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107th Congress, 1st Session

Economic Indicators
JANUARY 2001
(Includes data available as of February 7, 2001)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2001

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)

HOUSE

OF

REPRESENTATIVES

SENATE

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

Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing)
from:
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For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328

ii

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 2000, according to advance estimates, current-dollar gross domestic product (GDP) rose
3.5 percent (annual rate), real GDP (GDP in chained 1996 dollars) rose 1.4 percent, and the implicit price deflator
rose 2.1 percent.

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

Period

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

1991 ...................... 5,986.2
1992 ...................... 6,318.9
1993 ...................... 6,642.3
1994 ...................... 7,054.3
1995 ...................... 7,400.5
1996 ...................... 7,813.2
1997 ...................... 8,318.4
1998 ...................... 8,790.2
1999 ...................... 9,299.2
2000 p .................... 9,965.7
1997: I ................. 8,124.2
II ................ 8,279.8
III .............. 8,390.9
IV ............... 8,478.6
1998: I ................. 8,634.7
II ................ 8,722.0
III .............. 8,829.1
IV ............... 8,974.9
1999: I ................. 9,104.5
II ................ 9,191.5
III .............. 9,340.9
IV ............... 9,559.7
2000: I ................. 9,752.7
II ............... 9,945.7
III ............. 10,039.4
IV p ............ 10,125.0
1 GDP

3,971.2
4,209.7
4,454.7
4,716.4
4,969.0
5,237.5
5,529.3
5,850.9
6,268.7
6,758.6
5,429.9
5,470.8
5,575.9
5,640.6
5,712.6
5,811.4
5,893.4
5,986.0
6,095.3
6,213.2
6,319.9
6,446.2
6,621.7
6,706.3
6,810.8
6,895.6

800.2
866.6
955.1
1,097.1
1,143.8
1,242.7
1,390.5
1,549.9
1,650.1
1,834.1
1,324.2
1,397.7
1,405.7
1,434.5
1,532.1
1,523.9
1,553.0
1,590.8
1,609.8
1,607.9
1,659.1
1,723.7
1,755.7
1,852.6
1,869.3
1,858.9

Exports and imports
of goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

¥20.7
¥27.9
¥60.5
¥87.1
¥84.3
¥89.0
¥89.3
¥151.5
¥254.0
¥370.4
¥89.2
¥75.0
¥88.6
¥104.6
¥117.5
¥151.8
¥167.6
¥169.0
¥196.1
¥240.4
¥280.5
¥299.1
¥335.2
¥355.4
¥389.5
¥401.6

601.6
636.8
658.0
725.1
818.6
874.2
966.4
966.0
990.2
1,099.0
927.8
966.8
988.7
982.4
975.0
962.8
947.8
978.3
957.3
973.0
999.5
1,031.0
1,051.9
1,092.9
1,130.8
1,120.3

Imports

Total
Total

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

622.3
664.6
718.5
812.1
902.8
963.1
1,055.8
1,117.5
1,244.2
1,469.4
1,017.1
1,041.7
1,077.3
1,087.0
1,092.6
1,114.7
1,115.4
1,147.3
1,153.4
1,213.4
1,280.0
1,330.1
1,387.1
1,448.3
1,520.3
1,521.9

1,235.5
1,270.5
1,293.0
1,327.9
1,372.0
1,421.9
1,487.9
1,540.9
1,634.4
1,743.4
1,459.2
1,486.3
1,498.0
1,508.2
1,507.6
1,538.6
1,550.3
1,567.2
1,595.5
1,610.9
1,642.4
1,688.8
1,710.4
1,742.2
1,748.8
1,772.2

527.4
534.5
527.3
521.1
521.5
531.6
538.2
540.6
568.6
595.4
529.2
543.4
541.3
538.9
528.0
544.9
541.4
548.0
554.1
558.3
570.4
591.6
580.1
604.5
594.2
603.0

National
defense
384.5
378.5
364.9
355.1
350.6
357.0
352.6
349.2
365.0
377.2
346.4
355.0
354.7
354.4
338.6
349.3
355.0
353.8
356.5
355.3
367.5
380.8
366.6
381.9
375.0
385.5

Nondefense
142.9
156.0
162.4
165.9
170.9
174.6
185.6
191.4
203.5
218.2
182.8
188.4
186.6
184.5
189.3
195.6
186.4
194.2
197.6
203.0
202.8
210.7
213.5
222.6
219.2
217.4

State
and
local

Final
sales of
domestic
product

708.1 5,986.4
736.0 6,303.9
765.7 6,621.2
806.8 6,991.8
850.5 7,367.5
890.4 7,783.2
949.7 8,255.5
1,000.3 8,713.2
1,065.8 9,255.9
1,148.0 9,908.4
930.0 8,075.4
942.9 8,192.1
956.6 8,341.1
969.3 8,413.5
979.6 8,522.4
993.7 8,663.5
1,008.9 8,758.5
1,019.2 8,908.3
1,041.4 9,055.3
1,052.6 9,177.0
1,072.1 9,304.2
1,097.3 9,486.9
1,130.4 9,722.8
1,137.7 9,873.7
1,154.6 9,973.1
1,169.2 10,063.9

Gross
domestic
purchases 1

Addendum:
Gross
national
product

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
8,407.7 8,325.4
8,941.7 8,786.7
9,553.2 9,288.2
10,336.1 ..............
8,213.4 8,131.8
8,354.7 8,291.8
8,479.5 8,397.7
8,583.2 8,480.4
8,752.3 8,640.3
8,873.8 8,725.0
8,996.7 8,814.9
9,143.9 8,966.6
9,300.6 9,097.2
9,432.0 9,181.8
9,621.4 9,327.3
9,858.8 9,546.3
10,087.9 9,745.0
10,301.1 9,937.4
10,429.0 10,030.5
10,526.6 ..............

Source: Department of Commerce, Bureau of Economic Analysis.

1

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

Period

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

Gross
domestic
product

6,676.4
6,880.0
7,062.6
7,347.7
7,543.8
7,813.2
8,159.5
8,515.7
8,875.8
9,320.4
8,016.4
8,131.9
8,216.6
8,272.9
8,404.9
8,465.6
8,537.6
8,654.5
8,730.0
8,783.2
8,905.8
9,084.1
9,191.8
9,318.9
9,369.5
9,401.5

Personal
consumption
expenditures

4,466.6
4,594.5
4,748.9
4,928.1
5,075.6
5,237.5
5,423.9
5,678.7
5,978.8
6,294.6
5,350.7
5,375.7
5,462.1
5,507.1
5,572.4
5,651.6
5,711.0
5,779.8
5,860.2
5,940.2
6,013.8
6,101.0
6,213.5
6,260.6
6,329.8
6,374.6

Gross private
domestic investment
Nonresidential
fixed
investment

Resi- Change
dential in prifixed
vate
invest- invenment
tories

610.1
630.6
683.6
744.6
817.5
899.4
1,009.3
1,140.3
1,255.3
1,412.5
960.8
992.7
1,037.0
1,047.0
1,096.0
1,136.4
1,146.3
1,182.3
1,209.4
1,237.5
1,272.5
1,301.8
1,365.3
1,412.5
1,438.8
1,433.6

221.1
257.2
276.0
302.7
291.7
313.3
319.7
346.1
368.3
366.6
314.7
318.7
320.3
324.9
332.4
342.4
350.9
358.5
365.7
370.9
368.0
368.5
371.4
372.6
362.3
360.0

Exports and imports of
goods and services

¥1.0
17.1
20.0
66.8
30.4
30.0
63.8
80.2
45.3
63.7
49.3
88.3
51.3
66.1
117.3
60.9
73.1
69.4
48.1
13.1
39.1
80.9
36.6
78.6
72.5
67.1

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

¥15.8
¥19.8
¥59.1
¥86.5
¥78.4
¥89.0
¥113.3
¥221.0
¥322.4
¥412.5
¥94.0
¥100.6
¥119.6
¥139.2
¥175.3
¥219.8
¥244.1
¥244.9
¥279.8
¥314.6
¥342.6
¥352.5
¥376.8
¥403.4
¥427.7
¥442.2

613.2
651.0
672.7
732.8
808.2
874.2
981.5
1,003.6
1,033.0
1,127.9
940.3
979.2
1,004.2
1,002.1
1,004.5
996.8
988.8
1,024.1
1,003.3
1,017.6
1,042.6
1,068.4
1,084.8
1,121.8
1,158.8
1,146.2

Imports

Total
Total

629.0
670.8
731.8
819.4
886.6
963.1
1,094.8
1,224.6
1,355.3
1,540.4
1,034.3
1,079.8
1,123.8
1,141.2
1,179.8
1,216.6
1,232.9
1,269.0
1,283.1
1,332.2
1,385.2
1,420.9
1,461.7
1,525.2
1,586.4
1,588.4

1 GDP

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

1,403.4
1,410.0
1,398.8
1,400.1
1,406.4
1,421.9
1,455.4
1,486.4
1,536.1
1,579.2
1,434.6
1,457.0
1,464.8
1,465.3
1,461.6
1,487.6
1,492.9
1,503.3
1,517.1
1,519.9
1,537.8
1,569.5
1,565.1
1,583.7
1,578.2
1,589.6

National
defense

604.9
595.1
572.0
551.3
536.5
531.6
529.6
526.9
540.1
548.4
521.7
534.8
533.4
528.4
515.9
531.8
527.5
532.4
529.5
532.1
541.0
558.1
537.1
558.8
545.8
551.9

438.4
417.1
394.7
375.9
361.9
357.0
347.7
341.7
348.5
349.3
341.6
350.3
350.4
348.5
332.0
342.4
347.2
345.1
342.4
340.3
350.4
360.9
341.5
355.1
346.2
354.7

Nondefense

166.0
177.9
177.3
175.5
174.6
174.6
181.8
185.2
191.5
198.9
180.1
184.5
182.9
179.8
183.8
189.3
180.3
187.2
187.0
191.6
190.5
197.1
195.4
203.6
199.4
197.1

State
and
local

798.9
815.3
827.0
848.9
869.9
890.4
925.8
959.2
995.6
1,030.3
912.8
922.2
931.4
936.8
945.5
955.7
965.1
970.7
987.2
987.5
996.4
1,011.2
1,027.4
1,024.6
1,031.9
1,037.1

Final
sales of
domestic
product

6,681.5
6,867.7
7,043.8
7,285.8
7,512.2
7,783.2
8,095.2
8,435.2
8,826.9
9,250.4
7,966.4
8,043.2
8,164.9
8,206.3
8,289.4
8,402.7
8,463.4
8,585.0
8,680.3
8,764.9
8,861.8
9,000.5
9,148.0
9,235.3
9,290.9
9,327.3

Gross
domestic
purchases 1

Addendum:
Gross
national
product

6,688.4 6,703.4
6,896.4 6,905.8
7,120.6 7,087.8
7,434.2 7,364.3
7,621.8 7,564.0
7,902.1 7,831.2
8,271.7 8,168.1
8,727.9 8,515.1
9,179.1 8,868.3
9,703.8 ..............
8,110.6 8,025.1
8,232.3 8,145.6
8,334.5 8,225.1
8,409.4 8,276.9
8,575.2 8,412.9
8,676.8 8,471.4
8,771.4 8,526.7
8,888.2 8,649.3
8,996.2 8,726.0
9,079.6 8,776.7
9,226.7 8,895.4
9,414.1 9,075.0
9,543.6 9,187.7
9,694.3 9,313.7
9,766.0 9,362.8
9,811.4 ..............

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

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

Gross
domestic
product

89.66
91.84
94.05
96.01
98.10
100.00
101.95
103.22
104.77
106.92
101.34
101.82
102.12
102.49
102.74
103.03
103.41
103.70
104.29
104.65
104.89
105.24
106.10
106.73
107.15
107.70

Total

88.91
91.62
93.81
95.70
97.90
100.00
101.94
103.03
104.85
107.37
101.48
101.77
102.08
102.42
102.52
102.83
103.19
103.57
104.01
104.59
105.09
105.66
106.57
107.12
107.60
108.17

Durable
goods

Nondurable goods

Services

97.39
98.28
99.06
100.56
101.06
100.00
97.75
95.41
93.09
91.57
99.00
98.10
97.29
96.68
96.28
95.82
95.30
94.36
93.77
93.31
92.87
92.46
91.99
91.84
91.32
91.15

93.76
95.20
96.14
96.83
97.93
100.00
101.34
101.35
103.71
107.54
101.32
101.18
101.31
101.53
101.19
101.10
101.40
101.71
102.17
103.42
104.14
105.07
106.46
107.33
107.91
108.42

84.82
88.50
91.56
94.16
97.25
100.00
103.12
105.50
107.99
110.84
102.07
102.83
103.47
104.08
104.50
105.19
105.79
106.50
107.17
107.65
108.26
108.87
109.88
110.43
111.11
111.90

Source: Department of Commerce, Bureau of Economic Analysis.

2

Gross private
domestic investment

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Nonresidential
fixed

Residential fixed

99.80
99.29
99.81
100.54
100.93
100.00
99.02
97.13
95.84
96.34
99.46
99.16
98.94
98.55
97.91
97.31
96.88
96.48
96.35
96.00
95.62
95.42
95.84
96.23
96.65
96.60

86.64
87.69
91.23
94.48
97.91
100.00
102.68
105.59
109.64
113.48
101.66
102.22
102.95
103.87
104.28
105.02
105.98
106.95
108.10
109.28
110.22
110.94
112.36
113.08
113.83
114.71

Exports

Imports
Total

98.10
97.82
97.82
98.94
101.28
100.00
98.47
96.26
95.86
97.44
98.67
98.73
98.46
98.04
97.06
96.59
95.85
95.52
95.41
95.61
95.87
96.50
96.97
97.42
97.59
97.74

98.93
99.09
98.18
99.12
101.83
100.00
96.44
91.25
91.80
95.39
98.33
96.47
95.87
95.24
92.61
91.62
90.47
90.41
89.89
91.08
92.41
93.61
94.90
94.95
95.83
95.81

87.18
89.82
92.18
94.51
97.21
100.00
101.63
102.60
105.27
108.57
101.42
101.61
101.50
101.99
102.35
102.47
102.63
102.94
104.66
104.93
105.43
106.00
108.00
108.17
108.87
109.25

National
defense

Nondefense

State
and
local

87.70
90.75
92.45
94.49
96.88
100.00
101.41
102.20
104.75
107.99
101.39
101.33
101.24
101.70
102.01
102.01
102.24
102.51
104.12
104.39
104.90
105.51
107.34
107.55
108.33
108.71

86.07
87.71
91.58
94.55
97.90
100.00
102.06
103.37
106.27
109.69
101.50
102.15
102.01
102.57
103.01
103.35
103.37
103.76
105.68
105.96
106.44
106.94
109.24
109.34
109.92
110.28

88.64
90.28
92.59
95.04
97.77
100.00
102.58
104.28
107.05
111.43
101.89
102.25
102.71
103.46
103.60
103.97
104.54
105.00
105.48
106.60
107.59
108.51
110.02
111.04
111.89
112.73

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

Index numbers, 1996=100
Period

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

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

76.62
80.88
85.01
90.29
94.72
100.00
106.47
112.50
119.02
127.55
93.40
93.98
95.13
96.37
97.65
99.61
100.59
102.15
103.98
105.97
107.39
108.52
110.52
111.63
113.00
114.87
116.53
117.64
119.55
122.35
124.82
127.29
128.49
129.59

GDP
implicit
price
deflator

GDP
chain-type
price index

85.45
88.06
90.39
94.04
96.55
100.00
104.43
108.99
113.60
119.29
95.85
96.03
96.78
97.55
98.25
99.87
100.37
101.51
102.60
104.08
105.16
105.88
107.57
108.35
109.27
110.77
111.73
112.42
113.98
116.27
117.65
119.27
119.92
120.33

89.66
91.85
94.05
96.01
98.10
100.00
101.95
103.23
104.77
106.99
97.45
97.86
98.31
98.79
99.40
99.74
100.23
100.63
101.36
101.82
102.12
102.49
102.75
103.04
103.42
103.69
104.25
104.63
104.90
105.31
106.17
106.80
107.22
107.77

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

GDP
(current
dollars)

89.66
91.84
94.05
96.01
98.10
100.00
101.95
103.22
104.77
106.92
97.45
97.86
98.30
98.78
99.39
99.74
100.22
100.63
101.34
101.82
102.12
102.49
102.74
103.03
103.41
103.70
104.29
104.65
104.89
105.24
106.10
106.73
107.15
107.70

3.2
5.6
5.1
6.2
4.9
5.6
6.5
5.7
5.8
7.2
4.5
2.5
5.0
5.3
5.4
8.3
4.0
6.4
7.3
7.9
5.5
4.2
7.6
4.1
5.0
6.8
5.9
3.9
6.7
9.7
8.3
8.2
3.8
3.5

Real GDP
(chain-type
quantity
index)

GDP
chain-type
price
index

¥.5
3.0
2.7
4.0
2.7
3.6
4.4
4.4
4.2
5.0
1.5
.8
3.1
3.2
2.9
6.8
2.0
4.6
4.4
5.9
4.2
2.8
6.5
2.9
3.4
5.6
3.5
2.5
5.7
8.3
4.8
5.6
2.2
1.4

GDP
implicit
price
deflator

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

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

Source: Department of Commerce, Bureau of Economic Analysis.

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

1991
1992
1993
1994
1995
1996
1997
1998
1999
1997:

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

3,150.6
3,288.0
3,457.6
3,737.2
3,945.9
4,159.5
4,435.1
4,728.1
5,048.8
4,319.1
4,389.6
4,479.0
4,552.6
4,619.1
4,681.7
4,773.0
4,838.5
4,923.1
4,999.7
5,080.6
5,191.9
5,300.3
5,414.0
5,480.1

3,381.9
3,468.4
3,573.8
3,801.5
3,960.1
4,159.5
4,404.2
4,679.9
4,957.1
4,295.3
4,358.7
4,447.3
4,515.7
4,580.9
4,640.0
4,718.0
4,780.7
4,843.5
4,904.4
4,987.0
5,093.6
5,171.0
5,251.2
5,308.1

Compensation of employees
(unit labor
cost)

0.932
.948
.967
.983
.996
1.000
1.007
1.010
1.019
1.006
1.007
1.007
1.008
1.008
1.009
1.012
1.012
1.016
1.019
1.019
1.019
1.025
1.031
1.032

0.617
.633
.641
.639
.645
.641
.644
.653
.659
.645
.644
.641
.646
.650
.652
.653
.655
.657
.660
.661
.658
.658
.659
.661

deflator for gross product of nonfinancial corporate business divided by 100.
business tax and nontax liability plus business transfer payments less subsidies.
profits from current production.

