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108th Congress, 2d Session

Economic Indicators
JUNE 2004
(Includes data available as of July 6, 2004)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2004

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

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

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

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

ii

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 2004, according to revised estimates, current-dollar gross domestic product (GDP) rose 6.9
percent (annual rate), real GDP (GDP in chained 2000 dollars) rose 3.9 percent, and the implicit price deflator
rose 2.9 percent.

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

Period

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

Exports and imports
of goods and services

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

Net
exports

Exports

7,072.2
7,397.7
7,816.9
8,304.3
8,747.0
9,268.4
9,817.0
10,100.8
10,480.8
10,987.9
9,862.1
9,953.6
10,024.8
10,088.2
10,096.2
10,193.9
10,329.3
10,428.3
10,542.0
10,623.7
10,735.8
10,846.7
11,107.0
11,262.0
11,451.2

¥93.6
¥91.4
¥96.2
¥101.6
¥159.9
¥260.5
¥379.5
¥366.5
¥426.3
¥495.0
¥400.7
¥403.9
¥381.3
¥368.2
¥364.9
¥351.7
¥365.6
¥427.3
¥435.9
¥476.1
¥487.6
¥505.5
¥490.6
¥496.2
¥538.1

720.9
812.2
868.6
955.3
955.9
991.2
1,096.3
1,035.1
1,006.8
1,048.9
1,122.4
1,115.8
1,103.1
1,061.1
1,005.4
970.8
978.5
1,006.3
1,025.3
1,017.2
1,021.0
1,020.2
1,048.5
1,105.8
1,141.7

4,743.3
4,975.8
5,256.8
5,547.4
5,879.5
6,282.5
6,739.4
7,045.4
7,385.3
7,757.4
6,783.9
6,871.6
6,934.3
7,017.4
7,058.1
7,171.6
7,256.5
7,355.5
7,428.2
7,501.2
7,600.7
7,673.6
7,836.3
7,919.1
8,055.4

1,097.1
1,144.0
1,240.3
1,389.8
1,509.1
1,625.7
1,735.5
1,607.2
1,589.2
1,670.6
1,749.0
1,738.9
1,688.3
1,620.3
1,594.3
1,526.1
1,553.1
1,580.9
1,608.2
1,614.7
1,605.3
1,624.3
1,689.1
1,763.5
1,816.7

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

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

814.5
903.6
964.8
1,056.9
1,115.9
1,251.7
1,475.8
1,401.7
1,433.1
1,543.8
1,523.1
1,519.7
1,484.4
1,429.3
1,370.4
1,322.5
1,344.1
1,433.6
1,461.3
1,493.3
1,508.5
1,525.7
1,539.0
1,602.0
1,679.9

1,325.5
1,369.2
1,416.0
1,468.7
1,518.3
1,620.8
1,721.6
1,814.7
1,932.5
2,054.8
1,729.9
1,746.9
1,783.5
1,818.8
1,808.8
1,847.8
1,885.4
1,919.3
1,941.5
1,983.9
2,017.4
2,054.2
2,072.1
2,075.6
2,117.3

519.1
519.2
527.4
530.9
530.4
555.8
578.8
612.9
679.5
757.2
581.2
582.0
597.5
609.8
613.3
630.8
652.9
673.2
681.8
710.0
723.0
764.7
769.6
771.5
801.3

National
defense
353.7
348.7
354.6
349.6
345.7
360.6
370.3
393.0
438.3
497.3
371.3
373.8
384.1
388.2
392.8
406.9
420.3
432.5
439.3
461.1
463.3
507.3
507.2
511.5
536.1

Nondefense
165.5
170.5
172.8
181.3
184.7
195.2
208.5
219.9
241.2
259.9
209.9
208.2
213.4
221.6
220.5
223.9
232.6
240.7
242.5
248.9
259.7
257.4
262.4
260.0
265.2

State
and
local
806.3
850.0
888.6
937.8
987.9
1,065.0
1,142.8
1,201.8
1,253.1
1,297.6
1,148.6
1,164.9
1,185.9
1,209.0
1,195.4
1,217.1
1,232.5
1,246.1
1,259.7
1,273.9
1,294.5
1,289.6
1,302.5
1,304.0
1,316.0

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

7,008.4
7,366.5
7,786.1
8,232.3
8,676.2
9,201.5
9,760.5
10,136.9
10,475.5
10,990.3
9,803.7
9,912.2
10,022.8
10,120.6
10,142.2
10,262.0
10,357.1
10,427.8
10,513.4
10,603.6
10,736.7
10,852.4
11,117.4
11,254.5
11,425.6

7,165.8
7,489.0
7,913.1
8,405.9
8,906.9
9,528.9
10,196.4
10,467.3
10,907.1
11,482.8
10,262.8
10,357.5
10,406.1
10,456.4
10,461.2
10,545.5
10,694.9
10,855.6
10,977.9
11,099.9
11,223.4
11,352.2
11,597.5
11,758.2
11,989.4

7,098.4
7,433.4
7,851.9
8,337.3
8,768.3
9,302.2
9,855.9
10,135.9
10,502.3
11,031.6
9,893.6
10,008.4
10,052.1
10,115.5
10,107.8
10,268.3
10,351.3
10,435.9
10,560.5
10,661.6
10,763.7
10,880.0
11,144.8
11,337.9
11,513.5

Source: Department of Commerce, Bureau of Economic Analysis.

1

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

Gross private
domestic investment
Period

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

2002:

2003:

2004:

.......
.......
.......
.......
.......
.......
.......
.......
.......
.......
III
IV
I ..
II
III
IV
I ..
II
III
IV
I ..
II
III
IV
Ir

Gross
domestic
product

7,835.5
8,031.7
8,328.9
8,703.5
9,066.9
9,470.3
9,817.0
9,866.6
10,083.0
10,398.0
9,836.6
9,887.7
9,882.2
9,866.3
9,834.6
9,883.6
9,997.9
10,045.1
10,128.4
10,160.8
10,210.4
10,288.3
10,493.1
10,600.1
10,702.1

Exports and imports of
goods and services

Personal
conNonresi- Resi- Change
sumption dential dential in priexpendifixed
fixed
vate
tures
invest- invest- invenment
ment tories
5,290.7
5,433.5
5,619.4
5,831.8
6,125.8
6,438.6
6,739.4
6,904.6
7,140.4
7,365.2
6,768.0
6,825.0
6,833.7
6,872.2
6,904.2
7,008.2
7,079.2
7,124.5
7,159.2
7,198.9
7,244.1
7,304.0
7,426.6
7,486.2
7,555.8

689.9
762.5
833.6
934.2
1,037.8
1,133.3
1,232.1
1,176.8
1,092.6
1,125.5
1,245.2
1,247.9
1,233.6
1,189.4
1,163.7
1,120.6
1,100.4
1,092.1
1,089.1
1,088.9
1,087.3
1,105.8
1,139.5
1,169.4
1,184.6

364.8
353.1
381.3
388.6
418.3
443.6
446.9
448.5
470.3
505.3
441.2
441.6
444.4
448.5
451.9
449.0
458.5
468.4
473.2
481.0
486.4
491.7
516.7
526.6
532.5

63.6
29.9
28.7
71.2
72.6
68.9
56.5
¥36.0
5.7
¥.7
56.2
43.5
4.3
¥28.8
¥44.0
¥75.5
¥23.5
¥8.0
32.8
21.5
1.6
¥4.5
¥9.1
9.0
25.5

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

¥79.4
¥71.0
¥79.6
¥104.6
¥203.7
¥296.2
¥379.5
¥398.1
¥470.6
¥509.1
¥395.6
¥397.2
¥385.9
¥391.7
¥401.3
¥413.4
¥431.2
¥467.6
¥471.9
¥511.5
¥490.0
¥526.0
¥505.2
¥515.2
¥535.6

706.5
778.2
843.4
943.7
966.5
1,008.2
1,096.3
1,039.0
1,014.2
1,034.7
1,120.0
1,112.3
1,099.6
1,060.9
1,010.6
984.8
995.4
1,016.5
1,027.3
1,017.5
1,012.4
1,009.6
1,033.7
1,083.1
1,102.8

785.9
849.1
923.0
1,048.3
1,170.3
1,304.4
1,475.8
1,437.1
1,484.7
1,543.8
1,515.6
1,509.5
1,485.5
1,452.7
1,411.9
1,398.2
1,426.7
1,484.1
1,499.2
1,529.0
1,502.5
1,535.7
1,538.9
1,598.3
1,638.4

1,541.3
1,549.7
1,564.9
1,594.0
1,624.4
1,686.9
1,721.6
1,768.9
1,836.9
1,898.4
1,721.5
1,727.1
1,751.6
1,776.4
1,758.1
1,789.7
1,810.1
1,827.8
1,838.9
1,870.8
1,869.0
1,902.8
1,911.1
1,910.7
1,924.7

1 GDP less exports of goods and services plus imports of goods and services.
NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

Total

National
defense

Nondefense

596.4
580.3
573.5
567.6
561.2
573.7
578.8
600.5
648.0
704.3
578.6
577.2
589.7
599.3
599.3
613.6
626.1
641.9
648.2
675.8
675.5
712.0
714.3
715.5
730.2

404.6
389.2
383.8
373.0
365.3
372.2
370.3
384.7
418.8
463.0
369.9
371.5
378.5
380.9
383.2
396.2
404.1
413.4
418.1
439.5
433.2
472.8
471.2
474.7
489.6

191.7
191.0
189.6
194.5
195.9
201.5
208.5
215.8
229.2
241.4
208.7
205.6
211.2
218.4
216.0
217.4
222.0
228.5
230.1
236.4
242.4
239.3
243.1
240.8
240.6

State
and
local

943.3
968.3
990.5
1,025.9
1,063.0
1,113.2
1,142.8
1,168.5
1,189.1
1,194.6
1,142.9
1,149.9
1,161.9
1,177.1
1,158.9
1,176.1
1,184.1
1,186.0
1,190.9
1,195.3
1,193.8
1,191.4
1,197.4
1,195.9
1,195.1

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

7,777.8
8,010.2
8,306.5
8,636.6
8,997.6
9,404.0
9,760.5
9,901.1
10,076.9
10,395.0
9,780.4
9,844.3
9,877.5
9,895.3
9,876.9
9,954.9
10,020.1
10,052.3
10,096.4
10,138.9
10,206.4
10,289.5
10,497.7
10,586.4
10,671.2

7,911.3
8,098.4
8,405.7
8,807.6
9,272.5
9,767.7
10,196.4
10,265.0
10,551.5
10,903.6
10,232.1
10,284.7
10,267.7
10,258.0
10,236.3
10,298.0
10,429.5
10,510.4
10,598.0
10,668.0
10,697.6
10,809.9
10,995.4
11,111.5
11,233.0

7,864.2
8,069.8
8,365.3
8,737.5
9,088.7
9,504.7
9,855.9
9,901.4
10,105.0
10,439.5
9,867.8
9,941.6
9,908.7
9,893.5
9,846.5
9,956.8
10,020.3
10,053.4
10,147.5
10,198.5
10,237.6
10,320.2
10,528.6
10,671.7
10,760.7

Source: Department of Commerce, Bureau of Economic Analysis.

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

Personal consumption
expenditures
Period

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

2002:

2003:

2004:

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

Gross
domestic
product

90.259
92.106
93.852
95.414
96.472
97.868
100.000
102.373
103.945
105.673
100.259
100.666
101.443
102.248
102.660
103.139
103.315
103.814
104.084
104.556
105.146
105.427
105.851
106.244
107.000

Total

89.654
91.576
93.547
95.124
95.979
97.575
100.000
102.038
103.429
105.325
100.236
100.684
101.472
102.113
102.229
102.332
102.503
103.241
103.757
104.199
104.923
105.060
105.517
105.783
106.612

Durable
goods

Nondurable goods

109.978
110.672
109.507
107.068
104.152
101.625
100.000
98.086
95.209
91.639
99.715
99.482
99.181
98.401
97.702
97.146
96.278
95.580
94.858
94.137
93.075
92.148
91.208
90.298
90.233

Source: Department of Commerce, Bureau of Economic Analysis.

2

89.605
90.629
92.566
93.835
93.821
96.174
100.000
101.530
102.075
104.180
100.555
100.901
101.221
102.155
101.937
100.818
100.779
102.191
102.534
102.785
104.075
103.525
104.485
104.614
105.971

Gross private
domestic investment

Services

85.748
88.320
90.844
93.304
95.318
97.393
100.000
103.168
105.946
109.005
100.188
100.840
102.109
102.921
103.383
104.239
104.748
105.479
106.364
107.167
108.021
108.751
109.299
109.928
110.710

Nonresidential
fixed
106.008
106.239
105.011
103.696
101.421
100.057
100.000
99.770
98.859
98.676
100.188
100.193
99.732
99.790
99.930
99.623
99.297
98.923
98.554
98.658
98.579
98.293
98.678
99.124
99.370

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

Residential fixed
82.754
85.770
87.609
89.843
92.239
95.780
100.000
104.629
107.106
111.293
100.431
101.274
102.586
103.862
105.642
106.395
106.468
106.752
106.987
108.173
109.871
110.475
111.311
113.352
115.310

Exports

Imports
Total

102.034
104.376
102.987
101.233
98.905
98.313
100.000
99.628
99.274
101.365
100.216
100.316
100.320
100.014
99.484
98.584
98.295
98.999
99.808
99.962
100.841
101.042
101.432
102.093
103.523

103.634
106.411
104.529
100.816
95.354
95.960
100.000
97.537
96.520
100.000
100.496
100.673
99.929
98.394
97.057
94.590
94.213
96.597
97.471
97.662
100.403
99.349
100.011
100.234
102.529

87.037
89.479
91.957
93.533
94.512
96.883
100.000
102.066
104.858
107.507
100.453
100.841
101.339
101.750
102.350
102.794
104.284
104.870
105.192
105.059
107.025
107.392
107.748
107.835
109.727

National
defense

Nondefense

State
and
local

87.412
89.598
92.379
93.716
94.643
96.886
100.000
102.158
104.666
107.424
100.378
100.614
101.501
101.897
102.508
102.700
104.004
104.609
105.081
104.933
106.960
107.291
107.644
107.762
109.481

86.309
89.282
91.146
93.192
94.269
96.880
100.000
101.900
105.208
107.655
100.588
101.248
101.051
101.489
102.073
102.967
104.792
105.342
105.393
105.289
107.143
107.577
107.938
107.965
110.203

85.480
87.785
89.717
91.414
92.935
95.667
100.000
102.853
105.381
108.623
100.502
101.305
102.067
102.706
103.154
103.479
104.088
105.068
105.781
106.576
108.431
108.242
108.774
109.045
110.117

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

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

Period

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

79.816
81.814
84.842
88.658
92.359
96.469
100.000
100.506
102.710
105.918
94.892
95.677
96.794
98.514
98.764
100.315
100.200
100.721
100.664
100.503
100.180
100.679
101.843
102.324
103.172
103.502
104.008
104.801
106.887
107.977
109.016

GDP
chain-type
price index

90.265
92.115
93.859
95.415
96.475
97.868
100.000
102.376
103.949
105.686
97.274
97.701
98.022
98.475
99.292
99.780
100.241
100.687
101.478
102.273
102.676
103.078
103.364
103.738
104.123
104.571
105.163
105.440
105.870
106.270
107.019

percent changes are at annual rates.

GDP
implicit
price
deflator

GDP
(current
dollars)

90.259
92.106
93.852
95.414
96.472
97.868
100.000
102.373
103.945
105.673
97.328
97.674
98.013
98.432
99.317
99.745
100.259
100.666
101.443
102.248
102.660
103.139
103.315
103.814
104.084
104.556
105.146
105.427
105.851
106.244
107.000

6.2
4.6
5.7
6.2
5.3
6.0
5.9
2.9
3.8
4.8
5.1
4.8
6.2
9.1
4.7
8.3
1.6
3.8
2.9
2.6
.3
3.9
5.4
3.9
4.4
3.1
4.3
4.2
10.0
5.7
6.9

Real GDP
(chain-type
quantity
index)

GDP
chain-type
price
index

4.0
2.5
3.7
4.5
4.2
4.5
3.7
.5
2.2
3.1
3.4
3.4
4.8
7.3
1.0
6.4
¥.5
2.1
¥.2
¥.6
¥1.3
2.0
4.7
1.9
3.4
1.3
2.0
3.1
8.2
4.1
3.9

GDP
implicit
price
deflator

2.1
2.0
1.9
1.7
1.1
1.4
2.2
2.4
1.5
1.7
1.5
1.8
1.3
1.9
3.4
2.0
1.9
1.8
3.2
3.2
1.6
1.6
1.1
1.5
1.5
1.7
2.3
1.1
1.6
1.5
2.8

2.1
2.0
1.9
1.7
1.1
1.4
2.2
2.4
1.5
1.7
1.6
1.4
1.4
1.7
3.6
1.7
2.1
1.6
3.1
3.2
1.6
1.9
.7
1.9
1.0
1.8
2.3
1.1
1.6
1.5
2.9

Source: Department of Commerce, Bureau of Economic Analysis.

