Chronicling 100 Years of the U.S. Economy

Published by the Bureau of Economic Analysis (BEA)
SCB Centennial Celebration July 2020 – July 2021

Commemorative Poster Source Information

References for the centennial posters are categorized by decade and section. Each reference includes the Survey of Current Business issue and page number and the article, box, chart, or table title and a link to view it. References to photographs include links to archival or stock image websites.

The 1920s

Business Conditions After the Great War

Consumables

Oleomargarine, coffee, cigars, leather shoes, rubber tires, and automobile sales accelerate. Ten-cent store F.W. Woolworth Co. reports monthly sales of $11.6 million in August 1921.

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Library of Congress photo
Control Number: 2001706332

Factory Wages

Pittsburgh steelworkers earn 36 cents an hour in September 1922. Such factory employment data are collected from 1,428 firms in 1923 then consolidated into 50 manufacturing industries in 1929.

  • Pittsburgh steelworkers earn 36 cents an hour in September 1922
    September 1922 p. 49, Wages, Common Labor
  • Factory employment data from 1,428 firms in 1923
    December 1923 p. 19, Labor
  • Factory employment consolidated into 50 manufacturing industries in 1929
    December 1929 p. 19, Factory Employment: Indexes by Groups

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Library of Congress photo
Control Number: 2019671257

Stock Market

New York Stock Exchange monthly reports range from an “abundance of money to be had at comparatively low rates” in 1922 to “a substantial decline” in brokers' loans in 1929.

  • Abundance of money to be had at comparatively low rates
    September 1922 p. 1, Summary for July
  • A substantial decline in brokers' loans in 1929
    December 1929 p. 1, Preliminary Summary for November

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Library of Congress photo
Control Number: 99471695

Farm Prices

Twelve crops are featured in 1921. Crops are reorganized into categories as the list expands. In 1929, farmers earn $31.03 per ton of cottonseed and $1.35 per bushel of potatoes.

  • Twelve crops are featured in 1921
    July 1921 p. 4, Contents
  • Crops are reorganized into categories as the list expands
    December 1929 p. 15, Indexes of Business
  • In 1929, farmers earn $31.03 per ton of cottonseed and $1.35 per bushes of potatoes
    December 1929 p. 7, table Wholesale Prices for Specified Commodities

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Library of Congress photo
Control Number: 2012646389

 

The 1930s

The Depression and Recovery Efforts

Dust Bowl

Farm real estate value declines 31.4 percent between 1930 and 1935. In 1931, farm products drop below 1913 levels. The drought is “the worst in our history” and by 1936 becomes “more widespread and severe.”

  • Farm real estate value declines 31.4 percent between 1930 and 1935
    November 1937 pp. 13–14, Farm Mortgage Credit 1930–37
  • In 1931, farm products drop below 1913 levels
    August 1931 p. 7, Commodity Prices
  • Drought is the worst in our history
    August 1936 p. 3, Business Situation Summarized
  • 1936 becomes more widespread and severe
    August 1936 p. 5, Commodity Prices

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Library of Congress photo
Control Number: 2017730132

Prohibition Ends

Vinous liquors' product value increases 2,437.8 percent from 1931 to 1933. Whisky distilled in 1936 reaches an unprecedented 245.5 million total tax gallons. Five percent of retail-trade employment is at liquor establishments.

  • Vinous liquors' product value increases 2,437.8 percent from 1931 to 1933
    March 1935 p. 17, Industries Showing an Increase in Value of Products, 1933 over 1931
  • Whisky distilled in 1936 reaches an unprecedented 245.5 million total tax gallons
    July 1939 p. 13, Alcoholic Beverage Industry Reestablished
  • Five percent of retail-trade employment is at liquor establishments
    July 1939 p. 12, Alcoholic Beverage Industry Reestablished

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  • July 1939 p. 10, Alcoholic Beverage Industry Reestablished
  • July 1939 p. 13, Whisky Imports From the United Kingdom and Canada, Fiscal Year 1913 and Calendar Years 1934–38

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Library of Congress photo
Control Number: 2017783279

New Deal

The Federal government's Public Works Administration finances work-relief construction projects like highways, sewer systems, electrical grids, and dams. Federal construction is valued at $2.43 billion in 1938, compared to $503 million in 1932.

