Full text of Economic Indicators : August 1995
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104th Congress, 1st Session
Economic Indicators
AUGUST 1995
(Includes data available as of September 6, 1995)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
I iBRA R ¥
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1995
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
WILLIAM V. ROTH, JR. (Delaware)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK SANTORUM (Pennsylvania)
RODNEY D. GRAMS (Minnesota)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
DAVID R. OBEY (Wisconsin)
LEE H. HAMILTON (Indiana)
KWEISI MFUME (Maryland)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Chairman
MARTIN N. BAILY, Member
ALICIA H. MUNNELL, Member-Nominee
[PUBLIC LAW 120—SlST 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 0-16-047587-2
11
TOTAL OUTPUT, INCOME AND SPENDING
GROSS DOMESTIC PRODUCT
In the second quarter of 1995, according to revised estimates, current-dollar gross domestic product (GDP) rose
2.8 percent (annual rate), real GDP (GDP in 1987 dollars) rose 1.1 percent, and the implicit price deflator rose
1.6 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
7,200
7,200
SEASONALLY ADJUSTED ANNUAL RATES
/r—
6,800
/
x-
6,400
6,400
/"
6,000
6,800
6,000
^
GDP
INCUR iENT DOLLARS
5,600
\
5,200
^
^
f
X
,x1
5,200
- -~
.
)/
4,800
5,600
-—
_-^
^
._'"
^
4,800
~"
"\
4,400
4,400
GDP
IN 987 DOLLARS
^--
^
4,000
4,000
/~
"^
X
_/
3,600
3,600
^
/
3,200
2,800
1
1
1
1982
i i i
1983
3,200
I I I
1984
i I I
1985
t
i i
1986
I I i
1987
I I i
1988
1
t
!
1989
1 I
1990
i i i
1991
I I I
1992
I
I i
1993
i l
1994
i i
2,800
1995
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Exports and imports of
Personal
Gross
goods and services
eonprivate
Gross
domestic sumption domestic
product expendi- investNet
ment
tures
exports Exports Imports
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
19841985:
19861987:
1988:
19891990:
199119921993:
IV
IV
IV
IV .
IV
IV .
IV
IV
IV .
I ...
II
. ..
in
IV .
1994: I
II
III
IV
1995- I
II'
1
4,268.6 2,850.6
4,539.9 3,052.2
4,900.4 3,296.1
5,250.8 3,523.1
5,546.1 3,761.2
5,724.8 3,902.4
6,020.2 4,136.9
6,343.3 4,378.2
6,738.4 4,628.4
3,869.1 2,526.4
4,140.5 2,739.8
4,336.6 ' 2,923.1
4,683.0 3,124.6
5,044.6 3,398.2
5,344.8 3,599.1
5,597.9 3,836.6
5,796.6 3,955.7
6,169.3 4,251.3
6,235.9 4,294.6
6,299.9 4,347.3
6,359.2 4,401.2
6,478.1 4,469.6
6,574.7 4,535.0
6,689.9 4,586.4
6,791.7 4,657.5
6,897.2 4,734.8
6,977.4 4,782.1
7,024.9 4,847.9
717.6 - 132.5
749.3 - 143.1
793.6 -108.0
832.3
79 7
-71.4
808.9
744.8
-19.9
788.3
-30.3
882.0
-65.3
98 2
1,032.9
722.8 -107.1
737.0 -135.5
697.1 - 133.2
800.2 - 143.2
814.8 - 106.0
825.2
-73.9
-71.6
756.4
756.8
13 7
822.0
-42.2
853.8
-49.6
869.7
-63.3
882.2
77 0
922.5
-71.2
966.6
-86.7
1,034.4
97 6
1,055.1 -109.6
1,075.6
-98.9
1,107.8 -111.1
1,092.2 -122.3
GDP less exports of goods and services phis imports of goods and services.
319.2
364.0
444.2
508.0
557.1
601.1
638.1
659.1
718.7
308.7
304.7
333.9
392.4
4G7.0
523.8
577.6
623.7
649.2
646.8
660.1
649.0
680.3
674.2
704.5
730.5
765.5
778.8
796.4
451.7
507.1
552.2
587.7
628.5
620.9
668.4
724.3
816.9
415.7
440.2
467.1
535.6
573.1
597.7
649.2
637.5
691.4
696.4
723.5
726.0
751.4
760.9
802.1
840.1
864.4
889.9
918.7
Government purchases
Federal
Total
Total
833.0
881.5
918.7
975.2
1,047.4
1,097.4
1,125.3
1,148.4
1,175.3
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,097.9
1,138.1
1,137.1
1,146.3
1,152.9
1,157.2
1,159.8
1,166.7
1,188.8
1,185.8
1,198.7
1,207.0
367.8
384.9
387.0
401.6
426.5
445.8
449.0
443.6
437,3
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
434.4
432.9
National
defense
276.7
292.1
295.6
299.9
314.0
322.8
314.2
302.7
292.3
242.9
268.6
278.6
295.8
296.8
302.5
322.5
311.6
316.0
307.0
305.8
299.0
299.1
291.7
291.7
300.5
285.3
283.7
284.8
Nondefense
91.1
92.9
91.4
101.7
112.5
123.1
134.8
140.9
145.0
81.9
88.3
94.5
96.7
95.2
102.6
114.0
126.6
138.7
139.9
139.4
143.6
140.7
146.1
143.5
143.8
146.6
150.6
148.1
State
and
local
465.3
496.6
531.7
573.6
620.9
651.6
676.3
704.7
738.0
402.2
442.4
476.6
509.0
545.7
589.3
640.0
659.7
683.3
690.2
701.2
710.2
717.4
722.0
731.5
744.5
753.8
764.3
774.1
Final
Gross
sales of domestic
domestic
product chases1
Addendum:
Gross
national
product
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,726.6
6,017.2
6,327.9
6,686.2
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,782.3
6,160.0
6,215.8
6,281.4
6,345.4
6,469.2
6,550.6
6,622.5
6,729.1
6,842.4
6,922.9
6,990.2
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,740.8
6,025.8
6,347.8
6,726.9
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,810.7
6,167.0
6,243.9
6,303.3
6,367.8
6,476.2
6,574.0
6,682.5
6,779.6
6,871.3
6,959.5
7,005.8
Source: Department of Commerce, Bureau of Economic Analysis.
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,744.7
6,050.5
6,408.6
6,836.6
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,810.4
6,211.4
6,285.5
6,363.3
6,436.3
6,549.3
6,661.4
6,787.5
6,901.3
6,996.1
7,088.5
7,147.2
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Exports and imports of
goods and services
Government purchases
Gross
domestic
product
Personal
consumption
expenditures
1986
1987
1988
1989
.
1990
1991
1992 ...
1993
1994
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,867.6
4,979.3
5,134.5
5,344.0
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
8.5
26.3
19.9
29.8
5.7
-1.1
2.5
15.3
47.8
-155.1
-143.1
- 104.0
-73.7
-54.7
-19.5
-32.3
-73.9
-110.0
329.6
364.0
421.6
471.8
510.5
542.6
578.8
602.5
657.0
484.7
507.1
525.7
545.4
565.1
562.1
611.2
676.3
766.9
855.4
881.5
886.8
904.4
932.6
944.0
936.9
929.8
922.8
373.0
384.9
377.3
376.1
384.1
386.7
373.5
356.6
337.6
280.6
292.1
287.0
281.4
283.6
281.4
261.4
243.7
226.7
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
4,880.8
5,060.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
13.5
6.6
-19.0
-83.7
-131.4
-155.4
-156.0
-136.0
- 102.7
-67.4
-36.8
-16.9
-38.5
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
562.6
590.7
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
579.4
629.3
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
934.4
940.6
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
374.1
377.0
5,075.3
5,105.4
5,139.4
5,218.0
3,417.2
3,439.2
3,472.2
3,506.2
560.3
581.0
597.9
627.2
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
-57.6
-69.3
-86.3
-82.2
589.2
600.2
595.3
625.2
646.8
669.6
681.6
707.4
926.5
929.3
931.8
931.5
5,261.1
5,314.1
5,367.0
5,433.8
3,546.3
3,557.8
3,584.7
3,629.6
643.6
657.9
680.0
708.2
229.9
233.8
230.2
231.5
25.4
59.2
57.1
49.4
-104.0
-111.8
-117.0
-107.1
619.6
643.9
666.5
697.9
723.6
755.6
783.5
805.0
5,470.1
5,485.2
3,643.9
3,674.3
743.6
764.7
229.5
221.5
51.1
32.7
-118.5
-126.8
706.2
716.8
824.6
843.6
Period
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
1993: I
II
in ....
IV
1994: I
II
in ....
IV
1995: I
II '
1
Nonresidential
fixed
investr
ment
Residential
fixed
investment
Change
in business
inventories
State
and
local
Final
sales of
domestic
product
Gross
domestic
purchases1
Addendum:
Gross
national
product
92.4
92.9
90.2
94.8
100.4
105.3
112.2
113.0
110.9
482.4
496.6
509.6
528.3
548.5
557.2
563.3
573.1
585.2
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,868.7
4,976.9
5,119.3
5,296.2
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,887.2
5,011.6
5,208.4
5,454.0
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,882.3
4,985.7
5,140.3
5,337.3
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
265.8
262.4
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
108.2
114.6
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
560.4
563.6
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
4,867.3
5,054.1
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
4,897.6
5,099.2
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,893.9
5,061.0
361.6
358.3
355.6
351.1
248.2
246.8
240.9
238.7
113.3
111.5
114.7
112.4
564.9
571.0
576.2
580.4
5,056.8
5,086.5
5,126.5
5,207.2
5,132.9
5,174.7
5,225.8
5,300.2
5,083.9
5,110.1
5,148.4
5,218.7
919.9
917.1
932.0
922.2
341.7
334.7
343.5
330.4
228.5
226.1
233.0
219.1
113.2
108.7
110.5
111.3
578.3
582.4
588.5
591.8
5,235.7
5,254.9
5,310.0
5,384.4
5,365.1
5,425.8
5,484.0
5,540.9
5,262.7
5,310.5
5,359.9
5,416.0
920.5
918.7
327.2
323.1
214.9
213.3
112.3
109.8
593.3
595.6
5,419.0
5,452.5
5,588.6
5,612.0
5,458.3
5,472.6
Federal
Net
exports
Exports
Imports
GOP less exports of goods and services plus imports of goods and services.
Total
Total
National Nondefense defense
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987=100; quarterly data are seasonally adjusted]
Gross
domestic
product
Period
Personal consumption
expenditures
Gross private
domestic investment
Exports and imports of
goods and services
Government purchases
Federal
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and
local
96.9
100.0
103.9
108.5
113.3
117.6
120.9
123.5
126.1
96.0
100.0
104.2
109.3
114.9
119.7
123.5
126.6
129.3
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
111.2
96.1
100.0
103.7
109.3
115.9
120.0
122.5
124.2
125.7
95.7
100.0
105.1
110.6
116.7
122.5
127.7
132.3
136.4
98.4
100.0
102.8
105.2
107.3
108.1
106.7
104.1
103.8
95.8
100.0
104.2
107.8
110.7
111.9
113.7
117.6
122.3
96.9
100.0
105.3
107.7
109.1
110.8
110.2
109.4
109.4
93.2
100.0
105.1
107.8
111.2
110.5
109.4
107.1
106.5
98.6
100.0
102.6
106.8
111.0
115.3
120.2
124.4
129.5
98.6
100.0
103.0
106.6
110.7
114.7
120.2
124.2
129.0
98.6
100.0
101.4
107.3
112.0
116.9
120.2
124.7
130.7
96.4
100.0
104.3
108.6
113.2
116.9
120.1
123.0
126.1
92.3
95.5
98.0
101.2
105.5
110.1
115.0
118.8
121.9
90.7
94.6
97.0
101.6
106.1
111.0
117.5
121.1
124.9
94.4
95.9
97.8
101.0
103.1
104.9
106.1
107.8
109.1
94.2
97.0
96.3
101.5
105.6
110.8
119.2
120.8
123.3
87.7
92.9
97.3
101.9
107.1
112.7
119.2
124.5
129.8
96.4
97.3
99.2
100.7
104.0
106.0
108.2
107.3
106.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
111.9
115.1
98.7
97.7
97.4
101.6
106.6
107.4
111.0
110.9
109.9
93.6
94.2
93.6
102.6
106.0
107.7
116.5
110.0
109.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
117.2
120.6
95.5
98.7
98.7
100.3
103.9
107.5
112.9
117.2
120.4
93.7
96.4
99.2
100.1
102.6
108.4
113.1
117.0
121.1
90.9
94.8
97.8
101.5
105.7
109.9
115.2
117.7
121.2
122.9
123.4
123.7
124.1
125.7
126.4
126.8
127.5
109.2
109.8
110.0
110.2
124.0
124.2
123.9
124.6
130.8
131.9
132.7
133.8
105.3
104.9
103.5
103.0
115.9
117.2
118.2
119.0
109.8
110.0
109.0
108.8
107.7
108.1
106.5
106.2
123.6
124.2
124.5
125.3
123.7
123.9
124.1
125.3
123.5
125.0
125.2
125.1
122.2
122.8
123.3
123.6
IV
125.0
125.9
126.5
126.9
127.9
128.9
129.9
130.5
110.5
111.1
111.7
111.3
124.6
125.1
126.3
126.6
134.4
135.9
137.0
138.1
103.4
103.9
104.3
103.5
120.5
121.3
123.1
124.4
108.8
109.4
109.6
109.7
105.2
106.1
107.2
107.4
128.1
130.0
129.3
130.7
127.7
129.0
129.0
130.2
129.1
132.0
130.1
131.7
124.9
125.6
126.5
127.4
1995- I
II'
127.6
128.1
131.2
131.9
111.8
111.8
126.9
127.6
139.1
140.1
103.1
102.0
125.0
125.4
110.3
111.1
107.9
108.9
132.7
134.0
132.0
133.5
134.1
134.9
128.8
130.0
1986
1987
1988
1989
1990
1991
1992
1993
1994
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992-
IV
IV
IV
IV
IV
IV
IV ..
IV
IV
1993- I
II
in
IV
1994- I
II ...
in
.
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND RELATED
IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Gross domestic product
Period
Current
dollars
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1991- I
11
III
. ..
.
rv
1992- I
H
III
IV
1993- I
II
III
IV
1994. I
II
III
IV
1995. I
II '
..
.
..
.
Fixed- weighted
price index
(1987 weights)
Implicit price
deflator
Constant
(1987) dollars
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.2
5.4
6.2
2.8
5.0
3.8
2.6
7.1
5.2
4.9
8.6
4.4
4.2
3.8
7.7
6.1
7.2
6.2
6.4
4.7
2.8
1981
Personal consumption expenditures
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.8
2.8
2.2
2.1
5.0
2.8
2.8
2.7
3.8
2.7
1.3
2.7
3.3
1.6
1.0
1.3
2.9
2.9
1.9
1.3
2.2
1.6
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
-6
2.3
3.1
4.1
-2.1
2.2
1.0
.1
3.1
2.4
3.5
5.7
1.2
2.4
2.7
6.3
3.3
4.1
4.0
5.1
2.7
1.1
Current
dollars
Constant
(1987) dollars
Implicit price
deflator
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
-.4
2.8
3.3
3.5
-2.8
2.1
1.3
-.5
5.8
1.7
3.9
5.6
1.6
2.6
3.9
4.0
4.7
1.3
3.1
5.1
1.6
3.4
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.2
3.2
2.5
2.1
3.4
2.4
3.1
3.4
3.3
3.7
1.6
3.9
2.6
2.2
1.3
2.2
1.3
3.2
3.1
1.9
2.2
2.2
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.8
6.0
5.8
5.7
.5
4.7
4.3
3.0
9.3
5.4
5.6
9.7
4.1
5.0
5.1
6.4
6.0
4.6
6.3
6.8
4.1
5.6
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.0
3.2
3.0
2.7
5.1
3.1
3.3
2.7
3.9
3.3
2.7
2.8
4.2
2.4
2.0
2.4
3.1
2.9
3.0
2.6
3.3
2.8
Fixed-weighted
price index
(1987 weights)
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.4
3.5
2.8
2.5
3.6
2.8
3.3
3.6
3.7
3.8
3.5
3.0
2.9
2.6
1.4
2.8
1.9
2.8
3.6
2.5
2.7
2.9
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) l
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1984198519861987198819891990199119921993-
.
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
rv
1994- I
II
Ill
rv
1995- I
n*
.
. ..
.
. ..
1
Current
dollars
1987
dollars
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,089.7
32229
3,409.7
3,656.9
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,125.9
3,307.8
3,324.4
3,386.3
3,428.7
3,499.3
3,568.6
3,626.7
3,679.4
3,752.8
3,793.8
3,825.6
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,716.7
,802.8
,942.9
,121.9
,328.4
,396.9
,463.3
,604.0
,719.0
,722.7
,725.0
,740.9
,870.2
,868.4
,920.5
,963.3
3,019.5
3,062.6
3,098.9
3,131.2
3,195.0
3,229.3
3,257.3
Total
cost and
profit 2
0.978
1.000
1.030
1.072
1.109
1.137
1.150
1.159
1.171
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
1.152
1.159
1.159
1.157
1.159
1.165
1.170
1.175
1.175
1.175
1.175
Consumption of
fixed
capital
0.111
.110
.111
.117
.120
.126
.126
.123
.122
.111
.110
.112
.110
.112
.120
.123
.125
.123
.124
.123
.124
.120
.125
.121
.122
.121
.122
.123
Output is measured by GDP of nonfinancial corporate business in 1987 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate busine:
with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
4
With inventory valuation and capita! consumption adjustments.
Indirect
business
taxes3
0.095
.095
.096
.101
.106
.115
.117
.117
.117
.091
.093
.095
.094
.097
.102
.109
.117
.118
.117
.117
.116
.117
.117
.117
.118
.117
.116
.116
Compensation
of employees
Net
interest
0.648
.658
.676
.706
.736
.756
.767
.768
.766
.623
.643
.654
.664
.687
.718
.748
.760
.768
.776
.770
.766
.760
.763
.766
.768
.768
.771
.767
0.040
.042
.045
.054
.054
.049
.041
.039
.039
.041
.038
.042
.042
.047
.055
.054
.047
.038
.039
.039
.039
.038
.038
.039
.040
.041
.042
.042
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.084
.096
.102
.094
.093
.092
.099
.112
.126
.091
.092
.081
.099
.102
.088
.085
.092
.107
.102
.111
.113
.123
.122
.127
.127
.128
.125
.127
Profits
tax
liability
0.031
.037
.038
.037
.034
.031
.031
.040
.046
.027
.030
.035
.038
.040
.033
.034
.031
.033
.037
.040
.038
.043
.043
.046
.047
.049
.049
.046
Profits
after
tax4
0.053
.059
.064
.057
.059
.061
.067
.073
.080
.064
.063
.045
.060
.063
.055
.052
.061
.073
.065
.071
.075
.080
.078
.081
.080
.079
.076
.080
Output
per hour
of all
employees
(1987
dollars)
Compensation
per hour
of all
employees
(dollars)
22.733
23.127
23.572
23.188
23.447
23.926
24.649
25.330
'25.881
22.055
22.346
22.891
23.356
23.521
23.145
23.552
24.214
25.084
24.942
25.221
25.421
25.664
25.792
25.744
25.849
26.069
'26.176
14.739
15.207
15.833
16.376
17.246
18.081
18.917
19.445
'19.829
13.732
14.359
14.975
15.517
16.069
16.616
17.625
18.402
19.253
19.349
19.418
19.467
19.497
19.683
19.714
19.855
20.010
'20.180
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
jBiiiions of dollars; quarterly data at seasonally adjusted annual rates)
Period
1989
1990
1991
1992
1993
1994
1984:
1985198619871988198919901991:
19921993-
4,249.5
4,491.0
4,608.2
4,829.5
5,131.4
5,458.4
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,663.9
4,964.9
5,031.1
5,094.0
5,138.5
5,262.0
5,308.7
5,430.7
5,494.9
5,599.4
5,688.4
5,721.1
IV
IV
IV ...
IV
IV
IV
IV
IV
IV
I
n
m . ..
