Full text of Economic Indicators : December 1996
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104th Congress, 2d Session
Economic Indicators
DECEMBER 1996
(Includes data available as of December 23,
1996)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
FEDER/U
BANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1996
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK SANTORUM (Pennsylvania)
RODNEY D. GRAMS (Minnesota)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
HOUSE OF REPRESENTATIVES
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
LEE H. HAMILTON (Indiana)
MAURICE D. HINCHEY (New York)
CAROLYN B. MALONEY (New York)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Chairman
ALICIA H. MUNNELL, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
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Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy
($3-75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing)
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ISBN 0-16-053959-5
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 1996, according to revised estimates, current-dollar gross domestic product (GDP) rose
3.8 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 2.1 percent, and the implicit price deflator
rose 1.7 percent.
BILLIONS Of DOLLARS (RATIO SCALE)
BILUONS OF DOLLARS (RATIO SCALE)
8,000
8,000
SEASONAUY ADJUSTED ANNUAL RATES
7,600
7,600
f
7,200
7,200
^— ]
6,800
^/
GDP
IN O AIMED (1 992) DOUARS
\
"*^ s-
6,400
6,000
---., ^__
6,000
-^
^~
f--""
__,-•
5,200
6,400
_
^"
x-
5,600
6,800
^ ""
.'''
5,600
X^
5,200
x
s
4,800
^\
X
-/
4,400
4,800
X^
GDP
•^ IN CURRENT DOLLARS
4,400
/
4,000
4,000
3,600
/
/
3,600
^
3,200
3,200
^
\
1
1
1982
i ii
i i i
i i I
i i i
i i i
I I ]
1 1 1
1983
1984
1985
1986
1987
1988
1989
!
1
1
1990
i I ]
1991
1 1 1
\ I I
I I I
1 1 1
! 1 1
1992
1993
1994
1995
1996
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1991:
19921993-
. ..
.. .
IV ....
IV
I
II .. ..
Ill
IV ..
1994: I
II
Ill
IV ...
1995: I
II
in
IV ...
1996: I
II
III'
1
Exports and imports
Personal Gross
of goods and services
Gross
conprivate
domestic sumption domestic
product expendi- investNet
exports Exports Imports
tures
ment
4,692.3
5,049.6
5,438.7
5,743.8
5,916.7
6,244.4
6,553.0
6,935.7
7,253.8
6,002.3
6,383.0
6,442.6
6,506.2
6,574.4
6,688.6
6,776.0
6,890.5
6,993.1
7,083.2
7,149.8
7,204.9
7,309.8
7,350.6
7,426.8
7,545.1
7,616.3
3,094.5
3,349.7
3,594.8
3,839.3
3,975.1
4,219.8
4,454.1
4,700.9
4,924.9
4,027.1
4,329.6
4,367.6
4,424.8
4,481.0
4,543.1
4,600.9
4,666.2
4,738.3
4,798.2
4,840.6
4,910.5
4,957.9
4,990.5
5,060.5
5,139.4
5,165.4
747.2
773.9
829.2
799.7
736.2
790.4
871.1
1,014.4
1,065.3
760.9
816.1
843.6
855.9
873.8
911.2
957.6
1,016.5
1,033.6
1,050.1
1,072.0
1,050.3
1,074.8
1,064.0
1,068.9
1,096.0
1,156.2
-142.1
-106.1
-80.4
-71.3
-205
-29.5
62 7
-94.4
-94.7
-14.8
-42.7
-47.9
-59.6
-74.5
-68.8
-78.8
-93.0
-107.0
-98.7
-108.7
-115.3
-87.6
-67.2
-86.3
-99.2
- 120.2
GDP less exports of goods and services plus imports of goods and services.
365.7
447.2
509.3
557.3
601.8
639.4
657.8
719.1
807.4
624.4
649.1
646.9
660.4
645.3
678.7
678.9
707.4
729.2
761.0
776.1
797.3
819.0
837.0
839.5
850.0
844.3
507.9
553.2
589.7
628.6
622.3
669.0
720.5
813.5
902.0
639.3
691.8
694.8
720.0
719.8
747.5
757.6
800.4
836.1
859.6
884.8
912.6
906.6
904.2
925.8
949.2
964.5
Government consumption expenditures
and gross investment
Federal
Total
Total
992.8
1,032.0
1,095.1
1,176.1
1,225.9
1,263.8
1,290.4
1,314.7
1,358.3
1,229.2
1,280.0
1,279.3
1,285.1
1,294.1
1,303.2
1,296.4
1,300.8
1,328.2
1,333.5
1,345.8
1,359.4
1,364.6
1,363.4
1,383.7
1,408.8
1,414.8
455.7
457.3
477.2
503.6
522.6
528.0
522.6
516.4
516.6
515.5
535.0
525.5
520.1
521.3
523.5
511.3
509.4
523.8
520.9
519.7
522.0
516.8
507.7
518.6
529.6
525.5
National
defense
350.4
354.0
360.6
373.1
383.5
375.8
362.7
352.0
345.5
373.0
375.3
365.7
362.7
361.2
361.3
346.7
349.3
362.3
349.7
347.6
351.7
345.7
337.1
343.9
353.7
348.8
Nondefense
105.3
103.3
116.7
130.4
139.1
152.2
159.9
164.3
171.0
142.6
159.7
159.8
157.4
160.1
162.2
164.6
160.0
161.5
171.2
172.1
170.3
171.1
170.6
174.7
175.8
176.7
State
and
local
537.2
574.7
617.9
672.6
703.4
735.8
767.8
798.4
841.7
713.6
745.1
753.8
765.0
772.7
779.7
785.0
791.4
804.4
812.6
826.1
837.3
847.7
855.7
865.1
879.2
889.3
AddenFinal
Gross
dum:
sales of domestic Gross
domestic
pur1
national
product chases
product
4,668.1
5,038.7
5,407.0
5,735.8
5,919.0
6,237.4
6,532.4
6,876.2
7,216.7
5,980.9
6,376.6
6,422.8
6,484.6
6,552.3
6,669.8
6,735.9
6,816.0
6,928.5
7,024.6
7,091.7
7,170.9
7,271.5
7,332.8
7,428.6
7,537.1
7,579.6
Source: Department of Commerce, Bureau of Economic Analysis.
4,834.5
5,155.6
5,519.1
5,815.1
5,937.2
6,274.0
6,615.7
7,030.1
7,348.4
6,017.1
6,425.7
6,490.5
6,565.8
6,648.8
6,757.4
6,854.8
6,983.5
7,100.1
7,181.9
7,258.4
7,320.2
7,397.3
7,417.8
7,513.2
7,644.3
7,736.5
4,701.3
5,062.6
5,452.8
5,764.9
5,932.4
6,255.5
6,563.5
6,931.9
7,246.7
6,016.6
6,390.5
6,458.6
6,516.5
6,587.1
6,691.9
6,781.0
6,888.3
6,987.0
7,071.4
7,146.8
7,202.4
7,293.4
7,344.3
7,426.6
7,537.5
7,598.9
REAL GROSS DOMESTIC PRODUCT
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Period
1987
1988
1989
1990
1991 .
1992
1993
1994
1995
1991: IV
1992: IV
1993- I
II
Ill
rv
1994: I
II
in ..
IV
1995: I .
II
Ill
rv
1996- I
II
Ill'
Gross
domestic
product
Personal
eonsumption
expenditures
Gross private
domestic investment
Nonresidential
fixed
investment
Residential
fixed
investment
Change
in business
inventories
5,648.4
5,862.9
6,060.4
6,138.7
6,079.0
6,244.4
6,386.4
6,608.7
6,742.9
6,104.4
6,327.3
3,822.3
3,972.7
4,064.6
4,132.2
4,105.8
4,219.8
4,339.5
4,473.2
4,577.8
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
257.6
252.5
243.2
2206
193.4
225.6
242.7
268.9
262.8
4,109.1
4,282.3
539.5
569.1
202.4
236.7
6,326.4
6,356.5
6,393.4
6,469.1
6,508.5
6,587.6
6,644.9
6,693.9
6,701.0
6,713.5
6,776.4
6,780.7
6,814.3
6,892.6
6,928.4
4,289.7
4,318.8
4,359.5
4,390.0
4,420.5
4,458.7
4,489.4
4,524.0
4,534.8
4,569.9
4,597.3
4,609.4
4,649.1
4,687.6
4,693.5
577.5
586.4
593.1
617.6
628.5
639.5
660.5
679.7
704.4
710.5
719.0
723.3
743.5
750.5
781.4
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
26.2
11.6
33.3
10.4
-3.0
7.3
19.1
58.9
33.1
21.4
5.8
Exports and imports of
goods and services
Federal
Net
exports
-156.2
-114.4
-82.7
-61.9
- 22.3
-29.5
-72.0
-105.7
-107.6
-17.9
-40.0
18.5
-56.0
20.8
-64.4
19.5
-86.2
17.4
-81.5
40.5
-99.3
74.5 -107.3
64.5 -111.7
56.1 - 104.3
54.5 -122.5
30.5 -121.4
33.0 -101.6
14.6
-84.9
-3.0 - 104.0
7.1 -114.7
34.5 - 137.4
265.9
256.5
262.2
266.3
271.1
281.5
277.8
Government consumption expenditures
and gross investment
Exports
Imports
Total
Total
402.0
465.8
520.2
564.4
599.9
639.4
658.2
712.0
775.4
623.5
649.1
647.1
660.0
645.5
680.3
677.6
703.1
719.6
747.6
752.3
763.2
783.0
803.1
806.7
817.9
816.1
1
GDP less exports of goods and services plus imports of goods and services.
Note.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
558.2 ,165.9 534.4
580.2 ,180.9 524.6
603.0 ,213.9 531.5
626.3 ,250.4 541.9
622.2 ,258.0 539.4
669.0 ,263.8 528.0
730.2 ,261.0 509.2
817.6 ,260.0 489.8
883.0 1,260.2 472.3
641.4 1,250.7 526.9
689.1 1,272.5 534.0
703.1
724.4
731.7
761.8
777.0
810.4
831.3
851.9
874.9
884.6
884.5
888.0
910.7
932.6
953.5
1,257.7
1,258.4
1,261.6
1,266.2
1,252.4
1,249.8
1,271.2
1,266.6
1,262.7
1,265.1
1,263.4
1,249.6
1,254.7
1,278.2
1,276.1
Nondefense
National
defense
409.2
405.5
401.6
401.5
397.5
375.8
355.4
337.0
319.6
516.1
509.7
505.9
505.0
489.9
483.3
496.7
489.2
481.0
479.4
472.5
456.2
462.9
473.4
469.3
381.7
376.8
361.6
356.9
351.6
351.2
334.8
335.5
346.2
331.3
325.0
325.5
319.1
308.8
311.9
319.4
314.9
State
and
local
Final
sales of
domestic
product
125.3
119.1
130.1
140.5
142.0
152.2
153.8
152.6
152.3
145.3
157.1
631.8
656.6
682.6
708.6
718.7
735.8
751.8
770.5
788.6
723.8
738.5
5,626.0
5,855.1
6,028.7
6,126.7
6,082.6
6,237.4
6,365.5
6,550.7
6,708.9
6,083.8
6,320.7
154.4
152.7
154.2
153.7
154.9
147.8
150.4
157.5
155.6
153.5
153.1
147.0
150.6
153.7
153.9
741.6
748.8
755.7
761.3
762.7
766.8
774.7
777.7
782.2
786.3
791.5
794.4
792.6
805.5
807.7
6,307.1
6,334.5
6,371.3
6,449.2
6,467.7
6,514.9
6,582.1
6,638.1
6,647.4
6,682.4
6,741.4
6,764.2
6,815.2
6,884.7
6,892.7
Gross
domestic
purchases1
5,815.7
5,983.9
6,146.1
6,202.1
6,101.1
6,274.0
6,457.6
6,711.8
6,847.1
6,122.3
6,367.3
6,382.1
6,420.4
6,478.6
6,549.3
6,605.9
6,692.3
6,753.7
6,795.3
6,819.8
6,830.9
6,874.8
6,862.9
6,914.6
7,003.0
7,060.7
Addendum:
Gross
national
product
5,657.2
5,876.2
6,074.0
6,159.4
6,094.4
6,255.5
6,397.1
6,606.0
6,737.1
6,118.7
6,334.8
6,342.5
6,366.9
6,406.3
6,472.5
6,514.0
6,586.2
6,640.0
6,683.5
6,699.1
6,711.9
6,762.0
6,775.6
6,814.9
6,886.5
6,913.7
Source: Department of Commerce, Bureau of Economic Analysis-
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 1992=100; quarterly data are seasonally adjusted]
Persona] consumption
expenditures
Period
Gross
domestic
product
1987
1988
1989
1990
1991
1992
1993
1994
1995
1991: IV
1992: IV
1993: I
II
III
IV
1994- I
II
Ill
83.1
86.1
89.7
93.6
97.3
100.0
102.6
104.9
107.6
98.3
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
1995- I
II
III
IV
1996: I
II
III'
106.7
107.3
107.9
108.4
109.0
109.5
109.9
rv
Total
81.0
84.3
88.4
92.9
96.8
100.0
102.6
105.1
107.6
98.0
101.1
101.8
102.5
102.8
103.5
104.1
104.7
105.5
106.1
106.7
107.5
107.8
108.3
108.9
109.6
110.1
Durable
goods
Nondurable goods
91.6
93.3
95.3
96.6
98.5
100.0
101.3
103.4
104.6
99.1
100.2
81.8
84.8
89.3
94.6
98.1
100.0
101.5
102.8
104.5
98.7
100.7
101.3
101.5
101.3
101.9
102.0
102.4
103.3
103.6
78.2
82.2
86.6
91.2
95.8
100.0
103.6
106.7
109.9
97.4
101.5
102.4
103.3
103.9
104.7
103.9
104.5
104.7
105.0
106.0
107.2
107.2
108.8
109.7
110.3
110.9
111.4
112.3
113.2
100.5
101.1
101.5
101.9
102.4
103.2
103.9
103.9
104.7
104.8
104.5
104.3
104.3
103.6
103.1
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
domestic investment
Services
105.6
106.2
107.1
107.9
Nonresidential
fixed
91.3
93.7
96.2
98.4
99.9
100.0
100.9
102.3
103.4
99.9
100.1
100.5
100.8
101.0
101.1
101.6
102.2
102.7
102.7
102.7
103.4
103.8
103.6
103.4
103.1
103.3
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
tial fixed
Exports
Total
102.3
103.6
104.3
104.7
91.0
96.0
97.9
98.7
100.3
100.0
99.9
101.0
104.1
100.2
100.0
100.0
100.1
100.0
99.8
105.7
106.2
107.4
108.6
109.2
109.9
, 110.7
111.3
111.3
111.6
112.5
100.2
100.6
101.3
101.8
103.2
104.5
104.6
104.2
104.1
103.9
103.5
88.3
92.1
95.1
97.8
98.8
100.0
103.7
107.0
110.3
98.9
101.4
Imports
91.0
95.3
97.8
100.4
100.0
100.0
98.7
99.5
102.2
99.7
100.4
98.8
99.4
98.4
98.1
97.5
98.8
100.6
100.9
101.1
103.2
102.5
101.8
101.7
101.8
101.2
85.3
87.2
89.8
92.9
96.9
100.0
102.6
105.4
109.4
97.8
100.2
101.8
102.0
103.0
103.6
104.4
105.4
105.5
106.5
108.0
108.9
109.4
111.3
112.0
111.9
112.0
State
and
local
National
defense
Nondefense
85.6
87.3
89.8
92.9
96.5
100.0
102.1
104.5
108.1
97.7
99.6
84.0
86.7
89.7
92.8
97.9
100.0
104.0
107.7
112.3
98.1
101.6
103.5
103.1
103.9
105.5
98.6
100.9
101.6
102.2
102.3
102.4
106.3
108.3
107.4
108.7
110.6
110.9
111.8
116.0
116.0
114.4
114.8
102.9
103.2
103.8
104.5
105.6
106.5
107.1
107.7
109.1
109.2
110.1
101.1
101.6
102.7
102.9
103.6
104.1
104.7
105.5
106.9
108.1
108.3
109.2
110.3
110.8
110.8
85.0
87.5
90.5
94.9
97.9
100.0
102.1
103.6
106.7
QUANTITY AND PRICE INDEXES FOR GROSS DOMESTIC PRODUCT AND
PERCENT CHANGES
[Quarterly data are seasonally adjusted]
Index numbers, 1992=100
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1992: I ...
II ..
Ill
IV .
1993: I ...
II ..
Ill
IV .
1994: I ...
II ..
HI
IV .
1995: I ...
II ..
HI
IV .
1996: I ...
II ..
Ill'
Chain-type
quantity
index
Current
dollars
51.9
56.3
62.5
67.0
70.8
75.1
80.9
87.1
92.0
94.8
100.0
104.9
111.1
116.2
98.0
99.3
100.4
102.2
103.2
104.2
105.3
107,1
108.5
110.3
112.0
113.4
114.5
115.4
117.1
117.7
118.9
120.8
122.0
Chain-type
price index
70.2
73.2
75.9
78.6
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
105.0
107.6
99.1
99.8
100.2
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
106.7
107.3
107.9
108.4
109.0
109.6
110.2
74.0
77.0
82.3
85.3
87.9
90.5
93.9
97.1
98.3
97.3
100.0
102.3
105.8
108.0
98.9
99.5
100.3
101.3
101.3
101.8
102.4
103.6
104.2
105.5
106.4
107.2
107.3
107.5
108.5
108.6
109.1
110.4
111.0
1
Percent changes based on unrounded indexes. Quarterly percent changes are at annual
rates.
Percent change from preceding period *
Implicit
price
deflator
Chain-type
quantity
index
Current
dollars
4.1
8.4
11.0
7.1
5.8
6.1
7.6
7.7
5.6
3.0
5.5
4.9
5.8
4.6
8.2
5.3
4.6
7.3
3.8
4.0
4.3
7.1
5.3
6.9
6.1
5.3
3.8
3.1
6.0
2.3
4.2
6.5
3.8
70.1
73.1
75.9
78.4
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
104.9
107.6
99.1
99.8
100.2
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
106.7
107.3
107.9
108.4
109.0
109.5
109.9
Chain-type
price
index
-2.1
4.0
6.8
3.7
3.0
2.9
3.8
3.4
1.3
-1.0
2.7
2.3
3.5
2.0
4.7
2.5
3.0
4.3
-.1
1.9
2.3
4.8
2.5
4.9
3.5
3.0
.4
.7
3.8
.3
2.0
4.7
2.1
Implicit
price
deflator
6.3
4.2
3.8
3.4
2.6
3.1
3.7
4.2
4.4
3.9
2.8
2.6
2.3
2.5
3.4
2.8
1.5
2.8
3.8
2.2
1.8
2.3
2.9
1.9
2.4
2.1
3.3
2.4
2.1
2.1
2.3
2.2
2.0
6.3
4.2
3.9
3.3
2.7
3.1
3.7
4.2
4.3
4.0
2.7
2.6
2.3
2.5
3.3
2.7
1.5
2.9
3.8
2.1
1.9
2.2
2.8
1.9
2.5
2.2
3.4
2.4
2.1
2.0
2.2
1.8
1.7
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
1987
1988
1989
1990
1991
1992
1993
1994
1995
1993: I ...
II ..
Ill
IV.
1994: I ...
II ..
Ill
IV .
1995: I ...
II ..
Ill
IV.
1996: I ...
II ..
Current
dollars
Chained
(1992)
dollars
2,589.6
2,805.2
2,950.9
3,084.0
3,132.1
3,262.6
3,437.5
3,689.4
3,885.8
3,344.2
3,407.3
3,459.7
3,538.7
3,601.7
3,663.0
3,709.5
3,783.2
3,803.3
3,841.9
3,924.8
3,973.2
4,011.6
4,081.6
4,143.1
2,967.0
3,122.1
3,175.4
3,212.5
3,168.8
3,262.6
3,380.0
3,567.7
3,692.3
3,302.9
3,356.7
3,399.2
3,461.1
3,503.9
3,553.0
3,577.7
3,636.3
3,634.1
3,656.1
3,719.9
3,759.1
3,779.2
3,831.0
3,888.8
Current-dollar cost and profit per unit of real output (dollars) *
Total
cost and
profit 2
0.873
.898
.929
.960
.988
1.000
1.017
1.034
1.052
1.012
1.015
1.018
1.022
1.028
1.031
1.037
1.040
1.047
1.051
1.055
1.057
1.062
1.065
1.065
1
3
2
4
Output is measured by GDP of nonfinancial 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
fixed
capital
0.100
.101
.106
.110
.116
.115
.115
.116
.115
.116
.115
.116
.114
.122
.114
.114
.113
.114
.115
.115
.115
.115
.115
.115
Indirect
business
tax, etc.3
0.083
.084
.088
.092
.100
.103
.105
.106
.109
.105
.105
.105
.107
.106
.106
.107
.106
.108
.110
.108
.108
.107
.105
.105
Compensation
of employees
0.578
.591
.614
.640
.660
.673
.679
.682
.697
.682
.679
.679
.675
.680
.681
.684
.686
.696
.698
.696
.699
.702
.706
.706
Corporate profits with inventory
valuation and capital consumption
adjustments
Profits
after
tax4
Total
0.076
.082
.075
.072
.070
.077
.088
.102
.104
.079
.085
.089
.098
.092
.103
.105
.108
.100
.100
.109
.108
.111
.113
.114
0.031
.033
.031
.030
.027
.028
.031
.036
.038
.028
.031
.029
.034
.035
.036
.037
.039
.039
.038
.038
.037
.039
.039
.038
0.044
.050
.044
.042
.043
.049
.057
.066
.066
.050
.055
.059
.065
.058
.067
.068
.070
.061
.062
.071
.070
.072
.074
.076
Net
interest
0.035
.039
.046
.046
.042
.032
.029
.027
.027
.031
.030
.029
.028
.027
.027
.028
.027
.028
.028
.027
.027
.026
.027
,027
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustmentsSources: Department of Commerce, Bureau of Economic Analysis.
