[DOCID: f:00au01.txt] 107th Congress, 1st Session Economic Indicators AUGUST 2001 (Includes data available as of September 10, 2001) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2001 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) JIM SAXTON, New Jersey, Chairman JACK REED, Rhode Island, Vice Chairman House of Representatives Senate PAUL RYAN (Wisconsin) EDWARD M. KENNEDY (Massachusetts) LAMAR SMITH (Texas) PAUL S. SARBANES (Maryland) JENNIFER DUNN (Washington) JEFF BINGAMAN (New Mexico) PHIL ENGLISH (Pennsylvania) JON CORZINE (New Jersey) ADAM H. PUTNAM (Florida) ROBERT G. TORRICELLI (New Jersey) PETE STARK (California) ROBERT F. BENNETT (Utah) CAROLYN B. MALONEY (New York) SAM BROWNBACK (Kansas) MELVIN L. WATT (North Carolina) 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 TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the second quarter of 2001, according to revised estimates, current- dollar gross domestic product (GDP) rose 2.4 percent (annual rate), real GDP (GDP in chained 1996 dollars) rose 0.2 percent, and the implicit price deflator rose 2.2 percent. ______________________________________________________________________ ______________________________________________________________________ [Billions of current dollars; quarterly data at seasonally adjusted annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Exports and imports of Government consumption expenditures and gross Personal goods and services investment Gross con- Gross --------------------------------------------------------------------------------- Final Gross Addendum: Period domestic sumption private Federal sales of domestic Gross product expendi- domestic Net ------------------------------ State domestic purchases \1\ national tures investment exports Exports Imports Total National Non- and product product Total defense defense local ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1991...................................... 5,986.2 3,971.2 800.2 -20.7 601.6 622.3 1,235.5 527.4 384.5 142.9 708.1 5,986.4 6,006.9 6,010.9 1992...................................... 6,318.9 4,209.7 866.6 -27.9 636.8 664.6 1,270.5 534.5 378.5 156.0 736.0 6,303.9 6,346.8 6,342.3 1993...................................... 6,642.3 4,454.7 955.1 -60.5 658.0 718.5 1,293.0 527.3 364.9 162.4 765.7 6,621.2 6,702.8 6,666.7 1994...................................... 7,054.3 4,716.4 1,097.1 -87.1 725.1 812.1 1,327.9 521.1 355.1 165.9 806.8 6,991.8 7,141.4 7,071.1 1995...................................... 7,400.5 4,969.0 1,143.8 -84.3 818.6 902.8 1,372.0 521.5 350.6 170.9 850.5 7,367.5 7,484.8 7,420.9 1996...................................... 7,813.2 5,237.5 1,242.7 -89.0 874.2 963.1 1,421.9 531.6 357.0 174.6 890.4 7,783.2 7,902.1 7,831.2 1997...................................... 8,318.4 5,529.3 1,390.5 -89.3 966.4 1,055.8 1,487.9 538.2 352.6 185.6 949.7 8,255.5 8,407.7 8,325.4 1998 ..................................... 8,781.5 5,856.0 1,538.7 -151.7 964.9 1,116.7 1,538.5 539.2 349.1 190.1 999.3 8,708.4 8,933.3 8,778.1 1999 ..................................... 9,268.6 6,250.2 1,636.7 -250.9 989.8 1,240.6 1,632.5 564.0 364.5 199.5 1,068.5 9,210.0 9,519.5 9,261.8 2000 ..................................... 9,872.9 6,728.4 1,767.5 -364.0 1,102.9 1,466.9 1,741.0 590.2 375.4 214.8 1,150.8 9,823.6 10,236.9 9,860.8 1998:I ................................... 8,627.8 5,719.9 1,528.7 -122.6 974,1 1,096.7 1,501.8 526.1 338.4 187.7 975.8 8,521.1 8,750.4 8,634.5 II ................................. 8,697.3 5,820.0 1,498.4 -154.9 959.2 1,114.1 1,533.8 542.9 348.8 194.2 990.9 8,656.4 8,852.2 8,700.3 III ................................ 8,816.5 5,895.1 1,538.6 -165.3 946.7 1,112.0 1,548.1 539.5 354.7 184.8 1,008.6 8,747.0 8,981.8 8,802.1 IV ................................. 8,984.5 5,989.1 1,589.3 -164.1 979.7 1,143.8 1,570.3 548.4 354.7 193.7 1,021.9 8,909.1 9,148.6 8,975.4 1999:I ................................... 9,093.1 6,080.7 1,621.3 -199.7 960.2 1,160.0 1,590.9 549.8 356.1 193.6 1,041.1 9,012.9 9,292.9 9,089.5 II ................................. 9,161.4 6,197.1 1,595.7 -241.1 971.3 1,212.4 1,609.6 553.1 354.2 198.9 1,056.5 9,131.3 9,402.5 9,157.0 III ................................ 9,297.4 6,298.4 1,631.7 -273.9 996.6 1,270.5 1,641.2 565.6 366.7 199.0 1,075.6 9,258.4 9,571.4 9,283.8 IV ................................. 9,522.5 6,424.7 1,698.1 -288.7 1,031.0 1,319.7 1,688.3 587.6 381.1 206.5 1,100.7 9,437.6 9,811.2 9,517.0 2000:I ................................... 9,668.7 6,581.9 1,709.0 -333.9 1,059.7 1,393.6 1,711.8 578.5 366.6 211.9 1,133.2 9,637.8 10,002.6 9,650.7 II ................................. 9,857.6 6,674.9 1,792.4 -350.8 1,099.7 1,450.4 1,741.1 601.0 380.4 220.6 1,140.1 9,782.2 10,208.4 9,841.0 III ................................ 9,937.5 6,785.5 1,788.4 -380.6 1,131.1 1,511.8 1,744.2 587.0 372.1 214.9 1,157.2 9,884.9 10,318.1 9,919.4 IV ................................. 10,027.9 6,871.4 1,780.3 -390.6 1,121.0 1,511.6 1,766.8 594.2 382.4 211.8 1,172.6 9,989.2 10,418.5 10,032.1 2001:I ................................... 10,141.7 6,977.6 1,722.8 -363.8 1,117.4 1,481.2 1,805.2 605.3 392.9 212.4 1,199.8 10,167.2 10,505.6 10,131.3 II r................................ 10,201.6 7,047.4 1,667.6 -350.4 1,079.3 1,429.8 1,837.1 609.7 396.1 213.6 1,227.4 10,238.3 10,552.1 10,182.7 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \1\ GDP less exports of goods and services plus imports of goods and services. Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS DOMESTIC PRODUCT [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross private domestic Exports and imports of Government consumption expenditures and investment goods and services gross investment ---------------------------------------------------------------------------------------------------------- Final Addendum: Gross Personal con- Nonresi- Change Federal sales of Gross Gross Period domestic sumption dential Resi- in pri- ---------------------------- State domestic domestic national product expenditures fixed dential vate Net Exports Imports Total and product purchases \1\ product invest- fixed inven- exports Total National Non- local ment investment tories defense defense ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1991.............................................................. 6,676.4 4,466.6 610.1 221.1 -1.0 -15.8 613.2 629.0 1,403.4 604.9 438.4 166.0 798.9 6,681.5 6,688.4 6,703.4 1992.............................................................. 6,880.0 4,594.5 630.6 257.2 17.1 -19.8 651.0 670.8 1,410.0 595.1 417.1 177.9 815.3 6,867.7 6,896.4 6,905.8 1993.............................................................. 7,062.6 4,748.9 683.6 276.0 20.0 -59.1 672.7 731.8 1,398.8 572.0 394.7 177.3 827.0 7,043.8 7,120.6 7,087.8 1994.............................................................. 7,347.7 4,928.1 744.6 302.7 66.8 -86.5 732.8 819.4 1,400.1 551.3 375.9 175.5 848.9 7,285.8 7,434.2 7,364.3 1995.............................................................. 7,543.8 5,075.6 817.5 291.7 30.4 -78.4 808.2 886.6 1,406.4 536.5 361.9 174.6 869.9 7,512.2 7,621.8 7,564.0 1996.............................................................. 7,813.2 5,237.5 899.4 313.3 30.0 -89.0 874.2 963.1 1,421.9 531.6 357.0 174.6 890.4 7,783.2 7,902.1 7,831.2 1997.............................................................. 8,159.5 5,423.9 1,009.3 319.7 63.8 -113.3 981.5 1,094.8 1,455.4 529.6 347.7 181.8 925.8 8,095.2 8,271.7 8,168.1 1998 ............................................................. 8,508.9 5,683.7 1,135.9 345.1 76.7 -221.1 1,002.4 1,223.5 1,483.3 525.4 341.6 183.8 957.7 8,431.8 8,721.3 8,508.4 1999 ............................................................. 8,856.5 5,968.4 1,228.6 368.3 62.1 -316.9 1,034.9 1,351.7 1,531.8 536.7 348.6 188.1 994.7 8,792.0 9,154.9 8,853.0 2000 ............................................................. 9,224.0 6,257.8 1,350.7 371.4 50.6 -399.1 1,133.2 1,532.3 1,572.6 545.9 349.0 196.7 1,026.3 9,167.0 9,594.7 9,216.4 1998:I ........................................................... 8,396.3 5,576.3 1,099.5 333.0 113.1 -180.8 1,003.4 1,184.2 1,456.1 515.0 332.0 183.0 940.8 8,286.6 8,571.6 8,405.4 II ......................................................... 8,442.9 5,660.2 1,132.3 340.5 42.0 -223.1 993.1 1,216.2 1,482.6 530.1 342.0 188.0 952.4 8,397.2 8,657.0 8,448.7 III ........................................................ 8,528.5 5,713.7 1,136.6 349.5 71.8 -241.2 987.6 1,228.9 1,489.9 524.9 346.5 178.4 964.7 8,454.9 8,759.7 8,517.6 IV ......................................................... 8,667.9 5,784.7 1,175.4 357.4 80.0 -239.2 1,025.6 1,264.8 1,504.8 531.7 345.8 185.8 972.8 8,588.5 8,896.6 8,662.0 1999:I ........................................................... 8,733.5 5,854.0 1,192.6 366.3 83.4 -283.0 1,007.6 1,290.6 1,512.3 526.7 342.7 183.9 985.2 8,651.2 9,002.3 8,732.9 II ......................................................... 8,771.2 5,936.1 1,214.9 368.9 32.7 -313.4 1,018.0 1,331.4 1,516.8 527.7 339.7 188.0 988.6 8,735.1 9,066.5 8,769.7 III ........................................................ 8,871.5 6,000.0 1,244.6 368.2 39.6 -333.3 1,041.8 1,375.1 1,533.2 537.0 350.0 187.0 995.8 8,825.6 9,184.1 8,861.5 IV ......................................................... 9,049.9 6,083.6 1,262.4 369.7 92.7 -337.8 1,072.1 1,409.8 1,564.8 555.5 361.9 193.6 1,009.1 8,956.3 9,366.5 9,047.9 2000:I ........................................................... 9,102.5 6,171.7 1,309.4 377.3 28.9 -371.1 1,095.5 1,466.6 1,560.4 536.8 342.3 194.4 1,023.0 9,061.6 9,448.5 9,089.1 II ......................................................... 9,229.4 6,226.3 1,347.7 376.5 78.9 -392.8 1,130.6 1,523.4 1,577.2 556.9 354.8 202.0 1,020.1 9,148.5 9,594.5 9,217.7 III ........................................................ 9,260.1 6,292.1 1,371.1 366.3 51.7 -411.2 1,159.3 1,570.6 1,570.0 541.8 345.1 196.5 1,027.6 9,201.3 9,641.5 9,247.2 IV ......................................................... 9,303.9 6,341.1 1,374.5 365.3 42.8 -421.1 1,147.5 1,568.5 1,582.8 547.9 353.8 194.0 1,034.3 9,256.7 9,694.4 9,311.7 2001:I ........................................................... 9,334.5 6,388.5 1,373.9 372.9 -27.1 -404.5 1,144.1 1,548.6 1,603.4 552.2 360.3 191.8 1,050.5 9,347.8 9,710.4 9,329.1 II r........................................................ 9,338.4 6,427.5 1,320.6 378.1 -38.4 -410.5 1,107.4 1,517.9 1,624.5 554.2 362.3 191.9 1,069.3 9,361.8 9,720.4 9,325.8 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ GDP less exports of goods and services plus imports of goods and services. Note.--Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 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 Gross private Exports and imports Government consumption expenditures -------------------------------------- domestic of goods and and gross investment Gross investment services ------------------------------------ Period domestic Nondura- ------------------------------------------ Federal product Total Durable ble Services Nonresi- Residen- ---------------------------- State goods goods dential tial Exports Imports National Non- and fixed fixed Total defense defense local -------------------------------------------------------------------------------------------------------------------------------------------------------- 1991..................... 89.66 88.91 97.39 93.76 84.82 99.80 86.64 98.10 98.93 87.18 87.70 86.07 88.64 1992..................... 91.84 91.62 98.28 95.20 88.50 99.29 87.69 97.82 99.09 89.82 90.75 87.71 90.28 1993..................... 94.05 93.81 99.06 96.14 91.56 99.81 91.23 97.82 98.18 92.18 92.45 91.58 92.59 1994..................... 96.01 95.70 100.56 96.83 94.16 100.54 94.48 98.94 99.12 94.51 94.49 94.55 95.04 1995..................... 98.10 97.90 101.06 97.93 97.25 100.93 97.91 101.28 101.83 97.21 96.88 97.90 97.77 1996..................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 1997..................... 101.95 101.94 97.75 101.34 103.12 99.02 102.68 98.47 96.44 101.63 101.41 102.06 102.58 1998 .................... 103.20 103.03 95.40 101.31 105.53 96.95 105.58 96.26 91.27 102.63 102.22 103.41 104.34 1999 .................... 104.65 104.72 93.04 103.67 107.80 95.60 109.57 95.65 91.78 105.08 104.58 106.05 107.42 2000 .................... 107.04 107.52 91.53 107.55 111.10 95.73 114.46 97.33 95.73 108.12 107.56 109.21 112.14 1998:I .................. 102.76 102.58 96.29 101.17 104.61 97.75 104.25 97.08 92.61 102.14 101.92 102.59 103.72 II ................ 103.01 102.82 95.77 100.99 105.25 97.14 105.03 96.58 91.61 102.43 101.98 103.29 104.05 III ............... 103.38 103.17 95.13 101.36 105.81 96.66 105.99 95.86 90.49 102.78 102.37 103.56 104.55 IV ................ 103.65 103.53 94.51 101.69 106.41 96.28 106.92 95.52 90.43 103.15 102.60 104.21 105.04 1999:I .................. 104.12 103.87 93.73 102.16 106.94 96.03 108.05 95.30 89.88 104.38 103.93 105.26 105.68 II ................ 104.45 104.40 93.25 103.27 107.39 95.74 109.12 95.42 91.06 104.80 104.28 105.81 106.87 III ............... 104.80 104.97 92.84 104.12 108.07 95.39 110.11 95.66 92.39 105.32 104.76 106.41 108.01 IV ................ 105.22 105.61 92.42 105.09 108.77 95.29 110.98 96.17 93.61 105.78 105.32 106.67 109.08 2000:I .................. 106.22 106.65 91.99 106.51 109.98 95.53 113.22 96.74 95.03 107.77 107.10 109.05 110.77 II ................ 106.81 107.20 91.80 107.23 110.63 95.59 113.87 97.27 95.21 107.91 107.22 109.21 111.77 III ............... 107.31 107.84 91.29 107.96 111.51 95.90 114.91 97.57 96.26 108.35 107.81 109.37 112.62 IV ................ 107.78 108.36 91.03 108.48 112.23 95.90 115.90 97.70 96.37 108.45 108.08 109.19 113.37 2001:I .................. 108.65 109.22 90.86 109.00 113.52 95.44 117.21 97.67 95.65 109.62 109.05 110.74 114.21 II r............... 109.24 109.65 90.04 109.73 114.10 95.33 117.77 97.46 94.19 110.02 109.34 111.31 114.78 -------------------------------------------------------------------------------------------------------------------------------------------------------- Source: Department of Commerce, Bureau of Economic Analysis. GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] -------------------------------------------------------------------------------------------------------------------------------------------------------- Index numbers, 1996=100 Percent change from preceding period \1\ ---------------------------------------------------------------------------------------------------------- Real GDP GDP Real GDP Period GDP (chain-type GDP chain- implicit GDP (chain-type GDP chain- GDP implicit (current quantity type price price (current quantity type price price deflator dollars) index) index deflator dollars) index) index -------------------------------------------------------------------------------------------------------------------------------------------------------- 1991 ........................................ 76.62 85.45 89.66 89.66 3.2 -0.5 3.6 3.6 1992 ........................................ 80.88 88.06 91.85 91.84 5.6 3.0 2.4 2.4 1993 ........................................ 85.01 90.39 94.05 94.05 5.1 2.7 2.4 2.4 1994 ........................................ 90.29 94.04 96.01 96.01 6.2 4.0 2.1 2.1 1995 ........................................ 94.72 96.55 98.10 98.10 4.9 2.7 2.2 2.2 1996 ........................................ 100.00 100.00 100.00 100.00 5.6 3.6 1.9 1.9 1997......................................... 106.47 104.43 101.95 101.95 6.5 4.4 1.9 1.9 1998 ........................................ 112.39 108.91 103.20 103.20 5.6 4.3 1.2 1.2 1999 ........................................ 118.63 113.35 104.66 104.65 5.5 4.1 1.4 1.4 2000 ........................................ 126.36 118.06 107.04 107.04 6.5 4.1 2.3 2.3 1996:I....................................... 97.65 98.25 99.40 99.39 5.4 2.9 2.5 2.5 II..................................... 99.61 99.87 99.74 99.74 8.3 6.8 1.4 1.4 III.................................... 100.59 100.37 100.23 100.22 4.0 2.0 2.0 1.9 IV .................................... 102.15 101.51 100.63 100.63 6.4 4.6 1.6 1.7 1997:I....................................... 103.98 102.60 101.36 101.34 7.3 4.4 2.9 2.9 II..................................... 105.97 104.08 101.82 101.82 7.9 5.9 1.9 1.9 III.................................... 107.39 105.16 102.12 102.12 5.5 4.2 1.2 1.2 IV..................................... 108.52 105.88 102.49 102.49 4.2 2.8 1.4 1.4 1998:I....................................... 110.43 107.46 102.76 102.76 7.2 6.1 1.1 1.1 II..................................... 111.32 108.06 103.02 103.01 3.3 2.2 1.0 1.0 III.................................... 112.84 109.16 103.38 103.38 5.6 4.1 1.4 1.4 IV..................................... 114.99 110.94 103.66 103.65 7.8 6.7 1.1 1.1 1999:I....................................... 116.38 111.78 104.10 104.12 4.9 3.1 1.7 1.8 II..................................... 117.26 112.26 104.45 104.45 3.0 1.7 1.4 1.3 III.................................... 119.00 113.55 104.81 104.80 6.1 4.7 1.4 1.4 IV..................................... 121.88 115.83 105.28 105.22 10.0 8.3 1.8 1.6 2000:I....................................... 123.75 116.50 106.25 106.22 6.3 2.3 3.8 3.9 II .................................... 126.17 118.13 106.81 106.81 8.0 5.7 2.1 2.2 III ................................... 127.19 118.52 107.31 107.31 3.3 1.3 1.9 1.9 IV .................................... 128.35 119.08 107.78 107.78 3.7 1.9 1.8 1.8 2001:I ...................................... 129.80 119.47 108.65 108.65 4.6 1.3 3.3 3.3 II r................................... 130.57 119.52 109.25 109.24 2.4 .2 2.2 2.2 -------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ Percent changes based on unrounded data. Quarterly percent changes are at annual rates. 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 Price, costs, and profits per unit of real output (dollars) nonfinancial ----------------------------------------------------------------------------------------------------- corporate business Unit nonlabor cost Corporate profits with (billions of Price per ------------------------------------------- inventory valuation and dollars) unit of real Compensation capital consumption Period -------------------- gross of employees Indirect adjustments \3\ product of (unit labor Consumption business Net ------------------------------ Current Chained nonfinancial cost) Total of fixed tax, interest Profits Profits dollars (1996) corporate capital etc.\2\ Total tax after dollars business \1\ liability tax \4\ -------------------------------------------------------------------------------------------------------------------------------------------------------- 1991 ......................... 3,150.6 3,381.9 0.932 0.617 0.240 0.105 0.093 0.042 0.075 0.025 0.049 1992 ......................... 3,288.0 3,468.4 .948 .633 .236 .107 .096 .033 .080 .026 .054 1993 ......................... 3,457.6 3,573.8 .967 .641 .236 .108 .098 .030 .091 .029 .062 1994 ......................... 3,737.2 3,801.5 .983 .639 .238 .109 .101 .028 .106 .034 .072 1995 ......................... 3,945.9 3,960.1 .996 .645 .239 .110 .100 .029 .112 .035 .077 1996 ......................... 4,159.5 4,159.5 1.000 .641 .236 .111 .099 .026 .122 .036 .086 1997 ......................... 4,435.1 4,404.2 1.007 .644 .237 .112 .098 .027 .126 .036 .090 1998 ......................... 4,707.1 4,659.1 1.010 .656 .240 .112 .098 .030 .114 .033 .081 1999 ......................... 5,006.1 4,915.1 1.019 .666 .245 .114 .098 .033 .108 .035 .073 2000.......................... 5,380.7 5,220.5 1.031 .677 .248 .116 .099 .033 .105 .036 .070 1998:I ....................... 4,596.8 4,552.7 1.010 .655 .238 .112 .098 .028 .116 .033 .082 II ..................... 4,658.0 4,618.7 1.009 .656 .239 .112 .098 .029 .113 .033 .079 III .................... 4,756.0 4,704.9 1.011 .655 .239 .112 .097 .030 .116 .034 .082 IV ..................... 4,817.4 4,760.0 1.012 .659 .243 .112 .100 .031 .111 .032 .079 1999:I ....................... 4,905.3 4,829.7 1.016 .660 .243 .113 .097 .033 .114 .035 .079 II ..................... 4,958.7 4,867.6 1.019 .666 .244 .114 .097 .033 .109 .035 .074 III .................... 5,029.5 4,934.0 1.019 .669 .247 .115 .098 .034 .103 .034 .069 IV ..................... 5,130.7 5,029.3 1.020 .668 .246 .114 .098 .034 .105 .035 .070 2000:I ....................... 5,252.7 5,117.2 1.027 .671 .248 .115 .099 .034 .108 .037 .071 II ..................... 5,370.1 5,212.2 1.030 .672 .248 .115 .099 .034 .111 .038 .073 III .................... 5,437.1 5,268.0 1.032 .676 .248 .117 .098 .033 .108 .036 .071 IV...................... 5,463.0 5,284.5 1.034 .689 .249 .118 .100 .031 .095 .032 .063 2001:I ....................... 5,496.3 5,293.0 1.038 .698 .253 .120 .101 .032 .088 .029 .059 II p.................... 5,529.2 5,295.7 1.044 .704 .256 .123 .101 .032 .084 .028 .056 -------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ The deflator for gross product of nonfinancial corporate business divided by 100. \2\ Indirect business tax and nontax liability plus business transfer payments less subsidies. \3\ Unit profits from current production. \4\ With inventory valuation and capital consumption adjustments. Source: Department of Commerce, Bureau of Economic Analysis. NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] -------------------------------------------------------------------------------------------------------------------------------------------------------- Proprietors' income Corporate profits with inventory valuation and with inventory Rental capital consumption adjustments valuation and income of -------------------------------------------------------- Compen- capital consumption persons Profits with inventory valuation National sation of adjustments with adjustment and without capital Capital Net Period income employ- ---------------------- capital consumption adjustment consump- interest ees\1\ consump- Total ---------------------------------- tion tion Profits Inventory adjust- Farm Nonfarm adjustment Total before valuation ment tax adjustment -------------------------------------------------------------------------------------------------------------------------------------------------------- 1992 ......................... 4,994.9 3,644.8 32.7 401.7 63.3 453.1 448.8 451.6 -2.8 4.3 399.5 1993 ......................... 5,251.9 3,814.4 30.1 431.7 90.9 510.5 506.4 510.4 -4.0 4.1 374.3 1994 ......................... 5,556.8 4,016.2 31.9 444.6 110.3 573.2 561.0 573.4 -12.4 12.2 380.5 1995 ......................... 5,876.7 4,202.5 22.2 475.5 117.9 668.8 650.2 668.5 -18.3 18.6 389.8 1996 ......................... 6,210.4 4,395.6 34.3 510.5 129.7 754.0 729.4 726.3 3.1 24.6 386.3 1997 ......................... 6,618.4 4,651.3 29.7 551.5 128.3 833.8 800.8 792.4 8.4 32.9 423.9 1998 ......................... 7,041.4 4,989.6 25.6 598.2 138.6 777.4 739.4 721.1 18.3 38.0 511.9 1999 ......................... 7,462.1 5,310.7 26.6 645.4 147.7 825.2 773.4 776.3 -2.9 51.7 506.5 2000 ......................... 7,980.9 5,715.2 30.6 684.4 141.6 876.4 833.0 845.4 -12.4 43.4 532.7 1998:I........................ 6,874.1 4,869.4 24.1 582.9 127.7 787.4 751.8 731.7 20.0 35.6 482.8 II...................... 6,985.5 4,948.9 24.9 592.6 136.1 769.6 733.1 722.8 10.3 36.6 513.2 III..................... 7,108.9 5,029.8 25.4 601.6 144.2 781.9 743.8 723.6 20.2 38.1 526.0 IV...................... 7,197.0 5,110.5 27.9 615.8 146.5 770.8 729.2 706.3 22.9 41.7 525.5 1999:I........................ 7,326.6 5,183.0 27.4 625.7 148.3 832.5 783.5 755.4 28.1 49.0 509.7 II ..................... 7,393.1 5,262.8 27.5 640.5 149.1 810.3 758.2 759.1 -.9 52.2 502.9 III .................... 7,482.1 5,354.9 25.2 652.0 144.4 800.2 748.1 765.8 -17.7 52.1 505.5 IV ..................... 