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106th Congress, 2nd Session

Economic Indicators
JANUARY 2000
(Includes data available as of February 9, 2000)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2000

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
WILLIAM V. ROTH, Jr. (Delaware)
ROBERT F. BENNETT (Utah)
ROD GRAMS (Minnesota)
SAM BROWNBACK (Kansas)
JEFF SESSIONS (Alabama)
CHARLES S. ROBB (Virginia)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)

HOUSE OF REPRESENTATIVES
MARK SANFORD (South Carolina)
JOHN DOOLITTLE (California)
TOM CAMPBELL (California)
JOSEPH R. PITTS (Pennsylvania)
PAUL RYAN (Wisconsin)
PETE STARK (California)
CAROLYN B. MALONEY (New York)
DAVID MINGE (Minnesota)
MELVIN L. WATT (North Carolina)

SHELLEY S. HYMES, Executive Director

COUNCIL OF ECONOMIC ADVISERS
MARTIN N. BAILY, Chair
ROBERT Z. LAWRENCE, Member
KATHRYN L. SHAW, Member-Nominee
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled ‘‘Economic Indicators’’
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing)
from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328
ISBN 0–16–060151–7

ii

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 1999, according to advance estimates, current-dollar gross domestic product (GDP) rose
7.9 percent (annual rate), real GDP (GDP in chained 1996 dollars) rose 5.8 percent, and the implicit price deflator
rose 2.0 percent.

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

Period

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

Personal Gross
Gross
conprivate
domestic sumption domestic
product expendi- investtures
ment
5,803.2
5,986.2
6,318.9
6,642.3
7,054.3
7,400.5
7,813.2
8,300.8
8,759.9
9,248.4
7,859.0
7,981.4
8,125.9
8,259.5
8,364.5
8,453.0
8,610.6
8,683.7
8,797.9
8,947.6
9,072.7
9,146.2
9,297.8
9,477.1

3,831.5
3,971.2
4,209.7
4,454.7
4,716.4
4,969.0
5,237.5
5,524.4
5,848.6
6,254.9
5,263.7
5,337.9
5,430.8
5,466.3
5,569.1
5,631.3
5,714.7
5,816.2
5,889.6
5,973.7
6,090.8
6,200.8
6,303.7
6,424.6

861.7
800.2
866.6
955.1
1,097.1
1,143.8
1,242.7
1,383.7
1,531.2
1,621.6
1,282.6
1,284.3
1,327.0
1,392.2
1,395.9
1,419.6
1,514.3
1,495.0
1,535.3
1,580.3
1,594.3
1,585.4
1,635.0
1,671.8

Exports and imports
of goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

¥71.4
¥20.7
¥27.9
¥60.5
¥87.1
¥84.3
¥89.0
¥88.3
¥149.6
¥256.8
¥110.6
¥79.7
¥87.7
¥77.5
¥90.6
¥97.4
¥117.4
¥153.9
¥165.7
¥161.2
¥201.6
¥245.8
¥278.2
¥301.8

557.2
601.6
636.8
658.0
725.1
818.6
874.2
968.0
966.3
996.3
865.6
913.1
929.6
965.3
988.6
988.6
974.3
960.1
949.1
981.8
966.9
978.2
1,008.5
1,031.5

Imports

Total
Total

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

628.6
622.3
664.6
718.5
812.1
902.8
963.1
1,056.3
1,115.9
1,253.1
976.1
992.8
1,017.3
1,042.8
1,079.2
1,086.0
1,091.7
1,114.0
1,114.8
1,143.1
1,168.5
1,224.0
1,286.6
1,333.3

1,181.4
1,235.5
1,270.5
1,293.0
1,327.9
1,372.0
1,421.9
1,481.0
1,529.7
1,628.7
1,423.4
1,438.9
1,455.8
1,478.6
1,490.1
1,499.5
1,499.0
1,526.5
1,538.7
1,554.8
1,589.1
1,605.9
1,637.2
1,682.6

508.4
527.4
534.5
527.3
521.1
521.5
531.6
537.8
538.7
570.8
529.1
529.4
530.2
543.0
540.9
537.1
526.1
542.2
539.7
546.7
557.4
561.6
569.8
594.6

National
defense
374.9
384.5
378.5
364.9
355.1
350.6
357.0
352.5
348.6
364.7
355.6
355.0
347.0
354.9
354.5
353.6
338.9
347.9
354.7
352.9
355.8
354.3
365.4
383.4

Nondefense
133.6
142.9
156.0
162.4
165.9
170.9
174.6
185.3
190.1
206.1
173.5
174.5
183.2
188.1
186.4
183.5
187.2
194.3
185.0
193.8
201.6
207.3
204.4
211.2

State
and
local
673.0
708.1
736.0
765.7
806.8
850.5
890.4
943.2
991.0
1,057.9
894.3
909.4
925.6
935.6
949.2
962.3
972.9
984.2
999.0
1,008.1
1,031.8
1,044.3
1,067.4
1,088.0

Final
sales of
domestic
product

5,788.7
5,986.4
6,303.9
6,621.2
6,991.8
7,367.5
7,783.2
8,232.4
8,688.7
9,204.2
7,809.0
7,947.9
8,073.0
8,166.9
8,306.9
8,382.8
8,511.7
8,642.9
8,724.2
8,876.2
9,021.6
9,128.6
9,257.0
9,409.5

Gross
domestic
purchases 1

Addendum:
Gross
national
product

5,874.7 5,832.2
6,006.9 6,010.9
6,346.8 6,342.3
6,702.8 6,666.7
7,141.4 7,071.1
7,484.8 7,420.9
7,902.1 7,831.2
8,389.1 8,305.0
8,909.5 8,750.0
9,505.3 ..............
7,969.6 7,870.5
8,061.1 7,997.7
8,213.6 8,131.1
8,337.0 8,269.1
8,455.1 8,366.5
8,550.4 8,453.3
8,728.0 8,613.7
8,837.7 8,683.7
8,963.6 8,772.2
9,108.8 8,930.5
9,274.2 9,058.2
9,392.0 9,131.9
9,575.9 9,282.3
9,778.9 ..............

Source: Department of Commerce, Bureau of Economic Analysis.

1

REAL GROSS DOMESTIC PRODUCT
[Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates]

Period

Gross
domestic
product

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

6,683.5
6,669.2
6,891.1
7,054.1
7,337.8
7,537.1
7,813.2
8,165.1
8,516.3
8,861.0
7,843.3
7,937.5
8,033.4
8,134.8
8,214.8
8,277.3
8,412.7
8,457.2
8,536.0
8,659.2
8,737.9
8,778.6
8,900.6
9,026.9

Personal
consumption
expenditures

Gross private
domestic investment

Exports and imports of
goods and services

Nonresidential
fixed
investment

Resi- Change
dential in prifixed
vate
invest- invenment
tories

Net
exports

Exports

641.7
610.1
630.6
683.6
744.6
817.5
899.4
995.7
1,122.5
1,215.4
914.3
936.2
957.9
980.8
1,018.0
1,026.1
1,088.6
1,120.2
1,120.3
1,160.8
1,182.7
1,202.9
1,234.3
1,241.9

253.5
221.1
257.2
276.0
302.7
291.7
313.3
320.6
350.2
375.4
317.3
314.0
316.3
320.0
320.5
325.7
336.5
347.4
354.2
362.6
373.7
378.8
375.1
374.0

¥58.6
¥16.4
¥18.7
¥59.9
¥87.6
¥79.2
¥89.0
¥109.8
¥215.1
¥324.5
¥115.8
¥73.9
¥90.8
¥100.9
¥118.7
¥128.7
¥171.7
¥218.4
¥237.9
¥232.3
¥284.5
¥319.0
¥338.2
¥356.1

573.6
612.6
652.1
671.9
731.8
807.4
874.2
985.4
1,007.1
1,042.5
867.1
924.2
943.9
979.9
1,006.8
1,011.2
1,007.3
997.2
993.0
1,030.8
1,016.4
1,026.4
1,054.8
1,072.4

4,454.1
4,460.6
4,603.8
4,741.9
4,920.0
5,070.1
5,237.5
5,433.7
5,698.6
5,998.7
5,255.4
5,296.8
5,361.1
5,385.1
5,471.8
5,517.1
5,592.3
5,675.6
5,730.7
5,795.8
5,888.4
5,961.8
6,033.3
6,111.2

16.5
¥1.0
17.1
20.0
66.8
30.4
30.0
69.1
74.3
41.9
51.2
32.9
51.5
93.1
59.2
72.7
107.3
43.1
76.1
70.7
50.1
14.0
38.0
65.4

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

632.2
629.0
670.8
731.8
819.4
886.6
963.1
1,095.2
1,222.2
1,367.0
982.9
998.1
1,034.7
1,080.8
1,125.5
1,139.9
1,179.0
1,215.6
1,231.0
1,263.1
1,300.9
1,345.4
1,393.0
1,428.6

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

1,385.5
1,402.8
1,410.7
1,398.1
1,399.4
1,405.9
1,421.9
1,455.1
1,480.3
1,534.6
1,422.1
1,431.0
1,437.0
1,457.1
1,463.3
1,463.0
1,459.2
1,480.7
1,485.3
1,495.9
1,514.6
1,519.5
1,536.5
1,567.7

National
defense

606.6
604.8
595.2
571.9
551.2
536.4
531.6
530.9
526.1
541.3
529.5
527.7
523.9
536.4
534.6
528.8
515.4
530.1
527.0
532.0
531.4
534.2
539.7
560.1

443.2
438.4
417.1
394.7
375.9
361.9
357.0
348.3
341.7
348.1
355.4
353.3
342.9
350.8
350.7
348.6
332.7
341.6
347.5
344.9
341.4
339.2
348.3
363.7

Nondefense

162.8
165.9
178.0
177.2
175.4
174.5
174.6
182.7
184.4
193.1
174.1
174.4
181.0
185.5
183.9
180.2
182.6
188.4
179.6
187.1
189.9
194.9
191.3
196.4

State
and
local

779.6
798.4
815.8
826.5
848.3
869.5
890.4
924.1
953.9
993.0
892.6
903.4
913.1
920.7
928.6
934.1
943.6
950.5
958.1
963.6
982.9
985.1
996.6
1,007.5

Final
sales of
domestic
product

6,671.3
6,674.2
6,878.7
7,035.3
7,275.9
7,505.5
7,783.2
8,095.7
8,441.3
8,813.7
7,793.5
7,903.7
7,981.1
8,042.0
8,155.3
8,204.3
8,307.0
8,410.4
8,459.6
8,588.3
8,685.2
8,757.9
8,855.8
8,955.9

Gross
domestic
purchases 1

Addendum:
Gross
national
product

6,742.9 6,718.1
6,682.0 6,696.9
6,906.4 6,915.8
7,113.1 7,080.3
7,425.3 7,355.5
7,615.8 7,558.0
7,902.1 7,831.2
8,273.9 8,168.8
8,723.2 8,506.0
9,165.5 ..............
7,959.0 7,854.7
8,011.9 7,953.3
8,124.5 8,038.1
8,235.4 8,144.0
8,331.9 8,216.2
8,403.9 8,277.2
8,579.7 8,414.8
8,667.2 8,456.6
8,764.2 8,510.6
8,881.5 8,641.9
9,007.4 8,723.3
9,078.2 8,764.3
9,216.9 8,885.5
9,359.4 ..............

Source: Department of Commerce, Bureau of Economic Analysis.

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

Personal consumption
expenditures
Period

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

Gross
domestic
product

86.83
89.76
91.70
94.16
96.14
98.19
100.00
101.66
102.86
104.37
100.20
100.55
101.15
101.53
101.82
102.12
102.35
102.68
103.07
103.33
103.83
104.19
104.46
104.99

Total

86.02
89.03
91.44
93.94
95.86
98.01
100.00
101.67
102.63
104.27
100.16
100.77
101.30
101.51
101.78
102.07
102.19
102.48
102.77
103.07
103.44
104.01
104.48
105.13

Durable
goods

Nondurable goods

Services

96.00
97.39
98.28
99.06
100.56
101.06
100.00
97.79
95.45
93.01
99.78
99.33
99.06
98.14
97.33
96.72
96.35
95.85
95.31
94.36
93.69
93.24
92.77
92.38

90.98
93.76
95.20
96.14
96.83
97.93
100.00
101.35
101.40
103.75
100.02
100.91
101.33
101.17
101.32
101.55
101.20
101.15
101.45
101.77
102.19
103.47
104.19
105.09

81.61
85.03
88.19
91.80
94.43
97.44
100.00
102.63
104.78
106.99
100.31
101.00
101.74
102.37
102.93
103.45
103.92
104.55
105.03
105.60
106.18
106.62
107.19
107.95

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

98.23
99.80
99.29
99.81
100.54
100.93
100.00
99.04
97.22
95.97
99.93
99.72
99.46
99.18
98.99
98.57
97.91
97.37
97.04
96.60
96.39
96.05
95.73
95.75

85.54
86.64
87.69
91.23
94.48
97.91
100.00
102.68
105.30
109.44
100.52
101.02
101.59
102.13
103.18
103.78
103.85
104.61
105.73
106.89
107.93
108.89
110.01
110.95

Exports

Imports
Total

97.13
98.20
97.66
97.94
99.07
101.38
100.00
98.23
95.95
95.57
99.82
98.80
98.49
98.51
98.19
97.76
96.72
96.28
95.57
95.25
95.13
95.30
95.61
96.18

99.43
98.93
99.09
98.18
99.12
101.83
100.00
96.45
91.31
91.67
99.31
99.47
98.32
96.48
95.88
95.27
92.60
91.65
90.56
90.50
89.82
90.98
92.36
93.33

83.82
87.19
89.81
92.19
94.53
97.23
100.00
101.30
102.39
105.45
99.93
100.33
101.20
101.24
101.18
101.57
102.07
102.30
102.41
102.75
104.89
105.12
105.59
106.16

National
defense

Nondefense

State
and
local

84.57
87.70
90.75
92.45
94.49
96.88
100.00
101.22
102.03
104.76
100.06
100.49
101.20
101.16
101.07
101.44
101.86
101.85
102.07
102.32
104.20
104.46
104.92
105.42

82.08
86.11
87.67
91.63
94.60
97.93
100.00
101.44
103.07
106.73
99.65
100.02
101.20
101.38
101.40
101.81
102.49
103.16
103.04
103.58
106.17
106.36
106.85
107.54

86.32
88.69
90.21
92.65
95.11
97.81
100.00
102.06
103.89
106.53
100.19
100.67
101.37
101.61
102.21
103.02
103.11
103.55
104.27
104.61
104.97
106.01
107.10
108.00

GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES:
INDEXES AND PERCENT CHANGES
[Quarterly data are seasonally adjusted]
Percent change from preceding period 1

Index numbers, 1996=100
Period

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

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

74.28
76.62
80.88
85.01
90.29
94.72
100.00
106.24
112.12
118.37
88.16
89.79
90.82
92.38
93.40
93.98
95.13
96.37
97.65
99.61
100.59
102.15
104.00
105.71
107.06
108.19
110.21
111.14
112.60
114.52
116.12
117.06
119.00
121.30

GDP
implicit
price
deflator

GDP
chain-type
price index

85.54
85.36
88.20
90.29
93.92
96.47
100.00
104.50
109.00
113.41
92.39
93.69
94.21
95.38
95.74
95.94
96.70
97.49
98.19
99.84
100.39
101.59
102.82
104.12
105.14
105.94
107.67
108.24
109.25
110.83
111.84
112.36
113.92
115.54

86.84
89.76
91.70
94.17
96.14
98.19
100.00
101.66
102.86
104.32
95.42
95.85
96.41
96.85
97.56
97.96
98.39
98.86
99.46
99.77
100.21
100.56
101.14
101.53
101.83
102.15
102.41
102.70
103.06
103.28
103.79
104.13
104.41
104.94

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

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

86.83
89.76
91.70
94.16
96.14
98.19
100.00
101.66
102.86
104.37
95.42
95.85
96.41
96.85
97.55
97.95
98.38
98.85
99.45
99.77
100.20
100.55
101.15
101.53
101.82
102.12
102.35
102.68
103.07
103.33
103.83
104.19
104.46
104.99

5.7
3.2
5.6
5.1
6.2
4.9
5.6
6.2
5.5
5.6
5.5
7.6
4.7
7.0
4.5
2.5
5.0
5.3
5.4
8.3
4.0
6.4
7.4
6.7
5.2
4.3
7.7
3.4
5.4
7.0
5.7
3.3
6.8
7.9

GDP
chain-type
price
index

1.7
¥.2
3.3
2.4
4.0
2.7
3.7
4.5
4.3
4.0
3.6
5.7
2.2
5.1
1.5
.8
3.2
3.3
2.9
6.9
2.2
4.9
4.9
5.1
4.0
3.1
6.7
2.1
3.8
5.9
3.7
1.9
5.7
5.8

GDP
implicit
price
deflator

3.9
3.4
2.2
2.7
2.1
2.1
1.8
1.7
1.2
1.4
1.9
1.8
2.4
1.8
2.9
1.6
1.8
1.9
2.5
1.3
1.8
1.4
2.4
1.5
1.2
1.3
1.0
1.1
1.4
.9
2.0
1.3
1.1
2.0

3.9
3.4
2.2
2.7
2.1
2.1
1.8
1.7
1.2
1.5
1.9
1.8
2.4
1.9
2.9
1.7
1.8
1.9
2.5
1.3
1.7
1.4
2.4
1.5
1.1
1.2
.9
1.3
1.5
1.0
2.0
1.4
1.1
2.0

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS–OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Price, costs, and profits per unit of real output (dollars) 1

Gross domestic product
of nonfinancial
corporate business
(billions of dollars)

Consumption of
fixed
capital

Period
Current
dollars

1991
1992
1993
1994
1995
1996
1997
1998
1996:

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

Chained
(1996)
dollars

3,196.5
3,336.4
3,508.8
3,791.7
4,004.0
4,221.5
4,529.8
4,834.6
4,117.2
4,192.7
4,249.8
4,326.5
4,408.6
4,483.2
4,578.9
4,648.6
4,723.0
4,784.7
4,882.4
4,948.4
5,028.6
5,094.9
5,176.6

Total 2

3,368.0
3,492.2
3,624.8
3,869.1
4,040.8
4,221.5
4,501.0
4,803.4
4,128.3
4,193.9
4,244.7
4,319.2
4,383.8
4,452.3
4,548.2
4,619.7
4,699.1
4,758.4
4,844.8
4,911.2
4,981.7
5,035.0
5,116.7

1 Output is measured by GDP of nonfinancial corporate business in chained (1996) dollars.
2 This is equal to the deflator for gross domestic product of nonfinancial corporate business
with the decimal point shifted two places to the left.

0.949
.955
.968
.980
.991
1.000
1.006
1.007
.997
1.000
1.001
1.002
1.006
1.007
1.007
1.006
1.005
1.006
1.008
1.008
1.009
1.012
1.012

0.106
.106
.107
.107
.108
.110
.109
.109
.110
.109
.110
.110
.110
.109
.109
.109
.108
.109
.109
.109
.109
.110
.111

Indirect
business
tax, etc.3

0.107
.109
.110
.113
.113
.112
.110
.109
.113
.113
.112
.112
.111
.111
.110
.109
.109
.109
.108
.111
.109
.109
.109

Compensation
of employees

0.620
.628
.632
.628
.632
.632
.635
.643
.630
.632
.634
.632
.635
.635
.633
.639
.640
.643
.644
.646
.647
.649
.650

Corporate profits with inventory
valuation and capital consumption
adjustments
Total

0.075
.080
.090
.104
.109
.121
.125
.120
.119
.120
.120
.122
.124
.124
.128
.124
.122
.119
.121
.116
.119
.118
.115

Profits
tax
liability

0.025
.026
.029
.033
.034
.036
.035
.032
.035
.036
.035
.036
.035
.035
.037
.035
.032
.032
.032
.030
.032
.033
.033

Profits
after
tax 4

0.049
.053
.061
.071
.076
.085
.090
.088
.084
.085
.085
.086
.089
.090
.092
.089
.090
.087
.089
.085
.087
.085
.082

Net
interest

0.042
.032
.029
.028
.029
.026
.027
.026
.026
.026
.026
.026
.026
.027
.027
.026
.026
.026
.026
.025
.025
.025
.026

3 Indirect
4 With

business tax and nontax liability plus business transfer payments less subsidies.
inventory valuation and capital consumption adjustments.

Source: Department of Commerce, Bureau of Economic Analysis.

3

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

National
income

Period

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

Compensation
of
employees1

4,755.5
4,993.7
5,251.1
5,556.1
5,876.2
6,210.2
6,634.9
7,036.4
................
6,254.2
6,341.6
6,473.6
6,581.9
6,694.9
6,789.1
6,887.2
6,977.6
7,087.1
7,193.8
7,334.5
7,423.1
7,522.1
................