  • The Federal government's Public Works Administration finances work-relief construction projects like highways, sewer systems, electrical grids, and dams
    April 1937 pp. 16–17, The Position of the Construction Industry
  • Federal construction is valued at $2.43 billion in 1938, compared to $503 million in 1932
    December 1938 p. 11, Estimated Value of Private and Public Construction, Including New Construction, Maintenance, and Work-Relief Construction

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Control Number: 2008676666

Great Depression

Brokers' loans decline as liquidations continue in 1931. Dollar sales volume for chain stores and mail-order houses reach a new low in 1932. A year later, national income is still dropping.

  • Brokers' loans decline as liquidations continue in 1931
    August 1931 p. 5, Finance—Security and Money Markets
  • Dollar sales volume for chain stores and mail-order houses reach a new low in 1932
    June 1932 p. 6, Domestic Trade
  • 1933 national income is still dropping
    January 1935 p. 16, The National Income, 1933

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Control Number: 2017696878

 

The 1940s

The War Economy

Civilian Labor

Women are needed to provide the bulk of additions to the U.S. labor force. In 1943, women hold 32 percent of civilian jobs, including 14.1 million in nonagricultural industries and 1.8 million in agriculture.

  • Women are needed to provide the bulk of additions to the U.S. labor force
    June 1943 p. 3, The Business Situation
  • In 1943, women hold 32 percent of civilian jobs
    December 1943 p. 3, Employment, Hours, and Earnings
  • Including 14.1 million in nonagricultural industries and 1.8 million in agriculture
    June 1943 p. 3, The Business Situation

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Control Number: 2017872126

Rationing

Civilians continue to experience inconveniences: car production stops and tinned pork and beans sales are prohibited (1942); the cost of living rises 6 percent (1942–43); and 128,760,419 War Ration Book Fours are issued (February 1944).

  • Civilians continue to experience inconveniences
    December 1944 p. 4, The Business Situation
  • Car production stops
    January 1942 p. 3, The Business Situation
  • Tinned pork and beans sales are prohibited (1942)
    March 1942 p. 6, The Business Situation
  • The cost of living rises 6 percent (1942–43)
    December 1944 p. 2, The Business Situation
  • 128,760,419 War Ration Book Fours are issued (February 1944)
    March 1944 p. 4, The Business Situation

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Control Number: 2017696298

Industries Convert

Manufacturers are required to convert facilities for war production. By 1943, America achieves “full industrial mobilization for total war,” producing 19 million tons of new ships, 86,000 aircraft, and other military supplies.

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Library of Congress photo
Control Number: 2017692797

Postwar Economy

By 1948, reconverted industries reach new production marks as consumers replenish depleted stocks of durable goods. In fiscal 1949, the U.S. government provides $6.3 billion, or one-sixth of its total outlays, for foreign aid.

  • By 1948, reconverted industries reach new production marks
    August 1948 p. 8, National Product and Income in the Second Quarter of 1948, Trends of Manufactures
  • Consumers replenish depleted stocks of durable goods
    December 1945 p. 5, The Business Situation, Passenger Cars; August 1948 p. 4, National Product and Income in the Second Quarter of 1948
  • In fiscal 1949, the U.S. government provides $6.3 billion, or one-sixth of its total outlays, for foreign aid
    November 1949 p. 8, Foreign Transactions of the U.S. Government in Fiscal 1949

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Control Number: 2008680919

 

The 1950s

Pent-Up Demand and Purchasing Power

Purchasing Power

Family formation influences a boom in housing construction. By June 1950, mortgages outstanding increase $3 billion, nearly eclipsing 1949's $4 billion increase. As disposable personal income rises $8 billion, more automobiles are sold in spring 1959.

  • Family formation influences a boom in housing construction
    March 1950 p. 8, Family Formation and the Demand for Residential Construction; September 1950 p. 8, Construction Activity Continues to Expand
  • By June 1950, mortgages outstanding increase $3 billion, nearly eclipsing 1949's $4 billion increase
    September 1950 p. 9, Residential Mortgage Debt at New High
  • Disposable personal income rises $8 billion
    August 1959 p. 3, Consumer Income and Outlay
  • More automobiles are sold in spring 1959
    August 1959 p. 2, Credit Demands Increase; December 1959 p. S–17, Finance

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Defense

Military aid rises to $4.4 billion in 1953 during the Korean conflict. In 1958, defense expenditures abroad peak at $3.4 billion while defense purchases abroad comprise one-sixth of all U.S. purchases of goods and services from foreign countries.