7,646.5 5,442.2 26.2 663.5 149.0 857.6 804.0 825.0 -21.0 53.6 507.9 2000:I........................ 7,796.5 5,562.8 26.5 671.0 144.9 870.3 821.1 844.9 -23.8 49.2 520.9 II ..................... 7,956.1 5,669.9 32.5 685.4 141.4 892.8 847.2 862.0 -14.8 45.5 534.1 III .................... 8,047.2 5,759.3 31.6 687.6 138.3 895.0 854.6 858.3 -3.6 40.4 535.3 IV ..................... 8,124.0 5,868.9 31.7 693.5 141.7 847.6 809.2 816.5 -7.3 38.4 540.6 2001:I........................ 8,169.7 5,955.7 29.8 705.4 139.6 789.8 753.8 755.7 -1.9 36.0 549.4 II r.................... 8,212.3 6,010.2 28.7 717.0 140.8 761.3 729.7 739.4 -9.7 31.6 554.3 -------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ Includes employer contributions for social insurance. (See also p. 5.) 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 Nondurable goods Services Retail ----------------------------------------------------------------------------------------------------------------------------------- sales of Total new personal passenger Period con- Total Motor Furniture Total Clothing Gaso- Fuel cars and sumption durable vehicles and Other nondura- Food and line oil Other Total Housing Medical light expendi- goods and household ble shoes and and services \1\ care trucks tures parts equipment goods oil coal (millions of units) ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1992 ................................... 4,594.5 479.0 225.7 161.5 94.1 1,389.7 725.6 208.8 112.5 13.2 331.2 2,729.7 719.3 765.4 12.8 1993 ................................... 4,748.9 518.3 242.2 177.4 100.7 1,430.3 745.1 218.5 115.4 14.0 338.5 2,802.5 728.1 775.4 13.9 1994 ................................... 4,928.1 557.7 255.1 196.3 107.6 1,485.1 764.9 231.6 117.4 15.0 356.8 2,886.2 749.1 783.1 15.0 1995 ................................... 5,075.6 583.5 253.4 215.4 115.0 1,529.0 777.0 244.3 120.2 15.7 372.0 2,963.4 763.7 797.7 14.7 1996 ................................... 5,237.5 616.5 256.3 236.9 123.3 1,574.1 786.0 258.6 124.2 15.6 389.8 3,047.0 772.6 814.4 15.0 1997 ................................... 5,423.9 657.3 264.8 261.9 130.8 1,619.9 794.5 271.6 128.1 15.0 410.8 3,147.0 787.2 835.4 15.1 1998 ................................... 5,683.7 726.7 292.0 293.3 141.8 1,686.4 819.4 290.4 131.8 14.3 430.8 3,273.4 808.7 857.7 15.4 1999 ................................... 5,968.4 817.8 327.6 334.7 156.3 1,766.4 847.8 312.1 136.7 14.6 455.9 3,393.2 831.6 877.9 16.8 2000 ................................... 6,257.8 895.5 348.3 377.0 172.8 1,849.9 881.3 335.3 136.6 13.8 484.5 3,527.7 850.1 903.9 17.2 1998:I ................................. 5,576.3 692.5 274.7 281.3 137.0 1,656.3 804.0 286.1 129.5 14.3 422.6 3,228.4 800.0 853.6 14.7 II ............................... 5,660.2 719.7 292.7 286.9 140.2 1,680.5 816.8 290.6 131.2 14.8 427.4 3,262.3 805.8 855.9 16.1 III .............................. 5,713.7 727.1 287.2 297.9 142.8 1,693.6 824.0 289.3 133.0 14.3 433.3 3,295.2 811.7 859.0 14.7 IV ............................... 5,784.7 767.3 313.2 307.2 147.0 1,715.3 832.8 295.8 133.4 13.9 439.7 3,307.6 817.1 862.4 16.3 1999:I ................................. 5,854.0 780.5 312.3 317.7 151.1 1,738.8 834.0 308.1 134.2 15.0 448.2 3,340.8 823.4 867.6 16.2 II ............................... 5,936.1 809.5 328.5 328.5 153.0 1,757.2 843.2 311.5 136.8 15.0 451.6 3,377.8 828.8 874.3 16.7 III .............................. 6,000.0 827.2 331.3 339.8 157.1 1,768.6 848.0 314.0 136.5 14.7 456.1 3,413.7 834.4 881.3 17.0 IV ............................... 6,083.6 854.2 338.5 352.9 164.2 1,801.1 865.9 314.6 139.2 13.8 467.7 3,440.5 839.6 888.4 17.2 2000:I ................................. 6,171.7 892.1 355.2 368.1 170.1 1,823.8 871.2 328.2 135.2 13.6 476.9 3,472.2 843.7 892.2 18.1 II ............................... 6,226.3 886.5 342.9 374.9 171.5 1,844.9 881.5 333.3 136.4 13.9 481.1 3,509.6 848.1 901.7 17.2 III .............................. 6,292.1 904.1 351.2 381.3 174.3 1,864.1 886.2 339.8 137.6 14.0 488.4 3,540.2 851.9 906.9 17.3 IV ............................... 6,341.1 899.4 343.9 383.8 175.4 1,866.8 886.4 339.9 137.2 13.8 491.4 3,588.8 856.6 915.0 16.3 2001:I.................................. 6,388.5 922.4 357.0 391.0 177.5 1,878.0 887.3 342.7 138.9 13.8 497.3 3,605.1 861.3 921.6 16.9 II r.............................. 6,427.5 938.4 362.0 400.6 179.5 1,879.9 886.7 344.1 137.4 12.6 501.6 3,628.1 864.9 931.1 16.6 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \1\ Includes other items, not shown separately. Note.--Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. SOURCES OF PERSONAL INCOME Personal income rose $43.9 billion (annual rate) in July, following an increase of $30.5 billion in June. Wages and salaries increased $20.9 billion in July, following an increase of $22.4 billion in June. ______________________________________________________________________ ______________________________________________________________________ [Billions of dollars; monthly data at seasonally adjusted annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Proprietors' Less: income \3\ Personal Total -------------------- Rental Personal Personal con- Period personal Wage and salary Other labor income of dividend interest Transfer tributions income disbursements \1\ income \1\ \2\ persons \4\ income income payments \5\ for Farm Nonfarm social insurance ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1992............................................................... 5,390.4 2,982.6 449.5 32.7 401.7 63.3 185.3 750.1 751.7 226.6 1993............................................................... 5,610.0 3,085.2 482.8 30.1 431.7 90.9 203.0 725.5 798.6 237.8 1994............................................................... 5,888.0 3,236.7 507.5 31.9 444.6 110.3 234.7 742.4 833.9 254.1 1995............................................................... 6,200.9 3,424.7 497.0 22.2 475.5 117.9 254.0 792.5 885.9 268.8 1996............................................................... 6,547.4 3,626.5 490.0 34.3 510.5 129.7 297.4 810.6 928.8 280.4 1997 .............................................................. 6,937.0 3,888.9 475.4 29.7 551.5 128.3 334.9 864.0 962.2 297.9 1998 .............................................................. 7,426.0 4,192.8 490.6 25.6 598.2 138.6 348.3 964.4 983.7 316.3 1999 .............................................................. 7,777.3 4,472.2 509.7 26.6 645.4 147.7 343.1 950.0 1,019.6 337.1 2000 .............................................................. 8,319.2 4,837.2 534.2 30.6 684.4 141.6 379.2 1,000.6 1,069.1 357.7 2000:July ......................................................... 8,344.2 4,858.4 535.4 31.8 682.0 138.4 381.7 1,006.9 1,068.4 358.8 Aug ......................................................... 8,377.4 4,866.4 537.9 31.6 692.1 138.1 385.9 1,009.4 1,074.8 358.8 Sept ........................................................ 8,423.0 4,902.6 540.5 31.5 688.8 138.5 389.8 1,011.3 1,080.6 360.7 Oct ......................................................... 8,478.7 4,946.1 542.9 31.6 690.1 139.4 393.5 1,011.8 1,086.2 362.9 Nov ......................................................... 8,513.5 4,974.0 544.9 31.7 693.7 141.4 396.7 1,013.1 1,082.1 364.2 Dec ......................................................... 8,566.7 4,999.4 547.0 31.9 696.6 144.4 399.7 1,014.4 1,098.6 365.3 2001:Jan .......................................................... 8,604.0 5,022.7 548.2 30.9 700.8 141.5 402.3 1,012.7 1,115.8 370.7 Feb ......................................................... 8,640.2 5,051.8 549.3 30.2 703.5 139.6 404.8 1,010.8 1,122.4 372.2 Mar ......................................................... 8,676.2 5,073.8 550.3 28.4 711.8 137.9 407.2 1,009.1 1,131.0 373.2 Apr r........................................................ 8,700.2 5,092.6 551.3 29.0 712.2 138.9 409.6 1,006.4 1,134.1 374.0 May r........................................................ 8,711.8 5,091.5 552.0 28.9 717.6 141.3 411.9 1,003.7 1,138.4 373.5 June r....................................................... 8,742.3 5,113.9 553.1 28.4 721.2 142.2 414.3 1,001.0 1,142.8 374.5 July p...................................................... 8,786.2 5,134.8 553.9 27.9 722.8 147.5 416.9 998.4 1,159.2 375.4 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \1\ The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. \2\ Consists primarily of employer contributions to private pension and private welfare funds. \3\ With inventory valuation and capital consumption adjustments. \4\ With capital consumption adjustment. \5\ Consists mainly of social insurance benefits, direct relief, and veterans payments. Source: Department of Commerce, Bureau of Economic Analysis. DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in chained (1996) dollars rose at an annual rate of 1.5 percent in the second quarter of 2001. ________________________________________________________________________ ________________________________________________________________________ ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Dispos- Per capita Per capita able disposable personal Percent Less: personal personal income consumption change in Saving as Personal Equals: Less: Equals: income in ------------------ expenditures real per percent of Population, Period Personal tax and Disposable Personal Personal billions ------------------- capita including Armed income nontax personal outlays \1\ saving of Chained disposable disposable Forces overseas payments income chained Current (1996) Current Chained personal personal (thousands) \2\ (1996) dollars dollars (1996) income income dollars dollars dollars ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Billions of dollars Dollars Percent ---------------------------------------------------------------------------------------------------------------------------------- 1992 ......................................... 5,390.4 635.8 4,754.6 4,340.9 413.7 5,189.3 18,616 20,318 16,482 17,989 2.0 8.7 255,403 1993 ......................................... 5,610.0 674.6 4,935.3 4,584.5 350.8 5,261.3 19,121 20,384 17,259 18,399 .3 7.1 258,107 1994 ......................................... 5,888.0 722.6 5,165.4 4,849.9 315.5 5,397.2 19,820 20,709 18,097 18,910 1.6 6.1 260,616 1995 ......................................... 6,200.9 778.3 5,422.6 5,120.2 302.4 5,539.1 20,613 21,055 18,888 19,294 1.7 5.6 263,073 1996 ......................................... 6,547.4 869.7 5,677.7 5,405.6 272.1 5,677.7 21,385 21,385 19,727 19,727 1.6 4.8 265,504 1997 ......................................... 6,937.0 968.8 5,968.2 5,715.3 252.9 5,854.5 22,262 21,838 20,625 20,232 2.1 4.2 268,087 1998.......................................... 7,426.0 1,070.4 6,355.6 6,054.1 301.5 6,168.6 23,491 22,800 21,644 21,007 4.4 4.7 270,560 1999.......................................... 7,777.3 1,159.2 6,618.0 6,457.2 160.9 6,320.0 24,242 23,150 22,895 21,863 1.5 2.4 272,996 2000.......................................... 8,319.2 1,288.2 7,031.0 6,963.3 67.7 6,539.2 25,528 23,742 24,429 22,721 2.6 1.0 275,423 ---------------------------------------------------------------------------------------------------------------------- Seasonally adjusted annual rates ---------------------------------------------------------------------------------------------------------------------- 1998:I........................................ 7,254.8 1,034.0 6,220.8 5,912.9 307.9 6,064.5 23,072 22,493 21,215 20,682 7.3 4.9 269,623 II...................................... 7,382.8 1,055.4 6,327.4 6,018.2 309.1 6,153.6 23,418 22,775 21,541 20,949 5.1 4.9 270,188 III..................................... 7,490.7 1,083.7 6,407.0 6,095.6 311.4 6,209.9 23,652 22,925 21,763 21,093 2.7 4.9 270,882 IV...................................... 7,575.8 1,108.5 6,467.3 6,189.7 277.6 6,246.6 23,816 23,004 22,055 21,303 1.4 4.3 271,548 1999:I........................................ 7,631.4 1,120.4 6,511.0 6,280.6 230.4 6,268.2 23,931 23,039 22,350 21,516 .6 3.5 272,070 II...................................... 7,719.6 1,142.6 6,577.0 6,401.8 175.2 6,300.0 24,125 23,109 22,732 21,774 1.2 2.7 272,619 III..................................... 7,818.7 1,171.3 6,647.3 6,506.5 140.8 6,332.4 24,321 23,169 23,045 21,953 1.0 2.1 273,315 IV...................................... 7,939.3 1,202.5 6,736.8 6,639.7 97.2 6,379.2 24,589 23,283 23,449 22,205 2.0 1.4 273,980 2000:I........................................ 8,104.4 1,245.3 6,859.1 6,805.7 53.5 6,431.6 24,987 23,430 23,977 22,483 2.5 .8 274,508 II...................................... 8,271.0 1,277.3 6,993.7 6,905.6 88.1 6,523.7 25,426 23,717 24,267 22,636 5.0 1.3 275,059 III..................................... 8,381.5 1,300.2 7,081.3 7,026.9 54.5 6,566.5 25,682 23,814 24,609 22,819 1.6 .8 275,735 IV...................................... 8,519.6 1,329.8 7,189.8 7,115.1 74.7 6,634.9 26,013 24,006 24,861 22,943 3.3 1.0 276,388 2001:I........................................ 8,640.2 1,345.2 7,295.0 7,216.2 78.8 6,679.0 26,335 24,111 25,189 23,062 1.8 1.1 277,011 II r.................................... 8,718.1 1,351.0 7,367.1 7,285.6 81.5 6,719.0 26,534 24,200 25,382 23,150 1.5 1.1 277,650 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \1\ Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net). \2\ Annual data are averages of quarterly data, which are averages for the period. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the second quarter of 2001, according to preliminary estimates, gross farm income rose $1.9 billion (annual rate) and net farm income fell $3.7 billion. ______________________________________________________________________ ______________________________________________________________________ [Billions of dollars; quarterly data at seasonally adjusted annual rates] -------------------------------------------------------------------------------------------------------------------------------------------------------- Income of farm operators from farming ------------------------------------------------------------------------------------------ Gross farm income ----------------------------------------------------------------- Period Cash marketing receipts --------------------------------------- Value of Production Net farm Total \1\ Livestock inventory expenses income Total and Crops changes \2\ products -------------------------------------------------------------------------------------------------------------------------------------------------------- 1992 ........................................................ 200.4 171.3 85.7 85.6 4.2 152.8 47.7 1993 ........................................................ 204.7 177.9 90.4 87.5 -4.2 160.4 44.3 1994 ........................................................ 215.9 181.1 88.2 92.9 8.3 167.1 48.8 1995 ........................................................ 210.7 188.0 87.1 100.8 -5.0 173.8 36.9 1996 ........................................................ 235.7 199.1 92.8 106.3 8.0 180.8 54.9 1997......................................................... 238.5 207.6 96.5 111.2 .6 190.0 48.5 1998......................................................... 231.8 195.8 94.1 101.7 -.6 189.0 42.9 1999......................................................... 235.3 188.1 95.5 92.6 -.2 191.0 44.3 2000......................................................... 241.5 193.6 99.5 94.1 .5 195.1 46.4 1999: I...................................................... 227.5 186.3 95.7 90.6 -.3 197.4 30.1 II..................................................... 229.4 191.1 94.6 96.5 -.3 198.6 30.8 II..................................................... 230.4 195.7 96.2 99.6 -.2 189.7 40.8 IV..................................................... 253.8 179.3 95.6 83.7 -.1 178.2 75.6 2000:I....................................................... 231.8 190.0 98.4 91.6 .6 197.7 34.1 II..................................................... 233.8 195.1 99.0 96.1 .5 202.9 30.8 III.................................................... 239.9 205.3 100.6 104.6 .4 197.5 42.4 IV..................................................... 260.7 184.0 99.9 84.1 .3 182.3 78.4 2001: I...................................................... 245.1 205.1 105.8 99.2 .5 201.0 44.2 II p................................................... 247.0 209.7 110.1 99.6 .5 206.5 40.5 -------------------------------------------------------------------------------------------------------------------------------------------------------- \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. 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. CORPORATE PROFITS In the second quarter of 2001, according to preliminary estimates, corporate profits before tax fell $16.3 billion (annual rate) and profits after tax fell $10.5 billion. ______________________________________________________________________ ______________________________________________________________________ [Billions of dollars; quarterly data at seasonally adjusted annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Profits (before tax) with inventory valuation adjustment \1\ Profits after tax ------------------------------------------------------------------------------------- ---------------------------------- Domestic industries -------------------------------------------------------------------------- Profits Tax Inventory Period Nonfinancial before liability Divi- Undistributed valuation Total \2\ ------------------------------------------------------ tax Total dends profits adjustment Total Financial Manufac- Transpor- Whole- Total \3\ turing tation\4\ sale Retail ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1991 .................................... 421.1 346.7 120.2 226.5 93.5 53.2 22.0 27.7 416.1 133.6 282.6 178.4 104.1 4.9 1992 .................................... 448.8 380.1 124.8 255.2 93.9 58.5 25.9 33.7 451.6 143.1 308.4 185.5 122.9 -2.8 1993 .................................... 506.4 429.6 127.9 301.7 108.4 69.6 28.2 39.7 510.4 165.4 345.0 203.1 141.9 -4.0 1994 .................................... 561.0 483.7 114.7 369.0 139.6 82.9 33.1 46.6 573.4 186.7 386.7 234.9 151.8 -12.4 1995 .................................... 650.2 558.2 154.3 403.8 166.1 85.8 29.4 44.1 668.5 211.0 457.5 254.2 203.3 -18.3 1996 .................................... 729.4 628.6 165.3 463.3 181.2 91.4 42.6 52.9 726.3 223.6 502.7 297.7 205.0 3.1 1997 .................................... 800.8 690.2 185.7 504.5 195.2 85.0 49.2 63.9 792.4 237.2 555.2 335.2 220.0 8.4 1998..................................... 739.4 637.2 158.4 478.8 164.3 79.1 55.9 73.8 721.1 238.8 482.3 348.7 133.6 18.3 1999..................................... 773.4 658.8 191.0 467.8 163.7 59.0 53.8 77.1 776.3 253.0 523.3 343.5 179.8 -2.9 2000..................................... 833.0 696.3 204.4 491.8 155.2 67.4 60.5 81.8 845.4 271.5 573.9 379.6 194.3 -12.4 1998:I................................... 751.8 642.2 166.8 475.4 165.9 77.5 54.2 71.3 731.7 239.9 491.8 349.4 142.5 20.0 II................................. 733.1 626.7 156.4 470.3 160.1 80.9 55.5 72.3 722.8 237.8 485.0 350.4 134.5 10.3 III................................ 743.8 651.3 155.0 496.4 168.9 87.0 60.4 74.7 723.6 243.6 480.1 348.3 131.8 20.2 IV................................. 729.2 628.5 155.5 473.0 162.2 71.1 53.3 76.7 706.3 234.1 472.2 346.7 125.5 22.9 1999:I................................... 783.5 674.7 183.8 490.9 175.9 66.3 55.7 81.0 755.4 246.2 509.2 342.4 166.8 28.1 II................................. 758.2 648.7 179.9 468.8 169.6 53.0 51.7 80.0 759.1 247.9 511.2 339.7 171.4 -.9 III................................ 748.1 637.5 191.3 446.2 158.4 53.1 48.6 72.5 765.8 250.7 515.1 342.2 172.9 -17.7 IV................................. 804.0 674.4 209.1 465.3 151.1 63.5 59.2 74.9 825.0 267.3 557.7 349.6 208.1 -21.0 2000:I................................... 821.1 700.6 210.0 490.6 167.0 63.8 57.6 83.6 844.9 277.0 567.8 361.5 206.3 -23.8 II................................. 847.2 718.3 200.3 518.0 175.0 67.9 64.9 83.0 862.0 280.4 581.6 373.7 207.9 -14.8 III................................ 854.6 713.6 203.1 510.6 159.4 70.5 63.7 84.5 858.3 274.9 583.4 386.2 197.2 -3.6 IV................................. 809.2 652.4 204.4 448.0 119.4 67.3 55.9 76.3 816.5 253.5 563.0 397.0 165.9 -7.3 2001:I................................... 753.8 613.8 202.2 411.6 90.4 66.4 40.3 84.9 755.7 236.8 518.9 405.2 113.7 -1.9 II p............................... 729.7 592.5 198.2 394.3 ......... ......... ........ ......... 739.4 231.0 508.4 412.3 96.1 -9.7 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \1\ See p. 4 for profits with inventory valuation and capital consumption adjustments. \2\ Includes rest of the world, not shown separately. \3\ Includes industries not shown separately. \4\ Transportation and public utilities. Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the second quarter of 2001, according to revised estimates, nonresidential fixed investment in chained (1996) dollars fell $53.3 billion (annual rate) and residential investment rose $5.2 billion. There was a decrease of $38.4 billion in inventories following a decrease of $27.1 billion in the first quarter. ______________________________________________________________________ ______________________________________________________________________ [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] -------------------------------------------------------------------------------------------------------------------------------------------------------- Fixed investment Change in private ------------------------------------------------------------- inventories Gross Nonresidential ----------------------- Period private ------------------------------------ domestic Total Equipment Residential investment Total Structures and Total Nonfarm software -------------------------------------------------------------------------------------------------------------------------------------------------------- 1991 .................................................. 829.5 832.5 610.1 210.1 407.2 221.1 -1.0 1.4 1992 .................................................. 899.8 886.5 630.6 197.3 437.5 257.2 17.1 10.7 1993 .................................................. 977.9 958.4 683.6 198.9 487.1 276.0 20.0 28.6 1994 .................................................. 1,107.0 1,045.9 744.6 200.5 544.9 302.7 66.8 53.6 1995 .................................................. 1,140.6 1,109.2 817.5 210.1 607.6 291.7 30.4 42.6 1996 .................................................. 1,242.7 1,212.7 899.4 225.0 674.4 313.3 30.0 22.1 1997 .................................................. 1,393.3 1,328.6 1,009.3 245.4 764.2 319.7 63.8 60.6 1998 .................................................. 1,558.0 1,480.0 1,135.9 262.2 875.4 345.1 76.7 75.0 1999 .................................................. 1,660.1 1,595.4 1,228.6 256.9 978.3 368.3 62.1 63.5 2000 .................................................. 1,772.9 1,716.2 1,350.7 272.8 1,087.4 371.4 50.6 52.3 1998:I ................................................ 1,543.3 1,431.4 1,099.5 255.7 845.0 333.0 113.1 106.7 II .............................................. 1,516.8 1,471.4 1,132.3 264.8 868.6 340.5 42.0 47.4 III ............................................. 1,559.7 1,485.4 1,136.6 263.0 875.1 349.5 71.8 70.8 IV .............................................. 1,612.1 1,531.7 1,175.4 265.1 912.9 357.4 80.0 75.1 1999:I ................................................ 1,641.8 1,558.2 1,192.6 260.7 936.0 366.3 83.4 78.7 II .............................................. 1,617.4 1,582.8 1,214.9 257.9 962.6 368.9 32.7 34.2 III ............................................. 1,655.8 1,610.8 1,244.6 253.2 999.5 368.2 39.6 52.2 IV .............................................. 1,725.4 1,629.7 1,262.4 255.7 1,015.2 369.7 92.7 88.7 2000:I ................................................ 