Full text of Economic Indicators : July 2004

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108th Congress, 2d Session

Economic Indicators
JULY 2004
(Includes data available as of August 10, 2004)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2004

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

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

COUNCIL OF ECONOMIC ADVISERS
N. GREGORY MANKIW, Chairman
HARVEY S. ROSEN, Member
KRISTIN J. FORBES, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
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ii

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the second quarter of 2004, according to advance estimates, current-dollar gross domestic product (GDP) rose
6.3 percent (annual rate), real GDP (GDP in chained 2000 dollars) rose 3.0 percent, and the implicit price deflator
rose 3.2 percent. (Series revised.)

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

Period

1994 ......................
1995 ......................
1996 ......................
1997 ......................
1998 ......................
1999 ......................
2000 ......................
2001 r ....................
2002 r ....................
2003 r ....................
2001: I r ...............
II r ..............
III r ............
IV r .............
2002: I r ...............
II r ..............
III r ............
IV r .............
2003: I r ...............
II r ..............
III r ............
IV r .............
2004: I r ...............
II p .............
1 GDP

Exports and imports
of goods and services

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

Net
exports

Exports

7,072.2
7,397.7
7,816.9
8,304.3
8,747.0
9,268.4
9,817.0
10,128.0
10,487.0
11,004.0
10,021.5
10,128.9
10,135.1
10,226.3
10,338.2
10,445.7
10,546.5
10,617.5
10,744.6
10,884.0
11,116.7
11,270.9
11,472.6
11,649.3

¥93.6
¥91.4
¥96.2
¥101.6
¥159.9
¥260.5
¥379.5
¥367.0
¥424.9
¥498.1
¥392.9
¥361.7
¥361.9
¥351.6
¥376.3
¥415.4
¥431.1
¥476.6
¥503.3
¥497.6
¥488.8
¥502.8
¥546.8
¥561.0

720.9
812.2
868.6
955.3
955.9
991.2
1,096.3
1,032.8
1,005.0
1,046.2
1,100.7
1,060.5
1,003.5
966.6
975.0
1,008.1
1,023.4
1,013.5
1,019.8
1,018.1
1,047.7
1,099.2
1,134.3
1,183.1

4,743.3
4,975.8
5,256.8
5,547.4
5,879.5
6,282.5
6,739.4
7,055.0
7,376.1
7,760.9
6,955.8
7,017.5
7,058.5
7,188.4
7,236.9
7,339.3
7,428.0
7,500.0
7,609.8
7,696.3
7,822.5
7,914.9
8,060.2
8,146.2

1,097.1
1,144.0
1,240.3
1,389.8
1,509.1
1,625.7
1,735.5
1,614.3
1,579.2
1,665.8
1,675.3
1,647.7
1,613.0
1,521.4
1,568.5
1,577.0
1,581.3
1,589.9
1,596.6
1,611.1
1,696.6
1,758.8
1,819.7
1,891.2

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

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

814.5
903.6
964.8
1,056.9
1,115.9
1,251.7
1,475.8
1,399.8
1,429.9
1,544.3
1,493.7
1,422.2
1,365.3
1,318.2
1,351.3
1,423.5
1,454.5
1,490.1
1,523.0
1,515.7
1,536.4
1,602.0
1,681.2
1,744.1

1,325.5
1,369.2
1,416.0
1,468.7
1,518.3
1,620.8
1,721.6
1,825.6
1,956.6
2,075.5
1,783.3
1,825.4
1,825.6
1,868.2
1,909.2
1,944.9
1,968.3
2,004.2
2,041.4
2,074.2
2,086.4
2,100.0
2,139.5
2,172.9

519.1
519.2
527.4
530.9
530.4
555.8
578.8
612.9
680.8
752.2
596.2
610.9
614.3
630.1
654.2
676.6
684.4
708.2
723.4
761.1
756.7
767.5
793.3
804.3

National
defense
353.7
348.7
354.6
349.6
345.7
360.6
370.3
392.6
437.4
496.4
383.5
388.3
393.0
405.6
418.5
431.7
438.5
461.0
467.4
506.7
498.1
513.6
534.1
541.2

Nondefense
165.5
170.5
172.8
181.3
184.7
195.2
208.5
220.3
243.4
255.7
212.7
222.6
221.3
224.5
235.8
244.9
245.9
247.2
256.0
254.4
258.7
253.9
259.1
263.1

State
and
local
806.3
850.0
888.6
937.8
987.9
1,065.0
1,142.8
1,212.8
1,275.8
1,323.3
1,187.2
1,214.5
1,211.2
1,238.1
1,255.0
1,268.3
1,283.9
1,296.0
1,318.0
1,313.1
1,329.7
1,332.6
1,346.3
1,368.6

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

7,008.4
7,366.5
7,786.1
8,232.3
8,676.2
9,201.5
9,760.5
10,159.7
10,475.9
11,005.3
10,031.4
10,136.0
10,166.9
10,304.5
10,347.2
10,431.7
10,527.4
10,597.1
10,734.0
10,899.3
11,120.4
11,267.4
11,436.4
11,604.8

7,165.8
7,489.0
7,913.1
8,405.9
8,906.9
9,528.9
10,196.4
10,495.0
10,911.9
11,502.2
10,414.4
10,490.6
10,497.0
10,577.9
10,714.6
10,861.2
10,977.6
11,094.1
11,247.8
11,381.6
11,605.5
11,773.7
12,019.4
12,210.3

7,098.4
7,433.4
7,851.9
8,337.3
8,768.3
9,302.2
9,855.9
10,171.6
10,514.1
11,059.2
10,060.2
10,173.5
10,151.8
10,300.9
10,361.7
10,461.6
10,571.7
10,661.2
10,781.3
10,929.0
11,168.3
11,358.1
11,546.1
..............

NOTE.—GDP and related data reflect annual revisions released on July 30, 2004; data revised beginning 2001. For details, see August 2004 Survey of Current Business.
Source: Department of Commerce, Bureau of Economic Analysis.

1

REAL GROSS DOMESTIC PRODUCT
[Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates]

Gross private
domestic investment
Period

1994 .........
1995 .........
1996 .........
1997 .........
1998 .........
1999 .........
2000 .........
2001 r ........
2002 r ........
2003 r ........
2001: I r ...
II r ..
III r
IV r
2002: I r ...
II r ..
III r
IV r
2003: I r ...
II r ..
III r
IV r
2004: I r ...
II p

Gross
domestic
product

7,835.5
8,031.7
8,328.9
8,703.5
9,066.9
9,470.3
9,817.0
9,890.7
10,074.8
10,381.3
9,875.6
9,905.9
9,871.1
9,910.0
9,993.5
10,052.6
10,117.3
10,135.9
10,184.4
10,287.4
10,472.8
10,580.7
10,697.5
10,778.0

Personal
conNonresi- Resi- Change
sumption dential dential in priexpendifixed
fixed
vate
tures
invest- invest- invenment
ment tories
5,290.7
5,433.5
5,619.4
5,831.8
6,125.8
6,438.6
6,739.4
6,910.4
7,123.4
7,355.6
6,853.1
6,870.3
6,900.5
7,017.6
7,049.7
7,099.2
7,149.9
7,194.6
7,242.2
7,311.4
7,401.7
7,466.8
7,543.0
7,562.5

689.9
762.5
833.6
934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,075.6
1,110.8
1,234.4
1,190.2
1,169.3
1,128.2
1,099.8
1,072.4
1,069.5
1,060.9
1,060.5
1,090.6
1,131.1
1,161.0
1,173.0
1,198.1

364.8
353.1
381.3
388.6
418.3
443.6
446.9
448.5
470.0
511.2
444.0
450.1
452.1
447.8
457.8
470.3
473.6
478.5
487.3
497.9
523.8
535.9
542.5
562.3

63.6
29.9
28.7
71.2
72.6
68.9
56.5
¥31.7
11.7
¥.8
¥7.8
¥2.5
¥29.9
¥86.7
¥7.4
7.9
22.7
23.8
9.6
¥17.6
¥3.5
8.6
40.0
47.5

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

¥79.4
¥71.0
¥79.6
¥104.6
¥203.7
¥296.2
¥379.5
¥399.1
¥472.1
¥518.5
¥398.2
¥385.2
¥398.4
¥414.5
¥444.9
¥458.1
¥469.8
¥515.4
¥511.7
¥525.2
¥508.7
¥528.3
¥550.1
¥552.8

706.5
778.2
843.4
943.7
966.5
1,008.2
1,096.3
1,036.7
1,012.3
1,031.8
1,097.2
1,060.6
1,008.7
980.3
991.6
1,017.8
1,025.5
1,014.5
1,010.6
1,006.5
1,033.8
1,076.2
1,095.4
1,129.9

785.9
849.1
923.0
1,048.3
1,170.3
1,304.4
1,475.8
1,435.8
1,484.4
1,550.3
1,495.4
1,445.8
1,407.1
1,394.9
1,436.5
1,475.9
1,495.3
1,529.8
1,522.3
1,531.7
1,542.5
1,604.5
1,645.5
1,682.6

1,541.3
1,549.7
1,564.9
1,594.0
1,624.4
1,686.9
1,721.6
1,780.3
1,857.9
1,909.4
1,749.6
1,783.0
1,776.1
1,812.7
1,833.5
1,853.4
1,863.1
1,881.6
1,882.5
1,915.3
1,916.0
1,923.7
1,935.8
1,946.8

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 (2000) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

Total

National
defense

Nondefense

596.4
580.3
573.5
567.6
561.2
573.7
578.8
601.4
646.6
689.6
588.5
601.4
601.5
614.2
626.4
645.5
650.1
664.5
665.0
699.0
693.1
701.2
713.3
718.1

404.6
389.2
383.8
373.0
365.3
372.2
370.3
384.9
414.6
451.8
377.9
381.9
384.1
395.6
401.3
412.3
415.8
429.2
426.2
462.3
453.1
465.7
477.6
479.9

191.7
191.0
189.6
194.5
195.9
201.5
208.5
216.5
232.0
237.6
210.6
219.5
217.3
218.6
225.2
233.2
234.3
235.3
238.8
236.5
239.9
235.2
235.4
237.9

State
and
local

943.3
968.3
990.5
1,025.9
1,063.0
1,113.2
1,142.8
1,179.0
1,211.4
1,219.8
1,161.1
1,181.6
1,174.6
1,198.5
1,207.2
1,208.0
1,213.1
1,217.3
1,217.7
1,216.3
1,222.9
1,222.5
1,222.4
1,228.7

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

7,777.8
8,010.2
8,306.5
8,636.6
8,997.6
9,404.0
9,760.5
9,920.9
10,063.2
10,379.9
9,883.2
9,908.7
9,899.9
9,992.3
10,000.4
10,044.9
10,095.2
10,112.5
10,173.3
10,302.5
10,473.9
10,569.6
10,655.8
10,728.8

7,911.3
8,098.4
8,405.7
8,807.6
9,272.5
9,767.7
10,196.4
10,290.1
10,544.6
10,895.7
10,273.2
10,291.3
10,270.1
10,325.6
10,437.7
10,508.9
10,584.8
10,646.7
10,692.0
10,808.1
10,978.3
11,104.3
11,241.9
11,324.7

7,864.2
8,069.8
8,365.3
8,737.5
9,088.7
9,504.7
9,855.9
9,933.6
10,101.7
10,433.9
9,913.6
9,949.8
9,887.7
9,983.1
10,017.2
10,068.9
10,142.4
10,178.4
10,220.3
10,330.8
10,521.7
10,663.3
10,766.7
..............

See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.

IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 2000=100; quarterly data are seasonally adjusted]

Personal consumption
expenditures
Period

1994 .................
1995 .................
1996 .................
1997 .................
1998 .................
1999 .................
2000 .................
2001 r ................
2002 r ................
2003 r ................
2001: I r ...........
II r ..........
III r ........
IV r .........
2002: I r ...........
II r ..........
III r ........
IV r .........
2003: I r ...........
II r ..........
III r ........
IV r .........
2004: I r ...........
II p .........

Gross
domestic
product

90.259
92.106
93.852
95.414
96.472
97.868
100.000
102.399
104.092
105.998
101.478
102.252
102.675
103.191
103.450
103.911
104.243
104.752
105.500
105.799
106.148
106.523
107.246
108.085

Note.—See Note, p. 1.

2

Total

89.654
91.576
93.547
95.124
95.979
97.575
100.000
102.094
103.547
105.510
101.499
102.143
102.289
102.434
102.656
103.382
103.890
104.245
105.076
105.265
105.685
106.000
106.856
107.720

Durable
goods
109.978
110.672
109.507
107.068
104.152
101.625
100.000
98.113
95.475
92.244
99.155
98.390
97.689
97.298
96.349
95.749
95.255
94.588
93.720
92.826
91.799
90.788
90.783
90.767

Nondurable goods
89.605
90.629
92.566
93.835
93.821
96.174
100.000
101.531
102.097
104.153
101.257
102.123
101.898
100.855
100.861
102.190
102.517
102.810
104.104
103.516
104.418
104.560
105.909
107.630

Gross private
domestic investment

Services

85.748
88.320
90.844
93.304
95.318
97.393
100.000
103.256
106.084
109.237
102.145
102.994
103.509
104.365
104.957
105.686
106.518
107.146
108.153
108.988
109.525
110.263
111.080
111.726

Nonresidential
fixed
106.008
106.239
105.011
103.696
101.421
100.057
100.000
99.683
98.913
98.547
99.607
99.744
99.817
99.561
99.238
98.957
98.643
98.801
98.668
98.354
98.431
98.728
98.792
99.163

Exports and imports of Government consumption expenditures
goods and services
and gross investment
Federal

Residential fixed
82.754
85.770
87.609
89.843
92.239
95.780
100.000
104.633
107.246
111.952
102.628
103.885
105.631
106.366
106.156
106.699
107.110
108.959
110.748
111.214
112.054
113.630
115.133
117.098

Exports

Imports
Total

102.034
104.376
102.987
101.233
98.905
98.313
100.000
99.625
99.275
101.396
100.322
99.988
99.482
98.597
98.325
99.050
99.795
99.903
100.911
101.149
101.343
102.133
103.550
104.706

103.634
106.411
104.529
100.816
95.354
95.960
100.000
97.497
96.326
99.615
99.885
98.365
97.034
94.504
94.068
96.450
97.272
97.401
100.051
98.956
99.607
99.840
102.165
103.650

87.037
89.479
91.957
93.533
94.512
96.883
100.000
101.908
105.288
109.082
101.306
101.582
102.135
102.579
104.433
104.804
105.268
106.585
108.795
108.887
109.180
109.449
111.205
112.002

National
defense

Nondefense

State
and
local

87.412
89.598
92.379
93.716
94.643
96.886
100.000
102.002
105.489
109.876
101.488
101.673
102.306
102.515
104.286
104.698
105.445
107.413
109.676
109.608
109.917
110.283
111.830
112.773

86.309
89.282
91.146
93.192
94.269
96.880
100.000
101.738
104.932
107.632
100.981
101.419
101.834
102.696
104.695
104.991
104.944
105.088
107.191
107.577
107.839
107.919
110.097
110.601

85.480
87.785
89.717
91.414
92.935
95.667
100.000
102.868
105.318
108.485
102.243
102.785
103.117
103.311
103.961
104.997
105.834
106.466
108.235
107.958
108.736
109.007
110.130
111.390

Source: Department of Commerce, Bureau of Economic Analysis.

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

Index numbers, 2000=100
Real GDP
(chain-type
quantity
index)

Period

1994 ......................................................................................
1995 ......................................................................................
1996 ......................................................................................
1997 ......................................................................................
1998 ......................................................................................
1999 ......................................................................................
2000 ......................................................................................
2001 r ....................................................................................
2002 r ....................................................................................
2003 r ....................................................................................
1999: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2000: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2001: I r ...............................................................................
II r ..............................................................................
III r ............................................................................
IV r .............................................................................
2002: I r ...............................................................................
II r ..............................................................................
III r ............................................................................
IV r .............................................................................
2003: I r ...............................................................................
II r ..............................................................................
III r ............................................................................
IV r .............................................................................
2004: I r ...............................................................................
II p .............................................................................

79.816
81.814
84.842
88.658
92.359
96.469
100.000
100.751
102.626
105.749
94.892
95.677
96.794
98.514
98.764
100.315
100.200
100.721
100.597
100.906
100.551
100.948
101.798
102.400
103.059
103.249
103.743
104.792
106.681
107.780
108.969
109.789

GDP
chain-type
price index

90.265
92.115
93.859
95.415
96.475
97.868
100.000
102.402
104.097
106.003
97.274
97.701
98.022
98.475
99.292
99.780
100.241
100.687
101.507
102.290
102.690
103.122
103.470
103.853
104.280
104.786
105.490
105.780
106.158
106.586
107.314
108.161

1 Quarterly percent changes are at annual rates.
Note.—See Note, p. 1.

GDP
implicit
price
deflator

GDP
(current
dollars)

90.259
92.106
93.852
95.414
96.472
97.868
100.000
102.399
104.092
105.998
97.328
97.674
98.013
98.432
99.317
99.745
100.259
100.666
101.478
102.252
102.675
103.191
103.450
103.911
104.243
104.752
105.500
105.799
106.148
106.523
107.246
108.085

6.2
4.6
5.7
6.2
5.3
6.0
5.9
3.2
3.5
4.9
5.1
4.8
6.2
9.1
4.7
8.3
1.6
3.8
2.8
4.4
.2
3.6
4.5
4.2
3.9
2.7
4.9
5.3
8.8
5.7
7.4
6.3

Real GDP
(chain-type
quantity
index)

GDP
chain-type
price
index

4.0
2.5
3.7
4.5
4.2
4.5
3.7
.8
1.9
3.0
3.4
3.4
4.8
7.3
1.0
6.4
¥.5
2.1
¥.5
1.2
¥1.4
1.6
3.4
2.4
2.6
.7
1.9
4.1
7.4
4.2
4.5
3.0

GDP
implicit
price
deflator

2.1
2.0
1.9
1.7
1.1
1.4
2.2
2.4
1.7
1.8
1.5
1.8
1.3
1.9
3.4
2.0
1.9
1.8
3.3
3.1
1.6
1.7
1.4
1.5
1.7
2.0
2.7
1.1
1.4
1.6
2.8
3.2

2.1
2.0
1.9
1.7
1.1
1.4
2.2
2.4
1.7
1.8
1.6
1.4
1.4
1.7
3.6
1.7
2.1
1.6
3.3
3.1
1.7
2.0
1.0
1.8
1.3
2.0
2.9
1.1
1.3
1.4
2.7
3.2

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS–GROSS VALUE ADDED AND PRICE,
COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Price per unit of real gross value added of nonfinancial corporate business (dollars) 1 2

Gross value added
of nonfinancial
corporate business
(billions of dollars)1

Unit nonlabor cost

Period

1994 ........................................................
1995 ........................................................
1996 ........................................................
1997 ........................................................
1998 ........................................................
1999 ........................................................
2000 ........................................................
2001 r .......................................................
2002 r .......................................................
2003 r .......................................................
2001: I r ..................................................
II r ................................................
III r ...............................................
IV r ...............................................
2002: I r ..................................................
II r ................................................
III r ...............................................
IV r ...............................................
2003: I r ..................................................
II r ................................................
III r ...............................................
IV r ...............................................
2004: I r ..................................................

Current
dollars

Chained
(2000)
dollars

3,669.5
3,879.5
4,109.5
4,401.8
4,655.0
4,950.8
5,272.2
5,293.5
5,377.7
5,606.8
5,315.8
5,321.3
5,279.1
5,257.7
5,309.6
5,375.6
5,392.8
5,432.9
5,443.0
5,547.8
5,669.0
5,767.5
5,856.2

3,832.0
3,999.1
4,222.3
4,493.0
4,735.5
5,009.9
5,272.2
5,229.7
5,306.6
5,520.2
5,295.0
5,259.0
5,199.6
5,165.2
5,237.8
5,299.7
5,330.5
5,358.4
5,366.5
5,463.8
5,579.6
5,670.7
5,727.9

Total

Compensation of employees
(unit labor
cost)

0.958
.970
.973
.980
.983
.988
1.000
1.012
1.013
1.016
1.004
1.012
1.015
1.018
1.014
1.014
1.012
1.014
1.014
1.015
1.016
1.017
1.022

1 Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the
Standard Industrial Classification (SIC); later estimates are based on the North American Industry Classification System (NAICS).
2 The implicit price deflator for gross value added of nonfinancial corporate business divided
by 100.
3 Less subsidies plus business current transfer payments.

0.621
.628
.623
.626
.643
.652
.672
.688
.679
.670
.683
.685
.690
.692
.682
.680
.677
.675
.676
.671
.666
.665
.670

Total

0.227
.230
.225
.226
.226
.229
.237
.257
.256
.253
.248
.254
.260
.263
.259
.256
.254
.254
.257
.252
.252
.250
.248

Consumption of
fixed
capital

Taxes
on production
and imports 3

Net interest and
miscellaneous
payments

0.102
.104
.103
.104
.104
.105
.108
.124
.124
.123
.116
.121
.131
.126
.124
.123
.123
.124
.125
.123
.122
.121
.117

0.099
.097
.096
.094
.092
.092
.093
.094
.098
.099
.094
.094
.089
.098
.098
.098
.098
.098
.100
.098
.099
.099
.100

0.026
.029
.026
.028
.030
.032
.036
.039
.034
.031
.038
.039
.040
.039
.037
.035
.033
.032
.032
.031
.031
.030
.031

Corporate profits with inventory
valuation and capital consumption
adjustments 4
Total

0.109
.113
.124
.128
.114
.107
.090
.068
.079
.094
.073
.072
.066
.063
.074
.078
.079
.084
.082
.092
.098
.102
.106

Taxes on
corporate
income

0.035
.035
.036
.036
.033
.034
.032
.021
.017
.024
.024
.024
.021
.016
.014
.016
.018
.019
.022
.022
.024
.026
.026

Profits
after
tax 5

0.074
.078
.088
.092
.080
.073
.058
.047
.062
.070
.048
.048
.044
.047
.060
.062
.062
.065
.060
.070
.074
.076
.080

4 Unit

profits from current production.
inventory valuation and capital consumption adjustments.
Note.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
5 With

3

NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Proprietors’
income 1

Period

1994 ............
1995 ............
1996 ............
1997 ............
1998 ............
1999 ............
2000 ............
2001 r ...........
2002 r ...........
2003 r ...........
2001: I r ......
II r .....
III r ...
IV r ....
2002: I r ......
II r .....
III r ...
IV r ....
2003: I r ......
II r .....
III r ...
IV r ....
2004: I r ......
II p ....

