Full text of Economic Indicators : April 1997
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105 tb Congress, 1st Session
Economic Indicators
APRIL 1997
(Includes data available as of May 12, 1997)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1997
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
JIM SAXTON, New Jersey, Chairman
CONNIE MACK, Florida, Vice Chairman
HOUSE OF REPRESENTATIVES
DONALD A. MANZULLO (Illinois)
MARK SANFORD (South Carolina)
MAC THORNBERRY (Texas)
JOHN T. DOOLITTLE (California)
JIM McCRERY (Louisiana)
FORTNEY PETE STARK (California)
LEE H. HAMILTON (Indiana)
MAURICE D. HINCHEY (New York)
CAROLYN B. MALONEY (New York)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
ROBERT F. BENNETT (Utah)
ROD GRAMS (Minnesota)
SAM BROWNBACK (Kansas)
JEFF SESSIONS (Alabama)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
CHRISTOPHER FRENZE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JANET L. YELLEN, Chair
ALICIA H. MUNNELL, Member
JEFFREY A. FRANKEL, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing)
from:
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ISBN 0-16-054991-4
11
TOTAL OUTPUT, INCOME. AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 1997, according to advance estimates, current-dollar gross domestic product (GDP) rose
8.0 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 5.6 percent, and the implicit price deflator
rose 2.3 percent. (Series revised.)
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
8,000
SEA5ONAUY ADJUSTED ANNUAL RATES
f
7,200
^^ ^
__ --
/^
6,800
|M
6,400
^/^
GDP
CHAINED (1992) DOLLARS
\ _
-^
8,000
,
7,600
7,600
7,200
'
6,800
„'- • ~~
6,400
_______
6,000
^
,-'
6,000
^'
/—*
5,600
__„-•
5,600
r--'
5,200
5,200
s
/ GDP
^DOLLARS
/IN CURRENT
X
X
4,800
/
4,800
X
4,400
4,400
^
/
4,000
4,000
/
3,600
/
3,600
3,200
3,200
^
1
!
1
1982
i i i
1983
i i :
1984
I I I
1
1985
1986
1 !
1 1 i
1987
I I I
1988
1
!
1
1989
1
i ii
l I I
1990
1991
1992
\
1
I I I
1993
i I i
I I I
1
1994
1995
1996
1 !
I 1 I
1997
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993- I
II
m
rv
1994- I
n
m
rv
1995- I
II
in
rv
1996- I
n
m
rv
1997:
IP
1
Exports and imports
Personal Gross
of goods and services
private
conGross
domestic sumption domestic
product expendi- investNet
ment
exports Exports Imports
tures
5,049.6
5,438.7
5,743.8
5,916.7
6,244.4
6,553.0
6,935.7
7,253.8
7,576.1
6,442.6
6,506.2
' 6,574.3
'6,688.7
'6,776.1
6,890.5
6,993.1
7,083.2
7,149.8
7,204.9
7,309.8
7,350.6
7,426.8
7,545.1
7,616.3
7,716.1
7,866.0
3,349.7
3,594.8
3,839.3
3,975.1
4,219.8
4,454.1
4,700.9
4,924.9
5,151.4
4,367.6
4,424.8
4,481.0
4,543.1
4,600.9
4,666.2
4,738.3
4,798.2
4,840.6
4,910.5
4,957.9
4,990.5
5,060.5
5,139.4
5,165.4
5,240.3
5,346.4
773.9 -106.1
829.2
-80.4
799.7
-71.3
736.2
-20.5
790.4
-29.5
62 7
871.1
1,014.4
-94.4
947
1,065.3
-98.7
1,117.0
843.6
-47.9
855.9
-59.6
873.8
-74.5
911.2
68 8
957.6
-78.8
1,016.5
-93.0
1,033.6
107 0
1,050.1 -98.7
1,072.0 -108.7
1,050.3
115 3
1,074.8
-87.6
1,064.0 -67.2
86 3
1,068.9
-99.2
1,096.0
1,156.2 -120.2
1,146.6
-89.1
1,202.8 -111.4
447.2
509.3
557.3
601.8
639.4
657.8
719.1
807.4
855.2
646.9
660.4
645.3
678.7
678.9
707.4
729.2
761.0
776.1
797.3
819.0
837.0
839.5
850.0
844.3
887.0
899.3
553.2
589.7
628.6
622.3
669.0
720.5
813.5
902.0
953.9
694.8
720.0
719.8
747.5
757.6
800.4
836.1
8596
884.8
912.6
906.6
904.2
925.8
949.2
964.5
976.0
1,010.6
GDP less exports of goods and services plus imports of goods and services.
NOTE.—Data released April 30, 1997 for the national income and product accounts reflect
revisions to selected series for 1959-1996. See Survey of Current Business, May 1997, for details.
Government consumption expenditures
and gross investment
Federal
Total
Total
1,032.0
1,095.1
1,176.1
1,225.9
1,263.8
1,290.4
1,314.7
1,358.3
1,406.4
1,279.3
1,285.1
1,294.1
1,303.2
1,296.4
1,300.8
1,328.2
1,333.5
1,345.8
1,359.4
1.364.6
1^363.4
1,383.7
1,408.8
1,414.8
1,418.3
1,428.2
457.3
477.2
503.6
522.6
528.0
522.6
516.4
516;6
523.1
525.5
520.1
521.3
523.5
511.3
509.4
523.8
520.9
519.7
522.0
516.8
507.7
518.6
529.6
525.5
518.5
519.9
National Nondefense defense
354.0
360.6
373.1
383.5
375.8
362.7
352.0
345.5
347.1
365.7
362.7
361.2
361.3
346.7
349.3
362.3
349.7
347.6
351.7
345.7
337.1
343.9
353.7
348.8
341.9
336.6
103.3
116.7
130.4
139.1
152.2
159.9
164.3
171.0
176.0
159.8
157.4
160.1
162.2
164.6
160.0
161.5
171.2
172.1
170.3
171.1
170.6
174.7
175.8
176.7
176.7
183.3
State
and
local
574.7
617.9
672.6
703.4
735.8
767.8
798.4
841.7
883.3
753.8
765.0
772.7
779.7
785.0
791.4
804.4
812.6
826.1
837.3
847.7
855.7
865.1
879.2
889.3
899.8
908.3
Final
Gross
sales of domestic
purdomestic
product chases J
5,038.7
5,407.0
5,735.8
5,919.0
6,237.4
6,532.4
6,876.2
7,216.7
7,560.7
6,422.8
6,484.6
6,552.3
6,669.8
6,735.9
6,816.0
6,928.5
7,024.6
7,091.7
7,170.9
7,271.5
7,332.8
7,428.6
7,537.1
7,579.6
7,697.4
7,815.0
Source: Department of Commerce, Bureau of Economic Analysis.
Addendum:
Gross
national
product
5,155.6 5,062.6
5,519.1 5,452.8
5,815.1 5,764.9
5,937.2 5,932.4
6,274.0 6,255.5
6,615.7 6,563.5
7,030.1 6,931.9
7,348.4 7,246.7
7,674.8 7,567.1
6,490.5 6,458.6
6,565.8 6,516.5
6,648.8 6,587.1
6,757.4 6,691.9
6,854.8 6,781.0
6,983.5 6,888.3
7,100.1 '6,986.9
7,181.9 7,071.4
7,258.4 7,146.8
7,320.2 7,202.4
7,397.3 7,293.4
7,417.8 7,344.3
7,513.2 7,426.6
7,644.3 7,537.5
7,736.5 7,598.9
7,805.2 7,705.6
7,977.4
REAL GROSS DOMESTIC PRODUCT
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993- I
n
m
IV
1994- I
n
m
iv
1995: I
n
m
IV
1996: I
n
m
IV
1997: IP
Gross
domestic
product
*
Personal
consumption
expenditures
5,865.2
6,062.0
6,136.3
6,079.4
6,244.4
6,386.1
6,608.4
6,742.2
6,906.8
6,326.2
6,356.3
6,393.2
6,468.7
6,508.5
6,587.4
6,644.8
6,692.9
6,700.2
6,712.7
6,775.8
6,780.2
6,813.8
6,892.1
6,928.1
6,993.3
7,089.4
Nonresidential
fixed
investment
3,972.7
4,064.6
4,132.2
4,105.8
4,219.8
4,339.5
4,473.2
4,577.8
4,690.7
4,289.7
4,318.8
4,359.5
4,390.0
4,420.5
4,458.7
4,489.4
4,524.0
4,534.8
4,569.9
4,597.3
4,609.4
4,649.1
4,687.6
4,693.5
4,732.5
4,806.0
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
766.8
577.5
586.4
593.1
617.6
628.5
639.5
660.5
679.7
704.4
710.5
719.0
723.3
743.5
750.5
781.4
792.0
814.6
Change
in business
inventories
*
Residential
fixed
investment
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
276.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.5
262.2
266.3
271.1
281.5
277.8
276.6
280.3
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
Net
exports
11.7 -114.4
33.3
-82.7
10.4
-61.9
-22.3
-3.0
29 5
7.0
-72.0
19.0
58.9 - 105.7
32.7 - 107.6
13.6 -113.6
-56.0
18.5
-64.4
20.7
-86.2
19.4
17.5
-81.5
40.8
-99.3
74.7 - 107.3
64.6 -111.7
55.6 '-104.4
53.7 -122.5
29.9 -121.4
33.5 -101.6
13.7
-84.9
-3.5 - 104.0
6.7 -114.7
34.1 - 137.4
-98.4
17.1
46.1 - 130.3
Exports
Imports
Total
Total
465.8 580.2
520.2 603.0
564.4 626.3
599.9 622.2
639.4 669.0
658.2 730.2
712.0 817.6
775.4 883.0
825.9 939.5
647.1 703.1
660.0 724.4
645.5 731.7
680.3 761.8
677.6 777.0
703.1 810.4
719.6 831.3
747.6 851.9
752.3 874.9
763.2 884.6
783.0 884.5
803.1
888.0
806.7 910.7
817.9
932.6
816.1
953.5
862.9 961.3
879.9 1,010.1
1
GDP less exports of goods and services plus imports of goods and services.
Note.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
1,180.9
1,213.9
1,250.4
1,258.0
1,263.8
1,261.0
1,260.0
1,260.2
1,270.6
1,257.7
1,258.4
1,261.6
1,266.2
1,252.4
1,249.8
1,271.2
1,266.6
1,262.7
1,265.1
1,263.4
1,249.6
1,254.7
1,278.2
1,276.1
1,273.4
1,271.6
National
defense
Nondefense
405.5
401.6
401.5
397.5
375.8
355.4
337.0
319.6
313.9
361.6
356.9
351.6
351.2
334.8
335.5
346.2
331.3
325.0
325.5
319.1
308.8
311.9
319.4
314.9
309.4
301.3
119.1
130.1
140.5
142.0
152.2
153.8
152.6
152.3
152.8
154.4
152.7
154.2
153.7
154.9
147.8
150.4
157.5
155.6
153.5
153.1
147.0
150.6
153.7
153.9
153.1
156.8
524.6
531.5
541.9
539.4
528.0
509.2
489.8
472.3
467.1
516.1
509.7
505.9
505.0
489.9
483.3
496.7
489.2
481.0
479.4
472.5
456.2
462.9
473.4
469.3
462.9
458.8
State
and
local
Final
sales of
domestic
product
656.6 5,855.1
682.6 6,028.7
708.6 6,126.7
718.7 6,082.6
735.8 6,237.4
751.8 6,365.5
770.5 6,550.7
788.6 6,708.9
804.3 6,892.1
741.6 6,307.1
748.8 6,334.5
755.7 6,371.3
761.3 v6,449.2
762.7 6,467.7
766.8 6,514.9
774.7 6,582.1
777.7 6,638.1
782.2 6,647.4
786.3 6,682.4
791.5 6,741.4
794.4 6,764.2
792.6 6,815.2
805.5 6,884.7
807.7 6,892.7
811.4
6,975.9
813.9 7,043.3
Gross
domestic
purchases '
*
Addendum:
Gross
national
product
*
5,986.1
6,147.8
6,199.8
6,101.6
6,274.0
6,457.4
6,711.5
6,846.4
7,016.2
6,382.0
6,420.2
6,478.3
6,549.0
6,605.8
6,692.2
6,753.6
6,794.3
6,818.9
6,830.2
6,874.2
6,862.4
6,914.1
7,002.6
7,060.3
7,087.7
7,214.1
5,878.5
6,075.7
6,157.0
6,094.9
6,255.5
6,396.8
6,605.6
6,736.4
6,899.7
6,342.3
6,366.7
6,406.0
6,472.2
6,514.0
6,586.1
6,640.0
6,682.5
6,698.2
6,711.0
6,761.3
6,775.0
6,814.4
6,886.1
6,913.3
6,985.0
*Data in this column reflect recent revisions. See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 1992 = 100; quarterly data are seasonally adjusted)
Period
Gross
domestic
product
1988'
1989'
1990'
1991'
1992'
1993'
1994'
1995'
1996'
1993: I'
H'
HI'
IV'
1994- I'
IF
ffl'
IV'
1995: I'
H'
HI'
IV'
1996: I'
II'
HI'
IV'
1997: I"
86.09
89.72
93.60
97.32
100.00
102.61
104.95
107.59
109.69
101.84
102.36
102.83
103.40
104.11
104.60
105.24
105.83
106.71
107.33
107.88
108.41
109.00
109.47
109.93
110.34
110.95
NOTE.—See Note, p. 1.
Gross private
domestic investment
Personal consumption
expenditures
Total
84.32
88.44
92.91
96.82
100.00
102.64
105.09
107.58
109.82
101.82
102.45
102.79
103.49
104.08
104.65
105.54
106.06
106.74
107.45
107.84
108.27
108.85
109.64
110.06
110.73
111.24
Durable
goods
Nondurable goods
93.28
95.29
96.59
98.54
100.00
101.25
103.37
104.58
103.39
100.46
101.08
101.49
101.93
102.37
103.19
103.94
103.95
104.68
104.83
104.54
104.30
104.34
103.57
103.08
102.59
102.05
84.83
89.28
94.62
98.06
100.00
101.49
102.82
104.50
107.15
101.29
101.46
101.28
101.93
101.95
102.36
103.33
103.61
103.87
104.48
104.67
104.99
105.99
107.21
107.23
108.16
108.79
Services
82.16
86.55
91.22
95.78
100.00
103.56
106.70
109.92
112.73
102.39
103.28
103.88
104.67
105.61
106.22
107.10
107.85
108.76
109.65
110.31
110.93
111.42
112.34
113.17
113.98
114.73
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
Nonresidential
fixed
Residential fixed
93.74
96.16
98.41
99.92
100.00
100.87
102.32
103.39
103.16
100.49
100.80
101.02
101.14
101.63
102.19
102.73
102.68
102.71
103.37
103.80
103.64
103.43
103.10
103.28
102.85
102.29
92.06
95.08
97.80
98.85
100.00
103.73
106.99
110.28
112.18
102.32
103.58
104.28
104.67
105.67
106.23
107.42
108.60
109.20
109.90
110.70
111.31
111.28
111.62
112.53
113.28
113.61
Exports
Imports
Total
96.00
97.91
98.74
100.31
100.00
99.94
101.00
104.12
103.55
99.96
100.06
99.98
98.78
100.18
100.61
101.34
101.79
103.16
104.47
104.61
104.22
104.06
103.93
103.46
102.79
102.20
95.35
97.81
100.37
100.02
100.00
98.67
99.49
102.16
101.53
98.82
99.39
98.38
98.13
97.51
98.77
100.59
100.91
101.13
103.17
102.50
101.82
101.66
101.78
101.15
101.53
100.05
87.18
89.79
92.93
96.88
100.00
102.63
105.43
109.38
111.97
101.81
102.05
103.05
103.65
104.37
105.39
105.47
106.49
108.05
108.91
109.37
111.30
112.03
111.86
111.98
112.01
113.32
National
defense
Nondefense
87.30
89.79
92.93
96.47
100.00
102.07
104.47
108.11
110.57
101.12
101.63
102.72
102.85
103.55
104.14
104.65
105.54
106.94
108.06
108.34
109.17
110.25
110.75
110.76
110.52
111.72
86.75
89.70
92.84
97.94
100.00
103.98
107.67
112.29
115.15
103.46
103.06
103.87
105.53
106.29
108.28
107.38
108.73
110.62
110.92
111.79
116.02
116.00
114.42
114.80
115.39
Source: Department of Commerce, Bureau of Economic Analysis.
116.90
State
and
local
87.52
90.52
94.91
97.86
100.00
102.13
103.62
106.74
109.83
101.65
102.17
102.25
102.42
102.93
103.21
103.84
104.49
105.62
106.49
107.11
107.72
109.15
109.15
110.11
110.89
111.60
QUANTITY AND PRICE INDEXES FOR GROSS DOMESTIC PRODUCT AND
PERCENT CHANGES
[Quarterly data an; seasonally adjusted]
Percent change from preeeding period s
Index numbers, 1992=100
Period
.
ni
IV'
1995- I'
II'
Ill'r
rv
1996- I'
II'
Ill'
IV'
1997- IF
Chain-type
priee index
73.99
76.93
82.32
85.25
87.88
90.47
93.93
97.08
98.27
97.36
100.00
102.27
105.83
107.97
110.61
101.31
101.79
102.38
103.59
104.23
105.49
106.41
107.18
107.30
107.50
108.51
108.58
109.12
110.37
110.95
111.99
113.53
51.92
56.28
62.49
66.95
70.82
75.14
80.87
87.10
91.98
94.75
100.00
104.94
111.07
116.16
121.33
103.17
104.19
105.28
107.11
108.51
110.35
111.99
113.43
114.50
115.38
117.08
117.71
118.94
120.83
121.97
123.57
125.97
1982'
1983'
1984'
1985'
1986'
1987'
1988'
1989'
1990'
1991'
1992'
1993'
1994'
1995'
1996'
1993 I'
II'
HI'
IV'
1994- I'
II'r
Chain-type
quantity
index
Current
dollars
70.18
73.16
75.92
78.53
80.58
83.06
86.10
89.72
93.64
97.32
100.00
102.62
104.96
107.57
109.88
101.83
102.39
102.83
103.42
104.15
104.63
105.25
105.80
106.68
107.31
107.86
108.42
109.03
109.62
110.17
110.69
111.44
3
Percent changes based on indexes to 3 decimal places. Quarterly percent changes are at
annual rates.
Implicit
price
deflator
Chain-type
quantity
index
Current
dollars
70.17
73.16
75.92
78.53
80.58
83.06
86.09
89.72
93.60
97.32
100.00
102.61
104.95
107.59
109.69
101.84
102.36
102.83
103.40
104.11
104.60
105.24
105.83
106.71
107.33
107.88
108.41
109.00
109.47
109.93
110.34
110.95
4.1
8.4
11.0
7.1
5.8
6.1
7.6
7.7
5.6
3.0
5.5
4.9
5.8
4.6
4.4
3.8
4.0
4.3
7.1
5.3
6.9
6.1
5.3
3.8
3.1
6.0
2.3
4.2
6.5
3.8
5.4
8.0
Implieit
priee
deflator
Chain-type
price
index
6.3
4.3
3.8
3.4
2.6
3.1
3.7
4.2
4.4
3.9
2.8
2.6
2.3
2.5
2.1
3.8
2.2
1.8
2.3
2.9
1.9
2.4
2.1
3.3
2.4
2.1
2.1
2.3
2.2
2.0
1.9
2.7
-2.1
4.0
7.0
3.6
3.1
2.9
3.8
3.4
1.2
-.9
2.7
2.3
3.5
2.0
2.4
-.1
1.9
2.3
4.8
2.5
4.9
3.5
2.9
.4
.7
3.8
.3
2.0
4.7
2.1
3.8
5.6
6.3
4.3
3.8
3.4
2.6
3.1
3.7
4.2
4.3
4.0
2.8
2.6
2.3
2.5
2.0
3.8
2.1
1.9
2.2
2.8
1.9
2.5
2.3
3.4
2.4
2.1
2.0
2.2
1.8
1.7
1.5
2.3
NOTE.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates)
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
1988'
1989'
1990'
1991'
1992'
1993'
1994'
1995'
1996'
1993- I'
II'
Ill'
IV'
1994- I'
II'
HI'
IV'
1995- I'
II'
Ill'
IV'
1996- I'
II'
III'
IV'
.
Current
dollars
Chained
(1992)
dollars
2,805.2
2,950.9
3,084.0
3,132.1
3,262.6
3,437.5
3,689.4
3,885.8
4,107.8
3,344.2
3,407.3
3,459.7
3,538.7
3,601.7
3,663.0
3,709.5
3,783.2
3,803.3
3,841.9
3,924.8
3,973.2
4,011.6
4,081.6
4,143.1
4.194.8
3,130.1
3,179.8
3,210.2
3,168.8
3,262.6
3,379.7
3,567.4
3,691.2
3,858.7
3,302.6
3,356.3
3,398.9
3,460.9
3,503.7
3,552.9
3,577.5
3,635.3
3,632.9
3,654.7
3,718.7
3,758.6
3,779.2
3,831.4
3,888.4
3.935.8
'Output is measured by GDP of nonfinancial corporate business in chained (1992) dollars.
-This is equal to the; deflator for gross domestic product of aonfmanda! corporate business
with the decimal point shifted two places to the left.
Current-dollar cost and profit per unit of real output (dollars) '
Total
cost and
profit -
0.896
.928
.961
.988
1.000
1.017
1.034
1.053
1.065
1.013
1.015
1.018
1.022
1.028
1.031
1.037
1.041
1.047
1.051
1.055
1.057
1.062
1.065
1.066
1.066
3
Consumption of
fixed
capital
0.089
.094
.096
.101
.101
.101
.102
.102
.102
.102
.101
.102
.100
.108
.100
.100
.100
.101
.103
.102
.103
.103
.103
.102
.102
Indirect
business
tax, etc.:l
0.084
.088
.092
.100
.103
.105
.106
.109
.106
.105
.105
.105
.107
.106
.106
.107
.107
.108
.110
.108
.108
.107
.105
.105
.105
Compensation
of employees
0.590
.613
.640
.660
.673
.679
.683
.698
.705
.682
.679
.679
.675
.680
.681
.684
.686
.696
.699
.697
.699
.702
.706
.706
.708
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.094
.087
.086
.085
.091
.103
.116
.117
.125
.093
.100
.103
.113
.107
.117
.118
.121
.113
.112
.121
.120
.123
.126
.126
.123
Profits
tax
liability
0.033
.031
.030
.027
.028
.031
.036
.038
.038
.028
.031
.029
.034
.035
.036
.037
.039
.039
.038
.038
.037
.039
.039
.038
.038
Profits
after
tax 4
0.062
.056
.056
.058
.063
.072
.080
.079
.086
.065
.069
.074
.079
.072
.082
.082
.083
.074
.074
.083
.082
.084
.087
.088
.085
Net
interest
0.039
.046
.046
.042
.032
.029
.027
.027
.027
.031
.030
.029
.028
.027
.027
.028
.027
.028
.028
.027
.027
.026
.026
.027
.027
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
NOTE.—See Note, p. I.