IV
1994- I
n
m
rv
1995- I
H'
1
Compensation
of
employees'
National
income
Proprietors' income
with inventory valuation and capital consumption adjustments
Farm
3,100.2
3,297.6
3,404.8
3,591.2
3,780.4
4,004.6
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,459.1
3,671.0
3,713.1
3,761.1
3,801.7
3,845.8
3,920.0
3,979.3
4,023.7
4,095.3
4,157.3
4,182.6
Nonfarm
40.2
41.9
36.7
44.4
37.3
39.5
21.9
17.8
23.6
42.4
30.9
38.4
43.8
36.6
46.0
49.6
39.4
15.8
44.4
47.2
39.3
29.8
41.7
44.4
37.2
307.0
321.4
339.5
374.4
404.3
434.2
217.7
250.9
260.9
282.6
302.5
311.4
325.1
349.8
392.4
394.8
399.4
404.5
418.5
423.8
431.9
437.1
444.0
449.2
452.2
Includes employer contributions for social insurant*. (Bee also p. 5.)
Rental
income
of
persons
with
capital
consumption
adjustment
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
362.8
380.6
390.3
405.1
485.8
542.7
261.3
284.9
264.6
343.3
378.3
354.5
362.8
394.7
432.5
442.5
473.1
493.5
533.9
508.2
546.4
556.0
560.3
569.7
585.2
-13.5
-142
-10.5
-5.5
24.1
27.7
24.3
14.0
4.7
6.8
2.8
-21.6
-11.1
-8.1
5.1
16.5
23.4
26.3
30.3
15.3
34.1
32.6
29.0
25.4
24.3
Profits
before tax
Inventory
valuation
adjustment
342.9
365.7
365.2
395.9
462.4
524.5
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5
570.6
576.3
-17.5
-11.0
5.8
-6.4
-6.2
-19.5
3.5
-3.8
-10.7
-178
-31.7
— 13 5
-19.5
-.8
2.1
-11.2
-10.0
3.0
-6.5
-12.3
14 1
-19.6
-32.1
-39.0
264
325.4
354.7
370.9
389.4
456.2
505.0
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4
531.6
549.9
Capital
consumption
adjustment
37.4
25.9
19.4
15.7
29.5
37.7
37.7
56.9
39.6
49.9
37.9
33.9
13.5
22.4
16.9
21.0
26.5
31.7
38.8
37.0
37.4
37.5
38.8
38.1
35.3
Net
interest
452.7
463.7
447.4
420.0
399.5
409.7
321.1
331.9
349.7
368.6
408.1
459.8
474.4
431.8
418.0
414.6
397.6
396.7
389.1
394.2
399.7
415.7
429.2
442.4
439.6
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
1989
1990
1991
1992
1993
1994
19821983:
198419851986:
19871988:
198919901991:
19921993-
IV
IV
IV
IV
IV
IV .IV
IV
IV
IV
IV
I
11
in
IV
1994- I
II
in
IV
1995- I
Ilr
1
Total
personal
consumption
expenditures
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,557.8
3,584.7
3,629.6
3,643.9
3,674.3
Total
durable
goods
440.7
443.1
425.3
452.6
489.9
532.1
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
427.7
468.8
472.5
483.7
492.7
510.8
521.7
522.2
529.6
554.8
550.0
553.9
Includes other items, not shown separately.
Motor
vehicles
and
parts
196.4
192.7
170.0
181.8
196.1
208.2
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
171.6
188.2
189.7
195.1
195.0
204.7
213.7
205.3
202.0
211.9
203.2
201.9
Furniture
and
household
equipment
165.8
171.6
179.2
193.3
214.1
238.7
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
181.2
202.0
205.2
209.9
216.6
224.6
225.9
232.5
241.7
254.5
256.6
261.7
Other
78.5
78.7
76.1
77.5
79.7
85.2
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
74.9
78.6
77.6
78.7
81.1
81.5
82.0
84.4
86.0
88.4
90.3
90.3
Total
nondurable
goods
Pood
1,051.6
1,060.7
1,047.7
1,057.7
1,078.5
1,109.5
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,040.4
1,074.2
1,070.0
1,074.3
1,081.7
1,088.0
1,098.3
1,104.3
1,113.4
1,121.9
1,128.2
1,133.9
515.0
523.9
518.8
514.7
524.0
535.6
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
514.9
522.0
520.7
522.3
525.1
528.1
531.9
536.1
535.7
538.5
541.1
541.0
Clothing
Gasoline
and
and oil
shoes
187.8
186.2
184.7
193.2
197.8
208.8
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.8
198.7
194.0
196.1
198.6
202.4
203.8
204.9
210.2
216.4
216.6
219.5
87.3
86.4
83.1
85.6
86.5
87.2
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.4
86.0
86.1
85.7
87.5
86.6
86.1
86.7
88.0
88.2
90.3
91.0
Retail sales of new
passenger cars
(millions of unite)
Services
Fuel
oil
and
coal
Other
11.4
10.5
10.7
11.2
12.1
11.9
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.7
11.3
12.0
11.8
12.2
12.2
13.4
11.4
11.7
11. 1
11.5
12.3
250.2
253.8
250.5
253.0
258.2
265.9
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.7
256.3
257.2
258.3
258.4
258.8
263.1
265.1
267.8
267.6
268.7
270.1
Total
services '
1,731.0
1,768.8
1,786.3
1,839.1
1,890.3
1,938.1
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,797.3
1,860.4
1,874.8
1,881.2
1,897.8
1,907.4
1,926.3
1,931.4
1,941.8
1,952.9
1,965.7
1,986.4
Housing
469.2
474.6
479.0
485.2
492.6
501.3
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
481.4
487.8
489.8
491.5
493.7
495.4
497.7
500.0
502.6
505.0
507.4
509.5
Medical
care
408.6
424.6
437.7
454.3
466.4
479.0
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
444.7
459.0
463.1
464.3
467.6
470.4
473.2
477.4
481.0
484.4
486.9
489.3
Source: Department of Commerce, Rureau of Economic Analysis.
Domestics
7.1
6.9
6.1
6.3
6.7
7.3
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.4
6.4
6.9
6.7
7.1
7.4
7.2
7.1
7.4
7.0
6.9
Imports
2.8
2.6
2.3
2.1
2.0
2.0
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.0
2.0
2.1
2.0
1.9
2.0
2.0
2.0
1.8
1.8
1.8
SOURCES OF PERSONAL INCOME
Personal income rose $39.3 billion (annual rate) in July, following a rise of $28.4 billion in June. Wages and salaries
rose $30.3 billion in July following an increase of $24.7 billion in June. Farm subsidy payments fell in both June
and July.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
7,000
7,000
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
OTHER INCOME
800
800
r \
TRANSFER PAYMENTS
1987
1989
1988
1992
1991
1990
Inn
mill
I Illlll
400
400
LLLL H I M
1993
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: July
.-.
Oct
Nov
Dec
1995: Jan
Feb
Mar
Aprr ...
May'
July
1
Total
personal
income
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.7
5,704.4
5,730.6
5,768.4
5,844.7
5,841.8
5,883.5
5,930.6
5,962.7
5,992.7
6,003.5
5,990.5
6,018.9
6,058.2
Wage and
salaiy
disbursements1
2,105.4
2,261.2
2,443.0
2,586.4
2,745.0
2,816.1
2,974.8
3,080.8
3,279.0
3,282.6
3,289.0
3,310.2
3,351.6
3,349.3
3,368.3
3,391.1
3,406.8
3,412.2
3,429.6
3,405.6
3,430.3
3,460.6
Proprietors' income3
Other labor
income *2
200.7
210.4
230.5
251.9
274.3
299.0
328.7
355.3
381.0
381.9
383.7
385.5
387.1
388.7
390.3
398.1
399.6
401.1
402.5
403.9
405.3
406.5
Farm
22.3
31.3
30.9
40.2
41.9
36.7
44.4
37.3
39.5
30.0
29.6
30.0
49.0
35.1
41.1
36.1
42.3
54.8
40.7
37.6
33.3
31.8
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.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
261.5
279.0
293.4
307.0
321.4
339.5
374.4
404.3
434.2
434.4
437.6
439.4
441.4
443.5
447.0
448.7
449.4
449.6
450.4
451.6
454.6
458.1
4
Rental
income
of
persons4
8.7
3.2
4.3
-13.5
-14.2
-10.5
-5.5
24.1
27.7
32.4
32.6
32.7
31.4
29.5
26.1
26.8
25.5
23.8
23.5
24.3
25.1
24.6
Personal
dividend
income
104.7
100.4
108.4
126.5
144.4
150.5
161.0
181.3
194.3
195.1
197.0
198.8
200.8
202.8
204.4
204.8
205.4
206.4
207.5
208.1
208.8
210.2
Personal
interest
income
531.7
548.1
583.2
668.2
698.2
695.1
665.2
637.9
664.0
665.1
674.0
683.6
692.5
701.2
709.6
717.2
724.0
729.5
732.9
734.7
736.2
738.4
Transfer
payments5
517.8
542.2
576.7
625.0
687.6
770.1
860.2
915.4
963.4
964.9
969.8
972.3
977.1
977.7
984.2
1,000.7
1,003.7
1,009.9
1,012.3
1,018.9
1,021.4
1,026.2
Less: Personal contributions
for social
insurance
162.1
173.6
194.5
211.4
224.9
236.2
248.7
261.3
281.4
282.0
282.6
284.1
286.2
286.1
287.4
292.8
294.0
294.5
295.8
294.3
296.0
298.2
Nonfarm
personal
income6
3,545.6
3,749.4
4,023.9
4,318.0
4,608.6
4,801.8
5,089.4
5,316.6
5,639.4
5,651.6
5,678.1
5,715.5
5,772.5
5,783.3
5,818.7
5,870.8
5,896.5
5,914.1
5,938.8
5,928.6
5,961.2
6,001.9
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
6
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars fell in the second quarter
ot 1995.
BILLIONS OF DOLLARS' (RATIO SCALE)
5,500
BIlilONS Of DOLLARS' (RATIO SCALE)
2,500
2,500
J_J 2,000
2,000
DOLLARS' (RATIO SCALE)
22,000
20,000
"
18,000
DOLLARS' (RATIO SCALE)
22,000
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
18,000
CURRENT DOLLARS
\
16,000
"
>•
-— — i
.——•—
16,000
^_
14,000
r
---
12,000
c^—-•
**• ~* "7.._!^
- --
14,000
^\
— 1-
987DOLU
12,000
'
10,000
10,000
^-"^" ^
8,000
1982
1984
1983
i ti
1
1985
1986
1
1
I
! I
1
1987
1
!
1988
!
!
1
1989
i i i
1990
i i i
1991
i ii
i i i
i i I
I i i
1992
1993
1994
1995
8,000
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays1
Equals:
Personal
saving
Disposable
persona]
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Per capita personal
consumption
expenditures
Current
dollars
Current
dollars
Billions of dollars
1987
..
1988
1989
1990
1991
1992
1993
1994 .. .
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.7
512.5 3,289.5
527.7 3,548.2
593.3 3,787.0
623.3 4,050.5
623.7 4,236.6
648.6 4,505.8
686.4 4,688.7
742.1 4,959.6
1987
dollars
1987
dollars
Dollars
3,147.5
3,392.5
3,634.9
3,880.6
4,025.0
4,257.8
4,496.2
4,756.5
142.0
155.7
152.1
170.0
211.6
247.9
192.6
203.1
3,289.5
3,404.3
3,464.9
3,524.5
3,538.5
3,648.1
3,704.1
3,835.7
13,545
14,477
15,307
16,205
16,766
17,636
18,153
19,003
Percent
change
in real
per capita
disposable
personal
income
Saving as
percent of
disposable
persona)
income
Population,
including
Armed
Forces
overseas
(thousands)2
Percent
13,545
13,890
14,005
14,101
14,003
14,279
14,341
14,696
12,568
13,448
14,241
15,048
15,444
16,192
16,951
17,734
12,568
12,903
13,029
13,093
12,899
13,110
13,391
13,716
-0.1
2.5
!8
.7
-.7
2.0
.4
2.5
4.3
4.4
4.0
4.2
5.0
5.5
4.1
4.1
242,860
245,093
247,397
249,951
252,688
255,484
258,290
260,991
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,998
14,533
14,222
14,351
14,338
14,451
14,535
14,625
14,697
14,927
15,048
14,972
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,588
16,566
16,693
16,856
17,017
17,233
17,443
17,598
17,821
18,072
18,216
18,426
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,868
13,262
13,283
13,335
13,425
13,519
13,640
13,651
13,717
13,853
13,880
13,966
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
.7
9.3
-8.3
3.7
-.4
3.2
2.3
2.5
2.0
6.4
3.3
-2.0
7.9
6.0
4.8
5.0
4.3
3.9
4.3
5.2
6.2
4.0
4.6
3.9
4.0
3.6
4.1
4.1
4.6
5.1
4.0
237,231
239,387
241,550
243,745
246,004
248,372
251,035
253,758
256,626
257,262
257,908
258,635
259,356
259,997
260,627
261,340
261,999
262,527
263,096
Seasonally adjusted annual rates
19841985:
1986:
198719881989:
199019911992:
IV
IV ...
IV
IV
IV .
IV
IV
IV
IV
1993:
I
II
Ill
IV
1994- I
II
Ill
IV
1995- I
II'
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,759.1
4,934.2
5,335.0
5,255.5
5,364.5
5,395.9
5,484.6
5,555.8
5,659.9
5,734.5
5,856.6
5,962.0
6,004.3
413.4
448.8
478.5
528.6
542.0
605.1
625.2
631.2
676.2
657.3
685.9
695.4
707.0
723.0
746.4
744.1
754.7
777.6
807.0
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,303.0
4,658.8
4,598.2
4,678.6
4,700.5
4,777.6
4,832.8
4,913.5
4,990.3
5,101.9
5,184.4
5,197.3
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
4,078.4
4,371.4
4,413.7
4,464.6
4,518.2
4,588.2
4,657.3
4,712.4
4,787.0
4,869.3
4,920.7
4,991.2
222.6
179.2
151.1
169.8
156.4
148.8
176.2
224.6
287.4
184.6
214.0
182.3
189.4
175.5
201.1
203.3
232.6
263.7
206.1
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,552.1
3,729.6
3,658.9
3,701.3
3,708.4
3,747.8
3,779.2
3,811.5
3,840.9
3,911.0
3,950.5
3,939.1
2
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,957
18,154
17,874
18,141
18,174
18,421
18,588
18,853
19,095
19,473
19,748
19,754
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
in the first quarter of 1995, according to preliminary estimates, gross farm income fe!i $6.8 billion (annual rate)
and net farm income fell $5.6 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
160
\
•'
^^
\^~-^^—
f
"^
r\i \^li
^.^
>
120
f~~—S~I
'—
f*
-~—^\
^
240
200
^~]
160
120
GROSS FARM INCOME
80
60
r
JV
/
40
/\
,\
\
\
\
1
\
N
/,
20
/
\
1
/'
1
\ 1
1 '
\
— \
/
/"*---
t*
•*•/
-,
~^
f
\ /
\/
'
60
*
"\
^
}
40
\l
\
' NET FARM INCOME
\
20
1
\J
1 1\ 1
\ ' V 1
1 1 M
1 ' '
10
10
\
1
1
i
1
1982
i i
1983
1 1 1
1984
.. I
1
1985
!
!
!
i
i
i l
1987
1986
l
l i
1988
i
l l
i
1989
i i
1990
i
i i
i
1991
i i
1992
" SEASONAliY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
i
i i
1993
i i
i
1994
1995
i i
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Net farm income
Period
Cash marketing receipts
Total"
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1993- I
II
III .
IV
1994: I
II
III
IV
1995- IP
..
:..
168.0
161.2
156.1
168.5
175.8
192.8
198.2
192.3
200.2
201.4
212.0
203.0
202.2
198.0
202.5
215.0
201.0
207.7
224.5
217.7
142.8
144.1
135.4
141.8
151.2
161.1
170.0
168.8
171.2
175.1
179.7
172.2
175.1
185.7
167.3
177.1
166.8
183.0
191.8
187.1
Livestock and
products
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.7
86.4
90.6
87.8
84.2
88.4
101.9
87.8
92.0
82.5
97.2
79.5
87.5
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, ami nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year.
3
Income tn current dollars divided by the GDI* implicit price deflator.
Crops
69.9
74.3
63.8
65.9
71.7
77.0
80.1
82.1
84.9
84.5
91.9
88.0
86.7
83.8
79.5
85.1
84.2
85.8
112.3
99.7
Production
expenses
Value of
inventory
changes 2
Current
dollars
6.0
-2.3
-2.2
-2.3
-3.4
4.8
3.4
_
*3
4^3
-3.6
7.1
-6.5
-5.1
-6.0
3.0
8.4
7.7
6.2
6.2
.9
141.9
132.4
125.1
128.8
137.8
144.9
151.3
151.2
150.1
158.0
162.7
155.1
157.6
159.5
160.0
160.2
162.5
164.5
163.6
162.4
26.1
28.8
31.1
39.7
38.0
47.9
46.9
41.1
50.1
43.4
49.3
47.9
44.7
38.6
42.4
54.8
38.5
43.1
60.9
55.3
1987 dollars -!
28.7
30.5
32.0
39.7
36.6
44.1
41.4
35.0
41.4
35.1
39.1
39.0
36.2
31.2
34.2
43.8
30.6
34.1
48.0
43.3
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1991 in chart do not reflect previous revisions to
annual data in table.
Sources: I>epartment of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the second quarter of 1995, according to preliminary estimates, corporate profits before tax rose $5.7 billion
(annual rate) and profits after tax rose $5.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
c -
SEASONALLY ADJUSTED ANNUAL RATES
A
550
500
v/
-
J\
450
450
-
/
P OTIS
400
BEFDBF TAX
400
350
s
\S
/
300
1
y^
/-
350
A
-
r
^
s ^/
^
300
^ /
-
s
i
250
200
'
••
\~~^
O
/I
s.J
150
^_ /
~
*v
s
100
x.^
^
0
1 I 1
1 1 1
1 1 1
1982
1983
1984
1
1
1985
1
^
^j
i ii
1986
/
250
.-•
.f
TAX LIABILITY
•\
s
X
.f
-
-*.S
/'
V
N\.
s'
\
•v_
^"~
' ,—•
•s
/'
^
50
s
X
s ~*
^'
*_-•-,
"
OFITSAFTI
s*<
.--'
550
-
/
500
600
***.
>-.-
*-./
200
-
"'
150
--
•'\/
s*
t"~
100
^'
•**
X
X
X
\
^*
50
UNO ISTRIBUTEC) PROFITS
0
i i i
i i i
i i i
i i i
I
1987
1988
1989
1990
1991
I I
I
I I
1992
SOURCE: DEPARTMENT Of COMMERCE
\ 1 1
I I I
1 1 1
1993
1994
1995
CaUNOI. OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment '
Profits aftertax
Domestic industries
Period
Nonfinancial
2
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1984:
19851986:
1987:
19881989:
1990:
19911992:
1993:
TV
W
TV
TV
TV
TV
TV
TV
TV
I
1994:
TV
I
...
n
m
n
in
TV
1995:
1
2
I
Tie
227.6
273.4
320.3
325.4
354.7
370.9
389.4
456.2
505.0
223.6
228.0
225.0
293.4
340,5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4
531.6
549.9
Total
194.6
233.9
271.2
266.0
286.7
302.4
328.8
391.0
444.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
301.4
361.0
354.0
383.8
392.6
433.4
410.1
448.2
458.1
461.7
462.9
475.6
Financial
35.8
36.4
41.8
50.6
65.7
84.3
81.9
103.7
104.0
20.3
29.0
34.7
39.4
46.1
52.5
66.6
84.6
86.7
95.9
100.1
103.9
114.6
89.6
106.4
112.6
107.2
115.2
116.4
:
Total '
158.9
197.5
229.4
215.3
221.1
218.1
246.9
287.3
340.6
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.8
274.3
258.0
283.7
288.7
318.8
320.5
341.8
345.5
354.5
347.7
359.2
Sec p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the worid, not shown separately.
