View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

107th Congress, 2d Session

Economic Indicators
MARCH 2002
(Includes data available as of April 9, 2002)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2002

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
JIM SAXTON, New Jersey, Chairman
JACK REED, Rhode Island, Vice Chairman
HOUSE OF REPRESENTATIVES
PAUL RYAN (Wisconsin)
LAMAR SMITH (Texas)
JENNIFER DUNN (Washington)
PHIL ENGLISH (Pennsylvania)
ADAM H. PUTNAM (Florida)
PETE STARK (California)
CAROLYN B. MALONEY (New York)
MELVIN L. WATT (North Carolina)

SENATE
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
JEFF BINGAMAN (New Mexico)
JON CORZINE (New Jersey)
ROBERT G. TORRICELLI (New Jersey)
ROBERT F. BENNETT (Utah)
SAM BROWNBACK (Kansas)
JEFF SESSIONS (Alabama)
MIKE CRAPO (Idaho)
LINCOLN D. CHAFEE (Rhode Island)

CHRISTOPHER FRENZE, Executive Director

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

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

ii

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 2001, according to revised estimates, current-dollar gross domestic product (GDP) rose
1.5 percent (annual rate), real GDP (GDP in chained 1996 dollars) rose 1.7 percent, and the implicit price deflator
fell 0.1 percent.

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

Period

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

Exports and imports
of goods and services

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

Net
exports

Exports

6,318.9
6,642.3
7,054.3
7,400.5
7,813.2
8,318.4
8,781.5
9,268.6
9,872.9
10,208.1
8,627.8
8,697.3
8,816.5
8,984.5
9,093.1
9,161.4
9,297.4
9,522.5
9,668.7
9,857.6
9,937.5
10,027.9
10,141.7
10,202.6
10,224.9
10,263.3

¥27.9
¥60.5
¥87.1
¥84.3
¥89.0
¥89.3
¥151.7
¥250.9
¥364.0
¥329.8
¥122.6
¥154.9
¥165.3
¥164.1
¥199.7
¥241.1
¥273.9
¥288.7
¥333.9
¥350.8
¥380.6
¥390.6
¥363.8
¥347.4
¥294.4
¥313.5

636.8
658.0
725.1
818.6
874.2
966.4
964.9
989.8
1,102.9
1,050.4
974.1
959.2
946.7
979.7
960.2
971.3
996.6
1,031.0
1,059.7
1,099.7
1,131.1
1,121.0
1,117.4
1,079.6
1,020.6
983.8

4,209.7
4,454.7
4,716.4
4,969.0
5,237.5
5,529.3
5,856.0
6,250.2
6,728.4
7,064.5
5,719.9
5,820.0
5,895.1
5,989.1
6,080.7
6,197.1
6,298.4
6,424.7
6,581.9
6,674.9
6,785.5
6,871.4
6,977.6
7,044.6
7,057.6
7,178.2

866.6
955.1
1,097.1
1,143.8
1,242.7
1,390.5
1,538.7
1,636.7
1,767.5
1,633.9
1,528.7
1,498.4
1,538.6
1,589.3
1,621.3
1,595.7
1,631.7
1,698.1
1,709.0
1,792.4
1,788.4
1,780.3
1,722.8
1,669.9
1,624.8
1,518.2

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

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

664.6
718.5
812.1
902.8
963.1
1,055.8
1,116.7
1,240.6
1,466.9
1,380.1
1,096.7
1,114.1
1,112.0
1,143.8
1,160.0
1,212.4
1,270.5
1,319.7
1,393.6
1,450.4
1,511.8
1,511.6
1,481.2
1,427.0
1,315.0
1,297.3

1,270.5
1,293.0
1,327.9
1,372.0
1,421.9
1,487.9
1,538.5
1,632.5
1,741.0
1,839.5
1,501.8
1,533.8
1,548.1
1,570.3
1,590.9
1,609.6
1,641.2
1,688.3
1,711.8
1,741.1
1,744.2
1,766.8
1,805.2
1,835.4
1,836.9
1,880.4

534.5
527.3
521.1
521.5
531.6
538.2
539.2
564.0
590.2
615.7
526.1
542.9
539.5
548.4
549.8
553.1
565.6
587.6
578.5
601.0
587.0
594.2
605.3
609.9
615.7
631.7

National
defense
378.5
364.9
355.1
350.6
357.0
352.6
349.1
364.5
375.4
399.0
338.4
348.8
354.7
354.7
356.1
354.2
366.7
381.1
366.6
380.4
372.1
382.4
392.9
396.1
399.6
407.5

Nondefense
156.0
162.4
165.9
170.9
174.6
185.6
190.1
199.5
214.8
216.6
187.7
194.2
184.8
193.7
193.6
198.9
199.0
206.5
211.9
220.6
214.9
211.8
212.4
213.8
216.1
224.2

State
and
local
736.0
765.7
806.8
850.5
890.4
949.7
999.3
1,068.5
1,150.8
1,223.8
975.8
990.9
1,008.6
1,021.9
1,041.1
1,056.5
1,075.6
1,100.7
1,133.2
1,140.1
1,157.2
1,172.6
1,199.8
1,225.5
1,221.2
1,248.7

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

6,303.9
6,621.2
6,991.8
7,367.5
7,783.2
8,255.5
8,708.4
9,210.0
9,823.6
10,266.6
8,521.1
8,656.4
8,747.0
8,909.1
9,012.9
9,131.3
9,258.4
9,437.6
9,637.8
9,782.2
9,884.9
9,989.2
10,167.2
10,239.1
10,282.7
10,377.2

6,346.8
6,702.8
7,141.4
7,484.8
7,902.1
8,407.7
8,933.3
9,519.5
10,236.9
10,537.9
8,750.4
8,852.2
8,981.8
9,148.6
9,292.9
9,402.5
9,571.4
9,811.2
10,002.6
10,208.4
10,318.1
10,418.5
10,505.6
10,549.9
10,519.3
10,576.8

6,342.3
6,666.7
7,071.1
7,420.9
7,831.2
8,325.4
8,778.1
9,261.8
9,860.8
10,202.8
8,634.5
8,700.3
8,802.1
8,975.4
9,089.5
9,157.0
9,283.8
9,517.0
9,650.7
9,841.0
9,919.4
10,032.1
10,131.3
10,190.9
10,213.8
10,275.3

Source: Department of Commerce, Bureau of Economic Analysis.

1

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

Period

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

Gross private
domestic investment

Personal
consumption
expenditures

Gross
domestic
product

6,880.0
7,062.6
7,347.7
7,543.8
7,813.2
8,159.5
8,508.9
8,856.5
9,224.0
9,333.8
8,396.3
8,442.9
8,528.5
8,667.9
8,733.5
8,771.2
8,871.5
9,049.9
9,102.5
9,229.4
9,260.1
9,303.9
9,334.5
9,341.7
9,310.4
9,348.6

Exports and imports of
goods and services

Nonresidential
fixed
investment

4,594.5
4,748.9
4,928.1
5,075.6
5,237.5
5,423.9
5,683.7
5,968.4
6,257.8
6,450.3
5,576.3
5,660.2
5,713.7
5,784.7
5,854.0
5,936.1
6,000.0
6,083.6
6,171.7
6,226.3
6,292.1
6,341.1
6,388.5
6,428.4
6,443.9
6,540.3

Residential
fixed
investment

Change
in private
inventories

Net
exports

Exports

630.6
683.6
744.6
817.5
899.4
1,009.3
1,135.9
1,228.6
1,350.7
1,308.0
1,099.5
1,132.3
1,136.6
1,175.4
1,192.6
1,214.9
1,244.6
1,262.4
1,309.4
1,347.7
1,371.1
1,374.5
1,373.9
1,320.9
1,292.0
1,245.0

257.2
276.0
302.7
291.7
313.3
319.7
345.1
368.3
371.4
376.9
333.0
340.5
349.5
357.4
366.3
368.9
368.2
369.7
377.3
376.5
366.3
365.3
372.9
378.3
380.5
376.0

17.1
20.0
66.8
30.4
30.0
63.8
76.7
62.1
50.6
¥61.7
113.1
42.0
71.8
80.0
83.4
32.7
39.6
92.7
28.9
78.9
51.7
42.8
¥27.1
¥38.3
¥61.9
¥119.3

¥19.8
¥59.1
¥86.5
¥78.4
¥89.0
¥113.3
¥221.1
¥316.9
¥399.1
¥408.7
¥180.8
¥223.1
¥241.2
¥239.2
¥283.0
¥313.4
¥333.3
¥337.8
¥371.1
¥392.8
¥411.2
¥421.1
¥404.5
¥406.7
¥411.0
¥412.7

651.0
672.7
732.8
808.2
874.2
981.5
1,002.4
1,034.9
1,133.2
1,081.7
1,003.4
993.1
987.6
1,025.6
1,007.6
1,018.0
1,041.8
1,072.1
1,095.5
1,130.6
1,159.3
1,147.5
1,144.1
1,108.3
1,052.2
1,022.2

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

670.8
731.8
819.4
886.6
963.1
1,094.8
1,223.5
1,351.7
1,532.3
1,490.4
1,184.2
1,216.2
1,228.9
1,264.8
1,290.6
1,331.4
1,375.1
1,409.8
1,466.6
1,523.4
1,570.6
1,568.5
1,548.6
1,515.0
1,463.2
1,434.9

1 GDP

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

1,410.0
1,398.8
1,400.1
1,406.4
1,421.9
1,455.4
1,483.3
1,531.8
1,572.6
1,628.6
1,456.1
1,482.6
1,489.9
1,504.8
1,512.3
1,516.8
1,533.2
1,564.8
1,560.4
1,577.2
1,570.0
1,582.8
1,603.4
1,623.0
1,624.1
1,663.9

National
defense

595.1
572.0
551.3
536.5
531.6
529.6
525.4
536.7
545.9
560.3
515.0
530.1
524.9
531.7
526.7
527.7
537.0
555.5
536.8
556.9
541.8
547.9
552.2
554.7
559.6
574.9

417.1
394.7
375.9
361.9
357.0
347.7
341.6
348.6
349.0
365.3
332.0
342.0
346.5
345.8
342.7
339.7
350.0
361.9
342.3
354.8
345.1
353.8
360.3
362.4
365.3
373.2

Nondefense

177.9
177.3
175.5
174.6
174.6
181.8
183.8
188.1
196.7
195.0
183.0
188.0
178.4
185.8
183.9
188.0
187.0
193.6
194.4
202.0
196.5
194.0
191.8
192.3
194.3
201.6

State
and
local

815.3
827.0
848.9
869.9
890.4
925.8
957.7
994.7
1,026.3
1,067.5
940.8
952.4
964.7
972.8
985.2
988.6
995.8
1,009.1
1,023.0
1,020.1
1,027.6
1,034.3
1,050.5
1,067.4
1,063.8
1,088.4

Final
sales of
domestic
product

6,867.7
7,043.8
7,285.8
7,512.2
7,783.2
8,095.2
8,431.8
8,792.0
9,167.0
9,376.5
8,286.6
8,397.2
8,454.9
8,588.5
8,651.2
8,735.1
8,825.6
8,956.3
9,061.6
9,148.5
9,201.3
9,256.7
9,347.8
9,364.8
9,352.5
9,440.9

Gross
domestic
purchases 1

6,896.4
7,120.6
7,434.2
7,621.8
7,902.1
8,271.7
8,721.3
9,154.9
9,594.7
9,715.7
8,571.6
8,657.0
8,759.7
8,896.6
9,002.3
9,066.5
9,184.1
9,366.5
9,448.5
9,594.5
9,641.5
9,694.4
9,710.4
9,720.4
9,695.1
9,737.0

Addendum:
Gross
national
product

6,905.8
7,087.8
7,364.3
7,564.0
7,831.2
8,168.1
8,508.4
8,853.0
9,216.4
9,333.6
8,405.4
8,448.7
8,517.6
8,662.0
8,732.9
8,769.7
8,861.5
9,047.9
9,089.1
9,217.7
9,247.2
9,311.7
9,329.1
9,335.5
9,304.9
9,364.7

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

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

Gross
domestic
product

91.84
94.05
96.01
98.10
100.00
101.95
103.20
104.65
107.04
109.37
102.76
103.01
103.38
103.65
104.12
104.45
104.80
105.22
106.22
106.81
107.31
107.78
108.65
109.21
109.82
109.78

Total

91.6293.81
95.70
97.90
100.00
101.94
103.03
104.72
107.52
109.52
102.58
102.82
103.17
103.53
103.87
104.40
104.97
105.61
106.65
107.20
107.84
108.36
109.22
109.59
109.52
109.75

Durable
goods

Nondurable goods

Services

98.28
99.06
100.56
101.06
100.00
97.75
95.40
93.04
91.53
89.82
96.29
95.77
95.13
94.51
93.73
93.25
92.84
92.42
91.99
91.80
91.29
91.03
90.86
90.05
89.41
89.05

95.20
96.14
96.83
97.93
100.00
101.34
101.31
103.67
107.55
109.13
101.17
100.99
101.36
101.69
102.16
103.27
104.12
105.09
106.51
107.23
107.96
108.48
109.00
109.73
109.33
108.44

88.50
91.56
94.16
97.25
100.00
103.12
105.53
107.80
111.10
114.25
104.61
105.25
105.81
106.41
106.94
107.39
108.07
108.77
109.98
110.63
111.51
112.23
113.52
113.99
114.26
115.22

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

99.29
99.81
100.54
100.93
100.00
99.02
96.95
95.60
95.73
95.26
97.75
97.14
96.66
96.28
96.03
95.74
95.39
95.29
95.53
95.59
95.90
95.90
95.44
95.40
95.28
94.91

87.69
91.23
94.48
97.91
100.00
102.68
105.58
109.57
114.46
118.41
104.25
105.03
105.99
106.92
108.05
109.12
110.11
110.98
113.22
113.87
114.91
115.90
117.21
117.96
118.68
119.79

Exports

Imports
Total

97.82
97.82
98.94
101.28
100.00
98.47
96.26
95.65
97.33
97.10
97.08
96.58
95.86
95.52
95.30
95.42
95.66
96.17
96.74
97.27
97.57
97.70
97.67
97.41
96.99
96.25

99.09
98.18
99.12
101.83
100.00
96.44
91.27
91.78
95.73
92.60
92.61
91.61
90.49
90.43
89.88
91.06
92.39
93.61
95.03
95.21
96.26
96.37
95.65
94.19
89.87
90.41

89.82
92.18
94.51
97.21
100.00
101.63
102.63
105.08
108.12
109.87
102.14
102.43
102.78
103.15
104.38
104.80
105.32
105.78
107.77
107.91
108.35
108.45
109.62
109.96
110.02
109.88

National
defense

Nondefense

State
and
local

90.75
92.45
94.49
96.88
100.00
101.41
102.22
104.58
107.56
109.24
101.92
101.98
102.37
102.60
103.93
104.28
104.76
105.32
107.10
107.22
107.81
108.08
109.05
109.31
109.41
109.19

87.71
91.58
94.55
97.90
100.00
102.06
103.41
106.05
109.21
111.09
102.59
103.29
103.56
104.21
105.26
105.81
106.41
106.67
109.05
109.21
109.37
109.19
110.74
111.20
111.20
111.20

90.28
92.59
95.04
97.77
100.00
102.58
104.34
107.42
112.14
114.64
103.72
104.05
104.55
105.04
105.68
106.87
108.01
109.08
110.77
111.77
112.62
113.37
114.21
114.81
114.79
114.73

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

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

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

80.88
85.01
90.29
94.72
100.00
106.47
112.39
118.63
126.36
130.65
103.98
105.97
107.39
108.52
110.43
111.32
112.84
114.99
116.38
117.26
119.00
121.88
123.75
126.17
127.19
128.35
129.80
130.58
130.87
131.36

GDP
implicit
price
deflator

GDP
chain-type
price index

88.06
90.39
94.04
96.55
100.00
104.43
108.91
113.35
118.06
119.46
102.60
104.08
105.16
105.88
107.46
108.06
109.16
110.94
111.78
112.26
113.55
115.83
116.50
118.13
118.52
119.08
119.47
119.56
119.16
119.65

91.85
94.05
96.01
98.10
100.00
101.95
103.20
104.66
107.04
109.37
101.36
101.82
102.12
102.49
102.76
103.02
103.38
103.66
104.10
104.45
104.81
105.28
106.25
106.81
107.31
107.78
108.65
109.22
109.83
109.80

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

GDP
(current
dollars)

91.84
94.05
96.01
98.10
100.00
101.95
103.20
104.65
107.04
109.37
101.34
101.82
102.12
102.49
102.76
103.01
103.38
103.65
104.12
104.45
104.80
105.22
106.22
106.81
107.31
107.78
108.65
109.21
109.82
109.78

5.6
5.1
6.2
4.9
5.6
6.5
5.6
5.5
6.5
3.4
7.3
7.9
5.5
4.2
7.2
3.3
5.6
7.8
4.9
3.0
6.1
10.0
6.3
8.0
3.3
3.7
4.6
2.4
.9
1.5

Real GDP
(chain-type
quantity
index)

GDP
chain-type
price
index

3.0
2.7
4.0
2.7
3.6
4.4
4.3
4.1
4.1
1.2
4.4
5.9
4.2
2.8
6.1
2.2
4.1
6.7
3.1
1.7
4.7
8.3
2.3
5.7
1.3
1.9
1.3
.3
¥1.3
1.7

GDP
implicit
price
deflator

2.4
2.4
2.1
2.2
1.9
1.9
1.2
1.4
2.3
2.2
2.9
1.9
1.2
1.4
1.1
1.0
1.4
1.1
1.7
1.4
1.4
1.8
3.8
2.1
1.9
1.8
3.3
2.1
2.3
¥.1

2.4
2.4
2.1
2.2
1.9
1.9
1.2
1.4
2.3
2.2
2.9
1.9
1.2
1.4
1.1
1.0
1.4
1.1
1.8
1.3
1.4
1.6
3.9
2.2
1.9
1.8
3.3
2.1
2.2
¥.1

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS–OUTPUT, PRICE, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross product
of nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars

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

3,288.0
3,457.6
3,737.2
3,945.9
4,159.5
4,435.1
4,707.1
5,006.1
5,380.7
5,538.9
4,596.8
4,658.0
4,756.0
4,817.4
4,905.3
4,958.7
5,029.5
5,130.7
5,252.7
5,370.1
5,437.1
5,463.0
5,496.3
5,539.7
5,541.1
5,578.6

3,468.4
3,573.8
3,801.5
3,960.1
4,159.5
4,404.2
4,658.1
4,920.9
5,157.9
5,215.7
4,551.1
4,616.9
4,703.9
4,760.7
4,839.2
4,882.4
4,941.7
5,020.5
5,085.9
5,156.8
5,192.3
5,196.7
5,205.3
5,216.3
5,181.5
5,259.9

Compensation of employees
(unit labor
cost)

0.948
.967
.983
.996
1.000
1.007
1.011
1.017
1.043
1.062
1.010
1.009
1.011
1.012
1.014
1.016
1.018
1.022
1.033
1.041
1.047
1.051
1.056
1.062
1.069
1.061

0.633
.641
.639
.645
.641
.644
.656
.665
.685
.713
.655
.657
.655
.659
.658
.664
.668
.669
.675
.679
.686
.701
.710
.714
.721
.709

deflator for gross product of nonfinancial corporate business divided by 100.
business tax and nontax liability plus business transfer payments less subsidies.
profits from current production.