2 Indirect
3 Unit

Chained
(1996)
dollars

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

Corporate profits with inventory
valuation and capital consumption
adjustments 3

Unit nonlabor cost

Total

0.240
.236
.236
.238
.239
.236
.237
.239
.241
.237
.238
.237
.237
.236
.238
.237
.239
.238
.240
.242
.243
.245
.247
.247

Consumption of
fixed
capital

Indirect
business
tax, etc.2

Net interest

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

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

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

Total

0.075
.080
.091
.106
.112
.122
.126
.120
.119
.124
.125
.129
.126
.121
.119
.122
.117
.121
.119
.116
.118
.122
.126
.123

Profits
tax
liability

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

Profits
after
tax 4

0.049
.054
.062
.072
.077
.086
.090
.086
.085
.089
.090
.092
.090
.087
.084
.087
.084
.088
.085
.083
.084
.086
.089
.088

4 With

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

3

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

National
income

Period

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

Compensation
of
employees1

4,994.9
5,251.9
5,556.8
5,876.7
6,210.4
6,618.4
7,038.1
7,469.7
................
6,454.8
6,555.8
6,676.4
6,786.7
6,889.3
6,986.7
7,093.0
7,183.2
7,312.7
7,392.3
7,493.1
7,680.7
7,833.5
7,983.2
8,088.5
................

Proprietors’ income
with inventory valuation and capital consumption adjustments

Farm

3,644.8
3,814.4
4,016.2
4,202.5
4,395.6
4,651.3
4,984.2
5,299.8
5,638.6
4,553.7
4,607.8
4,675.8
4,767.9
4,867.5
4,943.1
5,023.4
5,102.7
5,181.6
5,255.4
5,340.9
5,421.1
5,512.2
5,603.5
5,679.6
5,759.1

Nonfarm

32.7
30.1
31.9
22.2
34.3
29.7
25.4
25.3
22.6
30.6
29.6
29.8
28.9
25.3
23.3
21.2
32.0
25.0
29.0
15.5
31.7
19.1
21.5
31.7
18.0

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

401.7
431.7
444.6
475.5
510.5
551.5
595.2
638.2
687.9
539.4
546.4
556.2
563.8
580.9
590.0
598.4
611.7
619.1
631.4
644.2
657.9
674.8
688.1
693.1
695.8

63.3
90.9
110.3
117.9
129.7
128.3
135.4
143.4
140.4
130.4
128.9
127.4
126.7
126.7
132.8
138.8
143.5
144.9
145.7
136.6
146.2
145.6
140.8
138.1
136.9

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

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

453.1
510.5
573.2
668.8
754.0
833.8
815.0
856.0
................
798.5
825.6
858.3
852.7
824.5
814.0
818.0
803.4
852.0
836.8
842.0
893.2
936.3
963.6
970.3
................

Profits
before tax

Inventory
valuation
adjustment

448.8
506.4
561.0
650.2
729.4
800.8
775.1
813.9
................
768.1
793.3
824.7
817.3
786.2
774.4
777.8
762.2
809.1
795.6
799.3
851.5
895.7
928.8
940.5
................

451.6
510.4
573.4
668.5
726.3
792.4
758.2
823.0
................
757.7
781.2
819.0
811.6
763.5
766.7
760.1
742.3
797.6
804.5
819.0
870.7
920.7
942.5
945.1
................

¥2.8
¥4.0
¥12.4
¥18.3
3.1
8.4
17.0
¥9.1
................
10.4
12.1
5.6
5.7
22.6
7.7
17.7
19.9
11.4
¥8.9
¥19.7
¥19.2
¥25.0
¥13.6
¥4.5
................

Capital
consumption
adjustment

Net
interest

4.3
4.1
12.2
18.6
24.6
32.9
39.9
42.1
33.6
30.4
32.3
33.6
35.4
38.4
39.6
40.2
41.2
42.9
41.2
42.7
41.6
40.6
34.7
29.7
29.2

399.5
374.3
380.5
389.8
386.3
423.9
482.7
507.1
..............
402.2
417.5
429.0
446.8
464.4
483.5
493.3
489.8
490.1
494.1
513.8
530.6
545.4
565.9
575.7
..............

Source: Department of Commerce, Bureau of Economic Analysis.

REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (1996) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods

Period

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

Total
personal
consumption
expenditures

4,594.5
4,748.9
4,928.1
5,075.6
5,237.5
5,423.9
5,678.7
5,978.8
6,294.6
5,350.7
5,375.7
5,462.1
5,507.1
5,572.4
5,651.6
5,711.0
5,779.8
5,860.2
5,940.2
6,013.8
6,101.0
6,213.5
6,260.6
6,329.8
6,374.6

Total
durable
goods

479.0
518.3
557.7
583.5
616.5
657.3
727.3
817.8
895.9
641.5
636.5
670.5
680.9
696.4
719.4
726.7
766.7
782.7
810.5
826.2
851.8
898.2
886.7
903.2
895.5

Motor
vehicles
and
parts

225.7
242.2
255.1
253.4
256.3
264.8
291.7
323.0
340.1
262.9
250.8
271.8
273.7
278.3
292.6
284.9
311.1
311.0
325.3
324.9
330.9
351.8
335.9
342.0
330.6

Furniture
and
household
equipment

161.5
177.4
196.3
215.4
236.9
261.9
294.4
338.7
383.3
250.5
257.6
266.5
273.2
281.9
286.9
299.1
309.9
320.9
331.7
343.9
358.2
374.1
379.3
387.2
392.7

Nondurable goods

Other

94.1
100.7
107.6
115.0
123.3
130.8
141.5
157.3
176.0
128.1
128.5
132.3
134.3
136.6
140.0
143.6
146.0
151.5
154.1
158.9
164.9
174.0
175.0
177.6
177.6

Total
nondurable
goods

1,389.7
1,430.3
1,485.1
1,529.0
1,574.1
1,619.9
1,684.8
1,779.4
1,868.7
1,605.6
1,608.2
1,631.7
1,634.1
1,652.8
1,676.3
1,694.2
1,716.0
1,748.5
1,765.0
1,786.1
1,818.1
1,844.8
1,861.1
1,882.6
1,886.3

Food

725.6
745.1
764.9
777.0
786.0
794.5
812.8
845.9
877.1
794.0
792.8
797.8
793.2
798.3
809.2
816.8
827.0
832.7
838.0
846.7
866.0
872.2
876.5
879.1
880.6

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

4

Clothing
and shoes

208.8
218.5
231.6
244.3
258.6
271.6
292.2
318.5
344.9
267.1
265.2
275.0
279.1
287.0
291.3
292.0
298.7
313.3
316.5
322.1
322.1
337.7
342.3
350.2
349.4

Gasoline
and
oil

112.5
115.4
117.4
120.2
124.2
128.1
131.2
134.2
132.7
126.6
128.3
128.7
128.9
129.4
130.7
132.2
132.2
132.5
134.3
133.6
136.2
131.2
132.2
133.8
133.8

Services

Fuel
oil
and
coal

13.2
14.0
15.0
15.7
15.6
15.0
14.0
15.5
15.3
14.2
15.2
15.4
15.1
13.6
14.1
14.3
14.0
15.0
15.7
16.0
15.3
14.7
15.3
15.8
15.3

Other

331.2
338.5
356.8
372.0
389.8
410.8
434.9
466.0
500.6
403.7
406.7
414.8
418.1
424.9
431.3
439.2
444.2
455.6
461.3
468.5
478.7
490.6
496.5
505.9
509.4

Total
services 1

2,729.7
2,802.5
2,886.2
2,963.4
3,047.0
3,147.0
3,269.4
3,390.8
3,544.6
3,103.7
3,130.6
3,160.6
3,193.0
3,224.5
3,258.2
3,292.4
3,302.8
3,335.8
3,373.4
3,411.1
3,443.0
3,487.2
3,526.7
3,559.3
3,605.3

Housing

Medical
care

719.3
728.1
749.1
763.7
772.6
787.2
807.7
828.3
849.2
781.1
784.7
789.1
793.9
800.0
806.1
810.3
814.4
820.4
825.7
830.7
836.5
841.4
847.0
851.7
856.9

765.4
775.4
783.1
797.7
814.4
835.4
859.8
881.7
906.4
825.9
832.5
839.3
844.0
855.2
857.7
861.5
864.8
870.5
878.1
885.6
892.8
897.4
903.8
909.1
915.4

Source: Department of Commerce, Bureau of Economic Analysis.

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

12.8
13.9
15.0
14.7
15.0
15.1
15.4
16.8
17.2
15.3
14.6
15.2
15.2
14.9
16.0
14.6
16.2
16.2
16.8
17.1
17.0
18.2
17.2
17.4
16.2

SOURCES OF PERSONAL INCOME
Personal income rose $36.6 billion (annual rate) in December, following an increase of $17.8 billion in November.
Wages and salaries increased $10.3 billion in December, following an increase of $16.6 billion in November.

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

Period

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

Total
personal
income

5,390.4
5,610.0
5,888.0
6,200.9
6,547.4
6,937.0
7,391.0
7,789.6
8,281.7
7,994.3
8,056.4
8,099.6
8,161.6
8,209.3
8,237.6
8,279.5
8,300.0
8,326.5
8,420.6
8,405.7
8,423.5
8,460.1

Wage and
salary
disbursements 1

2,982.6
3,085.2
3,236.7
3,424.7
3,626.5
3,888.9
4,190.7
4,470.0
4,769.7
4,602.7
4,637.4
4,657.8
4,685.9
4,726.9
4,730.0
4,763.5
4,789.1
4,797.8
4,827.8
4,859.0
4,875.6
4,885.9

Proprietors’ income 3
Other labor
income 1 2

449.5
482.8
507.5
497.0
490.0
475.4
485.5
501.0
524.0
509.0
511.8
514.1
516.2
518.4
520.5
522.5
525.1
527.6
530.0
532.0
533.9
536.3

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

Farm

32.7
30.1
31.9
22.2
34.3
29.7
25.4
25.3
22.6
15.8
17.3
18.4
21.7
23.1
17.5
23.7
17.5
14.7
62.9
16.9
15.5
21.7

Nonfarm

401.7
431.7
444.6
475.5
510.5
551.5
595.2
638.2
687.9
665.5
667.9
671.7
684.9
683.9
687.1
693.2
688.5
697.7
693.1
695.3
696.1
696.0

Rental
income
of
persons 4

63.3
90.9
110.3
117.9
129.7
128.3
135.4
143.4
140.4
144.1
144.4
145.3
147.0
144.3
140.0
138.1
136.0
134.5
144.0
135.3
136.3
139.1

Personal
dividend
income

185.3
203.0
234.7
254.0
297.4
334.9
351.1
370.3
396.6
382.4
384.7
387.0
388.9
390.6
392.4
394.8
397.2
399.6
402.2
404.7
407.1
409.8

Personal
interest
income

750.1
725.5
742.4
792.5
810.6
864.0
940.8
963.7
1,033.7
993.1
1,002.1
1,011.4
1,021.2
1,026.1
1,030.9
1,036.8
1,040.0
1,042.4
1,046.1
1,047.9
1,049.1
1,050.6

Transfer
payments 5

Less: Personal contributions
for social
insurance

751.7
798.6
833.9
885.9
928.8
962.2
983.0
1,016.2
1,067.5
1,029.2
1,042.5
1,047.3
1,050.9
1,053.8
1,077.3
1,067.3
1,068.7
1,074.9
1,079.1
1,081.5
1,077.7
1,089.0

226.6
237.8
254.1
268.8
280.4
297.9
316.2
338.5
360.7
347.5
351.8
353.2
355.2
357.9
358.2
360.4
362.1
362.6
364.6
366.7
367.8
368.5

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 fell at an annual
rate of 0.5 percent in the fourth quarter of 2000.

Period

Personal
income

Less:
Personal
tax and
nontax
payments

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(1996)
dollars

Per capita
disposable personal
income
Current
dollars

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

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

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

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

Chained
(1996)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(1996)
dollars

Dollars

4,340.9 413.7
4,584.5 350.8
4,849.9 315.5
5,120.2 302.4
5,405.6 272.1
5,715.3 252.9
6,054.7 265.4
6,490.1 147.6
6,999.8 ¥10.0

5,189.3
5,261.3
5,397.2
5,539.1
5,677.7
5,854.5
6,134.1
6,331.0
6,510.0

18,616
19,121
19,820
20,613
21,385
22,262
23,359
24,314
25,378

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

20,318
20,384
20,709
21,055
21,385
21,838
22,672
23,191
23,636

16,482
17,259
18,097
18,888
19,727
20,625
21,625
22,962
24,539

17,989
18,399
18,910
19,294
19,727
20,232
20,989
21,901
22,854

2.0
.3
1.6
1.7
1.6
2.1
3.8
2.3
1.9

8.7
7.1
6.1
5.6
4.8
4.2
4.2
2.2
¥.1

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

21,609
21,744
21,895
22,102
22,412
22,615
22,756
22,903
23,022
23,133
23,203
23,404
23,472
23,639
23,732
23,703

20,329
20,435
20,772
20,961
21,188
21,509
21,756
22,044
22,403
22,791
23,123
23,528
24,122
24,381
24,701
24,949

20,032
20,080
20,348
20,465
20,667
20,917
21,083
21,285
21,539
21,789
22,003
22,268
22,635
22,761
22,956
23,064

2.0
2.5
2.8
3.8
5.7
3.7
2.5
2.6
2.1
1.9
1.2
3.5
1.2
2.9
1.6
¥.5

4.2
4.6
3.9
4.2
4.6
4.3
4.1
3.8
3.1
2.5
1.8
1.5
.2
.3
¥.2
¥.8

267,105
267,713
268,433
269,096
269,623
270,188
270,882
271,548
272,070
272,619
273,315
273,980
274,508
275,059
275,735
276,388

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

6,792.4
6,879.1
6,978.6
7,097.9
7,230.7
7,339.5
7,445.1
7,548.6
7,628.1
7,729.7
7,828.5
7,972.3
8,105.8
8,242.1
8,349.0
8,429.8

935.1
954.9
978.9
1,006.3
1,035.8
1,056.4
1,084.0
1,107.5
1,113.2
1,133.4
1,164.0
1,197.3
1,239.3
1,277.2
1,308.1
1,343.1

5,857.3
5,924.2
5,999.7
6,091.6
6,194.9
6,283.1
6,361.1
6,441.1
6,514.9
6,596.3
6,664.5
6,775.0
6,866.5
6,964.9
7,040.9
7,086.7

5,609.2 248.1
5,654.1 270.1
5,763.7 236.0
5,834.3 257.3
5,909.2 285.6
6,012.9 270.2
6,099.5 261.6
6,197.1 244.0
6,310.3 204.6
6,432.8 163.6
6,543.3 121.1
6,674.1 101.0
6,855.6
11.0
6,944.3
20.6
7,054.7 ¥13.8
7,144.4 ¥57.7

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

6

5,771.8
5,821.2
5,877.3
5,947.5
6,042.8
6,110.3
6,164.1
6,219.2
6,263.7
6,306.6
6,341.7
6,412.2
6,443.1
6,502.0
6,543.7
6,551.3

21,929
22,129
22,351
22,637
22,976
23,254
23,483
23,720
23,946
24,196
24,384
24,728
25,014
25,322
25,535
25,640

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

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

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

Cash marketing receipts
Total 1
Total

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

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

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

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

Livestock and
products

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

Crops

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

Value of
inventory
changes 2

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

Production
expenses

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

Net farm
income

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

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

7

CORPORATE PROFITS
In the third quarter of 2000, according to current estimates, corporate profits before tax rose $2.6 billion (annual
rate) and profits after tax rose $4.0 billion.

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

Profits after tax

Domestic industries
Period

Profits
before
tax

Nonfinancial

Total 2
Total

Financial

Total 3

Manufacturing

Transportation4

Wholesale

Tax
liability

Total

Dividends

Undistributed
profits

Inventory
valuation
adjustment

Retail

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

421.1
448.8
506.4
561.0
650.2
729.4
800.8
775.1
813.9
............
768.1
793.3
824.7
817.3

346.7
380.1
429.6
483.7
558.2
628.6
690.2
671.6
702.5
............
663.7
678.5
710.2
708.2

120.2
124.8
127.9
114.7
154.3
165.3
185.7
164.8
172.0
............
179.4
184.9
187.6
190.7

226.5
255.2
301.7
369.0
403.8
463.3
504.5
506.8
530.4
............
484.3
493.6
522.6
517.5

93.5
93.9
108.4
139.6
166.1
181.2
195.2
177.4
181.6
................
182.6
192.7
207.9
197.5

53.2
58.5
69.6
82.9
85.8
91.4
85.0
83.9
88.4
................
84.6
86.6
83.8
84.9

22.0
25.9
28.2
33.1
29.4
42.6
49.2
56.4
56.7
..............
48.1
47.5
51.9
49.5

27.7
33.7
39.7
46.6
44.1
52.9
63.9
76.6
81.5
..............
62.3
59.9
65.7
67.9

416.1
451.6
510.4
573.4
668.5
726.3
792.4
758.2
823.0
............
757.7
781.2
819.0
811.6

133.6
143.1
165.4
186.7
211.0
223.6
237.2
244.6
255.9
............
227.0
231.8
245.2
244.8

282.6
308.4
345.0
386.7
457.5
502.7
555.2
513.6
567.1
..............
530.7
549.4
573.8
566.9

178.4
185.5
203.1
234.9
254.2
297.7
335.2
351.5
370.7
397.0
321.4
331.8
340.6
347.1

104.1
122.9
141.9
151.8
203.3
205.0
220.0
162.1
196.4
..............
209.3
217.5
233.2
219.8

4.9
¥2.8
¥4.0
¥12.4
¥18.3
3.1
8.4
17.0
¥9.1
............
10.4
12.1
5.6
5.7

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

786.2
774.4
777.8
762.2

676.3
665.9
684.3
660.2

173.7
168.0
161.1
156.5

502.6
497.9
523.2
503.7

177.1
175.1
184.5
172.8

85.7
82.5
87.6
80.0

53.2
57.5
60.5
54.3

73.7
75.5
77.0
80.0

763.5
766.7
760.1
742.3

244.1
245.9
249.0
239.4

519.4
520.9
511.1
502.9

348.8
349.8
351.4
356.1

170.6
171.1
159.7
146.9

22.6
7.7
17.7
19.9

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

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

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

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

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

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

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

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

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

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

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

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

361.1
367.2
373.9
380.6
387.3
393.0
400.1
407.6

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

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

1 See

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

2 Includes
3 Includes

8

4 Transportation

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

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the fourth quarter of 2000, according to advance estimates, nonresidential fixed investment in chained (1996)
dollars fell $5.2 billion (annual rate) and residential investment fell $2.3 billion. There was an increase of $67.1
billion in inventories following an increase of $72.5 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

