Categories
Economic Indicators

Total output, income and spending

Total output, income and spending – Illustration

TOTAL OUTPUT, INCOME AND SPENDING

GROSS DOMESTIC PRODUCT

In the fourth quarter of 2002, according to revised estimates,

current-dollar gross domestic product (GDP) rose 3.2 percent

(annual rate), real GDP (GDP in chained 1996 dollars) rose 1.4

percent, and the implicit price deflator rose 1.8 percent.

[GRAPHIC OMITTED]

[Billions of current dollars; quarterly data at seasonally adjusted

annual rates]

Personal Gross

con- private

Gross sumption domestic

domestic expendi- invest-

Period product tures ment

1993 6,642.3 4,454.7 955.1

1994 7,054.3 4,716.4 1,097.1

1995 7,400.5 4,969.0 1,143.8

1996 7,813.2 5,237.5 1,242.7

1997 8,318.4 5,529.3 1,390.5

1998 8,781.5 5,856.0 1,538.7

1999 9,274.3 6,246.5 1,636.7

2000 9,824.6 6,683.7 1,755.4

2001 10,082.2 6,987.0 1,586.0

2002 (r) 10,446.2 7,303.7 1,593.2

1999: I 9,092.7 6,076.6 1,618.0

II 9,171.7 6,195.6 1,597.8

III 9,316.5 6,299.4 1,637.9

IV 9,516.4 6,414.5 1,693.2

2000: I 9,649.5 6,552.2 1,711.4

II 9,820.7 6,638.7 1,786.3

III 9,874.8 6,736.1 1,766.4

IV 9,953.6 6,808.0 1,757.4

2001: I 10,028.1 6,904.7 1,671.1

II 10,049.9 6,959.8 1,597.2

III 10,097.7 6,983.7 1,574.9

IV 10,152.9 7,099.9 1,500.7

2002: I 10,313.1 7,174.2 1,559.4

II 10,376.9 7,254.7 1,588.0

III 10,506.2 7,360.7 1,597.3

IV (r) 10,588.8 7,425.4 1,628.1

[Billions of current dollars; quarterly data at

seasonally adjusted annual rates]

Exports and imports

of goods and services

Net

Period exports Exports Imports

1993 -60.5 658.0 718.5

1994 -87.1 725.1 812.1

1995 -84.3 818.6 902.8

1996 -89.0 874.2 963.1

1997 -89.3 966.4 1,055.8

1998 -151.7 964.9 1,116.7

1999 -249.9 989.3 1,239.2

2000 -365.5 1,101.1 1,466.6

2001 -348.9 1,034.1 1,383.0

2002 (r) -423.6 1,014.9 1,438.5

1999: I -196.4 959.2 1,155.6

II -241.8 970.2 1,212.0

III -274.6 996.8 1,271.4

IV -286.7 1,031.2 1,317.9

2000: I -330.6 1,055.9 1,386.5

II -353.2 1,098.0 1,451.1

III -384.9 1,130.9 1,515.8

IV -393.2 1,119.8 1,513.0

2001: I -372.7 1,100.0 1,472.8

II -365.7 1,059.7 1,425.3

III -312.6 1,005.8 1,318.4

IV -344.5 971.1 1,315.6

2002: I -360.1 977.5 1,337.5

II -425.6 1,018.1 1,443.7

III -432.9 1,038.6 1,471.5

IV (r) -476.0 1,025.4 1,501.4

[Billions of current dollars; quarterly data at seasonally adjusted

annual rates]

Government consumption expenditures

and gross investment

Federal

State

National Non- and

Period Total Total defense defense local

1993 1,293.0 527.3 364.9 162.4 765.7

1994 1,327.9 521.1 355.1 165.9 806.8

1995 1,372.0 521.5 350.6 170.9 850.5

1996 1,421.9 531.6 357.0 174.6 890.4

1997 1,487.9 538.2 352.6 185.6 949.7

1998 1,538.5 539.2 349.1 190.1 999.3

1999 1,641.0 565.0 364.3 200.7 1,076.0

2000 1,751.0 589.2 374.9 214.3 1,161.8

2001 1,858.0 628.1 399.9 228.2 1,229.9

2002 (r) 1,972.9 693.7 447.4 246.3 1,279.2

1999: I 1,594.6 550.0 354.0 196.0 1,044.5

II 1,620.1 556.1 355.1 201.0 1,064.0

III 1,653.9 569.0 368.7 200.3 1,084.8

IV 1,695.4 584.9 379.5 205.5 1,110.5

2000: I 1,716.5 575.7 365.5 210.2 1,140.8

II 1,748.8 598.5 379.1 219.4 1,150.3

III 1,757.2 589.7 375.0 214.7 1,167.4

IV 1,781.4 592.9 380.0 213.0 1,188.5

2001: I 1,825.0 613.3 391.4 221.9 1,211.7

II 1,858.5 624.8 395.2 229.6 1,233.7

III 1,851.7 627.4 400.3 227.2 1,224.3

IV 1,896.8 646.9 412.8 234.1 1,249.8

2002: I 1,939.5 672.0 431.7 240.3 1,267.5

II 1,959.8 688.2 442.1 246.1 1,271.6

III 1,981.1 697.7 451.2 246.5 1,283.3

IV (r) 2,011.3 716.9 464.7 252.2 1,294.4

[Billions of current dollars; quarterly data at seasonally

adjusted annual rates]

Adden-

Final Gross dum:

sales of domestic Gross

domestic pur- national

Period product chases (1) product

1993 6,621.2 6,702.8 6,666.7

1994 6,991.8 7,141.4 7,071.1

1995 7,367.5 7,484.8 7,420.9

1996 7,783.2 7,902.1 7,831.2

1997 8,255.5 8,407.7 8,325.4

1998 8,708.4 8,933.3 8,778.1

1999 9,214.8 9,524.2 9,297.1

2000 9,761.1 10,190.1 9,848.0

2001 10,142.5 10,431.0 10,104.1

2002 (r) 10,442.4 10,869.9 10,436.7

1999: I 9,018.0 9,289.1 9,112.7

II 9,144.0 9,413.5 9,195.9

III 9,269.7 9,591.2 9,333.6

IV 9,427.5 9,803.1 9,546.0

2000: I 9,602.6 9,980.1 9,670.5

II 9,731.5 10,173.9 9,846.4

III 9,813.6 10,259.7 9,892.5

IV 9,896.6 10,346.8 9,982.8

2001: I 10,055.3 10,400.8 10,038.0

II 10,107,0 10,415.5 10,081.0

III 10,158.3 10,410.4 10,109.3

IV 10,249.4 10,497.4 10,188.1

2002: I 10,343.0 10,673.1 10,314.9

II 10,373.5 10,802.4 10,356.8

III 10,488.7 10,939.1 10,495.3

IV (r) 10,564.3 11,064.8 10,579.7

(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 investment

Personal Nonresi- Resi- Change

con- dential dential in pri-

Gross sumption fixed fixed vate

domestic expendi- invest- invest- inven-

Period product tures ment ment tories

1993 7,062.6 4,748.9 683.6 276.0 20.0

1994 7,347.7 4,928.1 744.6 302.7 66.8

1995 7,543.8 5,075.6 817.5 291.7 30.4

1996 7,813.2 5,237.5 899.4 313.3 30.0

1997 8,159.5 5,423.9 1,009.3 319.7 63.8

1998 8,508.9 5,683.7 1,135.9 345.1 76.7

1999 8,859.0 5,964.5 1,228.4 368.3 62.8

2000 9,191.4 6,223.9 1,324.2 372.4 65.0

2001 9,214.5 6,377.2 1,255.1 373.5 -61.4

2002 (r) 9,439.9 6,576.0 1,183.4 388.2 5.2

1999: I 8,733.2 5,851.4 1,197.5 364.1 80.0

II 8,775.5 5,932.8 1,220.4 368.4 31.2

III 8,886.9 6,000.1 1,243.3 369.2 47.6

IV 9,040.1 6,073.6 1,252.4 371.7 92.2

2000: I 9,097.4 6,151.9 1,297.1 379.1 45.3

II 9,205.7 6,198.2 1,329.1 376.2 91.5

III 9,218.7 6,256.8 1,340.7 367.2 63.1

IV 9,243.8 6,288.8 1,329.9 367.2 59.9

2001: I 9,229.9 6,326.0 1,311.4 374.5 -26.9

II 9,193.1 6,348.0 1,261.0 374.0 -58.3

III 9,186.4 6,370.9 1,241.7 374.3 -61.8

IV 9,248.8 6,464.0 1,206.4 371.0 -98.4

2002: I 9,363.2 6,513.8 1,188.4 383.6 -28.9

II 9,392.4 6,542.4 1,181.1 386.1 4.9

III 9,485.6 6,609.9 1,178.7 387.1 18.8

IV (r) 9,518.2 6,637.9 1,185.3 395.9 25.8

[Billions of chained (1996) dollars; quarterly data at

seasonally adjusted annual rates]

