Chart 3. The title is "Corporate Profit Outlook Calls for Continued Weak Recovery."

A bar chart showing year-over-year growth in earnings from continuing operations from S&P 500 firms. In 1997, first-quarter growth was 15.1 percent; second-quarter growth was 10.7 percent; third-quarter growth was 12.9 percent, and fourth-quarter growth was 7.9 percent. In 1998, first-quarter growth was 3.6 percent; second-quarter growth was 3.5 percent; third-quarter growth was minus 1.8 percent, and fourth-quarter growth was 4.8 percent. In 1999, first-quarter growth was 10.6 percent; second-quarter growth was 16.2 percent; third-quarter growth was 21.3 percent, and fourth-quarter growth was 22.3 percent. In 2000, first-quarter growth was 20.4 percent; second-quarter growth was 19.8 percent; third-quarter growth was 17.5 percent, and fourth-quarter growth was 5.2 percent. In 2001, first-quarter growth was minus 7.4 percent; second-quarter growth was minus 19.2 percent; third-quarter growth was minus 21.6 percent, and fourth-quarter growth was minus 24.2 percent. In 2002, first-quarter growth was minus 7.6 percent; second-quarter growth was 3.5 percent; and third-quarter growth was 8.5 percent.