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1990
1991
1992
1993
1994
1995
1991- IV
1992- IV
1993- I
II
Ill
rv
1994- I
II
III ...
IV
1995- I
II
III
IV
1996- I
II ..
Ill'
1
National
income
Compensation
of
employees1
4,611.9
4,719.7
4,950.8
5,195.3
5,501.6
5,813.5
4,770.0
5,061.7
5,096.3
5,159.4
5,214.1
5,311.3
5,304.8
5,493.2
5,561.7
5,646.9
5,709.9
5,755.4
5,861.4
5,927.4
6,015.3
6,118.7
6,203.0
Proprietors' income
with inventory valuation and capital consumption adjustments
Nonfarm
Farm
36.3
30.2
38.0
32.0
35.0
29.0
31.0
37.3
31.5
35.8
26.1
34.4
40.8
35.1
31.9
32.3
28.5
27.6
28.1
31.8
38.4
45.8
51.8
3,352.8
3,457.9
3,644.9
3,809.5
4,009.8
4,222.7
3,511.0
3,707.0
3,744.2
3,787.9
3,834.9
3,871.1
3,932.6
3,988.0
4,027.5
4,091.0
4,150.5
4,191.6
4,247.7
4,301.1
4,344.3
4,420.9
4,482.9
324.6
3S2.-7
371.5
388.1
415.9
449.3
341.1
385.1
382.0
381.8
388.1
400.5
380.3
419.3
426.8
437.1
443.5
447.1
451.5
454.9
461.1
469.4
474.6
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
61.4
68.4
80.6
102.5
116.6
122.2
73.0
92.3
98.4
102.9
104.1
104.5
101.1
121.0
122.2
121.9
120.6
121.6
120.9
125.8
126.9
124.5
127.0
369.5
382.5
401.4
464.4
529.5
586.6
379.6
427.7
427.4
447.8
469.6
512.8
459.7
534.3
553.1
570.9
560.0
562.3
612.5
611.8
645.1
655.8
661.2
358.2
378.2
398.9
457.7
517.9
570.8
375.2
420.5
422.4
442.0
465.9
500.5
471.6
516.2
534.3
549.6
542.6
547.3
597.9
595.3
624.8
633.5
637.6
Profits
before tax
Inventory
valuation
adjustment
371.7
374.2
406.4
464.3
531.2
598.9
382.8
420.3
437.0
457.6
458.0
504.5
475.5
526.0
550.8
572.4
594.5
589.6
607.2
604.2
642.2
644.6
635.6
Capital
consumption
adjustment
-13.5
4.0
-7.5
-66
-13.3
-28.1
-7.6
_2
-14.6
-15.6
7.9
-4.0
-3.9
-9.8
-16.5
-228
-51.9
-423
-9.3
-8.8
-17.4
-11.0
2.0
11.3
4.3
2.5
6.7
11.6
15.9
4.5
7.2
5.0
5.8
3.8
12.3
-11.8
18.1
18.8
21.3
17.4
15.0
14.6
16.5
20.4
22.3
23.6
Net
interest
467.3
448.0
414.3
398.9
394.9
403.6
434.3
412.4
412.8
403.2
391.4
388.0
390.2
395.5
400.1
393.8
406.9
405.2
400.7
401.9
399.5
402.3
405.6
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (1992) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
1990
1991
1992
1993
1994
1995
1991- IV
1992: IV
1993: I
II
Ill
rv
1994- I
II
HI . ..
rv
1995- I
II
Ill
IV
1996- I
II
Ill'
Total
persona]
eonsumption
expenditures
4,132.2
4,105.8
4,219.8
4,339.5
4,473.2
4,577.8
4,109.1
4,282.3
4,289.7
4,318.8
4,359.5
4,390.0
4,420.5
4,458.7
4,489.4
4,524.0
4,534.8
4,569.9
4,597.3
4,609.4
4,649.1
4,687.6
4,693.5
Total
durable
goods
493.3
462.0
488.5
524.1
562.0
579.8
461.5
505.0
506.0
519.6
528.9
541.9
549.6
555.4
563.1
579.8
566.5
576.2
589.1
587.5
599.2
615.6
611.6
Motor
vehicles
and
parts
224.3
193.2
206.9
218.6
228.2
221.1
194.6
213.9
210.8
219.0
219.1
225.3
230.3
226.6
226.5
229.4
216.3
220.9
226.4
220.6
224 2
225.9
220.0
Furniture
and
household
equipment
173.5
177.0
189.4
208.4
230.1
251.1
178.0
196.4
200.7
205.0
211.0
216.8
219.0
226.1
232.6
242.6
243.1
247.1
254.1
259.9
264.1
276.0
279.0
Other
96.6
91.8
92.3
97.2
104.2
109.8
88.9
94.6
94.5
95.5
98.9
99.9
100.3
103.0
104.7
108.8
108.9
109.9
110.5
109.9
113.9
117.4
116.9
Total
nondurable
goods
1,316.1
1,302.9
1,321.8
1,348.8
1,390.5
1,421.9
1,295.7
1,339.8
1,336.9
1,344.5
1,354.0
1,359.9
1,372.9
1,383.9
1,397.0
1.408.1
1,416.6
1,422.9
1,424.7
1,423.2
1.436.1
1,440.9
1,442.2
1
Includes other items, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Food
662.9
659.6
660.0
674.3
689.1
702.1
656.5
668.6
670.5
672.9
675.7
677.9
682.3
688.6
690.5
694.9
700.5
701.3
703.6
703.0
709.2
704.9
701.6
Clothing
Gasoline
and
and oil
shoes
217.9
215.9
225.5
233.3
247.2
257.2
213.1
230.9
227.4
232.3
235.0
238.6
241.1
243.3
249.0
255.5
254.6
257.9
258.8
257.3
262.5
268.9
271.0
107.3
103.4
106.6
109.1
110.4
113.3
102.5
107.3
108.2
108.0
110.9
109.3
108.8
109.5
111.6
111.6
113.4
113.6
112.5
113.7
112.6
114.3
113.4
Services
Fuel
oil
and
coal
11.2
10.8
10.9
10.7
10.3
10.3
10.6
10.7
10.9
10.6
10.7
10.6
11.4
10.0
10.2
9.6
9.9
10.6
10.0
10.7
10.7
10.1
10.1
Other
316.7
313.2
318.8
321.5
333.5
339.3
312.8
322.3
319.9
320.8
321.8
323.4
329.3
332.3
335.8
336.7
338.4
339.9
340.0
338.8
341.6
343.5
347.0
Total
services1
2,321.3
2,341.0
2,409.4
2,466.7
2,521.4
2,577.0
2,352.0
2,437.6
2,446.8
2,454.9
2,476.7
2,488.5
2,498.5
2,519.9
2,530.0
2,537.3
2,552.5
2,571.6
2,584.6
2,599.3
2,614.7
2,632.3
2,640.6
Housing
Medical
care
627.2
635.2
646.8
655.0
668.2
681.7
638.6
650.6
652.2
653.5
655.9
658.5
662.1
666.1
670.7
674.1
677.4
680.0
683.2
686.3
689.0
691.6
693.9
602.8
621.6
646.6
658.8
668.8
684.1
630.8
652.2
656.6
657.5
659.7
661.4
663.2
667.6
670.4
674.2
677.8
681.3
686.0
691.2
691.1
696.1
699.7
Source: Department of Commerce, Bureau of Economic Analysis.
Retail sales
of new passenger ears
and light
trucks
(millions of
units)
13.9
12.3
12.8
13.9
15.0
14.7
12.3
13.3
13.0
14.1
13.8
14.5
15.1
14.8
15.0
15.2
14.6
14.4
15.0
14.9
15.2
15.1
15.0
SOURCES OF PERSONAL INCOME
Personal income rose $32.5 billion (annual rate) in November, following an increase of $2.9 billion in October.
Wages and salaries increased $22.2 billion in November, in contrast to a decrease of $5.0 billion in October.
In November, private-sector employment, average weekly hours, and average hourly earnings all increased.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS OF DOLLARS* (RATIO SCALE)
7,000
7,000
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
1,400
1,400
OTHER INCOME
800
800
TRANSFER PAYMENTS
400
1988
I I I I I I I I II
1909
400
1990
1991
1992
1993
1995
1996
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Nov
Dec
1996- Jan
Feb
Mar
May
July'
Sepf
Ocf
NOVP
Total
personal
income
3,877.3
4,172.8
4,489.3
4,791.6
4,968.5
5,264.2
5,480.1
5,753.1
6,115.1
6,229.4
6,267.4
6,270.1
6,315.2
6340 1
6,371.5
6,405.2
6,460.3
6,463.1
6,502.5
6,538.7
6,541.6
6.574.1
Wage and
salary
disbursements1
2,272.7
2,453.6
2,598.1
2,757.5
2,827.6
2,986.4
3,090.7
3,241.8
3,430.6
3,495.0
3,513.6
3,508.1
3,546.0
3,560.6
3,579.1
3,597.2
3,643.1
3,630.8
3,660.9
3,687.2
3,682.2
3.704.4
Proprietors' income3
Other labor
income *2
32.3
28.2
36.8
36.3
30.2
38.0
32.0
35.0
29.0
31.9
33.2
36.2
38.8
40.1
43.2
46.2
48.0
50.0
522
53.1
50.7
48.8
235.4
251.7
273.1
300.6
322.7
351.3
380.9
402.2
424.0
430.2
431.7
427.4
429.1
430.8
432.4
434.0
435.6
437.1
438.6
440.1
441.5
442.9
1
The total of wage and salary disbursements and other labor ineome 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 contributioas to private pension and private welfare funds.
Farm
3
Nonfarm
260.6
294.7
308.2
324.6
332.7
371.5
388.1
415.9
449.3
455.0
456.9
457.0
461.3
465.1
467.3
469.9
471.0
472.7
473.7
477.3
478.8
481.3
Rental
income
of
persons 4
45.5
55.7
52.4
61.4
68.4
80.6
102.5
116.6
122.2
127.4
130.7
129.1
126.7
125.0
124.1
124.8
124.6
126.3
126.6
128.0
128.4
128.8
Less: PerPersonal
dividend
income
101.1
109.9
130.9
142.9
153.6
159.4
186.8
199.6
214.8
221.9
223.8
225.3
226.5
227.9
228.7
229.4
229.9
230.8
231.5
232.3
233.3
234.7
Personal
interest
income
560.0
595.5
674.5
704.4
699.2
667.2
648.1
663.7
717.1
727.0
730.3
728.4
725.6
724.3
728.1
733.6
737.5
740.6
743.0
745.1
747.4
749.9
Transfer
payments 5
543.3
577.6
626.0
687.8
769.9
858.2
910.7
956.3
1,022.6
1,039.3
1,046.9
1,057.4
1,062.5
1,069.0
1,072.5
1,075.4
1,078.9
1,082.5
1,085.6
1,087.3
1,090.7
1.096.2
With inventory valuation and capital consumption adjustments.
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Source: Department of Commerce, Bureau of Economic Analysis.
4
5
tributions
for social
insurance
173.7
194.2
210.8
223.9
235.8
248.4
259.6
278.1
294.5
298.4
299.7
298.9
301.5
302.7
303.9
305.2
308.4
307.7
309.8
311.7
311.4
313.0
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (1992) dollars rose at an annual
rate of 3.8 percent in the third quarter.
BILLIONS Of DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE]
2,000
J_ 2,000
DOLLARS* (RATIO SCALE)
DOLLARS* (RATIO SCALE)
22,000
,.
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
CHAINED (1 992) DOLLARS
18,000
\ _
16,000
^
---*
14,000
,
•*
^—'
12,000
18,000
^-^=-
- — ——
16,000
22,000
20,000
•
-~\™*-*^^.
,"
^\
14,000
1
CURRENT DOLLARS
12,000
S*
10,000
10,000
^
8,000
i i t
\
1982
1983
\
\
i i i
i ii
i i i
{
1984
1985
1986
1987
\ \
\
\ i
1988
i i i
1989
i i i
1990
t I l
1991
i i i
< i i
1992
1993
i i i
1994
I I I
1995
i i i
1996
8,000
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays l
Equals:
Personal
saving
Disposable
personal
income in
billions of
chained
(1992)
dollars
Per capita
disposable personal
income
Current
dollars
1989
1990 ...
1991
1992 ....
1993
1994 .
1995
4,172.8
4,489.3
4,791.6
4,968.5
5,264.2
5,480.1
5,753.1
6,115.1
532.0
594.9
624.8
624.8
650.5
689.9
731.4
794.3
3,640.8
3,894.5
4,166.8
4,343.7
4,613.7
4,790.2
5,021.7
5,320.8
Current
dollars
Chained
(1992)
dollars
Dollars
Billions of dollars
1988
Chained
(1992)
dollars
Per capita personal
consumption
expenditures
3,451.7
3,706.7
3,958.1
4,097.4
4,341.0
4,575.8
4,832.3
5,071.5
189.1
187.8
208.7
246.4
272.6
214.4
189.4
249.3
4,318.1
4,403.7
4,484.6
4,486.4
4,613.7
4,666.9
4,778.2
4,945.8
14,857
15,742
16,670
17,191
18,062
18,555
19,264
20,224
Percent
change
in real
per capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
17,621
17,801
17,941
17,756
18,062
18,078
18,330
18,799
13,669
14,531
15,360
15,732
16,520
17,253
18,033
18,719
16,211
16,430
16,532
16,249
16,520
16,809
17,159
17,400
17,759
18,277
17,900
18,069
18,084
18,256
17,966
18,346
18,430
18,574
18,704
18,676
18,829
18,986
19,041
19,063
19,242
15,871
16,877
16,984
17,164
17,335
17,528
17,714
17,924
18,154
18,338
18,463
18,689
18,823
18,901
19,128
19,383
19,433
16,194
16,692
16,681
16,754
16,864
16,937
17,019
17,127
17,200
17,290
17,296
17,393
17,454
17,458
17,573
17,679
17,657
3.0
1.0
.8
-1.0
1.7
.1
1.4
2.6
5.2
4.8
5.0
5.7
5.9
4.5
3.8
4.7
245,061
247,387
249,956
252,680
255,432
258,159
260,681
263,090
-8.0
3.8
.3
3.9
-6.2
8.7
1.8
3.2
2.8
-.6
3.3
3.4
1.2
.5
3.8
6.0
6.1
4.2
4.8
4.2
4.7
2.7
4.0
4.1
4.3
4.9
4.1
4.5
5.2
4.8
4.3
5.3
253,743
256,543
257,155
257,787
258,501
259,192
259,738
260,327
261,004
261,653
262,181
262,748
263,399
264,032
264,563
265,155
265,806
Seasonally adjusted annual rates
1991- IV
1992- IV
1993: I
II
Ill
IV
1994- I
II .
Ill
IV
1995: I
II
Ill
IV
1996- I
II ....
IIP
5,048.9
5,415.3
5,349.1
5,459.2
5,501.6
5,610.5
5,562.4
5,739.1
5,808.2
5,902.7
6,004.5
6,074.4
6,146.9
6,234.5
6,308.5
6,412.4
6,501.4
632.5
674.8
662.4
686.9
696.4
713.8
705.5
740.8
731.3
748.1
770.0
801.5
798.4
807.2
824.9
870.6
872.5
4,416.4
4,740.5
4,686.7
4,772.3
4,805.2
4,896.7
4,856.8
4,998.3
5,076.9
5,154.6
5,234.5
5,272.9
5,348.5
5,427.3
5,483.5
5,541.8
5,628.9
4,149.8
4,450.0
4,489.2
4,545.5
4,602.2
4,666.3
4,728.0
4,796.1
4,870.8
4,934.2
4,980.3
5,054.4
5,106.6
5,144.7
5,218.1
5,300.7
5,329.8
266.6
290.5
197.4
226.8
202.9
230.5
128.8
202.2
206.2
220.4
254.2
218.5
241.9
282.6
265.4
241.1
299.1
4,506.3
4,688.7
4,603.0
4,658.0
4,674.8
4,731.7
4,666.5
4,776.0
4,810.2
4,859.9
4,903.8
4,907.1
4,959.5
5,012.9
5,037.6
5,054.5
5,114.6
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
2
Annual data are averages of quarterly data, which are averages for the period.
17,405
18,478
18,225
18,513
18,589
18,892
18,699
19,200
19,452
19,700
19,965
20,068
20,306
20,555
20,727
20,900
21,177
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1996, according to preliminary estimates, gross farm income rose $12.3 billion (annual
rate) and net farm income rose $5.1 billion.
BILUONS OF DOLLARS' (RATIO SCALE)
280
240
'
^i
200
BIUJONS OF DOUARS* (RATIO SCALE)
280
240
x.
^.
-vX-^
r~—i
.'
, ^
- •"•
^_/~\ —./
r^"^—'r—*^1
r—~~^
160
cJvOSSFAf.MINCOfctE
120
120
80
60
\
N r\
f
\
.
/1
/
.
1M
1
\\ '"
«_,' 1
1
ft
A
'\ /
'\ /
l' \/
\l '
l
f
\J
<
/
/"
/•^
V
V
*-•*>
^
\'
1
^N /
\'
\ s \
40
\A'
\/
\
NET FARM INCO/*<E
20
1
1 Ml
' 1U
1 , ^
10
i i i
4
1982
1983
1
1984
1
1
1985
t t l
1
1986
1987
1
1
1989
1988
l t i
i i i
i i i
t i i
1990
1991
1992
1993
1 1 1
1994
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEWRTMENT Of AGRICULTURE
111
i i i
1995
1996
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Cash marketing receipts
Total'
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1994- I
II
Ill
W
1995- I
II
III
IV
1996- IP
HP
1
168.4
177.9
191.9
198.2
191.9
200.6
204.2
215.8
210.4
221.2
208.6
214.1
219.4
208.3
206.4
218.5
208.4
233.1
245.4
141.8
151.2
160.8
169.5
167.9
171.3
177.6
180.8
185.8
179.9
170.8
186.9
185.5
180.6
181.0
199.8
181.5
193.5
209.5
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventoiy of crop and livestock commodities valued at average prices during the year.
Livestock and
products
76.0
79.6
83.9
89.2
85.8
85.6
90.2
88.1
86.8
92.1
82.9
97.7
79.9
83.2
81.6
96.1
86.5
85.3
89.7
Crops
65.8
71.6
76.9
80.3
82.1
85.7
87.5
92.6
98.9
87.9
88.0
89.2
105.5
97.4
99.4
103.7
95.1
108.2
119.8
Value of
inventory
changes2
-2.3
-4.1
3.8
3.3
-.2
4.2
-4.5
8.2
-3.4
10.2
9.6
7.3
5.8
-4.1
39
30
-2.4
6.4
6.1
Production
expenses
131.0
139.9
146.7
153.4
153.3
152.5
160.5
167.4
175.6
164.5
166.8
168.8
169.6
172.4
175.4
177.5
177.0
178.4
185.6
Net farm
income
37.4
38.0
45.3
44.8
38.5
48.0
43.7
48.4
34.8
56.7
41.8
45.3
49.8
35.9
30.9
41.0
31.4
54.7
59.8
NOTE. — Data include net Commodity Credit Corporation loans and operator households,
Quarterly data plotted for 1989 through 1993. in chart do not reflect previous revisions to
Sources: Department of Agriculture.
CORPORATE PROFITS
In the third quarter of 1996, according to revised estimates, corporate profits before tax fell $9.0 billion (annual
rate) and profits after tax fell $5.9 billion.
BILLIONS OF DOLLARS
650
BILLIONS OF DOLLARS
6iO
r^ _
SEASONAiiY ADJUSTED ANNUAL RATES
600
f~-s
-
A
550
-
f
500
450
/
PROFITS BEFORE TAX
\
400
350
r\v^ /^r^
/
I
rf
I
V
S" "*"
— •— -^
v^
"
—
--->
/
100
/
/
/
\—• *".** ./-'
*
__
50
/*
'N.
**..'''
\
/'
^--^
^S
0
\
i i i
1
1982
1983
1
i
!
1
1984
I
1 1 1
1985
/
N. !.-»''
1986
/•
-
V
'
^
\
\/
''\
'
\
r
\ /
f
/
V-'''
450
350
300
250
-.^•-•' ^' —
200
/
'--.
s"~*'
X
*"'
•--'
500
-
/\
fs
/•-•s.
s
fS
.-^ J
____
I
v
''\<
TAXI1ABIUTY
\
/
550
400
/
s ~" ~~
600
-
f--"'
/
200
150
-
/ ^*
PRCtFITSAFTERTAX
^/
-
\l
^
s~\
J
v/
y\
/
f \ 1
300
250
^-/
-
,'"'
f
-
150
100
50
,' ~ UN 3ISTRIBUT1 D PROFIT
l 1 I
i i i
i i i
1 1 1
I 1 1
i
1987
1988
1989
1990
1991
1992
1
1
1 1 i
\ i 1
1
1993
1994
1995
1
!
i ii
0
1996
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation ao^justment *
Profits after tax
Domestic industries
Period
Total
Total
1987
1988
1989
1990
1991 ..