2 Indirect
3 Unit

Chained
(1996)
dollars

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

Corporate profits with inventory
valuation and capital consumption
adjustments 3

Unit nonlabor cost

Total

0.236
.236
.238
.239
.236
.237
.240
.244
.251
.262
.238
.239
.239
.243
.242
.243
.247
.247
.250
.250
.251
.253
.256
.261
.269
.262

Consumption of
fixed
capital

Indirect
business
tax, etc.2

Net interest

0.107
.108
.109
.110
.111
.112
.112
.114
.118
.128
.112
.112
.112
.112
.112
.113
.115
.115
.116
.116
.118
.120
.122
.126
.136
.127

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

0.033
.030
.028
.029
.026
.027
.030
.033
.033
.032
.028
.029
.030
.031
.033
.033
.034
.034
.034
.034
.033
.032
.032
.032
.033
.032

Total

0.080
.091
.106
.112
.122
.126
.114
.108
.107
.086
.116
.113
.117
.111
.114
.109
.103
.106
.109
.112
.109
.097
.089
.086
.080
.090

Profits
tax
liability

0.026
.029
.034
.035
.036
.036
.033
.035
.036
.027
.033
.033
.034
.032
.035
.035
.034
.035
.037
.038
.037
.032
.029
.029
.027
.022

Profits
after
tax 4

0.054
.062
.072
.077
.086
.090
.081
.073
.070
.060
.082
.079
.082
.079
.079
.074
.069
.070
.071
.074
.073
.065
.060
.057
.053
.068

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 ......................................
2001 r .....................................
1998: III ..............................
IV ...............................
1999: I .................................
II ...............................
III ..............................
IV ..............................
2000: I .................................
II ...............................
III ..............................
IV ..............................
2001: 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
7,041.4
7,462.1
7,980.9
8,217.5
7,108.9
7,197.0
7,326.6
7,393.1
7,482.1
7,646.5
7,796.5
7,956.1
8,047.2
8,124.0
8,169.7
8,207.9
8,189.6
8,302.6

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
4,989.6
5,310.7
5,715.2
6,010.0
5,029.8
5,110.5
5,183.0
5,262.8
5,354.9
5,442.2
5,562.8
5,669.9
5,759.3
5,868.9
5,955.7
6,010.8
6,037.7
6,035.7

Rental
income
of
persons
with
capital
consumption
adjustment

Nonfarm

32.7
30.1
31.9
22.2
34.3
29.7
25.6
26.6
30.6
27.6
25.4
27.9
27.4
27.5
25.2
26.2
26.5
32.5
31.6
31.7
29.8
28.7
32.3
19.6

401.7
431.7
444.6
475.5
510.5
551.5
598.2
645.4
684.4
715.9
601.6
615.8
625.7
640.5
652.0
663.5
671.0
685.4
687.6
693.5
705.4
716.6
720.5
721.2

63.3
90.9
110.3
117.9
129.7
128.3
138.6
147.7
141.6
142.6
144.2
146.5
148.3
149.1
144.4
149.0
144.9
141.4
138.3
141.7
139.6
139.0
144.0
147.7

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
777.4
825.2
876.4
767.1
781.9
770.8
832.5
810.3
800.2
857.6
870.3
892.8
895.0
847.6
789.8
759.8
697.0
822.0

Profits
before tax

Inventory
valuation
adjustment

451.6
510.4
573.4
668.5
726.3
792.4
721.1
776.3
845.4
698.5
723.6
706.3
755.4
759.1
765.8
825.0
844.9
862.0
858.3
816.5
755.7
738.3
680.6
619.4

¥2.8
¥4.0
¥12.4
¥18.3
3.1
8.4
18.3
¥2.9
¥12.4
2.2
20.2
22.9
28.1
¥.9
¥17.7
¥21.0
¥23.8
¥14.8
¥3.6
¥7.3
¥1.9
¥8.8
3.1
16.6

448.8
506.4
561.0
650.2
729.4
800.8
739.4
773.4
833.0
700.7
743.8
729.2
783.5
758.2
748.1
804.0
821.1
847.2
854.6
809.2
753.8
729.5
683.6
635.9

Capital
consumption
adjustment

Net
interest

4.3
4.1
12.2
18.6
24.6
32.9
38.0
51.7
43.4
66.4
38.1
41.7
49.0
52.2
52.1
53.6
49.2
45.5
40.4
38.4
36.0
30.3
13.4
186.1

399.5
374.3
380.5
389.8
386.3
423.9
511.9
506.5
532.7
554.3
526.0
525.5
509.7
502.9
505.5
507.9
520.9
534.1
535.3
540.6
549.4
553.0
558.3
556.4

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 .................
2001 r ................
1998: III .........
IV ..........
1999: I ............
II ...........
III .........
IV ..........
2000: I ............
II ...........
III .........
IV ..........
2001: I .............
II ...........
III .........
IV r .........
1 Includes

Total
personal
consumption
expenditures

Total
durable
goods

4,594.5 479.0
4,748.9 518.3
4,928.1 557.7
5,075.6 583.5
5,237.5 616.5
5,423.9 657.3
5,683.7 726.7
5,968.4 817.8
6,257.8 895.5
6,450.3 955.6
5,713.7 727.1
5,784.7 767.3
5,854.0 780.5
5,936.1 809.5
6,000.0 827.2
6,083.6 854.2
6,171.7 892.1
6,226.3 886.5
6,292.1 904.1
6,341.1 899.4
6,388.5 922.4
6,428.4 938.1
6,443.9 940.2
6,540.3 1,021.7

Motor
vehicles
and
parts

225.7
242.2
255.1
253.4
256.3
264.8
292.0
327.6
348.3
375.0
287.2
313.2
312.3
328.5
331.3
338.5
355.2
342.9
351.2
343.9
357.0
361.9
361.5
419.4

Furniture
and
household
equipment

161.5
177.4
196.3
215.4
236.9
261.9
293.3
334.7
377.0
403.2
297.9
307.2
317.7
328.5
339.8
352.9
368.1
374.9
381.3
383.8
391.0
400.5
403.7
417.8

Nondurable goods

Other

94.1
100.7
107.6
115.0
123.3
130.8
141.8
156.3
172.8
180.0
142.8
147.0
151.1
153.0
157.1
164.2
170.1
171.5
174.3
175.4
177.5
179.5
179.3
183.6

Total
nondurable
goods

1,389.7
1,430.3
1,485.1
1,529.0
1,574.1
1,619.9
1,686.4
1,766.4
1,849.9
1,883.3
1,693.6
1,715.3
1,738.8
1,757.2
1,768.6
1,801.1
1,823.8
1,844.9
1,864.1
1,866.8
1,878.0
1,879.4
1,882.0
1,893.6

Food

725.6
745.1
764.9
777.0
786.0
794.5
819.4
847.8
881.3
886.2
824.0
832.8
834.0
843.2
848.0
865.9
871.2
881.5
886.2
886.4
887.3
886.1
883.8
887.6

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
290.4
312.1
335.3
345.2
289.3
295.8
308.1
311.5
314.0
314.6
328.2
333.3
339.8
339.9
342.7
344.1
344.7
349.3

Gasoline
and
oil

112.5
115.4
117.4
120.2
124.2
128.1
131.8
136.7
136.6
139.1
133.0
133.4
134.2
136.8
136.5
139.2
135.2
136.4
137.6
137.2
138.9
137.7
140.1
139.6

Services

Fuel
oil
and
coal

13.2
14.0
15.0
15.7
15.6
15.0
14.3
14.6
13.8
12.8
14.3
13.9
15.0
15.0
14.7
13.8
13.6
13.9
14.0
13.8
13.8
12.6
12.7
12.3

Other

331.2
338.5
356.8
372.0
389.8
410.8
430.8
455.9
484.5
502.3
433.3
439.7
448.2
451.6
456.1
467.7
476.9
481.1
488.4
491.4
497.3
501.4
503.0
507.5

Total
services 1

2,729.7
2,802.5
2,886.2
2,963.4
3,047.0
3,147.0
3,273.4
3,393.2
3,527.7
3,633.4
3,295.2
3,307.6
3,340.8
3,377.8
3,413.7
3,440.5
3,472.2
3,509.6
3,540.2
3,588.8
3,605.1
3,629.8
3,640.4
3,658.2

Housing

Medical
care

719.3
728.1
749.1
763.7
772.6
787.2
808.7
831.6
850.1
867.0
811.7
817.1
823.4
828.8
834.4
839.6
843.7
848.1
851.9
856.6
861.3
864.9
868.4
873.2

765.4
775.4
783.1
797.7
814.4
835.4
857.7
877.9
903.9
935.4
859.0
862.4
867.6
874.3
881.3
888.4
892.2
901.7
906.9
915.0
921.6
932.1
940.2
947.7

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
17.0
14.7
16.3
16.2
16.7
17.0
17.2
18.1
17.2
17.3
16.3
16.9
16.6
16.1
18.4

SOURCES OF PERSONAL INCOME
Personal income rose $49.9 billion (annual rate) in February, following an increase of $44.7 billion in January.
Wages and salaries rose $20.0 billion in February, following a decrease of $1.8 billion in January.

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

Period

1992 .................................................................
1993 .................................................................
1994 .................................................................
1995 .................................................................
1996 .................................................................
1997 ................................................................
1998 ................................................................
1999 ................................................................
2000 ................................................................
2001 r ...............................................................
2001: Jan .......................................................
Feb .......................................................
Mar ......................................................
Apr .......................................................
May .......................................................
June .....................................................
July .....................................................
Aug ......................................................
Sept .....................................................
Oct r .....................................................
Nov r .....................................................
Dec r .....................................................
2002: 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
7,426.0
7,777.3
8,319.2
8,723.5
8,604.0
8,640.2
8,676.2
8,697.0
8,709.3
8,737.6
8,768.5
8,775.9
8,771.0
8,759.6
8,757.2
8,784.8
8,829.5
8,879.4

Wage and
salary
disbursements 1

2,982.6
3,085.2
3,236.7
3,424.7
3,626.5
3,888.9
4,192.8
4,472.2
4,837.2
5,098.2
5,022.7
5,051.8
5,073.8
5,092.8
5,091.7
5,115.0
5,124.5
5,123.8
5,122.0
5,110.6
5,112.8
5,136.8
5,135.0
5,155.0

Proprietors’ income 3
Other labor
income 1 2

449.5
482.8
507.5
497.0
490.0
475.4
490.6
509.7
534.2
553.8
548.2
549.3
550.3
551.3
552.0
553.3
554.4
555.3
556.5
557.4
558.5
559.5
564.1
567.7

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
25.6
26.6
30.6
27.6
30.9
30.2
28.4
29.0
28.8
28.3
29.7
32.4
34.7
26.9
19.5
12.4
17.2
21.9

Nonfarm

401.7
431.7
444.6
475.5
510.5
551.5
598.2
645.4
684.4
715.9
700.8
703.5
711.8
711.0
717.1
721.8
722.3
725.4
713.9
717.0
719.6
726.9
731.6
734.8

Rental
income
of
persons 4

63.3
90.9
110.3
117.9
129.7
128.3
138.6
147.7
141.6
142.6
141.5
139.6
137.9
138.1
140.3
138.6
142.3
144.4
145.2
146.3
147.7
149.2
154.4
162.1

Personal
dividend
income

185.3
203.0
234.7
254.0
297.4
334.9
348.3
343.1
379.2
416.3
402.3
404.8
407.2
409.6
411.9
414.3
416.9
420.1
423.0
425.8
428.3
431.0
433.6
435.8

Personal
interest
income

750.1
725.5
742.4
792.5
810.6
864.0
964.4
950.0
1,000.6
993.6
1,012.7
1,010.8
1,009.1
1,005.1
1,000.7
997.2
994.3
991.5
988.6
979.7
970.9
962.0
964.3
966.5

Transfer
payments 5

Less: Personal contributions
for social
insurance

751.7
798.6
833.9
885.9
928.8
962.2
983.7
1,019.6
1,069.1
1,148.8
1,115.8
1,122.4
1,131.0
1,134.1
1,140.3
1,143.6
1,158.8
1,157.3
1,160.9
1,168.7
1,172.2
1,180.5
1,208.2
1,215.0

226.6
237.8
254.1
268.8
280.4
297.9
316.3
337.1
357.7
373.3
370.7
372.2
373.2
374.0
373.5
374.5
374.7
374.2
373.7
372.6
372.4
373.5
378.8
379.4

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 9.2 percent in the fourth quarter of 2001.

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 ..................
2001 r .................

5,390.4
5,610.0
5,888.0
6,200.9
6,547.4
6,937.0
7,426.0
7,777.3
8,319.2
8,723.5

635.8
674.6
722.6
778.3
869.7
968.8
1,070.4
1,159.2
1,288.2
1,306.2

4,754.6
4,935.3
5,165.4
5,422.6
5,677.7
5,968.2
6,355.6
6,618.0
7,031.0
7,417.3

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
6,054.1
6,457.2
6,963.3
7,298.9

413.7
350.8
315.5
302.4
272.1
252.9
301.5
160.9
67.7
118.4

5,189.3
5,261.3
5,397.2
5,539.1
5,677.7
5,854.5
6,168.6
6,320.0
6,539.2
6,772.4

18,524
18,979
19,624
20,358
21,069
21,881
23,031
23,708
24,889
25,943

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

20,217
20,233
20,504
20,795
21,069
21,464
22,354
22,641
23,148
23,687

16,401
17,131
17,918
18,655
19,435
20,272
21,221
22,391
23,818
24,709

17,900
18,262
18,722
19,055
19,435
19,886
20,597
21,381
22,152
22,561

1.8
.1
1.3
1.4
1.3
1.9
4.1
1.3
2.2
2.3

8.7
7.1
6.1
5.6
4.8
4.2
4.7
2.4
1.0
1.6

256,677
260,037
263,226
266,364
269,485
272,756
275,955
279,144
282,489
285,908

22,470
22,533
22,555
22,609
22,651
22,747
22,872
23,134
23,209
23,376
23,470
23,541
24,157
23,580

21,331
21,604
21,880
22,239
22,530
22,909
23,406
23,670
23,984
24,209
24,519
24,682
24,646
24,988

20,674
20,867
21,064
21,303
21,462
21,693
21,948
22,079
22,240
22,341
22,449
22,523
22,503
22,767

2.4
1.1
.4
1.0
.7
1.7
2.2
4.7
1.3
2.9
1.6
1.2
10.9
¥9.2

4.9
4.3
3.5
2.7
2.1
1.4
.8
1.3
.8
1.0
1.1
1.1
3.8
.4

276,367
277,217
277,910
278,657
279,562
280,446
281,202
281,994
282,923
283,838
284,582
285,418
286,360
287,272

Seasonally adjusted annual rates
1998: III ..........
IV ..........
1999: I .............
II ...........
III ..........
IV ..........
2000: I .............
II ...........
III ..........
IV ..........
2001: I .............
II ...........
III ..........
IV r .........

7,490.7
7,575.8
7,631.4
7,719.6
7,818.7
7,939.3
8,104.4
8,271.0
8,381.5
8,519.6
8,640.2
8,714.6
8,771.8
8,767.2

1,083.7
1,108.5
1,120.4
1,142.6
1,171.3
1,202.5
1,245.3
1,277.3
1,300.2
1,329.8
1,345.2
1,351.4
1,195.5
1,332.7

6,407.0
6,467.3
6,511.0
6,577.0
6,647.3
6,736.8
6,859.1
6,993.7
7,081.3
7,189.8
7,295.0
7,363.2
7,576.4
7,434.5

6,095.6
6,189.7
6,280.6
6,401.8
6,506.5
6,639.7
6,805.7
6,905.6
7,026.9
7,115.1
7,216.2
7,281.7
7,291.0
7,406.6

311.4
277.6
230.4
175.2
140.8
97.2
53.5
88.1
54.5
74.7
78.8
81.5
285.3
27.9

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

6,209.9
6,246.6
6,268.2
6,300.0
6,332.4
6,379.2
6,431.6
6,523.7
6,566.5
6,634.9
6,679.0
6,719.2
6,917.5
6,773.8

23,183
23,329
23,428
23,602
23,778
24,022
24,392
24,801
25,029
25,331
25,634
25,798
26,457
25,880

Estimates shown here are by Bureau of Economic Analysis. See Survey of Current Business,
December 2001.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

FARM INCOME
In the fourth quarter of 2001, according to preliminary estimates, gross farm income rose $12.6 billion (annual
rate) and net farm income rose $30.6 billion.

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

Cash marketing receipts
Total 1
Total

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

200.6
205.0
216.0
210.8
235.8
238.5
231.8
235.3
241.5
248.6
230.2
230.0
228.4
252.6
232.0
233.2
237.3
263.6
241.0
248.8
246.1
258.7

171.4
178.2
181.3
188.0
199.3
207.6
195.8
188.1
193.6
201.9
189.0
191.7
193.7
178.1
190.2
194.5
202.8
186.9
199.8
210.5
211.7
185.5

1 Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income produced by farms.
2 Physical changes in end-of-year inventory of crop and livestock commodities valued at
weighted average market prices during the period.
NOTE.—Data include Commodity Credit Corporation loan transactions and imputed rent of
operator residences.
Quarterly data plotted for 1992 and 1993 in chart do not reflect revisions to annual data
in table.

Livestock and
products

85.8
90.5
88.3
87.2
92.9
96.5
94.1
95.5
99.5
106.1
95.5
94.9
96.9
94.9
99.7
98.9
100.1
99.2
105.4
108.5
110.8
99.6

Crops

85.7
87.7
93.0
100.8
106.3
111.2
101.7
92.6
94.1
95.8
93.5
96.8
96.8
83.2
90.5
95.6
102.6
87.7
94.4
102.0
100.9
85.9

Value of
inventory
changes 2

4.2
¥4.2
8.3
¥5.0
7.9
.6
¥.6
¥.2
.5
.9
¥.3
¥.3
¥.2
¥.1
.6
.5
.4
.3
1.1
1.0
.8
.6

Production
expenses

152.8
160.4
167.2
173.8
181.0
190.0
189.0
191.0
195.1
199.4
198.3
198.2
188.8
178.7
198.6
202.3
195.7
183.7
200.4
207.1
203.9
185.8

Net farm
income

47.8
44.7
48.9
36.9
54.8
48.5
42.9
44.3
46.4
49.3
31.9
31.8
39.6
73.9
33.5
30.8
41.6
79.9
40.6
41.7
42.2
72.8

Data for 2001 are forecasts.
Source: Department of Agriculture.

7

CORPORATE PROFITS
In the fourth quarter of 2001, according to current estimates, corporate profits before tax fell $61.2 billion (annual
rate) and profits after tax fell $50.4 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

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

448.8
506.4
561.0
650.2
729.4
800.8
739.4
773.4
833.0
700.7

380.1
429.6
483.7
558.2
628.6
690.2
637.2
658.8
696.3
551.4

124.8
127.9
114.7
154.3
165.3
185.7
158.4
191.0
204.4
180.0

255.2
301.7
369.0
403.8
463.3
504.5
478.8
467.8
491.8
371.4

93.9
108.4
139.6
166.1
181.2
195.2
164.3
163.7
155.2
79.5

58.5
69.6
82.9
85.8
91.4
85.0
79.1
59.0
67.4
52.4

25.9
28.2
33.1
29.4
42.6
49.2
55.9
53.8
60.5
40.4

33.7
39.7
46.6
44.1
52.9
63.9
73.8
77.1
81.8
85.5

451.6
510.4
573.4
668.5
726.3
792.4
721.1
776.3
845.4
698.5

143.1
165.4
186.7
211.0
223.6
237.2
238.8
253.0
271.5
216.0

308.4
345.0
386.7
457.5
502.7
555.2
482.3
523.3
573.9
482.5

185.5
203.1
234.9
254.2
297.7
335.2
348.7
343.5
379.6
416.6

122.9
141.9
151.8
203.3
205.0
220.0
133.6
179.8
194.3
65.9

¥2.8
¥4.0
¥12.4
¥18.3
3.1
8.4
18.3
¥2.9
¥12.4
2.2

1998: I .........
II ........
III ......
IV .......

751.8
733.1
743.8
729.2

642.2
626.7
651.3
628.5

166.8
156.4
155.0
155.5

475.4
470.3
496.4
473.0

165.9
160.1
168.9
162.2

77.5
80.9
87.0
71.1

54.2
55.5
60.4
53.3

71.3
72.3
74.7
76.7

731.7
722.8
723.6
706.3

239.9
237.8
243.6
234.1

491.8
485.0
480.1
472.2

349.4
350.4
348.3
346.7

142.5
134.5
131.8
125.5

20.0
10.3
20.2
22.9

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

783.5
758.2
748.1
804.0
821.1
847.2
854.6
809.2
753.8
729.5
683.6
635.9

674.7
648.7
637.5
674.4
700.6
718.3
713.6
652.4
613.8
585.4
537.5
468.9

183.8
179.9
191.3
209.1
210.0
200.3
203.1
204.4
202.2
183.3
153.4
181.2

490.9
468.8
446.2
465.3
490.6
518.0
510.6
448.0
411.6
402.1
384.1
287.7

175.9
169.6
158.4
151.1
167.0
175.0
159.4
119.4
90.4
93.4
84.0
50.3

66.3
53.0
53.1
63.5
63.8
67.9
70.5
67.3
66.4
62.6
54.8
25.7

55.7
51.7
48.6
59.2
57.6
64.9
63.7
55.9
40.3
34.0
45.4
41.9

81.0
80.0
72.5
74.9
83.6
83.0
84.5
76.3
84.9
85.6
87.3
84.3

755.4
759.1
765.8
825.0
844.9
862.0
858.3
816.5
755.7
738.3
680.6
619.4

246.2
247.9
250.7
267.3
277.0
280.4
274.9
253.5
236.8
228.0
204.9
194.1

509.2
511.2
515.1
557.7
567.8
581.6
583.4
563.0
518.9
510.3
475.6
425.2

342.4
339.7
342.2
349.6
361.5
373.7
386.2
397.0
405.2
412.3
420.4
428.7

166.8
171.4
172.9
208.1
206.3
207.9
197.2
165.9
113.7
98.0
55.2
¥3.5

28.1
¥.9
¥17.7
¥21.0
¥23.8
¥14.8
¥3.6
¥7.3
¥1.9
¥8.8
3.1
16.6

1992
1993
1994
1995
1996
1997
1998
1999
2000
2001

1 See

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

8

4 Transportation

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

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the fourth quarter of 2001, according to revised estimates, nonresidential fixed investment in chained (1996)
dollars fell $47.0 billion (annual rate) and residential investment fell $4.5 billion. There was a decrease of $119.3
billion in inventories following a decrease of $61.9 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

1992 .................................................................................
1993 .................................................................................
1994 .................................................................................
1995 .................................................................................
1996 .................................................................................
1997 .................................................................................
1998 .................................................................................
1999 .................................................................................
2000 .................................................................................
2001 r ................................................................................

