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108th Congress, 1st Session

Economic Indicators
MARCH 2003
(Includes data available as of April 8, 2003)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2003

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

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

DONALD B. MARRON, Executive Director

COUNCIL OF ECONOMIC ADVISERS
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
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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 2002, according to revised estimates, current-dollar gross domestic product (GDP) rose
3.2 percent (annual rate), real GDP (GDP in chained 1996 dollars) rose 1.4 percent, and the implicit price deflator
rose 1.8 percent.

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

Period

1993 ......................
1994 ......................
1995 ......................
1996 ......................
1997 ......................
1998 ......................
1999 ......................
2000 ......................
2001 ......................
2002 r ....................
1999: I .................
II ................
III ..............
IV ...............
2000: I .................
II ................
III ..............
IV ...............
2001: I .................
II ................
III ..............
IV ...............
2002: 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

6,642.3
7,054.3
7,400.5
7,813.2
8,318.4
8,781.5
9,274.3
9,824.6
10,082.2
10,446.2
9,092.7
9,171.7
9,316.5
9,516.4
9,649.5
9,820.7
9,874.8
9,953.6
10,028.1
10,049.9
10,097.7
10,152.9
10,313.1
10,376.9
10,506.2
10,588.8

¥60.5
¥87.1
¥84.3
¥89.0
¥89.3
¥151.7
¥249.9
¥365.5
¥348.9
¥423.6
¥196.4
¥241.8
¥274.6
¥286.7
¥330.6
¥353.2
¥384.9
¥393.2
¥372.7
¥365.7
¥312.6
¥344.5
¥360.1
¥425.6
¥432.9
¥476.0

658.0
725.1
818.6
874.2
966.4
964.9
989.3
1,101.1
1,034.1
1,014.9
959.2
970.2
996.8
1,031.2
1,055.9
1,098.0
1,130.9
1,119.8
1,100.0
1,059.7
1,005.8
971.1
977.5
1,018.1
1,038.6
1,025.4

4,454.7
4,716.4
4,969.0
5,237.5
5,529.3
5,856.0
6,246.5
6,683.7
6,987.0
7,303.7
6,076.6
6,195.6
6,299.4
6,414.5
6,552.2
6,638.7
6,736.1
6,808.0
6,904.7
6,959.8
6,983.7
7,099.9
7,174.2
7,254.7
7,360.7
7,425.4

955.1
1,097.1
1,143.8
1,242.7
1,390.5
1,538.7
1,636.7
1,755.4
1,586.0
1,593.2
1,618.0
1,597.8
1,637.9
1,693.2
1,711.4
1,786.3
1,766.4
1,757.4
1,671.1
1,597.2
1,574.9
1,500.7
1,559.4
1,588.0
1,597.3
1,628.1

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

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

718.5
812.1
902.8
963.1
1,055.8
1,116.7
1,239.2
1,466.6
1,383.0
1,438.5
1,155.6
1,212.0
1,271.4
1,317.9
1,386.5
1,451.1
1,515.8
1,513.0
1,472.8
1,425.3
1,318.4
1,315.6
1,337.5
1,443.7
1,471.5
1,501.4

1,293.0
1,327.9
1,372.0
1,421.9
1,487.9
1,538.5
1,641.0
1,751.0
1,858.0
1,972.9
1,594.6
1,620.1
1,653.9
1,695.4
1,716.5
1,748.8
1,757.2
1,781.4
1,825.0
1,858.5
1,851.7
1,896.8
1,939.5
1,959.8
1,981.1
2,011.3

527.3
521.1
521.5
531.6
538.2
539.2
565.0
589.2
628.1
693.7
550.0
556.1
569.0
584.9
575.7
598.5
589.7
592.9
613.3
624.8
627.4
646.9
672.0
688.2
697.7
716.9

National
defense
364.9
355.1
350.6
357.0
352.6
349.1
364.3
374.9
399.9
447.4
354.0
355.1
368.7
379.5
365.5
379.1
375.0
380.0
391.4
395.2
400.3
412.8
431.7
442.1
451.2
464.7

Nondefense
162.4
165.9
170.9
174.6
185.6
190.1
200.7
214.3
228.2
246.3
196.0
201.0
200.3
205.5
210.2
219.4
214.7
213.0
221.9
229.6
227.2
234.1
240.3
246.1
246.5
252.2

State
and
local
765.7
806.8
850.5
890.4
949.7
999.3
1,076.0
1,161.8
1,229.9
1,279.2
1,044.5
1,064.0
1,084.8
1,110.5
1,140.8
1,150.3
1,167.4
1,188.5
1,211.7
1,233.7
1,224.3
1,249.8
1,267.5
1,271.6
1,283.3
1,294.4

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

6,621.2
6,991.8
7,367.5
7,783.2
8,255.5
8,708.4
9,214.8
9,761.1
10,142.5
10,442.4
9,018.0
9,144.0
9,269.7
9,427.5
9,602.6
9,731.5
9,813.6
9,896.6
10,055.3
10,107.0
10,158.3
10,249.4
10,343.0
10,373.5
10,488.7
10,564.3

6,702.8
7,141.4
7,484.8
7,902.1
8,407.7
8,933.3
9,524.2
10,190.1
10,431.0
10,869.9
9,289.1
9,413.5
9,591.2
9,803.1
9,980.1
10,173.9
10,259.7
10,346.8
10,400.8
10,415.5
10,410.4
10,497.4
10,673.1
10,802.4
10,939.1
11,064.8

6,666.7
7,071.1
7,420.9
7,831.2
8,325.4
8,778.1
9,297.1
9,848.0
10,104.1
10,436.7
9,112.7
9,195.9
9,333.6
9,546.0
9,670.5
9,846.4
9,892.5
9,982.8
10,038.0
10,081.0
10,109.3
10,188.1
10,314.9
10,356.8
10,495.3
10,579.7

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

1993 ...........
1994 ...........
1995 ...........
1996 ...........
1997 ...........
1998 ...........
1999 ...........
2000 ...........
2001 ...........
2002 r .........
1999: I ......
II .....
III ...
IV ....
2000: I ......
II .....
III ...
IV ....
2001: I ......
II .....
III ...
IV ....
2002: I ......
II ....
III ...
IV r ..

Gross
domestic
product

7,062.6
7,347.7
7,543.8
7,813.2
8,159.5
8,508.9
8,859.0
9,191.4
9,214.5
9,439.9
8,733.2
8,775.5
8,886.9
9,040.1
9,097.4
9,205.7
9,218.7
9,243.8
9,229.9
9,193.1
9,186.4
9,248.8
9,363.2
9,392.4
9,485.6
9,518.2

Personal
consumption
expenditures

4,748.9
4,928.1
5,075.6
5,237.5
5,423.9
5,683.7
5,964.5
6,223.9
6,377.2
6,576.0
5,851.4
5,932.8
6,000.1
6,073.6
6,151.9
6,198.2
6,256.8
6,288.8
6,326.0
6,348.0
6,370.9
6,464.0
6,513.8
6,542.4
6,609.9
6,637.9

Gross private
domestic investment

Exports and imports of
goods and services

Nonresidential
fixed
investment

Residential
fixed
investment

Change
in private
inventories

Net
exports

Exports

683.6
744.6
817.5
899.4
1,009.3
1,135.9
1,228.4
1,324.2
1,255.1
1,183.4
1,197.5
1,220.4
1,243.3
1,252.4
1,297.1
1,329.1
1,340.7
1,329.9
1,311.4
1,261.0
1,241.7
1,206.4
1,188.4
1,181.1
1,178.7
1,185.3

276.0
302.7
291.7
313.3
319.7
345.1
368.3
372.4
373.5
388.2
364.1
368.4
369.2
371.7
379.1
376.2
367.2
367.2
374.5
374.0
374.3
371.0
383.6
386.1
387.1
395.9

20.0
66.8
30.4
30.0
63.8
76.7
62.8
65.0
¥61.4
5.2
80.0
31.2
47.6
92.2
45.3
91.5
63.1
59.9
¥26.9
¥58.3
¥61.8
¥98.4
¥28.9
4.9
18.8
25.8

¥59.1
¥86.5
¥78.4
¥89.0
¥113.3
¥221.1
¥320.5
¥398.8
¥415.9
¥488.5
¥283.2
¥319.6
¥339.6
¥339.5
¥368.8
¥394.6
¥413.1
¥418.5
¥404.5
¥414.8
¥419.0
¥425.3
¥446.6
¥487.4
¥488.0
¥532.2

672.7
732.8
808.2
874.2
981.5
1,002.4
1,036.3
1,137.2
1,076.1
1,058.8
1,007.5
1,018.1
1,044.1
1,075.6
1,095.8
1,133.9
1,165.5
1,153.7
1,135.8
1,098.8
1,048.0
1,021.8
1,030.6
1,065.5
1,077.7
1,061.6

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

731.8
819.4
886.6
963.1
1,094.8
1,223.5
1,356.8
1,536.0
1,492.0
1,547.4
1,290.7
1,337.7
1,383.7
1,415.2
1,464.6
1,528.5
1,578.6
1,572.2
1,540.3
1,513.6
1,467.0
1,447.2
1,477.1
1,552.9
1,565.7
1,593.8

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

1,398.8
1,400.1
1,406.4
1,421.9
1,455.4
1,483.3
1,540.6
1,582.5
1,640.4
1,712.8
1,515.9
1,526.7
1,546.5
1,573.2
1,568.3
1,586.1
1,582.2
1,593.4
1,615.7
1,638.0
1,633.3
1,674.5
1,697.3
1,703.3
1,715.6
1,735.0

National
defense

572.0
551.3
536.5
531.6
529.6
525.4
537.7
544.4
570.6
613.3
527.2
530.6
540.1
553.0
533.8
554.0
543.7
546.4
559.0
567.2
568.9
587.2
597.8
608.7
615.1
631.4

394.7
375.9
361.9
357.0
347.7
341.6
348.8
348.7
366.0
400.0
341.2
341.0
352.4
360.8
341.3
353.4
347.9
351.9
359.0
361.4
365.5
378.0
388.5
395.8
402.5
413.2

Nondefense

177.3
175.5
174.6
174.6
181.8
183.8
188.8
195.6
204.4
213.3
185.9
189.5
187.7
192.1
192.3
200.3
195.6
194.3
199.8
205.6
203.2
209.1
209.3
212.9
212.7
218.3

State
and
local

827.0
848.9
869.9
890.4
925.8
957.7
1,002.4
1,037.4
1,069.4
1,099.7
988.3
995.7
1,006.0
1,019.8
1,033.8
1,031.8
1,037.8
1,046.3
1,056.2
1,070.2
1,064.1
1,087.1
1,099.3
1,094.7
1,100.6
1,104.0

Final
sales of
domestic
product

Gross
domestic
purchases 1

7,043.8 7,120.6
7,285.8 7,434.2
7,512.2 7,621.8
7,783.2 7,902.1
8,095.2 8,271.7
8,431.8 8,721.3
8,793.9 9,160.2
9,121.1 9,561.2
9,258.4 9,600.7
9,424.4 9,889.8
8,654.3 9,002.1
8,741.0 9,076.2
8,833.6 9,204.9
8,946.6 9,357.7
9,042.9 9,440.8
9,111.1 9,571.9
9,150.4 9,600.9
9,179.8 9,631.0
9,243.8 9,604.6
9,234.3 9,577.1
9,230.5 9,575.8
9,324.9 9,645.3
9,379.4 9,778.2
9,377.9 9,840.8
9,457.2 9,934.7
9,483.1 10,005.5

Addendum:
Gross
national
product

7,087.8
7,364.3
7,564.0
7,831.2
8,168.1
8,508.4
8,883.7
9,216.2
9,237.3
9,433.5
8,755.5
8,801.8
8,906.4
9,071.1
9,119.7
9,233.0
9,238.2
9,274.0
9,241.7
9,224.3
9,199.8
9,283.5
9,367.5
9,376.7
9,477.9
9,512.1

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

1993 ..................
1994 ..................
1995 ..................
1996 ..................
1997 ..................
1998 .................
1999 .................
2000 .................
2001 .................
2002 r ................
1999: I ............
II ...........
III .........
IV ..........
2000: I ............
II ...........
III .........
IV ..........
2001: I ............
II ...........
III .........
IV ..........
2002: I ............
II ...........
III .........
IV r .........

Gross
domestic
product

94.05
96.01
98.10
100.00
101.95
103.20
104.69
106.89
109.42
110.66
104.12
104.51
104.83
105.27
106.07
106.68
107.12
107.68
108.65
109.32
109.92
109.78
110.14
110.48
110.76
111.25

Total

93.81
95.70
97.90
100.00
101.94
103.03
104.73
107.39
109.56
111.07
103.85
104.43
104.99
105.61
106.51
107.11
107.66
108.26
109.15
109.64
109.62
109.84
110.14
110.89
111.36
111.86

Durable
goods

Nondurable goods

Services

99.06
100.56
101.06
100.00
97.75
95.40
93.03
91.46
89.70
87.20
93.71
93.24
92.84
92.38
91.91
91.74
91.24
90.96
90.70
89.91
89.31
88.97
88.02
87.38
86.96
86.48

96.14
96.83
97.93
100.00
101.34
101.31
103.69
107.59
109.17
109.62
102.13
103.29
104.16
105.10
106.48
107.28
108.04
108.53
109.00
109.80
109.42
108.45
108.52
109.75
109.92
110.26

91.56
94.16
97.25
100.00
103.12
105.53
107.81
110.85
114.32
117.45
106.92
107.44
108.07
108.78
109.75
110.44
111.15
112.02
113.42
114.08
114.40
115.38
116.14
117.00
117.88
118.74

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

99.81
100.54
100.93
100.00
99.02
96.95
95.53
95.59
95.73
94.42
96.04
95.68
95.28
95.16
95.33
95.43
95.73
95.85
95.95
95.96
95.68
95.31
94.81
94.47
94.16
94.25

91.23
94.48
97.91
100.00
102.68
105.58
109.59
114.40
119.09
121.58
108.02
109.22
110.11
110.98
112.89
113.98
114.87
115.91
117.49
118.78
119.51
120.60
120.61
121.40
121.38
122.88

Exports

Imports
Total

97.82
98.94
101.28
100.00
98.47
96.26
95.47
96.83
96.10
95.85
95.21
95.29
95.47
95.87
96.36
96.83
97.03
97.06
96.85
96.44
95.97
95.03
94.85
95.55
96.38
96.59

98.18
99.12
101.83
100.00
96.44
91.27
91.33
95.49
92.70
92.97
89.54
90.60
91.88
93.13
94.67
94.94
96.02
96.24
95.61
94.17
89.87
90.91
90.55
92.97
93.98
94.20

92.18
94.51
97.21
100.00
101.63
102.63
105.08
108.23
110.09
113.12
104.33
104.82
105.36
105.77
107.87
108.04
108.48
108.52
109.72
110.15
110.29
110.18
112.41
113.06
113.43
113.54

National
defense

Nondefense

State
and
local

92.45
94.49
96.88
100.00
101.41
102.22
104.44
107.53
109.27
111.86
103.77
104.15
104.65
105.16
107.09
107.26
107.80
107.96
109.02
109.35
109.50
109.22
111.14
111.70
112.11
112.47

91.58
94.55
97.90
100.00
102.06
103.41
106.29
109.55
111.63
115.45
105.41
106.08
106.70
106.94
109.34
109.52
109.77
109.59
111.06
111.67
111.79
111.97
114.79
115.60
115.89
115.52

92.59
95.04
97.77
100.00
102.58
104.34
107.33
111.98
115.01
116.33
105.70
106.86
107.84
108.89
110.35
111.49
112.49
113.59
114.72
115.28
115.06
114.97
115.29
116.16
116.60
117.24

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

1993 .............................................................
1994 .............................................................
1995 .............................................................
1996 .............................................................
1997 ..............................................................
1998 .............................................................
1999 .............................................................
2000 .............................................................
2001 .............................................................
2002 r ............................................................
1998: I .........................................................
II .......................................................
III ......................................................
IV ......................................................
1999: I ........................................................
II .......................................................
III .....................................................
IV ......................................................
2000: I ........................................................
II .......................................................
III .....................................................
IV ......................................................
2001: I ........................................................
II .......................................................
III .....................................................
IV ......................................................
2002: I .........................................................
II .......................................................
III .....................................................
IV r ....................................................
1 Percent

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

Period

85.01
90.29
94.72
100.00
106.47
112.39
118.70
125.74
129.04
133.70
110.43
111.32
112.84
114.99
116.38
117.39
119.24
121.80
123.50
125.69
126.39
127.40
128.35
128.63
129.24
129.95
132.00
132.81
134.47
135.53

GDP
chain-type
price index

90.39
94.04
96.55
100.00
104.43
108.91
113.39
117.64
117.94
120.82
107.46
108.06
109.16
110.94
111.78
112.32
113.74
115.70
116.44
117.82
117.99
118.31
118.13
117.66
117.58
118.37
119.84
120.21
121.41
121.82

94.05
96.01
98.10
100.00
101.95
103.20
104.69
106.89
109.42
110.66
102.76
103.02
103.38
103.66
104.12
104.52
104.84
105.28
106.08
106.69
107.13
107.68
108.66
109.32
109.92
109.78
110.14
110.48
110.76
111.25

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

GDP
implicit
price
deflator

GDP
(current
dollars)

94.05
96.01
98.10
100.00
101.95
103.20
104.69
106.89
109.42
110.66
102.76
103.01
103.38
103.65
104.12
104.51
104.83
105.27
106.07
106.68
107.12
107.68
108.65
109.32
109.92
109.78
110.14
110.48
110.76
111.25

5.1
6.2
4.9
5.6
6.5
5.6
5.6
5.9
2.6
3.6
7.2
3.3
5.6
7.8
4.9
3.5
6.5
8.9
5.7
7.3
2.2
3.2
3.0
.9
1.9
2.2
6.5
2.5
5.1
3.2

Real GDP
(chain-type
quantity
index)

GDP
chain-type
price
index

2.7
4.0
2.7
3.6
4.4
4.3
4.1
3.8
.3
2.4
6.1
2.2
4.1
6.7
3.0
2.0
5.2
7.1
2.6
4.8
.6
1.1
¥.6
¥1.6
¥.3
2.7
5.0
1.3
4.0
1.4

GDP
implicit
price
deflator

2.4
2.1
2.2
1.9
1.9
1.2
1.4
2.1
2.4
1.1
1.1
1.0
1.4
1.1
1.8
1.5
1.2
1.7
3.1
2.3
1.6
2.1
3.7
2.5
2.2
¥.5
1.3
1.2
1.0
1.8

2.4
2.1
2.2
1.9
1.9
1.2
1.4
2.1
2.4
1.1
1.1
1.0
1.4
1.1
1.8
1.5
1.2
1.7
3.1
2.3
1.6
2.1
3.7
2.5
2.2
¥.5
1.3
1.2
1.0
1.8

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

1993 ........................................................
1994 ........................................................
1995 ........................................................
1996 ........................................................
1997 .........................................................
1998 ........................................................
1999 .........................................................
2000 ........................................................
2001 ........................................................
2002 ........................................................
1999: I ...................................................
II .................................................
III ................................................
IV ................................................
2000: I ...................................................
II .................................................
III ................................................
IV ................................................
2001: I ...................................................
II .................................................
III ................................................
IV ................................................
2002: I ...................................................
II .................................................
III ................................................
IV ................................................
1 The

Chained
(1996)
dollars

3,457.6
3,737.2
3,945.9
4,159.5
4,435.1
4,707.1
4,981.0
5,295.0
5,354.2
5,498.9
4,899.9
4,945.1
4,995.0
5,084.2
5,228.7
5,275.1
5,335.5
5,340.7
5,318.6
5,340.9
5,365.7
5,391.6
5,423.8
5,489.0
r 5,504.8
5,577.9

3,573.8
3,801.5
3,960.1
4,159.5
4,404.2
4,658.1
4,902.1
5,148.3
5,141.8
5,307.5
4,832.3
4,866.8
4,914.7
4,994.6
5,109.2
5,129.2
5,180.2
5,174.4
5,131.4
5,125.2
5,121.3
5,189.3
5,231.3
5,298.7
r 5,320.7
5,379.4

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

Compensation of employees
(unit labor
cost)

0.967
.983
.996
1.000
1.007
1.011
1.016
1.029
1.041
1.036
1.014
1.016
1.016
1.018
1.023
1.028
1.030
1.032
1.037
1.042
1.048
1.039
1.037
1.036
1.035
1.037

0.641
.639
.645
.641
.644
.656
.667
.688
.695
.680
.665
.666
.668
.671
.682
.683
.690
.697
.699
.699
.698
.684
.682
.680
r.679
.679

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.
4 With inventory valuation and capital consumption adjustments.
2 Indirect
3 Unit

Corporate profits with inventory
valuation and capital consumption
adjustments 3

Unit nonlabor cost

Total

0.236
.238
.239
.236
.237
.240
.243
.250
.267
.269
.239
.241
.246
.246
.245
.250
.252
.256
.262
.266
.272
.268
.268
.269
r.271
.270

Consumption of
fixed
capital

Indirect
business
tax, etc.2

Net interest

0.108
.109
.110
.111
.112
.112
.113
.116
.127
.129
.112
.113
.115
.114
.114
.116
.117
.119
.122
.125
.134
.127
.128
.129
.130
.130

0.098
.101
.100
.099
.098
.098
.098
.099
.102
.103
.097
.097
.098
.098
.098
.099
.099
.100
.102
.103
.099
.103
.103
.103
.104
.104

0.030
.028
.029
.026
.027
.030
.032
.035
.038
.037
.030
.031
.033
.034
.033
.035
.036
.037
.038
.038
.039
.038
.037
.037
r.037
.036

Total

0.091
.106
.112
.122
.126
.114
.106
.090
.079
.086
.110
.109
.103
.101
.096
.096
.088
.079
.075
.077
.079
.087
.086
.087
.084
.088

Profits
tax
liability

0.029
.034
.035
.036
.036
.033
.034
.033
.024
.025
.034
.035
.034
.033
.036
.036
.033
.030
.026
.027
.025
.018
.023
.025
.025
.026

Profits
after
tax 4

0.062
.072
.077
.086
.090
.081
.072
.056
.055
.062
.076
.074
.069
.068
.060
.060
.055
.050
.049
.050
.053
.068
.064
.062
.059
.062

NOTE.—See Note, p. 5.
Source: Department of Commerce, Bureau of Economic Analysis.

