| 
|  Economic
Projections for 2001 -- Updated 7/20/01
 |  
|  | Governors and Bank
Presidents |  
| Indicator | 2000
Actual | Range | Central
Tendency |  
| (Change, 4th quarter to 4th
quarter) |  
| Nominal GDP | 5.9% | 3.25 - 5.00 % | 3.5 - 4.25% |  
| Real GDP | 3.5% | 1 - 2% | 1.25 - 2% |  
| PCE
chain-type price index | 2.4% | 2 - 2.75% | 2 - 2.5% |  
| (Average Level, 4th quarter) |  
| Civilian unemployment rate | 4.0 | 4.75 - 5% | 4.75 - 5.00% |  
 
 
|  Economic
Projections for 2002 -- Updated 7/20/01
 |  
|  | Governors and Bank
Presidents |  
| Indicator | 2000
Actual | Range | Central
Tendency |  
| (Change, 4th quarter to 4th
quarter) |  
| Nominal GDP | 5.9% | 4.75 - 6.00 % | 5.0 - 5.5% |  
| Real GDP | 3.5% | 3 - 3.5% | 3.00 - 3.25% |  
| PCE
chain-type price index | 2.4% | 1.50 - 3.00% | 1.75 - 2.50% |  
| (Average Level, 4th quarter) |  
| Civilian unemployment rate | 4.0 | 4.75 - 5.50% | 4.75 - 5.25% |  
 
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