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106th Congress, 2nd Session

Economic Indicators
NOVEMBER 2000
(Includes data available as of December 1, 2000)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2000

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
WILLIAM V. ROTH, Jr. (Delaware)
ROBERT F. BENNETT (Utah)
ROD GRAMS (Minnesota)
SAM BROWNBACK (Kansas)
JEFF SESSIONS (Alabama)
CHARLES S. ROBB (Virginia)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)

HOUSE OF REPRESENTATIVES
MARK SANFORD (South Carolina)
JOHN DOOLITTLE (California)
TOM CAMPBELL (California)
JOSEPH R. PITTS (Pennsylvania)
PAUL RYAN (Wisconsin)
PETE STARK (California)
CAROLYN B. MALONEY (New York)
DAVID MINGE (Minnesota)
MELVIN L. WATT (North Carolina)

SHELLEY S. HYMES, Executive Director

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

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

ii

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 2000, according to revised estimates, current-dollar gross domestic product (GDP) rose
4.4 percent (annual rate), real GDP (GDP in chained 1996 dollars) rose 2.4 percent, and the implicit price deflator
rose 1.9 percent.

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

Period

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

1990 ...................... 5,803.2
1991 ...................... 5,986.2
1992 ...................... 6,318.9
1993 ...................... 6,642.3
1994 ...................... 7,054.3
1995 ...................... 7,400.5
1996 ...................... 7,813.2
1997 ...................... 8,318.4
1998 ...................... 8,790.2
1999 ...................... 9,299.2
1997: I ................. 8,124.2
II ................ 8,279.8
III .............. 8,390.9
IV ............... 8,478.6
1998: I ................. 8,634.7
II ................ 8,722.0
III .............. 8,829.1
IV ............... 8,974.9
1999: I ................. 9,104.5
II ................ 9,191.5
III .............. 9,340.9
IV ............... 9,559.7
2000: I ................. 9,752.7
II ............... 9,945.7
III r ............ 10,052.2
1 GDP

3,831.5
3,971.2
4,209.7
4,454.7
4,716.4
4,969.0
5,237.5
5,529.3
5,850.9
6,268.7
5,429.9
5,470.8
5,575.9
5,640.6
5,712.6
5,811.4
5,893.4
5,986.0
6,095.3
6,213.2
6,319.9
6,446.2
6,621.7
6,706.3
6,816.7

861.7
800.2
866.6
955.1
1,097.1
1,143.8
1,242.7
1,390.5
1,549.9
1,650.1
1,324.2
1,397.7
1,405.7
1,434.5
1,532.1
1,523.9
1,553.0
1,590.8
1,609.8
1,607.9
1,659.1
1,723.7
1,755.7
1,852.6
1,872.4

Exports and imports
of goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

¥71.4
¥20.7
¥27.9
¥60.5
¥87.1
¥84.3
¥89.0
¥89.3
¥151.5
¥254.0
¥89.2
¥75.0
¥88.6
¥104.6
¥117.5
¥151.8
¥167.6
¥169.0
¥196.1
¥240.4
¥280.5
¥299.1
¥335.2
¥355.4
¥386.1

557.2
601.6
636.8
658.0
725.1
818.6
874.2
966.4
966.0
990.2
927.8
966.8
988.7
982.4
975.0
962.8
947.8
978.3
957.3
973.0
999.5
1,031.0
1,051.9
1,092.9
1,135.1

Imports

Total
Total

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

628.6
622.3
664.6
718.5
812.1
902.8
963.1
1,055.8
1,117.5
1,244.2
1,017.1
1,041.7
1,077.3
1,087.0
1,092.6
1,114.7
1,115.4
1,147.3
1,153.4
1,213.4
1,280.0
1,330.1
1,387.1
1,448.3
1,521.2

1,181.4
1,235.5
1,270.5
1,293.0
1,327.9
1,372.0
1,421.9
1,487.9
1,540.9
1,634.4
1,459.2
1,486.3
1,498.0
1,508.2
1,507.6
1,538.6
1,550.3
1,567.2
1,595.5
1,610.9
1,642.4
1,688.8
1,710.4
1,742.2
1,749.2

508.4
527.4
534.5
527.3
521.1
521.5
531.6
538.2
540.6
568.6
529.2
543.4
541.3
538.9
528.0
544.9
541.4
548.0
554.1
558.3
570.4
591.6
580.1
604.5
594.4

National
defense
374.9
384.5
378.5
364.9
355.1
350.6
357.0
352.6
349.2
365.0
346.4
355.0
354.7
354.4
338.6
349.3
355.0
353.8
356.5
355.3
367.5
380.8
366.6
381.9
375.1

Nondefense
133.6
142.9
156.0
162.4
165.9
170.9
174.6
185.6
191.4
203.5
182.8
188.4
186.6
184.5
189.3
195.6
186.4
194.2
197.6
203.0
202.8
210.7
213.5
222.6
219.3

State
and
local
673.0
708.1
736.0
765.7
806.8
850.5
890.4
949.7
1,000.3
1,065.8
930.0
942.9
956.6
969.3
979.6
993.7
1,008.9
1,019.2
1,041.4
1,052.6
1,072.1
1,097.3
1,130.4
1,137.7
1,154.9

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

5,788.7 5,874.7 5,832.2
5,986.4 6,006.9 6,010.9
6,303.9 6,346.8 6,342.3
6,621.2 6,702.8 6,666.7
6,991.8 7,141.4 7,071.1
7,367.5 7,484.8 7,420.9
7,783.2 7,902.1 7,831.2
8,255.5 8,407.7 8,325.4
8,713.2 8,941.7 8,786.7
9,255.9 9,553.2 9,288.2
8,075.4 8,213.4 8,131.8
8,192.1 8,354.7 8,291.8
8,341.1 8,479.5 8,397.7
8,413.5 8,583.2 8,480.4
8,522.4 8,752.3 8,640.3
8,663.5 8,873.8 8,725.0
8,758.5 8,996.7 8,814.9
8,908.3 9,143.9 8,966.6
9,055.3 9,300.6 9,097.2
9,177.0 9,432.0 9,181.8
9,304.2 9,621.4 9,327.3
9,486.9 9,858.8 9,546.3
9,722.8 10,087.9 9,745.0
9,873.7 10,301.1 9,937.4
9,984.8 10,438.3 10,040.0

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

1990 ...........
1991 ...........
1992 ...........
1993 ...........
1994 ...........
1995 ...........
1996 ...........
1997 ...........
1998 ...........
1999 ...........
1997: I ......
II .....
III ...
IV ....
1998: I ......
II .....
III ...
IV ....
1999: I ......
II .....
III ...
IV ....
2000: I ......
II ....
III r

Gross
domestic
product

6,707.9
6,676.4
6,880.0
7,062.6
7,347.7
7,543.8
7,813.2
8,159.5
8,515.7
8,875.8
8,016.4
8,131.9
8,216.6
8,272.9
8,404.9
8,465.6
8,537.6
8,654.5
8,730.0
8,783.2
8,905.8
9,084.1
9,191.8
9,318.9
9,373.5

Personal
consumption
expenditures

4,474.5
4,466.6
4,594.5
4,748.9
4,928.1
5,075.6
5,237.5
5,423.9
5,678.7
5,978.8
5,350.7
5,375.7
5,462.1
5,507.1
5,572.4
5,651.6
5,711.0
5,779.8
5,860.2
5,940.2
6,013.8
6,101.0
6,213.5
6,260.6
6,330.5

Gross private
domestic investment

Exports and imports of
goods and services

Nonresidential
fixed
investment

Resi- Change
dential in prifixed
vate
invest- invenment
tories

Net
exports

Exports

641.7
610.1
630.6
683.6
744.6
817.5
899.4
1,009.3
1,140.3
1,255.3
960.8
992.7
1,037.0
1,047.0
1,096.0
1,136.4
1,146.3
1,182.3
1,209.4
1,237.5
1,272.5
1,301.8
1,365.3
1,412.5
1,439.4

253.5
221.1
257.2
276.0
302.7
291.7
313.3
319.7
346.1
368.3
314.7
318.7
320.3
324.9
332.4
342.4
350.9
358.5
365.7
370.9
368.0
368.5
371.4
372.6
362.3

¥56.5
¥15.8
¥19.8
¥59.1
¥86.5
¥78.4
¥89.0
¥113.3
¥221.0
¥322.4
¥94.0
¥100.6
¥119.6
¥139.2
¥175.3
¥219.8
¥244.1
¥244.9
¥279.8
¥314.6
¥342.6
¥352.5
¥376.8
¥403.4
¥425.0

575.7
613.2
651.0
672.7
732.8
808.2
874.2
981.5
1,003.6
1,033.0
940.3
979.2
1,004.2
1,002.1
1,004.5
996.8
988.8
1,024.1
1,003.3
1,017.6
1,042.6
1,068.4
1,084.8
1,121.8
1,162.7

16.5
¥1.0
17.1
20.0
66.8
30.4
30.0
63.8
80.2
45.3
49.3
88.3
51.3
66.1
117.3
60.9
73.1
69.4
48.1
13.1
39.1
80.9
36.6
78.6
73.5

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

632.2
629.0
670.8
731.8
819.4
886.6
963.1
1,094.8
1,224.6
1,355.3
1,034.3
1,079.8
1,123.8
1,141.2
1,179.8
1,216.6
1,232.9
1,269.0
1,283.1
1,332.2
1,385.2
1,420.9
1,461.7
1,525.2
1,587.7

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

1,387.3
1,403.4
1,410.0
1,398.8
1,400.1
1,406.4
1,421.9
1,455.4
1,486.4
1,536.1
1,434.6
1,457.0
1,464.8
1,465.3
1,461.6
1,487.6
1,492.9
1,503.3
1,517.1
1,519.9
1,537.8
1,569.5
1,565.1
1,583.7
1,577.7

National
defense

606.8
604.9
595.1
572.0
551.3
536.5
531.6
529.6
526.9
540.1
521.7
534.8
533.4
528.4
515.9
531.8
527.5
532.4
529.5
532.1
541.0
558.1
537.1
558.8
545.8

443.2
438.4
417.1
394.7
375.9
361.9
357.0
347.7
341.7
348.5
341.6
350.3
350.4
348.5
332.0
342.4
347.2
345.1
342.4
340.3
350.4
360.9
341.5
355.1
346.2

Nondefense

163.0
166.0
177.9
177.3
175.5
174.6
174.6
181.8
185.2
191.5
180.1
184.5
182.9
179.8
183.8
189.3
180.3
187.2
187.0
191.6
190.5
197.1
195.4
203.6
199.4

State
and
local

781.1
798.9
815.3
827.0
848.9
869.9
890.4
925.8
959.2
995.6
912.8
922.2
931.4
936.8
945.5
955.7
965.1
970.7
987.2
987.5
996.4
1,011.2
1,027.4
1,024.6
1,031.4

Final
sales of
domestic
product

6,695.6
6,681.5
6,867.7
7,043.8
7,285.8
7,512.2
7,783.2
8,095.2
8,435.2
8,826.9
7,966.4
8,043.2
8,164.9
8,206.3
8,289.4
8,402.7
8,463.4
8,585.0
8,680.3
8,764.9
8,861.8
9,000.5
9,148.0
9,235.3
9,294.1

Gross
domestic
purchases 1

6,764.9
6,688.4
6,896.4
7,120.6
7,434.2
7,621.8
7,902.1
8,271.7
8,727.9
9,179.1
8,110.6
8,232.3
8,334.5
8,409.4
8,575.2
8,676.8
8,771.4
8,888.2
8,996.2
9,079.6
9,226.7
9,414.1
9,543.6
9,694.3
9,767.7

Addendum:
Gross
national
product

6,740.0
6,703.4
6,905.8
7,087.8
7,364.3
7,564.0
7,831.2
8,168.1
8,515.1
8,868.3
8,025.1
8,145.6
8,225.1
8,276.9
8,412.9
8,471.4
8,526.7
8,649.3
8,726.0
8,776.7
8,895.4
9,075.0
9,187.7
9,313.7
9,364.5

Source: Department of Commerce, Bureau of Economic Analysis.

IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 1996=100; quarterly data are seasonally adjusted]

Personal consumption
expenditures
Period

1990 ..................
1991 ..................
1992 ..................
1993 ..................
1994 ..................
1995 ..................
1996 ..................
1997 ..................
1998 ..................
1999 ..................
1997: I .............
II ............
III ..........
IV ...........
1998: I .............
II ............
III ..........
IV ...........
1999: I .............
II ............
III ..........
IV ...........
2000: I .............
II ...........
III r ........

Gross
domestic
product

86.51
89.66
91.84
94.05
96.01
98.10
100.00
101.95
103.22
104.77
101.34
101.82
102.12
102.49
102.74
103.03
103.41
103.70
104.29
104.65
104.89
105.24
106.10
106.73
107.24

Total

85.63
88.91
91.62
93.81
95.70
97.90
100.00
101.94
103.03
104.85
101.48
101.77
102.08
102.42
102.52
102.83
103.19
103.57
104.01
104.59
105.09
105.66
106.57
107.12
107.68

Durable
goods

Nondurable goods

Services

96.00
97.39
98.28
99.06
100.56
101.06
100.00
97.75
95.41
93.09
99.00
98.10
97.29
96.68
96.28
95.82
95.30
94.36
93.77
93.31
92.87
92.46
91.99
91.84
91.32

90.98
93.76
95.20
96.14
96.83
97.93
100.00
101.34
101.35
103.71
101.32
101.18
101.31
101.53
101.19
101.10
101.40
101.71
102.17
103.42
104.14
105.07
106.46
107.33
107.91

80.95
84.82
88.50
91.56
94.16
97.25
100.00
103.12
105.50
107.99
102.07
102.83
103.47
104.08
104.50
105.19
105.79
106.50
107.17
107.65
108.26
108.87
109.88
110.43
111.25

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

98.23
99.80
99.29
99.81
100.54
100.93
100.00
99.02
97.13
95.84
99.46
99.16
98.94
98.55
97.91
97.31
96.88
96.48
96.35
96.00
95.62
95.42
95.84
96.23
96.74

85.54
86.64
87.69
91.23
94.48
97.91
100.00
102.68
105.59
109.64
101.66
102.22
102.95
103.87
104.28
105.02
105.98
106.95
108.10
109.28
110.22
110.94
112.36
113.08
113.83

Exports

Imports
Total

96.79
98.10
97.82
97.82
98.94
101.28
100.00
98.47
96.26
95.86
98.67
98.73
98.46
98.04
97.06
96.59
95.85
95.52
95.41
95.61
95.87
96.50
96.97
97.42
97.63

99.43
98.93
99.09
98.18
99.12
101.83
100.00
96.44
91.25
91.80
98.33
96.47
95.87
95.24
92.61
91.62
90.47
90.41
89.89
91.08
92.41
93.61
94.90
94.95
95.81

83.79
87.18
89.82
92.18
94.51
97.21
100.00
101.63
102.60
105.27
101.42
101.61
101.50
101.99
102.35
102.47
102.63
102.94
104.66
104.93
105.43
106.00
108.00
108.17
108.90

National
defense

Nondefense

State
and
local

84.57
87.70
90.75
92.45
94.49
96.88
100.00
101.41
102.20
104.75
101.39
101.33
101.24
101.70
102.01
102.01
102.24
102.51
104.12
104.39
104.90
105.51
107.34
107.55
108.33

81.95
86.07
87.71
91.58
94.55
97.90
100.00
102.06
103.37
106.27
101.50
102.15
102.01
102.57
103.01
103.35
103.37
103.76
105.68
105.96
106.44
106.94
109.24
109.34
110.00

86.16
88.64
90.28
92.59
95.04
97.77
100.00
102.58
104.28
107.05
101.89
102.25
102.71
103.46
103.60
103.97
104.54
105.00
105.48
106.60
107.59
108.51
110.02
111.04
111.97

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

Index numbers, 1996=100
Period

1990 .............................................................
1991 .............................................................
1992 .............................................................
1993 .............................................................
1994 .............................................................
1995 .............................................................
1996 .............................................................
1997 ..............................................................
1998 ..............................................................
1999 ..............................................................
1995: I .........................................................
II .......................................................
III ......................................................
IV ......................................................
1996: I .........................................................
II .......................................................
III ......................................................
IV ......................................................
1997: I .........................................................
II .......................................................
III ......................................................
IV ......................................................
1998: I .........................................................
II .......................................................
III ......................................................
IV ......................................................
1999: I .........................................................
II .......................................................
III ......................................................
IV ......................................................
2000: I .........................................................
II .......................................................
III r ....................................................
1 Percent

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

74.28
76.62
80.88
85.01
90.29
94.72
100.00
106.47
112.50
119.02
93.40
93.98
95.13
96.37
97.65
99.61
100.59
102.15
103.98
105.97
107.39
108.52
110.52
111.63
113.00
114.87
116.53
117.64
119.55
122.35
124.82
127.29
128.66

GDP
chain-type
price index

85.85
85.45
88.06
90.39
94.04
96.55
100.00
104.43
108.99
113.60
95.85
96.03
96.78
97.55
98.25
99.87
100.37
101.51
102.60
104.08
105.16
105.88
107.57
108.35
109.27
110.77
111.73
112.42
113.98
116.27
117.65
119.27
119.97

86.53
89.66
91.85
94.05
96.01
98.10
100.00
101.95
103.23
104.77
97.45
97.86
98.31
98.79
99.40
99.74
100.23
100.63
101.36
101.82
102.12
102.49
102.75
103.04
103.42
103.69
104.25
104.63
104.90
105.31
106.17
106.80
107.31

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

GDP
implicit
price
deflator

GDP
(current
dollars)

86.51
89.66
91.84
94.05
96.01
98.10
100.00
101.95
103.22
104.77
97.45
97.86
98.30
98.78
99.39
99.74
100.22
100.63
101.34
101.82
102.12
102.49
102.74
103.03
103.41
103.70
104.29
104.65
104.89
105.24
106.10
106.73
107.24

5.7
3.2
5.6
5.1
6.2
4.9
5.6
6.5
5.7
5.8
4.5
2.5
5.0
5.3
5.4
8.3
4.0
6.4
7.3
7.9
5.5
4.2
7.6
4.1
5.0
6.8
5.9
3.9
6.7
9.7
8.3
8.2
4.4

Real GDP
(chain-type
quantity
index)

GDP
chain-type
price
index

1.8
¥.5
3.0
2.7
4.0
2.7
3.6
4.4
4.4
4.2
1.5
.8
3.1
3.2
2.9
6.8
2.0
4.6
4.4
5.9
4.2
2.8
6.5
2.9
3.4
5.6
3.5
2.5
5.7
8.3
4.8
5.6
2.4

GDP
implicit
price
deflator

3.9
3.6
2.4
2.4
2.1
2.2
1.9
1.9
1.3
1.5
3.0
1.7
1.8
2.0
2.5
1.4
2.0
1.6
2.9
1.9
1.2
1.4
1.0
1.1
1.5
1.1
2.2
1.4
1.1
1.6
3.3
2.4
1.9

3.9
3.6
2.4
2.4
2.1
2.2
1.9
1.9
1.3
1.5
3.0
1.7
1.8
2.0
2.5
1.4
1.9
1.7
2.9
1.9
1.2
1.4
1.0
1.1
1.5
1.1
2.3
1.4
.9
1.3
3.3
2.4
1.9

Source: Department of Commerce, Bureau of Economic Analysis.

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

1991 ........................................................
1992 ........................................................
1993 ........................................................
1994 ........................................................
1995 ........................................................
1996 ........................................................
1997 r .......................................................
1998 r .......................................................
1999 r .......................................................
1997: I r ..................................................
II r ................................................
III r ...............................................
IV r ...............................................
1998: I r ..................................................
II r ................................................
III r ...............................................
IV r ...............................................
1999: I r ..................................................
II r ................................................
III r ...............................................
IV r ...............................................
2000: I r ..................................................
II r ................................................
III p ..............................................
1 The

3,150.6
3,288.0
3,457.6
3,737.2
3,945.9
4,159.5
4,435.1
4,728.1
5,048.8
4,319.1
4,389.6
4,479.0
4,552.6
4,619.1
4,681.7
4,773.0
4,838.5
4,923.1
4,999.7
5,080.6
5,191.9
5,300.3
5,414.0
5,485.5

3,381.9
3,468.4
3,573.8
3,801.5
3,960.1
4,159.5
4,404.2
4,679.9
4,957.1
4,295.3
4,358.7
4,447.3
4,515.7
4,580.9
4,640.0
4,718.0
4,780.7
4,843.5
4,904.4
4,987.0
5,093.6
5,171.0
5,251.2
5,312.4

Compensation of employees
(unit labor
cost)

0.932
.948
.967
.983
.996
1.000
1.007
1.010
1.019
1.006
1.007
1.007
1.008
1.008
1.009
1.012
1.012
1.016
1.019
1.019
1.019
1.025
1.031
1.033

0.617
.633
.641
.639
.645
.641
.644
.653
.659
.645
.644
.641
.646
.650
.652
.653
.655
.657
.660
.661
.658
.658
.659
.661

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

2 Indirect
3 Unit

Chained
(1996)
dollars

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

Corporate profits with inventory
valuation and capital consumption
adjustments 3

Unit nonlabor cost

Total

0.240
.236
.236
.238
.239
.236
.237
.239
.241
.237
.238
.237
.237
.236
.238
.237
.239
.238
.240
.242
.243
.245
.247
.248

Consumption of
fixed
capital

Indirect
business
tax, etc.2

Net interest

0.105
.107
.108
.109
.110
.111
.112
.113
.115
.112
.112
.112
.112
.112
.112
.113
.113
.114
.115
.116
.115
.116
.117
.118

0.093
.096
.098
.101
.100
.099
.098
.098
.097
.098
.099
.098
.097
.097
.098
.096
.099
.097
.097
.097
.098
.099
.099
.098

0.042
.033
.030
.028
.029
.026
.027
.028
.029
.027
.027
.027
.028
.027
.028
.028
.027
.027
.028
.029
.030
.030
.031
.032

Total

0.075
.080
.091
.106
.112
.122
.126
.120
.119
.124
.125
.129
.126
.121
.119
.122
.117
.121
.119
.116
.118
.122
.126
.124

Profits
tax
liability

0.025
.026
.029
.034
.035
.036
.036
.034
.034
.035
.035
.037
.036
.034
.034
.035
.033
.033
.034
.034
.034
.036
.037
.036

Profits
after
tax 4

0.049
.054
.062
.072
.077
.086
.090
.086
.085
.089
.090
.092
.090
.087
.084
.087
.084
.088
.085
.083
.084
.086
.089
.088

4 With inventory valuation and capital consumption adjustments.
Note.—Revised data for real gross product of nonfinancial corporate business for 1997
through 2000 were released November 29, 2000. The revisions reflect new and revised estimates
of the industry-based price index used for deflation.
Source: Department of Commerce, Bureau of Economic Analysis.