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

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

Unit nonlabor cost

Period
Current
dollars

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

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

Chained
(2000)
dollars

3,669.5
3,879.5
4,109.5
4,401.8
4,655.0
4,950.8
5,272.2
5,299.3
5,410.6
5,650.3
5,300.3
5,301.0
5,284.8
5,311.1
5,322.9
5,408.0
5,432.0
5,479.3
5,479.2
5,581.7
5,720.2
5,820.2
5,917.3

3,832.0
3,999.1
4,222.3
4,493.0
4,735.5
5,009.9
5,272.2
5,235.4
5,339.0
5,564.9
5,272.5
5,237.1
5,207.1
5,225.1
5,255.0
5,326.6
5,368.7
5,405.7
5,412.1
5,505.2
5,629.6
5,712.8
5,779.7

Total

Compensation of employees
(unit labor
cost)

0.958
.970
.973
.980
.983
.988
1.000
1.012
1.013
1.015
1.005
1.012
1.015
1.016
1.013
1.015
1.012
1.014
1.012
1.014
1.016
1.019
1.024

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

0.621
.628
.623
.626
.643
.652
.672
.687
.669
.659
.685
.688
.691
.684
.673
.670
.667
.665
.668
.661
.654
.654
.658

Total

0.227
.230
.225
.226
.226
.229
.237
.250
.253
.246
.245
.248
.252
.252
.253
.253
.253
.252
.251
.245
.243
.243
.243

Consumption of
fixed
capital

Taxes
on production
and imports 3

Net interest and
miscellaneous
payments

0.102
.104
.103
.104
.104
.105
.108
.117
.116
.112
.112
.115
.123
.116
.116
.116
.116
.115
.115
.113
.110
.110
.110

0.099
.097
.096
.094
.092
.092
.093
.094
.098
.097
.094
.094
.089
.097
.098
.098
.098
.099
.098
.095
.097
.097
.097

0.026
.029
.026
.028
.030
.032
.036
.039
.039
.037
.039
.039
.040
.039
.039
.039
.039
.038
.038
.037
.036
.036
.036

Corporate profits with inventory
valuation and capital consumption
adjustments 4
Total

0.109
.113
.124
.128
.114
.107
.090
.076
.092
.111
.075
.075
.072
.080
.087
.093
.092
.096
.094
.108
.119
.122
.122

Taxes on
corporate
income

0.035
.035
.036
.036
.033
.034
.032
.021
.019
.023
.024
.024
.021
.014
.016
.019
.020
.021
.022
.021
.024
.026
.025

Profits
after
tax 5

0.074
.078
.088
.092
.080
.073
.058
.055
.073
.088
.052
.051
.051
.066
.071
.074
.072
.075
.072
.087
.095
.096
.098

4 Unit

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

3

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

Period

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

2002:

2003:

2004:

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

1 With

National income

6,122.3
6,453.9
6,840.1
7,292.2
7,752.8
8,236.7
8,795.2
8,981.2
9,290.8
9,707.8
8,858.3
8,891.7
8,942.2
8,946.2
8,894.7
9,141.8
9,190.5
9,281.1
9,314.9
9,376.9
9,434.8
9,584.9
9,797.5
10,013.8
10,191.5

Compensation
of
employees

Farm

3,997.2
4,193.3
4,390.5
4,661.7
5,019.4
5,357.1
5,782.7
5,940.4
6,019.1
6,203.0
5,837.4
5,871.9
5,935.6
5,936.0
5,940.8
5,949.3
5,972.4
6,014.8
6,031.1
6,058.0
6,115.8
6,164.8
6,229.4
6,302.0
6,410.3

Nonfarm

33.9
22.7
37.3
34.2
29.4
28.6
22.7
25.0
14.3
19.5
23.0
20.7
24.9
24.8
23.5
26.8
12.1
15.2
13.5
16.3
13.0
20.0
21.5
23.3
18.9

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

439.4
469.5
505.9
541.8
598.4
649.7
705.7
745.6
783.4
827.4
712.6
721.4
736.5
741.5
745.7
758.9
767.2
780.9
789.7
795.9
800.5
818.8
839.4
850.9
876.1

119.7
122.1
131.5
128.8
137.5
147.3
150.3
163.1
173.0
164.2
148.2
150.5
153.0
155.6
171.1
172.6
175.9
184.4
172.7
159.0
163.2
153.4
157.0
183.0
188.5

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

600.3
696.7
786.2
868.5
801.6
851.3
817.9
770.4
904.2
1,069.9
811.8
794.3
755.8
748.6
713.6
863.6
880.1
901.9
899.8
934.9
927.1
1,022.8
1,124.2
1,205.6
1,226.5

564.6
656.0
736.1
812.3
738.5
776.8
759.3
705.9
742.7
843.8
756.3
740.7
730.7
731.4
685.8
675.7
702.7
738.9
745.1
784.2
780.9
793.6
864.2
936.4
893.4

inventory valuation and capital consumption adjustments.

Profits
before
tax

Inventory
valuation
adjustment

577.1
674.3
733.0
798.2
718.3
775.9
773.4
696.8
745.0
856.4
762.6
750.8
735.5
733.0
671.5
647.0
690.6
738.0
756.3
795.0
809.0
792.5
865.9
958.1
932.7

¥12.4
¥18.3
3.1
14.1
20.2
1.0
¥14.1
9.1
¥2.2
¥12.6
¥6.3
¥10.1
¥4.9
¥1.6
14.3
28.7
12.1
.9
¥11.1
¥10.8
¥28.1
1.2
¥1.8
¥21.7
¥39.3

Capital
consumption
adjustment

35.7
40.7
50.1
56.2
63.1
74.5
58.6
64.5
161.5
226.2
55.5
53.6
25.1
17.2
27.8
187.9
177.4
163.0
154.7
150.7
146.3
229.2
260.1
269.2
333.1

Net
interest
and
miscellaneous
pay
ments

Taxes
on
production
and
imports

366.4
367.1
376.2
415.6
487.1
495.4
559.0
568.4
582.4
583.2
564.3
563.0
563.9
566.7
568.0
575.2
581.2
572.8
585.7
589.7
589.3
581.7
579.9
581.8
591.0

545.6
558.2
581.1
612.0
639.8
674.0
708.9
729.8
760.1
788.7
712.2
718.7
725.2
727.2
727.5
739.4
745.8
757.6
767.4
769.5
774.2
782.1
791.5
806.9
815.9

Less:
Subsidies

Busness
current
transfer
payments

Current
surplus
of government
enterprises

32.2
34.0
34.3
32.9
35.4
44.2
44.3
55.3
38.2
48.2
44.3
44.1
52.5
58.3
67.2
43.2
40.1
37.9
38.2
36.7
44.7
56.9
46.3
45.1
42.3

43.3
46.9
53.1
49.9
64.7
67.4
87.1
92.5
89.8
95.2
88.9
93.1
97.0
102.4
71.1
99.5
94.7
90.6
87.8
86.2
90.1
92.5
97.1
101.2
103.2

8.6
11.4
12.7
12.6
10.3
10.1
5.3
1.2
2.8
5.0
4.2
2.2
3.0
1.6
.6
¥.3
1.2
.6
5.4
4.1
6.3
5.8
3.7
4.1
3.4

Source: Department of Commerce, Bureau of Economic Analysis.

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

Period

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

2002:

2003:

2004:

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

Total
personal
consumption
expenditures

5,290.7
5,433.5
5,619.4
5,831.8
6,125.8
6,438.6
6,739.4
6,904.6
7,140.4
7,365.2
6,768.0
6,825.0
6,833.7
6,872.2
6,904.2
7,008.2
7,079.2
7,124.5
7,159.2
7,198.9
7,244.1
7,304.0
7,426.6
7,486.2
7,555.8

Total
durable
goods

529.4
552.6
595.9
646.9
720.3
804.6
863.3
899.1
957.2
1,027.5
863.8
865.4
869.1
889.6
891.1
946.6
950.3
951.4
963.1
963.8
965.0
1,005.1
1,069.1
1,070.8
1,060.7

Motor
vehicles
and
parts

276.2
272.3
285.4
304.7
339.0
372.4
386.5
405.4
423.3
441.9
383.2
383.5
384.5
401.3
397.9
437.8
426.5
420.1
427.8
419.0
414.5
429.5
466.9
456.7
435.7

Furniture
and
household
equipment

156.8
173.3
193.4
216.3
244.7
280.7
312.9
331.4
364.7
400.3
315.9
317.8
322.5
326.7
332.9
343.7
356.2
362.8
366.2
373.5
374.7
391.7
412.4
422.5
433.1

Nondurable goods

Other

104.2
111.2
119.6
127.3
137.6
151.7
163.9
162.4
170.2
187.3
164.7
164.1
162.3
161.7
160.8
164.8
168.2
169.6
170.1
173.0
177.6
185.9
191.4
194.5
196.6

Total
nondurable
goods

1,603.9
1,638.6
1,680.4
1,725.3
1,794.4
1,876.6
1,947.2
1,983.3
2,043.6
2,121.0
1,955.0
1,972.7
1,974.5
1,969.1
1,983.4
2,006.2
2,035.9
2,037.8
2,038.8
2,061.8
2,090.5
2,096.9
2,134.3
2,162.4
2,198.6

Food

821.8
827.1
834.7
845.2
865.6
893.6
925.2
937.0
958.2
994.7
927.8
931.2
936.5
935.7
936.3
939.6
952.9
957.7
958.4
963.9
979.6
985.4
1,002.8
1,010.9
1,032.2

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

4

Clothing
and
shoes

218.5
227.4
238.7
246.0
263.1
282.7
297.7
303.5
319.1
334.4
301.1
302.1
300.2
300.5
304.2
309.1
317.6
317.9
317.6
323.4
325.7
331.9
339.5
340.6
352.7

Gasoline
and
oil

151.7
154.5
157.9
162.8
170.3
176.3
175.7
179.6
183.3
182.7
173.0
178.5
182.3
174.5
176.4
185.4
188.7
181.9
179.1
183.6
186.8
177.9
178.5
187.6
186.6

Services

Fuel
oil
and
coal

18.2
18.7
18.4
16.9
16.0
16.4
15.8
15.2
15.9
16.2
16.1
16.7
15.9
14.6
15.0
15.1
14.8
15.7
15.9
17.4
16.3
15.1
16.2
17.3
16.3

Other

397.7
414.1
432.9
456.6
481.1
508.6
532.9
548.0
567.3
593.6
537.1
544.1
539.4
543.6
551.3
557.9
563.1
564.8
567.5
573.8
582.2
587.4
598.3
606.8
612.1

Total
services 1

3,176.6
3,259.9
3,356.0
3,468.0
3,615.0
3,758.0
3,928.8
4,022.4
4,141.8
4,225.7
3,949.3
3,986.8
3,989.6
4,013.3
4,029.3
4,057.4
4,095.3
4,137.0
4,159.4
4,175.4
4,190.7
4,208.4
4,237.2
4,266.4
4,307.2

Housing

869.3
887.5
901.1
922.5
948.8
978.6
1,006.5
1,033.9
1,061.9
1,085.6
1,009.9
1,016.9
1,025.0
1,031.4
1,036.5
1,042.7
1,051.1
1,059.0
1,065.7
1,071.7
1,078.0
1,082.8
1,088.7
1,092.8
1,098.8

Source: Department of Commerce, Bureau of Economic Analysis.

Medical
care

887.1
906.4
922.5
942.8
970.7
989.0
1,026.8
1,070.9
1,132.1
1,190.0
1,032.1
1,042.5
1,051.1
1,062.5
1,077.6
1,092.5
1,110.4
1,125.3
1,137.8
1,154.8
1,169.3
1,182.4
1,196.9
1,211.4
1,224.9

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

15.0
14.7
15.1
15.1
15.5
16.9
17.3
17.1
16.8
16.6
17.4
16.4
17.1
16.7
16.2
18.5
16.5
16.5
17.6
16.6
16.0
16.4
17.4
16.8
16.3

SOURCES OF PERSONAL INCOME
Personal income rose $55.9 billion (annual rate) in May, following an increase of $61.1 billion in April. Wages
and salaries rose $35.3 billion in May, following an increase of $32.2 billion in April.

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

Period

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

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

Total
personal
income

5,842.5
6,152.3
6,520.6
6,915.1
7,423.0
7,802.4
8,429.7
8,713.1
8,910.3
9,208.0
9,151.0
9,186.0
9,226.7
9,254.6
9,287.6
9,332.9
9,386.9
9,423.3
9,474.5
9,524.0
9,568.9
9,630.0
9,685.9

Total

3,979.6
4,177.0
4,386.9
4,664.6
5,020.1
5,352.0
5,782.7
5,940.4
6,019.1
6,203.0
6,171.4
6,184.9
6,208.4
6,232.0
6,247.8
6,277.6
6,315.2
6,313.2
6,372.3
6,411.8
6,442.5
6,481.7
6,525.4

Wage and
salary
disbursements

3,232.1
3,419.3
3,619.6
3,877.6
4,183.4
4,466.3
4,829.2
4,942.9
4,974.6
5,100.2
5,077.4
5,087.6
5,103.6
5,121.4
5,131.4
5,156.4
5,189.2
5,184.3
5,223.1
5,250.4
5,269.5
5,301.7
5,337.0

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

Supplements to
wages
and
salaries

747.5
757.7
767.3
787.0
836.7
885.7
953.4
997.6
1,044.5
1,102.8
1,094.0
1,097.3
1,104.8
1,110.6
1,116.5
1,121.3
1,126.0
1,128.9
1,149.2
1,161.4
1,172.9
1,180.1
1,188.3

Proprietors’ income 1

Farm

33.9
22.7
37.3
34.2
29.4
28.6
22.7
25.0
14.3
19.5
20.0
23.8
22.5
21.4
20.5
22.5
23.9
23.7
18.9
18.7
19.0
23.8
26.4

Nonfarm

439.4
469.5
505.9
541.8
598.4
649.7
705.7
745.6
783.4
827.4
819.5
830.5
837.2
836.7
844.3
844.9
850.1
857.9
866.0
873.0
889.3
898.5
906.6

Personal income receipts on assets
Rental
income
of
persons 2

119.7
122.1
131.5
128.8
137.5
147.3
150.3
163.1
173.0
164.2
153.3
146.2
151.4
157.0
162.6
172.9
182.9
193.1
190.8
188.6
186.1
188.6
190.9

Total

950.8
1,016.4
1,089.2
1,181.7
1,283.2
1,264.2
1,387.0
1,374.9
1,378.5
1,393.3
1,390.2
1,391.9
1,390.5
1,389.2
1,388.0
1,396.4
1,405.1
1,414.0
1,415.2
1,416.5
1,417.9
1,421.3
1,424.8

Personal
interest
income

716.8
763.2
793.0
848.7
933.2
928.6
1,011.0
1,003.7
982.4
964.6
964.9
964.3
960.7
957.1
953.4
959.5
965.7
971.9
970.4
969.0
967.5
968.1
968.7

Personal
dividend
income

234.0
253.2
296.2
333.0
349.9
335.6
376.1
371.2
396.2
428.7
425.3
427.6
429.8
432.2
434.6
436.9
439.4
442.1
444.8
447.6
450.4
453.2
456.1

Personal
current
transfer
receipts 3

827.3
877.4
925.0
951.2
978.6
1,022.1
1,084.0
1,192.6
1,292.2
1,377.5
1,368.6
1,383.1
1,393.5
1,397.4
1,405.2
1,403.0
1,398.6
1,409.8
1,416.2
1,424.5
1,425.8
1,431.4
1,432.7

Less: Contributions
for government social
insurance

508.2
532.8
555.2
587.2
624.2
661.4
702.7
728.5
750.3
776.8
772.1
774.4
776.8
779.2
780.9
784.4
788.9
788.4
805.0
809.2
811.6
815.3
820.8

Source: Department of Commerce, Bureau of Economic Analysis.

3 Consists

5

DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (2000) dollars rose at an annual
rate of 4.0 percent in the first quarter of 2004.

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2000)
dollars

Per capita
disposable personal
income
Current
dollars

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

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

5,842.5
6,152.3
6,520.6
6,915.1
7,423.0
7,802.4
8,429.7
8,713.1
8,910.3
9,208.0

690.7
744.1
832.1
926.3
1,027.0
1,107.5
1,235.7
1,243.7
1,053.1
991.4

5,151.8
5,408.2
5,688.5
5,988.8
6,395.9
6,695.0
7,194.0
7,469.4
7,857.2
8,216.5

Chained
(2000)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2000)
dollars

Dollars

4,902.4
5,157.3
5,460.0
5,770.5
6,119.1
6,536.4
7,025.6
7,342.2
7,674.0
8,043.0

249.5
250.9
228.4
218.3
276.8
158.6
168.5
127.2
183.2
173.5

5,746.4
5,905.7
6,080.9
6,295.8
6,663.9
6,861.3
7,194.0
7,320.2
7,596.7
7,801.1

19,555
20,287
21,091
21,940
23,161
23,968
25,472
26,175
27,259
28,227

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

21,812
22,153
22,546
23,065
24,131
24,564
25,472
25,653
26,355
26,800

18,004
18,665
19,490
20,323
21,291
22,491
23,863
24,690
25,622
26,650

20,082
20,382
20,835
21,365
22,183
23,050
23,863
24,196
24,773
25,303

1.5
1.6
1.8
2.3
4.6
1.8
3.7
.7
2.7
1.7

4.8
4.6
4.0
3.6
4.3
2.4
2.3
1.7
2.3
2.1

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

25,634
25,600
25,520
25,369
26,041
25,678
26,274
26,478
26,352
26,320
26,419
26,673
27,048
27,058
27,326

23,988
24,232
24,394
24,627
24,702
25,033
25,270
25,554
25,738
25,923
26,208
26,398
26,888
27,103
27,508

23,932
24,067
24,040
24,117
24,164
24,462
24,653
24,752
24,806
24,879
24,978
25,127
25,482
25,621
25,802

4.1
¥.5
¥1.2
¥2.3
11.0
¥5.5
9.6
3.1
¥1.9
¥.5
1.5
3.9
5.7
.1
4.0

2.6
1.9
1.9
1.1
2.8
1.0
2.5
2.8
2.1
1.8
1.9
2.3
2.4
1.9
2.2

282,800
283,582
284,265
284,952
285,726
286,490
287,156
287,840
288,605
289,360
290,016
290,689
291,445
292,190
292,841

Seasonally adjusted annual rates
2000: III ......
IV ......
2001: I .........
II .......
III ......
IV ......
2002: I .........
II .......
III ......
IV ......
2003: I .........
II .......
III ......
IV ......
2004: I r .......

8,514.4
8,565.8
8,663.5
8,690.2
8,727.4
8,771.2
8,803.6
8,912.2
8,944.0
8,981.3
9,048.7
9,145.9
9,256.3
9,381.0
9,522.5

1,248.0
1,256.6
1,302.1
1,308.7
1,120.9
1,243.0
1,069.9
1,043.7
1,053.0
1,045.6
1,009.4
1,000.2
938.5
1,017.7
991.3

7,266.4
7,309.3
7,361.3
7,381.6
7,606.4
7,528.1
7,733.7
7,868.6
7,891.0
7,935.6
8,039.2
8,145.8
8,317.8
8,363.3
8,531.2

7,076.3
7,168.1
7,219.7
7,302.3
7,395.7
7,451.0
7,538.1
7,646.8
7,722.0
7,789.2
7,888.3
7,956.7
8,118.5
8,208.6
8,343.4

190.1
141.2
141.7
79.3
210.7
77.1
195.6
221.7
169.0
146.4
151.0
189.0
199.3
154.7
187.8

7,249.3
7,259.6
7,254.6
7,228.8
7,440.6
7,356.6
7,544.8
7,621.5
7,605.2
7,615.8
7,662.0
7,753.5
7,882.9
7,906.1
8,002.1

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

6

25,694
25,775
25,896
25,905
26,621
26,277
26,932
27,337
27,342
27,425
27,720
28,022
28,540
28,623
29,133

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

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

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

Cash marketing receipts
Total 1
Total

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

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

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

Livestock and
products

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

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

Crops 2

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

Value of
inventory
changes 3

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

Direct
Government
payments 4

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

Production
expenses

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

Net farm
income

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

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

7

CORPORATE PROFITS
In the first quarter of 2004, according to revised estimates, corporate profits before tax fell $25.4 billion (annual
rate) and profits after tax fell $26.0 billion.