National income

6,122.3
6,453.9
6,840.1
7,292.2
7,752.8
8,236.7
8,795.2
8,979.8
9,225.4
9,679.6
8,987.6
9,001.5
8,890.3
9,039.9
9,136.5
9,222.3
9,241.6
9,301.3
9,407.7
9,568.8
9,771.1
9,971.1
10,151.5
..................

Compensation
of
employees

Farm

3,997.2
4,193.3
4,390.5
4,661.7
5,019.4
5,357.1
5,782.7
5,942.1
6,069.5
6,289.0
5,946.2
5,944.6
5,939.3
5,938.3
6,010.2
6,068.3
6,086.0
6,113.4
6,179.1
6,245.6
6,324.7
6,406.7
6,512.8
6,600.6

Nonfarm

33.9
22.7
37.3
34.2
29.4
28.6
22.7
19.7
9.7
21.8
21.9
19.2
17.7
20.0
10.8
10.4
8.7
8.8
13.8
24.1
24.8
24.7
17.9
18.6

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

439.4
469.5
505.9
541.8
598.4
649.7
705.7
752.2
759.9
812.3
747.5
751.5
755.7
754.1
751.4
758.6
761.7
767.9
780.2
801.6
827.2
840.0
854.2
884.2

119.7
122.1
131.5
128.8
137.5
147.3
150.3
167.4
170.9
153.8
155.3
161.7
176.4
176.2
179.7
184.7
165.4
153.8
155.5
144.1
148.8
167.1
172.8
173.8

Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total

600.3
696.7
786.2
868.5
801.6
851.3
817.9
767.3
874.6
1,021.1
778.7
783.1
714.5
793.0
838.2
868.4
876.2
915.4
912.0
986.2
1,057.1
1,129.1
1,165.6
............

Total

Profits
before
tax

Inventory
valuation
adjustment

564.6
656.0
736.1
812.3
738.5
776.8
759.3
719.2
756.8
860.4
750.5
756.0
689.1
681.3
711.7
747.5
761.2
806.8
798.7
823.5
877.2
941.9
925.4
............

577.1
674.3
733.0
798.2
718.3
775.9
773.4
707.9
758.0
874.5
754.6
755.0
671.1
650.9
695.8
745.9
773.0
817.4
826.1
824.5
881.0
966.2
962.4
............

¥12.4
¥18.3
3.1
14.1
20.2
1.0
¥14.1
11.3
¥1.2
¥14.1
¥4.1
1.1
18.0
30.4
15.9
1.6
¥11.8
¥10.6
¥27.4
¥1.0
¥3.8
¥24.3
¥37.0
..............

1 With inventory valuation and capital consumption adjustments.
NOTE.—See Note, p. 1.

Capital
consumption
adjustment

35.7
40.7
50.1
56.2
63.1
74.5
58.6
48.1
117.8
160.8
28.2
27.1
25.4
111.7
126.6
121.0
115.0
108.6
113.3
162.7
179.9
187.2
240.2
236.6

Net
interest
and
miscellaneous
pay
ments

Taxes
on
production
and
imports

366.4
367.1
376.2
415.6
487.1
495.4
559.0
566.3
532.9
543.0
565.2
569.9
565.5
564.8
549.2
527.3
526.8
528.3
541.3
542.8
542.8
545.3
554.5
546.9

545.6
558.2
581.1
612.0
639.8
674.0
708.9
728.6
762.6
798.1
725.1
726.3
725.6
737.6
747.3
760.1
771.2
771.8
783.5
792.9
802.0
813.9
823.3
834.4

Less:
Subsidies

Busness
current
transfer
payments

Current
surplus
of government
enterprises

32.2
34.0
34.3
32.9
35.4
44.2
44.3
55.3
38.2
46.7
52.3
58.4
67.3
43.1
38.9
36.8
38.4
38.7
42.8
55.2
44.5
44.4
40.4
39.4

43.3
46.9
53.1
49.9
64.7
67.4
87.1
92.8
80.9
77.7
98.3
104.8
65.7
102.5
89.6
81.3
78.0
74.6
74.8
76.9
78.9
80.1
82.7
83.5

8.6
11.4
12.7
12.6
10.3
10.1
5.3
¥1.4
2.8
9.5
1.7
¥1.1
¥2.9
¥3.4
¥.9
¥.1
6.0
6.0
10.3
9.8
9.3
8.7
8.1
7.6

Source: Department of Commerce, Bureau of Economic Analysis.

REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (2000) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods

Period

Total
personal
consumption
expenditures

Total
durable
goods

Motor
vehicles
and
parts

Furniture
and
household
equipment

Nondurable goods

Other

Total
nondurable
goods

Food

Clothing
and
shoes

Gasoline
and
oil

Services

Fuel
oil
and
coal

Other

Total
services 1

Housing

Medical
care

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

1994 ...............
1995 ...............
1996 ...............
1997 ...............
1998 ...............
1999 ...............
2000 ...............
2001 r ..............
2002 r ..............
2003 r ..............

5,290.7
5,433.5
5,619.4
5,831.8
6,125.8
6,438.6
6,739.4
6,910.4
7,123.4
7,355.6

529.4
552.6
595.9
646.9
720.3
804.6
863.3
900.7
959.6
1,030.6

276.2
272.3
285.4
304.7
339.0
372.4
386.5
405.8
428.7
452.1

156.8
173.3
193.4
216.3
244.7
280.7
312.9
331.8
360.7
393.5

104.2
111.2
119.6
127.3
137.6
151.7
163.9
163.2
170.9
186.5

1,603.9
1,638.6
1,680.4
1,725.3
1,794.4
1,876.6
1,947.2
1,986.7
2,037.4
2,112.4

821.8
827.1
834.7
845.2
865.6
893.6
925.2
940.2
958.4
995.1

218.5
227.4
238.7
246.0
263.1
282.7
297.7
303.7
316.7
330.2

151.7
154.5
157.9
162.8
170.3
176.3
175.7
178.3
180.7
182.0

18.2
18.7
18.4
16.9
16.0
16.4
15.8
15.2
15.4
15.4

397.7
414.1
432.9
456.6
481.1
508.6
532.9
549.2
566.3
589.6

3,176.6
3,259.9
3,356.0
3,468.0
3,615.0
3,758.0
3,928.8
4,023.2
4,128.6
4,220.3

869.3
887.5
901.1
922.5
948.8
978.6
1,006.5
1,033.7
1,062.0
1,076.1

887.1
906.4
922.5
942.8
970.7
989.0
1,026.8
1,075.2
1,139.3
1,184.3

15.0
14.7
15.1
15.1
15.5
16.9
17.3
17.1
16.8
16.6

2001: I r .........
II r ........
III r ......
IV r ......
2002: I r .........
II r ........
III r ......
IV r ......
2003: I r .........
II r ........
III r ......
IV r ......
2004: I r .........
II p .......

6,853.1
6,870.3
6,900.5
7,017.6
7,049.7
7,099.2
7,149.9
7,194.6
7,242.2
7,311.4
7,401.7
7,466.8
7,543.0
7,562.5

879.5
878.9
885.6
958.7
937.8
947.8
979.3
973.4
973.2
1,020.0
1,059.6
1,069.7
1,075.5
1,068.7

392.6
388.6
392.7
449.4
415.1
418.6
447.1
433.9
428.0
451.3
465.6
463.5
456.7
446.7

323.8
328.1
332.2
343.0
354.4
360.1
361.2
367.2
369.3
385.2
405.0
414.6
425.6
431.0

163.3
162.6
161.2
165.6
169.2
170.3
170.9
173.2
177.0
184.4
190.5
194.0
196.9
196.1

1,975.2
1,974.7
1,986.5
2,010.3
2,029.3
2,033.2
2,030.2
2,056.8
2,082.0
2,090.1
2,125.3
2,152.0
2,187.3
2,187.0

937.1
938.3
940.6
945.0
951.4
958.4
958.0
965.8
981.4
988.0
1,002.2
1,008.6
1,028.4
1,028.6

300.5
301.8
302.9
309.8
316.4
316.2
312.9
321.2
320.6
327.1
334.9
338.2
351.2
346.0

180.4
173.5
176.1
183.1
183.3
178.4
178.0
183.0
184.5
177.8
179.1
186.4
186.0
184.0

16.0
14.9
15.0
14.7
14.6
15.3
15.4
16.3
15.0
14.3
15.5
16.9
16.1
15.7

540.8
546.0
551.7
558.4
564.4
564.7
565.5
570.7
579.9
582.8
593.6
602.1
606.6
613.4

3,997.9
4,016.0
4,027.8
4,051.2
4,084.1
4,119.7
4,143.8
4,166.9
4,188.7
4,207.7
4,227.9
4,256.7
4,291.7
4,316.3

1,024.4
1,031.2
1,036.5
1,042.8
1,052.8
1,060.8
1,065.5
1,068.7
1,071.6
1,074.3
1,078.1
1,080.3
1,086.0
1,091.4

1,053.5
1,065.7
1,082.7
1,099.1
1,117.1
1,132.5
1,147.0
1,160.5
1,170.0
1,179.7
1,189.3
1,198.3
1,207.9
1,222.3

17.2
16.7
16.1
18.5
16.6
16.5
17.4
16.6
16.1
16.4
17.2
16.8
16.5
16.5

1 Includes other items, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

4

See Note, p.1.
Source: Department of Commerce, Bureau of Economic Analysis.

SOURCES OF PERSONAL INCOME
Personal income rose $23.0 billion (annual rate) in June, following an increase of $54.0 billion in May. Wages
and salaries fell $1.3 billion in June, following an increase of $31.7 billion in May. (Series revised.)

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Compensation of employees, received

Period

1994 .................
1995 .................
1996 .................
1997 .................
1998 .................
1999 .................
2000 .................
2001 r ................
2002 r ................
2003 r ................
2003: June r .....
July r ......
Aug r ......
Sept r .....
Oct r .......
Nov r ......
Dec r .......
2004: Jan r .......
Feb r .......
Mar r ......
Apr r .......
May r ......
June p ....
1 With
2 With

Total
personal
income

5,842.5
6,152.3
6,520.6
6,915.1
7,423.0
7,802.4
8,429.7
8,724.1
8,878.9
9,161.8
9,151.1
9,175.4
9,208.9
9,243.7
9,276.6
9,337.9
9,375.3
9,418.2
9,466.9
9,510.9
9,571.1
9,625.1
9,648.1

Total

3,979.6
4,177.0
4,386.9
4,664.6
5,020.1
5,352.0
5,782.7
5,942.1
6,069.5
6,289.0
6,275.6
6,297.3
6,327.3
6,349.4
6,377.9
6,421.0
6,421.2
6,477.3
6,514.3
6,542.3
6,574.9
6,613.6
6,617.6

Wage and
salary
disbursements

3,232.1
3,419.3
3,619.6
3,877.6
4,183.4
4,466.3
4,829.2
4,942.8
4,976.3
5,103.6
5,097.2
5,109.4
5,131.2
5,145.3
5,167.1
5,202.4
5,197.3
5,236.5
5,263.7
5,282.7
5,309.9
5,341.6
5,340.3

inventory valuation and capital consumption adjustments.
capital consumption adjustment.
mainly of social insurance benefits to persons.

3 Consists

Supplements to
wages
and
salaries

747.5
757.7
767.3
787.0
836.7
885.7
953.4
999.3
1,093.2
1,185.5
1,178.4
1,187.9
1,196.1
1,204.2
1,210.8
1,218.6
1,223.9
1,240.9
1,250.6
1,259.6
1,265.0
1,272.0
1,277.3

Proprietors’ income 1

Farm

33.9
22.7
37.3
34.2
29.4
28.6
22.7
19.7
9.7
21.8
25.8
24.7
24.8
24.9
24.8
24.7
24.5
18.5
17.8
17.5
18.2
18.7
18.9

Nonfarm

439.4
469.5
505.9
541.8
598.4
649.7
705.7
752.2
759.9
812.3
813.1
823.5
825.0
833.1
835.6
838.8
845.7
844.3
852.2
866.0
876.4
884.3
891.9

Personal income receipts on assets
Rental
income
of
persons 2

119.7
122.1
131.5
128.8
137.5
147.3
150.3
167.4
170.9
153.8
143.2
145.2
148.2
152.8
158.9
166.5
175.7
174.1
172.6
171.8
172.6
174.0
174.8

Total

950.8
1,016.4
1,089.2
1,181.7
1,283.2
1,264.2
1,387.0
1,380.0
1,334.6
1,322.7
1,324.1
1,318.5
1,314.2
1,310.4
1,317.4
1,325.7
1,334.4
1,335.5
1,337.0
1,338.8
1,345.1
1,351.8
1,358.7

Personal
interest
income

716.8
763.2
793.0
848.7
933.2
928.6
1,011.0
1,011.0
946.7
929.9
932.2
927.0
922.7
918.6
925.0
932.1
939.0
937.6
936.2
934.8
938.0
941.2
944.4

Personal
dividend
income

234.0
253.2
296.2
333.0
349.9
335.6
376.1
369.0
387.9
392.8
391.8
391.5
391.5
391.8
392.4
393.5
395.3
397.9
400.8
404.0
407.1
410.6
414.3

Personal
current
transfer
receipts 3

827.3
877.4
925.0
951.2
978.6
1,022.1
1,084.0
1,193.9
1,282.7
1,335.4
1,341.3
1,340.2
1,346.4
1,352.1
1,343.9
1,348.1
1,360.2
1,371.7
1,380.5
1,384.7
1,397.0
1,400.9
1,404.3

Less: Contributions
for government social
insurance

508.2
532.8
555.2
587.2
624.2
661.4
702.7
731.1
748.3
773.2
771.9
773.9
777.0
779.2
781.9
786.9
786.3
803.2
807.5
810.1
813.1
818.2
818.1

Note.—Data beginning January 2001 reflect annual revisions released on August 3, 2004.
See August 2004, Survey of Current Business, for details on the revisions.
Source: Department of Commerce, Bureau of Economic Analysis.

5

DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (2000) dollars rose at an
annual rate of 2.0 percent in the second quarter of 2004. (Series revised.)

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2000)
dollars

Per capita
disposable personal
income
Current
dollars

Billions of dollars
1994 ..............
1995 ..............
1996 ..............
1997 ..............
1998 ..............
1999 ..............
2000 ..............
2001 r ............
2002 r ............
2003 r ............

5,842.5
6,152.3
6,520.6
6,915.1
7,423.0
7,802.4
8,429.7
8,724.1
8,878.9
9,161.8

690.7
744.1
832.1
926.3
1,027.0
1,107.5
1,235.7
1,237.3
1,051.2
1,001.9

5,151.8
5,408.2
5,688.5
5,988.8
6,395.9
6,695.0
7,194.0
7,486.8
7,827.7
8,159.9

Chained
(2000)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2000)
dollars

Dollars

4,902.4
5,157.3
5,460.0
5,770.5
6,119.1
6,536.4
7,025.6
7,354.5
7,668.5
8,049.3

249.5
250.9
228.4
218.3
276.8
158.6
168.5
132.3
159.2
110.6

5,746.4
5,905.7
6,080.9
6,295.8
6,663.9
6,861.3
7,194.0
7,333.3
7,559.5
7,733.8

19,555
20,287
21,091
21,940
23,161
23,968
25,472
26,237
27,157
28,033

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

21,812
22,153
22,546
23,065
24,131
24,564
25,472
25,699
26,227
26,569

18,004
18,665
19,490
20,323
21,291
22,491
23,863
24,723
25,590
26,662

20,082
20,382
20,835
21,365
22,183
23,050
23,863
24,216
24,713
25,269

1.5
1.6
1.8
2.3
4.6
1.8
3.7
.9
2.1
1.3

4.8
4.6
4.0
3.6
4.3
2.4
2.3
1.8
2.0
1.4

263,455
266,588
269,714
272,958
276,154
279,328
282,425
285,358
288,240
291,085

25,620
25,450
26,082
25,641
26,249
26,363
26,178
26,120
26,175
26,389
26,842
26,865
27,020
27,151

24,469
24,627
24,704
25,091
25,202
25,498
25,738
25,919
26,239
26,476
26,840
27,088
27,524
27,754

24,108
24,110
24,151
24,495
24,550
24,664
24,774
24,864
24,972
25,152
25,397
25,555
25,758
25,765

0.3
¥2.6
10.3
¥6.6
9.8
1.7
¥2.8
¥.9
.8
3.3
7.0
.3
2.3
2.0

1.9
1.2
3.4
.5
2.7
2.7
1.6
1.2
1.0
1.1
1.9
1.3
1.2
1.7

284,265
284,952
285,726
286,490
287,156
287,840
288,605
289,360
290,016
290,689
291,445
292,190
292,838
293,512

Seasonally adjusted annual rates
2001: I r .......
II r ......
III r ....
IV r .....
2002: I r .......
II r ......
III r ....
IV r .....
2003: I r .......
II r ......
III r ....
IV r .....
2004: I r .......
II p ......

8,688.7
8,719.9
8,733.1
8,754.8
8,803.6
8,897.1
8,895.7
8,919.2
9,002.2
9,105.7
9,209.3
9,330.0
9,465.4
9,614.8

1,296.6
1,312.3
1,110.3
1,230.0
1,065.8
1,052.1
1,046.7
1,040.3
1,025.7
1,030.7
941.7
1,009.4
1,010.4
1,030.3

7,392.1
7,407.6
7,622.8
7,524.8
7,737.8
7,845.0
7,849.0
7,878.8
7,976.5
8,075.0
8,267.6
8,320.5
8,455.0
8,584.5

7,253.5
7,318.8
7,361.2
7,484.4
7,528.5
7,635.0
7,722.9
7,787.6
7,897.0
7,982.9
8,107.8
8,209.4
8,351.6
8,442.5

138.6
88.7
261.6
40.5
209.3
210.0
126.1
91.2
79.5
92.1
159.8
111.1
103.4
142.0

7,283.0
7,252.1
7,452.2
7,346.0
7,537.6
7,588.4
7,555.1
7,558.0
7,591.2
7,671.1
7,822.9
7,849.6
7,912.5
7,969.3

1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and
personal current transfer payments.
2 Annual data are averages of quarterly data, which are averages for the period.

6

26,004
25,996
26,679
26,266
26,946
27,255
27,196
27,228
27,504
27,779
28,368
28,476
28,873
29,248

NOTE.—See Note, p. 1.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

FARM INCOME
According to the preliminary forecast for 2004, gross farm income is forecast at $255.1 billion, and net farm income
at $47.6 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

1994 ................................
1995 ................................
1996 ................................
1997 ................................
1998 ................................
1999 ................................
2000 ................................
2001 ................................
2002 ................................
2003 ................................
2004 p ..............................
2002: I ..........................
II .........................
III ........................
IV ........................
2003: I ..........................
II .........................
III ........................
IV ........................
2004: I p ........................
II p ........................
III p ......................
IV p .......................

216.2
210.9
235.9
238.3
232.3
234.5
241.4
248.4
228.2
258.9
255.1
228.3
224.1
225.9
234.3
252.6
248.3
254.5
280.0
268.4
252.9
248.3
250.8

181.4
188.2
199.5
207.9
196.2
187.6
192.0
199.8
192.9
212.4
215.0
183.7
195.5
196.5
196.1
192.1
212.7
217.3
227.4
217.9
218.8
214.2
209.1

Livestock and
products

88.3
87.2
92.9
96.5
94.1
95.6
99.5
106.4
93.5
105.6
100.7
89.4
92.2
95.9
96.4
91.0
100.8
114.3
116.4
100.0
101.8
102.4
98.6

1 Cash marketing receipts, Government payments, value of changes in inventories, other farm
related cash income, and nonmoney income produced by farms including imputed rent of operator residences.
2 Crop receipts include proceeds received from commodities placed under Commodity Credit
Corporation loans.

Crops 2

93.1
101.0
106.5
111.4
102.1
92.0
92.4
93.4
99.5
106.7
114.3
94.3
103.3
100.6
99.7
101.1
111.9
103.0
110.9
117.9
116.9
111.8
110.4

Value of
inventory
changes 3

8.3
¥5.0
7.9
.6
¥.6
¥.2
1.6
1.2
¥3.1
1.7
2.0
¥2.9
¥3.1
¥3.1
¥3.1
1.5
1.7
1.7
1.8
2.0
2.0
2.0
1.9

Direct
Government
payments 4

7.9
7.3
7.3
7.5
12.4
21.5
22.9
20.7
11.0
17.4
10.3
21.6
4.1
4.7
13.5
34.2
6.4
7.4
21.5
20.2
3.8
4.4
12.7

Production
expenses

164.8
171.2
178.1
187.1
186.0
187.7
193.6
197.8
192.8
204.0
207.5
183.6
195.3
196.4
196.0
184.5
204.3
208.8
218.4
210.3
211.2
206.8
201.8

Net farm
income

51.4
39.7
57.8
51.3
46.2
46.8
47.8
50.6
35.3
54.9
47.6
44.8
28.7
29.5
38.3
68.1
44.0
45.8
61.6
58.0
41.7
41.5
48.9

3 Physical changes in beginning and ending year inventories of crop and livestock commodities
valued at weighted average market prices during the period.
4 Includes only Government payments made directly to farmers.
Note.—Data for 2003 and 2004 are forecast.
Source: Department of Agriculture.

7

CORPORATE PROFITS
In the first quarter of 2004, according to revised estimates, corporate profits before tax fell $3.8 billion (annual
rate) and profits after tax fell $8.0 billion. (Series revised.)