Proprietors’ income
with inventory valuation and capital consumption adjustments

Farm

3,454.9
3,644.8
3,814.4
4,016.2
4,202.5
4,395.6
4,675.7
5,011.2
5,332.0
4,427.8
4,489.4
4,566.1
4,631.3
4,705.2
4,800.3
4,889.4
4,967.0
5,053.6
5,134.7
5,217.7
5,287.1
5,373.6
5,449.7

Nonfarm

26.4
32.7
30.1
31.9
22.2
34.3
29.5
25.1
31.3
38.0
31.7
32.5
30.2
28.9
26.3
17.5
18.7
22.9
41.1
32.5
34.1
21.0
37.5

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

357.8
401.7
431.7
444.6
475.5
510.5
549.1
581.0
626.7
515.5
521.4
536.6
544.9
554.0
561.0
569.1
575.5
583.6
596.0
607.5
621.2
633.0
645.2

56.4
63.3
90.9
110.3
117.9
129.7
130.2
137.4
146.1
130.1
131.4
132.4
132.0
129.4
126.7
129.5
133.9
139.3
147.0
148.6
148.8
139.0
148.2

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

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

430.2
451.9
509.7
572.5
668.3
753.9
837.9
846.1
................
754.8
774.5
803.6
831.6
862.8
853.5
858.3
847.9
843.8
834.3
882.0
875.5
879.2
................

Profits
before tax

Inventory
valuation
adjustment

421.1
448.8
506.4
561.0
650.2
729.4
803.2
802.8
................
729.6
748.1
772.6
797.7
827.0
815.5
818.4
805.6
799.9
787.4
831.4
822.2
827.1
................

416.1
451.6
510.4
573.4
668.5
726.3
795.9
781.9
................
724.9
741.0
763.3
786.5
822.1
811.6
788.9
792.0
780.1
766.7
818.1
835.8
853.8
................

4.9
¥2.8
¥4.0
¥12.4
¥18.3
3.1
7.4
20.9
................
4.7
7.1
9.3
11.2
4.9
4.0
29.5
13.6
19.8
20.8
13.3
¥13.6
¥26.7
................

Capital
consumption
adjustment

Net
interest

9.1
3.1
3.3
11.5
18.1
24.4
34.6
43.3
52.0
25.2
26.4
31.0
33.9
35.7
38.0
39.9
42.4
43.9
46.9
50.6
53.2
52.1
52.1

429.8
399.5
374.3
380.5
389.8
386.3
412.5
435.7
..............
388.1
393.3
402.3
411.8
414.6
421.2
423.3
434.6
444.0
440.8
446.3
456.4
476.3
..............

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

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

Total
personal
consumption
expenditures

4,460.6
4,603.8
4,741.9
4,920.0
5,070.1
5,237.5
5,433.7
5,698.6
5,998.7
5,255.4
5,296.8
5,361.1
5,385.1
5,471.8
5,517.1
5,592.3
5,675.6
5,730.7
5,795.8
5,888.4
5,961.8
6,033.3
6,111.2

Total
durable
goods

454.9
479.0
518.3
557.7
583.5
616.5
657.4
731.5
815.1
618.1
625.7
642.1
639.7
669.7
678.0
704.9
723.9
731.2
766.0
788.8
806.1
821.2
844.5

Motor
vehicles
and
parts

211.8
225.7
242.2
255.1
253.4
256.3
263.8
291.9
318.0
255.2
253.4
261.1
252.9
270.9
270.4
281.5
291.7
286.7
307.4
310.4
317.2
319.6
324.9

Furniture
and
household
equipment

152.7
161.5
177.4
196.3
215.4
236.9
262.1
297.4
341.6
238.7
245.5
251.4
257.8
266.2
273.1
284.8
290.4
301.7
312.6
326.7
335.5
346.0
358.2

Nondurable goods

Other

92.6
94.1
100.7
107.6
115.0
123.3
131.6
142.7
157.3
124.1
126.7
129.6
129.3
132.8
134.7
138.9
141.9
143.7
146.5
152.9
154.7
157.6
163.9

Total
nondurable
goods

1,364.0
1,389.7
1,430.3
1,485.1
1,529.0
1,574.1
1,619.9
1,685.3
1,774.6
1,578.6
1,593.9
1,609.0
1,608.2
1,630.7
1,631.8
1,654.9
1,681.9
1,692.0
1,712.6
1,749.5
1,763.7
1,779.3
1,805.9

Food

721.4
725.6
745.1
764.9
777.0
786.0
799.1
820.6
850.8
785.3
788.5
798.7
796.7
802.2
798.9
805.7
818.2
823.0
835.4
839.5
844.6
850.0
869.2

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

4

Clothing
and shoes

197.8
208.8
218.5
231.6
244.3
258.6
271.1
292.2
317.8
261.6
264.3
267.8
264.7
274.7
277.1
287.8
293.1
292.2
295.6
314.7
316.8
321.6
317.9

Gasoline
and
oil

109.4
112.5
115.4
117.4
120.2
124.2
126.2
127.7
128.1
124.5
125.9
125.1
126.7
126.6
126.4
126.6
127.9
128.5
127.7
127.1
127.5
128.2
129.5

Services

Fuel
oil
and
coal

12.9
13.2
14.0
15.0
15.7
15.6
15.1
14.5
15.9
15.5
14.9
14.3
15.3
15.6
15.1
14.2
14.7
14.7
14.2
15.8
16.4
16.3
15.1

Other

325.1
331.2
338.5
356.8
372.0
389.8
408.5
430.6
462.0
391.7
400.4
403.1
404.8
411.7
414.6
420.9
428.3
433.9
439.4
452.6
458.6
463.5
473.4

Total
services 1

2,645.5
2,739.4
2,795.4
2,878.0
2,957.8
3,047.0
3,156.7
3,284.5
3,416.8
3,058.8
3,077.2
3,110.1
3,137.0
3,172.0
3,207.8
3,234.2
3,272.2
3,309.6
3,322.0
3,356.5
3,399.2
3,440.6
3,470.6

Housing

Medical
care

709.8
719.3
728.1
749.1
763.7
772.6
786.5
805.6
826.1
773.6
777.0
781.2
784.2
788.1
792.6
798.4
804.1
808.0
812.0
818.4
823.1
828.5
834.5

734.4
765.4
775.4
783.1
797.7
814.4
831.0
854.4
876.7
816.3
824.6
824.1
828.5
833.3
838.2
846.4
852.7
856.4
862.2
865.6
872.0
880.9
888.5

Source: Department of Commerce, Bureau of Economic Analysis.

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

12.3
12.8
13.9
15.0
14.7
15.0
15.1
15.4
16.8
15.1
14.9
15.4
14.5
15.3
15.0
15.2
16.1
14.6
16.0
16.2
16.7
17.2
16.9

SOURCES OF PERSONAL INCOME
Personal income rose $25.4 billion (annual rate) in December, following an increase of $31.2 billion in November.
Wages and salaries increased $33.9 billion in December, following an increase of $13.8 billion in November. Personal
income for December and November was affected by several special factors, including Federal farm subsidy
payments, lump-sum social security benefit payments, and union contract signing bonuses in the manufacturing
sector. Excluding special factors, personal income increased $53.1 billion in December and $35.5 billion in November.

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

Period

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

Total
personal
income

5,085.4
5,390.4
5,610.0
5,888.0
6,200.9
6,547.4
6,951.1
7,358.9
7,791.2

Wage and
salary
disbursements 1

Proprietors’ income 3
Other labor
income 1 2

Farm

Nonfarm

Rental
income
of
persons 4

Personal
dividend
income

Personal
interest
income

2,824.2
2,982.6
3,085.2
3,236.7
3,424.7
3,626.5
3,888.9
4,186.0
4,472.7

415.6
449.5
482.8
507.5
497.0
490.0
500.9
515.7
535.8

26.4
32.7
30.1
31.9
22.2
34.3
29.5
25.1
31.3

357.8
401.7
431.7
444.6
475.5
510.5
549.1
581.0
626.7

56.4
63.3
90.9
110.3
117.9
129.7
130.2
137.4
146.1

178.3
185.3
203.0
234.7
254.0
297.4
333.4
348.3
364.3

771.8
750.1
725.5
742.4
792.5
810.6
854.9
897.8
930.6

Transfer
payments 5

Less: Personal contributions
for social
insurance

669.9
751.7
798.6
833.9
885.9
928.8
962.4
983.6
1,018.2

215.1
226.6
237.8
254.1
268.8
280.4
298.1
315.9
334.5

1998: Dec .......................................................

7,554.5

4,318.8

523.6

33.7

600.3

146.7

353.2

906.2

995.1

323.1

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

7,599.0
7,636.4
7,655.3
7,692.7
7,721.8
7,783.3
7,806.0
7,840.0
7,848.1
7,941.3
7,972.5
7,997.9

4,350.7
4,377.9
4,385.8
4,410.4
4,432.1
4,455.4
4,491.4
4,508.2
4,528.5
4,556.7
4,570.5
4,604.4

526.1
528.1
529.8
531.3
533.0
534.8
536.7
538.6
540.3
542.0
543.8
545.7

33.6
33.7
30.1
30.1
27.3
45.0
23.5
21.4
18.0
45.1
46.2
21.3

603.7
608.0
610.8
618.4
619.4
625.8
630.2
636.4
632.5
638.8
645.6
651.1

147.6
148.8
149.3
148.6
147.3
150.5
144.9
143.6
128.5
148.5
150.1
145.9

354.6
356.0
357.6
359.3
361.2
363.0
364.9
367.0
369.0
371.1
373.1
375.2

905.8
906.8
909.6
914.3
921.0
926.2
932.4
938.8
945.3
950.8
955.8
960.3

1,004.7
1,006.6
1,012.0
1,011.3
1,013.0
1,016.4
1,017.8
1,022.6
1,023.6
1,027.8
1,027.2
1,035.5

327.7
329.3
329.6
331.1
332.3
333.7
335.7
336.6
337.8
339.3
339.8
341.6

1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and
the excess of wage accruals over wage disbursements.
2 Consists primarily of employer contributions to private pension and private welfare funds.

3 With

inventory valuation and capital consumption adjustments.
capital consumption adjustment.
mainly of social insurance benefits, direct relief, and veterans payments.
Source: Department of Commerce, Bureau of Economic Analysis.
4 With

5 Consists

5

DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (1996) dollars rose at an
annual rate of 3.5 percent in the fourth quarter of 1999.

Period

Personal
income

Less:
Personal
tax and
nontax
payments

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(1996)
dollars

Per capita
disposable personal
income
Current
dollars

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

5,085.4
5,390.4
5,610.0
5,888.0
6,200.9
6,547.4
6,951.1
7,358.9
7,791.2

610.5
635.8
674.6
722.6
778.3
869.7
968.3
1,072.6
1,152.0

4,474.8
4,754.6
4,935.3
5,165.4
5,422.6
5,677.7
5,982.8
6,286.2
6,639.2

Chained
(1996)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(1996)
dollars

Dollars

4,103.2
4,340.9
4,584.5
4,849.9
5,120.2
5,405.6
5,711.7
6,056.6
6,480.9

371.7
413.7
350.8
315.5
302.4
272.1
271.1
229.7
158.3

5,026.2
5,199.8
5,253.6
5,388.3
5,533.0
5,677.7
5,884.7
6,125.1
6,367.4

17,710
18,616
19,121
19,820
20,613
21,385
22,320
23,231
24,305

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

19,892
20,359
20,354
20,675
21,032
21,385
21,954
22,636
23,310

15,717
16,482
17,259
18,097
18,888
19,727
20,610
21,614
22,898

17,653
18,025
18,372
18,878
19,272
19,727
20,272
21,060
21,960

¥0.4
2.3
¥.0
1.6
1.7
1.7
2.7
3.1
3.0

8.3
8.7
7.1
6.1
5.6
4.8
4.5
3.7
2.4

252,677
255,403
258,107
260,616
263,073
265,504
268,046
270,595
273,161

21,483
21,520
21,712
21,885
22,019
22,198
22,373
22,528
22,715
22,924
23,110
23,239
23,343
23,546

19,801
20,029
20,337
20,422
20,749
20,929
21,198
21,524
21,737
21,993
22,381
22,732
23,047
23,430

19,770
19,875
20,076
20,119
20,387
20,504
20,744
21,004
21,151
21,338
21,637
21,856
22,058
22,287

3.5
.7
3.6
3.2
2.5
3.3
3.2
2.8
3.4
3.7
3.3
2.3
1.8
3.5

5.0
4.6
4.5
5.0
4.2
4.4
4.0
3.5
3.6
3.5
3.0
2.5
2.1
1.9

265,834
266,504
267,040
267,671
268,399
269.075
269,591
270,219
270,946
271,623
272,145
272,778
273,518
274,201

Seasonally adjusted annual rates
1996: III ..........
IV ..........
1997: I .............
II ...........
III ..........
IV ..........
1998: I .............
II ...........
III ..........
IV ..........
1999: I .............
II ...........
III ..........
IV p .........

6,597.1
6,677.9
6,807.6
6,900.6
6,993.5
7,102.7
7,194.7
7,296.3
7,413.6
7,530.8
7,630.2
7,732.6
7,831.4
7,970.6

877.3
898.1
934.2
954.4
978.6
1,006.0
1,031.2
1,058.0
1,088.3
1,113.0
1,124.8
1,139.4
1,160.4
1,183.2

5,719.8
5,779.7
5,873.4
5,946.2
6,014.9
6,096.7
6,163.5
6,238.3
6,325.3
6,417.8
6,505.4
6,593.2
6,671.0
6,787.4

5,433.7
5,512.6
5,609.9
5,650.2
5,759.4
5,827.4
5,914.7
6,020.9
6,100.5
6,190.3
6,310.3
6,425.2
6,531.5
6,656.6

286.1
267.1
263.4
296.1
255.5
269.3
248.9
217.5
224.8
227.5
195.1
168.0
139.5
130.8

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

6

5,710.9
5,735.3
5,798.0
5,857.9
5,909.8
5,973.0
6,031.5
6,087.5
6,154.6
6,226.6
6,289.3
6,339.1
6,384.8
6,456.3

21,517
21,687
21,994
22,215
22,410
22,658
22,863
23,086
23,345
23,628
23,904
24,171
24,389
24,753

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

FARM INCOME
In the third quarter of 1999, according to preliminary estimates, gross farm income rose $27.7 billion (annual rate)
and net farm income rose $40.5 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period

Cash marketing receipts
Total 1
Total

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

198.0
191.9
200.5
204.8
216.1
210.7
235.7
238.7
r 233.1
249.3
231.1
243.0
231.3
234.7
229.4
233.2
234.6
245.8
223.2
250.9

169.5
167.9
171.3
177.9
181.3
188.1
199.1
207.6
196.8
217.6
207.2
207.4
198.3
203.1
204.7
193.6
185.6
196.3
196.8
188.9

1 Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year.

Livestock and
products

89.2
85.8
85.6
90.4
88.2
87.1
93.0
96.5
94.5
93.3
94.6
101.5
96.7
92.1
92.0
98.5
95.6
94.2
92.9
99.5

Crops

80.3
82.1
85.7
87.4
93.1
101.0
106.2
111.1
102.2
124.3
112.6
105.9
101.6
111.0
112.7
95.1
90.1
102.1
104.0
89.4

Value of
inventory
changes 2

3.3
¥.2
4.2
¥4.2
8.3
¥5.0
8.0
.5
r ¥1.0
.7
.6
.5
.4
¥1.4
¥1.3
¥.9
¥.7
¥.7
¥.7
¥.5

Production
expenses

153.3
153.3
152.6
160.2
166.8
173.5
180.8
190.0
189.0
195.2
193.9
189.6
181.5
197.0
195.5
185.6
177.8
201.1
199.0
186.2

Net farm
income

44.7
38.7
47.9
44.5
49.2
37.2
54.9
48.6
r 44.1
54.2
37.2
53.4
49.8
37.7
33.9
47.6
56.9
44.7
24.2
64.7

NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1993 in chart do not reflect previous revisions to
annual data in table.
Data for 1999 are forecasts.
Source: Department of Agriculture.

7

CORPORATE PROFITS
In the third quarter of 1999, according to current estimates, corporate profits before tax rose $18.0 billion (annual
rate) and profits after tax rose $12.9 billion.

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

Profits after tax

Domestic industries
Period

Nonfinancial

Total 2
Total

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

315.9
346.7
380.1
429.6
483.7
558.2
628.6
695.1
702.8
............
631.1
637.8
670.7
684.7
717.3
708.0
710.5
698.2
713.2
689.1
727.1
718.9
719.0
............

Financial

Total 3

Manufacturing

Transportation4

Wholesale

91.6
120.2
124.8
127.9
114.7
154.3
165.3
184.2
191.3
............
166.4
156.0
176.6
181.9
186.5
191.8
194.9
192.2
189.5
188.6
205.3
198.3
203.9
............

224.3
226.5
255.2
301.7
369.0
403.8
463.3
510.9
511.5
............
464.8
481.8
494.0
502.8
530.7
516.1
515.6
506.0
523.7
500.6
521.9
520.6
515.1
............

109.2
93.5
93.9
108.4
139.6
166.1
181.2
185.6
168.4
................
181.8
185.7
179.0
186.6
195.4
181.4
170.8
169.2
171.9
161.7
171.0
167.8
163.1
................

44.4
53.2
58.5
69.6
82.9
85.8
91.4
104.7
109.0
................
90.4
93.6
100.1
101.8
108.2
108.8
110.9
105.0
113.0
106.9
111.9
107.9
117.3
................

19.1
22.0
25.9
28.2
33.1
29.4
42.6
46.8
47.2
..............
41.4
50.2
48.9
48.0
47.4
42.8
47.9
50.1
49.7
41.2
43.4
44.3
39.1
..............

21.0
27.7
33.7
39.7
46.6
44.1
52.9
63.7
69.8
..............
54.9
52.9
62.4
60.9
66.1
65.4
71.0
69.7
69.3
69.0
75.7
75.4
67.7
..............

3 Includes

Tax
liability

Total

401.5
416.1
451.6
510.4
573.4
668.5
726.3
795.9
781.9
............
724.9
741.0
763.3
786.5
822.1
811.6
788.9
792.0
780.1
766.7
818.1
835.8
853.8
............

140.6
133.6
143.1
165.4
186.7
211.0
223.6
238.3
240.2
............
224.0
225.6
228.9
233.2
246.8
244.1
239.9
241.1
244.3
235.6
248.0
254.4
259.4
............

260.9
282.6
308.4
345.0
386.7
457.5
502.7
557.6
541.7
..............
500.9
515.4
534.4
553.3
575.3
567.4
548.9
550.9
535.8
531.0
570.1
581.4
594.3
..............

Dividends

Undistributed
profits

Inventory
valuation
adjustment

95.3
104.1
122.9
141.9
151.8
203.3
205.0
223.9
193.1
..............
198.2
204.1
213.8
222.7
236.5
222.6
202.5
203.6
187.4
178.8
213.7
219.9
227.0
..............

¥12.9
4.9
¥2.8
¥4.0
¥12.4
¥18.3
3.1
7.4
20.9
............
4.7
7.1
9.3
11.2
4.9
4.0
29.5
13.6
19.8
20.8
13.3
¥13.6
¥26.7
............

Retail

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

2 Includes

8

388.6
421.1
448.8
506.4
561.0
650.2
729.4
803.2
802.8
............
729.6
748.1
772.6
797.7
827.0
815.5
818.4
805.6
799.9
787.4
831.4
822.2
827.1
............

Profits
before
tax

165.6
178.4
185.5
203.1
234.9
254.2
297.7
333.7
348.6
364.7
302.7
311.3
320.6
330.6
338.8
344.8
346.5
347.3
348.4
352.2
356.4
361.5
367.3
373.5

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

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the fourth quarter of 1999, according to advance estimates, nonresidential fixed investment in chained (1996)
dollars rose $7.6 billion (annual rate) and residential investment fell $1.1 billion. There was an increase of $65.4
billion in inventories following an increase of $38.0 billion in the third quarter.

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

Gross
private
domestic
investment

Change in private
inventories

Nonresidential
Total
Total

Equipment
and software

Residential

Structures

Total

Nonfarm

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

907.3
829.5
899.8
977.9
1,107.0
1,140.6
1,242.7
1,385.8
1,547.4
1,636.2

894.6
832.5
886.5
958.4
1,045.9
1,109.2
1,212.7
1,316.0
1,471.8
1,589.4

641.7
610.1
630.6
683.6
744.6
817.5
899.4
995.7
1,122.5
1,215.4

236.1
210.1
197.3
198.9
200.5
210.1
225.0
244.0
254.1
247.3

415.7
407.2
437.5
487.1
544.9
607.6
674.4
751.9
870.6
975.5

253.5
221.1
257.2
276.0
302.7
291.7
313.3
320.6
350.2
375.4

16.5
¥1.0
17.1
20.0
66.8
30.4
30.0
69.1
74.3
41.9

13.8
1.4
10.7
28.6
53.6
42.6
22.1
66.2
73.2
42.2

1996: III .........................................................................
IV ..........................................................................

