Full text of Economic Indicators : June 2000
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106th Congress, 2nd Session Economic Indicators JUNE 2000 (Includes data available as of July 11, 2000) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2000 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) CONNIE MACK, Florida, Chairman JIM SAXTON, New Jersey, Vice Chairman SENATE WILLIAM V. ROTH, Jr. (Delaware) ROBERT F. BENNETT (Utah) ROD GRAMS (Minnesota) SAM BROWNBACK (Kansas) JEFF SESSIONS (Alabama) CHARLES S. ROBB (Virginia) PAUL S. SARBANES (Maryland) EDWARD M. KENNEDY (Massachusetts) JEFF BINGAMAN (New Mexico) HOUSE OF REPRESENTATIVES MARK SANFORD (South Carolina) JOHN DOOLITTLE (California) TOM CAMPBELL (California) JOSEPH R. PITTS (Pennsylvania) PAUL RYAN (Wisconsin) PETE STARK (California) CAROLYN B. MALONEY (New York) DAVID MINGE (Minnesota) MELVIN L. WATT (North Carolina) SHELLEY S. HYMES, Executive Director COUNCIL OF ECONOMIC ADVISERS MARTIN N. BAILY, Chair ROBERT Z. LAWRENCE, Member KATHRYN L. SHAW, Member [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled ‘‘Economic Indicators’’ Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared by the Art Production Section, Design and Graphics Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $3.00 a single copy ($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328 ISBN 0–16–060838–4 ii TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the first quarter of 2000, according to revised estimates, current-dollar gross domestic product (GDP) rose 8.6 percent (annual rate), real GDP (GDP in chained 1996 dollars) rose 5.5 percent, and the implicit price deflator rose 3.0 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1990 ...................... 1991 ...................... 1992 ...................... 1993 ...................... 1994 ...................... 1995 ...................... 1996 ...................... 1997 ...................... 1998 ...................... 1999 ...................... 1997: I ................. II ................ III .............. IV ............... 1998: I ................. II ................ III .............. IV ............... 1999: I ................. II ................ III .............. IV ............... 2000: I r ............... 1 GDP Personal Gross Gross conprivate domestic sumption domestic product expendi- investtures ment 5,803.2 5,986.2 6,318.9 6,642.3 7,054.3 7,400.5 7,813.2 8,300.8 8,759.9 9,256.1 8,125.9 8,259.5 8,364.5 8,453.0 8,610.6 8,683.7 8,797.9 8,947.6 9,072.7 9,146.2 9,297.8 9,507.9 9,707.0 3,831.5 3,971.2 4,209.7 4,454.7 4,716.4 4,969.0 5,237.5 5,524.4 5,848.6 6,257.3 5,430.8 5,466.3 5,569.1 5,631.3 5,714.7 5,816.2 5,889.6 5,973.7 6,090.8 6,200.8 6,303.7 6,434.1 6,612.0 861.7 800.2 866.6 955.1 1,097.1 1,143.8 1,242.7 1,383.7 1,531.2 1,622.7 1,327.0 1,392.2 1,395.9 1,419.6 1,514.3 1,495.0 1,535.3 1,580.3 1,594.3 1,585.4 1,635.0 1,675.8 1,715.1 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports ¥71.4 ¥20.7 ¥27.9 ¥60.5 ¥87.1 ¥84.3 ¥89.0 ¥88.3 ¥149.6 ¥253.9 ¥87.7 ¥77.5 ¥90.6 ¥97.4 ¥117.4 ¥153.9 ¥165.7 ¥161.2 ¥201.6 ¥245.8 ¥278.2 ¥290.1 ¥326.1 557.2 601.6 636.8 658.0 725.1 818.6 874.2 968.0 966.3 998.3 929.6 965.3 988.6 988.6 974.3 960.1 949.1 981.8 966.9 978.2 1,008.5 1,039.5 1,060.5 Imports Total Total less exports of goods and services plus imports of goods and services. 628.6 622.3 664.6 718.5 812.1 902.8 963.1 1,056.3 1,115.9 1,252.2 1,017.3 1,042.8 1,079.2 1,086.0 1,091.7 1,114.0 1,114.8 1,143.1 1,168.5 1,224.0 1,286.6 1,329.6 1,386.7 1,181.4 1,235.5 1,270.5 1,293.0 1,327.9 1,372.0 1,421.9 1,481.0 1,529.7 1,630.1 1,455.8 1,478.6 1,490.1 1,499.5 1,499.0 1,526.5 1,538.7 1,554.8 1,589.1 1,605.9 1,637.2 1,688.0 1,706.1 508.4 527.4 534.5 527.3 521.1 521.5 531.6 537.8 538.7 570.6 530.2 543.0 540.9 537.1 526.1 542.2 539.7 546.7 557.4 561.6 569.8 593.6 579.8 National defense 374.9 384.5 378.5 364.9 355.1 350.6 357.0 352.5 348.6 364.5 347.0 354.9 354.5 353.6 338.9 347.9 354.7 352.9 355.8 354.3 365.4 382.6 364.8 Nondefense 133.6 142.9 156.0 162.4 165.9 170.9 174.6 185.3 190.1 206.1 183.2 188.1 186.4 183.5 187.2 194.3 185.0 193.8 201.6 207.3 204.4 211.1 215.0 State and local 673.0 708.1 736.0 765.7 806.8 850.5 890.4 943.2 991.0 1,059.4 925.6 935.6 949.2 962.3 972.9 984.2 999.0 1,008.1 1,031.8 1,044.3 1,067.4 1,094.4 1,126.3 Gross domestic purchases 1 Addendum: Gross national product 5,788.7 5,874.7 5,986.4 6,006.9 6,303.9 6,346.8 6,621.2 6,702.8 6,991.8 7,141.4 7,367.5 7,484.8 7,783.2 7,902.1 8,232.4 8,389.1 8,688.7 8,909.5 9,211.5 9,510.0 8,073.0 8,213.6 8,166.9 8,337.0 8,306.9 8,455.1 8,382.8 8,550.4 8,511.7 8,728.0 8,642.9 8,837.7 8,724.2 8,963.6 8,876.2 9,108.8 9,021.6 9,274.2 9,128.6 9,392.0 9,257.0 9,575.9 9,438.8 9,798.0 9,675.6 10,033.2 5,832.2 6,010.9 6,342.3 6,666.7 7,071.1 7,420.9 7,831.2 8,305.0 8,750.0 9,236.2 8,131.1 8,269.1 8,366.5 8,453.3 8,613.7 8,683.7 8,772.2 8,930.5 9,058.2 9,131.9 9,282.3 9,472.3 9,677.0 Final sales of domestic product Source: Department of Commerce, Bureau of Economic Analysis. 1 REAL GROSS DOMESTIC PRODUCT [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] Period Gross domestic product 1990 ............. 1991 ............. 1992 ............. 1993 ............. 1994 ............. 1995 ............. 1996 ............. 1997 ............. 1998 ............. 1999 ............. 1997: I ........ II ....... III ..... IV ...... 1998: I ........ II ....... III ..... IV ...... 1999: I ........ II ....... III ..... IV ...... 2000: I r ...... 6,707.9 6,676.4 6,880.0 7,062.6 7,347.7 7,543.8 7,813.2 8,144.8 8,495.7 8,848.2 8,018.7 8,115.4 8,192.2 8,253.2 8,391.1 8,436.3 8,515.7 8,639.5 8,717.6 8,758.3 8,879.8 9,037.2 9,158.2 Personal consumption expenditures Gross private domestic investment Exports and imports of goods and services Nonresidential fixed investment Resi- Change dential in prifixed vate invest- invenment tories Net exports Exports 641.7 610.1 630.6 683.6 744.6 817.5 899.4 995.7 1,122.5 1,215.8 957.9 980.8 1,018.0 1,026.1 1,088.6 1,120.2 1,120.3 1,160.8 1,182.7 1,202.9 1,234.3 1,243.2 1,311.3 253.5 221.1 257.2 276.0 302.7 291.7 313.3 320.6 350.2 376.1 316.3 320.0 320.5 325.7 336.5 347.4 354.2 362.6 373.7 378.8 375.1 376.8 381.6 ¥56.5 ¥15.8 ¥19.8 ¥59.1 ¥86.5 ¥78.4 ¥89.0 ¥112.1 ¥217.6 ¥323.0 ¥92.6 ¥103.2 ¥121.3 ¥131.5 ¥174.5 ¥221.0 ¥240.3 ¥234.4 ¥286.6 ¥321.1 ¥340.4 ¥344.1 ¥367.5 575.7 613.2 651.0 672.7 732.8 808.2 874.2 983.1 1,004.6 1,042.3 942.1 977.6 1,004.2 1,008.4 1,004.5 994.5 990.6 1,028.7 1,014.3 1,024.3 1,052.6 1,078.2 1,094.6 4,474.5 4,466.6 4,594.5 4,748.9 4,928.1 5,075.6 5,237.5 5,417.3 5,681.8 5,983.6 5,349.2 5,369.3 5,453.1 5,497.3 5,575.1 5,658.8 5,714.2 5,779.3 5,871.3 5,944.5 6,015.7 6,102.9 6,217.8 16.5 ¥1.0 17.1 20.0 66.8 30.4 30.0 69.1 74.3 42.2 51.5 93.1 59.2 72.7 107.3 43.1 76.1 70.7 50.1 14.0 38.0 66.7 28.0 Government consumption expenditures and gross investment Federal Imports Total Total 632.2 629.0 670.8 731.8 819.4 886.6 963.1 1,095.2 1,222.2 1,365.4 1,034.7 1,080.8 1,125.5 1,139.9 1,179.0 1,215.6 1,231.0 1,263.1 1,300.9 1,345.4 1,393.0 1,422.3 1,462.1 1 GDP less exports of goods and services plus imports of goods and services. NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 1,387.3 1,403.4 1,410.0 1,398.8 1,400.1 1,406.4 1,421.9 1,453.7 1,478.8 1,534.1 1,436.0 1,455.8 1,461.8 1,461.4 1,457.6 1,479.1 1,483.9 1,494.7 1,513.4 1,518.3 1,535.3 1,569.6 1,563.8 National defense 606.8 604.9 595.1 572.0 551.3 536.5 531.6 530.7 525.9 540.8 523.8 536.2 534.4 528.6 515.2 529.8 526.8 531.9 531.2 534.1 539.5 558.3 535.7 443.2 438.4 417.1 394.7 375.9 361.9 357.0 348.3 341.7 347.8 342.9 350.8 350.7 348.6 332.7 341.6 347.5 344.9 341.4 339.2 348.3 362.4 340.2 Nondefense 163.0 166.0 177.9 177.3 175.5 174.6 174.6 182.5 184.2 192.9 180.9 185.3 183.6 180.0 182.4 188.1 179.4 186.9 189.7 194.7 191.1 195.9 195.3 State and local 781.1 798.9 815.3 827.0 848.9 869.9 890.4 923.0 952.7 993.1 912.2 919.6 927.3 932.7 942.2 949.1 956.9 962.6 981.8 984.0 995.5 1,011.1 1,027.6 Final sales of domestic product 6,695.6 6,681.5 6,867.7 7,043.8 7,285.8 7,512.2 7,783.2 8,075.5 8,420.8 8,800.5 7,966.4 8,022.7 8,132.6 8,180.3 8,285.5 8,389.5 8,439.4 8,568.7 8,665.0 8,737.5 8,835.0 8,964.6 9,120.1 Gross domestic purchases 1 6,764.9 6,688.4 6,896.4 7,120.6 7,434.2 7,621.8 7,902.1 8,255.9 8,704.8 9,151.2 8,111.5 8,218.1 8,311.7 8,382.3 8,560.7 8,648.6 8,746.0 8,863.7 8,988.8 9,059.5 9,197.8 9,358.6 9,500.6 Addendum: Gross national product 6,740.0 6,703.4 6,905.8 7,087.8 7,364.3 7,564.0 7,831.2 8,150.9 8,487.8 8,830.8 8,025.1 8,126.7 8,196.1 8,255.7 8,396.0 8,438.2 8,492.8 8,624.4 8,705.1 8,746.0 8,866.8 9,005.2 9,132.4 Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [Index numbers, 1996=100; quarterly data are seasonally adjusted] Personal consumption expenditures Period 1990 .................. 1991 .................. 1992 .................. 1993 .................. 1994 .................. 1995 .................. 1996 .................. 1997 .................. 1998 .................. 1999 .................. 1997: I ............. II ............ III .......... IV ........... 1998: I ............. II ............ III .......... IV ........... 1999: I ............. II ............ III .......... IV ........... 2000: I r ........... Gross domestic product 86.51 89.66 91.84 94.05 96.01 98.10 100.00 101.91 103.11 104.61 101.34 101.78 102.10 102.42 102.62 102.93 103.31 103.57 104.07 104.43 104.71 105.21 105.99 Total 85.63 88.91 91.62 93.81 95.70 97.90 100.00 101.98 102.93 104.58 101.53 101.81 102.13 102.44 102.50 102.78 103.07 103.36 103.74 104.31 104.79 105.43 106.34 Durable goods Nondurable goods Services 96.00 97.39 98.28 99.06 100.56 101.06 100.00 97.79 95.45 93.00 99.06 98.14 97.33 96.72 96.35 95.85 95.31 94.36 93.69 93.24 92.77 92.37 91.91 90.98 93.76 95.20 96.14 96.83 97.93 100.00 101.35 101.40 103.77 101.33 101.17 101.32 101.55 101.20 101.15 101.45 101.77 102.19 103.47 104.19 105.18 106.56 80.95 84.82 88.50 91.56 94.16 97.25 100.00 103.17 105.31 107.52 102.13 102.89 103.54 104.09 104.47 105.08 105.55 106.11 106.71 107.16 107.73 108.44 109.44 Source: Deaprtment of Commerce, Bureau of Economic Analysis. 2 Gross private domestic investment Exports and imports of goods and services Government consumption expenditures and gross investment Federal Nonresidential fixed Residential fixed 98.23 99.80 99.29 99.81 100.54 100.93 100.00 99.04 97.22 95.97 99.46 99.18 98.99 98.57 97.91 97.37 97.04 96.60 96.39 96.05 95.73 95.72 95.87 85.54 86.64 87.69 91.23 94.48 97.91 100.00 102.68 105.30 109.36 101.59 102.13 103.18 103.78 103.85 104.61 105.73 106.89 107.93 108.89 110.01 110.61 111.76 Exports Imports Total 96.79 98.10 97.82 97.82 98.94 101.28 100.00 98.47 96.19 95.77 98.67 98.74 98.44 98.03 97.00 96.54 95.81 95.45 95.33 95.50 95.80 96.42 96.89 99.43 98.93 99.09 98.18 99.12 101.83 100.00 96.45 91.31 91.71 98.32 96.48 95.88 95.27 92.60 91.65 90.56 90.50 89.82 90.98 92.36 93.48 94.84 83.79 87.18 89.82 92.18 94.51 97.21 100.00 101.33 102.42 105.52 101.23 101.27 101.22 101.61 102.11 102.34 102.44 102.79 104.92 105.15 105.63 106.33 108.23 National defense Nondefense State and local 84.57 87.70 90.75 92.45 94.49 96.88 100.00 101.22 102.03 104.80 101.20 101.16 101.07 101.44 101.86 101.85 102.07 102.32 104.20 104.46 104.92 105.58 107.22 81.95 86.07 87.71 91.58 94.55 97.90 100.00 101.55 103.18 106.86 101.28 101.48 101.52 101.94 102.62 103.28 103.15 103.67 106.26 106.45 106.95 107.75 110.10 86.16 88.64 90.28 92.59 95.04 97.77 100.00 102.19 104.03 106.68 101.48 101.74 102.35 103.18 103.26 103.70 104.40 104.73 105.09 106.13 107.22 108.23 109.61 GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 1996=100 Period 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 1994: 1995: 1996: 1997: 1998: 1999: 2000: ............................................................. ............................................................. ............................................................. ............................................................. ............................................................. ............................................................. ............................................................. ............................................................. ............................................................. ............................................................. I ........................................................ II ....................................................... III ..................................................... IV ...................................................... I ........................................................ II ....................................................... III ..................................................... IV ...................................................... I ........................................................ II ....................................................... III ..................................................... IV ...................................................... I ........................................................ II ....................................................... III ..................................................... IV ...................................................... I ........................................................ II ....................................................... III ..................................................... IV ...................................................... I ........................................................ II ....................................................... III ..................................................... IV ...................................................... I r ....................................................... 1 Percent Real GDP (chain-type quantity index) GDP (current dollars) 74.28 76.62 80.88 85.01 90.29 94.72 100.00 106.24 112.12 118.47 88.16 89.79 90.82 92.38 93.40 93.98 95.13 96.37 97.65 99.61 100.59 102.15 104.00 105.71 107.06 108.19 110.21 111.14 112.60 114.52 116.12 117.06 119.00 121.69 124.24 GDP chain-type price index 85.85 85.45 88.06 90.39 94.04 96.55 100.00 104.25 108.74 113.25 92.53 93.82 94.33 95.49 95.85 96.03 96.78 97.55 98.25 99.87 100.37 101.51 102.63 103.87 104.85 105.63 107.40 107.98 108.99 110.58 111.58 112.10 113.65 115.67 117.22 86.53 89.66 91.85 94.05 96.01 98.10 100.00 101.91 103.11 104.55 95.28 95.72 96.29 96.74 97.45 97.86 98.31 98.79 99.40 99.74 100.23 100.63 101.33 101.77 102.11 102.44 102.68 102.96 103.30 103.51 104.03 104.37 104.65 105.16 105.95 changes based on unrounded data. Quarterly percent changes are at annual rates. GDP implicit price deflator GDP (current dollars) 86.51 89.66 91.84 94.05 96.01 98.10 100.00 101.91 103.11 104.61 95.28 95.71 96.28 96.74 97.45 97.86 98.30 98.78 99.39 99.74 100.22 100.63 101.34 101.78 102.10 102.42 102.62 102.93 103.31 103.57 104.07 104.43 104.71 105.21 105.99 5.7 3.2 5.6 5.1 6.2 4.9 5.6 6.2 5.5 5.7 5.5 7.6 4.7 7.0 4.5 2.5 5.0 5.3 5.4 8.3 4.0 6.4 7.4 6.7 5.2 4.3 7.7 3.4 5.4 7.0 5.7 3.3 6.8 9.4 8.6 Real GDP (chain-type quantity index) GDP chain-type price index 1.8 ¥.5 3.0 2.7 4.0 2.7 3.6 4.2 4.3 4.2 3.4 5.7 2.2 5.0 1.5 .8 3.1 3.2 2.9 6.8 2.0 4.6 4.5 4.9 3.8 3.0 6.9 2.2 3.8 5.9 3.7 1.9 5.7 7.3 5.5 GDP implicit price deflator 3.9 3.6 2.4 2.4 2.1 2.2 1.9 1.9 1.2 1.4 2.1 1.8 2.4 1.9 3.0 1.7 1.8 2.0 2.5 1.4 2.0 1.6 2.8 1.8 1.3 1.3 .9 1.1 1.3 .8 2.0 1.3 1.1 2.0 3.0 3.9 3.6 2.4 2.4 2.1 2.2 1.9 1.9 1.2 1.5 2.0 1.8 2.4 1.9 3.0 1.7 1.8 2.0 2.5 1.4 1.9 1.7 2.8 1.7 1.3 1.2 .8 1.2 1.5 1.0 2.0 1.4 1.1 1.9 3.0 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS–OUTPUT, PRICE, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Gross product of nonfinancial corporate business (billions of dollars) Period Current dollars 1991 1992 1993 1994 1995 1996 1997 1998 1999 1997: ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ I ................................................... II ................................................. III ................................................ IV ................................................ 1998: I ................................................... II ................................................. III ................................................ IV ................................................ 1999: I ................................................... II ................................................. III ................................................ IV ................................................ 2000: I r .................................................. 1 The Chained (1996) dollars 3,150.6 3,288.0 3,457.6 3,737.2 3,945.9 4,159.5 4,464.4 4,766.4 5,072.5 4,343.9 4,418.0 4,513.4 4,582.5 4,656.2 4,716.9 4,813.9 4,878.6 4,956.7 5,022.8 5,102.5 5,207.9 5,325.0 3,381.9 3,468.4 3,573.8 3,801.5 3,960.1 4,159.5 4,439.6 4,736.6 5,013.9 4,325.1 4,391.9 4,486.0 4,555.3 4,633.9 4,692.1 4,777.9 4,842.5 4,911.0 4,964.2 5,044.0 5,136.5 5,230.3 Price, costs, and profits per unit of real output (dollars) Price per unit of real gross product of nonfinancial corporate business 1 Compensation of employees (unit labor cost) 0.932 .948 .967 .983 .996 1.000 1.006 1.006 1.012 1.004 1.006 1.006 1.006 1.005 1.005 1.008 1.007 1.009 1.012 1.012 1.014 1.018 0.617 .633 .641 .639 .645 .641 .644 .652 .658 .643 .644 .642 .648 .649 .652 .653 .656 .656 .659 .659 .657 .656 deflator for gross product of nonfinancial corporate business divided by 100. business tax and nontax liability plus business transfer payments less subsidies. 3 Unit profits from current production. 2 Indirect Corporate profits with inventory valuation and capital consumption adjustments 3 Unit nonlabor cost Total 0.240 .236 .236 .238 .239 .236 .235 .232 .234 .235 .236 .234 .233 .232 .232 .231 .234 .232 .232 .235 .236 .236 Consumption of fixed capital Indirect business tax, etc.2 Net interest 0.105 .107 .108 .109 .110 .111 .111 .110 .111 .111 .111 .110 .110 .110 .110 .110 .110 .110 .110 .112 .111 .111 0.093 .096 .098 .101 .100 .099 .097 .096 .097 .097 .098 .097 .096 .096 .096 .095 .098 .096 .096 .096 .098 .098 0.042 .033 .030 .028 .029 .026 .027 .026 .026 .027 .027 .027 .027 .026 .026 .026 .026 .026 .026 .027 .027 .027 Total 0.075 .080 .091 .106 .112 .122 .127 .122 .120 .126 .126 .130 .125 .124 .121 .124 .118 .122 .121 .118 .121 .126 Profits tax liability 0.025 .026 .029 .034 .035 .036 .036 .032 .033 .035 .035 .037 .035 .033 .033 .033 .031 .032 .034 .034 .034 .036 Profits after tax 4 0.049 .054 .062 .072 .077 .086 .091 .090 .087 .090 .091 .093 .090 .091 .089 .091 .088 .089 .087 .084 .086 .089 4 With inventory valuation and capital consumption adjustment. Source: Department of Commerce, Bureau of Economic Analysis. 3 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] National income Period 1991 1992 1993 1994 1995 1996 1997 1998 1999 1997: ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... I ................................. II ............................... III .............................. IV .............................. 1998: I ................................. II ............................... III .............................. IV .............................. 1999: I ................................. II ............................... III .............................. IV .............................. 2000: I r ................................ 