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

Profits after tax

Domestic industries
Period

Profits
before
tax

Nonfinancial

Total 2
Total

Financial

Total 3

Manufacturing

Utilities

Wholesale

Retail

Taxes
on
corporate
income

Total

Net
dividends

Undistributed
profits

Inventory
valuation
adjustment

564.6
656.0
736.1
812.3
738.5

487.6
563.2
634.2
701.4
635.5

119.9
162.2
172.6
193.0
165.9

367.7
401.0
461.6
508.4
469.6

147.0
173.7
188.8
209.0
173.5

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

30.9
27.3
39.8
47.6
52.3

46.2
43.1
51.9
64.2
73.4

577.1
674.3
733.0
798.2
718.3

193.7
218.7
231.7
246.1
248.3

383.3
455.6
501.4
552.1
470.0

234.7
254.2
297.6
334.5
351.6

148.6
201.4
203.8
217.6
118.3

¥12.4
¥18.3
3.1
14.1
20.2

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

738.5
776.8
759.3
705.9
742.7
843.8

635.5
655.3
613.6
544.4
589.4
678.7

165.4
194.3
200.2
225.6
255.1
268.8

470.1
461.1
413.4
318.8
334.3
410.0

157.0
150.6
144.3
54.0
73.3
96.6

32.7
33.1
24.4
24.1
22.0
24.4

53.2
55.5
59.7
51.6
49.1
45.4

66.4
65.2
59.6
71.1
76.7
80.1

718.3
775.9
773.4
696.8
745.0
856.4

248.3
258.6
265.2
201.1
195.0
224.9

470.0
517.2
508.2
495.6
549.9
631.5

351.6
337.4
377.9
373.2
398.3
431.0

118.3
179.9
130.3
122.4
151.6
200.5

20.2
1.0
¥14.1
9.1
¥2.2
¥12.6

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

730.7
731.4
685.8
675.7
702.7
738.9
745.1
784.2
780.9
793.6
864.2
936.4
893.4

581.3
578.6
541.7
476.0
551.4
594.8
594.0
617.2
632.1
645.1
706.4
731.2
698.6

228.3
219.9
211.1
243.2
267.5
260.6
249.0
243.4
261.8
260.6
274.6
278.0
288.7

353.0
358.8
330.6
232.7
283.8
334.2
345.0
373.9
370.3
384.5
431.8
453.2
409.9

86.8
79.3
50.1
¥.2
42.0
69.2
87.2
95.1
87.1
80.3
97.7
121.1
98.8

26.0
27.1
25.0
18.4
18.5
25.3
21.5
22.8
28.1
21.1
21.5
26.7
26.0

46.1
47.7
54.1
58.5
48.8
53.9
45.7
47.9
39.8
42.6
51.0
48.2
40.1

64.2
66.8
74.3
79.1
75.8
79.7
77.5
73.9
72.9
85.0
84.3
78.2
78.9

735.5
733.0
671.5
647.0
690.6
738.0
756.3
795.0
809.0
792.5
865.9
958.1
932.7

219.1
217.2
198.2
170.1
181.6
197.1
198.6
202.9
213.9
211.4
230.6
243.7
244.1

516.4
515.8
473.3
477.0
509.0
540.9
557.7
592.1
595.0
581.0
635.4
714.5
688.5

380.0
371.5
368.7
372.6
382.3
393.5
404.3
413.1
420.3
427.5
434.3
441.8
449.8

136.4
144.3
104.6
104.4
126.7
147.4
153.4
179.1
174.7
153.5
201.1
272.7
238.8

¥4.9
¥1.6
14.3
28.7
12.1
.9
¥11.1
¥10.8
¥28.1
1.2
¥1.8
¥21.7
¥39.3

1994
1995
1996
1997
1998
1998
1999
2000
2001
2002
2003

..............
..............
..............
..............
..............
4

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

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the first quarter of 2004, according to revised estimates, nonresidential fixed investment in chained (2000) dollars
rose $15.2 billion (annual rate) and residential investment rose $5.9 billion. There was an increase of $25.5 billion
in inventories following an increase of $9.0 billion in the fourth quarter.

[Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

Gross
private
domestic
investment

Change in private
inventories

Nonresidential
Total
Total

Equipment
and software

Residential

Structures

Total

Nonfarm

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

1,099.6
1,134.0
1,234.3
1,387.7
1,524.1
1,642.6
1,735.5
1,590.6
1,572.0
1,638.0

1,042.3
1,109.6
1,209.2
1,320.6
1,455.0
1,576.3
1,679.0
1,625.7
1,565.8
1,635.2

689.9
762.5
833.6
934.2
1,037.8
1,133.3
1,232.1
1,176.8
1,092.6
1,125.5

232.3
247.1
261.1
280.1
294.5
293.2
313.2
305.2
249.0
237.5

467.2
523.1
578.7
658.3
745.6
840.2
918.9
871.3
846.7
893.5

364.8
353.1
381.3
388.6
418.3
443.6
446.9
448.5
470.3
505.3

63.6
29.9
28.7
71.2
72.6
68.9
56.5
¥36.0
5.7
¥.7

52.0
41.3
21.7
68.5
71.2
71.5
57.8
¥36.3
9.3
.5

2000: III .........................................................................
IV ..........................................................................
2001: I .............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
2002: I .............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
2003: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

1,742.6
1,732.7
1,682.2
1,608.5
1,573.1
1,498.4
1,538.2
1,555.8
1,598.2
1,595.8
1,581.6
1,599.9
1,656.1
1,714.6

1,686.4
1,689.4
1,677.8
1,638.0
1,616.1
1,570.7
1,560.9
1,563.2
1,565.4
1,573.5
1,577.7
1,601.4
1,661.0
1,700.6

1,245.2
1,247.9
1,233.6
1,189.4
1,163.7
1,120.6
1,100.4
1,092.1
1,089.1
1,088.9
1,087.3
1,105.8
1,139.5
1,169.4

319.7
320.6
315.8
311.3
313.1
280.8
262.2
252.2
242.4
239.0
236.5
238.8
237.7
236.9

925.5
927.3
917.8
877.6
849.4
840.5
840.0
842.6
850.3
853.9
855.0
871.6
907.7
939.7

441.2
441.6
444.4
448.5
451.9
449.0
458.5
468.4
473.2
481.0
486.4
491.7
516.7
526.6

56.2
43.5
4.3
¥28.8
¥44.0
¥75.5
¥23.5
¥8.0
32.8
21.5
1.6
¥4.5
¥9.1
9.0

58.8
37.8
¥2.1
¥27.0
¥45.8
¥70.3
¥28.6
4.2
36.0
25.4
.3
¥2.4
¥5.9
10.0

2004: I r ...........................................................................

1,753.4

1,721.7

1,184.6

232.4

960.7

532.5

25.5

29.7

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

Source: Department of Commerce, Bureau of Economic Analysis.

9

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

Residential

Equipment and software

Period

Total
fixed investment

Structures

Information processing equipment
and software
Total
nonresidential

Structures

Transportation
equipment

Other
equipment

Total
residential

Total 2

Single
family

Other

Industrial
equipment

65.1
71.6
84.1
108.8
129.4
157.2
176.2
171.8
167.5
182.4
176.2
181.2
179.5
173.7
169.7
164.4
163.3
165.7
171.2
169.7
174.4
178.6
185.0
191.5

99.4
107.0
117.2
127.3
143.2
158.0
190.0
182.3
177.1
194.8
192.3
200.2
192.9
182.8
178.5
175.0
172.9
178.5
179.8
177.1
184.3
188.6
200.2
206.0

122.9
134.9
139.9
143.0
148.1
147.9
159.2
145.0
136.1
131.1
161.9
159.0
160.0
146.9
139.4
133.8
140.3
135.0
135.0
133.9
131.4
131.0
131.4
130.6

111.4
120.6
125.4
135.9
145.4
167.7
160.8
142.6
128.2
116.6
159.5
150.7
144.2
144.3
137.9
143.9
135.0
128.7
122.0
127.2
117.4
115.1
113.7
120.1

96.5
101.7
105.6
115.8
125.7
126.7
131.2
126.4
124.3
128.5
130.4
129.6
131.1
125.9
126.9
121.7
120.8
125.1
125.1
126.1
122.6
123.9
131.1
136.3

364.8
353.1
381.3
388.6
418.3
443.6
446.9
448.5
470.3
505.3
441.2
441.6
444.4
448.5
451.9
449.0
458.5
468.4
473.2
481.0
486.4
491.7
516.7
526.6

358.6
346.8
375.1
382.4
411.9
436.6
439.5
441.1
462.7
497.0
433.8
434.2
437.1
441.2
444.5
441.6
451.0
460.8
465.6
473.3
478.5
483.5
508.2
517.8

198.9
180.6
197.3
196.6
218.1
234.2
236.8
237.2
246.9
269.2
232.4
231.5
235.4
238.3
239.6
235.3
239.4
245.6
248.7
253.7
259.0
259.0
271.9
286.9

6.1
6.2
6.2
6.1
6.4
7.0
7.4
7.4
7.6
8.3
7.4
7.4
7.4
7.3
7.4
7.5
7.5
7.6
7.6
7.7
7.8
8.2
8.6
8.8

199.7

214.9

132.5

116.1

140.0

532.5

523.5

292.3

9.1

Total

Computers and
peripheral
equipment 1

Software

Total

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

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

1,042.3
1,109.6
1,209.2
1,320.6
1,455.0
1,576.3
1,679.0
1,625.7
1,565.8
1,635.2
1,686.4
1,689.4
1,677.8
1,638.0
1,616.1
1,570.7
1,560.9
1,563.2
1,565.4
1,573.5
1,577.7
1,601.4
1,661.0
1,700.6

689.9
762.5
833.6
934.2
1,037.8
1,133.3
1,232.1
1,176.8
1,092.6
1,125.5
1,245.2
1,247.9
1,233.6
1,189.4
1,163.7
1,120.6
1,100.4
1,092.1
1,089.1
1,088.9
1,087.3
1,105.8
1,139.5
1,169.4

232.3
247.1
261.1
280.1
294.5
293.2
313.2
305.2
249.0
237.5
319.7
320.6
315.8
311.3
313.1
280.8
262.2
252.2
242.4
239.0
236.5
238.8
237.7
236.9

467.2
523.1
578.7
658.3
745.6
840.2
918.9
871.3
846.7
893.5
925.5
927.3
917.8
877.6
849.4
840.5
840.0
842.6
850.3
853.9
855.0
871.6
907.7
939.7

155.7
182.7
218.9
269.9
328.9
398.5
467.6
457.6
459.3
522.7
473.8
488.1
482.8
460.8
445.4
441.4
444.2
454.7
470.0
468.2
487.2
506.4
537.7
559.5

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

2004: I r .......................

1,721.7

1,184.6

232.4

960.7

580.9

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

1 For

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

Equipment

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

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry

Period

Total
capital
expenditures

Total
by
industry

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

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

For companies with employees
1996
1997
1998
1999
2000
2001
2002

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

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

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

10

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

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In June, employment rose by 259,000 and unemployment rose by 45,000.

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

Period

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

Civilian
noninstitutional
population
NSA

Civilian
labor
force

196,814
198,584
200,591
203,133
205,220
207,753
212,577
215,092
217,570
221,168
221,014
221,252
221,507
221,779
222,039
222,279
222,509
222,161
222,357
222,550
222,757
222,967
223,196

131,056
132,304
133,943
136,297
137,673
139,368
142,583
143,734
144,863
146,510
146,917
146,652
146,622
146,610
146,892
147,187
146,878
146,863
146,471
146,650
146,741
146,974
147,279

Percent 1

Unemployment

Total

Men
20
years
and
over

Women
20
years
and
over

Both
sexes
16–19
years

123,060
124,900
126,708
129,558
131,463
133,488
136,891
136,933
136,485
137,736
137,673
137,604
137,693
137,644
138,095
138,533
138,479
138,566
138,301
138,298
138,576
138,772
139,031

63,294
64,085
64,897
66,284
67,135
67,761
69,634
69,776
69,734
70,415
70,190
70,269
70,324
70,596
70,726
70,964
71,099
71,329
70,969
71,128
71,118
71,162
71,570

53,606
54,396
55,311
56,613
57,278
58,555
60,067
60,417
60,420
61,402
61,610
61,479
61,467
61,191
61,524
61,597
61,521
61,260
61,456
61,373
61,571
61,721
61,629

6,161
6,419
6,500
6,661
7,051
7,172
7,189
6,740
6,332
5,919
5,873
5,856
5,902
5,857
5,846
5,972
5,859
5,977
5,875
5,797
5,888
5,888
5,832

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

Total

7,996
7,404
7,236
6,739
6,210
5,880
5,692
6,801
8,378
8,774
9,245
9,048
8,929
8,966
8,797
8,653
8,398
8,297
8,170
8,352
8,164
8,203
8,248

Men
20
years
and
over
3,627
3,239
3,146
2,882
2,580
2,433
2,376
3,040
3,896
4,209
4,485
4,391
4,358
4,309
4,216
4,224
3,945
3,842
3,828
3,890
3,753
3,886
3,802

Women
20
years
and
over

Both
sexes
16–19
years

3,049
2,819
2,783
2,585
2,424
2,285
2,235
2,599
3,228
3,314
3,379
3,356
3,369
3,417
3,375
3,320
3,326
3,255
3,172
3,314
3,215
3,092
3,264

1,320
1,346
1,306
1,271
1,205
1,162
1,081
1,162
1,253
1,251
1,381
1,301
1,202
1,240
1,205
1,109
1,128
1,200
1,170
1,148
1,197
1,225
1,181

Not in
labor
force

65,758
66,280
66,647
66,837
67,547
68,385
69,994
71,359
72,707
74,658
74,097
74,600
74,884
75,168
75,147
75,093
75,631
75,298
75,886
75,900
76,016
75,993
75,916

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

66.6
66.6
66.8
67.1
67.1
67.1
67.1
66.8
66.6
66.2
66.5
66.3
66.2
66.1
66.2
66.2
66.0
66.1
65.9
65.9
65.9
65.9
66.0

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

6.1
5.6
5.4
4.9
4.5
4.2
4.0
4.7
5.8
6.0
6.3
6.2
6.1
6.1
6.0
5.9
5.7
5.6
5.6
5.7
5.6
5.6
5.6

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

11

SELECTED UNEMPLOYMENT RATES
In June, the unemployment rate was unchanged from May at 5.6 percent.

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

By sex and age
Period

All
civilian
workers

Men
20 years
and over

Women
20 years
and over

Both
sexes
16–19
years

White

By selected groups

Black or
African
American

Asian
(NSA)

Hispanic or
Latino
ethnicity

Married
men,
spouse
present

Women
who
maintain
families
(NSA)

Full-time
workers

Part-time
workers

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

6.1
5.6
5.4
4.9
4.5
4.2
4.0
4.7
5.8
6.0

5.4
4.8
4.6
4.2
3.7
3.5
3.3
4.2
5.3
5.6

5.4
4.9
4.8
4.4
4.1
3.8
3.6
4.1
5.1
5.1

17.6
17.3
16.7
16.0
14.6
13.9
13.1
14.7
16.5
17.5

5.3
4.9
4.7
4.2
3.9
3.7
3.5
4.2
5.1
5.2

11.5
10.4
10.5
10.0
8.9
8.0
7.6
8.6
10.2
10.8

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

9.9
9.3
8.9
7.7
7.2
6.4
5.7
6.6
7.5
7.7

3.7
3.3
3.0
2.7
2.4
2.2
2.0
2.7
3.6
3.8

8.9
8.0
8.2
8.1
7.2
6.4
5.9
6.6
8.0
8.5

6.1
5.5
5.3
4.8
4.3
4.1
3.8
4.7
5.9
6.1

6.0
6.0
5.8
5.5
5.3
5.0
4.8
5.1
5.2
5.5

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

6.3
6.2
6.1
6.1
6.0
5.9
5.7
5.6
5.6
5.7
5.6
5.6
5.6

6.0
5.9
5.8
5.8
5.6
5.6
5.3
5.1
5.1
5.2
5.0
5.2
5.0

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

19.0
18.2
16.9
17.5
17.1
15.7
16.1
16.7
16.6
16.5
16.9
17.2
16.8

5.5
5.4
5.4
5.3
5.1
5.2
5.0
4.9
4.9
5.1
4.9
5.0
5.0

11.6
11.1
10.9
11.1
11.4
10.4
10.3
10.5
9.8
10.2
9.7
9.9
10.1

7.8
6.2
5.9
6.2
6.1
5.2
5.3
5.2
4.7
4.2
4.4
4.2
5.0

8.2
8.1
7.8
7.5
7.3
7.4
6.6
7.3
7.4
7.4
7.2
7.0
6.7

4.3
3.9
3.9
3.8
3.8
3.7
3.3
3.3
3.4
3.2
3.1
3.1
3.2

8.7
9.0
8.4
8.5
8.4
8.3
8.4
8.3
8.1
8.4
7.5
7.4
8.2

6.4
6.3
6.2
6.2
6.1
6.1
5.8
5.7
5.6
5.8
5.6
5.7
5.6

5.9
5.5
5.3
5.7
5.5
5.1
5.3
5.4
5.2
5.4
5.3
5.2
5.5

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

12

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

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In June, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks
and over fell; the percentages for 5–14 weeks and for 15–26 weeks rose. The mean duration of unemployment
fell to 19.9 weeks and the median duration rose to 10.8 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
1994 3

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

7,996
7,404
7,236
6,739
6,210
5,880
5,692
6,801
8,378
8,774
9,245
9,048
8,929
8,966
8,797
8,653
8,398
8,297
8,170
8,352
8,164
8,203
8,248

34.1
36.5
36.4
37.7
42.2
43.7
44.9
42.0
34.5
31.7
31.8
30.4
30.6
30.6
31.1
30.3
31.0
31.2
30.3
31.1
34.3
33.2
33.0

30.1
31.6
31.6
31.7
31.4
31.2
31.9
32.3
30.8
29.8
30.2
30.0
29.5
30.4
29.4
29.5
28.9
28.6
29.6
29.0
29.1
29.1
29.5

15.5
14.6
14.6
14.8
12.3
12.8
11.8
14.0
16.3
16.4
16.2
17.8
17.5
16.0
16.6
16.7
17.8
17.5
17.2
16.0
14.4
15.8
16.0

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

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

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

9.2
8.3
8.3
8.0
6.7
6.4
5.9
6.8
9.1
10.1
11.7
10.1
10.0
10.1
10.3
10.4
10.4
10.7
10.3
10.3
9.5
10.0
10.8

47.7
46.9
46.6
45.1
45.5
44.6
44.2
51.1
55.0
55.1
54.3
55.4
55.4
55.6
55.2
54.2
54.6
52.3
52.4
54.2
53.8
51.3
50.8

9.9
11.1
10.7
11.8
11.8
13.3
13.7
12.3
10.3
9.3
9.7
8.9
8.9
9.4
8.9
10.7
9.3
9.6
10.0
9.8
10.1
10.3
11.2

34.8
34.1
34.7
34.7
34.3
34.1
34.5
29.9
28.3
28.2
28.9
28.2
28.4
27.4
28.5
28.0
28.0
30.0
29.4
28.5
28.3
29.7
30.2

7.6
7.8
8.0
8.4
8.4
8.0
7.6
6.8
6.4
7.3
7.0
7.4
7.3
7.7
7.4
7.1
8.2
8.1
8.2
7.4
7.9
8.7
7.9

2,670
2,572
2,595
2,323
2,222
2,188
2,110
2,974
3,585
3,533
3,675
3,598
3,594
3,581
3,491
3,379
3,289
3,172
3,139
3,028
2,970
2,928
..............