3

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

National
income

Period

1991
1992
1993
1994
1995
1996
1997
1998
1999
1997:

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

Compensation
of
employees1

4,756.6
4,994.9
5,251.9
5,556.8
5,876.7
6,210.4
6,618.4
7,038.1
7,469.7
6,454.8
6,555.8
6,676.4
6,786.7
6,889.3
6,986.7
7,093.0
7,183.2
7,312.7
7,392.3
7,493.1
7,680.7
7,833.5
7,983.2
8,091.9

Proprietors’ income
with inventory valuation and capital consumption adjustments

Farm

3,454.9
3,644.8
3,814.4
4,016.2
4,202.5
4,395.6
4,651.3
4,984.2
5,299.8
4,553.7
4,607.8
4,675.8
4,767.9
4,867.5
4,943.1
5,023.4
5,102.7
5,181.6
5,255.4
5,340.9
5,421.1
5,512.2
5,603.5
5,678.4

Rental
income
of
persons
with
capital
consumption
adjustment

Nonfarm

26.4
32.7
30.1
31.9
22.2
34.3
29.7
25.4
25.3
30.6
29.6
29.8
28.9
25.3
23.3
21.2
32.0
25.0
29.0
15.5
31.7
19.1
21.5
31.7

357.8
401.7
431.7
444.6
475.5
510.5
551.5
595.2
638.2
539.4
546.4
556.2
563.8
580.9
590.0
598.4
611.7
619.1
631.4
644.2
657.9
674.8
688.1
693.3

56.4
63.3
90.9
110.3
117.9
129.7
128.3
135.4
143.4
130.4
128.9
127.4
126.7
126.7
132.8
138.8
143.5
144.9
145.7
136.6
146.2
145.6
140.8
138.6

employer contributions for social insurance. (See also p. 5.)

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

431.2
453.1
510.5
573.2
668.8
754.0
833.8
815.0
856.0
798.5
825.6
858.3
852.7
824.5
814.0
818.0
803.4
852.0
836.8
842.0
893.2
936.3
963.6
971.2

Profits
before tax

Inventory
valuation
adjustment

416.1
451.6
510.4
573.4
668.5
726.3
792.4
758.2
823.0
757.7
781.2
819.0
811.6
763.5
766.7
760.1
742.3
797.6
804.5
819.0
870.7
920.7
942.5
946.0

4.9
¥2.8
¥4.0
¥12.4
¥18.3
3.1
8.4
17.0
¥9.1
10.4
12.1
5.6
5.7
22.6
7.7
17.7
19.9
11.4
¥8.9
¥19.7
¥19.2
¥25.0
¥13.6
¥4.7

421.1
448.8
506.4
561.0
650.2
729.4
800.8
775.1
813.9
768.1
793.3
824.7
817.3
786.2
774.4
777.8
762.2
809.1
795.6
799.3
851.5
895.7
928.8
941.3

Capital
consumption
adjustment

Net
interest

10.2
4.3
4.1
12.2
18.6
24.6
32.9
39.9
42.1
30.4
32.3
33.6
35.4
38.4
39.6
40.2
41.2
42.9
41.2
42.7
41.6
40.6
34.7
29.9

429.8
399.5
374.3
380.5
389.8
386.3
423.9
482.7
507.1
402.2
417.5
429.0
446.8
464.4
483.5
493.3
489.8
490.1
494.1
513.8
530.6
545.4
565.9
578.7

Source: Department of Commerce, Bureau of Economic Analysis.

REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (1996) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods

Period

1991
1992
1993
1994
1995
1996
1997
1998
1999
1997:

.................
.................
.................
.................
.................
.................
.................
.................
.................
I ............
II ...........
III .........
IV ..........
1998: I ............
II ...........
III .........
IV ..........
1999: I ............
II ...........
III .........
IV ..........
2000: I ............
II ...........
III r ........

Total
personal
consumption
expenditures

4,466.6
4,594.5
4,748.9
4,928.1
5,075.6
5,237.5
5,423.9
5,678.7
5,978.8
5,350.7
5,375.7
5,462.1
5,507.1
5,572.4
5,651.6
5,711.0
5,779.8
5,860.2
5,940.2
6,013.8
6,101.0
6,213.5
6,260.6
6,330.5

Total
durable
goods

454.9
479.0
518.3
557.7
583.5
616.5
657.3
727.3
817.8
641.5
636.5
670.5
680.9
696.4
719.4
726.7
766.7
782.7
810.5
826.2
851.8
898.2
886.7
904.1

Motor
vehicles
and
parts

211.8
225.7
242.2
255.1
253.4
256.3
264.8
291.7
323.0
262.9
250.8
271.8
273.7
278.3
292.6
284.9
311.1
311.0
325.3
324.9
330.9
351.8
335.9
342.3

Furniture
and
household
equipment

152.7
161.5
177.4
196.3
215.4
236.9
261.9
294.4
338.7
250.5
257.6
266.5
273.2
281.9
286.9
299.1
309.9
320.9
331.7
343.9
358.2
374.1
379.3
387.6

Nondurable goods

Other

92.6
94.1
100.7
107.6
115.0
123.3
130.8
141.5
157.3
128.1
128.5
132.3
134.3
136.6
140.0
143.6
146.0
151.5
154.1
158.9
164.9
174.0
175.0
177.9

Total
nondurable
goods

1,364.0
1,389.7
1,430.3
1,485.1
1,529.0
1,574.1
1,619.9
1,684.8
1,779.4
1,605.6
1,608.2
1,631.7
1,634.1
1,652.8
1,676.3
1,694.2
1,716.0
1,748.5
1,765.0
1,786.1
1,818.1
1,844.8
1,861.1
1,883.1

Food

721.4
725.6
745.1
764.9
777.0
786.0
794.5
812.8
845.9
794.0
792.8
797.8
793.2
798.3
809.2
816.8
827.0
832.7
838.0
846.7
866.0
872.2
876.5
879.2

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

4

Clothing
and shoes

197.8
208.8
218.5
231.6
244.3
258.6
271.6
292.2
318.5
267.1
265.2
275.0
279.1
287.0
291.3
292.0
298.7
313.3
316.5
322.1
322.1
337.7
342.3
350.4

Gasoline
and
oil

109.4
112.5
115.4
117.4
120.2
124.2
128.1
131.2
134.2
126.6
128.3
128.7
128.9
129.4
130.7
132.2
132.2
132.5
134.3
133.6
136.2
131.2
132.2
133.5

Services

Fuel
oil
and
coal

12.9
13.2
14.0
15.0
15.7
15.6
15.0
14.0
15.5
14.2
15.2
15.4
15.1
13.6
14.1
14.3
14.0
15.0
15.7
16.0
15.3
14.7
15.3
15.7

Other

325.1
331.2
338.5
356.8
372.0
389.8
410.8
434.9
466.0
403.7
406.7
414.8
418.1
424.9
431.3
439.2
444.2
455.6
461.3
468.5
478.7
490.6
496.5
506.5

Total
services 1

2,651.8
2,729.7
2,802.5
2,886.2
2,963.4
3,047.0
3,147.0
3,269.4
3,390.8
3,103.7
3,130.6
3,160.6
3,193.0
3,224.5
3,258.2
3,292.4
3,302.8
3,335.8
3,373.4
3,411.1
3,443.0
3,487.2
3,526.7
3,558.7

Housing

Medical
care

709.8
719.3
728.1
749.1
763.7
772.6
787.2
807.7
828.3
781.1
784.7
789.1
793.9
800.0
806.1
810.3
814.4
820.4
825.7
830.7
836.5
841.4
847.0
851.8

734.4
765.4
775.4
783.1
797.7
814.4
835.4
859.8
881.7
825.9
832.5
839.3
844.0
855.2
857.7
861.5
864.8
870.5
878.1
885.6
892.8
897.4
903.8
909.8

Source: Department of Commerce, Bureau of Economic Analysis.

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

12.3
12.8
13.9
15.0
14.7
15.0
15.1
15.4
16.8
15.3
14.6
15.2
15.2
14.9
16.0
14.6
16.2
16.2
16.8
17.1
17.0
18.2
17.2
17.4

SOURCES OF PERSONAL INCOME
Personal income fell $16.5 billion (annual rate) in October, following an increase of $91.2 billion in September.
Wages and salaries increased $32.9 billion in October, following an increase of $27.3 billion in September. Personal
income in September had been boosted by increases in subsidy payments to farm proprietors and to owners
of leased farmland, which affected farm proprietors’ income and rental income of persons. Excluding these payments,
personal income increased $40.7 billion in October and $30.6 billion in September.

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

Period

1991
1992
1993
1994
1995
1996
1997
1998
1999

Total
personal
income

Wage and
salary
disbursements 1

Proprietors’ income 3
Other labor
income 1 2

Farm

Nonfarm

Rental
income
of
persons 4

Personal
dividend
income

Personal
interest
income

Transfer
payments 5

Less: Personal contributions
for social
insurance

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

5,085.4
5,390.4
5,610.0
5,888.0
6,200.9
6,547.4
6,937.0
7,391.0
7,789.6

2,824.2
2,982.6
3,085.2
3,236.7
3,424.7
3,626.5
3,888.9
4,190.7
4,470.0

415.6
449.5
482.8
507.5
497.0
490.0
475.4
485.5
501.0

26.4
32.7
30.1
31.9
22.2
34.3
29.7
25.4
25.3

357.8
401.7
431.7
444.6
475.5
510.5
551.5
595.2
638.2

56.4
63.3
90.9
110.3
117.9
129.7
128.3
135.4
143.4

178.3
185.3
203.0
234.7
254.0
297.4
334.9
351.1
370.3

771.8
750.1
725.5
742.4
792.5
810.6
864.0
940.8
963.7

669.9
751.7
798.6
833.9
885.9
928.8
962.2
983.0
1,016.2

215.1
226.6
237.8
254.1
268.8
280.4
297.9
316.2
338.5

1999: Oct .......................................................
Nov ......................................................
Dec .......................................................

7,945.7
7,977.0
7,994.3

4,559.6
4,572.6
4,602.7

505.8
507.4
509.0

39.7
39.6
15.8

649.2
659.1
665.5

146.5
148.0
144.1

378.0
380.2
382.4

984.4
989.5
993.1

1,027.0
1,026.0
1,029.2

344.6
345.5
347.5

2000: Jan .......................................................
Feb .......................................................
Mar ......................................................
Apr .......................................................
May ......................................................
June .....................................................
July r .....................................................
Aug r .....................................................
Sept r ....................................................
Oct p ......................................................

8,056.4
8,099.6
8,161.6
8,209.3
8,237.6
8,279.5
8,301.6
8,330.2
8,421.4
8,404.9

4,637.4
4,657.8
4,685.9
4,726.9
4,730.0
4,763.5
4,788.8
4,797.6
4,824.9
4,857.8

511.8
514.1
516.2
518.4
520.5
522.5
525.1
527.6
530.0
532.1

17.3
18.4
21.7
23.1
17.5
23.7
17.5
14.7
62.9
16.0

667.9
671.7
684.9
683.9
687.1
693.2
688.6
698.1
693.2
693.7

144.4
145.3
147.0
144.3
140.0
138.1
136.2
134.9
144.6
134.8

384.7
387.0
388.9
390.6
392.4
394.8
397.2
399.6
402.2
404.7

1,002.1
1,011.4
1,021.2
1,026.1
1,030.9
1,036.8
1,041.5
1,045.6
1,049.0
1,052.3

1,042.5
1,047.3
1,050.9
1,053.8
1,077.3
1,067.3
1,068.7
1,074.8
1,079.0
1,080.1

351.8
353.2
355.2
357.9
358.2
360.4
362.1
362.6
364.5
366.6

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.
capital consumption adjustment.
mainly of social insurance benefits, direct relief, and veterans payments.
Source: Department of Commerce, Bureau of Economic Analysis.
4 With

5 Consists

5

DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (1996) dollars rose at an annual
rate of 1.4 percent in the third quarter of 2000.

Period

Personal
income

Less:
Personal
tax and
nontax
payments

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(1996)
dollars

Per capita
disposable personal
income
Current
dollars

Billions of dollars
1991
1992
1993
1994
1995
1996
1997
1998
1999

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

5,085.4
5,390.4
5,610.0
5,888.0
6,200.9
6,547.4
6,937.0
7,391.0
7,789.6

610.5
635.8
674.6
722.6
778.3
869.7
968.8
1,070.9
1,152.0

4,474.8
4,754.6
4,935.3
5,165.4
5,422.6
5,677.7
5,968.2
6,320.0
6,637.7

Chained
(1996)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(1996)
dollars

Dollars

4,103.2
4,340.9
4,584.5
4,849.9
5,120.2
5,405.6
5,715.3
6,054.7
6,490.1

371.7
413.7
350.8
315.5
302.4
272.1
252.9
265.4
147.6

5,033.0
5,189.3
5,261.3
5,397.2
5,539.1
5,677.7
5,854.5
6,134.1
6,331.0

17,710
18,616
19,121
19,820
20,613
21,385
22,262
23,359
24,314

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

19,919
20,318
20,384
20,709
21,055
21,385
21,838
22,672
23,191

15,717
16,482
17,259
18,097
18,888
19,727
20,625
21,625
22,962

17,677
17,989
18,399
18,910
19,294
19,727
20,232
20,989
21,901

¥0.7
2.0
.3
1.6
1.7
1.6
2.1
3.8
2.3

8.3
8.7
7.1
6.1
5.6
4.8
4.2
4.2
2.2

252,677
255,403
258,107
260,616
263,073
265,504
268,087
270,560
272,996

21,609
21,744
21,895
22,102
22,412
22,615
22,756
22,903
23,022
23,133
23,203
23,404
23,472
23,639
23,720

20,329
20,435
20,772
20,961
21,188
21,509
21,756
22,044
22,403
22,791
23,123
23,528
24,122
24,381
24,722

20,032
20,080
20,348
20,465
20,667
20,917
21,083
21,285
21,539
21,789
22,003
22,268
22,635
22,761
22,958

2.0
2.5
2.8
3.8
5.7
3.7
2.5
2.6
2.1
1.9
1.2
3.5
1.2
2.9
1.4

4.2
4.6
3.9
4.2
4.6
4.3
4.1
3.8
3.1
2.5
1.8
1.5
.2
.3
¥.2

267,105
267,713
268,433
269,096
269,623
270,188
270,882
271,548
272,070
272,619
273,315
273,980
274,508
275,059
275,735

Seasonally adjusted annual rates
1997: I .............
II ...........
III ..........
IV ..........
1998: I .............
II ...........
III ..........
IV ..........
1999: I .............
II ...........
III ..........
IV ..........
2000: I .............
II ...........
III r ........

6,792.4
6,879.1
6,978.6
7,097.9
7,230.7
7,339.5
7,445.1
7,548.6
7,628.1
7,729.7
7,828.5
7,972.3
8,105.8
8,242.1
8,351.0

935.1
954.9
978.9
1,006.3
1,035.8
1,056.4
1,084.0
1,107.5
1,113.2
1,133.4
1,164.0
1,197.3
1,239.3
1,277.2
1,308.1

5,857.3
5,924.2
5,999.7
6,091.6
6,194.9
6,283.1
6,361.1
6,441.1
6,514.9
6,596.3
6,664.5
6,775.0
6,866.5
6,964.9
7,042.9

5,609.2 248.1
5,654.1 270.1
5,763.7 236.0
5,834.3 257.3
5,909.2 285.6
6,012.9 270.2
6,099.5 261.6
6,197.1 244.0
6,310.3 204.6
6,432.8 163.6
6,543.3 121.1
6,674.1 101.0
6,855.6
11.0
6,944.3
20.6
7,060.2 ¥17.2

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

6

5,771.8
5,821.2
5,877.3
5,947.5
6,042.8
6,110.3
6,164.1
6,219.2
6,263.7
6,306.6
6,341.7
6,412.2
6,443.1
6,502.0
6,540.6

21,929
22,129
22,351
22,637
22,976
23,254
23,483
23,720
23,946
24,196
24,384
24,728
25,014
25,322
25,542

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

FARM INCOME
In the second quarter of 2000, according to current estimates, gross farm income rose $6.3 billion (annual rate)
and net farm income rose $0.6 billion.

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

Cash marketing receipts
Total 1
Total

1991 ........................................................
1992 ........................................................
1993 ........................................................
1994 ........................................................
1995 ........................................................
1996 ........................................................
1997 ........................................................
1998 .........................................................
1999 ........................................................
1998: I ...................................................
II ..................................................
III ................................................
IV .................................................
1999: I ...................................................
II ..................................................
III ................................................
IV .................................................
2000: I ...................................................
II p ................................................

191.9
200.4
204.7
215.9
210.7
235.7
238.4
233.2
235.5
232.4
227.9
237.4
235.2
229.7
229.8
229.4
253.1
237.4
243.7

167.9
171.3
177.9
181.1
188.0
199.1
207.6
196.6
188.6
200.3
202.6
197.4
185.9
188.7
191.5
194.4
179.9
192.7
202.1

1 Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year.

Livestock and
products

85.8
85.7
90.4
88.2
87.1
92.8
96.5
94.1
95.5
91.6
90.9
97.6
96.4
94.7
93.8
97.2
96.1
98.7
102.9

Crops

82.1
85.6
87.5
92.9
100.8
106.3
111.1
102.5
93.1
108.7
111.7
99.8
89.6
94.0
97.7
97.1
83.8
94.0
99.2

Value of
inventory
changes 2

¥0.2
4.2
¥4.2
8.3
¥5.0
8.0
.7
¥.7
¥.9
¥.9
¥.9
¥.6
¥.5
¥1.1
¥1.1
¥.8
¥.6
.4
.4

Production
expenses

153.4
152.8
160.4
167.1
173.8
180.8
189.8
188.6
192.1
195.5
195.1
186.7
177.1
198.7
198.7
190.8
180.3
203.2
208.9

Net farm
income

38.5
47.7
44.3
48.8
36.9
54.9
48.6
44.6
43.4
36.9
32.7
50.7
58.1
31.0
31.2
38.6
72.9
34.2
34.8

NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1992 and 1993 in chart do not reflect previous revisions to annual
data in table.
Data for 1999 and 2000 are forecasts.
Source: Department of Agriculture.

7

CORPORATE PROFITS
In the third quarter of 2000, according to preliminary estimates, corporate profits before tax rose $3.5 billion (annual
rate) and profits after tax rose $3.7 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

1990 ..............
1991 ..............
1992 ..............
1993 ..............
1994 ..............
1995 ..............
1996 ..............
1997 ..............
1998 ..............
1999 ..............
1997: I .........
II .......
III ......
IV ......

388.6
421.1
448.8
506.4
561.0
650.2
729.4
800.8
775.1
813.9
768.1
793.3
824.7
817.3

315.9
346.7
380.1
429.6
483.7
558.2
628.6
690.2
671.6
702.5
663.7
678.5
710.2
708.2

91.6
120.2
124.8
127.9
114.7
154.3
165.3
185.7
164.8
172.0
179.4
184.9
187.6
190.7

224.3
226.5
255.2
301.7
369.0
403.8
463.3
504.5
506.8
530.4
484.3
493.6
522.6
517.5

109.2
93.5
93.9
108.4
139.6
166.1
181.2
195.2
177.4
181.6
182.6
192.7
207.9
197.5

44.4
53.2
58.5
69.6
82.9
85.8
91.4
85.0
83.9
88.4
84.6
86.6
83.8
84.9

19.1
22.0
25.9
28.2
33.1
29.4
42.6
49.2
56.4
56.7
48.1
47.5
51.9
49.5

21.0
27.7
33.7
39.7
46.6
44.1
52.9
63.9
76.6
81.5
62.3
59.9
65.7
67.9

401.5
416.1
451.6
510.4
573.4
668.5
726.3
792.4
758.2
823.0
757.7
781.2
819.0
811.6

140.6
133.6
143.1
165.4
186.7
211.0
223.6
237.2
244.6
255.9
227.0
231.8
245.2
244.8

260.9
282.6
308.4
345.0
386.7
457.5
502.7
555.2
513.6
567.1
530.7
549.4
573.8
566.9

165.6
178.4
185.5
203.1
234.9
254.2
297.7
335.2
351.5
370.7
321.4
331.8
340.6
347.1

95.3
104.1
122.9
141.9
151.8
203.3
205.0
220.0
162.1
196.4
209.3
217.5
233.2
219.8

¥12.9
4.9
¥2.8
¥4.0
¥12.4
¥18.3
3.1
8.4
17.0
¥9.1
10.4
12.1
5.6
5.7

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

786.2
774.4
777.8
762.2

676.3
665.9
684.3
660.2

173.7
168.0
161.1
156.5

502.6
497.9
523.2
503.7

177.1
175.1
184.5
172.8

85.7
82.5
87.6
80.0

53.2
57.5
60.5
54.3

73.7
75.5
77.0
80.0

763.5
766.7
760.1
742.3

244.1
245.9
249.0
239.4

519.4
520.9
511.1
502.9

348.8
349.8
351.4
356.1

170.6
171.1
159.7
146.9

22.6
7.7
17.7
19.9

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

809.1
795.6
799.3
851.5
895.7
928.8
941.3

701.8
689.6
687.4
731.0
766.8
794.5
801.9

173.2
160.5
167.2
187.3
191.9
188.1
194.0

528.6
529.2
520.2
543.8
574.9
606.5
607.9

188.8
184.8
179.8
173.0
193.7
201.8
................

83.8
79.7
88.6
101.4
101.9
103.9
................

55.2
58.0
54.3
59.2
61.2
69.7
..............

84.0
84.8
75.4
81.9
90.2
92.4
..............