Exports and imports of

goods and services

Net

Period exports Exports Imports

1993 -59.1 672.7 731.8

1994 -86.5 732.8 819.4

1995 -78.4 808.2 886.6

1996 -89.0 874.2 963.1

1997 -113.3 981.5 1,094.8

1998 -221.1 1,002.4 1,223.5

1999 -320.5 1,036.3 1,356.8

2000 -398.8 1,137.2 1,536.0

2001 -415.9 1,076.1 1,492.0

2002 (r) -488.5 1,058.8 1,547.4

1999: I -283.2 1,007.5 1,290.7

II -319.6 1,018.1 1,337.7

III -339.6 1,044.1 1,383.7

IV -339.5 1,075.6 1,415.2

2000: I -368.8 1,095.8 1,464.6

II -394.6 1,133.9 1,528.5

III -413.1 1,165.5 1,578.6

IV -418.5 1,153.7 1,572.2

2001: I -404.5 1,135.8 1,540.3

II -414.8 1,098.8 1,513.6

III -419.0 1,048.0 1,467.0

IV -425.3 1,021.8 1,447.2

2002: I -446.6 1,030.6 1,477.1

II -487.4 1,065.5 1,552.9

III -488.0 1,077.7 1,565.7

IV (r) -532.2 1,061.6 1,593.8

[Billions of chained (1996) dollars; quarterly data at seasonally

adjusted annual rates]

Government consumption expenditures

and gross investment

Federal

State

National Non- and

Period Total Total defense defense local

1993 1,398.8 572.0 394.7 177.3 827.0

1994 1,400.1 551.3 375.9 175.5 848.9

1995 1,406.4 536.5 361.9 174.6 869.9

1996 1,421.9 531.6 357.0 174.6 890.4

1997 1,455.4 529.6 347.7 181.8 925.8

1998 1,483.3 525.4 341.6 183.8 957.7

1999 1,540.6 537.7 348.8 188.8 1,002.4

2000 1,582.5 544.4 348.7 195.6 1,037.4

2001 1,640.4 570.6 366.0 204.4 1,069.4

2002 (r) 1,712.8 613.3 400.0 213.3 1,099.7

1999: I 1,515.9 527.2 341.2 185.9 988.3

II 1,526.7 530.6 341.0 189.5 995.7

III 1,546.5 540.1 352.4 187.7 1,006.0

IV 1,573.2 553.0 360.8 192.1 1,019.8

2000: I 1,568.3 533.8 341.3 192.3 1,033.8

II 1,586.1 554.0 353.4 200.3 1,031.8

III 1,582.2 543.7 347.9 195.6 1,037.8

IV 1,593.4 546.4 351.9 194.3 1,046.3

2001: I 1,615.7 559.0 359.0 199.8 1,056.2

II 1,638.0 567.2 361.4 205.6 1,070.2

III 1,633.3 568.9 365.5 203.2 1,064.1

IV 1,674.5 587.2 378.0 209.1 1,087.1

2002: I 1,697.3 597.8 388.5 209.3 1,099.3

II 1,703.3 608.7 395.8 212.9 1,094.7

III 1,715.6 615.1 402.5 212.7 1,100.6

IV (r) 1,735.0 631.4 413.2 218.3 1,104.0

[Billions of chained (1996) dollars; quarterly data at

seasonally adjusted annual rates]

Adden-

Final Gross dum:

sales of domestic Gross

domestic pur- national

Period product chases (1) product

1993 7,043.8 7,120.6 7,087.8

1994 7,285.8 7,434.2 7,364.3

1995 7,512.2 7,621.8 7,564.0

1996 7,783.2 7,902.1 7,831.2

1997 8,095.2 8,271.7 8,168.1

1998 8,431.8 8,721.3 8,508.4

1999 8,793.9 9,160.2 8,883.7

2000 9,121.1 9,561.2 9,216.2

2001 9,258.4 9,600.7 9,237.3

2002 (r) 9,424.4 9,889.8 9,433.5

1999: I 8,654.3 9,002.1 8,755.5

II 8,741.0 9,076.2 8,801.8

III 8,833.6 9,204.9 8,906.4

IV 8,946.6 9,357.7 9,071.1

2000: I 9,042.9 9,440.8 9,119.7

II 9,111.1 9,571.9 9,233.0

III 9,150.4 9,600.9 9,238.2

IV 9,179.8 9,631.0 9,274.0

2001: I 9,243.8 9,604.6 9,241.7

II 9,234.3 9,577.1 9,224.3

III 9,230.5 9,575.8 9,199.8

IV 9,324.9 9,645.3 9,283.5

2002: I 9,379.4 9,778.2 9,367.5

II 9,377.9 9,840.8 9,376.7

III 9,457.2 9,934.7 9,477.9

IV (r) 9,483.1 10,005.5 9,512.1

(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

domestic Double Nondura-

Period product Total goods ble goods Services

1993 94.05 93.81 99.06 96.14 91.56

1994 96.01 95.70 100.56 96.83 94.16

1995 98.10 97.90 101.06 97.93 97.25

1996 100.00 100.00 100.00 100.00 100.00

1997 101.95 101.94 97.75 101.34 103.12

1998 103.20 103.03 95.40 101.31 105.53

1999 104.69 104.73 93.03 103.69 107.81

2000 106.89 107.39 91.46 107.59 110.85

2001 109.42 109.56 89.70 109.17 114.32

2002 (r) 110.66 111.07 87.20 109.62 117.45

1999: I 104.12 103.85 93.71 102.13 106.92

II 104.51 104.43 93.24 103.29 107.44

III 104.83 104.99 92.84 104.16 108.07

IV 105.27 105.61 92.38 105.10 108.78

2000: I 106.07 106.51 91.91 106.48 109.75

II 106.68 107.11 91.74 107.28 110.44

III 107.12 107.66 91.24 108.04 111.15

IV 107.68 108.26 90.96 108.53 112.02

2001: I 108.65 109.15 90.70 109.00 113.42

II 109.32 109.64 89.91 109.80 114.08

III 109.92 109.62 89.31 109.42 114.40

IV 109.78 109.84 88.97 108.45 115.38

2002: I 110.14 110.14 88.02 108.52 116.14

II 110.48 110.89 87.38 109.75 117.00

III 110.76 111.36 86.96 109.92 117.88

IV (r) 111.25 111.86 86.48 110.26 118.74

[Index numbers, 1996=100; quarterly data are seasonally adjusted]

Gross private Exports and imports of

domestic investment goods and services

Nonresi-

dential Residen-

Period fixed tial fixed Exports Imports

1993 99.81 91.23 97.82 98.18

1994 100.54 94.48 98.94 99.12

1995 100.93 97.91 101.28 101.83

1996 100.00 100.00 100.00 100.00

1997 99.02 102.68 98.47 96.44

1998 96.95 105.58 96.26 91.27

1999 95.53 109.59 95.47 91.33

2000 95.59 114.40 96.83 95.49

2001 95.73 119.09 96.10 92.70

2002 (r) 94.42 121.58 95.85 92.97

1999: I 96.04 108.02 95.21 89.54

II 95.68 109.22 95.29 90.60

III 95.28 110.11 95.47 91.88

IV 95.16 110.98 95.87 93.13

2000: I 95.33 112.89 96.36 94.67

II 95.43 113.98 96.83 94.94

III 95.73 114.87 97.03 96.02

IV 95.85 115.91 97.06 96.24

2001: I 95.95 117.49 96.85 95.61

II 95.96 118.78 96.44 94.17

III 95.68 119.51 95.97 89.87

IV 95.31 120.60 95.03 90.91

2002: I 94.81 120.61 94.85 90.55

II 94.47 121.40 95.55 92.97

III 94.16 121.38 96.38 93.98

IV (r) 94.25 122.88 96.59 94.20

[Index numbers, 1996=100; quarterly data are seasonally adjusted]