3

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

National
income

Period

1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 r .....................................
1999: III ..............................
IV ..............................
2000: I .................................
II ...............................
III ..............................
IV ..............................
2001: I .................................
II ...............................
III ..............................
IV ..............................
2002: I .................................
II ...............................
III ..............................
IV r .............................

Compensation
of
employees1

5,251.9
5,556.8
5,876.7
6,210.4
6,618.4
7,041.4
7,468.7
7,984.4
8,122.0
8,347.9
7,475.9
7,650.1
7,860.2
7,954.5
8,048.3
8,074.8
8,092.1
8,110.1
8,089.1
8,196.8
8,268.5
8,328.0
r 8,349.9
8,445.3

Proprietors’ income
with inventory valuation and capital consumption adjustments

Farm

3,814.4
4,016.2
4,202.5
4,395.6
4,651.3
4,989.6
5,308.8
5,723.4
5,874.9
5,977.4
5,329.0
5,429.1
5,627.3
5,670.5
5,773.1
5,822.7
5,878.9
5,879.3
5,880.4
5,860.9
5,908.4
5,963.9
r 5,988.4
6,048.8

Rental
income
of
persons
with
capital
consumption
adjustment

Nonfarm

30.1
31.9
22.2
34.3
29.7
25.6
27.7
22.6
19.0
12.9
25.7
25.4
22.3
25.0
21.7
21.2
19.3
18.4
19.3
19.2
21.7
7.5
10.7
11.7

431.7
444.6
475.5
510.5
551.5
598.2
650.7
692.2
708.8
743.7
657.0
672.0
680.2
693.8
696.9
698.1
701.9
708.2
713.1
712.1
726.7
740.0
748.0
759.9

90.9
110.3
117.9
129.7
128.3
138.6
149.1
146.6
137.9
142.4
145.8
152.0
151.4
146.7
144.9
143.5
137.0
134.3
140.8
139.3
141.3
153.5
144.1
130.6

1 Includes employer contributions for social insurance. (See also p. 5.)
NOTE.—See Note, p. 5.

Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total

510.5
573.2
668.8
754.0
833.8
777.4
805.8
788.1
731.6
787.4
788.0
824.7
807.6
807.3
787.7
749.7
706.5
721.4
687.2
811.4
797.6
785.0
771.0
796.1

Profits
before tax

Inventory
valuation
adjustment

510.4
573.4
668.5
726.3
792.4
721.1
762.1
782.3
670.2
665.2
753.4
797.6
796.9
800.5
780.6
751.1
707.0
720.2
654.3
599.1
639.4
657.9
668.5
694.9

¥4.0
¥12.4
¥18.3
3.1
8.4
18.3
¥4.2
¥15.0
5.0
¥6.9
¥13.8
¥16.6
¥22.6
¥16.4
¥8.3
¥12.5
¥10.1
¥6.2
8.9
27.2
1.9
¥5.7
¥15.1
¥8.5

506.4
561.0
650.2
729.4
800.8
739.4
757.9
767.3
675.1
658.3
739.6
781.0
774.3
784.2
772.3
738.6
696.9
714.0
663.2
626.3
641.3
652.2
653.4
686.4

Capital
consumption
adjustment

Net
interest

4.1
12.2
18.6
24.6
32.9
38.0
47.9
20.8
56.5
129.1
48.5
43.7
33.4
23.1
15.4
11.1
9.6
7.3
23.9
185.1
156.3
132.8
117.6
109.7

374.3
380.5
389.8
386.3
423.9
511.9
526.6
611.5
649.8
684.2
530.4
546.8
571.3
611.1
624.0
639.6
648.5
648.6
648.3
653.9
672.8
678.1
687.6
698.3

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

1993 ...............
1994 ...............
1995 ...............
1996 ...............
1997 ...............
1998 ...............
1999 ...............
2000 ...............
2001 ...............
2002 r ..............
1999: III .......
IV ........
2000: I ..........
II .........
III .......
IV ........
2001: I ..........
II .........
III .......
IV ........
2002: I ..........
II .........
III .......
IV r .......

Total
personal
consumption
expenditures

4,748.9
4,928.1
5,075.6
5,237.5
5,423.9
5,683.7
5,964.5
6,223.9
6,377.2
6,576.0
6,000.1
6,073.6
6,151.9
6,198.2
6,256.8
6,288.8
6,326.0
6,348.0
6,370.9
6,464.0
6,513.8
6,542.4
6,609.9
6,637.9

Total
durable
goods

518.3
557.7
583.5
616.5
657.3
726.7
812.5
878.9
931.9
999.9
824.1
844.2
879.5
871.3
888.5
876.5
900.6
912.4
922.6
992.0
975.9
980.7
1,032.4
1,010.6

Motor
vehicles
and
parts

242.2
255.1
253.4
256.3
264.8
292.0
322.1
338.4
361.9
382.4
326.9
329.5
347.3
333.8
343.6
329.1
345.1
349.5
352.8
400.4
370.0
369.1
407.6
382.8

Furniture
and
household
equipment

177.4
196.3
215.4
236.9
261.9
293.3
335.1
374.0
398.0
438.1
340.8
353.1
366.0
372.2
377.1
380.6
386.0
392.8
399.5
413.6
428.2
435.2
441.4
447.5

Nondurable goods

Other

100.7
107.6
115.0
123.3
130.8
141.8
156.5
169.6
175.3
185.8
157.7
163.5
167.8
168.6
170.7
171.3
173.1
174.2
175.0
178.9
184.2
184.1
187.0
188.1

Total
nondurable
goods

1,430.3
1,485.1
1,529.0
1,574.1
1,619.9
1,686.4
1,765.1
1,833.8
1,869.8
1,929.5
1,767.7
1,799.9
1,809.7
1,831.6
1,840.9
1,853.1
1,863.7
1,862.3
1,868.3
1,885.0
1,921.4
1,920.9
1,925.8
1,950.0

Food

745.1
764.9
777.0
786.0
794.5
819.4
846.8
879.0
887.0
902.3
847.3
866.0
870.8
880.5
880.7
883.9
889.1
887.4
884.3
887.1
901.4
899.2
897.9
910.7

1 Includes other items, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

4

Clothing
and
shoes

218.5
231.6
244.3
258.6
271.6
290.4
312.1
329.4
337.7
357.0
314.1
314.7
322.3
327.9
332.3
335.1
334.3
334.7
337.1
344.8
355.8
355.1
355.3
361.8

Gasoline
and
oil

115.4
117.4
120.2
124.2
128.1
131.8
136.4
135.7
138.8
145.1
136.1
138.6
134.4
135.9
136.1
136.3
137.6
136.2
139.9
141.4
145.1
144.7
145.4
145.1

Services

Fuel
oil
and
coal

14.0
15.0
15.7
15.6
15.0
14.3
14.7
14.0
12.6
12.7
14.7
14.1
13.3
14.2
14.0
14.5
13.9
12.3
12.2
12.2
12.4
12.1
12.4
14.0

Other

338.5
356.8
372.0
389.8
410.8
430.8
455.7
477.0
495.5
515.8
456.3
466.6
469.8
474.1
479.2
484.7
490.0
493.5
496.5
502.0
510.1
513.1
518.0
521.9

Total
services 1

2,802.5
2,886.2
2,963.4
3,047.0
3,147.0
3,273.4
3,395.4
3,524.5
3,594.9
3,675.6
3,417.4
3,440.7
3,477.7
3,508.2
3,541.7
3,570.6
3,576.3
3,589.3
3,597.5
3,616.6
3,642.2
3,666.2
3,687.0
3,707.0

Housing

Medical
care

728.1
749.1
763.7
772.6
787.2
808.7
835.0
851.3
866.0
880.1
837.7
841.6
844.7
849.5
853.4
857.5
862.0
865.1
867.1
869.6
874.0
878.5
882.1
885.8

775.4
783.1
797.7
814.4
835.4
857.7
875.6
900.1
938.3
978.6
878.6
884.4
888.5
896.2
903.2
912.5
921.4
932.7
944.3
954.9
963.4
974.7
984.4
992.0

Source: Department of Commerce, Bureau of Economic Analysis.

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

13.9
15.0
14.7
15.0
15.1
15.4
16.8
17.2
17.0
16.7
17.1
17.2
18.1
17.1
17.4
16.3
16.9
16.5
16.2
18.4
16.3
16.3
17.6
16.5

SOURCES OF PERSONAL INCOME
Personal income rose $24.9 billion (annual rate) in February, following an increase of $32.3 billion in January.
Wages and salaries rose $14.9 billion in February, following an increase of $18.4 billion in January.

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

Period

1993 .................................................................
1994 .................................................................
1995 .................................................................
1996 .................................................................
1997 ................................................................
1998 ................................................................
1999 ................................................................
2000 ................................................................
2001 ................................................................
2002 r ...............................................................
2002: Feb .......................................................
Mar .......................................................
Apr .......................................................
May .......................................................
June ......................................................
July r .....................................................
Aug r .....................................................
Sept r ....................................................
Oct r ......................................................
Nov r .....................................................
Dec r .....................................................
2003: Jan r ......................................................
Feb p .....................................................

Total
personal
income

5,610.0
5,888.0
6,200.9
6,547.4
6,937.0
7,426.0
7,786.5
8,406.6
8,685.3
8,929.1
8,807.2
8,836.3
8,865.5
8,904.9
8,971.7
8,934.8
8,958.7
8,983.1
9,010.2
9,038.9
9,070.5
9,102.8
9,127.7

Wage and
salary
disbursements 1

3,085.2
3,236.7
3,424.7
3,626.5
3,888.9
4,192.8
4,470.4
4,836.3
4,950.6
5,003.7
4,956.9
4,975.4
4,968.8
4,989.0
5,034.0
4,985.0
5,009.8
5,027.4
5,038.8
5,054.2
5,064.3
5,082.7
5,097.6

Proprietors’ income 3
Other labor
income 1 2

482.8
507.5
497.0
490.0
475.4
490.6
510.2
544.2
570.4
610.6
590.7
595.5
599.8
603.9
608.5
613.0
617.5
622.1
625.9
630.1
634.4
638.3
640.6

1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and
the excess of wage accruals over wage disbursements.
2 Consists primarily of employer contributions to private pension and private welfare funds.
3 With inventory valuation and capital consumption adjustments.

Farm

30.1
31.9
22.2
34.3
29.7
25.6
27.7
22.6
19.0
12.9
21.8
22.5
14.0
5.1
3.3
7.7
10.7
13.8
13.0
11.8
10.2
11.9
14.6

Nonfarm

431.7
444.6
475.5
510.5
551.5
598.2
650.7
692.2
708.8
743.7
728.2
729.4
737.4
740.9
741.7
747.4
746.7
750.0
756.7
758.6
764.4
770.0
770.2

Rental
income
of
persons 4

90.9
110.3
117.9
129.7
128.3
138.6
149.1
146.6
137.9
142.4
141.3
143.2
148.3
153.5
158.7
152.4
144.1
135.9
133.2
130.6
127.9
126.8
125.6

Personal
dividend
income

203.0
234.7
254.0
297.4
334.9
348.3
328.0
375.7
409.2
433.8
423.8
425.5
428.0
430.3
432.7
435.0
437.3
439.4
441.6
443.8
446.0
448.6
451.2

Personal
interest
income

725.5
742.4
792.5
810.6
864.0
964.4
969.2
1,077.0
1,091.3
1,078.5
1,069.9
1,069.0
1,075.7
1,082.3
1,088.9
1,084.8
1,080.7
1,076.7
1,078.8
1,080.9
1,083.1
1,080.6
1,078.2

Transfer
payments 5

798.6
833.9
885.9
928.8
962.2
983.7
1,018.5
1,070.3
1,170.4
1,288.0
1,255.0
1,257.6
1,275.0
1,282.9
1,289.9
1,293.2
1,297.3
1,304.6
1,309.9
1,317.6
1,329.8
1,337.4
1,343.5

Less: Personal contributions
for social
insurance

237.8
254.1
268.8
280.4
297.9
316.3
337.4
358.4
372.3
384.5
380.4
381.8
381.6
383.0
386.1
383.7
385.4
386.7
387.6
388.8
389.6
393.5
393.8

4 With

capital consumption adjustment.
mainly of social insurance benefits, direct relief, and veterans payments.
NOTE.—Revisions include changes to series affected by the introduction of revised wage and
salary estimates, etc., for 2002:Q3.
Source: Department of Commerce, Bureau of Economic Analysis.
5 Consists

5

DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (1996) dollars rose at an annual
rate of 1.4 percent in the fourth quarter of 2002.

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
1993 ..................
1994 ..................
1995 ..................
1996 ..................
1997 ..................
1998 ..................
1999 ..................
2000 ..................
2001 ..................
2002 r .................

5,610.0
5,888.0
6,200.9
6,547.4
6,937.0
7,426.0
7,786.5
8,406.6
8,685.3
8,929.1

674.6
722.6
778.3
869.7
968.8
1,070.4
1,159.1
1,286.4
1,292.1
1,113.6

4,935.3
5,165.4
5,422.6
5,677.7
5,968.2
6,355.6
6,627.4
7,120.2
7,393.2
7,815.5

Chained
(1996)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(1996)
dollars

Dollars

4,584.5
4,849.9
5,120.2
5,405.6
5,715.3
6,054.1
6,453.3
6,918.6
7,223.5
7,524.5

350.8
315.5
302.4
272.1
252.9
301.5
174.0
201.5
169.7
291.0

5,261.3
5,397.2
5,539.1
5,677.7
5,854.5
6,168.6
6,328.4
6,630.3
6,748.0
7,036.8

18,981
19,626
20,361
21,072
21,887
23,037
23,749
25,237
25,957
27,188

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

20,235
20,507
20,798
21,072
21,470
22,359
22,678
23,501
23,692
24,479

17,133
17,920
18,657
19,438
20,277
21,226
22,384
23,690
24,531
25,408

18,264
18,724
19,058
19,438
19,891
20,601
21,373
22,061
22,390
22,877

0.1
1.3
1.4
1.3
1.9
4.1
1.4
3.6
.8
3.3

7.1
6.1
5.6
4.8
4.2
4.7
2.6
2.8
2.3
3.7

260,011
263,194
266,327
269,448
272,687
275,891
279,062
282,128
284,822
287,456

22,634
22,828
23,234
23,451
23,637
23,680
23,624
23,537
24,071
23,537
24,296
24,479
24,527
24,615

22,542
22,882
23,311
23,562
23,847
24,039
24,330
24,468
24,491
24,834
25,040
25,271
25,579
25,740

21,471
21,666
21,887
21,998
22,150
22,206
22,291
22,317
22,342
22,609
22,735
22,790
22,969
23,010

0.3
3.5
7.3
3.8
3.2
.7
¥.9
¥1.5
9.4
¥8.6
13.5
3.0
.8
1.4

2.0
1.9
2.6
2.9
2.9
2.9
2.4
1.9
4.0
.8
3.5
4.0
3.5
3.8

279,449
280,328
281,076
281,758
282,476
283,202
283,794
284,442
285,154
285,898
286,507
287,072
287,770
288,475

Seasonally adjusted annual rates
1999: III ..........
IV ..........
2000: I .............
II ...........
III ..........
IV ..........
2001: I .............
II ...........
III ..........
IV ..........
2002: I .............
II ...........
III r ........
IV r .........

7,807.7
7,960.2
8,211.6
8,350.2
8,487.8
8,576.6
8,658.1
8,676.2
8,706.2
8,700.9
8,803.4
8,914.0
8,958.9
9,039.9

1,167.2
1,201.8
1,256.3
1,273.0
1,299.6
1,316.7
1,340.6
1,336.1
1,181.9
1,309.7
1,136.8
1,121.8
1,099.0
1,096.8

6,640.5
6,758.4
6,955.3
7,077.2
7,188.2
7,259.8
7,317.5
7,340.0
7,524.2
7,391.2
7,666.7
7,792.2
7,859.9
7,943.2

6,507.2
6,629.4
6,775.9
6,869.8
6,976.7
7,052.1
7,143.9
7,198.5
7,222.0
7,329.6
7,396.3
7,477.9
7,583.0
7,640.7

133.3
129.0
179.4
207.5
211.5
207.7
173.7
141.6
302.2
61.5
270.4
314.3
276.9
302.5

1 Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
2 Annual data are averages of quarterly data, which are averages for the period.

6

6,325.0
6,399.3
6,530.4
6,607.6
6,676.8
6,706.2
6,704.3
6,694.8
6,864.0
6,729.1
6,961.0
7,027.2
7,058.1
7,100.8

23,763
24,109
24,745
25,118
25,447
25,635
25,785
25,805
26,387
25,853
26,759
27,144
27,313
27,535

Note.—See Note, p. 5.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

FARM INCOME
In the fourth quarter of 2002, according to preliminary estimates, gross farm income rose $33.0 billion (annual
rate) and net farm income rose $33.9 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

1993 ..............................
1994 ..............................
1995 ..............................
1996 ..............................
1997 ..............................
1998 ..............................
1999 ..............................
2000 ..............................
2001 ..............................
2002 p ............................
2000: I .........................
II .......................
III ......................
IV ......................
2001: I ........................
II .......................
III ......................
IV ......................
2002: I ........................
II .......................
III ......................
IV p .....................

205.0
216.0
210.8
235.8
238.1
232.1
234.5
241.7
246.5
230.9
233.3
239.6
235.4
258.5
236.8
237.3
234.8
277.2
222.2
222.9
222.8
255.8

178.2
181.3
188.0
199.3
207.7
196.0
187.5
193.7
202.8
193.5
191.5
200.9
200.7
181.6
199.6
202.7
202.8
206.3
189.1
191.4
192.7
200.9

Livestock and
products

90.5
88.3
87.2
92.9
96.5
94.1
95.6
99.6
106.4
95.9
99.2
100.1
100.3
98.5
105.2
105.8
105.9
108.8
98.3
92.7
90.8
101.7

1 Cash marketing receipts, Government payments, value of changes in inventories, other farm
related cash income, and nonmoney income produced by farms including imputed rent of operator residences.
2 Crop receipts include proceeds received from commodities placed under Commodity Credit
Corporation loans.
3 Physical changes in beginning and ending year inventories of crop and livestock commodities
valued at weighted average market prices during the period.

Crops 2

87.7
93.0
100.8
106.3
111.2
101.9
91.9
94.1
96.4
97.6
92.3
100.8
100.4
83.1
94.4
96.9
96.9
97.5
90.8
98.7
101.9
99.2

Value of
inventory
changes 3

¥4.2
8.3
¥5.0
7.9
.6
¥.6
¥.3
.1
¥3.2
¥2.8
.2
.1
.1
.1
¥4.0
¥3.8
¥2.8
¥2.2
¥3.5
¥3.3
¥2.5
¥2.0

Direct
Government
payments 4

13.4
7.9
7.3
7.3
7.5
12.4
21.5
22.9
20.7
13.1
16.6
13.5
9.7
51.7
15.1
12.3
8.8
46.8
9.5
7.8
5.5
29.7

Production
expenses

160.4
167.2
173.8
181.0
187.6
186.5
188.3
193.7
200.8
198.5
199.0
205.3
191.6
178.8
202.5
208.8
200.2
191.5
197.9
203.4
196.9
196.0

Net farm
income

44.7
48.9
36.9
54.8
50.5
45.6
46.2
48.0
45.7
32.4
34.3
34.3
43.9
79.8
34.3
28.4
34.6
85.7
24.4
19.6
25.9
59.8

4 Includes only Government payments made directly to farmers.
NOTE.—Quarterly data plotted for 1992 and 1993 in chart do not reflect revisions to annual
data in table.
Source: Department of Agriculture.