1,722.9 1,683.4 1,309.4 261.1 1,058.3 377.3 28.9 37.8 II .............................................. 1,801.6 1,719.2 1,347.7 268.5 1,089.6 376.5 78.9 75.1 III ............................................. 1,788.8 1,730.1 1,371.1 278.2 1,102.3 366.3 51.7 56.6 IV .............................................. 1,778.3 1,732.1 1,374.5 283.3 1,099.3 365.3 42.8 39.7 2001:I ................................................ 1,721.0 1,740.3 1,373.9 291.7 1,087.7 372.9 -27.1 -27.3 II r............................................. 1,665.4 1,695.9 1,320.6 281.4 1,044.1 378.1 -38.4 -36.0 -------------------------------------------------------------------------------------------------------------------------------------------------------- Note.--See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (1996) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (1996) dollars; quarterly data at seasonally adjusted annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Nonresidential Residential ------------------------------------------------------------------------------------------------------------------------------------------------------ Structures Equipment and software Structures ---------------------------------------------------------------------------------------------------------------- ------------------ Information processing equipment and software Total --------------------------------- Total Period non- Non- resi- Mining Com- Trans- resi- resi- dential exploration, puters Industrial porta- den- Single den- Total \1\ buildings, Utilities shafts, and Total \2\ and equipment tion tial \3\ Total \4\ family tial including wells Total periph- Soft- Other equip- farm eral ware ment equip- ment ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1991 .................................... 610.1 210.1 142.7 38.9 20.8 407.2 142.7 15.4 51.4 86.4 99.0 87.7 221.1 215.1 112.3 1992 .................................... 630.6 197.3 129.2 41.8 17.2 437.5 163.0 20.8 58.7 91.5 100.8 92.3 257.2 251.0 135.7 1993 .................................... 683.6 198.9 131.7 38.4 20.5 487.1 183.4 26.4 66.8 96.4 109.6 103.4 276.0 269.4 148.0 1994 .................................... 744.6 200.5 137.2 36.1 19.8 544.9 206.6 32.6 74.3 104.9 119.6 120.4 302.7 295.8 163.2 1995 .................................... 817.5 210.1 147.6 36.8 18.2 607.6 242.8 49.2 82.0 113.1 131.3 128.2 291.7 284.4 147.7 1996 .................................... 899.4 225.0 161.7 36.0 21.1 674.4 287.3 70.9 95.1 121.3 136.4 138.9 313.3 305.6 159.1 1997 .................................... 1,009.3 245.4 177.0 35.3 26.2 764.2 349.8 102.9 119.0 129.8 140.0 150.5 319.7 311.8 158.6 1998 .................................... 1,135.9 262.2 188.3 42.7 25.1 875.4 429.3 147.7 147.1 143.5 145.6 168.2 345.1 336.8 175.9 1999 .................................... 1,228.6 256.9 185.5 45.7 20.0 978.3 506.2 208.6 167.3 157.2 146.4 197.6 368.3 359.3 188.9 2000 .................................... 1,350.7 272.8 194.9 48.5 23.5 1,087.4 609.5 290.3 187.6 186.5 162.6 192.7 371.4 361.8 190.9 1998:I .................................. 1,099.5 255.7 184.1 40.6 24.9 845.0 404.5 132.7 138.8 138.9 148.7 161.2 333.0 325.0 165.6 II ................................ 1,132.3 264.8 189.6 43.0 26.0 868.6 422.5 142.4 144.6 143.0 145.6 166.4 340.5 332.2 172.5 III ............................... 1,136.6 263.0 187.5 43.7 25.9 875.1 433.7 147.7 150.0 144.4 143.3 164.2 349.5 341.2 180.2 IV ................................ 1,175.4 265.1 191.9 43.7 23.7 912.9 456.4 167.7 155.0 147.9 144.8 181.0 357.4 349.0 185.5 1999:I .................................. 1,192.6 260.7 192.0 42.9 20.2 936.0 470.8 182.4 158.9 148.6 143.7 189.5 366.3 357.6 188.3 II ................................ 1,214.9 257.9 186.4 44.4 20.6 962.6 498.0 201.9 164.8 156.0 145.2 192.5 368.9 360.0 187.9 III ............................... 1,244.6 253.2 182.0 46.7 19.2 999.5 520.0 218.5 170.5 160.8 147.4 205.6 368.2 359.1 187.5 IV ................................ 1,262.4 255.7 181.6 48.7 20.1 1,015.2 535.8 231.8 175.0 163.4 149.4 202.8 369.7 360.5 192.1 2000:I .................................. 1,309.4 261.1 188.9 45.2 21.3 1,058.3 573.6 253.9 181.0 178.9 159.0 200.6 377.3 367.8 197.4 II ................................ 1,347.7 268.5 194.0 46.4 22.5 1,089.6 601.5 284.5 183.5 186.5 160.5 200.8 376.5 367.0 195.0 III ............................... 1,371.1 278.2 197.5 49.0 25.3 1,102.3 621.0 305.2 189.7 187.7 165.1 193.2 366.3 356.8 186.2 IV ................................ 1,374.5 283.3 199.1 53.5 24.8 1,099.3 641.8 317.6 196.0 193.2 165.6 176.2 365.3 355.8 185.0 2001:I .................................. 1,373.9 291.7 202.0 56.1 28.3 1,087.7 620.9 314.4 192.9 180.8 170.7 177.4 372.9 363.3 191.1 II r............................... 1,320.6 281.4 190.4 55.1 30.6 1,044.1 588.0 287.5 191.0 165.8 161.0 175.4 378.1 368.5 192.9 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \1\ Includes other structures, not shown separately. \2\ Includes other items, not shown separately. \3\ Includes equipment, not shown separately. \4\ Includes multifamily and other structures, 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. Source: Department of Commerce, Bureau of Economic Analysis. BUSINESS INVESTMENT [Billions of dollars] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Capital expenditures ----------------------------------------------------------------------------------------------------------------------------------------- By industry ------------------------------------------------------------------------------------------------------------------------ Fores- Pro- try, fess- For Total fish- Trans- Real es- ional, Health com- Period capi- Total ing Manu- porta- Fi- tate scien- care panies tal ex- by and Min- Utili- Con- fac- Whole- Retail tion Infor- nance and tific, and Other with- pendi- indus- agri- ing ties struc- tur- sale trade and ma- and rental and social \1\ out em- tures try cul- tion ing trade ware- tion insur- and tech- assis- ploy- tural hous- ance leasing nical tance ees serv- ing serv- ices ices ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ -------------------------------------------------------------- -----------------------------------------------For companies with employees----------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------ 1996.................................................. 807.1 ...... ...... ..... ...... ...... ...... ...... ...... ...... ...... ...... ....... ...... ...... ...... ...... 1997 ................................................. 871.8 ...... ...... ..... ...... ...... ...... ...... ...... ...... ...... ...... ....... ...... ...... ...... ...... 1998.................................................. 970.9 896.5 0.9 40.4 36.0 26.9 203.6 29.2 57.3 51.3 96.5 118.2 85.2 22.3 47.1 81.7 74.4 1999.................................................. 1,038.2 965.8 1.7 30.5 44.6 23.1 196.0 33.4 63.7 55.1 120.2 127.2 97.6 29.3 51.3 92.0 72.3 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \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. 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 August, employment fell by 986,000, and unemployment rose by 562,000. ______________________________________________________________________ ______________________________________________________________________ [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Civilian employment Unemployment Percent \2\ ------------------------------------------------------------------ ------------------------------ Civilian Nonagricultural noninstitu- Civilian ----------------------- 15 Not in Employ- Unem- Period tional labor Part time weeks labor Labor force ment/ ploy- population force Total Agricultural for Total and force participation pop- ment NSA Total economic over rate ulation rate reasons \1\ ratio ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1991....................................................... 190,925 126,346 117,718 3,269 114,449 5,874 8,628 2,357 64,578 66.2 61.7 6.8 1992....................................................... 192,805 128,105 118,492 3,247 115,245 6,240 9,613 3,408 64,700 66.4 61.5 7.5 1993....................................................... 194,838 129,200 120,259 3,115 117,144 6,230 8,940 3,094 65,638 66.3 61.7 6.9 1994 \3\................................................... 196,814 131,056 123,060 3,409 119,651 4,414 7,996 2,860 65,758 66.6 62.5 6.1 1995....................................................... 198,584 132,304 124,900 3,440 121,460 4,279 7,404 2,363 66,280 66.6 62.9 5.6 1996....................................................... 200,591 133,943 126,708 3,443 123,264 4,123 7,236 2,316 66,647 66.8 63.2 5.4 1997 \4\................................................... 203,133 136,297 129,558 3,399 126,159 3,879 6,739 2,062 66,837 67.1 63.8 4.9 1998 \4\................................................... 205,220 137,673 131,463 3,378 128,025 3,501 6,210 1,637 67,547 67.1 64.1 4.5 1999 \4\................................................... 207,753 139,368 133,488 3,281 130,207 3,189 5,880 1,480 68,385 67.1 64.3 4.2 2000 \4\................................................... 209,699 140,863 135,208 3,305 131,903 3,045 5,655 1,309 68,836 67.2 64.5 4.0 2000:Aug .................................................. 209,935 140,724 134,939 3,317 131,622 3,038 5,785 1,373 69,211 67.0 64.3 4.1 Sept ................................................ 210,161 140,847 135,310 3,356 131,954 3,030 5,537 1,247 69,314 67.0 64.4 3.9 Oct ................................................. 210,378 141,000 135,464 3,241 132,223 3,044 5,536 1,311 69,378 67.0 64.4 3.9 Nov ................................................. 210,577 141,136 135,478 3,176 132,302 3,285 5,658 1,317 69,441 67.0 64.3 4.0 Dec ................................................. 210,743 141,489 135,836 3,274 132,562 3,088 5,653 1,326 69,254 67.1 64.5 4.0 2001:Jan \4\............................................... 210,889 141,955 135,999 3,179 132,819 3,227 5,956 1,371 68,934 67.3 64.5 4.2 Feb.................................................. 211,026 141,751 135,815 3,135 132,680 3,143 5,936 1,490 69,275 67.2 64.4 4.2 Mar.................................................. 211,171 141,868 135,780 3,161 132,618 3,007 6,088 1,517 69,304 67.2 64.3 4.3 Apr.................................................. 211,348 141,757 135,354 3,192 132,162 3,061 6,402 1,499 69,592 67.1 64.0 4.5 May.................................................. 211,525 141,272 135,103 3,193 131,910 3,197 6,169 1,484 70,254 66.8 63.9 4.4 June................................................. 211,725 141,354 134,932 2,995 131,937 3,532 6,422 1,540 70,370 66.8 63.7 4.5 July................................................. 211,921 141,774 135,379 3,045 132,334 3,336 6,395 1,587 70,147 66.9 63.9 4.5 Aug.................................................. 212,135 141,350 134,393 3,117 131,276 3,196 6,957 1,817 70,785 66.6 63.4 4.9 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \1\ Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc. \2\ Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. \3\ Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire. \4\ Not 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. SELECTED UNEMPLOYMENT RATES In August, the unemployment rate rose to 4.9 percent from 4.5 percent in July. ______________________________________________________________________ ______________________________________________________________________ [Monthly data seasonally adjusted] -------------------------------------------------------------------------------------------------------------------------------------------------------- Unemployment rate (percent of civilian labor force in group) -------------------------------------------------------------------------------------------------------------------- By sex and age By race By selected groups ---------------------------------------------------------------------------------------------------------- Expe- Period All Men 20 Women Both rienced Married Women civilian years 20 sexes Black wage men, who Full-time Part-time workers and years 16-19 White and Black and spouse maintain workers \1\ workers \1\ over and years other salary present families over workers -------------------------------------------------------------------------------------------------------------------------------------------------------- 1991............................... 6.8 6.4 5.7 18.7 6.1 11.1 12.5 6.6 4.4 9.3 6.8 7.0 1992............................... 7.5 7.1 6.3 20.1 6.6 12.7 14.2 7.2 5.1 10.0 7.5 7.5 1993............................... 6.9 6.4 5.9 19.0 6.1 11.7 13.0 6.6 4.4 9.7 6.9 7.2 1994 \2\........................... 6.1 5.4 5.4 17.6 5.3 10.5 11.5 5.9 3.7 8.9 6.1 6.0 1995............................... 5.6 4.8 4.9 17.3 4.9 9.6 10.4 5.4 3.3 8.0 5.5 6.0 1996............................... 5.4 4.6 4.8 16.7 4.7 9.3 10.5 5.2 3.0 8.2 5.3 5.8 1997............................... 4.9 4.2 4.4 16.0 4.2 8.8 10.0 4.7 2.7 8.1 4.8 5.5 1998............................... 4.5 3.7 4.1 14.6 3.9 7.8 8.9 4.3 2.4 7.2 4.3 5.3 1999............................... 4.2 3.5 3.8 13.9 3.7 7.0 8.0 4.0 2.2 6.4 4.1 5.0 2000............................... 4.0 3.3 3.6 13.1 3.5 6.7 7.6 3.9 2.0 5.9 3.9 4.8 2000:Aug .......................... 4.1 3.3 3.7 14.2 3.6 6.9 7.9 3.9 2.0 6.0 3.9 5.0 Sept ........................ 3.9 3.3 3.5 12.9 3.5 6.2 7.2 3.8 2.1 5.4 3.8 4.6 Oct ......................... 3.9 3.3 3.4 12.6 3.4 6.5 7.4 3.8 2.1 5.4 3.8 4.5 Nov ......................... 4.0 3.4 3.4 13.0 3.5 6.4 7.5 3.8 2.2 5.2 3.9 4.5 Dec ......................... 4.0 3.4 3.4 13.1 3.5 6.4 7.6 3.8 2.2 5.1 3.9 4.6 2001:Jan .......................... 4.2 3.6 3.6 13.8 3.6 7.1 8.4 4.0 2.3 6.4 4.1 4.9 Feb.......................... 4.2 3.5 3.7 13.6 3.7 6.6 7.5 4.1 2.3 6.1 4.0 4.8 Mar.......................... 4.3 3.8 3.6 13.8 3.7 7.3 8.6 4.3 2.5 6.2 4.2 4.8 Apr.......................... 4.5 4.0 3.8 14.2 4.0 7.1 8.2 4.4 2.5 6.3 4.3 5.5 May.......................... 4.4 3.9 3.8 13.6 3.8 7.1 8.0 4.2 2.6 6.2 4.3 4.6 June......................... 4.5 4.0 3.8 14.3 4.0 7.4 8.4 4.5 2.6 6.3 4.4 5.3 July......................... 4.5 3.9 3.9 14.8 4.0 7.0 7.9 4.4 2.6 6.2 4.4 5.1 Aug.......................... 4.9 4.4 4.2 16.1 4.3 8.1 9.1 4.8 2.7 6.7 4.8 5.6 -------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ Revised definition; for details, see Employment and Earnings, February 1994. \2\ Data beginning January 1994 are not directly comparable with data for earlier periods. 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 August, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks and over rose; the percentages for 5-14 weeks and for 15-26 weeks fell. The mean duration of unemployment rose to 13.3 weeks and the median duration fell to 6.5 weeks. ______________________________________________________________________ ______________________________________________________________________ [Monthly data seasonally adjusted, except as noted] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Duration of unemployment Reason for unemployment: percent State programs Insured -------------------------------------------------- distribution ----------------------- unem- Un- Percent distribution Number of weeks --------------------------------------- ployment, employ- -------------------------------------------------- all Period ment 27 Insured Initial regular (thou- Less 5-14 15-26 weeks Average Job losers Job Reen- New unemployment claims programs sands) than 5 weeks weeks and (mean) Median \1\ leavers trants entrants (unadjust- weeks over ed) \2\ ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Weekly average, thousands ---------------------------------- 1991....................................................... 8,628 40.3 32.4 14.4 12.9 13.7 6.8 54.4 11.6 24.8 9.2 3,342 447 3,406 1992....................................................... 9,613 35.1 29.4 15.1 20.3 17.7 8.7 56.1 10.4 23.8 9.7 3,245 408 3,348 1993....................................................... 8,940 36.5 28.9 14.5 20.1 18.0 8.3 54.2 10.9 24.6 10.3 2,751 341 2,845 1994 \3\................................................... 7,996 34.1 30.1 15.5 20.3 18.8 9.2 47.7 9.9 34.8 7.6 2,670 340 2,739 1995....................................................... 7,404 36.5 31.6 14.6 17.3 16.6 8.3 46.9 11.1 34.1 7.8 2,572 357 2,633 1996....................................................... 7,236 36.4 31.6 14.6 17.4 16.7 8.3 46.6 10.7 34.7 8.0 2,595 356 2,650 1997....................................................... 6,739 37.7 31.7 14.8 15.8 15.8 8.0 45.1 11.8 34.7 8.4 2,323 323 2,366 1998....................................................... 6,210 42.2 31.4 12.3 14.1 14.5 6.7 45.5 11.8 34.3 8.4 2,222 321 2,257 1999....................................................... 5,880 43.7 31.2 12.8 12.3 13.4 6.4 44.6 13.3 34.1 8.0 2,188 298 2,219 2000....................................................... 5,655 45.0 31.9 11.8 11.4 12.6 5.9 44.1 13.7 34.6 7.6 2,110 301 2,142 2000:Aug .................................................. 5,785 44.5 31.7 11.7 12.1 13.0 6.1 44.6 13.5 33.3 8.7 2,165 313 1,932 Sept ................................................ 5,537 45.5 31.8 11.2 11.4 12.1 5.3 45.6 13.8 32.8 7.8 2,165 307 1,767 Oct ................................................. 5,536 45.0 31.5 12.6 10.9 12.4 6.1 44.3 14.7 33.8 7.2 2,188 313 1,898 Nov ................................................. 5,658 44.8 31.8 12.6 10.7 12.4 6.1 44.4 13.6 34.4 7.6 2,277 344 1,943 Dec ................................................. 5,653 43.4 33.0 12.0 11.6 12.6 6.1 44.7 13.3 33.8 8.3 2,365 355 2,385 2001:Jan .................................................. 5,956 43.8 33.2 12.3 10.7 12.6 5.9 45.8 14.0 32.7 7.4 2,350 330 3,108 Feb.................................................. 5,936 47.0 28.0 13.3 11.7 12.9 6.0 47.8 13.7 32.3 6.2 2,414 355 3,050 Mar.................................................. 6,088 43.2 32.2 13.2 11.4 13.0 6.5 48.8 13.4 31.4 6.4 2,505 378 2,829 Apr.................................................. 6,402 46.0 30.7 11.8 11.5 12.6 5.8 49.9 11.7 31.3 7.2 2,636 405 2,966 May.................................................. 6,169 43.3 32.8 13.8 10.2 12.2 6.5 50.4 13.1 28.8 7.7 2,825 409 r 2,534 June................................................. 6,422 43.7 32.4 12.5 11.4 13.0 6.2 50.8 12.5 29.4 7.4 2,995 410 r 2,644 July................................................. 6,395 41.1 33.9 14.7 10.3 12.5 6.7 51.0 12.1 30.0 6.8 3,058 395 2,917 Aug.................................................. 6,957 43.4 30.3 14.2 12.1 13.3 6.5 49.0 12.8 31.1 7.1 ............ p 397 .......... ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \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. \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). NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey fell by 113,000 in August. ______________________________________________________________________ ______________________________________________________________________ [Thousands of wage and salary workers; \1\ monthly data seasonally adjusted] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Goods-producing industries Service-producing industries Total ----------------------------------------------------------------------------------------------------------------------------------------- nonagri- Manufacturing Government Period cultural --------------------------- Transportation Finance, ----------------- employ- Total \2\ Construction Non- Total and public Wholesale Retail insurance, Services ment Total Durable durable utilities trade trade and real Total Federal goods goods estate ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1991....................................... 108,249 23,745 4,650 18,406 10,569 7,837 84,504 5,755 6,081 19,284 6,646 28,336 18,402 2,966 1992....................................... 108,601 23,231 4,492 18,104 10,277 7,827 85,370 5,718 5,997 19,356 6,602 29,052 18,645 2,969 1993....................................... 110,713 23,352 4,668 18,075 10,221 7,854 87,361 5,811 5,981 19,773 6,757 30,197 18,841 2,915 1994....................................... 114,163 23,908 4,986 18,321 10,448 7,873 90,256 5,984 6,162 20,507 6,896 31,579 19,128 2,870 1995....................................... 117,191 24,265 5,160 18,524 10,683 7,841 92,925 6,132 6,378 21,187 6,806 33,117 19,305 2,822 1996 ...................................... 119,608 24,493 5,418 18,495 10,789 7,706 95,115 6,253 6,482 21,597 6,911 34,454 19,419 2,757 1997....................................... 122,690 24,962 5,691 18,675 11,010 7,665 97,727 6,408 6,648 21,966 7,109 36,040 19,557 2,699 1998 ...................................... 125,865 25,414 6,020 18,805 11,205 7,600 100,451 6,611 6,800 22,295 7,389 37,533 19,823 2,686 1999....................................... 128,916 25,507 6,415 18,552 11,111 7,441 103,409 6,834 6,911 22,848 7,555 39,055 20,206 2,669 2000....................................... 131,759 25,709 6,698 18,469 11,138 7,331 106,050 7,019 7,024 23,307 7,560 40,460 20,681 2,777 2000:Aug................................... 131,837 25,727 6,699 18,485 11,172 7,313 106,110 6,963 7,037 23,348 7,549 40,613 20,600 2,653 Sept................................. 132,046 25,696 6,728 18,421 11,129 7,292 106,350 7,062 7,042 23,371 7,556 40,736 20,583 2,623 Oct.................................. 132,145 25,713 6,758 18,404 11,126 7,278 106,432 7,076 7,059 23,380 7,569 40,767 20,581 2,622 Nov.................................. 132,279 25,711 6,781 18,382 11,120 7,262 106,568 7,093 7,070 23,395 7,575 40,845 20,590 2,620 Dec.................................. 132,367 25,688 6,791 18,349 11,102 7,247 106,679 7,108 7,068 23,406 7,582 40,901 20,614 2,613 2001:Jan................................... 132,428 25,633 6,826 18,257 11,031 7,226 106,795 7,106 7,067 23,415 7,594 40,984 20,629 2,613 Feb.................................. 132,595 25,627 6,880 18,192 10,997 7,195 106,968 7,123 7,064 23,472 7,609 41,020 20,680 2,615 Mar.................................. 132,654 25,602 6,929 18,116 10,941 7,175 107,052 7,127 7,066 23,457 7,618 41,073 20,711 2,613 Apr ................................. 132,489 25,421 6,852 18,009 10,870 7,139 107,068 7,119 7,053 23,530 7,626 40,993 20,747 2,615 May ................................. 132,530 25,324 6,881 17,879 10,778 7,101 107,206 7,130 7,038 23,546 7,644 41,078 20,770 2,612 June r............................... 132,431 25,186 6,864 17,757 10,692 7,065 107,245 7,118 7,022 23,561 7,631 41,085 20,828 2,621 July r............................... 132,444 25,125 6,873 17,686 10,620 7,066 107,319 7,113 7,019 23,596 7,617 41,051 20,923 2,626 Aug p................................ 132,331 24,989 6,878 17,545 10,532 7,013 107,342 7,089 7,017 23,570 7,623 41,123 20,920 2,619 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \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 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 Average gross weekly earnings ----------------------------------------------------------------------------------------------------------------------------------------------------------- Manufacturing Total private Total private Current dollars Percent change -------------------- nonagricultural \1\ nonagricultural \1\ --------------------------------------- from a year Total ------------------------ ------------------------ earlier, total Period private private nonagri- Manufacturing 1982 Retail nonagricultural cultural \1\ Total Overtime Current 1982 Current dollars \2\ Manufacturing Construction trade ------------------- dollars dollars \2\ dollars Current 1982 dollars dollars ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1991................................ 34.3 40.7 3.6 $10.32 $7.45 $11.18 $353.98 $255.40 $455.03 $533.40 $198.48 2.5 -1.6 1992................................ 