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104th Congress, 2d Session
Economic Indicators
FEBRUARY 1996
(Includes data available as of March 13, 1996)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
27
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)
DAVID R. OBEY (Wisconsin)
LEE H. HAMILTON (Indiana)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Chairman
MARTIN N. BAILY, Member
ALICIA H. MUNNELL, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
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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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11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 1995, according to advance estimates, current-dollar gross domestic product (GDP) rose
2.7 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 0.9 percent, and the implicit price deflator
rose 1.8 percent.
BIUIONS OF DOUARS (RATIO SCALE]
BIUIONS OF DOLLARS (RATIO SCALE]
7,600
7,600
SEASONAUY ADJUSTED ANNUAL RATES
7,200
7,200
6,800
^•
GDP
MNED( 1992] DOHA
(5,400
^/
6,000
S
^ s ~~
.
5,200
s
4,800
6,000
X"-~
5,600
x^
— ~~
6,400
>^
--""
5,600
^
6,800
__,
"~^~
\
.-''"
—
^
5,200
s
^\
/
\
/ GDP
^ IN CURRENT DOLLARS
/
4,800
4,400
4,400
/
4,000
4,000
S
/
3,600
3,600
/
3,200
^
3,200
1 1 1
I I I
i i i
i i i
i i i
I i i
i i i
1 1 1
1 1 1
i
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
i i
i i i
I I I
i
i i
1992
1993
1994
i i i
1995
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995P
1990199119921993-
IV
IV
IV
I
II
in
IV
1994- I
II
in
IV
1995- I
II
in
IV P
J
Personal
Gross
conprivate
Gross
domestic sumption domestic
product expendi- investtures
ment
4,422.2
4,692.3
5,049.6
5,438.7
5,743.8
5,916.7
6,244.4
6,550.2
6,931.4
7,247.7
5,781.5
6,002.3
6,383.0
6,442.8
6,503.2
6,571.3
6,683.7
6,772.8
6,885.0
6,987.6
7,080.0
7,147.8
7,196.5
7,298.5
7,348.1
2,892.7
3,094.5
3,349.7
3,594.8
3,839.3
3,975.1
4,219.8
4,454.1
4,698.7
4,923.4
3,907.0
4,027.1
4,329.6
4,367.8
4,424.7
4,481.0
4,543.0
4,599.2
4,665.1
4,734.4
4,796.0
4,836.3
4,908.7
4,960.0
4,988.8
722.5
747.2
773.9
829.2
799.7
736.2
790.4
871.1
1,014.4
1,067.5
736.1
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
1,072.7
Exports and imports
of goods and services
Federal
Net
exports
Exports
-131.5
-142 1
-106.1
-80.4
-71.3
-205
-29.5
-649
-96.4
-101.7
-72.0
-14.8
-42.7
-47.4
-62.0
-77.1
-73.2
-80.3
-97 4
-108.4
-99.7
-106.6
-122.4
-100.8
-76.9
GDP less exports of goods and services plus imports of goods and services.
Government consumption expenditures
and gross investment
Imports
Total
Total
320.7
365.7
447.2
509.3
557.3
601.8
639.4
660.0
722.0
804.5
577.3
624.4
649.1
649.4
662.5
648.5
679.4
681.5
708.6
734.2
763.6
778.6
796.9
812.5
830.1
452.2
507.9
553.2
589.7
628.6
622.3
669.0
724.9
818.4
906.2
649.2
639.3
691.8
696.8
724.6
725.6
752.6
761.7
806.0
842.6
863.3
885.1
919.3
913.3
907.0
938.5
992.8
1,032.0
1,095.1
1,176.1
1,225.9
1,263.8
1,289.9
1,314.7
1,358.5
1,210.4
1,229.2
1,280.0
1,278.8
1,284.6
1,293.6
1,302.7
1,296.4
1,300.8
1,328.0
1,333.5
1,346.0
1,359.9
1,364.5
1,363.5
435.2
455.7
457.3
477.2
503.6
522.6
528.0
522.1
516.3
516.8
516.7
515.5
535.0
525.0
519.6
520.8
522.9
511.3
509.4
523.6
520.9
519.9
522.6
516.7
508.0
National
defense
332.4
350.4
354.0
360.6
373.1
383.5
375.8
362.2
352.0
345.7
383.3
373.0
375.3
365.2
362.2
360.7
360.8
346.7
349.3
362.1
349.6
347.7
352.3
345.6
337.1
Nondefense
102.9
105.3
103.3
116.7
130.4
139.1
152.2
159.9
164.3
171.1
133.3
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
170.9
State
and
local
503.3
537.2
574.7
617.9
672.6
703.4
735.8
767.8
798.4
841.7
693.7
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
855.4
Gross
Final
sales of domestic
domestic
purproduct chases '
4,412.6
4,668.1
5,038.7
5,407.0
5,735.8
5,919.0
6,237.4
6,529.7
6,871.8
7,209.6
5,812.9
5,980.9
6,376.6
6,422.9
6,481.6
6,549.3
6,664.9
6,732.6
6,810.5
6,922.9
7,021.3
7,089.7
7,162.5
7,260.3
7,325.9
Source: Department of Commerce, Bureau of Keoriornie Analysts.
4,553.7
4,834.5
5,155.6
5,519.1
5,815.1
5,937.2
6,274.0
6,615.2
7,027.8
7,349.4
5,853.5
6,017.1
6,425.7
6,490.1
6,565.2
6,648.4
6,756.9
6,853.1
6,982.5
7,096.0
7,179.6
7,254.3
7,318.9
7,399.3
7,425.0
Addendum:
Gross
national
product
4,435.1
4,701.3
5,062.6
5,452.8
5,764.9
5,932.4
6,255.5
6,560.0
6,922.4
5,813.6
6,016.6
6,390.5
6,458.4
6,512.3
6,584.8
6,684.5
6,773.6
6,876.3
6,977.6
7,062.2
7,140.5
7,187.0
7,283.0
REAL GROSS DOMESTIC PRODUCT
| Billions of chained (1992) dollars; quarterly data at seasonally a^usted annual rates]
Personal
Period
Gross
domestic
product
consumption
expenditures
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995?
19901991:
19921993-
5,489.9
5,648.4
5,862.9
6,060.4
6,138.7
6,079.0
6,244.4
. . .. 6,383.8
6,604.2
6,740.8
6,081.0
IV
IV
6,104.4
IV
6,327.3
6,327.0
I
II
6,353.7
in
6,390.4
IV
6,463.9
1994: I
6,504.6
6,581.5
II
6,639.5
in
rv
6,691.3
1995- I
6,701.6
JI
6,709.4
6,768.3
m
6,783.8
IV
3,708.7
3,822.3
3,972.7
4,064.6
4,132.2
4,105.8
4,219.8
4,339.7
4,471.1
4,577.4
4,116.4
4,109.1
4,282.3
4,290.0
4,319.0
4,359.7
4,390.0
4,418.8
4,457.7
4,485.8
4,522.3
4,530.9
4,568.8
4,600.4
4,609.7
Gross private
domestic investment
Nonresidcntial
fixed
investment
Residential
548.5
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
716.3
573.9
539.5
569.1
577.5
586.4
593.1
617.6
628.6
639.5
660.4
679.7
704.4
710.6
719.7
730.7
fixed
investment
257.0
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.5
200.3
202.4
236.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.6
262.3
265.2
Exports and imports of
goods and services
Change
in business
inventories
Net
exports
10.9
26.2
11.6
33.3
10.4
-3.0
7.3
19.1
58.9
34.7
-28.2
21.4
5.8
18.5
20.8
19.5
17.4
40.1
74.1
64.0
57.3
54.5
30.6
33.2
20.4
-163.9
-1562
-114.4
-82.7
-61.9
-22.3
-29.5
-74.4
-108.1
-1136
-42.5
-17.9
-40.0
-55.2
-67.0
-89.1
-86.2
-101.3
-112.2
-113.3
- 105.8
-119.0
-126.8
-114.3
-94.1
Government consumption expenditures
and gross investment
Federal
State
Ex|K>rts
Imports
Total
Total
362.2
402.0
465.8
520.2
564.4
599.9
639.4
660.6
715.1
774.7
573.9
623.5
649.1
649.8
662.3
648.9
681.4
680.4
704.3
724.8
751.0
755.8
764.3
779.1
799.6
1
GDP less exports of goods and services plus imports of goods and services.
Note.—llecause of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components rlo not will to the chained-doilar value of GDP or to any
intermediate aggregates.