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

829.5
899.8
977.9
1,107.0
1,140.6
1,242.7
1,393.3
1,566.8
1,669.7
1,841.7

832.5
886.5
958.4
1,045.9
1,109.2
1,212.7
1,328.6
1,485.3
1,621.4
1,770.9

610.1
630.6
683.6
744.6
817.5
899.4
1,009.3
1,140.3
1,255.3
1,412.5

210.1
197.3
198.9
200.5
210.1
225.0
245.4
263.0
259.2
282.7

407.2
437.5
487.1
544.9
607.6
674.4
764.2
879.0
1,003.1
1,139.5

221.1
257.2
276.0
302.7
291.7
313.3
319.7
346.1
368.3
366.6

¥1.0
17.1
20.0
66.8
30.4
30.0
63.8
80.2
45.3
63.7

1.4
10.7
28.6
53.6
42.6
22.1
60.6
78.7
44.9
58.8

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

1,325.4
1,400.6
1,408.6
1,438.5

1,275.4
1,311.1
1,356.7
1,371.3

960.8
992.7
1,037.0
1,047.0

241.1
239.3
248.5
252.7

719.6
753.7
788.9
794.5

314.7
318.7
320.3
324.9

49.3
88.3
51.3
66.1

50.4
88.3
42.4
61.3

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

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

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

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

257.5
266.2
263.0
265.1

839.4
871.3
885.2
920.0

332.4
342.4
350.9
358.5

117.3
60.9
73.1
69.4

109.7
62.5
79.2
63.5

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

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

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

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

262.9
258.7
254.6
260.6

950.9
985.0
1,026.6
1,050.1

365.7
370.9
368.0
368.5

48.1
13.1
39.1
80.9

49.2
14.1
43.5
73.0

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

1,773.6
1,863.0
1,871.1
1,858.9

1,730.9
1,777.6
1,791.3
1,783.7

1,365.3
1,412.5
1,438.8
1,433.6

274.0
277.0
286.6
293.1

1,100.4
1,146.6
1,162.4
1,148.6

371.4
372.6
362.3
360.0

36.6
78.6
72.5
67.1

33.0
72.3
67.4
62.4

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

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

610.1
630.6
683.6
744.6
817.5
899.4
1,009.3
1,140.3
1,255.3
1,412.5
960.8
992.7
1,037.0
1,047.0
1,096.0
1,136.4
1,146.3
1,182.3
1,209.4
1,237.5
1,272.5
1,301.8
1,365.3
1,412.5
1,438.8
1,433.6

Total 1

210.1
197.3
198.9
200.5
210.1
225.0
245.4
263.0
259.2
282.7
241.1
239.3
248.5
252.7
257.5
266.2
263.0
265.1
262.9
258.7
254.6
260.6
274.0
277.0
286.6
293.1

Residential
Structures

Equipment and software
Information processing equipment
and software

Nonresidential
buildings,
including
farm

Utilities

142.7
129.2
131.7
137.2
147.6
161.7
177.0
189.1
187.4
201.0
175.4
172.8
180.9
178.8
184.5
190.1
188.6
193.2
193.6
187.7
183.2
185.1
196.5
199.5
202.7
205.4

38.9
41.8
38.4
36.1
36.8
36.0
35.3
43.0
43.5
45.1
34.4
34.4
35.5
36.7
41.5
43.0
43.6
44.0
43.3
43.2
43.6
44.0
44.9
42.8
45.6
47.3

Mining
exploration,
shafts,
and
wells

Total 2

20.8
17.2
20.5
19.8
18.2
21.1
26.2
24.4
21.5
29.2
25.5
26.1
25.7
27.4
25.1
26.2
24.6
21.7
19.7
20.6
21.3
24.6
26.1
28.4
30.5
31.8

407.2
437.5
487.1
544.9
607.6
674.4
764.2
879.0
1,003.1
1,139.5
719.6
753.7
788.9
794.5
839.4
871.3
885.2
920.0
950.9
985.0
1,026.6
1,050.1
1,100.4
1,146.6
1,162.4
1,148.6

Total

1 Includes

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

Computers
and
peripheral
equipment

142.7
163.0
183.4
206.6
242.8
287.3
349.8
431.6
542.2
676.5
320.9
339.4
363.7
375.2
401.4
422.2
440.7
462.0
492.9
526.9
561.1
587.9
629.4
669.1
695.6
711.7

15.4
20.8
26.4
32.6
49.2
70.9
102.9
149.3
217.3
303.7
87.2
98.1
110.5
115.8
131.8
144.0
153.4
168.0
186.1
208.5
230.9
243.8
264.1
297.3
324.3
329.0

Software

Other

Industrial
equipment

51.4
58.7
66.8
74.3
82.0
95.1
119.0
151.0
188.0
228.7
107.7
115.3
123.0
130.1
137.8
146.7
155.7
163.9
173.3
181.1
192.5
205.3
215.0
224.5
234.3
241.2

86.4
91.5
96.4
104.9
113.1
121.3
129.8
140.7
163.1
195.7
126.5
127.4
132.8
132.5
137.7
139.7
141.6
143.9
151.4
161.3
168.1
171.6
187.3
196.6
197.5
201.5

99.0
100.8
109.6
119.6
131.3
136.4
140.0
146.9
147.8
164.1
134.9
140.2
141.8
143.2
145.5
146.9
147.6
147.7
143.7
145.7
148.9
152.8
158.9
164.0
167.4
166.1

Transportation
equipment

Total
residential 3

87.7
92.3
103.4
120.4
128.2
138.9
150.5
168.0
191.8
189.2
144.5
150.8
156.2
150.3
161.1
167.1
162.3
181.6
183.1
189.0
199.1
195.9
197.3
199.2
190.6
169.8

221.1
257.2
276.0
302.7
291.7
313.3
319.7
346.1
368.3
366.6
314.7
318.7
320.3
324.9
332.4
342.4
350.9
358.5
365.7
370.9
368.0
368.5
371.4
372.6
362.3
360.0

Total 4

Single
family

215.1
251.0
269.4
295.8
284.4
305.6
311.8
337.7
359.2
356.9
307.0
310.8
312.4
316.9
324.3
334.1
342.6
350.0
356.9
361.9
358.8
359.2
361.8
362.9
352.6
350.3

112.3
135.7
148.0
163.2
147.7
159.1
158.6
175.9
187.6
189.4
157.2
158.7
158.2
160.2
165.6
173.6
179.9
184.7
187.6
188.5
185.6
188.8
195.8
193.5
184.9
183.4

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

2 Includes
3 Includes

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry
Period

Total
for
all
businesses

Total 1

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

489.7
549.3
601.1

Manufacturing
Total
by industry 2

Mining

Construction

Total

Durable
goods

488.2
547.9
601.0

19.6
24.6
27.6

11.6
9.1
10.4

134.1
154.4
181.0

66.4
79.7
97.0

Nondurable
goods

Transportation

Communications

For
businesses
without
employees

Wholesale
trade

Retail
trade

Finance

Insurance
and
real
estate

41.3
41.5
38.4

19.0
23.5
24.5

41.4
46.5
51.9

26.0
29.8
30.4

14.2
17.4
19.8

111.8
123.8
134.2

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

36.7
38.7
42.3

26.0
28.8
31.2

55.8
55.9
63.1

87.1
91.3
110.1

23.4
29.3
50.3

145.9
165.0
182.4

100.0
99.4
94.5

Utilities

Services

For businesses with 5 employees or more
1993 ........
1994 ........
1995 ........

67.7
74.7
84.0

30.6
33.3
33.9

37.1
41.9
46.3

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

807.1
871.8
973.6

707.1
772.3
879.0

707.1
772.3
879.0

30.2
39.0
40.3

13.8
15.5
18.3

191.8
192.3
207.3

109.9
108.4
119.0

81.9
83.9
88.3

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

10

36.7
45.0
51.8

57.1
68.5
78.5

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

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In January, employment rose by 163,000, and unemployment rose by 303,000.

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

Period

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

Civilian
noninstitutional
population
NSA

190,925
192,805
194,838
196,814
198,584
200,591
203,133
205,220
207,753
209,699
208,782
208,907
209,053
209,216
209,371
209,543
209,727
209,935
210,161
210,378
210,577
210,743
210,889

Civilian
labor
force

126,346
128,105
129,200
131,056
132,304
133,943
136,297
137,673
139,368
140,863
140,645
140,860
140,705
141,114
140,573
140,757
140,546
140,724
140,847
141,000
141,136
141,489
141,955

Nonagricultural
Total

117,718
118,492
120,259
123,060
124,900
126,708
129,558
131,463
133,488
135,208
134,976
135,120
135,013
135,517
134,843
135,183
134,898
134,939
135,310
135,464
135,478
135,836
135,999

Agricultural

3,269
3,247
3,115
3,409
3,440
3,443
3,399
3,378
3,281
3,305
3,356
3,367
3,338
3,360
3,294
3,313
3,295
3,317
3,356
3,241
3,176
3,274
3,179

Part time
for
economic
reasons 1

Total

114,449
115,245
117,144
119,651
121,460
123,264
126,159
128,025
130,207
131,903
131,620
131,753
131,675
132,157
131,549
131,870
131,603
131,622
131,954
132,223
132,302
132,562
132,819

1 Persons at work. Economic reasons include slack work, material shortages, inability to find
fulltime work, etc.
2 Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
3 Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire.

Percent 2

Unemployment

5,874
6,240
6,230
4,414
4,279
4,123
3,879
3,501
3,189
3,045
3,048
2,997
3,002
3,021
3,077
2,981
2,972
3,038
3,030
3,044
3,285
3,088
3,227

Total

8,628
9,613
8,940
7,996
7,404
7,236
6,739
6,210
5,880
5,655
5,669
5,740
5,692
5,597
5,730
5,574
5,648
5,785
5,537
5,536
5,658
5,653
5,956

15
weeks
and
over
2,357
3,408
3,094
2,860
2,363
2,316
2,062
1,637
1,480
1,309
1,364
1,292
1,300
1,274
1,325
1,260
1,319
1,373
1,247
1,311
1,317
1,326
1,371

Not in
labor
force

64,578
64,700
65,638
65,758
66,280
66,647
66,837
67,547
68,385
68,836
68,137
68,047
68,348
68,102
68,798
68,786
69,181
69,211
69,314
69,378
69,441
69,254
68,934

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

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

61.7
61.5
61.7
62.5
62.9
63.2
63.8
64.1
64.3
64.5
64.6
64.7
64.6
64.8
64.4
64.5
64.3
64.3
64.4
64.4
64.3
64.5
64.5

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

4 Not

strictly comparable with earlier data.
NOTE.—Data beginning January 1998, 1999, 2000, and 2001 reflect revised population controls. Adjustments for 2001 were minor. 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 rose to 4.2 percent from 4.0 percent in December.

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

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

12

All
civilian
workers

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

Men
20 years
and over

Women
20 years
and over

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

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

By race
Both
sexes
16–19
years

White

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

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

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

Black
and
other

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

By selected groups

Black

12.5
14.2
13.0
11.5
10.4
10.5
10.0
8.9
8.0
7.6
8.1
7.8
7.5
7.3
7.9
7.8
7.7
7.9
7.2
7.4
7.5
7.6
8.4

Experienced
wage
and
salary
workers

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

Married
men,
spouse
present

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

Women
who
maintain
families

Full-time
workers 1

Part-time
workers 1

9.3
10.0
9.7
8.9
8.0
8.2
8.1
7.2
6.4
5.9
6.2
6.2
6.6
6.2
6.3
6.0
5.7
6.0
5.4
5.4
5.2
5.1
6.4

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

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

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

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In January, the percentages of the unemployed who had been out of work for less than 5 weeks, for 5–14 weeks,
and for 15–26 weeks rose; the percentage for 27 weeks and over fell. The mean duration of unemployment was
unchanged at 12.6 weeks and the median duration fell to 5.9 weeks.

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

Period

Unemployment
(thousands)

Percent distribution
Less
than
5
weeks

5–14
weeks

15–26
weeks

Reason for unemployment:
percent distribution

State
programs

Number of weeks
27
weeks
and
over

Average
(mean)

Median

Job
losers 1

Job
leavers

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 2

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

8,628
9,613
8,940
7,996
7,404
7,236
6,739
6,210
5,880
5,655
5,669
5,740
5,692
5,597
5,730
5,574
5,648
5,785
5,537
5,536
5,658
5,653
5,956

40.3
35.1
36.5
34.1
36.5
36.4
37.7
42.2
43.7
45.0
44.6
45.3
47.6
44.6
44.0
45.9
44.3
44.5
45.5
45.0
44.8
43.4
43.8

32.4
29.4
28.9
30.1
31.6
31.6
31.7
31.4
31.2
31.9
31.3
32.1
30.0
32.7
33.0
31.7
32.2
31.7
31.8
31.5
31.8
33.0
33.2

14.4
15.1
14.5
15.5
14.6
14.6
14.8
12.3
12.8
11.8
12.1
12.0
11.3
11.8
11.6
10.9
11.6
11.7
11.2
12.6
12.6
12.0
12.3

12.9
20.3
20.1
20.3
17.3
17.4
15.8
14.1
12.3
11.4
12.0
10.6
11.1
10.9
11.4
11.6
11.9
12.1
11.4
10.9
10.7
11.6
10.7

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.

13.7
17.7
18.0
18.8
16.6
16.7
15.8
14.5
13.4
12.6
12.9
12.5
12.7
12.5
12.6
12.5
13.2
13.0
12.1
12.4
12.4
12.6
12.6

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

54.4
56.1
54.2
47.7
46.9
46.6
45.1
45.5
44.6
44.1
43.7
45.3
43.3
43.0
42.7
43.6
43.7
44.6
45.6
44.3
44.4
44.7
45.8

11.6
10.4
10.9
9.9
11.1
10.7
11.8
11.8
13.3
13.7
13.7
13.3
14.3
14.5
13.5
12.4
14.0
13.5
13.8
14.7
13.6
13.3
14.0

24.8
23.8
24.6
34.8
34.1
34.7
34.7
34.3
34.1
34.6
35.6
34.5
34.8
35.2
35.6
36.5
34.9
33.3
32.8
33.8
34.4
33.8
32.7

9.2
9.7
10.3
7.6
7.8
8.0
8.4
8.4
8.0
7.6
7.1
6.9
7.5
7.3
8.3
7.4
7.3
8.7
7.8
7.2
7.6
8.3
7.4

3,342
3,245
2,751
2,670
2,572
2,595
2,323
2,222
2,188
2,110
2,082
2,097
2,000
1,966
1,975
2,063
2,120
2,160
2,157
2,190
2,278
2,449
..............

447
408
341
340
357
356
323
321
298
301
281
283
265
278
291
302
295
313
307
313
345
r 356
p 327

3,406
3,348
2,845
2,739
2,633
2,650
2,366
2,257
2,219
2,142
2,844
2,663
2,289
2,161
1,882
1,802
2,199
1,932
r 1,767
r 1,898
r 1,942
2,388
.................

3 Data beginning January 1994 are not directly comparable with data for earlier periods.
NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and
initial claims).

Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 268,000 in January.

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

Goods-producing industries
Period

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

Total
nonagricultural
employment

108,249
108,601
110,713
114,163
117,191
119,608
122,690
125,865
128,786
131,417
130,387
130,482
131,009
131,419
131,590
131,647
131,607
131,528
131,723
131,789
131,842
131,861
132,129

Service-producing industries

Manufacturing
Total 2

23,745
23,231
23,352
23,908
24,265
24,493
24,962
25,414
25,482
25,661
25,677
25,624
25,738
25,725
25,684
25,700
25,756
25,644
25,639
25,665
25,635
25,560
25,645

Construction

4,650
4,492
4,668
4,986
5,160
5,418
5,691
6,020
6,404
6,687
6,652
6,618
6,726
6,694
6,666
6,668
6,670
6,675
6,720
6,745
6,734
6,716
6,861

Total

18,406
18,104
18,075
18,321
18,524
18,495
18,675
18,805
18,543
18,437
18,495
18,473
18,476
18,492
18,479
18,493
18,548
18,432
18,380
18,378
18,360
18,304
18,239

Durable
goods

Nondurable
goods

10,569
10,277
10,221
10,448
10,683
10,789
11,010
11,205
11,103
11,084
11,099
11,088
11,094
11,104
11,106
11,120
11,161
11,087
11,052
11,052
11,058
11,032
10,961

7,837
7,827
7,854
7,873
7,841
7,706
7,665
7,600
7,440
7,352
7,396
7,385
7,382
7,388
7,373
7,373
7,387
7,345
7,328
7,326
7,302
7,272
7,278

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

14

Total

84,504
85,370
87,361
90,256
92,925
95,115
97,727
100,451
103,304
105,756
104,710
104,858
105,271
105,694
105,906
105,947
105,851
105,884
106,084
106,124
106,207
106,301
106,484

Transportation and
public
utilities

5,755
5,718
5,811
5,984
6,132
6,253
6,408
6,611
6,826
6,993
6,925
6,937
6,953
6,970
6,962
6,985
7,010
6,941
7,037
7,046
7,060
7,086
7,083

Wholesale
trade

6,081
5,997
5,981
6,162
6,378
6,482
6,648
6,800
6,924
7,054
7,005
7,011
7,033
7,055
7,048
7,049
7,050
7,062
7,070
7,087
7,093
7,085
7,080

Retail
trade

19,284
19,356
19,773
20,507
21,187
21,597
21,966
22,295
22,788
23,137
22,973
22,978
23,027
23,197
23,064
23,122
23,196
23,191
23,179
23,193
23,238
23,256
23,283

Finance,
insurance,
Services
and real
estate

6,646
6,602
6,757
6,896
6,806
6,911
7,109
7,389
7,569
7,618
7,612
7,624
7,621
7,610
7,600
7,588
7,586
7,608
7,622
7,638
7,647
7,660
7,689

28,336
29,052
30,197
31,579
33,117
34,454
36,040
37,533
39,027
40,384
39,844
39,914
40,090
40,195
40,220
40,401
40,403
40,572
40,685
40,696
40,764
40,800
40,881

Government
Total

18,402
18,645
18,841
19,128
19,305
19,419
19,557
19,823
20,170
20,570
20,351
20,394
20,547
20,667
21,012
20,802
20,606
20,510
20,491
20,464
20,405
20,414
20,468

Federal

2,966
2,969
2,915
2,870
2,822
2,757
2,699
2,686
2,669
2,778
2,663
2,700
2,816
2,885
3,238
3,092
2,819
2,657
2,627
2,625
2,615
2,570
2,607

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

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

Average gross hourly earnings

Manufacturing
Period

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

Total
private
nonagricultural 1

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

Total

40.7
41.0
41.4
42.0
41.6
41.6
42.0
41.7
41.7
41.5
41.7
41.7
41.8
41.7
42.2
41.4
41.6
41.7
41.4
41.3
41.4
41.2
40.4
40.9

Average gross weekly earnings

Total private
nonagricultural 1

Overtime

3.6
3.8
4.1
4.7
4.4
4.5
4.8
4.6
4.6
4.5
4.7
4.6
4.7
4.6
4.9
4.5
4.6
4.6
4.5
4.4
4.5
4.3
4.0
4.1

Current
dollars

$10.32
10.57
10.83
11.12
11.43
11.82
12.28
12.78
13.24
13.74
13.44
13.49
13.54
13.58
13.64
13.66
13.70
13.75
13.80
13.83
13.88
13.96
14.02
14.02

1982
dollars 2

$7.45
7.41
7.39
7.40
7.39
7.43
7.55
7.75
7.86
7.88
7.87
7.88
7.87
7.83
7.87
7.87
7.85
7.86
7.90
7.87
7.89
7.92
7.94
..............