[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

Utilities

Wholesale

Retail

Taxes
on
corporate
income

Total

Net
dividends

Undistributed
profits

Inventory
valuation
adjustment

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

564.6
656.0
736.1
812.3
738.5

487.6
563.2
634.2
701.4
635.5

119.9
162.2
172.6
193.0
165.9

367.7
401.0
461.6
508.4
469.6

147.0
173.7
188.8
209.0
173.5

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

30.9
27.3
39.8
47.6
52.3

46.2
43.1
51.9
64.2
73.4

577.1
674.3
733.0
798.2
718.3

193.7
218.7
231.7
246.1
248.3

383.3
455.6
501.4
552.1
470.0

234.7
254.2
297.6
334.5
351.6

148.6
201.4
203.8
217.6
118.3

¥12.4
¥18.3
3.1
14.1
20.2

1998 4 ...........
1999 ..............
2000 ..............
2001 r .............
2002 r .............
2003 r .............

738.5
776.8
759.3
719.2
756.8
860.4

635.5
655.3
613.6
549.5
599.0
683.4

165.4
194.3
200.2
227.6
276.2
299.8

470.1
461.1
413.4
322.0
322.8
383.6

157.0
150.6
144.3
52.6
50.7
67.3

32.7
33.1
24.4
24.7
11.4
18.8

53.2
55.5
59.7
52.1
51.0
47.9

66.4
65.2
59.6
71.0
78.1
77.7

718.3
775.9
773.4
707.9
758.0
874.5

248.3
258.6
265.2
204.1
183.8
234.9

470.0
517.2
508.2
503.8
574.2
639.6

351.6
337.4
377.9
370.9
390.0
395.3

118.3
179.9
130.3
132.9
184.1
244.2

20.2
1.0
¥14.1
11.3
¥1.2
¥14.1

2001: I r .......
II r ......
III r ....
IV r .....
2002: I r .......
II r ......
III r ....
IV r .....
2003: I r .......
II r ......
III r ....
IV r .....
2004: I r .......
II p ......

750.5
756.0
689.1
681.3
711.7
747.5
761.2
806.8
798.7
823.5
877.2
941.9
925.4
............

590.4
585.0
542.5
480.2
556.6
596.2
606.1
637.1
641.8
662.2
703.8
726.1
720.0
............

230.8
224.0
211.8
243.7
274.7
279.9
277.1
272.9
292.5
295.4
306.1
305.3
313.7
............

359.6
361.0
330.8
236.5
281.9
316.2
329.0
364.2
349.2
366.8
397.6
420.7
406.4
............

87.8
79.8
49.1
¥6.3
33.0
46.4
57.5
65.6
54.8
54.1
66.8
93.4
81.5
................

27.2
29.3
26.1
16.2
8.2
10.8
12.9
13.5
17.1
15.3
18.6
24.3
23.2
................

46.7
47.8
53.8
60.2
51.3
57.0
46.5
49.3
43.1
45.1
53.1
50.1
46.0
..............

66.7
66.3
72.3
78.6
76.3
79.8
78.7
77.7
74.7
82.6
78.9
74.7
80.0
..............

754.6
755.0
671.1
650.9
695.8
745.9
773.0
817.4
826.1
824.5
881.0
966.2
962.4
............

222.5
217.9
197.6
178.6
168.9
183.5
188.3
194.7
224.0
224.6
238.7
252.3
256.5
............

532.1
537.1
473.6
472.4
526.9
562.4
584.8
622.7
602.1
600.0
642.3
713.9
705.9
..............

379.2
370.1
366.0
368.4
378.7
389.2
395.3
396.9
396.0
394.7
394.1
396.4
403.4
413.4

152.9
167.0
107.5
104.0
148.2
173.2
189.4
225.7
206.1
205.3
248.1
317.5
302.5
..............

¥4.1
1.1
18.0
30.4
15.9
1.6
¥11.8
¥10.6
¥27.4
¥1.0
¥3.8
¥24.3
¥37.0
............

1994
1995
1996
1997
1998

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 Data by industry beginning 1998 are based on the 1997 North American Industry Classification System (NAICS) and are not directly comparable with data for prior years shown,
which are based on the 1987 Standard Industrial Classification (SIC).
Note.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the second quarter of 2004, according to advance estimates, nonresidential fixed investment in chained (2000)
dollars rose $25.1 billion (annual rate) and residential investment rose $19.8 billion. There was an increase of $47.5
billion in inventories following an increase of $40.0 billion in the first quarter. (Series revised.)

[Billions of chained (2000) 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

1994 .................................................................................
1995 .................................................................................
1996 .................................................................................
1997 .................................................................................
1998 .................................................................................
1999 .................................................................................
2000 .................................................................................
2001 r ................................................................................
2002 r ................................................................................
2003 r ................................................................................

1,099.6
1,134.0
1,234.3
1,387.7
1,524.1
1,642.6
1,735.5
1,598.4
1,560.7
1,628.8

1,042.3
1,109.6
1,209.2
1,320.6
1,455.0
1,576.3
1,679.0
1,629.4
1,548.9
1,627.3

689.9
762.5
833.6
934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,075.6
1,110.8

232.3
247.1
261.1
280.1
294.5
293.2
313.2
306.1
251.6
237.4

467.2
523.1
578.7
658.3
745.6
840.2
918.9
874.2
826.5
879.2

364.8
353.1
381.3
388.6
418.3
443.6
446.9
448.5
470.0
511.2

63.6
29.9
28.7
71.2
72.6
68.9
56.5
¥31.7
11.7
¥.8

52.0
41.3
21.7
68.5
71.2
71.5
57.8
¥31.8
13.5
¥1.1

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

1,670.3
1,637.4
1,592.6
1,493.4
1,552.5
1,553.7
1,569.2
1,567.3
1,564.0
1,577.6
1,659.4
1,714.1

1,678.2
1,640.5
1,621.9
1,577.0
1,559.6
1,545.9
1,546.6
1,543.5
1,552.7
1,593.4
1,660.6
1,702.7

1,234.4
1,190.2
1,169.3
1,128.2
1,099.8
1,072.4
1,069.5
1,060.9
1,060.5
1,090.6
1,131.1
1,161.0

313.8
310.6
315.1
284.9
270.7
253.9
243.0
238.9
230.7
238.7
237.9
242.4

920.8
879.2
852.9
843.8
830.1
820.6
829.8
825.5
834.6
856.7
899.7
925.6

444.0
450.1
452.1
447.8
457.8
470.3
473.6
478.5
487.3
497.9
523.8
535.9

¥7.8
¥2.5
¥29.9
¥86.7
¥7.4
7.9
22.7
23.8
9.6
¥17.6
¥3.5
8.6

¥13.5
¥1.1
¥31.1
¥81.7
¥11.9
16.1
24.6
25.3
9.6
¥15.7
¥2.7
4.6

2004: I r ...........................................................................
II p .........................................................................

1,764.5
1,818.4

1,721.4
1,767.5

1,173.0
1,198.1

237.7
240.7

943.7
966.4

542.5
562.3

40.0
47.5

34.5
44.9

NOTE.—See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (2000) dollar estimates
for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates.

See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.

9

REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential

Residential

Equipment and software

Period

Total
fixed investment

Structures

Information processing equipment
and software
Total
nonresidential

Structures

Total

Computers and
peripheral
equipment 1

Software

Total

Transportation
equipment

Other
equipment

Total
residential

Total 2

Single
family

Other

Industrial
equipment

Equipment

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

1,042.3
1,109.6
1,209.2
1,320.6
1,455.0
1,576.3
1,679.0
1,629.4
1,548.9
1,627.3
1,678.2
1,640.5
1,621.9
1,577.0
1,559.6
1,545.9
1,546.6
1,543.5
1,552.7
1,593.4
1,660.6
1,702.7

689.9
762.5
833.6
934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,075.6
1,110.8
1,234.4
1,190.2
1,169.3
1,128.2
1,099.8
1,072.4
1,069.5
1,060.9
1,060.5
1,090.6
1,131.1
1,161.0

232.3
247.1
261.1
280.1
294.5
293.2
313.2
306.1
251.6
237.4
313.8
310.6
315.1
284.9
270.7
253.9
243.0
238.9
230.7
238.7
237.9
242.4

467.2
523.1
578.7
658.3
745.6
840.2
918.9
874.2
826.5
879.2
920.8
879.2
852.9
843.8
830.1
820.6
829.8
825.5
834.6
856.7
899.7
925.6

155.7
182.7
218.9
269.9
328.9
398.5
467.6
459.0
439.6
492.4
485.7
461.4
447.3
441.7
434.1
435.5
446.5
442.2
460.0
475.7
507.1
526.6

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

65.1
71.6
84.1
108.8
129.4
157.2
176.2
173.8
163.6
171.2
181.4
174.1
172.3
167.4
163.8
162.9
165.9
161.7
164.9
166.8
174.6
178.5

99.4
107.0
117.2
127.3
143.2
158.0
190.0
181.7
164.3
179.4
193.7
182.9
177.8
172.2
163.7
164.9
165.4
163.2
169.6
173.7
183.9
190.4

122.9
134.9
139.9
143.0
148.1
147.9
159.2
145.7
137.4
137.6
159.3
147.3
140.6
135.4
141.5
136.0
136.6
135.4
137.9
137.3
138.4
136.8

111.4
120.6
125.4
135.9
145.4
167.7
160.8
142.8
125.6
121.6
145.3
144.5
137.6
144.0
134.1
124.3
121.9
121.9
113.9
120.5
124.3
127.8

96.5
101.7
105.6
115.8
125.7
126.7
131.2
126.9
124.5
131.2
130.9
126.3
127.6
122.8
120.4
125.1
125.7
126.7
125.2
126.1
134.0
139.3

364.8
353.1
381.3
388.6
418.3
443.6
446.9
448.5
470.0
511.2
444.0
450.1
452.1
447.8
457.8
470.3
473.6
478.5
487.3
497.9
523.8
535.9

358.6
346.8
375.1
382.4
411.9
436.6
439.5
441.1
462.5
503.0
436.6
442.7
444.8
440.4
450.3
462.7
466.0
470.9
479.5
489.8
515.3
527.2

198.9
180.6
197.3
196.6
218.1
234.2
236.8
237.1
246.3
274.2
234.6
239.1
240.3
234.5
237.7
246.0
249.5
252.0
260.3
264.1
278.3
294.1

6.1
6.2
6.2
6.1
6.4
7.0
7.4
7.4
7.6
8.3
7.4
7.4
7.3
7.5
7.5
7.6
7.5
7.6
7.7
8.1
8.5
8.7

2004: I r .......................
II p .....................

1,721.4
1,767.5

1,173.0
1,198.1

237.7
240.7

943.7
966.4

547.0
565.0

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

185.6
189.5

200.2
206.0

139.0
138.6

122.7
125.7

142.1
145.3

542.5
562.3

533.6
553.3

299.3
304.1

9.0
9.0

1 For details on this component, see Survey of Current Business, Tables 5.3.6, 5.3.1 for
growth rates, 5.3.2 for contributions, and 5.3.3 for quantity indexes.
2 Includes other items, not shown separately.

NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry

Period

Total
capital
expenditures

Total
by
industry

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

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

For companies with employees
1996
1997
1998
1999
2000
2001
2002

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

807.1 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... .......... ..........
871.8 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... .......... ..........
970.9
896.5
0.9 40.4 36.0 26.9 203.6
29.2 57.3
51.3 96.5 118.2 85.2
22.3
47.1 81.7 74.4
1,047.0
974.6
1.7 30.6 42.8 23.1 196.4
32.4 64.1
57.3 122.8 130.1 100.6
29.5
51.3 91.8 72.3
1,161.0 1,089.9
1.5 42.5 61.3 25.0 214.8
33.6 69.8
59.9 160.2 133.7 92.5
34.1
52.2 108.9 71.2
1,109.0 1,052.3
1.5 51.3 82.8 24.8 192.8
30.0 66.9
57.8 144.8 131.1 82.7
30.5
52.9 102.5 56.7
1,008.5
928.0
1.9 42.3 67.1 25.4 163.3
27.9 59.4
47.8 88.9 125.7 96.7
26.6
59.1 96.0 80.4

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 July, employment rose by 629,000 and unemployment fell by 52,000.

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

Period

1994 2 ....................
1995 ......................
1996 ......................
1997 3 ....................
1998 3 ....................
1999 3 ....................
2000 3 ....................
2001 .....................
2002 ......................
2003 ......................
2003: July ...........
Aug ...........
Sept ...........
Oct ............
Nov ............
Dec ............
2004: Jan 3 ..........
Feb ............
Mar ...........
Apr ............
May ...........
June ..........
July ...........

Civilian
noninstitutional
population
NSA

Civilian
labor
force

196,814
198,584
200,591
203,133
205,220
207,753
212,577
215,092
217,570
221,168
221,252
221,507
221,779
222,039
222,279
222,509
222,161
222,357
222,550
222,757
222,967
223,196
223,422

131,056
132,304
133,943
136,297
137,673
139,368
142,583
143,734
144,863
146,510
146,652
146,622
146,610
146,892
147,187
146,878
146,863
146,471
146,650
146,741
146,974
147,279
147,856

Percent 1

Unemployment

Total

Men
20
years
and
over

Women
20
years
and
over

Both
sexes
16–19
years

123,060
124,900
126,708
129,558
131,463
133,488
136,891
136,933
136,485
137,736
137,604
137,693
137,644
138,095
138,533
138,479
138,566
138,301
138,298
138,576
138,772
139,031
139,660

63,294
64,085
64,897
66,284
67,135
67,761
69,634
69,776
69,734
70,415
70,269
70,324
70,596
70,726
70,964
71,099
71,329
70,969
71,128
71,118
71,162
71,570
71,847

53,606
54,396
55,311
56,613
57,278
58,555
60,067
60,417
60,420
61,402
61,479
61,467
61,191
61,524
61,597
61,521
61,260
61,456
61,373
61,571
61,721
61,629
61,918

6,161
6,419
6,500
6,661
7,051
7,172
7,189
6,740
6,332
5,919
5,856
5,902
5,857
5,846
5,972
5,859
5,977
5,875
5,797
5,888
5,888
5,832
5,896

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

Total

7,996
7,404
7,236
6,739
6,210
5,880
5,692
6,801
8,378
8,774
9,048
8,929
8,966
8,797
8,653
8,398
8,297
8,170
8,352
8,164
8,203
8,248
8,196

Men
20
years
and
over
3,627
3,239
3,146
2,882
2,580
2,433
2,376
3,040
3,896
4,209
4,391
4,358
4,309
4,216
4,224
3,945
3,842
3,828
3,890
3,753
3,886
3,802
3,730

Women
20
years
and
over

Both
sexes
16–19
years

3,049
2,819
2,783
2,585
2,424
2,285
2,235
2,599
3,228
3,314
3,356
3,369
3,417
3,375
3,320
3,326
3,255
3,172
3,314
3,215
3,092
3,264
3,204

1,320
1,346
1,306
1,271
1,205
1,162
1,081
1,162
1,253
1,251
1,301
1,202
1,240
1,205
1,109
1,128
1,200
1,170
1,148
1,197
1,225
1,181
1,262

Not in
labor
force

65,758
66,280
66,647
66,837
67,547
68,385
69,994
71,359
72,707
74,658
74,600
74,884
75,168
75,147
75,093
75,631
75,298
75,886
75,900
76,016
75,993
75,916
75,565

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

66.6
66.6
66.8
67.1
67.1
67.1
67.1
66.8
66.6
66.2
66.3
66.2
66.1
66.2
66.2
66.0
66.1
65.9
65.9
65.9
65.9
66.0
66.2

62.5
62.9
63.2
63.8
64.1
64.3
64.4
63.7
62.7
62.3
62.2
62.2
62.1
62.2
62.3
62.2
62.4
62.2
62.1
62.2
62.2
62.3
62.5

6.1
5.6
5.4
4.9
4.5
4.2
4.0
4.7
5.8
6.0
6.2
6.1
6.1
6.0
5.9
5.7
5.6
5.6
5.7
5.6
5.6
5.6
5.5

NOTE.—Beginning January 2004 data reflect revised population controls and are not strictly
comparable with earlier data.
See Employment and Earnings for details on breaks in series.
Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
In July, the unemployment rate fell to 5.5 percent from 5.6 percent in June.

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

By sex and age
Period

All
civilian
workers

Men
20 years
and over

Women
20 years
and over

Both
sexes
16–19
years

White

By selected groups

Black or
African
American

Asian
(NSA)

Hispanic or
Latino
ethnicity

Married
men,
spouse
present

Women
who
maintain
families
(NSA)

Full-time
workers

Part-time
workers

1994 2 .......................
1995 .........................
1996 .........................
1997 .........................
1998 .........................
1999 .........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................

6.1
5.6
5.4
4.9
4.5
4.2
4.0
4.7
5.8
6.0

5.4
4.8
4.6
4.2
3.7
3.5
3.3
4.2
5.3
5.6

5.4
4.9
4.8
4.4
4.1
3.8
3.6
4.1
5.1
5.1

17.6
17.3
16.7
16.0
14.6
13.9
13.1
14.7
16.5
17.5

5.3
4.9
4.7
4.2
3.9
3.7
3.5
4.2
5.1
5.2

11.5
10.4
10.5
10.0
8.9
8.0
7.6
8.6
10.2
10.8

..........
..........
..........
..........
..........
..........
3.6
4.5
5.9
6.0

9.9
9.3
8.9
7.7
7.2
6.4
5.7
6.6
7.5
7.7

3.7
3.3
3.0
2.7
2.4
2.2
2.0
2.7
3.6
3.8

8.9
8.0
8.2
8.1
7.2
6.4
5.9
6.6
8.0
8.5

6.1
5.5
5.3
4.8
4.3
4.1
3.8
4.7
5.9
6.1

6.0
6.0
5.8
5.5
5.3
5.0
4.8
5.1
5.2
5.5

2003: July ..............
Aug ..............
Sept ..............
Oct ...............
Nov ..............
Dec ...............
2004: Jan ...............
Feb ...............
Mar ..............
Apr ...............
May ..............
June .............
July ..............

6.2
6.1
6.1
6.0
5.9
5.7
5.6
5.6
5.7
5.6
5.6
5.6
5.5

5.9
5.8
5.8
5.6
5.6
5.3
5.1
5.1
5.2
5.0
5.2
5.0
4.9

5.2
5.2
5.3
5.2
5.1
5.1
5.0
4.9
5.1
5.0
4.8
5.0
4.9

18.2
16.9
17.5
17.1
15.7
16.1
16.7
16.6
16.5
16.9
17.2
16.8
17.6

5.4
5.4
5.3
5.1
5.2
5.0
4.9
4.9
5.1
4.9
5.0
5.0
4.8

11.1
10.9
11.1
11.4
10.4
10.3
10.5
9.8
10.2
9.7
9.9
10.1
10.9

6.2
5.9
6.2
6.1
5.2
5.3
5.2
4.7
4.2
4.4
4.2
5.0
4.3

8.1
7.8
7.5
7.3
7.4
6.6
7.3
7.4
7.4
7.2
7.0
6.7
6.8

3.9
3.9
3.8
3.8
3.7
3.3
3.3
3.4
3.2
3.1
3.1
3.2
3.2

9.0
8.4
8.5
8.4
8.3
8.4
8.3
8.1
8.4
7.5
7.4
8.2
9.0

6.3
6.2
6.2
6.1
6.1
5.8
5.7
5.6
5.8
5.6
5.7
5.6
5.6

5.5
5.3
5.7
5.5
5.1
5.3
5.4
5.2
5.4
5.3
5.2
5.5
5.2

1 Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who
reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race.
2 See footnote 2, p. 11.

12

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 July, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5–14
weeks rose; the percentages for 15–26 weeks and for 27 weeks and over fell. The mean duration of unemployment
fell to 18.6 weeks and the median duration fell to 8.9 weeks.

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

Period

Unemployment
(thousands)

Percent distribution
Less
than
5
weeks

5–14
weeks

15–26
weeks

Reason for unemployment:
percent distribution

State
programs

Number of weeks
27
weeks
and
over

Average
(mean)

Median

Job
losers 1

Job
leavers

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 2

Weekly average, thousands
1994 3

......................................
1995 ........................................
1996 ........................................
1997 ........................................
1998 ........................................
1999 ........................................
2000 ........................................
2001 ........................................
2002 ........................................
2003 ........................................
2003: July .............................
Aug ..............................
Sept .............................
Oct ..............................
Nov ..............................
Dec ..............................
2004: Jan ..............................
Feb ..............................
Mar .............................
Apr ..............................
May ..............................
June ............................
July .............................

7,996
7,404
7,236
6,739
6,210
5,880
5,692
6,801
8,378
8,774
9,048
8,929
8,966
8,797
8,653
8,398
8,297
8,170
8,352
8,164
8,203
8,248
8,196

34.1
36.5
36.4
37.7
42.2
43.7
44.9
42.0
34.5
31.7
30.4
30.6
30.6
31.1
30.3
31.0
31.2
30.3
31.1
34.3
33.2
33.0
34.4

30.1
31.6
31.6
31.7
31.4
31.2
31.9
32.3
30.8
29.8
30.0
29.5
30.4
29.4
29.5
28.9
28.6
29.6
29.0
29.1
29.1
29.5
30.3

15.5
14.6
14.6
14.8
12.3
12.8
11.8
14.0
16.3
16.4
17.8
17.5
16.0
16.6
16.7
17.8
17.5
17.2
16.0
14.4
15.8
16.0
14.8

20.3
17.3
17.4
15.8
14.1
12.3
11.4
11.8
18.3
22.1
21.8
22.4
23.0
22.9
23.5
22.3
22.7
22.9
23.9
22.1
21.9
21.6
20.4

1 Beginning January 1994, job losers and persons who completed temporary jobs.
2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Also includes Federal and State extended benefit programs. Does not include Railroad (RR) program, Federal supplemental compensation or Emergency Unemployment Compensation programs.
3 See footnote 2, p. 11.