34.4 41.0 3.8 10.57 7.41 11.46 363.61 254.99 469.86 537.70 205.06 2.7 -.2 1993................................ 34.5 41.4 4.1 10.83 7.39 11.74 373.64 254.87 486.04 553.63 209.95 2.8 -.0 1994................................ 34.7 42.0 4.7 11.12 7.40 12.07 385.86 256.73 506.94 573.00 216.46 3.3 .7 1995................................ 34.5 41.6 4.4 11.43 7.39 12.37 394.34 255.07 514.59 587.00 221.47 2.2 -.6 1996 ............................... 34.4 41.6 4.5 11.82 7.43 12.77 406.61 255.73 531.23 603.33 230.11 3.1 .3 1997 ............................... 34.6 42.0 4.8 12.28 7.55 13.17 424.89 261.31 553.14 625.56 240.74 4.5 2.2 1998................................ 34.6 41.7 4.6 12.78 7.75 13.49 442.19 268.32 562.53 646.13 253.46 4.1 2.7 1999................................ 34.5 41.7 4.6 13.24 7.86 13.90 456.78 271.25 579.63 672.13 263.61 3.3 1.1 2000................................ 34.5 41.6 4.6 13.75 7.89 14.38 474.38 272.16 598.21 702.68 273.39 3.9 .3 2000:July........................... 34.4 41.8 4.7 13.75 7.87 14.37 473.00 270.75 600.67 696.54 273.68 3.2 -.5 Aug........................... 34.3 41.4 4.5 13.80 7.90 14.43 473.34 270.94 597.40 702.86 274.55 3.2 -.2 Sept.......................... 34.4 41.4 4.4 13.84 7.88 14.44 476.10 270.97 597.82 699.03 274.75 3.7 .2 Oct........................... 34.4 41.4 4.5 13.90 7.90 14.54 478.16 271.68 601.96 706.38 276.57 3.6 .2 Nov........................... 34.3 41.2 4.3 13.97 7.92 14.57 479.17 271.64 600.28 706.42 277.73 3.6 .1 Dec........................... 34.2 40.6 4.1 14.03 7.94 14.58 479.83 271.55 591.95 703.18 276.96 3.4 .0 2001:Jan............................ 34.4 41.0 4.2 14.03 7.90 14.54 482.63 271.60 596.14 714.75 280.52 3.6 -.1 Feb........................... 34.3 40.9 3.9 14.11 7.92 14.63 483.97 271.59 598.37 708.21 280.04 3.5 -.0 Mar........................... 34.3 41.0 4.1 14.17 7.95 14.66 486.03 272.74 601.06 716.70 279.94 3.7 .8 Apr .......................... 34.2 41.0 3.9 14.21 7.94 14.72 485.98 271.50 603.52 713.30 280.51 3.3 .1 May .......................... 34.2 40.7 3.9 14.24 7.93 14.78 487.01 271.16 601.55 723.33 281.95 3.6 -.1 June r........................ 34.2 40.7 3.9 14.31 7.95 14.81 489.40 272.04 602.77 720.23 282.12 3.4 .2 July r........................ 34.1 40.9 4.0 14.34 8.00 14.87 488.99 272.72 608.18 719.05 281.42 3.4 .7 Aug p......................... 34.1 40.7 4.2 14.38 ........... 14.94 490.36 ........... 608.06 719.71 281.71 3.6 ........ ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \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). Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX--PRIVATE INDUSTRY -------------------------------------------------------------------------------------------------------------------------------------------------------- Index (June 1989 = 100) Percent change from ----------------------------------------------------------------------------------------------------------- 3 months earlier 12 months earlier Period Total ----------------------------------------------------------------------- compensa- Wages and Benefits \1\ Total Total tion salaries compensa- Wages and Benefits \1\ compensa- Wages and Benefits \1\ tion salaries tion salaries -------------------------------------------------------------------------------------------------------------------------------------------------------- Not seasonally adjusted ----------------------------------------------------------------------------------------------------------- 1991:Dec.................................... 111.7 110.0 116.2 ......... ......... ............ 4.4 3.7 6.2 1992:Dec.................................... 115.6 112.9 122.2 ......... ......... ............ 3.5 2.6 5.2 1993:Dec.................................... 119.8 116.4 128.3 ......... ......... ............ 3.6 3.1 5.0 1994:Dec.................................... 123.5 119.7 133.0 ......... ......... ............ 3.1 2.8 3.7 1995:Dec ................................... 126.7 123.1 135.9 ......... ......... ............ 2.6 2.8 2.2 1996:Dec.................................... 130.6 127.3 138.6 ......... ......... ............ 3.1 3.4 2.0 1997:Dec.................................... 135.1 132.3 141.8 ......... ......... ............ 3.4 3.9 2.3 1998:Dec.................................... 139.8 137.4 145.2 ......... ......... ............ 3.5 3.9 2.4 1999:Dec.................................... 144.6 142.2 150.2 ......... ......... ............ 3.4 3.5 3.4 2000:Dec.................................... 150.9 147.7 158.6 ......... ......... ............ 4.4 3.9 5.6 ----------------------------------------------------------------------------------------------------------- Seasonally adjusted Not seasonally adjusted ----------------------------------------------------------------------------------------------------------- 1997:June .................................. 132.6 129.7 139.7 0.8 0.9 0.6 2.9 3.3 2.0 Sept ................................. 133.7 130.9 140.4 .8 .9 .5 3.2 3.6 2.0 Dec .................................. 135.2 132.4 141.8 1.1 1.1 1.0 3.4 3.9 2.3 1998:Mar ................................... 136.2 133.7 142.2 .7 1.0 .3 3.5 4.0 2.3 June ................................. 137.3 134.8 143.1 .8 .8 .6 3.5 4.0 2.6 Sept ................................. 138.8 136.5 144.1 1.1 1.3 .7 3.8 4.3 2.6 Dec .................................. 139.7 137.5 145.1 .6 .7 .7 3.5 3.9 2.4 1999:Mar ................................... 140.2 138.1 145.3 .4 .4 .1 3.0 3.3 2.2 June ................................. 141.8 139.7 146.7 1.1 1.2 1.0 3.3 3.6 2.5 Sept ................................. 143.0 140.9 148.2 .8 .9 1.0 3.1 3.2 2.8 Dec .................................. 144.6 142.3 150.2 1.1 1.0 1.3 3.4 3.5 3.4 2000:Mar ................................... 146.6 143.9 153.2 1.4 1.1 2.0 4.6 4.2 5.5 June ................................. 148.3 145.4 155.1 1.2 1.0 1.2 4.6 4.1 5.7 Sept ................................. 149.7 146.7 157.0 .9 .9 1.2 4.6 4.1 6.0 Dec .................................. 151.0 147.9 158.7 .9 .8 1.1 4.4 3.9 5.6 2001:Mar.................................... 152.7 149.5 161.0 1.1 1.1 1.4 4.2 3.8 5.0 June.................................. 154.2 150.9 162.5 1.0 .9 .9 4.0 3.8 4.8 -------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ Employer costs for employee benefits. Note.--The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. Data exclude farm and household workers. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Output per hour of Output \1\ Hours of all Compensation per Real compensation Unit labor costs Implicit price all persons -------------------- persons \2\ hour \3\ per hour \4\ -------------------- deflator \5\ -------------------- ------------------------------------------------------------ ------------------- Period Nonfarm Business Nonfarm Nonfarm Nonfarm Nonfarm Business Nonfarm Nonfarm Business business sector business Business business Business business Business business sector business Business business sector sector sector sector sector sector sector sector sector sector sector sector ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Indexes, 1992=100; quarterly data seasonally adjusted ------------------------------------------------------------------------------------------------------------------------------------------- 1991 ............................................... 96.3 96.4 96.5 96.6 100.2 100.2 95.0 95.0 97.5 97.5 98.7 98.5 98.1 98.0 1992 ............................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1993 ............................................... 100.5 100.5 103.1 103.3 102.6 102.9 102.5 102.2 99.9 99.6 101.9 101.7 102.2 102.2 1994 ............................................... 101.9 101.8 108.1 108.2 106.2 106.2 104.5 104.3 99.7 99.5 102.6 102.5 104.0 104.1 1995 ............................................... 102.6 102.8 111.5 111.8 108.7 108.8 106.7 106.6 99.3 99.2 104.1 103.7 106.0 106.1 1996 ............................................... 105.4 105.4 116.4 116.7 110.4 110.7 110.1 109.8 99.8 99.5 104.5 104.2 107.7 107.6 1997 ............................................... 107.8 107.5 122.5 122.7 113.6 114.1 113.5 113.1 100.7 100.3 105.3 105.2 109.7 109.8 1998 ............................................... 110.7 110.3 128.5 128.8 116.1 116.8 119.8 119.2 104.8 104.2 108.2 108.0 110.6 110.8 1999 ............................................... 113.4 112.9 134.4 134.8 118.5 119.4 125.2 124.4 107.3 106.5 110.4 110.2 111.6 112.0 2000 ............................................... 116.9 116.2 140.6 140.8 120.3 121.2 132.8 132.0 110.1 109.4 113.6 113.6 113.7 114.2 1998:I ............................................. 110.0 109.6 126.7 127.0 115.2 115.9 117.6 116.9 103.3 102.7 106.9 106.7 110.3 110.5 II ........................................... 110.0 109.7 127.3 127.7 115.8 116.3 119.1 118.5 104.4 103.9 108.3 108.0 110.4 110.6 III .......................................... 110.7 110.4 128.7 129.0 116.3 116.9 120.6 120.0 105.2 104.7 108.9 108.7 110.7 111.0 IV ........................................... 111.9 111.6 131.3 131.6 117.3 118.0 121.8 121.2 105.8 105.3 108.8 108.6 110.8 111.1 1999:I ............................................. 112.8 112.2 132.4 132.8 117.4 118.3 123.2 122.3 106.6 105.9 109.2 109.0 111.2 111.5 II ........................................... 112.5 111.9 132.9 133.2 118.2 119.1 124.5 123.6 107.0 106.2 110.7 110.5 111.4 111.8 III .......................................... 113.3 112.7 134.6 134.9 118.8 119.8 126.1 125.1 107.5 106.8 111.3 111.1 111.7 112.1 IV ........................................... 115.2 114.7 137.8 138.1 119.6 120.4 127.2 126.4 107.6 107.0 110.4 110.2 112.0 112.5 2000:I ............................................. 115.0 114.5 138.6 138.8 120.5 121.2 129.0 128.4 108.1 107.6 112.1 112.1 112.9 113.5 II ........................................... 117.1 116.3 140.8 141.0 120.2 121.3 131.7 130.7 109.6 108.8 112.5 112.4 113.5 114.0 III .......................................... 117.4 116.7 141.2 141.4 120.3 121.2 133.8 133.0 110.3 109.7 114.0 114.0 113.9 114.5 IV ........................................... 118.2 117.4 141.9 142.1 120.0 121.0 136.8 135.9 112.0 111.3 115.7 115.8 114.4 114.9 2001:I ............................................. 118.2 117.4 142.3 142.5 120.4 121.4 138.6 137.6 112.3 111.5 117.2 117.2 115.2 115.7 II r*......................................... 118.9 118.0 142.0 142.3 119.5 120.6 140.4 139.2 113.0 112.0 118.1 118.0 115.7 116.2 ------------------------------------------------------------------------------------------------------------------------------------------- Percent change; quarterly data at seasonally adjusted annual rates ------------------------------------------------------------------------------------------------------------------------------------------- 1991................................................ 1.1 1.2 -1.2 -1.3 -2.3 -2.4 4.7 4.9 1.0 1.2 3.6 3.6 3.5 3.7 1992................................................ 3.9 3.7 3.7 3.5 -.2 -.2 5.3 5.3 2.6 2.6 1.4 1.6 2.0 2.1 1993................................................ .5 .5 3.1 3.3 2.6 2.9 2.5 2.2 -.1 -.4 1.9 1.7 2.2 2.2 1994................................................ 1.3 1.3 4.9 4.7 3.5 3.3 2.0 2.1 -.2 -.1 .7 .8 1.8 1.9 1995................................................ .7 .9 3.1 3.4 2.4 2.4 2.1 2.1 -.4 -.4 1.4 1.2 2.0 2.0 1996................................................ 2.8 2.5 4.4 4.3 1.6 1.7 3.2 3.1 .4 .3 .4 .5 1.6 1.4 1997................................................ 2.3 2.0 5.2 5.1 2.9 3.1 3.1 3.0 .9 .8 .8 .9 1.8 2.1 1998 ............................................... 2.7 2.6 4.9 5.0 2.2 2.4 5.5 5.4 4.0 3.9 2.8 2.7 .8 .9 1999 ............................................... 2.5 2.3 4.6 4.6 2.0 2.2 4.6 4.4 2.4 2.2 2.0 2.0 .9 1.1 2000 ............................................... 3.1 3.0 4.6 4.5 1.5 1.5 6.0 6.1 2.6 2.7 2.9 3.1 1.9 2.0 1997:I ............................................. 1.6 1.1 5.2 4.8 3.5 3.7 2.2 2.3 -.1 .0 .6 1.1 2.6 3.1 II ........................................... 4.2 4.2 7.1 7.1 2.8 2.7 1.4 1.4 .5 .6 -2.7 -2.6 1.9 2.2 III .......................................... 3.8 3.3 4.9 4.6 1.1 1.3 4.5 4.0 2.8 2.3 .7 .7 1.0 1.3 IV ........................................... .6 .6 3.2 3.4 2.6 2.8 6.4 6.2 4.2 4.0 5.8 5.6 1.1 1.1 1998:I ............................................. 4.9 4.7 7.5 7.8 2.5 3.0 7.1 6.8 6.3 6.0 2.1 2.0 .5 .6 II ........................................... .1 .5 1.9 2.1 1.9 1.6 5.4 5.6 4.2 4.4 5.3 5.1 .5 .4 III .......................................... 2.6 2.2 4.4 4.3 1.7 2.0 5.0 5.0 3.4 3.4 2.3 2.7 .9 1.2 IV ........................................... 4.6 4.5 8.2 8.3 3.5 3.6 4.2 4.0 2.3 2.1 -.4 -.4 .5 .5 1999:I ............................................. 3.1 2.4 3.5 3.5 .4 1.0 4.7 3.8 3.1 2.2 1.5 1.3 1.3 1.5 II ........................................... -1.1 -1.4 1.6 1.4 2.7 2.8 4.2 4.2 1.4 1.3 5.4 5.6 .8 1.2 III .......................................... 2.9 3.0 5.1 5.3 2.1 2.2 5.1 5.2 2.0 2.1 2.1 2.1 .9 1.0 IV ........................................... 7.0 7.4 9.9 9.8 2.7 2.3 3.5 4.2 .3 .9 -3.2 -2.9 1.2 1.4 2000:I ............................................. -.6 -.6 2.2 2.0 2.9 2.6 5.9 6.2 1.8 2.1 6.5 6.8 3.2 3.5 II ........................................... 7.3 6.3 6.5 6.5 -.7 .2 8.6 7.6 5.5 4.5 1.2 1.2 2.1 1.7 III .......................................... 1.0 1.4 1.3 1.2 c .3 -.2 6.5 7.1 2.9 3.5 5.5 5.6 1.7 1.8 IV ........................................... 3.0 2.3 1.8 1.8 -1.1 -.5 9.4 8.9 6.3 5.8 6.3 6.4 1.6 1.5 2001:I ............................................. .0 .1 1.2 1.4 1.2 1.3 5.3 5.1 1.1 .9 5.3 5.0 2.9 2.7 II r*......................................... 2.2 2.1 -.8 -.5 -2.9 -2.6 5.4 4.8 2.2 1.7 3.1 2.7 1.8 1.6 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \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). \5\ Current dollar gross domestic output divided by the output index. Note.--Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released August 29, 2001. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization fell in July. ______________________________________________________________________ ______________________________________________________________________ [Monthly data seasonally adjusted] -------------------------------------------------------------------------------------------------------------------------------------------------------- Total industrial production Industry production indexes, 1992=100 Capacity ----------------------------------------------------------------------------------- utilization rate, Percent change \1\ Manufacturing percent \2\ ---------------------------------------------------- ------------------- Period Index, From 1992=100 preced- From Mining Utilities Total Manufac- ing year Total Durable Nondurable industry turing month earlier -------------------------------------------------------------------------------------------------------------------------------------------------------- 1991............................................. 97.0 ........ -2.0 96.2 95.5 97.0 102.6 100.4 79.3 77.9 1992............................................. 100.0 ........ 3.1 100.0 100.0 100.0 100.0 100.0 80.2 79.4 1993 ............................................ 103.5 ........ 3.5 103.7 105.7 101.6 100.0 104.0 81.3 80.4 1994 ............................................ 109.1 ........ 5.4 109.9 114.6 104.8 102.3 105.4 83.1 82.5 1995 ............................................ 114.3 ........ 4.8 115.7 124.2 106.6 102.0 109.1 83.3 82.5 1996 ............................................ 119.6 ........ 4.6 121.4 134.7 107.4 103.5 112.7 82.6 81.6 1997 ............................................ 127.7 ........ 6.8 130.8 148.8 112.3 105.3 112.8 83.5 82.7 1998 ............................................ 134.0 ........ 4.9 138.2 162.3 114.4 103.0 114.1 82.1 81.3 1999 ............................................ 139.6 ........ 4.2 144.8 175.6 115.4 98.0 117.1 81.2 80.5 2000 ............................................ 147.5 ........ 5.6 153.6 193.4 116.9 100.0 120.4 82.1 81.3 2000:July ....................................... 147.6 -0.2 5.7 153.7 194.7 116.3 100.5 119.1 82.3 81.6 Aug ....................................... 148.6 .7 6.0 154.6 196.9 116.3 101.0 122.1 82.6 81.7 Sept ...................................... 149.0 .2 6.1 155.1 198.4 116.0 100.4 121.7 82.4 81.7 Oct ....................................... 148.7 -.2 5.1 154.9 197.6 116.3 100.1 120.0 82.0 81.2 Nov ....................................... 148.2 -.3 4.5 154.1 196.7 115.5 101.1 121.9 81.4 80.5 Dec ....................................... 147.3 -.6 3.1 152.6 195.1 114.1 99.6 129.1 80.6 79.3 2001:Jan ........................................ 146.0 -.9 1.7 151.3 192.3 114.0 101.0 124.0 79.7 78.4 Feb........................................ 145.4 -.4 .8 150.7 191.1 114.0 101.4 121.8 79.2 77.9 Mar ....................................... 145.0 -.3 -.2 150.0 191.3 112.7 102.7 122.0 78.7 77.3 Apr r...................................... 144.6 -.3 -1.1 149.6 190.1 112.8 103.5 120.9 78.4 76.9 May r...................................... 144.2 -.3 -2.1 149.2 189.8 112.4 103.8 119.0 78.0 76.6 June r..................................... 143.0 -.9 -3.3 147.7 187.3 111.7 103.1 120.1 77.2 75.7 July p..................................... 142.8 -.1 -3.2 147.7 187.5 111.6 102.5 119.6 77.0 75.6 -------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ Percent changes based on unrounded indexes. \2\ Output as percent of capacity. Source: Board of Governors of the Federal Reserve System. INDUSTRIAL PRODUCTION--MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1992=100; monthly data seasonally adjusted] -------------------------------------------------------------------------------------------------------------------------------------------------------- Products Materials ---------------------------------------------------------------------------------------------------------------- Final products Intermediate products ----------------------------------------------------------------------------------------------- Consumer goods Equipment Period ----------------------------------------------------------- Con- Busi- struc- ness Total Energy Total Dur- Nondur- Busi- Defense Total tion sup- Total able able Total \1\ ness and space sup- plies goods goods equipment plies -------------------------------------------------------------------------------------------------------------------------------------------------------- 1991................................... 97.7 97.0 93.0 98.1 98.8 95.7 106.7 97.5 96.2 98.3 95.9 100.8 1992................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1993 .................................. 103.6 103.5 111.8 101.4 103.7 105.5 93.0 102.4 103.4 101.8 103.8 99.6 1994 .................................. 107.9 107.8 123.8 103.9 108.1 112.7 86.4 106.2 110.6 103.6 111.6 101.3 1995 .................................. 111.9 110.6 128.1 106.3 114.2 121.5 83.7 108.0 112.6 105.3 119.6 102.5 1996 .................................. 116.1 112.5 130.9 108.0 122.4 132.6 80.6 110.7 117.8 106.6 127.0 103.6 1997 .................................. 123.2 115.9 138.1 110.4 135.4 150.2 75.8 116.3 123.6 112.0 138.0 103.8 1998 .................................. 129.3 118.4 145.8 111.8 147.1 165.7 79.5 121.0 131.6 114.7 145.7 103.5 1999 .................................. 133.3 120.8 158.3 112.0 153.8 176.4 80.8 125.1 138.5 117.2 154.5 103.1 2000................................... 138.8 123.0 160.8 114.2 166.1 194.2 76.2 128.7 143.2 120.1 167.8 103.4 2000:July ............................. 138.1 122.9 158.7 114.5 166.3 195.0 77.9 128.7 143.8 119.8 169.0 102.9 Aug ............................. 139.2 123.8 160.0 115.2 167.9 197.8 76.1 128.8 142.7 120.6 170.5 104.2 Sept ............................ 139.3 123.8 162.8 114.7 168.3 199.5 73.7 128.6 143.1 120.0 171.3 104.3 Oct ............................. 138.8 122.7 157.3 114.5 169.1 200.0 75.3 128.7 142.3 120.7 171.1 103.9 Nov ............................. 138.8 122.4 154.3 114.6 169.9 200.6 77.0 128.5 141.6 120.7 169.9 105.4 Dec.............................. 139.1 123.1 153.4 115.7 168.9 199.2 77.5 126.8 140.6 118.5 167.8 104.5 2001:Jan .............................. 137.8 121.8 148.9 114.9 168.0 197.4 78.5 126.7 140.7 118.4 165.9 104.4 Feb ............................. 137.7 122.3 150.8 115.3 166.2 195.3 76.7 125.5 139.9 117.0 165.0 103.9 Mar ............................. 137.9 122.4 153.6 114.8 166.8 195.6 77.7 124.4 140.5 114.9 163.9 104.9 Apr r............................ 137.2 122.1 152.9 114.6 165.3 193.3 78.0 123.7 139.6 114.3 164.1 105.8 May r............................ 137.1 122.6 155.0 114.8 163.7 191.5 76.4 123.1 139.4 113.5 163.4 104.9 June r........................... 136.1 122.2 153.8 114.5 161.2 188.2 76.4 122.7 138.8 113.2 161.5 104.3 July p........................... 136.3 122.8 157.7 114.5 160.8 187.7 76.6 122.3 138.6 112.7 160.9 103.6 -------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ Includes oil and gas well drilling and manufactured homes, not shown separately. [1992=100; monthly data seasonally adjusted] -------------------------------------------------------------------------------------------------------------------------------------------------------- Durable manufactures Nondurable manufactures ------------------------------------------------------------------------------------------------------------------------ Primary metals Transportation ------------------ equipment Lum- Print- Period Fabricated Industrial ------------------- ber ing Chemicals Iron metal machinery Electrical Motor and Apparel and and Foods Total and products and machinery vehicles prod- products pub- products steel equipment Total and ucts lishing parts -------------------------------------------------------------------------------------------------------------------------------------------------------- 1991........................... 96.7 96.0 96.2 95.4 89.6 96.5 88.5 94.5 97.8 99.1 96.4 98.4 1992........................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1993 .......................... 105.1 105.9 104.4 110.2 109.8 104.4 114.9 100.8 102.4 100.5 101.1 102.0 1994 .......................... 113.7 114.3 112.2 125.4 131.4 108.4 132.9 105.9 106.4 100.6 103.9 103.6 1995 .......................... 116.2 116.5 116.4 144.0 165.9 108.0 136.3 107.9 107.0 101.2 106.1 105.7 1996 .......................... 119.6 118.9 120.1 160.2 206.6 109.6 136.3 110.5 104.3 101.8 108.4 105.3 1997 .......................... 125.4 123.8 126.1 177.1 264.3 119.0 147.0 114.1 104.8 107.6 116.8 107.0 1998 .......................... 127.8 124.6 130.3 195.2 321.0 128.8 152.4 118.7 100.4 107.4 121.4 110.8 1999 .......................... 130.4 126.7 131.9 219.0 399.4 131.4 165.8 122.4 94.8 106.8 126.1 112.5 2000........................... 133.7 131.1 135.6 252.8 549.7 131.0 170.5 118.3 91.7 109.9 128.3 114.7 2000:July ..................... 133.9 129.9 136.1 253.9 571.2 128.0 163.1 118.6 92.0 110.0 124.8 115.0 Aug ..................... 132.4 129.7 136.3 257.9 580.0 132.4 173.9 115.5 90.7 110.4 125.9 115.1 Sept .................... 133.9 131.9 136.0 260.0 592.2 132.4 175.5 116.8 89.5 110.9 125.4 114.6 Oct ..................... 129.0 123.7 136.0 261.5 597.4 129.2 167.2 114.8 89.2 111.6 125.8 114.8 Nov ..................... 127.3 122.0 134.7 261.9 604.4 126.8 160.1 113.2 89.2 111.2 124.8 115.0 Dec ..................... 126.3 118.7 132.9 262.3 610.2 122.8 151.8 111.5 88.2 109.2 122.9 114.2 2001:Jan ...................... 124.0 116.0 133.5 258.4 604.3 116.0 138.6 108.3 88.9 109.6 121.8 114.1 Feb ..................... 121.3 115.5 130.3 255.0 593.7 119.8 147.4 109.1 88.7 107.7 122.6 115.0 Mar ..................... 