Sources: Department of Commerce, Bureau of Economic Analysis.
4
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1990'
1991'
1992'
1993'
1994'
1995'
1996'
1993:
.
III'
IV'
1994- I'
II'
ni'
rv
1995: I'
H'
ni'
IV'
1996: I'
II'
III'
IV'
1997: IP
1
National
income
Compensation
of
employees1
4,652.1
4,761.6
4,990.4
5,238.5
5,535.2
5,828.9
6,164.2
5,258.0
5,351.9
5,363.6
5,524.6
5,587.5
5,665.1
5,728.3
5,771.8
5,876.0
5,939.7
6,027.5
6,132.2
6,216.6
6,280.6
Proprietors' income
with inventory valuation and capital consumption adjustments
Farm
Nonfarm
35.4
29.3
37.1
31.1
34.3
27.9
44.7
25.2
33.6
40.1
34.4
31.2
31.6
27.7
26.6
27.1
30.1
36.6
44.1
50.1
47.9
45.1
3,352.8
3,457.9
3,644.9
3,809.5
4,009.8
4,222.7
4,448.5
3,834.9
3,871.1
3,932.6
3,988.0
4,027.5
4,091.0
4,150.5
4,191.6
4,247.7
4,301.1
4,344.3
4,420.9
4,482.9
4,546.0
4,637.5
338.6
347.2
386.7
404.8
430.0
458.2
482.6
404.8
416.0
409.3
430.8
436.1
444.0
451.7
455.6
460.7
464.8
471.5
480.5
485.5
493.1
503.6
Includes employer contributions for social insurance. (See also p. 5.)
Rental
income
of
persons
with
capital
consumption
adjustment
61.0
67.9
79.4
102.2
112.1
111.7
115.0
103.8
103.3
104.1
115.9
115.3
113.0
111.6
111.9
109.9
113.5
114.5
112.4
115.2
117.9
116.2
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
397.1
411.3
428.0
492.1
554.1
604.8
670.2
498.0
539.9
487.3
560.1
577.3
591.8
580.0
580.8
630.0
628.3
661.2
672.1
677.3
670.1
358.2
378.2
398.9
457.7
517.9
570.8
631.0
465.9
500.5
471.6
516.2
534.3
549.6
542.6
547.3
597.9
595.3
624.8
633.5
637.6
627.9
Profits
before tax
Inventory
valuation
adjustment
371.7
374.2
406.4
464.3
531.2
598.9
639.9
458.0
504.5
475.5
526.0
550.8
572.4
594.5
589.6
607.2
604.2
642.2
644.6
635.6
637.1
-13.5
4.0
-7.5
-6.6
-13.3
-28.1
-8 9
7.9
-4.0
-3 9
-9.8
-16.5
-22.8
-51.9
-42.3
-9.3
-8.8
-17.4
-11.0
2.0
-9.2
3.0
Capital
consumption
adjustment
Net
interest
38.9
33.1
29.1
34.4
36.2
34.0
39.2
32.1
39.4
15.7
43.9
43.0
42.2
37.4
33.5
32.1
32.9
36.4
38.6
39.7
42.2
44.2
467.3
448.0
414.3
398.9
394.9
403.6
403.3
391.4
388.0
390.2
395.5
400.1
393.8
406.9
405.2
400.7
401.9
399.5
402.3
405.6
405.7
NOTE.—Sec Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
REAL PERSONAL CONSUMPTION EXPENDITURES
(Billions of chained (1992) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Period
1990
1991
1992
1993
1994
1995
1996
1993: HI
IV
1994: I
II
in
IV
1995- I
n
in
rv
1998:
I
II
in
rv
1997: IP
Total
personal
consumption
expenditures
4,132.2
4,105.8
4,219.8
4,339.5
4,473.2
4,577.8
4,690.7
4.359.5
4,390.0
4,420.5
4,458.7
4.489.4
4^524.0
4,534.8
4,569.9
4,597.3
4,609.4
4,649.1
4,687.6
4,693.5
4,732.5
4,806.0
Total
durable
goods
493.3
462.0
488.5
524.1
562.0
579.8
611.4
528.9
541.9
549.6
555.4
563.1
579.8
566.5
576.2
589.1
587.5
599.2
615.6
611.6
619.1
647.9
Motor
vehicles
and
parts
224.3
193.2
206.9
218.6
228.2
221.1
222.4
219.1
225.3
230.3
226.6
226.5
229.4
216.3
220.9
226.4
220.6
224.2
225.9
220.0
219.4
227.3
Furniture
and
household
equipment
173.5
177.0
189.4
208.4
230.1
251.1
275.8
211.0
216.8
219.0
226.1
232.6
242.6
243.1
247.1
254.1
259.9
264.1
276.0
279.0
284.2
299.4
Other
Total
nondurable
goods
Food
96.6
91.8
92.3
97.2
104.2
109.8
117.1
98.9
99.9
100.3
103.0
104.7
108.8
108.9
109.9
110.5
109.9
113.9
117.4
116.9
120.3
126.5
1,316.1
1,302.9
1,321.8
1,348.8
1,390.5
1,421.9
1,442.0
1,354.0
1,359.9
1,372.9
1,383.9
1,397.0
1,408.1
1,416.6
1,422.9
1,424.7
1,423.2
1,436.1
1,440.9
1,442.2
1,448.6
1,470.9
662.9
659.6
660.0
674.3
689.1
702.1
704.6
675.7
677.9
682.3
688.8
690.5
694.9
700.5
701.3
703.6
703.0
709.2
704.9
701.6
702.8
710.3
1
Includes other items, not shown .separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the chained-dollar value of <JDP or to any
intermediate aggregates.
Services
Nondurable goods
Clothing Gasoline
and
and oil
shoes
217.9
215.9
225.5
233.3
247.2
257.2
268.2
235.0
238.6
241.1
243.3
249.0
255.5
254.6
257.9
258.8
257.3
262.5
268.9
271.0
270.3
279.4
107.3
103.4
106.6
109.1
110.4
113.3
113.8
110.9
109.3
108.8
109.5
111.6
111.6
113.4
113.6
112.5
113.7
112.6
114.3
113.4
114.9
114.7
Fuel
oil
and
coal
11.2
10.8
10.9
10.7
10.3
10.3
10.2
10.7
10.6
11.4
10.0
10.2
9.6
9.9
10.6
10.0
10.7
10.7
10.1
10.1
10.0
9.1
Other
316.7
313.2
318.8
321.5
333.5
339.3
345.9
321.8
323.4
329.3
332.3
335.8
336.7
338.4
339.9
340.0
338.8
341.6
343.5
347.0
351.4
358.5
Total
services l
2,321.3
2,341.0
2,409.4
2,466.7
2,521.4
2,577.0
2,638.3
2,476.7
2,488.5
2,498.5
2,519.9
2,530.0
2,537.3
2,552.5
2,571.6
2,584.6
2,599.3
2,614.7
2,632.3
2,640.6
2,665.6
2,689.0
Housing
627.2
635.2
646.8
655.0
668.2
681.7
692.9
655.9
658.5
662.1
666.1
670.7
674.1
677.4
680.0
683.2
686.3
689.0
691.6
693.9
697.2
700.8
See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
Medical
eare
602.8
621.6
646.6
658.8
668.8
684.1
698.3
659.7
661.4
663.2
667.6
670.4
674.2
677.8
681.3
686.0
691.2
691.1
696.1
699.7
706.5
713.2
Retail sales
of new passenger cars
and light
trucks
(millions of
units)
13.9
12.3
12.8
13.9
15.0
14.7
15.0
13.8
14.6
15.0
14.8
14.9
15.2
14.9
14.4
14.9
15.0
15.2
15.0
15.1
14.8
15.4
SOURCES OF PERSONAL INCOME
Personal income rose $38.6 billion (annual rate) in March, following an increase of $53.8 billion in February. Wages
and salaries rose $27.7 billion in March, compared to an increase of $48.7 billion in February. (Series revised.)
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLONS OF DOLLARS* (RATIO SCALE)
7,000
7,000
.5,000
6,000
5,000
. 5,000
TOTAL PERSONAL INCOME
4,000
4,000
3,000
3,000
\
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
\
OTHER INCOME
1,400
800
800
TRANSFER PAYMENTS
4oo In
111111111
li-U
1992
1989
1993
1994
1995
I I I I I I I I II
1996
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1997
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
personal
income
Period
1988'
1989'
1990'
1991'
1992'
1993'
1994'
1995'
1996'
1996: Mar'
Apr'
4,184.6
.. . .
July
Sept'
Oct'
Nov '
Dec'
1997- Jan'
Feb'
MarP
..
4501 0
48042
4981 6
52772
5495 6
57620
6 1124
6449 5
6336 1
63686
6 402 6
64576
64604
64999
6 5364
6 541 8
6 583 5
6 6294
6 652 6
67064
67450
Wage and
salary
disbursements '
2,453.6
2 598 1
2,757.5
2 827 6
2,986.4
3090 7
3,241.8
34306
3,630.1
3,560.6
3 579 1
35972
3643 1
3,630.8
3 6609
3 6872
3 682 3
3713 5
3,752.5
3 7508
37995
3,827.2
Proprietors' income •*
Other labor
income '2
27.5
36.3
35.4
29.3
37.1
31.1
34.3
251.7
273 1
300.6
322 7
351.3
3809
402.2
4240
4362
430.8
4324
4340
435 6
437.1
4386
440 1
441 5
442 9
444.3
4452
446 1
4470
1
The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4} in that it excludes employer contributions for social insurance and
the excess of wage accruals over wage disbursements.
z
' Consists primarily of employer contributions to private pension and private welfare funds.
:J
With inventory valuation and capital consumption adjustments.
Farm
279
44.7
38.5
41.5
445
463
48.3
506
51.5
495
47 9
46.3
45 6
45 1
44.6
4
5
Nonfarm
307.8
321.1
338.6
3472
386.7
404 8
430.0
4582
482.6
475.5
4783
481 0
482 1
483.7
484 6
488 1
4907
493 1
495.4
4994
5044
506.9
Rental
income
of
persons 4
55.1
51 7
61.0
679
79.4
1022
112 1
111 7
1150
112.1
111 9
112 7
112 5
1143
114 9
1164
1177
1180
118.1
1170
1166
115 1
Less: Perdividend
income
109.9
1309
142.9
153 6
159.4
1868
199 6
214 8
2306
227.9
2287
229 4
2299
2308
231 5
2323
233 3
2347
236 5
2382
2399
241 7
interest
income
595.5
6745
704.4
6992
667.2
648 1
663.7
717 1
7382
724.3
728 1
733 6
737 5
740.6
743 0
745 1
7477
7505
753.4
7560
7584
760.5
Transfer
payments5
577.6
6260
687.8
769 9
858.2
9107
956.3
1 022 6
1,079.7
1,069.0
1 072 5
1 0754
1 0789
10825
1 0856
10873
10902
1096 1
1,098.8
1 1183
1 1177
1 1253
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
NOTE.—See Note, p. 1.
Source: Department of Commerce, Bureau of Eeonomie Analysis.
tributions
for social
insurance
194.2
2108
223 9
235 8
2484
2596
2781
2945
3075
302.7
303 9
3052
3084
3077
309 8
311 7
311 0
3132
3159
3180
321 3
3234
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (1992) dollars rose at an
annual rate of 5.7 percent in the first quarter of 1997.
BILLIONS OF DOLLARS' (RATIO SCALE)
6,000
BILLIONS OF DOLLARS' (RATIO SCALE)
2,500
2,500
2,000 LJ!
DOLLARS* (RATIO SCALE)
DOLLARS* (RATIO SCALE)
22,000
20,000
r—
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
CHAINED (1 992) DOLLARS
18,000
^~-—
„__
-
_—•—|—--^'
18,000
^Z—
16,000
16,000
^-
---'
^--
\
C URRENT DOLLARS
14,000
^-^ ——
12,000
14,000
12,000
""^
10,000
8,000
10,000
^-— ^
l
l \
1982
i i I
\
1983
1984
I I
I I I
I I I
I I i
i i i
i i i
I I I
I I I
I \ I
I I i
I i \
i i i
i i i
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
I I I
1997
8,000
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays '
Equals:
Personal
saving
Disposable
personal
income in
billions of
chained
(1992)
dollars
Per capita
disposable personal
income
Current
dollars
Chained
(1992)
dollars
Billions of dollars
r
4,501.0
4,804.2
4,981.6
5,277.2
5,495.6
5,762.0
6,112.4
6,449.5
1989
1990'
1991r
1992'
1993 rr
1994
1995--r
1996
594.9
624.8
624.8
650.5
689.9
731.4
794.3
863.8
3,906.1
4,179.4
4,356.8
4,626.7
4,805.7
5,030.6
5,318.1
5,585.7
Per capita personal
consumption
expenditures
Current
dollars
Chained
(1992)
dollars
Dollars
3,706.7
3,958.1
4,097.4
4,341.0
4,575.8
4,832.3
5,071.5
5,314.0
199.4
221.3
259.5
285.6
229.9
198.3
246.6
271.6
4,416.8 15,790 17,854
4,498.2 16,721 17,996
4,500.0 17,242 17,809
4,626.7 18,113 18,113
4,682.0 18,615 18,136
4,786.7 19,298 18,362
4,943.3 20,214 18,789
5,086.0 21,040 19,158
Percent
change
in real
per capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including:
Armed
Forces
overseas
(thousands) 2
Percent
14,531
15,360
15,732
16,520
17,253
18,033
18,719
19,404
16,430
16,532
16,249
16,520
16,809
17,159
17,400
17,669
1.0
.8
-1.0
1.7
.1
1.2
2.3
2.0
5.1
5.3
6.0
6.2
4.8
3.9
4.6
4.9
247,387
249,956
252,680
255,432
258,159
260,681
263,090
265,482
16,984
17,164
17,335
17,528
17,714
17,924
18,154
18,338
18,463
18,689
18,823
18,901
19,128
19,383
19,433
19,670
20,031
16,681
16,754
16,864
16,937
17,019
17,127
17,200
17,290
17,296
17,393
17,454
17,458
17,573
17,679
17,657
17,764
18,007
-7.8
3.8
.2
3.6
-4.8
6.5
1.5
2.8
2.9
-.6
3.3
3.3
1.2
.5
3.8
1.7
5.7
4.5
5.1
4.5
5.0
3.3
4.2
4.1
4.2
4.8
4.1
4.5
5.1
4.8
4.3
5.3
5.1
5.1
257,155
257,787
258,501
259,192
259,738
260,327
261,004
261,653
262,181
262,748
263,399
264,032
264,563
265,155
265,806
266,405
266,901
Seasonally adjusted annual rates
1993- I
r
IP
HI'
rv
1994- I'll'
IIP
IV
1995- I'll'
IIP
IV
1996- lr
IP ...
IIP
IV
1997- IP
5,365.5
5,475.7
5,517.1
5,624.1
5,593.6
5,744.6
5,809.8
5,900.1
6,002.9
6,072.2
6,144.1
6,230.2
6,304.5
6,409.6
6,498.9
6,584.9
6,701.3
662.4
686.9
696.4
713.8
705.5
740.8
731.3
748.1
770.0
801.5
798.4
807.2
824.9
870.6
872.5
887.2
887.0
4,703.1
4,788.9
4,820.7
4,910.3
4,888.1
5,003.8
5,078.6
5,151.9
5,232.9
5,270.7
5,345.7
5,423.1
5,479.6
5,539.0
5,626.4
5,697.7
5,814.3
4,489.2
4,545.5
4,602.2
4,666.3
4,728.0
4,796.1
4,870.8
4,934.2
4,980.3
5,054.4
5,106.6
5,144.7
5,218.1
5,300.7
5,329.8
5,407.5
5,515.9
213.9
243.4
218.5
244.0
160.1
207.7
207.8
217.8
252.6
216.3
239.1
278.4
261.5
238.3
296.6
290.2
298.4
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
2
Annual data are averages of quarterly data, which are averages for the period.
4,619.2
4,674.2
4,690.0
4,744.8
4,696.5
4,781.3
4,811.8
4,857.4
4,902.3
4,905.1
4,956.9
5,009.0
5,034.0
5,052.0
5,112.3
5,145.7
5,226.6
18,289
18,577
18,649
18,944
18,819
19,221
19,458
19,690
19,959
20,060
20,295
20,539
20,712
20,890
21,167
21,387
21,785
17,963
18,132
18,143
18,306
18,082
18,367
18,436
18,564
18,698
18,668
18,819
18,971
19,028
19,053
19,233
19,315
19,583
NOTE.—See Note, p. 1.
Source: Department of Commerce {Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the third quarter of 1996, according to preliminary estimates, gross farm income fell $11.0 billion (annual rate)
and net farm income fell $11.2 billion.
BILLIC3NS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO S CALE]
280
240
200
s
r~—
160 ^X_^>
^sX--'
S
r.
/^
»•
--~
/^~^^
r
'
•
280
240
r^^"—r-^M
^
^
200
160
\^
c,ROSS FAFtM INCO^
120
120
80
80
AA
60
40
20
10
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Cash marketing receipts
Total '
Total
1987
1988
1989 .
1990
1991
1992
1993
1994
1995 .
1994: I
II
Ill
IV
1995- I
II
Ill
IV
1996- I
II
lllp
168.4
177.9
191.9
198.2
191.9
200.6
204.2
215.8
210.4
221.2
208.6
214.1
219.4
208.3
206.4
218.5
208.4
233.6
237.4
226.4
141.8
151.2
160.8
169.5
167.9
171.3
177.6
180.8
185.8
179.9
170.8
186.9
185.5
180.6
181.0
199.8
181.5
197.7
204.5
202.0
1
Cash marketing receipts ami inventory changes plus Government payments, other farm cash
ncome, and nonmortw income rurnisJuxJ by farms.
2
Physical changes in end-ot'-year inventory of" crop and livestock commodities va!uc.d at averfjC; prices during the year.
Livestock and
products
76.0
79.6
83.9
89.2
85.8
85.6
90.2
88.1
86.8
92.1
82.9
97.7
79.9
83.2
81.6
96.1
86.5
85.2
89.6
92.8
Crops
65.8
71.6
76.9
80.3
82.1
85.7
87.5
92.6
98.9
87.9
88.0
89.2
105.5
97.4
99.4
103.7
95.1
112.5
114.9
109.2
Value of
inventory
changes -
-2.3
-4.1
3.8
3.3
-.2
4.2
-4.5
8.2
-3.4
10.2
9.6
7.3
5.8
-4.1
-3.9
-3.0
-2.4
4.7
4.4
3.4
Production
expenses
131.0
139.9
146.7
153.4
153.3
152.5
160.5
167.4
175.6
164.5
166.8
168.8
169.6
172.4
175.4
177.5
177.0
179.0
184.2
184.4
Net farm
income
37.4
38.0
45.3
44.8
38.5
48.0
43.6
48.4
34.8
56.7
41.8
45.3
49.8
35.9
30.9
41.0
31.4
54.7
53.2
42.0
NOTK.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data piottt'd for 398.9 through 1993 i;i chart do not reflect previous revisions to
innnal data in table.
Sources: Department of Agrienlture.
CORPORATE PROFITS
In the fourth quarter of 1996, according to current estimates, corporate profits before tax rose $1.5 billion (annual
rate) and profits after tax rose $6.0 billion. Financial profits were reduced $18.0 billion to reflect a special assessment
on thrift institutions to recapitalize the Savings Association Insurance Fund.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
600
/r
550
/
7
J
450
PROFITS BEFORE TAX
s\
400
l\
350
/
V
r^
y
/
V
/
f
,,-.'•*
s
/
x
300
^
1
V_
200
N-^
TAXL ABIUTY
^-'
^
"
—
\
*
/
/'
---,
'N. — •-"'
^ —*.:^'"
100
50
\
""—• — • „_ / ^--'
ff
,
I
!
1
1982
""
"*'
' \/
f
\
x/
• ~t'
\_
~.x'--'
,-.
/
\
f
\ /
-»_,-'
'\
/' UN 3ISTRIBUT! D PROFIT a
-
0
r'\ ' '
\'
s
/
~*
— _ -•
PRC)FITS ARE RTAX
^\
v
1
1983
1
1
1984
1
1
;
1
1985
1986
i i i
1987
!
!
I I I
1989
1
1988
i i l
1990
!
t
1
1991
1
1
1992
!
i i i
1
1993
1994
!
1 1 i
1995
I
COUNClLOFECONOA
SOURCE: DER*WMENT OF C OMMERCE
f"~~
~
/—• _
x-^_~I
1
650
600
550
500
450
400
350
300
250
200
150
100
50
0
!
1996
AIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after tax
Profits (before tax) with inventory valuation adjustment '
Domestic industries
Period
Total
Total
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993- I
II
Ill
IV
1994: I
II
m
IV
1995: I
H
ni
IV
1996: I
II
Ill
rv
1997:
325.0
330.6
358.2
378.2
398.9
457.7
517.9
570.8
631.0
422.4
442.0
465.9
500.5
471.6
516.2
534.3
549.6
542.6
547.3
597.9
595.3
624.8
633.5
637.6
627.9
Profits
before
tax
Nonfinancial
2
274.3
272.6
292.5
309.5
334.0
388.1
453.7
494.1
548.9
347.0
375.7
393.1
436.8
407.0
452.4
469.9
485.5
467.5
468.2
527.1
513.7
541.6
555,1
561.0
538.0
cial
43.0
53.1
68.6
87.4
83.7
91.0
94.4
119.1
131.9
85.7
88.1
88.8
101.3
64.9
97.8
108.4
106.4
114.3
112.6
130.4
119.3
134.9
136.6
135.0
121.3
Total »
231.2
219.6
223.8
222.1
250.3
297.2
359.3
375.0
417.0
261.2
287.6
304.3
335.4
342.1
354.6
361.5
379.0
353.2
355.6
396.7
394.4
406.7
418.5
426.1
416.7
Manufacturing
115.1
109.3
112.3
92.7
96.3
109.7
142.7
145.7
166.5
90.4
108.4
106.0
134.0
145.3
134.2
142.8
148.4
134.7
137.8
153.2
157.3
161.3
164.7
170.6
169.4
Wholesale
19.3
20.4
17.2
20.6
23.0
25.5
34.5
29.6
36.6
17.9
28.6
27.0
28.7
28.8
39.5
34.3
35.4
29.7
26.4
31.2
31.2
37.5
32.8
34.5
41.5
Seo p. 4 for profits with inventory valuation and capital consumption adjustments.
