Full text of Economic Indicators : March 2001
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107th Congress, 1st Session Economic Indicators MARCH 2001 (Includes data available as of April 10, 2001) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2001 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) HOUSE OF REPRESENTATIVES SENATE COUNCIL OF ECONOMIC ADVISERS [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled ‘‘Economic Indicators’’ Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared by the Art Production Section, Design and Graphics Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $3.00 a single copy ($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328 ii TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the fourth quarter of 2000, according to revised estimates, current-dollar gross domestic product (GDP) rose 3.0 percent (annual rate), real GDP (GDP in chained 1996 dollars) rose 1.0 percent, and the implicit price deflator rose 2.0 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period Personal Gross Gross conprivate domestic sumption domestic product expendi- investtures ment 1991 ...................... 5,986.2 1992 ...................... 6,318.9 1993 ...................... 6,642.3 1994 ...................... 7,054.3 1995 ...................... 7,400.5 1996 ...................... 7,813.2 1997 ...................... 8,318.4 1998 ...................... 8,790.2 1999 ...................... 9,299.2 2000 r .................... 9,963.1 1997: I ................. 8,124.2 II ................ 8,279.8 III .............. 8,390.9 IV ............... 8,478.6 1998: I ................. 8,634.7 II ................ 8,722.0 III .............. 8,829.1 IV ............... 8,974.9 1999: I ................. 9,104.5 II ................ 9,191.5 III .............. 9,340.9 IV ............... 9,559.7 2000: I ................. 9,752.7 II ............... 9,945.7 III ............. 10,039.4 IV r ............. 10,114.4 1 GDP 3,971.2 4,209.7 4,454.7 4,716.4 4,969.0 5,237.5 5,529.3 5,850.9 6,268.7 6,757.3 5,429.9 5,470.8 5,575.9 5,640.6 5,712.6 5,811.4 5,893.4 5,986.0 6,095.3 6,213.2 6,319.9 6,446.2 6,621.7 6,706.3 6,810.8 6,890.2 800.2 866.6 955.1 1,097.1 1,143.8 1,242.7 1,390.5 1,549.9 1,650.1 1,832.7 1,324.2 1,397.7 1,405.7 1,434.5 1,532.1 1,523.9 1,553.0 1,590.8 1,609.8 1,607.9 1,659.1 1,723.7 1,755.7 1,852.6 1,869.3 1,853.3 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports ¥20.7 ¥27.9 ¥60.5 ¥87.1 ¥84.3 ¥89.0 ¥89.3 ¥151.5 ¥254.0 ¥370.7 ¥89.2 ¥75.0 ¥88.6 ¥104.6 ¥117.5 ¥151.8 ¥167.6 ¥169.0 ¥196.1 ¥240.4 ¥280.5 ¥299.1 ¥335.2 ¥355.4 ¥389.5 ¥402.7 601.6 636.8 658.0 725.1 818.6 874.2 966.4 966.0 990.2 1,097.3 927.8 966.8 988.7 982.4 975.0 962.8 947.8 978.3 957.3 973.0 999.5 1,031.0 1,051.9 1,092.9 1,130.8 1,113.7 Imports Total Total less exports of goods and services plus imports of goods and services. 622.3 664.6 718.5 812.1 902.8 963.1 1,055.8 1,117.5 1,244.2 1,468.0 1,017.1 1,041.7 1,077.3 1,087.0 1,092.6 1,114.7 1,115.4 1,147.3 1,153.4 1,213.4 1,280.0 1,330.1 1,387.1 1,448.3 1,520.3 1,516.4 1,235.5 1,270.5 1,293.0 1,327.9 1,372.0 1,421.9 1,487.9 1,540.9 1,634.4 1,743.7 1,459.2 1,486.3 1,498.0 1,508.2 1,507.6 1,538.6 1,550.3 1,567.2 1,595.5 1,610.9 1,642.4 1,688.8 1,710.4 1,742.2 1,748.8 1,773.6 527.4 534.5 527.3 521.1 521.5 531.6 538.2 540.6 568.6 595.2 529.2 543.4 541.3 538.9 528.0 544.9 541.4 548.0 554.1 558.3 570.4 591.6 580.1 604.5 594.2 602.0 National defense 384.5 378.5 364.9 355.1 350.6 357.0 352.6 349.2 365.0 377.0 346.4 355.0 354.7 354.4 338.6 349.3 355.0 353.8 356.5 355.3 367.5 380.8 366.6 381.9 375.0 384.4 Nondefense 142.9 156.0 162.4 165.9 170.9 174.6 185.6 191.4 203.5 218.2 182.8 188.4 186.6 184.5 189.3 195.6 186.4 194.2 197.6 203.0 202.8 210.7 213.5 222.6 219.2 217.6 State and local Final sales of domestic product 708.1 5,986.4 736.0 6,303.9 765.7 6,621.2 806.8 6,991.8 850.5 7,367.5 890.4 7,783.2 949.7 8,255.5 1,000.3 8,713.2 1,065.8 9,255.9 1,148.6 9,908.5 930.0 8,075.4 942.9 8,192.1 956.6 8,341.1 969.3 8,413.5 979.6 8,522.4 993.7 8,663.5 1,008.9 8,758.5 1,019.2 8,908.3 1,041.4 9,055.3 1,052.6 9,177.0 1,072.1 9,304.2 1,097.3 9,486.9 1,130.4 9,722.8 1,137.7 9,873.7 1,154.6 9,973.1 1,171.6 10,064.6 Gross domestic purchases 1 Addendum: Gross national product 6,006.9 6,010.9 6,346.8 6,342.3 6,702.8 6,666.7 7,141.4 7,071.1 7,484.8 7,420.9 7,902.1 7,831.2 8,407.7 8,325.4 8,941.7 8,786.7 9,553.2 9,288.2 10,333.7 9,958.7 8,213.4 8,131.8 8,354.7 8,291.8 8,479.5 8,397.7 8,583.2 8,480.4 8,752.3 8,640.3 8,873.8 8,725.0 8,996.7 8,814.9 9,143.9 8,966.6 9,300.6 9,097.2 9,432.0 9,181.8 9,621.4 9,327.3 9,858.8 9,546.3 10,087.9 9,745.0 10,301.1 9,937.4 10,429.0 10,030.5 10,517.1 10,121.8 Source: Department of Commerce, Bureau of Economic Analysis. 1 REAL GROSS DOMESTIC PRODUCT [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] Period 1991 ........... 1992 ........... 1993 ........... 1994 ........... 1995 ........... 1996 ........... 1997 ........... 1998 ........... 1999 ........... 2000 r ......... 1997: I ...... II ..... III ... IV .... 1998: I ...... II ..... III ... IV .... 1999: I ...... II ..... III ... IV .... 2000: I ...... II .... III .. IV r .. Gross domestic product 6,676.4 6,880.0 7,062.6 7,347.7 7,543.8 7,813.2 8,159.5 8,515.7 8,875.8 9,318.5 8,016.4 8,131.9 8,216.6 8,272.9 8,404.9 8,465.6 8,537.6 8,654.5 8,730.0 8,783.2 8,905.8 9,084.1 9,191.8 9,318.9 9,369.5 9,393.7 Personal consumption expenditures 4,466.6 4,594.5 4,748.9 4,928.1 5,075.6 5,237.5 5,423.9 5,678.7 5,978.8 6,294.3 5,350.7 5,375.7 5,462.1 5,507.1 5,572.4 5,651.6 5,711.0 5,779.8 5,860.2 5,940.2 6,013.8 6,101.0 6,213.5 6,260.6 6,329.8 6,373.3 Gross private domestic investment Nonresidential fixed investment Resi- Change dential in prifixed vate invest- invenment tories 610.1 630.6 683.6 744.6 817.5 899.4 1,009.3 1,140.3 1,255.3 1,413.7 960.8 992.7 1,037.0 1,047.0 1,096.0 1,136.4 1,146.3 1,182.3 1,209.4 1,237.5 1,272.5 1,301.8 1,365.3 1,412.5 1,438.8 1,438.3 221.1 257.2 276.0 302.7 291.7 313.3 319.7 346.1 368.3 366.3 314.7 318.7 320.3 324.9 332.4 342.4 350.9 358.5 365.7 370.9 368.0 368.5 371.4 372.6 362.3 359.0 Exports and imports of goods and services ¥1.0 17.1 20.0 66.8 30.4 30.0 63.8 80.2 45.3 60.9 49.3 88.3 51.3 66.1 117.3 60.9 73.1 69.4 48.1 13.1 39.1 80.9 36.6 78.6 72.5 55.7 Government consumption expenditures and gross investment Federal Net exports Exports ¥15.8 ¥19.8 ¥59.1 ¥86.5 ¥78.4 ¥89.0 ¥113.3 ¥221.0 ¥322.4 ¥412.4 ¥94.0 ¥100.6 ¥119.6 ¥139.2 ¥175.3 ¥219.8 ¥244.1 ¥244.9 ¥279.8 ¥314.6 ¥342.6 ¥352.5 ¥376.8 ¥403.4 ¥427.7 ¥441.7 613.2 651.0 672.7 732.8 808.2 874.2 981.5 1,003.6 1,033.0 1,126.3 940.3 979.2 1,004.2 1,002.1 1,004.5 996.8 988.8 1,024.1 1,003.3 1,017.6 1,042.6 1,068.4 1,084.8 1,121.8 1,158.8 1,139.8 Imports Total Total 629.0 670.8 731.8 819.4 886.6 963.1 1,094.8 1,224.6 1,355.3 1,538.7 1,034.3 1,079.8 1,123.8 1,141.2 1,179.8 1,216.6 1,232.9 1,269.0 1,283.1 1,332.2 1,385.2 1,420.9 1,461.7 1,525.2 1,586.4 1,581.5 1 GDP less exports of goods and services plus imports of goods and services. NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 1,403.4 1,410.0 1,398.8 1,400.1 1,406.4 1,421.9 1,455.4 1,486.4 1,536.1 1,579.2 1,434.6 1,457.0 1,464.8 1,465.3 1,461.6 1,487.6 1,492.9 1,503.3 1,517.1 1,519.9 1,537.8 1,569.5 1,565.1 1,583.7 1,578.2 1,589.6 National defense 604.9 595.1 572.0 551.3 536.5 531.6 529.6 526.9 540.1 548.2 521.7 534.8 533.4 528.4 515.9 531.8 527.5 532.4 529.5 532.1 541.0 558.1 537.1 558.8 545.8 550.9 438.4 417.1 394.7 375.9 361.9 357.0 347.7 341.7 348.5 349.1 341.6 350.3 350.4 348.5 332.0 342.4 347.2 345.1 342.4 340.3 350.4 360.9 341.5 355.1 346.2 353.7 Nondefense 166.0 177.9 177.3 175.5 174.6 174.6 181.8 185.2 191.5 198.9 180.1 184.5 182.9 179.8 183.8 189.3 180.3 187.2 187.0 191.6 190.5 197.1 195.4 203.6 199.4 197.1 State and local 798.9 815.3 827.0 848.9 869.9 890.4 925.8 959.2 995.6 1,030.5 912.8 922.2 931.4 936.8 945.5 955.7 965.1 970.7 987.2 987.5 996.4 1,011.2 1,027.4 1,024.6 1,031.9 1,038.1 Final sales of domestic product 6,681.5 6,867.7 7,043.8 7,285.8 7,512.2 7,783.2 8,095.2 8,435.2 8,826.9 9,250.9 7,966.4 8,043.2 8,164.9 8,206.3 8,289.4 8,402.7 8,463.4 8,585.0 8,680.3 8,764.9 8,861.8 9,000.5 9,148.0 9,235.3 9,290.9 9,329.5 Gross domestic purchases 1 6,688.4 6,896.4 7,120.6 7,434.2 7,621.8 7,902.1 8,271.7 8,727.9 9,179.1 9,701.8 8,110.6 8,232.3 8,334.5 8,409.4 8,575.2 8,676.8 8,771.4 8,888.2 8,996.2 9,079.6 9,226.7 9,414.1 9,543.6 9,694.3 9,766.0 9,803.2 Addendum: Gross national product 6,703.4 6,905.8 7,087.8 7,364.3 7,564.0 7,831.2 8,168.1 8,515.1 8,868.3 9,316.6 8,025.1 8,145.6 8,225.1 8,276.9 8,412.9 8,471.4 8,526.7 8,649.3 8,726.0 8,776.7 8,895.4 9,075.0 9,187.7 9,313.7 9,362.8 9,402.2 Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [Index numbers, 1996=100; quarterly data are seasonally adjusted] Personal consumption expenditures Period 1991 .................. 1992 .................. 1993 .................. 1994 .................. 1995 .................. 1996 .................. 1997 .................. 1998 .................. 1999 .................. 2000 r ................ 1997: I ............. II ............ III .......... IV ........... 1998: I ............. II ............ III .......... IV ........... 1999: I ............. II ............ III .......... IV ........... 2000: I ............. II ........... III ......... IV r ......... Gross domestic product 89.66 91.84 94.05 96.01 98.10 100.00 101.95 103.22 104.77 106.92 101.34 101.82 102.12 102.49 102.74 103.03 103.41 103.70 104.29 104.65 104.89 105.24 106.10 106.73 107.15 107.67 Total 88.91 91.62 93.81 95.70 97.90 100.00 101.94 103.03 104.85 107.36 101.48 101.77 102.08 102.42 102.52 102.83 103.19 103.57 104.01 104.59 105.09 105.66 106.57 107.12 107.60 108.11 Durable goods Nondurable goods Services 97.39 98.28 99.06 100.56 101.06 100.00 97.75 95.41 93.09 91.55 99.00 98.10 97.29 96.68 96.28 95.82 95.30 94.36 93.77 93.31 92.87 92.46 91.99 91.84 91.32 91.05 93.76 95.20 96.14 96.83 97.93 100.00 101.34 101.35 103.71 107.54 101.32 101.18 101.31 101.53 101.19 101.10 101.40 101.71 102.17 103.42 104.14 105.07 106.46 107.33 107.91 108.45 84.82 88.50 91.56 94.16 97.25 100.00 103.12 105.50 107.99 110.81 102.07 102.83 103.47 104.08 104.50 105.19 105.79 106.50 107.17 107.65 108.26 108.87 109.88 110.43 111.11 111.80 Source: Department of Commerce, Bureau of Economic Analysis. 2 Gross private domestic investment Exports and imports of goods and services Government consumption expenditures and gross investment Federal Nonresidential fixed Residential fixed 99.80 99.29 99.81 100.54 100.93 100.00 99.02 97.13 95.84 96.36 99.46 99.16 98.94 98.55 97.91 97.31 96.88 96.48 96.35 96.00 95.62 95.42 95.84 96.23 96.65 96.67 86.64 87.69 91.23 94.48 97.91 100.00 102.68 105.59 109.64 113.57 101.66 102.22 102.95 103.87 104.28 105.02 105.98 106.95 108.10 109.28 110.22 110.94 112.36 113.08 113.83 115.07 Exports Imports Total 98.10 97.82 97.82 98.94 101.28 100.00 98.47 96.26 95.86 97.43 98.67 98.73 98.46 98.04 97.06 96.59 95.85 95.52 95.41 95.61 95.87 96.50 96.97 97.42 97.59 97.71 98.93 99.09 98.18 99.12 101.83 100.00 96.44 91.25 91.80 95.41 98.33 96.47 95.87 95.24 92.61 91.62 90.47 90.41 89.89 91.08 92.41 93.61 94.90 94.95 95.83 95.89 87.18 89.82 92.18 94.51 97.21 100.00 101.63 102.60 105.27 108.58 101.42 101.61 101.50 101.99 102.35 102.47 102.63 102.94 104.66 104.93 105.43 106.00 108.00 108.17 108.87 109.27 National defense Nondefense State and local 87.70 90.75 92.45 94.49 96.88 100.00 101.41 102.20 104.75 107.98 101.39 101.33 101.24 101.70 102.01 102.01 102.24 102.51 104.12 104.39 104.90 105.51 107.34 107.55 108.33 108.68 86.07 87.71 91.58 94.55 97.90 100.00 102.06 103.37 106.27 109.72 101.50 102.15 102.01 102.57 103.01 103.35 103.37 103.76 105.68 105.96 106.44 106.94 109.24 109.34 109.92 110.38 88.64 90.28 92.59 95.04 97.77 100.00 102.58 104.28 107.05 111.46 101.89 102.25 102.71 103.46 103.60 103.97 104.54 105.00 105.48 106.60 107.59 108.51 110.02 111.04 111.89 112.86 GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 1996=100 Period 1991 ............................................................. 1992 ............................................................. 1993 ............................................................. 1994 ............................................................. 1995 ............................................................. 1996 ............................................................. 1997 .............................................................. 1998 .............................................................. 1999 .............................................................. 2000 r ............................................................ 1995: I ......................................................... II ....................................................... III ...................................................... IV ...................................................... 1996: I ......................................................... II ....................................................... III ...................................................... IV ...................................................... 1997: I ......................................................... II ....................................................... III ...................................................... IV ...................................................... 1998: I ......................................................... II ....................................................... III ...................................................... IV ...................................................... 1999: I ......................................................... II ....................................................... III ...................................................... IV ...................................................... 2000: I ......................................................... II ....................................................... III ..................................................... IV r .................................................... 1 Percent Real GDP (chain-type quantity index) GDP (current dollars) 76.62 80.88 85.01 90.29 94.72 100.00 106.47 112.50 119.02 127.52 93.40 93.98 95.13 96.37 97.65 99.61 100.59 102.15 103.98 105.97 107.39 108.52 110.52 111.63 113.00 114.87 116.53 117.64 119.55 122.35 124.82 127.29 128.49 129.45 GDP implicit price deflator GDP chain-type price index 85.45 88.06 90.39 94.04 96.55 100.00 104.43 108.99 113.60 119.27 95.85 96.03 96.78 97.55 98.25 99.87 100.37 101.51 102.60 104.08 105.16 105.88 107.57 108.35 109.27 110.77 111.73 112.42 113.98 116.27 117.65 119.27 119.92 120.23 89.66 91.85 94.05 96.01 98.10 100.00 101.95 103.23 104.77 106.99 97.45 97.86 98.31 98.79 99.40 99.74 100.23 100.63 101.36 101.82 102.12 102.49 102.75 103.04 103.42 103.69 104.25 104.63 104.90 105.31 106.17 106.80 107.22 107.75 changes based on unrounded data. Quarterly percent changes are at annual rates. GDP (current dollars) 89.66 91.84 94.05 96.01 98.10 100.00 101.95 103.22 104.77 106.92 97.45 97.86 98.30 98.78 99.39 99.74 100.22 100.63 101.34 101.82 102.12 102.49 102.74 103.03 103.41 103.70 104.29 104.65 104.89 105.24 106.10 106.73 107.15 107.67 3.2 5.6 5.1 6.2 4.9 5.6 6.5 5.7 5.8 7.1 4.5 2.5 5.0 5.3 5.4 8.3 4.0 6.4 7.3 7.9 5.5 4.2 7.6 4.1 5.0 6.8 5.9 3.9 6.7 9.7 8.3 8.2 3.8 3.0 Real GDP (chain-type quantity index) GDP chain-type price index ¥.5 3.0 2.7 4.0 2.7 3.6 4.4 4.4 4.2 5.0 1.5 .8 3.1 3.2 2.9 6.8 2.0 4.6 4.4 5.9 4.2 2.8 6.5 2.9 3.4 5.6 3.5 2.5 5.7 8.3 4.8 5.6 2.2 1.0 GDP implicit price deflator 3.6 2.4 2.4 2.1 2.2 1.9 1.9 1.3 1.5 2.1 3.0 1.7 1.8 2.0 2.5 1.4 2.0 1.6 2.9 1.9 1.2 1.4 1.0 1.1 1.5 1.1 2.2 1.4 1.1 1.6 3.3 2.4 1.6 2.0 3.6 2.4 2.4 2.1 2.2 1.9 1.9 1.3 1.5 2.0 3.0 1.7 1.8 2.0 2.5 1.4 1.9 1.7 2.9 1.9 1.2 1.4 1.0 1.1 1.5 1.1 2.3 1.4 .9 1.3 3.3 2.4 1.6 2.0 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS–OUTPUT, PRICE, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Gross product of nonfinancial corporate business (billions of dollars) Period Current dollars 1991 ........................................................ 1992 ........................................................ 1993 ........................................................ 1994 ........................................................ 1995 ........................................................ 1996 ........................................................ 1997 ........................................................ 1998 ........................................................ 1999 ........................................................ 2000 ......................................................... 1998: I ................................................... II ................................................. III ................................................ IV ................................................ 1999: I ................................................... II ................................................. III ................................................ IV ................................................ 2000: I ................................................... II ................................................. III ................................................ IV ................................................. 1 The Chained (1996) dollars 3,150.6 3,288.0 3,457.6 3,737.2 3,945.9 4,159.5 4,435.1 4,728.1 5,048.8 5,420.1 4,619.1 4,681.7 4,773.0 4,838.5 4,923.1 4,999.7 5,080.6 5,191.9 5,300.3 5,414.0 5,480.1 5,486.2 3,381.9 3,468.4 3,573.8 3,801.5 3,960.1 4,159.5 4,404.2 4,679.9 4,957.1 5,257.2 4,580.9 4,640.0 4,718.0 4,780.7 4,843.5 4,904.4 4,987.0 5,093.6 5,171.0 5,251.2 5,308.1 5,298.7 Price, costs, and profits per unit of real output (dollars) Price per unit of real gross product of nonfinancial corporate business 1 Compensation of employees (unit labor cost) 0.932 .948 .967 .983 .996 1.000 1.007 1.010 1.019 1.031 1.008 1.009 1.012 1.012 1.016 1.019 1.019 1.019 1.025 1.031 1.032 1.035 0.617 .633 .641 .639 .645 .641 .644 .653 .659 .663 .650 .652 .653 .655 .657 .660 .661 .658 .658 .659 .661 .673 deflator for gross product of nonfinancial corporate business divided by 100. business tax and nontax liability plus business transfer payments less subsidies. 3 Unit profits from current production. 2 Indirect Corporate profits with inventory valuation and capital consumption adjustments 3 Unit nonlabor cost Total 0.240 .236 .236 .238 .239 .236 .237 .239 .241 .248 .236 .238 .237 .239 .238 .240 .242 .243 .245 .247 .247 .254 Consumption of fixed capital Indirect business tax, etc.2 Net interest 0.105 .107 .108 .109 .110 .111 .112 .113 .115 .118 .112 .112 .113 .113 .114 .115 .116 .115 .116 .117 .118 .121 0.093 .096 .098 .101 .100 .099 .098 .098 .097 .099 .097 .098 .096 .099 .097 .097 .097 .098 .099 .099 .098 .101 0.042 .033 .030 .028 .029 .026 .027 .028 .029 .031 .027 .028 .028 .027 .027 .028 .029 .030 .030 .031 .031 .032 Total 0.075 .080 .091 .106 .112 .122 .126 .120 .119 .120 .121 .119 .122 .117 .121 .119 .116 .118 .122 .126 .123 .109 Profits tax liability 0.025 .026 .029 .034 .035 .036 .036 .034 .034 .035 .034 .034 .035 .033 .033 .034 .034 .034 .036 .037 .035 .031 Profits after tax 4 0.049 .054 .062 .072 .077 .086 .090 .086 .085 .085 .087 .084 .087 .084 .088 .085 .083 .084 .086 .089 .088 .078 4 With inventory valuation and capital consumption adjustments. Source: Department of Commerce, Bureau of Economic Analysis. 3 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] National income Period 1992 ...................................... 1993 ...................................... 1994 ...................................... 1995 ...................................... 1996 ...................................... 1997 ...................................... 1998 ...................................... 1999 ...................................... 2000 r ..................................... 1997: I ................................. II ............................... III .............................. IV .............................. 1998: I ................................. II ............................... III .............................. IV .............................. 