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108th Congress, 1st Session

Economic Indicators
JANUARY 2003
(Includes data available as of February 4, 2003)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2003

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
ROBERT F. BENNETT, Utah, Chairman
JIM SAXTON, NEW JERSEY, Vice Chairman
SENATE

HOUSE

OF

REPRESENTATIVES

DONALD B. MARRON, Executive Director

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

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

ii

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 2002, according to advance estimates, current-dollar gross domestic product (GDP) rose
2.5 percent (annual rate), real GDP (GDP in chained 1996 dollars) rose 0.7 percent, and the implicit price deflator
rose 1.8 percent.

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

Period

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

Exports and imports
of goods and services

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

Net
exports

Exports

6,642.3
7,054.3
7,400.5
7,813.2
8,318.4
8,781.5
9,274.3
9,824.6
10,082.2
10,442.1
9,092.7
9,171.7
9,316.5
9,516.4
9,649.5
9,820.7
9,874.8
9,953.6
10,028.1
10,049.9
10,097.7
10,152.9
10,313.1
10,376.9
10,506.2
10,572.3

¥60.5
¥87.1
¥84.3
¥89.0
¥89.3
¥151.7
¥249.9
¥365.5
¥348.9
¥418.1
¥196.4
¥241.8
¥274.6
¥286.7
¥330.6
¥353.2
¥384.9
¥393.2
¥372.7
¥365.7
¥312.6
¥344.5
¥360.1
¥425.6
¥432.9
¥453.9

658.0
725.1
818.6
874.2
966.4
964.9
989.3
1,101.1
1,034.1
1,017.6
959.2
970.2
996.8
1,031.2
1,055.9
1,098.0
1,130.9
1,119.8
1,100.0
1,059.7
1,005.8
971.1
977.5
1,018.1
1,038.6
1,036.2

4,454.7
4,716.4
4,969.0
5,237.5
5,529.3
5,856.0
6,246.5
6,683.7
6,987.0
7,300.9
6,076.6
6,195.6
6,299.4
6,414.5
6,552.2
6,638.7
6,736.1
6,808.0
6,904.7
6,959.8
6,983.7
7,099.9
7,174.2
7,254.7
7,360.7
7,413.8

955.1
1,097.1
1,143.8
1,242.7
1,390.5
1,538.7
1,636.7
1,755.4
1,586.0
1,586.3
1,618.0
1,597.8
1,637.9
1,693.2
1,711.4
1,786.3
1,766.4
1,757.4
1,671.1
1,597.2
1,574.9
1,500.7
1,559.4
1,588.0
1,597.3
1,600.5

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

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

718.5
812.1
902.8
963.1
1,055.8
1,116.7
1,239.2
1,466.6
1,383.0
1,435.7
1,155.6
1,212.0
1,271.4
1,317.9
1,386.5
1,451.1
1,515.8
1,513.0
1,472.8
1,425.3
1,318.4
1,315.6
1,337.5
1,443.7
1,471.5
1,490.1

1,293.0
1,327.9
1,372.0
1,421.9
1,487.9
1,538.5
1,641.0
1,751.0
1,858.0
1,973.1
1,594.6
1,620.1
1,653.9
1,695.4
1,716.5
1,748.8
1,757.2
1,781.4
1,825.0
1,858.5
1,851.7
1,896.8
1,939.5
1,959.8
1,981.1
2,011.9

527.3
521.1
521.5
531.6
538.2
539.2
565.0
589.2
628.1
693.5
550.0
556.1
569.0
584.9
575.7
598.5
589.7
592.9
613.3
624.8
627.4
646.9
672.0
688.2
697.7
716.0

National
defense
364.9
355.1
350.6
357.0
352.6
349.1
364.3
374.9
399.9
447.5
354.0
355.1
368.7
379.5
365.5
379.1
375.0
380.0
391.4
395.2
400.3
412.8
431.7
442.1
451.2
464.8

Nondefense
162.4
165.9
170.9
174.6
185.6
190.1
200.7
214.3
228.2
246.0
196.0
201.0
200.3
205.5
210.2
219.4
214.7
213.0
221.9
229.6
227.2
234.1
240.3
246.1
246.5
251.2

State
and
local
765.7
806.8
850.5
890.4
949.7
999.3
1,076.0
1,161.8
1,229.9
1,279.6
1,044.5
1,064.0
1,084.8
1,110.5
1,140.8
1,150.3
1,167.4
1,188.5
1,211.7
1,233.7
1,224.3
1,249.8
1,267.5
1,271.6
1,283.3
1,295.9

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

6,621.2
6,991.8
7,367.5
7,783.2
8,255.5
8,708.4
9,214.8
9,761.1
10,142.5
10,443.6
9,018.0
9,144.0
9,269.7
9,427.5
9,602.6
9,731.5
9,813.6
9,896.6
10,055.3
10,107.0
10,158.3
10,249.4
10,343.0
10,373.5
10,488.7
10,569.3

6,702.8
7,141.4
7,484.8
7,902.1
8,407.7
8,933.3
9,524.2
10,190.1
10,431.0
10,860.2
9,289.1
9,413.5
9,591.2
9,803.1
9,980.1
10,173.9
10,259.7
10,346.8
10,400.8
10,415.5
10,410.4
10,497.4
10,673.1
10,802.4
10,939.1
11,026.2

6,666.7
7,071.1
7,420.9
7,831.2
8,325.4
8,778.1
9,297.1
9,848.0
10,104.1
..............
9,112.7
9,195.9
9,333.6
9,546.0
9,670.5
9,846.4
9,892.5
9,982.8
10,038.0
10,081.0
10,109.3
10,188.1
10,314.9
10,356.8
10,495.3
..............

Source: Department of Commerce, Bureau of Economic Analysis.

1

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

Period

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

Gross private
domestic investment

Personal
consumption
expenditures

Gross
domestic
product

7,062.6
7,347.7
7,543.8
7,813.2
8,159.5
8,508.9
8,859.0
9,191.4
9,214.5
9,436.1
8,733.2
8,775.5
8,886.9
9,040.1
9,097.4
9,205.7
9,218.7
9,243.8
9,229.9
9,193.1
9,186.4
9,248.8
9,363.2
9,392.4
9,485.6
9,503.2

Nonresidential
fixed
investment

4,748.9
4,928.1
5,075.6
5,237.5
5,423.9
5,683.7
5,964.5
6,223.9
6,377.2
6,573.0
5,851.4
5,932.8
6,000.1
6,073.6
6,151.9
6,198.2
6,256.8
6,288.8
6,326.0
6,348.0
6,370.9
6,464.0
6,513.8
6,542.4
6,609.9
6,625.7

Residential
fixed
investment

683.6
744.6
817.5
899.4
1,009.3
1,135.9
1,228.4
1,324.2
1,255.1
1,182.8
1,197.5
1,220.4
1,243.3
1,252.4
1,297.1
1,329.1
1,340.7
1,329.9
1,311.4
1,261.0
1,241.7
1,206.4
1,188.4
1,181.1
1,178.7
1,183.2

276.0
302.7
291.7
313.3
319.7
345.1
368.3
372.4
373.5
387.6
364.1
368.4
369.2
371.7
379.1
376.2
367.2
367.2
374.5
374.0
374.3
371.0
383.6
386.1
387.1
393.6

Change
in private
inventories

20.0
66.8
30.4
30.0
63.8
76.7
62.8
65.0
¥61.4
¥.5
80.0
31.2
47.6
92.2
45.3
91.5
63.1
59.9
¥26.9
¥58.3
¥61.8
¥98.4
¥28.9
4.9
18.8
3.3

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

¥59.1
¥86.5
¥78.4
¥89.0
¥113.3
¥221.1
¥320.5
¥398.8
¥415.9
¥482.2
¥283.2
¥319.6
¥339.6
¥339.5
¥368.8
¥394.6
¥413.1
¥418.5
¥404.5
¥414.8
¥419.0
¥425.3
¥446.6
¥487.4
¥488.0
¥506.9

672.7
732.8
808.2
874.2
981.5
1,002.4
1,036.3
1,137.2
1,076.1
1,061.7
1,007.5
1,018.1
1,044.1
1,075.6
1,095.8
1,133.9
1,165.5
1,153.7
1,135.8
1,098.8
1,048.0
1,021.8
1,030.6
1,065.5
1,077.7
1,073.0

Imports

Total
Total

731.8
819.4
886.6
963.1
1,094.8
1,223.5
1,356.8
1,536.0
1,492.0
1,543.9
1,290.7
1,337.7
1,383.7
1,415.2
1,464.6
1,528.5
1,578.6
1,572.2
1,540.3
1,513.6
1,467.0
1,447.2
1,477.1
1,552.9
1,565.7
1,579.9

1 GDP

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

1,398.8
1,400.1
1,406.4
1,421.9
1,455.4
1,483.3
1,540.6
1,582.5
1,640.4
1,712.8
1,515.9
1,526.7
1,546.5
1,573.2
1,568.3
1,586.1
1,582.2
1,593.4
1,615.7
1,638.0
1,633.3
1,674.5
1,697.3
1,703.3
1,715.6
1,735.1

National
defense

572.0
551.3
536.5
531.6
529.6
525.4
537.7
544.4
570.6
612.9
527.2
530.6
540.1
553.0
533.8
554.0
543.7
546.4
559.0
567.2
568.9
587.2
597.8
608.7
615.1
630.2

394.7
375.9
361.9
357.0
347.7
341.6
348.8
348.7
366.0
400.0
341.2
341.0
352.4
360.8
341.3
353.4
347.9
351.9
359.0
361.4
365.5
378.0
388.5
395.8
402.5
413.3

Nondefense

177.3
175.5
174.6
174.6
181.8
183.8
188.8
195.6
204.4
213.0
185.9
189.5
187.7
192.1
192.3
200.3
195.6
194.3
199.8
205.6
203.2
209.1
209.3
212.9
212.7
217.0

State
and
local

827.0
848.9
869.9
890.4
925.8
957.7
1,002.4
1,037.4
1,069.4
1,100.0
988.3
995.7
1,006.0
1,019.8
1,033.8
1,031.8
1,037.8
1,046.3
1,056.2
1,070.2
1,064.1
1,087.1
1,099.3
1,094.7
1,100.6
1,105.3

Final
sales of
domestic
product

7,043.8
7,285.8
7,512.2
7,783.2
8,095.2
8,431.8
8,793.9
9,121.1
9,258.4
9,425.6
8,654.3
8,741.0
8,833.6
8,946.6
9,042.9
9,111.1
9,150.4
9,179.8
9,243.8
9,234.3
9,230.5
9,324.9
9,379.4
9,377.9
9,457.2
9,488.2

Gross
domestic
purchases 1

Addendum:
Gross
national
product

7,120.6 7,087.8
7,434.2 7,364.3
7,621.8 7,564.0
7,902.1 7,831.2
8,271.7 8,168.1
8,721.3 8,508.4
9,160.2 8,883.7
9,561.2 9,216.2
9,600.7 9,237.3
9,880.6 ..............
9,002.1 8,755.5
9,076.2 8,801.8
9,204.9 8,906.4
9,357.7 9,071.1
9,440.8 9,119.7
9,571.9 9,233.0
9,600.9 9,238.2
9,631.0 9,274.0
9,604.6 9,241.7
9,577.1 9,224.3
9,575.8 9,199.8
9,645.3 9,283.5
9,778.2 9,367.5
9,840.8 9,376.7
9,934.7 9,477.9
9,968.6 ..............

Source: Department of Commerce, Bureau of Economic Analysis.

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

Personal consumption
expenditures
Period

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

Gross
domestic
product

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

Total

93.81
95.70
97.90
100.00
101.94
103.03
104.73
107.39
109.56
111.07
103.85
104.43
104.99
105.61
106.51
107.11
107.66
108.26
109.15
109.64
109.62
109.84
110.14
110.89
111.36
111.89

Durable
goods

Nondurable goods

Services

99.06
100.56
101.06
100.00
97.75
95.40
93.03
91.46
89.70
87.20
93.71
93.24
92.84
92.38
91.91
91.74
91.24
90.96
90.70
89.91
89.31
88.97
88.02
87.38
86.96
86.48

96.14
96.83
97.93
100.00
101.34
101.31
103.69
107.59
109.17
109.64
102.13
103.29
104.16
105.10
106.48
107.28
108.04
108.53
109.00
109.80
109.42
108.45
108.52
109.75
109.92
110.35

91.56
94.16
97.25
100.00
103.12
105.53
107.81
110.85
114.32
117.45
106.92
107.44
108.07
108.78
109.75
110.44
111.15
112.02
113.42
114.08
114.40
115.38
116.14
117.00
117.88
118.75

Source: Department of Commerce, Bureau of Economic Analysis.

2

Gross private
domestic investment

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Nonresidential
fixed

Residential fixed

99.81
100.54
100.93
100.00
99.02
96.95
95.53
95.59
95.73
94.42
96.04
95.68
95.28
95.16
95.33
95.43
95.73
95.85
95.95
95.96
95.68
95.31
94.81
94.47
94.16
94.24

91.23
94.48
97.91
100.00
102.68
105.58
109.59
114.40
119.09
121.50
108.02
109.22
110.11
110.98
112.89
113.98
114.87
115.91
117.49
118.78
119.51
120.60
120.61
121.40
121.38
122.57

Exports

Imports
Total

97.82
98.94
101.28
100.00
98.47
96.26
95.47
96.83
96.10
95.85
95.21
95.29
95.47
95.87
96.36
96.83
97.03
97.06
96.85
96.44
95.97
95.03
94.85
95.55
96.38
96.57

98.18
99.12
101.83
100.00
96.44
91.27
91.33
95.49
92.70
92.99
89.54
90.60
91.88
93.13
94.67
94.94
96.02
96.24
95.61
94.17
89.87
90.91
90.55
92.97
93.98
94.32

92.18
94.51
97.21
100.00
101.63
102.63
105.08
108.23
110.09
113.14
104.33
104.82
105.36
105.77
107.87
108.04
108.48
108.52
109.72
110.15
110.29
110.18
112.41
113.06
113.43
113.62

National
defense

Nondefense

State
and
local

92.45
94.49
96.88
100.00
101.41
102.22
104.44
107.53
109.27
111.86
103.77
104.15
104.65
105.16
107.09
107.26
107.80
107.96
109.02
109.35
109.50
109.22
111.14
111.70
112.11
112.46

91.58
94.55
97.90
100.00
102.06
103.41
106.29
109.55
111.63
115.52
105.41
106.08
106.70
106.94
109.34
109.52
109.77
109.59
111.06
111.67
111.79
111.97
114.79
115.60
115.89
115.78

92.59
95.04
97.77
100.00
102.58
104.34
107.33
111.98
115.01
116.33
105.70
106.86
107.84
108.89
110.35
111.49
112.49
113.59
114.72
115.28
115.06
114.97
115.29
116.16
116.60
117.24

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

Index numbers, 1996=100
Period

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

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

85.01
90.29
94.72
100.00
106.47
112.39
118.70
125.74
129.04
133.65
110.43
111.32
112.84
114.99
116.38
117.39
119.24
121.80
123.50
125.69
126.39
127.40
128.35
128.63
129.24
129.95
132.00
132.81
134.47
135.31

GDP
chain-type
price index

90.39
94.04
96.55
100.00
104.43
108.91
113.39
117.64
117.94
120.77
107.46
108.06
109.16
110.94
111.78
112.32
113.74
115.70
116.44
117.82
117.99
118.31
118.13
117.66
117.58
118.37
119.84
120.21
121.41
121.63

94.05
96.01
98.10
100.00
101.95
103.20
104.69
106.89
109.42
110.66
102.76
103.02
103.38
103.66
104.12
104.52
104.84
105.28
106.08
106.69
107.13
107.68
108.66
109.32
109.92
109.78
110.14
110.48
110.76
111.24

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

GDP
implicit
price
deflator

GDP
(current
dollars)

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

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

Real GDP
(chain-type
quantity
index)

GDP
chain-type
price
index

2.7
4.0
2.7
3.6
4.4
4.3
4.1
3.8
.3
2.4
6.1
2.2
4.1
6.7
3.0
2.0
5.2
7.1
2.6
4.8
.6
1.1
¥.6
¥1.6
¥.3
2.7
5.0
1.3
4.0
.7

GDP
implicit
price
deflator

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

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

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

1992 ........................................................
1993 ........................................................
1994 ........................................................
1995 ........................................................
1996 ........................................................
1997 .........................................................
1998 ........................................................
1999 .........................................................
2000 ........................................................
2001 ........................................................
1999: I ...................................................
II .................................................
III ................................................
IV ................................................
2000: I ...................................................
II .................................................
III ................................................
IV ................................................
2001: I ...................................................
II .................................................
III ................................................
IV ................................................
2002: I ...................................................
II .................................................
III ................................................
1 The

Chained
(1996)
dollars

3,288.0
3,457.6
3,737.2
3,945.9
4,159.5
4,435.1
4,707.1
4,981.0
5,295.0
5,354.2
4,899.9
4,945.1
4,995.0
5,084.2
5,228.7
5,275.1
5,335.5
5,340.7
5,318.6
5,340.9
5,365.7
5,391.6
5,423.8
5,489.0
5,533.0

3,468.4
3,573.8
3,801.5
3,960.1
4,159.5
4,404.2
4,658.1
4,902.1
5,148.3
5,141.8
4,832.3
4,866.8
4,914.7
4,994.6
5,109.2
5,129.2
5,180.2
5,174.4
5,131.4
5,125.2
5,121.3
5,189.3
5,231.3
5,298.7
5,348.0

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

Compensation of employees
(unit labor
cost)

0.948
.967
.983
.996
1.000
1.007
1.011
1.016
1.029
1.041
1.014
1.016
1.016
1.018
1.023
1.028
1.030
1.032
1.037
1.042
1.048
1.039
1.037
1.036
1.035

0.633
.641
.639
.645
.641
.644
.656
.667
.688
.695
.665
.666
.668
.671
.682
.683
.690
.697
.699
.699
.698
.684
.682
.680
.681

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

Corporate profits with inventory
valuation and capital consumption
adjustments 3

Unit nonlabor cost

Total

0.236
.236
.238
.239
.236
.237
.240
.243
.250
.267
.239
.241
.246
.246
.245
.250
.252
.256
.262
.266
.272
.268
.268
.269
.270

Consumption of
fixed
capital

Indirect
business
tax, etc.2

Net interest

0.107
.108
.109
.110
.111
.112
.112
.113
.116
.127
.112
.113
.115
.114
.114
.116
.117
.119
.122
.125
.134
.127
.128
.129
.130

0.096
.098
.101
.100
.099
.098
.098
.098
.099
.102
.097
.097
.098
.098
.098
.099
.099
.100
.102
.103
.099
.103
.103
.103
.104

0.033
.030
.028
.029
.026
.027
.030
.032
.035
.038
.030
.031
.033
.034
.033
.035
.036
.037
.038
.038
.039
.038
.037
.037
.036

Total

0.080
.091
.106
.112
.122
.126
.114
.106
.090
.079
.110
.109
.103
.101
.096
.096
.088
.079
.075
.077
.079
.087
.086
.087
.084

Profits
tax
liability

0.026
.029
.034
.035
.036
.036
.033
.034
.033
.024
.034
.035
.034
.033
.036
.036
.033
.030
.026
.027
.025
.018
.023
.025
.025

Profits
after
tax 4

0.054
.062
.072
.077
.086
.090
.081
.072
.056
.055
.076
.074
.069
.068
.060
.060
.055
.050
.049
.050
.053
.068
.064
.062
.059

Source: Department of Commerce, Bureau of Economic Analysis.

2 Indirect
3 Unit

3

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

National
income

Period

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

Compensation
of
employees1

5,251.9
5,556.8
5,876.7
6,210.4
6,618.4
7,041.4
7,468.7
7,984.4
8,122.0
................
7,475.9
7,650.1
7,860.2
7,954.5
8,048.3
8,074.8
8,092.1
8,110.1
8,089.1
8,196.8
8,268.5
8,328.0
8,388.1
................