797.6
804.5
819.0
870.7
920.7
942.5
946.0

247.8
250.8
254.2
270.8
286.3
292.0
291.9

549.9
553.7
564.8
599.9
634.4
650.4
654.1

361.1
367.2
373.9
380.6
387.3
393.0
400.1

188.7
186.5
190.9
219.3
247.1
257.4
254.0

11.4
¥8.9
¥19.7
¥19.2
¥25.0
¥13.6
¥4.7

1 See

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

2 Includes
3 Includes

8

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

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the third quarter of 2000, according to revised estimates, nonresidential fixed investment in chained (1996)
dollars rose $26.9 billion (annual rate) and residential investment fell $10.3 billion. There was an increase of $73.5
billion in inventories following an increase of $78.6 billion in the second quarter.

[Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

Gross
private
domestic
investment

Change in private
inventories

Nonresidential
Total
Total

Equipment
and software

Residential

Structures

Total

Nonfarm

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

907.3
829.5
899.8
977.9
1,107.0
1,140.6
1,242.7
1,393.3
1,566.8
1,669.7

894.6
832.5
886.5
958.4
1,045.9
1,109.2
1,212.7
1,328.6
1,485.3
1,621.4

641.7
610.1
630.6
683.6
744.6
817.5
899.4
1,009.3
1,140.3
1,255.3

236.1
210.1
197.3
198.9
200.5
210.1
225.0
245.4
263.0
259.2

415.7
407.2
437.5
487.1
544.9
607.6
674.4
764.2
879.0
1,003.1

253.5
221.1
257.2
276.0
302.7
291.7
313.3
319.7
346.1
368.3

16.5
¥1.0
17.1
20.0
66.8
30.4
30.0
63.8
80.2
45.3

13.8
1.4
10.7
28.6
53.6
42.6
22.1
60.6
78.7
44.9

1997: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

1,325.4
1,400.6
1,408.6
1,438.5

1,275.4
1,311.1
1,356.7
1,371.3

960.8
992.7
1,037.0
1,047.0

241.1
239.3
248.5
252.7

719.6
753.7
788.9
794.5

314.7
318.7
320.3
324.9

49.3
88.3
51.3
66.1

50.4
88.3
42.4
61.3

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

1,545.1
1,540.8
1,571.4
1,609.9

1,427.4
1,477.6
1,496.4
1,539.7

1,096.0
1,136.4
1,146.3
1,182.3

257.5
266.2
263.0
265.1

839.4
871.3
885.2
920.0

332.4
342.4
350.9
358.5

117.3
60.9
73.1
69.4

109.7
62.5
79.2
63.5

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

1,623.2
1,623.1
1,680.8
1,751.6

1,574.0
1,607.1
1,637.8
1,666.6

1,209.4
1,237.5
1,272.5
1,301.8

262.9
258.7
254.6
260.6

950.9
985.0
1,026.6
1,050.1

365.7
370.9
368.0
368.5

48.1
13.1
39.1
80.9

49.2
14.1
43.5
73.0

2000: I ............................................................................
II ...........................................................................
III r ........................................................................

1,773.6
1,863.0
1,872.8

1,730.9
1,777.6
1,791.9

1,365.3
1,412.5
1,439.4

274.0
277.0
286.8

1,100.4
1,146.6
1,162.7

371.4
372.6
362.3

36.6
78.6
73.5

33.0
72.3
68.4

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

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

9

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

Total
nonresidential

Period

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
1997:

...............................
...............................
...............................
...............................
...............................
...............................
...............................
...............................
...............................
...............................
I ..........................
II .........................
III .......................
IV ........................
1998: I ..........................
II .........................
III .......................
IV ........................
1999: I ..........................
II .........................
III .......................
IV ........................
2000: I ..........................
II .........................
III r ......................

641.7
610.1
630.6
683.6
744.6
817.5
899.4
1,009.3
1,140.3
1,255.3
960.8
992.7
1,037.0
1,047.0
1,096.0
1,136.4
1,146.3
1,182.3
1,209.4
1,237.5
1,272.5
1,301.8
1,365.3
1,412.5
1,439.4

Total 1

236.1
210.1
197.3
198.9
200.5
210.1
225.0
245.4
263.0
259.2
241.1
239.3
248.5
252.7
257.5
266.2
263.0
265.1
262.9
258.7
254.6
260.6
274.0
277.0
286.8

Residential
Structures

Equipment and software
Information processing equipment
and software

Nonresidential
buildings,
including
farm

Utilities

173.6
142.7
129.2
131.7
137.2
147.6
161.7
177.0
189.1
187.4
175.4
172.8
180.9
178.8
184.5
190.1
188.6
193.2
193.6
187.7
183.2
185.1
196.5
199.5
204.0

33.0
38.9
41.8
38.4
36.1
36.8
36.0
35.3
43.0
43.5
34.4
34.4
35.5
36.7
41.5
43.0
43.6
44.0
43.3
43.2
43.6
44.0
44.9
42.8
44.8

Mining
exploration,
shafts,
and
wells

Total 2

21.3
20.8
17.2
20.5
19.8
18.2
21.1
26.2
24.4
21.5
25.5
26.1
25.7
27.4
25.1
26.2
24.6
21.7
19.7
20.6
21.3
24.6
26.1
28.4
30.5

415.7
407.2
437.5
487.1
544.9
607.6
674.4
764.2
879.0
1,003.1
719.6
753.7
788.9
794.5
839.4
871.3
885.2
920.0
950.9
985.0
1,026.6
1,050.1
1,100.4
1,146.6
1,162.7

Total

1 Includes

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

Computers
and
peripheral
equipment

136.4
142.7
163.0
183.4
206.6
242.8
287.3
349.8
431.6
542.2
320.9
339.4
363.7
375.2
401.4
422.2
440.7
462.0
492.9
526.9
561.1
587.9
629.4
669.1
696.1

14.2
15.4
20.8
26.4
32.6
49.2
70.9
102.9
149.3
217.3
87.2
98.1
110.5
115.8
131.8
144.0
153.4
168.0
186.1
208.5
230.9
243.8
264.1
297.3
322.9

Software

Other

Industrial
equipment

45.9
51.4
58.7
66.8
74.3
82.0
95.1
119.0
151.0
188.0
107.7
115.3
123.0
130.1
137.8
146.7
155.7
163.9
173.3
181.1
192.5
205.3
215.0
224.5
235.2

87.6
86.4
91.5
96.4
104.9
113.1
121.3
129.8
140.7
163.1
126.5
127.4
132.8
132.5
137.7
139.7
141.6
143.9
151.4
161.3
168.1
171.6
187.3
196.6
197.5

105.8
99.0
100.8
109.6
119.6
131.3
136.4
140.0
146.9
147.8
134.9
140.2
141.8
143.2
145.5
146.9
147.6
147.7
143.7
145.7
148.9
152.8
158.9
164.0
167.8

Transportation
equipment

Total
residential 3

87.4
87.7
92.3
103.4
120.4
128.2
138.9
150.5
168.0
191.8
144.5
150.8
156.2
150.3
161.1
167.1
162.3
181.6
183.1
189.0
199.1
195.9
197.3
199.2
190.5

253.5
221.1
257.2
276.0
302.7
291.7
313.3
319.7
346.1
368.3
314.7
318.7
320.3
324.9
332.4
342.4
350.9
358.5
365.7
370.9
368.0
368.5
371.4
372.6
362.3

Total 4

Single
family

247.3
215.1
251.0
269.4
295.8
284.4
305.6
311.8
337.7
359.2
307.0
310.8
312.4
316.9
324.3
334.1
342.6
350.0
356.9
361.9
358.8
359.2
361.8
362.9
352.7

128.6
112.3
135.7
148.0
163.2
147.7
159.1
158.6
175.9
187.6
157.2
158.7
158.2
160.2
165.6
173.6
179.9
184.7
187.6
188.5
185.6
188.8
195.8
193.5
185.1

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

2 Includes
3 Includes

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry
Period

Total
for
all
businesses

Manufacturing
Total 1

Total
by industry 2

Mining

Construction

Total

Durable
goods

Nondurable
goods

Transportation

Communications

For
businesses
without
employees

Wholesale
trade

Retail
trade

Finance

Insurance
and
real
estate

41.3
41.5
38.4

19.0
23.5
24.5

41.4
46.5
51.9

26.0
29.8
30.4

14.2
17.4
19.8

111.8
123.8
134.2

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

36.7
38.7
42.3

26.0
28.8
31.2

55.8
55.9
63.1

87.1
91.3
110.1

23.4
29.3
50.3

145.9
165.0
182.4

100.0
99.4
94.5

Utilities

Services

For businesses with 5 employees or more
1993 ........
1994 ........
1995 ........

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

489.7
549.3
601.1

488.2
547.9
601.0

19.6
24.6
27.6

11.6
9.1
10.4

134.1
154.4
181.0

66.4
79.7
97.0

1996 ........
1997 .......
1998 ........

807.1
871.8
973.6

707.1
772.3
879.0

707.1
772.3
879.0

30.2
39.0
40.3

13.8
15.5
18.3

191.8
192.3
207.3

109.9
108.4
119.0

67.7
74.7
84.0

30.6
33.3
33.9

37.1
41.9
46.3

For businesses with employees
81.9
83.9
88.3

1 For 1993, 1994, and 1995 includes an item for not distributed by industry, not shown separately.
2 Includes an item for expenditures serving multiple industries, not shown separately.

10

36.7
45.0
51.8

57.1
68.5
78.5

NOTE.—All data from Annual Capital Expenditures.
Source: Department of Commerce, Bureau of the Census.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In October, employment rose by 261,000, and unemployment rose by 19,000.

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

Period

1990 3 ................................
1991 ..................................
1992 ..................................
1993 ..................................
1994 4 ................................
1995 ..................................
1996 ..................................
1997 3 ................................
1998 3 ................................
1999 3 ................................
1999: Oct ........................
Nov ........................
Dec .........................
2000: Jan 3 ......................
Feb .........................
Mar ........................
Apr .........................
May ........................
June .......................
July ........................
Aug ........................
Sept ........................
Oct .........................

Civilian
noninstitutional
population
NSA

189,164
190,925
192,805
194,838
196,814
198,584
200,591
203,133
205,220
207,753
208,483
208,666
208,832
208,782
208,907
209,053
209,216
209,371
209,543
209,727
209,935
210,161
210,378

Civilian
labor
force

125,840
126,346
128,105
129,200
131,056
132,304
133,943
136,297
137,673
139,368
139,697
139,834
140,108
140,910
141,165
140,867
141,230
140,489
140,762
140,399
140,742
140,639
140,918

Nonagricultural
Total

118,793
117,718
118,492
120,259
123,060
124,900
126,708
129,558
131,463
133,488
133,940
134,098
134,420
135,221
135,362
135,159
135,706
134,715
135,179
134,749
134,912
135,161
135,422

Agricultural

3,223
3,269
3,247
3,115
3,409
3,440
3,443
3,399
3,378
3,281
3,238
3,310
3,279
3,371
3,408
3,359
3,355
3,298
3,321
3,299
3,344
3,340
3,233

Total

115,570
114,449
115,245
117,144
119,651
121,460
123,264
126,159
128,025
130,207
130,702
130,788
131,141
131,850
131,954
131,801
132,351
131,417
131,858
131,450
131,569
131,821
132,188

1 Persons at work. Economic reasons include slack work, material shortages, inability to find
fulltime work, etc.
2 Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
3 Not strictly comparable with earlier data.

Percent 2

Unemployment

Part time
for
economic
reasons 1
4,950
5,874
6,240
6,230
4,414
4,279
4,123
3,879
3,501
3,189
2,983
3,105
3,157
3,066
2,985
3,003
3,021
3,096
2,967
2,940
3,038
3,021
3,031

Total

7,047
8,628
9,613
8,940
7,996
7,404
7,236
6,739
6,210
5,880
5,757
5,736
5,688
5,689
5,804
5,708
5,524
5,774
5,583
5,650
5,829
5,477
5,496

15
weeks
and
over
1,525
2,357
3,408
3,094
2,860
2,363
2,316
2,062
1,637
1,480
1,434
1,401
1,388
1,372
1,277
1,295
1,250
1,337
1,242
1,331
1,384
1,226
1,320

Not in
labor
force

63,324
64,578
64,700
65,638
65,758
66,280
66,647
66,837
67,547
68,385
68,786
68,832
68,724
67,872
67,742
68,187
67,986
68,882
68,781
69,329
69,193
69,522
69,460

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

66.5
66.2
66.4
66.3
66.6
66.6
66.8
67.1
67.1
67.1
67.0
67.0
67.1
67.5
67.6
67.4
67.5
67.1
67.2
66.9
67.0
66.9
67.0

62.8
61.7
61.5
61.7
62.5
62.9
63.2
63.8
64.1
64.3
64.2
64.3
64.4
64.8
64.8
64.7
64.9
64.3
64.5
64.2
64.3
64.3
64.4

5.6
6.8
7.5
6.9
6.1
5.6
5.4
4.9
4.5
4.2
4.1
4.1
4.1
4.0
4.1
4.1
3.9
4.1
4.0
4.0
4.1
3.9
3.9

4 Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire.
NOTE.—Data beginning January 1998, 1999, and 2000 reflect revised population controls.
For details, see February issues, Employment and Earnings.
Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
In October, the unemployment rate was unchanged from September at 3.9 percent.

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

1990 .........................
1991 .........................
1992 .........................
1993 .........................
1994 2 .......................
1995 .........................
1996 .........................
1997 .........................
1998 .........................
1999 .........................
1999: Oct ...............
Nov ..............
Dec ...............
2000: Jan ...............
Feb ...............
Mar ...............
Apr ...............
May ...............
June ..............
July ...............
Aug ...............
Sept ..............
Oct ................
1 Revised
2 Data

12

All
civilian
workers

5.6
6.8
7.5
6.9
6.1
5.6
5.4
4.9
4.5
4.2
4.1
4.1
4.1
4.0
4.1
4.1
3.9
4.1
4.0
4.0
4.1
3.9
3.9

Men
20 years
and over

Women
20 years
and over

5.0
6.4
7.1
6.4
5.4
4.8
4.6
4.2
3.7
3.5
3.5
3.3
3.3
3.3
3.4
3.3
3.2
3.4
3.2
3.2
3.2
3.2
3.4

4.9
5.7
6.3
5.9
5.4
4.9
4.8
4.4
4.1
3.8
3.5
3.6
3.6
3.7
3.5
3.6
3.5
3.8
3.8
3.7
3.8
3.5
3.4

By race
Both
sexes
16–19
years

White

15.5
18.7
20.1
19.0
17.6
17.3
16.7
16.0
14.6
13.9
13.8
14.0
13.8
12.6
14.1
13.3
12.7
12.5
11.6
13.4
14.4
12.8
12.6

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

4.8
6.1
6.6
6.1
5.3
4.9
4.7
4.2
3.9
3.7
3.5
3.5
3.5
3.4
3.6
3.6
3.5
3.5
3.4
3.5
3.6
3.5
3.4

Black
and
other

10.1
11.1
12.7
11.7
10.5
9.6
9.3
8.8
7.8
7.0
7.2
7.1
7.0
7.1
6.9
6.6
6.3
7.2
6.9
6.7
7.0
6.1
6.5

By selected groups

Black

11.4
12.5
14.2
13.0
11.5
10.4
10.5
10.0
8.9
8.0
8.3
8.0
7.9
8.2
7.8
7.3
7.2
8.0
7.9
7.7
8.0
7.0
7.3

Experienced
wage
and
salary
workers

5.3
6.6
7.2
6.6
5.9
5.4
5.2
4.7
4.3
4.0
3.9
3.9
3.9
3.9
3.9
4.0
3.7
3.9
3.9
3.9
4.0
3.8
3.8

Married
men,
spouse
present

3.4
4.4
5.1
4.4
3.7
3.3
3.0
2.7
2.4
2.2
2.2
2.1
2.2
2.0
2.1
2.0
1.8
1.9
1.9
2.0
2.0
2.1
2.0

Women
who
maintain
families

Full-time
workers 1

Part-time
workers 1

8.3
9.3
10.0
9.7
8.9
8.0
8.2
8.1
7.2
6.4
6.0
6.0
6.2
6.2
6.1
6.8
6.3
6.5
6.1
5.6
6.0
5.3
5.4

5.4
6.8
7.5
6.9
6.1
5.5
5.3
4.8
4.3
4.1
4.0
3.9
3.9
3.9
3.9
3.8
3.8
3.9
3.8
3.7
4.0
3.8
3.8

6.4
7.0
7.5
7.2
6.0
6.0
5.8
5.5
5.3
5.0
4.7
4.9
4.9
4.6
4.9
5.1
4.6
5.3
4.8
5.3
5.0
4.6
4.4

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

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In October, the percentages of the unemployed who had been out of work for less than 5 weeks, for 5–14
weeks, and for 27 weeks and over fell; the percentage for 15–26 weeks rose. The mean duration of unemployment
rose to 12.4 weeks and the median duration rose to 6.2 weeks.

[Monthly data seasonally adjusted, except as noted]
Duration of unemployment

Period

Unemployment
(thousands)

Percent distribution
Less
than
5
weeks

5–14
weeks

15–26
weeks

Reason for unemployment:
percent distribution

State
programs

Number of weeks
27
weeks
and
over

Average
(mean)

Median

Job
losers 1

Job
leavers

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 2

Weekly average, thousands
1990 ........................................
1991 ........................................
1992 ........................................
1993 ........................................
1994 3 ......................................
1995 ........................................
1996 ........................................
1997 ........................................
1998 ........................................
1999 ........................................
1999: Oct ..............................
Nov ..............................
Dec ...............................
2000: Jan ..............................
Feb ..............................
Mar ..............................
Apr ...............................
May ..............................
June .............................
July ..............................
Aug ..............................
Sept .............................
Oct ...............................
1 Beginning

7,047
8,628
9,613
8,940
7,996
7,404
7,236
6,739
6,210
5,880
5,757
5,736
5,688
5,689
5,804
5,708
5,524
5,774
5,583
5,650
5,829
5,477
5,496

46.3
40.3
35.1
36.5
34.1
36.5
36.4
37.7
42.2
43.7
44.0
45.1
45.9
43.9
45.3
48.4
44.1
43.5
46.4
44.0
44.5
45.8
45.2

32.0
32.4
29.4
28.9
30.1
31.6
31.6
31.7
31.4
31.2
31.3
30.5
29.7
31.5
32.5
29.4
33.5
33.5
31.4
32.3
31.7
31.6
30.9

11.7
14.4
15.1
14.5
15.5
14.6
14.6
14.8
12.3
12.8
12.4
12.6
12.2
12.0
11.7
11.3
12.0
11.6
10.6
11.7
11.7
11.1
13.0

10.0
12.9
20.3
20.1
20.3
17.3
17.4
15.8
14.1
12.3
12.3
11.7
12.2
12.7
10.5
10.9
10.4
11.3
11.6
12.1
12.1
11.5
11.0

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

12.0
13.7
17.7
18.0
18.8
16.6
16.7
15.8
14.5
13.4
13.2
13.0
12.8
13.2
12.5
12.8
12.4
12.6
12.4
13.3
13.0
11.9
12.4

5.3
6.8
8.7
8.3
9.2
8.3
8.3
8.0
6.7
6.4
6.3
6.2
5.9
5.7
6.1
6.0
6.0
5.8
5.8
6.0
6.2
5.2
6.2

48.1
54.4
56.1
54.2
47.7
46.9
46.6
45.1
45.5
44.6
43.7
43.5
42.0
43.5
45.6
44.0
41.9
42.4
44.2
43.3
44.8
46.2
44.2

14.8
11.6
10.4
10.9
9.9
11.1
10.7
11.8
11.8
13.3
13.5
14.3
14.4
13.6
13.2
14.3
15.1
13.2
12.1
14.3
13.4
13.7
15.3

27.4
24.8
23.8
24.6
34.8
34.1
34.7
34.7
34.3
34.1
34.0
33.7
35.6
35.9
34.4
34.3
35.6
35.8
37.5
35.1
32.9
32.6
33.5

9.8
9.2
9.7
10.3
7.6
7.8
8.0
8.4
8.4
8.0
8.9
8.5
7.9
6.9
6.7
7.5
7.4
8.5
6.2
7.2
8.8
7.5
7.0

2,522
3,342
3,245
2,751
2,670
2,572
2,595
2,323
2,222
2,188
2,142
2,130
2,131
2,082
2,097
2,000
1,966
1,975
2,063
2,120
2,160
2,157
2,190

388
447
408
341
340
357
356
323
321
298
290
287
284
281
283
265
278
291
302
295
313
307
r 313

2,575
3,406
3,348
2,845
2,739
2,633
2,650
2,366
2,257
2,219
1,762
1,941
2,049
2,844
2,663
2,289
2,161
1,882
1,802
r 2,199
1,932
r 1,771
1,738

3 Data beginning January 1994 are not directly comparable with data for earlier periods.
NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and
initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 137,000 in October.

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

Goods-producing industries
Period

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
1999:

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
Oct .........
Nov ........
Dec ........
2000: Jan ........
Feb ........
Mar ........
Apr ........
May .......
June ......
July .......
Aug ........
Sept .......
Oct p .......