7

CORPORATE PROFITS
In the fourth quarter of 2002, according to current estimates, corporate profits before tax rose $26.4 billion (annual
rate) and profits after tax rose $18.7 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

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

506.4
561.0
650.2
729.4
800.8
739.4
757.9
767.3
675.1
658.3

429.6
483.7
558.2
628.6
690.2
637.2
637.6
624.0
524.4
539.0

127.9
114.7
154.3
165.3
185.7
158.4
181.7
201.0
190.6
217.3

301.7
369.0
403.8
463.3
504.5
478.8
455.9
423.0
333.7
321.7

108.4
139.6
166.1
181.2
195.2
164.3
157.5
159.8
83.4
92.6

69.6
82.9
85.8
91.4
85.0
79.1
57.2
36.6
27.7
16.7

28.2
33.1
29.4
42.6
49.2
55.9
54.4
62.1
44.8
47.3

39.7
46.6
44.1
52.9
63.9
73.8
75.6
73.4
79.1
81.2

510.4
573.4
668.5
726.3
792.4
721.1
762.1
782.3
670.2
665.2

165.4
186.7
211.0
223.6
237.2
238.8
247.8
259.4
199.3
213.3

345.0
386.7
457.5
502.7
555.2
482.3
514.3
522.9
470.9
451.9

203.1
234.9
254.2
297.7
335.2
348.7
328.4
376.1
409.6
434.3

141.9
151.8
203.3
205.0
220.0
133.6
185.9
146.8
61.2
17.6

¥4.0
¥12.4
¥18.3
3.1
8.4
18.3
¥4.2
¥15.0
5.0
¥6.9

1999: I .........
II .......
III ......
IV ......
2000: I .........
II .......
III ......
IV ......
2001: I .........
II .......
III ......
IV ......
2002: I .........
II .......
III ......
IV ......

760.5
750.5
739.6
781.0
774.3
784.2
772.3
738.6
696.9
714.0
663.2
626.3
641.3
652.2
653.4
686.4

647.1
635.0
624.0
644.5
642.7
642.7
626.9
583.6
560.8
553.6
521.4
461.6
509.3
537.1
537.3
572.3

175.1
170.2
183.2
198.4
201.7
193.1
204.5
204.9
208.2
191.6
162.7
200.1
218.2
218.5
216.1
216.5

471.9
464.8
440.9
446.1
441.0
449.7
422.4
378.8
352.6
362.0
358.7
261.5
291.1
318.6
321.2
355.8

159.1
161.0
155.8
154.0
167.6
176.1
160.7
134.6
92.3
99.2
91.1
50.9
68.9
91.9
100.5
108.9

63.9
53.3
53.1
58.6
43.6
35.7
34.4
32.8
36.6
34.3
33.3
6.5
15.0
17.1
13.2
21.5

57.4
53.7
50.0
56.4
57.3
66.7
67.1
57.4
45.2
41.0
45.9
46.9
41.2
44.8
44.5
58.9

79.4
79.8
71.0
72.3
77.7
74.1
74.0
67.9
75.7
77.8
82.6
80.5
81.4
86.0
82.5
75.1

744.4
752.9
753.4
797.6
796.9
800.5
780.6
751.1
707.0
720.2
654.3
599.1
639.4
657.9
668.5
694.9

243.1
246.0
246.3
255.7
270.8
267.3
257.4
241.9
217.3
213.1
196.2
170.6
202.4
213.7
214.7
222.4

501.3
506.9
507.1
542.0
526.1
533.3
523.2
509.2
489.7
507.1
458.1
428.5
437.0
444.3
453.8
472.5

332.0
323.7
324.3
333.5
351.1
369.7
386.1
397.6
402.9
406.5
411.4
417.7
424.2
430.8
437.7
444.3

169.2
183.2
182.8
208.5
174.9
163.6
137.1
111.6
86.8
100.7
46.7
10.8
12.8
13.5
16.1
28.2

16.0
¥2.5
¥13.8
¥16.6
¥22.6
¥16.4
¥8.3
¥12.5
¥10.1
¥6.2
8.9
27.2
1.9
¥5.7
¥15.1
¥8.5

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

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 2002, according to revised estimates, nonresidential fixed investment in chained (1996)
dollars rose $6.6 billion (annual rate) and residential investment rose $8.8 billion. There was an increase of $25.8
billion in inventories following an increase of $18.8 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

1993 .................................................................................
1994 .................................................................................
1995 .................................................................................
1996 .................................................................................
1997 .................................................................................
1998 .................................................................................
1999 .................................................................................
2000 .................................................................................
2001 .................................................................................
2002 r ................................................................................

977.9
1,107.0
1,140.6
1,242.7
1,393.3
1,558.0
1,660.5
1,762.9
1,574.6
1,589.6

958.4
1,045.9
1,109.2
1,212.7
1,328.6
1,480.0
1,595.2
1,691.9
1,627.4
1,577.3

683.6
744.6
817.5
899.4
1,009.3
1,135.9
1,228.4
1,324.2
1,255.1
1,183.4

198.9
200.5
210.1
225.0
245.4
262.2
258.6
275.5
270.9
226.4

487.1
544.9
607.6
674.4
764.2
875.4
975.9
1,056.0
988.2
971.1

276.0
302.7
291.7
313.3
319.7
345.1
368.3
372.4
373.5
388.2

20.0
66.8
30.4
30.0
63.8
76.7
62.8
65.0
¥61.4
5.2

28.6
53.6
42.6
22.1
60.6
75.0
64.1
67.2
¥63.2
4.1

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

1,640.3
1,620.5
1,663.4
1,717.8

1,560.5
1,587.6
1,610.6
1,622.2

1,197.5
1,220.4
1,243.3
1,252.4

262.4
258.9
254.7
258.5

939.1
967.1
996.1
1,001.2

364.1
368.4
369.2
371.7

80.0
31.2
47.6
92.2

71.1
30.1
58.7
96.7

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

1,727.8
1,798.1
1,770.3
1,755.2
1,661.8
1,583.5
1,562.7
1,490.3
1,554.0
1,583.9
1,598.0
1,622.4

1,673.6
1,700.9
1,701.7
1,691.3
1,682.1
1,633.5
1,615.7
1,578.4
1,576.4
1,572.6
1,571.6
1,588.5

1,297.1
1,329.1
1,340.7
1,329.9
1,311.4
1,261.0
1,241.7
1,206.4
1,188.4
1,181.1
1,178.7
1,185.3

267.0
272.3
280.2
282.7
280.4
274.4
276.3
252.7
243.2
231.7
218.2
212.6

1,038.0
1,065.3
1,067.7
1,053.1
1,036.1
989.9
966.4
960.3
953.7
961.4
977.2
992.1

379.1
376.2
367.2
367.2
374.5
374.0
374.3
371.0
383.6
386.1
387.1
395.9

45.3
91.5
63.1
59.9
¥26.9
¥58.3
¥61.8
¥98.4
¥28.9
4.9
18.8
25.8

58.9
88.6
64.6
56.8
¥32.6
¥54.9
¥63.6
¥101.5
¥35.1
4.2
20.8
26.5

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

Residential

Structures

Period

1993 ...............................
1994 ...............................
1995 ...............................
1996 ...............................
1997 ...............................
1998 ...............................
1999 ...............................
2000 ...............................
2001 ...............................
2002 r ..............................
1999: I ..........................
II .........................
III .......................
IV ........................
2000: I ..........................
II .........................
III .......................
IV ........................
2001: I ..........................
II .........................
III .......................
IV ........................
2002: I ..........................
II .........................
III .......................
IV r .......................

Total
nonresidential

683.6
744.6
817.5
899.4
1,009.3
1,135.9
1,228.4
1,324.2
1,255.1
1,183.4
1,197.5
1,220.4
1,243.3
1,252.4
1,297.1
1,329.1
1,340.7
1,329.9
1,311.4
1,261.0
1,241.7
1,206.4
1,188.4
1,181.1
1,178.7
1,185.3

Total 1

198.9
200.5
210.1
225.0
245.4
262.2
258.6
275.5
270.9
226.4
262.4
258.9
254.7
258.5
267.0
272.3
280.2
282.7
280.4
274.4
276.3
252.7
243.2
231.7
218.2
212.6

Structures

Equipment and software
Information processing equipment
and software

Nonresidential
buildings,
including
farm

Utilities

131.7
137.2
147.6
161.7
177.0
188.3
185.5
192.3
178.7
145.6
192.1
186.0
182.3
181.7
188.4
192.4
194.5
193.9
193.8
183.2
174.2
163.5
157.1
148.2
139.1
137.8

38.4
36.1
36.8
36.0
35.3
42.7
45.7
50.4
50.3
47.3
44.1
44.3
46.2
48.3
48.3
49.3
51.1
52.9
50.6
51.5
49.7
49.3
50.8
48.4
45.6
44.6

Mining
exploration,
shafts,
and
wells

Total 2

20.5
19.8
18.2
21.1
26.2
25.1
21.6
27.0
34.0
29.2
20.4
21.9
20.8
23.1
24.5
25.0
28.6
30.1
30.9
34.6
35.9
34.8
30.2
30.3
29.9
26.5

487.1
544.9
607.6
674.4
764.2
875.4
975.9
1,056.0
988.2
971.1
939.1
967.1
996.1
1,001.2
1,038.0
1,065.3
1,067.7
1,053.1
1,036.1
989.9
966.4
960.3
953.7
961.4
977.2
992.1

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

183.4
206.6
242.8
287.3
349.8
429.3
508.1
583.3
548.5
563.1
477.3
506.8
522.2
526.1
561.3
585.5
591.9
594.3
578.9
549.8
533.4
531.8
540.4
557.0
575.2
579.7

26.4
32.6
49.2
70.9
102.9
147.7
207.4
246.4
239.9
283.7
186.1
209.2
218.8
215.3
226.7
249.2
255.9
253.9
253.0
239.0
224.5
243.3
262.1
271.6
297.6
303.2

Software

Other

Industrial
equipment

66.8
74.3
82.0
95.1
119.0
147.1
169.3
184.4
182.0
185.7
160.2
167.8
172.5
176.8
181.8
184.3
185.8
185.6
185.5
181.7
180.5
180.6
179.0
184.3
189.4
190.3

96.4
104.9
113.1
121.3
129.8
143.5
157.5
187.4
163.9
158.2
151.1
157.1
160.7
161.2
180.2
188.2
189.1
192.2
180.2
165.7
158.6
151.2
154.1
158.5
159.7
160.7

109.6
119.6
131.3
136.4
140.0
145.6
147.5
160.8
153.8
146.9
142.5
146.9
150.1
150.5
156.0
159.3
164.5
163.4
164.8
156.4
149.2
144.7
148.3
145.6
147.9
145.9

Transportation
equipment

Total
residential 3

103.4
120.4
128.2
138.9
150.5
168.2
193.2
186.6
163.6
147.0
188.1
188.6
199.1
196.8
193.9
192.5
186.9
173.0
167.6
161.6
160.0
165.4
151.5
143.4
141.7
151.4

276.0
302.7
291.7
313.3
319.7
345.1
368.3
372.4
373.5
388.2
364.1
368.4
369.2
371.7
379.1
376.2
367.2
367.2
374.5
374.0
374.3
371.0
383.6
386.1
387.1
395.9

Total 4

Single
family

269.4
295.8
284.4
305.6
311.8
336.8
359.4
363.0
364.0
378.5
355.4
359.5
360.1
362.5
369.7
366.8
357.8
357.8
365.1
364.6
365.0
361.5
373.9
376.4
377.4
386.1

148.0
163.2
147.7
159.1
158.6
175.9
189.0
191.0
192.6
200.5
188.4
187.3
187.4
192.8
198.0
193.8
186.5
185.8
192.0
193.1
194.1
191.3
197.2
198.4
199.8
206.5

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

Total
by
industry

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

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

For companies with employees
1996 ..............................
1997 .............................
1998 ..............................
1999 .............................
2000 r ............................
2001 ..............................

807.1 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... .......... ..........
871.8 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... .......... ..........
970.9
896.5
0.9 40.4 36.0 26.9 203.6
29.2 57.3
51.3 96.5 118.2 85.2
22.3
47.1 81.7 74.4
1,047.0
974.6
1.7 30.6 42.8 23.1 196.4
32.4 64.1
57.3 122.8 130.1 100.6
29.5
51.3 91.8 72.3
1,161.0 1,089.9
1.5 42.5 61.3 25.0 214.8
33.6 69.8
59.9 160.2 133.7 92.5
34.1
52.2 108.9 71.2
1,109.9 1,053.2
1.5 51.1 82.8 24.8 192.4
29.7 66.8
57.5 146.3 131.1 83.1
30.5
52.9 102.6 56.7

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

10

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

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In March, employment fell by 60,000 and unemployment fell by 5,000.

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

Period

1993 ......................
1994 2 ....................
1995 ......................
1996 ......................
1997 3 ....................
1998 3 ....................
1999 3 ....................
2000 3 ....................
2001 .....................
2002 3 ....................
2002: Mar ............
Apr .............
May ............
June ...........
July ............
Aug ............
Sept ...........
Oct .............
Nov ............
Dec ............
2003: Jan 3 ..........
Feb 3 ..........
Mar ............

Civilian
noninstitutional
population
NSA

Civilian
labor
force

194,838
196,814
198,584
200,591
203,133
205,220
207,753
212,577
215,092
217,570
216,823
217,006
217,198
217,407
217,630
217,866
218,107
218,340
218,548
218,741
219,897
220,114
220,317

129,200
131,056
132,304
133,943
136,297
137,673
139,368
142,583
143,734
144,863
144,367
144,763
144,911
144,852
144,786
145,123
145,634
145,393
145,180
145,150
145,838
145,857
145,793

Percent 1

Unemployment

Total

Men
20
years
and
over

Women
20
years
and
over

Both
sexes
16–19
years

120,259
123,060
124,900
126,708
129,558
131,463
133,488
136,891
136,933
136,485
136,143
136,196
136,487
136,383
136,343
136,757
137,312
136,988
136,542
136,439
137,536
137,408
137,348

62,355
63,294
64,085
64,897
66,284
67,135
67,761
69,634
69,776
69,734
69,517
69,627
69,918
69,739
69,792
69,895
70,213
69,921
69,617
69,600
69,967
70,293
70,293

52,099
53,606
54,396
55,311
56,613
57,278
58,555
60,067
60,417
60,420
60,161
60,237
60,262
60,320
60,262
60,581
60,675
60,668
60,697
60,676
61,443
61,073
61,227

5,805
6,161
6,419
6,500
6,661
7,051
7,172
7,189
6,740
6,332
6,464
6,331
6,307
6,324
6,289
6,280
6,425
6,400
6,228
6,164
6,125
6,042
5,829

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

Total

8,940
7,996
7,404
7,236
6,739
6,210
5,880
5,692
6,801
8,378
8,224
8,567
8,424
8,469
8,443
8,366
8,321
8,405
8,637
8,711
8,302
8,450
8,445

Men
20
years
and
over
4,287
3,627
3,239
3,146
2,882
2,580
2,433
2,376
3,040
3,896
3,789
3,898
3,848
3,950
3,879
3,906
3,895
3,962
4,153
4,145
4,026
3,962
3,944

Women
20
years
and
over

Both
sexes
16–19
years

3,288
3,049
2,819
2,783
2,585
2,424
2,285
2,235
2,599
3,228
3,153
3,379
3,289
3,236
3,272
3,180
3,184
3,308
3,224
3,360
3,035
3,237
3,250

1,365
1,320
1,346
1,306
1,271
1,205
1,162
1,081
1,162
1,253
1,282
1,290
1,287
1,283
1,292
1,280
1,243
1,135
1,261
1,206
1,241
1,251
1,251

Not in
labor
force

65,638
65,758
66,280
66,647
66,836
67,547
68,385
69,994
71,359
72,707
72,456
72,243
72,287
72,556
72,844
72,743
72,473
72,947
73,369
73,591
74,059
74,257
74,524

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

66.3
66.6
66.6
66.8
67.1
67.1
67.1
67.1
66.8
66.6
66.6
66.7
66.7
66.6
66.5
66.6
66.8
66.6
66.4
66.4
66.3
66.3
66.2

61.7
62.5
62.9
63.2
63.8
64.1
64.3
64.4
63.7
62.7
62.8
62.8
62.8
62.7
62.6
62.8
63.0
62.7
62.5
62.4
62.5
62.4
62.3

6.9
6.1
5.6
5.4
4.9
4.5
4.2
4.0
4.7
5.8
5.7
5.9
5.8
5.8
5.8
5.8
5.7
5.8
5.9
6.0
5.7
5.8
5.8

Data beginning 2000 reflect new population controls based on Census 2000, an additional
population adjustment in January 2003, and other changes. Data for February 2003 are not
directly comparable with earlier data due to a weighting difference. For details, see The Employment Situation, January 2003 and February 2003.
Source: Department of Labor, Bureau of Labor Statistics.

NOTE.—See Employment and Earnings for details on breaks in series.

11

SELECTED UNEMPLOYMENT RATES
In March, the unemployment rate was unchanged from February at 5.8 percent.

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

By sex and age
Period

1993 .........................
1994 2 .......................
1995 .........................
1996 .........................
1997 .........................
1998 .........................
1999 .........................
2000 ........................
2001 ........................
2002 ........................
2002: Mar ..............
Apr ...............
May ..............
June .............
July ..............
Aug ..............
Sept ..............
Oct ...............
Nov ..............
Dec ...............
2003: Jan ...............
Feb ...............
Mar ...............

All
civilian
workers

6.9
6.1
5.6
5.4
4.9
4.5
4.2
4.0
4.7
5.8
5.7
5.9
5.8
5.8
5.8
5.8
5.7
5.8
5.9
6.0
5.7
5.8
5.8

Men
20 years
and over

Women
20 years
and over

6.4
5.4
4.8
4.6
4.2
3.7
3.5
3.3
4.2
5.3
5.2
5.3
5.2
5.4
5.3
5.3
5.3
5.4
5.6
5.6
5.4
5.3
5.3

5.9
5.4
4.9
4.8
4.4
4.1
3.8
3.6
4.1
5.1
5.0
5.3
5.2
5.1
5.1
5.0
5.0
5.2
5.0
5.2
4.7
5.0
5.0

Both
sexes
16–19
years

19.0
17.6
17.3
16.7
16.0
14.6
13.9
13.1
14.7
16.5
16.6
16.9
17.0
16.9
17.0
16.9
16.2
15.1
16.8
16.4
16.8
17.1
17.7

White

6.1
5.3
4.9
4.7
4.2
3.9
3.7
3.5
4.2
5.1
5.0
5.2
5.2
5.2
5.2
5.1
5.1
5.1
5.2
5.1
5.1
5.0
5.1

1 Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who
reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race.
2 Data beginning January 1994 are not directly comparable with data for earlier periods.

12

By selected groups

Black or
African
American

Asian
(NSA)

Hispanic or
Latino
ethnicity

13.0
11.5
10.4
10.5
10.0
8.9
8.0
7.6
8.6
10.2
10.4
10.8
10.1
10.6
9.9
9.9
9.8
9.9
10.8
11.2
10.3
10.5
10.2

..........
..........
..........
..........
..........
..........
..........
3.6
4.5
5.9
5.6
5.9
5.9
6.9
6.2
6.5
5.4
5.6
5.6
5.9
5.6
6.0
6.5

10.8
9.9
9.3
8.9
7.7
7.2
6.4
5.7
6.6
7.5
7.3
7.9
7.1
7.4
7.5
7.6
7.5
7.8
7.8
7.9
7.8
7.7
7.5

Married
men,
spouse
present

Women
who
maintain
families
(NSA)

Full-time
workers

Part-time
workers

9.7
8.9
8.0
8.2
8.1
7.2
6.4
5.9
6.6
8.0
7.9
8.2
8.1
8.2
8.6
7.6
7.0
7.7
8.0
7.9
8.0
9.0
8.4

6.9
6.1
5.5
5.3
4.8
4.3
4.1
3.8
4.7
5.9
5.8
6.1
5.9
6.0
5.9
5.8
5.8
5.9
6.1
6.1
5.8
5.9
5.9

7.2
6.0
6.0
5.8
5.5
5.3
5.0
4.8
5.1
5.3
5.2
5.1
5.4
5.0
5.4
5.4
5.3
5.2
5.1
5.3
5.4
5.5
5.5

4.4
3.7
3.3
3.0
2.7
2.4
2.2
2.0
2.7
3.6
3.5
3.9
3.6
4.0
3.5
3.5
3.6
3.6
3.6
3.7
3.5
3.6
3.8

NOTE.—Data relate to persons age 16 years and over.
See Note, p. 11.
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 15–
26 weeks rose; the percentages for 5–14 weeks and for 27 weeks and over fell. The mean duration of unemployment
fell to 18.0 weeks and the median duration rose to 9.6 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
1993 ........................................
1994 3 ......................................
1995 ........................................
1996 ........................................
1997 ........................................
1998 ........................................
1999 ........................................
2000 ........................................
2001 ........................................
2002 ........................................
2002: Mar .............................
Apr ..............................
May .............................
June ............................
July .............................
Aug ..............................
Sept .............................
Oct ..............................
Nov ..............................
Dec ..............................
2003: Jan ...............................
Feb ..............................
Mar ..............................
1 Beginning

8,940
7,996
7,404
7,236
6,739
6,210
5,880
5,692
6,801
8,378
8,224
8,567
8,424
8,469
8,443
8,366
8,321
8,405
8,637
8,711
8,302
8,450
8,445

36.5
34.1
36.5
36.4
37.7
42.2
43.7
44.9
42.0
34.5
37.0
34.1
34.6
32.3
34.6
34.9
33.3
33.2
33.9
32.9
32.6
32.5
33.3

28.9
30.1
31.6
31.6
31.7
31.4
31.2
31.9
32.3
30.8
30.3
33.2
30.6
32.5
30.1
30.2
30.6
29.9
29.5
29.3
30.4
30.3
29.6

14.5
15.5
14.6
14.6
14.8
12.3
12.8
11.8
14.0
16.3
16.6
15.9
15.8
16.4
16.5
16.4
16.3
16.3
15.3
16.0
17.2
15.1
15.7

20.1
20.3
17.3
17.4
15.8
14.1
12.3
11.4
11.8
18.3
16.1
16.8
18.9
18.8
18.8
18.5
19.9
20.5
21.3
21.9
19.8
22.1
21.4

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.

