Full text of Economic Indicators : October 2001
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107th Congress, 1st Session Economic Indicators OCTOBER 2001 (Includes data available as of November 7, 2001) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2001 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) JIM SAXTON, New Jersey, Chairman JACK REED, Rhode Island, Vice Chairman HOUSE OF REPRESENTATIVES PAUL RYAN (Wisconsin) LAMAR SMITH (Texas) JENNIFER DUNN (Washington) PHIL ENGLISH (Pennsylvania) ADAM H. PUTNAM (Florida) PETE STARK (California) CAROLYN B. MALONEY (New York) MELVIN L. WATT (North Carolina) SENATE EDWARD M. KENNEDY (Massachusetts) PAUL S. SARBANES (Maryland) JEFF BINGAMAN (New Mexico) JON CORZINE (New Jersey) ROBERT G. TORRICELLI (New Jersey) ROBERT F. BENNETT (Utah) SAM BROWNBACK (Kansas) JEFF SESSIONS (Alabama) MIKE CRAPO (Idaho) LINCOLN D. CHAFEE (Rhode Island) CHRISTOPHER FRENZE, Executive Director COUNCIL OF ECONOMIC ADVISERS R. GLENN HUBBARD, Chairman MARK B. MCCLELLAN, Member [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 2001, according to advance estimates, current-dollar gross domestic product (GDP) rose 1.8 percent (annual rate), real GDP (GDP in chained 1996 dollars) fell 0.4 percent, and the implicit price deflator rose 2.1 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1991 ...................... 1992 ...................... 1993 ...................... 1994 ...................... 1995 ...................... 1996 ...................... 1997 ...................... 1998 ...................... 1999 ...................... 2000 ...................... 1998: I ................ II ............... III ............. IV .............. 1999: I ................ II ............... III ............. IV .............. 2000: I ................ II ............... III ............. IV .............. 2001: I ................ II ............... III p ............ 1 GDP Exports and imports of goods and services Personal Gross Gross conprivate domestic sumption domestic product expendi- investtures ment Net exports Exports 5,986.2 6,318.9 6,642.3 7,054.3 7,400.5 7,813.2 8,318.4 8,781.5 9,268.6 9,872.9 8,627.8 8,697.3 8,816.5 8,984.5 9,093.1 9,161.4 9,297.4 9,522.5 9,668.7 9,857.6 9,937.5 10,027.9 10,141.7 10,202.6 10,247.7 ¥20.7 ¥27.9 ¥60.5 ¥87.1 ¥84.3 ¥89.0 ¥89.3 ¥151.7 ¥250.9 ¥364.0 ¥122.6 ¥154.9 ¥165.3 ¥164.1 ¥199.7 ¥241.1 ¥273.9 ¥288.7 ¥333.9 ¥350.8 ¥380.6 ¥390.6 ¥363.8 ¥347.4 ¥277.3 601.6 636.8 658.0 725.1 818.6 874.2 966.4 964.9 989.8 1,102.9 974,1 959.2 946.7 979.7 960.2 971.3 996.6 1,031.0 1,059.7 1,099.7 1,131.1 1,121.0 1,117.4 1,079.6 1,028.1 3,971.2 4,209.7 4,454.7 4,716.4 4,969.0 5,237.5 5,529.3 5,856.0 6,250.2 6,728.4 5,719.9 5,820.0 5,895.1 5,989.1 6,080.7 6,197.1 6,298.4 6,424.7 6,581.9 6,674.9 6,785.5 6,871.4 6,977.6 7,044.6 7,059.0 800.2 866.6 955.1 1,097.1 1,143.8 1,242.7 1,390.5 1,538.7 1,636.7 1,767.5 1,528.7 1,498.4 1,538.6 1,589.3 1,621.3 1,595.7 1,631.7 1,698.1 1,709.0 1,792.4 1,788.4 1,780.3 1,722.8 1,669.9 1,622.6 Government consumption expenditures and gross investment Federal Imports Total Total less exports of goods and services plus imports of goods and services. 622.3 664.6 718.5 812.1 902.8 963.1 1,055.8 1,116.7 1,240.6 1,466.9 1,096.7 1,114.1 1,112.0 1,143.8 1,160.0 1,212.4 1,270.5 1,319.7 1,393.6 1,450.4 1,511.8 1,511.6 1,481.2 1,427.0 1,305.4 1,235.5 1,270.5 1,293.0 1,327.9 1,372.0 1,421.9 1,487.9 1,538.5 1,632.5 1,741.0 1,501.8 1,533.8 1,548.1 1,570.3 1,590.9 1,609.6 1,641.2 1,688.3 1,711.8 1,741.1 1,744.2 1,766.8 1,805.2 1,835.4 1,843.5 527.4 534.5 527.3 521.1 521.5 531.6 538.2 539.2 564.0 590.2 526.1 542.9 539.5 548.4 549.8 553.1 565.6 587.6 578.5 601.0 587.0 594.2 605.3 609.9 617.1 National defense 384.5 378.5 364.9 355.1 350.6 357.0 352.6 349.1 364.5 375.4 338.4 348.8 354.7 354.7 356.1 354.2 366.7 381.1 366.6 380.4 372.1 382.4 392.9 396.1 401.1 Nondefense 142.9 156.0 162.4 165.9 170.9 174.6 185.6 190.1 199.5 214.8 187.7 194.2 184.8 193.7 193.6 198.9 199.0 206.5 211.9 220.6 214.9 211.8 212.4 213.8 216.0 State and local Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 708.1 5,986.4 6,006.9 6,010.9 736.0 6,303.9 6,346.8 6,342.3 765.7 6,621.2 6,702.8 6,666.7 806.8 6,991.8 7,141.4 7,071.1 850.5 7,367.5 7,484.8 7,420.9 890.4 7,783.2 7,902.1 7,831.2 949.7 8,255.5 8,407.7 8,325.4 999.3 8,708.4 8,933.3 8,778.1 1,068.5 9,210.0 9,519.5 9,261.8 1,150.8 9,823.6 10,236.9 9,860.8 975.8 8,521.1 8,750.4 8,634.5 990.9 8,656.4 8,852.2 8,700.3 1,008.6 8,747.0 8,981.8 8,802.1 1,021.9 8,909.1 9,148.6 8,975.4 1,041.1 9,012.9 9,292.9 9,089.5 1,056.5 9,131.3 9,402.5 9,157.0 1,075.6 9,258.4 9,571.4 9,283.8 1,100.7 9,437.6 9,811.2 9,517.0 1,133.2 9,637.8 10,002.6 9,650.7 1,140.1 9,782.2 10,208.4 9,841.0 1,157.2 9,884.9 10,318.1 9,919.4 1,172.6 9,989.2 10,418.5 10,032.1 1,199.8 10,167.2 10,505.6 10,131.3 1,225.5 10,239.1 10,549.9 10,190.9 1,226.4 10,294.3 10,525.1 .............. Source: Department of Commerce, Bureau of Economic Analysis. 1 REAL GROSS DOMESTIC PRODUCT [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] Period 1991 ........... 1992 ........... 1993 ........... 1994 ........... 1995 ........... 1996 ........... 1997 ........... 1998 ........... 1999 ........... 2000 ........... 1998: I ...... II .... III ... IV ... 1999: I ...... II .... III ... IV ... 2000: I ...... II .... III ... IV ... 2001: I ...... II .... III p Gross domestic product 6,676.4 6,880.0 7,062.6 7,347.7 7,543.8 7,813.2 8,159.5 8,508.9 8,856.5 9,224.0 8,396.3 8,442.9 8,528.5 8,667.9 8,733.5 8,771.2 8,871.5 9,049.9 9,102.5 9,229.4 9,260.1 9,303.9 9,334.5 9,341.7 9,333.4 Personal consumption expenditures 4,466.6 4,594.5 4,748.9 4,928.1 5,075.6 5,237.5 5,423.9 5,683.7 5,968.4 6,257.8 5,576.3 5,660.2 5,713.7 5,784.7 5,854.0 5,936.1 6,000.0 6,083.6 6,171.7 6,226.3 6,292.1 6,341.1 6,388.5 6,428.4 6,447.8 Gross private domestic investment Exports and imports of goods and services Nonresidential fixed investment Residential fixed investment Change in private inventories Net exports Exports 610.1 630.6 683.6 744.6 817.5 899.4 1,009.3 1,135.9 1,228.6 1,350.7 1,099.5 1,132.3 1,136.6 1,175.4 1,192.6 1,214.9 1,244.6 1,262.4 1,309.4 1,347.7 1,371.1 1,374.5 1,373.9 1,320.9 1,279.8 221.1 257.2 276.0 302.7 291.7 313.3 319.7 345.1 368.3 371.4 333.0 340.5 349.5 357.4 366.3 368.9 368.2 369.7 377.3 376.5 366.3 365.3 372.9 378.3 380.0 ¥1.0 17.1 20.0 66.8 30.4 30.0 63.8 76.7 62.1 50.6 113.1 42.0 71.8 80.0 83.4 32.7 39.6 92.7 28.9 78.9 51.7 42.8 ¥27.1 ¥38.3 ¥50.4 ¥15.8 ¥19.8 ¥59.1 ¥86.5 ¥78.4 ¥89.0 ¥113.3 ¥221.1 ¥316.9 ¥399.1 ¥180.8 ¥223.1 ¥241.2 ¥239.2 ¥283.0 ¥313.4 ¥333.3 ¥337.8 ¥371.1 ¥392.8 ¥411.2 ¥421.1 ¥404.5 ¥406.7 ¥395.0 613.2 651.0 672.7 732.8 808.2 874.2 981.5 1,002.4 1,034.9 1,133.2 1,003.4 993.1 987.6 1,025.6 1,007.6 1,018.0 1,041.8 1,072.1 1,095.5 1,130.6 1,159.3 1,147.5 1,144.1 1,108.3 1,059.0 Government consumption expenditures and gross investment Federal Imports Total Total 629.0 670.8 731.8 819.4 886.6 963.1 1,094.8 1,223.5 1,351.7 1,532.3 1,184.2 1,216.2 1,228.9 1,264.8 1,290.6 1,331.4 1,375.1 1,409.8 1,466.6 1,523.4 1,570.6 1,568.5 1,548.6 1,515.0 1,454.0 1 GDP less exports of goods and services plus imports of goods and services. NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 1,403.4 1,410.0 1,398.8 1,400.1 1,406.4 1,421.9 1,455.4 1,483.3 1,531.8 1,572.6 1,456.1 1,482.6 1,489.9 1,504.8 1,512.3 1,516.8 1,533.2 1,564.8 1,560.4 1,577.2 1,570.0 1,582.8 1,603.4 1,623.0 1,630.1 National defense 604.9 595.1 572.0 551.3 536.5 531.6 529.6 525.4 536.7 545.9 515.0 530.1 524.9 531.7 526.7 527.7 537.0 555.5 536.8 556.9 541.8 547.9 552.2 554.7 561.0 438.4 417.1 394.7 375.9 361.9 357.0 347.7 341.6 348.6 349.0 332.0 342.0 346.5 345.8 342.7 339.7 350.0 361.9 342.3 354.8 345.1 353.8 360.3 362.4 366.8 Nondefense 166.0 177.9 177.3 175.5 174.6 174.6 181.8 183.8 188.1 196.7 183.0 188.0 178.4 185.8 183.9 188.0 187.0 193.6 194.4 202.0 196.5 194.0 191.8 192.3 194.1 State and local 798.9 815.3 827.0 848.9 869.9 890.4 925.8 957.7 994.7 1,026.3 940.8 952.4 964.7 972.8 985.2 988.6 995.8 1,009.1 1,023.0 1,020.1 1,027.6 1,034.3 1,050.5 1,067.4 1,068.4 Final sales of domestic product 6,681.5 6,867.7 7,043.8 7,285.8 7,512.2 7,783.2 8,095.2 8,431.8 8,792.0 9,167.0 8,286.6 8,397.2 8,454.9 8,588.5 8,651.2 8,735.1 8,825.6 8,956.3 9,061.6 9,148.5 9,201.3 9,256.7 9,347.8 9,364.8 9,365.2 Gross domestic purchases 1 Addendum: Gross national product 6,688.4 6,703.4 6,896.4 6,905.8 7,120.6 7,087.8 7,434.2 7,364.3 7,621.8 7,564.0 7,902.1 7,831.2 8,271.7 8,168.1 8,721.3 8,508.4 9,154.9 8,853.0 9,594.7 9,216.4 8,571.6 8,405.4 8,657.0 8,448.7 8,759.7 8,517.6 8,896.6 8,662.0 9,002.3 8,732.9 9,066.5 8,769.7 9,184.1 8,861.5 9,366.5 9,047.9 9,448.5 9,089.1 9,594.5 9,217.7 9,641.5 9,247.2 9,694.4 9,311.7 9,710.4 9,329.1 9,720.4 9,335.5 9,704.5 .............. 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 1991 .................. 1992 .................. 1993 .................. 1994 .................. 1995 .................. 1996 .................. 1997 .................. 1998 ................. 1999 ................. 2000 ................. 1998: I ............ II ........... III ......... IV .......... 1999: I ............ II ........... III ......... IV .......... 2000: I ............ II ........... III ......... IV .......... 2001: I ............ II ........... III p ........ Gross domestic product 89.66 91.84 94.05 96.01 98.10 100.00 101.95 103.20 104.65 107.04 102.76 103.01 103.38 103.65 104.12 104.45 104.80 105.22 106.22 106.81 107.31 107.78 108.65 109.21 109.80 Total 88.91 91.62 93.81 95.70 97.90 100.00 101.94 103.03 104.72 107.52 102.58 102.82 103.17 103.53 103.87 104.40 104.97 105.61 106.65 107.20 107.84 108.36 109.22 109.59 109.48 Durable goods Nondurable goods Services 97.39 98.28 99.06 100.56 101.06 100.00 97.75 95.40 93.04 91.53 96.29 95.77 95.13 94.51 93.73 93.25 92.84 92.42 91.99 91.80 91.29 91.03 90.86 90.05 89.41 93.76 95.20 96.14 96.83 97.93 100.00 101.34 101.31 103.67 107.55 101.17 100.99 101.36 101.69 102.16 103.27 104.12 105.09 106.51 107.23 107.96 108.48 109.00 109.73 109.34 84.82 88.50 91.56 94.16 97.25 100.00 103.12 105.53 107.80 111.10 104.61 105.25 105.81 106.41 106.94 107.39 108.07 108.77 109.98 110.63 111.51 112.23 113.52 113.99 114.17 Source: Department of Commerce, Bureau of Economic Analysis. 2 Gross private domestic investment Exports and imports of goods and services Government consumption expenditures and gross investment Federal Nonresidential fixed Residential fixed 99.80 99.29 99.81 100.54 100.93 100.00 99.02 96.95 95.60 95.73 97.75 97.14 96.66 96.28 96.03 95.74 95.39 95.29 95.53 95.59 95.90 95.90 95.44 95.40 95.30 86.64 87.69 91.23 94.48 97.91 100.00 102.68 105.58 109.57 114.46 104.25 105.03 105.99 106.92 108.05 109.12 110.11 110.98 113.22 113.87 114.91 115.90 117.21 117.96 118.27 Exports Imports Total 98.10 97.82 97.82 98.94 101.28 100.00 98.47 96.26 95.65 97.33 97.08 96.58 95.86 95.52 95.30 95.42 95.66 96.17 96.74 97.27 97.57 97.70 97.67 97.41 97.08 98.93 99.09 98.18 99.12 101.83 100.00 96.44 91.27 91.78 95.73 92.61 91.61 90.49 90.43 89.88 91.06 92.39 93.61 95.03 95.21 96.26 96.37 95.65 94.19 89.78 87.18 89.82 92.18 94.51 97.21 100.00 101.63 102.63 105.08 108.12 102.14 102.43 102.78 103.15 104.38 104.80 105.32 105.78 107.77 107.91 108.35 108.45 109.62 109.96 110.00 National defense Nondefense State and local 87.70 90.75 92.45 94.49 96.88 100.00 101.41 102.22 104.58 107.56 101.92 101.98 102.37 102.60 103.93 104.28 104.76 105.32 107.10 107.22 107.81 108.08 109.05 109.31 109.35 86.07 87.71 91.58 94.55 97.90 100.00 102.06 103.41 106.05 109.21 102.59 103.29 103.56 104.21 105.26 105.81 106.41 106.67 109.05 109.21 109.37 109.19 110.74 111.20 111.26 88.64 90.28 92.59 95.04 97.77 100.00 102.58 104.34 107.42 112.14 103.72 104.05 104.55 105.04 105.68 106.87 108.01 109.08 110.77 111.77 112.62 113.37 114.21 114.81 114.79 GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 1996=100 Period 1991 ............................................................. 1992 ............................................................. 1993 ............................................................. 1994 ............................................................. 1995 ............................................................. 1996 ............................................................. 1997 .............................................................. 1998 ............................................................. 1999 ............................................................. 2000 ............................................................. 1996: I ......................................................... II ....................................................... III ...................................................... IV ...................................................... 1997: I ......................................................... II ....................................................... III ...................................................... IV ...................................................... 1998: I ......................................................... II ....................................................... III ...................................................... IV ...................................................... 1999: I ......................................................... II ....................................................... III ...................................................... IV ...................................................... 2000: I ......................................................... II ....................................................... III ..................................................... IV ...................................................... 2001: I ........................................................ II ....................................................... III p .................................................... 1 Percent Real GDP (chain-type quantity index) GDP (current dollars) 76.62 80.88 85.01 90.29 94.72 100.00 106.47 112.39 118.63 126.36 97.65 99.61 100.59 102.15 103.98 105.97 107.39 108.52 110.43 111.32 112.84 114.99 116.38 117.26 119.00 121.88 123.75 126.17 127.19 128.35 129.80 130.58 131.16 GDP implicit price deflator GDP chain-type price index 85.45 88.06 90.39 94.04 96.55 100.00 104.43 108.91 113.35 118.06 98.25 99.87 100.37 101.51 102.60 104.08 105.16 105.88 107.46 108.06 109.16 110.94 111.78 112.26 113.55 115.83 116.50 118.13 118.52 119.08 119.47 119.56 119.46 89.66 91.85 94.05 96.01 98.10 100.00 101.95 103.20 104.66 107.04 99.40 99.74 100.23 100.63 101.36 101.82 102.12 102.49 102.76 103.02 103.38 103.66 104.10 104.45 104.81 105.28 106.25 106.81 107.31 107.78 108.65 109.22 109.80 changes based on unrounded data. Quarterly percent changes are at annual rates. GDP (current dollars) 89.66 91.84 94.05 96.01 98.10 100.00 101.95 103.20 104.65 107.04 99.39 99.74 100.22 100.63 101.34 101.82 102.12 102.49 102.76 103.01 103.38 103.65 104.12 104.45 104.80 105.22 106.22 106.81 107.31 107.78 108.65 109.21 109.80 3.2 5.6 5.1 6.2 4.9 5.6 6.5 5.6 5.5 6.5 5.4 8.3 4.0 6.4 7.3 7.9 5.5 4.2 7.2 3.3 5.6 7.8 4.9 3.0 6.1 10.0 6.3 8.0 3.3 3.7 4.6 2.4 1.8 Real GDP (chain-type quantity index) GDP chain-type price index ¥0.5 3.0 2.7 4.0 2.7 3.6 4.4 4.3 4.1 4.1 2.9 6.8 2.0 4.6 4.4 5.9 4.2 2.8 6.1 2.2 4.1 6.7 3.1 1.7 4.7 8.3 2.3 5.7 1.3 1.9 1.3 .3 ¥.4 GDP implicit price deflator 3.6 2.4 2.4 2.1 2.2 1.9 1.9 1.2 1.4 2.3 2.5 1.4 2.0 1.6 2.9 1.9 1.2 1.4 1.1 1.0 1.4 1.1 1.7 1.4 1.4 1.8 3.8 2.1 1.9 1.8 3.3 2.1 2.1 3.6 2.4 2.4 2.1 2.2 1.9 1.9 1.2 1.4 2.3 2.5 1.4 1.9 1.7 2.9 1.9 1.2 1.4 1.1 1.0 1.4 1.1 1.8 1.3 1.4 1.6 3.9 2.2 1.9 1.8 3.3 2.1 2.1 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS–OUTPUT, PRICE, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Gross product of nonfinancial corporate business (billions of dollars) Period 1991 ........................................................ 1992 ........................................................ 1993 ........................................................ 1994 ........................................................ 1995 ........................................................ 1996 ........................................................ 1997 ........................................................ 1998 ........................................................ 1999 ........................................................ 2000 ......................................................... 1998: I ................................................... II ................................................. III ................................................ IV ................................................ 1999: I ................................................... II ................................................. III ................................................ IV ................................................ 2000: I ................................................... II ................................................. III ................................................ IV ................................................. 2001: I ................................................... II ................................................. 1 The Chained (1996) dollars 3,150.6 3,288.0 3,457.6 3,737.2 3,945.9 4,159.5 4,435.1 4,707.1 5,006.1 5,380.7 4,596.8 4,658.0 4,756.0 4,817.4 4,905.3 4,958.7 5,029.5 5,130.7 5,252.7 5,370.1 5,437.1 5,463.0 5,496.3 5,539.7 3,381.9 3,468.4 3,573.8 3,801.5 3,960.1 4,159.5 4,404.2 4,659.1 4,915.1 5,220.5 4,552.7 4,618.7 4,704.9 4,760.0 4,829.7 4,867.6 4,934.0 5,029.3 5,117.2 5,212.2 5,268.0 5,284.5 5,293.0 5,304.2 Compensation of employees (unit labor cost) 0.932 .948 .967 .983 .996 1.000 1.007 1.010 1.019 1.031 1.010 1.009 1.011 1.012 1.016 1.019 1.019 1.020 1.027 1.030 1.032 1.034 1.038 1.044 0.617 .633 .641 .639 .645 .641 .644 .656 .666 .677 .655 .656 .655 .659 .660 .666 .669 .668 .671 .672 .676 .689 .698 .703 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 Current 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 .240 .245 .248 .238 .239 .239 .243 .243 .244 .247 .246 .248 .248 .248 .249 .253 .257 Consumption of fixed capital Indirect business tax, etc.2 Net interest 0.105 .107 .108 .109 .110 .111 .112 .112 .114 .116 .112 .112 .112 .112 .113 .114 .115 .114 .115 .115 .117 .118 .120 .124 0.093 .096 .098 .101 .100 .099 .098 .098 .098 .099 .098 .098 .097 .100 .097 .097 .098 .098 .099 .099 .098 .100 .101 .101 0.042 .033 .030 .028 .029 .026 .027 .030 .033 .033 .028 .029 .030 .031 .033 .033 .034 .034 .034 .034 .033 .031 .032 .032 Total 0.075 .080 .091 .106 .112 .122 .126 .114 .108 .105 .116 .113 .116 .111 .114 .109 .103 .105 .108 .111 .108 .095 .088 .085 Profits tax liability 0.025 .026 .029 .034 .035 .036 .036 .033 .035 .036 .033 .033 .034 .032 .035 .035 .034 .035 .037 .038 .036 .032 .029 .029 Profits after tax 4 0.049 .054 .062 .072 .077 .086 .090 .081 .073 .070 .082 .079 .082 .079 .079 .074 .069 .070 .071 .073 .071 .063 .059 .056 4 With inventory valuation and capital consumption adjustments. Source: Department of Commerce, Bureau of Economic Analysis. 