.6
57.9
57.8
57.3
57.8
55.8

58.6
59.6
58.9
58.7
58.3
58.7
56.7

4.3
4.3
4.1
4.1
3.9
4.3
4.4

13.3
13.2
13.4
13.3
13.2
13.5
13.6

24.7
25.1
24.7
24.8
24.5
24.4
22.5

6.7
6.9
6.8
6.7
6.7
6.5
6.5

7.1
7.2
7.0
7.1
7.1
7.2
7.0

98.4
97.9
99.9
99.7
97.9
101.9
103.2

98.1
97.7
99.6
99.4
97.6
101.6
103.0

4.1
4.2
4.2
4.2
4.1
4.4
4.5

22.3
22.7
23.6
23.5
24.5
23.8
24.3

24.0
23.8
23.7
23.8
22.3
24.4
24.7

17.1
17.2
17.4
17.7
17.1
17.6
17.7

26.1
25.7
26.7
26.2
25.5
27.5
27.7

24.3
24.3
24.7
24.5
24.9
25.2
25.3

19.2
19.1
18.9
19.2
19.4
19.6
20.2

¥39.5
¥38.1
¥40.8
¥40.8
¥39.3
¥42.9
¥46.3

¥40.7
¥39.3
¥42.1
¥41.9
¥40.6
¥44.1
¥47.4

5.1
5.2
5.8
5.3
5.5
5.5
5.1

¥35.6
¥34.1
¥36.2
¥36.7
¥35.2
¥38.6
¥42.3

2003: Jan ...
Feb ...
Mar ...
Apr ...
May r
June p

57.1
57.9
58.3
57.2
57.8
59.0

57.9
58.8
59.3
58.3
58.6
59.9

4.4
4.4
4.3
4.3
4.2
4.4

14.1
14.0
14.4
14.2
14.3
14.5

23.0
24.1
23.7
23.0
23.3
24.1

6.6
6.7
6.7
6.6
6.8
6.5

7.3
7.0
7.3
7.2
7.2
7.7

102.0
101.6
105.8
103.6
104.4
104.0

101.8
101.4
105.6
103.3
104.1
103.6

4.5
4.4
4.6
4.7
4.6
4.5

25.0
26.0
28.4
26.1
25.6
25.9

24.5
23.2
23.2
24.1
24.5
24.4

17.0
16.8
17.3
16.9
17.8
18.2

26.9
26.9
28.0
27.7
27.7
26.5

25.0
25.0
24.5
24.1
24.9
25.6

20.3
19.9
19.9
19.4
19.7
20.2

¥43.9
¥42.6
¥46.3
¥45.1
¥45.4
¥43.6

¥44.9
¥43.7
¥47.5
¥46.4
¥46.7
¥45.0

4.7
5.1
4.6
4.7
5.2
5.4

¥40.1
¥38.6
¥42.9
¥41.6
¥41.5
¥39.5

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

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.

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

35

U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 2003, the goods deficit rose to $136.0 billion, from $132.2 billion in the fourth quarter of
2002. The current account deficit rose to $136.1 billion in the first quarter, from $128.6 billion in the fourth quarter.

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

Period
Exports

Imports

Services

Balance
on
goods

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

456,943
502,859
575,204
612,113
678,366
670,416
683,965
771,994
718,712
681,874

¥589,394
¥668,690
¥749,374
¥803,113
¥876,485
¥917,112
¥1,029,987
¥1,224,417
¥1,145,927
¥1,164,746

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

185,168
191,175
198,821
196,830

¥291,359
¥302,905
¥314,622
¥315,531

¥106,191
¥111,730
¥115,801
¥118,701

2001: I ..............
II .............
III ...........
IV ...........

194,145
184,457
172,526
167,584

2002: I ..............
II .............
III ...........
IV ...........
2003: I p .............

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

1 Adjusted

Net
military
transactions 2

¥132,451
1,385
¥165,831
2,570
¥174,170
4,600
¥191,000
5,385
¥198,119
4,968
¥246,696
5,220
¥346,022
2,593
¥452,423
317
¥427,215 ¥2,436
¥482,872 ¥7,302

Net
travel
and
transportation

Other
services,
net

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

19,714
16,305
21,772
25,015
22,152
10,210
7,085
2,486
¥3,254
¥3,781

42,185
49,767
52,729
57,731
63,952
68,113
75,143
74,236
75,086
75,917

¥69,166
¥97,189
¥95,069
¥102,869
¥107,047
¥163,153
¥261,201
¥375,384
¥357,819
¥418,038

