In the March quarter 2001, the trend of the United States GDP continued to rise, although at a slower rate since the December quarter 1999. Further, the long-term trend also continued to increase in the March quarter 2001, although the rate of growth has decelerated since the June quarter 1998. The trend of the US GDP crossed below its long-term trend in the March quarter 2001 for the first time since the December quarter 1999. Secured housing finance commitments Following four quarters of decline, the trend of the secured housing finance commitments rose in the March quarter 2001. The historical long-term trend for secured housing finance commitments continued to rise in the December quarter 2000 although at a decelerating rate over the last three years.
Vacancies Note that the job vacancies series are referenced to the middle month of a quarter.
Following downward revisions to the original job vacancies data in May, August and November, the trend of the number of job vacancies was revised. It is now shown as beginning a decline in May 2000, which is still evident in February 2001. It crossed below its historical long-term trend in November 2000. In contrast, the historical long-term trend has been rising at a decelerating rate since May 1998. In the March quarter 2001, the trend of the All Industrials Index declined while its historical long-term trend still rose strongly.