18.8
16.6
16.7
15.8
14.5
13.4
12.6
13.1
16.6
19.2
19.3
19.2
19.6
19.4
20.0
19.6
19.8
20.3
20.1
19.7
20.0
19.9
18.6

9.2
8.3
8.3
8.0
6.7
6.4
5.9
6.8
9.1
10.1
10.1
10.0
10.1
10.3
10.4
10.4
10.7
10.3
10.3
9.5
10.0
10.8
8.9

47.7
46.9
46.6
45.1
45.5
44.6
44.2
51.1
55.0
55.1
55.4
55.4
55.6
55.2
54.2
54.6
52.3
52.4
54.2
53.8
51.3
50.8
51.7

9.9
11.1
10.7
11.8
11.8
13.3
13.7
12.3
10.3
9.3
8.9
8.9
9.4
8.9
10.7
9.3
9.6
10.0
9.8
10.1
10.3
11.2
11.1

34.8
34.1
34.7
34.7
34.3
34.1
34.5
29.9
28.3
28.2
28.2
28.4
27.4
28.5
28.0
28.0
30.0
29.4
28.5
28.3
29.7
30.2
28.8

7.6
7.8
8.0
8.4
8.4
8.0
7.6
6.8
6.4
7.3
7.4
7.3
7.7
7.4
7.1
8.2
8.1
8.2
7.4
7.9
8.7
7.9
8.4

2,670
2,572
2,595
2,323
2,222
2,188
2,110
2,974
3,585
3,533
3,598
3,594
3,581
3,491
3,379
3,289
3,172
3,139
3,028
2,970
2,928
2,921
..............

340
357
356
323
321
298
301
404
407
402
404
400
399
383
369
362
356
356
339
342
342
r 341
p 340

2,739
2,633
2,650
2,366
2,257
2,219
2,141
3,007
3,619
3,571
3,449
3,379
3,224
2,799
3,203
3,544
3,703
3,976
3,571
2,971
2,844
2,893
.................

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

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 32,000 in July.

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

Goods-producing industries

Period

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2003:

.....................................
.....................................
.....................................
.....................................
.....................................
.....................................
.....................................
.....................................
.....................................
.....................................
July ..........................
Aug ...........................
Sept ..........................
Oct ............................
Nov ...........................
Dec ...........................
2004: Jan ...........................
Feb ...........................
Mar ...........................
Apr ...........................
May r .........................
June r ........................
July p .........................

Total
nonagricultural
employment

114,291
117,298
119,708
122,776
125,930
128,993
131,785
131,826
130,341
129,931
129,814
129,789
129,856
129,944
130,027
130,035
130,194
130,277
130,630
130,954
131,162
131,240
131,272

Total 2

22,774
23,156
23,410
23,886
24,354
24,465
24,649
23,873
22,557
21,817
21,744
21,712
21,697
21,674
21,686
21,668
21,696
21,684
21,778
21,822
21,894
21,896
21,914

Construction

5,095
5,274
5,536
5,813
6,149
6,545
6,787
6,826
6,716
6,722
6,721
6,739
6,754
6,754
6,771
6,774
6,812
6,791
6,853
6,872
6,909
6,912
6,916

Manufacturing

17,021
17,241
17,237
17,419
17,560
17,322
17,263
16,441
15,259
14,525
14,452
14,404
14,375
14,351
14,344
14,324
14,314
14,321
14,344
14,365
14,396
14,395
14,405

Service-providing industries

Total

91,517
94,142
96,299
98,890
101,576
104,528
107,136
107,952
107,784
108,114
108,070
108,077
108,159
108,270
108,341
108,367
108,498
108,593
108,852
109,132
109,268
109,344
109,358

1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include
those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown
here, persons who work at more than one job are counted each time they appear on a payroll,
in contrast to the series shown on p. 11 where persons are counted only once—as employed,
unemployed, or not in the labor force. See Employment and Earnings for details.

14

Trade, transportation, and
utilities
Total 3

Retail
trade

23,128
23,834
24,239
24,700
25,186
25,771
26,225
25,983
25,497
25,275
25,225
25,225
25,252
25,272
25,261
25,211
25,312
25,331
25,415
25,448
25,477
25,502
25,491

13,491
13,897
14,143
14,389
14,609
14,970
15,280
15,239
15,025
14,912
14,897
14,912
14,927
14,948
14,922
14,876
14,945
14,963
15,013
15,037
15,048
15,055
15,036

Financial
activities
6,867
6,827
6,969
7,178
7,462
7,648
7,687
7,807
7,847
7,974
7,995
7,996
8,004
7,990
7,985
7,981
7,981
7,989
8,003
8,015
8,029
8,036
8,013

Profes- Educasional
tion Leisure
and
and
and
busihealth hospiness services
tality
services
12,174
12,844
13,462
14,335
15,147
15,957
16,666
16,476
15,976
15,997
16,021
15,998
16,051
16,070
16,114
16,159
16,172
16,196
16,237
16,363
16,432
16,451
16,493

12,807
13,289
13,683
14,087
14,446
14,798
15,109
15,645
16,199
16,577
16,568
16,591
16,622
16,678
16,705
16,731
16,746
16,764
16,813
16,854
16,871
16,891
16,911

10,100
10,501
10,777
11,018
11,232
11,543
11,862
12,036
11,986
12,125
12,118
12,117
12,126
12,147
12,178
12,192
12,218
12,229
12,271
12,303
12,331
12,341
12,339

Other
services 4

Government

Total
7,166
7,415
7,630
7,909
8,194
8,506
8,799
8,887
8,767
8,591
8,582
8,570
8,565
8,553
8,554
8,549
8,542
8,545
8,560
8,577
8,584
8,594
8,582

19,275
19,432
19,539
19,664
19,909
20,307
20,790
21,118
21,513
21,575
21,561
21,580
21,539
21,560
21,544
21,544
21,527
21,539
21,553
21,572
21,544
21,529
21,529

Federal
3,018
2,949
2,877
2,806
2,772
2,769
2,865
2,764
2,766
2,756
2,758
2,750
2,747
2,736
2,723
2,720
2,715
2,716
2,710
2,727
2,712
2,715
2,710

2 Includes natural resources and mining, not shown separately.
3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately.
4 Other services and information.
Note.—Data classified by industry based on the 2002 North American Industry Classification
System (NAICS). For details see Employment and Earnings,June 2003.

Source: Department of Labor, Bureau of Labor Statistics.

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

Average gross hourly earnings

Manufacturing
Period

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2003:

.....................
.....................
....................
....................
.....................
.....................
....................
.....................
.....................
.....................
June ..........
July ...........
Aug ...........
Sept ..........
Oct ............
Nov ...........
Dec ...........
2004: Jan ...........
Feb ...........
Mar ...........
Apr ...........
May ...........
June r ........
July p .........

Total
private
nonagricultural 1

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

Total

41.7
41.3
41.3
41.7
41.4
41.4
41.3
40.3
40.5
40.4
40.3
40.1
40.2
40.4
40.5
40.8
40.6
41.0
41.0
40.9
40.7
41.1
40.8
40.9

Average gross weekly earnings

Total private
nonagricultural 1

Overtime

5.0
4.7
4.8
5.1
4.8
4.8
4.7
4.0
4.2
4.2
4.1
4.1
4.1
4.2
4.3
4.5
4.5
4.5
4.6
4.6
4.5
4.6
4.6
4.6

Current
dollars

$11.32
11.64
12.03
12.49
13.00
13.47
14.00
14.53
14.95
15.35
15.34
15.40
15.41
15.41
15.43
15.46
15.45
15.49
15.52
15.55
15.59
15.63
15.65
15.70

1982
dollars 2

$7.53
7.53
7.57
7.68
7.89
8.00
8.03
8.11
8.24
8.27
8.29
8.31
8.28
8.25
8.28
8.32
8.30
8.27
8.27
8.24
8.25
8.21
8.20
..............

Total private
nonagricultural 1
Manufacturing

$12.04
12.34
12.75
13.14
13.45
13.85
14.32
14.76
15.29
15.74
15.72
15.73
15.79
15.84
15.83
15.89
15.93
15.94
15.99
16.01
16.08
16.08
16.13
16.14

1 Also

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

Percent change from
a year earlier, total
private nonagricultural

Current dollars

Current
dollars

1982
dollars 2

Manufacturing

Construction

Retail
trade

$390.73
399.53
412.74
431.25
448.04
462.49
480.41
493.20
506.07
517.36
516.96
517.44
517.78
517.78
519.99
522.55
519.12
523.56
524.58
525.59
525.38
528.29
525.84
529.09

$259.97
258.43
259.58
265.22
271.87
274.64
275.62
275.38
278.83
278.75
279.29
279.24
278.08
277.33
278.96
281.09
278.80
279.68
279.48
278.53
277.98
277.61
275.45
..............

$502.12
509.26
526.55
548.22
557.12
573.17
590.65
595.19
618.75
636.07
633.52
630.77
634.76
639.94
641.12
648.31
646.76
653.54
655.59
654.81
654.46
660.89
658.10
660.13

$558.53
571.57
588.48
609.48
629.75
655.11
685.78
695.89
711.82
727.11
728.45
726.55
731.89
731.52
731.90
733.81
725.42
735.74
738.43
739.96
733.44
735.36
731.52
738.05

$265.77
272.56
282.76
295.97
310.34
321.63
333.38
346.16
360.81
367.28
366.83
366.56
369.26
368.95
369.26
369.87
368.06
370.45
370.18
369.29
368.71
r 370.24
369.95
372.08

Current
dollars

3.3
2.3
3.3
4.5
3.9
3.2
3.9
2.7
2.6
2.2
1.8
2.3
1.8
1.5
1.9
2.2
1.2
2.0
1.9
1.8
2.5
2.4
1.7
2.3

1982
dollars

0.7
¥.6
.4
2.2
2.5
1.0
.4
¥.1
1.3
¥.0
¥.3
.3
¥.4
¥.7
.0
.6
¥.5
.2
.5
.4
.5
¥.6
¥1.4
..............

Source: Department of Labor, Bureau of Labor Statistics.

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

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

12 months earlier
Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

Not seasonally adjusted
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

123.5
126.7
130.6
135.1
139.8
144.6
150.9
157.2
162.3
168.8

119.7
123.1
127.3
132.3
137.4
142.2
147.7
153.3
157.5
162.3

2000: Sept ................................................................
Dec .................................................................
2001: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2002: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2003: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2004: Mar .................................................................
June ...............................................................

149.8
151.1
152.7
154.2
155.7
157.4
158.8
160.5
161.5
162.8
165.0
166.4
168.2
169.5
171.3
173.0

146.7
147.9
149.4
150.8
152.0
153.5
154.8
156.2
156.9
157.7
159.3
160.3
161.7
162.5
163.5
164.4

133.0
135.9
138.6
141.8
145.2
150.2
158.6
166.7
174.6
185.8

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

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

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

0.9
.8
1.0
.9
.8
1.0
.8
.9
.4
.5
1.0
.6
.9
.5
.6
.6

1.2
1.2
1.1
1.1
1.4
1.4
.8
1.4
1.1
1.4
2.1
1.4
1.5
1.4
2.6
1.7

Seasonally adjusted

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

157.0
158.9
160.7
162.5
164.7
167.0
168.4
170.8
172.6
175.0
178.6
181.1
183.8
186.3
191.2
194.5

1.1
.9
1.1
1.0
1.0
1.1
.9
1.1
.6
.8
1.4
.8
1.1
.8
1.1
1.0

3.1
2.6
3.1
3.4
3.5
3.4
4.4
4.2
3.2
4.0

2.8
2.8
3.4
3.9
3.9
3.5
3.9
3.8
2.7
3.0

3.7
2.2
2.0
2.3
2.4
3.4
5.6
5.1
4.7
6.4

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

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

6.0
5.6
5.0
4.8
4.9
5.1
4.8
5.1
4.8
4.7
6.1
6.1
6.5
6.4
7.0
7.3

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

15

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

Nonfarm
business
sector

Output 1
Business
sector

Nonfarm
business
sector

Hours of all
persons 2
Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

102.3
104.3
104.8
106.1
109.6
111.6
116.1
118.0
116.6
116.2
118.7
117.9
118.2
117.0
116.7
117.2
116.3
116.3
116.8
116.4
115.6
116.0
116.3
116.9

102.2
103.8
104.5
106.0
109.4
111.4
116.0
117.7
116.5
116.1
118.6
117.6
117.8
116.8
116.4
117.1
116.2
116.1
116.6
116.3
115.5
115.9
116.0
116.5

103.9
105.7
107.4
109.0
109.7
110.7
112.7
114.9
116.0
117.4
114.1
114.9
115.2
115.6
115.5
115.9
116.1
116.5
117.1
117.3
117.5
117.8
118.4
119.3

104.0
105.8
107.3
109.1
109.9
111.1
113.3
115.4
116.6
117.9
114.6
115.4
115.6
116.0
116.0
116.5
116.8
117.2
117.7
117.8
118.0
118.1
118.7
119.5

0.5
1.6
.7
1.4
3.2
1.8
4.2
1.5
¥1.1
¥.4
16.7
¥6.0
9.1
¥1.3
7.2
¥3.1
.6
¥3.3
¥1.4
2.3
¥2.9
¥.3
1.6
¥1.0
¥2.7
1.2
.3
1.9

1.8
1.8
1.6
1.5
.6
.9
1.8
2.0
.9
1.3
3.4
1.8
1.3
1.4
2.7
3.0
1.0
1.3
¥.3
1.4
.7
1.4
2.1
.8
.7
.8
2.1
3.2

1.9
1.7
1.4
1.7
.7
1.1
1.9
1.9
1.0
1.1
3.3
1.8
1.4
1.3
2.6
2.7
.7
1.5
¥.3
1.8
1.0
1.3
1.9
.5
.6
.3
2.0
2.8

Indexes, 1992=100; quarterly data seasonally adjusted
1994 r
1995 r
1996 r
1997 r
1998 r
1999 r
2000 r
2001 r
2002 r
2003 r
2001:

.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
I r ..................
II r ................
III r ...............
IV r ...............
2002: I r ..................
II r ................
III r ...............
IV r ...............
2003: I r ..................
II r ................
III r ..............
IV r ...............
2004: I r ..................
II p ................

101.5
101.6
104.6
106.5
109.4
112.6
115.9
118.8
123.9
129.5
117.0
118.4
118.8
120.9
122.7
123.2
124.7
125.0
126.2
128.6
131.2
132.0
133.3
133.9

101.5
102.0
104.8
106.5
109.3
112.3
115.5
118.3
123.5
129.0
116.5
118.1
118.5
120.4
122.4
122.8
124.1
124.6
125.8
127.8
130.6
131.7
132.8
133.8

108.2
111.4
116.5
122.7
128.6
135.2
140.5
141.0
143.5
149.0
141.1
141.4
140.3
141.0
142.2
142.9
144.3
144.7
145.5
147.5
150.8
152.3
154.3
155.6

108.3
111.8
116.8
122.8
128.9
135.6
140.8
141.3
143.9
149.4
141.4
141.9
140.8
141.2
142.6
143.2
144.5
145.0
145.9
147.8
151.1
152.8
155.0
156.4

106.7
109.6
111.4
115.1
117.6
120.1
121.3
118.7
115.8
115.1
120.7
119.4
118.1
116.6
115.9
116.0
115.7
115.7
115.3
114.7
114.9
115.4
115.8
116.2

106.6
109.5
111.5
115.4
117.9
120.7
121.9
119.4
116.5
115.8
121.4
120.2
118.9
117.3
116.5
116.7
116.4
116.4
116.0
115.6
115.7
116.1
116.7
116.9

103.8
106.0
109.6
113.1
119.9
125.6
134.5
140.1
144.5
150.5
138.8
139.7
140.4
141.5
143.2
144.4
145.0
145.5
147.4
149.6
151.7
153.2
155.0
156.6

103.8
105.9
109.5
112.9
119.6
125.1
134.0
139.3
143.8
149.7
138.1
138.9
139.6
140.7
142.6
143.8
144.3
144.7
146.6
148.7
150.9
152.5
154.0
155.9

99.2
98.9
99.6
100.6
105.1
107.9
111.8
113.3
115.0
117.1
113.0
112.8
113.2
114.2
115.2
115.2
115.0
114.8
115.3
116.8
117.7
118.7
119.0
118.8

99.1
98.8
99.5
100.4
104.9
107.5
111.4
112.7
114.5
116.5
112.5
112.2
112.5
113.5
114.7
114.7
114.4
114.3
114.7
116.1
117.1
118.2
118.3
118.3

Percent change; quarterly data at seasonally adjusted annual rates
1994 r
1995 r
1996 r
1997 r
1998 r
1999 r
2000 r
2001 r
2002 r
2003 r
2000:

2001:

2002:

2003:

2004:

.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
I r ..................
II r ................
III r ...............
IV r ...............
I r ..................
II r ................
III r ...............
IV r ...............
I r ..................
II r ................
III r ...............
IV r ...............
I r ..................
II r ................
III r ..............
IV r ...............
I r ..................
II p ................

1 Output

1.1
.2
2.9
1.9
2.7
2.9
2.9
2.5
4.3
4.5
¥1.4
8.0
¥.9
4.2
¥.5
5.1
1.3
7.2
5.9
1.7
4.8
1.2
3.9
7.6
8.5
2.4
3.9
1.9

1.2
.5
2.7
1.6
2.7
2.8
2.8
2.5
4.4
4.4
¥1.7
7.4
¥.8
3.7
¥.4
5.5
1.4
6.6
6.9
1.1
4.5
1.6
3.7
6.7
9.0
3.1
3.7
2.9

5.0
2.9
4.6
5.3
4.8
5.1
3.9
.3
1.8
3.8
.3
7.5
¥.8
2.0
¥1.1
¥. 8
¥3.1
1.8
3.5
2.1
3.8
1.2
2.2
5.6
9.3
4.2
5.3
3.5

4.8
3.2
4.5
5.2
5.0
5.2
3.8
.4
1.8
3.8
¥.1
7.5
¥.8
2.2
¥1.1
1.2
¥2.9
1.2
4.0
1.7
3.6
1.4
2.4
5.3
9.3
4.6
5.7
3.8

3.8
2.7
1.6
3.4
2.1
2.2
1.0
¥2.1
¥2.4
¥.7
1.7
¥.5
.1
¥2.1
¥.6
¥4.1
¥4.3
¥5.0
¥2.3
.4
¥1.0
.0
¥1.6
¥1.9
.7
1.7
1.3
1.5

3.6
2.7
1.8
3.5
2.2
2.3
1.0
¥2.0
¥2.5
¥.6
1.6
.1
.0
¥1.5
¥.7
¥4.1
¥4.3
¥5.1
¥2.7
.6
¥.9
¥.2
¥1.3
¥1.4
.3
1.4
2.0
.8

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 1978–2003 is based on the consumer price index research series (CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

1.6
2.0
3.4
3.2
6.0
4.8
7.1
4.2
3.2
4.1
14.5
1.6
8.1
2.9
6.8
2.5
2.2
3.1
4.9
3.4
1.6
1.3
5.5
6.1
5.6
4.0
4.8
4.2

1.7
2.1
3.4
3.1
5.9
4.6
7.1
4.0
3.3
4.1
14.7
1.0
8.2
2.4
6.8
2.2
2.1
3.2
5.5
3.4
1.5
1.2
5.4
5.7
6.1
4.4
4.0
4.9

¥0.5
¥.4
.7
1.0
4.6
2.6
3.6
1.3
1.5
1.8
10.3
¥1.6
4.2
.0
3.1
¥.8
1.2
3.7
3.5
¥.1
¥.7
¥.6
1.7
5.4
3.1
3.3
1.1
¥.5

¥0.4
¥.3
.7
.9
4.5
2.5
3.6
1.1
1.6
1.7
10.5
¥2.2
4.3
¥.5
3.0
¥1.0
1.1
3.7
4.1
¥.1
¥.8
¥.6
1.5
5.0
3.6
3.6
.3
.1

0.4
1.9
.5
1.3
3.3
1.8
4.0
1.6
¥1.1
¥.4
16.0
¥5.9
9.1
¥1.2
7.4
¥2.5
.8
¥3.8
¥1.0
1.7
¥3.1
.0
1.6
¥1.4
¥2.6
1.6
.8
2.2

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 for 2001:I through 2004:I reflect the annual revisions to GDP data released by the
Department of Commerce on July 30, 2004. GDP data for 2004:II were also released on July
30, 2004.
Data incorporate new estimates of average weekly hours at work for nonproduction and supervisory workers and new information on seasonal patterns for farm workers, nonfarm proprietors and unpaid family workers, and employees of government enterprises. See Productivity
and Costs, release dated August 10, 2004, for details.
Source: Department of Labor, Bureau of Labor Statistics.

16

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

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

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

Index,
1997=100

From
preceding
month

Industry production indexes, 1997=100

change 2
From
year
earlier

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

Total 1

Durable

Nondurable

Other
(nonNAICS) 1

Mining

Utilities
Total
industry

Total
manufacturing

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

85.2
89.3
93.1
100.0
105.9
110.6
115.4
111.5
110.9
111.1

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

5.4
4.8
4.3
7.4
5.9
4.4
4.4
¥3.4
¥.6
.2

83.6
88.0
92.1
100.0
106.8
112.1
117.4
112.7
111.8
112.2

75.4
81.9
89.0
100.0
110.7
119.9
129.5
123.5
122.9
125.3

94.6
96.2
96.5
100.0
101.5
102.2
102.8
99.8
99.2
97.0

92.8
92.9
92.1
100.0
106.5
109.9
112.2
105.6
102.0
105.8

96.6
96.4
98.1
100.0
98.2
94.0
96.3
96.8
93.0
93.1

93.9
97.2
100.0
100.0
102.5
105.5
108.6
108.1
111.3
110.9

83.4
83.6
82.4
83.6
83.0
82.4
82.6
77.4
75.6
74.8

82.6
82.7
81.1
82.6
82.0
81.4
81.1
75.4
73.9
73.4

2003: June ..........
July ...........
Aug ............
Sept ...........
Oct .............
Nov ............
Dec ............