Total
nonagricultural
employment

109,403
108,249
108,601
110,713
114,163
117,191
119,608
122,690
125,865
128,786
129,523
129,788
130,038
130,387
130,482
131,009
131,419
131,590
131,647
131,607
131,528
131,723
131,860

Service-producing industries

Manufacturing
Total 2

24,905
23,745
23,231
23,352
23,908
24,265
24,493
24,962
25,414
25,482
25,483
25,527
25,561
25,677
25,624
25,738
25,725
25,684
25,700
25,756
25,644
25,610
25,648

Construction

5,120
4,650
4,492
4,668
4,986
5,160
5,418
5,691
6,020
6,404
6,470
6,516
6,552
6,652
6,618
6,726
6,694
6,666
6,668
6,670
6,675
6,708
6,742

Total

19,076
18,406
18,104
18,075
18,321
18,524
18,495
18,675
18,805
18,543
18,484
18,484
18,479
18,495
18,473
18,476
18,492
18,479
18,493
18,548
18,432
18,363
18,363

Durable
goods

Nondurable
goods

11,109
10,569
10,277
10,221
10,448
10,683
10,789
11,010
11,205
11,103
11,083
11,085
11,087
11,099
11,088
11,094
11,104
11,106
11,120
11,161
11,087
11,044
11,044

7,968
7,837
7,827
7,854
7,873
7,841
7,706
7,665
7,600
7,440
7,401
7,399
7,392
7,396
7,385
7,382
7,388
7,373
7,373
7,387
7,345
7,319
7,319

1 Includes all full- and part-time wage and salary workers in nonagricultural establishments
who received pay for any part of the pay period which includes the 12th of the month. Excludes
proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total
in this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes,
bad weather, etc., even if they are not paid for the time off; and which are based on a sample

14

Total

84,497
84,504
85,370
87,361
90,256
92,925
95,115
97,727
100,451
103,304
104,040
104,261
104,477
104,710
104,858
105,271
105,694
105,906
105,947
105,851
105,884
106,113
106,212

Transportation and
public
utilities

5,777
5,755
5,718
5,811
5,984
6,132
6,253
6,408
6,611
6,826
6,875
6,898
6,911
6,925
6,937
6,953
6,970
6,962
6,985
7,010
6,941
7,034
7,057

Wholesale
trade

6,173
6,081
5,997
5,981
6,162
6,378
6,482
6,648
6,800
6,924
6,973
6,989
7,002
7,005
7,011
7,033
7,055
7,048
7,049
7,050
7,062
7,069
7,084

Retail
trade

19,601
19,284
19,356
19,773
20,507
21,187
21,597
21,966
22,295
22,788
22,863
22,893
22,936
22,973
22,978
23,027
23,197
23,064
23,122
23,196
23,191
23,170
23,174

Finance,
insurance,
Services
and real
estate

6,709
6,646
6,602
6,757
6,896
6,806
6,911
7,109
7,389
7,569
7,599
7,604
7,613
7,612
7,624
7,621
7,610
7,600
7,588
7,586
7,608
7,617
7,637

27,934
28,336
29,052
30,197
31,579
33,117
34,454
36,040
37,533
39,027
39,482
39,606
39,707
39,844
39,914
40,090
40,195
40,220
40,401
40,403
40,572
40,748
40,765

Government
Total

18,304
18,402
18,645
18,841
19,128
19,305
19,419
19,557
19,823
20,170
20,248
20,271
20,308
20,351
20,394
20,547
20,667
21,012
20,802
20,606
20,510
20,475
20,495

Federal

3,085
2,966
2,969
2,915
2,870
2,822
2,757
2,699
2,686
2,669
2,647
2,646
2,646
2,663
2,700
2,816
2,885
3,238
3,092
2,819
2,657
2,632
2,632

of the working-age population, whereas the estimates in this table are based on reports from
employing establishments. In the series shown here, persons who work at more than one job
are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where
persons are counted only once—as employed, unemployed, or not in the labor force.
2 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.

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

Average gross hourly earnings

Manufacturing
Period

1990 ......................
1991 ......................
1992 ......................
1993 ......................
1994 ......................
1995 ......................
1996 .....................
1997 .....................
1998 ......................
1999 .....................
1999: Sept ..........
Oct ............
Nov ...........
Dec ...........
2000: Jan ...........
Feb ...........
Mar ...........
Apr ...........
May ...........
June ..........
July ...........
Aug ...........
Sept ..........
Oct p ..........

Total
private
nonagricultural 1

34.5
34.3
34.4
34.5
34.7
34.5
34.4
34.6
34.6
34.5
34.5
34.5
34.5
34.5
34.5
34.6
34.5
34.6
34.4
34.5
34.4
34.3
34.4
34.3

Total

40.8
40.7
41.0
41.4
42.0
41.6
41.6
42.0
41.7
41.7
41.8
41.8
41.7
41.7
41.7
41.8
41.7
42.2
41.4
41.6
41.7
41.4
41.2
41.3

Average gross weekly earnings

Total private
nonagricultural 1

Overtime

3.6
3.6
3.8
4.1
4.7
4.4
4.5
4.8
4.6
4.6
4.7
4.7
4.7
4.7
4.6
4.7
4.6
4.9
4.5
4.6
4.6
4.5
4.4
4.4

Current
dollars

$10.01
10.32
10.57
10.83
11.12
11.43
11.82
12.28
12.78
13.24
13.35
13.38
13.41
13.44
13.49
13.54
13.58
13.64
13.66
13.70
13.75
13.80
13.83
13.89

1982
dollars 2

$7.52
7.45
7.41
7.39
7.40
7.39
7.43
7.55
7.75
7.86
7.86
7.87
7.87
7.87
7.88
7.87
7.83
7.87
7.87
7.85
7.86
7.90
7.87
7.90

Total private
nonagricultural 1
Manufacturing

Current
dollars

$10.83
11.18
11.46
11.74
12.07
12.37
12.77
13.17
13.49
13.91
14.04
14.06
14.07
14.10
14.15
14.21
14.23
14.28
14.27
14.36
14.39
14.43
14.42
14.53

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

$345.35
353.98
363.61
373.64
385.86
394.34
406.61
424.89
442.19
456.78
460.58
461.61
462.65
463.68
465.41
468.48
468.51
471.94
469.90
472.65
473.00
473.34
475.75
476.43

$259.47
255.40
254.99
254.87
256.73
255.07
255.73
261.31
268.32
271.25
271.25
271.38
271.51
271.48
272.01
272.37
270.19
272.17
270.84
270.86
270.44
271.10
270.77
270.85

$441.86
455.03
469.86
486.04
506.94
514.59
531.23
553.14
562.53
580.05
586.87
587.71
586.72
587.97
590.06
593.98
593.39
602.62
590.78
597.38
600.06
597.40
594.10
600.09

$526.01
533.40
537.70
553.63
573.00
587.00
603.33
625.56
646.13
671.74
678.32
677.60
696.54
678.42
687.75
698.72
703.27
704.09
695.80
687.70
703.47
702.86
692.23
705.99

$194.40
198.48
205.06
209.95
216.46
221.47
230.11
240.74
253.46
263.32
263.81
266.22
267.09
269.18
269.47
271.21
271.15
270.43
270.43
273.47
272.16
273.31
274.46
275.71

Current
dollars

1982
dollars

¥1.8
¥1.6
¥.2
¥.0
.7
¥.6
.3
2.2
2.7
1.1
.9
.5
.5
.3
.7
.4
¥.3
.8
¥.1
¥.4
¥.5
¥.2
¥.2
¥.2

3.3
2.5
2.7
2.8
3.3
2.2
3.1
4.5
4.1
3.3
3.7
3.3
3.3
3.2
3.5
3.7
3.7
4.1
3.3
3.6
3.3
3.2
3.3
3.2

Source: Department of Labor, Bureau of Labor Statistics.

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

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

12 months earlier
Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

Not seasonally adjusted
1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

107.0
111.7
115.6
119.8
123.5
126.7
130.6
135.1
139.8
144.6

106.1
110.0
112.9
116.4
119.7
123.1
127.3
132.3
137.4
142.2

1996: Sept ................................................................
Dec .................................................................
1997: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
1998: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
1999: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2000: Mar .................................................................
June ...............................................................
Sept .................................................................

129.8
130.6
131.6
132.7
133.7
135.1
136.2
137.3
138.8
139.7
140.3
141.8
143.1
144.5
146.6
148.2
149.7

126.5
127.4
128.5
129.7
131.0
132.4
133.7
134.9
136.5
137.5
138.1
139.7
140.9
142.2
143.9
145.4
146.7

109.4
116.2
122.2
128.3
133.0
135.9
138.6
141.8
145.2
150.2

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

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

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

0.7
.7
.9
.9
1.0
1.1
1.0
.9
1.2
.7
.4
1.2
.9
.9
1.2
1.0
.9

0.5
.6
.3
.6
.5
.9
.4
.7
.6
.6
.3
1.0
1.0
1.1
2.3
1.2
1.1

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.

137.7
138.5
138.9
139.7
140.4
141.6
142.2
143.2
144.1
144.9
145.4
146.8
148.2
149.9
153.4
155.3
157.0

0.7
.6
.8
.8
.8
1.0
.8
.8
1.1
.6
.4
1.1
.9
1.0
1.5
1.1
1.0

4.6
4.4
3.5
3.6
3.1
2.6
3.1
3.4
3.5
3.4

4.0
3.7
2.6
3.1
2.8
2.8
3.4
3.9
3.9
3.5

6.6
6.2
5.2
5.0
3.7
2.2
2.0
2.3
2.4
3.4

Not seasonally adjusted
2.9
3.1
3.0
2.9
3.2
3.4
3.5
3.5
3.8
3.5
3.0
3.3
3.1
3.4
4.6
4.6
4.6

3.3
3.4
3.4
3.3
3.6
3.9
4.0
4.0
4.3
3.9
3.3
3.6
3.2
3.5
4.2
4.1
4.1

1.8
2.0
2.0
2.0
2.0
2.3
2.3
2.6
2.6
2.4
2.2
2.5
2.8
3.4
5.5
5.7
6.0

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

15

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

Nonfarm
business
sector

Output 1
Business
sector

Nonfarm
business
sector

Hours of all
persons 2
Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs
Business
sector

Nonfarm
business
sector

Implicit price
deflator 5
Business
sector

Nonfarm
business
sector

Indexes, 1992=100; quarterly data seasonally adjusted
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
1996:
1997:

1998:

1999:

2000:

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

95.2
96.3
100.0
100.5
101.9
102.6
105.4
107.6
110.5
114.0
105.6
106.0
106.3
107.3
108.3
108.5
109.7
110.0
110.6
111.6
112.6
112.8
114.2
116.3
116.7
118.7
119.7

95.3
96.4
100.0
100.5
101.8
102.8
105.4
107.3
110.2
113.4
105.5
105.9
106.1
107.1
108.0
108.1
109.3
109.8
110.3
111.2
112.0
112.1
113.6
115.8
116.3
118.1
119.2

97.6
96.5
100.0
103.1
108.1
111.5
116.4
122.5
128.6
134.8
116.8
118.4
119.9
122.0
123.5
124.4
126.8
127.7
128.9
131.0
132.3
133.1
135.3
138.5
140.3
142.4
143.5

97.8
96.6
100.0
103.3
108.2
111.8
116.7
122.7
129.0
135.1
117.2
118.7
120.2
122.2
123.6
124.7
127.1
128.1
129.2
131.4
132.6
133.4
135.6
138.9
140.7
142.9
144.0

102.6
100.2
100.0
102.6
106.1
108.7
110.4
113.8
116.4
118.3
110.7
111.7
112.8
113.7
114.1
114.7
115.6
116.1
116.6
117.4
117.5
118.0
118.5
119.1
120.2
120.0
119.9

102.7
100.2
100.0
102.9
106.2
108.8
110.7
114.3
117.1
119.2
111.0
112.1
113.3
114.1
114.5
115.3
116.3
116.7
117.2
118.1
118.4
118.9
119.4
120.0
120.9
121.0
120.8

90.7
95.0
100.0
102.5
104.5
106.7
110.1
113.3
119.3
125.2
110.7
111.5
112.0
112.3
113.5
115.3
117.1
118.5
120.0
121.4
123.0
124.5
126.1
127.3
128.4
130.6
132.4

90.5
95.0
100.0
102.2
104.3
106.6
109.8
112.9
118.6
124.4
110.3
111.1
111.7
112.0
113.0
114.7
116.4
117.9
119.4
120.8
122.1
123.6
125.2
126.5
127.8
129.6
131.6

96.5
97.5
100.0
99.9
99.7
99.3
99.7
100.4
104.3
107.3
99.9
99.9
99.8
99.8
100.4
101.5
102.9
103.8
104.7
105.5
106.4
106.9
107.6
107.8
107.7
108.5
109.2

96.3
97.5
100.0
99.6
99.5
99.2
99.5
100.0
103.8
106.5
99.6
99.6
99.5
99.5
100.0
101.0
102.3
103.2
104.2
104.9
105.7
106.1
106.8
107.2
107.1
107.7
108.6

95.3
98.7
100.0
101.9
102.6
104.1
104.5
105.3
107.9
109.9
104.8
105.2
105.4
104.7
104.8
106.3
106.7
107.7
108.5
108.8
109.3
110.4
110.5
109.5
110.0
110.0
110.7

95.0
98.5
100.0
101.7
102.5
103.7
104.2
105.1
107.7
109.7
104.5
104.9
105.2
104.5
104.7
106.1
106.5
107.5
108.3
108.5
109.0
110.2
110.3
109.3
109.8
109.7
110.4

94.8
98.1
100.0
102.2
104.0
106.0
107.7
109.7
110.6
111.8
108.0
108.4
109.1
109.6
109.9
110.2
110.3
110.5
110.7
110.9
111.4
111.8
111.9
112.2
113.0
113.7
114.2

94.5
98.0
100.0
102.2
104.1
106.1
107.6
109.8
110.8
112.3
107.7
108.3
109.1
109.7
110.1
110.4
110.5
110.7
111.0
111.2
111.8
112.2
112.4
112.7
113.6
114.1
114.6

4.3
3.6
1.6
1.7
.8
1.2
.5
.9
2.4
1.8
3.3
1.6
1.3
¥2.7
.6
5.5
1.5
3.6
3.3
.8
1.8
4.3
.3
¥3.5
1.9
¥.2
2.5

3.5
3.5
2.0
2.2
1.8
2.0
1.6
1.8
.8
1.1
1.6
1.5
2.6
1.9
1.0
1.1
.3
.7
1.1
.6
1.9
1.2
.5
1.0
3.0
2.4
1.7

3.6
3.7
2.1
2.2
1.9
2.0
1.4
2.1
.9
1.3
1.4
2.1
3.1
2.2
1.3
1.1
.4
.7
1.3
.6
2.2
1.5
.6
1.0
3.2
2.0
1.8

Percent change; quarterly data at seasonally adjusted annual rates
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
1996:
1997:

1998:

1999:

2000:

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

1.3
1.1
3.9
.5
1.3
.7
2.8
2.1
2.7
3.1
.0
1.6
1.2
4.0
3.6
.8
4.7
1.1
2.1
3.9
3.3
.9
4.9
7.7
1.6
6.9
3.2

1.1
1.2
3.7
.5
1.3
.9
2.5
1.8
2.6
2.9
¥.1
1.4
.7
3.9
3.2
.6
4.5
1.6
1.8
3.6
2.6
.6
5.2
8.0
1.9
6.1
3.8

1.5
¥1.2
3.7
3.1
4.9
3.1
4.4
5.2
5.0
4.8
2.4
5.5
5.2
7.1
4.9
3.2
7.9
2.9
3.7
6.8
3.8
2.6
6.6
9.9
5.3
6.3
3.0

1.4
¥1.3
3.5
3.3
4.7
3.4
4.3
5.1
5.1
4.8
2.5
5.6
4.8
7.1
4.6
3.4
8.2
3.1
3.7
6.8
3.6
2.4
7.0
10.0
5.2
6.5
3.0

0.2
¥2.3
¥.2
2.6
3.5
2.4
1.6
3.1
2.3
1.6
2.5
3.9
4.0
3.0
1.3
2.4
3.1
1.7
1.5
2.8
.5
1.7
1.7
2.1
3.7
¥.6
¥.2

0.3
¥2.4
¥.2
2.9
3.3
2.4
1.7
3.2
2.4
1.8
2.6
4.1
4.1
3.0
1.4
2.8
3.5
1.5
1.8
3.1
1.0
1.8
1.7
1.8
3.2
.4
¥.8

1 Output refers to real gross domestic product originating in the sector.
2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–
U) for recent quarters. The trend from 1978–99 is based on the consumer price index research

16

5.7
4.7
5.3
2.5
2.0
2.1
3.2
2.9
5.3
5.0
3.6
3.0
1.9
1.1
4.2
6.5
6.2
5.1
5.1
4.8
5.2
5.0
5.3
3.8
3.5
7.0
5.8

5.5
4.9
5.3
2.2
2.1
2.1
3.0
2.8
5.1
4.8
3.2
3.0
2.0
1.1
3.8
6.1
6.1
5.3
5.2
4.5
4.5
5.0
5.5
4.2
3.9
5.9
6.4

0.6
1.0
2.6
¥.1
¥.2
¥.4
.4
.7
3.9
2.9
1.5
.1
¥.6
.0
2.5
4.4
5.5
3.5
3.6
3.2
3.6
1.7
2.6
.9
¥.6
3.2
2.7

0.4
1.2
2.6
¥.4
¥.1
¥.4
.3
.6
3.7
2.7
1.1
.1
¥.5
.1
2.1
4.1
5.3
3.8
3.7
2.8
2.8
1.7
2.8
1.3
¥.2
2.2
3.2

4.3
3.6
1.4
1.9
.7
1.4
.4
.8
2.5
1.8
3.6
1.4
.7
¥2.8
.7
5.7
1.5
3.9
3.0
.9
1.9
4.1
.4
¥3.6
1.9
.0
2.5

series (CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released October 27, 2000. Data for 2000: III shown elsewhere
in this issue were released November 29, 2000.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in October.

[Monthly data seasonally adjusted]
Total industrial production
Percent
Period

Index,
1992=100

From
preceding
month

Industry production indexes, 1992=100

change 1
From
year
earlier

Capacity utilization
rate, percent 2

Manufacturing

Total

Durable

Nondurable

Mining

Utilities

Total
industry

Manufacturing

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

98.9
97.0
100.0
103.4
109.1
114.4
119.4
127.1
132.4
137.1

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

¥0.2
¥2.0
3.1
3.4
5.5
4.9
4.4
6.4
4.2
3.6

98.5
96.2
100.0
103.7
110.0
115.8
121.3
130.1
136.4
142.3

99.0
95.5
100.0
105.4
114.3
123.9
134.0
148.0
160.7
172.8

97.9
97.0
100.0
101.8
105.2
107.1
107.8
111.2
111.6
111.8

104.8
102.6
100.0
100.0
102.5
102.1
103.7
105.9
103.8
98.0

98.3
100.4
100.0
103.9
105.3
109.0
112.6
112.7
114.4
115.6

82.3
79.3
80.2
81.3
83.1
83.3
82.5
83.3
81.8
80.6

81.4
77.9
79.4
80.5
82.5
82.6
81.5
82.4
80.9
79.8

1999: Oct ...............................
Nov ..............................
Dec ..............................

139.1
139.4
140.1

0.7
.3
.5

3.7
4.2
4.7

144.2
145.0
145.6

176.5
177.4
178.4

113.0
113.6
113.7

99.2
99.7
99.5

115.2
110.9
113.5

81.0
80.9
81.1

80.2
80.3
80.3

2000: Jan ...............................
Feb ..............................
Mar ..............................
Apr ...............................
May ..............................
June .............................
July r ............................
Aug r .............................
Sept r ............................
Oct p .............................

141.1
141.6
142.4
143.5
144.7
145.3
145.1
145.9
146.5
146.3

.7
.4
.6
.8
.8
.4
¥.2
.5
.4
¥.1

5.3
5.3
5.4
5.9
6.2
6.4
5.6
5.9
6.1
5.2

146.7
147.2
148.4
149.3
150.3
151.0
151.1
151.7
152.4
152.3

181.0
181.8
184.6
186.8
189.2
190.8
190.9
192.4
194.0
193.5

113.5
113.8
113.6
113.5
113.2
113.2
113.1
113.1
113.0
113.3

99.7
100.0
101.3
101.2
102.3
102.8
102.7
102.9
101.8
102.5

114.6
115.3
110.8
114.9
119.0
118.7
115.2
118.6
119.7
117.4

81.4
81.5
81.7
82.0
82.4
82.5
82.2
82.4
82.5
82.1

80.7
80.7
81.1
81.3
81.5
81.6
81.3
81.4
81.5
81.2

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

1 Percent
2 Output

changes based on unrounded indexes.
as percent of capacity.

Source: Board of Governors of the Federal Reserve System.

17

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1992=100; monthly data seasonally adjusted]
Products

Materials

Final products

Intermediate products

Consumer goods

Equipment

Period
Total
Total

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

Durable
goods

Nondurable
goods

Total 1

Business

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total

Energy

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

99.5
97.7
100.0
103.4
107.7
111.6
115.3
121.1
125.4
128.0

97.3
97.0
100.0
103.6
108.0
110.8
112.4
115.1
116.2
116.9

98.0
93.0
100.0
112.0
124.1
128.4
130.8
135.4
142.7
152.6

97.1
98.1
100.0
101.5
104.0
106.5
107.8
110.1
109.9
108.7

103.2
98.8
100.0
103.2
107.2
112.8
120.4
132.1
142.7
148.9

98.2
95.7
100.0
104.6
111.4
119.4
130.2
145.7
161.2
171.6

115.9
106.7
100.0
93.7
86.8
84.0
78.9
75.9
75.4
74.4

101.9
97.5
100.0
102.5
106.3
108.1
110.8
115.3
118.8
122.1

102.9
96.2
100.0
103.3
110.6
112.5
117.7
122.6
128.0
133.4

101.4
98.3
100.0
102.0
103.7
105.4
106.7
111.0
113.4
115.3

97.2
95.9
100.0
103.8
111.9
120.3
127.8
139.0
146.5
154.8

100.6
100.8
100.0
99.5
101.3
102.4
103.5
103.6
103.1
101.7

1999: Oct ..................................................
Nov ..................................................
Dec ...................................................

130.2
129.8
130.3

118.2
117.6
118.1

157.4
154.4
155.7

109.3
109.1
109.5

151.2
151.4
151.8

174.8
175.0
175.5

73.7
73.0
72.4

123.2
122.4
123.1

135.4
134.3
134.9

115.9
115.2
116.0

156.8
158.8
159.7

101.5
101.6
101.4

2000: Jan ..................................................
Feb ..................................................
Mar .................................................
Apr ..................................................
May .................................................
June ................................................
July r ................................................
Aug r ................................................
Sept r ................................................
Oct p .................................................