899.8
977.9
1,107.0
1,140.6
1,242.7
1,393.3
1,558.0
1,660.1
1,772.9
1,630.8

886.5
958.4
1,045.9
1,109.2
1,212.7
1,328.6
1,480.0
1,595.4
1,716.2
1,682.6

630.6
683.6
744.6
817.5
899.4
1,009.3
1,135.9
1,228.6
1,350.7
1,308.0

197.3
198.9
200.5
210.1
225.0
245.4
262.2
256.9
272.8
275.2

437.5
487.1
544.9
607.6
674.4
764.2
875.4
978.3
1,087.4
1,039.0

257.2
276.0
302.7
291.7
313.3
319.7
345.1
368.3
371.4
376.9

17.1
20.0
66.8
30.4
30.0
63.8
76.7
62.1
50.6
¥61.7

10.7
28.6
53.6
42.6
22.1
60.6
75.0
63.5
52.3
¥59.0

1998: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

1,543.3
1,516.8
1,559.7
1,612.1

1,431.4
1,471.4
1,485.4
1,531.7

1,099.5
1,132.3
1,136.6
1,175.4

255.7
264.8
263.0
265.1

845.0
868.6
875.1
912.9

333.0
340.5
349.5
357.4

113.1
42.0
71.8
80.0

106.7
47.4
70.8
75.1

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

1,641.8
1,617.4
1,655.8
1,725.4

1,558.2
1,582.8
1,610.8
1,629.7

1,192.6
1,214.9
1,244.6
1,262.4

260.7
257.9
253.2
255.7

936.0
962.6
999.5
1,015.2

366.3
368.9
368.2
369.7

83.4
32.7
39.6
92.7

78.7
34.2
52.2
88.7

2000: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
2001: I ............................................................................
II ...........................................................................
III .........................................................................
IV r ........................................................................

1,722.9
1,801.6
1,788.8
1,778.3
1,721.0
1,666.2
1,620.5
1,515.5

1,683.4
1,719.2
1,730.1
1,732.1
1,740.3
1,696.4
1,671.6
1,621.9

1,309.4
1,347.7
1,371.1
1,374.5
1,373.9
1,320.9
1,292.0
1,245.0

261.1
268.5
278.2
283.3
291.7
282.3
276.8
249.9

1,058.3
1,089.6
1,102.3
1,099.3
1,087.7
1,043.2
1,019.4
1,005.6

377.3
376.5
366.3
365.3
372.9
378.3
380.5
376.0

28.9
78.9
51.7
42.8
¥27.1
¥38.3
¥61.9
¥119.3

37.8
75.1
56.6
39.7
¥27.3
¥35.8
¥59.0
¥113.8

NOTE.—See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (1996) dollar estimates
for the detailed components do not add to the chained-dollar value of GDP or to any inter-

mediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.

9

REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Structures

Total
nonresidential

Period

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

Total 1

630.6
683.6
744.6
817.5
899.4
1,009.3
1,135.9
1,228.6
1,350.7
1,308.0
1,099.5
1,132.3
1,136.6
1,175.4
1,192.6
1,214.9
1,244.6
1,262.4
1,309.4
1,347.7
1,371.1
1,374.5
1,373.9
1,320.9
1,292.0
1,245.0

197.3
198.9
200.5
210.1
225.0
245.4
262.2
256.9
272.8
275.2
255.7
264.8
263.0
265.1
260.7
257.9
253.2
255.7
261.1
268.5
278.2
283.3
291.7
282.3
276.8
249.9

Residential
Structures

Equipment and software
Information processing equipment
and software

Nonresidential
buildings,
including
farm

Utilities

129.2
131.7
137.2
147.6
161.7
177.0
188.3
185.5
194.9
185.9
184.1
189.6
187.5
191.9
192.0
186.4
182.0
181.6
188.9
194.0
197.5
199.1
202.0
191.6
180.8
169.3

41.8
38.4
36.1
36.8
36.0
35.3
42.7
45.7
48.5
52.8
40.6
43.0
43.7
43.7
42.9
44.4
46.7
48.7
45.2
46.4
49.0
53.5
56.1
55.0
49.9
50.4

Mining
exploration,
shafts,
and
wells

Total 2

17.2
20.5
19.8
18.2
21.1
26.2
25.1
20.0
23.5
28.4
24.9
26.0
25.9
23.7
20.2
20.6
19.2
20.1
21.3
22.5
25.3
24.8
28.3
30.4
30.0
25.1

437.5
487.1
544.9
607.6
674.4
764.2
875.4
978.3
1,087.4
1,039.0
845.0
868.6
875.1
912.9
936.0
962.6
999.5
1,015.2
1,058.3
1,089.6
1,102.3
1,099.3
1,087.7
1,043.2
1,019.4
1,005.6

Total

1 Includes

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

Computers
and
peripheral
equipment

163.0
183.4
206.6
242.8
287.3
349.8
429.3
506.2
609.5
587.1
404.5
422.5
433.7
456.4
470.8
498.0
520.0
535.8
573.6
601.5
621.0
641.8
620.9
588.1
572.1
567.4

20.8
26.4
32.6
49.2
70.9
102.9
147.7
208.6
290.3
288.4
132.7
142.4
147.7
167.7
182.4
201.9
218.5
231.8
253.9
284.5
305.2
317.6
314.4
287.3
265.7
286.0

Software

Other

Industrial
equipment

58.7
66.8
74.3
82.0
95.1
119.0
147.1
167.3
187.6
191.8
138.8
144.6
150.0
155.0
158.9
164.8
170.5
175.0
181.0
183.5
189.7
196.0
192.9
191.1
193.1
190.3

91.5
96.4
104.9
113.1
121.3
129.8
143.5
157.2
186.5
163.9
138.9
143.0
144.4
147.9
148.6
156.0
160.8
163.4
178.9
186.5
187.7
193.2
180.8
165.9
158.1
151.1

100.8
109.6
119.6
131.3
136.4
140.0
145.6
146.4
162.6
157.3
148.7
145.6
143.3
144.8
143.7
145.2
147.4
149.4
159.0
160.5
165.1
165.6
170.7
161.2
151.3
146.0

Transportation
equipment

Total
residential 3

92.3
103.4
120.4
128.2
138.9
150.5
168.2
197.6
192.7
175.5
161.2
166.4
164.2
181.0
189.5
192.5
205.6
202.8
200.6
200.8
193.2
176.2
177.4
174.4
174.0
176.1

257.2
276.0
302.7
291.7
313.3
319.7
345.1
368.3
371.4
376.9
333.0
340.5
349.5
357.4
366.3
368.9
368.2
369.7
377.3
376.5
366.3
365.3
372.9
378.3
380.5
376.0

Total 4

Single
family

251.0
269.4
295.8
284.4
305.6
311.8
336.8
359.3
361.8
367.3
325.0
332.2
341.2
349.0
357.6
360.0
359.1
360.5
367.8
367.0
356.8
355.8
363.3
368.6
370.9
366.3

135.7
148.0
163.2
147.7
159.1
158.6
175.9
188.9
190.9
191.8
165.6
172.5
180.2
185.5
188.3
187.9
187.5
192.1
197.4
195.0
186.2
185.0
191.1
192.8
193.3
189.9

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

2 Includes
3 Includes

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry

Period

Total
capital
expenditures

807.1
871.8
970.9
1,038.2

Total
by
industry

Forestry,
fishing
and
agricultural
services

Mining

Utilities

Construction

Manufacturing

..........
..........
896.5
965.8

...........
...........
0.9
1.7

........
........
40.4
30.5

.........
.........
36.0
44.6

..........
..........
26.9
23.1

...........
...........
203.6
196.0

Wholesale
trade

Retail
trade

Transportation
and
warehousing

Information

Finance
and
insurance

Real
estate
and
rental
and
leasing

..........
..........
96.5
120.2

..........
..........
118.2
127.2

........
........
85.2
97.6

Professional,
scientific,
and
technical
services

Health
care
and
social
assistance

Other

..........
..........
22.3
29.3

...........
...........
47.1
51.3

..........
..........
81.7
92.0

1

For
companies
without
employees

For companies with employees
1996
1997
1998
1999

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

............
............
29.2
33.4

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

10

..........
..........
57.3
63.7

............
............
51.3
55.1

..........
..........
74.4
72.3

NOTE.—Data from Annual Capital Expenditures. Industry data for 1998 and 1999 are based
on the North American Industry Classification System (NAICS): 1997.
Source: Department of Commerce, Bureau of the Census.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In March, employment fell by 425,000, and unemployment rose by 220,000.

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

Period

1992 ..................................
1993 ..................................
1994 3 ................................
1995 ..................................
1996 ..................................
1997 4 ................................
1998 4 ................................
1999 4 ................................
2000 4 ................................
2001 ..................................
2001: Mar .......................
Apr ........................
May .......................
June ......................
July .......................
Aug ........................
Sept .......................
Oct ........................
Nov ........................
Dec .........................
2002: Jan .........................
Feb .........................
Mar ........................

Civilian
noninstitutional
population
NSA

192,805
194,838
196,814
198,584
200,591
203,133
205,220
207,753
209,699
211,864
211,171
211,348
211,525
211,725
211,921
212,135
212,357
212,581
212,767
212,927
213,089
213,206
213,334

Civilian
labor
force

128,105
129,200
131,056
132,304
133,943
136,297
137,673
139,368
140,863
141,815
141,869
141,734
141,445
141,468
141,651
141,380
142,068
142,280
142,279
142,314
141,390
142,211
142,005

Nonagricultural
Total

118,492
120,259
123,060
124,900
126,708
129,558
131,463
133,488
135,208
135,073
135,808
135,424
135,235
135,003
135,106
134,408
135,004
134,615
134,253
134,055
133,468
134,319
133,894

Agricultural

3,247
3,115
3,409
3,440
3,443
3,399
3,378
3,281
3,305
3,144
3,163
3,167
3,193
3,044
3,055
3,126
3,181
3,203
3,154
3,246
3,273
3,246
3,126

Part time
for
economic
reasons 1

Total

115,245
117,144
119,651
121,460
123,264
126,159
128,085
130,207
131,903
131,929
132,645
132,257
132,042
131,959
132,051
131,282
131,823
131,412
131,099
130,809
130,195
131,073
130,768

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

4 Not

Percent 2

Unemployment

6,240
6,230
4,414
4,279
4,123
3,879
3,501
3,189
3,045
3,529
3,064
3,120
3,231
3,556
3,425
3,246
4,015
4,222
4,017
4,119
3,781
3,998
3,848

Total

9,613
8,940
7,996
7,404
7,236
6,739
6,210
5,880
5,655
6,742
6,061
6,310
6,210
6,465
6,545
6,972
7,064
7,665
8,026
8,259
7,922
7,891
8,111

15
weeks
and
over
3,408
3,094
2,860
2,363
2,316
2,062
1,637
1,480
1,309
1,746
1,510
1,507
1,503
1,571
1,630
1,798
1,907
2,042
2,317
2,410
2,546
2,561
2,688

Not in
labor
force

64,700
65,638
65,758
66,280
66,647
66,837
67,547
68,385
68,836
70,050
69,302
69,614
70,080
70,257
70,270
70,755
70,289
70,301
70,488
70,613
71,699
70,995
71,329

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

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

61.5
61.7
62.5
62.9
63.2
63.8
64.1
64.3
64.5
63.8
64.3
64.1
63.9
63.8
63.8
63.4
63.6
63.3
63.1
63.0
62.6
63.0
62.8

7.5
6.9
6.1
5.6
5.4
4.9
4.5
4.2
4.0
4.8
4.3
4.5
4.4
4.6
4.6
4.9
5.0
5.4
5.6
5.8
5.6
5.5
5.7

strictly comparable with earlier data.

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

11

SELECTED UNEMPLOYMENT RATES
In March, the unemployment rate rose to 5.7 percent from 5.5 percent in February.

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

1992 .........................
1993 .........................
1994 2 .......................
1995 .........................
1996 .........................
1997 .........................
1998 .........................
1999 .........................
2000 .........................
2001 .........................
2001: Mar ..............
Apr ...............
May ..............
June .............
July ..............
Aug ..............
Sept ..............
Oct ...............
Nov ..............
Dec ...............
2002: Jan ...............
Feb ...............
Mar ...............
1 Revised
2 Data

12

All
civilian
workers

7.5
6.9
6.1
5.6
5.4
4.9
4.5
4.2
4.0
4.8
4.3
4.5
4.4
4.6
4.6
4.9
5.0
5.4
5.6
5.8
5.6
5.5
5.7

Men
20 years
and over

Women
20 years
and over

7.1
6.4
5.4
4.8
4.6
4.2
3.7
3.5
3.3
4.2
3.8
3.9
3.9
4.1
4.0
4.4
4.3
4.8
5.2
5.2
5.2
5.0
5.2

6.3
5.9
5.4
4.9
4.8
4.4
4.1
3.8
3.6
4.1
3.6
3.8
3.8
3.9
4.0
4.2
4.4
4.8
4.9
5.2
4.8
5.0
5.0

By race
Both
sexes
16–19
years

White

20.1
19.0
17.6
17.3
16.7
16.0
14.6
13.9
13.1
14.7
13.8
14.2
13.8
14.4
14.8
15.8
14.9
15.4
15.7
16.2
16.1
15.6
16.4

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

6.6
6.1
5.3
4.9
4.7
4.2
3.9
3.7
3.5
4.2
3.7
3.9
3.9
4.0
4.1
4.3
4.3
4.7
5.0
5.1
5.0
4.9
5.0

Black
and
other

12.7
11.7
10.5
9.6
9.3
8.8
7.8
7.0
6.7
7.7
7.2
7.1
7.1
7.4
7.3
8.1
8.0
8.6
8.8
9.1
8.7
8.8
9.5

By selected groups

Black

14.2
13.0
11.5
10.4
10.5
10.0
8.9
8.0
7.6
8.7
8.4
8.2
8.0
8.4
8.1
9.0
8.8
9.6
9.9
10.2
9.8
9.6
10.7

Experienced
wage
and
salary
workers

7.2
6.6
5.9
5.4
5.2
4.7
4.3
4.0
3.9
4.6
4.2
4.3
4.3
4.5
4.5
4.8
4.8
5.3
5.5
5.7
5.5
5.5
5.7

Married
men,
spouse
present

5.1
4.4
3.7
3.3
3.0
2.7
2.4
2.2
2.0
2.7
2.4
2.5
2.6
2.6
2.7
2.8
2.8
3.1
3.3
3.4
3.5
3.4
3.4

Women
who
maintain
families

Full-time
workers 1

Part-time
workers 1

10.0
9.7
8.9
8.0
8.2
8.1
7.2
6.4
5.9
6.6
6.1
6.3
6.2
6.3
6.3
6.8
7.1
6.8
8.0
8.0
7.9
8.0
7.3

7.5
6.9
6.1
5.5
5.3
4.8
4.3
4.1
3.9
4.7
4.1
4.3
4.3
4.5
4.5
4.8
5.0
5.4
5.6
5.8
5.7
5.7
5.8

7.5
7.2
6.0
6.0
5.8
5.5
5.3
5.0
4.8
5.1
4.9
5.3
4.8
5.2
5.1
5.4
4.6
5.5
5.6
5.6
5.2
4.8
5.2

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 and for 27
weeks and over rose; the percentages for 5–14 weeks and for 15–26 weeks fell. The mean duration of unemployment
rose to 15.4 weeks and the median duration was unchanged at 8.1 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
1992 ........................................
1993 ........................................
1994 3 ......................................
1995 ........................................
1996 ........................................
1997 ........................................
1998 ........................................
1999 ........................................
2000 ........................................
2001 ........................................
2001: Mar .............................
Apr ..............................
May .............................
June ............................
July .............................
Aug ..............................
Sept .............................
Oct ..............................
Nov ..............................
Dec ...............................
2002: Jan ...............................
Feb ..............................
Mar ..............................
1 Beginning

9,613
8,940
7,996
7,404
7,236
6,739
6,210
5,880
5,655
6,742
6,061
6,310
6,210
6,465
6,545
6,972
7,064
7,665
8,026
8,259
7,922
7,891
8,111

35.1
36.5
34.1
36.5
36.4
37.7
42.2
43.7
45.0
42.0
43.7
44.8
43.5
43.4
41.1
42.8
39.6
40.3
38.7
37.1
36.7
35.8
37.6

29.4
28.9
30.1
31.6
31.6
31.7
31.4
31.2
31.9
32.1
31.9
31.3
32.4
32.4
33.7
31.2
33.4
33.0
32.2
33.4
31.9
31.8
29.5

15.1
14.5
15.5
14.6
14.6
14.8
12.3
12.8
11.8
14.1
13.2
12.4
13.8
13.0
14.7
14.2
15.3
14.9
15.1
15.9
17.5
17.5
16.6

20.3
20.1
20.3
17.3
17.4
15.8
14.1
12.3
11.4
11.8
11.3
11.5
10.3
11.2
10.6
11.8
11.6
11.8
13.9
13.7
13.9
14.9
16.3

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

17.7
18.0
18.8
16.6
16.7
15.8
14.5
13.4
12.6
13.2
12.8
12.6
12.4
12.9
12.7
13.2
13.3
13.0
14.4
14.5
14.6
15.0
15.4

8.7
8.3
9.2
8.3
8.3
8.0
6.7
6.4
5.9
6.8
6.4
6.0
6.4
6.3
6.7
6.6
7.3
7.4
7.6
8.2
8.8
8.1
8.1

56.1
54.2
47.7
46.9
46.6
45.1
45.5
44.6
44.1
50.8
49.0
48.4
50.2
50.4
50.9
49.4
51.5
55.4
56.0
54.4
55.1
54.4
52.3

10.4
10.9
9.9
11.1
10.7
11.8
11.8
13.3
13.7
12.3
13.1
12.4
13.1
12.5
12.2
12.6
11.7
11.3
10.5
11.0
11.1
11.0
10.6

23.8
24.6
34.8
34.1
34.7
34.7
34.3
34.1
34.6
30.1
31.2
31.9
29.3
29.8
30.1
31.0
30.1
27.2
27.3
28.6
27.7
28.5
30.3

9.7
10.3
7.6
7.8
8.0
8.4
8.4
8.0
7.6
6.7
6.7
7.3
7.5
7.3
6.8
7.0
6.7
6.0
6.2
6.0
6.1
6.1
6.8

3,245
2,751
2,670
2,572
2,595
2,323
2,222
2,188
2,110
2,972
2,505
2,636
2,825
2,995
3,058
3,188
3,345
3,676
3,747
3,637
3,440
3,432
..............

408
341
340
357
356
323
321
298
301
404
378
405
409
410
395
398
455
490
461
410
385
r 374
p 403

3,348
2,845
2,739
2,633
2,650
2,366
2,257
2,219
2,141
3,005
2,829
2,966
2,534
2,644
3,171
2,727
2,853
3,026
3,138
3,940
r 4,313
4,300
.................

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

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 58,000 in March.