  • Military aid rises to $4.4 billion in 1953 during the Korean conflict
    October 1953 p. 15, United States Foreign Aid in the Fiscal Year 1953
  • In 1958, defense expenditures abroad peak at $3.4 billion while defense purchases abroad comprise one-sixth of all U.S. purchases of goods and services from foreign countries
    November 1959 p. 15, Defense Expenditures Abroad, Major Item in the Balance of International Payments

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CORBIS/Corbis via Getty Images photo
Editorial Number: 615306014

Travel

Tourist-class air transportation debuts in 1952. By 1955, more Americans fly to Europe than travel by sea and foreign travel spending is a record $1.6 billion. After 1959 statehood, local Alaskan and Hawaiian flights are included in airlines-transportation statistics.

  • Tourist-class air transportation debuts in 1952
    June 1953 p. 9, One Billion Travel Dollars Go Abroad
  • By 1955, more Americans fly to Europe than travel by sea
    June 1956 p. 18, Expansion in Foreign Travel
  • Foreign travel spending is a record $1.6 billion
    June 1956 p. 17, Expansion in Foreign Travel
  • After 1959 statehood, local Alaskan and Hawaiian flights are included in airlines-transportation statistics
    November 1959 p. S–23, Transportation and Communications

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Getty Images photo
Editorial Number: 53272159

Strikes

Steelworker strikes in 1952, 1956, and 1959 impact the automobile industry, finished steel net exports, and personal income and gross national product estimates. Steel mills operate at 12 percent of rated capacity during the 1959 strike.

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United Steelworkers Archive photo
Courtesy of Penn State Special Collections and Anthony Montana, United Steelworkers

 

The 1960s

Launching New Technologies and Social Programs

Space

In 1964, nearly half of a $3 billion increase in national defense purchases is for space exploration. National Aeronautics and Space Administration (NASA) devotes two-thirds of its $5 billion, 1966 budget to fund programs for manned space flight, like the Gemini and Apollo missions.

  • In 1964, nearly half of a $3 billion increase in national defense purchases is for space exploration
    February 1963 p. 11, Government Programs for Fiscal Years 1963 and 1964
  • NASA devotes two-thirds of its $5 billion 1966 budget to fund programs for manned space flight, like the Gemini and Apollo missions
    February 1965 p. 11, Small Rise in Space Outlays

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NASA photo
Archive: Marshall Space Flight Center

Missiles

Missile production numbers 565,000 jobs in 1961 as the military shifts from steel-using materiel to fissionable-metal missiles. Antiballistic and land- and sea-based intercontinental ballistic missile orders rise substantially in 1969.

  • Missile production numbers 565,000 jobs in 1961
    April 1962 p. 5, Large Expansion in Missiles
  • The military shifts from steel-using materiel to fissionable-metal missiles
    January 1962 p. 10, Patterns of Steel Output and Demand, Steel Declining Relative to Durable Goods
  • Antiballistic and land- and sea-based intercontinental ballistic missile orders rise substantially in 1969
    February 1968 p. 15, Federal Programs for Fiscal 1969

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  • April 1962 p. 5, The Business Situation, Large expansion in missiles
  • February 1969 p. 17, Defense Department Budgetary Expenditures, Military Functions and Military Assistance, Fiscal Years, 1968–70

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Library of Congress photo
Control Number: 2012646995

Medicare

Medicare hospital insurance begins July 1, 1966, and in 1967, 92 percent of those 65 and older enroll. Medicare’s supplemental plan costs $3 a month; by June, nursing homes admit 200,000 seniors.