1999: I ................................. II ............................... III .............................. IV .............................. 2000: I ................................. II ............................... III .............................. IV r ............................. 1 Includes Compensation of employees1 4,994.9 5,251.9 5,556.8 5,876.7 6,210.4 6,618.4 7,038.1 7,469.7 8,002.0 6,454.8 6,555.8 6,676.4 6,786.7 6,889.3 6,986.7 7,093.0 7,183.2 7,312.7 7,392.3 7,493.1 7,680.7 7,833.5 7,983.2 8,088.5 8,102.8 Proprietors’ income with inventory valuation and capital consumption adjustments Farm 3,644.8 3,814.4 4,016.2 4,202.5 4,395.6 4,651.3 4,984.2 5,299.8 5,638.2 4,553.7 4,607.8 4,675.8 4,767.9 4,867.5 4,943.1 5,023.4 5,102.7 5,181.6 5,255.4 5,340.9 5,421.1 5,512.2 5,603.5 5,679.6 5,757.5 Rental income of persons with capital consumption adjustment Nonfarm 32.7 30.1 31.9 22.2 34.3 29.7 25.4 25.3 22.6 30.6 29.6 29.8 28.9 25.3 23.3 21.2 32.0 25.0 29.0 15.5 31.7 19.1 21.5 31.7 18.0 401.7 431.7 444.6 475.5 510.5 551.5 595.2 638.2 687.8 539.4 546.4 556.2 563.8 580.9 590.0 598.4 611.7 619.1 631.4 644.2 657.9 674.8 688.1 693.1 695.2 63.3 90.9 110.3 117.9 129.7 128.3 135.4 143.4 140.0 130.4 128.9 127.4 126.7 126.7 132.8 138.8 143.5 144.9 145.7 136.6 146.2 145.6 140.8 138.1 135.4 employer contributions for social insurance. (See also p. 5.) Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Total 453.1 510.5 573.2 668.8 754.0 833.8 815.0 856.0 946.2 798.5 825.6 858.3 852.7 824.5 814.0 818.0 803.4 852.0 836.8 842.0 893.2 936.3 963.6 970.3 914.7 Profits before tax Inventory valuation adjustment 451.6 510.4 573.4 668.5 726.3 792.4 758.2 823.0 925.6 757.7 781.2 819.0 811.6 763.5 766.7 760.1 742.3 797.6 804.5 819.0 870.7 920.7 942.5 945.1 894.1 ¥2.8 ¥4.0 ¥12.4 ¥18.3 3.1 8.4 17.0 ¥9.1 ¥12.9 10.4 12.1 5.6 5.7 22.6 7.7 17.7 19.9 11.4 ¥8.9 ¥19.7 ¥19.2 ¥25.0 ¥13.6 ¥4.5 ¥8.5 448.8 506.4 561.0 650.2 729.4 800.8 775.1 813.9 912.7 768.1 793.3 824.7 817.3 786.2 774.4 777.8 762.2 809.1 795.6 799.3 851.5 895.7 928.8 940.5 885.6 Capital consumption adjustment Net interest 4.3 4.1 12.2 18.6 24.6 32.9 39.9 42.1 33.5 30.4 32.3 33.6 35.4 38.4 39.6 40.2 41.2 42.9 41.2 42.7 41.6 40.6 34.7 29.7 29.1 399.5 374.3 380.5 389.8 386.3 423.9 482.7 507.1 567.2 402.2 417.5 429.0 446.8 464.4 483.5 493.3 489.8 490.1 494.1 513.8 530.6 545.4 565.9 575.7 582.0 Source: Department of Commerce, Bureau of Economic Analysis. REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (1996) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durable goods Period 1992 ................. 1993 ................. 1994 ................. 1995 ................. 1996 ................. 1997 ................. 1998 ................. 1999 ................. 2000 r ................ 1997: I ............ II ........... III ......... IV .......... 1998: I ............ II ........... III ......... IV .......... 1999: I ............ II ........... III ......... IV .......... 2000: I ............ II ........... III ......... IV r ......... 1 Includes Total personal consumption expenditures 4,594.5 4,748.9 4,928.1 5,075.6 5,237.5 5,423.9 5,678.7 5,978.8 6,294.3 5,350.7 5,375.7 5,462.1 5,507.1 5,572.4 5,651.6 5,711.0 5,779.8 5,860.2 5,940.2 6,013.8 6,101.0 6,213.5 6,260.6 6,329.8 6,373.3 Total durable goods 479.0 518.3 557.7 583.5 616.5 657.3 727.3 817.8 896.0 641.5 636.5 670.5 680.9 696.4 719.4 726.7 766.7 782.7 810.5 826.2 851.8 898.2 886.7 903.2 896.0 Motor vehicles and parts 225.7 242.2 255.1 253.4 256.3 264.8 291.7 323.0 340.5 262.9 250.8 271.8 273.7 278.3 292.6 284.9 311.1 311.0 325.3 324.9 330.9 351.8 335.9 342.0 332.3 Furniture and household equipment 161.5 177.4 196.3 215.4 236.9 261.9 294.4 338.7 382.7 250.5 257.6 266.5 273.2 281.9 286.9 299.1 309.9 320.9 331.7 343.9 358.2 374.1 379.3 387.2 389.9 Nondurable goods Other 94.1 100.7 107.6 115.0 123.3 130.8 141.5 157.3 176.3 128.1 128.5 132.3 134.3 136.6 140.0 143.6 146.0 151.5 154.1 158.9 164.9 174.0 175.0 177.6 178.6 Total nondurable goods 1,389.7 1,430.3 1,485.1 1,529.0 1,574.1 1,619.9 1,684.8 1,779.4 1,869.0 1,605.6 1,608.2 1,631.7 1,634.1 1,652.8 1,676.3 1,694.2 1,716.0 1,748.5 1,765.0 1,786.1 1,818.1 1,844.8 1,861.1 1,882.6 1,887.4 Food 725.6 745.1 764.9 777.0 786.0 794.5 812.8 845.9 877.3 794.0 792.8 797.8 793.2 798.3 809.2 816.8 827.0 832.7 838.0 846.7 866.0 872.2 876.5 879.1 881.4 other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 4 Clothing and shoes 208.8 218.5 231.6 244.3 258.6 271.6 292.2 318.5 345.1 267.1 265.2 275.0 279.1 287.0 291.3 292.0 298.7 313.3 316.5 322.1 322.1 337.7 342.3 350.2 350.0 Gasoline and oil 112.5 115.4 117.4 120.2 124.2 128.1 131.2 134.2 132.8 126.6 128.3 128.7 128.9 129.4 130.7 132.2 132.2 132.5 134.3 133.6 136.2 131.2 132.2 133.8 134.1 Services Fuel oil and coal 13.2 14.0 15.0 15.7 15.6 15.0 14.0 15.5 15.3 14.2 15.2 15.4 15.1 13.6 14.1 14.3 14.0 15.0 15.7 16.0 15.3 14.7 15.3 15.8 15.4 Other 331.2 338.5 356.8 372.0 389.8 410.8 434.9 466.0 500.4 403.7 406.7 414.8 418.1 424.9 431.3 439.2 444.2 455.6 461.3 468.5 478.7 490.6 496.5 505.9 508.6 Total services 1 2,729.7 2,802.5 2,886.2 2,963.4 3,047.0 3,147.0 3,269.4 3,390.8 3,543.9 3,103.7 3,130.6 3,160.6 3,193.0 3,224.5 3,258.2 3,292.4 3,302.8 3,335.8 3,373.4 3,411.1 3,443.0 3,487.2 3,526.7 3,559.3 3,602.5 Housing Medical care 719.3 728.1 749.1 763.7 772.6 787.2 807.7 828.3 849.2 781.1 784.7 789.1 793.9 800.0 806.1 810.3 814.4 820.4 825.7 830.7 836.5 841.4 847.0 851.7 856.8 765.4 775.4 783.1 797.7 814.4 835.4 859.8 881.7 906.8 825.9 832.5 839.3 844.0 855.2 857.7 861.5 864.8 870.5 878.1 885.6 892.8 897.4 903.8 909.1 916.9 Source: Department of Commerce, Bureau of Economic Analysis. Retail sales of new passenger cars and light trucks (millions of units) 12.8 13.9 15.0 14.7 15.0 15.1 15.4 16.8 17.2 15.3 14.6 15.2 15.2 14.9 16.0 14.6 16.2 16.2 16.8 17.1 17.0 18.2 17.2 17.4 16.2 SOURCES OF PERSONAL INCOME Personal income rose $34.4 billion (annual rate) in February, following an increase of $42.5 billion in January. Wages and salaries increased $24.1 billion in February, following an increase of $31.6 billion in January. [Billions of dollars; monthly data at seasonally adjusted annual rates] Period 1992 ................................................................. 1993 ................................................................. 1994 ................................................................. 1995 ................................................................. 1996 ................................................................. 1997 ................................................................ 1998 ................................................................ 1999 ................................................................ 2000 r ............................................................... 2000: Feb ....................................................... Mar ...................................................... Apr ....................................................... May ...................................................... June ..................................................... July ...................................................... Aug ....................................................... Sept ...................................................... Oct r ...................................................... Nov r ..................................................... Dec r ..................................................... 2001: Jan r ...................................................... Feb p ..................................................... Total personal income 5,390.4 5,610.0 5,888.0 6,200.9 6,547.4 6,937.0 7,391.0 7,789.6 8,281.7 8,099.6 8,161.6 8,209.3 8,237.6 8,279.5 8,300.0 8,326.5 8,420.6 8,406.0 8,422.1 8,461.0 8,503.5 8,537.9 Wage and salary disbursements 1 2,982.6 3,085.2 3,236.7 3,424.7 3,626.5 3,888.9 4,190.7 4,470.0 4,769.4 4,657.8 4,685.9 4,726.9 4,730.0 4,763.5 4,789.1 4,797.8 4,827.8 4,858.7 4,872.7 4,884.7 4,916.3 4,940.4 Proprietors’ income 3 Other labor income 1 2 449.5 482.8 507.5 497.0 490.0 475.4 485.5 501.0 524.0 514.1 516.2 518.4 520.5 522.5 525.1 527.6 530.0 532.0 533.9 536.1 538.0 539.0 1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. 2 Consists primarily of employer contributions to private pension and private welfare funds. Farm 32.7 30.1 31.9 22.2 34.3 29.7 25.4 25.3 22.6 18.4 21.7 23.1 17.5 23.7 17.5 14.7 62.9 17.0 15.4 21.6 16.1 18.5 Nonfarm 401.7 431.7 444.6 475.5 510.5 551.5 595.2 638.2 687.8 671.7 684.9 683.9 687.1 693.2 688.5 697.7 693.1 694.7 695.1 695.7 697.9 697.5 Rental income of persons 4 63.3 90.9 110.3 117.9 129.7 128.3 135.4 143.4 140.0 145.3 147.0 144.3 140.0 138.1 136.0 134.5 144.0 134.3 134.8 137.1 138.0 140.9 Personal dividend income 185.3 203.0 234.7 254.0 297.4 334.9 351.1 370.3 396.6 387.0 388.9 390.6 392.4 394.8 397.2 399.6 402.2 404.7 407.1 409.8 412.0 414.3 Personal interest income 750.1 725.5 742.4 792.5 810.6 864.0 940.8 963.7 1,034.3 1,011.4 1,021.2 1,026.1 1,030.9 1,036.8 1,040.0 1,042.4 1,046.1 1,049.2 1,051.8 1,053.6 1,051.4 1,049.7 Transfer payments 5 Less: Personal contributions for social insurance 751.7 798.6 833.9 885.9 928.8 962.2 983.0 1,016.2 1,067.8 1,047.3 1,050.9 1,053.8 1,077.3 1,067.3 1,068.7 1,074.9 1,079.1 1,082.2 1,078.9 1,090.9 1,108.6 1,114.1 226.6 237.8 254.1 268.8 280.4 297.9 316.2 338.5 360.7 353.2 355.2 357.9 358.2 360.4 362.1 362.6 364.6 366.7 367.6 368.4 374.7 376.4 3 With inventory valuation and capital consumption adjustments. capital consumption adjustment. mainly of social insurance benefits, direct relief, and veterans payments. Source: Department of Commerce, Bureau of Economic Analysis. 4 With 5 Consists 5 DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in chained (1996) dollars fell at an annual rate of 0.2 percent in the fourth quarter of 2000. Period Personal income Less: Personal tax and nontax payments Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (1996) dollars Per capita disposable personal income Current dollars Billions of dollars 1992 .................. 1993 .................. 1994 .................. 1995 .................. 1996 .................. 1997 .................. 1998 .................. 1999 .................. 2000 r ................. 5,390.4 5,610.0 5,888.0 6,200.9 6,547.4 6,937.0 7,391.0 7,789.6 8,281.7 635.8 674.6 722.6 778.3 869.7 968.8 1,070.9 1,152.0 1,291.9 4,754.6 4,935.3 5,165.4 5,422.6 5,677.7 5,968.2 6,320.0 6,637.7 6,989.8 Chained (1996) dollars Per capita personal consumption expenditures Current dollars Chained (1996) dollars Dollars 4,340.9 4,584.5 4,849.9 5,120.2 5,405.6 5,715.3 6,054.7 6,490.1 6,998.3 413.7 350.8 315.5 302.4 272.1 252.9 265.4 147.6 ¥8.5 5,189.3 5,261.3 5,397.2 5,539.1 5,677.7 5,854.5 6,134.1 6,331.0 6,511.0 18,616 19,121 19,820 20,613 21,385 22,262 23,359 24,314 25,379 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 20,318 20,384 20,709 21,055 21,385 21,838 22,672 23,191 23,640 16,482 17,259 18,097 18,888 19,727 20,625 21,625 22,962 24,534 17,989 18,399 18,910 19,294 19,727 20,232 20,989 21,901 22,853 2.0 .3 1.6 1.7 1.6 2.1 3.8 2.3 1.9 8.7 7.1 6.1 5.6 4.8 4.2 4.2 2.2 ¥.1 255,403 258,107 260,616 263,073 265,504 268,087 270,560 272,996 275,423 21,609 21,744 21,895 22,102 22,412 22,615 22,756 22,903 23,022 23,133 23,203 23,404 23,472 23,639 23,732 23,718 20,329 20,435 20,772 20,961 21,188 21,509 21,756 22,044 22,403 22,791 23,123 23,528 24,122 24,381 24,701 24,930 20,032 20,080 20,348 20,465 20,667 20,917 21,083 21,285 21,539 21,789 22,003 22,268 22,635 22,761 22,956 23,059 2.0 2.5 2.8 3.8 5.7 3.7 2.5 2.6 2.1 1.9 1.2 3.5 1.2 2.9 1.6 ¥.2 4.2 4.6 3.9 4.2 4.6 4.3 4.1 3.8 3.1 2.5 1.8 1.5 .2 .3 ¥.2 ¥.7 267,105 267,713 268,433 269,096 269,623 270,188 270,882 271,548 272,070 272,619 273,315 273,980 274,508 275,059 275,735 276,388 Seasonally adjusted annual rates 1997: I ............. II ........... III .......... IV .......... 1998: I ............. II ........... III .......... IV .......... 1999: I ............. II ........... III .......... IV .......... 2000: I ............. II ........... III .......... IV r ......... 6,792.4 6,879.1 6,978.6 7,097.9 7,230.7 7,339.5 7,445.1 7,548.6 7,628.1 7,729.7 7,828.5 7,972.3 8,105.8 8,242.1 8,349.0 8,429.7 935.1 954.9 978.9 1,006.3 1,035.8 1,056.4 1,084.0 1,107.5 1,113.2 1,133.4 1,164.0 1,197.3 1,239.3 1,277.2 1,308.1 1,342.7 5,857.3 5,924.2 5,999.7 6,091.6 6,194.9 6,283.1 6,361.1 6,441.1 6,514.9 6,596.3 6,664.5 6,775.0 6,866.5 6,964.9 7,040.9 7,087.0 5,609.2 248.1 5,654.1 270.1 5,763.7 236.0 5,834.3 257.3 5,909.2 285.6 6,012.9 270.2 6,099.5 261.6 6,197.1 244.0 6,310.3 204.6 6,432.8 163.6 6,543.3 121.1 6,674.1 101.0 6,855.6 11.0 6,944.3 20.6 7,054.7 ¥13.8 7,138.6 ¥51.6 1 Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net). 2 Annual data are averages of quarterly data, which are averages for the period. 6 5,771.8 5,821.2 5,877.3 5,947.5 6,042.8 6,110.3 6,164.1 6,219.2 6,263.7 6,306.6 6,341.7 6,412.2 6,443.1 6,502.0 6,543.7 6,555.3 21,929 22,129 22,351 22,637 22,976 23,254 23,483 23,720 23,946 24,196 24,384 24,728 25,014 25,322 25,535 25,641 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the fourth quarter of 2000, according to preliminary estimates, gross farm income rose $23.2 billion (annual rate) and net farm income rose $36.5 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total 1992 ........................................................ 1993 ........................................................ 1994 ........................................................ 1995 ........................................................ 1996 ........................................................ 1997 ........................................................ 1998 ......................................................... 1999 ........................................................ 2000 p ....................................................... 1998: I .................................................. II .................................................. III ................................................ IV ................................................. 1999: I ................................................... II .................................................. III ................................................ IV ................................................. 2000: I ................................................... II .................................................. III p ............................................... IV p ............................................... 200.4 204.7 215.9 210.7 235.7 238.4 233.2 235.5 245.1 235.1 231.6 234.6 231.6 229.3 231.3 228.3 253.2 241.0 242.4 236.9 260.1 171.3 177.9 181.1 188.0 199.1 207.6 196.6 188.6 196.0 203.0 206.4 194.6 182.3 188.3 193.0 193.2 179.9 198.3 202.6 200.6 182.7 1 Cash marketing receipts and inventory changes plus Government payments, other farm cash income, and nonmoney income furnished by farms. 2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year. Livestock and products 85.7 90.4 88.2 87.1 92.8 96.5 94.1 95.5 99.5 93.1 91.6 96.4 95.3 95.7 94.7 96.0 95.5 100.9 102.2 98.1 96.6 Crops 85.6 87.5 92.9 100.8 106.3 111.1 102.5 93.1 96.6 109.9 114.8 98.1 87.0 92.6 98.3 97.3 84.4 97.4 100.3 102.5 86.1 Value of inventory changes 2 4.2 ¥4.2 8.3 ¥5.0 8.0 .7 ¥.7 ¥.9 ¥1.0 ¥.9 ¥.9 ¥.6 ¥.5 ¥1.1 ¥1.1 ¥.8 ¥.6 ¥1.3 ¥1.3 ¥.9 ¥.7 Production expenses 152.8 160.4 167.1 173.8 180.8 189.8 188.6 192.1 199.7 196.3 196.3 185.8 176.0 199.5 200.4 189.5 179.1 205.3 210.1 198.4 185.1 Net farm income 47.7 44.3 48.8 36.9 54.9 48.6 44.6 43.4 45.4 38.8 35.3 48.8 55.6 29.9 30.9 38.8 74.1 35.7 32.3 38.5 75.0 NOTE.—Data include net Commodity Credit Corporation loans and operator households. Quarterly data plotted for 1992 and 1993 in chart do not reflect previous revisions to annual data in table. Data for 2000 are forecasts. Source: Department of Agriculture. 7 CORPORATE PROFITS In the fourth quarter of 2000, according to current estimates, corporate profits before tax fell $51.0 billion (annual rate) and profits after tax fell $28.0 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period Profits before tax Nonfinancial Total 2 Total Financial Total 3 Manufacturing Transportation4 Wholesale Tax liability Total Dividends Undistributed profits Inventory valuation adjustment Retail 1991 .............. 1992 .............. 1993 .............. 1994 .............. 1995 .............. 1996 .............. 1997 .............. 1998 .............. 1999 .............. 2000 .............. 1997: I ......... II ....... III ...... IV ...... 421.1 448.8 506.4 561.0 650.2 729.4 800.8 775.1 813.9 912.7 768.1 793.3 824.7 817.3 346.7 380.1 429.6 483.7 558.2 628.6 690.2 671.6 702.5 771.5 663.7 678.5 710.2 708.2 120.2 124.8 127.9 114.7 154.3 165.3 185.7 164.8 172.0 193.6 179.4 184.9 187.6 190.7 226.5 255.2 301.7 369.0 403.8 463.3 504.5 506.8 530.4 577.9 484.3 493.6 522.6 517.5 93.5 93.9 108.4 139.6 166.1 181.2 195.2 177.4 181.6 185.0 182.6 192.7 207.9 197.5 53.2 58.5 69.6 82.9 85.8 91.4 85.0 83.9 88.4 100.8 84.6 86.6 83.8 84.9 22.0 25.9 28.2 33.1 29.4 42.6 49.2 56.4 56.7 65.1 48.1 47.5 51.9 49.5 27.7 33.7 39.7 46.6 44.1 52.9 63.9 76.6 81.5 89.5 62.3 59.9 65.7 67.9 416.1 451.6 510.4 573.4 668.5 726.3 792.4 758.2 823.0 925.6 757.7 781.2 819.0 811.6 133.6 143.1 165.4 186.7 211.0 223.6 237.2 244.6 255.9 284.2 227.0 231.8 245.2 244.8 282.6 308.4 345.0 386.7 457.5 502.7 555.2 513.6 567.1 641.4 530.7 549.4 573.8 566.9 178.4 185.5 203.1 234.9 254.2 297.7 335.2 351.5 370.7 397.0 321.4 331.8 340.6 347.1 104.1 122.9 141.9 151.8 203.3 205.0 220.0 162.1 196.4 244.4 209.3 217.5 233.2 219.8 4.9 ¥2.8 ¥4.0 ¥12.4 ¥18.3 3.1 8.4 17.0 ¥9.1 ¥12.9 10.4 12.1 5.6 5.7 1998: I ......... II ....... III ...... IV ...... 786.2 774.4 777.8 762.2 676.3 665.9 684.3 660.2 173.7 168.0 161.1 156.5 502.6 497.9 523.2 503.7 177.1 175.1 184.5 172.8 85.7 82.5 87.6 80.0 53.2 57.5 60.5 54.3 73.7 75.5 77.0 80.0 763.5 766.7 760.1 742.3 244.1 245.9 249.0 239.4 519.4 520.9 511.1 502.9 348.8 349.8 351.4 356.1 170.6 171.1 159.7 146.9 22.6 7.7 17.7 19.9 1999: I ......... II ....... III ...... IV ...... 2000: I ......... II ....... III ...... IV ...... 809.1 795.6 799.3 851.5 895.7 928.8 940.5 885.6 701.8 689.6 687.4 731.0 766.8 794.5 798.4 726.2 173.2 160.5 167.2 187.3 191.9 188.1 195.5 198.9 528.6 529.2 520.2 543.8 574.9 606.5 602.9 527.3 188.8 184.8 179.8 173.0 193.7 201.8 192.1 152.4 83.8 79.7 88.6 101.4 101.9 103.9 103.1 94.3 55.2 58.0 54.3 59.2 61.2 69.7 71.1 58.6 84.0 84.8 75.4 81.9 90.2 92.4 91.8 83.5 797.6 804.5 819.0 870.7 920.7 942.5 945.1 894.1 247.8 250.8 254.2 270.8 286.3 292.0 290.6 267.7 549.9 553.7 564.8 599.9 634.4 650.4 654.4 626.4 361.1 367.2 373.9 380.6 387.3 393.0 400.1 407.6 188.7 186.5 190.9 219.3 247.1 257.4 254.4 218.8 11.4 ¥8.9 ¥19.7 ¥19.2 ¥25.0 ¥13.6 ¥4.5 ¥8.5 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. rest of the world, not shown separately. industries not shown separately. 2 Includes 3 Includes 8 4 Transportation and public utilities. Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the fourth quarter of 2000, according to revised estimates, nonresidential fixed investment in chained (1996) dollars fell $0.5 billion (annual rate) and residential investment fell $3.3 billion. There was an increase of $55.7 billion in inventories following an increase of $72.5 billion in the third quarter. [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period Gross private domestic investment Change in private inventories Nonresidential Total Total Equipment and software Residential Structures Total Nonfarm 1991 ................................................................................. 1992 ................................................................................. 1993 ................................................................................. 1994 ................................................................................. 1995 ................................................................................. 1996 ................................................................................. 1997 ................................................................................. 