Total private
nonagricultural 1
Manufacturing

Current
dollars

$11.18
11.46
11.74
12.07
12.37
12.77
13.17
13.49
13.91
14.38
14.10
14.15
14.21
14.23
14.28
14.27
14.36
14.39
14.43
14.43
14.56
14.63
14.61
14.60

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

Percent change from
a year earlier, total
private nonagricultural

Current dollars

1982
dollars 2

Manufacturing

Construction

Retail
trade

$353.98
363.61
373.64
385.86
394.34
406.61
424.89
442.19
456.78
474.03
463.68
465.41
468.48
468.51
471.94
469.90
472.65
473.00
473.34
475.75
477.47
478.83
478.08
480.89

$255.40
254.99
254.87
256.73
255.07
255.73
261.31
268.32
271.25
271.96
271.48
272.01
272.37
270.19
272.17
270.84
270.86
270.44
271.10
270.77
271.44
271.60
270.71
..............

$455.03
469.86
486.04
506.94
514.59
531.23
553.14
562.53
580.05
596.77
587.97
590.06
593.98
593.39
602.62
590.78
597.38
600.06
597.40
595.96
602.78
602.76
590.24
597.14

$533.40
537.70
553.63
573.00
587.00
603.33
625.56
646.13
671.74
701.90
678.42
687.75
698.72
703.27
704.09
695.80
687.70
703.47
702.86
700.44
707.40
r 700.70
687.89
712.26

$198.48
205.06
209.95
216.46
221.47
230.11
240.74
253.46
263.32
273.11
269.18
269.47
271.21
271.15
270.43
270.43
273.47
272.16
273.31
274.75
275.33
277.44
275.99
279.65

Current
dollars

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

1982
dollars

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

Source: Department of Labor, Bureau of Labor Statistics.

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

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

12 months earlier
Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

Not seasonally adjusted
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

111.7
115.6
119.8
123.5
126.7
130.6
135.1
139.8
144.6
150.9

110.0
112.9
116.4
119.7
123.1
127.3
132.3
137.4
142.2
147.7

116.2
122.2
128.3
133.0
135.9
138.6
141.8
145.2
150.2
158.6

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

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

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

Seasonally adjusted
1997: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
1998: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
1999: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2000: Mar .................................................................
June ...............................................................
Sept .................................................................
Dec ..................................................................
1 Employer

131.6
132.7
133.7
135.1
136.2
137.3
138.8
139.7
140.3
141.8
143.1
144.5
146.6
148.2
149.7
150.8

128.5
129.7
131.0
132.4
133.7
134.9
136.5
137.5
138.1
139.7
140.9
142.2
143.9
145.4
146.7
147.8

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

138.9
139.7
140.4
141.6
142.2
143.2
144.1
144.9
145.4
146.8
148.2
149.9
153.4
155.3
157.0
158.4

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

4.4
3.5
3.6
3.1
2.6
3.1
3.4
3.5
3.4
4.4

3.7
2.6
3.1
2.8
2.8
3.4
3.9
3.9
3.5
3.9

6.2
5.2
5.0
3.7
2.2
2.0
2.3
2.4
3.4
5.6

Not seasonally adjusted
0.9
.9
1.0
1.1
1.0
.9
1.2
.7
.4
1.2
.9
.9
1.2
1.0
.9
.7

0.3
.6
.5
.9
.4
.7
.6
.6
.3
1.0
1.0
1.1
2.3
1.2
1.1
.9

3.0
2.9
3.2
3.4
3.5
3.5
3.8
3.5
3.0
3.3
3.1
3.4
4.6
4.6
4.6
4.4

3.4
3.3
3.6
3.9
4.0
4.0
4.3
3.9
3.3
3.6
3.2
3.5
4.2
4.1
4.1
3.9

2.0
2.0
2.0
2.3
2.3
2.6
2.6
2.4
2.2
2.5
2.8
3.4
5.5
5.7
6.0
5.6

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

15

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

Nonfarm
business
sector

Output 1
Business
sector

Nonfarm
business
sector

Hours of all
persons 2
Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs
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 r .......................
1998 r .......................
1999 r .......................
2000 p* .....................
1997: Ir ..................
IIr .................
IIIr ...............
IVr ................

95.2
96.3
100.0
100.5
101.9
102.6
105.4
107.8
110.8
113.8
118.7
106.4
107.5
108.5
108.7

95.3
96.4
100.0
100.5
101.8
102.8
105.4
107.5
110.4
113.2
118.1
106.2
107.3
108.2
108.4

97.6
96.5
100.0
103.1
108.1
111.5
116.4
122.5
128.6
134.8
142.4
119.9
122.0
123.5
124.4

97.8
96.6
100.0
103.3
108.2
111.8
116.7
122.7
129.0
135.1
142.8
120.2
122.2
123.6
124.7

102.6
100.2
100.0
102.6
r 106.2
108.7
110.4
113.6
116.1
118.4
120.0
112.7
113.5
113.8
114.5

102.7
100.2
100.0
102.9
106.2
108.8
110.7
114.1
116.8
119.3
120.9
113.1
113.9
114.3
115.0

90.7
95.0
100.0
102.5
104.5
106.7
110.1
113.5
119.6
125.1
131.4
112.2
112.5
113.8
115.6

90.5
95.0
100.0
102.2
104.3
106.6
109.8
113.1
119.0
124.2
130.5
111.8
112.2
113.3
115.0

96.5
97.5
100.0
99.9
99.7
99.3
99.7
100.6
104.6
107.1
108.9
99.9
100.0
100.6
101.8

96.3
97.5
100.0
99.6
99.5
99.2
r 99.4
100.2
104.0
106.4
108.2
99.6
99.6
100.2
101.3

95.3
98.7
100.0
101.9
102.6
104.1
104.5
105.3
108.0
109.9
110.7
105.4
104.7
104.9
106.3

95.0
98.5
100.0
101.7
102.5
103.7
104.2
105.2
107.7
109.7
110.5
105.3
104.5
104.7
106.1

94.8
98.1
100.0
102.2
104.0
106.0
107.7
109.7
110.6
111.8
113.8
109.1
109.6
109.9
110.2

94.5
98.0
100.0
102.2
104.1
106.1
107.6
109.8
110.8
112.3
114.3
109.1
109.7
110.1
110.4

1998: Ir ..................
IIr .................
IIIr ...............
IVr ................
1999: Ir ..................
IIr .................
IIIr ...............
IVr ................
2000: Ir ..................
IIr .................
III r ...............
IV r* ..............

110.0
110.3
110.8
111.8
112.5
112.7
114.0
116.1
116.6
118.6
119.3
120.2

109.6
110.1
110.5
111.4
111.9
112.0
113.4
115.6
116.2
118.0
118.8
119.5

126.8
127.7
128.9
131.0
132.3
133.1
135.3
138.5
140.3
142.4
143.3
143.7

127.1
128.1
129.2
131.4
132.6
133.4
135.6
138.9
140.7
142.9
143.7
144.1

115.3
115.8
116.3
117.2
117.5
118.1
118.7
119.3
120.3
120.1
120.1
119.5

115.9
116.4
116.9
118.0
118.4
119.1
119.6
120.2
121.1
121.1
120.9
120.6

117.4
118.9
120.3
121.6
123.0
124.3
125.9
127.1
128.2
130.4
132.2
134.6

116.8
118.3
119.8
120.9
122.1
123.4
125.0
126.3
127.6
129.4
131.4
133.5

103.2
104.1
105.0
105.7
106.4
106.8
107.4
107.6
107.5
108.4
109.1
110.3

102.6
103.6
104.5
105.1
105.6
106.0
106.6
107.0
107.0
107.6
108.4
109.4

106.7
107.8
108.6
108.8
109.3
110.4
110.5
109.5
110.0
110.0
110.8
112.0

106.5
107.5
108.4
108.6
109.0
110.2
110.2
109.3
109.8
109.7
110.6
111.7

110.3
110.5
110.7
110.9
111.4
111.8
111.9
112.2
113.0
113.7
114.0
114.5

110.5
110.7
111.0
111.2
111.8
112.2
112.4
112.7
113.6
114.1
114.5
115.0

4.3
3.6
1.6
1.7
.8
1.2
.5
.9
2.5
1.8
.7
1.3
¥2.7
.6
5.5
1.6
3.6
3.3
.7
1.8
4.3
.2
¥3.5
1.9
¥.2
3.2
4.1

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

3.6
3.7
2.1
2.2
1.9
2.0
1.4
2.1
.9
1.3
1.8
3.1
2.2
1.3
1.1
.4
.7
1.3
.6
2.2
1.5
.6
1.0
3.2
2.0
1.4
1.7

Percent change; quarterly data at seasonally adjusted annual rates
1990 ........................
1991 ........................
1992 ........................
1993 ........................
1994 ........................
1995 ........................
1996 ........................
1997r .......................
1998r .......................
1999r .......................
2000p* .....................
1997: Ir ..................
IIr .................
IIIr ...............
IVr ................
1998: Ir ..................
IIr .................
IIIr ...............
IVr ................
1999: Ir ..................
IIr .................
IIIr ...............
IVr ................
2000: Ir ..................
IIr .................
IIIr ...............
IVp* ..............

1.3
1.1
3.9
.5
1.3
.7
2.8
2.3
2.8
2.8
4.3
1.4
4.2
3.8
1.0
4.8
1.1
1.9
3.5
2.7
.5
4.7
7.6
1.7
7.0
2.4
3.2

1.1
1.2
3.7
.5
1.3
.9
2.5
2.0
2.7
2.6
4.3
1.0
4.2
3.4
.8
4.7
1.6
1.6
3.2
2.0
.2
5.0
8.0
2.1
6.3
3.0
2.4

1.5
¥1.2
3.7
3.1
4.9
3
4.4
5.2
5.0
4.8
5.7
5.2
7.1
4.9
3.2
7.9
2.9
3.7
6.8
3.8
2.6
6.6
9.9
5.3
6.3
2.3
1.2

1.4
¥1.3
3.5
3.3
4.7
3.4
4.3
5.1
5.1
4.8
5.7
4.8
7.1
4.6
3.4
8.2
3.1
3.7
6.8
3.6
2.4
7.0
10.0
5.2
6.5
2.3
1.2

0.2
¥2.3
¥.2
2.6
3.5
2.4
1.6
2.9
2.2
2.0
1.4
3.7
2.8
1.1
2.2
2.9
1.8
1.8
3.2
1.1
2.1
1.9
2.1
3.5
¥.7
¥.1
¥2.0

0.3
¥2.4
¥.2
2.9
3.3
2.
1.7
3.1
2.4
2.2
1.3
3.8
2.8
1.2
2.5
3.3
1.5
2.0
3.5
1.6
2.2
1.9
1.8
3.0
.2
¥.7
¥1.1

1 Output refers to real gross domestic product originating in the sector.
2 Hours of all persons engage in the sector, including hours of proprietors and and unpaid
family workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–
U) for recent quarters. The trend from 1978–99 is based on the consumer price index research
series (CPI–U–RS).

16

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

5.5
4.9
5.3
2.2
2.1
2.1
3.0
3.0
5.2
4.4
5.1
2.3
1.4
4.0
6.4
6.3
5.3
4.9
4.0
3.8
4.5
5.2
4.2
4.1
6.0
6.2
6.6

0.6
1.0
2.6
¥.1
¥.2
¥.4
.4
.9
3.9
2.4
1.6
¥.3
.2
2.8
4.6
5.7
3.5
3.4
2.7
2.9
1.3
2.4
.9
¥.5
3.3
2.5
4.6

0.4
1.2
2.6
¥.4
¥.1
¥.4
.3
.8
3.8
2.3
1.7
¥.2
.3
2.3
4.3
5.5
3.7
3.4
2.4
2.1
1.3
2.6
1.3
¥.1
2.3
3.1
3.8

4.3
3.6
1.4
1.9
.7
1.4
.4
.8
2.5
1.8
.7
.8
¥2.8
.7
5.7
1.5
3.9
2.9
.8
1.8
4.0
.4
¥3.6
1.9
.0
3.1
4.1

dollar gross domestic output divided by the output index.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
Data revised to reflect results of the 1999 Hours at Work Survey.
* Data based on GDP data released January 31, 2001.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell 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

Capacity utilization
rate, percent 2

Manufacturing

Total

Durable

Nondurable

Mining

Utilities

Total
industry

Manufacturing

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

97.0
100.0
103.5
109.1
114.3
119.6
127.7
134.0
139.6
147.5

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

¥2.0
3.1
3.5
5.4
4.8
4.6
6.8
4.9
4.2
5.7

96.2
100.0
103.7
109.9
115.7
121.4
130.8
138.2
144.8
153.6

95.5
100.0
105.7
114.6
124.2
134.7
148.8
162.3
175.6
193.3

97.0
100.0
101.6
104.8
106.6
107.4
112.3
114.4
115.4
116.9

102.6
100.0
100.0
102.3
102.0
103.5
105.3
103.0
98.0
100.0

100.4
100.0
104.0
105.4
109.1
112.7
112.8
114.1
117.1
120.9

79.3
80.2
81.3
83.1
83.3
82.6
83.5
82.1
81.2
82.1

1999: Dec ..............................

142.8

0.7

5.7

148.4

182.6

116.5

98.7

117.4

81.7

81.0

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

143.6
144.3
145.2
146.3
147.2
147.9
147.6
148.6
149.0
148.5
148.1
147.3

.5
.5
.7
.7
.7
.5
¥.2
.7
.2
¥.3
¥.3
¥.6

5.6
5.9
5.8
6.4
6.4
6.7
5.7
6.0
6.1
5.0
4.4
3.1

149.2
149.9
151.3
152.2
153.1
153.8
153.7
154.6
155.1
154.8
153.9
152.2

185.1
186.3
188.9
191.0
193.0
194.6
194.7
196.9
198.4
197.2
196.0
193.5

116.0
116.3
116.6
116.7
116.7
116.7
116.3
116.3
116.0
116.4
115.8
114.7

98.6
99.1
100.4
99.9
99.6
100.4
100.5
101.0
100.4
100.4
100.3
100.6

117.8
119.5
114.7
118.7
121.6
121.7
119.1
122.1
121.7
119.4
123.9
132.0

81.9
82.0
82.2
82.5
82.7
82.7
82.3
82.6
82.4
81.9
81.4
80.6

81.2
81.2
81.6
81.8
81.9
82.0
81.6
81.7
81.7
81.2
80.4
79.1

1 Percent
2 Output

changes based on unrounded indexes.
as percent of capacity.

77.9
79.4
80.4
82.5
82.5
81.6
82.7
81.3
80.5
81.3

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

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

97.7
100.0
103.6
107.9
111.9
116.1
123.2
129.3
133.3
138.8

97.0
100.0
103.5
107.8
110.6
112.5
115.9
118.4
120.8
123.1

93.0
100.0
111.8
123.8
128.1
130.9
138.1
145.8
158.3
160.8

98.1
100.0
101.4
103.9
106.3
108.0
110.4
111.8
112.0
114.2

98.8
100.0
103.7
108.1
114.2
122.4
135.4
147.1
153.8
166.0

95.7
100.0
105.5
112.7
121.5
132.6
150.2
165.7
176.4
194.3

106.7
100.0
93.0
86.4
83.7
80.6
75.8
79.5
80.8
76.1

97.5
100.0
102.4
106.2
108.0
110.7
116.3
121.0
125.1
128.7

96.2
100.0
103.4
110.6
112.6
117.8
123.6
131.6
138.5
142.9

98.3
100.0
101.8
103.6
105.3
106.6
112.0
114.7
117.2
120.4

95.9
100.0
103.8
111.6
119.6
127.0
138.0
145.7
154.5
167.8

100.8
100.0
99.6
101.3
102.5
103.6
103.8
103.5
103.1
103.4

1999: Dec ..................................................

134.4

122.4

161.6

113.3

155.7

180.6

78.5

127.4

142.2

118.7

161.0

103.1

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

135.1
135.9
136.0
137.2
137.5
138.3
138.1
139.2
139.3
138.8
139.1
138.9

122.1
122.8
122.2
123.2
123.5
124.2
122.9
123.8
123.8
122.7
122.8
122.9

162.9
162.6
162.1
164.7
163.8
164.4
158.7
160.0
162.8
157.4
155.1
152.8

112.7
113.5
112.9
113.6
114.1
114.8
114.5
115.2
114.7
114.5
115.0
115.5

158.7
159.8
161.3
162.8
163.1
164.3
166.3
167.9
168.3
169.1
169.7
169.0

185.2
187.0
188.9
191.1
191.6
192.8
195.0
197.8
199.5
200.2
200.3
199.4

77.1
75.9
76.0
75.5
75.5
76.3
77.9
76.1
73.7
75.2
76.9
76.9

127.8
128.9
129.5
129.3
129.4
129.0
128.7
128.8
128.6
128.4
128.4
127.7

142.6
143.4
144.6
144.4
143.1
143.4
143.8
142.7
143.1
142.2
140.7
137.7

119.0
120.3
120.6
120.4
121.3
120.5
119.8
120.6
120.0
120.3
121.2
121.7

162.0
162.4
164.7
166.1
168.4
169.4
169.0
170.5
171.3
170.8
169.3
167.6

102.6
102.1
102.5
103.5
103.3
103.1
102.9
104.2
104.3
103.9
104.6
106.1

1 Includes

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

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

Iron
and
steel

Fabricated
metal
products

Industrial
machinery and
equipment

Electrical
machinery

Nondurable manufactures
Transportation
equipment

Total

Motor
vehicles
and
parts

Lumber
and
products

Apparel
products

Printing
and
publishing

Chemicals
and
products

Foods

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

96.7
100.0
105.1
113.7
116.2
119.6
125.4
127.8
130.4
133.2

96.0
100.0
105.9
114.3
116.5
118.9
123.8
124.6
126.7
130.5

96.2
100.0
104.4
112.2
116.4
120.1
126.1
130.3
131.9
135.4

95.4
100.0
110.2
125.4
144.0
160.2
177.1
195.2
219.0
252.8

89.6
100.0
109.8
131.4
165.9
206.6
264.3
321.0
399.4
550.7

96.5
100.0
104.4
108.4
108.0
109.6
119.0
128.8
131.4
130.5

88.5
100.0
114.9
132.9
136.3
136.3
147.0
152.4
165.8
169.6

94.5
100.0
100.8
105.9
107.9
110.5
114.1
118.7
122.4
118.2

97.8
100.0
102.4
106.4
107.0
104.3
104.8
100.4
94.8
91.6

99.1
100.0
100.5
100.6
101.2
101.8
107.6
107.4
106.8
110.2

96.4
100.0
101.1
103.9
106.1
108.4
116.8
121.4
126.1
128.6

98.4
100.0
102.0
103.6
105.7
105.3
107.0
110.8
112.5
114.7

1999: Dec ..................................................