3 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] National income Period 1992 1993 1994 1995 1996 1997 1998 1999 2000 1998: ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... I ................................. II ................................ III .............................. IV ............................... 1999: I ................................. II ............................... III .............................. IV .............................. 2000: I ................................. II ............................... III .............................. IV .............................. 2001: I ................................. II ................................ III p ............................ 1 Includes Compensation of employees1 4,994.9 5,251.9 5,556.8 5,876.7 6,210.4 6,618.4 7,041.4 7,462.1 7,980.9 6,874.1 6,985.5 7,108.9 7,197.0 7,326.6 7,393.1 7,482.1 7,646.5 7,796.5 7,956.1 8,047.2 8,124.0 8,169.7 8,207.9 ................ Proprietors’ income with inventory valuation and capital consumption adjustments Farm 3,644.8 3,814.4 4,016.2 4,202.5 4,395.6 4,651.3 4,989.6 5,310.7 5,715.2 4,869.4 4,948.9 5,029.8 5,110.5 5,183.0 5,262.8 5,354.9 5,442.2 5,562.8 5,669.9 5,759.3 5,868.9 5,955.7 6,010.8 6,043.9 Nonfarm 32.7 30.1 31.9 22.2 34.3 29.7 25.6 26.6 30.6 24.1 24.9 25.4 27.9 27.4 27.5 25.2 26.2 26.5 32.5 31.6 31.7 29.8 28.7 31.8 Corporate profits with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment 401.7 431.7 444.6 475.5 510.5 551.5 598.2 645.4 684.4 582.9 592.6 601.6 615.8 625.7 640.5 652.0 663.5 671.0 685.4 687.6 693.5 705.4 716.6 720.5 63.3 90.9 110.3 117.9 129.7 128.3 138.6 147.7 141.6 127.7 136.1 144.2 146.5 148.3 149.1 144.4 149.0 144.9 141.4 138.3 141.7 139.6 139.0 143.6 employer contributions for social insurance. (See also p. 5.) Profits with inventory valuation adjustment and without capital consumption adjustment Total 453.1 510.5 573.2 668.8 754.0 833.8 777.4 825.2 876.4 787.4 769.6 781.9 770.8 832.5 810.3 800.2 857.6 870.3 892.8 895.0 847.6 789.8 759.8 ................ Total Profits before tax Inventory valuation adjustment 448.8 506.4 561.0 650.2 729.4 800.8 739.4 773.4 833.0 751.8 733.1 743.8 729.2 783.5 758.2 748.1 804.0 821.1 847.2 854.6 809.2 753.8 729.5 ................ 451.6 510.4 573.4 668.5 726.3 792.4 721.1 776.3 845.4 731.7 722.8 723.6 706.3 755.4 759.1 765.8 825.0 844.9 862.0 858.3 816.5 755.7 738.3 ................ ¥2.8 ¥4.0 ¥12.4 ¥18.3 3.1 8.4 18.3 ¥2.9 ¥12.4 20.0 10.3 20.2 22.9 28.1 ¥.9 ¥17.7 ¥21.0 ¥23.8 ¥14.8 ¥3.6 ¥7.3 ¥1.9 ¥8.8 ................ Capital consumption adjustment Net interest 4.3 4.1 12.2 18.6 24.6 32.9 38.0 51.7 43.4 35.6 36.6 38.1 41.7 49.0 52.2 52.1 53.6 49.2 45.5 40.4 38.4 36.0 30.3 12.6 399.5 374.3 380.5 389.8 386.3 423.9 511.9 506.5 532.7 482.8 513.2 526.0 525.5 509.7 502.9 505.5 507.9 520.9 534.1 535.3 540.6 549.4 553.0 .............. Source: Department of Commerce, Bureau of Economic Analysis. REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (1996) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durable goods Period 1992 1993 1994 1995 1996 1997 1998 1999 2000 1998: ................. ................. ................. ................. ................. ................. ................. ................. ................. I ............ II ........... III ......... IV .......... 1999: I ............ II ........... III ......... IV .......... 2000: I ............ II ........... III ......... IV .......... 2001: I ............. II ........... III p ........ 1 Includes Total personal consumption expenditures 4,594.5 4,748.9 4,928.1 5,075.6 5,237.5 5,423.9 5,683.7 5,968.4 6,257.8 5,576.3 5,660.2 5,713.7 5,784.7 5,854.0 5,936.1 6,000.0 6,083.6 6,171.7 6,226.3 6,292.1 6,341.1 6,388.5 6,428.4 6,447.8 Total durable goods 479.0 518.3 557.7 583.5 616.5 657.3 726.7 817.8 895.5 692.5 719.7 727.1 767.3 780.5 809.5 827.2 854.2 892.1 886.5 904.1 899.4 922.4 938.1 942.0 Motor vehicles and parts 225.7 242.2 255.1 253.4 256.3 264.8 292.0 327.6 348.3 274.7 292.7 287.2 313.2 312.3 328.5 331.3 338.5 355.2 342.9 351.2 343.9 357.0 361.9 361.9 Furniture and household equipment 161.5 177.4 196.3 215.4 236.9 261.9 293.3 334.7 377.0 281.3 286.9 297.9 307.2 317.7 328.5 339.8 352.9 368.1 374.9 381.3 383.8 391.0 400.5 405.5 Nondurable goods Other 94.1 100.7 107.6 115.0 123.3 130.8 141.8 156.3 172.8 137.0 140.2 142.8 147.0 151.1 153.0 157.1 164.2 170.1 171.5 174.3 175.4 177.5 179.5 179.1 Total nondurable goods 1,389.7 1,430.3 1,485.1 1,529.0 1,574.1 1,619.9 1,686.4 1,766.4 1,849.9 1,656.3 1,680.5 1,693.6 1,715.3 1,738.8 1,757.2 1,768.6 1,801.1 1,823.8 1,844.9 1,864.1 1,866.8 1,878.0 1,879.4 1,882.1 Food 725.6 745.1 764.9 777.0 786.0 794.5 819.4 847.8 881.3 804.0 816.8 824.0 832.8 834.0 843.2 848.0 865.9 871.2 881.5 886.2 886.4 887.3 886.1 887.3 other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 4 Clothing and shoes 208.8 218.5 231.6 244.3 258.6 271.6 290.4 312.1 335.3 286.1 290.6 289.3 295.8 308.1 311.5 314.0 314.6 328.2 333.3 339.8 339.9 342.7 344.1 341.7 Gasoline and oil 112.5 115.4 117.4 120.2 124.2 128.1 131.8 136.7 136.6 129.5 131.2 133.0 133.4 134.2 136.8 136.5 139.2 135.2 136.4 137.6 137.2 138.9 137.7 138.7 Services Fuel oil and coal 13.2 14.0 15.0 15.7 15.6 15.0 14.3 14.6 13.8 14.3 14.8 14.3 13.9 15.0 15.0 14.7 13.8 13.6 13.9 14.0 13.8 13.8 12.6 10.0 Other 331.2 338.5 356.8 372.0 389.8 410.8 430.8 455.9 484.5 422.6 427.4 433.3 439.7 448.2 451.6 456.1 467.7 476.9 481.1 488.4 491.4 497.3 501.4 506.8 Total services 1 2,729.7 2,802.5 2,886.2 2,963.4 3,047.0 3,147.0 3,273.4 3,393.2 3,527.7 3,228.4 3,262.3 3,295.2 3,307.6 3,340.8 3,377.8 3,413.7 3,440.5 3,472.2 3,509.6 3,540.2 3,588.8 3,605.1 3,629.8 3,642.6 Housing Medical care 719.3 728.1 749.1 763.7 772.6 787.2 808.7 831.6 850.1 800.0 805.8 811.7 817.1 823.4 828.8 834.4 839.6 843.7 848.1 851.9 856.6 861.3 864.9 869.0 765.4 775.4 783.1 797.7 814.4 835.4 857.7 877.9 903.9 853.6 855.9 859.0 862.4 867.6 874.3 881.3 888.4 892.2 901.7 906.9 915.0 921.6 932.1 940.3 Source: Department of Commerce, Bureau of Economic Analysis. Retail sales of new passenger cars and light trucks (millions of units) 12.8 13.9 15.0 14.7 15.0 15.1 15.4 16.8 17.2 14.7 16.1 14.7 16.3 16.2 16.7 17.0 17.2 18.1 17.2 17.3 16.3 16.9 16.6 16.1 SOURCES OF PERSONAL INCOME Personal income rose $0.8 billion (annual rate) in September, following an increase of $6.8 billion in August. Wages and salaries increased $2.0 billion in September, following an increase of $0.5 billion in August. [Billions of dollars; monthly data at seasonally adjusted annual rates] Period 1992 ................................................................. 1993 ................................................................. 1994 ................................................................. 1995 ................................................................. 1996 ................................................................. 1997 ................................................................ 1998 ................................................................ 1999 ................................................................ 2000 ................................................................ 2000: Sept ...................................................... Oct ....................................................... Nov ...................................................... Dec ....................................................... 2001: Jan ....................................................... Feb ....................................................... Mar ...................................................... Apr ....................................................... May ....................................................... June ..................................................... July r .................................................... Aug r .................................................... Sept p ................................................... Total personal income 5,390.4 5,610.0 5,888.0 6,200.9 6,547.4 6,937.0 7,426.0 7,777.3 8,319.2 8,423.0 8,478.7 8,513.5 8,566.7 8,604.0 8,640.2 8,676.2 8,697.0 8,709.3 8,737.6 8,772.5 8,779.3 8,780.1 Wage and salary disbursements 1 2,982.6 3,085.2 3,236.7 3,424.7 3,626.5 3,888.9 4,192.8 4,472.2 4,837.2 4,902.6 4,946.1 4,974.0 4,999.4 5,022.7 5,051.8 5,073.8 5,092.8 5,091.7 5,115.0 5,128.4 5,128.9 5,130.9 Proprietors’ income 3 Other labor income 1 2 449.5 482.8 507.5 497.0 490.0 475.4 490.6 509.7 534.2 540.5 542.9 544.9 547.0 548.2 549.3 550.3 551.3 552.0 553.3 554.4 555.3 556.1 1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. 2 Consists primarily of employer contributions to private pension and private welfare funds. Farm 32.7 30.1 31.9 22.2 34.3 29.7 25.6 26.6 30.6 31.5 31.6 31.7 31.9 30.9 30.2 28.4 29.0 28.8 28.3 29.5 31.9 34.1 Nonfarm 401.7 431.7 444.6 475.5 510.5 551.5 598.2 645.4 684.4 688.8 690.1 693.7 696.6 700.8 703.5 711.8 711.0 717.1 721.8 722.7 725.4 713.3 Rental income of persons 4 63.3 90.9 110.3 117.9 129.7 128.3 138.6 147.7 141.6 138.5 139.4 141.4 144.4 141.5 139.6 137.9 138.1 140.3 138.6 142.4 144.0 144.4 Personal dividend income 185.3 203.0 234.7 254.0 297.4 334.9 348.3 343.1 379.2 389.8 393.5 396.7 399.7 402.3 404.8 407.2 409.6 411.9 414.3 416.9 420.1 423.0 Personal interest income 750.1 725.5 742.4 792.5 810.6 864.0 964.4 950.0 1,000.6 1,011.3 1,011.8 1,013.1 1,014.4 1,012.7 1,010.8 1,009.1 1,005.1 1,000.7 997.2 994.2 991.2 988.4 Transfer payments 5 Less: Personal contributions for social insurance 751.7 798.6 833.9 885.9 928.8 962.2 983.7 1,019.6 1,069.1 1,080.6 1,086.2 1,082.1 1,098.6 1,115.8 1,122.4 1,131.0 1,134.1 1,140.3 1,143.6 1,158.9 1,157.1 1,164.1 226.6 237.8 254.1 268.8 280.4 297.9 316.3 337.1 357.7 360.7 362.9 364.2 365.3 370.7 372.2 373.2 374.0 373.5 374.5 375.0 374.6 374.3 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 advance estimates, per capita disposable personal income in chained (1996) dollars rose at an annual rate of 11.7 percent in the third quarter of 2001. Period Personal income Less: Personal tax and nontax payments Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (1996) dollars Per capita disposable personal income Current dollars Billions of dollars 1992 1993 1994 1995 1996 1997 1998 1999 2000 .................. .................. .................. .................. .................. .................. .................. .................. .................. 5,390.4 5,610.0 5,888.0 6,200.9 6,547.4 6,937.0 7,426.0 7,777.3 8,319.2 635.8 674.6 722.6 778.3 869.7 968.8 1,070.4 1,159.2 1,288.2 4,754.6 4,935.3 5,165.4 5,422.6 5,677.7 5,968.2 6,355.6 6,618.0 7,031.0 Chained (1996) dollars Per capita personal consumption expenditures Current dollars Chained (1996) dollars Dollars 4,340.9 4,584.5 4,849.9 5,120.2 5,405.6 5,715.3 6,054.1 6,457.2 6,963.3 413.7 350.8 315.5 302.4 272.1 252.9 301.5 160.9 67.7 5,189.3 5,261.3 5,397.2 5,539.1 5,677.7 5,854.5 6,168.6 6,320.0 6,539.2 18,616 19,121 19,820 20,613 21,385 22,262 23,491 24,242 25,528 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 20,318 20,384 20,709 21,055 21,385 21,838 22,800 23,150 23,742 16,482 17,259 18,097 18,888 19,727 20,625 21,644 22,895 24,429 17,989 18,399 18,910 19,294 19,727 20,232 21,007 21,863 22,721 2.0 .3 1.6 1.7 1.6 2.1 4.4 1.5 2.6 8.7 7.1 6.1 5.6 4.8 4.2 4.7 2.4 1.0 255,403 258,107 260,616 263,073 265,504 268,087 270,560 272,996 275,423 22,493 22,775 22,925 23,004 23,039 23,109 23,169 23,283 23,430 23,717 23,814 24,006 24,111 24,200 24,880 21,215 21,541 21,763 22,055 22,350 22,732 23,045 23,449 23,977 24,267 24,609 24,861 25,189 25,372 25,366 20,682 20,949 21,093 21,303 21,516 21,774 21,953 22,205 22,483 22,636 22,819 22,943 23,062 23,153 23,169 7.3 5.1 2.7 1.4 .6 1.2 1.0 2.0 2.5 5.0 1.6 3.3 1.8 1.5 11.7 4.9 4.9 4.9 4.3 3.5 2.7 2.1 1.4 .8 1.3 .8 1.0 1.1 1.1 3.8 269,623 270,188 270,882 271,548 272,070 272,619 273,315 273,980 274,508 275,059 275,735 276,388 277,011 277,650 278,292 Seasonally adjusted annual rates 1998: I ............. II ............ III .......... IV ........... 1999: I ............. II ............ III .......... IV ........... 2000: I ............. II ............ III .......... IV ........... 2001: I ............. II ............ III p ........ 7,254.8 7,382.8 7,490.7 7,575.8 7,631.4 7,719.6 7,818.7 7,939.3 8,104.4 8,271.0 8,381.5 8,519.6 8,640.2 8,714.6 8,777.3 1,034.0 1,055.4 1,083.7 1,108.5 1,120.4 1,142.6 1,171.3 1,202.5 1,245.3 1,277.3 1,300.2 1,329.8 1,345.2 1,351.4 1,197.0 6,220.8 6,327.4 6,407.0 6,467.3 6,511.0 6,577.0 6,647.3 6,736.8 6,859.1 6,993.7 7,081.3 7,189.8 7,295.0 7,363.2 7,580.3 5,912.9 6,018.2 6,095.6 6,189.7 6,280.6 6,401.8 6,506.5 6,639.7 6,805.7 6,905.6 7,026.9 7,115.1 7,216.2 7,281.7 7,293.6 307.9 309.1 311.4 277.6 230.4 175.2 140.8 97.2 53.5 88.1 54.5 74.7 78.8 81.5 286.7 1 Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net). 6 6,064.5 6,153.6 6,209.9 6,246.6 6,268.2 6,300.0 6,332.4 6,379.2 6,431.6 6,523.7 6,566.5 6,634.9 6,679.0 6,719.2 6,923.9 23,072 23,418 23,652 23,816 23,931 24,125 24,321 24,589 24,987 25,426 25,682 26,013 26,335 26,520 27,238 2 Annual data are averages of quarterly data, which are averages for the period. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the second quarter of 2001, according to current estimates, gross farm income rose $3.5 billion (annual rate) and net farm income fell $2.6 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total 1992 ........................................................ 1993 ........................................................ 1994 ........................................................ 1995 ........................................................ 1996 ........................................................ 1997 ......................................................... 1998 ......................................................... 1999 ......................................................... 2000 ......................................................... 1999: I ................................................... II .................................................. II .................................................. IV ................................................. 2000: I .................................................... II .................................................. III ................................................. IV ................................................. 2001: I ................................................... II .................................................. 200.4 204.7 215.9 210.7 235.7 238.5 231.8 235.3 241.5 227.5 229.4 230.4 253.8 231.8 233.8 239.9 260.7 244.2 247.7 171.3 177.9 181.1 188.0 199.1 207.6 195.8 188.1 193.6 186.3 191.1 195.7 179.3 190.0 195.1 205.3 184.0 204.5 210.8 1 Cash marketing receipts and inventory changes plus Government payments, other farm cash income, and nonmoney income furnished by farms. 2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year. Livestock and products 85.7 90.4 88.2 87.1 92.8 96.5 94.1 95.5 99.5 95.7 94.6 96.2 95.6 98.4 99.0 100.6 99.9 105.8 109.9 Crops 85.6 87.5 92.9 100.8 106.3 111.2 101.7 92.6 94.1 90.6 96.5 99.6 83.7 91.6 96.1 104.6 84.1 98.7 100.9 Value of inventory changes 2 4.2 ¥4.2 8.3 ¥5.0 8.0 .6 ¥.6 ¥.2 .5 ¥.3 ¥.3 ¥.2 ¥.1 .6 .5 .4 .3 .2 .2 Production expenses 152.8 160.4 167.1 173.8 180.8 190.0 189.0 191.0 195.1 197.4 198.6 189.7 178.2 197.7 202.9 197.5 182.3 201.7 207.8 Net farm income 47.7 44.3 48.8 36.9 54.9 48.5 42.9 44.3 46.4 30.1 30.8 40.8 75.6 34.1 30.8 42.4 78.4 42.5 39.9 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 2001 are forecasts. Source: Department of Agriculture. 7 CORPORATE PROFITS In the second quarter of 2001, according to current estimates, corporate profits before tax fell $17.4 billion (annual rate) and profits after tax fell $8.6 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 Nonfinancial Total 2 Total 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Financial Total 3 Manufacturing Transportation4 Wholesale Profits before tax Tax liability Total Dividends Undistributed profits Inventory valuation adjustment Retail .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 421.1 448.8 506.4 561.0 650.2 729.4 800.8 739.4 773.4 833.0 346.7 380.1 429.6 483.7 558.2 628.6 690.2 637.2 658.8 696.3 120.2 124.8 127.9 114.7 154.3 165.3 185.7 158.4 191.0 204.4 226.5 255.2 301.7 369.0 403.8 463.3 504.5 478.8 467.8 491.8 93.5 93.9 108.4 139.6 166.1 181.2 195.2 164.3 163.7 155.2 53.2 58.5 69.6 82.9 85.8 91.4 85.0 79.1 59.0 67.4 22.0 25.9 28.2 33.1 29.4 42.6 49.2 55.9 53.8 60.5 27.7 33.7 39.7 46.6 44.1 52.9 63.9 73.8 77.1 81.8 416.1 451.6 510.4 573.4 668.5 726.3 792.4 721.1 776.3 845.4 133.6 143.1 165.4 186.7 211.0 223.6 237.2 238.8 253.0 271.5 282.6 308.4 345.0 386.7 457.5 502.7 555.2 482.3 523.3 573.9 178.4 185.5 203.1 234.9 254.2 297.7 335.2 348.7 343.5 379.6 104.1 122.9 141.9 151.8 203.3 205.0 220.0 133.6 179.8 194.3 4.9 ¥2.8 ¥4.0 ¥12.4 ¥18.3 3.1 8.4 18.3 ¥2.9 ¥12.4 1998: I ......... II ........ III ...... IV ....... 751.8 733.1 743.8 729.2 642.2 626.7 651.3 628.5 166.8 156.4 155.0 155.5 475.4 470.3 496.4 473.0 165.9 160.1 168.9 162.2 77.5 80.9 87.0 71.1 54.2 55.5 60.4 53.3 71.3 72.3 74.7 76.7 731.7 722.8 723.6 706.3 239.9 237.8 243.6 234.1 491.8 485.0 480.1 472.2 349.4 350.4 348.3 346.7 142.5 134.5 131.8 125.5 20.0 10.3 20.2 22.9 1999: I ......... II ........ III ...... IV ....... 2000: I ......... II ........ III ...... IV ....... 2001: I ......... II ........ III p .... 783.5 758.2 748.1 804.0 821.1 847.2 854.6 809.2 753.8 729.5 ............ 674.7 648.7 637.5 674.4 700.6 718.3 713.6 652.4 613.8 585.4 ............ 183.8 179.9 191.3 209.1 210.0 200.3 203.1 204.4 202.2 183.3 ............ 490.9 468.8 446.2 465.3 490.6 518.0 510.6 448.0 411.6 402.1 ............ 175.9 169.6 158.4 151.1 167.0 175.0 159.4 119.4 90.4 93.4 ................ 66.3 53.0 53.1 63.5 63.8 67.9 70.5 67.3 66.4 62.6 ................ 55.7 51.7 48.6 59.2 57.6 64.9 63.7 55.9 40.3 34.0 .............. 81.0 80.0 72.5 74.9 83.6 83.0 84.5 76.3 84.9 85.6 .............. 755.4 759.1 765.8 825.0 844.9 862.0 858.3 816.5 755.7 738.3 ............ 246.2 247.9 250.7 267.3 277.0 280.4 274.9 253.5 236.8 228.0 ............ 509.2 511.2 515.1 557.7 567.8 581.6 583.4 563.0 518.9 510.3 .............. 342.4 339.7 342.2 349.6 361.5 373.7 386.2 397.0 405.2 412.3 420.4 166.8 171.4 172.9 208.1 206.3 207.9 197.2 165.9 113.7 98.0 .............. 28.1 ¥.9 ¥17.7 ¥21.0 ¥23.8 ¥14.8 ¥3.6 ¥7.3 ¥1.9 ¥8.8 ............ 