  • Medicare hospital insurance begins July 1, 1966
    February 1966 p. 8, Federal Programs for Fiscal 1967, Medicare benefits begin
  • In 1967, 92 percent of those 65 and older enroll
    January 1968 p. 11, Government Expenditures and Receipts, Medicare transfers mount sharply
  • Medicare's supplemental plan costs $3 a month
    August 1966 p. 6, Medicare in the National Income and Product Accounts, Treatment of Medicare in the National Accounts
  • By June, nursing homes admit 200,000 seniors
    January 1968 p. 11, Government Expenditures and Receipts, Medicare transfers mount sharply

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  • January 1968 p. 11, Government Expenditures and Receipts, Medicare transfers mount sharply
  • August 1966 p. 6, Medicare in the National Income and Product Accounts, Treatment of Medicare in the National Accounts

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Great Society

To combat poverty, 1967 funding increases $1 billion for educational and economic opportunity programs, like Head Start and Job Corps, and reaches 1 million young people.

  • 1967 funding increases $1 billion for educational and economic opportunity programs, like Head Start and Job Corps, and reaches 1 million young people
    February 1964 p. 11, Government Programs for Fiscal 1964 and 1965; October 1965 p. 5, Recent Changes in the Labor Market; February 1966 p. 17, The Federal Program for Fiscal 1967

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Library of Congress photo
Control Number: 2009632170

 

The 1970s

Responding to Fossil Fuel Challenges

Oil Prices

The 1973–74 Arab oil embargo quadruples imported crude oil prices, causing “one of the most severe shocks to the world economy.” In 1979, Iran's oil production is disrupted and the Organization of Petroleum Exporting Countries (OPEC) continues raising prices—16 percent in July alone.

  • The 1973–74 Arab oil embargo quadruples imported crude oil prices
    February 1978 p. 18, Work-Force Migration Patterns 1970–76; April 1978 p. 21, OPEC Transactions in the U.S. International Accounts, 1972–77
  • Causing one of the most severe shocks to the world economy
    April 1978 p. 21, OPEC Transactions in the U.S. International Accounts, 1972–77
  • In 1979, Iran's oil production is disrupted and OPEC continues raising prices—16 percent in July alone
    October 1979 p. 1, The Business Situation

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Compact Cars

Gasoline shortages and rising costs spur vehicle manufacturers to produce smaller, lighter cars with better fuel economy. In 1975, new models must meet Corporate Average Fuel Economy standards.

  • Gasoline shortages and rising costs
    October 1979 p. 7, The Business Situation; October 1979 p. 21, Motor Vehicles, Model Year 1979
  • Spur vehicle manufacturers to produce smaller, lighter cars with better fuel economy
    October 1978, pp. 8–10, Motor Vehicle Sales
  • In 1975, new models must meet Corporate Average Fuel Economy standards
    February 1979 p. 16, Pollution Abatement and Control Expenditures in Constant and Current Dollars, 1972–77; October 1979 p. 21, Motor Vehicles, Model Year 1979

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Library of Congress photo
Control Number: 2003673999

Pollution

Of 22 industries, petroleum has the largest average annual increase in pollution abatement spending—17 percent—from 1973 to 1978. In 1979, petroleum comprises $1.4 billion of the $7.3 billion industries plan to spend to reduce pollutants.

  • Of 22 industries, petroleum has the largest average annual increase in pollution abatement spending—17 percent—from 1973 to 1978.
    June 1979 p. 22, Capital Expenditures by Business for Pollution Abatement, 1977, 1978, and Planned 1979
  • In 1979, petroleum comprises $1.4 billion of the $7.3 billion industries plan to spend to reduce pollutants
    June 1979 p. 20, Capital Expenditures by Business for Pollution Abatement, 1977, 1978, and Planned 1979

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  • July 1974 p. 58, Pollution Abatement Expenditures and the National Economic Accounts
  • June 1978 p. 33, New Plant and Equipment Expenditures for Air, Water, and Solid Waste Pollution Abatement

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Job Migration

Petroleum refiners and gas utilities invest in developing new oil and gas sources. From 1973 to 1976, 81,900 people migrate to Texas, many for oil and natural gas production jobs, and 14,200 migrate to Alaska to construct the Trans-Alaska Pipeline.

