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105th Congress, 1st Session
Economic Indicators
AUGUST
1997
(Includes data available as of August 29, 1997)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
LIBRARY
SEP 1 9 1397
FEDEKAL KESERVE
BANK Of CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1997
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
JIM SAXTON, New Jersey, Chairman
CONNIE MACK, Florida, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
DONALD A. MANZULLO (Illinois)
MARK SANFORD (South Carolina)
MAC THORNBERRY (Texas)
JOHN T. DOOLITTLE (California)
JIM McCRERY (Louisiana)
FORTNEY PETE STARK (California)
LEE H. HAMILTON (Indiana)
MAURICE D. HINCHEY (New York)
CAROLYN B. MALONEY (New York)
WILLIAM V. ROTH, JR. (Delaware)
ROBERT F. BENNETT (Utah)
ROD GRAMS (Minnesota)
SAM BROWNBACK (Kansas)
JEFF SESSIONS (Alabama)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
CHRISTOPHER FRENZE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JANET L. YELLEN, Chair
JEFFREY A. FRANKEL, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
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Economic Indicators, published monthly, is available at $3.00 a single copy
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11
OUTPUT, INCOME, AMD SPENDING
GHOSS DOMESTIC PRODUCT
In the second quarter of 1997, according to revised estimates, current-dollar gross domestic product (GDP) rose
5,2 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 3,6 percent, and the implicit price deflator
rose 1.5 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
8,400
BIIUONS OF DOLIARS (RATIO SCALE!
8,400
SEASONAilY ADJUSTED ANNUAL RATES
8,000
8,000
^X
7,600
7,600
fS
-^L
7,200
7,200
*""
GDP
IN CHAINED (19921 DOLIARS
6,800
_^\
„--
S ~~ ""
6,800
"""
6,400
6,400
6,000
^ *•
3 r --- T ---y y ^
^ -*
6,000
/r—
^
5,600
^-
5,600
f--'
5,200
5,200
f
^
GDP
/IN cuRRENT IX DLLARS
X
4,800
4,800
X
—."
4,400
4,400
^
IX
xf
4,000
3,600
4,000
3,600
/
3,200
3,200
^
!
1982
i 1
1983
!
\
111
\
1984
1985
\
\
\
1986
L LJ~
i ii
i i i
1987
1988
1989
I I i
1990
i 1 I
1 1 i
1991 1 1992
\ \ \
1993
i I I L_LJ,J_
1994 | 1995
!
i
1996
1
i i i
1997
COUNCIL Of ECONOMIC ADVISERS
5Q08CE: DEPARTMENT Of COMMENCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1989
1990
1991
1992
1993
1994
1995
1996
1993: I
II
III
IV
1994: I
II
Ill
IV
1995: I
II
III
IV
1996: I
II
Ill
IV
1997: I
II'
Exports and imports
of goods and services
Gross
Personal
private
conGross
domestic sumption domestic
Net
product expendi- investImports
exports Exports
ment
tures
5,438.7
5,743.8
5,916.7
6,244.4
6,558.1
6,947.0
7,265.4
7,836,0
6,444.5
6,509.1
6,574.6
6,704.2
6,794.3
6,911.4
6,986.5
7,095.7
7,188.9
7,209.5
7,301.3
7,381.9
7,467.5
7,607.7
7,676.0
T-,792.9
7,933.6
8,035.2
3,594.8
3,839.3
3,975.1
4,219.8
4,459.2
4,717.0
4,957.7
5,207.6
4,365.4
4,428.1
4,488.6
4,554.9
4,616.6
4,680.5
4,750.6
4,820.2
4,871.7
4,934.8
4,990.6
5,033.8
5,105.8
5,189.1
5,227.4
5,308.1
5,405.7
5,433.2
829.2
-80.4
799.7
-71.3
736.2
-20.5
790.4
-29.5
876.2
-60.7
1,007.9
-90.9
1,038.2
-86.0
-94.8
1,116.5
854.3
-46.6
857.4
— 57.5
872.8
-72.1
920.3
-66.6
963.4
-76.6
-87.9
1,017.9
1,007.1 -103.4
1,043.1
-95.6
1,050.8
-98.3
1,024.0 -105.4
1,028.8
-80.4
-60.1
1,049.1
1,060.5
-83.0
1,105.4
-93.8
1,149.2 -114.0
1,151.1
-88.6
1,193.6
-98.8
1,242.8
-89.3
s pxports of goods and services plus imports of goods and .s
509.3
557.3
601.8
639.4
658.6
721.2
818.4
870.9
647.1
661.2
646.8
679.4
678.5
710.1
732.6
763,7
784.5
807.7
831.6
849.9
850.2
865.0
863.7
904.6
922.2
958.7
589.7
628.6
622.3
669.0
719.3
812.1
904.5
965.7
693.7
718.7
718.9
746.0
755.1
797.9
836.0
859.2
882.8
913.1
912.0
909.9
933.2
958.7
977.6
993.2
1,021.0
1.047.9
Government, consumption expenditures
arid gross investment
Federal
Total
Total
1,095.1
1,176.1
1,225.9
1.263.8
U83.4
1,313.0
1,355.5
1,406.7
1,271.5
1,281.2
1,285.3
1,295.5
1,291.0
1,300.8
1,332.3
1,328.0
1,344.7
1,356.0
1,362.2
1,359.2
1,384.2
1,407.0
1,413.5
1,422.3
1,433.1
1.448.5
477.2
503.6
522.6
528.0
518.3
510.2
509.6
520.0
521.3
517.8
515.7
518.5
506.9
505.3
520.4
508.3
513.6
511.2
512.9
500.6
516.4
524.6
521.6
517.6
516.1
526.2
National
defense
360.6
373.1
383.5
375.8
360.7
349.2
344.6
352.8
363.6
361.7
358.0
359.4
344.9
348.5
359.7
343.6
346.3
348.1
347.3
336.5
348.4
357.3
354.8
350.6
343.3
350.6
Nondefense
116.7
130.4
139.1
152.2
157.7
161.0
165.0
167.3
157.7
156.1
157.7
159.1
162.0
156.8
160.7
164.7
167.3
163.0
165.5
164.1
168.0
167.3
166.8
167.0
172.8
175.6
State
and
local
617.9
672.6
703.4
735.8
765.0
802.8
846.0
886.7
750.1
763.4
769.6
777.0
784.1
795.5
811.9
819.6
831.1
844.8
849.3
858.6
867.8
882.4
891.9
904.7
917.0
922.3
iim1; DopiHlmt'Ht of Commerce, Bureau of Economic
Final
safes of
domestic
product
Gross
domestic
purchases!
Addendum:
Gross
national
product
5.407.0
5,735.8
5,919.0
6,237.4
6,537.6
6,885.7
7,235.3
7,610.2
6,413.8
6,494.7
6,560.6
6,681.3
6,741.9
6,835.1
6,936.3
7,029.6
7,116.8
7,185.0
7,281.8
7,357.4
7,456.4
7,584.3
7,638.9
7,761.0
7,867.4
7.954.0
5,519.1
5,815.1
5,937.2
6,274.0
6,618.8
7,037.9
7,351.4
7,730.9
6,491.1
6,566.7
6,646.7
6,770.8
6,870.9
6,999.2
7,090.0
7,191.3
7,267.2
7,314.8
7,381.7
7,442.0
7,550.5
7,701.5
7,790.0
7,881.5
8,032.4
8.124.5
5,452.8
5,764.9
5,932.4
6,255.5
6,576.8
6,955.2
7,270.6
7,637.7
6,468.1
6,525.3
6,596.9
6,717.1
6,811.2
6,920.3
6,992.3
7,096.8
7,175.1
7,220.6
7,298.3
7,388.5
7,475.3
7,610.5
7,669.1
7,796.1
7,919.2
8.012.4
REAL GROSS DOMESTIC PRODUCT
Personal
conPeriod
domestic
product
sumption
expenditures
(J 'oss private
domestic investment
Nonresidential
fixed
investnient
Residential
fixed
investment
riianjff
in business
inventories
Export s and imports of
Sroot s and services
Government consumption expenditures
jlnd frross investment
Fed era
Net
exports
Final
sales of
Gross
domestic
purExports
Imports
Total
Total
National
defense
and
Non-
product
chases '
local
defense
Adden-
dum:
(iross
national
product
1989
1990
1991
1992
1993
1994
1995
1996
6,062.0
6,136.3
6,079.4
6,244.4
6,389.6
6,610.7
6,742.1
6,928.4
4,064.6
4,132.2
4,105.8
4,219.8
4,343.6
4,486.0
4,595.3
4,714.1
588.8
585.2
547.7
557.9
600.2
648.4
706.5
771.7
243.2
220.6
193.4
225.6
242.6
267.0
257.0
272.1
33.3
10.4
-3.0
7.0
22.1
60.6
27.3
25.0
-82.7
-61.9
-22.3
-29.5
-70.2
-104.6
-98.8
-114.4
520.2
564.4
599.9
639.4
658.2
712.4
791.2
857.0
603.0
626.3
622.2
669.0
728.4
817.0
890.1
971.5
1,213.9
531.5
1,250.4
1,258.0
1,263.8
1,252.1
1,252.3
1,251.9
1,257.9
541.9
539.4
528.0
505.7
486.6
470.3
464.2
401.6
401.5
397.5
375.8
354.4
336.9
322.6
317.8
140.5
142.0
152.2
151.2
149.5
147.5
146.1
682.6
708.6
718.7
735.8
746.4
765.7
781.6
793.7
6,028.7
6,126.7
6,082.6
6,237.4
6,368.9
6,551.2
6,712.7
6,901.0
6,147.8
6,199.8
6,101.6
6,274.0
6,459.0
6,712.7
6,837.5
7,037.7
6,075.7
6,157.0
6,094.9
6,255.5
6,408.0
6,619.1
6,748.7
6,932.0
1993: I
II
Ill
IV
1994: I
6,327.9
6,359.9
6,393.5
6,476.9
6,524.5
6,600.3
6,629.5
6,688.6
4,286.8
4,322.8
4,366.6
4,398.0
4,439.4
4,472.2
4,498.2
4,534.1
577.8
595.1
602.3
625.6
626.2
641.2
656.2
672.9
237.0
236.1
242.2
255.1
261.3
271.5
269.4
265.9
32.3
16.6
15.3
24.2
53.1
75.9
49.7
63.6
-54.7
-62.6
-83.1
-80.5
-97.6
-103.9
-111.1
-105.9
647.2
660.1
646.3
679.1
676.0
704.1
722.1
747.3
701.9
722.7
729.4
759.7
773.6
808.0
833.2
853.2
1,250.1
1,253.1
1,250.5
1,254.7
1,241.9
1,243.3
1,268.1
1,255.8
512.1
507.8
501.5
501.3
487.2
481.2
496.4
481.7
359.2
356.7
351.1
350.8
335.1
335.9
347.0
329.6
152.9
151.1
150.3
150.4
151.9
145.1
149.4
151.7
738.0
745.3
749.1
753.4
754.7
762.2
771.7
774.1
6,297.3
6,344.9
6,379.3
6,453.8
6,473.0
6,526.7
6,580.4
6,624.8
6,382.3
6,422.0
6,475.6
6,556.2
6,620.2
6,701.8
6,737.5
6,791.3
6,351.3
6,375.9
6,415.3
6,489.7
6,540.5
6,609.3
6,635.6
6,691.2
6,703.7
6.708.8
6,759.2
6,796.5
6,826.4
6,926.0
6,943.8
7,017.4
7,101.6
7,165.1
4,551.3
4,583.5
4,612.9
4,633.5
4,669.4
4,712.2
4,718.2
4,756.4
4,818.1
4,830.0
695.7
705.4
708.2
716.8
736.9
759.7
789.3
800.8
808.9
838.5
261.2
250.4
255.5
260.8
266.1
277.2
274.1
271.1
273.3
278.0
48.5
21.6
17.0
22.2
8.0
21.3
37.9
32.9
63.7
77.7
-113.5
-112.8
-92.9
-76.1
-100.8
-112.6
-138.9
-105.6
-126.3
-132.7
760.4
873.9 1,257.7
777.4
890.3 1,257.3
802.4
895.4 1,255.0
824.6
900.7 1,237.7
828.2
929.0 1,243.2
847.4
960.0 1,265.1
851.4
990.2 1,261.5
901.1 1,006.6 1,261.8
922.7 1,048.9 1,260.5
965.0 1,097.7 1,270.0
480.4
474.9
473.4
452.6
460.9
470.7
465.7
459.6
452.8
460.4
328.7
327.4
324.0
310.3
314.9
323.2
319.4
313.6
303.9
309.5
151.4
147.3
149.1
142.1
145.7
147.2
146.0
145.7
148.5
150.4
777.3
782.3
781.5
785.1
782.4
794.4
795.9
802.3
807.7
809.7
6,654.3
6,685.3
6,739.3
6,771.9
6,815.0
6,902.3
6,905.0
6,981.7
7,034.1
7,082.7
6,813.2
6,817.3
6,848.9
6,870.4
6,923.2
7,033.6
7,075.3
7,118.4
7,220.9
7,288.9
6,711.3
6,721.0
6,758.3
6,804.2
6,834.7
6,930.1
6,940.2
7,023.1
7,091.8
7,147.7
II
Ill
IV
1995: I
II
Ill
IV
1996: I
II
Ill
IV
1997: I
II'
1
GDP loss exports of goods and services pins import f »oods and services,
XOTK.—Because «f the formula used for ealcuiatm real GDP, the chained (19512) dollar
ild to the cliaineil-dollar value of GDP or to any
estimates for the detailed components ti
intermediate agirrejratcs.
130.1
Source: Department <
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
(Index numbers, 1992 = 100; quarterly data are seasonally adjusted)
Gross private
domestic investment
Personal consumption
expenditures
Period
Gross
domestic
product
Total
Durable
goods
Nondurable goods
Services
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National j Nondefense
defense
State
and
local
1989
1990
1991
1992
1993
1994
1995
1996
89.72
93.60
97.32
100.00
102.64
105.09
107.76
110.21
88.44
92.91
96.82
100.00
102.66
105.15
107.89
110.47
95.29
96.59
98.54
100.00
101.22
103.27
104.27
103.83
89.28
94.62
98.06
100.00
101.46
102.77
104.48
107.15
86.55
91.22
95.78
100.00
103.62
106.85
110.53
113.76
96.16
98.41
99.92
100.00
100.65
101.89
102.33
101.26
95.08
97.80
98.85
100.00
103.71
107.11
110.93
113.64
97.91
98.74
100.31
100.00
100.07
101.23
103.44
101.61
97.81
100.37
100.02
100.00
98.75
99.39
101.62
99.40
89.79
92.93
96.88
100.00
102.50
104.85
108.34
112.02
89.79
92.93
96.47
100.00
101.76
103. t>4
106.83
111.02
89.70
92.84
97.94
100.00
104.29
107.70
111.88
114.47
90.52
94.91
97.86
100.00
102.49
104.85
108.24
111.71
1993: I
II
Ill
101.84
102.35
102.83
103.51
101.83
102.44
102.79
103.57
100.47
100.95
101.37
102.02
101.27
101.37
101.26
101.93
102.42
103.33
103.93
104.79
100.48
100.63
100.69
100.81
102.52
103.39
104.23
104.60
99.98
100.16
100.08
100.04
98.83
99.45
98.56
98.21
101.80
101.96
102.85
103.43
101.23
101.42
101.98
102.44
103.16
103.27
104.93
105.81
101.65
102.43
102.74
103.13
1994: I
II
Ill
IV
104.13
104.71
105.39
106.09
103.99
104.66
105.61
106.31
102.28
102.99
103.84
103.94
101.89
102.20
103.32
103.65
105.50
106.35
107.24
108.27
101.35
101.83
102.19
102.17
105.77
106.35
107.46
108.84
100.36
100.84
101.45
102.19
97.61
98.75
100.33
100.71
104.03
105.01
104.83
105.53
102.91
103.73
103.68
104.26
106.68
108.04
107.56
108.53
103.89
104.37
103.20
105.89
1995: I
II
III
IV
106.94
107.46
108.02
108.61
107.04
107.66
108.19
108.64
104.31
104.34
104.28
104.17
103.85
104.31
104.70
105.05
109.37
110.22
110.94
111.57
102.18
102.43
102.43
102.28
110.19
110.65
111.13
111.74
103.18
103.89
103.63
103.06
101.02
102.56
101.86
101.02
106.91
107.63
108.34
110.60
105.37
106.35
107.20
108.47
110.49
110.66
111.05
115.49
106.92
107.99
108.67
109.35
1996: I
II
III
IV
109.39
109.84
110.54
111.05
109.35
110.12
110.79
111.60
104.34
103.88
103.69
103.41
106.02
107.03
107.28
108.25
112.26
113.19
114.28
115.25
101.87
101.26
101.18
100.80
112.29
112.80
114.36
115.10
102.66
102.07
101.44
110.39
100.46
99.87
98.73
98.66
112.04
111.46
111.99
112.62
110.64
110.56
111.07
111.80
115.34
113.66
114.23
114.66
110.93
111.07
112.07
112.76
1997: I
II'
1-11.71
112.14
112.20
112.49
103.24
102.46
108.89
108.89
116.01
116.70
100.29
99.90
115.68
116.52
99.95
99.34
97.34
95.46
113.98
114.30
112.99
113.27
116.39
116.80
113.52
113.91
rv
Source: Department of Commerce
GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES:
INDEXES AND PERCENT CHANGES
[Quarterly data are seasonally adjusted]
Percent change from preceding period '
Index numbers, 1992=100
Period
Real GDP
(chain-type
quantity
index)
GDP
(current
dollars)
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993: I ...
H ..
in
IV .
1994: I ...
II ..
ra
IV .
1995: I ...
1996:
n ..
in
rv.
I ...
n ..
in
iv.
1997: I ...
56.28
62.49
66.95
70.82
75.14
80.87
87.10
91.98
94.75
100.00
105.02
111.25
116.35
122.29
103.20
104.24
105.29
107.36
108.81
110.68
111.88
113.63
114.80
115.45
116.92
118.22
119.59
121.83
122.93
124.80
127.05
128.68
GDP
chain-type
price index
GDP
implicit
price
deflator
73.16
75.92
78.53
80.58
83.06
86.10
89.72
93.64
97.32
100.00
102.64
105.09
107.76
110.22
101.85
102.38
102.83
103.52
104.16
104.74
105.39
106.07
106.93
107.49
108.03
108.60
109.35
109.86
110.59
111.10
111.78
112.20
76.93
82.32
85.25
87.88
90.47
93.93
97.08
98.27
97.36
100.00
102.32
105.87
107.97
110.95
101.34
101.85
102.39
103.72
104.49
105.70
106.17
107.11
107.36
107.44
108.24
108.84
109.32
110.92
111.20
112.38
113.73
114.74
1
Percent changes based on indexes to 3 decimal places. Quarterly percent changes are at
annual rates.
Real GDP
(chain-type
quantity
index)
GDP
(current
dollars)
73.16
75.92
78.53
80.58
83.06
86.09
89.72
93.60
97.32
100.00
102.64
105.09
107.76
110.21
101.84
102.35
102.83
103.51
104.13
104.71
105.39
106.09
106.94
107.46
108.02
108.61
109.39
109.84
110.54
111.05
111.71
112.14
8.4
11.0
7.1
5.8
6.1
7.6
7.7
5.6
3.0
5.5
5.0
5.9
4.6
5.1
3.9
4.1
4.1
8.1
5.5
7.1
4.4
6.4
4.2
2.3
5.2
4.5
4.7
7.7
3.6
6.2
7.4
5.2
GDP
GDP
chain-type
price
index
implicit
price
deflator
4.0
7.0
3.6
3.1
2.9
3.8
3.4
1.2
-.9
2.7
2.3
3.5
2.0
2.8
.1
2.0
2.1
5.3
3.0
4.7
1.8
3.6
.9
.3
3.0
2.2
1.8
6.0
1.0
4.3
4.9
3.6
4.3
3.8
3.4
2.6
3.1
3.7
4.2
4.4
3.9
2.8
2.6
2.4
2.5
2.3
3.9
2.1
1.8
2.7
2.5
2.2
2.5
2.6
3.3
2.1
2.0
2.1
2.8
1.9
2.7
1.9
2.4
1.5
4.3
3.8
3.4
2.6
3.1
3.7
4.2
4.3
4.0
2.8
2.6
2.4
2.5
2.3
3.9
2.0
1.9
2.7
2.4
2.2
2.6
2.7
3.3
2.0
2.1
2.2
2.9
1.7
2.6
1.9
2.4
1.5
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
(Quarterly data at seasonally adjusted annual rates]
Gross domestic product
of nonfinaneial
corporate business
(billions of dollars)
Current
dollars
1989
1990
1991
1992
1993
1994
1995
1996
1993: I ...
H ..
HI
IV.
1994: I ...
n..
ra
rv.
1995: I ...
n..
in .
rv.
1996:
I ....
n...
m .
IV..
1997:
I ....
HP
2,950.9
3,084.0
3,132.1
3,262.6
3,430.4
3,709.7
3,905.3
4,132.4
3,351.8
3,400.3
3,444.3
3,525.2
3,624.5
3,668.9
3,729.1
3,816.4
3,833.6
3,860.4
3,940.4
3,986.8
4,030.7
4,112.9
4,165.8
4,220.1
4,299.7
4,363.4
Chained
(1992)
dollars
3,179.8
3,210.2
3,168.8
3,262.6
3,374.4
3,586.3
3,719.7
3,887.8
3,310.2
3,352.5
3,387.2
3,447.7
3,526.1
3,559.8
3,594.6
3,664.9
3,664.9
3,683.2
3,747.7
3,782.9
3,801.8
3,872.4
3,913.7
3,963.5
4,022.2
4,076.8
Current-dollar eost and profit per unit of real output (dollars)'
Total
eost and
profit 2
0.928
.961
.988
1.000
1.017
1.034
1.050
1.063
1.013
1.014
1.017
1.022
1.028
1.031
1.037
1.041
1.046
1.048
1.051
1.054
1.060
1.062
1.064
1.065
1.069
1.070
1
3
4
fixed
capital
Indirect
business
tax, ete.:1
Compensation
Corporate profits with inventory
valuation and capital consumption
adjustments
of em-
Profits
ployees
tax
liability
2
Output is measured by GDP of nonfinancia) corporate business in chained (1992) dollars.
This is equal to the deflator for gross domestic product of nonfinaneial corporate business
with the decimal point shifted two places to the left.