526.1
558.2
580.2
603.0
626.3
622.2
669.0
735.0
823.3
888.3
616.4
641.4
689.1
705.1
729.4
738.1
767.6
781.7
816.5
838.1
856.8
874.9
891.2
893.4
893.7
1,135.0
1,165.9
1,180.9
1,213.9
1,250.4
1,258.0
1,263.8
1,260.5
1,259.9
1,261.0
1,259.9
1,250.7
1,272.5
1,257.2
1,257.9
1,261.1
1,265.7
1,252.3
1,249.7
1,271.0
1,266.6
1,263.0
1,265.8
1,263.6
1,251.7
National
defense
518.4
534.4
524.6
531.5
541.9
539.4
528.0
508.7
489.7
473.0
543.5
526.9
534.0
515.7
509.2
505.4
504.5
489.8
483.3
496.6
489.1
481.3
479.9
472.7
457.9
393.4
409.2
405.5
401.6
401.5
397.5
375.8
354.9
336.9
320.1
403.1
381.7
376.8
361.2
356.4
351.2
350.8
334.8
335.5
346.1
331.3
325.3
326.1
319.3
309.6
Nondefense
125.2
125.3
119.1
130.1
140.5
142.0
152.2
153.8
152.6
152.6
140.5
145.3
157.1
154.5
152.7
154.2
153.7
154.8
147.7
150.5
157.5
155.6
153.6
153.1
148.0
and
local
616.9
631.8
656.6
682.6
708.6
718.7
735.8
751.8
770.5
788.6
716.5
723.8
738.5
741.6
748.8
755.7
761.3
762.7
766.8
774.7
777.7
782.2
786.3
791.5
794.6
Final
sales of
domestic
product
Gross
domestic
5,480.9
5,626.0
5,855.1
6,028.7
6,126.7
6,082.6
6,237.4
6,362.9
6,546.3
6,705.5
6,108.1
6,083.8
6,320.7
6,307.7
6,331.6
6,368.2
6,444.1
6,464.0
6,509.0
6,576.8
6,635.2
6,647.5
6,677.4
6,733.3
6,763.9
5,666.1
5,815.7
5,983.9
6,146.1
6,202.1
6,101.1
6,274.0
6,457.3
6,709.7
6,850.9
6,124.3
6,122.3
6,367.3
6,382.0
6,420.2
6,478.3
6,548.7
6,603.9
6,691.0
6,749.7
6,794.0
6,816.9
6,832.0
6,879.4
6,875.3
purchases '
Adden-
dum:
Gross
national
product
5,503.4
5,657.2
5,876.2
6,074.0
6,159.4
6,094.4
6,255.5
6,393.7
6,596.6
6,113.4
6,118.7
6,334.8
6,342.7
6,362.9
6,404.0
6,465.1
6,506.2
6,573.9
6,631.1
6,675.4
6,695.7
6,701.2
6,754.6
Source: Department of Commerce, Bureau of Economic Analysis,
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
j Index numbers, 1992= 100; quarterly data are seasonally adjusted]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995P
1990: IV
1991: IV
1992: IV
1993- I
II
m
IV
1994- I
II
m
rv
1995- I
II
in
IV
Gross
domestic
product
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
105.0
107.5
95.1
98.3
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
106.7
107.3
107.8
108.3
Total
78.0
81.0
84.3
88.4
92.9
96.8
100.0
102.6
105.1
107.6
94.9
98.0
101.1
101.8
102.4
102.8
103.5
104.1
104.7
105.5
106.1
106.7
107.4
107.8
108.2
Durable
goods
Nondurable goods
Services
88.9
91.6
93.3
95.3
96.6
98.5
100.0
101.3
103.4
104.4
97.0
99.1
100.2
100.5
101.1
101.5
101.9
102.4
103.2
104.0
103.9
104.6
104.7
104.4
103.7
78.7
81.8
84.8
89.3
94.6
98.1
100.0
101.5
102.8
104.5
97.4
98.7
100.7
101.3
101.5
101.3
101.9
102.0
102.4
103.3
103.6
103.9
104.5
104.6
105.0
75.3
78.2
82.2
86.6
91.2
95.8
100.0
103.6
106.7
109.9
93.1
97.4
101.5
102.4
103.3
103.9
104.7
105.6
106.2
107.1
107.9
108.8
109.7
110.3
111.0
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
domestic investment
Personal constimption
expenditures
Nonresidential
fixed
Residential fixed
90.2
91.3
93.7
96.2
98.4
99.9
100.0
100.9
102.3
103.3
99.4
99.9
100.1
100.5
100.8
101.0
101.1
101.6
102.2
102.7
102.7
102.7
103.4
103.7
103.4
84.9
88.3
92.1
95.1
97.8
98.8
100.0
103.7
107.0
110.3
98.3
98.9
101.4
102.3
103.6
104.3
104.7
105.7
106.2
107.4
108.6
109.2
109.9
110.7
111.3
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
Exports
Imports
Total
88.5
91.0
96.0
97.9
98.7
100.3
100.0
99.9
101.0
103.8
100.6
100.2
100.0
99.9
100.0
99.9
99.7
100.2
100.6
101.3
101.7
103.0
104.3
104.3
103.8
86.0
91.0
95.3
97.8
100.4
100.0
100.0
98.6
99.4
102.0
105.3
99.7
100.4
98.8
99.3
98.3
98.0
97.4
98.7
100.5
100.8
101.2
103.2
102.2
101.5
84.0
85.3
87.2
89.8
92.9
96.9
100.0
102.6
105.4
109.3
95.1
97.8
100.2
101.8
102.0
103.0
103.6
104.4
105.4
105.4
106.5
108.0
108.9
109.3
110.9
National
defense
Nondefense
84.5
85.6
87.3
89.8
92.9
96.5
100.0
102.1
104.5
108.0
95.1
97.7
99.6
101.1
101.6
102.7
102.8
103.6
104.1
104.6
105.6
106.9
108.0
108.2
108.9
82.2
84.0
86.7
89.7
92.8
97.9
100.0
104.0
107.7
112.2
94.9
98.1
101.6
103.4
103.1
103.9
105.5
106.3
108.3
107.3
108.7
110.6
110.9
111.8
115.5
State
and
local
81.6
85.0
87.5
90.5
94.9
97.9
100.0
102.1
103.6
106.7
96.8
98.6
100.9
101.6
102.2
102.3
102.4
102.9
103.2
103.8
104.5
105.6
106.5
107.1
107.7
QUANTITY AND PRICE INDEXES FOR GROSS DOMESTIC PRODUCT AND
PERCENT CHANGES
(Quarterly data arc seasonally a(h;usted|
Percent change from preceding period'
Index nuintern, 1992=100
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
111.0
116.1
93.2
94.4
95.3
96.1
98.0
99.3
100.4
102.2
103.2
104.1
105.2
107.0
108.5
110.3
111.9
113.4
114.5
115.2
116.9
117.7
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995C
1991: I
II ....
in ..
IV ...
1992: I
II ....
in ..
IV ...
1993: I
II ....
in ..
IV ...
1994: I
II ....
m ..
IV ...
1995: I
II ....
in ..
Pfp .
Chain-type
price index
74.0
77.0
82.3
85.3
87.9
90.5
93.9
97.1
98.3
97.3
100.0
102.2
105.8
107.9
96.9
97.3
97.5
97.8
98.9
99.5
100.3
101.3
101.3
101.7
102.3
103.5
104.2
105.4
106.3
107.2
107.3
107.4
108.4
108.6
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
96.3
97.0
97.7
98.3
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
108.5
1
Percent changes shown here are calculate using unrounded data. Quarterly percent
changes are at annual rate;.
Implicit
price
deflator
Chain-type
quantity
index
Current
dollars
70.1
73.1
75.9
78.4
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
105.0
107.5
96.3
97.0
97.7
98.3
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
107.8
108.3
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
2.8
4.9
4.0
3.6
8.2
5.3
4.6
7.3
3.8
3.8
4.3
7.0
5.4
6.8
6.1
5.4
3.9
2.8
5.8
2.7
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
2.2
3.5
2.1
-2.2
1.7
1.0
1.0
4.7
2.5
3.0
4.3
.0
1.7
2.3
4.7
2.5
4.8
3.6
3.2
.6
.5
3.6
.9
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
4.8
3.2
2.8
2.5
3.4
2.8
1.5
2.8
3.8
2.2
1.8
2.3
2.8
1.9
2.4
2.2
3.3
2.5
2.2
2.2
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
2.4
5.1
3.1
2.9
2.5
3.3
2.7
1.5
2.9
3.8
2.1
1.9
2.2
2.8
1.9
2.4
2.2
3.2
2.3
2.2
1.8
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT. COSTS, AND PROFITS
I Quarterly data at seasonally adjusted annual rates]
Gross domestic product
of norifinancial
eorjxjrate business
(billions of dollars)
Period
Current
dollars
1986
1987
1988
1989
1990
1991
1992
1993
1994
1990:
1991:
1992:
1993:
IV .
IV .
IV .
I
II ..
m
rv.
1994: I
II ..
m
rv.
1995: I
II..
2,416.3
2,589.6
2,805.2
2,950.9
3,084.0
3,132.1
3,262.6
3,437.5
3,688.4
3,097.4
3,159.5
3,341.7
3,345.3
3,407.8
3,458.7
3,538.0
3,594.4
3,664.9
3,707.2
3,786.9
3,796.4
3,832.4
3,916.1
Chained
(1992)
dollars
Current-dollar cost and profit per unit of real output (dollars)'
Consumption of
fixed
capital
Total
cost and
profit 2
2,832.4
2,967.0
3,122.1
3,175.4
3.212.5
3,168.8
3,262.6
3,380.0
3,567.1
3,190.2
3,182.5
3,328.5
3,304.0
3,357.4
3,398.4
3,460.1
3,496.2
3,554.5
3,576.2
3,641.5
3,631.6
3,646.1
3,715.1
'Output is measured by <JDP of riorifinancial cor|>orate business in chained (1992) dollars.
This is equal to the deflator for gross domestic product of nonfinancial corporate business
with the decimal point shifted two places to the left.