340
357
356
323
321
298
301
404
407
402
420
404
400
399
383
369
362
356
356
339
342
r 342
p 347

2,739
2,633
2,650
2,366
2,257
2,219
2,141
3,007
3,619
3,571
3,674
3,449
3,379
3,224
2,799
3,203
3,544
3,703
3,976
3,571
2,971
2,844
.................

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 112,000 in June.

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

Goods-producing industries

Period

Total
nonagricultural
employment

Total 2

Construction

Manufacturing

Service-providing industries

Total

Trade, transportation, and
utilities
Total 3

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

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

114,291
117,298
119,708
122,776
125,930
128,993
131,785
131,826
130,341
129,931
129,859
129,814
129,789
129,856
129,944
130,027
130,035
130,194
130,277
130,630
130,954
131,189
131,301

22,774
23,156
23,410
23,886
24,354
24,465
24,649
23,873
22,557
21,817
21,805
21,744
21,712
21,697
21,674
21,686
21,668
21,696
21,684
21,778
21,822
21,888
21,878

5,095
5,274
5,536
5,813
6,149
6,545
6,787
6,826
6,716
6,722
6,718
6,721
6,739
6,754
6,754
6,771
6,774
6,812
6,791
6,853
6,872
6,911
6,911

17,021
17,241
17,237
17,419
17,560
17,322
17,263
16,441
15,259
14,525
14,514
14,452
14,404
14,375
14,351
14,344
14,324
14,314
14,321
14,344
14,365
14,389
14,378

91,517
94,142
96,299
98,890
101,576
104,528
107,136
107,952
107,784
108,114
108,054
108,070
108,077
108,159
108,270
108,341
108,367
108,498
108,593
108,852
109,132
109,301
109,423

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

14

Retail
trade

23,128
23,834
24,239
24,700
25,186
25,771
26,225
25,983
25,497
25,275
25,266
25,225
25,225
25,252
25,272
25,261
25,211
25,312
25,331
25,415
25,448
25,485
25,509

13,491
13,897
14,143
14,389
14,609
14,970
15,280
15,239
15,025
14,912
14,908
14,897
14,912
14,927
14,948
14,922
14,876
14,945
14,963
15,013
15,037
15,055
15,061

Financial
activities
6,867
6,827
6,969
7,178
7,462
7,648
7,687
7,807
7,847
7,974
7,988
7,995
7,996
8,004
7,990
7,985
7,981
7,981
7,989
8,003
8,015
8,032
8,038

Profes- Educasional
tion Leisure
and
and
and
busihealth hospiness services tality
services
12,174
12,844
13,462
14,335
15,147
15,957
16,666
16,476
15,976
15,997
15,967
16,021
15,998
16,051
16,070
16,114
16,159
16,172
16,196
16,237
16,363
16,429
16,468

12,807
13,289
13,683
14,087
14,446
14,798
15,109
15,645
16,199
16,577
16,576
16,568
16,591
16,622
16,678
16,705
16,731
16,746
16,764
16,813
16,854
16,893
16,930

10,100
10,501
10,777
11,018
11,232
11,543
11,862
12,036
11,986
12,125
12,097
12,118
12,117
12,126
12,147
12,178
12,192
12,218
12,229
12,271
12,303
12,332
12,340

Other
services 4

Government

Total
7,166
7,415
7,630
7,909
8,194
8,506
8,799
8,887
8,767
8,591
8,593
8,582
8,570
8,565
8,553
8,554
8,549
8,542
8,545
8,560
8,577
8,586
8,599

19,275
19,432
19,539
19,664
19,909
20,307
20,790
21,118
21,513
21,575
21,567
21,561
21,580
21,539
21,560
21,544
21,544
21,527
21,539
21,553
21,572
21,544
21,539

Federal
3,018
2,949
2,877
2,806
2,772
2,769
2,865
2,764
2,766
2,756
2,763
2,758
2,750
2,747
2,736
2,723
2,720
2,715
2,716
2,710
2,727
2,706
2,706

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

Source: Department of Labor, Bureau of Labor Statistics.

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

Average gross hourly earnings

Manufacturing
Period

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

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

Total
private
nonagricultural 1

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

Total

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

Average gross weekly earnings

Total private
nonagricultural 1

Overtime

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

Current
dollars

$11.32
11.64
12.03
12.49
13.00
13.47
14.00
14.53
14.95
15.35
15.31
15.34
15.40
15.41
15.41
15.43
15.46
15.45
15.49
15.52
15.55
15.59
15.63
15.65

1982
dollars 2

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

Total private
nonagricultural 1
Manufacturing

Current
dollars

$12.04
12.34
12.75
13.14
13.45
13.85
14.32
14.76
15.29
15.74
15.68
15.72
15.73
15.79
15.84
15.83
15.89
15.93
15.94
15.99
16.01
16.08
16.08
16.12

1 Also

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

Percent change from
a year earlier, total
private nonagricultural

Current dollars

1982
dollars 2

Manufacturing

Construction

Retail
trade

$390.73
399.53
412.74
431.25
448.04
462.49
480.41
493.20
506.07
517.36
515.95
516.96
517.44
517.78
517.78
519.99
522.55
519.12
523.56
524.58
525.59
525.38
528.29
525.84

$259.97
258.43
259.58
265.22
271.87
274.64
275.62
275.38
278.83
278.75
279.19
279.29
279.24
278.08
277.33
278.96
281.09
278.80
279.68
279.48
278.53
277.98
277.61
..............

$502.12
509.26
526.55
548.22
557.12
573.17
590.65
595.19
618.75
636.07
630.34
633.52
630.77
634.76
639.94
641.12
648.31
646.76
653.54
655.59
654.81
654.46
660.89
657.70

$558.53
571.57
588.48
609.48
629.75
655.11
685.78
695.89
711.82
727.11
729.58
728.45
726.55
731.89
731.52
731.90
733.81
725.42
735.74
738.43
739.96
733.44
735.36
731.90

$265.77
272.56
282.76
295.97
310.34
321.63
333.38
346.16
360.81
367.28
365.60
366.83
366.56
369.26
368.95
369.26
369.87
368.06
370.45
370.18
369.29
368.71
370.83
367.22

Current
dollars

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

1982
dollars

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

Source: Department of Labor, Bureau of Labor Statistics.

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

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

12 months earlier
Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

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

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

123.5
126.7
130.6
135.1
139.8
144.6
150.9
157.2
162.3
168.8

119.7
123.1
127.3
132.3
137.4
142.2
147.7
153.3
157.5
162.3

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

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

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

133.0
135.9
138.6
141.8
145.2
150.2
158.6
166.7
174.6
185.8

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

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

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

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

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

Seasonally adjusted

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

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

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

3.1
2.6
3.1
3.4
3.5
3.4
4.4
4.2
3.2
4.0

2.8
2.8
3.4
3.9
3.9
3.5
3.9
3.8
2.7
3.0

3.7
2.2
2.0
2.3
2.4
3.4
5.6
5.1
4.7
6.4

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

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

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

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

15

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

Nonfarm
business
sector

Output 1
Business
sector

Nonfarm
business
sector

Hours of all
persons 2
Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

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

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

101.4
101.7
104.5
106.5
109.3
112.4
115.7
118.3
124.0
129.6

101.5
102.1
104.7
106.4
109.2
112.2
115.3
117.8
123.6
129.1

108.2
111.4
116.5
122.7
128.6
135.2
140.5
140.6
143.8
149.1

108.3
111.8
116.8
122.8
128.9
135.6
140.8
141.0
144.2
149.5

106.7
109.5
111.5
115.2
117.7
120.2
121.4
118.9
116.0
115.1

106.7
109.5
111.6
115.4
118.1
120.8
122.1
119.7
116.6
115.9

103.8
106.0
109.5
113.0
119.7
125.4
134.2
139.7
142.8
148.0

103.7
106.0
109.4
112.8
119.4
124.9
133.7
138.9
142.1
147.1

99.2
98.9
99.5
100.5
105.0
107.8
111.6
113.0
113.7
115.2

99.1
98.9
99.4
100.3
104.7
107.3
111.2
112.4
113.2
114.5

102.3
104.3
104.8
106.1
109.5
111.6
116.0
118.1
115.2
114.2

102.2
103.8
104.5
106.0
109.3
111.3
116.0
118.0
115.0
114.0

103.9
105.7
107.4
109.0
109.7
110.7
112.7
114.9
115.8
117.4

104.0
105.8
107.3
109.1
109.9
111.1
113.3
115.4
116.4
117.9

2001: I ...................
II .................
III ................
IV ................
2002: I ...................
II .................
III ................
IV ................
2003: I ...................
II .................
III ...............
IV ................
2004: I * .................

116.9
117.7
118.2
120.4
122.8
123.3
124.7
125.4
126.4
128.6
131.3
131.9
133.5

116.4
117.3
117.8
119.8
122.6
122.8
124.2
124.9
126.0
127.9
130.8
131.6
132.8

141.2
140.8
139.9
140.6
142.6
143.1
144.6
145.1
145.8
147.3
151.0
152.4
154.4

141.5
141.2
140.3
140.8
143.1
143.4
144.8
145.4
146.3
147.6
151.3
152.9
154.9

120.8
119.6
118.4
116.9
116.1
116.1
115.9
115.8
115.4
114.5
115.0
115.5
115.7

121.6
120.4
119.1
117.6
116.7
116.8
116.6
116.4
116.1
115.4
115.7
116.2
116.6

138.2
139.1
140.1
141.5
141.8
142.6
143.1
143.8
145.5
147.4
148.9
150.3
152.4

137.5
138.3
139.3
140.7
141.1
141.9
142.4
143.2
144.6
146.3
148.0
149.5
151.2

112.5
112.4
112.9
114.2
114.1
113.8
113.5
113.5
113.8
115.1
115.6
116.4
117.1

111.9
111.7
112.3
113.6
113.5
113.2
112.9
113.0
113.1
114.2
114.9
115.9
116.1

118.2
118.2
118.6
117.6
115.5
115.7
114.7
114.7
115.1
114.6
113.4
113.9
114.2

118.1
117.9
118.3
117.5
115.1
115.6
114.6
114.6
114.8
114.4
113.2
113.6
113.9

114.1
115.0
115.2
115.5
115.3
115.7
115.9
116.5
116.9
117.2
117.6
118.0
118.6

114.6
115.5
115.6
116.0
115.8
116.3
116.6
117.1
117.5
117.7
118.1
118.2
118.9

0.5
1.6
.6
1.4
3.2
1.8
4.2
1.7
¥2.5
¥.9
16.7
¥6.0
9.2
¥1.3
5.7
¥.7
1.3
¥2.8
¥7.8
1.6
¥3.1
¥.1
.6
¥1.3
¥4.3
1.7
.8

1.8
1.8
1.6
1.5
.6
.9
1.8
1.9
.8
1.4
3.4
1.8
1.3
1.4
2.7
3.1
.8
1.1
¥.7
1.6
.5
1.9
1.6
.9
1.3
1.3
2.2

1.9
1.7
1.4
1.7
.7
1.1
1.9
1.9
.9
1.2
3.3
1.8
1.4
1.3
2.5
2.9
.6
1.3
¥.7
1.9
1.0
1.7
1.5
.7
1.1
.6
2.1

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

2001:

2002:

2003:

2004:

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

1 Output

1.2
.3
2.8
1.9
2.6
2.9
2.9
2.2
4.9
4.5
¥1.3
8.2
¥.6
3.8
¥.1
3.0
1.5
7.6
8.4
1.5
4.9
2.0
3.5
7.2
8.7
1.8
4.6

1.2
.6
2.5
1.7
2.6
2.8
2.8
2.1
5.0
4.4
¥1.7
7.5
¥.4
3.3
¥.1
3.1
1.6
7.0
9.8
.7
4.5
2.3
3.4
6.2
9.5
2.5
3.8

5.0
2.9
4.6
5.3
4.8
5.1
3.9
.1
2.3
3.7
.3
7.5
¥.8
2.0
¥.8
¥1.2
¥2.6
2.2
5.6
1.4
4.3
1.6
1.9
4.2
10.3
3.9
5.2

4.8
3.2
4.5
5.2
5.0
5.2
3.8
.1
2.3
3.7
¥.1
7.5
¥.8
2.2
¥.8
¥1.0
¥2.5
1.6
6.7
.8
4.0
1.6
2.4
3.8
10.4
4.2
5.4

3.8
2.6
1.8
3.3
2.2
2.1
1.0
¥2.1
¥2.5
¥.8
1.7
¥.7
¥.2
¥1.7
¥.7
¥4.0
¥4.0
¥5.0
¥2.6
¥.1
¥.5
¥.5
¥1.5
¥2.8
1.5
2.0
.5

3.5
2.6
1.9
3.4
2.3
2.3
1.0
¥2.0
¥2.6
¥.7
1.6
¥.1
¥.4
¥1.1
¥.7
¥4.0
¥4.1
¥5.1
¥2.9
.1
¥.5
¥.7
¥1.0
¥2.3
.9
1.6
1.5

refers to real gross domestic product originating in the sector.
2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–
U) for recent quarters. The trend from 1978–2003 is based on the consumer price index research series (CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

16

1.6
2.2
3.2
3.2
5.9
4.8
7.0
4.1
2.2
3.6
14.5
1.8
8.5
2.5
5.8
2.7
3.0
3.9
.9
2.3
1.3
2.2
4.8
5.3
4.1
3.8
5.9

1.7
2.2
3.2
3.1
5.8
4.7
7.0
3.9
2.3
3.5
14.7
1.1
8.8
2.0
5.6
2.4
3.0
4.0
1.2
2.3
1.3
2.2
4.0
4.9
4.7
4.2
4.6

¥0.5
¥.3
.5
1.1
4.4
2.7
3.6
1.3
.6
1.3
10.4
¥1.4
4.6
¥.4
2.1
¥.6
2.0
4.5
¥.4
¥1.1
¥1.0
.3
1.0
4.6
1.6
3.0
2.2

¥0.4
¥.2
.5
1.0
4.3
2.5
3.6
1.1
.7
1.2
10.5
¥2.1
4.9
¥.9
1.9
¥.8
2.0
4.6
¥.1
¥1.1
¥1.0
.3
.2
4.2
2.3
3.4
.9

0.4
1.9
.5
1.3
3.2
1.8
4.0
1.8
¥2.5
¥.8
16.0
¥5.9
9.2
¥1.3
5.9
¥.3
1.5
¥3.4
¥6.9
.9
¥3.4
.1
1.3
¥1.7
¥4.3
1.9
1.2

NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on May 27, 2004.
Source: Department of Labor, Bureau of Labor Statistics.

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

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

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

Index,
1997=100

From
preceding
month

Industry production indexes, 1997=100

change 2
From
year
earlier

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

Total 1

Durable

Nondurable

Other
(nonNAICS) 1

Mining

Utilities
Total
industry

Total
manufacturing

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

85.2
89.3
93.1
100.0
105.9
110.6
115.4
111.5
110.9
111.1

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

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

83.6
88.0
92.1
100.0
106.8
112.1
117.4
112.7
111.8
112.2

75.4
81.9
89.0
100.0
110.7
119.9
129.5
123.5
122.9
125.3

94.6
96.2
96.5
100.0
101.5
102.2
102.8
99.8
99.2
97.0

92.8
92.9
92.1
100.0
106.5
109.9
112.2
105.6
102.0
105.8

96.6
96.4
98.1
100.0
98.2
94.0
96.3
96.8
93.0
93.1

93.9
97.2
100.0
100.0
102.5
105.5
108.6
108.1
111.3
110.9

83.4
83.6
82.4
83.6
83.0
82.4
82.6
77.4
75.6
74.8

82.6
82.7
81.1
82.6
82.0
81.4
81.1
75.4
73.9
73.4

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

110.0
110.0
110.8
110.9
111.5
111.8
112.9
113.1

¥0.1
.0
.8
.0
.6
.3
1.0
.2

¥.8
¥1.5
¥.6
¥.6
.1
.7
1.5
2.3

111.0
111.2
111.8
111.8
112.7
112.9
114.2
114.2

122.8
123.6
124.8
124.9
127.1
127.2
128.8
129.3

96.8
96.3
96.7
96.5
96.6
96.7
97.6
97.4

106.1
107.0
105.0
105.2
104.7
105.8
106.6
105.4

92.7
93.2
93.4
93.1
93.5
93.7
93.6
93.5

110.2
107.9
111.3
111.8
109.9
111.0
111.9
114.2

74.1
74.0
74.5
74.5
74.9
75.0
75.7
75.8

72.6
72.7
73.0
73.0
73.6
73.6
74.4
74.4

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

113.8
114.8
114.8
115.7
116.9

.6
.8
.0
.8
1.1

2.4
2.8
3.6
5.1
6.3

114.5
115.8
116.2
117.0
118.1

130.1
132.0
132.3
133.2
134.4

97.2
97.6
98.2
98.7
99.5

105.8
109.1
109.5
111.3
113.6

93.6
93.2
93.0
93.8
93.5

118.2
117.9
114.9
116.7
120.5

76.2
76.7
76.6
77.1
77.8

74.5
75.3
75.4
75.9
76.4

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

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

17

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

Equipment

Durable
goods

Business
equipment

Period
Total
Total

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

Materials
Nonindustrial supplies

Nondurable
goods

Total 1

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

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

86.8
90.4
93.9
100.0
105.7
108.3
111.6
109.1
107.6
107.5

91.6
94.5
96.5
100.0
103.6
105.3
107.5
105.9
106.8
106.1

85.4
89.7
93.5
100.0
107.0
113.5
117.5
110.4
115.7
118.3

94.2
96.5
97.8
100.0
102.2
102.1
103.7
104.0
103.4
101.6

78.0
82.8
88.9
100.0
110.0
114.2
119.7
115.1
108.1
109.6

73.5
79.4
86.9
100.0
111.2
117.1
125.5
117.6
109.5
110.4

108.9
106.0
102.0
100.0
104.1
101.4
91.0
102.6
105.7
111.9

87.0
90.3
93.8
100.0
105.7
109.9
114.4
109.8
108.6
109.0

89.5
91.4
95.5
100.0
105.2
107.9
110.3
105.2
103.1
102.0

86.2
89.9
93.2
100.0
105.9
110.7
116.0
111.6
110.7
111.7

83.0
87.9
92.2
100.0
106.2
113.1
119.8
114.6
115.1
115.7

97.0
98.5
100.0
100.0
100.2
100.2
101.6
100.4
100.5
100.4

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

106.7
106.5
107.1
107.2
107.8
107.7
108.9
109.1

105.5
105.0
105.8
105.7
106.1
106.0
107.1
107.3

115.3
116.2
118.2
117.4
120.8
119.8
121.3
121.2

101.8
100.9
101.3
101.4
100.9
101.0
102.1
102.3

108.3
108.5
108.9
109.6
110.6
110.3
111.8
112.0

108.6
109.0
109.3
110.0
111.2
110.8
112.7
113.2

111.8
111.8
112.1
113.0
113.7
113.7
113.3
112.4

108.1
107.8
108.7
108.6
108.7
109.6
110.4
110.8

100.8
100.8
101.5
101.9
102.3
103.1
104.4
104.1

111.0
110.6
111.5
111.2
111.3
112.1
112.8
113.4

114.1
114.4
115.4
115.5
116.4
116.9
117.9
118.2

99.6
99.6
100.9
101.0
100.4
100.9
100.9
101.4

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

109.8
110.8
110.8
111.6
112.6

108.1
108.8
108.8
109.4
110.3

122.7
123.8
122.9
123.4
122.7

102.9
103.5
103.7
104.4
105.8

112.7
114.4
114.4
115.4
116.8

114.4
116.2
116.0
117.2
118.8

111.7
113.2
114.4
114.5
115.1

111.3
112.1
112.2
113.4
115.3

104.1
104.3
104.9
105.9
107.4

114.1
115.3
115.1
116.3
118.4

118.9
119.8
119.8
120.8
122.1

102.6
102.2
101.3
102.6
103.9

1 Includes

other items, not shown separately.