1992
1993
1994
1995
1991: TV
1992: N
1993- I
II
III
IV
1994- I
II
III
TV
1995- I
II
Ill
IV
1996- I
II
Ill'
1
2
272.9
325.0
330.6
358.2
378.2
398.9
457.7
517.9
570.8
375.2
420.5
422.4
442.0
465.9
500.5
471.6
516.2
534.3
549.6
542.6
547.3
597.9
595.3
624.8
633.5
637.6
231.3
274.3
272.6
292.5
309.5
334.0
388.1
453.7
494.1
303.6
361.2
347.0
375.7
393.1
436.8
407.0
452.4
469,9
485.5
467.5
468.2
527.1
513.7
541.6
555.1
561.0
Financial
37.1
43.0
53.1
68.6
87.4
83.7
91.0
94.4
119.1
87.6
83.1
85.7
88.1
88.8
101.3
64.9
97.8
108.4
106.4
114.3
112.6
130.4
119.3
134.9
136.6
135.0
Total
3
194.2
231.2
219.6
223.8
222.1
250.3
297.2
359.3
375.0
216.1
278.1
261.2
287.6
304.3
335.4
342.1
354.6
361.5
379.0
353.2
355.6
396.7
394.4
406.7
418.5
426.1
Manufacturing
85.0
115.1
109.3
112.3
92.7
96.3
109.7
142.7
145.7
83.8
105.1
90.4
108.4
106.0
134.0
145.3
134.2
142.8
148.4
134.7
137.8
153.2
157.3
161.3
164.7
170.6
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes r-est of the world, not shown separately.
Profits
before
tax
Nonfinancia!
2
Wholesale
Tax
liability
Total
Dividends
Retail
23.9
19.6
20.7
20.6
26.1
32.2
39.2
42.2
38'7
28.6
37.3
36.3
38.1
42.4
39.8
38.3
43.2
43.7
43.6
36.0
36.6
42.5
39.6
41.7
44.3
44.5
16.7
19.3
20.4
17.2
20.6
23.0
25.5
34.5
29.6
17.0
28.3
17.9
28.6
27.0
28.7
28.8
39.5
34.3
35.4
29.7
26.4
31.2
31.2
37.5
32.8
34.5
3
293.6
354.3
348.1
371.7
374.2
406.4
464.3
531.2
598.9
382.8
420.3
437.0
457.6
458.0
504.5
475.5
526.0
550.8
572.4
594.5
589.6
607.2
604,2
642.2
644.6
635.6
127.1
137.0
141.3
140.5
133.4
143.0
163.8
195.3
218.7
135.2
149.7
151.5
162.6
159.3
181.7
171.4
192.8
203.4
213.5
217.3
214.2
224.5
218.7
233.4
236.4
233.4
166.5
217.3
206.8
231.2
240.8
263.4
300.5
335.9
380.2
247.6
270.6
285.6
295.0
298.6
322.8
304.1
333.3
347.4
358.8
377.2
375.3
382.8
385.5
408.8
408.1
402.2
Undistributed
profits
107.0
116.8
138.9
151.9
163.1
169.5
197.3
211.0
227.4
165.3
180.4
190.2
195.8
200,2
202.9
204.4
208.8
212.5
218.5
59.5
100.5
67.9
79.4
77.7
93.9
103.2
124.8
152.8
82.2
90.3
95.3
99.2
98.4
119.9
99.7
124.5
134.9
140.3
221.7
224.6
228.5
234.7
239.9
243.1
245.2
155.5
150.8
154.3
150.8
168.9
165.1
156.9
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-20.7
-29.3
-17.5
- 13.5
4.0
-7.5
-6.6
- 13.3
-28.1
-7.6
2
-14.6
-15.6
7.9
-4.0
-3.9
-9.8
-16.5
-22.8
-51.9
-42.3
-9.3
-8.8
-17.4
-11.0
2.0
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the third quarter of 1996, according to revised estimates, nonresidential fixed investment in chained (1992)
dollars rose $30.9 billion (annual rate) and residential investment fell $3.7 billion. There was an increase of $34.5
billion in inventories following an increase of $7.1 billion in the second quarter.
BILLIONS OF CHAINED (1992) DOLLARS
BILLIONS OF CHAINED (1992) DOLLARS
1,100
[\
—x=> U\^T^r\
•
800
.
/
X/
s
V
+*
800
700
S
S
**
„--'
"V-
r^-^ ^ s ~™ ' . —
600
500
vIONRESIC
s
^ jf
•N.
K"
GROSS PRIVATE DOMESTIC
INVEST MENT
/
/
y-
I V
1 \ 1
900
fS
/]
//^
700
F XEDINVESTMENT
400
400
RESIDENTIAL
FIXED INVESTMENT
300
\
L
200
.—"•
^"~~
'•x..
y
_—
— •"
300
200
S
—.
.**
100
CHAN 3E IN BUS INESS
—'
INVENTORII S
»--^
'•• —
s
0
-100
1,000
/
900
500
1,100
pv—
-^
1,000
600
y
SEASONAU.Y ADJUSTED ANNUAL RATES
«-"*
\
\
f
"^
'-./
100
i ii
1 1 1
1 1 I
f
111
1993
1994
1995
1996
f
_'\
** "•
~ X
V
y
i < i
1
1982
1983
1
1
i ii
i
1984
1985
1
I
i i i
i i i
i i i
l l i
1 1 1
!
1986
1987
1988
1989
1990
1991
]
i
1
1
!
1992
0
-100
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Gross
private
domestic
investment
Period
1987
1988
1989
1990
1991 .
1992
1993 .
1994
1995
.
1991- IV
1992: TV ...
1993- I
II
in
rv
1994- I
II
in
IV
1995- I
II
in ....
rv
1996:
I
ii r
m
.
.
.
.
820.5
826.0
861.9
817.3
737.7
790.4
857.3
979.6
1,010.2
762.4
812.4
834.8
843.2
857.6
893.5
933.6
984.8
994.2
1,005.9
1,023.7
996.8
1,015.2
1,004.9
1,011.9
1,038.6
1,093.4
Producers'
durable
equipment
Residential
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
171.4
165.6
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
534.5
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
26.2
11.6
33.3
10.4
30
7.3
19.1
58.9
33.1
368.1
403.5
202.4
236.7
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.8
183.2
186.6
184.9
188.6
410.5
421.7
428.2
449.8
237.9
234.8
242.2
255.8
466.4
471.1
492.5
506.5
527.2
531.7
537.4
541.4
558.3
567.5
595.0
263.6
271.6
270.3
270.3
265.9
256.5
262.2
266.3
271.1
281.5
277.8
21.4
5.8
18.5
20.8
19.5
17.4
40.5
74.5
64.5
56.1
54.5
30.5
33.0
14.6
-3.0
7.1
34.5
Total
Total
799.4
818.3
832.0
805.8
741.3
783.4
836.4
921.1
975.9
742.0
805.8
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
815.4
821.1
835.4
873.5
892.4
911.4
930.8
949.7
969.5
965.7
980.0
988.5
1,013.3
1,031.1
1,057.5
577.5
586.4
593.1
617.6
628.5
639.5
660.5
679.7
704.4
710.5
719.0
723.3
NOTE.—See p. 10 for further detail on fixed investment by ty|>e.
Because of the formula used for calculating real GDP, the chained (1992) dollar estimates
for the detailed components tk> nt>t wltl tti the diained-dollar value of GDP or to any intermedi-
Change ii business
Dories
Nonresidential
539.5
569.1
743.5
750.5
781.4
Stnictures
ate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
Total
Nonfarm
34.2
24.7
33.5
7.8
-1.2
1.9
26.4
46.8
37.2
19.9
7.2
26.0
26.7
30.9
22.1
29.7
54.0
50.5
53.0
57.4
33.7
38.6
19.0
2.9
11.7
34.6
REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Residential
Structures
Period
Total
nonresideutial
1987
1988
1989 . .
1990
1991
1992
1993
1994
1995
1991: IV
1992: IV
1993: I
II
in
IV
1994: I
II
in
IV
1995: I . .
II
in
rv
1996: I
II
IIP
1
2
:i
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
539.5
569.1
577.5
586.4
593.1
617.6
628.5
639.5
660.5
679.7
704.4
710.5
719.0
723.3
743.5
750.5
781.4
Total
1
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
171.4
165.6
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.8
183.2
186.6
184.9
188.6
Producers' durable equipment
Structures
Information processing
and related equipment
Nonresidential
buildings,
including
farm
UtSities
142.4
145.3
150.2
152.0
126.9
113.2
112.8
117.7
127.9
116.4
109.8
111.4
110.6
112.7
116.3
112.4
117.8
117.4
123.3
125.4
126.8
129.2
130.3
131.4
129.7
133.0
30.7
30.0
30.9
28.1
32.0
34.5
31.1
31.7
35.1
33.3
33.9
32.4
31.0
30.7
30.5
30.7
31.2
32.1
32.7
33.7
34.8
35.8
36.0
36.4
36.8
36.4
Mining
exploration,
shafts,
and
wells
1
Total
Total
15.5
15.8
13.9
16.1
15.7
13.3
14.8
12.6
11.2
14.4
13.7
15.2
15.2
14.6
14.2
13.4
13.3
12.2
11.5
12.5
10.7
11.0
10.5
12.8
12.9
13.5
97.5
106.6
116.2
116.2
117.8
134.2
147.1
170.4
201.1
122.5
138.9
139.5
142.2
150.7
156.0
161.2
166.6
171.6
182.4
189.1
199.7
201.4
214.4
225.5
234.1
250.5
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
534.5
368.1
403.5
410.5
421.7
428.2
449.8
466.4
471.1
492.5
506.5
527.2
531.7
537.4
541.4
558.3
567.5
595.0
Includes other items, not shown separately.
Includes new computers and peripheral equipment only.
Includes producers' durable equipment, not shown separately.
Computers
and
peripheral
equipment2
Other
Industrial
equipment
21.0
24.0
29.4
29.4
32.4
43.9
56.2
69.3
91.5
36.6
47.5
51.1
52.9
58.3
62.5
64.5
67.1
69.3
76.3
80.2
88.2
91.9
105.6
117.2
126.3
138.9
80.2
85.7
88.1
88.2
85.9
90.2
91.5
102.6
114.2
86.2
91.5
88.6
89.6
93.1
94.6
97.8
100.8
103.6
108.3
111.5
115.1
114.0
116.2
118.1
119.7
125.5
91.1
95.3
101.5
95.0
88.3
89.3
96.3
105.9
116.2
86.4
92.6
93.7
94.4
96.3
100.7
102.8
104.3
107.0
109.4
114.2
118.4
116.6
115.4
117.8
120.6
118.0
Transportation
and
related
equipment
82.1
87.1
78.9
81.2
81.7
86.2
97.5
111.7
118.1
81.6
91.5
93.0
99.5
95.0
102.7
109.0
105.3
115.8
116.6
121.9
114.9
120.3
115.4
117.5
114.9
126.5
Total
residential3
Total
Single
family
Multifamily
Other
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
202.4
236.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.5
262.2
266.3
271.1
281.5
277.8
251.6
246.3
237.0
214.5
187.6
219.5
236.3
262.1
255.8
196.6
230.5
231.7
228.5
235.7
249.2
257.0
264.8
263.5
263.2
258.9
249.6
255.3
259.3
264.1
274.3
270.6
128.3
126.1
121.9
110.4
96.4
116.5
127.1
140.5
127.7
105.1
121.6
124.9
122.5
126.3
134.4
140.3
143.5
140.8
137.4
133.0
123.0
125.8
129.1
132.5
137.6
136.7
28.3
23.4
23.3
19.7
15.4
13.1
10.4
13.5
17.6
14.2
11.5
10.3
10.0
10.7
10.6
11.2
12.8
14.5
15.6
16.8
17.4
17.8
18.5
19.2
21.0
17.9
94.8
96.8
91.8
84.4
75.7
89.9
98.8
108.1
110.9
77.3
97.4
96.5
96.0
98.7
104.1
105.4
108.4
108.2
110.4
109.3
109.8
112.2
112.4
113.0
116.3
116.6
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not tidd to the ehained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Period
1993 '
1994 2
19953
19964
1
Total
expenditures
489.7
549.9
594.5
603.4
Total
488.2
547.8
591.7
600.7
Mining
and
construction
31.2
36.1
36.0
33.6
Manufacturing
Durable
goods
Nondurable
goods
153.3
172.3
66.4
78.9
91.4
67.7
74.4
80.9
184.8
100.2
84.6
Total
134.1
Estimates collected from the 1993 Annual Capital Expenditures Survey.
Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data
are scheduled for release in summer 1996.
:i
Revised estimates collected from the March 1996 Investment Plans Survey. Final data will
be available upon release of the 1995 Annual Capital Expenditures Survey.
4
Estimates of planned capital expenditures from the March 1996 Investment Plans Survey.
2
10
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
40.2
46.8
57.3
71.9
57.7
Services
111.8
123.5
123.7
129.4
Serving
multiple
industries
1.7
2.2
1.5
1.3
Not
distributed
by
industry
1.4
2.2
2.8
2.7
NOTE.—Data for 1994-1996 from Business Investment ami Plans released March 28, 1996.
Data for 1993 from Annutil Capital, Expenditures; 7.9.9.?.
The Business Investment and Plans release has been discontinued effective with release of
the March 1996 survey estimates. Estimates of business investment arid plans will be available
annually with release of the Annual Capital Expenditures Survey.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In November, employment fell by 30,000 and unemployment rose by 273,000.
MILL ONS OF PERSONS *
MILLIONS OF PERSO NS*
138
138
SEASONALLY ADJUSTED
134
134
130
~*^~*~"
CIVILIAN LABOR FORCE
-
"
V^H--/
126
1 II -1 l_l
—
—^
130
•I—nr-™^~H>"^
_^--x"
^~"
122
'
126
-*•*"'''
122
_,x— -
118
•*t~/
"
"
1
118
^^X—
114 — SS"
CIVILIA •4
EMPLOYA/ ENT
-
110
114
110
N
'
_ 4
1988
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Civilian
labor
force
Nonagricultural
Total
Agricultural
Total
Percent2
Unemployment
Civilian employment
Civilian
noninstitutional
population
NSA
Part time
for
economic
reasons *
Total
15
weeks
and
over
Not in
labor
force
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
19863
1987
1988
1989
1990 3
1991
1992
1993
19944
1995
180,587
182,753
184,613
186,393
189,164
190,925
192,805
194,838
196,814
198,584
117,834
119,865
21,669
23,869
25,840
26,346
28,105
29,200
131,056
132,304
109,597
112,440
114,968
117,342
118,793
117,718
118,492
120,259
123,060
124,900
3,163
3,208
3,169
3,199
3,223
3,269
3,247
3,115
3,409
3,440
106,434
109,232
111,800
114,142
115,570
114,449
115,245
117,144
119,651
121,460
5,345
5,122
4,965
4,657
4,950
5,874
6,240
6,230
4,414
4,279
8,237
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
2 232
1^983
1,610
1,375
1,525
2,357
3,408
3,094
2,860
2,363
62,752
62,888
62,944
62,523
63,324
64,578
64,700
65,638
65,758
66,280
65.3
65.6
65.9
66.5
66.5
66.2
66.4
66.3
66.6
66.6
60.7
61.5
62.3
63.0
62.8
61.7
61.5
61.7
62.5
62.9
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
1995- Nov
Dec
199,355
199,508
132,471
132,352
125,062
124,981
3,323
3,325
121,739
121,656
4,283
4,306
7,409
7,371
2,305
2 322
66,884
67,156
66.4
66.3
62.7
62.6
5.6
5.6
1996: Jan
Feb
Mar
199,634
199,772
199,921
200,101
200,278
200,459
200,641
200,847
201,060
201,273
201,463
132,903
133,018
133,655
133.361
133,910
133,669
134,181
133,885
134,340
134,574
134,818
125,226
125,663
126,151
126,095
126,462
126,610
126,884
127,055
127,368
127,627
127,597
3,529
3,519
3,487
3,368
3,491
3,382
3,502
3,421
3,535
3,457
3,355
21,698
22,143
22,664
22,726
22,971
23,228
123,382
123,635
123,833
124,169
124,242
3,842
4,274
4,223
4,287
4,068
4,146
4,159
4,205
4,128
4,125
3,775
7,677
7,355
7,504
7,266
7,448
7,060
7,297
6,830
6,971
6,948
7,221
2,370
2,307
2,479
2,388
2,336
2,435
2,319
2,248
2,279
2,306
2,149
66,730
66,754
66,266
66,741
66,368
66,790
66,460
66,962
66,721
66,699
66,645
66.6
66.6
66.9
66.6
66.9
66.7
66.9
66.7
66.8
66.9
66.9
62.7
62.9
63.1
63.0
63.1
63.2
63.2
63.3
63.3
63.4
63.3
5.8
5.5
5.6
5.4
5.6
5.3
5.4
5.1
5.2
5.2
5.4
May
July
Sept
Oct
Nov
1
Persons at work. Economic reasons include slack work, material shortages, inability to find
fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
3
Not strictly comparable with earlier data.
4
Data beginning January 1994 are not directly comparable with data for earlier periods because of a m^jor redesign of the household survey questionnaire.
Source: Department of Labor, Bureau of Labor Statistics.
11
UNEMPLOYMENT RATES
In November, the unemployment rote rose to 5.4 percent, from 5.2 percent in October.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
1992
1992
1996
*UNEMPLOVMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By sex and age
Period
1986
1987
1988
1989
1990
1991
1992
1993 2
1994
1995
1995- Nov
Dec
1996- Jan
Feb
Mar
Apr
May
July .. ..
Aug
Sept
Oct
Nov
1
2
All
civilian
workers
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.6
5.6
5.8
5.5
5.6
5.4
5.6
5.3
5.4
5.1
5.2
5.2
5.4
Men
20 years
and over
Women
20 years
and over
6.1
5.4
4.8
4.5
5.0
6.4
7.1
6.4
5.4
4.8
4.9
4.8
4.9
4.9
5.0
4.8
4.8
4.6
4.7
4.2
4.5
4.3
4.5
6.2
5.4
4.9
4.7
4.9
5.7
6.3
5.9
5.4
4.9
4.8
4.7
5.1
4.8
4.8
4.7
5.0
4.6
4.9
4.6
4.5
4.7
4.8
Both
sexes
16-19
years
White
18.3
16.9
15.3
15.0
15.5
18.7
20.1
19.0
17.6
17.3
17.8
18.0
18.2
16.6
17.5
16.7
16.4
15.9
16.4
17.2
15.6
16.1
17.0
llevised definition; for details, sac Employment find Earnings, February 1994.
Data beginning January 1994 are not directly comparable with data for earlier periods.
By selected groups
By race
6.0
5.3
4.7
4.5
4.8
6.1
6.6
6.1
5.3
4.9
5.0
4.9
5.0
4.9
4.8
4.7
4.9
4.6
4.7
4.4
4.5
4.4
4.6
Black
and
other
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
9.0
9.3
9.5
9.1
9.8
9.4
9.2
9.0
9.4
8.7
9.3
9.4
9.2
Black
14.5
13.0
11.7
11.4
11.4
12.5
14.2
13.0
11.5
10.4
9.6
10.2
10.6
10.3
11.1
10.5
10.2
10.1
10.5
10.5
10.5
10.8
10.6
Experienced
wage
and
salaiy
workers
6.6
5.8
5.2
5.0
5.3
6.6
7.2
6.6
5.9
5.4
5.4
5.4
5.4
5.3
5.4
5.3
5.4
5.1
5.2
4.9
5.0
5.0
5.2
Married
men,
spouse
present
4.4
3.9
3.3
3.0
3.4
4.4
5.1
4.4
3.7
3.3
3.3
3.2
3.3
3.0
3.1
3.0
2.9
3.0
3.0
2.9
3.0
3.0
3.0
Women
who
maintain
families
9.8
9.2
8.1
8.1
8.3
9.3
10.0
9.7
8.9
8.0
7.7
6.8
8.2
7.5
7.7
6.8
8.7
7.6
9.1
8.8
8.3
8.5
8.8
NOTE.—Data relate to persons age 16 years and over.
Source: Department of I^abor, Bureau of Ijalx>r Statistics.
Full-time
workers '
Part-time
workers '
6.9
6.0
5.3
5.1
5.4
6.8
7.5
6.9
6.1
5.5
5.5
5.5
5.7
5.4
5.5
5.4
5.5
5.2
5.3
4.9
5.1
5.1
5.3
7.4
6.9
6.4
6.2
6.4
7.0
7.5
7.2
6.0
6.0
5.9
5.9
6.0
6.2
6.0
5.8
5.9
5.6
6.1
5.9
5.6
5.5
5.7
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In November, the percentage of the unemployed who had been out of work for less than 5 weeks rose; the
percentages for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over fell. The mean duration of unemployment
fell to 15.9 weeks and the median duration fell to 7.7 weeks.
PERC ENT DISTRIBUTION *
PER :ENT
70
70
DURATION OF UNEMPLOYMENT
DISTRIBUTION *
REASON FOR UNEMPLOYMENT
60
60
50
rAl/v-v
JOB LOSERS-1'
50
^^V"-
LESS THAN
5 WEEKS
/
40
wv
/
30
/
-/Vx,.
5-14
WEEKS
20
X^V
y
l^f^^_.
^A^
,.
/ vA ^
V
30
'\
_
'"_
""
REENTRANTS
^^^~' v—
27 WEEK S
AND OVE
*
20
V"
A
'N,-' >
Xte
15-26
WEEKS
10
^
40
r\w
-V
JOB LEAVERS
^
10
>c^V
0
Illllllllll
Jx
S~r-V
NEWE NT"ANTS
0
1 1 1 1 1 11 1 1 11
Illllllllll
Illllkllll
1
Illllllllll
1992
1993
1994
1995
1996
1992
|m||
1 1 1 1 1 1 1 1 1 1 1 M 1 1 1 1 1 1 1 1 1 1 1 1 It 1 1 1 1 1 1
1993
1994
* SEASONALLY ADJUSTED
i/BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
1995
1996
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
Number of weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers'
Job
leavers
Reentrants
New
entrants
State
programs
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1986
1987
1988
1989
1990
1991
1992
1993
1994 3
1995
1995- Nov .