:t
Indirect business tax and nontax liability plus business transfer payments less subsidies.
Indirect
business
tax, etc.11
Compensation
Corporate profits with inventory
valuation and capital consumption
adjustments
of em-
Profits
ployees
tax
liability
0.853
.873
.898
.929
.960
.988
1.000
1.017
1.034
.971
.993
1.004
1.012
1.015
1.018
1.023
1.028
1.031
1.037
1.040
1.045
1.051
1.054
4
0.100
.100
.101
.106
.110
.116
.115
.115
.116
.112
.116
.113
.116
.115
.116
.114
.122
.114
.114
.113
.114
.116
.115
0.083
.083
.084
.088
.092
.100
.103
.105
.106
.095
.103
.105
.105
.105
.105
.107
.107
.106
.107
.106
.109
.110
.108
0.566
.578
.591
.614
.640
.660
.673
.679
.682
.649
.667
.672
.681
.679
.679
.676
.679
.681
.683
.686
.694
.698
.695
0.069
.076
.082
.075
.072
.070
.077
.088
.102
.068
.068
.085
.079
.085
.089
.098
.093
.103
.105
.108
.100
.100
.109
0.027
.031
.033
.031
.030
.027
.028
.031
.036
.030
.027
.030
.028
.031
.029
.034
.035
.036
.037
.039
.039
.038
.038
With inventory valuation and capital consumption afhjistments.
2
Sources: Department of Commerce, Bureau of Economic Analysis.
Profits
after
tax 4
0.042
.044
.050
.044
.042
.043
.049
.057
.066
.039
.041
.055
.050
.055
.059
.065
.058
.067
.068
.070
.061
.062
.071
Net
ntcrest
0.035
.035
.039
.046
.046
.042
.032
.029
.027
.046
.039
.030
.031
.030
.029
.028
.027
.028
.028
.027
.028
.028
.027
NATIONAL INCOME
| Billions of dollars; quarterly data at seasonally adjusted annual rates)
National
income
Period
1989
1990
1991
1992
1993
1994
1995P
199019911992:
1993-
Compensation
of
employees'
4,362.1
4,611.9
4,719.7
4,950.8
5,194.4
5,495.1
4,667.2
4,770.0
5,061.7
5,094.9
5,159.9
5,213.0
5,309.9
5,300.5
5,493.7
5,551.2
5,635.0
5,697.7
5,738.9
5,849.2
IV
IV
IV
I
II
in
IV
1994: I
II
m .. .
IV
1995- I
II
m
IV
1
Proprietors' income
with inventory valuation and capital eonsumption adjustments
Farm
Nonfarm
36.8
36.3
30.2
38.0
32.0
35.0
28.7
33.9
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
30.6
3,151.6
3,352.8
3,457.9
3,644.9
3,809.4
4,008.3
4,209.4
3,395.9
3,511.0
3,707.0
3,744.1
3,787.8
3,834.8
3,871.0
3,933.6
3,993.3
4,022.7
4,083.7
4,141.6
4,178.9
4,235.9
4,281.1
308.2
324.6
332.7
371.5
388.1
415.9
449.2
327.1
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
454.7
Kental
income
of
persons
with
capital
consumption
adjustment
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
52.4
61.4
68.4
80.6
102.5
116.6
122.2
67.3
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
125.7
Inventory
valuation
adjustment
Profits
before tax
356.4
369.5
382.5
401.4
464.5
526.5
330.6
358.2
378.2
398.9
457.7
514.9
348.1
371.7
374.2
406.4
464.3
528.2
365.5
379.6
427.7
426.4
449.0
469.6
512.8
455.9
531.5
549.8
568.9
559.6
561.1
614.9
356.5
375.2
420.5
421.4
443.2
465.9
500.4
467.8
513.4
531.0
547.6
542.2
546.1
600.3
376.7
382.8
420.3
436.0
458.8
458.0
504.5
471.7
523.2
547.5
570.4
594.1
588.4
609.6
-17.5
-13.5
4.0
-7.5
-6.6
-13.3
-27.6
-20.3
-7.6
.2
-14.6
-15.6
7.9
-4.0
-3.9
-98
-16.5
-22 8
-51.9
-423
-9.3
-68
Capital
consumption
adjustment
25.8
11.3
4.3
2.5
6.7
11.6
15.9
9.0
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
Net
interest
456.6
467.3
448.0
414.3
398.1
392.8
477.5
434.3
412.4
412.6
402.6
390.4
386.7
388.7
393.5
397.8
391.1
403.9
402.6
397.8
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for soda! insurance. (See also p. 5.)
REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (1992) dollars, except as noted; quarterly data at seasonally a<Uusted annual rates|
Durable goods
Total
personal
consumption
Period
expenditures
1989
1990
1991
1992
1993
1994
1995<>
1990- IV
1991: IV
1992- IV
1993: I ..
II
in
IV
1994: I
II
in
IV
1995- I
II
m
IV?
.
4,064.6
4,132.2
4,105.8
4,219.8
4,339.7
4,471.1
4,577.4
4,116.4
4,109.1
4,282.3
4,290.0
4,319.0
4,359.7
4,390.0
4,418.8
4,457.7
4,485.8
4,522.3
4,530.9
4,568.8
4,600.4
4,609.7
1
Total
durable
goods
496.2
493.3
462.0
488.5
524.1
562.0
581.1
476.3
461.5
505.0
506.0
519.6
528.9
541.9
549.6
555.4
563.0
579.9
566.9
576.6
589.7
591.2
Motor
vehicles
and
parts
230.3
224.3
193.2
206.9
218.6
228.2
221.3
210.0
194.6
213.9
210.8
219.0
219.1
225.4
230.3
226.7
226.4
229.4
216.2
220.7
225.9
222.3
Furniture
and
household
equipment
170.9
173.5
177.0
189.4
208.4
230.1
251.8
171.5
178.0
196.4
200.8
205.1
211.0
216.8
219.0
226.1
232.5
242.7
243.3
247.5
254.9
261.4
Other
96.4
96.6
91.8
92.3
97.2
104.2
109.7
95.5
88.9
94.6
94.5
95.5
98.9
99.9
100.4
103.0
104.7
108.8
108.9
109.9
110.5
109.6
Total
nondurable
{roods
1,303.5
1,316.1
1,302.9
1,321.8
1,348.9
1,390.5
1,421.5
1,308.4
1,295.7
1,339.8
1,336.9
1,344.7
1,354.2
1,359.8
1,372.7
1,383.7
1,397.2
1,408.4
1,416.8
1,423.5
1,425.4
1,420.3
Food
650.1
662.9
659.6
660.0
674.3
689.1
701.6
662.9
656.5
668.6
670.5
672.9
675.7
677.9
682.2
688.5
690.6
695.1
700.7
701.6
703.9
700.2
Includes other items, not shown separately.
NOTB.—Because of the formula used for calculating real (51)1*, the chained (1992) dollar
estimates for the detailed components (In not (M to the chained-dollar value of GDI* or to any
intermediate
Services
Nondurable goods
Clothing
Gasoline
and
and oil
shoes
220.7
217.9
215.9
225.5
233.3
247.2
257.1
215.1
213.1
230.9
227.4
232.3
235.0
238.6
241.1
243.3
249.0
255.5
254.6
258.0
258.9
257.1
108.1
107.3
103.4
106.6
109.1
110.4
113.3
104.9
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
113.5
Fuel
oil
ami
eoal
Other
12.6
11.2
10.8
10.9
10.7
10.3
10.3
9.9
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
10.6
311.5
316.7
313.2
318.8
321.6
333.6
339.4
315.6
312.8
322.3
319.9
320.9
322.0
323.4
329.2
332.4
336.0
336.7
338.3
340,0
340.3
339.1
Total
services '
2,262.3
2,321.3
2,341.0
2,409.4
2,466.8
2,519.4
2,575.7
2,331.2
2,352.0
2,437.6
2,447.0
2,454.9
2,476.7
2,488.6
2,497.0
2,519.0
2,526.3
2,535.1
2,548.1
2,569.6
2,586.3
2,598.8
Housing
614.6
627.2
635.2
646.8
655.0
668.2
681.9
630.6
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
687.0
Retail sales of new
passenger ears
(millions of units)
Medical
cart!
575.8
602.8
621.6
646.6
658.8
668.8
684.0
610.6
630.8
652.2
656.6
657.5
659.7
661.4
663.2
667.6
670.4
674.2
677.8
681.3
686.1
690.7
Source: Department of Ommierce, Bureau of Economic Analysis.
Domestics
7.1
6.9
6.1
6.3
6.7
7.3
7.1
6.6
6.1
6.4
6.3
6.9
6.7
7.1
7.3
7.2
7.2
7.3
7.0
6.9
7.5
7.3
Imports
2.7
2.4
2.0
1.9
1.8
1.7
1.5
2.2
2.0
1.9
1.8
1.9
1.8
1.7
1.8
1.8
1.8
1.6
1.6
1.6
1.5
1.4
SOURCES OF PERSONAL INCOME
Personal income rose $7.5 billion (annual rate) in January, following an increase of $38.4 billion in December.
The January increase was affected by a number of special factors, including cost-of-living adjustments to several
Federal transfer payment programs and pay raises for Federal civilian and military employees. Adjustments for
uninsured damages to residential and business property due to the severe winter storms in January will be incorporated into data to be released in April.