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 2001, according to advance estimates, nonresidential fixed investment in chained (1996) dollars fell $41.1 billion (annual rate) and residential investment rose $1.7 billion. There was a decrease of $50.4 billion in inventories following a decrease of $38.3 billion in the second quarter. [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period Gross private domestic investment Change in private inventories Nonresidential Total Total Equipment and software Residential Structures Total Nonfarm ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. 829.5 899.8 977.9 1,107.0 1,140.6 1,242.7 1,393.3 1,558.0 1,660.1 1,772.9 832.5 886.5 958.4 1,045.9 1,109.2 1,212.7 1,328.6 1,480.0 1,595.4 1,716.2 610.1 630.6 683.6 744.6 817.5 899.4 1,009.3 1,135.9 1,228.6 1,350.7 210.1 197.3 198.9 200.5 210.1 225.0 245.4 262.2 256.9 272.8 407.2 437.5 487.1 544.9 607.6 674.4 764.2 875.4 978.3 1,087.4 221.1 257.2 276.0 302.7 291.7 313.3 319.7 345.1 368.3 371.4 ¥1.0 17.1 20.0 66.8 30.4 30.0 63.8 76.7 62.1 50.6 1.4 10.7 28.6 53.6 42.6 22.1 60.6 75.0 63.5 52.3 1998: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,543.3 1,516.8 1,559.7 1,612.1 1,431.4 1,471.4 1,485.4 1,531.7 1,099.5 1,132.3 1,136.6 1,175.4 255.7 264.8 263.0 265.1 845.0 868.6 875.1 912.9 333.0 340.5 349.5 357.4 113.1 42.0 71.8 80.0 106.7 47.4 70.8 75.1 1999: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,641.8 1,617.4 1,655.8 1,725.4 1,558.2 1,582.8 1,610.8 1,629.7 1,192.6 1,214.9 1,244.6 1,262.4 260.7 257.9 253.2 255.7 936.0 962.6 999.5 1,015.2 366.3 368.9 368.2 369.7 83.4 32.7 39.6 92.7 78.7 34.2 52.2 88.7 2000: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 2001: I ............................................................................ II ........................................................................... III p ........................................................................ 1,722.9 1,801.6 1,788.8 1,778.3 1,721.0 1,666.2 1,619.6 1,683.4 1,719.2 1,730.1 1,732.1 1,740.3 1,696.4 1,659.5 1,309.4 1,347.7 1,371.1 1,374.5 1,373.9 1,320.9 1,279.8 261.1 268.5 278.2 283.3 291.7 282.3 273.3 1,058.3 1,089.6 1,102.3 1,099.3 1,087.7 1,043.2 1,011.0 377.3 376.5 366.3 365.3 372.9 378.3 380.0 28.9 78.9 51.7 42.8 ¥27.1 ¥38.3 ¥50.4 37.8 75.1 56.6 39.7 ¥27.3 ¥35.8 ¥46.8 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 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 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 1998: ............................... ............................... ............................... ............................... ............................... ............................... ............................... ............................... ............................... ............................... I .......................... II ......................... III ....................... IV ........................ 1999: I .......................... II ......................... III ....................... IV ........................ 2000: I .......................... II ......................... III ....................... IV ........................ 2001: I .......................... II ......................... III p ...................... Total 1 610.1 630.6 683.6 744.6 817.5 899.4 1,009.3 1,135.9 1,228.6 1,350.7 1,099.5 1,132.3 1,136.6 1,175.4 1,192.6 1,214.9 1,244.6 1,262.4 1,309.4 1,347.7 1,371.1 1,374.5 1,373.9 1,320.9 1,279.8 210.1 197.3 198.9 200.5 210.1 225.0 245.4 262.2 256.9 272.8 255.7 264.8 263.0 265.1 260.7 257.9 253.2 255.7 261.1 268.5 278.2 283.3 291.7 282.3 273.3 Residential Structures Equipment and software Information processing equipment and software Nonresidential buildings, including farm Utilities 142.7 129.2 131.7 137.2 147.6 161.7 177.0 188.3 185.5 194.9 184.1 189.6 187.5 191.9 192.0 186.4 182.0 181.6 188.9 194.0 197.5 199.1 202.0 191.6 176.5 38.9 41.8 38.4 36.1 36.8 36.0 35.3 42.7 45.7 48.5 40.6 43.0 43.7 43.7 42.9 44.4 46.7 48.7 45.2 46.4 49.0 53.5 56.1 55.0 50.2 Mining exploration, shafts, and wells Total 2 20.8 17.2 20.5 19.8 18.2 21.1 26.2 25.1 20.0 23.5 24.9 26.0 25.9 23.7 20.2 20.6 19.2 20.1 21.3 22.5 25.3 24.8 28.3 30.4 30.5 407.2 437.5 487.1 544.9 607.6 674.4 764.2 875.4 978.3 1,087.4 845.0 868.6 875.1 912.9 936.0 962.6 999.5 1,015.2 1,058.3 1,089.6 1,102.3 1,099.3 1,087.7 1,043.2 1,011.0 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. Total Computers and peripheral equipment 142.7 163.0 183.4 206.6 242.8 287.3 349.8 429.3 506.2 609.5 404.5 422.5 433.7 456.4 470.8 498.0 520.0 535.8 573.6 601.5 621.0 641.8 620.9 588.1 566.4 15.4 20.8 26.4 32.6 49.2 70.9 102.9 147.7 208.6 290.3 132.7 142.4 147.7 167.7 182.4 201.9 218.5 231.8 253.9 284.5 305.2 317.6 314.4 287.3 268.9 Software Other Industrial equipment 51.4 58.7 66.8 74.3 82.0 95.1 119.0 147.1 167.3 187.6 138.8 144.6 150.0 155.0 158.9 164.8 170.5 175.0 181.0 183.5 189.7 196.0 192.9 191.1 186.6 86.4 91.5 96.4 104.9 113.1 121.3 129.8 143.5 157.2 186.5 138.9 143.0 144.4 147.9 148.6 156.0 160.8 163.4 178.9 186.5 187.7 193.2 180.8 165.9 159.5 99.0 100.8 109.6 119.6 131.3 136.4 140.0 145.6 146.4 162.6 148.7 145.6 143.3 144.8 143.7 145.2 147.4 149.4 159.0 160.5 165.1 165.6 170.7 161.2 150.4 Transportation equipment Total residential 3 87.7 92.3 103.4 120.4 128.2 138.9 150.5 168.2 197.6 192.7 161.2 166.4 164.2 181.0 189.5 192.5 205.6 202.8 200.6 200.8 193.2 176.2 177.4 174.4 172.5 221.1 257.2 276.0 302.7 291.7 313.3 319.7 345.1 368.3 371.4 333.0 340.5 349.5 357.4 366.3 368.9 368.2 369.7 377.3 376.5 366.3 365.3 372.9 378.3 380.0 Total 4 Single family 215.1 251.0 269.4 295.8 284.4 305.6 311.8 336.8 359.3 361.8 325.0 332.2 341.2 349.0 357.6 360.0 359.1 360.5 367.8 367.0 356.8 355.8 363.3 368.6 370.5 112.3 135.7 148.0 163.2 147.7 159.1 158.6 175.9 188.9 190.9 165.6 172.5 180.2 185.5 188.3 187.9 187.5 192.1 197.4 195.0 186.2 185.0 191.1 192.8 193.3 NOTE.—Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. 2 Includes 3 Includes BUSINESS INVESTMENT [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Total by industry Forestry, fishing and agricultural services Mining Utilities Construction Manufacturing Wholesale trade Retail trade Transportation and warehousing Information Finance and insurance Real estate and rental and leasing .......... .......... 96.5 120.2 .......... .......... 118.2 127.2 ........ ........ 85.2 97.6 Professional, scientific, and technical services Health care and social assistance Other .......... .......... 22.3 29.3 ........... ........... 47.1 51.3 .......... .......... 81.7 92.0 1 For companies without employees For companies with employees 1996 1997 1998 1999 ........ ....... ........ ........ 807.1 871.8 970.9 1,038.2 .......... .......... 896.5 965.8 ........... ........... 0.9 1.7 ........ ........ 40.4 30.5 ......... ......... 36.0 44.6 .......... .......... 26.9 23.1 ........... ........... 203.6 196.0 ............ ............ 29.2 33.4 1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories. 10 .......... .......... 57.3 63.7 ............ ............ 51.3 55.1 .......... .......... 74.4 72.3 NOTE.—Data from Annual Capital Expenditures. Industry data for 1998 and 1999 are based on the North American Industry Classification System (NAICS): 1997. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In October, employment fell by 619,000, and unemployment rose by 732,000. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period 1991 .................................. 1992 .................................. 1993 .................................. 1994 3 ................................ 1995 .................................. 1996 .................................. 1997 4 ................................ 1998 4 ................................ 1999 4 ................................ 2000 4 ................................ 2000: Oct ........................ Nov ........................ Dec ........................ 2001: Jan 4 ...................... Feb ......................... Mar ........................ Apr ......................... May ........................ June ....................... July ........................ Aug ........................ Sept ........................ Oct ......................... Civilian noninstitutional population NSA 190,925 192,805 194,838 196,814 198,584 200,591 203,133 205,220 207,753 209,699 210,378 210,577 210,743 210,889 211,026 211,171 211,348 211,525 211,725 211,921 212,135 212,357 212,581 Civilian labor force 126,346 128,105 129,200 131,056 132,304 133,943 136,297 137,673 139,368 140,863 141,000 141,136 141,489 141,955 141,751 141,868 141,757 141,272 141,354 141,774 141,350 142,190 142,303 Nonagricultural Total 117,718 118,492 120,259 123,060 124,900 126,708 129,558 131,463 133,488 135,208 135,464 135,478 135,836 135,999 135,815 135,780 135,354 135,103 134,932 135,379 134,393 135,181 134,562 Agricultural 3,269 3,247 3,115 3,409 3,440 3,443 3,399 3,378 3,281 3,305 3,241 3,176 3,274 3,179 3,135 3,161 3,192 3,193 2,995 3,045 3,117 3,220 3,200 Part time for economic reasons 1 Total 114,449 115,245 117,144 119,651 121,460 123,264 126,159 128,025 130,207 131,903 132,223 132,302 132,562 132,819 132,680 132,618 132,162 131,910 131,937 132,334 131,276 131,961 131,362 1 Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc. 2 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 3 Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire. Percent 2 Unemployment 5,874 6,240 6,230 4,414 4,279 4,123 3,879 3,501 3,189 3,045 3,044 3,285 3,088 3,227 3,143 3,007 3,061 3,197 3,532 3,336 3,196 4,045 4,342 Total 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,210 5,880 5,655 5,536 5,658 5,653 5,956 5,936 6,088 6,402 6,169 6,422 6,395 6,957 7,009 7,741 15 weeks and over 2,357 3,408 3,094 2,860 2,363 2,316 2,062 1,637 1,480 1,309 1,311 1,317 1,326 1,371 1,490 1,517 1,499 1,484 1,540 1,587 1,817 1,884 2,062 Not in labor force 64,578 64,700 65,638 65,758 66,280 66,647 66,837 67,547 68,385 68,836 69,378 69,441 69,254 68,934 69,275 69,304 69,592 70,254 70,370 70,147 70,785 70,167 70,279 Labor force participation rate Employment/ population ratio Unemployment rate 66.2 66.4 66.3 66.6 66.6 66.8 67.1 67.1 67.1 67.2 67.0 67.0 67.1 67.3 67.2 67.2 67.1 66.8 66.8 66.9 66.6 67.0 66.9 61.7 61.5 61.7 62.5 62.9 63.2 63.8 64.1 64.3 64.5 64.4 64.3 64.5 64.5 64.4 64.3 64.0 63.9 63.7 63.9 63.4 63.7 63.3 6.8 7.5 6.9 6.1 5.6 5.4 4.9 4.5 4.2 4.0 3.9 4.0 4.0 4.2 4.2 4.3 4.5 4.4 4.5 4.5 4.9 4.9 5.4 4 Not strictly comparable with earlier data. NOTE.—Data beginning January 1998, 1999, 2000, and 2001 reflect revised population controls. For details, see February issues, Employment and Earnings. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In October, the unemployment rate rose to 5.4 percent from 4.9 percent in September. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By sex and age Period 1991 ......................... 1992 ......................... 1993 ......................... 1994 2 ....................... 1995 ......................... 1996 ......................... 1997 ......................... 1998 ......................... 1999 ......................... 2000 ......................... 2000: Oct ............... Nov .............. Dec ............... 2001: Jan ............... Feb ............... Mar ............... Apr ............... May ............... June .............. July ............... Aug ............... Sept .............. Oct ................ 1 Revised 2 Data 12 All civilian workers 6.8 7.5 6.9 6.1 5.6 5.4 4.9 4.5 4.2 4.0 3.9 4.0 4.0 4.2 4.2 4.3 4.5 4.4 4.5 4.5 4.9 4.9 5.4 Men 20 years and over Women 20 years and over 6.4 7.1 6.4 5.4 4.8 4.6 4.2 3.7 3.5 3.3 3.3 3.4 3.4 3.6 3.5 3.8 4.0 3.9 4.0 3.9 4.4 4.3 4.8 5.7 6.3 5.9 5.4 4.9 4.8 4.4 4.1 3.8 3.6 3.4 3.4 3.4 3.6 3.7 3.6 3.8 3.8 3.8 3.9 4.2 4.4 4.8 By race Both sexes 16–19 years White 18.7 20.1 19.0 17.6 17.3 16.7 16.0 14.6 13.9 13.1 12.6 13.0 13.1 13.8 13.6 13.8 14.2 13.6 14.3 14.8 16.1 14.7 15.5 definition; for details, see Employment and Earnings, February 1994. beginning January 1994 are not directly comparable with data for earlier periods. 6.1 6.6 6.1 5.3 4.9 4.7 4.2 3.9 3.7 3.5 3.4 3.5 3.5 3.6 3.7 3.7 4.0 3.8 4.0 4.0 4.3 4.3 4.8 Black and other 11.1 12.7 11.7 10.5 9.6 9.3 8.8 7.8 7.0 6.7 6.5 6.4 6.4 7.1 6.6 7.3 7.1 7.1 7.4 7.0 8.1 8.0 8.7 By selected groups Black 12.5 14.2 13.0 11.5 10.4 10.5 10.0 8.9 8.0 7.6 7.4 7.5 7.6 8.4 7.5 8.6 8.2 8.0 8.4 7.9 9.1 8.7 9.7 Experienced wage and salary workers 6.6 7.2 6.6 5.9 5.4 5.2 4.7 4.3 4.0 3.9 3.8 3.8 3.8 4.0 4.1 4.3 4.4 4.2 4.5 4.4 4.8 4.8 5.4 Married men, spouse present 4.4 5.1 4.4 3.7 3.3 3.0 2.7 2.4 2.2 2.0 2.1 2.2 2.2 2.3 2.3 2.5 2.5 2.6 2.6 2.6 2.7 2.7 3.1 Women who maintain families Full-time workers 1 Part-time workers 1 9.3 10.0 9.7 8.9 8.0 8.2 8.1 7.2 6.4 5.9 5.4 5.2 5.1 6.4 6.1 6.2 6.3 6.2 6.3 6.2 6.7 7.0 6.9 6.8 7.5 6.9 6.1 5.5 5.3 4.8 4.3 4.1 3.9 3.8 3.9 3.9 4.1 4.0 4.2 4.3 4.3 4.4 4.4 4.8 5.0 5.4 7.0 7.5 7.2 6.0 6.0 5.8 5.5 5.3 5.0 4.8 4.5 4.5 4.6 4.9 4.8 4.8 5.5 4.6 5.3 5.1 5.6 4.5 5.6 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 and for 27 weeks and over rose; the percentages for 5–14 weeks and for 15–26 weeks fell. The mean duration of unemployment fell to 13.0 weeks and the median duration was unchanged at 7.4 weeks. [Monthly data seasonally adjusted, except as noted] Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unemployment: percent distribution State programs Number of weeks 27 weeks and over Average (mean) Median Job losers 1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Weekly average, thousands 1991 ........................................ 1992 ........................................ 1993 ........................................ 1994 3 ...................................... 1995 ........................................ 1996 ........................................ 1997 ........................................ 1998 ........................................ 1999 ........................................ 2000 ........................................ 2000: Oct ............................... Nov .............................. Dec .............................. 2001: Jan .............................. Feb .............................. Mar .............................. Apr ............................... May .............................. June ............................. July .............................. Aug .............................. Sept ............................. Oct ............................... 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,210 5,880 5,655 5,536 5,658 5,653 5,956 5,936 6,088 6,402 6,169 6,422 6,395 6,957 7,009 7,741 40.3 35.1 36.5 34.1 36.5 36.4 37.7 42.2 43.7 45.0 45.0 44.8 43.4 43.8 47.0 43.2 46.0 43.3 43.7 41.1 43.4 39.4 40.6 32.4 29.4 28.9 30.1 31.6 31.6 31.7 31.4 31.2 31.9 31.5 31.8 33.0 33.2 28.0 32.2 30.7 32.8 32.4 33.9 30.3 33.7 33.0 14.4 15.1 14.5 15.5 14.6 14.6 14.8 12.3 12.8 11.8 12.6 12.6 12.0 12.3 13.3 13.2 11.8 13.8 12.5 14.7 14.2 15.5 15.1 12.9 20.3 20.1 20.3 17.3 17.4 15.8 14.1 12.3 11.4 10.9 10.7 11.6 10.7 11.7 11.4 11.5 10.2 11.4 10.3 12.1 11.3 11.4 1 Beginning January 1994, job losers and persons who completed temporary jobs. 2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation or Emergency Unemployment Compensation programs. 13.7 17.7 18.0 18.8 16.6 16.7 15.8 14.5 13.4 12.6 12.4 12.4 12.6 12.6 12.9 13.0 12.6 12.2 13.0 12.5 13.3 13.1 13.0 6.8 8.7 8.3 9.2 8.3 8.3 8.0 6.7 6.4 5.9 6.1 6.1 6.1 5.9 6.0 6.5 5.8 6.5 6.2 6.7 6.5 7.4 7.4 54.4 56.1 54.2 47.7 46.9 46.6 45.1 45.5 44.6 44.1 44.3 44.4 44.7 45.8 47.8 48.8 49.9 50.4 50.8 51.0 49.0 51.5 55.8 11.6 10.4 10.9 9.9 11.1 10.7 11.8 11.8 13.3 13.7 14.7 13.6 13.3 14.0 13.7 13.4 11.7 13.1 12.5 12.1 12.8 11.5 11.4 24.8 23.8 24.6 34.8 34.1 34.7 34.7 34.3 34.1 34.6 33.8 34.4 33.8 32.7 32.3 31.4 31.3 28.8 29.4 30.0 31.1 30.2 26.8 9.2 9.7 10.3 7.6 7.8 8.0 8.4 8.4 8.0 7.6 7.2 7.6 8.3 7.4 6.2 6.4 7.2 7.7 7.4 6.8 7.1 6.8 5.9 3,342 3,245 2,751 2,670 2,572 2,595 2,323 2,222 2,188 2,110 2,188 2,277 2,365 2,350 2,414 2,505 2,636 2,825 2,995 3,058 3,188 3,345 .............. 447 408 341 340 357 356 323 321 298 301 313 344 355 330 355 378 405 409 410 395 398 r 455 p 497 3,406 3,348 2,845 2,739 2,633 2,650 2,366 2,257 2,219 2,142 1,898 1,943 2,385 3,108 3,050 2,829 2,966 2,534 2,644 3,171 r 2,727 2,853 ................. 3 Data beginning January 1994 are not directly comparable with data for earlier periods. NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey fell by 415,000 in October. [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Goods-producing industries Period 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2000: .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. Oct ......... Nov ......... Dec ......... 2001: Jan ......... Feb ......... Mar ........ Apr ........ May ....... June ...... July ........ Aug r ....... Sept r ...... Oct p ....... Total nonagricultural employment 108,249 108,601 110,713 114,163 117,191 119,608 122,690 125,865 128,916 131,759 132,145 132,279 132,367 132,428 132,595 132,654 132,489 132,530 132,431 132,449 132,395 132,182 131,767 Service-producing industries Manufacturing Total 2 23,745 23,231 23,352 23,908 24,265 24,493 24,962 25,414 25,507 25,709 25,713 25,711 25,688 25,633 25,627 25,602 25,421 25,324 25,186 25,122 24,963 24,873 24,699 Construction 4,650 4,492 4,668 4,986 5,160 5,418 5,691 6,020 6,415 6,698 6,758 6,781 6,791 6,826 6,880 6,929 6,852 6,881 6,864 6,867 6,861 6,862 6,832 Total 18,406 18,104 18,075 18,321 18,524 18,495 18,675 18,805 18,552 18,469 18,404 18,382 18,349 18,257 18,192 18,116 18,009 17,879 17,757 17,688 17,533 17,443 17,301 Durable goods Nondurable goods 10,569 10,277 10,221 10,448 10,683 10,789 11,010 11,205 11,111 11,138 11,126 11,120 11,102 11,031 10,997 10,941 10,870 10,778 10,692 10,624 10,523 10,457 10,349 7,837 7,827 7,854 7,873 7,841 7,706 7,665 7,600 7,441 7,331 7,278 7,262 7,247 7,226 7,195 7,175 7,139 7,101 7,065 7,064 7,010 6,986 6,952 1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total in this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample 14 Total 84,504 85,370 87,361 90,256 92,925 95,115 97,727 100,451 103,409 106,050 106,432 106,568 106,679 106,795 106,968 107,052 107,068 107,206 107,245 107,327 107,432 107,309 107,068 Transportation and public utilities 5,755 5,718 5,811 5,984 6,132 6,253 6,408 6,611 6,834 7,019 7,076 7,093 7,108 7,106 7,123 7,127 7,119 7,130 7,118 7,108 7,082 7,062 7,007 Wholesale trade 6,081 5,997 5,981 6,162 6,378 6,482 6,648 6,800 6,911 7,024 7,059 7,070 7,068 7,067 7,064 7,066 7,053 7,038 7,022 7,017 7,010 6,988 6,965 Retail trade 19,284 19,356 19,773 20,507 21,187 21,597 21,966 22,295 22,848 23,307 23,380 23,395 23,406 23,415 23,472 23,457 23,530 23,546 23,561 23,606 23,583 23,522 23,441 Finance, insurance, Services and real estate 6,646 6,602 6,757 6,896 6,806 6,911 7,109 7,389 7,555 7,560 7,569 7,575 7,582 7,594 7,609 7,618 7,626 7,644 7,631 7,618 7,623 7,628 7,633 28,336 29,052 30,197 31,579 33,117 34,454 36,040 37,533 39,055 40,460 40,767 40,845 40,901 40,984 41,020 41,073 40,993 41,078 41,085 41,046 41,129 41,106 40,995 Government Total 18,402 18,645 18,841 19,128 19,305 19,419 19,557 19,823 20,206 20,681 20,581 20,590 20,614 20,629 20,680 20,711 20,747 20,770 20,828 20,932 21,005 21,003 21,027 Federal 2,966 2,969 2,915 2,870 2,822 2,757 2,699 2,686 2,669 2,777 2,622 2,620 2,613 2,613 2,615 2,613 2,615 2,612 2,621 2,626 2,622 2,625 2,622 of the working-age population, whereas the estimates in this table are based on reports from employing establishments. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where persons are counted only once—as employed, unemployed, or not in the labor force. 2 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Average gross hourly earnings Manufacturing Period 1991 ...................... 1992 ...................... 1993 ...................... 1994 ...................... 1995 ...................... 1996 ..................... 1997 ..................... 1998 ...................... 1999 ...................... 2000 ...................... 2000: Sept ........... Oct ............ Nov ............ Dec ............ 2001: Jan ............ Feb ............ Mar ............ Apr ............ May ........... June .......... July ........... Aug r .......... Sept r ......... Oct p .......... Total private nonagricultural 1 34.3 34.4 34.5 34.7 34.5 34.4 34.6 34.6 34.5 34.5 34.4 34.4 34.3 34.2 34.4 34.3 34.3 34.2 34.2 34.2 34.2 34.0 34.1 34.0 Total 40.7 41.0 41.4 42.0 41.6 41.6 42.0 41.7 41.7 41.6 41.4 41.4 41.2 40.6 41.0 40.9 41.0 41.0 40.7 40.7 40.8 40.7 40.6 40.4 Average gross weekly earnings Total private nonagricultural 1 Overtime 3.6 3.8 4.1 4.7 4.4 4.5 4.8 4.6 4.6 4.6 4.4 4.5 4.3 4.1 4.2 3.9 4.1 3.9 3.9 3.9 4.0 4.1 3.9 3.8 Current dollars $10.32 10.57 10.83 11.12 11.43 11.82 12.28 12.78 13.24 13.75 13.84 13.90 13.97 14.03 14.03 14.11 14.17 14.21 14.24 14.31 14.34 14.40 14.45 14.47 1982 dollars 2 $7.45 7.41 7.39 7.40 7.39 7.43 7.55 7.75 7.86 7.89 7.88 7.90 7.92 7.94 7.90 7.92 7.95 7.94 7.93 7.95 8.00 8.03 8.02 .............. Total private nonagricultural 1 Manufacturing $11.18 11.46 11.74 12.07 12.37 12.77 13.17 13.49 13.90 14.38 14.44 14.54 14.57 14.58 14.54 14.63 14.66 14.72 14.78 14.81 14.86 14.93 14.96 15.02 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 Current dollars 1982 dollars 2 Manufacturing Construction Retail trade $353.98 363.61 373.64 385.86 394.34 406.61 424.89 442.19 456.78 474.38 476.10 478.16 479.17 479.83 482.63 483.97 486.03 485.98 487.01 489.40 490.43 489.60 492.75 491.98 $255.40 254.99 254.87 256.73 255.07 255.73 261.31 268.32 271.25 272.16 270.97 271.68 271.64 271.55 271.60 271.59 272.74 271.50 271.16 272.04 273.52 273.06 273.45 .............. $455.03 469.86 486.04 506.94 514.59 531.23 553.14 562.53 579.63 598.21 597.82 601.96 600.28 591.95 596.14 598.37 601.06 603.52 601.55 602.77 606.29 607.65 607.38 606.81 $533.40 537.70 553.63 573.00 587.00 603.33 625.56 646.13 672.13 702.68 699.03 706.38 706.42 703.18 714.75 708.21 716.70 713.30 723.33 720.23 719.44 719.32 717.88 706.18 $198.48 205.06 209.95 216.46 221.47 230.11 240.74 253.46 263.61 273.39 274.75 276.57 277.73 276.96 280.52 280.04 279.94 280.51 281.95 282.12 281.42 282.28 282.98 284.42 Current dollars 2.5 2.7 2.8 3.3 2.2 3.1 4.5 4.1 3.3 3.9 3.7 3.6 3.6 3.4 3.6 3.5 3.7 3.3 3.6 3.4 3.7 3.4 3.5 2.9 1982 dollars ¥1.6 ¥.2 ¥.0 .7 ¥.6 .3 2.2 2.7 1.1 .3 .2 .2 .1 .0 ¥.1 ¥.0 .8 .1 ¥.1 .2 1.0 .8 .9 .............. Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits 1 Total compensation Wages and salaries 12 months earlier Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec .................................................................. .................................................................. .................................................................. .................................................................. ................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. 111.7 115.6 119.8 123.5 126.7 130.6 135.1 139.8 144.6 150.9 110.0 112.9 116.4 119.7 123.1 127.3 132.3 137.4 142.2 147.7 1997: Sept ................................................................. Dec ................................................................. 1998: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 1999: Mar ................................................................. June ............................................................... Sept ................................................................. Dec ................................................................. 2000: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2001: Mar ................................................................. June ................................................................ Sept ................................................................. 133.7 135.2 136.2 137.3 138.8 139.7 140.2 141.8 143.0 144.6 146.6 148.3 149.7 151.0 152.7 154.2 155.6 130.9 132.4 133.7 134.8 136.5 137.5 138.1 139.7 140.9 142.3 143.9 145.4 146.7 147.9 149.5 150.9 152.0 116.2 122.2 128.3 133.0 135.9 138.6 141.8 145.2 150.2 158.6 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 0.9 1.1 1.0 .8 1.3 .7 .4 1.2 .9 1.0 1.1 1.0 .9 .8 1.1 .9 .7 0.5 1.0 .3 .6 .7 .7 .1 1.0 1.0 1.3 2.0 1.2 1.2 1.1 1.4 .9 1.4 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 140.4 141.8 142.2 143.1 144.1 145.1 145.3 146.7 148.2 150.2 153.2 155.1 157.0 158.7 161.0 162.5 164.7 0.8 1.1 .7 .8 1.1 .6 .4 1.1 .8 1.1 1.4 1.2 .9 .9 1.1 1.0 .9 4.4 3.5 3.6 3.1 2.6 3.1 3.4 3.5 3.4 4.4 3.7 2.6 3.1 2.8 2.8 3.4 3.9 3.9 3.5 3.9 6.2 5.2 5.0 3.7 2.2 2.0 2.3 2.4 3.4 5.6 Not seasonally adjusted 3.2 3.4 3.5 3.5 3.8 3.5 3.0 3.3 3.1 3.4 4.6 4.6 4.6 4.4 4.2 4.0 4.0 3.6 3.9 4.0 4.0 4.3 3.9 3.3 3.6 3.2 3.5 4.2 4.1 4.1 3.9 3.8 3.8 3.6 2.0 2.3 2.3 2.6 2.6 2.4 2.2 2.5 2.8 3.4 5.5 5.7 6.0 5.6 5.0 4.8 4.9 from the influence of employment shifts among occupations and industries. 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 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 1998: ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ I ................... II ................. III ................ IV ................ 1999: I ................... II ................. III ................ IV ................ 2000: I ................... II ................. III ................ IV ................ 2001: I ................... II r ................ III p* ............. 96.3 100.0 100.5 101.9 102.6 105.4 107.8 110.7 113.4 116.9 110.0 110.0 110.7 111.9 112.8 112.5 113.3 115.2 115.0 117.1 117.4 118.2 118.2 118.9 119.5 96.4 100.0 100.5 101.8 102.8 105.4 107.5 110.3 112.9 116.2 109.6 109.7 110.4 111.6 112.2 111.9 112.7 114.7 114.5 116.3 116.7 117.4 117.4 118.0 118.8 96.5 100.0 103.1 108.1 111.5 116.4 122.5 128.5 134.4 140.6 126.7 127.3 128.7 131.3 132.4 132.9 134.6 137.8 138.6 140.8 141.2 141.9 142.3 142.1 141.7 96.6 100.0 103.3 108.2 111.8 116.7 122.7 128.8 134.8 140.8 127.0 127.7 129.0 131.6 132.8 133.2 134.9 138.1 138.8 141.0 141.4 142.1 142.5 142.4 142.0 100.2 100.0 102.6 106.2 108.7 110.4 113.6 116.1 118.5 120.3 115.2 115.8 116.3 117.3 117.4 118.2 118.8 119.6 120.5 120.2 120.3 120.0 120.4 119.5 118.5 100.2 100.0 102.9 106.2 108.8 110.7 114.1 116.8 119.4 121.2 115.9 116.3 116.9 118.0 118.3 119.1 119.8 120.4 121.2 121.3 121.2 121.0 121.4 120.6 119.5 95.0 100.0 102.5 104.5 106.7 110.1 113.5 119.8 125.2 132.8 117.6 119.1 120.6 121.8 123.2 124.5 126.1 127.2 129.0 131.7 133.8 136.8 138.6 140.4 141.8 95.0 100.0 102.2 104.3 106.6 109.8 113.1 119.2 124.4 132.0 116.9 118.5 120.0 121.2 122.3 123.6 125.1 126.4 128.4 130.7 133.0 135.9 137.6 139.2 140.7 97.5 100.0 99.9 99.7 99.3 99.8 100.7 104.8 107.3 110.1 103.3 104.4 105.2 105.8 106.6 107.0 107.5 107.6 108.1 109.6 110.3 112.0 112.3 113.0 113.9 97.5 100.0 99.6 99.5 99.2 99.5 100.3 104.2 106.5 109.4 102.7 103.9 104.7 105.3 105.9 106.2 106.8 107.0 107.6 108.8 109.7 111.3 111.5 112.0 113.0 98.7 100.0 101.9 102.6 104.1 104.5 105.3 108.2 110.4 113.6 106.9 108.3 108.9 108.8 109.2 110.7 111.3 110.4 112.1 112.5 114.0 115.7 117.2 118.1 118.6 98.5 100.0 101.7 102.5 103.7 104.2 105.2 108.0 110.2 113.6 106.7 108.0 108.7 108.6 109.0 110.5 111.1 110.2 112.1 112.4 114.0 115.8 117.2 117.9 118.5 98.1 100.0 102.2 104.0 106.0 107.7 109.7 110.6 111.6 113.7 110.3 110.4 110.7 110.8 111.2 111.4 111.7 112.0 112.9 113.5 113.9 114.4 115.2 115.7 116.2 98.0 100.0 102.2 104.1 106.1 107.6 109.8 110.8 112.0 114.2 110.5 110.6 111.0 111.1 111.5 111.8 112.1 112.5 113.5 114.0 114.5 114.9 115.7 116.1 116.6 3.6 1.6 1.7 .8 1.2 .5 .9 2.7 2.0 3.1 1.1 ¥2.6 .7 5.6 2.0 5.1 2.7 ¥.4 1.3 5.6 2.1 ¥2.9 6.8 1.2 5.6 6.4 5.0 2.6 1.8 3.5 2.0 2.2 1.8 2.0 1.6 1.8 .8 .9 1.9 2.6 1.9 1.0 1.1 .5 .5 .9 .5 1.3 .8 .9 1.2 3.2 2.1 1.7 1.6 2.9 1.7 1.7 3.7 2.1 2.2 1.9 2.0 1.4 2.1 .9 1.1 2.0 3.1 2.2 1.3 1.1 .6 .4 1.2 .5 1.5 1.2 1.0 1.4 3.5 1.7 1.8 1.5 2.7 1.5 1.5 Percent change; quarterly data at seasonally adjusted annual rates 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 1997: 1998: 1999: 2000: 2001: ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ I ................... II ................. III ................ IV ................ I ................... II ................. III ................ IV ................ I ................... II ................. III ................ IV ................ I ................... II ................. III ................ IV ................ I ................... II r ................ IIIp* ............. 1.1 3.9 .5 1.3 .7 2.8 2.3 2.7 2.5 3.1 1.6 4.2 3.8 .6 4.9 .1 2.6 4.6 3.1 ¥1.1 2.9 7.0 ¥.6 7.3 1.0 3.0 .0 2.3 2.2 1.2 3.7 .5 1.3 .9 2.5 2.0 2.6 2.3 3.0 1.1 4.2 3.3 .6 4.7 .5 2.2 4.5 2.4 ¥1.4 3.0 7.4 ¥.6 6.3 1.4 2.3 .1 2.2 2.7 ¥1.2 3.7 3.1 4.9 3.1 4.4 5.2 4.9 4.6 4.6 5.2 7.1 4.9 3.2 7.5 1.9 4.4 8.2 3.5 1.6 5.1 9.9 2.2 6.5 1.3 1.8 1.2 ¥.7 ¥1.0 ¥1.3 3.5 3.3 4.7 3.4 4.3 5.1 5.0 4.6 4.5 4.8 7.1 4.6 3.4 7.8 2.1 4.3 8.3 3.5 1.4 5.3 9.8 2.0 6.5 1.2 1.8 1.4 ¥.4 ¥1.0 ¥2.3 ¥.2 2.6 3.5 2.4 1.6 2.9 2.2 2.0 1.5 3.5 2.8 1.1 2.6 2.5 1.9 1.7 3.5 .4 2.7 2.1 2.7 2.9 ¥.7 .3 ¥1.1 1.2 ¥2.9 ¥3.1 ¥2.4 ¥.2 2.9 3.3 2.4 1.7 3.1 2.4 2.2 1.5 3.7 2.7 1.3 2.8 3.0 1.6 2.0 3.6 1.0 2.8 2.2 2.3 2.6 .2 ¥.2 ¥.5 1.3 ¥2.5 ¥3.6 1 Output refers to real gross domestic product originating in the sector. 2 Hours of all persons engage in the sector, including hours of proprietors and and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPI– U) for recent quarters. The trend from 1978–2000 is based on the consumer price index research series (CPI–U–RS). 16 4.7 5.3 2.5 2.0 2.1 3.2 3.1 5.5 4.6 6.0 2.2 1.4 4.5 6.4 7.1 5.4 5.0 4.2 4.7 4.2 5.1 3.5 5.9 8.6 6.5 9.4 5.3 5.3 4.1 5 Current 4.9 5.3 2.2 2.1 2.1 3.1 3.0 5.4 4.4 6.1 2.3 1.4 4.0 6.2 6.8 5.6 5.0 4.0 3.8 4.2 5.2 4.2 6.2 7.6 7.1 8.9 5.1 4.8 4.5 1.0 2.6 ¥.1 ¥.2 ¥.4 .4 .9 4.0 2.4 2.6 ¥.1 .5 2.8 4.2 6.3 4.2 3.4 2.3 3.1 1.4 2.0 .3 1.8 5.5 2.9 6.3 1.1 2.2 3.4 1.2 2.6 ¥.4 ¥.1 ¥.4 .3 .8 3.9 2.2 2.7 .0 .6 2.3 4.0 6.0 4.4 3.4 2.1 2.2 1.3 2.1 .9 2.1 4.5 3.5 5.8 .9 1.7 3.8 3.6 1.4 1.9 .7 1.4 .4 .8 2.8 2.0 2.9 .6 ¥2.7 .7 5.8 2.1 5.3 2.3 ¥.4 1.5 5.4 2.1 ¥3.2 6.5 1.2 5.5 6.3 5.3 3.0 1.9 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 31, 2001. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization fell in September. [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 ......................................... ......................................... ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ 97.0 100.0 103.5 109.1 114.3 119.6 127.7 134.0 139.6 147.5 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. ¥2.0 3.1 3.5 5.4 4.8 4.6 6.8 4.9 4.2 5.6 96.2 100.0 103.7 109.9 115.7 121.4 130.8 138.2 144.8 153.6 95.5 100.0 105.7 114.6 124.2 134.7 148.8 162.3 175.6 193.4 97.0 100.0 101.6 104.8 106.6 107.4 112.3 114.4 115.4 116.9 102.6 100.0 100.0 102.3 102.0 103.5 105.3 103.0 98.0 100.0 100.4 100.0 104.0 105.4 109.1 112.7 112.8 114.1 117.1 120.4 79.3 80.2 81.3 83.1 83.3 82.6 83.5 82.1 81.2 82.1 77.9 79.4 80.4 82.5 82.5 81.6 82.7 81.3 80.5 81.3 2000: Sept ............................. Oct ............................... Nov .............................. Dec .............................. 149.0 148.7 148.2 147.3 0.2 ¥.2 ¥.3 ¥.6 6.1 5.1 4.5 3.1 155.1 154.9 154.1 152.6 198.4 197.6 196.7 195.1 116.0 116.3 115.5 114.1 100.4 100.1 101.1 99.6 121.7 120.0 121.9 129.1 82.4 82.0 81.4 80.6 81.7 81.2 80.5 79.3 2001: Jan ............................... Feb ............................... Mar .............................. Apr ............................... May .............................. June r ............................ July r ............................ Aug r ............................. Sept p ............................ 146.0 145.4 145.0 144.6 144.2 142.8 142.7 141.8 140.3 ¥.9 ¥.4 ¥.3 ¥.3 ¥.3 ¥1.0 ¥.1 ¥.7 ¥1.0 1.7 .8 ¥.2 ¥1.1 ¥2.0 ¥3.5 ¥3.3 ¥4.6 ¥5.8 151.3 150.7 150.0 149.6 149.2 147.5 147.6 146.3 144.7 192.3 191.1 191.3 190.1 190.1 186.9 187.6 185.7 182.5 114.0 114.0 112.7 112.8 112.2 111.5 111.3 110.5 110.1 101.0 101.4 102.7 103.5 103.8 103.4 102.3 102.0 102.3 124.0 121.8 122.0 120.9 119.5 119.9 119.0 121.3 119.1 79.7 79.2 78.7 78.4 78.0 77.1 77.0 76.4 75.5 78.4 77.9 77.3 76.9 76.6 75.6 75.5 74.8 73.8 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 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 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Durable goods Nondurable goods Total 1 Business Defense and space equipment Total Construction supplies Business supplies Total Energy ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ 97.7 100.0 103.6 107.9 111.9 116.1 123.2 129.3 133.3 138.8 97.0 100.0 103.5 107.8 110.6 112.5 115.9 118.4 120.8 123.0 93.0 100.0 111.8 123.8 128.1 130.9 138.1 145.8 158.3 160.8 98.1 100.0 101.4 103.9 106.3 108.0 110.4 111.8 112.0 114.2 98.8 100.0 103.7 108.1 114.2 122.4 135.4 147.1 153.8 166.1 95.7 100.0 105.5 112.7 121.5 132.6 150.2 165.7 176.4 194.2 106.7 100.0 93.0 86.4 83.7 80.6 75.8 79.5 80.8 76.2 97.5 100.0 102.4 106.2 108.0 110.7 116.3 121.0 125.1 128.7 96.2 100.0 103.4 110.6 112.6 117.8 123.6 131.6 138.5 143.2 98.3 100.0 101.8 103.6 105.3 106.6 112.0 114.7 117.2 120.1 95.9 100.0 103.8 111.6 119.6 127.0 138.0 145.7 154.5 167.8 100.8 100.0 99.6 101.3 102.5 103.6 103.8 103.5 103.1 103.4 2000: Sept ................................................. Oct .................................................. Nov .................................................. Dec ................................................... 139.3 138.8 138.8 139.1 123.8 122.7 122.4 123.1 162.8 157.3 154.3 153.4 114.7 114.5 114.6 115.7 168.3 169.1 169.9 168.9 199.5 200.0 200.6 199.2 73.7 75.3 77.0 77.5 128.6 128.7 128.5 126.8 143.1 142.3 141.6 140.6 120.0 120.7 120.7 118.5 171.3 171.1 169.9 167.8 104.3 103.9 105.4 104.5 2001: Jan .................................................. Feb .................................................. Mar ................................................. Apr ................................................... May .................................................. June r ............................................... July r ................................................ Aug r ................................................ Sept p ............................................... 137.8 137.7 137.9 137.2 136.9 135.4 135.6 134.3 132.8 121.8 122.3 122.4 122.1 122.2 121.6 121.9 120.9 120.1 148.9 150.8 153.6 152.9 155.6 154.1 157.5 154.3 151.2 114.9 115.3 114.8 114.6 114.2 113.8 113.5 112.9 112.5 168.0 166.2 166.8 165.3 164.1 160.6 160.4 158.6 155.5 197.4 195.3 195.6 193.3 191.9 187.1 186.7 184.8 180.5 78.5 76.7 77.7 78.0 76.8 76.4 77.4 76.2 76.3 126.7 125.5 124.4 123.7 124.0 123.4 123.1 122.4 121.0 140.7 139.9 140.5 139.6 139.3 139.0 139.0 138.5 137.6 118.4 117.0 114.9 114.3 114.9 114.3 113.7 113.0 111.3 165.9 165.0 163.9 164.1 163.3 161.4 161.1 160.5 159.2 104.4 103.9 104.9 105.8 104.8 103.8 103.2 103.5 103.6 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 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ 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 96.7 100.0 105.1 113.7 116.2 119.6 125.4 127.8 130.4 133.7 96.0 100.0 105.9 114.3 116.5 118.9 123.8 124.6 126.7 131.1 96.2 100.0 104.4 112.2 116.4 120.1 126.1 130.3 131.9 135.6 95.4 100.0 110.2 125.4 144.0 160.2 177.1 195.2 219.0 252.8 89.6 100.0 109.8 131.4 165.9 206.6 264.3 321.0 399.4 549.7 96.5 100.0 104.4 108.4 108.0 109.6 119.0 128.8 131.4 131.0 88.5 100.0 114.9 132.9 136.3 136.3 147.0 152.4 165.8 170.5 94.5 100.0 100.8 105.9 107.9 110.5 114.1 118.7 122.4 118.3 97.8 100.0 102.4 106.4 107.0 104.3 104.8 100.4 94.8 91.7 99.1 100.0 100.5 100.6 101.2 101.8 107.6 107.4 106.8 109.9 96.4 100.0 101.1 103.9 106.1 108.4 116.8 121.4 126.1 128.3 98.4 100.0 102.0 103.6 105.7 105.3 107.0 110.8 112.5 114.7 ................................................. .................................................. .................................................. .................................................. 133.9 129.0 127.3 126.3 131.9 123.7 122.0 118.7 136.0 136.0 134.7 132.9 260.0 261.5 261.9 262.3 592.2 597.4 604.4 610.2 132.4 129.2 126.8 122.8 175.5 167.2 160.1 151.8 116.8 114.8 113.2 111.5 89.5 89.2 89.2 88.2 110.9 111.6 111.2 109.2 125.4 125.8 124.8 122.9 114.6 114.8 115.0 114.2 2001: Jan .................................................. Feb .................................................. Mar ................................................. Apr ................................................... May .................................................. June r ............................................... July r ................................................ Aug r ................................................ Sept p ............................................... 124.0 121.3 117.8 122.4 122.5 121.8 122.3 120.6 117.3 116.0 115.5 113.3 118.4 121.9 122.3 123.0 120.4 116.0 133.5 130.3 129.8 129.3 128.8 127.1 128.0 127.1 124.8 258.4 255.0 255.7 251.0 246.1 240.0 238.6 237.5 230.8 604.3 593.7 581.0 569.9 565.8 552.3 540.1 538.5 528.8 116.0 119.8 124.5 123.9 127.0 125.5 129.2 126.3 123.2 138.6 147.4 156.5 155.4 162.9 160.7 168.4 163.3 157.4 108.3 109.1 111.4 110.9 114.0 113.8 114.6 114.9 115.8 88.9 88.7 88.4 88.2 87.9 85.2 85.9 82.7 81.1 109.6 107.7 106.2 105.6 105.3 104.0 103.4 102.9 102.2 121.8 122.6 121.2 120.1 120.2 119.5 119.6 119.0 119.0 114.1 115.0 114.6 114.2 114.1 113.9 113.2 112.8 112.9 2000: Sept Oct Nov Dec Source: Board of Governors of the Federal Reserve System. 18 NEW CONSTRUCTION [Monthly data seasonally adjusted] Construction contracts 3 Private Period Total new construction expenditures Residential Total New housing units Total 1 Commercial and industrial 2 Other Federal and State and local Total value index (1996=100) Commercial and industrial floor space (millions of square feet) Billions of dollars 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... 432.6 463.7 491.0 539.2 557.8 615.9 653.4 704.7 763.8 815.4 322.5 347.8 375.1 419.0 427.9 476.6 502.7 551.4 596.3 640.6 166.3 199.4 225.1 258.6 247.4 281.1 289.0 314.6 350.6 374.3 2000: Sept ........................... Oct ............................. Nov ............................ Dec ............................ 