1 Includes Compensation of employees1 4,756.6 4,994.9 5,251.9 5,556.8 5,876.7 6,210.4 6,635.5 7,038.8 7,496.3 6,474.4 6,582.3 6,695.3 6,789.9 6,887.3 6,979.1 7,090.1 7,198.6 7,339.4 7,428.1 7,527.0 7,690.9 7,848.4 Proprietors’ income with inventory valuation and capital consumption adjustments Farm 3,454.9 3,644.8 3,814.4 4,016.2 4,202.5 4,395.6 4,675.7 5,011.2 5,331.7 4,566.1 4,631.3 4,705.2 4,800.3 4,889.4 4,967.0 5,053.6 5,134.7 5,217.7 5,287.1 5,373.6 5,448.3 5,543.9 Rental income of persons with capital consumption adjustment Nonfarm 26.4 32.7 30.1 31.9 22.2 34.3 29.5 25.1 31.3 32.5 30.2 28.9 26.3 17.5 18.7 22.9 41.1 32.5 34.1 21.0 37.6 23.9 357.8 401.7 431.7 444.6 475.5 510.5 549.1 581.0 627.3 536.6 544.9 554.0 561.0 569.1 575.5 583.6 596.0 607.5 621.2 633.0 647.4 663.2 56.4 63.3 90.9 110.3 117.9 129.7 130.2 137.4 145.9 132.4 132.0 129.4 126.7 129.5 133.9 139.3 147.0 148.6 148.8 139.0 147.3 146.1 employer contributions for social insurance. (See also p. 5.) Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Total 431.2 453.1 510.5 573.2 668.8 754.0 838.5 848.4 892.7 804.4 832.0 863.2 854.3 858.4 849.4 846.8 839.0 886.9 880.5 884.1 919.4 965.6 Profits before tax Inventory valuation adjustment 416.1 451.6 510.4 573.4 668.5 726.3 795.9 781.9 848.5 763.3 786.5 822.1 811.6 788.9 792.0 780.1 766.7 818.1 835.8 853.8 886.3 936.5 4.9 ¥2.8 ¥4.0 ¥12.4 ¥18.3 3.1 7.4 20.9 ¥13.0 9.3 11.2 4.9 4.0 29.5 13.6 19.8 20.8 13.3 ¥13.6 ¥26.7 ¥24.9 ¥26.7 421.1 448.8 506.4 561.0 650.2 729.4 803.2 802.8 835.6 772.6 797.7 827.0 815.5 818.4 805.6 799.9 787.4 831.4 822.2 827.1 861.4 909.9 Capital consumption adjustment Net interest 10.2 4.3 4.1 12.2 18.6 24.6 35.3 45.6 57.2 31.8 34.3 36.2 38.8 40.1 43.8 46.9 51.6 55.5 58.2 57.0 58.0 55.7 429.8 399.5 374.3 380.5 389.8 386.3 412.5 435.7 467.5 402.3 411.8 414.6 421.2 423.3 434.6 444.0 440.8 446.3 456.4 476.3 491.0 505.7 Source: Department of Commerce, Bureau of Economic Analysis. REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (1996) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durable goods Period 1991 1992 1993 1994 1995 1996 1997 1998 1999 1997: ................. ................. ................. ................. ................. ................. ................. ................. ................. I ............ II ........... III ......... IV .......... 1998: I ............ II ........... III ......... IV .......... 1999: I ............ II ........... III ......... IV .......... 2000: I r ........... Total personal consumption expenditures 4,466.6 4,594.5 4,748.9 4,928.1 5,075.6 5,237.5 5,417.3 5,681.8 5,983.6 5,349.2 5,369.3 5,453.1 5,497.3 5,575.1 5,658.8 5,714.2 5,779.3 5,871.3 5,944.5 6,015.7 6,102.9 6,217.8 Total durable goods 454.9 479.0 518.3 557.7 583.5 616.5 657.4 731.5 815.7 642.1 639.7 669.7 678.0 704.9 723.9 731.2 766.0 788.8 806.1 821.2 846.7 894.1 Motor vehicles and parts 211.8 225.7 242.2 255.1 253.4 256.3 263.8 291.9 318.2 261.1 252.9 270.9 270.4 281.5 291.7 286.7 307.4 310.4 317.2 319.6 325.7 347.0 Furniture and household equipment 152.7 161.5 177.4 196.3 215.4 236.9 262.1 297.4 341.9 251.4 257.8 266.2 273.1 284.8 290.4 301.7 312.6 326.7 335.5 346.0 359.4 375.6 Nondurable goods Other 92.6 94.1 100.7 107.6 115.0 123.3 131.6 142.7 157.3 129.6 129.3 132.8 134.7 138.9 141.9 143.7 146.5 152.9 154.7 157.6 164.1 173.5 Total nondurable goods 1,364.0 1,389.7 1,430.3 1,485.1 1,529.0 1,574.1 1,619.9 1,685.3 1,776.1 1,609.0 1,608.2 1,630.7 1,631.8 1,654.9 1,681.9 1,692.0 1,712.6 1,749.5 1,763.7 1,779.3 1,812.0 1,837.9 Food 721.4 725.6 745.1 764.9 777.0 786.0 799.1 820.6 851.8 798.7 796.7 802.2 798.9 805.7 818.2 823.0 835.4 839.5 844.6 850.0 873.1 879.9 1 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 4 Clothing and shoes 197.8 208.8 218.5 231.6 244.3 258.6 271.1 292.2 317.8 267.8 264.7 274.7 277.1 287.8 293.1 292.2 295.6 314.7 316.8 321.6 318.1 332.9 Gasoline and oil 109.4 112.5 115.4 117.4 120.2 124.2 126.2 127.7 128.3 125.1 126.7 126.6 126.4 126.6 127.9 128.5 127.7 127.1 127.5 128.2 130.4 126.4 Services Fuel oil and coal 12.9 13.2 14.0 15.0 15.7 15.6 15.1 14.5 16.0 14.3 15.3 15.6 15.1 14.2 14.7 14.7 14.2 15.8 16.4 16.3 15.6 15.2 Other 325.1 331.2 338.5 356.8 372.0 389.8 408.5 430.6 462.2 403.1 404.8 411.7 414.6 420.9 428.3 433.9 439.4 452.6 458.6 463.5 474.1 484.1 Total services 1 2,651.8 2,729.7 2,802.5 2,886.2 2,963.4 3,047.0 3,140.3 3,268.0 3,400.1 3,098.2 3,121.3 3,153.5 3,188.1 3,217.2 3,255.6 3,293.3 3,305.9 3,339.8 3,382.3 3,423.4 3,454.7 3,501.2 Housing Medical care 709.8 719.3 728.1 749.1 763.7 772.6 786.5 805.6 826.0 781.2 784.2 788.1 792.6 798.4 804.1 808.0 812.0 818.4 823.1 828.5 834.1 839.2 734.4 765.4 775.4 783.1 797.7 814.4 831.0 854.4 876.9 824.1 828.5 833.3 838.2 846.4 852.7 856.4 862.2 865.6 872.0 880.9 889.1 896.2 Source: Department of Commerce, Bureau of Economic Analysis. Retail sales of new passenger cars and light trucks (millions of units) 12.3 12.8 13.9 15.0 14.7 15.0 15.1 15.4 16.8 15.4 14.5 15.3 15.0 15.2 16.1 14.6 16.0 16.2 16.7 17.2 16.9 18.1 SOURCES OF PERSONAL INCOME Personal income rose $31.3 billion (annual rate) in May, following an increase of $47.7 billion in April. Wages and salaries increased $1.9 billion in May, following an increase of $37.1 billion in April. Transfer payments in May reflect enactment of the Senior Citizens’ Freedom to Work Act of 2000 that eliminated the retirement earnings test. [Billions of dollars; monthly data at seasonally adjusted annual rates] Period 1991 1992 1993 1994 1995 1996 1997 1998 1999 Total personal income Wage and salary disbursements 1 Proprietors’ income 3 Other labor income 1 2 Farm Nonfarm Rental income of persons 4 Personal dividend income Personal interest income Transfer payments 5 Less: Personal contributions for social insurance ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................ ................................................................ 5,085.4 5,390.4 5,610.0 5,888.0 6,200.9 6,547.4 6,951.1 7,358.9 7,791.8 2,824.2 2,982.6 3,085.2 3,236.7 3,424.7 3,626.5 3,888.9 4,186.0 4,472.3 415.6 449.5 482.8 507.5 497.0 490.0 500.9 515.7 535.8 26.4 32.7 30.1 31.9 22.2 34.3 29.5 25.1 31.3 357.8 401.7 431.7 444.6 475.5 510.5 549.1 581.0 627.3 56.4 63.3 90.9 110.3 117.9 129.7 130.2 137.4 145.9 178.3 185.3 203.0 234.7 254.0 297.4 333.4 348.3 364.3 771.8 750.1 725.5 742.4 792.5 810.6 854.9 897.8 931.3 669.9 751.7 798.6 833.9 885.9 928.8 962.4 983.6 1,018.2 215.1 226.6 237.8 254.1 268.8 280.4 298.1 315.9 334.6 1999: May ...................................................... June ..................................................... July ...................................................... Aug ...................................................... Sept ...................................................... Oct ....................................................... Nov ...................................................... Dec ....................................................... 7,721.8 7,783.3 7,806.0 7,840.0 7,848.1 7,943.4 7,976.8 7,998.6 4,432.1 4,455.4 4,491.4 4,508.2 4,528.5 4,556.7 4,569.5 4,600.5 533.0 534.8 536.7 538.6 540.3 541.9 543.7 545.4 27.3 45.0 23.5 21.4 18.0 44.9 46.1 21.8 619.4 625.8 630.2 636.4 632.5 639.3 648.7 654.1 147.3 150.5 144.9 143.6 128.5 148.2 149.2 144.4 361.2 363.0 364.9 367.0 369.0 371.1 373.1 375.2 921.0 926.2 932.4 938.8 945.3 952.2 958.6 964.6 1,013.0 1,016.4 1,017.8 1,022.6 1,023.6 1,028.3 1,027.8 1,034.4 332.3 333.7 335.7 336.6 337.8 339.3 339.9 341.8 2000: Jan r ...................................................... Feb r ..................................................... Mar r ..................................................... Apr r ...................................................... May p .................................................... 8,051.7 8,094.9 8,154.8 8,202.5 8,233.8 4,634.5 4,655.8 4,683.3 4,720.4 4,722.3 548.2 550.2 552.5 554.7 557.8 22.1 22.6 27.1 29.7 26.4 655.8 660.4 673.4 673.8 677.8 144.8 145.8 147.6 145.2 141.3 377.5 379.7 381.6 383.3 385.1 972.1 979.3 986.9 993.1 998.1 1,042.8 1,048.3 1,051.2 1,053.2 1,075.7 346.1 347.3 348.9 351.0 350.8 1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. 2 Consists primarily of employer contributions to private pension and private welfare funds. 3 With inventory valuation and capital consumption adjustments. capital consumption adjustment. mainly of social insurance benefits, direct relief, and veterans payments. Source: Department of Commerce, Bureau of Economic Analysis. 4 With 5 Consists 5 DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in chained (1996) dollars rose at an annual rate of 0.7 percent in the first quarter of 2000. Period Personal income Less: Personal tax and nontax payments Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (1996) dollars Per capita disposable personal income Current dollars Billions of dollars 1991 1992 1993 1994 1995 1996 1997 1998 1999 .................. .................. .................. .................. .................. .................. .................. .................. .................. 5,085.4 5,390.4 5,610.0 5,888.0 6,200.9 6,547.4 6,951.1 7,358.9 7,791.8 610.5 635.8 674.6 722.6 778.3 869.7 968.3 1,072.6 1,152.1 4,474.8 4,754.6 4,935.3 5,165.4 5,422.6 5,677.7 5,982.8 6,286.2 6,639.7 Chained (1996) dollars Per capita personal consumption expenditures Current dollars Chained (1996) dollars Dollars 4,103.2 4,340.9 4,584.5 4,849.9 5,120.2 5,405.6 5,711.7 6,056.6 6,483.3 371.7 413.7 350.8 315.5 302.4 272.1 271.1 229.7 156.3 5,033.0 5,189.3 5,261.3 5,397.2 5,539.1 5,677.7 5,866.7 6,107.1 6,349.4 17,710 18,616 19,121 19,820 20,613 21,385 22,320 23,231 24,307 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 19,919 20,318 20,384 20,709 21,055 21,385 21,887 22,569 23,244 15,717 16,482 17,259 18,097 18,888 19,727 20,610 21,614 22,907 17,677 17,989 18,399 18,910 19,294 19,727 20,210 20,998 21,905 ¥0.7 2.0 .3 1.6 1.7 1.6 2.3 3.1 3.0 8.3 8.7 7.1 6.1 5.6 4.8 4.5 3.7 2.4 252,677 255,403 258,107 260,616 263,073 265,504 268,046 270,595 273,161 21,664 21,821 21,944 22,118 22,304 22,462 22,650 22,859 23,043 23,172 23,275 23,485 23,527 20,337 20,422 20,749 20,929 21,198 21,524 21,737 21,993 22,381 22,732 23,047 23,465 24,069 20,031 20,059 20,317 20,430 20,680 20,942 21,090 21,277 21,574 21,792 21,994 22,257 22,634 3.1 2.9 2.3 3.2 3.4 2.9 3.4 3.7 3.3 2.3 1.8 3.7 .7 4.5 5.0 4.2 4.4 4.0 3.5 3.6 3.5 3.0 2.5 2.1 1.8 .3 267,040 267,671 268,399 269,075 269,591 270,219 270,946 271,623 272,145 272,778 273,518 274,204 274,714 Seasonally adjusted annual rates 1997: I ............. II ........... III .......... IV .......... 1998: I ............. II ........... III .......... IV .......... 1999: I ............. II ........... III .......... IV .......... 2000: I r ........... 6,807.6 6,900.6 6,993.5 7,102.7 7,194.7 7,296.3 7,413.6 7,530.8 7,630.2 7,732.6 7,831.4 7,972.9 8,100.5 934.2 954.4 978.6 1,006.0 1,031.2 1,058.0 1,088.3 1,113.0 1,124.8 1,139.4 1,160.4 1,183.8 1,227.6 5,873.4 5,946.2 6,014.9 6,096.7 6,163.5 6,238.3 6,325.3 6,417.8 6,505.4 6,593.2 6,671.0 6,789.1 6,872.9 5,609.9 5,650.2 5,759.4 5,827.4 5,914.7 6,020.9 6,100.5 6,190.3 6,310.3 6,425.2 6,531.5 6,666.3 6,849.4 263.4 296.1 255.5 269.3 248.9 217.5 224.8 227.5 195.1 168.0 139.5 122.8 23.5 1 Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net). 2 Annual data are averages of quarterly data, which are averages for the period. 6 5,785.1 5,840.7 5,889.6 5,951.5 6,013.0 6,069.5 6,136.9 6,209.0 6,271.0 6,320.7 6,366.2 6,439.6 6,463.1 21,994 22,215 22,410 22,658 22,863 23,086 23,345 23,628 23,904 24,171 24,389 24,759 25,018 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the first quarter of 2000, according to preliminary estimates, gross farm income fell $17.0 billion (annual rate) and net farm income fell $39.8 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 1991 ......................................................... 1992 ......................................................... 1993 ........................................................ 1994 ........................................................ 1995 ........................................................ 1996 ........................................................ 1997 ........................................................ 1998 ......................................................... 1999 r ....................................................... 1998: I r .................................................. II r ................................................ III r ............................................... IV r ............................................... 1999: I r .................................................. II r ................................................ III r ............................................... IV r ............................................... 2000: I p .................................................. 192.0 200.5 204.8 216.1 210.7 235.7 238.7 r 233.1 234.6 233.0 228.7 234.8 235.7 231.1 230.4 227.0 249.8 232.8 167.9 171.3 177.9 181.3 188.1 199.1 207.6 196.8 188.8 201.4 203.9 195.2 186.6 191.1 193.2 193.0 177.7 194.8 1 Cash marketing receipts and inventory changes plus Government payments, other farm cash income, and nonmoney income furnished by farms. 2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year. Livestock and products 85.8 85.6 90.4 88.2 87.1 93.0 96.5 94.5 95.3 93.2 92.1 97.0 95.8 96.1 94.8 95.6 94.7 100.2 Crops 82.1 85.7 87.4 93.1 101.0 106.2 111.1 102.2 93.5 108.2 111.8 98.1 90.8 95.0 98.5 97.5 82.9 94.5 Value of inventory changes 2 ¥0.2 4.2 ¥4.2 8.3 ¥5.0 8.0 .5 r ¥1.0 ¥.9 ¥1.3 ¥1.2 ¥.9 ¥.7 ¥1.1 ¥1.0 ¥.8 ¥.6 .4 Production expenses 153.3 152.6 160.2 166.8 173.5 180.8 190.0 r 189.0 191.6 196.4 195.7 186.2 177.6 199.5 198.8 189.0 179.2 202.0 Net farm income 38.7 47.9 44.5 49.2 37.2 54.9 48.6 r 44.1 42.9 36.7 33.0 48.7 58.0 31.6 31.6 38.0 70.6 30.8 NOTE.—Data include net Commodity Credit Corporation loans and operator households. Quarterly data plotted for 1992 and 1993 in chart do not reflect previous revisions to annual data in table. Data for 1999 and 2000 are forecasts. Source: Department of Agriculture. 7 CORPORATE PROFITS In the first quarter of 2000, according to revised estimates, corporate profits before tax rose $50.2 billion (annual rate) and profits after tax rose $35.2 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period Profits before tax Nonfinancial Total 2 Total Financial Total 3 Manufacturing Transportation4 Wholesale Tax liability Total Dividends Undistributed profits Inventory valuation adjustment Retail 1990 .............. 1991 .............. 1992 .............. 1993 .............. 1994 .............. 1995 .............. 1996 .............. 1997 .............. 1998 .............. 1999 .............. 1997: I ......... II ....... III ...... IV ...... 388.6 421.1 448.8 506.4 561.0 650.2 729.4 803.2 802.8 835.6 772.6 797.7 827.0 815.5 315.9 346.7 380.1 429.6 483.7 558.2 628.6 695.1 702.8 732.2 670.7 684.7 717.3 708.0 91.6 120.2 124.8 127.9 114.7 154.3 165.3 184.2 191.3 208.1 176.6 181.9 186.5 191.8 224.3 226.5 255.2 301.7 369.0 403.8 463.3 510.9 511.5 524.2 494.0 502.8 530.7 516.1 109.2 93.5 93.9 108.4 139.6 166.1 181.2 185.6 168.4 165.6 179.0 186.6 195.4 181.4 44.4 53.2 58.5 69.6 82.9 85.8 91.4 104.7 109.0 116.3 100.1 101.8 108.2 108.8 19.1 22.0 25.9 28.2 33.1 29.4 42.6 46.8 47.2 42.4 48.9 48.0 47.4 42.8 21.0 27.7 33.7 39.7 46.6 44.1 52.9 63.7 69.8 72.9 62.4 60.9 66.1 65.4 401.5 416.1 451.6 510.4 573.4 668.5 726.3 795.9 781.9 848.5 763.3 786.5 822.1 811.6 140.6 133.6 143.1 165.4 186.7 211.0 223.6 238.3 240.2 259.4 228.9 233.2 246.8 244.1 260.9 282.6 308.4 345.0 386.7 457.5 502.7 557.6 541.7 589.1 534.4 553.3 575.3 567.4 165.6 178.4 185.5 203.1 234.9 254.2 297.7 333.7 348.6 364.7 320.6 330.6 338.8 344.8 95.3 104.1 122.9 141.9 151.8 203.3 205.0 223.9 193.1 224.4 213.8 222.7 236.5 222.6 ¥12.9 4.9 ¥2.8 ¥4.0 ¥12.4 ¥18.3 3.1 7.4 20.9 ¥13.0 9.3 11.2 4.9 4.0 1998: I ......... II ....... III ...... IV ...... 818.4 805.6 799.9 787.4 710.5 698.2 713.2 689.1 194.9 192.2 189.5 188.6 515.6 506.0 523.7 500.6 170.8 169.2 171.9 161.7 110.9 105.0 113.0 106.9 47.9 50.1 49.7 41.2 71.0 69.7 69.3 69.0 788.9 792.0 780.1 766.7 239.9 241.1 244.3 235.6 548.9 550.9 535.8 531.0 346.5 347.3 348.4 352.2 202.5 203.6 187.4 178.8 29.5 13.6 19.8 20.8 1999: I ......... II ....... III ...... IV ...... 2000: I r ....... 831.4 822.2 827.1 861.4 909.9 727.1 718.9 719.0 763.9 804.1 205.3 198.3 203.9 224.9 228.4 521.9 520.6 515.1 539.0 575.8 171.0 167.8 163.1 160.3 179.6 111.9 107.9 117.3 128.0 132.1 43.4 44.3 39.1 42.8 45.3 75.7 75.4 67.7 72.6 82.5 818.1 835.8 853.8 886.3 936.5 248.0 254.4 259.4 275.7 290.8 570.1 581.4 594.3 610.6 645.8 356.4 361.5 367.3 373.5 380.0 213.7 219.9 227.0 237.1 265.8 13.3 ¥13.6 ¥26.7 ¥24.9 ¥26.7 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. rest of the world, not shown separately. industries not shown separately. 2 Includes 3 Includes 8 4 Transportation and public utilities. Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the first quarter of 2000, according to revised estimates, nonresidential fixed investment in chained (1996) dollars rose $68.1 billion (annual rate) and residential investment rose $4.8 billion. There was an increase of $28.0 billion in inventories following an increase of $66.7 billion in the fourth quarter. [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Gross private domestic investment Change in private inventories Nonresidential Total Total Equipment and software Residential Structures Total Nonfarm ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. 907.3 829.5 899.8 977.9 1,107.0 1,140.6 1,242.7 1,385.8 1,547.4 1,637.7 894.6 832.5 886.5 958.4 1,045.9 1,109.2 1,212.7 1,316.0 1,471.8 1,590.5 641.7 610.1 630.6 683.6 744.6 817.5 899.4 995.7 1,122.5 1,215.8 236.1 210.1 197.3 198.9 200.5 210.1 225.0 244.0 254.1 248.1 415.7 407.2 437.5 487.1 544.9 607.6 674.4 751.9 870.6 974.9 253.5 221.1 257.2 276.0 302.7 291.7 313.3 320.6 350.2 376.1 16.5 ¥1.0 17.1 20.0 66.8 30.4 30.0 69.1 74.3 42.2 13.8 1.4 10.7 28.6 53.6 42.6 22.1 66.2 73.2 42.4 1997: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,326.5 1,394.1 1,397.6 1,424.9 1,274.1 1,300.6 1,337.9 1,351.3 957.9 980.8 1,018.0 1,026.1 242.0 239.5 245.9 248.6 715.8 741.5 772.3 777.8 316.3 320.0 320.5 325.7 51.5 93.1 59.2 72.7 56.7 85.7 52.6 69.7 1998: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,531.5 1,513.1 1,551.1 1,593.9 1,424.2 1,466.7 1,474.0 1,522.5 1,088.6 1,120.2 1,120.3 1,160.8 252.1 256.4 252.1 255.7 837.9 865.5 870.6 908.5 336.5 347.4 354.2 362.6 107.3 43.1 76.1 70.7 103.8 53.2 77.5 58.2 1999: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,608.2 1,599.8 1,651.6 1,691.4 1,555.9 1,581.0 1,607.3 1,617.8 1,182.7 1,202.9 1,234.3 1,243.2 251.9 248.5 246.1 245.8 935.7 960.9 996.6 1,006.4 373.7 378.8 375.1 376.8 50.1 14.0 38.0 66.7 43.1 13.1 41.2 72.3 2000: I r ........................................................................... 1,725.6 1,688.7 1,311.3 257.5 1,063.6 381.6 28.0 34.0 NOTE.—See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any inter- mediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. 9 REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Structures Total nonresidential Period 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 1997: ............................... ............................... ............................... ............................... ............................... ............................... ............................... ............................... ............................... ............................... I .......................... II ......................... III ....................... IV ........................ 