2
Includes rest of the world, not shown separately.
3
Includes industries not shown separately.
Total
Dividends
Retail
19.6
20.7
20.6
26.1
32.2
39.2
42.2
38.7
41.8
36.3
38.1
42.4
39.8
38.3
43.2
43.7
43.6
36.0
36.6
42.5
39.6
41.7
44.3
44.5
36.7
354.3
348.1
371.7
374.2
406.4
464.3
531.2
598.9
639.9
437.0
457.6
458.0
504.5
475.5
526.0
550.8
572.4
594.5
589.6
607.2
604.2
642.2
644.6
635.6
637.1
IP
1
Tax
liability
137.0
141.3
140.5
133.4
143.0
163.8
195.3
218.7
233.0
151.5
162.6
159.3
181.7
171.4
192.8
203.4
213.5
217.3
214.2
224.5
218.7
233.4
236.4
233.4
228.9
217.3
206.8
231.2
240.8
263.4
300.5
335.9
380.2
406.8
285.6
295.0
298.6
322.8
304.1
333.3
347.4
358.8
377.2
375.3
382.8
385.5
408.8
408.1
402.2
408.2
116.8
138.9
151.9
163.1
169.5
197.3
211.0
227.4
244.2
190.2
195.8
200.2
202.9
204.4
208.8
212.5
218.5
221.7
224.6
228.5
234.7
239.9
243.1
245.2
248.7
254.2
NOTK.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
100.5
67.9
79.4
77.7
93.9
103.2
124.8
152.8
162.6
95.3
99.2
98.4
119.9
99.7
124.5
134.9
140.3
155.5
150.8
154.3
150.8
168.9
165.1
156.9
159.5
Inventory
valuation
adjustment
-29.3
-17.5
-13.5
4.0
-7.5
-6.6
-13.3
-28.1
-8.9
-14.6
-15.6
7.9
-4.0
-3.9
-9.8
-16.5
-22.8
-51.9
-42.3
-9.3
-8.8
-17.4
-11.0
2.0
-9.2
3.0
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the first quarter of 1997, according to advance estimates, nonresidentiai fixed investment in chained (1992)
dollars rose $22.6 billion (annual rate) and residential investment rose $3.7 billion. There was an increase of $46.1
billion in inventories following an increase of $17.1 billion in the fourth quarter. (Series revised.)
BILLIONS OF CHAINED {1992) DOLLARS
BILLIONS OF CHAINED (1992) DOLLARS
1,200
1,200
SEASONALLY ADJUSTED ANNUAL RATES
/
S
1,100
rv
1,000
1,100
1,000
f
900
900
/~^
800
I
\~s ^-A^T^r\
\ \ \
\ \
GROSS PRIVATE DOMESTIC
1WESTME
I
700
600
> sr\
.
;
_—
f
s
s
•**
[
700
.
•---
s^
600
„ -- ^*
500
>NRESIDE
FIX ED INVES rMENT
400
RESIDENTIAL
FIXED INVESTMENT
\
\
300
~— • —.
200
800
__ /
\^
r
~"
s
400
—
"*"••*,.
,. —
300
—. .-••
200
s
^
CHANC;E IN BUSINESS
/ENTORI
,
,
/
100
N
s
0
'
-100
y
, «-•
/
^
500
fS
1
\
1
1
1982
s
1
-.**''
\\
^
100
s
I I i
1983
y
' " ^ _ „ * *. •«,
/
f
s ^
"* N «.
0
V
1
1
1
1984
1 i 1
I
1985
1986
1 !
i l i
!
1987
1988
! !
t i i
I 1 1
!
1989
1990
1991
1
!
111
1
1992
1993
1 !
SOURCE: DEPARTMENT Of COMMERCE
1
1
!
1
1994
1
1995
1
1 1 I
i i i
1996
1997
-100
COUNCIL Of ECONOMIC ADVISERS
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Gross
private
domestic
investment
Period
1988
1989
1990
1991
1992
1993
1994
1995
1996
Change in business
inventories
Nonresidentiai
Producers'
durable
equipment
Residential
Structures
Total
Total
Total
Nonfarm
'828.2
'863.5
'815.0
'738.1
790.4
'857.0
'979.3
'1,009.4
1,056.6
818.3
832.0
805.8
741.3
783.4
836.4
921.1
975.9
1,042.1
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
766.8
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
190.0
369.2
387.6
381.9
366.2
388.7
427.6
484.1
534.5
578.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
276.7
'11.7
33.3
10.4
-3.0
'7.0
'19.0
58.9
'32.7
'13.6
24.7
33.5,
7.8
-1.2
'2.0
26.4
46.8
37.2
17.1
'834.6
'843.0
'857.4
'893.2
815.4
821.1
835.4
873.5
577.5
586.4
593.1
617.6
167.0
164.8
165.1
168.2
410.5
421.7
428.2
449.8
237.9
234.8
242.2
255.8
18.5
'20.7
'19.4
'17.5
26.0
26.7
30.9
22.1
'933.5
'984.7
994.2
'1,004.9
892.4
911.4
930.8
949.7
628.5
639.5
660.5
679.7
163.0
169.0
169.1
174.3
466.4
471.1
492.5
506.5
263.6
271.6
270.3
270.3
'40.8
'74.7
'64.6
'55.6
29.7
54.0
50.5
53.0
'1,022.8
'996.1
'1,014.6
'1,004.3
969.5
965.7
980.0
988.5
704.4
710.5
719.0
723.3
178.5
180.0
182.8
183.2
527.2
531.7
537.4
541.4
265.9
256.5
262.2
266.3
'53.7
'29.9
'33.5
'13.7
57.4
33.7
'38.5
19.0
1996: I
'1,011.4
'1,038.1
'1,093.1
'1,083.9
1,013.3
1,031.1
1,057.5
1,066.6
743.5
750.5
781.4
792.0
186.6
184.9
188.6
199.8
558.3
567.5
595.0
593.7
271.1
281.5
277.8
276.6
'-3.5
'6.7
'34.1
'17.1
2.9
11.7
34.6
19.3
1997: If
1,139.4
1,092.7
814.6
204.4
611.9
280.3
46.1
46.5
.
.
..
. . ..
..
1993: I
n
m
IV
1994:
I
II
...
m
rv
1995: I
n
TJI
rv
. ...
. .
....
n
in
rv
NOTE.—See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (1992) dollar estimates
for the detailed components do not add to the chained-doHar value of GDP or to any intermedi-
ate aggregates.
See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Residential
Nonresidential
Structures
Period
Total
nonresidenti al
Total >
Producers' durable equipment
Information processing
and related equipment
Nonresidential
buildings,
includ-
Utilities
ing
farm
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993- I
II
Ill
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
766.8
577.5
586.4
593.1
617.6
628.5
639.5
660.5
679.7
704.4
710.5
719.0
723.3
743.5
750.5
781.4
792.0
814.6
rv
1994- I
II
Ill
IV
1995:
I
II
Ill
IV
1996:
I
II
Ill
IV
1997: IP
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
190.0
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.8
183.2
186.6
184.9
188.6
199.8
204.4
Structures
Mining
exploration,
shafts,
and
wells
Total'
15.8
13.9
16.1
15.7
13 3
14.8
12.6
11.2
13.0
15.2
15.2
14.6
14.2
13 4
13.3
12.2
11.5
12.5
10.7
11.0
10.5
12.8
12.9
13.5
12.9
13.1
369.2
387.6
381.9
366.2
388.7
427.6
484 1
534.5
578.6
410.5
421.7
428.2
449.8
4664
471.1
492.5
506.5
527.2
531.7
537.4
541.4
558.3
567.5
595.0
593.7
611.9
30.0
30.9
28.1
32.0
34.5
31.1
31.7
35.1
36.7
32.4
31.0
30.7
30.5
145.3
150.2
152.0
126.9
113.2
112.8
117.7
127.9
134.2
111.4
110.6
112.7
116.3
112.4
117.8
117.4
123.3
125.4
126.8
129.2
130.3
131.4
129.7
133.0
142.8
147.3
307
31.2
32.1
32.7
33.7
34.8
35.8
36.0
36.4
36.8
36.4
37.4
36.9
Total
Computers
and
peripheral
equipment 2
Other
dustrial
equipment
106.6
116.2
116.2
117.8
134.2
147.1
170.4
201.1
241.9
139.5
142.2
150.7
156.0
161.2
166.6
171.6
182.4
189.1
199.7
201.4
214.4
225.5
234.1
250.5
257.4
269.8
24.0
29.4
29.4
32.4
43.9
56.2
69.3
91.5
132.8
51.1
52.9
58.3
62.5
64.5
67.1
69.3
76.3
80.2
88.2
91.9
105.6
117.2
126.3
138.9
148.9
158.4
85.7
88.1
88.2
85.9
90.2
91.5
102.6
114.2
122.0
88.6
89.6
93.1
94.6
97.8
100.8
103.6
108.3
111.5
115.1
114.0
116.2
118.1
119.7
125.5
124.9
129.4
95.3
101.5
95.0
88.3
89.3
96.3
105.9
116.2
118.4
93.7
94.4
96.3
100.7
102.8
104.3
107.0
109.4
114.2
118.4
116.6
115.4
117.8
120.6
118.0
117.1
115.7
In-
Transportation
and
related
equipment
87.1
78.9
81.2
81.7
86.2
97.5
111.7
118.1
120.0
93.0
99.5
95.0
102.7
109 0
105.3
115.8
116.6
121.9
114.9
120.3
115.4
117.5
114.9
126.5
121.1
124.0
Total
residential'1
Total
Single
family
Multifamily
Other
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
276.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.5
262.2
266.3
271.1
281.5
277.8
276.6
280.3
246.3
237.0
214.5
187.6
219.5
236.3
262.1
255.8
269.6
231.7
228.5
235.7
249.2
257 0
264.8
263.5
263.2
258.9
249.6
255.3
259.3
264.1
274.3
270.6
269.4
272.8
126.1
121.9
110.4
96.4
116.5
127.1
140.5
127.7
135.4
124.9
122.5
126.3
134.4
140.3
143.5
140.8
137.4
133.0
123.0
125.8
129.1
132.5
137.6
136.7
134.7
136.5
23.4
23.3
19.7
15.4
13.1
10.4
13.5
17.6
19.3
10.3
10.0
10.7
10.6
11.2
12.8
14.5
15.6
16.8
17.4
17.8
18.5
19.2
21.0
17.9
19.1
20.0
96.8
91.8
84.4
75.7
89.9
98.8
108.1
110.9
115.5
96.5
96.0
98.7
104.1
105.4
108.4
108.2
110.4
109.3
109.8
112.2
112.4
113.0
116.3
116.6
116.2
116.9
XOTK. — Beeau.se of th formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed omponents do not add to the chained-dollar value of GDP or to ariy
interrnediate a^regates.
Set; Xote, p. 1
Source: Department of Commerc , Bureau of Econo
' Includes other items, not -shown separately.
Includes new computers iind peripheral equipment only.
Includes producers' durable equipment, not shown separately.
2
:!
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Period
1993 '
19941995 :!
1996*
Total
expenditures
489.7
549.9
594.5
603.4
Total
488.2
547.8
591.7
600.7
Mining
and
construction
31.2
36.1
36.0
33.6
Manufacturing
Total
134.1
153.3
172.3
184.8
Durable
goods
Nondurable
goods
66.4
78.9
91.4
100.2
1
Estimates collected from the 1KS3 Annual Capital ExjH'nditures Survey.
-'Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data
are scheduled for release in summer 15)9f>.
:!
Revised estimates collected from the March !99(J Investment Plans Sm-vey. Final data will
be available upon release of the 1995 Annual Capital Expenditures Survey.
4
Estimates of planned capital expenditures from the March 1996 Investment Plans Survey.
10
67.7
74.4
80.9
84.6
Transportation
Communications
30.6
33.3
37.0
35.2
37.1
41.5
46.0
46.3
Utilities
41.3
42.2
42.8
40.6
Wholesale
and
retail
trade
Finance,
insurance,
and
real
estate
60.3
68.9
75.1
71.9
40.2
46.8
57.3
57.7
Services
111.8
123.5
123.7
129.4
Serving
multiple
industries
Not
distributed
by
industry
1.7
2.2
1.5
1.3
1.4
2.2
2.8
2.7
XOTE.—Data for 1994-1996 from Business Investment and Plans released -March 28, 1 996.
Data for 1993 from Annual ('tipital Krpenditurwi: 11J!)3.
The Business Investment and Plans release lias been discontinued effective with release of
the March 199H survey estimates. Estimates of business investment and plans will be available
annually with release of the Annual Capital Expenditures Survey.
Souree: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In April, employment rose by 209,000 and unemployment fell by 430,000.
MILLIONS OF PERSONS *
MILLIONS OF PERSONS*
133
138
SEASONAUf ADJUSFED
134
134
CIVILIAN LABOR FORCE
130
130
126
126
122
122
118
118
CIVILIAN
EMPLOYMENT
114
114
110
4
110
-
1996
1989
1997
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Civilian
labor
force
Nonagricultural
Total
Agricultural
Total
Percent 2
Unemployment
Civilian employment
Civilian
noninstitutional
population
NSA
Part time
for
economic
reasons '
Total
15
weeks
and
over
Not in
labor
force
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
1987
1988 .
1989
19903
1991
1992 .
1993
1994"
1995
1996
182,753
184,613
186,393
189,164
190,925
192,805
194,838
196,814
198,584
200,591
119,865
121,669
123,869
125,840
126,346
128,105
129,200
131,056
132,304
133,943
112,440
114,968
117,342
118,793
117,718
118,492
120,259
123,060
124,900
126,708
3,208
3,169
3,199
3,223
3,269
3,247
3,115
3,409
3,440
3,443
109,232
111,800
114,142
115,570
114,449
115,245
117,144
119,651
121,460
123,264
5,122
4,965
4,657
4,950
5,874
6,240
6,230
4,414
4,279
4,123
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,236
1,983
1,610
1,375
1,525
2,357
3,408
3,094
2,860
2,363
2,316
62,888
62,944
62,523
63,324
64,578
64,700
65,638
65,758
66,280
66,647
65.6
65.9
66.5
66.5
66.2
66.4
66.3
66.6
66.6
66.8
61.5
62.3
63.0
62.8
61.7
61.5
61.7
62.5
62.9
63.2
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
1996- Apr
200,101
200,278
200,459
200,641
200,847
201,060
201,273
201,463
201,636
202,285
202,388
202,513
202,674
133,427
133,759
133,709
134,165
133,898
134,291
134,636
134,831
135,022
135,848
135,634
136,319
136,098
126,125
126,428
126,590
126.889
126,988
127,248
127,617
127,644
127,855
128,580
128,430
129,175
129,384
3,412
3,474
3,408
3,470
3,418
3,480
3,450
3,354
3,426
3,468
3,292
3,386
3,497
122,713
122,954
123,182
123,419
123,570
123,768
124,167
124,290
124,429
125,112
125,138
125,789
125,887
4,251
4,109
4,161
4,150
4,182
4,130
4,118
3,815
4,162
4,163
4,098
3,937
4,235
7,302
7,331
7,119
7,276
6,910
7,043
7,019
7,187
7,167
7,268
7,205
7,144
6,714
2,387
2,354
2,353
2,326
2,273
2,277
2,294
2,184
2,179
2,155
2,163
2,064
2,092
66,674
66,519
66,750
66,476
66,949
66,770
66,637
66,632
66,614
66,437
66,754
66,194
66,577
66.7
66.8
66.7
66.9
66.7
66.8
66.9
66.9
67.0
67.2
67.0
67.3
67.2
63.0
63.1
63.2
63.2
63.2
63.3
63.4
63.4
63.4
63.6
63.5
63.8
63.8
5.5
5.5
5.3
5.4
5.2
5.2
5.2
5.3
5.3
5.4
5.3
5.2
4.9
July
Sept
Oct
Nov
Dec
1997- Jan ;t
Feb
Mar
1
Persons at work. Economic reasons include slack work, material shortages, inability to find
fiilltirne work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian lalwr force.
:!
Not strictly comparable with earlier data.
4
Data beginning January 1994 an? not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire.
NOTE.—Data beginning .January 1997 reflect revised population controls. Kee Employment
and Karninys, February 1997, for details.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In April, the unemployment rate fell to 4.9 percent, from 5.2 percent in March.
PERCENT* (SEASONALLY ADJUSTED]
PERCENT * [SEASONALLY ADJUSTED)
25
TEENAGERS .
(16-19)
20
15
10
10
MEN 20 YEARS
AND OVER
WOMEN 20 YEARS
AND OVER
1997
1993
1993
1994
1995
1996
*UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCEr DEPARTMENT OF LABOR
1997
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race
By sex and age
Period
1987
1988 .. ..
1989
1990
1991
1992
1993 2
1994 ..
1995
1996
1996- Apr
May
June
July
Auer
Sept ...
Get
Nov
Dec
1997: Jan
Peb
Mar
Anr
1
2
All
civilian
workers
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
5.5
5.5
5.3
5.4
5.2
5.2
5.2
5.3
5.3
5.4
5.3
5.2
4.9
Men
20 years
and over
Women
20 years
and over
5.4
4.8
4.5
5.0
6.4
7.1
6.4
5.4
4.8
4.6
4.8
4.7
4.6
4.6
4.2
4.5
4.4
4.4
4.4
4.6
4.4
4.4
4.2
5.4
4.9
4.7
4.9
5.7
6.3
5.9
5.4
4.9
4.8
4.7
4.9
4.7
4.9
4.7
4.6
4.7
4.8
4.9
4.6
4.7
4.7
4.4
Both
sexes
16-19
years
White
16.9
15.3
15.0
15.5
18.7
20.1
19.0
17.6
17.3
16.7
16.8
16.6
16.2
16.7
17.0
16.0
16.3
16.8
16.5
17.0
17.5
16.4
15.4
Revised definition; for details, see Employment and Earnings, February 1994.
Data beginning January 1994 are not directly comparable with data for earlier periods.
NOTE.-— Data relate to persons age 16 years and over.
12
5.3
4.7
4.5
4.8
6.1
6.6
6.1
5.3
4.9
4.7
4.8
4.8
4.6
4.7
4.5
4.5
4.5
4.6
4.6
4.6
4.5
4.5
4.2
Black
and
other
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
9.3
9.4
9.3
9.1
9.3
8.9
9.2
9.3
9.1
9.2
9.4
9.7
9.5
9.0
By selected groups
Black
Experienced
wage
and
salary
workers
13.0
11.7
11.4
11.4
12.5
14.2
13.0
11.5
10.4
10.5
10.5
10.3
10.2
10.5
10.4
10.7
10.7
10.6
10.5
10.8
11.3
10.7
9.8
5.8
5.2
5.0
5.3
6.6
7.2
6.6
5.9
5.4
5.2
5.3
5.4
5.1
5.2
5.0
5.1
5.0
5.2
5.1
5.1
5.0
5.0
4.7
Married
men,
spouse
present
Women
who
maintain
families
Full-time
workers '
Part-time
workers '
9.2
8.1
8.1
8.3
9.3
10.0
9.7
8.9
8.0
8.2
7.3
8.5
7.8
8.8
8.5
8.3
8.5
8.8
8.4
9.1
9.0
9.1
7.5
6.0
5.3
5.1
5.4
6.8
7.5
6.9
6.1
5.5
5.3
5.4
5.4
5.2
5.3
5.0
5.1
5.1
5.3
5.2
5.2
5.1
5.1
4.8
6.9
6.4
6.2
6.4
7.0
7.5
7.2
6.0
6.0
5.8
5.9
5.9
5.6
6.0
5.9
5.6
5.6
5.6
5.8
5.7
6.0
5.7
5.7
3.9
3.3
3.0
3.4
4.4
5.1
4.4
3.7
3.3
3.0
3.0
3.0
3.0
3.0
2.9
3.0
3.0
3.0
3.0
2.8
2.8
2.8
2.7
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In April, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5-14
weeks fell; the percentages for 15-26 weeks and for 27 weeks and over rose. The mean duration of unemployment
fell to 15.2 weeks and the median duration rose to 8.3 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION
70
70
REASON FOR UNEMPLOYMENT
60
yv\
50
30
JOB LOSER s-"
V,\^_
rAA
1V,/v— A
•v'\ •-«»
7
\
-
-
REENTRANT s
v—20
JO ) LEAVERS
A
10
/~f —vIs^ s— V-
— *•„•—•• • ~~^.sjf~1- EW ENTRAN rs
1 1 1 1 1 1 1 1 1 IE
1993
1993
Illllllllll Illllllllll
1994
1995
""
iiiiiliini
1996
1 1 1 1 1 1 1 1 II
1
1997
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Iteason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers '
Job
leavers
B«entrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1987
1988
1989
1990
1991
1992
1993
1994 a
1995 . .
1996
1996: Apr
May
...
July
Oct
Nov
Dee
1997: Jan
Feb
Mar
..