Government consumption expenditures

and gross investment

Federal

State

National Non- and

Period Total defense defense local

1993 92.18 92.45 91.58 92.59

1994 94.51 94.49 94.55 95.04

1995 97.21 96.88 97.90 97.77

1996 100.00 100.00 100.00 100.00

1997 101.63 101.41 102.06 102.58

1998 102.63 102.22 103.41 104.34

1999 105.08 104.44 106.29 107.33

2000 108 23 107.53 109.55 111.98

2001 110.09 109.27 111.63 115.01

2002 (r) 113.12 111.86 115.45 116.33

1999: I 104.33 103.77 105.41 105.70

II 104.82 104.15 106.08 106.86

III 105.36 104.65 106.70 107.84

IV 105.77 105.16 106.94 108.89

2000: I 107.87 107.09 109.34 110.35

II 108.04 107.26 109.52 111.49

III 108.48 107.80 109.77 112.49

IV 108.52 107.96 109.59 113.59

2001: I 109.72 109.02 111.06 114.75

II 110.15 109.35 111.67 115.28

III 110.29 109.50 111.79 115.06

IV 110.18 109.22 111.97 114.97

2002: I 112.41 111.14 114.79 115.29

II 113.06 111.70 115.60 116.16

III 113.43 112.11 115.89 116.60

IV (r) 113.54 112.47 115.52 117.24

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

Real GDP GDP

GDP (chain-type GDP implicit

(current quantity chain-type price

Period dollars) index) price index deflator

1993 85.01 90.39 94.05 94.05

1994 90.29 94.04 96.01 96.01

1995 94.72 96.55 98.10 98.10

1996 100.00 100.00 100.00 100.00

1997 106.47 104.43 101.95 101.95

1998 112.39 108.91 103.20 103.20

1999 118.70 113.39 104.69 104.69

2000 125.74 117.64 106.89 106.89

2001 129.04 117.94 109.42 109.42

2002 (r) 133.70 120.82 110.66 110.66

1998: I 110.43 107.46 102.76 102.76

II 111.32 108.06 103.02 103.01

III 112.84 109.16 103.38 103.38

IV 114.99 110.94 103.66 103.65

1999: I 116.38 111.78 104.12 104.12

II 117.39 112.32 104.52 104.51

III 119.24 113.74 104.84 104.83

IV 121.80 115.70 105.28 105.27

2000: I 123.50 116.44 106.08 106.07

II 125.69 117.82 106.69 106.68

III 126.39 117.99 107.13 107.12

IV 127.40 118.31 107.68 107.68

2001: I 128.35 118.13 108.66 108.65

II 128.63 117.66 109.32 109.32

III 129.24 117.58 109.92 109.92

IV 129.95 118.37 109.78 109.78

2002: I 132.00 119.84 110.14 110.14

II 132.81 120.21 110.48 110.48

III 134.47 121.41 110.76 110.76

IV (r) 135.53 121.82 111.25 111.25

[Quarterly data are seasonally adjusted]

Percent change from preceding period (1)

Real GDP GDP GDP

GDP (chain-type chain-type implicit

(current quantity price price

Period dollars) index) index deflator

1993 5.1 2.7 2.4 2.4

1994 6.2 4.0 2.1 2.1

1995 4.9 2.7 2.2 2.2

1996 5.6 3.6 1.9 1.9

1997 6.5 4.4 1.9 1.9

1998 5.6 4.3 1.2 1.2

1999 5.6 4.1 1.4 1.4

2000 5.9 3.8 2.1 2.1

2001 2.6 .3 2.4 2.4

2002 (r) 3.6 2.4 1.1 1.1

1998: I 7.2 6.1 1.1 1.1

II 3.3 2.2 1.0 1.0

III 5.6 4.1 1.4 1.4

IV 7.8 6.7 1.1 1.1

1999: I 4.9 3.0 1.8 1.8

II 3.5 2.0 1.5 1.5

III 6.5 5.2 1.2 1.2

IV 8.9 7.1 1.7 1.7

2000: I 5.7 2.6 3.1 3.1

II 7.3 4.8 2.3 2.3

III 2.2 .6 1.6 1.6

IV 3.2 1.1 2.1 2.1

2001: I 3.0 -.6 3.7 3.7

II .9 -1.6 2.5 2.5

III 1.9 -.3 2.2 2.2

IV 2.2 2.7 -.5 -.5

2002: I 6.5 5.0 1.3 1.3

II 2.5 1.3 1.2 1.2

III 5.1 4.0 1.0 1.0

IV (r) 3.2 1.4 1.8 1.8

(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 Price, costs, and profits

of nonfinancial per unit of real output

corporate business (dollars)

(billions of dollars)

Price per

unit of real

gross prod- Compensa-

uct of non- tion of em-

Chained financial ployees

Current (1996) corporate (unit labor

Period dollars dollars business (1) cost)

1993 3,457.6 3,573.8 0.967 0.641

1994 3,737.2 3,801.5 .983 .639

1995 3,945.9 3,960.1 .996 .645

1996 4,159.5 4,159.5 1.000 .641

1997 4,435.1 4,404.2 1.007 .237

1998 4,707.1 4,658.1 1.011 .656

1999 4,981.0 4,902.1 1.016 .667

2000 5,295.0 5,148.3 1.029 .688

2001 5,354.2 5,141.8 1.041 .695

2002 (r) 5,498.9 5,307.5 1.036 .680

1999: I 4,899.9 4,832.3 1.014 .665

II 4,945.1 4,866.8 1.016 .241

III 4,995.0 4,914.7 1.000 .668

IV 5,084.2 4,994.6 1.018 .671

2000: I 5,228.7 5,109.2 1.023 .682

II 5,275.1 5,129.2 1.028 .683

III 5,335.5 5,180.2 1.030 .690

IV 5,340.7 5,174.4 1.032 .697

2001: I 5,318.6 5,131.4 1.037 .699

II 5,340.9 5,125.2 1.042 .699

III 5,365.7 5,121.3 1.048 .698

IV 5,391.6 5,189.3 1.039 .684

2002: I 5,423.8 5,231.3 1.037 .682

II 5,489.0 5,298.7 1.036 .680

III (r) 5,504.8 (r) 5,320.7 1.035 (r) .679

IV 5,577.9 5,379.4 1.037 .679

[Quarterly data at seasonally adjusted annual rates]

Price, costs, and profits per unit of real

output (dollars)

Unit nonlabor cost

Consump-

tion of Indirect

fixed business Net inter-

Period Total capital tax, etc. (2) est

1993 0.236 0.108 0.098 0.030

1994 .238 .109 .101 .028

1995 .239 .110 .100 .029

1996 .236 .111 .099 .026

1997 .237 .112 .098 .027

1998 .240 .112 .098 .030

1999 .243 .113 .098 .032

2000 .250 .116 .099 .035

2001 .267 .127 .102 .038

2002 (r) .269 .129 .103 .037

1999: I .239 .112 .097 .030

II .241 .113 .097 .031

III .246 .115 .098 .033

IV .246 .114 .098 .034

2000: I .245 .114 .098 .033

II .250 .116 .099 .035

III .252 .117 .099 .036

IV .256 .119 .100 .037

2001: I .262 .122 .102 .038

II .266 .125 .103 .038

III .272 .134 .099 .039

IV .268 .127 .103 .038

2002: I .268 .128 .103 .037

II .269 .129 .103 .037

III (r) .271 .130 .104 (r) .037

IV .270 .130 .104 .036

[Quarterly data at seasonally adjusted annual rates]

Price, costs, and profits per

unit of real output (dollars)

Corporate profits with inventory

valuation and capital consumption

adjustments (3)

Profits Profits

tax after

Period Total liability tax (4)

1993 0.091 0.029 0.062

1994 .106 .034 .072

1995 .112 .035 .077

1996 .122 .036 .086

1997 .126 .036 .090

1998 .114 .033 .081

1999 .106 .034 .072

2000 .090 .033 .056

2001 .079 .024 .055

2002 (r) .086 .025 .062

1999: I .110 .034 .076

II .109 .035 .074

III .103 .034 .069

IV .101 .033 .068

2000: I .096 .036 .060

II .096 .036 .060

III .088 .033 .055

IV .079 .030 .050

2001: I .075 .026 .049

II .077 .027 .050

III .079 .025 .053

IV .087 .018 .063

2002: I .086 .023 .064

II .087 .025 .062

III .084 .025 .059

IV .088 .026 .062

(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.