Proprietors’ income
with inventory valuation and capital consumption adjustments

Farm

3,814.4
4,016.2
4,202.5
4,395.6
4,651.3
4,989.6
5,308.8
5,723.4
5,874.9
5,998.8
5,329.0
5,429.1
5,627.3
5,670.5
5,773.1
5,822.7
5,878.9
5,879.3
5,880.4
5,860.9
5,908.4
5,963.9
6,026.6
6,096.4

Nonfarm

30.1
31.9
22.2
34.3
29.7
25.6
27.7
22.6
19.0
12.7
25.7
25.4
22.3
25.0
21.7
21.2
19.3
18.4
19.3
19.2
21.7
7.5
10.7
10.9

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

431.7
444.6
475.5
510.5
551.5
598.2
650.7
692.2
708.8
744.2
657.0
672.0
680.2
693.8
696.9
698.1
701.9
708.2
713.1
712.1
726.7
740.0
748.0
761.9

90.9
110.3
117.9
129.7
128.3
138.6
149.1
146.6
137.9
143.9
145.8
152.0
151.4
146.7
144.9
143.5
137.0
134.3
140.8
139.3
141.3
153.5
144.1
136.7

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

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

510.5
573.2
668.8
754.0
833.8
777.4
805.8
788.1
731.6
................
788.0
824.7
807.6
807.3
787.7
749.7
706.5
721.4
687.2
811.4
797.6
785.0
771.0
................

Profits
before tax

Inventory
valuation
adjustment

506.4
561.0
650.2
729.4
800.8
739.4
757.9
767.3
675.1
................
739.6
781.0
774.3
784.2
772.3
738.6
696.9
714.0
663.2
626.3
641.3
652.2
653.4
................

510.4
573.4
668.5
726.3
792.4
721.1
762.1
782.3
670.2
................
753.4
797.6
796.9
800.5
780.6
751.1
707.0
720.2
654.3
599.1
639.4
657.9
668.5
................

¥4.0
¥12.4
¥18.3
3.1
8.4
18.3
¥4.2
¥15.0
5.0
................
¥13.8
¥16.6
¥22.6
¥16.4
¥8.3
¥12.5
¥10.1
¥6.2
8.9
27.2
1.9
¥5.7
¥15.1
................

Capital
consumption
adjustment

Net
interest

4.1
12.2
18.6
24.6
32.9
38.0
47.9
20.8
56.5
129.1
48.5
43.7
33.4
23.1
15.4
11.1
9.6
7.3
23.9
185.1
156.3
132.8
117.6
109.9

374.3
380.5
389.8
386.3
423.9
511.9
526.6
611.5
649.8
682.4
530.4
546.8
571.3
611.1
624.0
639.6
648.5
648.6
648.3
653.9
672.8
678.1
687.6
691.3

Source: Department of Commerce, Bureau of Economic Analysis.

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

Period

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

Total
personal
consumption
expenditures

4,748.9
4,928.1
5,075.6
5,237.5
5,423.9
5,683.7
5,964.5
6,223.9
6,377.2
6,573.0
6,000.1
6,073.6
6,151.9
6,198.2
6,256.8
6,288.8
6,326.0
6,348.0
6,370.9
6,464.0
6,513.8
6,542.4
6,609.9
6,625.7

Total
durable
goods

518.3
557.7
583.5
616.5
657.3
726.7
812.5
878.9
931.9
1,000.5
824.1
844.2
879.5
871.3
888.5
876.5
900.6
912.4
922.6
992.0
975.9
980.7
1,032.4
1,012.9

Motor
vehicles
and
parts

242.2
255.1
253.4
256.3
264.8
292.0
322.1
338.4
361.9
382.3
326.9
329.5
347.3
333.8
343.6
329.1
345.1
349.5
352.8
400.4
370.0
369.1
407.6
382.6

Furniture
and
household
equipment

177.4
196.3
215.4
236.9
261.9
293.3
335.1
374.0
398.0
438.7
340.8
353.1
366.0
372.2
377.1
380.6
386.0
392.8
399.5
413.6
428.2
435.2
441.4
449.8

Nondurable goods

Other

100.7
107.6
115.0
123.3
130.8
141.8
156.5
169.6
175.3
186.0
157.7
163.5
167.8
168.6
170.7
171.3
173.1
174.2
175.0
178.9
184.2
184.1
187.0
188.7

Total
nondurable
goods

1,430.3
1,485.1
1,529.0
1,574.1
1,619.9
1,686.4
1,765.1
1,833.8
1,869.8
1,928.0
1,767.7
1,799.9
1,809.7
1,831.6
1,840.9
1,853.1
1,863.7
1,862.3
1,868.3
1,885.0
1,921.4
1,920.9
1,925.8
1,944.2

Food

745.1
764.9
777.0
786.0
794.5
819.4
846.8
879.0
887.0
901.1
847.3
866.0
870.8
880.5
880.7
883.9
889.1
887.4
884.3
887.1
901.4
899.2
897.9
906.0

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

4

Clothing
and
shoes

218.5
231.6
244.3
258.6
271.6
290.4
312.1
329.4
337.7
356.9
314.1
314.7
322.3
327.9
332.3
335.1
334.3
334.7
337.1
344.8
355.8
355.1
355.3
361.3

Gasoline
and
oil

115.4
117.4
120.2
124.2
128.1
131.8
136.4
135.7
138.8
144.9
136.1
138.6
134.4
135.9
136.1
136.3
137.6
136.2
139.9
141.4
145.1
144.7
145.4
144.6

Services

Fuel
oil
and
coal

14.0
15.0
15.7
15.6
15.0
14.3
14.7
14.0
12.6
12.6
14.7
14.1
13.3
14.2
14.0
14.5
13.9
12.3
12.2
12.2
12.4
12.1
12.4
13.5

Other

338.5
356.8
372.0
389.8
410.8
430.8
455.7
477.0
495.5
515.9
456.3
466.6
469.8
474.1
479.2
484.7
490.0
493.5
496.5
502.0
510.1
513.1
518.0
522.5

Total
services 1

2,802.5
2,886.2
2,963.4
3,047.0
3,147.0
3,273.4
3,395.4
3,524.5
3,594.9
3,673.6
3,417.4
3,440.7
3,477.7
3,508.2
3,541.7
3,570.6
3,576.3
3,589.3
3,597.5
3,616.6
3,642.2
3,666.2
3,687.0
3,699.1

Housing

Medical
care

728.1
749.1
763.7
772.6
787.2
808.7
835.0
851.3
866.0
880.1
837.7
841.6
844.7
849.5
853.4
857.5
862.0
865.1
867.1
869.6
874.0
878.5
882.1
885.8

775.4
783.1
797.7
814.4
835.4
857.7
875.6
900.1
938.3
978.6
878.6
884.4
888.5
896.2
903.2
912.5
921.4
932.7
944.3
954.9
963.4
974.7
984.4
992.1

Source: Department of Commerce, Bureau of Economic Analysis.

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

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

SOURCES OF PERSONAL INCOME
Personal income rose $35.3 billion (annual rate) in December, following an increase of $27.9 billion in November.
Wages and salaries rose $14.8 billion in December, following an increase of $14.1 billion in November.

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

Period

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

Total
personal
income

5,610.0
5,888.0
6,200.9
6,547.4
6,937.0
7,426.0
7,786.5
8,406.6
8,685.3
8,948.1
8,730.9
8,766.8
8,807.2
8,836.3
8,865.5
8,904.9
8,971.7
8,965.0
8,992.9
9,022.2
9,051.2
9,079.1
9,114.4

Wage and
salary
disbursements 1

3,085.2
3,236.7
3,424.7
3,626.5
3,888.9
4,192.8
4,470.4
4,836.3
4,950.6
5,023.9
4,948.6
4,941.0
4,956.9
4,975.4
4,968.8
4,989.0
5,034.0
5,016.7
5,045.7
5,068.5
5,082.4
5,096.5
5,111.3

Proprietors’ income 3
Other labor
income 1 2

482.8
507.5
497.0
490.0
475.4
490.6
510.2
544.2
570.4
610.8
577.9
586.1
590.7
595.5
599.8
603.9
608.5
613.0
617.5
622.1
626.5
630.8
635.5

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

Farm

30.1
31.9
22.2
34.3
29.7
25.6
27.7
22.6
19.0
12.7
19.4
20.8
21.8
22.5
14.0
5.1
3.3
7.7
10.7
13.8
12.6
11.0
9.1

Nonfarm

431.7
444.6
475.5
510.5
551.5
598.2
650.7
692.2
708.8
744.2
717.4
722.4
728.2
729.4
737.4
740.9
741.7
747.4
746.7
750.0
757.9
760.9
767.0

Rental
income
of
persons 4

90.9
110.3
117.9
129.7
128.3
138.6
149.1
146.6
137.9
143.9
137.3
139.4
141.3
143.2
148.3
153.5
158.7
152.4
144.1
135.9
136.2
136.8
137.2

Personal
dividend
income

203.0
234.7
254.0
297.4
334.9
348.3
328.0
375.7
409.2
433.8
419.6
421.8
423.8
425.5
428.0
430.3
432.7
435.0
437.3
439.4
441.6
443.8
446.0

Personal
interest
income

725.5
742.4
792.5
810.6
864.0
964.4
969.2
1,077.0
1,091.3
1,077.3
1,071.9
1,070.9
1,069.9
1,069.0
1,075.7
1,082.3
1,088.9
1,084.8
1,080.7
1,076.7
1,076.4
1,076.1
1,075.8

Transfer
payments 5

Less: Personal contributions
for social
insurance

798.6
833.9
885.9
928.8
962.2
983.7
1,018.5
1,070.3
1,170.4
1,287.1
1,212.9
1,243.5
1,255.0
1,257.6
1,275.0
1,282.9
1,289.9
1,293.2
1,297.3
1,304.6
1,307.4
1,314.2
1,324.6

237.8
254.1
268.8
280.4
297.9
316.3
337.4
358.4
372.3
385.5
374.0
379.2
380.4
381.8
381.6
383.0
386.1
385.2
387.2
388.8
389.9
391.0
392.1

3 With

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

4 With

5 Consists

5

DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (1996) dollars rose at an
annual rate of 1.6 percent in the fourth quarter of 2002.

Period

Personal
income

Less:
Personal
tax and
nontax
payments

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(1996)
dollars

Per capita
disposable personal
income
Current
dollars

Billions of dollars
1993 ..................
1994 ..................
1995 ..................
1996 ..................
1997 ..................
1998 ..................
1999 ..................
2000 ..................
2001 ..................
2002 p ................

5,610.0
5,888.0
6,200.9
6,547.4
6,937.0
7,426.0
7,786.5
8,406.6
8,685.3
8,948.1

674.6
722.6
778.3
869.7
968.8
1,070.4
1,159.1
1,286.4
1,292.1
1,118.1

4,935.3
5,165.4
5,422.6
5,677.7
5,968.2
6,355.6
6,627.4
7,120.2
7,393.2
7,830.0

Chained
(1996)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(1996)
dollars

Dollars

4,584.5
4,849.9
5,120.2
5,405.6
5,715.3
6,054.1
6,453.3
6,918.6
7,223.5
7,521.7

350.8
315.5
302.4
272.1
252.9
301.5
174.0
201.5
169.7
308.2

5,261.3
5,397.2
5,539.1
5,677.7
5,854.5
6,168.6
6,328.4
6,630.3
6,748.0
7,049.2

18,981
19,626
20,361
21,072
21,887
23,037
23,749
25,237
25,957
27,239

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

20,235
20,507
20,798
21,072
21,470
22,359
22,678
23,501
23,692
24,523

17,133
17,920
18,657
19,438
20,277
21,226
22,384
23,690
24,531
25,398

18,264
18,724
19,058
19,438
19,891
20,601
21,373
22,061
22,390
22,866

0.1
1.3
1.4
1.3
1.9
4.1
1.4
3.6
.8
3.5

7.1
6.1
5.6
4.8
4.2
4.7
2.6
2.8
2.3
3.9

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

22,634
22,828
23,234
23,451
23,637
23,680
23,624
23,537
24,071
23,537
24,296
24,479
24,609
24,706

22,542
22,882
23,311
23,562
23,847
24,039
24,330
24,468
24,491
24,834
25,040
25,271
25,579
25,700

21,471
21,666
21,887
21,998
22,150
22,206
22,291
22,317
22,342
22,609
22,735
22,790
22,969
22,968

0.3
3.5
7.3
3.8
3.2
.7
¥.9
¥1.5
9.4
¥8.6
13.5
3.0
2.1
1.6

2.0
1.9
2.6
2.9
2.9
2.9
2.4
1.9
4.0
.8
3.5
4.0
3.8
4.3

279,449
280,328
281,076
281,758
282,476
283,202
283,794
284,442
285,154
285,898
286,507
287,072
287,770
288,475

Seasonally adjusted annual rates
1999: III ..........
IV ..........
2000: I .............
II ...........
III ..........
IV ..........
2001: I .............
II ...........
III ..........
IV ..........
2002: I .............
II ...........
III ..........
IV p .........

7,807.7
7,960.2
8,211.6
8,350.2
8,487.8
8,576.6
8,658.1
8,676.2
8,706.2
8,700.9
8,803.4
8,914.0
8,993.3
9,081.6

1,167.2
1,201.8
1,256.3
1,273.0
1,299.6
1,316.7
1,340.6
1,336.1
1,181.9
1,309.7
1,136.8
1,121.8
1,107.3
1,106.6

6,640.5
6,758.4
6,955.3
7,077.2
7,188.2
7,259.8
7,317.5
7,340.0
7,524.2
7,391.2
7,666.7
7,792.2
7,886.0
7,975.0

6,507.2
6,629.4
6,775.9
6,869.8
6,976.7
7,052.1
7,143.9
7,198.5
7,222.0
7,329.6
7,396.3
7,477.9
7,583.0
7,629.6

133.3
129.0
179.4
207.5
211.5
207.7
173.7
141.6
302.2
61.5
270.4
314.3
303.0
345.3

1 Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).

6

6,325.0
6,399.3
6,530.4
6,607.6
6,676.8
6,706.2
6,704.3
6,694.8
6,864.0
6,729.1
6,961.0
7,027.2
7,081.6
7,127.2

23,763
24,109
24,745
25,118
25,447
25,635
25,785
25,805
26,387
25,853
26,759
27,144
27,404
27,645

2 Annual

data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

FARM INCOME
In the third quarter of 2002, according to preliminary estimates, gross farm income fell $1.7 billion (annual rate)
and net farm income rose $5.6 billion.

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

Cash marketing receipts
Total 1
Total

1992 ................................
1993 ................................
1994 ................................
1995 ................................
1996 ................................
1997 ................................
1998 ................................
1999 ................................
2000 ................................
2001 ................................
2000: I ...........................
II .........................
III ........................
IV ........................
2001: I ..........................
II .........................
III ........................
IV ........................
2002: I ..........................
II .........................
III p ......................

200.6
205.0
216.0
210.8
235.8
238.1
232.1
234.5
241.7
246.5
233.3
239.6
235.4
258.5
234.1
243.6
240.3
268.1
232.8
226.9
225.2

171.4
178.2
181.3
188.0
199.3
207.7
196.0
187.5
193.7
202.8
191.5
200.9
200.7
181.6
196.8
209.1
208.3
197.1
197.9
194.2
194.3

Livestock and
products

85.8
90.5
88.3
87.2
92.9
96.5
94.1
95.6
99.6
106.4
99.2
100.1
100.3
98.5
104.9
105.9
106.2
108.7
103.6
92.1
89.8

1 Cash marketing receipts, inventory changes and direct Government payments, plus other
farm cash income and nonmoney income produced by farms.
2 Physical changes in end-of-year inventory of crop and livestock commodities valued at
weighted average market prices during the period.
NOTE.—Data include Commodity Credit Corporation loan transactions and imputed rent of
operator residences.

Crops

85.7
87.7
93.0
100.8
106.3
111.2
101.9
91.9
94.1
96.4
92.3
100.8
100.4
83.1
91.9
103.2
102.2
88.4
94.3
102.1
104.5

Value of
inventory
changes 2

4.2
¥4.2
8.3
¥5.0
7.9
.6
¥.6
¥.3
.1
¥3.2
.2
.1
.1
.1
¥3.9
¥3.9
¥2.8
¥2.1
¥4.5
¥4.3
¥3.2

Direct
Government
payments

9.2
13.4
7.9
7.3
7.3
7.5
12.4
21.5
22.9
20.7
16.6
13.5
9.7
51.7
15.1
12.3
8.8
46.8
12.3
10.0
7.2

Production
expenses

152.8
160.4
167.2
173.8
181.0
187.6
186.5
188.3
193.7
200.8
199.0
205.3
191.6
178.8
201.5
211.1
202.1
188.4
201.1
207.7
200.4

Net farm
income

47.8
44.7
48.9
36.9
54.8
50.5
45.6
46.2
48.0
45.7
34.3
34.3
43.9
79.8
32.5
32.5
38.2
79.7
31.6
19.2
24.8

Quarterly data plotted for 1992 and 1993 in chart do not reflect revisions to annual data
in table.
Data for 2002 are forecasts.
Source: Department of Agriculture.

7

CORPORATE PROFITS
In the third quarter of 2002, according to current estimates, corporate profits before tax rose $10.6 billion (annual
rate) and profits after tax rose $9.5 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

1993 ..............
1994 ..............
1995 ..............
1996 ..............
1997 ..............
1998 ..............
1999 ..............
2000 ..............
2001 ..............
2002 p ............

506.4
561.0
650.2
729.4
800.8
739.4
757.9
767.3
675.1
............

429.6
483.7
558.2
628.6
690.2
637.2
637.6
624.0
524.4
............

127.9
114.7
154.3
165.3
185.7
158.4
181.7
201.0
190.6
............

301.7
369.0
403.8
463.3
504.5
478.8
455.9
423.0
333.7
............

108.4
139.6
166.1
181.2
195.2
164.3
157.5
159.8
83.4
................

69.6
82.9
85.8
91.4
85.0
79.1
57.2
36.6
27.7
................

28.2
33.1
29.4
42.6
49.2
55.9
54.4
62.1
44.8
..............

39.7
46.6
44.1
52.9
63.9
73.8
75.6
73.4
79.1
..............

510.4
573.4
668.5
726.3
792.4
721.1
762.1
782.3
670.2
............

165.4
186.7
211.0
223.6
237.2
238.8
247.8
259.4
199.3
............

345.0
386.7
457.5
502.7
555.2
482.3
514.3
522.9
470.9
..............

203.1
234.9
254.2
297.7
335.2
348.7
328.4
376.1
409.6
434.3

141.9
151.8
203.3
205.0
220.0
133.6
185.9
146.8
61.2
..............

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

1999: I .........
II .......
III ......
IV ......
2000: I .........
II .......
III ......
IV ......
2001: I .........
II .......
III ......
IV ......
2002: I .........
II .......
III ......
IV p .....

760.5
750.5
739.6
781.0
774.3
784.2
772.3
738.6
696.9
714.0
663.2
626.3
641.3
652.2
653.4
............

647.1
635.0
624.0
644.5
642.7
642.7
626.9
583.6
560.8
553.6
521.4
461.6
509.3
537.1
537.3
............

175.1
170.2
183.2
198.4
201.7
193.1
204.5
204.9
208.2
191.6
162.7
200.1
218.2
218.5
216.1
............

471.9
464.8
440.9
446.1
441.0
449.7
422.4
378.8
352.6
362.0
358.7
261.5
291.1
318.6
321.2
............

159.1
161.0
155.8
154.0
167.6
176.1
160.7
134.6
92.3
99.2
91.1
50.9
68.9
91.9
100.5
................

63.9
53.3
53.1
58.6
43.6
35.7
34.4
32.8
36.6
34.3
33.3
6.5
15.0
17.1
13.2
................

57.4
53.7
50.0
56.4
57.3
66.7
67.1
57.4
45.2
41.0
45.9
46.9
41.2
44.8
44.5
..............

79.4
79.8
71.0
72.3
77.7
74.1
74.0
67.9
75.7
77.8
82.6
80.5
81.4
86.0
82.5
..............

744.4
752.9
753.4
797.6
796.9
800.5
780.6
751.1
707.0
720.2
654.3
599.1
639.4
657.9
668.5
............

243.1
246.0
246.3
255.7
270.8
267.3
257.4
241.9
217.3
213.1
196.2
170.6
202.4
213.7
214.7
............

501.3
506.9
507.1
542.0
526.1
533.3
523.2
509.2
489.7
507.1
458.1
428.5
437.0
444.3
453.8
..............

332.0
323.7
324.3
333.5
351.1
369.7
386.1
397.6
402.9
406.5
411.4
417.7
424.2
430.8
437.7
444.3

169.2
183.2
182.8
208.5
174.9
163.6
137.1
111.6
86.8
100.7
46.7
10.8
12.8
13.5
16.1
..............

16.0
¥2.5
¥13.8
¥16.6
¥22.6
¥16.4
¥8.3
¥12.5
¥10.1
¥6.2
8.9
27.2
1.9
¥5.7
¥15.1
............