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

Goods-producing industries
Period

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

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

Total
nonagricultural
employment

108,601
110,713
114,163
117,191
119,608
122,690
125,865
128,916
131,759
132,213
132,654
132,489
132,530
132,431
132,449
132,395
132,230
131,782
131,427
131,321
131,212
131,210
131,268

Service-producing industries

Manufacturing
Total 2

23,231
23,352
23,908
24,265
24,493
24,962
25,414
25,507
25,709
25,122
25,602
25,421
25,324
25,186
25,122
24,963
24,888
24,746
24,577
24,453
24,273
24,243
24,166

Construction

4,492
4,668
4,986
5,160
5,418
5,691
6,020
6,415
6,698
6,861
6,929
6,852
6,881
6,864
6,867
6,861
6,871
6,852
6,851
6,850
6,787
6,817
6,780

Total

18,104
18,075
18,321
18,524
18,495
18,675
18,805
18,552
18,469
17,698
18,116
18,009
17,879
17,757
17,688
17,533
17,448
17,325
17,159
17,039
16,923
16,869
16,831

Durable
goods

Nondurable
goods

10,277
10,221
10,448
10,683
10,789
11,010
11,205
11,111
11,138
10,638
10,941
10,870
10,778
10,692
10,624
10,523
10,460
10,363
10,240
10,158
10,048
10,018
9,987

7,827
7,854
7,873
7,841
7,706
7,665
7,600
7,441
7,331
7,060
7,175
7,139
7,101
7,065
7,064
7,010
6,988
6,962
6,919
6,881
6,875
6,851
6,844

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

85,370
87,361
90,256
92,925
95,115
97,727
100,451
103,409
106,050
107,092
107,052
107,068
107,206
107,245
107,327
107,432
107,342
107,036
106,850
106,868
106,939
106,967
107,102

Transportation and
public
utilities

5,718
5,811
5,984
6,132
6,253
6,408
6,611
6,834
7,019
7,070
7,127
7,119
7,130
7,118
7,108
7,082
7,070
7,016
6,952
6,915
6,898
6,898
6,892

Wholesale
trade

5,997
5,981
6,162
6,378
6,482
6,648
6,800
6,911
7,024
7,014
7,066
7,053
7,038
7,022
7,017
7,010
6,988
6,971
6,941
6,938
6,933
6,919
6,917

Retail
trade

19,356
19,773
20,507
21,187
21,597
21,966
22,295
22,848
23,307
23,488
23,457
23,530
23,546
23,561
23,606
23,583
23,536
23,422
23,424
23,365
23,408
23,458
23,452

Finance,
insurance,
Services
and real
estate

6,602
6,757
6,896
6,806
6,911
7,109
7,389
7,555
7,560
7,624
7,618
7,626
7,644
7,631
7,618
7,623
7,633
7,634
7,638
7,632
7,638
7,624
7,618

29,052
30,197
31,579
33,117
34,454
36,040
37,533
39,055
40,460
41,024
41,073
40,993
41,078
41,085
41,046
41,129
41,134
40,995
40,889
40,957
40,992
40,983
41,101

Government
Total

18,645
18,841
19,128
19,305
19,419
19,557
19,823
20,206
20,681
20,873
20,711
20,747
20,770
20,828
20,932
21,005
20,981
20,998
21,006
21,061
21,070
21,085
21,122

Federal

2,969
2,915
2,870
2,822
2,757
2,699
2,686
2,669
2,777
2,616
2,613
2,615
2,612
2,621
2,626
2,622
2,627
2,625
2,607
2,615
2,607
2,605
2,603

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

1992 ......................
1993 ......................
1994 ......................
1995 ......................
1996 .....................
1997 .....................
1998 ......................
1999 ......................
2000 ......................
2001 ......................
2001: Feb ............
Mar ............
Apr ............
May ...........
June ..........
July ...........
Aug ...........
Sept ..........
Oct ............
Nov ...........
Dec ...........
2002: Jan r ..........
Feb r ..........
Mar p .........

Total
private
nonagricultural 1

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

Total

41.0
41.4
42.0
41.6
41.6
42.0
41.7
41.7
41.6
40.7
40.9
41.0
41.0
40.7
40.7
40.8
40.7
40.6
40.5
40.3
40.6
40.6
40.7
41.1

Average gross weekly earnings

Total private
nonagricultural 1

Overtime

3.8
4.1
4.7
4.4
4.5
4.8
4.6
4.6
4.6
3.9
3.9
4.1
3.9
3.9
3.9
4.0
4.1
3.9
3.8
3.7
3.8
3.9
3.9
4.2

Current
dollars

$10.57
10.83
11.12
11.43
11.82
12.28
12.78
13.24
13.75
14.33
14.11
14.17
14.21
14.24
14.31
14.34
14.40
14.45
14.47
14.54
14.58
14.59
14.63
14.67

1982
dollars 2

$7.41
7.39
7.40
7.39
7.43
7.55
7.75
7.86
7.89
8.00
7.92
7.96
7.94
7.93
7.95
8.00
8.03
8.02
8.06
8.11
8.15
8.14
8.15
..............

Total private
nonagricultural 1
Manufacturing

Current
dollars

$11.46
11.74
12.07
12.37
12.77
13.17
13.49
13.90
14.38
14.84
14.63
14.66
14.72
14.78
14.81
14.86
14.93
14.96
14.97
15.05
15.09
15.12
15.18
15.21

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

$363.61
373.64
385.86
394.34
406.61
424.89
442.19
456.78
474.38
490.09
483.97
486.03
485.98
487.01
489.40
490.43
489.60
492.75
491.98
495.81
497.18
497.52
500.35
501.71

$254.99
254.87
256.73
255.07
255.73
261.31
268.32
271.25
272.16
273.64
271.74
272.90
271.65
271.16
272.04
273.52
273.06
273.45
274.08
276.53
278.06
277.63
278.59
..............

$469.86
486.04
506.94
514.59
531.23
553.14
562.53
579.63
598.21
603.99
598.37
601.06
603.52
601.55
602.77
606.29
607.65
607.38
606.29
606.52
612.65
613.87
617.83
625.13

$537.70
553.63
573.00
587.00
603.33
625.56
646.13
672.13
702.68
718.54
708.21
716.70
713.30
723.33
720.23
719.44
719.32
717.88
711.31
723.63
720.52
737.89
735.37
730.39

$205.06
209.95
216.46
221.47
230.11
240.74
253.46
263.61
273.39
282.82
280.04
279.94
280.51
281.95
282.12
281.42
282.28
283.27
284.42
287.42
288.71
287.71
291.00
291.45

Current
dollars

2.7
2.8
3.3
2.2
3.1
4.5
4.1
3.3
3.9
3.3
3.5
3.7
3.3
3.6
3.4
3.7
3.4
3.5
2.9
3.5
3.6
3.1
3.4
3.2

1982
dollars

¥0.2
¥.0
.7
¥.6
.3
2.2
2.7
1.1
.3
.5
.0
.8
.1
¥.1
.2
1.0
.7
1.0
.9
1.8
2.4
2.2
2.5
..............

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

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

115.6
119.8
123.5
126.7
130.6
135.1
139.8
144.6
150.9
157.2

112.9
116.4
119.7
123.1
127.3
132.3
137.4
142.2
147.7
153.3

1998: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
1999: Mar .................................................................
June ...............................................................
Sept .................................................................
Dec .................................................................
2000: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2001: Mar .................................................................
June ................................................................
Sept .................................................................
Dec ..................................................................

136.2
137.3
138.8
139.7
140.2
141.8
143.0
144.6
146.6
148.3
149.7
151.0
152.7
154.2
155.6
157.2

133.7
134.8
136.5
137.5
138.1
139.7
140.9
142.3
143.9
145.4
146.7
147.9
149.5
150.9
152.0
153.4

122.2
128.3
133.0
135.9
138.6
141.8
145.2
150.2
158.6
166.7

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

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

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

1.0
.8
1.3
.7
.4
1.2
.9
1.0
1.1
1.0
.9
.8
1.1
.9
.7
.9

0.3
.6
.7
.7
.1
1.0
1.0
1.3
2.0
1.2
1.2
1.1
1.4
.9
1.4
1.3

Seasonally adjusted

1 Employer

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

142.2
143.1
144.1
145.1
145.3
146.7
148.2
150.2
153.2
155.1
157.0
158.7
161.0
162.5
164.7
166.8

0.7
.8
1.1
.6
.4
1.1
.8
1.1
1.4
1.2
.9
.9
1.1
1.0
.9
1.0

3.5
3.6
3.1
2.6
3.1
3.4
3.5
3.4
4.4
4.2

2.6
3.1
2.8
2.8
3.4
3.9
3.9
3.5
3.9
3.8

5.2
5.0
3.7
2.2
2.0
2.3
2.4
3.4
5.6
5.1

Not seasonally adjusted
3.5
3.5
3.8
3.5
3.0
3.3
3.1
3.4
4.6
4.6
4.6
4.4
4.2
4.0
4.0
4.2

4.0
4.0
4.3
3.9
3.3
3.6
3.2
3.5
4.2
4.1
4.1
3.9
3.8
3.8
3.6
3.8

2.3
2.6
2.6
2.4
2.2
2.5
2.8
3.4
5.5
5.7
6.0
5.6
5.0
4.8
4.9
5.1

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

15

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

Nonfarm
business
sector

Output 1
Business
sector

Nonfarm
business
sector

Hours of all
persons 2
Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs
Business
sector

Nonfarm
business
sector

Implicit price
deflator 5
Business
sector

Nonfarm
business
sector

Indexes, 1992=100; quarterly data seasonally adjusted
1992 ........................
1993 ........................
1994 ........................
1995 ........................
1996 ........................
1997 ........................
1998 ........................
1999 ........................
2000 ........................
2001 * ......................
1998: I ...................
II .................
III ................
IV ................
1999: I ...................
II .................
III ................
IV ................
2000: I ...................
II .................
III ................
IV ................
2001: I ...................
II .................
III ................
IV * ..............

100.0
100.5
101.9
102.6
105.4
107.8
110.7
113.4
117.3
119.6
110.0
110.0
110.7
111.9
112.7
112.4
113.3
115.3
115.3
117.5
117.8
118.7
118.6
119.3
119.5
121.0

100.0
100.5
101.8
102.8
105.4
107.5
110.3
112.9
116.6
118.8
109.6
109.8
110.3
111.5
112.2
111.8
112.7
114.8
114.8
116.7
117.2
117.8
117.8
118.4
118.7
120.2

100.0
103.1
108.1
111.5
116.4
122.5
128.5
134.4
140.6
141.8
126.7
127.3
128.7
131.3
132.4
132.9
134.6
137.8
138.6
140.8
141.2
141.9
142.3
142.1
141.2
141.7

100.0
103.3
108.2
111.8
116.7
122.7
128.8
134.8
140.8
142.1
127.0
127.7
129.0
131.6
132.8
133.2
134.9
138.1
138.8
141.0
141.4
142.1
142.5
142.4
141.5
142.0

100.0
102.6
106.2
108.7
110.4
113.6
116.1
118.5
119.8
118.6
115.2
115.7
116.3
117.3
117.4
118.2
118.8
119.5
120.2
119.8
119.9
119.5
119.9
119.1
118.2
117.1

100.0
102.9
106.2
108.8
110.7
114.1
116.8
119.4
120.8
119.6
115.9
116.3
116.9
118.0
118.3
119.2
119.7
120.3
120.9
120.8
120.7
120.6
121.0
120.2
119.2
118.1

100.0
102.5
104.5
106.7
110.1
113.5
119.8
125.2
133.3
141.2
117.6
119.1
120.6
121.8
123.1
124.4
126.1
127.3
129.3
132.1
134.3
137.4
139.1
140.9
142.1
142.9

100.0
102.2
104.3
106.6
109.8
113.1
119.2
124.4
132.5
140.1
116.9
118.6
120.0
121.1
122.2
123.5
125.1
126.6
128.7
131.2
133.6
136.5
138.1
139.7
141.0
141.8

100.0
99.9
99.7
99.3
99.8
100.7
104.8
107.3
110.5
113.8
103.3
104.4
105.2
105.8
106.6
106.9
107.5
107.7
108.4
110.0
110.8
112.5
112.9
113.5
114.2
114.9

100.0
99.6
99.5
99.2
99.5
100.3
104.2
106.5
109.8
112.9
102.8
103.9
104.7
105.3
105.8
106.1
106.8
107.1
107.9
109.2
110.2
111.8
112.1
112.5
113.3
114.0

100.0
101.9
102.6
104.1
104.5
105.3
108.2
110.4
113.6
118.1
106.9
108.3
108.9
108.8
109.2
110.7
111.3
110.4
112.2
112.5
114.0
115.8
117.3
118.1
118.9
118.1

100.0
101.7
102.5
103.7
104.2
105.2
108.0
110.2
113.6
118.0
106.7
108.0
108.7
108.6
109.0
110.5
111.1
110.2
112.1
112.5
114.0
115.8
117.2
118.0
118.7
117.9

100.0
102.2
104.0
106.0
107.7
109.7
110.6
111.6
113.7
115.7
110.3
110.4
110.7
110.8
111.2
111.4
111.7
112.0
112.9
113.5
113.9
114.4
115.2
115.7
116.2
115.8

100.0
102.2
104.1
106.1
107.6
109.8
110.8
112.0
114.2
116.2
110.5
110.6
111.0
111.1
111.5
111.8
112.1
112.5
113.5
114.0
114.5
114.9
115.7
116.1
116.6
116.4

1.6
1.7
.8
1.2
.5
.9
2.7
2.0
3.1
3.8
1.1
¥2.6
.7
5.6
2.0
5.1
2.7
¥.4
1.3
5.6
2.2
¥2.9
6.9
1.3
5.7
6.4
5.0
2.6
2.6
¥2.7

2.0
2.2
1.8
2.0
1.6
1.8
.8
.9
1.9
1.8
2.6
1.9
1.0
1.1
.5
.5
.9
.5
1.3
.8
.9
1.2
3.2
2.1
1.7
1.6
2.9
1.7
1.9
¥1.4

2.1
2.2
1.9
2.0
1.4
2.1
.9
1.1
2.0
1.7
3.1
2.2
1.3
1.1
.6
.4
1.2
.5
1.5
1.2
1.0
1.4
3.5
1.7
1.8
1.5
2.7
1.5
1.7
¥.6

Percent change; quarterly data at seasonally adjusted annual rates
1992 ........................
1993 ........................
1994 ........................
1995 ........................
1996 ........................
1997 ........................
1998 ........................
1999 ........................
2000 ........................
2001 * ......................
1997: I ...................
II .................
III ................
IV ................
1998: I ...................
II .................
III ................
IV ................
1999: I ...................
II .................
III ................
IV ................
2000: I ...................
II .................
III ................
IV ................
2001: I ...................
II .................
III ................
IV * ..............

3.9
.5
1.3
.7
2.8
2.3
2.7
2.5
3.4
1.9
1.6
4.2
3.8
.6
4.9
.1
2.5
4.5
3.0
¥1.1
3.1
7.4
¥.1
7.7
1.2
3.0
¥.2
2.2
.7
5.1

3.7
.5
1.3
.9
2.5
2.0
2.6
2.3
3.3
1.9
1.1
4.2
3.3
.6
4.7
.5
2.2
4.4
2.3
¥1.3
3.2
7.8
.0
6.7
1.6
2.3
¥.1
2.1
1.1
5.2

3.7
3.1
4.9
3.1
4.4
5.2
4.9
4.6
4.6
.9
5.2
7.1
4.9
3.2
7.5
1.9
4.4
8.2
3.5
1.6
5.1
9.9
2.2
6.5
1.3
1.8
1.2
¥.7
¥2.3
1.3

3.5
3.3
4.7
3.4
4.3
5.1
5.0
4.6
4.5
.9
4.8
7.1
4.6
3.4
7.8
2.1
4.3
8.3
3.5
1.4
5.3
9.8
2.0
6.5
1.2
1.8
1.4
¥.4
¥2.3
1.2

¥0.2
2.6
3.5
2.4
1.6
2.9
2.2
2.0
1.1
¥1.0
3.5
2.8
1.1
2.6
2.4
1.9
1.8
3.6
.5
2.7
1.9
2.3
2.3
¥1.1
.1
¥1.1
1.4
¥2.8
¥2.9
¥3.6

¥0.2
2.9
3.3
2.4
1.7
3.1
2.4
2.2
1.1
¥.9
3.7
2.7
1.3
2.7
3.0
1.6
2.1
3.7
1.1
2.8
2.0
1.9
2.0
¥.2
¥.5
¥.5
1.4
¥2.4
¥3.4
¥3.8

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 1978–2000 is based on the consumer price index research series (CPI–U–RS).

16

5.3
2.5
2.0
2.1
3.2
3.1
5.5
4.6
6.4
5.9
2.2
1.4
4.5
6.5
7.1
5.4
4.9
4.1
4.5
4.3
5.3
4.0
6.5
9.0
6.8
9.5
5.1
5.2
3.3
2.2
5 Current

5.3
2.2
2.1
2.1
3.1
3.0
5.4
4.4
6.5
5.8
2.3
1.4
4.0
6.3
6.8
5.6
4.9
3.9
3.6
4.2
5.5
4.7
6.9
8.1
7.4
8.9
4.9
4.7
3.7
2.3

2.6
¥.1
¥.2
¥.4
.4
.9
4.0
2.4
3.0
3.0
¥.1
.5
2.8
4.2
6.3
4.1
3.3
2.2
2.9
1.4
2.3
.7
2.4
5.9
3.1
6.4
1.3
2.0
2.5
2.5

2.6
¥.4
¥.1
¥.4
.3
.8
3.9
2.2
3.1
2.8
.0
.6
2.3
4.0
6.1
4.4
3.3
2.0
2.0
1.4
2.4
1.4
2.8
5.0
3.7
5.8
1.1
1.5
2.9
2.6

1.4
1.9
.7
1.4
.4
.8
2.8
2.0
2.9
3.9
.6
¥2.7
.7
5.8
2.1
5.3
2.3
¥.4
1.5
5.4
2.2
¥3.2
6.6
1.3
5.5
6.3
5.3
3.0
2.6
¥2.7

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, 2002. GDP data for 2001: IV shown elsewhere were issued March 28, 2002.
Source: Department of Labor, Bureau of Labor Statistics.

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

1992 .........................................
1993 ........................................
1994 ........................................
1995 ........................................
1996 ........................................
1997 ........................................
1998 ........................................
1999 ........................................
2000 ........................................
2001 r .......................................

100.0
103.4
109.1
114.4
119.6
127.9
134.5
139.4
145.7
140.1

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

3.1
3.4
5.5
4.8
4.6
6.9
5.1
3.7
4.5
¥3.8

100.0
103.7
110.0
115.8
121.5
131.1
138.8
144.7
151.6
144.8

100.0
105.6
114.8
124.4
135.0
149.6
164.1
176.3
190.0
179.3

100.0
101.5
104.8
106.5
107.4
112.0
113.4
113.7
114.8
111.4

100.0
100.0
102.3
102.0
103.5
105.3
102.9
98.2
100.7
101.3

100.0
104.0
105.4
109.1
112.7
112.7
114.3
117.3
120.7
119.9

80.2
81.2
83.2
83.3
82.7
83.5
82.2
81.4
81.8
76.8

79.4
80.4
82.5
82.6
81.6
82.7
81.4
80.6
80.7
75.1

2001: Feb ..............................
Mar ..............................
Apr ...............................
May ..............................
June .............................
July ..............................
Aug ..............................
Sept .............................
Oct ...............................
Nov r .............................
Dec r .............................

143.5
142.9
142.0
141.6
140.3
140.4
140.0
138.5
137.7
137.2
136.8

¥0.3
¥.4
¥.6
¥.3
¥.9
.1
¥.3
¥1.1
¥.6
¥.3
¥.3

¥.4
¥1.3
¥2.5
¥3.4
¥4.7
¥4.2
¥4.6
¥5.7
¥5.9
¥5.9
¥5.7

148.4
147.9
146.7
146.4
145.0
145.2
144.5
142.9
142.1
142.0
141.5

184.6
184.7
182.9
182.7
180.1
180.0
178.9
176.1
173.9
174.3
173.9

113.5
112.5
111.8
111.5
111.1
111.5
111.1
110.5
110.8
110.2
109.7

102.2
102.5
103.1
103.0
102.5
101.9
101.4
102.1
99.5
99.0
97.3

123.4
121.8
121.3
119.7
119.1
118.2
121.1
118.1
119.4
116.2
117.3

78.9
78.5
77.8
77.5
76.7
76.7
76.4
75.5
75.0
74.7
74.4

77.2
76.7
76.0
75.8
75.0
75.1
74.6
73.7
73.3
73.2
72.9

2002: Jan r .............................
Feb p .............................

137.1
137.6

.2
.4

¥4.7
¥4.1

141.9
142.3

174.6
175.3

110.0
110.1

97.0
96.4

116.9
120.1

74.5
74.8

73.0
73.2

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

1992 ............................................................
1993 ............................................................
1994 ............................................................
1995 ............................................................
1996 ............................................................
1997 ............................................................
1998 ............................................................
1999 ............................................................
2000 ............................................................
2001 r ..........................................................