1998: I .......................... II ......................... III ....................... IV ........................ 1999: I .......................... II ......................... III ....................... IV ........................ 2000: I r ......................... 641.7 610.1 630.6 683.6 744.6 817.5 899.4 995.7 1,122.5 1,215.8 957.9 980.8 1,018.0 1,026.1 1,088.6 1,120.2 1,120.3 1,160.8 1,182.7 1,202.9 1,234.3 1,243.2 1,311.3 Total 1 236.1 210.1 197.3 198.9 200.5 210.1 225.0 244.0 254.1 248.1 242.0 239.5 245.9 248.6 252.1 256.4 252.1 255.7 251.9 248.5 246.1 245.8 257.5 Residential Structures Equipment and software Information processing equipment and software Nonresidential buildings, including farm Utilities 173.6 142.7 129.2 131.7 137.2 147.6 161.7 175.3 184.6 180.4 175.1 171.4 178.5 176.1 181.7 184.9 184.2 187.4 186.6 181.2 177.2 176.5 186.3 33.0 38.9 41.8 38.4 36.1 36.8 36.0 35.7 38.0 38.2 35.1 35.4 36.0 36.2 37.6 37.7 37.9 38.7 38.1 38.0 38.5 38.0 38.8 Mining exploration, shafts, and wells Total 2 21.3 20.8 17.2 20.5 19.8 18.2 21.1 26.4 25.4 23.4 26.2 26.9 25.4 27.1 26.5 27.1 24.2 23.6 21.6 22.6 24.3 25.3 26.3 415.7 407.2 437.5 487.1 544.9 607.6 674.4 751.9 870.6 974.9 715.8 741.5 772.3 777.8 837.9 865.5 870.6 908.5 935.7 960.9 996.6 1,006.4 1,063.6 Total 1 Includes other structures, not shown separately. other items, not shown separately. equipment, not shown separately. 4 Includes multifamily and other structures, not shown separately. Computers and peripheral equipment 136.4 142.7 163.0 183.4 206.6 242.8 287.3 339.4 418.5 509.8 316.9 330.0 350.2 360.4 388.8 409.4 427.4 448.5 470.4 501.0 526.0 541.7 582.5 14.2 15.4 20.8 26.4 32.6 49.2 70.9 99.0 154.2 220.8 85.8 94.2 105.1 110.9 131.3 146.9 160.4 178.3 193.4 212.9 233.5 243.3 266.9 Software Other Industrial equipment 45.9 51.4 58.7 66.8 74.3 82.0 95.1 109.4 129.2 149.3 104.0 107.1 111.1 115.3 120.9 126.2 131.9 137.8 141.6 147.0 152.0 156.6 163.4 87.6 86.4 91.5 96.4 104.9 113.1 121.3 132.7 147.1 169.9 127.6 129.9 136.2 137.1 143.1 146.3 148.3 150.9 157.8 168.4 174.7 178.6 194.8 105.8 99.0 100.8 109.6 119.6 131.3 136.4 141.3 148.1 149.0 135.6 141.1 143.2 145.1 147.0 147.9 148.7 148.9 145.0 146.6 150.0 154.3 160.3 Transportation equipment Total residential 3 87.4 87.7 92.3 103.4 120.4 128.2 138.9 149.6 175.3 195.7 144.9 149.1 155.0 149.6 174.2 177.0 164.2 185.8 190.8 191.6 204.0 196.4 204.1 253.5 221.1 257.2 276.0 302.7 291.7 313.3 320.6 350.2 376.1 316.3 320.0 320.5 325.7 336.5 347.4 354.2 362.6 373.7 378.8 375.1 376.8 381.6 Total 4 Single family 247.3 215.1 251.0 269.4 295.8 284.4 305.6 312.7 341.8 367.0 308.5 312.2 312.5 317.7 328.4 339.0 345.8 354.0 364.8 369.7 365.9 367.5 372.1 128.6 112.3 135.7 148.0 163.2 147.7 159.1 159.8 180.3 195.0 158.2 159.8 159.0 162.1 170.1 177.8 184.0 189.3 195.8 195.8 191.7 196.5 205.2 NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. 2 Includes 3 Includes BUSINESS INVESTMENT [Billions of dollars] Capital expenditures By industry Period Total for all businesses Total 1 .......... .......... .......... 489.7 549.3 601.1 Manufacturing Total by industry 2 Mining Construction Total Durable goods 488.2 547.9 601.0 19.6 24.6 27.6 11.6 9.1 10.4 134.1 154.4 181.0 66.4 79.7 97.0 Nondurable goods Transportation Communications For businesses without employees Wholesale trade Retail trade Finance Insurance and real estate 41.3 41.5 38.4 19.0 23.5 24.5 41.4 46.5 51.9 26.0 29.8 30.4 14.2 17.4 19.8 111.8 123.8 134.2 ............. ............. ............. 36.7 38.7 42.3 26.0 28.8 31.2 55.8 55.9 63.1 87.1 91.3 110.1 23.4 29.3 50.3 145.9 165.0 182.4 100.0 99.4 94.5 Utilities Services For businesses with 5 employees or more 1993 ........ 1994 ........ 1995 ........ 67.7 74.7 84.0 30.6 33.3 33.9 37.1 41.9 46.3 For businesses with employees 1996 ........ 1997 ....... 1998 ........ 807.1 871.8 973.6 707.1 772.3 879.0 707.1 772.3 879.0 30.2 39.0 40.3 13.8 15.5 18.3 191.8 192.3 207.3 109.9 108.4 119.0 81.9 83.9 88.3 1 For 1993, 1994, and 1995 includes an item for not distributed by industry, not shown separately. 2 Includes an item for expenditures serving multiple industries, not shown separately. 10 36.7 45.0 51.8 57.1 68.5 78.5 NOTE.—All data from Annual Capital Expenditures. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In June, employment rose by 464,000, and unemployment fell by 191,000. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period 1990 3 ................................ 1991 .................................. 1992 .................................. 1993 .................................. 1994 4 ................................ 1995 .................................. 1996 .................................. 1997 3 ................................ 1998 3 ................................ 1999 3 ................................ 1999: June ...................... July ....................... Aug ........................ Sept ....................... Oct ........................ Nov ........................ Dec ......................... 2000: Jan 3 ...................... Feb ......................... Mar ........................ Apr ......................... May ........................ June ....................... Civilian noninstitutional population NSA 189,164 190,925 192,805 194,838 196,814 198,584 200,591 203,133 205,220 207,753 207,632 207,828 208,038 208,265 208,483 208,666 208,832 208,782 208,907 209,053 209,216 209,371 209,543 Civilian labor force 125,840 126,346 128,105 129,200 131,056 132,304 133,943 136,297 137,673 139,368 139,332 139,336 139,372 139,475 139,697 139,834 140,108 140,910 141,165 140,867 141,230 140,489 140,762 Nonagricultural Total 118,793 117,718 118,492 120,259 123,060 124,900 126,708 129,558 131,463 133,488 133,398 133,399 133,530 133,650 133,940 134,098 134,420 135,221 135,362 135,159 135,706 134,715 135,179 Agricultural 3,223 3,269 3,247 3,115 3,409 3,440 3,443 3,399 3,378 3,281 3,330 3,278 3,234 3,179 3,238 3,310 3,279 3,371 3,408 3,359 3,355 3,298 3,321 Total 115,570 114,449 115,245 117,144 119,651 121,460 123,264 126,159 128,025 130,207 130,068 130,121 130,296 130,471 130,702 130,788 131,141 131,850 131,954 131,801 132,351 131,417 131,858 1 Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc. 2 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 3 Not strictly comparable with earlier data. Percent 2 Unemployment Part time for economic reasons 1 4,950 5,874 6,240 6,230 4,414 4,279 4,123 3,879 3,501 3,189 3,209 3,142 3,127 3,112 2,983 3,105 3,157 3,066 2,985 3,003 3,021 3,096 2,967 Total 7,047 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,210 5,880 5,934 5,937 5,842 5,825 5,757 5,736 5,688 5,689 5,804 5,708 5,524 5,774 5,583 15 weeks and over 1,525 2,357 3,408 3,094 2,860 2,363 2,316 2,062 1,637 1,480 1,634 1,511 1,463 1,412 1,434 1,401 1,388 1,372 1,277 1,295 1,250 1,337 1,242 Not in labor force 63,324 64,578 64,700 65,638 65,758 66,280 66,647 66,837 67,547 68,385 68,300 68,492 68,666 68,790 68,786 68,832 68,724 67,872 67,742 68,187 67,986 68,882 68,781 Labor force participation rate Employment/ population ratio Unemployment rate 66.5 66.2 66.4 66.3 66.6 66.6 66.8 67.1 67.1 67.1 67.1 67.0 67.0 67.0 67.0 67.0 67.1 67.5 67.6 67.4 67.5 67.1 67.2 62.8 61.7 61.5 61.7 62.5 62.9 63.2 63.8 64.1 64.3 64.2 64.2 64.2 64.2 64.2 64.3 64.4 64.8 64.8 64.7 64.9 64.3 64.5 5.6 6.8 7.5 6.9 6.1 5.6 5.4 4.9 4.5 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.1 4.0 4.1 4.1 3.9 4.1 4.0 4 Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire. NOTE.—Data beginning January 1998, 1999, and 2000 reflect revised population controls. For details, see February issues, Employment and Earnings. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In June, the unemployment rate fell to 4.0 percent from 4.1 percent in May. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By sex and age Period 1990 ......................... 1991 ......................... 1992 ......................... 1993 ......................... 1994 2 ....................... 1995 ......................... 1996 ......................... 1997 ......................... 1998 ......................... 1999 ......................... 1999: June ............. July .............. Aug .............. Sept .............. Oct ............... Nov .............. Dec ............... 2000: Jan ............... Feb ............... Mar ............... Apr ............... May ............... June .............. 1 Revised 2 Data 12 All civilian workers 5.6 6.8 7.5 6.9 6.1 5.6 5.4 4.9 4.5 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.1 4.0 4.1 4.1 3.9 4.1 4.0 Men 20 years and over Women 20 years and over 5.0 6.4 7.1 6.4 5.4 4.8 4.6 4.2 3.7 3.5 3.5 3.5 3.5 3.4 3.5 3.3 3.3 3.3 3.4 3.3 3.2 3.4 3.2 4.9 5.7 6.3 5.9 5.4 4.9 4.8 4.4 4.1 3.8 3.8 3.9 3.7 3.7 3.5 3.6 3.6 3.7 3.5 3.6 3.5 3.8 3.8 By race Both sexes 16–19 years White 15.5 18.7 20.1 19.0 17.6 17.3 16.7 16.0 14.6 13.9 13.6 13.2 13.5 14.6 13.8 14.0 13.8 12.6 14.1 13.3 12.7 12.5 11.6 definition; for details, see Employment and Earnings, February 1994. beginning January 1994 are not directly comparable with data for earlier periods. 4.8 6.1 6.6 6.1 5.3 4.9 4.7 4.2 3.9 3.7 3.8 3.7 3.7 3.6 3.5 3.5 3.5 3.4 3.6 3.6 3.5 3.5 3.4 Black and other 10.1 11.1 12.7 11.7 10.5 9.6 9.3 8.8 7.8 7.0 6.7 7.2 6.8 7.2 7.2 7.1 7.0 7.1 6.9 6.6 6.3 7.2 6.9 By selected groups Black 11.4 12.5 14.2 13.0 11.5 10.4 10.5 10.0 8.9 8.0 7.6 8.6 7.8 8.3 8.3 8.0 7.9 8.2 7.8 7.3 7.2 8.0 7.9 Experienced wage and salary workers 5.3 6.6 7.2 6.6 5.9 5.4 5.2 4.7 4.3 4.0 4.1 4.1 4.0 4.0 3.9 3.9 3.9 3.9 3.9 4.0 3.7 3.9 3.9 Married men, spouse present 3.4 4.4 5.1 4.4 3.7 3.3 3.0 2.7 2.4 2.2 2.2 2.3 2.3 2.2 2.2 2.1 2.2 2.0 2.1 2.0 1.8 1.9 1.9 Women who maintain families Full-time workers 1 Part-time workers 1 8.3 9.3 10.0 9.7 8.9 8.0 8.2 8.1 7.2 6.4 6.5 6.4 6.3 6.4 6.0 6.0 6.2 6.2 6.1 6.8 6.3 6.5 6.1 5.4 6.8 7.5 6.9 6.1 5.5 5.3 4.8 4.3 4.1 4.0 4.1 4.1 4.0 4.0 3.9 3.9 3.9 3.9 3.8 3.8 3.9 3.8 6.4 7.0 7.5 7.2 6.0 6.0 5.8 5.5 5.3 5.0 5.3 4.9 4.6 5.0 4.7 4.9 4.9 4.6 4.9 5.1 4.6 5.3 4.8 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 June, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks and over rose; the percentages for 5–14 weeks and for 15–26 weeks fell. The mean duration of unemployment fell to 12.4 weeks and the median duration was unchanged at 5.8 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 1990 ........................................ 1991 ........................................ 1992 ........................................ 1993 ........................................ 1994 3 ...................................... 1995 ........................................ 1996 ........................................ 1997 ........................................ 1998 ........................................ 1999 ........................................ 1999: June ............................ July ............................. Aug .............................. Sept ............................. Oct .............................. Nov .............................. Dec ............................... 2000: Jan .............................. Feb .............................. Mar .............................. Apr ............................... May .............................. June ............................. 1 Beginning 7,047 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,210 5,880 5,934 5,937 5,842 5,825 5,757 5,736 5,688 5,689 5,804 5,708 5,524 5,774 5,583 46.3 40.3 35.1 36.5 34.1 36.5 36.4 37.7 42.2 43.7 42.7 44.5 44.4 44.5 44.0 45.1 45.9 43.9 45.3 48.4 44.1 43.5 46.4 32.0 32.4 29.4 28.9 30.1 31.6 31.6 31.7 31.4 31.2 29.8 30.0 30.7 31.1 31.3 30.5 29.7 31.5 32.5 29.4 33.5 33.5 31.4 11.7 14.4 15.1 14.5 15.5 14.6 14.6 14.8 12.3 12.8 13.5 13.1 12.7 12.2 12.4 12.6 12.2 12.0 11.7 11.3 12.0 11.6 10.6 10.0 12.9 20.3 20.1 20.3 17.3 17.4 15.8 14.1 12.3 13.9 12.3 12.2 12.1 12.3 11.7 12.2 12.7 10.5 10.9 10.4 11.3 11.6 January 1994, job losers and persons who completed temporary jobs. State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation or Emergency Unemployment Compensation programs. 2 Includes 12.0 13.7 17.7 18.0 18.8 16.6 16.7 15.8 14.5 13.4 14.3 13.5 13.2 13.0 13.2 13.0 12.8 13.2 12.5 12.8 12.4 12.6 12.4 5.3 6.8 8.7 8.3 9.2 8.3 8.3 8.0 6.7 6.4 6.3 5.8 6.4 5.9 6.3 6.2 5.9 5.7 6.1 6.0 6.0 5.8 5.8 48.1 54.4 56.1 54.2 47.7 46.9 46.6 45.1 45.5 44.6 45.3 45.3 45.0 44.3 43.7 43.5 42.0 43.5 45.6 44.0 41.9 42.4 44.2 14.8 11.6 10.4 10.9 9.9 11.1 10.7 11.8 11.8 13.3 14.1 13.0 13.6 13.1 13.5 14.3 14.4 13.6 13.2 14.3 15.1 13.2 12.1 27.4 24.8 23.8 24.6 34.8 34.1 34.7 34.7 34.3 34.1 34.6 33.9 33.2 33.9 34.0 33.7 35.6 35.9 34.4 34.3 35.6 35.8 37.5 9.8 9.2 9.7 10.3 7.6 7.8 8.0 8.4 8.4 8.0 6.1 7.8 8.2 8.7 8.9 8.5 7.9 6.9 6.7 7.5 7.4 8.5 6.2 2,522 3,342 3,245 2,751 2,670 2,572 2,595 2,323 2,222 2,188 2,213 2,215 2,203 2,184 2,142 2,130 2,131 2,082 2,097 2,000 1,966 1,975 .............. 388 447 408 341 340 357 356 323 321 298 304 295 290 294 290 287 284 281 283 265 278 r 291 p303 2,575 3,406 3,348 2,845 2,739 2,633 2,650 2,366 2,257 2,219 2,127 2,061 2,173 1,781 1,762 1,941 2,049 2,844 2,663 2,288 r2,168 1,869 ................. 3 Data beginning January 1994 are not directly comparable with data for earlier periods. NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose by 11,000 in June. [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Goods-producing industries Period 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 1999: .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. June ...... July ....... Aug ........ Sept ....... Oct ......... Nov ........ Dec ........ 2000: Jan ........ Feb ........ Mar ........ Apr r ....... May r ...... June p ..... Total nonagricultural employment 109,403 108,249 108,601 110,713 114,163 117,191 119,608 122,690 125,865 128,786 128,630 128,898 129,057 129,265 129,523 129,788 130,038 130,387 130,482 131,009 131,419 131,590 131,601 Service-producing industries Manufacturing Total 2 24,905 23,745 23,231 23,352 23,908 24,265 24,493 24,962 25,414 25,482 25,432 25,488 25,430 25,460 25,483 25,527 25,561 25,677 25,624 25,738 25,725 25,687 25,700 Construction 5,120 4,650 4,492 4,668 4,986 5,160 5,418 5,691 6,020 6,404 6,388 6,408 6,401 6,439 6,470 6,516 6,552 6,652 6,618 6,726 6,694 6,670 6,673 Total 19,076 18,406 18,104 18,075 18,321 18,524 18,495 18,675 18,805 18,543 18,515 18,552 18,503 18,494 18,484 18,484 18,479 18,495 18,473 18,476 18,492 18,480 18,488 Durable goods Nondurable goods 11,109 10,569 10,277 10,221 10,448 10,683 10,789 11,010 11,205 11,103 11,083 11,125 11,097 11,090 11,083 11,085 11,087 11,099 11,088 11,094 11,104 11,107 11,121 7,968 7,837 7,827 7,854 7,873 7,841 7,706 7,665 7,600 7,440 7,432 7,427 7,406 7,404 7,401 7,399 7,392 7,396 7,385 7,382 7,388 7,373 7,367 1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total in this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample 14 Total 84,497 84,504 85,370 87,361 90,256 92,925 95,115 97,727 100,451 103,304 103,198 103,410 103,627 103,805 104,040 104,261 104,477 104,710 104,858 105,271 105,694 105,903 105,901 Transportation and public utilities 5,777 5,755 5,718 5,811 5,984 6,132 6,253 6,408 6,611 6,826 6,817 6,834 6,848 6,866 6,875 6,898 6,911 6,925 6,937 6,953 6,970 6,961 6,979 Wholesale trade 6,173 6,081 5,997 5,981 6,162 6,378 6,482 6,648 6,800 6,924 6,905 6,927 6,946 6,962 6,973 6,989 7,002 7,005 7,011 7,033 7,055 7,047 7,031 Retail trade 19,601 19,284 19,356 19,773 20,507 21,187 21,597 21,966 22,295 22,788 22,810 22,833 22,841 22,844 22,863 22,893 22,936 22,973 22,978 23,027 23,197 23,081 23,130 Finance, insurance, Services and real estate 6,709 6,646 6,602 6,757 6,896 6,806 6,911 7,109 7,389 7,569 7,573 7,583 7,590 7,589 7,599 7,604 7,613 7,612 7,624 7,621 7,610 7,599 7,593 27,934 28,336 29,052 30,197 31,579 33,117 34,454 36,040 37,533 39,027 38,970 39,070 39,191 39,321 39,482 39,606 39,707 39,844 39,914 40,090 40,195 40,212 40,360 Government Total 18,304 18,402 18,645 18,841 19,128 19,305 19,419 19,557 19,823 20,170 20,123 20,163 20,211 20,223 20,248 20,271 20,308 20,351 20,394 20,547 20,667 21,003 20,808 Federal 3,085 2,966 2,969 2,915 2,870 2,822 2,757 2,699 2,686 2,669 2,662 2,656 2,655 2,655 2,647 2,646 2,646 2,663 2,700 2,816 2,885 3,235 3,038 of the working-age population, whereas the estimates in this table are based on reports from employing establishments. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where persons are counted only once—as employed, unemployed, or not in the labor force. 2 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Average gross hourly earnings Manufacturing Period 1990 ..................... 1991 ..................... 1992 ..................... 1993 ..................... 1994 ..................... 1995 ..................... 1996 .................... 1997 .................... 1998 ..................... 1999 .................... 1999: May .......... June ......... July .......... Aug .......... Sept ......... Oct ........... Nov .......... Dec .......... 2000: Jan .......... Feb .......... Mar .......... Apr r ......... May r ......... June p ....... Total private nonagricultural 1 34.5 34.3 34.4 34.5 34.7 34.5 34.4 34.6 34.6 34.5 34.5 34.5 34.5 34.5 34.5 34.5 34.5 34.5 34.5 34.6 34.5 34.6 34.4 34.5 Total 40.8 40.7 41.0 41.4 42.0 41.6 41.6 42.0 41.7 41.7 41.7 41.8 41.8 41.8 41.8 41.8 41.7 41.7 41.7 41.8 41.7 42.2 41.4 41.6 Average gross weekly earnings Total private nonagricultural 1 Overtime 3.6 3.6 3.8 4.1 4.7 4.4 4.5 4.8 4.6 4.6 4.6 4.7 4.6 4.6 4.7 4.7 4.7 4.7 4.6 4.7 4.6 4.9 4.5 4.6 Current dollars $10.01 10.32 10.57 10.83 11.12 11.43 11.82 12.28 12.78 13.24 13.19 13.23 13.27 13.30 13.35 13.38 13.41 13.44 13.49 13.54 13.58 13.64 13.66 13.71 1982 dollars 2 $7.52 7.45 7.41 7.39 7.40 7.39 7.43 7.55 7.75 7.86 7.86 7.88 7.88 7.87 7.86 7.87 7.87 7.87 7.88 7.87 7.84 7.87 7.88 .............. Total private nonagricultural 1 Manufacturing Current dollars 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). 1982 dollars 2 Manufacturing Construction Retail trade $345.35 353.98 363.61 373.64 385.86 394.34 406.61 424.89 442.19 456.78 455.06 456.44 457.82 458.85 460.58 461.61 462.65 463.68 465.41 468.48 468.51 471.94 469.90 473.00 $10.83 11.18 11.46 11.74 12.07 12.37 12.77 13.17 13.49 13.91 13.85 13.93 13.98 14.01 14.04 14.06 14.07 14.10 14.15 14.21 14.23 14.28 14.26 14.34 1 Also Percent change from a year earlier, total private nonagricultural Current dollars $259.47 255.40 254.99 254.87 256.73 255.07 255.73 261.31 268.32 271.25 271.03 271.85 271.70 271.67 271.25 271.38 271.51 271.48 272.01 272.37 270.35 272.33 270.99 .............. $441.86 455.03 469.86 486.04 506.94 514.59 531.23 553.14 562.53 580.05 577.55 582.27 584.36 585.62 586.87 587.71 586.72 587.97 590.06 593.98 593.39 602.62 590.36 596.54 $526.01 533.40 537.70 553.63 573.00 587.00 603.33 625.56 646.13 671.74 667.29 675.17 670.80 671.19 678.32 677.60 696.54 678.42 687.75 698.72 703.27 704.09 695.80 688.09 $194.40 198.48 205.06 209.95 216.46 221.47 230.11 240.74 253.46 263.32 261.87 263.94 264.81 264.77 263.81 266.22 267.09 269.18 269.47 271.21 271.15 270.43 271.37 273.47 Current dollars 3.3 2.5 2.7 2.8 3.3 2.2 3.1 4.5 4.1 3.3 3.0 3.4 3.5 3.2 3.7 3.3 3.3 3.2 3.5 3.7 3.7 4.1 3.3 3.6 1982 dollars ¥1.8 ¥1.6 ¥.2 ¥.0 .7 ¥.6 .3 2.2 2.7 1.1 .9 1.4 1.2 .9 .9 .5 .5 .3 .7 .4 ¥.3 .9 ¥.0 .............. Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits 1 Total compensation Wages and salaries 12 months earlier Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. ................................................................. .................................................................. .................................................................. .................................................................. .................................................................. 107.0 111.7 115.6 119.8 123.5 126.7 130.6 135.1 139.8 144.6 106.1 110.0 112.9 116.4 119.7 123.1 127.3 132.3 137.4 142.2 1996: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 1997: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 1998: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 1999: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2000: Mar ................................................................. 127.9 128.9 129.8 130.6 131.6 132.7 133.7 135.1 136.2 137.3 138.8 139.7 140.3 141.8 143.1 144.5 146.6 124.4 125.6 126.5 127.4 128.5 129.7 131.0 132.4 133.7 134.9 136.5 137.5 138.1 139.7 140.9 142.2 143.9 109.4 116.2 122.2 128.3 133.0 135.9 138.6 141.8 145.2 150.2 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 1.0 1.0 .7 .7 .9 .9 1.0 1.1 1.0 .9 1.2 .7 .4 1.2 .9 .9 1.2 0.2 .6 .5 .6 .3 .6 .5 .9 .4 .7 .6 .6 .3 1.0 1.0 1.1 2.3 Seasonally adjusted 1 Employer costs for employee benefits. NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. 136.2 137.0 137.7 138.5 138.9 139.7 140.4 141.6 142.2 143.2 144.1 144.9 145.4 146.8 148.2 149.9 153.4 0.8 .8 .7 .6 .8 .8 .8 1.0 .8 .8 1.1 .6 .4 1.1 .9 1.0 1.5 4.6 4.4 3.5 3.6 3.1 2.6 3.1 3.4 3.5 3.4 4.0 3.7 2.6 3.1 2.8 2.8 3.4 3.9 3.9 3.5 6.6 6.2 5.2 5.0 3.7 2.2 2.0 2.3 2.4 3.4 Not seasonally adjusted 2.7 2.9 2.9 3.1 3.0 2.9 3.2 3.4 3.5 3.5 3.8 3.5 3.0 3.3 3.1 3.4 4.6 3.2 3.4 3.3 3.4 3.4 3.3 3.6 3.9 4.0 4.0 4.3 3.9 3.3 3.6 3.2 3.5 4.2 1.6 1.7 1.8 2.0 2.0 2.0 2.0 2.3 2.3 2.6 2.6 2.4 2.2 2.5 2.8 3.4 5.5 Data exclude farm and household workers. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output 1 Business sector Nonfarm business sector Hours of all persons 2 Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Business sector Nonfarm business sector Implicit price deflator 5 Business sector Nonfarm business sector Indexes, 1992=100; quarterly data seasonally adjusted 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 1996: 1997: 1998: 1999: 2000: ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ I ................... II .................. III ................ IV ................. I ................... II .................. III ................ IV ................. I ................... II .................. III ................ IV ................. I ................... II .................. III ................ IV ................. I* ................. 95.1 96.2 100.0 100.5 101.8 102.5 105.4 107.4 110.5 114.0 104.4 105.6 105.6 106.0 106.2 107.0 107.9 108.3 109.6 109.8 110.7 111.9 112.7 112.9 114.2 116.1 116.6 95.3 96.4 100.0 100.5 101.8 102.7 105.4 107.1 110.1 113.5 104.5 105.6 105.5 106.0 106.0 106.8 107.7 108.0 109.2 109.5 110.4 111.5 112.2 112.4 113.7 115.6 116.3 97.6 96.5 100.0 103.1 108.1 111.5 116.4 122.2 128.5 134.6 114.0 116.1 116.8 118.4 119.9 121.7 123.0 124.2 126.7 127.4 128.8 131.1 132.4 133.0 135.1 137.9 139.9 97.8 96.6 100.0 103.3 108.2 111.8 116.7 122.4 128.8 135.0 114.4 116.4 117.2 118.7 120.2 121.9 123.2 124.4 127.0 127.8 129.1 131.5 132.8 133.4 135.6 138.4 140.4 102.6 100.3 100.0 102.6 106.2 108.8 110.4 113.8 116.3 118.1 109.2 110.0 110.7 111.7 112.9 113.7 114.0 114.7 115.6 116.1 116.4 117.2 117.5 117.8 118.3 118.8 120.0 102.7 100.2 100.0 102.9 106.3 108.9 110.7 114.3 117.0 119.0 109.4 110.3 111.0 112.1 113.3 114.1 114.4 115.3 116.3 116.7 117.0 117.9 118.3 118.7 119.2 119.7 120.7 90.6 94.9 100.0 102.4 104.5 106.7 110.1 114.2 120.4 126.4 108.6 109.7 110.7 111.6 112.5 113.2 114.6 116.5 117.9 119.5 121.3 122.8 124.3 125.8 127.2 128.2 129.4 90.5 94.9 100.0 102.1 104.3 106.5 109.8 113.8 119.8 125.4 108.4 109.4 110.3 111.2 112.1 112.9 114.1 115.9 117.3 118.9 120.7 122.1 123.3 124.8 126.2 127.4 128.7 96.4 97.4 100.0 99.9 99.7 99.3 99.7 101.2 105.3 108.3 99.3 99.5 99.9 100.0 100.2 100.6 101.4 102.5 103.6 104.6 105.8 106.7 107.5 108.0 108.5 108.6 108.6 96.3 97.4 100.0 99.6 99.5 99.1 99.5 100.8 104.7 107.5 99.2 99.3 99.5 99.6 99.9 100.3 100.9 102.0 103.1 104.1 105.3 106.1 106.7 107.1 107.7 107.9 108.0 95.3 98.7 100.0 101.9 102.6 104.1 104.5 106.4 109.0 110.9 104.0 103.9 104.8 105.2 105.9 105.8 106.1 107.6 107.6 108.9 109.6 109.7 110.3 111.4 111.4 110.5 111.0 95.0 98.5 100.0 101.7 102.5 103.7 104.2 106.2 108.7 110.5 103.7 103.7 104.5 104.9 105.8 105.7 106.0 107.3 107.4 108.6 109.4 109.5 109.9 111.1 111.0 110.2 110.6 94.8 98.1 100.0 102.2 104.0 106.0 107.7 109.6 110.4 111.4 107.0 107.5 108.0 108.4 109.1 109.6 109.8 110.0 110.1 110.3 110.5 110.6 111.0 111.3 111.5 111.9 112.5 94.5 98.0 100.0 102.2 104.1 106.1 107.6 109.8 110.6 111.6 106.9 107.3 107.7 108.3 109.1 109.7 110.0 110.3 110.5 110.6 110.8 110.7 111.1 111.5 111.7 112.2 112.9 4.3 3.6 1.6 1.7 .8 1.2 .5 1.9 2.4 1.6 ¥1.4 .0 3.2 1.6 3.3 ¥.3 1.2 5.2 .2 4.5 3.0 .4 1.5 4.2 ¥.3 ¥2.9 1.6 3.5 3.5 2.0 2.2 1.8 2.0 1.6 1.8 .7 .9 1.7 1.9 1.6 1.5 2.8 1.7 1.0 .8 .2 .7 .8 .3 1.3 1.1 .7 1.7 2.2 3.6 3.7 2.1 2.2 1.9 2.0 1.4 2.0 .8 .9 1.6 1.6 1.4 2.1 3.1 2.1 1.3 .9 .7 .5 .6 ¥.4 1.5 1.4 .7 1.9 2.4 Percent change; quarterly data at seasonally adjusted annual rates 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 1996: 1997: 1998: 1999: 2000: ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ I ................... II .................. III ................ IV ................. I ................... II .................. III ................ IV ................. I ................... II .................. III ................ IV ................. I ................... II .................. III ................ IV ................. I* ................. 1.3 1.2 3.9 .5 1.3 .7 2.8 1.9 2.9 3.2 4.1 4.5 .0 1.7 .7 3.1 3.5 1.2 4.8 .7 3.5 4.3 2.9 .8 4.7 6.6 1.8 1.1 1.2 3.7 .5 1.3 .9 2.6 1.6 2.8 3.0 3.9 4.0 ¥.1 1.6 .3 3.0 3.2 1.1 4.7 1.0 3.2 4.1 2.7 .5 5.0 6.9 2.4 1.5 ¥1.2 3.7 3.1 4.9 3.1 4.4 5.0 5.2 4.7 4.1 7.6 2.4 5.5 5.2 5.9 4.6 3.9 8.3 2.3 4.5 7.3 3.9 1.9 6.5 8.6 6.1 1.4 ¥1.3 3.5 3.3 4.7 3.4 4.3 4.9 5.2 4.8 3.9 7.4 2.5 5.6 4.8 5.8 4.4 4.0 8.5 2.4 4.4 7.4 4.0 1.8 6.8 8.5 6.1 0.2 ¥2.3 ¥.3 2.6 3.5 2.4 1.5 3.1 2.2 1.5 .0 2.9 2.4 3.7 4.5 2.7 1.1 2.6 3.3 1.5 .9 2.9 1.0 1.1 1.7 1.9 4.2 0.3 ¥2.4 ¥.2 2.9 3.3 2.4 1.7 3.2 2.4 1.7 ¥.1 3.3 2.6 3.9 4.5 2.8 1.2 2.9 3.6 1.4 1.2 3.1 1.3 1.3 1.7 1.5 3.6 1 Output 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 1978–98 is based on the consumer price index research series (CPI–U–RS). 16 5.7 4.8 5.3 2.4 2.0 2.1 3.2 3.7 5.4 5.0 2.4 4.4 3.5 3.3 3.4 2.7 4.8 6.7 5.0 5.6 6.1 4.9 4.9 5.1 4.5 3.3 3.5 5.5 4.9 5.3 2.1 2.1 2.1 3.1 3.6 5.3 4.7 2.5 4.0 3.1 3.3 3.6 2.6 4.4 6.4 4.9 5.6 6.2 4.6 4.2 4.7 4.6 3.8 4.1 0.6 1.1 2.6 ¥.1 ¥.2 ¥.4 .5 1.5 4.0 2.8 ¥.6 .8 1.4 .4 .9 1.6 3.1 4.7 4.2 4.0 4.6 3.3 3.2 1.8 1.9 .5 ¥.3 0.4 1.2 2.6 ¥.4 ¥.1 ¥.4 .4 1.4 3.9 2.6 ¥.5 .4 1.0 .3 1.1 1.5 2.7 4.4 4.2 4.0 4.7 3.0 2.5 1.5 2.0 .9 .2 4.3 3.6 1.4 1.9 .7 1.4 .4 1.8 2.4 1.8 ¥1.6 ¥.2 3.5 1.5 2.7 ¥.4 1.3 5.4 .2 4.8 2.6 .6 2.0 4.2 ¥.2 ¥3.1 1.7 5 Current dollar gross domestic output divided by the output index. NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released May 25, 2000. GDP data for 2000: I shown elsewhere in this issue were released June 29, 2000. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose in May; capacity utilization was unchanged. [Monthly data seasonally adjusted] Total industrial production Percent Period Index, 1992=100 From preceding month Industry production indexes, 1992=100 change 1 From year earlier Capacity utilization rate, percent 2 Manufacturing Total Durable Nondurable Mining Utilities Total industry Manufacturing ......................................... ......................................... ......................................... ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ......................................... 98.9 97.0 100.0 103.4 109.1 114.4 119.4 127.1 132.4 137.1 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. ¥0.2 ¥2.0 3.1 3.4 5.5 4.9 4.4 6.4 4.2 3.6 98.5 96.2 100.0 103.7 110.0 115.8 121.3 130.1 136.4 142.3 99.0 95.5 100.0 105.4 114.3 123.9 134.0 148.0 160.7 172.8 97.9 97.0 100.0 101.8 105.2 107.1 107.8 111.2 111.6 111.8 104.8 102.6 100.0 100.0 102.5 102.1 103.7 105.9 103.8 98.0 98.3 100.4 100.0 103.9 105.3 109.0 112.6 112.7 114.4 115.6 82.3 79.3 80.2 81.3 83.1 83.3 82.5 83.3 81.8 80.6 81.4 77.9 79.4 80.5 82.5 82.6 81.5 82.4 80.9 79.8 1999: May .............................. June ............................. July .............................. Aug .............................. Sept ............................. Oct ............................... Nov .............................. Dec .............................. 136.2 136.6 137.4 137.7 138.1 139.1 139.4 140.1 0.5 .3 .5 .3 .2 .7 .3 .5 2.9 3.9 4.6 3.1 3.4 3.7 4.2 4.7 141.0 141.4 142.0 142.5 142.9 144.2 145.0 145.6 170.8 172.2 173.8 174.4 175.0 176.5 177.4 178.4 111.9 111.3 111.0 111.5 111.8 113.0 113.6 113.7 97.4 97.1 97.8 98.5 98.3 99.2 99.7 99.5 116.1 117.4 119.8 117.8 117.7 115.2 110.9 113.5 80.5 80.5 80.7 80.7 80.6 81.0 80.9 81.1 79.7 79.6 79.7 79.7 79.7 80.2 80.3 80.3 2000: Jan ............................... Feb r ............................. Mar r ............................. Apr r ............................. May p ............................ 141.1 141.6 142.6 143.6 144.2 .7 .4 .7 .7 .4 5.3 5.3 5.5 6.0 5.8 146.7 147.2 148.3 149.3 149.7 181.0 181.8 184.5 186.5 187.8 113.5 113.8 113.6 113.7 113.4 99.7 100.0 101.6 102.0 102.3 114.6 115.3 113.2 116.1 117.7 81.4 81.5 81.8 82.1 82.1 80.7 80.7 81.0 81.3 81.2 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 1 Percent 2 Output changes based on unrounded indexes. as percent of capacity. Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1992=100; monthly data seasonally adjusted] Products Materials Final products Intermediate products Consumer goods Equipment Period Total Total 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Durable goods Nondurable goods Total 1 Business Defense and space equipment Total Construction supplies Business supplies Total Energy ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ 99.5 97.7 100.0 103.4 107.7 111.6 115.3 121.1 125.4 128.0 97.3 97.0 100.0 103.6 108.0 110.8 112.4 115.1 116.2 116.9 98.0 93.0 100.0 112.0 124.1 128.4 130.8 135.4 142.7 152.6 97.1 98.1 100.0 101.5 104.0 106.5 107.8 110.1 109.9 108.7 103.2 98.8 100.0 103.2 107.2 112.8 120.4 132.1 142.7 148.9 98.2 95.7 100.0 104.6 111.4 119.4 130.2 145.7 161.2 171.6 115.9 106.7 100.0 93.7 86.8 84.0 78.9 75.9 75.4 74.4 101.9 97.5 100.0 102.5 106.3 108.1 110.8 115.3 118.8 122.1 102.9 96.2 100.0 103.3 110.6 112.5 117.7 122.6 128.0 133.4 101.4 98.3 100.0 102.0 103.7 105.4 106.7 111.0 113.4 115.3 97.2 95.9 100.0 103.8 111.9 120.3 127.8 139.0 146.5 154.8 100.6 100.8 100.0 99.5 101.3 102.4 103.5 103.6 103.1 101.7 1999: May .................................................. June ................................................. July .................................................. Aug .................................................. Sept ................................................. Oct .................................................. Nov .................................................. Dec ................................................... 128.2 128.3 128.6 129.5 129.1 130.2 129.8 130.3 116.8 117.0 116.8 117.6 117.1 118.2 117.6 118.1 152.8 154.0 153.4 155.5 153.5 157.4 154.4 155.7 108.4 108.4 108.3 108.9 108.7 109.3 109.1 109.5 148.4 148.3 149.3 150.5 150.2 151.2 151.4 151.8 171.2 171.2 172.6 173.9 173.7 174.8 175.0 175.5 75.2 74.6 74.5 74.7 73.6 73.7 73.0 72.4 122.3 121.7 121.5 121.7 122.6 123.2 122.4 123.1 132.9 132.6 133.2 132.9 134.1 135.4 134.3 134.9 116.1 115.3 114.6 115.1 115.8 115.9 115.2 116.0 151.7 153.1 155.0 154.6 155.7 156.8 158.8 159.7 102.2 101.6 102.9 102.3 101.8 101.5 101.6 101.4 2000: Jan .................................................. Feb r ................................................. Mar r ................................................ Apr r ................................................. May p ................................................ 131.6 131.8 132.2 133.1 133.5 118.8 118.7 118.5 119.1 119.0 158.9 156.4 156.9 159.3 158.7 109.7 110.0 109.7 110.0 110.0 154.2 155.0 156.6 158.1 159.4 179.4 180.6 182.7 184.8 186.0 70.6 69.7 69.8 69.3 70.1 123.7 124.8 125.0 125.0 124.8 136.4 137.5 138.6 138.7 137.9 116.1 117.2 116.8 116.8 117.1 160.5 161.2 163.2 164.9 166.0 101.2 100.5 101.1 102.4 102.9 1 Includes oil and gas well drilling and manufactured homes, not shown separately. [1992=100; monthly data seasonally adjusted] Durable manufactures Primary metals Period Total 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Iron and steel Fabricated metal products Industrial machinery and equipment Electrical machinery Nondurable manufactures Transportation equipment Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ 104.0 96.7 100.0 105.1 113.8 116.2 119.6 126.7 125.6 126.6 106.4 96.0 100.0 106.1 114.4 116.5 118.9 125.6 122.6 123.2 101.2 96.2 100.0 104.4 112.2 116.4 120.1 126.1 128.8 128.7 100.1 95.4 100.0 110.1 125.6 143.7 159.6 178.3 206.4 230.1 87.7 89.6 100.0 109.4 130.5 165.7 206.6 260.0 315.1 390.2 102.3 96.5 100.0 103.5 107.5 106.7 107.6 117.1 121.6 122.4 95.3 88.5 100.0 113.0 130.6 133.2 131.8 140.6 141.7 151.0 101.6 94.5 100.0 100.8 105.9 107.9 110.1 115.0 118.5 121.6 97.2 97.8 100.0 102.4 106.3 107.1 104.1 102.1 96.6 90.7 103.1 99.1 100.0 100.7 100.7 101.3 101.3 105.2 105.1 104.4 97.3 96.4 100.0 101.6 104.8 107.4 109.8 114.6 115.1 117.5 97.0 98.4 100.0 102.0 103.7 105.8 105.4 107.8 109.3 110.1 1999: May .................................................. June ................................................. July .................................................. Aug .................................................. Sept ................................................. Oct .................................................. Nov .................................................. Dec ................................................... 123.9 127.4 128.0 129.6 128.3 129.0 131.1 132.8 120.1 124.5 126.2 127.6 125.9 124.9 130.7 131.7 127.2 128.3 128.6 128.5 128.4 128.8 129.7 129.0 228.4 228.2 230.0 231.4 235.5 238.3 239.7 241.8 373.3 384.2 399.2 401.3 402.1 412.6 418.1 426.4 122.8 123.5 122.9 122.9 123.1 122.3 121.8 120.4 150.6 152.9 152.2 152.2 155.6 155.7 155.8 152.7 123.9 122.2 121.5 120.2 119.7 120.5 119.8 121.4 91.2 90.7 89.8 89.2 89.0 89.1 89.1 89.1 104.1 103.5 102.8 103.6 104.6 106.0 105.7 105.3 117.0 116.3 115.8 117.7 117.4 119.8 122.7 122.9 110.6 110.0 108.9 108.9 109.6 110.1 110.3 110.0 2000: Jan .................................................. Feb r ................................................. Mar r ................................................ Apr r ................................................. May p ................................................ 132.8 130.9 133.4 133.9 133.4 130.8 129.1 132.7 132.5 132.3 130.8 130.4 130.6 131.2 130.9 247.7 252.6 256.9 260.2 261.6 443.5 455.6 475.5 491.2 503.8 121.7 119.6 120.4 120.2 120.7 156.6 153.4 155.6 155.9 157.0 122.1 121.2 119.9 119.6 119.5 89.0 89.7 89.4 89.9 88.5 105.3 105.7 105.9 105.1 105.5 121.6 122.4 121.0 121.0 120.5 109.8 110.7 111.2 111.1 111.0 Source: Board of Governors of the Federal Reserve System. 18 NEW CONSTRUCTION [Monthly data seasonally adjusted] Construction contracts 3 Private Period Total new construction expenditures Residential Total New housing units Total 1 Commercial and industrial 2 Other Federal and State and local Total value index (1992=100) Commercial and industrial floor space (millions of square feet) Billions of dollars 1990 r 1991 r 1992 r 1993 r 1994 r 1995 r 1996 r 1997 r 1998 r 1999 r ..................................... ..................................... ..................................... ..................................... ..................................... ..................................... ..................................... ..................................... ..................................... ..................................... 476.8 432.6 463.7 493.3 539.2 555.6 613.5 656.6 711.8 764.2 369.3 322.5 347.8 377.3 419.0 425.7 474.3 501.7 552.2 591.6 191.1 166.3 199.4 225.1 258.6 247.4 281.1 289.0 314.6 348.8 1999: May r .......................... June r ........................ July r ......................... Aug r ........................... Sept r .......................... Oct r ........................... Nov r ........................... Dec r ........................... 2000: Jan r ........................... Feb r ........................... Mar r .......................... Apr r ........................... May p .......................... 758.9 755.6 759.8 755.3 753.1 756.9 776.5 791.7 794.4 804.0 817.6 808.2 809.3 590.0 587.5 590.4 584.0 582.5 584.9 596.9 605.8 614.6 629.6 637.7 634.0 639.9 132.1 114.6 135.1 150.9 176.4 171.4 191.1 198.1 224.0 249.5 349.6 350.5 348.7 348.1 347.6 350.0 353.9 358.2 365.1 368.7 372.1 369.5 368.0 119.4 93.7 82.2 84.4 93.3 109.4 123.2 135.8 151.1 154.5 58.8 62.6 66.2 67.8 67.1 68.9 70.0 77.0 86.5 88.2 107.5 110.1 115.8 116.0 120.2 129.9 139.3 154.9 159.5 172.7 98 92 100 108 118 122 132 144 160 176 783 577 556 589 744 862 875 1,027 1,223 1,143 154.9 152.8 154.6 151.1 151.0 150.0 155.3 156.3 159.1 169.9 172.2 173.0 177.9 85.5 84.2 87.1 84.8 83.9 84.9 87.8 91.3 90.3 90.9 93.4 91.6 94.0 168.9 168.1 169.4 171.2 170.6 172.0 179.5 185.9 179.8 174.4 179.8 174.2 169.3 184 186 182 167 173 173 175 173 173 177 188 177 169 ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... Annual rates 249.5 249.5 248.7 248.4 248.8 249.6 253.8 259.8 265.4 268.7 270.7 268.6 266.7 1 Includes NOTE.—New construction expenditures series revised beginning 1983 to reflect annual revisions, as well as a change in estimating methodology for new one-unit housing (not shown separately here). Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies, Inc., F.W. Dodge Division. residential improvements, not shown separately. hotels and motels. Dodge series. 2 Includes 3 F.W. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] New private housing units Units started, by type of structure Period Total 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 New private homes 1 unit ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... 1,192.7 1,013.9 1,199.7 1,287.6 1,457.0 1,354.1 1,476.8 1,474.0 1,616.9 1,666.5 894.8 840.4 1,029.9 1,125.7 1,198.4 1,076.2 1,160.9 1,133.7 1,271.4 1,334.9 1999: May ........................... June .......................... July ........................... Aug ............................ Sept ........................... Oct ............................. Nov ............................ Dec ............................ 2000: Jan ............................ Feb ............................ Mar r .......................... Apr r ........................... May p .......................... 1,649 1,562 1,704 1,657 1,628 1,636 1,663 1,769 1,744 1,822 1,630 1,656 1,592 1,368 1,269 1,348 1,285 1,290 1,343 1,344 1,441 1,361 1,324 1,327 1,321 1,250 2–4 units 5 or more units 37.5 35.6 30.7 29.4 35.0 33.7 45.2 44.5 42.6 31.9 260.4 137.9 139.0 132.6 223.5 244.1 270.8 295.8 302.9 299.7 Units authorized 1,110.8 948.8 1,094.9 1,199.1 3 1,371.6 1,332.5 1,425.6 1,441.1 1,612.3 1,663.5 Units completed Homes sold Homes for sale at end of period 1 Vacancy rate for rental housing units (percent) 2 1,308.0 1,090.8 1,157.5 1,192.7 1,346.9 1,312.6 1,412.9 1,400.5 1,474.2 1,636.1 534 509 610 666 670 667 757 804 886 907 321 284 265 293 336 370 322 281 294 320 7.2 7.4 7.4 2 7.3 7.4 7.6 7.8 7.7 7.9 8.1 1,680 1,657 1,619 1,581 1,642 1,608 1,653 1,675 1,599 1,732 1,728 1,675 1,680 896 948 936 914 848 906 895 916 927 r 905 959 877 875 305 305 306 307 311 314 317 320 321 r 309 321 319 322 ...................... 