136.6

135.4

133.3

232.8

445.5

130.7

169.4

122.8

94.0

108.6

127.0

113.0

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

136.3
134.7
137.1
137.8
136.7
136.4
133.9
132.4
133.9
128.4
127.9
120.5

134.8
133.5
136.9
136.8
135.9
135.5
129.9
129.7
131.9
123.7
121.8
110.8

134.9
135.8
135.6
135.9
136.2
135.7
136.1
136.3
136.0
136.0
134.7
131.2

238.7
242.1
245.8
247.2
249.9
250.9
253.9
257.9
260.0
262.3
261.9
260.8

460.2
474.8
495.2
516.5
533.8
555.0
571.2
580.0
592.2
594.8
604.8
610.7

132.0
130.7
131.9
132.1
133.6
133.5
128.0
132.4
132.4
128.5
124.0
120.8

172.7
170.3
172.5
174.1
177.6
176.1
163.1
173.9
175.5
165.7
154.5
148.2

122.9
122.3
121.9
121.6
120.5
118.7
118.6
115.5
116.8
114.7
112.6
111.4

93.4
94.3
94.1
94.6
93.0
91.2
92.0
90.7
89.5
89.2
89.1
87.7

108.9
108.9
109.7
109.1
109.9
109.1
110.0
110.4
110.9
111.6
111.8
111.5

124.8
124.9
124.9
125.2
126.3
125.9
124.8
125.9
125.4
126.1
125.7
125.0

113.3
114.1
114.9
114.7
114.2
114.9
115.0
115.1
114.6
114.8
114.8
114.5

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

432.6
463.7
493.3
539.2
555.6
613.5
656.6
711.8
764.2
807.8

322.5
347.8
377.3
419.0
425.7
474.3
501.7
552.2
591.6
624.2

166.3
199.4
225.1
258.6
247.4
281.1
289.0
314.6
348.8
358.4

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

791.7
806.1
816.0
829.5
816.2
811.8
798.9
793.0
801.7
813.5
805.4
807.0
811.5

605.8
614.6
629.6
637.7
629.5
629.8
624.4
619.0
616.9
625.3
620.1
623.8
625.5

114.6
135.1
150.9
176.4
171.4
191.1
198.1
224.0
249.5
259.5

358.2
365.1
368.7
372.1
368.9
367.7
363.8
355.2
350.8
351.7
348.9
347.3
346.8

93.7
82.2
84.4
93.3
109.4
123.2
135.8
151.1
154.5
172.0

62.6
66.2
67.8
67.1
68.9
70.0
77.0
86.5
88.2
93.9

110.1
115.8
116.0
120.2
129.9
139.3
154.9
159.5
172.7
183.6

92
100
108
118
122
132
144
161
177
183

577
556
589
744
862
875
1,027
1,223
r1,255
1,240

156.3
159.1
169.9
172.2
170.5
170.1
169.1
170.4
172.7
176.0
175.3
178.2
179.9

91.3
90.3
90.9
93.4
90.0
92.1
91.6
93.5
93.4
97.7
95.9
98.3
98.8

185.9
191.5
186.4
191.8
186.7
182.0
174.5
174.0
184.8
188.2
185.3
183.2
186.0

r 174

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

Annual rates
259.8
265.4
268.7
270.7
268.1
266.0
261.5
254.4
253.9
252.5
253.1
254.9
257.1

1 Includes

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

180
r 195

187
r 180
r 190
r 182
r 179
r 185

190
180
181

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

2 Includes
3 F.W.

r 179

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

New private homes

Units started, by type of structure

1,013.9
1,199.7
1,287.6
1,457.0
1,354.1
1,476.8
1,474.0
1,616.9
1,666.5
1,593.8

1 unit
840.4
1,029.9
1,125.7
1,198.4
1,076.2
1,160.9
1,133.7
1,271.4
1,334.9
1,263.4

2–4 units

5 or more
units

35.6
30.7
29.4
35.0
33.7
45.2
44.5
42.6
31.9
35.3

137.9
139.0
132.6
223.5
244.1
270.8
295.8
302.9
299.7
295.1

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

Units
completed

Homes
sold

Homes for
sale at end
of period 1

1,090.8
1,157.5
1,192.7
1,346.9
1,312.6
1,412.9
1,400.5
1,474.2
1,636.1
1,605.8

509
610
666
670
667
757
804
886
907
898

284
265
293
336
370
322
281
294
320
310

1,675
1,599
1,732
1,728
1,660
1,705
1,545
1,531
1,612
1,559
1,546
1,589
1,551

916
927
905
947
865
875
827
914
860
r 924
926
860
975

320
321
309
321
305
308
312
311
313
r 309
311
314
310

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

7.4
7.6
7.8
7.7
7.9
8.1
8.0

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

1,769
1,744
1,822
1,630
1,652
1,591
1,571
1,527
1,519
1,537
1,529
1,570
1,575

1,441
1,361
1,324
1,327
1,310
1,258
1,227
1,201
1,229
1,226
1,232
1,239
1,313

30
32
40
16
30
26
39
43
41
41
40
39
28

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.

298
351
458
287
312
307
305
283
249
270
257
292
234

1,683
1,762
1,661
1,597
1,559
1,511
1,528
1,511
1,486
1,518
1,546
1,598
1,507

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

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 fell 0.3 percent and inventories rose $4.5 billion. According to advance
data, retail sales rose 0.1 percent in December, following a decrease of 0.5 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

Inventories 3

Durable
goods
stores

Nondurable
goods
stores

Total

Durable
goods
stores

Nondurable
goods
stores

Manufacturing
and
trade 1

Retail

Millions of dollars, seasonally adjusted, except as noted
1991 ................................
542,815
834,609 148,306 200,448
1992 ................................
567,176
842,809 154,150 208,302
1993 ................................
595,628
870,396 161,484 217,425
1994 ................................
639,163
934,769 172,811 236,287
1995 ................................
684,982
995,547 188,842 254,844
1996 ................................
718,113 1,014,340 199,961 257,626
1997 ................................
753,445 1,061,815 208,446 276,140
1998 ................................
779,413 1,100,166 212,926 290,171
1999 ................................
833,079 1,150,554 228,540 307,925
2000 p .............................. ................ .................. ................ ................
1999: Nov r ....................
Dec ......................

862,394

239,308
241,672

54,165
58,634
65,160
73,888
78,946
84,916
88,602
94,699
104,583
111,306

100,497 243,211 119,206 124,005
1.53
1.54
103,999 251,997 123,169 128,828
1.48
1.52
108,349 268,932 135,056 133,876
1.44
1.51
113,462 293,605 152,996 140,609
1.41
1.50
117,639 309,718 164,999 144,719
1.43
1.55
123,614 319,985 170,775 149,210
1.40
1.51
128,944 329,542 176,349 153,193
1.38
1.49
134,101 343,197 183,630 159,567
1.39
1.47
144,994 372,252 202,474 169,778
1.35
1.44
158,003 ................ ................ ................ ................ ................

307,262
307,925

258,115

109,185

148,930

r 262,415

r 109,997

r 152,418

2000: Jan ......................
877,271 1,156,942 243,213 310,368
Feb ......................
881,157 1,162,448 243,128 312,230
Mar ......................
891,597 1,165,746 245,678 314,206
Apr .......................
886,555 1,171,965 246,357 317,164
May ......................
895,965 1,182,162 247,391 320,188
June .....................
902,798 1,192,224 250,154 323,252
July ......................
897,634 1,197,112 249,405 324,313
Aug ......................
901,289 1,205,636 249,960 326,195
Sept .....................
903,881 1,207,688 251,142 326,352
r .....................
Oct
898,912 1,215,754 250,994 327,653
p ....................
Nov
895,894 1,220,275 250,994 328,930
p .................... ................ .................. ................ ................
Dec

263,493
267,164
268,357
267,119
267,417
268,436
270,645
270,549
272,714
272,490
r 271,197
271,344

111,714
113,179
112,529
111,202
110,805
110,718
111,700
111,268
112,186
111,647
r 110,661
110,772

151,779 373,868 204,232 169,636
1.32
1.42
153,985 374,219 203,281 170,938
1.32
1.40
155,828 375,653 204,946 170,707
1.31
1.40
155,917 376,933 206,841 170,092
1.32
1.41
156,612 382,612 210,216 172,396
1.32
1.43
157,718 386,931 214,153 172,778
1.32
1.44
158,945 386,496 214,124 172,372
1.33
1.43
159,281 391,797 218,203 173,594
1.34
1.45
160,528 392,452 217,872 174,580
1.34
1.44
160,843 395,819 219,794 176,025
1.35
1.45
r 160,536
397,959 221,855 176,104
1.36
1.47
160,572 ................ ................ ................ ................ ................

r 871,959

1,144,645
1,150,554

154,661
162,632
173,509
187,350
196,584
208,530
217,547
228,799
249,577
269,309

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

20

367,547
372,252

199,503
202,474

168,044
169,778

3 Seasonally
4 Annual

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

Source: Department of Commerce, Bureau of the Census.

1.33
1.32

1.42
1.42

MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS
In December, manufacturers’ shipments fell; 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

30,471
31,524
31,694
35,697
40,511
44,631
48,165
51,700
54,955
63,796
62,639
63,350
57,715
60,375
61,509
60,818
70,943
62,283
64,993
68,494
59,332
64,526
72,052

118,957
121,905
124,617
130,191
138,851
142,730
147,610
147,832
154,502
165,164
161,318
160,985
164,627
165,932
163,866
166,518
166,339
165,153
166,508
165,996
165,191
166,061
165,613

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1991 .................................
1992 .................................
1993 .................................
1994 .................................
1995 ..................................
1996 ..................................
1997 ..................................
1998 ..................................
1999 .................................
2000 p ................................
1999: Dec ........................
2000: Jan ........................
Feb ........................
Mar .......................
Apr ........................
May .......................
June ......................
July .......................
Aug .......................
Sept .......................
Oct ........................
Nov r ......................
Dec p ......................

239,847
250,394
260,635
279,002
299,555
309,622
327,452
337,687
354,961
376,194
367,872
370,565
370,865
377,562
373,079
381,157
384,208
377,584
380,780
380,025
375,428
373,703
372,897

121,000
128,489
135,886
149,131
160,586
167,013
179,892
189,666
200,623
210,977
206,480
209,442
206,555
211,477
209,309
214,890
217,645
212,142
214,018
214,165
209,833
207,715
207,286

118,847
121,905
124,749
129,870
138,970
142,608
147,560
148,022
154,338
165,216
161,392
161,123
164,310
166,085
163,770
166,267
166,563
165,442
166,762
165,860
165,595
165,988
165,611

390,950
382,510
384,039
404,877
430,985
436,729
456,133
466,798
470,377
493,582
470,377
472,706
475,999
475,887
477,868
479,362
482,041
486,303
487,644
488,884
492,282
493,386
493,582

250,019
238,105
239,334
253,624
268,353
273,815
286,372
295,344
295,034
310,436
295,034
296,566
298,505
297,959
299,396
299,916
301,119
303,724
305,162
305,333
308,247
309,680
310,436

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.

140,931
144,405
144,705
151,253
162,632
162,914
169,761
171,454
175,343
183,146
175,343
176,140
177,494
177,928
178,472
179,446
180,922
182,579
182,482
183,551
184,035
183,706
183,146

238,805
248,212
257,698
279,733
300,632
312,442
329,335
336,140
356,599
380,928
379,485
374,967
374,882
385,097
370,423
387,906
408,087
375,030
382,368
386,647
371,251
378,452
382,524

119,849
126,308
133,081
149,542
161,782
169,711
181,726
188,308
202,097
215,764
218,167
213,982
210,255
219,165
206,557
221,388
241,748
209,877
215,860
220,651
206,060
212,391
216,911

519,199
492,893
457,810
466,699
479,674
513,062
536,131
519,038
538,217
597,998
538,217
542,619
546,636
554,171
551,515
558,264
582,143
579,589
581,177
587,799
583,622
588,371
597,998

1.65
1.54
1.47
1.41
1.41
1.40
1.37
1.38
1.31
1.29
1.28
1.28
1.28
1.26
1.28
1.26
1.25
1.29
1.28
1.29
1.31
1.32
1.32

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 was unchanged in December. Prices of finished consumer foods
fell 0.4 percent, while prices of other finished consumer goods were unchanged. Capital equipment prices rose
0.2 percent.

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

Period

Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

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

22

121.7
123.2
124.7
125.5
127.9
131.3
131.8
130.7
133.0
138.0
134.9
135.0
136.5
137.5
137.0
137.1
138.3
138.4
137.9
139.0
139.5
139.7
139.7

Intermediate materials

124.1
123.3
125.7
126.8
129.0
133.6
134.5
134.3
135.1
137.1
135.4
135.7
136.4
136.6
138.1
137.8
137.5
137.3
136.4
136.7
137.8
138.1
137.6

120.9
123.1
124.4
125.1
127.5
130.5
130.9
129.5
132.3
138.1
134.7
134.7
136.4
137.6
136.6
136.8
138.5
138.6
138.3
139.6
140.0
140.1
140.2

materials for food manufacturing and feeds.

118.7
120.8
121.7
121.6
124.0
127.6
128.2
126.4
130.5
138.4
133.8
133.8
136.2
137.9
136.4
136.6
139.0
139.0
138.5
140.3
140.9
141.0
141.0

Durable

123.9
125.7
128.0
130.9
132.7
134.2
133.7
132.9
133.0
133.9
133.6
133.6
133.3
133.4
133.6
134.1
133.9
133.9
133.9
134.5
133.9
133.9
134.5

Nondurable

115.0
117.3
117.6
116.2
118.8
123.3
124.3
122.2
127.9
138.6
132.3
132.3
135.7
138.2
135.9
136.0
139.5
139.5
138.8
141.1
142.1
142.3
142.1

Capital
equipment

126.7
129.1
131.4
134.1
136.7
138.3
138.2
137.6
137.6
138.8
138.0
138.2
138.2
138.3
138.4
138.7
138.7
138.9
139.1
139.3
139.3
139.3
139.6

Total
finished
consumer
goods

120.5
121.7
123.0
123.3
125.6
129.5
130.2
128.9
132.0
138.1
134.4
134.5
136.4
137.7
137.0
137.1
138.7
138.6
138.0
139.4
140.1
140.3
140.1

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

114.4
114.7
116.2
118.5
124.9
125.7
125.6
123.0
123.2
129.1
125.6
126.2
127.3
128.5
128.4
128.3
129.4
129.9
129.4
130.3
130.6
130.4
130.7

111.1
110.7
112.7
114.8
114.8
128.1
125.4
116.2
111.1
111.7
109.6
109.7
110.3
111.4
112.3
113.1
113.3
112.5
110.0
110.9
111.6
111.6
113.5

114.6
114.9
116.4
118.7
125.5
125.6
125.7
123.4
123.9
130.1
126.5
127.1
128.3
129.4
129.3
129.2
130.4
130.9
130.5
131.4
131.6
131.4
131.7

101.2
100.4
102.4
101.8
102.7
113.8
111.1
96.8
98.2
119.8
104.2
106.9
111.1
113.5
111.8
115.1
124.8
121.8
117.3
124.4
128.6
126.0
136.9

105.5
105.1
108.4
106.5
105.8
121.5
112.2
103.9
98.7
100.2
98.2
98.9
99.5
103.1
104.6
103.1
100.3
97.4
93.2
96.6
100.0
101.3
105.3

94.6
93.5
94.7
94.8
96.8
104.5
106.4
88.4
94.3
129.0
104.5
108.5
115.0
116.6
112.7
119.2
137.2
134.3
129.6
139.0
143.6
138.4
153.7

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 fell 0.1
percent not seasonally adjusted. The index was 3.4 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 .........................
1991 .................................
1992 .................................
1993 .................................
1994 .................................
1995 .................................
1996 .................................
1997 .................................
1998 .................................
1999 .................................
2000 .................................

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

Food

Owners’
equivalent
rent
(12/82=
100)

Total 1

Rent
of primary
residence

30.2
146.3
151.2
155.7
160.5
165.7
171.0
176.3
182.1
187.3
193.4

7.0
143.3
146.9
150.3
154.0
157.8
162.0
166.7
172.1
177.5
183.9

20.5
150.4
155.5
160.5
165.8
171.3
176.8
181.9
187.8
192.9
198.7

4.7
115.3
117.8
121.3
122.8
123.7
127.5
130.8
128.5
128.8
137.9

Total 1

100.0
136.2
140.3
144.5
148.2
152.4
156.9
160.5
163.0
166.6
172.2

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

15.3
136.3
137.9
140.9
144.3
148.4
153.3
157.3
160.7
164.1
167.8

39.6
133.6
137.5
141.2
144.8
148.5
152.8
156.8
160.4
163.9
169.6

1999: Dec ......................

168.3

168.8

165.8

165.4

189.1

180.1

195.0

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

168.8
169.8
171.2
171.3
171.5
172.4
172.8
172.8
173.7
174.0
174.1
174.0

169.2
170.1
171.3
171.3
171.5
172.4
172.8
172.7
173.6
173.9
174.2
174.5

165.7
166.3
166.5
166.6
167.5
167.6
168.5
168.9
169.2
169.4
169.4
170.3

166.2
167.0
167.7
167.9
168.3
169.2
169.7
170.1
170.8
171.6
172.0
172.4

190.1
190.6
191.5
191.8
192.4
193.0
193.3
193.8
194.2
194.9
195.5
195.7

181.0
181.5
182.0
182.3
182.9
183.3
184.1
184.6
185.3
186.1
186.6
187.4

196.0
196.6
197.1
197.4
197.8
198.4
198.6
199.2
199.7
200.3
201.0
201.6

1 Includes

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

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

4.7
128.7
131.9
133.7
133.4
132.0
131.7
132.9
133.0
131.3
129.6

17.5 ............
123.8 125.3
126.5 128.4
130.4 131.5
134.3 136.0
139.1 139.0
143.0 141.4
144.3 141.7
141.6 140.7
144.4 139.6
153.3 139.6

3.2
99.4
99.0
98.0
98.5
100.0
106.3
106.2
92.2
100.7
129.3

129.8

131.5

148.4

139.3

130.5
133.9
133.3
133.5
133.4
136.3
138.5
138.3
141.1
142.9
143.0
145.2

130.0
130.2
130.6
130.0
129.7
128.9
127.6
127.8
129.8
130.2
129.7
129.2

148.6
150.5
154.3
153.2
152.5
155.3
154.9
153.2
154.8
154.2
154.7
154.5

139.0
139.0
139.3
139.7
139.8
139.8
140.0
139.9
139.6
139.3
139.5
139.6

Medical
care

Energy 2

All
items
less
food
and
energy

5.8
177.0
190.1
201.4
211.0
220.5
228.2
234.6
242.1
250.6
260.8

7.0
102.5
103.0
104.2
104.6
105.2
110.1
111.5
102.9
106.6
124.6

77.7
142.1
147.3
152.2
156.5
161.2
165.6
169.5
173.4
177.0
181.3

113.4

255.0

112.5

178.9

115.1
122.2
136.0
130.4
125.7
136.7
134.1
126.2
133.0
131.1
131.5
129.2

255.7
256.7
258.0
258.8
259.6
260.6
261.5
262.6
263.6
264.4
264.9
265.8

113.6
118.8
124.6
122.2
119.9
126.6
126.7
123.0
127.7
127.9
128.0
128.2

179.3
179.6
180.4
180.8
181.1
181.4
181.8
182.1
182.6
182.9
183.4
183.5

3 Relative

importance, December 1999.
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

Change
from year
earlier,
total
finished
goods
NSA

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

2.5
1.7
1.8
2.0
2.2
.4
¥.6
0
.3
1.2

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

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

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

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

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

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

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

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

0.2

0.1

0.9

¥2.0

2.1

1.2

3.8

0.6

6.8

0.7

2.9

0
1.8
1.2
¥1.1
.1
1.8
0
¥.4
1.3
.4
.1
0

.1

1.2
5.5
7.9
6.1
1.8
2.3
4.2
2.4
2.0
3.2
r 5.3
2.0

0
3.0
3.6
7.3
4.2
2.7
¥2.3
¥4.0
¥2.3
1.5
r 5.1
2.7

1.8
8.3
12.8
8.0
1.2
3.2
7.8
5.7
3.8
5.6
7.4
2.0

.9
1.2
.9
.6
1.5
1.2
1.5
1.2
1.7
1.2
r .6
.9

3.5
4.5
4.4
3.6
3.6
5.1
5.1
2.1
2.2
3.7
3.8
2.0

1.9
1.9
.7
3.6
3.6
3.1
2.4
0
.1
¥.4
.4
.1

5.3
7.3
7.3
4.9
4.7
7.9
7.9
3.4
3.5
6.7
6.5
2.9

1.3
1.2
1.0
.7
1.3
1.0
1.0
1.3
1.5
1.3
.9
1.3

2.5
4.0
4.3
3.6
3.7
4.4
4.3
3.3
3.3
3.6
3.7
3.6

Excluding
foods

Foods

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

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

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

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

2.1
1.2
1.2
.6
1.9
2.7
.4
¥.8
1.8
3.8

Change, month to month
1999: Dec ..............