Manufacturing
Wholesale and
retail
trade
59.0
87.0
117.5
108.0
109.1
90.1
94.5
114.2
145.6
79.2
83.3
63.9
98.7
129.3
94.5
98.5
85.3
101.3
96.2
114.2
112.4
134.2
145.1
143.0
143.3
150.9
143.9
46.3
39.9
37.1
39.7
37.2
46.7
54.8
61.2
67.6
50.8
39.0
43.1
39.3
39.3
39.2
36.2
47.4
64.6
56.0
63.3
62.0
63.7
59.0
72.0
70.1
69.2
66.7
3
Profits
before
tax
217.8
287.9
347.5
342.9
365.7
365.2
395.9
462.4
524.5
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5
570.6
576.3
Tax
liability
106.5
127.1
137.0
141.3
138.7
131.1
139.7
173.2
202.5
83.8
97.6
116.6
135.2
146.2
134.2
137.0
133.1
148.6
159.8
171.8
169.9
191.5
184.1
201.7
208.6
215.6
220.0
220.5
Total
111.3
160.8
210.5
201.6
227.1
234.1
256.2
289.2
322.0
136.3
134.2
119.2
176.0
226.0
200.0
231.8
240.0
264.8
273.0
284.8
288.9
310.2
299.4
321.4
329.5
337.9
350.7
355.8
Dividends
Undistributed
profits
109.8
106.2
115.3
134.6
153.5
160.0
171.1
191.7
205.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
160.9
182.1
188.2
190.7
193.2
194.6
196.3
202.5
207.9
213.9
217.1
219.9
1.6
54.6
95.2
67.1
73.6
74.1
85.1
97.5
116.9
52.9
36.9
8.2
69.7
105.0
58.7
78.1
79.1
82.7
84.7
94.1
95.6
115.6
103.0
118.9
121.6
124.0
133.5
135.9
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
9.7
-14.5
-27.3
-17.5
-11.0
5.8
-6.4
-6.2
-19.5
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-19.5
-.8
2.1
-11.2
-10.0
3.0
-6.5
-12.3
-14.1
-19.6
-32.1
-39.0
'-26.4
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the second quarter of 1995, according to revised estimates, nonresidentia! fixed investment in 19S7 dollars rose
$21.1 billion (annual rate) and residential investment fell $8.0 billion. There was a $32.7 billion increase in inventories,
following an increase of $51.1 billion in the first quarter.
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
,100
1,100
SEASONALLY ADJUSTED ANNUAL RATES
1,000
,000
/
900
800
700
/
600
500
r^
__ <*
r\
r^C
^^
^
S~
A
^
/
_„'
s
600
s
500
NC5NRESIDES TIAL
S
400
D INVESTA
R ESIDENTl» L
FIXE D INVESTN^F^rr
300
_
\
— .»-•••''
200
__
^f
CHANC3E IN BUS MESS
IN VENTORIE
,
\
\
1
!
1982
I
„
"* "" \
\
/
s"
200
'•s..^
s'
s'
100
-100
700
\
300
0
/•
s
^ __
'~
800
s
^
4*
s
400
[\_
GROSS PRIVATE DOMESTIC
INVESTMENT
"XJ
"s, ^
\^^
^^
900
/
'\
100
i~ ~ ~
--
\
<* /
/
1 ' 1
1
1983
1984
!
i i i
1
1
1
1
1986
1985
0
V
i
i i
1987
i i l
1988
i i i
1989
1
i
1
i
l l
1991
1990
l
\
l i
1992
1 1
1993
SOURCE: DEPARTMENT Of COMMERCE
\
l l
1994
i i i
-100
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Gross
private
domestic
investment
Period
Change in business
inventories
Nonresidential
Producers'
durable
equipment
Residential
Structures
Total
Total
Total
Nonfarm
. ...
735.1
749.3
773.4
784.0
746.8
683.8
725.3
819.9
951.5
726.5
723.0
753.4
754.2
741.1
684.9
722.9
804.6
903.8
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
150.6
323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
521.9
226 2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
8.5
26.3
19.9
29.8
5.7
-11
2.5
15.3
47.8
10.6
32.7
26.9
29.9
3.2
.-1.3
-2.0
18.5
40.7
708.4
732.9
725.9
733.9
764.1
744.6
716.6
684.4
748.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
189.5
198.3
170.4
177.9
175.7
179.8
172.8
151.4
146.3
320.1
327.2
325.0
332.7
363.1
356.9
367,4
355.5
394.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
47.9
30.2
-20.1
59.9
209
24.9
-20.9
13.5
6.3
50.8
28.0
-18.6
62.1
30.5
31.2
-18.7
14.6
...
756.4
763.1
705.9
793.8
785.0
769.5
695.7
697.9
755.2
IV
789.2
806.2
821.8
862.5
770.7
787.3
808.8
851.7
560.3
581.0
597.9
627.2
147.2
147.3
147.5
148.7
413.0
433.7
450.3
478.5
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
19.7
22.8
20.9
10.7
1994- I
II
III
IV
898.9
950.9
967.3
989.1
873.4
891.7
910.2
939.7
643.6
657.9
680.0
708.2
144.1
151.0
151.6
155.6
499.4
506.9
528.4
552.6
229.9
233.8
230.2
231.5
25.4
59.2
57.1
49.4
22,1
51.7
47.4
41.7
1995- I
II'
1,024.1
1,019.0
973.0
986.2
743.6
764.7
159.9
163.8
583.7
600.9
229.5
221.5
51.1
32.7
49.1
31.9
1986
1987
1988
1989
1990
1991
1992
1993
1994
.
19841985198619871988:
1989-
IV
IV
IV
IV
IV
IV
1990:
IV
1991- IV
1992- IV
1993- I
II
.
.
.
in
Source: Department of Commerce, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1994 survey, business spending for new plant and equipment
was expected to rise 8.8 percent in 1994, following a rise of 7.3 percent in 1993.
BILLJONS OF DOLLARS (RATIO SCALE)
BILUONS OF DOLLARS (RATIO SCALE)'
200
1985
^SURVEYED QUARTERLY
VSEi FOOTNOTE AtaOft
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL Of ECONOMIC ADWSHB
[Billions of doliars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
1984
1985
1986
1987
1988
1989 .. .
1990
1991
1992
1993 4
1994
1992: I
II
Ill
IV
1993: I
II
Ill
IV
1994: I
II 4
in4
rv
All
industries
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
586.73
638.37
534.23
541.29
547.82
559.39
563.48
578.95
594.56
604.51
619.34
637.08
651.92
645.13
1
Total
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.47
192.56
173.14
172.52
173.05
176.74
173.99
177.55
182.48
182.15
185.04
193.99
197.36
193.83
Durable
goods
64,57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.45
92.78
73.26
73.74
72.63
73.64
78.19
80.33
82.74
83.64
86.03
91.71
98.97
94.44
Nondurable
goods
Total i
Mining
Transportation
Public
utilities
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
98.02
99.77
99.87
98.78
100.42
103.09
95.80
97.22
99.74
98.51
99.02
102.28
98.39
99.39
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
361.09
368.77
374.77
382.65
389.49
401.40
412.09
422.36
434.29
443.09
454.56
451.30
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.08
11.24
8.99
9.20
8.96
8.43
8.98
9.10
11.09
10.92
11.43
10.70
11.57
11.27
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
21.77
21.19
21.82
23.32
23.66
21.66
2238
21.50
21.32
21.84
22.47
19.59
20.73
21.98
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.98
76.44
69.09
72.56
72.48
73.79
73.78
74.45
75.94
78.87
73.20
76.51
78.50
77.57
Excludes forestry, fisheries, and agricultural services; professional services; social services
and membership organizations; and real estate, which, effective with the April-May 1984 survey,
are no longer surveyed quarterly. See last column ("nonmamifaeturing surveyed annually") for
data for these industries.
2
"All industries" plus the part of nonmanufaeturing that is surveyed annually.
3
Consists of forestry, fisheries, and agricultural services; professional services; social services
and membership organizations; and real estate.
10
Commercial
and
other
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
299.44
336.93
261.19
263.69
269.67
278.77
284.35
296.35
303.74
310.73
327.20
336.28
343.76
340.48
Total
nonfann
business2
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
650.41
Nonmanufacturing
Manufacturing
139.61
152.88
137.95
141.06
] 63.45
183.80
192.61
182.81
174.02
179,47
192.56
173.14
172.52
173.05
176.74
173.99
177.55
182.48
182.15
18504
193.99
197.36
193.83
Total
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
470.95
Surveyed
quarterly
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
361.09
368.77
374.77
382 65
389.49
401 40
412.09
422.36
43429
44309
454.56
451.30
Surveyed
annu-3
ally
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
63.68
4
Planned capital expenditures as reported by business in July-August 1994, corrected for
biases.
NOTE.—The quartern- Plant and Equipment Survey has been discontinued and replaced by
a new semi-annual indicator survey: Business Investment and Plans. The first new survey results
for 1993-95 were released February 23, 1995. The new survey data may be incorporated into
Economic Indicators at a later date. See Plant and Equipment Expenditures and Plans release
of September b, 1994 for details.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In August, employment fell by 180,000 and unemployment fell by 128,000.
MILLIONS OF PERSONS '
MILLIONS OF PERSONS*
134
134
SEASONALLY ADJUSTED
130
130
CIVILIAN LABOR FORCE
126
126
122
122
118
118
114
114
CIVILIAN
EMPLOYMENT
110
110
106
106
4
-
1994
1987
1995
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; montlily data seasonally adjusted except as noted by NSA]
Period
Civilian
labor
force
Nonagri cultural
Total
Agricultural
Total
Percent2
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
1985
19863
1987
1988
1989
1990
1991
1992
1993
1994 4
178,206
180,587
182,753
184,613
186,393
188,049
189,765
191,576
193,550
196,814
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
131,056
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
123,060
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
3,409
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
119,651
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
4,414
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
2,860
62,744
62,752
62,888
62,944
62,523
63,262
64,462
64,593
65,509
65,758
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
66.6
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
62.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
1994- Aug ...
Sept ....
Oct
Nov
Dec
197,043
197,248
197,430
197,607
197,765
131,086
131,291
131,646
131,718
131,725
123,197
123,644
124,141
124,403
124,570
3,436
3,411
3,494
3,500
3,532
119,761
120,233
120,647
120,903
121,038
4,173
4,154
4,226
4,246
4,254
7,889
7,647
7,505
7,315
7,155
2,773
2,768
2,934
2,661
2,456
65,957
65,957
65,784
65,889
66,040
66.5
66.6
66.7
66.7
66.6
62.5
62.7
62.9
63*0
63.0
6.0
5.8
5.7
5.6
5.4
197,753
197,886
198,007
198,148
198,286
•=198,452
198,615
198,801
132,136
132,308
132,511
132,737
131,811
131,869
132,518
132,211
124,639
125,125
125,274
125,072
124,319
124,485
124,959
124,779
3,575
3,656
3,698
3,594
3,357
3,451
3,409
3,362
121,064
121,469
121,576
121,478
120,962
121,034
121,550
121,417
4,430
4,187
4,347
4,171
4,289
4,185
4,234
4,316
7,498
7,183
7,237
7,665
7,492
7,384
7,559
7,431
2,386
2,298
2,266
2,505
2,585
2,299
2,319
2,380
65,617
65,578
65,496
65,412
66,476
66,583
66,096
66,590
66.8
66.9
66.9
67.0
66.5
66.4
66.7
66.5
63.0
63.2
63.3
63.1
62.7
62.7
62.9
62.8
5.7
5.4
5.5
5.8
5.7
5.6
5.7
5.6
1995: Jan
Feb
Mar
May
July ....
1
Persons at work. Economic reasons include slack work, material shortages, inability to find
fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
93-377 95-2
-1 Not strictly comparable with earlier data.
4
Data beginning January 1994 are not directly comparable with data for earlier periods. See
Employment mtd Earniitgs, February 1994.
Source: Department of Ijabor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In August, the unemployment rote fell to 5.6 percent from 5.7 percent in July.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
1991
1995
*UNEMPIOYMENT AS PERCENT Of CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993 2
1994
1994- Aug
Sept
Oct
Nov
Dec
1995- Jan
Peb
Mar
Anr
May
June
July
Auff
1
All
civilian
workers
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
6.0
5.8
5.7
5.6
5.4
5.7
5.4
5.5
5.8
5.7
5.6
5.7
5.6
Men
20 years
and over
Women
20 years
and over
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
5.4
5.3
5.1
5.0
4.9
4.7
5.0
4.6
4.7
4.9
5.1
4.8
4.7
4.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
5.4
5.3
5.2
5.0
5.0
4.7
4.9
4.8
4.9
5.2
4.8
5.0
5.1
5.0
Both
sexes
16-19
years
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
17.6
17.5
17.2
17.1
15.8
17.2
16.7
17.6
16.1
17.5
17.6
16.4
18.2
17.7
White
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
5.3
5.2
5.1
5.0
4.8
4.8
4.9
4.7
4.7
5.0
5.0
4.8
4.8
4.8
Kevised definition; for details, see Employment and Earnings, February 1994.
2
Data beginning January 1994 are not directly comparable with data for earlier periods. See
Employment and Earnings, February 1994.
12
By selected groups
By race
By sen and age
Black
and
other
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
10.6
10.2
10.4
9.8
9.2
9.5
9.4
9.2
9.8
9.1
9.8
10.1
10.2
Black
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
11.5
11.3
10.7
11.1
10.5
9.8
10.2
10.1
9.8
10.7
9.9
10.6
11.1
11.3
Experienced
•wage
and
salary
workers
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
5.9
5.8
5.7
5.5
5.4
5.3
5.4
5.1
5.2
5.6
5.6
5.4
5.5
5.4
Married
men,
spouse
present
Women
who
maintain
families
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
3.7
3.5
3.4
3.3
3.2
3.2
3.4
3.0
3.2
3.4
3.4
3.4
3.4
3.3
NOTE.—Data relate to persons age 16 years and over.
Source: Department of Labor, Bureau of Labor Statistics.
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
8.9
8.8
8.9
8.9
8.7
8.8
8.9
8.1
7.6
9.0
8.0
8.4
8.5
7.0
Full-time1
workers
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
6.1
6.0
5.8
5.8
5.6
5.3
5.5
5.3
5.4
5.6
5.6
5.5
5.5
5.6
Part-time
workers J
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
6.0
6.2
5.8
5.6
5.4
5.9
6.2
6.0
5.8
6.3
6.1
6.3
6.6
5.9
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In August, the percentages of the unemployed who had been out of work for less than 5 weeks and for 1526 weeks rose, while the percentages for 5-14 weeks and for 27 weeks and over fell. The mean duration of
unemployment fell to 16.3 weeks and the median duration fell to 8.7 weeks.
PERCENT DISTRIBUTION '
PERCENT DISTRIBUTION '
70
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
JOB LOSERS-^
LESS THAN
5 WEEKS
\. .
/
y\,
REENTRANTS
5-14
WEEKS
JOB LEAVERS
\
15-26
WEEKS
NEW ENTRANTS
0 LU 1 1 1 iiiUl
1 1 1 1 1 1 | 1 [ II
11 M l 11 M
1994
* SEASONALLY ADJUSTED
I/BEGINNING JANUARY 1994 JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOSS.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted)
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
Reason for unemployment:
percent distribution
State
programs
Number of weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers1
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1985
1988
1987
l'!88
1989
1990
1991
1992
1993
1994 3
1994: Ang
Sept
Get . .
Nov
Dec1995- Jan
Fob
Mar
Mav
. .
July
8,312
8,237
7.425
6,701
6 528
6,874
8,426
9,384
8,734
7,996
7,889
7.647
7,505
7,315
7,155
7,498
7,183
7.237
7,665
7,492
7,384
7,559
7,431
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
34.1
33.2
34.6
31.9
35.0
36.0
39.4
36.8
35.5
34.8
34.7
37.1
34.5
36.0
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
30.1
32.1
29.6
29.6
29.1
29.9
28.5
30.7
32.6
32.1
30.8
31.8
34.8
32.3
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
15.5
15.0
15.7
17.6
16.0
15.1
13.9
15.4
12.9
14.7
17.1
14.8
13.6
15.3
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
20.3
19.7
20.1
20.9
19.9
19.0
18.2
17.1
18.9
18.4
17.4
16.3
17.2
16.3
1
Rearming January 1994, job lasers and persons who completed temporary jobs.
-Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (TICX), ami Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit, programs. Does not include Federal supplemental
compensation or Emergency Unemployment Compensation programs.
a
Data beginning January 1994 are not directly comparable wilh data for earlier periods. See
Ettipioyitifni and Earnings, February 1994.
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
18.8
18.9
18.8
19.3
18.2
17.8
16.7
16.9
17.5
17.7
16.9
15.6
16.5
16.3
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
9.2
9.2
9.5
10.1
9.1
8.7
7.9
7.8
7.9
8.5
9.0
7.5
9.1
8.7
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
47.7
47.1
46.6
46.8
47.5
47.6
49.2
46.6
46.6
45.5
48.4
46.7
47.5
46.2
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
9.9
10.0
11.4
10.1
9.6
9.7
9.3
10.8
11.3
10.5
11.7
11.4
10.9
11.8
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
34.8
35.0
34.2
35.0
35.0
34.9
33.4
34.5
33.8
35.8
32.9
34.5
34.1
34.2
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
7.6
7.9
7.8
8.2
7.9
7.7
8.0
8.1
8.4
8.2
7.0
7.4
7.5
7.8
2,617
2,643
2,300
2,081
2,158
2 522
3^342
3,245
2,751
2,671
2,667
2.614
2^569
2,531
2,533
2,515
2,518
2.498
2,488
2.552
2,633
2,685
397
378
328
310
330
388
447
408
341
340
328
323
328
329
326
335
338
342
352
374
377
375
2,699
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,740
2,573
2,179
2,201
2,340
2,510
3,275
3,173
2,949
2,722
2,476
2,398
2,612
NOTE.—Data relate to persons age 16 years of age and over (except for insured unemployment, and initial claims).
Sonn.-e: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricuttural employment as measured by the payroll survey rose by 249,000 in August.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
120
110
100
90
SERVICE-PRODUCING
INDUSTRIES
80
70
60
50
40
GOODS-PRODUCING
INDUSTRIES
30
CONSTRUCTION
\
201)11111
1991
III11
11 Ml
1992
1 1 1 III I
1994
1993
1995
1992
1991
1993
1995
1994
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salaiy workers;J seasonally adjusted]
Service-producing industries
Goods-producing industries
Total
nonagricultural
employment
Period
1985
1986 ..
1987
1988 ..
1989
1990 .
1991
1992
1993
1994
1994- Aug
Sept
Oct
Nov
Dec
1995: Jan
Feb
Mar
Apr
Mavrr
June
JulyP
Aiier^
97,387
99,344
101,958
.. . 105,210
107,895
109,419
108,256
108,604
110,730
114,034
114,510
114,762
114,935
115,427
115,624
115,810
116,123
116,302
116,310
116,248
116,547
,
116,553
116,802
...