BILLIONS OF DOLLARS* [RATIO SCALE)
BIlilONS OF DOLLARS* (RATIO SCALE)
7,000
7,000
6,000
6,000
5,000
5,000
TOTAL PERSONAL INCOME
4,000
4,000
3,000
3,000
\
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
OTHER INCOME '
800
800
TRANSFER PAYMENTS
400
I I IM IIIIM
1988
i i I I I I I i 111
1989
1990
I I I I l I l I I I I 400
I I II IIM I1 i
M I I I I I I I II
199)
1992
1994
1993
1995
* SEASONAUY ADJUSTS) ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1996
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995?
1995- Jan
Peb
...
.
....
..
May
Julyr
Septr
Oetr
Novr
1996- Jan*1
..
....
Total
personal
income
3,647.5
3,877.3
4,172.8
4,489.3
4,791.6
4,968.5
5,264.2
5,479.2
5,750.2
6,100.9
5,977.0
5,993.7
6,015.9
6,053.9
6,046.2
6,085.5
6,123.1
6,125.9
6,157.9
6,186.3
6,203.7
6,242.1
6,249.6
Wage and
salary
disbursements1
2,116.5
2,272.7
2,453.6
2,598.1
2,757.5
2,827.6
2,986.4
3,090.6
3,241.1
3,419.7
3,354.5
3,360.8
3,369.4
3,399.2
3,374.7
3,405.9
3,438.7
3,433.3
3,454.8
3,476.5
3,474.6
3,494.1
3,487.8
Proprietors' income3
Other labor
income1 2
216.0
235.4
251.7
273.1
300.6
322.7
351.3
380.9
402.2
424.0
416.2
417.7
419.2
420.6
422.0
423.4
424.6
425.8
427.2
428.7
430.2
431.7
427.4
1
The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and
the excess of wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
Farm
25.2
32.3
28.2
36.8
36.3
30.2
38.0
32.0
35.0
28.7
29.4
28.4
27.8
27.8
27.6
27.4
27.6
28.0
28.8
29.8
30.6
31.3
33.1
3
Nonfarm
242.6
260.6
294.7
308.2
324.6
332.7
371.5
388.1
415.9
449.2
442.8
443.0
444.7
445.5
446.2
449.7
448.4
451.9
454.2
452.9
454.7
456.7
456.1
Rental
income
of
persons*
Personal
dividend
income
42.3
45.5
55.7
52.4
61.4
68.4
80.6
102.5
116.6
122.1
122.2
120.5
119.1
120.4
122.1
122.3
122.0
120.6
120.2
119.0
126.9
130.1
130.6
105.1
101.1
109.9
130.9
142.9
153.6
159.4
186.8
199.6
214.8
208.8
209.4
210.4
211.5
212.1
212.9
214.3
215.6
217.4
219.5
221.9
223.8
225.3
Personal
interest
income
543.3
560.0
595.5
674.5
704.4
699.2
667.2
647.3
661.6
714.4
695.8
702.3
707.6
711.4
714.1
716.4
716.8
717.4
718.3
720.6
724.3
727.7
730.3
Transfer
payments 5
518.6
543.3
577.6
626.0
687.8
769.9
858.2
910.7
956.3
1,022.6
996.9
,001.7
,008.4
,010.6
,018.8
,021.0
,026.6
1,028.9
1,034.1
1,038.2
1,039.4
1,046.9
1,058.3
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
Less: Personal contributions
for social
insurance
162.1
173.7
194.2
210.8
223.9
235.8
248.4
259.6
278.1
294.6
289.6
290.1
290.9
293.0
291.4
293.6
295.9
295.6
297.2
299.0
298.9
300.3
299.4
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (1992) dollars rose in the
fourth quarter of 1995.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
6,000
10,000
10,000
8,000
COUNCIL OF ECONOMIC AOT1SERS
Period
Personal
income
Ije&S:
Personal
tax and
nontax
payments
Equals:
Disposable
persona!
infiome
Less:
Personal
outlays '
Equals:
Personal
saving
Disposable
personal
income in
billions of
chained
(1992)
dollars
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1987 ..
1988
1989
1990
1991
1992
1993
1994
1995^
3,877.3
4,172.8
4,489.3
4,791.6
4,968.5
5,264.2
5,479.2
5,750.2
6,101.0
514.2
532.0
594.9
624.8
624.8
650.5
689.9
731.4
794.6
3,363.1
3 640.8
3,894.5
4,166.8
4,343.7
4,613.7
4,789.3
5,018.8
5,306.4
Chained
(1992)
dollars
Per capita personal
consumption
expenditures
Current
dollars
Chained
(1992)
dollars
Dollars
3,194,7
3,451 7
3,706.7
3,958.1
4,097.4
4,341.0
4,572.9
4,826.5
5,065.7
168.4
189.1
187.8
208.7
246.4
272.6
216.4
192.4
240.7
4,154.1
4,318.1
4,403.7
4,484.6
4,486.4
4,613.7
4,666.2
4,775.6
4,933.5
13,849
14,857
15,742
16,670
17,191
18,062
18,552
19,253
20,169
Percent
change
in real
per capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
17,106
17,621
17,801
17,941
17,756
18,062
18,075
18,320
18,752
12,743
13,669
14,531
15,360
15,732
16,520
17,253
18,025
18,714
15,740
16,211
16,430
16,532
16,249
16,520
16,810
17,152
17,399
0.7
3.0
1.0
.8
10
1.7
.1
1.4
2.4
5.0
5.2
4.8
5.0
5.7
5.9
4.5
3.8
4.5
242,842
245,061
247,387
249,956
252,680
255,432
258,159
260,681
263,090
17,802
17,759
18,277
17,899
18,068
18,081
18,251
17,966
18,361
18,407
18,544
18,672
18,634
18,794
18,907
15,564
15,871
16,877
16,985
17,164
17,335
17,528
17,707
17,920
18,139
18,330
18,447
18,682
18,831
18,895
16,398
16,194
16,692
16,682
16,754
16,865
16,937
17,013
17,123
17,187
17,283
17,282
17,388
17,465
17,459
-3.8
-.0
6.7
-8.0
3.8
.3
3.8
-6.1
9.1
1.0
3.0
2.8
-.8
3.5
2.4
5.0
6.0
6.1
4.3
4.8
4.3
4.7
2.8
4.2
4.1
4.2
4.8
4.0
4.4
4.9
251,031
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
Seasonally adjusted annual rates
1990- IV
1991: IV ....
1992: IV
1993: I
II
Ill
IV
1994:
I
II
Ill
IV
1995: I
II
III .
IVp
4,868.6
5,048.9
5,415.3
5,348.7
5,458.4
5,500.5
5,609.1
5,562.4
5,743.0
5,801.7
5,893.9
5,995.5
6,061.9
6,135.6
6,210.9
627.1
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
808.3
4,241.5
4,416.4
4,740.5
4,686.3
4,771.6
4,804.1
4,895.3
4,856.9
5,002.2
5,070.4
5,145.8
5,225.5
5,260.4
5,337.2
5,402.5
4,027.9
4,149.8
4,450.0
4,486.6
4,542.6
4,599.3
4,663.2
4,723.0
4,791.9
4,863.0
4,927.9
4,972.2
5,049.0
5,104.6
5,137.2
213.5
266.6
290.5
199.6
228.9
204.9
232.1
133.9
210.3
207.4
217.8
253.3
211.4
232.6
265.4
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
4,468.8
4,506.3
4,688.7
4,602.8
4,657.6
4,674.0
4,730.4
4,666.4
4,779.8
4,804.2
4,852.0
4,895.5
4,896.1
4,950.3
4,992.0
2
16,896
17,405
18,478
18,223
18,510
18,585
18,887
18,699
19,215
19,427
19,666
19,931
20,021
20,263
20,462
Annual data are averages of quarterly data, which are averages for the |>eriod.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the (Census).
FARM INCOME
In the third quarter of 1995, according to preliminary estimates, gross farm income rose $15.2 billion (annual rate)
and net farm income rose $13.2 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIC)NS OF DOLLARS* (RATIO SCALE)
240
200
160
1*
v
^
-—,,
/—
-f
120
v
r\^
i\
^
^
•-
-*r~^^—r-~_^
•
'
^0^-^-^
240
200
160
120
GROSS FARM INCOME
80
80
An
60
40
40
20
20
10
10
" SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted animal rates]
Income of farm operators from fanning
Gross farm income
Period
Cash marketing receipts
Total1
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1993- I
II
Ill
TV
1994- I
II
III
TV
1995- Ir
IP
TTT>>
..
156.1
168.3
177.3
191.9
198.5
191.8
200.5
203.0
213.5
203.9
203.4
198.9
205.6
218.8
206.1
211.8
217.1
210.4
203.8
219.0
135.4
141.8
151.2
160.8
169.4
167.8
171.3
177.1
179.7
174.3
177.2
187.7
169.4
178.8
169.7
185.8
184.4
183.6
179.6
202.1
'Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and norimoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop arid livestock commodities valued at average prices during 1 the year.