18.0
18.8
16.6
16.7
15.8
14.5
13.4
12.6
13.1
16.6
15.4
16.3
16.8
17.1
16.6
16.3
17.8
17.6
17.9
18.4
18.4
18.6
18.0

8.3
9.2
8.3
8.3
8.0
6.7
6.4
5.9
6.8
9.1
8.3
8.8
9.6
11.6
8.9
8.7
9.5
9.6
9.4
9.6
9.8
9.4
9.6

54.2
47.7
46.9
46.6
45.1
45.5
44.6
44.2
51.1
55.0
53.0
53.8
55.0
55.2
55.0
55.1
55.7
56.4
55.9
55.8
54.9
55.9
54.8

10.9
9.9
11.1
10.7
11.8
11.8
13.3
13.7
12.3
10.3
10.7
11.7
10.6
10.0
10.0
10.1
9.8
9.9
9.6
9.9
9.9
9.1
9.4

24.6
34.8
34.1
34.7
34.7
34.3
34.1
34.5
29.9
28.3
29.8
28.2
28.5
28.3
28.5
27.8
28.0
27.9
27.7
28.2
27.9
28.2
28.4

10.3
7.6
7.8
8.0
8.4
8.4
8.0
7.6
6.8
6.4
6.6
6.2
6.0
6.5
6.5
7.0
6.5
5.8
6.8
6.1
7.4
6.8
7.4

2,751
2,670
2,572
2,595
2,323
2,222
2,188
2,110
2,974
3,585
3,619
3,757
3,797
3,672
3,513
3,532
3,627
3,597
3,483
3,438
3,318
3,431
..............

341
340
357
356
323
321
298
301
404
407
422
435
412
393
386
399
423
401
378
418
387
r 410
p 426

2,845
2,739
2,633
2,650
2,366
2,257
2,219
2,141
3,007
3,618
4,138
3,947
3,250
3,539
3,524
3,123
3,267
2,935
3,082
3,906
3,968
4,172
.................

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

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell by 108,000 in March.

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

Goods-producing industries
Period

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2002:

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

Total
nonagricultural
employment

110,713
114,163
117,191
119,608
122,690
125,865
128,916
131,720
131,922
130,791
130,701
130,680
130,702
130,736
130,790
130,913
130,829
130,898
130,817
130,670
130,873
130,516
130,408

Service-producing industries

Manufacturing
Total 2

23,352
23,908
24,265
24,493
24,962
25,414
25,507
25,669
24,944
23,836
23,975
23,905
23,870
23,861
23,812
23,801
23,748
23,688
23,631
23,551
23,563
23,462
23,448

Construction

4,668
4,986
5,160
5,418
5,691
6,020
6,415
6,653
6,685
6,556
6,593
6,541
6,541
6,549
6,519
6,556
6,556
6,544
6,543
6,544
6,564
6,522
6,543

Total

18,075
18,321
18,524
18,495
18,675
18,805
18,552
18,473
17,695
16,724
16,822
16,800
16,771
16,757
16,742
16,690
16,640
16,592
16,537
16,454
16,447
16,388
16,352

Durable
goods

Nondurable
goods

10,221
10,448
10,683
10,789
11,010
11,205
11,111
11,141
10,636
9,906
9,976
9,976
9,963
9,944
9,922
9,889
9,832
9,800
9,757
9,699
9,689
9,637
9,608

7,854
7,873
7,841
7,706
7,665
7,600
7,441
7,332
7,059
6,818
6,846
6,824
6,808
6,813
6,820
6,801
6,808
6,792
6,780
6,755
6,758
6,751
6,744

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

87,361
90,256
92,925
95,115
97,727
100,451
103,409
106,051
106,978
106,955
106,726
106,775
106,832
106,875
106,978
107,112
107,081
107,210
107,186
107,119
107,310
107,054
106,960

Transportation and
public
utilities

5,811
5,984
6,132
6,253
6,408
6,611
6,834
7,031
7,065
6,773
6,814
6,799
6,793
6,790
6,780
6,765
6,725
6,727
6,721
6,686
6,694
6,653
6,640

Wholesale
trade

5,981
6,162
6,378
6,482
6,648
6,800
6,911
6,947
6,776
6,671
6,681
6,678
6,681
6,681
6,679
6,671
6,663
6,657
6,643
6,637
6,639
6,640
6,640

Retail
trade

19,773
20,507
21,187
21,597
21,966
22,295
22,848
23,337
23,522
23,306
23,332
23,345
23,327
23,308
23,339
23,295
23,291
23,289
23,247
23,152
23,271
23,154
23,111

Finance,
insurance,
Services
and real
estate

6,757
6,896
6,806
6,911
7,109
7,389
7,555
7,578
7,712
7,760
7,740
7,743
7,732
7,733
7,737
7,745
7,773
7,803
7,807
7,816
7,817
7,826
7,838

30,197
31,579
33,117
34,454
36,040
37,533
39,055
40,457
40,970
41,185
40,963
41,025
41,093
41,152
41,215
41,347
41,336
41,385
41,404
41,469
41,522
41,401
41,391

Government
Total

18,841
19,128
19,305
19,419
19,557
19,823
20,206
20,702
20,933
21,260
21,196
21,185
21,206
21,211
21,228
21,289
21,293
21,349
21,364
21,359
21,367
21,380
21,340

Federal

2,915
2,870
2,822
2,757
2,699
2,686
2,669
2,777
2,616
2,620
2,611
2,610
2,600
2,601
2,607
2,611
2,621
2,649
2,661
2,664
2,665
2,661
2,659

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

1993 ......................
1994 ......................
1995 ......................
1996 .....................
1997 .....................
1998 ......................
1999 ......................
2000 .....................
2001 ......................
2002 .....................
2002: Feb ...........
Mar ...........
Apr ...........
May ...........
June ..........
July ...........
Aug ...........
Sept ..........
Oct ............
Nov ...........
Dec ...........
2003: Jan r ..........
Feb r ..........
Mar p .........

Total
private
nonagricultural 1

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

Total

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

Average gross weekly earnings

Total private
nonagricultural 1

Overtime

4.1
4.7
4.4
4.5
4.8
4.6
4.6
4.6
3.9
4.1
3.9
4.1
4.2
4.2
4.3
4.0
4.2
4.1
4.1
4.0
4.2
4.1
4.1
4.0

Current
dollars

$10.83
11.12
11.43
11.82
12.28
12.78
13.24
13.76
14.31
14.77
14.61
14.64
14.66
14.69
14.74
14.76
14.83
14.85
14.90
14.94
14.98
14.99
15.08
15.10

1982
dollars 2

$7.39
7.40
7.39
7.43
7.55
7.75
7.86
7.89
7.99
8.14
8.14
8.13
8.10
8.11
8.13
8.12
8.14
8.13
8.15
8.16
8.18
8.16
8.15
..............

Total private
nonagricultural 1
Manufacturing

Current
dollars

$11.74
12.07
12.37
12.77
13.17
13.49
13.90
14.37
14.83
15.30
15.17
15.19
15.19
15.27
15.31
15.28
15.34
15.35
15.44
15.44
15.48
15.53
15.57
15.62

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

$373.64
385.86
394.34
406.61
424.89
442.19
456.78
474.72
489.40
505.13
499.66
500.69
501.37
502.40
505.58
501.84
505.70
507.87
509.58
510.95
510.82
514.16
514.23
517.93

$254.87
256.73
255.07
255.73
261.31
268.32
271.25
272.36
273.26
278.31
278.36
278.01
277.00
277.42
278.71
276.04
277.55
278.13
278.61
279.21
278.83
279.74
277.96
..............

$486.04
506.94
514.59
531.23
553.14
562.53
579.63
597.79
603.58
625.77
617.42
622.79
621.27
624.54
629.24
621.90
627.41
626.28
628.41
626.86
633.13
635.18
635.26
637.30

$553.63
573.00
587.00
603.33
625.56
646.13
672.13
702.68
720.76
732.16
735.99
732.73
734.37
726.40
733.59
720.83
729.54
736.42
729.60
725.80
734.98
750.18
716.58
749.16

$209.95
216.46
221.47
230.11
240.74
253.46
263.61
273.39
282.35
291.16
287.68
289.55
289.13
290.71
292.75
289.44
291.60
292.90
294.49
296.09
297.26
297.40
297.40
298.13

Current
dollars

2.8
3.3
2.2
3.1
4.5
4.1
3.3
3.9
3.1
3.2
3.5
3.3
3.2
3.2
3.4
2.4
3.2
3.2
3.6
3.3
3.0
3.4
2.9
3.4

1982
dollars

¥0.0
.7
¥.6
.3
2.2
2.7
1.1
.4
.3
1.8
2.7
2.1
1.9
2.4
2.7
1.1
1.6
1.9
1.7
1.1
.5
.8
¥.1
..............

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
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

119.8
123.5
126.7
130.6
135.1
139.8
144.6
150.9
157.2
162.3

116.4
119.7
123.1
127.3
132.3
137.4
142.2
147.7
153.3
157.5

1999: Mar .................................................................
June ................................................................
Sept .................................................................
Dec ..................................................................
2000: Mar .................................................................
June ................................................................
Sept .................................................................
Dec ..................................................................
2001: Mar .................................................................
June ................................................................
Sept .................................................................
Dec ..................................................................
2002: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................

140.2
141.8
143.1
144.6
146.6
148.3
149.8
151.1
152.8
154.3
155.7
157.3
158.7
160.4
161.4
162.5

138.1
139.7
140.9
142.3
143.9
145.4
146.7
147.9
149.4
150.9
152.0
153.4
154.8
156.3
156.9
157.6

128.3
133.0
135.9
138.6
141.8
145.2
150.2
158.6
166.7
174.6

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

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

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

0.4
1.2
.9
1.0
1.1
1.0
.9
.8
1.0
1.0
.7
.9
.9
1.0
.4
.4

0.0
1.0
1.0
1.3
1.9
1.3
1.2
1.1
1.3
1.1
1.4
1.3
1.1
1.4
1.0
1.2

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.

145.2
146.7
148.2
150.2
153.1
155.1
157.0
158.8
160.8
162.5
164.7
166.8
168.6
170.9
172.6
174.7

0.3
1.1
.9
1.0
1.4
1.2
1.0
.9
1.1
1.0
.9
1.0
.9
1.1
.6
.7

3.6
3.1
2.6
3.1
3.4
3.5
3.4
4.4
4.2
3.2

3.1
2.8
2.8
3.4
3.9
3.9
3.5
3.9
3.8
2.7

5.0
3.7
2.2
2.0
2.3
2.4
3.4
5.6
5.1
4.7

Not seasonally adjusted
3.0
3.3
3.1
3.4
4.6
4.6
4.6
4.4
4.2
4.0
4.0
4.2
3.9
4.0
3.7
3.2

3.3
3.6
3.2
3.5
4.2
4.1
4.1
3.9
3.8
3.8
3.6
3.8
3.5
3.6
3.2
2.7

2.2
2.5
2.8
3.4
5.5
5.7
6.0
5.6
5.0
4.8
4.9
5.1
4.8
5.1
4.8
4.7

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

15

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

Nonfarm
business
sector

Output 1
Business
sector

Nonfarm
business
sector

Hours of all
persons 2
Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Indexes, 1992=100; quarterly data seasonally adjusted
1993 ........................
1994 ........................
1995 ........................
1996 ........................
1997 ........................
1998 ........................
1999 ........................
2000 ........................
2001 ........................
2002* ......................

100.5
101.9
102.6
105.4
107.8
110.6
113.5
116.9
118.2
123.8

100.5
101.8
102.8
105.4
107.5
110.3
112.9
116.2
117.5
123.1

103.1
108.1
111.5
116.4
122.5
128.5
134.5
140.0
139.8
143.5

103.3
108.2
111.8
116.7
122.7
128.8
134.8
140.2
140.1
143.9

102.6
106.2
108.7
110.4
113.6
116.2
118.5
119.7
118.2
115.9

102.9
106.2
108.8
110.7
114.1
116.8
119.4
120.6
119.2
116.9

102.5
104.5
106.7
110.1
113.5
119.7
125.2
133.8
137.7
141.8

102.2
104.3
106.6
109.8
113.1
119.1
124.3
133.0
136.6
140.5

100.0
99.9
99.6
100.1
101.0
105.0
107.6
111.2
111.4
112.8

99.7
99.7
99.4
99.8
100.6
104.5
106.8
110.6
110.5
111.8

101.9
102.6
104.1
104.5
105.3
108.2
110.3
114.4
116.5
114.5

101.7
102.5
103.7
104.2
105.2
108.0
110.1
114.4
116.3
114.1

102.2
104.0
106.0
107.7
109.7
110.6
111.6
113.5
115.8
116.3

102.2
104.1
106.1
107.6
109.8
110.8
112.1
114.1
116.3
116.8

1999: I ...................
II ..................
III ................
IV .................
2000: I ...................
II ..................
III ................
IV .................
2001: I ...................
II ..................
III ................
IV .................
2002: I ...................
II .................
III ................
IV * ..............

112.7
112.5
113.6
115.2
115.3
117.2
117.3
117.9
117.5
117.4
117.9
120.1
122.5
123.1
124.8
124.9

112.1
111.9
112.9
114.7
114.7
116.4
116.6
117.1
116.7
116.6
117.2
119.3
121.8
122.3
123.9
124.2

132.4
133.0
134.9
137.7
138.4
140.3
140.4
140.7
140.4
139.4
139.1
140.3
142.3
142.5
144.4
145.0

132.7
133.3
135.3
138.0
138.7
140.5
140.6
141.0
140.7
139.7
139.4
140.4
142.5
142.9
144.7
145.3

117.4
118.2
118.8
119.5
120.1
119.7
119.7
119.4
119.5
118.7
117.9
116.8
116.1
115.8
115.6
116.1

118.4
119.1
119.8
120.4
120.9
120.7
120.6
120.4
120.6
119.8
118.9
117.7
117.0
116.8
116.8
117.0

124.1
124.3
125.4
127.0
131.4
132.4
135.0
136.3
137.3
137.5
137.8
138.3
139.3
140.8
142.7
144.2

123.2
123.4
124.5
126.3
130.8
131.5
134.3
135.3
136.3
136.3
136.7
137.2
138.1
139.5
141.3
142.9

107.7
107.1
107.3
107.8
110.5
110.5
111.7
111.9
111.8
111.0
111.1
111.6
112.0
112.3
113.2
113.8

106.9
106.3
106.6
107.2
110.0
109.8
111.1
111.2
110.9
110.1
110.2
110.7
111.1
111.2
112.1
112.8

110.2
110.5
110.4
110.2
114.0
113.0
115.1
115.6
116.9
117.1
116.8
115.1
113.7
114.4
114.3
115.4

109.9
110.3
110.3
110.1
114.0
113.0
115.2
115.6
116.8
116.9
116.6
115.0
113.4
114.1
114.0
115.1

111.2
111.5
111.8
112.1
112.8
113.4
113.7
114.3
115.2
115.8
116.4
115.9
116.0
116.2
116.3
116.7

111.5
111.9
112.3
112.6
113.4
113.9
114.3
114.8
115.7
116.3
116.8
116.5
116.4
116.8
116.9
117.2

1.7
.8
1.2
.5
.9
2.7
2.0
3.9
1.6
¥1.9
4.8
1.3
.0
¥.5
14.9
¥3.6
8.0
1.4
4.3
.3
¥1.1
¥5.4
¥5.3
2.3
¥.1
3.8

2.2
1.8
2.0
1.6
1.8
.8
1.0
1.7
2.0
.4
1.3
1.0
1.2
1.1
2.4
2.2
1.1
1.9
3.4
2.2
1.8
¥1.6
.3
.7
.5
1.3

2.2
1.9
2.0
1.4
2.1
.9
1.2
1.8
1.9
.5
1.4
1.5
1.4
1.3
2.7
1.9
1.4
1.6
3.3
2.0
1.7
¥1.0
¥.2
1.4
.1
1.2

Percent change; quarterly data at seasonally adjusted annual rates
1993 ........................
1994 ........................
1995 ........................
1996 ........................
1997 ........................
1998 ........................
1999 ........................
2000 ........................
2001 ........................
2002 * ......................
1999: I ...................
II ..................
III ................
IV .................
2000: I ...................
II ..................
III ................
IV .................
2001: I ...................
II ..................
III ................
IV .................
2002: I ...................
II .................
III ................
IV * ..............
1 Output

0.5
1.3
.7
2.8
2.3
2.6
2.6
3.0
1.1
4.8
3.1
¥.6
3.8
5.8
.3
6.7
.4
2.1
¥1.5
¥.2
1.8
7.6
8.3
1.8
5.8
.3

0.5
1.3
.9
2.5
2.0
2.6
2.4
2.9
1.1
4.8
2.4
¥.8
3.7
6.3
.2
6.0
.6
1.7
¥1.4
¥.1
2.1
7.2
8.6
1.7
5.5
.8

3.1
4.9
3.1
4.4
5.2
4.9
4.7
4.1
¥.2
2.7
3.4
2.1
5.9
8.4
2.2
5.4
.4
.9
¥1.0
¥2.8
¥.9
3.5
5.9
.6
5.3
1.8

3.3
4.7
3.4
4.3
5.1
5.0
4.6
4.0
¥.1
2.7
3.3
1.9
6.0
8.3
1.9
5.4
.2
1.1
¥.9
¥2.7
¥.8
2.9
6.2
.9
5.2
1.7

2.6
3.5
2.4
1.6
2.9
2.2
2.0
1.0
¥1.3
¥2.0
.2
2.7
2.0
2.4
1.9
¥1.2
.0
¥1.2
.4
¥2.6
¥2.6
¥3.8
¥2.2
¥1.2
¥.5
1.5

2.9
3.3
2.4
1.7
3.1
2.4
2.2
1.0
¥1.2
¥2.0
.9
2.6
2.2
1.9
1.7
¥.6
¥.4
¥.6
.5
¥2.6
¥2.9
¥4.0
¥2.3
¥.7
¥.2
.9

refers to real gross domestic product originating in the sector.
2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–
U) for recent quarters. The trend from 1978–2001 is based on the consumer price index research series (CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

16

2.5
2.0
2.1
3.2
3.1
5.5
4.6
6.8
2.9
2.9
8.2
.5
3.7
5.1
14.7
3.0
8.3
3.7
3.1
.5
.9
1.4
3.0
4.3
5.7
4.2

2.2
2.1
2.1
3.1
3.0
5.4
4.4
7.0
2.7
2.8
7.3
.6
3.7
5.8
15.2
2.2
8.7
3.1
2.8
.1
1.0
1.5
2.9
4.0
5.4
4.6

0.0
¥.1
¥.3
.5
.9
4.0
2.4
3.4
.2
1.3
6.5
¥2.3
.8
1.7
10.3
.1
4.6
.7
¥.6
¥2.6
.2
1.7
1.7
.8
3.5
2.2

¥0.3
.0
¥.3
.4
.8
3.9
2.2
3.5
¥.1
1.2
5.5
¥2.2
.8
2.5
10.7
¥.7
4.9
.2
¥.9
¥2.9
.3
1.8
1.6
.4
3.1
2.5

1.9
.7
1.4
.4
.8
2.8
1.9
3.7
1.8
¥1.7
5.0
1.1
¥.1
¥.7
14.4
¥3.5
7.8
1.6
4.7
.7
¥.9
¥5.8
¥4.9
2.4
.0
3.9

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, 2003.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose in February; capacity utilization was unchanged.

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

Index,
1997=100

From
preceding
month

Industry production indexes, 1997=100

change 2
From
year
earlier

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

Total 1

Durable

Nondurable

Other
(nonNAICS) 1

Mining

Utilities
Total
industry

Total
manufacturing

1993 r .....................
1994 r .....................
1995 r .....................
1996 r .....................
1997 ......................
1998 ......................
1999 ......................
2000 ......................
2001 ......................
2002 r .....................