8.1 ...................... ...................... 8.2 ...................... ...................... 7.9 ...................... ...................... 7.9 ...................... ...................... Seasonally adjusted annual rates 1 Seasonally 26 29 40 31 38 26 25 30 32 40 16 30 25 adjusted. series beginning 1994; not comparable with earlier data, except 1993 data have been revised to be comparable with new series beginning in 1994. Quarterly data entered in last month of quarter. 3 The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units. 2 Revised 255 264 316 341 300 267 294 298 351 458 287 305 317 1,639 1,696 1,673 1,658 1,553 1,636 1,678 1,683 1,762 1,661 1,597 1,559 1,511 NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units authorized are for 17,000 places. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In April, manufacturing and trade sales fell 0.6 percent and inventories rose $5.6 billion. According to advance data, retail sales fell 0.3 percent in May, following a decrease of 0.6 percent in April. Manufacturing and trade 1 Wholesale Retail Inventory-sales ratio 4 Sales 2 Period Sales 2 Inventories 3 Sales 2 Inventories 3 Total Inventories 3 Durable goods stores Nondurable goods stores Total Durable goods stores Nondurable goods stores Manufacturing and trade 1 Retail Millions of dollars, seasonally adjusted, except as noted 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 ................................ ................................ ................................ ............................... ............................... ............................... ............................... ............................... ............................... ............................... 545,909 542,815 567,176 595,628 639,163 684,982 718,113 753,445 779,413 833,079 840,594 834,609 842,809 870,396 934,769 995,547 1,014,340 1,061,815 1,100,166 1,150,554 149,506 148,306 154,150 161,484 172,811 188,842 199,961 208,446 212,926 228,540 195,833 200,448 208,302 217,425 236,287 254,844 257,626 276,140 290,171 307,925 153,718 154,661 162,632 173,509 187,350 196,584 208,530 217,547 228,799 249,577 55,736 54,165 58,634 65,160 73,888 78,946 84,916 88,602 94,699 104,583 97,981 100,497 103,999 108,349 113,462 117,639 123,614 128,944 134,101 144,994 239,688 243,211 251,997 268,932 293,605 309,718 319,985 329,542 343,197 372,252 121,212 119,206 123,169 135,056 152,996 164,999 170,775 176,349 183,630 202,474 118,476 124,005 128,828 133,876 140,609 144,719 149,210 153,193 159,567 169,778 1.52 1.53 1.48 1.44 1.41 1.43 1.40 1.38 1.39 1.35 1.56 1.54 1.52 1.51 1.50 1.55 1.51 1.49 1.47 1.44 1999: Apr r ..................... May r .................... June .................... July ..................... Aug ..................... Sept ..................... Oct ...................... Nov ...................... Dec ...................... 814,016 824,084 831,141 836,625 846,499 845,425 850,386 861,000 871,172 1,110,561 1,113,652 1,118,449 1,122,570 1,126,111 1,130,313 1,134,645 1,144,815 1,150,554 221,892 225,888 229,134 229,508 231,625 232,968 235,226 238,540 241,672 292,811 293,750 295,593 298,467 299,906 301,510 303,570 306,900 307,925 244,556 247,572 247,305 249,816 253,030 253,748 254,959 257,489 261,628 101,905 104,000 103,324 105,028 106,730 106,391 106,743 108,640 109,545 142,651 143,572 143,981 144,788 146,300 147,357 148,216 148,849 152,083 354,556 356,160 360,166 359,060 361,854 363,134 363,553 368,079 372,252 192,171 193,505 196,472 195,601 197,054 197,581 197,333 199,811 202,474 162,385 162,655 163,694 163,459 164,800 165,553 166,220 168,268 169,778 1.36 1.35 1.35 1.34 1.33 1.34 1.33 1.33 1.32 1.45 1.44 1.46 1.44 1.43 1.43 1.43 1.43 1.42 2000: Jan ...................... Feb ...................... Mar r .................... Apr r ..................... May p .................... 877,271 1,156,942 881,157 1,162,448 891,597 1,165,746 886,242 1,171,358 893,495 .................. 243,213 243,128 245,678 246,357 247,379 310,368 312,230 314,206 317,164 319,836 263,493 267,164 268,357 266,806 265,977 111,714 113,179 112,529 111,210 110,104 151,779 373,868 204,232 169,636 1.32 1.42 153,985 374,219 203,281 170,938 1.32 1.40 155,828 375,653 204,946 170,707 1.31 1.40 155,596 376,326 206,517 169,809 1.32 1.41 155,873 ................ ................ ................ ................ ................ 1 See page 21 for manufacturing. 2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 3 Seasonally adjusted, end of period. 20 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS In May, manufacturers’ shipments, inventories, and new and unfilled orders rose. Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries, nondefense Nondurable goods 33,331 30,471 31,524 31,694 35,697 40,511 44,631 48,165 51,700 54,955 53,041 50,948 55,030 56,423 56,050 56,291 54,385 62,639 63,350 57,715 60,375 61,509 60,498 118,924 118,957 121,905 124,617 130,191 138,851 142,730 147,610 147,832 154,502 151,650 154,044 154,371 156,994 156,537 158,283 160,813 161,318 160,985 164,627 165,932 163,866 166,579 Manufacturers’ unfilled orders 2 Manufacturers’ inventory— shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 1990 ................................. 1991 ................................. 1992 ................................. 1993 ................................. 1994 ................................. 1995 .................................. 1996 .................................. 1997 .................................. 1998 .................................. 1999 ................................. 1999: May ....................... June ...................... July ........................ Aug ....................... Sept ....................... Oct ......................... Nov ........................ Dec ........................ 2000: Jan ........................ Feb ........................ Mar ....................... Apr r ....................... May p ...................... 242,686 239,847 250,394 260,635 279,002 299,555 309,622 327,452 337,687 354,961 350,624 354,702 357,301 361,844 358,709 360,201 364,971 367,872 370,565 370,865 377,562 373,079 380,139 123,776 121,000 128,489 135,886 149,131 160,586 167,013 179,892 189,666 200,623 199,425 200,990 203,268 205,709 201,895 202,306 204,430 206,480 209,442 206,555 211,477 209,309 213,915 118,910 118,847 121,905 124,749 129,870 138,970 142,608 147,560 148,022 154,338 151,199 153,712 154,033 156,135 156,814 157,895 160,541 161,392 161,123 164,310 166,085 163,770 166,224 405,073 390,950 382,510 384,039 404,877 430,985 436,729 456,133 466,798 470,377 463,742 462,690 465,043 464,351 465,669 467,522 469,836 470,377 472,706 475,999 475,887 477,868 478,696 263,209 250,019 238,105 239,334 253,624 268,353 273,815 286,372 295,344 295,034 292,403 291,645 293,505 292,461 292,901 293,448 294,970 295,034 296,566 298,505 297,959 299,396 299,745 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 141,864 140,931 144,405 144,705 151,253 162,632 162,914 169,761 171,454 175,343 171,339 171,045 171,538 171,890 172,768 174,074 174,866 175,343 176,140 177,494 177,928 178,472 178,951 244,507 238,805 248,212 257,698 279,733 300,632 312,442 329,335 336,140 356,599 348,259 351,128 359,903 364,440 360,886 360,725 365,612 379,485 374,967 374,882 385,097 370,423 385,768 125,583 119,849 126,308 133,081 149,542 161,782 169,711 181,726 188,308 202,097 196,609 197,084 205,532 207,446 204,349 202,442 204,799 218,167 213,982 210,255 219,165 206,557 219,189 531,131 519,199 492,893 457,810 466,699 479,674 513,062 536,131 519,038 538,217 521,638 518,064 520,666 523,262 525,439 525,963 526,604 538,217 542,619 546,636 554,171 551,515 557,144 1.65 1.65 1.54 1.47 1.41 1.41 1.40 1.37 1.38 1.31 1.32 1.30 1.30 1.28 1.30 1.30 1.29 1.28 1.28 1.28 1.26 1.28 1.26 3 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES The producer price index for all finished goods was unchanged in May. Prices of finished consumer foods fell 0.2 percent, while prices of other finished consumer goods were unchanged. Capital equipment prices rose 0.1 percent. [1982=100; monthly data seasonally adjusted] Finished goods Period Total finished goods Finished goods excluding consumer foods Consumer foods Consumer goods Total Total 1990 ........................... 1991 ........................... 1992 ........................... 1993 ........................... 1994 ........................... 1995 ........................... 1996 ........................... 1997 ........................... 1998 ........................... 1999 .......................... 1999: May ............... June .............. July ............... Aug ................ Sept ............... Oct ................. Nov ................ Dec ................ 2000: Jan r ............... Feb ................ Mar ................ Apr ................ May ................ 1 Intermediate 22 119.2 121.7 123.2 124.7 125.5 127.9 131.3 131.8 130.7 133.0 132.3 132.4 132.7 133.5 134.6 134.6 134.7 134.9 135.0 136.4 137.7 137.3 137.3 Intermediate materials 124.4 124.1 123.3 125.7 126.8 129.0 133.6 134.5 134.3 135.1 134.2 135.0 134.4 135.1 136.1 135.7 135.4 135.4 135.7 136.3 136.5 137.9 137.6 117.4 120.9 123.1 124.4 125.1 127.5 130.5 130.9 129.5 132.3 131.6 131.6 132.1 132.9 134.1 134.2 134.4 134.7 134.7 136.3 138.0 137.0 137.1 materials for food manufacturing and feeds. 115.3 118.7 120.8 121.7 121.6 124.0 127.6 128.2 126.4 130.5 129.5 129.5 130.4 131.5 133.1 133.2 133.5 133.8 133.8 136.1 138.4 136.9 136.9 Durable 120.4 123.9 125.7 128.0 130.9 132.7 134.2 133.7 132.9 133.0 133.0 132.8 132.6 132.8 133.2 133.7 133.5 133.6 133.6 133.3 133.6 133.7 134.2 Nondurable 111.5 115.0 117.3 117.6 116.2 118.8 123.3 124.3 122.2 127.9 126.4 126.6 127.9 129.3 131.4 131.3 131.9 132.3 132.3 135.7 138.8 136.6 136.4 Capital equipment 122.9 126.7 129.1 131.4 134.1 136.7 138.3 138.2 137.6 137.6 137.7 137.5 137.3 137.4 137.6 137.9 137.8 138.0 138.2 138.1 138.3 138.6 138.8 Total finished consumer goods 118.2 120.5 121.7 123.0 123.3 125.6 129.5 130.2 128.9 132.0 131.0 131.3 131.7 132.7 134.1 134.0 134.2 134.4 134.5 136.3 138.0 137.3 137.3 Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other 114.5 114.4 114.7 116.2 118.5 124.9 125.7 125.6 123.0 123.2 122.3 122.7 123.5 124.1 124.7 124.9 125.2 125.6 126.2 127.3 128.5 128.4 128.3 113.3 111.1 110.7 112.7 114.8 114.8 128.1 125.4 116.2 111.1 109.5 110.1 109.0 110.4 111.5 112.4 111.7 109.6 109.7 110.6 111.2 112.1 112.9 114.5 114.6 114.9 116.4 118.7 125.5 125.6 125.7 123.4 123.9 123.0 123.4 124.3 124.9 125.4 125.6 126.0 126.5 127.1 128.2 129.5 129.3 129.2 108.9 101.2 100.4 102.4 101.8 102.7 113.8 111.1 96.8 98.2 96.7 96.9 97.1 102.1 106.8 104.2 109.6 104.2 106.9 111.9 113.9 111.1 114.6 113.1 105.5 105.1 108.4 106.5 105.8 121.5 112.2 103.9 98.7 98.2 98.2 94.4 97.8 99.1 99.2 100.2 98.2 98.9 99.5 103.0 104.7 102.8 101.5 94.6 93.5 94.7 94.8 96.8 104.5 106.4 88.4 94.3 92.2 92.4 95.4 101.3 108.2 103.9 112.1 104.5 108.5 116.5 117.4 111.4 118.6 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In May, the consumer price index for all urban consumers rose 0.1 percent both seasonally adjusted and not seasonally adjusted. The index was 3.1 percent above its year-earlier level. [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted] All items 1 Housing Transportation Shelter Period Not season- Seasonally ally adjust- adjusted ed (NSA) Food Total 1 Rent of primary residence Total 1 Owners’ equivalent rent (12/82= 100) Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Rel. imp.3 ......................... 1990 ................................. 1991 ................................. 1992 ................................. 1993 ................................. 1994 ................................. 1995 ................................. 1996 ................................. 1997 ................................. 1998 ................................. 1999 ................................. 1999: May ..................... June ..................... July ..................... Aug ...................... Sept ..................... Oct ....................... Nov ...................... Dec ...................... 100.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 166.2 166.2 166.7 167.1 167.9 168.2 168.3 168.3 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 166.2 166.2 166.7 167.2 167.8 168.1 168.4 168.8 15.3 132.4 136.3 137.9 140.9 144.3 148.4 153.3 157.3 160.7 164.1 163.9 163.9 164.1 164.4 164.9 165.3 165.6 165.8 39.6 128.5 133.6 137.5 141.2 144.8 148.5 152.8 156.8 160.4 163.9 163.3 163.6 163.9 164.2 164.7 164.8 165.3 165.4 30.2 140.0 146.3 151.2 155.7 160.5 165.7 171.0 176.3 182.1 187.3 186.5 186.9 187.3 187.6 188.1 188.3 188.9 189.1 7.0 138.4 143.3 146.9 150.3 154.0 157.8 162.0 166.7 172.1 177.5 176.9 177.2 177.6 178.0 178.4 178.8 179.6 180.1 20.5 144.8 150.4 155.5 160.5 165.8 171.3 176.8 181.9 187.8 192.9 192.5 192.8 193.1 193.5 193.8 194.0 194.6 195.0 4.7 111.6 115.3 117.8 121.3 122.8 123.7 127.5 130.8 128.5 128.8 127.4 127.6 128.2 128.7 129.9 130.1 130.5 129.8 4.7 124.1 128.7 131.9 133.7 133.4 132.0 131.7 132.9 133.0 131.3 131.8 131.4 130.4 130.0 131.2 132.0 131.5 131.5 17.5 ............ 120.5 121.0 123.8 125.3 126.5 128.4 130.4 131.5 134.3 136.0 139.1 139.0 143.0 141.4 144.3 141.7 141.6 140.7 144.4 139.6 143.8 139.4 143.2 139.3 144.7 139.3 145.8 139.2 146.7 139.5 147.1 139.5 147.2 139.4 148.4 139.3 3.2 101.2 99.4 99.0 98.0 98.5 100.0 106.3 106.2 92.2 100.7 99.3 97.5 101.0 105.9 108.6 108.3 108.0 113.4 5.8 162.8 177.0 190.1 201.4 211.0 220.5 228.2 234.6 242.1 250.6 249.6 250.4 251.2 252.0 252.8 253.4 254.1 255.0 7.0 102.1 102.5 103.0 104.2 104.6 105.2 110.1 111.5 102.9 106.6 104.9 104.2 106.1 108.5 110.4 110.4 110.5 112.5 77.7 135.5 142.1 147.3 152.2 156.5 161.2 165.6 169.5 173.4 177.0 176.8 177.0 177.4 177.5 178.1 178.4 178.7 178.9 2000: Jan Feb Mar Apr May 168.7 169.7 171.1 171.2 171.3 169.1 170.0 171.2 171.2 171.3 165.7 166.3 166.5 166.6 167.5 165.9 166.8 167.4 167.6 168.0 189.7 190.2 191.1 191.4 191.9 180.6 181.2 181.7 181.9 182.5 195.5 196.1 196.6 197.0 197.4 130.5 133.9 133.3 133.5 133.4 130.0 130.2 130.6 130.0 129.7 148.6 150.5 154.3 153.2 152.5 115.1 122.2 136.0 130.4 125.7 255.7 256.7 258.0 258.8 259.6 113.6 118.8 124.6 122.2 119.9 179.2 179.5 180.3 180.6 180.9 1 Includes ...................... ...................... ...................... ...................... ...................... items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. 3 Relative importance, December 1999. 139.0 139.0 139.3 139.7 139.8 Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Change from preceding period Period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment 3.4 2.5 1.7 1.8 2.0 2.2 .4 ¥.6 0 .3 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 4.9 2.1 1.2 1.2 .6 1.9 2.7 .4 ¥.8 1.8 0.1 ¥.1 ¥.1 .1 .1 .2 ¥.1 .1 3.7 2.5 1.5 3.7 6.8 5.9 3.6 .9 ¥1.2 ¥.6 .9 2.7 3.3 3.9 .9 ¥2.0 7.8 5.8 3.4 6.3 11.6 8.9 6.2 2.1 0 0 ¥.9 ¥.9 .3 1.8 1.2 1.2 2.3 2.0 1.7 3.7 4.6 3.7 3.7 3.8 ¥1.0 1.0 ¥2.8 .7 1.3 2.4 1.8 .6 5.1 3.5 4.8 7.0 8.6 6.1 6.3 6.8 ¥0.1 ¥.1 ¥.4 ¥.4 .1 .4 .1 .7 1.4 1.5 1.5 2.3 3.1 2.8 3.1 2.9 .1 Excluding foods Foods Change from year earlier, total finished goods NSA 1.2 5.1 8.6 7.0 2.7 0 2.7 3.3 6.6 3.9 1.8 8.0 14.5 9.6 2.4 r.9 3.5 4.4 4.7 4.1 3.9 1.9 1.8 .6 3.3 3.3 5.3 7.1 8.1 5.6 5.2 r 1.3 2.5 4.0 4.5 3.9 3.9 Change, Dec. to Dec., NSA 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... 5.7 ¥.1 1.6 .2 1.7 2.3 2.8 ¥1.2 0 2.9 2.6 ¥1.5 1.6 2.4 1.1 1.9 3.4 ¥.8 .1 .8 8.7 ¥.7 1.6 ¥1.4 2.0 2.3 3.7 ¥1.5 ¥.1 5.1 Change, month to month 1999: May ............. June ............ July ............. Aug ............. Sept ............. Oct .............. Nov ............. Dec ............. 0.1 .1 .2 .6 .8 0 .1 .1 0.1 .6 ¥.4 .5 .7 ¥.3 ¥.2 0 0.2 0 .7 .8 1.2 .1 .2 .2 2000: Jan .............. Feb .............. Mar ............. Apr .............. May ............. .1 1.0 1.0 ¥.3 0 .2 .4 .1 1.0 ¥.2 0 1.7 1.7 ¥1.1 0 r ¥.1 .1 .2 .1 .9 .9 r 1.2 2.0 1.0 1.0 1.0 1.5 Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing Transportation Shelter Period All items 1 Food Total 1 Total 1 Rent of Ownpriers’ mary equivaresilent dence rent Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Addendum: All items, percent change (annual rate) From previous quarter 3 From From 3 6 months months earlier earlier From year earlier NSA Change, December to December, NSA 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 ......................... ......................... ......................... ......................... ......................... ......................... ......................... ......................... ......................... ......................... 6.1 3.1 2.9 2.7 2.7 2.5 3.3 1.7 1.6 2.7 5.3 1.9 1.5 2.9 2.9 2.1 4.3 1.5 2.3 1.9 4.5 3.4 2.6 2.7 2.2 3.0 2.9 2.4 2.3 2.2 5.2 3.9 2.9 3.0 3.0 3.5 2.9 3.4 3.3 2.5 4.1 2.9 2.3 2.2 2.5 2.5 2.8 3.1 3.4 3.1 4.8 3.7 3.0 3.2 3.3 3.7 2.8 3.1 3.2 2.4 4.0 2.9 2.3 2.5 .2 1.4 4.6 .5 ¥2.6 2.4 5.1 3.4 1.4 .9 ¥1.6 .1 ¥.2 1.0 ¥.7 ¥.5 1999: May .............. June ............. July .............. Aug ............... Sept .............. Oct ............... Nov ............... Dec ............... 0 0 .3 .3 .4 .2 .2 .2 0.3 0 .1 .2 .3 .2 .2 .1 0.1 .2 .2 .2 .3 .1 .3 .1 0.2 .2 .2 .2 .3 .1 .3 .1 0.2 .2 .2 .2 .2 .2 .4 .3 0.2 .2 .2 .2 .2 .1 .3 .2 ¥0.2 .2 .5 .4 .9 .2 .3 ¥.5 ¥0.1 ¥.3 ¥.8 ¥.3 .9 .6 ¥.4 0 2000: Jan ............... Feb ............... Mar ............... Apr ............... May .............. .2 .5 .7 0 .1 ¥.1 .4 .1 .1 .5 .3 .5 .4 .1 .2 .3 .3 .5 .2 .3 .3 .3 .3 .1 .3 .3 .3 .3 .2 .2 .5 2.6 ¥.4 .2 ¥.1 ¥1.1 .2 .3 ¥.5 ¥.2 10.4 ¥1.5 3.0 2.4 3.8 1.5 4.4 ¥1.4 ¥1.7 5.4 1.4 3.3 2.3 2.8 3.2 1.6 1.6 ¥1.0 ¥.1 ¥.8 36.5 ¥16.0 1.8 ¥5.4 5.9 ¥4.0 12.7 ¥6.2 ¥15.4 30.2 9.6 7.9 6.6 5.4 4.9 3.9 3.0 2.8 3.4 3.7 18.1 ¥7.4 2.0 ¥1.4 2.2 ¥1.3 8.6 ¥3.4 ¥8.8 13.4 5.2 4.4 3.3 3.2 2.6 3.0 2.6 2.2 2.4 1.9 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 5.4 4.2 3.0 3.0 2.6 2.8 3.0 2.3 1.6 2.2 ¥0.5 ¥.4 1.0 .8 .6 .3 .1 .8 ¥0.1 ¥.1 0 ¥.1 .2 0 ¥.1 ¥.1 ¥2.8 ¥1.8 3.6 4.9 2.5 ¥.3 ¥.3 5.0 0.2 .3 .3 .3 .3 .2 .3 .4 ¥1.3 ¥.7 1.8 2.3 1.8 0 .1 1.8 0.1 .1 .2 .1 .3 .2 .2 .1 .......... 3.2 .......... .......... 2.4 .......... .......... 2.9 3.4 2.7 1.2 2.4 3.9 3.4 2.9 2.4 2.5 2.2 2.4 2.9 3.3 2.3 2.7 3.2 2.1 2.0 2.1 2.3 2.6 2.6 2.6 2.7 .1 1.3 2.5 ¥.7 ¥.5 ¥.2 0 .2 .3 .1 1.5 6.2 11.3 ¥4.1 ¥3.6 .3 .4 .5 .3 .3 1.0 4.6 4.9 ¥1.9 ¥1.9 .2 .2 .4 .2 .2 .......... .......... 4.1 .......... .......... 2.4 3.9 5.8 5.1 3.1 2.9 3.4 4.1 3.7 3.5 2.7 3.2 3.7 3.0 3.1 Change, month to month 1 Includes items not shown separately. fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 2 Household 24 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 June, prices received by farmers fell 2.0 percent while prices paid by farmers were unchanged. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 All farm products Prices paid by farmers Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 ............................... ............................... ............................... ............................... ............................... ............................... ............................... .............................. .............................. ............................... 