Livestock and
products
71.6
76.0
79.6
83.9
89.2
85.8
85.6
90.0
88.1
83.7
87.9
101.3
87.3
92.0
82.8
97.6
79.9
86.7
78.4
99.8
Crops
63.8
65.8
71.6
76.9
80.3
82.0
85.7
87.1
91.6
90.6
89.3
86.3
82.1
86.8
86.9
88.2
104.5
96.8
101.2
102.4
Production
expenses
Value of
inventory
changes 2
-2.2
-2.3
-4.1
3.8
3.5
0
4.2
-4.5
8.7
-8.0
-6.3
-7.4
3.7
10.6
10.0
7.8
6.3
-.6
-.5
-.5
125.1
130.2
139.8
146.9
153.7
153.4
152.6
160.9
166.7
158.5
160.8
162.6
161.7
164.3
166.5
168.5
167.6
163.1
165.5
167.5
Net farm
income
31.1
38.0
37.5
45.0
44.8
38.4
47.9
42.1
46.7
45.4
42.7
36.3
43.9
54.5
39.6
43.3
49.5
47.3
38.3
51.5
NOTK.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly date plotted for 1989 through 1992 in chart do not reflect previous revisions to
animal fiats in table.
Sources: Department of Agriculture.
CORPORATE PROFITS
In the third quarter of 1995, according to current estimates, corporate profits before tax rose $21.2 billion (annual
rate) and profits after tax rose $11.0 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
660
650
SEASONAIiY ADJUSTS) ANNUAL RATCS
600
600
f-S
/
550
550
/
500
500
S/
450
PROFITS BEFORE TAX
/\
400
L
1
250
r
200
450
400
V
y r\ y^"
y
^
^
t-" -
„
7
/
—.
^ /'" "
/
^y
150
~
100
"
11i
1983
I
i i i
1984
1985
t
1986
300
s
-
250
X
\
..^'"'^
-''"'"
.s'
'
^/-
TAXIJABILJTY
\X
' \/
-»__*''
X
„--•
^....^
1 1 i
1982
XN
^1-
50
-
,'-"
/ ~"
^ /
s
,-^ /
S
/
— ~- -r
^^-^
^
*_--,
350
/
PROF TS AFTER TAX
v^.
0
yJ
\~^
350
300
/
-
200
•'
-
„ ,'''
-
150
100
\ t"
\/
-
\
UNDI;TRIBUTED 'ROFITS
/
t
1
1
1987
I I I
1988
I I I
1989
50
1
1990
1
t
1991
1
1992
SCXJRCE: DEWJITMENT OF COMMERCE
!
1
1993
1
1
!
1994
I I I
1995
0
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted animal rates]
Profits after tax
Profits (before tax) with inventory valuation adjustment '
Domestic industries
Period
Nonfinancial
Total2
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1990:
..
..
..
..
IV
1991- IV
1992: IV
1993:
I
II
in
IV
1994- I
II
in
IV
1995- I
II
in
re>
1
2
234.0
272.9
325.0
330.6
358.2
378.2
398.9
457.7
514.9
356.5
375.2
420.5
421.4
443.2
465.9
500.4
467.8
513.4
531.0
547.6
542.2
546.1
600.3
199.3
231.3
274.3
272.6
292.5
309.5
334.0
388.1
453.7
282.5
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
Financial
36.4
37.1
43.0
53.1
68.6
87.4
83.7
91.0
94.4
70.5
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
3
Total
Manufacturing
Wholesale
162.9
194.2
231.2
219.6
223.8
222.1
250.3
297.2
359.3
212.1
216.1
278.1
261.2
287.6
304.3
335.4
60.2
85.0
115.1
109.3
112.3
92.7
96.3
109.7
142.7
108.4
83.8
105.1
90.4
108.4
106.0
134.0
342.1
354.6
361.5
379.0
353.2
355.6
396.7
145.3
134.2
142.8
148.4
22.9
16.7
19.3
20.4
17.2
20.6
23.0
25.5
34.5
16.9
17.0
28.3
17.9
28.6
27.0
28.7
28.8
39.5
34.3
35.4
134.7
137.8
153.2
29.7
26.4
31.2
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Profits
before
tax
Tax
liability
Total
Dividends
Retail
23.7
23.9
19.6
20.7
20.6
26.1
32.2
39.2
42.2
22.8
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
3
222.6
293.6
354.3
348.1
371.7
374.2
406.4
464.3
528.2
376.7
382.8
420.3
436.0
458.8
458.0
504.5
471.7
523.2
547.5
570.4
594.1
588.4
609.6
106.5
127.1
137.0
141.3
140.5
133.4
143.0
163.8
195.3
139.7
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
116.1
166.5
217.3
206.8
231.2
240.8
263.4
300.5
332.9
237.1
247.6
270.6
284.6
296.2
298.6
322.7
300.3
330.4
344.1
356.8
376.8
374.1
385.1
110.2
107.0
116.8
138.9
151.9
163.1
169.5
197.3
211.0
152.0
165.3
180.4
190.2
195.8
200.2
202.9
204.4
208.8
212.5
218.5
221.7
224.6
228.5
234.7
Includes industries not shown separately.
Sourpc: Department of Oxmmieree, Bureau of Economic Analysis.
Undistributed
profits
5.8
59.5
100.5
67.9
79.4
77.7
93.9
103.3
121.9
85.0
82.2
90.3
94.4
100.4
98.4
119.8
95.9
121.7
131.6
138.3
155.1
149.6
156.6
Inventory
valuation
adjustment
11.4
-20.7
-29.3
-17.5
-13.5
4.0
-7.5
-6.6
-13.3
-20.3
-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
-6.8
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the fourth quarter of 1995, according to advance estimates, nonresidential fixed investment in chained (1992)
dollars rose $11.0 billion (annual rate) and residential investment rose $2.9 billion. There was an increase of $20.4
billion in inventories, following an increase of $33.2 billion in the third quarter.
BILLIONS OF CHAINED (1992) DOLLARS
BILLIONS OF CHAINED (1992) DOLLARS
1,100
1,100
SEASONALLY ADJUSTED ANNUAL RATES
r^^-
1,000
900
fS
1
y
^
800
\
GROSS PRIVATE DOMESTIC
1MVESTMEhJT
/\
700
900
-\ _yy^r^
I \ 1
P
/ X^1
800
1,000
^
\^\
700
^*'
600
_~~-
J
\
-s
^
s
500
N.
'
'---.
Yl
_-""
.*-••
600
"""
500
DNRESIDE
s
FIX ED INVEST MENT
400
400
RESIDENTIAL
FIXED INVESTMENT
300
200
-•„.
200
s
CHANC5E IN BUSI slESS
^NTORIE
— ._•••*'
100
N
"
t
-
0
*
-100
300
._.!._
\
1
1
1
1982
1 1 1
1983
1
1
1
1984
i i i
1985
\
111
1986
100
,-.__
/---
,*x
....
**> — «.
0
N
i
i i
1987
i i i
1988
i i i
1989
1
1
1
1990
l l l
1991
111
1992
i i i
1993
1
1994
1
-100
1
1995
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995?
1990- IV
1991: IV
1992: IV
1993: I
II
in
IV
1994:
I ...
in
IV
1995:
.
II
.
I .
II
in
IVP
Gross
private
domestic
investment
813.8
820.5
826.0
861.9
817.3
737.7
790.4
857.3
979.6
1,013.3
748.1
762.4
812.4
834.8
843.2
857.6
893.4
933.5
984.6
994.1
1,006.3
1,024.2
998.3
1,016.2
1,014.7
Total
Total
805.0
799.4
818.3
832.0
805.8
741.3
783.4
836.4
921.1
977.9
774.4
742.0
805.8
815.4
821.1
835.4
873.5
892.4
911.4
930.8
949.7
969.6
966.1
981.0
994.8
NOTE.—See p. 10 for further detail on fixed investment by type.
lleeause of the formula used for calculating real GDI*, the chained (1992) dollar estimates
for the detailed components <lo not titbl to the chairied-dollar value of GDP or to any intermedi-
ate !
Qiange in business
inventories
Nonresidential
548.5
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
716.3
573.9
539.5
569.1
577.5
586.4
593.1
617.6
628.6
639.5
660.4
679.7
704.4
710.6
719.7
730.7
Structures
203.3
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.5
196.0
171.4
165.6
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.7
184.8
Producers'
durable
equipment
Residential
345.9
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
536.1
257.0
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.5
200.3
202.4
236.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.6
262.3
265.2
377.9
368.1
403.5
410.5
421.7
428.2
449.8
466.5
471.2
492.4
506.4
527.1
531.9
538.2
547.2
Source: Department of Commerce, Bureau of Economic Analysis.