131.6
131.8
132.0
132.8
133.1
134.0
134.2
134.7
135.2
135.2

118.8
118.7
118.0
118.6
118.8
119.4
118.8
119.1
119.7
119.2

158.9
156.4
156.8
159.1
156.9
158.4
153.8
153.2
156.1
152.1

109.7
110.0
109.1
109.4
110.0
110.5
110.6
111.1
111.2
111.4

154.2
155.0
156.9
158.1
158.8
160.1
161.7
162.6
163.1
164.0

179.4
180.6
183.0
185.0
185.7
187.2
188.7
190.2
191.9
192.5

70.6
69.7
69.8
69.3
69.3
70.5
72.0
70.3
68.0
69.3

123.7
124.8
125.1
125.3
125.1
124.3
124.4
123.7
123.9
123.6

136.4
137.5
139.0
139.2
137.4
136.8
137.7
136.0
136.4
136.2

116.1
117.2
116.9
117.1
117.7
116.8
116.4
116.3
116.5
116.1

160.5
161.2
163.1
165.0
168.1
169.1
168.1
170.1
171.0
170.6

101.2
100.5
100.6
102.5
102.8
102.6
100.8
102.8
102.8
102.4

1 Includes

oil and gas well drilling and manufactured homes, not shown separately.

[1992=100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

Iron
and
steel

Fabricated
metal
products

Industrial
machinery and
equipment

Electrical
machinery

Nondurable manufactures
Transportation
equipment

Total

Motor
vehicles
and
parts

Lumber
and
products

Apparel
products

Printing
and
publishing

Chemicals
and
products

Foods

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

104.0
96.7
100.0
105.1
113.8
116.2
119.6
126.7
125.6
126.6

106.4
96.0
100.0
106.1
114.4
116.5
118.9
125.6
122.6
123.2

101.2
96.2
100.0
104.4
112.2
116.4
120.1
126.1
128.8
128.7

100.1
95.4
100.0
110.1
125.6
143.7
159.6
178.3
206.4
230.1

87.7
89.6
100.0
109.4
130.5
165.7
206.6
260.0
315.1
390.2

102.3
96.5
100.0
103.5
107.5
106.7
107.6
117.1
121.6
122.4

95.3
88.5
100.0
113.0
130.6
133.2
131.8
140.6
141.7
151.0

101.6
94.5
100.0
100.8
105.9
107.9
110.1
115.0
118.5
121.6

97.2
97.8
100.0
102.4
106.3
107.1
104.1
102.1
96.6
90.7

103.1
99.1
100.0
100.7
100.7
101.3
101.3
105.2
105.1
104.4

97.3
96.4
100.0
101.6
104.8
107.4
109.8
114.6
115.1
117.5

97.0
98.4
100.0
102.0
103.7
105.8
105.4
107.8
109.3
110.1

1999: Sept .................................................
Oct ..................................................
Nov ..................................................
Dec ...................................................

128.3
129.0
131.1
132.8

125.9
124.9
130.7
131.7

128.4
128.8
129.7
129.0

235.5
238.3
239.7
241.8

402.1
412.6
418.1
426.4

123.1
122.3
121.8
120.4

155.6
155.7
155.8
152.7

119.7
120.5
119.8
121.4

89.0
89.1
89.1
89.1

104.6
106.0
105.7
105.3

117.4
119.8
122.7
122.9

109.6
110.1
110.3
110.0

2000: Jan ..................................................
Feb ..................................................
Mar .................................................
Apr ..................................................
May .................................................
June ................................................
July r ................................................
Aug r ................................................
Sept r ................................................
Oct p .................................................

132.8
130.9
133.6
133.8
133.0
132.4
129.6
128.9
128.7
126.4

130.8
129.1
132.9
132.7
132.1
132.4
125.6
126.9
126.3
122.3

130.8
130.4
130.6
131.0
131.4
130.6
131.0
130.9
130.7
130.2

247.7
252.6
256.7
260.5
263.5
266.2
267.7
270.1
273.9
276.7

443.5
455.6
475.2
494.8
516.3
532.0
549.5
556.4
570.5
582.5

121.7
119.6
120.9
120.7
121.7
122.5
117.3
121.1
120.7
116.0

156.6
153.4
155.6
156.2
159.4
158.4
145.7
156.1
157.0
144.7

122.1
121.2
120.5
120.8
119.4
117.0
116.7
112.8
115.5
115.3

89.0
89.7
89.5
90.1
88.9
86.8
87.6
85.9
84.5
83.9

105.3
105.7
105.9
105.4
106.0
105.3
106.4
106.1
105.9
106.5

121.6
122.4
121.2
120.2
120.3
120.3
119.8
121.8
122.8
123.0

109.8
110.7
111.1
111.6
111.0
111.1
111.7
111.3
110.7
111.8

Source: Board of Governors of the Federal Reserve System.

18

NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3

Private
Period

Total new
construction
expenditures

Residential
Total

New housing
units

Total 1

Commercial
and industrial 2

Other

Federal
and
State
and
local

Total value
index
(1992=100)

Commercial
and industrial
floor space
(millions of
square feet)

Billions of dollars
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

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

476.8
432.6
463.7
493.3
539.2
555.6
613.5
656.6
711.8
764.2

369.3
322.5
347.8
377.3
419.0
425.7
474.3
501.7
552.2
591.6

191.1
166.3
199.4
225.1
258.6
247.4
281.1
289.0
314.6
348.8

1999: Oct .............................
Nov ............................
Dec ............................
2000: Jan ............................
Feb ............................
Mar ............................
Apr ............................
May ...........................
June ..........................
July ...........................
Aug r ...........................
Sept r ..........................
Oct p ...........................

756.9
776.5
791.7
806.1
816.0
829.5
816.2
811.8
798.9
786.4
802.7
818.0
825.0

584.9
596.9
605.8
614.6
629.6
637.7
629.5
629.8
624.4
612.0
618.0
630.5
639.2

132.1
114.6
135.1
150.9
176.4
171.4
191.1
198.1
224.0
249.5

350.0
353.9
358.2
365.1
368.7
372.1
368.9
367.7
363.8
347.5
350.5
353.0
360.5

119.4
93.7
82.2
84.4
93.3
109.4
123.2
135.8
151.1
154.5

58.8
62.6
66.2
67.8
67.1
68.9
70.0
77.0
86.5
88.2

107.5
110.1
115.8
116.0
120.2
129.9
139.3
154.9
159.5
172.7

98
92
100
108
118
122
132
144
161
177

783
577
556
589
744
862
875
1,027
1,223
1,143

150.0
155.3
156.3
159.1
169.9
172.2
170.5
170.1
169.1
170.5
172.9
178.1
181.5

84.9
87.8
91.3
90.3
90.9
93.4
90.0
92.1
91.6
94.0
94.6
99.4
97.1

172.0
179.5
185.9
191.5
186.4
191.8
186.7
182.0
174.5
174.4
184.7
187.5
185.8

175
177
175
r 177
180
r 195
186
r 179
r 188
r 178
175
182
187

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

Annual rates
249.6
253.8
259.8
265.4
268.7
270.7
268.1
266.0
261.5
255.1
253.5
252.0
252.5

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 homes, except as noted]
New private housing units
Period
Total
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

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

New private homes

Units started, by type of structure

1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1,354.1
1,476.8
1,474.0
1,616.9
1,666.5

1 unit
894.8
840.4
1,029.9
1,125.7
1,198.4
1,076.2
1,160.9
1,133.7
1,271.4
1,334.9

2–4 units

5 or more
units

37.5
35.6
30.7
29.4
35.0
33.7
45.2
44.5
42.6
31.9

260.4
137.9
139.0
132.6
223.5
244.1
270.8
295.8
302.9
299.7

Units
authorized
1,110.8
948.8
1,094.9
1,199.1
3 1,371.6
1,332.5
1,425.6
1,441.1
1,612.3
1,663.5

Units
completed

Homes
sold

Homes for
sale at end
of period 1

Vacancy rate
for rental
housing units
(percent) 2

1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
1,312.6
1,412.9
1,400.5
1,474.2
1,636.1

534
509
610
666
670
667
757
804
886
907

321
284
265
293
336
370
322
281
294
320

7.2
7.4
7.4
2 7.3
7.4
7.6
7.8
7.7
7.9
8.1

1,642
1,608
1,653
1,675
1,599
1,732
1,728
1,660
1,705
1,545
1,531
1,611
1,553
....................

848
906
895
916
927
905
947
865
875
827
919
866
946
..................

311
314
317
320
321
309
321
305
308
312
306
306
302
....................

8.2
......................
......................
7.9
......................
......................
7.9
......................
......................
8.0
......................
......................
8.2
......................

Seasonally adjusted annual rates
1999: Sept ...........................
Oct .............................
Nov ............................
Dec ............................
2000: Jan ............................
Feb ............................
Mar ............................
Apr ............................
May ...........................
June ..........................
July ............................
Aug r ...........................
Sept r ..........................
Oct p ...........................
1 Seasonally

1,628
1,636
1,663
1,769
1,744
1,822
1,630
1,652
1,591
1,571
1,527
1,519
1,530
1,532

1,290
1,343
1,344
1,441
1,361
1,324
1,327
1,310
1,258
1,227
1,201
1,229
1,229
1,227

38
26
25
30
32
40
16
30
26
39
43
41
39
39

adjusted.
2 Revised series beginning 1994; not comparable with earlier data, except 1993 data have
been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
3 The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.

300
267
294
298
351
458
287
312
307
305
283
249
262
266

1,553
1,636
1,678
1,683
1,762
1,661
1,597
1,559
1,511
1,528
1,511
1,486
1,518
1,546

NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 places.
Source: Department of Commerce, Bureau of the Census.

19

BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In September, manufacturing and trade sales rose 0.4 percent and inventories rose $1.1 billion. According to advance
data, retail sales rose 0.1 percent in October, following an increase of 0.9 percent in September.

Manufacturing and
trade 1

Wholesale

Retail

Inventory-sales
ratio 4

Sales 2
Period
Sales 2

Inventories 3

Sales 2

Inventories 3

Total

Inventories 3

Durable
goods
stores

Nondurable
goods
stores

Total

Durable
goods
stores

Nondurable
goods
stores

Manufacturing
and
trade 1

Retail

Millions of dollars, seasonally adjusted, except as noted
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

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

1999: Sept r ....................
Oct .......................
Nov ......................
Dec ......................

545,909
542,815
567,176
595,628
639,163
684,982
718,113
753,445
779,413
833,079

840,594
834,609
842,809
870,396
934,769
995,547
1,014,340
1,061,815
1,100,166
1,150,554

149,506
148,306
154,150
161,484
172,811
188,842
199,961
208,446
212,926
228,540

195,833
200,448
208,302
217,425
236,287
254,844
257,626
276,140
290,171
307,925

845,844

1,130,446
1,134,645
1,144,815
1,150,554

233,225
235,226
238,540
241,672

301,577
303,570
306,900
307,925

r 850,690

861,000
871,172

2000: Jan ......................
877,271 1,156,942 243,213 310,368
Feb ......................
881,157 1,162,448 243,128 312,230
Mar ......................
891,597 1,165,746 245,678 314,206
Apr ......................
886,555 1,171,965 246,357 317,164
May ......................
895,965 1,182,162 247,391 320,188
June .....................
902,798 1,192,224 250,154 323,252
July .....................
897,634 1,197,112 249,405 324,313
r ....................
Aug
901,289 1,205,636 249,960 326,195
p ...................
r 904,815
Sept
1,206,741 251,635 326,730
Oct p ..................... ................ .................. ................ ................

153,718
154,661
162,632
173,509
187,350
196,584
208,530
217,547
228,799
249,577

97,981
100,497
103,999
108,349
113,462
117,639
123,614
128,944
134,101
144,994

239,688
243,211
251,997
268,932
293,605
309,718
319,985
329,542
343,197
372,252

121,212
119,206
123,169
135,056
152,996
164,999
170,775
176,349
183,630
202,474

118,476
124,005
128,828
133,876
140,609
144,719
149,210
153,193
159,567
169,778

1.52
1.53
1.48
1.44
1.41
1.43
1.40
1.38
1.39
1.35

363,200
363,553
368,079
372,252

197,500
197,333
199,811
202,474

165,700
166,220
168,268
169,778

1.34
1.33
1.33
1.32

253,910

106,505

147,405

r 255,263

r 107,081

r 148,182

257,489
261,628

108,640
109,545

148,849
152,083

263,493
267,164
268,357
267,119
267,417
268,436
270,645
270,549
r 273,010
273,170

111,714
113,179
112,529
111,202
110,805
110,718
111,700
111,268
r 112,456
111,945

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

20

55,736
54,165
58,634
65,160
73,888
78,946
84,916
88,602
94,699
104,583

1.43
r 1.42

1.43
1.42

151,779 373,868 204,232 169,636
1.32
1.42
153,985 374,219 203,281 170,938
1.32
1.40
155,828 375,653 204,946 170,707
1.31
1.40
155,917 376,933 206,841 170,092
1.32
1.41
156,612 382,612 210,216 172,396
1.32
1.43
157,718 386,931 214,153 172,778
1.32
1.44
158,945 386,496 214,124 172,372
1.33
1.43
159,281 391,797 218,203 173,594
1.34
1.45
r 160,554
391,503 217,655 173,848
1.33
1.43
161,225 ................ ................ ................ ................ ................

3 Seasonally
4 Annual

1.56
1.54
1.52
1.51
1.50
1.55
1.51
1.49
1.47
1.44

adjusted, end of period.
data are averages of seasonally adjusted monthly ratios.

Source: Department of Commerce, Bureau of the Census.

MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS
In September, manufacturers’ shipments fell; inventories and new and unfilled orders rose. According to advance
estimates for October, durable goods shipments and new orders fell.

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total
Total

Capital
goods
industries,
nondefense

Nondurable
goods

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1990 .................................
242,686
1991 .................................
239,847
1992 .................................
250,394
1993 .................................
260,635
1994 .................................
279,002
1995 ..................................
299,555
1996 ..................................
309,622
1997 ..................................
327,452
1998 ..................................
337,687
1999 .................................
354,961
1999: Sept .......................
358,709
Oct .........................
360,201
Nov ........................
364,971
Dec ........................
367,872
2000: Jan ........................
370,565
Feb ........................
370,865
Mar .......................
377,562
Apr ........................
373,079
May .......................
381,157
June ......................
384,208
July .......................
377,584
Aug .......................
380,780
r ......................
Sept
380,170
Oct p ....................... ................

123,776 118,910 405,073 263,209 141,864 244,507
121,000 118,847 390,950 250,019 140,931 238,805
128,489 121,905 382,510 238,105 144,405 248,212
135,886 124,749 384,039 239,334 144,705 257,698
149,131 129,870 404,877 253,624 151,253 279,733
160,586 138,970 430,985 268,353 162,632 300,632
167,013 142,608 436,729 273,815 162,914 312,442
179,892 147,560 456,133 286,372 169,761 329,335
189,666 148,022 466,798 295,344 171,454 336,140
200,623 154,338 470,377 295,034 175,343 356,599
201,895 156,814 465,669 292,901 172,768 360,886
202,306 157,895 467,522 293,448 174,074 360,725
204,430 160,541 469,836 294,970 174,866 365,612
206,480 161,392 470,377 295,034 175,343 379,485
209,442 161,123 472,706 296,566 176,140 374,967
206,555 164,310 475,999 298,505 177,494 374,882
211,477 166,085 475,887 297,959 177,928 385,097
209,309 163,770 477,868 299,396 178,472 370,423
214,890 166,267 479,362 299,916 179,446 387,906
217,645 166,563 482,041 301,119 180,922 408,087
212,142 165,442 486,303 303,724 182,579 375,030
214,018 166,762 487,644 305,162 182,482 382,368
214,194 165,976 488,508 305,317 183,191 387,176
212,435 ................ ................ ................ ................ ................

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.

125,583
119,849
126,308
133,081
149,542
161,782
169,711
181,726
188,308
202,097
204,349
202,442
204,799
218,167
213,982
210,255
219,165
206,557
221,388
241,748
209,877
215,860
221,068
209,009

33,331 118,924 531,131
1.65
30,471 118,957 519,199
1.65
31,524 121,905 492,893
1.54
31,694 124,617 457,810
1.47
35,697 130,191 466,699
1.41
40,511 138,851 479,674
1.41
44,631 142,730 513,062
1.40
48,165 147,610 536,131
1.37
51,700 147,832 519,038
1.38
54,955 154,502 538,217
1.31
56,050 156,537 525,439
1.30
56,291 158,283 525,963
1.30
54,385 160,813 526,604
1.29
62,639 161,318 538,217
1.28
63,350 160,985 542,619
1.28
57,715 164,627 546,636
1.28
60,375 165,932 554,171
1.26
61,509 163,866 551,515
1.28
60,818 166,518 558,264
1.26
70,943 166,339 582,143
1.25
62,283 165,153 579,589
1.29
64,993 166,508 581,177
1.28
68,525 166,108 588,183
1.28
60,748 ................ ................ ................

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

21

PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 0.4 percent in October. Prices of finished consumer foods
rose 0.8 percent, while prices of other finished consumer goods rose 0.4 percent. Capital equipment prices were
unchanged.

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

Period

Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

1990 ...........................
1991 ...........................
1992 ...........................
1993 ...........................
1994 ...........................
1995 ...........................
1996 ...........................
1997 ...........................
1998 ...........................
1999 ..........................
1999: Oct .................
Nov ................
Dec ................
2000: Jan ................
Feb ................
Mar ................
Apr ................
May ...............
June r .............
July ...............
Aug ................
Sept ...............
Oct .................
1 Intermediate

22

119.2
121.7
123.2
124.7
125.5
127.9
131.3
131.8
130.7
133.0
134.6
134.7
134.9
135.0
136.5
137.5
137.0
137.1
138.3
138.1
137.8
139.0
139.5

Intermediate materials

124.4
124.1
123.3
125.7
126.8
129.0
133.6
134.5
134.3
135.1
135.7
135.4
135.4
135.7
136.4
136.6
138.1
137.8
137.5
137.2
136.2
136.7
137.8

117.4
120.9
123.1
124.4
125.1
127.5
130.5
130.9
129.5
132.3
134.2
134.4
134.7
134.7
136.4
137.6
136.6
136.8
138.5
138.2
138.2
139.6
140.0

materials for food manufacturing and feeds.

115.3
118.7
120.8
121.7
121.6
124.0
127.6
128.2
126.4
130.5
133.2
133.5
133.8
133.8
136.2
137.9
136.4
136.6
139.0
138.5
138.5
140.3
140.9

Durable

120.4
123.9
125.7
128.0
130.9
132.7
134.2
133.7
132.9
133.0
133.7
133.5
133.6
133.6
133.3
133.4
133.6
134.1
133.9
134.1
133.9
134.5
133.9

Nondurable

111.5
115.0
117.3
117.6
116.2
118.8
123.3
124.3
122.2
127.9
131.3
131.9
132.3
132.3
135.7
138.2
135.9
136.0
139.5
138.7
138.8
141.1
142.1

Capital
equipment

122.9
126.7
129.1
131.4
134.1
136.7
138.3
138.2
137.6
137.6
137.9
137.8
138.0
138.2
138.2
138.3
138.4
138.7
138.7
139.0
139.0
139.3
139.3

Total
finished
consumer
goods

118.2
120.5
121.7
123.0
123.3
125.6
129.5
130.2
128.9
132.0
134.0
134.2
134.4
134.5
136.4
137.7
137.0
137.1
138.7
138.3
137.9
139.4
140.1

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

114.5
114.4
114.7
116.2
118.5
124.9
125.7
125.6
123.0
123.2
124.9
125.2
125.6
126.2
127.3
128.5
128.4
128.3
129.4
129.7
129.4
130.3
130.6

113.3
111.1
110.7
112.7
114.8
114.8
128.1
125.4
116.2
111.1
112.4
111.7
109.6
109.7
110.3
111.4
112.3
113.1
113.3
112.5
109.7
110.9
111.6

114.5
114.6
114.9
116.4
118.7
125.5
125.6
125.7
123.4
123.9
125.6
126.0
126.5
127.1
128.3
129.4
129.3
129.2
130.4
130.7
130.5
131.4
131.6

108.9
101.2
100.4
102.4
101.8
102.7
113.8
111.1
96.8
98.2
104.2
109.6
104.2
106.9
111.1
113.5
111.8
115.1
124.8
119.9
118.1
124.4
128.6

113.1
105.5
105.1
108.4
106.5
105.8
121.5
112.2
103.9
98.7
99.2
100.2
98.2
98.9
99.5
103.1
104.6
103.1
100.3
97.4
93.0
96.6
100.0

101.5
94.6
93.5
94.7
94.8
96.8
104.5
106.4
88.4
94.3
103.9
112.1
104.5
108.5
115.0
116.6
112.7
119.2
137.2
131.0
131.1
139.0
143.6

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In October, the consumer price index for all urban consumers rose 0.2 percent both seasonally adjusted and
not seasonally adjusted. The index was 3.4 percent above its year-earlier level.

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

Housing

Transportation

Shelter
Period

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

Food
Total 1

Rent
of primary
residence

Total 1

Owners’
equivalent
rent
(12/82=
100)

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

Rel. imp.3 .........................
1990 .................................
1991 .................................
1992 .................................
1993 .................................
1994 .................................
1995 .................................
1996 .................................
1997 .................................
1998 .................................
1999 .................................
1999: Oct .......................
Nov ......................
Dec ......................

100.0
130.7
136.2
140.3
144.5
148.2
152.4
156.9
160.5
163.0
166.6
168.2
168.3
168.3

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
168.1
168.4
168.8

15.3
132.4
136.3
137.9
140.9
144.3
148.4
153.3
157.3
160.7
164.1
165.3
165.6
165.8

39.6
128.5
133.6
137.5
141.2
144.8
148.5
152.8
156.8
160.4
163.9
164.8
165.3
165.4

30.2
140.0
146.3
151.2
155.7
160.5
165.7
171.0
176.3
182.1
187.3
188.3
188.9
189.1

7.0
138.4
143.3
146.9
150.3
154.0
157.8
162.0
166.7
172.1
177.5
178.8
179.6
180.1

20.5
144.8
150.4
155.5
160.5
165.8
171.3
176.8
181.9
187.8
192.9
194.0
194.6
195.0

4.7
111.6
115.3
117.8
121.3
122.8
123.7
127.5
130.8
128.5
128.8
130.1
130.5
129.8

4.7
124.1
128.7
131.9
133.7
133.4
132.0
131.7
132.9
133.0
131.3
132.0
131.5
131.5

17.5 ............
120.5 121.0
123.8 125.3
126.5 128.4
130.4 131.5
134.3 136.0
139.1 139.0
143.0 141.4
144.3 141.7
141.6 140.7
144.4 139.6
147.1 139.5
147.2 139.4
148.4 139.3

3.2
101.2
99.4
99.0
98.0
98.5
100.0
106.3
106.2
92.2
100.7
108.3
108.0
113.4

5.8
162.8
177.0
190.1
201.4
211.0
220.5
228.2
234.6
242.1
250.6
253.4
254.1
255.0

7.0
102.1
102.5
103.0
104.2
104.6
105.2
110.1
111.5
102.9
106.6
110.4
110.5
112.5

77.7
135.5
142.1
147.3
152.2
156.5
161.2
165.6
169.5
173.4
177.0
178.4
178.7
178.9

2000: Jan ......................
Feb ......................
Mar ......................
Apr ......................
May ......................
June .....................
July ......................
Aug .......................
Sept ......................
Oct .......................