2001: Jan ............................ Feb ............................. Mar ............................ Apr ............................ May ........................... June .......................... July r .......................... Aug r ........................... Sept p ......................... 815.4 820.8 826.7 838.7 859.8 869.3 869.1 870.8 869.6 861.6 856.7 846.1 843.1 638.9 644.8 651.1 660.8 673.7 681.8 681.2 677.4 670.8 665.3 661.1 646.4 641.0 364.4 370.3 374.3 379.6 386.1 398.9 395.1 392.2 394.3 391.5 390.5 389.9 385.4 114.6 135.1 150.9 176.4 171.4 191.1 198.1 224.0 251.3 264.9 93.7 82.2 81.5 93.3 110.9 125.2 136.6 151.1 153.1 165.6 62.6 66.2 68.5 67.1 69.7 70.4 77.1 85.7 92.6 100.7 110.1 115.8 116.0 120.2 129.9 139.3 150.7 153.3 167.5 174.9 70 76 82 89 92 100 109 122 135 142 577 556 589 744 862 875 1,027 1,223 1,255 1,240 169.0 169.9 169.7 172.3 177.2 173.9 178.7 174.5 165.1 164.8 165.3 151.6 150.9 105.5 104.7 107.1 109.0 110.4 109.1 107.4 110.8 111.5 109.1 105.4 104.9 104.7 176.6 176.0 175.7 177.9 186.1 187.5 188.0 193.4 198.7 196.2 195.5 199.7 202.1 143 151 144 140 151 152 141 142 141 149 142 .................... .................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... Annual rates 257.4 257.5 259.9 263.5 269.1 275.4 273.9 274.7 278.8 278.5 280.0 280.0 278.3 1 Includes residential improvements, not shown separately. hotels and motels. Dodge series. Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies, Inc., F.W. Dodge Division. 2 Includes 3 F.W. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or houses, except as noted] New private housing units Period Total 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... New private houses Units started, by type of structure 1,013.9 1,199.7 1,287.6 1,457.0 1,354.1 1,476.8 1,474.0 1,616.9 1,640.9 1,568.7 1 unit 840.4 1,029.9 1,125.7 1,198.4 1,076.2 1,160.9 1,133.7 1,271.4 1,302.4 1,230.9 2–4 units 1 5 units or more 35.6 30.7 29.4 35.0 33.7 45.2 44.5 42.6 31.9 38.7 137.9 139.0 132.6 223.5 244.1 270.8 295.8 302.9 306.6 299.1 Units authorized 948.8 1,094.9 1,199.1 1,371.6 1,332.5 1,425.6 1,441.1 1,612.3 1,663.5 1,592.3 Units completed Houses sold Houses for sale at end of period 2 1,090.8 1,157.5 1,192.7 1,346.9 1,312.6 1,412.9 1,400.5 1,474.2 1,604.9 1,573.7 509 610 666 670 667 757 804 886 880 877 284 265 293 336 370 322 281 294 308 297 1,526 1,509 1,548 1,527 1,424 1,531 1,478 1,569 1,499 1,643 1,583 1,609 1,522 902 922 882 1,001 938 959 953 899 882 r 889 902 876 864 301 301 304 297 295 295 289 293 296 301 305 304 306 Vacancy rate for rental housing units (percent) 3 7.4 7.4 3 7.3 7.4 7.6 7.8 7.7 7.9 8.1 8.0 Seasonally adjusted annual rates 2000: Sept ........................... Oct ............................. Nov ............................ Dec ............................ 2001: Jan ............................ Feb ............................ Mar ............................ Apr ............................ May ............................ June .......................... July r .......................... Aug r ........................... Sept p ......................... 1,508 1,527 1,559 1,532 1,666 1,623 1,592 1,626 1,610 1,634 1,660 1,548 1,574 1,196 1,218 1,209 1,236 1,336 1,288 1,208 1,295 1,285 1,292 1,290 1,260 1,268 36 38 44 37 40 25 45 42 29 54 41 25 36 1 Derived; seasonally adjusted monthly data for 2–4 housing units started are no longer published. 2 Seasonally adjusted. 3 Revised series beginning 1994; data for 1993 reflect the revision. Quarterly data entered in last month of quarter. NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units 276 271 306 259 290 310 339 289 296 288 329 263 270 1,549 1,562 1,614 1,553 1,724 1,663 1,627 1,587 1,621 1,587 1,571 1,571 1,528 8.2 ...................... ...................... 7.8 ...................... ...................... 8.2 ...................... ...................... 8.3 ...................... ...................... 8.4 authorized are for 17,000 places. Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In August, manufacturing and trade sales rose 0.1 percent and inventories fell $1.8 billion. In September, according to preliminary estimates, manufacturing and trade sales fell 2.7 percent. According to advance estimates, retail sales fell 2.1 percent in September; retail and food services sales fell 2.4 percent. [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period Sales 2 1992 1993 1994 1995 1996 1997 1998 1999 2000 Inventories 3 Inventorysales ratio 4 Wholesale Sales 2 Inventories 3 Retail Inventory sales ratio 4 Sales 2 Inventories 3 Inventory sales ratio 4 Retail and food services sales ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. 540,572 567,377 609,908 654,435 686,604 723,212 742,810 787,127 843,263 840,687 867,961 931,330 990,100 1,009,261 1,049,901 1,084,488 1,138,602 1,204,524 1.53 1.51 1.47 1.48 1.46 1.42 1.44 1.41 1.40 144,302 150,833 161,133 176,227 186,649 194,541 198,319 211,607 229,627 193,685 201,883 218,913 235,197 237,852 255,242 268,079 284,317 303,063 1.31 1.31 1.30 1.30 1.28 1.27 1.33 1.30 1.29 154,268 164,837 178,932 188,235 200,190 209,112 219,507 238,580 256,896 267,562 285,762 311,890 329,566 340,491 350,841 364,254 391,811 417,917 1.68 1.69 1.67 1.73 1.68 1.65 1.63 1.59 1.58 171,219 182,841 197,735 207,704 220,431 230,616 242,228 262,435 282,402 2000: Aug r ..................................................... Sept r .................................................... Oct ....................................................... Nov ....................................................... Dec ....................................................... 847,083 850,817 847,112 843,384 846,258 1,193,488 1,194,010 1,199,577 1,204,041 1,204,524 1.41 1.40 1.42 1.43 1.42 231,472 232,535 231,866 231,623 233,590 301,315 301,625 301,573 302,662 303,063 1.30 1.30 1.30 1.31 1.30 257,501 260,286 259,325 257,923 257,979 413,696 413,151 416,004 417,487 417,917 1.61 1.59 1.60 1.62 1.62 282,905 286,055 285,070 283,648 283,735 2001: Jan ....................................................... Feb ....................................................... Mar ...................................................... Apr ...................................................... May ...................................................... June ..................................................... July r .................................................... Aug r ..................................................... Sept p .................................................... 843,035 1,206,745 1.43 843,032 1,203,367 1.43 837,800 1,198,530 1.43 833,698 1,196,694 1.44 841,208 1,194,840 1.42 828,409 1,187,715 1.43 831,772 1,181,701 1.42 832,648 1,179,942 1.42 809,900 .................. ................ 233,960 233,080 229,619 229,959 228,919 226,302 227,918 229,004 226,130 302,222 301,541 301,822 302,102 303,004 301,869 299,032 298,320 297,919 1.29 1.29 1.31 1.31 1.32 1.33 1.31 1.30 1.32 261,525 419,216 1.60 261,969 417,473 1.59 260,695 416,129 1.60 264,708 414,933 1.57 265,022 415,124 1.57 264,785 413,879 1.56 265,308 414,291 1.56 266,201 416,689 1.57 260,660 ................ ................ 288,054 288,245 287,102 291,116 291,691 291,651 292,228 293,435 286,515 1 See page 21 for manufacturing. data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 3 Seasonally adjusted, end of period. 2 Annual 20 4 Annual 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, inventories, and new and unfilled orders fell. Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries, nondefense Manufacturers’ unfilled orders 2 Manufacturers’ inventory— shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 1992 ..................................................... 1993 ..................................................... 1994 ..................................................... 1995 ..................................................... 1996 ..................................................... 1997 ..................................................... 1998 ..................................................... 1999 ..................................................... 2000 ..................................................... 2000: Sept .......................................... Oct ............................................ Nov ........................................... Dec ........................................... 2001: Jan ........................................... Feb ........................................... Mar ........................................... Apr ........................................... May .......................................... June ......................................... July .......................................... Aug r ......................................... Sept p ........................................ 242,002 251,708 269,843 289,973 299,766 319,558 324,984 336,940 356,739 357,996 355,921 353,838 354,689 347,550 347,983 347,486 339,031 347,267 337,322 338,546 337,443 323,110 126,572 133,712 147,005 158,568 164,883 178,949 185,966 193,896 202,918 204,364 201,626 199,406 199,840 193,473 193,401 194,082 186,519 192,463 187,821 187,584 185,543 175,120 115,430 117,996 122,838 131,405 134,883 140,610 139,019 143,043 153,822 153,632 154,295 154,432 154,849 154,077 154,582 153,404 152,512 154,804 149,501 150,962 151,900 147,990 379,440 380,316 400,527 425,337 430,918 443,818 452,155 462,474 483,544 479,234 482,000 483,892 483,544 485,307 484,353 480,579 479,659 476,712 471,967 468,378 464,933 460,900 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. 238,676 239,252 253,629 267,807 272,876 281,273 292,549 295,290 309,545 305,012 307,469 309,335 309,545 311,246 310,564 307,133 306,488 304,174 300,823 297,940 295,392 292,259 140,764 ................ ................ ................ 141,064 249,649 131,653 40,681 146,898 270,566 147,728 45,175 157,530 291,293 159,888 51,011 158,042 303,179 168,297 54,066 162,545 321,585 180,975 60,697 159,606 323,739 184,720 62,133 167,184 338,511 195,468 64,162 173,999 362,473 208,651 73,451 174,222 365,389 211,757 77,242 174,531 353,920 199,625 70,539 174,557 360,079 205,647 74,776 173,999 359,989 205,140 77,992 174,061 337,201 183,124 67,813 173,789 344,908 190,326 68,010 173,446 347,359 193,955 68,344 173,171 335,415 182,903 64,619 172,538 342,893 188,089 63,765 171,144 332,939 183,438 61,364 170,438 332,608 181,646 59,476 169,541 332,439 180,539 58,921 168,641 313,148 165,158 52,089 458,396 433,853 442,658 459,123 500,050 525,176 510,220 530,844 600,036 590,496 588,495 594,736 600,036 589,687 586,612 586,485 582,869 578,495 574,112 568,176 563,172 553,210 1.56 1.51 1.44 1.44 1.43 1.37 1.39 1.35 1.33 1.34 1.35 1.37 1.36 1.40 1.39 1.38 1.41 1.37 1.40 1.38 1.38 1.43 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 September. Prices of finished consumer foods rose 0.2 percent, while prices of other finished consumer goods rose 0.6 percent. Capital equipment prices rose 0.1 percent. [1982=100; monthly data seasonally adjusted] Finished goods Period Total finished goods Finished goods excluding consumer foods Consumer foods Consumer goods Total Total 1991 ........................... 1992 ........................... 1993 ........................... 1994 ........................... 1995 ........................... 1996 ........................... 1997 ........................... 1998 ........................... 1999 .......................... 2000 ........................... 2000: Sept ............... Oct ................. Nov ................ Dec ................ 2001: Jan ................ Feb ................ Mar ................ Apr ................ May r .............. June ............... July ................ Aug ................. Sept ................ 1 Intermediate 22 121.7 123.2 124.7 125.5 127.9 131.3 131.8 130.7 133.0 138.0 139.0 139.6 139.8 140.0 141.6 141.7 141.6 142.3 142.4 141.7 140.4 140.9 141.4 124.1 123.3 125.7 126.8 129.0 133.6 134.5 134.3 135.1 137.2 137.0 138.0 138.3 137.9 139.1 140.2 141.4 142.3 142.0 141.7 140.9 142.1 142.4 120.9 123.1 124.4 125.1 127.5 130.5 130.9 129.5 132.3 138.1 139.5 139.9 140.2 140.5 142.3 142.1 141.6 142.1 142.5 141.6 140.1 140.4 140.9 materials for food manufacturing and feeds. 118.7 120.8 121.7 121.6 124.0 127.6 128.2 126.4 130.5 138.4 140.2 140.9 141.1 141.6 144.0 144.0 143.1 143.9 144.4 143.1 140.7 141.1 141.9 Durable 123.9 125.7 128.0 130.9 132.7 134.2 133.7 132.9 133.0 133.9 134.3 134.1 134.3 134.4 134.4 133.4 133.8 134.3 133.9 133.8 134.1 134.3 135.0 Nondurable 115.0 117.3 117.6 116.2 118.8 123.3 124.3 122.2 127.9 138.7 141.0 142.0 142.3 142.9 146.4 146.7 145.3 146.2 147.1 145.3 141.8 142.3 143.1 Capital equipment 126.7 129.1 131.4 134.1 136.7 138.3 138.2 137.6 137.6 138.8 139.4 139.3 139.4 139.5 139.8 139.3 139.5 139.8 139.5 139.9 140.2 140.1 140.3 Total finished consumer goods 120.5 121.7 123.0 123.3 125.6 129.5 130.2 128.9 132.0 138.2 139.4 140.2 140.4 140.6 142.7 143.0 142.7 143.5 143.8 142.8 140.9 141.6 142.2 Intermediate materials Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other 114.4 114.7 116.2 118.5 124.9 125.7 125.6 123.0 123.2 129.2 130.4 130.6 130.4 130.9 132.0 131.7 131.3 131.2 131.3 131.1 129.8 129.3 129.4 111.1 110.7 112.7 114.8 114.8 128.1 125.4 116.2 111.1 111.7 110.9 111.6 111.8 113.8 115.4 114.1 114.5 114.4 114.9 116.1 116.8 118.9 118.4 114.6 114.9 116.4 118.7 125.5 125.6 125.7 123.4 123.9 130.1 131.4 131.7 131.5 131.8 132.9 132.7 132.3 132.1 132.2 131.9 130.5 129.9 130.0 101.2 100.4 102.4 101.8 102.7 113.8 111.1 96.8 98.2 120.6 126.0 130.8 129.1 141.1 165.8 141.8 132.3 133.0 130.1 121.9 115.4 112.7 108.1 105.5 105.1 108.4 106.5 105.8 121.5 112.2 103.9 98.7 100.2 97.7 100.7 101.9 105.6 107.3 105.9 109.5 109.0 107.6 107.5 108.1 107.5 108.7 94.6 93.5 94.7 94.8 96.8 104.5 106.4 88.4 94.3 130.4 140.9 146.8 143.1 160.4 200.1 161.4 143.2 144.7 141.0 127.4 116.3 112.3 103.8 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In September, the consumer price index for all urban consumers rose 0.4 percent seasonally adjusted; it rose 0.5 percent not seasonally adjusted. The index was 2.6 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 ......................... 1991 ................................. 1992 ................................. 1993 ................................. 1994 ................................. 1995 ................................. 1996 ................................. 1997 ................................. 1998 ................................. 1999 ................................. 2000 ................................. 100.0 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.2 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 15.2 136.3 137.9 140.9 144.3 148.4 153.3 157.3 160.7 164.1 167.8 40.0 133.6 137.5 141.2 144.8 148.5 152.8 156.8 160.4 163.9 169.6 30.3 146.3 151.2 155.7 160.5 165.7 171.0 176.3 182.1 187.3 193.4 7.1 143.3 146.9 150.3 154.0 157.8 162.0 166.7 172.1 177.5 183.9 20.5 150.4 155.5 160.5 165.8 171.3 176.8 181.9 187.8 192.9 198.7 5.1 115.3 117.8 121.3 122.8 123.7 127.5 130.8 128.5 128.8 137.9 4.5 128.7 131.9 133.7 133.4 132.0 131.7 132.9 133.0 131.3 129.6 17.6 ............ 123.8 125.3 126.5 128.4 130.4 131.5 134.3 136.0 139.1 139.0 143.0 141.4 144.3 141.7 141.6 140.7 144.4 139.6 153.3 139.6 3.5 99.4 99.0 98.0 98.5 100.0 106.3 106.2 92.2 100.7 129.3 5.8 177.0 190.1 201.4 211.0 220.5 228.2 234.6 242.1 250.6 260.8 7.7 102.5 103.0 104.2 104.6 105.2 110.1 111.5 102.9 106.6 124.6 77.1 142.1 147.3 152.2 156.5 161.2 165.6 169.5 173.4 177.0 181.3 2000: Sept ..................... Oct ....................... Nov ...................... Dec ...................... 173.7 174.0 174.1 174.0 173.6 173.9 174.3 174.6 169.2 169.4 169.3 170.1 170.8 171.5 172.0 172.6 194.2 194.9 195.4 195.7 185.4 186.1 186.7 187.4 199.9 200.4 201.0 201.6 140.9 142.7 143.3 145.8 129.7 130.0 129.4 129.0 155.1 154.6 155.1 155.0 139.6 139.3 139.5 139.7 134.1 133.1 133.1 130.7 263.5 264.3 265.0 265.8 128.2 128.8 129.0 129.4 182.6 182.8 183.3 183.5 2001: Jan ...................... Feb ....................... Mar ...................... Apr ....................... May ...................... June ..................... July ...................... Aug ....................... Sept ...................... 175.1 175.8 176.2 176.9 177.7 178.0 177.5 177.5 178.3 175.7 176.2 176.3 176.8 177.5 177.9 177.4 177.5 178.2 170.6 171.4 171.8 172.0 172.5 173.2 173.8 174.1 174.4 174.3 174.6 175.0 175.2 175.9 176.6 176.6 177.1 176.7 196.3 197.1 198.0 198.5 199.4 200.3 200.5 201.6 201.6 188.1 188.7 189.6 190.2 191.1 191.8 192.5 193.2 193.9 202.2 202.9 203.6 204.4 205.1 205.9 206.5 207.6 208.1 154.4 152.8 151.9 151.2 152.0 152.6 151.3 149.8 147.4 128.7 129.7 130.2 128.5 127.3 126.9 126.1 125.4 126.1 155.5 156.1 154.7 156.1 158.0 157.7 154.1 153.4 155.9 139.6 139.2 138.8 139.1 139.0 138.6 138.6 138.3 138.4 130.7 132.2 127.3 133.4 141.5 138.0 122.9 119.9 130.4 267.4 268.8 269.8 270.9 271.7 272.7 273.0 274.5 275.3 134.4 134.1 131.3 133.7 137.8 136.5 128.9 126.5 129.8 184.1 184.7 185.1 185.5 185.7 186.3 186.6 187.0 187.4 1 Includes items not shown separately. fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. 2 Household 3 Relative importance, December 2000. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Period Change from preceding period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Excluding foods Foods Capital equipment Change from year earlier, total finished goods NSA Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment 2.5 1.7 1.8 2.0 2.2 .4 ¥.6 0 .3 1.2 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 2.1 1.2 1.2 .6 1.9 2.7 .4 ¥.8 1.8 3.8 Change, Dec. to Dec., NSA 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 ¥0.1 1.6 .2 1.7 2.3 2.8 ¥1.2 0 2.9 3.6 ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ¥1.5 1.6 2.4 1.1 1.9 3.4 ¥.8 .1 .8 1.7 ¥0.7 1.6 ¥1.4 2.0 2.3 3.7 ¥1.5 ¥.1 5.1 5.5 Change, month to month 2000: Sept ............ Oct .............. Nov ............. Dec ............. 0.7 .4 .1 .1 0.2 .7 .2 ¥.3 1.2 .5 .1 .4 0.2 ¥.1 .1 .1 2.0 4.1 5.3 2.9 ¥1.2 2.1 4.8 2.7 3.8 6.5 7.4 4.1 1.7 .9 .9 .3 2.2 3.7 4.0 2.5 1.0 .3 .6 .7 3.2 6.4 6.7 3.9 1.6 1.3 1.2 1.0 3.5 3.7 3.8 3.6 2001: Jan .............. Feb ............. Mar ............. Apr ............. May r ........... June ............ July ............. Aug ............. Sept ............. 