117.8 113.3 129.8 255.7 581.0 124.5 156.5 111.4 88.4 106.2 121.2 114.6 Apr r.................... 122.4 118.4 129.3 251.0 569.9 123.9 155.4 110.9 88.2 105.6 120.1 114.2 May r.................... 122.7 121.9 128.8 246.8 563.5 126.8 162.5 113.9 87.8 105.2 121.0 114.6 June r................... 120.3 122.1 127.5 242.2 554.4 125.5 160.5 112.5 85.6 104.8 119.7 114.0 July p................... 120.3 121.9 127.9 241.7 539.7 128.7 168.0 112.3 86.5 103.9 119.9 113.8 -------------------------------------------------------------------------------------------------------------------------------------------------------- Source: Board of Governors of the Federal Reserve System. NEW CONSTRUCTION [Monthly data seasonally adjusted] -------------------------------------------------------------------------------------------------------------------------------------------------------- Private Construction contracts --------------------------------------------------------------------- \3\ Residential -------------------------- --------------------------- Commercial Total new Federal and and Period construction Commercial and State and Total value industrial expenditures Total New housing industrial \2\ Other local index floor space Total \1\ units (1996=100) (millions of square feet) -------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of dollars ------------------------------------------------------------------------------------------------- 1991 ........................ 432.6 322.5 166.3 114.6 93.7 62.6 110.1 70 577 1992 ........................ 463.7 347.8 199.4 135.1 82.2 66.2 115.8 76 556 1993 ........................ 491.0 375.1 225.1 150.9 81.5 68.5 116.0 82 589 1994 ........................ 539.2 419.0 258.6 176.4 93.3 67.1 120.2 89 744 1995 ........................ 557.8 427.9 247.4 171.4 110.9 69.7 129.9 92 862 1996 ........................ 615.9 476.6 281.1 191.1 125.2 70.4 139.3 100 875 1997 ........................ 653.4 502.7 289.0 198.1 136.6 77.1 150.7 109 1,027 1998 ........................ 704.7 551.4 314.6 224.0 151.1 85.7 153.3 122 1,223 1999 ........................ 763.8 596.3 350.6 251.3 153.1 92.6 167.5 135 1,255 2000 ........................ 815.4 640.6 374.3 264.9 165.6 100.7 174.9 142 1,240 -------------------------------------------------------------------------------------------------------------------------- Annual rates -------------------------------------------------------------------------------------------------------------------------- 2000:July ................... 792.3 627.7 364.1 260.3 166.6 97.0 164.5 r 141 ............ Aug ................... 804.0 630.7 364.0 258.7 167.7 98.9 173.3 139 ............ Sept .................. 815.4 638.9 364.4 257.4 169.0 105.5 176.6 143 ............ Oct ................... 820.8 644.8 370.3 257.5 169.9 104.7 176.0 151 ............ Nov ................... 826.7 651.1 374.3 259.9 169.7 107.1 175.7 r 144 ............ Dec ................... 838.7 660.8 379.6 263.5 172.3 109.0 177.9 140 ............ 2001:Jan .................... 859.8 673.7 386.1 269.1 177.2 110.4 186.1 r 151 ............ Feb.................... 869.3 681.8 398.9 275.4 173.9 109.1 187.5 r 152 ............ Mar.................... 869.1 681.2 395.1 273.9 178.7 107.4 188.0 r 141 ............ Apr ................... 868.7 674.9 392.9 274.6 175.0 106.9 193.8 r 142 ............ May r.................. 868.5 669.2 394.6 279.1 165.3 109.3 199.3 141 ............ June r................. 860.0 658.6 391.1 278.9 161.4 106.1 201.4 149 ............ July p................. 859.4 656.1 388.5 280.3 162.9 104.7 203.3 142 ............ -------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ Includes residential improvements, not shown separately. \2\ Includes hotels and motels. \3\ F.W. Dodge series. Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies, Inc., F.W. Dodge Division. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or houses, except as noted] -------------------------------------------------------------------------------------------------------------------------------------------------------- New private housing units New private houses --------------------------------------------------------------------------------------------------------- Vacancy rate Units started, by type of structure Houses for for rental Period ----------------------------------------------------- Units Units Houses sale at end housing units 2-4 units 5 units or authorized completed sold of period (percent) \3\ Total 1 unit \1\ more \2\ -------------------------------------------------------------------------------------------------------------------------------------------------------- 1991............................ 1,013.9 840.4 35.6 137.9 948.8 1,090.8 509 284 7.4 1992............................ 1,199.7 1,029.9 30.7 139.0 1,094.9 1,157.5 610 265 7.4 1993............................ 1,287.6 1,125.7 29.4 132.6 1,199.1 1,192.7 666 293 \3\ 7.3 1994............................ 1,457.0 1,198.4 35.0 223.5 1,371.6 1,346.9 670 336 7.4 1995............................ 1,354.1 1,076.2 33.7 244.1 1,332.5 1,312.6 667 370 7.6 1996............................ 1,476.8 1,160.9 45.2 270.8 1,425.6 1,412.9 757 322 7.8 1997............................ 1,474.0 1,133.7 44.5 295.8 1,441.1 1,400.5 804 281 7.7 1998 ........................... 1,616.9 1,271.4 42.6 302.9 1,612.3 1,474.2 886 294 7.9 1999 ........................... 1,640.9 1,302.4 31.9 306.6 1,663.5 1,604.9 880 308 8.1 2000 ........................... 1,568.7 1,230.9 38.7 299.1 1,592.3 1,573.7 877 297 8.0 -------------------------------------------------------------------------------------------- Seasonally adjusted annual rates -------------------------------------------------------------------------------------------- 2000:July ...................... 1,477 1,148 49 280 1,534 1,489 881 304 ............. Aug ...................... 1,531 1,228 48 255 1,544 1,583 839 304 ............. Sept ..................... 1,508 1,196 36 276 1,549 1,526 902 301 8.2 Oct ...................... 1,527 1,218 38 271 1,562 1,509 922 301 ............. Nov....................... 1,559 1,209 44 306 1,614 1,548 882 304 ............. Dec ...................... 1,532 1,236 37 259 1,553 1,527 1,001 297 7.8 2001:Jan ....................... 1,666 1,336 40 290 1,724 1,424 938 295 ............. Feb ...................... 1,623 1,288 25 310 1,663 1,531 959 295 ............. Mar ...................... 1,592 1,208 45 339 1,627 1,478 953 289 8.2 Apr ...................... 1,626 1,295 42 289 1,587 1,569 r 899 r 293 ............. May r..................... 1,610 1,285 29 296 1,621 1,499 881 294 ............. June r.................... 1,627 1,285 51 291 1,587 1,626 906 298 8.3 July p.................... 1,672 1,304 35 333 1,571 1,525 950 299 ............. -------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ Derived; seasonally adjusted monthly data for 2-4 housing units started are no longer published. \2\ Seasonally adjusted. \3\ Revised series beginning 1994; data for 1993 reflect the revision. Quarterly data entered in last month of quarter. Note.--Beginning 1994, units authorized are for 19,000 places. For other data shown, units authorized are for 17,000 places. Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods. Source: Department of Commerce, Bureau of the Census. BUSINESS SALES AND INVENTORIES--Manufacturing and Trade In June, manufacturing and trade sales fell 1.5 percent and inventories fell $7.0 billion. In July, according to preliminary estimates, manufacturing and trade sales rose 0.4 percent. According to advance estimates, retail sales fell 0.1 percent in July; retail and food services sales were unchanged. ________________________________________________________________________ ________________________________________________________________________ [Millions of dollars, except ratios; seasonally adjusted, except as noted] -------------------------------------------------------------------------------------------------------------------------------------------------------- Manufacturing and trade \1\ Wholesale Retail ----------------------------------------------------------------------------------------------------------- Retail and Inven- Inven- Inven- food Period Inven- tory- Inven- tory tory services Sales \2\ tories \3\ sales Sales \2\ tories \3\ sales Sales \2\ Inventories \3\ sales sales ratio \4\ ratio \4\ ratio \4\ -------------------------------------------------------------------------------------------------------------------------------------------------------- 1992........................... 540,572 840,687 1.53 144,302 193,685 1.31 154,268 267,562 1.68 171,219 1993........................... 567,377 867,961 1.51 150,833 201,883 1.31 164,837 285,762 1.69 182,841 1994........................... 609,908 931,330 1.47 161,133 218,913 1.30 178,932 311,890 1.67 197,735 1995........................... 654,435 990,100 1.48 176,227 235,197 1.30 188,235 329,566 1.73 207,704 1996........................... 686,604 1,009,261 1.46 186,649 237,852 1.28 200,190 340,491 1.68 220,431 1997........................... 723,212 1,049,901 1.42 194,541 255,242 1.27 209,112 350,841 1.65 230,616 1998........................... 742,810 1,084,488 1.44 198,319 268,079 1.33 219,507 364,254 1.63 242,228 1999........................... 787,127 1,138,602 1.41 211,607 284,317 1.30 238,580 391,811 1.59 262,435 2000........................... 843,263 1,204,524 1.40 229,627 303,063 1.29 256,896 417,917 1.58 282,402 2000:June r.................... 850,081 1,182,865 1.39 232,391 298,654 1.29 256,316 409,535 1.60 281,701 July r..................... 847,941 1,184,238 1.40 231,472 299,582 1.29 257,733 407,477 1.58 283,308 Aug........................ 846,543 1,192,263 1.41 231,065 300,533 1.30 257,368 413,253 1.61 282,845 Sept....................... 849,762 1,193,106 1.40 231,965 300,721 1.30 259,801 413,151 1.59 285,621 Oct........................ 847,112 1,199,577 1.42 231,866 301,573 1.30 259,325 416,004 1.60 285,070 Nov........................ 843,384 1,204,041 1.43 231,623 302,662 1.31 257,923 417,487 1.62 283,648 Dec........................ 846,258 1,204,524 1.42 233,590 303,063 1.30 257,979 417,917 1.62 283,735 2001:Jan....................... 843,035 1,206,745 1.43 233,960 302,222 1.29 261,525 419,216 1.60 288,054 Feb........................ 843,032 1,203,367 1.43 233,080 301,541 1.29 261,969 417,473 1.59 288,245 Mar ....................... 837,800 1,198,530 1.43 229,619 301,822 1.31 260,695 416,129 1.60 287,102 Apr ....................... 833,698 1,196,694 1.44 229,959 302,102 1.31 264,708 414,933 1.57 291,116 May r...................... 841,208 1,194,840 1.42 228,919 303,004 1.32 265,022 415,124 1.57 291,691 June r..................... 828,375 1,187,875 1.43 226,302 301,869 1.33 264,751 414,039 1.56 291,603 July p..................... 831,276 .......... ......... 227,633 299,615 1.32 264,550 ............... ......... 291,672 -------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ See page 21 for manufacturing. \2\ Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. \3\ Seasonally adjusted, end of period. \4\ Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS In July, manufacturers' shipments and new orders rose; inventories and unfilled orders fell. ________________________________________________________________________ ________________________________________________________________________ ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Manufacturers' shipments \1\ Manufacturers' inventories \2\ Manufacturers' new orders \1\ ------------------------------------------------------------------------------------------------------- Manufac- Durable goods Manufac- turers' ------------------------ turers' inven- Period Durable Nondurable Durable Nondurable Capital unfilled tory-- Total goods goods Total goods goods Total goods orders \2\ shipments Total industries, ratio nondefense \3\ ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Millions of dollars, seasonally adjusted, except as noted -------------------------------------------------------------------------------------------------------------------- 1992.............................................................. 242,002 126,572 115,430 379,440 238,676 140,764 ......... ......... ........... 458,396 1.56 1993.............................................................. 251,708 133,712 117,996 380,316 239,252 141,064 249,649 131,653 40,681 433,853 1.51 1994.............................................................. 269,843 147,005 122,838 400,527 253,629 146,898 270,566 147,728 45,175 442,658 1.44 1995.............................................................. 289,973 158,568 131,405 425,337 267,807 157,530 291,293 159,888 51,011 459,123 1.44 1996.............................................................. 299,766 164,883 134,883 430,918 272,876 158,042 303,179 168,297 54,066 500,050 1.43 1997.............................................................. 319,558 178,949 140,610 443,818 281,273 162,545 321,585 180,975 60,697 525,176 1.37 1998.............................................................. 324,984 185,966 139,019 452,155 292,549 159,606 323,739 184,720 62,133 510,220 1.39 1999.............................................................. 336,940 193,896 143,043 462,474 295,290 167,184 338,511 195,468 64,162 530,844 1.35 2000.............................................................. 356,739 202,918 153,822 483,544 309,545 173,999 362,473 208,651 73,451 600,036 1.33 2000:July......................................................... 358,736 203,939 154,797 477,179 303,251 173,928 359,717 204,920 73,099 581,441 1.33 Aug......................................................... 358,110 203,527 154,583 478,477 304,834 173,643 359,772 205,189 73,868 583,103 1.34 Sept........................................................ 357,996 204,364 153,632 479,234 305,012 174,222 365,389 211,757 77,242 590,496 1.34 Oct......................................................... 355,921 201,626 154,295 482,000 307,469 174,531 353,920 199,625 70,539 588,495 1.35 Nov......................................................... 353,838 199,406 154,432 483,892 309,335 174,557 360,079 205,647 74,776 594,736 1.37 Dec......................................................... 354,689 199,840 154,849 483,544 309,545 173,999 359,989 205,140 77,992 600,036 1.36 2001:Jan.......................................................... 347,550 193,473 154,077 485,307 311,246 174,061 337,201 183,124 67,813 589,687 1.40 Feb......................................................... 347,983 193,401 154,582 484,353 310,564 173,789 344,908 190,326 68,010 586,612 1.39 Mar......................................................... 347,486 194,082 153,404 480,579 307,133 173,446 347,359 193,955 68,344 586,485 1.38 Apr ........................................................ 339,031 186,519 152,512 479,659 306,488 173,171 335,415 182,903 64,619 582,869 1.41 May ........................................................ 347,267 192,463 154,804 476,712 304,174 172,538 342,893 188,089 63,765 578,495 1.37 June r...................................................... 337,322 187,821 149,501 471,967 300,823 171,144 332,939 183,438 61,364 574,112 1.40 July p...................................................... 339,093 187,896 151,197 469,163 298,562 170,601 333,429 182,232 60,152 568,448 1.38 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \1\ Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. \2\ Seasonally adjusted, end of period. \3\ Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. PRICES PRODUCER PRICES The producer price index for all finished goods fell 0.9 percent in July. Prices of finished consumer foods fell 0.6 percent, while prices of other finished consumer goods fell 1.7 percent. Capital equipment prices rose 0.2 percent. ______________________________________________________________________ ______________________________________________________________________ [1982=100; monthly data seasonally adjusted] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Finished goods Intermediate materials Crude materials ------------------------------------------------------------------------------------------------------------------------------- Finished goods excluding consumer foods Food- Period Total Con- ------------------------------------------------- Total stuffs finished sumer Consumer goods finished Total Foods and Other Total and Other goods foods Total ------------------------------ Capital consumer feeds \1\ feed- Total Durable Nondurable equipment goods stuffs ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1991............................................................ 121.7 124.1 120.9 118.7 123.9 115.0 126.7 120.5 114.4 111.1 114.6 101.2 105.5 94.6 1992............................................................ 123.2 123.3 123.1 120.8 125.7 117.3 129.1 121.7 114.7 110.7 114.9 100.4 105.1 93.5 1993............................................................ 124.7 125.7 124.4 121.7 128.0 117.6 131.4 123.0 116.2 112.7 116.4 102.4 108.4 94.7 1994............................................................ 125.5 126.8 125.1 121.6 130.9 116.2 134.1 123.3 118.5 114.8 118.7 101.8 106.5 94.8 1995............................................................ 127.9 129.0 127.5 124.0 132.7 118.8 136.7 125.6 124.9 114.8 125.5 102.7 105.8 96.8 1996............................................................ 131.3 133.6 130.5 127.6 134.2 123.3 138.3 129.5 125.7 128.1 125.6 113.8 121.5 104.5 1997............................................................ 131.8 134.5 130.9 128.2 133.7 124.3 138.2 130.2 125.6 125.4 125.7 111.1 112.2 106.4 1998............................................................ 130.7 134.3 129.5 126.4 132.9 122.2 137.6 128.9 123.0 116.2 123.4 96.8 103.9 88.4 1999 ........................................................... 133.0 135.1 132.3 130.5 133.0 127.9 137.6 132.0 123.2 111.1 123.9 98.2 98.7 94.3 2000............................................................ 138.0 137.2 138.1 138.4 133.9 138.7 138.8 138.2 129.2 111.7 130.1 120.6 100.2 130.4 2000:July ...................................................... 138.2 137.3 138.4 138.7 134.0 139.1 139.0 138.4 129.8 112.5 130.8 122.0 97.9 134.2 Aug ...................................................... 138.0 136.7 138.3 138.6 134.0 138.8 139.1 138.1 129.4 110.2 130.5 117.6 94.1 129.6 Sept ..................................................... 139.0 137.0 139.5 140.2 134.3 141.0 139.4 139.4 130.4 110.9 131.4 126.0 97.7 140.9 Oct ...................................................... 139.6 138.0 139.9 140.9 134.1 142.0 139.3 140.2 130.6 111.6 131.7 130.8 100.7 146.8 Nov ...................................................... 139.8 138.3 140.2 141.1 134.3 142.3 139.4 140.4 130.4 111.8 131.5 129.1 101.9 143.1 Dec ...................................................... 140.0 137.9 140.5 141.6 134.4 142.9 139.5 140.6 130.9 113.8 131.8 141.1 105.6 160.4 2001:Jan ....................................................... 141.6 139.1 142.3 144.0 134.4 146.4 139.8 142.7 132.0 115.4 132.9 165.8 107.3 200.1 Feb ...................................................... 141.7 140.2 142.1 144.0 133.4 146.7 139.3 143.0 131.7 114.1 132.7 141.8 105.9 161.4 Mar r..................................................... 141.6 141.4 141.6 143.1 133.8 145.3 139.5 142.7 131.3 114.5 132.3 132.3 109.5 143.2 Apr....................................................... 142.1 142.1 142.0 143.6 134.0 145.9 139.9 143.3 131.1 114.3 132.0 132.8 108.8 144.5 May....................................................... 142.2 141.5 142.3 144.1 133.8 146.7 139.7 143.5 131.2 114.6 132.2 129.7 107.6 140.3 June...................................................... 141.7 141.7 141.6 143.1 133.8 145.3 139.9 142.8 131.1 116.1 131.9 121.9 107.5 127.4 July...................................................... 140.4 140.9 140.1 140.7 134.1 141.8 140.2 140.9 129.8 116.8 130.5 115.4 108.1 116.3 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \1\ Intermediate materials for food manufacturing and feeds. Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES--ALL URBAN CONSUMERS In July, the consumer price index for all urban consumers fell 0.3 percent both seasonally adjusted and not seasonally adjusted. The index was 2.7 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 All Not ------------------------------- items Period season- Season- Food Rent Owners' Fuels Apparel Medical Energy \2\ less ally ally Total \1\ of pri- equiva- and Total \1\ New Motor care food adjust- adjust- Total \1\ mary lent utili- cars fuel and ed ed resi- rent (12/ ties energy (NSA) dence 82= 100) ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Rel. imp.\3\................................. 100.0 ....... 15.2 40.0 30.3 7.1 20.5 5.1 4.5 17.6 ....... 3.5 5.8 7.7 77.1 1991......................................... 136.2 ....... 136.3 133.6 146.3 143.3 150.4 115.3 128.7 123.8 125.3 99.4 177.0 102.5 142.1 1992......................................... 140.3 ....... 137.9 137.5 151.2 146.9 155.5 117.8 131.9 126.5 128.4 99.0 190.1 103.0 147.3 1993......................................... 144.5 ....... 140.9 141.2 155.7 150.3 160.5 121.3 133.7 130.4 131.5 98.0 201.4 104.2 152.2 1994......................................... 148.2 ....... 144.3 144.8 160.5 154.0 165.8 122.8 133.4 134.3 136.0 98.5 211.0 104.6 156.5 1995......................................... 152.4 ....... 148.4 148.5 165.7 157.8 171.3 123.7 132.0 139.1 139.0 100.0 220.5 105.2 161.2 1996......................................... 156.9 ....... 153.3 152.8 171.0 162.0 176.8 127.5 131.7 143.0 141.4 106.3 228.2 110.1 165.6 1997......................................... 160.5 ....... 157.3 156.8 176.3 166.7 181.9 130.8 132.9 144.3 141.7 106.2 234.6 111.5 169.5 1998......................................... 163.0 ....... 160.7 160.4 182.1 172.1 187.8 128.5 133.0 141.6 140.7 92.2 242.1 102.9 173.4 1999......................................... 166.6 ....... 164.1 163.9 187.3 177.5 192.9 128.8 131.3 144.4 139.6 100.7 250.6 106.6 177.0 2000......................................... 172.2 ....... 167.8 169.6 193.4 183.9 198.7 137.9 129.6 153.3 139.6 129.3 260.8 124.6 181.3 2000: July .................................. 172.8 172.7 168.4 169.7 193.2 184.1 198.8 138.2 128.0 154.6 139.9 133.1 261.4 126.2 181.7 Aug ................................... 172.8 172.8 168.8 170.0 193.7 184.7 199.3 138.2 128.1 153.3 139.8 126.3 262.5 123.1 182.1 Sept .................................. 173.7 173.6 169.2 170.8 194.2 185.4 199.9 140.9 129.7 155.1 139.6 134.1 263.5 128.2 182.6 Oct ................................... 174.0 173.9 169.4 171.5 194.9 186.1 200.4 142.7 130.0 154.6 139.3 133.1 264.3 128.8 182.8 Nov ................................... 174.1 174.3 169.3 172.0 195.4 186.7 201.0 143.3 129.4 155.1 139.5 133.1 265.0 129.0 183.3 Dec ................................... 174.0 174.6 170.1 172.6 195.7 187.4 201.6 145.8 129.0 155.0 139.7 130.7 265.8 129.4 183.5 2001:Jan .................................... 175.1 175.7 170.6 174.3 196.3 188.1 202.2 154.4 128.7 155.5 139.6 130.7 267.4 134.4 184.1 Feb.................................... 175.8 176.2 171.4 174.6 197.1 188.7 202.9 152.8 129.7 156.1 139.2 132.2 268.8 134.1 184.7 Mar.................................... 176.2 176.3 171.8 175.0 198.0 189.6 203.6 151.9 130.2 154.7 138.8 127.3 269.8 131.3 185.1 Apr.................................... 176.9 176.8 172.0 175.2 198.5 190.2 204.4 151.2 128.5 156.1 139.1 133.4 270.9 133.7 185.5 May.................................... 177.7 177.5 172.5 175.9 199.4 191.1 205.1 152.0 127.3 158.0 139.0 141.5 271.7 137.8 185.7 June................................... 178.0 177.9 173.2 176.6 200.3 191.8 205.9 152.6 126.9 157.7 138.6 138.0 272.7 136.5 186.3 July................................... 177.5 177.4 173.8 176.6 200.5 192.5 206.5 151.3 126.1 154.1 138.6 122.9 273.0 128.9 186.6 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \1\ Includes items not shown separately. \2\ Household fuels--gas (piped), electricity, fuel oil, etc.--and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. \3\ Relative importance, December 2000. Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Change from preceding period Change from 3 months earlier, annual rate Change from 6 months earlier, annual Change -------------------------------------------------------------------------------------- rate from Consumer goods Consumer goods ------------------------------------------ year --------------------- ---------------------- Consumer goods earlier, Period Total Capital Total Capital Total ---------------------- Capital total finished Excluding equip- finished Excluding equip- finished equip- finished goods Foods foods ment goods Foods foods ment goods Foods Excluding ment goods foods NSA ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Change, Dec. to Dec., NSA ------------------------------------------- 1991.................................................. -0.1 -1.5 -0.7 2.5 ......... ......... ......... ......... ......... ......... ......... ....... 2.1 1992.................................................. 1.6 1.6 1.6 1.7 ......... ......... ......... ......... ......... ......... ......... ....... 1.2 1993.................................................. .2 2.4 -1.4 1.8 ......... ......... ......... ......... ......... ......... ......... ....... 1.2 1994.................................................. 1.7 1.1 2.0 2.0 ......... ......... ......... ......... ......... ......... ......... ....... .6 1995.................................................. 2.3 1.9 2.3 2.2 ......... ......... ......... ......... ......... ......... ......... ....... 1.9 1996.................................................. 2.8 3.4 3.7 .4 ......... ......... ......... ......... ......... ......... ......... ....... 2.7 1997.................................................. -1.2 -.8 -1.5 -.6 ......... ......... ......... ......... ......... ......... ......... ....... .4 1998 ................................................. 0 .1 -.1 0 ......... ......... ......... ......... ......... ......... ......... ....... -.8 1999 ................................................. 2.9 .8 5.1 .3 ......... ......... ......... ......... ......... ......... ......... ....... 1.8 2000 ................................................. 3.6 1.7 5.5 1.2 ......... ......... ......... ......... ......... ......... ......... ....... 3.8 ------------------------------------------- Change, month to month ------------------------------------------- 2000:July ............................................ -0.1 -0.1 -0.1 0.1 3.2 -1.4 6.3 1.7 4.6 2.5 7.3 1.3 4.3 Aug ............................................ -.1 -.4 -.1 .1 2.7 -3.4 6.0 1.5 2.5 .7 3.9 1.3 3.4 Sept ........................................... .7 .2 1.2 .2 2.0 -1.2 3.8 1.7 2.2 1.0 3.2 1.6 3.5 Oct ............................................ .4 .7 .5 -.1 4.1 2.1 6.5 .9 3.7 .3 6.4 1.3 3.7 Nov ............................................ .1 .2 .1 .1 5.3 4.8 7.4 .9 4.0 .6 6.7 1.2 3.8 Dec ............................................ .1 -.3 .4 .1 2.9 2.7 4.1 .3 2.5 .7 3.9 1.0 3.6 2001:Jan.............................................. 1.1 .9 1.7 .2 5.9 3.2 9.1 1.4 5.0 2.6 7.8 1.2 4.8 Feb ............................................ .1 .8 0 -.4 5.5 5.6 8.5 -.3 5.4 5.2 7.9 .3 4.0 Mar r........................................... -.1 .9 -.6 .1 4.7 10.5 4.3 0 3.8 6.5 4.2 .1 3.0 Apr............................................. r.4 r.5 r.3 .3 1.4 8.9 -1.1 .3 3.6 6.0 3.9 .9 3.7 May............................................. .1 -.4 .3 -.1 1.4 3.8 .3 1.2 3.5 4.7 4.3 .4 3.8 June............................................ -.4 .1 -.7 .1 r.3 r.9 r0 1.2 2.4 5.6 2.1 .6 2.5 July............................................ -.9 -.6 -1.7 .2 -4.7 -3.3 -7.8 .9 -1.7 2.6 -4.5 .6 1.5 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES--ALL URBAN CONSUMERS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Housing Transportation Addendum: All items, percent change ----------------------------------------------------- ---------------------------- All (annual rate) Shelter items --------------------------------------- Period All items Food ---------------------------------- Fuels Apparel Medical Ener- less From \1\ Total \1\ Rent of Owners' and Total \1\ New Motor care gy \2\ food From From 3 From 6 year Total \1\ primary equivalent utili- cars fuel and previous months months earlier residence rent ties energy quarter \3\ earlier earlier NSA ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Change, December to December, NSA --------------------------------------------------------------------------------------------------------------------------------------- 1991...................................................... 3.1 1.9 3.4 3.9 2.9 3.6 2.9 3.4 -1.5 3.3 -16.0 7.9 -7.4 4.4 ........... ....... ....... 4.2 1992...................................................... 2.9 1.5 2.6 2.9 2.3 3.0 2.3 1.4 3.0 2.3 1.8 6.6 2.0 3.3 ........... ....... ....... 3.0 1993...................................................... 2.7 2.9 2.7 3.0 2.2 3.2 2.5 .9 2.4 2.8 -5.4 5.4 -1.4 3.2 ........... ....... ....... 3.0 1994...................................................... 2.7 2.9 2.2 3.0 2.5 3.3 .2 -1.6 3.8 3.2 5.9 4.9 2.2 2.6 ........... ....... ....... 2.6 1995...................................................... 2.5 2.1 3.0 3.5 2.5 3.6 1.4 .1 1.5 1.6 -4.0 3.9 -1.3 3.0 ........... ....... ....... 2.8 1996...................................................... 3.3 4.3 2.9 2.9 2.8 2.8 4.6 -.2 4.4 1.6 12.7 3.0 8.6 2.6 ........... ....... ....... 3.0 1997...................................................... 1.7 1.5 2.4 3.4 3.1 3.1 .5 1.0 -1.4 -1.0 -6.2 2.8 -3.4 2.2 ........... ....... ....... 2.3 1998...................................................... 1.6 2.3 2.3 3.3 3.4 3.2 -2.6 -.7 -1.7 -.1 -15.4 3.4 -8.8 2.4 ........... ....... ....... 1.6 1999...................................................... 2.7 1.9 2.2 2.5 3.1 2.4 2.4 -.5 5.4 -.8 30.2 3.7 13.4 1.9 ........... ....... ....... 2.2 2000...................................................... 3.4 2.8 4.3 3.4 4.0 3.4 12.1 -1.8 4.1 .3 13.9 4.2 14.2 2.6 ........... ....... ....... 3.4 --------------------------------------------------------------------------------------------------------------------------------------- Change, month to month --------------------------------------------------------------------------------------------------------------------------------------- 2000:July ................................................ 0.3 0.5 0.4 0.2 0.4 .2 1.6 -0.7 -0.3 0.1 -1.4 0.3 0.3 0.2 ........... 3.8 3.9 3.7 Aug ................................................ .1 .2 .2 .3 .3 .3 0 .1 -.8 -.1 -5.1 .4 -2.5 .2 ........... 3.5 3.1 3.4 Sept ............................................... .5 .2 .5 .3 .4 .3 2.0 1.2 1.2 -.1 6.2 .4 4.1 .3 3.5 3.3 2.8 3.5 Oct ................................................ .2 .1 .4 .4 .4 .3 1.3 .2 -.3 -.2 -.7 .3 .5 .1 ........... 2.8 3.3 3.4 Nov ................................................ .2 -.1 .3 .3 .3 .3 .4 -.5 .3 .1 0 .3 .2 .3 ........... 3.5 3.5 3.4 Dec ................................................ .2 .5 .3 .2 .4 .3 1.7 -.3 -.1 .1 -1.8 .3 .3 .1 3.0 2.3 2.8 3.4 2001:Jan ................................................. .6 .3 1.0 .3 .4 .3 5.9 -.2 .3 -.1 0 .6 3.9 .3 ........... 4.2 3.5 3.7 Feb ................................................ .3 .5 .2 .4 .3 .3 -1.0 .8 .4 -.3 1.1 .5 -.2 .3 ........... 4.4 4.0 3.5 Mar ................................................ .1 .2 .2 .5 .5 .3 -.6 .4 -.9 -.3 -3.7 .4 -2.1 .2 4.2 4.0 3.1 2.9 Apr................................................. .3 .1 .1 .3 .3 .4 -.5 -1.3 .9 .2 4.8 .4 1.8 .2 ........... 2.5 3.4 3.3 May................................................. .4 .3 .4 .5 .5 .3 .5 -.9 1.2 -.1 6.1 .3 3.1 .1 ........... 3.0 3.7 3.6 June................................................ .2 .4 .4 .5 .4 .4 .4 -.3 -.2 -.3 -2.5 .4 -.9 .3 3.0 3.7 3.8 3.2 July................................................ -.3 .3 0 .1 .4 .3 -.9 -.6 -2.3 0 -10.9 .1 -5.6 .2 ........... 1.4 1.9 2.7 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ Includes items not shown separately. \2\ Household fuels--gas (piped), electricity, fuel oil, etc.--and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. \3\ Quarterly changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS In August, prices received by farmers rose 1.9 percent while prices paid by farmers were unchanged. (Data are not seasonally adjusted.) ______________________________________________________________________ ______________________________________________________________________ [1990-92=100; not seasonally adjusted] -------------------------------------------------------------------------------------------------------------------------------------------------------- Prices received by farmers Prices paid by farmers ------------------------------------------------------------------------------------------------ All commodities, Production Period All farm Livestock and services, items, Production Ratio \2\ products Crops products interest, interest, items taxes, and taxes, and wage rates \1\ wage rates -------------------------------------------------------------------------------------------------------------------------------------------------------- 1991...................................... 100 101 99 100 100 100 99 1992...................................... 98 101 97 101 101 101 97 1993...................................... 101 102 100 104 103 104 97 1994...................................... 100 105 95 106 106 106 94 1995...................................... 102 112 92 109 108 108 93 1996...................................... 112 127 99 115 115 115 98 1997 ..................................... 107 115 98 118 118 119 90 1998 ..................................... 102 107 97 115 114 113 89 1999...................................... 96 96 95 115 113 111 83 2000 ..................................... 96 96 97 120 118 116 80 2000:Aug ................................. 96 97 96 119 117 115 81 Sept ............................... 97 97 98 120 118 116 81 Oct ................................ 93 91 97 121 119 117 77 Nov ................................ 98 96 99 122 120 118 80 Dec ................................ 99 97 101 122 121 119 81 2001:Jan ................................. 96 93 100 125 123 121 77 Feb ................................ 99 97 102 124 123 121 80 Mar ................................ 103 98 108 124 122 120 83 Apr ................................ 105 102 108 124 122 120 85 May ................................ 108 105 110 124 122 120 87 June ............................... 107 101 112 124 122 120 86 July r.............................. 107 102 112 123 122 120 87 Aug................................. 109 107 111 123 121 119 89 -------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ Includes items not shown separately. \2\ Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. Note.--The official indexes are published on a 1910--14 base as required by law. The indexes have been converted to a 1990--92=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In July, M2 and M3 rose. _____________________________________________________________________ ______________________________________________________________________ [Averages of daily figures, except debt; billions of dollars, seasonally adjusted] -------------------------------------------------------------------------------------------------------------------------------------------------------- M1 M2 M3 Debt Percent change from year or 6 ------------------------------------------------------------------------- months earlier\2\ Debt of ----------------------------------- Sum of currency, M1 plus retail M2 plus large domestic demand deposits, MMMF balances, time deposits, nonfinancial Period travelers' savings deposits RPs, Euro- sectors checks, and (including MMDAs), dollars, and (monthly M1 M2 M3 Debt other checkable and small time institution- al average of deposits (OCDs) deposits MMMF balances adjacent month- end levels)\1\ -------------------------------------------------------------------------------------------------------------------------------------------------------- 1991:Dec................................... 895.9 3,376.6 4,204.2 11,299.5 8.7 3.0 1.3 4.4 1992:Dec................................... 1,024.0 3,430.7 4,215.0 11,823.7 14.3 1.6 .3 4.6 1993:Dec................................... 1,129.2 3,484.3 4,277.4 12,407.6 10.3 1.6 1.5 4.9 1994:Dec................................... 1,149.8 3,498.8 4,359.8 12,988.4 1.8 .4 1.9 4.7 1995:Dec .................................. 1,126.2 3,641.9 4,625.1 13,694.9 -2.1 4.1 6.1 5.4 1996:Dec .................................. 1,080.5 3,814.8 4,971.3 14,430.8 -4.1 4.7 7.5 5.4 1997:Dec .................................. 1,073.4 4,031.9 5,430.8 15,223.2 -.7 5.7 9.2 5.5 1998:Dec .................................. 1,097.0 4,385.9 r 6,027.8 16,246.1 2.2 8.8 11.0 6.7 1999:Dec .................................. 1,124.8 4,653.3 r 6,527.9 r 17,315.0 2.5 6.1 8.3 6.6 2000:Dec .................................. 1,088.2 4,945.1 r 7,108.4 r 18,222.6 -3.3 6.3 r 8.9 5.2 2000:June ................................. 1,105.3 4,787.8 r 6,807.6 r 17,803.9 -3.5 5.8 8.6 r 5.6 July ................................ r 1,103.4 4,807.9 r 6,857.5 r 17,866.9 -3.6 5.7 r 8.8 5.5 Aug ................................. 1,099.4 4,838.0 r 6,917.7 r 17,924.9 -1.8 6.3 r 9.5 5.5 Sept ................................ 1,096.0 4,870.0 r 6,971.4 r 18,000.9 -3.2 6.3 r 8.9 5.1 Oct ................................. 1,096.1 4,891.4 r 6,995.7 r 18,051.5 -3.9 5.5 r 8.0 4.6 Nov ................................. 1,087.2 4,906.8 r 7,023.7 r 18,133.4 -3.5 5.9 r 7.9 4.6 Dec ................................. 1,088.2 4,945.1 r 7,108.4 r 18,222.6 -3.1 6.6 r 8.8 4.7 2001:Jan r................................. 1,099.5 4,995.2 7,210.1 18,271.5 -.7 7.8 10.3 4.5 Feb r................................ 1,100.2 5,040.3 7,281.7 18,346.8 .1 8.4 10.5 4.7 Mar r................................ 1,112.8 5,100.7 7,351.9 18,440.8 3.1 9.5 10.9 4.9 Apr r................................ 1,117.6 5,146.3 7,468.9 18,502.6 3.9 10.4 13.5 5.0 May r................................ 1,116.9 5,170.7 7,556.4 18,568.3 5.5 10.8 15.2 4.8 June r............................... 1,122.8 5,214.2 7,638.3 p 18,636.4 10.9 14.9 4.5 July................................. 1,135.5 5,252.6 7,679.0 .............. 6.5 10.3 13.0 ....... -------------------------------------------------------------------------------------------------------------------------------------------------------- \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. Note.--See p. 27 for components. Source: Board of Governors of the Federal Reserve System. COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Savings Money market mutual deposits, fund balances Bank- Other ----------------------- Overnight Overnight Short- ers' Nonbank check- including Small Large and term and term Sav- term ac- Period Currency travelers Demand able money denomination denomination repurchase Euro- ings Treas- cept- checks deposits deposits market time depos- Insti- time agreements dollars bonds ury (OCDs) deposit its \1\ Retail tution- deposits \1\ (RPs) (net) * securi- ances accounts al (net) ties * * (MMDAs) -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------ 1991:Dec.................................. 267.1 7.1 289.4 332.3 1,043.8 1,065.6 371.3 189.3 414.9 131.1 92.3 1992:Dec.................................. 292.2 7.6 339.9 384.4 1,186.5 868.1 352.0 213.0 350.2 141.6 79.5 1993:Dec.................................. 321.6 7.5 385.5 414.7 1,219.3 782.0 353.7 215.6 332.1 172.6 72.8 1994:Dec.................................. 354.0 8.0 383.7 404.1 1,149.8 816.3 382.8 208.0 370.5 196.3 86.2 1995:Dec.................................. 372.0 8.5 389.2 356.5 1,134.1 931.5 450.1 261.6 429.5 198.4 93.8 1996:Dec.................................. 393.9 8.3 402.3 276.0 1,271.0 947.0 516.3 320.1 511.8 210.4 114.2 1997:Dec.................................. 424.3 8.1 395.4 245.7 1,397.9 968.4 592.1 391.8 602.9 254.3 150.0 1998:Dec.................................. 459.2 8.2 379.4 250.1 1,599.9 952.2 736.8 531.8 663.9 r 294.5 151.8 1999:Dec.................................. 516.7 8.2 356.1 243.7 1,736.3 956.1 836.2 623.5 739.6 r 338.2 173.3 2000:Dec.................................. 529.9 8.0 311.3 239.0 1,873.5 1,046.2 937.2 r 769.3 829.7 r 367.2 197.1 2000:July................................. 522.4 9.3 332.0 239.6 1,797.7 1,014.3 892.6 r 705.9 794.1 r 362.4 187.2 Aug................................. 523.5 9.3 326.1 240.5 1,816.9 1,023.4 898.3 r 721.7 807.3 r 361.1 189.6 Sept................................ 524.7 8.9 323.2 239.2 1,838.4 1,028.8 906.8 r 738.9 r 806.4 r 363.6 192.5 Oct................................. 526.3 8.4 321.4 240.1 1,845.7 1,033.6 916.0 r 745.4 802.6 r 364.3 191.9 Nov................................. 527.6 8.0 313.5 238.1 1,857.7 1,039.3 922.6 r 753.6 r 807.2 r 361.2 194.9 Dec................................. 529.9 8.0 311.3 239.0 1,873.5 1,046.2 937.2 r 769.3 829.7 r 367.2 197.1 2001:Jan r................................ 534.5 8.1 315.0 241.9 1,890.0 1,052.5 953.2 802.3 846.4 364.9 201.3 Feb r............................... 537.7 8.0 313.1 241.5 1,929.7 1,050.3 960.1 860.2 811.5 356.8 212.9 Mar r............................... 539.8 7.9 316.1 249.1 1,962.9 1,045.1 979.8 889.4 784.2 351.6 226.1 Apr r............................... 542.4 7.8 312.4 255.0 1,992.6 1,041.5 994.6 921.0 807.1 374.2 220.3 May r............................... 545.8 8.0 311.7 251.5 2,028.5 1,040.4 984.8 972.7 817.1 377.5 218.4 June r.............................. 548.1 8.2 310.0 256.5 2,063.0 1,033.7 994.7 1,008.5 821.9 378.0 215.8 July ............................... 553.7 8.6 312.7 260.4 2,088.7 1,022.1 1,006.4 1,015.3 816.7 374.1 220.4 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \1\ Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. 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 Reserves of depository institutions Reserve (NSA) --------------------------------------------------- -------------------------------- Period Nonborrowed Monetary plus base Extended Total Nonborrowed extended Required Total Seasonal credit credit -------------------------------------------------------------------------------------------------------------------------------------------------------- 1991:Dec............................................... 45,493 45,301 45,302 44,504 317,549 192 38 1 1992:Dec............................................... 54,391 54,267 54,268 53,237 350,840 124 18 1 1993:Dec............................................... 60,532 60,450 60,450 59,463 386,510 82 31 0 1994:Dec............................................... 59,420 59,211 59,211 58,261 418,166 209 100 0 1995:Dec............................................... 56,452 56,195 56,195 55,162 434,307 257 40 0 1996:Dec............................................... 50,154 49,999 49,999 48,738 451,712 155 68 0 1997:Dec............................................... 46,848 46,524 46,524 45,164 479,466 324 79 0 1998:Dec............................................... 45,183 45,066 45,066 43,669 513,489 117 15 0 1999:Dec............................................... 41,778 41,457 41,457 40,480 593,094 320 67 0 2000:Dec............................................... 38,507 38,297 38,297 37,182 583,958 210 111 0 2000:Aug............................................... 39,643 39,064 39,064 38,639 577,531 579 554 0 Sept............................................. 39,386 38,908 38,908 38,267 578,335 477 427 0 Oct.............................................. 39,021 38,602 38,602 37,874 579,696 418 299 0 Nov.............................................. 39,023 38,739 38,739 37,821 581,395 283 159 0 Dec.............................................. 38,507 38,297 38,297 37,182 583,958 210 111 0 2001:Jan............................................... 38,827 38,754 38,754 37,574 589,387 73 34 0 Feb ............................................. 38,867 38,815 38,815 37,434 591,117 51 21 0 Mar ............................................. 38,258 38,200 38,200 36,873 r 592,420 58 20 0 Apr.............................................. 38,788 38,737 38,737 37,511 r 595,925 51 35 0 May ............................................. 38,888 38,675 38,675 37,869 r 599,089 213 79 0 June r........................................... 38,774 38,545 38,545 37,414 601,882 229 120 0 July ............................................ 39,601 39,318 39,318 38,194 607,683 283 174 0 Aug p............................................ 39,912 39,729 39,729 38,663 616,597 183 164 0 -------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ Data are prorated averages of biweekly (maintenance period) averages of daily figures. Source: Board of Governors of the Federal Reserve System. BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases fell 0.2 percent in July; commercial and industrial loans fell 1.0 percent. ______________________________________________________________________ ______________________________________________________________________ [Billions of dollars, seasonally adjusted \1\] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Securities in bank credit Loans and leases in bank credit ---------------------------------------------------------------------------------------------------------------------- U.S. Real estate Total bank Treasury ------------------------------- Period credit Total and Other Total Commercial securities agency securities loans and and Revolving Consumer Security Other securi- leases \2\ industrial Total home Other ties equity ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1991:Dec ................................................... r 2,856.1 r 746.4 566.4 180.1 2,109.7 623.2 883.9 74.3 809.6 363.7 53.7 185.2 1992:Dec ................................................... 2,954.7 842.7 665.9 176.8 2,112.0 599.4 906.3 78.4 827.9 355.9 63.0 187.4 1993:Dec ................................................... 3,112.9 916.8 732.2 184.6 2,196.1 589.7 947.6 78.0 869.7 387.2 86.4 185.1 1994:Dec ................................................... 3,318.5 941.3 723.5 217.8 2,377.2 649.7 1,010.9 80.4 930.5 447.5 75.8 193.4 1995:Dec ................................................... r 3,601.4 985.4 r 702.9 282.4 r 2,616.0 723.8 1,089.6 84.4 1,005.3 r 490.7 83.0 228.8 1996:Dec ................................................... r 3,757.2 979.0 699.7 279.3 2,778.2 787.4 1,141.4 90.6 1,050.8 512.0 75.1 262.3 1997:Dec ................................................... r 4,098.6 1,086.5 748.7 337.8 r 3,012.1 855.4 1,246.9 104.7 1,142.2 501.8 93.9 313.9 1998:Dec ................................................... 4,537.2 1,227.6 793.1 434.5 3,309.6 949.5 1,337.6 103.8 1,233.9 r 496.8 143.8 382.0 1999:Dec ................................................... r 4,774.4 1,276.7 809.8 467.0 3,497.7 1,003.0 1,475.5 101.5 1,374.0 r 491.2 147.4 380.6 2000:Dec r.................................................. 5,216.9 1,335.4 787.9 547.5 3,881.5 1,088.6 1,655.9 129.8 1,526.1 542.2 171.8 423.1 2000:July r................................................. 5,068.0 1,308.9 816.5 492.5 3,759.1 1,069.5 1,612.2 118.9 1,493.2 519.9 153.9 403.6 Aug r................................................. 5,106.2 1,315.6 810.0 505.6 3,790.6 1,077.1 1,623.9 119.9 1,504.0 527.8 153.3 408.5 Sept r................................................ 5,158.2 1,331.3 804.1 527.2 3,826.9 1,079.8 1,636.1 121.0 1,515.1 531.5 168.4 411.1 Oct r................................................. 5,144.1 1,315.2 793.7 521.5 3,829.0 1,081.0 1,638.1 123.8 1,514.3 530.8 163.9 415.1 Nov r................................................. 5,164.9 1,311.1 785.5 525.6 3,853.8 1,083.9 1,649.8 126.6 1,523.2 537.1 165.2 417.8 Dec r................................................. 5,216.9 1,335.4 787.9 547.5 3,881.5 1,088.6 1,655.9 129.8 1,526.1 542.2 171.8 423.1 2001:Jan r.................................................. 5,264.3 1,356.7 785.1 571.6 3,907.6 1,101.3 1,659.7 132.2 1,527.5 546.8 169.9 429.9 Feb r................................................. 5,274.3 1,350.9 776.1 574.8 3,923.4 1,106.3 1,670.9 133.9 1,536.9 546.1 168.2 432.0 Mar r................................................. 5,285.3 1,345.7 757.1 588.6 3,939.6 1,104.2 1,679.1 135.8 1,543.3 544.5 174.1 437.7 Apr r................................................. 5,317.1 1,364.2 763.3 600.8 3,952.9 1,099.5 1,688.6 137.2 1,551.4 549.4 179.4 435.9 May r................................................. 5,323.6 1,370.9 765.8 605.0 3,952.7 1,096.4 1,699.0 138.5 1,560.5 553.1 167.8 436.4 June r................................................ 5,317.7 1,380.0 764.1 615.9 3,937.7 1,079.5 1,701.3 139.7 1,561.7 550.9 171.5 434.4 July ................................................. 