Consumption of
0.094
.096
.101
.101
.101
.101
.100
.101
.101
.101
.102
.100
.106
.099
.099
.098
.099
.101
.100
.101
.101
.101
.101
.101
.101
.101
0.088
.092
.100
.103
.106
.108
.107
.108
.105
.106
.106
.108
.108
.108
.109
.108
.108
.108
.107
.107
.109
.109
.108
.108
.107
.107
0.613
.640
.660
.673
.679
.677
.687
.690
.681
.680
.679
.675
.673
.677
.679
.678
.687
.689
.685
.686
.687
.689
.691
.693
.697
.697
0.087
.086
.085
.091
.103
.122
.128
.140
.095
.100
.102
.113
.115
.120
.124
.129
.123
.122
.132
.133
.138
.140
.141
.142
.143
.144
0.031
.030
.027
.028
.031
.036
.037
.040
.028
.031
.030
.035
.034
.035
.036
.038
.038
.037
.037
.037
.039
.040
.040
.040
.040
.040
Profits
after
tax 4
0.056
.056
.058
.063
.072
.086
.090
.101
.068
.069
.072
.078
.081
.085
.087
.090
.084
.086
.094
.096
.099
.100
.101
.102
.103
.105
Net
interest
0.046
.046
.042
.032
.028
.027
.027
.023
.030
.028
.027
.027
.026
.026
.027
.028
.029
.028
.027
.026
.025
.024
.022
.021
.021
.021
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Source: Department of Commerce, Bureau of Economic Analysis.
NATIONAL INCOME
National
income
Period
1990
1991
1992
1993
1994
1995
1996
1993- III
IV
4,652.1
4,761.6
4,990.4
5,266.8
5,590.7
5,912.3
6,254.5
5,281.7
5,388.7
5,423.2
5,556.3
5,636.1
5,747.3
5,807.9
5,862.4
5,953.4
6,025.5
6,108.8
6,229.4
6,303.3
6,376.5
6,510.0
6.597.6
1994: I
II
III
IV
1995- I
II
Ill
IV
1996- I
II
Ill
rv
1997:
I
II'
Compensation
of
employees1
Proprietors' income
with inventory valuation and capital consumption adjustments
Farm
35.4
29.3
37.1
32.4
36.9
23 4
37.2
25.6
38.0
464
38.8
33.2
29.1
20.6
21.3
22.9
28.9
31.9
36.5
40.1
40.4
40.2
43.9
3,352.8
3,457.9
3,644.9
3,814.9
4,012.0
4,215.4
4,426.9
3,837.6
3,876.2
3,937.4
3,988.0
4,028.7
4,093.9
4,153.2
4,187.9
4,238.0
4,282.6
4,322.2
4,403.9
4,461.0
4,520.7
4,606.3
4.663.0
Nonfarm
338.6
347.2
386.7
418.4
434.7
465.5
483.1
420.6
426.5
417.5
435.9
438.4
447.0
457.6
463.1
468.7
472.6
477.4
483.5
483.7
487.9
494.4
499.7
Corporate profits with inventory valuation and
capital consumption adjustments
Rental
income
of
persons
with
capital
consumption
adjustment
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
61.0
67.9
79.4
105.7
124.4
132.8
146.3
106.1
111.5
112.7
126.0
130.1
128.9
130.5
132.3
131.5
137.1
143.4
144.6
148.0
149.2
149.0
148.1
397.1
411.3
428.0
492.8
570.5
650.0
735.9
492.8
541.2
512.0
562.0
590.1
617.7
613.2
628.0
672.8
685.7
717.7
738.5
739.6
747.8
779.6
794.5
Profits
before tax
Inventory
valuation
adjustment
371.7
374.2
406.4
465.4
535.1
622.6
676.6
459.6
508.9
475.1
525.3
556.2
583.9
610.7
615.0
630.6
634.1
664.9
682.2
679.1
680.0
708.4
717.3
-13.5
4.0
-7.5
-8.5
-16.1
-24.3
-2.5
.2
-4.8
-4.3
-15.1
-21.2
-23.6
-50.3
-37.8
-9.3
.4
-5.1
-5.4
-2.7
3.3
3.5
7.6
358.2
378.2
398.9
456.9
519.1
598.4
674.1
459.8
504.1
470.8
510.2
535.0
560.3
560.4
577.2
621.4
634.5
659.8
676.8
676.4
683.4
711.9
725.0
Capital
consumption
adjustment
38.9
33.1
29.1
36.0
51.4
51.6
61.8
33.0
37.1
41.2
51.8
55.1
57.4
52.9
50.8
51.5
51.1
57.9
61.6
63.2
64.4
67.7
69.6
Net
interest
467.3
448.0
414.3
402.5
412.3
425.1
425.1
398.9
395.4
397.2
405.6
415.6
430.7
432.7
429.7
419.5
418.6
416.2
422.5
430.9
430.6
440.5
448.4
Source: Depart incut of Commerce, Bureau of Kco
REAL PERSONAL CONSUMPTION EXPENDITURES
\ondurnbl
Do rah e ^oods
Total
personal
Period
1990
1991
1992
1993
1994
1995
1996
1993:
III
1994:
I
1995:
I
rv
II
Ill
rv
II
Ill
W
1996- I
II
Ill
rv
1997: I
II'
sumption
expenditures
Total
durable
{roods
4,132.2
4,105.8
4,219.8
4,343.6
4,486.0
4 595 3
4,714.1
4,366.6
43980
4,439.4
4,472.2
4,498.2
4,534.1
4,551.3
4,583.5
4,612.9
4 633 5
4 669 4
4,712.2
4,718.2
4 756 4
4,818.1
4.830.0
493.3
462.0
488.5
523.8
561.2
583 6
611.1
529.9
542 1
550.7
555.8
561.7
576.6
572.2
577.7
590.8
593 7
6007
614.8
611.9
617 1
637.8
629.0
.Motor
vehicles
and
parts
224.3
193.2
206.9
218.9
230.0
229 5
231.3
219.8
228 4
231.6
228.4
227.3
232.6
226.2
227.5
232.9
231 6
233 4
234.2
229.7
2280
233.4
223.1
Furniture
and
household
equipment
173.5
177.0
189.4
207.8
229.4
2484
269.5
210.9
214 8
219.1
226.1
232.2
240.3
241.4
244.6
251.5
2562
259 2
269.9
272.3
276 8
287.4
292.3
Other
96.6
91.8
92 3
97.2
102 3
107 2
113.3
99.3
990
100.0
101.6
102.9
104 5
105.9
107.0
107 9
107 9
1102
113 4
1132
116 3
121.4
119.7
Total
nondurahle
1,316.1
1,302.9
1,321.8
1,351.0
1,389.9
1 412 6
1,432.3
1,356.8
1 361 8
1,378.4
1,385.5
1,393.2
1,402 5
1,408.4
1,411.6
1,413 9
1 416 3
1 422 5
1 431 6
1,433.9
1 441 2
1,457.8
1.449.5
Food
662.9
659.6
660.0
675.3
687.9
690 5
689.7
677.9
6792
684.3
689.8
687.9
689 5
690.8
690.2
690.6
690 6
692 4
690 3
687.3
6890
694.6
688.4
1
jroods
Clothing
Gasoline
and
anil oil
217.9
215.9
225.5
234.2
247.1
257 5
267.7
235.9
238 6
243.1
242.7
248.1
254.7
255.3
257.0
259.1
258 7
261 6
2684
270.8
2700
277.1
273.6
107.3
103.4
106.6
108.7
109.8
113 1
114.1
109.8
109 0
109.2
109.6
109.9
110 7
112.7
113.2
113 0
113 6
112 9
114 5
114.1
114 8
114.7
115.9
SeiTiees
Fuel
oil
and
coal
Other
11.2
10.8
10.9
10.7
107
10 5
10.6
10.9
10 9
11.9
10.2
10.7
102
10.0
10.6
104
11 1
11 1
104
10.6
10 3
9.4
10.1
316.7 2,321.3
313.2 2,341.0
318.8 2,409.4
322.1 2,468.9
334.3 2,535.5
341 3 2 599 6
351.2 2,671.0
322.3 2,480.0
3240 2 4944
329.9 2,510.9
333.0 2,531.4
336.7 2,543.8
337 8 2,555.9
339.9 2,571.2
341.0 2,594.5
341 5 2,6087
342 9 2 623 8
345 1 2 646 5
349 1 2,666 5
352.5 2,672.8
358 3 2 6982
363.7 2,723.9
362.9 2.750.9
Total
seiTJees '
Housing
Medical
of lew [lasset ;rer cars
a (I liidit
rncks
Ulits}
627.2
635.2
646.8
654.7
674.3
6882
700.2
655.8
6600
666.8
672.2
677.0
681.1
683.7
686.7
689.7
692 8
695 6
698 7
701.7
704 8
708.3
712.0
Source: Department of Commerce, Bureau of Kcouoniic Analysis.
602.8
621.6
646.6
655.3
662.1
674 9
688.1
656.4
656 7
658.1
661.1
663.2
666.0
669.5
672.9
677.0
680 4
679 4
6862
689.8
697 1
704.4
711.2
13.9
12.3
12.8
13.9
15 0
14 7
15.0
13.8
146
14.9
14.9
14.9
15 3
14.7
14.4
14 9
15 0
150
15 1
15.1
14 9
15.3
14.5
SOURCES OF PERSONAL INCOME
Personal income rose $9.5 billion (annual rate) in July, following an increase of $39.6 billion in June. Wages and
salaries decreased $0.5 billion in July, compared to an increase of $31.2 billion in June. In July, a decrease
in private-sector average weekly hours more than offset an increase in employment; average hourly earnings
were unchanged.
BILLIONS OF DOLLARS* (RATIO SCALEI
7,000
BILLIONS OF DOLLARS* (RATIO SCALE)
7,000
6,000
6,000
5,000
5,000
TOTAL PERSONAL INCOME
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
•2,000
\
1,400
OTHER INCOME
1,400
800
800
TRANSFER PAYMENTS
400
400
I I I I I I I I I II
1989
1990
1991
1992
1993
1995
1994
*SEASONALLY'ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1996
1997
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Total
personal
income
Period
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- July
Sept
Oct
Dee
1997- Jan
Feb
Mar
May
July**
1
. . . .
4,184.6
4,501.0
4,804.2
4,981.6
5,277.2
5,519.2
5,791.8
6,150.8
6,495.2
6,504.9
6,538.9
6,582.0
6,575.6
6,615.2
6,664.4
6,700.1
6,750.3
6,788.2
6,801.0
6,823.1
6,862.7
6,872.2
Wage and
salary
disbursements !
2,453.6
2,598.1
2,757.5
2,827.6
2,986.4
3,089.6
3,240.7
3,429.5
3,632.5
3,633.3
3,660.6
3,694.6
3,683.5
3,713.4
3,753.7
3,754.1
3,799.1
3,821.3
3,822.1
3,835.1
3,866.3
3,865.8
Proprietors' income 3
Other labor
income ]2
251.7
273.1
300.6
322.7
351.3
385.1
405.0
406.8
407.6
406.9
408.2
410.2
407.2
408.7
411.4
410.5
412.5
413.9
414.4
415.3
415.7
416.5
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.
Farm
27.5
36.3
35.4
29.3
37.1
32.4
36.9
23.4
37.2
39.4
40.2
40.7
40.8
40.5
39.9
39.4
39.9
41.4
43.1
44.1
44.6
44.3
Nonfarm
307.8
321.1
338.6
347.2
386.7
418.4
434.7
465.5
483.1
484.2
482.6
484.4
485.8
487.9
490.0
492.8
494.6
495.8
497.9
499.4
501.8
503.9
Rental
income
of
persons4
55.1
51.7
61.0
67.9
79.4
105.7
124.4
132.8
146.3
146.7
148.0
149.2
149.2
149.2
149.1
148.5
149.3
149.2
149.0
148.6
146.8
147.0
Personal
dividend
income
109.9
130.9
142.9
153.6
159.4
185.3
204.8
251.9
291.2
291.3
291.9
292.7
293.7
295.0
296.9
310.7
312.5
314.4
316.3
318.3
320.3
322.4
Personal
interest
income
595.5
674.5
704.4
699.2
667.2
651.0
668.1
718.9
735.7
738.9
743.0
746.2
747.8
749.8
751.8
754.3
757.0
760.4
763.7
766.8
769.8
772.7
Transfer
payments 5
577.6
626.0
687.8
769.9
858.2
912.0
954.7
1,015.0
1,068.0
1,070.6
1,072.4
1,074.3
1,077.0
1,081.8
1,085.5
1,105.5
1,104.1
1,111.9
1,114.7
1,116.5
1,120.1
1,122.5
•*With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
5
Consists mainly of social insurance benefits, direct relief, and veterans paymentsSource: Department of Commerce, Bureau of Economic Analysis.
Less: Personal contributions
for social
insurance
194.2
210.8
223.9
235.8
248.4
260.3
277.5
293.1
306.3
306.3
308.1
310.2
309.4
311.3
313.8
315.8
318.7
320.1
320.1
320.9
322.9
322.7
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (1992) dollars rose at an annual
rate of 2.0 percent in the second quarter of 1997.
BILLIONS OF DOLLARS' (RATIO SCALE!
6,000
BILLIONS OF DOLLARS' (RATIO SCALE]
2,000
2,000
DOLLARS* (RATIO SCALE)
22,(MU
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
CHAINED ( 1992) DOLLARS
18,000
_
^- ^--"
^—-
12,000
16,000
,
•— '
\
14,000
C URRENT X3LLARS
12,000
10,000
1
1
1982
1
1
i i i
1984
!
1983
i ii
!
1985
1986
I
1
I i i
I I I
1
1987
1988
1989
1
!
I
1
!
1990
!
1
1
1991
i
1
1992
1
t
I I
1
Personal
ineome
Less.Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
4,804.2
4,981.6
5,277.2
5,519.2
5,791.8
6,150.8
6,495.2
624.8
624.8
650.5
690.0
739.1
795.1
886.9
4,179.4
4,356.8
4,626.7
4,829.2
5,052.7
5,355.7
5,608.3
1995
1996
1997
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlay !
Equals:
Personal
saving
Disposable
personal
ineome in
billions of
chained
(1992)
dollars
Per capita
disposable personal
income
Current
dollars
Chained
(1992)
dollars
Per cap ta personal
consumption
expenditures
Current
dollars
Chained
(1992)
dollars
Dollars
Billions of dollars
1990
1991
1992
1993
1994
1995
1996 . ...
8,000
1
1994
1993
•SEASONAU.Y ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
18,000
"
!•-
_^
-
!
•
20,000
-
1
-^
.
__ — "
14,000
8,000
^
,
16,000
10,000
.r
.
DOLLARS* (RATIO SCALE)
.—•
22,000
3,958.1
4,097.4
4,341.0
4,580.7
4,842.1
5,101.1
5,368.8
221.3
259.5
285.6
248.5
210.6
254.6
239.6
4,498.2 16,721 17,996
4,500.0 17,242 17,809
4,626.7 18,113 18,113
4,703.9 18,706 18,221
4,805.1 19,381 18,431
4,964.2 20,349 18,861
5,076.9 21,117 19,116
Percent
change
in real
per capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 3
Percent
15,360
15,732
16,520
17,273
18,093
18,837
19,608
16,532
16,249
16,520
16,825
17,207
17,460
17,750
0.8
-1.0
1.7
.6
1.2
2.3
1.4
5.3
6.0
6.2
5.1
4.2
4.8
4.3
249,956
252,680
255,432
258,161
260,705
263,194
265,579
16,976
17,177
17,363
17,574
17,774
17,978
18,199
18,419
18,578
18,774
18,938
19,055
19,291
19,562
19,660
19,919
20,247
20,307
16,671
16,769
16,891
16,968
17,092
17,178
17,232
17,326
17,356
17,438
17,505
17,540
17,642
17,765
17,745
17,848
18,046
18,053
-7.5
6.2
-.0
3.7
— 5.5
5.7
1.8
3.8
3.6
-.8
1.6
1.5
2.8
2
1.7
4.6
5.6
4.9
5.4
3.4
4.2
4.4
4.7
5.3
4.6
4.5
4.6
4.7
4.1
4.5
3.9
3.7
4.2
257,151
257,785
258,516
259,191
259,738
260,351
261,040
261,692
262,235
262,847
263,527
264,169
264,680
265,258
265,887
266,491
266,987
267,545
Seasonally adjusted annual rates
1993:
I
II
III
TV
1994:
I
II
Ill
IV
1995- I
II
III
TV
1996: I
II
Ill
IV
1997: I r
II
5,369.4
5,504.1
5,544.2
5,659.1
5,516.3
5,766.6
5,838.1
5,946.1
6,053.1
6,114.8
6,179.1
6,256.2
6,359.4
6,461.3
6,541.9
6,618.4
6,746.2
6,828.9
1
662.5
685.6
695.5
716.4
712.9
750.5
739.9
753.0
766.5
795.1
798.9
820.0
840.0
887.8
897.3
922.6
955.7
982.0
4,707.0
4,818.5
4,848.7
4,942.8
4,903.4
5,016.1
5,098.2
5,193.1
5,286.6
5,319.6
5,380.2
5,436.2
5,519.4
5,573.5
5,644.6
5,695.8
5,790.5
5,847.0
4,488.4
4,549.5
4,609.8
4,675.2
4,738.2
4,803.3
4,876.1
4,950.7
5,007.3
5,074.3
5,136.4
5,186.3
5,261.3
5,347.8
5,390.6
5,475.4
5,574.6
5,603.6
218.6
269.0
239.0
267.6
165.2
212.8
222.1
242'4
279.2
245.4
243.8
249.9
258.1
225.7
254.0
220.4
215.9
243.3
Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
2
Annual data are averages of quarterly data, which are averages for the period.
4,622.3
4,703.9
4,716.9
4,772.5
4,715.3
4,792.8
4,827.3
4,884.9
4,938.9
4,940.9
4,973.0
5,003.9
5,047.6
5,061.3
5,094.8
5,103.8
5,161.1
5,197.9
18,304
18,692
18,756
19,070
18,878
19,267
19,530
19,844
20,160
20,239
20,416
20,579
20,853
21,012
21,229
21,373
21,689
21,854
17,975
18,247
18,246
18,413
18,154
18,409
18,493
18,667
18,834
18,798
18,871
18,942
19,071
19,081
19,161
19,152
19,331
19,428
9
3.8
2.0
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1996, according to preliminary estimates, gross farm income fei! $5.8 billion (annual rate)
and net farm income fell $6.5 billion.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
280
/f
200
160
v
/--
X ^
K », xsj^. -r—S]
1
\ ^
XX-
r—'—^
>
"
'
f^-~~~~~ 1^—'"~-
200
^
-
""^^
160
120
it
60
-
\
\
\1
l\ /
\/
1
I //
L,'
x
1 \/
>
/*
/1
^
A
l\
1
1
\ 1
1 '
\l
\l
t
'
'
X
/
~"
V
/
^
^v
\!
'\
/,
V
^N
/
V
/
,'N \
„
\ s \
40
N/
\'
V,
\
'
NET FARM INCOME
20
1
I It 1
1 l\ 1
'
1U
10
'l
1
4
i ii
1 1 1
1 1 1
i i i
i i i
1
1982
1983
1984
1985
1986
1987
1
1
i i l
1 1 1
1988
1989
1 1 ±
1 1 1
i i i
l i i
i i i
1 1 1
i ii
1990
1991
1992
1993
1994
1995
1996
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADViSERS
[Billions of dollars; quarterly data at seasonally adjusted animal rates]
Income of farm operators from fanning
Gross farm income
Period
Cash marketing receipts
Total i
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996?
1995- I
II
Ill
IV
1996- I
II
Ill
IV P
. . .
168.4
177.9
191.9
198.2
191.9
200.6
204.2
215.8
210.4
233.1
208.3
206.4
218.5
208.4
239.1
238.4
230.4
224.6
141.8
151.2
160.8
169.5
167.9
171.3
177.6
180.8
185.8
202.0
180.6
181.0
199.8
181.5
203.4
205.6
205.9
193.0
'('ash marketing receipts and inventory chants pins Government payments, other farm cash
income, arid nomnonoy income furnished by farms.
2
Physical changes in end-of-ycar inventory of crop and livestock commodities valued at aver•dge, prices during the year.
Livestock and
products
76.0
79.6
83.9
89.2
85.8
85.6
90.2
88.1
86.8
92.9
83.2
81.6
96.1
86.5
90.1
90.5
96.7
94.2
Crops
65.8
71.6
76.9
80.3
82.1
85.7
87.5
92.6
98.9
109.1
97.4
99.4
103.7
95.1
113.3
115.1
109.2
98.8
Production
expenses
Value of
inventory
changes 2
-2.3
-4.1
3.8
3.3
f>
4/2
-4.5
8.2
-3.4
2.8
-4.1
-3.9
-3.0
-2.4
3.4
3.2
2.6
2.1
131.0
139.9
146.7
153.4
153.3
152.5
160.5
167.4
175.6
183.7
172.4
175.4
177.5
177.0
180.0
184.6
184.9
185.5
Net farm
income
37.4
38.0
45.3
44.8
38.5
48.0
43.6
48.4
34.8
49.3
35.9
30.9
41.0
31.4
59.1
53.8
45.5
39.0
N<)TK.-—I)ata include net Commodity Credit Corporation loans and ojxirator households.
Quarterly data plotted for 19H9 through 1998 in chart do riot reflect previous revisions to
.nnual data in table.
Sources: Department of Agriculture.
CORPORATE
In the second quarter of 1997, according to preliminary estimates, corporate profits before tax rose §8.9 billion
(annual rate) and profits after tax rose $5.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
„
/SO
SEASONAilY ADJUSTED ANNUAI RATES
jf
700
/
'
650
650
600
600
/^
7
550
550
-
500
450
PROFITS BEFORE TAX
350
/
f\
^
/^
200
150
--•^—^yr*
~~ — ~
~ ._
j11
V.,
0
1983
\
^_^>
%
y
\ '"'
<~ --• ^ -"\ '
\
^
---
•
'",.*
1984
1985
, /
"*"
•**'
""v-'
1986
1
1987
1988
1
350
./
300
-
'
200
150
•" \/
t
100
~^_^' J
**
1
„
\
RIBUTED
1
1989
250
,-•-•-- '"
_.^-,.J- v/"
/
i 1 1
-
J*
s
,,-'
: i i
N.-
s'"'" -""'
. <*,'
400
s
T/vX UABIU11
i i i
1982
^y
r^
-"X
x'^'
50
•'-^
J
450
-
_^ ^
l
/
PROFITS AFTER TAX
y—v
M
f
^1
300
,-
.