1998 ................................................................................. 1999 ................................................................................. 2000 r ................................................................................ 829.5 899.8 977.9 1,107.0 1,140.6 1,242.7 1,393.3 1,566.8 1,669.7 1,839.8 832.5 886.5 958.4 1,045.9 1,109.2 1,212.7 1,328.6 1,485.3 1,621.4 1,771.7 610.1 630.6 683.6 744.6 817.5 899.4 1,009.3 1,140.3 1,255.3 1,413.7 210.1 197.3 198.9 200.5 210.1 225.0 245.4 263.0 259.2 282.9 407.2 437.5 487.1 544.9 607.6 674.4 764.2 879.0 1,003.1 1,140.5 221.1 257.2 276.0 302.7 291.7 313.3 319.7 346.1 368.3 366.3 ¥1.0 17.1 20.0 66.8 30.4 30.0 63.8 80.2 45.3 60.9 1.4 10.7 28.6 53.6 42.6 22.1 60.6 78.7 44.9 55.8 1997: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,325.4 1,400.6 1,408.6 1,438.5 1,275.4 1,311.1 1,356.7 1,371.3 960.8 992.7 1,037.0 1,047.0 241.1 239.3 248.5 252.7 719.6 753.7 788.9 794.5 314.7 318.7 320.3 324.9 49.3 88.3 51.3 66.1 50.4 88.3 42.4 61.3 1998: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,545.1 1,540.8 1,571.4 1,609.9 1,427.4 1,477.6 1,496.4 1,539.7 1,096.0 1,136.4 1,146.3 1,182.3 257.5 266.2 263.0 265.1 839.4 871.3 885.2 920.0 332.4 342.4 350.9 358.5 117.3 60.9 73.1 69.4 109.7 62.5 79.2 63.5 1999: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,623.2 1,623.1 1,680.8 1,751.6 1,574.0 1,607.1 1,637.8 1,666.6 1,209.4 1,237.5 1,272.5 1,301.8 262.9 258.7 254.6 260.6 950.9 985.0 1,026.6 1,050.1 365.7 370.9 368.0 368.5 48.1 13.1 39.1 80.9 49.2 14.1 43.5 73.0 2000: I ............................................................................ II ........................................................................... III ......................................................................... IV r ........................................................................ 1,773.6 1,863.0 1,871.1 1,851.5 1,730.9 1,777.6 1,791.3 1,787.1 1,365.3 1,412.5 1,438.8 1,438.3 274.0 277.0 286.6 293.8 1,100.4 1,146.6 1,162.4 1,152.7 371.4 372.6 362.3 359.0 36.6 78.6 72.5 55.7 33.0 72.3 67.4 50.5 NOTE.—See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. 9 REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Structures Total nonresidential Period 1991 ............................... 1992 ............................... 1993 ............................... 1994 ............................... 1995 ............................... 1996 ............................... 1997 ............................... 1998 ............................... 1999 ............................... 2000 r .............................. 1997: I .......................... II ......................... III ....................... IV ........................ 1998: I .......................... II ......................... III ....................... IV ........................ 1999: I .......................... II ......................... III ....................... IV ........................ 2000: I ........................... II ......................... III ....................... IV r ....................... 610.1 630.6 683.6 744.6 817.5 899.4 1,009.3 1,140.3 1,255.3 1,413.7 960.8 992.7 1,037.0 1,047.0 1,096.0 1,136.4 1,146.3 1,182.3 1,209.4 1,237.5 1,272.5 1,301.8 1,365.3 1,412.5 1,438.8 1,438.3 Total 1 210.1 197.3 198.9 200.5 210.1 225.0 245.4 263.0 259.2 282.9 241.1 239.3 248.5 252.7 257.5 266.2 263.0 265.1 262.9 258.7 254.6 260.6 274.0 277.0 286.6 293.8 Residential Structures Equipment and software Information processing equipment and software Nonresidential buildings, including farm Utilities 142.7 129.2 131.7 137.2 147.6 161.7 177.0 189.1 187.4 200.8 175.4 172.8 180.9 178.8 184.5 190.1 188.6 193.2 193.6 187.7 183.2 185.1 196.5 199.5 202.7 204.6 38.9 41.8 38.4 36.1 36.8 36.0 35.3 43.0 43.5 45.7 34.4 34.4 35.5 36.7 41.5 43.0 43.6 44.0 43.3 43.2 43.6 44.0 44.9 42.8 45.6 49.4 Mining exploration, shafts, and wells Total 2 20.8 17.2 20.5 19.8 18.2 21.1 26.2 24.4 21.5 29.4 25.5 26.1 25.7 27.4 25.1 26.2 24.6 21.7 19.7 20.6 21.3 24.6 26.1 28.4 30.5 32.5 407.2 437.5 487.1 544.9 607.6 674.4 764.2 879.0 1,003.1 1,140.5 719.6 753.7 788.9 794.5 839.4 871.3 885.2 920.0 950.9 985.0 1,026.6 1,050.1 1,100.4 1,146.6 1,162.4 1,152.7 Total 1 Includes other structures, not shown separately. other items, not shown separately. equipment, not shown separately. 4 Includes multifamily and other structures, not shown separately. Computers and peripheral equipment 142.7 163.0 183.4 206.6 242.8 287.3 349.8 431.6 542.2 676.6 320.9 339.4 363.7 375.2 401.4 422.2 440.7 462.0 492.9 526.9 561.1 587.9 629.4 669.1 695.6 712.3 15.4 20.8 26.4 32.6 49.2 70.9 102.9 149.3 217.3 304.2 87.2 98.1 110.5 115.8 131.8 144.0 153.4 168.0 186.1 208.5 230.9 243.8 264.1 297.3 324.3 331.2 Software Other Industrial equipment 51.4 58.7 66.8 74.3 82.0 95.1 119.0 151.0 188.0 228.6 107.7 115.3 123.0 130.1 137.8 146.7 155.7 163.9 173.3 181.1 192.5 205.3 215.0 224.5 234.3 240.8 86.4 91.5 96.4 104.9 113.1 121.3 129.8 140.7 163.1 195.8 126.5 127.4 132.8 132.5 137.7 139.7 141.6 143.9 151.4 161.3 168.1 171.6 187.3 196.6 197.5 201.7 99.0 100.8 109.6 119.6 131.3 136.4 140.0 146.9 147.8 164.3 134.9 140.2 141.8 143.2 145.5 146.9 147.6 147.7 143.7 145.7 148.9 152.8 158.9 164.0 167.4 167.0 Transportation equipment Total residential 3 87.7 92.3 103.4 120.4 128.2 138.9 150.5 168.0 191.8 189.8 144.5 150.8 156.2 150.3 161.1 167.1 162.3 181.6 183.1 189.0 199.1 195.9 197.3 199.2 190.6 172.0 221.1 257.2 276.0 302.7 291.7 313.3 319.7 346.1 368.3 366.3 314.7 318.7 320.3 324.9 332.4 342.4 350.9 358.5 365.7 370.9 368.0 368.5 371.4 372.6 362.3 359.0 Total 4 Single family 215.1 251.0 269.4 295.8 284.4 305.6 311.8 337.7 359.2 356.6 307.0 310.8 312.4 316.9 324.3 334.1 342.6 350.0 356.9 361.9 358.8 359.2 361.8 362.9 352.6 349.2 112.3 135.7 148.0 163.2 147.7 159.1 158.6 175.9 187.6 189.4 157.2 158.7 158.2 160.2 165.6 173.6 179.9 184.7 187.6 188.5 185.6 188.8 195.8 193.5 184.9 183.2 NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. 2 Includes 3 Includes BUSINESS INVESTMENT [Billions of dollars] Capital expenditures By industry Period Total for all businesses Total 1 .......... .......... .......... 489.7 549.3 601.1 Manufacturing Total by industry 2 Mining Construction Total Durable goods 488.2 547.9 601.0 19.6 24.6 27.6 11.6 9.1 10.4 134.1 154.4 181.0 66.4 79.7 97.0 Nondurable goods Transportation Communications For businesses without employees Wholesale trade Retail trade Finance Insurance and real estate 41.3 41.5 38.4 19.0 23.5 24.5 41.4 46.5 51.9 26.0 29.8 30.4 14.2 17.4 19.8 111.8 123.8 134.2 ............. ............. ............. 36.7 38.7 42.3 26.0 28.8 31.2 55.8 55.9 63.1 87.1 91.3 110.1 23.4 29.3 50.3 145.9 165.0 182.4 100.0 99.4 94.5 Utilities Services For businesses with 5 employees or more 1993 ........ 1994 ........ 1995 ........ 67.7 74.7 84.0 30.6 33.3 33.9 37.1 41.9 46.3 For businesses with employees 1996 ........ 1997 ....... 1998 ........ 807.1 871.8 973.6 707.1 772.3 879.0 707.1 772.3 879.0 30.2 39.0 40.3 13.8 15.5 18.3 191.8 192.3 207.3 109.9 108.4 119.0 81.9 83.9 88.3 1 For 1993, 1994, and 1995 includes an item for not distributed by industry, not shown separately. 2 Includes an item for expenditures serving multiple industries, not shown separately. 10 36.7 45.0 51.8 57.1 68.5 78.5 NOTE.—All data from Annual Capital Expenditures. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In March, employment fell by 35,000, and unemployment rose by 152,000. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period 1991 .................................. 1992 .................................. 1993 .................................. 1994 3 ................................ 1995 .................................. 1996 .................................. 1997 4 ................................ 1998 4 ................................ 1999 4 ................................ 2000 4 ................................ 2000: Mar ........................ Apr ........................ May ....................... June ...................... July ....................... Aug ........................ Sept ....................... Oct ........................ Nov ........................ Dec ........................ 2001: Jan 4 ...................... Feb ......................... Mar ........................ Civilian noninstitutional population NSA 190,925 192,805 194,838 196,814 198,584 200,591 203,133 205,220 207,753 209,699 209,053 209,216 209,371 209,543 209,727 209,935 210,161 210,378 210,577 210,743 210,889 211,026 211,171 Civilian labor force 126,346 128,105 129,200 131,056 132,304 133,943 136,297 137,673 139,368 140,863 140,705 141,114 140,573 140,757 140,546 140,724 140,847 141,000 141,136 141,489 141,955 141,751 141,868 Nonagricultural Total 117,718 118,492 120,259 123,060 124,900 126,708 129,558 131,463 133,488 135,208 135,013 135,517 134,843 135,183 134,898 134,939 135,310 135,464 135,478 135,836 135,999 135,815 135,780 Agricultural 3,269 3,247 3,115 3,409 3,440 3,443 3,399 3,378 3,281 3,305 3,338 3,360 3,294 3,313 3,295 3,317 3,356 3,241 3,176 3,274 3,179 3,135 3,161 Part time for economic reasons 1 Total 114,449 115,245 117,144 119,651 121,460 123,264 126,159 128,025 130,207 131,903 131,675 132,157 131,549 131,870 131,603 131,622 131,954 132,223 132,302 132,562 132,819 132,680 132,618 1 Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc. 2 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 3 Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire. Percent 2 Unemployment 5,874 6,240 6,230 4,414 4,279 4,123 3,879 3,501 3,189 3,045 3,002 3,021 3,077 2,981 2,972 3,038 3,030 3,044 3,285 3,088 3,227 3,143 3,007 Total 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,210 5,880 5,655 5,692 5,597 5,730 5,574 5,648 5,785 5,537 5,536 5,658 5,653 5,956 5,936 6,088 15 weeks and over 2,357 3,408 3,094 2,860 2,363 2,316 2,062 1,637 1,480 1,309 1,300 1,274 1,325 1,260 1,319 1,373 1,247 1,311 1,317 1,326 1,371 1,490 1,517 Not in labor force 64,578 64,700 65,638 65,758 66,280 66,647 66,837 67,547 68,385 68,836 68,348 68,102 68,798 68,786 69,181 69,211 69,314 69,378 69,441 69,254 68,934 69,275 69,304 Labor force participation rate Employment/ population ratio Unemployment rate 66.2 66.4 66.3 66.6 66.6 66.8 67.1 67.1 67.1 67.2 67.3 67.4 67.1 67.2 67.0 67.0 67.0 67.0 67.0 67.1 67.3 67.2 67.2 61.7 61.5 61.7 62.5 62.9 63.2 63.8 64.1 64.3 64.5 64.6 64.8 64.4 64.5 64.3 64.3 64.4 64.4 64.3 64.5 64.5 64.4 64.3 6.8 7.5 6.9 6.1 5.6 5.4 4.9 4.5 4.2 4.0 4.0 4.0 4.1 4.0 4.0 4.1 3.9 3.9 4.0 4.0 4.2 4.2 4.3 4 Not strictly comparable with earlier data. NOTE.—Data beginning January 1998, 1999, 2000, and 2001 reflect revised population controls. For details, see February issues, Employment and Earnings. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In March, the unemployment rate rose to 4.3 percent from 4.2 percent in February. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By sex and age Period 1991 ......................... 1992 ......................... 1993 ......................... 1994 2 ....................... 1995 ......................... 1996 ......................... 1997 ......................... 1998 ......................... 1999 ......................... 2000 ......................... 2000: Mar .............. Apr ............... May .............. June ............. July .............. Aug .............. Sept .............. Oct ............... Nov .............. Dec ............... 2001: Jan ............... Feb ............... Mar ............... 1 Revised 2 Data 12 All civilian workers 6.8 7.5 6.9 6.1 5.6 5.4 4.9 4.5 4.2 4.0 4.0 4.0 4.1 4.0 4.0 4.1 3.9 3.9 4.0 4.0 4.2 4.2 4.3 Men 20 years and over Women 20 years and over 6.4 7.1 6.4 5.4 4.8 4.6 4.2 3.7 3.5 3.3 3.3 3.3 3.3 3.2 3.2 3.3 3.3 3.3 3.4 3.4 3.6 3.5 3.8 5.7 6.3 5.9 5.4 4.9 4.8 4.4 4.1 3.8 3.6 3.6 3.6 3.8 3.7 3.7 3.7 3.5 3.4 3.4 3.4 3.6 3.7 3.6 By race Both sexes 16–19 years White 18.7 20.1 19.0 17.6 17.3 16.7 16.0 14.6 13.9 13.1 13.4 12.8 12.8 11.9 13.4 14.2 12.9 12.6 13.0 13.1 13.8 13.6 13.8 definition; for details, see Employment and Earnings, February 1994. beginning January 1994 are not directly comparable with data for earlier periods. 6.1 6.6 6.1 5.3 4.9 4.7 4.2 3.9 3.7 3.5 3.5 3.5 3.5 3.4 3.5 3.6 3.5 3.4 3.5 3.5 3.6 3.7 3.7 Black and other 11.1 12.7 11.7 10.5 9.6 9.3 8.8 7.8 7.0 6.7 6.7 6.5 7.1 6.9 6.7 6.9 6.2 6.5 6.4 6.4 7.1 6.6 7.3 By selected groups Black 12.5 14.2 13.0 11.5 10.4 10.5 10.0 8.9 8.0 7.6 7.5 7.3 7.9 7.8 7.7 7.9 7.2 7.4 7.5 7.6 8.4 7.5 8.6 Experienced wage and salary workers 6.6 7.2 6.6 5.9 5.4 5.2 4.7 4.3 4.0 3.9 3.9 3.8 3.9 3.9 3.8 3.9 3.8 3.8 3.8 3.8 4.0 4.1 4.3 Married men, spouse present 4.4 5.1 4.4 3.7 3.3 3.0 2.7 2.4 2.2 2.0 2.0 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.2 2.2 2.3 2.3 2.5 Women who maintain families Full-time workers 1 Part-time workers 1 9.3 10.0 9.7 8.9 8.0 8.2 8.1 7.2 6.4 5.9 6.6 6.2 6.3 6.0 5.7 6.0 5.4 5.4 5.2 5.1 6.4 6.1 6.2 6.8 7.5 6.9 6.1 5.5 5.3 4.8 4.3 4.1 3.9 3.8 3.8 3.9 3.8 3.8 3.9 3.8 3.8 3.9 3.9 4.1 4.0 4.2 7.0 7.5 7.2 6.0 6.0 5.8 5.5 5.3 5.0 4.8 4.9 4.7 5.1 4.9 5.1 5.0 4.6 4.5 4.5 4.6 4.9 4.8 4.8 NOTE.—Data relate to persons age 16 years and over. Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In March, the percentages of the unemployed who had been out of work for less than 5 weeks, for 15–26 weeks, and for 27 weeks and over fell; the percentage for 5–14 weeks rose. The mean duration of unemployment rose to 13.0 weeks and the median duration rose to 6.5 weeks. [Monthly data seasonally adjusted, except as noted] Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unemployment: percent distribution State programs Number of weeks 27 weeks and over Average (mean) Median Job losers 1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Weekly average, thousands 1991 ........................................ 1992 ........................................ 1993 ........................................ 1994 3 ...................................... 1995 ........................................ 1996 ........................................ 1997 ........................................ 1998 ........................................ 1999 ........................................ 2000 ........................................ 2000: Mar ............................. Apr .............................. May ............................. June ............................ July ............................. Aug .............................. Sept ............................. Oct .............................. Nov .............................. Dec .............................. 2001: Jan .............................. Feb .............................. Mar .............................. 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,210 5,880 5,655 5,692 5,597 5,730 5,574 5,648 5,785 5,537 5,536 5,658 5,653 5,956 5,936 6,088 40.3 35.1 36.5 34.1 36.5 36.4 37.7 42.2 43.7 45.0 47.6 44.6 44.0 45.9 44.3 44.5 45.5 45.0 44.8 43.4 43.8 47.0 43.2 32.4 29.4 28.9 30.1 31.6 31.6 31.7 31.4 31.2 31.9 30.0 32.7 33.0 31.7 32.2 31.7 31.8 31.5 31.8 33.0 33.2 28.0 32.2 14.4 15.1 14.5 15.5 14.6 14.6 14.8 12.3 12.8 11.8 11.3 11.8 11.6 10.9 11.6 11.7 11.2 12.6 12.6 12.0 12.3 13.3 13.2 12.9 20.3 20.1 20.3 17.3 17.4 15.8 14.1 12.3 11.4 11.1 10.9 11.4 11.6 11.9 12.1 11.4 10.9 10.7 11.6 10.7 11.7 11.4 1 Beginning January 1994, job losers and persons who completed temporary jobs. 2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation or Emergency Unemployment Compensation programs. 13.7 17.7 18.0 18.8 16.6 16.7 15.8 14.5 13.4 12.6 12.7 12.5 12.6 12.5 13.2 13.0 12.1 12.4 12.4 12.6 12.6 12.9 13.0 6.8 8.7 8.3 9.2 8.3 8.3 8.0 6.7 6.4 5.9 6.0 6.0 5.9 5.9 5.9 6.1 5.3 6.1 6.1 6.1 5.9 6.0 6.5 54.4 56.1 54.2 47.7 46.9 46.6 45.1 45.5 44.6 44.1 43.3 43.0 42.7 43.6 43.7 44.6 45.6 44.3 44.4 44.7 45.8 47.8 48.8 11.6 10.4 10.9 9.9 11.1 10.7 11.8 11.8 13.3 13.7 14.3 14.5 13.5 12.4 14.0 13.5 13.8 14.7 13.6 13.3 14.0 13.7 13.4 24.8 23.8 24.6 34.8 34.1 34.7 34.7 34.3 34.1 34.6 34.8 35.2 35.6 36.5 34.9 33.3 32.8 33.8 34.4 33.8 32.7 32.3 31.4 9.2 9.7 10.3 7.6 7.8 8.0 8.4 8.4 8.0 7.6 7.5 7.3 8.3 7.4 7.3 8.7 7.8 7.2 7.6 8.3 7.4 6.2 6.4 3,342 3,245 2,751 2,670 2,572 2,595 2,323 2,222 2,188 2,110 2,018 1,981 1,990 2,073 2,124 2,165 2,165 2,188 2,277 2,365 2,350 2,414 .............. 447 408 341 340 357 356 323 321 298 301 267 280 292 301 296 313 307 313 344 355 330 r 355 p 377 3,406 3,348 2,845 2,739 2,633 2,650 2,366 2,257 2,219 2,142 2,289 2,161 1,882 1,802 2,199 1,932 1,767 1,898 1,943 2,385 3,104 3,046 ................. 3 Data beginning January 1994 are not directly comparable with data for earlier periods. NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey fell by 86,000 in March. [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Goods-producing industries Period 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2000: .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. Mar ........ Apr ........ May ....... June ...... July ....... Aug ........ Sept ....... Oct ......... Nov ........ Dec ........ 2001: Jan r ....... Feb r ....... Mar p ...... Total nonagricultural employment 108,249 108,601 110,713 114,163 117,191 119,608 122,690 125,865 128,786 131,418 131,009 131,419 131,590 131,647 131,607 131,528 131,723 131,789 131,842 131,878 132,167 132,307 132,221 Service-producing industries Manufacturing Total 2 23,745 23,231 23,352 23,908 24,265 24,493 24,962 25,414 25,482 25,662 25,738 25,725 25,684 25,700 25,756 25,644 25,639 25,665 25,635 25,569 25,641 25,554 25,487 Construction 4,650 4,492 4,668 4,986 5,160 5,418 5,691 6,020 6,404 6,687 6,726 6,694 6,666 6,668 6,670 6,675 6,720 6,745 6,734 6,717 6,874 6,881 6,893 Total 18,406 18,104 18,075 18,321 18,524 18,495 18,675 18,805 18,543 18,437 18,476 18,492 18,479 18,493 18,548 18,432 18,380 18,378 18,360 18,312 18,220 18,123 18,042 Durable goods Nondurable goods 10,569 10,277 10,221 10,448 10,683 10,789 11,010 11,205 11,103 11,085 11,094 11,104 11,106 11,120 11,161 11,087 11,052 11,052 11,058 11,037 10,952 10,900 10,841 7,837 7,827 7,854 7,873 7,841 7,706 7,665 7,600 7,440 7,353 7,382 7,388 7,373 7,373 7,387 7,345 7,328 7,326 7,302 7,275 7,268 7,223 7,201 1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total in this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample 14 Total 84,504 85,370 87,361 90,256 92,925 95,115 97,727 100,451 103,304 105,756 105,271 105,694 105,906 105,947 105,851 105,884 106,084 106,124 106,207 106,309 106,526 106,753 106,734 Transportation and public utilities 5,755 5,718 5,811 5,984 6,132 6,253 6,408 6,611 6,826 6,993 6,953 6,970 6,962 6,985 7,010 6,941 7,037 7,046 7,060 7,086 7,077 7,108 7,113 Wholesale trade 6,081 5,997 5,981 6,162 6,378 6,482 6,648 6,800 6,924 7,054 7,033 7,055 7,048 7,049 7,050 7,062 7,070 7,087 7,093 7,085 7,074 7,071 7,069 Retail trade 19,284 19,356 19,773 20,507 21,187 21,597 21,966 22,295 22,788 23,136 23,027 23,197 23,064 23,122 23,196 23,191 23,179 23,193 23,238 23,245 23,272 23,350 23,304 Finance, insurance, Services and real estate 6,646 6,602 6,757 6,896 6,806 6,911 7,109 7,389 7,569 7,618 7,621 7,610 7,600 7,588 7,586 7,608 7,622 7,638 7,647 7,661 7,676 7,689 7,706 28,336 29,052 30,197 31,579 33,117 34,454 36,040 37,533 39,027 40,384 40,090 40,195 40,220 40,401 40,403 40,572 40,685 40,696 40,764 40,797 40,917 40,946 40,957 Government Total 18,402 18,645 18,841 19,128 19,305 19,419 19,557 19,823 20,170 20,572 20,547 20,667 21,012 20,802 20,606 20,510 20,491 20,464 20,405 20,435 20,510 20,589 20,585 Federal 2,966 2,969 2,915 2,870 2,822 2,757 2,699 2,686 2,669 2,777 2,816 2,885 3,238 3,092 2,819 2,657 2,627 2,625 2,615 2,566 2,616 2,619 2,612 of the working-age population, whereas the estimates in this table are based on reports from employing establishments. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where persons are counted only once—as employed, unemployed, or not in the labor force. 2 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Average gross hourly earnings Manufacturing Period 1991 ...................... 1992 ...................... 1993 ...................... 1994 ...................... 1995 ...................... 1996 ..................... 1997 ..................... 