Total
2
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,913
23,981
24,030
24,081
24,175
24,230
24,293
24,324
24,370
24,331
24,228
24,240
• 24,144
24,157
Construction
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,668
5,010
5,038
5,077
5,088
5,144
5,166
5,201
5,213
5,256
C
5,242
5,190
5,230
5,227
5,229
Manufacturing
Total
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,303
18,346
18,355
18,398
18,439
18,472
18,502
18,523
18,525
18,506
18,456
18,428
18,340
18,352
NonDurable durable
goods
goods
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,431
10,465
10,481
10,513
10,550
10,574
10,596
10,622
10,633
10,632
10,611
10,597
10,564
10,582
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,872
7,881
7,874
7,885
7,889
7,898
7,906
7,901
7,892
7,874
7,845
7,831
7,776
7,770
1
Includes all full- and part-time wage and salary workers in nonagricultura! establishments
who received pay for any part of the pay period which includes the 12th of the month. Excludes
proprietors, self-employed persons, domestic servants, ajnd personnel of the Armed Forces. Total
in this table not comparable with estimates of nonagricultura] employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes,
bad weather, etc., even if they are not paid for the time off; and which are based on a sample
14
Total
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,121
90,529
90,732
90,854
91,252
91,394
91,517
91,799
91,932
91,979
92,020
92,307
92,409
92,645
Transporta- Wholetion and
sale
public
trade
utilities
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
6,006
6,045
6,048
6,061
6,092
6,121
6,129
6,156
6,175
6,184
6,177
6,192
6,194
6,211
5,727
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,140
6,163
6,181
6,195
6,210
6,229
6,251
6,275
6,287
6,300
6,298
6,320
6,332
6,334
Retail
trade
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,437
20,497
20,565
20,580
20,703
20,759
20,760
20,794
20,760
20,762
20,747
20,798
20,855
20,840
Finance,
insurance, Services
and real
estate
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,933
6,948
6,942
6,935
6,937
6,931
6,927
6,929
6,938
6,924
6,925
6,930
6,935
6,950
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,488
31,693
31,789
31,888
32,035
32,135
32,228
32,404
32,524
32,548
32,630
32,784
32,810
32,954
Government
Total
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,118
19,183
19,207
19,195
19,275
19,219
19,222
19,241
19,248
19,261
19,243
19,283
19,283
19,356
Federal
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,861
2,863
2,858
2,854
2,853
2,838
2,831
2,828
2,826
2,831
2,838
2,837
2,834
of the working-age population, whereas the estimates in this table are based on reports from
employing establishments. In the series shown here, persons who work at more than one job
are counted each dime they appear on a payroll, in contrast to the series shown on p. 11, where
persons are counted only once—as employed, unemployed, or not in the labor force.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS. HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGBICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Average gross hourly earnings
Manufacturing
Total
private
nonagritultura! *
Period
Total
Average gross weekly earnings
Total private
nonagricultural 1
Overtime
Current,
dollars
Total private
nonagricultural 1
1982
dollars2
Manufacturing
Percent change from
a year ear ier, total
private nonagricultural 3
Current dollars
Current
dollars
1982
dollars2
Manufacturing
Construction
Retail
trade
Current
dollars
1982
dollars
-1.3
.3
-1.0
-.9
-1.0
-1.8
-1.6*)
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
$8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.13
$7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.41
$9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.06
$299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
386.21
$271.16
271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.96
$386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.52
$464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
553.63
572.61
$174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
2.1
1994- Aug
Sept
Oct
Nov
Dec
34.6
34.7
34.9
34.6
34.7
42.0
42.1
42.1
42.1
42.1
4.7
4.8
4.7
4.8
4.8
11.14
11.18
11.25
11.24
11.27
7.37
7.38
7.42
7.40
7.40
12.09
12.12
12.14
12.17
12.18
385.44
387.95
392.63
388.90
391.07
255.09
256.24
258.99
256.02
256.94
507.78
510.25
511.09
512.36
512.78
571.91
577.98
578.12
575.79
579.07
217.04
217.62
220.75
218.48
219.64
22
3J
4.3
3.1
3.1
-.6
.7
1.7
.4
.4
1995- Jan
Feb
Mar
34.8
34.6
34.6
34.6
34.2
34.4
34.6
34.4
42.2
42.1
42.0
41.5
41.4
41.5
41.3
41.5
4.9
4.8
4.7
4.5
4.4
4.2
4.3
4.4
11.29
11.32
11.34
11.40
11.37
11.43
11.49
11.47
7.39
7.39
7.38
7.40
7.36
7.39
7.43
12.21
12.24
12.25
12.28
12.28
12.32
12.40
12.41
392.89
391.67
392.36
394.44
388.85
393.19
397.55
394.57
257.30
255.83
255.44
255.96
251.85
254.33
256.98
515.26
515.30
514.50
509.62
508.39
511.28
512.12
515.02
579.28
575.86
578.12
566.61
563.62
582.86
590.41
583.98
220.11
218.88
219.17
222.03
219.56
220.90
222.82
222.62
2.7
3.3
2.6
2.5
1.1
2.4
3.0
2.4
'.3
-A
-.7
-2.1
-.6
.2
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
. ..
JulyP
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.4
-.0
.8
3
1
Also
2
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) (on a 1982=100 base).
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Period
Total
compensation
Wages and
salaries
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
Benefits"
Total
compensation
Wages and
salaries
12 months earlier
Benefits1
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
1985198619871988198919901991199219931994-
Dec
Dec
Dee
Dee
Dec
Dee
Dec
Dec
Dec
Dec
....
...
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
Sept
Dec
1994- Mar
Sept
Dec
1995- Mar
.
116.9
117.9
118.9
119.9
120.8
121.8
122.8
123.6
124.3
125.2
113.9
114.6
115.6
116.4
117.3
118.3
119.1
119.8
120.6
121.5
1
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.
124.8
126.5
127.7
129.1
130.2
131.5
132.8
133.8
134.0
134.7
1.0
.9
.8
.8
.8
.8
.8
.7
.6
.7
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
Not seasonally adjusted
Seasonally adjusted
1993- Mar
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
0.8
.6
.9
.7
.8
.9
.7
.6
.7
.7
1.5
1.4
.9
1.1
.9
1.0
1.0
.8
.1
.5
3.5
3.6
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.8
2.7
2.7
3.1
3.1
2.9
3.1
2.9
2.8
2.9
2.9
5.6
5.8
5.4
5.0
4.4
3.9
4.0
3.7
2.9
2.6
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistic!
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output1
Business
sector
Hours of all
persons2
Nonfarm
business
sector
Business
sector
Compensation
per
hour3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour4
Business
sector
Nonfarm
business
sector
Unit labor
costs
Business
sector
Implicit price
deflator5
Nonfarm
business
sector
Business
sector
Nonfami
business
sector
1982=100; quarterly data seasonally adjusted
106.3
108.5
109.6
110.7
109.9
110.7
112.1
115.5
117.0
119.4
105.6
107.7
108.6
109.6
108.6
109.1
110.7
113.7
115.2
117.4
116.7
119.9
124.8
130.1
132.3
133.3
132.0
135.5
140.6
148.4
116.8
120.1
125.0
130.6
132.7
133.5
132.2
135.5
141.0
148.5
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.4
120.2
124.2
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.2
122.4
126.5
113.2
118.8
123.1
128.5
133.0
140.6
147.4
154.9
160.1
164.5
112.8
118.4
122.5
127.7
132.0
139.2
146.2
153.7
158.3
162.6
101.5
104.6
104.6
104.8
103.5
103.8
104.4
106.6
106.9
107.1
101.1
104.3
104.1
104.2
102.7
102.8
103.6
105.7
105.7
105.9
106.5
109.5
112.3
116.0
121.0
127.1
131.5
134.2
136.9
137.8
106.8
110.0
112.8
116.5
121.5
127.6
132.1
135.2
137.5
138.5
111.2
113.6
116.6
120.8
126.1
131.2
135.9
138.8
141.5
143.9
111.6
114.2
117.2
121.4
126.5
131.8
136.7
139.9
142.6
145.2
101.1
103.1
105.4
107.0
108.3
110.6
110.8
109.7
110.5
113.0
116.8
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
108.9
111.5
115.0
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
132.6
137.9
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
132.8
137.9
98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
119.6
117.4
118.1
98.9
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
119.2
120.0
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
150.1
157.7
102.1
105.2
109.9
115.0
120.5
125.1
129.8
133.9
142.2
148.8
156.4
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
103.4
105.1
107.1
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
102.5
104.2
106.2
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
132.9
135.1
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
133.5
136.1
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
136.9
140.1
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
137.9
141.2
116.2
116.3
117.0
118.4
114.3
114.5
115.3
116.5
138.1
139.6
140.9
143.9
138.3
139.9
141.5
144.3
118.9
120.0
120.5
121.5
120.9
122.2
122.8
123.8
158.7
159.9
160.6
161.3
157.2
158.1
158.7
159.3
107.0
107.0
107.0
106.6
105.9
105.8
105.7
105.3
136.6
137.5
137.3
136.2
137.4
138.1
137.7
136.8
140.8
141.4
141.6
142.1
142.0
142.5
142.8
143.1
III
118.9
118.5
119.5
120.7
117.0
116.6
117.3
118.6
145.8
147.2
148.8
151.6
146.1
147.3
148.8
151.6
122.6
124.2
124.6
125.6
124.9
126.3
126.8
127.9
163.3
163.6
164.9
166.4
161.2
161.8
162.9
164.4
107.4
106.9
106.8
107.2
106.0
105.7
105.5
105.9
137.3
138.1
138.0
137.8
137.8
138.8
138.8
1,38.7
142.6
143.8
144.5
144.8
143.5
145.1
145.9
146.1
1995- Ir
UP*
121.3
122.2
119.3
120.2
153.2
153.4
153.3
153.5
126.3
125.5
128.5
127.7
167.9
169.5
166.1
167.6
107.3
107.4
106.2
106.2
138.4
138.7
139.2
139.4
145.3
145.6
146.6
146.9
1985
1986
1987
1988
1989
1990
1991
1992
1993 r
1994
-..
1982: IV
1983- IV
1984- IV ....
1985: IV
1986- IV
1987:
19881989:
1990:
1991:
IV
IV
IV
IV
IV
1992: IV
1993- I
II
Ill
IV
1994: I
II
rv
Percent change; quarterly data at seasonally adjusted annual rates
1985
1986
1987
1988
1989
1990
1991
1992
1992- I
II
Ill
rv
1993- I
II ..
Ill
IV
1994: I
II
III
IV ...
1995- Ir
HP*
1
2^4
3.4
4.5
5.0
3.6
4.4
3.5
5.7
4.8
5.1
3.4
2.8
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.0
2.7
0.9
3.1
-.1
.2
-1.3
.3
.6
2.0
.4
.2
0.6
3.1
_. g
.1
-1.4
.1
.8
2.0
.0
.1
3.0
2.8
2.5
3.4
4.3
5.0
3.5
2.1
2.0
.7
3.3
2.9
2.6
3.3
4.3
5.1
3.5
2.4
1.7
.8
3.3
2.2
2.6
3.6
4.4
4.1
3.5
2.2
1.9
1.7
3.7
2.4
2.6
3.6
4.2
4.2
3.7
2.3
1.9
1.8
2.4
2.5
4.4
6.2
-1.8
.7
1.6
2.2
-1.6
.2
1.9
2.2
5.6
4.4
5.7
4.6
5.5
5.0
5.3
4.6
2.8
1.3
2.5
1.1
2.7
1.9
2.2
1.1
.3
2.9
2.3
1.2
1.4
2.7
2.9
.6
3.3
2.2
-1.3
5.1
3.2
2.5
-1.2
5.1
.6
4.2
4.0
8.6
1.0
4.7
4.9
7.9
2.7
3.6
1.7
3.5
3.2
4.2
1.9
3.5
2.5
3.1
1.8
1.7
1.9
2.4
1.5
1.6
-.6
.1
.1
-1.5
-1.1
-.6
-.2
-1.6
4.6
2.5
-.4
-3.2
4.1
2.0
-1.3
-2.5
2.3
1.7
.6
1.2
2.2
1.6
.7
.8
1.7
-1.4
2.7
4.3
5.5
3.7
4.5
7.8
5.2
3.2
4.3
7.7
3.6
5.2
1.3
3.3
3.4
4.7
1.6
3.3
5.1
.9
3.1
3.6
4.9
1.4
2.7
3.8
2.9
-1.7
-.4
1.3
2.7
-1.2
-.8
1.5
3.2
2.3
-.1
-.7
3.1
2.8
0
-.4
1.5
3.5
2.0
.7
1.2
4.5
2.3
.5
2.5
3.0
4.3
.4
4.5
.6
2.2
-2.5
2.0
-2.4
3.8
3.8
4.1
3.6
.7
.4
1.0
.2
1.7
.8
1.6
.6
1.4
.9
1.3
.9
A
1.5
2.7
1.3
1.9
3.4
2.8
4.1
4.4
1.7
.6
-1.0
2.4
4.1
5.3
2.1
.6
3.0
3.3
2.5
.1
-2.3
5.3
1.5
3.3
3.3
4.0
2.3
2.4
3.9
3.4
2.2
4.9
5.6
-2.1
.6
2.2
5.0
-2.2
.4
2.9
4.2
1.8
-1.4
3.2
4.3
2.1
3.0
0.8
2.0
.8
1.0
'.1
1.3
3.0
1.3
2.1
fj
1993
1994r
2.5
.8
3.2
3.4
2.6
.2
-2.4
-.3
2.7
3.3
3.6
2.8
4.1
4.3
1.7
.7
-1.0
2.7
3.8
5.5
1.4
2.1
1.0
1.0
A
3
Output refers to gross domestic product originating in the sector in 1987 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees phis 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 (CPI-U}.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
2
16
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
•Second quarter 1995 data are based on GDP data released July 28, 1995. GDP data for
second quarter 1995 shown elsewhere in this issue of Economic Indicators were released August
30, 1995.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose slightly in July; capacity utilization fell slightly.
INDEX, 1987. 100' (RATIO SCALE)
160
FINAL PRODUaS
150
BUSINESS
FQHIPMFNT
140
INDEX, 1987 = 100' (RATIO SCALE)
140
TOTAL INDUSTRIAL PRODUCTION
130
120
130
120
V
<~-
J
110
*•-'"""
I4U
./I~^
130
120
90
^
— ~**
-^
"/*•*
80
^^^f^'"
NONDURAB £
J
I l l l i
Mill
,M
1 1 1 11 1It 1 11
!4U
UTILITIES AND MINING
UTILITIES
\
120
/
v /— 'y^-''l
M 1 1 M 1 ! n1
1991
.. v
\; -~.
\'
/
1992
1 1 M'J T | 1 1 I 1
I M 1 1 1! i 1 1 !
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
.
^/l
MINING
90
! ! 1 111IM 11
1 ! I M 1 1 1 I! I
PERCENT"
130
|m||
'N
X
1 1 1 1 1
M i l l
,
AND SPACE
EQUIPMENT
""/
100 'V.
--"
"">.. ^_
'
_ S~
110
110
,-.— --•
GOODS
\
.. .
DURABLE
\
:
,'— -~''
.._-. j
100
MANUFACTURING
100
^
^/-^
110
100
^,,-—-'
,/~
-1/
M 1 1 1 i ! 1 ! 11
1993
-—^— ^
"^
11111111111 11 M 1| ii1!1
1994
^\
/"
/I
82
1995
\w\ 1 i i 1 1 1 [ ! 1 1 1 1 1 1 i 1 1 1 J ill! i ! ! 1 1 I1 I I 1 1 1 1 !
1994
199]
1
1992
1993
1 11
l l11iiii11i
1995
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry production indexes, 1987=100
Total
industrial
production
Period
Index,
1987 = 100
Capacity utilization
rate, percent '
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
94.4
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
118.1
1.7
.9
4.9
4.4
1.5
.0
-1.7
3.2
4.1
5.4
91.6
94.3
100.0
104.7
106.4
106.1
103.9
108.0
112.9
119.7
91.8
93.9
100.0
106.6
108.6
107.4
104.2
109.3
116.1
125.5
91.5
94.9
100.0
102.3
103.7
104.4
103.6
106.5
109.3
113.3
109.0
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.2
99.8
99.5
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.2
118.1
80.3
79.2
81.5
83.7
83.7
82.1
79.2
80.2
81.7
84.0
79.5
79.1
81.6
83.6
83.2
81.3
78.0
79.2
80.9
83.4
1994- July
118.2
119.1
119.0
119.5
120.3
121.7
5.5
6.1
5.8
6.0
5.8
6.1
119.8
120.9
120.9
121.5
122.6
124.2
125.2
127.0
127.2
128.0
129.1
131.2
113.6
114.0
113.7
114.2
115.4
116.4
100.1
100.0
100.1
99.2
98.3
100.1
119.0
118.8
116.5
117.2
116.5
115.2
84.1
84.5
84.2
84.4
84.8
85.5
83.3
83.8
83.6
83.8
84.4
85.2
122.0
122.1
122.0
121.2
121.2
121.1
121.3
6.4
5.6
4.6
3.9
3.2
2.6
2.6
124.5
124.2
124.2
123.3
123.2
123.1
122.8
131.6
131.5
131.6
•130.4
130.1
130.5
130.2
116.5
116.1
115.8
115.4
115.5
114.8
114.6
100.0
100.6
100.2
100.7
100.6
100.9
101.9
116.5
119.2
118,9
118.0
120.3
119.2
123.5
85.5
85.3
84.9
84.1
83.9
83.6
83.4
85.2
84.7
84.4
83.5
83.1
82.8
82.3
Get
Nov
Dec
1995- Jan
Feb
Mar
May'
June r
JulyP
1
.
Output as percent of capacity.
Source: B(m:xl of* Governors of tin; Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Equipment
Consumer goods
Period
Total
Total
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- July
Sept
Oct
. .
Dec
1995: Jan
Feb
Apr*"
July**
1
Durable
goods
Nondurable
goods
Total1
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
94.2
95.7
100.0
104.8
106.8
107.0
105.6
109.0
113.4
118.4
93.7
96.8
100.0
102.9
104.0
103.4
103.0
105.9
109.4
113.2
91.6
94.5
100.0
104.6
106.6
102.3
95.5
102.6
110.7
119.4
94.4
97.6
100.0
102.4
103.2
103.8
105.2
106.9
109.2
111.8
94.8
94.5
100.0
107.6
110.9
112.1
109.4
113.4
119.3
126.5
91.1
93.1
100.0
110.7
115.5
116.9
116.5
124.1
134.6
146.7
89.4
96.0
100.0
99.7
100.1
98.8
91.3
86.5
78.5
71.0
88.3
91.9
100.0
101.8
102.0
101.2
96.9
98.8
102.4
108.1
89.1
93.8
100.0
101 5
100.5
98.2
91.8
95.0
98.9
106.8
87.7
90.7
100.0
102.0
103.0
103.2
100.3
101.3
104.9
109.1
96.6
95.9
100.0
105.0
106.7
106.8
105.4
109.2
114.1
121.5
103.4
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.6
105.2
118.5
119.2
118.9
119.2
119.8
121.2
113.3
113.8
113.0
113.0
113.9
115.5
118.0
120.7
119.1
119.4
120.5
123.4
112.2
112.2
111.7
111.5
112.4
113.7
126.4
127.5
128.0
128.8
128.9
130.1
146.9
148.9
149.5
150.9
151.0
152.6
69.9
69.2
68.8
68.7
69.0
68.7
109.1
109.2
108.6
109.9
110.6
110.9
107.9
108.2
108.6
109.7
109.8
111.6
110.0
109.9
108.7
110.1
111.3
110.7
121.4
122.8
122.9
123.4
124.6
126.3
105.2
106.1
105.6
105.2
104.9
105.3
121.6
121.8
121.6
121.0
120.9
121.1
121.3
115.7
115.7
114.9
114.4
114.2
114.2
114.2
124.5
123.4
121.4
119.4
116.3
116.7
114.7
113.6
113.9
113.5
113.3
113.8
113.8
114.2
130.9
131.2
132.0
131.3
131.4
132.0
132.4
153.7
154.5
155.9
154.9
154.9
156.0
156.5
68.6
67.7
67.5
66.8
66.8
66.9
66.4
111.3
110.9
110.7
108.9
109.2
108.8
108.2
112.2
111.0
110.5
108.6
107.3
107.4
106.5
110.9
111.0
110.9
109,3
110.5
109.8
109.4
126.5
126.7
126.7
126.1
126.2
125.8
126.3
105.6
106.6
106.6
106.7
106.7
107.0
108.8
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
Transportation
equipment
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
1985
1986 . . .
1987
1988
1989
1990
..