Aor
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,236
7,302
7,331
7,119
7,276
6,910
7,043
7,019
7,187
7,167
7,268
7,205
7,144
6.714
43.7
46.0
48.6
46.3
40.3
35.1
36.5
34.1
36.5
36.4
34.2
37.1
35.8
36.0
36.2
35.8
35.9
38.9
37.1
39.0
36.3
37.4
35.7
29.6
30.0
30.3
32.0
32.4
29.4
28.9
30.1
31.6
31.6
32.5
31.1
31.0
31.9
31.4
31.9
31.8
31.0
32.7
31.0
33.4
33.6
32.7
12.7
12.0
11.2
11.7
14.4
15.1
14.5
15.5
14.6
14.6
15.3
14.1
14.8
13.7
14.3
14.8
14.9
14.0
13.5
13.1
14.4
14.1
16.0
14.0
12.1
9.9
10.0
12.9
20.3
20.1
20.3
17.3
17.4
18.0
17.6
18.3
18.4
18.1
17.6
17.3
16.1
16.7
16.9
15.9
15.0
15.7
14.5
13.5
11.9
12.0
13.7
17.7
18.0
18.8
16.6
16.7
17.3
16.9
17.2
16.9
17.2
16.9
16.7
16.0
15.8
16.0
16.0
15.3
15.2
6.5
5.9
4.8
5.3
6.8
8.7
8.3
9.2
8.3
8.3
8.6
8.4
8.1
8.5
8.5
8.6
8.3
7.7
7.8
7.7
8.4
7.9
8.3
48.0
46.1
48.1
54.4
56.1
54.2
47.7
46.9
46.6
13.0
14.7
15.7
14.8
11.6
10.4
10.9
9.9
11.1
10.7
26.6
27.0
28.2
27.4
24.8
23.8
24.6
34.8
34.1
34.7
12.4
12.2
10.4
9.8
9.2
9.7
10.3
7.6
7.8
8.0
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,670
2,575
2,594
328
310
330
388
447
408
341
340
357
356
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,739
2,636
2,649
48.3
46.4
48.0
46.4
44.9
46.0
45.1
45.3
44.4
9.9
9.4
9.9
10.5
11.2
11.4
11.3
11.5
11.7
34.0
36.8
34.4
35.0
35.8
34.7
35.4
35.1
35.3
7.8
7.4
7.7
8.2
8.0
7.9
8.2
8.1
8.6
2,584
2,554
--2,572
2,535
2.524
2,468
2,470
2,444
2,518
356
349
355
334
325
335
334
338
355
2,934
-2,351
'2,382
2,550
2,254
2,184
-2,045
2,104
-2,744
44.8
43.7
44.6
44.3
12.3
10.9
11.0
11.2
34.6
36.6
35.4
36.0
8.3
8.9
9.0
8.6
2,453
-2,375
2,294
334
311
312
*>333
'3,032
3,036
2,950
45:7
NOTE.—Data relate to persons age 16 years of age and over (except for insured unemployment and initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
3
Data beginning January 1994 are not directly comparable with data for earlier periods.
13
NONAGRICULTURAL EMPLOYMENT
Total nonagriculturai employment as measured by the payroll survey rose by 142,000 in April.
MILLIONS OF PERSONS*
MILLIONS Of PERSONS* (ENLARGED SCALE)
130
36
ALL NONAGRICULTURAL
ESTABLISHMENTS
34
.•»•
V
32
SERVICES
30
28
100
26
24
90
SERVICE-PRODUCING
INDUSTRIES
RETAIL TRADE
22
20
18
70
16
20
40
MANUFACTURING
18
GOODS-PRODUCING
INDUSTRIES
30
6
\
CONSTRUCTION
4
20
1995
1993
1996
1997
1993
1997
COUNCIl OF ECONOMIC ADVISERS
(Thousands of wagv and salary workors;' seasonally atD
Goods-producing industries
Period
1987
1988
1989 ...
1990
1991
1992
1993
1994
1995
1996
1996: Apr ...
May
July .
Aug
Sept
Oet
Nov
Dec
1997- Jan r
Feb'
Mar*"
Apr/7
Total
nonagriculturai
employment
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,172
117,203
119,554
118,922
119,332
119,537
119,772
120,052
120,050
120,311
120,492
120,723
120,982
121,296
121,435
121,577
Service-producing industries
Manufacturing
Total
2
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,908
24,206
24,259
24,209
24,263
24,274
24,264
24,298
24,257
24,284
24,319
24,356
24,399
24,508
24,499
24,442
Construction
4,958
5,098
5,171
5,120
4,650
4,492
4,668
4,986
5,158
5,407
5,353
5,384
5,401
5,427
5,437
5,449
5,464
5,491
5,520
5,535
5,639
5,614
5,570
Total
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,321
18,468
18,282
18,283
18,303
18,298
18,267
18,291
18,241
18,254
18,262
18,270
18,296
18,299
18,316
18,302
Durable
goods
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,448
10,654
10,676
10,654
10,679
10,696
10,680
10,711
10,675
10,684
10,694
10,710
10,734
10,746
10,764
10,761
Nondurable
goods
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,873
7,814
7,606
7,629
7,624
7,602
7,587
7,580
7,566
7,570
7,568
7,560
7,562
7,553
7,552
7,541
1
Includes all full- and part-time wage and salary workers in non agricultural establishments
who received pay for any part of the pay period which includes the 12th of the month. Excludes
proprietors, self-em ployed persons, domestic servants, , d personnel of the Armed Forces. Total
in this table not comparable with estimates of nonagri( iltunil employment of the civilian la)x>r
fore*, shown on p. 11, which include proprietors, self-c iployed persons, arid domestic servants;
which count persons as employed when they are not at work l>ccausc of industrial disputes,
liad weather, etc., even if they are. not paid for the tin ', oft'; and which an1, hased <m a sample
of the working-afje population, whereas the estimates n this table are based on reports from
14
Total
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,264
92,997
95,296
94,713
95,069
95,263
95,508
95,754
95,793
96,027
96,173
96,367
96,583
96,788
96,936
97,135
Transportation and
public
utilities
5,362
5,514
5,625
5,793
5,762
5,721
5,829
5,993
6,165
6,316
6,294
6,309
6,329
6,333
6,342
6,337
6,338
6,350
6,340
6,378
6,403
6,416
6,434
Wholesale
trade
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,162
6,412
6,587
6,550
6,567
6,575
6,585
6,603
6,619
6,643
6,651
6,655
6,662
6,690
6,709
6,710
Retail
trade
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,507
21,173
21,597
21,415
21,485
21,568
21,671
21,672
21,702
21,803
21,857
21,931
21,922
21,940
21,993
22,025
Finance,
insurance, Services
and real
estate
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,896
6,830
6,977
6,942
6,964
6,967
6,987
6,999
7,009
7,026
7,038
7,052
7,062
7,077
7,095
7,118
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,579
33,107
34,359
34,117
34,285
34,378
34,448
34,532
34,607
34,709
34,780
34,865
35,015
35,101
35,173
35,266
Government
Total
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,128
19,310
19,461
19,395
19,459
19,446
19,484
19,606
19,519
19,508
19,497
19,524
19,544
19,577
19,550
19,582
Federal
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,822
2,757
2,776
2,776
2,756
2,752
2,739
2,739
2,731
2,733
2,729
2,725
2,714
2,709
2,709
employing establishments. In the series shown here, persons who work at more than one jol>
are counted each time they appear on a payroll, in contrast to the series shown on p. I I , where
persons are counted only one*—as employed, unemployed, or not in the lalxtr fort*.
'^Includes mining, not shown separately.
NOTK.—Data for March I996~Au}just 1996 were revised in October 1996 to inflect revised
seasonal adjustment factors.
Source: Department of Lalxjr, Bureau of I^abor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICULTORAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Total
private
nonagricultural ]
Total
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
41.6
41.6
41.5
41.7
41.8
41.6
41.7
41.7
41.7
41.7
42.0
41.7
41.9
42.1
42.2
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
34.5
34.4
34.3
34.2
34.7
34.2
34.4
34.7
34.3
34.6
34.8
34.2
34.9
34.9
34.6
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- Apr . .
May
July
Sept
Oct .
Nov
Dec
1997- Jan' .
Feb'
Mar?
Apr?
Total private
nonagricultural l
Total private
nonagricultural *
Manufacturing
Period
Average gross weekly earnings
Average gross hourly earnings
Overtime
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
4.4
4.5
4.6
4.6
4.6
4.4
4.5
4.5
4.4
4.5
4.6
4.7
4.7
4.9
5.0
Current
dollars
$8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.12
11.44
11.82
11.72
11.74
11.83
11.81
11.87
11.91
11.90
11.99
12.04
12.05
12.10
12.15
12.14
1982
Manufacturing
dollars '
$7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.40
7.40
7.43
7.40
7.40
7.45
7.42
7.45
7.45
7.41
7.45
7.46
7.46
7.47
7.50
$9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.07
12.37
12.78
12.74
12.73
12.77
12.79
12.89
12,87
12.88
12.94
12.99
13.03
13.02
13.08
13.09
]
1982
Current
dollars
dollars2
$312.50
322.02
334.24
345.35
353.98
363.61
373.64
385.86
394.68
406.61
402.00
401.51
410.50
403.90
408.33
413.28
408.17
414.85
418.99
412.11
422.29
424.04
420.04
$269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.73
255.29
255.73
253.95
253.00
258.50
253.71
256.17
258.46
254.31
257.67
259.60
255.02
260.83
261.75
Current dollars
Manufacturing
Construction
Retail
trade
$406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.94
514.59
531.65
528.71
530.84
533.79
532.06
537.51
536.68
537.10
539.60
545.58
543.35
545.54
550.67
552.40
$480.44
495.73
513.17
526.01
533.40
537.70
553.63
573.00
585.10
600.23
594.39
581.78
595.98
598.30
599.46
599.46
603.34
604.90
607.61
594.22
614.64
613.45
616.18
$178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
221.47
229.82
225.94
228.38
232.00
227.66
230.69
231.49
232.18
235.77
235.82
234.77
241.08
240.61
238.71
Percent change from
a year earlier, total
private nonagrieultural3
Current
dollars
1982
dollars
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.3
2.3
3.0
2.6
3.6
4.6
2.5
3.5
4.4
2.5
3.9
5.1
5.1
5.1
5.3
4.6
-1.0
-.9
-1.0
-1.8
-1.6
n
-'.0
.1
-.6
.2
-.3
.6
1.8
-.4
.7
1.4
-.5
.6
1.7
2.0
2.0
2.6
:J
AIso includes other private industry groups shown on p. 14.
Current dollar earnings divided hy the consumer price index for urban wage earners i
clerical workers (CPI-W) {on a 1982=100 base).
Based on seasonally unadjusted data.
NOTE.—See Note, p. 14.
Source: Department of Labor, Bureau of Labor Statistics.
2
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Percent change from
Index (June 1989 = 100)
3 months earlier
Period
Total
compensation
Wages and
salaries
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
126.7
130.6
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
123.1
127.3
Benefits >
Total
compensation
Wages and
salaries
12 months earlier
Total
compensation
Benefits '
Wages and
salaries
Benefits l
Not seasonally adjusted
19871988198919901991199219931994:
19951996:
....
Dee
Dec
Dec .
Dec
Dec .
Dec
Dec .
Dec
Dec
Dec
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
135.9
138.6
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
2.6
3.1
Sept'
Dec'
995- Mar'
Sepf
Dec' .
1996: Mar'
June'
Sept'
Dec'
1997: Mar
1
....
120.8
121.8
122.8
123.6
124.4
125.2
126.0
126.9
127.7
128.8
129.7
130.6
131.4
117.1
118.1
119.0
119.8
120.6
121.5
122.4
123.2
124.4
125.5
126.4
127.4
128.5
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries.
130.3
131.5
132.8
133.5
133.9
134.6
135.3
136.0
136.0
137.0
137.7
138.7
138.7
0.8
.8
.8
.7
.6
.6
.6
.7
.6
.9
.7
.7
.6
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
2.2
2.0
Not seasonally adjusted
Seasonally adjusted
L994- Mar'
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
2.8
3.4
0.5
.9
.8
.7
.7
.7
.7
.7
1.0
.9
.7
.8
.9
1.1
.9
1.0
.5
.3
.5
.5
.5
0
.7
.5
.7
0
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.6
2.7
2.9
2.9
3.1
3.0
2.9
3.1
2.9
2.8
2.9
2.9
2.8
2.8
3.2
3.4
3.3
3.4
3.4
4.4
3.9
4.0
3.7
2.9
2.6
2.1
2.2
1.6
1.7
1.8
2.0
2.0
Data exclude farm and household workers.
Seasonally adjusted data revised beginning 1992.
Source: Department of Labor, Bureau of Labor Statistics-
15
PRODUCTIVITY AND RELATED DATA. BUSINESS SECTOR
Output per lour of all
persons
Period
Business
sector
N'onf'arm
business
sector
Output '
Business
seetor
Hours of all
persons a
Nonfarm
business
sector
Business
seetor
Compensation per
hour :I
Nonfami
business
seetor
Business
sector
Xonfann
business
sector
Real compensation,
per hour 4
Business
sector
Nonfarm
business
sector
Implieit priee
deflator "'
t'ni abor
costs
Business
sector
Xonfann
business
sector
Business
seetor
Xonfarm
business
sector
Indexes, 1992 = 100; quarterly data seasonally adjusted
91.1
94.6
97.8
'98.6
96.9
100.0
102.7
107.0
109.6
112.9
'91.3
95.1
98.1
98.8
97.1
100.0
102.9
107.0
109.9
113.0
96.8
100.0
102.5
102.6
100.2
100.0
102.5
106.2
108.8
110.9
96.5
99.9
102.5
102.7
100.2
100.0
102.8
106.3
108.9
111.2
79.9
83.5
85.8
90.7
95.1
100.0
102.5
104.5
107.8
111.8
80.2
83.6
85.9
90.6
95.1
100.0
102.3
104.3
107.7
111.6
98.7
99.0
97.1
97.4
97.9
100.0
99.5
99.0
99.2
100.0
100.1 101.4
99.7 102.1
102.8
100.1
100.8 '104.4
94.6
94.1
95.2
94.6
95.7
'95.4
96.2
96.1
96.7
96.9
100.0 100.0
100.2 100.2
100.7 '100.6
100.8 100.9
101.6
101.8
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
99.1
99.2
97.1
97.3
97.9
100.0
99.3
98.8
99.1
99.8
84.9
'88.2
'89.9
94.4
98.3
100.0
102.3
103.8
106.9
109.9
1993- I
II
III
IV.
'100.1
'99.7
'99.9
100.9
101.6
102.2
103.3
104.7
101.3
102.3
102.9
103.5
101.4
102.6
103.2
103.9
101.7
102.3
102.8
103.3
101.5
102.0
102.5
103.0
99.6
99.5
99.6
99.3
1994: I ...
'100.4 100.3 104.9 104.9
100.6 100.6 '106.6 106.7
107.7 107.8
'101.0 101.0
108.7 108.8
101.1 101.1
100.4 100.5 108.8
109.0
100.8 100.9 109.0 109.2
110.6
110.3
'101.1 101.3
110.7
101.0 '101.0 110.4
111.2
111.4
101.5
101.5
101.8 101.7 112.6 '112.7
101.7 113.2
101.9
113.3
102.2 101.9 114.5
114.6
102.7 102.5 116.4 116.5
104.4
106.0
106.6
107.6
108.4
108.2
109.0
109.3
109.6
110.6
111.1
112.1
104.6
106.1
106.7
107.6
103.8
104.1
104.5
105.4
108.4
108.3
109.1
109.5
109.8
110.9
111.4
112.5
104.0
104.2
104.7
105.5
106.2
107.3
108.3
109.4
110.3
111.4
112.5
113.5
106.2
107.2
108.2
109.3
110.2
111.3
112.2
113.2
99.4
99.0
98.6
98.7
98.7
99.0
99.3
99.8
99.5 101.5
99.3 102.6
99.3 102.9
99.0 102.4
99.2 103.6
98.9 103.6
98.4 '103.7
98.6 104.4
98.7 105.8
98.9 106.5
99.3 '107.1
99.6 '108.4
113.3
113.8
114.7
114.5
99.7
99.9
100.2
100.3
100.8
99.6 '108.7
99.8 '109.5
99.9 110.4
100.0 111.1
111.7
100.6
II
III
IV
1995: I
II
III
IV
1996- I
II
III
IV'
1997- IP
83.8
'84.8
86.8
87.8
89.7 '90.4
'94.1 '94.1
97.7
98.1
100.0 100.0
102.1 102.5
103.7 '104.8
106.7 '107.2
109.8 108.9
'83.6
86.4
90.0
93.8
97.6
100.0
102.5
104.9
107.2
108.8
101.8
101.4 101.7
102.4 '102.4 102.4
102.4 102.7 '102.6
102.2 103.3 103.3
103.4
103.5
103.5
'104.3
103.9
104.4
105.1
105.6
105.6 106.4
106.3 '107.0
106.8 107.5
107.8
108.1
108.5 108.2
109.4 108.8
110.3 109.2
109.5
111.0
111.7 110.0
103.9
104.5
105.3
105.7
106.5
107.1
107.5
107.8
108.1
108.7
109.0
109.3
109.9
Percent change; quarterly data at seasonally adjusted annual rates
1987
1988
1989 . ..
1990
1991 .
1992
1993
1994
1995
1996
'-0.1
.5
.8
'.7
'.7
3.4
.2
.5
.1
1.0
1993- I
II
Ill
IV
-3.5
-1.6
.8
3.8
1994:
-1.7
.5
1.9
'.1
I
II
Ill
rv
1995- I
II
Ill
IV
1996:
I
II
III
IV' ....
1997: IP
2.9
-0.3
3.8
.6
3.4
'.6
'.8
.5
.7 '-1.7
3.2
3.2
2.7
.2
.5
4.2
2.5
.3
3.0
.7
-3.8
-1.2
2.5
-1.8
1.7
3.0
6.5
2.8
1.7
-1.8
6.9
1.0
4.1
1.7
.4
'3.7
3.0
4.1
3.2
.7
-1.8
3.0
2.9
4.0
2.7
2.9
-2.6 '-2.2
1.4
1.5
1.4
'1.7
-.6 -1.2
5.2
4.0
.1
-.7
3.5
2.5
'1.4
2.4
2.6
3.4
4.2
4.2
4.1
2.4
2.5
2.3
2.2
1.5
3.8
2.1
1.2
'2.6
.9
-1.1
-1.9
.8
4.6
.2
.1
2.8
4.9
.3
.1
2.9
2.4
1.8
2.7
'2.1
2.5
2.2
2.9
1.9
'5.5
2.6
'2.2
5.0
5.3
2.5
1.9
5.2
3.0
'2.1
2.0
1.0
3.0
2.0
1.7
.9
-.1
.9
1.1
.3
.2
.9
1.5
1.5
.1
.5
.7
.2
'1.0
3.1
3.4
2.4
1.5
3.3
3.3
2.5
1.5
2.4
1.3
1.1
1.4
2.1
1.2
1.2
2.0
2.3
2.3
2.7
1.8
2.0
3.7
4.3
2.7
5.5
4.9
5,2
2.3
2.1
3.2
3.6
0.2
.3
-2.0
.3
.6
2.1
-.5
-.6
.3
.8
0.1
.1
-2.1
.1
.7
2.1
-.7
-.5
.3
.7
-.9
2.7
4.1
'5.4
3.0
4.6
2.4
2.6
1.9
2.6
2.0
2.0
1.3
2.1
1.8
2.0
-1.6
.8
7.0
4.2
4.0
3.5
6.4
2.1
3.6
2.7
6.0
2.4
3.6
2.8
.7
2.0
2.9
2.9
1.3
1.8
3.3
'.4
.7
'4.7
.5
.6
.9
5.0
'.4
3.0
3^3
1.1
2.9
-.6
3.2
1.5
2.8
4.1
3.6
4.3
2.9
4.0
3.7
4.0
-1.0
-.3
.1
-1.3
.7
-1.6
-1.7
.4
.1
.9
1.5
1.8
3.2
4.3
3.8
3.7
3.4
3.9
3.3
3.6
4.5
4.7
rr
2.1
1.2
.3
1.2
1.9
.6
0
1.1
3.0
5.0
2.2
4.8
2.7
4.8
1.9
4.9
.8
3.8
1.9
3.5
.8
4.1
1.9
3.8
2.1
2.0
6.8
6.8
4.5
4.7
-''Current dollar gross domestic output divided by the output index.
'2.6
3.5
4.2
4.0
'3.8
2.4
2.5
2.2
2.3
1.6
3.8
4.5
2.8
5.7
4.8
5.2
2.5
1.9
3.1
3.8
Output refers to real gross domestic product originating in the sector.
- Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
:!
Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4
Hourly compensation divided by the consumer price index for all urban consumers (("PI-
16
4.0
'3.6
2.1
5.0
4.2
1.9
2.1
'1.6
2.9
2.9
3.2
3.5
2.6
.2
-2.5
-.2
2.8
3.5
2.4
2.2
1
o.
'3.9
'3.9
1.9
'5.0
'4.1
1.7
2.3
1.4
3.0
2.8
5.6
4.3
1.2
-1.8
3.0
3.3
2.5
.1
-2.3
-.2
2.5
3.7
2.4
2.0
2.4
4.2
2.2
2.6
Q
.O
-1
-1.2
NOTK.—Data relate to all persons engaged iti the sector.
Percent chants are from preceding? period and art; based on original data; they the
may differ slightly from percent changes based on indexes shown here.
Data based on COP data released April 30, 1997.
Source: Department of Lal>or, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.9 percent in March. Capacity utilization rose to 84.1 percent.
INDEX, 1992 = 100* (RATIO SCALE)
INDEX, 1992 = 100* (RATIO SCALE]
150
TOTAL INDUSTRIAL PRODUCTION
FINAL PRODUCTS
140
BUSINESS
EQUIPMENT
130
^(/
/-r
V,,
120
r—
,- _.
*/\
110
rrrr^ --'
"
\
100
GOODS
MANUFACTURING
130
""" "" 'N
90
DURABLE
120
V"
110
X
\
DEFENSE
AND SPACE
EQUIPMENT
NONDURABLE
100
\
/
80
t'~ "*
"*.•
-
70
iliilil_LLLL I I I II i M II
140
unUTIES AND MINING
ii i ii In in
Illl 1 Illlll
PERCENT *
130
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
120
UTILITIES
./I\
110
^-^r
100
iniii
! LI 1 1 1 1 11 1 1
1993
1993
-S
/v-^-
S"
1994
|
1995
1 1 1 1 11 1 1 ! 1 1
\\ M 1 1 1 1 1 1 1
| 1996
1997
COUNCft OF ECOWOMJC ADVISERS
[Monthly data seasonally adjusted]
Industry production indexes, 1992 = 100
Total industrial production
Percent change
Period
Index,
1992 = 100
1987
1988 ..
1989
1990
1991
1992
1993 ..
1994
1995
1996 .
. .