1998 ...................... 1999 ..................... 2000 ..................... 2000: Feb ........... Mar ........... Apr ........... May ........... June .......... July ........... Aug ........... Sept .......... Oct ............ Nov ............ Dec ............ 2001: Jan r .......... Feb r .......... Mar p ......... Total private nonagricultural 1 34.3 34.4 34.5 34.7 34.5 34.4 34.6 34.6 34.5 34.5 34.6 34.5 34.6 34.4 34.5 34.4 34.3 34.4 34.4 34.3 34.1 34.3 34.2 34.3 Total 40.7 41.0 41.4 42.0 41.6 41.6 42.0 41.7 41.7 41.5 41.8 41.7 42.2 41.4 41.6 41.7 41.4 41.3 41.4 41.2 40.4 40.9 40.7 40.7 Average gross weekly earnings Total private nonagricultural 1 Overtime 3.6 3.8 4.1 4.7 4.4 4.5 4.8 4.6 4.6 4.5 4.7 4.6 4.9 4.5 4.6 4.6 4.5 4.4 4.5 4.3 3.9 4.1 3.9 3.8 Current dollars $10.32 10.57 10.83 11.12 11.43 11.82 12.28 12.78 13.24 13.74 13.54 13.58 13.64 13.66 13.70 13.75 13.80 13.83 13.88 13.96 14.02 14.02 14.11 14.17 1982 dollars 2 $7.45 7.41 7.39 7.40 7.39 7.43 7.55 7.75 7.86 7.88 7.87 7.84 7.87 7.88 7.86 7.87 7.90 7.87 7.89 7.91 7.93 7.89 7.92 .............. Total private nonagricultural 1 Manufacturing Current dollars $11.18 11.46 11.74 12.07 12.37 12.77 13.17 13.49 13.91 14.38 14.21 14.23 14.28 14.27 14.36 14.39 14.43 14.43 14.56 14.63 14.60 14.59 14.67 14.70 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982=100 base). Percent change from a year earlier, total private nonagricultural Current dollars 1982 dollars 2 Manufacturing Construction Retail trade $353.98 363.61 373.64 385.86 394.34 406.61 424.89 442.19 456.78 474.03 468.48 468.51 471.94 469.90 472.65 473.00 473.34 475.75 477.47 478.83 478.08 480.89 482.56 486.03 $255.40 254.99 254.87 256.73 255.07 255.73 261.31 268.32 271.25 271.96 272.21 270.35 272.33 271.15 271.17 270.75 270.94 270.77 271.29 271.45 270.56 270.62 270.80 .............. $455.03 469.86 486.04 506.94 514.59 531.23 553.14 562.53 580.05 596.77 593.98 593.39 602.62 590.78 597.38 600.06 597.40 595.96 602.78 602.76 589.84 596.73 597.07 598.29 $533.40 537.70 553.63 573.00 587.00 603.33 625.56 646.13 671.74 701.90 698.72 703.27 704.09 695.80 687.70 703.47 702.86 700.44 707.40 700.70 687.51 713.04 697.68 718.77 $198.48 205.06 209.95 216.46 221.47 230.11 240.74 253.46 263.32 273.11 271.21 271.15 270.43 270.43 273.47 272.16 273.31 274.75 275.33 277.44 277.24 279.65 279.75 279.36 Current dollars 2.5 2.7 2.8 3.3 2.2 3.1 4.5 4.1 3.3 3.8 3.7 3.7 4.1 3.3 3.6 3.3 3.2 3.3 3.4 3.5 3.1 3.3 3.0 3.7 1982 dollars ¥1.6 ¥.2 ¥.0 .7 ¥.6 .3 2.2 2.7 1.1 .3 .3 ¥.3 .8 ¥.1 ¥.3 ¥.4 ¥.2 ¥.2 .0 ¥.0 ¥.3 ¥.4 ¥.5 .............. Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits 1 Total compensation Wages and salaries 12 months earlier Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec .................................................................. .................................................................. .................................................................. .................................................................. ................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. 111.7 115.6 119.8 123.5 126.7 130.6 135.1 139.8 144.6 150.9 110.0 112.9 116.4 119.7 123.1 127.3 132.3 137.4 142.2 147.7 1997: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 1998: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 1999: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2000: Mar ................................................................. June ............................................................... Sept ................................................................. Dec .................................................................. 131.6 132.7 133.7 135.1 136.2 137.3 138.8 139.7 140.3 141.8 143.1 144.5 146.6 148.2 149.7 150.8 128.5 129.7 131.0 132.4 133.7 134.9 136.5 137.5 138.1 139.7 140.9 142.2 143.9 145.4 146.7 147.8 116.2 122.2 128.3 133.0 135.9 138.6 141.8 145.2 150.2 158.6 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 0.9 .9 1.0 1.1 1.0 .9 1.2 .7 .4 1.2 .9 .9 1.2 1.0 .9 .7 0.3 .6 .5 .9 .4 .7 .6 .6 .3 1.0 1.0 1.1 2.3 1.2 1.1 .9 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. 138.9 139.7 140.4 141.6 142.2 143.2 144.1 144.9 145.4 146.8 148.2 149.9 153.4 155.3 157.0 158.4 0.8 .8 .8 1.0 .8 .8 1.1 .6 .4 1.1 .9 1.0 1.5 1.1 1.0 .7 4.4 3.5 3.6 3.1 2.6 3.1 3.4 3.5 3.4 4.4 3.7 2.6 3.1 2.8 2.8 3.4 3.9 3.9 3.5 3.9 6.2 5.2 5.0 3.7 2.2 2.0 2.3 2.4 3.4 5.6 Not seasonally adjusted 3.0 2.9 3.2 3.4 3.5 3.5 3.8 3.5 3.0 3.3 3.1 3.4 4.6 4.6 4.6 4.4 3.4 3.3 3.6 3.9 4.0 4.0 4.3 3.9 3.3 3.6 3.2 3.5 4.2 4.1 4.1 3.9 2.0 2.0 2.0 2.3 2.3 2.6 2.6 2.4 2.2 2.5 2.8 3.4 5.5 5.7 6.0 5.6 Data exclude farm and household workers. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output 1 Business sector Nonfarm business sector Hours of all persons 2 Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Business sector Nonfarm business sector Implicit price deflator 5 Business sector Nonfarm business sector Indexes, 1992=100; quarterly data seasonally adjusted 1990 ........................ 1991 ........................ 1992 ........................ 1993 ........................ 1994 ........................ 1995 ........................ 1996 ........................ 1997 ........................ 1998 ........................ 1999 ........................ 2000 * ...................... 1997: I ................... II .................. III ................ IV ................. 95.2 96.3 100.0 100.5 101.9 102.6 105.4 107.8 110.8 113.8 118.6 106.4 107.5 108.5 108.7 95.3 96.4 100.0 100.5 101.8 102.8 105.4 107.5 110.4 113.2 118.1 106.2 107.3 108.2 108.4 97.6 96.5 100.0 103.1 108.1 111.5 116.4 122.5 128.6 134.8 142.4 119.9 122.0 123.5 124.4 97.8 96.6 100.0 103.3 108.2 111.8 116.7 122.7 129.0 135.1 142.8 120.2 122.2 123.6 124.7 102.6 100.2 100.0 102.6 106.2 108.7 110.4 113.6 116.1 118.4 120.0 112.7 113.5 113.8 114.5 102.7 100.2 100.0 102.9 106.2 108.8 110.7 114.1 116.8 119.3 120.9 113.1 113.9 114.3 115.0 90.7 95.0 100.0 102.5 104.5 106.7 110.1 113.5 119.6 125.1 131.4 112.2 112.5 113.8 115.6 90.5 95.0 100.0 102.2 104.3 106.6 109.8 113.1 119.0 124.2 130.5 111.8 112.2 113.3 115.0 96.5 97.5 100.0 99.9 99.7 99.3 99.7 100.6 104.6 107.1 109.0 99.9 100.0 100.6 101.8 96.3 97.5 100.0 99.6 99.5 99.2 99.4 100.2 104.0 106.4 108.2 99.6 99.6 100.2 101.3 95.3 98.7 100.0 101.9 102.6 104.1 104.5 105.3 108.0 109.9 110.7 105.4 104.7 104.9 106.3 95.0 98.5 100.0 101.7 102.5 103.7 104.2 105.2 107.7 109.7 110.5 105.3 104.5 104.7 106.1 94.8 98.1 100.0 102.2 104.0 106.0 107.7 109.7 110.6 111.8 113.8 109.1 109.6 109.9 110.2 94.5 98.0 100.0 102.2 104.1 106.1 107.6 109.8 110.8 112.3 114.3 109.1 109.7 110.1 110.4 1998: I ................... II .................. III ................ IV ................. 1999: I ................... II .................. III ................ IV ................. 2000: I ................... II .................. III ................ IV * ............... 110.0 110.3 110.8 111.8 112.5 112.7 114.0 116.1 116.6 118.6 119.3 120.2 109.6 110.1 110.5 111.4 111.9 112.0 113.4 115.6 116.2 118.0 118.8 119.5 126.8 127.7 128.9 131.0 132.3 133.1 135.3 138.5 140.3 142.4 143.3 143.5 127.1 128.1 129.2 131.4 132.6 133.4 135.6 138.9 140.7 142.9 143.7 144.0 115.3 115.8 116.3 117.2 117.5 118.1 118.7 119.3 120.3 120.1 120.1 119.4 115.9 116.4 116.9 118.0 118.4 119.1 119.6 120.2 121.1 121.1 120.9 120.5 117.4 118.9 120.3 121.6 123.0 124.3 125.9 127.1 128.2 130.4 132.2 134.6 116.8 118.3 119.8 120.9 122.1 123.4 125.0 126.3 127.6 129.4 131.4 133.5 103.2 104.1 105.0 105.7 106.4 106.8 107.4 107.6 107.5 108.6 109.1 110.3 102.6 103.6 104.5 105.1 105.6 106.0 106.6 107.0 107.0 107.8 108.5 109.4 106.7 107.8 108.6 108.8 109.3 110.4 110.5 109.5 110.0 110.0 110.8 112.0 106.5 107.5 108.4 108.6 109.0 110.2 110.2 109.3 109.8 109.7 110.6 111.8 110.3 110.5 110.7 110.9 111.4 111.8 111.9 112.2 113.0 113.7 114.0 114.5 110.5 110.7 111.0 111.2 111.8 112.2 112.4 112.7 113.6 114.1 114.5 115.0 4.3 3.6 1.6 1.7 .8 1.2 .5 .9 2.5 1.8 .7 1.3 ¥2.7 .6 5.5 1.6 3.6 3.3 .7 1.8 4.3 .2 ¥3.5 1.9 ¥.2 3.2 4.3 3.5 3.5 2.0 2.2 1.8 2.0 1.6 1.8 .8 1.1 1.8 2.6 1.9 1.0 1.1 .3 .7 1.1 .6 1.9 1.2 .5 1.0 3.0 2.4 1.2 1.6 3.6 3.7 2.1 2.2 1.9 2.0 1.4 2.1 .9 1.3 1.8 3.1 2.2 1.3 1.1 .4 .7 1.3 .6 2.2 1.5 .6 1.0 3.2 2.0 1.4 1.5 Percent change; quarterly data at seasonally adjusted annual rates 1990 ........................ 1991 ........................ 1992 ........................ 1993 ........................ 1994 ........................ 1995 ........................ 1996 ........................ 1997 ........................ 1998 ........................ 1999 ........................ 2000 * ...................... 1997: I ................... II .................. III ................ IV ................. 1998: I ................... II .................. III ................ IV ................. 1999: I ................... II .................. III ................ IV ................. 2000: I ................... II .................. III ................ IV* ............... 1.3 1.1 3.9 .5 1.3 .7 2.8 2.3 2.8 2.8 4.2 1.4 4.2 3.8 1.0 4.8 1.1 1.9 3.5 2.7 .5 4.7 7.6 1.7 7.0 2.4 3.1 1.1 1.2 3.7 .5 1.3 .9 2.5 2.0 2.7 2.6 4.3 1.0 4.2 3.4 .8 4.7 1.6 1.6 3.2 2.0 .2 5.0 8.0 2.1 6.3 3.0 2.2 1.5 ¥1.2 3.7 3.1 4.9 3 4.4 5.2 5.0 4.8 5.6 5.2 7.1 4.9 3.2 7.9 2.9 3.7 6.8 3.8 2.6 6.6 9.9 5.3 6.3 2.3 .8 1.4 ¥1.3 3.5 3.3 4.7 3.4 4.3 5.1 5.1 4.8 5.7 4.8 7.1 4.6 3.4 8.2 3.1 3.7 6.8 3.6 2.4 7.0 10.0 5.2 6.5 2.3 .8 0.2 ¥2.3 ¥.2 2.6 3.5 2.4 1.6 2.9 2.2 2.0 1.3 3.7 2.8 1.1 2.2 2.9 1.8 1.8 3.2 1.1 2.1 1.9 2.1 3.5 ¥.7 ¥.1 ¥2.2 0.3 ¥2.4 ¥.2 2.9 3.3 2.4 1.7 3.1 2.4 2.2 1.3 3.8 2.8 1.2 2.5 3.3 1.5 2.0 3.5 1.6 2.2 1.9 1.8 3.0 .2 ¥.7 ¥1.4 1 Output refers to real gross domestic product originating in the sector. 2 Hours of all persons engage in the sector, including hours of proprietors and and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPI– U) for recent quarters. The trend from 1978–99 is based on the consumer price index research series (CPI–U–RS). 16 5.7 4.7 5.3 2.5 2.0 2.1 3.2 3.1 5.3 4.6 5.0 2.2 1.3 4.5 6.7 6.4 5.1 4.9 4.3 4.5 4.5 5.1 3.8 3.7 7.1 5.7 7.5 5 Current 5.5 4.9 5.3 2.2 2.1 2.1 3.0 3.0 5.2 4.4 5.1 2.3 1.4 4.0 6.4 6.3 5.3 4.9 4.0 3.8 4.5 5.2 4.2 4.1 6.0 6.2 6.6 0.6 1.0 2.6 ¥.1 ¥.2 ¥.4 .4 .9 3.9 2.4 1.7 ¥.3 .2 2.8 4.6 5.7 3.5 3.4 2.7 2.9 1.3 2.4 .9 ¥.4 4.0 2.0 4.5 0.4 1.2 2.6 ¥.4 ¥.1 ¥.4 .3 .8 3.8 2.3 1.7 ¥.2 .3 2.3 4.3 5.5 3.7 3.4 2.4 2.1 1.3 2.6 1.3 .0 2.9 2.6 3.6 4.3 3.6 1.4 1.9 .7 1.4 .4 .8 2.5 1.8 .8 .8 ¥2.8 .7 5.7 1.5 3.9 2.9 .8 1.8 4.0 .4 ¥3.6 1.9 .0 3.1 4.3 dollar gross domestic output divided by the output index. NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released February 28, 2001. GDP data for 2000 and 2000:IV shown elsewhere in this issue were released March 29, 2001. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization fell in February. [Monthly data seasonally adjusted] Total industrial production Percent Period Index, 1992=100 From preceding month Industry production indexes, 1992=100 change 1 From year earlier Capacity utilization rate, percent 2 Manufacturing Total Durable Nondurable Mining Utilities Total industry Manufacturing 1991 ......................................... 1992 ......................................... 1993 ........................................ 1994 ........................................ 1995 ........................................ 1996 ........................................ 1997 ........................................ 1998 ........................................ 1999 ........................................ 2000 r ....................................... 97.0 100.0 103.5 109.1 114.3 119.6 127.7 134.0 139.6 147.5 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. ¥2.0 3.1 3.5 5.4 4.8 4.6 6.8 4.9 4.2 5.7 96.2 100.0 103.7 109.9 115.7 121.4 130.8 138.2 144.8 153.6 95.5 100.0 105.7 114.6 124.2 134.7 148.8 162.3 175.6 193.5 97.0 100.0 101.6 104.8 106.6 107.4 112.3 114.4 115.4 116.9 102.6 100.0 100.0 102.3 102.0 103.5 105.3 103.0 98.0 100.0 100.4 100.0 104.0 105.4 109.1 112.7 112.8 114.1 117.1 120.5 79.3 80.2 81.3 83.1 83.3 82.6 83.5 82.1 81.2 82.1 77.9 79.4 80.4 82.5 82.5 81.6 82.7 81.3 80.5 81.3 2000: Feb .............................. Mar .............................. Apr ............................... May .............................. June ............................. July .............................. Aug .............................. Sept ............................. Oct ............................... Nov r ............................. Dec r ............................. 144.3 145.2 146.3 147.2 147.9 147.6 148.6 149.0 148.7 148.2 147.7 0.5 .7 .7 .7 .5 ¥.2 .7 .2 ¥.2 ¥.3 ¥.3 5.9 5.8 6.4 6.4 6.7 5.7 6.0 6.1 5.1 4.5 3.4 149.9 151.3 152.2 153.1 153.8 153.7 154.6 155.1 154.9 154.1 152.9 186.3 188.9 191.0 193.0 194.6 194.7 196.9 198.4 197.6 196.7 195.5 116.3 116.6 116.7 116.7 116.7 116.3 116.3 116.0 116.3 115.5 114.4 99.1 100.4 99.9 99.6 100.4 100.5 101.0 100.4 100.1 101.1 100.2 119.5 114.7 118.7 121.6 121.7 119.1 122.1 121.7 120.0 121.9 129.8 82.0 82.2 82.5 82.7 82.7 82.3 82.6 82.4 82.0 81.4 80.8 81.2 81.6 81.8 81.9 82.0 81.6 81.7 81.7 81.2 80.5 79.5 2001: Jan r ............................. Feb p ............................. 146.8 146.0 ¥.6 ¥.6 2.3 1.2 152.0 151.3 193.4 192.6 114.4 113.9 102.3 101.8 125.5 122.6 80.1 79.4 78.7 78.1 1 Percent 2 Output changes based on unrounded indexes. as percent of capacity. Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1992=100; monthly data seasonally adjusted] Products Materials Final products Intermediate products Consumer goods Equipment Period Total Total Durable goods Nondurable goods Total 1 Business Defense and space equipment Total Construction supplies Business supplies Total Energy 1991 ............................................................ 1992 ............................................................ 1993 ............................................................ 1994 ............................................................ 1995 ............................................................ 1996 ............................................................ 1997 ............................................................ 1998 ............................................................ 1999 ............................................................ 2000 r .......................................................... 97.7 100.0 103.6 107.9 111.9 116.1 123.2 129.3 133.3 138.7 97.0 100.0 103.5 107.8 110.6 112.5 115.9 118.4 120.8 123.0 93.0 100.0 111.8 123.8 128.1 130.9 138.1 145.8 158.3 160.8 98.1 100.0 101.4 103.9 106.3 108.0 110.4 111.8 112.0 114.1 98.8 100.0 103.7 108.1 114.2 122.4 135.4 147.1 153.8 166.1 95.7 100.0 105.5 112.7 121.5 132.6 150.2 165.7 176.4 194.3 106.7 100.0 93.0 86.4 83.7 80.6 75.8 79.5 80.8 76.2 97.5 100.0 102.4 106.2 108.0 110.7 116.3 121.0 125.1 128.8 96.2 100.0 103.4 110.6 112.6 117.8 123.6 131.6 138.5 143.2 98.3 100.0 101.8 103.6 105.3 106.6 112.0 114.7 117.2 120.3 95.9 100.0 103.8 111.6 119.6 127.0 138.0 145.7 154.5 167.9 100.8 100.0 99.6 101.3 102.5 103.6 103.8 103.5 103.1 103.4 2000: Feb .................................................. Mar ................................................. Apr .................................................. May ................................................. June ................................................ July ................................................. Aug .................................................. Sept ................................................. Oct .................................................. Nov r ................................................ Dec r ................................................. 135.9 136.0 137.2 137.5 138.3 138.1 139.2 139.3 138.8 138.8 138.8 122.8 122.2 123.2 123.5 124.2 122.9 123.8 123.8 122.7 122.4 122.8 162.6 162.1 164.7 163.8 164.4 158.7 160.0 162.8 157.3 154.3 153.6 113.5 112.9 113.6 114.1 114.8 114.5 115.2 114.7 114.5 114.6 115.3 159.8 161.3 162.8 163.1 164.3 166.3 167.9 168.3 169.1 169.9 169.0 187.0 188.9 191.1 191.6 192.8 195.0 197.8 199.5 200.0 200.6 199.4 75.9 76.0 75.5 75.5 76.3 77.9 76.1 73.7 75.3 77.0 77.5 128.9 129.5 129.3 129.4 129.0 128.7 128.8 128.6 128.7 128.5 128.5 143.4 144.6 144.4 143.1 143.4 143.8 142.7 143.1 142.3 141.6 141.5 120.3 120.6 120.4 121.3 120.5 119.8 120.6 120.0 120.7 120.7 120.7 162.4 164.7 166.1 168.4 169.4 169.0 170.5 171.3 171.1 169.9 168.4 102.1 102.5 103.5 103.3 103.1 102.9 104.2 104.3 103.9 105.4 105.5 2001: Jan r ................................................. Feb p ................................................ 138.1 137.5 121.7 121.2 149.0 149.7 114.9 114.1 168.9 168.5 198.6 198.1 78.5 78.5 128.2 127.0 141.6 140.3 120.2 119.1 167.1 166.0 105.4 104.7 1 Includes oil and gas well drilling and manufactured homes, not shown separately. [1992=100; monthly data seasonally adjusted] Durable manufactures Primary metals Period Total Iron and steel Fabricated metal products Industrial machinery and equipment Electrical machinery Nondurable manufactures Transportation equipment Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods 1991 ............................................................ 1992 ............................................................ 1993 ............................................................ 1994 ............................................................ 1995 ............................................................ 1996 ............................................................ 1997 ............................................................ 1998 ............................................................ 1999 ............................................................ 2000 r .......................................................... 96.7 100.0 105.1 113.7 116.2 119.6 125.4 127.8 130.4 133.7 96.0 100.0 105.9 114.3 116.5 118.9 123.8 124.6 126.7 131.1 96.2 100.0 104.4 112.2 116.4 120.1 126.1 130.3 131.9 135.6 95.4 100.0 110.2 125.4 144.0 160.2 177.1 195.2 219.0 252.8 89.6 100.0 109.8 131.4 165.9 206.6 264.3 321.0 399.4 550.2 96.5 100.0 104.4 108.4 108.0 109.6 119.0 128.8 131.4 131.0 88.5 100.0 114.9 132.9 136.3 136.3 147.0 152.4 165.8 170.5 94.5 100.0 100.8 105.9 107.9 110.5 114.1 118.7 122.4 118.3 97.8 100.0 102.4 106.4 107.0 104.3 104.8 100.4 94.8 91.7 99.1 100.0 100.5 100.6 101.2 101.8 107.6 107.4 106.8 110.0 96.4 100.0 101.1 103.9 106.1 108.4 116.8 121.4 126.1 128.3 98.4 100.0 102.0 103.6 105.7 105.3 107.0 110.8 112.5 114.7 2000: Jan .................................................. Feb .................................................. Mar ................................................. Apr .................................................. May ................................................. June ................................................ July ................................................. Aug .................................................. Sept ................................................. Oct .................................................. Nov r ................................................ Dec r ................................................. 136.3 134.7 137.1 137.8 136.7 136.4 133.9 132.4 133.9 129.0 127.3 126.3 134.8 133.5 136.9 136.8 135.9 135.5 129.9 129.7 131.9 123.7 122.0 118.9 134.9 135.8 135.6 135.9 136.2 135.7 136.1 136.3 136.0 136.0 134.7 133.2 238.7 242.1 245.8 247.2 249.9 250.9 253.9 257.9 260.0 261.5 261.9 262.2 460.2 474.8 495.2 516.5 533.8 555.0 571.2 580.0 592.2 597.4 604.4 615.1 132.0 130.7 131.9 132.1 133.6 133.5 128.0 132.4 132.4 129.2 126.8 122.9 172.7 170.3 172.5 174.1 177.6 176.1 163.1 173.9 175.5 167.2 160.1 151.8 122.9 122.3 121.9 121.6 120.5 118.7 118.6 115.5 116.8 114.8 113.2 111.4 93.4 94.3 94.1 94.6 93.0 91.2 92.0 90.7 89.5 89.2 89.2 88.1 108.9 108.9 109.7 109.1 109.9 109.1 110.0 110.4 110.9 111.6 111.2 110.6 124.8 124.9 124.9 125.2 126.3 125.9 124.8 125.9 125.4 125.8 124.8 122.9 113.3 114.1 114.9 114.7 114.2 114.9 115.0 115.1 114.6 114.8 115.0 114.2 2001: Jan r ................................................. Feb p ................................................ 123.5 122.8 116.4 116.9 133.7 131.9 259.3 258.2 619.7 621.0 115.9 115.4 137.6 137.4 109.0 109.5 88.6 86.7 111.4 110.1 123.2 123.0 113.4 113.2 Source: Board of Governors of the Federal Reserve System. 