  • Petroleum refiners and gas utilities invest in developing new oil and gas sources
    April 1974 p. 46, 1974 Business Investment Plans Largely Unaffected by Energy Shortages
  • From 1973 to 1976, 81,900 people migrate to Texas, many for oil and natural gas production jobs, and 14,200 migrate to Alaska to construct the Trans-Alaska Pipeline
    April 1972 p. 22, State Projections of Income, Employment, and Population; October 1976 pp. 23–28, Work-Force Migration Patterns, 1960–73; February 1978 p. 20, Work-Force Migration Patterns, 1970–76

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The 1980s

Enacting Change Through Economic Policies

Deficit

The $195.4 billion federal budget deficit in 1983 surpasses fiscal 1982's “largest deficit in history” as defense spending soars. The Balanced Budget and Emergency Deficit Control Act (1985) raises the federal debt limit to avoid default.

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Drought

Farmers face droughts and falling commodity prices and land values. The Agriculture and Food Act (1981) costs $49 billion more than estimated. The Food Security Act (1985) anticipates spending another $100.6 billion on farm programs.

  • Farmers face droughts and falling commodity prices and land values
    May 1985 p. 36, Patterns of Growth in Metropolitan and Nonmetropolitan Areas: An Update; August 1988 p. 1, Effects of the Drought on Farm Output; October 1988 pp. 1–6, The Business Situation
  • The Agriculture and Food Act (1981) costs $49 billion more than estimated
    April 1986 p. 31, Federal Farm Programs for 1986–90
  • The Food Security Act (1985) anticipates spending another $100.6 billion on farm programs
    April 1986 p. 31, Federal Farm Programs for 1986–90

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Taxes

The Economic Recovery Tax Act (1981), the Tax Equity and Fiscal Responsibility Act (1982), and the Tax Reform Act (1986) significantly change the U.S. tax code. The individual top tax rate in 1988 is the lowest since 1931.

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  • April 1984 p. 10, Effects of the Economic Recovery Tax Act (ERTA) of 1981 and the Tax Equity and Fiscal Responsibility Act (TEFRA) of 1982 on Corporate Profits Taxes
  • March 1987 p. 18, The Tax Reform Act of 1986

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Savings & Loan

Thrift savings institutions succumb to interest-rate hikes and inflation. The Financial Institutions Reform, Recovery, and Enforcement Act (1989) tackles 511 thrift savings institution insolvencies. The bailout's estimated cost: $150 billion to $160 billion.

  • Thrift savings institutions succumb to interest-rate hikes and inflation
    May 1981 p. 4, Consumer installment credit; May 1981 p. S–17, Finance; August 1985 pp. 12–16, Consumer Installment Credit, 1980–85; December 1989 p. 2, NIPA Treatment of the “Bailout” of Thrift Institutions
  • The Financial Institutions Reform, Recovery, and Enforcement Act (1989) tackles 511 thrift savings institution insolvencies
    December 1989 p. 2, NIPA Treatment of the “Bailout” of Thrift Institutions
  • The bailout's estimated cost: $150 billion to $160 billion
    December 1989 p. 2, NIPA Treatment of the “Bailout” of Thrift Institutions

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The 1990s

Statistical Strides in a Fast-Paced World

Data Branch Out

On Earth Day 1993, the President prioritizes “green GDP” to measure the costs of investing in and depleting environmental assets. Work begins on the Integrated Economic and Environmental Satellite Accounts, intended to supplement the national accounts but later discontinued.

  • On Earth Day 1993, the President prioritizes “green GDP” to measure the costs of investing in and depleting environmental assets
    April 1994 p. 34, Integrated Economic and Environmental Satellite Accounts
  • Work begins on the Integrated Economic and Environmental Satellite Accounts, intended to supplement the national accounts but later discontinued
    April 1994 pp. 33–49, Integrated Economic and Environmental Satellite Accounts

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  • April 1994 p. 33, Integrated Economic and Environmental Satellite Accounts
  • November 1999 p. 44, Assessing BEA's Prototype Integrated Economic and Environmental Satellite Account

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Cold War Ends

Defense spending is reduced and hundreds of U.S. military bases close or realign in 1991, 1993, and 1995. From 1993 to 1999, 25 percent of civilian defense support positions are outsourced or privatized.