168.8
169.8
171.2
171.3
171.5
172.4
172.8
172.8
173.7
174.0

169.2
170.1
171.3
171.3
171.5
172.4
172.8
172.7
173.6
173.9

165.7
166.3
166.5
166.6
167.5
167.6
168.5
168.9
169.2
169.4

166.2
167.0
167.7
167.9
168.3
169.2
169.7
170.1
170.8
171.6

190.1
190.6
191.5
191.8
192.4
193.0
193.3
193.8
194.2
194.9

181.0
181.5
182.0
182.3
182.9
183.3
184.1
184.6
185.3
186.1

196.0
196.6
197.1
197.4
197.8
198.4
198.6
199.2
199.7
200.3

130.5
133.9
133.3
133.5
133.4
136.3
138.5
138.3
141.1
142.9

130.0
130.2
130.6
130.0
129.7
128.9
127.6
127.8
129.8
130.2

148.6
150.5
154.3
153.2
152.5
155.3
154.9
153.2
154.8
154.2

115.1
122.2
136.0
130.4
125.7
136.7
134.1
126.2
133.0
131.1

255.7
256.7
258.0
258.8
259.6
260.6
261.5
262.6
263.6
264.4

113.6
118.8
124.6
122.2
119.9
126.6
126.7
123.0
127.7
127.9

179.3
179.6
180.4
180.8
181.1
181.4
181.8
182.1
182.6
182.9

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

139.0
139.0
139.3
139.7
139.8
139.8
140.0
139.9
139.6
139.3

3 Relative importance, December 1999.
Source: Department of Labor, Bureau of Labor Statistics.

23

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

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

3.4
2.5
1.7
1.8
2.0
2.2
.4
¥.6
0
.3

Excluding
foods

Foods

Change
from year
earlier,
total
finished
goods
NSA

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

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

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

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

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

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

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

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

4.9
2.1
1.2
1.2
.6
1.9
2.7
.4
¥.8
1.8

Change, Dec. to Dec., NSA
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

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

5.7
¥.1
1.6
.2
1.7
2.3
2.8
¥1.2
0
2.9

2.6
¥1.5
1.6
2.4
1.1
1.9
3.4
¥.8
.1
.8

8.7
¥.7
1.6
¥1.4
2.0
2.3
3.7
¥1.5
¥.1
5.1

Change, month to month
1999: Oct ..............
Nov .............
Dec .............

0
.1
.1

¥0.3
¥.2
0

0.1
.2
.2

0.2
¥.1
.1

5.9
3.6
.9

3.9
.9
¥2.0

8.9
6.2
2.1

1.8
1.2
1.2

3.7
3.7
3.8

2.4
1.8
.6

6.1
6.3
6.8

0.4
.1
.7

2.8
3.1
2.9

2000: Jan ..............
Feb ..............
Mar .............
Apr .............
May ............
June r ..........
July .............
Aug .............
Sept .............
Oct ..............

.1
1.1
.7
¥.4
.1
.9
r¥.1
¥.2
.9
.4

.2
.5
.1
1.1
¥.2
¥.2
r¥.2
¥.7
.4
.8

0
1.8
1.2
¥1.1
.1
1.8
r¥.4
0
1.3
.4

.1
0
.1
.1
.2
0
r.2
0
.2
0

1.2
5.5
7.9
6.1
1.8
2.3
3.3
2.1
r 2.0
4.1

0
3.0
3.6
7.3
4.2
2.7
¥2.6
¥4.6
r ¥2.3
1.8

1.8
8.3
12.8
8.0
1.2
3.2
6.3
5.7
r 3.8
7.1

.9
1.2
.9
.6
1.5
1.2
1.7
.9
r 1.7
.9

3.5
4.5
4.4
3.6
3.6
5.1
4.6
1.9
2.2
3.7

1.9
1.9
.7
3.6
3.6
3.1
2.2
¥.3
.1
¥.4

5.3
7.3
7.3
4.9
4.7
7.9
7.1
3.4
3.5
6.7

1.3
1.2
1.0
.7
1.3
1.0
1.2
1.2
1.5
1.3

2.5
4.0
4.3
3.6
3.7
4.4
4.1
3.3
3.3
3.6

Source: Department of Labor, Bureau of Labor Statistics.

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

Transportation

Shelter
Period

All
items 1

Food
Total 1
Total 1

Rent of Ownpriers’
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

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

From
From
3
6
months months
earlier earlier

From
year
earlier
NSA

Change, December to December, NSA
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

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

6.1
3.1
2.9
2.7
2.7
2.5
3.3
1.7
1.6
2.7

5.3
1.9
1.5
2.9
2.9
2.1
4.3
1.5
2.3
1.9

4.5
3.4
2.6
2.7
2.2
3.0
2.9
2.4
2.3
2.2

5.2
3.9
2.9
3.0
3.0
3.5
2.9
3.4
3.3
2.5

4.1
2.9
2.3
2.2
2.5
2.5
2.8
3.1
3.4
3.1

4.8
3.6
3.0
3.2
3.3
3.6
2.8
3.1
3.2
2.4

4.0
2.9
2.3
2.5
.2
1.4
4.6
.5
¥2.6
2.4

5.1
3.4
1.4
.9
¥1.6
.1
¥.2
1.0
¥.7
¥.5

10.4
¥1.5
3.0
2.4
3.8
1.5
4.4
¥1.4
¥1.7
5.4

1999: Oct ....................
Nov ....................
Dec ....................

0.2
.2
.2

0.2
.2
.1

0.1
.3
.1

0.1
.3
.1

0.2
.4
.3

0.1
.3
.2

0.2
.3
¥.5

0.6
¥.4
0

0.3
.1
.8

2000: Jan ....................
Feb ....................
Mar ...................
Apr ....................
May ...................
June ..................
July ...................
Aug ....................
Sept ...................
Oct ....................

.2
.5
.7
0
.1
.5
.2
¥.1
.5
.2

¥.1
.4
.1
.1
.5
.1
.5
.2
.2
.1

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

.5
.3
.5
.2
.3
.3
.2
.3
.2
.4

.5
.3
.3
.2
.3
.2
.4
.3
.4
.4

.5
.3
.3
.2
.2
.3
.1
.3
.3
.3

.5
2.6
¥.4
.2
¥.1
2.2
1.6
¥.1
2.0
1.3

¥1.1
.2
.3
¥.5
¥.2
¥.6
¥1.0
.2
1.6
.3

.1
1.3
2.5
¥.7
¥.5
1.8
¥.3
¥1.1
1.0
¥.4

1.4 36.5
3.3 ¥16.0
2.3
1.8
2.8 ¥5.4
3.2
5.9
1.6 ¥4.0
1.6 12.7
¥1.0 ¥6.2
¥.1 ¥15.4
¥.8 30.2

9.6
7.9
6.6
5.4
4.9
3.9
3.0
2.8
3.4
3.6

18.1
¥7.4
2.0
¥1.4
2.2
¥1.3
8.6
¥3.4
¥8.8
13.4

0
¥.1
¥.1

¥0.3
¥.3
5.0

0.2
.3
.4

0

¥.2
0
.2
.3
.1
0
.1
¥.1
¥.2
¥.2

1.5
6.2
11.3
¥4.1
¥3.6
8.8
¥1.9
¥5.9
5.4
¥1.4

.3
.4
.5
.3
.3
.4
.3
.4
.4
.3

1.0
4.6
4.9
¥1.9
¥1.9
5.6
.1
¥2.9
3.8
.2

5.2
4.4
3.3
3.2
2.6
3.0
2.6
2.2
2.4
1.9

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

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

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

5.4
4.2
3.0
3.0
2.6
2.8
3.0
2.3
1.6
2.2

0.2 ..........
.2 ..........
.1
2.9

3.4
2.9
2.4

2.3
2.7
3.2

2.6
2.6
2.7

2.6
4.1
6.1
5.1
3.3
2.6
3.5
2.8
2.8
2.6

3.0
3.5
4.2
3.8
3.7
4.3
4.3
3.1
2.7
3.1

2.7
3.2
3.8
3.1
3.2
3.7
3.7
3.4
3.5
3.4

Change, month to month

1 Includes

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

24

.1
1.8

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

..........
..........
4.3
..........
..........
3.6
..........
..........
3.1
..........

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 November, prices received by farmers rose 4.3 percent while prices paid by farmers were unchanged. (Data
are not seasonally adjusted.)

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

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

All farm
products

Prices paid by farmers
Livestock and
products

Crops

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

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

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

104
100
98
101
100
102
112
107
101
95

103
101
101
102
105
112
127
115
106
96

105
99
97
100
95
92
99
98
97
95

99
100
101
104
106
109
115
118
115
115

99
100
101
103
106
108
115
118
114
113

99
100
101
104
106
108
115
119
113
111

105
99
97
97
94
93
98
90
88
83

1999: Nov ....................
Dec .....................

93
91

89
89

98
95

116
117

114
115

112
113

80
78

2000: Jan .....................
Feb .....................
Mar .....................
Apr ....................
May ....................
June ...................
July ....................
Aug .....................
Sept ...................
Oct r ....................
Nov ....................

90
92
95
101
102
100
98
98
98
93
97

88
91
95
102
105
99
96
99
98
91
96

94
94
96
100
99
100
100
97
98
96
99

118
119
119
119
119
120
119
119
120
121
121

116
117
117
118
118
118
118
117
118
119
120

114
115
115
116
116
116
116
115
116
117
118

76
77
80
85
86
83
82
82
82
77
80

1 Includes

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

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

25

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK AND DEBT MEASURES
In October, M2 and M3 rose, but slowed.

[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
M1

M2

M3

Debt

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

Debt of
domestic
nonfinancial
sectors
(monthly
average of
adjacent
month-end
levels)1

Percent change from year or 6
months earlier2

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

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

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

824.4
896.3
1,024.3
1,129.7
1,150.1
1,126.8
1,081.1
1,073.9
1,097.4
1,122.9

3,280.4
3,380.4
3,435.2
3,490.3
3,504.4
3,648.9
3,821.6
4,040.2
4,395.0
4,659.8

4,155.8
4,208.2
4,219.2
4,280.0
4,354.1
4,617.4
4,952.4
5,403.2
5,996.7
r 6,491.1

10,824.7
11,299.5
11,823.7
12,407.6
12,988.4
13,694.9
14,430.8
15,223.1
16,276.4
17,377.2

4.0
8.7
14.3
10.3
1.8
¥2.0
¥4.1
¥.7
2.2
2.3

3.8
3.0
1.6
1.6
.4
4.1
4.7
5.7
8.8
6.0

1.6
1.3
.3
1.4
1.7
6.0
7.3
9.1
11.0
8.2

6.5
4.4
4.6
4.9
4.7
5.4
5.4
5.5
6.9
6.8

1999: Sept ......................................................
Oct ........................................................
Nov .......................................................
Dec ........................................................

1,096.1
1,101.3
1,109.5
1,122.9

4,591.2
4,608.8
4,630.3
4,659.8

r 6,261.0

17,121.1
17,204.8
17,273.4
17,377.2

¥1.0
¥1.1
1.4
4.1

5.8
5.3
5.2
5.7

5.7
6.2
7.7
9.8

6.8
6.3
6.1
6.3

2000: Jan ........................................................
Feb ........................................................
Mar .......................................................
Apr ........................................................
May r ......................................................
June r .....................................................
July r ......................................................
Aug r ......................................................
Sept r .....................................................
Oct ........................................................

1,118.9
1,104.5
1,110.4
1,115.1
1,105.0
1,103.4
1,104.4
1,101.2
1,095.4
1,099.9

4,684.9
4,697.9
4,735.9
4,778.1
4,776.3
4,791.4
4,806.2
4,836.2
4,871.5
4,889.8

r 6,539.0

17,451.8
17,508.3
17,620.5
17,719.4
17,794.9
17,877.3
17,948.4
18,021.9
p 18,110.8
......................

3.5
1.1
2.6
2.5
¥.8
¥3.5
¥2.6
¥.6
¥2.7
¥2.7

5.8
5.5
6.3
7.3
6.3
5.6
5.2
5.9
5.7
4.7

10.5
10.6
12.1
12.0
10.0
8.2
8.2
9.2
8.1
7.3

6.3
5.8
5.8
6.0
6.0
5.8
5.7
5.9
5.6
............

Period

1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

1Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data derived from flow of funds accounts.
2Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.

26

6,313.9
r 6,394.9
r 6,491.1
r 6,562.1
r 6,640.5
r 6,692.4

6,714.4
6,757.6
6,807.2
6,862.5
6,910.3
6,936.0

M1

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

M2

M3

Debt

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

Period

1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Currency

Nonbank
travelers
checks

Demand
deposits

Other
checkable
deposits
(OCDs)

Money market
mutual fund
balances

Retail

Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)

Institutional

Small
denomination
time
deposits 1

Large
denomination
time
deposits 1

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

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

247.0
267.5
292.6
322.1
354.4
372.5
394.3
424.8
459.5
515.5

7.0
7.1
7.6
7.4
8.0
8.5
8.3
8.1
8.2
8.3

276.8
289.5
339.8
385.5
383.6
389.2
402.3
395.3
379.3
355.2

293.7
332.3
384.3
414.6
404.1
356.6
276.1
245.8
250.3
244.0

359.7
374.7
356.3
359.4
388.0
456.5
523.0
601.1
747.4
847.3

138.5
186.7
208.5
209.9
202.9
255.5
313.3
382.4
520.1
610.1

923.0
1,043.8
1,186.5
1,219.2
1,149.9
1,134.2
1,270.6
1,397.1
1,598.6
1,734.4

1,173.4
1,065.6
868.1
782.0
816.3
931.4
946.9
968.2
951.7
955.2

482.1
417.6
354.5
334.5
364.2
420.5
492.2
573.9
628.2
705.5

151.5
131.1
141.6
172.6
196.3
198.4
210.7
256.0
300.8
r 344.3

103.3
92.3
79.5
72.8
86.3
94.0
114.6
150.7
152.6
171.3

1999: Oct .............................................
Nov ............................................
Dec ............................................

499.3
504.2
515.5

8.4
8.2
8.3

353.3
355.9
355.2

240.3
241.2
244.0

822.2
830.9
847.3

579.6
594.4
610.1

1,743.1
1,740.8
1,734.4

942.3
949.2
955.2

652.9
679.6
705.5

r 317.8
r 344.3

154.8
162.6
171.3

2000: Jan ............................................
Feb ............................................
Mar ............................................
Apr ............................................
May ...........................................
June ..........................................
July ...........................................
Aug r ..........................................
Sept r .........................................
Oct .............................................

523.8
517.2
515.4
516.5
518.5
520.8
522.3
523.2
524.2
526.1

8.2
8.1
8.2
8.2
8.3
8.8
9.3
9.2
8.8
8.4

343.8
338.2
343.2
342.2
335.3
331.9
332.9
328.2
324.1
325.2

243.1
241.1
243.6
248.2
242.9
241.8
239.9
240.6
238.3
240.2

868.3
872.8
888.3
903.7
902.6
899.7
894.3
899.0
908.6
916.7

626.3
620.3
643.5
642.7
651.8
660.2
688.7
704.9
724.1
728.2

1,735.4
1,751.3
1,760.8
1,774.3
1,775.8
1,783.2
1,794.3
1,813.2
1,839.7
1,841.6

962.3
969.3
976.3
985.0
992.9
1,005.1
1,013.1
1,022.9
1,027.8
1,031.5

712.4
714.3
721.4
739.4
739.3
751.4
759.2
770.0
760.1
760.5

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

r 328.0

r 339.9
r 354.5
r 351.3
r 348.7
r 358.3
r 367.0
r 368.6

363.1
362.0
362.0

175.4
175.0
188.5
183.5
188.5
187.6
r 184.5
188.3
192.7
195.6

Source: Board of Governors of the Federal Reserve System.

AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements

Borrowings of depository institutions from the Federal
Reserve (NSA)

Reserves of depository institutions
Period
Total

1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Nonborrowed

Nonborrowed
plus
extended
credit

Required

Monetary
base

Total

Seasonal

Extended
credit

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

41,748
45,495
54,395
60,541
59,433
56,470
50,173
46,868
45,189
41,742

41,422
45,303
54,272
60,459
59,224
56,212
50,018
46,543
45,073
41,422

41,445
45,303
54,272
60,459
59,224
56,212
50,018
46,543
45,073
41,422

40,083
44,506
53,242
59,471
58,274
55,180
48,757
45,183
43,676
40,435

293,249
317,550
350,935
386,561
418,218
434,327
451,617
479,171
512,749
591,184

326
192
124
82
209
257
155
324
117
320

76
38
18
31
100
40
68
79
15
67

23
1
1
0
0
0
0
0
0
0

1999: Oct ...........................................................................
Nov ..........................................................................
Dec ...........................................................................

41,339
41,560
41,742

41,058
41,325
41,422

41,058
41,325
41,422

40,189
40,231
40,435

557,847
569,432
591,184

281
236
320

221
71
67

0
0
0

2000: Jan ...........................................................................
Feb ..........................................................................
Mar ..........................................................................
Apr ...........................................................................
May ..........................................................................
June .........................................................................
July ..........................................................................
Aug ...........................................................................
Sept ..........................................................................
Oct r ..........................................................................

43,116
41,636
40,463
40,929
41,357
39,958
40,258
39,944
39,861
39,540

42,742
41,529
40,284
40,625
40,995
39,478
39,688
39,365
39,384
39,122

42,742
41,529
40,284
40,625
40,995
39,478
39,688
39,365
39,384
39,122

41,095
40,525
39,258
39,784
40,414
38,894
39,190
38,930
38,759
38,411

591,999
573,593
571,441
573,083
574,288
575,630
577,412
577,696
r 579,257
580,812

374
108
179
304
362
479
570
579
477
418

31
44
71
120
276
389
510
554
427
299

0
0
0
0
0
0
0
0
0
0

1 Data

are prorated averages of biweekly (maintenance period) averages of daily figures.

Source: Board of Governors of the Federal Reserve System.

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases fell 0.1 percent in October; commercial and industrial loans also fell
0.1 percent.

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

1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
1999:

Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec r ..........
Oct r ..........
Nov r .........
Dec r ..........
2000: Jan r ..........
Feb r ..........
Mar r .........
Apr r ..........
May r .........
June r ........
July r .........
Aug r .........
Sept r .........
Oct ...........

Total
bank
credit

2,751.5
2,857.7
r 2,956.6
3,115.3
3,321.6
3,604.2
3,759.6
r 4,099.3
4,535.5
4,769.8
4,632.6
4,690.2
4,769.8
4,788.2
4,834.8
4,883.6
4,936.1
5,004.9
5,041.4
5,079.4
5,121.2
5,170.6
5,144.9

Total
securities

U.S.
Government
securities

634.3
746.0
841.5
915.2
940.2
984.6
978.1
1,084.1
1,221.7
1,268.5
1,250.3
1,245.7
1,268.5
1,266.3
1,269.1
1,280.2
1,292.9
1,313.3
1,313.2
1,318.3
1,321.7
1,332.3
1,310.3

456.4
566.5
665.0
730.7
722.2
702.4
699.6
748.4
792.7
808.4
814.3
801.9
808.4
812.5
815.0
815.4
814.2
815.5
818.6
820.8
814.1
808.8
793.9

Loans and leases in bank credit
Real estate

Other
Total loans Commersecurities and leases 2 cial and
industrial

177.9
179.5
176.5
184.5
217.9
282.2
278.5
335.7
429.1
460.1
436.0
443.9
460.1
453.8
454.2
464.8
478.7
497.8
494.6
497.5
507.6
523.4
516.4

2,117.2
2,111.7
r 2,115.1
2,200.1
2,381.4
2,619.6
2,781.5
r 3,015.2
r 3,313.8
3,501.3
3,382.3
3,444.5
3,501.3
3,521.9
3,565.6
3,603.4
3,643.2
3,691.6
3,728.2
3,761.1
3,799.6
3,838.4
3,834.6

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

28

645.5
624.0
600.3
590.7
650.7
724.7
787.9
855.2
949.0
1,002.1
980.3
996.3
1,002.1
1,009.7
1,023.0
1,029.6
1,037.7
1,057.9
1,066.5
1,072.3
1,080.3
1,080.4
1,079.5

Total

858.7
884.5
906.9
948.1
1,011.4
1,090.3
1,142.1
1,247.3
1,337.3
1,474.8
1,422.0
1,436.6
1,474.8
1,492.0
1,510.6
1,532.6
1,556.4
1,580.4
1,598.5
1,614.3
1,624.1
1,636.1
1,634.1

Revolving
home
equity

66.5
74.5
78.6
78.1
80.6
84.4
90.7
104.7
103.7
101.4
100.0
100.8
101.4
104.4
106.3
108.7
112.3
114.7
115.7
117.1
118.3
120.7
124.0

Consumer

Security

Other

Other

792.2
810.1
828.3
870.0
930.9
1,005.9
1,051.4
1,142.6
1,233.6
1,373.4
1,322.0
1,335.8
1,373.4
1,387.6
1,404.3
1,423.9
1,444.1
1,465.7
1,482.8
1,497.2
1,505.7
1,515.3
1,510.1

380.5
363.5
355.9
387.4
447.8
491.0
512.4
502.3
497.2
490.5
481.4
482.7
490.5
495.7
500.1
503.0
506.6
509.2
516.0
519.6
528.0
531.4
530.9

44.5
53.8
63.9
88.1
77.5
84.1
76.4
96.2
148.3
153.3
109.7
133.7
153.3
143.4
142.9
143.2
144.0
144.8
149.4
151.4
159.1
182.7
180.5

188.0
185.8
r 188.1
r 185.9
194.0
229.5
262.7
314.1
381.9
380.6
388.8
395.2
380.6
381.3
389.1
395.0
398.6
399.2
397.8
403.5
408.1
407.8
409.6

2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
Note.—Data in this table are as released on November 24, 2000.
Source: Board of Governors of the Federal Reserve System.