400
250
500
JV
1
1990
!
i 1 i
1991
1 1 1
1992
I I I
1993
50
1 1 1
1994
SOURCE: DEPARTMENT OF COMMERCE
,,J0
i i i
1995
1996
1997
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after tax
Profits (before tax) with inventory valuation adjustment '
Domestic industries
Period
Nonfmaneial
Total Total
1989
1990
1991
1992
1993
1994
1995
1996
1993: I
II
Ill
IV
1994: I
II
Ill
IV
1995: I
II
Ill
W
1996:
I
II
Ill
JV
1997:
I
HP
Profits
before
tax
v inaneial
Total '•>
Manufacturing
Wholesale
Tax
liability
Total
Dividends
Undistributed
profits
Inventory
valuation
adjust-
Retail
330.6
358.2
378.2
398.9
456.9
519.1
598.4
674.1
272.6
292.5
309.5
334.0
383.0
445.7
511.7
578.2
53.1
68.6
87.4
83.7
82.9
69.4
97.6
103.5
219.6
223.8
222,1
250.3
300.1
376.3
414.1
474.7
109.3
112.3
92.7
96.3
116,7
151 6
181.3
205.5
20.4
17.2
20.6
23.0
24.3
29.4
26.9
38.3
20.7
20.6
26,1
32,2
38.9
46.0
41.9
48.9
348.1
371.7
374.2
406.4
465.4
535.1
622.6
676.6
141.3
140.5
133.4
143.0
165,2
186.6
213.2
229.0
206.8
231.2
240.8
263.4
300,2
348.5
409.4
447.6
138.9
151.9
163.1
169.5
195.8
216.2
264.4
304.8
67.9
79.4
77.7
93.9
104.5
132.3
145,0
142.8
419.2
444.4
459.8
504.1
339.7
374.5
382.7
435.2
76.6
84.7
79.4
91.0
263.1
289.8
303.3
344.2
95.8
115.1
113.8
142,2
20.5
26.3
24.8
25.4
34.7
36.6
41,4
42.7
431.7
461.5
459.6
508,9
149.2
165.4
161,2
184.9
282.5
296.1
298.4
324.0
188.0
192.5
198.3
204.2
94.5
103.6
100.1
119.7
- 12.5
-17.1
470.8
510.2
535.0
560.3
398.9
437.9
460.7
485.2
44.1
72.3
81.3
80.0
354.7
365.6
379.5
405.3
149.7
138.8
151.6
166.2
28.1
33.8
27.3
28.6
41.6
47.4
47.2
47.8
475.1
525.3
556.2
583.9
163.0
182.8
194.6
206.2
312.1
342.5
361.6
377.7
203.2
211.6
220.0
230.2
108.9
131.0
141.6
147.5
-4.3
-15.1
-21.2
-23.6
560.4
577.2
621.4
634.5
476.9
486.8
540.9
542.1
89.5
96.3
107.1
97.4
387.3
390.4
433.8
444.7
161.9
170.3
194.5
198.4
25.5
20.3
28,5
33.2
41.0
42.3
42.2
42.1
610,7
615.0
630.6
634.1
209.6
209.1
218.8
215.3
401.0
405.9
411.8
418.8
255.5
260.8
266.8
274.4
145.6
145.1
145.0
144.5
-50.3
-37.8
-9.3
659.8
676.8
676.4
683.4
568.7
583.5
584.6
575.8
110.4
111.5
104.0
88.1
458.3
472.0
480.7
487.8
197.1
204.8
210.5
209.7
37.2
30.8
37.7
47.4
46.0
50.6
50.6
48.3
664.9
682.2
679.1
680.0
226.2
232.2
231.6
226.0
438.7
450.0
447.5
454.0
300.7
303.7
305.7
309.1
138.0
146.4
141.8
144.9
-5.1
-5.4
—27
711.9
725.0
614.5
626.3
116.5
116.6
498.0
509.7
208.2
49.0
55.1
708.4
717,3
241.2
244.4
467.2
473.0
326.8
333.0
140.3
140.0
3.5
ill consumption adjustments.
•i', Burciiu of Ecf
-17.5
-13.5
4.0
-7,5
-8.5
-16.1
-24.3
-2.5
.2
-4.8
.4
s's
'7,6
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the second quarter of 1997, according to revised estimates, nonresidential Fixed investment in chained (1992)
dollars rose $29.6 billion (annual rate) and residential investment rose $4.7 billion. There was an increase of $77.7
billion in inventories following an increase of $63.7 billion in the first quarter.
BILLIONS OF CHAINED (1992] DOUARS
BILUONS OF CHAINED (1992) DOLLARS
1,200
1,200
SEASONALLY ADJUSTED ANNUAL RATES
/
1,100
1,000
A
900
/^
800
/
700
\
\v^ __/ N—> !
'
/
.
I \
s
s
^
[^/
\^
900
800
s **
700
s
*• "*
/
s~
~*,^
,"~
500 ^
V
-«•_,
'
^—
600
.„-•* -^
"V " ~ ~ -
500
JNRESIDE
FIX ED INVESTMENT
X
•s. ^
^
r/
GROSS
PRIVATE DOMESTIC
1
^
'
INVES1 MENT
J
S
400
400
RESIDENTIAL
FIXED INVESTMENT
\
300
200
_, ..
_,._.-
-.„
300
-••""
200
s'
'
108
/
0
-100
/
r
1,000
600
1,100
^
CHANC5E IN BUS INESS
/ENTORIE S
' ~ — v^
V
*_ f
s
—L_L_L
1982
1
'•*
\
1
1983
t
i ii
I 1 I
1984
1985
I 1 1
1986
x'%"
100
N
N—
,"'
—
*»-'
0
\,
i i i
i i i
i i l
i i i
I i i
' i i
\ 1 1 _L_L_L
!
1987
1988
1989
1990
1991
1992
1993
1995
1994
! I
1 1 1
1 ! 1
1996
1997
-100
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of COMMERCE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
Gross
private
domestic
investment
Change in business
inventories
Nonresidential
Producers'
durable
equipment
Residential
Structures
Total
Total
Total
Nonfarm
863.5
815.0
738.1
790.4
863.6
975.7
991.5
1,069.1
832.0
805.8
741.3
783.4
842.8
915.5
962.1
1,041.7
588.8
585.2
547.7
557.9
600.2
648.4
706.5
771.7
201.2
203.3
181.6
169.2
170.8
172.5
179.9
188.7
387.6
381.9
366.2
388.7
429.6
476.8
528.3
586.0
243.2
220.6
193.4
225.6
242.6
267.0
257.0
272.1
33.3
10.4
-3.0
7.0
22.1
60.6
27.3
25.0
33.5
7.8
-1.2
2.0
29.5
49.0
35.7
22.5
1993- I
II
Ill
IV
845.5
846.1
858.6
904.0
814.8
831.1
844.5
880.8
577.8
595.1
602.3
625.6
168.0
170.3
171.7
173.1
409.8
424.9
430.7
452.9
237.0
236.1
242.2
255.1
32.3
16.6
15.3
24.2
40.0
23.4
27.8
26.9
1994: I
II
Ill
IV
939.9
987.8
972.2
1,003.0
887.8
913.2
922.7
938.5
626.2
641.2
653.2
672.9
166.3
174.5
174.0
175.0
460.6
467.3
480.0
499.1
261.3
271.5
269.4
265.9
53.1
75.9
49.7
63.6
39.6
59.6
38.2
58.7
1995: I
II
III
1,005.8
977.5
982.0
1,000.8
955.8
954.0
962.3
976.3
695.7
705.4
708.2
716.8
179.0
180.9
181.2
178.6
518.1
525.9
528.5
540.5
261.2
250.4
255.5
260.8
48.5
21.6
17.0
22.2
54.7
34.0
29.6
24.4
1996- I
1,012.2
1,059.2
1,100.3
1,104.8
1,001.5
1,035.7
1,060.9
1,068.7
736.9
759.7
789.3
800.8
182.1
185.6
190.0
196.9
557.4
577.1
602.9
606.7
266.1
277.2
274.1
271.1
8.0
21.3
37.9
32.9
14.5
17.3
31.6
26.5
1,149.2
1,198.9
1,079.0
1,112.6
808.9
838.5
195.9
193.9
616.6
650.4
273.3
278.0
63.7
77.7
58.3
70.4
1989
1990
1991
1992
1993
1994
1995
1996
rv
II
III
rv
1997- I
rj'
NOTE.—See p. 10 for further detail on fixed investment by type.
liecause of the formula used for calculating; real (ifDP, the. chained (1992) dollar estimates
for the detailed com|M>neiits do not add to the chained -dollar value of (JIM* or to any intermedi-
Source: Department of Commerce, ilureau of Economic Analysis.
REAL PRIVATE FIXED INVESTMENT BY TYPE
{Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Period
1989
1990
1991
1992
1993
1994
1995
1996
1993: I
II
Ill
IV
1994:
I
II
Ill
rv
1995:
I
II
Ill
rv
1996:
I
II
Ill
rv
1997- I
II'
Total
nonresidential
588.8
585.2
547.7
557.9
6002
648.4
706.5
771.7
577.8
595.1
602.3
625.6
626.2
641.2
653.2
672.9
695.7
705.4
708.2
716.8
736.9
759.7
789.3
800.8
808 9
838.5
Total i
201.2
203.3
181 6
169.2
170.8
172.5
179.9
188.7
168.0
170.3
171.7
173.1
166.3
174.5
174.0
175.0
179.0
180.9
181.2
178.6
182.1
185.6
190.0
196.9
195.9
193.9
Residential
Producers' durable equipment
Structures
Information processing
and related equipment
Nonresidential
buildings,
including
farm
Utilities
Mining:
exploration,
shafts,
and
we s
Total '
13.9
16.1
15 7
13.3
16.0
15.8
14.3
13.9
15.2
16.2
16.4
16.2
15.1
15.1
16.2
16.7
16.3
14.2
13.8
13.1
13.6
13.9
14.1
13.8
13.6
13.0
387.6
381.9
366.2
388.7
429 6
476.8
528.3
586.0
409.8
424.9
430.7
452.9
460.6
467.3
480.0
499.1
518.1
525.9
528.5
540.5
557.4
577.1
602.9
606.7
616.6
650.4
30.9
28.1
32.0
34.5
31.8
29.9
30.0
29.3
33.4
31.7
31.0
31.0
30.3
29.6
29.8
29.8
30.4
30.4
30.1
29.2
29.7
29.1
28.7
29.5
150.2
152.0
126 9
113.2
1153
119.9
128.8
140.0
111.3
114.4
117.1
118.5
114.3
123.1
120.6
121.8
125.5
129.4
130.1
130.3
132.7
137.0
141.7
148.4
150.1
147.2 1
275
28.9
Total
Computers
and
peripheral
equipment-
Other
Industrial
equipment
116.2
116.2
117 8
134.2
147.9
165.1
201.8
253.1
140.5
143.2
152.5
155.5
158.1
160.8
166.1
175.6
184.5
199.3
205.2
218.2
232.8
244.8
264.3
270.4
281.4
296.5
29.4
29.4
32.4
43.9
56.1
67.2
102.8
160.8
51.0
53.2
58.4
61.7
62.2
64.1
67.1
75.3
82.7
97.2
106.8
124.4
138.7
152.0
170.0
182.4
195 8
216.0
88,1
88.2
85.9
90.2
92.3
99.4
107.0
116.3
89.6
90.3
94.6
94.8
96.8
97.8
100.2
102.8
105.1
107.9
107.2
107.8
111.7
114.0
120.3
119.3
121.5
124.1
101.5
95.0
88.3
89.3
96.5
105.5
113.4
117.0
93.4
94.2
96.5
102.0
102.8
103.8
106.7
108.9
112.1
114.9
114.1
112.5
114.8
118.8
117.6
116.9
116 8
123.4
Structures
Transportation
and
related
equipment
78.9
81.2
81.7
86.2
98.3
113.2
118.9
125.0
91.9
101.5
94.8
105.2
108.8
110.0
113.5
120.5
124.0
117.3
115.7
118.6
119.2
121.8
129.5
129.7
127 5
137.4
Total
residential :l
Total
Single
family
Multifamily
Other
243.2
220.6
193.4
225.6
242.6
267.0
257.0
272.1
237.0
236.1
242.2
255.1
261.3
271.5
269.4
265.9
261.2
250.4
255.5
260.8
266.1
277.2
274.1
271.1
273.3
278.0
237.0
214.5
187 6
219.5
236.2
260.3
250.0
265.0
230.7
229.8
235.7
248.6
254.8
264.8
262.7
259.0
254.3
243.6
248.5
253.8
259.1
270.0
266.9
263.9
265.9
270.6
121,9
110.4
96.4
116.5
127.1
140.1
126.9
136.6
123.5
123.6
126.8
134.3
139.4
144.5
140.5
136.1
131.4
123.1
124.3
128.9
133.1
138.6
138.3
136.2
136.2
136.1
23.3
19.7
15.4
13.1
10.6
13.6
16.9
18.6
10.4
10.1
11.0
10.7
11.4
13.0
14.7
15.5
16.4
16.3
17.2
17.7
18.9
20.2
17.5
18.0
19.6
20.6
91.8
84.4
75 7
89.9
98.6
106.5
106.7
110.2
96.9
96.1
97.9
103.5
103.8
107.2
107.6
107.6
106.8
104.7
107.6
107.7
107.5
111.7
111.5
110.0
110.5
114.4
Source: Department of Com me ire, Bureau of Economic Anal;
BUSINESS INVESTMENT AND PLANS
[Billions of dollars)
By industry
Total
Period
1993'
19942
1995:)
1996 4
penditures
4897
549.9
594.5
603.4
Total
4882
547.8
591.7
600.7
Mining
and
construction
31 2
36.1
36.0
33.6
Manufacturing
Total
134 1
153.3
172.3
184.8
Durable
goods
Nondurable
goods
66.4
78.9
91.4
100.2
1
Estimates
.1 from tlu> 1!)93 Annual Capital Expenditures Survey,
-' Revised c.s
collected from the 1994 Annual Capital Expenditures Xiim-y. Final data
isc in summer 19%.
an1 scheduled
•' Revised i'st
•s collected from the .March 199(i Investment Plans StiiTey. Final data \viil
lease of the 199.") Annual Capital Expenditures Survey.
be available up
4
Estimati :>f planned capital expenditures from the March 1996 Investment Plans Survey.
10
67 7
74.4
80.9
84.6
Transportation
Communications
30.6
33.3
37.0
35.2
37 1
41.5
46.0
46.3
Utilities
41 3
42.2
42.8
40.6
Wholesale
and
retail
trade
Finance,
insurance,
and
real
estate
60 3
68.9
75.1
71.9
402
46.8
57.3
57.7
NOTE.—Data for 1994-199H from Biisin,
pitul Exprwi
The Business In
tes. Estimates of busim's:
the March 1 99ti sn
vith release of the Ai nual Capital Expenditures Smvey.
Source: De-pint n
Services
111 8
123.5
123.7
129.4
Serving
multiple
industries
17
2.2
1.5
1.3
Not
distrib-
by
industry
14
2.2
2.8
2.7
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
in July, employment rose by 344,000 and unemployment fell by 253,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS *
1989
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian employment
Period
Civilian
noninstitutional
population
NSA
Civilian
labor
force
Nonagrieultural
Total
Agricultural
Total
Percent 2
Unemployment
Part time
for
economic
reasons'
Total
15
weeks
and
over
Not in
labor
force
Labor
force
participation
rate
EmpJoyrnemV
population
ratio
Unemployment
rate
1987
1988
1989
1990 ;!
1991
1992
1993
1994" ..
1995
1996
182,753
184,613
186,393
189,164
190,925
192,805
194,838
196,814
198,584
200,591
119,865
121,669
123,869
125,840
126,346
128,105
129,200
131,056
132,304
133,943
112,440
114,968
117,342
118,793
117,718
118,492
120,259
123,060
124,900
126,708
3,208
3,169
3,199
3,223
3,269
3,247
3,115
3,409
3,440
3,443
109,232
111,800
114,142
115,570
114,449
115,245
117,144
119,651
121,460
123,264
5,122
4,965
4,657
4,950
5,874
6,240
6,230
4,414
4,279
4,123
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,236
1,983
1,610
1,375
1,525
2,357
3,408
3,094
2,860
2,363
2,316
62,888
62,944
62,523
63,324
64,578
64,700
65,638
65,758
66,280
66,647
65.6
65.9
66.5
66.5
66.2
66.4
66.3
66.6
66.6
66.8
61.5
62.3
63.0
62.8
61.7
61.5
61.7
62.5
62.9
63.2
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
1996- July
200,641
200,847
201,060
201,273
201,463
201,636
202,285
202,388
202,513
202,674
202,832
203,000
203,166
134,165
133,898
134,291
134,636
134,831
135,022
135,848
135,634
136,319
136,098
136,173
136,200
136,290
126,889
126,988
127,248
127,617
127,644
127,855
128,580
128,430
129,175
129,384
129,639
129,364
129,708
3,470
3,418
3,480
3,450
3,354
3,426
3,468
3,292
3,386
3,497
3,430
3,391
3,482
123,419
123,570
123,768
124,167
124,290
124,429
125,112
125,138
125,789
125,887
126,209
125,973 .
126,226
4,150
4,182
4,130
4,118
3,815
4,162
4,163
4,098
3,937
4,235
3,806
3,782
3,872
7,276
6,910
7,043
7,019
7,187
7,167
7,268
7,205
7,144
6,714
6,534
6,836
6,583
2,326
2,273
2,277
2,294
2,184
2,179
2,155
2,163
2,064
2,092
2,071
2,063
2,157
66,476
66,949
66,770
66,637
66,632
66,614
66,437
66,754
66,194
66,577
66,659
66,800
66,876
66.9
66.7
66.8
66.9
66.9
67.0
67.2
67.0
67.3
67.2
67.1
67.1
67.1
63.2
63.2
63.3
63.4
63.4
63.4
63.6
63.5
63.8
63.8
63.9
63.7
63.8
5.4
5.2
5.2
5,2
5.3
5.3
5.4
5.3
5.2
4.9
4.8
5.0
4.8
Sept
Oct
Nov
Dec
1997- Jan 3
Feb
Mar
July
1
Persons at work- Economic reasons include slack work, material shortages, inability to find
fulitime work, etc.
"-Civilian labor force (or employment) as percent of civilian noninstitutioiml population; and
unemployment as percent of civilian labor force.
3
Not strictly comparable with earlier data.
4
Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire.
NOTE.—Data beginning January 1997 reflect revised population controls. See Emplm/nwnt
and Karninys, February 1997, for details.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In July, the unemployment rate fell to 4.8 percent, from 5.0 percent in June.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT * (SEASONALLY ADJUSTED]
25
TEENAGERS
(16-19)
20
15
10
10
MEN 20 YEARS
AND OVER
1993
1997
1993
1994
1995
UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1996
1997
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By sex and age
Period
1987 ..
1988
1989
1990 ....
1991
1992
1993 ....
19942
1995
1996 ....
1996:
July
Auer
Sept
Oct
Nov
Dec
1997: Jan
Peb
Mar
Apr
May
June
July
Men
20 years
and over
Women
20 years
and over
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
5.4
4.8
4.5
5.0
6.4
7.1
6.4
5.4
4.8
4.6
5.4
4.9
4.7
4.9
5.7
6.3
5.9
5.4
4.9
4.8
5.4
5.2
5.2
5.2
5.3
5.3
5.4
5.3
5.2
4.9
4.8
5.0
4.8
4.6
4.2
4.5
4.4
4.4
4.4
4.6
4.4
4.4
4.2
3.8
4.2
4.0
4.9
4.7
4.6
4.7
4.8
4.9
4.6
4.7
4.7
4.4
4.5
4.4
4.2
Both
sexes
16-19
16.9
15.3
15.0
15.5
18.7
20.1
19.0
17.6
17.3
16.7
16.7
17.0
16.0
16.3
16.8
16.5
17.0
17.5
16.4
15.4
15.6
16.8
16.4
rienced
Black
White
and
Black
other
years
1
Revised definition; for details, see Employment and Earnings, February 1994.
- Data tM'frimiinfr January 1994 an? not directly comparable with data for earlier periods.
XoTK.—Data relate to JMTNOII.S age l(i years anil over.
By selected groups
Expe-
All
civilian
workers
By race
5.3
4.7
4.5
4.8
6.1
6.6
6.1
5.3
4.9
4.7
4.7
4.5
4.5
4.5
4.6
4.6
4.6
4.5
4.5
4.2
4.0
4.2
4.2
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
9.3
9.3
8.9
9.2
9.3
9.1
9.2
9.4
9.7
9.5
9.0
9.3
9.1
8.2
wage
and
salary
workers
Married
Women
men,
who
spouse
present
maintain
families
Full-time
workers '
Part-time
workers!
13.0
11.7
11.4
11.4
12.5
14.2
13.0
11.5
10.4
10.5
5.8
5.2
5.0
5.3
6.6
7.2
6.6
5.9
5.4
5.2
3.9
3.3
3.0
3.4
4.4
5.1
4.4
3.7
3.3
3.0
9.2
8.1
8.1
8.3
9.3
10.0
9.7
8.9
8.0
8.2
6.0
5.3
5.1
5.4
6.8
7.5
6.9
6.1
5.5
5.3
6.9
6.4
6.2
6.4
7.0
7.5
7.2
6.0
6.0
5.8
10.5
10.4
10.7
10.7
10.6
10.5
10.8
11.3
10.7
9.8
10.3
10.4
9.4
5.2
5.0
5.1
5.0
5.2
5.1
5.1
5.0
5.0
4.7
4.6
4.8
4.6
3.0
2.9
3.0
3.0
3.0
3.0
2.8
2.8
2.8
2.7
2.6
2.7
2.6
8.8
8.5
8.3
8.5
8.8
8.4
9.1
9.0
9.1
7.5
7.6
8.0
7.4
5.3
5.0
5.1
5.1
5.3
5.2
5.2
5.1
5.1
4.8
4.7
4.9
4.7
6.0
5.9
5.6
5.6
5.6
5.8
5.7
6.0
5.7
5.7
5.2
5.3
5.4
Source: Department of Labor, Bureau of Labor Statistics
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In July, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5-14
weeks fell; the percentages for 15-26 weeks and for 27 weeks and over rose. The mean duration of unemployment
rose to 16.6 weeks and the median duration rose to 8.5 weeks.
PERCENT DISTRIBUTION '
PERCENT DISTRIBUTION '
70
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
Ax..
IryCOT
<v"Vv_/
^ '""
N
30
REENTRANTS
WEEKS
20
NEW ENTRANTS
1 1 1 II
1 1 II 1
J i 1 LLLi 1 ) 1 1
1993
* SEASONAL!* ADJUSTED
I/BEGINNING JANUARY 1994, JOB tOSEfiS AND PERSONS WHO COMPLETED TSMPORARY JOBS.
SOUSC£: DEPARTMENT OF LABOR
CQUNOi. OF ECONOMIC ADViSgSS
[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
losers '
Job
leavers
Beentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted)^
Weekly average, thousands
1987
1988
1989
1990
1991
1992
1993
1994 :t
1995
1996
1996: July
Aug
Sept
Get
Nov
Dee
1997: Jan
Feb
Mar
May
July
1
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,236
7,276
6,910
7,043
7,019
7,187
7,167
7,268
7,205
7,144
6,714
6,534
6,836
6,583
43.7
46.0
48.6
46.3
40.3
35.1
36.5
34.1
36.5
36.4
36.0
36.2
35.8
35.9
38.9
37.1
39.0
36.3
37.4
35.7
38.1
37.3
35.7
29.6
30.0
30.3
32.0
32.4
29.4
28.9
30.1
31.6
31.6
31.9
31.4
31.9
31.8
31.0
32.7
31.0
33.4
33.6
32.7
30.6
32.5
31.5
12.7
12.0
11.2
11.7
14.4
15.1
14.5
15.5
14.6
14.6
13.7
14.3
14.8
14.9
14.0
13.5
13.1
14.4
14.1
16.0
16.3
15.3
16.5
14.0
12.1
9.9
10.0
12.9
20.3
20.1
20.3
17.3
17.4
18.4
18.1
17.6
17.3
16.1
16.7
16.9
15.9
15.0
15.7
15.0
14.9
16.3
Befrinninf? January 1 9 4, job losers and persons \vlio completed tenipnraiT jobs.