5,314.1 1,386.0 771.5 614.5 3,928.1 1,069.1 1,707.1 141.3 1,565.8 548.5 169.5 433.9 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \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. \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 Discrep- ----------------------------------------------------- Increase ancy Period Credit market instruments Capital in (sources Total Internal \1\ Total --------------------------------- Total expendi- financial less Total net Net new Loans and Other \2\ tures \3\ assets uses) funds equity Securities short- raised issues Total and term mortgages paper ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1991 .............................................. 514.6 447.5 67.1 -34.6 18.3 -52.9 64.0 -117.0 101.7 514.0 431.7 82.3 0.7 1992 .............................................. 626.7 465.4 161.3 66.6 27.0 39.6 49.5 -9.9 94.7 607.2 462.1 145.1 19.4 1993 .............................................. 728.6 510.7 217.9 61.5 21.3 40.2 65.3 -25.0 156.4 853.1 520.5 332.6 -124.5 1994 .............................................. 808.2 566.6 241.6 78.7 -44.9 123.6 32.8 90.8 162.9 862.2 587.4 274.8 -53.9 1995 .............................................. 1,010.7 619.9 390.8 169.2 -58.3 227.5 110.3 117.2 221.7 1,084.0 660.4 423.6 -73.2 1996 .............................................. 1,074.5 676.0 398.5 79.6 -69.5 149.1 92.2 57.0 318.9 1,091.0 687.7 403.3 -16.6 1997 .............................................. 1,011.1 727.6 283.5 152.0 -114.4 266.5 132.9 133.6 131.4 928.9 778.6 150.3 82.1 1998............................................... 1,367.5 746.5 621.0 125.0 -267.0 392.0 239.5 152.6 495.9 1,424.2 853.6 570.6 -56.7 1999............................................... 1,530.0 804.5 725.5 311.3 -143.5 454.7 306.9 147.9 414.2 1,578.6 940.2 638.4 -48.6 2000............................................... 1,631.2 891.1 740.1 270.7 -166.6 437.3 238.9 198.4 469.5 1,667.2 1,059.6 607.6 -36.0 1999:I............................................. 1,559.8 791.8 768.0 551.5 -52.1 603.6 351.0 252.7 216.4 1,625.8 904.6 721.2 -66.0 II........................................... 1,472.5 796.0 676.5 2.6 -338.4 341.0 361.7 -20.7 673.9 1,506.8 919.5 587.3 -34.3 III.......................................... 1,592.5 802.3 790.2 324.1 -128.4 452.5 271.0 181.5 466.0 1,625.3 945.9 679.4 -32.8 IV........................................... 1,495.2 827.9 667.3 366.9 -55.0 421.9 243.6 178.1 300.4 1,556.5 990.8 565.7 -61.3 2000:I............................................. 1,814.4 862.9 951.5 542.0 61.2 480.8 250.9 229.8 409.4 1,848.6 1,002.8 845.8 -34.2 II........................................... 1,694.4 898.8 795.6 333.3 -245.2 578.5 219.1 359.4 462.3 1,745.1 1,063.7 681.4 -50.7 III.......................................... 1,646.6 914.5 732.1 194.6 -87.7 282.3 237.4 44.9 537.5 1,666.6 1,098.9 567.7 -20.0 IV........................................... 1,369.6 888.2 481.4 12.7 -394.8 407.5 248.1 159.4 468.6 1,408.5 1,073.2 335.3 -39.0 2001:I p........................................... 1,259.8 879.9 379.9 197.9 -33.9 231.8 464.9 -233.1 182.0 1,304.2 1,008.7 295.5 -44.3 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \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. \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 Net change in consumer credit period) outstanding \1\ Period ------------------------------------------------------------------------------------- Total Revolving Nonrevolving \2\ Total Revolving Nonrevolving \2\ -------------------------------------------------------------------------------------------------------------------------------------------------------- 1991:Dec ......................................................... 777.1 263.8 513.3 -12.0 25.2 -37.2 1992:Dec ......................................................... 782.2 278.4 503.7 5.1 14.6 -9.6 1993:Dec ......................................................... 838.8 309.9 528.8 56.6 31.5 25.1 1994:Dec ......................................................... 960.4 365.6 594.9 121.6 55.7 66.1 1995:Dec ......................................................... 1,095.8 443.1 652.7 135.4 77.5 57.8 1996:Dec ......................................................... 1,182.6 499.4 683.1 86.8 56.3 30.4 1997:Dec ......................................................... 1,234.5 531.2 703.3 51.9 31.8 20.2 1998:Dec ......................................................... 1,301.0 560.5 740.5 66.5 29.3 37.2 1999:Dec ......................................................... 1,393.7 595.6 798.0 92.7 35.1 57.5 2000:Dec.......................................................... 1,531.5 663.8 867.6 137.8 68.2 69.6 2000:Aug ......................................................... 1,484.0 645.4 838.6 13.3 6.9 6.4 Sept ....................................................... 1,492.6 649.5 843.1 8.6 4.1 4.5 Oct......................................................... 1,509.4 654.9 854.5 16.8 5.4 11.4 Nov......................................................... 1,525.1 661.0 864.1 15.7 6.1 9.6 Dec......................................................... 1,531.5 663.8 867.6 6.4 2.8 3.5 2001:Jan r........................................................ 1,548.8 669.7 879.2 17.3 5.9 11.6 Feb r....................................................... 1,563.7 682.6 881.1 14.9 12.9 1.9 Mar r....................................................... 1,571.0 689.7 881.3 7.3 7.1 .2 Apr r....................................................... 1,584.4 696.4 888.0 13.4 6.7 6.7 May r....................................................... 1,591.0 699.0 891.9 6.6 2.6 3.9 June r...................................................... 1,589.2 700.3 888.9 -1.8 1.3 -3.0 July p...................................................... 1,589.2 700.3 888.9 .0 .0 .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. Source: Board of Governors of the Federal Reserve System. INTEREST RATES AND BOND YIELDS Interest rates fell in August. ________________________________________________________________________ ________________________________________________________________________ [Percent per annum] -------------------------------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury security yields High-grade ---------------------------------------- municipal Prime Discount New-home Constant maturities \2\ bonds Corporate commercial rate (N.Y. Prime rate Federal mortgage Period 3-month --------------------------- (Standard Aaa bonds paper, 6 F.R. Bank) charged by funds yields bills (new & Poor's) (Moody's) months \1\ \4\ banks \4\ rate \5\ (FHFB) \6\ issues) \1\ 3-year 10-year 30-year \3\ -------------------------------------------------------------------------------------------------------------------------------------------------------- 1991 ......................... 5.42 6.82 7.86 8.14 6.89 8.77 5.85 5.45 8.46 5.69 9.32 1992 ......................... 3.45 5.30 7.01 7.67 6.41 8.14 3.80 3.25 6.25 3.52 8.24 1993.......................... 3.02 4.44 5.87 6.59 5.63 7.22 3.30 3.00 6.00 3.02 7.20 1994.......................... 4.29 6.27 7.09 7.37 6.19 7.96 4.93 3.60 7.15 4.21 7.49 1995.......................... 5.51 6.25 6.57 6.88 5.95 7.59 5.93 5.21 8.83 5.83 7.87 1996.......................... 5.02 5.99 6.44 6.71 5.75 7.37 5.42 5.02 8.27 5.30 7.80 1997.......................... 5.07 6.10 6.35 6.61 5.55 7.26 5.62 5.00 8.44 5.46 7.71 1998.......................... 4.81 5.14 5.26 5.58 5.12 6.53 * 4.92 8.35 5.35 7.07 1999.......................... 4.66 5.49 5.65 5.87 5.43 7.04 * 4.62 8.00 4.97 7.04 2000.......................... 5.85 6.22 6.03 5.94 5.77 7.62 * 5.73 9.23 6.24 7.52 2000:Aug...................... 6.11 6.17 5.83 5.72 5.63 7.55 * 6.00-6.00 9.50-9.50 6.50 7.54 Sept.................... 6.00 6.02 5.80 5.83 5.64 7.62 * 6.00-6.00 9.50-9.50 6.52 7.52 Oct..................... 6.10 5.85 5.74 5.80 5.65 7.55 * 6.00-6.00 9.50-9.50 6.51 7.53 Nov .................... 6.19 5.79 5.72 5.78 5.60 7.45 * 6.00-6.00 9.50-9.50 6.51 7.47 Dec .................... 5.83 5.26 5.24 5.49 5.30 7.21 * 6.00-6.00 9.50-9.50 6.40 7.40 2001:Jan ..................... 5.27 4.77 5.16 5.54 5.15 7.15 * 6.00-5.00 9.50-9.00 5.98 7.20 Feb .................... 4.93 4.71 5.10 5.45 5.21 7.10 * 5.00-5.00 8.50-8.50 5.49 7.10 Mar..................... 4.50 4.43 4.89 5.34 5.19 6.98 * 5.00-4.50 8.50-8.00 5.31 7.04 Apr..................... 3.92 4.42 5.14 5.65 5.33 7.20 * 4.50-4.00 8.00-7.50 4.80 7.07 May..................... 3.67 4.51 5.39 5.78 5.35 7.29 * 4.00-3.50 7.50-7.00 4.21 7.12 June.................... 3.48 4.35 5.28 5.67 5.24 7.18 * 3.50-3.25 7.00-6.75 3.97 7.12 July.................... 3.54 4.31 5.24 5.61 5.22 7.13 * 3.25-3.25 6.75-6.75 3.77 7.11 Aug..................... 3.39 4.04 4.97 5.48 5.06 7.02 * 3.25-3.00 6.75-6.50 3.65 .......... Week ended: 2001:Aug 11................... 3.43 4.10 5.08 5.55 5.11 7.08 * 3.25-3.25 6.75-6.75 3.70 .......... 18................. 3.35 4.03 4.95 5.49 5.06 7.03 * 3.25-3.25 6.75-6.75 3.75 .......... 25................. 3.33 4.01 4.90 5.44 5.03 6.99 * 3.25-3.00 6.75-6.50 3.63 .......... Sept 1.................. 3.35 3.94 4.84 5.40 4.98 6.95 * 3.00-3.00 6.50-6.50 3.52 .......... 8................. 3.36 3.98 4.91 5.45 5.03 6.99 * 3.00-3.00 6.50-6.50 3.63 .......... -------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ Bank-discount basis. \2\ Yields 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. \6\ Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. *Series no longer published by Federal Reserve (FR). See FR release H. 15 Selected Interest Rates, May 12, 1997. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's. COMMON STOCK PRICES AND YIELDS Stock prices fell in August. ______________________________________________________________________ ______________________________________________________________________ ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Common stock prices \1\ Common stock yields ------------------------------------------------------------------------------------------------------------- (percent) \7\ New York Stock Exchange indexes (Dec. 31, 1965=50, except as Nasdaq ------------------------ Period noted) \2\ Dow Jones Standard & composite --------------------------------------------------------------- industrial Poor's composite index (Feb. Dividend- Earnings- average \4\ index (1941- 5, 1971=100) price ratio price Composite Industrial Transportation Utility \3\ Finance 43=10) \5\ \6\ ratio ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1991...................................................... 206.33 258.14 173.99 185.32 150.82 2,929.33 376.18 491.69 3.24 4.79 1992...................................................... 229.01 284.62 201.09 198.91 179.26 3,284.29 415.74 599.26 2.99 4.22 1993...................................................... 249.58 299.99 242.49 228.90 216.42 3,522.06 451.41 715.16 2.78 4.46 1994...................................................... 254.12 315.25 247.29 209.06 209.73 3,793.77 460.42 751.65 2.82 5.83 1995...................................................... 291.15 367.34 269.41 220.30 238.45 4,493.76 541.72 925.19 2.56 6.09 1996...................................................... 358.17 453.98 327.33 249.77 303.89 5,742.89 670.50 1,164.96 2.19 5.24 1997...................................................... 456.54 574.52 414.60 283.82 424.48 7,441.15 873.43 1,469.49 1.77 4.57 1998...................................................... 550.26 681.57 468.69 378.12 516.35 8,625.52 1,085.50 1,794.91 1.49 3.46 1999...................................................... 619.16 774.78 491.60 473.73 530.86 10,464.88 1,327.33 2,728.15 1.25 3.17 2000...................................................... 643.66 810.63 413.60 477.65 553.13 10,734.90 1,427.22 3,783.67 1.15 3.63 2000:Aug.................................................. 666.14 837.23 419.84 459.91 597.17 11,014.51 1,485.46 3,909.60 1.09 .......... Sept................................................ 667.05 829.99 404.23 464.66 616.89 10,967.87 1,468.05 3,875.82 1.10 3.74 Oct................................................. 646.53 803.88 401.37 453.68 596.53 10,440.96 1,390.14 3,333.82 1.15 .......... Nov................................................. 646.64 800.88 434.92 455.66 600.45 10,666.06 1,375.04 3,055.42 1.16 .......... Dec................................................. 645.44 792.66 439.97 444.16 621.62 10,652.41 1,330.93 2,657.81 1.19 3.79 2001:Jan.................................................. 650.55 796.74 471.21 440.36 634.17 10,682.74 1,335.63 2,656.86 1.16 .......... Feb................................................. 648.05 799.38 482.26 424.53 626.41 10,774.57 1,305.75 2,449.57 1.22 .......... Mar................................................. 603.44 744.21 452.36 395.34 583.38 10,081.32 1,185.85 1,986.66 1.33 3.92 Apr................................................. 607.06 747.48 455.22 400.49 587.88 10,234.52 1,189.84 1,933.93 1.32 .......... May................................................. 644.44 798.94 477.21 414.69 618.74 11,004.96 1,270.37 2,181.13 1.23 .......... June................................................ 630.86 782.73 458.60 382.98 622.17 10,767.20 1,238.71 2,112.05 1.26 3.01 July................................................ 613.36 756.04 469.80 374.11 614.54 10,444.50 1,204.45 2,033.98 1.30 .......... Aug................................................. 604.52 748.65 458.39 357.76 605.59 10,314.68 1,178.51 1,929.71 1.34 .......... Week ended: 2001:Aug 11............................................... 607.93 750.79 464.17 361.51 612.72 10,373.67 1,192.40 1,989.64 1.33 .......... 18............................................. 605.40 749.08 456.82 357.53 608.94 10,361.47 1,179.93 1,932.60 1.34 .......... 25............................................. 602.62 747.74 452.35 353.28 603.00 10,284.69 1,168.20 1,866.49 1.35 .......... Sept 1.............................................. 594.45 739.16 452.13 350.07 589.21 10,112.92 1,150.39 1,843.53 1.37 .......... 8............................................. 580.38 722.95 449.27 342.11 571.02 9,869.36 1,114.22 1,730.78 1.39 .......... ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \1\ Average of daily closing prices. \2\ Includes all the stocks (more than 3,500) listed on the NYSE. \3\ Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index to facilitate trading of options and futures on the index. All indexes shown here reflect the doubling. \4\ Includes 30 stocks. \5\ Includes 500 stocks. \6\ Includes over 5,000 stocks. \7\ Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings- price ratios based on prices at end of quarter. Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor's, and the National Association of Securities Dealers, Inc. FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 10 months of fiscal 2001, there was a surplus of $171.5 billion, compared with a surplus of $181.6 billion a year earlier. ______________________________________________________________________ ______________________________________________________________________ [Billions of dollars] -------------------------------------------------------------------------------------------------------------------------------------------------------- Total On-budget Off-budget Federal debt (end -------------------------------------------------------------------------------------------- of period) Surplus Surplus Surplus ------------------- Fiscal year or period or or or Held by Receipts Outlays deficit Receipts Outlays deficit Receipts Outlays deficit Gross the (-) (-) (-) Federal public -------------------------------------------------------------------------------------------------------------------------------------------------------- 1984.................................... 666.5 851.9 -185.4 500.4 686.1 -185.7 166.1 165.8 0.3 1,564.7 1,307.0 1985.................................... 734.1 946.4 -212.3 547.9 769.6 -221.7 186.2 176.8 9.4 1,817.5 1,507.4 1986.................................... 769.2 990.5 -221.2 569.0 807.0 -238.0 200.2 183.5 16.7 2,120.6 1,740.8 1987.................................... 854.4 1,004.1 -149.8 641.0 810.3 -169.3 213.4 193.8 19.6 2,346.1 1,889.9 1988.................................... 909.3 1,064.5 -155.2 667.8 861.8 -194.0 241.5 202.7 38.8 2,601.3 2,051.8 1989.................................... 991.2 1,143.7 -152.5 727.5 932.8 -205.2 263.7 210.9 52.8 2,868.0 2,191.0 1990.................................... 1,032.0 1,253.2 -221.2 750.3 1,028.1 -277.8 281.7 225.1 56.6 3,206.6 2,411.8 1991.................................... 1,055.0 1,324.4 -269.4 761.2 1,082.7 -321.6 293.9 241.7 52.2 3,598.5 2,689.3 1992.................................... 1,091.3 1,381.7 -290.4 788.9 1,129.3 -340.5 302.4 252.3 50.1 4,002.1 3,000.1 1993.................................... 1,154.4 1,409.5 -255.1 842.5 1,142.9 -300.5 311.9 266.6 45.3 4,351.4 3,248.8 1994.................................... 1,258.6 1,461.9 -203.3 923.6 1,182.5 -258.9 335.0 279.4 55.7 4,643.7 3,433.4 1995.................................... 1,351.8 1,515.8 -164.0 1,000.8 1,227.2 -226.4 351.1 288.7 62.4 4,921.0 3,604.8 1996.................................... 1,453.1 1,560.6 -107.5 1,085.6 1,259.7 -174.1 367.5 300.9 66.6 5,181.9 3,734.5 1997.................................... 1,579.3 1,601.3 -22.0 1,187.3 1,290.7 -103.4 392.0 310.6 81.4 5,369.7 3,772.8 1998.................................... 1,721.8 1,652.6 69.2 1,306.0 1,336.0 -30.0 415.8 316.6 99.2 5,478.7 3,721.6 1999.................................... 1,827.5 1,702.9 124.6 1,383.0 1,382.1 .9 444.5 320.8 123.7 5,606.1 3,632.9 2000.................................... 2,025.2 1,788.8 236.4 1,544.6 1,458.1 86.6 480.6 330.8 149.8 5,629.0 3,410.1 2001 (estimates) r...................... 2,012.7 1,854.9 157.8 1,510.6 1,508.7 1.9 502.1 346.2 155.9 5,753.5 3,300.0 Cumulative total, first 10 months: \1\ Fiscal year 2000.................... 1,667.4 1,485.8 181.6 1,266.3 1,227.0 39.3 401.1 258.8 142.3 5,613.3 3,432.6 Fiscal year 2001.................... 1,709.2 1,537.7 171.5 1,282.1 1,267.2 14.9 427.1 270.5 156.6 5,676.2 3,244.2 -------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ Data from current issue Monthly Treasury Statement. Note.--Data for fiscal 2001 are from Mid-Session Review, Budget of the United States Government, Fiscal Year 2002, issued August 22, 2001. Other 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. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 10 months of fiscal 2001, receipts were $41.8 billion higher than a year earlier and outlays were $51.9 billion higher. ______________________________________________________________________ ______________________________________________________________________ [Billions of dollars] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ On-budget and off-budget receipts On-budget and off-budget outlays ------------------------------------------------------------------------------------------------------------------------------------------------ Social National defense Individ- Cor- insur- --------------------- Inter- Fiscal year or period ual pora- ance and Department nation- Income Social Net Total income tion retire- Other Total of al Health Medicare security security inter- Other taxes income ment Total Defense, affairs est taxes receipts military ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1984........................................... 666.5 298.4 56.9 239.4 71.8 851.9 227.4 220.9 15.9 30.4 57.5 112.7 178.2 111.1 118.6 1985........................................... 734.1 334.5 61.3 265.2 73.1 946.4 252.7 245.2 16.2 33.5 65.8 128.2 188.6 129.5 131.8 1986........................................... 769.2 349.0 63.1 283.9 73.2 990.5 273.4 265.5 14.2 35.9 70.2 119.8 198.8 136.0 142.2 1987........................................... 854.4 392.6 83.9 303.3 74.6 1,004.1 282.0 274.0 11.6 40.0 75.1 123.3 207.4 138.7 126.1 1988........................................... 909.3 401.2 94.5 334.3 79.3 1,064.5 290.4 281.9 10.5 44.5 78.9 129.4 219.3 151.8 139.7 1989........................................... 991.2 445.7 103.3 359.4 82.8 1,143.7 303.6 294.9 9.6 48.4 85.0 136.1 232.5 169.0 159.5 1990........................................... 1,032.0 466.9 93.5 380.0 91.5 1,253.2 299.3 289.8 13.8 57.7 98.1 147.1 248.6 184.4 204.2 1991........................................... 1,055.0 467.8 98.1 396.0 93.1 1,324.4 273.3 262.4 15.9 71.2 104.5 170.3 269.0 194.5 225.8 1992........................................... 1,091.3 476.0 100.3 413.7 101.4 1,381.7 298.4 286.9 16.1 89.5 119.0 197.0 287.6 199.4 174.7 1993........................................... 1,154.4 509.7 117.5 428.3 98.9 1,409.5 291.1 278.6 17.2 99.4 130.6 207.3 304.6 198.7 160.6 1994........................................... 1,258.6 543.1 140.4 461.5 113.7 1,461.9 281.6 268.6 17.1 107.1 144.7 214.1 319.6 203.0 174.7 1995........................................... 1,351.8 590.2 157.0 484.5 120.1 1,515.8 272.1 259.4 16.4 115.4 159.9 220.5 335.8 232.2 163.6 1996........................................... 1,453.1 656.4 171.8 509.4 115.4 1,560.6 265.8 253.2 13.5 119.4 174.2 226.0 349.7 241.1 171.0 1997........................................... 1,579.3 737.5 182.3 539.4 120.2 1,601.3 270.5 258.3 15.2 123.8 190.0 230.9 365.3 244.0 161.5 1998........................................... 1,721.8 828.6 188.7 571.8 132.7 1,652.6 268.5 256.1 13.1 131.4 192.8 233.2 379.2 241.2 193.2 1999........................................... 1,827.5 879.5 184.7 611.8 151.5 1,702.9 274.9 261.4 15.2 141.1 190.4 237.7 390.0 229.7 223.8 2000........................................... 2,025.2 1,004.5 207.3 652.9 160.6 1,788.8 294.5 281.2 17.2 154.5 197.1 247.9 409.4 223.2 244.9 2001 (estimates) r ............................ 2,012.7 1,014.3 155.4 689.4 153.6 1,854.9 303.6 288.3 16.6 173.8 217.4 265.1 433.5 204.2 240.7 Cumulative total, first 10 months: \1\ Fiscal year 2000............................. 1,667.4 832.0 159.2 544.5 131.8 1,485.8 240.8 230.4 16.4 126.1 163.8 208.8 340.2 190.2 199.4 Fiscal year 2001............................. 1,709.2 861.0 140.5 584.1 123.5 1,537.7 250.4 239.0 14.9 142.4 177.7 223.5 360.5 179.5 188.7 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \1\ Data from current issue Monthly Treasury Statement. Note.