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

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

Iron
and
steel
products

Nondurable manufactures

Computer and electronic products

Fabricated
metal
products

Machinery
Total

Selected
hightechnology 1

Transportation
equipment

Total

Motor
vehicles
and
parts

Apparel

Printing
and
support

Chemical

Food

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

92.6
93.7
95.9
100.0
102.3
101.7
98.5
89.0
86.5
84.6

93.3
94.8
97.1
100.0
100.3
99.9
99.0
87.7
89.5
89.9

87.0
92.3
95.8
100.0
103.0
103.8
107.9
100.1
97.4
94.4

85.5
91.5
94.9
100.0
102.6
100.4
105.8
93.8
86.8
86.7

44.2
57.5
73.8
100.0
129.1
169.0
224.0
226.1
234.7
266.5

33.2
47.3
66.7
100.0
140.2
201.3
286.7
291.1
311.4
368.5

89.9
90.1
91.7
100.0
108.8
114.5
109.5
105.9
108.0
108.7

89.4
92.0
92.7
100.0
105.2
116.4
116.2
105.6
114.5
117.5

104.1
104.1
101.3
100.0
94.6
90.7
87.3
77.9
70.8
62.3

95.9
97.3
98.0
100.0
101.0
101.9
102.3
96.9
93.7
89.3

91.3
92.7
94.6
100.0
101.8
103.8
105.5
103.9
105.3
105.5

96.8
99.3
97.4
100.0
104.3
105.2
106.8
106.9
107.1
106.2

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

82.2
82.7
82.9
82.5
83.0
84.7
86.7
88.0

83.8
87.3
87.2
84.5
88.5
91.1
93.1
99.7

93.2
93.3
94.2
93.2
94.4
94.6
95.3
95.6

86.2
86.3
85.9
86.7
87.3
86.3
89.7
89.6

258.0
260.5
266.7
273.7
277.1
282.9
285.3
285.3

352.9
359.6
369.1
382.6
388.1
397.4
402.8
404.7

105.2
106.3
107.9
107.2
112.1
110.4
111.0
111.6

112.0
113.8
116.6
114.9
122.7
119.9
120.5
121.3

63.6
61.8
60.9
59.1
59.1
60.2
60.6
60.3

88.8
88.8
89.0
88.5
88.7
88.3
87.0
87.6

104.4
103.5
104.5
105.5
106.1
106.4
108.3
107.8

106.1
106.4
106.5
105.4
105.9
105.5
106.3
106.8

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

87.3
90.3
88.9
88.1
88.9

98.8
101.1
97.7
94.3
95.3

95.6
96.3
97.0
98.2
99.1

91.1
93.5
94.1
95.1
96.5

290.1
296.6
301.0
304.3
314.2

416.7
428.7
434.2
443.2
458.6

112.3
114.4
112.9
112.7
111.2

122.6
125.1
122.8
122.4
119.7

60.5
61.3
61.9
63.2
62.4

88.5
87.9
89.1
88.6
89.9

107.3
108.2
108.9
109.7
110.4

106.7
107.3
107.8
107.6
109.5

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

18

Source: Board of Governors of the Federal Reserve System.

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

Total new
construction expenditures

Residential
Total
Total 1

Federal
and
State
and
local

Nonresidential

New
housing

Total

Lodging

Commercial
(including
farm)

Office

Manufacturing

Other 2

1994 ....................................
1995 ....................................
1996 ....................................
1997 ....................................
1998 ....................................
1999 ....................................
2000 r ...................................
2001 r ...................................
2002 r ...................................
2003 r ...................................
2003: May r ........................
June r .......................
July r ........................
Aug r .........................
Sept r ........................
Oct r .........................
Nov r .........................
Dec r .........................

539.2
557.8
615.9
653.4
705.7
766.1
828.2
858.3
871.3
915.7
901.0
906.8
909.4
922.0
930.8
942.2
947.7
948.9

419.0
427.9
476.6
502.7
551.4
596.3
642.6
652.5
651.7
690.0
678.3
677.8
681.1
691.7
701.2
714.1
721.1
727.0

258.6
247.4
281.1
289.0
314.6
350.6
374.5
388.3
421.9
476.1
461.5
465.1
472.5
481.0
487.6
495.6
504.2
511.3

176.4
171.4
191.1
198.1
224.0
251.3
265.0
279.4
298.8
345.9
330.0
334.5
341.5
350.2
358.2
366.4
375.6
381.7

160.4
180.5
195.5
213.7
236.8
245.8
268.2
264.2
229.8
213.9
216.8
212.7
208.6
210.8
213.6
218.6
216.9
215.7

4.7
7.1
10.9
12.9
14.8
16.0
16.3
14.5
10.5
9.9
13.9
9.8
9.4
9.6
9.6
10.0
9.4
9.3

20.4
23.0
26.5
32.8
40.4
45.1
52.4
49.7
35.3
30.4
28.8
30.5
30.1
30.2
30.5
32.5
32.1
31.5

39.6
44.1
49.4
53.1
55.7
59.4
64.1
63.6
59.2
57.7
58.4
59.0
59.0
60.4
57.9
58.1
57.0
56.7

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

66.9
70.9
70.6
77.3
85.4
92.8
103.6
106.8
108.4
101.6
100.9
98.8
96.1
96.3
100.8
103.0
104.0
104.6

120.2
129.9
139.3
150.7
154.3
169.7
185.5
205.8
219.6
225.7
222.7
229.0
228.4
230.2
229.5
228.0
226.6
222.0

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

946.5
952.2
973.9
985.7
988.5

724.0
732.1
738.7
747.9
751.2

513.9
516.4
522.2
528.2
532.3

383.5
384.9
391.1
397.6
402.6

210.1
215.7
216.5
219.7
218.9

8.7
10.1
11.1
11.4
11.2

29.2
32.0
32.2
32.5
32.2

56.9
56.8
56.4
58.5
58.8

13.8
13.8
13.9
13.7
14.3

101.6
102.9
103.0
103.5
102.4

222.6
220.1
235.2
237.8
237.4

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

NOTE.—Data reflect annual revisions released on July 1, 2004.
Source: Department of Commerce, Bureau of the Census.

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

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

New private houses

Units started, by type of structure

1,457.0
1,354.1
1,476.8
1,474.0
1,616.9
1,640.9
1,568.7
1,602.7
1,704.9
1,847.7

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

2–4 units 1

5 units or
more

35.2
33.8
45.3
44.5
42.6
31.9
38.7
36.6
38.5
33.5

223.5
244.1
270.8
295.8
302.9
306.6
299.1
292.8
307.9
315.2

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

Units
completed

Houses
sold

Houses for
sale at end
of period 2

Vacancy rate
for rental
housing units
(percent) 3

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

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

336
370
322
281
294
308
298
308
339
370

7.4
7.6
7.8
7.7
7.9
8.1
8.0
8.4
8.9
9.8

1,093
1,194
1,156
1,189
1,127
1,141
1,086
1,120

343
343
341
344
350
360
365
370

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

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

1,748
1,850
1,893
1,835
1,922
1,983
2,054
2,067

1,393
1,505
1,536
1,494
1,537
1,644
1,670
1,657

27
28
36
32
45
29
37
29

328
317
321
309
340
310
347
381

1,846
1,871
1,892
1,964
1,943
2,015
1,920
1,979

1,732
1,658
1,681
1,579
1,697
1,731
1,709
1,736

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

1,934
1,895
2,000
1,981
1,967

1,565
1,521
1,624
1,618
1,640

30
30
33
40
55

339
344
343
323
272

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

1,714
1,729
1,782
1,944
1,923

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

1,155

374

r 1,165

r 373

1,294
1,192
1,369

374
374
372

Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods.
Source: Department of Commerce, Bureau of the Census.

19

BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In April, according to preliminary estimates, manufacturing and trade sales were about unchanged and inventories
rose $6.9 billion. According to advance estimates, retail sales rose 1.3 percent in May. Retail and food services
sales rose 1.2 percent.

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

Manufacturing and trade 1
Period
Sales 2

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

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

610,669
655,227
687,472
724,126
743,702
787,531
835,194
819,061
822,013
856,998
835,212
836,800
847,662
861,781
860,151
866,774
873,519
879,925
891,329

Inventories 3
930,681
989,067
1,008,623
1,049,527
1,081,988
1,142,277
1,200,666
1,146,151
1,163,690
1,185,477
1,176,553
1,174,141
1,174,533
1,174,519
1,169,030
1,173,444
1,177,496
1,181,735
1,185,477

Inventorysales
ratio 4
1.47
1.48
1.46
1.42
1.44
1.41
1.41
1.44
1.40
1.37
1.41
1.40
1.39
1.36
1.36
1.35
1.35
1.34
1.33

Wholesale

Sales 2

Inventories 3

161,133
176,227
186,649
194,541
198,319
211,631
228,630
225,123
228,524
240,442
233,464
234,073
237,209
239,113
240,029
241,527
246,430
247,737
251,526

218,119
234,268
237,186
254,763
267,689
284,396
301,618
287,913
288,990
295,435
290,534
289,756
289,727
290,210
289,961
291,248
292,549
293,534
295,435

Retail
Inventory
sales
ratio 4
1.29
1.30
1.28
1.27
1.32
1.30
1.29
1.32
1.25
1.21
1.24
1.24
1.22
1.21
1.21
1.21
1.19
1.18
1.17

2004: Jan ......................................................
894,394 1,187,402
1.33 253,664 296,016
1.17
Feb ......................................................
902,285 1,197,124
1.33 259,109 299,712
1.16
r .....................................................
Mar
931,224 1,205,977
1.30 266,509 301,311
1.13
p .....................................................
Apr
931,244 1,212,881
1.30 268,696 301,155
1.12
May p .................................................... ................ .................. ................ ................ ................ ................
1 See

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

20

4 Annual

Sales 2

Inventories 3

179,693
189,028
201,058
210,027
220,399
239,910
255,849
263,063
269,177
283,295
279,140
278,807
281,810
285,420
288,446
287,649
287,264
290,734
291,318

312,227
329,582
340,621
350,960
365,068
394,235
417,652
406,002
430,512
451,458
440,812
440,336
442,140
443,542
439,437
443,902
446,267
450,075
451,458

Inventory
sales
ratio 4

Retail and
food services
sales 2

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

198,496
208,496
221,299
231,530
243,119
263,733
281,385
289,667
296,965
313,057
308,132
308,383
311,525
315,366
318,942
317,464
318,064
321,798
322,342

292,253 451,357
1.54
295,019 454,614
1.54
301,790 460,087
1.52
r 299,979
465,027
1.55
303,923 ................ ................

323,918
326,996
333,818
r 331,941
335,801

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 unfilled orders rose; new orders fell.

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total
Total

Capital
goods
industries,
nondefense

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory—
shipments
ratio 3

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

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

269,843
289,973
299,766
319,558
324,984
335,991
350,715
330,875
324,313
333,260
323,920
328,643
337,248
331,676
337,598
339,825
341,454
348,485

147,005
158,568
164,883
178,949
185,966
193,895
197,807
181,201
177,617
179,220
173,783
176,782
181,761
177,187
182,379
183,740
184,074
187,978

122,838
131,405
134,883
140,610
139,019
142,096
152,908
149,674
146,696
154,041
150,137
151,861
155,487
154,489
155,219
156,085
157,380
160,507

400,335
425,217
430,816
443,804
449,231
463,646
481,396
452,236
444,188
438,584
444,049
442,666
440,767
439,632
438,294
438,680
438,126
438,584

253,444
267,696
272,787
281,249
290,874
296,645
306,682
283,722
271,789
262,947
268,449
266,154
264,638
262,949
261,678
262,351
261,414
262,947

146,891
157,521
158,029
162,555
158,357
167,001
174,714
168,514
172,399
175,637
175,600
176,512
176,129
176,683
176,616
176,329
176,712
175,637

266,641
285,542
297,282
314,986
317,345
329,770
346,789
322,944
316,744
329,167
318,144
324,098
330,551
329,401
333,957
341,856
338,726
344,868

143,803
154,137
162,399
174,377
178,327
187,674
193,881
173,270
170,048
175,126
168,007
172,237
175,064
174,912
178,738
185,771
181,346
184,361

45,175
51,011
54,066
60,697
62,133
64,392
69,278
58,336
53,991
57,445
55,367
57,351
58,188
57,229
60,225
61,672
57,862
60,219

434,594
447,338
488,815
513,166
496,471
505,941
550,005
517,590
485,816
506,298
485,829
487,360
485,959
490,036
492,006
500,307
503,869
506,298

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

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

348,477
348,157
362,925
362,569
363,570

186,115
188,798
197,139
195,512
193,968

162,362
159,359
165,786
167,057
169,602

440,029
442,798
444,579
446,699
448,717

263,276
264,550
265,607
267,206
268,393

176,753
178,248
178,972
179,493
180,324

341,868
345,778
363,146
359,124
358,163

179,506
186,419
197,360
192,067
188,561

58,564
60,967
64,726
63,908
61,984

506,184
510,535
517,585
521,211
523,097

1.26
1.27
1.22
1.23
1.23

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

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

21

PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 0.8 percent in May. Prices of finished consumer foods rose
1.5 percent, while prices of other finished consumer goods rose 0.8 percent. Capital equipment prices rose 0.3
percent.

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

Period

Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

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

22

125.5
127.9
131.3
131.8
130.7
133.0
138.0
140.7
138.9
143.3
141.9
142.7
142.8
143.5
143.8
144.7
144.5
144.8
145.7
145.8
146.6
147.6
148.8

Intermediate materials

126.8
129.0
133.6
134.5
134.3
135.1
137.2
141.3
140.1
145.9
144.5
145.1
144.7
145.8
147.5
150.5
150.1
150.4
148.4
148.6
150.8
152.9
155.2

125.1
127.5
130.5
130.9
129.5
132.3
138.1
140.4
138.3
142.4
141.0
141.8
142.1
142.6
142.6
143.0
142.8
143.1
144.8
144.9
145.3
146.0
146.9

materials for food manufacturing and feeds.

121.6
124.0
127.6
128.2
126.4
130.5
138.4
141.4
138.8
144.7
142.8
144.0
144.3
145.0
145.0
145.4
145.0
145.6
148.0
147.9
148.4
149.4
150.6

Durable

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

Nondurable

116.2
118.8
123.3
124.3
122.2
127.9
138.7
142.8
139.8
148.4
145.8
147.6
148.0
148.9
149.0
149.0
148.5
149.5
152.9
152.8
153.1
154.8
156.1

Capital
equipment

134.1
136.7
138.3
138.2
137.6
137.6
138.8
139.7
139.1
139.5
139.2
139.2
139.4
139.7
139.6
140.0
140.1
139.9
140.2
140.5
140.9
140.9
141.3

Total
finished
consumer
goods

123.3
125.6
129.5
130.2
128.9
132.0
138.2
141.5
139.4
145.3
143.5
144.5
144.6
145.5
146.0
147.1
146.7
147.2
148.4
148.3
149.3
150.7
152.2

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

118.5
124.9
125.7
125.6
123.0
123.2
129.2
129.7
127.8
133.7
132.3
133.1
133.3
134.1
134.0
134.4
134.4
134.9
136.1
137.2
138.2
140.1
141.7

114.8
114.8
128.1
125.4
116.2
111.1
111.7
115.9
115.5
125.9
123.0
125.2
124.1
124.4
127.8
131.3
134.7
134.3
132.5
133.0
136.8
143.7
148.0

118.7
125.5
125.6
125.7
123.4
123.9
130.1
130.5
128.5
134.2
132.9
133.6
133.9
134.6
134.4
134.6
134.5
135.0
136.4
137.5
138.4
140.1
141.5

101.8
102.7
113.8
111.1
96.8
98.2
120.6
121.0
108.1
135.3
130.1
135.7
131.9
130.6
134.1
137.9
137.9
142.6
148.4
148.9
149.9
154.4
158.7

106.5
105.8
121.5
112.2
103.9
98.7
100.2
106.1
99.5
113.5
109.7
108.8
106.1
110.0
117.7
127.7
126.9
127.3
118.7
122.7
131.4
136.2
140.5

94.8
96.8
104.5
106.4
88.4
94.3
130.4
126.8
111.4
148.2
142.1
152.7
148.2
142.6
142.8
141.4
142.1
150.1
167.1
164.8
159.6
163.7
167.9

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In May, the consumer price index for all urban consumers rose 0.6 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 .........................
1994 .................................
1995 .................................
1996 .................................
1997 .................................
1998 .................................
1999 .................................
2000 .................................
2001 .................................
2002 .................................
2003 .................................