0.1

0

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

.1
1.1
.7
¥.4
.1
.9
.1
¥.4
r .8
.4
.1
0

.2
.5
.1
1.1
¥.2
¥.2
¥.1
¥.7
r .2
.8
.2
¥.4

0
.1
.1
.2
0
.1
.1
r .1

0
0
.2

Source: Department of Labor, Bureau of Labor Statistics.

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

Transportation

Shelter
Period

All
items 1

Food
Total 1
Total 1

Rent of Ownpriers’
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

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

From
From
3
6
months months
earlier earlier

From
year
earlier
NSA

Change, December to December, NSA
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

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

3.1
2.9
2.7
2.7
2.5
3.3
1.7
1.6
2.7
3.4

1.9
1.5
2.9
2.9
2.1
4.3
1.5
2.3
1.9
2.8

3.4
2.6
2.7
2.2
3.0
2.9
2.4
2.3
2.2
4.3

3.9
2.9
3.0
3.0
3.5
2.9
3.4
3.3
2.5
3.4

2.9
2.3
2.2
2.5
2.5
2.8
3.1
3.4
3.1
4.0

3.6
3.0
3.2
3.3
3.6
2.8
3.1
3.2
2.4
3.4

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

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

1999: Dec ....................

0.2

0.1

0.1

0.1

0.3

0.2

¥0.5

0

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

.2
.5
.7
0
.1
.5
.2
¥.1
.5
.2
.2
.2

¥.1
.4
.1
.1
.5
.1
.5
.2
.2
.1
0
.5

.5
.5
.4
.1
.2
.5
.3
.2
.4
.5
.2
.2

.5
.3
.5
.2
.3
.3
.2
.3
.2
.4
.3
.1

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

.5
.3
.3
.2
.2
.3
.1
.3
.3
.3
.3
.3

.5
2.6
¥.4
.2
¥.1
2.2
1.6
¥.1
2.0
1.3
.1
1.5

¥1.1
.2
.3
¥.5
¥.2
¥.6
¥1.0
.2
1.6
.3
¥.4
¥.4

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

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

7.9
6.6
5.4
4.9
3.9
3.0
2.8
3.4
c 3.7
4.2

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

4.4
3.3
3.2
2.6
3.0
2.6
2.2
2.4
1.9
2.6

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

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

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

4.2
3.0
3.0
2.6
2.8
3.0
2.3
1.6
2.2
3.4

Change, month to month

1 Includes

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

24

0.8

¥0.1

5.0

0.4

1.8

0.1

2.9

2.4

3.2

2.7

.1
1.3
2.5
¥.7
¥.5
1.8
¥.3
¥1.1
1.0
¥.4
.3
¥.1

¥.2
0
.2
.3
.1
0
.1
¥.1
¥.2
¥.2
.1
.1

1.5
6.2
11.3
¥4.1
¥3.6
8.8
¥1.9
¥5.9
5.4
¥1.4
.3
¥1.7

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

1.0
4.6
4.9
¥1.9
¥1.9
5.6
.1
¥2.9
3.8
.2
.1
.2

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

..........
..........
4.3
..........
..........
3.6
..........
..........
3.1
..........
..........
2.8

2.6
4.1
6.1
5.1
3.3
2.6
3.5
2.8
2.8
2.6
3.5
2.1

3.0
3.5
4.2
3.8
3.7
4.3
4.3
3.1
2.7
3.1
3.2
2.5

2.7
3.2
3.8
3.1
3.2
3.7
3.7
3.4
3.5
3.4
3.4
3.4

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 2.0 percent while prices paid by farmers were unchanged. (Data are
not seasonally adjusted.)

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

1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

All farm
products

Prices paid by farmers
Livestock and
products

Crops

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

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

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

100
98
101
100
102
112
107
101
r 96
97

101
101
102
105
112
127
115
r 107
r 97
96

99
97
100
95
92
99
98
97
95
98

100
101
104
106
109
115
118
115
115
120

100
101
103
106
108
115
118
114
113
118

100
101
104
106
108
115
119
113
111
116

99
97
97
94
93
98
90
88
83
81

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

r 91

r 89
r 92

r 96

101
102
r 99
r 97
r 97
98
93
98
98

95
r 103
105
99
r 95
r 97
r 97
91
97
96

94
94
96
100
99
100
100
97
98
96
100
101

118
119
119
119
119
120
119
119
120
121
121
r 122

116
117
117
118
118
118
118
117
118
119
119
120

114
115
115
116
116
116
116
115
116
117
117
118

r 77

r 93

2001: Jan .....................

96

93

100

122

121

119

1 Includes

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

r 78
r 81

85
86
83
82
82
82
77
81
r 80
79

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 rose.

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

M2

M3

Debt

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

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

Percent change from year or 6
months earlier2

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

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

824.4
896.3
1,024.3
1,129.7
1,150.1
1,126.8
1,081.1
1,073.9
1,097.4
1,123.0
1,090.4

3,277.6
3,376.8
3,430.7
3,484.4
3,499.0
3,641.9
3,813.3
4,028.9
4,380.6
4,643.7
4,934.7

4,153.0
4,205.4
4,217.3
4,277.8
4,351.7
4,614.5
4,949.4
5,400.2
5,994.0
6,489.8
7,046.2

10,824.7
11,299.5
11,823.7
12,407.6
12,988.4
13,694.9
14,430.8
15,223.1
16,276.0
17,376.7
......................

4.0
8.7
14.3
10.3
1.8
¥2.0
¥4.1
¥.7
2.2
2.3
¥2.9

3.8
3.0
1.6
1.6
.4
4.1
4.7
5.7
8.7
6.0
6.3

1.6
1.3
.3
1.4
1.7
6.0
7.3
9.1
11.0
8.3
8.6

6.5
4.4
4.6
4.9
4.7
5.4
5.4
5.5
6.9
6.8
............

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

1,118.9
1,104.5
1,110.4
1,115.1
1,105.9
1,104.7
1,104.9
1,101.5
1,097.5
1,101.8
1,092.0
1,090.4

4,668.8
4,682.0
4,720.1
4,762.3
4,761.0
4,776.5
4,790.9
4,821.3
4,858.3
4,877.0
4,888.2
4,934.7

6,537.7
6,560.9
6,639.8
6,691.7
6,714.1
6,757.5
r 6,806.2
r 6,860.3
6,909.2
6,931.0
6,950.9
7,046.2

r17,452.9

3.5
1.1
2.6
2.5
¥.7
¥3.3
¥2.5
¥.5
¥2.3
¥2.4
¥2.5
¥2.6

5.7
5.5
6.3
7.3
6.3
5.7
5.2
6.0
5.9
4.8
5.3
6.6

10.5
10.6
12.1
12.0
10.0
8.2
8.2
r 9.1
8.1
7.2
7.1
8.5

6.3
5.8
5.8
6.0
r 6.1
5.7
5.6
5.6
5.2
4.6
4.5
............

Period

1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

1Consists

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

26

r17,509.9

17,619.5
17,719.2
r17,795.5
r17,876.2
r17,940.5
r 18,000.9

18,076.5
18,122.7
p18,192.9

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

NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.

M2

M3

Debt

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

Period

1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Currency

Nonbank
travelers
checks

Demand
deposits

Other
checkable
deposits
(OCDs)

Money market
mutual fund
balances

Retail

Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)

Institutional

Small
denomination
time
deposits 1

Large
denomination
time
deposits 1

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

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

247.0
267.5
292.6
322.1
354.4
372.5
394.3
424.8
459.5
515.5
529.3

7.0
7.1
7.6
7.4
8.0
8.5
8.3
8.1
8.2
8.3
8.0

276.8
289.5
339.8
385.5
383.6
389.2
402.3
395.3
379.3
355.2
313.3

293.7
332.3
384.3
414.6
404.1
356.6
276.1
245.8
250.3
244.0
239.8

356.9
371.1
351.8
353.5
382.6
449.4
514.8
589.8
733.0
831.0
926.5

138.5
187.5
211.1
213.6
205.8
259.6
318.6
390.9
532.1
625.0
771.0

923.0
1,043.8
1,186.5
1,219.2
1,149.9
1,134.2
1,270.6
1,397.1
1,598.6
1,734.5
1,873.3

1,173.4
1,065.6
868.1
782.0
816.3
931.4
946.9
968.2
951.7
955.2
1,044.5

482.1
417.6
354.5
334.5
364.2
420.5
492.2
573.7
628.0
705.4
786.5

151.5
131.1
141.6
172.6
196.3
198.4
210.7
256.0
300.8
344.3
362.8

103.3
92.3
79.5
72.8
86.3
94.0
114.6
150.7
152.6
171.3
191.2

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

523.8
517.2
515.4
516.5
518.5
520.8
522.3
523.0
524.8
526.8
527.5
529.3

8.2
8.1
8.2
8.2
8.3
8.8
9.3
9.2
8.8
8.4
8.0
8.0

343.8
338.2
343.2
342.2
336.2
333.3
333.3
328.3
324.9
325.7
317.5
313.3

243.1
241.1
243.6
248.2
242.9
241.8
240.0
241.0
239.0
240.8
239.0
239.8

852.1
856.9
872.4
887.8
886.1
883.2
877.8
882.8
892.7
901.9
905.7
926.5

641.2
635.1
658.6
658.2
667.6
676.1
705.0
721.0
740.4
744.5
751.4
771.0

1,735.5
1,751.4
1,760.9
1,774.4
1,776.0
1,783.4
1,794.4
1,813.2
1,839.4
1,841.2
1,852.2
1,873.3

962.3
969.2
976.3
985.1
993.0
1,005.2
1,013.8
1,023.7
1,028.8
1,032.1
1,038.3
1,044.5

712.3
714.2
721.3
739.0
738.6
750.3
758.2
769.6
760.0
756.7
767.0
786.5

339.9
354.5
351.3
348.7
358.3
367.0
368.6
363.1
361.9
361.7
354.4
362.8

175.4
175.0
188.5
183.5
188.5
187.6
r 183.5
r185.3
188.6
191.1
189.8
191.2

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

Source: Board of Governors of the Federal Reserve System.

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

Borrowings of depository institutions from the Federal
Reserve (NSA)

Reserves of depository institutions
Period
Total

1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Nonborrowed

Nonborrowed
plus
extended
credit

Required

Monetary
base

Total

Seasonal

Extended
credit

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

41,748
45,495
54,395
60,541
59,433
56,470
50,173
46,868
45,189
41,742
38,688

41,422
45,303
54,272
60,459
59,224
56,212
50,018
46,543
45,073
41,422
38,479

41,445
45,303
54,272
60,459
59,224
56,212
50,018
46,543
45,073
41,422
38.479

40,083
44,506
53,242
59,471
58,274
55,180
48,757
45,183
43,676
40,435
37,363

293,249
317,550
350,935
386,561
418,218
434,327
451,617
479,171
512,749
591,184
582,918

326
192
124
82
209
257
155
324
117
320
210

76
38
18
31
100
40
68
79
15
67
111

23
1
1
0
0
0
0
0
0
0
0

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

43,116
41,636
40,463
40,929
41,357
39,958
40,258
39,944
39,861
39,540
39,442
38,688

42,742
41,529
40,284
40,625
40,995
39,478
39,688
39,365
39,384
39,122
39,159
38,479

42,742
41,529
40,284
40,625
40,995
39,478
39,688
39,365
39,384
39,122
39,159
38,479

41,095
40,525
39,258
39,784
40,414
38,894
39,190
38,930
38,759
38,411
38,240
37,363

591,998
573,593
571,441
573,083
574,288
575,630
577,412
577,693
r 579,258
r 580,933
r 580,281
582,918

374
108
179
304
362
479
570
579
477
418
283
210

31
44
71
120
276
389
510
554
427
299
159
111

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

1 Data

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

Source: Board of Governors of the Federal Reserve System.

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.7 percent in December; commercial and industrial loans also
rose 0.7 percent.

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

1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2000:

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

2,751.5
2,857.7
2,956.6
3,115.3
3,321.6
3,606.3
3,761.4
4,101.7
4,539.0
4,772.0
5,221.9
4,792.5
4,839.3
4,889.4
4,938.8
5,002.5
5,038.3
5,081.1
5,124.9
5,174.2
5,148.4
5,160.5
5,221.9

Total
securities

U.S.
Government
securities

634.3
746.0
841.5
915.2
940.2
986.7
979.9
1,086.5
1,225.2
1,269.6
1,336.9
1,269.1
1,272.5
1,284.0
1,295.7
1,313.9
1,313.4
1,317.9
1,322.2
1,333.8
1,312.0
1,304.5
1,336.9

456.4
566.5
665.0
730.7
722.2
702.4
699.6
748.4
792.7
807.1
786.7
812.7
816.5
817.1
815.2
815.7
818.6
820.7
814.7
809.7
794.8
784.7
786.7

Loans and leases in bank credit
Real estate

Other
Total loans Commersecurities and leases 2 cial and
industrial

177.9
179.5
176.5
184.5
218.0
284.4
280.3
338.1
432.5
462.5
550.2
456.5
456.0
466.8
480.5
498.2
494.7
497.2
507.5
524.1
517.2
519.8
550.2

2,117.2
2,111.7
2,115.1
2,200.1
2,381.4
2,619.6
2,781.5
3,015.2
3,313.8
3,502.4
3,885.0
3,523.3
3,566.8
3,605.4
3,643.0
3,688.6
3,724.9
3,763.2
3,802.7
3,840.5
3,836.5
3,856.1
3,885.0

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

28

645.5
624.0
600.3
590.7
650.7
724.7
787.9
855.2
948.7
1,001.7
1,088.6
1,009.9
1,024.3
1,030.8
1,038.9
1,058.8
1,067.5
1,073.6
1,081.1
1,080.8
1,080.1
1,081.3
1,088.6

Total

858.7
884.5
906.9
948.1
1,011.4
1,090.3
1,142.1
1,247.3
1,337.6
1,474.5
1,653.8
1,491.2
1,508.1
1,531.9
1,553.9
1,576.1
1,594.3
1,615.2
1,626.5
1,638.1
1,635.8
1,647.1
1,653.8

Revolving
home
equity

66.5
74.5
78.6
78.1
r 80.5
84.4
90.7
104.7
103.7
101.5
124.3
104.6
106.5
108.9
112.5
114.4
114.9
115.0
116.1
117.8
121.0
122.6
124.3

Consumer

Security

Other

Other

792.2
810.1
828.3
870.0
930.9
1,005.9
1,051.4
1,142.6
1,233.8
1,373.0
1,529.5
1,386.6
1,401.6
1,423.0
1,441.4
1,461.7
1,479.4
1,500.2
1,510.4
1,520.3
1,514.8
1,524.5
1,529.5

380.5
363.5
355.9
387.4
447.8
491.0
512.4
502.3
497.2
490.6
536.2
496.3
500.5
503.6
507.2
509.4
515.6
519.6
528.6
532.5
531.3
534.8
536.2

44.5
53.8
63.9
88.1
77.5
84.1
76.4
96.2
148.3
153.3
186.5
143.2
142.8
143.1
143.9
144.9
149.5
151.4
157.9
178.4
176.6
178.1
186.5

188.0
185.8
r 188.0
185.9
194.0
229.5
262.7
314.1
381.9
382.3
419.9
382.7
391.0
396.0
399.2
399.4
398.0
403.4
408.5
410.6
412.8
414.7
419.9

2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources

Uses
External

Funds raised in markets
Period
Total

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

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

615.1
514.6
626.7
728.6
808.2
1,010.7
1,074.5
1,011.1
1,218.0
1,622.6
1,421.2
1,131.0
1,261.8
1,057.8
1,673.1
1,676.4
1,605.0
1,536.1
1,744.2
1,630.3
1,650.2

Internal 1

431.6
447.5
465.4
510.7
566.6
619.9
676.0
727.6
746.5
804.5
739.1
738.2
751.3
757.4
791.8
796.0
802.3
827.9
862.9
898.8
912.8

Credit market instruments
Total

183.5
67.1
161.3
217.9
241.6
390.8
398.5
283.5
471.5
818.1
682.1
392.8
510.5
300.4
881.3
880.4
802.7
708.2
881.3
731.5
737.4

Total

Total
net
funds
raised

Net new
equity
issues

Total

59.1
¥34.6
66.6
61.5
78.8
169.6
79.3
151.6
149.3
336.8
288.0
345.8
50.9
¥87.6
573.1
33.2
339.8
401.1
561.3
332.6
205.1

¥63.0
18.3
27.0
21.3
¥44.9
¥58.3
¥69.5
¥114.4
¥267.0
¥143.5
¥139.2
¥129.1
¥308.4
¥491.3
¥52.1
¥338.4
¥128.4
¥55.0
60.8
¥248.8
¥87.6

122.1
¥52.9
39.6
40.2
123.7
228.0
148.8
266.1
416.3
480.3
427.2
474.9
359.2
403.7
625.2
371.6
468.2
456.1
500.5
581.4
292.7

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

Other 2

Loans
and
shortterm
paper

Securities
and mortgages
54.3
64.0
49.5
65.3
32.9
110.8
91.9
132.5
263.8
321.8
317.8
326.1
129.9
281.2
366.3
376.7
281.6
262.3
257.4
237.9
247.2

67.9
¥117.0
¥9.9
¥25.0
90.8
117.2
57.0
133.6
152.6
158.6
109.4
148.8
229.3
122.5
259.0
¥5.1
186.6
193.8
243.0
343.5
45.4

124.4
101.7
94.7
156.4
162.8
221.2
319.2
131.8
322.1
481.3
394.0
47.0
459.7
388.0
308.2
847.2
462.9
307.1
320.0
398.9
532.3

Capital
expenditures 3

573.9
526.0
616.1
857.4
867.8
1,089.5
1,088.0
934.1
1,194.2
1,585.9
1,391.3
1,126.6
1,249.5
1,009.4
1,626.2
1,609.5
1,586.2
1,522.0
1,721.2
1,601.5
1,624.2

Increase
in financial assets

Discrepancy
(sources
less
uses)

124.4
82.3
145.1
332.6
274.8
423.6
403.3
150.3
347.1
678.9
560.0
296.8
388.9
142.8
753.2
722.7
674.2
565.7
754.6
576.7
577.3

41.3
¥11.3
10.6
¥128.7
¥59.5
¥78.7
¥13.6
77.0
23.8
36.7
29.9
4.4
12.4
48.3
46.9
66.8
18.9
14.0
23.0
28.8
26.1

449.5
443.7
471.0
524.8
593.0
665.9
684.7
783.8
847.1
907.0
831.3
829.8
860.6
866.6
873.0
886.8
912.0
956.3
966.6
1,024.8
1,046.9

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:
2000:
2000:

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

789.1
777.1
782.2
838.8
960.4
1,095.8
1,182.6
1,234.5
1,301.0
1,393.7
1,525.0
1,409.1
1,418.5
1,429.2
1,435.6
1,447.4
1,462.8
1,470.8
1,484.1
1,492.9
1,508.1
1,522.0
1,525.0

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
263.8
278.4
309.9
365.6
443.1
499.4
531.2
560.5
595.6
662.8
603.8
608.5
615.5
622.2
628.8
634.7
638.4
645.1
649.3
654.8
660.8
662.8

Nonrevolving 2

550.5
513.3
503.7
528.8
594.9
652.7
683.1
703.3
740.5
798.0
862.2
805.4
810.0
813.7
813.4
818.6
828.2
832.4
839.0
843.6
853.3
861.2
862.2

Net change in consumer credit outstanding 1
Total

10.4
¥12.0
5.1
56.6
121.6
135.4
86.8
51.9
66.5
92.7
131.3
15.4
9.4
10.7
6.4
11.8
15.4
8.0
13.3
8.8
15.2
13.9
3.0

Revolving

27.4
25.2
14.6
31.5
55.7
77.5
56.3
31.8
29.3
35.1
67.2
8.2
4.7
7.0
6.7
6.6
5.9
3.7
6.7
4.2
5.5
6.0
2.0

Nonrevolving 2

¥17.0
¥37.2
¥9.6
25.1
66.1
57.8
30.4
20.2
37.2
57.5
64.2
7.4
4.6
3.7
¥.3
5.2
9.6
4.2
6.6
4.6
9.7
7.9
1.0

Source: Board of Governors of the Federal Reserve System.