1.1 .1 ¥.1 .5 .1 r¥.5 ¥.9 .4 .4 .9 .8 .9 .6 ¥.2 r ¥.2 ¥.6 .9 .2 1.7 0 ¥.6 .6 .3 r ¥.9 ¥1.7 .3 .6 .2 ¥.4 .1 .2 ¥.2 r.3 .2 ¥.1 .1 5.9 5.5 4.7 2.0 2.0 .3 ¥5.2 r ¥4.1 ¥.8 3.2 5.6 10.5 9.5 5.2 .9 ¥3.9 r.3 2.0 9.1 8.5 4.3 ¥.3 1.1 0 ¥8.6 r ¥8.8 ¥3.3 1.4 ¥.3 0 0 .6 1.2 1.1 r1.7 1.1 5.0 5.4 3.8 3.9 3.8 2.4 ¥1.7 ¥1.1 ¥.3 2.6 5.2 6.5 6.3 5.4 5.6 2.6 2.7 1.4 7.8 7.9 4.2 4.3 4.7 2.1 ¥4.5 ¥4.0 ¥1.7 1.2 .3 .1 .7 .1 .6 .6 1.2 1.2 4.8 4.0 3.0 3.7 3.9 2.5 1.5 2.1 1.6 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 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ 3.1 2.9 2.7 2.7 2.5 3.3 1.7 1.6 2.7 3.4 1.9 1.5 2.9 2.9 2.1 4.3 1.5 2.3 1.9 2.8 3.4 2.6 2.7 2.2 3.0 2.9 2.4 2.3 2.2 4.3 3.9 2.9 3.0 3.0 3.5 2.9 3.4 3.3 2.5 3.4 2.9 2.3 2.2 2.5 2.5 2.8 3.1 3.4 3.1 4.0 3.6 3.0 3.2 3.3 3.6 2.8 3.1 3.2 2.4 3.4 2.9 2.3 2.5 .2 1.4 4.6 .5 ¥2.6 2.4 12.1 3.4 1.4 .9 ¥1.6 .1 ¥.2 1.0 ¥.7 ¥.5 ¥1.8 ¥1.5 3.0 2.4 3.8 1.5 4.4 ¥1.4 ¥1.7 5.4 4.1 3.3 2.3 2.8 3.2 1.6 1.6 ¥1.0 ¥.1 ¥.8 .3 ¥16.0 1.8 ¥5.4 5.9 ¥4.0 12.7 ¥6.2 ¥15.4 30.2 13.9 7.9 6.6 5.4 4.9 3.9 3.0 2.8 3.4 3.7 4.2 ¥7.4 2.0 ¥1.4 2.2 ¥1.3 8.6 ¥3.4 ¥8.8 13.4 14.2 4.4 3.3 3.2 2.6 3.0 2.6 2.2 2.4 1.9 2.6 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 4.2 3.0 3.0 2.6 2.8 3.0 2.3 1.6 2.2 3.4 0.3 3.5 .1 .......... .3 .......... .1 3.0 3.3 2.8 3.5 2.3 2.8 3.3 3.5 2.8 3.5 3.4 3.4 3.4 4.2 4.4 4.0 2.5 3.0 3.7 1.4 0 .7 3.5 4.0 3.1 3.4 3.7 3.8 1.9 1.5 2.2 3.7 3.5 2.9 3.3 3.6 3.2 2.7 2.7 2.6 Change, month to month 2000: Sept ................ Oct .................. Nov ................. Dec ................. 0.5 .2 .2 .2 0.2 .1 ¥.1 .5 0.5 .4 .3 .3 0.3 .4 .3 .2 0.4 .4 .3 .4 0.3 .3 .3 .3 2.0 1.3 .4 1.7 1.2 .2 ¥.5 ¥.3 1.2 ¥.3 .3 ¥.1 ¥0.1 ¥.2 .1 .1 6.2 ¥.7 0 ¥1.8 0.4 .3 .3 .3 4.1 .5 .2 .3 2001: Jan ................. Feb ................. Mar ................. Apr .................. May ................. June ................ July ................. Aug .................. Sept ................. .6 .3 .1 .3 .4 .2 ¥.3 .1 .4 .3 .5 .2 .1 .3 .4 .3 .2 .2 1.0 .2 .2 .1 .4 .4 0 .3 ¥.2 .3 .4 .5 .3 .5 .5 .1 .5 0 .4 .3 .5 .3 .5 .4 .4 .4 .4 .3 .3 .3 .4 .3 .4 .3 .5 .2 5.9 ¥1.0 ¥.6 ¥.5 .5 .4 ¥.9 ¥1.0 ¥1.6 ¥.2 .8 .4 ¥1.3 ¥.9 ¥.3 ¥.6 ¥.6 .6 .3 .4 ¥.9 .9 1.2 ¥.2 ¥2.3 ¥.5 1.6 ¥.1 ¥.3 ¥.3 .2 ¥.1 ¥.3 0 ¥.2 .1 0 1.1 ¥3.7 4.8 6.1 ¥2.5 ¥10.9 ¥2.4 8.8 .6 .5 .4 .4 .3 .4 .1 .5 .3 3.9 ¥.2 ¥2.1 1.8 3.1 ¥.9 ¥5.6 ¥1.9 2.6 1 Includes items not shown separately. fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 2 Household 24 3 Quarterly .3 .3 .2 .2 .1 .3 .2 .2 .2 .......... .......... 4.2 .......... .......... 3.0 .......... .......... .7 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 October, prices received by farmers fell 9.5 percent while prices paid by farmers were unchanged. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 All farm products Prices paid by farmers Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 ............................... ............................... ............................... ............................... ............................... ............................... .............................. .............................. ............................... .............................. 100 98 101 100 102 112 107 102 r 95 96 101 101 102 105 112 127 115 107 96 96 99 97 100 95 92 99 98 97 95 97 100 101 104 106 109 115 118 115 115 120 100 101 103 106 108 115 118 114 113 118 100 101 104 106 108 115 119 113 111 116 99 97 97 94 93 98 90 89 83 80 2000: Oct ..................... Nov .................... Dec .................... 93 98 99 91 96 97 97 99 101 121 r 121 119 120 121 117 118 119 r 81 2001: Jan .................... Feb .................... Mar .................... Apr .................... May .................... June ................... July .................... Aug ..................... Sept r .................. Oct .................... 96 99 103 105 r 107 107 107 109 105 95 93 97 98 102 105 r 100 102 107 101 87 100 102 108 108 110 112 112 111 110 106 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 122 r 124 124 124 124 124 124 123 123 123 123 123 123 122 122 122 122 122 r 121 121 121 121 r 120 120 120 120 120 120 r 119 119 119 77 81 77 80 83 85 r 86 86 87 89 85 77 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 September, M2 and M3 accelerated. [Averages of daily figures, except debt; billions of dollars, seasonally adjusted] M1 M2 M3 Debt M2 plus large time deposits, RPs, Eurodollars, and institutional MMMF balances Debt of domestic nonfinancial sectors (monthly average of adjacent month-end levels)1 Percent change from year or 6 months earlier 2 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 ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ 895.9 1,024.0 1,129.2 1,149.8 1,126.2 1,080.5 1,073.4 1,097.0 1,124.8 1,088.2 3,376.6 3,430.7 3,484.3 3,498.8 3,641.9 3,814.8 4,031.9 4,385.9 4,653.3 4,945.1 4,204.2 4,215.0 4,277.4 4,359.8 4,625.1 4,971.3 5,430.8 6,027.8 6,527.9 r 7,108.5 11,299.5 11,823.7 12,407.6 r 12,988.5 13,694.9 14,432.9 15,226.1 16,261.3 17,335.2 r 18,249.8 8.7 14.3 10.3 1.8 ¥2.1 ¥4.1 ¥.7 2.2 2.5 ¥3.3 3.0 1.6 1.6 .4 4.1 4.7 5.7 8.8 6.1 6.3 1.3 .3 1.5 1.9 6.1 7.5 9.2 11.0 8.3 8.9 4.4 4.6 4.9 4.7 5.4 5.4 5.5 6.8 6.6 5.3 2000: Aug ....................................................... Sept ...................................................... Oct ........................................................ Nov ....................................................... Dec ........................................................ 1,099.4 1,096.0 1,096.1 1,087.2 1,088.2 4,838.0 4,870.0 4,891.4 4,906.8 4,945.1 6,917.7 6,971.4 6,995.7 r 7,023.8 r 7,108.5 r 17,963.7 ¥1.8 ¥3.2 ¥3.9 ¥3.5 ¥3.1 6.3 6.3 5.5 5.9 6.6 9.5 8.9 8.0 7.9 8.8 5.7 5.3 4.7 4.7 4.7 2001: Jan ........................................................ Feb ........................................................ Mar ....................................................... Apr ........................................................ May ....................................................... June r ..................................................... July r ...................................................... Aug r ...................................................... Sept ....................................................... 1,099.5 1,100.2 1,112.8 1,117.6 1,116.9 1,122.7 1,135.4 1,143.2 1,194.6 4,995.2 5,040.3 5,100.7 5,146.3 5,170.7 5,214.3 5,253.5 5,287.1 5,398.1 r 7,210.2 r 18,299.8 ¥.7 .1 3.1 3.9 5.5 6.3 6.5 7.8 14.7 7.8 8.4 9.5 10.4 10.8 10.9 10.3 9.8 11.7 10.3 10.5 10.9 13.5 15.2 14.9 13.0 10.9 12.8 Period 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 1 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data derived from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 26 r 18,041.7 r 18,090.5 r 18,166.4 r 18,249.8 r 7,281.8 r 18,379.8 r 7,352.0 r 18,473.8 r 7,468.8 r 18,553.6 r 7,556.0 r 18,656.9 7,637.6 7,679.4 7,677.2 7,821.6 18,751.7 18,803.2 p 18,889.7 ...................... M1 NOTE.—See p. 27 for components. Source: Board of Governors of the Federal Reserve System. M2 M3 Debt 4.5 r 4.6 4.8 5.1 r 5.4 5.5 5.5 5.5 ............ COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] Period 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Currency Nonbank travelers checks Demand deposits Other checkable deposits (OCDs) Savings deposits, including money market deposit accounts (MMDAs) Money market mutual fund balances Small denomination time deposits 1 Institutional Retail Large denomination time deposits 1 ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ 267.1 292.2 321.6 354.0 372.0 393.9 424.3 459.2 516.7 529.9 7.1 7.6 7.5 8.0 8.5 8.3 8.1 8.2 8.2 8.0 289.4 339.9 385.5 383.7 389.2 402.3 395.4 379.4 356.1 311.3 332.3 384.4 414.7 404.1 356.5 276.0 245.7 250.1 243.7 239.0 1,043.8 1,186.5 1,219.3 1,149.8 1,134.1 1,271.0 1,397.9 1,599.9 1,736.3 1,873.5 1,065.6 868.1 782.0 816.3 931.5 947.0 968.4 952.2 956.1 1,046.2 371.3 352.0 353.7 382.8 450.1 516.3 592.1 736.8 836.2 937.2 189.3 213.0 215.6 208.0 261.6 320.1 391.8 531.8 623.5 769.3 414.9 350.2 332.1 370.5 429.5 511.8 602.9 663.9 739.6 829.7 2000: Sept ........................................... Oct ............................................. Nov ............................................ Dec ............................................ 524.7 526.3 527.6 529.9 8.9 8.4 8.0 8.0 323.2 321.4 313.5 311.3 239.2 240.1 238.1 239.0 1,838.4 1,845.7 1,857.7 1,873.5 1,028.8 1,033.6 1,039.3 1,046.2 906.8 916.0 922.6 937.2 738.9 745.4 753.6 769.3 806.4 802.6 807.2 829.7 2001: Jan ........................................... Feb ............................................ Mar ............................................ Apr ............................................ May ........................................... June .......................................... July r ......................................... Aug r .......................................... Sept ........................................... 534.5 537.7 539.8 542.4 545.8 548.1 553.7 562.4 567.8 8.1 8.0 7.9 7.8 8.0 8.2 8.6 8.8 8.4 315.0 313.1 316.1 312.4 311.7 310.0 312.8 314.4 360.9 241.9 241.5 249.1 255.0 251.4 256.4 260.3 257.5 257.5 1,890.0 1,929.7 1,962.9 1,992.6 2,028.5 r 2,063.2 2,089.4 2,132.8 2,185.5 1,052.5 1,050.3 1,045.1 1,041.5 1,040.4 1,033.7 1,022.3 1,013.5 1,006.0 953.2 960.1 979.8 994.6 984.8 994.7 1,006.4 997.6 1,012.0 802.3 860.2 889.4 921.0 972.7 1,008.5 1,015.3 997.6 1,041.6 846.4 811.5 784.2 807.1 r 817.2 821.9 817.1 805.3 804.2 1 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. Overnight and term Overnight repurand term chase Euroagreedollars ments (net) (RPs) (net) 131.1 141.6 172.6 196.3 198.4 210.4 254.3 294.5 338.2 r 367.3 92.3 79.5 72.8 86.2 93.8 114.2 150.0 151.8 173.3 197.1 363.6 364.3 192.5 191.9 194.9 197.1 r 361.3 r 367.3 r 365.0 r 356.9 r 351.7 r 374.3 r 377.6 r 378.1 374.3 370.6 358.0 201.3 212.9 226.1 220.1 217.8 214.8 219.3 216.6 219.8 Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Borrowings of depository institutions from the Federal Reserve (NSA) Reserves of depository institutions Period Total 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Nonborrowed Nonborrowed plus extended credit Required Monetary base Total Seasonal Extended credit ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... 45,493 54,391 60,532 59,420 56,452 50,154 46,848 45,183 41,778 38,507 45,301 54,267 60,450 59,211 56,195 49,999 46,524 45,066 41,457 38,297 45,302 54,268 60,450 59,211 56,195 49,999 46,524 45,066 41,457 38,297 44,504 53,237 59,463 58,261 55,162 48,738 45,164 43,669 40,480 37,182 317,549 350,840 386,510 418,166 434,307 451,712 479,466 513,489 593,094 583,958 192 124 82 209 257 155 324 117 320 210 38 18 31 100 40 68 79 15 67 111 1 1 0 0 0 0 0 0 0 0 2000: Oct ............................................................................ Nov ........................................................................... Dec ........................................................................... 39,021 39,023 38,507 38,602 38,739 38,297 38,602 38,739 38,297 37,874 37,821 37,182 579,696 581,395 583,958 418 283 210 299 159 111 0 0 0 2001: Jan ........................................................................... Feb .......................................................................... Mar .......................................................................... Apr ........................................................................... May .......................................................................... June ......................................................................... July .......................................................................... Aug r ......................................................................... Sept r ........................................................................ Oct p .......................................................................... 38,827 38,867 38,258 38,788 38,888 38,774 39,600 39,893 57,835 44,973 38,754 38,815 38,200 38,737 38,675 38,545 39,317 39,710 54,451 44,846 38,754 38,815 38,200 38,737 38,675 38,545 39,317 39,710 54,451 44,846 37,574 37,434 36,873 37,511 37,869 37,414 38,194 38,659 38,798 43,661 589,387 591,117 592,420 595,925 599,089 601,882 r 607,685 615,478 639,730 631,427 73 51 58 51 213 229 283 183 3,385 127 34 21 20 35 79 120 174 164 93 67 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 rose 1.3 percent in September; commercial and industrial loans rose 0.3 percent. [Billions of dollars, seasonally adjusted 1] Securities in bank credit Period Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Sept r ......... Oct r .......... Nov r ......... Dec r .......... 2001: Jan r .......... Feb r .......... Mar r ......... Apr r .......... May r ......... June r ........ July r ......... Aug r ......... Sept .......... 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: 2000: Total bank credit 2,856.1 2,954.9 3,112.8 3,318.5 3,601.4 3,757.2 4,098.6 4,537.3 4,774.4 5,219.0 5,162.9 5,147.9 5,168.7 5,219.0 5,266.7 5,280.8 5,294.5 5,318.3 5,327.4 5,323.9 5,321.6 5,335.4 5,411.9 Total securities U.S. Treasury and agency securities 746.4 842.7 916.8 941.3 985.4 979.0 1,086.5 1,227.6 1,276.7 1,336.0 1,333.1 1,317.3 1,313.2 1,336.0 1,356.9 1,351.3 1,346.2 1,363.9 1,371.5 1,381.3 1,386.2 1,420.2 1,446.0 566.4 665.9 732.2 723.5 702.9 699.7 748.7 793.1 809.8 788.2 804.3 793.8 785.6 788.2 785.3 775.3 755.3 763.3 767.2 766.6 774.0 787.1 798.3 Loans and leases in bank credit Real estate Other Total loans Commersecurities and leases 2 cial and industrial 180.1 176.8 184.6 217.8 282.4 279.3 337.8 434.5 467.0 547.8 528.8 523.5 527.6 547.8 571.6 576.0 590.9 600.7 604.3 614.6 612.2 633.1 647.7 2,109.6 2,112.2 2,196.0 2,377.2 2,616.0 2,778.2 3,012.1 3,309.7 3,497.7 3,883.0 3,829.7 3,830.6 3,855.5 3,883.0 3,909.8 3,929.5 3,948.3 3,954.3 3,955.8 3,942.6 3,935.4 3,915.2 3,965.9 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities. 28 623.2 599.1 589.6 649.5 723.6 787.2 855.3 949.3 1,002.8 1,088.3 1,079.6 1,080.5 1,083.6 1,088.3 1,101.0 1,105.7 1,103.4 1,099.1 1,096.2 1,079.2 1,068.4 1,061.4 1,064.6 Total 884.0 906.9 947.7 1,011.0 1,089.8 1,141.6 1,247.1 1,337.8 1,475.8 1,658.6 1,640.1 1,640.8 1,652.6 1,658.6 1,662.1 1,675.0 1,684.5 1,691.3 1,702.4 1,705.7 1,714.1 1,709.2 1,714.9 Revolving home equity 74.3 78.4 78.0 80.4 84.3 90.6 104.7 103.8 101.5 126.9 119.5 121.2 123.9 126.9 129.2 130.9 132.8 133.9 135.2 136.3 137.6 139.4 141.8 Consumer Security Other Other 809.7 828.5 869.8 930.6 1,005.4 1,050.9 1,142.4 1,234.1 1,374.3 1,531.7 1,520.6 1,519.7 1,528.7 1,531.7 1,533.0 1,544.0 1,551.7 1,557.4 1,567.1 1,569.3 1,576.5 1,569.8 1,573.1 363.7 355.9 387.2 447.5 490.7 512.0 501.8 496.8 491.2 541.0 530.3 530.0 536.1 541.0 545.8 545.9 544.6 548.4 552.6 551.1 549.0 546.5 546.4 53.7 63.2 86.4 75.8 83.0 75.1 93.9 143.8 147.4 171.8 168.5 163.9 165.3 171.8 170.9 170.9 178.1 179.6 168.1 172.0 169.9 170.2 181.6 185.1 187.2 185.1 193.4 228.8 262.3 313.9 382.0 380.6 423.3 411.3 415.4 418.0 423.3 430.0 432.0 437.7 435.9 436.5 434.6 433.9 427.9 458.3 2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External Funds raised in markets Period Total 1991 ................... 1992 ................... 1993 ................... 1994 ................... 1995 ................... 1996 ................... 1997 ................... 1998 ................... 1999 ................... 2000 ................... 1999: I ............. II ............ III .......... IV ........... 2000: I ............. II ............ III .......... IV ........... 2001: I ............. II p .......... 514.6 626.7 728.6 808.2 1,010.7 1,074.5 1,011.1 1,335.5 1,475.4 1,493.4 1,518.2 1,422.2 1,525.6 1,435.5 1,721.2 1,585.8 1,499.6 1,166.9 1,112.8 1,043.0 Internal 1 447.5 465.4 510.7 566.6 619.9 676.0 727.6 714.5 749.9 794.4 750.2 745.7 735.4 768.2 773.1 799.4 814.3 790.7 760.1 747.4 Credit market instruments Total 67.1 161.3 217.9 241.6 390.8 398.5 283.5 621.0 725.5 699.0 768.0 676.5 790.2 667.3 948.1 786.4 685.3 376.2 352.7 295.6 Total Total net funds raised Net new equity issues Total ¥35.4 51.6 55.7 79.7 166.5 114.2 186.9 127.8 305.7 270.9 536.8 2.2 349.5 334.5 548.9 305.6 235.2 ¥6.3 194.3 312.9 18.3 27.0 21.3 ¥44.9 ¥58.3 ¥69.5 ¥114.4 ¥267.0 ¥143.5 ¥166.6 ¥52.1 ¥338.4 ¥128.4 ¥55.0 61.2 ¥245.2 ¥87.7 ¥394.8 ¥33.9 ¥35.2 ¥53.7 24.6 34.4 124.6 224.9 183.7 301.3 394.8 449.2 437.5 588.9 340.6 477.9 389.5 487.7 550.8 322.9 388.5 228.2 348.1 1 Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed capital, foreign earnings retained abroad, and inventory valuation adjustment. 2 Includes tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in the U.S. Securities and mortgages 63.2 34.5 56.7 30.3 100.0 125.9 188.1 241.3 301.3 239.4 337.5 354.5 274.9 238.1 257.0 211.2 238.1 251.0 458.9 513.2 Loans and shortterm paper ¥117.0 ¥9.9 ¥22.2 94.3 124.9 58.0 113.3 153.5 148.0 198.2 251.3 ¥13.9 203.0 151.4 230.8 339.6 84.8 137.5 ¥230.6 ¥165.1 Other 2 102.5 109.7 162.2 162.0 224.3 284.3 96.5 493.1 419.8 428.1 231.2 674.3 440.7 332.8 399.2 480.7 450.1 382.5 158.4 ¥17.3 514.0 607.2 853.1 862.2 1,084.0 1,091.0 928.9 1,415.7 1,572.8 1,578.1 1,643.7 1,503.8 1,637.7 1,506.1 1,816.8 1,683.3 1,571.5 1,241.0 1,149.5 1,075.8 Capital expenditures 3 431.7 462.1 520.5 587.4 660.4 687.7 778.6 845.1 934.4 1,002.1 915.9 916.9 930.9 974.1 964.9 1,012.1 1,030.5 1,001.1 946.3 898.8 Increase in financial assets 82.3 145.1 332.6 274.8 423.6 403.3 150.3 570.6 638.4 576.0 727.8 586.9 706.8 532.0 851.9 671.2 541.0 239.9 203.2 177.0 Discrepancy (sources less uses) 0.7 19.4 ¥124.5 ¥53.9 ¥73.2 ¥16.6 82.1 ¥80.3 ¥97.5 ¥84.8 ¥125.5 ¥81.6 ¥112.1 ¥70.6 ¥95.6 ¥97.5 ¥71.9 ¥74.1 ¥36.7 ¥32.7 3 Plant and equipment, residential structures, inventory investment, and access rights from U.S. Government. Source: Board of Governors of the Federal Reserve System. CONSUMER CREDIT [Billions of dollars; seasonally adjusted] Consumer credit outstanding (end of period) Period Total 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1999: 2000: 2000: Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Sept .............................................................................. Oct ................................................................................ Nov ............................................................................... Dec ............................................................................... 2001: Jan r .............................................................................. Feb r .............................................................................. Mar r ............................................................................. Apr r .............................................................................. May r ............................................................................. June r ............................................................................ July r ............................................................................. Aug r ............................................................................. Sept p ............................................................................ 