1,281.4
1,283.7

1,231.6
1,250.2

914.3
936.2

225.4
237.3

688.9
698.8

317.3
314.0

51.2
32.9

34.1
29.8

1997: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

1,326.5
1,394.1
1,397.6
1,424.9

1,274.1
1,300.6
1,337.9
1,351.3

957.9
980.8
1,018.0
1,026.1

242.0
239.5
245.9
248.6

715.8
741.5
772.3
777.8

316.3
320.0
320.5
325.7

51.5
93.1
59.2
72.7

56.7
85.7
52.6
69.7

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

1,531.5
1,513.1
1,551.1
1,593.9

1,424.2
1,466.7
1,474.0
1,522.5

1.088.6
1,120.2
1,120.3
1,160.8

252.1
256.4
252.1
255.7

837.9
865.5
870.6
908.5

336.5
347.4
354.2
362.6

107.3
43.1
76.1
70.7

103.8
53.2
77.5
58.2

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

1,608.2
1,599.8
1,651.6
1,685.4

1,555.9
1,581.0
1,607.3
1,613.5

1,182.7
1,202.9
1,234.3
1,241.9

251.9
248.5
246.1
242.8

935.7
960.9
996.6
1,008.7

373.7
378.8
375.1
374.0

50.1
14.0
38.0
65.4

43.1
13.1
41.2
71.4

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

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

9

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

Total
nonresidential

Period

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

641.7
610.1
630.6
683.6
744.6
817.5
899.4
995.7
1,122.5
1,215.4
914.3
936.2
957.9
980.8
1,018.0
1,026.1
1,088.6
1,120.2
1,120.3
1,160.8
1,182.7
1,202.9
1,234.3
1,241.9

Total 1

236.1
210.1
197.3
198.9
200.5
210.1
225.0
244.0
254.1
247.3
225.4
237.3
242.0
239.5
245.9
248.6
252.1
256.4
252.1
255.7
251.9
248.5
246.1
242.8

Residential
Structures

Equipment and software
Information processing equipment
and software

Nonresidential
buildings,
including
farm

Utilities

173.6
142.7
129.2
131.7
137.2
147.6
161.7
175.3
184.6
180.2
162.4
172.4
175.1
171.4
178.5
176.1
181.7
184.9
184.2
187.4
186.6
181.2
177.2
175.9

33.0
38.9
41.8
38.4
36.1
36.8
36.0
35.7
38.0
38.0
35.5
36.8
35.1
35.4
36.0
36.2
37.6
37.7
37.9
38.7
38.1
38.0
38.5
37.2

Mining
exploration,
shafts,
and
wells

Total 2

21.3
20.8
17.2
20.5
19.8
18.2
21.1
26.4
25.4
23.2
21.5
22.3
26.2
26.9
25.4
27.1
26.5
27.1
24.2
23.6
21.6
22.6
24.3
24.5

415.7
407.2
437.5
487.1
544.9
607.6
674.4
751.9
870.6
975.5
688.9
698.8
715.8
741.5
772.3
777.8
837.9
865.5
870.6
908.5
935.7
960.9
996.6
1,008.7

Total

1 Includes

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

Computers
and
peripheral
equipment

136.4
142.7
163.0
183.4
206.6
242.8
287.3
339.4
418.5
510.3
293.6
302.4
316.9
330.0
350.2
360.4
388.8
409.4
427.4
448.5
470.4
501.0
526.0
543.6

14.2
15.4
20.8
26.4
32.6
49.2
70.9
99.0
154.2
222.0
73.9
78.5
85.8
94.2
105.1
110.9
131.3
146.9
160.4
178.3
193.4
212.9
233.5
248.1

Software

Other

Industrial
equipment

45.9
51.4
58.7
66.8
74.3
82.0
95.1
109.4
129.2
149.2
96.4
99.8
104.0
107.1
111.1
115.3
120.9
126.2
131.9
137.8
141.6
147.0
152.0
156.1

87.6
86.4
91.5
96.4
104.9
113.1
121.3
132.7
147.1
169.8
123.3
124.3
127.6
129.9
136.2
137.1
143.1
146.3
148.3
150.9
157.8
168.4
174.7
178.5

105.8
99.0
100.8
109.6
119.6
131.3
136.4
141.3
148.1
148.4
135.7
136.5
135.6
141.1
143.2
145.1
147.0
147.9
148.7
148.9
145.0
146.6
150.0
151.9

Transportation
equipment

Total
residential 3

87.4
87.7
92.3
103.4
120.4
128.2
138.9
149.6
175.3
196.7
145.8
144.9
144.9
149.1
155.0
149.6
174.2
177.0
164.2
185.8
190.8
191.6
204.0
200.6

253.5
221.1
257.2
276.0
302.7
291.7
313.3
320.6
350.2
375.4
317.3
314.0
316.3
320.0
320.5
325.7
336.5
347.4
354.2
362.6
373.7
378.8
375.1
374.0

Total 4

Single
family

247.3
215.1
251.0
269.4
295.8
284.4
305.6
312.7
341.8
366.3
309.7
306.3
308.5
312.2
312.5
317.7
328.4
339.0
345.8
354.0
364.8
369.7
365.9
364.7

128.6
112.3
135.7
148.0
163.2
147.7
159.1
159.8
180.3
194.4
161.8
158.7
158.2
159.8
159.0
162.1
170.1
177.8
184.0
189.3
195.8
195.8
191.7
194.3

NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.

2 Includes
3 Includes

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry

Total
including
nonemployer
businesses

Total 1

1993 .....
1994 .....
1995 .....

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

1996 .....
1997 .....

807.1
870.2

Period

Manufacturing
Total
by industry 2

Mining

Construction

Total

Durable
goods

489.7
549.3
601.1

488.2
547.9
601.0

19.6
24.6
27.6

11.6
9.1
10.4

134.1
154.4
181.0

66.4
79.7
97.0

707.1
770.8

707.1
770.8

30.2
37.4

13.8
15.5

191.8
192.3

109.9
108.3

Nondurable
goods

Transportation

Communications

Utilities

Services

Nonemployer
businesses

Wholesale
trade

Retail
trade

Finance

Insurance
and
real
estate

19.0
23.5
24.5

41.4
46.5
51.9

26.0
29.8
30.4

14.2
17.4
19.8

111.8
123.8
134.2

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

26.0
28.8

55.8
55.9

87.1
91.3

23.4
29.3

145.9
165.1

100.0
99.4

For businesses with 5 employees or more
67.7
74.7
84.0

30.6
33.3
33.9

37.1
41.9
46.3

41.3
41.5
38.4

For businesses with 1 employee or more
81.9
83.9

1 For 1993, 1994, and 1995 includes an item for not distributed by industry, not shown separately.
2 Includes an item for expenditures serving multiple industries, not shown separately.

10

36.7
45.0

57.1
68.4

36.7
38.7

NOTE.—All data from Annual Capital Expenditures.
Source: Department of Commerce, Bureau of the Census.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In January, after adjusting for revised population controls, employment rose by 918,000, and unemployment rose
by 7,000. (Series revised.)

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

Period

1990 3 ................................
1991 ..................................
1992 ..................................
1993 ..................................
1994 4 ................................
1995 ..................................
1996 ..................................
1997 3 ................................
1998 3 ................................
1999 3 ................................
1999: Jan r 3 .....................
Feb r .......................
Mar r ......................
Apr r .......................
May r ......................
June r .....................
July r ......................
Aug r ......................
Sept r ......................
Oct r .......................
Nov r .......................
Dec .........................
2000: Jan 3 ......................

Civilian
noninstitutional
population
NSA

189,164
190,925
192,805
194,838
196,814
198,584
200,591
203,133
205,220
207,753
206,719
206,873
207,036
207,236
207,427
207,632
207,828
208,038
208,265
208,483
208,666
208,832
208,782

Civilian
labor
force

125,840
126,346
128,105
129,200
131,056
132,304
133,943
136,297
137,673
139,368
139,232
139,137
138,804
139,086
139,013
139,332
139,336
139,372
139,475
139,697
139,834
140,108
140,910

Nonagricultural
Total

118,793
117,718
118,492
120,259
123,060
124,900
126,708
129,558
131,463
133,488
133,225
133,029
132,976
133,054
133,190
133,398
133,399
133,530
133,650
133,940
134,098
134,420
135,221

Agricultural

3,223
3,269
3,247
3,115
3,409
3,440
3,443
3,399
3,378
3,281
3,297
3,328
3,290
3,341
3,290
3,330
3,278
3,234
3,179
3,238
3,310
3,279
3,371

Total

115,570
114,449
115,245
117,144
119,651
121,460
123,264
126,159
128,025
130,207
129,928
129,701
129,686
129,713
129,900
130,068
130,121
130,296
130,471
130,702
130,788
131,141
131,850

1 Persons at work. Economic reasons include slack work, material shortages, inability to find
fulltime work, etc.
2 Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
3 Not strictly comparable with earlier data.

Percent 2

Unemployment

Part time
for
economic
reasons 1
4,950
5,874
6,240
6,230
4,414
4,279
4,123
3,879
3,501
3,189
3,341
3,282
3,325
3,225
3,229
3,209
3,142
3,127
3,112
2,983
3,105
3,157
3,066

Total

7,047
8,628
9,613
8,940
7,996
7,404
7,236
6,739
6,210
5,880
6,007
6,108
5,828
6,032
5,823
5,934
5,937
5,842
5,825
5,757
5,736
5,688
5,689

15
weeks
and
over
1,525
2,357
3,408
3,094
2,860
2,363
2,316
2,062
1,637
1,480
1,491
1,539
1,467
1,474
1,519
1,634
1,511
1,463
1,412
1,434
1,401
1,388
1,372

Not in
labor
force

63,324
64,578
64,700
65,638
65,758
66,280
66,647
66,837
67,547
68,385
67,487
67,736
68,232
68,150
68,414
68,300
68,492
68,666
68,790
68,786
68,832
68,724
67,872

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

66.5
66.2
66.4
66.3
66.6
66.6
66.8
67.1
67.1
67.1
67.4
67.3
67.0
67.1
67.0
67.1
67.0
67.0
67.0
67.0
67.0
67.1
67.5

62.8
61.7
61.5
61.7
62.5
62.9
63.2
63.8
64.1
64.3
64.4
64.3
64.2
64.2
64.2
64.2
64.2
64.2
64.2
64.2
64.3
64.4
64.8

5.6
6.8
7.5
6.9
6.1
5.6
5.4
4.9
4.5
4.2
4.3
4.4
4.2
4.3
4.2
4.3
4.3
4.2
4.2
4.1
4.1
4.1
4.0

4 Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire.
NOTE.—Seasonally adjusted data revised beginning 1995 to reflect annual revisions released
in early January 2000. Data beginning January 1998, 1999, and 2000 reflect revised population controls. For details, see February issues, Employment and Earnings.
Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
In January, the unemployment rate fell to 4.0 percent from 4.1 percent in December. (Series revised.)

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

1990 .........................
1991 .........................
1992 .........................
1993 .........................
1994 2 .......................
1995 .........................
1996 .........................
1997 .........................
1998 .........................
1999 .........................
1999: Jan r ..............
Feb r ..............
Mar r .............
Apr r ..............
May r .............
June r ............
July r .............
Aug r .............
Sept r ............
Oct r ..............
Nov r .............
Dec ...............
2000: Jan ...............
1 Revised
2 Data

12

All
civilian
workers

5.6
6.8
7.5
6.9
6.1
5.6
5.4
4.9
4.5
4.2
4.3
4.4
4.2
4.3
4.2
4.3
4.3
4.2
4.2
4.1
4.1
4.1
4.0

Men
20 years
and over

Women
20 years
and over

5.0
6.4
7.1
6.4
5.4
4.8
4.6
4.2
3.7
3.5
3.5
3.7
3.3
3.5
3.6
3.5
3.5
3.5
3.4
3.5
3.3
3.3
3.3

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

By race
Both
sexes
16–19
years

White

15.5
18.7
20.1
19.0
17.6
17.3
16.7
16.0
14.6
13.9
15.1
14.2
14.2
14.1
13.1
13.6
13.2
13.5
14.6
13.8
14.0
13.8
12.6

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

4.8
6.1
6.6
6.1
5.3
4.9
4.7
4.2
3.9
3.7
3.8
3.8
3.6
3.8
3.7
3.8
3.7
3.7
3.6
3.5
3.5
3.5
3.4

Black
and
other

10.1
11.1
12.7
11.7
10.5
9.6
9.3
8.8
7.8
7.0
6.9
7.3
7.2
7.0
6.8
6.7
7.2
6.8
7.2
7.2
7.1
7.0
7.1

By selected groups

Black

11.4
12.5
14.2
13.0
11.5
10.4
10.5
10.0
8.9
8.0
7.8
8.2
8.0
7.8
7.6
7.6
8.6
7.8
8.3
8.3
8.0
7.9
8.2

Experienced
wage
and
salary
workers

5.3
6.6
7.2
6.6
5.9
5.4
5.2
4.7
4.3
4.0
4.1
4.1
4.1
4.2
4.1
4.1
4.1
4.0
4.0
3.9
3.9
3.9
3.9

Married
men,
spouse
present

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

Women
who
maintain
families

Full-time
workers 1

Part-time
workers 1

8.3
9.3
10.0
9.7
8.9
8.0
8.2
8.1
7.2
6.4
6.3
6.5
6.6
7.1
6.0
6.5
6.4
6.3
6.4
6.0
6.0
6.2
6.2

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

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

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

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In January, the percentages of the unemployed who had been out of work for less than 5 weeks and for 15
to 26 weeks fell; the percentages for 5–14 weeks and for 27 weeks and over rose. The mean duration of unemployment
rose to 13.2 weeks and the median duration fell to 5.7 weeks. (Series revised.)

[Monthly data seasonally adjusted, except as noted]
Duration of unemployment

Period

Unemployment
(thousands)

Percent distribution
Less
than
5
weeks

5–14
weeks

15–26
weeks

Reason for unemployment:
percent distribution

State
programs

Number of weeks
27
weeks
and
over

Average
(mean)

Median

Job
losers 1

Job
leavers

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 2

Weekly average, thousands
1990 ........................................
1991 ........................................
1992 ........................................
1993 ........................................
1994 3 ......................................
1995 ........................................
1996 ........................................
1997 ........................................
1998 ........................................
1999 ........................................
1999: Jan r .............................
Feb r .............................
Mar r ............................
Apr r .............................
May r ............................
June r ...........................
July r ............................
Aug r ............................
Sept r ............................
Oct r .............................
Nov r ............................
Dec ...............................
2000: Jan ..............................

7,047
8,628
9,613
8,940
7,996
7,404
7,236
6,739
6,210
5,880
6,007
6,108
5,828
6,032
5,823
5,934
5,937
5,842
5,825
5,757
5,736
5,688
5,689

46.3
40.3
35.1
36.5
34.1
36.5
36.4
37.7
42.2
43.7
40.6
42.7
42.9
45.1
42.7
42.7
44.5
44.4
44.5
44.0
45.1
45.9
43.9

32.0
32.4
29.4
28.9
30.1
31.6
31.6
31.7
31.4
31.2
34.1
31.8
32.1
30.7
31.3
29.8
30.0
30.7
31.1
31.3
30.5
29.7
31.5

11.7
14.4
15.1
14.5
15.5
14.6
14.6
14.8
12.3
12.8
13.2
12.5
12.8
13.1
13.4
13.5
13.1
12.7
12.2
12.4
12.6
12.2
12.0

10.0
12.9
20.3
20.1
20.3
17.3
17.4
15.8
14.1
12.3
12.1
13.0
12.2
11.2
12.6
13.9
12.3
12.2
12.1
12.3
11.7
12.2
12.7

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

12.0
13.7
17.7
18.0
18.8
16.6
16.7
15.8
14.5
13.4
13.5
13.8
13.6
13.2
13.4
14.3
13.5
13.2
13.0
13.2
13.0
12.8
13.2

5.3
6.8
8.7
8.3
9.2
8.3
8.3
8.0
6.7
6.4
6.8
6.9
6.8
6.1
6.6
6.3
5.8
6.4
5.9
6.3
6.2
5.9
5.7

48.1
54.4
56.1
54.2
47.7
46.9
46.6
45.1
45.5
44.6
45.4
44.9
45.1
44.8
45.1
45.3
45.3
45.0
44.3
43.7
43.5
42.0
43.5

14.8
11.6
10.4
10.9
9.9
11.1
10.7
11.8
11.8
13.3
12.2
12.4
13.2
13.5
13.2
14.1
13.0
13.6
13.1
13.5
14.3
14.4
13.6

27.4
24.8
23.8
24.6
34.8
34.1
34.7
34.7
34.3
34.1
33.7
34.5
34.2
33.9
34.3
34.6
33.9
33.2
33.9
34.0
33.7
35.6
35.9

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

2,522
3,342
3,245
2,751
2,670
2,572
2,595
2,323
r 2,222
2,187
2,270
2,228
2,177
2,182
2,185
2,213
2,224
2,202
2,180
2,132
2,128
2,132
..............

388
447
408
341
340
357
356
323
r 321
298
319
291
295
308
306
305
296
287
293
289
287
285
p 282

2,575
3,406
3,348
2,845
2,739
2,633
2,650
2,366
r 2,257
2,218
2,861
2,767
2,727
2,213
2,102
2,127
2,061
2,173
1,780
1,752
1,940
2,050
.................

3 Data beginning January 1994 are not directly comparable with data for earlier periods.
NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and
initial claims).
Unemployment series revised. See Note, p. 11.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 387,000 in January.

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

Goods-producing industries
Period

1990 ..................
1991 ..................
1992 ..................
1993 ..................
1994 ..................
1995 ..................
1996 ..................
1997 ..................
1998 ..................
1999 p ................
1999: Jan .........
Feb .........
Mar ........
Apr .........
May .......
June .......
July ........
Aug ........
Sept ........
Oct r .......
Nov r .......
Dec p .......
2000: Jan p .......

Total
nonagricultural
employment

109,403
108,249
108,601
110,713
114,163
117,191
119,608
122,690
125,826
128,616
127,378
127,730
127,813
128,134
128,162
128,443
128,816
128,945
129,048
129,332
129,589
129,905
130,292

Service-producing industries

Manufacturing
Total 2

24,905
23,745
23,231
23,352
23,908
24,265
24,493
24,962
25,347
25,240
25,315
25,329
25,285
25,288
25,199
25,180
25,247
25,148
25,186
25,198
25,257
25,275
25,406

Construction

5,120
4,650
4,492
4,668
4,986
5,160
5,418
5,691
5,985
6,273
6,170
6,238
6,232
6,277
6,239
6,258
6,270
6,246
6,293
6,314
6,369
6,391
6,507

Total

19,076
18,406
18,104
18,075
18,321
18,524
18,495
18,675
18,772
18,431
18,585
18,538
18,503
18,473
18,429
18,396
18,449
18,378
18,366
18,356
18,361
18,355
18,368

Durable
goods

Nondurable
goods

11,109
10,569
10,277
10,221
10,448
10,683
10,789
11,010
11,170
10,985
11,050
11,027
11,014
10,993
10,971
10,960
11,015
10,975
10,959
10,952
10,954
10,954
10,964

7,968
7,837
7,827
7,854
7,873
7,841
7,706
7,665
7,602
7,446
7,535
7,511
7,489
7,480
7,458
7,436
7,434
7,403
7,407
7,404
7,407
7,401
7,404

1 Includes all full- and part-time wage and salary workers in nonagricultural establishments
who received pay for any part of the pay period which includes the 12th of the month. Excludes
proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total
in this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes,
bad weather, etc., even if they are not paid for the time off; and which are based on a sample

14

Total

84,497
84,504
85,370
87,361
90,256
92,925
95,115
97,727
100,480
103,376
102,063
102,401
102,528
102,846
102,963
103,263
103,569
103,797
103,862
104,134
104,332
104,630
104,886

Transportation and
public
utilities

5,777
5,755
5,718
5,811
5,984
6,132
6,253
6,408
6,600
6,792
6,708
6,723
6,732
6,750
6,758
6,781
6,799
6,813
6,831
6,841
6,862
6,896
6,912

Wholesale
trade

6,173
6,081
5,997
5,981
6,162
6,378
6,482
6,648
6,831
7,004
6,924
6,937
6,947
6,965
6,977
6,993
7,012
7,031
7,041
7,064
7,070
7,086
7,105

Retail
trade

19,601
19,284
19,356
19,773
20,507
21,187
21,597
21,966
22,296
22,788
22,556
22,648
22,611
22,724
22,748
22,796
22,903
22,888
22,862
22,891
22,902
22,981
23,024

Finance,
insurance,
Services
and real
estate

6,709
6,646
6,602
6,757
6,896
6,806
6,911
7,109
7,407
7,632
7,570
7,581
7,595
7,611
7,621
7,636
7,647
7,650
7,653
7,668
7,675
7,687
7,678

27,934
28,336
29,052
30,197
31,579
33,117
34,454
36,040
37,526
39,000
38,313
38,458
38,556
38,697
38,782
38,952
39,055
39,205
39,257
39,433
39,554
39,659
39,811

Government
Total

18,304
18,402
18,645
18,841
19,128
19,305
19,419
19,557
19,819
20,161
19,992
20,054
20,087
20,099
20,077
20,105
20,153
20,210
20,218
20,237
20,269
20,321
20,356

Federal

3,085
2,966
2,969
2,915
2,870
2,822
2,757
2,699
2,686
2,668
2,702
2,713
2,710
2,688
2,666
2,664
2,656
2,651
2,654
2,643
2,648
2,643
2,663

of the working-age population, whereas the estimates in this table are based on reports from
employing establishments. In the series shown here, persons who work at more than one job
are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where
persons are counted only once—as employed, unemployed, or not in the labor force.
2 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.

AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average weekly hours

Average gross hourly earnings

Manufacturing
Period

1990 .....................
1991 .....................
1992 .....................
1993 .....................
1994 .....................
1995 .....................
1996 ....................
1997 ....................
1998 .....................
1999 p ...................
1998: Dec ...........
1999: Jan ...........
Feb ...........
Mar ...........
Apr ...........
May ..........
June .........
July ..........
Aug ...........
Sept .........
Oct ...........
Nov r .........
Dec p .........
2000: Jan p .........

Total
private
nonagricultural 1

34.5
34.3
34.4
34.5
34.7
34.5
34.4
34.6
34.6
34.5
34.6
34.6
34.6
34.5
34.4
34.4
34.5
34.5
34.5
34.4
34.5
34.5
34.5
34.6

Total

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

Average gross weekly earnings

Total private
nonagricultural 1

Overtime

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

Current
dollars

$10.01
10.32
10.57
10.83
11.12
11.43
11.82
12.28
12.78
13.24
12.98
13.04
13.06
13.11
13.14
13.18
13.24
13.28
13.29
13.35
13.39
13.40
13.44
13.50

1982
dollars 2

$7.52
7.45
7.41
7.39
7.40
7.39
7.43
7.55
7.75
7.86
7.81
7.83
7.84
7.86
7.83
7.85
7.89
7.88
7.87
7.86
7.87
7.87
7.87
..............

Total private
nonagricultural 1
Manufacturing

Current
dollars

1982
dollars 2

Manufacturing

Construction

Retail
trade

$345.35
353.98
363.61
373.64
385.86
394.34
406.61
424.89
442.19
456.78
449.11
451.18
451.88
452.30
452.02
453.39
456.78
458.16
458.51
459.24
461.96
462.30
463.68
467.10

$10.83
11.18
11.46
11.74
12.07
12.37
12.77
13.17
13.49
13.91
13.60
13.64
13.67
13.71
13.79
13.85
13.95
14.02
14.03
14.04
r 14.07
14.06
14.08
14.13

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

$259.47
255.40
254.99
254.87
256.73
255.07
255.73
261.31
268.32
271.25
270.39
270.98
271.40
271.33
269.22
270.04
272.05
271.91
271.47
270.30
271.58
271.46
271.48
..............

$441.86
455.03
469.86
486.04
506.94
514.59
531.23
553.14
562.53
580.05
567.12
567.42
568.67
568.97
573.66
577.55
581.72
587.44
586.45
586.87
r 588.13
586.30
585.73
589.22

$526.01
533.40
537.70
553.63
573.00
587.00
603.33
625.56
643.69
668.07
661.92
663.60
659.74
651.42
655.04
664.41
676.10
668.30
668.85
672.91
675.26
692.40
677.64
687.92

$194.40
198.48
205.06
209.95
216.46
221.47
230.11
240.74
253.17
263.32
257.81
258.97
261.34
260.42
261.87
263.06
263.65
264.81
264.77
263.52
r 265.30
265.88
269.76
268.83

Current
dollars

3.3
2.5
2.7
2.8
3.3
2.2
3.1
4.5
4.1
3.3
3.8
3.4
3.4
3.4
2.9
2.6
3.5
3.5
3.1
3.3
3.4
3.3
3.2
3.5

1982
dollars

¥1.8
¥1.6
¥.2
¥.0
.7
¥.6
.3
2.2
2.7
1.1
2.3
1.7
1.7
1.6
.7
.6
1.4
1.2
.8
.5
.6
.5
.4
..............

Source: Department of Labor, Bureau of Labor Statistics.

EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

12 months earlier
Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

Not seasonally adjusted
1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

107.0
111.7
115.6
119.8
123.5
126.7
130.6
135.1
139.8
144.6

106.1
110.0
112.9
116.4
119.7
123.1
127.3
132.3
137.4
142.2

109.4
116.2
122.2
128.3
133.0
135.9
138.6
141.8
145.2
150.2

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

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

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

Seasonally adjusted
1996: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
1997: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
1998: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
1999: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec ..................................................................

127.9
128.9
129.7
130.7
131.6
132.7
133.7
135.2
136.1
137.3
138.7
139.7
140.2
141.8
143.0
144.5

124.4
125.6
126.4
127.4
128.5
129.7
130.9
132.4
133.6
134.9
136.5
137.5
138.1
139.8
140.9
142.3

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

136.2
137.0
137.7
138.6
138.9
139.7
140.3
141.7
142.2
143.2
144.1
145.1
145.4
146.8
148.1
150.1

0.7
.8
.6
.8
.7
.8
.8
1.1
.7
.9
1.0
.7
.4
1.2
.8
1.0

4.6
4.4
3.5
3.6
3.1
2.6
3.1
3.4
3.5
3.4

4.0
3.7
2.6
3.1
2.8
2.8
3.4
3.9
3.9
3.5

6.6
6.2
5.2
5.0
3.7
2.2
2.0
2.3
2.4
3.4

Not seasonally adjusted
1.0
1.0
.6
.8
.9
.9
.9
1.1
.9
1.0
1.2
.7
.4
1.2
.8
1.0

0.1
.6
.5
.7
.2
.6
.4
1.0
.4
.7
.6
.7
.2
1.0
.9
1.4

2.7
2.9
2.9
3.1
3.0
2.9
3.2
3.4
3.5
3.5
3.8
3.5
3.0
3.3
3.1
3.4

3.2
3.4
3.3
3.4
3.4
3.3
3.6
3.9
4.0
4.0
4.3
3.9
3.3
3.6
3.2
3.5

1.6
1.7
1.8
2.0
2.0
2.0
2.0
2.3
2.3
2.6
2.6
2.4
2.2
2.5
2.8
3.4

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

Hours of all
persons 2

Nonfarm
business
sector

Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs
Business
sector

Nonfarm
business
sector

Implicit price
deflator 5
Business
sector

Nonfarm
business
sector

Indexes, 1992=100; quarterly data seasonally adjusted
1990 ........................
1991 ........................
1992 ........................
1993 ........................
1994 ........................
1995 ........................
1996 ........................
1997 ........................
1998 ........................
1999 p* .....................
1996: I ...................
II .................
III ................
IV ................
1997: I ...................
II .................
III ................
IV ................
1998: I ...................
II .................
III ................
IV ................
1999: I ...................
II .................
III r ...............
IV p* .............

94.5
95.9
100.0
100.1
101.4
102.2
105.2
107.5
110.5
113.9
104.1
105.3
105.4
105.9
106.3
107.1
108.1
108.4
109.7
109.8
110.7
111.9
112.7
113.0
114.3
115.6

94.6
96.1
100.0
100.1
101.4
102.4
105.2
107.2
110.2
113.4
104.2
105.3
105.3
105.8
106.1
106.9
107.8
108.1
109.3
109.5
110.4
111.5
112.2
112.4
113.8
115.2

97.0
96.1
100.0
102.7
107.7
111.1
116.1
122.3
128.6
134.5
113.7
115.8
116.6
118.3
120.0
121.8
123.2
124.4
126.9
127.5
128.9
131.2
132.5
133.1
135.2
137.4

97.1
96.3
100.0
103.0
107.8
111.5
116.4
122.5
129.0
135.0
114.0
116.1
116.9
118.6
120.2
122.0
123.4
124.6
127.1
127.9
129.3
131.6
132.9
133.5
135.7
137.9

102.6
100.3
100.0
102.6
106.2
108.8
110.4
113.8
116.4
118.1
109.2
110.0
110.7
111.7
112.9
113.7
114.0
114.7
115.7
116.1
116.4
117.2
117.5
117.8
118.3
118.9

102.7
100.2
100.0
102.9
106.3
108.9
110.7
114.3
117.1
119.0
109.4
110.3
111.0
112.1
113.3
114.1
114.5
115.3
116.3
116.8
117.1
118.0
118.4
118.7
119.3
119.7

90.6
94.9
100.0
102.4
104.5
106.7
110.1
114.2
120.3
126.3
108.6
109.7
110.7
111.6
112.5
113.2
114.6
116.4
117.8
119.4
121.2
122.7
124.2
125.7
127.1
128.3

90.5
94.9
100.0
102.1
104.3
106.5
109.8
113.8
119.7
125.4
108.4
109.4
110.3
111.2
112.2
112.9
114.1
115.9
117.2
118.8
120.6
122.0
123.3
124.7
126.1
127.4

96.4
97.4
100.0
99.9
99.7
99.1
99.6
101.1
105.1
108.1
99.2
99.4
99.8
99.8
100.1
100.4
101.2
102.4
103.4
104.4
105.6
106.5
107.4
107.8
108.3
108.5

96.3
97.4
100.0
99.6
99.5
98.9
99.3
100.7
104.5
107.3
99.1
99.2
99.4
99.5
99.8
100.1
100.8
101.9
102.9
103.9
105.1
105.9
106.6
106.9
107.5
107.8

95.9
99.0
100.0
102.3
103.0
104.4
104.7
106.2
108.8
110.9
104.3
104.2
105.0
105.3
105.9
105.7
106.0
107.4
107.5
108.8
109.5
109.6
110.2
111.3
111.3
110.9

95.7
98.8
100.0
102.1
102.9
104.0
104.4
106.1
108.6
110.6
104.0
103.9
104.7
105.0
105.7
105.6
105.8
107.2
107.3
108.5
109.3
109.4
109.8
111.0
110.9
110.6

95.4
98.4
100.0
102.5
104.4
106.4
107.9
109.5
110.3
111.3
107.3
107.8
108.2
108.5
109.1
109.5
109.7
109.9
110.0
110.2
110.4
110.5
110.9
111.2
111.4
111.9

95.1
98.3
100.0
102.6
104.5
106.5
107.8
109.7
110.5
111.6
107.3
107.6
107.9
108.4
109.1
109.6
109.9
110.1
110.4
110.5
110.7
110.6
111.0
111.4
111.6
112.2

4.3
3.3
1.2
2.1
.8
1.1
.4
1.6
2.4
1.8
2.4
1.8
1.7
¥.1
¥1.4
¥.2
2.9
1.3
2.7
¥.6
1.0
5.1
.4
4.6
3.0
.5
1.4
4.2
¥.3
¥1.0

3.6
3.1
1.6
2.5
1.8
1.9
1.5
1.5
.7
.9
2.7
1.5
1.5
1.1
1.7
1.7
1.4
1.2
2.2
1.4
.8
.7
.4
.8
.9
.4
1.3
1.1
.6
1.8

3.7
3.4
1.7
2.6
1.9
1.9
1.3
1.7
.8
.9
2.7
1.5
1.0
.6
1.6
1.4
1.2
1.8
2.5
1.7
1.1
.8
.9
.5
.6
¥.3
1.5
1.4
.7
2.1

Percent change; quarterly data at seasonally adjusted annual rates
1990 ........................
1991 ........................
1992 ........................
1993 ........................
1994 ........................
1995 ........................
1996 ........................
1997 ........................
1998 ........................
1999 p* .....................
1995: I ...................
II .................
III ................
IV ................
1996: I ...................
II .................
III ................
IV ................
1997: I ...................
II .................
III ................
IV ................
1998: I ...................
II .................
III ................
IV ................
1999: I ...................
II .................
III r ...............
IV p* .............
1 Output

1.3
1.5
4.3
.1
1.3
.7
2.9
2.2
2.8
3.0
¥1.3
1.1
.9
3.8
4.1
4.7
.3
2.1
1.3
3.4
3.6
1.2
4.6
.6
3.4
4.3
3.0
.8
4.7
4.8

1.1
1.6
4.1
.1
1.3
1.0
2.7
2.0
2.8
2.9
¥.8
1.1
1.2
3.2
3.9
4.2
.1
1.9
.9
3.3
3.3
1.2
4.4
.9
3.1
4.1
2.7
.6
5.0
5.0

1.5
¥.9
4.0
2.7
4.8
3.2
4.5
5.4
5.1
4.6
1.4
.9
3.8
4.2
4.1
7.7
2.7
5.9
5.8
6.2
4.8
3.9
8.1
2.2
4.4
7.2
3.9
1.9
6.5
6.7

1.4
¥.9
3.9
3.0
4.7
3.4
4.4
5.3
5.2
4.7
1.8
1.1
4.2
4.0
3.9
7.6
2.8
5.9
5.5
6.2
4.6
4.1
8.3
2.4
4.4
7.3
4.0
1.8
6.8
6.6

0.2
¥2.3
¥.3
2.6
3.5
2.4
1.5
3.1
2.2
1.5
2.8
¥.2
2.9
.4
.0
2.9
2.4
3.7
4.4
2.7
1.1
2.7
3.4
1.6
.9
2.8
.9
1.0
1.7
1.9

0.3
¥2.4
¥.2
2.9
3.3
2.4
1.7
3.3
2.4
1.7
2.6
¥.1
3.0
.7
¥.1
3.3
2.6
3.9
4.5
2.8
1.3
2.9
3.7
1.4
1.2
3.1
1.3
1.3
1.7
1.5

refers to real gross domestic product originating in the sector.
of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers
(CPI–U) for recent quarters. The trend from 1978–98 is based on the consumer price index
research series (CPI–U–RS).
2 Hours

16

5.7
4.8
5.3
2.4
2.0
2.1
3.2
3.7
5.3
5.0
1.6
3.1
2.9
3.4
2.4
4.4
3.5
3.3
3.4
2.6
4.8
6.7
4.9
5.5
6.1
4.9
4.9
5.1
4.5
3.6

5.5
4.9
5.3
2.1
2.1
2.1
3.1
3.6
5.2
4.8
1.6
2.9
3.0
3.1
2.5
4.0
3.1
3.3
3.6
2.6
4.4
6.4
4.8
5.6
6.2
4.6
4.2
4.8
4.7
4.0

0.6
1.0
2.7
¥.1
¥.2
¥.6
.5
1.5
3.9
2.9
¥1.2
¥.1
.8
1.3
¥.6
.7
1.4
.2
1.0
1.5
3.0
4.8
4.2
3.9
4.7
3.3
3.6
1.5
1.9
.6

0.5
1.1
2.7
¥.4
¥.1
¥.6
.4
1.4
3.8
2.6
¥1.3
¥.2
.9
1.0
¥.4
.3
1.0
.2
1.2
1.5
2.6
4.5
4.1
3.9
4.7
2.9
2.8
1.2
2.0
1.1

4.3
3.2
1.0
2.3
.7
1.4
.3
1.5
2.4
1.9
3.0
1.9
2.0
¥.4
¥1.6
¥.3
3.2
1.2
2.1
¥.7
1.1
5.4
.3
4.9
2.6
.6
1.9
4.2
¥.2
¥1.2

5 Current dollar gross domestic output divided by the output index.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released January 28, 2000.
Source: Department of Labor, Bureau of Labor Statistics.

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

[Monthly data seasonally adjusted]
Total industrial production
Percent
Period

Index,
1992=100

From
preceding
month

Industry production indexes, 1992=100

change 1
From
year
earlier

¥0.2
¥2.0
3.1
3.4
5.5
4.9
4.4
6.4
4.2
3.6

Manufacturing

Total

Durable

98.9
97.0
100.0
103.4
109.1
114.4
119.4
127.1
132.4
137.2

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

1998: Dec ..............................

133.8

0.0

2.5

138.4

166.2

111.1

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

134.1
134.5
135.1
135.5
136.2
136.6
137.4
137.7
138.1
139.4
139.9
140.5

.2
.3
.5
.2
.5
.3
.5
.3
.2
1.0
.4
.4

2.4
2.9
3.1
2.9
2.9
3.9
4.6
3.1
3.4
3.9
4.6
5.0

138.6
139.3
139.7
140.2
141.0
141.4
142.0
142.5
142.9
144.3
145.2
145.5

166.3
166.8
168.1
169.4
170.8
172.2
173.8
174.4
175.0
176.4
177.7
177.9

111.3
112.3
111.8
111.5
111.9
111.3
111.0
111.5
111.8
113.1
113.6
114.0

2 Output

changes based on unrounded indexes.
as percent of capacity.

98.5
96.2
100.0
103.7
110.0
115.8
121.3
130.1
136.4
142.3

99.0
95.5
100.0
105.4
114.3
123.9
134.0
148.0
160.7
172.8

Nondurable

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

1 Percent

Capacity utilization
rate, percent 2

97.9
97.0
100.0
101.8
105.2
107.1
107.8
111.2
111.6
111.8

Mining

104.8
102.6
100.0
100.0
102.5
102.1
103.7
105.9
103.8
98.1

Utilities

Total
industry

Manufacturing

98.3
100.4
100.0
103.9
105.3
109.0
112.6
112.7
114.4
116.8

82.3
79.3
80.2
81.3
83.1
83.3
82.5
83.3
81.8
80.7

81.4
77.9
79.4
80.5
82.5
82.6
81.5
82.4
80.9
79.8

98.1

112.5

80.6

79.9

98.0
97.4
97.5
96.7
97.4
97.1
97.8
98.5
98.3
99.3
99.8
100.2

114.5
112.6
116.8
116.3
116.1
117.4
119.8
117.8
117.7
118.6
115.5
119.5

80.4
80.4
80.5
80.4
80.5
80.5
80.7
80.7
80.6
81.2
81.2
81.3

79.6
79.7
79.6
79.5
79.7
79.6
79.7
79.7
79.7
80.2
80.4
80.3

Source: Board of Governors of the Federal Reserve System.

17

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1992=100; monthly data seasonally adjusted]
Products

Materials

Final products

Intermediate products

Consumer goods

Equipment

Period
Total
Total

Durable
goods

Nondurable
goods

Total 1

Business

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total

Energy

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

99.5
97.7
100.0
103.4
107.7
111.6
115.3
121.1
125.4
128.2

97.3
97.0
100.0
103.6
108.0
110.8
112.4
115.1
116.2
117.2

98.0
93.0
100.0
112.0
124.1
128.4
130.8
135.4
142.7
152.8

97.1
98.1
100.0
101.5
104.0
106.5
107.8
110.1
109.9
108.9

103.2
98.8
100.0
103.2
107.2
112.8
120.4
132.1
142.7
149.1

98.2
95.7
100.0
104.6
111.4
119.4
130.2
145.7
161.2
171.8

115.9
106.7
100.0
93.7
86.8
84.0
78.9
75.9
75.4
74.3

101.9
97.5
100.0
102.5
106.3
108.1
110.8
115.3
118.8
122.3

102.9
96.2
100.0
103.3
110.6
112.5
117.7
122.6
128.0
133.5

101.4
98.3
100.0
102.0
103.7
105.4
106.7
111.0
113.4
115.6

97.2
95.9
100.0
103.8
111.9
120.3
127.8
139.0
146.5
154.7

100.6
100.8
100.0
99.5
101.3
102.4
103.5
103.6
103.1
102.0

1998: Dec ...................................................

126.0

115.1

146.0

107.9

145.2

166.3

75.2

121.1

132.2

114.5

148.5

101.6

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

126.6
127.3
127.3
127.6
128.2
128.3
128.6
129.5
129.1
130.7
131.0
130.9

116.3
117.2
116.7
116.5
116.8
117.0
116.8
117.6
117.1
118.9
118.9
119.1

149.1
150.9
149.9
152.0
152.8
154.0
153.4
155.5
153.5
157.5
156.2
155.4

108.7
109.3
108.9
108.3
108.4
108.4
108.3
108.9
108.7
110.0
110.3
110.7

144.6
144.9
145.9
147.0
148.4
148.3
149.3
150.5
150.2
151.4
152.3
151.8

165.9
166.3
167.5
169.4
171.2
171.2
172.6
173.9
173.7
175.1
176.1
175.6

75.0
75.4
75.6
75.1
75.2
74.6
74.5
74.7
73.6
73.7
73.0
72.0

121.4
121.3
121.6
121.7
122.3
121.7
121.5
121.7
122.6
123.6
123.6
124.4

133.3
132.5
131.7
131.3
132.9
132.6
133.2
132.9
134.1
135.3
135.7
136.2

114.3
114.7
115.6
116.1
116.1
115.3
114.6
115.1
115.8
116.7
116.4
117.4

148.2
148.7
150.3
150.8
151.7
153.1
155.0
154.6
155.7
156.8
158.0
159.2

101.8
101.7
102.4
102.2
102.2
101.6
102.9
102.3
101.8
102.6
101.6
103.4

1 Includes

oil and gas well drilling and manufactured homes, not shown separately.