104 100 98 101 100 102 112 107 101 96 103 101 101 102 105 112 127 115 106 96 105 99 97 100 95 92 99 98 97 95 99 100 101 104 106 109 115 118 115 115 99 100 101 103 106 108 115 118 114 113 99 100 101 104 106 108 115 119 113 112 105 99 97 97 94 93 98 91 88 83 1999: June ................... July .................... Aug .................... Sept ................... Oct ..................... Nov .................... Dec ..................... 97 95 99 96 91 93 91 100 95 99 95 88 89 88 95 95 98 98 96 98 95 115 115 115 115 116 116 117 113 113 113 113 114 115 115 111 111 111 112 112 113 113 84 83 86 83 78 80 78 2000: Jan ..................... Feb ..................... Mar ..................... Apr .................... May r .................. June ................... 90 92 95 100 101 99 87 90 94 101 104 99 94 94 96 100 99 99 118 118 119 119 120 120 116 117 117 118 118 118 114 115 115 116 116 117 76 78 80 84 84 83 1 Includes items not shown separately. ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. 2 Percentage 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 May, M2 fell; growth in M3 slowed. [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted] M1 Period Sum of currency, demand deposits, travelers’ checks, and other checkable deposits (OCDs) M2 M3 M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits Debt M2 plus large time deposits, RPs, Eurodollars, and institutional MMMF balances Debt of domestic nonfinancial sectors (monthly average of adjacent month-end levels)1 Percent change from year or 6 months earlier2 M1 Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec r ...................................................... Dec r ...................................................... Dec r ...................................................... 824.4 896.3 1,024.3 1,129.7 1,150.1 1,126.8 1,081.1 1,073.9 1,097.4 1,122.9 r 3,281.0 3,381.0 3,435.7 3,490.8 3,505.4 3,650.1 3,822.9 4,041.9 4,396.8 4,655.4 4,155.8 4,208.2 4,219.2 4,280.0 4,354.1 r 4,617.5 4,952.4 5,403.2 5,996.7 6,477.0 10,825.0 11,300.0 11,824.0 12,409.1 12,997.9 13,705.9 r 14,443.9 15,234.7 16,282.9 17,381.1 4.0 8.7 14.3 10.3 1.8 ¥2.0 ¥4.1 ¥.7 2.2 2.3 1999: Apr r ...................................................... May r ...................................................... June r ..................................................... July r ...................................................... Aug r ...................................................... Sept r ..................................................... Oct r ....................................................... Nov r ...................................................... Dec r ...................................................... 1,107.2 1,101.7 1,100.1 1,099.5 1,098.7 1,096.1 1,101.3 1,109.5 1,122.9 4,490.4 4,513.0 4,530.9 4,552.8 4,570.5 4,590.1 4,607.1 4,627.3 4,655.4 6,123.8 6,156.3 6,187.3 6,211.0 6,229.1 6,255.9 6,306.5 6,384.7 6,477.0 16,684.7 16,759.0 16,837.8 16,920.0 17,017.8 17,122.3 17,212.6 17,280.6 17,381.1 2000: Jan r ...................................................... Feb r ...................................................... Mar r ...................................................... Apr r ...................................................... May ....................................................... 1,119.4 1,105.8 1,112.3 1,116.5 1,105.1 4,679.3 4,691.3 4,728.3 4,768.8 4,764.8 6,521.2 6,539.0 6,612.2 6,655.3 6,675.7 17,469.9 17,536.0 17,639.2 p 17,718.7 ...................... 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 1Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data derived from flow of funds accounts. 2Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 26 M2 Debt 1.6 1.6 .4 4.1 4.7 5.7 8.8 5.9 1.6 1.3 .3 1.4 1.7 6.0 7.3 9.1 11.0 8.0 6.5 4.4 4.6 4.9 4.7 5.4 5.4 r 5.5 r 6.9 6.7 4.1 1.5 .5 .6 .8 ¥1.0 ¥1.1 1.4 4.1 7.5 6.8 6.1 5.9 5.5 5.7 5.2 5.1 5.5 8.0 7.1 6.4 6.1 5.0 5.5 6.0 7.4 9.4 7.2 6.9 6.8 6.7 6.8 6.6 6.3 6.2 6.5 3.6 1.3 3.0 2.8 ¥.8 5.6 5.3 6.0 7.0 5.9 10.0 10.0 11.4 11.1 9.1 6.5 6.1 6.0 5.9 ............ NOTE.—See p. 27 for components. Source: Board of Governors of the Federal Reserve System. 3.8 M3 r 3.0 COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] Period 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: Currency Nonbank travelers checks Demand deposits Other checkable deposits (OCDs) Money market mutual fund balances Retail Savings deposits, including money market deposit accounts (MMDAs) Institutional Small denomination time deposits 1 Large denomination time deposits 1 Overnight and term Overnight repurand term chase Euroagreedollars ments (net) (RPs) (net) Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec ........................................... Dec r .......................................... 247.0 267.5 292.6 322.1 354.4 372.5 394.3 424.8 459.5 515.5 7.0 7.1 7.6 7.4 8.0 8.5 8.3 8.1 8.2 8.3 276.8 289.5 339.8 385.5 383.6 389.2 402.3 395.3 379.3 355.2 293.7 332.3 384.3 414.6 404.1 356.6 276.1 245.8 250.3 244.0 360.2 375.3 356.9 359.8 389.0 457.7 524.4 r 602.8 r 749.2 842.9 138.0 186.2 208.0 209.4 201.9 254.3 312.0 380.8 518.4 607.4 923.0 1,043.8 1,186.5 1,219.2 1,149.9 1,134.2 1,270.6 1,397.1 1,598.6 1,734.4 1,173.4 1,065.6 868.1 782.0 816.3 931.4 946.9 968.2 951.7 955.2 482.1 417.6 354.5 334.5 364.2 420.5 492.2 573.9 r 628.2 705.9 151.5 131.1 141.6 172.6 196.3 198.4 210.7 256.0 300.8 334.7 103.3 92.3 79.5 72.8 86.3 94.0 114.6 150.7 152.6 173.5 1999: May r .......................................... June r ......................................... July r ......................................... Aug r .......................................... Sept r ......................................... Oct r ........................................... Nov r .......................................... Dec r .......................................... 480.0 483.5 487.3 491.2 495.3 499.3 504.2 515.5 8.3 8.8 9.1 8.9 8.7 8.4 8.2 8.3 365.9 360.6 360.1 356.5 351.3 353.3 355.9 355.2 247.5 247.2 243.0 242.0 240.8 240.3 241.2 244.0 793.2 799.5 803.8 808.7 814.9 820.4 827.9 842.9 550.1 553.9 556.1 563.8 566.9 577.7 592.1 607.4 1,684.4 1,699.9 1,718.1 1,729.6 1,741.5 1,743.1 1,740.8 1,734.4 933.8 931.4 931.5 933.4 937.6 942.3 949.2 955.2 625.8 624.9 626.4 623.5 629.5 653.1 679.9 705.9 305.0 312.8 312.7 313.3 313.5 313.4 321.5 334.7 162.3 164.8 163.0 158.0 155.8 155.2 163.9 173.5 2000: Jan r .......................................... Feb r .......................................... Mar r .......................................... Apr r .......................................... May ........................................... 524.4 518.5 517.5 518.5 520.0 8.2 8.1 8.2 8.2 8.3 343.7 338.1 343.0 341.9 334.4 243.1 241.2 243.7 248.0 242.5 862.5 865.6 879.8 893.8 890.9 623.5 617.5 640.7 640.0 649.2 1,735.5 1,751.6 1,761.4 1,774.5 1,775.5 961.9 968.2 974.8 983.9 993.3 713.0 715.4 722.7 739.5 743.4 329.4 343.2 339.5 334.5 341.2 176.0 171.6 180.9 172.6 177.0 1 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Borrowings of depository institutions from the Federal Reserve (NSA) Reserves of depository institutions Period Total 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Nonborrowed Nonborrowed plus extended credit Required Monetary base Total Seasonal Extended credit ......................................................................... ......................................................................... ......................................................................... ......................................................................... ......................................................................... ......................................................................... ......................................................................... ......................................................................... ......................................................................... ......................................................................... 41,748 45,495 54,395 60,541 59,433 56,470 50,173 46,868 45,189 41,742 41,422 45,303 54,272 60,459 59,224 56,212 50,018 46,543 45,073 41,422 41,445 45,303 54,272 60,459 59,224 56,212 50,018 46,543 45,073 41,422 40,083 44,506 53,242 59,471 58,274 55,180 48,757 45,183 43,676 40,434 293,249 317,550 350,935 386,561 418,218 434,327 451,617 479,171 512,749 591,188 326 192 124 82 209 257 155 324 117 320 76 38 18 31 100 40 68 79 15 67 23 1 1 0 0 0 0 0 0 0 1999: May r ......................................................................... June r ........................................................................ July r ......................................................................... Aug r ......................................................................... Sept r ........................................................................ Oct r .......................................................................... Nov r ......................................................................... Dec r ......................................................................... 44,381 42,758 42,035 41,910 41,772 41,339 41,560 41,742 44,254 42,613 41,726 41,566 41,434 41,058 41,325 41,422 44,254 42,613 41,726 41,566 41,434 41,058 41,325 41,422 43,159 41,463 40,911 40,750 40,563 40,189 40,231 40,434 533,813 536,549 540,488 544,354 550,333 557,847 569,432 591,188 127 145 309 344 338 281 236 320 89 127 226 271 282 221 71 67 0 0 0 0 0 0 0 0 2000: Jan r Feb r Mar r Apr r May r 43,113 41,635 40,453 40,919 41,354 42,739 41,527 40,274 40,615 40,992 42,739 41,527 40,274 40,615 40,992 41,088 40,521 39,244 39,768 40,388 591,970 573,501 571,368 572,724 573,764 374 108 179 304 362 31 44 71 120 276 0 0 0 0 0 ......................................................................... ......................................................................... ......................................................................... ......................................................................... ......................................................................... 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. NOTE.—Data for reserves and the monetary base reflect annual revisions. See Federal Reserve release H.3 (502) Aggregate Reserves of Depository Institutions and the Monetary Base dated June 8, 2000 for details. Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 1.3 percent in May; commercial and industrial loans rose 2.0 percent. [Billions of dollars, seasonally adjusted 1] Securities in bank credit Period Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... May r ......... June r ........ July r ......... Aug r ......... Sept r ......... Oct r .......... Nov r ......... Dec r .......... 2000: Jan r .......... Feb r .......... Mar r ......... Apr r .......... May ........... 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 1999: Total bank credit 2,751.9 2,858.0 2,956.7 3,115.4 3,321.7 3,604.4 3,759.9 4,099.5 4,536.5 4,763.6 4,516.3 4,560.1 4,563.9 4,593.2 4,617.3 4,633.6 4,688.0 4,763.6 4,787.8 4,821.2 4,859.0 4,905.3 4,970.8 Total securities U.S. Government securities 634.3 746.0 841.5 915.2 940.0 984.5 978.0 1,084.0 1,222.2 1,263.6 1,191.2 1,214.3 1,232.3 1,244.0 1,244.9 1,249.8 1,243.0 1,263.6 1,267.0 1,268.3 1,276.3 1,284.5 1,302.5 456.4 566.5 664.8 730.5 722.0 702.2 699.4 748.3 792.6 803.9 801.8 811.6 815.2 818.5 817.5 813.1 799.0 803.9 812.0 814.1 812.4 810.2 811.5 Loans and leases in bank credit Real estate Other Total loans Commersecurities and leases 2 cial and industrial 177.9 179.5 176.7 184.6 217.9 282.2 278.5 335.7 429.6 459.6 389.4 402.7 417.2 425.5 427.4 436.7 444.1 459.6 455.0 454.2 463.9 474.3 491.0 2,117.6 2,112.0 2,115.2 2,200.3 2,381.7 2,619.9 2,781.9 3,015.6 3,314.3 3,500.0 3,325.0 3,345.8 3,331.6 3,349.2 3,372.4 3,383.8 3,444.9 3,500.0 3,520.8 3,552.9 3,582.7 3,620.8 3,668.3 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities. 28 645.9 624.3 600.6 591.0 651.0 725.2 788.7 856.1 950.4 1,003.2 957.4 965.0 966.7 973.0 978.2 982.2 997.8 1,003.2 1,012.5 1,021.4 1,030.4 1,039.0 1,059.5 Total 858.3 884.1 906.5 947.8 1,010.9 1,089.6 1,141.3 1,246.4 1,336.0 1,469.1 1,361.3 1,368.5 1,372.1 1,384.0 1,402.6 1,419.3 1,432.6 1,469.1 1,486.3 1,504.0 1,521.1 1,541.6 1,563.1 Revolving home equity 66.3 74.3 78.4 77.9 80.3 84.2 90.4 104.4 103.4 101.6 105.3 104.3 98.8 99.8 99.9 99.7 100.4 101.6 104.0 106.0 108.5 112.2 114.9 Consumer Security Other Other 792.0 809.9 828.1 869.8 930.6 1,005.4 1,050.9 1,142.0 1,232.6 1,367.5 1,255.9 1,264.2 1,273.3 1,284.1 1,302.7 1,319.6 1,332.1 1,367.5 1,382.4 1,398.0 1,412.6 1,429.5 1,448.2 380.5 363.5 355.9 387.3 447.8 491.0 512.4 502.3 497.3 491.1 493.3 489.2 482.3 481.9 482.4 482.2 483.6 491.1 497.1 501.8 504.9 508.7 513.0 44.5 53.8 63.9 88.1 77.5 84.1 76.4 96.2 148.3 153.1 128.1 130.7 123.5 123.4 118.3 109.6 133.6 153.1 143.2 142.4 142.6 143.4 144.6 188.5 186.3 188.3 186.1 194.5 229.9 263.1 314.6 382.3 383.5 384.9 392.4 387.1 387.0 390.9 390.4 397.3 383.5 381.6 383.3 383.8 387.9 388.1 2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External Funds raised in markets Period Total 1990 r 1991 r 1992 r 1993 r 1994 r 1995 r 1996 r 1997 r 1998 r 1999 r 1998: ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... I r .............. II r ............ III r ........... IVr ............ 1999: I r .............. II r ............ III r ........... IV r ........... 2000: I p ............. 614.8 514.4 626.4 728.6 808.4 1,011.8 1,075.6 1,014.7 1,233.8 1,490.5 1,441.2 1,151.5 1,271.6 1,070.8 1,626.0 1,441.8 1,531.8 1,362.3 1,573.6 Internal 1 431.3 447.3 465.1 510.7 566.8 621.0 677.1 731.2 762.3 797.1 759.1 758.7 761.1 770.4 789.8 792.8 799.2 806.8 833.2 Credit market instruments Total 183.5 67.1 161.3 217.9 241.6 390.8 398.5 283.5 471.5 693.3 682.1 392.8 510.5 300.4 836.2 649.0 732.6 555.5 740.3 Total Total net funds raised Net new equity issues Total 64.0 ¥27.6 73.2 68.9 92.3 178.8 88.9 157.8 149.0 336.1 286.6 337.1 50.0 ¥77.8 576.3 16.8 342.5 408.6 581.6 ¥63.0 18.3 27.0 21.3 ¥44.9 ¥58.3 ¥69.5 ¥114.4 ¥267.0 ¥143.5 ¥139.2 ¥129.1 ¥308.4 ¥491.3 ¥52.1 ¥338.4 ¥128.4 ¥55.0 62.8 127.0 ¥45.8 46.2 47.6 137.2 237.1 158.4 272.3 416.0 479.5 425.8 466.3 358.4 413.4 628.4 355.2 470.9 463.6 518.8 1 Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed capital, foreign earnings retained abroad, and inventory valuation adjustment. 2 Includes tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in the U.S. Other 2 Loans and shortterm paper Securities and mortgages 59.1 71.1 56.0 72.6 46.4 120.0 101.4 138.6 263.5 323.8 314.4 325.3 127.1 287.0 366.5 381.2 282.4 265.1 267.4 67.9 ¥116.9 ¥9.8 ¥25.0 90.8 117.2 57.0 133.6 152.5 155.7 111.4 140.9 231.2 126.4 261.9 ¥26.0 188.5 198.5 251.4 119.5 94.7 88.1 149.1 149.3 212.0 309.6 125.6 322.5 357.3 395.5 55.7 460.5 378.2 259.9 632.2 390.1 146.9 158.8 Capital expenditures 3 573.8 525.9 616.1 857.3 867.8 1,089.5 1,088.1 938.3 1,181.8 1,460.9 1,377.4 1,105.7 1,232.4 1,011.5 1,594.9 1,416.5 1,501.8 1,330.4 1,540.3 Increase in financial assets Discrepancy (sources less uses) 124.4 82.3 145.1 332.6 274.8 423.6 403.3 158.9 351.3 581.8 556.7 295.0 390.0 163.4 745.6 553.4 616.7 411.6 604.4 41.0 ¥11.5 10.3 ¥128.7 ¥59.3 ¥77.7 ¥12.5 76.4 52.0 29.6 63.8 45.8 39.2 59.3 31.2 25.3 30.0 31.8 33.3 449.5 443.7 471.0 524.8 593.0 665.9 684.7 779.4 830.5 879.1 820.7 810.6 842.4 848.1 849.3 863.1 885.1 918.8 935.9 3 Plant and equipment, residential structures, inventory investment, and access rights from U.S. Government. Source: Board of Governors of the Federal Reserve System. CONSUMER CREDIT [Billions of dollars; seasonally adjusted] Consumer credit outstanding (end of period) Period Total 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 1999: Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... May .............................................................................. June ............................................................................. July .............................................................................. Aug .............................................................................. Sept .............................................................................. Oct ............................................................................... Nov ............................................................................... Dec ............................................................................... 2000: Jan ............................................................................... Feb ............................................................................... Mar .............................................................................. Apr r .............................................................................. May p ............................................................................. 789.1 777.1 782.2 838.8 960.4 1,095.8 1,182.6 1,234.5 1,301.0 1,393.7 1,343.4 1,348.4 1,356.1 1,364.5 1,366.3 1,371.6 1,382.7 1,393.7 1,409.4 1,418.8 1,429.4 1,438.2 1,450.0 1 Change based on data in billions of dollar as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. Revolving 238.6 263.8 278.4 309.9 365.6 443.1 499.4 531.2 560.5 595.6 572.9 578.6 582.6 584.1 584.4 585.2 589.0 595.6 603.8 608.5 615.5 622.0 626.6 Nonrevolving 2 550.5 513.3 503.7 528.8 594.9 652.7 683.1 703.3 740.5 798.0 770.5 769.9 773.5 780.4 781.9 786.4 793.8 798.0 805.6 810.2 813.9 816.2 823.3 Net change in consumer credit outstanding 1 Total 10.4 ¥12.0 5.1 56.6 121.6 135.4 86.8 51.9 66.5 92.7 10.0 5.0 7.7 8.4 1.8 5.3 11.1 11.0 15.7 9.4 10.6 8.8 11.8 Revolving 27.4 25.2 14.6 31.5 55.7 77.5 56.3 31.8 29.3 35.1 2.6 5.7 4.0 1.5 .3 .8 3.8 6.6 8.2 4.7 7.0 6.5 4.6 Nonrevolving 2 ¥17.0 ¥37.2 ¥9.6 25.1 66.1 57.8 30.4 20.2 37.2 57.5 7.3 ¥.6 3.6 6.9 1.5 4.5 7.4 4.2 7.6 4.6 3.7 2.3 7.1 Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates fell in June. [Percent per annum] U.S. Treasury security yields Constant Period 1990 ....................... 1991 ....................... 1992 ....................... 1993 ....................... 1994 ....................... 1995 ....................... 1996 ....................... 1997 ....................... 1998 ....................... 1999 ....................... 1999: June ............ July ............. Aug ............. Sept ............. Oct .............. Nov ............. Dec ............. 2000: Jan ............. Feb .............. Mar ............. Apr .............. May ............. June ............ Week ended: 2000: June 10 ....... 17 ...... 24 ...... July 1 ...... 8 ...... 1 Bank-discount 3-month bills (new issues) 1 3-year maturities 2 10-year 30-year Highgrade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) 30 Discount rate (N.Y. F.R. Bank) 4 Prime rate charged by banks 4 Federal funds rate 5 Newhome mortgage yields (FHFB) 6 7.51 5.42 3.45 3.02 4.29 5.51 5.02 5.07 4.81 4.66 4.59 4.60 4.76 4.73 4.88 5.07 5.23 5.34 5.57 5.72 5.67 5.92 5.74 8.26 6.82 5.30 4.44 6.27 6.25 5.99 6.10 5.14 5.49 5.70 5.62 5.77 5.75 5.94 5.92 6.14 6.49 6.65 6.53 6.36 6.77 6.43 8.55 7.86 7.01 5.87 7.09 6.57 6.44 6.35 5.26 5.65 5.90 5.79 5.94 5.92 6.11 6.03 6.28 6.66 6.52 6.26 5.99 6.44 6.10 8.61 8.14 7.67 6.59 7.37 6.88 6.71 6.61 5.58 5.87 6.04 5.98 6.07 6.07 6.26 6.15 6.35 6.63 6.23 6.05 5.85 6.15 5.93 7.25 6.89 6.41 5.63 6.19 5.95 5.75 5.55 5.12 5.43 5.34 5.36 5.59 5.70 5.92 5.85 5.93 6.10 6.06 5.89 5.76 6.04 5.84 9.32 8.77 8.14 7.22 7.96 7.59 7.37 7.26 6.53 7.04 7.23 7.19 7.40 7.39 7.55 7.36 7.55 7.78 7.68 7.68 7.64 7.99 7.67 7.95 5.85 3.80 3.30 4.93 5.93 5.42 5.62 * * * * * * * * * * * * * * * 6.98 5.45 3.25 3.00 3.60 5.21 5.02 5.00 4.92 4.62 4.50–4.50 4.50–4.50 4.50–4.75 4.75–4.75 4.75–4.75 4.75–5.00 5.00–5.00 5.00–5.00 5.00–5.25 5.25–5.50 5.50–5.50 5.50–6.00 6.00–6.00 10.01 8.46 6.25 6.00 7.15 8.83 8.27 8.44 8.35 8.00 7.75–7.75 8.00–8.00 8.00–8.25 8.25–8.25 8.25–8.25 8.25–8.50 8.50–8.50 8.50–8.50 8.50–8.75 8.75–9.00 9.00–9.00 9.00–9.50 9.50–9.50 8.10 5.69 3.52 3.02 4.21 5.83 5.30 5.46 5.35 4.97 4.76 4.99 5.07 5.22 5.20 5.42 5.30 5.45 5.73 5.85 6.02 6.27 6.53 10.05 9.32 8.24 7.20 7.49 7.87 7.80 7.71 7.07 7.04 7.03 7.29 7.09 7.09 7.17 7.24 7.28 7.45 7.54 7.60 7.63 7.55 .............. 