From
preceding
month
93.1
97.3
99.0
98.9
96.9
100.0
103.4
108.6
112.1
115.2
l
Capacity utilization
rate, percent2
Manufacturing
Prom
year
earlier
Total
Durable
Nondurable
Mining
Utilities
Total
industry
Manufacturing
4.4
1.8
-.2
-2.0
3.2
3.4
5.0
3.3
2.8
92.8
97.1
99.0
98.5
96.2
100.0
103.7
109.4
113.2
116.3
92.0
98.1
100.5
99.0
95.5
100.0
105.5
113.4
119.7
125.7
93.8
96.0
97.3
97.9
97.0
100.0
101.7
105.0
106.2
106.3
101.5
102.9
101.5
103.7
101.6
100.0
98.9
101.5
100.9
'102.9
89.4
93.9
97.1
98.3
100.4
100.0
103.9
105.3
109.1
112.8
81.3
83.9
84.0
82.3
79.2
80.4
81.6
83.7
83.8
83.1
81.3
83.8
83.6
81.4
78.0
79.5
80.8
83.1
83.1
82.1
4.6
Sept
Get
Nov
Dec r
113.2
114.3
114.8
115.5
115.5
115.8
116.0
116.2
117.2
117.7
-0.5
.9
.4
.6
.0
.3
.1
.2
.8
.4
1.4
2.6
2.9
3.3
3.4
2.9
2.6
3.3
4.0
4.4
113.9
115.2
115.7
116.4
117.0
117.2
117.4
117.6
118.5
119.2
121.8
124.6
125.2
126.3
126.9
127.5
127.2
127.1
128.4
128.8
105.4
105.2
105.5
105.9
106.4
106.2
106.9
107.4
107.9
108.8
102.8
102.9
103.2
104.4
103.1
104.5
103.4
103.4
103.5
104.5
114.4
113.5
114.6
114.0
109.4
110.8
111.1
111.9
114.5
112.6
82.6
83.1
83.2
83.5
83.2
83.2
83.1
83.0
83.4
83.5
81.3
82.0
82.0
82.3
82.4
82.3
82.1
82.0
82.4
82.5
1997- Jan r
Febr
Mar^
117.8
118.5
119.6
.1
.6
.9
4.9
4.2
5.6
119.3
120.4
121.4
129.4
131.3
133.1
108.4
108.7
109.1
104.2
105.7
106.7
113.5
109.7
110.6
83.4
83.6
84.1
82.3
82.8
83.3
1996: Mar
Apr
July
1
3
Percent changes based on unrounded indexes.
Output as percent of capacity.
Source: Hoard of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1992 = 100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1987
1988
1989 ... .
1990
1991
1992
1993
1994
1995
1996
1996- Mar
May
July
Sept
Oct
Nov
Dec'
1997: Jan'
Feb'
Marf
1
.
...
..
Durable
goods
Nondurable
goods
Total
1
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
93.2
97.6
99.7
99.4
97.5
100.0
103.2
107.1
109.9
112.8
111.1
112.1
112.2
113.1
113.4
113.0
113.3
113.6
114.8
115.3
93.7
96.7
97.7
97.3
97.0
100.0
103.2
107.4
108.9
110.5
109.4
109.8
110.0
110.8
110.7
110.1
110.5
110.8
112.3
112.7
93.9
99.8
101.3
98.0
93.0
100.0
110.1
120.4
122.8
126.2
120.8
125.7
126.9
129.9
129.7
128.0
127.1
124.5
127.1
128.4
93.6
95.9
96.7
97.1
98.1
100.0
101.5
104.1
105.3
106.5
106.6
105.9
105.8
106.0
106.0
105.6
106.3
107.3
108.5
108.7
92.7
99.1
103.0
102.7
98.4
100.0
103.0
106.6
111.6
116.8
113.9
115.9
116.0
117.1
118.1
117.9
118.1
118.4
119.0
119.6
85.1
93.5
98.8
98.2
95.7
100.0
105.1
111.3
119.4
126.6
122.6
125.1
125.0
126.6
128.1
127.7
128.3
128.8
129.8
130.7
117.5
117.1
117.4
115.9
106.7
100.0
93.5
86.2
80.7
77.0
77.6
77.4
77.9
77.0
77.7
77.9
77.7
77.0
76.1
76.2
100.7
102.5
102.9
101.9
97.5
100.0
102.5
106.1
107.5
109.4
108.5
107.7
108.9
109.7
108.9
110.0
110.6
110.2
111.9
111.3
104.7
106.3
105.5
102.9
96.2
100.0
103.3
110.3
111.6
116.8
115.5
114.2
116.1
118.3
117.5
119.2
119.8
117.7
120.7
117.8
98.4
100.3
101.3
101.4
98.3
100.0
102.0
103.6
105.0
105.1
104.3
103.9
104.6
104.6
103.9
104.6
105.3
105.8
106.8
107.4
90.4
95.1
97.0
97.2
95.9
100.0
103.9
111.3
116.6
120.3
117.7
119.5
120.1
120.5
120.5
121.5
121.2
121.7
122.2
123.1
96.2
98.5
99.5
100.6
100.8
100.0
99.6
101.4
102.7
103.9
104.5
104.2
104.6
104.8
102.4
104.0
103.9
103.9
104.0
103.9
115.2
115.8
117.0
112.0
111.8
112.6
127.5
129.4
131.3
108.0
107.5
108.0
120.8
122.5
124.4
132.1
133.8
135.6
74.9
75.2
75.2
111.7
112.1
112.8
117.6
119.8
120.6
108.2
107.5
108.2
123.3
124.4
125.4
104.1
103.2
103.2
Includes oil and {*as well drilling and manufactured homes, not shown .separately.
[1992 = 100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
Nondurable manufactures
Transportation
equipment
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
Total
Iron
and
steel
Dec'
97.8
106.2
104.9
104.0
96.7
100.0
105.5
113.0
115.7
117.2
115.6
116.1
116.3
117.0
118.0
118.3
119.5
122.1
118.5
118.8
95.4
107.6
106.2
106.4
96.0
100.0
107.1
113.2
116.3
116.4
113.8
114.6
115.7
117.1
118.0
118.2
117.4
123.2
115.9
116.7
101.9
106.1
104.8
101.2
96.2
100.0
104.4
112.0
115.7
118.6
117.6
117.8
118.4
118.9
119.1
119.4
119.3
119.3
119.1
119.5
86.0
97.0
103.0
100.1
95.4
100.0
109.9
125.3
141.4
156.4
152.5
153.3
154.3
156.1
157.7
159.6
159.4
159.9
161.7
162.9
75.6
82.5
85.8
87.7
89.6
100.0
110.0
126.3
148.2
163.3
160.3
161.1
161.8
164.0
163.8
164.6
165.2
165.6
167.2
168.8
96.1
101.1
105.1
102.3
96.5
100.0
103.7
107.4
105.0
106.1
94.9
106.4
106.8
107.1
109.5
109.3
107.3
105.3
109.5
109.6
94.9
100.2
101.2
95.3
88.5
100.0
113.7
129.7
128.5
126.9
106.8
130.3
130.5
130.4
134.1
132.8
127.0
121.2
128.9
127.9
104.9
105.1
104.3
101.6
94.5
100.0
100.9
105.9
106.2
'109.7
109.7
110.3
110.4
112.4
109.3
111.4
110.7
109.2
113.1
108.0
105.5
103.6
100.3
97.2
97.8
100.0
102.4
106.5
103.3
98.2
98.1
99.0
99.0
99.0
98.3
98.5
98.2
97.8
97.3
97.2
102.5
103.4
103.5
103.1
99.1
100.0
100.8
100.5
99.8
98.4
97.6
96.9
97.9
97.1
97.6
97.9
99.1
99.7
100.0
99.8
87.0
92.2
95.1
97.3
96.4
100.0
101.0
104.1
106.5
108.9
106.6
106.9
107.2
107.9
109.0
108.7
109.7
111.3
111.8
114.0
93.5
94.9
95.9
97.0
98.4
100.0
102.1
103.7
105.7
106.3
106.2
105.9
105.6
106.1
106.5
105.5
106.2
107.1
107.6
108.2
1997- Jan'
Feb'
Mar?
117.3
119.2
121.7
117.1
119.0
121.9
119.1
120.7
121.9
164.6
167.1
169.6
168.8
173.3
176.7
112.0
113.0
114.6
132.0
133.0
135.1
108.8
110.9
111.9
96.5
96.2
96.4
99.9
100.5
101.2
113.7
113.2
113.0
108.2
108.4
108.7
1987
1988
1989 .. .
1990
1991
1992
1993
1994
1995
1996
1996: Mar
July
Sept
Oct
....
Source: Board of Governors of the Federal Reserve System.
18
Total
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts •*
Private
Total new
construction
expenditures
Period
Residential
Total
New housing
units
Total '
Commercial
and industrial 2
Other
Federal
and
State
and
local
Total value
index
(1992=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1987
1988
1989
1990
1991
1992
1993
1994 .
1995
1996 ...
.. .
.
441.6
455.6
469.8
468.5
424.2
452.1
482.7
527.1
547.1
568.9
351.0
360.9
371.6
361.1
314.1
336.2
362.6
400.0
410.2
427.8
194.7
198.1
196.6
182.9
157.8
187.8
210.5
238.9
236.6
246.9
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
162.9
176.4
104.4
109.6
118.0
119.4
93.7
82.2
84.4
93.3
107.0
111.4
52.0
53.2
57.1
58.8
62.6
66.2
67.7
67.8
66.6
69.5
90.6
94.7
98.2
107.5
110.1
115.8
120.2
127.1
136.9
141.1
103
104
108
98
92
100
108
117
122
130
Annual rates
Annual rates
1996: Mar
May
July
Sept
Get
Dee
1997- Jan'
Feb'
Mar?
1
2
;I
1,019
973
961
783
577
556
589
744
862
829
557.0
564.6
558.5
563.1
559.3
564.7
572.3
582.5
594.0
588.1
419.7
424.2
418.1
423.1
419.3
426.7
428.4
437.0
446.1
445.4
245.9
248.0
247.5
246.9
244.9
246.0
246.4
246.9
249.2
250.3
173.8
179.3
178.2
177.7
175.6
176.5
176.2
176.6
177.4
176.7
106.4
108.1
103.1
109.2
107.7
110.9
112.4
119.7
121.8
117.4
67.4
68.2
67.5
67.0
66.7
69.7
69.6
70.4
75.1
77.8
137.3
140.4
140.4
140.0
140.0
138.0
143.9
145.5
148.0
142.7
131
134
133
'132
135
'138
'133
126
'131
'127
724
714
'840
'719
'638
'708
'779
'681
'776
'786
588.9
601.4
600.1
446.6
454.5
451.9
250.1
254.1
256.6
176.5
182.0
182.4
120.9
122.9
119.1
75.6
77.4
76.2
142.2
146.9
148.2
126
127
127
771
852
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies,
Inc., F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1 unit
2-4 units
5 or more
units
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
244.1
270.8
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1,354.1
1,476.8
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
1,076.2
1,160.9
Sept
Oet
Nov .. .
Dec
1,429
1,522
1,476
1,488
1,492
1,515
1,470
1,407
1,486
1,353
1,156
1,215
1,142
1,214
1,164
1,222
1,148
1,104
1,133
1,024
24
55
48
46
44
37
45
58
60
48
249
252
286
228
284
256
277
245
293
281
1997: Jan' ..
Peb'
Mar''
1,375
1,522
1,425
1,125
1,218
1,117
43
40
35
207
264
273
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
33.7
45.2
Units
authorized
Units
completed
Homes
sold
Homes for
sale at end
of period '
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
1,312.6
'1,412.9
671
676
650
534
509
610
666
670
667
757
366
368
365
321
284
265
293
336
370
322
1,423
1,459
1,452
1,415
1,457
1,423
1,399
1,362
1,418
1,422
1,382
1,351
1,409
1,426
1,463
1,449
1,356
1,375
1,431
'1,484
711
741
732
732
782
814
768
706
788
'794
367
368
362
355
352
343
331
330
327
322
1,400
1,444
1,452
1,362
1,563
1,400
825
834
813
314
307
297
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
3
1,371.6
1,332.5
1,433.7
Vacancy rate
for rental
housing units
(percent) 2
7.7
7.7
7.4
7.2
7.4
7.4
2
7.3
7.4
7.6
7.8
2
Seasonally adjusted annual rates
1996- Mar
May
July
1
Seasonally adjusted.
a
Revised series l>eginmng 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to Ix: comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
;f
The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.
7.9
7.8
8.0
7.7
7.5
N'OTK.—Beginning 1994, units authorized are for 19,000 places. For other data shown,
authorized are for 17,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In February, manufacturing and trade sales rose 1.4 percent and inventories rose $3.5 billion. According to advance
data, retail sales rose 0.1 percent in March following a rise of 1.5 percent in February. (Data revised for wholesale
and retail trade.)
BILLIONS OF DOLLARS* (RATIO SCALE)
400
BILLIONS OF DOLLARS* (RATIO SCALE)
1,200
1,100
900
350
„_, , —•—
1,000
_-——r"\
^~~
300
NUFACTURIN
TRADE INVENTCDRIES
800
700
_'H
'x
600
RETAIL INVENTORIES
r—
250
,-
>•"•'*"*'
MA slUFACTURlN
200
AN 3 TRADE SALEs
\
RETAIL SALES
500
150
RATIO*
400
1.80
1.70
300
200
1 1 1M1! 1I]!
1993
1 1 11i i M 1 11
1995
!l 1 U 1 i 1 1 M
1994
1 M 1 ! 1 I 1 1 II
1.30
1 M 1 \\ 1 1 1 M
1997
1996
1993
1997
* SEASONA11Y ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
Manufacturing and
trade ]
Period
Sales2
Inventories3
COUNCIL OF ECONOMIC ADVISERS
Retail
Wholesale
Sales2
Inventories :!
Durable
goods
stores
Total
Inventory-sales
ratio 4
Inventories :J
Sales2
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade1
Retail
Millions of dollars, seasonally adjusted, except as noted
1987
1988
1989
1990
1991
1992
1993'
1994'
1995'
1996'
1996:
.
. ..
Mar'
Sept'
Oct'
Nov
Dec'
1997- Jan'
FebP
Mar"
1
. ..
709,846
457,735
497,157
767,226
815,486
527,039
840,428
545,909
542,815
834,281
842,137
567,176
874,096
595,049
637,236
931,228
989,160
679,725
715,435 1,007,913
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,973
188,811
201,723
163,903
178,801
187,009
195,550
200,062
207,663
215,878
234,893
253,066
255,808
128,442
138,017
146,581
153,718
154,661
162,632
172,732
185,610
193,670
203,775
47,989
52,430
54,763
55,736
54,165
58,634
64,677
72,784
77,085
82,778
80,453
85,587
91,818
97,981
100,497
103,999
108,055
112,826
116,585
120,997
207,836
219,047
237,234
239,773
243,275
251,994
267,497
290,128
303,750
314,183
105,481
112,453
121,347
121,105
119,039
122,948
133,624
149,840
159,767
165,997
102,355
106,594
115,887
118,668
124,236
129,046
133,873
140,288
143,983
148,186
1.50
1.49
1.52
1.52
1.53
1.48
1.45
1.41
1.43
1.40
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.55
1.52
699,894
709,602
715,106
711,718
719,945
717,775
723,292
726,774
728,898
727,732
992,905
997,426
996,035
996,284
1,000,699
1,003,397
1,004,457
1,009,086
1,008,711
1,007,913
197,334
199,431
200,038
200,078
204,254
201,892
203,419
204,987
205,561
205,560
254,151
257,329
256,601
256,739
256,467
256,598
254,788
255,671
255,850
255,808
201,914
202,168
203,865
202,789
203,291
203,036
204,713
206,277
205,789
206,894
82,647
81,534
83,011
82,394
82,531
82,487
83,091
83,871
83,485
83,785
119,267
120,634
120,854
120,395
120,760
120,549
121,622
122,406
122,304
123,109
303,341
304,656
305,214
305,677
309,786
311,112
312,969
315,281
313,490
314,183
159,151
160,029
160,631
161,138
163,433
164,862
166,530
168,146
165,865
165,997
144,190
144,627
144,583
144,539
146,353
146,250
146,439
147,135
147,625
148,186
1.42
1.41
1.39
1.40
1.39
1.40
1.39
1.39
1.38
1.39
1.50
1.51
1.50
1.51
1.52
1.53
1.53
1.53
1.52
1.52
736,237 1,011,894
746,609 1,015,430
744,659
207,506
211,801
209,876
257,895
258,088
259,887
210,233
'213,389
213,634
85,344
'88,193
87,980
124,889
'125,196
125,654
313,980
315,434
165,441
166,598
148,539
148,836
1.37
1.36
1.49
1.48
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
3
Seasonally adjusted, end of period,
2
20
4
Annual data are averages of seasonally adjusted monthly ratios.
NOTE.—Retail series revised beginning 1993; wholesale sales revised beginning 1994 and inventories beginning 1995 to reflect annual benchmarking and seasonal adjustment revisions.
Total manufacturing and trade data reflect the revisions.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS. INVENTORIES, AND ORDERS
In March, manufacturers' shipments and new and unfilled orders fell; inventories rose slightly.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
320 - SHIPMENT 5
480
440
400
360
320
280
240
•— '•
.
.
'
^-
\
TOTAL
200
,-.-.„•-•'
--'-''
120
—- .
.
.—-r
•
\
280
DL RABLEGOODS
\
160
INVENIORIES
^>
240
x ^ « - ~ •""" •-
200
. — • - • • '"V"
\
DURABLEGOOD S
/
160
NONC URABLEGOC DS
"\"
NON DURABLE GO*ODS
80 1 1 1 1 1 M i l l
1 1 M 11 1 1 1 f 1 1 1 1 1 1 Mill 1 1 1 111 1 1 1 1 i
120
| 1111 11 11 11
BILLIONS OF DOLLARS* (RATIO SCALE)
320 - NEW ORDERS
80
1 1 1 1 1 1 1 1 1 1 1 1 111 f 1 1 1 1 11
1 11< 1 111 111
II i 1 1 M 1 1 1 1
280
240
RATIO*
2.00
200
INVENTORY-SHIPMENTS RATIO
1.80
160
1.60
120
NONDURABLE GOODS
-V^.
~V
1.40 ^^
1993
!
1.20
80 11 N1 1 1 1 1 1 1 1
1994
1995
1996
1994
1993
1997
1996
1995
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
-Manufacturers' shipments '
Manufacturers' inventories 2
Manufacturers' new orders '
Durable goods
Period
Total
1997
Durable
goods
Nondurable'
goods
Total
Durable
goods
Nondurable
gw>d.s
Total
Total
Capital
goods
industries,
nomlefense
Nondurable
goods
26,094
31,108
32,988
33,331
30,471
31,525
31,693
35,847
41,302
44,779
46,613
40,487
44,979
42,921
45,935
41,172
47,515
47,482
43,885
43,869
45,819
46,911
45,015
98,579
106,194
113,516
118,924
118,957
121,905
124,617
130,055
137,877
143,722
139,572
143,529
143,907
142,145
144,902
144,308
144,704
146,987
148,356
146,529
147,840
147,294
146,781
Manufacturers'
unfilled
orders -
Manufacturers'
inventory—
shipments
ratio3
Millions of dollars, seasonally adjusted, except as noted
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996: Mar
May
July
Aug
Sept
Oct ...
Nov
Dec
1997- Jan r
Feb
MarP
206,326
224,619
236,698
242,686
239,847
250,394
260,635
278,652
297,244
309,937
300,646
308,003
311,203
308,851
312,400
312,847
315,160
315,510
317,548
315,278
318,498
321,419
321,149
108,128
118,458
123,158
123,776
121,000
128,489
135,886
148,916
159,215
166,347
160,377
164,615
167,487
166,902
167,774
168,471
170,705
168,824
170,144
168,719
170,313
173,741
174,862
98,198
106,161
113,540
118,910
118,847
121,905
124,749
129,736
138,029
143,590
140,269
143,388
143,716
141,949
144,626
144,376
144,455
146,686
147,404
146,559
148,185
147,678
146,287
338,107
369,378
391,243
405,105
390,944
382,480
390,721
406,207
432,344
437,922
435,413
435,441
434,220
433,868
434,446
435,687
436,700
438,134
439,371
437,922
440,019
441,908
442,729
1
Annual data are averages of monthly not seasonally adjusted fibres; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of jx'riod.
117,329
126,928
133,730
141,892
140,938
144,384
147,245
151,409
161,988
161,483
161,878
161,571
160,363
160,219
159,639
159,761
160,353
160,806
161,454
161,483
161,629
162,224
162,582
220,778
242,450
257,513
263,213
250,006
238,096
243,476
254,798
270,356
276,439
273,535
273,870
273,857
273,649
274,807
275,926
276,347
277,328
277,917
276,439
278,390
279,684
280,147
209,389
228,270
239,572
244,507
238,805
248,212
257,698
279,560
298,092
312,794
305,091
307,001
314,194
312,139
317,304
310,575
318,515
321,887
320,244
315,415
323,210
324,369
319,206
110,809
122,076
126,055
125,583
119,849
126,308
133,081
149,505
160,214
169,072
165,519
163,472
170,287
169,994
172,402
166,267
173,811
174,900
171,888
168,886
175,370
177,075
172,425
430,468
474,192
508,853
531,115
519,143
493,104
458,161
469,450
480,128
514,398
493,924
492,922
495,913
499,201
504,105
501,833
505,188
511,565
514,261
514,398
519,110
522,060
520,117
1.59
1.58
1.63
1.65
1.65
1.54
1.49
1.43
1.43
1.41
1.45
1.41
1.40
1.40
1.39
1.39
1.39
1.39
1.38
1.39
1.38
1.37
1.38
:!
Annual data are averafres of seasonally adjusted monthly ratio;
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
The producer price index for all finished goods fell 0.1 percent in March. Prices of finished consumer foods rose
0.9 percent, while prices of other finished consumer goods fell 0.7 percent Capital equipment prices rose 0.3
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE}
150
140
130
CONSUMER GOODS
EXCLUDING FOODS
100
100
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF 1ABOR
[1982 = 100; monthly data seasonally adjusted]
Finished goods
Intermediate materials
Crude materials
Foods
and
feeds '
Foodstuffs
and
feedstuffs
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1987
1988
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
1989
1990
1991
1992
1993
1994
1995
1996<>
1996: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov ....
Dee
1997: Jan
Feb
Mar
1
Intermediate
NOTE. —lif^jj
127.9
131.3
130.4
130.6
130.8
131.2
131.2
131.6
132.0
132.5
132.7
133.4
133.0
132.5
132.4
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
129.0
133.5
131.9
131.5
131.7
133.6
133.7
134.6
135.1
136.2
136.2
135.9
134.5
134.1
135.3
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
130.5
129.8
130.3
130.4
130.3
130.4
130.6
131.0
131.3
131.5
132.5
132.5
132.0
131.5
erials for fowl manufacturing and feeds.