1 See

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

8

4 Transportation

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

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the fourth quarter of 2002, according to advance estimates, nonresidential fixed investment in chained (1996)
dollars rose $4.5 billion (annual rate) and residential investment rose $6.5 billion. There was an increase of $3.3
billion in inventories following an increase of $18.8 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

1993 .................................................................................
1994 .................................................................................
1995 .................................................................................
1996 .................................................................................
1997 .................................................................................
1998 .................................................................................
1999 .................................................................................
2000 .................................................................................
2001 .................................................................................
2002 p ................................................................................

977.9
1,107.0
1,140.6
1,242.7
1,393.3
1,558.0
1,660.5
1,762.9
1,574.6
1,582.8

958.4
1,045.9
1,109.2
1,212.7
1,328.6
1,480.0
1,595.2
1,691.9
1,627.4
1,576.1

683.6
744.6
817.5
899.4
1,009.3
1,135.9
1,228.4
1,324.2
1,255.1
1,182.8

198.9
200.5
210.1
225.0
245.4
262.2
258.6
275.5
270.9
226.5

487.1
544.9
607.6
674.4
764.2
875.4
975.9
1,056.0
988.2
970.4

276.0
302.7
291.7
313.3
319.7
345.1
368.3
372.4
373.5
387.6

20.0
66.8
30.4
30.0
63.8
76.7
62.8
65.0
¥61.4
¥.5

28.6
53.6
42.6
22.1
60.6
75.0
64.1
67.2
¥63.2
¥.2

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

1,640.3
1,620.5
1,663.4
1,717.8

1,560.5
1,587.6
1,610.6
1,622.2

1,197.5
1,220.4
1,243.3
1,252.4

262.4
258.9
254.7
258.5

939.1
967.1
996.1
1,001.2

364.1
368.4
369.2
371.7

80.0
31.2
47.6
92.2

71.1
30.1
58.7
96.7

2000: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
2001: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
2002: I ............................................................................
II ...........................................................................
III .........................................................................
IVp .........................................................................

1,727.8
1,798.1
1,770.3
1,755.2
1,661.8
1,583.5
1,562.7
1,490.3
1,554.0
1,583.9
1,598.0
1,595.3

1,673.6
1,700.9
1,701.7
1,691.3
1,682.1
1,633.5
1,615.7
1,578.4
1,576.4
1,572.6
1,571.6
1,583.6

1,297.1
1,329.1
1,340.7
1,329.9
1,311.4
1,261.0
1,241.7
1,206.4
1,188.4
1,181.1
1,178.7
1,183.2

267.0
272.3
280.2
282.7
280.4
274.4
276.3
252.7
243.2
231.7
218.2
212.9

1,038.0
1,065.3
1,067.7
1,053.1
1,036.1
989.9
966.4
960.3
953.7
961.4
977.2
989.3

379.1
376.2
367.2
367.2
374.5
374.0
374.3
371.0
383.6
386.1
387.1
393.6

45.3
91.5
63.1
59.9
¥26.9
¥58.3
¥61.8
¥98.4
¥28.9
4.9
18.8
3.3

58.9
88.6
64.6
56.8
¥32.6
¥54.9
¥63.6
¥101.5
¥35.1
4.2
20.8
9.4

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

Residential

Structures

Period

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

Total
nonresidential

683.6
744.6
817.5
899.4
1,009.3
1,135.9
1,228.4
1,324.2
1,255.1
1,182.8
1,197.5
1,220.4
1,243.3
1,252.4
1,297.1
1,329.1
1,340.7
1,329.9
1,311.4
1,261.0
1,241.7
1,206.4
1,188.4
1,181.1
1,178.7
1,183.2

Total 1

198.9
200.5
210.1
225.0
245.4
262.2
258.6
275.5
270.9
226.5
262.4
258.9
254.7
258.5
267.0
272.3
280.2
282.7
280.4
274.4
276.3
252.7
243.2
231.7
218.2
212.9

Structures

Equipment and software
Information processing equipment
and software

Nonresidential
buildings,
including
farm

Utilities

131.7
137.2
147.6
161.7
177.0
188.3
185.5
192.3
178.7
145.3
192.1
186.0
182.3
181.7
188.4
192.4
194.5
193.9
193.8
183.2
174.2
163.5
157.1
148.2
139.1
137.0

38.4
36.1
36.8
36.0
35.3
42.7
45.7
50.4
50.3
47.5
44.1
44.3
46.2
48.3
48.3
49.3
51.1
52.9
50.6
51.5
49.7
49.3
50.8
48.4
45.6
45.4

Mining
exploration,
shafts,
and
wells

Total 2

20.5
19.8
18.2
21.1
26.2
25.1
21.6
27.0
34.0
29.3
20.4
21.9
20.8
23.1
24.5
25.0
28.6
30.1
30.9
34.6
35.9
34.8
30.2
30.3
29.9
26.7

487.1
544.9
607.6
674.4
764.2
875.4
975.9
1,056.0
988.2
970.4
939.1
967.1
996.1
1,001.2
1,038.0
1,065.3
1,067.7
1,053.1
1,036.1
989.9
966.4
960.3
953.7
961.4
977.2
989.3

Total

1 Includes

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

Computers
and
peripheral
equipment

183.4
206.6
242.8
287.3
349.8
429.3
508.1
583.3
548.5
563.4
477.3
506.8
522.2
526.1
561.3
585.5
591.9
594.3
578.9
549.8
533.4
531.8
540.4
557.0
575.2
580.8

26.4
32.6
49.2
70.9
102.9
147.7
207.4
246.4
239.9
284.1
186.1
209.2
218.8
215.3
226.7
249.2
255.9
253.9
253.0
239.0
224.5
243.3
262.1
271.6
297.6
304.9

Software

Other

Industrial
equipment

66.8
74.3
82.0
95.1
119.0
147.1
169.3
184.4
182.0
186.1
160.2
167.8
172.5
176.8
181.8
184.3
185.8
185.6
185.5
181.7
180.5
180.6
179.0
184.3
189.4
191.9

96.4
104.9
113.1
121.3
129.8
143.5
157.5
187.4
163.9
157.9
151.1
157.1
160.7
161.2
180.2
188.2
189.1
192.2
180.2
165.7
158.6
151.2
154.1
158.5
159.7
159.2

109.6
119.6
131.3
136.4
140.0
145.6
147.5
160.8
153.8
146.6
142.5
146.9
150.1
150.5
156.0
159.3
164.5
163.4
164.8
156.4
149.2
144.7
148.3
145.6
147.9
144.8

Transportation
equipment

Total
residential 3

103.4
120.4
128.2
138.9
150.5
168.2
193.2
186.6
163.6
146.6
188.1
188.6
199.1
196.8
193.9
192.5
186.9
173.0
167.6
161.6
160.0
165.4
151.5
143.4
141.7
149.8

276.0
302.7
291.7
313.3
319.7
345.1
368.3
372.4
373.5
387.6
364.1
368.4
369.2
371.7
379.1
376.2
367.2
367.2
374.5
374.0
374.3
371.0
383.6
386.1
387.1
393.6

Total 4

Single
family

269.4
295.8
284.4
305.6
311.8
336.8
359.4
363.0
364.0
377.9
355.4
359.5
360.1
362.5
369.7
366.8
357.8
357.8
365.1
364.6
365.0
361.5
373.9
376.4
377.4
383.8

148.0
163.2
147.7
159.1
158.6
175.9
189.0
191.0
192.6
199.9
188.4
187.3
187.4
192.8
198.0
193.8
186.5
185.8
192.0
193.1
194.1
191.3
197.2
198.4
199.8
204.4

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

2 Includes
3 Includes

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry

Period

Total
capital
expenditures

Total
by
industry

Forestry,
fishing
Con- Manuand
Min- Utili- strucfacagriing
ties
turtion
culing
tural
services

ProFor
Real fesscomTransesional, Health
panies
portaFiWhole- Retail
tion
Infor- nance tate scien- care Other withand
tific,
and
out
sale
and
maand
1
and
emtrade trade waretion insur- rental tech- social
and
assisployhousance leas- nical tance
ees
ing
ing
services

For companies with employees
1996
1997
1998
1999
2000

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

807.1 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... .......... ..........
871.8 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... .......... ..........
970.9
896.5
0.9 40.4 36.0 26.9 203.6
29.2 57.3
51.3 96.5 118.2 85.2
22.3
47.1 81.7 74.4
1,047.0
974.6
1.7 30.6 42.8 23.1 196.4
32.4 64.1
57.3 122.8 130.1 100.6
29.5
51.3 91.8 72.3
1,171.6 1,100.5
1.5 42.5 61.3 24.0 214.7
35.0 69.6
60.0 164.2 133.7 98.3
33.5
53.2 109.0 71.2

1 Includes the following industries: Management of companies and enterprises; administrative
and support and waste management; educational services; arts, entertainment, and recreation;
accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories.

10

NOTE.—Data from Annual Capital Expenditures. Industry data are based on the North
American Industry Classification System (NAICS): 1997.
Source: Department of Commerce, Bureau of the Census.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In December, employment fell by 273,000, and unemployment rose by 82,000.

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

Period

1993 ..................................
1994 3 ................................
1995 ..................................
1996 ..................................
1997 4 ................................
1998 4 ................................
1999 4 ................................
2000 4 ................................
2001 ..................................
2002 ..................................
2001: Dec .........................
2002: Jan .........................
Feb .........................
Mar ........................
Apr .........................
May ........................
June .......................
July ........................
Aug ........................
Sept ........................
Oct .........................
Nov ........................
Dec .........................

Civilian
noninstitutional
population
NSA

194,838
196,814
198,584
200,591
203,133
205,220
207,753
209,699
211,864
213,977
212,927
213,089
213,206
213,334
213,492
213,658
213,842
214,023
214,225
214,429
214,643
214,819
214,968

Civilian
labor
force

129,200
131,056
132,304
133,943
136,297
137,673
139,368
140,863
141,815
142,535
142,314
141,390
142,211
142,005
142,570
142,769
142,476
142,390
142,616
143,277
143,123
142,733
142,542

Nonagricultural
Total

120,259
123,060
124,900
126,708
129,558
131,463
133,488
135,208
135,073
134,269
134,055
133,468
134,319
133,894
133,976
134,417
134,053
134,045
134,474
135,185
134,914
134,225
133,952

Agricultural

3,115
3,409
3,440
3,443
3,399
3,378
3,281
3,305
3,144
3,248
3,246
3,273
3,246
3,126
3,154
3,097
3,110
3,282
3,188
3,298
3,525
3,357
3,311

Part time
for
economic
reasons 1

Total

117,144
119,651
121,460
123,264
126,159
128,085
130,207
131,903
131,929
131,020
130,809
130,195
131,073
130,768
130,823
131,320
130,942
130,763
131,286
131,887
131,389
130,867
130,640

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

4 Not

Percent 2

Unemployment

6,230
4,414
4,279
4,123
3,879
3,501
3,189
3,045
3,529
3,959
4,119
3,781
3,998
3,848
4,009
3,818
3,758
3,949
4,060
4,068
4,148
4,032
3,928

Total

8,940
7,996
7,404
7,236
6,739
6,210
5,880
5,655
6,742
8,266
8,259
7,922
7,891
8,111
8,594
8,351
8,424
8,345
8,142
8,092
8,209
8,508
8,590

15
weeks
and
over
3,094
2,860
2,363
2,316
2,062
1,637
1,480
1,309
1,746
2,861
2,410
2,546
2,561
2,688
2,854
2,952
3,103
2,883
2,783
2,900
2,980
3,022
3,225

Not in
labor
force

65,638
65,758
66,280
66,647
66,837
67,547
68,385
68,836
70,050
71,442
70,613
71,699
70,995
71,329
70,922
70,889
71,366
71,633
71,609
71,152
71,519
72,087
72,425

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

66.3
66.6
66.6
66.8
67.1
67.1
67.1
67.2
66.9
66.6
66.8
66.4
66.7
66.6
66.8
66.8
66.6
66.5
66.6
66.8
66.7
66.4
66.3

61.7
62.5
62.9
63.2
63.8
64.1
64.3
64.5
63.8
62.7
63.0
62.6
63.0
62.8
62.8
62.9
62.7
62.6
62.8
63.0
62.9
62.5
62.3

6.9
6.1
5.6
5.4
4.9
4.5
4.2
4.0
4.8
5.8
5.8
5.6
5.5
5.7
6.0
5.8
5.9
5.9
5.7
5.6
5.7
6.0
6.0

strictly comparable with earlier data.

NOTE.—See Employment and Earnings for details on breaks in series.
Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
In December, the unemployment rate was unchanged from November at 6.0 percent.

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

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

12

All
civilian
workers

6.9
6.1
5.6
5.4
4.9
4.5
4.2
4.0
4.8
5.8
5.8
5.6
5.5
5.7
6.0
5.8
5.9
5.9
5.7
5.6
5.7
6.0
6.0

Men
20 years
and over

Women
20 years
and over

6.4
5.4
4.8
4.6
4.2
3.7
3.5
3.3
4.2
5.3
5.2
5.2
5.0
5.2
5.4
5.2
5.4
5.2
5.2
5.2
5.2
5.7
5.6

5.9
5.4
4.9
4.8
4.4
4.1
3.8
3.6
4.1
5.1
5.2
4.8
5.0
5.0
5.4
5.2
5.1
5.2
4.9
4.9
5.2
5.0
5.3

By race
Both
sexes
16–19
years

White

19.0
17.6
17.3
16.7
16.0
14.6
13.9
13.1
14.7
16.5
16.2
16.1
15.6
16.4
16.8
16.9
17.6
17.7
17.2
15.7
14.6
16.8
16.1

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

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

Black
and
other

11.7
10.5
9.6
9.3
8.8
7.8
7.0
6.7
7.7
9.2
9.1
8.7
8.8
9.5
10.0
9.1
9.5
8.9
8.8
8.5
8.8
9.8
10.1

By selected groups

Black

13.0
11.5
10.4
10.5
10.0
8.9
8.0
7.6
8.7
10.3
10.2
9.8
9.6
10.7
11.2
10.2
10.7
9.9
9.6
9.6
9.8
11.0
11.5

Experienced
wage
and
salary
workers

6.6
5.9
5.4
5.2
4.7
4.3
4.0
3.9
4.6
5.7
5.7
5.5
5.5
5.7
5.9
5.8
5.7
5.7
5.5
5.5
5.7
5.7
5.9

Married
men,
spouse
present

Women
who
maintain
families

Full-time
workers 1

Part-time
workers 1

9.7
8.9
8.0
8.2
8.1
7.2
6.4
5.9
6.6
8.0
8.0
7.9
8.0
7.3
8.6
8.1
8.2
8.4
7.3
7.2
8.0
8.3
8.7

6.9
6.1
5.5
5.3
4.8
4.3
4.1
3.9
4.7
5.9
5.8
5.7
5.7
5.8
6.2
5.9
6.1
5.9
5.7
5.7
5.8
6.1
6.1

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

4.4
3.7
3.3
3.0
2.7
2.4
2.2
2.0
2.7
3.6
3.4
3.5
3.4
3.4
3.9
3.6
4.1
3.5
3.4
3.6
3.4
3.6
3.6

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 December, the percentages of the unemployed who had been out of work for less than 5 weeks and for
5–14 weeks fell; the percentages for 15–26 weeks and for 27 weeks and over rose. The mean duration of unemployment rose to 18.5 weeks and the median duration rose to 9.6 weeks.

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

Period

Unemployment
(thousands)

Percent distribution
Less
than
5
weeks

5–14
weeks

15–26
weeks

Reason for unemployment:
percent distribution

State
programs

Number of weeks
27
weeks
and
over

Average
(mean)

Median

Job
losers 1

Job
leavers

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 2

Weekly average, thousands
1993 ........................................
1994 3 ......................................
1995 ........................................
1996 ........................................
1997 ........................................
1998 ........................................
1999 ........................................
2000 ........................................
2001 ........................................
2002 ........................................
2001: Dec ...............................
2002: Jan ...............................
Feb ..............................
Mar ..............................
Apr ...............................
May ..............................
June .............................
July .............................
Aug ..............................
Sept .............................
Oct ...............................
Nov ..............................
Dec ...............................
1 Beginning

8,940
7,996
7,404
7,236
6,739
6,210
5,880
5,655
6,742
8,266
8,259
7,922
7,891
8,111
8,594
8,351
8,424
8,345
8,142
8,092
8,209
8,508
8,590

36.5
34.1
36.5
36.4
37.7
42.2
43.7
45.0
42.0
34.6
37.1
36.7
35.8
37.6
33.0
34.4
31.7
35.1
35.6
33.4
33.2
34.5
32.7

28.9
30.1
31.6
31.6
31.7
31.4
31.2
31.9
32.1
30.8
33.4
31.9
31.8
29.5
33.3
30.3
32.3
29.9
30.0
30.9
30.3
29.6
29.4

14.5
15.5
14.6
14.6
14.8
12.3
12.8
11.8
14.1
16.3
15.9
17.5
17.5
16.6
16.1
15.7
16.6
16.4
16.2
16.2
16.2
15.3
16.1

20.1
20.3
17.3
17.4
15.8
14.1
12.3
11.4
11.8
18.3
13.7
13.9
14.9
16.3
17.6
19.6
19.4
18.6
18.2
19.5
20.3
20.6
21.8

January 1994, job losers and persons who completed temporary jobs.
2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental
compensation or Emergency Unemployment Compensation programs.
3 Data beginning January 1994 are not directly comparable with data for earlier periods.

18.0
18.8
16.6
16.7
15.8
14.5
13.4
12.6
13.2
16.6
14.5
14.6
15.0
15.4
16.6
17.1
17.3
16.4
16.2
17.8
17.5
17.7
18.5

8.3
9.2
8.3
8.3
8.0
6.7
6.4
5.9
6.8
9.1
8.2
8.8
8.1
8.1
8.9
9.8
11.7
8.6
8.4
9.5
9.6
9.3
9.6

54.2
47.7
46.9
46.6
45.1
45.5
44.6
44.1
50.8
54.7
54.4
55.1
54.4
52.3
53.2
54.5
54.8
54.9
55.1
56.0
56.5
55.1
54.6

10.9
9.9
11.1
10.7
11.8
11.8
13.3
13.7
12.3
10.4
11.0
11.1
11.0
10.6
12.0
10.7
10.0
9.8
10.0
9.6
10.0
9.7
10.2

24.6
34.8
34.1
34.7
34.7
34.3
34.1
34.6
30.1
28.5
28.6
27.7
28.5
30.3
28.8
28.9
28.2
28.5
27.4
27.9
27.9
28.2
29.2

10.3
7.6
7.8
8.0
8.4
8.4
8.0
7.6
6.7
6.5
6.0
6.1
6.1
6.8
6.1
5.9
7.0
6.8
7.5
6.5
5.6
7.0
6.1

2,751
2,670
2,572
2,595
2,323
2,222
2,188
2,110
r 2,974
3,585
3,540
3,475
3,522
3,619
3,757
3,797
3,672
3,513
3,532
3,627
3,597
3,483
3,438

341
340
357
356
323
321
298
301
404
407
410
401
391
422
435
412
393
386
399
423
401
378
418

2,845
2,739
2,633
2,650
2,366
2,257
2,219
2,141
r 3,007
3,618
3,940
4,313
4,300
4,138
3,947
3,250
3,539
3,524
3,123
3,267
2,935
r3,082
3,898

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

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell by 101,000 in December.