Dec
1996- Jan
Feb
Mar
May
July
Sept
Oct
1
8,237
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,409
7,371
7,677
7,355
7,504
7,266
7,448
7,060
7,297
6,830
6,971
6,948
7,221
41.9
43.7
46.0
48.6
46.3
40.3
35.1
36.5
34.1
36.5
37.1
36.4
36.8
37.8
35.4
33.8
37.6
35.1
36.8
36.2
35.1
35.2
39.4
31.0
29.6
30.0
30.3
32.0
32.4
29.4
28.9
30.1
31.6
32.0
32.5
31.9
30.9
31.1
32.7
31.2
30.5
31.6
31.0
32.2
32.1
30.9
12.7
12.7
12.0
11.2
11.7
14.4
15.1
14.5
15.5
14.6
14.2
14.5
14.8
15.3
15.7
15.5
13.6
15.8
13.1
14.3
15.1
15.2
13.9
14.4
14.0
12.1
9.9
10.0
12.9
20.3
20.1
20.3
17.3
16.7
16.6
16.5
16.0
17.8
18.0
17.6
18.6
18.5
18.5
17.6
17.4
15.8
Ucginninif January 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFH). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental
(*mt|M'nsation or Emergency Unemployment Compensation programs.
:i
Data beginning .January 1994 are not directly comparable with data for earlier jxtriods.
2
15.0
14.5
13.5
11.9
12.0
13.7
17.7
18.0
18.8
16.6
16.3
16.2
16.0
16.6
17.3
17.4
16.8
17.6
16.8
17.4
17.0
16.7
15.9
6.9
6.5
5.9
4.8
5.3
6.8
8.7
8.3
9.2
8.3
8.0
8.1
8.3
8.0
8.3
8.8
8.3
8.1
8.6
8.5
8.9
8.3
7.7
48.9
48.0
46.1
45.7
48.1
54.4
56.1
54.2
47.7
46.9
46.9
46.9
47.6
48.1
47.4
50.0
46.0
48.6
46.1
44.8
46.2
44.5
45.2
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.9
9.9
11.1
11.5
11.9
11.5
10.0
10.4
9.7
9.0
9.6
10.3
11.3
11.6
11.6
11.6
26.2
26.6
27.0
28.2
27.4
24.8
23.8
24.6
34.8
34.1
33.7
33.2
32.5
33.7
34.4
32.8
37.8
34.3
34.9
35.9
34.4
35.6
35.0
12.5
12.4
12.2
10.4
9.8
9.2
9.7
10.3
7.6
7.8
7.9
8.1
8.5
8.2
7.9
7.6
7.2
7.5
8.6
8.0
7.8
8.3
8.2
2,643
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,670
2,574
2,652
2,625
2,655
2,660
2,641
2,576
2,544
2,570
2,537
2,523
2,462
2,464
2,457
378
328
310
330
388
447
408
341
340
357
375
363
374
371
393
356
348
356
335
323
334
332
335
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,739
2,636
2,422
2,669
3,499
3,333
3,161
2,934
2,352
2,383
2,550
2,254
2,184
2,046
N»TE.—Data relate to jwrsons age 16 years of age and over (except for insured unemployment ami initial claims).
Source: Department of Ijabor (Bureau of Ijatwr Statistics and Employment and Training Ad*
ministration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 118,000 in November.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
130
36
34
ALL NONAGRICULTURAL
ESTABLISHMENTS
120
32
\
110
30
SERVICES
28
100
26
90
24
RETAIL TRADE.
22
SERVICE-PRODUCING
INDUSTRIES
80
20
70
18
16
20
MANUFACTURING
18
GCKDDS-PRODUC NG
30 _
-
—
INDUSTRIES
CONSTRUCTION
\
20 miilnm
'
||m|
Illllllllll Illllllllll
1993
1992
1994
1995
llllH
1996
1992
^
I
1993
1994
* SEASONAU.Y ADJUSTED
SOURCE: DEPAHTMENTOF IAK»
1995
1996
COUNCIl OF ECONOMIC ADVISERS
IThoiisarulN of wage and salaiy workers; > season
Service-producing industries
Goods-producing industries
Total
nonagrienltural
employment
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
.
.
1995: Nov
Dec
1996- Jan
Feb
Mar
Apr
July ....
Aue
Sepf
Ocf
Nov'
1
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,172
117,203
117,899
118,136
118,070
118,579
118,750
118,922
119,332
119,537
119,772
120,052
120,050
120,274
120,392
Manufacturing
Total 2
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,908
24,206
24,133
24,160
24,112
24,254
24,196
24,209
24,263
24,274
24,264
24,298
24,257
24,277
24,299
Construction
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,668
4,986
5,158
5,211
5,223
5,234
5,349
5,341
5,353
5,384
5,401
5,427
5,437
5,449
5,461
5,475
Total
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,321
18,468
18,353
18,367
18,309
18,332
18,281
18,283
18,303
18,298
18,267
18,291
18,241
18,250
18,259
NonDurable durable
goods
goods
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,448
10,654
10,628
10,667
10,643
10,659
10,623
10,654
10,679
10,696
10,680
10,711
10,675
10,682
10,692
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,873
7,814
7,725
7,700
7,666
7,673
7,658
7,629
7,624
7,602
7,587
7,580
7,566
7,568
7,567
Includes all full- and part-time wage and salary workers in nonagrieultiiral establishments
wtio received pay for any part of the pay [xtriod which includes the 12th of the month. Excludes
proprietors, self-employed persons, domestic servants, and personnel of the Anned Forces. Total
in this table not comparable with estimates of nonagricnltural employment of the civilian labor
form, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when tiny are not at work because of industrial disputes,
bad weather, etc., even if they are not paid for the time off; and which art! based on a sample
of the working-age imputation, whereas the estimates in this table are based on reports from
14
Total
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,264
92,997
93,766
93,976
93,958
94,325
94,554
94,713
95,069
95,263
95,508
95,754
95,793
95,997
96,093
Transportation and
public
utilities
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
5,993
6,165
6,233
6,249
6,254
6,270
6,292
6,294
6,309
6,329
6,333
6,342
6,337
6,337
6,349
Wholesale
trade
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,162
6,412
6,478
6,498
6,512
6,529
6,548
6,550
6,567
6,575
6,585
6,603
6,619
6,634
6,637
Retail
trade
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,507
21,173
21,300
21,334
21,268
21,340
21,350
21,415
21,485
21,568
21,671
21,672
21,702
21,795
21,812
Finance,
insurServices
ance,
and real
estate
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,896
6,830
6,871
6,887
6,894
6,919
6,931
6,942
6,964
6,967
6,987
6,999
7,009
7,025
7,041
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,579
33,107
33,546
33,661
33,694
33,902
34,039
34,117
34,285
34,378
34,448
34,532
34,607
34,695
34,765
Government
Total
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,128
19,310
19,338
19,347
19,336
19,365
19,394
19,395
19,459
19,446
19,484
19,606
19,519
19,511
19,489
Federal
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,822
2,796
2,790
2,783
2,780
2,780
2,776
2,776
2,756
2,752
2,739
2,739
2,736
2,728
employing; establishments. In the series shown here, |>ersons who work at more titan one job
are counted each time they apf>car on a payroll, in contrast to the series shown on p. 11, where
jwrsons arc counted only om*—as employed, unemployed, or not in the labor force.
2
Includes mining, not shown separately.
Note.—Data for March 1998-AiiKtist 1996 were revised in October 199fi to reflect revise*!
seasonal adjustment factors..
Source: Department of I^ahor, Bureau of Ijabor StatUitk*.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except, as noted]
Average gross hourly earnings
Average weekly hours
Manufacturing
Total
private
nonagricultural 1
Period
1986
1987
'1988
1989
1990
1991
1992
1993
1994
1995
1995- Nov
Dec
1996- Jan
Feb
Mar
July
Sepf
Octr
Nov*
Total
Average gross weekly earnings
Total private
nonagricultural 1
Overtime
Current
dollars
Total private
nonagriculUiral1
1982
dollars2
Manufacturing
Percent change from
a year earlier, total
private nonagricultural3
Current dollars
Current
dollars
1982
dollars2
Manufacturing
Construction
Retail
trade
Current
dollars
1982
dollars
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
34.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
41.6
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
4.4
$8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.12
11.44
$7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.40
7.40
$9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.07
12.37
$304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
385.86
394.68
$271.94
269.16
266.79
264 22
259.47
255.40
254.99
254.87
256.73
255.29
$396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.94
514.59
$466.75
480.44
495.73
513.17
526.01
533.40
537.70
553.63
573.00
585.10
$176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
221.47
1.9
2.5
3.0
3.8
3.3
2.5
27
2.8
3.3
2.3
0.3
-1.0
-.9
-1.0
-1.8
-1.6
_ _2
-.0
.7
-.6
34.4
34.3
33.8
34.5
34.5
34.3
34.2
34.7
34.2
34.4
34.7
34.3
34.5
41.5
41.2
40.0
41.4
41.3
41.5
41.7
41.8
41.6
41.7
41.7
41.7
41.7
4.3
4.2
4.1
4.3
4.3
4.6
4.6
4.6
4.4
4.5
4.5
4.4
4.5
11.59
11.61
11.62
11.65
11.68
11.72
11.74
11.83
11.81
11.87
11.91
11.90
11.99
7.44
7.44
7.41
7.42
7.40
7.40
7.39
7.44
7.41
7.45
7.45
7.42
7.45
12.49
12.51
12.63
12.56
12.55
12.74
12.73
12.77
12.79
12.89
12.87
12.88
12.95
398.70
398.22
392.76
401.93
402.96
402.00
401.51
410.50
403.90
408.33
413.28
408.17
413.66
255.91
255.11
250.48
255.84
255.36
253.79
252.68
258.18
253.55
256.17
258.46
254.47
257.09
518.34
515.41
505.20
519.98
518.31
528.71
530.84
533.79
532.06
537.51
536.68
537.10
540.02
589.76
583.28
582.55
604.63
589.79
594.39
581.78
595.98
598.30
599.46
599.46
602.95
601.40
224.84
224.15
221.59
226.08
227.73
225.94
228.38
232.00
227.66
230.69
231.49
232.18
233.04
2.3
2.1
2
-.1
-.4
-2.5
.0
.3
-.3
.6
1.8
-.4
.7
1.4
-.3
2
i.i
3.1
2.6
3.6
4.6
2.5
3.5
4.4
2.7
3.5
3
1
Based on seasonally unadjusted data.
NOTE.—See Note, p. 14.
Source: Department of Labor, Bureau of Labor Statistics.
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) (on a 1982=100 base).
2
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits1
Total
compensation
Wages and
salaries
12 months earlier
Benefits'
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
1986198719881989199019911992199319941995-
DecDee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
....
....
90.1
93.1
97.6
102.3
107.0
111.7
115.6
11S.8
123.5
126.7
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
123.1
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
135.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
2.6
Seasonally adjusted
1993: Sept
Dec
1994- Mar
..
Sept
Dec
1995- Mar
Sept
Dec
1996- Mar
Sept
1
..
118.9
119.9
120.8
121.8
122.8
123.5
124.4
125.3
126.1
126.9
127.8
128.8
129.6
115.6
116.5
117.2
118.1
119.0
119.7
120.6
121.5
122.4
123.2
124.5
125.6
126.4
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries.
127.7
128.9
130.3
131.5
132.9
133.6
133.8
134.6
135.4
136.1
136.0
136.9
137.8
0.8
.8
.8
.8
.8
.6
.7
.7
.6
.7
.7
.8
.6
3.2
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
Not seasonally adjusted
0.9
.8
.6
.8
.8
.6
.8
.7
.7
.7
1.1
.9
.6
0.9
.9
1.1
.9
1.1
.5
.1
.6
.6
.6
-.1
.7
.7
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.6
2.7
2.9
2.9
3.1
3.1
2.9
3.1
2.9
2.8
2.9
2.9
2.8
2.8
3.2
3.4
3.3
5.4
5.0
4.4
3.9
4.0
3.7
2.9
2.6
2.1
2.2
1.6
1.7
1.8
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistic
15
PRODUCTIVITY AND RELATED DATA. BUSINESS SECTOR
Output per hour of alt
persons
Period
Business
sector
Nonfarm
business
sector
Output1
Business
sector
Hours of all
persons2
Nonfarm
business
sector
Business
sector
Compensation per
hour3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor
costs
Business
sector
Implicit price
deflator5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Indexes, 1992 = 100; quarterly data seasonally adjusted
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995r
94.2
94.1
94.6
95.3
96.1
96.7
100.0
100.2
100.7
100.8
94.9
94.6
95.2
95.7
96.2
96.9
100.0
100.2
100.7
100.9
88.6
91.1
94.6
97.8
98.7
96.9
100.0
102.7
107.0
109.6
88.7
91.4
95.1
98.1
98.8
97.1
100.0
102.9
107.0
109.9
94.0
96.8
100.0
102.5
102.6
100.2
100.0
102.5
106.2
108.8
93.5
96.5
99.9
102.5
102.7
100.2
100.0
102.8
106.3
108.9
77.0
79.9
83.5
85.8
90.7
95.1
100.0
102.5
104.5
107.8
77.3
80.2
83.6
85.9
90.6
95.1
100.0
102.3
104.3
107.7
98.5
98.7
99.0
97.1
97.4
97.9
100.0
99.5
99.0
99.2
99.0
99.1
99.2
97.1
97.3
97.9
100.0
99.3
98.8
99.1
81.7
84.9
88.3
90.0
94.4
98.3
100.0
102.3
103.8
106.9
81.5
84.7
87.8
89.7
94.2
98.1
100.0
102.1
103.7
106.7
81.6
83.8
86.8
90.5
94.0
97.7
100.0
102.5
104.7
107.1
81.4
83.5
86.4
90.0
93.8
97.6
100.0
102.5
104.9
107.2
1993- I
II
Ill
100.2
99.8
100.0
100.9
101.4
102.1
102.8
104.5
101.6 101.3
102.2 102.3
103.3 102.9
104.7 '103.5
101.5
102.0
102.5
103.0
99.6
'99.5
99.6
99.3
101.8
102.4
102.7
103.3
104.9
106.7
107.8
108.8
104.0
104.2
104.7
105.5
99.5
99.0
98.6
98.8
103.6
103.6
103.6
104.4
103.9
104.4
105.1
105.6
103.9
104.5
105.3
105.7
100.5
100.9
101.3
101.1
108.8
109.0
110.3
110.4
98.8
98.9
99.3
99.8
98.7
98.8
99.2
99.6
109.8
110.9
111.5
110.3
111.4
112.5
99.8
99.9
100.2
99.7
99.7
100.0
105.6
106.3
106.8
108.1
108.5
109.4
110.4
106.5
107.1
107.5
107.8
111.2
112.6
113.2
105.8
106.5
107.0
108.3
108.6
109.4
110.5
106.4
106.9
107.5
107.8
101.5
101.7
101.6
109.0
109.2
110.6
110.7
111.4
112.8
113.3
103.8
104.1
104.5
105.4
106.2
107.2
108.2
109.3
110.2
111.3
112.2
101.4
102.4
102.4
102.2
103.4
103.5
103.5
104.2
101.7
102.3
102.7
103.3
104.9
106.7
107.7
108.7
99.5
99.3
99.3
'99.0
99.2
98.9
98.4
98.7
101.5
102.6
102.9
102.4
100.5
100.6
101.1
101.1
100.4
100.8
101.2
101.0
101.5
101.8
101.8
101.4
102.6
103.2
103.9
104.6
106.1
106.7
1.07.6
108.4
108.3
109.1
109.5
101.7
102.3
102.8
103.3
1994- I'
II ' ..
Ill'
100.1
99.7
100.1
100.8
100.3
100.6
101.0
101.1
108.2
108.8
109.1
108.1
108.7
109.0
2.2
2.7
3.5
4.2
4.0
3.9
2.4
2.5
2.2
2.3
3.5
2.5
1.3
2.4
2.2
2.6
3.4
4.2
4.2
4.1
2.4
2.5
2.3
2.2
3.8
2.1
1.2
2.5
4.6
.2
.1
2.8
2.5
4.0
3.7
2.1
5.0
4.2
1.9
2.1
1.5
2.9
5.2
4.0
.1
'-.7
4.9
.3
.1
2.9
2.4
1.8
2.7
2.0
2.5
2.2
2.9
1.9
5.6
2.6
2.1
5.0
5.3
2.5
1.9
5.2
3.0
2.2
2.0
1.0
3.0
2.0
1.7
.9
1.1
3.1
3.8
1.5
3.3
3.7
1.5
2.4
1.2
1.4
2.1
1.1
IV
IV
1995- \r
IIr
III'
IV
1996- I'
II ' ...
IIP*
104.4
106.0
106.6
107.6
108.4
108.2
109.0
109.3
109.6
110.6
111.1
106.2
107.3
108.3
109.4
Percent change; quarterly data at seasonally adjusted annual rates
2.5
-.2
.5
.8
.8
.6
3.4
.2
.5
.1
3.2
2.9
3.8
3.4
.9
18
3.2
2.7
4.2
2.5
3.4
3.0
4.1
3.2
.7
-1.8
3.0
2.9
4.0
2.7
0.7
3.0
3.3
2.5
.1
-2.3
-.2
2.5
3.7
2.4
0.8
3.2
3.5
2.6
.2
-2 5
-.2
2.8
3.5
2.4
5.2
3.8
4.5
2.8
5.7
4.8
5.2.
2.5
1.9
3.1
5.2
3.7
4.3
2.7
5.5
4.9
5.2
2.3
2.1
3.2
-.9
2.7
4.1
5.5
-1.8
1.0
1.7
.4
.8
7.0
4.2
4.0
1.9
2.6
'2.0
'2.0
2.8
.7
2.0
2.9
1.3
2.1
'1.8
'2.0
-1.7
.5
1.9
.2
2.4
4.2
'2.2
'2.6
3.5
6.4
2.1
3.6
'3.0
4.6
'2.4
'2.6
1994- I' ..
II'
IIIr
12
2.5
3.0
6.5
1.7
6.9
4.1
3.8
1995- I r . .
II'
Ill'
-2.6
1.4
1.4
-.6
-2.3
1.5
1.8
-1.2
.3
.7
4.8
.5
.6
.9
5.0
.3
3.0
-.7
3.3
1.1
2.9
-.6
3.2
1.5
2.9
4.0
3.7
4.0
1996- I'
II' ...
Ill'*
2.1
1.2
0
1.9
.6
-.3
3.0
5.0
2.1
2.7
4.8
1.8
.8
3.8
2.0
.8
4.1
2.1
2.8
4.1
3.6
4.3
3.2
4.3
3.8
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995 r
1993- I
II
III
IV
rv
IV
1
2.6
-.3
.6
.5
.5
.7
3.2
.2
.5
.3
-3.5 '-3.8
-1.8
-1.6
'.8
'1.7
'3.8
'2.8
2.7
6.0
2.4
3.6
Output refers to real gross domestic product originating in the sector.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
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
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
5
Current dollar gross domestic output divided by the output index.
2
16
2.9
1.3
1.8
3.3
3.4
3.9
3.4
3.3
.2
.3
-2.0
.3
.6
2.1
-.5
-.6
.3
3.3
.1
.1
-2.1
.1
.7
2.1
-.7
-.5
.3
2.6
4.0
4.0
1.9
4.9
4.2
1.7
2.3
1.4
3.0
-1.0 -1.6
-.3
-.8
.1
-.1
'-1.2 '-1.1
.8
.9
-1.8 -1.2
-1.7 -1.9
.7
1.0
-.0
.1
.7
.6
1.5
1.6
1.9
1.6
-.0
.2
.4
.1
1.5
1.1
5.6
4.3
1.2
-1.8
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 revised to incorporate results of the 1995 Hours at Work survey.
•Data based on GDP data released November 27, 1996. Other data for 1996: III shown
elsewhere in this issue were released December 20, 1996.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in November.
INDEX, 1987= 100- (RATIO SCALE)
180
FINAL PRODUCTS
170
INDEX, 1987 = 100- (RATIO SCALE]
'
fS^
160
BUSINESS
EQUIPMENT
150
140
--^
,^
V.
130
120 ^^
'~~\
110
\
100
GOODS
90
~'^-~.
80
100
7"
%
DEFENSE
tVND SPACE
I QUIPMENT
70
'-\
'"""•x
t'
150
60
UTILITIES AND MINING
140
Mill
130
120
^
86
s*
1 1111
I I1 M 1 1 1 1 1 1
MM!
MM!
M M1
i MM
i II 1 I 1 M 1 M
PERCENT*
--V-'
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
-^1^x
110
100
~-^**^—• v_-^^—
90
1 1i 11 11 1 1 11 11 I I 111 I I II
1992
1993
\
s
1 ! 1 1 I11 1 1 1I
1994
/v
1
I I I I 1 111 1 11
82
80
/
78 1 1 !
^
i
1 1 1 1 1 1 1 1
1992
1996
1995
I I I Ii 11 I I II
1993
1 1 1 ! i 1 1! ! 1 1
i 1 I1 1 1 1 H 1 1
1 I1 1 f ! ! 1 1 1 1
1994
1995
1996
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry production indexes, 1987=100
Total industrial production
Period
Index,
1987 = 100
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
1995- Nov
Dec
122.6
122.8
1996- Jan
Feb
Mar
Apr
122.5
124.2
123.6
124.5
125.4
126.4
126.3
126.9
127.1
126.9
128.0
July
Augr
Sepf
.
Ocf
NoV
1
IVratnt changes bastui on unrounded indexes.