1991
1992
1993
1994
101.8
93.7
100.0
108.7
107.2
106.5
98.7
101.9
106.9
114.5
104.5
90.8
100.0
112.7
111.2
111.5
100.5
105.1
111.4
118.3
94.5
93.8
100.0
104.2
102.8
99.5
95.3
98.8
103.7
110.8
86.8
90.3
100.0
113.0
117.3
117.6
115.0
124.6
141,1
159.9
93.1
94,3
100.0
108.5
111.0
111.4
113.4
121.9
139.3
160.0
91.8
96.9
100.0
105.2
109.6
107.0
101.3
105.1
105.5
109.7
99.0
98.5
100.0
105.7
106.9
101.0
94.3
107.4
121.1
137.9
88.0
95.1
100.0
100.1
99.4
97.1
90.5
95.8
100.2
106.0
92.6
96.3
100.0
98.1
95.0
92 2
92^9
95.0
94.9
96.3
87.6
90.6
100.0
100.9
101.1
100.8
97.0
97.2
99.3
101.1
91.4
94.6
100.0
106.0
109.2
111.8
111.1
114.7
119.1
124.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.0
109.4
112.8
1994- July
112.7
113.5
116.0
115.9
119.1
123.0
116.1
113.0
118.2
118.8
121.9
129.3
111.7
112.4
111.6
112.2
113.3
115.3
160.6
162.6
164.6
166.5
167.5
168.5
161.5
164.1
165.0
166.9
168.8
172.5
105.7
109.5
108.8
109.0
110.5
111.9
129.6
138.1
137.4
138.4
141.4
144.6
106.8
105.5
107.6
106.7
106.7
110.4
97.0
96.8
96.8
96.9
96.8
97.0
102.1
101.5
100.9
101.4
102.0
101.6
124.7
124.7
123.7
123.8
126.2
128.0
113.4
113.7
114.6
113.4
113.9
114.7
120.9
119.8
120.5
117 8
117.6
115.3
113.6
125.9
124.3
126.1
1226
122.0
118.3
116.5
115.3
114.9
114.6
112 9
113.7
113.6
112.2
171.4
171.1
172.0
172.3
173.3
174.2
175.8
172.9
174.0
175.2
175.1
177.0
178.8
182.6
112.6
113.5
112.9
110.1
107.7
107.9
105.1
146.1
146.7
144.8
139.0
134.4
134.8
130.5
110.2
107.4
105.2
104.9
102.9
103.5
102.2
96.6
95.8
95.4
93.9
93.5
91.6
89.8
101.3
100.8
100.4
99.7
100.2
99.5
99.1
130.4
129.7
129.2
127.8
127.9
127.5
127.4
115.9
115.7
115.4
115.3
116.5
116.6
116.7
Sept
Ort
Dec
1995- Jan
Feb
Mar
May7"
July
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total-
Commercial
and industrial 2
Other
Federal
and
State
and
local
Construction contracts3
Total value
index
(1987=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
377.4
407.7
299.5
419.4
328.7
337.5
345.5
334.7
293.3
1994- July
509.6
509.9
Sept
518.3
521.3
432.3
443.7
442.2
403.4
435.0
464.5
506.9
323.1
315.7
339.2
376.6
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
238.9
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
73.8
51.3
51.6
50.1
51.5
54.6
55.4
58.4
62.1
62.3
63.9
77.8
84.6
90.6
94.7
98.2
107.5
110.1
119.3
125.3
130.3
91
96
100
101
105
95
89
97
105
114
Annual rates
Oct
Nov
Dec
520.2
521.8
521.1
521.4
1995: Jan
Feb
523.5
523.6
514.9
519.6
Julv^
1
Includes residential
2
Includes hotels and
3
P.W. Dodge series.
529.8
1,097
1,016
1,019
973
961
783
577
556
589
715
Annual rates
387.1
386.1
240.5
240.1
242.2
240,5
242.4
243.6
170.0
169.3
170.6
168.3
169.3
169.7
72.2
73.4
76.4
76.9
81.4
80.9
65.7
66.2
65.9
65.6
63.2
61.7
131.2
130.2
133.9
138.3
133.1
135.7
'115
122
118
115
116
108
719
688
710
707
771
688
384.8
383.7
383.3
383.4
376.3
377.6
386.6
241.9
240.2
237.9
235.1
231.8
228.5
232.6
168.6
167.2
163.9
160.1
156.8
153.3
158.3
81.3
82.7
84.7
85.4
82.0
86.4
89.2
61.5
60.7
60.7
62.8
62.6
62.7
64.8
136.2
137.8
140.2
140.2
138.6
142.0
143.2
110
113
'115
'105
115
115
111
786
883
778
632
727
800
713
378.4
379.7
384.5
382.9
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information
Systems Company, F.W. Dodge Division.
improvements, not shown separately.
motels.
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
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1 unit
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
2-4 units
5 or more
units
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
Units
authorized
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
^1,371.6
Units
completed
Homes
sold
Homes for
sale at end
of period J
Vacancy rate
for rental
housing units
(percent) 2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
688
750
671
676
650
534
509
610
666
670
346
357
366
368
365
321
284
265
293
338
6.5
7.3
7.7
7.7
27.4
7.2
7.4
7.4
2
7.3
7.4
7.4
Seasonally adjusted annual rates
1994: June
July
Sept
Oc?
Nov
Dec
1995- Jan
Feb
Mar
May'
July
1
Seasonally
2
1,370
1,440
1,463
1.511
1,451
1,536
1,545
1,174
1,219
1,174
1,235
1,164
1,186
1,250
18
32
40
42
39
62
33
178
189
249
234
248
288
262
1,350
1,347
1,386
1,426
1,401
1,358
1,420
1,333
1,280
1,337
1,400
1,376
1,371
1,388
632
630
672
691
707
642
627
313
317
322
328
330
335
338
1,366
1,319
1,238
1,269
1,282
1,293
1,380
1,055
1.048
987
1,009
988
1,030
1,100
38
42
35
26
36
34
35
273
229
216
234
258
229
245
1,293
1,282
1,235
1,243
1,243
1,275
1,355
1,436
1,302
1,443
'1,334
1,330
1,251
643
575
'612
'607
671
712
715
342
347
'347
'348
347
348
348
adjusted.
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new series beginning in 1994.
Quarterly
data entered in tast month of quarter,
3
The 1994 total based on 17.000 permit-issuing places is 1,333.7 thousand units.
7.2
7.4
7.4
7.7
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units
luthorized are for 17,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In June, manufacturing and trade sales rose 0.7 percent and inventories rose $4.0 billion. According to advance
data, retail sales fell 0.1 percent in July after rising 0.8 percent in June.
BILLIONS OF DOLLARS* (RATIO SCALE]
1,000
900
,^_
~~~\
—\
800
BILLIONS OF DOLLARS* (RATIO SCALE)
4001
^-
350
""
1
300
MA •JUFACTURINC3 AND
TR,ADE INVENTC5RIES
~~"
-/ —'
700
250
600
RETAIL INVENTORIES
,—'--''
500
NUFACTURIN
AND TRADE SALIES
200
400
RETAIL SALES -
150
I
300
RATIO*
1.80
i II II I
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
200
1.50 T^X^v— x
,'V /
TN-^-^^
1.40
- ~_
*• "****.
\s
y-^
AND TRADE
1991
1992
1993
in i i l n in
1994
1.30
1 II I 1
1995
Mill
1 1 i 1 1 1 1 i 1 1 1 1 M M 1 1 1 I! 1 M i l l
1 992
1991
1 993
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade >
Who esale
1995
Sales -
Inventories 3
Inventory-sales
ratio4
Retail
Sales
Sales -
1994
COUNCIL OF ECONOMIC ADVISERS
Period
Inventories3
1 M M
M M 111 M 11
Total
2
Durable
goods
stores
Inventories
Nondurable
goods
stores
Total
3
Durable
goods
stores
Nondurable
goods
stores
Manufacturing
and
trade 1
Retail
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992 ....
1993
1994
1994- Juiw
Ju]v r
Sept
Oct
Dec
1995: Jan
Feb
Mar
May'
June p
410.124
422,583
430,419
457,735
496,079
523,065
542,682
538,485
561,293
593,076
639,770
634,614
632,682
652,889
651,401
653,124
661,904
671.275
649,780
664,089
662,753
709,814
765,270
811,154
834,391
829,685
838,895
860,979
916,550
885,082
889,040
897,787
902,120
908,570
913,833
916,550
112,199
113,459
114,960
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,521
142,452
147,409
153,574
163,903
178,801
187,009
195,550
200,062
207,663
215,878
234,722
107,243
114,586
120,803
128,442
138,017
146,581
153,718
154,661
162,632
172,875
186,414
37,873
41,510
45,057
47,989
52.430
54,763
55,736
54,165
58,634
64,795
73,369
170,884
172,073
176,948
175,960
177,657
178,593
182,830
222,970
225,908
227,257
228,341
231,837
233,858
234,722
185,164
185,124
187,861
189,307
191,492
192,120
192,392
238,272
193,299
240,365
191,868
243,462
193,153
246,867
193,022
247,702
195,107
249,813 '196,737
252,122
196,517
72.421
72,172
74,113
74,973
76.865
77,098
77.047
673,918
675,480
674,797
672,912
678,444
682,921
675 445
928,672
936,091
942,743
952,235
956,516
960.467
182,829
185.056
183,207
184,597
186.244
187.472
186,104
76.775
76.138
76,978
76,549
77.533
'78,675
78,204
1
3
2
4
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are t
sonally adjusted totals for month.
20
69,369
73,075
75,746
80,453
85.587
91,818
97,981
100,497
103,999
108,080
113,045
112,743
112,952
113,748
1 14,334
114,627
1 15,022
115,345
116,524
115,730
116,175
116,473
117.574
' 1 18.062
118.313
167,812
181,881
186,510
207,836
219.047
237,234
239,773
243,275
251 ,994
267.676
290,018
279.006
276,487
283,518
287,248
288,670
289,987
290,018
294,296
296.000
297,200
299,690
300,525
300,643
79.074
88.315
89,983
105,481
112,453
121,347
121,105
119.039
122,948
13:3,70.9
149,07!
140,919
139,479
1 45.033
147,434
148,030
149,081
149.071
152,754
153.826
155.530
157.958
157,842
157,214
88,738
93,566
96,527
102,355
106,594
115,887
118,668
1 24,236
129,046
133,967
140,947
138,087
137,008
138,485
139,814
140,640
140,906
140,947
141,542
142,174
141,670
145,732
142,683
143,429
.Seasonally adjusted, end of period.
Annual data are averages of season ally adjusted monthly ratios,
Note.—Chart does not reflect wholesale trade data released Septemlxr 6,
Source: Department of Commerce, Bure,•an of the Census.
1.53
1.56
1.55
1.50
1.49
1.52
1.52
1.54
1.49
1.44
1.39
1.39
1.41
1.38
1.38
1 .39
1.38
1.37
1.38
1.39
1.40
1.42
1.41
1.41
1.49
1.52
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.51
1.49
1.51
1.52
1.51
1.51
1.51
1.52
1.54
!.54
1.55
1.54
1.53
MANUFACTURERS' SHIPMENTS. INVENTORIES, AND ORDERS
Manufacturers' shipments and new orders fell in July; inventories rose; and unfilled orders were virtually unchanged.
BILLIONS OF DOLLARS' (RATIO SCALE)
320
BILLIONS OF DOLLARS' (RATIO SCALE)
480
440
400
360
SHIPMENTS
, ii" • -i.
TOTAL
280
*^_^-
240
•^
INVbNIORItb
—
- in. ii "
200
*
1
TOTAL
280
XIRABLEGOC IDS
160
,-•-'"
240
' \
/ • rf'
J
200
120
- —-=
,
•,
320
RABLEGOOC
»-"-X""-
* '•-••*'
-•,'--
1
-
160
/
,,---
NO ^DURABLE GCXDDS
80
1 1 1 II 1 1 II ! 1
INN
1 1 1 1 1
i M 1 1 1 1 1 1 1 1 1 1 1 1 il i i i 1 1 < i 1 1 1 1 1 1 1 1 1
\
NDURABLE GC
120
BILLIONS OF DOLLARS' (RATIO SCALE)
320
NFW npnFPS
TOTAL
280
240
-v~/ "—•<•
,
J-Sr~~~~
'
1
80
'—•s^—.
1 1 1 1 1 1 1! 1 1 1
miilmii
™"
200
DURABLE GCXlDS
160
\
120 --~t-*=;
.-,^-i
• *•*• \*
>••%.„.*.-•'
ft
"
. — '"" "*
/
NONI3URABLEGOC)DS
80 1 1 1 1 ll 1 1 1 i 1
1991
I 1 ! 1 1 1 1 1 1 1 1 1 II 1 M 1 1 1 1 1
1992
1 1 M 1 i 1 11 1 1
1993
1994
1 1 j i i ij i 1 1
1995
1991
1995
* SEASONAUY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL Of ECONOMIC ADVISERS
Manufacturers' shipments '
Manufacturers' inventories2
Manufacturers' new orders
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable
goods
Manufacturers'
unfilled
orders2
Manufacturers'
inventory—
shipments
ratio3
Millions of dollars, sef isonally actuated, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- June
July
Sept
Oct
Nov
Dec
1995: Jan
Feb
Mar
May
July
1
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
280,835
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
151,060
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
129,775
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
391,810
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
247,644
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
144,166
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
281,953
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
151,878
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
37,530
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
130,074
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
456,838
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1.37
278,566
275,485
288,080
286,134
283,975
291,191
296,053
150,010
146,472
155,619
154,350
152,586
157,292
159,299
128,556
129,013
132,461
131,784
131,389
133,899
136,754
383,106
386,645
387,012
386,531
388,063
389,988
391,810
241,039
243,392
244,116
243,814
244,925
246,374
247,644
142,067
143,253
142,896
142,717
143,138
143,614
144,166
279,788
274,305
287,222
287,248
285,985
293,716
299,514
151,212
145,251
154,675
155,433
154,150
159,321
162,310
38,055
36,310
37,595
39,056
38,276
40,781
37,759
128,576
129,054
132,547
131,815
131,835
134,395
137,204
449,767
448,587
447,729
448,843
450,853
453,378
456,838
1.38
1.40
1.34
1.35
1.37
1.34
1.32
297,790
161,079
161,206
298,556
161,571
298,437
295,293 157,970
159,612
297,093
298,712 '160,828
155,584
292,824
136,711
137,350
136,866
137,323
137,481
137,884
137,240
396,104
399,726
402,081
405,678
408,289
410,011
412,451
250,251
252,124
253,237
255,334
256,787
257,442
259,440
145,853
147,602
148,844
150,344
151,502
152,569
153,011
164,507
301,724
300,804 163,338
163,042
299,625
155,553
293,069
159,502
297,046
296,754 '159,031
155,629
292,911
41,785
42,055
42,628
40,072
43,115
'42,964
39,905
137,217
137,466
136,583
137,516
137,544
137,723
137,282
460,772
463,020
464,208
461,984
461,937
459,979
460,066
1.33
1.34
1.35
1.37
1.37
1.37
1.41
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seafonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In July, the producer price index for all finished goods was unchanged. Prices of finished consumer foods rose
1.2 percent and prices of other finished consumer goods fell 0.6 percent. Capital equipment prices rose 0.1 percent.
INDEX, 1982 . 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
150
100
1994
1995
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982 = 100; monthly data seasonally adjusted]
Finished goods
Intermediate materials
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Total
Total
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: July
Auer
Sept
Oct
Nov
Dec
1995- Jan
Peb
Mar r
Apr
May
June
July
1
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
125.5
126.2
125.8
125.3
126.1
126.5
127.1
127.3
127.5
127.9
127.9
127.8
127.8
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
126.1
126.4
126.2
126.1
127.3
129.0
128.3
128.7
128.6
128.2
127.4
127.0
128.5
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
125.2
126.0
125.6
125.0
125.6
125.7
126.6
126.9
127.1
127.7
127.9
127.9
127.5
Intermediate materials for food manufacturing and feeds.
22
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
121.7
122.7
122.0
121.4
122.2
122.2
123.2
123.4
123.6
124.4
124.7
124.6
123.9
Durable
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
131.3
131.8
131.9
131.0
131.4
131.6
132.0
132.2
132.0
132.3
132.4
132.6
132.5
Total
Capital
equipment
Consumer goods
Nondurable
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
116.2
117.4
116.3
115.8
116.9
116.7
118.0
118.3
118.6
119.6
120.0
119.7
118.8
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
134.4
134.7
135.0
134.3
134.5
134.9
135.5
135.7
135.9
136.1
136.4
136.7
136.9
finished
consumer
goods
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
123.2
123.9
123.4
122.9
123.9
124.3
124.8
125.1
125.3
125.7
125.7
125.5
125.4
Total
Foods
and
feeds1
Other
Crude materials
Total
Foodstuffs
and
Other
stuffs
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
118.2
119.0
119.5
119.9
120.9
121.4
123.0
123.9
124.4
125.1
125.4
125.5
125.5
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
112.6
112.9
113.5
112.5
112.5
111.9
112.3
112.2
112.6
111.5
110.4
111.5
113.2
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
118.5
119.3
119.8
120.3
121.4
121.9
123.5
124.5
125.0
125.8
1-26.2
126.2
126.2
Source: Department of Labor, Bureau of Labor Statistics.
94.8
96.9
95.8
81.6
87.7
93.2
87.9
93.7
96.2
85.5
96.0 106.1
93.4
103.1 111.2
108.9 113.1 101.5
94.6
101.2 105.5
93.5
100.4 105.1
94.7
102.4 108.4
94.8
101.8 106.5
97.8
102.6 103.9
98.5
102.6 102.8
94.7
100.1 102.6
94.4
99.5 101.5
94.7
100.1 102.4
100.6 102.3
95.6
100.9 102.3 96.0
102.5 103.6
97.8
97.4
101.2 101.1
103.3 100.1 101.3
102.5
97.1 102.0
103.2 101.0 100.5
96.7
102.4 105.1
CONSUMER PRICES—ALL URBAN CONSUMERS
In July, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted (it was unchanged
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)
160
160
SEASONALLY ADJUSTED
150
150
140
140
130
130
120
120
110
110
100
100
90
90
1987
1988
1989
1991
1992
1993
1995
1994
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
All items '
Shelter
Period
Rd. imp.3
1985
1986
1987
1988
1989
1990
1991 . ...
1992
1993
1994
1994: July
Aug
Sept
Oet
Nov
Dee
1995: Jan
Feb
Mar
Apr
May
June
July
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
1000
107.6
109.6
113.6
1183
1240
1307
1362
1403
1445
1482
148.4
149.0
149.4
149.5
149.7
149.7
150.3
150.9
151.4
151.9
152.2
152.5
152.5
148.5
149.1
149.4
149.6
149.8
150.1
150.6
151.0
151.3
151.9
152.3
152.5
152.8
Pood
Total'
Total
15.8
105.6
109.0
113.5
1182
125 1
1324
1363
1379
1409
1443
144.7
145.4
145.7
145.8
146.0
147.1
146.7
147.1
147.1
148.2
148.3
148.4
148.7
41 2
107.7
110.9
114.2
1185
123 0
1285
133 6
137 5
141 2
1448
144.7
145.1
145.4
145.7
145.9
145.9
146.5
146.9
147.2
147.6
147.8
148.1
148.5
280
109.8
1158
121.3
127 1
132 8
140 0
1463
151 2
155 7
1605
160.2
160.9
161.3
161.8
162.2
162.3
162.8
163.3
163.8
164.4
165.0
165.3
165.8
Renters'
costs
(Dec.
1982=
100)
80
115.4
121 9
1281
133 6
138 9
1467
1556
1609
1650
1694
168.5
169.2
169.1
169.7
170.2
170.1
170.5
171.0
172.0
172.7
173.4
173.5
174.1
Homeowners'
(Dec.
1982=
100)
199
113.1
1194
1248
131 1
1373
1446
1502
1553
1602
1655
165.3
166.1
166.8
167.3
167.7
167.8
168.4
168.9
169.2
169.8
170.4
170.8
171.3
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, ete.- ind motor fuel. Motor oil, coolant,
et«. excluded beginning 1983.
3
Relative importance, December 1994.