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

Goods-producing industries
Period

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

Total
nonagricultural
employment

110,713
114,163
117,191
119,608
122,690
125,865
128,916
131,720
131,922
130,793
130,890
130,871
130,706
130,701
130,680
130,702
130,736
130,790
130,913
130,829
130,898
130,810
130,709

Service-producing industries

Manufacturing
Total 2

23,352
23,908
24,265
24,493
24,962
25,414
25,507
25,669
24,944
23,836
24,261
24,130
24,041
23,975
23,905
23,870
23,861
23,812
23,801
23,748
23,688
23,625
23,566

Construction

4,668
4,986
5,160
5,418
5,691
6,020
6,415
6,653
6,685
6,555
6,634
6,615
6,597
6,593
6,541
6,541
6,549
6,519
6,556
6,556
6,544
6,540
6,543

Total

18,075
18,321
18,524
18,495
18,675
18,805
18,552
18,473
17,695
16,725
17,062
16,947
16,880
16,822
16,800
16,771
16,757
16,742
16,690
16,640
16,592
16,535
16,470

Durable
goods

Nondurable
goods

10,221
10,448
10,683
10,789
11,010
11,205
11,111
11,141
10,636
9,907
10,166
10,070
10,023
9,976
9,976
9,963
9,944
9,922
9,889
9,832
9,800
9,756
9,710

7,854
7,873
7,841
7,706
7,665
7,600
7,441
7,332
7,059
6,818
6,896
6,877
6,857
6,846
6,824
6,808
6,813
6,820
6,801
6,808
6,792
6,779
6,760

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

87,361
90,256
92,925
95,115
97,727
100,451
103,409
106,051
106,978
106,957
106,629
106,741
106,665
106,726
106,775
106,832
106,875
106,978
107,112
107,081
107,210
107,185
107,143

Transportation and
public
utilities

5,811
5,984
6,132
6,253
6,408
6,611
6,834
7,031
7,065
6,773
6,856
6,850
6,837
6,814
6,799
6,793
6,790
6,780
6,765
6,725
6,727
6,718
6,691

Wholesale
trade

5,981
6,162
6,378
6,482
6,648
6,800
6,911
6,947
6,776
6,671
6,702
6,702
6,689
6,681
6,678
6,681
6,681
6,679
6,671
6,663
6,657
6,643
6,637

Retail
trade

19,773
20,507
21,187
21,597
21,966
22,295
22,848
23,337
23,522
23,306
23,318
23,396
23,331
23,332
23,345
23,327
23,308
23,339
23,295
23,291
23,289
23,249
23,145

Finance,
insurance,
Services
and real
estate

6,757
6,896
6,806
6,911
7,109
7,389
7,555
7,578
7,712
7,761
7,748
7,748
7,745
7,740
7,743
7,732
7,733
7,737
7,745
7,773
7,803
7,810
7,818

30,197
31,579
33,117
34,454
36,040
37,533
39,055
40,457
40,970
41,184
40,883
40,908
40,901
40,963
41,025
41,093
41,152
41,215
41,347
41,336
41,385
41,400
41,473

Government
Total

18,841
19,128
19,305
19,419
19,557
19,823
20,206
20,702
20,933
21,262
21,122
21,137
21,162
21,196
21,185
21,206
21,211
21,228
21,289
21,293
21,349
21,365
21,379

Federal

2,915
2,870
2,822
2,757
2,699
2,686
2,669
2,777
2,616
2,619
2,615
2,609
2,608
2,611
2,610
2,600
2,601
2,607
2,611
2,621
2,649
2,658
2,659

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

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

Total
private
nonagricultural 1

34.5
34.7
34.5
34.4
34.6
34.6
34.5
34.5
34.2
34.1
34.1
34.1
34.2
34.2
34.2
34.2
34.3
34.0
34.1
34.2
34.2
34.2
34.1

Total

41.4
42.0
41.6
41.6
42.0
41.7
41.7
41.6
40.7
40.9
40.6
40.6
40.7
41.0
40.9
40.9
41.1
40.7
40.9
40.8
40.7
40.6
40.9

Average gross weekly earnings

Total private
nonagricultural 1

Overtime

4.1
4.7
4.4
4.5
4.8
4.6
4.6
4.6
3.9
4.1
3.8
3.9
3.9
4.1
4.2
4.2
4.3
4.0
4.2
4.1
4.1
4.0
4.2

Current
dollars

$10.83
11.12
11.43
11.82
12.28
12.78
13.24
13.76
14.31
14.77
14.55
14.58
14.61
14.64
14.66
14.69
14.74
14.76
14.83
14.85
14.90
14.93
14.98

1982
dollars 2

$7.39
7.40
7.39
7.43
7.55
7.75
7.86
7.89
7.99
8.14
8.14
8.14
8.13
8.12
8.09
8.11
8.13
8.13
8.14
8.14
8.15
8.15
8.18

Total private
nonagricultural 1
Manufacturing

Current
dollars

$11.74
12.07
12.37
12.77
13.17
13.49
13.90
14.37
14.83
15.30
15.08
15.13
15.17
15.19
15.19
15.27
15.31
15.28
15.34
15.35
15.44
15.44
15.49

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

$373.64
385.86
394.34
406.61
424.89
442.19
456.78
474.72
489.40
503.66
496.16
497.18
499.66
500.69
501.37
502.40
505.58
501.84
505.70
507.87
509.58
510.61
510.82

$254.87
256.73
255.07
255.73
261.31
268.32
271.25
272.36
273.26
277.50
277.49
277.44
278.21
277.85
276.69
277.42
278.86
276.34
277.70
278.28
278.61
278.87
278.83

$486.04
506.94
514.59
531.23
553.14
562.53
579.63
597.79
603.58
625.77
612.25
614.28
617.42
622.79
621.27
624.54
629.24
621.90
627.41
626.28
628.41
626.86
633.54

$553.63
573.00
587.00
603.33
625.56
646.13
672.13
702.68
720.76
732.16
727.26
736.68
735.99
732.73
734.37
726.40
733.59
720.83
729.54
736.42
729.60
726.18
735.74

$209.95
216.46
221.47
230.11
240.74
253.46
263.61
273.39
282.35
291.16
285.82
286.11
287.68
289.55
289.13
290.71
292.75
289.44
291.60
292.90
294.49
295.80
297.26

Current
dollars

1982
dollars

¥0.0
.7
¥.6
.3
2.2
2.7
1.1
.4
.3
1.6
2.3
2.4
2.7
2.1
1.9
2.4
2.7
1.1
1.6
1.9
1.7
1.1
.5

2.8
3.3
2.2
3.1
4.5
4.1
3.3
3.9
3.1
2.9
3.5
3.2
3.5
3.3
3.2
3.2
3.4
2.4
3.2
3.2
3.6
3.2
3.0

Source: Department of Labor, Bureau of Labor Statistics.

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

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

12 months earlier
Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

Not seasonally adjusted
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

119.8
123.5
126.7
130.6
135.1
139.8
144.6
150.9
157.2
162.3

116.4
119.7
123.1
127.3
132.3
137.4
142.2
147.7
153.3
157.5

128.3
133.0
135.9
138.6
141.8
145.2
150.2
158.6
166.7
174.6

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

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

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

Seasonally adjusted
1999: Mar .................................................................
June ................................................................
Sept .................................................................
Dec ..................................................................
2000: Mar .................................................................
June ................................................................
Sept .................................................................
Dec ..................................................................
2001: Mar .................................................................
June ................................................................
Sept .................................................................
Dec ..................................................................
2002: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
1 Employer

140.2
141.8
143.1
144.6
146.6
148.3
149.8
151.1
152.8
154.3
155.7
157.3
158.7
160.4
161.4
162.5

138.1
139.7
140.9
142.3
143.9
145.4
146.7
147.9
149.4
150.9
152.0
153.4
154.8
156.3
156.9
157.6

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

145.2
146.7
148.2
150.2
153.1
155.1
157.0
158.8
160.8
162.5
164.7
166.8
168.6
170.9
172.6
174.7

0.3
1.1
.9
1.0
1.4
1.2
1.0
.9
1.1
1.0
.9
1.0
.9
1.1
.6
.7

3.6
3.1
2.6
3.1
3.4
3.5
3.4
4.4
4.2
3.2

3.1
2.8
2.8
3.4
3.9
3.9
3.5
3.9
3.8
2.7

5.0
3.7
2.2
2.0
2.3
2.4
3.4
5.6
5.1
4.7

Not seasonally adjusted
0.4
1.2
.9
1.0
1.1
1.0
.9
.8
1.0
1.0
.7
.9
.9
1.0
.4
.4

0.0
1.0
1.0
1.3
1.9
1.3
1.2
1.1
1.3
1.1
1.4
1.3
1.1
1.4
1.0
1.2

3.0
3.3
3.1
3.4
4.6
4.6
4.6
4.4
4.2
4.0
4.0
4.2
3.9
4.0
3.7
3.2

3.3
3.6
3.2
3.5
4.2
4.1
4.1
3.9
3.8
3.8
3.6
3.8
3.5
3.6
3.2
2.7

2.2
2.5
2.8
3.4
5.5
5.7
6.0
5.6
5.0
4.8
4.9
5.1
4.8
5.1
4.8
4.7

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
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001

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

100.0
100.5
101.9
102.6
105.4
107.8
110.6
113.5
116.9
118.2

100.0
100.5
101.8
102.8
105.4
107.5
110.3
112.9
116.2
117.5

100.0
103.1
108.1
111.5
116.4
122.5
128.5
134.5
140.0
139.8

100.0
103.3
108.2
111.8
116.7
122.7
128.8
134.8
140.2
140.1

100.0
102.6
106.2
108.7
110.4
113.6
116.2
118.5
119.7
118.2

100.0
102.9
106.2
108.8
110.7
114.1
116.8
119.4
120.6
119.2

100.0
102.5
104.5
106.7
110.1
113.5
119.7
125.2
133.8
137.7

100.0
102.2
104.3
106.6
109.8
113.1
119.1
124.3
133.0
136.6

100.0
100.0
99.9
99.6
100.1
101.0
105.0
107.6
111.2
111.4

100.0
99.7
99.7
99.4
99.8
100.6
104.5
106.8
110.6
110.5

100.0
101.9
102.6
104.1
104.5
105.3
108.2
110.3
114.4
116.5

100.0
101.7
102.5
103.7
104.2
105.2
108.0
110.1
114.4
116.3

100.0
102.2
104.0
106.0
107.7
109.7
110.6
111.6
113.5
115.8

100.0
102.2
104.1
106.1
107.6
109.8
110.8
112.1
114.1
116.3

1999: I ...................
II ..................
III ................
IV .................
2000: I ...................
II ..................
III ................
IV .................
2001: I ...................
II ..................
III ................
IV .................
2002: I ...................
II .................
III * .............

112.7
112.5
113.6
115.2
115.3
117.2
117.3
117.9
117.5
117.4
117.9
120.1
122.5
123.1
124.7

112.1
111.9
112.9
114.7
114.7
116.4
116.6
117.1
116.7
116.6
117.2
119.3
121.8
122.3
123.8

132.4
133.0
134.9
137.7
138.4
140.3
140.4
140.7
140.4
139.4
139.1
140.3
142.3
142.5
144.3

132.7
133.3
135.3
138.0
138.7
140.5
140.6
141.0
140.7
139.7
139.4
140.4
142.5
142.9
144.7

117.4
118.2
118.8
119.5
120.1
119.7
119.7
119.4
119.5
118.7
117.9
116.8
116.1
115.8
115.7

118.4
119.1
119.8
120.4
120.9
120.7
120.6
120.4
120.6
119.8
118.9
117.7
117.0
116.8
116.8

124.1
124.3
125.4
127.0
131.4
132.4
135.0
136.3
137.3
137.5
137.8
138.3
139.3
140.8
142.6

123.2
123.4
124.5
126.3
130.8
131.5
134.3
135.3
136.3
136.3
136.7
137.2
138.2
139.5
141.2

107.7
107.1
107.3
107.8
110.5
110.5
111.7
111.9
111.8
111.0
111.1
111.6
112.0
112.2
113.2

106.9
106.3
106.6
107.2
110.0
109.8
111.1
111.2
110.9
110.1
110.2
110.7
111.1
111.2
112.0

110.2
110.5
110.4
110.2
114.0
113.0
115.1
115.6
116.9
117.1
116.8
115.1
113.7
114.4
114.3

109.9
110.3
110.3
110.1
114.0
113.0
115.2
115.6
116.8
116.9
116.6
115.0
113.4
114.0
114.0

111.2
111.5
111.8
112.1
112.8
113.4
113.7
114.3
115.2
115.8
116.4
115.9
116.0
116.2
116.3

111.5
111.9
112.3
112.6
113.4
113.9
114.3
114.8
115.7
116.3
116.8
116.5
116.4
116.8
116.9

1.6
1.7
.8
1.2
.5
.9
2.7
2.0
3.9
1.6
2.0
5.1
2.7
¥.4
4.8
1.3
.0
¥.5
14.9
¥3.6
8.0
1.4
4.3
.3
¥1.1
¥5.4
¥5.3
2.2
¥.2

2.0
2.2
1.8
2.0
1.6
1.8
.8
1.0
1.7
2.0
.5
.5
.9
.5
1.3
1.0
1.2
1.1
2.4
2.2
1.1
1.9
3.4
2.2
1.8
¥1.6
.3
.7
.4

2.1
2.2
1.9
2.0
1.4
2.1
.9
1.2
1.8
1.9
.6
.4
1.2
.5
1.4
1.5
1.4
1.3
2.7
1.9
1.4
1.6
3.3
2.0
1.7
¥1.0
¥.2
1.4
.1

Percent change; quarterly data at seasonally adjusted annual rates
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
1998:

1999:

2000:

2001:

2002:

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

1 Output

3.9
.5
1.3
.7
2.8
2.3
2.6
2.6
3.0
1.1
5.1
.1
2.3
4.4
3.1
¥.6
3.8
5.8
.3
6.7
.4
2.1
¥1.5
¥.2
1.8
7.6
8.3
1.8
5.4

3.7
.5
1.3
.9
2.5
2.0
2.6
2.4
2.9
1.1
4.9
.6
1.9
4.3
2.4
¥.8
3.7
6.3
.2
6.0
.6
1.7
¥1.5
¥.1
2.1
7.3
8.6
1.7
5.1

3.7
3.1
4.9
3.1
4.4
5.2
4.9
4.7
4.1
¥.2
7.5
1.9
4.4
8.2
3.4
2.1
5.9
8.4
2.2
5.4
.4
.9
¥1.0
¥2.8
¥.9
3.5
5.9
.6
5.2

3.5
3.3
4.7
3.4
4.3
5.1
5.0
4.6
4.0
¥.1
7.8
2.1
4.3
8.3
3.3
1.9
6.0
8.3
1.9
5.4
.2
1.1
¥.9
¥2.7
¥.8
2.9
6.2
.9
5.1

¥0.2
2.6
3.5
2.4
1.6
2.9
2.2
2.0
1.0
¥1.3
2.2
1.9
2.0
3.7
.2
2.7
2.0
2.4
1.9
¥1.2
.0
¥1.2
.4
¥2.6
¥2.6
¥3.9
¥2.2
¥1.2
¥.2

¥0.2
2.9
3.3
2.4
1.7
3.1
2.4
2.2
1.0
¥1.2
2.8
1.4
2.4
3.8
.9
2.6
2.2
1.9
1.7
¥.6
¥.4
¥.6
.5
¥2.6
¥2.9
¥4.1
¥2.2
¥.7
.0

refers to real gross domestic product originating in the sector.
2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–
U) for recent quarters. The trend from 1978–2001 is based on the consumer price index research series (CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

16

5.3
2.5
2.0
2.1
3.2
3.1
5.5
4.6
6.8
2.9
7.3
5.4
4.7
4.0
8.2
.5
3.7
5.1
14.7
3.0
8.3
3.7
3.1
.5
.9
1.4
3.0
4.2
5.3

5.3
2.2
2.1
2.1
3.1
3.0
5.4
4.4
7.0
2.7
7.0
5.8
4.6
3.8
7.3
.6
3.7
5.8
15.2
2.2
8.7
3.1
2.8
.1
1.0
1.5
2.9
3.9
4.9

2.7
.0
¥.1
¥.3
.5
.9
4.0
2.4
3.4
.2
6.5
4.2
3.1
2.2
6.5
¥2.3
.8
1.7
10.3
.0
4.6
.7
¥.6
¥2.6
.2
1.7
1.6
.8
3.4

2.7
¥.3
.0
¥.3
.4
.8
3.9
2.2
3.5
¥.1
6.2
4.6
3.0
2.0
5.5
¥2.2
.8
2.5
10.7
¥.7
4.9
.2
¥.9
¥2.9
.3
1.8
1.4
.5
3.0

1.4
1.9
.7
1.4
.4
.8
2.8
1.9
3.7
1.8
2.1
5.3
2.3
¥.4
5.0
1.1
¥.1
¥.7
14.4
¥3.5
7.8
1.6
4.7
.7
¥.9
¥5.8
¥4.9
2.4
¥.1

NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released November 26, 2002.
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 1
Percent
Period

Index,
1997=100

From
preceding
month

Industry production indexes, 1997=100

change 2
From
year
earlier

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

Total 1

Durable

Nondurable

Other
(nonNAICS) 1

Mining

Utilities
Total
industry

1993 ......................
1994 ......................
1995 ......................
1996 ......................
1997 ......................
1998 ......................
1999 ......................
2000 ......................
2001 ......................
2002 p ....................

80.9
85.2
89.3
93.2
100.0
105.6
110.1
115.3
111.2
110.5

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

3.3
5.3
4.8
4.4
7.3
5.6
4.3
4.7
¥3.5
¥.6

78.9
83.7
88.1
92.2
100.0
106.5
111.8
117.4
112.6
111.5

69.5
75.6
82.1
89.1
100.0
110.3
119.3
129.4
122.9
121.2

91.3
94.5
96.2
96.5
100.0
101.4
102.2
102.9
99.8
99.6

93.8
93.1
93.2
92.5
100.0
106.5
109.9
112.4
109.1
105.7

94.4
96.6
96.4
98.1
100.0
98.2
94.0
96.0
96.6
93.7

91.5
92.8
96.4
99.7
100.0
101.5
103.9
106.4
105.6
110.0

2001: Dec ............

108.3

¥0.5

¥5.9

109.6

118.9

98.0

107.1

95.1

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

109.0
109.2
109.6
110.1
110.4
110.8
111.6
111.3
111.2
110.7
110.8
110.6

.6
.2
.4
.4
.3
.3
.7
¥.2
¥.1
¥.5
.1
¥.2

¥4.6
¥3.9
¥3.0
¥2.2
¥1.3
¥.3
.5
.6
1.2
1.1
1.8
2.1

110.3
110.4
110.7
111.0
111.4
111.9
112.3
112.4
112.1
111.6
111.7
111.5

119.6
119.8
119.8
120.5
121.2
121.8
122.2
122.7
122.0
121.6
122.3
121.6

98.8
99.0
99.5
99.5
99.7
99.9
100.4
100.0
100.0
99.4
99.1
99.2

105.8
104.9
105.0
104.1
104.2
105.5
105.0
105.8
107.1
106.7
106.0
106.9

94.4
94.2
93.6
93.4
93.4
93.5
94.4
93.9
92.2
92.4
93.0
94.6

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

Total
manufacturing

81.1
83.3
83.6
82.5
83.7
82.9
82.4
82.7
77.3
75.6

80.0
82.4
82.8
81.2
82.7
81.9
81.4
81.4
75.6
73.8

102.2

74.6

73.0

103.7
105.2
108.0
110.6
110.1
110.1
113.7
110.4
113.3
111.3
111.3
110.0

75.0
75.1
75.3
75.6
75.7
75.9
76.4
76.1
76.0
75.6
75.6
75.4

73.3
73.4
73.5
73.6
73.9
74.1
74.3
74.3
74.1
73.8
73.8
73.6

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

17

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

Materials
Nonindustrial supplies

Consumer goods

Equipment

Durable
goods

Business
equipment

Period
Total
Total

Nondurable
goods

Total 1

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

1993 ............................................................
1994 ............................................................
1995 ............................................................
1996 ............................................................
1997 ............................................................
1998 ............................................................
1999 ............................................................
2000 ............................................................
2001 ............................................................
2002 p ..........................................................

83.2
86.9
90.5
93.9
100.0
105.6
108.2
112.1
109.0
107.2

87.3
91.5
94.4
96.4
100.0
103.6
105.4
107.8
106.5
107.6

75.3
84.5
89.2
93.0
100.0
107.2
114.6
119.0
112.2
117.3

91.8
94.1
96.3
97.7
100.0
102.3
102.2
103.9
104.3
104.2

75.8
78.3
83.2
89.1
100.0
109.7
113.8
120.8
113.8
105.3

70.1
73.7
79.6
87.1
100.0
111.1
116.9
126.5
117.3
107.4

106.2
102.3
101.4
99.6
100.0
104.2
103.4
99.3
100.1
101.3

79.4
84.0
88.1
92.8
100.0
106.7
112.2
118.8
115.3
114.7

83.4
89.2
91.5
95.6
100.0
105.0
107.3
110.2
105.5
104.0

77.1
81.0
86.1
91.1
100.0
107.8
115.5
124.7
121.9
122.0

79.2
84.0
88.7
92.6
100.0
105.2
111.2
117.0
111.8
112.3

94.7
95.6
97.4
99.4
100.0
99.2
98.9
99.3
97.5
98.6

2001: Dec ..................................................

