New Report Says High-Technology Will Continue to Fuel Record Economic Expansion This Year
U.S. Industry & Trade Outlook 2000 Sees Continued Growth

Washington, DC - Fueled by the information technologies sector, the U.S. economy will continue its record expansion through 2000, according to the U.S. Industry & Trade Outlook 2000, released today by the U.S. Department of Commerce and The McGraw-Hill Companies (NYSE: MHP).

"More than 75 percent of the manufacturing industries and all the major service sectors are expected to grow in 2000 and beyond," said Commerce Secretary William M. Daley. "Last year, the U.S. economy added 2.5 million jobs. This record of continued growth, now surpassing its ninth year, makes this the longest expansion in history," he added.

Daley said the record expansion tops the previous 1961-69 expansion that lasted 106 months.

The Outlook'sprojected growth of information technology industries includes semiconductors and related devices (23.0 percent); telephone and telegraph apparatus (12.3 percent); radio and television equipment (10.0 percent); printed circuit boards (9.2 percent); and computers and peripherals (8.0 percent). Growth in the services sector will also be led by information technologies, including information retrieval, professional computer services, data processing, and accounting and management consulting services.

"Our continued economic growth and prosperity rely on an aggressive pursuit of market opportunities -- opportunities that are vast in countries like Africa and China; a strict enforcement of our trade laws; and an understanding that the private and public sectors must work together to ensure America's competitive advantage in this new century," Daley said.

According to the Outlook, growth is expected to be broad based, with gains in the consumer goods and information products and services sectors; modest growth in the industrial sectors such as chemicals, industrial supplies, construction, and construction materials; and slowing growth in motor vehicles. International demand is expected to continue its modest recovery, and this will affect durable goods such as machinery, equipment, and aircraft, which are especially dependent upon exports. The Outlook'sdata and forecasts provide the foundation for developing strategies to succeed in this intensely competitive environment.

Outlook 2000 covers more than 200 manufacturing and service industries, giving users one-and five-year forecasts, in-depth overviews of the key factors affecting domestic growth, and insights into the global position of the industry and the major markets served by U.S. exporters.

"We are pleased that The McGraw-Hill Companies can make a contribution to this valuable outlook on U.S. industry and trade, which will be an important resource for business managers," said Harold McGraw III, chairman and chief executive officer of The McGraw-Hill Companies. "This is another example of how the quality, scope and depth of our information and insight provides professionals with tools for making informed business decisions."

Founded in 1888, The McGraw-Hill Companies is a global information services provider serving the financial services, education and business information markets through leading brands such as Standard & Poor's, Business Week and the McGraw-Hill educational imprint. The corporation has more than 400 offices in 32 countries. Sales in 1999 were $4.0 billion. Additional information is available at http://www.mcgraw-hill.com/.

Press copies of the Outlook are available by contacting The McGraw-Hill Companies at (212) 904-5947. Copies of the Outlook are available for purchase by the public from Commerce's National Technical Information Service at 1-800-553-6847 (http://www.ntis.gov/), from The McGraw-Hill Companies at 1-800-262-4729, and through retail book stores and World Wide Web booksellers. The price is $69.95.