NOTE.–See Note, p. 5.

Source: Department of Commerce, Bureau of Economic Analysis.

NATIONAL INCOME

[Billions of dollars; quarterly data at seasonally adjusted

annual rates]

Rental

Proprietor’s income

income with of

inventory va- persons

luation and with

Compen- capital con- capital

sation sumption ad- consump-

of justments tion

National employ- adjust-

Period income ees (1) Farm Nonfarm ment

1993 5,251.9 3,814.4 30.1 431.7 90.9

1994 5,556.8 4,016.2 31.9 444.6 110.3

1995 5,876.7 4,202.5 22.2 475.5 117.9

1996 6,210.4 4,395.6 34.3 510.5 129.7

1997 6,618.4 4,651.3 29.7 551.5 128.3

1998 7,041.4 4,989.6 25.6 598.2 138.6

1999 7,468.7 5,308.8 27.7 650.7 149.1

2000 7,984.4 5,723.4 22.6 692.2 146.6

2001 8,122.0 5,874.9 19.0 708.8 137.9

2002 (r) 8,347.9 5,977.4 12.9 743.7 142.4

1999: III 7,475.9 5,329.0 25.7 657.0 145.8

IV 7,650.1 5,429.1 25.4 672.0 152.0

2000: I 7,860.2 5,627.3 22.3 680.2 151.4

II 7,954.5 5,670.5 25.0 693.8 146.7

III 8,048.3 5,773.1 21.7 696.9 144.9

IV 8,074.8 5,822.7 21.2 698.1 143.5

2001: I 8,092.1 5,878.9 19.3 701.9 137.0

II 8,110.1 5,879.3 18.4 708.2 134.3

III 8,089.1 5,880.4 19.3 713.1 140.8

IV 8,196.8 5,860.9 19.2 712.1 139.3

2002: I 8,268.5 5,908.4 21.7 726.7 141.3

II 8,328.0 5,963.9 7.5 740.0 153.5

III (r) 8,349.9 (r) 5,988.4 10.7 748.0 144.1

IV (r) 8,445.3 6,048.8 11.7 759.9 130.6

[Billions of dollars; quarterly data at seasonally adjusted

annual rates]

Corporate profits with inventory valuation and

capital consumption adjustments

Profits with inventory valuation

adjustment and without capital

consumption adjustment

Capital

Inventory consump-

valuation tion

Profits adjust- adjust-

Period Total Total before tax ment ment

1993 510.5 506.4 510.4 -4.0 4.1

1994 573.2 561.0 573.4 -12.4 12.2

1995 668.8 650.2 668.5 -18.3 18.6

1996 754.0 729.4 726.3 3.1 24.6

1997 833.8 800.8 792.4 8.4 32.9

1998 777.4 739.4 721.1 18.3 38.0

1999 805.8 757.9 762.1 -4.2 47.9

2000 788.1 767.3 782.3 -15.0 20.8

2001 731.6 675.1 670.2 5.0 56.5

2002 (r) 787.4 658.3 665.2 -6.9 129.1

1999: III 788.0 739.6 753.4 -13.8 48.5

IV 824.7 781.0 797.6 -16.6 43.7

2000: I 807.6 774.3 796.9 -22.6 33.4

II 807.3 784.2 800.5 -16.4 23.1

III 787.7 772.3 780.6 -8.3 15.4

IV 749.7 738.6 751.1 -12.5 11.1

2001: I 706.5 696.9 707.0 -10.1 9.6

II 721.4 714.0 720.2 -6.2 7.3

III 687.2 663.2 654.3 8.9 23.9

IV 811.4 626.3 599.1 27.2 185.1

2002: I 797.6 641.3 639.4 1.9 156.3

II 785.0 652.2 657.9 -5.7 132.8

III 771.0 653.4 668.5 -15.1 117.6

IV (r) 796.1 686.4 694.9 -8.5 109.7

[Billions of dollars; quarterly data

at seasonally adjusted annual rates]

Net

Period interest

1993 374.3

1994 380.5

1995 389.8

1996 386.3

1997 423.9

1998 511.9

1999 526.6

2000 611.5

2001 649.8

2002 (r) 684.2

1999: III 530.4

IV 546.8

2000: I 571.3

II 611.1

III 624.0

IV 639.6

2001: I 648.5

II 648.6

III 648.3

IV 653.9

2002: I 672.8

II 678.1

III 687.6

IV (r) 698.3

(1) Includes employer contributions for social insurance.

(See also p. 5)

NOTE.–See Note, 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

Fur-

Total niture

personal and

con- Motor house-

sumption Total vehicles hold

expendi- durable and equip-

Period tures goods parts ment Other

1993 4,748.9 518.3 242.2 177.4 100.7

1994 4,928.1 557.7 255.1 196.3 107.6

1995 5,075.6 583.5 253.4 215.4 115.0

1996 5,237.5 616.5 256.3 236.9 123.3

1997 5,423.9 657.3 264.8 261.9 130.8

1998 5,683.7 726.7 292.0 293.3 141.8

1999 5,964.5 812.5 322.1 335.1 156.5

2000 6,223.9 878.9 338.4 374.0 169.6

2001 6,377.2 931.9 361.9 398.0 175.3

2002 (r) 6,576.0 999.9 382.4 438.1 185.8

1999: III 6,000.1 824.1 326.9 340.8 157.7

IV 6,073.6 844.2 329.5 353.1 163.5

2000: I 6,151.9 879.5 347.3 366.0 167.8

II 6,198.2 871.3 333.8 372.2 168.6

III 6,256.8 888.5 343.6 377.1 170.7

IV 6,288.8 876.5 329.1 380.6 171.3

2001: I 6,326.0 900.6 345.1 386.0 173.1

II 6,348.0 912.4 349.5 392.8 174.2

III 6,370.9 922.6 352.8 399.5 175.0

IV 6,464.0 992.0 400.4 413.6 178.9

2002: I 6,513.8 975.9 370.0 428.2 184.2

II 6,542.4 980.7 369.1 435.2 184.1

III 6,609.9 1,032.4 407.6 441.4 187.0

IV (r) 6,637.9 1,010.6 382.8 447.5 188.1

[Billions of chained (1996) dollars, except as noted; quarterly

data at seasonally adjusted annual rates]