106.3

105.7

114.0

102.7

106.5

108.6

100.3

112.3

102.5

119.0

108.8

96.2

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

106.6
106.8
107.2
107.2
107.1
107.5
107.9
107.6
107.4
106.7
107.1
106.6

106.2
106.7
107.4
107.5
107.3
107.8
108.5
107.8
107.9
107.1
107.7
107.1

114.2
115.3
115.7
116.5
117.2
118.6
120.0
119.3
118.7
116.9
120.7
118.1

103.3
103.6
104.4
104.4
103.9
104.1
104.6
103.8
104.2
103.7
103.4
103.3

106.5
105.8
105.4
105.3
105.6
105.7
105.2
106.0
105.0
104.7
104.3
104.3

108.8
108.1
107.8
107.7
108.0
108.0
107.3
108.1
106.9
106.2
106.0
105.5

99.6
99.7
99.8
99.9
100.6
101.2
101.2
101.9
102.0
102.6
102.1
103.3

112.4
112.8
113.3
113.9
114.6
114.8
115.5
115.4
115.8
115.4
114.9
114.7

102.6
103.1
104.0
104.0
104.6
104.5
104.4
104.8
104.5
104.2
103.5
102.9

119.2
119.4
119.7
120.7
121.5
121.8
123.2
122.6
123.6
123.2
122.8
122.9

110.0
110.2
110.7
111.6
112.2
112.6
113.8
113.6
113.4
112.9
113.0
113.2

97.1
97.1
97.9
98.6
98.5
98.6
101.0
99.3
99.1
98.2
98.6
99.1

1 Includes

other items, not shown separately.

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

Iron
and
steel
products

Nondurable manufactures

Computer and electronic products

Fabricated
metal
products

Machinery
Total

Selected
hightechnology 1

Transportation
equipment

Total

Motor
vehicles
and
parts

Apparel

Printing
and
support

Chemical

Food

1993 ............................................................
1994 ............................................................
1995 ............................................................
1996 ............................................................
1997 ............................................................
1998 ............................................................
1999 ............................................................
2000 ............................................................
2001 ............................................................
2002 p ..........................................................

86.2
92.6
93.7
95.9
100.0
102.3
101.7
98.8
88.2
86.0

86.5
93.3
94.8
97.1
100.0
100.4
100.0
100.3
86.7
89.3

79.9
87.0
92.2
95.6
100.0
103.0
103.8
108.2
100.5
99.1

78.9
86.3
92.3
95.3
100.0
101.9
99.6
106.6
95.1
88.0

37.5
44.4
57.9
74.1
100.0
128.2
166.4
221.1
223.7
220.2

26.0
33.5
47.7
67.1
100.0
138.9
197.2
281.4
290.4
291.1

85.8
89.8
90.0
91.7
100.0
108.7
114.4
110.5
104.1
106.1

77.7
89.3
92.0
92.7
100.0
105.1
116.4
116.3
107.6
117.2

101.7
103.9
103.9
101.1
100.0
94.4
90.6
87.2
78.1
72.3

94.8
95.9
97.3
98.0
100.0
100.9
101.9
102.5
98.0
98.0

89.0
91.3
92.7
94.6
100.0
101.3
103.8
105.9
105.3
105.4

96.3
96.8
99.2
97.3
100.0
104.2
105.1
106.3
105.0
105.7

2001: Dec ..................................................

78.2

70.9

97.6

85.9

215.8

280.8

105.0

112.0

73.2

95.6

103.7

105.2

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

84.3
85.3
85.1
84.6
85.9
86.2
85.0
87.6
85.0
87.9
87.4
88.7

85.0
86.9
85.5
85.1
90.0
89.0
88.1
93.0
88.8
94.5
92.6
95.5

97.7
98.2
98.2
98.4
99.7
99.3
99.7
99.3
99.4
100.0
99.3
98.9

87.2
87.3
88.0
88.3
88.5
88.9
88.4
89.4
88.2
86.8
86.9
87.3

216.3
215.5
216.9
217.9
220.0
220.8
221.5
223.0
223.2
223.3
223.3
224.3

281.4
281.3
284.0
286.9
290.8
293.1
293.6
296.8
296.3
297.7
298.2
299.8

104.4
104.9
104.3
105.5
105.2
106.7
108.4
108.5
107.7
106.1
109.1
105.6

111.8
113.4
113.3
115.9
115.8
118.6
122.1
122.0
121.1
118.3
123.4
117.6

72.7
72.3
74.0
72.4
72.9
72.7
72.9
71.4
72.2
70.2
71.0
70.2

97.8
96.9
95.2
95.5
96.2
95.5
98.4
98.6
99.9
100.1
99.7
100.0

104.9
104.6
105.2
105.1
105.0
105.7
106.9
106.2
106.1
105.1
104.8
105.3

105.2
105.7
106.0
105.9
105.6
105.5
105.5
105.3
105.8
106.0
105.1
105.3

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

18

Source: Board of Governors of the Federal Reserve System.

NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3

Private
Period

Total new
construction
expenditures

Residential
Total

New housing
units

Total 1

Commercial
and industrial 2

Other

Federal
and
State
and
local

Total value
index
(1996=100)

Commercial
and industrial
floor space
(millions of
square feet)

Billions of dollars
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 p ....................................

491.0
539.2
557.8
615.9
653.4
705.7
765.9
820.3
842.5
846.2

375.1
419.0
427.9
476.6
502.7
551.4
596.3
641.8
650.0
641.8

225.1
258.6
247.4
281.1
289.0
314.6
350.6
374.5
388.7
414.8

150.9
176.4
171.4
191.1
198.1
224.0
251.3
265.0
279.8
297.0

81.5
93.3
110.9
125.2
136.6
151.1
153.1
164.1
155.8
120.4

68.5
67.1
69.7
70.4
77.1
85.7
92.7
103.2
105.5
106.6

116.0
120.2
129.9
139.3
150.7
154.3
169.5
178.6
192.5
204.1

82
89
92
100
109
122
135
142
....................
....................

589
744
862
875
1,027
1,223
1,255
1,240
......................
......................

137.7
138.6
134.9
131.7
131.0
121.9
119.1
116.8
113.4
110.1
111.3
112.1
110.2

107.9
109.6
111.0
109.8
113.8
106.8
104.7
104.9
104.4
104.2
107.5
104.9
103.1

201.0
208.7
214.9
199.9
200.2
204.9
199.1
202.1
202.8
205.7
203.2
208.5
210.5

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

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

Annual rates
2001: Dec ............................
2002: Jan ............................
Feb ............................
Mar ............................
Apr ............................
May ...........................
June ..........................
July ...........................
Aug ............................
Sept r ..........................
Oct r ...........................
Nov ............................
Dec p ...........................

841.8
860.2
874.3
855.2
856.9
847.1
833.7
837.8
829.8
832.2
840.0
847.9
858.3

640.8
651.5
659.4
655.3
656.7
642.2
634.6
635.7
627.1
626.5
636.8
639.3
647.8

395.2
403.3
413.5
413.8
411.8
413.5
410.8
414.0
409.3
412.2
418.0
422.4
434.6

283.1
286.9
293.8
295.4
295.6
294.9
292.8
295.2
292.7
296.7
299.7
304.7
314.4

1 Includes

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

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

2 Includes
3 F.W.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]
New private housing units
Period
Total
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 p ....................................

New private houses

Units started, by type of structure

1,287.6
1,457.0
1,354.1
1,476.8
1,474.0
1,616.9
1,640.9
1,568.7
1,602.7
1,704.9

1 unit
1,125.7
1,198.4
1,076.2
1,160.9
1,133.7
1,271.4
1,302.4
1,230.9
1,273.3
1,359.7

2–4 units 1

5 units or
more

29.4
35.2
33.8
45.3
44.5
42.6
31.9
38.7
36.6
38.8

132.6
223.5
244.1
270.8
295.8
302.9
306.6
299.1
292.8
306.3

Units
authorized
1,199.1
1,371.6
1,332.5
1,425.6
1,441.1
1,612.3
1,663.5
1,592.3
1,636.7
1,726.3

Units
completed

Houses
sold

Houses for
sale at end
of period 2

Vacancy rate
for rental
housing units
(percent) 3

1,192.7
1,346.9
1,312.6
1,412.9
1,400.5
1,474.2
1,604.9
1,573.7
1,570.8
1,650.7

666
670
667
757
804
886
880
877
908
976

293
336
370
322
281
294
308
298
308
338

3 7.3

1,705
1,607
1,669
1,576
1,650
1,702
1,587
1,614
1,710
1,652
1,579
1,728
1,683

979
870
937
915
932
974
947
958
1,047
r 1,056
1,006
1,045
1,082

308
310
314
316
324
329
329
331
331
r 332
334
336
338

8.8
......................
......................
9.1
......................
......................
8.5
......................
......................
9.1
......................
......................
9.4

7.4
7.6
7.8
7.7
7.9
8.1
8.0
8.4
9.0

Seasonally adjusted annual rates
2001: Dec ............................
2002: Jan ............................
Feb ............................
Mar ............................
Apr ............................
May ...........................
June ..........................
July ...........................
Aug ............................
Sept ...........................
Oct r ...........................
Nov r ...........................
Dec p ...........................

1,583
1,713
1,788
1,675
1,566
1,742
1,692
1,652
1,631
1,808
1,660
1,747
1,835

1,294
1,344
1,472
1,298
1,261
1,380
1,344
1,319
1,249
1,452
1,375
1,404
1,473

17
67
43
49
27
37
46
31
31
36
32
34
41

1 Derived; seasonally adjusted monthly data for 2–4 housing units started are no longer published.
2 Seasonally adjusted.
3 Revised series beginning 1994; data for 1993 reflect the revision. Quarterly data entered
in last month of quarter.

272
302
273
328
278
325
302
302
351
320
253
309
321

1,702
1,686
1,766
1,629
1,631
1,676
1,706
1,712
1,666
1,733
1,772
1,738
1,887

NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 places.
Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods.
Source: Department of Commerce, Bureau of the Census.

19

BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In November, manufacturing and trade sales rose 0.2 percent and inventories rose $3.2 billion. According to advance
estimates, retail sales rose 1.3 percent in December; retail and food services sales rose 1.2 percent.

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

Manufacturing and trade 1
Period
Sales 2

Inventories 3

Inventorysales
ratio 4

Wholesale

Sales 2

Inventories 3

Retail
Inventory
sales
ratio 4

1993 .................................................................
564,458
864,841
1.51 150,833 202,730
1.31
1994 .................................................................
605,983
927,859
1.47 161,133 219,766
1.30
1995 .................................................................
648,961
986,329
1.49 176,227 236,145
1.31
1996 .................................................................
680,673 1,005,021
1.47 186,649 238,782
1.28
1997 .................................................................
716,672 1,044,981
1.43 194,541 256,417
1.27
1998 .................................................................
736,556 1,076,471
1.45 198,319 269,412
1.33
1999 .................................................................
779,798 1,134,734
1.41 211,756 285,686
1.31
2000 .................................................................
827,951 1,198,395
1.42 229,313 304,678
1.30
2001 .................................................................
815,111 1,122,990
1.43 226,313 288,014
1.32
2002 p .............................................................. ................ .................. ................ ................ ................ ................
2001: Nov r .....................................................
806,589 1,129,014
1.40 221,978 289,458
1.30
Dec r .....................................................
803,005 1,122,990
1.40 220,380 288,014
1.31
2002: Jan .......................................................
811,196 1,122,911
1.38 223,023 286,994
1.29
Feb .......................................................
804,624 1,120,288
1.39 224,738 284,508
1.27
Mar ......................................................
808,644 1,116,303
1.38 224,855 283,732
1.26
Apr ......................................................
822,615 1,113,864
1.35 228,131 281,193
1.23
May ......................................................
820,227 1,116,527
1.36 228,052 281,080
1.23
June .....................................................
822,795 1,119,454
1.36 229,638 282,340
1.23
July .....................................................
833,564 1,124,317
1.35 231,353 284,083
1.23
Aug .......................................................
834,562 1,125,024
1.35 233,314 284,348
1.22
Sept .....................................................
828,454 1,132,074
1.37 232,798 285,386
1.23
Oct r ......................................................
832,466 1,133,221
1.36 232,891 283,971
1.22
Nov p .....................................................
834,100 1,136,442
1.36 235,672 284,491
1.21
Dec p ..................................................... ................ .................. ................ ................ ................ ................
1 See

4 Annual

Inventories 3

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

20

Inventory
sales
ratio 4

164,837 285,906
1.69
178,932 312,019
1.67
188,235 329,536
1.72
200,190 340,335
1.68
209,112 350,763
1.65
219,507 364,288
1.62
239,013 392,501
1.59
254,928 416,475
1.59
263,987 395,814
1.55
272,288 ................ ................
269,532 395,751
1.47
266,434 395,814
1.49
267,002 399,269
1.50
268,410 401,693
1.50
268,196 401,137
1.50
271,522 402,518
1.48
268,439 406,855
1.52
272,347 408,884
1.50
276,110 412,238
1.49
277,519 412,102
1.48
273,048 417,303
1.53
273,236 420,176
1.54
r275,565
423,731
1.54
279,015 ................ ................

3 Seasonally

2 Annual

Sales 2

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

Source: Department of Commerce, Bureau of the Census.

Retail and
food services
sales 2

182,841
197,735
207,704
220,431
230,616
242,228
262,803
280,427
290,713
300,492
296,278
294,328
294,852
296,468
296,199
299,642
296,567
300,634
304,218
305,616
301,181
301,551
r304,198
307,970

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

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1993 ....................................................
1994 ....................................................
1995 ....................................................
1996 ....................................................
1997 ....................................................
1998 ....................................................
1999 ....................................................
2000 ....................................................
2001 ....................................................
2002 p ...................................................
2001: Dec ...........................................
2002: Jan ...........................................
Feb ...........................................
Mar ..........................................
Apr ...........................................
May ..........................................
June .........................................
July ..........................................
Aug ..........................................
Sept ..........................................
Oct r ..........................................
Nov r .........................................
Dec p .........................................

248,789
265,918
284,499
293,835
313,018
318,730
329,029
343,710
324,811
321,313
316,191
321,171
311,476
315,593
322,962
323,736
320,810
326,101
323,729
322,608
326,339
322,863
320,957

130,793
143,081
153,094
158,952
172,409
179,712
186,933
190,502
175,012
173,739
171,075
174,828
170,367
170,376
176,426
175,927
173,205
178,739
175,561
174,008
176,241
173,331
169,853

117,996
122,838
131,405
134,883
140,610
139,019
142,096
153,207
149,799
147,574
145,116
146,343
141,109
145,217
146,536
147,809
147,605
147,362
148,168
148,600
150,098
149,532
151,104

376,205
396,074
420,648
425,904
437,801
442,771
456,547
477,242
439,162
430,241
439,162
436,648
434,087
431,434
430,153
428,592
428,230
427,996
428,574
429,385
429,074
428,220
430,241

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

235,218
249,272
263,223
267,980
275,348
284,484
289,641
304,151
275,311
265,030
275,311
273,770
271,870
269,094
267,811
266,417
265,478
264,398
264,070
263,516
263,040
262,487
265,030

140,987
146,802
157,425
157,924
162,453
158,287
166,906
173,091
163,851
165,211
163,851
162,878
162,217
162,340
162,342
162,175
162,752
163,598
164,504
165,869
166,034
165,733
165,211

246,668
266,641
285,542
297,282
314,986
317,345
329,770
347,225
321,397
318,835
312,308
315,360
313,068
316,737
318,861
320,873
312,866
326,636
325,464
317,660
321,993
319,427
320,614

128,672
143,803
154,137
162,399
174,377
178,327
187,674
194,017
171,598
171,261
167,192
169,017
171,959
171,520
172,325
173,064
165,261
179,274
177,296
169,060
171,895
169,895
169,510

40,681
45,175
51,011
54,066
60,697
62,133
64,392
69,476
57,886
54,691
55,491
54,680
55,500
53,642
54,220
56,174
50,774
56,933
59,214
52,901
55,213
54,558
55,956

425,314
434,236
446,913
488,392
512,718
495,947
505,376
547,826
506,412
477,626
506,412
500,601
502,193
503,337
499,236
496,373
488,429
488,964
490,699
485,751
481,405
477,969
477,626

1.51
1.45
1.45
1.44
1.38
1.39
1.36
1.37
1.42
1.34
1.39
1.36
1.39
1.37
1.33
1.32
1.33
1.31
1.32
1.33
1.31
1.33
1.34

NOTE.—Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are
durable unfilled orders.
Data exclude semiconductors.
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
rose 0.4 percent, while prices of other finished consumer goods were unchanged. Capital equipment prices fell
0.4 percent.

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

Period

Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

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

22

124.7
125.5
127.9
131.3
131.8
130.7
133.0
138.0
140.7
138.8
137.8
137.8
138.1
139.3
139.1
138.5
138.7
138.4
138.5
138.6
140.1
139.5
139.5

Intermediate materials

125.7
126.8
129.0
133.6
134.5
134.3
135.1
137.2
141.3
140.0
140.7
141.8
142.9
143.8
139.5
139.2
139.5
139.4
138.9
137.9
138.9
139.3
139.8

124.4
125.1
127.5
130.5
130.9
129.5
132.3
138.1
140.4
138.3
136.9
136.5
136.7
138.0
138.7
138.1
138.2
138.0
138.2
138.5
140.2
139.4
139.2

materials for food manufacturing and feeds.

121.7
121.6
124.0
127.6
128.2
126.4
130.5
138.4
141.4
138.7
136.3
135.9
136.0
138.0
139.3
138.3
138.5
138.4
138.8
139.3
141.5
140.4
140.4

Durable

128.0
130.9
132.7
134.2
133.7
132.9
133.0
133.9
134.0
132.9
133.7
133.4
133.9
133.6
133.2
133.2
133.5
132.2
132.0
132.4
133.4
132.4
131.4

Nondurable

117.6
116.2
118.8
123.3
124.3
122.2
127.9
138.7
142.8
139.8
135.7
135.4
135.3
138.4
140.4
139.0
139.2
139.6
140.3
140.8
143.5
142.5
142.9

Capital
equipment

131.4
134.1
136.7
138.3
138.2
137.6
137.6
138.8
139.7
139.1
139.6
139.5
139.6
139.5
139.2
139.1
139.3
138.7
138.6
138.7
139.2
138.9
138.4

Total
finished
consumer
goods

123.0
123.3
125.6
129.5
130.2
128.9
132.0
138.2
141.5
139.3
137.7
137.8
138.2
139.9
139.6
138.8
139.0
138.9
139.1
139.1
141.0
140.4
140.5

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

116.2
118.5
124.9
125.7
125.6
123.0
123.2
129.2
129.7
127.8
125.9
125.6
125.3
126.5
127.5
127.2
127.4
127.8
128.2
128.9
129.8
129.7
129.6

112.7
114.8
114.8
128.1
125.4
116.2
111.1
111.7
115.9
115.6
114.3
114.1
114.0
114.5
113.7
112.7
114.0
115.6
116.4
117.5
117.3
117.9
119.2

116.4
118.7
125.5
125.6
125.7
123.4
123.9
130.1
130.5
128.5
126.6
126.2
126.0
127.2
128.3
128.0
128.2
128.5
128.8
129.5
130.5
130.4
130.2

102.4
101.8
102.7
113.8
111.1
96.8
98.2
120.6
121.0
108.1
95.5
99.9
98.7
103.6
108.0
108.9
104.9
106.3
108.3
108.6
112.3
118.0
120.3

108.4
106.5
105.8
121.5
112.2
103.9
98.7
100.2
106.1
99.5
97.6
101.8
103.6
102.7
96.2
96.2
95.3
97.2
99.0
100.9
100.8
100.7
101.8

94.7
94.8
96.8
104.5
106.4
88.4
94.3
130.4
126.8
111.2
90.6
95.0
91.3
100.7
113.8
115.4
109.0
110.0
112.0
111.0
117.7
127.9
131.1

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In December, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted; it fell 0.2
percent not seasonally adjusted. The index was 2.4 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 .........................
1993 .................................
1994 .................................
1995 .................................
1996 .................................
1997 .................................
1998 .................................
1999 .................................
2000 .................................
2001 .................................
2002 .................................

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

Food

Owners’
equivalent
rent
(12/82=
100)

Total 1

Rent
of primary
residence

31.5
155.7
160.5
165.7
171.0
176.3
182.1
187.3
193.4
200.6
208.1

6.4
150.3
154.0
157.8
162.0
166.7
172.1
177.5
183.9
192.1
199.7

22.0
160.5
165.8
171.3
176.8
181.9
187.8
192.9
198.7
206.3
214.7

4.5
121.3
122.8
123.7
127.5
130.8
128.5
128.8
137.9
150.2
143.6

Total 1

100.0
144.5
148.2
152.4
156.9
160.5
163.0
166.6
172.2
177.1
179.9

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

14.7
140.9
144.3
148.4
153.3
157.3
160.7
164.1
167.8
173.1
176.2

40.9
141.2
144.8
148.5
152.8
156.8
160.4
163.9
169.6
176.4
180.3

2001: Dec ......................