100.0
148.2
152.4
156.9
160.5
163.0
166.6
172.2
177.1
179.9
184.0

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

14.4
144.3
148.4
153.3
157.3
160.7
164.1
167.8
173.1
176.2
180.0

42.1
144.8
148.5
152.8
156.8
160.4
163.9
169.6
176.4
180.3
184.8

32.9
160.5
165.7
171.0
176.3
182.1
187.3
193.4
200.6
208.1
213.1

6.2
154.0
157.8
162.0
166.7
172.1
177.5
183.9
192.1
199.7
205.5

23.4
165.8
171.3
176.8
181.9
187.8
192.9
198.7
206.3
214.7
219.9

4.7
122.8
123.7
127.5
130.8
128.5
128.8
137.9
150.2
143.6
154.5

4.0
133.4
132.0
131.7
132.9
133.0
131.3
129.6
127.3
124.0
120.9

16.9 ............
134.3 136.0
139.1 139.0
143.0 141.4
144.3 141.7
141.6 140.7
144.4 139.6
153.3 139.6
154.3 138.9
152.9 137.3
157.6 134.7

3.2
98.5
100.0
106.3
106.2
92.2
100.7
129.3
124.7
116.6
135.8

6.1
211.0
220.5
228.2
234.6
242.1
250.6
260.8
272.8
285.6
297.1

7.1
104.6
105.2
110.1
111.5
102.9
106.6
124.6
129.3
121.7
136.5

78.5
156.5
161.2
165.6
169.5
173.4
177.0
181.3
186.1
190.5
193.2

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

183.5
183.7
183.9
184.6
185.2
185.0
184.5
184.3

183.3
183.5
183.8
184.5
185.1
184.9
184.6
184.9

178.8
179.6
179.8
180.5
180.9
181.8
182.6
183.5

184.7
184.8
185.1
185.3
185.5
185.8
185.7
186.1

212.8
212.7
213.3
213.7
214.0
214.7
214.9
215.3

205.1
205.3
205.8
206.3
206.7
207.0
207.4
207.8

219.4
219.4
219.9
220.4
220.8
221.3
221.6
221.9

155.4
156.3
156.0
156.0
156.5
155.4
154.3
155.0

120.4
120.8
120.6
120.7
120.9
121.2
120.6
120.2

156.1
156.3
156.5
158.4
159.9
157.7
155.6
155.3

134.8
134.6
134.3
134.9
134.2
134.1
133.9
133.8

127.0
127.6
128.9
137.9
146.9
137.9
130.9
130.9

295.4
296.3
297.4
298.3
299.6
300.3
301.3
302.7

132.9
133.7
134.1
138.3
142.8
137.8
133.7
134.1

193.0
193.1
193.4
193.6
193.7
194.0
194.0
194.1

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

185.2
186.2
187.4
188.0
189.1

185.8
186.3
187.2
187.6
188.8

183.5
183.8
184.1
184.4
186.1

186.8
187.1
187.7
188.4
189.1

215.6
215.8
217.1
218.1
218.6

208.1
208.6
209.0
209.7
210.4

222.2
222.7
223.3
224.1
224.6

157.5
158.9
157.1
157.9
159.7

119.8
119.7
120.8
120.8
121.2

157.9
159.0
160.8
160.9
163.7

133.7
134.2
134.0
133.9
134.3

141.5
145.1
153.1
152.7
164.9

303.4
305.3
307.0
308.1
309.0

140.4
142.8
145.5
145.7
152.4

194.4
194.8
195.5
196.0
196.4

1 Includes

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

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

23

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

Change from 3 months earlier, annual rate

Consumer goods

Consumer goods

Total
finished
goods

Excluding
foods

Foods

Capital
equipment

Change from 6 months earlier, annual rate

Change
from year
earlier,
total
finished
goods
NSA

Consumer goods

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

2.0
2.2
.4
¥.6
0
.3
1.2
0
¥.6
.8

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

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

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

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

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

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

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

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

0.1
0
.1
.2
¥.1
.3
.1
¥.1
.2
r .2
.3
0
.3

¥2.5
¥5.2
.8
4.6
3.1
5.4
2.8
2.8
2.8
3.6
5.1
5.3
8.5

4.8
5.4
1.1
3.6
6.8
17.0
12.3
8.1
¥5.5
¥3.9
1.1
r 12.7
19.0

¥6.4
¥10.6
.8
6.3
2.8
3.1
0
1.7
7.3
8.2
7.9
r 3.8
7.5

0.6
¥1.7
.9
1.4
1.2
1.7
1.2
.9
.6
1.1
2.9
r 2.0
2.3

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

7.6
7.9
3.4
4.2
6.1
8.8
7.9
7.4
5.2
3.9
4.5
3.2
6.9

3.0
6.1
3.0
¥.3
¥4.1
2.0
3.1
2.2
5.2
4.0
4.7
5.6
7.9

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

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

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

1.1
1.9
3.4
¥.8
.1
.8
1.7
1.8
¥.6
7.7

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

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

Change, month to month
¥0.4
.6
.1
.5
.2
.6
¥.1
.2
.6
.1
.5
.7
.8

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

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

0.1
.4
¥.3
.8
1.2
2.0
¥.3
.2
¥1.3
r .1
1.5
1.4
1.5

0.3
.6
.4
1.0
¥.3
1.3
1.3
1.0
1.2
1.1
1.9
1.3
1.7

2.5
2.9
3.0
3.5
3.5
3.4
3.4
4.0
3.3
2.1
1.4
3.7
5.0

Source: Department of Labor, Bureau of Labor Statistics.

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

Transportation

Shelter
Period

All
items 1

Food
Total 1
Total 1

Rent of Ownpriers’
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

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

From
From
3
6
months months
earlier earlier

From
year
earlier
NSA

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

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

2.7
2.5
3.3
1.7
1.6
2.7
3.4
1.6
2.4
1.9

2.9
2.1
4.3
1.5
2.3
1.9
2.8
2.8
1.5
3.6

2.2
3.0
2.9
2.4
2.3
2.2
4.3
2.9
2.4
2.2

3.0
3.5
2.9
3.4
3.3
2.5
3.4
4.2
3.1
2.2

2.5
2.5
2.8
3.1
3.4
3.1
4.0
4.7
3.1
2.7

3.3
3.7
2.8
3.1
3.2
2.4
3.4
4.5
3.3
2.0

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

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

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

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

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

4.9
3.9
3.0
2.8
3.4
3.7
4.2
4.7
5.0
3.7

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

2.6
3.0
2.6
2.2
2.4
1.9
2.6
2.7
1.9
1.1

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

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

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

2.6
2.8
3.0
2.3
1.6
2.2
3.4
2.8
1.6
2.3

¥0.2
¥.1
¥.2
.4
¥.5
¥.1
¥.1
¥.1
¥.1
.4
¥.1
¥.1
.3

¥7.8
.5
1.0
7.0
6.5
¥6.1
¥5.1
0
8.1
2.5
5.5
¥.3
8.0

0.4
.3
.4
.3
.4
.2
.3
.5
.2
.6
.6
.4
.3

¥3.8
.6
.3
3.1
3.3
¥3.5
¥3.0
.3
4.7
1.7
1.9
.1
4.6

0.2
.1
.2
.1
.1
.2
0
.1
.2
.2
.4
.3
.2

..........
.7
..........
..........
2.4
..........
..........
.7
..........
..........
3.5
..........
..........

0.2
¥1.1
.9
2.6
3.5
2.4
.2
¥.4
2.0
3.7
5.1
3.9
5.5

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

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

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

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

0.2
.4
.1
.4
.2
.5
.4
.5
0
.2
.2
.2
.9

0.3
.1
.2
.1
.1
.2
¥.1
.2
.4
.2
.3
.4
.4

0.5
0
.3
.2
.1
.3
.1
.2
.1
.1
.6
.5
.2

0.3
.1
.2
.2
.2
.1
.2
.2
.1
.2
.2
.3
.3

0.2
0
.2
.2
.2
.2
.1
.1
.1
.2
.3
.4
.2

0.1
.6
¥.2
0
.3
¥.7
¥.7
.5
1.6
.9
¥1.1
.5
1.1

¥0.1
.3
¥.2
.1
.2
.2
¥.5
¥.3
¥.3
¥.1
.9
0
.3

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

24

¥1.5
.1
.1
1.2
.9
¥1.4
¥1.3
¥.2
1.7
.7
1.1
.1
1.7

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 were unchanged while prices paid by farmers rose 0.7 percent. (Data are
not seasonally adjusted.)

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

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

All farm
products

Prices paid by farmers
Livestock and
products

Crops

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

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

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

100
102
112
107
101
96
96
102
98
106

105
112
127
115
107
97
96
99
105
111

95
92
99
98
97
95
97
106
90
103

106
109
115
118
115
115
120
123
124
128

106
108
115
118
114
113
118
122
121
126

106
108
115
119
113
111
116
120
119
124

94
93
98
90
89
83
80
83
79
83

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

107
105
109
111
113
115
114
111
116
121
125
129
129

118
109
113
111
111
114
115
113
120
120
123
124
123

99
101
105
110
116
117
112
110
112
121
126
133
133

128
127
127
129
130
130
130
131
131
133
133
134
135

126
125
125
127
128
128
128
129
130
131
132
133
134

123
123
123
125
126
127
127
127
128
130
131
132
133

84
83
86
86
87
88
88
85
89
91
94
96
96

1 Includes

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

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

25

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

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

M2

M3

Debt

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

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

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

Debt of
domestic
nonfinancial
sectors1

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

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

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

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

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

1,258.0
1,271.1
1,273.5
1,281.5
1,281.4
1,283.2
1,283.1
1,292.8

5,986.4
6,027.1
6,067.1
6,107.5
6,084.8
6,069.1
6,066.4
6,062.7

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

1,286.6
1,306.0
1,325.2
1,321.8
1,319.3

6,070.2
6,120.4
6,167.6
6,214.0
6,281.8

Period

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

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

26

Percent change
From year or 6 months
earlier2

M1
r 12,989.5

M2

M3

From
previous
period3
Debt

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

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

0.4
4.1
4.8
5.6
8.7
6.0
6.1
10.5
6.4
4.6

1.9
6.1
7.5
9.5
10.8
8.3
8.7
12.8
6.6
3.3

4.6
5.3
5.2
5.3
6.8
6.3
4.9
6.2
7.0
8.2

8,725.5
8,774.6
8,847.7
8,885.4
8,874.3
8,848.7
8,842.1
8,837.0

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

8.9
8.9
8.7
7.5
6.6
5.9
4.0
3.4

7.6
8.0
8.3
8.2
6.6
4.5
2.7
1.2

5.8
5.2
6.6
6.6
5.6
4.1
2.7
1.4

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

8,886.7
8,949.9
9,023.1
9,096.8
9,205.3

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

2.1
3.8
6.8
6.0
5.6

.1
.4
2.7
4.8
7.1

.9
1.5
3.4
5.6
8.2

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

r 13,673.8

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

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

Period

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

Currency

Nonbank
travelers
checks

Demand
deposits

Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)

Other
checkable
deposits
(OCDs)

Small
denomination
time
deposits 1

Money market
mutual fund
balances

Large
denomination
time
deposits 1

Institutional

Retail

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

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

354.0
372.1
394.1
424.6
459.9
517.7
531.6
582.0
627.4
663.9

8.6
9.1
8.8
8.5
8.5
8.6
8.3
8.0
7.8
7.7

383.9
389.3
401.0
394.2
378.4
354.9
310.3
332.5
303.4
312.1

403.9
356.6
275.5
245.3
249.3
242.8
237.8
256.9
278.6
309.2

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

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

381.4
449.1
r 517.8
r 592.6
r 733.3
r 833.2
r 925.0
r 988.2
916.4
801.8

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

374.4
433.6
515.0
624.8
677.5
752.7
830.3
794.0
802.7
867.4

196.4
198.6
210.6
254.2
294.0
337.0
366.0
378.9
480.9
505.3

86.3
94.0
114.6
147.4
150.0
170.4
194.5
r 210.0
228.6
288.7

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

644.6
646.4
648.0
650.8
654.1
658.3
661.3
663.9

7.6
7.6
7.6
7.6
7.6
7.7
7.7
7.7

314.7
321.9
319.1
320.9
313.4
311.3
308.4
312.1

291.1
295.2
298.8
302.3
306.3
305.9
305.8
309.2

2,983.8
3,021.6
3,082.2
3,128.7
3,125.5
3,141.2
r 3,156.2
3,158.4

861.7
854.3
843.2
833.0
825.5
819.5
813.5
809.6

r 882.9

813.1
813.2
820.5
830.0
837.3
834.8
846.5
867.4

511.3
517.2
497.0
494.4
496.8
504.3
511.3
505.3

r 261.3

r 801.8

1,153.5
1,154.6
1,193.4
1,174.3
1,175.3
1,153.8
1,136.4
1,112.9

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

664.9
665.8
666.8
668.7
671.9

7.8
7.8
7.8
7.8
7.8

301.0
313.3
326.0
322.2
315.8

312.9
319.1
324.6
323.1
323.8

3,190.0
3,234.4
3,278.5
3,338.6
3,406.4

807.1
805.1
802.6
798.8
793.2

786.5
774.9
761.3
754.9
763.0

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

902.1
910.3
930.1
960.7
986.8

502.3
521.9
523.2
505.7
517.8

296.3
294.0
290.4
295.6
299.8

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

r 880.1
r 868.2
r 864.3
r 852.5
r 825.2
r 813.7

r 262.5
r 269.8
r 279.1
r 280.1
r 286.8
r 286.4
r 288.7

Source: Board of Governors of the Federal Reserve System.

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

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Borrowings of depository institutions from the Federal
Reserve (NSA)

Reserves of depository institutions
Nonborrowed 3

Required

Monetary
base

Excess
(NSA)

Total

Primary

Secondary

Seasonal

Adjustment 4

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

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

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

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

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

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

209
257
155
324
117
320
210
67
80
46

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

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

100
40
68
79
15
67
111
33
45
29

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

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

40,884
42,348
43,314
45,581
44,289
43,394
43,034
42,827

40,829
42,186
43,183
45,252
44,109
43,287
42,966
42,781

39,263
40,485
41,379
41,814
42,779
41,921
41,544
41,788

1,621
1,862
1,935
3,767
1,510
1,473
1,489
1,038

700,151
702,786
705,363
710,239
r 712,123
r 715,834
r 718,967
r 720,964

55
161
130
329
181
107
68
46

3
87
21
168
23
13
25
17

0
0
0
15
0
0
0
0

53
74
110
146
158
94
43
29

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

2004: Jan
Feb
Mar
Apr
May

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

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

42,253
41,715
42,854
43,836
43,761

899
1,201
1,758
1,755
1,592

r 722,554

106
42
51
86
112

93
28
23
29
9

0
0
0
0
0

13
14
28
57
103

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

1 Data

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

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

r 724,094
r 725,672
r 728,749

732,294

3 Seasonally

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

27

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

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

Period

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

Dec ...........
Dec 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 ..........
2004: Jan r ..........
Feb r ..........
Mar r .........
Apr r ..........
May ..........

Total
bank
credit

3,318.2
3,601.0
3,756.9
4,099.4
4,534.6
4,764.6
5,218.5
5,429.8
5,886.8
6,255.1
6,155.6
6,209.5
6,196.4
6,181.4
6,186.9
6,165.6
6,202.7
6,255.1
6,318.2
6,434.0
6,506.6
6,513.4
6,509.6

Total
securities

U.S.
Treasury
and
agency
securities

939.9
984.0
984.3
1,098.7
1,238.7
1,284.2
1,350.3
1,495.7
1,723.9
1,856.0
1,835.9
1,858.8
1,817.5
1,779.9
1,791.6
1,809.1
1,836.8
1,856.0
1,858.0
1,933.0
1,983.0
1,953.1
1,926.4

721.6
701.1
702.6
755.6
797.6
815.6
792.4
853.0
1,029.1
1,104.6
1,125.1
1,143.4
1,110.4
1,080.0
1,071.0
1,081.1
1,096.7
1,104.6
1,106.5
1,172.3
1,208.1
1,202.3
1,190.8

Loans and leases in bank credit
Real estate

CommerOther
Total loans cial and
securities and leases 2 industrial

218.3
282.9
281.8
343.1
441.1
468.6
557.8
642.7
694.8
751.4
710.8
715.3
707.0
699.9
720.6
728.0
740.1
751.4
751.6
760.7
774.9
750.8
735.6

2,378.3
2,617.0
2,772.6
3,000.7
3,295.9
3,480.3
3,868.2
3,934.1
4,162.9
4,399.1
4,319.8
4,350.8
4,378.9
4,401.5
4,395.2
4,356.4
4,365.9
4,399.1
4,460.1
4,501.0
4,523.6
4,560.3
4,583.2

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

28

650.3
723.8
786.2
855.7
949.0
1,000.2
1,088.3
1,028.5
963.6
891.1
935.5
925.7
926.2
918.1
907.7
896.4
889.6
891.1
888.4
888.9
880.1
876.3
874.6

Total

1,010.7
1,089.5
1,140.1
1,242.7
1,332.9
1,471.1
1,650.5
1,779.7
2,021.2
2,215.6
2,146.7
2,171.8
2,198.0
2,234.1
2,245.3
2,227.5
2,206.8
2,215.6
2,240.0
2,259.2
2,297.1
2,347.2
2,376.0

Revolving
home
equity

80.5
84.5
90.9
105.0
103.9
101.5
130.0
155.8
213.5
280.7
239.1
244.7
248.5
252.7
258.5
265.5
273.2
280.7
291.3
297.8
308.4
317.5
326.5

Consumer

Security

Other

Other

930.2
1,004.9
1,049.2
1,137.7
1,229.0
1,369.6
1,520.5
1,623.9
1,807.7
1,934.9
1,907.7
1,927.0
1,949.4
1,981.4
1,986.8
1,962.0
1,933.6
1,934.9
1,948.8
1,961.4
1,988.8
2,029.7
2,049.5

448.2
491.4
511.3
501.1
495.4
489.1
537.6
554.3
584.5
628.6
595.5
599.0
600.5
599.9
600.7
596.0
625.0
628.6
631.1
633.4
638.8
640.0
642.1

75.8
83.2
75.3
94.4
145.3
149.8
177.3
146.0
190.2
214.9
215.9
218.1
217.7
214.6
212.2
220.0
228.6
214.9
233.1
241.4
239.9
233.6
228.5

193.3
229.1
259.6
306.9
373.3
370.2
414.4
425.6
403.5
448.9
426.0
436.2
436.6
434.8
429.4
416.5
415.8
448.9
467.5
478.1
467.7
463.1
462.0

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

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

Uses

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

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

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

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

Internal 1

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

Credit market instruments
Total

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

Capital
expenditures 3

Total

Total
net
funds
raised

Net new
equity
issues

Total

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

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

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

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

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

Loans
and
shortterm
paper

Other 2

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

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

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

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

Increase
in financial assets

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

Discrepancy
(sources
less
uses)

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

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

Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]

Consumer credit outstanding (end of period)
Period
Total

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

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Revolving

Nonrevolving 2

Net change in consumer credit outstanding 1
Total

Revolving

Nonrevolving 2

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

997.1
1,140.6
1,242.2
1,305.0
1,400.3
1,512.8
1,686.2
1,822.2
1,902.7
1,996.2

365.6
443.1
498.9
521.7
562.8
590.5
658.9
703.9
716.7
743.4

631.6
697.5
743.2
783.4
837.5
922.3
1,027.4
1,118.3
1,186.0
1,252.8

131.4
143.5
101.6
62.8
95.3
112.5
173.4
136.0
80.5
93.5

55.7
77.5
55.8
22.8
41.1
27.7
68.4
45.0
12.8
26.7

75.9
65.9
45.7
40.2
54.1
84.8
105.1
90.9
67.7
66.8

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

1,933.1
1,951.1
1,953.0
1,961.5
1,971.9
1,982.4
1,989.6
1,989.3
1,996.2
2,015.2
2,017.7
2,027.0
2,030.9

726.9
731.0
729.7
731.0
733.0
737.2
739.9
742.5
743.4
750.8
750.4
754.1
750.9

1,206.2
1,220.1
1,223.3
1,230.6
1,238.9
1,245.1
1,249.6
1,246.8
1,252.8
1,264.5
1,267.4
1,272.9
1,280.0

9.9
18.0
1.9
8.5
10.4
10.5
7.2
¥.3
6.9
19.0
2.5
9.3
3.9

2.1
4.1
¥1.3
1.3
2.0
4.2
2.7
2.6
.9
7.4
¥.4
3.7
¥3.2

7.8
13.9
3.2
7.3
8.3
6.2
4.5
¥2.8
6.0
11.7
2.9
5.5
7.1

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

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

29

INTEREST RATES AND BOND YIELDS
Interest rates rose in June.