18 NEW CONSTRUCTION [Monthly data seasonally adjusted] Construction contracts 3 Private Period Total new construction expenditures Residential Total New housing units Total 1 Commercial and industrial 2 Other Federal and State and local Total value index (1996=100) Commercial and industrial floor space (millions of square feet) Billions of dollars 1991 ...................................... 1992 ...................................... 1993 ...................................... 1994 ...................................... 1995 ...................................... 1996 ...................................... 1997 ...................................... 1998 ...................................... 1999 ...................................... 2000 r ..................................... 432.6 463.7 493.3 539.2 555.6 613.5 656.6 711.8 764.2 807.6 322.5 347.8 377.3 419.0 425.7 474.3 501.7 552.2 591.6 623.9 166.3 199.4 225.1 258.6 247.4 281.1 289.0 314.6 348.8 358.6 2000: Feb ............................ Mar ............................ Apr ............................ May ........................... June .......................... July ........................... Aug ............................ Sept ........................... Oct r ........................... Nov r ........................... Dec r ........................... 2001: Jan r ........................... Feb p .......................... 816.0 829.5 816.2 811.8 798.9 793.0 801.7 813.5 803.9 808.9 811.5 829.4 834.2 629.6 637.7 629.5 629.8 624.4 619.0 616.9 625.3 618.7 624.6 625.1 639.2 647.1 114.6 135.1 150.9 176.4 171.4 191.1 198.1 224.0 249.5 259.6 368.7 372.1 368.9 367.7 363.8 355.2 350.8 351.7 348.1 349.0 350.7 355.9 364.3 93.7 82.2 84.4 93.3 109.4 123.2 135.8 151.1 154.5 171.5 62.6 66.2 67.8 67.1 68.9 70.0 77.0 86.5 88.2 93.8 110.1 115.8 116.0 120.2 129.9 139.3 154.9 159.5 172.7 183.7 70 76 82 89 92 100 109 122 135 r 141 577 556 589 744 862 875 1,027 1,223 1,255 1,240 169.9 172.2 170.5 170.1 169.1 170.4 172.7 176.0 175.4 178.4 174.7 184.5 185.6 90.9 93.4 90.0 92.1 91.6 93.5 93.4 97.7 95.3 97.1 99.8 98.8 97.2 186.4 191.8 186.7 182.0 174.5 174.0 184.8 188.2 185.2 184.4 186.4 190.2 187.1 r136 ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... Annual rates 268.7 270.7 268.1 266.0 261.5 254.4 253.9 252.5 253.2 255.4 257.8 263.3 269.4 1 Includes residential improvements, not shown separately. hotels and motels. Dodge series. 143 137 r146 r 139 r138 r142 149 142 142 150 147 Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies, Inc., F.W. Dodge Division. 2 Includes 3 F.W. r148 NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] New private housing units Period Total 1991 ...................................... 1992 ...................................... 1993 ...................................... 1994 ...................................... 1995 ...................................... 1996 ...................................... 1997 ...................................... 1998 ...................................... 1999 ...................................... 2000 r ..................................... New private homes Units started, by type of structure 1,013.9 1,199.7 1,287.6 1,457.0 1,354.1 1,476.8 1,474.0 1,616.9 1,666.5 1,593.1 1 unit 840.4 1,029.9 1,125.7 1,198.4 1,076.2 1,160.9 1,133.7 1,271.4 1,334.9 1,261.8 2–4 units 5 or more units 35.6 30.7 29.4 35.0 33.7 45.2 44.5 42.6 31.9 36.1 137.9 139.0 132.6 223.5 244.1 270.8 295.8 302.9 299.7 295.3 Units authorized 948.8 1,094.9 1,199.1 3 1,371.6 1,332.5 1,425.6 1,441.1 1,612.3 1,663.5 1,574.4 Units completed Homes sold Homes for sale at end of period 1 1,090.8 1,157.5 1,192.7 1,346.9 1,312.6 1,412.9 1,400.5 1,474.2 1,636.1 1,609.0 509 610 666 670 667 757 804 886 907 903 284 265 293 336 370 322 281 294 320 310 1,732 1,728 1,660 1,705 1,545 1,531 1,612 1,559 1,546 1,589 1,578 1,460 1,546 905 947 865 875 827 914 860 924 940 r890 986 933 911 309 321 305 308 312 311 313 309 312 316 310 310 311 Vacancy rate for rental housing units (percent) 2 7.4 7.4 2 7.3 7.4 7.6 7.8 7.7 7.9 8.1 8.0 Seasonally adjusted annual rates 2000: Feb ............................ Mar ............................ Apr ............................ May ........................... June .......................... July ............................ Aug ............................ Sept ........................... Oct ............................. Nov ............................ Dec r ........................... 2001: Jan r ........................... Feb p .......................... 1,822 1,630 1,652 1,591 1,571 1,527 1,519 1,537 1,529 1,564 1,577 1,653 1,647 1,324 1,327 1,310 1,258 1,227 1,201 1,229 1,226 1,232 1,233 1,298 1,347 1,315 40 16 30 26 39 43 41 41 40 41 37 41 23 1 Seasonally adjusted. 2 Revised series beginning 1994; not comparable with earlier data, except 1993 data have been revised to be comparable with new series beginning in 1994. Quarterly data entered in last month of quarter. 3 The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units. 458 287 312 307 305 283 249 270 257 290 242 265 309 1,661 1,597 1,559 1,511 1,528 1,511 1,486 1,518 1,546 1,598 1,507 1,724 1,675 ...................... 7.9 ...................... ...................... 8.0 ...................... ...................... 8.2 ...................... ...................... 7.8 ...................... ...................... NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units authorized are for 17,000 places. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In January, manufacturing and trade sales fell 0.2 percent and inventories rose $3.3 billion. According to advance data, retail sales fell 0.2 percent in February, following an increase of 1.3 percent in January. Manufacturing and trade 1 Wholesale Retail Inventory-sales ratio 4 Sales 2 Period Sales 2 Inventories 3 Sales 2 Inventories 3 Total Inventories 3 Durable goods stores Nondurable goods stores Total Durable goods stores Nondurable goods stores Manufacturing and trade 1 Retail Millions of dollars, seasonally adjusted, except as noted 1991 ................................ 1992 ................................ 1993 ................................ 1994 ................................ 1995 ................................ 1996 ................................ 1997 ................................ 1998 ................................ 1999 ................................ 2000 r .............................. 542,815 567,176 595,628 639,163 684,982 718,113 753,445 779,413 833,079 893,806 834,609 842,809 870,396 934,769 995,547 1,014,340 1,061,815 1,100,166 1,151,147 1,220,343 148,306 154,150 161,484 172,811 188,842 199,961 208,446 212,926 228,540 248,244 200,448 208,302 217,425 236,287 254,844 257,626 276,140 290,171 308,691 328,734 154,661 162,632 173,509 187,350 196,584 208,530 217,547 228,799 249,577 269,338 54,165 58,634 65,160 73,888 78,946 84,916 88,602 94,699 104,583 111,235 100,497 103,999 108,349 113,462 117,639 123,614 128,944 134,101 144,994 158,103 243,211 251,997 268,932 293,605 309,718 319,985 329,542 343,197 372,079 398,552 119,206 123,169 135,056 152,996 164,999 170,775 176,349 183,630 202,367 221,638 124,005 128,828 133,876 140,609 144,719 149,210 153,193 159,567 169,712 176,914 1.53 1.48 1.44 1.41 1.43 1.40 1.38 1.39 1.35 1.33 1.54 1.52 1.51 1.50 1.55 1.51 1.49 1.47 1.44 1.43 2000: Jan r ..................... Feb r ..................... Mar ...................... Apr ....................... May ...................... June ..................... July ...................... Aug ...................... Sept ..................... Oct ...................... Nov ...................... Dec r ..................... 877,740 881,898 891,597 886,555 895,965 902,798 897,634 901,289 903,881 898,912 895,583 896,591 1,157,489 1,163,214 1,165,746 1,171,965 1,182,162 1,192,224 1,197,112 1,205,636 1,207,688 1,215,754 1,219,868 1,220,343 243,941 243,720 245,678 246,357 247,391 250,154 249,405 249,960 251,142 250,994 250,949 253,028 310,950 312,996 314,206 317,164 320,188 323,252 324,313 326,195 326,352 327,653 328,810 328,734 263,234 267,313 268,357 267,119 267,417 268,436 270,645 270,549 272,714 272,490 270,931 271,347 111,332 113,175 112,529 111,202 110,805 110,718 111,700 111,268 112,186 111,647 110,315 110,202 151,902 154,138 155,828 155,917 156,612 157,718 158,945 159,281 160,528 160,843 160,616 161,145 373,833 374,219 375,653 376,933 382,612 386,931 386,496 391,797 392,452 395,819 397,672 398,552 204,388 203,281 204,946 206,841 210,216 214,153 214,124 218,203 217,872 219,794 221,444 221,638 169,445 170,938 170,707 170,092 172,396 172,778 172,372 173,594 174,580 176,025 176,228 176,914 1.32 1.32 1.31 1.32 1.32 1.32 1.33 1.34 1.34 1.35 1.36 1.36 1.42 1.40 1.40 1.41 1.43 1.44 1.43 1.45 1.44 1.45 1.47 1.47 2001: Jan r ..................... Feb p .................... 894,665 1,223,636 891,847 .................. 253,294 252,813 327,276 327,037 274,963 274,493 111,935 111,899 163,028 400,812 223,414 177,398 1.37 1.46 162,594 ................ ................ ................ ................ ................ 1 See page 21 for manufacturing. 2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 20 3 Seasonally 4 Annual adjusted, end of period. data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS In February, manufacturers’ shipments, inventories, and new and unfilled 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 Nondurable goods Manufacturers’ unfilled orders 2 Manufacturers’ inventory— shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 ................................. ................................. ................................. ................................. .................................. .................................. .................................. .................................. ................................. ................................. 239,847 250,394 260,635 279,002 299,555 309,622 327,452 337,687 354,961 376,225 121,000 128,489 135,886 149,131 160,586 167,013 179,892 189,666 200,623 211,009 118,847 121,905 124,749 129,870 138,970 142,608 147,560 148,022 154,338 165,216 390,950 382,510 384,039 404,877 430,985 436,729 456,133 466,798 470,377 493,057 250,019 238,105 239,334 253,624 268,353 273,815 286,372 295,344 295,034 310,210 140,931 144,405 144,705 151,253 162,632 162,914 169,761 171,454 175,343 182,847 238,805 248,212 257,698 279,733 300,632 312,442 329,335 336,140 356,599 381,025 119,849 126,308 133,081 149,542 161,782 169,711 181,726 188,308 202,097 215,855 30,471 31,524 31,694 35,697 40,511 44,631 48,165 51,700 54,955 63,844 118,957 121,905 124,617 130,191 138,851 142,730 147,610 147,832 154,502 165,170 519,199 492,893 457,810 466,699 479,674 513,062 536,131 519,038 538,217 597,049 1.65 1.54 1.47 1.41 1.41 1.40 1.37 1.38 1.31 1.29 2000: Feb ........................ Mar ....................... Apr ........................ May ....................... June ...................... July ....................... Aug ....................... Sept ....................... Oct ........................ Nov ........................ Dec ........................ 2001: Jan r ....................... Feb p ...................... 370,865 377,562 373,079 381,157 384,208 377,584 380,780 380,025 375,428 373,703 372,216 366,408 364,541 206,555 211,477 209,309 214,890 217,645 212,142 214,018 214,165 209,833 207,715 206,588 201,519 200,111 164,310 166,085 163,770 166,267 166,563 165,442 166,762 165,860 165,595 165,988 165,628 164,889 164,430 475,999 475,887 477,868 479,362 482,041 486,303 487,644 488,884 492,282 493,386 493,057 495,548 494,856 298,505 297,959 299,396 299,916 301,119 303,724 305,162 305,333 308,247 309,680 310,210 312,158 311,979 177,494 177,928 178,472 179,446 180,922 182,579 182,482 183,551 184,035 183,706 182,847 183,390 182,877 374,882 385,097 370,423 387,906 408,087 375,030 382,368 386,647 371,251 378,452 380,894 364,357 362,981 210,255 219,165 206,557 221,388 241,748 209,877 215,860 220,651 206,060 212,391 215,289 199,560 198,702 57,715 60,375 61,509 60,818 70,943 62,283 64,993 68,494 59,332 64,526 72,054 63,359 59,348 164,627 165,932 163,866 166,518 166,339 165,153 166,508 165,996 165,191 166,061 165,605 164,797 164,279 546,636 554,171 551,515 558,264 582,143 579,589 581,177 587,799 583,622 588,371 597,049 594,998 593,438 1.28 1.26 1.28 1.26 1.25 1.29 1.28 1.29 1.31 1.32 1.32 1.35 1.36 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. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES The producer price index for all finished goods rose 0.1 percent in February. Prices of finished consumer foods rose 0.6 percent, while prices of other finished consumer goods rose 0.2 percent. Capital equipment prices fell 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 1992 ........................... 1993 ........................... 1994 ........................... 1995 ........................... 1996 ........................... 1997 ........................... 1998 ........................... 1999 .......................... 2000 p ........................ 2000: Feb ................ Mar ................ Apr ................ May ............... June .............. July ............... Aug ................ Sept ............... Oct r ................ Nov ................ Dec ................ 2001: Jan ................ Feb ................. 1 Intermediate 22 123.2 124.7 125.5 127.9 131.3 131.8 130.7 133.0 138.0 136.3 137.5 137.1 137.1 138.3 138.2 138.0 139.0 139.6 139.7 140.0 141.6 141.8 Intermediate materials 123.3 125.7 126.8 129.0 133.6 134.5 134.3 135.1 137.1 136.2 136.3 137.8 137.9 137.4 137.3 136.7 137.0 138.0 138.3 137.8 138.9 139.8 123.1 124.4 125.1 127.5 130.5 130.9 129.5 132.3 138.1 136.2 137.7 136.8 136.8 138.5 138.4 138.3 139.5 139.9 140.1 140.5 142.3 142.3 materials for food manufacturing and feeds. 120.8 121.7 121.6 124.0 127.6 128.2 126.4 130.5 138.4 136.0 138.0 136.6 136.6 138.9 138.7 138.6 140.2 140.9 141.0 141.5 144.0 144.3 Durable 125.7 128.0 130.9 132.7 134.2 133.7 132.9 133.0 133.9 133.4 133.5 133.7 133.9 134.0 134.0 134.0 134.3 134.1 134.0 134.4 134.7 133.7 Nondurable 117.3 117.6 116.2 118.8 123.3 124.3 122.2 127.9 138.6 135.4 138.3 136.2 136.1 139.3 139.1 138.8 141.0 142.0 142.3 142.9 146.2 147.0 Capital equipment 129.1 131.4 134.1 136.7 138.3 138.2 137.6 137.6 138.8 138.2 138.3 138.4 138.6 138.8 139.0 139.1 139.4 139.3 139.3 139.5 139.9 139.5 Total finished consumer goods 121.7 123.0 123.3 125.6 129.5 130.2 128.9 132.0 138.1 136.2 137.6 137.1 137.1 138.6 138.4 138.1 139.4 140.2 140.3 140.6 142.6 143.1 Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other 114.7 116.2 118.5 124.9 125.7 125.6 123.0 123.2 129.1 127.2 128.5 128.4 128.4 129.5 129.8 129.4 130.4 130.6 130.4 130.9 131.8 131.7 110.7 112.7 114.8 114.8 128.1 125.4 116.2 111.1 111.7 110.2 111.3 112.2 113.2 113.2 112.5 110.2 110.9 111.6 111.7 113.6 115.5 113.8 114.9 116.4 118.7 125.5 125.6 125.7 123.4 123.9 130.1 128.2 129.4 129.3 129.2 130.4 130.8 130.5 131.4 131.7 131.5 131.8 132.8 132.7 100.4 102.4 101.8 102.7 113.8 111.1 96.8 98.2 119.8 110.9 112.9 111.2 114.7 124.5 122.0 117.6 126.0 130.8 126.3 137.0 156.1 133.9 105.1 108.4 106.5 105.8 121.5 112.2 103.9 98.7 100.2 99.1 101.7 103.1 102.2 99.8 97.9 94.1 97.7 100.7 102.0 105.5 107.8 106.1 93.5 94.7 94.8 96.8 104.5 106.4 88.4 94.3 129.0 115.0 116.6 112.8 119.2 137.1 134.2 129.6 140.9 146.8 138.4 153.8 183.7 148.2 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In February, the consumer price index for all urban consumers rose 0.3 percent seasonally adjusted; it rose 0.4 percent not seasonally adjusted. The index was 3.5 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 ......................... 1992 ................................. 1993 ................................. 1994 ................................. 1995 ................................. 1996 ................................. 1997 ................................. 1998 ................................. 1999 ................................. 2000 ................................. 100.0 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.2 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 15.2 137.9 140.9 144.3 148.4 153.3 157.3 160.7 164.1 167.8 40.0 137.5 141.2 144.8 148.5 152.8 156.8 160.4 163.9 169.6 30.3 151.2 155.7 160.5 165.7 171.0 176.3 182.1 187.3 193.4 7.1 146.9 150.3 154.0 157.8 162.0 166.7 172.1 177.5 183.9 20.5 155.5 160.5 165.8 171.3 176.8 181.9 187.8 192.9 198.7 5.1 117.8 121.3 122.8 123.7 127.5 130.8 128.5 128.8 137.9 4.5 131.9 133.7 133.4 132.0 131.7 132.9 133.0 131.3 129.6 17.6 ............ 126.5 128.4 130.4 131.5 134.3 136.0 139.1 139.0 143.0 141.4 144.3 141.7 141.6 140.7 144.4 139.6 153.3 139.6 3.5 99.0 98.0 98.5 100.0 106.3 106.2 92.2 100.7 129.3 5.8 190.1 201.4 211.0 220.5 228.2 234.6 242.1 250.6 260.8 7.7 103.0 104.2 104.6 105.2 110.1 111.5 102.9 106.6 124.6 77.1 147.3 152.2 156.5 161.2 165.6 169.5 173.4 177.0 181.3 2000: Feb ...................... Mar ...................... Apr ...................... May ..................... June .................... July ..................... Aug ...................... Sept ..................... Oct ....................... Nov ...................... Dec ...................... 169.8 171.2 171.3 171.5 172.4 172.8 172.8 173.7 174.0 174.1 174.0 170.2 171.2 171.1 171.3 172.2 172.7 172.8 173.6 173.9 174.3 174.6 166.4 166.7 166.7 167.4 167.5 168.4 168.8 169.2 169.4 169.3 170.1 167.0 167.4 167.7 168.1 169.0 169.7 170.0 170.8 171.5 172.0 172.6 190.5 191.2 191.6 192.2 192.8 193.2 193.7 194.2 194.9 195.4 195.7 181.4 181.9 182.3 182.9 183.4 184.1 184.7 185.4 186.1 186.7 187.4 196.5 196.9 197.3 197.8 198.4 198.8 199.3 199.9 200.4 201.0 201.6 133.7 133.0 133.1 133.1 136.0 138.2 138.2 140.9 142.7 143.3 145.8 130.5 130.6 129.9 129.7 128.9 128.0 128.1 129.7 130.0 129.4 129.0 150.7 154.2 152.8 152.1 155.0 154.6 153.3 155.1 154.6 155.1 155.0 139.1 139.3 139.7 139.8 139.7 139.9 139.8 139.6 139.3 139.5 139.7 122.4 135.0 128.6 123.8 135.0 133.1 126.3 134.1 133.1 133.1 130.7 256.9 258.0 258.7 259.6 260.6 261.4 262.5 263.5 264.3 265.0 265.8 118.8 124.1 121.3 119.0 125.8 126.2 123.1 128.2 128.8 129.0 129.4 179.7 180.3 180.7 181.0 181.3 181.7 182.1 182.6 182.8 183.3 183.5 2001: Jan ...................... Feb ....................... 175.1 175.8 175.7 176.2 170.6 171.4 174.3 174.6 196.3 197.1 188.1 188.7 202.2 202.9 154.4 152.8 128.7 129.7 155.5 156.1 139.6 139.2 130.7 132.2 267.4 268.8 134.4 134.1 184.1 184.7 1 Includes items not shown separately. fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. 2 Household 3 Relative importance, December 2000. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Change from preceding period Period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment 2.5 1.7 1.8 2.0 2.2 .4 ¥.6 0 .3 1.2 Excluding foods Foods Change from year earlier, total finished goods NSA ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 2.1 1.2 1.2 .6 1.9 2.7 .4 ¥.8 1.8 3.8 Change, Dec. to Dec., NSA ¥0.1 1.6 .2 1.7 2.3 2.8 ¥1.2 0 2.9 3.6 1991 ....................... 1992 ....................... 1993 ....................... 1994 ....................... 1995 ....................... 1996 ....................... 1997 ....................... 1998 ....................... 1999 ....................... 2000 p ..................... ¥1.5 1.6 2.4 1.1 1.9 3.4 ¥.8 .1 .8 1.7 ¥0.7 1.6 ¥1.4 2.0 2.3 3.7 ¥1.5 ¥.1 5.1 5.4 Change, month to month 2000: Feb ............. Mar ............. Apr ............. May ............ June ........... July ............ Aug ............. Sept ............ Oct r ............ Nov ............. Dec ............. 0.9 .9 ¥.3 0 .9 ¥.1 ¥.1 .7 .4 .1 .2 0.4 .1 1.1 .1 ¥.4 ¥.1 ¥.4 .2 .7 r.2 ¥.4 1.6 1.5 ¥1.0 0 1.7 ¥.1 ¥.1 1.2 .5 r.1 .4 0.1 .1 .1 .1 .1 .1 .1 .2 ¥.1 0 .1 4.8 7.0 6.1 2.4 2.3 3.2 2.7 2.0 4.1 5.0 2.9 2.1 2.1 6.6 5.1 3.3 ¥1.4 ¥3.4 ¥1.2 2.1 4.8 2.4 7.7 11.8 8.3 1.8 2.6 6.3 6.0 3.8 6.5 7.1 3.8 1.2 .9 .9 1.2 1.5 1.7 1.5 1.7 .9 .6 .3 4.1 4.5 3.7 3.6 4.6 4.6 2.5 2.2 3.7 3.8 2.5 1.2 .1 3.0 3.6 2.7 2.5 .7 1.0 .3 .6 .6 7.0 7.8 5.5 4.7 7.1 7.3 3.9 3.2 6.4 6.5 3.8 1.2 1.2 .6 1.2 1.2 1.3 1.3 1.6 1.3 1.0 1.0 4.0 4.3 3.6 3.7 4.4 4.3 3.4 3.5 3.7 3.7 3.6 2001: Jan ............. Feb .............. 