176.7

177.3

174.8

177.9

204.3

196.2

210.7

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

177.1
177.8
178.8
179.8
179.8
179.9
180.1
180.7
181.0
181.3
181.3
180.9

177.6
178.0
178.6
179.5
179.5
179.7
179.9
180.5
180.8
181.3
181.5
181.6

175.4
175.8
176.1
176.2
175.8
175.8
176.1
176.0
176.4
176.5
176.9
177.4

178.2
178.7
178.9
179.5
180.0
180.1
180.3
180.9
181.1
181.6
181.9
182.2

205.0
206.0
206.2
207.1
207.6
207.8
208.2
209.0
209.3
209.8
210.4
210.8

196.8
197.5
198.2
198.5
199.0
199.5
200.0
200.4
200.7
201.3
202.0
202.3

211.4
212.2
212.8
213.5
213.9
214.5
215.1
215.7
216.2
216.8
217.1
217.7

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

4.4
133.7
133.4
132.0
131.7
132.9
133.0
131.3
129.6
127.3
124.0

17.1 ............
130.4 131.5
134.3 136.0
139.1 139.0
143.0 141.4
144.3 141.7
141.6 140.7
144.4 139.6
153.3 139.6
154.3 138.9
152.9 137.3

143.4

124.9

148.8

139.6

143.1
141.6
142.1
142.4
143.6
143.5
143.2
143.7
144.3
144.9
144.9
145.6

124.0
124.6
126.1
125.4
124.7
123.6
122.4
123.7
123.8
123.8
123.3
122.7

149.2
148.9
150.7
153.3
152.7
152.8
153.3
153.9
154.3
155.2
155.1
154.6

138.7
138.0
137.6
137.3
136.9
136.7
136.6
136.6
137.0
137.5
137.4
136.9

Motor
fuel

2.6
98.0
98.5
100.0
106.3
106.2
92.2
100.7
129.3
124.7
116.6

Medical
care

Energy 2

All
items
less
food
and
energy

5.8
201.4
211.0
220.5
228.2
234.6
242.1
250.6
260.8
272.8
285.6

6.2
104.2
104.6
105.2
110.1
111.5
102.9
106.6
124.6
129.3
121.7

79.1
152.2
156.5
161.2
165.6
169.5
173.4
177.0
181.3
186.1
190.5

98.5

278.4

113.2

188.3

101.1
101.0
109.6
120.4
117.0
117.4
118.8
119.7
120.9
125.0
124.7
122.8

279.7
280.4
281.4
282.7
284.0
284.6
286.5
287.1
288.0
289.8
291.4
292.3

114.2
113.3
117.6
122.9
122.0
122.0
122.5
123.2
124.1
126.4
126.1
125.6

188.6
189.1
189.3
189.8
190.1
190.2
190.5
191.1
191.3
191.6
191.9
192.0

3 Relative

importance, December 2001.
Source: Department of Labor, Bureau of Labor Statistics.

23

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

Change from 3 months earlier, annual rate

Consumer goods

Consumer goods

Total
finished
goods

Capital
equipment

Change
from year
earlier,
total
finished
goods
NSA

Consumer goods

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

1.8
2.0
2.2
.4
¥.6
0
.3
1.2
0
¥.9

Excluding
foods

Foods

Change from 6 months earlier, annual rate

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

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

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

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

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

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

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

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

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

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

¥1.4
2.0
2.3
3.7
¥1.5
¥.1
5.1
5.5
¥3.9
3.1

2.4
1.1
1.9
3.4
¥.8
.1
.8
1.7
1.8
¥.6

1.2
.6
1.9
2.7
.4
¥.8
1.8
3.8
2.0
¥1.4

Change, month to month
2001: Dec ...........

¥0.4

¥0.1

¥0.6

0.1

¥9.0

¥4.2

¥13.9

¥1.4

¥5.4

¥1.3

¥9.3

¥0.1

¥1.6

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

0

.8
.8
.6
¥3.0
¥.2
.2
¥.1
¥.4
r ¥.7
.7
.3
.4

¥.3
.1
1.5
.9
¥.7
.1
¥.1
.3
.4
1.6
¥.8
0

¥.1
.1
¥.1
¥.2
¥.1
.1
¥.4
¥.1
r .1
.4
¥.2
¥.4

¥4.0
¥.6
4.4
3.8
1.2
¥1.7
¥2.0
0
¥.3
5.0
2.9
2.6

¥.8
5.8
9.1
¥6.3
¥10.0
¥11.4
¥.3
¥.9
¥4.5
¥1.4
r 1.2
5.6

¥7.0
¥3.2
5.1
10.4
6.9
1.5
¥2.6
1.5
2.3
9.3
4.7
3.2

0

¥3.1
¥3.5
¥2.5
¥.1
.3
1.3
.9
.6
¥1.0
1.4
1.4
1.2

1.1
1.3
2.3
¥3.6
¥2.4
¥1.7
¥3.4
¥5.5
¥8.0
¥.9
.1
.4

¥5.9
¥6.6
¥4.9
1.3
1.8
3.3
3.7
4.2
1.9
3.2
3.1
2.8

¥.7
¥.6
¥.9
¥.4
¥.4
¥.4
¥1.1
¥1.4
¥1.1
0
¥.3
¥1.3

¥2.7
¥2.6
¥1.6
¥2.1
¥2.9
¥2.3
¥1.2
¥1.5
¥1.9
.6
.9
1.2

.2
.9
¥.1
¥.4
.1
¥.2
.1
.1
1.1
¥.4
0

.6
¥.3
¥.9
¥1.4
¥.6
¥1.4
¥1.4
¥1.7
1.4
r .9
¥.9

Source: Department of Labor, Bureau of Labor Statistics.

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

Transportation

Shelter
Period

All
items 1

Food
Total 1
Total 1

Rent of Ownpriers’
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

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

From
From
3
6
months months
earlier earlier

From
year
earlier
NSA

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

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

2.7
2.7
2.5
3.3
1.7
1.6
2.7
3.4
1.6
2.4

2.9
2.9
2.1
4.3
1.5
2.3
1.9
2.8
2.8
1.5

2.7
2.2
3.0
2.9
2.4
2.3
2.2
4.3
2.9
2.4

3.0
3.0
3.5
2.9
3.4
3.3
2.5
3.4
4.2
3.1

2.2
2.5
2.5
2.8
3.1
3.4
3.1
4.0
4.7
3.1

3.2
3.3
3.7
2.8
3.1
3.2
2.4
3.4
4.5
3.3

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

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

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

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

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

5.4
4.9
3.9
3.0
2.8
3.4
3.7
4.2
4.7
5.0

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

3.2
2.6
3.0
2.6
2.2
2.4
1.9
2.6
2.7
1.9

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

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

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

3.0
2.6
2.8
3.0
2.3
1.6
2.2
3.4
2.8
1.6

Change, month to month
2001: Dec ...............

¥0.1

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

.2
.2
.3
.5

1 Includes

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

0

0.2

0.4

0.4

0.4

¥0.8

¥0.6

¥0.9

0.2

¥5.9

0.3

¥3.0

0.1

¥0.2

¥1.8

¥0.6

1.6

.3
.2
.2
.1
¥.2
0
.2
¥.1
.2
.1
.2
.3

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

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

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

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

¥.2
¥1.0
.4
.2
.8
¥.1
¥.2
.3
.4
.4
0
.5

¥.7
.5
1.2
¥.6
¥.6
¥.9
¥1.0
1.1
.1
0
¥.4
¥.5

.3
¥.2
1.2
1.7
¥.4
.1
.3
.4
.3
.6
¥.1
¥.3

¥.6
¥.5
¥.3
¥.2
¥.3
¥.1
¥.1
0
.3
.4
¥.1
¥.4

2.6
¥.1
8.5
9.9
¥2.8
.3
1.2
.8
1.0
3.4
¥.2
¥1.5

.5
.3
.4
.5
.5
.2
.7
.2
.3
.6
.6
.3

.9
¥.8
3.8
4.5
¥.7
0
.4
.6
.7
1.9
¥.2
¥.4

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

..........
..........
1.4
..........
..........
3.4
..........
..........
1.8
..........
..........
2.5

0
1.1
3.0
4.3
3.4
2.5
.9
2.2
2.5
3.1
2.2
1.8

.3
.7
.6
2.2
2.3
2.7
2.6
2.8
2.5
2.0
2.2
2.1

1.1
1.1
1.5
1.6
1.2
1.1
1.5
1.8
1.5
2.0
2.2
2.4

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

24

3 Quarterly

changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.

PRICES RECEIVED AND PAID BY FARMERS
In January, prices received by farmers rose 1.0 percent while prices paid by farmers were unchanged. (Data
are not seasonally adjusted.)

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

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

All farm
products

101
100
102
112
107
102
r 96
96
102
99

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

95
99
106
95
r 98
r 99
100
r 101
r 100
96
97
98
99

1 Includes

Livestock and
products

Crops

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

Prices paid by farmers
All commodities,
services, interest,
taxes, and wage
rates 1

102
105
112
127
115
107
96
96
99
106

100
95
92
99
98
97
95
97
106
91

104
106
109
115
118
115
115
120
124
124

r 94

97
97
r 96
90
90
91
89
87
86
87
90
91
95

122
123
123
123
123
123
r 124
124
125
125
125
126
126

r 102

117
r 101

106
r 107

111
r 116
r 111

102
104
104
102

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

Production
items, interest,
taxes, and wage
rates

103

Production
items

Ratio 2

108
115
118
114
113
118
122
122

104
106
108
115
119
113
111
116
120
119

97
94
93
98
90
89
83
r 80
83
80

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

117
117
118
118
118
118
119
120
121
121
121
121
122

78
80
86
77
r 80
80
81
81
r80
77
78
78
79

r 106

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. (Series revised.)

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

M2

M3

Debt

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

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

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

Debt of
domestic
nonfinancial
sectors1

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

1,129.3
1,149.9
1,126.7
1,078.4
1,071.4
1,095.0
1,121.9
1,084.9
1,173.4
1,211.6

3,483.2
3,496.2
3,640.1
3,814.3
4,029.8
4,381.5
4,648.0
4,926.9
5,440.6
5,791.7

4,277.4
4,359.8
4,624.9
4,970.5
5,444.3
6,032.3
6,528.6
7,090.5
7,993.5
8,502.1

12,434.1
13,001.5
13,706.9
14,440.2
15,243.1
16,285.5
17,377.6
18,250.6
19,369.2
......................

10.3
1.8
¥2.0
¥4.3
¥.6
2.2
2.5
¥3.3
8.2
3.3

1.5
.4
4.1
4.8
5.6
8.7
6.1
6.0
10.4
6.5

1.5
1.9
6.1
7.5
9.5
10.8
8.2
8.6
12.7
6.4

4.9
4.5
5.4
5.3
5.6
6.8
6.5
4.9
6.1
............

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

1,179.7
1,186.1
1,188.1
1,173.7
1,184.4
1,190.2
1,197.4
1,186.3
1,192.5
1,203.9
1,203.4
1,211.6

5,464.4
5,502.7
5,503.5
5,491.5
5,557.3
5,589.1
5,638.0
5,677.1
5,703.5
5,741.7
5,778.6
5,791.7

8,004.7
8,056.0
8,068.4
8,071.2
8,135.1
8,171.4
8,221.0
8,291.0
8,333.5
8,338.1
8,454.5
8,502.1

......................
......................
19,601.0
......................
......................
20,004.5
......................
......................
20,336.8
......................
......................
......................

7.3
6.3
¥2.3
1.6
3.2
2.9
3.0
.0
.7
5.1
3.2
3.6

9.0
9.1
4.9
5.0
5.9
5.5
6.4
6.3
7.3
9.1
8.0
7.2

9.0
10.1
6.2
5.4
5.1
4.5
5.4
5.8
6.6
6.6
7.9
8.1

............
............
4.8
............
............
8.2
............
............
6.6
............
............
............

Period

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

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

26

Percent change
From year or 6 months
earlier2

M1

M2

M3

From
previous
period3
Debt

3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate.
NOTE.—See p. 27 for components.

Money stock series reflect annual seasonal adjustment revisions released on January 30,
2003.
Source: Board of Governors of the Federal Reserve System.

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

Period

Currency

Nonbank
travelers
checks

Demand
deposits

Savings
deposits,
including
money
market
deposit
accounts 1
(MMDAs)

Other
checkable
deposits
(OCDs)

Money market
mutual fund
balances

Small
denomination
time
deposits

Institutional

Retail

Large
denomination
time
deposits 1

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

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

321.6
354.0
372.1
394.1
424.6
459.7
517.5
531.0
581.4
626.9

7.5
8.0
8.5
8.3
8.1
8.2
8.3
8.0
7.8
7.5

385.5
383.6
389.3
400.3
393.1
377.1
352.2
306.7
325.6
296.5

414.8
404.2
356.8
275.7
245.7
250.0
244.0
239.2
258.8
280.7

1,219.3
1,149.8
1,134.1
1,274.0
1,400.6
1,602.9
1,738.4
1,874.0
2,303.5
2,758.2

782.0
816.3
931.4
946.9
968.0
951.4
955.0
1,043.2
972.9
879.9

352.5
380.1
447.8
515.1
589.8
732.2
832.7
924.8
990.7
942.0

217.0
211.1
264.2
322.4
395.3
538.7
634.4
788.2
1,189.7
1,232.9

331.8
369.8
428.1
508.7
617.8
669.2
741.2
820.3
785.7
795.1

172.6
196.4
198.5
210.5
254.0
293.4
335.7
363.5
375.0
469.0

72.8
86.3
94.0
114.7
147.5
149.5
169.2
191.5
202.5
213.4

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

587.0
591.9
595.7
599.8
604.6
609.0
613.3
615.9
617.8
620.5
623.2
626.9

7.9
7.8
7.8
7.7
7.8
8.2
8.5
8.3
7.9
7.7
7.5
7.5

324.9
325.1
323.3
305.2
306.5
305.6
304.5
289.6
292.0
299.3
294.1
296.5

259.9
261.3
261.4
261.0
265.5
267.4
271.1
272.5
274.8
276.4
278.7
280.7

2,344.6
2,394.7
2,417.4
2,446.3
2,494.5
2,526.2
2,563.0
2,620.5
2,659.5
2,696.0
2,739.3
2,758.2

960.7
949.7
940.5
932.7
926.8
921.0
915.0
908.7
900.2
893.2
886.8
879.9

979.3
972.2
957.3
938.8
951.6
951.6
962.5
961.7
951.3
948.5
949.2
942.0

1,174.5
1,179.6
1,184.6
1,188.5
1,188.1
1,196.6
1,192.1
1,191.2
1,183.0
1,142.2
1,207.5
1,232.9

790.5
793.3
796.9
808.1
814.7
813.9
817.5
818.8
817.1
824.2
816.0
795.1

373.0
372.9
374.6
375.3
371.4
371.8
373.1
399.9
422.5
420.9
440.5
469.0

202.3
207.6
208.8
207.7
203.6
200.1
200.3
203.9
207.5
209.2
211.8
213.4

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

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

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

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

Borrowings of depository institutions from the Federal
Reserve (NSA)

Reserves of depository institutions

Period
Total 2

Nonborrowed 3

Required

Excess
(NSA)

Monetary
base

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

60,460
59,369
56,430
50,149
46,848
45,136
41,824
38,535
41,220
40,072

60,378
59,160
56,173
49,994
46,523
45,019
41,504
38,326
41,154
39,992

59,390
58,209
55,140
48,733
45,163
43,622
40,527
37,108
39,572
38,084

1,070
1,159
1,290
1,416
1,685
1,514
1,297
1,427
1,649
1,988

r 386,462

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

41,735
41,450
41,050
40,806
39,164
39,313
39,679
40,054
39,275
38,918
39,561
40,072

41,685
41,420
40,971
40,735
39,052
39,171
39,488
39,721
39,045
38,776
39,290
39,992

40,340
40,080
39,629
39,594
37,902
38,075
38,305
38,417
37,799
37,368
37,945
38,084

1,395
1,371
1,421
1,211
1,261
1,238
1,374
1,637
1,476
1,550
1,616
1,988

r 641,839

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

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

1 Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Reserves and monetary base incorporate adjustments for discontinuities, or ‘‘breaks,’’ associated with changes in reserve requirements.

r 418,194
r 434,400
r 451,921
r 479,838
r 513,891
r 593,726
r 584,961
r 635,781

681,947
r 646,592
r 650,155
r 654,332
r 657,636
r 662,015
r 666,912
r 669,661
r 671,350
r 674,279

677,622
681,947

Total

Seasonal

Adjustment

82
209
257
155
324
117
320
210
67
80

31
100
40
68
79
15
67
111
33
45

51
109
217
87
245
101
179
99
34
35

50
30
79
71
112
142
191
333
229
143
272
80

17
17
20
50
105
136
176
185
169
120
60
45

33
12
59
21
7
6
16
148
60
23
211
35

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

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.5 percent in December; commercial and industrial loans fell 0.2
percent.

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

Period

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

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

Total
bank
credit

3,115.7
3,322.5
r 3,605.5
3,761.8
r 4,105.5
4,546.0
4,782.4
5,234.0
5,451.0
5,885.8
5,428.7
5,438.9
5,433.9
5,450.8
5,498.9
5,540.8
5,591.5
5,673.2
5,730.4
5,759.7
5,837.4
5,885.8

Total
securities

U.S.
Treasury
and
agency
securities

917.7
942.4
986.7
980.5
1,089.1
1,229.8
1,277.6
1,345.7
1,496.8
1,714.3
1,491.0
1,488.5
1,488.0
1,504.4
1,535.5
1,562.5
1,594.6
1,632.9
1,643.5
1,643.1
1,688.0
1,714.3

732.9
724.3
703.8
700.5
749.6
792.8
811.3
r 790.9
856.2
1,012.3
839.2
832.7
849.7
870.6
893.7
909.3
918.9
946.3
962.9
972.4
1,001.4
1,012.3

Loans and leases in bank credit
Real estate

Other
Total loans Commersecurities and leases 2 cial and
industrial

184.8
218.2
282.9
280.0
339.5
437.0
466.4
r 554.8
640.6
702.1
651.8
655.8
638.3
633.8
641.8
653.3
675.8
686.6
680.6
670.7
686.6
702.1

r 2,198.1

2,380.1
r 2,618.8
2,781.3
r 3,016.4
3,316.2
r 3,504.7
3,888.3
3,954.2
4,171.4
3,937.8
3,950.4
3,945.9
3,946.4
3,963.4
3,978.3
3,996.9
4,040.2
4,086.9
4,116.6
4,149.4
4,171.4

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

28

590.2
650.2
724.2
787.9
856.5
951.0
r 1,003.9
r 1,088.4
1,031.4
965.0
1,022.2
1,028.9
1,023.7
1,008.5
1,001.0
993.5
981.9
981.8
975.1
969.9
967.3
965.0

Total

948.3
1,012.0
1,090.6
1,142.6
1,248.5
1,339.5
1,477.7
1,658.4
1,784.5
2,020.6
1,781.0
1,789.1
1,790.3
1,794.5
1,816.6
1,838.4
1,869.2
1,900.7
1,935.0
1,967.4
2,000.1
2,020.6

Revolving
home
equity

78.0
80.4
84.4
90.7
104.8
103.9
101.5
129.9
155.5
212.4
158.7
162.2
167.6
172.1
179.6
186.1
192.9
197.7
200.9
204.9
207.7
212.4

Consumer

Security

Other

Other

870.3
931.5
1,006.2
1,051.8
1,143.7
1,235.6
1,376.3
1,528.5
1,628.9
1,808.2
1,622.3
1,626.9
1,622.7
1,622.4
1,637.0
1,652.4
1,676.3
1,703.0
1,734.2
1,762.6
1,792.3
1,808.2

387.7
448.3
491.4
512.9
502.5
497.2
490.6
539.5
557.9
587.0
560.9
564.4
563.4
567.7
570.1
568.8
564.7
574.8
582.8
584.8
585.6
587.0

r 86.5
r 75.9

83.3
75.5
r 95.0
146.5
r 151.9
r 178.7
146.8
191.6
152.0
153.4
161.3
168.4
169.7
170.2
178.1
176.7
181.4
183.1
186.7
191.6