80.8
85.1
89.2
93.1
100.0
105.6
110.1
115.3
111.2
110.5

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

3.3
5.4
4.9
4.4
r7.4
5.6
4.3
4.7
¥3.5
¥.7

78.8
83.6
88.0
92.1
100.0
106.5
111.8
117.4
112.6
111.4

69.3
75.4
82.0
89.1
100.0
110.3
119.3
129.4
122.9
121.1

91.3
94.5
96.2
96.5
100.0
101.4
102.2
102.9
99.8
99.5

93.8
93.1
93.2
92.5
100.0
106.5
109.9
112.4
109.1
105.5

94.4
96.6
96.4
98.1
100.0
98.2
94.0
96.0
96.6
93.8

91.5
92.8
96.4
99.7
100.0
101.5
103.9
106.4
105.6
110.2

81.1
83.3
83.6
82.5
83.7
82.9
82.4
82.7
77.3
75.6

80.0
82.4
82.8
81.2
82.7
81.9
81.4
81.4
75.6
73.8

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

109.2
109.6
110.1
110.4
110.8
111.6
111.3
111.2
110.6
110.8
110.1

0.2
.4
.4
.3
.3
.7
¥.2
¥.1
¥.6
.2
¥.6

¥3.9
¥3.0
¥2.2
¥1.3
¥.3
.5
.6
1.2
1.0
1.8
1.7

110.4
110.7
111.0
111.4
111.9
112.3
112.4
112.1
111.4
111.6
110.8

119.8
119.8
120.5
121.2
121.8
122.2
122.7
122.0
121.5
122.2
120.7

99.0
99.5
99.5
99.7
99.9
100.4
100.0
100.0
99.1
98.9
98.7

104.9
105.0
104.1
104.2
105.5
105.0
105.8
107.1
106.7
r 105.4
105.7

94.2
93.6
93.4
93.4
93.5
94.4
93.9
92.2
92.3
93.6
95.4

105.2
108.0
110.6
110.1
110.1
113.7
110.4
113.3
112.1
112.1
110.5

75.1
75.3
75.6
75.7
75.9
76.4
76.1
76.0
75.5
75.6
75.1

73.4
73.5
73.6
73.9
74.1
74.3
74.3
74.1
73.7
73.7
73.2

2003: Jan r ...........
Feb p ...........

111.0
111.1

.8
.1

1.8
1.7

111.5
111.4

122.3
121.9

98.5
98.6

106.1
106.8

93.7
94.6

114.9
116.4

75.6
75.6

73.6
73.4

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

Note.—Data based on the North American Industry Classification System (NAICS) except
series as defined in footnote 1.
Data reflect revisions released on March 13, 2003. For details, see Federal Reserve release
G.17 (419) dated March 14, 2003.
Source: Board of Governors of the Federal Reserve System.

17

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

Materials
Nonindustrial supplies

Consumer goods

Equipment

Durable
goods

Business
equipment

Period
Total
Total

Nondurable
goods

Total 1

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

1993 r ..........................................................
1994 r ..........................................................
1995 r ..........................................................
1996 r ..........................................................
1997 ............................................................
1998 ............................................................
1999 ............................................................
2000 ............................................................
2001 ............................................................
2002 r ..........................................................

83.1
86.7
90.4
93.8
100.0
105.6
108.2
112.1
109.0
107.2

87.3
91.5
94.4
96.4
100.0
103.6
105.4
107.8
106.5
107.5

75.3
84.5
89.1
92.9
100.0
107.2
114.6
119.0
112.2
117.3

91.8
94.1
96.3
97.7
100.0
102.3
102.2
103.9
104.3
104.1

75.4
78.1
82.9
89.0
100.0
109.7
113.8
120.8
113.8
105.2

69.8
73.4
79.5
87.0
100.0
111.1
116.9
126.5
117.3
107.3

105.2
101.6
100.8
99.2
100.0
104.2
103.4
99.3
100.1
101.2

79.4
84.0
88.1
92.8
100.0
106.7
112.2
118.8
115.3
114.6

83.2
89.1
91.4
95.6
100.0
105.0
107.3
110.2
105.5
104.0

77.1
81.0
86.1
91.1
100.0
107.8
115.5
124.7
121.9
121.9

79.2
84.0
88.7
92.6
100.0
105.2
111.2
117.0
111.8
112.2

94.7
95.6
97.4
99.4
100.0
99.2
98.9
99.3
97.5
98.7

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

106.8
107.2
107.2
107.1
107.5
107.9
107.6
107.4
106.6
107.1
106.0

106.7
107.4
107.5
107.3
107.8
108.5
107.8
107.9
107.0
107.8
106.7

115.3
115.7
116.5
117.2
118.6
120.0
119.3
118.7
117.0
121.0
117.8

103.6
104.4
104.4
103.9
104.1
104.6
103.8
104.2
103.6
103.3
102.9

105.8
105.4
105.3
105.6
105.7
105.2
106.0
105.0
104.5
104.2
103.3

108.1
107.8
107.7
108.0
108.0
107.3
108.1
106.9
106.0
106.1
104.7

99.7
99.8
99.9
100.6
101.2
101.2
101.9
102.0
102.5
101.7
102.3

112.8
113.3
113.9
114.6
114.8
115.5
115.4
115.8
115.4
114.9
114.2

103.1
104.0
104.0
104.6
104.5
104.4
104.8
104.5
104.2
103.8
102.8

119.4
119.7
120.7
121.5
121.8
123.2
122.6
123.6
123.1
122.5
122.0

110.2
110.7
111.6
112.2
112.6
113.8
113.6
113.4
112.8
113.1
112.8

97.1
97.9
98.6
98.5
98.6
101.0
99.3
99.1
98.4
99.4
99.7

2003: Jan r .................................................
Feb p ................................................

107.1
106.9

107.8
107.5

120.5
118.7

103.5
103.6

104.3
104.4

105.6
105.6

104.0
104.2

115.0
115.5

103.0
102.8

123.5
124.4

113.4
113.8

100.5
101.8

1 Includes

other items, not shown separately.

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

Iron
and
steel
products

Nondurable manufactures

Computer and electronic products

Fabricated
metal
products

Machinery
Total

Selected
hightechnology 1

Transportation
equipment

Total

Motor
vehicles
and
parts

Apparel

Printing
and
support

Chemical

Food

1993 r ..........................................................
1994 r ..........................................................
1995 r ..........................................................
1996 r ..........................................................
1997 ............................................................
1998 ............................................................
1999 ............................................................
2000 ............................................................
2001 ............................................................
2002 r ..........................................................

86.2
92.6
93.7
95.9
100.0
102.3
101.7
98.8
88.2
85.6

86.5
93.3
94.8
97.1
100.0
100.4
100.0
100.3
86.7
88.7

79.9
87.0
92.2
95.6
100.0
103.0
103.8
108.2
100.5
99.0

78.9
86.3
92.3
95.3
100.0
101.9
99.6
106.6
95.1
87.9

37.1
44.1
57.6
73.9
100.0
128.2
166.4
221.1
223.7
220.4

25.6
33.2
47.4
66.8
100.0
138.9
197.2
281.4
290.4
291.5

85.8
89.8
90.0
91.7
100.0
108.7
114.4
110.5
104.1
106.0

77.7
89.3
92.0
92.7
100.0
105.1
116.4
116.3
107.6
117.3

101.7
103.9
103.9
101.1
100.0
94.4
90.6
87.2
78.1
72.2

94.8
95.9
97.3
98.0
100.0
100.9
101.9
102.5
98.0
97.8

89.0
91.3
92.7
94.6
100.0
101.3
103.8
105.9
105.3
105.1

96.3
96.8
99.2
97.3
100.0
104.2
105.1
106.3
105.0
105.6

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

85.3
85.1
84.6
85.9
86.2
85.0
87.6
85.0
87.6
86.2
84.2

86.9
85.5
85.1
90.0
89.0
88.1
93.0
88.8
94.5
92.6
88.5

98.2
98.2
98.4
99.7
99.3
99.7
99.3
99.4
99.8
98.7
98.9

87.3
88.0
88.3
88.5
88.9
88.4
89.4
88.2
86.8
87.4
85.8

215.5
216.9
217.9
220.0
220.8
221.5
223.0
223.2
224.2
224.5
224.1

281.3
284.0
286.9
290.8
293.1
293.6
296.8
296.3
299.5
301.7
299.5

104.9
104.3
105.5
105.2
106.7
108.4
108.5
107.7
105.9
109.1
105.4

113.4
113.3
115.9
115.8
118.6
122.1
122.0
121.1
118.3
123.9
117.8

72.3
74.0
72.4
72.9
72.7
72.9
71.4
72.2
70.2
70.6
69.9

96.9
95.2
95.5
96.2
95.5
98.4
98.6
99.9
99.5
98.4
99.6

104.6
105.2
105.1
105.0
105.7
106.9
106.2
106.1
104.6
104.2
103.6

105.7
106.0
105.9
105.6
105.5
105.5
105.3
105.8
105.6
104.7
105.0

2003: Jan r .................................................
Feb p ................................................

85.2
84.1

88.2
86.2

99.1
98.3

86.6
87.0

227.5
230.4

305.1
311.7

108.9
106.9

123.1
120.2

69.8
69.6

101.1
101.1

103.6
104.3

105.0
104.4

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

18

Note.—See Note, p. 17.
Source: Board of Governors of the Federal Reserve System.

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
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 r .....................................

491.0
539.2
557.8
615.9
653.4
705.7
765.9
820.3
842.5
846.1

375.1
419.0
427.9
476.6
502.7
551.4
596.3
641.8
650.0
642.2

225.1
258.6
247.4
281.1
289.0
314.6
350.6
374.5
388.7
415.5

150.9
176.4
171.4
191.1
198.1
224.0
251.3
265.0
279.8
296.9

81.5
93.3
110.9
125.2
136.6
151.1
153.1
164.1
155.8
120.3

68.5
67.1
69.7
70.4
77.1
85.7
92.7
103.2
105.5
106.4

116.0
120.2
129.9
139.3
150.7
154.3
169.5
178.6
192.5
203.9

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

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

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

874.3
855.2
856.9
847.1
833.7
837.8
829.8
832.2
840.0
850.5
856.7

659.4
655.3
656.7
642.2
634.6
635.7
627.1
626.5
636.8
643.8
650.0

413.5
413.8
411.8
413.5
410.8
414.0
409.3
412.2
418.0
427.2
440.2

293.8
295.4
295.6
294.9
292.8
295.2
292.7
296.7
299.7
304.8
314.7

134.9
131.7
131.0
121.9
119.1
116.8
113.4
110.1
111.3
112.7
108.9

111.0
109.8
113.8
106.8
104.7
104.9
104.4
104.2
107.5
103.9
100.9

214.9
199.9
200.2
204.9
199.1
202.1
202.8
205.7
203.2
206.7
206.7

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

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

2003: Jan r ...........................
Feb p ..........................

873.7
872.2

663.8
668.4

451.5
454.4

327.2
328.1

111.0
110.6

101.3
103.4

210.0
203.8

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

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

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
Units started, by type of structure

Period
Total
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 r .....................................

New private houses

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
1,704.9

1 unit
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
1,358.6

2–4 units 1

5 units or
more

29.4
35.2
33.8
45.3
44.5
42.6
31.9
38.7
36.6
38.5

132.6
223.5
244.1
270.8
295.8
302.9
306.6
299.1
292.8
307.9

Units
authorized
1,199.1
1,371.6
1,332.5
1,425.6
1,441.1
1,612.3
1,663.5
1,592.3
1,636.7
1,728.6

Units
completed

Houses
sold

Houses for
sale at end
of period 2

Vacancy rate
for rental
housing units
(percent) 3

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
1,648.4

666
670
667
757
804
886
880
877
908
974

293
336
370
322
281
294
308
298
308
341

3 7.3

7.4
7.6
7.8
7.7
7.9
8.1
8.0
8.4
9.0

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

1,788
1,675
1,566
1,742
1,692
1,652
1,631
1,808
1,660
1,761
1,824

1,472
1,298
1,261
1,380
1,344
1,319
1,249
1,452
1,375
1,404
1,464

43
49
27
37
46
31
31
36
32
34
36

273
328
278
325
302
302
351
320
253
323
324

1,766
1,629
1,631
1,676
1,706
1,712
1,666
1,733
1,772
1,738
1,887

1,669
1,576
1,650
1,702
1,587
1,614
1,710
1,652
1,579
1,720
1,666

937
915
932
974
947
958
1,047
1,056
1,001
r1,022
1,063

314
316
324
329
329
331
331
332
336
r340
341

......................
9.1
......................
......................
8.5
......................
......................
9.1
......................
......................
9.4

2003: Jan r ...........................
Feb p ..........................

1,822
1,622

1,501
1,295

40
30

281
297

1,779
1,811

1,602
1,674

929
854

348
352

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

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
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 1.3 percent and inventories rose $3.3 billion. In February, according
to preliminary data, manufacturing and trade sales fell 1.0 percent. (Data reflect revisions to wholesale trade series.)
According to advance estimates, retail sales fell 1.7 percent in February. Retail and food services sales fell 1.6
percent.

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

Manufacturing and trade 1
Period

1993 r
1994 r
1995 r
1996 r
1997 r
1998 r
1999 r
2000 r
2001 r
2002 r
2002:

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

2003: Jan r .....................................................
Feb p .....................................................
1 See

Inventorysales
ratio 4

Sales 2

Inventories 3

1.51
1.47
1.49
1.47
1.43
1.44
1.41
1.42
1.43
1.37
1.39
1.39
1.38
1.36
1.36
1.36
1.35
1.35
1.37
1.36
1.37
1.37

150,833
161,133
176,227
186,649
194,541
198,319
211,797
228,549
225,722
229,250
222,112
224,199
223,766
227,463
227,105
228,941
230,225
232,506
232,312
232,465
235,263
233,732

201,939
218,856
235,128
237,828
255,427
268,385
285,167
302,495
287,556
288,847
286,905
284,463
284,812
282,742
282,492
283,733
285,761
286,238
286,946
285,719
286,419
288,847

844,102 1,149,419
1.36
835,490 .................. ................

236,978
238,145

288,705
289,544

Sales 2

564,458
605,983
648,961
680,673
716,672
736,556
779,839
827,187
814,520
822,735
809,685
804,049
807,555
821,947
819,280
822,098
832,436
833,754
827,968
832,040
832,747
833,578

Inventories 3
864,050
926,949
985,312
1,004,067
1,043,991
1,075,444
1,134,215
1,196,212
1,122,186
1,146,144
1,122,201
1,120,243
1,117,383
1,115,413
1,117,939
1,120,847
1,125,995
1,126,914
1,133,634
1,134,969
1,138,176
1,146,144

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

20

Wholesale

4 Annual

Retail
Inventory
sales
ratio 4

Inventory
sales
ratio 4

Retail and
food services
sales 2

Sales 2

Inventories 3

1.31
1.30
1.30
1.28
1.27
1.32
1.31
1.30
1.32
1.25
1.29
1.27
1.27
1.24
1.24
1.24
1.24
1.23
1.24
1.23
1.22
1.24

164,837
178,932
188,235
200,190
209,112
219,507
239,013
254,928
263,987
272,162
266,402
268,374
268,196
271,522
268,439
272,347
276,110
277,519
273,048
273,236
274,621
278,830

285,906
312,019
329,536
340,335
350,763
364,288
392,501
416,475
395,468
426,346
398,648
401,693
401,137
402,518
406,855
408,884
412,238
412,102
417,303
420,176
423,537
426,346

1.69
1.67
1.72
1.68
1.65
1.62
1.59
1.59
1.55
1.51
1.50
1.50
1.50
1.48
1.52
1.50
1.49
1.48
1.53
1.54
1.54
1.53

182,841
197,735
207,704
220,431
230,616
242,228
262,803
280,427
290,713
300,395
294,130
296,371
296,199
299,642
296,567
300,634
304,218
305,616
301,181
301,551
303,385
308,061

1.22
1.22

279,859 429,403
1.53
275,125 ................ ................

308,967
304,092

data are averages of seasonally adjusted monthly ratios.

Note.—Wholesale trade data reflect annual benchmark revisions released April 3, 2003. Total
manufacturing and trade data reflect the revisions.
Source: Department of Commerce, Bureau of the Census.

MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS
In February, manufacturers’ shipments and new and unfilled orders fell; inventories 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
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2002:

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

248,789
265,918
284,499
293,835
313,018
318,730
329,029
343,710
324,811
321,323
311,476
315,593
322,962
323,736
320,810
326,101
323,729
322,608
326,339
322,863
321,016
327,265
322,220

130,793
143,081
153,094
158,952
172,409
179,712
186,933
190,502
175,012
173,749
170,367
170,376
176,426
175,927
173,205
178,739
175,561
174,008
176,241
173,331
169,712
173,926
170,987

117,996
122,838
131,405
134,883
140,610
139,019
142,096
153,207
149,799
147,573
141,109
145,217
146,536
147,809
147,605
147,362
148,168
148,600
150,098
149,532
151,304
153,339
151,233

376,205
396,074
420,648
425,904
437,801
442,771
456,547
477,242
439,162
430,951
434,087
431,434
430,153
428,592
428,230
427,996
428,574
429,385
429,074
428,220
430,951
431,311
432,963

1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2 Seasonally adjusted, end of period.
3 Annual data are averages of seasonally adjusted monthly ratios.

235,218
249,272
263,223
267,980
275,348
284,484
289,641
304,151
275,311
265,242
271,870
269,094
267,811
266,417
265,478
264,398
264,070
263,516
263,040
262,487
265,242
264,821
264,677

140,987
146,802
157,425
157,924
162,453
158,287
166,906
173,091
163,851
165,709
162,217
162,340
162,342
162,175
162,752
163,598
164,504
165,869
166,034
165,733
165,709
166,490
168,286

246,668
266,641
285,542
297,282
314,986
317,345
329,770
347,225
321,397
318,860
313,068
316,737
318,861
320,873
312,866
326,636
325,464
317,660
321,993
319,427
320,465
326,043
321,159

128,672
143,803
154,137
162,399
174,377
178,327
187,674
194,017
171,598
171,287
171,959
171,520
172,325
173,064
165,261
179,274
177,296
169,060
171,895
169,895
169,161
172,704
169,926

40,681
45,175
51,011
54,066
60,697
62,133
64,392
69,476
57,886
54,671
55,500
53,642
54,220
56,174
50,774
56,933
59,214
52,901
55,213
54,558
55,842
56,883
53,393

425,314
434,236
446,913
488,392
512,718
495,947
505,376
547,826
506,412
477,418
502,193
503,337
499,236
496,373
488,429
488,964
490,699
485,751
481,405
477,969
477,418
476,196
475,135

1.51
1.45
1.45
1.44
1.38
1.39
1.36
1.37
1.42
1.34
1.39
1.37
1.33
1.32
1.33
1.31
1.32
1.33
1.31
1.33
1.34
1.32
1.34

NOTE.—Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are
durable unfilled orders.
Data exclude semiconductors.
Source: Department of Commerce, Bureau of the Census.

21

PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 1.0 percent in February. Prices of finished consumer foods
rose 0.6 percent, while prices of other finished consumer goods rose 1.9 percent. Capital equipment prices fell
0.4 percent.

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

Period

Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

1993 ...........................
1994 ...........................
1995 ...........................
1996 ...........................
1997 ...........................
1998 ...........................
1999 ..........................
2000 ...........................
2001 ...........................
2002 p ........................
2002: Feb .................
Mar ................
Apr ................
May ...............
June ..............
July ...............
Aug ................
Sept ...............
Oct r ................
Nov ................
Dec ................
2003: Jan .................
Feb ................
1 Intermediate

22

124.7
125.5
127.9
131.3
131.8
130.7
133.0
138.0
140.7
138.8
138.1
139.2
139.0
138.4
138.6
138.6
138.6
139.0
140.1
139.6
139.4
141.6
143.0

Intermediate materials

125.7
126.8
129.0
133.6
134.5
134.3
135.1
137.2
141.3
140.0
143.0
143.8
139.6
139.2
139.5
139.4
138.8
138.2
138.8
139.3
139.9
142.1
142.9

124.4
125.1
127.5
130.5
130.9
129.5
132.3
138.1
140.4
138.3
136.6
137.7
138.7
138.0
138.2
138.1
138.4
139.0
140.2
139.5
139.0
141.3
142.8

materials for food manufacturing and feeds.

121.7
121.6
124.0
127.6
128.2
126.4
130.5
138.4
141.4
138.7
136.0
137.7
139.2
138.2
138.5
138.6
139.0
139.8
141.5
140.5
140.2
143.0
145.7

Durable

128.0
130.9
132.7
134.2
133.7
132.9
133.0
133.9
134.0
132.9
133.7
133.5
133.3
133.2
133.3
132.4
132.1
132.6
133.5
132.6
131.4
133.5
132.2

Nondurable

117.6
116.2
118.8
123.3
124.3
122.2
127.9
138.7
142.8
139.8
135.4
137.9
140.3
138.9
139.2
139.8
140.6
141.5
143.5
142.5
142.6
145.8
150.3

Capital
equipment

131.4
134.1
136.7
138.3
138.2
137.6
137.6
138.8
139.7
139.1
139.5
139.5
139.2
139.1
139.2
138.8
138.6
139.0
139.3
138.9
138.4
139.4
138.9

Total
finished
consumer
goods

123.0
123.3
125.6
129.5
130.2
128.9
132.0
138.2
141.5
139.3
138.2
139.6
139.6
138.7
139.0
139.1
139.2
139.6
141.0
140.4
140.3
143.0
145.2

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

116.2
118.5
124.9
125.7
125.6
123.0
123.2
129.2
129.7
127.8
125.5
126.4
127.5
127.1
127.4
127.7
128.2
128.9
129.8
129.8
129.5
131.2
133.9

112.7
114.8
114.8
128.1
125.4
116.2
111.1
111.7
115.9
115.6
114.1
114.6
113.8
112.8
114.0
115.5
116.3
117.6
117.2
117.9
119.3
120.8
121.6

116.4
118.7
125.5
125.6
125.7
123.4
123.9
130.1
130.5
128.5
126.1
127.1
128.3
127.8
128.1
128.4
128.9
129.6
130.5
130.5
130.1
131.8
134.6

102.4
101.8
102.7
113.8
111.1
96.8
98.2
120.6
121.0
108.1
98.9
104.0
108.5
109.3
105.1
105.9
107.8
110.2
112.6
117.9
120.5
128.8
135.0

108.4
106.5
105.8
121.5
112.2
103.9
98.7
100.2
106.1
99.5
104.0
103.5
97.2
97.1
95.9
96.5
98.1
99.4
99.6
100.5
102.0
107.5
108.3

94.7
94.8
96.8
104.5
106.4
88.4
94.3
130.4
126.8
111.2
91.5
100.9
113.9
115.3
109.0
109.9
111.9
115.2
119.1
127.9
131.2
141.5
152.0

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In February, the consumer price index for all urban consumers rose 0.6 percent seasonally adjusted; it rose 0.8
percent not seasonally adjusted. The index was 3.0 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 .........................
1993 .................................
1994 .................................
1995 .................................
1996 .................................
1997 .................................
1998 .................................
1999 .................................
2000 .................................
2001 .................................
2002 .................................