5.80 5.78 5.69 5.68 5.83 6.47 6.40 6.42 6.37 6.25 6.13 6.06 6.09 6.08 6.01 5.90 5.91 5.95 5.94 5.88 5.90 5.83 5.81 5.83 5.78 7.60 7.59 7.73 7.73 7.68 * * * * * 6.00–6.00 6.00–6.00 6.00–6.00 6.00–6.00 6.00–6.00 9.50–9.50 9.50–9.50 9.50–9.50 9.50–9.50 9.50–9.50 6.49 6.50 6.51 6.53 6.85 .............. .............. .............. .............. .............. basis. on the more actively traded issues adjusted to constant maturities by the Treasury Department. 3 Weekly data are Wednesday figures. 4 Average effective rate for year; opening and closing rate for month and week. 5 Daily effective rate; average of the rates on a given day weighted by the volume of transactions at these rates. 2 Yields Prime commercial paper, 6 months 1 6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. *Series no longer published by Federal Reserve (FR). See FR release H. 15 Selected Interest Rates, May 12, 1997. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s. COMMON STOCK PRICES AND YIELDS Overall, stock prices rose in June. Common stock prices 1 Period Composite 1990 ........................................... 1991 ........................................... 1992 ........................................... 1993 ........................................... 1994 ........................................... 1995 ........................................... 1996 ........................................... 1997 ........................................... 1998 ........................................... 1999 ........................................... 1999: June ................................ July ................................. Aug ................................. Sept ................................. Oct .................................. Nov ................................. Dec .................................. 2000: Jan .................................. Feb .................................. Mar ................................. Apr .................................. May ................................. June ................................ Week ended: 2000: June 10 .......................... 17 .......................... 24 .......................... July 1 .......................... 8 .......................... 1 Average Industrial Transportation 3 Dec. Utility 3 Finance Dow-Jones industrial average 4 Standard & Poor’s composite index (1941– 43=10) 5 Dividendprice ratio Earningsprice ratio 183.46 206.33 229.01 249.58 254.12 291.15 358.17 456.54 550.26 619.16 629.53 648.83 621.03 607.87 599.04 634.22 638.17 634.07 606.03 622.28 646.82 640.07 649.61 225.78 258.14 284.62 299.99 315.25 367.34 453.98 574.52 681.57 774.78 783.96 809.33 778.82 769.47 753.94 791.41 808.28 814.73 775.46 790.35 822.76 814.75 819.54 158.62 173.99 201.09 242.49 247.29 269.41 327.33 414.60 468.69 491.60 520.66 528.72 492.13 462.33 450.13 474.78 461.04 456.36 398.69 384.39 406.14 411.50 395.09 181.20 185.32 198.91 228.90 209.06 220.30 249.77 283.82 378.12 473.73 482.71 501.00 483.68 475.42 478.19 502.59 511.64 485.82 482.30 509.59 502.78 487.17 501.93 133.26 150.82 179.26 216.42 209.73 238.45 303.89 424.48 516.35 530.86 546.43 557.92 521.59 493.37 490.92 539.20 510.99 495.23 471.65 489.90 524.05 523.22 544.51 2,678.94 2,929.33 3,284.29 3,522.06 3,793.77 4,493.76 5,742.89 7,441.15 8,625.52 10,464.88 10,704.02 11,052.22 10,935.47 10,714.03 10,396.88 10,809.80 11,246.36 11,281.26 10,541.93 10,483.39 10,944.31 10,580.27 10,582.93 334.59 376.18 415.74 451.41 460.42 541.72 670.50 873.43 1,085.50 1,327.33 1,322.55 1,380.99 1,327.49 1,318.17 1,300.01 1,391.00 1,428.68 1,425.59 1,388.87 1,442.21 1,461.36 1,418.48 1,461.96 3.61 3.24 2.99 2.78 2.82 2.56 2.19 1.77 1.49 1.25 1.25 1.20 1.25 1.27 1.28 1.21 1.18 1.18 1.21 1.18 1.14 1.17 1.12 6.47 4.79 4.22 4.46 5.83 6.09 5.24 4.57 3.46 3.17 2.99 .................. .................. 3.43 .................. .................. 3.28 .................. .................. 3.40 .................. .................. .................. 652.88 652.85 646.82 643.51 648.80 819.70 822.10 817.94 817.39 822.77 406.70 399.57 382.08 385.21 402.25 502.22 506.95 510.09 489.09 490.65 557.35 549.01 531.98 531.83 539.87 10,729.30 10,607.62 10,454.32 10,484.23 10,540.43 1,463.09 1,465.83 1,466.95 1,451.53 1,462.84 1.12 1.12 1.11 1.13 1.13 .................. .................. .................. .................. .................. of daily closing prices. all the stocks (more than 3,000) listed on the NYSE. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index to facilitate trading of options and futures on the index. All indexes shown here reflect the doubling. 4 Includes 30 stocks. 2 Includes Common stock yields (percent) 6 New York Stock Exchange indexes (Dec. 31, 1965=50, except as noted) 2 5 Includes 500 stocks. 6 Standard & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor’s. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 8 months of fiscal 2000, there was a surplus of $120.3 billion, compared with a surplus of $40.7 billion a year earlier. [Billions of dollars] Total Fiscal year or period Receipts 1982 ............................. 1983 ............................. 1984 ............................. 1985 ............................. 1986 ............................. 1987 ............................. 1988 ............................. 1989 ............................. 1990 ............................. 1991 ............................. 1992 ............................. 1993 ............................. 1994 ............................. 1995 ............................. 1996 ............................. 1997 ............................. 1998 ............................. 1999 ............................. 2000 (estimates) r ........ Cumulative total, first 8 months: 1 Fiscal year 1999 ...... Fiscal year 2000 ...... Outlays 617.8 600.6 666.5 734.1 769.2 854.4 909.3 991.2 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,721.8 1,827.5 2,013.1 745.8 808.4 851.9 946.4 990.5 1,004.1 1,064.5 1,143.7 1,253.2 1,324.4 1,381.7 1,409.5 1,461.9 1,515.8 1,560.6 1,601.3 1,652.6 1,703.0 1,801.6 1,179.1 1,318.5 1,138.4 1,198.2 On-budget Surplus or deficit (¥) Federal debt (end of period) Receipts Outlays Surplus or deficit (¥) ¥128.0 ¥207.8 ¥185.4 ¥212.3 ¥221.2 ¥149.8 ¥155.2 ¥152.5 ¥221.2 ¥269.4 ¥290.4 ¥255.1 ¥203.3 ¥164.0 ¥107.5 ¥22.0 69.2 124.4 211.5 474.3 453.2 500.4 547.9 569.0 641.0 667.8 727.5 750.3 761.2 788.9 842.5 923.6 1,000.8 1,085.6 1,187.3 1,306.0 1,383.0 1,534.9 594.4 661.3 686.1 769.6 807.0 810.3 861.8 932.8 1,028.1 1,082.7 1,129.3 1,142.9 1,182.5 1,227.2 1,259.7 1,290.7 1,336.0 1,382.3 1,471.6 ¥120.1 ¥208.0 ¥185.7 ¥221.7 ¥238.0 ¥169.3 ¥194.0 ¥205.2 ¥277.8 ¥321.6 ¥340.5 ¥300.5 ¥258.9 ¥226.4 ¥174.1 ¥103.4 ¥30.0 .7 63.3 143.5 147.3 166.1 186.2 200.2 213.4 241.5 263.7 281.7 293.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 478.2 151.4 147.1 165.8 176.8 183.5 193.8 202.7 210.9 225.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 330.0 ¥7.9 .2 .3 9.4 16.7 19.6 38.8 52.8 56.6 52.2 50.1 45.3 55.7 62.4 66.6 81.4 99.2 123.7 148.2 1,137.3 1,371.7 1,564.7 1,817.5 2,120.6 2,346.1 2,601.3 2,868.0 3,206.6 3,598.5 4,002.1 4,351.4 4,643.7 4,921.0 5,181.9 5,369.7 5,478.7 5,606.1 5,657.0 924.6 1,137.3 1,307.0 1,507.4 1,740.8 1,889.9 2,051.8 2,191.0 2,411.8 2,689.3 3,000.1 3,248.8 3,433.4 3,604.8 3,734.5 3,772.8 3,721.6 3,632.9 3,448.6 40.7 120.3 885.1 1,000.3 923.1 975.6 ¥38.1 24.7 294.1 318.2 215.3 222.6 78.8 95.6 5,556.1 5,597.8 3,673.9 3,487.0 1 Data from current issue Monthly Treasury Statement. NOTE.—Data for fiscal 2000 are from Mid-Session Review, Budget of the United States Government, Fiscal Year 2001, issued June 26, 2000. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2001, issued February 7, 2000. Estimated figures for fiscal 2000 would be modified by the Administration’s proposal to place the Medicare 32 Off-budget Receipts Outlays Surplus or deficit (¥) Gross Federal Held by the public Hospital Insurance Trust Fund off-budget, which would shift that fund’s totals of $110.6 billion in outlays, $134.4 billion in receipts, and a surplus of $23.8 billion from on-budget to offbudget. Sources: Department of the Treasury and Office of Management and Budget. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 8 months of fiscal 2000, receipts were $139.4 billion higher than a year earlier and outlays were $59.8 billion higher. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period Total 1982 1983 1984 1985 1986 1987 1988 1989 Individual income taxes Corporation income taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... 617.8 600.6 666.5 734.1 769.2 854.4 909.3 991.2 297.7 288.9 298.4 334.5 349.0 392.6 401.2 445.7 49.2 37.0 56.9 61.3 63.1 83.9 94.5 103.3 201.5 209.0 239.4 265.2 283.9 303.3 334.3 359.4 1990 ................................................... 1991 ................................................... 1992 ................................................... 1993 ................................................... 1994 ................................................... 1995 ................................................... 1996 ................................................... 1997 ................................................... 1998 ................................................... 1999 ................................................... 2000 (estimates) r .............................. Cumulative total, first 8 months: 1 Fiscal year 1999 .................... Fiscal year 2000 .................... 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,721.8 1,827.5 2,013.1 466.9 467.8 476.0 509.7 543.1 590.2 656.4 737.5 828.6 879.5 998.9 93.5 98.1 100.3 117.5 140.4 157.0 171.8 182.3 188.7 184.7 202.7 380.0 396.0 413.7 428.3 461.5 484.5 509.4 539.4 571.8 611.8 648.7 91.5 93.1 101.4 98.9 113.7 120.1 115.4 120.2 132.7 151.5 162.8 1,179.1 1,318.5 576.5 665.3 98.1 113.6 405.5 434.1 1 Data from current issue Monthly Treasury Statement. Note.—See Note, p. 32. Total 69.3 745.8 65.6 808.4 71.8 851.9 73.1 946.4 73.2 990.5 74.6 1,004.1 79.3 1,064.5 82.8 1,143.7 InterDepart- nationment of al Defense, affairs military Health Medicare Income Social security security Net interest Other 185.3 209.9 227.4 252.7 273.4 282.0 290.4 303.6 180.7 204.4 220.9 245.2 265.5 274.0 281.9 294.9 12.3 11.8 15.9 16.2 14.2 11.6 10.5 9.6 27.4 28.6 30.4 33.5 35.9 40.0 44.5 48.4 46.6 52.6 57.5 65.8 70.2 75.1 78.9 85.0 107.7 122.6 112.7 128.2 119.8 123.3 129.4 136.1 156.0 170.7 178.2 188.6 198.8 207.4 219.3 232.5 85.0 89.8 111.1 129.5 136.0 138.7 151.8 169.0 125.4 122.2 118.6 131.8 142.2 126.1 139.7 159.5 1,253.2 1,324.4 1,381.7 1,409.5 1,461.9 1,515.8 1,560.6 1,601.3 1,652.6 1,703.0 1,801.6 299.3 273.3 298.4 291.1 281.6 272.1 265.8 270.5 268.5 274.9 290.6 289.8 262.4 286.9 278.6 268.6 259.4 253.2 258.3 256.1 261.4 277.5 13.8 15.9 16.1 17.2 17.1 16.4 13.5 15.2 13.1 15.2 17.1 57.7 71.2 89.5 99.4 107.1 115.4 119.4 123.8 131.4 141.1 155.0 98.1 104.5 119.0 130.6 144.7 159.9 174.2 190.0 192.8 190.4 203.7 147.1 170.3 197.0 207.3 214.1 220.5 226.0 230.9 233.2 237.7 252.5 248.6 269.0 287.6 304.6 319.6 335.8 349.7 365.3 379.2 390.0 409.7 184.4 194.5 199.4 198.7 203.0 232.2 241.1 244.0 241.2 229.7 222.7 204.2 225.8 174.7 160.6 174.7 163.6 171.0 161.5 193.2 223.9 250.3 99.1 1,138.4 105.5 1,198.2 179.7 191.7 171.2 183.2 11.7 12.6 91.8 100.2 125.7 130.4 168.6 174.6 256.3 267.7 157.0 155.1 147.5 165.8 Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 2000, according to revised estimates, Federal current receipts rose $70.8 billion (annual rate) and Federal current expenditures fell $20.1 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government current receipts Period Total Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Federal Government current expenditures Contributions for social insurance Total Consumption expenditures Transfer payments Grantsin-aid to State and local governments Net interest paid Subsidies less current surplus of Government enterprises Less: Wage accruals less disbursements Current surplus or deficit (¥), national income and product accounts Calendar year: 1991 .............................. 1992 .............................. 1993 .............................. 1994 .............................. 1995 .............................. 1996 .............................. 1997 .............................. 1998 .............................. 1999 .............................. 1,072.3 1,121.3 1,197.3 1,293.7 1,383.7 1,499.1 1,627.2 1,750.7 1,871.3 465.2 479.4 509.9 547.8 591.8 670.0 750.9 835.7 900.2 109.9 118.8 138.5 156.7 179.3 190.6 204.2 206.5 222.4 78.5 81.3 85.3 95.2 93.0 95.1 94.9 97.3 101.5 418.6 441.8 463.7 493.9 519.6 543.3 577.2 611.2 647.1 1,287.6 1,418.9 1,471.5 1,506.0 1,575.7 1,635.9 1,676.0 1,703.8 1,755.8 439.1 445.8 442.6 439.7 439.2 445.3 457.0 453.5 474.8 463.4 565.2 597.9 618.6 652.1 691.6 716.6 730.4 754.5 131.6 149.1 162.6 174.5 184.5 190.4 195.7 209.3 225.5 225.2 229.2 230.2 239.6 267.5 273.6 276.3 278.4 262.8 28.2 29.6 38.2 33.6 32.4 35.1 30.4 32.1 38.3 ¥0.1 .0 .0 .0 .0 .0 .0 .0 .0 ¥215.3 ¥297.5 ¥274.1 ¥212.3 ¥192.0 ¥136.8 ¥48.8 46.9 115.4 1997: I ............................. II ........................... III .......................... IV .......................... 1,573.8 1,609.0 1,648.0 1,677.8 723.0 740.1 759.0 781.5 196.2 199.9 211.5 209.3 89.4 96.7 97.2 96.2 565.2 572.4 580.4 590.8 1,661.2 1,672.2 1,675.9 1,694.6 452.7 461.6 458.1 455.6 709.3 712.7 715.6 728.6 192.8 192.2 195.9 201.7 273.6 275.2 277.1 279.4 32.7 30.5 29.1 29.2 .0 .0 .0 .0 ¥87.4 ¥63.2 ¥27.9 ¥16.8 1998: I ............................. II ........................... III .......................... IV .......................... 1,704.8 1,734.4 1,770.3 1,793.3 803.3 824.0 847.3 868.1 206.2 207.2 209.9 202.6 95.8 96.4 97.7 99.6 599.5 606.9 615.4 623.1 1,680.0 1,690.9 1,710.7 1,733.5 445.1 457.4 451.4 460.0 724.4 724.2 731.0 742.1 202.1 200.8 220.2 214.2 279.8 280.0 279.6 274.3 28.6 28.4 28.5 42.9 .0 .0 .0 .0 24.9 43.5 59.6 59.7 1999: I ............................. II ........................... III .......................... IV .......................... 1,826.5 1,853.1 1,883.1 1,922.3 877.9 892.1 908.0 922.7 212.6 218.1 222.4 236.7 99.5 100.0 101.5 105.0 636.5 642.9 651.2 657.9 1,728.9 1,735.0 1,749.3 1,810.2 467.0 465.2 475.0 491.9 743.4 749.7 754.8 770.1 219.9 215.7 230.6 235.6 266.0 264.8 259.9 260.6 32.6 39.5 29.0 51.8 .0 .0 .0 .0 97.6 118.1 133.8 112.2 2000: I r ............................ 1,993.1 964.5 249.6 107.7 671.3 1,790.1 483.0 774.5 234.4 262.9 35.3 .0 203.0 Source: Department of Commerce, Bureau of Economic Analysis. 34 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (1992=100; seasonally adjusted) Period United States 1990 ....................................... 1991 ....................................... 1992 ....................................... 1993 ....................................... 1994 ....................................... 1995 ....................................... 1996 ....................................... 1997 ....................................... 1998 ...................................... 1999 p ..................................... 1999: Apr ............................. May ............................ June ........................... July ............................ Aug ............................. Sept ........................... Oct ............................. Nov ............................ Dec ............................ 2000: Jan ............................ Feb ............................. Mar ............................. Apr ............................ May p .......................... 1 Data Canada 98.9 102.9 97.0 98.9 100.0 100.0 103.4 104.5 109.1 111.3 114.4 116.3 119.4 118.3 127.1 124.8 132.4 127.7 137.1 133.5 r 131.1 135.5 136.2 131.5 r 132.6 136.6 137.4 134.1 r 135.4 137.7 r 136.2 138.1 r 135.7 139.1 r 136.8 139.4 140.1 137.7 r 138.9 141.1 r 141.6 r 137.6 r 142.6 r 138.6 r 143.6 138.4 144.2 .............. Japan France Germany Italy Consumer prices (1982–84=100; NSA) United Kingdom United States 1 104.1 102.4 99.9 101.7 103.1 106.1 101.2 102.3 101.3 99.7 100.0 100.0 100.0 100.0 100.0 96.5 96.1 92.4 97.9 102.2 r 97.8 100.0 95.6 103.9 107.7 100.9 102.0 96.8 109.2 109.5 r 103.3 103.0 97.4 107.1 110.7 107.0 106.8 100.8 111.1 111.8 99.9 112.3 105.0 112.3 112.5 r 100.8 114.8 106.7 112.3 113.0 r 97.6 113.1 105.4 111.0 112.0 r 100.2 114.1 105.9 110.7 112.4 r 100.0 114.0 106.4 112.3 112.8 r 100.6 115.1 107.4 113.0 113.7 r 102.9 115.1 109.0 114.0 114.2 r 102.4 116.0 107.8 113.5 114.0 r 102.3 116.6 108.8 114.2 114.2 r 103.5 118.1 109.1 115.5 114.3 r 103.7 116.7 109.2 115.7 113.8 r 103.4 r 116.6 108.3 114.4 113.4 r 103.1 r 117.9 r 112.7 111.2 116.3 r 105.2 r 118.8 r 111.6 r 116.5 r 113.6 104.7 118.6 113.7 115.8 114.6 104.8 ............ ............ .............. .............. relate to all urban consumers. 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 166.2 166.2 166.2 166.7 167.1 167.9 168.2 168.3 168.3 168.7 169.7 171.1 171.2 171.3 Canada Japan 135.5 143.1 145.3 147.9 148.2 151.4 153.8 156.3 157.8 160.5 160.0 160.4 160.5 161.0 161.4 161.8 162.0 161.8 162.0 161.8 162.7 163.9 163.3 164.2 Germany 111.4 115.0 116.9 118.4 119.3 119.1 119.3 121.4 122.1 121.8 122.1 122.1 121.8 121.3 121.6 122.0 122.2 121.5 121.2 120.8 120.7 120.9 121.2 121.3 Italy 112.2 116.2 122.1 127.6 131.1 133.3 135.2 137.8 139.1 139.9 139.7 139.7 139.9 140.5 140.4 140.1 140.0 140.3 140.7 141.1 141.6 141.9 141.9 141.7 France 160.4 170.5 179.5 187.7 195.3 205.6 213.8 218.2 222.5 226.2 225.4 225.8 225.8 226.4 226.6 227.0 227.8 228.2 228.4 228.9 229.7 230.3 230.5 231.3 132.9 137.2 140.4 143.4 145.8 148.4 151.4 153.2 154.2 155.0 155.1 155.1 155.1 154.8 155.0 155.3 155.4 155.4 156.2 156.2 156.4 157.1 157.1 157.4 United Kingdom 148.2 156.9 162.7 165.3 169.4 175.1 179.4 185.0 191.4 194.3 194.1 194.6 194.6 194.0 194.5 195.3 195.6 195.9 196.6 195.7 196.8 197.9 199.9 200.6 Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Office of Trade and Economic Analysis). U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Goods: Imports (customs value) Census basis (by end-use category) Services (BOP basis) Balance of trade (exports minus imports) Census basis (by end-use category) BOP basis Period 1990 ............. 1991 ............. 1992 ............. 1993 ............. 1994 ............. 1995 ............. 1996 ............. 1997 ............. 1998 ............. 1999 r ............ 1999: Apr r .. May r June r July r Aug r .. Sept r Oct r .. Nov r .. Dec r .. 