1.1 .1 .8 .6 1.8 .2 .3 ¥.3 r5.9 r2.6 r9.1 6.1 4.4 9.7 1.7 .6 5.0 5.6 2.3 4.6 7.8 8.4 1.3 .6 4.8 4.0 Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing Transportation Shelter Period All items 1 Food Total 1 Total 1 Rent of Ownpriers’ mary equivaresilent dence rent Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Addendum: All items, percent change (annual rate) From previous quarter 3 From From 3 6 months months earlier earlier From year earlier NSA Change, December to December, NSA 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. 3.1 2.9 2.7 2.7 2.5 3.3 1.7 1.6 2.7 3.4 1.9 1.5 2.9 2.9 2.1 4.3 1.5 2.3 1.9 2.8 3.4 2.6 2.7 2.2 3.0 2.9 2.4 2.3 2.2 4.3 3.9 2.9 3.0 3.0 3.5 2.9 3.4 3.3 2.5 3.4 2.9 2.3 2.2 2.5 2.5 2.8 3.1 3.4 3.1 4.0 3.6 3.0 3.2 3.3 3.6 2.8 3.1 3.2 2.4 3.4 2.9 2.3 2.5 .2 1.4 4.6 .5 ¥2.6 2.4 12.1 3.4 1.4 .9 ¥1.6 .1 ¥.2 1.0 ¥.7 ¥.5 ¥1.8 ¥1.5 3.0 2.4 3.8 1.5 4.4 ¥1.4 ¥1.7 5.4 4.1 3.3 ¥16.0 2.3 1.8 2.8 ¥5.4 3.2 5.9 1.6 ¥4.0 1.6 12.7 ¥1.0 ¥6.2 ¥.1 ¥15.4 ¥.8 30.2 .3 13.9 7.9 6.6 5.4 4.9 3.9 3.0 2.8 3.4 3.7 4.2 ¥7.4 2.0 ¥1.4 2.2 ¥1.3 8.6 ¥3.4 ¥8.8 13.4 14.2 4.4 3.3 3.2 2.6 3.0 2.6 2.2 2.4 1.9 2.6 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 4.2 3.0 3.0 2.6 2.8 3.0 2.3 1.6 2.2 3.4 0.2 .3 .2 .2 .2 .2 .2 .3 .1 .3 .1 .......... 4.3 .......... .......... 2.8 .......... .......... 3.5 .......... .......... 3.0 4.1 5.6 4.1 2.6 2.4 3.8 3.5 3.3 2.8 3.5 2.3 3.7 4.1 3.5 3.4 3.9 3.9 3.1 2.8 3.3 3.5 2.8 3.2 3.8 3.1 3.2 3.7 3.7 3.4 3.5 3.4 3.4 3.4 .3 .......... .3 .......... 4.2 4.4 3.5 4.0 3.7 3.5 Change, month to month 2000: Feb ................... Mar ................... Apr ................... May ................... June .................. July .................. Aug ................... Sept .................. Oct .................... Nov ................... Dec ................... 0.5 .6 ¥.1 .1 .5 .3 .1 .5 .2 .2 .2 0.4 .2 0 .4 .1 .5 .2 .2 .1 ¥.1 .5 0.4 .2 .2 .2 .5 .4 .2 .5 .4 .3 .3 0.2 .4 .2 .3 .3 .2 .3 .3 .4 .3 .2 0.3 .3 .2 .3 .3 .4 .3 .4 .4 .3 .4 0.3 .2 .2 .3 .3 .2 .3 .3 .3 .3 .3 2.3 ¥.5 .1 0 2.2 1.6 0 2.0 1.3 .4 1.7 0.3 .1 ¥.5 ¥.2 ¥.6 ¥.7 .1 1.2 .2 ¥.5 ¥.3 1.0 2.3 ¥.9 ¥.5 1.9 ¥.3 ¥.8 1.2 ¥.3 .3 ¥.1 ¥0.1 .1 .3 .1 ¥.1 .1 ¥.1 ¥.1 ¥.2 .1 .1 5.2 10.3 ¥4.7 ¥3.7 9.0 ¥1.4 ¥5.1 6.2 ¥.7 0 ¥1.8 0.4 .4 .3 .3 .4 .3 .4 .4 .3 .3 .3 3.8 4.5 ¥2.3 ¥1.9 5.7 .3 ¥2.5 4.1 .5 .2 .3 2001: Jan ................... Feb ................... .6 .3 .3 .5 1.0 .2 .3 .4 .4 .3 .3 .3 5.9 ¥1.0 ¥.2 .8 .3 .4 ¥.1 ¥.3 0 1.1 .6 .5 3.9 ¥.2 1 Includes items not shown separately. fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 2 Household 24 3 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS In March, prices received by farmers rose 4.0 percent while prices paid by farmers were unchanged. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 All farm products Prices paid by farmers Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 ............................... ............................... ............................... ............................... ............................... ............................... .............................. .............................. ............................... ............................... 100 98 101 100 102 112 107 101 96 97 101 101 102 105 112 127 115 107 97 96 99 97 100 95 92 99 98 97 95 98 100 101 104 106 109 115 118 115 115 120 100 101 103 106 108 115 118 114 113 118 100 101 104 106 108 115 119 113 111 116 99 97 97 94 93 98 90 88 83 81 2000: Mar ..................... Apr .................... May .................... June ................... July .................... Aug ..................... Sept ................... Oct ..................... Nov .................... Dec ..................... 96 101 102 99 97 97 98 93 98 98 95 103 105 99 95 97 97 91 97 96 96 100 99 100 100 97 98 96 100 101 119 119 119 120 119 119 120 121 121 122 117 118 118 118 118 117 118 119 119 120 115 116 116 116 116 115 116 117 117 118 81 85 86 83 82 82 82 77 81 80 2001: Jan .................... Feb r ................... Mar ..................... 97 100 104 94 98 100 100 102 107 124 124 124 123 122 122 120 120 120 78 81 84 1 Includes items not shown separately. ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. 2 Percentage NOTE.—The official indexes are published on a 1910—14 base as required by law. The indexes have been converted to a 1990—92=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In February, M2 and M3 rose but slower. [Averages of daily figures, except debt; billions of dollars, seasonally adjusted] M1 M2 M3 Debt M2 plus large time deposits, RPs, Eurodollars, and institutional MMMF balances Debt of domestic nonfinancial sectors (monthly average of adjacent month-end levels)1 Percent change from year or 6 months earlier2 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 Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec r ...................................................... 895.9 1,024.0 1,129.2 1,149.8 1,126.2 1,080.5 1,073.4 1,097.0 1,124.3 1,090.3 3,376.6 3,430.7 3,484.3 3,498.8 3,641.7 3,814.2 4,030.4 4,383.4 4,650.0 4,943.3 4,202.3 4,213.0 4,275.1 4,357.3 4,622.5 4,968.5 5,427.8 6,027.3 6,526.8 7,098.3 11,299.5 11,823.7 12,407.6 12,988.4 13,694.9 14,430.8 15,223.1 r 16,277.8 r 17,379.9 18,304.0 8.7 14.3 10.3 1.8 ¥2.1 ¥4.1 ¥.7 2.2 2.5 ¥3.0 3.0 1.6 1.6 .4 4.1 4.7 5.7 8.8 6.1 6.3 1.3 .3 1.5 1.9 6.1 7.5 9.2 11.0 8.3 8.8 4.4 4.6 4.9 4.7 5.4 5.4 5.5 6.9 6.8 5.3 2000: Feb r ...................................................... Mar r ...................................................... Apr r ...................................................... May r ...................................................... June r ..................................................... July r ...................................................... Aug r ...................................................... Sept r ..................................................... Oct r ....................................................... Nov r ...................................................... Dec r ...................................................... 1,108.8 1,113.2 1,117.3 1,106.6 1,105.6 1,103.9 1,099.7 1,095.7 1,096.1 1,088.5 1,090.3 4,686.4 4,717.2 4,754.8 4,761.7 4,783.1 4,803.3 4,833.4 4,865.3 4,887.1 4,904.1 4,943.3 6,601.6 6,672.6 6,724.1 6,756.4 6,806.8 6,855.3 6,913.6 6,965.5 6,988.4 7,015.1 7,098.3 17,510.9 17,618.9 17,718.0 17,792.7 17,876.0 17,945.0 18,006.3 18,082.9 18,134.9 18,216.5 18,304.0 2.4 3.6 3.8 ¥.1 ¥3.3 ¥3.4 ¥1.6 ¥3.1 ¥3.8 ¥3.3 ¥2.8 5.5 6.1 6.8 6.0 5.7 5.7 6.3 6.3 5.6 6.0 6.7 10.3 11.7 11.5 9.7 8.6 8.7 9.5 8.8 7.9 7.7 8.6 5.8 5.8 5.9 6.0 5.7 5.6 5.7 5.3 4.7 4.8 4.8 2001: Jan r ...................................................... Feb ........................................................ 1,101.2 1,101.2 4,993.8 5,038.4 7,194.0 7,263.7 p18,362.0 ...................... ¥.5 .3 7.9 8.5 9.9 10.1 4.6 ............ Period 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: 1 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data derived from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 26 M1 NOTE.—See p. 27 for components. Source: Board of Governors of the Federal Reserve System. M2 M3 Debt COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] Period 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Currency Nonbank travelers checks Demand deposits Other checkable deposits (OCDs) Savings deposits, including money market deposit accounts (MMDAs) Money market mutual fund balances Small denomination time deposits 1 Institutional Retail Large denomination time deposits 1 ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ 267.1 292.2 321.6 354.0 372.0 393.9 424.3 459.2 516.7 530.1 7.1 7.6 7.5 8.0 8.5 8.3 8.1 8.2 8.2 8.0 289.4 339.9 385.5 383.7 389.2 402.3 395.4 379.4 355.6 313.2 332.3 384.4 414.7 404.1 356.5 276.0 245.7 250.1 243.7 239.0 1,043.8 1,186.5 1,219.3 1,149.8 1,134.1 1,271.0 1,397.9 1,599.9 1,736.2 1,872.0 1,065.6 868.1 782.0 816.3 931.5 947.0 968.4 952.2 956.1 1,046.2 371.3 352.0 353.7 382.8 450.0 515.8 590.6 734.3 833.4 r934.8 187.3 210.8 213.2 205.4 258.9 317.6 390.0 530.4 622.4 767.4 415.0 350.4 332.2 370.6 429.6 512.0 603.1 664.1 739.9 r830.0 2000: Feb ............................................ Mar ............................................ Apr ............................................ May ........................................... June .......................................... July ........................................... Aug ............................................ Sept ........................................... Oct ............................................. Nov ........................................... Dec ............................................ 517.9 516.0 516.7 518.7 520.9 522.4 523.5 524.7 526.3 527.7 530.1 8.1 8.2 8.1 8.3 8.8 9.3 9.3 8.9 8.4 8.0 8.0 341.0 344.4 343.5 336.6 333.8 332.3 326.5 323.6 322.0 314.8 313.2 241.7 244.6 249.0 243.1 242.1 239.9 240.4 238.6 239.4 238.0 239.0 1,750.6 1,757.2 1,766.7 1,774.4 1,783.0 1,797.1 1,816.8 1,838.7 1,845.8 1,856.5 1,872.0 970.0 977.3 985.7 992.6 1,003.9 1,012.6 1,021.8 1,027.2 1,032.1 1,039.2 1,046.2 857.1 869.6 885.0 r888.0 r890.6 r889.6 r895.2 r903.7 r913.0 r920.0 r934.8 637.2 656.2 660.9 672.0 682.7 704.7 720.4 737.4 743.8 751.8 767.4 748.6 758.2 773.5 776.1 787.7 795.9 808.9 808.1 804.4 807.6 r830.0 2001: Jan ............................................ Feb ............................................ r534.5 8.1 8.0 317.0 314.8 241.7 241.1 1,888.2 1,927.2 1,053.3 1,052.0 r951.1 801.0 859.0 r846.3 537.3 1 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. 958.0 822.5 Overnight and term Overnight repurand term chase Euroagreedollars ments (net) (RPs) (net) 131.1 141.6 172.6 196.3 198.4 210.4 254.3 297.5 341.2 360.5 92.3 79.5 72.8 86.2 93.8 114.2 150.0 151.8 173.3 r197.1 350.8 349.3 178.7 191.7 187.1 190.8 190.6 187.2 189.6 192.5 r191.9 r194.9 r197.1 r347.9 355.8 362.7 364.2 361.3 362.2 361.2 356.8 360.5 357.3 348.3 r195.5 195.6 Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Borrowings of depository institutions from the Federal Reserve (NSA) Reserves of depository institutions Period Total 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Nonborrowed Nonborrowed plus extended credit Required Monetary base Total Seasonal Extended credit ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... 45,493 54,391 60,532 59,420 56,452 50,154 46,848 45,183 41,778 38,507 45,301 54,267 60,450 59,211 56,195 49,999 46,524 45,066 41,457 38,297 45,302 54,268 60,450 59,211 56,195 49,999 46,524 45,066 41,457 38,297 44,504 53,237 59,463 58,261 55,162 48,738 45,164 43,669 40,480 37,182 317,549 350,840 386,510 418,166 434,307 451,712 479,466 513,489 593,094 r 583,968 192 124 82 209 257 155 324 117 320 210 38 18 31 100 40 68 79 15 67 111 1 1 0 0 0 0 0 0 0 0 2000: Mar ........................................................................... Apr ........................................................................... May .......................................................................... June ......................................................................... July .......................................................................... Aug ........................................................................... Sept .......................................................................... Oct ............................................................................ Nov ........................................................................... Dec ........................................................................... 40,306 40,783 41,003 39,882 40,124 39,643 39,386 39,021 39,023 38,507 40,127 40,479 40,641 39,403 39,555 39,064 38,908 38,602 38,739 38,297 40,127 40,479 40,641 39,403 39,555 39,064 38,908 38,602 38,739 38,297 39,097 39,626 40,031 38,766 38,981 38,639 38,267 37,874 37,821 37,182 571,470 572,495 574,144 575,307 576,957 577,531 578,336 579,698 581,398 r 583,968 179 304 362 479 570 579 477 418 283 210 71 120 276 389 510 554 427 299 159 111 0 0 0 0 0 0 0 0 0 0 2001: Jan ........................................................................... Feb r ......................................................................... Mar p ......................................................................... 38,827 38,867 38,273 38,754 38,816 38,215 38,754 38,816 38,215 37,574 37,434 36,873 r 589,397 73 51 58 34 21 20 0 0 0 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. 591,034 591,692 Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 0.6 percent in February; commercial and industrial loans rose 0.8 percent. (Series revised.) [Billions of dollars, seasonally adjusted 1] Securities in bank credit Period Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Feb r .......... Mar r ......... Apr r .......... May r ......... June r ........ July r ......... Aug r ......... Sept r ......... Oct r .......... Nov r ......... Dec r .......... 2001: Jan r .......... Feb r .......... 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: 2000: Total bank credit 2,856.4 2,954.8 3,112.8 3,318.6 3,601.5 3,757.4 4,098.7 4,537.4 4,774.7 5,210.8 4,842.7 4,887.9 4,941.7 5,005.9 5,031.9 5,067.9 5,098.7 5,151.8 5,141.6 5,160.6 5,210.8 5,261.5 5,279.2 Total securities U.S. Treasury and agency securities 746.7 842.7 916.8 941.4 985.5 979.0 1,086.6 1,227.6 1,277.2 1,335.2 1,273.4 1,279.0 1,294.0 1,311.8 1,303.8 1,310.0 1,316.5 1,332.4 1,316.8 1,311.4 1,335.2 1,356.5 1,351.6 566.7 666.0 732.2 723.6 703.1 699.8 748.8 793.2 810.0 788.8 815.6 815.2 816.8 819.1 817.6 817.0 810.6 804.7 794.4 786.0 788.8 786.8 777.6 Loans and leases in bank credit Real estate Other Total loans Commersecurities and leases 2 cial and industrial 180.1 176.8 184.6 217.8 282.4 279.2 337.7 434.4 467.3 546.5 457.8 463.8 477.3 492.6 486.3 493.0 505.9 527.7 522.4 525.3 546.5 569.7 574.0 2,109.7 2,112.0 2,196.1 2,377.2 2,616.0 2,778.4 3,012.1 3,309.8 3,497.4 3,875.6 3,569.4 3,608.9 3,647.6 3,694.1 3,728.1 3,757.8 3,782.2 3,819.4 3,824.8 3,849.3 3,875.6 3,905.0 3,927.7 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. 28 623.2 599.4 589.7 649.7 723.8 787.4 855.4 949.5 1,003.0 1,094.4 1,025.1 1,033.2 1,040.4 1,059.0 1,064.8 1,070.0 1,077.7 1,080.4 1,082.8 1,087.0 1,094.4 1,109.6 1,118.2 Total 884.1 906.3 947.7 1,010.9 1,089.6 1,141.5 1,247.0 1,337.8 1,475.6 1,658.0 1,512.6 1,533.8 1,555.1 1,577.0 1,595.3 1,611.9 1,623.5 1,635.4 1,638.4 1,651.3 1,658.0 1,661.2 1,671.6 Revolving home equity 74.3 78.4 78.0 80.4 84.4 90.6 104.7 103.8 101.5 129.4 106.6 108.8 112.5 114.2 115.4 119.0 119.9 121.7 125.0 127.1 129.4 131.2 132.3 Consumer Security Other Other 809.8 827.9 869.7 930.5 1,005.3 1,050.9 1,142.3 1,234.0 1,374.2 1,528.6 1,406.1 1,425.0 1,442.6 1,462.7 1,479.9 1,492.9 1,503.6 1,513.7 1,513.4 1,524.2 1,528.6 1,530.0 1,539.2 363.6 355.9 387.2 447.5 490.7 512.0 501.8 496.8 490.9 537.0 501.3 504.7 507.9 510.5 516.8 519.4 527.5 531.5 530.1 533.9 537.0 540.8 540.4 53.7 63.0 86.2 75.6 83.0 75.1 93.9 143.8 147.4 163.3 141.3 143.4 147.4 148.7 153.0 152.7 144.6 160.7 158.2 159.3 163.3 165.0 167.0 185.2 187.4 185.2 193.5 228.9 262.3 313.9 382.0 380.6 422.8 389.0 393.8 396.9 398.9 398.1 403.8 408.8 411.3 415.4 417.8 422.8 428.4 430.5 2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Note.—Data reflect annual seasonal adjustment revisions. Data also reflect benchmarking to December 2000 Call Report. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External Funds raised in markets Period Total 1991 .................. 1992 .................. 1993 .................. 1994 .................. 1995 .................. 1996 .................. 1997 .................. 1998 .................. 1999 .................. 2000 p ................ 1998: I ............. II ........... III .......... IV .......... 1999: I ............. II ........... III .......... IV .......... 2000: I ............. II ........... III .......... IV p ......... 514.6 626.7 728.6 808.2 1,010.7 1,074.5 1,011.1 1,218.0 1,640.2 1,567.4 1,421.2 1,131.0 1,261.8 1,057.8 1,673.1 1,676.4 1,635.4 1,576.0 1,565.1 1,657.9 1,653.9 1,392.5 Internal 1 447.5 465.4 510.7 566.6 619.9 676.0 727.6 746.5 804.5 886.6 739.1 738.2 751.3 757.4 791.8 796.0 802.3 827.9 862.9 898.8 914.5 870.1 Credit market instruments Total 67.1 161.3 217.9 241.6 390.8 398.5 283.5 471.5 835.7 680.8 682.1 392.8 510.5 300.4 881.3 880.4 833.1 748.1 702.2 759.1 739.4 522.4 Total Total net funds raised Net new equity issues Total ¥34.6 66.6 61.5 78.7 169.2 79.6 152.0 151.1 338.1 293.7 288.4 351.7 51.1 ¥86.7 574.0 34.4 345.4 398.6 544.1 343.6 233.5 53.7 18.3 27.0 21.3 ¥44.9 ¥58.3 ¥69.5 ¥114.4 ¥267.0 ¥143.5 ¥153.1 ¥139.2 ¥129.1 ¥308.4 ¥491.3 ¥52.1 ¥338.4 ¥128.4 ¥55.0 62.8 ¥248.8 ¥75.6 ¥350.8 ¥52.9 39.6 40.2 123.6 227.5 149.1 266.5 418.1 481.6 446.8 427.6 480.8 359.4 404.5 626.1 372.8 473.8 453.6 481.3 592.4 309.1 404.5 1 Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed capital, foreign earnings retained abroad, and inventory valuation adjustment. 2 Includes tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in the U.S. Securities and mortgages 64.1 49.5 65.2 32.8 110.3 92.1 132.9 265.5 323.0 248.8 318.2 332.0 130.1 282.0 367.1 377.9 287.2 259.8 253.7 235.3 256.6 249.3 Loans and shortterm paper ¥117.0 ¥9.9 ¥25.0 90.8 117.2 57.0 133.6 152.6 158.6 198.0 109.4 148.8 229.3 122.5 259.0 ¥5.1 186.6 193.8 227.6 357.1 52.5 155.2 Other 2 101.7 94.7 156.4 162.9 221.7 318.9 131.4 320.3 497.6 387.0 393.6 41.1 459.5 387.1 307.3 846.0 487.7 349.4 158.1 415.4 505.8 468.7 526.4 616.2 857.5 868.1 1,090.0 1,088.0 933.9 1,194.2 1,598.4 1,534.6 1,391.3 1,126.6 1,249.5 1,009.4 1,626.2 1,609.5 1,612.1 1,545.8 1,533.7 1,618.9 1,623.8 1,362.1 Capital expenditures 3 444.1 471.1 524.9 593.3 666.4 684.7 783.6 847.1 907.0 1,021.1 831.3 829.8 860.6 866.6 873.0 886.8 912.0 956.3 966.6 1,024.8 1,056.3 1,036.6 Increase in financial assets 82.3 145.1 332.6 274.8 423.6 403.3 150.3 347.1 691.4 513.5 560.0 296.8 388.9 142.8 753.2 722.7 700.1 589.5 567.1 594.1 567.5 325.5 Discrepancy (sources less uses) ¥11.7 10.5 ¥128.9 ¥59.9 ¥79.2 ¥13.6 77.1 23.8 41.8 32.8 29.9 4.4 12.4 48.3 46.9 66.8 23.3 30.1 31.4 39.0 30.1 30.5 3 Plant and equipment, residential structures, inventory investment, and access rights from U.S. Government. Source: Board of Governors of the Federal Reserve System. CONSUMER CREDIT [Billions of dollars; seasonally adjusted] Consumer credit outstanding (end of period) Period Total 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: 2000: Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec r .............................................................................. Feb ............................................................................... Mar .............................................................................. Apr ............................................................................... May .............................................................................. June ............................................................................. July .............................................................................. Aug .............................................................................. Sept .............................................................................. Oct ............................................................................... Nov ............................................................................... Dec r .............................................................................. 2001: Jan r .............................................................................. Feb p ............................................................................. 