[Economic Indicators August, 2004]
[Page Number 7]
[From the U.S. Government Publishing Office, www.gpo.gov]
FARM INCOME
According to the preliminary forecast issued in February 2004, gross
farm income in 2004 is forecast at $255.1 billion, and net farm income
at $47.6 billion.
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[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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Income of farm operators from farming
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Gross farm income
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Period Cash marketing receipts
--------------------------------------- Value of Direct Production Net farm
Total \1\ Livestock inventory Government expenses income
Total and Crops \2\ changes \3\ payments \4\
products
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1994 r......................................... 216.1 181.4 88.3 93.1 8.3 7.9 164.8 51.3
1995 r......................................... 210.8 188.2 87.2 101.0 -5.0 7.3 171.2 39.6
1996 r......................................... 235.8 199.4 92.9 106.5 7.9 7.3 177.9 57.9
1997 r......................................... 238.2 207.9 96.5 111.4 .6 7.5 186.9 51.3
1998 r......................................... 232.4 196.4 94.2 102.2 -.6 12.4 185.9 46.5
1999 r......................................... 234.5 187.7 95.7 92.1 -.2 21.5 187.4 47.1
2000 r......................................... 241.3 192.1 99.6 92.5 1.6 22.9 193.4 47.9
2001 r......................................... 248.3 200.1 106.7 93.4 1.1 20.7 197.7 50.6
2002 r......................................... 230.7 195.1 93.8 101.3 -3.3 11.0 193.4 37.3
2003 r......................................... 256.9 211.6 105.5 106.2 .8 15.9 197.6 59.2
2004 p*........................................ 255.1 215.0 100.7 114.3 2.0 10.3 207.5 47.6
2002: I r...................................... 229.4 184.5 89.5 95.0 -3.1 21.6 182.9 46.5
II r..................................... 227.0 197.9 92.4 105.5 -3.4 4.1 196.2 30.7
III r.................................... 226.5 196.9 96.2 100.7 -3.3 4.7 195.2 31.2
IV r..................................... 239.9 201.0 97.2 103.8 -3.4 13.5 199.3 40.6
2003: I r...................................... 269.3 208.9 106.6 102.3 .8 31.4 195.1 74.1
II r..................................... 254.9 218.8 108.1 110.7 .8 5.9 204.3 50.6
III r.................................... 242.2 206.8 106.5 100.3 .8 6.8 193.1 49.1
IV r..................................... 261.1 212.1 100.7 111.4 .8 19.7 198.1 63.1
2004: I p*..................................... 268.4 217.9 100.0 117.9 2.0 20.2 210.3 58.0
II p*.................................... 252.9 218.8 101.8 116.9 2.0 3.8 211.2 41.7
III p*................................... 248.3 214.2 102.4 111.8 2.0 4.4 206.8 41.5
IV p*.................................... 250.8 209.1 98.6 110.4 1.9 12.7 201.8 48.9
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\1\ Cash marketing receipts,
Government payments, value of
changes in inventories, other farm
related cash income, and nonmoney
income produced by farms including
imputed rent of operator residences.
\2\ Crop receipts include
proceeds received from commodities
placed under Commodity Credit
Corporation loans.
\3\ Physical changes in
beginning and ending year
inventories of crop and livestock
commodities valued at weighted
average market prices during the
period.
\4\ Includes only Government
payments made directly to farmers.
*Annual and quarterly data for
2004 are forecast data available as
of February 2004. Updated forecast
data for 2004 are scheduled for
release in November 2004.
Source: Department of
Agriculture.