777.1 782.2 838.8 960.4 1,095.8 1,182.6 1,234.5 1,301.0 1,393.7 1,531.5 1,492.6 1,509.4 1,525.1 1,531.5 1,548.8 1,563.5 1,570.8 1,584.2 1,590.7 1,589.8 1,587.7 1,593.8 1,597.0 1 Change based on data in billions of dollar as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. Revolving 263.8 278.4 309.9 365.6 443.1 499.4 531.2 560.5 595.6 663.8 649.5 654.9 661.0 663.8 669.7 682.6 689.7 696.4 699.0 700.2 698.1 700.1 701.5 Nonrevolving 2 513.3 503.7 528.8 594.9 652.7 683.1 703.3 740.5 798.0 867.6 843.1 854.5 864.1 867.6 879.1 880.9 881.1 887.8 891.7 889.6 889.6 893.7 895.5 Net change in consumer credit outstanding 1 Total ¥12.0 5.1 56.6 121.6 135.4 86.8 51.9 66.5 92.7 137.8 8.6 16.8 15.7 6.4 17.3 14.7 7.3 13.4 6.5 ¥.9 ¥2.1 6.1 3.2 Revolving 25.2 14.6 31.5 55.7 77.5 56.3 31.8 29.3 35.1 68.2 4.1 5.4 6.1 2.8 5.9 12.9 7.1 6.7 2.6 1.2 ¥2.1 2.0 1.4 Nonrevolving 2 ¥37.2 ¥9.6 25.1 66.1 57.8 30.4 20.2 37.2 57.5 69.6 4.5 11.4 9.6 3.5 11.5 1.8 .2 6.7 3.9 ¥2.1 .0 4.1 1.8 Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates fell in October. [Percent per annum] U.S. Treasury security yields Constant Period 1991 ....................... 1992 ....................... 1993 ....................... 1994 ....................... 1995 ....................... 1996 ....................... 1997 ....................... 1998 ....................... 1999 ....................... 2000 ....................... 2000: Oct .............. Nov ............. Dec ............. 2001: Jan ............. Feb ............. Mar ............. Apr .............. May ............. June ............ July ............. Aug ............. Sept ............. Oct .............. Week ended: 2001: Oct 13 ....... 20 ...... 27 ...... Nov 3 ...... 10 ...... 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) 5.42 3.45 3.02 4.29 5.51 5.02 5.07 4.81 4.66 5.85 6.10 6.19 5.83 5.27 4.93 4.50 3.92 3.67 3.48 3.54 3.39 2.87 2.22 6.82 5.30 4.44 6.27 6.25 5.99 6.10 5.14 5.49 6.22 5.85 5.79 5.26 4.77 4.71 4.43 4.42 4.51 4.35 4.31 4.04 3.45 3.14 7.86 7.01 5.87 7.09 6.57 6.44 6.35 5.26 5.65 6.03 5.74 5.72 5.24 5.16 5.10 4.89 5.14 5.39 5.28 5.24 4.97 4.73 4.57 8.14 7.67 6.59 7.37 6.88 6.71 6.61 5.58 5.87 5.94 5.80 5.78 5.49 5.54 5.45 5.34 5.65 5.78 5.67 5.61 5.48 5.48 5.32 6.89 6.41 5.63 6.19 5.95 5.75 5.55 5.12 5.43 5.77 5.65 5.60 5.30 5.15 5.21 5.19 5.33 5.35 5.24 5.22 5.06 5.09 5.07 8.77 8.14 7.22 7.96 7.59 7.37 7.26 6.53 7.04 7.62 7.55 7.45 7.21 7.15 7.10 6.98 7.20 7.29 7.18 7.13 7.02 7.17 7.03 2.18 2.20 2.17 2.05 1.98 3.22 3.18 3.15 2.92 ............ 4.65 4.60 4.60 4.37 ............ 5.40 5.35 5.32 5.02 ............ 5.05 5.09 5.11 5.02 .............. 7.10 7.04 7.01 6.86 .............. 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 30 Prime commercial paper, 6 months 1 Discount rate (N.Y. F.R. Bank) 4 Prime rate charged by banks 4 Federal funds rate 5 Newhome mortgage yields (FHFB) 6 5.85 3.80 3.30 4.93 5.93 5.42 5.62 * * * * * * * * * * * * * * * * 5.45 3.25 3.00 3.60 5.21 5.02 5.00 4.92 4.62 5.73 6.00–6.00 6.00–6.00 6.00–6.00 6.00–5.00 5.00–5.00 5.00–4.50 4.50–4.00 4.00–3.50 3.50–3.25 3.25–3.25 3.25–3.00 3.00–2.50 2.50–2.00 8.46 6.25 6.00 7.15 8.83 8.27 8.44 8.35 8.00 9.23 9.50–9.50 9.50–9.50 9.50–9.50 9.50–9.00 8.50–8.50 8.50–8.00 8.00–7.50 7.50–7.00 7.00–6.75 6.75–6.75 6.75–6.50 6.50–6.00 6.00–5.50 5.69 3.52 3.02 4.21 5.83 5.30 5.46 5.35 4.97 6.24 6.51 6.51 6.40 5.98 5.49 5.31 4.80 4.21 3.97 3.77 3.65 3.07 2.49 9.32 8.24 7.20 7.49 7.87 7.80 7.71 7.07 7.04 7.52 7.53 7.47 7.40 7.20 7.10 7.04 7.07 7.12 7.12 7.11 7.15 6.89 .............. * * * * * 2.00–2.00 2.00–2.00 2.00–2.00 2.00–2.00 2.00–1.50 5.50–5.50 5.50–5.50 5.50–5.50 5.50–5.50 5.50–5.00 2.44 2.44 2.49 2.55 .............. .............. .............. .............. .............. .............. 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 Overall, stock prices rose in October. Common stock prices 1 Period New York Stock Exchange indexes (Dec. 31, 1965=50, except as noted) 2 Composite 1991 ..................................... 1992 ..................................... 1993 ..................................... 1994 ..................................... 1995 ..................................... 1996 ..................................... 1997 ..................................... 1998 ..................................... 1999 ..................................... 2000 ..................................... 2000: Oct ............................ Nov ........................... Dec ........................... 2001: Jan ........................... Feb ........................... Mar ........................... Apr ........................... May .......................... June ......................... July .......................... Aug ........................... Sept .......................... Oct ............................ Week ended: 2001: Oct 13 .................... 20 .................... 27 .................... Nov 3 .................... Common stock yields (percent) 7 Dow Jones industrial average 4 Standard & Poor’s composite index (1941– 43=10) 5 Nasdaq composite index (Feb. 5, 1971=100) 6 Dividendprice ratio Earningsprice ratio Industrial Transportation 206.33 229.01 249.58 254.12 291.15 358.17 456.54 550.26 619.16 643.66 646.53 646.64 645.44 650.55 648.05 603.44 607.06 644.44 630.86 613.36 604.52 544.39 556.04 258.14 284.62 299.99 315.25 367.34 453.98 574.52 681.57 774.78 810.63 803.88 800.88 792.66 796.74 799.38 744.21 747.48 798.94 782.73 756.04 748.65 672.89 688.35 173.99 201.09 242.49 247.29 269.41 327.33 414.60 468.69 491.60 413.60 401.37 434.92 439.97 471.21 482.26 452.36 455.22 477.21 458.60 469.80 458.39 382.68 371.56 185.32 198.91 228.90 209.06 220.30 249.77 283.82 378.12 473.73 477.65 453.68 455.66 444.16 440.36 424.53 395.34 400.49 414.69 382.98 374.11 357.76 339.72 341.51 150.82 179.26 216.42 209.73 238.45 303.89 424.48 516.35 530.86 553.13 596.53 600.45 621.62 634.17 626.41 583.38 587.88 618.74 622.17 614.54 605.59 538.01 553.16 2,929.33 3,284.29 3,522.06 3,793.77 4,493.76 5,742.89 7,441.15 8,625.52 10,464.88 10,734.90 10,440.96 10,666.06 10,652.41 10,682.74 10,774.57 10,081.32 10,234.52 11,004.96 10,767.20 10,444.50 10,314.68 9,042.56 9,220.75 376.18 415.74 451.41 460.42 541.72 670.50 873.43 1,085.50 1,327.33 1,427.22 1,390.14 1,375.04 1,330.93 1,335.63 1,305.75 1,185.85 1,189.84 1,270.37 1,238.71 1,204.45 1,178.51 1,044.64 1,076.59 491.69 599.26 715.16 751.65 925.19 1,164.96 1,469.49 1,794.91 2,728.15 3,783.67 3,333.82 3,055.42 2,657.81 2,656.86 2,449.57 1,986.66 1,933.93 2,181.13 2,112.05 2,033.98 1,929.71 1,573.31 1,656.43 3.24 2.99 2.78 2.82 2.56 2.19 1.77 1.49 1.25 1.15 1.15 1.16 1.19 1.16 1.22 1.33 1.32 1.23 1.26 1.30 1.34 1.48 1.45 4.79 4.22 4.46 5.83 6.09 5.24 4.57 3.46 3.17 3.63 .................. .................. 3.79 .................. .................. 3.92 .................. .................. 3.00 .................. .................. .................. .................. 557.09 558.31 561.34 552.50 689.46 691.39 698.34 687.56 373.58 370.63 373.37 378.30 351.07 344.90 332.30 325.46 547.83 553.54 559.39 550.38 9,223.17 9,266.43 9,414.16 9,210.81 1,077.85 1,081.34 1,092.92 1,073.83 1,641.45 1,677.75 1,737.70 1,709.83 1.42 1.45 1.43 1.47 .................. .................. .................. .................. 1 Average of daily closing prices. 2 Includes all the stocks (more than 3,500) 3 Dec. 31, 1965=100. Effective April 27, Utility 3 listed on the NYSE. 1993 the NYSE doubled the value of the utility index to facilitate trading of options and futures on the index. All indexes shown here reflect the doubling. 4 Includes 30 stocks. 5 Includes 500 stocks. Finance 6 Includes over 5,000 stocks. & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. 7 Standard Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and the National Association of Securities Dealers, Inc. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In fiscal 2001, there was a surplus of $127.2 billion, compared with a surplus of $236.4 billion a year earlier. [Billions of dollars] Total Receipts Outlays Surplus or deficit (¥) Receipts 666.5 734.1 769.2 854.4 909.3 991.2 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,721.8 1,827.5 2,025.2 1,990.2 851.9 946.4 990.5 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 1,702.9 1,788.8 1,863.0 ¥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 69.2 124.6 236.4 127.2 500.4 547.9 569.0 641.0 667.8 727.5 750.3 761.2 788.9 842.5 923.6 1,000.8 1,085.6 1,187.3 1,306.0 1,383.0 1,544.6 1,482.7 Fiscal year or period 1984 ........................................... 1985 ........................................... 1986 ........................................... 1987 ........................................... 1988 ........................................... 1989 ........................................... 1990 ........................................... 1991 ........................................... 1992 ........................................... 1993 ........................................... 1994 ........................................... 1995 ........................................... 1996 ........................................... 1997 ........................................... 1998 ........................................... 1999 ........................................... 2000 ........................................... 20011 ......................................... On-budget 1 Data from current issue Monthly Treasury Statement. NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2002, issued April 9, 2001. 32 Outlays 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 1,382.1 1,458.1 1,516.2 Off-budget Surplus or deficit (¥) ¥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 .9 86.6 ¥33.5 Receipts 166.1 186.2 200.2 213.4 241.5 263.7 281.7 293.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 480.6 507.5 Outlays 165.8 176.8 183.5 193.8 202.7 210.9 225.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 330.8 346.8 Federal debt (end of period) Surplus or deficit (¥) 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 99.2 123.7 149.8 160.7 Gross Federal 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 5,770.2 Sources: Department of the Treasury and Office of Management and Budget. Held by the public 1,307.0 1,507.4 1,740.8 1,889.9 2,051.8 2,191.0 2,411.8 2,689.3 3,000.1 3,248.8 3,433.4 3,604.8 3,734.5 3,772.8 3,721.6 3,632.9 3,410.1 3,320.0 FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In fiscal 2001, receipts were $35.0 billion lower than a year earlier and outlays were $74.2 billion higher. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period Total Individual income taxes Corporation income taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total 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 2,025.2 1,004.5 1,990.2 994.3 207.3 151.1 652.9 694.0 2000 ................................................... 2001 1 ................................................. 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 1,702.9 299.3 273.3 298.4 291.1 281.6 272.1 265.8 270.5 268.5 274.9 289.8 262.4 286.9 278.6 268.6 259.4 253.2 258.3 256.1 261.4 13.8 15.9 16.1 17.2 17.1 16.4 13.5 15.2 13.1 15.2 57.7 71.2 89.5 99.4 107.1 115.4 119.4 123.8 131.4 141.1 98.1 104.5 119.0 130.6 144.7 159.9 174.2 190.0 192.8 190.4 147.1 170.3 197.0 207.3 214.1 220.5 226.0 230.9 233.2 237.7 248.6 269.0 287.6 304.6 319.6 335.8 349.7 365.3 379.2 390.0 184.4 194.5 199.4 198.7 203.0 232.2 241.1 244.0 241.2 229.7 204.2 225.8 174.7 160.6 174.7 163.6 171.0 161.5 193.2 223.8 160.6 1,788.8 150.8 1,863.0 294.5 304.5 281.2 291.0 17.2 16.5 154.5 171.9 197.1 217.4 247.9 263.3 409.4 433.0 223.2 206.1 244.9 250.4 1 Data from current issue Monthly Treasury Statement. NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2002, issued April 9, 2001. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the third quarter of 2001, according to advance estimates, Federal current expenditures rose $32.4 billion (annual rate); receipts data are incomplete. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government current receipts Federal Government current expenditures Transfer payments 1,418.9 1,471.5 1,506.0 1,575.7 1,635.9 1,678.8 1,705.9 1,753.6 1,828.3 445.8 442.6 439.7 439.2 445.3 456.9 453.1 469.6 493.7 565.2 597.9 618.6 652.1 691.6 717.5 730.6 746.1 779.3 149.1 162.6 174.5 184.5 190.4 196.8 210.3 230.5 245.6 229.2 230.2 239.6 267.5 273.6 276.2 278.5 263.9 262.9 29.6 38.2 33.6 32.4 35.1 31.5 33.4 43.4 46.8 0.0 .0 .0 .0 .0 .0 .0 .0 .0 ¥297.5 ¥274.1 ¥212.3 ¥192.0 ¥136.8 ¥53.3 43.8 119.2 218.6 601.1 608.9 617.2 625.3 1,688.4 1,700.8 1,703.2 1,731.1 444.2 456.5 449.9 461.8 727.9 726.3 729.7 738.5 205.2 206.4 209.9 219.6 280.8 280.0 279.7 273.3 30.3 31.6 34.0 37.9 .0 .0 .0 .0 19.6 33.0 65.7 57.0 97.2 97.9 101.0 106.1 637.5 646.0 655.4 663.7 1,733.0 1,733.0 1,754.9 1,793.4 462.3 457.9 470.6 487.6 740.1 744.1 744.0 756.5 225.5 223.8 233.4 239.3 265.3 264.6 262.1 263.7 39.9 42.6 44.9 46.3 .0 .0 .0 .0 85.2 116.5 132.0 143.1 239.3 242.3 237.6 219.4 108.6 111.5 111.9 112.7 678.5 687.6 695.0 704.9 1,790.2 1,833.4 1,834.4 1,855.0 483.4 503.8 493.6 494.1 758.7 775.1 780.5 802.9 237.2 244.2 250.9 250.1 264.2 264.4 262.9 259.9 46.7 46.0 46.5 48.1 .0 .0 .0 .0 212.8 209.1 229.9 222.5 205.0 197.3 ............ 112.2 112.0 110.6 718.8 722.2 723.1 1,882.1 1,904.7 1,937.1 507.5 510.1 516.7 811.7 823.3 838.7 264.0 281.2 279.8 253.5 242.5 232.5 45.4 47.6 69.4 .0 .0 .0 205.3 186.7 .................... Total Corporate profits tax accruals Indirect business tax and nontax accruals Calendar year: 1992 .............................. 1993 .............................. 1994 .............................. 1995 .............................. 1996 .............................. 1997 .............................. 1998 .............................. 1999 .............................. 2000 .............................. 1,121.3 1,197.3 1,293.7 1,383.7 1,499.1 1,625.5 1,749.7 1,872.8 2,046.8 479.4 509.9 547.8 591.8 670.0 751.9 834.9 903.3 1,009.5 118.8 138.5 156.7 179.3 190.6 203.0 204.2 218.3 234.7 81.3 85.3 95.2 93.0 95.1 93.7 97.4 100.6 111.2 441.8 463.7 493.9 519.6 543.3 577.0 613.1 650.6 691.5 1998: I ............................. II ........................... III .......................... IV .......................... 1,708.0 1,733.8 1,768.9 1,788.2 805.8 825.0 844.8 864.1 205.1 203.4 208.3 200.3 96.0 96.5 98.6 98.5 1999: I ............................. II ........................... III .......................... IV .......................... 1,818.2 1,849.5 1,886.9 1,936.5 871.3 891.8 914.3 935.9 212.2 213.8 216.3 230.8 2000: I ............................. II ........................... III .......................... IV .......................... 2,003.0 2,042.5 2,064.3 2,077.5 976.6 1,001.1 1,019.8 1,040.5 2001: I ............................. II ........................... III p ........................ 2,087.4 2,091.5 .............. 1,051.4 1,060.0 898.4 Source: Department of Commerce, Bureau of Economic Analysis. 34 Net interest paid Less: Wage accruals less disbursements Current surplus or deficit (¥), national income and product accounts Consumption expenditures Contributions for social insurance Personal tax and nontax receipts Period Subsidies less current surplus of Government enterprises Grantsin-aid to State and local governments Total INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (1992=100; seasonally adjusted) Period United States r 98.7 97.0 100.0 100.0 r 103.5 104.8 r 111.4 109.1 r 116.5 114.3 119.6 117.9 r 124.5 127.7 r 128.8 134.0 r 136.0 139.6 r 143.5 147.5 148.6 145.1 149.0 144.1 148.7 144.7 148.2 144.0 147.3 143.0 146.0 141.4 145.4 141.5 145.0 141.1 144.6 142.6 144.2 141.8 142.8 140.5 142.7 140.2 141.8 140.4 140.3 .............. 1991 ....................................... 1992 ....................................... 1993 ....................................... 1994 ....................................... 1995 ....................................... 1996 ....................................... 1997 ....................................... 1998 ....................................... 1999 ....................................... 2000 p ..................................... 2000: Aug r .......................... Sept r ......................... Oct r ............................ Nov r ........................... Dec r ........................... 2001: Jan r ........................... Feb r ........................... Mar r ........................... Apr r ........................... May r .......................... June r ......................... July r .......................... Aug r ........................... Sept p .......................... 1 Data Canada Japan France Germany Consumer prices (1982–84=100; NSA) United Kingdom Italy United States 1 106.1 r 101.0 r 102.4 101.3 99.7 100.0 100.0 100.0 100.0 100.0 r r 96.5 96.2 92.0 97.9 102.2 r 94.9 97.8 r 100.3 103.9 107.7 r 95.7 100.9 r 102.8 109.2 109.5 r r r 103.3 103.7 96.4 107.1 111.0 r 99.9 r 112.2 107.0 r 107.6 111.1 r 113.3 99.9 r 113.2 r 104.1 112.3 r 114.1 100.8 r 115.5 r 105.6 112.3 r 116.1 106.5 r 119.4 r 112.2 117.7 109.6 120.2 114.4 118.2 117.4 106.2 119.7 114.3 118.2 116.5 107.6 120.3 113.7 117.2 116.5 107.5 120.7 113.5 118.4 116.5 108.8 120.7 114.5 120.9 116.0 104.6 120.8 115.5 118.5 115.9 105.3 121.2 115.8 118.3 115.7 103.2 120.9 114.0 118.8 115.3 101.2 120.7 113.1 116.5 115.0 100.2 121.3 113.1 117.0 113.9 99.5 121.4 113.3 117.2 114.1 97.2 122.0 111.6 116.5 113.6 97.5 122.0 114.2 117.1 114.7 94.2 ............ ............ .............. .............. relate to all urban consumers. 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.2 172.8 173.7 174.0 174.1 174.0 175.1 175.8 176.2 176.9 177.7 178.0 177.5 177.5 178.3 Canada Japan 143.1 145.3 147.9 148.2 151.4 153.8 156.3 157.8 160.5 164.9 165.5 166.2 166.5 167.1 167.2 166.6 167.4 167.9 169.1 170.6 170.7 170.1 170.1 170.6 France 115.0 117.0 r 118.5 119.3 r 119.2 119.3 r 121.5 r 122.2 121.8 r 121.0 121.1 121.0 121.0 120.6 120.7 120.7 120.4 120.1 120.4 120.5 120.1 119.8 120.3 120.0 Germany Italy 116.2 122.1 127.6 131.1 133.3 135.2 137.8 139.1 139.9 142.6 142.9 143.6 143.3 143.6 143.7 144.4 145.3 145.5 146.0 146.7 146.9 146.9 146.7 146.7 170.5 179.5 187.7 195.3 205.6 213.8 218.2 222.5 226.2 231.9 232.6 233.0 233.8 234.4 234.6 235.6 236.5 236.7 237.7 238.3 238.9 239.1 239.1 239.1 137.2 140.4 143.4 145.8 148.4 151.4 153.2 154.2 155.0 157.6 157.7 158.7 158.4 158.8 158.7 158.1 158.5 159.1 159.9 161.0 161.0 160.7 160.7 161.0 United Kingdom 156.9 162.7 165.3 169.3 175.2 179.4 185.1 191.4 194.3 200.1 200.3 201.7 201.6 202.2 202.3 201.0 202.1 202.3 203.4 204.7 204.9 203.6 204.4 205.1 Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Office of Trade and Economic Analysis). U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Goods: Imports (customs value) Census basis (by end-use category) Services (BOP basis) Balance of trade (exports minus imports) Census basis (by end-use category) BOP basis Period 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2000: ................. ................. ................. ................. ................. ................. ................. ................. ................. ................. Aug ....... Sept ...... Oct ........ Nov ....... Dec ....... 2001: Jan ....... Feb ....... Mar ....... Apr ....... May ...... June ..... July r ..... Aug p ..... BOP basis 414.1 439.6 456.9 502.9 575.2 612.1 678.4 670.4 684.6 772.2 67.4 66.8 65.8 65.9 64.6 65.3 65.7 63.9 62.2 62.8 60.8 58.7 59.5 Total, Census basis 1 421.7 448.2 465.1 512.6 584.7 625.1 689.2 682.1 695.8 781.9 68.1 67.5 66.6 66.7 65.4 66.2 66.5 64.7 62.9 63.7 61.7 59.7 60.2 Auto- ConIndusmo- sumer Foods, trial Capital tive goods feeds, supgoods vehi- (nonand plies except cles, food) bevand auto- parts except erages mate- motive and autorials enmogines tive 35.7 40.3 40.6 42.0 50.5 55.5 51.5 46.4 45.5 47.5 4.2 4.0 4.0 3.9 3.9 4.0 4.1 4.2 4.1 4.0 3.9 3.9 4.1 109.7 109.1 111.8 121.4 146.2 147.7 158.2 148.3 147.0 171.9 14.7 15.1 15.0 15.1 14.3 14.3 14.5 14.4 14.0 13.9 13.5 12.8 13.3 166.7 175.9 181.7 205.0 233.0 253.0 294.5 299.4 310.9 357.0 31.6 31.2 30.6 30.7 30.2 31.2 31.3 29.4 27.9 28.3 27.0 26.3 25.8 40.0 47.0 52.4 57.8 61.8 65.0 74.0 72.4 75.1 80.2 7.0 6.6 6.6 6.4 6.3 6.0 5.9 6.1 6.1 6.3 6.6 6.2 6.7 BOP basis 45.9 491.0 51.4 536.5 54.7 589.4 60.0 668.7 64.4 749.4 70.1 803.1 77.4 876.5 80.3 917.1 82.0 1,030.0 90.6 1,224.4 7.8 104.2 7.7 106.5 7.5 106.0 7.6 104.8 7.6 103.9 7.8 104.4 7.9 100.4 7.9 102.7 7.9 99.8 8.1 97.3 7.4 96.4 7.4 94.5 7.2 93.3 IndusAutoFoods, trial Capital motive Total, feeds, supgoods vehiCensus and plies except cles, basis 1 bevand auto- parts erages mate- motive and enrials gines 488.5 532.7 580.7 663.3 743.5 795.3 869.7 911.9 1,024.6 1,218.0 103.9 105.8 105.4 104.2 103.4 103.9 99.8 102.1 99.2 96.5 95.8 94.3 93.0 1 Total includes ‘‘other’’ exports or imports, not shown separately. NOTE.—BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. 26.5 27.6 27.9 31.0 33.2 35.7 39.7 41.2 43.6 46.0 3.9 3.9 3.8 3.9 3.8 3.9 3.8 3.7 3.7 3.7 3.9 4.1 3.9 131.6 138.6 145.6 162.1 181.8 204.5 213.8 200.1 222.0 299.8 25.4 26.5 26.3 25.5 26.4 26.6 24.8 24.9 24.9 24.6 23.8 23.1 22.3 120.7 134.3 152.4 184.4 221.4 228.1 253.3 269.5 295.3 346.7 29.8 30.7 30.0 29.5 29.8 29.2 28.5 28.7 25.9 24.6 24.4 23.6 23.2 85.7 91.8 102.4 118.3 123.8 128.9 139.8 148.7 179.0 195.9 16.7 16.5 16.6 16.3 15.4 15.7 15.6 15.5 16.1 15.7 16.1 15.9 16.5 Consumer goods (nonfood) except automotive 108.0 122.7 134.0 146.3 159.9 172.0 193.8 217.0 241.7 281.4 23.8 24.2 24.5 24.7 23.9 24.3 23.1 25.4 24.3 23.6 23.7 23.4 23.2 Exports 164.3 176.9 185.9 201.0 219.2 240.0 256.6 262.3 272.8 293.5 24.4 24.4 24.6 24.6 24.7 24.8 24.6 24.8 24.9 24.7 25.1 24.9 25.0 Imports 118.5 116.5 122.3 131.9 141.4 150.9 166.3 182.4 189.2 217.0 18.4 19.2 18.4 18.6 18.6 19.0 18.7 18.9 18.8 18.5 18.6 18.2 18.3 Goods, Census basis Goods ¥66.7 ¥84.5 ¥115.6 ¥150.6 ¥158.8 ¥170.2 ¥180.5 ¥229.8 ¥328.8 ¥436.1 ¥35.7 ¥38.3 ¥38.8 ¥37.5 ¥38.0 ¥37.7 ¥33.3 ¥37.4 ¥36.3 ¥32.8 ¥34.1 ¥34.6 ¥32.8 ¥76.9 ¥96.9 ¥132.5 ¥165.8 ¥174.2 ¥191.0 ¥198.1 ¥246.7 ¥345.4 ¥452.2 ¥36.8 ¥39.7 ¥40.2 ¥39.0 ¥39.4 ¥39.1 ¥34.6 ¥38.8 ¥37.7 ¥34.4 ¥35.6 ¥35.8 ¥33.8 Services 45.8 60.4 63.7 69.2 77.8 89.2 90.4 79.9 83.6 76.5 6.0 5.2 6.2 6.0 6.1 5.7 5.9 5.8 6.1 6.2 6.5 6.7 6.7 Goods and services ¥31.1 ¥36.5 ¥68.8 ¥96.7 ¥96.4 ¥101.8 ¥107.8 ¥166.8 ¥261.8 ¥375.7 ¥30.8 ¥34.5 ¥34.0 ¥33.0 ¥33.3 ¥33.4 ¥28.7 ¥33.0 ¥31.5 ¥28.2 ¥29.1 ¥29.2 ¥27.1 Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the second quarter of 2001, the goods deficit fell to $107.8 billion, from $112.5 billion in the first quarter. The current account deficit fell to $106.5 billion in the second quarter, from $111.8 billion in the first quarter. [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (¥)] Goods 1 Period Exports 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 1998: ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... III ........... IV ........... 1999: I .............. II ............. III ........... IV ........... 2000: I .............. II ............. III ........... IV ........... 2001: I .............. II p ........... Imports 414,083 ¥491,020 439,631 ¥536,528 456,943 ¥589,394 502,859 ¥668,690 575,204 ¥749,374 612,113 ¥803,113 678,366 ¥876,485 670,416 ¥917,112 684,553 ¥1,029,987 772,210 ¥1,224,417 164,081 ¥228,010 169,826 ¥234,009 164,716 ¥238,709 166,267 ¥250,557 173,045 ¥264,777 180,525 ¥275,944 185,142 ¥292,547 191,558 ¥303,229 199,273 ¥313,884 196,237 ¥314,757 194,942 ¥307,462 185,838 ¥293,639 Services Balance on goods Net military transactions 2 3 ¥76,937 ¥5,274 ¥96,897 ¥1,448 ¥132,451 1,385 ¥165,831 2,570 ¥174,170 4,600 ¥191,000 5,385 ¥198,119 4,968 ¥246,696 5,265 ¥345,434 2,586 ¥452,207 500 ¥63,929 807 ¥64,183 1,138 ¥73,993 1,031 ¥84,290 1,220 ¥91,732 296 ¥95,419 39 ¥107,405 139 ¥111,671 528 ¥114,611 ¥212 ¥118,520 45 ¥112,520 ¥187 ¥107,801 125 Net travel and transportation 16,561 19,969 19,714 16,305 21,772 25,015 22,152 10,145 7,113 3,180 1,820 1,788 2,108 1,887 1,566 1,552 929 1,571 177 500 584 456 Income receipts and payments Other services, net 34,516 41,918 42,562 50,278 51,410 58,757 63,234 64,458 73,897 72,788 15,830 17,246 17,982 18,317 18,735 18,860 19,015 18,788 17,306 17,682 17,100 18,282 Balance on goods and services ¥31,135 ¥36,457 ¥68,791 ¥96,678 ¥96,388 ¥101,843 ¥107,765 ¥166,828 ¥261,838 ¥375,739 ¥45,472 ¥44,011 ¥52,872 ¥62,866 ¥71,135 ¥74,968 ¥87,322 ¥90,784 ¥97,340 ¥100,293 ¥95,023 ¥88,938 1 Adjusted 3 Quarterly 2 Transfers 4 Includes from Census data for differences in timing and coverage; excludes military. under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 36 Receipts 149,214 132,056 134,159 165,438 211,502 225,846 260,558 259,238 285,302 352,866 62,768 63,565 64,893 68,703 73,506 78,202 82,389 89,253 88,739 92,486 85,532 77,828 Payments ¥125,084 ¥109,101 ¥110,255 ¥148,744 ¥190,955 ¥204,859 ¥251,808 ¥265,440 ¥298,915 ¥367,658 ¥67,103 ¥66,908 ¥67,418 ¥71,619 ¥78,673 ¥81,204 ¥88,046 ¥94,142 ¥93,624 ¥91,844 ¥90,553 ¥83,321 Balance on income 24,130 22,954 23,904 16,694 20,547 20,987 8,750 ¥6,202 ¥13,613 ¥14,792 ¥4,335 ¥3,343 ¥2,525 ¥2,916 ¥5,167 ¥3,002 ¥5,657 ¥4,889 ¥4,885 642 ¥5,021 ¥5,493 Unilateral current transfers, net 4 10,752 ¥35,013 ¥37,637 ¥38,260 ¥34,057 ¥40,081 ¥40,794 ¥44,427 ¥48,913 ¥54,136 ¥10,731 ¥13,671 ¥11,051 ¥11,596 ¥11,761 ¥14,504 ¥11,924 ¥12,461 ¥13,080 ¥16,673 ¥11,734 ¥12,067 data are not seasonally adjusted. transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. Balance on current account 3,747 ¥48,515 ¥82,523 ¥118,244 ¥109,898 ¥120,937 ¥139,809 ¥217,457 ¥324,364 ¥444,667 ¥60,538 ¥61,025 ¥66,448 ¥77,378 ¥88,063 ¥92,474 ¥104,903 ¥108,134 ¥115,305 ¥116,324 ¥111,778 ¥106,498 U.S. INTERNATIONAL TRANSACTIONS—Continued In the financial account, U.S. claims on foreigners reported by U.S. banks decreased $9.2 billion in the second quarter of 2001, in contrast to an increase of $109.8 billion in the first quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, increased $50.1 billion in the second quarter, following an increase of $6.9 billion in the first quarter. [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (¥)] Financial account Period Capital account transactions, net 3 U.S.-owned assets abroad, net [increase/financial outflow (¥)] Total U.S. official reserve assets 3 5 Other U.S. Government assets 3 Statistical discrepancy Foreign-owned assets in the U.S., net [increase/financial inflow (+)] U.S. private assets Total Foreign official assets 3 Other foreign assets Total (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy U.S. official reserve assets, net 5 (unadjusted, end of period) .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. ¥4,479 612 ¥88 ¥469 372 693 350 678 ¥3,491 705 ¥64,388 ¥74,410 ¥200,552 ¥176,056 ¥352,376 ¥413,923 ¥487,599 ¥359,632 ¥437,067 ¥580,952 5,763 3,901 ¥1,379 5,346 ¥9,742 6,668 ¥1,010 ¥6,783 8,747 ¥290 2,924 ¥1,667 ¥351 ¥390 ¥984 ¥989 68 ¥422 2,751 ¥944 ¥73,075 ¥76,644 ¥198,822 ¥181,012 ¥341,650 ¥419,602 ¥486,657 ¥352,427 ¥448,565 ¥579,718 110,808 170,663 282,040 305,989 465,684 586,038 759,290 504,464 813,744 1,024,218 17,389 40,477 71,753 39,583 109,880 126,724 19,036 ¥19,948 43,551 37,619 93,420 130,186 210,287 266,406 355,804 459,314 740,254 524,412 770,193 986,599 ¥45,688 ¥48,350 1,123 ¥11,220 ¥3,782 ¥51,871 ¥132,232 71,947 ¥48,822 696 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 77,721 71,323 73,442 74,335 85,832 75,089 69,954 81,761 71,516 67,647 1998: III .......................... IV ........................... 1999: I ............................. II ............................ III .......................... IV ........................... 2000: I ............................. II ............................ III .......................... IV ........................... 2001: I ............................. II p .......................... 164 183 158 167 173 ¥3,989 173 173 175 184 173 177 ¥60,247 ¥83,486 ¥43,657 ¥170,707 ¥114,931 ¥107,769 ¥198,105 ¥93,573 ¥107,727 ¥181,548 ¥243,120 ¥63,322 ¥2,025 ¥2,369 4,068 1,159 1,951 1,569 ¥554 2,020 ¥346 ¥1,410 190 ¥1,343 188 ¥47 118 ¥392 ¥686 3,711 ¥127 ¥572 114 ¥359 21 ¥761 ¥58,410 ¥81,070 ¥47,843 ¥171,474 ¥116,196 ¥113,049 ¥197,424 ¥95,021 ¥107,495 ¥179,779 ¥243,331 ¥61,218 96,248 138,308 130,758 278,047 172,119 232,820 256,782 250,007 222,108 295,321 346,660 188,002 ¥46,639 25,922 4,164 ¥736 12,721 27,402 22,498 6,447 12,247 ¥3,573 4,898 ¥22,430 142,887 112,386 126,594 278,783 159,398 205,418 234,284 243,560 209,861 298,894 341,762 210,432 24,373 6,020 ¥20,811 ¥30,129 30,702 ¥28,588 46,053 ¥48,473 749 2,367 8,065 ¥18,359 ¥11,256 6,476 6,425 ¥711 ¥10,320 4,602 8,501 ¥2,380 ¥9,977 3,856 8,821 ¥1,868 75,676 81,761 74,359 71,689 73,414 71,516 70,789 67,955 66,256 67,647 64,222 64,847 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 5 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the IMF. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Page TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product .......................................................................................................................................................................................... Real Gross Domestic Product .................................................................................................................................................................................. Implicit Price Deflators for Gross Domestic Product .............................................................................................................................................. Gross Domestic Product and Related Price Measures: Indexes and Percent Changes .............................................................................................. Nonfinancial Corporate Business—Output, Price, Costs, and Profits ...................................................................................................................... National Income ...................................................................................................................................................................................................... Real Personal Consumption Expenditures ............................................................................................................................................................... Sources of Personal Income ...................................................................................................................................................................................... Disposition of Personal Income ............................................................................................................................................................................... Farm Income ............................................................................................................................................................................................................ Corporate Profits ...................................................................................................................................................................................................... Real Gross Private Domestic Investment ................................................................................................................................................................ Real Private Fixed Investment by Type .................................................................................................................................................................. Business Investment ................................................................................................................................................................................................ 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ......................................................................................................................................................................................... Selected Unemployment Rates ................................................................................................................................................................................ Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................................................... Nonagricultural Employment .................................................................................................................................................................................. Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................................................. Employment Cost Index—Private Industry ............................................................................................................................................................. Productivity and Related Data, Business Sector ...................................................................................................................................................... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization ....................................................................................................................................................... Industrial Production—Major Market Groups and Selected Manufactures .............................................................................................................. New Construction .................................................................................................................................................................................................... New Private Housing and Vacancy Rates ............................................................................................................................................................... Business Sales and Inventories—Manufacturing and Trade ..................................................................................................................................... Manufacturers’ Shipments, Inventories, and Orders ................................................................................................................................................. 17 18 19 19 20 21 PRICES Producer Prices ........................................................................................................................................................................................................ Consumer Prices—All Urban Consumers ................................................................................................................................................................ Changes in Producer Prices for Finished Goods ...................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers ............................................................................................................................................. Prices Received and Paid by Farmers ...................................................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures ............................................................................................................................................................................. Components of Money Stock ................................................................................................................................................................................... Aggregate Reserves and Monetary Base ................................................................................................................................................................... Bank Credit at All Commercial Banks .................................................................................................................................................................... Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .................................................................................................................. Consumer Credit ...................................................................................................................................................................................................... Interest Rates and Bond Yields ............................................................................................................................................................................... Common Stock Prices and Yields ............................................................................................................................................................................ 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ....................................................................................................................................................................... Federal Receipts by Source and Outlays by Function .............................................................................................................................................. Federal Sector, National Income Accounts Basis ..................................................................................................................................................... 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ............................................................................................................... U.S. International Trade in Goods and Services ...................................................................................................................................................... U.S. International Transactions ................................................................................................................................................................................ 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. … Not available (also, not applicable). NSA not seasonally adjusted. 38 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $3.00 (single copy) ($3.75 foreign). Subscription price: $33.00 per year; $41.25 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 2001 75–990