From
preceding
mouth
From
year
earlier
Capacity utilization
rate, percent 2
Manufacturing
Percent change '
Total
Durable
Nondurable
Mining
Utilities
Total
iudustiy
Manufacturing
0.9
4.9
4.4
1.5
.0
-1.8
3.4
3.5
5.9
3.2
94.3
100.0
104.7
106.4
106.1
103.8
108.2
112.3
119.7
123.9
93.9
100.0
106.6
108.6
107.4
104.1
109.3
115.6
125.8
132.5
94.9
100.0
102.3
103.7
104.4
103.4
106.7
108.6
113.0
114.3
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.0
100.3
99.9
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.3
117.9
122.0
79.2
81.5
83.7
83.7
82.1
79.2
80.3
81.4
83.9
83.8
79.1
81.6
83.6
83.2
81.3
78.0
79.5
80.6
83.3
83.0
0.3
.2
1.7
1.1
124.5
124.8
134.3
134.8
113.7
113.8
98.3
98.1
125.4
125.1
83.0
82.9
82.0
81.9
-.2
1.3
.6
2.0
1.4
2.6
3.3
4.1
4.0
3.4
3.5
3.9
4.4
124.5
126.2
125.2
126.5
127.4
128.5
129.0
129.2
129.6
129.4
130.4
134.9
137.5
135.6
138.3
139.1
141.1
141.5
142.2
142.4
141.7
143.3
113.1
113.8
113.6
113.5
114.4
114.6
115.2
114.8
115.5
115.8
116.1
97.1
98.0
101.1
100.4
100.5
102.8
100.9
102.7
102.7
102.0
102.1
125.6
126.6
128.0
126.4
128.4
126.6
122.6
125.6
123.9
124.4
127.4
82.4
83.3
82.6
83.0
83.3
83.7
83.4
83.5
83.3
82.9
83.3
81.4
82.3
81.3
81.9
82.1
82.6
82.5
82.4
82.3
81.9
82.2
— ^j-j
.8
.7
.8
.0
.5
.1
-.2
.9
2
Output as percent of capacity.
Sourfie: Roard of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Consumer goods
Equipment
Durable
goods
Business
Period
Total
Total
1986
1987
1988
1989
1990 . .
1991
1992
1993
1994
1995
1995- Nov
Dec
1996- Jan
Feb
Mar
..
May
July
Sept'
Oct'
Nov
1
95.7
100.0
104.8
106.8
107.0
105.4
108.7
112.7
118.3
121.4
121.9
122.1
121.9
124.5
123.4
124.8
125.1
126.0
126.7
126.5
126.7
126.7
128.2
96.8
100.0
102.9
104.0
103.4
103.0
106.0
109.5
113.7
115.1
115.9
115.7
114.6
116.6
115.3
115.9
116.3
116.8
117.3
116.5
116.6
116.3
117.8
94.5
100.0
104.6
106.6
102.3
96.0
103.0
113.3
124.2
124.2
124.9
126.3
120.3
125.1
119.3
125.5
126.2
130.4
131.2
127.5
126.5
122.3
125.3
Nondurable
goods
97.6
100.0
102.4
103.2
103.8
105.0
106.9
108.6
111.2
112.9
113.8
113.2
113.3
114.5
114.4
113.6
114.0
113.5
114.0
113.8
114.2
114.9
116.0
Total'
94.5
100.0
107.6
110.9
112.1
108.8
112.5
117.5
125.3
131.4
131.4
132.3
133.7
137.3
136.5
139.2
139.2
140.8
142.0
142.8
143.0
143.7
145.2
93.1
100.0
110.7
115.5
116.9
115.9
123.4
131.8
144.9
155.7
156.9
158.4
160.5
164.8
162.7
166.3
166.0
168.6
170.3
171.1
171.8
173.0
175.2
Defense
and
space
equipment
96.0
100.0
99.7
100.1
98.8
90.8
84.8
79.3
71.9
65.9
62.9
62.0
61.6
63.1
64.2
64.0
64.3
63.7
64.5
65.0
64.7
64.2
64.1
Total
91.9
100.0
101.8
102.0
101.2
96.8
99.3
101.8
107.3
109.0
109.3
110.1
108.5
109.3
109.6
108.6
110.1
111.3
109.9
111.2
111.9
111.7
111.9
Construction
supplies
93.8
100.0
101.5
100.5
98.2
91.6
95.2
98.4
106.2
108.2
108.7
110.5
107.2
109.3
111.5
109.2
111.0
113.9
112.0
114.4
115.6
114.3
114.7
Business
supplies
90.7
100.0
102.0
103.0
103.2
100.2
102.0
104.1
108.2
109.6
109.9
110.0
109.6
109.5
108.6
108.4
109.6
109.8
108.7
109.3
109.7
110.2
110.3
Total
Energy
95.9
100.0
105.0
106.7
106.8
105.5
109.7
113.8
122.0
127.4
128.4
128.4
128.5
129.4
129.1
130.3
131.6
132.6
132.1
133.5
133.5
132.9
133.9
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.5
105.3
106.6
105.7
106.0
105.9
106.1
108.2
107.0
108.1
108.7
106.3
108.4
108.2
107.9
109.0
1ncludes oil and pas well drilling and inanufaatim-d homos, not shown separately.
[1987=100; monthiy data seasonally a4jnsted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
1986 .
1987
1988 . .
1989
1990
1991
1992
1993
1994
1995 . . .
1995: Nov
Dec
1996- Jan
Feb
Mar
..
May
July
Aug'
Sept' .
Ocf
Nov*>
93.7
100.0
108.7
107.2
106.5
98.6
101.9
107.7
116.4
119.2
120.8
120.0
121.5
117.1
118.0
119.2
118.6
121.0
118.6
120.1
121.4
122.1
120.1
Sou rt*: Board of Governors of the Federal Reserve System.
18
Iron
and
steel
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.9
119.3
122.4
126.1
122.7
128.1
119.5
120.2
122.9
121.0
124.2
122.8
124.1
124.1
127.4
124.1
Fabricated
metal
products
Industrial
machinery and
eqnipment
93.8
100.0
104.2
102.8
99.5
94.5
99.0
103.1
110.5
113.9
114.5
115.0
115.6
117.0
116.1
115.5
116.7
117.3
117.2
118.1
118.6
117.6
118.3
90.3
100.0
113.0
117.3
117.6
114.7
124.0
138.1
157.7
177.8
186.5
190.1
191.9
196.1
197.8
199.0
201.2
205.2
205.8
210.5
210.9
212.4
214.5
Electrical
machinery
94.3
100.0
108.5
111.0
111.4
113.9
123.5
134.1
154.3
174.9
183.6
182.8
182.4
188.7
187.9
187.3
188.8
191.0
190.1
190.2
190.5
189.7
191.0
Transportation
equipment
Total
Motor
vehicles
and
parts
96.9
100.0
105.2
109.6
107.0
101.1
104.8
109.2
115.3
113.3
108.6
109.7
98.5
100.0
105.7
106.9
101.0
94.4
107.4
122.9
141.2
141.9
108.3
112.1
103.1
114.6
114.6
116.6
120.3
118.7
118.0
113.9
119.0
135.5
141.1
121.3
144.3
144.7
148.7
154.5
150.3
148.0
138.2
146.9
140.7
141.2
Lumber
and
products
95.1
100.0
100.1
99.4
97.1
90.2
95.2
97.1
104.0
104.5
104.8
106.9
103.1
103.3
107.5
108.4
107.7
110.6
107.4
109.0
109.0
107.8
108.4
Apparel
products
96.3
100.0
98.1
95.0
92.2
92.7
95.0
97.1
100.1
95.7
92.4
91.5
89.2
90.9
89.7
90.4
90.8
90.9
90.1
90.6
90.1
89.7
88.4
Printing
and
publishing
Chemicals
and
products
Foods
90.6
100.0
100.9
101.1
100.8
97.0
98.1
98.8
100:1
99.4
99.3
98.8
97.9
98.7
96.7
96.3
97.7
97.2
97.2
97.4
98.3
99.1
99.1
94.6
100.0
106.0
109.2
111.8
110.5
114.4
115.4
121.3
125.0
126.0
126.5
127.1
127.1
126.5
126.0
127.7
128.1
129.7
129.2
130.1
131.5
131.7
97.4
100.0
101.5
102.5
103.7
105.3
106.9
109.5
113.2
115.3
114.8
114.8
114.8
116.0
115.6
115.4
115.6
115.1
115.8
114.6
115.6
116.5
117.5
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts3
Private
Total new
construction
expenditures
Period
Residential
Total
New housing
units
Total1
Commercial
and industrial2
Other
Federal
and
State
and
local
Total value
index
(1987=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1986 . . .
1987
1988
1989 . .. .
1990
1991
1992
1993
1994
1995
429.9
441.6
455.6
469.8
468.5
424.2
452.1
482.7
527.1
547.1
345.3
351.0
360.9
371.6
361.1
314.1
336.2
362.6
400.0
410.2
187.1
194.7
198.1
196.6
182.9
157.8
187.8
210.5
238.9
236.6
550.0
549.7
555.7
410.6
411.0
417.2
238.0
239.9
243.1
559.0
544.6
557.0
564.6
558.5
563.1
558.6
564.0
571.0
581.2
418.9
411.2
419.7
424.2
418.1
423.1
418.6
426.0
427.1
431.1
242.5
238.6
245.9
248.0
247.5
246.9
244.6
245.7
245.7
243.9
105.5
104.4
109.6
118.0
119.4
93.7
822
84.4
93.3
107.0
53.2
52.0
53.2
57.1
58.8
62.6
66.2
67.7
67.8
66.6
84.6
90.6
94.7
98.2
107.5
110.1
115.8
120.2
127.1
136.9
96
100
101
105
95
89
97
105
114
118
165.8
166.4
168.1
106.0
107.3
108.9
66.6
63.8
65.2
139.4
138.7
138.5
'123
'123
'118
731
851
784
169.2
166.9
173.8
179.3
178.2
177.7
175.2
176.2
175.5
174.9
109.3
107.4
106.4
108.1
103.1
109.2
107.2
110.5
111.9
118.0
67.1
65.2
67.4
68.2
67.5
67.0
66.7
69.8
69.5
69.2
140.1
133.3
137.3
140.4
140.4
140.0
140.0
137.9
143.9
150.1
120
'115
'127
'130
'129
'126
'128
'131
'124
115
697
615
750
708
807
723
628
696
842
622
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
162.9
Annual rales
1995: Oct
Dee
1996- Jan
Feb .
Mar
July
Sept
OetP
1
Includes
2
3
residential improvements, not shown separately.
Includes hotels and motels.
P.W. Dodge series.
1,016
1,019
973
961
783
577
556
589
744
842
Annual rates
Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies,
Inc., F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1986
1987
1988
1989
1990
1991
1992
1993 .
1994
1995 .
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1,354.1
1 unit
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
1,076.2
2—4 units
5 or more
units
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
33.7
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
244.1
Units
authorized
1,769.4
1,534.8
,455.6
,338.4
,110.8
948.8
,094.9
,199.1
3
1,371.6
1,332.5
Units
completed
Homes
sold
Homes for
sale at end
of period l
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
1,312.6
750
671
676
650
534
509
610
666
670
667
357
366
368
365
321
284
265
293
337
372
1,320
1,360
1,225
1,403
1,328
1,391
1,350
1,408
1,418
1,447
'1,445
1,369
1,360
673
679
683
743
784
713
740
734
733
780
819
782
714
360
368
372
370
355
368
369
362
356
353
346
333
336
Vacancy rate
for rental
housing units
(percent) -
7.3
7.7
7.7
2
7.4
7.2
7.4
7.4
27.3
7.4
7.6
Seasonally adjusted annual rates
1995- Oct
Nov .
Dec
1996- Jan
Feb
Mar ..
July
Sept '
Oct'
Novf
....
1,351
1,458
1,425
1,453
1,514
1,439
1,511
1,478
1,490
1,470
1,533
1,461
1,386
1,514
,109
,129
,150
,146
,183
,163
,209
,144
,209
,150
1,239
1,138
1,082
1,164
31
32
29
20
33
25
53
49
46
43
38
44
59
53
1
Seasonally adjusted.
2
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
3
The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.
211
297
246
287
298
251
249
285
235
277
256
279
245
297
1,393
1,450
1,487
1,378
1,417
1,423
1,459
1,452
1,415
1,457
1,423
1,399
1,362
1,415
7.7
7.9
7.8
8.0
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.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In October, manufacturing and trade sales rose 0.2 percent and inventories rose $4.9 billion. According to advance
data, retail sales fell 0.4 percent in November following a rise of 0.3 percent in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,200
400
1,100
350
1,000
^
800
^^~
r\
900
•
300
1
s\ —* "*
MANUFACTURING AND
TRADE INVENTORIES
700
250
200
600
— — — ^x>
MANUFACTURING
AND TRADE SALES
500
150
RATIO*
400
1.80
INVENTORY-SALES RATIO
1.70
. RETAIL -
1.60
300
1.50
1.40
200 i 1 1 1 1 1 n n i 1 1 1 1 1 1 1 1 1 f I
1993
1992
1994
nil l i m i t
1995
1 1 1 E 1 1 1 1! I (
MANUFACTURING
AND TRADE
1.30
1996
I Mil I I
1992
1993
1994
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade '
Sales2
Inventories3
1996
COUNCIL Of ECONOMIC ADVISERS
Sales2
Inventories3
Inventory-sales
ratio 4
Retail
Wholesale
Inventories3
Sales 2
Period
1995
M
Durable
goods
stores
Total
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
turing
and
trade 1
Retail
Millions of dollars, seasonally adjusted, except as noted
1986
1987 ....
1988
1989
1990
1991
1992 ..
1993
1994
1995 . .
1995: Oct'
Nov
Dec
1996- Jan
Peb
July
Sept'
Octp
Nov
1
430,419
457,735
497,157
527,039
545,909
542,815
567,176
595,240
637,561
679,700
685,638
-690,540
695,289
690,692
699,208
700,253
709,541
715,130
711,760
719,176
717,532
722,691
724,240
662,738
709,846
767,226
815,486
840,428
834,281
842,137
874,515
931,702
989,839
991,142
993,644
989,839
114,960
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,973
187,387
995,352
996,008
994,010
998,430
996,984
997,322
1,002,404
1,005,435
1,006,430
1,011,352
192,878
194,053
195,379
197,507
198,258
198,543
202,057
200,086
201,404
201,981
189,589
191,574
194,901
120,803
153,574
128,442
163,903
138,017
178,801
146,581
187,009
153,718
195,550
154,661
200,062
162,632
207,663
172,924
215,878
185,936
234,893
195,068
254,616
254,563
196,225
254,727 '198,211
199,104
254,616
199,129
256,258
203,392
255,569
256,444
204,228
204,031
259,592
258,834 205,669
204,366
259,262
204,719
259,100
204,599
258,822
206,127
256,959
258,612 ' 206,842
206,063
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
2
20
45,057
47,989
52,430
54,763
55,736
54,165
58,634
64,795
73,042
78,018
3
75,746
80,453
85,587
91,818
97,981
100,497
103,999
108,129
112,894
117,050
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,916
290,602
302,879
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,949
150,441
160,363
96,527
102,355
106,594
115,887
118,668
124,236
129,046
133,967
140,161
142,516
117,166
79,059
'80,381 '117,830
118,252
80,852
118,506
80,623
120,107
83,285
120,120
84,108
121,237
82,794
121,616
84,053
120,894
83,472
121,180
83,539
83,536
121,063
121,938
84,189
r
84,456 '122,386
83,525
122,538
305,276
307,265
302,879
304,370
304,824
302,153
303,397
303,930
304,192
308,858
310,926
312,771
314,833
161,723
163,243
160,363
143,553
144,022
142,516
161,316
161,575
159,659
160,490
161,156
161,489
164,086
166,282
167,916
169,401
143,054
143,249
142,494
142,907
142,774
142,703
144,772
144,644
144,855
145,432
Seasonally adjusted, end of period.
••Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.55
1.50
.49
.52
.52
.53
.48
1.45
1.41
1.43
1.45
1.44
1.42
1.44
1.42
1.42
1.41
1.39
1.40
1.39
1.40
1.39
1.40
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.54
1.56
1.55
1.52
1.53
1.50
1.48
1.49
1.48
1.49
1.51
1.52
1.52
1.52
MANUFACTURERS' SHIPMENTS. INVENTORIES, AND ORDERS
In October, manufacturers' shipments, inventories, and orders all rose.
BILLIONS OF DOLLARS' (RATIO SCALE]
BILLIONS OF DOLLARS' (RATIO SCALE)
320 - SHIPMENTS
480 ~ INVENTOKlfcb
440
400
—
360
280
"
240
—
^—
'—
!
•
.
~A \
TOTAL
320
200
--——
280
DURABLE GOODS
240
160
200
RABLEGOOC
120
160
NONDURABLE GOODS
\
120
80
•4DURABLE GC
BILLIONS OF DOLLARS' (RATIO SCALE)
320 - NEW ORDERS
80
| II i 1 M i l l
! ! 1 1! 1 1 II 1 I
1 ! I 1 M 1 1 1 II II I II I ! 1 1 1 1 1 1 1 1 1 1 1 I i 1 1
280
240
RATIO
2.00
200
INVENTORY-SHIPMENTS RATIO
DURABLE GOODS
1.80
160
1.60
120
^^X
NONDURABLE GOODS
-^-^^p^^^
1.40
1.20
80
1992
1993
1994
1995
INN
1996
1 1 1 1 1
l 1 1 1 1 1 l (I 1 1 1 1 1 1 1 1 1 1 1 1 i
1992
1993
1994
^
|
1 1 1 1 1
INN
~V
Mill
* SEASONA11Y ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL Of ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' new ordersl
Manufacturers' inventories2
Durable goods
Period
Total
INN
1996
1995
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable
goods
Manufacturers'
unfilled
orders2
Manufacturers'
inventory—
shipments
ratio3
Millions of dollars, seasonally adjusted, except as noted
1986
1987
1988
1989
1990 .. ..
1991
1992
1993
1994
1995
1995- Oct
Dec
1996: Jan
Feb
Julv
Sent'
Oof
194,657
206,326
224,619
236,698
242,686
239,847
250,394
260,635
278,652
297,244
299,824
300,755
301,284
298,685
301,763
300,646
308,003
311,203
308,851
312,400
312,847
315,160
315,417
103,238
108,128
118,458
123,158
123,776
121,000
128,489
135,886
148,916
159,215
160,706
161,360
161,976
159,125
161,918
160,377
164,615
167,487
166,902
167,774
168,471
170,705
'168,826
91,419
98,198
106,161
113,540
118,910
118,847
121,905
124,749
129,736
138,029
139,118
139,395
139,308
139,560
139,845
140,269
143,388
143,716
141,949
144,626
144,376
144,455
146,591
322,654
338,107
369,378
391,243
405,105
390,944
382,480
390,721
406,207
432,344
431,303
431,652
432,344
434,724
435,615
435,413
435,441
434,220
433,868
434,446
435,687
436,700
437,907
'Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
110,657
117,329
126,928
133,730
141,892
140,938
144,384
147,245
151,409
161,988
161,332
161,263
161,988
162,067
162,215
161,878
161,571
160,363
160,219
159,639
159,761
160,353
160,893
211,997
220,778
242,450
257,513
263,213
250,006
238,096
243,476
254,798
270,356
269,971
270,389
270,356
272,657
273,400
273,535
273,870
273,857
273,649
274,807
275,926
276,347
277,014
3
103,647
195,204
209,389 110,809
228,270 122,076
239,572 126,055
244,507 125,583
238,805 119,849
248,212 126,308
257,698 133,081
279,560 149,505
298,092 160,214
301,467 162,792
302,155 162,492
167,520
306,155
307,151 167,355
302,648 163,146
165,519
305,091
307,001 163,472
170,287
314,194
169,994
312,139
317,304 172,402
310,575 166,267
318,515
173,811
321,291 '174,351
23,982
26,094
31,108
32,988
33,331
30,471
31,525
31,693
35,847
41,302
41,310
44,279
47,586
46,163
44,555
46,613
40,487
44,979
42,921
45,935
41,172
47,515
'47,525
91,557
98,579
106,194
113,516
118,924
118,957
121,905
124,617
130,055
137,877
138,675
139,663
138,635
139,796
139,502
139,572
143,529
143,907
142,145
144,902
144,308
144,704
146,940
393,515
430,468
474,192
508,853
531,115
519,143
493,104
458,161
469,450
480,128
473,857
475,257
480,128
488,594
489,479
493,924
492,922
495,913
499,201
504,105
501,833
505,188
511,062
1.68
1.59
1.58
1.63
1.65
1.65
1.54
1.49
1.43
1.43
1.44
1.44
1.44
1.46
1.44
1.45
.41
.40
.40
.39
.39
1.39
1.39
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 rose 0.4 percent in November. Prices of finished consumer foods
fell 0.1 percent, while prices of other finished consumer goods rose 0.7 percent. Capital equipment prices rose
0.3 percent.
