Long Term Perspective

Import growth accelerated in 2000 after briefly moderating its pace in 1999. To some extent, this represents increased demand for oil, but also capital goods.

Short Term Perspective

Despite the downward trend in merchandise imports since April, the U.S. trade deficit remains at all-time highs. This slight moderation represents a slight dip in oil prices (but not volumes) since the beginning of the year.

Real GDP vs. Final Sales   •   Real Consumer Spending vs. Real Income   •   Debt Burden vs. Savings Rate

Business Fixed Investment vs. Net Cash Flow   •   New Orders   •   Housing Starts vs. Mortgage Rates

Merchandise Exports vs. Trade Weighted Dollar   •   Merchandise Imports vs. Trade Weighted Dollar