29

INTEREST RATES AND BOND YIELDS
Short-term interest rates fell in January.

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

1991 .......................
1992 .......................
1993 .......................
1994 .......................
1995 .......................
1996 .......................
1997 .......................
1998 .......................
1999 .......................
2000 .......................
2000: Jan .............
Feb ..............
Mar .............
Apr ..............
May .............
June ............
July .............
Aug .............
Sept .............
Oct ..............
Nov .............
Dec .............
2001: Jan .............
Week ended:
2001: Jan 13 ........
20 ........
27 ........
Feb 3 ........
1 Bank-discount

3-month
bills (new
issues) 1

3-year

maturities 2

10-year

30-year

Highgrade
municipal
bonds
(Standard
&
Poor’s) 3

Corporate
Aaa
bonds
(Moody’s)

30

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

Prime rate
charged by
banks 4

Federal
funds
rate 5

Newhome
mortgage
yields
(FHFB) 6

5.42
3.45
3.02
4.29
5.51
5.02
5.07
4.81
4.66
5.85
5.34
5.57
5.72
5.67
5.92
5.74
5.93
6.11
6.00
6.10
6.19
5.83
5.27

6.82
5.30
4.44
6.27
6.25
5.99
6.10
5.14
5.49
6.22
6.45
6.65
6.53
6.36
6.77
6.43
6.28
6.17
6.02
5.85
5.79
5.26
4.77

7.86
7.01
5.87
7.09
6.57
6.44
6.35
5.26
5.65
6.03
6.66
6.52
6.26
5.99
6.44
6.10
6.05
5.83
5.80
5.74
5.72
5.24
5.16

8.14
7.67
6.59
7.37
6.88
6.71
6.61
5.58
5.87
5.94
6.63
6.23
6.05
5.85
6.15
5.93
5.85
5.72
5.83
5.80
5.78
5.49
5.54

6.89
6.41
5.63
6.19
5.95
5.75
5.55
5.12
5.43
5.77
6.10
6.06
5.89
5.76
6.04
5.84
5.72
5.63
5.64
5.65
5.60
5.30
5.15

8.77
8.14
7.22
7.96
7.59
7.37
7.26
6.53
7.04
7.62
7.78
7.68
7.68
7.64
7.99
7.67
7.65
7.55
7.62
7.55
7.45
7.21
7.15

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

5.45
3.25
3.00
3.60
5.21
5.02
5.00
4.92
4.62
5.73
5.00–5.00
5.00–5.25
5.25–5.50
5.50–5.50
5.50–6.00
6.00–6.00
6.00–6.00
6.00–6.00
6.00–6.00
6.00–6.00
6.00–6.00
6.00–6.00
6.00–5.00

8.46
6.25
6.00
7.15
8.83
8.27
8.44
8.35
8.00
9.23
8.50–8.50
8.50–8.75
8.75–9.00
9.00–9.00
9.00–9.50
9.50–9.50
9.50–9.50
9.50–9.50
9.50–9.50
9.50–9.50
9.50–9.50
9.50–9.50
9.50–9.00

5.69
3.52
3.02
4.21
5.83
5.30
5.46
5.35
4.97
6.24
5.45
5.73
5.85
6.02
6.27
6.53
6.54
6.50
6.52
6.51
6.51
6.40
5.98

9.32
8.24
7.20
7.49
7.87
7.80
7.71
7.07
7.04
7.52
7.45
7.54
7.60
7.63
7.55
7.50
7.51
7.54
7.52
7.53
7.47
7.40
..............

5.05
5.22
5.09
4.98

4.73
4.81
4.81
4.70

5.08
5.19
5.29
5.20

5.50
5.54
5.64
5.56

5.04
5.12
5.23
5.23

7.13
7.14
7.21
7.13

*
*
*
*

5.50–5.50
5.50–5.50
5.50–5.50
5.50–5.00

9.00–9.00
9.00–9.00
9.00–9.00
9.00–8.50

5.91
6.02
5.96
5.94

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

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

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

1991 .....................................
1992 .....................................
1993 .....................................
1994 .....................................
1995 .....................................
1996 .....................................
1997 .....................................
1998 .....................................
1999 .....................................
2000 .....................................
2000: Jan ...........................
Feb ...........................
Mar ...........................
Apr ...........................
May ..........................
June .........................
July ..........................
Aug ...........................
Sept ..........................
Oct ............................
Nov ...........................
Dec ...........................
2001: Jan ...........................
Week ended:
2001: Jan 13 ......................
20 ......................
27 ......................
Feb 3 ......................

Common stock yields
(percent) 7

Dow Jones
industrial
average 4

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

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

Dividendprice ratio

Earningsprice ratio

Industrial

Transportation

206.33
229.01
249.58
254.12
291.15
358.17
456.54
550.26
619.16
643.66
634.07
606.03
622.28
646.82
640.07
649.61
653.27
666.14
667.05
646.53
646.64
645.44
650.55

258.14
284.62
299.99
315.25
367.34
453.98
574.52
681.57
774.78
810.63
814.73
775.46
790.35
822.76
814.75
819.54
825.28
837.23
829.99
803.88
800.88
792.66
796.74

173.99
201.09
242.49
247.29
269.41
327.33
414.60
468.69
491.60
413.60
456.36
398.69
384.39
406.14
411.50
395.09
410.67
419.84
404.23
401.37
434.92
439.97
471.21

185.32
198.91
228.90
209.06
220.30
249.77
283.82
378.12
473.73
477.65
485.82
482.30
509.59
502.78
487.17
501.93
484.19
459.91
464.66
453.68
455.66
444.16
440.36

150.82
179.26
216.42
209.73
238.45
303.89
424.48
516.35
530.86
553.13
495.23
471.65
489.90
524.05
523.22
544.51
556.32
597.17
616.89
596.53
600.45
621.62
634.17

2,929.33
3,284.29
3,522.06
3,793.77
4,493.76
5,742.89
7,441.15
8,625.52
10,464.88
10,734.90
11,281.26
10,541.93
10,483.39
10,944.31
10,580.27
10,582.93
10,662.95
11,014.51
10,967.87
10,440.96
10,666.06
10,652.41
10,682.74

376.18
415.74
451.41
460.42
541.72
670.50
873.43
1,085.50
1,327.33
1,427.22
1,425.59
1,388.87
1,442.21
1,461.36
1,418.48
1,461.96
1,473.00
1,485.46
1,468.05
1,390.14
1,375.04
1,330.93
1,335.63

491.69
599.26
715.16
751.65
925.19
1,164.96
1,469.49
1,794.91
2,728.15
3,783.67
4,013.49
4,410.87
4,802.99
3,863.64
3,528.42
3,865.48
4,017.69
3,909.60
3,875.82
3,333.82
3,055.42
2,657.81
2,656.86

3.24
2.99
2.78
2.82
2.56
2.19
1.77
1.49
1.25
1.15
1.18
1.21
1.18
1.14
1.17
1.12
1.10
1.09
1.10
1.15
1.16
1.19
1.16

4.79
4.22
4.46
5.83
6.09
5.24
4.57
3.46
3.17
..................
..................
..................
3.40
..................
..................
3.57
..................
..................
3.74
..................
..................
..................
..................

642.44
649.08
654.71
662.56

785.25
797.64
803.13
813.55

470.12
470.55
468.33
482.68

438.93
441.74
441.75
442.30

626.92
624.58
636.46
644.70

10,586.62
10,625.72
10,652.90
10,863.70

1,311.01
1,336.66
1,356.01
1,365.37

2,525.69
2,710.05
2,798.61
2,778.54

1.19
1.17
1.15
1.14

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

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

Utility 3

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

Finance

6 Includes

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

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 3 months of fiscal 2001, there was a deficit of $2.3 billion, compared with a deficit of $20.3 billion
a year earlier.

[Billions of dollars]
Total
Fiscal year or period
Receipts

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

Outlays

666.5
734.1
769.2
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,579.3
1,721.8
1,827.5
2,025.2
2,124.6

851.9
946.4
990.5
1,004.1
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.5
1,461.9
1,515.8
1,560.6
1,601.3
1,652.6
1,703.0
1,789.0
1,868.3

443.6
461.3

463.9
463.6

On-budget
Surplus
or
deficit
(¥)

Federal debt (end of
period)

Receipts

Outlays

Surplus
or
deficit
(¥)

¥185.4
¥212.3
¥221.2
¥149.8
¥155.2
¥152.5
¥221.2
¥269.4
¥290.4
¥255.1
¥203.3
¥164.0
¥107.5
¥22.0
69.2
124.4
236.2
256.3

500.4
547.9
569.0
641.0
667.8
727.5
750.3
761.2
788.9
842.5
923.6
1,000.8
1,085.6
1,187.3
1,306.0
1,383.0
1,544.6
1,620.4

686.1
769.6
807.0
810.3
861.8
932.8
1,028.1
1,082.7
1,129.3
1,142.9
1,182.5
1,227.2
1,259.7
1,290.7
1,336.0
1,382.3
1,458.2
1,522.0

¥185.7
¥221.7
¥238.0
¥169.3
¥194.0
¥205.2
¥277.8
¥321.6
¥340.5
¥300.5
¥258.9
¥226.4
¥174.1
¥103.4
¥30.0
.7
86.4
98.4

166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.5
392.0
415.8
444.5
480.6
504.3

165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
300.9
310.6
316.6
320.8
330.8
346.4

0.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
66.6
81.4
99.2
123.7
149.8
157.9

1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,921.0
5,181.9
5,369.7
5,478.7
5,606.1
5,629.0
5,635.5

1,307.0
1,507.4
1,740.8
1,889.9
2,051.8
2,191.0
2,411.8
2,689.3
3,000.1
3,248.8
3,433.4
3,604.8
3,734.5
3,772.8
3,721.6
3,632.9
3,410.1
3,173.0

¥20.3
¥2.3

338.7
352.1

401.1
365.3

¥62.4
¥13.3

104.9
109.2

62.8
98.3

42.1
10.9

5,725.3
5,617.3

3,681.0
3,385.1

1 Data from current issue Monthly Treasury Statement.
Note.—Data for fiscal 2000 and fiscal 2001 are from FY 2002 Economic Outlook, Highlights
from FY 1994 to FY 2001, FY 2002 Baseline Projections, issued January 16, 2001. Other data

32

Off-budget

Receipts

Outlays

Surplus
or
deficit
(¥)

Gross
Federal

Held by
the public

(except as noted) are from Budget of the United States Government, Fiscal Year 2001, issued
February 7, 2000.
Sources: Department of the Treasury and Office of Management and Budget.

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 3 months of fiscal 2001, receipts were $17.7 billion higher than a year earlier and outlays were essentially
at the same level as a year earlier.

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

Fiscal year or period
Total

Individual
income
taxes

Corporation
income
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Total

1984
1985
1986
1987
1988
1989

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

666.5
734.1
769.2
854.4
909.3
991.2

298.4
334.5
349.0
392.6
401.2
445.7

56.9
61.3
63.1
83.9
94.5
103.3

239.4
265.2
283.9
303.3
334.3
359.4

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

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

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

466.9
467.8
476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5

93.5
98.1
100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7

380.0
396.0
413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8

91.5
93.1
101.4
98.9
113.7
120.1
115.4
120.2
132.7
151.5

2,025.2 1,004.5
2,124.6 1,061.3

207.3
211.9

652.9
688.4

48.8
55.1

141.3
152.1

2000 r .................................................
2001 (estimates) r ..............................
Cumulative total, first 3 months: 1
Fiscal year 2000 ............................
Fiscal year 2001 ............................

443.6
461.3

215.5
219.9

Total

71.8
851.9
73.1
946.4
73.2
990.5
74.6 1,004.1
79.3 1,064.5
82.8 1,143.7

InterDepart- nationment of
al
Defense, affairs
military

Health

Medicare

Income Social
security security

Net
interest

Other

227.4
252.7
273.4
282.0
290.4
303.6

220.9
245.2
265.5
274.0
281.9
294.9

15.9
16.2
14.2
11.6
10.5
9.6

30.4
33.5
35.9
40.0
44.5
48.4

57.5
65.8
70.2
75.1
78.9
85.0

112.7
128.2
119.8
123.3
129.4
136.1

178.2
188.6
198.8
207.4
219.3
232.5

111.1
129.5
136.0
138.7
151.8
169.0

118.6
131.8
142.2
126.1
139.7
159.5

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

299.3
273.3
298.4
291.1
281.6
272.1
265.8
270.5
268.5
274.9

289.8
262.4
286.9
278.6
268.6
259.4
253.2
258.3
256.1
261.4

13.8
15.9
16.1
17.2
17.1
16.4
13.5
15.2
13.1
15.2

57.7
71.2
89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

98.1
104.5
119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

147.1
170.3
197.0
207.3
214.1
220.5
226.0
230.9
233.2
237.7

248.6
269.0
287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

184.4
194.5
199.4
198.7
203.0
232.2
241.1
244.0
241.2
229.7

204.2
225.8
174.7
160.6
174.7
163.6
171.0
161.5
193.2
223.9

160.5 1,789.0
163.0 1,868.3

294.5
303.2

281.2
288.0

17.2
15.5

154.5
172.9

197.1
222.1

247.9
258.3

409.4
435.0

223.2
210.2

245.2
251.1

77.9
75.1

74.1
71.5

6.0
7.9

37.8
40.9

51.5
53.7

59.6
59.3

98.1
103.8

57.0
54.4

75.9
68.5

38.0
34.2

1 Data from current issue Monthly Treasury Statement.
Note.—Data for fiscal 2000 and fiscal 2001 are from FY 2002 Economic Outlook, Highlights
from FY 1994 to FY 2001, FY 2002 Baseline Projections issued January 16, 2001. Other data

463.9
463.6

(except as noted) are from Budget of the United States Government, Fiscal Year 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 2000, according to advance estimates, Federal current expenditures fell $9.8 billion (annual
rate); receipts data are incomplete.

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

Federal Government current expenditures

Transfer
payments

1,418.9
1,471.5
1,506.0
1,575.7
1,635.9
1,678.8
1,705.0
1,750.2
1,813.0

445.8
442.6
439.7
439.2
445.3
456.9
453.7
470.8
489.6

565.2
597.9
618.6
652.1
691.6
717.5
731.0
746.1
780.7

149.1
162.6
174.5
184.5
190.4
196.8
209.1
229.3
244.9

229.2
230.2
239.6
267.5
273.6
276.2
278.8
264.7
259.3

29.6
38.2
33.6
32.4
35.1
31.5
32.4
39.3
38.5

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

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

565.0
572.2
580.2
590.5

1,659.2
1,675.8
1,679.2
1,701.0

451.3
461.5
457.5
457.2

709.3
714.1
717.1
729.4

191.1
193.8
196.7
205.6

273.8
274.8
277.5
278.5

33.7
31.7
30.4
30.3

.0
.0
.0
.0

¥86.5
¥68.0
¥33.7
¥25.0

95.1
95.8
97.5
97.3

600.5
607.7
615.9
624.2

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

445.5
457.5
451.0
460.7

726.9
726.6
730.9
739.6

205.0
205.4
209.9
216.1

279.6
280.2
280.0
275.4

28.7
28.7
28.8
43.2

.0
.0
.0
.0

25.9
41.9
71.9
56.4

212.3
214.9
217.8
232.3

97.9
98.9
101.4
103.9

638.6
647.4
657.4
666.6

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

464.5
460.2
471.3
487.0

738.6
742.8
745.0
757.7

223.0
221.4
234.0
238.8

267.7
267.1
262.2
261.8

33.9
40.7
30.5
52.3

.0
.0
.0
.0

89.7
117.5
147.3
143.3

245.7
250.5
249.4
............

106.8
108.9
108.9
108.9

681.5
691.8
700.2
709.1

1,776.0
1,813.9
1,836.0
1,826.2

478.7
499.0
489.9
490.8

763.2
779.0
785.2
795.4

235.0
240.9
251.2
252.5

265.0
260.3
257.2
254.6

34.1
34.6
52.4
33.0

.0
.0
.0
.0

235.8
240.9
253.3
....................

Total

Corporate
profits
tax accruals

Indirect
business
tax and
nontax
accruals

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

1,121.3
1,197.3
1,293.7
1,383.7
1,499.1
1,625.5
1,754.0
1,874.6
..............

479.4
509.9
547.8
591.8
670.0
751.9
836.0
902.2
1,017.8

118.8
138.5
156.7
179.3
190.6
203.0
209.5
219.3
............

