This report analyzes data on bachelor's degree recipients in physics or astronomy in 1997. Data are from a survey of senior-level physics majors (n=1,696) and the American Institute of Physics' Enrollments and Degrees Survey, and include text, tables, and graphs. The report notes that: (1) the number of undergraduates who received bachelor's degrees in physics continued to decline; this class total (3,826) was 8 percent lower than in the previous year and 24 percent lower than in 1989; (2) the decline in undergraduate degrees granted has been three times as great at departments that also offer graduate-level degrees as at departments offering only undergraduate degrees; (3) almost one-third of bachelor's degree recipients reported a double major, with mathematics most commonly the other field; (4) 41 percent of degree recipients entered directly into the job market and 53 percent planned advanced study; (5) historically, although over half of newly conferred bachelors degree recipients entered graduate school immediately, in this class 33 percent planned further studies in physics and 20 percent planned further study in other fields; (6) median starting salary for 1997 graduates was $34,800, an increase of 12 percent over the previous year; and (7) of students planning advanced study, only 4 percent anticipated relying primarily on their own funds. (DB)