2
Includes State (SO Sti es, District of Col mhiu, I'uertn Kieo, and Virpin Islands), cx-servicemer. f H 'X), w,d Fwler, I (Ct TB). Kmlros ( R R ) migrants indmlcd t mmgh ]< 9:1. AI» inchufcs rederiil and State 'xtcriiltnl bet cfit j) o{jranjs. Docs not include rcdwal supplcfricnttu
coiiipcnsiititjii or Enit'i-{n'iH ' rmsmployncnt (' rnp(iiisati(ni proffTiiiiis.
:|
J)(itn hegiwimjf Januttt ' 1994 an; not din *tly c^mipanibUt with data for t-aHit'i- N'rimls.
14.5
13.5
11.9
12.0
13.7
17.7
18.0
18.8
16.6
16.7
16.9
17.2
16.9
16.7
16.0
15.8
16.0
16.0
15.3
15.2
15.1
15.1
16.6
6.5
5.9
4.8
5.3
6.8
8.7
8.3
9.2
8.3
8.3
8.5
8.5
8.6
8.3
7.7
7.8
7.7
8.4
7.9
8.3
7.7
7.7
8.5
48.0
46.1
45.7
48.1
54.4
56.1
54.2
47.7
46.9
46.6
46.4
44.9
46.0
45.1
45.3
44.4
44.8
43.7
44.6
44.3
44.1
46.2
44.5
13.0
14.7
15.7
14.8
11.6
10.4
10.9
9.9
11.1
10.7
10.5
11.2
11.4
11.3
11.5
11.7
12.3
10.9
11.0
11.2
12.2
12.2
12.6
26.6
27.0
28.2
27.4
24.8
23.8
24.6
34.8
34.1
34.7
35.0
35.8
34.7
35.4
35.1
35.3
34.6
36.6
35.4
36.0
35.0
34.6
34.4
12.4
12.2
10.4
9.8
9.2
9.7
10.3
7.6
7.8
8.0
8.2
8.0
7.9
8.2
8.1
8.6
8.3
8.9
9.0
8.6
8.7
7.1
8.5
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,670
2,575
2,594
2,535
2,524
2,468
2,470
2,444
2,518
2,453
2,375
2,294
2,274
2,263
2,326
2,300
328
310
330
388
447
408
341
340
357
356
334
325
335
334
338
355
334
311
312
333
326
341
r
319
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,739
2,636
2,649
2,550
2,254
2,184
2,046
2,105
2,752
3,032
3,036
2,929
2,511
2,082
'2,204
2,225
N'OTK. — Data relate to persons a^e 1 (i yciins and over except for insured unemployment anil
initia Haims).
HtmraM ]>,,,„„„„.„, of Lf,hor (Blm.81l ,,f L,,har statistics and Etnptevme ,,t and Tr»ii>ii. K ,Wmintstratioii)
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 316,000 in July.
MILLIONS OF PERSONS* (ENLARGED SCALE]
MILLIONS OF PERSONS*
36
•>
SERVICES
RETAIL TRADE
70
16
I 1 1 1 1 II I 1 1
20
MANUFACTURING
18
GOC5DS-PROOUC NG
30 —
—
INDUSTRIES
\
20 1 1 1 1 1 1 1 1 1 1 1
' 1993
| ||m
1994
CONSTRUCTION
4
miilim
1995
6
Illllllllll
I I Mill
1 1 1 1 1 ! 1 1 1 11
1997
1996
N
1995
1996
1997
COUNCIL OF ECONOMIC ADVISERS
I Thousands of wa^i: and salary workors;' seasonally ac^jtlsted I
Goods-producing industries
Period
1987
1988
1989
1990 ..
1991
1992
1993
1994
1995 .
1996
1996: July
Aug
Sept
Get
Nov
Dec
1997: Jan
Feb
Mar
Apr
May
JuneP ....
July ....
1
Im-l
Who rCCf
propriet
in this t
force, si
which c
bad wea
Total
nonagricultural
employment
101,958
105,209
107,884
109,403
108,249
108,601
110,713
114,163
117,191
119,523
119,691
119,983
120,019
120,248
120,450
120,659
120,909
121,162
121,344
121,671
121,834
122,062
122,378
Service-producing industries
Manufacturing
Total
2
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,908
24,265
24,431
24,433
24,468
24,439
24,479
24,508
24,540
24,581
24,653
24,670
24,667
24,702
24,720
24,716
Construction
4,958
5,098
5,171
5,120
4,650
4,492
4,668
4,986
5,160
5,400
5,417
5,433
5,441
5,467
5,495
5,521
5,542
5,604
5,609
5,599
5,628
5,624
5,627
Total
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,321
18,524
18,457
18,442
18,461
18,427
18,442
18,442
18,448
18,465
18,475
18,489
18,495
18,498
18,520
18,515
NonDurable durable
goods
goods
Total
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,448
10,683
10,766
10,766
10,788
10,771
10,780
10,791
10,803
10,821
10,836
10,848
10,856
10,864
10,890
10,910
77,284
80,084
82,630
84,497
84,504
85,370
87,361
90,256
92,925
95,092
95,258
95,515
95,580
95,769
95,942
96,119
96,328
96,509
96,674
97,004
97,132
97,342
97,662
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,873
7,841
7,691
7,676
7,673
7,656
7,662
7,651
7,645
7,644
7,639
7,641
7,639
7,634
7,630
7,605
les all full- and part-time wage and salary workers in nonafjricultiiral establishments
ved pay for any part of the pay period which includes the; 12th of the uonth. Excludes
rs, self-employed persons, domestic servants, and personnel of the Arn wl Forces. Total
bte not comparable with estimates of nona^riculturai employment of' he civilian labor
wn on p. 11, which include proprietors, self-employed JMTSOIIS, and d mcstic servants;
int persons as employed when they are not at work l>ecause of int istriat disputes,
etc., even if they are not paid for the time off; and which are based on a sample
14
Transportation and
public
utilities
5,362
5,512
5,614
5,777
5,755
5,718
5,811
5,984
6,132
6,261
6,296
6,299
6,290
6,293
6,303
6,288
6,351
6,376
6,405
6,421
6,431
6,430
6,461
Wholesale
trade
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,162
6,378
6,483
6,481
6,497
6,513
6,538
6,549
6,559
6,570
6,593
6,611
6,622
6,630
6,634
6,663
Retail
trade
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,507
21,187
21,625
21,651
21,692
21,718
21,791
21,847
21,912
21,917
21,922
21,945
22,029
22,026
22,077
22,142
Finance,
insurance, Services
and real
estate
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,896
6^806
6,899
6,910
6,917
6,925
6,941
6,949
6,962
6,971
6,980
6,992
7,019
7,029
7,038
7,064
24,110
25,504
26,907
27^934
28,336
29,052
30,197
31,579
33,'ll7
34,377
34,465
34,560
34,621
34,717
34,800
34,884
34,990
35,091
35,176
35,334
35,451
35,521
35,634
Government
Total
17,010
17,386
17,779
18,'304
18,402
18,645
18,'841
19,128
19*305
19^447
19,455
19,550
19,513
19,489
19,494
19,514
19,529
19,547
19,545
19,579
19,565
19,642
19,698
Federal
2,943
2,971
2,988
3^085
2,966
2,969
2^915
2,870
2^822
2,757
2,752
2,743
2,740
2,732
2,732
2,728
2,723
2,716
2,709
2,708
2,703
2,694
2,695
of the working-ag*1 population, whereas the estimates in this table are based on reports from
employing establishments. In the series shown hen-, persons who work at more than one job
are counted each time they apfx>ar on a payroll, in contrast to the series shown on p. II, where
persons are. counted only once—as employed, unemployed, or not in the lat>or force.
~ Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
jFor production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
1987
1988
1989
,
1990
1991
1992
1993
1994
1995
1996
1996: July
Aug
Sept
Oct
Nov
Dec
1997: Jan
Peb
Mar
Apr
May 7
June*
July/*
34.8
,
,
34.7
34.6
34.5
34.3
34.4
34.5
34.7
34.5
34.4
34.3
34.5
34.7
34.4
34.5
34.7
34.4
34.8
34.8
34.5
34.5
34.7
34.4
Current
dollars
Total
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
41.6
41.6
41.6
41.7
41.7
41.7
41.7
42.0
41.8
41.9
42.1
42.1
42.0
41.8
41.7
Total private
nonagrh ultural '
Total private
noriagrh ultura! '
Mantift eturing
Total
private
nonagrieultural '
Period
Average gross weekly earnings
Average gross hourly earnings
Ave "age weekly h ours
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
4.4
4.5
4.5
4.5
4.5
4.5
4.6
4.7
4.7
4.7
4.9
4.9
4.8
4.7
4.6
$8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.12
11.43
11.81
11.81
11.86
11.91
11.91
11.98
12.03
12.05
12.10
12.14
12.14
12.19
12.23
12.23
1982
dollars2
Manufacturing
$9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.07
12.37
12.78
12.80
12.85
12.87
12.87
12.93
12.99
13.02
13.03
13.07
13.07
13.11
13.11
13.14
$7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.40
7.39
7.43
7.42
7.44
7.45
7.42
7.44
7.45
7.46
7.47
7.49
7.49
7.52
7.54
7.53
Percent eh ange from
a year ear ier, total
prnutt nonagrieu tural 3
(Current dollar•s
Current
dollars
1982
dollars'-
Manufacturing
Construction
Retail
trade
$312.50
322.02
334.24
345.35
353.98
363.61
373.64
385.86
394.34
406.26
405.08
409.17
413.28
409.70
413.31
417.44
414.52
421.08
422.47
418.83
420.56
424.38
420.71
$269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.73
255.07
255.51
254.45
256.69
258.46
255.26
256.71
258.64
256.51
260.09
260.78
258.54
259.60
261.64
258.90
$406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.94
514.59
531.65
532.48
535.85
536.68
536.68
539.18
545.58
544.24
545.96
550.25
550.25
550.62
548.00
547.94
$480.44
495.73
513.17
526.01
533.40
537.70
553.63
573.00
587.00
602.94
598.69
602.18
603.33
606.06
604.50
610.34
607.18
612.65
614.62
616.95
626.85
618.86
621.23
$178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
221.47
230.11
229.03
230.69
232.36
233.28
234.96
236.64
235.87
238.91
240.08
238.71
239.29
239.87
239.33
Current
dollars
1982
dollars
-1.0
-.9
-1.0
-1.8
-1.6
-.2
-.0
.7
-.6
.2
-.5
.7
1.4
-.5
.6
2.1
2.0
2.1
2.7
2.2
2.3
1.3
1.7
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.3
2.2
3.0
2.4
3.5
4.5
2.5
3.9
5.5
5.1
5.2
5.4
4.6
4.4
3.5
3.8
3
1
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
Also includes oth«r private industry groups shown on p. 14.
Current dollar earnings divided bv the consumer price index for urban wage earners and
clerical workers (CPI-W) (on a 1982=100 base).
2
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Percent cha ge from
Indes (June 1989 == 100)
3 months ear ier
Period
Total
compensation
Wages and
salaries
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
126.7
130.6
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
123.1
127.3
}*enefits »
Total
compensation
Wages and
salaries
11
lie.nefits '
Total
compensation
Wages and
salaries
Benefits '
Not seasonally aidjusted
1987:
1988:
1989:
1990:
1991:
1992:
1993:
1994:
1995:
1996:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
135.9
138.6
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
2.6
3.1
Seasona ly adjusted
1994: Mar
June
Sept
Dec
1995: Mar
June
Sept
Dec
1996: Mar
June
Sept
Dec
1997: Mar
June
«
120.8
121.8
122.8
123.6
124.4
125.2
126.0
126.9
127.7
128.8
129.7
130.6
131.4
132.5
117.1
118.1
119.0
119.8
120.6
121.5
122.4
123.2
124.4
125.5
126.4
127.4
128.5
129.7
1
Employer costs for employee lnuiefits.
NOTE.—The employment cost index is a measure of the change in the cost of lalx>r, free
from the influence of employment shifts among occupations ami industries.
130.3
131.5
132.8
133.5
133.9
134.6
135.3
136.0
136.0
137.0
137.7
138.7
138.7
139.7
0.8
.8
.8
.7
.6
.6
.6
.7
.6
.9
.7
.7
.6
.8
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
2.8
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
2.2
2.0
Not seasonally ad. usted
0.5
.9
.8
.7
.7
.7
.7
.7
1.0
.9
.7
.8
.9
.9
1.1
.9
1.0
.5
.3
.5
.5
.5
0
.7
.5
.7
0
.7
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.6
2.7
2.9
2.9
3.1
3.0
2.9
2.9
3.1
2.9
2.8
2.9
2.9
2.8
2.8
3.2
3.4
3.3
3.4
3.4
3.3
4.4
3.9
4.0
3.7
2.9
2.6
2.1
2.2
1.6
1.7
1.8
2.0
2.0
2.0
Data exclude farm ami household workers.
Source: Department of Lal>or, Bureau of Lalwr Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of all
pel-sous
Period
Business
sector
Xunfarm
business
sector
o itput '
Business
sector
Hour s of all
ons 2
Nonfarm
business
sector
seetor
Xonfarm
business
seetor
Compensation per
hour ; '
Business
sector
Nonfarm
business
sector
Real coin H'nsation
per lour 4
Business
sector
Unit labor
Irnpiieit priee
deflator r>
eOStS
Xonfani
business
seetor
Business
sector
Nun farm
business
sector
Business
seetor
Xonfanii
business
Indexes, 1992 = 100; quarterly data seasonally adjusted
1988 .
1989
1990
1991
1992
1993 r
1994' . . . .
1995'
1996'
1993- I'
II' .
Ill'
IV'
1994- I'll ' ..
Ill'
IV' .
1995- lr . .
II'
Ill'
IV' .
...
1996: I'
llr \
III'
IV'
1997- I'
HP* .
94.6
95.4
96.1
96.7
100.0
100.2
100.6
100.5
102.0
100.1
99.7
99.9
101.0
95.2
95.7
96.2
96.9
100.0
100.1
100.5
100.7
102.0
100.7
100.7
100.5
100.7
100.2
100.4
100.6
101.1
100.6
100.7
100.4
100.8
101.6
102.3
102.0
102.5
102.9
103.1
100.1
99.6
100.0
100.8
100.3
100.5
100.8
101.2
101.7
102.2
102.0
102.4
102.8
102.9
94.6
97.8
98.6
96.9
100.0
102.7
107.0
109.5
113.3
101.4
102.1
102.8
104.6
95.1
98.1
98.8
97.1
100.0
103.0
107.0
109.8
113.6
101.6
102.3
103.2
104.8
100.0
102.5
102.6
100.2
100.0
102.6
106.3
108.9
111.0
99.9
102.5
102.7
100.2
100.0
102.8
106.4
109.0
111.3
83.5
85.8
90.7
95.1
100.0
102.6
104.3
106.9
110.4
83.6
85.8
90.6
95.1
100.0
102.3
104.1
106.7
110.1
99.0
97.1
97.4
97.9
100.0
99.6
98.7
98.4
98.7
99.1
97.1
97.3
97.9
100.0
99.3
98.5
98.3
98.4
88.2
89.9
94.4
98.3
100.0
102.4
103.7
106.3
108.2
87.8
89.7
94.1
98.1
100.0
102.2
103.6
106.0
107.9
86.8
90.4
94.1
97.7
100.0
102.5
104.8
107.2
109.2
86.4
90.0
93.8
97.6
100.0
102.5
104.9
107.3
109.1
101.4
102.4
102.9
103.6
101.5
102.6
103.2
103.9
101.8
102.4
102.9
103.3
101.6
102.1
102.5
103.0
99.8
99.7
99.6
99.2
99.6
99.4
99.3
98.9
101.7
102.7
103.0
102.3
101.6
102.5
102.5
102.1
101.7
102.3
102.7
103.4
101.8
102.3
102.6
103.3
105.2
106.9
107.3
108.5
108.7
108.7
109.8
110.7
105.2
106.9
107.3
108.6
104.5
106.1
106.7
107.7
104.6
106.1
106.8
107.8
104.0
104.0
104.4
105.1
103.8
103.9
104.2
105.0
99.5
98.8
98.3
98.3
99.2
98.7
98.1
98.2
103.3
103.2
103.9
104.3
103.2
103.1
103.8
104.2
103.9
104.4
105.1
105.8
103.8
104.5
105.3
106.0
108.9
108.9
110.2
111.0
108.5
108.3
109.2
109.5
108.5
108.4
109.3
109.7
105.8
106.6
107.3
108.1
105.6
106.4
107.1
107.9
98.3
98.3
98.4
98.6
98.2
98.1
98.3
98.4
105.6
106.1
106.7
107.0
105.3
105.8
106.3
106.6
106.5
107.0
107.4
107.8
106.8
107.2
107.5
107.8
111.4
113.2
113.5
115.0
116.6
117.3
111.7
113.5
113.8
115.3
116.9
117.6
109.6
110.7
111.3
112.2
109.8
111.0
111.6
112.6
108.9
110.1
111.0
111.9
107.1
107.7
108.8
109.2
108.4
108.8
109.4
109.8
113.1
114.0
99.1
99.5
109.9
110.5
106.9
107.4
108.5
108.9
109.7
110.4
108.4
108.9
109.6
110.0
113.8
114.2
98.4
98.8
98.9
98.9
99.4
99.8
98.3
98.5
98.6
98.5
113.3
113.8
108.7
109.8
110.6
111.5
112.8
113.6
110.6
110.8
110.5
110.7
4.0
1.9
5.0
4.1
1.7
2.4
1.2
2.6
1.8
3.6
2.1
5.0
4.2
1.9
2.2
1.4
2.4
1.8
3.5
4.2
4.0
3.8
2.4
2.5
2.2
2.3
1.9
3.4
4.2
4.2
4.1
2.4
2.5
2.3
2.3
1.7
3.5
2.1
1.6
2.7
2.0
2.1
2.7
2.5
3.8
1.7
1.5
2.6
2.1
2.5
3.2
2.4
Percent change; quarterly data at seasonally adjusted annual rates
0.7
.6
.5
.7
3.2
.1
.4
.2
1.3
3.8
3.4
.8
-1.7
3.2
2.7
4.1
2.3
3.5
4.1
3.2
.7
-1.8
3.0
3.0
3.9
2.6
3.5
3.2
2.5
.1
-2.3
-.2
2.6
3.7
2.4
2.0
3.3
2.6
.2
-2.5
2
2.8
3.5
2.4
2.2
-4.0
-1.8
1.7
3.3
-1.2
2.7
2.8
7.1
0
.O
2.6
3.9
6.1
3.3
4.5
2.2
2.7
-1.1
.6
-1.1
1.3
2.6
6.4
1.5
4.5
-1.6
.8
1.1
1.6
.8
.2
4.2
3.0
1.6
6.6
1.5
5.0
1.2
.2
4.6
3.0
2.8
5.9
2.6
3.7
II'
Ill'
IV' ..
-.9
0
-.7
.7
-2.1
.9
.7
2.0
2.7
4.0
2.0
2.7
3.5
6.3
2.3
3.8
2.9
-.7
3.5
1.0
1996- I' .
II' ...
Ill'
IV'
2.2
2.5
-1.1
1.9
1.9
2.2
-1.0
1.8
2.8
6.6
.9
5.4
2.6
6.8
1.0
5.4
1.8
.7
1.4
.6
5.9
2.4
5.6
2.3
1988
1989
1990
1991
1992
1993'
1994'
1995'r
1996
..
1993- I' ...
II'
Ill'
IV' .
1994:
I' ....
II'
in'
IV' .
1995:
I' ....
1997- I'
HP*
1
0.6
.8
.7
.7
3.4
.2
.4
-.0
1.5
-3.8
-1.3
.7
4.3
4.4
2.7
5.5
4.9
5.2
2.3
1.7
2.5
3.1
0.5
-1.9
.3
.6
2.1
-.4
-.9
0
0
.3
.2
-.4
-.4
-.1
-1.6
-1.0
-.9
-.3
-1.6
1.2
-2.0
-2.3
.3
6.6
3.9
1.0
-2.6
1.7
2.5
1.9
2.0
1.6
1.7
3.2
.3
1.3
2.8
3.9
-.2
2.4
1.8
6.1
3.9
-.1
-1.5
4.4
-.2
2.4
1.6
2.9
-.6
3.5
1.4
2.6
3.2
2.6
3.2
2.6
3.1
2.7
2.9
O
.6
4.0
2.0
3.4
.6
4.4
2.1
3.6
2.7
4.7
3.3
3.3
4.0
1.7
4.2
1.7
4.4
3.0
Output refers to real gross domestic product originating in the seetor.
Hours of all persons engaged in the seetor, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4
Hourlv compensation divided by the consumer price index for all urban consumers (CPIU).
5
Current dollar gross domestic output divided by the output index.
2
16
4.6
2.8
5.7
4.8
5.2
2.6
1.6
2.5
3.3
2.5
2.5
1.8
1.6
3.0
O
.9
-2.5
-2.0
.0
o
0.3
-2.0
.1
.7
2.1
-.7
-.8
!i
.5
.7
-!l
.6
.5
4.8
2.3
1.9
1.2
4.2
2.3
1.6
1.3
2.9
1.6
1.7
1.3
3.1
1.5
1.2
1.0
2.8
4.4
2.9
3.3
-.6
1.3
.6
-.1
-.5
1.0
.2
-.1
.5
2.2
4.4
1.4
.9
2.1
3.9
1.5
2.3
2.1
2.4
1.7
2.3
1.7
2.0
1.7
4.5
3.1
1.9
1.9
2.1
2.0
2.5
2.3
3.1
2.4
2.0
1.1
2.4
.9
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.
Data beginning 1993 reflect GDP revisions released July 31, 1997.
*Data based on GDP data released July 31, 1997. Data for 1997: II shown elsewhere in
this issue were released August 28, 1997.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose in July; capacity utilization fell.
INDEX,-I992 . 100* (RATIO SCALE)
140
TOTAL INDUSTRIAL PRODUCTION
130
INDEX, 1992= 100' (RATIO SCALE)
150
FINAL PRODUaS
140
120
130
BUSINESS
EQUIPMENT
V.