81.3
85.3
95.2
93.0
95.1
93.7
96.4
100.5
108.4

441.8
463.7
493.9
519.6
543.3
577.0
612.1
652.5
695.6

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

1,572.7
1,607.8
1,645.5
1,676.0

724.9
741.5
759.6
781.3

194.3
198.4
209.8
209.5

88.5
95.6
95.9
94.7

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

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

807.0
826.2
845.9
864.8

209.1
210.6
213.3
205.1

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

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

868.7
888.5
913.7
938.2

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

2,011.9
2,054.8
2,089.4
..............

978.0
1,003.6
1,030.9
1,058.6

Source: Department of Commerce, Bureau of Economic Analysis.

34

Net
interest
paid

Less:
Wage
accruals less
disbursements

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

Consumption
expenditures

Contributions
for
social
insurance

Personal
tax and
nontax
receipts

Period

Subsidies less
current
surplus
of
Government
enterprises

Grantsin-aid
to
State
and
local
governments

Total

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

United
States

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

Canada

97.0
98.9
100.0
100.0
103.5
104.5
109.1
111.3
114.3
116.3
119.6
117.9
127.7
123.1
134.0
126.0
139.6
131.6
147.5 ..............
141.9
134.8
142.8
135.8
r 137.4
143.6
r 136.2
144.3
r 137.6
145.2
r 137.4
146.3
r 140.0
147.2
r 140.3
147.9
r 139.8
147.6
r 140.5
148.6
r 149.0
r 139.9
r 148.5
r 141.1
r 148.1
140.9
147.3 ..............

Japan

France

Germany

Italy

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

United
States 1

106.1 101.1 102.3
101.3
99.7
100.0 100.0 100.0
100.0
100.0
96.5
96.3
92.4
97.9
102.2
r 97.8
100.1
95.6
103.9
107.7
100.9 102.6
96.8
109.2
109.5
r 103.3
103.5
97.4
107.1
110.7
107.0 107.4 100.8
111.1
111.8
99.9 112.8 105.0
112.3
112.7
r 100.8
115.1 106.7
112.3
113.3
106.4 ............ ............ .............. ..............
103.5 118.3 109.0
115.6
114.8
103.7 117.3 108.7
115.7
114.1
r 103.4
117.6 108.4
114.5
113.7
103.1 118.5 110.7
116.4
113.1
105.2 119.0 111.1
116.6
114.0
104.7 118.5 112.7
116.0
114.8
104.9 118.7 115.3
118.7
115.0
106.9 118.6 112.0
117.6
115.3
106.4 120.1 r 115.6
116.6
115.9
r 116.3
109.9 120.1
118.0
116.4
106.1 120.0 r 115.7
118.0
115.2
107.5 120.9 r 114.7
117.0
115.0
r 107.0
121.0 115.2
118.3
115.1
108.5 ............ ............ .............. ..............

relate to all urban consumers.

136.2
140.3
144.5
148.2
152.4
156.9
160.5
163.0
166.6
172.2
168.3
168.3
168.8
169.8
171.2
171.3
171.5
172.4
172.8
172.8
173.7
174.0
174.1
174.0

Canada

Japan

143.1
145.3
147.9
148.2
151.4
153.8
156.3
157.8
160.5
164.9
161.8
162.0
161.8
162.7
163.9
163.3
164.2
165.2
165.8
165.5
166.2
166.5
167.1
167.2

Germany

115.0
117.0
118.4
119.3
119.1
119.3
121.3
122.1
121.8
120.9
121.5
121.2
120.8
120.7
120.9
121.2
121.3
120.9
120.7
120.7
121.0
121.2
120.9
120.9

Italy

116.2
122.1
127.6
131.1
133.3
135.2
137.8
139.1
139.9
142.6
140.3
140.7
141.1
141.6
141.9
141.9
141.7
142.5
143.2
142.9
143.6
143.3
143.6
143.7

France

170.5
179.5
187.7
195.3
205.6
213.8
218.2
222.5
226.2
231.9
228.2
228.4
228.9
229.7
230.3
230.5
231.3
231.9
232.4
232.6
233.0
233.8
234.4
234.6

137.2
140.4
143.4
145.8
148.4
151.4
153.2
154.2
155.0
157.6
155.4
156.2
156.2
156.4
157.1
157.1
157.4
157.7
157.4
157.7
158.7
158.4
158.8
158.7

United
Kingdom

156.9
162.7
165.3
169.3
175.2
179.4
185.1
191.4
194.3
200.1
195.9
196.6
195.7
196.8
197.9
199.9
200.6
201.0
200.3
200.3
201.7
201.6
202.2
202.3

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

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

Goods: Imports (customs value)

Census basis (by end-use category)

Services
(BOP basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
BOP basis

Period

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

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

BOP
basis

389.3
416.9
440.4
456.8
502.4
575.8
612.1
679.7
670.3
684.4
59.7
61.2
60.3
60.9
62.5
62.6
62.7
66.5
65.1
68.0
67.8
66.3
65.7

Total,
Census
basis 1

393.6
421.7
448.2
465.1
512.6
584.7
625.1
689.2
682.1
695.8
59.9
62.1
61.3
62.0
63.1
63.1
63.4
67.4
65.6
68.7
68.4
67.2
66.5

Auto- ConIndusmo- sumer
Foods, trial Capital tive goods
feeds,
supgoods vehi- (nonand
plies except cles, food)
bevand
auto- parts except
erages mate- motive and autorials
enmogines tive
35.1
35.7
40.3
40.6
42.0
50.5
55.5
51.5
46.4
45.5
3.7
3.8
4.0
3.9
4.0
3.9
4.0
4.0
4.1
4.3
4.2
4.0
3.9

104.4
109.7
109.1
111.8
121.4
146.2
147.7
158.2
148.3
147.0
13.7
13.6
13.3
13.9
14.6
13.7
13.7
14.3
14.0
14.8
15.3
15.0
15.1

152.7
166.7
175.9
181.7
205.0
233.0
253.0
294.5
299.6
311.4
26.4
27.8
27.4
27.0
27.2
29.1
29.1
31.1
30.7
31.8
31.7
31.1
30.7

37.4
40.0
47.0
52.4
57.8
61.8
65.0
74.0
73.2
75.8
6.4
6.6
6.6
6.5
6.9
6.4
6.6
7.0
6.5
7.1
6.6
6.7
6.4

includes ‘‘other’’ exports or imports, not shown separately.

BOP
basis

43.3 498.3
45.9 491.0
51.4 536.5
54.7 589.4
60.0 668.6
64.4 749.6
70.1 803.3
77.4 876.4
79.3 917.2
80.8 1,029.9
6.9
92.1
7.2
93.5
7.0
94.4
7.4
95.5
7.4
99.7
7.2
99.5
7.2
99.2
7.8 103.3
7.6 103.6
7.7 104.7
7.7 107.2
7.3 106.2
7.4 104.7

IndusAutoFoods, trial Capital motive
Total, feeds, supgoods vehiCensus and
plies except cles,
basis 1
bevand
auto- parts
erages mate- motive and enrials
gines
495.3
488.5
532.7
580.7
663.3
743.5
795.3
869.7
911.9
1,024.6
91.2
92.7
93.7
94.7
99.0
99.2
99.0
102.9
103.4
104.3
106.5
105.6
104.1

26.6
26.5
27.6
27.9
31.0
33.2
35.7
39.7
41.2
43.6
3.7
3.8
3.6
3.7
3.8
3.8
3.8
3.8
3.9
4.0
3.9
3.8
4.0

143.2
131.6
138.6
145.6
162.1
181.8
204.5
213.8
200.1
222.0
20.8
21.3
21.8
23.6
24.6
23.4
23.9
25.4
25.8
25.1
26.5
26.1
24.9

116.4
120.7
134.3
152.4
184.4
221.4
228.1
253.3
269.6
297.1
26.2
26.6
26.5
26.8
27.7
28.7
28.8
29.6
29.6
30.8
31.5
31.1
30.3

87.3
85.7
91.8
102.4
118.3
123.8
128.9
139.8
149.1
179.4
15.5
16.1
16.4
15.6
16.4
16.5
15.6
16.7
17.0
16.9
16.7
16.8
16.6

Consumer
goods
(nonfood)
except
automotive
105.7
108.0
122.7
134.0
146.3
159.9
172.0
193.8
216.5
239.5
21.1
21.2
21.4
21.2
22.5
22.9
23.0
23.1
23.1
23.3
23.7
23.8
24.0

Exports

147.8
164.3
176.9
185.9
201.0
219.2
240.0
257.2
262.7
271.9
23.5
22.9
23.4
24.4
24.5
25.0
24.3
24.8
24.6
24.9
24.8
24.8
24.7

Imports

117.7
118.5
116.5
122.3
131.9
141.4
150.9
166.5
182.7
191.3
16.8
16.3
16.6
17.3
17.7
17.3
17.5
17.8
17.9
18.3
19.2
18.4
18.7

Goods,
Census
basis

Goods

¥101.7
¥66.7
¥84.5
¥115.6
¥150.6
¥158.8
¥170.2
¥180.5
¥229.8
¥328.8
¥31.2
¥30.6
¥32.3
¥32.7
¥35.9
¥36.1
¥35.5
¥35.6
¥37.8
¥35.6
¥38.1
¥38.5
¥37.5

¥109.0
¥74.1
¥96.1
¥132.6
¥166.2
¥173.7
¥191.3
¥196.7
¥246.9
¥345.6
¥32.4
¥32.3
¥34.0
¥34.6
¥37.1
¥36.9
¥36.5
¥36.9
¥38.5
¥36.7
¥39.3
¥39.9
¥39.0

Services

30.2
45.8
60.4
63.7
69.2
77.8
89.2
90.7
80.0
80.6
6.7
6.6
6.8
7.2
6.8
7.7
6.9
7.0
6.7
6.6
5.6
6.3
6.0

Goods
and
services

¥78.9
¥28.3
¥35.7
¥68.9
¥97.0
¥95.9
¥102.1
¥105.9
¥166.9
¥265.0
¥25.7
¥25.7
¥27.3
¥27.5
¥30.4
¥29.2
¥29.6
¥29.8
¥31.8
¥30.1
¥33.7
¥33.6
¥33.0

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 2000, the goods deficit rose to $115.4 billion, from $110.2 billion in the second quarter.
The current account deficit rose to $113.8 billion in the third quarter, from $105.0 billion in the second quarter.

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

Period
Exports

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

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

Imports

389,307 ¥498,337
416,913 ¥490,981
440,352 ¥536,458
456,832 ¥589,441
502,398 ¥668,590
575,845 ¥749,574
612,057 ¥803,327
679,702 ¥876,367
670,324 ¥917,178
684,358 ¥1,029,917
170,609 ¥225,255
166,054 ¥228,675
164,378 ¥228,942
169,283 ¥234,306
163,949 ¥236,973
166,443 ¥250,427
173,881 ¥266,199
180,085 ¥276,318
183,728 ¥289,566
191,783 ¥302,014
200,385 ¥315,801

Services

Balance
on
goods

Net
military
transactions 2 3

¥109,030 ¥7,599
¥74,068 ¥5,274
¥96,106 ¥1,448
¥132,609
1,385
¥166,192
2,570
¥173,729
4,600
¥191,270
5,385
¥196,665
5,138
¥246,854
5,387
¥345,559
2,684
¥54,646
1,728
¥62,621
1,564
¥64,564
827
¥65,023
1,268
¥73,024
947
¥83,984
1,188
¥92,318
318
¥96,233
231
¥105,838
252
¥110,231
268
¥115,416
270

Net
travel
and
transportation
7,501
16,561
19,969
19,714
16,305
21,772
25,015
22,152
10,145
6,797
3,419
3,118
1,820
1,788
1,910
1,979
1,428
1,478
1,549
2,296
1,270

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

30,270
34,516
41,918
42,562
50,278
51,410
58,757
63,443
64,424
71,107
15,886
16,331
15,583
16,619
17,491
17,517
17,854
18,244
18,920
19,069
17,373
3 Quarterly

Balance
on
goods
and
services

¥78,857
¥28,266
¥35,666
¥68,949
¥97,039
¥95,947
¥102,113
¥105,932
¥166,898
¥264,971
¥33,613
¥41,608
¥46,334
¥45,348
¥52,676
¥63,300
¥72,718
¥76,280
¥85,117
¥88,598
¥96,503

Receipts

171,742
149,214
132,056
134,159
165,438
211,502
223,810
257,346
258,445
276,165
65,996
66,506
62,469
63,474
63,396
66,697
71,115
74,959
80,877
87,653
86,810

Payments

Unilateral
current
Balance transfers,
on
net 4
income

¥143,192
28,550 ¥26,654
¥125,084
24,130
10,752
¥109,101
22,954 ¥35,013
¥110,255
23,904 ¥37,637
¥148,744
16,694 ¥38,260
¥190,955
20,547 ¥34,057
¥204,934
18,876 ¥40,081
¥251,160
6,186 ¥40,794
¥264,656 ¥6,211 ¥44,029
¥294,648 ¥18,483 ¥48,025
¥64,979
1,017 ¥9,794
¥66,274
232 ¥10,099
¥66,786 ¥4,317 ¥10,658
¥66,617 ¥3,143 ¥13,474
¥66,516 ¥3,120 ¥10,831
¥70,842 ¥4,145 ¥11,537
¥76,650 ¥5,535 ¥11,396
¥80,642 ¥5,683 ¥14,260
¥85,241 ¥4,364 ¥12,024
¥91,756 ¥4,103 ¥12,270
¥91,328 ¥4,518 ¥12,752

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

4 Includes

Balance
on
current
account

¥76,961
6,616
¥47,724
¥82,681
¥118,605
¥109,457
¥123,318
¥140,540
¥217,138
¥331,479
¥42,390
¥51,475
¥61,309
¥61,965
¥66,627
¥78,982
¥89,649
¥96,223
¥101,505
¥104,971
¥113,773

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks increased $11.4 billion in the third quarter
of 2000, in contrast to a decrease of $18.3 billion in the second quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $14.0 billion in the third quarter, following an increase of
$46.9 billion in the second quarter.

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

Period

Capital
account
transactions,
net 3

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

Total

U.S.
official
reserve
assets 3 5

Other U.S.
Government
assets 3

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

U.S.
private
assets

Total

Foreign
official
assets 3

Other
foreign
assets

Total (sum
of the items
with sign
reversed)

Of which:
Seasonal
adjustment
discrepancy

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

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

¥6,579
¥4,479
612
¥88
¥469
372
693
350
637
¥3,500

¥81,234
¥64,388
¥74,410
¥200,552
¥176,056
¥352,376
¥413,923
¥488,940
¥335,436
¥430,187

¥2,158
5,763
3,901
¥1,379
5,346
¥9,742
6,668
¥1,010
¥6,783
8,747

2,317
2,924
¥1,667
¥351
¥390
¥984
¥989
68
¥422
2,751

¥81,393
¥73,075
¥76,644
¥198,822
¥181,012
¥341,650
¥419,602
¥487,998
¥328,231
¥441,685

141,571
110,808
170,663
282,040
305,989
465,684
571,706
756,962
482,235
753,564

33,910
17,389
40,477
71,753
39,583
109,880
126,724
18,876
¥20,127
42,864

107,661
93,420
130,186
210,287
266,406
355,804
444,982
738,086
502,362
710,700

23,204
¥48,557
¥49,141
1,281
¥10,859
¥4,223
¥35,158
¥127,832
69,702
11,602

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

83,316
77,721
71,323
73,442
74,335
85,832
75,089
69,954
81,761
71,516

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

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

¥68,887
¥141,617
¥53,027
¥71,904
¥21,555
¥170,842
¥122,909
¥114,882
¥178,958
¥92,424
¥77,204

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

¥80
¥483
188
¥47
118
¥392
¥686
3,711
¥131
¥574
110

¥68,363
¥139,189
¥51,190
¥69,488
¥25,741
¥171,609
¥124,174
¥120,162
¥178,273
¥93,870
¥76,968

86,840
167,085
82,790
145,520
102,780
272,008
194,210
184,567
236,535
245,149
200,169

10,967
¥10,235
¥46,651
25,792
4,274
¥1,096
12,191
27,495
22,015
6,346
11,625

75,873
177,320
129,441
119,728
98,506
273,104
182,019
157,072
214,520
238,803
188,544

24,288
25,850
31,391
¥11,827
¥14,755
¥22,349
18,177
30,531
43,762
¥47,924
¥9,357

5,720
¥1,578
¥11,014
6,872
5,514
¥1,511
¥9,739
5,738
5,724
¥2,515
¥9,691

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

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

5 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the IMF.

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
Page

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product ..........................................................................................................................................................................................
Real Gross Domestic Product ..................................................................................................................................................................................
Implicit Price Deflators for Gross Domestic Product ..............................................................................................................................................
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ..............................................................................................
Nonfinancial Corporate Business—Output, Price, Costs, and Profits ......................................................................................................................
National Income ......................................................................................................................................................................................................
Real Personal Consumption Expenditures ...............................................................................................................................................................
Sources of Personal Income ......................................................................................................................................................................................
Disposition of Personal Income ...............................................................................................................................................................................
Farm Income ............................................................................................................................................................................................................
Corporate Profits ......................................................................................................................................................................................................
Real Gross Private Domestic Investment ................................................................................................................................................................
Real Private Fixed Investment by Type ..................................................................................................................................................................
Business Investment ................................................................................................................................................................................................

1
2
2
3
3
4
4
5
6
7
8
9
10
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .........................................................................................................................................................................................
Selected Unemployment Rates ................................................................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ......................................................................................................
Nonagricultural Employment ..................................................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries .................................................................
Employment Cost Index—Private Industry .............................................................................................................................................................
Productivity and Related Data, Business Sector ......................................................................................................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .......................................................................................................................................................
Industrial Production—Major Market Groups and Selected Manufactures ..............................................................................................................
New Construction ....................................................................................................................................................................................................
New Private Housing and Vacancy Rates ...............................................................................................................................................................
Business Sales and Inventories—Manufacturing and Trade .....................................................................................................................................
Manufacturers’ Shipments, Inventories, and Orders .................................................................................................................................................

17
18
19
19
20
21

PRICES
Producer Prices ........................................................................................................................................................................................................
Consumer Prices—All Urban Consumers ................................................................................................................................................................
Changes in Producer Prices for Finished Goods ......................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers .............................................................................................................................................
Prices Received and Paid by Farmers ......................................................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures .............................................................................................................................................................................
Components of Money Stock ...................................................................................................................................................................................
Aggregate Reserves and Monetary Base ...................................................................................................................................................................
Bank Credit at All Commercial Banks ....................................................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..................................................................................................................
Consumer Credit ......................................................................................................................................................................................................
Interest Rates and Bond Yields ...............................................................................................................................................................................
Common Stock Prices and Yields ............................................................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt .......................................................................................................................................................................
Federal Receipts by Source and Outlays by Function ..............................................................................................................................................
Federal Sector, National Income Accounts Basis .....................................................................................................................................................

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ...............................................................................................................
U.S. International Trade in Goods and Services ......................................................................................................................................................
U.S. International Transactions ................................................................................................................................................................................

35
35
36

General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
… Not available (also, not applicable).
NSA not seasonally adjusted.

38

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