Total
10.9
26.2
11.6
33.3
10.4
30
7.3
19.1
58.9
34.7
-28.2
21.4
5.8
18.5
20.8
19.5
17.4
40.1
74.1
64.0
57.3
54.5
30.6
33.2
20.4
Nonfarm
12.4
34.2
24.7
33.5
7.8
-1.2
1.9
26.4
46.8
38.4
-25.9
19.9
7.2
26.0
26.7
30.9
22.1
29.8
54.1
50.1
53.3
58.1
33.8
38.3
23.6
REAL FIXED INVESTMENT BY TYPE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates)
Nonresidential
Residential
Structures
Period
Total
nonresidential
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995*
1990- IV
1991: IV
1992- IV
1993- I
II
in
IV
1994: I
n
m
IV
1995:
I
II
in
WP
548.5
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
716.3
573.9
539.5
569.1
577.5
586.4
593.1
617.6
628.6
639.5
660.4
679.7
704.4
710.6
719.7
730.7
1
Total
203.3
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.5
196.0
171.4
165.6
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.7
184.8
Structures
Producers' durable equipment
Information processing
and related equipment
Nonresidential
buildings,
including
farm
Utilities
144.5
142.4
145.3
150.2
152.0
126.9
113.2
112.8
117.7
128.1
143.8
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
131.0
36.5
30.7
30.0
30.9
28.1
32.0
34.5
31.1
31.7
35.2
28.9
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
36.3
Mining
exploration,
shafts,
and
wells
Total i
15.8
15.5
15.8
13.9
16.1
15.7
13.3
14.8
12.6
11.3
16.3
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
11.1
345.9
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
536.1
377.9
368.1
403.5
410.5
421.7
428.2
449.8
466.5
471.2
492.4
506.4
527.1
531.9
538.2
547.2
Total
Computers
and
peripheral
equipment2
94.1
97.5
106.6
116.2
116.2
117.8
134.2
147.1
170.4
202.2
115.7
122.5
138.9
139.5
142.2
150.7
156.0
161.2
166.6
171.5
182.5
189.2
199.9
201.9
217.9
16.7
21.0
24.0
29.4
29.4
32.4
43.9
56.2
69.3
91.6
29.9
36.6
47.5
51.1
52.9
58.3
62.5
64.6
67.1
69.3
76.3
80.2
88.2
92.0
106.1
1
Includes other items, not shown separately.
2
Includes new computers and peripheral equipment only.
3
Includes producers' durable equipment, not shown separately.
Transportation
and
related
equipment
Total
residential 3
Total
Single
family
Multifamily
Other
Other
Industrial
equipment
84.6
80.2
85.7
88.1
88.2
85.9
90.2
91.5
102.6
114.6
87.1
86.2
.91.5
88.6
89.6
93.1
94.6
97.8
100.8
103.6
108.3
111.5
115.1
114.1
117.8
93.5
91.1
95.3
101.5
95.0
88.3
89.3
96.3
105.9
116.2
91.4
86.4
92.6
93.7
94.4
96.3
100.7
102.8
104.3
107.0
109.4
114.2
118.4
116.7
115.6
85.6
82.1
87.1
78.9
81.2
81.7
86.2
97.5
111.7
118.5
82.8
81.6
91.5
93.0
99.5
95.0
102.7
109.0
105.3
115.9
116.5
121.7
114.8
120.4
117.0
257.0
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.5
200.3
202.4
236.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.6
262.3
265.2
251.3
251.6
246.3
237.0
214.5
187.6
219.5
236.3
262.1
255.5
194.4
196.6
230.5
231.7
228.5
235.7
249.2
257.0
264.8
263.5
263.2
258.9
249.7
255.3
258.2
119.3
128.3
126.1
121.9
110.4
96.4
116.5
127.1
140.5
127.5
97.6
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
128.1
35.9
28.3
23.4
23.3
19.7
15.4
13.1
10.4
13.5
17.7
18.6
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
18.7
95.8
94.8
96.8
91.8
84.4
75.7
89.9
98.8
108.1
110.8
78.1
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
111.9
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.
Source: Department of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Period
19931
19942
1995 3
1
Total
expenditures
489.7
549.0
600.7
Total
488.2
518.6
587.3
Mining
and
construction
31.2
34.9
35.6
Manufacturing
Total
134.1
144.1
181.8
Durable
goods
Nondurable
goods
66.4
67.7
68.1
81.2
76.1
100.6
Estimates collected from the 1993 Annual Capital Expenditures Survey.
Preliminary estimates collected from the February 1995 Investment Plans Survey. Final
data are scheduled to be published in January 1996 in the 1994 Annual Capital Expenditures
Survey.
3
Revised estimates of planned capital expenditures from the September 1995 Investment
2
10
Transportation
Communications
30.6
32.3
37.0
37.1
44.6
49.3
Utilities
41.3
38.0
41.8
Wholesale
and
retail
trade
Finance,
insurance,
and
real
estate
60.3
68.1
75.7
40.2
36.9
47.1
Services
Serving
multiple
industries
Not
distributed
by
industry
111.8
118.5
117.3
1.7
1.2
1.6
1.4
30.4
13.5
Plans Survey.
NOTE.—Data from Business Investment and Plans, 1993 to 1995, released September 22,
1995. For further information, see Annual Capital Expenditures,- 1993, and Technical Note on
New Annual Capital Expenditures Survey, September 1995.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In February, employment rose by 437,000 and unemployment fell by 322,000. (Series revised.)
MILL!ONS OF PERSONS *
MILLIONS OF PERSO NS*
134
134
sEASONAILY ADJUSTED
130
IAN LABOR FO
126
^A-i^~^
- - _
—
_-*—1
i
""
130
r-^~
126
X
^^-
122
"
^'"
122
-X-^"
114
r— *\^_^— ^
--^,
118
_—-—-
^m*
-
~'\"
CIVILIAN
EMPLOYMENT
_^^""
118
114
-
110 -
110
106
105
>•
V
1995
1996
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian employment
Period
19863
1987
1988
1989
1990 3 '
1991 '
1992 '
1993'4
1994
1995
1995: Febrr
Mar
Apr r
Mayr
Septr
Octr
NoV
Decr
1996' Jan r
Feb
Civilian
noninstitutional
population
NSA
180,587
182,753
184,613
186,393
189,164
190,925
192,805
194,838
196,814
198,584
197,886
198,007
198,148
198,286
198,453
198,615
198,801
199,005
199,192
199,355
199,508
199,634
199.773
Nonagricultural
Civilian
labor
force
Total
117,834
119,865
121,669
123,869
125,840
126,346
128,105
129,200
131,056
132,304
132,078
132,391
132,529
132,058
131,962
132,342
132,298
132,501
132,473
132,471
132,352
132,903
133.018
109,597
112,440
114,968
117,342
118,793
117,718
118,492
120,259
123,060
124,900
124,881
125,106
124,973
124,598
124,566
124,832
124,859
125,036
125,244
125,062
124,981
125,226
125,663
Agricultural
3,163
3,208
3,169
3,199
3,223
3,269
3,247
3,115
3,409
3,440
3,596
3,636
3,528
3,360
3,435
3,409
3,376
3,335
3,434
3,323
3,325
3,529
3.519
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 noninstitutionai population; and
unemployment as percent of civilian labor force.
3
Not strictly comparable with earlier data.
Total
106,434
109,232
111,800
114,142
115,570
114,449
115,245
117,144
119,651
121,460
121,285
121,470
121,445
121,238
121,131
121,423
121,483
121,701
121,810
121,739
121,656
121,698
122,143
Percent2
Unemployment
Part time
for
economic
reasons 1
5,345
5,122
4,965
4,657
4,950
5,874
6,240
6,230
4,414
4,279
4,225
4,292
4,211
4,273
4,263
4,256
4,291
4,355
4,274
4,283
4,306
3,842
4,274
Total
15
weeks
and
over
8,237
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,197
7,285
7,556
7,460
7,396
7,510
7,439
7,465
7,229
7,409
7,371
7,677
7.355
2,232
1,983
1,610
1,375
1,525
2,357
3,408
3,094
2,860
2,363
2,342
2,309
2,439
2,526
2,353
2,332
2,371
2,323
2,281
2,305
2,322
2,370
2,307
Not in
labor
force
62,752
62,888
62,944
62,523
63,324
64,578
64,700
65,638
65,758
66,280
65,808
65,616
65,619
66,228
66,491
66,273
66,503
66,504
66,719
66,884
67,156
66,730
66,754
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
65.3
65.6
65.9
66.5
66.5
66.2
66.4
66.3
66.6
66.6
66.7
66.9
66.9
66.6
66.5
66.6
66.5
66.6
66.5
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
63.1
63.2
63.1
62.8
62.8
62.9
62.8
62.8
62.9
62.7
62.6
62.7
62.9
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
5.5
5.7
5.6
5.6
5.7
5.6
5.6
5.5
5.6
5.6
5.8
5.5
* Data beginning Januajy 1994 are not directly comparable with data for earlier periods.
Note.—Unadjusted data for 1990-93 revised to incorporate 1990 census-based population
controls, adjusted for the estimated undercount. Seasonally adjusted data revised beginning
1990. See Employment and Earnings, March 1996 for details.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In February, the unemployment rate fell to 5.5 percent. (Series revised.)
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
1992
1996
••UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF lABOft
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race
By sex and age
Period
1986
1987
1988
1989 r
1990 ,.
1991r'
1992
1993r
19942
1995
1995: Febrr
Mar
Apr''r
May
Juner .,
July
Augrr
Sept ....
Oof
Nov
Decr ".:
1996: Janr
Peb
Ml
civilian
workers
....
1
Revised
3
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
5.5
5.7
5.6
5.6
5.7
5.6
5.6
5.5
5.6
5.6
5.8
5.5
Men
20 years
and over
Women
20 years
and over
6.1
6.2
5.4
4.8
4.5
5.0
6.4
7.1
6.4
5.4
4.8
4.6
4.7
4.9
5.0
4.8
4.8
4.8
4.8
4.5
4.9
4.8
4.9
4.9
5.4
4.9
4.7
4.9
5.7
6.3
5.9
5.4
4.9
4.9
4.9
5.1
4.9
5.0
5.0
4.9
4.9
5.0
4.8
4.7
5.1
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
17.1
16.5
17.2
17.3
16.9
17.8
17.6
17.7
17.1
17.8
18.0
18.2
16.6
definition; for details, see Employment and Earnings, February 1994.