120
110
,s\[~"
\
**•--•-.
90
DURABLE
\
\
120
80
110
100
I
il
_
GOODS
MANUFACTURING
130
^•
rrrr^ -'" *
100
140
f^H^
.-
7
\^
•v_
*\
DEFENSE
AND SPACE
EQUIPMENT
-NONDURABIE
I
I
I
I I
/"""*• ""v. s-~-'
70
1 1 1 1 1 1 1 1 t l 1 ( I n 1 1 1 i n I 1 1 1 1 1 1 1 1 II 1 { [ 1 1 1 ! n N i 1 1 f f l 1 if U 1
140
UTILITIES AND MINING
PERCENT *
130
«H
36
120
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
f\
84
82
^—r
^^~x/v
jf
'
•"-]
80
78
1997
1993
iimlnm
lull
1993
HIM
1994
In,
1995
1 1 11 1 Mill
1996
1 1 1 II ! M II 1
1997
COUNCIL Of ECONOMIC ADVISERS
[MontlUy data seasonally adjusted]
Industry production indexes, 1992 = 100
Total industrial production
Percent change
Period
Index,
1992 = 100
From
preceding
month
Manufacturing
From
year
earlier
Total
Durable
Nondurable
Mining
Utilities
Total
industry
Manufacturing
-2.0
3.2
3.4
5.0
3.3
2.8
92.0
98.1
100.5
99.0
95.5
100.0
105.5
113.4
119.7
125.7
93.8
96.0
97.3
97.9
97.0
100.0
101.7
105.0
106.2
106.3
101.5
102.9
101.5
103.7
101.6
100.0
98.9
101.5
100.9
102.9
89.4
93.9
97.1
98.3
100.4
100.0
103.9
105.3
109.1
112.8
81.3
83.9
84.0
82.3
79.2
80.4
81.6
83.7
83.8
83.1
81.3
83.8
83.6
81.4
78.0
79.5
80.8
83.1
83.1
82.1
.4
3.4
2.9
2.6
3.3
4.0
4.4
117.0
117.2
117.4
117.6
118.5
119.2
126.9
127.5
127.2
127.1
128.4
128.8
106.4
106.2
106.9
107.4
107.9
108.8
103.1
104.5
103.4
103.4
103.5
104.5
109.4
110,8
111.1
111.9
114.5
112.6
83.2
83.2
83.1
83.0
83.4
83.5
82.4
82.3
82.1
82.0
82.4
82.5
.1
.5
.4
.4
-.0
.3
.2
4.8
4.0
4.9
4.4
3.9
3.6
3.7
119.3
120.1
120.6
120.9
121.0
121.3
121.4
129.5
130.8
131.7
132.3
132.7
133.4
133.8
108.5
108.6
108.7
108.7
108.5
108.5
108.3
103.6
106.3
107.5
106.0
107.9
107.6
107.2
112.7
110.2
109.9
113.6
110.8
111.3
113.0
83.3
83.5
83.6
83.6
83.3
83.3
83.1
82.4
82.6
82.7
82.6
82.4
82.3
82.1
93.1
97.3
99.0
98.9
96.9
100.0
103.4
108.6
112.1
115.2
1996- July
Aug
Sept
Oct
Nov .
Dee
115.5
115.8
116.0
116.2
117.2
117.7
0.0
.3
.1
2
1997- Jan
Feb .
Mar
Apf
May
June r
July
117.8
118.4
118.8
119.3
119.3
119.6
119.8
Capacity utilization
rate, percent a
92.8
97.1
99.0
98.5
96.2
100.0
103.7
109.4
113.2
116.3
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
' Percent changes basud on unrounde
-Output as jwreent of capacity.
]
4.6
4.4
1.8
9
!s
: IJoanJ of Governors of tlie F«d«ral l
o Systwn.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1992 = 100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
.
.
. .
1996- July
Oct
Dec
1997- Jan
Feb
. ...
Mar
Julv
1
Nondurable
goods
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Business
Energy
Total
Durable
goods
93,2
97.6
99.7
99.4
97.5
100.0
103.2
107.1
109.9
112.8
113.4
113.0
113.3
113.6
114.8
115.3
93.7
96.7
97.7
97.3
97.0
100.0
103.2
107.4
108.9
110.5
110.7
110.1
110.5
110.8
112.3
112.7
93.9
99.8
101.3
98.0
93.0
100.0
110.1
120.4
122.8
126.2
129.7
128.0
127.1
124.5
127.1
128.4
93.6
95.9
96.7
97.1
98.1
100.0
101.5
104.1
105.3
106.5
106.0
105.6
106.3
107.3
108.5
108.7
92.7
99.1
103.0
102.7
98.4
100.0
103.0
106.6
111.6
116.8
118.1
117.9
118.1
118.4
119.0
119.6
85.1
93.5
98.8
98.2
95.7
100.0
105.1
111.3
119.4
126.6
128.1
127.7
128.3
128.8
129.8
130.7
117.5
117.1
117.4
115.9
106.7
100.0
93.5
86.2
80.7
77.0
77.7
77.9
77.7
77.0
76.1
76.2
100.7
102.5
102.9
101.9
97.5
100.0
102.5
106.1
107.5
109.4
108.9
110.0
110.6
110.2
111.9
111.3
104.7
106.3
105.5
102.9
96.2
100.0
103.3
110.3
111.6
116.8
117.5
119.2
119.8
117.7
120.7
117.8
98.4
100.3
101.3
101.4
98.3
100.0
102.0
103.6
105.0
105.1
103.9
104.6
105.3
105.8
106.8
107.4
90.4
95.1
97.0
97.2
95.9
100.0
103.9
111.3
116.6
120.3
120.5
121.5
121.2
121.7
122.2
123.1
96.2
98.5
99.5
100.6
100.8
100.0
99.6
101.4
102.7
103.9
102.4
104.0
103.9
103.9
104.0
103.9
115.1
115.6
116.3
116.6
116.7
117.4
117.2
111.7
111.6
112.1
112.1
112.1
112.5
1123
127.3
129.2
131.0
126.9
128.4
130.6
130.6
107.8
107.2
107.4
108.3
108.0
108.0
107.7
120.8
122.6
123.5
124.3
124.8
125.8
125.8
132.1
133.8
134.3
135.5
135.9
136.8
137.6
74.7
75.4
75.6
75.2
75.6
76.4
76.0
111.6
112.0
112.1
112.0
112.1
111.9
111.8
117.0
120.0
121.8
120.1
120.9
120.1
119.7
108.4
107.3
106.5
107.2
107.0
107.1
107.2
123.4
124.1
124.5
125.5
125.2
125.3
126.0
103.8
104.0
103.5
103.8
103.5
102.9
104.5
Total '
Includes oil and jras \u-fl drilling aw! tmtmjfm'im-fd !imm>s, not shown separately,
£1992 = 100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total
1987
1988
1989
1990
1991
1992 .
1993
1994
1995
1996
1996- July
Aug
Sept
Oct
.,
.
Dec
1997- Jan
Feb
.
Mar
Apr'
MaV
.
.
July''
Swim-: lionnl i
nf tin- Federal Ki'i
97.8
106.2
104.9
104.0
96.7
100.0
105.5
113.0
115.7
117.2
Iron
and
steel
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
157.7
159.6
159.4
159.9
161.7
162.9
75.6
82.5
85.8
87.7
89.6
100.0
110.0
126.3
148.2
163.3
163.8
164.6
165.2
165.6
167.2
168.8
164.7
166.6
167.4
171.3
170.5
171.3
173.2
168.6
172.5
175.2
176.7
178.1
180.6
183.9
101.9
106.1
104.8
101,2
96.2
100.0
104.4
112.0
115.7
118.6
86.0
97.0
103.0
100.1
95,4
100.0
109.9
125.3
141.4
156.4
118.0
118.3
119.5
122,1
118.5
118.8
95.4
107.6
106.2
106.4
96.0
100.0
107.1
113.2
116.3
116.4
118,0
118.2
117.4
123.2
115.9
116.7
119.1
119,4
119,3
119.3
119.1
119.5
117.8
120.0
121.3
120.2
123.6
123.0
121.9
118.0
118.2
118.7
119.3
123.6
120.5
120.3
119.2
119.5
120.4
120.8
121.0
120.1
120.0
Nondurable manufactures
Transportation
equipment
Total
96.1
101.1
105.1
102.3
96.5
100.0
103.7
107.4
105.0
106.1
Motor
vehicles
and
parts
Lumand
products
Appare!
products
Printing
and
publishing
Chemicals
and
products
Foods
104.9
105.1
104.3
101.6
94.5
100.0
100.9
105.9
106.2
109.7
105.5
103.6
100.3
97.2
97.8
100.0
102.4
106.5
103.3
98.2
102.5
103.4
103.5
103.1
99.1
100.0
100.8
100.5
99.8
98.4
87.0
92.2
95.1
97.3
96.4
100.0
101.0
104.1
106.5
108.9
109.5
109.3
107.3
105.3
109.5
109.6
94.9
100.2
101.2
95.3
88.5
100.0
113.7
129,7
128.5
126.9
134.1
132.8
127.0
121.2
128.9
127.9
109.3
111.4
110.7
109.2
113.1
108.0
98.3
98.5
98.2
97.8
97.3
97.2
97.6
97,9
99.1
99.7
100.0
99,8
109.0
108.7
109.7
1 1 1 .3
111.8
114.0
93.5
94.9
95.9
97.0
98.4
100.0
102.1
103.7
105.7
106.3
106.5
105.5
106,2
107.1
107.6
108,2
111.9
111.5
111.9
110.6
110.2
111.2
110.1
132.0
129.6
128.9
125.3
123.7
124.7
121.4
108.6
112.0
113.3
113.6
114.1
113.5
112.9
96.2
95.8
96.3
96.1
96.5
96.3
95.4
100.5
100.6
99.7
99.6
99.8
100.1
99.6
113.7
112.8
112,0
113.3
112.0
112.4
112.1
108.2
108.4
109.2
108.3
108.1
107.9
107.8
NEW
CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts •'
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total '
Commereial
and industrial 2
Other
Federal
and
State
and
local
Total value
index
(1992=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
.
441.6
455.6
469.8
468.5
424.2
452.1
478.6
519.9
534.1
568.6
351.0
360.9
371.6
361.1
314.1
336.2
362.7
399.4
406.8
437.1
194.7
198.1
196.6
182.9
157.8
187.8
210.5
238.9
230.7
247.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
162.9
179.4
104.4
109.6
118.0
119.4
93.7
82.2
84.4
93.3
107.9
118.8
52.0
53.2
57.1
58.8
62.6
66.2
67.8
67.2
68.2
71.1
90.6
94.7
98.2
107.5
110.1
115.8
116.0
120.5
127.3
131.5
103
104
108
98
92
100
108
117
122
130
Annual rates
Annual rates
1996: June
July
Sept
Oct
Nov
Dec
1997: Jan
Feb
Mar
May
1
2
3
1,019
973
961
783
577
556
589
744
862
829
568.2
567.0
571.0
580.0
584.1
586.2
579.1
438.6
436.8
443.6
444.4
449.0
448.9
447.0
250.2
249.4
249.2
249.0
247.9
248.3
247.9
182.4
181.2
181.1
180.7
179.9
180.0
179.1
119.9
116.3
121.4
122.3
127.3
126.4
123.0
68.5
71.1
72.9
73.2
73.8
74.2
76.2
129.6
130.2
127.4
135.6
135.2
137.3
132.1
133
'136
138
133
126
132
128
723
634
711
782
683
777
782
577.1
592.4
593.9
596.2
597.9
591.5
444.4
452.0
452.7
456.9
462.0
454.8
246.7
251.4
254.0
260.0
259.5
256.4
178.3
183.4
184.1
185.3
185.2
181.8
126.8
128.2
124.5
118.2
125.2
122.8
70.9
72.5
74.2
78.7
77.3
75.6
132.7
140.3
141.2
139.3
135.8
136.7
130
'131
133
'137
'136
'134
771
843
772
834
853
Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies,
Inc., F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1,354.1
1,476.8
1 unit
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
1,076.2
1,160.9
2-4 units
5 or more
units
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
33.7
45.2
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
244.1
270.8
Units
authorized
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
3
1,371.6
1,332.5
1,425.6
Units
completed
Homes
sold
Homes for
sale at end
of period '
Vacancy rate
for rental
housing units
(percent) a
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
1,312.6
1,412.9
671
676
650
534
509
610
666
670
667
757
366
368
365
321
284
265
293
336
370
322
7.7
7.7
27.4
7.2
7.4
7.4
2
7.3
7.4
7.6
7.8
7.8
Seasonally adjusted annual rates
1996: June
July
Sept
Get
Nov
Dec
1997: Jan
Peb
Mar
May'
Juh">
1
1,488
1,492
1,515
1,470
1,407
1,486
1,353
1,214
1,164
1,222
1,148
1,104
1,133
1,024
46
44
37
45
58
60
48
228
284
256
277
245
293
281
1,432
1,454
1,405
1,391
1,349 '
1,391
1,405
1,426
1,463
1,449
1,356
1,375
1,431
1,484
732
782
814
768
706
788
794
355
352
343
331
330
327
322
1,375
1,554
1,479
1,483
1,402
1,447
1.447
1,125
1,237
1,142
1,133
1,098
1,111
1.141
43
44
45
40
34
35
31
207
273
292
310
270
301
275
1,395
1,438
1,457
1,442
1,432
1,402
1,414
1,362
1,572
1,471
1,460
1,391
1,282
822
826
825
'765
770
810
817
308
300
287
'291
288
287
287
Seasonally adjusted.
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new scries beginning in 1994.
Quarterly data entered in last month of quarter.
3
The 1994 total based on 17,000 permit-issuing places is 1,833.7 thousand units.
2
8.0
7.7
7.5
7.9
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 places.
Source: Department of Commerce, Bureau of the Census.
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In June, manufacturing and trade sales rose 0.8 percent and inventories rose $7.0 billion. According to advance
data, retail sales rose 0.6 percent in July after rising 0.7 percent in June.
BILLIONS OF DOLLARS' (RATIO SCALE!
BILLIONS OF DOLLARS* (RATIO SCALE)
400
,100
,
,000
350
•
^~"~
900
300
r^\
_
—
MA NUFACTURIN G AND
TRADE INVENT DRIES
800
RETAIL INVENTORIES
250
_^- —
700
_x— '
•'
600
V"
' MA MUFACTURINi
AN 3 TRADE SALE S
200
RETAIL SALES
500
150
RATIO'
400
1.80
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
300
1.50
1.40
200
M ! !1I I 1 !! 1
1 ! 1 1 I 1 1 1 1 I!
1993
1994
1 1 1 1 1 h1 1 1!
1995
n 1 1 i Mn
1996
III!!
! 1I 1 1
1.30
1997
A.
..-/-^ <-
V^
1
Period
Sales2
Inventories :>
^
MANUFACTURING Nxs^^"
1 1 1 H i 1 1 n M i l l H I M mn 1 rTnrn i i ( i 1 1 1 1 i i i
1993
1994
1995
1 1996
• SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
Manufacturing;
and
trade1
_
x
1 1 M i 1 1 i 1 11
1997
COUNCIL OF ECONOMIC ADVISERS
Sales2
Sales2
Inventories :t
Inventory-sales
ratio4
Retail
Wholesale
Durable
goods
stores
Total
Inventories :i
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade1
Retail
Millions of dollars, seasonally adjusted, except as noted
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- June'
July
Aug
Sept
Oct
Dec
1997- Jan
Feb
Mar
Apr
July
1
80,453
85,587
91,818
97,981
100,497
103,999
108,055
112,826
116,585
120,997
207,836
219,047
237,234
239,773
243,275
251,994
267,497
290,128
303,750
314,183
105,481
112,453
121,347
121,105
119,039
122,948
133,624
149,840
159,767
165,997
102,355
106,594
115,887
118,668
124,236
129,046
133,873
140,288
143,983
148,186
1.50
1.49
1.52
1.52
1.53
1.48
1.44
1.41
1.42
1.39
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.55
1.52
256,122 202,698
256,467 '203,017
256,598 203,036
254,788 204,713
255,671 206,277
255,850 205,789
255,808 206,894
82,315 120,383
'82,332 '120,685
82,487 120,549
83,091 121,622
83,871
122,406
83,485 122,304
83,785
123,109
306,177
309,786
311,112
312,969
315,281
313,490
314,183
161,528
163,433
164,862
166,530
168,146
165,865
165,997
144,649
146,353
146,250
146,439
147,135
147,625
148,186
1.39
1.38
1.39
1.38
1.38
1.37
1.38
1.51
'1.53
1 53
1.53
1.53
1.52
1.52
257,895 210,233
258,088 213,022
259,389 212,342
258,046 209,934
259,029
209,370
263,931 ••210,739
212,075
85,344 124,889
87,786 125,236
87,042 125,300
85,472 124,462
84,759 124,811
'85,684 '125,055
86,296 125,779
313,980
315,938
315,427
317,596
316,536
317,215
165,441
167,380
167,444
168,701
167,928
168,326
148,539
148,558
147,983
148,895
148,608
148,889
1.37
1.35
1.36
1.36
1.37
1.37
1.49
1.48
1.49
1.51
1.51
1.51
457,735
497,157
527,039
545,909
542,815
567,176
595,049
637,585
681,597
716,763
709,848
767,222
815,455
840,396
834,287
842,204
867,513
930,049
985,905
1,004,425
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,973
188,811
201,723
163,903
178,801
187,009
195,550
200,062
207,663
215,878
234,893
253,066
255,808
712,727
'721,122
718,782
724,103
727,725
730,646
728,760
992,101
996,796
999,357
1,000,431
1,004,990
1,004,540
1,004,425
199,977
204,254
201,892
203,419
204,987
205,561
205,560
737,464
747,790
745,460
746,769
742,945
749,098
1,007,618
1,011,899
1,013,376
1,017,150
1,019,025
1,026,030
207,506
211,801
210,195
209,926
210,008
210,690
See page 21 for manufacturing.
2
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month-
20
47,989
52,430
54,763
55,736
54,165
58,634
64,677
72,784
77,085
82,778
128,442
138,017
146,581
153,718
154,661
162,632
172,732
185,610
193,670
203,775
:t
4
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.
.Soum1; Department of Commerce, Bureau of the Census,
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In June, manufacturers' shipments, inventories, and new and unfilled orders rose. According to advance data
for July, manufacturers' durable goods shipments rose and new orders fell.
BILLIONS OF DOLLARS* {RATIO SCALE)
BILLIONS OF DOLLARS* {RATIO SCALE)
480
440
400
360
=!
320
280
.
r~* *
^_^^
—.
•—
K
\
TOTAL
240
INVtNIUKIfcb
-~~ST~™
\
320
200
280
DURABLE GOOD S
i
160
,-.-.-•-''
120
*••"•'"
\._.J
•'::--''•
.•.•—"•
240
7
160
NONC URABLE GOC DS
'V
DURABLE GOODS
200
«. •
'\
NOh DURABLE GODDS
120
80
BILUONS OF DOLLARS* (RATIO SCALE)
NEW ORDERS
320
80
_/i—^r^
280
1
240
i 1 !1
M1 M
M i l IIl
1 f II
Mill
M
M M
M !1
M 11 1I 11 11 IIi M(
I1 ff M
M
1 1 !1 1Mi
1 1 M
M
M 1
1 1 M 11 i II1 1 1 1 1
TOTAL
RATIO
2.00
200
URABLE GOO
160
.-
.x.x
*"*
v.-
INVENTORY-SHIPMENTS RATIO
'^ ••»'
-.,.'•
1.80
y
1.60
NON DURABLE GO( »s
120
V~'~
VXV
1.40
80
' V V-~_
^^.
'S"'"""~"w"1
(
1.20
1993
1994
1995
1996
1997
1993
1994
^JMM,
1995
*SEASONA11YADJ JSTED
SOURCE: DEPARTMENT OF COMMERCE
1996
1997
COUNCIL OF ECC3NOMIC ADVISERS
Manufacturers' shipments '
Manufacturers' inventories2
Manufacturers' new orders '
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Nondurable
goods
Durable
goods
Total
Total
Manufacturers'
unfilled
orders 2
Capital
goods
industries,
nondefense
Nondurable
goods
26,094
31,108
32,988
33,331
30,471
31,524
31,694
35,697
40,561
43,913
98,579
106,194
113,516
118,924
118,957
121,905
124,617
130,191
138,885
144,234
430,426
474,154
508,849
531,131
519,199
493,184
458,245
467,369
482,605
517,647
41,982
45,044
40,314
46,931
46,293
43,081
43,162
45,094
46,264
44,505
43,751
44,211
47,187
46,927
142,699
145,401
144,754
144,781
147,377
148,764
146,882
148,061
147,665
147,202
148,432
147,599
147,464
501,356
505,993
504,097
508,020
513,951
517,055
517,647
521,786
525,356
523,579
522,214
522,689
524,056
Manufacturers'
tory—
shipments
ratio'
Millions of dollars, seasonally adjusted, except as noted
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- June
July
Sept
Oct
Nov
Dec
1997: Jan
Feb
Mar
May
July/*
206,326
224,619
236,698
242,686
239,847
250,394
260,635
279,002
299,116
311,265
108,128
118,458
123,158
123,776
121,000
128,489
135,886
149,131
160,101
167,166
98,198
106,161
113,540
118,910
118,847
121,905
124,749
129,870
139,015
144,099
338,109
369,374
391,212
405,073
390,950
382,547
384,138
405,028
429,089
434,434
220,799
242,468
257,513
263,209
250,019
238,166
239,404
253,691
265,915
271,329
117,310
126,906
133,699
141,864
140,931
144,381
144,734
151,337
163,174
163,105
209,389
228,270
239,572
244,507
238,805
248,212
257,698
279,733
300,353
314,197
310,052
313,851
313,854
315,971
316,461
319,296
316,306
319,725
322,967
322,923
326,909
323,567
327,669
167,524
168,762
168,960
171,415
169,368
171,426
169,504
171,403
174,862
176,224
178,482
175,900
180,511
183 598
142,528
145,089
144,894
144,556
147,093
147,870
146,802
148,322
148,105
146,699
148,427
147,667
147,158
429,802
430,543
431,647
432,674
434,038
435,200
434,434
435,743
437,873
438,560
441,508
443,460
444,884
268,294
269,493
270,537
270,794
271,616
272,198
271,329
272,652
274,170
274,633
276,992
278,084
278,942
161,508
161,050
161,110
161,880
162,422
163,002
163,105
163,091
163,703
163,927
164,516
165,376
165,942
313,081
318,488
311,958
319,894
322,392
322,400
316,898
323,864
326,537
321,146
325,544
324,042
329,036
•Annual data are averages of monthly not seasonally adjusted figures; monthly data arc seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
:1
110,809
122,076
126,055
125,583
119,849
126,308
133,081
149,542
161,469
169,963
170,382
173,087
167,204
175,113
175,015
173,636
170,016
175,803
178,872
173,944
177,112
176,443
181,572
180,503
1.59
1.57
1.63
1.65
1.65
1.54
1.48
1.41
1.41
1.39
1.39
1.37
1.38
1.37
1.37
1.36
1.37
1.36
1.36
1.36
1.35
1.37
1.36
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
The producer price index for all finished goods fell 0.1 percent in July. Prices of finished consumer foods fell
0.2 percent, while prices of other finished consumer goods fell 0.1 percent. Capital equipment prices fell 0.1 percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
150
140
110
110
TOO
100
1997
1989
SOURCE: DEPARTMENT Of LABOR
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; montlJy data seasonally adjusted)
Finished goods
Intermediate materials
Crude materials
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Total
Consumer goods
Total
Total
1987
1988
1989
1990
1991
1992 .
1993
1994
1995
1996
1996: July
Aug
Sept
Oct
Nov
Dec
1997: Jan
Feb r
Mar ....