777.1 782.2 838.8 960.4 1,095.8 1,182.6 1,234.5 1,301.0 1,393.7 1,534.0 1,418.5 1,429.2 1,435.6 1,447.4 1,462.8 1,470.8 1,484.1 1,492.9 1,510.4 1,526.7 1,534.0 1,550.0 1,563.5 1 Change based on data in billions of dollar as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. Revolving 263.8 278.4 309.9 365.6 443.1 499.4 531.2 560.5 595.6 663.4 608.5 615.5 622.2 628.8 634.7 638.4 645.1 649.3 654.7 660.6 663.4 669.8 680.9 Nonrevolving 2 513.3 503.7 528.8 594.9 652.7 683.1 703.3 740.5 798.0 870.6 810.0 813.7 813.4 818.6 828.2 832.4 839.0 843.6 855.7 866.1 870.6 880.2 882.6 Net change in consumer credit outstanding 1 Total ¥12.0 5.1 56.6 121.6 135.4 86.8 51.9 66.5 92.7 140.3 9.4 10.7 6.4 11.8 15.4 8.0 13.3 8.8 17.5 16.3 7.3 16.0 13.5 Revolving 25.2 14.6 31.5 55.7 77.5 56.3 31.8 29.3 35.1 67.8 4.7 7.0 6.7 6.6 5.9 3.7 6.7 4.2 5.4 5.9 2.8 6.4 11.1 Nonrevolving 2 ¥37.2 ¥9.6 25.1 66.1 57.8 30.4 20.2 37.2 57.5 72.6 4.6 3.7 ¥.3 5.2 9.6 4.2 6.6 4.6 12.1 10.4 4.5 9.6 2.4 Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates fell in March. [Percent per annum] U.S. Treasury security yields Constant Period 1991 ....................... 1992 ....................... 1993 ....................... 1994 ....................... 1995 ....................... 1996 ....................... 1997 ....................... 1998 ....................... 1999 ....................... 2000 ....................... 2000: Mar ............. Apr .............. May ............. June ............ July ............. Aug ............. Sept ............. Oct .............. Nov ............. Dec ............. 2001: Jan ............. Feb ............. Mar ............. Week ended: 2001: Mar 17 ...... 24 ...... 31 ...... Apr 7 ....... 1 Bank-discount 3-month bills (new issues) 1 3-year maturities 2 10-year 30-year Highgrade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) 30 Discount rate (N.Y. F.R. Bank) 4 Prime rate charged by banks 4 Federal funds rate 5 Newhome mortgage yields (FHFB) 6 5.42 3.45 3.02 4.29 5.51 5.02 5.07 4.81 4.66 5.85 5.72 5.67 5.92 5.74 5.93 6.11 6.00 6.10 6.19 5.83 5.27 4.93 4.50 6.82 5.30 4.44 6.27 6.25 5.99 6.10 5.14 5.49 6.22 6.53 6.36 6.77 6.43 6.28 6.17 6.02 5.85 5.79 5.26 4.77 4.71 4.43 7.86 7.01 5.87 7.09 6.57 6.44 6.35 5.26 5.65 6.03 6.26 5.99 6.44 6.10 6.05 5.83 5.80 5.74 5.72 5.24 5.16 5.10 4.89 8.14 7.67 6.59 7.37 6.88 6.71 6.61 5.58 5.87 5.94 6.05 5.85 6.15 5.93 5.85 5.72 5.83 5.80 5.78 5.49 5.54 5.45 5.34 6.89 6.41 5.63 6.19 5.95 5.75 5.55 5.12 5.43 5.77 5.89 5.76 6.04 5.84 5.72 5.63 5.64 5.65 5.60 5.30 5.15 5.21 5.19 8.77 8.14 7.22 7.96 7.59 7.37 7.26 6.53 7.04 7.62 7.68 7.64 7.99 7.67 7.65 7.55 7.62 7.55 7.45 7.21 7.15 7.10 6.98 5.85 3.80 3.30 4.93 5.93 5.42 5.62 * * * * * * * * * * * * * * * * 5.45 3.25 3.00 3.60 5.21 5.02 5.00 4.92 4.62 5.73 5.25–5.50 5.50–5.50 5.50–6.00 6.00–6.00 6.00–6.00 6.00–6.00 6.00–6.00 6.00–6.00 6.00–6.00 6.00–6.00 6.00–5.00 5.00–5.00 5.00–4.50 8.46 6.25 6.00 7.15 8.83 8.27 8.44 8.35 8.00 9.23 8.75–9.00 9.00–9.00 9.00–9.50 9.50–9.50 9.50–9.50 9.50–9.50 9.50–9.50 9.50–9.50 9.50–9.50 9.50–9.50 9.50–9.00 8.50–8.50 8.50–8.00 5.69 3.52 3.02 4.21 5.83 5.30 5.46 5.35 4.97 6.24 5.85 6.02 6.27 6.53 6.54 6.50 6.52 6.51 6.51 6.40 5.98 5.49 5.31 9.32 8.24 7.20 7.49 7.87 7.80 7.71 7.07 7.04 7.52 7.60 7.63 7.55 7.50 7.51 7.54 7.52 7.53 7.47 7.40 7.20 7.10 .............. 4.52 4.37 4.20 4.13 4.43 4.32 4.41 4.30 4.86 4.78 4.95 4.95 5.30 5.28 5.44 5.49 5.17 5.15 5.21 5.24 6.95 6.93 7.06 7.08 * * * * 5.00–5.00 5.00–4.50 4.50–4.50 4.50–4.50 8.50–8.50 8.50–8.00 8.00–8.00 8.00–8.00 5.46 5.33 5.00 5.21 .............. .............. .............. .............. basis. on the more actively traded issues adjusted to constant maturities by the Treasury Department. 3 Weekly data are Wednesday figures. 4 Average effective rate for year; opening and closing rate for month and week. 5 Daily effective rate; average of the rates on a given day weighted by the volume of transactions at these rates. 2 Yields Prime commercial paper, 6 months 1 6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. *Series no longer published by Federal Reserve (FR). See FR release H. 15 Selected Interest Rates, May 12, 1997. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s. COMMON STOCK PRICES AND YIELDS Stock prices fell in March. Common stock prices 1 Period New York Stock Exchange indexes (Dec. 31, 1965=50, except as noted) 2 Composite 1991 ..................................... 1992 ..................................... 1993 ..................................... 1994 ..................................... 1995 ..................................... 1996 ..................................... 1997 ..................................... 1998 ..................................... 1999 ..................................... 2000 ..................................... 2000: Mar ........................... Apr ........................... May .......................... June ......................... July .......................... Aug ........................... Sept .......................... Oct ............................ Nov ........................... Dec ........................... 2001: Jan ........................... Feb ........................... Mar ........................... Week ended: 2001: Mar 17 .................... 24 .................... 31 .................... Apr 7 .................... Common stock yields (percent) 7 Dow Jones industrial average 4 Standard & Poor’s composite index (1941– 43=10) 5 Nasdaq composite index (Feb. 5, 1971=100) 6 Dividendprice ratio Earningsprice ratio Industrial Transportation 206.33 229.01 249.58 254.12 291.15 358.17 456.54 550.26 619.16 643.66 622.28 646.82 640.07 649.61 653.27 666.14 667.05 646.53 646.64 645.44 650.55 648.05 603.44 258.14 284.62 299.99 315.25 367.34 453.98 574.52 681.57 774.78 810.63 790.35 822.76 814.75 819.54 825.28 837.23 829.99 803.88 800.88 792.66 796.74 799.38 744.21 173.99 201.09 242.49 247.29 269.41 327.33 414.60 468.69 491.60 413.60 384.39 406.14 411.50 395.09 410.67 419.84 404.23 401.37 434.92 439.97 471.21 482.26 452.36 185.32 198.91 228.90 209.06 220.30 249.77 283.82 378.12 473.73 477.65 509.59 502.78 487.17 501.93 484.19 459.91 464.66 453.68 455.66 444.16 440.36 424.53 395.34 150.82 179.26 216.42 209.73 238.45 303.89 424.48 516.35 530.86 553.13 489.90 524.05 523.22 544.51 556.32 597.17 616.89 596.53 600.45 621.62 634.17 626.41 583.38 2,929.33 3,284.29 3,522.06 3,793.77 4,493.76 5,742.89 7,441.15 8,625.52 10,464.88 10,734.90 10,483.39 10,944.31 10,580.27 10,582.93 10,662.95 11,014.51 10,967.87 10,440.96 10,666.06 10,652.41 10,682.74 10,774.57 10,081.32 376.18 415.74 451.41 460.42 541.72 670.50 873.43 1,085.50 1,327.33 1,427.22 1,442.21 1,461.36 1,418.48 1,461.96 1,473.00 1,485.46 1,468.05 1,390.14 1,375.04 1,330.93 1,335.63 1,305.75 1,185.85 491.69 599.26 715.16 751.65 925.19 1,164.96 1,469.49 1,794.91 2,728.15 3,783.67 4,802.99 3,863.64 3,528.42 3,865.48 4,017.69 3,909.60 3,875.82 3,333.82 3,055.42 2,657.81 2,656.86 2,449.57 1,986.66 3.24 2.99 2.78 2.82 2.56 2.19 1.77 1.49 1.25 1.15 1.18 1.14 1.17 1.12 1.10 1.09 1.10 1.15 1.16 1.19 1.16 1.22 1.33 4.79 4.22 4.46 5.83 6.09 5.24 4.57 3.46 3.17 3.64 3.40 .................. .................. 3.57 .................. .................. 3.74 .................. .................. 3.85 .................. .................. .................. 599.12 580.41 592.22 581.93 739.36 715.24 726.92 713.01 444.87 432.72 449.82 445.49 392.80 383.24 392.60 384.15 578.12 560.66 577.43 571.40 10,065.44 9,612.23 9,819.65 9,697.64 1,173.72 1,138.60 1,159.29 1,127.09 1,948.37 1,893.05 1,881.14 1,720.03 1.34 1.39 1.35 1.41 .................. .................. .................. .................. 1 Average of daily closing prices. 2 Includes all the stocks (more than 3,500) 3 Dec. 31, 1965=100. Effective April 27, Utility 3 listed on the NYSE. 1993 the NYSE doubled the value of the utility index to facilitate trading of options and futures on the index. All indexes shown here reflect the doubling. 4 Includes 30 stocks. 5 Includes 500 stocks. Finance 6 Includes over 5,000 stocks. 7 Standard & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and the National Association of Securities Dealers, Inc. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 5 months of fiscal 2001, there was a surplus of $25.9 billion, compared with a surplus of $0.1 billion a year earlier. [Billions of dollars] Total Federal debt (end of period) Surplus or deficit (¥) Receipts Outlays Surplus or deficit (¥) 666.5 734.1 769.2 854.4 909.3 991.2 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,721.8 1,827.5 2,025.2 2,136.9 851.9 946.4 990.5 1,004.1 1,064.5 1,143.7 1,253.2 1,324.4 1,381.7 1,409.5 1,461.9 1,515.8 1,560.6 1,601.3 1,652.6 r 1,702.9 r 1,788.8 1,856.2 ¥185.4 ¥212.3 ¥221.2 ¥149.8 ¥155.2 ¥152.5 ¥221.2 ¥269.4 ¥290.4 ¥255.1 ¥203.3 ¥164.0 ¥107.5 ¥22.0 69.2 r 124.6 r 236.4 280.7 500.4 547.9 569.0 641.0 667.8 727.5 750.3 761.2 788.9 842.5 923.6 1,000.8 1,085.6 1,187.3 1,306.0 1,383.0 1,544.6 1,633.1 686.1 769.6 807.0 810.3 861.8 932.8 1,028.1 1,082.7 1,129.3 1,142.9 1,182.5 1,227.2 1,259.7 1,290.7 1,336.0 r 1,382.1 r 1,458.1 1,508.5 ¥185.7 ¥221.7 ¥238.0 ¥169.3 ¥194.0 ¥205.2 ¥277.8 ¥321.6 ¥340.5 ¥300.5 ¥258.9 ¥226.4 ¥174.1 ¥103.4 ¥30.0 r.9 r 86.6 124.6 166.1 186.2 200.2 213.4 241.5 263.7 281.7 293.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 480.6 503.9 165.8 176.8 183.5 193.8 202.7 210.9 225.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 330.8 347.7 0.3 9.4 16.7 19.6 38.8 52.8 56.6 52.2 50.1 45.3 55.7 62.4 66.6 81.4 99.2 123.7 149.8 156.1 1,564.7 1,817.5 2,120.6 2,346.1 2,601.3 2,868.0 3,206.6 3,598.5 4,002.1 4,351.4 4,643.7 4,921.0 5,181.9 5,369.7 5,478.7 5,606.1 5,629.0 5,625.0 1,307.0 1,507.4 1,740.8 1,889.9 2,051.8 2,191.0 2,411.8 2,689.3 3,000.1 3,248.8 3,433.4 3,604.8 3,734.5 3,772.8 3,721.6 3,632.9 3,410.1 3,174.2 741.8 791.0 741.6 765.1 .1 25.9 553.6 593.6 616.8 633.3 ¥63.2 ¥39.7 188.1 197.3 124.8 131.8 63.4 65.6 5,683.7 5,692.8 3,613.7 3,376.2 Receipts 1 Data from current issue Monthly Treasury Statement. Note.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 32 Off-budget Outlays Fiscal year or period 1984 ........................................... 1985 ........................................... 1986 ........................................... 1987 ........................................... 1988 ........................................... 1989 ........................................... 1990 ........................................... 1991 ........................................... 1992 ........................................... 1993 ........................................... 1994 ........................................... 1995 ........................................... 1996 ........................................... 1997 ........................................... 1998 ........................................... 1999 ........................................... 2000 ........................................... 2001 (estimates) r ...................... Cumulative total, first 5 months: 1 Fiscal year 2000 ................ Fiscal year 2001 ................ On-budget Receipts Outlays Surplus or deficit (¥) Gross Federal 2002, issued April 9, 2001. 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 5 months of fiscal 2001, receipts were $49.2 billion higher than a year earlier and outlays were $23.5 billion higher. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period Total Individual income taxes Corporation income taxes Social insurance and retirement receipts 1984 1985 1986 1987 1988 1989 ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... 666.5 734.1 769.2 854.4 909.3 991.2 298.4 334.5 349.0 392.6 401.2 445.7 56.9 61.3 63.1 83.9 94.5 103.3 239.4 265.2 283.9 303.3 334.3 359.4 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,721.8 1,827.5 466.9 467.8 476.0 509.7 543.1 590.2 656.4 737.5 828.6 879.5 93.5 98.1 100.3 117.5 140.4 157.0 171.8 182.3 188.7 184.7 380.0 396.0 413.7 428.3 461.5 484.5 509.4 539.4 571.8 611.8 2,025.2 1,004.5 2,136.9 1,072.9 207.3 213.1 652.9 689.7 55.9 59.3 252.3 269.8 2000 ................................................... 2001 (estimates) r .............................. Cumulative total, first 5 months: 1 Fiscal year 2000 ............................ Fiscal year 2001 ............................ 741.8 791.0 372.6 403.7 On-budget and off-budget outlays National defense Other Total Total 71.8 851.9 73.1 946.4 73.2 990.5 74.6 1,004.1 79.3 1,064.5 82.8 1,143.7 InterDepart- nationment of al Defense, affairs military Health Medicare Income Social security security Net interest Other 227.4 252.7 273.4 282.0 290.4 303.6 220.9 245.2 265.5 274.0 281.9 294.9 15.9 16.2 14.2 11.6 10.5 9.6 30.4 33.5 35.9 40.0 44.5 48.4 57.5 65.8 70.2 75.1 78.9 85.0 112.7 128.2 119.8 123.3 129.4 136.1 178.2 188.6 198.8 207.4 219.3 232.5 111.1 129.5 136.0 138.7 151.8 169.0 118.6 131.8 142.2 126.1 139.7 159.5 1,253.2 1,324.4 1,381.7 1,409.5 1,461.9 1,515.8 1,560.6 1,601.3 1,652.6 r 1,702.9 299.3 273.3 298.4 291.1 281.6 272.1 265.8 270.5 268.5 274.9 289.8 262.4 286.9 278.6 268.6 259.4 253.2 258.3 256.1 261.4 13.8 15.9 16.1 17.2 17.1 16.4 13.5 15.2 13.1 15.2 57.7 71.2 89.5 99.4 107.1 115.4 119.4 123.8 131.4 141.1 98.1 104.5 119.0 130.6 144.7 159.9 174.2 190.0 192.8 190.4 147.1 170.3 197.0 207.3 214.1 220.5 226.0 230.9 233.2 237.7 248.6 269.0 287.6 304.6 319.6 335.8 349.7 365.3 379.2 390.0 184.4 194.5 199.4 198.7 203.0 232.2 241.1 244.0 241.2 229.7 204.2 225.8 174.7 160.6 174.7 163.6 171.0 161.5 193.2 r 223.8 r 160.6 r 1,788.8 294.5 299.1 281.2 283.9 17.2 17.5 154.5 175.3 197.1 219.3 247.9 262.6 409.4 433.6 223.2 206.4 r 244.9 117.5 119.4 111.8 113.8 8.8 10.4 61.0 68.0 79.8 84.7 108.2 111.0 165.0 175.6 95.3 91.6 106.0 104.4 91.5 93.1 101.4 98.9 113.7 120.1 115.4 120.2 132.7 151.5 161.3 1,856.2 61.0 58.2 1 Data from current issue Monthly Treasury Statement. Note.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 741.6 765.1 242.5 2002, issued April 9, 2001. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter of 2000, according to revised estimates, Federal current receipts rose $17.2 billion (annual rate) and Federal current expenditures fell $6.4 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government current receipts Federal Government current expenditures Transfer payments 1,418.9 1,471.5 1,506.0 1,575.7 1,635.9 1,678.8 1,705.0 1,750.2 1,813.9 445.8 442.6 439.7 439.2 445.3 456.9 453.7 470.8 489.2 565.2 597.9 618.6 652.1 691.6 717.5 731.0 746.1 782.4 149.1 162.6 174.5 184.5 190.4 196.8 209.1 229.3 244.6 229.2 230.2 239.6 267.5 273.6 276.2 278.8 264.7 259.4 29.6 38.2 33.6 32.4 35.1 31.5 32.4 39.3 38.4 0.0 .0 .0 .0 .0 .0 .0 .0 .0 ¥297.5 ¥274.1 ¥212.3 ¥192.0 ¥136.8 ¥53.3 49.0 124.4 251.8 565.0 572.2 580.2 590.5 1,659.2 1,675.8 1,679.2 1,701.0 451.3 461.5 457.5 457.2 709.3 714.1 717.1 729.4 191.1 193.8 196.7 205.6 273.8 274.8 277.5 278.5 33.7 31.7 30.4 30.3 .0 .0 .0 .0 ¥86.5 ¥68.0 ¥33.7 ¥25.0 95.1 95.8 97.5 97.3 600.5 607.7 615.9 624.2 1,685.9 1,698.4 1,700.6 1,735.1 445.5 457.5 451.0 460.7 726.9 726.6 730.9 739.6 205.0 205.4 209.9 216.1 279.6 280.2 280.0 275.4 28.7 28.7 28.8 43.2 .0 .0 .0 .0 25.9 41.9 71.9 56.4 212.3 214.9 217.8 232.3 97.9 98.9 101.4 103.9 638.6 647.4 657.4 666.6 1,727.8 1,732.2 1,743.1 1,797.7 464.5 460.2 471.3 487.0 738.6 742.8 745.0 757.7 223.0 221.4 234.0 238.8 267.7 267.1 262.2 261.8 33.9 40.7 30.5 52.3 .0 .0 .0 .0 89.7 117.5 147.3 143.3 245.7 250.5 249.4 230.3 106.8 108.9 108.9 109.0 681.5 691.8 700.2 709.0 1,776.0 1,813.9 1,836.0 1,829.6 478.7 499.0 489.9 489.2 763.2 779.0 785.2 802.0 235.0 240.9 251.2 251.2 265.0 260.3 257.2 254.9 34.1 34.6 52.4 32.4 .0 .0 .0 .0 235.8 240.9 253.3 277.0 Total Corporate profits tax accruals Indirect business tax and nontax accruals Calendar year: 1992 .............................. 1993 .............................. 1994 .............................. 1995 .............................. 1996 .............................. 1997 .............................. 1998 .............................. 1999 .............................. 2000 r ............................. 1,121.3 1,197.3 1,293.7 1,383.7 1,499.1 1,625.5 1,754.0 1,874.6 2,065.7 479.4 509.9 547.8 591.8 670.0 751.9 836.0 902.2 1,017.7 118.8 138.5 156.7 179.3 190.6 203.0 209.5 219.3 244.0 81.3 85.3 95.2 93.0 95.1 93.7 96.4 100.5 108.4 441.8 463.7 493.9 519.6 543.3 577.0 612.1 652.5 695.6 1997: I ............................. II ........................... III .......................... IV .......................... 1,572.7 1,607.8 1,645.5 1,676.0 724.9 741.5 759.6 781.3 194.3 198.4 209.8 209.5 88.5 95.6 95.9 94.7 1998: I ............................. II ........................... III .......................... IV .......................... 1,711.8 1,740.3 1,772.6 1,791.5 807.0 826.2 845.9 864.8 209.1 210.6 213.3 205.1 1999: I ............................. II ........................... III .......................... IV .......................... 1,817.4 1,849.6 1,890.3 1,941.0 868.7 888.5 913.7 938.2 2000: I ............................. II ........................... III .......................... IV r ......................... 2,011.9 2,054.8 2,089.4 2,106.6 978.0 1,003.6 1,030.9 1,058.4 Source: Department of Commerce, Bureau of Economic Analysis. 34 Net interest paid Less: Wage accruals less disbursements Current surplus or deficit (¥), national income and product accounts Consumption expenditures Contributions for social insurance Personal tax and nontax receipts Period Subsidies less current surplus of Government enterprises Grantsin-aid to State and local governments Total INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (1992=100; seasonally adjusted) Period United States 1991 ....................................... 1992 ....................................... 1993 ....................................... 1994 ....................................... 1995 ....................................... 1996 ....................................... 1997 ....................................... 1998 ....................................... 1999 ....................................... 2000 p ..................................... 2000: Jan ............................. Feb ............................. Mar ............................. Apr ............................. May ............................ June ........................... July ............................ Aug ........................... Sept ........................... Oct .............................. Nov ............................. Dec ............................ 2001: Jan ............................ Feb p ........................... 1 Data Canada 97.0 98.9 100.0 100.0 103.5 104.5 109.1 111.3 114.3 116.3 119.6 117.9 127.7 123.1 134.0 126.0 139.6 131.6 147.5 139.1 r 137.8 143.6 r 136.3 144.3 r 137.4 145.2 146.3 136.9 r 139.6 147.2 147.9 139.9 r 139.7 147.6 148.6 140.4 149.0 139.8 r 140.4 148.7 r 140.2 148.2 r 147.7 r 139.8 r 146.8 139.4 146.0 .............. Japan France Germany Italy Consumer prices (1982–84=100; NSA) United Kingdom United States 1 106.1 101.1 102.3 101.3 99.7 100.0 100.0 100.0 100.0 100.0 96.5 96.3 92.4 97.9 102.2 97.8 100.1 95.6 103.9 107.7 100.9 102.6 96.8 109.2 109.5 103.3 103.5 97.4 107.1 110.7 107.0 107.3 100.8 111.1 111.8 99.9 112.9 105.0 112.3 112.7 100.8 115.2 106.7 112.3 113.3 106.4 119.0 113.7 117.7 115.0 r 114.7 103.4 117.0 r 108.7 113.7 103.1 117.7 r 110.7 116.4 113.4 105.2 118.2 r 111.0 116.7 114.1 r 112.5 r 115.8 r 114.9 104.7 117.9 r 118.7 r 115.1 104.9 118.1 115.1 r 117.7 106.9 118.2 112.0 115.4 r 116.7 r 116.0 106.4 119.9 r 115.5 r 118.1 r 116.4 109.9 119.9 116.0 r 115.4 106.1 119.4 r 115.6 118.1 r 117.5 r 115.3 107.5 120.1 114.6 r 118.7 r 115.6 107.0 120.5 115.3 r 120.7 r 115.3 r 121.2 r 114.8 108.8 r 104.7 120.4 117.8 119.0 114.8 104.8 ............ ............ .............. .............. relate to all urban consumers. 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.2 168.8 169.8 171.2 171.3 171.5 172.4 172.8 172.8 173.7 174.0 174.1 174.0 175.1 175.8 Canada Japan 143.1 145.3 147.9 148.2 151.4 153.8 156.3 157.8 160.5 164.9 161.8 162.7 163.9 163.3 164.2 165.2 165.8 165.5 166.2 166.5 167.1 167.2 166.6 167.4 Germany 115.0 117.0 118.4 119.3 119.1 119.3 121.3 122.1 121.8 120.9 120.8 120.7 120.9 121.2 121.3 120.9 120.7 120.7 121.0 121.2 120.9 120.9 120.9 120.6 Italy 116.2 122.1 127.6 131.1 133.3 135.2 137.8 139.1 139.9 142.6 141.1 141.6 141.9 141.9 141.7 142.5 143.2 142.9 143.6 143.3 143.6 143.7 144.4 145.3 France 170.5 179.5 187.7 195.3 205.6 213.8 218.2 222.5 226.2 231.9 228.9 229.7 230.3 230.5 231.3 231.9 232.4 232.6 233.0 233.8 234.4 234.6 235.6 236.5 137.2 140.4 143.4 145.8 148.4 151.4 153.2 154.2 155.0 157.6 156.2 156.4 157.1 157.1 157.4 157.7 157.4 157.7 158.7 158.4 158.8 158.7 158.1 158.5 United Kingdom 156.9 162.7 165.3 169.3 175.2 179.4 185.1 191.4 194.3 200.1 195.7 196.8 197.9 199.9 200.6 201.0 200.3 200.3 201.7 201.6 202.2 202.3 201.0 202.1 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 1991 ................. 