Maintenance
and
repairs
(NSA)
0.2
106.5
107.9
111.8
1147
1180
1222
1263
1286
1306
1308
131.3
131.2
131.6
130.8
131.2
132.7
133.1
133.8
134.2
134.2
134.6
135.0
135.1
Fuel
and
other
utilities
parel
and
upkeep
Total1
New
cars
7.1
106.5
104.1
103.0
1044
107 8
111 6
1153
117 8
121 3
1228
122.8
123.0
122.6
122.6
122.9
122.7
123.3
123.3
123.1
123.4
122.9
123.4
123.5
57
105.0
1059
110.6
1154
118 6
124 1
128 7
131 9
133 7
133 4
134.2
133.0
133.1
132.8
132.4
132.1
133.0
132.2
132.2
132.1
131.7
131.3
131.6
17 1
1064
1023
1054
1087
114 1
1205
1238
1265
1304
1343
134.7
136.0
136.2
136.1
136.3
136.6
137.4
137.9
138.7
139.7
140.3
140.9
140.3
41
1061
1106
1146
116 9
1192
121 0
1253
1284
131 5
1360
136.5
136.9
137.5
137.6
137.4
137.6
137.7
138.1
138.1
138.9
139.0
139.2
139.0
Motor
fuel
Medical
care
Energy2
31
98.7
771
802
809
885
101 2
994
990
980
985
98.8
101.8
101.1
100.4
101.1
101.3
101.7
101.3
100.9
101.5
103.5
103.8
101.9
73
1135
1220
130 1
138 6
1493
162 8
1770
190 1
201 4
211 0
211.5
212.4
213.3
214.3
215.2
216.2
216.9
217.6
218.2
218.8
219.5
220.2
221.0
101 6
882
886
893
943
102 1
102 5
103 0
104 2
1046
104.4
105.9
105.3
105.0
105.5
105.4
105.7
105.6
105.1
105.5
106.0
106.5
105.6
70
items
less
food
and
energy
77 2
109 1
113 5
1182
123 4
1290
135 5
142 1
147 3
152 9
156 5
157.0
157.4
157.7
158.0
158.3
158.5
159.2
159.6
160.1
160.7
161.0
161.3
161.7
NOTE.—Data incorporate a rental equivalence measure for homeownership costs (beginning
1983).
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[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
Total
Capital
equipment
Excluding
foods
Foods
finished
goods
Excluding
foods
Foods
Capital
equipment
Capital
equipment
Total
finished
goods
Excluding
foods
Foods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1.8
-2.3
22
4.0
4.9
5.7
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
0.6
2.8
__2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
1
1.6
2
1.7
2.1
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.0
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
Change, month to month
1994- Julv
0.2
.6
Sept
Oct
0
0.4
2
-'.2
-.1
1.0
1.3
-.5
.3
-.1
r
-.3
-.6
-.3
1.2
-.4
.6
.3
.5
_2
2
']3
0
Dec
1995- Jan
Feb
Mar r
-I
o'
Julv
0.2
.8
-.6
-.5
.7
0
.8
.2
.2
'.6
.2
-.1
-.6
0.1
.2
.2
-.5
.1
.3
.4
.1
.1
^.1
2
_2
.1
1.0
3.6
1.9
-6
-.3
2.2
5.9
3.9
3.2
2.5
1.9
'.9
-.3
-2.2
1.0
1.9
0
2.9
9.2
7.2
4.5
-1.2
3
-4.0
'-4.9
.9
1.7
5.0
2.0
-1.0
-1.6
.7
6.1
4.0
4.7
4.0
4.3
'3.3
-1.6
1.0
1.6
1.0
2
2.1
1.8
2.1
-.3
-.6
-.3
3.6
3.6
3.0
1.8
2.1
'2.4
2.4
1.8
2.3
1.5
.3
1.7
1.3
2.5
1.1
2.6
5.0
4.1
4.0
1.1
-2.0
-.9
-1.9
-1.1
i'.e
1.9
5.5
3.5
3.7
3.8
3.4
2
-3.1
.3
2.1
2.6
1.8
2.7
4.2
2.9
2.1
1.1
2.3
2.4
2.6
.9
.6
.9
1.6
1.5
1.3
2.7
2.8
2.7
2.1
.6
1.9
1.5
1.0
1.3
1.7
1.7
1.7
1.8
2.1
2.2
2.1
1.8
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
Period
All
items1
Shelter
Food
TotaP
Total i
Homeowners'
costs
Renters'
eOStS
Fuel
and
other
utilities
Apparel
and
Total1
upkeep
New
cars
Motor
fuel
Medical
care
Ener-
gy2
All
items
less
food
and
energy
Addendum: All items, percent change
(annua rate)
From
previous
quarter 3
From 3
months
earlier
From 6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
3.8
1.1
4.4
4.4
4.6
6.1
31
2.9
2.7
2.7
26
3.8
3.5
5.2
5.6
5.3
19
1.5
2.9
2.9
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
6.3
5.0
3.9
3.9
4.5
6.7
42
2.8
2.6
2.3
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
.2
3.4
5.9
1.8
2.1
2.3
1.4
3.3
2.3
2.8
3.2
3.1
-30.7
18.7
-2.!
6.8
36.5
-16.0
1.8
-5.4
5.9
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
2.2
4.3
3.8
4.2
0.4
.3
.4
.1
-.1
.1
.1
.3
0
.6
.1
.1
-.1
2.8
3.0
-.7
-.7
.7
_2
.4
-.4
-.4
.6
2.0
.3
-1.8
0.4
.4
.4
.5
.4
.5
.3
.3
.3
.3
.3
.3
.4
1.4
1.4
-.6
0.2
.3
2
2
2
2.6
2.8
.9 -5.9
6.1
4.8
4.7
3.0
4.0
1.0
5.1 10.4
3.4 -1.5
3.0
1.4
2.4
.9
3.8
-1.6
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
4.7
4.4
5.2
4.4
3.3
3.2
2.6
Change, month to month
1994: July ...
Aug ....
Sept ...
Oct ....
Nov ....
Dec ....
1995: Jan ....
Feb ....
Mar ...
Apr ....
May ...
June ..
July ...
0.3
.4
2
.1
.1
_2
.3
.3
2
.4
.3
.1
2
1
0.6
.5
2
.1
.1
.8
-.3
.3
0
.7
.1
.1
2
0.2
.3
' .2
o
JL
0
.4
.3
_2
.3
.1
_2
.3
0.3
.4
2
'.3
2
.1
.3
.3
.3
.4
.4
_2
.3
0
.4
-.1
A
.3
-.1
_2
.3
.6
.4
.4
.1
.3
0.2
.5
.4
.3
2
.1
.4
.3
_2
.4
.4
_2
.3
0.2
2
-'.3
0
.2
-.2
.5
0
-.2
_2
-.4
.4
.1
-0.4
-.9
.1
_ 2
-'.3
— 2
.7
-.6
0
-.1
-.3
-.3
2
0.7
1.0
.1
-.1
.1
.2
.6
.4
.6
.7
.4
.4
-.4
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc,—and motor fuel Motor oil, coolant,
etc., excluded beginning 1983.
2
24
3
q
.5
-.1
.3
-.1
— .5
.4
.5
.5
-.8
!i
.4
.3
.3
.4
.2
.2
.2
3.6
2.2
3.2
3.2
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.0
4.1
3.6
3.0
1.9
1.9
2.7
3.2
3.2
3.5
3.5
3.2
2.4
2.9
3.2
3.2
3.0
3.0
2.7
2.8
2.6
2.6
3.1
3.4
3.2
2.9
2.8
2.9
3.0
2.6
2.7
2.7
2.8
2.9
2.9
3.1
3.2
3.0
2.8
PRICES RECEIVED AND PAID BY FARMERS
In August, prices received by farmers were unchanged from their July level. Prices paid by farmers in July were
unchanged from their April level. (Data are not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)
INDEX, 1990-92=100 (RATIO SCALE)
120
120
110
110
PRICES PAID
100
100
PRICES RECEIVED
90
90
80
i iM11 11 i11
1 i 11i 1111 11
M 1 1 1 i 1 1 1 II
M
1 1 1 1 1 1M 1
1 1 11 1 1111
1 M 1 11M 1 M
1 1 1 1 1 1 1 11
RATICD-^
140
140
-
PATIO
^
100
80
RAT
-
*~
-
60
nil ilin II
1987
rOr^—*—i
1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1
_ f.
'
120
-
^
r"^"""""""""" —^^
1—"—"""""""""H
'
'
80
-
1 I I I 1 1 1 1 I I I 1 1 1 1 il 1 1 1 1 1 1 1 1 1 ill 1 1 1 1
1991
1990
1989
1988
100
,,
1 11 1M 11111
1993
1992
Illlll
1994
Jy RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
60
i i I ill
1995
COUNCIL OF ECONOMIC ADVISERS
[1990-92=100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- Aug
Sept
Oct
Dec
1995: Jan
Peb
Apr .
May
June
July
Am?
1
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
91
87
89
99
104
104
100
98
101
100
98
87
86
104
109
103
101
101
102
105
86
88
91
93
100
105
99
97
100
95
86
85
87
91
96
99
100
101
103
106
87
85
87
92
97
99
100
101
103
106
91
86
87
90
95
99
100
101
103
106
106
103
102
108
108
105
99
97
98
94
97
97
95
95
98
101
102
99
100
106
94
91
89
90
90
(3)
(3)
106
(33)
()
(3)
(3)
104
(33)
()
(33)
()
105
(3)
(3)
92
92
90
90
92
98
98
100
100
100
100
'101
101
103
102
109
114
115
112
'113
112
93
94
93
90
88
90
91
92
108
(3)
(3)
108
(3)
(3)
108
(3)
107
(3)
(3)
107
(3)
(3)
107
(3)
106
(3)
(3)
107
(3)
(3)
107
(3)
91
91
93
93
93
93
94
94
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates. See also footnote 3.
3
Prices paid by farmers are available only for first month in quarter, and for each month
the receiveoVpaid ratio is based on latest data available.
All commodities,
services, interest,
taxes, and wage
rates'
NOTE.—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
In July, growth slowed in M2 and in M3.
BILLIONS OF DOLLARS' (RATIO SCALE)
4,800
4,400
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
UJJJJ400
* AVERAGES OF t)Ail¥ FIGURES; SEASQNAilY ADJUSTED ,
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECQNOMC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1985.
1986198719881989'
199019911992199319941994-
Dee
Dee
Dec
Dec
Dee
Dee
Dec
Dec
Dec r
Dec
June'"
July' ..
Sept'
Oct'
Nov
Dee'
1995- Jan'
Feb'
Mar'
May'
July
1
Ml
M2
M3
L
Debt
Sum of currency,
demand deposits,
travelers' cheeks,
and other
checkable deposits (OCDs)
Ml plus overnight
EPsand
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and savings and small time
deposits
M2 plus large
time deposits,
term KPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt of
domestic
uonfiuancial
sectors
(monthly
average) *
2,576.1
2,820.3
2,922.3
3,083.6
3,243.1
3,355.9
3,457.9
3,515.3
3,583.6
3,616.2
3,200.2
3,488.7
3,675.8
3,915.7
4,066.1
4,123.0
4,176.0
4,182.9
'4,242.3
4,303.4
3,827.5
4,129.1
4,334.8
4,670.1
4,896.5
4,973.5
4,990.9
5,061.1
'5,147.1
5,269.9
6,902.1
7,785.2
8,544.6
9,315.0
10,045.5
10,693.8
11,178.2
11,716.7
'12,344.2
12,957.6
3,605.2
3,616.7
3,614.9
3,614.0
3,609.9
3,611.3
3,616.2
4,256.2
4,274.2
4,273.8
4,279.9
4,286.2
4,291.5
4,303.4
5,193.1
5,218.2
5,227.6
5,225.7
5,238.3
5,249.0
5,269.9
12,652.5
12,678.3
12,741.5
12,798.8
12,845.7
12,915.1
12,957.6
3,627.9
3,623.5
3,631.0
3,643.8
3,660.0
3,695.7
3,714.6
4,326.1
4,335.7
4,358.7
4,381.1
4,410.2
4,456.7
4,489.8
5,295.8
5,336.6
5,380.6
5,411.2
5,445.5
r 5,489.0
13,012.5
13,092.7
13,152.6
13,202.6
13,267.0
e 13,337.9
619.9
724.4
749.8
786.9
794.2
825.9
897.3
1,024.4
1,128.6
1,148.0
1,147.0
1,152.2
1,150.8
1,151.0
1,148.2
1,147.6
1,148.0
1,149.0
1,147.3
1,147.9
1,149.7
1,143.0
1,143.8
1,145.0
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfmaneial sectors; data from flow of funds accounts.
a
Annual changes are from December to December and monthly changes are from 6 mont!is
earlier at a simple annual rate.
26
Percent change from year or 6
months earlier2
Ml
M2
12.3
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.7
3.3
3.5
2.4
1.7
,9
.7
.2
-6
-.6
-.5
.3
o
-'.7
>7
Nom—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System,
8.3
9.5
3.6
5.5
5.2
3.5
3.0
1.7
1.9
.9
1.2
1.5
1.6
.9
.2
.2
.6
.6
.5
.9
1.9
2.7
4.4
4.8
MS
7.3
9.0
5.4
6.5
3.8
1.4
1.3
.2
1.4
1.4
.7
1.3
2.0
1.9
1.7
1.9
2.2
2.4
2.9
3.7
4.4
5.5
7.1
7.6
Debt
14.8
12.8
9.8
9.0
7.8
6.5
4.5
4.8
5.4
5.0
5.0
4.7
4.9
4.8
4.6
4.8
4.8
5.3
5.5
5.5
5.6
5.4
5.9
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Overnight
Period
Currency
DeOther
mand checkable
depos- deposits
its
(OCDs)
Money i larket mutual fund balances
chase
Genagreeeral
ments
pur(RPs),
pose
net, plus
and
overnight broker/
Eurodealer
dollars1
Institution
only
Savings
deposits,
including
money
market deposit accounts
(MMDAs)
Large
denomination
time
deposits 2
Small
denomination
time deposits '-
NSA
1986:
1987;
1988.
!S89:
!99O
)991:
1992:
1993:
1994:
1994:
Dec
Dee
Dee
Dee
Dec
Dec
Dee
Dec
Dee
June
Sept
Oct
Nov
Dec
1995: Jan
Feb ..
Mar
Apr'
May'
June'
July
Term
repurchase
agree
ments
(RPs)
Term
Eurodollars
(net)
NSA
NSA
1679
180.7
196.8
2122
222.6
2468
267.4
292.8
322.1
354.5
340.0
3428
345 1
347.2
350.0
3530
354.5
266.6
302.1
286.8
286.8
279.3
277.4
289.5
338.9
383.9
382.2
386.3
388 1
386.6
386.5
384.5
3825
382.2
179.8
235.6
259.5
280.9
285.4
2939
332.7
384.6
414.7
402.9
412.5
413 1
410.8
408.9
405.4
4038
402.9
763
84.9
87.3
85 1
81.5
777
79.9
83.1
96.5
'117.1
'106.8
'109 5
'111 0
'112.0
'114.0
'113 4
'117.1
178.0
210.6
224.5
245.9
322.4
358.2
374.2
356.9
360.1
389.0
370.7
376 1
377.0
377.4
379.5
383 3
389.0 .
64.1
84.5
91.1
90.5
107.2
1340
180.0
200.2
198.1
180.8
177.9
1787
177.4
176.3
180.8
180 5
180.8
8154
941.0
937.7
9267
891.0
920 5
1,041.2
1,183.6
1,215.7
1,144.2
1,206.8
1 2012
1 1926
1,183.7
1,171.0
1 1578
1,144.2
885.7
859.0
922.7
1 038.6
1,153.7
1 174.0
1,066.6
869.2
785.1
'820.3
772.9
7765
'782.8
'789.6
'799.6
'8104
'820.3
357.7
3588
362 5
365.7
368.1
367.4
367 1
383.6
384.1
3833
381.2
380.6
386.8
3895
399.3
3959
3933
393.6
385.0
380.6
3795
'123.8
'1183
'118 2
115.8
116.5
117.3
114 5
392.1
391 5
3909
396.0
405.3
425.9
441 5
186.3
1804
1890
192.9
194.8
205.6
212 4
1,129.8
1 111 9
1 0949
1,082.4
1,081.4
1,091.1
1 091 5
'835.7 '361.9 '109.4
'855.4 '371.2 '113 4
'8782 '3786 '1134
896.8
380.3 116.5
910.7
386.0
121.7
917.5 389.9 119.8
921 7 3993 1152
1
Includes continuing contract RPs.
Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.
2
422.4
420.2
467.0
518.3
541.5
480.9
416.6
353.8
33° 7
'361.4
335.0
3384
'342.0
'348.2
'353.6
'3574
'361.4
62 5
81.1
107.3
123.2
100.4
909
73.3
82.0
97.6
'105.6
'102.1
'102 8
'101.0
'101.7
101.9
'103 1
'105.6
Savings
bonds
Shortterm Bankers'
Treasacury
ceptsecuriances
ties
Commercial
paper
795
91.8
100.6
109.4
117.5
126.0
137.9
156.6
171.5
180.3
176.7
177 7
178.5
179.1
179.5
1799
180.3
2983
280.1
253.2
269.5
326.0
3334
318.5
336.2
334.2
'371.0
'358.3
'361 9
'366.1
'361.6
'359.5
'362 7
'371.0
42 1
37.1
44.5
402
40.6
359
23.8
20.8
14.9
'14.0
'14.9
'132
'13 8
'14.8
'13.1
'135
'14.0
2075
231.3
260.6
3354
346.4
3552
334.8
364.5
387 1
'401.3
'387.0
'391 1
'3954
'390.2
'3999
'401 4
'401.3
180.5
53.1
563 180.4
'583 1805
59.8
180.9
60.6
181.6
61.7 P 182.3
63 1
'372.9
'392.5
'4056
404.5
397.7
P411.2
'13.4
'13 3
'140
13.9
12.3
cll.3
'4028
'414 7
'421 7
430.8
443.8
P 427.5
769
85.1
91.6
106.3
83.8
71 6
59.4
45.9
46.5
52.4
50.3
510
51 2
52.1
52.7
545
52.4
NOTE.—Travelers cheeks of nonbank issuers are a component of money stock but are not
shown here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures '; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowings of depository institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
1985:
1986198719881989199019911992:
199319941994:
Dec
Dec
Dec .
Dec
Dec
Dec
Dee
Dee . . .
Dec
Dec
July
Sept
Oct
Nov
Dec
1995- Jan
Feb
Mar
Julv
1
31,452
38,940
38,856
40,399
40,498
41,771
45,536
54,354
60,502
59,342
60,105
59,839
59,794
59,496
59,401
59,342
59,124
58919
58,552
57,957
57,761
57,353
57,655
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
30,133
38,113
38,078
38,683
40,232
41,445
45,343
54,230
60,420
59,133
59,647
59.370
59,307
59,116
59,152
59,133
58,988
58,860
58,483
57.847
57,611
'57,080
57,284
Nonborrowed
plus
extended
credit
30,633
38,416
38,562
39,927
40,252
41,468
45,344
54,231
60,420
59,133
59,647
59.370
59,307
59,116
59,152
59,133
58,992
58,860
58,483
57,847
57,611
'57,080
57,284
Required
30.415
37,570
37,809
39,352
39,575
40,106
44,557
53,199
59,440
58,174
58,998
58,835
58,734
58,693
58.394
58^174
57,785
57,973
57,757
57,204
56,881
56.388
56.566
Monetary
base
203,539
223,574
239,775
256,897
267,713
293,275
317,432
351,116
386,602
418,223
407,175
409,243
411,337
413,854
416,788
418,223
421,054
422,312
425,350
428,126
430,686
'429,722
429,585
Total
1,318
827
777
1,716
265
326
192
124
82
209
458
469
487
380
249
209
136
59
69
111
150
272
371
Seasonal
56
38
93
130
84
76
38
18
31
100
364
445
444
339
164
100
46
33
51
82
137
172
231
Extended
credit
499
303
483
1.244
20
23
1
1
0
0
0
0
0
0
0
0
4
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.9 percent In July; commercial and industrial loans rose 0.6 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200 -
3,600
3,200
AIL COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
- LOANS AND LEASES -
1,600
1,600
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
400
400
OTHER SECURITIES
200
200
160
160
120
t t it i t i it t t
1988
I I M M I I i I IM I M I I I I I I
1989
M I MI I I I M
I I I I I I t I I I I
i i t i i 1i i i i i
1992
1991
1990
) ) M I M ) I If
1993
j ) M M M I M , 120
1994
*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted'
Loans and leases in bank credit
Securities in bank credit
Period
19881989:
19901991:
1992:
19931994:
Dec ...