Nondurable goods

Total Gaso- Fuel

nondur- Clothing line oil

able and and and

Period goods Food shoes oil coal Other

1993 1,430.3 745.1 218.5 115.4 14.0 338.5

1994 1,485.1 764.9 231.6 117.4 15.0 356.8

1995 1,529.0 777.0 244.3 120.2 15.7 372.0

1996 1,574.1 786.0 258.6 124.2 15.6 389.8

1997 1,619.9 794.5 271.6 128.1 15.0 410.8

1998 1,686.4 819.4 290.4 131.8 14.3 430.8

1999 1,765.1 846.8 312.1 136.4 14.7 455.7

2000 1,833.8 879.0 329.4 135.7 14.0 477.0

2001 1,869 8 887.0 337.7 138.8 12.6 495.5

2002 (r) 1,929.5 902.3 357.0 145.1 12.7 515.8

1999: III 1,767.7 847.3 314.1 136.1 14.7 456.3

IV 1,799.9 866.0 314.7 138.6 14.1 466.6

2000: I 1,809.7 870.8 322.3 134.4 13.3 469.8

II 1,831.6 880.5 327.9 135.9 14.2 474.1

III 1,840.9 880.7 332.3 136.1 14.0 479.2

IV 1,853.1 883.9 335.1 136.3 14.5 484.7

2001: I 1,863.7 889.1 334.3 137.6 13.9 490.0

II 1,862.3 887.4 334.7 136.2 12.3 493.5

III 1,868.3 884.3 337.1 139.9 12.2 496.5

IV 1,885.0 887.1 344.8 141.4 12.2 502.0

2002: I 1,921.4 901.4 355.8 145.1 12.4 510.1

II 1,920.9 899.2 355.1 144.7 12.1 513.1

III 1,925.8 897.9 355.3 145.4 12.4 518.0

IV (r) 1,950.0 910.7 361.8 145.1 14.0 521.9

[Billions of chained (1996) dollars, except as noted; quarterly

data at seasonally adjusted annual rates]

Services

Retail sales

of new pas-

senger cars

and light

trucks (mil-

Total Medical lions of

Period services (1) Housing care units)

1993 2,802.5 728.1 775.4 13.9

1994 2,886.2 749.1 783.1 15.0

1995 2,963.4 763.7 797.7 14.7

1996 3,047.0 772.6 814.4 15.0

1997 3,147.0 787.2 835.4 15.1

1998 3,273.4 808.7 857.7 15.4

1999 3,395.4 835.0 875.6 16.8

2000 3,524.5 851.3 900.1 17.2

2001 3,594.9 866.0 938.3 17.0

2002 (r) 3,675.6 880.1 978.6 16.7

1999: III 3,417.4 837.7 878.6 17.1

IV 3,440.7 841.6 884.4 17.2

2000: I 3,477.7 844.7 888.5 18.1

II 3,508.2 849.5 896.2 17.1

III 3,541.7 853.4 903.2 17.4

IV 3,570.6 857.5 912.5 16.3

2001: I 3,576.3 862.0 921.4 16.9

II 3,589.3 865.1 932.7 16.5

III 3,597.5 867.1 944.3 16.2

IV 3,616.6 869.6 954.9 18.4

2002: I 3,642.2 874.0 963.4 16.3

II 3,666.2 878.5 974.7 16.3

III 3,687.0 882.1 984.4 17.6

IV (r) 3,707.0 885.8 992.0 16.5

(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 $24.9 billion (annual rate) in February,

following an increase of $32.3 billion in January. Wages and salaries

rose $14.9 billion in February, following an increase of $18.4 billion

in January.

[GRAPHIC OMITTED]

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

Proprietor’s

income (3)

Wage and

Total salary

personal disburse- Other labor

Period income ments (1) income (2) Farm Nonfarm

1993 5,610.0 3,085.2 482.8 30.1 431.7

1994 5,888.0 3,236.7 507.5 31.9 444.6

1995 6,200.9 1,424.7 497.0 22.2 475.5

1996 6,547.4 3,626.5 490.0 34.3 510.5

1997 6,937.0 3,888.9 475.4 29.7 551.5

1998 7,426.0 4,192.8 490.6 25.6 598.2

1999 7,786.5 4,470.4 510.2 27.7 650.7

2000 8,406.6 4,836.3 544.2 22.6 692.2

2001 8,685.3 4,950.6 570.4 19.0 708.8

2002 (r) 8,929.1 5,003.7 610.6 12.9 743.7

2002: Feb 8,807.2 4,956.9 590.7 21.8 728.2

Mar 8,836.3 4,975.4 595.5 22.5 729.4

Apr 8,865.5 4,968.8 599.8 14.0 737.4

May 8,904.9 4,989.0 603.9 5.1 740.9

June 8,971.7 5,034.0 608.5 3.3 741.7

July (r) 8,934.8 4,985.0 613.0 7.7 747.4

Aug (r) 8,958.7 5,009.8 617.5 10.7 746.7

Sept (r) 8,983.1 5,027.4 622.1 13.8 750.0

Oct (r) 9,010.2 5,038.8 625.9 13.0 756.7

Nov (r) 9,038.9 5,054.2 630.1 11.8 758.6

Dec (r) 9,070.5 5,064.3 634.4 10.2 764.4

2003: Jan (r) 9,102.8 5,082.7 638.3 11.9 770.0

Feb (p) 9,127.7 5,097.6 640.6 14.6 770.2

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

Rental

income Personal Personal

of dividend interest Transfer

Period persons (4) income income payments (5)

1993 90.9 203.0 725.5 798.6

1994 110.3 234.7 742.4 833.9

1995 117.9 254.0 792.5 885.9

1996 129.7 297.4 810.6 928.8

1997 128.3 334.9 864.0 962.2

1998 138.6 348.3 964.4 983.7

1999 149.1 328.0 969.2 1,018.5

2000 146.6 375.7 1,077.0 1,070.3

2001 137.9 409.2 1,091.3 1,170.4

2002 (r) 142.4 433.8 1,078.5 1,288.0

2002: Feb 141.3 423.8 1,069.9 1,255.0

Mar 143.2 425.5 1,069.0 1,257.6

Apr 148.1 428.0 1,075.7 1,275.0

May 153.5 430.3 1,082.3 1,282.9

June 158.7 432.7 1,088.9 1,289.9

July (r) 152.4 435.0 1,084.8 1,297.2

Aug (r) 144.1 437.3 1,080.7 1,297.3

Sept (r) 135.9 439.4 1,076.7 1,304.6

Oct (r) 133.2 441.6 1,078.8 1,309.9

Nov (r) 130.6 443.8 1,080.9 1,317.6

Dec (r) 127.9 446.0 1,083.1 1,329.8

2003: Jan (r) 126.8 448.6 1,080.6 1,337.4

Feb (p) 125.6 451.2 1,078.2 1,343.5

[Billions of dollars; monthly data at

seasonally adjusted annual rates]

Less: Per-

sonal con-

tributions

for social

Period insurance

1993 237.8

1994 254.1

1995 268.8

1996 280.4

1997 297.9

1998 316.3

1999 337.4

2000 358.4

2001 372.3

2002 (r) 384.5

2002: Feb 380.4

Mar 381.8

Apr 381.6

May 383.0

June 386.1

July (r) 383.7

Aug (r) 385.4

Sept (r) 386.7

Oct (r) 387.6

Nov (r) 388.8

Dec (r) 389.6

2003: Jan (r) 393.5

Feb (p) 393.8

(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.

NOTE.–Revisions include changes to series affected by the

introduction of revised wage and salary estimates, etc., for

2002:Q3.

Source: Department of Commerce, Bureau of Economic Analysis.

DISPOSITION OF PERSONAL INCOME

According to revised estimates, per capita disposable personal income

in chained (1996) dollars rom at an annual rate of 1.4 percent in the

fourth quarter of 2002.