100.0
144.5
148.2
152.4
156.9
160.5
163.0
166.6
172.2
177.1
179.9

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

14.6
140.9
144.3
148.4
153.3
157.3
160.7
164.1
167.8
173.1
176.2

40.9
141.2
144.8
148.5
152.8
156.8
160.4
163.9
169.6
176.4
180.3

31.7
155.7
160.5
165.7
171.0
176.3
182.1
187.3
193.4
200.6
208.1

6.5
150.3
154.0
157.8
162.0
166.7
172.1
177.5
183.9
192.1
199.7

22.2
160.5
165.8
171.3
176.8
181.9
187.8
192.9
198.7
206.3
214.7

4.5
121.3
122.8
123.7
127.5
130.8
128.5
128.8
137.9
150.2
143.6

4.2
133.7
133.4
132.0
131.7
132.9
133.0
131.3
129.6
127.3
124.0

17.3 ............
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
152.9 137.3

3.1
98.0
98.5
100.0
106.3
106.2
92.2
100.7
129.3
124.7
116.6

6.0
201.4
211.0
220.5
228.2
234.6
242.1
250.6
260.8
272.8
285.6

6.7
104.2
104.6
105.2
110.1
111.5
102.9
106.6
124.6
129.3
121.7

78.7
152.2
156.5
161.2
165.6
169.5
173.4
177.0
181.3
186.1
190.5

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

177.8
178.8
179.8
179.8
179.9
180.1
180.7
181.0
181.3
181.3
180.9

177.9
178.5
179.3
179.5
179.8
180.1
180.5
180.9
181.2
181.4
181.6

175.8
176.0
176.1
175.9
175.9
176.1
176.0
176.4
176.6
177.0
177.3

178.6
179.0
179.4
179.9
180.1
180.4
180.8
181.1
181.6
181.8
182.2

205.9
206.3
207.0
207.5
207.8
208.2
208.9
209.4
209.9
210.3
210.8

197.5
198.0
198.5
199.0
199.5
200.0
200.4
200.8
201.3
201.9
202.3

212.1
212.8
213.4
213.9
214.5
215.1
215.6
216.2
216.8
217.1
217.7

142.1
142.5
142.6
143.3
143.5
143.4
143.8
144.1
144.6
144.7
145.3

124.5
125.5
125.2
124.5
123.8
123.0
124.0
123.7
123.5
123.2
122.9

148.6
150.5
152.8
152.9
153.2
153.8
154.2
154.5
155.2
154.9
154.5

137.9
137.6
137.3
137.0
136.9
136.8
136.6
137.0
137.4
137.3
136.8

100.0
108.2
117.9
117.7
119.1
120.9
121.1
121.9
125.0
123.8
122.1

280.4
281.5
282.7
283.9
284.6
286.4
287.1
288.0
289.7
291.2
292.3

113.1
117.2
121.9
122.1
122.9
123.7
123.9
124.4
126.2
125.6
125.1

189.0
189.2
189.7
190.0
190.2
190.5
191.1
191.4
191.6
191.8
192.1

2003: Jan ......................
Feb .......................

181.7
183.1

182.2
183.3

177.0
178.2

182.9
183.4

211.4
211.5

203.1
203.5

218.3
218.7

147.4
150.3

121.8
121.6

156.2
159.3

135.7
135.4

130.2
143.0

292.6
293.0

130.1
137.8

192.3
192.5

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 2002.
Source: Department of Labor, Bureau of Labor Statistics.

23

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

Change from 3 months earlier, annual rate

Consumer goods

Consumer goods

Total
finished
goods

Excluding
foods

Foods

Capital
equipment

Change from 6 months earlier, annual rate

Change
from year
earlier,
total
finished
goods
NSA

Consumer goods

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

1.8
2.0
2.2
.4
¥.6
0
.3
1.2
0
¥.9

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

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

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

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

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

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

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

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

0
0
¥.2
¥.1
.1
¥.3
¥.1
.3
.2
r¥.3
¥.4
.7
¥.4

¥0.6
4.4
3.8
.9
¥1.7
¥1.1
.6
1.2
4.4
2.9
1.2
r4.4
10.1

6.1
8.8
¥5.3
¥10.2
¥11.4
¥.6
¥1.1
¥3.7
¥1.7
1.4
5.0
r9.9
10.7

¥3.5
5.1
10.4
6.6
2.3
¥1.7
2.3
3.8
8.6
4.4
1.1
r4.3
15.6

0
¥.3
¥.9
¥1.1
¥.9
¥1.1
¥1.4
¥.6
1.4
.9
¥1.7
r.3
0

¥3.7
¥3.0
¥.1
.1
1.3
1.3
.7
¥.3
1.6
1.7
1.2
4.4
6.4

1.6
2.3
¥3.1
¥2.4
¥1.8
¥2.9
¥5.8
¥7.6
¥1.1
.1
.6
3.9
6.0

¥6.7
¥5.7
1.3
1.5
3.7
4.2
4.5
3.1
3.3
3.4
2.5
6.4
9.9

Change, Dec. to Dec., NSA
1993 .....................
1994 .....................
1995 .....................
1996 .....................
1997 .....................
1998 .....................
1999 .....................
2000 .....................
2001 .....................
2002 p ...................

0.2
1.7
2.3
2.8
¥1.2
0
2.9
3.6
¥1.6
1.2

¥1.4
2.0
2.3
3.7
¥1.5
¥.1
5.1
5.5
¥3.9
3.1

2.4
1.1
1.9
3.4
¥.8
.1
.8
1.7
1.8
¥.6

1.2
.6
1.9
2.7
.4
¥.8
1.8
3.8
2.0
¥1.4

Change, month to month
2002: Feb ...........
Mar ...........
Apr ...........
May ..........
June .........
July ..........
Aug ...........
Sept ..........
Oct r ..........
Nov ...........
Dec ...........
2003: Jan ...........
Feb ...........

0.3
.8
¥.1
¥.4
.1
0
0
.3
.8
r¥.4
¥.1
1.6
1.0

1.1
.6
¥2.9
¥.3
.2
¥.1
¥.4
¥.4
.4
.4
.4
1.6
.6

0.1
1.3
1.1
¥.7
.2
.1
.3
.6
1.2
r¥.7
¥.2
2.0
1.9

¥0.9
¥1.0
¥.3
¥.6
¥.6
¥1.0
¥1.3
¥.7
.1
¥.3
¥1.1
.9
.4

¥2.6
¥1.6
¥2.1
¥2.9
¥2.3
¥1.2
¥1.5
¥1.8
.7
.9
1.2
2.8
3.5

Source: Department of Labor, Bureau of Labor Statistics.

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

Transportation

Shelter
Period

All
items 1

Food
Total 1
Total 1

Rent of Ownpriers’
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

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

From
From
3
6
months months
earlier earlier

From
year
earlier
NSA

Change, December to December, NSA
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

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

2.7
2.7
2.5
3.3
1.7
1.6
2.7
3.4
1.6
2.4

2.9
2.9
2.1
4.3
1.5
2.3
1.9
2.8
2.8
1.5

2.7
2.2
3.0
2.9
2.4
2.3
2.2
4.3
2.9
2.4

3.0
3.0
3.5
2.9
3.4
3.3
2.5
3.4
4.2
3.1

2.2
2.5
2.5
2.8
3.1
3.4
3.1
4.0
4.7
3.1

3.2
3.3
3.7
2.8
3.1
3.2
2.4
3.4
4.5
3.3

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

0.9
¥1.6
.1
¥.2
1.0
¥.7
¥.5
¥1.8
¥3.2
¥1.8

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

2.8
3.2
1.6
1.6
¥1.0
¥.1
¥.8
.3
0
¥2.0

¥5.4
5.9
¥4.0
12.7
¥6.2
¥15.4
30.2
13.9
¥24.8
24.6

5.4
4.9
3.9
3.0
2.8
3.4
3.7
4.2
4.7
5.0

¥1.4
2.2
¥1.3
8.6
¥3.4
¥8.8
13.4
14.2
¥13.0
10.7

3.2
2.6
3.0
2.6
2.2
2.4
1.9
2.6
2.7
1.9

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

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

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

3.0
2.6
2.8
3.0
2.3
1.6
2.2
3.4
2.8
1.6

¥0.6
¥.2
¥.2
¥.2
¥.1
¥.1
¥.1
.3
.3
¥.1
¥.4
¥.8
¥.2

¥0.9
8.2
9.0
¥.2
1.2
1.5
.2
.7
2.5
¥1.0
¥1.4
6.6
9.8

0.3
.4
.4
.4
.2
.6
.2
.3
.6
.5
.4
.1
.1

¥0.8
3.6
4.0
.2
.7
.7
.2
.4
1.4
¥.5
¥.4
4.0
5.9

0.2
.1
.3
.2
.1
.2
.3
.2
.1
.1
.2
.1
.1

..........
1.4
..........
..........
3.4
..........
..........
2.2
..........
..........
2.0
..........
..........

1.1
2.7
3.9
3.6
2.9
1.8
2.2
2.5
2.5
2.0
1.6
2.2
4.3

0.5
.4
1.9
2.4
2.8
2.8
2.9
2.7
2.1
2.1
2.0
2.3
3.1

1.1
1.5
1.6
1.2
1.1
1.5
1.8
1.5
2.0
2.2
2.4
2.6
3.0

Change, month to month
2002: Feb ...............
Mar ...............
Apr ...............
May ...............
June ..............
July ..............
Aug ...............
Sept ..............
Oct ................
Nov ...............
Dec ...............
2003: Jan ...............
Feb ................
1 Includes

0.2
.3
.4
.1
.2
.2
.2
.2
.2
.1
.1
.3
.6

0.3
.1
.1
¥.1
0
.1
¥.1
.2
.1
.2
.2
¥.2
.7

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

0.4
.2
.3
.2
.1
.2
.3
.2
.2
.2
.2
.3
0

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

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

¥0.6
.3
.1
.5
.1
¥.1
.3
.2
.3
.1
.4
1.4
2.0

0.2
.8
¥.2
¥.6
¥.6
¥.6
.8
¥.2
¥.2
¥.2
¥.2
¥.9
¥.2

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

24

¥0.3
1.3
1.5
.1
.2
.4
.3
.2
.5
¥.2
¥.3
1.1
2.0

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 were unchanged; prices paid by farmers were also unchanged. (Data are
not seasonally adjusted.)

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

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

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

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

101
100
102
112
107
102
96
96
102
99

102
105
112
127
115
107
96
96
99
106

100
95
92
99
98
97
95
97
106
91

104
106
109
115
118
115
115
120
124
124

103
106
108
115
118
114
113
118
122
122

104
106
108
115
119
113
111
116
120
119

97
94
93
98
90
89
83
80
83
80

2002: Mar ....................
Apr ....................
May ....................
June ...................
July ....................
Aug ....................
Sept ...................
Oct .....................
Nov ....................
Dec ....................
2003: Jan ....................
Feb r ...................
Mar .....................

106
95
98
99
100
101
100
96
97
98
99
99
99

117
101
106
107
111
116
111
102
104
104
103
103
106

96
90
90
91
89
87
86
87
90
91
96
95
94

123
123
123
123
124
124
125
125
125
126
127
128
128

121
121
121
121
121
122
123
123
123
124
125
126
126

118
118
118
118
119
120
121
121
121
121
122
124
124

86
77
80
80
81
81
80
77
78
78
78
77
77

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 end-of-period basis; billions of dollars, seasonally adjusted]
M1

M2

M3

Debt

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

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

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

Debt of
domestic
nonfinancial
sectors1

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

1,129.3
1,149.9
1,126.7
1,078.4
1,071.4
1,095.0
1,121.9
1,084.9
1,173.4
1,210.5

3,483.2
3,496.2
3,640.1
3,814.3
4,029.8
4,381.5
4,648.0
4,926.9
5,440.6
5,796.5

4,277.4
4,359.8
4,624.9
4,970.5
r 5,444.4
r 6,033.0
r 6,529.8
r 7,093.3
r 7,995.3
r 8,517.3

12,418.5
12,985.8
13,681.7
14,405.9
15,194.3
16,240.5
17,306.8
18,166.8
19,293.3
20,657.1

10.3
1.8
¥2.0
¥4.3
¥.6
2.2
2.5
¥3.3
8.2
3.2

1.5
.4
4.1
4.8
5.6
8.7
6.1
6.0
10.4
6.5

1.5
1.9
6.1
7.5
9.5
10.8
8.2
8.6
12.7
6.5

4.8
4.5
5.4
5.3
5.5
6.9
6.4
4.9
6.2
7.1

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

1,186.1
1,188.1
1,173.7
1,184.4
1,190.2
1,197.4
1,186.3
1,192.5
1,203.6
1,202.7
1,210.5

5,502.7
5,503.5
5,491.5
5,557.3
5,589.1
5,637.9
5,676.9
5,703.1
5,742.4
5,781.3
5,796.5

r 8,057.8

r 8,517.3

......................
19,534.9
......................
......................
19,941.8
......................
......................
20,266.3
......................
......................
20,657.1

6.3
¥2.3
1.6
3.2
2.9
3.0
.0
.7
5.1
3.1
3.4

9.1
4.9
5.0
5.9
5.5
6.4
6.3
7.3
9.1
8.1
7.4

10.1
6.2
5.4
5.1
4.5
5.4
5.8
6.6
r 6.7
r 8.0
r 8.4

............
5.0
............
............
8.3
............
............
6.5
............
............
7.7

2003: Jan r ......................................................
Feb ........................................................

1,212.2
1,231.7

5,825.7
5,880.0

8,513.5
8,568.2

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

2.5
7.7

6.7
7.2

7.1
6.6

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

Period

1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

26

r 8,070.3
r 8,073.1
r 8,137.0
r 8,173.3
r 8,222.9
r 8,292.7
r 8,335.2
r 8,342.2
r 8,462.2

Percent change
From year or 6 months
earlier2

M1

M2

M3

From
previous
period3
Debt

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

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

Period

1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Currency

Nonbank
travelers
checks

Demand
deposits

Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)

Other
checkable
deposits
(OCDs)

Small
denomination
time
deposits 1

Money market
mutual fund
balances

Large
denomination
time
deposits 1

Institutional

Retail

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

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

321.6
354.0
372.1
394.1
424.6
459.7
517.5
531.0
581.4
626.7

7.5
8.0
8.5
8.3
8.1
8.2
8.3
8.0
7.8
7.5

385.5
383.6
389.3
400.3
393.1
377.1
352.2
306.7
325.6
296.4

414.8
404.2
356.8
275.7
245.7
250.0
244.0
239.2
258.8
279.9

1,219.3
1,149.8
1,134.1
1,274.0
1,400.6
1,602.9
1,738.4
1,874.0
2,303.5
2,757.7

782.0
816.3
931.4
946.9
968.0
951.4
955.0
1,043.2
972.9
884.0

352.5
380.1
447.8
515.1
589.8
732.2
832.7
924.8
990.7
944.3

217.0
211.1
264.2
322.4
395.3
538.7
634.4
788.2
1,189.7
1,233.0

331.8
369.8
428.1
508.7
617.8
669.2
741.2
820.3
785.7
800.0

172.6
196.4
198.5
210.5
254.0
293.4
335.7
363.5
375.0
468.6

72.8
86.3
94.0
114.7
147.5
r 150.2
r 170.5
r 194.3
r 204.3
r 219.2

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

591.9
595.7
599.8
604.6
609.0
613.3
615.9
617.8
620.4
623.0
626.7

7.8
7.8
7.7
7.8
8.2
8.5
8.3
7.9
7.7
7.5
7.5

325.1
323.3
305.2
306.5
305.6
304.5
289.6
292.0
299.3
294.0
296.4

261.3
261.4
261.0
265.5
267.4
271.1
272.4
274.7
276.2
278.3
279.9

2,394.7
2,417.4
2,446.3
2,494.5
2,526.2
2,563.1
2,620.7
2,659.8
2,696.0
2,739.0
2,757.7

949.7
940.5
932.7
926.8
921.0
914.9
908.2
899.6
893.7
889.0
884.0

972.2
957.3
938.8
951.6
951.6
962.5
961.7
951.3
949.1
950.6
944.3

1,179.6
1,184.7
1,188.6
1,188.2
1,196.6
1,192.2
1,191.3
1,183.1
1,142.4
1,207.8
1,233.0

793.3
796.9
808.1
814.7
813.9
817.5
818.8
817.0
823.8
r 817.5
800.0

372.8
374.5
375.3
371.3
371.7
372.9
399.8
422.4
420.7
440.1
468.6

r 209.4

2003: Jan ............................................
Feb ...........................................

630.2
635.3

7.6
7.6

295.4
305.1

279.1
283.6

2,802.0
2,845.5

878.7
872.9

932.8
929.9

1,196.7
1,176.7

809.5
820.3

459.3
472.3

r 222.3

1 Small

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

r 210.7
r 209.7
r 205.6
r 202.1
r 202.3
r 205.9
r 209.6
r 212.9
r 215.5
r 219.2

218.9

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
Reserves of depository institutions

Period
Total 2
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Borrowings of depository institutions from the Federal
Reserve (NSA)

Nonborrowed 3

Required

Excess
(NSA)

Monetary
base

Total

Primary

Secondary

Seasonal

Adjustment

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

60,460
59,369
56,430
50,149
46,848
45,141
41,809
38,537
41,243
40,117

60,378
59,160
56,173
49,994
46,523
45,024
41,488
38,327
41,177
40,037

59,390
58,209
55,140
48,733
45,163
43,627
40,512
37,110
39,595
38,120

1,070
1,159
1,290
1,416
1,685
1,514
1,297
1,427
1,649
1,997

386,462
418,194
434,400
451,921
479,838
513,685
593,138
584,718
635,559
r 681,767

82
209
257
155
324
117
320
210
67
80

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

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

31
100
40
68
79
15
67
111
33
45

51
109
217
87
245
101
179
99
34
35

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

40,768
40,635
39,406
39,469
39,674
39,977
39,252
39,184
39,686
40,117

40,689
40,565
39,294
39,327
39,482
39,644
39,023
39,041
39,414
40,037

39,347
39,424
38,145
38,231
38,300
38,340
37,776
37,634
38,070
38,120

1,421
1,211
1,261
1,238
1,374
1,637
1,476
1,550
1,616
1,997

649,996
654,098
657,819
662,370
666,912
669,929
671,453
674,300
677,516
r 681,767

79
71
112
142
191
333
229
143
272
80

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

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

20
50
105
136
176
185
169
120
60
45

59
21
7
6
16
148
60
23
211
35

2003: Jan r .................................
Feb r ................................
Mar p ................................

40,607
40,755
40,935

40,581
40,730
40,913

38,947
38,848
39,326

1,660
1,908
1,608

685,592
691,281
696,644

27
25
22

12
21
14

0
0
0

13
5
8

2
................
................

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

3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve.
Source: Board of Governors of the Federal Reserve System.

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.8 percent in February; commercial and industrial loans fell 0.7
percent.