Dec
Dec
Dec
Dec
Dec
Dec'
1994: July
Aug
Sept
Oct' .
Nov
Decr
1995: Jan'
Feb'r
Mar
Apr' .
May'
June r
July
Total
bank
credit
Keal estate
U.S.
Total
loans and
leases2
Commercial and
industrial
367.2
400.3
455.8
565.2
664.9
730.3
720.3
195.3 1,873.4
184.6 2,023.7
178.2 2,116.3
180.0 2,109.8
176,5 '2,108.2
185.3 2,190.6
226.8 2,368.9
607.6
638.8
640.3
619.0
'594.6
584.5
644.3
674.6
769.5
854.3
878.8
898.5
938.3
999.8
40.1
50.3
62.3
69.8
73.7
73.4
76.2
634.5
719.2
792.0
809.1
824.9
864.9
923.6
357.8
378.3
383.3
366.7
358.8
390.8
452.1
40.6
41.3
44.9
54.0
63.3
85.8
70.9
192.8
195.8
193.5
191.2
193.1
191.1
201.8
975.6
969.8
968.0
961.6
951.5
947.1
'751.5
'746.1
741.5
'731.9
724.3
720.3
224.1 2,280.5
223.6 2,299.2
'226.6 '2,314.2
229.7 2,330.7
227.2 2,346.2
226.8 2,368.9
618.8
'623.5
'627.9
633.9
639.5
644.3
965.6
973.2
981.1
986.0
991.5
999.8
74.0
74.4
74.9
75.1
75.7
76.2
891.6
898.9
906.2
910.9
915.8
923.6
423.1
429.3
434.5
441.6
445.7
452.1
77.2
75.0
69.7
70.4
69.7
70.9
195.8
'198.2
'201.0
198.8
199.8
201.8
945.6
937.4
942.2
984.6
981.3
980.7
968.5
721.8
717.2
705.2
704.0
706.7
705.9
698.3
2,403.2
2,424.8
2,444.9
2,468.3
2,497.6
2,512.6
2,534.5
657.2
668.9
672.0
678.4
686.4
688.9
692.9
1,015.1
1,022.7
1,028.3
1,035.6
1,039.9
1,047.1
1,056.9
76.7
77.0
77.3
78.0
78.7
79.3
79.7
938.4
945.7
951.1
957.6
961.1
967.8
977.2
457.4
459.6
465.2
471.3
473.0
478.2
481.5
68.6
67.8
69.7
72.9
84.2
85.0
83.1
204.8
205.8
209.6
210.2
214.0
213.4
220.2
Total
securities
Government
securities
2,435.8
2,608.6
2,750.4
2,855.0
'2,949.6
3,106.1
3,316.0
562.4
584.9
634.1
745.3
841.4
915.6
947.1
3,256.2
3,269.0
3,282.2
3,292.3
3,297.7
3,316.0
3,348.7
3,362.2
3,387.0
3,452.9
3,478.9
3,493.3
3,503.0
Other
securities
223.8
220.1
236.9
280.5
274.6
274.8
270.2
1
Data arc Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign hanks, New York State investment
companies, and foreign-related institutions. Data are adjusted for breaks caused by reelassifications of assets and liabilities.
28
Total
Revolving
home
equity
Consumer
Security
Other
Other
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
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
Total
Total
Total
493.8
538.8
564.7
634.2
567.9
535.5
471.7
560.5
552.8
689.6
447.7
545.1
599.0
619.3
658.1
696.9
717.4
686.1
857.4
1985
1986
1987 .
1988
1989
1990 ...
1991
1992
1993
1994
1993- I
II
Ill
IV
1994: I
n
Ill
IV
1995- I"
351.9
336.7
375.9
404.3
399.6
411.6
426.0
438.4
462.3
499.8
436.4
450.7
476.4
485.7
501.5
498.6
500.2
499.1
509.2
Capital
expenditures3
Credit market funds
Internal1
142.0
202.1
188.8
229.9
168.2
123.9
45.7
122.2
90.5
189.8
11.3
94.4
122.6
133.6
156.6
198.3
217.2
187.0
348.2
Securities
and mortgages
84.7
148.1
89.3
95.0
68.0
48.3
8.7
67.9
62.5
79.0
31.8
76.9
77.1
64.2
109.7
121.7
64.5
20.1
187.5
Loans and
short-term
paper
71.5
83.0
49.4
99.8
105.6
68.3
-87.4
.9
-17.5
105.2
-52.1
11.0
-21.9
-6.8
98.2
90.4
107.4
124.9
197.1
13.2
65.1
39.9
-4.7
-37.6
-20.1
96.1
67.0
80.0
-26.2
83.9
65.9
99.0
71.0
11.5
31.3
-42.9
-104.8
-9.6
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings
retained abroad.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in the U.S.
Other"
57.3
54.0
99.4
134.9
100.2
75.6
37.0
54.3
27.9
110.8
-20.6
17.5
45.6
69.4
46.9
76.6
152.8
166.9
160.6
Increase in
financial
assets
370.2
344.2
361.5
391.0
401.1
402.8
379.8
386.0
440.4
510.4
424.7
441.5
444.1
451.2
462.1
507.7
519.6
552.3
581.1
467.2
501.7
492.3
575.8
509.4
488.7
435.3
527.8
523.4
663.1
426.1
530.4
550.0
587.2
631.6
661.8
681.5
677.7
821.7
Discrepancy
(sources
less
uses)
97.0
157.5
130.9
184.8
108.3
85.9
55.6
141.8
83.0
152.7
1.4
88.9
105.9
136.0
169.5
154.1
161.9
125.4
240.6
26.7
37.1
72.4
58.4
58.4
46.7
36.4
32.8
29.3
26.4
21.6
14.6
49.0
32.1
26.5
35.0
35.9
8.4
35.6
3
Plant and equipment, residential structures, inventory investment, and mineral rights from
U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Installment credit outstanding (end of period)
Net change in installment credit outstanding1
Period
Total
1985- Dec
1986- Dec
1987:
1988:
1989:
19901991:
1992:
1993:
1994:
Dec
Dec3
Dec
Dec
Dec
Dec
Dec
Dec
1994: June
•July
Sept
Get
Dec
1995- Jan
Feb
Mar
Apr rr
May
June
Automobile
Revolving
Total
210,238
247,772
266,295
285,364
291,531
283,072
259,594
257,436
280,566
317,237
121,758
135,825
153,064
174,269
199,162
223,517
245,281
258,081
286,588
334,511
185,664
188,408
189,316
202,921
226,508
228,309
223,514
215,331
223,197
251,106
75,057
54,347
36,669
53,878
(4)
17,698
-6,509
2,458
59,504
112,502
36,674
37,534
18,523
19,069
(4)
-8,459
-23,478
-2,158
23,130
36,671
21,478
14,067
17,239
21,205
(4)
24,355
21,764
12,800
28,507
47,923
16,906
2,744
908
13,605
(4)
1,801
-4,795
-8,183
7,866
27,909
842,293
849,930
863,484
873,606
882,210
895,627
902,853
298,906
300,590
304,330
308,654
311,197
315,213
317,237
308,310
312,717
319,687
322,035
324,655
332,402
334,511
235,078
236,623
239,467
242,916
246,358
248,012
251,106
10,120
7,637
13,554
10,122
8,604
13,417
7,226
4,008
1,684
3,740
4,324
2,543
4,016
2,024
3,790
4,407
6,970
2,348
2,620
7,747
2,109
2,324
1,545
2,844
3,449
3,442
1,654
3,094
914,260
918,968
933,717
945,239
958,313
967,935
319,408
321,175
323,502
325,232
329,124
332,103
340,450
345,630
352,741
359,641
367,103
373,143
254,402
252,164
257,474
260,366
262,085
262,690
11,407
4,708
14,749
11,522
13,074
9,623
2,171
1,767
2,327
1,730
3,892
2,979
5,939
5,180
7,112
6,899
7,463
6,040
3,296
-2,238
5,310
2,893
1,719
604
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.
Automobile
Other"
Other"
517,659
572,006
608,675
662,553
717,200
734,898
728,389
730,847
790,351
902,853
Revolving
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.
OQ
INTEREST RATES AND BOND YIELDS
Short-term interest rotes fell in August; longer rotes rose.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
A
CORPORATE Aaa BONDS
/ \
(MOODY'S)
1
\/
/
r
V
V-'\
\
„/
/' ^"^
\^~ s-
NT,,-.^
/\
TREASURY
BILLS
^
~\
v
6
^d-
\ / /r
—'
-/'
I ,
RATE
-••4.-...
b^i_
FEDERAL
RESERVE
/
.,/r
S, 1
I'":.
MM!
1 1 1 1 1
M i l l
1988
!
I 1 I 1
I II
I 1 I
r^
\
MEW YORK
1987
^\s
/
v/-
I
DISCOUNT
BANK OF
ll M i 1
v
^
/
1 1 1 M IM M 1
1 1 1 1 l i 1 1 1 M
1990
1991
1989
M i l l
II
,/H
.'-
1 11
4
! M
1992
I 1 1 1 1 1 1 1
M
1993
Mill
M i 1 M 1 1 1
1994
LL : LJ.IF
2
1995
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) l
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: Aug
Sept
Oct
Nov
Dec
1995- Jan
Feb
May
June
July
Aug
Constant maturities
2
High-grade
municipal
bonds (Stand-
ard &
3-year
10-year
Corporate
Aaa bonds
(Moody's)
Poor's) 3
Prime commercial
paper,
6 months l
Discount rate
(N.Y. P.K.
Bank)
4
Prime rate
charged by
banks 4
New-home
mortgage
yields
(FHFB) 5
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
4.50
4.64
4.96
5.25
5.64
6.50
6.69
7.04
7.44
7.71
7.24
7.46
7.74
7.96
7.81
6.19
6.33
6.50
6.96
6.76
8.07
8.34
8.57
8.68
8.46
5.19
5.32
5.70
6.01
6.62
3.50-4.00
4.00-4.00
4.00-4.00
4.00-4.75
4.75-4.75
7.25-7.75
7.75-7.75
7.75-7.75
7.75-8.50
8.50-8.50
7.67
7.70
7.76
7.81
7.83
5.81
5.80
5.73
5.67
5.70
5.50
5.47
5.41
7.66
7.25
6.89
6.68
6.27
5.80
5.89
6.10
7.78
7.47
7.20
7.06
6.63
6.17
6.28
6.49
6.53
6.24
6.10
6.01
5.90
5.83
5.98
6.07
8.46
8.26
8.12
8.03
7.65
7.30
7.41
7.57
6.63
6.38
6.30
6.19
6.07
5.79
5.68
5.75
4.75-4.75
4.75-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.75
8.75-8.75
8.18
8.28
8.21
8.15
7.99
7.73
7.78
5.44
5.41
5.42
5.43
5.34
6.06
6.07
6.21
6.15
5.96
6.48
6.50
6.57
6.52
6.31
5.98
6.10
6.11
6.14
6.00
7.57
7.59
7.64
7.58
7.41
5.73
5.73
5.78
5.77
5.73
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
Week ended:
1995- Aug
5
12
19
26
Sept
2
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted t« constant maturities by the Treasury
Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
30
5
Effective rate (in the primary market) on conventional mortgages, reflecting 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
Overall, stock prices rose in August.
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
320
300
280
260
240
220
_^»"——^
,
^y\
180
160
\v^ /v-^
140
X
'"^" 1
240
220
•/
y^_~
/
200
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
320
300
/
280
/
260
>
'
200
<r^s\v 1
s
1
\
180
160
\
COMPOSITE STC>CK PRICE INDEX
(NY SE)
140
120
120
100
100
1 1 II II
Mill
MMI
1987
1 II
I MM
1 1
1988
M i ii
M i l l
M i l l
1990
1989
M Mi
Mill
1991
1 1 1 M
1992
M i l l
M i l l
1993
M i l l
M i l l
1995
1994
PER :ENT
20
PERC ENT
20
15
15
EARNINGS-PRICE RATIO Ot •JCOM/v\OH STOCKS
(S&P)
10
-
5
i
0
,
_—•
/I
I i
1987
1
r—~^^~-~-^
4-*1
i
!
1988
10
i
1
I
i
1
1990
1989
.
1
i
i
i
i
1992
1991
i
i
1993
i
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
5
i
1
1994
Industrial
i
0
COUNCIL OF ECONOMIC ADVISERS
Common stock yields
(percent) 6
New York Stock Exchange indexes (Dec. 31, 1965
except as noted) 2
Composite
i
1995
Common stock prices1
Period
I
Transportation
Utility3
Finance
Dow-Jones
industrial
average4
Standard &
Poor's composite index
(194143=10)5
Dividendprice ratio
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
1994- Aug
Sept
Oct ....
Nov
Dec
256.08
257.61
255.22
252.48
248.65
316.55
322.19
321.53
319.33
313.92
244.67
239.10
230.71
227.45
218.93
211.26
204.60
203.35
200.13
200.02
214.77
211.90
203.33
198.38
195.25
3,797.48
3,880.60
3,868.10
3,792.43
3,770.31
464.24
466.96
463.81
461.01
455.19
2.78
2.80
2.82
2.86
2.91
1995- Jan ..
Feb
Mar
253.56
261.86
266.81
274.37
281.81
289.52
298.18
300.05
319.93
328.98
337.96
347.69
357.01
366.75
379.13
379.79
230.25
237.29
244.45
254.36
254.69
256.80
279.15
285.63
201.16
207.73
204.16
208.93
211.58
216.27
219.18
221.99
201.05
211.76
213.29
219.38
228.55
236.26
240.50
245.27
3,872.46
3,953.72
4,062.78
4,230.66
4,391.57
4,510.76
4,684.76
4,639.27
465.25
481.92
493.15
507.91
523.81
539.35
557.37
559.11
2.87
2.81
2.76
2.68
2.60
2.55
2.50
2.49
300.32
299.64
299.65
299.86
301.66
381.46
380.12
379.85
379.11
379.41
285.99
284.21
285.83
286.27
286.87
221.40
221.36
221.15
222.06
224.34 ,
242.37
242.93
243.71
246.10
252.54
4,696.77
4,664.02
4,637.60
4,600.41
4,613.02
559.64
558.54
559.31
558.47
561.14
2.49
2.49
2.49
2.50
2.48
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
..
July .
Week ended:
1995- Aug 5
12
19
26
Sept 2
1
Average of daily closing prices.
-'Includes all the stocks (more than 2,000 in 1992) listed on the NYSE.
3
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.
Earningsprice ratio
8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
'5.83
5.91
'6.66
-6.51
6.36
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange {NYSE}.
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's
Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 10 months of fiscal 1995, there was a deficit of $137.2 billion, compared with a deficit of $183.1 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,600
1,600
RECEIPTS AND OUTLAYS
1,500
1,500
1,400
OUTLAYSJ/-
1,400
1,300
1,300
1,200
1,200
1,100
1,100
1,000
V
1,000
RECEIPTS-
900
900
800
800
700
700
600
600
SURPLUS OR DEFICIT (
1 -^
-TOO
^_^-—
_ofYl
-400
^^^
^
/|
V
200
^
1
1986
t
1987
1
1988
1
1
1989
1990
^ INCUDES ON-BUDGET AND OFF-BUDGET FIEMS.
SOURCES: DEMSTMENT OF THE TREASURY AND OFFJCE OF MANAGEMENT AND BUDGET
.
^^
1
1991
--"
1
1992
I
1993
FISCAL YEARS
,
Is
I
-400
1995 ^
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget
Total
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
(-)
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995 (estimates)
Cumulative total, first 10
months: '
Fiscal year 1994
Fiscal year 1995
Surplus
or deficit
Receipts
Outlays
Surplus
or deficit
(-)
(-)
Gross Federal debt
(end of period)
Total
Held by
the public
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
. 734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,357.9
371.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.4
1,380.9
1,408.7
1,460.9
1,517.9
-73.7
-53.7
-59.2
-40.7
-73.8
-79.0
-128.0
-207.8
-185.4
-212.3
-221.2
- 149.8
-155.2
-152.5
-221.4
-269.2
-290.4
-255.1
-203.2
-160.0
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
922.7
1,007.7
302.2
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
769.6
806.8
810.1
861.4
932.3
1,027.6
1,081.8
1,128.5
1,142.1
1,181.5
1,228.1
-70.5
-49.8
-54.9
-38.7
-72.7
-74.0
- 120.1
-208.0
-185.7
-221.7
-238.0
-169.3
- 194.0
-205.2
-278.0
-321.4
-340.5
-300.5
-258.8
-220.5
66.4
76.8
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
350.2
69.6
80.7
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
289.7
-3.2
-3.9
-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
60.5
629.0
706.4
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
4,914.0
477.4
549.1
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
3,432.2
3,598.0
1,024.2
1,110.8
1,207.3
1,248.0
-183.1
-137.2
746.3
817.7
983.0
1,016.5
-236.7
- 198.8
278.0
293.1
224.3
231.6
53.6
61.5
4,588.0
4,906.7
3,392.0
3,594.1
1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1995 are from Mid-Session Review of the 1996 Budget issued July
31, 1995. Other data (except as noted) are from Budget of the United States Omxrument, fiscal
Year 1990, issued February 6, 1995.
32
Off-budget
Sources: Department of the Treasury ami Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 10 months of fiscal 1995, receipts were $86.6 billion higher than a year earlier and outlays were $40.7
billion higher.
BILLIONS OF DOLLARS
/uu
BILLIONS OF DOLLARS
700
RECEIPTS -^
INDIVIDUAL INCOME TAXES
\
500
500
400
\
INCOMEJAXES
OTHER RECEIPTS
TAXES AND CONTRIBUTIONS
_______
\
100
1
0
1
I
1
1
1
1
1
0
1,300
1,300
OUTLAYS y
_,-'"
~— -*"""""
NONDEFENSE
\
1 000
__
_---
V-*"'
— — — """"
BOO
800
"""
600
500
500
NATIONAL DEFENSE
400
400
\
300
200 A
1
V
1986
1
1987
f
1988
300
1
!
1989
1990
^ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS,
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1
1991
1
1
1992
1993
!
N 200
1995 N
1994
FISCAL YEARS
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars!
On-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal year or period
Total
Social
insurCorIndiance
poravidual
taxes
tion
income income
and
taxes
taxes contributions
298.1
355.6
399.6
463.3
517.1
5993
617.8
600.6
6665
131.6
157.6
181.0
217.8
244.1
2859
297.7
288.9
2984
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
569
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995 (estimates)
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,357.9
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
594.4
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.8
Cumulative total, first 10 months: 1
Fiscal year 1994
Fiscal year 1995
1,024.2 441.9
1,110.8 485.1
1976
1977
1978
1979 .
1980
1981
1982
1983
1984
1
National defense
Other
Total
Department of
Defense,
military
InternationHealth
al
affairs
Medicare
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
946.4
265.2
73.0
990.3
73.1
283.9
303.3
74.3 1,003.9
334.3
78.9 1,064.1
359.4 82.3 1,143.2
380.0
90.9 1,252.7
396.0
92.3 1,323.4
413.7 100.5 1,380.9
428.3
98.0 1,408.7
461.5 112.8 1,460.9
483.3 122.4 1,517.9
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
271.5
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
260.3
16.2 33.5 65.8
14.2 35.9 70.2
11.6 40.0 75.1
10.5 44.5 78.9
9.6 48.4 85.0
13.8 57.7 98.1
15.9 71.2 104.5
16.1 89.5 119.0
17.2 99.4 130.6
17.1 107.1 144.7
14.6 115.1 157.7
90.5 1,207.3
99.3 1,248.0
230.1
222.3
219.5
211.6
13.9
13.1
110.0 381.8
121.6 404.8
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
Income
security
Social
security
Net
interest
73.9 26.7
60.8
15.8
19.3 61.0 85.1 29.9
22.8 61.5 93.9 35.5
26.5 66.4 104.1 42.6
32.1 86.5 118.5
52.5
68.8
39.1 99.7 139.6
46.6 107.7 156.0 85.0
52.6 122.6 170.7 89.8
57.5 112.7 178.2 111.1
371.8
409.2
458.7
504.0
590.9
678.2
745,8
808.4
851.8
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
Data from Monthly Treasury
NOTE.—Data for fiscal 1995 are from Mid-Session Review of the. 1996 Budget issued July
31, 1995. Other data (except as noted) are from Budget of the United States Government, FiscvJ.