- 1996, indexes aro based on updated vai
22
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
124.0
127.6
126.7
127.3
127.5
127.3
127.4
127.7
128.1
128.6
129.0
130.3
130.3
129.6
128.7
Durable
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
132.7
134.2
134.0
133.9
134.2
134.5
134.2
134.4
134.8
134.3
134.5
134.5
134.4
134.4
134.6
ble
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
118.8
123.2
122.0
123.0
123.1
122.8
123.0
123.3
123.7
124.7
125.1
126.9
126.9
126.1
124.6
Capital
equipment
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
136.7
138.3
138.1
138.1
138.1
138.3
138.3
138.5
138.7
138.5
138.5
138.6
138.6
138.5
138.9
nfral
T Oldl
finished
consumer
goods
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
125.6
129.5
128.4
128.7
128.9
129.4
129.4
129.9
130.3
131.0
131.3
132.1
131.7
131.1
130.8
Total
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
124.9
125.7
125.2
125.6
126.1
125.7
125.5
125.7
126.2
126.0
125.8
126.5
126.7
126.6
125.9
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
114.8
128.4
123.3
125.6
130.4
131.3
131.8
132.2
133.2
130.5
126.3
127.6
126.6
125.6
127.3
Other
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
125.5
125.6
125.3
125.6
125.9
125.5
125.2
125.4
125.8
125.8
125.8
126.5
126.7
126.6
125.8
!: Department of Lat>or, Bureau of Labor Statistics,
Total
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
102.7
113.5
109.8
114.2
115.4
112.6
115.1
115.8
112.8
112.0
115.0
119.4
125.6
118.2
110.0
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
105.8
121.5
115.8
119.8
126.7
127.6
129.8
129.0
124.5
120.7
117.7
114.6
113.4
111.3
113.6
Other
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
96.8
104.0
101.8
106.4
103.7
98.5
101.1
102.8
100.9
102.1
109.1
118.2
129.2
118.5
103.7
CONSUMER PRICES—ALL URBAN CONSUMERS
In March, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted and 0.3 percent
not seasonally adjusted. The index was 2.8 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)
INDEX, 1982-84 = 100 (RATIO SCALE)
180
180
SEASONAHY ADJUSTED
170
170
160
160
CONSUMER PRICES—ALL ITEMS
150
150
140
140
130
130
120
120
110
110
J 100
100
1989
1990
1992
1993
1994
1995
1997
1996
COUNCIL Of ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Housing
All items '
Transportation
Shelter
Period
1987
1988
1989
1990
1991
1992
:
1993
1994
1995
1996
1996- Mar
. .
.
May
July
Sept
Oct
Nov
Dee
1997- Jan
Feb
Mar
Not
seasonally
adjusted
(NSA)
100.0
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
156.9
155.7
156.3
156.6
156.7
157.0
157.3
157.8
158.3
158.6
158.6
159.1
159.6
160.0
Seasonally
adjusted
Total
Renters'
costs
(Dec.
1982 =
100)
28.2
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
165.7
171.0
169.3
169.7
170.1
170.4
171.2
171.4
171.7
172.2
172.6
172.9
173.4
174.0
174.3
8.0
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
174.3
180.2
177.6
178.0
178.4
178.9
180.0
180.1
180.5
181.1
181.5
181.7
182.8
183.4
183.9
Food
15.9
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
148.4
153.3
155.6 151.5
156.1 151.8
156.5 152.1
156.7 153.1
157.1 153.8
157.4 154.4
157.9 155.1
158.3 155.8
158.8 156.4
159.2 156.4
159.4 156.0
159.8 156.5
159.9 156.5
Total'
41.2
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
148.5
152.8
151.4
151.8
152.2
152.3
152.9
153.2
153.5
153.9
154.4
154.7
155.2
155.6
155.6
1
Includes items not shown separately.
-Household fiiels—gas (piped), electricity, fuel oil, etc.—anil motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
3
Relative importance, December 1996.
Home- Main- Fuel
and
teownnance other
ers'
utiliand
costs
ties
re(Dec.
1982 = pairs
100) (NSA)
20.0
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
171.0
176.5
175.1
175.4
175.9
176.2
176.8
177.1
177.4
177.8
178.3
178.6
179.0
179.5
179.8
0.2
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
135.0
139.0
137.5
138.0
138.8
138.8
139.4
139.7
139.9
140.2
141.1
141.5
141.5
142.3
142.4
7.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.7
127.5
125.9
126.7
127.1
126.8
127.4
128.0
128.4
129.0
129.6
130.3
131.2
131.6
130.5
Apparel
and
upkeep
5.3
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.0
131.7
132.5
132.2
132.1
131.7
131.5
130.3
131.0
131.3
131.7
131.8
132.3
132.6
132.2
Total1
New
cars
Motor
fuel
Medical
care
Energy-'
All
items
less
food
and
energy
17.1
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
139.1
143.0
141.7
143.1
143.6
143.1
143.1
143.1
143.8
144.3
144.8
145.7
145.4
145.3
145.4
4.0
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
139.0
141.4
140.7
140.8
140.9
141.4
141.7
142.0
142.7
142.4
142.1
142.2
141.9
141.9
142.0
3.2
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
100.0
106.3
104.4
109.3
110.2
106.5
106.0
105.0
104.9
106.6
108.4
111.1
111.8
111.8
109.5
7.3
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
220.5
228.2
226.4
227.0
227.7
228.3
228.9
229.3
229.9
230.4
231.0
231.5
231.9
232.3
233.2
7.0
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.2
110.1
107.9
111.1
111.4
109.2
109.5
109.3
109.5
110.7
112.0
113.7
114.6
114.9
112.9
77.0
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
161.2
165.6
164.6
164.9
165.3
165.6
166.0
166.2
166.7
167.0
167.4
167.7
167.9
168.3
168.7
tal equivalence measure for homeownership costs (togitming
\OTK. — Data incorporate
1 988).
Source: Department of Labor, Bureau of Lal>or Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
j Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
goods
Excluding
foods
Poods
Total
finished
goods
Capital
equipment
Total
finished
Capital
equipment
Excluding
foods
Foods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dee. to Dec., NSA
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996"
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
2.3
2.8
....
..
-02
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
1.9
3.4
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.0
2.3
3.7
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
2.7
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.2
.5
Change, month to month
1996: Mar
Apr
0.5
.2
.2
.3
0
.3
.3
.4
.2
'.5
-.3
-.4
-.1
May
July
Aug
Sept
Oct
Nov
Dec
1997: Jan
Feb .
Mar
0.8
-.3
.2
1.4
.1
.7
.4
.8
0
'-.2
-1.0
-.3
.9
0.6
.5
.2
-.2
.1
,2
.3
.4
.3
1.0
0
-.5
-.7
0.1
0
0
.1
0
.1
.1
-.1
0
.1
0
1.5
1.2
2.8
5.3
6.9
9.1
4.6
7.7
4.8
2.4
-4.9
'-6.0
-1.8
2.5
2.8
3.4
2.5
1.9
2.5
2.5
4.0
3.4
4.3
1.5
'-.6
-3.0
-.1
.3
0.3
,3
.3
.6
.6
1.2
1.2
.6
0
3.9
4.5
5.2
1.9
.3
.6
2.5
3.8
4.1
7.0
5.4
1.9
-4.8
3.3
3.3
3.1
2.5
2.3
3.0
2.5
2.9
2.9
3.4
2.8
1.4
.6
a
.3
'0
.9
4.2
4.9
5.6
2.9
2.4
2.9
2.2
2.1
2.4
4.8
4.6
3.0
.9
3.1
2.6
.8
3.4
4.0
5.9
4.9
7.3
7.0
3.5
1.2
-.7
.3
2.4
2.4
2.3
2.7
2.6
3.0
3.0
3.1
3.0
2.8
2.5
2.2
1.6
1.6
.7
0
.4
.4
.7
.9
.6
.6
.4
.4
0
.3
Source: Department of Lalx>r, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent chancre from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
Shelter
All
items '
Period
Food
Total >
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
Total '
upkeep
New
cars
Medical
care
Motor
fuel
Ener-
gy2
All
items
less
food
and
energy
Addendum: All items,
percent change
(annual rate)
From
previous
quarter 3
From
From
6
3
months months
earlier earlier
From
year
earlier
NSA
Change, December to December, NSA
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.5
3.3
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
2.1
4.3
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2
3.0
2.9
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
3.5
2.9
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3
3.0
3.4
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
3.7
2.8
1.6
2.9
3.2
4.0
2.9
2.3
2.5
.2
1.4
4.6
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
3.8
1.5
4.4
4.8
4.7
1.0
5.1
3.4
1.4
.9
-1.6
.1
-.2
18.7
1.8
2.1 -2.1
6.8
2.3
36.5
1.4
3.3 -16.0
1.8
2.3
2.8
-5.4
5.9
3.2
-40
1.6
12.7
1.6
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
3.9
3.0
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
2.2
-1.3
8.6
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
3.0
2.6
2.8
4.7
.8
-3.4
-.5
-.9
0.2
.3
.3
.3
.3
.2
.3
.2
.3
.2
.2
.2
.4
1.0
3.0
.3
-2.0
.3
0.2
.2
.2
.2
.2
.1
.3
.2
.2
.2
.1
.2
.2
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
2.8
3.0
Change, month to month
1996: Mar
Apr
, ....
May
June
July
Aug .
Sept
Oct
Nov .
Dec
1997- Jan
Feb .
Mar
1
Includes
2
0.3
.3
.3
.1
.3
.2
.3
.3
.3
.3
.1
.3
.1
0.4
.2
.2
.7
.5
.4
.5
.5
.4
0
-.3
.3
0
0.2
.3
.3
.1
.4
.2
.2
.3
.3
.2
.3
.3
0
0.2
.2
.2
.2
.5
.1
.2
.3
.2
.2
.3
.3
.2
0.3
.2
.2
.3
.6
.1
.2
.3
.2
.1
.6
.3
.3
0.2
.2
.3
.2
.3
.2
.2
.2
.3
.2
.2
.3
.2
0.2
.6
.3
_ 2
'.5
.5
.3
.5
.5
.5
.7
.3
-.8
items not shown separately.
Household fuels—gas (piped), electricity, fiit'J oil, efcr.—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.
24
0.5
__ 2
1
3
-2,
0.6
1.0
.3
-.3
0
0
.5
.3
.3
.6
-.2
-1
Q
'.5
.2
.3
.1
.4
.2
-.3
.1
3
0.3
.1
.1
.4
.2
.2
.5
-.2
-.2
.1
0
0
.1
•»
1.6
1.7
2.5
.6
0
-2.1
0
.2
1.1
1.2
1.5
.8
.3
-1.7
3.2
3.4
2.8
3.3
2.3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
4.0
3.7
3.7
2.9
2.6
2.3
3.1
3.1
3.6
3.3
2.8
2.5
1.8
3.2
3.1
3.5
3.4
3.1
3.0
3.0
2.8
3.0
3.2
2.9
3.1
2.5
2.8
2.9
2.9
2.8
3.0
2.9
3.0
3.0
3.3
3.3
3.0
3.0
2.8
PRICES RECEIVED AND PAID BY FARMERS
In April, prices received by farmers fell 0.9 percent and prices paid by farmers were unchanged. (Data are not
seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)
INDEX, 1990-92-100 (RATIO SCALE)
120
I I l I l I l l l l l I l l l l l I l l l l l 1.1 l l l l I ll l l l I l l l l l I l l l l l I l l l l l I l l M I I I I I I I I I I I I I I I I I I I I I I I I I I I II I I I I I I I I I II I I I I I I I I I
RATIO-1'
RATIO-!/
140 I
'
1 140
120
120
100
100
80
80
60
60
1989
1991
1990
1992
1994
1993
1995
1996
1997
COUNCIL OF ECONOMIC ADVISERS
[1990-92 = 100; not seasonally adjusted)
Prices received by farmers
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- Apr
May
June
July
Sept
Oct
Dee
1997- Jan
Peb
Mar '
1
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
89
99
104
104
100
98
101
100
102
112
86
104
109
103
101
101
102
105
112
127
91
93
100
105
99
97
100
95
92
99
87
91
96
99
100
101
104
106
'109
115
87
92
97
99
100
101
102
'105
'108
114
87
90
95
99
100
101
103
106
'108
'115
102
108
108
105
99
97
'97
94
93
98
108
'112
118
119
'118
116
112
111
110
128
131
140
136
133
125
119
118
116
93
'97
'100
'102
'104
'105
103
102
103
114
115
115
115
115
'116
115
115
115
'113
'115
'115
'115
'115
'115
'115
'114
'114
114
115
115
116
116
116
'115
114
'115
95
97
103
103
'103
'100
97
97
96
108
105
107
106
116
113
117
115
98
98
98
99
116
116
117
117
115
'116
117
117
115
115
116
117
93
91
91
91
Includes items not .shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates.
a
Prices paid by farmers
All commodities,
services, interest,
taxes, and wage
rates '
XOTK.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990-92 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 was unchanged in March; growth in M3 slowed.
BILLIONS OF DOLLARS* (RATIO SCALE)
5,200
__ . ,-•-
BILLIONS OF DOLLARS* (RATIO SCALE)
5,200
i
_. - — •
M3
3600
4400
4000
\
~"
—
3,600
\
\
M2
_--— "-1
-— »_
~^C
Ml
^-^ ^
.—
600
1 MM
1989
MM!
1 1 1 I 1 1 M
M
1
M i l l
1990
1 11 1 1
M 1M
1991
800
(MM
1992
Ml
M M 1
M M 1
M ii i 1 i M l i
1994
1993
HIM
1996
1995
600
1 1 1 1 1
1997
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
MS
M2 plus large
time deposits,
RPs, Eurodollars, and
institutiononly MMMF
balances
L
Debt
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average of
adjacent
month-end
levels) '
Percent change from year or 6
months earlier2
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus retail
MMMF balances,
savings deposits
(including
MMDAs), and
small time deposits
749.7
787.0
794.2
825.8
897.3
1,025.0
1,129.8
1,150.7
1,129.0
1,081.0
2,832.7
2,996.3
3,160.9
3,279.5
3,379.6
3,434.0
3,486.6
3,502.1
3,655.0
3,833.1
3,672.5
3,912.9
4,065.9
4,125.9
4,180.4
4,190.4
4,254.4
4,328.7
4,594.8
'4,927.3
4,339.9
4,663.5
4,892.8
4,976.6
5,006.2
5,078.0
5,167.8
5,309.8
5,700.3
'6,057.2
8,664.1
9,441.6
10,171.6
10,853.0
11,341.3
11,885.6
12,514.6
13,156.4
13,875.3
'14,624.4
3.5
5.0
.9
4.0
8.7
14.2
10.2
1.8
-1.9
-4.3
3.6
5.8
5.5
3.8
3.1
1.6
1.5
.4
4.4
4.9
5.3
6.5
3.9
1.5
1.3
.2
1.5
1.7
6.1
7.2
9.6
9.0
7.7
6.7
4.5
4.8
5.3
5.1
5.5
5.4
Sept'
Oct' ..
NoV
Dec' .
1,119.8
1,126.2
1,123.5
1,117.1
1,115.5
1,108.8
1,099.8
1,093.2
1,080.2
1,080.0
1,081.0
3,685.0
3,713.9
3,724.5
3,725.6
3,741.9
3,750.0
3,762.8
3,775.3
3,787.8
3,809.3
3,833.1
4,655.2
4,691.9
4,708.7
4,731.2
4,753.5
4,771.1
4,791.4
4,822.5
4,857.5
4,884.7
4,927.3
5,741.9
5,792.1
5,824.2
5,835.9
5,870.0
5,890.0
'5,919.9
5,960.6
5,983.1
6,020.9
6,057.2
13,998.7
14,075.6
'14,145.7
'14,205.5
'14,265.6
'14,338.9
'14,396.4
14,445.8
14,508.5
14,574.6
14,624.4
-4.2
-2.7
-2.1
-2.8
-2.4
-2.4
-3.6
-5.9
-7.7
-6.6
-6.2
4.5
5.2
5.2
4.7
4.8
4.4
4.2
3.3
3.4
4.5
4.9
5.7
6.2
6.2
6.6
6.9
6.4
5.9
5.6
6.3
6.5
7.3
4.9
5.3
5.4
5.4
5.6
5.9
5.7
5.3
5.1
'5.2
5.1
1997: Jan' .
Feb'
Mar
1,079.7
1,080.6
1,075.2
3,849.7
3,866.0
3,882.4
4,948.4
4,984.9
5,013.3
6,071.6
6,121.5
14,665.5
14,725.8
-5.2
-3.5
-3.3
5.3
5.5
5.7
7.4
8.1
7.9
4.6
4.6
Period
1987:
1988:
1989:
1990:
1991:
1992:
19931994:
19951996:
Dec
Dec
Dec
Dec
Dec
Dee
Dee
Dec
Dec
Dec
....
..
..
....
...
1996: Feb ... .
Mar
May
July ..
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
-Anmi&l changes are from Dwember to December and monthly changes are from 5 months
earlier at a simple annual rate.
26
Ml
NOTE,—See p. 27 for components.
Data released May 8, 1997 are not included here.
Source: Board of Governors of the Federal Reserve System,
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency
Period
Demand
deposits
Other
checkable
deposits
(OCDs)
Money market
mutual fund
balances
Retail1
Institution
only2
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits''
Large
denomination
time deposits3
Overnight
and
term
repurchase
agreements
(RPs)
(net)
Overnight
and
term
Eurodollars
(net)
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
196.8
212.3
222.7
246.8
267.3
292.9
322.2
354.4
372.6
395.2
286.8
286.8
279.3
277.4
289.6
339.5
385.2
384.1
391.1
402.5
259.5
280.9
285.3
293.9
332.5
384.4
414.5
403.8
356.5
274.8
224.6
245.9
321.7
357.1
371.9
353.5
354.9
384.3
455.2
536.6
92.0
92.3
110.3
138.0
185.5
207.5
209.5
198.5
246.9
299.3
937.4
926.3
893.7
923.8
1,045.0
1,187.3
1,219.2
1,149.6
1,137.1
'1,271.1
921.0
1,037.1
1,151.4
1,172.8
1,065.4
868.3
782.6
817.5
933.7
944.4
467.0
518.3
541.5
480.9
416.5
353.4
333.4
363.1
419.8
489.6
172.6
189.0
158.0
138.8
119.5
128.6
158.6
182.9
182.1
'192.7
108.2
117.0
95.2
88.7
79.3
67.0
66.4
82.1
91.0
112.6
100.6
109.4
117.5
126.0
137.9
156.6
171.5
180.2
184.8
187.0
249.5
266.8
324.0
334.1
328.8
344.7
340.5
383.0
469.7
435.7
44.5
40.2
40.7
36.1
23.8
20.8
14.8
14.0
11.7
11.8
272.7
334.3
344.6
354.4
335.2
365.5
386.6
403.9
439.3
495.5
1996- Peb
Mar
Sept
Oct
Nov
Dec
373.4
375.4
376.4
377.7
379.9
382.8
385.2
387.6
390.2
392.5
395.2
397.3
404.5
404.5
407.1
410.6
408.7
405.8
404.9
398.2
402.1
402.5
340.3
337.3
333.9
323.5
316.4
308.7
300.4
292.2
283.2
276.8
274.8
466.0
476.8
481.4
484.5
493.6
499.6
506.1
513.2
520.5
527.1
536.6
259.7
263.7
263.4
263.6
269.7
274.0
278.8
285.2
288.1
292.0
299.3
1,165.1
1,180.2
1,190.1
1,195.6
1,204.1
1,211.0
1,222.7
1,231.5
1,246.3
1,259.0
'1,271.1
934.1
930.8
929.5
928.4
928.8
930.5
'934.1
937.5
'940.8
'943.2
944.4
426.3
432.5
435.4
442.5
448.9
455.2
459.3
466.8
479.2
481.7
489.6
188.9
187.8
188.9
202.7
195.2
194.0
'192.2
'194.0
'195.3
'194.3
'192.7
95.4
94.0
96.5
97.0
97.8
97.9
98.4
101.2
107.1
107.5
112.6
185.2
185.4
185.8
186.1
186.4
186.7
186.9
187.1
187.1
187.0
187.0
448.1
458.4
460.0
439.6
448.5
447.6
452.4
457.7
'447.6
'454.3
435.7
10.5
10.1
10.4
11.0
11.5
11.6
11.4
11.3
11.3
11.6
11.8
443.0
446.3
459.3
468.0
470.1
473.0
477.7
482.0
479.6
483.2
495.5
1997- Jan'
Peb'
Mar
397.0
400.5
402.4
401.7
404.2
402.8
272.5
267.3
261.6
542.4
548.7
557.8
296.3
305.4
311.8
1,282.5
1,290.5
1.304.3
945.0
946.2
945.1
491.4
497.9
506.5
194.8
197.9
196.1
116.3
186.7
415.8
117.7 P 186.4 P 420.6
116.5
11.5
-"12.1
509.1
^517.5
1987:
19881989:
19901991:
1992:
19931994:
19951996:
May
July
1
Balances in money funds with minimum initial in vest ni tmts of le.ss than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
•'Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.
2
NOTE.—Travelers cheeks of nonbank issuers are a component of money stock but are not
shown here.
See Note, p. 26.
Source: Board of Governors of the Federal Ruserv
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures'; millions of dollars; seasonally adjusted, except as noted by NSAJ
Borrowings of depository institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
19871988:
19891990:
19911992:
19931994:
1995:
1996:
Dee'
Dec'
Dec'
Dec'
Dec'
Dee'
Dec'
Dee'
Dec'
Dec' .
1996: Mar'
Apr'
July'
Sept'
Oct'
Nov
Dec'
1997- Jan'
Peb'
Mar
1
.. .
. . .
Nonborrowed
plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
38,895
40,428
40,522
41,797
45,563
54,383
60,545
59,404
56,386
50,063
38,118
38,712
40,257
41,471
45,371
54,260
60,463
59,195
56,129
49,908
38,601
39,957
40,277
41,494
45,371
54,260
60,463
59,195
56.129
49,908
37,849
39,381
39,600
40,132
44,584
53,228
59,482
58,236
55,108
48,639
239,799
256,905
267,625
293,190
317,403
351,347
386,880
418,484
434,523
452,669
777
1,716
265
326
192
124
82
209
257
155
93
130
84
76
38
18
31
100
40
68
483
1,244
20
23
1
1
0
0
0
0
55,613
55,155
54,168
54,038
53,221
52,181
51,280
50,076
49,811
50,063
55,592
55,064
54,040
53,652
52,854
51,847
50,912
49,789
49,597
49,908
55,592
55,064
54,040
53,652
52,854
51,847
50,912
49,789
49,597
49,908
54,476
54,035
53,308
52,888
52,156
51,221
50,242
49,082
48,776
48,639
436,733
437,075
437,881
439,686
442,262
443,999
445,812
447,077
449,365
452,669
21
91
127
386
368
334
368
287
214
155
10
34
105
192
284
309
306
212
109
68
0
0
0
0
0
0
0
0
0
0
49,517
49,008
48.312
49,472
48,966
48.155
49,472
48,966
48.155
48,293
47,977
47.152
454,139
456,285
457.617
45
42
156
19
21
37
0
0
0
Data are prorated averages of biweekly {maintenance period) averages of daily figures.