Data beginning January 1994 are not directly comparable with data for earlier periods,
NOTB.—Data relate to persons age 16 years and over.
12
6.0
5.3
4.7
4.5
4.8
6.1
6.6
6.1
5.3
4.9
4.7
4.8
4.9
5.0
4.9
4.9
4.8
4.9
4.8
5.0
4.9
5.0
4.9
Black
and
other
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
9.4
9.4
9.7
9.2
9.7
9.9
10.0
10.1
9.4
9.0
9.3
9.5
9.1
By selected groups
Black
Experienced
wage
and
salary
workers
14.5
13.0
11.7
11.4
11.4
12.5
14.2
13.0
11.5
10.4
10.3
10.1
10.7
10.0
10.5
10.8
11.0
11.1
10.0
9.6
10.2
10.6
10.3
6.6
5.8
5.2
5.0
5.3
6.6
7.2
6.6
5.9
5.4
5.2
5.3
5.5
5.6
5.4
5.5
5.4
5.5
5.4
5.4
5.4
5.4
5.3
Married
men,
spouse
present
4.4
3.9
3.3
3.0
3.4
4.4
5.1
4.4
3.7
3.3
3.1
3.2
3.3
3.4
3.4
3.4
3.3
3.4
3.2
3.3
3.2
3.3
3.0
Women
who
maintain
families
Full-time1
workers
Part-time
workers *
9.8
9.2
8.1
8.1
8.3
9.3
10.0
9.7
8.9
8.0
8.3
7.9
8.7
8.2
8.3
8.2
7.2
8.0
7.9
7.7
6.8
8.2
7.5
6.9
6.0
5.3
5.1
5.4
6.8
7.5
6.9
6.1
5.5
5.3
5.4
5.6
5.5
5.5
5.5
5.5
5.5
5.4
5.5
5.5
5.7
5.4
7.4
6.9
6.4
6.2
6.4
7.0
7.5
7.2
6.0
6.0
6.0
5.9
6.1
6.1
6.2
6.4
6.0
5.9
5.9
5.9
5.9
6.0
6.2
Seasonally adjusted data revised beginning 1990. See note, p. 11.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In February, the percentages of the unemployed who had been out of work for less than 5 weeks and for 1526 weeks rose; the percentages for 5-14 weeks and for 27 weeks and over fell. The mean duration of unemployment
rose to 16.6 weeks and the median duration fell to 8.0 weeks. (Series revised.)
PERCENT DISTRIBUTION *
PERCENT DISTRIBUTION *
70
70
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
-
50
50
LESS THAN
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1992
1993
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1993
1992
Ijlllllllll
1995
1994
* SEASONARY ADJUSTED
!/8EGiNNfNG JANUARY ! 99*. JOB 1OS6SS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
Illllllllll
1996
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Rea.son for unemployment:
Duration of unemployment
>ereent distribution
Unemployment
(thousands)
Period
Percent distribution
Number of weeks
27
Less
than
5-14
15-26
5
weeks
weeks
weeks
State
programs
weeks
Aver-
and
age
over
(mean)
Median
losers1
Job
leav-
ers
Keentrants
New
entrants
Insured
unemployment
Insured
unem-
all
Initial
claims
regular
programs
(unadjust-
ed)2
Weekly average, thousands
1986
1987
1988 ...
1989
1990
1991
1992
1993 3
8,237
7,425
6,701
6,528
••7,047
'8,628
'9,613
'8,940
7,996
7,404
1994
1995
1995- Feb'
Mar-"
7,197
7,285
7,556
7,460
7,396
Aprr
May
7,510
July'
Aufif"
Sept'
Oct'
Nov
Dec '
1996: Jan'
Feb
1
;
7,439
7,465
7,229
7,409
7,371
7,677
7,355
41.9
43.7
46.0
48.6
'46.3
'40.3
'35.1
'36.5
34.1
36.5
36.6
36.0
35.4
35.3
36.5
35.3
36.4
37.5
37.2
37.1
36.4
36.8
37.8
31.0
29.6
30.0
30.3
'32.0
'32.4
'29.4
'28.9
30.1
31.6
30.8
31.9
31.8
31.0
31.7
33.8
31.8
31.2
31.8
32.0
32.5
31.9
30.9
12.7
12.7
12.0
11.2
'11.7
'14.4
'15.1
'14.5
15.5
14.6
15.8
13.6
14.4
16.4
15.6
13.9
15.1
14.2
13.7
14.2
14.5
14.8
15.3
14.4
14.0
12.1
9.9
'10.0
'12.9
'20.3
'20.1
20.3
17.3
16.9
18.5
18.4
17.3
16.3
17.0
16.7
17.1
17.2
16.7
16.6
16.5
16.0
Beginning 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 (UCFB), Railroad <RE) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental
compensation or Emergency Unemployment Compensation programs.
3
Data beginning January 1994 are not directly comparable with data for earlier periods.
3
15.0
14.5
13.5
11.9
'12.0
'13.7
'17.7
'18.0
18.8
16.6
17.1
17.3
17.6
16.8
16.0
16.5
16.3
16.3
16.2
16.3
16.2
16.0
16.6
6.9
6.5
5.9
4.8
'5.3
'6.8
'8.7
'8.3
9.2
8.3
8.2
8.2
8.4
8.9
7.7
8.7
8.4
8.1
8.1
8.0
8.1
8.3
8.0
48.9
48.0
46.1
45.7
'48.1
'54.4
'56.1
'54.2
47.7
46.9
46.9
46.9
46.3
47.4
47.0
47.0
46.5
45.9
47.5
46.9
46.9
47.6
48.1
12.3
13.0
14.7
15.7
'14.8
'11.6
'10.4
'10.9
9.9
11.1
10.7
10.9
10.7
11.5
11.3
11.2
11.6
11.7
10.5
11.5
11.9
11.5
10.0
26.2
12.5
12.4
26.6
12.2
27.0
10.4
28.2
'9.8
'27.4
'24.8
'9.2
'9.7
'23.8
'24.6 '10.3
7.6
34.8
34.1
7.8
34.4
8.0
34.0
8.2
35.1
7.9
7.4
33.7
7.4
34.3 •
34.3
7.6
34.0
7.8
8.1
34.2
34.4
7.7
33.7
7.9
8.1
33.2
32.5
8.5
8.2
33.7
2,643
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,670
'2,574
2,508
2,494
2,496
2,558
2,636
2,683
2,634
2,632
2,678
2,652
2,625
2,655
378
328
310
330
388
447
408
341
340
'357
336
342
352
373
376
373
346
357
365
375
363
374
^371
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,739
2,636
3,173
2,949
2,721
2,476
2,398
2,635
2,461
2,197
2,292
2,421
2,668
3,499
NOTE.—Data relate to persons age 16 years of age and over (except for insured unemployment and initial claims).
Seasonally adjusted unemployment data revised beginning 1990. See Note, p. 11,
Seasonally adjusted insured unemployment and initial claims data revised historically.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagriculfural employment as measured by the payroll survey rose by 705,000 in February.
MIUIONS OF PERSONS*
MllUONS OF PERSONS* JENIARGED SCAIE)
120
34
110
100
90
SERVICE-PRODUCING
INDUSTRIES
80
70
60
50
40 -
GOODS-PRODUCING
INDUSTRIES
30
.V.
20
1992
1993
1994
llllll
1995
1996
1992
1996
COUNCIL OF ECONOMIC ADVISERS
iamls of wage and sabtiy workers;' seasonally ai!jnst*xt|
Goods-producing industries
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994 ...
1995 r
1995: Peb
Mar
Apr ...
May
June
July
Aug
Sept
Oct
Nov r
Dee ... .
1996- Jan r ..
Peb?