  • Defense spending is reduced
    March 1992 p. 29, Federal Budget Estimates, Fiscal Year 1993; April 1993 p. 46, Federal Budget Estimates, Fiscal Year 1994; February 1994 p. 34, Federal Budget Estimates, Fiscal Year 1995
  • Hundreds of U.S. military bases close or realign in 1991, 1993, and 1995. From 1993 to 1999, 25 percent of civilian defense support positions are outsourced or privatized
    February 1995 p. 7, The Business Situation; April 1995 p. 66, Percent Change in Selected Shares of Personal Income, 1993–94; March 1998 p. 9, Federal Budget Estimates, Fiscal Year 1999

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Bigger Bytes

A 1994 surge in computer-related goods is reflected in third- and fourth-quarter gross domestic product (GDP). In 1995, domestic shipments of memory chips are $11.1 billion as computers continue sparking changes in global financial markets.

  • A 1994 surge in computer-related goods is reflected in third- and fourth-quarter GDP
    February 1995 p. 2, The Business Situation
  • In 1995, domestic shipments of memory chips are $11.1 billion
    February 1998 p. 8, Price Indexes for Selected Semiconductors, 1974–96
  • Computers continue sparking changes in global financial markets
    July 1990 p. 8, The U.S. National Income and Product Accounts: Revised Estimates and Tables; September 1990 p. 30, Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies, 1991; March 1991 pp. 41–42, U.S. International Transactions, Fourth Quarter and Year 1990

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  • February 1998 p. 8, Price Indexes for Selected Semiconductors, 1974–96
  • August 1999 p. 7, A Preview of the 1999 Comprehensive Revision of the National Income and Product Accounts

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Smaller World

The 1994 North American Free Trade Agreement and the 1997 North American Industry Classification System reflect increasing globalization and partnership between the United States, Canada, and Mexico.

  • 1994 North American Free Trade Agreement
    November 1993 p. 46, Economic Concepts for Economic Classifications
  • 1997 North American Industry Classification System
    June 1996 p. 53, BEA's Mid-Decade Strategic Plan: A Progress Report, New and improved measures; August 1999 p. 24, New Industry Classifications
  • Increasing globalization and partnership between the United States, Canada, and Mexico
    June 1996 p. 53, BEA's Mid-Decade Strategic Plan: A Progress Report, New and improved measures; August 1999 p. 24, New Industry Classifications

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  • November 1993 p. 46, Economic Concepts for Economic Classifications
  • June 1999 p. 16, Outlays for New Investment in the United States by Foreign Direct Investors, 1980–98

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The 2000s

Loss Lays the Groundwork for Recovery

9/11

The September 11, 2001, terrorist attacks destroy $14 billion in private business and $1.5 billion in state and local government enterprise value of assets. Insurance benefits payments are $40 billion; airlines receive a $20 billion subsidy.

  • The September 11, 2001, terrorist attacks destroy $14 billion in private business and $1.5 billion in state and local government enterprise value of assets
    November 2001 pp. 2–3, The Terrorist Attacks of September 11th as Reflected in the National Income and Product Accounts
  • Insurance benefits payments are $40 billion
    December 2001 p. 14, Corporate Profits
  • Airlines receive a $20 billion subsidy
    November 2001 pp. 2–3, The Terrorist Attacks of September 11th as Reflected in the National Income and Product Accounts

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  • November 2001 pp. 2–3, The Terrorist Attacks of September 11th as Reflected in the National Income and Product Accounts
  • January 2002 p. 31, Effects of September 11th Terrorist Attacks on U.S. International Transactions

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Hurricanes

Hurricanes Katrina, Rita, and Wilma strike the Gulf Coast in 2005. Third-quarter corporate profits are reduced $75.2 billion for fixed assets damages. In 2006, the Gulf Coast's construction sector boosts Louisiana's personal income growth.

  • Hurricanes Katrina, Rita, and Wilma strike the Gulf Coast in 2005
    December 2005 p. 4, The Impact of the Third-Quarter Hurricanes on the NIPAs
  • Third-quarter corporate profits are reduced $75.2 billion for fixed assets damages
    December 2005 p. 4, The Impact of the Third-Quarter Hurricanes on the NIPAs
  • In 2006, the Gulf Coast's construction sector boosts Louisiana's personal income growth
    September 2007 pp. 116–117, Personal Income for Metropolitan Areas for 2006

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Housing

The housing bubble bursts, real estate prices decline, and credit markets freeze up. In 2008, the Treasury Department commits to purchasing up to $100 billion of senior preferred stock in government-sponsored enterprises Fannie Mae and Freddie Mac.