INDEX, 1982 = 100 (RATIO SCALEJ
INDEX, 1982= 100 (RATIO SCALE)
CONSUMER GOODS
EXCLUDING FOODS
110
110
100
100
1988
1995
1989
1996
COUNCIL Of ECONOMIC ADVISERS
SOURCE DCPARTMENT Of IABOR
[1982=100; monthly data seasonally adjusted]
Finished goods
Intermediate materials
Crude materials
Foods
and
feeds1
Foodstuffs
and
feedstuffs
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Durable
Nondurable
Capital
equipment
98.5
100.7
103.1
108.9
115.3
108.9
111.5
113.8
117.6
120.4
93.3
94.9
97.3
109.7
111.7
114.3
118.7
120.8
121.7
121.6
124.0
124.1
125.4
126.2
126.0
126.9
127.7
128.0
127.3
127.0
127.3
127.6
128.1
129.0
123.9
125.7
128.0
130.9
132.7
134.0
134.2
133.7
133.8
134.0
133.8
134.2
134.6
134.1
134.3
135.0
134.2
134.4
103.8
111.5
115.0
117.3
117.6
116.2
118.8
118.4
120.2
121.5
121.2
122.3
123.6
123.8
122.7
122.5
122.8
122.9
124.0
125.1
118.8
122.9
126.7
129.1
131.4
134.1
136.7
138.1
138.1
138.0
138.0
138.1
138.1
138.1
138.3
138.3
138.3
138.7
138.2
138.6
Total
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Nov
Dec
1996: Jan
Feb
Mar
Apr
May
June
July' ....
Aug
Sept
Oct
Nov
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
127.9
128.8
129.6
129.8
129.7
130.4
130.7
130.9
131.1
131.0
131.4
131.7
132.2
132.7
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
129.0
131.4
131.5
131.0
130.7
131.7
131.1
131.3
133.6
133.8
135.0
135.3
136.4
136.3
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
128.0
129.0
129.4
129.3
129.9
130.5
130.7
130.3
130.1
130.3
130.6
130.8
131.6
1
Intermediate materials for food manufacturing and feeds.
NOTE.—Beginning 1996, indexes are based on updated value weights.
22
finished
consumer
goods
101.4
103.6
106'2
112.1
118.2
120.5
121.7
123.0
123.3
125.6
126.4
127.4
127.7
127.5
128.4
128.9
129.1
129.3
129.2
129.7
130.0
130.7
131.3
Total
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
124.9
125.3
125.5
125.7
125.1
125.2
125.7
126.3
125.7
125.3
125.5
125.9
125.9
126.1
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
114.8
121.5
123.3
123.2
123.0
123.0
125.3
130.3
131.4
131.9
132.1
133.6
130.9
128.0
Other
Total
99.3
101.7
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
102.7
104.6
106.3
108.7
110.4
108.9
113.8
115.1
112.7
115.7
115.1
113.4
112.7
114.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
125.5
125.5
125.7
125.8
125.2
125.4
125.7
126.1
125.4
125.0
125.2
125.5
125.6
126.0
Source: Department of Labor, Bureau of Labor Statistics.
Other
93.2
81.6
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
105.8
115.5
115.0
114.5
113.7
113.8
118.7
126.2
128.0
131.5
130.6
125.6
122.2
119.9
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
96.8
93.6
96.7
100.9
104.3
101.7
106.4
103.6
98.5
101.0
100.6
101.2
102.3
107.1
CONSUMER PRICES—ALL URBAN CONSUMERS
In November, the consumer price index for all urban consumers rose 0.3 percent seasonally adjusted (it rose
0.2 percent not seasonally adjusted). The index was 3.3 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE)
INDEX, 1982-84 - 100 (RATIO SCALE)
180
180
SEASCNAUY ADJUSTED
170
170
160
160
150
150
CONSUMER PRICES—ALL ITEMS
140
140
130
130
120
120
110
110
100
100
1988
1989
1990
1991
1993
1992
1994
1996
1995
OXJNOL OF ECONOMIC ADVISERS
[1982—84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items1
Housing
Transportation
Apparel
and
up- Total >
keep
New
cars
Motor
fuel
Medical
care
All
items
less
Enfood
ergy:* and
energy
5.5
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.0
132.1
132.2
133.1
131.9
132.7
132.2
132.3
131.8
131.7
129.9
130.5
131.1
131.7
4.0
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
139.0
139.8
139.8
140.0
140.4
140.6
140.7
140.8
141.4
141.7
142.1
142.8
142.5
142.0
2.9
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
100.0
95.4
97.5
101.2
101.0
104.6
110.3
112.8
108.7
106.6
104.5
104.2
105.0
106.8
7.4
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
220.5
23.8
24.6
25.4
25.8
26.4
27.0
27.7
28.3
28.9
29.4
29.8
30.3
30.9
6.7
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.2
103.0
104.1
106.1
106.5
108.0
111.5
112.7
110.2
109.8
109.1
109.1
109.9
111.2
Shelter
Period
Rd imp3
1986 . ..
1987
1988
1989
1990
1991
1992
1993
1994
1995 .. .
1995: Nov
Dec
1996- Jan
Feb
Mar
May
July
Sept
Oct
Nov
1
Not
season- Seasonally
ally
adjust- adjusted
ed
(NSA)
100.0
109.6
1136
1183
124.0
130.7
136.2
140.3
1445
1482
1524
153.6
153.5
154.4
154.9
155.7
156.3
156.6
156.7
157.0
157.3
157.8
158.3
158.6
Total
Renters'
costs
(Dec.
1982=
100)
28.3
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
165.7
167.5
167.9
168.6
168.9
169.3
169.7
170.1
170.4
171.2
171.4
171.7
172.3
172.7
8.0
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
174.3
175.3
175.5
176.7
177.1
177.7
178.1
178.4
178.7
180.2
180.3
180.5
181.1
181.4
Food
1S.8
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
148.4
153.8 150.0
154.1 150.2
154.7 150.3
155.0 150.5
155.6 151.4
156.2 151.9
156.7 152.0
156.8 153.1
157.2 153.8
157.4 154.4
157.8 155.1
158.3 156.1
158.7 156.5
Total'
41.3
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
148.5
149.9
150.3
150.8
151.1
151.5
151.9
152.2
152.3
152.9
153.2
153.5
154.0
154.3
Includes items not shown separately,
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
3
Relative importance, December 1995.
2
Home- Main- Fuel
and
teownnance other
ers'
utiliand
costs
reties
(Dec.
1982= pairs
100) (NSA)
20.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
171.0
173.4
173.9
174.3
174.6
175.0
175 .4
175.9
176.2
176.7
177.0
177.4
177.9
178.4
0.2
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
135.0
136.2
136.6
136.3
137.0
137.5
138.0
138.8
138.8
139.4
139.7
139.9
140.2
141.1
7.0
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.7
24.2
24.4
25.0
25.7
26.0
26.8
27.2
26.9
27.5
28.0
28.3
128.9
129.6
17.0
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
139.1
138.9
139.0
140.0
140.7
141.7
143.3
144.3
143.7
143.4
143.1
143.8
144.0
144.3
77.5
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
161.2
163.1
163.3
163.8
164.2
164.7
164.9
165.3
165.6
166.1
166.2
166.7
167.1
167.4
NOTE,—Data incorporate a rental equivalence measure for homeownership costs (beginning
1983).
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
(IVmmt change from preettdmg period; monthly data seasonally a<ljustedr except as noted by NSA)
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
foods
Capital
equipment
Excluding
foods
Fowls
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
2.3
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.0
2.3
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
1.9
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.2
Change, month to month
1995- Nov
Dec
0.3
.6
1.1
.1
0
1.0
0.4
0
3.2
4.4
9.0
4.4
1.0
4.9
3.6
2.9
1.4
3.0
5.7
6.5
-0.6
1.9
2.5
2.4
2.1
2.3
1996- Jan
Peb
.2
-.1
.5
.2
.2
.2
-.1
.3
.2
.4
.4
-.4
-.2
.8
-.5
.2
1.8
.1
'.9
.2
.8
-.1
.6
-.2
.7
.6
.2
-.5
-.2
.2
.2
.4
.7
1
0
.1
0
0
4.4
2.8
2.5
2.8
3.8
2.2
.9
1.5
1.8
3.7
4.0
3.1
-2.1
.6
.3
1.8
5.9
8.5
11.8
5.2
'8.0
3.9
6.9
6.3
4.9
4.8
6.5
1.3
-2.2
-2.2
.9
'3.5
5.4
1.5
-.3
0
.3
.3
.6
.6
.6
1.2
'-.3
.9
3.3
3.0
3.5
3.6
3.3
2.3
1.9
2.6
2.0
2.3
2.8
3.9
3.3
2.5
1.7
-.2
3.2
4.3
6.7
5.5
8.2
7.8
3.9
3.6
4.9
5.9
6.4
3.1
1.3
2.1
1.1
.6
1.6
1.9
1.6
1.5
.9
0
.3
.4
.4
.9
.1
.7
2.2
2.0
2.4
2.4
2.3
2.7
2.6
3.0
2.9
3.0
3.0
May
JulySept
Get
Nov
.1
0
'0
.3
-.4
.3
Source: Department of Ijalxir, Bureau of Lafwr Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by N8A|
Housing
Period
All
items '
Food
Total1
Total'
Ifcntcrs'
costs
Addendum: All items,
percent change
(annua rate)
Transportation
Shelter
Homeowners'
COStK
Fuel
and
other
utilities
Apparel
and
Total"
upkeep
New
cars
Motor
fuel
Medical
care
Energy*
All
items
less
food
and
energy
From
previous
quarter3
From
From
From
6
:j
year
months months earlier
earlier earlier
NSA
Change, December to December, NSA
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2
3.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
3.5
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3
3.0
4.6 -5.6
1.6
5.3
2.9
4.7
3.2
5.1
4.0
4.7
2.9
3.7
2.3
2.9
2.5
3.2
.2
3.3
1.4
3.7
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.5
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
2.1
1995- Nov
Dec
0.1
.2
0
.1
0.2
.3
0.2
.2
0.1
.1
0.3
.3
1996- Jan
Feb
Mar
.4
.2
.4
.4
.3
.1
.3
.1
.3
.3
.3
.1
.1
.6
.3
.1
.7
.5
.4
.5
.6
.3
.3
.2
.3
.3
.2
.1
.4
.2
.2
.3
.2
.4
.2
.2
.2
.2
.2
.5
.1
.2
.3
.2
.7
.2
.3
.2
.2
.2
.8
.1
.1
.3
.2
.2
.2
.2
.2
.3
.2
.3
.2
.2
.3
.3
0.9
4.8
4.7
1.0
5.1
3.4
1.4
.9
-1.6
.1
5.9
1.8
2.1
2.3
1.4
3.3
2.3
2.8
3.2
1.6
-30.7
18.7
-21
6.8
36.5
-16.0
1.8
-5.4
5.9
-4.0
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
3.9
-197
8.2
.5
5.1
18.1
-7.4
2.0
-14
2.2
-1.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
3.0
.1
0.1
0
-2.1
2.2
0.3
.4
-0.9
1.1
0.1
.1
.7
.5
.7
1.1
.7
-.4
-.2
-2
.5
.1
.2
.1
.3
.1
.1
.1
.4
.2
.3
.5
-.2
-.4
3.8
-.2
3.6
5.4
2.3
-3.6
-1.9
-2.0
-.3
.8
1.7
.4
.2
.3
.3
.3
.3
.3
.2
.2
.2
.3
1.9
.4
1.4
3.2
1.1
-2.2
-.4
-.6
0
.7
1.2
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
3.8
1.5
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
2.8
Change, month to month
May
July
Sept
Get
Nov
1
2
0.1
.2
-0.4
.5
.7
Q
.6
.2
'.6
.6
-A
.1
.3
-.2
-.4
-.1
.5
.4 -1.4
.2
.5
.5
.5
.5
.5
Includes items not shown separately.
Household fiiels—gas (piped), electricity, fuel oil, eta.—and motor fuel. Motor oil, coolant,
eta., excluded beginning 1983.
24
0
.1
3
2.4
2.1
2.4
2.1
2.0
2.6
2.5
.3
.2 .....„.„
.3
.1
.2
.2
£$
.3
.1
2.3
.3
.2
.2
2.6
3.2
4.0
3.9
4.5
3.1
2.6
1.8
2.6
2.8
3.3
2.6
2.6
3.2
3.3
3.8
3.5
3.3
3.1
2.8
2.7
2.6
2.7
2.7
2.8
2.9
2.9
2.8
3.0
2.9
3.0
3.0
3.3
Quarterly changes are shown in the last month of the quarter.
Source: Department of I-iatwr, Rureau of Ijalwr Statistics.
PRICES RECEIVED AND PAID BY FARMERS
In November, prices received by farmers fell 1.8 percent and prices paid by farmers were unchanged. (Data
are not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)
INDEX, 1990-92-100 (RATIO SCALE)
120
120
60
1988
1990
1989
1991
1992
1994
1993
1995
_!/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
1996
COUNCIL OF ECONOMIC ADVISERS
[1990-92=100; not seasonally adjusted]
Prices received by farmers
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Nov
Dec
1996: Jan
Peb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
1
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
87
89
99
104
104
100
98
101
100
102
87
86
104
109
103
101
101
102
105
112
88
91
93
100
105
99
97
100
95
92
85
87
91
96
99
100
101
104
106
110
85
87
92
97
99
100
101
102
107
109
86
87
90
95
99
100
101
103
106
109
103
102
108
108
105
99
97
98
94
92
106
108
108
106
109
108
111
118
118
116
116
112
110
117
118
122
122
129
129
131
141
136
130
125
119
116
94
96
94
93
93
93
96
99
103
103
106
103
103
111
112
113
113
114
114
115
115
115
115
115
115
115
111
112
113
113
114
114
114
114
114
114
114
114
114
111
112
113
113
114
114
115
115
116
116
116
114
114
95
96
96
94
96
95
97
103
103
101
101
97
96
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates.
Prices paid by farmers
All commodities,
services, interest,
taxes, and wage
rates1
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990-92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 accelerated in November; growth in M3 slowed a little.
BILLIONS OF DOLLARS' (RATIO SCALE)
5,200
4,800
BIWONS OF DOUARS* (RATIO SCALE)
5,200
4,800
4,400
4,400
-v
4,000
4,000
-M3-
3,600
3,600
-v
3,200
3,200
2,800
2,800
2,400
2/400
2,000
2,000
1,400
1,600
1,200
1,200
\
800
800
600 111
1988
1989
1991
1990
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
1986198719881989199019911992199319941995-
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
1995- Oct
Nov
Dec
1996- Jan
Feb
Mar
July
Sept'
Oct '
NoV
M3
M2
M2 plus large
time deposits,
RPs, Eurodollars, and
institutiononly MMMF
balances
Debt
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average of
adjacent
month-end
levels) '
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus retail
MMMP balances,
MMDAs, and savings and small time
deposits
724.4
749.8
786.9
794.2
825.8
897.2
1,024.4
1,128.6
1,148.7
1,124.9
1,131.8
1,129.0
1,124.9
1,119.2
1,117.3
1,126.7
1,123.6
1,117.2
1,116.7
1,108.2
1,099.1
1,091.1
1,075.8
1,075.9
2,734.6
2,834.4
2,997.9
3,164.0
3,282.2
3,383.7
3,438.7
3,494.0
3,509.2
3,657.4
3,486.4
3,673.3
3,912.4
4,065.5
4,124.1
4,178.4
4,187.1
4,249.6
4,319.2
4,572.4
4,122.4
4,328.5
4,664.2
4,894.2
4,975.8
5,004.4
5,075.6
5,164.5
5,302.9
5,681.9
3,628.4
3,640.2
3,657.4
3,671.7
3,687.4
3,722.3
3,727.5
3,721.2
3,737.5
3,742.6
3,754.4
3,764.7
3,773.7
3,796.0
4,545.8
4,557.7
4,572.4
4,600.3
4,638.2
4,680.3
4,688.6
4,701.4
4,721.5
4,732.7
4,752.1
4,780.6
4,814.7
4,841.3
5,649.5
5,656.4
5,681.9
5,700.4
5,720.8
5,779.9
' 5,807.0
'5,804.1
' 5,833.6
'5,849.7
'5,881.9
5,922.8
f 5,942.0
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinandal sectors; data from flow of fiiraJs accounts.
2
Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.
26
L
'7,906.3
'8,664.1
'9,441.6
'10,171.6
'10,852.6
'11,337.1
'11,880.7
'12,506.5
'13,148.4
'13,866.9
'13,764.1
'13,820.7
'13,866.9
'13,917.4
'13,989.8
'14,065.9
'14,130.6
'14,185.9
'14,244.9
'14,314.7
'14,368.9
14,414.3
P 14,469.8
Percent change from year
or 6
months earlier2
Ml
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.8
21
34
-3.0
-3.4
-4.6
46
-2.4
-1.4
-2.1
15
-2.0
-3.3
63
-8.5
-7.4
NOTE.—See p. 27 for cornjwnents.
Source: Hoard of Governors of the Federal Reserve System.
M2
9.5
3.6
5.8
5.5
3.7
3.1
1.6
1.6
.4
4.2
5.7
5.6
4.9
4.7
4.4
5.6
5.5
4.5
4.4
3.9
3.6
2.3
2.5
4.0
M3
9.0
5.4
6.5
3.9
1.4
1.3
.2
1.5
1.6
5.9
7.1
6.4
5.4
5.4
5.7
6.6
6.3
6.3
6.5
5.8
4.9
4.3
5.4
6.0
Debt
12.5
9.6
9.0
7.7
6.7
4.5
4.8
5.3
5.1
5.5
5.4
5.0
4.5
4.5
4.9
5.3
5.3
5.3
'5.5
5.7
'5.4
5.0
4.8
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency
Period
198619871988:
198919901991:
199219931994:
19951995-
Other
checkDemand
able
depos- deposits
its
(OCDs)
180.7 302.1
286.8
196.8
286.8
212.3
222.6 279.3
246.9 277.4
267.4 289.5
292.9 339.1
322.4 384.3
354.9 382.4
373.2 389,8
370.8 388.1
371.6 388.2
373.2 389.8
373.6 393.5
373.3 397.4
375.2 407.1
376.0 406.3
377.1 409.7
379.4 413.7
382.6 '410.4
385.0 407.3
387.5 405.3
390.3 396.1
392.6 400.6
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Dec
1996- Jan
Feb
Mar
May
July
Sept
Oct
Nov P
235.6
259.5
280.9
285.3
293.9
332.5
384.2
414.0
402.9
353.0
364.1
360.4
353.0
343.2
337.8
335.4
332.4
321.8
315.0
306.7
298.4
290.0
280.9
274.1 ,
Money market
mutual fund
balances
Retail1
210.3
224.5
246.0
322.5
358.1
373.7
356.0
358.7
388.1
460.3
450.6
455.5
460.3
463.2
468.4
480.1
480.3
478.3
486.3
491.6
497.7
504.9
511.0
517.3
Savings
deposits,
including
money
market
Instideposit
tution
only2 accounts
(MMDAs)
84.5
91.1
90.3
106.9
133.5
179.5
199.8
197.9
183.7
227.2
223.7
224.8
227.2
230.6
243.9
248.3
245.6
243.5
249.4
252.9
257.2
262.7
264.3
267.2
940.9
937.3
926.3
893.6
923.8
1,045.0
1,187.1
1,218.8
1,148.9
1,134.6
1,116.1
1,120.6
1,134.6
1,151.8
1,164.5
1,183.0
1,193.2
1,197.5
1,207.0
1,213.6
1,224.3
1,231.4
1,244.8
1,256.2
1
Balances in money funds with minimum initial investments of less than $50,000.
in money funds with minimum initial investments of $50,000 or more.
Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.
2
Balances
3
Small
denomination
time
deposits3
Overnight
and
Large
term
denom- repurination chase
time deposits3 agreements
(RPs)
(net)
859.0
922.7
1,038.6
1,153.7
1,174.5
1,067.8
871.2
787.9
823.5
937.7
929.8
935.1
937.7
937.5
937.1
932.5
930.4
928.2
927.5
929.2
933.4
937.4
942.1
946.6
420.2
467.0
518.3
541.5
480.9
416.5
353.6
333.7
363.1
417.2
409.7
415.3
417.2
416.1
421.6
428.5
430.9
436.5
442.6
448.5
452.0
459.9
476.8
482.8
Overnight
and
term
Eurodollars
(net)
143.3
172.6
189.0
158.0
138.8
119.4
128.1
157.5
180.8
179.4
191.2
186.8
179.4
186.6
188.7
186.8
187.6
203.1
194.3
192.5
191.6
194.7
196.9
194.1
Savings
bonds
103.9
91.8
108.2
100.6
117.0
109.4
95.2 117.5
88.7 126.0
79.3 137.9
66.9 156.6
66.3 171.5
82.3 180.3
91.1
184.8
92.9 184.2
90.7 184.5
91.1
184.8
95.4 185.0
96.6 185.0
94.4 185.2
97.0 185.6
97.1 186.0
97.6
186.4
96.2 186.8
96.8 187.2
98.5 187.3
103.1 P 187.3
101.1
Shortterm BankTreas- ers' acury
ceptsecuri- ances
ties
275.8
249.5
266.8
324.0
334.2
329.1
345.9
342.8
386.9
475.7
465.6
464.5
475.7
466.1
445.1
459.5
' 461.4
'432.6
'443.5
'445.7
'452.8
'461.1
» 449.4
37.1
44.5
40.2
40.7
36.1
23.9
20.9
14.9
14.2
12.0
13.4
12.6
12.0
11.8
10.3
9.8
10.3
10.8
11.4
11.4
11.3
11.5
Pll.6
Commercial
paper
231.3
260.6
335.4
346.5
355.3
335.2
365.0
385.5
402.4
437.1
440.5
437.1
437.1
437.2
442.3
445.1
461.0
473.4
470.9
473.1
478.6
482.4
P 479.1
NOTE.—Travelers cheeks of nonbank issuers are a component of money stock but are not
shown here.