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

Period

Dec r ..........
Dec ............
Dec ............
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec r ..........
Feb r ..........
Mar r .........
Apr r ..........
May r .........
June r ........
July r .........
Aug r .........
Sept r .........
Oct r ..........
Nov r .........
Dec r ..........
2003: Jan r ..........
Feb ...........
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2002:

Total
bank
credit

3,115.9
3,322.8
3,605.4
3,761.8
4,105.5
4,546.0
4,782.4
r 5,233.9
r5,451.1
5,886.9
5,438.9
5,433.9
5,450.8
5,498.9
5,540.7
5,591.2
5,672.8
5,730.1
5,759.9
5,837.8
5,886.9
5,892.6
5,970.9

Total
securities

U.S.
Treasury
and
agency
securities

917.8
942.5
986.7
980.5
1,089.1
1,229.8
1,277.6
1,345.7
1,496.8
1,715.4
1,488.5
1,488.0
1,504.4
1,535.5
1,562.5
1,594.6
1,632.9
1,643.5
1,643.8
1,688.6
1,715.4
1,722.7
1,768.9

733.0
724.2
703.7
700.6
749.6
792.8
811.3
790.9
r856.1
1,012.9
832.6
849.5
870.4
893.5
909.1
918.7
946.1
962.8
972.4
1,001.6
1,012.9
1,013.5
1,038.0

Loans and leases in bank credit
Real estate

CommerOther
Total loans cial and
securities and leases 2 industrial

184.8
218.3
283.0
279.9
339.5
437.0
466.4
554.8
r640.7
702.5
655.9
638.5
634.0
642.0
653.4
675.9
686.8
680.8
671.4
687.0
702.5
709.2
730.9

2,198.1
2,380.3
2,618.7
2,781.3
3,016.4
3,316.2
3,504.7
3,888.3
3,954.2
4,171.5
3,950.4
3,945.9
3,946.4
3,963.4
3,978.1
3,996.6
4,039.9
4,086.5
4,116.1
4,149.2
4,171.5
4,169.9
4,202.0

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

590.3
650.3
723.7
787.8
856.5
951.0
1,003.9
1,088.3
1,031.3
964.2
1,028.8
1,023.5
1,008.1
1,000.6
993.0
981.4
981.3
974.6
968.2
966.1
964.2
959.0
952.4

Total

948.4
1,012.1
1,090.9
1,142.7
1,248.5
1,339.5
1,477.8
1,658.4
1,784.5
2,021.0
1,789.2
1,790.4
1,794.9
1,817.3
1,839.8
1,870.5
1,902.0
1,936.4
1,968.3
2,000.3
2,021.0
2,039.0
2,069.3

Revolving
home
equity

78.0
80.4
84.4
90.7
104.8
103.9
101.5
129.9
155.5
212.4
162.2
167.6
172.1
179.6
186.1
192.9
197.7
200.9
204.9
207.8
212.4
216.9
222.1

Consumer

Security

Other

Other

870.4
931.7
1,006.6
1,052.0
1,143.7
1,235.6
1,376.3
1,528.5
1,629.0
1,808.5
1,627.0
1,622.8
1,622.8
1,637.7
1,653.8
1,677.6
1,704.3
1,735.5
1,763.4
1,792.6
1,808.5
1,822.0
1,847.3

387.6
448.3
491.5
512.9
502.5
497.2
490.6
539.5
557.9
586.0
564.4
563.4
567.7
570.1
568.7
564.6
574.7
582.7
584.5
584.9
586.0
591.5
593.7

86.2
75.9
83.3
75.5
95.0
146.5
151.9
178.7
146.8
191.6
153.4
161.3
168.4
169.7
170.2
178.1
176.7
181.4
183.1
186.7
191.6
176.9
184.2

185.6
193.8
229.2
262.4
313.9
382.0
380.7
423.4
433.7
408.7
414.6
407.2
407.2
405.7
406.3
401.9
405.2
411.5
412.0
411.1
408.7
403.5
402.4

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

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

Uses

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

1993 ..................
1994 ..................
1995 ..................
1996 ..................
1997 ..................
1998 ..................
1999 ..................
2000 ..................
2001 ..................
2002 p ................
2000: I .............
II ...........
III ..........
IV ..........
2001: I .............
II ...........
III ..........
IV ..........
2002: I .............
II ...........
III ..........
IV p .........

728.6
808.2
1,010.7
1,074.5
1,011.1
1,332.8
1,743.9
1,978.4
1,146.4
1,092.4
1,908.4
2,139.7
2,098.3
1,766.9
1,273.3
1,162.9
1,007.3
1,142.2
1,101.8
1,116.1
1,001.9
1,150.1

Internal 1

510.7
566.6
619.9
676.0
727.6
716.8
756.3
741.0
777.1
793.3
740.5
751.0
743.9
728.4
710.3
748.3
789.7
860.1
815.4
797.2
783.8
776.9

Credit market instruments
Total

217.9
241.6
390.8
398.5
283.5
616.0
987.6
1,237.4
369.3
299.1
1,167.9
1,388.7
1,354.4
1,038.5
563.0
414.6
217.6
282.1
286.4
318.9
218.1
373.2

Capital
expenditures 3

Total

Total
net
funds
raised

Net new
equity
issues

Total

54.5
81.4
168.7
135.8
214.2
193.1
268.1
262.2
205.9
21.9
529.2
316.4
176.7
26.5
220.0
281.2
85.7
236.6
31.3
111.5
¥141.3
85.9

21.3
¥44.9
¥58.3
¥47.3
¥77.4
¥215.5
¥110.4
¥118.2
¥47.4
¥40.2
108.2
¥202.5
¥42.9
¥335.5
¥19.0
¥57.9
¥108.6
¥4.2
¥8.0
17.9
¥130.8
¥39.9

33.2
126.3
227.1
183.1
291.6
408.6
378.5
380.4
253.3
62.1
421.1
519.0
219.7
362.1
239.0
339.1
194.4
240.8
39.3
93.6
¥10.5
125.8

1 Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed
capital, foreign earnings retained abroad, inventory valuation adjustment, and net capital transfers.
2 Includes tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
the U.S.

Securities
and mortgages
55.4
32.0
102.1
129.6
187.0
258.0
256.9
203.1
401.7
174.2
226.0
182.3
171.0
232.8
441.7
474.4
282.7
408.1
259.1
248.2
¥2.6
192.1

Loans
and
shortterm
paper

Other 2

¥22.2
94.3
124.9
53.7
104.6
150.7
121.6
177.4
¥148.5
¥112.2
195.1
336.6
48.7
129.2
¥202.8
¥135.3
¥88.4
¥167.3
¥219.8
¥154.7
¥7.9
¥66.3

163.4
160.3
222.1
262.7
69.2
422.8
719.6
975.2
163.5
277.3
638.7
1,072.3
1,177.6
1,012.0
343.0
133.4
131.9
45.6
255.0
207.4
359.3
287.3

841.5
850.7
1,065.1
1,116.7
1,032.6
1,396.4
1,854.9
2,168.4
1,170.3
1,043.2
2,108.1
2,317.6
2,299.7
1,948.3
1,323.9
1,211.0
1,046.1
1,100.3
1,046.7
1,067.3
943.6
1,115.0

508.8
575.6
638.7
662.7
760.2
826.5
885.0
957.2
794.2
802.9
936.5
970.3
975.3
946.9
866.3
812.2
781.2
717.1
773.6
796.3
816.4
825.2

Increase
in financial assets

332.7
275.1
426.4
454.0
272.4
569.9
969.9
1,211.2
376.1
240.3
1,171.6
1,347.3
1,324.4
1,001.4
457.6
398.8
264.9
383.2
273.1
271.0
127.2
289.8

Discrepancy
(sources
less
uses)

¥112.8
¥42.5
¥54.4
¥42.2
¥21.5
¥63.6
¥111.0
¥190.1
¥23.9
49.3
¥199.7
¥177.9
¥201.4
¥181.4
¥50.5
¥48.2
¥38.7
41.8
55.1
48.8
58.3
35.1

3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, 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

1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2002:

Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
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 ..............................................................................
2003: Jan r ..............................................................................
Feb ...............................................................................

838.8
960.4
1,095.8
1,185.1
1,243.0
1,317.0
1,415.5
1,559.5
1,666.8
1,726.4
1,679.0
1,687.4
1,694.9
1,703.6
1,710.0
1,717.5
1,725.4
1,726.9
1,728.0
1,725.1
1,726.4
1,738.7
1,740.2

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

309.9
365.6
443.1
498.9
531.0
562.5
598.0
667.3
701.3
712.4
701.3
704.2
707.3
709.3
712.5
714.7
720.7
717.7
717.3
716.4
712.4
715.7
721.1

Nonrevolving 2

528.8
594.9
652.7
686.1
712.0
754.5
817.5
892.1
965.5
1,014.0
977.7
983.2
987.5
994.3
997.5
1,002.7
1,004.8
1,009.3
1,010.7
1,008.7
1,014.0
1,023.1
1,019.2

Net change in consumer credit outstanding 1
Total

56.6
121.6
135.4
89.3
57.9
74.0
98.5
144.0
107.3
59.6
6.3
8.4
7.5
8.7
6.4
7.5
7.9
1.5
1.1
¥2.9
1.3
12.3
1.5

Revolving

31.5
55.7
77.5
55.8
32.1
31.5
35.5
69.3
34.0
11.1
.1
2.9
3.1
2.0
3.2
2.2
6.0
¥3.0
¥.4
¥.9
¥4.0
3.3
5.4

Nonrevolving 2

25.1
66.1
57.8
33.4
25.9
42.5
63.0
74.6
73.4
48.5
6.2
5.5
4.3
6.8
3.2
5.2
2.1
4.5
1.4
¥2.0
5.3
9.1
¥3.9

Source: Board of Governors of the Federal Reserve System.

29

INTEREST RATES AND BOND YIELDS
Interest rates fell in March.

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

1993 .......................
1994 .......................
1995 .......................
1996 .......................
1997 .......................
1998 .......................
1999 .......................
2000 .......................
2001 .......................
2002 .......................
2002: Mar .............
Apr .............
May ............
June ...........
July ............
Aug .............
Sept .............
Oct ..............
Nov .............
Dec ..............
2003: Jan ..............
Feb ..............
Mar .............
Week ended:
2003: Mar 8 ........
15 ........
22 ........
29 ........
Apr 5 ........
1 Bank-discount

3-month
bills (new
issues) 1

3-year

maturities 2

10-year

30-year

Highgrade
municipal
bonds
(Standard
&
Poor’s) 3

Corporate
Aaa
bonds
(Moody’s)

30

Primary
credit 4

3.02
4.29
5.51
5.02
5.07
4.81
4.66
5.85
3.45
1.62
1.81
1.72
1.74
1.71
1.68
1.63
1.63
1.60
1.26
1.20
1.17
1.16
1.13

4.44
6.27
6.25
5.99
6.10
5.14
5.49
6.22
4.09
3.10
4.14
4.01
3.80
3.49
3.01
2.52
2.32
2.25
2.32
2.23
2.18
2.05
1.98

5.87
7.09
6.57
6.44
6.35
5.26
5.65
6.03
5.02
4.61
5.28
5.21
5.16
4.93
4.65
4.26
3.87
3.94
4.05
4.03
4.05
3.90
3.81

6.59
7.37
6.88
6.71
6.61
5.58
5.87
5.94
5.49
*
*
*
*
*
*
*
*
*
*
*
*
*
*

5.63
6.19
5.95
5.75
5.55
5.12
5.43
5.77
5.19
5.05
5.27
5.27
5.22
5.11
5.01
4.92
4.73
4.85
4.98
4.91
4.88
4.80
4.72

7.22
7.96
7.59
7.37
7.26
6.53
7.04
7.62
7.08
6.49
6.81
6.76
6.75
6.63
6.53
6.37
6.15
6.32
6.31
6.21
6.17
5.95
5.89

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
2.25
2.25
2.25

1.18
1.06
1.12
1.15
1.10

1.84
1.85
2.14
2.08
1.97

3.65
3.65
3.97
3.96
3.90

*
*
*
*
*

4.67
4.61
4.79
4.82
4.78

5.82
5.82
5.99
5.94
5.81

2.25
2.25
2.25
2.25
2.25

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

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

6 Daily

Discount
rate 5

3.00
3.60
5.21
5.02
5.00
4.92
4.62
5.73
3.40
1.17
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
0.75
0.75

Prime rate
charged by
banks 5

Federal
funds
rate 6

Newhome
mortgage
yields
(FHFB) 7

*
*
*

6.00
7.15
8.83
8.27
8.44
8.35
8.00
9.23
6.91
4.67
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.25
4.25
4.25
4.25
4.25

3.02
4.21
5.83
5.30
5.46
5.35
4.97
6.24
3.88
1.67
1.73
1.75
1.75
1.75
1.73
1.74
1.75
1.75
1.34
1.24
1.24
1.26
1.25

7.20
7.49
7.87
7.80
7.71
7.07
7.04
7.52
7.00
6.43
6.76
6.74
6.59
6.47
6.37
6.26
6.17
6.09
6.08
6.04
6.12
5.82
..............

*
*
*
*
*

4.25
4.25
4.25
4.25
4.25

1.29
1.21
1.27
1.22
1.28

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

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

COMMON STOCK PRICES AND YIELDS
Stock prices were mixed in March.

Common stock prices 1

Common stock yields
(percent) 8

New York Stock Exchange indexes 2
Period

Standard &
Poor’s composite index
(1941–
43=10) 6

Nasdaq composite index
(Feb. 5,
1971=100) 7

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
9,226.43

451.41
460.42
541.72
670.50
873.43
1,085.50
1,327.33
1,427.22
1,194.18
993.94

715.16
751.65
925.19
1,164.96
1,469.49
1,794.91
2,728.15
3,783.67
2,035.00
1,539.73

2.78
2.82
2.56
2.19
1.77
1.49
1.25
1.15
1.32
1.61

4.46
5.83
6.09
5.24
4.57
3.46
3.17
3.63
2.95
2.93

609.72
610.24
603.15
577.05
524.01
533.60
506.05
494.06
523.50
519.72

10,500.95
10,165.18
10,080.48
9,492.44
8,616.52
8,685.48
8,160.78
8,048.12
8,625.72
8,526.66

1,153.79
1,112.03
1,079.27
1,014.05
903.59
912.55
867.81
854.63
909.93
899.18

1,863.05
1,758.80
1,660.31
1,505.49
1,346.09
1,327.36
1,251.07
1,241.91
1,409.15
1,387.15

1.37
1.42
1.47
1.58
1.76
1.72
1.80
1.86
1.73
1.77

2.15
..................
..................
2.70
..................
..................
3.68
..................
..................
3.18

236.43
214.63
211.45

522.51
485.33
486.71

8,474.59
7,916.18
7,977.73

895.84
837.62
846.62

1,389.56
1,313.26
1,348.50

1.80
1.95
1.93

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

208.04
204.74
217.26
215.50
217.39

481.20
467.74
499.81
497.91
501.83

7,746.47
7,665.15
8,282.03
8,214.40
8,172.92

827.53
815.51
874.94
868.19
868.57

1,310.13
1,302.04
1,402.90
1,380.42
1,373.26

1.96
2.03
1.87
1.87
1.85

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

Dow Jones
industrial
average 5

December 31, 1965=50

Composite
(Dec. 31,
2002=5,000) 3

Industrial

Transportation

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

2,638.96
2,687.02
3,078.56
3,787.20
4,827.35
5,818.26
6,546.81
6,805.89
6,397.85
5,578.89

299.99
315.25
367.34
453.98
574.52
681.57
774.78
810.63
748.26
657.37

242.49
247.29
269.41
327.33
414.60
468.69
491.60
413.60
443.59
431.10

228.90
209.06
220.30
249.77
283.82
378.12
473.73
477.65
377.30
260.85

216.42
209.73
238.45
303.89
424.48
516.35
530.86
553.13
595.61
555.27

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

6,352.08
6,212.88
6,087.85
5,755.89
5,139.94
5,200.62
4,980.65
4,862.70
5,104.89
5,075.76

751.79
732.71
718.12
677.58
603.04
611.34
589.14
574.45
597.75
593.15

490.51
470.00
459.55
449.42
416.10
409.96
388.19
383.41
405.03
401.39

316.27
300.66
287.10
265.21
230.19
225.52
210.76
207.83
229.41
233.38

2003: Jan .................
Feb .................
Mar .................

5,055.78
4,738.56
4,724.22

587.78
553.90
558.10

394.84
367.55
366.90

Week ended:
2003: Mar 8
15
22
31
Apr 5

4,658.46
4,556.45
4,851.37
4,829.41
4,838.02

546.39
539.14
573.84
572.19
573.09

358.72
349.30
377.21
381.06
380.25

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

1 Average

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

Utility 4

of daily closing prices.
all the stocks (nearly 3,000) listed on the NYSE.
January 9, 2003, the NYSE relaunched the composite index with changes in
methodology, definitions, and based on Dec. 31, 2002=5,000.
4 Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index.
5 Includes 30 stocks.
6 Includes 500 stocks.
7 Includes over 4,000 stocks.
8 Standard & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earn2 Includes

3 Effective

Finance

Dividendprice ratio

Earningsprice ratio

ings-price ratios based on prices at end of quarter.
Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and
Nasdaq Stock Market.

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 5 months of fiscal 2003, there was a deficit of $193.9 billion, compared with a deficit of $67.7 billion
a year earlier.

[Billions of dollars]
Total

On-budget

Off-budget

Receipts

Outlays

Surplus
or
deficit
(¥)

Receipts

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
1,991.2
1,853.2
1,836.2

990.4
1,004.1
1,064.5
1,143.6
1,253.2
1,324.4
1,381.7
1,409.5
1,461.9
1,515.8
1,560.5
1,601.3
1,652.6
1,701.9
1,788.8
1,863.9
2,011.0
2,140.4

¥221.2
¥149.7
¥155.2
¥152.5
¥221.2
¥269.3
¥290.4
¥255.1
¥203.3
¥164.0
¥107.5
¥22.0
69.2
125.6
236.4
127.3
¥157.8
¥304.2

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
1,483.7
1,337.9
1,304.7

806.9
810.2
861.8
932.7
1,028.1
1,082.7
1,129.3
1,142.9
1,182.5
1,227.1
1,259.6
1,290.6
1,336.0
1,381.1
1,458.0
1,517.1
1,655.3
1,772.3

¥237.9
¥169.3
¥194.0
¥205.2
¥277.8
¥321.5
¥340.5
¥300.4
¥258.9
¥226.4
¥174.1
¥103.3
¥30.0
1.9
86.6
¥33.4
¥317.5
¥467.6

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
515.3
531.6

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
346.8
355.7
368.1

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
160.7
159.7
163.5

2,120.5
2,346.0
2,601.1
2,867.8
3,206.3
3,598.2
4,001.8
4,351.0
4,643.3
4,920.6
5,181.5
5,369.2
5,478.2
5,605.5
5,628.7
5,769.9
6,198.4
6,752.0

1,740.6
1,889.8
2,051.6
2,190.7
2,411.6
2,689.0
2,999.7
3,248.4
3,433.1
3,604.4
3,734.1
3,772.3
3,721.1
3,632.4
3,409.8
3,319.6
3,540.4
3,878.4

767.7
704.8

835.4
898.7

¥67.7
¥193.9

566.9
496.3

702.0
761.5

¥135.1
¥265.2

200.8
208.5

133.4
137.3

67.4
71.2

5,970.3
6,421.6

3,428.2
3,671.3

Fiscal year or period

1986 ......................................
1987 ......................................
1988 ......................................
1989 ......................................
1990 ......................................
1991 ......................................
1992 ......................................
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 ......................................
2003 (estimates) ...................
Cumulative total, first 5
months: 1
Fiscal year 2002 ................
Fiscal year 2003 ................

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

32

Outlays

Surplus
or
deficit
(¥)

Federal debt (end of
period)

Receipts

Outlays

Surplus
or
deficit
(¥)

Gross
Federal

2004, issued February 3, 2003.
Sources: Department of the Treasury and Office of Management and Budget.

Held by
the public

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 5 months of fiscal 2003, receipts were $62.9 billion lower than a year earlier and outlays were $63.3
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

1986
1987
1988
1989

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

769.2
854.4
909.3
991.2

349.0
392.6
401.2
445.7

63.1
83.9
94.5
103.3

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
1,991.2 994.3
1,853.2 858.3
1,836.2 849.1

207.3
151.1
148.0
143.2

652.9
694.0
700.8
726.6

63.0
33.0

273.5
282.4

2000 ...................................................
2001 ..................................................
2002 ..................................................
2003 (estimates) ...............................
Cumulative total, first 5 months: 1
Fiscal year 2002 ............................
Fiscal year 2003 ............................

767.7
704.8

374.2
331.5

Total

73.2
990.4
74.6 1,004.1
79.3 1,064.5
82.8 1,143.6

InterDepart- nationment of
al
Defense, affairs
military

Health

Medicare

Income Social
security security

Net
interest

Other

273.4
282.0
290.4
303.6

265.5
274.0
281.9
294.9

14.2
11.6
10.5
9.6

35.9
40.0
44.5
48.4

70.2
75.1
78.9
85.0

120.6
124.1
130.4
137.4

198.8
207.4
219.3
232.5

136.0
138.6
151.8
169.0

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
1,560.5
1,601.3
1,652.6
1,701.9

299.3
273.3
298.4
291.1
281.6
272.1
265.8
270.5
268.5
274.9

289.8
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
235.0
237.7
242.4

248.6
269.0
287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

184.3
194.4
199.3
198.7
202.9
232.1
241.1
244.0
241.1
229.8

202.6
223.7
172.2
158.0
171.7
160.3
167.3
157.5
188.8
218.1

160.6
151.8
146.0
117.4

1,788.8
1,863.9
2,011.0
2,140.4

294.5
305.5
348.6
376.3

281.2
291.0
332.0
358.2

17.2
16.5
22.4
20.7

154.5
172.3
196.5
223.1

197.1
217.4
230.9
244.7

253.6
269.6
312.5
330.1

409.4
433.0
456.4
478.5

223.0
206.2
171.0
161.4

239.5
243.5
272.8
305.6

57.1
58.0

835.4
898.7

136.4
159.2

129.9
152.0

13.9
9.2

80.2
88.2

91.2
104.4

131.2
150.0

185.8
193.8

75.2
69.6

121.4
124.3

1 Data from current issue Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2004, issued February 3, 2003.

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

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 2002, according to current estimates, Federal current receipts rose $5.6 billion (annual
rate) while Federal current expenditures rose $42.8 billion.