100.0
103.5
108.0
112.0
116.4
123.5
128.9
131.8
135.8
132.1

100.0
103.4
107.8
110.6
112.6
115.9
118.3
119.9
121.9
120.7

100.0
112.0
124.2
128.6
131.8
138.2
146.4
158.6
161.2
151.3

100.0
101.3
103.8
106.2
107.9
110.5
111.6
110.8
112.7
113.3

100.0
103.7
108.3
114.5
122.9
136.9
148.1
153.5
161.8
152.3

100.0
105.6
113.2
122.0
133.4
152.3
167.1
176.6
188.9
175.9

100.0
92.7
86.1
83.3
80.1
77.5
80.8
79.1
74.4
74.1

100.0
102.4
106.1
107.9
110.7
116.2
120.2
123.2
126.4
121.4

100.0
103.2
110.5
112.4
117.7
123.8
131.3
136.5
141.5
137.5

100.0
101.9
103.5
105.3
106.6
111.7
113.7
115.4
117.5
111.9

100.0
103.7
111.6
119.6
127.0
137.9
146.9
155.6
166.4
158.1

100.0
99.6
101.3
102.5
103.7
103.9
103.9
103.9
104.6
103.3

2001: Feb ..................................................
Mar ..................................................
Apr ...................................................
May ..................................................
June .................................................
July ..................................................
Aug ..................................................
Sept .................................................
Oct ..................................................
Nov r ................................................
Dec r .................................................

134.7
135.1
134.0
133.9
132.9
133.2
132.0
130.0
129.2
129.4
129.2

121.2
121.8
121.3
121.4
121.1
122.2
121.4
119.9
119.6
120.0
120.8

149.1
152.9
152.2
154.2
153.2
157.0
154.1
151.8
146.2
152.1
155.9

114.4
114.3
113.9
113.6
113.4
113.9
113.6
112.3
113.1
112.3
112.5

159.8
159.6
157.3
156.5
154.1
152.7
150.5
147.1
145.4
145.0
142.6

186.1
185.4
182.1
181.3
177.8
176.1
173.3
168.4
166.9
167.2
164.2

74.1
74.5
74.4
73.5
73.4
73.6
73.5
73.8
74.2
74.3
74.6

124.4
123.4
122.2
122.2
121.4
121.4
121.6
120.7
119.6
118.9
118.7

138.6
139.4
139.0
138.7
138.0
137.3
138.8
138.1
134.6
134.0
135.3

116.0
113.8
112.2
112.4
111.6
112.0
111.3
110.4
110.7
109.8
108.9

162.5
160.9
160.3
159.4
157.4
157.2
157.6
156.5
155.9
154.8
153.8

104.6
104.5
104.9
103.8
103.1
102.3
103.0
103.1
102.6
102.6
101.9

2002: Jan r .................................................
Feb p ................................................

129.0
129.1

120.4
120.8

153.8
154.4

112.5
112.8

142.8
142.2

164.5
163.9

75.0
75.2

118.6
119.5

135.2
136.4

108.7
109.5

155.0
156.0

102.0
102.5

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

1992 ............................................................
1993 ............................................................
1994 ............................................................
1995 ............................................................
1996 ............................................................
1997 ............................................................
1998 ............................................................
1999 ............................................................
2000 ............................................................
2001 r ..........................................................

100.0
105.1
113.8
116.2
119.7
125.5
127.7
129.4
131.9
116.9

100.0
106.0
114.4
116.6
119.1
123.9
124.0
123.9
127.3
112.6

100.0
104.3
112.1
116.3
120.1
126.5
131.3
132.4
137.2
130.4

100.0
110.4
126.0
144.7
161.1
178.3
195.2
207.9
227.1
213.3

100.0
109.8
131.3
165.5
206.3
266.8
334.5
411.3
536.6
504.2

100.0
104.0
108.8
108.5
110.2
120.2
130.6
137.8
137.1
128.5

100.0
114.4
133.6
137.6
137.6
148.4
154.7
174.3
177.6
162.9

100.0
100.8
105.9
107.9
110.4
113.1
117.4
122.0
118.8
113.0

100.0
102.4
106.5
107.0
105.1
108.8
105.5
106.1
101.9
93.0

100.0
100.5
100.5
101.1
101.1
107.3
106.3
105.3
106.9
101.6

100.0
100.9
103.7
106.0
108.8
115.9
118.3
119.1
122.0
121.1

100.0
102.0
103.6
105.7
105.4
107.2
110.6
112.0
113.8
112.9

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

123.9
121.0
117.5
121.2
120.8
119.5
119.5
117.5
116.4
113.6
110.2
103.0

115.4
114.4
111.3
115.8
118.4
117.7
118.8
115.7
112.7
110.4
107.1
94.5

136.2
133.2
132.2
131.0
131.0
129.5
131.1
131.0
128.7
127.5
127.2
128.7

228.1
227.0
225.5
220.2
217.0
213.8
210.2
211.0
205.1
202.8
203.4
200.7

555.4
543.6
533.6
518.8
511.4
497.6
485.9
485.5
484.6
484.8
485.1
487.6

123.1
126.4
131.0
130.5
133.2
131.9
134.6
131.6
128.5
124.6
127.2
128.9

146.9
154.9
163.7
163.2
169.7
167.7
174.6
169.9
164.2
157.3
165.9
172.1

109.3
109.5
111.8
111.8
113.7
114.2
114.0
116.2
116.4
112.8
112.4
113.3

97.7
97.6
97.4
97.0
96.5
94.0
95.1
91.2
89.4
87.8
87.3
88.3

106.9
105.9
104.3
102.5
102.3
101.3
101.1
100.7
99.7
99.8
98.9
97.4

121.2
122.2
121.4
119.5
119.9
119.5
121.2
121.2
121.0
123.2
122.4
121.3

113.0
113.5
113.6
112.6
112.8
112.9
113.1
113.0
111.7
112.2
113.0
114.3

2002: Jan r .................................................
Feb p ................................................

109.6
111.0

107.7
110.4

128.0
128.6

203.0
202.3

490.1
493.4

127.8
127.6

171.9
172.8

113.1
113.8

88.4
88.6

96.1
94.9

122.3
122.8

114.2
114.2

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
1992 ......................................
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 r .....................................

463.7
491.0
539.2
557.8
615.9
653.4
704.7
763.8
815.4
861.2

347.8
375.1
419.0
427.9
476.6
502.7
551.4
596.3
640.6
666.5

199.4
225.1
258.6
247.4
281.1
289.0
314.6
350.6
374.3
395.7

135.1
150.9
176.4
171.4
191.1
198.1
224.0
251.3
264.9
277.7

82.2
81.5
93.3
110.9
125.2
136.6
151.1
153.1
165.6
162.7

66.2
68.5
67.1
69.7
70.4
77.1
85.7
92.6
100.7
108.1

115.8
116.0
120.2
129.9
139.3
150.7
153.3
167.5
174.9
194.7

76
82
89
92
100
109
122
135
142
....................

556
589
744
862
875
1,027
1,223
1,255
1,240
......................

173.9
178.7
174.5
165.1
164.8
165.5
157.1
157.2
152.1
147.0
143.6
139.9
134.8

109.1
107.4
110.8
111.5
109.1
106.6
106.5
104.9
104.7
108.0
111.4
107.1
109.2

187.5
188.0
193.4
198.7
196.2
196.0
193.5
191.6
199.2
204.4
208.3
219.8
218.8

152
141
142
141
149
142
....................
....................
....................
....................
....................
....................
....................

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

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

869.3
869.1
870.8
869.6
861.6
863.7
856.6
851.9
856.1
856.0
862.6
869.7
879.4

681.8
681.2
677.4
670.8
665.3
667.8
663.1
660.2
656.9
651.5
654.3
649.9
660.7

398.9
395.1
392.2
394.3
391.5
395.7
399.6
398.1
400.1
396.5
399.2
402.8
416.7

275.4
273.9
274.7
278.8
278.5
280.0
280.2
279.3
280.3
280.0
281.2
286.2
293.4

1 Includes

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

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

2 Includes
3 F.W.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]
New private housing units
Period
Total
1992 ......................................
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 r .....................................

New private houses

Units started, by type of structure

1,199.7
1,287.6
1,457.0
1,354.1
1,476.8
1,474.0
1,616.9
1,640.9
1,568.7
1,602.7

1 unit
1,029.9
1,125.7
1,198.4
1,076.2
1,160.9
1,133.7
1,271.4
1,302.4
1,230.9
1,273.3

2–4 units 1

5 units or
more

30.9
29.4
35.2
33.8
45.3
44.5
42.6
31.9
38.7
36.6

139.0
132.6
223.5
244.1
270.8
295.8
302.9
306.6
299.1
292.8

Units
authorized
1,094.9
1,199.1
1,371.6
1,332.5
1,425.6
1,441.1
1,612.3
1,663.5
1,592.3
1,610.8

Units
completed

Houses
sold

Houses for
sale at end
of period 2

1,157.5
1,192.7
1,346.9
1,312.6
1,412.9
1,400.5
1,474.2
1,604.9
1,573.7
1,570.8

610
666
670
667
757
804
886
880
877
907

265
293
336
370
322
281
294
308
297
308

1,531
1,478
1,569
1,499
1,643
1,583
1,620
1,543
1,577
1,574
1,703
1,599
1,680

959
953
899
882
889
877
871
854
860
r937
987
831
875

295
289
293
296
301
307
309
310
308
r309
308
310
313

Vacancy rate
for rental
housing units
(percent) 3
7.4
3 7.3

7.4
7.6
7.8
7.7
7.9
8.1
8.0
8.4

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

1,623
1,592
1,626
1,610
1,634
1,660
1,559
1,585
1,518
1,616
1,602
1,721
1,769

1,288
1,208
1,295
1,285
1,292
1,290
1,271
1,265
1,225
1,244
1,312
1,357
1,457

25
45
42
29
54
41
27
46
33
39
17
64
48

1 Derived; seasonally adjusted monthly data for 2–4 housing units started are no longer published.
2 Seasonally adjusted.
3 Revised series beginning 1994; data for 1993 reflect the revision. Quarterly data entered
in last month of quarter.
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units

310
339
289
296
288
329
261
274
260
333
273
300
264

1,663
1,627
1,587
1,621
1,587
1,571
1,571
1,528
1,485
1,595
1,654
1,721
1,774

......................
8.2
......................
......................
8.3
......................
......................
8.4
......................
......................
8.8
......................
......................

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

19

BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In January, manufacturing and trade sales rose 0.8 percent and inventories rose $0.6 billion. In February, according
to preliminary estimates, manufacturing and trade sales fell 0.9 percent. According to advance estimates, retail
sales rose 0.2 percent in February; retail and food services sales rose 0.3 percent.

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

Manufacturing and trade 1
Period
Sales 2

1992 .................................................................
1993 .................................................................
1994 .................................................................
1995 .................................................................
1996 .................................................................
1997 .................................................................
1998 .................................................................
1999 .................................................................
2000 .................................................................
2001 r ...............................................................
2001: Jan r .....................................................
Feb r ......................................................
Mar ......................................................
Apr .......................................................
May ......................................................
June .....................................................
July ......................................................
Aug .......................................................
Sept ......................................................
Oct .......................................................
Nov ......................................................
Dec r ......................................................
2002: Jan p ....................................................
Feb p .....................................................

Inventories 3

Inventorysales
ratio 4

540,572
840,687
1.53
567,377
867,961
1.51
609,908
931,330
1.47
654,435
990,100
1.48
686,604 1,009,261
1.46
723,212 1,049,901
1.42
742,810 1,084,488
1.44
787,127 1,138,602
1.41
843,263 1,206,603
1.40
828,409 1,134,537
1.42
842,491 1,209,008
1.44
842,248 1,204,483
1.43
837,800 1,198,530
1.43
833,698 1,196,694
1.44
841,208 1,194,840
1.42
828,409 1,187,715
1.43
831,772 1,181,701
1.42
832,273 1,179,117
1.42
807,798 1,172,328
1.45
830,347 1,153,426
1.39
817,316 1,139,678
1.39
817,553 1,134,537
1.39
824,497 1,135,113
1.38
817,428 .................. ................

Wholesale

Sales 2

Inventories 3

144,302
150,833
161,133
176,227
186,649
194,541
198,319
211,607
229,627
227,362
233,830
232,417
229,619
229,959
228,919
226,302
227,918
229,004
226,207
223,568
223,601
222,565
225,330
227,031

193,685
201,883
218,913
235,197
237,852
255,242
268,079
284,317
304,465
288,391
303,233
302,657
301,822
302,102
303,004
301,869
299,032
298,320
297,162
293,636
289,938
288,391
286,987
285,117

1 See

3 Seasonally

2 Annual

4 Annual

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

20

Retail
Inventory
sales
ratio 4
1.31
1.31
1.30
1.30
1.28
1.27
1.33
1.30
1.29
1.31
1.30
1.30
1.31
1.31
1.32
1.33
1.31
1.30
1.31
1.31
1.30
1.30
1.27
1.26

Sales 2

Inventories 3

Inventory
sales
ratio 4

154,268 267,562
1.68
164,837 285,762
1.69
178,932 311,890
1.67
188,235 329,566
1.73
200,190 340,491
1.68
209,112 350,841
1.65
219,507 364,254
1.63
238,580 391,811
1.59
256,896 418,594
1.59
265,265 398,885
1.55
261,111 420,468
1.61
261,848 417,473
1.59
260,695 416,129
1.60
264,708 414,933
1.57
265,022 415,124
1.57
264,785 413,879
1.56
265,308 414,291
1.56
265,826 415,864
1.56
260,018 414,521
1.59
277,928 402,449
1.45
268,849 398,375
1.48
268,194 398,885
1.49
r 267,951
404,482
1.51
268,453 ................ ................

adjusted, end of period.
data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.

Retail and
food services
sales

171,219
182,841
197,735
207,704
220,431
230,616
242,228
262,435
282,402
292,016
287,727
288,095
287,102
291,116
291,691
291,651
292,228
292,869
286,416
304,657
295,857
296,560
r 295,605
296,414

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

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total
Total

Capital
goods
industries,
nondefense

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1992 .....................................................
1993 .....................................................
1994 .....................................................
1995 .....................................................
1996 .....................................................
1997 .....................................................
1998 .....................................................
1999 .....................................................
2000 .....................................................
2001 ....................................................
2001: Feb ...........................................
Mar ...........................................
Apr ...........................................
May ..........................................
June .........................................
July ..........................................
Aug ..........................................
Sept ..........................................
Oct ............................................
Nov ...........................................
Dec ...........................................
2002: Jan r .........................................
Feb p .........................................

242,002
251,708
269,843
289,973
299,766
319,558
324,984
336,940
356,739
335,782
347,983
347,486
339,031
347,267
337,322
338,546
337,443
321,573
328,851
324,866
326,794
331,216
321,944

126,572
133,712
147,005
158,568
164,883
178,949
185,966
193,896
202,918
185,375
193,401
194,082
186,519
192,463
187,821
187,584
185,543
174,470
180,243
179,439
180,676
184,479
178,657

115,430
117,996
122,838
131,405
134,883
140,610
139,019
143,043
153,822
150,407
154,582
153,404
152,512
154,804
149,501
150,962
151,900
147,103
148,608
145,427
146,118
146,737
143,287

379,440
380,316
400,527
425,337
430,918
443,818
452,155
462,474
483,544
447,261
484,353
480,579
479,659
476,712
471,967
468,378
464,933
460,645
457,341
451,365
447,261
443,644
441,761

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.

238,676
239,252
253,629
267,807
272,876
281,273
292,549
295,290
309,545
282,718
310,564
307,133
306,488
304,174
300,823
297,940
295,392
291,942
289,872
285,663
282,718
280,018
278,486

140,764 ................ ................ ................
141,064 249,649 131,653
40,681
146,898 270,566 147,728
45,175
157,530 291,293 159,888
51,011
158,042 303,179 168,297
54,066
162,545 321,585 180,975
60,697
159,606 323,739 184,720
62,133
167,184 338,511 195,468
64,162
173,999 362,473 208,651
73,451
164,543 331,424 181,017
60,196
173,789 344,908 190,326
68,010
173,446 347,359 193,955
68,344
173,171 335,415 182,903
64,619
172,538 342,893 188,089
63,765
171,144 332,939 183,438
61,364
170,438 332,608 181,646
59,476
169,541 332,439 180,539
58,921
168,703 310,982 163,879
51,267
167,469 332,772 184,164
54,251
165,702 318,379 172,952
56,437
164,543 320,616 174,498
55,817
163,626 324,006 177,269
54,833
163,275 323,768 180,481
57,328

458,396
433,853
442,658
459,123
500,050
525,176
510,220
530,844
600,036
543,837
586,612
586,485
582,869
578,495
574,112
568,176
563,172
552,581
556,502
550,015
543,837
536,627
538,451

1.56
1.51
1.44
1.44
1.43
1.37
1.39
1.35
1.33
1.39
1.39
1.38
1.41
1.37
1.40
1.38
1.38
1.43
1.39
1.39
1.37
1.34
1.37

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 0.2 percent in February. Prices of finished consumer foods
rose 1.0 percent, while prices of other finished consumer goods were unchanged. Capital equipment prices rose
0.1 percent.

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

Period

Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

1992 ...........................
1993 ...........................
1994 ...........................
1995 ...........................
1996 ...........................
1997 ...........................
1998 ...........................
1999 ..........................
2000 ...........................
2001 p ........................
2001: Feb ................
Mar ................
Apr ................
May ...............
June ..............
July ...............
Aug ................
Sept ...............
Oct r ................
Nov ................
Dec ................
2002: Jan .................
Feb .................
1 Intermediate

22

123.2
124.7
125.5
127.9
131.3
131.8
130.7
133.0
138.0
140.7
142.0
141.7
142.1
142.4
141.7
140.0
140.6
141.1
139.2
138.4
137.6
137.8
138.1

Intermediate materials

123.3
125.7
126.8
129.0
133.6
134.5
134.3
135.1
137.2
141.3
140.5
141.4
142.1
142.1
141.6
141.0
142.0
142.2
142.1
140.7
140.7
141.8
143.2

123.1
124.4
125.1
127.5
130.5
130.9
129.5
132.3
138.1
140.4
142.3
141.7
141.9
142.3
141.6
139.7
140.0
140.6
138.3
137.6
136.6
136.6
136.6

materials for food manufacturing and feeds.

120.8
121.7
121.6
124.0
127.6
128.2
126.4
130.5
138.4
141.4
144.2
143.2
143.5
144.2
143.1
140.1
140.7
141.5
138.4
137.4
135.9
136.0
136.0

Durable

125.7
128.0
130.9
132.7
134.2
133.7
132.9
133.0
133.9
133.9
133.7
134.0
134.3
134.0
133.9
134.3
134.3
134.6
133.2
133.4
133.2
133.5
133.3

Nondurable

117.3
117.6
116.2
118.8
123.3
124.3
122.2
127.9
138.7
142.8
146.9
145.3
145.7
146.8
145.3
140.9
141.7
142.7
138.9
137.4
135.4
135.5
135.6

Capital
equipment

129.1
131.4
134.1
136.7
138.3
138.2
137.6
137.6
138.8
139.7
139.4
139.6
139.8
139.6
139.7
140.0
140.0
140.1
139.5
139.4
139.4
139.3
139.4

Total
finished
consumer
goods

121.7
123.0
123.3
125.6
129.5
130.2
128.9
132.0
138.2
141.5
143.2
142.8
143.2
143.7
142.8
140.5
141.2
141.8
139.6
138.5
137.5
137.8
138.3

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
129.2
129.7
131.7
131.3
131.1
131.2
131.0
129.5
129.2
129.3
127.6
126.8
125.8
125.7
125.6

110.7
112.7
114.8
114.8
128.1
125.4
116.2
111.1
111.7
115.9
114.3
114.4
114.3
115.0
116.1
116.8
118.9
118.0
117.5
115.7
114.5
114.4
114.4

114.9
116.4
118.7
125.5
125.6
125.7
123.4
123.9
130.1
130.5
132.6
132.3
132.0
132.1
131.8
130.2
129.8
129.9
128.2
127.5
126.5
126.4
126.3

100.4
102.4
101.8
102.7
113.8
111.1
96.8
98.2
120.6
121.3
141.8
132.0
132.8
130.2
119.6
113.3
112.5
107.6
98.1
105.6
95.5
99.0
98.2

105.1
108.4
106.5
105.8
121.5
112.2
103.9
98.7
100.2
106.2
105.9
108.9
108.7
107.8
107.8
108.5
107.9
108.8
105.0
99.7
97.8
101.7
104.0

93.5
94.7
94.8
96.8
104.5
106.4
88.4
94.3
130.4
127.3
161.3
143.2
144.6
140.9
123.5
112.5
111.5
102.9
89.9
105.9
90.6
93.5
90.3

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In February, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted; it rose 0.4
percent not seasonally adjusted. The index was 1.1 percent above its year-earlier level.