110.0
110.8
110.9
111.5
111.8
112.9
113.1

0.0
.8
.0
.6
.3
1.0
.2

¥1.5
¥.6
¥.6
.1
.7
1.5
2.3

111.2
111.8
111.8
112.7
112.9
114.2
114.2

123.6
124.8
124.9
127.1
127.2
128.8
129.3

96.3
96.7
96.5
96.6
96.7
97.6
97.4

107.0
105.0
105.2
104.7
105.8
106.6
105.4

93.2
93.4
93.1
93.5
93.7
93.6
93.5

107.9
111.3
111.8
109.9
111.0
111.9
114.2

74.0
74.5
74.5
74.9
75.0
75.7
75.8

72.7
73.0
73.0
73.6
73.6
74.4
74.4

2004: Jan ............
Feb ............
Mar r ...........
Apr r ...........
May r ..........
June p .........

113.8
114.8
114.7
115.5
116.5
116.2

.6
.8
¥.1
.8
.9
¥.3

2.4
2.8
3.5
4.9
5.9
5.6

114.5
115.8
116.3
117.1
117.8
117.7

130.1
132.0
132.4
133.1
133.8
133.8

97.2
97.6
98.2
98.9
99.5
99.5

105.8
109.1
109.6
111.5
113.1
112.1

93.6
93.2
92.8
93.1
93.1
93.2

118.2
117.9
113.4
115.2
119.5
116.7

76.2
76.7
76.6
77.0
77.6
77.2

74.5
75.3
75.5
75.9
76.2
76.0

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

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

17

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

Equipment

Durable
goods

Business
equipment

Period
Total
Total

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

Nondurable
goods

Materials
Nonindustrial supplies

Total 1

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

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

86.8
90.4
93.9
100.0
105.7
108.3
111.6
109.1
107.6
107.5

91.6
94.5
96.5
100.0
103.6
105.3
107.5
105.9
106.8
106.1

85.4
89.7
93.5
100.0
107.0
113.5
117.5
110.4
115.7
118.3

94.2
96.5
97.8
100.0
102.2
102.1
103.7
104.0
103.4
101.6

78.0
82.8
88.9
100.0
110.0
114.2
119.7
115.1
108.1
109.6

73.5
79.4
86.9
100.0
111.2
117.1
125.5
117.6
109.5
110.4

108.9
106.0
102.0
100.0
104.1
101.4
91.0
102.6
105.7
111.9

87.0
90.3
93.8
100.0
105.7
109.9
114.4
109.8
108.6
109.0

89.5
91.4
95.5
100.0
105.2
107.9
110.3
105.2
103.1
102.0

86.2
89.9
93.2
100.0
105.9
110.7
116.0
111.6
110.7
111.7

83.0
87.9
92.2
100.0
106.2
113.1
119.8
114.6
115.1
115.7

97.0
98.5
100.0
100.0
100.2
100.2
101.6
100.4
100.5
100.4

2003: June ................................................
July .................................................
Aug ..................................................
Sept .................................................
Oct ..................................................
Nov ..................................................
Dec ..................................................

106.5
107.1
107.2
107.8
107.7
108.9
109.1

105.0
105.8
105.7
106.1
106.0
107.1
107.3

116.2
118.2
117.4
120.8
119.8
121.3
121.2

100.9
101.3
101.4
100.9
101.0
102.1
102.3

108.5
108.9
109.6
110.6
110.3
111.8
112.0

109.0
109.3
110.0
111.2
110.8
112.7
113.2

111.8
112.1
113.0
113.7
113.7
113.3
112.4

107.8
108.7
108.6
108.7
109.6
110.4
110.8

100.8
101.5
101.9
102.3
103.1
104.4
104.1

110.6
111.5
111.2
111.3
112.1
112.8
113.4

114.4
115.4
115.5
116.4
116.9
117.9
118.2

99.6
100.9
101.0
100.4
100.9
100.9
101.4

2004: Jan ..................................................
Feb ..................................................
Mar r ................................................
Apr r .................................................
May r ................................................
June p ...............................................

109.8
110.8
110.7
111.5
112.4
111.9

108.1
108.8
108.5
109.2
109.9
109.1

122.7
123.8
122.9
123.4
121.8
120.5

102.9
103.5
103.4
104.2
105.5
104.8

112.7
114.4
114.6
115.6
117.2
117.7

114.4
116.2
116.2
117.3
119.0
119.5

111.7
113.2
114.4
115.0
116.5
116.9

111.3
112.1
112.2
113.3
114.6
114.2

104.1
104.3
105.1
106.1
107.3
107.3

114.1
115.3
115.1
116.2
117.5
116.9

118.9
119.8
119.7
120.6
121.6
121.4

102.6
102.2
100.9
101.9
103.4
102.3

1 Includes

other items, not shown separately.

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

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

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

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

92.6
93.7
95.9
100.0
102.3
101.7
98.5
89.0
86.5
84.6

93.3
94.8
97.1
100.0
100.3
99.9
99.0
87.7
89.5
89.9

87.0
92.3
95.8
100.0
103.0
103.8
107.9
100.1
97.4
94.4

85.5
91.5
94.9
100.0
102.6
100.4
105.8
93.8
86.8
86.7

44.2
57.5
73.8
100.0
129.1
169.0
224.0
226.1
234.7
266.5

33.2
47.3
66.7
100.0
140.2
201.3
286.7
291.1
311.4
368.5

89.9
90.1
91.7
100.0
108.8
114.5
109.5
105.9
108.0
108.7

89.4
92.0
92.7
100.0
105.2
116.4
116.2
105.6
114.5
117.5

104.1
104.1
101.3
100.0
94.6
90.7
87.3
77.9
70.8
62.3

95.9
97.3
98.0
100.0
101.0
101.9
102.3
96.9
93.7
89.3

91.3
92.7
94.6
100.0
101.8
103.8
105.5
103.9
105.3
105.5

96.8
99.3
97.4
100.0
104.3
105.2
106.8
106.9
107.1
106.2

2003: June ................................................
July .................................................
Aug ..................................................
Sept .................................................
Oct ..................................................
Nov ..................................................
Dec ..................................................

82.7
82.9
82.5
83.0
84.7
86.7
88.0

87.3
87.2
84.5
88.5
91.1
93.1
99.7

93.3
94.2
93.2
94.4
94.6
95.3
95.6

86.3
85.9
86.7
87.3
86.3
89.7
89.6

260.5
266.7
273.7
277.1
282.9
285.3
285.3

359.6
369.1
382.6
388.1
397.4
402.8
404.7

106.3
107.9
107.2
112.1
110.4
111.0
111.6

113.8
116.6
114.9
122.7
119.9
120.5
121.3

61.8
60.9
59.1
59.1
60.2
60.6
60.3

88.8
89.0
88.5
88.7
88.3
87.0
87.6

103.5
104.5
105.5
106.1
106.4
108.3
107.8

106.4
106.5
105.4
105.9
105.5
106.3
106.8

2004: Jan ..................................................
Feb ..................................................
Mar r ................................................
Apr r .................................................
May r ................................................
June p ...............................................

87.3
90.3
89.0
87.7
87.7
88.5

98.8
101.1
97.7
94.3
93.3
95.3

95.6
96.3
96.9
97.9
98.3
98.3

91.1
93.5
94.1
95.3
97.0
97.6

290.1
296.6
301.0
303.4
311.8
316.6

416.7
428.7
434.4
441.4
454.8
465.5

112.3
114.4
112.9
113.0
111.3
109.7

122.6
125.1
122.7
122.6
119.8
116.7

60.5
61.3
61.9
62.8
61.9
61.3

88.5
87.9
88.9
88.7
88.7
89.1

107.3
108.2
109.4
110.6
110.8
110.9

106.7
107.3
107.6
107.6
109.1
108.5

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

18

Source: Board of Governors of the Federal Reserve System.

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

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2003:

Total new
construction expenditures

Residential
Total
Total 1

Federal
and
State
and
local

Nonresidential

New
housing

Total

Lodging

Commercial
(including
farm)

Office

Manufacturing

Other 2

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

539.2
557.8
615.9
653.4
705.7
766.1
828.2
858.3
871.3
915.7
906.8
909.4
922.0
930.8
942.2
947.7
948.9

419.0
427.9
476.6
502.7
551.4
596.3
642.6
652.5
651.7
690.0
677.8
681.1
691.7
701.2
714.1
721.1
727.0

258.6
247.4
281.1
289.0
314.6
350.6
374.5
388.3
421.9
476.1
465.1
472.5
481.0
487.6
495.6
504.2
511.3

176.4
171.4
191.1
198.1
224.0
251.3
265.0
279.4
298.8
345.9
334.5
341.5
350.2
358.2
366.4
375.6
381.7

160.4
180.5
195.5
213.7
236.8
245.8
268.2
264.2
229.8
213.9
212.7
208.6
210.8
213.6
218.6
216.9
215.7

4.7
7.1
10.9
12.9
14.8
16.0
16.3
14.5
10.5
9.9
9.8
9.4
9.6
9.6
10.0
9.4
9.3

20.4
23.0
26.5
32.8
40.4
45.1
52.4
49.7
35.3
30.4
30.5
30.1
30.2
30.5
32.5
32.1
31.5

39.6
44.1
49.4
53.1
55.7
59.4
64.1
63.6
59.2
57.7
59.0
59.0
60.4
57.9
58.1
57.0
56.7

28.8
35.4
38.1
37.6
40.5
32.6
31.8
29.5
16.4
14.2
14.7
13.9
14.3
14.8
14.9
14.4
13.6

66.9
70.9
70.6
77.3
85.4
92.8
103.6
106.8
108.4
101.6
98.8
96.1
96.3
100.8
103.0
104.0
104.6

120.2
129.9
139.3
150.7
154.3
169.7
185.5
205.8
219.6
225.7
229.0
228.4
230.2
229.5
228.0
226.6
222.0

2004: Jan ..........................
Feb ..........................
Mar ..........................
Apr r .........................
May r ........................
June p .......................

946.5
952.2
973.9
986.4
987.8
985.2

724.0
732.1
738.7
747.5
749.6
746.6

513.9
516.4
522.2
525.9
530.2
527.1

383.5
384.9
391.1
397.8
403.8
403.1

210.1
215.7
216.5
221.6
219.4
219.5

8.7
10.1
11.1
11.4
11.1
11.7

29.2
32.0
32.2
33.1
31.9
32.2

56.9
56.8
56.4
58.9
58.9
59.5

13.8
13.8
13.9
13.4
14.1
13.0

101.6
102.9
103.0
104.8
103.4
103.2

222.6
220.1
235.2
238.9
238.1
238.5

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

Source: Department of Commerce, Bureau of the Census.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]
New private housing units
Period
Total
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

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

New private houses

Units started, by type of structure

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
1,847.7

1 unit
1,198.4
1,076.2
1,160.9
1,133.7
1,271.4
1,302.4
1,230.9
1,273.3
1,358.6
1,499.0

2–4 units 1

5 units or
more

35.2
33.8
45.3
44.5
42.6
31.9
38.7
36.6
38.5
33.5

223.5
244.1
270.8
295.8
302.9
306.6
299.1
292.8
307.9
315.2

Units
authorized
1,371.6
1,332.5
1,425.6
1,441.1
1,612.3
1,663.5
1,592.3
1,636.7
1,747.7
1,889.2

Units
completed

Houses
sold

Houses for
sale at end
of period 2

Vacancy rate
for rental
housing units
(percent) 3

1,346.9
1,312.6
1,412.9
1,400.5
1,474.2
1,604.9
1,573.7
1,570.8
1,648.4
1,678.7

670
667
757
804
886
880
877
908
973
1,086

336
370
322
281
294
308
298
308
339
370

7.4
7.6
7.8
7.7
7.9
8.1
8.0
8.4
8.9
9.8

1,194
1,156
1,189
1,127
1,141
1,086
1,120

343
341
344
350
360
365
370

9.6
......................
......................
9.9
......................
......................
10.2
......................
......................
10.4
......................
......................
10.2

Seasonally adjusted annual rates
2003: June ..........................
July ...........................
Aug ............................
Sept ...........................
Oct .............................
Nov ............................
Dec ............................

1,850
1,893
1,835
1,922
1,983
2,054
2,067

1,505
1,536
1,494
1,537
1,644
1,670
1,657

28
36
32
45
29
37
29

317
321
309
340
310
347
381

1,871
1,892
1,964
1,943
2,015
1,920
1,979

1,658
1,681
1,579
1,697
1,731
1,709
1,736

2004: Jan ............................
Feb ............................
Mar ............................
Apr r ...........................
May r ..........................
June p .........................

1,934
1,895
2,000
1,963
1,970
1,802

1,565
1,521
1,624
1,615
1,645
1,489

30
30
33
36
55
32

339
344
343
312
270
281

1,913
1,913
1,975
2,006
2,097
1,945

1,714
1,729
1,782
1,944
1,922
1,848

1 Derived; seasonally adjusted monthly data for 2–4 housing units started are no longer published.
2 Seasonally adjusted.
3 Revised series. Quarterly data entered in last month of quarter.
NOTE.—Units authorized are for 19,000 places.

1,155
1,165

374
373

r 1,270

r 379

1,197
1,337
1,326

380
376
374

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 May, according to preliminary estimates, manufacturing and trade sales rose 0.8 percent and inventories rose
$7.3 billion. In June, according to advance estimates, manufacturing and trade sales fell 0.1 percent. According
to advance estimates, retail sales fell 1.2 percent in June. Retail and food services sales fell 1.1 percent.

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

Manufacturing and trade 1
Period

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2003:

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

2004: Jan ......................................................
Feb ......................................................
Mar ......................................................
Apr r .....................................................
May p ....................................................
June p ...................................................
1 See

Inventorysales
ratio 4

20

Inventory
sales
ratio 4

Inventories 3

1.47
1.48
1.46
1.42
1.44
1.41
1.41
1.44
1.40
1.37
1.41
1.38
1.36
1.36
1.35
1.35
1.34
1.33

161,133
176,227
186,649
194,541
198,319
211,631
228,630
225,123
228,524
240,442
232,952
236,636
239,113
240,029
241,527
246,430
247,737
251,526

218,119
234,268
237,186
254,763
267,689
284,396
301,618
287,913
288,990
295,435
289,247
288,886
290,210
289,961
291,248
292,549
293,534
295,435

1.29
1.30
1.28
1.27
1.32
1.30
1.29
1.32
1.25
1.21
1.24
1.22
1.21
1.21
1.21
1.19
1.18
1.17

894,394 1,187,402
1.33
902,285 1,197,124
1.33
931,224 1,205,977
1.30
930,732 1,214,579
1.30
938,194 1,221,880
1.30
937,025 .................. ................

253,664
259,109
266,509
269,017
269,823
269,728

296,016
299,712
301,311
301,989
306,229
309,463

1.17
1.16
1.13
1.12
1.13
1.15

610,669
655,227
687,472
724,126
743,702
787,531
835,194
819,061
822,013
856,998
834,777
847,676
861,781
860,151
866,774
873,519
879,925
891,329

930,681
989,067
1,008,623
1,049,527
1,081,988
1,142,277
1,200,666
1,146,151
1,163,690
1,185,477
1,172,888
1,173,692
1,174,519
1,169,030
1,173,444
1,177,496
1,181,735
1,185,477

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

Retail

Sales 2

Sales 2

Inventories 3

Wholesale

4 Annual

Sales 2

Inventories 3

179,693
189,028
201,058
210,027
220,399
239,910
255,849
263,063
269,177
283,295
277,905
282,397
285,420
288,446
287,649
287,264
290,734
291,318

312,227
329,582
340,621
350,960
365,068
394,235
417,652
406,002
430,512
451,458
439,592
442,140
443,542
439,437
443,902
446,267
450,075
451,458

Inventory
sales
ratio 4

Retail and
food services
sales 2

1.66
1.72
1.67
1.64
1.62
1.59
1.59
1.58
1.56
1.56
1.58
1.57
1.55
1.52
1.54
1.55
1.55
1.55

198,496
208,496
221,299
231,530
243,119
263,733
281,385
289,667
296,965
313,057
307,397
312,200
315,366
318,942
317,464
318,064
321,798
322,342

292,253 451,357
1.54
295,019 454,614
1.54
301,790 460,087
1.52
299,146 465,891
1.56
r 303,666
465,705
1.53
300,076 ................ ................

323,918
326,996
333,818
331,131
r 335,736
331,896

data are averages of seasonally adjusted monthly ratios.

Source: Department of Commerce, Bureau of the Census.

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

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total
Total

Capital
goods
industries,
nondefense

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2003:

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

269,843
289,973
299,766
319,558
324,984
335,991
350,715
330,875
324,313
333,260
328,643
337,248
331,676
337,598
339,825
341,454
348,485

147,005
158,568
164,883
178,949
185,966
193,895
197,807
181,201
177,617
179,220
176,782
181,761
177,187
182,379
183,740
184,074
187,978

122,838
131,405
134,883
140,610
139,019
142,096
152,908
149,674
146,696
154,041
151,861
155,487
154,489
155,219
156,085
157,380
160,507

400,335
425,217
430,816
443,804
449,231
463,646
481,396
452,236
444,188
438,584
442,666
440,767
439,632
438,294
438,680
438,126
438,584

253,444
267,696
272,787
281,249
290,874
296,645
306,682
283,722
271,789
262,947
266,154
264,638
262,949
261,678
262,351
261,414
262,947

146,891
157,521
158,029
162,555
158,357
167,001
174,714
168,514
172,399
175,637
176,512
176,129
176,683
176,616
176,329
176,712
175,637

266,641
285,542
297,282
314,986
317,345
329,770
346,789
322,944
316,744
329,167
324,098
330,551
329,401
333,957
341,856
338,726
344,868

143,803
154,137
162,399
174,377
178,327
187,674
193,881
173,270
170,048
175,126
172,237
175,064
174,912
178,738
185,771
181,346
184,361

45,175
51,011
54,066
60,697
62,133
64,392
69,278
58,336
53,991
57,445
57,351
58,188
57,229
60,225
61,672
57,862
60,219

434,594
447,338
488,815
513,166
496,471
505,941
550,005
517,590
485,816
506,298
487,360
485,959
490,036
492,006
500,307
503,869
506,298

1.44
1.44
1.43
1.37
1.39
1.35
1.35
1.42
1.37
1.33
1.35
1.31
1.33
1.30
1.29
1.28
1.26

2004: Jan ...........................................
Feb ...........................................
Mar ..........................................
Apr ...........................................
May r .........................................
June p .......................................

348,477
348,157
362,925
362,569
364,705
367,221

186,115
188,798
197,139
195,512
194,389
196,009

162,362
159,359
165,786
167,057
170,316
171,212

440,029
442,798
444,579
446,699
449,946
452,907

263,276
264,550
265,607
267,206
269,308
271,605

176,753
178,248
178,972
179,493
180,638
181,302

341,868
345,778
363,146
359,124
360,561
363,242

179,506
186,419
197,360
192,067
190,245
192,030

58,564
60,967
64,726
63,908
62,996
63,647

506,184
510,535
517,585
521,211
524,365
527,535

1.26
1.27
1.22
1.23
1.23
1.23

1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2 Seasonally adjusted, end of period.
3 Annual data are averages of seasonally adjusted monthly ratios.
NOTE.—Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are
durable unfilled orders.

Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not.
Source: Department of Commerce, Bureau of the Census.

21

PRICES
PRODUCER PRICES
The producer price index for all finished goods fell 0.3 percent in June. Prices of finished consumer foods fell
0.6 percent, while prices of other finished consumer goods fell 0.4 percent. Capital equipment prices rose 0.2
percent.

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

Period

Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

1994 ...........................
1995 ...........................
1996 ...........................
1997 ...........................
1998 ...........................
1999 ..........................
2000 ...........................
2001 ...........................
2002 ..........................
2003 ..........................
2003: June ..............
July ...............
Aug ................
Sept ...............
Oct .................
Nov ................
Dec ................
2004: Jan ................
Feb r ...............
Mar ................
Apr .................
May ................
June ...............
1 Intermediate

22

125.5
127.9
131.3
131.8
130.7
133.0
138.0
140.7
138.9
143.3
142.7
142.8
143.5
143.8
144.7
144.5
144.8
145.7
145.8
146.6
147.6
148.8
148.4

126.8
129.0
133.6
134.5
134.3
135.1
137.2
141.3
140.1
145.9
145.1
144.7
145.8
147.5
150.5
150.1
150.4
148.4
149.0
150.8
152.9
155.2
154.3

125.1
127.5
130.5
130.9
129.5
132.3
138.1
140.4
138.3
142.4
141.8
142.1
142.6
142.6
143.0
142.8
143.1
144.8
144.8
145.3
146.0
146.9
146.6

materials for food manufacturing and feeds.