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

Uses
External

Funds raised in markets
Period
Total

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
1998:

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

615.1
514.6
626.7
728.6
808.2
1,010.7
1,074.5
1,010.8
1,218.6
1,596.5
1,421.8
1,131.6
1,262.4
1,058.5
1,673.9
1,661.2
1,589.1
1,461.7
1,864.1
1,491.8

Internal 1

431.6
447.5
465.4
510.7
566.6
619.9
676.0
727.3
747.1
805.3
739.7
738.8
751.9
758.1
792.6
796.7
803.2
828.7
863.5
897.4

Credit market instruments
Total

183.5
67.1
161.3
217.9
241.6
390.8
398.5
283.5
471.5
791.2
682.1
392.8
510.5
300.4
881.3
864.5
785.9
633.0
1,000.6
594.4

Total

Total
net
funds
raised

Net new
equity
issues

Total

64.0
¥27.6
73.2
67.4
83.8
177.7
87.5
156.2
150.2
336.7
289.4
346.8
50.9
¥86.4
574.2
33.6
338.8
400.4
566.2
367.5

¥63.0
18.3
27.0
21.3
¥44.9
¥58.3
¥69.5
¥114.4
¥267.0
¥143.5
¥139.2
¥129.1
¥308.4
¥491.3
¥52.1
¥338.4
¥128.4
¥55.0
62.8
¥248.0

127.0
¥45.8
46.2
46.1
128.7
236.1
157.0
270.6
417.2
480.2
428.6
475.9
359.3
404.9
626.3
372.0
467.2
455.4
503.4
615.5

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

Other 2

Loans
and
shortterm
paper

Securities
and mortgages
59.1
71.1
56.0
71.1
37.8
118.9
100.1
137.0
264.7
321.7
319.2
327.1
130.0
282.5
367.3
377.1
280.6
261.6
260.4
227.7

67.9
¥117.0
¥9.9
¥25.0
90.8
117.2
57.0
133.6
152.6
158.6
109.4
148.8
229.3
122.5
259.0
¥5.1
186.6
193.8
243.0
387.8

119.5
94.7
88.2
150.6
157.8
213.1
311.0
127.3
321.2
454.5
392.6
45.9
459.7
386.8
307.2
831.0
447.1
232.6
434.5
226.9

Capital
expenditures 3

573.9
526.0
616.1
857.4
867.8
1,089.5
1,088.0
934.1
1,194.2
1,555.4
1,391.3
1,126.6
1,249.5
1,009.4
1,626.2
1,618.6
1,554.8
1,422.1
1,827.9
1,453.1

Increase
in financial assets

Discrepancy
(sources
less
uses)

124.4
82.3
145.1
332.6
274.8
423.6
403.3
150.3
347.1
648.4
560.0
296.8
388.9
142.8
753.2
731.8
642.8
465.8
860.9
418.7

41.3
¥11.3
10.6
¥128.7
¥59.5
¥78.7
¥13.6
76.6
24.4
41.0
30.5
5.0
13.0
49.1
47.7
42.7
34.3
39.5
36.2
38.6

449.5
443.7
471.0
524.8
593.0
665.9
684.7
783.8
847.1
907.0
831.3
829.8
860.6
866.6
873.0
886.8
912.0
956.3
967.0
1,034.4

3 Plant and equipment, residential structures, inventory investment, and access rights from
U.S. Government.

Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]

Consumer credit outstanding (end of period)
Period
Total

1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
1999:

Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Sept ..............................................................................
Oct ...............................................................................
Nov ...............................................................................
Dec ...............................................................................
2000: Jan ...............................................................................
Feb ...............................................................................
Mar ..............................................................................
Apr ...............................................................................
May ..............................................................................
June .............................................................................
July ..............................................................................
Aug ..............................................................................
Sept p ............................................................................

789.1
777.1
782.2
838.8
960.4
1,095.8
1,182.6
1,234.5
1,301.0
1,393.7
1,366.3
1,371.6
1,382.7
1,393.7
1,409.1
1,418.5
1,429.2
1,435.6
1,447.4
1,462.8
1,469.5
1,481.8
1,488.3

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

Revolving

238.6
263.8
278.4
309.9
365.6
443.1
499.4
531.2
560.5
595.6
584.4
585.2
589.0
595.6
603.8
608.5
615.5
622.2
628.8
634.7
638.2
644.9
648.5

Nonrevolving 2

550.5
513.3
503.7
528.8
594.9
652.7
683.1
703.3
740.5
798.0
781.9
786.4
793.8
798.0
805.4
810.0
813.7
813.4
818.6
828.2
831.3
837.0
839.8

Net change in consumer credit outstanding 1
Total

10.4
¥12.0
5.1
56.6
121.6
135.4
86.8
51.9
66.5
92.7
1.8
5.3
11.1
11.0
15.4
9.4
10.7
6.4
11.8
15.4
6.7
12.3
6.5

Revolving

27.4
25.2
14.6
31.5
55.7
77.5
56.3
31.8
29.3
35.1
.3
.8
3.8
6.6
8.2
4.7
7.0
6.7
6.6
5.9
3.5
6.7
3.6

Nonrevolving 2

¥17.0
¥37.2
¥9.6
25.1
66.1
57.8
30.4
20.2
37.2
57.5
1.5
4.5
7.4
4.2
7.4
4.6
3.7
¥.3
5.2
9.6
3.1
5.7
2.8

Source: Board of Governors of the Federal Reserve System.

29

INTEREST RATES AND BOND YIELDS
Interest rates were mixed in November.

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

1990 .......................
1991 .......................
1992 .......................
1993 .......................
1994 .......................
1995 .......................
1996 .......................
1997 .......................
1998 .......................
1999 .......................
1999: Nov .............
Dec .............
2000: Jan .............
Feb ..............
Mar .............
Apr ..............
May .............
June ............
July .............
Aug .............
Sept .............
Oct ..............
Nov p ...........
Week ended:
2000: Nov 4 ........
11 ........
18 ........
25 ........
Dec 2 p ......
1 Bank-discount

3-month
bills (new
issues) 1

3-year

maturities 2

10-year

30-year

Highgrade
municipal
bonds
(Standard
&
Poor’s) 3

Corporate
Aaa
bonds
(Moody’s)

30

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

Prime rate
charged by
banks 4

Federal
funds
rate 5

Newhome
mortgage
yields
(FHFB) 6

7.51
5.42
3.45
3.02
4.29
5.51
5.02
5.07
4.81
4.66
5.07
5.23
5.34
5.57
5.72
5.67
5.92
5.74
5.93
6.11
6.00
6.10
6.19

8.26
6.82
5.30
4.44
6.27
6.25
5.99
6.10
5.14
5.49
5.92
6.14
6.45
6.65
6.53
6.36
6.77
6.43
6.28
6.17
6.02
5.85
5.79

8.55
7.86
7.01
5.87
7.09
6.57
6.44
6.35
5.26
5.65
6.03
6.28
6.66
6.52
6.26
5.99
6.44
6.10
6.05
5.83
5.80
5.74
5.72

8.61
8.14
7.67
6.59
7.37
6.88
6.71
6.61
5.58
5.87
6.15
6.35
6.63
6.23
6.05
5.85
6.15
5.93
5.85
5.72
5.83
5.80
5.78

7.25
6.89
6.41
5.63
6.19
5.95
5.75
5.55
5.12
5.43
5.85
5.93
6.10
6.06
5.89
5.76
6.04
5.84
5.72
5.63
5.64
5.65
5.60

9.32
8.77
8.14
7.22
7.96
7.59
7.37
7.26
6.53
7.04
7.36
7.55
7.78
7.68
7.68
7.64
7.99
7.67
7.65
7.55
7.62
7.55
7.45

7.95
5.85
3.80
3.30
4.93
5.93
5.42
5.62
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*

6.98
5.45
3.25
3.00
3.60
5.21
5.02
5.00
4.92
4.62
4.75–5.00
5.00–5.00
5.00–5.00
5.00–5.25
5.25–5.50
5.50–5.50
5.50–6.00
6.00–6.00
6.00–6.00
6.00–6.00
6.00–6.00
6.00–6.00
6.00–6.00

10.01
8.46
6.25
6.00
7.15
8.83
8.27
8.44
8.35
8.00
8.25–8.50
8.50–8.50
8.50–8.50
8.50–8.75
8.75–9.00
9.00–9.00
9.00–9.50
9.50–9.50
9.50–9.50
9.50–9.50
9.50–9.50
9.50–9.50
9.50–9.50

8.10
5.69
3.52
3.02
4.21
5.83
5.30
5.46
5.35
4.97
5.42
5.30
5.45
5.73
5.85
6.02
6.27
6.53
6.54
6.50
6.52
6.51
6.51

10.05
9.32
8.24
7.20
7.49
7.87
7.80
7.71
7.07
7.04
7.24
7.28
7.45
7.54
7.60
7.63
7.55
7.50
7.51
7.54
7.52
7.53
..............

6.18
6.22
6.19
6.18
6.16

5.86
5.90
5.80
5.75
5.61

5.76
5.85
5.73
5.65
5.56

5.80
5.88
5.79
5.71
5.66

5.60
5.65
5.61
5.59
5.55

7.49
7.53
7.45
7.41
7.37

*
*
*
*
*

6.00–6.00
6.00–6.00
6.00–6.00
6.00–6.00
6.00–6.00

9.50–9.50
9.50–9.50
9.50–9.50
9.50–9.50
9.50–9.50

6.55
6.49
6.52
6.51
6.50

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

basis.
on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
3 Weekly data are Wednesday figures.
4 Average effective rate for year; opening and closing rate for month and week.
5 Daily effective rate; average of the rates on a given day weighted by the volume of transactions at these rates.
2 Yields

Prime
commercial
paper,
6
months 1

6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
*Series no longer published by Federal Reserve (FR). See FR release H. 15 Selected Interest
Rates, May 12, 1997.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s.

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

Common stock prices 1
Period

Composite
1990 ...........................................
1991 ...........................................
1992 ...........................................
1993 ...........................................
1994 ...........................................
1995 ...........................................
1996 ...........................................
1997 ...........................................
1998 ...........................................
1999 ...........................................
1999: Nov .................................
Dec ..................................
2000: Jan ..................................
Feb ..................................
Mar .................................
Apr ..................................
May .................................
June ................................
July .................................
Aug .................................
Sept .................................
Oct ..................................
Nov .................................
Week ended:
2000: Nov 4 ............................
11 ............................
18 ............................
25 ............................
Dec 2 p ..........................
1 Average

Industrial

Transportation

3 Dec.

Utility 3

Finance

Dow-Jones
industrial
average 4

Standard &
Poor’s composite index
(1941–
43=10) 5

Dividendprice ratio

Earningsprice ratio

183.46
206.33
229.01
249.58
254.12
291.15
358.17
456.54
550.26
619.16
634.22
638.17
634.07
606.03
622.28
646.82
640.07
649.61
653.27
666.14
667.05
646.53
646.64

225.78
258.14
284.62
299.99
315.25
367.34
453.98
574.52
681.57
774.78
791.41
808.28
814.73
775.46
790.35
822.76
814.75
819.54
825.28
837.23
829.99
803.88
800.88

158.62
173.99
201.09
242.49
247.29
269.41
327.33
414.60
468.69
491.60
474.78
461.04
456.36
398.69
384.39
406.14
411.50
395.09
410.67
419.84
404.23
401.37
434.92

181.20
185.32
198.91
228.90
209.06
220.30
249.77
283.82
378.12
473.73
502.59
511.64
485.82
482.30
509.59
502.78
487.17
501.93
484.19
459.91
464.66
453.68
455.66

133.26
150.82
179.26
216.42
209.73
238.45
303.89
424.48
516.35
530.86
539.20
510.99
495.23
471.65
489.90
524.05
523.22
544.51
556.32
597.17
616.89
596.53
600.45

2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
4,493.76
5,742.89
7,441.15
8,625.52
10,464.88
10,809.80
11,246.36
11,281.26
10,541.93
10,483.39
10,944.31
10,580.27
10,582.93
10,662.95
11,014.51
10,967.87
10,440.96
10,666.06

334.59
376.18
415.74
451.41
460.42
541.72
670.50
873.43
1,085.50
1,327.33
1,391.00
1,428.68
1,425.59
1,388.87
1,442.21
1,461.36
1,418.48
1,461.96
1,473.00
1,485.46
1,468.05
1,390.14
1,375.04

3.61
3.24
2.99
2.78
2.82
2.56
2.19
1.77
1.49
1.25
1.21
1.18
1.18
1.21
1.18
1.14
1.17
1.12
1.10
1.09
1.10
1.15
1.16

6.47
4.79
4.22
4.46
5.83
6.09
5.24
4.57
3.46
3.17
..................
3.28
..................
..................
3.40
..................
..................
3.57
..................
..................
3.74
..................
..................

661.93
658.87
645.88
632.03
633.99

816.78
813.67
798.33
786.91
787.19

432.61
433.78
435.86
435.65
433.79

471.50
463.89
458.76
443.97
439.85

619.59
618.37
601.12
577.24
587.89

10,880.97
10,854.73
10,638.36
10,456.68
10,494.16

1,420.86
1,407.89
1,372.81
1,338.53
1,331.43

1.12
1.13
1.15
1.20
1.19

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

of daily closing prices.
all the stocks (more than 3,000) listed on the NYSE.
31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. All indexes shown here reflect
the doubling.
4 Includes 30 stocks.
2 Includes

Common stock yields
(percent) 6

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

5 Includes 500 stocks.
6 Standard & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).

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

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first month of fiscal 2001, there was a deficit of $11.3 billion, compared with a deficit of $26.3 billion
a year earlier.

[Billions of dollars]
Total
Fiscal year or period
Receipts

1984 .............................
1985 .............................
1986 .............................
1987 .............................
1988 .............................
1989 .............................
1990 .............................
1991 .............................
1992 .............................
1993 .............................
1994 .............................
1995 .............................
1996 .............................
1997 .............................
1998 .............................
1999 .............................
2000 .............................
2001 (estimates) 1 ........
First month: 2
Fiscal year 2000 ..........
Fiscal year 2001 ..........

Outlays

666.5
734.1
769.2
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,579.3
1,721.8
1,827.5
2,025.0
2,096.0

851.9
946.4
990.5
1,004.1
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.5
1,461.9
1,515.8
1,560.6
1,601.3
1,652.6
1,703.0
1,788.0
1,848.0

121.0
135.1

147.4
146.4

On-budget
Surplus
or
deficit
(¥)

Federal debt (end of
period)

Receipts

Outlays

Surplus
or
deficit
(¥)

¥185.4
¥212.3
¥221.2
¥149.8
¥155.2
¥152.5
¥221.2
¥269.4
¥290.4
¥255.1
¥203.3
¥164.0
¥107.5
¥22.0
69.2
124.4
237.0
228.0

500.4
547.9
569.0
641.0
667.8
727.5
750.3
761.2
788.9
842.5
923.6
1,000.8
1,085.6
1,187.3
1,306.0
1,383.0
1,544.5
1,590.2

686.1
769.6
807.0
810.3
861.8
932.8
1,028.1
1,082.7
1,129.3
1,142.9
1,182.5
1,227.2
1,259.7
1,290.7
1,336.0
1,382.3
1,457.3
1,501.8

¥185.7
¥221.7
¥238.0
¥169.3
¥194.0
¥205.2
¥277.8
¥321.6
¥340.5
¥300.5
¥258.9
¥226.4
¥174.1
¥103.4
¥30.0
.7
87.2
68.4

166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.5
392.0
415.8
444.5
480.6
505.7

165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
300.9
310.6
316.6
320.8
330.8
346.2

0.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
66.6
81.4
99.2
123.7
149.8
159.5

1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,921.0
5,181.9
5,369.7
5,478.7
5,606.1
5,629.0
5,711.2

1,307.0
1,507.4
1,740.8
1,889.9
2,051.8
2,191.0
2,411.8
2,689.3
3,000.1
3,248.8
3,433.4
3,604.8
3,734.5
3,772.8
3,721.6
3,632.9
3,410.2
3,224.0

¥26.3
¥11.3

89.0
101.1

119.2
115.8

¥30.2
¥14.7

32.0
34.0

28.2
30.6

3.8
3.4

5,629.1
5,612.5

3,639.1
3,380.6

1 Total and on-budget surplus estimates for fiscal 2001 reflect $20.0 billion (on-budget) designated as Reserve for America’s Future.
2 Data from current issue Monthly Treasury Statement.
Note.—Data for fiscal 2000 are from September 2000 Monthly Treasury Statement. Esti-

32

Off-budget

Receipts

Outlays

Surplus
or
deficit
(¥)

Gross
Federal

Held by
the public

mates for fiscal 2001 are from Mid-Session Review, Budget of the United States Government,
Fiscal Year 2001, issued June 26, 2000. Other data (except as noted) are from Budget of the
United States Government, Fiscal Year 2001, issued February 7, 2000.
Sources: Department of the Treasury and Office of Management and Budget.

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first month of fiscal 2001, receipts were $14.1 billion higher than a year earlier and outlays were $1.0
billion lower.

[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

1984
1985
1986
1987
1988
1989

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

666.5
734.1
769.2
854.4
909.3
991.2

298.4
334.5
349.0
392.6
401.2
445.7

56.9
61.3
63.1
83.9
94.5
103.3

239.4
265.2
283.9
303.3
334.3
359.4

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

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

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

466.9
467.8
476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5

93.5
98.1
100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7

380.0
396.0
413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8

91.5
93.1
101.4
98.9
113.7
120.1
115.4
120.2
132.7
151.5

2,025.0 1,004.5
2,096.0 1,028.0

207.3
202.9

652.9
689.9

2.2
1.7

43.9
47.2

2000 ...................................................
2001 (estimates) ................................
First month:1
Fiscal year 2000 ................................
Fiscal year 2001 ................................

121.0
135.1

63.5
76.0

Total

71.8
851.9
73.1
946.4
73.2
990.5
74.6 1,004.1
79.3 1,064.5
82.8 1,143.7

InterDepart- nationment of
al
Defense, affairs
military

Health

Medicare

Income Social
security security

Net
interest

Other

227.4
252.7
273.4
282.0
290.4
303.6

220.9
245.2
265.5
274.0
281.9
294.9

15.9
16.2
14.2
11.6
10.5
9.6

30.4
33.5
35.9
40.0
44.5
48.4

57.5
65.8
70.2
75.1
78.9
85.0

112.7
128.2
119.8
123.3
129.4
136.1

178.2
188.6
198.8
207.4
219.3
232.5

111.1
129.5
136.0
138.7
151.8
169.0

118.6
131.8
142.2
126.1
139.7
159.5

1,253.2
1,324.4
1,381.7
1,409.5
1,461.9
1,515.8
1,560.6
1,601.3
1,652.6
1,703.0

299.3
273.3
298.4
291.1
281.6
272.1
265.8
270.5
268.5
274.9

289.8
262.4
286.9
278.6
268.6
259.4
253.2
258.3
256.1
261.4

13.8
15.9
16.1
17.2
17.1
16.4
13.5
15.2
13.1
15.2

57.7
71.2
89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

98.1
104.5
119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

147.1
170.3
197.0
207.3
214.1
220.5
226.0
230.9
233.2
237.7

248.6
269.0
287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

184.4
194.5
199.4
198.7
203.0
232.2
241.1
244.0
241.2
229.7

204.2
225.8
174.7
160.6
174.7
163.6
171.0
161.5
193.2
223.9

160.4 1,788.0
175.2 1,848.0

293.9
291.2

281.2
277.5

17.3
19.7

154.2
168.6

197.1
218.6

247.4
261.8

409.4
432.7

222.8
211.8

246.0
243.6

23.8
21.5

22.6
20.1

1.0
1.8

12.2
14.8

15.4
17.2

17.6
16.5

32.7
34.5

18.9
18.4

25.7
21.7

11.5
10.3

1 Data from current issue Monthly Treasury Statement.
Note.—Data for fiscal 2000 are from September 2000 Monthly Treasury Statement. Estimates for fiscal 2001 are from Mid-Session Review, Budget of the United States Government,
Fiscal Year 2001, issued June 26, 2000. Other data (except as noted) are from Budget of the
United States Government, Fiscal Year 2001, issued February 7, 2000.

147.4
146.4

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

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 2000, according to preliminary estimates, Federal current receipts rose $35.6 billion (annual
rate), and Federal current expenditures rose $22.2 billion.

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

Period
Total

Personal
tax and
nontax
receipts

Corporate
profits
tax accruals

Indirect
business
tax and
nontax
accruals

Federal Government current expenditures

Contributions
for
social
insurance

Total

Consumption
expenditures

Transfer
payments

Grantsin-aid
to
State
and
local
governments

Net
interest
paid

Subsidies less
current
surplus
of
Government
enterprises

Less:
Wage
accruals less
disbursements

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

Calendar year:
1991 ..............................
1992 ..............................
1993 ..............................
1994 ..............................
1995 ..............................
1996 ..............................
1997 ..............................
1998 ..............................
1999 ..............................