2000: Jan r .. Feb r Mar r Apr p 1 Total BOP basis 389.3 416.9 440.4 456.8 502.4 575.8 612.1 679.7 r 670.3 684.4 55.4 55.3 55.7 56.4 58.4 59.1 59.2 59.7 61.2 60.3 60.9 62.5 62.6 Total, Census basis 1 393.6 421.7 448.2 465.1 512.6 584.7 625.1 689.2 682.1 695.8 56.4 56.5 56.9 57.4 59.3 60.2 60.0 59.9 62.1 61.3 62.0 63.1 63.2 Auto- ConIndusmo- sumer Foods, trial Capital tive goods feeds, supgoods vehi- (nonand plies except cles, food) bevand auto- parts except erages mate- motive and autorials enmogines tive 35.1 35.7 40.3 40.6 42.0 50.5 55.5 51.5 46.4 45.5 3.7 3.7 3.8 3.9 3.9 4.1 4.0 3.7 3.8 4.0 3.9 4.0 3.9 104.4 109.7 109.1 111.8 121.4 146.2 147.7 158.2 148.3 147.0 11.6 11.7 11.9 11.6 12.5 13.1 13.2 13.7 13.6 13.3 13.9 14.6 13.8 152.7 166.7 175.9 181.7 205.0 233.0 253.0 294.5 299.6 311.4 25.3 25.2 25.2 26.0 26.8 26.7 26.8 26.4 27.8 27.4 27.0 27.2 29.2 37.4 40.0 47.0 52.4 57.8 61.8 65.0 74.0 73.2 75.8 6.3 6.2 6.3 6.3 6.7 6.4 6.4 6.4 6.6 6.6 6.5 6.9 6.4 includes ‘‘other’’ exports or imports, not shown separately. 43.3 45.9 51.4 54.7 60.0 64.4 70.1 77.4 79.3 80.8 6.7 6.5 6.6 6.7 6.6 6.9 6.8 6.9 7.2 7.0 7.4 7.4 7.3 BOP basis 498.3 491.0 536.5 589.4 668.6 749.6 803.3 876.4 917.2 1,029.9 81.3 83.1 86.1 87.6 88.9 89.7 90.8 92.1 93.5 94.4 95.5 99.7 99.5 IndusAutoFoods, trial Capital motive Total, feeds, supgoods vehiCensus and plies except cles, basis 1 bevand auto- parts erages mate- motive and enrials gines 495.3 488.5 532.7 580.7 663.3 743.5 795.3 869.7 911.9 1,024.6 81.0 82.9 85.8 87.4 88.3 88.7 90.3 91.2 92.7 93.7 94.7 99.0 99.3 26.6 26.5 27.6 27.9 31.0 33.2 35.7 39.7 41.2 43.6 3.6 3.6 3.7 3.7 3.7 3.7 3.6 3.7 3.8 3.6 3.7 3.8 3.8 143.2 131.6 138.6 145.6 162.1 181.8 204.5 213.8 200.1 222.0 17.1 18.0 18.2 18.9 20.0 20.3 20.7 20.8 21.3 21.8 23.6 24.6 23.5 116.4 120.7 134.3 152.4 184.4 221.4 228.1 253.3 269.6 297.1 23.6 24.1 25.3 25.5 25.1 25.1 25.9 26.2 26.6 26.5 26.8 27.7 28.7 87.3 85.7 91.8 102.4 118.3 123.8 128.9 139.8 149.1 179.4 13.9 14.6 15.2 15.6 15.6 15.5 15.4 15.5 16.1 16.4 15.6 16.4 16.5 Consumer goods (nonfood) except automotive 105.7 108.0 122.7 134.0 146.3 159.9 172.0 193.8 216.5 239.5 19.4 19.1 19.8 20.3 20.3 20.3 20.9 21.1 21.2 21.4 21.2 22.5 22.9 Exports Imports Goods, Census basis Goods r 147.8 117.7 118.5 116.5 122.3 131.9 141.4 r 150.9 r 166.5 r 182.7 191.3 15.6 15.7 15.9 16.1 16.1 16.2 16.5 16.8 16.3 16.6 17.3 17.7 17.6 ¥101.7 ¥66.7 ¥84.5 ¥115.6 ¥150.6 ¥158.8 ¥170.2 ¥180.5 ¥229.8 ¥328.8 ¥24.6 ¥26.4 ¥28.9 ¥30.0 ¥29.1 ¥28.5 ¥30.2 ¥31.2 ¥30.6 ¥32.3 ¥32.7 ¥35.9 ¥36.1 ¥109.0 ¥74.1 ¥96.1 ¥132.6 ¥166.2 ¥173.7 ¥191.3 ¥196.7 ¥246.9 ¥345.6 ¥25.9 ¥27.8 ¥30.4 ¥31.2 ¥30.5 ¥30.6 ¥31.6 ¥32.4 ¥32.3 ¥34.0 ¥34.6 ¥37.1 ¥36.9 r 164.3 r 176.9 r 185.9 r 201.0 r 219.2 r 240.0 r 257.2 r 262.7 271.9 22.5 22.4 23.0 22.6 22.7 22.8 23.2 23.5 22.9 23.3 23.8 24.2 24.1 Services Goods and services r 30.2 r ¥78.9 r 45.8 r ¥28.3 r 60.4 r ¥35.7 r 63.7 r ¥68.9 r 69.2 r ¥97.0 r 77.8 r ¥95.9 r 89.2 r ¥102.1 r 90.7 r ¥105.9 r 80.0 r ¥166.9 80.6 6.9 6.8 7.0 6.5 6.6 6.5 6.7 6.7 6.6 6.6 6.5 6.5 6.5 ¥265.0 ¥19.0 ¥21.0 ¥23.3 ¥24.7 ¥23.9 ¥24.0 ¥24.9 ¥25.7 ¥25.7 ¥27.4 ¥28.1 ¥30.6 ¥30.4 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. Data reflect annual revisions. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the first quarter of 2000, the goods deficit rose to $105.8 billion, from $96.2 billion in the fourth quarter. The current account deficit rose to $102.3 billion in the first quarter, from $96.2 billion in the fourth quarter. (Series revised.) [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (¥)] Goods 1 Period Exports 1990 r 1991 r 1992 r 1993 r 1994 r 1995 r 1996 r 1997 r 1998 r 1999 r 1997: .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... I r ..................... II r ................... III r .................. IV r .................. 1998: I r ..................... II r ................... III r .................. IV r .................. 1999: I r ..................... II r ................... III r .................. IV r .................. 2000: I p ..................... 1 Adjusted Imports 389,307 ¥498,337 416,913 ¥490,981 440,352 ¥536,458 456,832 ¥589,441 502,398 ¥668,590 575,845 ¥749,574 612,057 ¥803,327 679,702 ¥876,367 670,324 ¥917,178 684,358 ¥1,029,917 162,670 ¥212,153 170,614 ¥217,884 173,957 ¥222,114 172,461 ¥224,216 170,609 ¥225,255 166,054 ¥228,675 164,378 ¥228,942 169,283 ¥234,306 163,949 ¥236,973 166,443 ¥250,427 173,881 ¥266,199 180,085 ¥276,318 183,728 ¥289,566 Services Balance on goods Net military transactions 2 3 ¥109,030 ¥7,599 ¥74,068 ¥5,274 ¥96,106 ¥1,448 ¥132,609 1,385 ¥166,192 2,570 ¥173,729 4,600 ¥191,270 5,385 ¥196,665 5,138 ¥246,854 5,387 ¥345,559 2,684 ¥49,483 1,056 ¥47,270 1,985 ¥48,157 1,319 ¥51,755 778 ¥54,646 1,728 ¥62,621 1,564 ¥64,564 827 ¥65,023 1,268 ¥73,024 947 ¥83,984 1,188 ¥92,318 318 ¥96,233 231 ¥105,838 82 Net travel and transportation receipts 7,501 16,561 19,969 19,714 16,305 21,772 25,015 22,152 10,145 6,797 5,914 5,522 5,527 5,189 3,419 3,118 1,820 1,788 1,910 1,979 1,428 1,478 807 from Census data for differences in timing and coverage; excludes military. under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 2 Transfers 36 Income receipts and payments Other services, net 30,270 34,516 41,918 42,562 50,278 51,410 58,757 63,443 64,424 71,107 15,466 16,188 16,031 15,759 15,886 16,331 15,583 16,619 17,491 17,517 17,854 18,244 18,773 3 Quarterly Balance on goods and services ¥78,857 ¥28,266 ¥35,666 ¥68,949 ¥97,039 ¥95,947 ¥102,113 ¥105,932 ¥166,898 ¥264,971 ¥27,047 ¥23,575 ¥25,280 ¥30,029 ¥33,613 ¥41,608 ¥46,334 ¥45,348 ¥52,676 ¥63,300 ¥72,718 ¥76,280 ¥86,176 Receipts 171,742 149,214 132,056 134,159 165,438 211,502 223,810 257,346 258,445 276,165 61,414 64,881 66,218 64,834 65,996 66,506 62,469 63,474 63,396 66,697 71,115 74,959 79,749 Payments Unilateral current Balance transfers, on net 4 income ¥143,192 28,550 ¥26,654 ¥125,084 24,130 10,752 ¥109,101 22,954 ¥35,013 ¥110,255 23,904 ¥37,637 ¥148,744 16,694 ¥38,260 ¥190,955 20,547 ¥34,057 ¥204,934 18,876 ¥40,081 ¥251,160 6,186 ¥40,794 ¥264,656 ¥6,211 ¥44,029 ¥294,648 ¥18,483 ¥48,025 ¥59,689 1,725 ¥9,054 ¥62,011 2,870 ¥9,280 ¥64,784 1,434 ¥9,561 ¥64,675 159 ¥12,902 ¥64,979 1,017 ¥9,794 ¥66,274 232 ¥10,099 ¥66,786 ¥4,317 ¥10,658 ¥66,617 ¥3,143 ¥13,474 ¥66,516 ¥3,120 ¥10,831 ¥70,842 ¥4,145 ¥11,537 ¥76,650 ¥5,535 ¥11,396 ¥80,642 ¥5,683 ¥14,260 ¥83,949 ¥4,200 ¥11,925 data are not seasonally adjusted. transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table and Note regarding revisions. 4 Includes Balance on current account ¥76,961 6,616 ¥47,724 ¥82,681 ¥118,605 ¥109,457 ¥123,318 ¥140,540 ¥217,138 ¥331,479 ¥34,376 ¥29,985 ¥33,407 ¥42,772 ¥42,390 ¥51,475 ¥61,309 ¥61,965 ¥66,627 ¥78,982 ¥89,649 ¥96,223 ¥102,301 U.S. INTERNATIONAL TRANSACTIONS—Continued In the financial account, U.S. claims on foreigners reported by U.S. banks increased $45.1 billion in the first quarter of 2000, following an increase of $45.3 billion in the fourth quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, decreased $6.7 billion in the first quarter, in contrast to an increase of $19.6 billion in the fourth quarter. (Series revised.) [Millions of dollars; quarterly data seasonally adjusted, except as noted] Financial account Period Capital account transactions, net 3 U.S.-owned assets abroad, net [increase/capital outflow (¥)] Total U.S. official reserve assets 3 5 Other U.S. Government assets 3 Statistical discrepancy Foreign-owned assets in the U.S., net [increase/capital inflow (+)] U.S. private assets Total Foreign official assets 3 Other foreign assets Total (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy U.S. official reserve assets, net 5 (unadjusted, end of period) ......................................... ......................................... ......................................... ......................................... ......................................... ......................................... ......................................... ......................................... ......................................... ......................................... ¥6,579 ¥4,479 612 ¥88 ¥469 372 693 350 637 ¥3,500 ¥81,234 ¥64,388 ¥74,410 ¥200,552 ¥176,056 ¥352,376 ¥413,923 ¥488,940 ¥335,436 ¥430,187 ¥2,158 5,763 3,901 ¥1,379 5,346 ¥9,742 6,668 ¥1,010 ¥6,783 8,747 2,317 2,924 ¥1,667 ¥351 ¥390 ¥984 ¥989 68 ¥422 2,751 ¥81,393 ¥73,075 ¥76,644 ¥198,822 ¥181,012 ¥341,650 ¥419,602 ¥487,998 ¥328,231 ¥441,685 141,571 110,808 170,663 282,040 305,989 465,684 571,706 756,962 482,235 753,564 33,910 17,389 40,477 71,753 39,583 109,880 126,724 18,876 ¥20,127 42,864 107,661 93,420 130,186 210,287 266,406 355,804 444,982 738,086 502,362 710,700 23,204 ¥48,557 ¥49,141 1,281 ¥10,859 ¥4,223 ¥35,158 ¥127,832 69,702 11,602 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 83,316 77,721 71,323 73,442 74,335 85,832 75,089 69,954 81,761 71,516 1997: I r .................................... II r ................................... III r ................................. IV r .................................. 1998: I r .................................... II r ................................... III r ................................. IV r .................................. 1999: I r .................................... II r ................................... III r ................................. IV r .................................. 2000: I p .................................... 138 68 41 103 149 157 155 176 157 165 171 ¥3,993 166 ¥153,009 ¥93,350 ¥119,826 ¥122,757 ¥68,887 ¥141,617 ¥53,027 ¥71,904 ¥21,555 ¥170,842 ¥122,909 ¥114,882 ¥143,283 4,480 ¥236 ¥730 ¥4,524 ¥444 ¥1,945 ¥2,025 ¥2,369 4,068 1,159 1,951 1,569 ¥554 ¥76 ¥298 377 65 ¥80 ¥483 188 ¥47 118 ¥392 ¥686 3,711 ¥82 ¥157,413 ¥92,816 ¥119,473 ¥118,298 ¥68,363 ¥139,189 ¥51,190 ¥69,488 ¥25,741 ¥171,609 ¥124,174 ¥120,162 ¥142,647 183,682 151,459 183,959 237,862 86,840 167,085 82,790 145,520 102,780 272,008 194,210 184,567 215,008 27,751 ¥6,046 23,461 ¥26,290 10,967 ¥10,235 ¥46,651 25,792 4,274 ¥1,096 12,191 27,495 20,442 155,931 157,505 160,498 264,152 75,873 177,320 129,441 119,728 98,506 273,104 182,019 157,072 194,566 3,565 ¥28,192 ¥30,767 ¥72,436 24,288 25,850 31,391 ¥11,827 ¥14,755 ¥22,349 18,177 30,531 30,410 5,563 ¥1,760 ¥11,491 7,690 5,720 ¥1,578 ¥11,014 6,872 5,514 ¥1,511 ¥9,739 5,738 5,588 67,222 67,813 67,148 69,954 69,353 71,161 75,676 81,761 74,359 71,689 73,414 71,516 70,789 1990 r 1991 r 1992 r 1993 r 1994 r 1995 r 1996 r 1997 r 1998 r 1999 r 5 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the IMF. NOTE.—Data reflect annual revisions; data revised beginning 1982. See July 2000 Survey of Current Business, for details. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Page TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product .......................................................................................................................................................................................... Real Gross Domestic Product .................................................................................................................................................................................. Implicit Price Deflators for Gross Domestic Product .............................................................................................................................................. Gross Domestic Product and Related Price Measures: Indexes and Percent Changes .............................................................................................. Nonfinancial Corporate Business—Output, Price, Costs, and Profits ...................................................................................................................... National Income ...................................................................................................................................................................................................... Real Personal Consumption Expenditures ............................................................................................................................................................... Sources of Personal Income ...................................................................................................................................................................................... Disposition of Personal Income ............................................................................................................................................................................... Farm Income ............................................................................................................................................................................................................ Corporate Profits ...................................................................................................................................................................................................... Real Gross Private Domestic Investment ................................................................................................................................................................ Real Private Fixed Investment by Type .................................................................................................................................................................. Business Investment ................................................................................................................................................................................................ 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ......................................................................................................................................................................................... Selected Unemployment Rates ................................................................................................................................................................................ Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................................................... Nonagricultural Employment .................................................................................................................................................................................. Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................................................. Employment Cost Index—Private Industry ............................................................................................................................................................. Productivity and Related Data, Business Sector ...................................................................................................................................................... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization ....................................................................................................................................................... Industrial Production—Major Market Groups and Selected Manufactures .............................................................................................................. New Construction .................................................................................................................................................................................................... New Private Housing and Vacancy Rates ............................................................................................................................................................... Business Sales and Inventories—Manufacturing and Trade ..................................................................................................................................... Manufacturers’ Shipments, Inventories, and Orders ................................................................................................................................................. 17 18 19 19 20 21 PRICES Producer Prices ........................................................................................................................................................................................................ Consumer Prices—All Urban Consumers ................................................................................................................................................................ Changes in Producer Prices for Finished Goods ...................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers ............................................................................................................................................. Prices Received and Paid by Farmers ...................................................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures ............................................................................................................................................................................. Components of Money Stock ................................................................................................................................................................................... Aggregate Reserves and Monetary Base ................................................................................................................................................................... Bank Credit at All Commercial Banks .................................................................................................................................................................... Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .................................................................................................................. Consumer Credit ...................................................................................................................................................................................................... Interest Rates and Bond Yields ............................................................................................................................................................................... Common Stock Prices and Yields ............................................................................................................................................................................ 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ....................................................................................................................................................................... Federal Receipts by Source and Outlays by Function .............................................................................................................................................. Federal Sector, National Income Accounts Basis ..................................................................................................................................................... 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ............................................................................................................... U.S. International Trade in Goods and Services ...................................................................................................................................................... U.S. International Transactions ................................................................................................................................................................................ 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. … Not available (also, not applicable). NSA not seasonally adjusted. 38 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $3.00 (single copy) ($3.75 foreign). Subscription price: $33.00 per year; $41.25 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 2000 65–394
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