121.6
124.0
127.6
128.2
126.4
130.5
138.4
141.4
138.8
144.7
144.0
144.3
145.0
145.0
145.4
145.0
145.6
148.0
148.1
148.4
149.4
150.6
150.0

Durable

130.9
132.7
134.2
133.7
132.9
133.0
133.9
134.0
133.0
133.1
132.5
132.7
132.9
132.8
133.9
134.0
133.5
133.8
133.7
134.6
134.2
135.1
135.8

Nondurable

116.2
118.8
123.3
124.3
122.2
127.9
138.7
142.8
139.8
148.4
147.6
148.0
148.9
149.0
149.0
148.5
149.5
152.9
153.1
153.1
154.8
156.1
154.8

Capital
equipment

134.1
136.7
138.3
138.2
137.6
137.6
138.8
139.7
139.1
139.5
139.2
139.4
139.7
139.6
140.0
140.1
139.9
140.2
139.9
140.9
140.9
141.3
141.6

Total
finished
consumer
goods

123.3
125.6
129.5
130.2
128.9
132.0
138.2
141.5
139.4
145.3
144.5
144.6
145.5
146.0
147.1
146.7
147.2
148.4
148.6
149.3
150.7
152.2
151.4

Intermediate materials

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

118.5
124.9
125.7
125.6
123.0
123.2
129.2
129.7
127.8
133.7
133.1
133.3
134.1
134.0
134.4
134.4
134.9
136.1
137.4
138.2
140.1
141.7
142.4

114.8
114.8
128.1
125.4
116.2
111.1
111.7
115.9
115.5
125.9
125.2
124.1
124.4
127.8
131.3
134.7
134.3
132.5
134.2
136.8
143.7
148.0
144.8

118.7
125.5
125.6
125.7
123.4
123.9
130.1
130.5
128.5
134.2
133.6
133.9
134.6
134.4
134.6
134.5
135.0
136.4
137.6
138.4
140.1
141.5
142.4

101.8
102.7
113.8
111.1
96.8
98.2
120.6
121.0
108.1
135.3
135.7
131.9
130.6
134.1
137.9
137.9
142.6
148.4
150.7
149.9
154.4
158.7
161.3

106.5
105.8
121.5
112.2
103.9
98.7
100.2
106.1
99.5
113.5
108.8
106.1
110.0
117.7
127.7
126.9
127.3
118.7
123.8
131.4
136.2
140.5
135.4

94.8
96.8
104.5
106.4
88.4
94.3
130.4
126.8
111.4
148.2
152.7
148.2
142.6
142.8
141.4
142.1
150.1
167.1
167.1
159.6
163.7
167.9
176.5

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In June, the consumer price index for all urban consumers rose 0.3 percent both seasonally adjusted and not
seasonally adjusted. The index was 3.3 percent above its year-earlier level.

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

Housing

Transportation

Shelter
Period

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

Food
Total 1

Rent
of primary
residence

Total 1

Owners’
equivalent
rent
(12/82=
100)

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

Rel. imp.3 .........................
1994 .................................
1995 .................................
1996 .................................
1997 .................................
1998 .................................
1999 .................................
2000 .................................
2001 .................................
2002 .................................
2003 .................................

100.0
148.2
152.4
156.9
160.5
163.0
166.6
172.2
177.1
179.9
184.0

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

14.4
144.3
148.4
153.3
157.3
160.7
164.1
167.8
173.1
176.2
180.0

42.1
144.8
148.5
152.8
156.8
160.4
163.9
169.6
176.4
180.3
184.8

32.9
160.5
165.7
171.0
176.3
182.1
187.3
193.4
200.6
208.1
213.1

6.2
154.0
157.8
162.0
166.7
172.1
177.5
183.9
192.1
199.7
205.5

23.4
165.8
171.3
176.8
181.9
187.8
192.9
198.7
206.3
214.7
219.9

4.7
122.8
123.7
127.5
130.8
128.5
128.8
137.9
150.2
143.6
154.5

4.0
133.4
132.0
131.7
132.9
133.0
131.3
129.6
127.3
124.0
120.9

16.9 ............
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
157.6 134.7

3.2
98.5
100.0
106.3
106.2
92.2
100.7
129.3
124.7
116.6
135.8

6.1
211.0
220.5
228.2
234.6
242.1
250.6
260.8
272.8
285.6
297.1

7.1
104.6
105.2
110.1
111.5
102.9
106.6
124.6
129.3
121.7
136.5

78.5
156.5
161.2
165.6
169.5
173.4
177.0
181.3
186.1
190.5
193.2

2003: June ....................
July .....................
Aug ......................
Sept .....................
Oct .......................
Nov ......................
Dec ......................

183.7
183.9
184.6
185.2
185.0
184.5
184.3

183.5
183.8
184.5
185.1
184.9
184.6
184.9

179.6
179.8
180.5
180.9
181.8
182.6
183.5

184.8
185.1
185.3
185.5
185.8
185.7
186.1

212.7
213.3
213.7
214.0
214.7
214.9
215.3

205.3
205.8
206.3
206.7
207.0
207.4
207.8

219.4
219.9
220.4
220.8
221.3
221.6
221.9

156.3
156.0
156.0
156.5
155.4
154.3
155.0

120.8
120.6
120.7
120.9
121.2
120.6
120.2

156.3
156.5
158.4
159.9
157.7
155.6
155.3

134.6
134.3
134.9
134.2
134.1
133.9
133.8

127.6
128.9
137.9
146.9
137.9
130.9
130.9

296.3
297.4
298.3
299.6
300.3
301.3
302.7

133.7
134.1
138.3
142.8
137.8
133.7
134.1

193.1
193.4
193.6
193.7
194.0
194.0
194.1

2004: Jan .......................
Feb .......................
Mar ......................
Apr .......................
May ......................
June .....................

185.2
186.2
187.4
188.0
189.1
189.7

185.8
186.3
187.2
187.6
188.8
189.4

183.5
183.8
184.1
184.4
186.1
186.4

186.8
187.1
187.7
188.4
189.1
189.6

215.6
215.8
217.1
218.1
218.6
218.8

208.1
208.6
209.0
209.7
210.4
210.9

222.2
222.7
223.3
224.1
224.6
225.0

157.5
158.9
157.1
157.9
159.7
162.7

119.8
119.7
120.8
120.8
121.2
121.4

157.9
159.0
160.8
160.9
163.7
165.0

133.7
134.2
134.0
133.9
134.3
134.6

141.5
145.1
153.1
152.7
164.9
169.9

303.4
305.3
307.0
308.1
309.0
309.9

140.4
142.8
145.5
145.7
152.4
156.4

194.4
194.8
195.5
196.0
196.4
196.6

1 Includes

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

3 Relative importance, December 2003.
Source: Department of Labor, Bureau of Labor Statistics.

23

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

Period

Change from preceding period

Change from 3 months earlier, annual rate

Consumer goods

Consumer goods

Total
finished
goods

Excluding
foods

Foods

Capital
equipment

Change from 6 months earlier, annual rate

Change
from year
earlier,
total
finished
goods
NSA

Consumer goods

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

2.0
2.2
.4
¥.6
0
.3
1.2
0
¥.6
.8

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

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

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

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

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

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

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

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

0
.1
.2
¥.1
.3
.1
¥.1
.2
¥.2
r .7
0
.3
.2

¥5.2
.8
4.6
3.1
5.4
2.8
2.8
2.8
3.6
5.1
5.3
8.5
5.0

5.4
1.1
3.6
6.8
17.0
12.3
8.1
¥5.5
¥2.9
1.1
12.7
r 17.7
9.6

¥10.6
.8
6.3
2.8
3.1
0
1.7
7.3
8.8
7.9
3.8
r 6.9
4.4

¥1.7
.9
1.4
1.2
1.7
1.2
.9
.6
¥.6
2.9
2.0
r 4.1
2.0

4.9
2.4
1.0
¥1.1
3.1
3.7
3.0
4.1
3.2
3.9
4.0
6.0
5.0

7.9
3.4
4.2
6.1
8.8
7.9
7.4
5.2
4.4
4.5
3.2
6.9
5.3

6.1
3.0
¥.3
¥4.1
2.0
3.1
2.2
5.2
4.3
4.7
5.6
7.9
6.1

Change, Dec. to Dec., NSA
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

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

1.7
2.3
2.8
¥1.2
0
2.9
3.6
¥1.6
1.2
4.0

1.1
1.9
3.4
¥.8
.1
.8
1.7
1.8
¥.6
7.7

2.0
2.3
3.7
¥1.5
¥.1
5.1
5.5
¥3.9
2.9
4.1

0.6
1.9
2.7
.4
¥.8
1.8
3.8
2.0
¥1.3
3.2

Change, month to month
2003: June .........
July ..........
Aug ...........
Sept ..........
Oct ............
Nov ...........
Dec ...........
2004: Jan ............
Feb r ..........
Mar ...........
Apr ............
May ...........
June .........

0.6
.1
.5
.2
.6
¥.1
.2
.6
.1
.5
.7
.8
¥.3

0.4
¥.3
.8
1.2
2.0
¥.3
.2
¥1.3
.4
r 1.2
1.4
1.5
¥.6

0.8
.2
.5
0
.3
¥.3
.4
1.6
.1
r .2
.7
.8
¥.4

0.6
.4
1.0
¥.3
1.3
1.3
1.0
1.2
.3
1.9
1.3
1.7
2.4

2.9
3.0
3.5
3.5
3.4
3.4
4.0
3.3
2.1
1.4
3.7
5.0
4.0

Source: Department of Labor, Bureau of Labor Statistics.

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

Transportation

Shelter
Period

All
items 1

Food
Total 1
Total 1

Rent of Ownpriers’
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

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

From
From
3
6
months months
earlier earlier

From
year
earlier
NSA

Change, December to December, NSA
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

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

2.7
2.5
3.3
1.7
1.6
2.7
3.4
1.6
2.4
1.9

2.9
2.1
4.3
1.5
2.3
1.9
2.8
2.8
1.5
3.6

2.2
3.0
2.9
2.4
2.3
2.2
4.3
2.9
2.4
2.2

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
2.7

3.3
3.7
2.8
3.1
3.2
2.4
3.4
4.5
3.3
2.0

0.2
1.4
4.6
.5
¥2.6
2.4
12.1
¥2.1
1.4
6.5

¥1.6
.1
¥.2
1.0
¥.7
¥.5
¥1.8
¥3.2
¥1.8
¥2.1

3.8
1.5
4.4
¥1.4
¥1.7
5.4
4.1
¥3.8
3.8
.3

3.2
1.6
1.6
¥1.0
¥.1
¥.8
.3
0
¥2.0
¥2.1

5.9
¥4.0
12.7
¥6.2
¥15.4
30.2
13.9
¥24.8
24.6
6.8

4.9
3.9
3.0
2.8
3.4
3.7
4.2
4.7
5.0
3.7

2.2
¥1.3
8.6
¥3.4
¥8.8
13.4
14.2
¥13.0
10.7
6.9

2.6
3.0
2.6
2.2
2.4
1.9
2.6
2.7
1.9
1.1

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

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

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

2.6
2.8
3.0
2.3
1.6
2.2
3.4
2.8
1.6
2.3

¥0.1
¥.2
.4
¥.5
¥.1
¥.1
¥.1
¥.1
.4
¥.1
¥.1
.3
.2

0.5
1.0
7.0
6.5
¥6.1
¥5.1
0
8.1
2.5
5.5
¥.3
8.0
3.0

0.3
.4
.3
.4
.2
.3
.5
.2
.6
.6
.4
.3
.3

0.6
.3
3.1
3.3
¥3.5
¥3.0
.3
4.7
1.7
1.9
.1
4.6
2.6

0.1
.2
.1
.1
.2
0
.1
.2
.2
.4
.3
.2
.1

0.7
..........
..........
2.4
..........
..........
.7
..........
..........
3.5
..........
..........
4.8

¥1.1
.9
2.6
3.5
2.4
.2
¥.4
2.0
3.7
5.1
3.9
5.5
4.8

2.1
1.8
1.4
1.2
1.6
1.4
1.5
2.2
2.0
2.3
2.9
4.6
4.9

2.1
2.1
2.2
2.3
2.0
1.8
1.9
1.9
1.7
1.7
2.3
3.1
3.3

Change, month to month
2003: June ..............
July ..............
Aug ...............
Sept ..............
Oct ................
Nov ...............
Dec ...............
2004: Jan ...............
Feb ................
Mar ...............
Apr ................
May ...............
June ..............
1 Includes

0.1
.2
.4
.3
¥.1
¥.2
.2
.5
.3
.5
.2
.6
.3

0.4
.1
.4
.2
.5
.4
.5
0
.2
.2
.2
.9
.2

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

0
.3
.2
.1
.3
.1
.2
.1
.1
.6
.5
.2
.1

0.1
.2
.2
.2
.1
.2
.2
.1
.2
.2
.3
.3
.2

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

0.6
¥.2
0
.3
¥.7
¥.7
.5
1.6
.9
¥1.1
.5
1.1
1.9

0.3
¥.2
.1
.2
.2
¥.5
¥.3
¥.3
¥.1
.9
0
.3
.2

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

24

0.1
.1
1.2
.9
¥1.4
¥1.3
¥.2
1.7
.7
1.1
.1
1.7
.8

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 July, prices received by farmers fell 4.7 percent, while prices paid by farmers were unchanged. (Data are
not seasonally adjusted.)

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

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

All farm
products

Prices paid by farmers
Livestock and
products

Crops

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

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

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

100
102
112
107
r 102
96
96
102
98
r 107

105
112
127
115
107
97
96
99
105
111

95
92
99
98
97
95
97
106
90
103

106
109
115
118
115
115
120
123
124
128

106
108
115
118
114
113
118
122
121
126

106
108
115
119
113
111
116
120
119
124

94
93
98
90
89
83
80
83
79
83

2003: July r ..................
Aug r ...................
Sept r ..................
Oct r ....................
Nov r ...................
Dec r ...................
2004: Jan r ...................
Feb r ...................
Mar r ...................
Apr r ...................
May r ..................
June r .................
July ....................

105
109
111
113
116
114
111
116
121
125
129
128
122

109
113
111
111
115
116
113
121
120
123
124
122
116

101
105
110
116
117
112
110
112
121
126
133
133
128

127
127
128
129
129
129
130
131
132
133
134
134
134

125
125
126
127
128
127
129
129
130
132
133
133
132

123
123
125
126
126
126
126
127
128
131
132
132
131

83
86
87
88
90
88
85
89
92
94
96
96
91

1 Includes

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

NOTE.—The official indexes are published on a 1910–14 base as required by law. The indexes have been converted to a 1990–92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK AND DEBT MEASURES
In June, M2 and M3 rose.

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

M2

M3

Debt

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

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

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

Debt of
domestic
nonfinancial
sectors1

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

1,150.5
1,127.0
1,079.3
1,072.5
1,096.1
1,124.0
1,087.9
1,179.4
1,217.2
1,292.8

3,497.7
3,641.4
3,817.1
4,032.2
4,384.5
4,649.4
4,933.3
5,449.1
5,795.3
6,062.7

4,364.8
4,630.9
4,978.8
5,453.5
6,044.6
6,544.8
7,113.0
8,025.1
8,552.5
8,837.0

12,989.5
13,673.8
14,390.2
15,150.5
16,184.3
17,243.5
18,098.8
19,228.0
20,567.4
22,299.2

1.8
¥2.0
¥4.2
¥.6
2.2
2.5
¥3.2
8.4
3.2
6.2

0.4
4.1
4.8
5.6
8.7
6.0
6.1
10.5
6.4
4.6

1.9
6.1
7.5
9.5
10.8
8.3
8.7
12.8
6.6
3.3

4.6
5.3
5.2
5.3
6.8
6.3
4.9
6.2
7.0
8.2

2003: June ......................................................
July .......................................................
Aug .......................................................
Sept ......................................................
Oct ........................................................
Nov .......................................................
Dec ........................................................

1,271.1
1,273.5
1,281.5
1,281.4
1,283.2
1,283.1
1,292.8

6,027.1
6,067.1
6,107.5
6,084.8
6,069.1
6,066.4
6,062.7

8,774.6
8,847.7
8,885.4
8,874.3
8,848.7
8,842.1
8,837.0

21,513.6
......................
......................
21,899.7
......................
......................
22,299.2

8.9
8.7
7.5
6.6
5.9
4.0
3.4

8.0
8.3
8.2
6.6
4.5
2.7
1.2

5.2
6.6
6.6
5.6
4.1
2.7
1.4

11.3
............
............
7.2
............
............
6.4

2004: Jan r
Feb r
Mar r
Apr r
May r
June

1,286.5
1,305.9
1,325.3
1,323.1
1,322.2
1,335.4

6,070.2
6,120.4
6,167.7
6,215.9
6,285.8
6,292.9

8,892.4
8,967.8
9,053.4
9,137.5
9,247.4
9,286.4

......................
......................
22,781.0
......................
......................
......................

2.0
3.8
6.9
6.2
6.1
6.6

.1
.4
2.7
4.8
7.2
7.6

1.0
1.9
4.0
6.5
9.2
10.2

............
............
8.6
............
............
............

Period

1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

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

26

Percent change
From year or 6 months
earlier2

M1

M2

M3

From
previous
period3
Debt

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

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

Period

1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Currency

Nonbank
travelers
checks

Demand
deposits

Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)

Other
checkable
deposits
(OCDs)

Small
denomination
time
deposits 1

Money market
mutual fund
balances

Large
denomination
time
deposits 1

Institutional

Retail

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

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

354.0
372.1
394.1
424.6
459.9
517.7
531.6
582.0
627.4
663.9

8.6
9.1
8.8
8.5
8.5
8.6
8.3
8.0
7.8
7.7

383.9
389.3
401.0
394.2
378.4
354.9
310.3
332.5
303.4
312.1

403.9
356.6
275.5
245.3
249.3
242.8
237.8
256.9
278.6
309.2

1,149.4
1,133.9
1,273.1
1,399.1
1,603.6
1,738.2
1,876.2
2,308.9
2,769.4
3,158.4

816.3
931.3
946.8
967.9
951.5
954.0
1,044.2
972.7
892.2
809.6

381.4
449.1
517.8
592.6
733.3
833.2
925.0
988.2
916.4
801.8

210.1
263.3
321.5
394.9
538.7
635.3
788.9
1,193.2
1,244.9
1,112.9

374.4
433.6
515.0
624.8
677.5
752.7
830.3
794.0
802.7
867.4

196.4
198.6
210.6
254.2
294.0
337.0
366.0
378.9
480.9
505.3

86.3
94.0
114.6
147.4
150.0
170.4
194.5
210.0
228.6
288.7

2003: June ..........................................
July ...........................................
Aug ...........................................
Sept ..........................................
Oct ............................................
Nov ...........................................
Dec ...........................................

646.4
648.0
650.8
654.1
658.3
661.3
663.9

7.6
7.6
7.6
7.6
7.7
7.7
7.7

321.9
319.1
320.9
313.4
311.3
308.4
312.1

295.2
298.8
302.3
306.3
305.9
305.8
309.2

3,021.6
3,082.2
3,128.7
3,125.5
3,141.2
3,156.2
3,158.4

854.3
843.2
833.0
825.5
819.5
813.5
809.6

880.1
868.2
864.3
852.5
825.2
813.7
801.8

1,154.6
1,193.4
1,174.3
1,175.3
1,153.8
r 1,131.4
1,112.9

813.2
820.5
830.0
837.3
834.8
846.5
867.4

517.2
497.0
494.4
496.8
504.3
511.3
505.3

262.5
269.8
279.1
280.1
286.8
286.4
288.7

2004: Jan r
Feb r
Mar r
Apr r
May r
June

664.9
665.8
666.8
668.7
671.9
676.8

7.8
7.8
7.8
7.8
7.8
7.7

301.0
313.3
326.1
323.3
318.3
321.9

312.9
319.0
324.6
323.2
324.3
329.1

3,190.0
3,234.4
3,278.4
3,338.7
3,406.6
3,408.3

807.2
805.2
802.7
799.2
794.1
792.2

786.5
774.9
761.3
754.9
763.0
757.0

1,115.7
1,103.2
1,111.8
1,120.7
1,119.1
1,112.2

902.1
910.3
930.0
963.2
989.8
1,008.5

502.3
521.9
523.2
504.8
515.5
534.5

302.1
311.9
320.6
332.9
337.3
338.3

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

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

Source: Board of Governors of the Federal Reserve System.

AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1;millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Period
Total 2
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Borrowings of depository institutions from the Federal
Reserve (NSA)

Reserves of depository institutions
Nonborrowed 3

Required

Excess
(NSA)

Monetary
base

Total

Primary

Secondary

Seasonal

Adjustment 4

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

59,369
56,430
50,149
46,848
45,254
41,928
38,677
41,411
40,442
42,827

59,160
56,173
49,994
46,523
45,138
41,607
38,467
41,344
40,362
42,781

58,209
55,140
48,733
45,163
43,741
40,631
37,249
39,760
38,433
41,788

1,159
1,290
1,416
1,685
1,514
1,297
1,427
1,651
2,009
1,038

418,196
434,388
451,904
479,826
513,894
593,709
585,104
635,936
682,151
720,964

209
257
155
324
117
320
210
67
80
46

................
................
................
................
................
................
................
................
................
17

................
................
................
................
................
................
................
................
................
0

100
40
68
79
15
67
111
33
45
29

109
217
87
245
101
179
99
34
35
................

2003: July .................................
Aug .................................
Sept .................................
Oct ..................................
Nov .................................
Dec ..................................

43,314
45,581
44,289
43,394
43,034
42,827

43,183
45,252
44,109
43,287
42,966
42,781

41,379
41,814
42,779
41,921
41,544
41,788

1,935
3,767
1,510
1,473
1,489
1,038

705,363
710,239
712,123
715,834
718,967
720,964

130
329
181
107
68
46

21
168
23
13
25
17

0
15
0
0
0
0

110
146
158
94
43
29

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

2004: Jan ..................................
Feb ..................................
Mar .................................
Apr ..................................
May .................................
June ................................
July p ...............................

43,152
42,916
44,612
45,591
45,353
45,917
45,729

43,046
42,874
44,561
45,505
45,242
45,737
45,484

42,253
41,715
42,854
43,836
43,761
44,069
44,030

899
1,201
1,758
1,755
1,592
1,848
1,699

722,554
724,094
725,672
r 728,748
r 732,303
737,782
745,751

106
42
51
86
112
180
245

93
28
23
29
9
40
42

0
0
0
0
0
0
0

13
14
28
57
103
140
203

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

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

3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve.
4 Discontinued after January 8, 2003.
Source: Board of Governors of the Federal Reserve System.

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.8 percent in June; commercial and industrial loans rose 0.4 percent.

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

Period

1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2003:

Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec r ..........
June r ........
July r .........
Aug r .........
Sept r .........
Oct r ..........
Nov r .........
Dec r ..........
2004: Jan r ..........
Feb r ..........
Mar r .........
Apr r ..........
May r .........
June .........