[1992=100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total

Iron
and
steel

Fabricated
metal
products

Industrial
machinery and
equipment

Electrical
machinery

Nondurable manufactures
Transportation
equipment

Total

Motor
vehicles
and
parts

Lumber
and
products

Apparel
products

Printing
and
publishing

Chemicals
and
products

Foods

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

104.0
96.7
100.0
105.1
113.8
116.2
119.6
126.7
125.6
126.5

106.4
96.0
100.0
106.1
114.4
116.5
118.9
125.6
122.6
122.9

101.2
96.2
100.0
104.4
112.2
116.4
120.1
126.1
128.8
128.8

100.1
95.4
100.0
110.1
125.6
143.7
159.6
178.3
206.4
230.5

87.7
89.6
100.0
109.4
130.5
165.7
206.6
260.0
315.1
389.6

102.3
96.5
100.0
103.5
107.5
106.7
107.6
117.1
121.6
122.3

95.3
88.5
100.0
113.0
130.6
133.2
131.8
140.6
141.7
151.0

101.6
94.5
100.0
100.8
105.9
107.9
110.1
115.0
118.5
121.7

97.2
97.8
100.0
102.4
106.3
107.1
104.1
102.1
96.6
90.8

103.1
99.1
100.0
100.7
100.7
101.3
101.3
105.2
105.1
104.5

97.3
96.4
100.0
101.6
104.8
107.4
109.8
114.6
115.1
117.1

97.0
98.4
100.0
102.0
103.7
105.8
105.4
107.8
109.3
110.3

1998: Dec ...................................................

122.5

116.5

129.8

216.6

344.8

123.9

147.1

122.5

93.2

105.3

114.7

110.3

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

122.9
120.1
124.0
123.9
123.9
127.4
128.0
129.6
128.3
128.3
131.2
131.3

118.1
114.6
118.1
119.4
120.1
124.5
126.2
127.6
125.9
124.4
129.9
129.7

129.0
128.4
128.5
128.0
127.2
128.3
128.6
128.5
128.4
129.0
130.1
130.3

217.5
221.7
224.6
227.0
228.4
228.2
230.0
231.4
235.5
239.0
240.5
241.6

346.7
347.5
354.0
366.4
373.3
384.2
399.2
401.3
402.1
410.9
417.7
425.4

122.7
123.2
122.6
122.1
122.8
123.5
122.9
122.9
123.1
122.1
121.8
118.9

146.5
147.8
148.1
148.4
150.6
152.9
152.2
152.2
155.6
155.6
156.4
152.0

122.6
122.3
121.7
121.5
123.9
122.2
121.5
120.2
119.7
120.4
120.9
121.6

92.3
92.2
91.8
92.4
91.2
90.7
89.8
89.2
89.0
89.6
89.5
89.5

104.3
104.3
103.7
104.2
104.1
103.5
102.8
103.6
104.6
106.4
106.0
106.0

114.5
116.6
116.8
115.6
117.0
116.3
115.8
117.7
117.4
119.1
120.7
121.2

111.0
111.4
110.9
110.6
110.6
110.0
108.9
108.9
109.6
110.6
111.3
111.4

Source: Board of Governors of the Federal Reserve System.

18

NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3

Private
Period

Total new
construction
expenditures

Residential
Total

New housing
units

Total 1

Commercial
and industrial 2

Other

Federal
and
State
and
local

Total value
index
(1992=100)

Commercial
and industrial
floor space
(millions of
square feet)

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

468.5
424.2
452.1
478.6
519.5
537.4
583.4
618.2
665.4
705.1

361.1
314.1
336.2
362.7
399.3
407.5
449.0
475.1
520.1
547.0

182.9
157.8
187.8
210.5
238.9
230.7
256.5
265.9
294.3
321.7

1998: Dec .............................

690.5

541.6

310.3

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

697.9
710.7
715.4
704.6
698.5
698.9
702.0
698.4
698.2
701.9
716.0
730.3

543.5
548.7
555.4
547.9
546.9
546.9
546.0
541.8
540.9
543.8
550.5
554.5

128.0
110.6
129.6
144.1
167.9
162.9
179.4
187.3
213.9
240.4

315.8
318.5
323.1
322.2
321.8
320.9
320.3
319.7
320.0
322.7
325.7
330.5

119.4
93.7
82.2
84.4
93.3
107.9
119.6
130.4
142.5
145.3

58.8
62.6
66.2
67.8
67.1
68.9
72.9
78.9
83.2
80.1

107.5
110.1
115.8
116.0
120.2
129.9
134.5
143.1
145.4
158.0

98
92
100
108
118
122
132
143
157
166

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

230.5

147.7

83.6

148.9

169

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

235.1
238.1
241.5
241.2
239.9
238.5
238.9
238.6
239.1
240.1
244.1
251.7

147.0
148.6
149.5
144.7
145.4
144.4
144.9
143.2
143.2
142.4
145.7
144.6

80.7
81.6
82.8
81.0
79.7
81.7
80.7
78.9
77.7
78.8
79.1
79.4

154.4
162.0
160.0
156.7
151.6
151.9
156.0
156.6
157.2
158.1
165.5
175.7

180
169
167
173
176
179
175
158
168
170
r 166
165

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

Annual rates

1 Includes

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

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

2 Includes
3 F.W.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units

New private homes

Units started, by type of structure

Period
Total

1 unit

2–4 units

5 or more
units

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

1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1,354.1
1,476.8
1,474.0
1,616.9
1,663.0

894.8
840.4
1,029.9
1,125.7
1,198.4
1,076.2
1,160.9
1,133.7
1,271.4
1,331.7

37.5
35.6
30.7
29.4
35.0
33.7
45.2
44.5
42.6
31.7

260.4
137.9
139.0
132.6
223.5
244.1
270.8
295.8
302.9
299.6

1998: Dec ............................

1,750

1,383

29

338

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

1,820
1,752
1,746
1,577
1,668
1,607
1,680
1,655
1,637
1,642
1,598
1,712

1,393
1,380
1,394
1,260
1,389
1,305
1,332
1,289
1,295
1,339
1,299
1,402

57
27
33
30
26
29
39
31
38
25
24
30

370
345
319
287
253
273
309
335
304
278
275
280

Units
authorized
1,110.8
948.8
1,094.9
1,199.1
3 1,371.6
1,332.5
1,425.6
1,441.1
1,612.3
1,640.2

Units
completed

Homes
sold

Homes for
sale at end
of period 1

Vacancy rate
for rental
housing units
(percent) 2

1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
1,312.6
1,412.9
1,400.5
1,474.2
1,632.7

534
509
610
666
670
667
757
804
886
904

321
284
265
293
336
370
322
283
295
322

7.2
7.4
7.4
2 7.3
7.4
7.6
7.8
7.7
7.9
8.1

1,708

1,440

958

295

7.8

1,778
1,738
1,654
1,572
1,591
1,641
1,641
1,619
1,506
1,594
1,612
1,622

1,648
1,528
1,700
1,633
1,650
1,674
1,609
1,594
r 1,668
1,636
1,628
1,661

908
909
885
952
914
932
929
r 912
r 860
919
861
900

295
297
300
300
304
306
305
307
r 311
315
318
322

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

Seasonally adjusted annual rates

1 Seasonally adjusted.
2 Revised series beginning 1994; not comparable with earlier data, except 1993 data have
been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
3 The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.

NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 places.
Source: Department of Commerce, Bureau of the Census.

19

BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In November, manufacturing and trade sales rose 1.4 percent and inventories rose $10.6 billion. According to
advance data, retail sales rose 1.2 percent in December, following an increase of 1.1 percent in November.

Manufacturing and
trade 1

Wholesale

Retail

Inventory-sales
ratio 4

Sales 2
Period
Sales 2

Inventories 3

Sales 2

Inventories 3

Total

Durable
goods
stores

Inventories 3
Nondurable
goods
stores

Total

Durable
goods
stores

Nondurable
goods
stores

Manufacturing
and
trade 1

Retail

Millions of dollars, seasonally adjusted, except as noted
1990 ................................
1991 ................................
1992 ................................
1993 ................................
1994 ................................
1995 ................................
1996 ................................
1997 ................................
1998 ................................
1999 p ..............................

545,909
840,663
542,815
834,715
567,176
842,939
595,444
870,316
638,742
934,342
684,261
994,826
717,135 1,013,201
752,095 1,060,326
777,772 r1,094,263
831,046 ..................

149,506
148,306
154,150
161,223
172,237
187,889
198,668
206,671
211,251
226,816

195,775
200,376
208,244
216,974
235,413
253,565
255,871
273,885
r286,705
305,005

153,718
154,661
162,632
173,586
187,503
196,816
208,845
217,972
228,834
249,307

55,736
54,165
58,634
65,189
73,954
79,054
85,072
88,841
94,857
104,690

1998: Nov r ....................
Decr .....................

788,042
795,917

1,095,041
1,094,263

212,157
215,061

285,615
286,705

234,462
236,609

97,571
99,252

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

794,865 1,095,209
803,481 1,098,308
812,055 1,103,619
812,237 1,105,654
821,761 1,108,901
829,593 1,112,311
834,062 1,115,790
844,439 1,119,251
842,647 1,124,016
846,797 1,127,772
858,877 1,138,376
867,140 ..................

213,597
216,138
219,595
219,921
223,909
227,863
227,293
229,827
231,135
233,048
237,464
240,142

286,698
288,638
289,360
289,636
290,216
291,367
293,982
295,558
298,469
299,793
303,649
305,005

239,595
243,619
243,295
244,748
247,228
247,028
249,468
252,768
252,803
253,548
r 256,442
259,645

100,535
103,132
102,096
101,901
103,884
103,109
104,850
106,764
105,837
105,870
r 108,229
109,368

1 See page 21 for manufacturing.
2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
3 Seasonally adjusted, end of period.

20

97,981 239,815 121,194 118,621
1.52
1.56
100,497 243,389 119,189 124,200
1.53
1.54
103,999 252,185 123,152 129,033
1.48
1.52
108,397 269,303 135,088 134,215
1.44
1.51
113,549 294,052 153,019 141,033
1.41
1.50
117,762 310,276 165,108 145,168
1.43
1.55
123,773 320,601 170,849 149,752
1.41
1.51
129,132 330,308 176,483 153,825
1.38
1.49
133,977 340,760 181,070 159,690
1.39
1.46
144,617 ................ ................ ................ ................ ................
136,891
137,357

338,426
340,760

179,618
181,070

158,808
159,690

1.39
1.37

1.44
1.44

139,060 343,644 182,636 161,008
1.38
1.43
140,487 345,472 184,152 161,320
1.37
1.42
141,299 350,681 188,316 162,365
1.36
1.44
142,847 352,824 190,264 162,560
1.36
1.44
143,344 354,943 192,144 162,799
1.35
1.44
143,919 358,254 194,621 163,633
1.34
1.45
144,618 356,765 193,482 163,283
1.34
1.43
146,004 359,342 194,626 164,716
1.33
1.42
146,966 359,878 194,472 165,406
1.33
1.42
147,678 360,457 194,406 166,051
1.33
1.42
r 148,213
364,891 196,501 168,390
1.33
1.42
150,277 ................ ................ ................ ................ ................

4 Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.

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

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total
Total

Capital
goods
industries,
nondefense

Nondurable
goods

33,331
30,471
31,524
31,694
35,697
40,511
44,631
48,165
51,700
54,885
52,005
56,863
53,233
53,299
52,525
53,041
50,948
55,030
56,423
56,050
56,291
r 54,385
61,531

118,924
118,957
121,905
124,617
130,191
138,851
142,730
147,610
147,832
154,491
148,408
147,606
149,260
150,356
150,241
151,650
154,044
154,371
156,994
156,537
158,283
160,813
161,669

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1990 .................................
1991 .................................
1992 .................................
1993 .................................
1994 .................................
1995 ..................................
1996 ..................................
1997 ..................................
1998 ..................................
1999 p ................................
1998: Dec ........................
1999: Jan ........................
Feb ........................
Mar ........................
Apr .........................
May .......................
June ......................
July ........................
Aug .......................
Sept .......................
Oct r .......................
Nov ........................
Dec p ......................

242,686
239,847
250,394
260,635
279,002
299,555
309,622
327,452
337,687
354,923
344,247
341,673
343,724
349,065
347,568
350,624
354,702
357,301
361,844
358,709
360,201
364,971
367,353

123,776
121,000
128,489
135,886
149,131
160,586
167,013
179,892
189,666
200,602
195,531
194,091
194,465
198,292
197,246
199,425
200,990
203,268
205,709
201,895
202,306
r 204,430
205,752

118,910
118,847
121,905
124,749
129,870
138,970
142,608
147,560
148,022
154,321
148,716
147,582
149,259
150,773
150,322
151,199
153,712
154,033
156,135
156,814
157,895
160,541
161,601

405,073
390,950
382,510
384,039
404,877
430,985
436,729
456,133
466,798
470,951
466,798
464,867
464,198
463,578
463,194
463,742
462,690
465,043
464,351
465,669
467,522
469,836
470,951

263,209
250,019
238,105
239,334
253,624
268,353
273,815
286,372
295,344
295,323
295,344
293,563
294,030
293,391
292,415
292,403
291,645
293,505
292,461
292,901
293,448
294,970
295,323

1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2 Seasonally adjusted, end of period.

141,864
140,931
144,405
144,705
151,253
162,632
162,914
169,761
171,454
175,628
171,454
171,304
170,168
170,187
170,779
171,339
171,045
171,538
171,890
172,768
174,074
174,866
175,628

244,507
238,805
248,212
257,698
279,733
300,632
312,442
329,335
336,140
356,434
343,982
349,314
343,046
349,722
344,915
348,259
351,128
359,903
364,440
360,886
360,725
365,612
377,761

125,583
119,849
126,308
133,081
149,542
161,782
169,711
181,726
188,308
201,943
195,574
201,708
193,786
199,366
194,674
196,609
197,084
205,532
207,446
204,349
202,442
r 204,799
216,092

531,131
519,199
492,893
457,810
466,699
479,674
513,062
536,131
519,038
537,012
519,038
526,677
525,999
526,656
524,003
521,638
518,064
520,666
523,262
525,439
525,963
526,604
537,012

1.65
1.65
1.54
1.47
1.41
1.41
1.40
1.37
1.38
1.31
1.36
1.36
1.35
1.33
1.33
1.32
1.30
1.30
1.28
1.30
1.30
1.29
1.28

3 Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.

21

PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 0.3 percent in December. Prices of finished consumer foods
rose 0.4 percent, while prices of other finished consumer goods also rose 0.4 percent. Capital equipment prices
rose 0.1 percent.

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

Period

Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

1990 ...........................
1991 ...........................
1992 ...........................
1993 ...........................
1994 ...........................
1995 ...........................
1996 ...........................
1997 ...........................
1998 ...........................
1999 p ........................
1998: Dec ..................
1999: Jan .................
Feb ................
Mar ................
Apr .................
May ...............
June ............
July .............
Aug r ............
Sept .............
Oct ...............
Nov ..............
Dec ..............
1 Intermediate

22

119.2
121.7
123.2
124.7
125.5
127.9
131.3
131.8
130.7
133.1
131.3
131.7
131.1
131.5
132.2
132.4
132.4
132.7
133.4
134.7
134.5
134.8
135.2

Intermediate materials

124.4
124.1
123.3
125.7
126.8
129.0
133.6
134.5
134.3
135.1
134.5
136.5
134.8
135.2
134.3
134.8
135.2
134.4
134.7
136.0
135.0
135.1
135.7

117.4
120.9
123.1
124.4
125.1
127.5
130.5
130.9
129.5
132.3
130.2
130.1
130.0
130.3
131.5
131.6
131.4
132.1
132.9
134.2
134.3
134.6
135.0

materials for food manufacturing and feeds.

115.3
118.7
120.8
121.7
121.6
124.0
127.6
128.2
126.4
130.6
127.5
127.4
127.1
127.6
129.3
129.4
129.4
130.4
131.5
133.3
133.2
133.7
134.2

Durable

120.4
123.9
125.7
128.0
130.9
132.7
134.2
133.7
132.9
133.0
133.3
132.7
132.9
132.6
132.9
133.0
132.6
132.4
132.5
133.2
133.8
133.6
134.0

Nondurable

111.5
115.0
117.3
117.6
116.2
118.8
123.3
124.3
122.2
127.9
123.5
123.6
123.1
123.9
126.2
126.3
126.4
127.9
129.5
131.7
131.3
132.2
132.7

Capital
equipment

122.9
126.7
129.1
131.4
134.1
136.7
138.3
138.2
137.6
137.6
137.7
137.6
137.7
137.5
137.7
137.7
137.4
137.3
137.2
137.6
138.0
137.9
138.1

Total
finished
consumer
goods

118.2
120.5
121.7
123.0
123.3
125.6
129.5
130.2
128.9
132.1
129.7
130.2
129.5
130.0
130.9
131.2
131.2
131.7
132.6
134.2
133.8
134.3
134.8

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

114.5
114.4
114.7
116.2
118.5
124.9
125.7
125.6
123.0
123.2
121.1
121.1
120.7
121.1
121.9
122.3
122.7
123.5
124.2
124.7
125.1
125.5
125.8

113.3
111.1
110.7
112.7
114.8
114.8
128.1
125.4
116.2
111.1
114.4
115.1
112.9
111.3
109.6
109.9
110.3
109.1
110.2
111.6
112.2
111.6
109.9

114.5
114.6
114.9
116.4
118.7
125.5
125.6
125.7
123.4
123.9
121.5
121.4
121.2
121.6
122.6
123.0
123.4
124.4
125.0
125.4
125.8
126.2
126.7

108.9
101.2
100.4
102.4
101.8
102.7
113.8
111.1
96.8
98.2
90.4
90.9
88.8
89.1
91.3
96.9
97.2
97.3
102.2
106.5
104.8
109.0
104.7

113.1
105.5
105.1
108.4
106.5
105.8
121.5
112.2
103.9
98.8
98.2
103.0
99.9
99.2
96.3
98.7
99.0
94.7
98.0
99.3
99.2
100.2
98.6

101.5
94.6
93.5
94.7
94.8
96.8
104.5
106.4
88.4
94.3
81.8
79.3
78.0
78.9
84.6
92.2
92.4
95.6
101.5
107.5
104.9
111.1
105.2

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In December, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted; it was
unchanged not seasonally adjusted. The index was 2.7 percent above its year-earlier level.

[1982–84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items 1

Housing

Transportation

Shelter
Period

Rel. imp.3 .............................
1990 .....................................
1991 .....................................
1992 .....................................
1993 .....................................
1994 .....................................
1995 .....................................
1996 .....................................
1997 .....................................
1998 .....................................
1999 .....................................
1998: Dec ...........................
1999: Jan ...........................
Feb ...........................
Mar ..........................
Apr ...........................
May ..........................
June .........................
July ..........................
Aug ...........................
Sept ..........................
Oct ...........................
Nov ...........................
Dec ...........................

Not
season- Seasonally
ally
adjust- adjusted
ed
(NSA)

100.0
130.7
136.2
140.3
144.5
148.2
152.4
156.9
160.5
163.0
166.6
163.9
164.3
164.5
165.0
166.2
166.2
166.2
166.7
167.1
167.9
168.2
168.3
168.3

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
164.4
164.6
164.7
165.0
166.2
166.2
166.2
166.7
167.2
167.9
168.2
168.4
168.8

Total 1

Rent
of primary
residence

Owners’
equivalent
rent
(12/82
=100)

30.3
140.0
146.3
151.2
155.7
160.5
165.7
171.0
176.3
182.1
187.3
184.6
184.6
184.9
185.4
186.2
186.6
187.0
187.1
187.5
188.1
188.3
188.9
189.2

7.0
138.4
143.3
146.9
150.3
154.0
157.8
162.0
166.7
172.1
177.5
174.9
175.3
175.6
176.0
176.5
176.9
177.1
177.5
177.9
178.4
178.8
179.6
180.3

20.5
144.8
150.4
155.5
160.5
165.8
171.3
176.8
181.9
187.8
192.9
190.6
190.8
191.3
191.5
192.1
192.6
192.8
193.0
193.4
193.7
194.0
194.7
195.1

Food
Total 1

15.4
132.4
136.3
137.9
140.9
144.3
148.4
153.3
157.3
160.7
164.1
162.5
163.3
163.5
163.2
163.3
163.9
163.9
164.2
164.5
164.9
165.3
165.5
165.7

39.8
128.5
133.6
137.5
141.2
144.8
148.5
152.8
156.8
160.4
163.9
162.0
161.9
162.1
162.5
163.1
163.3
163.6
163.8
164.1
164.7
164.9
165.4
165.5

1 Includes items not shown separately.
2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
3 Relative importance, December 1998.