134,545
165,838
211,920
226,271
261,026
258,648
290,198
346,861
277,362
255,542

¥110,255
¥148,744
¥186,880
¥201,743
¥240,371
¥251,751
¥273,088
¥327,256
¥266,673
¥259,512

24,290
17,094
25,040
24,528
20,655
6,897
17,110
19,605
10,689
¥3,970

¥37,113
¥37,583
¥35,188
¥38,862
¥41,292
¥48,435
¥46,755
¥55,679
¥46,615
¥58,853

¥81,989
¥117,678
¥105,217
¥117,203
¥127,684
¥204,691
¥290,846
¥411,458
¥393,745
¥480,861

66
369
¥225
107

917
1,428
¥75
213

18,490
18,799
18,161
18,783

¥86,718
¥91,134
¥97,940
¥99,598

82,291
87,780
85,791
91,000

¥78,471
¥83,126
¥82,938
¥82,721

3,820
4,654
2,853
8,279

¥12,123
¥12,646
¥13,480
¥17,435

¥95,021
¥99,126
¥108,567
¥108,754

¥306,871
¥291,627
¥278,847
¥268,582

¥112,726
¥772
¥107,170
101
¥106,321
¥376
¥100,998 ¥1,389

1,182
¥1,157
¥719
¥2,563

18,876
18,770
18,373
19,068

¥93,440
¥89,456
¥89,043
¥85,882

79,087
72,607
65,701
59,967

¥78,157
¥71,794
¥69,038
¥47,683

930
813
¥3,337
12,284

¥11,494
¥11,321
¥11,256
¥12,542

¥104,004
¥99,964
¥103,636
¥86,140

165,298
171,421
174,315
170,840

¥271,331
¥292,707
¥297,627
¥303,081

¥106,033
¥121,286
¥123,312
¥132,241

¥1,609
¥1,917
¥1,572
¥2,204

¥597
¥1,322
¥1,118
¥746

18,182 ¥90,057
19,637 ¥104,888
19,022 ¥106,980
19,075 ¥116,116

60,632
63,920
66,124
64,864

¥61,365
¥68,378
¥67,871
¥61,898

¥733
¥4,458
¥1,747
2,966

¥15,938
¥13,481
¥13,997
¥15,436

¥106,728
¥122,827
¥122,724
¥128,586

173,251

¥309,248

¥135,997 ¥2,637

¥2,260

19,327 ¥121,567

64,066

¥61,495

2,571

¥17,116

¥136,112

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

36

Income receipts and payments
Balance
on
goods
and
services

3 Includes

transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks increased $24.4 billion in the first quarter
of 2003, following an increase of $5.0 billion in the fourth quarter of 2002. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $25.0 billion in the first quarter, following an increase of
$54.2 billion in the fourth quarter.

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

Period

Capital
account
transactions,
net

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

Total

U.S.
official
reserve
assets 4

Other U.S.
Government
assets

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

U.S.
private
assets

Total

Foreign
official
assets

Other
foreign
assets

Total (sum
of the items
with sign
reversed)

Of which:
Seasonal
adjustment
discrepancy

U.S. official
reserve
assets, net 4
(unadjusted,
end of
period)

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

¥1,299
¥1,723
¥927
¥654
¥1,044
¥740
¥4,843
¥799
¥1,062
¥1,285

¥200,552
¥176,056
¥352,376
¥413,923
¥487,599
¥347,829
¥503,640
¥569,798
¥349,939
¥178,985

¥1,379
5,346
¥9,742
6,668
¥1,010
¥6,783
8,747
¥290
¥4,911
¥3,681

¥351
¥390
¥984
¥989
68
¥422
2,750
¥941
¥486
¥32

¥198,822
¥181,012
¥341,650
¥419,602
¥486,657
¥340,624
¥515,137
¥568,567
¥344,542
¥175,272

282,040
305,989
438,562
551,096
706,809
423,569
740,210
1,026,139
765,531
706,983

71,753
39,583
109,880
126,724
19,036
¥19,903
43,543
37,724
5,104
94,860

210,287
266,406
328,682
424,372
687,773
443,472
696,667
988,415
760,427
612,123

1,799
¥10,532
19,958
¥19,316
¥90,482
129,691
59,119
¥44,084
¥20,785
¥45,852

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

73,442
74,335
85,832
75,089
69,954
81,761
71,516
67,647
68,654
79,006

2000: I .............................
II ............................
III ..........................
IV ...........................
2001: I .............................
II ............................
III ..........................
IV ...........................
2002: I .............................
II ............................
III ..........................
IV ...........................
2003: I p ............................

