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. The economic recession of 2001 definitely took the wind out of the sails of import demand during the year. Imports did pick up in 2002, though, despite the anemic recovery in the United States.

Short Term Perspective
Imports posted 16 straight months of year-over-year gains through August 2003. Going forward, increased demand during recovery will signal higher imports, but the weaker dollar could dampen the rate of growth.

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