Year 1996, issued February 6, 1995.
Total
128.2
119.8
123.3
129.3
136.0
147.0
170.3
196.9
207.3
214.0
221.2
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.7
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
231.7
Other
82.8
93.0
114.7
120.2
131.4
133.5
125.4
122.3
118.6
131.8
142.1
125.9
139,4
158.8
203.9
224.8
173.9
159.7
173.8
170.4
88.3 119.2 180.0 265.9 167.7 142.2
94.9 130.6 183.7 279.7 192.6 131.1
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1995, according to preliminary estimates, Federal receipts rose $34.5 billion (annual rate)
and Federal expenditures rose $13.7 billion.
BILLIONS OF DOLLARS
BILLONS OF DOLLARS
1,800
1,800
1,600
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIl OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
-274.7
-254.4
-172.5
Indirect
business
tax and
nontax
accruals
1,161.2
1,241.0
1,349.4
484.6
511.8
552.1
112.4
134.6
161.2
81.1
82.9
93.3
483.1
511.7
542.8
1,435.9
1,495.5
1,521.9
445.2
446.3
435.1
607.4
651.5
674.4
168.2
180.7
197.9
188.9
183.5
187.0
26.1
33.4
27.6
0.0
.0
.0
1,178.3
1,265.7
1,379.0
739.8
803.6
856.8
943.5
1,000.6
,068.3
,115.8
,140.5
,219.9
,212.7
,263.7
,272.7
,313.6
,337.4
,380.7
1,388.8
1,408.8
1,441.0
1,475.5
489.5
520.3
565.6
323.5
351.8
371.7
414.8
420.0
470.1
483.9
477.3
511.6
497.2
519.8
527.5
536.8
550.2
571.1
566.9
574.2
594.8
623.4
115.6
143.0
167.1
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.6
122.6
132.1
141.8
140.2
157.8
151.8
166.3
172.4
178.1
181.9
182.6
81.3
84.6
91.2
58.2
56.8
54.8
59.5
61.4
622
67.1
82.9
83.8
81.9
83.5
82.3
90.7
90.4
90.4
91.9
91.9
89.1
90.9
491.9
517.8
555.1
291.1
318.0
338.8
359.4
400.7
424.7
449.7
470.7
501.9
501.6
518.6
522.7
528.3
545.1
553.0
557.6
564.6
575.1
578.5
1,460.9
1,507.0
1,538.1
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,386.3
1,492.0
1,496.2
1,500.6
1,497.6
1,533.7
1,513.7
1,525.9
1,542.8
1,569.9
1,589.6
1,603.3
449.0
443.6
437.3
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
434.4
432.9
625.3
658.0
682.5
360.1
383.8
404.2
419.7
444.5
488.8
526.6
566.2
643.1
644.8
652.8
660.2
674.1
671.5
676.2
683.0
699.2
708.1
716.0
172.2
186.1
197.6
97.7
104.5
103.8
102.9
113.0
121.9
137.6
162.6
176.6
176.7
182.9
187.8
197.0
190.0
194.4
200.3
205.5
211.0
215.7
186.8
183.6
191.5
122.3
129.2
131.1
143.1
151.2
168.9
174.4
191.6
183.1
182.5
184.8
183.6
183.5
179.3
188.8
194.4
203.5
209.0
218.4
27.6
35.7
29.2
22.2
16.4
22.1
37.8
34.9
25.0
32.0
27.7
34.5
45.2
35.1
23.3
39.3
35.1
31.3
20.9
29.8
27.2
20.3
.0
.0
.0
.6
.0
.0
— _2
.0
.0
2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
Source: Department of Commerce, Bureau of Economic Analysis.
Less:
Wage
accruals less
disbursements
Surplus
or
deficit
(-),
national
income
and
product
accounts
Corporate
profits
tax accruals
Total
34
Subsidies less
current
surplus
of
Government
enterprises
Personal
tax and
nontax
receipts
Period
Fiscal year:
1992
1993
1994
Calendar year:
1992
1993
1994
1984- IV
1985: IV
1986: IV
1987- IV .
1988: IV
1989- IV
1990- IV ...
1991; IV
1992- IV
1993: I
II
Ill
IV
1994: I
II
III
IV
1995- I
II r
Contributions
for
social
insurance
Grantsin-aid
to
Net
State
interest
and
paid
local
governments
Total
Purchases
Transfer
payments
-282,7
-241.4
-159.1
- 186.8
-187.2
-177.5
- 152.7
- 134.9
-141.5
-191 0
-245.8
-272.1
- 283 5
-237.0
-224.9
-220 1
-1762
-145.1
- 154.0
-161 1
- 148.6
-127.8
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1987=100; seasonally adjusted)
Period
United
States
Canada
Japan
France
Germany
Italy
United
Kingdom
United
States'
Canada
Japan
Germany
France
Italy
United
Kingdom
1986
1987
1988
1989
1990
1991
1992
1993
1994
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
118.1
95.4
100.0
105.3
105.2
101.7
97.5
98.4
103.2
109.7
96.7
100.0
109.4
115.7
120.6
122.9
115.8
111.0
112.3
98.0
100.0
104.6
108.9
111.0
111.0
109.7
105.6
111.0
99.6
100.0
103.9
108.8
114.5
118.7
116.3
107.4
110.8
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.5
110.7
96.2
100.0
104.8
107.0
106.7
102.8
102.7
104.7
110.0
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
119.3
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
129.4
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
1994- May
117.4
118.0
118.2
119.1
119.0
119.5
120.3
121.7
'108.6
'109.9
110.4
111.8
111.6
112.0
113.8
114.4
109.4
112.3
111.2
115.7
113.5
112.5
115.7
115.3
111.1
110.6
112.9
112.9
112.6
111.6
112.5
113.6
109.8
110.5
112.7
110.6
111.4
112.7
112.9
116.1
108.4
110.1
112.2
114.3
112.4
112.5
112.5
119.1
110.5
110.0
110.5
111.5
112.1
111.5
110.8
111.4
147.5
148.0
148.4
149.0
149.4
149.5
149.7
149.7
147.3
147.6
148.2
148.3
148.4
148.2
149.0
149.2
119.6
119.2
118.6
119.2
119.5
120.0
119.7
119.4
145.9
145.9
145.9
145.9
146.3
146.7
146.7
146.5
129.3
129.5
129.6
129.7
129.8
129.9
130.1
130.4
192.9
193.3
193.6
194.2
194.7
195.8
196.5
197.2
170.0
170.0
169.2
170.0
170.4
170.6
170.7
171.5
122.0
122.1
122.0
' 121.2
'115.0
'114.5
'113.5
'113.8
114.0
116.3
118.1
117.0
'114.0
'112.7
'115.1
'112.8
'121.2
'121.1
114.3
'116.4
115.2
109.8
110.5
108.8
111.9
111.2
110.9
114.3
115.0
116.4
117.4
115.9
116.3
111.5
111.8
112.9
112.1
112.0
150.3
150.9
151.4
151.9
152.2
152.5
152.5
149.8
150.5
150.8
151.2
151.6
151.6
151.9
119.4
118.9
118.8
119.3
119.6
119.5
146.9
147.5
147.9
148.0
148.3
148.3
148.0
131.0
131.5
131.6
131.9
132.1
132.7
132.6
197.9
199.5
201.2
202.2
203.5
204.6
204.7
171.5
172.6
173.3
175.1
175.8
176.0
175.2
July
Sept
Oct
Nov
Dec
1995- Jan
Feb
Mar
May
115.3
121.3
1
Data relate to all urban consumers.
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysts).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Services
(BOP basis)
Goods: Imports (customs value)
Goods: Exports (f.a.s. value)
Census basis (by end-use category) 1
Balance of trade
(exports minus imports)
Census basis (by end-use category
BOP basis
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: June
July
Sept
Oct
Nov
Dec
1995- Jan
Feb
Mar
Apr
May
June**
1
2
BOP
basis
ConAuto- ConAuto- sumer
InInCapmo- sumer
mo- goods
Foods dusdus- Captive
ital
ital
tive (non- BOP
Foods, trial
feeds, trial goods vehi- goods
(nonTotal, feeds, sup- goods vehisupand
basis Total,
food)
food)
cles,
except
Census
cles,
except
Census and
bev- plies auto- parts except
plies
basis2
auto- parts exbasis2 bevand
erand
cept
and
moautoand autoerages mate- moages mate- tive
enenmorials
rials tive
mogines
tive
gines tive
Imports
71 8 782 794
84.5 85.2 88.7
101.4 87.7 95.9
86.1 102.9
113.3
116.4 87.3 105.7
120.7 85.7 108.0
134.3 91.8 122.7
152.4 102.4 134.0
184.4 118.3 146.3
86.5
98.5
111.1
127.4
147.8
164.3
178.6
187.8
198.7
81.0
91.7
99.5
103.5
118.8
119.6
122.0
130.0
138.8
10.0
9.9
10.7
10.0
10.3
10.7
10.8
12.1
12.1
12.4
12.5
12.8
12.9
12.9
16.7
16.6
16.6
17.7
16.7
17.3
17.0
11.6
11.6
11.7
11.8
11.6
11.7
11.6
11.0
10.8
10.7
11.0
10.7
10.4
13.3
13.1
13.3
13.6
13.8
13.4
17.2
16.6
17.0
17.0
17.1
17.1
11.9
11.8
12.1
11.9
12.0
12.0
223.3
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.5
227.2
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
41.9
573
66.7
85.1
99.3
104.4
109.7
109.1
111.8
121.4
758
86.2
109.2
138.8
152.7
166.7
175.9
181.7
205.2
21 7
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.6
142
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
3684
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
3654
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
244
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
101.3
111.0
118.3
132.3
143.2
131.6
138.6
145.6
162.0
41.9
40.4
43.7
43.3
43.3
44.4
46.2
42.8
41.2
44.7
44.1
44.3
45.3
47.2
3.2
3.1
3.6
3.7
3.8
4.0
4.2
9.8
10.2
10.7
10.3
10.7
10.7
11.3
17.6
16.3
17.6
17.8
17.0
18.0
18.7
4.7
4.3
5.1
5.0
4.9
5.0
5.5
5.2
4.9
5.2
5.1
5.2
5.4
5.3
55.9
56.3
57.9
57.8
58.2
59.7
59.4
55.7
56.0
57.6
57.6
58.0
59.5
59.2
2.6
2.6
2.7
2.7
2.7
2.6
2.7
14.0
14.4
14.7
14.2
13.9
14.5
14.2
15.2
15.3
15.4
16.3
16.4
16.8
16.8
44.8
45.5
47.8
46.9
48.2
47.4
45.4
46.2
48.6
47.7
48.9
48.2
3.9
3.9
4.1
4.2
4.0
3.9
11.6
11.7
12.6
12.3
12.4
12.7
17.1
17.8
19.2
18.8
19.4
19.5
5.3
5.2
5.0
5.0
5.0
4.4
5.1
5.3
5.4
5.3
5.5
5.4
60.7
59.9
62.5
63.5
64.3
63.8
60.5
59.7
61.6
62.6
63.1
62.9
2.8
2.8
2.9
2.7
27
2.8
14.5
14.4
15.3
15.5
15.8
15.6
17.1
16.9
17.6
18.0
18.1
18.7
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
Exports
Goods,
Census
basis
Goods
Services
Goods
and
services
- 138.3 -145.1
-152.1 - 159.6
-118.5 -127.0
- 109.4 -115.2
-101.7 -109.0
-74.1
-66.7
-96.1
-84.5
-115.6 -132.6
- 150.6 -166.1
5.5
6.9
11.6
23.9
29.0
44.7
56.6
57.8
59.9
- 139.6
- 152.7
-115.3
-91.4
-80.0
-29.4
-39.5
-74.8
- 106.2
-13.0
-14.8
-12.9
-13.5
-13.6
-14.2
-12.0
-14.0
-15.8
-14.2
-14.6
-14.9
-15.3
-13.3
5.1
5.0
4.9
5.9
5.1
5.6
5.4
-8.9
-10.8
-9.4
-8.7
-9.8
-9.7
-7.9
-15.0
-13.5
-13.0
-15.0
-14.2
-14.7
-15.9
-14.4
-14.7
-16.5
-16.1
-16.4
5.3
4.8
4.9
5.1
5.1
5.1
-10.6
-9.6
-9.8
-11.4
-11.0
-11.3
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. INTERNATIONM. TRANSACTIONS
In the first quarter of 1995, the merchandise trade deficit rose to $45.1 billion, from $43.5 billion in the fourth
quarter of 1994. The current account deficit fell to $40.5 billion, from $43.3 billion in the fourth quarter.
BILLIONS OF DOLLARS *
BILUONS OF DOLLARS*
1985
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits ( — ) )
Services
Merchandise '
Period
1981
1982
1983
1984
1985
198fi
1987
1988
1989
1990
1991
1992
1993
1994
1993: I
II
Ill
IV
1994- I
II
Ill
IV
1995: IP
Exports
Imports
237,044 -265,067
211,157 -247,642
201,799 -268,901
219,926 -332,418
215,915 -338,088
223,344 -368,425
250,208 -409,765
320,230 -447,189
362,120 -477,365
389,307 - 498,337
416,913 -490,981
440,352 -536,458
456,823 - 589,441
502,485 -668,584
111.862 -140,821
114,131 - 147,718
111,576 -148,181
119,254 -152,721
118,445 -154,935
122,730 - 164,224
127,384 -172.011
133,926 -177,414
138,059 -183,111
Net
balance
Net
military
transactions - :*
144
-844
-992
112
-563 -4,227
-2,547 -8438
-4,390 -9,798
-5,181 -8,484
-3,844 -7613
•' 591
-6,320
4,043
- 6,749
8,002
-7,599
-5,274 17,032
-2,142 20,484
448 19,885
2,148 19,330
5,302
-28,959
401
5,389
-33,587
90
5,062
-36,605
283
4,131
-33,467
-326
4,642
-36,490
-31
4,647
-41,494
376
4,792
1.124
-44,627
5,247
- 43,488
679
4,523
-45,052
621
-28,023
-36,485
-67,102
- 1 12,492
-122,173
-145,081
-159,557
- 126,959
-115,245
-109,030
-74,068
-96,106
-132,618
-166,099
Investment income
Net
travel
Other
and
trans- services,
net
portation
receipts
12,552
13,209
14,124
14,404
14,483
19,194
18,319
20,546
26,558
28,633
32,907
38,284
37,444
38,410
9,683
9,315
9,272
9,172
8,863
9,548
9.904
10,095
9.885
'Adjusted from Census data for differences in timing and coverage; excludes military.
3
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).
36
Balance
on
goods
and
services
-16,172
-24,156
-57,767
- 109,073
-121,880
-139,551
- 152,696
-115,324
-91,392
-79,994
-29,404
-39,480
-74,841
-106,212
-13,573
-18,793
-21,988
-20,490
-23,016
-26,923
-28,807
-27,467
- 30,023
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
-53,626
86,529
86,200
- 56,412
- 53,700
85,200
- 74,036
104,756
-73,087
93,677
-79,095
91,976
-91,302
100,767
129,070 -115,806
152,517 -138,858
160,300 -139,574
137,003 -121,892
118.425 -108,346
119,248 -110,248
137,619 -146,891
-25,239
28.950
- 27,893
29,958
-26,741
29,931
-30,376
30,412
30,942
-30,826
-34,623
32,338
-38,564
36,031
-42,878
38,307
- 45,209
42,511
3
Net
32,903
29,788
31,500
30,720
20,590
12,881
9,465
13,264
13,659
20,725
15,111
10,079
9,000
-9,272
3,711
2,065
3,190
36
116
-2,285
-2,533
-4,571
-2,698
Balance
on goods,
services,
and
income
Unilateral
transfers,
net 4
Balance
on
current
account
16,732
5,632
-26,267
- 78,353
-101,290
-126,670
-143,231
-102,060
-77,733
-59,268
-14,293
-29,402
-65,841
-115,484
-9,862
-16,728
-18,798
-20,454
-22,900
- 29,208
-31,340
-32,038
-32,721
-11,702
-17,075
-17,718
-20,598
-22,954
-24,189
-23,107
- 25,023
-26,106
- 33,393
6,869
-32,148
-34,084
-35,761
-7,521
-7,609
-8,234
-10,722
-7,371
-8,778
-8,374
-11,239
-7,782
5,030
- 11,443
-43.985
-98.951
- 124,243
-150,859
-166,338
-127,083
-103,839
-92,661
-7,424
-61.549
-99,925
-151,245
- 17,383
-24,337
-27,032
-31,176
-30,271
- 37,986
-39,714
- 43,277
Quarterly data are not seasonally adjusted.
4
Includes transfers of goods and services under U.S. military grant programs.
Sff- p. 37 for continwition of table.
-40,503
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $34.5 billion in the first quarter
of 1995, following an increase of $16.7 billion in the fourth quarter of 1994. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $8.6 billion in the first quarter, following an increase
of $34.7 billion in the fourth quarter.
BILLIONS OF DOLLARS'
BILLIONS Of DOUARS*
-20
-40
-<SO
* SEASONABLY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
OOUN01 Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit
Period
Total
1981 .. ..
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1993- I
II
III
IV
1994- I
II
III
IV
1995: IP
U.S.
official
reserve
assets35
-114,147 -5,175
- 122,335 -4,965
-61,573 -1,196
-36,313 -3,131
-39,889 -3,858
312
-106,753
9,149
-72,617
- 100,087 -3,912
-168,744 -25,293
ijjlyo
-74,011
5,763
-57,881
3,901
-65,875
- 184,589 -1,379
-125,851
5,346
-983
-19,729
822
-40,933
-545
-46,270
-673
-77,657
-59
-36,783
3,537
-5,973
-165
-27,940
2,033
-55,156
-63,951 -5,318
Other U.S.
Government
assets
-5,097
6 131
-5,006
-5,489
-2,821
-2,022
1,006
2,967
1,259
2,307
2,911
-1,661
-330
322
467
-281
-197
-318
401
491
-283
-931
23
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
)]
U.S.
private
assets
- 103,875
111 239
-55,372
-27,694
-33,211
- 105,044
82 771
-99,141
- 144,710
-74,160
-66,555
-68,115
- 182,880
130 875
-19,213
-41,474
-45,529
-76,666
-37,125
-10,001
— 27 492
-56,258
-58,656
83,032
92,418
83,380
113,932
141,183
226,111
242,983
240,265
218,490
122,192
94,241
153,823
248,529
291,365
19,867
51,277
77,928
99,458
80,390
46,526
79,736
84,715
85,080
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve
position in the IMF.
Foreign
official
assets3
Total
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
33,910
17,389
40,466
72,146
39,409
10,955
17,495
19,386
24,311
10,977
9,162
19,691
-421
21,336
Other
foreign
assets
78,072
88,826
77,534
110,792
142,301
190,463
197,596
200,507
209,987
88,282
76,853
113,358
176,383
251,956
8,912
33,782
58,542
75,147
69,413
37,364
60,045
85,136
63,744
Statistical discrepancy
Allocations
of special
Of which:
Total (sum
drawing
of the items Seasonal adrights
justment
with sign
(SDKs)
discrepancy
reversed)
1,093
24,992
41,359
22,179
21,331
22,950
31,501
-4,028
- 13,095
54,094
44,480
-28936
-26,399
35,985
-14,269
17,245
13,993
-4,626
9,375
-13,336
-2,567
- 12,082
13,718
19,374
5,367
154
-6,353
834
5,274
587
-6,641
782
6,357
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
74,378
73,968
75,835
73,442
76,809
75,732
76,532
74,335
86,761
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
Page
TOTAL OUTPUT. INCOME. AND SPENDING
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
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 Nonfinancial Corporate Business
Consumer Installment Credir
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receiprs, 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:
P Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).'
NSA not seasonally adjusted.
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