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

Housing

Transportation

Shelter
Period

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

Food
Total 1

Rent
of primary
residence

Total 1

Owners’
equivalent
rent
(12/82=
100)

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

Rel. imp.3 .........................
1992 .................................
1993 .................................
1994 .................................
1995 .................................
1996 .................................
1997 .................................
1998 .................................
1999 .................................
2000 .................................
2001 .................................

100.0
140.3
144.5
148.2
152.4
156.9
160.5
163.0
166.6
172.2
177.1

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

14.7
137.9
140.9
144.3
148.4
153.3
157.3
160.7
164.1
167.8
173.1

40.9
137.5
141.2
144.8
148.5
152.8
156.8
160.4
163.9
169.6
176.4

31.5
151.2
155.7
160.5
165.7
171.0
176.3
182.1
187.3
193.4
200.6

6.4
146.9
150.3
154.0
157.8
162.0
166.7
172.1
177.5
183.9
192.1

22.0
155.5
160.5
165.8
171.3
176.8
181.9
187.8
192.9
198.7
206.3

4.5
117.8
121.3
122.8
123.7
127.5
130.8
128.5
128.8
137.9
150.2

4.4
131.9
133.7
133.4
132.0
131.7
132.9
133.0
131.3
129.6
127.3

17.1 ............
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
154.3 138.9

2.6
99.0
98.0
98.5
100.0
106.3
106.2
92.2
100.7
129.3
124.7

5.8
190.1
201.4
211.0
220.5
228.2
234.6
242.1
250.6
260.8
272.8

6.2
103.0
104.2
104.6
105.2
110.1
111.5
102.9
106.6
124.6
129.3

79.1
147.3
152.2
156.5
161.2
165.6
169.5
173.4
177.0
181.3
186.1

2001: Feb ......................
Mar ......................
Apr ......................
May .....................
June ....................
July .....................
Aug ......................
Sept .....................
Oct .......................
Nov ......................
Dec ......................

175.8
176.2
176.9
177.7
178.0
177.5
177.5
178.3
177.7
177.4
176.7

176.0
176.1
176.6
177.4
177.8
177.3
177.4
178.1
177.6
177.5
177.3

171.3
171.7
171.9
172.4
173.0
173.6
173.9
174.2
174.9
174.8
174.8

174.8
175.1
175.3
176.2
176.8
176.8
177.2
177.0
177.0
177.5
177.9

197.5
198.2
198.8
199.6
200.5
200.9
201.8
202.0
202.5
203.5
204.3

188.8
189.5
190.2
191.1
191.8
192.5
193.2
194.0
194.7
195.4
196.2

202.8
203.6
204.3
205.1
205.8
206.5
207.4
208.1
209.0
209.9
210.7

153.4
152.4
151.6
153.6
153.3
151.5
150.0
148.0
145.3
144.5
143.4

129.5
130.1
128.5
127.3
127.1
126.5
125.8
126.0
126.5
125.7
124.9

155.6
154.2
155.6
157.9
157.7
154.0
153.2
155.8
152.5
150.1
148.8

139.2
138.9
139.0
138.9
138.7
138.7
138.4
138.4
138.5
139.3
139.6

131.1
126.2
132.6
141.5
138.8
123.5
120.1
130.5
116.8
104.7
98.5

268.3
269.4
270.3
271.3
272.3
272.9
274.1
275.2
276.3
277.5
278.4

134.2
131.4
133.8
139.0
137.6
129.5
127.0
130.5
122.7
116.7
113.2

184.4
184.8
185.1
185.4
185.9
186.3
186.7
187.1
187.4
188.1
188.3

2002: Jan ......................
Feb .......................

177.1
177.8

177.6
178.0

175.4
175.8

178.2
178.7

205.0
206.0

196.8
197.5

211.4
212.2

143.1
141.6

124.0
124.6

149.2
148.9

138.7
138.0

101.1
101.0

279.7
280.4

114.2
113.3

188.6
189.1

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

23

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

Change from 3 months earlier, annual rate

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

1.7
1.8
2.0
2.2
.4
¥.6
0
.3
1.2
¥.1

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

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

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

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

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

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

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

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

1.2
1.2
.6
1.9
2.7
.4
¥.8
1.8
3.8
2.0

0.1
¥.7
.2
.5
¥.8
¥2.1
.4
.6
¥2.2
r¥.7
¥1.1

¥0.3
.1
.1
¥.1
.1
.2
0
.1
¥.4
r¥.1
0

6.1
4.3
1.1
1.1
0
¥5.8
¥5.0
¥1.7
¥2.3
¥6.1
¥9.6

6.5
9.9
8.6
4.6
.6
¥3.1
¥.3
1.7
3.2
¥3.6
¥4.2

8.2
3.7
¥1.7
0
¥.3
¥9.1
¥9.4
¥4.4
¥4.8
¥9.1
¥14.9

0
0
0
.6
.3
.6
1.2
1.2
¥1.4
¥1.7
¥2.0

6.0
4.1
3.6
3.6
2.2
¥2.4
¥2.0
¥.8
¥4.0
¥5.5
¥5.7

5.6
6.8
6.2
5.6
5.1
2.6
2.1
1.1
0
¥2.0
¥1.3

8.4
4.5
3.6
4.0
1.7
¥5.5
¥4.8
¥2.4
¥7.0
¥9.2
¥9.8

0.6
.6
.7
.3
.1
.3
.9
.7
¥.4
¥.3
¥.4

4.0
3.0
3.7
3.9
2.6
1.4
2.0
1.6
¥.3
¥1.1
¥1.8

.1

¥.1
.1

r¥4.0

r¥.8

r¥6.8

r¥.6

¥.9

7.3

¥4.0

0

¥3.1
¥3.5

1.1
1.7

¥5.8
¥6.6

¥1.0
¥.9

¥2.6
¥2.6

Excluding
foods

Foods

Change
from year
earlier,
total
finished
goods
NSA

Change, Dec. to Dec., NSA
1992 .......................
1993 .......................
1994 .......................
1995 .......................
1996 .......................
1997 .......................
1998 .......................
1999 .......................
2000 .......................
2001 p .....................

1.6
.2
1.7
2.3
2.8
¥1.2
0
2.9
3.6
¥1.8

1.6
2.4
1.1
1.9
3.4
¥.8
.1
.8
1.7
1.8

1.6
¥1.4
2.0
2.3
3.7
¥1.5
¥.1
5.1
5.5
¥4.1

Change, month to month
2001: Feb .............
Mar .............
Apr .............
May ............
June ...........
July ............
Aug .............
Sept ............
Oct r ............
Nov .............
Dec .............

0.2
¥.2
.3
.2
¥.5
¥1.2
.4
.4
¥1.3
r¥.6
¥.6

0.9
.6
.5
0
¥.4
¥.4
.7
.1
¥.1
r¥1.0
0

2002: Jan ..............
Feb ..............

.1
.2

.8
1.0

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
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001

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

2.9
2.7
2.7
2.5
3.3
1.7
1.6
2.7
3.4
1.6

1.5
2.9
2.9
2.1
4.3
1.5
2.3
1.9
2.8
2.8

2.6
2.7
2.2
3.0
2.9
2.4
2.3
2.2
4.3
2.9

2.9
3.0
3.0
3.5
2.9
3.4
3.3
2.5
3.4
4.2

2.3
2.2
2.5
2.5
2.8
3.1
3.4
3.1
4.0
4.7

3.0
3.2
3.3
3.7
2.8
3.1
3.2
2.4
3.4
4.5

2.3
2.5
.2
1.4
4.6
.5
¥2.6
2.4
12.1
¥2.1

1.4
.9
¥1.6
.1
¥.2
1.0
¥.7
¥.5
¥1.8
¥3.2

3.0
2.4
3.8
1.5
4.4
¥1.4
¥1.7
5.4
4.1
¥3.8

2.3
2.8
3.2
1.6
1.6
¥1.0
¥.1
¥.8
.3
0

1.8
¥5.4
5.9
¥4.0
12.7
¥6.2
¥15.4
30.2
13.9
¥24.8

6.6
2.0
5.4 ¥1.4
4.9
2.2
3.9 ¥1.3
3.0
8.6
2.8 ¥3.4
3.4 ¥8.8
3.7 13.4
4.2 14.2
4.7 ¥13.0

3.3
3.2
2.6
3.0
2.6
2.2
2.4
1.9
2.6
2.7

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

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

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

3.0
3.0
2.6
2.8
3.0
2.3
1.6
2.2
3.4
2.8

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

..........
4.0
..........
..........
3.2
..........
..........
.7
..........
..........
¥.2

4.2
3.5
2.3
3.2
3.9
1.6
0
.7
.7
.2
¥1.8

3.9
2.9
3.1
3.7
3.7
1.9
1.6
2.3
1.1
.1
¥.6

3.5
2.9
3.3
3.6
3.2
2.7
2.7
2.6
2.1
1.9
1.6

.2 ..........
.3 ..........

0
1.1

.3
.7

1.1
1.1

Change, month to month
2001: Feb .................
Mar .................
Apr .................
May .................
June ................
July ................
Aug .................
Sept ................
Oct ..................
Nov .................
Dec .................

0.2
.1
.3
.5
.2
¥.3
.1
.4
¥.3
¥.1
¥.1

0.5
.2
.1
.3
.3
.3
.2
.2
.4
¥.1
0

0.2
.2
.1
.5
.3
0
.2
¥.1
0
.3
.2

0.4
.4
.3
.4
.5
.2
.4
.1
.2
.5
.4

0.4
.4
.4
.5
.4
.4
.4
.4
.4
.4
.4

0.3
.4
.3
.4
.3
.3
.4
.3
.4
.4
.4

¥0.9
¥.7
¥.5
1.3
¥.2
¥1.2
¥1.0
¥1.3
¥1.8
¥.6
¥.8

0.4
.5
¥1.2
¥.9
¥.2
¥.5
¥.6
.2
.4
¥.6
¥.6

0.2
¥.9
.9
1.5
¥.1
¥2.3
¥.5
1.7
¥2.1
¥1.6
¥.9

¥0.2
¥.2
.1
¥.1
¥.1
0
¥.2
0
.1
.6
.2

0.3
¥3.7
5.1
6.7
¥1.9
¥11.0
¥2.8
8.7
¥10.5
¥10.4
¥5.9

0.4
.4
.3
.4
.4
.2
.4
.4
.4
.4
.3

¥0.5
¥2.1
1.8
3.9
¥1.0
¥5.9
¥1.9
2.8
¥6.0
¥4.9
¥3.0

2002: Jan ..................
Feb ..................

.2
.2

.3
.2

.2
.3

.3
.5

.3
.4

.3
.4

¥.2
¥1.0

¥.7
.5

.3
¥.2

¥.6
¥.5

2.6
¥.1

.5
.3

.9
¥.8

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

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

1992
1993
1994
1995
1996
1997
1998
1999
2000
2001

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

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

98
101
100
102
112
107
102
95
96
102

101
102
105
112
127
115
107
96
96
99

97
100
95
92
99
98
97
95
97
106

101
104
106
109
115
118
115
115
120
123

101
103
106
108
115
118
114
113
118
122

101
104
106
108
115
119
113
111
116
120

97
97
94
93
98
90
89
83
81
83

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

104
106
108
107
107
109
106
95
94
95
95
99
106

99
103
106
102
103
108
102
88
89
95
93
101
117

108
108
110
112
112
111
110
104
99
96
97
97
96

124
124
124
124
123
123
123
123
122
122
122
122
122

122
122
122
122
122
122
122
121
120
119
120
r120
119

120
120
120
120
120
120
120
118
118
117
117
117
116

84
85
87
86
87
89
86
77
77
78
78
81
87

1 Includes

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

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

25

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

[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

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

1,024.0
1,129.1
1,149.7
1,126.5
1,079.1
1,072.2
1,096.5
1,124.4
1,088.9
1,178.1

3,431.0
3,483.6
3,496.8
3,640.1
3,813.3
4,030.9
4,386.3
4,655.0
4,942.3
5,463.2

4,215.6
4,277.6
4,360.1
4,625.7
4,971.9
5,451.8
6,042.1
6,541.7
7,116.0
8,033.9

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

1,095.8
1,098.9
1,107.4
1,109.7
1,116.6
1,125.6
1,138.6
1,147.2
1,204.6
1,161.5
1,163.6
1,178.1

4,987.2
5,025.7
5,073.9
5,115.8
5,141.4
5,187.8
5,229.2
5,270.0
5,388.1
5,377.6
5,421.3
5,463.2

7,213.6
7,279.6
7,331.8
7,434.3
7,525.4
7,612.3
7,656.5
7,672.5
7,829.2
7,876.6
7,964.8
8,033.9

r 18,327.0

2002: Jan r ......................................................
Feb ........................................................

1,181.1
1,182.4

5,473.4
5,503.2

8,033.9
8,076.2

Period

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

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

11,823.7

Percent change from year or 6
months earlier 2

M1

M2

M3

Debt

14.3
10.3
1.8
¥2.0
¥4.2
¥.6
2.3
2.5
¥3.2
8.2

1.6
1.5
.4
4.1
4.8
5.7
8.8
6.1
6.2
10.5

0.3
1.5
1.9
6.1
7.5
9.7
10.8
8.3
8.8
12.9

4.6
4.9
4.7
5.4
5.4
5.5
6.9
6.7
5.3
6.0

18,401.7
18,496.6
18,575.8
18,674.0
18,766.9
18,825.2
18,932.3
19,060.5
19,153.1
19,267.7
19,373.2

¥1.7
¥.6
1.5
1.9
4.6
6.7
7.8
8.8
17.6
9.3
8.4
9.3

7.7
7.8
8.4
9.4
9.8
9.9
9.7
9.7
12.4
10.2
10.9
10.6

10.5
10.2
9.9
12.1
14.0
13.9
12.3
10.8
13.6
11.9
11.7
11.1

4.5
4.6
4.7
5.1
5.3
5.4
5.4
5.8
6.1
6.2
6.4
6.5

p 19,425.5
......................

7.5
6.1

9.3
8.9

9.9
10.5

6.4
............

r 12,407.6

12,988.5
13,694.9
14,433.5
r 15,227.3
r 16,277.3
r 17,360.8
r 18,277.9
19,373.2

NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.

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

Period

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

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

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

292.2
321.6
354.1
372.1
394.0
424.4
459.3
516.9
530.1
r579.9

7.6
7.5
8.0
8.5
8.3
8.1
8.2
8.3
8.0
7.8

339.9
385.4
383.6
389.2
401.0
393.9
378.4
354.5
309.9
r329.3

384.4
414.6
404.1
356.7
275.8
245.8
250.5
244.7
240.9
261.1

1,186.8
1,219.5
1,149.9
1,134.1
1,272.7
1,400.1
1,602.2
1,738.8
1,875.8
2,307.4

868.1
782.0
816.3
931.3
946.9
968.2
951.7
955.4
1,043.7
972.5

2001: Feb ............................................
Mar ...........................................
Apr ............................................
May ...........................................
June ..........................................
July ...........................................
Aug ...........................................
Sept ..........................................
Oct ............................................
Nov ...........................................
Dec ...........................................

536.7
539.4
542.6
546.1
549.3
554.2
562.7
567.7
r571.4
r575.0
r579.9

8.0
7.9
7.8
7.9
8.2
8.6
8.8
8.4
8.2
7.8
7.8

311.2
313.5
310.8
313.0
312.9
314.8
317.8
370.1
328.6
326.2
r329.3

243.1
246.5
248.6
249.6
255.2
260.9
257.9
258.4
253.3
254.7
261.1

1,929.3
1,962.9
1,997.7
2,025.6
2,061.7
2,089.2
2,130.9
2,184.4
2,216.7
2,268.0
2,307.4

1,049.5
1,046.6
1,043.0
1,040.4
1,033.0
1,023.9
1,016.2
1,009.4
999.2
986.3
972.5

2002: Jan r ..........................................
Feb ...........................................

585.7
590.6

7.8
7.8

326.5
324.1

261.1
259.9

2,346.0
2,398.2

957.8
946.7

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

Institutional

Retail

Large
denomination
time
deposits 1

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

352.1
353.1
380.8
448.1
514.6
590.4
736.0
836.6
934.0
r1,005.1

213.3
216.5
210.3
263.9
323.1
395.9
538.2
633.6
792.5
1,197.2

350.2
332.1
370.4
429.4
510.7
620.5
671.8
743.1
820.8
786.7

141.6
172.6
196.3
198.4
210.3
253.9
293.4
336.0
364.0
373.5

79.5
72.8
86.3
94.0
114.5
150.6
152.5
174.0
196.4
213.3

947.9

r1,005.1

878.7
901.6
926.9
979.9
1,018.8
1,030.1
1,022.5
1,072.2
1,140.2
1,171.6
1,197.2

805.9
779.9
802.7
811.3
814.9
807.7
796.4
794.1
790.7
783.4
786.7

359.2
352.7
372.0
377.3
377.7
373.5
370.7
360.0
356.0
372.6
373.5

210.2
223.7
216.9
215.5
213.1
216.1
213.0
214.8
212.0
215.9
213.3

988.5
975.9

1,167.1
1,166.3

807.0
810.2

374.3
377.8

212.2
218.7

r957.0
r965.4
r958.9
r967.5
r977.6
r975.7
r989.7
r 1,000.2
r1,003.3

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

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

Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r

Nonborrowed

Nonborrowed
plus
extended
credit

Required

Monetary
base

Total

Seasonal

Extended
credit

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

54,332
60,460
59,369
56,430
50,149
46,848
45,136
41,824
38,535
41,099

54,208
60,378
59,160
56,173
49,994
46,523
45,019
41,504
38,326
41,032

54,209
60,378
59,160
56,173
49,994
46,523
45,019
41,504
38,326
41,032

53,178
59,390
58,209
55,140
48,733
45,163
43,622
40,527
37,108
39,459

350,751
386,477
418,205
434,396
451,839
479,703
513,550
593,121
584,042
634,382

124
82
209
257
155
324
117
320
210
67

18
31
100
40
68
79
15
67
111
33

1
0
0
0
0
0
0
0
0
0

2001: Mar r .........................................................................
Apr r .........................................................................
May r .........................................................................
June r ........................................................................
July r .........................................................................
Aug r .........................................................................
Sept r ........................................................................
Oct r ..........................................................................
Nov r .........................................................................
Dec r .........................................................................

38,460
38,568
38,316
39,066
39,785
40,079
58,214
45,655
40,904
41,099

38,402
38,517
38,103
38,836
39,502
39,895
54,829
45,528
40,820
41,032

38,402
38,517
38,103
38,836
39,502
39,895
54,829
45,528
40,820
41,032

37,061
37,291
37,297
37,704
38,377
38,870
39,195
44,334
39,417
39,459

592,272
595,638
598,894
602,835
608,105
616,025
639,692
630,435
629,468
634,382

58
51
213
229
283
183
3,385
127
84
67

20
35
79
120
174
164
93
67
33
33

0
0
0
0
0
0
0
0
0
0

2002: Jan r .........................................................................
Feb r .........................................................................
Mar p .........................................................................

41,510
41,357
40,962

41,460
41,327
40,883

41,460
41,327
40,883

40,105
39,984
39,563

640,703
645,836
649,208

50
30
79

17
17
20

0
0
0

1 Data

are prorated averages of biweekly (maintenance period) averages of daily figures.
NOTE.—Data reflect annual revisions.

Source: Board of Governors of the Federal Reserve System.