  • The housing bubble bursts, real estate prices decline, and credit markets freeze up
    January 2009 p. 66, Housing Prices
  • In 2008, the Treasury Department commits to purchasing up to $100 billion of senior preferred stock in government-sponsored enterprises Fannie Mae and Freddie Mac
    February 2009 p. 7, The 2008 Financial Crisis and the National Accounts

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Recession

American Recovery and Reinvestment Act (ARRA) aims to pull the country out of the Great Recession (December 2007 to June 2009). Estimated to cost $825.4 billion over 10 years, ARRA provisions include reducing taxes and investing in energy efficiency, infrastructure, and science.

  • ARRA aims to pull the country out of the Great Recession (December 2007 to June 2009)
    April 2008 p. 1, GDP and the Economy Final Estimates for the Fourth Quarter of 2007; June 2009 p. 17, American Recovery and Reinvestment Act of 2009
  • Estimated to cost $825.4 billion over 10 years
    June 2009 p. 17, American Recovery and Reinvestment Act of 2009
  • ARRA provisions include reducing taxes and investing in energy efficiency, infrastructure, and science
    December 2009 pp. 11–14, American Recovery and Reinvestment Act of 2009

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The 2010s

Economic Expansion

Uninterrupted Growth

The nation's 2010 real gross domestic product (GDP) increases at a 3.0 percent annual rate, ushering in a decade of economic expansion—the longest ever recorded.

  • The nation's 2010 real gross domestic product (GDP) increases at a 3.0 percent annual rate
    August 2011 pp. 6–7, Annual Revision of the National Income and Product Accounts Annual Estimates for 2003–2010 Quarterly Estimates for 2003:I–2011:I
  • Ushering in a decade of economic expansion—the longest ever recorded
    August 2014 p. 6, Table 2. Real Gross Domestic Product (GDP); August 2015 p. 6, Table 2. Real Gross Domestic Product (GDP); August 2020 p. 7, Table 2. Real Gross Domestic Product (GDP)

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Health Care

The Affordable Care Act (ACA) is signed into law in 2010 and takes effect in 2014. Tax credits to assist individuals buying health insurance through ACA public exchanges boost government social benefits to persons by 35.2 percent in first-quarter 2015.

  • The ACA is signed into law in 2010 and takes effect in 2014
    June 2014 p. 1, BEA Briefing: Affordable Care Act Transactions in the National Income and Product Accounts
  • Tax credits to assist individuals buying health insurance through ACA public exchanges boost government social benefits to persons by 35.2 percent in first-quarter 2015
    June 2015 p. 2, Federal Government Current Receipts and Expenditures

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  • September 2010 p. 42, Research Spotlight: A Reconciliation of Health Care Expenditures in the National Health Expenditures Accounts and in Gross Domestic Product
  • June 2014 p. 1, BEA Briefing: Affordable Care Act Transactions in the National Income and Product Accounts

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Shutdowns

A partial federal government shutdown from December 22, 2018, to January 25, 2019, lasts longer than one in October 2013. Employees are furloughed; January's Survey doesn't publish; and the first GDP fourth-quarter 2018 estimate's release is delayed.

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Territories

GDP statistics for American Samoa, the Commonwealth of the Northern Mariana Islands (CNMI), Guam, and the U.S. Virgin Islands debut in 2010. The long-term goal is to integrate the four U.S. territories' data into the full set of U.S. national accounts.

  • GDP statistics for American Samoa, the CNMI, Guam, and the U.S. Virgin Islands debut in 2010
    September 2010 p. 34, BEA Briefing: GDP for American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, and the U.S. Virgin Islands
  • The long-term goal is to integrate the four U.S. territories’ data into the full set of U.S. national accounts
    December 2014 p. 2, Future Directions

Survey clippings

  • February 2018, Territorial Economic Accounts for American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, and the U.S. Virgin Islands
  • September 2010 p. 34, BEA Briefing: GDP for American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, and the U.S. Virgin Islands, Annual Estimates for 2002–2007

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