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

1994 .......................
1995 .......................
1996 .......................
1997 .......................
1998 .......................
1999 .......................
2000 .......................
2001 .......................
2002 .......................
2003 .......................
2003: June ............
July .............
Aug .............
Sept .............
Oct ..............
Nov .............
Dec ..............
2004: Jan ..............
Feb ..............
Mar .............
Apr ..............
May .............
June ............
Week ended:
2004: June 5 .......
12 .......
19 .......
26 .......
July 3 ........
1 Bank-discount

3-month
bills (new
issues) 1

3-year

maturities 2

10-year

30-year

Highgrade
municipal
bonds
(Standard
&
Poor’s) 3

Corporate
Aaa
bonds
(Moody’s)

30

Primary
credit

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

6.27
6.25
5.99
6.10
5.14
5.49
6.22
4.09
3.10
2.10
1.51
1.93
2.44
2.23
2.26
2.45
2.44
2.27
2.25
2.00
2.57
3.10
3.26

7.09
6.57
6.44
6.35
5.26
5.65
6.03
5.02
4.61
4.01
3.33
3.98
4.45
4.27
4.29
4.30
4.27
4.15
4.08
3.83
4.35
4.72
4.73

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

6.19
5.95
5.75
5.55
5.12
5.43
5.77
5.19
5.05
4.73
4.32
4.71
5.08
4.91
4.84
4.74
4.65
4.53
4.48
4.39
4.84
5.03
5.00

7.96
7.59
7.37
7.26
6.53
7.04
7.62
7.08
6.49
5.67
4.97
5.49
5.88
5.72
5.70
5.65
5.62
5.54
5.50
5.33
5.73
6.04
6.01

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

1.13
1.23
1.39
1.32
1.36

3.19
3.27
3.32
3.24
3.16

4.74
4.80
4.75
4.69
4.63

*
*
*
*
*

5.00
5.04
5.02
4.99
4.94

6.04
6.08
6.01
5.97
5.92

2.00
2.00
2.00
2.00
2.25

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

Discount window
(N.Y. F.R. Bank) 4 5

6 Daily

Discount
rate

3.60
5.21
5.02
5.00
4.92
4.62
5.73
3.40
1.17

Prime rate
charged by
banks 5

Federal
funds
rate 6

Newhome
mortgage
yields
(FHFB) 7

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

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

4.21
5.83
5.30
5.46
5.35
4.97
6.24
3.88
1.67
1.13
1.22
1.01
1.03
1.01
1.01
1.00
0.98
1.00
1.01
1.00
1.00
1.00
1.03

7.49
7.87
7.80
7.71
7.07
7.04
7.52
7.00
6.43
5.80
5.51
5.53
5.77
5.97
5.92
5.92
5.59
5.48
5.72
5.42
5.49
5.77
..............

*
*
*
*
*

4.00
4.00
4.00
4.00
4.25

1.01
0.99
1.01
1.00
1.11

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

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

COMMON STOCK PRICES AND YIELDS
Stock prices rose in June.

Common stock prices 1
Period

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

Dow Jones
industrial
average 4

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

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

Dividendprice ratio

Earningsprice ratio

Composite

Financial

Energy

Health
Care

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

2,687.02
3,078.56
3,787.20
4,827.35
5,818.26
6,546.81
6,805.89
6,397.85
5,578.89
5,447.93

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

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

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

3,793.77
4,493.76
5,742.89
7,441.15
8,625.52
10,464.88
10,734.90
10,189.13
9,226.43
8,993.59

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

751.65
925.19
1,164.96
1,469.49
1,794.91
2,728.15
3,783.67
2,035.00
1,539.73
1,647.17

2.82
2.56
2.19
1.77
1.49
1.25
1.15
1.32
1.61
1.77

5.83
6.09
5.24
4.57
3.46
3.17
3.63
2.95
2.92
3.84

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

5,583.42
5,567.94
5,580.87
5,748.42
5,894.39
5,989.42
6,244.68

5,690.39
5,790.61
5,776.36
5,897.76
6,187.33
6,282.53
6,475.68

5,522.45
5,276.08
5,368.25
5,453.23
5,552.99
5,474.84
5,973.31

5,557.87
5,457.98
5,263.19
5,402.56
5,428.31
5,521.85
5,751.14

9,098.07
9,154.39
9,284.78
9,492.54
9,682.46
9,762.20
10,124.66

988.00
992.54
989.53
1,019.44
1,038.73
1,049.90
1,080.64

1,631.75
1,716.85
1,724.82
1,856.22
1,907.89
1,939.25
1,956.98

1.66
1.71
1.78
1.73
1.71
1.69
1.67

3.55
..................
..................
3.87
..................
..................
4.38

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

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

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

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

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

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

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

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

1.62
1.63
1.68
1.68
1.74
1.70

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

Week ended:
2004: June 5 ......................................
12 .....................................
19 .....................................
26 .....................................
July 3 .......................................

6,488.55
6,574.20
6,527.84
6,574.01
6,567.24

6,647.86
6,739.66
6,650.58
6,686.52
6,692.62

6,655.52
6,683.38
6,790.09
6,907.46
6,863.33

6,093.38
6,133.77
6,062.48
6,030.80
5,975.72

10,226.09
10,400.54
10,377.73
10,412.35
10,364.60

1,121.33
1,137.60
1,131.59
1,136.77
1,132.94

1,979.66
2,008.66
1,986.84
2,006.11
2,024.95

1.71
1.70
1.70
1.69
1.70

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

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

1 Average

of daily closing prices.
all the stocks (nearly 3,000) listed on the NYSE.
January 9, 2003, the NYSE relaunched the composite index with changes in
methodology, definitions, and based on Dec. 31, 2002=5,000. Effective January 8, 2004 new
indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes
shown for Industrial, Transportation, Utility, and Finance were discontinued.
4 Includes 30 stocks.
2 Includes

3 Effective

5 Includes

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

7 Standard

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

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 8 months of fiscal 2004, there was a deficit of $344.3 billion, compared with a deficit of $290.9 billion
a year earlier.

[Billions of dollars]
Total

On-budget

Off-budget

Receipts

Outlays

Surplus
or
deficit
(¥)

Receipts

854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,579.3
1,721.8
1,827.5
2,025.2
1,991.2
1,853.2
1,782.3
1,798.1

1,004.1
1,064.5
1,143.6
1,253.2
1,324.4
1,381.7
1,409.5
1,461.9
1,515.8
1,560.5
1,601.3
1,652.6
1,701.9
1,788.8
1,863.8
2,011.0
2,157.6
2,318.8

¥149.7
¥155.2
¥152.5
¥221.2
¥269.3
¥290.4
¥255.1
¥203.3
¥164.0
¥107.5
¥22.0
69.2
125.6
236.4
127.4
¥157.8
¥375.3
¥520.7

641.0
667.8
727.5
750.3
761.2
788.9
842.5
923.6
1,000.8
1,085.6
1,187.3
1,306.0
1,383.0
1,544.6
1,483.7
1,337.9
1,258.5
1,264.1

810.2
861.8
932.7
1,028.1
1,082.7
1,129.3
1,142.9
1,182.5
1,227.1
1,259.6
1,290.6
1,336.0
1,381.1
1,458.0
1,516.9
1,655.3
1,794.6
1,938.9

¥169.3
¥194.0
¥205.2
¥277.8
¥321.5
¥340.5
¥300.4
¥258.9
¥226.4
¥174.1
¥103.3
¥30.0
1.9
86.6
¥33.4
¥317.5
¥536.1
¥674.8

213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.5
392.0
415.8
444.5
480.6
507.5
515.3
523.8
534.0

193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
300.9
310.6
316.6
320.8
330.8
346.8
355.7
363.0
380.0

19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
66.6
81.4
99.2
123.7
149.8
160.7
159.7
160.8
154.0

2,346.0
2,601.1
2,867.8
3,206.3
3,598.2
4,001.8
4,351.0
4,643.3
4,920.6
5,181.5
5,369.2
5,478.2
5,605.5
5,628.7
5,769.9
6,198.4
6,760.0
7,486.4

1,889.8
2,051.6
2,190.7
2,411.6
2,689.0
2,999.7
3,248.4
3,433.1
3,604.4
3,734.1
3,772.3
3,721.1
3,632.4
3,409.8
3,319.6
3,540.4
3,913.6
4,420.8

1,159.6
1,185.9

1,450.6
1,530.2

¥290.9
¥344.3

808.6
828.4

1,202.3
1,270.0

¥393.7
¥441.6

351.1
357.5

248.3
260.2

102.7
97.3

6,535.3
7,171.3

3,765.7
4,198.8

Fiscal year or period

1987 ......................................
1988 ......................................
1989 ......................................
1990 ......................................
1991 ......................................
1992 ......................................
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 ......................................
2003 ......................................
2004 (estimates) ....................
Cumulative total, first 8
months: 1
Fiscal year 2003 ................
Fiscal year 2004 ................

1 Data from current issue Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2005, issued February 2, 2004.

32

Outlays

Surplus
or
deficit
(¥)

Federal debt (end of
period)

Receipts

Outlays

Surplus
or
deficit
(¥)

Gross
Federal

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

Held by
the public

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of fiscal 2004, receipts were $26.3 billion higher than a year earlier and outlays were $79.6
billion higher.

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

Fiscal year or period
Total

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

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

2000 ...............................................
2001 ..............................................
2002 ..............................................
2003 ..............................................
2004 (estimates) ............................
Cumulative total, first 8 months: 1
Fiscal year 2003 ........................
Fiscal year 2004 ........................
1 Data

Individual
income
taxes

Corporation
income
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Total

854.4
909.3
991.2

392.6
401.2
445.7

83.9
94.5
103.3

303.3
334.3
359.4

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

466.9
467.8
476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5

93.5
98.1
100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7

380.0
396.0
413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8

91.5
93.1
101.4
98.9
113.7
120.1
115.4
120.2
132.7
151.5

2,025.2 1,004.5
1,991.2 994.3
1,853.2 858.3
1,782.3 793.7
1,798.1 765.4

207.3
151.1
148.0
131.8
168.7

652.9
694.0
700.8
713.0
732.4

160.6
151.8
146.0
143.9
131.6

65.5
96.0

481.5
493.4

1,159.6
1,185.9

517.8
502.0

Total

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

Department of
Defense,
military

International
affairs

Health

Medicare

Income Social
security security

Net
interest

Other

282.0
290.4
303.6

273.9
281.9
294.8

11.6
10.5
9.6

40.0
44.5
48.4

75.1
78.9
85.0

124.1
130.4
137.4

207.4
219.3
232.5

138.6
151.8
169.0

125.3
138.7
158.2

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

299.3
273.3
298.4
291.1
281.6
272.1
265.8
270.5
268.5
274.9

289.7
262.3
286.8
278.5
268.6
259.4
253.1
258.3
256.1
261.3

13.8
15.9
16.1
17.2
17.1
16.4
13.5
15.2
13.1
15.2

57.7
71.2
89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

98.1
104.5
119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

148.7
172.4
199.5
209.9
217.1
223.7
229.7
235.0
237.7
242.4

248.6
269.0
287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

184.3
194.4
199.3
198.7
202.9
232.1
241.1
244.0
241.1
229.8

202.6
223.7
172.2
158.0
171.7
160.3
167.3
157.5
188.8
218.1

1,788.8
1,863.8
2,011.0
2,157.6
2,318.8

294.5
305.5
348.6
404.9
453.7

281.2
291.0
332.0
387.3
434.8

17.2
16.5
22.4
21.2
34.2

154.5
172.3
196.5
219.6
243.5

197.1
217.4
230.9
249.4
270.5

253.6
269.6
312.5
334.4
339.5

409.4
433.0
456.0
474.7
496.2

223.0
206.2
171.0
153.1
156.3

239.5
243.4
273.2
300.3
325.0

94.8 1,450.6
94.5 1,530.2

264.0
296.9

252.7
285.2

12.9
17.7

142.7
158.6

167.7
174.3

242.7
242.9

312.0
326.7

112.2
111.5

196.3
201.7

from current issue Monthly Treasury Statement.
Cumulative data from Monthly Treasury Statement for Department of Defense, military include a small amount classified as international affairs, and not included in national defense.

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2005, issued February 2, 2004.
Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 2004, according to revised estimates, Federal current receipts fell $3.2 billion (annual rate),
and Federal current expenditures rose $26.6 billion.

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

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

34

1,320.8
1,406.5
1,524.0
1,653.1
1,773.8
1,891.2
2,053.8
2,017.8
1,860.7
1,850.8
2,066.8
2,068.0
2,088.5
2,082.9
1,901.8
1,998.2
1,857.7
1,865.4
1,859.9
1,859.7
1,863.5
1,863.9
1,788.9
1,887.0
1,883.8

781.9
845.1
932.4
1,030.6
1,116.8
1,195.7
1,313.6
1,254.9
1,080.7
1,038.6
1,322.6
1,320.4
1,324.4
1,319.9
1,138.9
1,236.5
1,085.2
1,088.8
1,076.1
1,072.7
1,060.3
1,057.1
974.6
1,062.3
1,038.3

Personal
current
taxes
542.7
586.0
663.4
744.3
825.8
893.0
999.1
1,000.0
831.1
765.1
1,011.7
1,021.7
1,051.2
1,050.2
887.0
1,011.5
849.0
836.6
823.6
815.4
794.3
794.6
698.8
772.6
747.1

Taxes
on
production and
imports
79.4
75.9
73.2
78.2
81.1
83.9
87.8
86.0
87.6
88.0
88.1
87.5
87.9
86.8
84.4
84.9
85.4
88.1
87.9
89.0
88.3
87.7
86.3
89.9
91.5

Taxes
on
corporate income
156.7
179.3
190.6
203.0
204.2
213.0
219.4
161.8
154.8
178.6
215.6
203.7
178.1
176.5
160.2
132.4
143.4
156.4
157.5
161.7
171.0
167.9
182.8
192.9
192.1

Contributions
for
government
social
insurance
493.7
519.2
542.8
576.4
613.8
651.6
691.7
715.4
736.7
763.0
696.5
699.4
713.7
714.5
715.7
717.5
730.3
736.1
738.6
741.9
755.1
758.5
765.1
773.2
794.5

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

Federal Government current expenditures

Income
receipts
on
assets

Current
transfer
receipts

Current
surplus
of government
enterprises

23.4
23.7
26.9
25.9
21.5
21.5
25.2
24.4
20.6
24.2
25.0
25.9
26.1
25.0
24.0
22.3
20.2
19.7
20.5
22.0
22.5
23.6
24.9
25.9
26.2

22.3
19.1
23.1
19.9
21.5
22.7
25.7
27.4
25.8
26.6
25.8
26.7
27.4
27.5
27.5
27.1
26.1
25.8
25.7
25.4
26.0
26.3
26.9
27.1
27.5

¥0.4
¥.6
¥1.2
.3
.1
¥.3
¥2.3
¥4.1
¥3.1
¥1.5
¥3.1
¥4.5
¥3.1
¥4.1
¥4.3
¥5.1
¥4.0
¥5.2
¥1.0
¥2.3
¥.4
¥1.6
¥2.5
¥1.5
¥2.8

Total 2

1,533.1
1,603.5
1,665.8
1,708.9
1,734.9
1,787.6
1,864.4
1,967.3
2,100.7
2,263.9
1,875.5
1,895.5
1,932.4
1,953.9
1,981.9
2,001.1
2,046.5
2,097.4
2,102.8
2,156.1
2,184.0
2,288.5
2,283.7
2,299.2
2,325.8

Consumption
expenditures

440.8
440.5
446.3
457.7
454.6
475.1
499.3
531.7
590.8
662.9
501.5
505.0
520.0
527.0
531.1
548.6
569.4
582.6
590.4
620.7
635.9
668.9
672.3
674.7
695.2

Current
transfer
payments

799.2
839.0
888.3
918.8
946.5
986.1
1,038.1
1,130.5
1,243.4
1,334.2
1,047.8
1,067.4
1,094.2
1,120.6
1,135.8
1,171.3
1,211.9
1,241.6
1,249.2
1,270.8
1,287.3
1,339.5
1,348.9
1,361.1
1,374.6

Interest
payments

261.3
290.4
297.3
300.0
298.8
282.7
283.3
257.5
229.3
218.8
282.5
279.6
273.7
262.4
252.7
241.4
227.1
235.9
226.7
227.6
217.7
222.5
215.6
219.6
215.9

Source: Department of Commerce, Bureau of Economic Analysis.

Subsidies

31.8
33.7
34.0
32.4
35.0
43.8
43.8
47.6
37.2
47.9
43.7
43.5
44.5
43.9
62.3
39.8
38.2
37.2
36.5
37.0
44.5
56.3
47.0
43.9
41.6

Net
Federal
Government
saving

¥212.3
¥197.0
¥141.8
¥55.8
38.8
103.6
189.5
50.5
¥240.0
¥413.0
191.2
172.5
156.1
128.9
¥80.1
¥2.8
¥188.8
¥232.0
¥242.9
¥296.3
¥320.4
¥424.7
¥494.9
¥412.2
¥442.1

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1997=100; seasonally adjusted)
Period

United
States

Canada

Japan

France

Germany

Italy

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

United
States 1

Canada

Japan

Germany

France

1994 ....................................
85.2
89.4
91.5
94.0
96.2
92.6
95.6
148.2
148.2 119.3 145.8
1995 ....................................
89.3
93.5
94.4
96.2
96.8
98.0
97.3
152.4
151.4 119.2 148.4
1996 ....................................
93.1
94.7
96.6
95.8
97.0
96.3
98.6
156.9
153.8 119.3 151.4
1997 ....................................
100.0
100.0 100.0 100.0
100.0
100.0
100.0
160.5
156.3 121.5 153.2
1998 ....................................
105.9
103.5
93.5 103.4
103.8
101.2
101.0
163.0
157.8 122.2 154.2
1999 ....................................
110.6
109.5
93.8 105.7
104.9
101.2
102.2
166.6
160.5 121.8 155.0
2000 ....................................
115.4
118.5
99.0 109.9
110.8
105.3
104.2
172.2
164.9 121.0 157.6
2001 .....................................
111.5
115.0
92.7 111.0
111.0
104.1
102.5
177.1
169.1 120.1 160.2
2002 ....................................
110.9
117.3
91.7 109.6
109.9
102.7
99.7
179.9
172.9 119.0 163.3
2003 p ...................................
111.1
117.5
94.5 109.5
110.3
102.2
99.2
184.0
177.7 118.7 166.7
r 110.2
r 102.2
2003: Apr ..........................
110.1
117.0
92.7 109.6
99.1
183.8
177.1 118.9 166.4
r 116.7
May ..........................
110.0
93.7 107.5
109.4
101.1
99.0
183.5
177.2 119.2 166.2
r 115.6
June .........................
110.0
93.1 108.7
108.7
101.7
99.9
183.7
177.4 118.8 166.5
r 116.6
July ..........................
110.8
93.0 109.3
111.2
103.5
99.8
183.9
177.5 118.5 166.4
r 115.8
Aug ..........................
110.9
92.6 109.0
108.7
103.4
99.0
184.6
178.0 118.8 166.7
r 117.9
r 108.5
Sept .........................
111.5
96.1 110.0
102.7
99.1
185.2
178.3 118.9 167.3
r 118.6
Oct ...........................
111.8
97.0 110.7
111.3
102.9
99.8
185.0
177.8 118.9 167.8
r 118.7
Nov ..........................
112.9
98.0 109.8
112.0
103.2
98.9
184.5
178.3 118.3 167.9
r 119.9
r 103.2
Dec ..........................
113.1
97.5 110.1
111.9
99.0
184.3
178.4 118.4 168.1
r 113.1
2004: Jan ..........................
113.8
119.6 100.4 109.6
102.8
99.0
185.2
178.5 118.2 168.1
r 114.8
r 118.9
r 112.4
r 102.8
r 98.6
Feb ..........................
96.6 110.9
186.2
179.0 118.2 168.8
r 114.8
r 119.9
r 102.4
r 98.9
Mar ..........................
97.2 r 111.3
112.1
187.4
179.6 118.4 169.5
r 115.7
r 100.2
Apr ..........................
120.2
110.8
113.8
103.0
99.5
188.0
180.0 118.4 169.9
May p ........................
116.9 .............. 100.9 ............ .............. .............. ..............
189.1
181.6 118.5 170.5
June p ....................... .............. .............. ............ ............ .............. .............. .............. .............. .............. ............ ............
1 Data relate to all urban consumers.
NOTE.—See Note, p. 17, for information on U.S. industrial production series.