1992 ................. 1993 ................. 1994 ................. 1995 ................. 1996 ................. 1997 ................. 1998 ................. 1999 ................. 2000 r ................ 2000: Jan r ...... Feb r ...... Mar r ..... Apr r ...... May r ..... June r .... July r ..... Aug r ...... Sept r ..... Oct r ...... Nov r ...... Dec r ...... 2001: Jan p ...... 1 Total BOP basis 416.9 440.4 456.8 502.4 575.8 612.1 679.7 670.3 684.4 772.5 60.3 60.9 62.5 62.5 62.7 66.4 65.1 68.0 67.8 66.3 65.9 64.1 64.7 Total, Census basis 1 421.7 448.2 465.1 512.6 584.7 625.1 689.2 682.1 695.8 781.7 61.3 62.0 63.1 63.1 63.4 67.3 65.6 68.7 68.4 67.1 66.7 64.9 65.5 Auto- ConIndusmo- sumer Foods, trial Capital tive goods feeds, supgoods vehi- (nonand plies except cles, food) bevand auto- parts except erages mate- motive and autorials enmogines tive 35.7 40.3 40.6 42.0 50.5 55.5 51.5 46.4 45.5 47.7 3.9 3.8 3.9 3.8 4.0 4.0 4.1 4.3 4.1 4.0 3.9 3.9 3.9 109.7 109.1 111.8 121.4 146.2 147.7 158.2 148.3 147.0 171.9 13.3 13.9 14.6 13.7 13.7 14.3 14.0 14.8 15.3 15.0 15.1 14.2 14.1 166.7 175.9 181.7 205.0 233.0 253.0 294.5 299.6 311.4 356.6 27.4 27.0 27.2 29.1 29.1 31.1 30.7 31.8 31.7 31.1 30.7 29.9 30.8 40.0 47.0 52.4 57.8 61.8 65.0 74.0 73.2 75.8 79.9 6.6 6.6 6.9 6.4 6.6 7.0 6.5 7.1 6.6 6.7 6.5 6.4 5.8 BOP basis 45.9 491.0 51.4 536.5 54.7 589.4 60.0 668.6 64.4 749.6 70.1 803.3 77.4 876.4 79.3 917.2 80.8 1,029.9 89.1 1,222.4 7.0 94.4 7.4 95.6 7.4 99.7 7.2 99.5 7.2 99.3 7.8 103.4 7.6 103.7 7.7 104.7 7.7 107.2 7.3 106.3 7.4 105.0 7.5 103.7 7.8 104.2 IndusAutoFoods, trial Capital motive Total, feeds, supgoods vehiCensus and plies except cles, basis 1 bevand auto- parts erages mate- motive and enrials gines 488.5 532.7 580.7 663.3 743.5 795.3 869.7 911.9 1,024.6 1,216.4 93.7 94.7 99.0 99.3 99.0 103.0 103.5 104.4 106.6 105.7 104.4 103.2 103.7 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. 26.5 27.6 27.9 31.0 33.2 35.7 39.7 41.2 43.6 46.0 3.6 3.7 3.8 3.8 3.8 3.8 3.9 4.0 3.9 3.8 4.0 3.8 4.0 131.6 138.6 145.6 162.1 181.8 204.5 213.8 200.1 222.0 297.9 21.8 23.6 24.6 23.0 23.9 25.4 25.8 25.1 26.5 26.1 25.1 26.5 26.7 120.7 134.3 152.4 184.4 221.4 228.1 253.3 269.6 297.1 352.2 26.6 26.8 27.8 28.7 28.8 29.7 29.6 30.8 31.5 31.1 30.4 30.5 29.0 85.7 91.8 102.4 118.3 123.8 128.9 139.8 149.1 179.4 196.3 16.4 15.6 16.4 16.5 15.6 16.7 17.0 16.9 16.7 16.8 16.5 15.2 15.4 Consumer goods (nonfood) except automotive 108.0 122.7 134.0 146.3 159.9 172.0 193.8 216.5 239.5 275.5 21.4 21.2 22.6 23.0 23.0 23.1 23.1 23.3 23.7 23.8 24.1 23.2 24.5 Exports 164.3 176.9 185.9 201.0 219.2 240.0 257.2 262.7 271.9 296.2 23.4 24.4 24.5 25.1 24.3 24.8 24.7 24.9 25.0 25.1 25.0 25.1 24.9 Imports 118.5 116.5 122.3 131.9 141.4 150.9 166.5 182.7 191.3 215.2 16.6 17.2 17.7 17.3 17.4 17.8 18.2 18.1 19.1 18.3 18.7 18.7 18.7 Goods, Census basis Goods ¥66.7 ¥84.5 ¥115.6 ¥150.6 ¥158.8 ¥170.2 ¥180.5 ¥229.8 ¥328.8 ¥434.7 ¥32.4 ¥32.7 ¥36.0 ¥36.2 ¥35.6 ¥35.6 ¥37.9 ¥35.7 ¥38.2 ¥38.5 ¥37.7 ¥38.3 ¥38.2 ¥74.1 ¥96.1 ¥132.6 ¥166.2 ¥173.7 ¥191.3 ¥196.7 ¥246.9 ¥345.6 ¥449.9 ¥34.1 ¥34.7 ¥37.2 ¥37.0 ¥36.5 ¥36.9 ¥38.6 ¥36.8 ¥39.4 ¥40.0 ¥39.1 ¥39.6 ¥39.5 Services 45.8 60.4 63.7 69.2 77.8 89.2 90.7 80.0 80.6 81.0 6.8 7.2 6.8 7.7 6.9 7.1 6.5 6.8 5.8 6.8 6.2 6.4 6.2 Goods and services ¥28.3 ¥35.7 ¥68.9 ¥97.0 ¥95.9 ¥102.1 ¥105.9 ¥166.9 ¥265.0 ¥368.9 ¥27.3 ¥27.5 ¥30.4 ¥29.2 ¥29.7 ¥29.9 ¥32.1 ¥30.0 ¥33.5 ¥33.2 ¥32.9 ¥33.2 ¥33.3 Beginning January 2001 end-use commodity classifications reflect reassignments. For details, see Department of Commerce release U.S. International Trade in Goods and Services, January 2001, dated March 20, 2001. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the fourth quarter of 2000, the goods deficit rose to $118.3 billion, from $114.7 billion in the third quarter. The current account deficit rose to $115.3 billion in the fourth quarter, from $113.1 billion in the third quarter. [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (¥)] Goods 1 Period Exports 1991 ........................... 1992 ........................... 1993 ........................... 1994 ........................... 1995 ........................... 1996 ........................... 1997 ........................... 1998 ........................... 1999 ........................... 2000 p .......................... 1998: I ...................... II ..................... III ................... IV .................... 1999: I ...................... II ..................... III ................... IV .................... 2000: I r ..................... II r ................... III r .................. IV p .................. Imports 416,913 ¥490,981 440,352 ¥536,458 456,832 ¥589,441 502,398 ¥668,590 575,845 ¥749,574 612,057 ¥803,327 679,702 ¥876,367 670,324 ¥917,178 684,358 ¥1,029,917 773,304 ¥1,222,772 170,609 ¥225,255 166,054 ¥228,675 164,378 ¥228,942 169,283 ¥234,306 163,949 ¥236,973 166,443 ¥250,427 173,881 ¥266,199 180,085 ¥276,318 183,659 ¥289,699 191,713 ¥302,147 200,836 ¥315,574 197,096 ¥315,352 Services Balance on goods Net military transactions 2 3 ¥74,068 ¥5,274 ¥96,106 ¥1,448 ¥132,609 1,385 ¥166,192 2,570 ¥173,729 4,600 ¥191,270 5,385 ¥196,665 5,138 ¥246,854 5,387 ¥345,559 2,684 ¥449,468 720 ¥54,646 1,728 ¥62,621 1,564 ¥64,564 827 ¥65,023 1,268 ¥73,024 947 ¥83,984 1,188 ¥92,318 318 ¥96,233 231 ¥106,040 252 ¥110,434 268 ¥114,738 179 ¥118,256 21 Net travel and transportation 16,561 19,969 19,714 16,305 21,772 25,015 22,152 10,145 6,797 6,654 3,419 3,118 1,820 1,788 1,910 1,979 1,428 1,478 1,620 2,368 1,622 1,042 Income receipts and payments Other services, net 34,516 41,918 42,562 50,278 51,410 58,757 63,443 64,424 71,107 73,614 15,886 16,331 15,583 16,619 17,491 17,517 17,854 18,244 18,908 19,053 17,307 18,340 1 Adjusted 3 Quarterly 2 Transfers 4 Includes from Census data for differences in timing and coverage; excludes military. under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 36 Balance on goods and services ¥28,266 ¥35,666 ¥68,949 ¥97,039 ¥95,947 ¥102,113 ¥105,932 ¥166,898 ¥264,971 ¥368,480 ¥33,613 ¥41,608 ¥46,334 ¥45,348 ¥52,676 ¥63,300 ¥72,718 ¥76,280 ¥85,260 ¥88,745 ¥95,630 ¥98,853 Receipts 149,214 132,056 134,159 165,438 211,502 223,810 257,346 258,445 276,165 345,394 65,996 66,506 62,469 63,474 63,396 66,697 71,115 74,959 80,793 87,569 87,354 89,682 Payments Unilateral current Balance transfers, on net 4 income ¥125,084 24,130 10,752 ¥109,101 22,954 ¥35,013 ¥110,255 23,904 ¥37,637 ¥148,744 16,694 ¥38,260 ¥190,955 20,547 ¥34,057 ¥204,934 18,876 ¥40,081 ¥251,160 6,186 ¥40,794 ¥264,656 ¥6,211 ¥44,029 ¥294,648 ¥18,483 ¥48,025 ¥359,050 ¥13,656 ¥53,241 ¥64,979 1,017 ¥9,794 ¥66,274 232 ¥10,099 ¥66,786 ¥4,317 ¥10,658 ¥66,617 ¥3,143 ¥13,474 ¥66,516 ¥3,120 ¥10,831 ¥70,842 ¥4,145 ¥11,537 ¥76,650 ¥5,535 ¥11,396 ¥80,642 ¥5,683 ¥14,260 ¥85,214 ¥4,421 ¥12,087 ¥91,729 ¥4,160 ¥12,334 ¥91,885 ¥4,531 ¥12,949 ¥90,223 ¥541 ¥15,872 data are not seasonally adjusted. transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. Balance on current account 6,616 ¥47,724 ¥82,681 ¥118,605 ¥109,457 ¥123,318 ¥140,540 ¥217,138 ¥331,479 ¥435,377 ¥42,390 ¥51,475 ¥61,309 ¥61,965 ¥66,627 ¥78,982 ¥89,649 ¥96,223 ¥101,768 ¥105,239 ¥113,110 ¥115,266 U.S. INTERNATIONAL TRANSACTIONS—Continued In the financial account, U.S. claims on foreigners reported by U.S. banks increased $67.0 billion in the fourth quarter of 2000, compared with an increase of $6.0 billion in the third quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, increased $42.8 billion in the fourth quarter, compared with a decrease of $1.4 billion in the third quarter. [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (¥)] Financial account Period Capital account transactions, net 3 U.S.-owned assets abroad, net [increase/financial outflow (¥)] Total U.S. official reserve assets 3 5 Other U.S. Government assets 3 Statistical discrepancy Foreign-owned assets in the U.S., net [increase/financial inflow (+)] U.S. private assets Total Foreign official assets 3 Other foreign assets Total (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy U.S. official reserve assets, net 5 (unadjusted, end of period) 1991 .................................. 1992 .................................. 1993 .................................. 1994 .................................. 1995 .................................. 1996 .................................. 1997 .................................. 1998 .................................. 1999 .................................. 2000 p ................................. ¥4,479 612 ¥88 ¥469 372 693 350 637 ¥3,500 680 ¥64,388 ¥74,410 ¥200,552 ¥176,056 ¥352,376 ¥413,923 ¥488,940 ¥335,436 ¥430,187 ¥553,349 5,763 3,901 ¥1,379 5,346 ¥9,742 6,668 ¥1,010 ¥6,783 8,747 ¥290 2,924 ¥1,667 ¥351 ¥390 ¥984 ¥989 68 ¥422 2,751 ¥715 ¥73,075 ¥76,644 ¥198,822 ¥181,012 ¥341,650 ¥419,602 ¥487,998 ¥328,231 ¥441,685 ¥552,344 110,808 170,663 282,040 305,989 465,684 571,706 756,962 482,235 753,564 952,430 17,389 40,477 71,753 39,583 109,880 126,724 18,876 ¥20,127 42,864 35,909 93,420 130,186 210,287 266,406 355,804 444,982 738,086 502,362 710,700 916,521 ¥48,557 ¥49,141 1,281 ¥10,859 ¥4,223 ¥35,158 ¥127,832 69,702 11,602 35,616 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 77,721 71,323 73,442 74,335 85,832 75,089 69,954 81,761 71,516 67,647 1998: I ............................. II ............................ III .......................... IV ........................... 1999: I ............................. II ............................ III .......................... IV ........................... 2000: I r ............................ II r ........................... III r ......................... IV p ......................... 149 157 155 176 157 165 171 ¥3,993 166 170 167 177 ¥68,887 ¥141,617 ¥53,027 ¥71,904 ¥21,555 ¥170,842 ¥122,909 ¥114,882 ¥178,947 ¥92,413 ¥93,420 ¥188,566 ¥444 ¥1,945 ¥2,025 ¥2,369 4,068 1,159 1,951 1,569 ¥554 2,020 ¥346 ¥1,410 ¥80 ¥483 188 ¥47 118 ¥392 ¥686 3,711 ¥131 ¥574 114 ¥124 ¥68,363 ¥139,189 ¥51,190 ¥69,488 ¥25,741 ¥171,609 ¥124,174 ¥120,162 ¥178,262 ¥93,859 ¥93,188 ¥187,032 86,840 167,085 82,790 145,520 102,780 272,008 194,210 184,567 236,638 245,252 195,325 275,211 10,967 ¥10,235 ¥46,651 25,792 4,274 ¥1,096 12,191 27,495 22,015 6,346 11,901 ¥4,353 75,873 177,320 129,441 119,728 98,506 273,104 182,019 157,072 214,623 238,906 183,424 279,564 24,288 25,850 31,391 ¥11,827 ¥14,755 ¥22,349 18,177 30,531 43,911 ¥47,770 11,038 28,444 5,720 ¥1,578 ¥11,014 6,872 5,514 ¥1,511 ¥9,739 5,738 5,873 ¥2,361 ¥9,215 5,710 69,353 71,161 75,676 81,761 74,359 71,689 73,414 71,516 70,789 67,955 66,256 67,647 5 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the IMF. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Page TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product .......................................................................................................................................................................................... Real Gross Domestic Product .................................................................................................................................................................................. Implicit Price Deflators for Gross Domestic Product .............................................................................................................................................. Gross Domestic Product and Related Price Measures: Indexes and Percent Changes .............................................................................................. Nonfinancial Corporate Business—Output, Price, Costs, and Profits ...................................................................................................................... National Income ...................................................................................................................................................................................................... Real Personal Consumption Expenditures ............................................................................................................................................................... Sources of Personal Income ...................................................................................................................................................................................... Disposition of Personal Income ............................................................................................................................................................................... Farm Income ............................................................................................................................................................................................................ Corporate Profits ...................................................................................................................................................................................................... Real Gross Private Domestic Investment ................................................................................................................................................................ Real Private Fixed Investment by Type .................................................................................................................................................................. Business Investment ................................................................................................................................................................................................ 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ......................................................................................................................................................................................... Selected Unemployment Rates ................................................................................................................................................................................ Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................................................... Nonagricultural Employment .................................................................................................................................................................................. Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................................................. Employment Cost Index—Private Industry ............................................................................................................................................................. Productivity and Related Data, Business Sector ...................................................................................................................................................... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization ....................................................................................................................................................... Industrial Production—Major Market Groups and Selected Manufactures .............................................................................................................. New Construction .................................................................................................................................................................................................... New Private Housing and Vacancy Rates ............................................................................................................................................................... Business Sales and Inventories—Manufacturing and Trade ..................................................................................................................................... Manufacturers’ Shipments, Inventories, and Orders ................................................................................................................................................. 17 18 19 19 20 21 PRICES Producer Prices ........................................................................................................................................................................................................ Consumer Prices—All Urban Consumers ................................................................................................................................................................ Changes in Producer Prices for Finished Goods ...................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers ............................................................................................................................................. Prices Received and Paid by Farmers ...................................................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures ............................................................................................................................................................................. Components of Money Stock ................................................................................................................................................................................... Aggregate Reserves and Monetary Base ................................................................................................................................................................... Bank Credit at All Commercial Banks .................................................................................................................................................................... Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .................................................................................................................. Consumer Credit ...................................................................................................................................................................................................... Interest Rates and Bond Yields ............................................................................................................................................................................... Common Stock Prices and Yields ............................................................................................................................................................................ 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ....................................................................................................................................................................... Federal Receipts by Source and Outlays by Function .............................................................................................................................................. Federal Sector, National Income Accounts Basis ..................................................................................................................................................... 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ............................................................................................................... U.S. International Trade in Goods and Services ...................................................................................................................................................... U.S. International Transactions ................................................................................................................................................................................ 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. … Not available (also, not applicable). NSA not seasonally adjusted. 38 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $3.00 (single copy) ($3.75 foreign). Subscription price: $33.00 per year; $41.25 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 2001 71–626
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