Fuels
and
utilities

4.7
111.6
115.3
117.8
121.3
122.8
123.7
127.5
130.8
128.5
128.8
127.0
126.8
127.1
127.4
127.6
127.3
127.5
128.2
128.7
129.9
130.1
130.6
130.0

Apparel

4.8
124.1
128.7
131.9
133.7
133.4
132.0
131.7
132.9
133.0
131.3
132.3
130.8
130.6
130.2
132.1
131.9
131.4
130.2
129.8
131.4
132.2
131.6
131.6

Total 1

New
cars

17.0 ............
120.5 121.0
123.8 125.3
126.5 128.4
130.4 131.5
134.3 136.0
139.1 139.0
143.0 141.4
144.3 141.7
141.6 140.7
144.4 139.6
140.6 140.6
140.4 140.6
140.2 139.9
141.2 139.5
144.6 139.6
143.9 139.3
143.0 139.1
144.7 139.3
146.0 139.1
146.9 139.6
147.2 139.7
147.2 139.5
148.2 139.4

Motor
fuel

2.5
101.2
99.4
99.0
98.0
98.5
100.0
106.3
106.2
92.2
100.7
86.4
86.4
86.1
89.2
102.6
99.9
96.9
100.9
106.6
109.2
108.8
108.0
112.4

Medical
care

5.7
162.8
177.0
190.1
201.4
211.0
220.5
228.2
234.6
242.1
250.6
246.1
246.9
247.5
248.1
249.0
249.6
250.5
251.2
252.1
252.9
253.3
254.2
255.1

Energy 2

6.3
102.1
102.5
103.0
104.2
104.6
105.2
110.1
111.5
102.9
106.6
99.0
98.8
98.8
100.4
106.5
105.1
103.8
106.0
108.9
110.7
110.6
110.6
112.1

All
items
less
food
and
energy

78.3
135.5
142.1
147.3
152.2
156.5
161.2
165.6
169.5
173.4
177.0
175.6
175.7
175.8
176.0
176.7
176.9
177.0
177.3
177.5
178.1
178.4
178.8
179.0

NOTE.—Data beginning January 1999 reflect a change in CPI index formula calculation and
other changes in methodology. See Bureau of Labor Statistics news release Consumer Price
Index dated February 19, 1999 for details.
Source: Department of Labor, Bureau of Labor Statistics.

23

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

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

Capital
equipment

Excluding
foods

Foods

Change
from year
earlier,
total
finished
goods
NSA

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

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

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

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

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

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

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

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

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

Change, Dec. to Dec., NSA
1990 .......................
1991 .......................
1992 .......................
1993 .......................
1994 .......................
1995 .......................
1996 .......................
1997 .......................
1998 .......................
1999 p .....................

5.7
¥.1
1.6
.2
1.7
2.3
2.8
¥1.2
0
3.0

2.6
¥1.5
1.6
2.4
1.1
1.9
3.4
¥.8
.1
.9

8.7
¥.7
1.6
¥1.4
2.0
2.3
3.7
¥1.5
¥.1
5.2

3.4
2.5
1.7
1.8
2.0
2.2
.4
¥.6
0
.3

4.9
2.1
1.2
1.2
.6
1.9
2.7
.4
¥.8
1.8

Change, month to month
1998: Dec .............

0.5

0

1.0

¥0.1

2.2

0.3

4.2

0.3

1.4

1.0

1.9

0.6

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

.3
¥.5
.3
.5
.2
0
.2
.5
r 1.0
¥.1
.2
.3

1.5
¥1.2
.3
¥.7
.4
.3
¥.6
.2
1.0
¥.7
.1
.4

¥.1
¥.2
.4
1.3
.1
0
.8
.8
1.4
¥.1
.4
.4

¥.1
.1
¥.1
.1
0
¥.2
¥.1
¥.1
r.3
.3
¥.1
.1

2.2
1.2
.6
1.5
4.0
2.8
1.5
3.1
7.1
5.5
r 4.3
1.5

4.5
.9
2.1
¥6.3
0
0
.3
¥.3
2.4
1.8
r 1.2
¥.9

2.2
2.6
.3
6.1
7.4
5.8
3.4
6.7
12.6
8.9
r 6.9
2.7

¥.3
¥.3
¥.6
.3
0
¥.3
¥1.2
¥1.4
.6
2.1
r 2.1
1.5

1.5
1.2
1.4
1.8
2.6
1.7
1.5
3.5
4.9
3.5
3.7
4.3

3.0
1.0
1.2
¥1.0
.4
1.0
¥3.1
¥.1
1.2
1.0
.4
.7

1.4
1.6
2.2
4.1
5.0
3.0
4.8
7.0
9.1
6.1
6.8
7.6

.3
.7
¥.1
0
¥.1
¥.4
¥.4
¥.7
.1
.4
.3
1.0

0
.8
.5
.8
1.2
1.4
1.5
1.5
2.3
3.2
2.7
3.1
3.0

Source: Department of Labor, Bureau of Labor Statistics.

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

Transportation

Shelter
Period

All
items 1

Food
Total 1
Total 1

Rent of Ownpriers’
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

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

From
From
3
6
months months
earlier earlier

From
year
earlier
NSA

Change, December to December, NSA
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

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

6.1
3.1
2.9
2.7
2.7
2.5
3.3
1.7
1.6
2.7

5.3
1.9
1.5
2.9
2.9
2.1
4.3
1.5
2.3
1.9

4.5
3.4
2.6
2.7
2.2
3.0
2.9
2.4
2.3
2.2

5.2
3.9
2.9
3.0
3.0
3.5
2.9
3.4
3.3
2.5

4.1
2.9
2.3
2.2
2.5
2.5
2.8
3.1
3.4
3.1

4.8
3.7
3.0
3.2
3.3
3.7
2.8
3.1
3.2
2.4

4.0
2.9
2.3
2.5
.2
1.4
4.6
.5
¥2.6
2.4

5.1
3.4
1.4
.9
¥1.6
.1
¥.2
1.0
¥.7
¥.5

1998: Dec ...............

0.1

0.1

0.1

0.2

0.3

0.3

¥0.2

¥0.6

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

.1
.1
.2
.7

.5
.1
¥.2
.1
.4
0
.2
.2
.2
.2
.1
.1

¥.1
.1
.2
.4
.1
.2
.1
.2
.4
.1
.3
.1

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

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

¥.2
.2
.2
.2
¥.2
.2
.5
.4
.9
.2
.4
¥.5

¥1.1
¥.2
¥.3
1.5
¥.2
¥.4
¥.9
¥.3
1.2
.6
¥.5
0

10.4
¥1.5
3.0
2.4
3.8
1.5
4.4
¥1.4
¥1.7
5.4

1.4
3.3
2.3
2.8
3.2
1.6
1.6
¥1.0
¥.1
¥.8

36.5
¥16.0
1.8
¥5.4
5.9
¥4.0
12.7
¥6.2
¥15.4
30.2

9.6
7.9
6.6
5.4
4.9
3.9
3.0
2.8
3.4
3.7

18.1
¥7.4
2.0
¥1.4
2.2
¥1.3
8.6
¥3.4
¥8.8
13.4

5.2
4.4
3.3
3.2
2.6
3.0
2.6
2.2
2.4
1.9

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

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

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

5.4
4.2
3.0
3.0
2.6
2.8
3.0
2.3
1.6
2.2

¥0.4

0.1

¥2.5

0.3

¥1.1

0.3

1.7

2.0

1.7

1.6

¥.1
¥.1
.7
2.4
¥.5
¥.6
1.2
.9
.6
.2
0
.7

0
¥.5
¥.3
.1
¥.2
¥.1
.1
¥.1
.4
.1
¥.1
¥.1

0
¥.3
3.6
15.0
¥2.6
¥3.0
4.1
5.6
2.4
¥.4
¥.7
4.1

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

¥.2
0
1.6
6.1
¥1.3
¥1.2
2.1
2.7
1.7
¥.1
0
1.4

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

..........
..........
1.5
..........
..........
3.4
..........
..........
2.7
..........
..........
2.9

1.7
1.2
1.5
3.9
3.7
2.9
1.2
2.4
4.2
3.6
2.9
2.2

1.6
1.5
1.7
2.8
2.5
2.2
2.6
3.1
3.5
2.4
2.7
3.2

1.7
1.6
1.7
2.3
2.1
2.0
2.1
2.3
2.6
2.6
2.6
2.7

Change, month to month

1 Includes

0
0
.3
.3
.4
.2
.1
.2

0
.2
.3
.4
.2
.2
.1
.2
.3
.1
.3
.2

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

24

3 Quarterly

changes are shown in the last month of the quarter.

Source: Department of Labor, Bureau of Labor Statistics.

PRICES RECEIVED AND PAID BY FARMERS
In January, prices received by farmers fell 2.2 percent while prices paid by farmers were unchanged. (Data are
not seasonally adjusted.)

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

1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

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

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

104
104
100
98
101
100
102
112
107
101
95

109
103
101
101
102
105
112
127
116
106
96

100
105
99
97
100
95
92
99
98
97
95

96
99
100
101
104
106
109
115
118
115
115

97
99
100
101
103
106
108
115
118
114
114

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

97
96
96
96
r 98
r 97
95
r 98
r 96
91
93
92

r 97

95
88
89
90

96
94
95
90
93
95
94
97
98
96
98
95

115
115
115
115
115
115
115
115
116
117
117
118

113
113
113
r 113
113
r 113
113
113
114
115
r 115
116

2000: Jan .....................

90

89

93

118

117

1 Includes

98
r 98

103
r 104
r 100

95
r 99

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

Production
items

Ratio 2

95
99
100
101
104
106
108
115
119
113
112

108
105
99
97
97
94
93
98
r 91
88
82

111
111
111
111
111
r 112
112
113
114
115

84
83
83
83
r 85
r 84
83
r 85
r 83
78
79
78

115

76

r 111
r 111

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 December, M2 and M3 accelerated.

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

M2

M3

Debt

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

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

Percent change from year or 6
months earlier 2

M1

Sum of currency,
demand deposits,
travelers’ checks,
and other
checkable deposits (OCDs)

M1 plus retail
MMMF balances,
savings deposits
(including
MMDAs), and
small time deposits

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

792.6
824.4
896.3
1,024.3
1,129.7
1,150.1
1,126.8
1,081.1
1,073.9
1,097.4
1,125.3

3,161.4
3,280.9
3,381.0
3,435.7
3,490.8
3,505.4
3,650.1
3,822.9
4,040.8
4,397.0
4,661.1

4,091.5
4,155.8
4,208.2
4,219.2
4,280.0
4,354.1
4,617.4
4,952.4
5,402.2
5,997.0
6,482.2

10,156.3
10,818.1
11,292.8
11,816.8
12,403.5
12,999.6
13,716.6
14,463.6
15,227.9
16,250.4
......................

0.8
4.0
8.7
14.3
10.3
1.8
¥2.0
¥4.1
¥.7
2.2
2.5

5.5
3.8
3.1
1.6
1.6
.4
4.1
4.7
5.7
8.8
6.0

4.0
1.6
1.3
.3
1.4
1.7
6.0
7.3
9.1
11.0
8.1

7.3
6.5
4.4
4.6
5.0
4.8
5.5
5.4
5.3
6.7
............

1998: Nov r ......................................................
Dec r ......................................................

1,093.7
1,097.4

4,364.3
4,397.0

5,945.2
5,997.0

16,170.4
16,250.4

3.2
3.6

9.1
9.4

10.9
11.1

6.5
6.4

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

1,096.0
1,094.3
1,101.4
1,107.2
1,101.8
1,100.2
1,099.4
1,098.3
1,095.5
1,101.2
1,110.2
1,125.3

4,422.4
4,447.7
4,463.5
4,490.4
4,513.1
4,531.0
4,553.6
4,572.9
4,594.2
4,612.1
4,632.2
4,661.1

6,028.8
6,078.0
6,087.8
6,123.8
6,156.3
6,187.4
6,211.9
6,231.6
6,260.0
6,311.7
6,391.8
6,482.2

16,336.6
16,427.2
16,542.5
16,646.0
16,719.4
16,795.6
16,873.9
16,967.9
17,066.8
17,155.0
p17,225.1
......................

3.5
4.0
4.3
4.1
1.5
.5
.6
.7
¥1.1
¥1.1
1.5
4.6

9.6
9.6
8.3
7.5
6.8
6.1
5.9
5.6
5.9
5.4
5.3
5.7

11.4
11.0
9.0
8.0
7.1
6.3
6.1
5.1
5.7
6.1
7.7
9.5

6.4
6.4
6.9
7.1
6.8
6.7
6.6
6.6
6.3
6.1
6.0
............

Period

1989:
1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:

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

26

M2

M3

Debt

NOTE.—See p. 27 for components.
Data reflect annual benchmark, seasonal adjustment, and updated source data revisions. See
Federal Reserve release H.6 (508) Money Stock Revisions dated February 3, 2000 for details.
Source: Board of Governors of the Federal Reserve System.

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

Period

Currency

Nonbank
travelers
checks

Demand
deposits

Other
checkable
deposits
(OCDs)

Money market
mutual fund
balances

Retail

Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)

Institutional

Small
denomination
time
deposits 1

Large
denomination
time
deposits 1

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

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

222.6
247.0
267.5
292.6
322.1
354.4
372.5
394.3
424.8
459.5
517.4

6.1
7.0
7.1
7.6
7.4
8.0
8.5
8.3
8.1
8.2
8.3

278.7
276.8
289.5
339.8
385.5
383.6
389.2
402.3
395.3
379.3
356.0

285.1
293.7
332.3
384.3
414.6
404.1
356.6
276.1
245.8
250.3
243.7

323.8
360.2
375.3
356.9
359.8
389.0
457.7
524.4
601.7
749.4
847.6

110.1
138.0
186.2
208.0
209.4
201.9
254.3
312.0
380.8
518.4
607.4

893.7
923.0
1,043.8
1,186.5
1,219.2
1,149.9
1,134.2
1,270.6
1,397.1
1,598.6
1,734.0

1,151.4
1,173.4
1,065.6
868.1
782.0
816.3
931.4
946.9
968.2
951.7
954.2

541.5
482.1
417.6
354.5
334.5
364.2
420.5
492.2
573.9
628.1
717.6

169.1
151.5
131.1
141.6
172.6
196.3
198.4
210.7
256.0
300.9
329.2

109.4
103.3
92.3
79.5
72.8
86.3
94.0
114.6
150.7
152.6
166.9

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

463.0
467.4
471.5
475.6
480.0
483.5
487.3
491.2
495.3
499.8
505.5
517.4

8.2
8.1
8.2
8.2
8.3
8.8
9.1
8.9
8.7
8.4
8.2
8.3

374.0
371.3
371.9
371.6
366.1
360.8
360.2
356.6
351.1
353.1
355.7
356.0

250.8
247.5
249.8
251.9
247.4
247.2
242.8
241.7
240.4
239.9
240.9
243.7

761.7
773.7
777.6
785.5
793.0
799.4
804.5
811.1
819.1
825.4
832.7
847.6

523.3
533.2
535.9
544.4
550.1
553.9
556.1
563.8
566.9
577.7
592.1
607.4

1,617.7
1,638.6
1,647.2
1,662.4
1,684.3
1,699.9
1,717.9
1,729.5
1,741.2
1,742.9
1,740.4
1,734.0

947.0
941.1
937.3
935.2
933.9
931.5
931.7
933.9
938.3
942.7
948.9
954.2

631.7
627.8
624.1
626.5
625.8
624.8
626.5
623.5
629.6
655.4
688.5
717.6

300.7
315.2
305.7
301.0
305.1
312.9
312.8
313.4
313.5
312.7
318.7
329.2

150.7
154.1
158.7
161.5
162.3
164.8
163.0
158.0
155.8
153.8
160.3
166.9

1989:
1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:

1 Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.

Note.—See Note, p. 26.
Source: Board of Governors of the Federal Reserve System.

AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements

Borrowings of depository institutions from the Federal
Reserve (NSA)

Reserves of depository institutions
Period
Total

Nonborrowed

Nonborrowed
plus
extended
credit

Required

Monetary
base

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

40,469
41,747
45,493
54,388
60,530
59,419
56,454
50,162
46,861
44,902
41,537

40,204
41,422
45,301
54,265
60,448
59,210
56,197
50,008
46,537
44,785
41,217

40,224
41,445
45,301
54,265
60,448
59,210
56,197
50,008
46,537
44,785
41,217

39,528
40,083
44,504
53,235
59,460
58,260
55,164
48,746
45,176
43,319
40,225

r 267,710

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

45,125
44,551
43,717
43,979
44,360
42,867
41,978
42,067
42,113
40,943
41,198
41,537

44,920
44,435
43,652
43,812
44,233
42,722
41,669
41,723
41,774
40,661
40,962
41,217

44,920
44,435
43,652
43,812
44,233
42,722
41,669
41,723
41,774
40,661
40,962
41,217

43,591
43,336
42,412
42,820
43,105
41,606
40,902
40,938
40,916
39,790
39,864
40,225

Total

r 517,171

1989:
1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

1 Data

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

r 293,249
r 317,548
r 350,928
r 386,549
r 418,200
r 434,309
r 451,606
r 479,164
r 512,594

590,772
r 520,745
r 523,829
r 528,233
r 534,029
r 537,147
r 541,251
r 544,628
r 550,215
r 557,742

569,729
590,772

Seasonal

Extended
credit

265
326
192
124
82
209
257
155
324
117
320

84
76
38
18
31
100
40
68
79
15
67

20
23
1
1
0
0
0
0
0
0
0

206
116
65
166
127
145
309
344
338
281
236
320

7
9
18
39
89
127
226
271
282
221
71
67

0
0
0
0
0
0
0
0
0
0
0
0

Source: Board of Governors of the Federal Reserve System.

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 1.8 percent in December; commercial and industrial loans rose
0.2 percent.