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.2 percent in February; commercial and industrial loans rose 0.7
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 ..........
2002: Jan r ..........
Feb ...........
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2001:

Total
bank
credit

2,956.9
3,115.4
3,321.9
3,605.4
3,761.8
4,104.3
4,544.9
4,778.7
5,222.6
5,453.8
5,269.1
5,287.8
5,310.7
5,326.6
5,328.6
5,343.8
5,360.4
5,431.3
5,431.3
5,461.9
5,453.8
5,437.4
5,439.1

Total
securities

U.S.
Treasury
and
agency
securities

843.3
917.6
942.4
986.7
980.5
1,087.9
1,228.7
1,273.6
1,333.4
1,493.2
1,346.6
1,345.6
1,363.0
1,371.6
1,384.7
1,400.0
1,428.1
1,445.4
1,474.2
1,490.3
1,493.2
1,492.6
1,485.9

666.3
732.9
724.3
703.8
700.5
749.0
792.2
807.5
784.8
830.7
771.0
756.3
763.4
760.2
750.3
751.9
764.0
775.0
806.0
813.9
830.7
819.2
811.7

Loans and leases in bank credit
Real estate

Other
Total loans Commersecurities and leases 2 cial and
industrial

177.0
184.8
218.1
282.9
280.0
338.9
436.5
466.1
548.5
662.5
575.5
589.4
599.7
611.4
634.3
648.0
664.1
670.4
668.2
676.3
662.5
673.4
674.3

2,113.6
2,197.8
2,379.5
2,618.7
2,781.3
3,016.3
3,316.2
3,505.1
3,889.2
3,960.6
3,922.6
3,942.2
3,947.6
3,955.0
3,943.9
3,943.9
3,932.3
3,985.8
3,957.0
3,971.6
3,960.6
3,944.8
3,953.2

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

28

599.3
589.9
649.9
724.2
788.0
856.5
951.0
1,004.7
1,090.6
1,025.0
1,105.0
1,102.2
1,097.6
1,095.3
1,080.7
1,070.1
1,063.4
1,065.1
1,047.1
1,035.8
1,025.0
1,015.1
1,022.5

Total

907.3
948.3
1,011.7
1,090.6
1,142.6
1,248.5
1,339.4
1,477.7
1,660.6
1,786.5
1,676.2
1,687.5
1,693.8
1,704.2
1,707.9
1,718.0
1,718.8
1,726.6
1,753.0
1,773.5
1,786.5
1,783.5
1,789.2

Revolving
home
equity

78.4
78.0
80.4
84.4
90.7
104.8
103.9
101.5
130.0
154.0
129.8
132.4
133.6
135.1
136.3
138.1
140.1
142.7
148.9
150.7
154.0
157.3
160.5

Consumer

Security

Other

Other

828.9
870.3
931.2
1,006.2
1,051.8
1,143.7
1,235.6
1,376.3
1,530.6
1,632.5
1,546.4
1,555.1
1,560.3
1,569.1
1,571.6
1,579.9
1,578.7
1,583.9
1,604.0
1,622.8
1,632.5
1,626.2
1,628.6

356.3
387.7
448.3
491.4
512.8
502.5
497.2
490.5
538.5
557.1
544.6
543.9
549.0
552.5
552.7
552.9
552.4
551.6
550.6
558.1
557.1
559.7
562.3

63.2
86.4
75.8
83.3
75.5
94.9
146.5
151.4
176.0
145.5
168.0
175.7
174.7
167.6
168.7
166.5
166.4
176.9
154.0
154.0
145.5
150.1
149.7

187.5
185.4
193.8
229.2
262.4
313.9
382.0
380.8
423.6
446.4
428.8
432.8
432.5
435.3
433.9
436.3
431.2
465.6
452.4
450.2
446.4
436.4
429.5

2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
NOTE.—Data have been benchmarked through the December 2001 Call Report. Data also
reflect annual seasonal adjustment revisions.
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

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

626.7
728.6
808.2
1,010.7
1,074.5
1,011.1
1,332.7
1,484.1
1,501.1
1,047.6
1,451.3
1,598.7
1,504.0
1,382.8
1,607.8
1,551.4
1,609.5
1,235.6
1,064.3
969.5
1,184.0
972.9

Internal 1

465.4
510.7
566.6
619.9
676.0
727.6
716.7
750.4
795.1
761.2
747.3
737.2
738.8
778.5
761.1
803.4
814.3
801.4
760.9
762.0
784.5
737.5

Credit market instruments
Total

161.3
217.9
241.6
390.8
398.5
283.5
616.0
733.7
706.0
286.4
704.0
861.5
765.2
604.3
846.7
748.0
795.2
434.2
303.4
207.5
399.5
235.4

Total
net
funds
raised

51.6
55.7
79.7
166.5
109.9
177.4
138.5
298.3
269.4
212.2
516.1
¥4.9
346.7
335.2
542.4
301.0
213.7
20.5
201.4
253.4
136.3
257.6

Capital
expenditures 3

Total
Net new
equity
issues

27.0
21.3
¥44.9
¥58.3
¥69.5
¥114.4
¥267.0
¥143.5
¥159.7
¥55.7
¥52.1
¥338.4
¥128.4
¥55.0
62.2
¥245.7
¥87.8
¥367.5
¥25.3
¥71.5
¥120.8
¥5.1

Total

Securities
and mortgages

24.6
34.4
124.6
224.9
179.4
291.9
405.5
441.7
429.1
267.8
568.2
333.5
475.1
390.2
480.2
546.7
301.5
388.0
226.7
324.9
257.1
262.7

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.

34.5
56.7
30.3
100.0
125.9
187.3
245.1
296.9
233.3
412.8
323.8
354.7
278.6
230.4
255.7
208.6
218.3
250.5
449.5
480.4
291.1
429.9

Loans
and
shortterm
paper
¥9.9
¥22.2
94.3
124.9
53.7
104.6
160.5
144.9
195.8
¥144.9
244.3
¥21.2
196.5
159.8
224.5
338.1
83.2
137.5
¥222.8
¥155.6
¥34.1
¥167.2

Other 2

109.7
162.2
162.0
224.3
288.6
106.0
477.4
435.5
436.7
74.2
187.9
866.4
418.5
269.1
304.4
447.0
581.5
413.7
101.9
¥45.9
263.2
¥22.2

601.8
841.5
850.7
1,065.1
1,116.7
1,032.6
1,396.4
1,557.7
1,563.5
1,097.2
1,524.2
1,670.0
1,583.4
1,453.4
1,671.5
1,623.8
1,667.0
1,291.5
1,097.4
1,042.8
1,242.1
1,006.4

455.8
508.8
575.6
638.7
662.7
760.2
826.5
892.5
960.2
833.1
876.4
875.9
887.7
930.1
924.8
970.1
987.4
958.3
903.3
859.7
824.3
744.9

Increase
in financial assets

146.0
332.7
275.1
426.4
454.0
272.4
569.9
665.2
603.3
264.1
647.8
794.1
695.7
523.3
746.7
653.7
679.6
333.2
194.1
183.1
417.8
261.5

Discrepancy
(sources
less
uses)

24.9
¥112.8
¥42.5
¥54.4
¥42.2
¥21.5
¥63.7
¥73.6
¥62.4
¥49.5
¥73.0
¥71.4
¥79.5
¥70.6
¥63.7
¥72.3
¥57.6
¥56.0
¥33.1
¥73.4
¥58.1
¥33.5

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

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

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

782.2
838.8
960.4
1,095.8
1,185.1
1,243.0
1,317.5
1,416.3
1,560.6
1,655.3
1,587.9
1,596.3
1,608.5
1,614.1
1,614.9
1,613.2
1,616.2
1,620.8
1,633.5
1,653.5
1,655.3
1,662.3
1,669.4

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

Revolving

278.4
309.9
365.6
443.1
498.9
531.0
562.5
597.7
666.5
692.4
681.7
688.2
693.4
696.0
696.5
691.8
690.1
691.1
690.7
698.0
692.4
693.8
694.4

Nonrevolving 2

503.7
528.8
594.9
652.7
686.1
712.0
755.0
818.6
894.0
962.9
906.2
908.1
915.1
918.1
918.5
921.3
926.1
929.6
942.8
955.4
962.9
968.6
974.9

Net change in consumer credit outstanding 1
Total

5.1
56.6
121.6
135.4
89.3
57.9
74.5
98.8
144.3
94.7
13.4
8.4
12.2
5.6
.8
¥1.7
3.0
4.6
12.7
20.0
1.8
7.0
7.1

Revolving

14.6
31.5
55.7
77.5
55.8
32.1
31.5
35.2
68.8
25.9
12.0
6.5
5.2
2.6
.5
¥4.7
¥1.7
1.0
¥.4
7.3
¥5.6
1.4
.6

Nonrevolving 2

¥9.6
25.1
66.1
57.8
33.4
25.9
43.0
63.6
75.4
68.9
1.4
1.9
7.0
3.0
.4
2.8
4.8
3.5
13.2
12.6
7.5
5.7
6.3

Source: Board of Governors of the Federal Reserve System.

29

INTEREST RATES AND BOND YIELDS
Interest rates rose in March.

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

1992 .......................
1993 .......................
1994 .......................
1995 .......................
1996 .......................
1997 .......................
1998 .......................
1999 .......................
2000 .......................
2001 .......................
2001: Mar .............
Apr ..............
May .............
June ............
July .............
Aug .............
Sept .............
Oct ..............
Nov .............
Dec .............
2002: Jan .............
Feb .............
Mar .............
Week ended:
2002: Mar 9 ........
16 ........
23 ........
30 ........
Apr 6 .........
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

3.45
3.02
4.29
5.51
5.02
5.07
4.81
4.66
5.85
3.45
4.50
3.92
3.67
3.48
3.54
3.39
2.87
2.22
1.93
1.72
1.66
1.73
1.81

5.30
4.44
6.27
6.25
5.99
6.10
5.14
5.49
6.22
4.09
4.43
4.42
4.51
4.35
4.31
4.04
3.45
3.14
3.22
3.62
3.56
3.55
4.14

7.01
5.87
7.09
6.57
6.44
6.35
5.26
5.65
6.03
5.02
4.89
5.14
5.39
5.28
5.24
4.97
4.73
4.57
4.65
5.09
5.04
4.91
5.28

7.67
6.59
7.37
6.88
6.71
6.61
5.58
5.87
5.94
5.49
5.34
5.65
5.78
5.67
5.61
5.48
5.48
5.32
5.12
5.48
5.45
*
*

6.41
5.63
6.19
5.95
5.75
5.55
5.12
5.43
5.77
5.19
5.19
5.33
5.35
5.24
5.22
5.06
5.09
5.07
5.06
5.28
5.19
5.14
5.27

8.14
7.22
7.96
7.59
7.37
7.26
6.53
7.04
7.62
7.08
6.98
7.20
7.29
7.18
7.13
7.02
7.17
7.03
6.97
6.76
6.55
6.51
6.81

3.80
3.30
4.93
5.93
5.42
5.62
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*

3.25
3.00
3.60
5.21
5.02
5.00
4.92
4.62
5.73
3.40
5.00–4.50
4.50–4.00
4.00–3.50
3.50–3.25
3.25–3.25
3.25–3.00
3.00–2.50
2.50–2.00
2.00–1.50
1.50–1.25
1.25–1.25
1.25–1.25
1.25–1.25

6.25
6.00
7.15
8.83
8.27
8.44
8.35
8.00
9.23
6.91
8.50–8.00
8.00–7.50
7.50–7.00
7.00–6.75
6.75–6.75
6.75–6.50
6.50–6.00
6.00–5.50
5.50–5.00
5.00–4.75
4.75–4.75
4.75–4.75
4.75–4.75

3.52
3.02
4.21
5.83
5.30
5.46
5.35
4.97
6.24
3.88
5.31
4.80
4.21
3.97
3.77
3.65
3.07
2.49
2.09
1.82
1.73
1.74
1.73

8.24
7.20
7.49
7.87
7.80
7.71
7.07
7.04
7.52
7.00
7.04
7.07
7.12
7.12
7.11
7.15
6.89
6.73
6.63
6.79
6.87
6.82
..............

1.76
1.83
1.84
1.82
1.79

3.89
4.16
4.32
4.31
4.18

5.13
5.34
5.37
5.38
5.32

*
*
*
*
*

5.14
5.25
5.34
5.33
5.33

6.69
6.85
6.88
6.87
6.83

*
*
*
*
*

1.25–1.25
1.25–1.25
1.25–1.25
1.25–1.25
1.25–1.25

4.75–4.75
4.75–4.75
4.75–4.75
4.75–4.75
4.75–4.75

1.74
1.71
1.76
1.70
1.77

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

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.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s.

COMMON STOCK PRICES AND YIELDS
Stock prices rose in March.

Common stock prices 1
Period

New York Stock Exchange indexes (Dec. 31, 1965=50,
except as noted) 2
Composite

1992
1993
1994
1995
1996
1997
1998
1999
2000
2001

Industrial

Transportation

Utility 3

Finance

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

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

229.01
249.58
254.12
291.15
358.17
456.54
550.26
619.16
643.66
605.07

284.62
299.99
315.25
367.34
453.98
574.52
681.57
774.78
810.63
748.26

201.09
242.49
247.29
269.41
327.33
414.60
468.69
491.60
413.60
443.59

198.91
228.90
209.06
220.30
249.77
283.82
378.12
473.73
477.65
377.30

179.26
216.42
209.73
238.45
303.89
424.48
516.35
530.86
553.13
595.61

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
10,189.13

415.74
451.41
460.42
541.72
670.50
873.43
1,085.50
1,327.33
1,427.22
1,194.18

599.26
715.16
751.65
925.19
1,164.96
1,469.49
1,794.91
2,728.15
3,783.67
2,035.00

2.99
2.78
2.82
2.56
2.19
1.77
1.49
1.25
1.15
1.32

4.22
4.46
5.83
6.09
5.24
4.57
3.46
3.17
3.63
2.95

2001: Mar ...........................
Apr ...........................
May ..........................
June .........................
July ..........................
Aug ...........................
Sept ..........................
Oct ............................
Nov ...........................
Dec ...........................

603.44
607.06
644.44
630.86
613.36
604.52
544.39
556.04
575.30
582.82

744.21
747.48
798.94
782.73
756.04
748.65
672.89
688.35
715.98
727.67

452.36
455.22
477.21
458.60
469.80
458.39
382.68
371.56
410.05
433.70

395.34
400.49
414.69
382.98
374.11
357.76
339.72
341.51
330.78
325.33

583.38
587.88
618.74
622.17
614.54
605.59
538.01
553.16
577.85
585.47

10,081.32
10,234.52
11,004.96
10,767.20
10,444.50
10,314.68
9,042.56
9,220.75
9,721.82
9,979.88

1,185.85
1,189.84
1,270.37
1,238.71
1,204.45
1,178.51
1,044.64
1,076.59
1,129.68
1,144.93

1,986.66
1,933.93
2,181.13
2,112.05
2,033.98
1,929.71
1,573.31
1,656.43
1,870.06
1,977.71

1.33
1.32
1.23
1.27
1.30
1.34
1.48
1.45
1.38
1.36

3.92
..................
..................
3.00
..................
..................
2.72
..................
..................
2.17

2002: Jan ...........................
Feb ...........................
Mar ...........................

581.74
569.55
600.74

723.56
715.80
751.79

446.13
453.51
490.51

322.49
301.32
316.27

591.94
570.18
609.72

9,923.80
9,891.05
10,500.95

1,140.21
1,100.67
1,153.79

1,976.77
1,799.72
1,863.05

1.38
1.43
1.37

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

Week ended:
2002: Mar 9
16
23
30
Apr 6

599.92
603.43
604.21
597.10
593.43

750.59
755.38
756.08
746.18
740.13

497.46
492.28
488.43
484.07
471.72

318.57
316.92
316.96
312.98
311.18

606.67
612.47
614.61
609.99
610.62

10,538.48
10,573.96
10,524.42
10,366.47
10,276.30

1,156.92
1,161.43
1,158.00
1,140.58
1,131.55

1,885.46
1,882.22
1,862.20
1,827.19
1,802.23

1.36
1.37
1.37
1.38
1.41

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

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

1 Average of daily closing prices.
2 Includes all the stocks (nearly 3,000)
3 Dec. 31, 1965=100. Effective April

listed on the NYSE.
27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. All indexes shown here reflect
the doubling.
4 Includes 30 stocks.
5 Includes 500 stocks.

6 Includes

over 4,000 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 2002, there was a deficit of $69.4 billion, compared with a surplus of $25.9 billion
a year earlier.

[Billions of dollars]
Total

On-budget

Receipts

Outlays

Surplus
or
deficit
(¥)

Receipts

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
1,991.0
1,946.1

946.4
990.5
1,004.1
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.5
1,461.9
1,515.8
1,560.6
1,601.3
1,652.6
1,701.9
1,788.8
1,863.9
2,052.3

¥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
125.5
236.4
127.1
¥106.2

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
1,483.5
1,428.9

791.7
767.7

765.8
837.1

25.9
¥69.4

594.4
566.9

Fiscal year or period

1985 ...........................................
1986 ...........................................
1987 ...........................................
1988 ...........................................
1989 ...........................................
1990 ...........................................
1991 ...........................................
1992 ...........................................
1993 ...........................................
1994 ...........................................
1995 ...........................................
1996 ...........................................
1997 ...........................................
1998 ...........................................
1999 ...........................................
2000 ...........................................
2001 ...........................................
2002 (estimates) ........................
Cumulative total, first 5
months: 1
Fiscal year 2001 ....................
Fiscal year 2002 ....................

1 Data from current issue Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2003, issued February 4, 2002.

32

Outlays

Off-budget
Surplus
or
deficit
(¥)

Receipts

Outlays

Federal debt (end of
period)
Surplus
or
deficit
(¥)

Gross
Federal

Held by
the public

¥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
1.8
86.6
¥33.4
¥261.7

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
507.5
517.2

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
347.0
361.7

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
160.5
155.5

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
5,770.3
6,137.1

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
3,320.0
3,477.5

634.1 ¥39.7
702.0 ¥135.1

197.3
200.8

131.8
135.1

65.6
65.7

5,692.8
5,970.3

3,376.2
3,428.2

769.6
807.0
810.3
861.8
932.8
1,028.1
1,082.7
1,129.3
1,142.9
1,182.5
1,227.2
1,259.7
1,290.7
1,336.0
1,381.2
1,458.1
1,516.9
1,690.6

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

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 5 months of fiscal 2002, receipts were $24.0 billion lower than a year earlier and outlays were $71.3
billion higher.

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

Fiscal year or period
Total

Individual
income
taxes

Corporation
income
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Total

1985
1986
1987
1988
1989

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

734.1
769.2
854.4
909.3
991.2

334.5
349.0
392.6
401.2
445.7

61.3
63.1
83.9
94.5
103.3

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

91.5
93.1
101.4
98.9
113.7
120.1
115.4
120.2
132.7
151.5

2,025.2 1,004.5
1,991.0 994.3
1,946.1 949.2

207.3
151.1
201.4

652.9
694.0
708.0

59.3
63.0

269.8
273.5

2000 ...................................................
2001 ..................................................
2002 (estimates) ................................
Cumulative total, first 5 months: 1
Fiscal year 2001 ............................
Fiscal year 2002 ............................