1,072.3
1,121.3
1,197.3
1,293.7
1,383.7
1,499.1
1,625.5
1,754.0
1,874.6

465.2
479.4
509.9
547.8
591.8
670.0
751.9
836.0
902.2

109.9
118.8
138.5
156.7
179.3
190.6
203.0
209.5
219.3

78.5
81.3
85.3
95.2
93.0
95.1
93.7
96.4
100.5

418.6
441.8
463.7
493.9
519.6
543.3
577.0
612.1
652.5

1,287.6
1,418.9
1,471.5
1,506.0
1,575.7
1,635.9
1,678.8
1,705.0
1,750.2

439.1
445.8
442.6
439.7
439.2
445.3
456.9
453.7
470.8

463.4
565.2
597.9
618.6
652.1
691.6
717.5
731.0
746.1

131.6
149.1
162.6
174.5
184.5
190.4
196.8
209.1
229.3

225.2
229.2
230.2
239.6
267.5
273.6
276.2
278.8
264.7

28.2
29.6
38.2
33.6
32.4
35.1
31.5
32.4
39.3

¥0.1
.0
.0
.0
.0
.0
.0
.0
.0

¥215.3
¥297.5
¥274.1
¥212.3
¥192.0
¥136.8
¥53.3
49.0
124.4

1997: I .............................
II ...........................
III ..........................
IV ..........................

1,572.7
1,607.8
1,645.5
1,676.0

724.9
741.5
759.6
781.3

194.3
198.4
209.8
209.5

88.5
95.6
95.9
94.7

565.0
572.2
580.2
590.5

1,659.2
1,675.8
1,679.2
1,701.0

451.3
461.5
457.5
457.2

709.3
714.1
717.1
729.4

191.1
193.8
196.7
205.6

273.8
274.8
277.5
278.5

33.7
31.7
30.4
30.3

.0
.0
.0
.0

¥86.5
¥68.0
¥33.7
¥25.0

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

1,711.8
1,740.3
1,772.6
1,791.5

807.0
826.2
845.9
864.8

209.1
210.6
213.3
205.1

95.1
95.8
97.5
97.3

600.5
607.7
615.9
624.2

1,685.9
1,698.4
1,700.6
1,735.1

445.5
457.5
451.0
460.7

726.9
726.6
730.9
739.6

205.0
205.4
209.9
216.1

279.6
280.2
280.0
275.4

28.7
28.7
28.8
43.2

.0
.0
.0
.0

25.9
41.9
71.9
56.4

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

1,817.4
1,849.6
1,890.3
1,941.0

868.7
888.5
913.7
938.2

212.3
214.9
217.8
232.3

97.9
98.9
101.4
103.9

638.6
647.4
657.4
666.6

1,727.8
1,732.2
1,743.1
1,797.7

464.5
460.2
471.3
487.0

738.6
742.8
745.0
757.7

223.0
221.4
234.0
238.8

267.7
267.1
262.2
261.8

33.9
40.7
30.5
52.3

.0
.0
.0
.0

89.7
117.5
147.3
143.3

2000: I .............................
II ...........................
III r .........................

2,011.9
2,054.8
2,090.4

978.0
1,003.6
1,030.7

245.7
250.5
250.5

106.8
108.9
109.1

681.5
691.8
700.1

1,776.0
1,813.9
1,836.1

478.7
499.0
489.9

763.2
779.0
785.0

235.0
240.9
251.2

265.0
260.3
257.5

34.1
34.6
52.5

.0
.0
.0

235.8
240.9
254.3

Source: Department of Commerce, Bureau of Economic Analysis.

34

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1992=100; seasonally adjusted)
Period

United
States

1990 .......................................
1991 .......................................
1992 .......................................
1993 .......................................
1994 .......................................
1995 .......................................
1996 .......................................
1997 .......................................
1998 ......................................
1999 p .....................................
1999: Sept ............................
Oct ..............................
Nov .............................
Dec .............................
2000: Jan .............................
Feb .............................
Mar .............................
Apr .............................
May ............................
June ...........................
July ............................
Aug ...........................
Sept ...........................
Oct p ...........................
1 Data

Canada

98.9
102.9
97.0
98.9
100.0
100.0
103.4
104.5
109.1
111.3
114.4
116.3
119.4
117.9
127.1
123.1
132.4
126.0
137.1
131.6
138.1
134.1
139.1
133.5
139.4
134.8
140.1
135.8
r 137.3
141.1
r 136.2
141.6
r 137.6
142.4
143.5
137.2
r 139.7
144.7
r 139.8
145.3
r 145.1
r 139.7
r 145.9
r 140.7
r 146.5
139.8
146.3 ..............

Japan

France

Germany

Italy

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

United
States 1

104.1 101.3
99.9
101.7
103.1
106.1 101.1 102.3
101.3
99.7
100.0 100.0 100.0
100.0
100.0
96.5
96.3
92.4
97.9
102.2
97.7 100.1
95.6
103.9
107.7
100.9 102.6
96.8
109.2
109.5
103.2 103.5
97.4
107.1
110.7
107.0 r 107.4 100.8
111.1
111.8
99.9 112.8 105.0
112.3
112.7
100.7 r 115.1 106.7
112.3
113.3
102.4 r 116.2 r 107.9
113.6
114.1
102.3 117.0 108.8
114.3
114.2
103.5 r 118.3 109.0
115.6
114.8
103.7 117.3 108.7
115.7
114.1
103.3 117.6 108.4
114.5
113.5
r 118.5
r 116.4
103.1
110.7
113.0
105.2 r 119.0 111.1
116.6
113.9
r 116.0
104.7 r 118.5 112.7
114.8
r 118.7
104.9 r 118.7 115.3
115.1
r 118.6
106.9
112.0
117.6
115.3
r 116.6
r 115.9
106.4 r 120.1 115.4
r 118.0
r 116.3
109.9 r 120.1 r 116.1
106.1 120.2 115.5
118.0
115.1
107.5 ............ ............ .............. ..............

relate to all urban consumers.

130.7
136.2
140.3
144.5
148.2
152.4
156.9
160.5
163.0
166.6
167.9
168.2
168.3
168.3
168.8
169.8
171.2
171.3
171.5
172.4
172.8
172.8
173.7
174.0

Canada

Japan

135.5
143.1
145.3
147.9
148.2
151.4
153.8
156.3
157.8
160.5
161.8
162.0
161.8
162.0
161.8
162.7
163.9
163.3
164.2
165.2
165.8
165.5
r 166.2
166.5

Germany

111.4
115.0
116.9
118.4
119.3
119.1
119.3
121.4
122.1
121.8
122.0
122.2
121.5
121.2
120.8
120.7
120.9
121.2
121.3
120.9
120.7
120.7
121.0
121.2

Italy

112.2
116.2
122.1
127.6
131.1
133.3
135.2
137.8
139.1
139.9
140.1
140.0
140.3
140.7
141.1
141.6
141.9
141.9
141.7
142.5
143.2
142.9
143.6
143.3

France

160.4
170.5
179.5
187.7
195.3
205.6
213.8
218.2
222.5
226.2
227.0
227.8
228.2
228.4
228.9
229.7
230.3
230.5
231.3
231.9
232.4
232.6
233.0
233.8

132.9
137.2
140.4
143.4
145.8
148.4
151.4
153.2
154.2
155.0
155.3
155.4
155.4
156.2
156.2
156.4
157.1
157.1
157.4
157.7
157.4
157.7
158.7
158.4

United
Kingdom

148.2
156.9
162.7
165.3
169.4
175.1
179.4
185.0
191.4
194.3
195.3
195.6
195.9
196.6
195.7
196.8
197.9
199.9
200.6
201.0
200.3
200.3
201.7
201.6

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

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

Goods: Imports (customs value)

Census basis (by end-use category)

Services
(BOP basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
BOP basis

Period

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
1999:

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
Sept ..
Oct ....
Nov ...
Dec ...
2000: Jan ....
Feb ....
Mar ...
Apr ...
May ...
June ..
July ...
Aug r ..
Sept p
1 Total

BOP
basis

389.3
416.9
440.4
456.8
502.4
575.8
612.1
679.7
670.3
684.4
59.1
59.2
59.7
61.2
60.3
60.9
62.5
62.6
62.7
66.5
65.1
68.0
67.3

Total,
Census
basis 1

393.6
421.7
448.2
465.1
512.6
584.7
625.1
689.2
682.1
695.8
60.2
60.0
59.9
62.1
61.3
62.0
63.1
63.1
63.4
67.4
65.6
68.7
67.9

Auto- ConIndusmo- sumer
Foods, trial Capital tive goods
feeds,
supgoods vehi- (nonand
plies except cles, food)
bevand
auto- parts except
erages mate- motive and autorials
enmogines tive
35.1
35.7
40.3
40.6
42.0
50.5
55.5
51.5
46.4
45.5
4.1
4.0
3.7
3.8
4.0
3.9
4.0
3.9
4.0
4.0
4.1
4.3
4.2

104.4
109.7
109.1
111.8
121.4
146.2
147.7
158.2
148.3
147.0
13.1
13.2
13.7
13.6
13.3
13.9
14.6
13.7
13.7
14.3
14.0
14.8
15.2

152.7
166.7
175.9
181.7
205.0
233.0
253.0
294.5
299.6
311.4
26.7
26.8
26.4
27.8
27.4
27.0
27.2
29.1
29.1
31.1
30.7
31.8
31.5

37.4
40.0
47.0
52.4
57.8
61.8
65.0
74.0
73.2
75.8
6.4
6.4
6.4
6.6
6.6
6.5
6.9
6.4
6.6
7.0
6.5
7.1
6.6

includes ‘‘other’’ exports or imports, not shown separately.

43.3
45.9
51.4
54.7
60.0
64.4
70.1
77.4
79.3
80.8
6.9
6.8
6.9
7.2
7.0
7.4
7.4
7.2
7.2
7.8
7.6
7.7
7.6

BOP
basis

498.3
491.0
536.5
589.4
668.6
749.6
803.3
876.4
917.2
1,029.9
89.7
90.8
92.1
93.5
94.4
95.5
99.7
99.5
99.2
103.3
103.6
104.7
107.5

IndusAutoFoods, trial Capital motive
Total, feeds, supgoods vehiCensus and
plies except cles,
basis 1
bevand
auto- parts
erages mate- motive and enrials
gines
495.3
488.5
532.7
580.7
663.3
743.5
795.3
869.7
911.9
1,024.6
88.7
90.3
91.2
92.7
93.7
94.7
99.0
99.2
99.0
102.9
103.4
104.3
106.9

26.6
26.5
27.6
27.9
31.0
33.2
35.7
39.7
41.2
43.6
3.7
3.6
3.7
3.8
3.6
3.7
3.8
3.8
3.8
3.8
3.9
4.0
3.9

143.2
131.6
138.6
145.6
162.1
181.8
204.5
213.8
200.1
222.0
20.3
20.7
20.8
21.3
21.8
23.6
24.6
23.4
23.9
25.4
25.8
25.1
26.5

116.4
120.7
134.3
152.4
184.4
221.4
228.1
253.3
269.6
297.1
25.1
25.9
26.2
26.6
26.5
26.8
27.7
28.7
28.8
29.6
29.6
30.8
31.6

87.3
85.7
91.8
102.4
118.3
123.8
128.9
139.8
149.1
179.4
15.5
15.4
15.5
16.1
16.4
15.6
16.4
16.5
15.6
16.7
17.0
16.9
16.9

Consumer
goods
(nonfood)
except
automotive
105.7
108.0
122.7
134.0
146.3
159.9
172.0
193.8
216.5
239.5
20.3
20.9
21.1
21.2
21.4
21.2
22.5
22.9
23.0
23.1
23.1
23.3
23.8

Exports

147.8
164.3
176.9
185.9
201.0
219.2
240.0
257.2
262.7
271.9
22.8
23.2
23.5
22.9
23.4
24.4
24.5
24.7
24.1
24.5
24.7
25.0
25.0

Imports

117.7
118.5
116.5
122.3
131.9
141.4
150.9
166.5
182.7
191.3
16.2
16.5
16.8
16.3
16.6
17.3
17.7
17.4
17.4
17.5
17.9
18.1
19.1

Goods,
Census
basis

Goods

¥101.7
¥66.7
¥84.5
¥115.6
¥150.6
¥158.8
¥170.2
¥180.5
¥229.8
¥328.8
¥28.5
¥30.2
¥31.2
¥30.6
¥32.3
¥32.7
¥35.9
¥36.1
¥35.5
¥35.6
¥37.8
¥35.6
¥39.0

¥109.0
¥74.1
¥96.1
¥132.6
¥166.2
¥173.7
¥191.3
¥196.7
¥246.9
¥345.6
¥30.6
¥31.6
¥32.4
¥32.3
¥34.0
¥34.6
¥37.1
¥36.9
¥36.5
¥36.9
¥38.5
¥36.7
¥40.2

Services

30.2
45.8
60.4
63.7
69.2
77.8
89.2
90.7
80.0
80.6
6.5
6.7
6.7
6.6
6.8
7.2
6.8
7.3
6.7
7.0
6.8
6.9
5.9

Goods
and
services

¥78.9
¥28.3
¥35.7
¥68.9
¥97.0
¥95.9
¥102.1
¥105.9
¥166.9
¥265.0
¥24.0
¥24.9
¥25.7
¥25.7
¥27.3
¥27.5
¥30.4
¥29.6
¥29.8
¥29.8
¥31.7
¥29.8
¥34.3

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 second quarter of 2000, the goods deficit rose to $110.2 billion, from $105.8 billion in the first quarter.
The current account deficit rose to $106.1 billion in the second quarter, from $101.5 billion in the first quarter.

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

Period
Exports

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
1998:

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

Imports

389,307 ¥498,337
416,913 ¥490,981
440,352 ¥536,458
456,832 ¥589,441
502,398 ¥668,590
575,845 ¥749,574
612,057 ¥803,327
679,702 ¥876,367
670,324 ¥917,178
684,358 ¥1,029,917
170,609 ¥225,255
166,054 ¥228,675
164,378 ¥228,942
169,283 ¥234,306
163,949 ¥236,973
166,443 ¥250,427
173,881 ¥266,199
180,085 ¥276,318
183,728 ¥289,566
191,810 ¥302,026

Services

Balance
on
goods

Net
military
transactions 2 3

¥109,030 ¥7,599
¥74,068 ¥5,274
¥96,106 ¥1,448
¥132,609
1,385
¥166,192
2,570
¥173,729
4,600
¥191,270
5,385
¥196,665
5,138
¥246,854
5,387
¥345,559
2,684
¥54,646
1,728
¥62,621
1,564
¥64,564
827
¥65,023
1,268
¥73,024
947
¥83,984
1,188
¥92,318
318
¥96,233
231
¥105,838
252
¥110,216
372

Net
travel
and
transportation
receipts
7,501
16,561
19,969
19,714
16,305
21,772
25,015
22,152
10,145
6,797
3,419
3,118
1,820
1,788
1,910
1,979
1,428
1,478
1,549
1,372

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

36

Income receipts and payments

Other
services,
net

30,270
34,516
41,918
42,562
50,278
51,410
58,757
63,443
64,424
71,107
15,886
16,331
15,583
16,619
17,491
17,517
17,854
18,244
18,920
19,213

Balance
on
goods
and
services

¥78,857
¥28,266
¥35,666
¥68,949
¥97,039
¥95,947
¥102,113
¥105,932
¥166,898
¥264,971
¥33,613
¥41,608
¥46,334
¥45,348
¥52,676
¥63,300
¥72,718
¥76,280
¥85,117
¥89,259

Receipts

171,742
149,214
132,056
134,159
165,438
211,502
223,810
257,346
258,445
276,165
65,996
66,506
62,469
63,474
63,396
66,697
71,115
74,959
80,877
86,952

Payments

Unilateral
current
Balance transfers,
on
net 4
income

¥143,192
28,550 ¥26,654
¥125,084
24,130
10,752
¥109,101
22,954 ¥35,013
¥110,255
23,904 ¥37,637
¥148,744
16,694 ¥38,260
¥190,955
20,547 ¥34,057
¥204,934
18,876 ¥40,081
¥251,160
6,186 ¥40,794
¥264,656 ¥6,211 ¥44,029
¥294,648 ¥18,483 ¥48,025
¥64,979
1,017 ¥9,794
¥66,274
232 ¥10,099
¥66,786 ¥4,317 ¥10,658
¥66,617 ¥3,143 ¥13,474
¥66,516 ¥3,120 ¥10,831
¥70,842 ¥4,145 ¥11,537
¥76,650 ¥5,535 ¥11,396
¥80,642 ¥5,683 ¥14,260
¥85,241 ¥4,364 ¥12,024
¥91,495 ¥4,543 ¥12,336

3 Quarterly data are not seasonally adjusted.
4 Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

Balance
on
current
account

¥76,961
6,616
¥47,724
¥82,681
¥118,605
¥109,457
¥123,318
¥140,540
¥217,138
¥331,479
¥42,390
¥51,475
¥61,309
¥61,965
¥66,627
¥78,982
¥89,649
¥96,223
¥101,505
¥106,138

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks decreased $14.9 billion in the second
quarter of 2000, in contrast to an increase of $55.5 billion in the first quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $48.7 billion in the second quarter, following a
decrease of $8.8 billion in the first quarter.

[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Financial account

Period

Capital
account
transactions,
net 3

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

Total

U.S.
official
reserve
assets 3 5

Other U.S.
Government
assets 3

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

U.S.
private
assets

Total

Foreign
official
assets 3

Other
foreign
assets

Total (sum
of the items
with sign
reversed)

Of which:
Seasonal
adjustment
discrepancy

U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)

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

¥6,579
¥4,479
612
¥88
¥469
372
693
350
637
¥3,500

¥81,234
¥64,388
¥74,410
¥200,552
¥176,056
¥352,376
¥413,923
¥488,940
¥335,436
¥430,187

¥2,158
5,763
3,901
¥1,379
5,346
¥9,742
6,668
¥1,010
¥6,783
8,747

2,317
2,924
¥1,667
¥351
¥390
¥984
¥989
68
¥422
2,751

¥81,393
¥73,075
¥76,644
¥198,822
¥181,012
¥341,650
¥419,602
¥487,998
¥328,231
¥441,685

141,571
110,808
170,663
282,040
305,989
465,684
571,706
756,962
482,235
753,564

33,910
17,389
40,477
71,753
39,583
109,880
126,724
18,876
¥20,127
42,864

107,661
93,420
130,186
210,287
266,406
355,804
444,982
738,086
502,362
710,700

23,204
¥48,557
¥49,141
1,281
¥10,859
¥4,223
¥35,158
¥127,832
69,702
11,602

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

83,316
77,721
71,323
73,442
74,335
85,832
75,089
69,954
81,761
71,516

1998: I .....................................
II ....................................
III ..................................
IV ...................................
1999: I .....................................
II ....................................
III ..................................
IV ...................................
2000: I .....................................
II p ..................................

149
157
155
176
157
165
171
¥3,993
166
163

¥68,887
¥141,617
¥53,027
¥71,904
¥21,555
¥170,842
¥122,909
¥114,882
¥178,958
¥73,648

¥444
¥1,945
¥2,025
¥2,369
4,068
1,159
1,951
1,569
¥554
2,020

¥80
¥483
188
¥47
118
¥392
¥686
3,711
¥131
¥572

¥68,363
¥139,189
¥51,190
¥69,488
¥25,741
¥171,609
¥124,174
¥120,162
¥178,273
¥75,096

86,840
167,085
82,790
145,520
102,780
272,008
194,210
184,567
236,535
222,736

10,967
¥10,235
¥46,651
25,792
4,274
¥1,096
12,191
27,495
22,015
5,905

75,873
177,320
129,441
119,728
98,506
273,104
182,019
157,072
214,520
216,831

24,288
25,850
31,391
¥11,827
¥14,755
¥22,349
18,177
30,531
43,762
¥43,113

5,720
¥1,578
¥11,014
6,872
5,514
¥1,511
¥9,739
5,738
5,724
¥2,505

69,353
71,161
75,676
81,761
74,359
71,689
73,414
71,516
70,789
67,955

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

5 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the IMF.

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
Page

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product ..........................................................................................................................................................................................
Real Gross Domestic Product ..................................................................................................................................................................................
Implicit Price Deflators for Gross Domestic Product ..............................................................................................................................................
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ..............................................................................................
Nonfinancial Corporate Business—Output, Price, Costs, and Profits ......................................................................................................................
National Income ......................................................................................................................................................................................................
Real Personal Consumption Expenditures ...............................................................................................................................................................
Sources of Personal Income ......................................................................................................................................................................................
Disposition of Personal Income ...............................................................................................................................................................................
Farm Income ............................................................................................................................................................................................................
Corporate Profits ......................................................................................................................................................................................................
Real Gross Private Domestic Investment ................................................................................................................................................................
Real Private Fixed Investment by Type ..................................................................................................................................................................
Business Investment ................................................................................................................................................................................................

1
2
2
3
3
4
4
5
6
7
8
9
10
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .........................................................................................................................................................................................
Selected Unemployment Rates ................................................................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ......................................................................................................
Nonagricultural Employment ..................................................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries .................................................................
Employment Cost Index—Private Industry .............................................................................................................................................................
Productivity and Related Data, Business Sector ......................................................................................................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .......................................................................................................................................................
Industrial Production—Major Market Groups and Selected Manufactures ..............................................................................................................
New Construction ....................................................................................................................................................................................................
New Private Housing and Vacancy Rates ...............................................................................................................................................................
Business Sales and Inventories—Manufacturing and Trade .....................................................................................................................................
Manufacturers’ Shipments, Inventories, and Orders .................................................................................................................................................

17
18
19
19
20
21

PRICES
Producer Prices ........................................................................................................................................................................................................
Consumer Prices—All Urban Consumers ................................................................................................................................................................
Changes in Producer Prices for Finished Goods ......................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers .............................................................................................................................................
Prices Received and Paid by Farmers ......................................................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures .............................................................................................................................................................................
Components of Money Stock ...................................................................................................................................................................................
Aggregate Reserves and Monetary Base ...................................................................................................................................................................
Bank Credit at All Commercial Banks ....................................................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..................................................................................................................
Consumer Credit ......................................................................................................................................................................................................
Interest Rates and Bond Yields ...............................................................................................................................................................................
Common Stock Prices and Yields ............................................................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt .......................................................................................................................................................................
Federal Receipts by Source and Outlays by Function ..............................................................................................................................................
Federal Sector, National Income Accounts Basis .....................................................................................................................................................

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ...............................................................................................................
U.S. International Trade in Goods and Services ......................................................................................................................................................
U.S. International Transactions ................................................................................................................................................................................

35
35
36

General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
… Not available (also, not applicable).
NSA not seasonally adjusted.

38

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