[GRAPHIC OMITTED]

Less

Personal Equals:

tax and Disposable Less:

Personal nontax personal Personal

Period income payments income outlays (1)

Billions of dollar

1993 5,610.0 674.6 4,935.3 4,584.5

1994 5,888.0 722.6 5,165.4 4,849.9

1995 6,200.9 778.3 5,422.6 5,120.2

1996 6,547.4 869.7 5,677.7 5,405.6

1997 6,937.0 968.8 5,968.2 5,715.3

1998 7,426.0 1,070.4 6,355.6 6,054.1

1999 7,786.5 1,159.1 6,627.4 6,453.3

2000 8,406.6 1,286.4 7,120.2 6,918.6

2001 8,685.3 1,292.1 7,393.2 7,223.5

2002 (r) 8,929.1 1,113.6 7,815.5 7,524.5

Seasonally adjusted annual rates

1999: III 7,807.7 1,167.2 6,640.5 6,507.2

IV 7,960.2 1,201.8 6,758.4 6,629.4

2000: I 8,211.6 1,256.3 6,955.3 6,775.9

II 8,350.2 1,273.0 7,077.2 6,869.8

III 8,487.8 1,299.6 7,188.2 6,976.7

IV 8,576.6 1,316.7 7,259.8 7,052.1

2001: I 8,658.1 1,340.6 7,317.5 7,143.9

II 8,676.2 1,336.1 7,340.0 7,198.5

III 8,706.2 1,181.9 7,524.2 7,222.0

IV 8,700.9 1,309.7 7,391.2 7,329.6

2002: I 8,803.4 1,136.8 7,666.7 7,396.3

II 8,914.0 1,121.8 7,792.2 7,477.9

III (r) 8,958.9 1,099.0 7,859.9 7,583.0

IV (r) 9,039.9 1,096.8 7,943.2 7,640.7

Dispos- Per capita

able disposable personal

personal income

income in

billions of

Equals: chained Chained

Personal (1996) Current (1996)

Period saving dollars dollars dollars

Billions of dollars Dollars

1993 350.8 5,261.3 18,981 20,235

1994 315.5 5,397.2 19,626 20,507

1995 302.4 5,539.1 20,361 20,798

1996 272.1 5,677.7 21,072 21,072

1997 252.9 5,854.5 21,887 21,470

1998 301.5 6,168.6 23,037 22,359

1999 174.0 6,328.4 23,749 22,678

2000 201.5 6,630.3 25,237 23,501

2001 169.7 6,748.0 25,957 23,692

2002 (r) 291.0 7,036.8 27,188 24,479

Seasonally adjusted annual rates

1999: III 133.3 6,325.0 23,763 22,634

IV 129.0 6,399.3 24,109 22,828

2000: I 179.4 6,530.4 24,745 23,234

II 207.5 6,607.6 25,118 23,451

III 211.5 6,676.8 25,447 23,637

IV 207.7 6,706.2 25,635 23,680

2001: I 173.7 6,704.3 25,785 23,624

II 141.6 6,694.8 25,805 23,537

III 302.2 6,864.0 26,387 24,071

IV 61.5 6,729.1 25,853 23,537

2002: I 270.4 6,961.0 26,759 24,296

II 314.3 7,027.2 27,144 24,479

III (r) 276.9 7,058.1 27,313 24,527

IV (r) 302.5 7,100.8 27,535 24,615

Per capita personal

consumption

expenditures

Percent

change Savings as

in real percent of

per capita disposable

Chained disposable personal

Current (1996) personal income

Period dollars dollars income

Dollars Percent

1993 17,133 18,264 0.1 7.1

1994 17,920 18,724 1.3 6.1

1995 18,657 19,058 1.4 5.6

1996 19,438 19,438 1.3 4.8

1997 20,277 19,891 1.9 4.2

1998 21,226 20,601 4.1 4.7

1999 22,384 21,373 1.4 2.6

2000 23,690 22,061 3.6 2.8

2001 24,531 22,390 .8 2.3

2002 (r) 25,408 22,877 3.3 3.7

Seasonally adjusted annual rates

1999: III 22,542 21,471 0.3 2.0

IV 22,882 21,666 3.5 1.9

2000: I 23,311 21,887 7.3 2.6

II 23,562 21,998 3.8 2.9

III 23,847 22,150 3.2 2.9

IV 24,039 22,206 .7 2.9

2001: I 24,330 22,291 -.9 2.4

II 24,468 22,317 -1.5 1.9

III 24,491 22,342 9.4 4.0

IV 24,834 22,609 -8.6 .8

2002: I 25,040 22,735 13.5 3.5

II 25,271 22,790 3.0 4.0

III (r) 25,579 22,969 .8 3.5

IV (r) 25,740 23,010 1.4 3.8

Population

including

Armed

Forces

overseas

(thou-

Period sands) (2)

1993 260,011

1994 263,194

1995 266,327

1996 269,448

1997 272,687

1998 275,891

1999 279,062

2000 282,128

2001 284,822

2002 (r) 287,456

1999: III 279,449

IV 280,328

2000: I 281,076

II 281,758

III 282,476

IV 283,202

2001: I 283,794

II 284,442

III 285,154

IV 285,898

2002: I 286,507

II 287,072

III (r) 287,770

IV (r) 288,475

(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.

Note.–See Note, p. 5.

Source: Department of Commerce (Bureau of Economic Analysis and

Bureau of the Census).

FARM INCOME

In the fourth quarter of 2002, according to preliminary estimates,

gross farm income rose $33.0 billion (annual rate) and net farm

income rose $33.9 billion.

[GRAPHIC OMITTED]

[Billions of dollars; quarterly data at seasonally adjusted annual

rates]

Income of farm operators from farming

Gross farm income

Period Cash marketing receipts

Total (1) Livestock and

Total products Crops (2)

1993 205.0 178.2 90.5 87.7

1994 216.0 181.3 88.3 93.0

1995 210.8 188.0 87.2 100.8

1996 235.8 199.3 92.9 106.3

1997 238.1 207.7 96.5 111.2

1998 232.1 196.0 94.1 101.9

1999 234.5 187.5 95.6 91.9

2000 241.7 193.7 99.6 94.1

2001 246.5 202.8 106.4 96.4

2002 (p) 230.9 193.5 95.9 97.6

2000: I 233.3 191.5 99.2 92.3

II 239.6 200.9 100.1 100.8

III 235.4 200.7 100.3 100.4

IV 258.5 181.6 98.5 83.1

2001: I 236.8 199.6 105.2 94.4

II 237.3 202.7 105.8 96.9

III 234.8 202.8 105.9 96.9

IV 277.2 206.3 108.8 97.5

2002: I 222.2 189.1 98.3 90.8

II 222.9 191.4 92.7 98.7

III 222.8 192.7 90.8 101.9

IV (p) 255.8 200.9 101.7 99.2

[Billions of dollars; quarterly data at seasonally adjusted annual

rates]

Income of farm operators from farming

Gross farm income

Period

Value of Direct Production Net farm

inventory Government expenses income

changes (3) payments (4)

1993 -4.2 13.4 160.4 44.7

1994 8.3 7.9 167.2 48.9

1995 -5.0 7.3 173.8 36.9

1996 7.9 7.3 181.0 54.8

1997 .6 7.5 187.6 50.5

1998 -.6 12.4 186.5 45.6

1999 -.3 21.5 188.3 46.2

2000 .1 22.9 193.7 48.0

2001 -3.2 20.7 200.8 45.7

2002 (p) -2.8 13.1 198.5 32.4

2000: I .2 16.6 199.0 34.3

II .1 13.5 205.3 34.3

III .1 9.7 191.6 43.9

IV .1 51.7 178.8 79.8

2001: I -4.0 15.1 202.5 34.3

II -3.8 12.3 208.8 28.4

III -2.8 8.8 200.2 34.6

IV -2.2 46.8 191.5 85.7

2002: I -3.5 9.5 197.9 24.4

II -3.3 7.8 203.4 19.6

III -2.5 5.5 196.9 25.9

IV (p) -2.0 29.7 196.0 59.8

(1) Cash marketing receipts, Government payments, value of changes

in inventories, other farm related cash income, and nonmoney income

produced by farms including imputed rent of operator residences.

(2) Crop receipts include proceeds received from commodities placed

under Commodity Credit Corporation loans.

(3) Physical changes in beginning and ending year inventories of

crop and livestock commodities valued at weighted average market

prices during the period.

(4) Includes only Government payments made directly to farmers.

NOTE.–Quarterly data plotted for 1992 and 1993 in chart do not

reflect revisions to annual data in table.

Sources: Department of Agriculture.

CORPORATE PROFITS

In the fourth quarter of 2002, according to current estimates,

corporate profits before tax rose $26.4 billion (annual

rate) and profit after tax rose $18.7 billion.