Apr
May
June
J^ly
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
127.9
131.3
131.2
131.6
132.0
132.5
132.7
133.4
133.0
132.6
132.3
131.6
131.2
131.1
131.0
1
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
129.0
133.6
133.7
134.6
135.1
136.2
136.2
135.9
134.6
134.1
135.2
134.7
135.2
134.0
133.7
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
130.6
130.4
130.6
131.0
131.3
131.5
132.5
132.4
132.0
131.4
130.6
129.9
130.2
130.1
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
124.0
127.6
127.4
127.7
128.1
128,6
129.0
130.3
130.2
129.7
128.8
127.8
126.8
127.2
127.1
Intermediate materials for food manufacturing and feeds.
N()Tfi.—Beginning 1996, indexes are based on updated value weights.
22
Durable
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
132.7
134.2
134.2
134.4
134.8
134.3
134.5
134.5
134.4
134.5
134.6
134.4
133.6
133.6
132.9
Nondurable
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
118.8
123.3
123.0
123.3
123.7
124.7
125.1
127.0
126.8
126.1
124.7
123.4
122.4
123.0
123.1
Capital
equipment
111.7
114.3
118.8
122.9
126.7
129.1
.131.4
134.1
136.7
138.3
138.3
138.5
138.7
138.5
138.5
138.5
138.6
138.5
138.5
138.3
138.0
138.1
138.0
finished
consumer
goods
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
125.6
129.5
129.4
129.9
130.3
131.0
131.3
132.1
131.6
131.1
130.8
129.9
129.4
129.4
129.2
Total
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
124.9
125.8
125.5
125.7
126.2
126.0
125.8
126.4
126.6
126.4
125.9
125.5
125.3
125.3
125.1
Foods
and
feeds '
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
114.8
128.1
131.8
132.2
133.2
130.5
126.3
125.6
125.0
124.9
127.1
127.8
128.4
126.6
125.1
Other
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
125.5
125.6
125.2
125.4
125.8
125.8
125.8
126.5
126.7
126.6
125.9
125.4
125.1
125.3
125.1
Source: Department of Labor, Bureau of Ijabor Statistics
Total
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
102.7
113.8
115.1
115.8
112.8
112.0
115.0
122.1
126.7
116.2
107.3
109.0
110.4
106.8
106.7
Foodstuffs
and
feedstuffs
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
105.8
121.5
129.8
129.0
124.5
120.7
117.7
114.5
113.1
111.5
113.7
117.3
117.0
110.7
111.0
Other
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
96.8
104.5
101.1
102.8
100.9
102.1
109.1
122.7
131.0
115.1
99.2
99.5
102.0
100.4
99.9
CONSUMER PRICES—ALL URBAN CONSUMERS
In July, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted; it rose 0.1 percent
not seasonally adjusted. The index was 2.2 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE)
INDEX, 1982-84 = 100 (RATIO SCALE)
180
110
100
100
COUNCIL Of ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Housing
All items '
Transportation
Shelter
Period
Rel. imp.3
1987
1988 ....
1989
1990
1991 ....
1992
1993 . .
1994
1995
1996
1996: July
Sept
Oct
Dec
1997: Jan
Feb
Mar
May
July
1
Not
seasonally
adjusted
(NSA)
100.0
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152 4
156.9
157.0
157.3
157.8
158.3
158.6
158.6
159.1
159.6
160.0
160.2
160.1
160.3
160.5
Seasonally
adjusted
Food
15.9
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
148.4
153.3
157.1 153.8
157.4 154.4
157.9 155.1
158.3 155.8
158.8 156.4
159.2 156.4
159.4 156.0
159.8 156.5
159.9 156.5
160.0 156.2
160.1 156.8
160.3 157.1
160.6 157.6
Total
Renters'
costs
(Dec.
1982 =
100)
28.2
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
165.7
171.0
171.2
171.4
171.7
172.2
172.6
172.9
173.4
174.0
174.3
174.9
175.4
175.8
176.2
8.0
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
174.3
180.2
180.0
180.1
180.5
181.1
181.5
181.7
182.8
183.4
183.9
184.5
184.8
185.4
185.3
Total1
41.2
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
148.5
152.8
152.9
153.2
153.5
153.9
154.4
154.7
155.2
155.6
155.6
155.9
156.1
156.5
156.8
Includes items not shown separately.
2
Household fuels—gas (piped), electricity^ fuel oil, ote.- .nd motor fuel. Motor oil, coolant,
ete. excluded beginning 1983.
3
Relative importance, December 1996.
Home- Main- Fuel
and
owntenance other
ers'
and
costs
utilireties
(Dec.
1982 = pairs
(NSA)
100)
20. 0
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
171.0
176.5
176.8
177.1
177.4
177.8
178.3
178.6
179.0
179.5
179.8
180.4
180.9
181.2
181.9
0.2
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
135.0
139.0
139.4
139.7
139.9
140.2
141.1
141.5
141.5
142.3
142.4
142.5
143.2
143.3
145.4
7.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.7
127.5
127.4
128.0
128.4
129.0
129.6
130.3
131.2
131.6
130.5
130.2
129.4
130.2
130.5
Apparel
and
upkeep
5.3
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.0
131.7
131.5
130.3
131.0
131.3
131.7
131.8
132.3
132.6
132.2
133.4
133.6
133.3
133.5
Total '
New
cars
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
17.1
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
139.1
143.0
143.1
143.1
143.8
144.3
144.8
145.7
145.4
145.3
145.4
144.8
143.6
143.2
143.3
4.0
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
139.0
141.4
141.7
142.0
142.7
142.4
142.1
142.2
141.9
141.9
142.0
142.0
141.8
141.7
141.8
3.2
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
100.0
106.3
106.0
105.0
104.9
106.6
108.4
111.1
111.8
111.8
109.5
106.8
102.5
101.4
101.2
7.3
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
220.5
228.2
228.9
229.3
229.9
230.4
231.0
231.5
231.9
232.3
233.2
233.8
234.5
234.9
235.0
7.0
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.2
110.1
109.5
109.3
109.5
110.7
112.0
113.7
114.6
114.9
112.9
111.2
108.5
108.5
108.4
77.0
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
161.2
165.6
166.0
166.2
166.7
167.0
167.4
167.7
167.9
168.3
168.7
169.2
169.5
169.7
170.0
N'OTE.—Data incorporate a rental equivalence measure for homeowner-ship costs (
1983).
Source: Department of Labor, Bureau of Lalxir Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Cha ige from preceding period
('
Total
finished
goods
Period
Change from ^ mout s earlier, a m i mi ntte
Change from fi montl s earlier, mnmal rate
Consumer goods
Coitsmn -r goods
1
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
Foods
Clumgc
from year
earlier,
total
Capital
equipment
foods "
finished
goods
XSA
Change, Dee. to Dee., NSA
1988
1989
1990
1991
1992
1993
1994
1995
1996
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
2.3
2.8
1996: July
0
1987
-0.2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
1.9
3.4
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.2
.4
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.0
2.3
3.7
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
2.7
Change, month to month
Sept
Oct
Nov
Dec
1997: Jan
Feb
Mar'
Apr
May
r
July
.3
.3
.4
.2
.5
o
-.3
-.2
— .5
-.3
-.1
i
0.1
.7
.4
.8
0
-.2
0.1
.2
.3
.4
.3
1.0
-1.0
^-.4
.8
-.4
.4
-.9
-.1
-.4
7
'-^8
0
.1
-.1
0
' -.1
H
n
is
.1
-.1
-.1
1.9
2.5
2.5
4.0
3.4
4.3
6.9
9.1
4.6
7.7
4.8
2.4
1.5
-.3
-3.3
-4.1
-4.2
'-3.6
-1.8
-4.6
-6.0
-2.0
.3
3.3
'-3.5
-2.9
.1
.1
-.1
0
0
0.3
.6
2.5
3.8
4.1
7.0
5.1
2.2
-4.5
-7.2
-8.6
'-4.9
-22
0.6
1.2
1.2
.6
0
-.6
2.3
3.0
2.5
2.9
2.9
3.4
4.0
5.9
4.9
7.3
7.0
3.5
2.4
2.9
2.2
2.1
2.4
4.8
0.4
.7
.9
.6
.6
.3
2.6
3.0
3.0
3.1
3.0
2.8
.3
2.8
1.5
.5
-1.4
-2.2
-3.4
-3.0
1.4
-.7
.1
-2.2
-1.5
-2.8
-1.3
4.4
3.2
1.1
-1.2
-3.4
-4.7
-4.7
.4
0
-.3
-.3
-.7
-.6
2.5
2.2
1.5
.8
.3
-.1
-.2
0
0
n
-1.4
'-1.2
n
n
: Dc-fiiiittrictit of Labor, Hnt-am of Labor
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
Shelter
Period
All
items '
Food
Total '
Total '
Renters'
eosts
Adtit'iiduin: All items,
percent chano-e
(antifia rate)
Transpoitation
Housing
llomeo\vuet^'
eosts
and
other
utilities
Apparel
and
upkeep
Total '
Xencans
Motor
fuel
Medical
All
it ms
Encr-
t od
ul
From
prc(juiirtcr :!
From
From
:j
(i
months months
earlier earlier
From
earlier
XSA
Change, December to December, NSA
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.5
3.3
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
2.1
4.3
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2
3.0
2.9
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
3.5
2.9
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3
3.0
3.4
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
3.7
2.8
1.6
2.9
3.2
4.0
2.9
2.3
2.5
.2
1.4
4.6
4.8
4.7
1.0
5.1
3.4
1.4
.9
-1.6
.1
-.2
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
3.8
1.5
4.4
1.8
2.1
2.3
1.4
3.3
2.3
2.8
3.2
1.6
1.6
18.7
-2.1
6.8
36.5
-16.0
1.8
-5.4
5.9
-4.0
12.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
3.9
3.0
0.2
.2
.5
-.2
-.2
.1
-0.5
-.9
0.3
.2
.3
.2
.3
.2
0.3
.2
1.1
1.2
1.5
0.2
.1
.3
.2
.2
.2
-.2
0
.1
0
.6
.2
.2
.4
.3
.3
.2
.0
.8
.3
-1.7
-1.5
-2.4
0
-.1
.1
.2
.2
.3
.2
.1
.2
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
2.2
-1.3
8.6
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
3.0
2.6
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
2.8
3.0
Change, month to month
1996- July
Sept
Get
Dec
1997: Jan
Feb
Mar
Apr
May
July
0.3
.2
.3
.3
.3
.3
0.5
.4
.5
.5
.4
0
0.4
.2
.2
.3
.3
.2
0.5
.1
.2
.3
.2
.2
0.6
.1
2
'3
2
.1
0.3
.2
.2
.2
.3
.2
0.5
.5
.3
.5
.5
.5
-0.2
-.9
.5
.2
.3
.1
0
0
.1
.3
.1
.1
.1
.1
.2
-.3
.3
0
-.2
.4
.2
.3
.3
.3
.3
.3
.2
.3
.3
.2
.2
.6
.3
.3
.3
.2
.3
-.1
.2
.3
.2
.3
.3
.2
.4
.7
.3
-.8
-.2
-.6
.6
.2
.4
.2
-.3
.9
.1
-.2
.2
-.2
-.1
.1
-.4
-.8
0
.2
.1
.3
.2
.5
.3
.3
.6
Q
.1
:!
1
-.1
.1
1
1.6
1.7
2.5
0
-2.1
-2.5
-4.0
-1.1
_. 2
p
S
2.3
i'b
Quarterly changes an* shown in the hist month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
24
2^8
2.6
2.3
3.1
3.1
3.6
3.3
3.1
3.0
3.0
2.8
3.0
3.2
3.0
2.9
3.0
3.0
3.3
3.3
2.8
2.5
1.8
1.5
.8
1.0
1.5
2.9
3.1
2.5
2.2
1.6
1.4
1.5
3.0
3.0
2.8
2.5
2.2
2.3
2.2
PRICES RECEIVED AND PAID BY FARMERS
In August, prices received and prices paid by farmers both were unchanged. (Data are not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)
120
INDEX, 1990-92=100 (RATIO SCALEI
120
110
110
100
100
PRICES RECEIVED
90
90
80
80
1 1 1 1 1 i l l III
I IIIIIi IIl l IIIIIIIIIIIII
I
I I MI I I
I
I I I I II
RATIO-1'
140
RATIO-^
140
-
120
100
60
-
-^r
120
->
_ ._. _ ,^^-j,-—^, .
—-
—^
-
/,.
•
^—•
^
•X
_
1
-
i M i i hi i 11 1 1 1 1 1 1 1 1 i 11
1 t M 1 1 1 1 M I
M
1 1 t 1 1 1 1 1 1
M M 1 ll 1 1 1 1
t M 1 1 1 i 11 1 1
1 1 1 1 1 1 1 1 1 11
1QQ5
1 1 I t
I 1 1 1 1 1 i
1OOA
100
80
60
1 1 1 11 1 1 1 1 11
1OO7
COUNCIL OF ECONOMIC ADVISERS
[1990-92 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
Livestock and
products
Crops
All commodities,
services, interest,
taxes, and wage
rates1
Production
items, interest,
taxes, and wage
rates
Production
items
Katio2
1989
1990
1991
1992
1993
1994
1995
1996
89
99
104
104
100
98
101
100
102
112
86
104
109
103
101
101
102
105
112
126
91
93
100
105
99
97
100
95
92
99
87
91
96
99
100
101
104
106
110
115
87
92
97
99
100
101
102
105
109
114
87
90
95
99
100
101
103
106
109
115
102
108
108
105
99
97
97
94
93
98
1996- Aug
Sept
Oct
Nov
Dec
117
116
112
110
110
133
125
119
117
115
104
105
103
102
103
115
116
115
115
115
115
115
115
114
114
116
116
115
114
115
102
100
97
96
96
1997- Jan
Peb
Mar
108
105
107
107
108
108
107
107
116
113
117
115
117
119
114
116
98
98
99
100
100
98
100
99
116
116
117
117
117
117
••117
116
115
116
117
117
117
116
116
115
115
115
116
117
117
117
116
115
93
91
91
91
92
92
'92
92
1987
1988
May
July
Auer
1
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates.
2
NOTE.—The official indexes art; published on a 1910—14 base as required by law. The indexes have been converted to a 1990-92=100 base to facilitate eomparison with other indexes.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MOMEY STOCK. LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 was unchanged in July; growth in M3 accelerated.
BILLIONS OF DOLLARS* (RATIO SCALE)
5,200
'
.. r*''
4,800
BILLIO NS OF DOLLARS* (RATIO SCALEI
5,20X3
4,800
r"""
•
4,400
4,000
|
3,600
4,400
„
M3
"""
3,200
4,000
--
3,600
\
3,200
M2
-----""
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
'
—-
800
600
^——*-
1
1989
—
-
•—
*\
to
^-— -"
1
1990
800
600
1993
1992
1991
1994
1995
1997
1996
* AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAl RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
Period
1987:
19881989
19901991:
19921993:
19941995:
1996:
1996-
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
June
July
Sept
Oet
Nov
Dec
1997- Jan
Feb
Mar
May
July
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus retail
MMMF balances,
savings deposits
(including
MMDAs), and
small time deposits
749.7
787.0
794.2
825.8
897.3
1,025.0
1,129.8
1,150.7
1,129.0
1,081.0
1,115.5
1,108.8
1,099.8
1,093.2
1,080.2
1,080.0
1,081.0
1,079.8
1,080.6
1,075.2
1,065.1
1,062.7
1,063.2
1,062.2
2,832.7
2,996.3
3,160.9
3,279.5
3,379.6
3,434.0
3,486.6
3,502.1
3,655.0
3,834.3
3,741.9
3,750.0
3,762.7
3,775.2
3,788.0
3,810.0
3,834.3
3,851.6
3,868.5
3,885.4
3,905.0
3,904.7
3,919.8
3,931.8
M2 plus large
time deposits,
RPs, Eurodollars, and
institutiononly MMMF
balances
1
Consists of outstanding credit market debt of the U.S. Government, State and local governmente, and private nonfinanciaUerfors; data from flow of fends account,,.
2
Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.
26
3,672.5
3,912.9
4,065.9
4,125.9
4,180.4
4,190.4
4,254.4
'4,327.3
'4,592.5
'4,933.0
'4,751.4
'4,770.0
'4,790.5
'4,822.0
'4,858.0
'4,887.8
'4,933.0
'4,956.0
'4,994.9
'5,027.6
5,067.5
'5,075.8
'5,097.9
5,141.7
L
Debt
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average of
adjacent
month-end
levels) i
4,339.9
4,663.5
4,892.8
4,976.6
5,006.2
5,078.0
5,167.8
'5,308.4
'5,697.6
'6,098.7
'5,889.6
'5,914.7
'5,945.0
'5,987.0
'6,013.5
'6,057.0
'6,098.7
'6,113.7
'6,159.7
'6,201.8
'6,254.9
'6,271.4
P 6,300.0
8,664.1
9,441.6
10,171.6
10,853.0
11,336.0
11,880.4
12,508.7
13,150.9
'13,866.9
'14,614.0
'14,250.3
'14,323.2
'14,379.3
'14,428.8
'14,493.8
'14,562.5
'14,614.0
'14,656.8
'14,719.1
'14,784.7
'14,857.8
'14,905.9
* 14,937.8
Percent change from year
or 6
months earlier2
Ml
3.5
5.0
.9
4.0
8.7
14.2
10.2
1.8
-1.9
-4.3
-2.4
24
-3.6
-5.9
77
-6.6
62
52
-3.5
-3.3
28
-3.2
33
-3.3
NOTE. —See p. 27 for components,
Source: feard of Governors of the Federal Reserve System.
M2
3.6
5.8
5.5
3.8
3.1
1.6
1.5
.4
4.4
4.9
4.8
4.4
4.2
3.3
3.4
4.5
4.9
5.4
5.6
5.8
6.2
5.0
4.5
4.2
M3
5.3
6.5
3.9
1.5
1.3
.2
1.5
1.7
6.1
7.4
6.9
6.5
5.9
'5.7
'6.5
6.7
7.6
7.8
8.5
8.5
8.6
'7.7
'6.7
7.5
Debt
9.6
9.0
7.7
6.7
4.5
4.8
5.3
5.1
'5.4
5.4
'5.5
'5.8
'5.5
'5.1
5.1
'5.2
5.1
4.7
4.7
'4.9
'5.0
'4.7
4.4
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency
Period
19871988198919901991199219931994199519961996-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June
196.8
212.3
222.7
246.8
267.3
292.9
322.2
354.4
372.6
395.2
. .
379.9
382.8
385.2
387.6
390.2
392.5
395.2
397.0
400.5
402.4
403.7
406.1
407.7
410.3
July
Sept
Oct
Dec
1997- Jan
Peb
Mar
May
July
Demand
deposits
Other
checkable
deposits
(OCDs)
286.8
286.8
279.3
277.4
289.6
339.5
385.2
384.1
391.1
402.4
410.6
408.7
405.8
404.9
398.2
402.1
402.4
401.7
404.2
402.8
395.4
395.6
397.3
396.4
259.5
280.9
285.3
293.9
332.5
384.4
414.5
403.8
356.5
274.8
316.4
308.7
300.4
292.2
283.2
276.8
274.8
272.5
267.3
261.5
257.7
252.8
250.1
247.3
Money market
mutual fund
balances
Retail1
224.6
245.9
321.7
357.1
371.9
353.5
354.9
384.3
455.2
536.6
493.6
499.6
506.1
513.2
520.5
527.1
536.6
542.4
548.7
557.8
569.2
567.2
572.9
578.9
Savings
deposits,
including
money
market
Instideposit
tution
accounts
only y (MMDAs)
92.0
92.3
110.3
138.0
185.5
207.5
209.5
198.5
246.9
299.3
269.7
274.0
278.8
285.2
288.1
292.0
299.3
296.3
305.4
311.8
311.6
311.6
318.9
324.1
937.4
926.3
893.7
923.8
1,045.0
1,187.3
1,219.2
1,149.6
1,137.1
1,271.0
1,204.1
1,211.0
1,222.7
1,231.5
1,246.3
1,259.0
1,271.0
1,282.5
1,290.5
1,304.3
1,321.1
1,320.9
'1,325.4
1,329.8
1
Balances in money funds with minimum initial investments of less than $50,000.
2
Balances in money funds with minimum initial investments of $50,000 or more.
;i
Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.
Small
denomination
time
deposits3
Large
denomination
time deposits 3
921.0
1,037.1
1,151.4
1,172.8
1,065.4
868.3
782.6
817.5
933.7
945.7
928.8
930.5
934.0
937.3
941.0
943.9
945.7
946.9
948.6
948.1
949.6
953.9
958.4
960.9
467.0
518.3
541.5
480.9
416.5
353.4
333.4
363.1
419.8
491.5
448.9
455.9
460.4
468.3
480.9
483.4
491.5
493.3
500.1
509.2
522.2
523.7
'533.1
551.7
Overnight
and
term
repurchase
agreements
(KPs)
(net)
Overnight
and
term
Eurodollars
(net)
172.6
189.0
158.0
138.8
119.5
128.6
158.6
182.9
182.1
'194.0
195.3
'194.2
'192.4
'194.4
'196.0
'195.3
'194.0
'197.2
'201.1
'199.4
'202.1
'202.7
'198.7
206.0
108.2
100.6
109.4
117.0
95.2 117.5
88.7
1260
79.3 137.9
67.0 156.6
66.4 171.5
'80.8 180.2
'88.7 184.8
'113.9 187.0
'95.6 186.4
'95.8 186.7
'96.3 186.9
'98.9 187.1
'105.1 187.1
'107.1 187.0
'113.9 187.0
'117.5 186.7
'119.8 186.4
'121.9 186.3
'126.5 186.2
'133.0 186.2
'127.4 "186.3
128.2
Savings
bonds
Shortterm
Treasury
securities
249.5
266.8
324.0
334.1
328.8
344.7
340.5
383.0
469.9
'471.0
470.5
473.6
478.1
483.9
'476.7
'486.7
'471.0
'450.1
'448.1
'448.5
'450.6
'452.4
P 447.2
Bankers'
acceptances
44.5
40.2
40.7
36.1
23.8
20.8
14.8
14.0
11.2
12.2
11.1
11.5
11.7
12.0
12.1
12.2
12.2
11.9
12.7
13.5
12.8
13.1
"12.3
mercial
paper
272.7
334.3
344.6
354.4
335.2
365.5
386.6
403.9
439.3
495.5
470.1
473.0
477.7
482.0
479.6
483.2
495.5
509.1
517.5
525.9
537.8
543.9
"556.2
N()TE.—Travelers cheeks of nonbank issuers are a component of money stock but an: 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 NSAJ
Borrowings of depository institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
19871988198919901991199219931994:
199519961996-
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
July
Sept
Oct
Nov
Dec
1997- Jan
Feb
Mar
May
July"
1
38,895
40,428
40,522
41,797
45,563
54,383
60,545
59,404
56,386
50,063
53,221
52,181
51,280
50,076
49,811
50,063
49,517
49,008
48,312
47,430
47,048
47,108
46,885
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
38,118
38,712
40,257
41,471
45,371
54,260
60,463
59,195
56,129
49,908
52,854
51,847
50,912
49,789
49,597
49,908
49,472
48,966
48,155
47,170
46,805
46,741
46.476
Nonborrowed
plus
extended
credit
38,601
39,957
40,277
41,494
45,371
54,260
60,463
59,195
56,129
49,908
52,854
51,847
50,912
49,789
49,597
49,908
49,472
48,966
48,155
47,170
46,805
46,741
46,476
Required
37,849
39,381
39,600
40,132
44,584
53,228
59,482
58,236
55,108
48,639
52,156
51,221
50,242
49,082
48,776
48,639
48,293
47,977
47,151
46,420
45,808
45,828
45,683
Monetary
base
239,799
256,905
267,625
293,190
317,403
351,347
386,880
418,484
434,523
452,669
442,262
443,999
445,812
447,077
449,365
452,669
454,137
456,284
457,623
'458,235
'459,602
'461,401
464,225
Total
777
1,716
265
326
192
124
82
209
257
155
368
334
368
287
214
155
45
42
156
261
243
367
409
Seasonal
93
130
84
76
38
18
31
100
40
68
284
309
306
212
109
68
19
21
37
88
173
243
330
Extended
credit
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
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 0.3 percent in July; commercial and industrial loans rose 0.5 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,000
3,600 _ ALL COMMERCIAL BANKS
3,200
4,000
3,600
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
U.S. GOVERNMENT SECURITIES
-V
800
800
400
400
OTHER SECURITIES
200
200
160
I I I I I I I I I II
1989
i i I I i I i i i i i I 160
1997
I I I I I t I I II
1990
1991
1992
1995
1994
1993
1996
*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *
Securities in bank credit
Period
1988- Dec
1989199019911992199319941995:
1996-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1996- July
Au£T
Sept
Oct
Nov'
Dee'
1997- Jan'
Feb'
Mar'
Apr'
May
June'
July
Total
bank
credit
2,435.5
2,609.2
2,754.6
2,859.0
2,958.4
3,118.3
3,332.5
3,616.2
'3,769.4
3,685.6
3,677.9
3,697.2
3,716.2
3,742.0
3,769.4
3,803.8
3,840.4
3,860.1
3,893.8
3,901.2
3,923.7
3,956.7
Total
securities
Loans and leases in bank credit
U.S.