Total
bank
credit

3,318.2
3,601.0
3,756.9
4,099.4
4,534.6
4,764.6
5,218.5
5,429.8
5,886.8
6,252.6
6,209.5
6,196.5
6,181.5
6,187.2
6,163.8
6,200.2
6,252.6
6,320.5
6,442.1
6,520.1
6,527.8
6,523.4
6,559.6

Total
securities

U.S.
Treasury
and
agency
securities

939.9
984.0
984.3
1,098.7
1,238.7
1,284.2
1,350.3
1,495.7
1,723.9
1,853.2
1,858.7
1,817.5
1,780.0
1,791.9
1,807.4
1,834.3
1,853.2
1,858.1
1,933.1
1,982.8
1,953.1
1,923.8
1,923.7

721.6
701.1
702.6
755.6
797.6
815.6
792.4
853.0
1,029.1
1,104.3
1,143.4
1,110.5
1,080.0
1,071.1
1,081.0
1,096.9
1,104.3
1,105.8
1,170.2
1,204.3
1,197.8
1,185.5
1,185.6

Loans and leases in bank credit
Real estate

CommerOther
Total loans cial and
securities and leases 2 industrial

218.3
282.9
281.8
343.1
441.1
468.6
557.8
642.7
694.8
748.9
715.3
707.0
699.9
720.8
726.4
737.4
748.9
752.3
762.9
778.5
755.2
738.3
738.1

2,378.3
2,617.0
2,772.6
3,000.7
3,295.9
3,480.3
3,868.2
3,934.1
4,162.9
4,399.4
4,350.8
4,379.0
4,401.5
4,395.2
4,356.4
4,365.9
4,399.4
4,462.4
4,508.9
4,537.3
4,574.8
4,599.6
4,635.8

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

650.3
723.8
786.2
855.7
949.0
1,000.2
1,088.3
1,028.5
963.6
890.9
925.7
926.3
918.2
907.7
896.4
889.7
890.9
888.7
889.6
881.3
877.6
876.5
880.0

Total

1,010.7
1,089.5
1,140.1
1,242.7
1,332.9
1,471.1
1,650.5
1,779.7
2,021.2
2,215.7
2,171.8
2,198.0
2,234.1
2,245.3
2,227.5
2,206.8
2,215.7
2,241.1
2,263.0
2,304.0
2,355.8
2,385.2
2,396.8

Revolving
home
equity

80.5
84.5
90.9
105.0
103.9
101.5
130.0
155.8
213.5
280.8
244.7
248.5
252.7
258.5
265.5
273.2
280.8
291.2
297.7
308.2
317.3
326.2
335.8

Consumer

Security

Other

Other

930.2
1,004.9
1,049.2
1,137.7
1,229.0
1,369.6
1,520.5
1,623.9
1,807.7
1,935.0
1,927.0
1,949.4
1,981.4
1,986.9
1,962.0
1,933.6
1,935.0
1,949.8
1,965.4
1,995.8
2,038.5
2,058.9
2,061.0

448.2
491.4
511.3
501.1
495.4
489.1
537.6
554.3
584.5
628.6
599.0
600.4
599.9
600.7
596.0
625.0
628.6
631.2
633.6
639.1
639.9
642.2
644.6

75.8
83.2
75.3
94.4
145.3
149.8
177.3
146.0
190.2
215.1
218.1
217.7
214.6
212.2
220.0
228.6
215.1
233.5
242.7
242.1
236.4
230.6
246.1

193.3
229.1
259.6
306.9
373.3
370.2
414.4
425.6
403.5
449.0
436.2
436.6
434.8
429.3
416.5
415.8
449.0
468.1
480.0
470.9
465.0
465.1
468.3

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

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2002:

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
I .............
II ...........
III ..........
IV ..........
2003: I .............
II ...........
III ..........
IV ..........
2004: I p ...........

796.8
997.4
1,066.4
1,004.2
1,307.0
1,730.9
1,973.3
867.2
968.7
1,304.7
537.3
1,083.7
984.6
1,269.1
1,187.0
1,354.2
1,301.0
1,376.8
1,432.0

Internal 1

555.2
606.6
667.9
720.7
691.0
743.3
735.9
772.0
861.7
953.8
844.0
859.9
854.4
888.5
847.9
927.4
986.9
1,053.1
1,040.4

Credit market instruments
Total

241.6
390.8
398.5
283.5
616.0
987.6
1,237.4
95.2
107.0
350.9
¥306.7
223.8
130.2
380.6
339.1
426.8
314.1
323.7
391.6

Capital
expenditures 3

Total

Total
net
funds
raised

Net new
equity
issues

Total

81.6
168.8
135.4
214.4
176.9
262.1
239.0
179.8
¥.7
98.4
45.9
40.6
¥166.1
76.8
99.0
228.5
27.2
38.9
83.6

¥44.9
¥58.3
¥47.3
¥77.4
¥215.5
¥110.4
¥118.2
¥47.4
¥41.6
¥57.3
¥10.6
15.5
¥140.8
¥30.5
¥67.0
¥50.2
¥44.9
¥67.0
¥104.0

126.5
227.1
182.8
291.8
392.4
372.5
357.2
227.3
40.9
155.7
56.5
25.1
¥25.3
107.3
166.0
278.7
72.1
105.9
187.6

1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign
earnings retained abroad, inventory valuation adjustment, and net capital transfers.
2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other).

Securities
and mortgages
32.2
102.2
129.2
187.2
237.7
267.6
195.2
411.0
185.6
239.5
302.1
240.1
31.0
168.9
255.7
386.6
181.4
134.5
201.0

Loans
and
shortterm
paper

Other 2

94.3
124.9
53.7
104.6
154.9
104.9
162.0
¥183.8
¥144.7
¥83.9
¥245.7
¥215.1
¥56.2
¥61.7
¥89.7
¥107.8
¥109.3
¥28.7
¥13.4

160.0
222.1
263.1
69.0
439.0
725.5
998.5
¥84.6
107.7
252.5
¥352.5
183.3
296.3
303.8
240.1
198.2
286.9
284.8
308.0

841.2
1,064.6
1,108.3
1,024.2
1,343.7
1,828.8
2,137.7
982.2
892.0
1,324.9
466.8
1,005.7
888.8
1,206.9
1,204.2
1,383.7
1,329.0
1,382.8
1,461.1

566.1
638.2
654.3
751.8
773.8
858.9
928.5
804.6
770.7
779.0
751.4
763.2
792.0
776.3
753.3
761.0
780.8
820.9
857.1

Increase
in financial assets

275.1
426.4
454.0
272.4
569.9
969.9
1,209.2
177.6
121.3
545.9
¥284.6
242.5
96.8
430.6
450.9
622.7
548.2
561.9
604.0

Discrepancy
(sources
less
uses)

¥44.4
¥67.1
¥41.9
¥20.1
¥36.8
¥97.9
¥164.5
¥115.0
76.6
¥20.2
70.5
78.0
95.9
62.1
¥17.3
¥29.4
¥28.0
¥6.0
¥29.0

3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets.

Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]

Consumer credit outstanding (end of period)
Period
Total

1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:

Revolving

Nonrevolving 2

Net change in consumer credit outstanding 1
Total

Revolving

Nonrevolving 2

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

997.1
1,140.6
1,242.2
1,310.6
1,412.2
1,519.9
1,692.6
1,828.8
1,905.0
1,986.7

365.6
443.1
498.9
527.3
574.3
597.1
665.2
708.9
719.1
734.1

631.6
697.5
743.2
783.4
837.8
922.8
1,027.4
1,119.9
1,185.9
1,252.6

131.4
143.5
101.6
68.4
101.6
107.7
172.7
136.2
76.2
81.7

55.7
77.5
55.8
28.4
47.0
22.8
68.1
43.7
10.2
15.0

75.9
65.9
45.7
40.2
54.4
85.0
104.6
92.5
66.0
66.7

2003: May r .............................................................................
June r ............................................................................
July r .............................................................................
Aug r .............................................................................
Sept r .............................................................................
Oct r ..............................................................................
Nov r .............................................................................
Dec r ..............................................................................
2004: Jan r ..............................................................................
Feb r ..............................................................................
Mar r .............................................................................
Apr r ..............................................................................
May ..............................................................................
June p ............................................................................

1,950.9
1,949.9
1,955.0
1,965.6
1,975.7
1,982.7
1,982.15.8
1,986.7
2,012.8
2,012.9
2,017.8
2,023.7
2,031.8
2,038.4

730.7
726.1
725.0
727.6
730.7
733.1
1,246.3
734.1
746.2
745.6
744.2
740.9
742.0
743.5

1,220.2
1,223.8
1,230.0
1,237.9
1,245.0
1,249.7
¥.6
1,252.6
1,266.6
1,267.3
1,273.6
1,282.8
1,289.8
1,294.9

13.2
¥1.0
5.1
10.6
10.1
7.0
2.7
4.6
26.1
.1
4.9
5.9
8.1
6.6

4.2
¥4.6
¥1.1
2.6
3.1
2.4
¥3.4
¥1.7
12.1
¥.6
¥1.4
¥3.3
1.1
1.5

9.0
3.6
6.2
7.9
7.1
4.7

1 Change based on data in billions of dollars 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.

6.3
14.0
.7
6.3
9.2
7.0
5.1

Note.—Effective October 7, 2003 data beginning 1977 include student loans extended by the
Federal Government and by SLM Holding Corporation, the parent company of Sallie Mae. See
Federal Reserve release, G. 19 Consumer Credit, for details.
Data reflect revisions released on July 8, 2004.
Source: Board of Governors of the Federal Reserve System.

29

INTEREST RATES AND BOND YIELDS
Interest rates were mixed in July.

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

1994 .......................
1995 .......................
1996 .......................
1997 .......................
1998 .......................
1999 .......................
2000 .......................
2001 .......................
2002 .......................
2003 .......................
2003: July .............
Aug .............
Sept .............
Oct ..............
Nov .............
Dec ..............
2004: Jan ..............
Feb ..............
Mar .............
Apr ..............
May .............
June ............
July .............
Week ended:
2004: July 10 ........
17 .......
24 .......
31 .......
Aug 7 .......
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

4.29
5.51
5.02
5.07
4.81
4.66
5.85
3.45
1.62
1.02
0.90
0.96
0.95
0.93
0.94
0.90
0.89
0.92
0.94
0.94
1.04
1.27
1.35

6.27
6.25
5.99
6.10
5.14
5.49
6.22
4.09
3.10
2.10
1.93
2.44
2.23
2.26
2.45
2.44
2.27
2.25
2.00
2.57
3.10
3.26
3.05

7.09
6.57
6.44
6.35
5.26
5.65
6.03
5.02
4.61
4.01
3.98
4.45
4.27
4.29
4.30
4.27
4.15
4.08
3.83
4.35
4.72
4.73
4.50

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

6.19
5.95
5.75
5.55
5.12
5.43
5.77
5.19
5.05
4.73
4.71
5.08
4.91
4.84
4.74
4.65
4.53
4.48
4.39
4.84
5.03
5.00
4.82

7.96
7.59
7.37
7.26
6.53
7.04
7.62
7.08
6.49
5.67
5.49
5.88
5.72
5.70
5.65
5.62
5.54
5.50
5.33
5.73
6.04
6.01
5.82

..............
..............
..............
..............
..............
..............
..............
..............
..............
2.12
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.25
2.25

1.32
1.32
1.33
1.43
1.47

2.98
2.99
3.05
3.16
3.00

4.49
4.47
4.46
4.56
4.41

*
*
*
*
*

4.80
4.80
4.81
4.85
4.73

5.83
5.81
5.78
5.87
5.74

2.25
2.25
2.25
2.25
2.25

basis.
on actively traded issues adjusted to constant maturities.
3 Weekly data are Wednesday figures.
4 Discount window borrowing for primary credit and discount rate (adjustment credit). The
rate for primary credit replaced 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 5

6 Daily

Discount
rate

3.60
5.21
5.02
5.00
4.92
4.62
5.73
3.40
1.17

Prime rate
charged by
banks 5

Federal
funds
rate 6

Newhome
mortgage
yields
(FHFB) 7

*
*
*
*
*
*
*
*
*
*
*
*
*
*

7.15
8.83
8.27
8.44
8.35
8.00
9.23
6.91
4.67
4.12
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.25

4.21
5.83
5.30
5.46
5.35
4.97
6.24
3.88
1.67
1.13
1.01
1.03
1.01
1.01
1.00
0.98
1.00
1.01
1.00
1.00
1.00
1.03
1.26

7.49
7.87
7.80
7.71
7.07
7.04
7.52
7.00
6.43
5.80
5.53
5.77
5.97
5.92
5.92
5.59
5.48
5.72
5.42
5.49
5.77
5.81
..............

*
*
*
*
*

4.25
4.25
4.25
4.25
4.25

1.28
1.25
1.25
1.26
1.27

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

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
Overall, stock prices fell in July.

Common stock prices 1
Period

New York Stock Exchange indexes 2 3
(December 31, 2002=5,000)

Dow Jones
industrial
average 4

Common stock yields
(percent) 7
Standard &
Poor’s composite index
(1941–
43=10) 5

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

Dividendprice ratio

Earningsprice ratio

Composite

Financial

Energy

Health
Care

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

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
5,447.93

................
................
................
................
................
................
................
................
................
5,583.00

..................
..................
..................
..................
..................
..................
..................
..................
..................
5,273.90

................
................
................
................
................
................
................
................
................
5,288.67

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
8,993.59

460.42
541.72
670.50
873.43
1,085.50
1,327.33
1,427.22
1,194.18
993.94
965.23

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
1,647.17

2.82
2.56
2.19
1.77
1.49
1.25
1.15
1.32
1.61
1.77

5.83
6.09
5.24
4.57
3.46
3.17
3.63
2.95
2.92
3.84

2003: July .............................................
Aug .............................................
Sept .............................................
Oct ..............................................
Nov .............................................
Dec ..............................................

5,567.94
5,580.87
5,748.42
5,894.39
5,989.42
6,244.68

5,790.61
5,776.36
5,897.76
6,187.33
6,282.53
6,475.68

5,276.08
5,368.25
5,453.23
5,552.99
5,474.84
5,973.31

5,457.98
5,263.19
5,402.56
5,428.31
5,521.85
5,751.14

9,154.39
9,284.78
9,492.54
9,682.46
9,762.20
10,124.66

992.54
989.53
1,019.44
1,038.73
1,049.90
1,080.64

1,716.85
1,724.82
1,856.22
1,907.89
1,939.25
1,956.98

1.71
1.78
1.73
1.71
1.69
1.67

..................
..................
3.87
..................
..................
4.38

2004: Jan ..............................................
Feb ..............................................
Mar .............................................
Apr ..............................................
May .............................................
June ............................................
July .............................................

6,569.76
6,661.38
6,574.75
6,600.77
6,371.44
6,548.06
6,443.45

6,827.35
6,978.62
6,914.60
6,792.05
6,495.19
6,683.10
6,569.52

6,323.29
6,337.87
6,455.53
6,638.65
6,572.79
6,780.86
6,971.57

6,000.57
6,134.16
5,908.76
6,028.53
6,022.12
6,063.65
5,823.34

10,540.05
10,601.50
10,323.73
10,418.40
10,083.81
10,364.90
10,152.09

1,132.52
1,143.36
1,123.98
1,133.08
1,102.78
1,132.76
1,105.85

2,098.00
2,048.36
1,979.48
2,021.32
1,930.09
2,000.98
1,912.42

1.62
1.63
1.68
1.68
1.74
1.70
1.77

..................
..................
4.62
..................
..................
..................
..................

Week ended:
2004: July 10 ........................................
17 .......................................
24 .......................................
31 .......................................
Aug 7 .......................................

6,497.56
6,482.06
6,404.93
6,360.05
6,347.02

6,620.90
6,592.95
6,534.64
6,496.98
6,497.69

6,966.35
7,008.17
6,990.90
6,956.07
6,978.71

5,896.65
5,861.03
5,782.57
5,713.70
5,692.30

10,211.10
10,199.51
10,060.36
10,086.62
10,040.85

1,114.12
1,109.81
1,097.30
1,095.29
1,089.92

1,952.79
1,915.86
1,882.68
1,866.96
1,841.02

1.74
1.75
1.80
1.80
1.80

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

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

1 Average

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. Effective January 8, 2004 new
indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes
shown for Industrial, Transportation, Utility, and Finance were discontinued.
4 Includes 30 stocks.
2 Includes

3 Effective

5 Includes

500 stocks.
over 5,000 stocks.
& Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
6 Includes

7 Standard

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

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 9 months of fiscal 2004, there was a deficit of $326.6 billion, compared with a deficit of $269.7 billion
a year earlier.

[Billions of dollars]
Total
Surplus
or
deficit
(¥)

Receipts

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
1,782.3
1,874.4

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
1,863.8
2,011.0
2,157.1
2,319.1

¥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
127.4
¥157.8
¥374.8
¥444.7

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
1,258.5
1,340.9

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
1,516.9
1,655.3
1,794.1
1,940.5

¥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
¥535.6
¥599.6

213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.5
392.0
415.8
444.5
480.6
507.5
515.3
523.8
533.5

193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
300.9
310.6
316.6
320.8
330.8
346.8
355.7
363.0
378.6

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
160.8
155.0

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
6,760.0
7,397.4

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
3,913.6
4,330.0

1,352.7
1,400.3

1,622.4
1,726.9

¥269.7
¥326.6

952.4
994.8

1,374.2
1,466.7

¥421.8
¥471.9

400.3
405.5

248.2
260.2

152.1
145.3

6,648.1
7,248.3

3,806.9
4,209.6

Outlays

Surplus
or
deficit
(¥)

Federal debt (end of
period)

Outlays

1 Data from current issue Monthly Treasury Statement.
NOTE.—Data for fiscal 2003 and 2004 are from Mid-Session Review of the FY 2005 Budget
issued July 30, 2004. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2005, issued February 2, 2004.

32

Off-budget

Receipts

Fiscal year or period

1987 ......................................
1988 ......................................
1989 ......................................
1990 ......................................
1991 ......................................
1992 ......................................
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 ......................................
2003 r .....................................
2004 (estimates) r ..................
Cumulative total, first 9
months: 1
Fiscal year 2003 ................
Fiscal year 2004 ................

On-budget

Receipts

Outlays

Surplus
or
deficit
(¥)

Gross
Federal

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 9 months of fiscal 2004, receipts were $47.6 billion higher than a year earlier and outlays were $104.5
billion higher.

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

Fiscal year or period
Total

1987 ...............................................
1988 ...............................................
1989 ...............................................
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

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

2000 ...............................................
2001 ..............................................
2002 ..............................................
2003 r .............................................
2004 (estimates) r ..........................
Cumulative total, first 9 months: 2
Fiscal year 2003 ........................
Fiscal year 2004 ........................

Individual
income
taxes

Corporation
income
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Total

854.4
909.3
991.2

392.6
401.2
445.7

83.9
94.5
103.3

303.3
334.3
359.4

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
1,782.3 793.7
1,874.4 816.3

207.3
151.1
148.0
131.8
181.5

652.9
694.0
700.8
713.0
731.2

160.6
151.8
146.0
143.9
145.4

1,352.7
1,400.3

97.5
140.3

544.7
555.9

604.6
596.4

Total

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

Department of
Defense,
military 1

International
affairs

Health

Medicare

Income Social
security security

Net
interest

Other

282.0
290.4
303.6

273.9
281.9
294.8

11.6
10.5
9.6

40.0
44.5
48.4

75.1
78.9
85.0

124.1
130.4
137.4

207.4
219.3
232.5

138.6
151.8
169.0

125.3
138.7
158.2

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

299.3
273.3
298.4
291.1
281.6
272.1
265.8
270.5
268.5
274.9

289.7
262.3
286.8
278.5
268.6
259.4
253.1
258.3
256.1
261.3

13.8
15.9
16.1
17.2
17.1
16.4
13.5
15.2
13.1
15.2

57.7
71.2
89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

98.1
104.5
119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

148.7
172.4
199.5
209.9
217.1
223.7
229.7
235.0
237.7
242.4

248.6
269.0
287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

184.3
194.4
199.3
198.7
202.9
232.1
241.1
244.0
241.1
229.8

202.6
223.7
172.2
158.0
171.7
160.3
167.3
157.5
188.8
218.1

1,788.8
1,863.8
2,011.0
2,157.1
2,319.1

294.5
305.5
348.6
404.9
453.0

281.2
291.0
332.0
387.3
433.2

17.2
16.5
22.4
21.2
29.5

154.5
172.3
196.5
219.6
246.0

197.1
217.4
230.9
249.4
271.6

253.6
269.6
312.5
334.4
338.5

409.4
433.0
456.0
474.7
495.3

223.0
206.2
171.0
153.1
159.0

239.5
243.4
273.2
299.8
326.1

105.9 1,622.4
107.6 1,726.9

296.8
336.2

284.7
322.3

15.1
20.3

162.2
182.4

185.6
198.8

262.3
264.3

355.5
371.0

121.9
124.4

223.1
229.4

1 Data for fiscal 2004 and cumulative totals to date for fiscal 2003 and 2004 for Department
of Defense, military include a small amount classified as international affairs, and not included
in national defense.
2 Data from current issue Monthly Treasury Statement.

NOTE.—Data for fiscal 2003 and 2004 are from Mid-Session Review of the FY 2005 Budget
issued July 30, 2004. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2005, issued February 2, 2004.
Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 2004, according to advance estimates, Federal current expenditures rose $22.1 billion
(annual rate); receipts data are incomplete. (Series revised.)

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government current receipts
Current tax receipts
Period
Total1

Personal
current
taxes

781.9
845.1
932.4
1,030.6
1,116.8
1,195.7
1,313.6
1,252.2
1,069.0
1,064.5
1,323.0
1,315.6
1,132.0
1,238.1
1,070.4
1,074.1
1,066.6
1,064.8
1,089.7
1,094.2
999.3
1,074.9
1,077.6
..............