--Data for fiscal 2001 are from Mid-Session Review, Budget of the United States Government, Fiscal Year 2002, issued August 22, 2001. Other 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. FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the second quarter of 2001, according to preliminary estimates, Federal current receipts rose $5.3 billion (annual rate), while Federal current expenditures rose $21.3 billion. ________________________________________________________________________ ________________________________________________________________________ [Billions of dollars; quarterly data at seasonally adjusted annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Federal Government current receipts Federal Government current expenditures ------------------------------------------------------------------------------------------------------------------------------ Subsi- Current dies surplus or Contri- Con- less deficit (- Personal Corporate Indirect butions sump- Trans- Grants-in- current ), national Period tax and profits business for tion fer aid to Net surplus Less: Wage income and Total nontax tax tax and social Total expen- pay- State and interest of accruals less product receipts accruals nontax insur- di- ments local paid Govern- disbursements accounts accruals ance tures governments ment enter- prises ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Calendar year: 1992 .............................................. 1,121.3 479.4 118.8 81.3 441.8 1,418.9 445.8 565.2 149.1 229.2 29.6 0.0 -297.5 1993 .............................................. 1,197.3 509.9 138.5 85.3 463.7 1,471.5 442.6 597.9 162.6 230.2 38.2 .0 -274.1 1994 .............................................. 1,293.7 547.8 156.7 95.2 493.9 1,506.0 439.7 618.6 174.5 239.6 33.6 .0 -212.3 1995 .............................................. 1,383.7 591.8 179.3 93.0 519.6 1,575.7 439.2 652.1 184.5 267.5 32.4 .0 -192.0 1996 .............................................. 1,499.1 670.0 190.6 95.1 543.3 1,635.9 445.3 691.6 190.4 273.6 35.1 .0 -136.8 1997 .............................................. 1,625.5 751.9 203.0 93.7 577.0 1,678.8 456.9 717.5 196.8 276.2 31.5 .0 -53.3 1998 .............................................. 1,749.7 834.9 204.2 97.4 613.1 1,705.9 453.1 730.6 210.3 278.5 33.4 .0 43.8 1999 .............................................. 1,872.8 903.3 218.3 100.6 650.6 1,753.6 469.6 746.1 230.5 263.9 43.4 .0 119.2 2000 .............................................. 2,046.8 1,009.5 234.7 111.2 691.5 1,828.3 493.7 779.3 245.6 262.9 46.8 .0 218.6 1998:I .............................................. 1,708.0 805.8 205.1 96.0 601.1 1,688.4 444.2 727.9 205.2 280.8 30.3 .0 19.6 II ............................................ 1,733.8 825.0 203.4 96.5 608.9 1,700.8 456.5 726.3 206.4 280.0 31.6 .0 33.0 III ........................................... 1,768.9 844.8 208.3 98.6 617.2 1,703.2 449.9 729.7 209.9 279.7 34.0 .0 65.7 IV ............................................ 1,788.2 864.1 200.3 98.5 625.3 1,731.1 461.8 738.5 219.6 273.3 37.9 .0 57.0 1999:I .............................................. 1,818.2 871.3 212.2 97.2 637.5 1,733.0 462.3 740.1 225.5 265.3 39.9 .0 85.2 II ............................................ 1,849.5 891.8 213.8 97.9 646.0 1,733.0 457.9 744.1 223.8 264.6 42.6 .0 116.5 III ........................................... 1,886.9 914.3 216.3 101.0 655.4 1,754.9 470.6 744.0 233.4 262.1 44.9 .0 132.0 IV ............................................ 1,936.5 935.9 230.8 106.1 663.7 1,793.4 487.6 756.5 239.3 263.7 46.3 .0 143.1 2000:I .............................................. 2,003.0 976.6 239.3 108.6 678.5 1,790.2 483.4 758.7 237.2 264.2 46.7 .0 212.8 II ............................................ 2,042.5 1,001.1 242.3 111.5 687.6 1,833.4 503.8 775.1 244.2 264.4 46.0 .0 209.1 III ........................................... 2,064.3 1,019.8 237.6 111.9 695.0 1,834.4 493.6 780.5 250.9 262.9 46.5 .0 229.9 IV ............................................ 2,077.5 1,040.5 219.4 112.7 704.9 1,855.0 494.1 802.9 250.1 259.9 48.1 .0 222.5 2001:I .............................................. 2,087.4 1,051.4 205.0 112.2 718.8 1,882.1 507.5 811.7 264.0 253.5 45.4 .0 205.3 II r........................................... 2,092.7 1,059.6 199.8 111.1 722.1 1,903.4 509.8 822.5 281.2 242.2 47.7 .0 189.3 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Source: Department of Commerce, Bureau of Economic Analysis. INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES--MAJOR INDUSTRIAL COUNTRIES ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Industrial production (1992=100; seasonally adjusted) Consumer prices (1982-84=100; NSA) --------------------------------------------------------------------------------------------------------------------------------------- Period United Ger- United United Ger- United States Canada Japan France many Italy Kingdom States \1\ Canada Japan France many Italy Kingdom ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1991.................................................... 97.0 98.9 106.1 101.1 102.3 101.3 99.7 136.2 143.1 115.0 137.2 116.2 170.5 156.9 1992.................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 140.3 145.3 117.0 140.4 122.1 179.5 162.7 1993.................................................... 103.5 104.5 96.5 96.3 92.4 97.9 102.2 144.5 147.9 118.4 143.4 127.6 187.7 165.3 1994.................................................... 109.1 111.3 97.8 100.1 95.6 103.9 107.7 148.2 148.2 119.3 145.8 131.1 195.3 169.3 1995.................................................... 114.3 116.3 100.9 102.6 96.8 109.2 109.5 152.4 151.4 119.1 148.4 133.3 205.6 175.2 1996.................................................... 119.6 117.9 103.3 103.5 97.4 107.1 110.7 156.9 153.8 119.3 151.4 135.2 213.8 179.4 1997.................................................... 127.7 123.1 107.0 107.3 100.8 111.1 111.8 160.5 156.3 121.3 153.2 137.8 218.2 185.1 1998.................................................... 134.0 126.0 99.9 112.9 105.0 112.3 112.7 163.0 157.8 122.1 154.2 139.1 222.5 191.4 1999.................................................... 139.6 131.6 100.8 115.3 106.7 112.3 113.3 166.6 160.5 121.8 155.0 139.9 226.2 194.3 2000 p.................................................. 147.5 139.1 106.5 119.0 113.7 117.7 115.0 172.2 164.9 120.9 157.6 142.6 231.9 200.1 2000:May................................................ 147.2 139.8 105.2 118.2 115.0 118.9 115.1 171.5 164.2 121.3 157.4 141.7 231.3 200.6 June.............................................. 147.9 140.0 107.0 118.3 112.1 117.8 115.4 172.4 165.2 120.9 157.7 142.5 231.9 201.0 July.............................................. 147.6 139.8 106.8 120.0 115.2 116.7 116.0 172.8 165.8 120.7 157.4 143.2 232.4 200.3 Aug ............................................. 148.6 140.4 109.6 120.0 116.0 118.1 116.4 172.8 165.5 120.7 157.7 142.9 232.6 200.3 Sept ............................................ 149.0 139.7 106.2 119.3 115.4 118.1 115.4 173.7 166.2 121.0 158.7 143.6 233.0 201.7 Oct............................................... 148.7 140.1 107.6 119.8 114.5 117.2 115.3 174.0 166.5 121.2 158.4 143.3 233.8 201.6 Nov............................................... 148.2 139.7 107.5 120.2 115.1 118.4 115.6 174.1 167.1 120.9 158.8 143.6 234.4 202.2 Dec .............................................. 147.3 139.0 108.8 120.6 115.3 120.9 114.8 174.0 167.2 120.9 158.7 143.7 234.6 202.3 2001:Jan ............................................... 146.0 137.9 104.6 120.7 117.2 118.6 114.9 175.1 166.6 120.9 158.1 144.4 235.6 201.0 Feb .............................................. 145.4 137.8 105.3 120.9 117.3 118.5 114.5 175.8 167.4 120.6 158.5 145.3 236.5 202.1 Mar .............................................. 145.0 138.1 103.2 120.5 115.5 119.1 114.1 176.2 167.9 120.5 159.1 145.5 236.7 202.3 Apr .............................................. r 144.6 138.5 101.2 120.0 113.6 116.7 113.9 176.9 169.1 120.7 159.9 146.0 237.7 203.4 May .............................................. r 144.2 138.9 100.2 120.4 114.6 116.9 112.9 177.7 170.6 120.7 161.0 146.7 238.3 204.7 June ............................................. r 143.0 ........ 99.4 ....... ....... ........ ......... 178.0 170.7 120.3 161.0 146.9 238.9 204.9 July p............................................ 142.8 ........ ....... ....... ....... ........ ......... 177.5 170.1 ....... 160.7 146.9 239.1 203.6 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \1\ Data relate to all urban consumers. 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) Services (BOP Balance of trade (exports minus -------------------------------------------------------------------------------------------------------------------------------- basis) imports) Census basis (by end-use category) Census basis (by end-use category) ---------------------------------------------------------- ------------------------------------------------------ -------------------------------------------------------- BOP basis Auto- Con- ----------------------------- Indus- mo- sumer Indus- Auto- Con- Period Foods, trial Capital tive goods Foods, trial Capital motive sumer BOP Total, feeds, sup- goods vehi- (non- BOP Total, sup- goods vehi- goods Ex- Im- Goods, basis Census and plies except cles, food) basis Census feeds, plies except cles, (non- ports ports Census Serv- Goods and basis \1\ bev- and auto- parts except basis \1\ and and auto- parts food) basis Goods ices services erages mate- motive and auto- bev- mate- motive and en- except rials en- mo- erages rials gines auto- gines tive motive ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1991......................................... 414.1 421.7 35.7 109.7 166.7 40.0 45.9 491.0 488.5 26.5 131.6 120.7 85.7 108.0 164.3 118.5 -66.7 -76.9 45.8 -31.1 1992......................................... 439.6 448.2 40.3 109.1 175.9 47.0 51.4 536.5 532.7 27.6 138.6 134.3 91.8 122.7 176.9 116.5 -84.5 -96.9 60.4 -36.5 1993......................................... 456.9 465.1 40.6 111.8 181.7 52.4 54.7 589.4 580.7 27.9 145.6 152.4 102.4 134.0 185.9 122.3 -115.6 -132.5 63.7 -68.8 1994......................................... 502.9 512.6 42.0 121.4 205.0 57.8 60.0 668.7 663.3 31.0 162.1 184.4 118.3 146.3 201.0 131.9 -150.6 -165.8 69.2 -96.7 1995......................................... 575.2 584.7 50.5 146.2 233.0 61.8 64.4 749.4 743.5 33.2 181.8 221.4 123.8 159.9 219.2 141.4 -158.8 -174.2 77.8 -96.4 1996 ........................................ 612.1 625.1 55.5 147.7 253.0 65.0 70.1 803.1 795.3 35.7 204.5 228.1 128.9 172.0 240.0 150.9 -170.2 -191.0 89.2 -101.8 1997 ........................................ 678.4 689.2 51.5 158.2 294.5 74.0 77.4 876.5 869.7 39.7 213.8 253.3 139.8 193.8 256.6 166.3 -180.5 -198.1 90.4 -107.8 1998 ........................................ 670.4 682.1 46.4 148.3 299.4 72.4 80.3 917.1 911.9 41.2 200.1 269.5 148.7 217.0 262.3 182.4 -229.8 -246.7 79.9 -166.8 1999 ........................................ 684.6 695.8 45.5 147.0 310.9 75.1 82.0 1,030.0 1,024.6 43.6 222.0 295.3 179.0 241.7 272.8 189.2 -328.8 -345.4 83.6 -261.8 2000 ........................................ 772.2 781.9 47.5 171.9 357.0 80.2 90.6 1,224.4 1,218.0 46.0 299.8 346.7 195.9 281.4 293.5 217.0 -436.1 -452.2 76.5 -375.7 2000:June ................................... 65.4 66.3 4.0 14.2 30.5 6.9 7.7 103.3 102.8 3.9 25.8 29.2 16.5 23.5 24.8 18.0 -36.6 -37.8 6.8 -31.0 July .................................. 65.1 65.8 4.1 14.0 30.9 6.5 7.6 103.2 103.0 3.9 25.9 29.1 16.5 23.5 24.4 18.3 -37.2 -38.1 6.1 -32.0 Aug ................................... 67.4 68.1 4.2 14.7 31.6 7.0 7.8 104.2 103.9 3.9 25.4 29.8 16.7 23.8 24.4 18.4 -35.7 -36.8 6.0 -30.8 Sept .................................. 66.8 67.5 4.0 15.1 31.2 6.6 7.7 106.5 105.8 3.9 26.5 30.7 16.5 24.2 24.4 19.2 -38.3 -39.7 5.2 -34.5 Oct ................................... 65.8 66.6 4.0 15.0 30.6 6.6 7.5 106.0 105.4 3.8 26.3 30.0 16.6 24.5 24.6 18.4 -38.8 -40.2 6.2 -34.0 Nov ................................... 65.9 66.7 3.9 15.1 30.7 6.4 7.6 104.8 104.2 3.9 25.5 29.5 16.3 24.7 24.6 18.6 -37.5 -39.0 6.0 -33.0 Dec ................................... 64.6 65.4 3.9 14.3 30.2 6.3 7.6 103.9 103.4 3.8 26.4 29.8 15.4 23.9 24.7 18.6 -38.0 -39.4 6.1 -33.3 2001:Jan .................................... 65.3 66.2 4.0 14.3 31.2 6.0 7.8 104.4 103.9 3.9 26.6 29.2 15.7 24.3 24.8 19.0 -37.7 -39.1 5.8 -33.3 Feb ................................... 65.7 66.5 4.1 14.5 31.3 5.9 7.9 100.4 99.8 3.8 24.8 28.5 15.6 23.1 24.7 18.7 -33.3 -34.6 6.0 -28.6 Mar ................................... 63.9 64.7 4.2 14.4 29.4 6.1 7.9 102.7 102.1 3.7 24.9 28.7 15.5 25.4 24.8 19.1 -37.4 -38.8 5.7 -33.1 Apr ................................... 62.2 62.9 4.1 14.0 27.9 6.1 7.9 99.8 99.2 3.7 24.9 25.9 16.1 24.3 24.8 19.1 -36.3 -37.7 5.7 -32.0 May r.................................. 62.8 63.7 4.0 13.9 28.3 6.3 8.1 97.3 96.5 3.7 24.6 24.6 15.7 23.6 24.9 18.9 -32.8 -34.4 6.0 -28.5 June p................................. 60.8 61.7 3.9 13.5 27.1 6.6 7.4 96.5 95.9 3.9 23.9 24.3 16.1 23.7 25.1 18.8 -34.2 -35.7 6.3 -29.4 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- \1\ Total includes ``other'' exports or imports, not shown separately. Note.--BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). U.S. INTERNATIONAL TRANSACTIONS In the first quarter of 2001, the goods deficit fell to $112.5 billion, from $118.5 billion in the fourth quarter. The current account deficit fell to $109.6 billion in the first quarter, from $116.3 billion in the fourth quarter. ________________________________________________________________________ ________________________________________________________________________ [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (-)] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Goods \1\ Services Income receipts and payments ------------------------------------------------------------------------------ ------------------------------------- Net Balance on Unilateral Balance on Period Net military travel Other goods and current current Exports Imports Balance on trans- actions and trans- services, services Receipts Payments Balance on transfers, account goods \2\ \3\ porta- net income net \4\ tion ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1991 .................................. 414,083 -491,020 -76,937 -5,274 16,561 34,516 -31,135 149,214 -125,084 24,130 10,752 3,747 1992 .................................. 439,631 -536,528 -96,897 -1,448 19,969 41,918 -36,457 132,056 -109,101 22,954 -35,013 -48,515 1993 .................................. 456,943 -589,394 -132,451 1,385 19,714 42,562 -68,791 134,159 -110,255 23,904 -37,637 -82,523 1994 .................................. 502,859 -668,690 -165,831 2,570 16,305 50,278 -96,678 165,438 -148,744 16,694 -38,260 -118,244 1995 .................................. 575,204 -749,374 -174,170 4,600 21,772 51,410 -96,388 211,502 -190,955 20,547 -34,057 -109,898 1996 .................................. 612,113 -803,113 -191,000 5,385 25,015 58,757 -101,843 225,846 -204,859 20,987 -40,081 -120,937 1997 .................................. 678,366 -876,485 -198,119 4,968 22,152 63,234 -107,765 260,558 -251,808 8,750 -40,794 -139,809 1998 .................................. 670,416 -917,112 -246,696 5,265 10,145 64,458 -166,828 259,238 -265,440 -6,202 -44,427 -217,457 1999 .................................. 684,553 -1,029,987 -345,434 2,586 7,113 73,897 -261,838 285,302 -298,915 -13,613 -48,913 -324,364 2000 .................................. 772,210 -1,224,417 -452,207 500 3,180 72,788 -375,739 352,866 -367,658 -14,792 -54,136 -444,667 1998:I ................................ 170,998 -226,372 -55,374 1,709 3,419 15,368 -34,878 66,190 -64,937 1,253 -9,866 -43,491 II .............................. 165,511 -228,721 -63,210 1,611 3,118 16,009 -42,472 66,715 -66,490 225 -10,154 -52,401 III ............................. 164,081 -228,010 -63,929 807 1,820 15,830 -45,472 62,768 -67,103 -4,335 -10,731 -60,538 IV .............................. 169,826 -234,009 -64,183 1,138 1,788 17,246 -44,011 63,565 -66,908 -3,343 -13,671 -61,025 1999:I ................................ 164,716 -238,709 -73,993 1,031 2,108 17,982 -52,872 64,893 -67,418 -2,525 -11,051 -66,448 II .............................. 166,267 -250,557 -84,290 1,220 1,887 18,317 -62,866 68,703 -71,619 -2,916 -11,596 -77,378 III ............................. 173,045 -264,777 -91,732 296 1,566 18,735 -71,135 73,506 -78,673 -5,167 -11,761 -88,063 IV .............................. 180,525 -275,944 -95,419 39 1,552 18,860 -74,968 78,202 -81,204 -3,002 -14,504 -92,474 2000:I ................................ 185,142 -292,547 -107,405 139 929 19,015 -87,322 82,389 -88,046 -5,657 -11,924 -104,903 II .............................. 191,558 -303,229 -111,671 528 1,571 18,788 -90,784 89,253 -94,142 -4,889 -12,461 -108,134 III ............................. 199,273 -313,884 -114,611 -212 177 17,306 -97,340 88,739 -93,624 -4,885 -13,080 -115,305 IV .............................. 196,237 -314,757 -118,520 45 500 17,682 -100,293 92,486 -91,844 642 -16,673 -116,324 2001:I p............................... 194,942 -307,462 -112,520 -162 -98 17,765 -95,015 86,608 -89,698 -3,090 -11,457 -109,562 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \1\ Adjusted from Census data for differences in timing and coverage; excludes military. \2\ Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). \3\ Quarterly data are not seasonally adjusted. \4\ Includes transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. U.S. INTERNATIONAL TRANSACTIONS--Continued In the financial account, U.S. claims on foreigners reported by U.S. banks increased $90.0 billion in the first quarter of 2001, following an increase of $71.6 billion in the fourth quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, decreased $0.5 billion in the first quarter, in contrast to an increase of $43.4 billion in the fourth quarter. ______________________________________________________________________ ______________________________________________________________________ [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (-)] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Financial account Statistical discrepancy ----------------------------------------------------------------------------------------------------------------- U.S. U.S.-owned assets abroad, net [increase/financial Foreign-owned assets in the U.S., official Capital outflow (-)] net [increase/financial inflow Total (sum reserve Period account ---------------------------------------------------- (+)] of the Of which: assets, net transactions, Other U.S. ------------------------------------ items with Seasonal \5\ net \3\ U.S. official Govern- U.S. Foreign Other sign adjustment (unadjusted, Total reserve ment private Total official foreign reversed) discrepancy end of assets \3\ \5\ assets \3\ assets assets \3\ assets period) ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1991 ............................................. -4,479 -64,388 5,763 2,924 -73,075 110,808 17,389 93,420 -45,688 ........... 77,721 1992 ............................................. 612 -74,410 3,901 -1,667 -76,644 170,663 40,477 130,186 -48,350 ........... 71,323 1993 ............................................. -88 -200,552 -1,379 -351 -198,822 282,040 71,753 210,287 1,123 ........... 73,442 1994 ............................................. -469 -176,056 5,346 -390 -181,012 305,989 39,583 266,406 -11,220 ........... 74,335 1995 ............................................. 372 -352,376 -9,742 -984 -341,650 465,684 109,880 355,804 -3,782 ........... 85,832 1996 ............................................. 693 -413,923 6,668 -989 -419,602 586,038 126,724 459,314 -51,871 ........... 75,089 1997 ............................................. 350 -487,599 -1,010 68 -486,657 759,290 19,036 740,254 -132,232 ........... 69,954 1998 ............................................. 678 -359,632 -6,783 -422 -352,427 504,464 -19,948 524,412 71,947 ........... 81,761 1999 ............................................. -3,491 -437,067 8,747 2,751 -448,565 813,744 43,551 770,193 -48,822 ........... 71,516 2000 ............................................. 705 -580,952 -290 -944 -579,718 1,024,218 37,619 986,599 696 ........... 67,647 1998:I ........................................... 163 -75,937 -444 -80 -75,413 96,654 10,999 85,655 22,611 6,211 69,353 II ......................................... 168 -139,964 -1,945 -483 -137,536 173,254 -10,230 183,484 18,943 -1,431 71,161 III ........................................ 164 -60,247 -2,025 188 -58,410 96,248 -46,639 142,887 24,373 -11,256 75,676 IV ......................................... 183 -83,486 -2,369 -47 -81,070 138,308 25,922 112,386 6,020 6,476 81,761 1999:I ........................................... 158 -43,657 4,068 118 -47,843 130,758 4,164 126,594 -20,811 6,425 74,359 II ......................................... 167 -170,707 1,159 -392 -171,474 278,047 -736 278,783 -30,129 -711 71,689 III ........................................ 173 -114,931 1,951 -686 -116,196 172,119 12,721 159,398 30,702 -10,320 73,414 IV ......................................... -3,989 -107,769 1,569 3,711 -113,049 232,820 27,402 205,418 -28,588 4,602 71,516 2000:I ........................................... 173 -198,105 -554 -127 -197,424 256,782 22,498 234,284 46,053 8,501 70,789 II ......................................... 173 -93,573 2,020 -572 -95,021 250,007 6,447 243,560 -48,473 -2,380 67,955 III ........................................ 175 -107,727 -346 114 -107,495 222,108 12,247 209,861 749 -9,977 66,256 IV ......................................... 184 -181,548 -1,410 -359 -179,779 295,321 -3,573 298,894 2,367 3,856 67,647 2001:I p.......................................... 174 -156,937 190 68 -157,195 237,503 4,091 233,412 28,822 8,945 64,222 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \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. U.S. GOVERNMENT PRINTING OFFICE : 2001 75-083 Contents TOTAL OUTPUT, INCOME, AND SPENDING Page Gross Domestic Product............. 1 Real Gross Domestic Product........ 2 Implicit Price Deflators for Gross Domestic Product. 2 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes. 3 Nonfinancial Corporate Business-- Output, Price, Costs, and Profits. 3 National Income.................... 4 Real Personal Consumption Expenditures. 4 Sources of Personal Income......... 5 Disposition of Personal Income..... 6 Farm Income........................ 7 Corporate Profits.................. 8 Real Gross Private Domestic Investment. 9 Real Private Fixed Investment by Type. 10 Business Investment................ 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force.......... 11 Selected Unemployment Rates........ 12 Selected Measures of Unemployment and Unemployment Insurance Programs. 13 Nonagricultural Employment......... 14 Average Weekly Hours, Hourly Earnings, and Weekly Earnings-- Private Nonagricultural Industries. 15 Employment Cost Index--Private Industry. 15 Productivity and Related Data, Business Sector. 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization. 17 Industrial Production--Major Market Groups and Selected Manufactures. 18 New Construction................... 19 New Private Housing and Vacancy Rates. 19 Business Sales and Inventories-- Manufacturing and Trade. 20 Manufacturers' Shipments, Inventories, and Orders. 21 PRICES Producer Prices.................... 22 Consumer Prices--All Urban Consumers. 23 Changes in Producer Prices for Finished Goods. 24 Changes in Consumer Prices--All Urban Consumers. 24 Prices Received and Paid by Farmers 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures...... 26 Components of Money Stock.......... 27 Aggregate Reserves and Monetary Base. 27 Bank Credit at All Commercial Banks 28 Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business. 29 Consumer Credit.................... 29 Interest Rates and Bond Yields..... 30 Common Stock Prices and Yields..... 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt 32 Federal Receipts by Source and Outlays by Function. 33 Federal Sector, National Income Accounts Basis. 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices--Major Industrial Countries. 35 U.S. International Trade in Goods and Services. 35 U.S. International Transactions.... 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. ____________________________________ 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.