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

1989:
1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
1999:

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

Total
bank
credit

2,605.3
2,752.0
2,857.9
2,956.6
3,116.1
3,322.8
3,606.1
3,762.8
4,104.8
4,548.8
4,783.4
4,539.4
4,524.1
4,494.6
4,507.5
4,516.8
4,553.7
4,549.7
4,582.8
4,607.5
4,636.6
4,704.0
4,783.4

Total
securities

U.S.
Government
securities

585.2
634.3
746.0
841.5
915.0
939.8
984.7
978.7
1,086.0
1,226.5
1,267.9
1,217.2
1,206.4
1,189.0
1,193.1
1,192.6
1,211.7
1,227.1
1,242.4
1,246.5
1,253.4
1,249.1
1,267.9

400.8
456.4
566.5
664.8
730.3
721.7
701.8
699.1
748.0
793.2
803.8
796.0
793.3
801.0
801.8
800.0
811.2
814.4
820.1
817.6
812.6
798.8
803.8

Loans and leases in bank credit
Real estate

Other
Total loans Commersecurities and leases 2 cial and
industrial

184.3
177.9
179.5
176.7
184.7
218.1
282.9
279.6
337.9
433.4
464.0
421.2
413.0
387.9
391.3
392.6
400.5
412.8
422.3
428.9
440.8
450.4
464.0

2,020.1
2,117.7
2,111.9
2,115.1
2,201.1
2,383.0
2,621.4
2,784.1
3,018.8
3,322.3
3,515.5
3,322.2
3,317.8
3,305.7
3,314.4
3,324.2
3,342.0
3,322.5
3,340.4
3,361.0
3,383.2
3,454.9
3,515.5

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

28

643.0
645.8
624.3
600.6
591.3
651.4
725.1
r 789.0
r 856.3
952.5
1,008.2
952.7
952.8
957.0
961.9
957.4
963.5
965.3
972.7
980.7
986.1
1,005.7
1,008.2

Total

770.6
857.9
883.7
906.0
947.7
1,011.0
1,090.0
1,141.8
r 1,247.4
1,338.2
1,471.7
1,345.8
1,347.5
1,348.7
1,350.9
1,360.3
1,365.9
1,367.4
1,379.7
1,396.4
1,419.1
1,433.7
1,471.7

Revolving
home
equity

52.8
65.4
73.3
77.4
77.0
79.3
83.2
89.4
103.3
102.4
106.1
102.3
101.8
102.0
103.1
104.4
103.8
98.0
98.7
98.5
99.1
100.6
106.1

Consumer

Security

Other

Other

717.9
792.4
810.3
828.6
870.6
931.7
1,006.8
1,052.4
r 1,144.1
1,235.7
1,365.6
1,243.5
1,245.7
1,246.7
1,247.8
1,255.9
1,262.1
1,269.4
1,281.1
1,298.0
1,320.0
1,333.0
1,365.6

375.4
380.9
363.8
356.2
387.7
448.1
491.3
512.5
r 502.5
497.9
495.7
499.8
499.4
498.7
499.6
496.0
491.2
481.2
480.2
481.1
481.5
485.1
495.7

40.4
44.5
53.8
63.9
88.1
77.7
84.6
76.8
97.0
150.7
155.4
146.4
139.0
119.1
122.1
126.8
131.0
122.4
122.4
116.2
111.0
134.0
155.4

190.7
188.6
186.4
188.4
186.3
194.8
230.4
263.9
315.6
383.0
384.6
377.6
379.1
382.3
380.0
383.8
390.5
386.2
385.4
386.6
385.4
396.4
384.6

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

Funds raised in markets
Period
Total

1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1997:

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

765.1
615.0
514.5
626.6
728.9
808.7
1,012.6
1,076.9
1,078.1
1,129.0
1,081.4
967.2
1,246.2
1,017.9
1,258.0
1,106.8
1,149.3
1,002.1
1,496.2
1,309.7
1,351.1

Internal 1

417.7
431.5
447.4
465.3
511.0
567.1
621.8
678.4
732.5
763.1
712.2
730.8
746.6
740.6
760.0
759.6
762.0
771.2
790.8
793.9
805.9

Credit market instruments
Total

347.4
183.5
67.1
161.3
217.9
241.6
390.8
398.5
345.6
365.9
369.2
236.4
499.6
277.3
498.0
347.2
387.3
230.9
705.4
515.8
545.2

Total

Total
net
funds
raised

Net new
equity
issues

Total

56.8
62.1
¥27.7
72.6
68.2
97.4
185.4
95.1
182.5
151.5
119.3
163.6
165.6
281.7
287.7
338.3
57.5
¥77.6
545.5
¥41.4
316.3

¥124.2
¥63.0
18.3
27.0
21.3
¥44.9
¥58.3
¥69.5
¥114.4
¥267.0
¥90.4
¥100.0
¥124.0
¥143.3
¥139.2
¥129.1
¥308.4
¥491.3
¥65.7
¥374.0
¥153.0

180.9
125.1
¥46.0
45.6
46.9
142.3
243.7
164.6
297.0
418.5
209.7
263.6
289.6
425.0
426.9
467.4
365.8
413.7
611.2
332.6
469.3

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

Securities
and mortgages
88.5
57.2
70.9
55.5
72.0
51.5
126.6
107.7
166.1
264.6
109.6
176.2
186.7
191.9
314.2
325.1
133.2
285.9
349.2
355.0
274.5

Other 2

Loans
and
shortterm
paper
92.4
67.9
¥117.0
¥9.9
¥25.0
90.8
117.2
57.0
130.9
154.0
100.1
87.4
102.9
233.1
112.8
142.3
232.6
127.8
262.0
¥22.4
194.8

290.6
121.4
94.8
88.7
149.7
144.2
205.5
303.4
163.1
214.3
249.9
72.8
334.0
¥4.3
210.3
8.9
329.9
308.5
159.9
557.2
228.9

Capital
expenditures 3

591.3
538.4
474.7
563.0
810.6
824.5
1,035.8
1,051.5
1,045.9
1,104.1
1,087.2
930.9
1,179.8
985.6
1,191.8
1,091.2
1,188.3
945.3
1,422.0
1,261.3
1,304.4

Increase
in financial assets

Discrepancy
(sources
less
uses)

169.4
107.9
61.5
124.4
313.3
251.2
400.6
373.4
286.9
272.6
364.2
136.5
416.9
230.0
352.0
284.8
359.1
94.6
572.7
385.9
406.5

173.8
76.6
39.7
63.7
¥81.7
¥15.9
¥23.3
25.4
32.3
24.8
¥5.9
36.3
66.4
32.3
66.2
15.6
¥39.0
56.8
74.1
48.4
46.7

421.9
430.5
413.2
438.6
497.3
573.3
635.2
678.1
759.0
831.5
723.0
794.4
762.9
755.6
839.8
806.4
829.2
850.7
849.3
875.4
897.9

3 Plant and equipment, residential structures, inventory investment, and access rights from
U.S. Government.

Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]

Consumer credit outstanding (end of period)
Period
Total

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

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

789.3
777.4
r 782.5
839.2
960.7
1,096.0
1,182.4
1,234.1
1,300.5
1,398.8
1,300.5
1,315.8
1,325.5
1,332.8
1,332.7
1,343.4
1,347.8
1,356.4
1,363.2
1,366.6
1,371.8
1,387.6
1,398.8

1 Change based on data in billions of dollar as shown here. For year-end data, change from
preceding year-end; for monthly data, change from preceding month.
2 Includes automobile loans and all other loans not included in revolving credit, such as loans
for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured.

Revolving

238.6
263.7
r 278.4
310.0
365.6
443.2
499.5
531.3
560.7
592.8
560.7
565.0
566.7
567.1
569.9
572.0
578.5
583.3
584.5
584.5
584.3
588.7
592.8

Nonrevolving 2

550.7
513.7
r 504.1
529.2
595.1
652.8
682.9
702.8
739.8
805.9
739.8
750.8
758.7
765.7
762.8
771.5
769.3
773.1
778.7
782.1
787.5
798.9
805.9

Net change in consumer credit outstanding 1
Total

10.5
¥11.9
r 5.1
r 56.7
121.5
135.3
86.4
51.7
66.4
98.3
2.2
15.3
9.7
7.3
¥.1
10.7
4.4
8.6
6.8
3.4
5.2
15.8
11.2

Revolving

27.4
25.1
r 14.7
r 31.6
55.6
77.6
56.3
31.8
29.4
32.1
3.8
4.3
1.7
.4
2.8
2.1
6.5
4.8
1.2
.0
¥.2
4.4
4.1

Nonrevolving 2

¥16.9
¥37.0
r ¥9.6
r 25.1
65.9
57.7
30.1
19.9
37.0
66.1
¥1.6
11.0
7.9
7.0
¥2.9
8.7
¥2.2
3.8
5.6
3.4
5.4
11.4
7.0

Source: Board of Governors of the Federal Reserve System.

29

INTEREST RATES AND BOND YIELDS
Interest rates rose in January.

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

1990 .......................
1991 .......................
1992 .......................
1993 .......................
1994 .......................
1995 .......................
1996 .......................
1997 .......................
1998 .......................
1999 .......................
1999: Jan .............
Feb ..............
Mar .............
Apr ..............
May .............
June ............
July .............
Aug .............
Sept .............
Oct ..............
Nov .............
Dec r ............
2000: Jan .............
Week ended:
2000: Jan 8 ........
15 ........
22 ........
29 ........
Feb 5 ........
1 Bank-discount

3-month
bills (new
issues) 1

3-year

maturities 2

10-year

30-year

Highgrade
municipal
bonds
(Standard
&
Poor’s) 3

Corporate
Aaa
bonds
(Moody’s)

30

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

Prime rate
charged by
banks 4

Federal
funds
rate 5

Newhome
mortgage
yields
(FHFB) 6

7.51
5.42
3.45
3.02
4.29
5.51
5.02
5.07
4.81
4.66
4.34
4.45
4.48
4.28
4.51
4.59
4.60
4.76
4.73
4.88
5.07
5.23
5.34

8.26
6.82
5.30
4.44
6.27
6.25
5.99
6.10
5.14
5.49
4.61
4.90
5.11
5.03
5.33
5.70
5.62
5.77
5.75
5.94
5.92
6.14
6.49

8.55
7.86
7.01
5.87
7.09
6.57
6.44
6.35
5.26
5.65
4.72
5.00
5.23
5.18
5.54
5.90
5.79
5.94
5.92
6.11
6.03
6.28
6.66

8.61
8.14
7.67
6.59
7.37
6.88
6.71
6.61
5.58
5.87
5.16
5.37
5.58
5.55
5.81
6.04
5.98
6.07
6.07
6.26
6.15
6.35
6.63

7.25
6.89
6.41
5.63
6.19
5.95
5.75
5.55
5.12
5.43
5.04
5.03
5.10
5.07
5.17
5.34
5.36
5.59
5.70
5.92
5.85
5.93
6.10

9.32
8.77
8.14
7.22
7.96
7.59
7.37
7.26
6.53
7.04
6.24
6.40
6.62
6.64
6.93
7.23
7.19
7.40
7.39
7.55
7.36
7.55
7.78

7.95
5.85
3.80
3.30
4.93
5.93
5.42
5.62
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*

6.98
5.45
3.25
3.00
3.60
5.21
5.02
5.00
4.92
4.62
4.50–4.50
4.50–4.50
4.50–4.50
4.50–4.50
4.50–4.50
4.50–4.50
4.50–4.50
4.50–4.75
4.75–4.75
4.75–4.75
4.75–5.00
5.00–5.00
5.00–5.00

10.01
8.46
6.25
6.00
7.15
8.83
8.27
8.44
8.35
8.00
7.75–7.75
7.75–7.75
7.75–7.75
7.75–7.75
7.75–7.75
7.75–7.75
8.00–8.00
8.00–8.25
8.25–8.25
8.25–8.25
8.25–8.50
8.50–8.50
8.50–8.50

8.10
5.69
3.52
3.02
4.21
5.83
5.30
5.46
5.35
4.97
4.63
4.76
4.81
4.74
4.74
4.76
4.99
5.07
5.22
5.20
5.42
5.30
5.45

10.05
9.32
8.24
7.20
7.49
7.87
7.80
7.71
7.07
7.04
6.96
6.92
6.86
6.85
6.89
7.03
7.29
7.09
7.09
7.17
7.24
7.28
..............

5.36
5.24
5.35
5.39
5.56

6.39
6.48
6.53
6.54
6.63

6.56
6.66
6.77
6.68
6.58

6.58
6.66
6.73
6.57
6.33

6.06
6.08
6.12
6.13
6.10

7.73
7.80
7.88
7.73
7.65

*
*
*
*
*

5.00–5.00
5.00–5.00
5.00–5.00
5.00–5.00
5.00–5.25

8.50–8.50
8.50–8.50
8.50–8.50
8.50–8.50
8.50–8.75

4.72
5.62
5.59
5.43
5.66

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

basis.
on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
3 Weekly data are Wednesday figures.
4 Average effective rate for year; opening and closing rate for month and week.
5 Daily effective rate; average of the rates on a given day weighted by the volume of transactions at these rates.
2 Yields

Prime
commercial
paper,
6
months 1

6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
*Series no longer published by Federal Reserve (FR). See FR release H. 15 Selected Interest
Rates, May 12, 1997.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s.

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

Common stock prices 1
Period

Composite
1990 ...........................................
1991 ...........................................
1992 ...........................................
1993 ...........................................
1994 ...........................................
1995 ...........................................
1996 ...........................................
1997 ...........................................
1998 ...........................................
1999 ...........................................
1999: Jan ..................................
Feb ..................................
Mar .................................
Apr ..................................
May .................................
June ................................
July .................................
Aug .................................
Sept .................................
Oct ..................................
Nov .................................
Dec r ................................
2000: Jan ..................................
Week ended:
2000: Jan 8 ............................
15 ...........................
22 ...........................
29 ...........................
Feb 5 ...........................
1 Average

Industrial

Transportation

3 Dec.

Utility 3

Finance

Dow-Jones
industrial
average 4

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

Dividendprice ratio

Earningsprice ratio

183.46
206.33
229.01
249.58
254.12
291.15
358.17
456.54
550.26
619.16
595.43
588.70
603.69
627.75
635.62
629.53
648.83
621.03
607.87
599.04
634.22
638.17
634.07

225.78
258.14
284.62
299.99
315.25
367.34
453.98
574.52
681.57
774.78
741.43
736.20
751.93
780.84
791.72
783.96
809.33
778.82
769.47
753.94
791.41
808.28
814.73

158.62
173.99
201.09
242.49
247.29
269.41
327.33
414.60
468.69
491.60
479.72
477.47
491.25
523.08
537.88
520.66
528.72
492.13
462.33
450.13
474.78
461.04
456.36

181.20
185.32
198.91
228.90
209.06
220.30
249.77
283.82
378.12
473.73
449.50
436.49
436.23
456.96
470.40
482.71
501.00
483.68
475.42
478.19
502.59
511.64
485.82

133.26
150.82
179.26
216.42
209.73
238.45
303.89
424.48
516.35
530.86
523.38
514.75
544.08
564.99
562.66
546.43
557.92
521.59
493.37
490.92
539.20
510.99
495.23

2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
4,493.76
5,742.89
7,441.15
8,625.52
10,464.88
9,345.86
9,322.94
9,753.63
10,443.50
10,853.87
10,704.02
11,052.22
10,935.47
10,714.03
10,396.88
10,809.80
11,246.36
11,281.26

334.59
376.18
415.74
451.41
460.42
541.72
670.50
873.43
1,085.50
1,327.33
1,248.77
1,246.58
1,281.66
1,334.76
1,332.07
1,322.55
1,380.99
1,327.49
1,318.17
1,300.01
1,391.00
1,428.68
1,425.59

3.61
3.24
2.99
2.78
2.82
2.56
2.19
1.77
1.49
1.25
1.30
1.32
1.30
1.24
1.24
1.25
1.20
1.25
1.27
1.28
1.21
1.18
1.18

6.47
4.79
4.22
4.46
5.83
6.09
5.24
4.57
3.46
..................
..................
..................
2.98
..................
..................
2.99
..................
..................
3.43
..................
..................
..................
..................

629.88
644.74
642.35
623.41
625.81

807.90
832.92
829.00
797.34
796.18

458.90
475.89
461.22
435.91
429.36

490.63
480.22
485.92
484.73
495.83

489.27
501.60
497.45
491.95
498.23

11,250.78
11,587.96
11,413.27
10,967.59
10,992.40

1,420.33
1,448.65
1,449.49
1,394.87
1,412.44

1.20
1.17
1.15
1.20
1.19

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

of daily closing prices.
all the stocks (more than 3,000) listed on the NYSE.
31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. All indexes shown here reflect
the doubling.
4 Includes 30 stocks.
2 Includes

Common stock yields
(percent) 6

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

5 Includes 500 stocks.
6 Standard & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).

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

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 3 months of fiscal 2000, there was a deficit of $20.6 billion, compared with a deficit of $54.5 billion
a year earlier.

[Billions of dollars]
Total
Fiscal year or period
Receipts

1982 .............................
1983 .............................
1984 .............................
1985 .............................
1986 .............................
1987 .............................
1988 .............................
1989 .............................
1990 .............................
1991 .............................
1992 .............................
1993 .............................
1994 .............................
1995 .............................
1996 .............................
1997 .............................
1998 r ............................
1999 r ............................
2000 (estimates) r .........
Cumulative total, first 3
months: 1
Fiscal year 1999 .......
Fiscal year 2000 .......

Outlays

On-budget
Surplus
or
deficit
(¥)

Receipts

Outlays

Surplus
or
deficit
(¥)

Receipts

Outlays

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

Gross
Federal

617.8
600.6
666.5
734.1
769.2
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,579.3
1,721.8
1,827.5
1,956.3

745.8
808.4
851.9
946.4
990.5
1,004.1
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
r 1,409.5
r 1,461.9
r 1,515.8
r 1,560.6
r 1,601.3
1,652.6
1,703.0
1,789.6

¥128.0
¥207.8
¥185.4
¥212.3
¥221.2
¥149.8
¥155.2
¥152.5
¥221.2
¥269.4
¥290.4
r ¥255.1
r ¥203.3
r ¥164.0
¥107.5
r ¥22.0
69.2
124.4
166.7

474.3
453.2
500.4
547.9
569.0
641.0
667.8
727.5
750.3
761.2
788.9
842.5
923.6
1,000.8
1,085.6
1,187.3
1,306.0
1,383.0
1,479.5

594.4
661.3
686.1
769.6
807.0
810.3
861.8
932.8
1,028.1
1,082.7
1,129.3
r 1,142.9
r 1,182.5
r 1,227.2
r 1,259.7
r 1,290.7
1,336.0
1,382.3
1,460.6

¥120.1
¥208.0
¥185.7
¥221.7
¥238.0
¥169.3
¥194.0
¥205.2
¥277.8
¥321.6
¥340.5
r ¥300.5
r ¥258.9
r ¥226.4
r ¥174.1
r ¥103.4
¥30.0
.7
18.9

143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.5
392.0
415.8
444.5
476.8

151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
300.9
310.6
316.6
320.8
328.9

¥7.9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
66.6
81.4
99.2
123.7
147.8

1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,921.0
5,181.9
5,369.7
5,478.7
5,606.1
5,686.3

412.6
443.6

467.1
464.2

¥54.5
¥20.6

315.2
338.7

373.0
401.4

¥57.7
¥62.7

97.4
104.9

94.1
62.8

3.2
42.1

5,568.8
5,725.3

1 Data from current issue Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year

32

Off-budget

2001, issued February 7, 2000.
Sources: Department of the Treasury and Office of Management and Budget.

Held by
the public
r 924.6
r 1,137.3
r 1,307.0
r 1,507.4
r 1,740.8
r 1,889.9
r 2,051.8
r 2,191.0
r 2,411.8
r 2,689.3
r 3,000.1
r 3,248.8
r 3,433.4
r 3,604.8
r 3,734.5
r 3,772.8

3,721.6
3,632.9
3,475.9
3,752.2
3,681.0

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 3 months of fiscal 2000, receipts were $31.0 billion higher than a year earlier and outlays were $2.9
billion lower.

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

Fiscal year or period
Total

1982
1983
1984
1985
1986
1987
1988
1989

Individual
income
taxes

Corporation
income
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Total
Total

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

617.8
600.6
666.5
734.1
769.2
854.4
909.3
991.2

297.7
288.9
298.4
334.5
349.0
392.6
401.2
445.7

49.2
37.0
56.9
61.3
63.1
83.9
94.5
103.3

201.5
209.0
239.4
265.2
283.9
303.3
334.3
359.4

69.3
745.8
65.6
808.4
71.8
851.9
73.1
946.4
73.2
990.5
74.6 1,004.1
79.3 1,064.5
82.8 1,143.7

1990 ...................................................
1991 ...................................................
1992 ...................................................
1993 ...................................................
1994 ...................................................
1995 ...................................................
1996 ...................................................
1997 ...................................................
1998 r .................................................
1999 r .................................................
2000 (estimates)r ...............................
Cumulative total, first 3 months: 1
Fiscal year 1999 ....................
Fiscal year 2000 ....................

1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,579.3
1,721.8
1,827.5
1,956.3

466.9
467.8
476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5
951.6

93.5
98.1
100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7
192.4

380.0
396.0
413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8
650.0

91.5
93.1
101.4
98.9
113.7
120.1
115.4
120.2
132.7
151.5
162.3

412.6
443.6

187.6
215.5

47.6
48.8

135.8
141.3

41.7
38.0

1 Data from current issue Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year

InterDepart- nationment of
al
Defense, affairs
military

Health

Medicare

Income Social
security security

Net
interest

Other

125.4
122.2
118.6
131.8
142.2
126.1
139.7
r 159.5

185.3
209.9
227.4
252.7
273.4
282.0
290.4
303.6

180.7
204.4
220.9
245.2
265.5
274.0
281.9
294.9

12.3
11.8
15.9
16.2
14.2
11.6
10.5
9.6

27.4
28.6
30.4
33.5
35.9
40.0
44.5
48.4

46.6
52.6
57.5
65.8
70.2
75.1
78.9
85.0

107.7
122.6
112.7
128.2
119.8
123.3
129.4
136.1

156.0
170.7
178.2
188.6
198.8
207.4
219.3
232.5

85.0
89.8
111.1
129.5
136.0
138.7
151.8
r 169.0

1,253.2
1,324.4
1,381.7
r 1,409.5
r 1,461.9
r 1,515.8
r 1,560.6
r 1,601.3
1,652.6
1,703.0
1,789.6

299.3
273.3
298.4
291.1
281.6
272.1
r 265.8
270.5
268.5
274.9
290.6

289.8
262.4
286.9
278.6
268.6
259.4
253.2
258.3
256.1
261.4
277.5

13.8
15.9
16.1
17.2
17.1
16.4
13.5
15.2
13.1
15.2
17.1

57.7
71.2
89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1
154.2

98.1
104.5
119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4
202.5

147.1
170.3
197.0
207.3
214.1
220.5
226.0
230.9
233.2
237.7
251.3

248.6
269.0
287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0
406.6

r 184.4

r 204.2

194.5
199.4
r 198.7
203.0
232.2
241.1
244.0
241.2
229.7
220.3

r 225.8

467.1
464.2

71.1
78.5

66.6
74.1

5.9
6.0

34.8
37.8

49.2
51.5

56.7
59.6

124.7
98.1

58.8
57.0

65.9
75.7

174.7
r 160.6
r 174.7
r 163.6
r 171.0

161.5
193.2
223.9
246.9

2001, issued February 7, 2000.
Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1999, according to advance estimates, Federal current expenditures rose $57.0 billion
(annual rate); receipts data are incomplete.