[GRAPHIC OMITTED]

[Billions of dollars; quarterly data at seasonally adjusted annual

rates]

Profits (before tax) with inventory

valuation adjustment (1)

Domestic industries

Period Nonfinancial

Total (2) Finan- Manufac-

Total cial Total (3) turing

1993 506.4 429.6 127.9 301.7 108.4

1994 561.0 483.7 114.7 369.0 139.6

1995 650.2 558.2 154.3 403.8 166.1

1996 729.4 628.6 165.3 463.3 181.2

1997 800.8 690.2 185.7 504.5 195.2

1998 739.4 637.2 158.4 478.8 164.3

1999 757.9 637.6 181.7 455.9 157.5

2000 767.3 624.0 201.0 423.0 159.8

2001 675.1 524.4 190.6 333.7 83.4

2002 658.3 539.0 217.3 321.7 92.6

1999: I 760.5 647.1 175.1 471.9 159.1

II 750.5 635.0 170.2 464.8 161.0

III 739.6 624.0 183.2 440.9 155.8

IV 781.0 644.5 198.4 446.1 154.0

2000: I 774.3 642.7 201.7 441.0 167.6

II 784.2 642.7 193.1 449.7 176.1

III 772.3 626.9 204.5 422.4 160.7

IV 738.6 583.6 204.9 378.8 134.6

2001: I 696.9 560.8 208.2 352.6 92.3

II 714.0 553.6 191.6 362.0 99.2

III 663.2 521.4 162.7 358.7 91.1

IV 626.3 461.6 200.1 261.5 50.9

2002: I 641.3 509.3 218.2 291.1 68.9

II 652.2 537.1 218.5 318.6 91.9

III 653.4 537.3 216.1 321.2 100.5

IV 686.4 572.3 216.5 355.8 108.9

[Billions of dollars; quarterly data at seasonally adjusted annual

rates]

Profits (before tax)

with inventory

valuation adjustment (1)

Domestic industries

Period Nonfinancial

Profits

before Tax

Transpor- Whole- tax liability

tation (4) sale Retail

1993 69.6 28.2 39.7 510.4 165.4

1994 82.9 33.1 46.6 573.4 186.7

1995 85.8 29.4 44.1 668.5 211.0

1996 91.4 42.6 52.9 726.3 223.6

1997 85.0 49.2 63.9 792.4 237.2

1998 79.1 55.9 73.8 721.1 238.8

1999 57.2 54.4 75.6 762.1 247.8

2000 36.6 62.1 73.4 782.3 259.4

2001 27.7 44.8 79.1 670.2 199.3

2002 16.7 47.3 81.2 665.2 213.3

1999: I 63.9 57.4 79.4 744.4 243.1

II 53.3 53.7 79.8 752.9 246.0

III 53.1 50.0 71.0 753.4 246.3

IV 58.6 56.4 72.3 797.6 255.7

2000: I 43.6 57.3 77.7 796.9 270.8

II 35.7 66.7 74.1 800.5 267.3

III 34.4 67.1 74.0 780.6 257.4

IV 32.8 57.4 67.9 751.1 241.9

2001: I 36.6 45.2 75.7 707.0 217.3

II 34.3 41.0 77.8 720.2 213.1

III 33.3 45.9 82.6 654.3 196.2

IV 6.5 46.9 80.5 599.1 170.6

2002: I 15.0 41.2 81.4 639.4 202.4

II 17.1 44.8 86.0 657.9 213.7

III 13.2 44.5 82.5 668.5 214.7

IV 21.5 58.9 75.1 694.9 222.4

[Billions of dollars; quarterly data at seasonally adjusted

annual rates]

Profits after tax

Inven-

tory

Period valu-

Undis- ation

Divi- tributed adjust-

Total dends profits ment

1993 345.0 203.1 141.9 -4.0

1994 386.7 234.9 151.8 -12.4

1995 457.5 254.2 203.3 -18.3

1996 502.7 297.7 205.0 3.1

1997 555.2 335.2 220.0 8.4

1998 482.3 348.7 133.6 18.3

1999 514.3 328.4 185.9 -4.2

2000 522.9 376.1 146.8 -15.0

2001 470.9 409.6 61.2 5.0

2002 451.9 434.3 17.6 -6.9

1999: I 501.3 332.0 169.2 16.0

II 506.9 323.7 183.2 -2.5

III 507.1 324.3 182.8 -13.8

IV 542.0 333.5 208.5 -16.6

2000: I 526.1 351.1 174.9 -22.6

II 533.3 369.7 163.6 -16.4

III 523.2 386.1 137.1 -8.3

IV 509.2 397.6 111.6 -12.5

2001: I 489.7 402.9 86.8 -10.1

II 507.1 406.5 100.7 -6.2

III 458.1 411.4 46.7 8.9

IV 428.5 417.7 10.8 27.2

2002: I 437.0 424.2 12.8 1.9

II 444.3 430.8 13.5 -5.7

III 453.8 437.7 16.1 -15.1

IV 472.5 444.3 28.2 -8.5

(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 fourth quarter of 2002, according to revised estimates,

nonresidential fixed investment in chained (1996) dollars rose

$6.6 billion (annual rate) and residential investment rose

$8.8 billion. There was an increase of $25.8 billion in

inventories following an increase of $18.8 billion in the

third quarter.

[GRAPHIC OMITTED]

[Billions of chained (1996) dollars; quarterly data at seasonally

adjusted annual rates]

Fixed investment

Nonresidential

Period Gross

private

domestic Total

investment Total Structures

1993 977.9 958.4 683.6 198.9

1994 1,107.0 1,045.9 744.6 200.5

1995 1,140.6 1,109.2 817.5 210.1

1996 1,242.7 1,212.7 899.4 225.0

1997 1,393.3 1,328.6 1,009.3 245.4

1998 1,558.0 1,480.0 1,135.9 262.2

1999 1,660.5 1,595.2 1,228.4 258.6

2000 1,762.9 1,691.9 1,324.2 275.5

2001 1,574.6 1,627.4 1,255.1 270.9

2002 (r) 1,589.6 1,577.3 1,183.4 226.4

1999: I 1,640.3 1,560.5 1,197.5 262.4

II 1,620.5 1,587.6 1,220.4 258.9

III 1,663.4 1,610.6 1,243.3 254.7

IV 1,717.8 1,622.2 1,252.4 258.5

2000: I 1,727.8 1,673.6 1,297.1 267.0

II 1,798.1 1,700.9 1,329.1 272.3

III 1,770.3 1,701.7 1,340.7 280.2

IV 1,755.2 1,691.3 1,329.9 282.7

2001: I 1,661.8 1,682.1 1,311.4 280.4

II 1,583.5 1,633.5 1,261.0 274.4

III 1,562.7 1,615.7 1,241.7 276.3

IV 1,490.3 1,578.4 1,206.4 252.7

2002: I 1,554.0 1,576.4 1,188.4 243.2

II 1,583.9 1,572.6 1,181.1 231.7

III 1,598.0 1,571.6 1,178.7 218.2

IV (r) 1,622.4 1,588.5 1,185.3 212.6

[Billions of chained (1996) dollars; quarterly data at seasonally

adjusted annual rates]

Fixed investment Change in private

inventories

Nonresidential

Period

Equipment Residential

and soft- Total Nonfarm

ware

1993 487.1 276.0 20.0 28.6

1994 544.9 302.7 66.8 53.6

1995 607.6 291.7 30.4 42.6

1996 674.4 313.3 30.0 22.1

1997 764.2 319.7 63.8 60.6

1998 875.4 345.1 76.7 75.0

1999 975.9 368.3 62.8 64.1

2000 1,056.0 372.4 65.0 67.2

2001 988.2 373.5 -61.4 -63.2

2002 (r) 971.1 388.2 5.2 4.1

1999: I 939.1 364.1 80.0 71.1

II 967.1 368.4 31.2 30.1

III 996.1 369.2 47.6 58.7

IV 1,001.2 371.7 92.2 96.7

2000: I 1,038.0 379.1 45.3 58.9

II 1,065.3 376.2 91.5 88.6

III 1,067.7 367.2 63.1 64.6

IV 1,053.1 367.2 59.9 56.8

2001: I 1,036.1 374.5 -26.9 -32.6

II 989.9 374.0 -58.3 -54.9

III 966.4 374.3 -61.8 -63.6

IV 960.3 371.0 -98.4 -101.5

2002: I 953.7 383.6 -28.9 -35.1

II 961.4 386.1 4.9 4.2

III 977.2 387.1 18.8 20.8

IV (r) 992.1 395.9 25.8 26.5

NOTE.–See p.10 for further detail on fixed investment by type.

