A turnaround in profits provided the only bright spot during the quarter. Despite a 10% decline in sales, profits moved out of the red and into the black--albeit to the third lowest level since 1997. All other measures were negative. Aerospace employment continued to decline from record lows and, unfortunately, the latest monthly figures give no indication of a leveling off.

In Billions of Current Dollars	1Q 2003	4Q 2002	% Change 4Q02 to 1Q03	1Q 2002	2002 Year-End	2001 Year-End
Aerospace Sales	$37.98	$42.19	-10.0%	$38.64	$159.58	$168.76
Profits	$1.02	-$0.34	-398.5%	$2.09	$6.55	$6.57
Orders	$34.55	$35.24	-1.9%	$40.52	$137.80	$144.54
Exports--Total	$12.73	$13.99	-9.0%	$13.93	$56.78	$58.51
Exports--Civil	$10.46	$11.57	-9.6%	$11.63	$47.35	$49.37
Exports--Military	$2.28	$2.42	-5.9%	$2.29	$9.43	$9.14
Employment (in thousands)	673	691	-2.6%	738	688	774

For more information about AIA's Statistics, please contact stats@aia-aerospace.org.