Nonborrowed
NOTE.—Series revised to reflect annual, benchmarking and seasonal adjustment revisions.
Data released May 8, 1997 are not included here.
Source: Board of Governors of the Federal Reserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 1.0 percent in March; commercial and industrial loans rose 0.7
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,000
3,600 _ ALL COMMERCIAL BANKS
3,200
4,000
3,600
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
U.S. GOVERNMENT SECURITIES
-V
800
800
400
400
OTHER SECURITIES
I
\
200
200
160
I I I I I I I I ll i I 1 I I II I l l l M I M I I M II
1989
1990
1991
I 111 I 11 I II
1992
1995
160
I I I I i I I I II
1997
i i i i iI i i i ii
1994
1993
1996
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted !
Loans and leases in bank credit
Securities in bank credit
Period
19881989199019911992:
1993199419951996-
Dec
Dec
Dec
Dec .
Dec
Dee
Dec
Dee
Dec'
1996- Mar
Apr
May
June ...
July
Sept'
Oct'
Novr
Dee
1997- Jan'
Feb'
Mar
Total
bank
credit
Real estate
Total
securities
U.S.
Government
securities
2,435.4
2,609.1
2,754.6
2,859.1
2,958.5
3,118.4
3,332.5
3,612.4
3,772.3
562.2
585.1
634.9
745.8
843.0
917.6
951.9
998.6
989.5
367.4
401.0
457.0
566.1
666.2
732.7
730.6
709.5
706.2
194.9
184.2
177.9
179.7
176.8
184.9
221.2
289.1
283.2
1,873.2
2,024.0
2,119.7
2,113.2
2,115.5
2,200.7
2,380.6
2,613.8
2,782.9
607.6
638.8
641.1
619.6
596.2
586.6
646.1
717.3
784.0.
676.0
771.2
857.3
881.6
902.5
942.6
1,004.6
1,079.6
1,127.8
40.0
50.2
62.2
69.6
73.4
73.0
75.3
79.1
85.3
636.0
721.0
795.0
812.1
829.1
869.6
929.3
1,000.5
1,042.5
356.3
376.7
382.1
365.4
357.9
390.1
451.2
492.8
522.6
40.7
41.5
45.4
55.4
65.6
90.3
79.1
85.6
79.7
192.6
195.7
193.9
191.3
193.3
191.3
199.7
238.5
268.8
3,643.5
3,667.6
3,664.6
3,671.3
'3,682.5
'3,674.5
3,692.9
3,718.1
3,744.3
3,772.3
988.5
990.4
990.9
982.1
982.1
972.1
968.8
969.3
980.1
989.5
703.3
707.8
711.6
707.5
'707.6
702.2
703.2
703.2
707.0
706.2
285.2
282.6
279.3
274.5
274.5
269.9
265.6
266.1
273.1
283.2
2,655.0
2,677.2
2,673.7
2,689.3
'2,700.4
'2,702.4
2,724.0
2,748.8
2,764.2
2,782.9
724.9
732.1
735.0
738.8
744.7
746.8
761.1
770.6
774.7
784.0
1,096.1
1,100.1
1,103.2
1,105.6
1,105.2
1,109.4
1,112.0
1,115.6
1,121.5
1,127.8
79.7
80.1
79.7
79.2
79.9
80.5
81.2
83.3
84.3
85.3
1,016.4
1,020.0
1,023.4
1,026.4
1,025.3
1,028.9
1,030.8
1,032.2
1,037.3
1,042.5
500.8
504.7
502.7
'507.0
510.7
512.8
515.9
519.4
521.5
522.6
85.3
85.0
77.3
79.8
78.1
72.3
73.8
76.9
77.9
79.7
247.9
255.3
255.5
258.0
261.6
261.0
261.3
266.4
268.6
268.8
3,807.3
3,846.4
3,867.9
1,004.7
1,020.5
1,014.1
706.3
703.4
707.3
298.5
317.1
306.9
2,802.6
2,825.9
2,853.8
787.2
796.9
802.5
1,134.4
1,140.3
1,153.8
85.6
86.5
87.7
1,048.8
1,053.9
1,066.0
522.9
522.8
521.5
83.4
84.7
88.8
274.7
281.2
287.2
Total loans CommerOther
and
cial and
securities
leases2
industrial
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment
companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reeiassifieations of assets and liabilities.
28
Total
Revolving
home
equity
Consumer
Security
Other
Other
2
Excludes Federal funds sold to, reverse repurchase agreements (KPs) with, and loans to
commercial hunks in the United States.
NOTE.—Data released May 9, 1997 are not included here.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Credit market funds
Internal l
Total
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996P
1995- I
II
Ill
IV
1996:
....
I
II
III
rv>
648.4
851.9
744.3
592.6
489.3
599.9
698.1
758.9
882.0
953.8
754.7
910.0
906.4
956.9
995.1
838.6
1,063.9
917.6
374.5
408.2
396.9
409.1
422.2
438.6
480.2
524.9
543.8
592.8
517.7
527.5
559.1
571.0
578.4
585.7
597.5
609.6
273.9
443.7
347.4
183.5
67.1
161.3
217.9
234.0
338.2
361.0
237.0
382.5
347.3
385.9
416.7
252.9
466.4
308.0
Securities
and mortgages
73.2
95.5
59.0
47.0
35.6
60.9
68.9
73.2
123.3
64.7
160.9
189.0
40.7
102.5
38.1
122.0
75.7
23.2
29.1
-.2
-35.9
-26.6
75.1
66.9
85.4
37.6
2.0
16.4
20.3
36.5
45.6
21.0
47.2
59.0
-93.5
16.4
1
Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed
capital, foreign earnings retained abroad, and inventory valuation adjustment.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in the U.S.
Loans and
short-term
paper
44.1
95.7
94.9
73.6
-110.7
-6.0
16.5
110.8
125.3
81.1
181.2
152.5
86.3
81.5
85.3
63.0
169.2
6.8
Total
Other2
200.8
348.1
288.4
136.5
102.7
100.4
149.0
160.9
214.9
296.2
76.2
193.5
306.7
283.4
378.7
130.9
390.7
284.8
Increase in
financial
assets
Capital
expenditures3
357.4
373.3
399.4
394.5
370.9
386.9
430.6
483.6
546.6
555.7
552.9
534.1
572.9
526.5
523.4
534.7
580.9
583.7
592,0
756.2
632.9
509.8
500.7
554.4
787.9
761.7
889.0
973.4
726.4
916.8
881.6
1,031.1
973.4
928.2
1,099.1
892.8
Discrepancy
(sources
less
uses)
56.5
95.7
111.4
82.9
-11.4
45.6
-89.8
-2.9
-7.0
-19.6
28.4
-6.8
24.8
-74.4
21.7
-89.6
-35.1
24.8
234.6
382.9
233.5
115.3
129.8
167.5
357.3
278.1
342.4
417.7
173.5
382.7
308.7
504.6
450.0
393.5
518.2
309.1
3
Plant and equipment, residential structures, inventory investment, and access rights from
U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]
Consumer credit outstanding (end of period)
Period
Total
19871988:
19891990:
19911992:
1993:
19941995:
19961996-
Dec
Dec3
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Deer
Mar
Apr
May
June
July
Sepf
Ocf
NoVr
Dec
1997: Jan r
Peb
MarP
671.7
729.9
781.9
796.4
781.1
784.9
844.1
966.5
1,103.3
1,193.2
1,133.3
1,141.8
1,148.3
1,155.1
1,168.7
1,176.8
1,177.6
1,185.3
1,190.2
1,193.2
1,203.5
1,210.2
1,212.2
Automobile
Bevolving
266.1
285.5
291.0
282.4
259.3
257.1
279.8
317.2
350.8
375.2
358.6
361.2
362.3
367.7
373.2
372.8
373.4
375.2
374.6
375.2
376.1
376.4
375.3
1
For year-end data, change from preceding year-end; for monthly data, change from preceding month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc., plus noninstallment credit.
153.3
174.5
198.6
223.3
245.8
257.8
287.0
339.3
413.9
467.9
431.3
437.9
443.5
445.4
451.1
454.4
454.0
458.4
464.3
467.9
476.3
481.3
482.8
Net change in consumer credit outstanding *
Other2
252.4
269.9
292.3
290.7
276.1
269.9
277.3
309.9
338.6
350.2
343.4
342.8
345.2
341.9
344.5
349.6
350.2
351.7
351.3
350.2
351.0
352.5
354.1
Total
32.8
58.2
(4)
14.5
-15.3
3.8
59.2
122.4
136.8
89.9
11.2
8.5
6.5
6.8
13.6
8.1
.8
7.7
4.9
3.0
10.3
6.7
2.0
Automobile
18.9
19.4
(4)
-8.6
-23.1
-2.2
22.7
37.4
33.6
24.4
2.8
2.6
1.1
5.4
5.5
-.4
.6
1.8
-.6
.6
.9
.3
-1.1
Revolving
17.3
21.2
(4)
24.7
22.5
12.0
29.2
52.3
74.6
54.0
5.6
6.6
5.6
1.9
5.7
3.3
-.4
4.4
5.9
3.6
8.4
5.0
1.5
Other2
-3.3
17.5
(4)
-1.6
146
-6.2
7.4
32.6
28.7
11.6
2.8
-.6
3
-.6
2.6
5.1
.6
1.5
-.4
-1.1
.8
1.5
1.6
3
Data newly available in January 1989 result in breaks in many series between December
1988 and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rotes rose in April and declined in early May.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
— ~\
V
CORPORATE Aaa BONDS
x-~
''X-'\
r— -\
"~~x
i- — x
,---,.
J
IMOODY-S)
/
./
x /
_/
\
X.
\ *
•^ S
\_'~
n
'""""vN
x^
/
^/'
M
TREASURY .
BILLS / '"'"*,.
>r J
,/H
7^1DISC OUNT
R/VTE
RESERVE
BANK OF
NEW YORK
1
1 1111 11111
1990
1989
1991
!
,,,,,!,,,,,
1994
1993
1992
1996
1995
1997
COUNC11OF ECONOMIC ADVISERS
SOURCEt SEE TABU 1EIOW
[Percent per annum]
U.S. Treasury security yields
Period
1987
1988
1989
....
1990
1991
1992
1993
1994
1995
1996
1996: Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
1997- Jan
Feb
Mar
Apr
Week ended:
1997: Apr 5
12
19
26
May 3
10
3-month
bills (new
issues) l
Constant maturities'2
3-year
10-year
High-grade
municipal
bonds
(Standard3
& Poor's)
30
Prime
commercial
paper, l
6 months
Discount rate
(N.Y. F.E.
Bank) 4
Prime rate
charged 4by
banks
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.51
5.02
4.99
5.02
5.11
5.17
5.09
5.15
5.01
5.03
4.87
5.05
5.00
5.14
5.17
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
5.99
6.11
6.27
6.49
6.45
6.21
6.41
6.08
5.82
5.91
6.16
6.03
6.38
6.61
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
6,44
6.51
6.74
6.91
6.87
6.64
6.83
6.53
6.20
6.30
6.58
6.42
6.69
6.89
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
5.75
5.93
5.98
6.03
5.91
5.72
5.86
5.71
5.59
5.62
5.72
5.63
5.78
5.88
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
7.59
7.37
7.50
7.62
7.71
7.65
7.46
7.66
7.39
7.10
7.20
7.42
7.31
'7.55
7.73
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
5.42
5.38
5.42
5.57
5.67
5.51
5.66
5.45
5.40
5.44
5.48
5.42
5.60
5.79
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
5.21
5.02
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
8.83
8.27
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.50
8.50-8.50
5.18
5.14
5.15
5.21
5.22
5.14
6.58
6.62
6.63
6.64
6.48
6.44
6.90
6.92
6.89
6.89
6.76
6.70
5.89
5.89
5.89
5.89
5.82
7.71
7.74
7.73
7.75
7.64
7.56
5.77
5.77
5.80
5.80
5.81
5.79
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
' Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
s Weekly data an; Wednesday figures.
4
Average effective rate for year, opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
New-home
mortgage
yields
(FHFB) 3
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.87
7.80
7.76
7.80
8.05
8.01
8.08
7.98
7.95
7.80
7.79
7.81
7.78
7.88
3
Effective rate (in the primary market) on Conventional mortffage.s, reflecting1 fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in April and rose in early May.
INDEX, DEC. 31,1965=50 (RATIO SCALE)
INDEX, DEC. 31,1965=50 (RATIO SCALE)
*5x
™
S~\
/^
^*V'
s^
,—
,
/
/
^~^
'
/~^\
^/
140
1 1 1 ! 1
M i l !
^s V
Mill
INN
19 39
•^"•^1
'\
/——"%.^~S
C(DMPOSI FESTOC K PRICE NDEX
(NYSE-j
'
220
1
160
1 M I1 1 1 1 1 M
1990
Mill
Mill
MM!
1 M M
19192
1991
1 M
1 1
1993
i MM
1 M M
19 94
Mill
Mill
1995
Mill
M 1 i 1
1 M M
140
19 97
19 96
PERCE NT
20
PER CENT
20
15
15
EARNINGS-PRICE RA riOONCOMMC)N STOCKS
10
10
(S&P)
-~-
•
5
i
0
i i
1989
1
1
1
1
1
1
1991
1990
1
1
1
1
1992
1
1
1993
I
i
i
r—~~~^
i i i
1995
1994
SOURCES: NEW YORK TOCK EXCHANGE AMI) STANDARD* POOR'S CORPORATION
5
i
I i
1996
Industrial
0
Common stock yields
(percent) B
New York Stock Exchange indexes (Dec. 31, 1965
except as noted) 2
Composite
i i
1997
COUNCIL OF -CONOMIC ADVISERS
Common stock prices!
Period
I
Transportation
Utility'
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's composite index
(194143 = 10)5
price ratio
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996 . ..
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
291.15
358.17
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
453.98
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.41
327.33
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
220.30
249.77
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
303.89
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
4,493.76
5,742.89
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
541.64
670.83
1996:
347.50
354.84
358.32
345.52
354.59
360.96
373.54
388.75
391.61
441.99
452.63
458.30
438.58
449.41
459.69
473.98
490.60
494.38
326.42
334.66
331.57
316.66
321.61
323.12
332.93
348.32
352.28
244.87
249.73
247.20
245.31
244.74
242.25
249.61
258.85
257.09
287.92
290.43
294.42
287.89
302.95
308.16
324.42
345.30
350.01
5,579.86
5,616.71
5,671.51
5,496.26
5,685.50
5,804.01
5,996.21
6,318.36
6,435.87
647.17
661.23
668.50
644.07
662.68
674.88
701.46
735.67
743.25
2.24
2.21
2.21
2.28
2.22
2.20
2.11
2.01
2.01
403.58
418.57
416.72
401.00
509.64
524.30
523.08
506.69
359.40
364.15
372.87
366.67
263.91
271.36
264.78
253.18
361.45
388.75
387.21
364.25
6,707.03
6,917.48
6,901.12
6,657.50
766.22
798.39
792.16
763.93
1.95
1.89
1.91
1.98
397.23
398.42
398.83
402.79
414.59
428.66
500.85
501.76
504.43
511.27
523.31
542.12
358.61
362.65
364.53
372.38
379.75
390.64
254.92
253.54
250.83
251.04
260.13
267.73
361.03
364.97
361.72
361.77
379.11
390.33
6,542.99
6,532.13
6,616.22
6,767.53
6,960.34
7,166.32
755.02
756.97
758.02
769.03
795.97
823.73
2.03
2.00
1.99
1.97
1.91
Apr
May
July
Sept
Oct
Nov
Dec
1997- Jan
Feb ..
Mar
Week ended:
1997: Apr 5
12
19
26
May 3
10
1
Average of daily closing prices.
Includes all the stocks (more than 2,000 in 1992) listed on the NTSB.
Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. All indexes shown here reflect
the doubling.
4
Includes 30 stocks.
5
Includes 500 stocks.
2
;!
,
Earningsprice ratio
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
2.19
5.48
8.01
7.42
6.47
4.79
4.22
4.46
5.83
6.09
5.24
5.21
'5.24
5.23
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on priees at end of quarter.
NOTB.—AH data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., arid Standard & Poor's
Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 6 months of fiscal 1997, there was a deficit of $111.3 billion, compared with a deficit of $127.7 billion
a year earlier.
BILLO^IS OF DOLLARS
BILLIONS OF CKDLLARS
1,700
1,700
RECEIPTS AND OUTLAYS^
1,600
1,600
1,500
1,500
1,400
1,400
----''
1,300
^^
1,300
ff
"** *"
_**
^'^
1,200
1,200
--•''''
1,100
^~~C^
1,100
1,000
1,000
900
900
800
800
700 A
\
\
\
\
\
1
I
I
I
K 700
V
N
0
0
100
-100
'
^—-
200
^^~~~^———__-—---^^^
-300
-400
^—•—'—
^--^
-200
A
1
V
1988
1
1989
1
1990
1
1991
1
1992
1
1993
1
1994
1
1995
I/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
l\ -400
1
1997 ^
1996
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
Receipts
1978
1979
1980
1981
1982
1983
1984
.
1985
.
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997 (estimates)
Cumulative total, first 6
months: l
Fiscal year 1996
Fiscal year 1997
1
.
.
...
...
Outlays
Surplus
or
deficit
(-)
or
deficit
Receipts
Outlays
or
deficit
(-)
Gross
Federal
Held by
the public
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.2
769.3
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,505.4
458.7
504.0
590.9
678.2
745.8
808.4
851.9
946.5
990.5
1,004.2
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.4
1,461.7
1,515.7
1,560.3
1,631.0
-59.2
-40.7
-73.8
-79.0
-128.0
-207.8
-185.4
-212.3
-221.2
-149.8
-155.2
-152.5
-221.2
-269.4
-290.4
-255.0
-203.1
-163.9
-107.3
-125.6
314.2
365.3
403.9
469.1
474.3
453.2
500.4
548.0
569.0
641.0
667.8
727.5
750.3
761.2
788.9
842.5
923.6
1,000.8
1,085.6
1,116.5
369.1
404.1
476.6
543.1
594.4
661.3
686.1
769.7
807.0
810.3
861.8
932.8
1,028.1
1,082.7
1,129.3
1,142.8
1,182.4
1,227.1
1,259.9
1,316.0
-54.9
-38.7
72 7
-74.0
-120.1
-208.0
-185.7
-221.7
-238.0
-169.3
-194.0
-205.2
-277.8
-321.6
-340.5
-300.4
-258.8
-226.3
-174.3
-199.5
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.5
388.9
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
300.5
315.0
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
67.0
73.9
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,921.0
5,181.9
5,453.7
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.1
3,603.4
3,733.0
3,875.8
645.6
695.1
773.3
806.4
-127.7
-111.3
474.8
510.6
627.8
656.0
-152.9
-145.4
170.8
184.5
145.6
150.4
25.2
34.1
5,074.8
5,337.5
3,717.1
3,829.7
Data from Monthly Treasury Statement.
Outlays
(-)
NOTE.—Data (except as noted) are From Bwkjet of the. United Ktattts Government, Fiscal Yfit\
7.9.98, issued February H, 1997.
32
Surplus
Surplus
Receipts
Federal debt (end of
period)
Off-budget
On-budget
Total
Sou roes: Department of the Treasury and Office of Management ami Budgwt,
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 6 months of fiscal 1997, receipts were $49.5 billion higher than a year earlier and outlays were $33.1
billion higher.
BILLIONS OF DOLLARS
xoo
BILLIONS Of DOLLARS
/(X)
RECEIPTS ^
500
500
""
400
\
400
SOCIAL INSURANCE
TAXES AND CONIKIBUIIONb
CORPORATION
INCOME TAXES
\
\
.
100
,
on
,
1
,
1
,
1
,
1
,
1
1
•
'
'
OTHER RECEIPTS
;,
100
;,
o
0
1,400
OUTLAYS^
_ _ - — ""
1,300
_ _ _ — — •""""""""
1,100
„-'
:
^f""
_____•"'"
""""
300
200 ^
V
\
1988
1
1989
I
1990
1
1991
1992
-^ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1
1993
1
1994
300
N 200
I
1995
1997 N
1996
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-bndfret and off-budget outlays
On-hinlp't and iitt-hm gt-t receipts
Imliviii-
Fiscal year or period
Total
cotm.'
taxes
Corporation
income
.Social
insurance
taxes
Xationa defense
Other
Total
Total
and
liutions
1978
1979
1980
1981
1982
1983
1984
.. .
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997 (estimates)
Cumulative total, first 6 months:!
Fiscal year 1996
Fiscal year 1997
1
Department of
Defense,
military
Intcrnation-
'il
affairs
Health
Medicare
Income Social
security security
Net
Other
cst
399.6
463.3
517.1
599.3
617.8
600.6
666.5
181.0
217.8
244.1
285.9
297.7
288.9
298.4
60.0
65.7
64.6
61.1
49.2
37.0
56.9
121.0
138.9
157.8
182.7
201.5
209.0
239.4
37.7
40.8
50.6
69.5
69.3
65.6
71.8
458.7
104.5
116.3
134.0
157.5
185.3
209.9
227.4
102.3
113.6
130.9
153.9
180.7
204.4
220.9
7.5
7.5
12.7
13.1
12.3
11.8
15.9
18.5
22.8
504.0
590.9
678.2
745.8
808.4
851.9
20.5
23.2
26.9
27.4
28.6
30.4
26.5
32.1
39.1
46.6
52.6
57.5
61.5
66.4
86.6
99.7
107.7
122.6
112.7
93.9
104.1
118.5
139.6
156.0
170.7
178.2
35.5
42.6
52.5
68.8
85.0
89.8
111.1
114.7
120.2
131.3
133.5
125.4
122.2
118.6
734.2
769.3
854.4
909.3
•991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,505.4
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
656.4
672.7
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.0
171.8
176.2
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
484.5
509.4
535.8
73.1
73.3
74.6
79.3
82.8
91.5
93.1
101.4
98.9
113.7
120.1
115.4
120.8
946.5
990.5
1,004.2
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.4
1,461.7
1,515.7
1,560.3
1,631.0
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.1
265.7
267.2
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.4
253.2
254.3
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
17.2
17.1
16.4
13.5
14.8
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
107.1
115.4
119.4
127.6
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
159.9
174.2
194.3
128.2
119.8
123.3
129.4
136.1
147.1
170.3
197.0
207.3
214.1
220.5
226.0
238.9
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
349.7
367.7
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
241.1
247.4
131.9
142.3
126.1
139.7
159.3
204.3
225.7
174.7
160.4
174.5
163.4
170.7
173.2
645.6
695.1
293.6
320.4
64.2
67.9
231.0
251.5
56.8
55.3
773.3
806.4
128.7
133.2
122.4
127.0
8.2
9.7
57.1
61.4
83.8
92.8
119.3
124.7
171.1
178.9
120.3
122.5
84.7
83.2
Data from Monthly Treasury Statement.