791.7
767.7

403.7
374.2

Total

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

252.7
273.4
282.0
290.4
303.6

245.2
265.5
274.0
281.9
294.9

16.2
14.2
11.6
10.5
9.6

33.5
35.9
40.0
44.5
48.4

65.8
70.2
75.1
78.9
85.0

129.0
120.6
124.1
130.4
137.4

188.6
198.8
207.4
219.3
232.5

129.5
136.0
138.7
151.8
169.0

131.0
141.4
125.3
138.7
158.2

1,253.2
1,324.4
1,381.7
1,409.5
1,461.9
1,515.8
1,560.6
1,601.3
1,652.6
1,701.9

299.3
273.3
298.4
291.1
281.6
272.1
265.8
270.5
268.5
274.9

289.8
262.4
286.9
278.6
268.6
259.4
253.2
258.3
256.1
261.4

13.8
15.9
16.1
17.2
17.1
16.4
13.5
15.2
13.1
15.2

57.7
71.2
89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

98.1
104.5
119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

148.7
172.4
199.5
209.9
217.1
223.7
229.7
234.9
237.7
242.4

248.6
269.0
287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

184.4
194.5
199.4
198.7
203.0
232.2
241.1
244.0
241.2
229.8

202.6
223.7
172.2
158.0
171.7
160.3
167.3
157.5
188.8
218.1

160.6 1,788.8
151.6 1,863.9
87.4 2,052.3

294.5
308.5
348.0

281.2
294.0
330.6

17.2
16.6
23.5

154.5
172.6
195.2

197.1
217.5
226.4

253.5
269.8
310.7

409.4
433.1
459.7

223.0
206.2
178.4

239.5
239.6
310.4

119.4
136.4

113.8
129.9

10.4
13.9

68.0
80.2

84.7
91.2

111.0
128.8

175.6
185.8

91.6
75.2

105.1
125.4

59.0
57.1

1 Data from current issue Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2003, issued February 4, 2002.

765.8
837.1

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

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 2001, according to current estimates, Federal current receipts rose $119.6 billion (annual
rate), and Federal current expenditures rose $8.6 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
1,705.9
1,753.6
1,828.3
1,909.2

445.8
442.6
439.7
439.2
445.3
456.9
453.1
469.6
493.7
514.1

565.2
597.9
618.6
652.1
691.6
717.5
730.6
746.1
779.3
831.7

149.1
162.6
174.5
184.5
190.4
196.8
210.3
230.5
245.6
274.2

229.2
230.2
239.6
267.5
273.6
276.2
278.5
263.9
262.9
236.9

29.6
38.2
33.6
32.4
35.1
31.5
33.4
43.4
46.8
52.4

0.0
.0
.0
.0
.0
.0
.0
.0
.0
.0

¥297.5
¥274.1
¥212.3
¥192.0
¥136.8
¥53.3
43.8
119.2
218.6
119.0

617.2
625.3

1,703.2
1,731.1

449.9
461.8

729.7
738.5

209.9
219.6

279.7
273.3

34.0
37.9

.0
.0

65.7
57.0

97.2
97.9
101.0
109.5

637.5
646.0
655.4
719.1

1,733.0
1,733.0
1,754.9
1,929.3

462.3
457.9
470.6
525.0

740.1
744.1
744.0
853.1

225.5
223.8
233.4
285.0

265.3
264.6
262.1
219.1

39.9
42.6
44.9
47.1

.0
.0
.0
.0

85.2
116.5
132.0
97.4

239.3
242.3
237.6
219.4

108.6
111.5
111.9
112.7

678.5
687.6
695.0
704.9

1,790.2
1,833.4
1,834.4
1,855.0

483.4
503.8
493.6
494.1

758.7
775.1
780.5
802.9

237.2
244.2
250.9
250.1

264.2
264.4
262.9
259.9

46.7
46.0
46.5
48.1

.0
.0
.0
.0

212.8
209.1
229.9
222.5

205.0
197.3
177.4
166.4

112.2
112.0
110.2
109.5

718.8
722.2
722.3
719.1

1,882.1
1,904.7
1,920.7
1,929.3

507.5
510.1
513.7
525.0

811.7
823.3
838.6
853.1

264.0
281.2
266.4
285.0

253.5
242.5
232.5
219.1

45.4
47.6
69.5
47.1

.0
.0
.0
.0

205.3
186.7
¥13.6
97.4

Total

Corporate
profits
tax accruals

Indirect
business
tax and
nontax
accruals

Calendar year:
1992 ..............................
1993 ..............................
1994 ..............................
1995 ..............................
1996 ..............................
1997 ..............................
1998 ..............................
1999 ..............................
2000 ..............................
2001 r .............................

1,121.3
1,197.3
1,293.7
1,383.7
1,499.1
1,625.5
1,749.7
1,872.8
2,046.8
2,028.2

479.4
509.9
547.8
591.8
670.0
751.9
834.9
903.3
1,009.5
1,010.1

118.8
138.5
156.7
179.3
190.6
203.0
204.2
218.3
234.7
186.5

81.3
85.3
95.2
93.0
95.1
93.7
97.4
100.6
111.2
110.9

441.8
463.7
493.9
519.6
543.3
577.0
613.1
650.6
691.5
720.6

1998: III ..........................
IV ..........................

1,768.9
1,788.2

844.8
864.1

208.3
200.3

98.6
98.5

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

1,818.2
1,849.5
1,886.9
2,026.7

871.3
891.8
914.3
1,031.8

212.2
213.8
216.3
166.4

2000: I .............................
II ...........................
III ..........................
IV ..........................

2,003.0
2,042.5
2,064.3
2,077.5

976.6
1,001.1
1,019.8
1,040.5

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

2,087.4
2,091.5
1,907.1
2,026.7

1,051.4
1,060.0
897.2
1,031.8

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

1992 .....................................
1993 .....................................
1994 .....................................
1995 .....................................
1996 .....................................
1997 .....................................
1998 .....................................
1999 .....................................
2000 .....................................
2001 p ...................................
2001: Jan ...........................
Feb ...........................
Mar ...........................
Apr ...........................
May ..........................
June .........................
July ..........................
Aug ...........................
Sept ..........................
Oct ............................
Nov .........................
Dec ..........................
2002: Jan ...........................
Feb p .........................
1 Data

Canada

Japan

100.0
100.0
103.4
104.8
109.1
111.4
114.4
116.5
119.6
117.9
127.9
124.5
134.5
128.8
139.4
136.0
145.7
143.5
140.1
139.5
r 141.8
143.9
r 141.4
143.5
r 141.1
142.9
r 142.5
142.0
r 141.6
141.6
r 140.2
140.3
r 139.5
140.4
140.0
139.6
r 136.1
138.5
r 136.5
137.7
r 137.2
r 136.0
r 136.8
r 135.0
r 137.1
136.9
137.6 ..............

France

Germany

Italy

Consumer prices (1982–84=100; NSA)
United
Kingdom

United
States 1

100.0 100.0
100.0
100.0
100.0
96.5
96.2
92.0
97.9
102.2
97.8 100.4
94.9
103.9
107.7
100.9 102.8
95.7
109.2
109.5
103.3 103.7
96.4
107.1
111.0
107.0 107.6
99.9
111.1
112.2
99.9 113.2
104.1
112.3
113.3
100.8 115.5
105.6
112.3
114.1
106.5 119.5
112.2
117.7
116.1
98.7 120.5
112.6
116.3
113.5
r 115.9
r 118.5
r115.9
104.6 121.0
r 116.1
r 118.3
r 115.4
105.3 120.9
r 114.6
r115.4
103.2 121.0
118.8
r113.2
r 116.2
r115.1
101.2 120.2
r 113.2
r 113.9
100.2 120.7
116.8
r 113.5
99.5 120.8
116.9
114.2
r 112.0
r 113.3
97.2 121.6
116.0
97.5 121.6
113.9
116.7
113.9
r 112.4
94.2 120.9
115.6
112.5
r 110.5
94.3 119.7
115.4
111.0
r 109.4
r 112.5
r 110.7
92.9 120.0
r 118.7
r 109.7
r 110.4
94.6
114.3
r 93.1
119.4
110.8
114.5
109.9
94.0 ............ .............. .............. ..............

relate to all urban consumers.

140.3
144.5
148.2
152.4
156.9
160.5
163.0
166.6
172.2
177.1
175.1
175.8
176.2
176.9
177.7
178.0
177.5
177.5
178.3
177.7
177.4
176.7
177.1
177.8

Canada

Japan

145.3
147.9
148.2
151.4
153.8
156.3
157.8
160.5
164.9
169.1
166.6
167.4
167.9
169.1
170.6
170.7
170.1
170.1
170.6
169.7
168.2
168.4
168.8
169.8

Germany

117.0
118.5
119.3
119.2
119.3
121.5
122.2
121.8
121.0
120.1
120.7
120.4
120.1
120.4
120.5
120.1
119.8
120.3
120.0
120.0
119.4
119.3
119.0
118.4

Italy

122.2
127.6
131.1
133.4
135.2
137.8
139.1
139.9
142.6
146.2
144.4
145.4
145.5
146.0
146.7
147.0
147.0
146.7
146.7
146.3
146.0
146.2
147.5
147.9

France

179.5
187.7
195.3
205.6
213.8
218.2
222.5
226.2
231.9
238.3
235.6
236.5
236.7
237.7
238.3
238.9
239.1
239.1
239.1
239.5
240.0
240.2
241.4
242.4

140.4
143.4
145.8
148.4
151.4
153.2
154.2
155.0
157.6
160.2
158.1
158.5
159.1
159.9
161.0
161.0
160.7
160.7
161.0
161.1
160.7
160.8
161.6
161.8

United
Kingdom

162.7
165.3
169.3
175.2
179.4
185.1
191.4
194.3
200.1
203.6
201.0
202.1
202.3
203.4
204.7
204.9
203.6
204.4
205.1
204.8
204.0
203.7
203.6
204.2

Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)

Goods: Imports (customs value)

Census basis (by end-use category)

Services
(BOP basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
BOP basis

Period

BOP
basis

Total,
Census
basis 1

Auto- ConIndusmo- sumer
Foods, trial Capital tive goods
feeds,
supgoods vehi- (nonand
plies except cles, food)
bevand
auto- parts except
erages mate- motive and autorials
enmogines tive

1992 .................
1993 .................
1994 .................
1995 .................
1996 .................
1997 .................
1998 .................
1999 .................
2000 .................
2001 r ................

439.6
456.9
502.9
575.2
612.1
678.4
670.4
684.6
772.2
720.9

448.2
465.1
512.6
584.7
625.1
689.2
682.1
695.8
781.9
730.9

40.3
40.6
42.0
50.5
55.5
51.5
46.4
45.5
47.5
49.0

109.1
111.8
121.4
146.2
147.7
158.2
148.3
147.0
171.9
160.3

175.9
181.7
205.0
233.0
253.0
294.5
299.4
310.9
357.0
322.3

47.0
52.4
57.8
61.8
65.0
74.0
72.4
75.1
80.2
74.6

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

65.2
65.6
63.8
62.0
62.7
60.7
58.6
59.4
55.5
56.5
56.0
55.0
54.8

66.0
66.3
64.5
62.8
63.6
61.6
59.6
60.2
56.3
57.4
56.9
55.8
55.5

4.0
4.2
4.3
4.2
4.0
3.9
3.9
4.2
3.9
4.2
4.2
4.1
4.2

14.3
14.4
14.4
14.0
13.9
13.4
12.8
13.4
12.3
12.7
12.4
12.4
12.2

31.1
31.1
29.2
27.8
28.2
26.9
26.2
25.6
24.1
24.2
24.2
23.6
23.8

6.0
5.9
6.1
6.1
6.3
6.6
6.2
6.7
6.4
6.3
6.2
5.7
5.9

1 Total

BOP
basis

51.4 536.5
54.7 589.4
60.0 668.7
64.4 749.4
70.1 803.1
77.4 876.5
80.3 917.1
82.0 1,030.0
90.6 1,224.4
89.6 1,147.1
7.8
7.8
7.8
7.9
8.1
7.3
7.4
7.2
6.9
7.1
7.0
7.2
6.8

104.3
100.3
102.6
99.7
97.2
96.3
94.4
93.5
91.0
91.5
90.3
85.9
88.9

IndusAutoFoods, trial Capital motive
Total, feeds, supgoods vehiCensus and
plies except cles,
basis 1
bevand
auto- parts
erages mate- motive and enrials
gines

Consumer
goods
(nonfood)
except
automotive

Exports

Imports

Goods,
Census
basis

Goods

Services

Goods
and
services

532.7
580.7
663.3
743.5
795.3
869.7
911.9
1,024.6
1,218.0
1,142.0

27.6
27.9
31.0
33.2
35.7
39.7
41.2
43.6
46.0
46.7

138.6
145.6
162.1
181.8
204.5
213.8
200.1
222.0
299.8
275.8

134.3
152.4
184.4
221.4
228.1
253.3
269.5
295.3
346.7
297.9

91.8
102.4
118.3
123.8
128.9
139.8
148.7
179.0
195.9
189.6

122.7
134.0
146.3
159.9
172.0
193.8
217.0
241.7
281.4
283.5

176.9
185.9
201.0
219.2
240.0
256.6
262.3
272.8
293.5
283.8

116.5
122.3
131.9
141.4
150.9
166.3
182.4
189.2
217.0
205.0

¥84.5
¥115.6
¥150.6
¥158.8
¥170.2
¥180.5
¥229.8
¥328.8
¥436.1
¥411.0

¥96.9
¥132.5
¥165.8
¥174.2
¥191.0
¥198.1
¥246.7
¥345.4
¥452.2
¥426.3

60.4
63.7
69.2
77.8
89.2
90.4
79.9
83.6
76.5
78.8

¥36.5
¥68.8
¥96.7
¥96.4
¥101.8
¥107.8
¥166.8
¥261.8
¥375.7
¥347.5

103.8
99.7
102.0
99.1
96.4
95.7
94.2
93.2
90.8
91.3
90.1
85.7
88.7

3.9
3.8
3.7
3.7
3.7
3.9
4.1
3.9
4.0
4.0
4.0
3.8
3.9

26.5
24.8
24.8
24.9
24.6
23.8
23.1
22.3
21.8
21.2
19.7
18.2
19.0

29.1
28.4
28.7
25.9
24.6
24.3
23.6
23.4
22.2
22.8
22.8
22.2
23.5

15.7
15.5
15.4
16.1
15.6
16.0
15.9
16.5
15.6
15.7
16.0
15.4
14.9

24.4
23.1
25.4
24.3
23.6
23.7
23.5
23.3
23.3
23.5
23.5
22.0
23.3

24.7
24.6
24.7
24.7
24.3
24.4
23.8
24.4
21.5
21.4
22.1
23.1
23.1

19.1
18.7
19.0
18.9
18.8
18.8
18.6
18.7
5.3
16.0
16.3
16.8
17.6

¥37.7
¥33.3
¥37.4
¥36.4
¥32.9
¥34.1
¥34.6
¥33.1
¥34.5
¥33.9
¥33.2
¥29.9
¥33.2

¥39.2
¥34.6
¥38.8
¥37.7
¥34.5
¥35.6
¥35.9
¥34.1
¥35.6
¥35.1
¥34.3
¥31.0
¥34.1

5.7
5.9
5.8
5.8
5.5
5.7
5.2
5.7
16.2
5.5
5.8
6.3
5.6

¥33.5
¥28.8
¥33.1
¥31.9
¥29.0
¥29.9
¥30.7
¥28.4
¥19.4
¥29.6
¥28.5
¥24.7
¥28.5

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.

NOTE.—Data beginning 2001 reflect reassignments of commodities in the End-Use Classification System. See Department of Commerce release U.S. International Trade in Goods and
Services, January 2002.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).

35

U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 2001, the goods deficit fell to $100.7 billion, from $105.5 billion in the third quarter. The
current account deficit rose slightly to $98.8 billion in the fourth quarter, from $98.5 billion in the third quarter.

[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (¥)]
Goods 1

Period
Exports

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

Imports

439,631 ¥536,528
456,943 ¥589,394
502,859 ¥668,690
575,204 ¥749,374
612,113 ¥803,113
678,366 ¥876,485
670,416 ¥917,112
684,553 ¥1,029,987
772,210 ¥1,224,417
720,831 ¥1,147,446
164,716 ¥238,709
166,267 ¥250,557
173,045 ¥264,777
180,525 ¥275,944
185,142 ¥292,547
191,558 ¥303,229
199,273 ¥313,884
196,237 ¥314,757
194,542 ¥307,163
185,464 ¥293,222
173,419 ¥278,960
167,406 ¥268,101

Services

Balance
on
goods

Net
military
transactions 2 3

¥96,897 ¥1,448
¥132,451
1,385
¥165,831
2,570
¥174,170
4,600
¥191,000
5,385
¥198,119
4,968
¥246,696
5,265
¥345,434
2,586
¥452,207
500
¥426,615 ¥1,962
¥73,993
1,031
¥84,290
1,220
¥91,732
296
¥95,419
39
¥107,405
139
¥111,671
528
¥114,611
¥212
¥118,520
45
¥112,621
¥187
¥107,758
¥151
¥105,541
¥637
¥100,695
¥987

Net
travel
and
transportation
19,969
19,714
16,305
21,772
25,015
22,152
10,145
7,113
3,180
¥2,237
2,108
1,887
1,566
1,552
929
1,571
177
500
383
¥532
¥1,127
¥964

Income receipts and payments

Other
services,
net

41,918
42,562
50,278
51,410
58,757
63,234
64,458
73,897
72,788
83,004
17,982
18,317
18,735
18,860
19,015
18,788
17,306
17,682
17,113
17,606
28,855
19,431

Balance
on
goods
and
services

¥36,457
¥68,791
¥96,678
¥96,388
¥101,843
¥107,765
¥166,828
¥261,838
¥375,739
¥347,810
¥52,872
¥62,866
¥71,135
¥74,968
¥87,322
¥90,784
¥97,340
¥100,293
¥95,312
¥90,835
¥78,450
¥83,215

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

Receipts

132,056
134,159
165,438
211,502
225,846
260,558
259,238
285,302
352,866
293,808
64,893
68,703
73,506
78,202
82,389
89,253
88,739
92,486
85,544
76,889
69,190
62,191

Payments

¥109,101
¥110,255
¥148,744
¥190,955
¥204,859
¥251,808
¥265,440
¥298,915
¥367,658
¥312,926
¥67,418
¥71,619
¥78,673
¥81,204
¥88,046
¥94,142
¥93,624
¥91,844
¥90,535
¥81,856
¥76,602
¥63,935

Balance
on
income

22,954
23,904
16,694
20,547
20,987
8,750
¥6,202
¥13,613
¥14,792
¥19,118
¥2,525
¥2,916
¥5,167
¥3,002
¥5,657
¥4,889
¥4,885
642
¥4,991
¥4,967
¥7,412
¥1,744

Unilateral
current
transfers,
net 4

¥35,013
¥37,637
¥38,260
¥34,057
¥40,081
¥40,794
¥44,427
¥48,913
¥54,136
¥50,501
¥11,051
¥11,596
¥11,761
¥14,504
¥11,924
¥12,461
¥13,080
¥16,673
¥11,826
¥12,130
¥12,669
¥13,876

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

¥48,515
¥82,523
¥118,244
¥109,898
¥120,937
¥139,809
¥217,457
¥324,364
¥444,667
¥417,429
¥66,448
¥77,378
¥88,063
¥92,474
¥104,903
¥108,134
¥115,305
¥116,324
¥112,129
¥107,932
¥98,531
¥98,835

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks increased $53.6 billion in the fourth
quarter of 2001, compared with a decrease of $59.1 billion in the third quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $103.4 billion in the fourth quarter, compared with
a decrease of $59.4 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)

1992 ..................................
1993 ..................................
1994 ..................................
1995 ..................................
1996 ..................................
1997 ..................................
1998 ..................................
1999 ..................................
2000 ..................................
2001 p .................................

612
¥88
¥469
372
693
350
678
¥3,491
705
726

¥74,410
¥200,552
¥176,056
¥352,376
¥413,923
¥487,599
¥359,632
¥437,067
¥580,952
¥439,563

3,901
¥1,379
5,346
¥9,742
6,668
¥1,010
¥6,783
8,747
¥290
¥4,911

¥1,667
¥351
¥390
¥984
¥989
68
¥422
2,751
¥944
¥573

¥76,644
¥198,822
¥181,012
¥341,650
¥419,602
¥486,657
¥352,427
¥448,565
¥579,718
¥434,079

170,663
282,040
305,989
465,684
586,038
759,290
504,464
813,744
1,024,218
895,459

40,477
71,753
39,583
109,880
126,724
19,036
¥19,948
43,551
37,619
6,092

130,186
210,287
266,406
355,804
459,314
740,254
524,412
770,193
986,599
889,367

¥48,350
1,123
¥11,220
¥3,782
¥51,871
¥132,232
71,947
¥48,822
696
¥39,193

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

71,323
73,442
74,335
85,832
75,089
69,954
81,761
71,516
67,647
68,654

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

158
167
173
¥3,989
173
173
175
184
173
177
182
194

¥43,657
¥170,707
¥114,931
¥107,769
¥198,105
¥93,573
¥107,727
¥181,548
¥243,302
¥72,357
¥17,443
¥106,460

4,068
1,159
1,951
1,569
¥554
2,020
¥346
¥1,410
190
¥1,343
¥3,559
¥199

118
¥392
¥686
3,711
¥127
¥572
114
¥359
21
¥786
21
171

¥47,843
¥171,474
¥116,196
¥113,049
¥197,424
¥95,021
¥107,495
¥179,779
¥243,513
¥70,228
¥13,905
¥106,432

130,758
278,047
172,119
232,820
256,782
250,007
222,108
295,321
347,006
226,927
57,718
263,806

4,164
¥736
12,721
27,402
22,498
6,447
12,247
¥3,573
4,898
¥20,879
16,877
5,196

126,594
278,783
159,398
205,418
234,284
243,560
209,861
298,894
342,108
247,806
40,841
258,610

¥20,811
¥30,129
30,702
¥28,588
46,053
¥48,473
749
2,367
8,252
¥46,815
58,074
¥58,705

6,425
¥711
¥10,320
4,602
8,501
¥2,380
¥9,977
3,856
9,008
¥1,643
¥8,580
1,214

74,359
71,689
73,414
71,516
70,789
67,955
66,256
67,647
64,222
64,847
70,963
68,654

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 : 2002 78–575


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102