Other Total loans
Governcial and
and
ment
securities
leases 2
industrial
securities
562.2
585.1
634.9
745.8
843.0
917.6
951.9
996.1
'989.1
367.4
401.0
457.0
566.1
666.2
732.7
730.6
707.9
706.0
194.9
184.2
177.9
179.7
176.8
184.9
221.2
288.1
'283.1
1,873.3
2,024.1
2,119.7
2,113.2
2,115.4
2,200.7
2,380.6
2,620.2
2,780.3
607.6
638.8
641.1
619.6
596.2
586.6
646.0
718.2
783.2
984.7
974.3
'972.1
'968.7
979.7
989.1
1,004.4
1,020.1
1,014.2
1,032.6
1,014.2
1,011.4
1,034.8
708.2
703.5
704.6
702.3
706.4
706.0
706.4
703.6
708.3
722.4
722.0
725.0
725.7
'276.5
'270.8
'267.5
'266.4
273.3
283.1
2,700.9
2,703.6
'2,725.1
2,747.3
2,762.3
2,780.3
2,799.4
2,820.3
2,845.9
2,861.2
2,887.1
2,912.3
2,921.9
744.7
746.6
760.7
770.8
774.9
783.2
785.4
793.7
798.0
805.0
810.7
817.2
821.4
298.0
316.5
305.9
310.2
292.2
286.4
309.1
1
Data arc Wednesday values or prorated averages of Wednesday values for domestically chartered eominercia! banks, branches and agencies of foreign banks, New York State investment
companies {through September 1996), and Edge Act and agreement corporations. Data arc adjusted for breaks caused by reclassifications of assets and liabilities.
28
Real estate
Total
675.2
770.3
856.3
880.6
901.5
941.5
1,003.4
1,079.9
1,127.9
1,104.8
1,109.7
1,112.3
1,115.4
1,121.6
1,127.9
1,134.7
1,140.3
1,153.8
1,162.3
1,172.6
1,181.7
1,185.4
Revolving
home
equity
40.0
50.2
62.3
69.6
73.5
73.0
75.3
79.1
85.2
80.1
81.0
81.8
83.3
84.2
85.2
85.7
86.5
87.9
89.1
90.3
91.6
92.5
Consumer
Security
Other
Other
635.2
720.1
794.0
811.0
828.0
868.4
928.1
1,000.8
1,042.7
1,024.7
1,028.7
1,030.5
1,032.0
1,037.4
1,042.7
1,049.0
1,053.8
1,066.0
1,073.2
1,082.3
1,090.0
1,092.8
357.2
377.7
383.2
366.4
358.9
391.2
452.4
496.5
'520.8
511.8
514.0
517.2
519.1
520.4
520.8
40.7
41.5
45.4
55.4
65.6
90.3
79.1
86.6
78.7
192.6
195.7
193.9
191.3
193.3
191.3
199.7
239.0
269.7
77.9
72.1
73.3
75.8
76.9
78.7
261.7
261.3
261.6
266.3
268.5
269.7
521.5
520.5
518.1
515.6
518.4
520.6
520.0
82.4
83.9
88.2
89.7
89.1
94.0
95.3
275.4
282.0
287.7
288.6
296.2
298.9
299.8
2
Excludes Federal funds sold to, reverse repurchase agreements (KPs) with, and loans to
commercial banks in the United States.
NOTE.—Data released August 29, 1997 are not included here.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONF1NANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
Increase in
financial
assets
Discrepancy
(sources
less
uses)
234.6
382.9
233.5
115.3
129.8
167.5
357.3
278.3
408.2
397.0
271.6
402.4
421.0
537.7
442.2
366.7
418.8
360.2
459.1
57.1
96.5
112.6
83.5
-10.9
44.1
-92.8
-5.6
-10.5
-4.0
26.7
-28.5
2.7
-43.0
38.4
-16.6
-63.2
25.5
-16.5
External
Credit market funds
Period
Internal '
Total
Total
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1995- I
II
III
... .
TV
1996:
I
II
III
IV
1997- IP
649.0
852.7
745.4
594.0
490.8
601.5
700.1
768.7
948.0
948.7
856.6
911.2
1,001.5
1,022.7
1,005.4
883.8
933.9
971.6
1,059.1
375.1
409.0
398.0
410.5
423.7
440.2
482.2
527.1
544.7
593.6
518.4
528.2
559.6
572.5
579.6
587.7
599.5
607.4
621.9
273.9
443.7
347.4
183.5
67.1
161.3
217.9
241.6
403.3
355.1
338.2
383.0
441.9
450.2
425.8
296.1
334.4
364.2
437.2
Securities
and mortgages
Loans and
short-term
paper
29.1
-.2
-35.9
-26.6
73.9
67.1
85.5
-37.2
-2.1
-15.8
-20.2
34.5
-45.3
22.2
-46.8
58.1
-96.2
21.8
-26.3
44.1
95.7
94.9
73.6
-110.7
-6.0
-16.5
110.8
125.3
81.0
181.2
152.5
86.3
81.5
85.3
63.0
169.2
6.4
130.7
73.2
95.5
59.0
47.0
-36.8
61.1
69.0
73.6
123.2
65.2
161.0
187.0
41.0
103.7
38.5
121.1
73.0
28.2
104.4
Total
Other 2
200.8
348.1
288.4
136.5
103.9
100.1
148.9
168.1
280.1
289.9
177.2
196.0
400.9
346.4
387.2
175.1
261.4
336.1
332.8
Capital
expenditures !
357.4
373.2
399.3
395.3
371.9
389.9
435.6
496.0
550.4
555.8
558.4
537.3
577.9
527.9
524.8
533.8
578.4
586.0
616.6
592.0
756.1
632.8
510.6
501.7
557.4
792.9
774.3
958.6
952.8
830.0
939.7
998.9
1,065.6
967.0
900.5
997.2
946.2
1,075.7
: (book) less pr
i!!s retained abr
ibilities, trade (
CONSUMER CREDIT
Period
1987198819891990199119921993:
1994199519961996-
Dec
Dec:!
Dec'
Dec'
Dec'
Dec'
Dec'
Dec'
Dec'
Dec'
June'
July
Augr
Sept'
Oct'
Nov
Dec'
1997- Jan'
Feb'
Mar'
Apr'
May'
Net change in consumer credit outstanding '
Consumer credit outstanding (end of period)
Total
671.7
729.9
780.4
793.9
779.3
782.8
842.9
964.6
1,100.7
1,184.0
1,152.4
1,164.5
1,171.6
1,173.9
1,179.6
1,183.8
1,184.0
1,195.2
1,202.9
1,205.6
1,214.5
1,217.0
1,217.0
Automobile
Revolving
266.1
285.5
290.2
283.1
263.3
262.6
287.1
326.4
362.1
390.3
381.6
385.7
386.2
386.9
388.5
388.5
390.3
390.6
390.8
390.4
394.3
394.4
394.3
•ation, boats, trailers, vacations, etc.. plus mm-
153.3
174.5
210.9
238.2
263.2
277.5
309.1
364.6
441.9
498.0
473.6
479.6
482.5
484.8
490.3
495.7
498.0
505.3
510.6
509.5
512.4
514.1
516.6
Other 2
252.4
269.9
279.3
272.7
252.9
242.7
246.7
273.6
296.8
295.7
297.2
299.2
302.8
302.2
300.8
299.6
295.7
299.2
301.4
305.6
307.9
308.5
306.1
Total
32.8
58.2
(4)
13.5
-14.6
3.5
60.1
121.7
136.1
83.3
6.9
12.1
7.1
2.3
5.7
4.2
.2
11.2
7.7
2.7
8.9
2.5
.0
Automobile
18.9
19.4
(4)
-7.1
-19.8
.__,
fj
24.5
39.3
35.7
28.2
4.6
4.1
.5
.7
1.6
.0
1.8
.3
.2
A
3.9
.1
-.1
Revolving
17.3
21.2
(4)
27.3
25.0
14.3
31.6
55.5
77.3
56.1
2.2
6.0
2.9
2.3
5.5
5.4
2.3
7.3
5.3
-1.1
2.9
1.7
2.5
Other 2
-3.3
17.5
(4)
-6.6
-19.8
-10.2
4.0
26.9
23.2
-1.1
.1
2.0
3.6
-.6
-1.4
-1.2
-3.9
3.5
2.2
4.2
2.3
.6
-2.4
•'Data newly available in January HW<) result in breaks in many .series berv.-cen December
19SH and snbs'eiment HHintlis.
4
Because of breaks in series, net clian K c not available.
Xotc.—Data revised to reflect animal bencbinarkinf: and seasonal adjustment revisions. Also,
revolving credit e.xpanded to im-liule rrvolviufr credit held by finance companies; "otln'r"
consumer credit also reflects this eban^e.
.Source: Hoard of Governors of tln> I-'ederal Kesen-e Svstem.
INTEREST RATES AND BOND YIELDS
Interest rotes rose in August.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
U
COUNCIL OF ECONOM C ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- Aug
Sept
Oct
Nov
Dec
1997- Jan
Peb
Mar
May
June
July
Week ended:
1997- Aug 2
9
16
23
30''
1
3 -month
bills (new
issues) *
Constant maturities 2
3 -year
10-year
High-grade
municipal
bonds
(Standard
& Poor's) 3
30
Prime
commercial
paper,
6 months '
Discount rate
(N.Y. F.K.
Bank)*
Prime rate
charged by
banks4
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.51
5.02
5.09
5.15
5.01
5.03
4.87
5.05
5.00
5.14
5.17
5.13
4.92
5.07
5.13
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
5.99
6.21
6.41
6.08
5.82
5.91
6.16
6.03
6.38
6.61
6.42
6.24
6.00
6.06
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
6.44
6.64
6.83
6.53
6.20
6.30
6.58
6.42
6.69
6.89
6.71
6.49
6.22
6.30
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
5.75
5.72
5.86
5.71
5.59
5.62
5.72
5.63
5.78
5.88
5.71
5.60
5.41
5.47
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
7.59
7.37
7.46
7.66
7.39
7.10
7.20
7.42
7.31
7.55
7.73
7.58
7.41
7.14
7.22
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
5.42
5.51
5.66
5.45
5.40
5.44
5.48
5.42
5.60
5.79
5.78
5.69
5.60
5.59
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
5.21
5.02
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
8.83
8.27
8.25-8.25
8.25-8.25
8.25-8.25
8.2^5-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
5.12
5.15
5.17
5.08
5.12
5.90
6.06
6.08
6.01
6.11
6.11
6.26
6.33
6.27
6.36
5.26
5.41
5.51
5.45
5.50
7.01
7.15
7.26
7.22
7.29
5.57
5.58
5.61
5.58
5.58
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
:t
Weekly data are Wednesday figures.
4
Average effective rate for year-, opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
New-home
mortgage
yields
(PHFB) 5
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.87
7.80
8.08
7.98
7.95
7.80
7.79
7.81
7.78
7.88
8.03
8.01
7.95
7.78
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
After rising in early August, stock prices fell.
INDE X, DEC. 31, 1965=50 (RATIO SCALE)
500
480
460
440
420
400
380
360
340
320
300
INDEX, DEC. 31,1 965=50 (RATIO SCALE)
/
/
i
COMPi3SITE STOCK PRICE INDEX
(NYSE)
\
\
•N
-/-"•"
^
j-~^~^/
260
240
220
160
/rn 1 1 ! 1 1 1 1 1
/
f
/
260
X"\(
240
220
^—J
/-^
180
380
360
340
320
300
280
^S
j/
280
200
r
/
/r ^/
/""I
^\
1989
180
V1
1 M M
! 1 1 1 1
200
I I I ! !
Mill
M i l l
1991
1990
M i l l
i 11 1 !
1992
! M 1 1
1993
ii i i i M l ! !
1994
1 1 II 1
J_1_LI 1
1 M
1995
II
1 1 1 LL
1 II M
11 111
PER CENT
20
PERC ENT
20
15
15
EARNINGS-F RICE RATIO ON COMMON STOCKS
(S&P)
~^-_
0
160
1997
1996
i
i i
1989
10
--.•»^
1
!
5
i
!
i
1991
1990
i
l
1992
l
l
i
i
1995
1994
1993
SOURCES: NEW YORK TOCK EXCHANGE AN ) STANDARD 8, POOR'S CORPORATION
l
1
1996
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- Aug
Sept
Oct
Nov
Dec
1997- Jan
Feb
Mar
May
July
AugP
Week ended:
1997- Aug 2
9
16
23
30 P
1
Average of daily closing prices.
2
Includes all the stocks (more than
3
Industrial
Transportation
Utility3
Finance
Dow-Jones
industrial4
average
Standard &
Poor's composite index
(194143=10)5
Common stock yields
(percent) 6
Dividendprice ratio
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
291.15
358.17
354.59
360.96
373.54
388.75
391.61
403.58
418.57
416.72
401.00
433.36
457.07
480.94
481.53
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
453.98
449.41
459.69
473.98
490.60
494.38
509.64
524.30
523.08
506.69
549.65
578.57
610.42
609.54
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.41
327.33
321.61
323.12
332.93
348.32
352.28
359.40
364.15
372.87
366.67
395.50
410.94
433.75
439.71
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
220.30
249.77
244.74
242.25
249.61
258.85
257.09
263.91
271.36
264.78
253.18
268.18
280.48
288.51
287.63
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
303.89
302.95
308.16
324.42
345.30
350.01
361.45
388.75
387.21
364.25
392.32
419.12
441.59
446.93
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
4,493.76
5,742.89
5,685.50
5,804.01
5,996.21
6,318.36
6,435.87
6,707.03
6,917.48
6,901.12
6,657.50
7,242.36
7,599.60
7,990.65
7,948.43
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
541.64
670.83
662.68
674.88
701.46
735.67
743.25
766.22
798.39
792.16
763.93
833.09
876.29
925.29
927.74
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
2.19
2.22
2.20
2.11
2.01
2.01
1.95
1.89
1.91
1.98
1.85
1.77
1.66
1.65
490.68
491.66
478.63
479.50
474.46
621.16
623.55
605.04
606.48
600.74
444.04
447.96
437.30
437.76
435.10
290.60
291.39
288.53
286.62
283.51
457.61
455.04
444.42
446.11
439.65
8,193.44
8,172.90
7,917.59
7,904.91
7,749.10
946.49
949.54
922.23
925.29
910.01
1.62
1.60
1.67
1.64
1.69
2,000 in 1992) listed on the NYSE.
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
1
the doubling .
4
Includes 30 stocks.
5
Includes 500 stocks.
0
COUNCIL OF CONOMIC ADVISERS
New York Stock Exchange indexes (Dec. 31, 1965
except as noted) 2
Composite
i
1997
Common stock prices '
Period
i
Earningsprice ratio
5.48
8.01
7.42
6,47
4.79
4.22
4.46
5.83
6.09
5.24
5.24
5.23
5.31
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 (NTSE).
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 1997, there was a deficit of $36.7 billion, compared with a deficit pf $100.9 billion
a year earlier.
Biiiior•JS OF DOLLARS
BILLIONS OF DOLLARS
1,700
1,700
RECEIPTS AND OUTLAYS ^
1,600
1,500
1,400
-.--'""""
1,300
^^
"" """
1,200
^**^^
---"'
1,100
1,200
^-<~^
1,100
1,000
1,000
900
900
800
800
700 /I
V
1
1
SURPLUS OR DEFICIT (
0
1
1
I
!
1
1
1
IN 700
N
)~^
0
-100
^—^-
^"^^-^
-200
^
-400
1
/|
V
1988
1
1989
"
•
1
1990
1
1991
"~^^
1
1992
-/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
>OURCES: DEPARTMENT OF THE TREASURY AND OFPiCE Of MANAGEMENT AND BUDGET
200
1
1993
-300
1
1994
1
1995
N -400
1
1996
1997
N
FISCAL YEARS
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars]
On-budget
Total
Fiscal year or period
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997 (estimates)
Cumulative total, first 10
months: ]
Fiscal year 1996 ...
Fiscal year 1997 ».
Receipts
Outlays
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.2
769.3
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,505.4
458.7
504.0
590.9
678.2
745.8
808.4
851.9
946.5
990.5
1,004.2
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.4
1,461.7
1,515.7
1,560.3
1,631.0
1,195.1
1,300.7
1,296.0
1,337.4
Receipts
Outlays
Surplus
or
deficit
(-)
-59.2
-40.7
-73.8
-79.0
-128.0
-207.8
-185.4
-212.3
-221.2
-149.8
-155.2
-152.5
-221.2
-269.4
-290.4
-255.0
-203.1
-163.9
-107.3
-125.6
314.2
365.3
403.9
469.1
474.3
453.2
500.4
548.0
569.0
641.0
667.8
727.5
750.3
761.2
788.9
842.5
923.6
1,000.8
1,085.6
1,116.5
369.1
404.1
476.6
543.1
594.4
661.3
686.1
769.7
807.0
810.3
861.8
932.8
1,028.1
1,082.7
1,129.3
1,142.8
1,182.4
1,227.1
1,259.9
1,316.0
-54.9
-38.7
-72.7
-74.0
-120.1
-208.0
-185.7
-221.7
-238.0
-169.3
-194.0
-205.2
-277.8
-321.6
-340.5
-300.4
-258.8
-226.3
-174.3
-199.5
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.5
388.9
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
300.5
315.0
-100.9
-36.7
888.0
977.2
1,055.5
1,089.1
-167.5
-111.9
307.1
323.5
240.5
248.3
Surplus
or
deficit
(-)
1
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) art: from Budget of the. United States Government, Fiscal Year
J998, issued February 6, 1997,
32
Federal debt (end of
period)
Off-budget
Receipts
Outlays
Surplus
or
deficit
(-)
Gross
Federal
Held by
the public
-4.3
-2 0
-1.1
-5.0
-7.9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
67.0
73.9
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,921.0
5,181.9
5,453.7
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.1
3,603.4
3,733.0
3,875.8
66.7
75.2
5,145.8
5,329.9
3,722.8
3,759.1
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 10 months of fiscal 1997, receipts were $105.6 billion higher than a year earlier and outlays were
$41.4 billion higher.
BILLIO SS OF DOLLARS
700
RECEIPTS'17
600
^ __
__
'
BILLIONS OF CKDLLARS
700
'""
600
500
500
'
400
\
CORPORATION
INCOME TAXES
300
400
SOCIAL INSURANCE
lAXtS ANL) CON IKIBUI IONS
300
200
200
\
'
100
1
0
1,400
1
,
1
!
,
OTHER RECEIPTS
,
100
,
0
1,400
OUTLAYS'17
1,300
1,300
--
1,200
1,200
1,100
1,100
-— """
1,000
1,000
^.f^
900
900
____-'••'
800
800
~"^°
700
700
600
600
500
500
400
400
300
200
300
XI
V
1
1988
1
1
1989
1990
1
1
1991
1992
^ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1
1993
I
1994
1995
1
1996
N
1997
200
N
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
1978
1979
1980
1981
1982
1983
1984
Individual
income
taxes
Corporation
income
taxes
Social
insurance
taxes
and
contributions
National defense;
Other
Total
Total
InterDepart- nationment of
al
Defense, affairs
military
Health
399.6
463.3
517.1
599.3
617.8
600.6
666.5
181.0
217.8
244.1
285.9
297.7
288.9
298.4
60.0
65.7
64.6
61.1
49.2
37.0
56.9
121.0
138.9
157.8
182.7
201.5
209.0
239.4
40.8
50.6
69.5
69.3
65.6
71.8
458.7
504.0
590.9
678.2
745.8
808.4
851.9
104.5
116.3
134.0
157.5
185.3
209.9
227.4
102.3
113.6
130.9
153.9
180.7
204.4
220.9
7.5
7.5
12.7
13.1
12.3
11.8
15.9
23.2
26.9
27.4
28.6
30.4
1985
1986
1987
1988
1989
1990
1991
1992
1993 .. .
1994
1995
1996
1997 (estimates)
734.2
769.3
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,505.4
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
656.4
672.7
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.0
171.8
176.2
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
484.5
509.4
535.8
73.1
73.3
74.6
79.3
82.8
91.5
93.1
101.4
98.9
113.7
120.1
115.4
120.8
946.5
990.5
1,004.2
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.4
1,461.7
1,515.7
1,560.3
1,631.0
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.1
265.7
267.2
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.4
253.2
254.3
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
17.2
17.1
16.4
13.5
14.8
Cumulative total, first 10 months: !
Fiscal year 1996
Fiscal year 1997
1,195.1
1,300.7
541.6
613.6
133.6
142.7
425.1
445.6
94.7 1,296.0
98.9 1,337.4
219.6
224.7
209.5
214.8
11.7
13.6
37.7
1
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
1998, issue*! February 6, 1997.