United
Kingdom

Italy

131.1
133.3
135.3
137.8
139.1
140.0
142.0
144.8
146.7
148.3
148.1
147.8
148.2
148.5
148.5
148.3
148.3
148.1
149.2
149.3
149.6
150.0
150.5
r 150.8
150.9

195.3
169.3
205.6
175.2
213.8
179.4
218.2
185.1
222.5
191.4
226.2
194.3
231.9
200.1
238.3
203.6
244.3
207.0
250.8
213.0
249.8
212.9
250.4
213.3
250.7
213.0
251.1
213.0
251.7
213.4
252.1
214.4
252.3
214.5
252.9
214.7
253.1
215.6
253.5
215.1
254.1
216.0
255.0
216.9
255.6
218.2
256.2
219.1
256.6 ..............

Data are as available in early July 2004.
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)

Goods: Imports (customs value)

Census basis (by end-use category)

Services
(BOP basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
BOP basis

Period

BOP
basis

Total,
Census
basis 1

Auto- ConIndusmo- sumer
Foods, trial Capital tive goods
feeds,
supgoods vehi- (nonand
plies except cles, food)
bevand
auto- parts except
erages mate- motive and autorials
enmogines tive

BOP
basis

IndusAutoFoods, trial Capital motive
Total, feeds, supgoods vehiCensus and
plies except cles,
basis 1
bevand
auto- parts
erages mate- motive and enrials
gines

Consumer
goods
(nonfood)
except
automotive

Exports

Imports

Goods

¥165.8
¥174.2
¥191.0
¥198.1
¥246.7
¥346.0
¥452.4
¥427.2
¥482.9
¥547.6

r 67.5

r 219.2

r 141.3

r 239.5

r 152.4

r 256.3

r 166.3

r 263.1

r 181.3

r 282.5

r 199.7

r 299.0

r 224.9

r 287.9

r 223.4

294.1
307.4

232.9
256.3

¥150.6
¥158.8
¥170.2
¥180.5
¥229.8
¥328.8
¥436.1
¥411.9
¥468.3
¥532.4

27.6
27.7
27.0
27.4
27.4
27.8
28.9
29.1
28.9

24.0
24.8
25.2
25.5
25.9
26.1
26.9
27.1
27.5

20.3
20.5
20.9
21.7
21.7
21.8
22.3
22.3
22.9

¥44.7
¥43.8
¥42.8
¥43.4
¥42.9
¥44.2
¥45.1
¥43.4
¥47.5

29.4
28.9
31.2
31.7

27.2
27.6
28.1
28.2

22.8
23.0
23.3
23.3

¥48.4
¥48.6
¥49.9
¥51.9

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

502.9
575.2
612.1
678.4
670.4
684.0
772.0
718.7
681.8
713.1

512.6
584.7
625.1
689.2
682.1
695.8
781.9
729.1
693.1
724.8

42.0
50.5
55.5
51.5
46.4
46.0
47.9
49.4
49.6
55.0

121.4
146.2
147.7
158.2
148.3
147.5
172.6
160.1
156.8
173.0

205.0
233.0
253.0
294.5
299.4
310.8
356.9
321.7
290.4
293.6

57.8
61.8
65.0
74.0
72.4
75.3
80.4
75.4
78.9
80.7

60.0
64.4
70.1
77.4
80.3
80.9
89.4
88.3
84.4
89.9

668.7
749.4
803.1
876.5
917.1
1,030.0
1,224.4
1,145.9
1,164.7
1,260.7

663.3
743.5
795.3
869.7
911.9
1,024.6
1,218.0
1,141.0
1,161.4
1,257.1

31.0
33.2
35.7
39.7
41.2
43.6
46.0
46.6
49.7
55.8

162.1
181.8
204.5
213.8
200.1
221.4
299.0
273.9
267.7
313.8

184.4
221.4
228.1
253.3
269.5
295.7
347.0
298.0
283.3
295.8

118.3
123.8
128.9
139.8
148.7
179.0
195.9
189.8
203.7
210.2

146.3
159.9
172.0
193.8
217.0
241.9
281.8
284.3
307.8
333.9

r 200.4

r 132.9

2003: Apr r ..
May r
June r
July r
Aug r ..
Sept r
Oct r ..
Nov r ..
Dec r ..

57.3
57.8
59.4
60.1
58.2
59.9
61.2
63.1
62.6

58.5
58.8
60.4
61.1
59.3
61.0
61.9
64.2
63.4

4.4
4.4
4.6
4.7
4.5
4.7
4.8
5.0
4.9

14.1
14.1
14.6
14.9
14.1
14.2
14.6
14.6
15.1

23.2
23.6
24.3
24.5
24.1
24.8
25.5
26.8
26.0

6.7
6.9
6.7
6.7
6.4
6.8
6.9
6.8
6.9

7.2
7.3
7.6
7.5
7.5
7.7
7.6
8.0
7.8

103.5
102.9
103.7
104.8
102.6
105.5
107.3
107.8
111.1

103.2
102.6
103.2
104.6
102.2
105.2
107.1
107.6
110.9

4.7
4.6
4.5
4.6
4.6
4.8
4.8
4.9
4.9

25.6
24.3
25.2
26.3
26.0
26.1
26.0
25.8
28.1

24.3
24.4
24.5
24.5
24.2
25.1
25.4
25.6
26.7

17.0
17.7
17.9
17.8
16.3
17.5
18.0
18.1
18.3

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

61.7
64.9
67.3
65.8

62.7
65.9
68.5
66.8

4.6
4.7
4.9
4.7

15.1
16.0
16.7
16.3

25.9
27.2
27.7
27.1

6.7
7.0
7.2
7.2

7.7
8.2
8.6
8.6

111.3
114.7
118.7
118.9

111.0
114.5
118.4
118.7

4.8
5.1
5.1
5.1

28.3
31.2
31.8
30.8

26.7
26.3
27.2
27.8

17.8
18.8
18.9
19.0

1 Total includes ‘‘other’’ exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.

Goods,
Census
basis

Services

Goods
and
services

r ¥98.4

r 77.9

r ¥96.3

r 87.1

r ¥103.9

r 89.9

r ¥108.2

r 81.8

r ¥164.9

r 82.8

r ¥263.3

r 74.1

r ¥378.3

r 64.5

r ¥362.7

61.2
51.0

¥421.7
¥496.5

¥46.2
¥45.1
¥44.3
¥44.7
¥44.4
¥45.6
¥46.2
¥44.7
¥48.5

3.7
4.3
4.2
3.9
4.2
4.3
4.7
4.7
4.5

¥42.5
¥40.8
¥40.0
¥40.8
¥40.2
¥41.3
¥41.5
¥40.0
¥44.0

¥49.6
¥49.8
¥51.4
¥53.2

4.4
4.6
4.8
4.8

¥45.2
¥45.2
¥46.6
¥48.3

NOTE.—Data reflect annual revisions released on June 14, 2004.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).

35

U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 2004, the goods deficit rose to $150.8 billion, from $139.4 billion in the fourth quarter of
2003. The current account deficit rose to $144.9 billion in the first quarter from $127.0 billion in the fourth quarter.
(Series revised.)

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)]
Goods 1

Period
Exports

Imports

Services

Balance
on
goods

Net
military
transactions 2

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

502,859
575,204
612,113
678,366
670,416
683,965
771,994
718,712
681,833
713,122

¥668,690
¥749,374
¥803,113
¥876,470
¥917,103
¥1,029,980
¥1,224,408
¥1,145,900
¥1,164,728
¥1,260,674

¥165,831
¥174,170
¥191,000
¥198,104
¥246,687
¥346,015
¥452,414
¥427,188
¥482,895
¥547,552

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

193,976
185,030
172,648
167,058

¥309,396
¥290,214
¥277,881
¥268,409

¥115,420
¥105,184
¥105,233
¥101,351

¥737
131
¥341
¥1,349

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

165,123
172,034
174,371
170,305

¥273,520
¥291,395
¥296,778
¥303,035

¥108,397
¥119,361
¥122,407
¥132,730

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

173,459
174,554
178,251
186,858

¥311,402
¥310,087
¥312,886
¥326,299

2004: I p ......

193,920

¥344,688

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

1 Adjusted

Net
travel
and
transportation

Other
services,
net

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

48,577
51,533
56,658
62,806
66,389
73,085
71,267
70,046
71,769
73,973

¥98,379
¥96,265
¥103,942
¥108,178
¥164,868
¥263,252
¥378,344
¥362,692
¥421,735
¥496,508

166,521
210,244
226,129
256,804
261,308
293,222
350,449
286,692
266,799
294,385

¥149,375
¥189,353
¥203,811
¥244,195
¥257,554
¥280,037
¥329,864
¥263,120
¥259,626
¥261,106

17,146
20,891
22,318
12,609
3,754
13,185
20,585
23,572
7,173
33,279

¥36,799
¥34,104
¥38,583
¥40,410
¥48,443
¥46,755
¥55,684
¥46,581
¥59,382
¥67,439

¥118,032
¥109,478
¥120,207
¥135,979
¥209,557
¥296,822
¥413,443
¥385,701
¥473,944
¥530,668

1,182
¥1,157
¥719
¥2,563

17,644
17,194
17,017
18,193

¥97,331
¥89,016
¥89,276
¥87,070

81,760
75,460
67,465
62,008

¥77,035
¥69,297
¥68,367
¥48,425

4,725
6,163
¥902
13,583

¥14,083
¥14,690
¥1,719
¥16,087

¥106,689
¥97,543
¥91,897
¥89,574

¥1,574
¥1,882
¥1,537
¥2,165

¥802
¥1,073
¥901
¥675

17,014 ¥93,759
18,943 ¥103,373
17,929 ¥106,916
17,882 ¥117,688

63,455
67,306
69,542
66,496

¥62,490
¥68,260
¥68,199
¥60,677

965
¥954
1,343
5,819

¥17,411
¥13,562
¥13,427
¥14,980

¥110,205
¥117,889
¥119,000
¥126,849

¥137,943
¥135,533
¥134,635
¥139,441

¥2,905
¥3,215
¥3,047
¥3,459

¥2,745
¥3,183
¥3,088
¥1,287

18,207
18,551
18,520
18,693

¥125,386
¥123,380
¥122,250
¥125,494

67,677
68,893
73,785
84,030

¥63,682
¥63,019
¥66,524
¥67,879

3,995
5,874
7,261
16,151

¥16,815
¥16,369
¥16,639
¥17,617

¥138,206
¥133,875
¥131,628
¥126,960

¥150,768

¥3,475

¥1,801

19,113 ¥136,931

84,479

¥71,804

12,675

¥20,623

¥144,879

2,570
16,305
4,600
21,772
5,385
25,015
4,968
22,152
5,220
10,210
2,593
7,085
317
2,486
¥2,296 ¥3,254
¥7,158 ¥3,451
¥12,626 ¥10,303

from Census data for differences in timing and coverage; excludes military.
2 Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).

36

Income receipts and payments
Balance
on
goods
and
services

3 Includes

transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks increased $183.4 billion in the first quarter
of 2004, in contrast to a decrease of $47.1 billion in the fourth quarter of 2003. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $141.3 billion in the first quarter, following an increase
of $35.8 billion in the fourth quarter. (Series revised.)

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)]
Financial account

Period

Capital
account
transactions,
net

U.S.-owned assets abroad, net
[increase/financial outflow (¥)]

Total

U.S.
official
reserve
assets 4

Other U.S.
Government
assets

Statistical discrepancy
Foreign-owned assets in the U.S., net
[increase/financial inflow (+)]

U.S.
private
assets

Total

Foreign
official
assets

Other
foreign
assets

Total (sum
of the items
with sign
reversed)

Of which:
Seasonal
adjustment
discrepancy

U.S. official
reserve
assets, net 4
(unadjusted,
end of
period)

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

¥1,723
¥927
¥654
¥1,044
¥740
¥4,843
¥809
¥1,083
¥1,260
¥3,079

¥178,937
¥352,264
¥413,409
¥485,475
¥347,829
¥503,640
¥569,798
¥366,768
¥198,014
¥283,414

5,346
¥9,742
6,668
¥1,010
¥6,783
8,747
¥290
¥4,911
¥3,681
1,523

¥390
¥984
¥989
68
¥422
2,750
¥941
¥486
345
537

¥183,893
¥341,538
¥419,088
¥484,533
¥340,624
¥515,137
¥568,567
¥361,371
¥194,678
¥285,474

305,989
438,562
551,096
706,809
423,569
740,210
1,046,896
782,859
768,246
829,173

39,583
109,880
126,724
19,036
¥19,903
43,543
42,758
28,059
113,990
248,573

266,406
328,682
424,372
687,773
443,472
696,667
1,004,138
754,800
654,256
580,600

¥7,297
24,107
¥16,826
¥84,311
134,557
65,095
¥62,846
¥29,307
¥95,028
¥12,012

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

74,335
85,832
75,089
69,954
81,761
71,516
67,647
68,654
79,006
85,938

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

¥269
¥260
¥297
¥257
¥281
¥271
¥361
¥347
¥406
¥1,552
¥821
¥300
¥344

¥211,382
¥84,086
37,302
¥108,601
¥34,144
¥133,373
21,574
¥52,069
¥102,665
¥110,962
¥8,138
¥61,647
¥289,293

190
¥1,343
¥3,559
¥199
390
¥1,843
¥1,416
¥812
83
¥170
¥611
2,221
557

77
¥783
77
143
133
42
¥27
197
53
310
483
¥309
539

¥211,649
¥81,960
40,784
¥108,545
¥34,667
¥131,572
23,017
¥51,454
¥102,801
¥111,102
¥8,010
¥63,559
¥290,389

332,155
207,866
22,936
219,902
165,989
229,135
150,075
223,047
246,105
218,553
134,202
230,311
447,594

21,333
¥19,965
15,653
11,038
12,801
53,312
17,720
30,157
48,986
65,245
50,663
83,679
125,240

310,822
227,831
7,283
208,864
153,188
175,823
132,355
192,890
197,119
153,308
83,539
146,632
322,354

¥13,815
¥25,977
31,956
¥21,470
¥21,359
22,398
¥52,288
¥43,782
¥4,828
27,836
6,385
¥41,404
¥13,078

6,712
¥2,634
¥9,618
5,541
10,292
¥1,206
¥14,052
4,963
11,091
¥3,121
¥13,418
5,449
11,504

64,222
64,847
70,963
68,654
67,574
74,696
75,860
79,006
80,049
81,660
84,431
85,938
85,192

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

4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).
Note.—Data reflect annual revisions released on June 18, 2004.

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
Page

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product ..........................................................................................................................................................................................
Real Gross Domestic Product ..................................................................................................................................................................................
Implicit Price Deflators for Gross Domestic Product ..............................................................................................................................................
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ..............................................................................................
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .............................................................................................
National Income ......................................................................................................................................................................................................
Real Personal Consumption Expenditures ...............................................................................................................................................................
Sources of Personal Income ......................................................................................................................................................................................
Disposition of Personal Income ...............................................................................................................................................................................
Farm Income ............................................................................................................................................................................................................
Corporate Profits ......................................................................................................................................................................................................
Real Gross Private Domestic Investment ................................................................................................................................................................
Real Private Fixed Investment by Type ..................................................................................................................................................................
Business Investment ................................................................................................................................................................................................

1
2
2
3
3
4
4
5
6
7
8
9
10
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .........................................................................................................................................................................................
Selected Unemployment Rates ................................................................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ......................................................................................................
Nonagricultural Employment ..................................................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries .................................................................
Employment Cost Index—Private Industry .............................................................................................................................................................
Productivity and Related Data, Business Sector ......................................................................................................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .......................................................................................................................................................
Industrial Production—Major Market Groups and Selected Manufactures ..............................................................................................................
New Construction ....................................................................................................................................................................................................
New Private Housing and Vacancy Rates ...............................................................................................................................................................
Business Sales and Inventories—Manufacturing and Trade .....................................................................................................................................
Manufacturers’ Shipments, Inventories, and Orders .................................................................................................................................................

17
18
19
19
20
21

PRICES
Producer Prices ........................................................................................................................................................................................................
Consumer Prices—All Urban Consumers ................................................................................................................................................................
Changes in Producer Prices for Finished Goods ......................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers .............................................................................................................................................
Prices Received and Paid by Farmers ......................................................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures .............................................................................................................................................................................
Components of Money Stock ...................................................................................................................................................................................
Aggregate Reserves and Monetary Base ...................................................................................................................................................................
Bank Credit at All Commercial Banks ....................................................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..................................................................................................................
Consumer Credit ......................................................................................................................................................................................................
Interest Rates and Bond Yields ...............................................................................................................................................................................
Common Stock Prices and Yields ............................................................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt .......................................................................................................................................................................
Federal Receipts by Source and Outlays by Function ..............................................................................................................................................
Federal Sector, National Income Accounts Basis .....................................................................................................................................................

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ...............................................................................................................
U.S. International Trade in Goods and Services ......................................................................................................................................................
U.S. International Transactions ................................................................................................................................................................................

35
35
36

General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
… Not available (also, not applicable).
NSA not seasonally adjusted.

38

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