Sources: Department of the Treasury and Offiw; of Management and
NOTE.—Data (cxcepl as noted) are from iSittlfjet of the. United 8ttit-K.t (iorr.niwent, Fiswil Yrur
M, issued February (i, 1997.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1997, according to advance estimates, Federal current expenditures rose $9.9 billion (annual
rate); receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,800
1,800
1,600
1,400
1,000
1986
1987 1938
19S9 1990 1991
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Federal Government current expenditures
Consumption
expenditures
Transfer
payments
Grantsin-aid
to
State
and
local
governments
Net
interest
paid
1,284.5
1,345.0
1,479.4
1,530.9
1,567.3
1,640.1
1,702.1
426.6
445.9
451.0
451.9
450.7
453.8
459.0
513.3
522.2
625.1
659.1
682.9
719.9
764.2
132.4
153.4
172.2
185.7
195.9
206.1
214.6
179.9
192.7
195.8
192.3
201.4
229.1
233.4
32.4
30.8
35.1
41.8
36.4
31.3
30.9
0.1
-.1
.0
.0
.0
.0
.0
-154.7
-196.0
-280.9
-255.6
-190.2
-161.7
-127.1
512.4
526.2
530.3
535.1
1,509.7
1,521.5
1,534.7
1,557.7
451.3
448.5
453.5
454.3
645.9
654.7
660.8
675.0
177.3
181.5
187.2
197.0
190.5
193.2
192.7
192.8
44.7
43.6
40.5
38.6
.0
.0
.0
.0
-284.5
-250.2
-254.4
-233.3
92.8
91.3
93.3
93.2
545.5
558.1
562.1
568.6
1,534.6
1,552.5
1,575.7
1,606.4
446.7
445.1
455.7
455.3
670.9
676.4
683.5
700.9
192.2
197.5
196.9
196.9
188.3
198.3
204.3
214.8
36.5
35.3
35.2
38.5
.0
.0
.0
.0
-212.7
-169.6
-188.5
-190.1
183.1
180.7
189.1
184.3
91.7
93.5
88.4
91.3
579.9
584.6
591.8
595.9
1,621.9
1,644.3
1.645.0
1,649.3
454.6
455.6
453.6
451.4
708.3
716.2
724.2
730.9
205.8
211.3
203.8
203.3
220.9
229.3
232.3
233.9
32.3
32.0
31.1
29.9
.0
.0
.0
.0
-172.6
-161.1
- 158.5
-154.5
196.4
199.0
196.5
192.8
84.4
83.2
85.7
108.7
602.6
612.0
619.4
626.7
1,678.3
1,702.3
1,702.6
1,725.2
453.6
463.5
461.3
457.7
756.2
757.9
762.9
779.8
207.6
219.3
214.5
216.8
230.5
230.8
233.7
238.8
30.4
30.8
30.3
32.0
.0
.0
.0
.0
- 155.2
-126.7
-120.8
-105.9
86.5
641.4
1,735.1
461.5
786.8
220.0
235.2
31.6
.0
Contributions
for
social
insurance
Personal
tax and
nontax
receipts
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
1,129.8
1,149.0
1,198.5
1,275.3
1,377.0
1,478.4
1,575.0
485.7
476.9
490.8
523.6
561.4
614.9
673.1
118.0
109.8
118.6
137.5
164.4
184.3
196.2
65.1
79.7
81.9
88.2
92.6
91.2
90.5
461.1
482.6
507.1
526.0
558.6
588.0
615.2
1,225.2
1,271.3
1,280.3
1,324.4
501.0
521.0
529.1
543.4
127.5
136.5
133.7
152.2
84.3
87.5
87.2
93.7
II
Ill
IV
1,321.9
1,382.8
1,387.1
1,416.3
539.3
571.3
560.4
574.5
144.3
162.2
171.3
180.0
1995- I
II
III
IV
1,449.3
1,483.2
1,486.6
1,494.7
594.6
624.4
617.3
623.3
1996- I
II
Ill
IV
1,523.1
1,575.6
1,581.9
1,619.3
639.6
681.4
680.2
691.1
Period
Total
Calendar year:
1990
1991
1992
1993
1994
1995
1996
1993: I
II
III
IV
1994: I
1997- IP
XOTK.—S^t.' Xote, p. 1.
34
687.2
Current
surplus
or
deficit
(-),
national
income
and
product
accounts
Subsidies less
current
surplus
of
Government
enterprises
Total
Source: Department of Commerce, Bureau of Economic Analysis.
Less:
Wage
accruals less
disbursements
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1992=100; seasonally adjusted)
Period
United
States
Canada
93.1
97.3
99.0
98.9
96.9
100.0
103.4
108.6
112.1
115.2
113.8
113.2
114.3
114.8
115.5
115.5
115.8
116.0
116.2
117.2
117.7
'117.8
'118.5
119.6
101.6
86.4
106.9
94.5
106.8
99.9
103.2
104.2
98.9 106.1
100.0
100.0
95.8
104.5
111.8
97.0
115.6
100.2
117.6
102.9
104.4
116.1
115.5
98.1
'116.0 101.2
'116.2 103.5
99.3
116.7
118.6
103.7
118.7
101.5
118.9
102.8
106.8
119.0
120.3
104.9
'118.9 105.4
'120.2 110.9
120.7 -107.3
105.5
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996?
1996- Feb
Mar
May
July
Sept
Get
Nov
Dec
1997: Jan
Feb
Mar"
1
Japan
United
Kingdom
France
Germany
Italy
93.0
97.3
100.9
102.4
101.1
100.0
96.2
99.8
101.4
102.1
100.9
'101.9
'101.3
'102.1
101.5
103.6
103.6
102.1
102.0
102.0
'102.8
101.7
103.4
86.4
89.8
94.0
98.9
101.7
100.0
92.5
95.3
96.5
96.5
94.3
96.0
95.5
96.3
96.9
97.6
97.4
96.7
96.3
97.5
97.3
'98.9
99.1
92.4
97.9
100.9
101.1
100.2
100.0
97.6
102.6
108.2
106.4
105.9
108.4
104.8
105.9
108.3
105.0
106.9
106.0
105.2
105.7
103.7
'104.0
106.5
Data relate to all urban consumers.
97.4
102.1
104.3
104.0
100.1
100.0
102.2
107.3
110.1
111.4
110.7
111.4
110.6
111.9
110.9
111.7
111.3
111.7
111.6
112.3
112.9
'113.0
112.4
United
States '
Canada
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
156.9
154.9
155.7
156.3
156.6
156.7
157.0
157.3
157.8
158.3
158.6
158.6
159.1
159.6
160.0
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
151.4
153.7
152.4
153.0
153.4
153.9
153.7
153.7
153.9
154.1
154.4
155.1
155.1
155.4
155.7
156.0
Japan
104.8
105.6
108.1
111.4
115.0
116.9
118.4
119.3
119.1
119.3
118.5
118.8
119.5
119.7
119.4
119.3
119.1
119.6
119.9
119.5
119.6
119.5
119.3
119.4
Germany
France
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
148.4
151.5
150.4
151.3
151.6
151.9
151.7
151.5
151.1
151.6
152.0
151.9
152.1
152.5
152.8
152.9
104.9
106.3
109.2
112.2
116.2
120.9
125.2
128.6
130.8
132.6
132.2
132.2
132.3
132.6
132.8
133.2
133.1
133.0
133.0
132.9
133.2
133.9
134.4
134.3
Italy
United
Kingdom
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
204.0
212.0
209.6
210.2
211.4
212.2
212.7
212.2
212.4
213.1
213.3
213.9
214.1
214.5
214.7
214.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
175.2
179.4
177.3
178.0
179.3
179.6
179.8
179.1
179.9
180.7
180.7
180.8
181.4
181.4
182.1
182.6
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Census basis (by end-use category)1
Period
BOP
basis
Services
(BOP basis)
Goods: Imports (customs value)
Goods: Exports (f.a.s. value)
Balance of trade
(exports minus impo )
„
BO1 basis
Census basis (by end-use category)
ConAuto- sumer
Inmo- goods
Capdustive
ital
Foods,
Total, feeds, trial goods vehi- (nonfood)
supCensus and
cles,
except
plies auto- parts exbevbasis2
cept
and
and autoerages mate- moentive
morials
gines tive
BOP
basis
Total,
Census
basis2
Auto- ConInCapmo- sumer
dusital
tive goods
Foods, trial
feeds, sup- goods vehi- (nonexcept
food)
and
cles,
plies
auto- parts except
bevand
and
autoerages mate- motive
enmorials
gines tive
Exports
Imports
Goods,
Census
basis
Goods
Services
Goods
and
services
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.5
575.9
611.5
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
584.7
624.5
24.3
32.3
37.2
35.1
35.7
40.3
40.6
41.9
50.5
55.5
66.7
85.1
99.3
104.4
109.7
109.1
111.8
121.4
146.3
147.4
86.2
109.2
138.8
152.7
166.7
175.9
181.7
205.2
233.0
252.6
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.6
61.8
64.2
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
64.4
70.2
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
749.4
799.3
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
743.4
791.3
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
33.2
35.7
111.0
118.3
132.3
143.2
131.6
138.6
145.6
162.0
180.7
199.3
84.5
101.4
113.3
116.4
120.7
134.3
152.4
184.4
221.4
229.0
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
124.8
130.1
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
160.0
171.1
98.3
110.9
127.0
147.5
163.8
177.3
186.1
195.8
210.6
223.9
91.7
99.5
103.5
118.8
119.6
119.5
125.5
134.1
142.2
150.4
-152.1
-118.5
— 109.4
-101.7
— 66.7
-84.5
- 115.6
-150.6
— 158.7
-166.8
-159.6
-127.0
— 115.2
-109.0
-74.1
-96.1
-132.6
-166.1
-173.4
-187.8
6.6
11.4
23.5
28.7
44.2
57.8
60.6
61.7
68.4
73.5
-152.9
-115.5
-91.8
-80.3
-29.9
-38.3
-72.0
-104.4
-105.1
-114.3
1996: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
50.9
50.5
50.7
51.4
51.0
48.8
51.1
50.3
52.9
53.3
51.9
51.7
51.4
51.6
52.5
51.9
50.2
52.5
51.6
54.0
54.6
53.2
4.5
4.9
4.7
4.7
4.5
4.7
4.7
4.4
4.5
5.0
4.4
12.2
12.6
12.8
12.5
12.3
11.5
12.2
12.1
12.8
12.2
12.5
21.3
20.8
21.1
21.1
20.7
19.9
21.0
20.1
22.4
22.3
22.0
5.3
4.9
4.9
5.4
5.5
5.2
5.4
6.1
5.2
5.8
5.3
5.8
5.7
5.8
5.9
5.9
5.5
5.8
5.9
6.2
6.1
6.0
63.8
65.1
66.5
68.3
65.7
66.4
67.7
68.0
67.1
67.7
68.8
63.4
63.9
64.8
67.1
64.9
66.0
66.9
67.6
66.8
67.4
68.6
2.8
3.0
3.0
3.0
2.9
2.9
3.0
3.0
3.0
3.0
3.2
14.8
15.4
16.6
17.1
16.4
17.0
16.9
17.5
17.6
16.9
17.6
19.4
19.6
18.9
19.0
18.7
18.7
18.8
18.9
18.7
19.1
19.6
10.6
10.0
10.5
11.5
10.8
11.1
11.6
11.2
10.3
11.3
10.6
13.7
13.7
13.6
14.3
13.9
14.0
14.5
14.9
15.0
14.8
15.3
18.3
18.8
18.4
18.7
18.7
18.5
18.6
18.5
18.9
19.3
19.3
12.3
12.3
12.3
12.6
12.5
12.8
12.7
12.5
12.7
12.8
12.9
-11.7
-12.5
-13.2
-14.5
-13.0
-15.7
-14.4
-16.0
-12.8
-12.8
-15.3
-12.9
-14.6
-15.7
-16.9
-14.7
-17.6
-16.5
-17.6
-14.2
-14.4
-16.9
6.0
6.6
6.1
6.1
6.2
5.7
5.9
6.0
6.1
6.4
6.4
-6.9
-8.0
-9.7
-10.8
-8.5
-12.0
-10.6
-11.6
-8.1
-8.0
-10.5
1997: Jan'
Feb?
51.4
54.]
52.2
54.8
4.3
4.3
12.2
12.9
21.4
22.7
5.7
6.1
6.0
6.3
70.0
71.0
69.7
70.5
3.1
3.1
17.9
17.6
19.6
19.9
12.0
12.3
15.0
15.2
19.3
19.4
13.0
12.9
-17.6
-15.7
-18.6
-16.9
6.3
6.5
-12.3
-10.4
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1
2
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1996, the goods deficit fell to $45.3 billion, from $51.9 billion in the third quarter. The
current account deficit fell to $41.4 billion, from $47.9 billion in the third quarter.
BILLIONS OF DOLLARS «
BILLIONS OF DOLLARS*
.- -45
-45 -
-50
-50
-55
-55
1996
1986
* SEASONAllY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (4-), debits ( — ) ]
Imports
Net
balance
Net
military
transactions - 3
Period
Exports
Investment income
Services
Goods '
Net
travel
and
transportation
receipts
Other
services,
net
Balance
on
goods
and
services
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
Net
Balance
on goods, Unilateral
services, transfers,
net 4
and
income
Balance
on
current
account
1987 .
1988
1989 .
1990
1991
1992
1993
1994
1995 ..
1996?
250,208
320,230
362,120
389,307
416,913
440,352
456,832
502,463
575,940
611,669
-409,765
-447,189
— 477,365
-498^337
-490,981
-536,458
-589,441
-668,584
— 749,364
-799,343
-159,557
-126,959
-115,245
-109,030
-74,068
-96,106
-132,609
-166,121
-173,424
-187,674
-3,844
-6,320
— 6,749
-7,599
-5,274
- 1,448
880
1.963
3,585
2,809
-7,613
-2,591
4,043
8,002
17,032
20,484
20,026
16,711
18,361
21,094
18,097
20,352
26,192
28,291
32,440
38,805
39,665
43,068
46,415
49,564
-152,918
-115,518
-91,758
-80,336
-29,872
-38,264
-72,039
-104,379
-105,064
-114,207
100,767
129^070
152,517
160,300
137,003
119,046
119,900
141,704
182,659
196,'902
-91,302
-115,722
-138,639
- 139,402
-121,159
-107,851
-110,158
-145,863
-190,674
-205,318
9,465
13J348
13,878
20,897
15,844
11,195
9,742
-4,159
— 8,016
-8,416
— 143,453
-102^70
-77,880
-59,439
-14,028
-27,069
-62,297
-108,539
— 113,079
-122,623
— 23,939
-26',266
— 27,696
-35,219
4,510
-35,514
-37,640
-39,866
— 35,075
-42,'472
— 167,392
-128,436
— 105,575
-94,657
-9,518
-62,583
-99,936
- 148,405
— 148,154
-165,095
1994:
118,462
122,909
127,237
133,855
- 155,301
-163,993
-171,652
-177,638
-36,839
-41,084
-44,415
-43,783
-38
367
1,171
463
4,016
4,221
3,758
4,717
10,159
10,614
11,039
11,257
-22,702
-25,882
-28,447
-27,346
31,841
33,287
37,212
39,368
-30,678
-33,923
-38,801
-42,462
1,163
-636
-1,589
-3,094
-21,539
-26,518
-30,036
-30,440
-8,169
-9,507
- 9,975
-12,215
-29,708
-36,025
-40,011
-42,655
138,551
142,983
144,984
149,422
-183,474
-190,910
-187,532
- 187,448
-44,923
-47,927
-42,548
-38,026
628
859
1,120
978
3,770
3,834
5,087
5,670
11,010
11,410
12,006
11,987
-29,515
-31,824
-24,335
-19,391
44,100
46,779
45,269
46,513
-45,000
-47,641
-49,630
-48,403
-900
-862
-4,361
-1,890
-30,415
-32,686
-28,696
-21,281
-8,639
-8,290
-8,992
-9,154
-39,054
-40,976
-37,688
-30,435
150,032
153,120
150,144
158,373
-193,159
-200,490
-202,013
-203,681
-43,127
-47,370
-51,869
-45.308
489
725
515
1,080
5,358
5,346
4,956
5,430
12,650
12,341
12,119
12,453
-24,630
-28,958
-34,279
-26,345
47,549
48,062
48,696
52,594
-47,238
-50,277
-52,794
-55,008
311
-2,215
-4,098
-2,414
-24,319 -10,955
-31,173 -9,420
-9,476
-38,377
-28,759 -12,621
-35,274
-40,593
-47,853
-41,380
I
II
Ill
IV
1995:
I
II
Ill
IV
1996:
I
II
Ill
W
ny grant programs.
e p. 37 for wntinimtiim of i
36
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $56.7 billion in the fourth
quarter of 1996, following an increase of $33.2 billion in the third quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $33.2 billion in the fourth quarter, following a decrease
of $1.2 billion in the third quarter.
8ILLIONS OF DOLLARS *
BILLIONS OF DOLLARS200
200
180
180
1160
!I -
140
120
f
CHANGE IN
FORFiriM A<WT<;
100
~\
.
IN THE U.S., NET
40
/\ /\ '"v 1 r,
^ /v
/
^
X
' \'
k '
^/
\'
';v 'kyA'' '
A
0
-\7 \ ~^/
v
A
<\
,
I
1986
1
i i
1987
JA\l
\ A
\S
1
i
i
V
/ i
<
20
-120
/
f
80
60
'
i
1
1988
1
.1
\'\
'I y
/*
A
\i
^
1989
!
!
N /- '
/
80
-
60
V
/
-
40
-
20
-
A
1
1991
1990
120
100
/
!
140
-
V
'
-
-1
/
^'
0
t~^
-
V
A
CHANGE IN
U.S. ASSETS
t\BROAD, NET
1
\
160
1
i
i
i
1992
20
'\
sV
i i i
1993
x^A
/
\
i
i
1994
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERC E
r
-
A
-40
A A / \V1 1 * 1 1 Y
A
1995
-60
-80
-100
-120
1996
COUNCIL OF ECC3NOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
f increase/capital inflow ( + )]
U.S. assets abroad, net
[increase/capiti
)]
Period
Total
1987
1988 .
1989
1990
1991
1992
1993
1994
1995
1996P
1994- 1
II
Ill
IV
1995- I
II
Ill
IV
1996- I
II
Ill
IV/>
•"'Consists of K0'1'.
position iu the IMF.
U.S.
official
reserve
assets :1 5
9,149
-72,617
-100,087 -3,912
-168,744 -25,293
-74,011 -2,158
-57,881
5,763
-68,622
3,901
-194,609
-1,379
5,346
-150,695
-307,856 -9,742
6,668
-306,830
-36,897
-59
3,537
-28,627
-25,569
-165
2,033
-59,603
-61,747 -5,318
-108,299 -2,722
-39,595 -1,893
-98,214
191
17
-68,723
-50,699
-523
7,489
-73,313
-114,095
-315
Other U.S.
Government
assets
1,006
2,967
1,259
2,307
2,911
-1,657
-342
341
-280
-665
399
491
288
-943
-154
-179
252
-199
-152
-353
166
-326
U.S.
private
assets
-82,771
-99,141
-144,710
-74,160
— 66 555
-70,866
-192,889
— 155 700
-297,834
-312,833
-37,237
— 32 655
-25,116
-60,693
-56,275
-105,398
-37,954
-98,206
-68,588
-49,823
-80 968
-113,454
Total
242,983
240,265
218,490
122,192
94,241
154,285
250,996
285,376
424,462
525,046
83,235
45,889
83,619
72,632
90,995
115,421
118,816
99,229
99,475
100,553
142,970
182,048
t'ial drawing rights (SDKs), foreign currencies, and tlie U.S. resei-ve
Foreign
official
assets :1
Other
foreign
assets
45,387
39,758
8,503
33,910
17,389
40,477
72,153
40,253
109,757
122,778
11,036
9,166
19,785
266
21,822
37,380
39,186
11,369
52,021
13,566
24,235
32,956
197,596
200,507
209,987
88,282
76,853
113,808
178,843
245,123
314,705
402,268
72,199
36,723
63,834
72,366
69,173
78,041
79,630
87,860
47,454
86,987
118,735
149,092
Statistical discrepancy
Allocations
of special
Of which:
Total (sum
drawing
Seasonal
of the items
rights
adjustment
with
sign
(SDKs)
discrepancy
reversed)
-2,974
-11,743
55,830
46,476
-26,843
-23,080
43,550
13,724
31,548
-53,122
-16,630
18,763
-18,039
29,626
9,806
33,854
-41,533
29,420
4,522
-9,261
-21,804
-26,573
5,105
274
-6,490
1,107
6,519
-266
-7,407
1,153
6,653
-449
-8,318
2,119
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
85,832
75,089
76,809
75,732
76,532
74,335
86,761
90,063
87,152
85,832
84,212
83,455
75,509
75,089
Sources; Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
Page
TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product
Real Gross Domestic Product
Implicit Price Deflators for Gross Domestic Product
Quantity and Price Indexes for GDP and Percent Changes
Nonfinanciai Corporate Business—Output, Costs, and Profits
National Income
Real Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Real Gross Private Domestic Investment
Real Private Fixed Investment by Type
Business Investment and Plans
,
1
2
2
3
3
4
4
5
6
7
8
9
10
10
EMPLOYMENT. UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
,
17
18
19
19
20
21
PRICES
Producer Prices .'.
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinanciai Corporate Business
Consumer Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
^ Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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