Medicare
Income Social
security security
Net
interest
Other
61.5
66.4
86.6
99.7
107.7
122.6
112.7
93.9
104.1
118.5
139.6
156.0
170.7
178.2
35.5
42.6
52.5
68.8
85.0
89.8
111.1
120.2
131.3
133.5
125.4
122.2
118.6
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
107.1
115.4
119.4
127.6
65.8 J28.2
119.8
70.2
75.1 123.3
78.9 129.4
85.0 136.1
98.1 147.1
104.5 170.3
119.0 197.0
130.6 207.3
144.7 214.1
159.9 220.5
174.2 226.0
194.3 238.9
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
349.7
367.7
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
241.1
247.4
131.9
142.3
126.1
139.7
159.3
204.3
225.7
174.7
160.4
174.5
163.4
170.7
173.2
98.6
102.6
144.7
158.6
291.3
304.2
200.4
205.4
137.9
131.3
18.5
20.5
22.8
26.5
32.1
39.1
46.6
52.6
57.5
191.7
196.9
Sources: Department of the Treasury and Office of Management and Budget.
114.7
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1997, according to revised estimates, Federal receipts rose $36.5 billion (annual rate)
and Federal current expenditures rose $15.8 billion.
BILLIONS OF OOLLARS
1,800
BILLION S OF DOLLARS
1,800
SEASONAUr ADJUSTED ANNUAL RATES
1,600
-•-^
— —
*»*
^
"
--'
-
'
^
1,400
CURRENT EXPENDITURE S
\
1,200
^ — ^1
1,000
»f "~ *
s'
1,400
^
/
-
^^s~
,
1,200
*"
'
^-~~
-
.
1,000
^
\r^
-•"^
'"
^-^
-
RECEIPT i
800
"
800
•*
f
-
'
^
600
1,600
-
,-""
600
-
400
400
^
200
200
-
CURRENIT SURPLL SORDE ICITI-)
0
0
-200
•\~ r*^—/" y—-
^
i ii
-400
1982
1983
1984
1985
1986
1987
^_
^
~^
-
1
1
i
1988
1
! i
1989
"^^^
_,—^
^ > ^—~~-~ ^-^
i i i
1990
1 1 j
1 1 1
I I I
I i I
1991
1992
1993
1994
I I I
1995
^
iii
1996
!
1
1
-400
1997
CAIEND «VEARS
COUNCIL OF ECONOMIC ADVISERS
>OURCE: DEPARTMENTOF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
IV
1994: I
.
II
Ill
IV
1995: I .
II
Ill
IV
1996: I ..
II
Ill
IV
1997: I
II '
Subsidies less
current
surplus
of
Government
enterprises
Less:
Wage
accruals less
disbursements
Current
surplus
or
deficit
(-),
national
income
and
product
accounts
Total
Transfer
payments
461.1
482.6
507.1
527.3
557.1
581.8
610.5
1,284.5
1,345.0
1,479.4
1,525.7
1,561.4
1,637.6
1,698.1
426.6
445.9
451.0
447.3
443.2
443.5
451.5
513.3
522.2
625.1
659.9
683.0
720.9
763.5
132.4
153.4
172.2
185.8
199.2
211.9
218.3
179.9
192.7
195.8
192.7
200.0
224.8
227.1
32.4
30.8
35.1
40.1
35.9
36.4
37.7
0.1
.0
.0
.0
.0
-154.7
-196.0
-280.9
-250.7
-186.7
-174.4
-110.5
85.9
93.8
529.3
535.5
1,527.8
1,551.9
447.0
449.2
661.3
675.5
187.3
196.9
192.9
192.5
39.2
37.8
.0
.0
-250.6
-224.6
136.9
153.4
163.4
173.2
98.2
98.1
99.3
99.0
547.4
555.3
559.5
566.2
1,533.5
1,544.3
1,571.4
1,596.4
442.4
439.2
450.5
440.8
670.6
676.9
683.8
700.7
194.5
196.2
199.6
206.6
189.9
196.6
202 8
210.8
36.0
35.4
34.8
37.5
.0
.0
.0
.0
-209.0
-163.2
-187.6
-186.8
581.4
608.2
607.5
626.0
179.0
178.7
186.9
183.8
94.3
93.8
93.7
92.2
574.3
578.3
584.7
589.9
1,620.6
1,638.5
1,649.3
1,642.0
444.8
444.0
449.0
436.3
709.5
718.0
725.1
731.1
212.2
216.5
210.6
208.5
218.8
223.9
227.5
229.0
35.3
36.1
37.0
37.2
.0
.0
.0
.0
-191.5
-179.5
-176.5
-150.2
1,526.3
1,583.8
1,598.6
1,641.6
644.9
688.8
695.7
717.5
192.1
197.2
196.7
192.0
91.7
90.0
91.5
110.2
597.6
607.8
614.8
622.0
1,679.9
1,695.4
1,698.2
1,718.8
444.6
453.7
454.0
453.6
757.6
757.5
761.5
777.3
213.7
223.2
218.7
217.5
226.6
223.5
226.6
231.8
37.4
37.5
37.4
38.5
.0
.0
.0
.0
-153.6
-111.6
-99.5
-77.1
1,675.3
1,711.8
746.9
770.7
204.9
207.6
88.2
92.2
635.3
641.4
1,730.8
1,746.6
458.0
464.2
785.9
791.6
219.6
222.5
228.9
230.2
38.4
38.1
.0
.0
— 55.5
-34.8
1,129.8
1,149.0
1,198.5
1,275.1
1,374.8
1,463.2
1,587.6
485.7
476.9
490.8
522.6
562.3
605.8
686.7
118.0
109.8
118.6
138.3
156.7
182.1
194.5
65.1
79.7
81.9
86.9
98.7
93.5
95.8
1,277.2
1,327.2
527.1
543.4
135.0
154.5
1,324.5
1,381.1
1,383.8
1,409.5
542.0
574.3
561.6
571.1
1,429.0
1,459.0
1,472.8
1,491.9
Soimv: Department of CommenT, Bureau of Kconnr
34
Grantsin-aid
to
Net
State
interest
and
paid
local
governments
Consumption
expenditures
Corporate
profits
tax accruals
Total
1993: III
ContriIndirect
butions
business
• for
tax and
social
nontax
insuraccruals
ance
Personal
tax and
nontax
receipts
Period
Calendar year:
1990
1991
1992
1993 ...
1994
1995
1996
Federal Government current expenditures
!o
STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1992=100; seasonally acljnsted)
Period
United
States
Canada
Japan
Consumer prices (1982-84 = 100; NSA)
United
States '
United
Kingdom
France
many
Italy
United
Kingdom
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
93.1
97.3
99.0
98.9
96.9
100.0
103.4
108.6
112.1
115.2
101.6
106.9
106.8
103.2
98.9
100.0
104.5
111.8
115.6
117.6
86.4
94.5
99.9
104.2
106.1
100.0
95.8
97.0
100.2
102.9
93.0
97.3
100.9
102.4
101.2
100.0
96.2
99.8
101.8
102.4
86.4
89.8
94.0
98.9
101.7
100.0
92.5
'95.6
'96.6
'96.8
92.4
97.9
100.9
101.1
100.2
100.0
97.6
102.6
108.2
106.4
96.6
101.2
103.4
103.1
99.6
100.0
102.2
107.6
110.0
111.2
113.6
118.3
124.0
130.7
136.2
140.3
144.5
14S.2
152.4
156.9
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
151.4
153.7
104.8
105.6
108.1
111.4
115.0
116.9
118.4
119.3
119.1
119.3
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
148.4
151.5
104.9
106.3
109.2
112.2
116.2
120.9
125.2
128.6
130.8
132.6
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
204.0
212.0
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
175.2
179.4
1996- May
114.8
115.5
115.5
115.8
116.0
116.2
117.2
117.7
116.1
'116.9
118.5
118.6
'119.0
'118.9
120.3
'118.8
102.9
99.6
103.6
102.2
103.7
106.1
105.2
105.2
102.5
102.1
103.5
103.5
102.8
102.5
102.4
103.0
96.7
96.7
97.9
97.7
97.4
96.8
97.8
97.6
105.9
108.3
105.0
106.9
106.0
105.2
105.7
103.7
111.6
110.7
111.6
111.1
111.8
111.4
112.0
112.5
156.6
156.7
157.0
157.3
157.8
158.3
158.6
158.6
153.9
153.7
153.7
153.9
154.1
154.4
155.1
155.1
119.7
119.4
119.3
119.1
119.6
119.9
119.5
119.6
151.9
151.7
151.5
151.1
151.6
152.0
151.9
152.1
132.6
132.8
133.2
133.1
133.0
133.0
132.9
133.2
212.2
212.7
212.2
212.4
213.1
213.3
213.9
214.1
179.6
179.8
179.1
179.9
180.7
180.7
180.8
181.4
117.8
118.4
118.8
119.3
'119.3
'119.6
119.8
'120.1
120.5
120.3
'121.9
'122.0
121.7
110.5
107.0
106.4
106.0
110.4
107.4
101.7
103.5
102.8
106.0
104.3
98.5
98.8
'99.0
'99.1
'98.4
98.3
104.0
107.1
107.7
108.4
108.7
109.1
112.2
111.6
111.4
112.5
'111.3
112.9
159.1
159.6
160.0
160.2
160.1
160.3
160.5
155.4
155.7
156.0
156.0
156.1
156.5
156.5
119.5
119.3
119.4
121.8
122.0
122.0
121.5
152.5
152.8
152.9
152.9
153.2
153.2
152.9
133.9
134.4
134.3
134.0
134.6
135.0
135.7
214.5
214.7
214.9
215.1
215.7
215.7
215.7
181.4
182.1
182.6
183.6
184.3
185.1
185.1
July
Sept
Oct
Dec
1997- Jan
Feb
Mar
... .
May
July?
1
Source: National sources as rejwrted by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).
Data relate to all urban consumers.
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
BOP
basis
Balance of trade
(exports minus imports)
Census basis (by end-use category)
Census basis (by end-use category) '
Period
Services
(BOP basis)
Goods: Im|>orts (customs value)
Goods: Exports (f.a.s. value)
BOP basis
ConAuto- sumer
InCapmodusital
tive (nonFoods, trial
vehi- food)
Total, fads,
sup- goods
Census and
explies except cles,
basis"
bevauto- parts cept
and
and autoerages mate- moentive
morials
gines tive
Auto- Conmo- sumer
Capgoods
tive
ital
Foods, trial
feeds, sup- goods vehi- (nonand
except cles, food)
plies
bevauto- parts except
autoand
erages and
mate- momoentive
rials
tive
gines
In-
BOP
basis
Total,
Census
basis 2
Exports
Imports
Goods,
Census
basis
Goods
Services
Goods
and
services
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.4
575.9
612 1
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
584.7
695 l
24.3
32.3
37.2
35.1
35.7
40.3
40.6
42.0
50.5
55 5
66.7
85.1
99.3
104.4
109.7
109.1
111.8
121.4
146.2
147 7
86.2
109.2
138.8
152.7
166.7
175.9
181.7
205.0
233.0
252 9
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.8
61.8
65.0
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
64.4
70.1
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
749.4
803.2
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
743.5
795.3
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
33.2
35.7
111.0
118.3
132.3
143.2
131.6
138.6
145.6
162.1
181.8
204.5
84.5
101.4
113.3
116.4
120.7
134.3
1 52.4
184.4
221.4
229.1
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
123.8
128.9
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
159.9
171.0
98.6
111.0
127.1
147.8
164.2
177.2
186.7
197.2
218.7
236.8
92.3
100.0
104.2
120.0
121.2
120.3
126.4
135.5
147.0
156.6
-152.1
-118.5
-109.4
-101.7
-66.7
-84.5
-115.6
-150.6
-158.8
-170.2
-159.6
-127.0
-115.2
-109.0
-74.1
-96.1
-132.6
-166.2
-173.6
— 191.2
6.2
11.1
23.0
27.8
43.0
56.9
60.3
61.8
71.7
80.1
-153.4
-115.9
- 92.3
-81.2
-31.0
- 39.2
-72.3
-104.4
-101.9
-111.0
1996: June
July
Aug
Sept
Oct
N'ov
Dec
51.3
49.1
51.3
50.4
52.5
53.2
52.1
52.2
50.5
52.6
51.7
53.6
54.5
53.4
4.5
4.7
4.7
4.4
4.5
5.0
4.4
12.3
11.6
12.3
12.2
12.7
12.3
12.5
20.9
20.1
21.2
20.4
22.0
22.2
22.1
5.6
5.3
5.5
5.7
5.4
5.9
5.5
5.9
5.6
5.9
5.9
6.1
6.1
6.0
66.2
66.8
68.0
68.4
67.8
68.4
69.8
65.3
66.4
67.2
68.1
67.5
68.1
69.6
2.9
2.9
3.0
3.0
3.0
3.0
3.2
16.7
17.3
17.4
17.8
18.3
17.6
18.7
18.8
18.7
19.0
19.1
18.9
19.3
19.6
10.8
11.0
11.2
11.2
10.2
11.2
10.8
13.9
14.1
14.4
14.8
15.0
14.7
15.1
19.6
19.4
19.9
20.0
20.6
20.8
20.3
12.8
13.3
13.1
12.9
13.2
13.2
13.2
-13.1
-15.9
-14.6
-16.4
-13.9
- 13.6
-16.1
-14.8
-17.8
-16.8
-18.0
-15.3
-15.2
-17.7
6.7
6.1
6.8
7.1
7.4
7.5
7.1
-8.1
-11.6
-10.0
- 10.9
-7.9
-7.7
-10.6
1997: Jan
Feb
Mar
Apr
May' ....
June'' ..
51.7
53.7
57.2
57.2
56.9
57.5
52.2
54.4
58.1
57.9
57.9
58.3
4.3
4.3
4.2
4.2
4.1
4.0
12.1
12.7
13.7
13.5
13.4
14.0
21.6
22.7
24.7
25.0
24.8
24.5
5.6
5.9
6.2
6.2
5.9
6.3
6.1
6.3
6.5
6.3
6.7
6.8
69.8
70.4
72.0
72.7
73.2
72.5
69.6
70.0
70.6
71.7
72.3
71.6
3.1
3.1
3.3
3.4
3.4
3.2
17.9
17.6
18.0
17.6
17.9
17.5
19.5
19.4
20.4
20.7
21.0
21.3
11.8
12.1
11.7
11.4
11.6
11.6
15.1
15.3
14.9
16.2
16.1
15.7
20.3
20.7
21.0
20.7
20.8
21.0
13.6
13.8
13.9
13.9
14.0
14.1
-17.4
-15.7
-12.4
-13.8
-14.5
-13.3
-18.1
-16.8
-14.9
- 15.5
-16.4
-15.0
6.7
6.9
7.1
6.8
6.8
6.9
-11.5
-9.9
-7.8
-8.7
-9.5
-8.2
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1
Includes undocumented exports to Canada through 198H.
-Total includes "other" exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1997, the goods deficit rose to $49.8 billion, from $48.2 billion in the fourth quarter of 1996.
The current account deficit rose to $41.0 billion, from $36.9 billion in the fourth quarter.
BILLIONS OF DOLLARS *
BILLIONS OF DOUARS*
1987
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits ( — ) ]
Services
Goods'
Imports
Net
balance
Net
military
transactions 2 ;i
-409,765
-447,189
-477,365
-498,337
-490,981
-536,458
-589,441
— 668,590
-749,431
-803,239
-182,790
- 190,739
-188,180
-187,722
-159,557
-126,959
-115,245
-109,030
-74,068
-96,106
- 132,609
-166,192
- 173,560
-191,170
-44,401
-47,558
-42,820
-38,781
-42,925
-47,562
-52,493
-48,190
-49,787
-3,844
-6,320
-6,749
-7,599
-5,274
-1,448
1,269
1,874
3,866
3,786
722
984
1,289
871
485
1,214
792
1,295
518
Period
Exports
1987 .
1988
1989 .
1990.
1991
1992 .
1993
1994
1995 .
1996
1995: I
II
in
IV
1996:
I
II
Ill
rv
1997: IP
250,208
320,230
362,120
389,307
416,913
440,352
456,832
502,398
575,871
612,069
138,389
143,181
145,360
148,941
150,048
153,411
150,764
157,846
162,527
-192,973
-200,973
-203,257
-206,036
-212,314
Net
travel
and
transportation
receipts
-7,613
-2,591
4,043
8,002
17,032
19,974
19,764
16,519
21,197
24,713
4,312
4,333
5,755
6,796
5,194
5,818
6,559
7,147
6,318
Investment income
Other
services,
net
17,661
19,969
25,662
27,401
31,284
38,373
39,274
43,383
46,640
51,631
11,062
11,442
11,892
12,240
12,707
12,751
12,626
13,550
13,834
Balance
on
goods
and
services
-153,353
-115,900
-92,288
-81,225
-31,027
-39,207
-72,301
— 104,416
-101,857
-111,040
-28,305
-30,799
-23,884
-18,874
-24,539
-27,779
-32,516
-26,198
-29,117
1
:f
2
4
Adjusted from Census data for differences in timing and coverage; excludes military.
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).
36
Receipts
on U.S.
assets
abroad
100,511
129,366
153,659
163,324
141,408
125,852
129,844
154,510
196,880
206,400
47,218
50,303
49,130
50,230
49,277
50,188
51,893
55,043
54,950
Payments
on foreign
assets in
U.S.
-91,302
-115,722
- 138,639
- 139,402
— 121,159
-107^836
-110,176
— 144,787
-190,072
-203,577
-45,171
-47,080
-49,531
-48,290
-47,216
-49,305
-53,263
-53,793
-58,090
Net
Balance
on goods, Unilateral
services, transfers,
and
net 4
income
9,209 — 144,144 -23,909
13,644 - 102,256 -25,988
15,020 -77,268 — 26,963
23,921 -57,304 -34,588
5,122
20,249 — 10,779
18,016 — 21,191 -35492
19,668 -52,634 -38,137
9,723 — 94,693 -38,845
6,808 — 95,049 — 34,046
2,824 - 108,216 -39,968
2,047 -26,258 -8,451
3,223 -27,576 -8,128
-401 -24,285 -8,847
1,940 - 16,934 -8,620
2,061 -22,478 -10,406
883 -26,896 -8,689
-1,370 -33,886 - 8,947
1,250 -24,948 -11,926
-3,140 -32,257 -8,709
Quarterly data an' not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant program:
jSV-fi p. 37 for amtintuitiun of table.
on
current
account
-168,053
- 128,245
— 104,231
-91,892
— 5,657
-56,383
-90,771
— 133,538
-129,095
-148,184
-34,709
- 35,704
-33,132
-25,554
-32,884
-35,585
-42,833
-36,874
-40,966
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $56.6 billion in the first quarter
of 1997, following an increase of $66.7 billion in the fourth quarter of 1996. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $18.9 billion in the first quarter, following an increase
of $39.0 billion in the fourth quarter.
BILUONS OF DOLLARS •
200
BILLIONS OF DOLLARS"
200
A
/ \
180
180
/
\
/
160
;
160
'
140
140
FOREIGN ASSETS
120
100
80
60
40
20
0
-20
-40
-
\
.
A
\-,_ / /\* i\/
/
/
/
"V- N-^/> \
\.
111
1987
!
1
/
V
/*
/
V V\''
iV
H1 *-'* ^A
(
1
1
N'
-
120
100
80
/
> /
•
-
60
-
40
'
V /
«
-
20
'
-
/ \
.
r-
V
-
A
/A
1
1
1
1
1
i
i
i
1992
1991
1990
-20
-
CHANGE IN
U.S. ASSETS
tABROAD, NE1
r
1989
-
0
A M
V J
111
v ;
I-'
^ V/
1988
V
/
-
/N vl
\
..
/'I
\ ; \ / \
A
-60
-160
\
V
V
V
\
V
^\
A
'
^*\
^S
V
1
I
1993
1
l
\
-40
A
A
A \
\» V
111
-60
-
/
1
1
1
1994
1995
•SEASONAUYADJUSTED
SOURCE: DEPARTMENTOFCOMMBRC E
-
-80
\
-
\
-100
\
/
-
\ ,
1
1
1
1996
1
I
1
-160
1997
COUNCIL OF ECCJNOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit
Period
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1995:
I
II
Ill
IV
1996- I
II
Ill
IV
1997: IP
U.S.
official
reserve
assets :t •>
9,149
-72,617
-100,221 -3,912
-168,744 -25,293
-74,011 -2,158
-57,881
5,763
-68,774
3,901
-194,537
-1,379
-160,516
5,346
-9,742
-307,207
6,668
-352,444
-5,318
-59,625
-110,548 -2,722
-40,679
-1,893
191
-96,356
- 70,768
17
-49,698
-523
-77,542
7,489
-154,436
-315
-99,787
4,480
Other U.S.
Government
assets
1,006
2,967
1,259
2,307
2,911
-1,657
-342
352
549
-690
-158
184
266
-473
-210
-358
162
-284
31
Foreign assets in the U.S., net
[increase/capital inflow ( + )j
)]
U.S.
private
assets
-82,771
-99,275
-144,710
-74,160
66555
-71,018
-192,817
165 510
-296 916
-358,422
-54,149
107 642
-39,052
-96,074
-70,575
48 817
-85,193
-153,837
-104,298
Total
248,383
246,065
224,390
140,992
109,641
168,776
279,671
297,337
451,234
547,555
97,652
122,714
125,839
105,029
88,233
106,114
158,629
194,579
158,867
•'Consists of gold, s|«nual drawing rights (HDRs), foreign currencies, , iid the U.S. reserve
position in the IMF.
Foreign
official
assets •'
Other
foreign
assets
45,387
39,758
8,503
33,910
17,389
40,477
71,753
40,385
110,729
122,354
22,098
37,138
39,585
11,908
52,014
13,154
24,089
33,097
28,337
202,996
206,307
215,887
107,082
92,253
128,299
207,918
256,952
340,505
425,201
75,554
85,576
86,254
93,121
36,219
92,960
134,540
161,482
130,530
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
-7,713
-17,600
48,585
24,911
-46,103
-43,619
5,637
-3,283
-14,931
-46,927
-3,318
23,538
-52,028
16,881
15,419
-20,831
-38,254
-3,269
-18,114
Of which:
Seasonal
adjustment
discrepancy
5,658
-775
-6,985
2,106
6,228
-1,076
-7,830
2,669
7,325
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
85,832
75,089
86,761
90,063
87,152
85,832
84,212
83,455
75,509
75,089
67,222
Sources: Department of Commerce (Bureau of Economic Analysis) arid Department of the
Treasury.
Contents
Page
TOTAL OUTPUT. INCOME, AND SPENDING
Gross Domestic Product
Real Gross Domestic Product
Implicit Price Deflators for Gross Domestic Product
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Real Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Real Gross Private Domestic Investment
Real Private Fixed Investment by Type
~
Business Investment and Plans
1
2
2
3
3
4
4
5
6
7
8
9
10
10
•
,
EMPLOYMENT. UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production.—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT. AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonferm Nonfinancial Corporate Business
Consumer Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
,
,
,
U.S. International Transactions ..,.,„.......
..............
„...„.,..,„.,.,„...„..;,....,..,.,-...,..„.,.........„.„,„„„.
,,...
...„..,.....,„
,..,.....»....„
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
r»0
00
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