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

Period
Total

Personal
tax and
nontax
receipts

Corporate
profits
tax accruals

Indirect
business
tax and
nontax
accruals

Federal Government current expenditures

Contributions
for
social
insurance

Total

Consumption
expenditures

Transfer
payments

Grantsin-aid
to
State
and
local
governments

Net
interest
paid

Subsidies less
current
surplus
of
Government
enterprises

Less:
Wage
accruals less
disbursements

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

Calendar year:
1991 ..............................
1992 ..............................
1993 ..............................
1994 ..............................
1995 ..............................
1996 ..............................
1997 ..............................
1998 ..............................
1999 p .............................

1,072.3
1,121.3
1,197.3
1,293.7
1,383.7
1,499.1
1,627.2
1,750.7
..............

465.2
479.4
509.9
547.8
591.8
670.0
750.9
835.7
900.1

109.9
118.8
138.5
156.7
179.3
190.6
204.2
206.5
............

78.5
81.3
85.3
95.2
93.0
95.1
94.9
97.3
100.9

418.6
441.8
463.7
493.9
519.6
543.3
577.2
611.2
647.0

1,287.6
1,418.9
1,471.5
1,506.0
1,575.7
1,635.9
1,676.0
1,703.8
1,754.9

439.1
445.8
442.6
439.7
439.2
445.3
457.0
453.5
475.0

463.4
565.2
597.9
618.6
652.1
691.6
716.6
730.4
754.6

131.6
149.1
162.6
174.5
184.5
190.4
195.7
209.3
224.2

225.2
229.2
230.2
239.6
267.5
273.6
276.3
278.4
263.0

28.2
29.6
38.2
33.6
32.4
35.1
30.4
32.1
38.1

¥0.1
.0
.0
.0
.0
.0
.0
.0
.0

¥215.3
¥297.5
¥274.1
¥212.3
¥192.0
¥136.8
¥48.8
46.9
....................

1996: III ...........................
IV ..........................

1,503.4
1,550.5

675.6
692.6

190.9
192.3

89.7
111.3

547.2
554.2

1,633.5
1,654.2

442.9
449.4

689.2
705.8

193.0
189.2

273.7
275.1

34.7
34.8

.0
.0

¥130.1
¥103.7

1997: I .............................
II ...........................
III ..........................
IV ..........................

1,573.8
1,609.0
1,648.0
1,677.8

723.0
740.1
759.0
781.5

196.2
199.9
211.5
209.3

89.4
96.7
97.2
96.2

565.2
572.4
580.4
590.8

1,661.2
1,672.2
1,675.9
1,694.6

452.7
461.6
458.1
455.6

709.3
712.7
715.6
728.6

192.8
192.2
195.9
201.7

273.6
275.2
277.1
279.4

32.7
30.5
29.1
29.2

.0
.0
.0
.0

¥87.4
¥63.2
¥27.9
¥16.8

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

1,704.8
1,734.4
1,770.3
1,793.3

803.3
824.0
847.3
868.1

206.2
207.2
209.9
202.6

95.8
96.4
97.7
99.6

599.5
606.9
615.4
623.1

1,680.0
1,690.9
1,710.7
1,733.5

445.1
457.4
451.4
460.0

724.4
724.2
731.0
742.1

202.1
200.8
220.2
214.2

279.8
280.0
279.6
274.3

28.6
28.4
28.5
42.9

.0
.0
.0
.0

24.9
43.5
59.6
59.7

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

1,826.5
1,853.1
1,883.1
..............

877.9
892.1
908.0
922.3

212.6
218.1
222.4
............

99.5
100.0
101.5
102.7

636.5
642.9
651.2
657.5

1,728.9
1,735.0
1,749.3
1,806.3

467.0
465.2
475.0
492.7

743.4
749.7
754.8
770.4

219.9
215.7
230.6
230.7

266.0
264.8
259.9
261.2

32.6
39.5
29.0
51.3

.0
.0
.0
.0

97.6
118.1
133.8
....................

Source: Department of Commerce, Bureau of Economic Analysis.

34

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

United
States

1990 .......................................
1991 .......................................
1992 .......................................
1993 .......................................
1994 .......................................
1995 .......................................
1996 .......................................
1997 .......................................
1998 ......................................
1999 p .....................................
1998: Nov .............................
Dec .............................
1999: Jan .............................
Feb .............................
Mar .............................
Apr .............................
May ............................
June ...........................
July ............................
Aug .............................
Sept ...........................
Oct .............................
Nov ............................
Dec p ...........................
1 Data

Canada

Japan

France

Germany

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

Italy

United
States 1

98.9
102.9 104.1 102.4
99.9
101.7
103.1
97.0
98.9 106.1 101.2 102.3
101.3
99.7
100.0
100.0 100.0 100.0 100.0
100.0
100.0
103.4
104.5
96.5
96.1
92.4
97.9
102.2
109.1
111.3
97.7 100.0
95.6
103.9
107.7
114.4
116.3 100.9 102.0
96.8
109.2
109.5
119.4
118.3 103.2 102.2
97.4
107.1
110.7
127.1
124.8 107.0 106.2 100.8
111.1
111.8
132.4
127.7
99.9 110.9 105.0
112.3
112.5
137.2 .............. ............ ............ ............ .............. ..............
133.8
129.1
98.1 r 111.7 r 103.9
113.2
112.3
133.8
130.0
98.1 r 110.9 104.3
109.7
111.8
134.1
130.3
97.5 r 110.8 r 105.3
112.1
111.3
r 130.0
134.5
98.3 r 110.4 104.1
111.1
111.5
r 130.5
r 111.5
135.1
100.8
104.2
112.8
111.9
135.5
130.8
97.7 111.3 105.1
111.1
112.2
r 131.2
r 110.7
136.2
96.7 r 111.8 105.5
112.4
r 132.2
136.6
99.9 r 113.0 r 105.9
112.2
112.7
r 106.7
137.4
133.9
98.9 114.5
112.8
113.5
r 135.1
r 114.0
137.7
103.3 114.5 r 108.0
114.0
r 138.1
r 135.9
r 113.4
103.1 r 114.3 r 107.1
113.8
r 139.4
r 135.4
r 100.1
r 114.2
114.9 r 106.8
114.1
r 139.9
136.7 103.6 116.7 106.3
115.4
114.7
140.5 .............. ............ ............ ............ .............. ..............

relate to all urban consumers.

130.7
136.2
140.3
144.5
148.2
152.4
156.9
160.5
163.0
166.6
164.0
163.9
164.3
164.5
165.0
166.2
166.2
166.2
166.7
167.1
167.9
168.2
168.3
168.3

Canada

Japan

135.5
143.1
145.3
147.9
148.2
151.4
153.8
156.3
157.8
160.5
158.4
157.9
158.2
158.5
159.1
160.0
160.4
160.5
161.0
161.4
161.8
162.0
161.8
162.0

Germany

111.4
115.0
116.9
118.4
119.3
119.1
119.3
121.4
122.1
121.8
123.0
122.5
121.9
121.4
121.5
122.1
122.1
122.1
121.3
121.6
122.0
122.2
121.5
121.2

Italy

112.2
116.2
122.1
127.6
131.1
133.3
135.2
137.8
139.1
139.9
138.9
139.1
138.8
139.1
139.2
139.7
139.7
139.9
140.5
140.4
140.1
140.0
140.3
140.7

France

159.6
169.8
178.8
186.4
193.7
204.1
212.0
215.9
219.8
223.4
221.0
221.0
221.2
221.6
222.0
222.7
223.3
223.1
223.7
223.9
224.3
224.7
225.5
225.7

132.9
137.2
140.4
143.4
145.8
148.4
151.4
153.2
154.2
155.0
154.0
154.2
153.7
154.2
154.8
155.1
155.1
155.1
154.8
155.0
155.3
155.4
155.4
156.2

United
Kingdom

148.2
156.9
162.7
165.3
169.4
175.1
179.4
185.0
191.4
194.3
193.2
193.2
192.0
192.3
192.8
194.1
194.6
194.6
194.0
194.5
195.3
195.6
195.9
196.6

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

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

Goods: Imports (customs value)

Census basis (by end-use category) 1

Services
(BOP basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
BOP basis

Period

1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1998:

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
Nov ...
Dec ...
1999: Jan ...
Feb ...
Mar ...
Apr ...
May ..
June
July ..
Aug ...
Sept ..
Oct r ..
Nov p
1 Includes
2 Total

BOP
basis

362.1
389.3
416.9
440.4
456.8
502.4
575.8
612.1
679.7
670.2
56.9
56.0
55.3
54.7
54.3
55.3
55.1
55.5
55.9
59.1
58.9
58.9
59.5

Total,
Census
basis 2

363.8
393.6
421.7
448.2
465.1
512.6
584.7
625.1
689.2
682.1
58.5
57.2
56.2
55.8
55.4
56.3
56.3
56.7
56.9
60.0
60.1
59.8
60.2

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
37.2
35.1
35.7
40.3
40.6
42.0
50.5
55.5
51.5
46.4
3.9
4.0
3.6
3.6
3.6
3.7
3.7
3.8
3.8
3.9
4.0
4.0
3.8

99.3
104.4
109.7
109.1
111.8
121.4
146.2
147.7
158.2
148.3
12.5
11.8
11.3
11.4
11.4
11.6
11.7
11.7
11.5
12.5
13.1
13.3
13.9

138.8
152.7
166.7
175.9
181.7
205.0
233.0
253.0
294.5
299.6
25.7
25.5
25.6
24.9
24.9
25.1
25.0
24.8
25.7
27.4
26.7
26.4
26.6

34.8
37.4
40.0
47.0
52.4
57.8
61.8
65.0
74.0
73.2
6.3
6.2
6.0
6.0
5.8
6.2
6.1
6.5
6.1
6.7
6.2
6.3
6.2

undocumented exports to Canada through 1988.
includes ‘‘other’’ exports or imports, not shown separately.

36.4
43.3
45.9
51.4
54.7
60.0
64.4
70.1
77.4
79.3
6.6
6.5
6.6
6.8
6.5
6.7
6.5
6.5
6.7
6.6
6.9
6.7
7.0

BOP
basis

477.4
498.3
491.0
536.5
589.4
668.6
749.6
803.3
876.4
917.2
78.5
77.1
78.6
79.9
80.0
80.6
83.0
86.7
87.3
89.3
89.1
90.7
92.0

IndusAutoFoods, trial Capital motive
Total, feeds, supgoods vehiCensus and
plies except cles,
basis 2
bevand
auto- parts
erages mate- motive and enrials
gines
473.2
495.3
488.5
532.7
580.7
663.3
743.5
795.3
869.7
911.9
77.9
76.8
78.4
79.7
79.8
80.3
82.8
86.4
87.1
88.8
88.3
90.2
91.1

25.1
26.6
26.5
27.6
27.9
31.0
33.2
35.7
39.7
41.2
3.4
3.5
3.5
3.5
3.4
3.5
3.6
3.8
3.7
3.7
3.7
3.6
3.7

132.3
143.2
131.6
138.6
145.6
162.1
181.8
204.5
213.8
200.1
16.2
15.3
15.5
15.4
16.0
17.0
18.0
18.2
18.7
19.9
20.3
20.8
20.8

113.3
116.4
120.7
134.3
152.4
184.4
221.4
228.1
253.3
269.6
23.1
22.5
23.1
23.6
23.0
23.3
24.2
25.5
25.5
25.1
24.9
25.8
26.2

86.1
87.3
85.7
91.8
102.4
118.3
123.8
128.9
139.8
149.1
13.4
13.9
14.0
14.3
14.6
13.7
14.6
15.5
15.5
15.7
15.4
15.1
15.5

Consumer
goods
(nonfood)
except
automotive
102.9
105.7
108.0
122.7
134.0
146.3
159.9
172.0
193.8
216.5
18.5
18.4
18.9
19.4
18.9
19.4
18.9
19.9
20.2
20.2
20.3
20.9
21.2

Exports

126.2
146.8
163.0
175.6
185.0
199.7
217.6
237.7
258.8
263.7
22.2
22.2
22.6
22.3
22.7
22.8
22.8
23.1
22.9
23.0
23.1
23.4
23.3

Imports

102.5
117.7
118.5
116.5
122.3
131.9
141.4
150.8
166.9
181.0
15.3
15.3
15.4
15.7
16.4
16.3
16.4
16.6
16.8
16.9
17.0
17.2
17.4

Goods,
Census
basis

Goods

¥109.4
¥101.7
¥66.7
¥84.5
¥115.6
¥150.6
¥158.8
¥170.2
¥180.5
¥229.8
¥19.4
¥19.6
¥22.2
¥23.8
¥24.4
¥24.1
¥26.5
¥29.7
¥30.2
¥28.8
¥28.2
¥30.4
¥30.8

¥115.2
¥109.0
¥74.1
¥96.1
¥132.6
¥166.2
¥173.7
¥191.3
¥196.7
¥246.9
¥21.5
¥21.1
¥23.4
¥25.2
¥25.7
¥25.3
¥27.9
¥31.2
¥31.4
¥30.1
¥30.2
¥31.8
¥32.4

Services

23.7
29.1
44.6
59.1
62.7
67.8
76.2
87.0
91.9
82.7
6.9
6.8
7.2
6.7
6.4
6.5
6.4
6.5
6.1
6.2
6.1
6.3
5.9

Goods
and
services

¥91.5
¥79.9
¥29.5
¥37.0
¥69.9
¥98.4
¥97.5
¥104.3
¥104.7
¥164.3
¥14.7
¥14.2
¥16.1
¥18.5
¥19.3
¥18.9
¥21.5
¥24.7
¥25.3
¥24.0
¥24.2
¥25.6
¥26.5

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 third quarter of 1999, the goods deficit rose to $92.1 billion, from $84.4 billion in the second quarter. The
current account deficit rose to $89.9 billion in the third quarter, from $80.9 billion in the second quarter.

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

Imports

Net
balance

Net
military
transactions 2 3

¥477,365
¥498,337
¥490,981
¥536,458
¥589,441
¥668,590
¥749,574
¥803,327
¥876,366
¥917,178
¥212,187
¥217,773
¥222,362
¥224,044
¥225,541
¥228,698
¥229,228
¥233,711
¥238,495
¥250,274
¥265,723

¥115,245
¥109,030
¥74,068
¥96,106
¥132,609
¥166,192
¥173,729
¥191,270
¥196,651
¥246,932
¥49,208
¥47,878
¥48,915
¥50,650
¥54,876
¥63,500
¥64,969
¥63,587
¥74,203
¥84,412
¥92,145

¥6,749
¥7,599
¥5,274
¥1,448
1,385
2,570
4,600
4,707
5,863
4,314
1,314
2,096
1,509
944
1,508
1,428
703
675
837
506
407

Period
Exports

1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1997:

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

362,120
389,307
416,913
440,352
456,832
502,398
575,845
612,057
679,715
670,246
162,979
169,895
173,447
173,394
170,665
165,198
164,259
170,124
164,292
165,862
173,578

Services
Net
travel
and
transportation
receipts
3,551
7,501
16,561
19,969
19,714
16,305
21,772
24,969
21,948
10,405
5,956
5,465
5,387
5,143
3,471
2,997
1,685
2,251
1,947
1,770
826

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

36

Income receipts and payments

Other
services,
net

Balance
on
goods
and
services

26,934 ¥91,509
29,189 ¥79,939
33,299 ¥29,484
40,559 ¥37,025
41,571 ¥69,940
48,922 ¥98,395
49,818 ¥97,539
57,276 ¥104,318
64,110 ¥104,730
67,931 ¥164,282
15,326 ¥26,612
16,128 ¥24,189
16,296 ¥25,723
16,362 ¥28,201
16,559 ¥33,338
17,114 ¥41,961
16,857 ¥45,724
17,399 ¥43,262
17,445 ¥53,974
17,051 ¥65,085
17,087 ¥73,825

Receipts

161,566
172,078
149,558
132,523
134,621
165,968
212,233
224,619
258,663
258,324
61,603
65,430
66,580
65,050
66,458
66,574
62,209
63,081
64,028
66,857
69,563

Payments

Unilateral
current
Balance transfers,
on
net 4
income

¥141,842
19,724 ¥27,116
¥143,649
28,429 ¥27,821
¥125,608
23,950
9,819
¥110,253
22,269 ¥35,873
¥111,445
23,176 ¥38,522
¥150,061
15,907 ¥39,192
¥192,823
19,410 ¥35,437
¥207,409
17,210 ¥42,187
¥255,432
3,231 ¥41,966
¥270,529 ¥12,205 ¥44,075
¥60,542
1,061 ¥9,347
¥63,218
2,212 ¥9,494
¥66,376
204 ¥10,096
¥65,297
¥247 ¥13,030
¥66,211
247 ¥9,927
¥67,127
¥553 ¥9,886
¥69,174 ¥6,965 ¥10,787
¥68,014 ¥4,933 ¥13,474
¥68,368 ¥4,340 ¥10,340
¥71,469 ¥4,612 ¥11,212
¥74,483 ¥4,920 ¥11,204

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

Balance
on
current
account

¥98,900
¥79,332
4,284
¥50,629
¥85,286
¥121,680
¥113,566
¥129,295
¥143,465
¥220,562
¥34,898
¥31,471
¥35,615
¥41,478
¥43,018
¥52,400
¥63,476
¥61,669
¥68,654
¥80,909
¥89,949

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $0.4 billion in the third quarter
of 1999, following an increase of $42.5 billion in the second quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $31.0 billion in the third quarter, following an increase of
$34.9 billion in the second quarter.

[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Financial account

Period

U.S. assets abroad, net
[increase/capital outflow (¥)]

Capital
account 3
Total

U.S.
official
reserve
assets 3 5

Other U.S.
Government
assets 3

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

U.S.
private
assets

Total

Foreign
official
assets 3

Other
foreign
assets

Total (sum
of the items
with sign
reversed)

Of which:
Seasonal
adjustment
discrepancy

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

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

336
¥6,579
¥4,479
612
¥88
¥469
372
672
292
617

¥175,662
¥81,570
¥64,732
¥74,877
¥201,014
¥176,586
¥330,675
¥380,762
¥465,296
¥292,818

¥25,293
¥2,158
5,763
3,901
¥1,379
5,346
¥9,742
6,668
¥1,010
¥6,784

1,233
2,317
2,924
¥1,667
¥351
¥390
¥984
¥989
68
¥429

¥151,602
¥81,729
¥73,419
¥77,111
¥199,284
¥181,542
¥319,949
¥386,441
¥464,354
¥285,605

225,307
142,028
111,332
171,815
283,230
307,306
467,552
574,847
751,661
502,637

8,503
33,910
17,389
40,477
71,753
39,583
109,880
127,390
18,119
¥21,684

216,804
108,118
93,944
131,338
211,477
267,723
357,672
447,457
733,542
524,321

48,920
25,454
¥46,405
¥46,921
3,157
¥8,571
¥23,683
¥65,462
¥143,192
10,126

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

74,609
83,316
77,721
71,323
73,442
74,335
85,832
75,089
69,954
81,761

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

135
56
19
82
143
160
148
166
166
178
166

¥144,665
¥91,124
¥112,578
¥116,929
¥59,599
¥120,517
¥62,097
¥50,607
¥15,148
¥154,713
¥101,483

4,480
¥236
¥730
¥4,524
¥444
¥1,945
¥2,026
¥2,369
4,068
1,159
1,950

¥76
¥298
377
65
¥81
¥483
185
¥50
119
¥392
¥673

¥149,069
¥90,590
¥112,225
¥112,470
¥59,074
¥118,089
¥60,256
¥48,188
¥19,335
¥155,480
¥102,760

185,303
152,767
188,126
225,466
96,817
162,466
93,547
149,805
88,860
274,271
207,153

27,524
¥6,177
23,260
¥26,488
11,004
¥10,551
¥46,489
24,352
4,708
¥628
12,106

157,779
158,944
164,866
251,954
85,813
173,017
140,036
125,453
84,152
274,899
195,047

¥5,875
¥30,228
¥39,952
¥67,141
5,657
10,291
31,878
¥37,695
¥5,224
¥38,827
¥15,887

4,724
¥682
¥10,546
6,500
5,915
528
¥10,582
4,144
5,264
276
¥10,209

67,222
67,813
67,148
69,954
69,353
71,161
75,676
81,761
74,359
71,689
73,414

1989
1990
1991
1992
1993
1994
1995
1996
1997
1998

5 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the IMF.

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
Page

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product ..........................................................................................................................................................................................
Real Gross Domestic Product ..................................................................................................................................................................................
Implicit Price Deflators for Gross Domestic Product ..............................................................................................................................................
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ..............................................................................................
Nonfinancial Corporate Business—Output, 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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