¥194
¥195
¥218
¥192
¥267
¥260
¥286
¥249
¥277
¥286
¥364
¥358
¥340

¥214,667
¥108,046
¥86,485
¥160,602
¥192,224
¥92,213
37,353
¥102,853
¥35,227
¥128,567
29,712
¥44,902
¥75,897

¥554
2,020
¥346
¥1,410
190
¥1,343
¥3,559
¥199
390
¥1,843
¥1,416
¥812
83

¥127
¥570
114
¥358
77
¥783
77
143
133
42
¥27
¥180
37

¥213,986
¥109,496
¥86,253
¥158,834
¥192,491
¥90,087
40,835
¥102,797
¥35,750
¥126,766
31,155
¥43,910
¥76,017

244,512
242,481
240,954
298,194
313,923
213,471
24,084
214,051
146,813
221,242
141,478
197,448
188,652

22,542
6,548
12,952
¥4,318
4,290
¥21,197
16,702
5,309
6,106
47,552
8,992
32,210
35,870

221,970
235,933
228,002
302,512
309,633
234,668
7,382
208,742
140,707
173,690
132,486
165,238
152,782

65,370
¥35,114
¥45,684
¥28,646
¥17,428
¥21,034
42,485
¥24,809
¥4,581
30,438
¥48,102
¥23,602
23,697

5,005
187
¥8,423
3,241
6,244
799
¥8,244
1,200
8,579
2,091
¥12,409
1,744
8,916

70,789
67,955
66,256
67,647
64,222
64,847
70,963
68,654
67,574
74,696
75,860
79,006
80,049

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
Page

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product ..........................................................................................................................................................................................
Real Gross Domestic Product ..................................................................................................................................................................................
Implicit Price Deflators for Gross Domestic Product ..............................................................................................................................................
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ..............................................................................................
Nonfinancial Corporate Business—Output, Price, Costs, and Profits ......................................................................................................................
National Income ......................................................................................................................................................................................................
Real Personal Consumption Expenditures ...............................................................................................................................................................
Sources of Personal Income ......................................................................................................................................................................................
Disposition of Personal Income ...............................................................................................................................................................................
Farm Income ............................................................................................................................................................................................................
Corporate Profits ......................................................................................................................................................................................................
Real Gross Private Domestic Investment ................................................................................................................................................................
Real Private Fixed Investment by Type ..................................................................................................................................................................
Business Investment ................................................................................................................................................................................................

1
2
2
3
3
4
4
5
6
7
8
9
10
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .........................................................................................................................................................................................
Selected Unemployment Rates ................................................................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ......................................................................................................
Nonagricultural Employment ..................................................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries .................................................................
Employment Cost Index—Private Industry .............................................................................................................................................................
Productivity and Related Data, Business Sector ......................................................................................................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .......................................................................................................................................................
Industrial Production—Major Market Groups and Selected Manufactures ..............................................................................................................
New Construction ....................................................................................................................................................................................................
New Private Housing and Vacancy Rates ...............................................................................................................................................................
Business Sales and Inventories—Manufacturing and Trade .....................................................................................................................................
Manufacturers’ Shipments, Inventories, and Orders .................................................................................................................................................

17
18
19
19
20
21

PRICES
Producer Prices ........................................................................................................................................................................................................
Consumer Prices—All Urban Consumers ................................................................................................................................................................
Changes in Producer Prices for Finished Goods ......................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers .............................................................................................................................................
Prices Received and Paid by Farmers ......................................................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures .............................................................................................................................................................................
Components of Money Stock ...................................................................................................................................................................................
Aggregate Reserves and Monetary Base ...................................................................................................................................................................
Bank Credit at All Commercial Banks ....................................................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..................................................................................................................
Consumer Credit ......................................................................................................................................................................................................
Interest Rates and Bond Yields ...............................................................................................................................................................................
Common Stock Prices and Yields ............................................................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt .......................................................................................................................................................................
Federal Receipts by Source and Outlays by Function ..............................................................................................................................................
Federal Sector, National Income Accounts Basis .....................................................................................................................................................

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ...............................................................................................................
U.S. International Trade in Goods and Services ......................................................................................................................................................
U.S. International Transactions ................................................................................................................................................................................

35
35
36

General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
… Not available (also, not applicable).
NSA not seasonally adjusted.

38

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