542.7
586.0
663.4
744.3
825.8
893.0
999.1
994.5
831.2
775.8
1,047.3
1,045.7
881.0
1,004.1
846.9
835.6
824.4
817.7
809.6
811.6
709.2
772.5
772.0
783.9

Total

Calendar year:
1994 ................
1995 ................
1996 ................
1997 ................
1998 ................
1999 ................
2000 ................
2001 r ...............
2002 r ...............
2003 r ...............
2001: I r ..............
II r ............
III r ...........
IV r ...........
2002: I r ..............
II r ............
III r ...........
IV r ...........
2003: I r ..............
II r ............
III r ...........
IV r ...........
2004: I r ..............
II p ............
1 Includes
2 Includes

34

1,320.8
1,406.5
1,524.0
1,653.1
1,773.8
1,891.2
2,053.8
2,016.2
1,847.3
1,877.0
2,089.2
2,080.5
1,895.4
1,999.6
1,844.6
1,850.5
1,847.9
1,846.2
1,888.6
1,902.5
1,816.4
1,900.6
1,922.1
..............

Taxes
on
production and
imports
79.4
75.9
73.2
78.2
81.1
83.9
87.8
85.8
87.3
89.4
87.6
86.9
84.2
84.6
85.1
87.8
88.2
88.0
90.3
89.6
88.0
89.6
89.0
89.7

Taxes
on
corporate income
156.7
179.3
190.6
203.0
204.2
213.0
219.4
164.7
143.4
191.4
180.7
176.6
159.7
141.6
131.4
143.2
146.9
152.2
183.1
183.1
194.3
204.9
207.9
..............

Contributions
for
government
social
insurance
493.7
519.2
542.8
576.4
613.8
651.6
691.7
717.5
733.8
758.2
716.4
718.1
717.9
717.6
731.3
734.6
734.3
734.9
747.7
754.0
761.6
769.5
790.9
800.1

taxes from the rest of the world, not shown separately.
a subtraction for wage accruals less disbursements, not shown separately.

Federal Government current expenditures

Income
receipts
on
assets

Current
transfer
receipts

Current
surplus
of government
enterprises

23.4
23.7
26.9
25.9
21.5
21.5
25.2
24.9
20.3
23.0
26.4
25.2
24.4
23.5
21.3
20.2
19.9
19.8
19.4
22.8
24.3
25.5
22.9
22.5

22.3
19.1
23.1
19.9
21.5
22.7
25.7
27.1
24.8
25.5
27.2
27.3
27.1
26.6
25.4
24.9
24.7
24.3
25.1
25.4
25.8
25.6
26.1
26.2

¥0.4
¥.6
¥1.2
.3
.1
¥.3
¥2.3
¥5.5
¥.6
5.8
¥3.8
¥5.7
¥6.1
¥6.2
¥3.7
¥3.3
2.4
2.3
6.6
6.0
5.5
5.0
4.6
4.5

Total 2

1,533.1
1,603.5
1,665.8
1,708.9
1,734.9
1,787.6
1,864.4
1,969.5
2,101.8
2,241.6
1,932.6
1,956.9
1,984.0
2,004.3
2,053.1
2,102.1
2,103.1
2,148.8
2,170.2
2,266.9
2,249.4
2,279.8
2,306.3
2,328.4

Consumption
expenditures

440.8
440.5
446.3
457.7
454.6
475.1
499.3
531.9
592.7
658.6
518.4
528.0
532.7
548.4
570.7
586.3
593.4
620.3
634.3
665.7
663.0
671.3
691.1
699.8

Current
transfer
payments

799.2
839.0
888.3
918.8
946.5
986.1
1,038.1
1,131.4
1,243.0
1,322.5
1,095.4
1,121.2
1,135.5
1,173.4
1,216.9
1,243.2
1,246.9
1,264.8
1,280.8
1,327.5
1,331.1
1,350.6
1,365.9
1,367.7

Interest
payments

261.3
290.4
297.3
300.0
298.8
282.7
283.3
258.6
229.0
214.1
274.5
263.7
253.3
242.8
228.5
236.5
226.2
224.7
213.9
217.7
210.1
214.7
211.1
220.7

Note.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.

Subsidies

31.8
33.7
34.0
32.4
35.0
43.8
43.8
47.6
37.2
46.4
44.3
44.0
62.5
39.7
37.0
36.1
36.6
39.0
42.5
54.6
45.3
43.2
39.7
38.7

Net
Federal
Government
saving

¥212.3
¥197.0
¥141.8
¥55.8
38.8
103.6
189.5
46.7
¥254.5
¥364.5
156.6
123.6
¥88.6
¥4.7
¥208.5
¥251.6
¥255.1
¥302.7
¥281.6
¥364.4
¥433.0
¥379.2
¥384.3
....................

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

United
States

Canada

Japan

France

Germany

Italy

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

United
States 1

Canada

Japan

Germany

France

r 95.7
1994 ....................................
85.2
89.4
91.5
94.0
96.2
92.6
148.2
148.2 119.3 145.8
1995 ....................................
89.3
93.5
94.4
96.2
96.8
98.0
97.3
152.4
151.4 119.2 148.4
r
1996 ....................................
93.1
94.7
96.6
95.8
97.0
96.3
98.7
156.9
153.8 119.3 151.4
1997 ....................................
100.0
100.0 100.0 100.0
100.0
100.0
100.0
160.5
156.3 121.5 153.2
1998 ....................................
105.9
103.5
93.5 103.4
103.8
101.2
101.0
163.0
157.8 122.2 154.2
r 102.3
1999 ....................................
110.6
109.5
93.8 105.7
104.9
101.2
166.6
160.5 121.8 155.0
2000 ....................................
115.4
118.5
99.0 109.9
110.8
105.3
104.2
172.2
164.9 121.0 157.6
r 102.6
2001 .....................................
111.5
115.0
92.7 111.0
111.0
104.1
177.1
169.1 120.1 160.2
r 100.0
2002 ....................................
110.9
117.3
91.7 109.6
109.9
102.7
179.9
172.9 119.0 163.3
r 99.9
2003 p ...................................
111.1
117.5
94.5 109.5
110.3
102.2
184.0
177.7 118.7 166.7
r 116.8
r 99.6
2003: May ..........................
110.0
93.7 107.5
109.4
101.1
183.5
177.2 119.2 166.2
r 115.7
June .........................
110.0
93.1 108.7
108.7
101.7
99.9
183.7
177.4 118.8 166.5
r 100.4
July ..........................
110.8
116.6
93.0 109.3
111.2
103.5
183.9
177.5 118.5 166.4
r 115.7
r 99.6
Aug ..........................
110.9
92.6 109.0
108.7
103.4
184.6
178.0 118.8 166.7
r 99.8
Sept .........................
111.5
117.9
96.1 110.0
108.5
102.7
185.2
178.3 118.9 167.3
r 100.6
Oct ...........................
111.8
118.6
97.0 110.7
111.3
102.9
185.0
177.8 118.9 167.8
r 99.8
Nov ..........................
112.9
118.7
98.0 109.8
112.0
103.2
184.5
178.3 118.3 167.9
r 119.8
r 99.9
Dec ..........................
113.1
97.5 110.1
111.9
103.2
184.3
178.4 118.4 168.1
r 119.5
r 99.8
2004: Jan ..........................
113.8
100.4 109.6
113.1
102.8
185.2
178.5 118.2 168.1
r 118.7
r 99.3
Feb ..........................
114.8
96.6 110.9
112.4
102.8
186.2
179.0 118.2 168.8
r 114.7
r 119.8
r 102.6
r 99.6
Mar ..........................
97.2 111.3
112.1
187.4
179.6 118.4 169.5
r 115.5
r 120.1
r 103.2
r 100.3
Apr ..........................
100.2 r 110.9
113.8
188.0
180.0 118.4 169.9
r 116.5
May ..........................
120.8 r 101.3 111.2
115.1
103.2
100.8
189.1
181.6 118.5 170.5
June p .......................
116.2 .............. 100.1 ............ .............. .............. ..............
189.7
181.7 118.8 170.5
July p ........................ .............. .............. ............ ............ .............. .............. .............. .............. .............. ............ ............
1 Data relate to all urban consumers.
NOTE.—See Note, p. 17, for information on U.S. industrial production series.

United
Kingdom

Italy

131.1
133.3
135.3
137.8
139.1
140.0
142.0
144.8
146.7
148.3
147.8
148.2
148.5
148.5
148.3
148.3
148.1
149.2
149.3
149.6
150.0
150.5
150.8
r 150.8
151.2

195.3
169.3
205.6
175.2
213.8
179.4
218.2
185.1
222.5
191.4
226.2
194.3
231.9
200.1
238.3
203.6
244.3
207.0
250.8
213.0
250.4
213.3
250.7
213.0
251.1
213.0
251.7
213.4
252.1
214.4
252.3
214.5
252.9
214.7
253.1
215.6
253.5
215.1
254.1
216.0
255.0
216.9
255.6
218.2
256.2
219.1
256.6
219.5
256.8 ..............

Data are as available in early August 2004.
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)

Goods: Imports (customs value)

Census basis (by end-use category)

Services
(BOP basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
BOP basis

Period

BOP
basis

Total,
Census
basis 1

Auto- ConIndusmo- sumer
Foods, trial Capital tive goods
feeds,
supgoods vehi- (nonand
plies except cles, food)
bevand
auto- parts except
erages mate- motive and autorials
enmogines tive

BOP
basis

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

Consumer
goods
(nonfood)
except
automotive

Exports

Imports

Goods,
Census
basis

Goods

Services

Goods
and
services

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

502.9
575.2
612.1
678.4
670.4
684.0
772.0
718.7
681.8
713.1

512.6
584.7
625.1
689.2
682.1
695.8
781.9
729.1
693.1
724.8

42.0
50.5
55.5
51.5
46.4
46.0
47.9
49.4
49.6
55.0

121.4
146.2
147.7
158.2
148.3
147.5
172.6
160.1
156.8
173.0

205.0
233.0
253.0
294.5
299.4
310.8
356.9
321.7
290.4
293.6

57.8
61.8
65.0
74.0
72.4
75.3
80.4
75.4
78.9
80.7

60.0
64.4
70.1
77.4
80.3
80.9
89.4
88.3
84.4
89.9

668.7
749.4
803.1
876.5
917.1
1,030.0
1,224.4
1,145.9
1,164.7
1,260.7

663.3
743.5
795.3
869.7
911.9
1,024.6
1,218.0
1,141.0
1,161.4
1,257.1

31.0
33.2
35.7
39.7
41.2
43.6
46.0
46.6
49.7
55.8

162.1
181.8
204.5
213.8
200.1
221.4
299.0
273.9
267.7
313.8

184.4
221.4
228.1
253.3
269.5
295.7
347.0
298.0
283.3
295.8

118.3
123.8
128.9
139.8
148.7
179.0
195.9
189.8
203.7
210.2

146.3
159.9
172.0
193.8
217.0
241.9
281.8
284.3
307.8
333.9

200.4
219.2
239.5
256.3
263.1
282.5
299.0
287.9
294.1
307.4

132.9
141.3
152.4
166.3
181.3
199.7
224.9
223.4
232.9
256.3

¥150.6
¥158.8
¥170.2
¥180.5
¥229.8
¥328.8
¥436.1
¥411.9
¥468.3
¥532.4

¥165.8
¥174.2
¥191.0
¥198.1
¥246.7
¥346.0
¥452.4
¥427.2
¥482.9
¥547.6

67.5
77.9
87.1
89.9
81.8
82.8
74.1
64.5
61.2
51.0

¥98.4
¥96.3
¥103.9
¥108.2
¥164.9
¥263.3
¥378.3
¥362.7
¥421.7
¥496.5

2003: May ..
June ..
July ..
Aug ...
Sept ..
Oct ....
Nov ...
Dec ...

57.8
59.4
60.1
58.2
59.9
61.2
63.1
62.6

58.8
60.4
61.1
59.3
61.0
61.9
64.2
63.4

4.4
4.6
4.7
4.5
4.7
4.8
5.0
4.9

14.1
14.6
14.9
14.1
14.2
14.6
14.6
15.1

23.6
24.3
24.5
24.1
24.8
25.5
26.8
26.0

6.9
6.7
6.7
6.4
6.8
6.9
6.8
6.9

7.3
7.6
7.5
7.5
7.7
7.6
8.0
7.8

102.9
103.7
104.8
102.6
105.5
107.3
107.8
111.1

102.6
103.2
104.6
102.2
105.2
107.1
107.6
110.9

4.6
4.5
4.6
4.6
4.8
4.8
4.9
4.9

24.3
25.2
26.3
26.0
26.1
26.0
25.8
28.1

24.4
24.5
24.5
24.2
25.1
25.4
25.6
26.7

17.7
17.9
17.8
16.3
17.5
18.0
18.1
18.3

27.7
27.0
27.4
27.4
27.8
28.9
29.1
28.9

24.8
25.2
25.5
25.9
26.1
26.9
27.1
27.5

20.5
20.9
21.7
21.7
21.8
22.3
22.3
22.9

¥43.8
¥42.8
¥43.4
¥42.9
¥44.2
¥45.1
¥43.4
¥47.5

¥45.1
¥44.3
¥44.7
¥44.4
¥45.6
¥46.2
¥44.7
¥48.5

4.3
4.2
3.9
4.2
4.3
4.7
4.7
4.5

¥40.8
¥40.0
¥40.8
¥40.2
¥41.3
¥41.5
¥40.0
¥44.0

2004: Jan ...
Feb ...
Mar ...
Apr r ..
May p

61.7
64.9
67.3
65.9
68.7

62.7
65.9
68.5
66.9
69.6

4.6
4.7
4.9
4.7
4.8

15.1
16.0
16.7
16.3
17.3

25.9
27.2
27.7
27.1
28.8

6.7
7.0
7.2
7.2
7.2

7.7
8.2
8.6
8.6
8.5

111.3
114.7
118.7
118.9
119.5

111.0
114.5
118.4
118.7
119.2

4.8
5.1
5.1
5.1
5.2

28.3
31.2
31.8
30.9
31.8

26.7
26.3
27.2
27.8
27.8

17.8
18.8
18.9
19.0
19.4

29.4
28.9
31.2
31.7
30.7

27.2
27.6
28.1
28.5
28.4

22.8
23.0
23.3
23.6
23.6

¥48.4
¥48.6
¥49.9
¥51.8
¥49.6

¥49.6
¥49.8
¥51.4
¥53.0
¥50.8

4.4
4.6
4.8
4.9
4.9

¥45.2
¥45.2
¥46.6
¥48.1
¥46.0

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

1 Total includes ‘‘other’’ exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.

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

35

U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 2004, the goods deficit rose to $150.8 billion, from $139.4 billion in the fourth quarter of
2003. The current account deficit rose to $144.9 billion in the first quarter from $127.0 billion in the fourth quarter.

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

Period
Exports

Imports

Services

Balance
on
goods

Net
military
transactions 2

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

502,859
575,204
612,113
678,366
670,416
683,965
771,994
718,712
681,833
713,122

¥668,690
¥749,374
¥803,113
¥876,470
¥917,103
¥1,029,980
¥1,224,408
¥1,145,900
¥1,164,728
¥1,260,674

¥165,831
¥174,170
¥191,000
¥198,104
¥246,687
¥346,015
¥452,414
¥427,188
¥482,895
¥547,552

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

193,976
185,030
172,648
167,058

¥309,396
¥290,214
¥277,881
¥268,409

¥115,420
¥105,184
¥105,233
¥101,351

¥737
131
¥341
¥1,349

2002: I ........
II .......
III .....
IV .....

165,123
172,034
174,371
170,305

¥273,520
¥291,395
¥296,778
¥303,035

¥108,397
¥119,361
¥122,407
¥132,730

2003: I ........
II .......
III .....
IV .....

173,459
174,554
178,251
186,858

¥311,402
¥310,087
¥312,886
¥326,299

2004: I p ......

193,920

¥344,688

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

1 Adjusted

Net
travel
and
transportation

Other
services,
net

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

48,577
51,533
56,658
62,806
66,389
73,085
71,267
70,046
71,769
73,973

¥98,379
¥96,265
¥103,942
¥108,178
¥164,868
¥263,252
¥378,344
¥362,692
¥421,735
¥496,508

166,521
210,244
226,129
256,804
261,308
293,222
350,449
286,692
266,799
294,385

¥149,375
¥189,353
¥203,811
¥244,195
¥257,554
¥280,037
¥329,864
¥263,120
¥259,626
¥261,106

17,146
20,891
22,318
12,609
3,754
13,185
20,585
23,572
7,173
33,279

¥36,799
¥34,104
¥38,583
¥40,410
¥48,443
¥46,755
¥55,684
¥46,581
¥59,382
¥67,439

¥118,032
¥109,478
¥120,207
¥135,979
¥209,557
¥296,822
¥413,443
¥385,701
¥473,944
¥530,668

1,182
¥1,157
¥719
¥2,563

17,644
17,194
17,017
18,193

¥97,331
¥89,016
¥89,276
¥87,070

81,760
75,460
67,465
62,008

¥77,035
¥69,297
¥68,367
¥48,425

4,725
6,163
¥902
13,583

¥14,083
¥14,690
¥1,719
¥16,087

¥106,689
¥97,543
¥91,897
¥89,574

¥1,574
¥1,882
¥1,537
¥2,165

¥802
¥1,073
¥901
¥675

17,014 ¥93,759
18,943 ¥103,373
17,929 ¥106,916
17,882 ¥117,688

63,455
67,306
69,542
66,496

¥62,490
¥68,260
¥68,199
¥60,677

965
¥954
1,343
5,819

¥17,411
¥13,562
¥13,427
¥14,980

¥110,205
¥117,889
¥119,000
¥126,849

¥137,943
¥135,533
¥134,635
¥139,441

¥2,905
¥3,215
¥3,047
¥3,459

¥2,745
¥3,183
¥3,088
¥1,287

18,207
18,551
18,520
18,693

¥125,386
¥123,380
¥122,250
¥125,494

67,677
68,893
73,785
84,030

¥63,682
¥63,019
¥66,524
¥67,879

3,995
5,874
7,261
16,151

¥16,815
¥16,369
¥16,639
¥17,617

¥138,206
¥133,875
¥131,628
¥126,960

¥150,768

¥3,475

¥1,801

19,113 ¥136,931

84,479

¥71,804

12,675

¥20,623

¥144,879

2,570
16,305
4,600
21,772
5,385
25,015
4,968
22,152
5,220
10,210
2,593
7,085
317
2,486
¥2,296 ¥3,254
¥7,158 ¥3,451
¥12,626 ¥10,303

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

36

Income receipts and payments
Balance
on
goods
and
services

3 Includes

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

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks increased $183.4 billion in the first quarter
of 2004, in contrast to a decrease of $47.1 billion in the fourth quarter of 2003. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $141.3 billion in the first quarter, following an increase
of $35.8 billion in the fourth quarter.

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

Period

Capital
account
transactions,
net

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

Total

U.S.
official
reserve
assets 4

Other U.S.
Government
assets

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

U.S.
private
assets

Total

Foreign
official
assets

Other
foreign
assets

Total (sum
of the items
with sign
reversed)

Of which:
Seasonal
adjustment
discrepancy

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

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

¥1,723
¥927
¥654
¥1,044
¥740
¥4,843
¥809
¥1,083
¥1,260
¥3,079

¥178,937
¥352,264
¥413,409
¥485,475
¥347,829
¥503,640
¥569,798
¥366,768
¥198,014
¥283,414

5,346
¥9,742
6,668
¥1,010
¥6,783
8,747
¥290
¥4,911
¥3,681
1,523

¥390
¥984
¥989
68
¥422
2,750
¥941
¥486
345
537

¥183,893
¥341,538
¥419,088
¥484,533
¥340,624
¥515,137
¥568,567
¥361,371
¥194,678
¥285,474

305,989
438,562
551,096
706,809
423,569
740,210
1,046,896
782,859
768,246
829,173

39,583
109,880
126,724
19,036
¥19,903
43,543
42,758
28,059
113,990
248,573

266,406
328,682
424,372
687,773
443,472
696,667
1,004,138
754,800
654,256
580,600

¥7,297
24,107
¥16,826
¥84,311
134,557
65,095
¥62,846
¥29,307
¥95,028
¥12,012

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

74,335
85,832
75,089
69,954
81,761
71,516
67,647
68,654
79,006
85,938

2001: I .............................
II ............................
III ..........................
IV ...........................
2002: I .............................
II ............................
III ..........................
IV ...........................
2003: I .............................
II ............................
III ..........................
IV ...........................
2004: I p ............................

¥269
¥260
¥297
¥257
¥281
¥271
¥361
¥347
¥406
¥1,552
¥821
¥300
¥344

¥211,382
¥84,086
37,302
¥108,601
¥34,144
¥133,373
21,574
¥52,069
¥102,665
¥110,962
¥8,138
¥61,647
¥289,293

190
¥1,343
¥3,559
¥199
390
¥1,843
¥1,416
¥812
83
¥170
¥611
2,221
557

77
¥783
77
143
133
42
¥27
197
53
310
483
¥309
539

¥211,649
¥81,960
40,784
¥108,545
¥34,667
¥131,572
23,017
¥51,454
¥102,801
¥111,102
¥8,010
¥63,559
¥290,389

332,155
207,866
22,936
219,902
165,989
229,135
150,075
223,047
246,105
218,553
134,202
230,311
447,594

21,333
¥19,965
15,653
11,038
12,801
53,312
17,720
30,157
48,986
65,245
50,663
83,679
125,240

310,822
227,831
7,283
208,864
153,188
175,823
132,355
192,890
197,119
153,308
83,539
146,632
322,354

¥13,815
¥25,977
31,956
¥21,470
¥21,359
22,398
¥52,288
¥43,782
¥4,828
27,836
6,385
¥41,404
¥13,078

6,712
¥2,634
¥9,618
5,541
10,292
¥1,206
¥14,052
4,963
11,091
¥3,121
¥13,418
5,449
11,504

64,222
64,847
70,963
68,654
67,574
74,696
75,860
79,006
80,049
81,660
84,431
85,938
85,192

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
Page

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product ..........................................................................................................................................................................................
Real Gross Domestic Product ..................................................................................................................................................................................
Implicit Price Deflators for Gross Domestic Product ..............................................................................................................................................
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ..............................................................................................
Nonfinancial Corporate Business—Gross Value Added and 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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