Source: Hoard of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures'; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Borrowings of depository institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
19861987:
19881989:
19901991199219931994:
19951995-
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Nov
Dec
1996- Jan
Feb
Mar
May
July
Sept
Oct'
Nov''
1
38,950
38,866
40,410
40,508
41,780
45,547
54,367
60,519
59,364
56,364
56,333
56,364
55,606
54,848
55,727
55,182
54,227
54,112
53,197
52,269
51,351
50,135
49,854
Data are proratwi averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
38,123
38,089
38,694
40,242
41,455
45,355
54,243
60,437
59,156
56,106
56,129
56,106
55,568
54,813
55,706
55,091
54,100
53,726
52,829
51,935
50,983
49,848
49,640
Nonborrowed
plus
extended
credit
38,426
38,572
39,938
40,262
41,478
45,356
54,244
60,437
59,156
56,106
56,129
56,106
55,568
54,813
55,706
55,091
54,100
53,726
52,829
51,935
50,983
49,848
49,640
Required
37,580
37,820
39,362
39,585
40,116
44,569
53,212
59,456
58,196
55,086
55,390
55,086
54,121
53,997
54,590
54,062
53,368
52,962
52,132
51,308
50,313
49,142
49.833
Monetary
base
223,571
239,784
256,920
267,723
293,332
317,502
351,244
386,877
418,723
435,006
433,206
435,006
435,182
433,667
436,871
436,644
437,009
439,088
'441,881
444,204
'445,864
447,155
449,301
Total
827
777
1,716
265
326
192
124
82
209
257
204
257
38
35
21
91
127
386
368
334
368
287
214
Seasonal
38
93
130
84
76
38
18
31
100
40
73
40
7
7
10
34
105
192
284
309
306
212
109
Extended
credit
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Source: Hoard of Governors of the Federal Ileserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.4 percent in November; commercial and industrial loans rose
0.6 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,000
4,000
400
200
200 =
160
1996
1988
*SEASONAUY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted '
Securities in bank credit
Period
198819891990:
199119921993:
19941995-
Dee
Dec
Dec
Dec
Dec
Dec
Dee
Dec'
1995- Nov' .
Decr
1996- Jan'
Feb'
Mar'
Aor'
May7"
June' .
July'
Aug'
Sept'
Oct'
Nov
Total
bank
credit
Total
securities
U.S.
Government
securities
Loans and leases in bank credit
Real estate
Total loans CommerOther
cial and
and
securities
industrial
leases2
Revolving
home
equity
Other
Consumer
Security
Other
2,436.0
2,609.3
2,75i:9
2,856.4
2,956.9
3,113.7
3,326.3
3,610.3
562.0
584.5
633.7
745.0
843.5
918.8
'952.3
1,001.9
366.8
400.0
455.6
565.2
666.8
733.9
'732.1
710.5
195.2
184.5
178.1
179.8
176.7
184.9
220.2
291.4
1,874.1
2,024.8
2,118.2
2,111.4
2,113.4
2,194.9
2,374.0
2,608.3
608.0
639.3
640.9
619.5
596.2
585.9
'645.1
716.4
675.1
770.2
855.3
880.0
901.3
940.5
1,002.5
1,077.6
40.1
50.3
62.3
69.6
73.5
73.0
75.3
79.2
635.0
719.9
793.0
810.4
827.8
867.5
927.2
998.4
357.8
378.3
383.4
366.6
358.9
390.5
451.2
493.2
40.7
41.4
45.0
54.4
64.1
87.5
76.2
83.0
192.4
195.6
193.5
190.9
'192.8
190.6
199.0
238.1
3,598.9
3,610.3
999.1
1,001.9
714.1
710.5
285.0
291.4
2,599.8
2,608.3
713.6
716.4
1,076.8
1,077.6
78.9
79.2
997.9
998.4
491.1
493.2
86.3
83.0
232.1
238.1
3,640.5
3,650.9
3,643.4
3,670.2
3,674.8
3,681.9
3,688.2
3,678.4
3,692.6
3,719.6
3,749.4
999.7
1,005.2
989.7
991.2
997.3
990.6
984.6
973.2
967.2
968.4
986.3
701.6
713.3
702.6
704.5
713.2
708.5
707.6
701.3
702.2
700.8
705.7
298.1
291.9
287.1
286.8
284.0
282.1
277.0
271.9
265.0
267.5
280.6
2,640.9
2,645.6
2,653.7
2,679.0
2,677.5
2,691.4
2,703.6
2,705.2
2,725.4
2,751.2
2,763.1
722.6
725.6
723.4
732.6
735.3
738.5
743.0
744.4
759.0
770.4
775.2
1,086.0
1,089.0
1,094.0
1,097.6
1,100.0
1,103.4
1,105.5
1,111.7
1,113.4
1,115.5
1,119.2
79.6
79.8
79.8
80.1
79.7
79.4
79.9
80.6
81.2
82.4
83.5
1,006.4
1,009.2
1,014.2
1,017.5
1,020.3
1,024.1
1,025.6
1,031.1
1,032.2
1,033.1
1,035.7
499.9
499.6
502.8
507.4
504.9
510.4
513.4
514.7
518.3
518.0
520.2
85.1
85.9
85.1
85.3
82.0
81.5
79.1
72.7
73.4
78.6
78.7
247.2
245.5
248.3
256.1
255.3
257.6
262.6
261.7
261.3
268.8
269.7
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment
companies, and foreign-related institutions. Data are adjusted for breaks caused by reclassifieations of assets and liabilities.
28
Total
2
Excludes Federal funds sold to, reverse repurchase agreements (RRs) with, ami loans to
commercial banks in the United States.
Sourw>: lioard of Governors of tin; Federal Reserve System.
SOURCES AND USES OF FUNDS. NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Credit market funds
Internal l
Total
Total
533.4
648.4
851.9
744.3
592.6
489.3
599.9
698.1
758.9
882.0
754.7
910.0
906.4
956.9
995.1
838.6
1,010.5
1986
1987
1988
1989
1990
1991
1992
1993
1994'
1995'
1995- F
II'
III'
IV'
1996- lr
II'
III?
343.4
374.5
408.2
396.9
409.1
422.2
438.6
480.2
524.9
543.8
517.7
527.5
559.1
571.0
578.4
585.7
592.9
190.0
273.9
443.7
347.4
183.5
67.1
161.3
217.9
234.0
338.2
237.0
382.5
347.3
385.9
416.7
252.9
417.6
Securities
and mortgages
58.9
29.1
_ 2
-35^9
-26.6
75.9
67.1
'84.3
-34.0
6.0
-10.8
44.5
-38.6
28.6
-30.5
79.6
-34.4
151.3
73.2
95.5
59.0
47.0
-34.8
61.1
67.8
76.8
131.3
170.4
197.0
47.7
110.1
54.6
142.4
117.5
1
Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed
capital, foreign earnings retained abroad, and inventory valuation adjustment.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in the U.S.
Loans and
short-term
paper
92.4
44.1
95.7
94.9
73.6
-110 7
-6.0
'-16.5
110.8
125.3
181.2
152.5
86.3
81,5
85.1
62.8
151.9
Total
Other2
38.7
200.8
348.1
288.4
136.5
101.9
100.1
150.1
157.3
206.8
66.6
185.5
299.7
275.8
362.2
110.5
300.1
Increase in
financial
assets
Capital
expenditures3
347.3
357.4
373.3
399.4
394.5
370.9
386.9
430.6
483.6
546.6
552.9
534.1
572.9
526.5
523.4
534.7
579.8
519.4
592.0
756.2
632.9
509.8
500.7
554.4
787.9
761.7
889.0
726.4
916.8
881.6
1,031.1
973.4
928.2
980.6
Discrepancy
(sources
less
uses)
14.0
56.5
95.7
111.4
82.9
-11.4
45.6
-89.8
-2.9
-7.0
28.4
-6.8
24.8
-74.4
21.7
-89.6
29.8
172.1
234.6
382.9
233.5
115.3
129.8
167.5
357.3
278.1
342.4
173.5
382.7
308.7
504.6
450.0
393.5
400.8
3
Plant and equipment, residential structures, inventory investment, and access rights from
U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]
Net change in consumer credit outstanding 1
Consumer credit outstanding (end of period)
Period
Total
19861987198819891990199119921993199419951995-
Dec
Dec
Dec3
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
1996- Jan' .
peb'
Mar'
Apr'
May' ....
June'
July'
Aue'
Sept'
OctP
638.9
671.7
729.9
781.9
796.4
781.1
784.9
844.1
966.5
1,103.3
1,082.7
1,094.4
1,103.3
1,113.5
1,125.0
1,136.2
1,144.2
1,150.8
1,158.1
1,170.6
1,176.4
1,175.7
1,177.9
Automobile
Revolving
247.2
266.1
285.5
291.0
282.4
259.3
257.1
279.8
317.2
350.8
344.1
347.2
350.8
352.9
355.8
358.6
361.2
362.3
367.0
373.0
373.1
373.6
373.6
1
For year-end data, change from preceding year-end; for monthly data, change from preceding month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc,, plus noninstallment credit.
136.0
153.3
174.5
198.6
223.3
245.8
257.8
287.0
339.3
413.9
404.6
407.4
413.9
419.0
425.7
431.3
437.9
443.5
445.1
452.1
454.6
455.4
456.9
Other 2
255.7
252.4
269.9
292.3
290.7
276.1
269.9
277.3
309.9
338.6
334.0
339.7
338.6
341.6
343.5
346.2
345.2
345.1
346.0
345.5
348.7
346.7
347.5
Automobile
Total
54.2
32.8
58.2
(4)
14.5
153
3.8
59.2
122.4
136.8
8.0
11.7
8.9
10.2
11.5
11.2
8.0
6.6
7.3
12.5
5.8
<7
2^2
36.3
18.9
19.4
(4)
-8.6
-23.1
2.2
22.7
37.4
33.6
3.1
3.1
3.6
2.1
2.9
2.8
2.6
1.1
4.7
6.0
.1
.5
.0
Revolving
13.9
17.3
21.2
(4)
24.7
22.5
12.0
29.2
52.3
74.6
5.1
2.8
6.5
5.1
6.7
5.6
6.6
5.6
1.6
7.0
2.5
.8
1.5
Other2
4.0
-3.3
17.5
(4)
-1.6
-14.6
-6.2
7.4
32.6
28.7
-.2
5.7
-1.1
3.0
1.9
2.7
-1.0
-.1
.9
-.5
3.2
20
.8
3
Data newly available in January 1989 result in breaks in many series between December
1988 and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rotes were mixed In the first three weeks of December.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
U
12
10
V/" V,_s^ \
V
.^ /
s~^./~\
CORPORATE Aao BONDS
(MOODY'S)
*•
/-,
[ V -'^~.
"
/
^
N.
-
.„' 1
•
/
X
/ r~ J
-N
\_,~
^
/
v
8
x
s
s'^'\
1
v
\]
6
TREASURY
BILLS
/
>'T
1
""""'•-.
--^—
J
4
/r
~r\. .DISC:OUNT
RATE
2
ERVE
^•JKOF
RE!
BAI
NEWfYORK
IMM,|
I
I,M,,
1989
1986
MM,|
1990
,,,,,!,,,,,
I,,,,J 0
M,,,i
1992
1991
1993
1994
1995
SOURCE: SEE TAME ULOW
1996
COUNCIL Of ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Nov ....
Dec
1996- Jan
Peb ..
Mar
May
June
July
Aug ...
Sept ....
Oct
Week ended:
1996: Nov 23
30
Dec 7
14
21
3-month
bills (new issues1)
2
Constant maturities
3-year
10-year
High-grade
municipal
bonds
(Standard
& Poor's)3
Prime
commercial
paper,
6 months >
Discount rate
(N.Y. F.R.
Bank)4
Prime rate
charged 4by
banks
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.51
5.35
5.16
5.02
4.87
4.96
4.99
5.02
5.11
5.17
5.09
5.15
5.01
5.03
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
5.57
5.39
5.20
5.14
5.79
6.11
6.27
6.49
6.45
6.21
6.41
6.08
5.82
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
5.93
5.71
5.65
5.81
6.27
6.51
6.74
6.91
6.87
6.64
6.83
6.53
6.20
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
5.61
5.42
5.42
5.45
5.82
5.93
5.98
6.03
5.91
5.72
5.86
5.71
'5.59
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
7.59
7.02
6.82
6.81
6.99
7.35
7.50
7.62
7.71
7.65
7.46
7.66
7.39
7.10
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
5.59
5.43
5.23
4.99
5.26
5.38
5.42
5.57
5.67
5.51
5.66
5.45
5.40
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
5.21
5.25-5.25
5.25-5.25
5.25-5.00
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
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
8.83
8.75-8.75
8.75-8.50
8.50-8.50
8.50-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
5.03
5.03
4.98
4.83
4.76
5.79
5.75
5.77
5.89
5.98
6.16
6.12
6.15
6.31
6.40
5.56
'5.52
5.50
5.56
5.70
7.05
7.06
7.10
7.21
7.28
5.39
5.40
5.40
5.42
5.45
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasuiy
Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
30
Corporate
Aaa bonds
(Moody's)
New-home
mortgage
yields
(FHPB) 5
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.87
7.46
7.40
7.32
7.20
7.49
7.76
7.80
8.05
8.01
8.08
7.98
7.95
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
On overage, stock prices in the first three weeks of December were higher than in November.
INDEX, DEC. 31 , 1 965-50 (RATIO SCALE)
400
380
360
340
320
300
280
260
INDEX, DEC. 31,1965-50 (RATIO SCA1£)
360
340
320
300
280
260
240
240
220
220
200
COMPOSITE STOCK PRICE INDEX (NYSE)
200
180
180
\7
160
160
1
1988
I Ii i iI
1992
1991
1990
1989
1994
1993
I
1996
1995
PERCENT
20
I 140
PERCENT
20
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
10
5
1988
1989
1990
1991
1995
1996
COUNCIL Of ECONOMIC ADVISERS
SOURCE: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Common stock pricesl
Period
Common stock yields
(percent) G
New York Stock Exchange indexes (Dec. 31, 1965
except as noted) 2
Composite
Industrial
Transportation
3
Utility
Finance
Dow-Jones
industrial
average *
Standard &
Poor's composite index
(194143 = 10)5
Dividendprice ratio
Earningsprice ratio
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
291.15
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.41
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
220.30
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
4,493.76
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
541.64
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.83
6.09
1995- Nov
Dec
317.58
327.90
398.66
412.11
300.06
303.53
238.98
247.59
266.12
273.36
4,935.81
5,136.10
595.53
614.57
2.37
2.30
5.51
1996- Jan
Peb
329.22
346.46
346.73
347.50
354.84
358.32
345.52
354.59
360.96
373.54
388.75
412.71
435.92
439.56
441.99
452.63
458.30
438.58
449.41
459.69
473.98
490.60
300.30
315.29
324.76
326.42
334.66
331.57
316.66
321.61
323.12
332.93
348.32
254.07
257.80
245.77
244.87
249.73
247.20
245.31
244.74
242.25
249.61
258.85
273.73
290.97
290.45
287.92
290.43
294.42
287.89
302.95
308.16
324.42
345.30
5,179.37
5,518.73
5,612.24
5,579.86
5,616.71
5,671.51
5,496.26
5,685.50
5,804.01
5,996.21
6,318.36
614.42
649.54
647.07
647.17
661.23
668.50
644.07
662.68
674.88
701,46
735.67
2.31
2.22
2 22
2.24
2.21
2.21
2.28
2 22
2^20
2.11
2.01
392.28
398.19
393.82
389.30
387.01
495.33
502.16
497.41
492.16
488.66
351.67
356.86
356.95
351.33
347.27
260.08
261.78
259.35
254.92
252.93
348.52
357.12
350.49
346.46
346.60
6,412.95
6,524.31
6,441.27
6,389.66
6,376.30
742.92
756.25
746.78
739.21
734.64
2.00
1.97
2.00
2.02
2.04
July
Sept
Oct
Week ended:
1996- Nov 23
30
Dec 1
14 . .
21
1
Average
2
Includes
3
of daily closing prices.
all the stocks (more than 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
the4 doubling.
Includes 30 stocks.
5
Includes 500 stocks.
5.27
5.21
'5.25
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's
Corporation.
FEDERAL FINANCE
FEDERAL RECEIPTS. OUTLAYS, AND DEBT
In the first two months of fiscal 1997, there was a deficit of $78.1 billion, compared with a deficit of $61.0 billion
a year earlier.
BILUOJSOFDOUARS
1,700
RECEIPTS AND OUTLAYS -"
1,600
BIUJONSOFIXDUARS
1,700
1,600
___---''
y
1,500
1,500
1,400
1,400
1,300
1,300
^^
^-~~'
1,200
-.--''
1,100
1,200
^-^C^
1,100
1,000
1,000
900
900
800
800
700 A
V
1
1
SURPLUS OR DEFICIT (
0
1
1
1
I
K
\| 700
) -^
0
-100
-100
^-—-—""
^~~—--—____
-300
-400 A
V
1
1988
'
•
^•~--^_
-200
'
1
1989
1
1
1990
-200
-—^^
1
1
1991
-* INCUJDES ON-BUDGET AND OFF BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1992
I
1993
1994
1995
K -400
1996
1997
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars)
Total
1980
1981
1982
1988
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
199:5 '
1996 1
1997 (estimates)
Cumulative total, first 2
months: '
Fiscal year 1996
Fiscal year 1997
Outlays
Surplus
or
deficit
(-)
Receipts
Outlays
Surplus
or
deficit
(-)
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,351.5
1,452.8
1,504.9
458.7
504.0
590.9
678.2
745.8
808.4
851.8
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.5
1,323.6
1,380.9
1,408.7
1,460.8
1,515.4
1,560.1
1,630.6
-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
-255.1
-203.1
- 163.9
- 107.3
-125.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
547.9
568.9
640.7
6G7.5
727.0
749.7
760.4
788.0
841.6
922.7
1,000.4
1,085.3
1,117.4
369.1
404.1
476.6
543.1
594.4
661.3
686.0
769.6
806.8
810.1
861.4
932.3
1,027.5
1,081.9
1,128.5
1,142.1
1,181.5
1,226.7
1,259.6
1,313.2
-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
-300.5
-258.8
-226.3
-174.4
-195.7
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
387.4
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
317.4
-4.3
-2.0
-1.1
-5.0
-7.9
2
M
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
67.0
70.0
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
4,920.9
5,181.9
5,457.0
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
3,603.3
3,733.0
3,894.1
185.8
198.0
246.8
276.1
-61.0
-78.1
136.0
144.1
193.9
220.1
-57.9
- 76.0
49.8
53.8
52.9
56.0
-3.1
— 2.2
4,937.6
5,253.8
3,655.0
3,794.0
1
Data fixirn Monthly Tmisury Statement.
NOTE.—Data for fiscal year 1997 are from Mid-fiejtsio-n Review of the 1997 Budget issued
July 16, 1996. Other data (except, as noted) are from Budget of the United States Government,
Fiscal Year 1997, issued March 19, 1996.
32
Federal debt (end of
period)
Receipts
Fiscal year or period
1978
1979
Off-budget
On-budget
Receipts
Outlays
Surplus
or
deficit
(-)
Gross
Federal
Sources: Department of the Treasury arid Office of Management arid Budget.
Held by
the public
N
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first two months of fiscal 1997, receipts were $12.2 billion higher than a year earlier and outlays were
$29.3 billion higher.
BILLIONS OF DOLLARS
700
BltllONSOFDOUARS
AX)
-„„_.!/
RECEIPTS
- —,. •—•'"""
500
-N-r=*-
—
400
--•™"
:
100
0
•:
1
1,400
—^
-===—,
.
CORPORATION
INCOME TAXES
—
• ... I.
1
1
1
400
SOCIAL INSURANCE
1 AXkb AND CON 1 KlbU 1 IONS
!
I
500
\
100
OTHER RECEIPTS
(
;
n
1,400
OUTLAYS'1'
--""'"
^
1,300
"
___
1,100
•
^~*"""*~
—•"*
-- --• """^
Ann
500
300
200 A
* 1988
300
\
\
1989
\
1990
\
\
1991
1992
1* INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND Of FICE OF MANAGEMENT AND BUDGET
\
\
1993
\
1994
1995
\
^ 200
1997 N
1996
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
1985
1986
1987
1988
1989
1990 ..
1991
1992
1993
1994
1995 1 ....
19961
1997 (estimates)
Cumulative total, first 2 months: *
Fiscal year 1996
Fiscal year 1997
Social
insurCorIndiance
poravidual
taxes
tion
income income
ami
taxes
taxes contributions
National defense
Other
Total
Department of
Defense,
military
InternationHealth
al
affairs
Medicare
Income
security
Social
security
Net
interest
22.8 61.5 93.9 35.5
26.5 66.4 104.1 42.6
32.1 86.5 118.5 52.5
39.1 99.7 139.6 68.8
46.6 107.7 156.0 85.0
52.6 122.6 170.7 89.8
57.5 112.7 178.2 111.1
Other
399.6
463.3
517.1
5993
617.8
600.6
6665
181.0
217.8
244.1
285.9
297.7
288.9
298.4
60.0
65.7
64.6
61.1
49.2
37.0
56.9
121.0
138.9
157.8
182.7
201.5
209.0
239.4
37.7
40.8
50.6
69.5
69.3
65.6
71.8
458.7
504.0
590.9
678.2
745.8
808.4
851.8
104.5
116.3
134.0
157.5
185.3
209.9
227.4
102.3
113.6
130.9
153.9
180.7
204.4
220.9
7.5
7.5
12.7
13.1
12.3
11.8
15.9
18.5
20.5
23.2
26.9
27.4
28.6
30.4
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1 351 5
1,452.8
1,504.9
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
656.4
655.0
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.0
171.8
186.4
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
484.5
509.4
533.5
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
98.0
112.8
119.8
115.1
130.0
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.5
1,323.6
1,380.9
1,408.7
1,460.8
1,515.4
1,560.1
1,630.6
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.1
265.4
259.0
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.6
253.3
247.7
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
17.2
17.1
16.4
13.7
15.1
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
107.1
115.1
118.9
132.3
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
159.9
174.2
191.1
128.2
119.8
123.3
129.3
136.0
147.0
170.3
196.9
207.3
214.0
220.4
225.3
236.7
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
349.7
369.4
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
241.1
240.3
131.8
142.1
125.9
139.4
158.8
203.7
225.0
173.9
159.7
173.7
163.5
171.9
186.7
185.8 91.4
198.0 100.3
3.9
3.2
70.3
76.1
20.2
18.4
246.8
276.1
39.4
47.2
37.4
44.9
2.7
4.9
19.9
20.4
26.7
32.5
32.6
38.3
56.0
58.8
39.6
41.6
30.0
32.3
1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal year 1997 are from Mid-Session Rew&v of the 1997 Budget issued
July 16, 1996, Other data (except as noted) are from Budget of the United States Government,
Fiscal Year 1997, issued March 19, 1996.