185.4
193.8
229.2
262.4
313.9
382.0
380.7
423.4
433.7
407.2
421.7
414.6
407.2
407.2
406.0
407.4
403.0
406.3
412.6
411.3
409.7
407.2

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

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

Uses

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

1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2000:

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

626.7
728.6
808.2
1,010.7
1,074.5
1,011.1
1,332.8
1,743.9
1,540.8
1,064.4
1,669.2
1,674.6
1,541.0
1,278.3
1,153.1
976.0
1,080.0
1,048.7
1,052.2
1,044.6
917.7

Internal 1

465.4
510.7
566.6
619.9
676.0
727.6
716.8
756.3
741.0
777.1
740.5
751.0
743.9
728.4
710.3
748.3
789.7
860.1
815.4
797.2
785.2

Credit market instruments
Total

161.3
217.9
241.6
390.8
398.5
283.5
616.0
987.6
799.8
287.3
928.7
923.6
797.1
549.9
442.8
227.7
290.3
188.6
236.8
247.4
132.5

Capital
expenditures 3

Total

Total
net
funds
raised

Net new
equity
issues

52.7
54.5
81.4
168.7
113.6
177.2
125.2
247.1
240.1
183.8
497.8
288.9
161.1
12.7
212.7
242.8
64.7
214.8
¥1.6
116.8
¥128.3

27.0
21.3
¥44.9
¥58.3
¥69.5
¥114.4
¥267.0
¥143.5
¥159.7
¥61.8
62.2
¥245.7
¥87.8
¥367.5
¥25.0
¥70.7
¥126.6
¥25.0
¥8.7
18.5
¥139.0

Total

Securities
and mortgages

25.7
33.2
126.3
227.1
183.1
291.6
392.1
390.5
399.8
245.6
435.6
534.6
248.9
380.2
237.7
313.5
191.3
239.8
7.1
98.3
10.7

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

35.5
55.4
32.0
102.1
129.6
187.0
241.5
269.0
222.4
394.1
240.5
198.0
200.2
250.9
440.4
449.0
279.7
407.0
239.6
264.3
29.2

Loans
and
shortterm
paper
¥9.9
¥22.2
94.3
124.9
53.7
104.6
150.7
121.6
177.4
¥148.5
195.1
336.6
48.7
129.2
¥202.8
¥135.3
¥88.4
¥167.3
¥232.5
¥166.0
¥18.4

Other 2

108.7
163.4
160.3
222.1
284.9
106.3
490.8
740.6
559.7
103.5
430.9
634.7
636.0
537.2
230.1
¥15.2
225.5
¥26.1
238.5
130.5
260.7

601.8
841.5
850.7
1,065.1
1,116.7
1,032.6
1,396.4
1,854.9
1,718.6
1,082.0
1,825.8
1,854.3
1,729.1
1,465.4
1,201.7
1,005.6
1,113.0
1,007.7
996.1
998.7
901.7

455.8
508.8
575.6
638.7
662.7
760.2
826.5
885.0
957.2
794.2
936.5
970.3
975.3
946.9
866.3
812.3
781.2
717.1
773.6
796.3
813.2

Increase
in financial assets

146.0
332.7
275.1
426.4
454.0
272.4
569.9
969.9
761.4
287.8
889.3
884.0
753.8
518.5
335.4
193.3
331.8
290.6
222.5
202.4
88.5

Discrepancy
(sources
less
uses)

24.9
¥112.8
¥42.5
¥54.4
¥42.2
¥21.5
¥63.6
¥111.0
¥177.9
¥17.5
¥156.6
¥179.7
¥188.0
¥187.1
¥48.6
¥29.6
¥32.9
41.0
56.1
45.8
16.1

3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and access rights from U.S. Government.

Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]

Consumer credit outstanding (end of period)
Period
Total

1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2001:

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

782.2
838.8
960.4
1,095.8
1,185.1
1,243.0
1,317.5
1,416.3
1,560.6
1,667.9
1,664.1
1,667.9
1,673.8
1,680.5
1,688.4
1,696.3
1,704.6
1,707.5
1,714.8
1,717.8
1,722.5
1,724.1
1,721.9

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

Revolving

278.4
309.9
365.6
443.1
498.9
531.0
562.5
597.7
666.6
699.9
704.9
699.9
700.9
700.6
703.4
708.1
709.7
712.1
715.8
719.5
721.3
723.7
722.1

Nonrevolving 2

503.7
528.8
594.9
652.7
686.1
712.0
755.0
818.6
894.0
968.1
959.1
968.1
972.9
979.9
985.0
988.2
994.9
995.3
999.0
998.3
1,001.3
1,000.4
999.7

Net change in consumer credit outstanding 1
Total

5.1
56.6
121.6
135.4
89.3
57.9
74.5
98.8
144.3
107.3
20.6
3.8
5.9
6.7
7.9
7.9
8.3
2.9
7.3
3.0
4.7
1.6
¥2.2

Revolving

14.6
31.5
55.7
77.5
55.8
32.1
31.5
35.2
68.9
33.3
7.2
¥5.0
1.0
¥.3
2.8
4.7
1.6
2.4
3.7
3.7
1.8
2.4
¥1.6

Nonrevolving 2

¥9.6
25.1
66.1
57.8
33.4
25.9
43.0
63.6
75.4
74.1
13.3
9.0
4.8
7.0
5.1
3.2
6.7
.4
3.7
¥.7
3.0
¥.9
¥.7

Source: Board of Governors of the Federal Reserve System.

29

INTEREST RATES AND BOND YIELDS
Overall, interest rates fell in January.

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

1993 .......................
1994 .......................
1995 .......................
1996 .......................
1997 .......................
1998 .......................
1999 .......................
2000 .......................
2001 .......................
2002 .......................
2002: Jan .............
Feb .............
Mar .............
Apr .............
May ............
June ...........
July ............
Aug .............
Sept .............
Oct ..............
Nov .............
Dec ..............
2003: Jan ..............
Week ended:
2003: Jan 4 ........
11 ........
18 ........
25 ........
Feb 1 ........
1 Bank-discount

3-month
bills (new
issues) 1

3-year

maturities 2

10-year

30-year

Highgrade
municipal
bonds
(Standard
&
Poor’s) 3

Corporate
Aaa
bonds
(Moody’s)

30

Primary
credit 4

Discount
rate 5

3.02
4.29
5.51
5.02
5.07
4.81
4.66
5.85
3.45
1.62
1.66
1.73
1.81
1.72
1.74
1.71
1.68
1.63
1.63
1.60
1.26
1.20
1.17

4.44
6.27
6.25
5.99
6.10
5.14
5.49
6.22
4.09
3.10
3.56
3.55
4.14
4.01
3.80
3.49
3.01
2.52
2.32
2.25
2.32
2.23
2.18

5.87
7.09
6.57
6.44
6.35
5.26
5.65
6.03
5.02
4.61
5.04
4.91
5.28
5.21
5.16
4.93
4.65
4.26
3.87
3.94
4.05
4.03
4.05

6.59
7.37
6.88
6.71
6.61
5.58
5.87
5.94
5.49
*
5.45
*
*
*
*
*
*
*
*
*
*
*
*

5.63
6.19
5.95
5.75
5.55
5.12
5.43
5.77
5.19
5.05
5.19
5.14
5.27
5.27
5.22
5.11
5.01
4.92
4.73
4.85
4.98
4.91
4.88

7.22
7.96
7.59
7.37
7.26
6.53
7.04
7.62
7.08
6.49
6.55
6.51
6.81
6.76
6.75
6.63
6.53
6.37
6.15
6.32
6.31
6.21
6.17

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
2.25

*

1.19
1.19
1.18
1.16
1.14

2.09
2.24
2.21
2.10
2.16

3.94
4.10
4.10
3.97
4.01

*
*
*
*
*

4.81
4.89
4.93
4.89
4.89

6.16
6.24
6.22
6.11
6.09

..............
2.25
2.25
2.25
2.25

*
*
*
*

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

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

6 Daily

Prime rate
charged by
banks 5

Federal
funds
rate 6

Newhome
mortgage
yields
(FHFB) 7

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

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

3.02
4.21
5.83
5.30
5.46
5.35
4.97
6.24
3.88
1.67
1.73
1.74
1.73
1.75
1.75
1.75
1.73
1.74
1.75
1.75
1.34
1.24
1.24

7.20
7.49
7.87
7.80
7.71
7.07
7.04
7.52
7.00
6.43
6.87
6.82
6.76
6.74
6.59
6.47
6.37
6.26
6.17
6.09
6.08
6.04
..............

0.75

4.25
4.25
4.25
4.25
4.25

1.20
1.20
1.26
1.23
1.24

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

effective rate; weighted average of rates on brokered trades.
7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
*Series no longer published or discontinued.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s.

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

Common stock prices 1

Common stock yields
(percent) 8

New York Stock Exchange indexes 2
Period

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

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

3,522.06
3,793.77
4,493.76
5,742.89
7,441.15
8,625.52
10,464.88
10,734.90
10,189.13
9,226.43

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

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

2.78
2.82
2.56
2.19
1.77
1.49
1.25
1.15
1.32
1.61

4.46
5.83
6.09
5.24
4.57
3.46
3.17
3.63
2.95
..................

591.94
570.18
609.72
610.24
603.15
577.05
524.01
533.60
506.05
494.06
523.50
519.72

9,923.80
9,891.05
10,500.95
10,165.18
10,080.48
9,492.44
8,616.52
8,685.48
8,160.78
8,048.12
8,625.72
8,526.66

1,140.21
1,100.67
1,153.79
1,112.03
1,079.27
1,014.05
903.59
912.55
867.81
854.63
909.93
899.18

1,976.77
1,799.72
1,863.05
1,758.80
1,660.31
1,505.49
1,346.09
1,327.36
1,251.07
1,241.91
1,409.15
1,387.15

1.38
1.43
1.37
1.42
1.47
1.58
1.76
1.72
1.80
1.86
1.73
1.77

..................
..................
2.15
..................
..................
2.70
..................
..................
r 3.68
..................
..................
..................

236.43

522.51

8,474.59

895.84

1,389.56

1.80

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

237.54
249.02
242.62
228.80
221.56

518.21
535.75
536.00
515.56
500.14

8,470.92
8,734.11
8,727.28
8,315.53
8,037.61

894.21
923.40
918.50
878.68
854.14

1,361.75
1,428.03
1,429.15
1,363.54
1,333.75

1.81
1.75
1.74
1.83
1.87

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

Dow Jones
industrial
average 5

December 31, 1965=50

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

Industrial

Transportation

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

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

299.99
315.25
367.34
453.98
574.52
681.57
774.78
810.63
748.26
657.37

242.49
247.29
269.41
327.33
414.60
468.69
491.60
413.60
443.59
431.10

228.90
209.06
220.30
249.77
283.82
378.12
473.73
477.65
377.30
260.85

216.42
209.73
238.45
303.89
424.48
516.35
530.86
553.13
595.61
555.27

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

6,151.15
6,022.23
6,352.08
6,212.88
6,087.85
5,755.89
5,139.94
5,200.62
4,980.65
4,862.70
5,104.89
5,075.76

723.56
715.80
751.79
732.71
718.12
677.58
603.04
611.34
589.14
574.45
597.75
593.15

446.13
453.51
490.51
470.00
459.55
449.42
416.10
409.96
388.19
383.41
405.03
401.39

322.49
301.32
316.27
r 300.66
287.10
265.21
230.19
225.52
210.76
207.83
229.41
233.38

2003: Jan .................

5,055.78

587.78

394.84

Week ended:
2003: Jan 4
11
18
25
Feb 1

5,070.15
5,197.33
5,177.63
4,963.78
4,829.41

591.28
603.09
600.53
577.89
562.77

400.40
409.23
404.16
383.53
375.87

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

1 Average

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

Utility 4

of daily closing prices.
all the stocks (nearly 3,000) listed on the NYSE.
January 9, 2003, the NYSE relaunched the composite index with changes in
methodology, definitions, and based on Dec. 31, 2002=5,000.
4 Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index.
5 Includes 30 stocks.
6 Includes 500 stocks.
7 Includes over 4,000 stocks.
8 Standard & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earn2 Includes

3 Effective

Finance

Dividendprice ratio

Earningsprice ratio

ings-price ratios based on prices at end of quarter.
Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and
Nasdaq Stock Market.

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 3 months of fiscal 2003, there was a deficit of $108.7 billion, compared with a deficit of $35.4 billion
a year earlier.

[Billions of dollars]
Total

On-budget

Off-budget

Receipts

Outlays

Surplus
or
deficit
(¥)

Receipts

769.2
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,579.3
1,721.8
1,827.5
2,025.2
1,991.2
1,853.2
1,836.2

990.4
1,004.1
1,064.5
1,143.6
1,253.2
1,324.4
1,381.7
1,409.5
1,461.9
1,515.8
1,560.5
1,601.3
1,652.6
1,701.9
1,788.8
1,863.9
2,011.0
2,140.4

¥221.2
¥149.7
¥155.2
¥152.5
¥221.2
¥269.3
¥290.4
¥255.1
¥203.3
¥164.0
¥107.5
¥22.0
69.2
125.6
236.4
127.3
¥157.8
¥304.2

569.0
641.0
667.8
727.5
750.3
761.2
788.9
842.5
923.6
1,000.8
1,085.6
1,187.3
1,306.0
1,383.0
1,544.6
1,483.7
1,337.9
1,304.7

806.9
810.2
861.8
932.7
1,028.1
1,082.7
1,129.3
1,142.9
1,182.5
1,227.1
1,259.6
1,290.6
1,336.0
1,381.1
1,458.0
1,517.1
1,655.3
1,772.3

¥237.9
¥169.3
¥194.0
¥205.2
¥277.8
¥321.5
¥340.5
¥300.4
¥258.9
¥226.4
¥174.1
¥103.3
¥30.0
1.9
86.6
¥33.4
¥317.5
¥467.6

200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.5
392.0
415.8
444.5
480.6
507.5
515.3
531.6

183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
300.9
310.6
316.6
320.8
330.8
346.8
355.7
368.1

16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
66.6
81.4
99.2
123.7
149.8
160.7
159.7
163.5

2,120.5
2,346.0
2,601.1
2,867.8
3,206.3
3,598.2
4,001.8
4,351.0
4,643.3
4,920.6
5,181.5
5,369.2
5,478.2
5,605.5
5,628.7
5,769.9
6,198.4
6,752.0

1,740.6
1,889.8
2,051.6
2,190.7
2,411.6
2,689.0
2,999.7
3,248.4
3,433.1
3,604.4
3,734.1
3,772.3
3,721.1
3,632.4
3,409.8
3,319.6
3,540.4
3,878.4

466.3
427.4

501.7
536.1

¥35.4
¥108.7

356.3
309.4

437.3
471.3

¥81.0
¥161.9

110.0
118.0

64.3
64.8

45.6
53.2

5,909.4
6,381.5

3,379.5
3,637.0

Fiscal year or period

1986 r .....................................
1987 r .....................................
1988 r .....................................
1989 r .....................................
1990 r .....................................
1991 r .....................................
1992 r .....................................
1993 r .....................................
1994 r .....................................
1995 r .....................................
1996 r .....................................
1997 r .....................................
1998 r .....................................
1999 r .....................................
2000 r .....................................
2001 r .....................................
2002 r .....................................
2003 (estimates) r ..................
Cumulative total, first 3
months: 1
Fiscal year 2002 ................
Fiscal year 2003 ................

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

32

Outlays

Surplus
or
deficit
(¥)

Federal debt (end of
period)

Receipts

Outlays

Surplus
or
deficit
(¥)

Gross
Federal

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

Held by
the public

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 3 months of fiscal 2003, receipts were $38.9 billion lower than a year earlier and outlays were $34.4
billion higher.

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

Fiscal year or period
Total

Individual
income
taxes

Corporation
income
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Total

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

1986
1987
1988
1989

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

769.2
854.4
909.3
991.2

349.0
392.6
401.2
445.7

63.1
83.9
94.5
103.3

283.9
303.3
334.3
359.4

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

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

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

466.9
467.8
476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5

93.5
98.1
100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7

380.0
396.0
413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8

91.5
93.1
101.4
98.9
113.7
120.1
115.4
120.2
132.7
151.5

2,025.2 1,004.5
1,991.2 994.3
1,853.2 858.3
1,836.2 849.1

207.3
151.1
148.0
143.2

652.9
694.0
700.8
726.6

55.7
33.0

152.7
162.0

2000 ...................................................
2001 r .................................................
2002 r .................................................
2003 (estimates) r ..............................
Cumulative total, first 3 months: 1
Fiscal year 2002 ............................
Fiscal year 2003 ............................

466.3
427.4

226.3
197.7

Total

InterDepart- nationment of
al
Defense, affairs
military

Health

Medicare

Income Social
security security

273.4
282.0
290.4
303.6

265.5
274.0
281.9
294.9

14.2
11.6
10.5
9.6

35.9
40.0
44.5
48.4

70.2
75.1
78.9
85.0

120.6
124.1
130.4
137.4

198.8
207.4
219.3
232.5

1,253.2
1,324.4
1,381.7
1,409.5
1,461.9
1,515.8
r 1,560.5
1,601.3
1,652.6
1,701.9

299.3
273.3
298.4
291.1
281.6
272.1
265.8
270.5
268.5
274.9

289.8
262.4
286.9
278.6
268.6
259.4
253.2
258.3
256.1
261.4

13.8
15.9
16.1
17.2
17.1
16.4
13.5
15.2
13.1
15.2

57.7
71.2
89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

98.1
104.5
119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

148.7
172.4
199.5
209.9
217.1
223.7
229.7
r 235.0
237.7
242.4

248.6
269.0
287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

160.6
151.8
146.0
117.4

1,788.8
1,863.9
2,011.0
2,140.4

294.5
305.5
348.6
376.3

281.2
291.0
332.0
358.2

17.2
16.5
22.4
20.7

154.5
172.3
196.5
223.1

197.1
217.4
230.9
244.7

r 253.6

269.6
312.5
330.1

31.6
34.7

501.7
536.1

84.3
98.3

80.5
93.6

7.0
5.5

48.8
53.8

56.8
65.0

68.7
78.5

1 Data from current issue Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2004 issued February 3, 2003.

Net
interest

136.0
r 138.6

151.8
169.0
r 184.3

Other

141.4
125.3
138.7
158.2

241.1
244.0
r 241.1
229.8

202.6
223.7
172.2
158.0
171.7
160.3
167.3
157.5
188.8
218.1

409.4
433.0
456.4
478.5

223.0
206.2
171.0
161.4

239.5
243.5
272.8
305.6

109.8
115.5

45.8
42.8

80.3
76.7

r 194.4
r 199.3

198.7
r 202.9
r 232.1

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

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 2002, according to advance estimates, Federal current expenditures rose $36.6 billion
(annual rate); receipts data are incomplete.

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

Total

Personal
tax and
nontax
receipts

Corporate
profits
tax accruals

Indirect
business
tax and
nontax
accruals

1,197.3
1,293.7
1,383.7
1,499.1
1,625.5
1,749.7
1,867.2
2,033.9
2,008.4
..............
1,823.2
1,847.1
1,876.3
1,922.4
2,009.6
2,022.9
2,049.1
2,054.1
2,072.9
2,072.3
1,896.0
1,992.3
1,884.7
1,883.7
1,874.0
..............

509.9
547.8
591.8
670.0
751.9
834.9
903.3
1,009.0
1,010.9
850.3
875.0
891.2
911.2
935.8
984.5
997.2
1,020.5
1,033.6
1,057.9
1,059.8
900.4
1,025.5
874.8
856.6
837.5
832.5

138.5
156.7
179.3
190.6
203.0
204.2
213.0
223.8
170.2
............
208.9
211.4
211.7
219.9
233.7
230.5
222.1
208.9
186.9
183.2
168.0
142.9
170.5
180.2
181.1
............

85.3
95.2
93.0
95.1
93.7
97.4
100.2
109.1
110.3
110.3
97.5
98.2
100.8
104.4
107.0
109.5
109.8
110.1
112.3
112.2
109.5
107.3
108.4
110.2
112.4
110.1

Period

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

Source: Department of Commerce, Bureau of Economic Analysis.