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

Total

Personal
tax and
nontax
receipts

Corporate
profits
tax accruals

Indirect
business
tax and
nontax
accruals

1,197.3
1,293.7
1,383.7
1,499.1
1,625.5
1,749.7
1,867.2
2,033.9
2,008.4
1,875.6
1,823.2
1,847.1
1,876.3
1,922.4
2,009.6
2,022.9
2,049.1
2,054.1
2,072.9
2,072.3
1,896.0
1,992.3
1,884.7
1,883.7
1,864.1
1,869.7

509.9
547.8
591.8
670.0
751.9
834.9
903.3
1,009.0
1,010.9
847.0
875.0
891.2
911.2
935.8
984.5
997.2
1,020.5
1,033.6
1,057.9
1,059.8
900.4
1,025.5
874.8
856.6
831.3
825.3

138.5
156.7
179.3
190.6
203.0
204.2
213.0
223.8
170.2
179.8
208.9
211.4
211.7
219.9
233.7
230.5
222.1
208.9
186.9
183.2
168.0
142.9
170.5
180.2
181.1
187.5

85.3
95.2
93.0
95.1
93.7
97.4
100.2
109.1
110.3
110.6
97.5
98.2
100.8
104.4
107.0
109.5
109.8
110.1
112.3
112.2
109.5
107.3
108.4
110.2
112.4
111.5

Period

Calendar year:
1993 ..............................
1994 ..............................
1995 ..............................
1996 ..............................
1997 ..............................
1998 ..............................
1999 ..............................
2000 ..............................
2001 ..............................
2002 r .............................
1999: I .............................
II ...........................
III ..........................
IV ..........................
2000: I .............................
II ...........................
III ..........................
IV ..........................
2001: I .............................
II ...........................
III ..........................
IV ..........................
2002: I .............................
II ...........................
III r .........................
IV r .........................
NOTE.—See Note, p. 5.

34

Federal Government current expenditures

Contributions
for
social
insurance

463.7
493.9
519.6
543.3
577.0
613.1
650.7
692.1
716.9
738.1
641.8
646.3
652.6
662.2
684.5
685.7
696.6
701.5
715.8
717.1
718.1
716.6
731.1
736.7
739.3
745.4

Total

1,471.5
1,506.0
1,575.7
1,635.9
1,678.8
1,705.9
1,755.3
1,827.1
1,936.4
2,075.5
1,734.5
1,734.2
1,758.9
1,793.6
1,786.4
1,825.7
1,835.9
1,860.3
1,899.1
1,927.8
1,947.7
1,971.0
2,030.5
2,079.3
2,074.6
2,117.4

Consumption
expenditures

Transfer
payments

Grantsin-aid
to
State
and
local
governments

442.6
439.7
439.2
445.3
456.9
453.1
471.6
493.3
528.4
586.5
465.5
461.6
473.4
486.0
480.0
501.3
494.2
497.7
517.3
524.9
527.9
543.6
566.3
581.0
589.8
608.9

597.9
618.6
652.1
691.6
717.5
730.6
745.8
779.5
842.2
931.7
739.1
743.2
743.9
756.9
758.5
774.6
781.3
803.5
816.3
832.2
849.3
870.9
916.9
927.6
934.1
948.5

162.6
174.5
184.5
190.4
196.8
210.3
231.0
247.5
277.4
305.7
224.9
222.2
234.9
242.0
239.4
242.2
253.8
254.6
266.8
281.9
271.4
289.4
292.3
309.6
305.0
315.8

Net
interest
paid

Subsidies less
current
surplus
of
Government
enterprises

Less:
Wage
accruals less
disbursements

230.2
239.6
267.5
273.6
276.2
278.5
263.8
263.0
238.1
207.8
265.3
264.2
262.1
263.7
264.2
264.1
263.0
260.5
254.1
243.1
233.6
221.6
208.5
214.9
205.8
202.1

38.2
33.6
32.4
35.1
31.5
33.4
43.0
43.8
50.3
43.7
39.6
42.8
44.6
44.9
44.2
43.5
43.6
44.0
44.6
45.6
65.5
45.5
46.6
46.3
39.9
42.1

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

Source: Department of Commerce, Bureau of Economic Analysis.

Current
surplus
or
deficit
(¥),
national
income
and
product
accounts

¥274.1
¥212.3
¥192.0
¥136.8
¥53.3
43.8
111.9
206.9
72.0
¥199.9
88.7
112.9
117.4
128.8
223.2
197.2
213.2
193.8
173.8
144.4
¥51.7
21.3
¥145.8
¥195.6
¥210.5
¥247.7

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1997=100; seasonally adjusted)
Period

United
States
r 80.8

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

Japan

84.2
89.4
93.5
94.7
100.0
103.5
108.8
115.0
111.0
112.9
110.2
111.7
r 111.6
r 113.1
112.4
112.3
r 114.0
113.8
113.9
r 114.1
r 113.9
r 113.7

90.4
91.5
94.4
96.6
100.0
93.5
94.1
99.5
92.3
91.0
87.3
87.9
88.4
88.7
92.3
92.1
92.4
93.6
93.3
93.1
92.1
91.5

114.7
111.1 ..............

France
r 89.5

Italy

r 89.2
r 93.1
100.0
105.6
110.1
115.3
111.2
110.5
109.0
109.2
109.6
110.1
110.4
110.8
111.6
111.3
111.2
110.6
110.8
r 110.1
r 111.0

92.1
95.0
95.8
96.5
100.0
104.2
105.7
112.3
112.8
111.3
111.0
110.6
110.8
111.5
110.2
112.4
111.4
112.9
112.1
110.5
113.1
109.2

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

Canada

Japan

144.5
148.2
152.4
156.9
160.5
163.0
166.6
172.2
177.1
179.9
177.1
177.8
178.8
179.8
179.8
179.9
180.1
180.7
181.0
181.3
181.3
180.9

147.9
148.2
151.4
153.8
156.3
157.8
160.5
164.9
169.1
172.9
168.8
169.8
171.0
172.0
172.3
172.9
173.8
174.5
174.5
175.1
175.5
174.9

118.6
119.3
119.2
119.3
121.5
122.2
121.8
121.0
120.1
119.0
119.0
118.4
118.7
119.0
119.4
119.3
118.8
119.2
119.2
118.9
118.9
118.9

143.4
145.8
148.4
151.4
153.2
154.2
155.0
157.6
160.2
163.3
161.6
161.8
162.5
163.1
163.3
163.3
163.3
163.6
163.9
164.2
164.2
164.5

111.5
113.3
103.5
97.0
91.6 ............ .............. .............. ..............

181.7
183.1

176.4
177.7

118.6
118.2

164.8
165.9

relate to all urban consumers.

Germany

Italy

127.6
131.1

France

91.1
96.0
97.7
98.9
100.0
101.0
101.8
103.4
101.2
97.7
r 97.7
97.5
97.4
98.5
99.4
95.3
98.2
r 98.2
97.9
r 97.7
r 97.3
r 97.1

93.2
95.4
96.3
100.0
105.2
107.2
111.0
111.9
110.9
110.4
110.1
111.0
111.5
111.0
111.0
110.8
111.2
110.9
110.9
111.8
109.9

88.1
93.5
98.2
96.4
100.0
101.1
101.1
105.9
104.6
r 103.3
r 102.9
r 103.8
r 103.8
r 102.6
r 104.4
r 103.8
r 104.8
r 103.6
r 104.1
r 103.5
r 104.0
r 103.5

United
States 1

r 93.6

r 85.1

2003: Jan ..........................
Feb p .........................
1 Data

Canada

Germany

187.7
195.3
205.6
213.8
218.2
222.5
226.2
231.9
238.3
244.3
241.2
242.0
242.6
243.2
243.9
244.1
244.5
244.9
245.3
245.9
246.7
247.0

165.3
169.3
175.2
179.4
185.1
191.4
194.3
200.1
203.6
207.0
203.6
204.2
205.0
206.4
207.0
207.0
206.7
207.3
208.7
209.0
209.4
209.7

248.0
248.4

209.6
210.7

r 133.3
r 135.3

137.8
139.1
r 140.0
r 142.0
r 144.8
r 146.7
r 146.1
r 146.5
r 146.8
r 146.6
r 146.8
r 146.8
r 147.2
r 146.9
r 146.8
r 146.6
r 146.2
r 147.6
r 147.6

148.3

United
Kingdom

Note.—See Note, p. 17, for information on U.S. industrial production series.
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).

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

Goods: Imports (customs value)

Census basis (by end-use category)

Services
(BOP basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
BOP basis

Period

BOP
basis

Total,
Census
basis 1

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

BOP
basis

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

Consumer
goods
(nonfood)
except
automotive

Exports

Imports

Goods,
Census
basis

Goods

Services

Goods
and
services

1993 .................
1994 .................
1995 .................
1996 .................
1997 .................
1998 .................
1999 .................
2000 .................
2001 .................
2002 r ................

456.9
502.9
575.2
612.1
678.4
670.4
684.0
772.0
718.8
682.4

465.1
512.6
584.7
625.1
689.2
682.1
695.8
781.9
729.1
693.3

40.6
42.0
50.5
55.5
51.5
46.4
46.0
47.9
49.4
49.5

111.8
121.4
146.2
147.7
158.2
148.3
147.5
172.6
160.1
156.9

181.7
205.0
233.0
253.0
294.5
299.4
310.8
356.9
321.7
290.6

52.4
57.8
61.8
65.0
74.0
72.4
75.3
80.4
75.4
78.4

54.7
60.0
64.4
70.1
77.4
80.3
80.9
89.4
88.3
84.4

589.4
668.7
749.4
803.1
876.5
917.1
1,030.0
1,224.4
1,145.9
1,166.9

580.7
663.3
743.5
795.3
869.7
911.9
1,024.6
1,218.0
1,141.0
1,163.6

27.9
31.0
33.2
35.7
39.7
41.2
43.6
46.0
46.6
49.7

145.6
162.1
181.8
204.5
213.8
200.1
221.4
299.0
273.9
269.0

152.4
184.4
221.4
228.1
253.3
269.5
295.7
347.0
298.0
283.8

102.4
118.3
123.8
128.9
139.8
148.7
179.0
195.9
189.8
203.9

134.0
146.3
159.9
172.0
193.8
217.0
241.9
281.8
284.3
307.8

185.9
201.0
219.2
240.0
256.6
262.3
273.2
292.2
279.3
289.3

122.3
131.9
141.4
150.9
166.3
182.5
189.4
218.5
210.4
240.5

¥115.6
¥150.6
¥158.8
¥170.2
¥180.5
¥229.8
¥328.8
¥436.1
¥411.9
¥470.3

¥132.5
¥165.8
¥174.2
¥191.0
¥198.1
¥246.7
¥346.0
¥452.4
¥427.2
¥484.5

63.7
69.2
77.8
89.2
90.4
79.8
83.8
73.7
68.9
48.8

¥68.8
¥96.7
¥96.4
¥101.8
¥107.8
¥166.9
¥262.2
¥378.7
¥358.3
¥435.7

2002: Jan r ......
Feb r ......
Mar r .....
Apr r ......
May r .....
June r ....
July r .....
Aug r ......
Sept r .....
Oct r ......
Nov r ......
Dec r ......
2003: Jan p ......

54.9
54.6
54.9
56.8
57.2
58.2
59.0
58.2
58.2
57.3
57.8
55.4
56.8

55.7
55.4
55.9
57.6
58.2
59.0
60.0
59.2
59.0
58.2
58.8
56.3
57.5

4.2
4.3
3.9
3.9
4.0
4.3
4.3
4.0
4.0
3.9
4.3
4.4
4.4

12.3
12.2
12.3
13.1
13.3
13.3
13.2
13.4
13.3
13.1
13.6
13.7
14.0

23.6
23.2
24.1
24.1
24.2
25.1
25.2
24.9
25.1
24.5
24.4
22.1
22.7

6.0
6.2
6.2
6.7
6.8
6.7
7.1
6.8
6.7
6.6
6.3
6.4
6.5

6.9
6.8
6.7
7.1
6.9
7.1
7.2
7.1
7.1
7.2
7.2
6.9
7.4

88.4
91.0
91.5
97.0
99.0
98.8
98.1
100.6
99.5
96.9
102.1
103.9
101.6

88.2
90.7
91.3
96.6
98.7
98.6
97.8
100.3
99.2
96.6
101.8
103.7
101.4

3.9
4.0
4.0
4.1
4.1
4.1
4.2
4.2
4.1
4.0
4.4
4.6
4.5

18.9
19.0
19.9
22.8
23.0
22.5
22.8
23.8
23.4
24.5
23.9
24.6
24.9

22.8
23.1
23.4
23.8
24.1
24.2
24.0
23.8
23.6
22.2
24.4
24.6
24.3

15.3
16.3
16.0
17.0
17.6
17.2
17.2
17.6
17.7
16.8
17.5
17.7
16.8

23.3
24.4
23.7
25.0
25.6
26.2
25.6
26.9
26.3
25.0
27.8
28.0
26.9

22.5
22.7
23.4
23.7
24.2
24.2
24.2
24.8
24.5
24.7
25.1
25.2
25.1

18.9
19.4
19.3
19.3
19.4
20.2
20.2
20.5
20.3
20.4
21.0
21.6
21.4

¥32.6
¥35.3
¥35.3
¥39.0
¥40.5
¥39.5
¥37.9
¥41.1
¥40.2
¥38.3
¥43.1
¥47.4
¥43.9

¥33.5
¥36.4
¥36.7
¥40.2
¥41.8
¥40.7
¥39.1
¥42.4
¥41.4
¥39.6
¥44.3
¥48.5
¥44.8

3.7
3.3
4.1
4.4
4.8
4.0
4.0
4.4
4.2
4.3
4.1
3.6
3.7

¥29.9
¥33.2
¥32.6
¥35.8
¥37.0
¥36.7
¥35.1
¥38.0
¥37.2
¥35.3
¥40.2
¥44.9
¥41.1

1 Total includes ‘‘other’’ exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.

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

35

U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 2002, the goods deficit rose to $132.3 billion, from $122.9 billion in the third quarter. The
current account deficit rose to $136.9 billion in the fourth quarter, from $126.3 billion in the third quarter.

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

Period
Exports

Imports

Services

Balance
on
goods

Net
military
transactions 2

1993 ...................
1994 ...................
1995 ...................
1996 ...................
1997 ...................
1998 ...................
1999 ...................
2000 ...................
2001 ...................
2002 p ..................

456,943
502,859
575,204
612,113
678,366
670,416
683,965
771,994
718,762
682,586

¥589,394
¥668,690
¥749,374
¥803,113
¥876,485
¥917,112
¥1,029,987
¥1,224,417
¥1,145,927
¥1,166,939

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

184,486
191,411
199,641
196,456

¥290,941
¥303,581
¥314,779
¥315,116

¥106,455
¥112,170
¥115,138
¥118,660

¥74
412
¥199
282

825
1,486
¥31
189

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

193,284
184,846
173,274
167,358

¥306,316
¥292,565
¥279,025
¥268,021

¥113,032
¥742
¥107,719
¥285
¥105,751
¥706
¥100,663 ¥1,245

903
¥1,219
¥255
¥1,357

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

164,372
172,150
175,372
170,692

¥270,975
¥294,795
¥298,225
¥302,944

¥106,603
¥122,645
¥122,853
¥132,252

1 Adjusted

¥132,451
1,385
¥165,831
2,570
¥174,170
4,600
¥191,000
5,385
¥198,119
4,968
¥246,696
5,220
¥346,022
2,470
¥452,423
421
¥427,165 ¥2,978
¥484,353 ¥7,374

Net
travel
and
transportation

¥1,498
¥1,679
¥2,091
¥2,106

19,714
16,305
21,772
25,015
22,152
10,145
7,113
2,472
¥1,926
¥2,711

¥477
¥794
¥515
¥925

from Census data for differences in timing and coverage; excludes military.
under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).
2 Transfers

36

Income receipts and payments

Other
services,
net

Balance
on
goods
and
services

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

¥68,791
¥96,678
¥96,388
¥101,843
¥107,765
¥166,933
¥262,237
¥378,681
¥358,290
¥435,542

134,159
165,438
211,502
225,846
260,558
259,366
290,536
352,997
283,771
244,640

¥110,255
¥148,744
¥186,880
¥201,743
¥240,371
¥251,751
¥272,398
¥331,215
¥269,389
¥256,502

23,904
16,694
24,622
24,103
20,187
7,615
18,138
21,782
14,382
¥11,862

¥37,637
¥38,260
¥34,057
¥40,081
¥40,794
¥44,509
¥48,757
¥53,442
¥49,463
¥56,023

¥82,523
¥118,244
¥105,823
¥117,821
¥128,372
¥203,827
¥292,856
¥410,341
¥393,371
¥503,427

18,532 ¥87,172
18,345 ¥91,927
17,042 ¥98,326
16,931 ¥101,258

84,083
90,183
88,129
90,603

¥79,260
¥83,994
¥84,055
¥83,909

4,823
6,189
4,074
6,694

¥11,749
¥12,349
¥12,925
¥16,418

¥94,098
¥98,087
¥107,177
¥110,982

¥97,160
¥93,324
¥79,778
¥88,028

83,036
74,846
67,152
58,737

¥81,990
¥68,840
¥66,345
¥52,216

1,046
6,006
807
6,521

¥11,608
¥11,916
¥12,360
¥13,579

¥107,722
¥99,234
¥91,331
¥95,086

12,949 ¥95,629
15,672 ¥109,446
15,202 ¥110,257
15,070 ¥120,213

58,046
60,672
63,475
62,443

¥59,028
¥65,996
¥66,482
¥64,996

¥982
¥5,324
¥3,007
¥2,553

¥15,931
¥12,927
¥13,073
¥14,088

¥112,542
¥127,697
¥126,337
¥136,854

42,562
50,278
51,410
58,757
63,234
64,398
74,202
70,849
73,779
58,896

15,711
15,899
26,934
15,237

3 Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks decreased $11.0 billion in the fourth
quarter of 2002, following a decrease of $53.8 billion in the third quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $54.6 billion in the fourth quarter, compared with an increase
of $18.8 billion in the third quarter.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)]
Financial account

Period

Capital
account
transactions,
net

U.S.-owned assets abroad, net
[increase/financial outflow (¥)]

Total

U.S.
official
reserve
assets 4

Other U.S.
Government
assets

Statistical discrepancy
Foreign-owned assets in the U.S., net
[increase/financial inflow (+)]

U.S.
private
assets

Total

Foreign
official
assets

Other
foreign
assets

Total (sum
of the items
with sign
reversed)

Of which:
Seasonal
adjustment
discrepancy

U.S. official
reserve
assets, net 4
(unadjusted,
end of
period)

1993 ...................................
1994 ...................................
1995 ..................................
1996 ..................................
1997 ..................................
1998 ..................................
1999 ..................................
2000 ..................................
2001 ..................................
2002 p .................................

¥88
¥469
372
693
350
704
¥3,340
837
826
708

¥200,552
¥176,056
¥352,376
¥413,923
¥487,599
¥359,760
¥477,569
¥606,489
¥370,962
¥156,169

¥1,379
5,346
¥9,742
6,668
¥1,010
¥6,783
8,747
¥290
¥4,911
¥3,681

¥351
¥390
¥984
¥989
68
¥422
2,750
¥941
¥486
379

¥198,822
¥181,012
¥341,650
¥419,602
¥486,657
¥352,555
¥489,066
¥605,258
¥365,565
¥152,867

282,040
305,989
438,562
551,096
706,809
423,569
742,479
1,015,986
752,806
630,364

71,753
39,583
109,880
126,724
19,036
¥19,903
43,666
37,640
5,224
96,630

210,287
266,406
328,682
424,372
687,773
443,472
698,813
978,346
747,582
533,734

1,123
¥11,220
19,265
¥20,045
¥91,188
139,314
31,286
7
10,701
28,524

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

73,442
74,335
85,832
75,089
69,954
81,761
71,516
67,647
68,654
79,006

2000: I .............................
II ............................
III ..........................
IV ...........................
2001: I .............................
II ............................
III ..........................
IV ...........................
2002: I r ............................
II r ...........................
III r .........................
IV p .........................

210
206
207
214
208
207
206
205
208
200
156
144

¥228,888
¥110,470
¥93,029
¥174,104
¥215,815
¥80,036
24,978
¥100,088
¥26,184
¥131,345
40,271
¥38,915

¥554
2,020
¥346
¥1,410
190
¥1,343
¥3,559
¥199
390
¥1,843
¥1,416
¥812

¥127
¥570
114
¥358
77
¥783
77
143
133
42
¥27
231

¥228,207
¥111,920
¥92,797
¥172,336
¥216,082
¥77,910
28,460
¥100,032
¥26,707
¥129,544
41,714
¥38,334

240,723
245,787
244,933
284,544
302,510
181,610
17,889
250,797
113,600
204,411
129,320
183,030

22,711
6,563
12,904
¥4,538
4,087
¥20,831
16,882
5,086
7,641
47,252
9,534
32,203

218,012
239,224
232,029
289,082
298,423
202,441
1,007
245,711
105,959
157,159
119,786
150,827

82,053
¥37,436
¥44,934
328
20,819
¥2,547
48,258
¥55,828
24,918
54,431
¥43,410
¥7,405

7,951
¥838
¥10,675
3,566
7,691
875
¥10,286
1,721
10,269
1,504
¥13,991
2,228

70,789
67,955
66,256
67,647
64,222
64,847
70,963
68,654
67,574
74,696
75,860
79,006

4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
Page

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product ..........................................................................................................................................................................................
Real Gross Domestic Product ..................................................................................................................................................................................
Implicit Price Deflators for Gross Domestic Product ..............................................................................................................................................
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ..............................................................................................
Nonfinancial Corporate Business—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

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