Total
114.7
120.2
131.4
133.5
125.4
122.3
118.6
Sources: Department of the Treasury and Office of Management, and Budget.
33
FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1996, according to revised estimates, Federal receipts rose $6.3 billion (annual rate); Federal
current expenditures rose $0.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,800
1,800
SEASONAHY ADJUSTCD ANNUM RATES
1,600
1,600
1,400
1,400
CURRENT EXPENDITURES
1,200
1,200
1,000
1,000
800
800
600
600
400
400
200
200
CURRENT SURPLUS OR DEFICIT ( -)
0
0
-200
-200
-400 L_L
1982
-400
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Federal Government current expenditures
Contributions
for
social
insurance
1,192.7
1,284.5
1,345.0
1,479.4
1,530.9
1,567.3
1,640.1
405.2
426.6
445.9
451.0
451.9
450.7
453.8
471.7
513.3
522.2
625.1
659.1
682.9
719.9
118.2
132.4
153.4
172.2
185.7
195.9
206.1
166.7
179.9
192.7
195.8
192.3
201.4
229.1
30.8
32.4
30.8
35.1
41.8
36.4
31.3
0.0
.1
-.1
.0
.0
.0
.0
-113.4
- 154.7
- 196.0
-280.9
955 g
- 190.2
-161.7
488.1
510.3
1,399.8
1,509.5
440.5
457.7
565.8
643.3
162.7
176.3
200.0
191.8
30.9
40.3
.0
.0
-238.8
979 0
84.3
87.5
87.2
93.7
512.4
526.2
530.3
535.1
1,509.7
1,521.5
1,534.7
1,557.7
451.3
448.5
453.5
454.3
645.9
654.7
660.8
675.0
177.3
181.5
187.2
197.0
190.5
193.2
192.7
192.8
44.7
43.6
40.5
38.6
.0
.0
.0
.0
-284.5
- 250.2
954 4
933 3
144.3
162.2
171.3
180.0
92.8
91.3
93.3
93.2
545.5
558.1
562.1
568.6
1,534.6
1,552.5
1,575.7
1,606.4
446.7
445.1
455.7
455.3
670.9
676.4
683.5
700.9
192.2
197.5
196.9
196.9
188.3
198.3
204.3
214.8
36.5
35.3
35.2
38.5
.0
.0
.0
.0
-212.7
169 6
- 188.5
190 1
594.6
624.4
617.3
623.3
183.1
180.7
189.1
184.3
91.7
93.5
88.4
91.3
579.9
584.6
591.8
595.9
1,621.9
1,644.3
1,645.0
1,649.3
454.6
455.6
453.6
451.4
708.3
716.2
724.2
730.9
205.8
211.3
203.8
203.3
220.9
229.3
232.3
233.9
32.3
32.0
31.1
29.9
.0
.0
.0
.0
-172.6
-161.1
158 5
-154.5
639.6
681.4
680.2
196.4
199.0
196.5
84.4
83.2
85.7
602.6
612.0
619.4
1,678.3
1,702.3
1,702.6
453.6
463.5
461.3
756.2
757.9
762.9
207.6
219.3
214.5
230.5
230.8
233.7
30.4
30.8
30.3
.0
.0
.0
-155.2
- 126.7
-120.8
Indirect
business
tax and
nontax
accruals
1,079.3
1,129.8
1,149.0
1,198.5
1,275.3
1,377.0
1,478.4
463.4
485.7
476.9
490.8
523.6
561.4
614.9
117.1
118.0
109.8
118.6
137.5
164.4
184.3
61.7
65.1
79.7
81.9
88.2
92.6
91.2
437.1
461.1
482.6
507.1
526.0
558.6
588.0
1991- IV
1992- rV*
,160.9
,230.5
479.0
510.0
111.1
123.7
82.8
86.5
1993: I
II
III
IV
225.2
[271.3
,280.3
1,324.4
501.0
521.0
529.1
543.4
127.5
136.5
133.7
152.2
1994- I
II
III
1 321 9
1,382.8
1,387.1
1,416.3
539.3
571.3
560.4
574.5
1995- I
II
Ill
IV
1,449.3
1,483.2
1,486.6
1,494.7
1996- I
II
III r
1,523.1
1,575.6
1,581.9
Calendar yean
1989
1990
1991
1992
1993
1994
1995
rv
Source: Department of Commerce, Bureau of Economic Analysis.
34
Less:
Wage
accruals less
disbursements
Current
surplus
or
deficit
(-),
national
income
and
product
accounts
Transfer
payments
Corporate
profits
tax accruals
Total
Subsidies less
current
surplus
of
Government
enterprises
Consumption
expenditures
Personal
tax and
nontax
receipts
Period
Grantsin-aid
to
Net
State interest
and
paid
local
governments
Total
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987=100; seasonally atljusted)
Period
United
Statis
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Sept
Oct
Nov
Dec
1996- Jan
Peb
Mar
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
122.8
122.2
122.6
122.8
122.5
124.2
123.6
124.5
125.4
126.4
126.3
' 126.9
'127.1
'126.9
128.0
May
July
Sept
Oct
Nov
1
Canada
Japan
95.4
96.7
100.0 100.0
105.3 109.4
105.2 115.7
101.7
120.6
97.4 122.9
98.5 115.8
102.9 111.0
110.1
112.3
113.8
115.8
113.9
113.4
113.5
115.0
113.7
116.6
113.5
117.7
114.1
117.7
••114.1 121.0
••113.6 113.6
'114.3 117.2
'114.4 119.9
114.5
115.6
'116.3 120.1
'116.4 117.5
116.3 '119.1
123.3
France
Germany
Italy
98.8
100.0
104.6
108.5
110.1
108.7
107.5
103.4
107.3
109.0
'109.1
'107.6
107.5
108.6
'108.2
'108.6
'109.2
'108.6
'109.4
'108.8
'111.4
'111.4
110.0
99.6
100.0
103.9
108.8
114.5
117.8
115.8
107.1
110.4
'111.5
112.1
109.5
110.6
110.8
111.1
109.1
111.1
110.6
'111.5
'112.2
112.8
'112.8
'112.0
110.2
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.5
111.0
117.0
118.3
117.4
117.4
121.8
115.7
115.2
116.9
113.8
114.0
c
117.3
113.9
114.5
115.0
Data relate to all urban consumers.
Consumer prices (1982-84=100; NSA)
United
Kingdom
96.2
100.0
104.8
107.0
106.7
102.8
102.7
104.9
110.1
113.0
114.1
113.0
113.6
114.0
113.1
113.6
114.3
113.4
114.5
113.6
'114.5
113.9
'114.6
114.5
United
States'
Canada
109.6
113,6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
153.2
153.7
153.6
153.5
154.4
154.9
155.7
156.3
156.6
156.7
157.0
157.3
157.8
158.3
158.6
Japan
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
151.4
151.8
151.8
152.0
151.8
152.2
152.4
153.0
153.4
153.9
153.7
153.7
153.9
154.1
154.4
155.1
Germany
France
104.8
104.8
105.6
108.1
111.4
115.0
116.9
118.4
119.3
119.1
119.6
119.3
118.9
118.9
118.8
118.5
118.8
119.5
119.7
119.4
119.3
119.1
119.6
119.9
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
148.4
149.2
149.3
149.5
149.6
149.9
150.4
151.3
151.6
151.9
151.7
151.5
151.1
151.6
'152.0
151.9
104.7
104.9
106.3
109.2
112.2
116.2
120.9
125.2
128.6
130.8
131.1
131.0
131.0
131.4
131.5
132.2
132.2
132.3
132.6
132.8
133.2
133.1
133.0
133.0
132.9
Italy
United
Kingdom
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
204.0
206.0
207.1
208.3
208.7
209.0
209.6
210.2
211.4
212.2
212.7
212.2
212.4
213.1
213.3
213.9
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
175.2
176.9
176.0
176.0
177.1
176.5
177.3
178.0
179.3
179.6
179.8
179.1
179.9
180.7
180.7
180.8
Source: National sources as reported by Department of Qnnnieree (Bureau of Economic
Analysis and International Trade Administration, Office of Trade arid Economic, Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; montlJy data seasonally adjusted]
Goods: Ex wits (f.a.s. value)
.
.
j
xm-'u. >a.'i ( y t.n i .
goryj
Services
(BOP basis)
Goods: Imports (customs value)
.
,cri.'us )asis { >y tri< -use ca -gory)
Balance of trade
(exports minus imporui)
hasis
AutoCap- motive
ital
Foods,
trial
Total, feeds, sup- goods vehiand
except cles,
Census
plies
2
auto- parts
bevbasis
and
and
moerages
mate- tive
enrials
gines
Consumer
57.3 75.8
66.7 86.2
85.1 109.2
99.3 138.8
104.4 152.7
109.7 166.7
109.1 175.9
111.8 181.7
121.4 205.2
146.3 233.0
21.7
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.6
61.8
14.2
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
64.4
368.4
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
749.4
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
743.4
24.4
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
33.2
In-
Period
BOP
basis
(nonfood)
except
automotive
Auto- Conmo- sumer
Captive goods
ital
trial goods vehi- (nonsup>plies except cles, food)
auto- parts except
and
moautoand
matemoentive
rials
tive
gines
In-
BOP
basis
Total,
Census
basis2
Foods,
feeds,
arid
lievcrages
223.3
250.2
320.2
362.1
389.3
4169
440.4
456.8
502.5
575.9
227.2
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
584.7
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
41.9
50.5
1995: Oct
Nov
Dec
49.5
49.8
50.1
50.3
50.6
50.9
4.4
4.4
4.5
12.5
11.9
12.1
20.3
20.7
21.2
5.2
5.1
5.2
5.5
5.5
5.5
62.6
62.1
62.7
62.2
61.8
62.5
2.8
2.7
2.7
14.7
14.9
14.8
1996: Jan
Fcb
Mar
Apr
May
June
July
48.7
50.9
50.5
50.7
51.4
51.0
48.8
51.1
50.3
52.9
49.3
51.7
51.4
51.6
52.5
51.9
50.2
52.5
51.6
54.0
4.7
4.5
4.9
4.7
4.7
4.5
4.7
4.7
4.4
4.5
11.9
12.2
12.5
12.7
12.5
12.3
11.4
12.2
12.0
12.7
19.9
21.3
20.8
21.1
21.1
20.7
20.0
21.0
20.1
22.4
5.2
5.4
4.9
4.9
5.4
5.5
5.5
5.8
5.7
5.8
5.9
5.9
5.5
5.8
5.9
6.2
64.2
63.7
64.9
66.3
68.2
65.6
66.3
67.5
67.8
67.0
63.9
63.3
63.7
64.7
66.9
64.7
65.8
66.7
67.5
66.7
2.8
2.8
3.0
3.0
3.0
2.9
2.9
3.0
3.0
3.0
15.6
14.7
15.3
16.6
17.0
16.3
17.0
16.9
17.4
17.6
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
Aug
Sept' ....
Ocf ....
1
2
r>.2
5.4
6.1
5.5
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
Exports
Imports
Goods,
(Census
basis
Goods
Services
Goods
and
services
78.2
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
124.8
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
160.0
85.9
98.3
110.9
127.0
147.5
163.8
177.3
186.1
195.8
210.6
81.0
91.7
99.5
103.5
118.8
119.6
119.5
125.5
134.1
142.2
-138.3
-152.1
-118.5
— 109.4
-101.7
— 66.7
-84.5
— 115.6
-150.6
-158.7
-145.1
-159.6
-127.0
- 1 15.2
-109.0
-74.1
-96.1
— 132.6
-166.1
-173.4
4.9
6.6
11.4
23.5
28.7
44.2
57.8
60.6
61.7
68.4
-140.1
-152.9
-115.5
— 91.8
-80.3
-29.9
- 38.3
-72.0
— 104.4
-105.1
19.5
19.2
19.3
9.6
9.9
10.3
13.4
13.1
13.2
18.0
18.2
18.0
11.8
12.0
11.8
-11.9
-11.2
-11.6
-13.1
- 12.3
- 12.6
6.2
6.2
6.2
-6.9
-6.1
-6.4
19.5
19.4
19.5
18.8
19.0
18.6
18.6
18.8
18.9
18.7
10.6
10.6
10.0
10.5
11.5
10.8
11.1
11.6
11.2
10.2
13.5
13.7
13.7
13.5
14.2
13.9
13.9
14.4
14.8
14.9
17.9
18.3
18.8
'18.4
'18.7
18.8
18.5
'18.6
18.5
18.8
12.0
12.3
12.3
'12.4
'12.6
'12.5
'12.7
'12.7
12.5
12.7
- 14.5
-11.6
- 12.3
-13.1
-14.4
-12.9
-15.6
-14.3
-15.9
- 12.7
-15.5
- 12.8
-14.4
-15.6
-16.8
-14.6
-17.5
-16.4
-17.5
-14.1
5.9
6.0
6.6
'6.1
'6.1
'6.3
'5.7
'5.9
6.1
6.1
-9.6
-6.8
-7.9
'-9.5
'-10.7
'-8.4
'-11.8
' - 10.5
-11.4
-8.0
71.8
101.3
84.5
111.0
118.3 101.4
132.3 113.3
143.2 116.4
131.6 120.7
138.6 134.3
145.6 152.4
162.0 184.4
180.7 221.4
NOTK.—HOI* refers to balance of payments on international transactions basis. HOI* data
shown here are consistent witli figures shown on pp. 36 and 37.
Sourctc Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter of 1996, the merchandise trade deficit rose to $51.6 billion, from $47.0 billion in the second
quarter. The current account deficit rose to $48.0 billion, from $40.2 billion in the second quarter.
BIWONSOfDOUARS*
-45
BIlilONS OF DOLLARS'
- -45
-
-50
•50
-55
-55
1986
* 5EASONAU.Y ADJUSTS)
SOURCE DBVUnMBtf OF GOMMBtCE
COUNOl Of ECONOMIC ADVBHS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits ( — ) ]
Services
Goods'
Imports
Net
balance
Net
military
transactions23
Net
travel Other
and
servtransices,
portanet
tion
receipts
-368,425
-409,765
-447,189
-477,365
-498,337
-490,981
-536,458
-589,441
-668,584
-749,364
- 155,301
-163,993
- 171,652
-177,638
-183,474
-190,910
-187,532
-187,448
-192,758
-200,091
- 201,530
- 145,081
- 159,557
- 126,959
- 115,245
- 109,030
- 74,068
-96,106
-132,609
-166,121
-173,424
-36,839
-41,084
-44,415
- 43,783
- 44,923
-47,927
-42,548
-38,026
-42,730
-46,996
-51,593
-5,181
-3,844
- 6,320
-6,749
-7599
-5,274
-1,448
880
1,963
3,585
-38
367
1,171
463
628
859
1,120
978
489
725
710
-8,484
-7613
-2,591
4,043
8,002
17,032
20,484
20,026
16,711
18,361
4,016
4,221
3,758
4,717
3,770
3,834
5,087
5,670
5,362
5,349
5,077
Period
Exports
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1994- I
II
HI
IV
1995: I
II
in
IV
1996- I
It'
m?
223,344
250,208
320,230
362,120
389,307
416,913
440,352
456,832
502,463
575,940
118,462
122,909
127,237
133,855
138,551
142,983
144,984
149,422
150,028
153,095
149,937
Investment income
Balance
on
goods
and
services
- 140,136 91,976
- 152,918 100,767
-115,518 129,070
-91,758 152,517
-80,336 160,300
-29,872 137,003
- 38 264 119,046
-72,039 119,900
- 104,379 141,704
- 105,064 182,659
-22702 31,841
-25,882 33,287
-28,447 37,212
-27,346 39,368
-29,515 44,100
-31,824 46,779
-24,335 45,269
-19,391 46,513
-24,227 47,497
-28,577 48,010
-33,834 48,303
18,609
18,097
20,352
26,192
28,291
32,440
38,805
39,665
43,068
46,415
10,159
10,614
11,039
11,257
11,010
11,410
12,006
11,987
12,652
12,345
11,972
1
:i
2
4
A<yusted from Census data for differences in timing and coverage; excludes military.
Transfers tinder U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).
36
Receipts Payments
on U.S. on foreign
assets assets in
U.S.
abroad
-79,095
-91,302
-115,722
- 138,639
- 139,402
-121,159
-107,851
-110,158
- 145,863
-190,674
-30,678
-33,923
-38,801
-42,462
-45,000
-47,641
-49,630
-48,403
-47,235
-50,274
-53,008
Net
12,881
9,465
13,348
13,878
20,897
15,844
11,195
9,742
-4,159
-8,016
1,163
-636
-1,589
-3,094
-900
-862
- 4,361
- 1,890
262
-2,264
- 4,705
Balance
on goods, Unilateral
services, transfers,
net4
and
income
- 127,255
-143,453
-102,170
-77,880
-59,439
- 14,028
-27,069
-62,297
- 108,539
-113,079
-21,539
-26,518
-30,036
-30,440
-30,415
-32,686
-28,696
-21,281
-23,965
-30,841
-38,539
-24,833
-23,939
-26,266
-27,696
-35,219
4,510
-35,514
-37,640
-39,866
-35,075
-8,169
-9,507
- 9,975
-12,215
-8,639
-8,290
-8,992
-9,154
-10,904
-9,369
-9,422
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
See p. 3? for continuation of table.
Balance
on
current
account
- 152,088
- 167,392
-128,436
- 105,575
- 94,657
-9,518
- 62,583
- 99,936
- 148,405
- 148,154
-29,708
-36,025
-40,011
- 42,655
- 39,054
-40,976
-37,688
- 30,435
- 34,869
-40,210
-47,961
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $32.5 billion in the third quarter
of 1996, following almost no change in the second quarter. U.S. liabilities to private foreigners reported by U.S.
banks, excluding Treasury securities, increased $0.3 billion in the third quarter, following an increase of $1.9 billion
in the second quarter.
BILUONSOFDOUARS*
BILUONSOFDOUARS*
120
1996
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
U.S. assets abroad, net
[inerease/capitj
)]
Period
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1994- I
II
Ill
rv
1995:
I
II
Ill
IV
1996- I
IIlllP
U.S.
official
reserve
assets35
312
- 106,753
9,149
-72,617
-100,087 -3,912
-168,744 -25,293
-74,011 -2,158
-57,881
5,763
-68,622
3,901
-194,609 -1,379
5,346
-150,695
- 307,856 -9,742
-36,897
-59
3,537
-28,627
-165
-25,569
-59,603
2,033
-61,747 -5,318
-108,299 -2,722
- 39,595 -1,893
-98,214
191
- 68,750
17
-50,726
-523
7,489
-54,676
Other U.S.
Government
assets
-2,022
1,006
2,967
1,259
2,307
2,911
-1,657
-342
341
-280
399
491
-288
-943
-154
-179
252
-199
-152
- 353
72
U.S.
private
assets
- 105,044
-82,771
-99,141
-144,710
74160
-66,555
-70,866
192 889
- 155,700
-297,834
-37,237
-32,655
25 116
- 60,693
-56,275
- 105,398
-37,954
-98,206
-68,615
-49,850
- 62,237
Total
226,111
242,983
240,265
218,490
122,192
94,241
154,285
250,996
285,376
424,462
83,235
45,889
83,619
72,632
90,995
115,421
118,816
99,229
99,471
100,549
123,999
5
Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the IMF.
Foreign
official
assets3
Other
foreign
assets
35,648
45,387
39,758
8,503
33,910
17,389
40,477
72,153
40,253
109,757
11,036
9,166
19,785
266
21,822
37,380
39,186
11,369
52,021
13,566
23,642
190,463
197,596
200,507
209,987
88,282
76,853
113,808
178,843
245,123
314,705
72,199
36,723
63,834
72,366
69,173
78,041
79,630
87,860
47,450
86,983
100,357
Statistical discrepancy
Allocations
of special
Total {sum
Of which:
drawing
of the items
Seasonal
rights
with sign
adjustment
(SDKs)
reversed)
discrepancy
32,729
-2,974
-11,743
55,830
46,476
-26,843
-23,080
43,550
13,724
31,548
-16,630
18,763
-18,039
29,626
9,806
33,854
-41,533
29,420
4,148
-9,613
-21,362
5,105
274
-6,490
1,107
6,519
-266
- 7,407
1,153
6,279
-801
-8,699
U.S. official
reserve
assets, net 5
{unadjusted,
end of
period)
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
85,832
76,809
75,732
76,532
74,335
86,761
90,063
87,152
85,832
84,212
83,455
75,509
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
Page
TOTAL OUTPUT, INCOME. AND SPENDING
Gross Domestic Product
Real Gross Domestic Product
Implicit Price Deflators for Gross Domestic Product
Quantity and Price Indexes for GDP and Percent Changes
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—AH Urban Consumers
Prices Received and Paid by Farmers
,
22
23
24
24
25
MONEY. CREDIT. AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer 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
c
Revised.
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
38
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