34

Federal Government current expenditures

Contributions
for
social
insurance

463.7
493.9
519.6
543.3
577.0
613.1
650.7
692.1
716.9
740.3
641.8
646.3
652.6
662.2
684.5
685.7
696.6
701.5
715.8
717.1
718.1
716.6
731.1
736.7
743.0
750.3

Total

1,471.5
1,506.0
1,575.7
1,635.9
1,678.8
1,705.9
1,755.3
1,827.1
1,936.4
2,073.9
1,734.5
1,734.2
1,758.9
1,793.6
1,786.4
1,825.7
1,835.9
1,860.3
1,899.1
1,927.8
1,947.7
1,971.0
2,030.5
2,079.3
2,074.6
2,111.2

Consumption
expenditures

Transfer
payments

Grantsin-aid
to
State
and
local
governments

442.6
439.7
439.2
445.3
456.9
453.1
471.6
493.3
528.4
586.3
465.5
461.6
473.4
486.0
480.0
501.3
494.2
497.7
517.3
524.9
527.9
543.6
566.3
581.0
589.8
608.0

597.9
618.6
652.1
691.6
717.5
730.6
745.8
779.5
842.2
930.7
739.1
743.2
743.9
756.9
758.5
774.6
781.3
803.5
816.3
832.2
849.3
870.9
916.9
927.6
934.1
944.4

162.6
174.5
184.5
190.4
196.8
210.3
231.0
247.5
277.4
305.7
224.9
222.2
234.9
242.0
239.4
242.2
253.8
254.6
266.8
281.9
271.4
289.4
292.3
309.6
305.0
315.8

Net
interest
paid

Subsidies less
current
surplus
of
Government
enterprises

Less:
Wage
accruals less
disbursements

230.2
239.6
267.5
273.6
276.2
278.5
263.8
263.0
238.1
208.2
265.3
264.2
262.1
263.7
264.2
264.1
263.0
260.5
254.1
243.1
233.6
221.6
208.5
214.9
205.8
203.8

38.2
33.6
32.4
35.1
31.5
33.4
43.0
43.8
50.3
43.0
39.6
42.8
44.6
44.9
44.2
43.5
43.6
44.0
44.6
45.6
65.5
45.5
46.6
46.3
39.9
39.0

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

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

¥274.1
¥212.3
¥192.0
¥136.8
¥53.3
43.8
111.9
206.9
72.0
....................
88.7
112.9
117.4
128.8
223.2
197.2
213.2
193.8
173.8
144.4
¥51.7
21.3
¥145.8
¥195.6
¥200.7
....................

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

United
States

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

Canada

Japan

80.9
84.2
85.2
89.4
89.3
93.5
93.2
94.7
100.0
100.0
105.6
103.5
110.1
108.8
115.3
115.0
111.2
111.0
110.5 ..............
108.8
108.9
108.3
108.0
r 110.2
109.0
r 111.7
109.2
109.6
111.5
r 113.0
110.1
110.4
112.2
r 112.1
110.8
r 113.6
111.6
111.3
113.5
r 111.2
r 113.9
r 114.1
110.7
110.8
114.0
110.6 ..............

France

Germany

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

Italy

United
States 1

90.4
89.3
92.1
88.1
91.1
91.5
93.2
95.0
93.5
96.0
94.4
95.4
95.8
98.2
97.7
96.6
96.3
96.5
96.4
98.9
100.0 100.0
100.0
100.0
100.0
93.5 105.2
104.2
101.1
101.0
r 105.7
94.1 107.3
101.1
101.8
99.5 111.0
112.3
105.9
103.4
92.3 112.0
112.9
104.6
101.2
91.0 ............ .............. .............. ..............
r 101.7
86.6 110.7
109.8
98.5
87.1 110.4
109.9
103.3
98.4
87.3 110.6
111.0
103.5
97.5
r 110.6
87.9 110.8
103.5
97.4
88.4 111.7
110.9
102.8
97.6
88.7 111.8
111.5
101.9
98.5
92.3 111.5
110.2
103.5
99.4
92.1 111.5
112.4
102.5
95.2
r 103.1
92.4 111.0
111.4
98.3
r 113.0
r 103.5
93.6 111.4
98.1
r 103.0
93.3 110.9
112.1
97.8
r 110.5
r 102.4
r 97.9
93.1 r 111.0
r 92.1
112.3
113.1
103.1
97.4
91.7 ............ .............. .............. ..............

relate to all urban consumers.

144.5
148.2
152.4
156.9
160.5
163.0
166.6
172.2
177.1
179.9
177.4
176.7
177.1
177.8
178.8
179.8
179.8
179.9
180.1
180.7
181.0
181.3
181.3
180.9

Canada

Japan

147.9
148.2
151.4
153.8
156.3
157.8
160.5
164.9
169.1
172.9
168.2
168.4
168.8
169.8
171.0
172.0
172.3
172.9
173.8
174.5
174.5
175.1
175.5
174.9

Germany

r 118.6

119.3
119.2
119.3
121.5
122.2
121.8
121.0
120.1
119.0
119.4
119.3
119.0
118.4
118.7
119.0
119.4
119.3
118.8
119.2
119.2
118.9
118.9
118.9

Italy

127.6
131.1
133.4
135.2
137.8
139.1
139.9
142.6
146.2
148.0
146.0
146.2
147.5
147.9
148.2
148.3
148.3
148.2
148.4
148.3
148.2
148.2
147.6
147.8

France

187.7
195.3
205.6
213.8
218.2
222.5
226.2
231.9
238.3
244.3
240.0
240.2
241.2
242.0
242.6
243.2
243.9
244.1
244.5
244.9
245.3
245.9
246.7
247.0

143.4
145.8
148.4
151.4
153.2
154.2
155.0
157.6
160.2
163.3
160.7
160.8
161.6
161.8
162.5
163.1
163.3
163.3
163.3
163.6
163.9
164.2
164.2
164.5

United
Kingdom

165.3
169.3
175.2
179.4
185.1
191.4
194.3
200.1
203.6
207.0
204.0
203.7
203.6
204.2
205.0
206.4
207.0
207.0
206.7
207.3
208.7
209.0
209.4
209.7

Note.—See Note, p. 17, for information on U.S. industrial production series.
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).

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

Goods: Imports (customs value)

Census basis (by end-use category)

Services
(BOP basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
BOP basis

Period

1992
1993
1994
1995
1996
1997
1998
1999
2000
2001

BOP
basis

Total,
Census
basis 1

Auto- ConIndusmo- sumer
Foods, trial Capital tive goods
feeds,
supgoods vehi- (nonand
plies except cles, food)
bevand
auto- parts except
erages mate- motive and autorials
enmogines tive

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

439.6
456.9
502.9
575.2
612.1
678.4
670.4
684.0
772.0
718.8

448.2
465.1
512.6
584.7
625.1
689.2
682.1
695.8
781.9
729.1

40.3
40.6
42.0
50.5
55.5
51.5
46.4
46.0
47.9
49.4

109.1
111.8
121.4
146.2
147.7
158.2
148.3
147.5
172.6
160.1

175.9
181.7
205.0
233.0
253.0
294.5
299.4
310.8
356.9
321.7

47.0
52.4
57.8
61.8
65.0
74.0
72.4
75.3
80.4
75.4

2001: Nov ......
Dec ......
2002: Jan .......
Feb .......
Mar .......
Apr ........
May ......
June .....
July ......
Aug .......
Sept ......
Oct r ......
Nov p .....

56.0
55.0
55.0
54.7
55.0
56.8
57.3
58.2
59.1
58.3
58.3
57.4
58.0

56.9
55.9
55.7
55.5
56.0
57.7
58.3
59.1
60.0
59.3
59.1
58.3
58.9

4.2
4.1
4.2
4.3
3.9
3.9
4.0
4.3
4.3
4.0
4.0
3.9
4.3

12.5
12.4
12.3
12.2
12.3
13.1
13.3
13.3
13.2
13.4
13.3
13.1
13.6

24.3
23.5
23.7
23.3
24.1
24.1
24.3
25.1
25.3
25.0
25.2
24.6
24.5

6.3
6.0
6.0
6.2
6.2
6.7
6.8
6.7
7.1
6.8
6.7
6.6
6.3

1 Total

BOP
basis

51.4 536.5
54.7 589.4
60.0 668.7
64.4 749.4
70.1 803.1
77.4 876.5
80.3 917.1
80.9 1,030.0
89.4 1,224.4
88.3 1,145.9
6.9
7.1
7.0
6.9
6.7
7.1
6.9
7.1
7.3
7.1
7.1
7.2
7.3

90.1
86.5
88.5
91.0
91.6
97.0
99.0
98.9
98.1
100.6
99.6
96.9
102.3

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

Consumer
goods
(nonfood)
except
automotive

Exports

Imports

Goods,
Census
basis

Goods

Services

Goods
and
services

532.7
580.7
663.3
743.5
795.3
869.7
911.9
1,024.6
1,218.0
1,141.0

27.6
27.9
31.0
33.2
35.7
39.7
41.2
43.6
46.0
46.6

138.6
145.6
162.1
181.8
204.5
213.8
200.1
221.4
299.0
273.9

134.3
152.4
184.4
221.4
228.1
253.3
269.5
295.7
347.0
298.0

91.8
102.4
118.3
123.8
128.9
139.8
148.7
179.0
195.9
189.8

122.7
134.0
146.3
159.9
172.0
193.8
217.0
241.9
281.8
284.3

176.9
185.9
201.0
219.2
240.0
256.6
262.3
273.2
292.2
279.3

116.5
122.3
131.9
141.4
150.9
166.3
182.5
189.4
218.5
210.4

¥84.5
¥115.6
¥150.6
¥158.8
¥170.2
¥180.5
¥229.8
¥328.8
¥436.1
¥411.9

¥96.9
¥132.5
¥165.8
¥174.2
¥191.0
¥198.1
¥246.7
¥346.0
¥452.4
¥427.2

60.4
63.7
69.2
77.8
89.2
90.4
79.8
83.8
73.7
68.9

¥36.5
¥68.8
¥96.7
¥96.4
¥101.8
¥107.8
¥166.9
¥262.2
¥378.7
¥358.3

89.9
86.4
88.2
90.8
91.3
96.7
98.7
98.6
97.9
100.3
99.3
96.6
102.0

4.0
3.8
3.9
4.0
4.0
4.1
4.1
4.1
4.2
4.2
4.1
4.0
4.4

19.6
18.3
18.9
19.0
19.9
22.8
23.1
22.5
22.8
23.8
23.4
24.5
24.1

22.8
22.5
22.9
23.1
23.4
23.8
24.1
24.2
24.0
23.8
23.6
22.2
24.3

15.8
15.5
15.3
16.4
16.0
17.0
17.7
17.2
17.2
17.6
17.7
16.8
17.5

23.6
22.2
23.2
24.4
23.7
25.0
25.6
26.1
25.6
26.9
26.3
25.0
27.8

21.9
22.5
22.5
22.7
23.4
23.7
24.2
24.2
24.2
24.9
24.6
24.9
25.2

17.7
18.2
18.9
19.4
19.4
19.3
19.4
20.2
20.4
20.6
20.4
20.6
21.0

¥33.0
¥30.5
¥32.5
¥35.2
¥35.3
¥39.0
¥40.4
¥39.5
¥37.8
¥41.0
¥40.2
¥38.3
¥43.1

¥34.1
¥31.5
¥33.5
¥36.4
¥36.6
¥40.1
¥41.7
¥40.6
¥39.0
¥42.3
¥41.3
¥39.6
¥44.3

4.2
4.3
3.6
3.2
4.1
4.4
4.8
4.0
3.9
4.2
4.2
4.3
4.2

¥29.9
¥27.3
¥29.8
¥33.1
¥32.6
¥35.8
¥36.9
¥36.6
¥35.2
¥38.1
¥37.1
¥35.2
¥40.1

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

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

35

U.S. INTERNATIONAL TRANSACTIONS
In the third quarter of 2002, the goods deficit rose to $123.2 billion, from $122.5 billion in the second quarter.
The current account deficit fell to $127.0 billion in the third quarter, from $127.6 billion in the second quarter.

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

Period
Exports

1992
1993
1994
1995
1996
1997
1998
1999
2000
2001

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

Imports

439,631 ¥536,528
456,943 ¥589,394
502,859 ¥668,690
575,204 ¥749,374
612,113 ¥803,113
678,366 ¥876,485
670,416 ¥917,112
683,965 ¥1,029,987
771,994 ¥1,224,417
718,762 ¥1,145,927

Services

Balance
on
goods

Net
military
transactions 2 3

¥96,897 ¥1,448
¥132,451
1,385
¥165,831
2,570
¥174,170
4,600
¥191,000
5,385
¥198,119
4,968
¥246,696
5,220
¥346,022
2,470
¥452,423
421
¥427,165 ¥2,978

Net
travel
and
transportation
19,969
19,714
16,305
21,772
25,015
22,152
10,145
7,113
2,472
¥1,926

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

184,486
191,411
199,641
196,456

¥290,941
¥303,581
¥314,779
¥315,116

¥106,455
¥112,170
¥115,138
¥118,660

¥74
412
¥199
282

825
1,486
¥31
189

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

193,284
184,846
173,274
167,358

¥306,316
¥292,565
¥279,025
¥268,021

¥113,032
¥742
¥107,719
¥285
¥105,751
¥706
¥100,663 ¥1,245

903
¥1,219
¥255
¥1,357

2002: I ..............
II .............
III p ..........

164,649
172,426
175,727

¥271,073
¥294,893
¥298,903

¥106,424 ¥1,498
¥122,467 ¥1,679
¥123,176 ¥2,083

¥544
¥863
¥808

Income receipts and payments

Other
services,
net

Balance
on
goods
and
services

Balance
on
current
account

132,056
134,159
165,438
211,502
225,846
260,558
259,366
290,536
352,997
283,771

¥109,101
¥110,255
¥148,744
¥186,880
¥201,743
¥240,371
¥251,751
¥272,398
¥331,215
¥269,389

22,954
23,904
16,694
24,622
24,103
20,187
7,615
18,138
21,782
14,382

¥35,013
¥37,637
¥38,260
¥34,057
¥40,081
¥40,794
¥44,509
¥48,757
¥53,442
¥49,463

¥48,515
¥82,523
¥118,244
¥105,823
¥117,821
¥128,372
¥203,827
¥292,856
¥410,341
¥393,371

18,532 ¥87,172
18,345 ¥91,927
17,042 ¥98,326
16,931 ¥101,258

84,083
90,183
88,129
90,603

¥79,260
¥83,994
¥84,055
¥83,909

4,823
6,189
4,074
6,694

¥11,749
¥12,349
¥12,925
¥16,418

¥94,098
¥98,087
¥107,177
¥110,982

¥97,160
¥93,324
¥79,778
¥88,028

83,036
74,846
67,152
58,737

¥81,990
¥68,840
¥66,345
¥52,216

1,046
6,006
807
6,521

¥11,608
¥11,916
¥12,360
¥13,579

¥107,722
¥99,234
¥91,331
¥95,086

12,974 ¥95,492
15,696 ¥109,313
15,206 ¥110,861

58,096
60,722
63,472

¥59,042
¥66,009
¥66,431

¥946
¥5,287
¥2,959

¥16,016
¥13,011
¥13,221

¥112,454
¥127,611
¥127,041

15,711
15,899
26,934
15,237

3 Quarterly

2 Transfers

4 Includes

36

Payments

Unilateral
current
transfers,
net 4

¥36,457
¥68,791
¥96,678
¥96,388
¥101,843
¥107,765
¥166,933
¥262,237
¥378,681
¥358,290

41,918
42,562
50,278
51,410
58,757
63,234
64,398
74,202
70,849
73,779

1 Adjusted

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

Receipts

Balance
on
income

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

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks decreased $46.4 billion in the third
quarter of 2002, in contrast to an increase of $68.7 billion in the second quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $8.3 billion in the third quarter, following an increase
of $32.2 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)

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

612
¥88
¥469
372
693
350
704
¥3,340
837
826

¥74,410
¥200,552
¥176,056
¥352,376
¥413,923
¥487,599
¥359,760
¥477,569
¥606,489
¥370,962

3,901
¥1,379
5,346
¥9,742
6,668
¥1,010
¥6,783
8,747
¥290
¥4,911

¥1,667
¥351
¥390
¥984
¥989
68
¥422
2,750
¥941
¥486

¥76,644
¥198,822
¥181,012
¥341,650
¥419,602
¥486,657
¥352,555
¥489,066
¥605,258
¥365,565

170,663
282,040
305,989
438,562
551,096
706,809
423,569
742,479
1,015,986
752,806

40,477
71,753
39,583
109,880
126,724
19,036
¥19,903
43,666
37,640
5,224

130,186
210,287
266,406
328,682
424,372
687,773
443,472
698,813
978,346
747,582

¥48,350
1,123
¥11,220
19,265
¥20,045
¥91,188
139,314
31,286
7
10,701

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

71,323
73,442
74,335
85,832
75,089
69,954
81,761
71,516
67,647
68,654

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

210
206
207
214
208
207
206
205
208
200
223

¥228,888
¥110,470
¥93,029
¥174,104
¥215,815
¥80,036
24,978
¥100,088
¥25,918
¥131,079
23,920

¥554
2,020
¥346
¥1,410
190
¥1,343
¥3,559
¥199
390
¥1,843
¥1,416

¥127
¥570
114
¥358
77
¥783
77
143
133
42
172

¥228,207
¥111,920
¥92,797
¥172,336
¥216,082
¥77,910
28,460
¥100,032
¥26,441
¥129,278
25,164

240,723
245,787
244,933
284,544
302,510
181,610
17,889
250,797
113,496
204,307
148,510

22,711
6,563
12,904
¥4,538
4,087
¥20,831
16,882
5,086
7,641
47,252
9,319

218,012
239,224
232,029
289,082
298,423
202,441
1,007
245,711
105,855
157,055
139,191

82,053
¥37,436
¥44,934
328
20,819
¥2,547
48,258
¥55,828
24,668
54,183
¥45,612

7,951
¥838
¥10,675
3,566
7,691
875
¥10,286
1,721
10,019
1,256
¥14,063

70,789
67,955
66,256
67,647
64,222
64,847
70,963
68,654
67,574
74,696
75,860

1992
1993
1994
1995
1996
1997
1998
1999
2000
2001

5 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
Page

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product ..........................................................................................................................................................................................
Real Gross Domestic Product ..................................................................................................................................................................................
Implicit Price Deflators for Gross Domestic Product ..............................................................................................................................................
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ..............................................................................................
Nonfinancial Corporate Business—Output, Price, Costs, and Profits ......................................................................................................................
National Income ......................................................................................................................................................................................................
Real Personal Consumption Expenditures ...............................................................................................................................................................
Sources of Personal Income ......................................................................................................................................................................................
Disposition of Personal Income ...............................................................................................................................................................................
Farm Income ............................................................................................................................................................................................................
Corporate Profits ......................................................................................................................................................................................................
Real Gross Private Domestic Investment ................................................................................................................................................................
Real Private Fixed Investment by Type ..................................................................................................................................................................
Business Investment ................................................................................................................................................................................................

1
2
2
3
3
4
4
5
6
7
8
9
10
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .........................................................................................................................................................................................
Selected Unemployment Rates ................................................................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ......................................................................................................
Nonagricultural Employment ..................................................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries .................................................................
Employment Cost Index—Private Industry .............................................................................................................................................................
Productivity and Related Data, Business Sector ......................................................................................................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .......................................................................................................................................................
Industrial Production—Major Market Groups and Selected Manufactures ..............................................................................................................
New Construction ....................................................................................................................................................................................................
New Private Housing and Vacancy Rates ...............................................................................................................................................................
Business Sales and Inventories—Manufacturing and Trade .....................................................................................................................................
Manufacturers’ Shipments, Inventories, and Orders .................................................................................................................................................

17
18
19
19
20
21

PRICES
Producer Prices ........................................................................................................................................................................................................
Consumer Prices—All Urban Consumers ................................................................................................................................................................
Changes in Producer Prices for Finished Goods ......................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers .............................................................................................................................................
Prices Received and Paid by Farmers ......................................................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures .............................................................................................................................................................................
Components of Money Stock ...................................................................................................................................................................................
Aggregate Reserves and Monetary Base ...................................................................................................................................................................
Bank Credit at All Commercial Banks ....................................................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..................................................................................................................
Consumer Credit ......................................................................................................................................................................................................
Interest Rates and Bond Yields ...............................................................................................................................................................................
Common Stock Prices and Yields ............................................................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt .......................................................................................................................................................................
Federal Receipts by Source and Outlays by Function ..............................................................................................................................................
Federal Sector, National Income Accounts Basis .....................................................................................................................................................

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ...............................................................................................................
U.S. International Trade in Goods and Services ......................................................................................................................................................
U.S. International Transactions ................................................................................................................................................................................

35
35
36

General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
… Not available (also, not applicable).
NSA not seasonally adjusted.

38

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