Because of the formula used for calculating real GDP, the chained

(1996) dollar estimates for the detailed components do not add to

the chained-dollar value of GDP or to any 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

Structures

Non-

Period Total resi- Min-

non- dential ing

resi- build- explo-

den- Total (1) ings, Utili- ration,

tial includ- ties shafts,

ing and

farm wells

1993 683.6 198.9 131.7 38.4 20.5

1994 744.6 200.5 137.2 36.1 19.8

1995 817.5 210.1 147.6 36.8 18.2

1996 899.4 225.0 161.7 36.0 21.1

1997 1,009.3 245.4 177.0 35.3 26.2

1998 1,135.9 262.2 188.3 42.7 25.1

1999 1,228.4 258.6 185.5 45.7 21.6

2000 1,324.2 275.5 192.3 50.4 27.0

2001 1,255.1 270.9 178.7 50.3 34.0

2002 (r) 1,183.4 226.4 145.6 47.3 29.2

1999: I 1,197.5 262.4 192.1 44.1 20.4

II 1,220.4 258.9 186.0 44.3 21.9

III 1,243.3 254.7 182.3 46.2 20.8

IV 1,252.4 258.5 181.7 48.3 23.1

2000: I 1,297.1 267.0 188.4 48.3 24.5

II 1,329.1 272.3 192.4 49.3 25.0

III 1,340.7 280.2 194.5 51.1 28.6

IV 1,329.9 282.7 193.9 52.9 30.1

2001: I 1,311.4 280.4 193.8 50.6 30.9

II 1,261.0 274.4 183.2 51.5 34.6

III 1,241.7 276.3 174.2 49.7 35.9

IV 1,206.4 252.7 163.5 49.3 34.8

2002: I 1,188.4 243.2 157.1 50.8 30.2

II 1,181.1 231.7 148.2 48.4 30.3

III 1,178.7 218.2 139.1 45.6 29.9

IV 1,185.3 212.6 137.8 44.6 26.5

[Billions of chained (1996) dollars; quarterly data at seasonally

adjusted annual rates]

Nonresidential

Equipment and software

Information processing equipment

and software

Period Com-

puters

and

Total (2) periph- Soft-

Total eral ware Other

equip-

ment

1993 487.1 183.4 26.4 66.8 96.4

1994 544.9 206.6 32.6 74.3 104.9

1995 607.6 242.8 49.2 82.0 113.1

1996 674.4 287.3 70.9 95.1 121.3

1997 764.2 349.8 102.9 119.0 129.8

1998 875.4 429.3 147.7 147.1 143.5

1999 975.9 508.1 207.4 169.3 157.5

2000 1,056.0 583.3 246.4 184.4 187.4

2001 988.2 548.5 239.9 182.0 163.9

2002 (r) 971.1 563.1 283.7 185.7 158.2

1999: I 939.1 477.3 186.1 160.2 151.1

II 967.1 506.8 209.2 167.8 157.1

III 996.1 522.2 218.8 172.5 160.7

IV 1,001.2 526.1 215.3 176.8 161.2

2000: I 1,038.0 561.3 226.7 181.8 180.2

II 1,065.3 585.5 249.2 184.3 188.2

III 1,067.7 591.9 255.9 185.8 189.1

IV 1,053.1 594.3 253.9 185.6 192.2

2001: I 1,036.1 578.9 253.0 185.5 180.2

II 989.9 549.8 239.0 181.7 165.7

III 966.4 533.4 224.5 180.5 158.6

IV 960.3 531.8 243.3 180.6 151.2

2002: I 953.7 540.4 262.1 179.0 154.1

II 961.4 557.0 271.6 184.3 158.5

III 977.2 575.2 297.6 189.4 159.7

IV 992.1 579.7 303.2 190.3 160.7

[Billions of chained (1996) dollars; quarterly data at seasonally

adjusted annual rates]

Equipment and Residential

software

Structures

Total

Period Trans- resi- Single

Indus- porta- den- Total (4) family

trial tion tial (3)

equip- equip-

ment ment

1993 109.6 103.4 276.0 269.4 148.0

1994 119.6 120.4 302.7 295.8 163.2

1995 131.3 128.2 291.7 284.4 147.7

1996 136.4 138.9 313.3 305.6 159.1

1997 140.0 150.5 319.7 311.8 158.6

1998 145.6 168.2 345.1 336.8 175.9

1999 147.5 193.2 368.3 359.4 189.0

2000 160.8 186.6 372.4 363.0 191.0

2001 153.8 163.6 373.5 364.0 192.6

2002 (r) 146.9 147.0 388.2 378.5 200.5

1999: I 142.5 188.1 364.1 355.4 188.4

II 146.9 188.6 368.4 359.5 187.3

III 150.1 199.1 369.2 360.1 187.4

IV 150.5 196.8 371.7 362.5 192.8

2000: I 156.0 193.9 379.1 369.7 198.0

II 159.3 192.5 376.2 366.8 193.8

III 164.5 186.9 367.2 357.8 186.5

IV 163.4 173.0 367.2 357.8 185.8

2001: I 164.8 167.6 374.5 365.1 192.0

II 156.4 161.6 374.0 364.6 193.1

III 149.2 160.0 374.3 365.0 194.1

IV 144.7 165.4 371.0 361.5 191.3

2002: I 148.3 151.5 383.6 373.9 197.2

II 145.6 143.4 386.1 376.4 198.4

III 147.9 141.7 387.1 377.4 199.8

IV 145.9 151.4 395.9 386.1 206.5

(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

[Billion of dollars]

Capital expenditures

By industry

Fores-

try,

fish-

Total ing

capi- and Con-

Period tal Total agri- Min- Utili- struc-

ex- by cul- ing ties tion

pendi- indus- tural

tures try serv-

ices

1996 807.1 … … … … …

1997 871.8 … … … … …

1998 970.9 896.5 0.9 40.4 36.0 26.9

1999 1,047.0 974.6 1.7 30.6 42.8 23.1

2000 (r) 1,161.0 1,089.9 1.5 42.5 61.3 25.0

2001 1,109.9 1,053.2 1.5 51.1 82.8 24.8

[Billion of dollars]

Capital expenditures

By industry

Trans- Fi-

Manu- porta- nance

fac- Whole- tion Infor- and

Period tur- sale Retail and ma- insur-

ing trade trade ware- tion ance

hous-

ing

1996 … … … … … …

1997 … … … … … …

1998 203.6 29.2 57.3 51.3 96.5 118.2

1999 196.4 32.4 64.1 57.3 122.8 130.1

2000 (r) 214.8 33.6 69.8 59.9 160.2 133.7

2001 192.4 29.7 66.8 57.5 146.3 131.1

[Billion of dollars]

Capital expenditures

By industry

Pro-

Real fess- For

es- ional, Health com-

tate scien- care panies

and tific, and with-

Period rental and social Other out

and tech- assis- (1) em-

leas- nical tance ploy-

ing serv- ees

ices

1996 … … … … …

1997 … … … … …

1998 85.2 22.3 47.1 81.7 74.4

1999 100.6 29.5 51.3 91.8 72.3

2000 (r) 92.5 34.1 52.2 108.9 71.2

2001 83.1 10.5 52.9 102.6 56.7

(1) Includes the following industries: Management of companies

and enterprises; administrative and support and waste management;

educational services; arts, entertainment, and recreation;

accommodation and food services; and other services (except

public administration). Also includes an item for structure

and equipment expenditures serving multiple industry categories.

NOTE.–Data from Annual Capital Expenditures. Industry data are

based on the North American Industry Classification System

(NAICS): 1997.

Source: Department of Commerce, Bureau of the Census.

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