Total
nonagrieultural
employment
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,034
116,607
116,123
116,302
116,310
116,248
116,547
116,575
116,838
116,932
117,000
117,212
117,357
117,169
117,874
Service-producing industries
Manufacturing
Total 2
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,913
24,227
24,324
24,370
24,331
24,228
24,240
24,156
24,165
24,157
24,159
24,134
24,173
24,114
24,267
Construction
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,668
5,010
5,246
5,213
5,256
5,242
5,190
5,230
5,226
5,233
5,262
5,287
5,295
5,297
5,314
5,435
Total
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,303
18,403
18,523
18,525
18,506
18,456
18,428
18,353
18,357
18,322
18,301
18,272
18,307
18,232
18,258
Durable
goods
Nondurable
goods
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,431
10,595
10,622
10,633
10,632
10,611
10,597
10,569
10,587
10,572
10,565
10,553
10,607
10,579
10,597
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,872
7,808
7,901
7,892
7,874
7,845
7,831
7,784
7,770
7,750
7,736
7,719
7,700
7,653
7,661
1
Includes all full- anil part-time wage and salary workers in nonagricultural establishments
who received pay for any part of the pay period which includes the 12th of the month. Exehuies
proprietors, self-employed persons, domestic: servants, and iwrsonnei of the Armed Forces. Total
in this table not comparable with estimates of nonagri cultural employment of the civilian labor
for**, shown on p. 11, which include proprietors, self-employed persons, ami domestic servants;
which count persons as employed when they are not at work Ix^aMse of industrial disputes,
bad weather, etc., even if they are not, paid for the time off; and which are based on a sample
14
Total
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,121
92,380
91,799
91,932
91,979
92,020
92,307
92,419
92,673
92,775
92.841
93,078
93,184
93,055
93,607
Transporta- Wholetion and
sale
public
trade
utilities
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
6,006
6,192
6,156
6,175
6,184
6,177
6,192
6,195
6,217
6,206
6,217
6,240
6,231
6,230
6,246
5,761
5,848
6,030
6,187
6,173
6,081
5.997
5,981
6,140
6,324
6,275
6,287
6,300
6,298
6,320
6,333
6,340
6,346
6,359
6,373
6,395
6,398
6,414
Betail
trade
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,437
20,841
20,794
20,760
20,762
20,747
20.798
20^851
20,837
20,899
20,897
20,989
20,981
20,921
21,087
Finance,
insurance, Services
and real
estate
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,933
6,949
6,929
6,938
6,924
6,925
6,930
6,938
6,947
6,957
6^977
6,991
7,001
7,003
7,028
22,957
24,110
25,504
26,907
27,934
28,336
29,052,
30,197
31,488
32,796
32.404
32,524
32,548
32,630
32,784
32,820
32,986
33,047
33,076
33,185
33,248
33,204
33,491
Government
Total
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,118
19,279
19,241
19,248
19,261
19,243
19,283
19,282
19.346
19,320
19,315
19,300
19,328
19,299
19,341
Federal
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,822
2,831
2,828
2,826
2,831
2,838
2,834
2,825
2,812
2,801
2,800
2,799
2,788
2,783
of the working-age population, whereas the estimates in tin's table arc based on reports from
employing establishments. In tlse series shown here, persons who work at more than one job
an? counted each time they appear on a payroll, in contrast to the series shown on p. 11, where
persons arc counted only once—as employed, unemployed, or not in the I; bor fort*.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Ijabor Statistics,
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND
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
nonagricnltural '
Period
1986
1987
1988
1989 .
1990
1991
1992
1993
1994
1995
1995: Jail
Feb
Mar
May
July
Sept
Oct
De*1'
1996: Jan'
Feb^
Total
Average gross weekly earnings
Total private
nonagrieiiltura! '
Overtime
On-rent
dollars
Total private
nonagricultural '
1982
dollars2
Manufacturing
Current dollars
Current
dollars
1982
dollars2
Manufacturing
Construction
Ifetail
trade
Percent change from
a year earlier, txrtal
private nonagrieultural *
Current
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
41.5
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
11.13
11.46
$7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.41
'7.41
$9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.06
12.35
$304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
386.21
395.37
$271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.96
'255.74
$396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.52
512.53
$466.75
480.44
495.73
513.17
526.01
533.40
537.70
553.63
572.61
583.55
$176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
221.76
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.4
2.4
34.8
34.6
34.6
34.6
34.2
34.4
34.6
34.4
34.5
34.6
34.4
34.3
33.7
34.5
42.2
42.1
42.0
41.5
41.4
41.5
41.3
41.5
41.7
41.5
41.5
41.2
39.9
41.6
4.9
4.8
4.7
4.5
4.4
4.2
4.3
4.3
4.5
4.4
4.4
4.3
4.1
4.5
11.29
11.32
11.34
11.40
11.37
11.43
11.50
11.48
11.54
11.59
11.58
11.61
11.66
11.65
7.39
'7.40
'7.39
7.40
7.36
7.39
7.43
7.41
7.44
'7.44
'7.43
7.44
7.44
12.21
12.24
12.25
12.28
12.28
12.32
12.40
12.41
12.43
12.45
12.47
12.49
12.63
12.58
392.89
391.67
392.36
394.44
388.85
393.19
397.90
394.91
398.13
401.01
398.35
398.22
392.94
401.93
257.30
'255.99
'255.61
'256.13
251.85
'254.16
257.21
'254.78
256.53
'257.55
'255.68
255.11
250.60
515.26
515.30
514.50
509.62
508.39
511.28
512.12
515.02
518.33
516.68
517.51
514.59
503.94
523.33
579.28
575.86
578.12
566.61
563.62
582.86
590.02
583.98
588.95
593.49
588.60
577.95
573.30
592.86
220.11
218.88
219.17
222.03
219.56
220.90
223.11
222.14
223.49
224.26
224.06
224.43
221.65
226.98
2.7
3.3
2.6
2.5
1.1
2.4
3.0
2.5
2.5
2.0
2.3
2.2
.3
2.6
1
AJso im'Judes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wag** earners and
denca) workers (CH-W) (on a 1982=100 base). Seasonally adjusted CPI-W data revised beginning 1991.
1982
dollars
0.3
-1.0
-.9
-1.0
-1.8
-1.6
-.2
-.0
.8
'-.5
-.2
.3
-.4
-.7
-2.1
-.6
.2
-.0
.0
-.6
-.1
-.3
-2.4
3
Based on seasonally unadjusted data.
SOUK*: I>epartment of Latxtr, Bureau of La(x>r Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Total
compensation
Period
Wafj^s and
salaries
Benefits'
Total
compensation
Wages and
salaries
12 months earlier
Itenefite"
Total
compensation
Wages and
salaries
Henefits '
Not seasonally actuated
19861987.
198819891990199119921993:
19941995.
Dee
Dec
Dec
Dec
Dee
Dee
Dee
Dee
Dee
Dec
.
.
...
.
.. .
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
126.9
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
123.1
87.5
905
96.7
102.6
109.4
116.2
122.2
128.3
133.0
136.6
3,2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
2.8
Seasonally adjusted
1993- Mar
Sept
Dec
1994- Mar
...
Sept
Dec
1995- Mar
....
Sept
Dec
1
116.9
117.9
118.9
119.9
120.8
121.8
122.8
123.6
124.3
125.2
125.9
127.0
113.9
114.6
115.6
116.4
117.3
118.3
119.1
119.8
120.6
121.5
122.3
123.1
Employer costs for employee benefits.
NOTK.—The employment cost index is a measure of the ebanpe in Hie cost of labor, free
from the influence of employment shifts among occupations and Industries.
124.8
126.5
127.7
129.1
130.2
131.5
132.8
133.8
134.0
134.7
135.4
137.2
1.0
.9
.8
.8
.8
.8
.8
.7
.6
.7
.6
.9
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
2.7
Not seasonally adjusted
0.8
.6
.9
.7
.8
.9
.7
.6
.7
.7
.7
.7
1.5
1.4
.9
1.1
.9
1.0
1.0
.8
.1
.5
.5
1.3
3.5
3.6
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.8
2.7
2.7
3.1
3.1
2.9
3.1
2.9
2.8
2.9
2.9
2.8
2.8
5.6
5.8
5.4
5.0
4.4
3.9
4.0
3.7
2.9
2.6
2.1
2,7
Data exclude farm and hosisehold workers.
Source; Department of Labor, Bureau of Ijalx>r Statistics.
15
PRODUCTIVITY AND
Output per hour of
all peraons
Period
Business
sector
NonfariQ
business
sector
Output"
Business
sector
Nonfarm
boamess
sector
DATA, BUSINESS SECTOR
Compensation per
hour3
Hours of 2all
ions
Business
sector
Nonfarm
business
sector
Business
sector
NonfariB
business
sector
Real compensation
per hour*
Business
sector
Nonfarm
business
sector
Unit labor
costs
Business
sector
Implicit price
deflator5
Business
sector
Nonfarm
business
sector
81.4
84.7
87.8
89.6
94.1
98.1
100.0
102.1
103.8
106.3
99.3
99.6
101.0
100.1
101.3
102.4
102.4
102.3
103.7
103.8
103.4
104.1
105.3
105.9
106.6
107.5
81.6
83.8
86.8
90.5
94.0
97.7
100.0
102.5
104.8
107.1
99.3
99.7
100.1
100.9
101.7
102.3
102.7
103.3
103.9
104.4
105.1
105.6
106.3
106.9
107.4
107.7
81.4
83.5
86.4
90.0
93.8
97.6
100.0
102.5
104.9
107.2
99.2
99.8
100.1
100.9
101.8
102.4
102.7
103.3
103.9
104.5
105.3
105.7
106.5
107.0
107.5
107.7
2.5
4.0
3.7
2.1
5.0
4.3
1.9
2.1
1.6
2.5
.4
1.4
5.7
-3.7
5.1
4.5
-.1
-.5
5.9
.2
-1.4
2.4
4.9
2.3
2.5
3.5
2.2
2.7
3.5
4.2
4.0
3.9
2.4
2.5
2.2
2.2
2.8
1.9
1.5
3.0
3.4
2.5
1.4
2.4
2.4
1.8
2.6
2.0
2.8
2.1
2.1
.9
2.2
2.6
3.4
4.2
4.2
4.1
2.4
2.5
2.3
2.2
3.0
2.1
1.4
3.2
3.8
2.1
1.2
2.6
2.5
2.2
2.9
1.8
2.9
1.9
1.8
.9
Nonfarm
business
sector
Indexes, 1992=100; quarterly data seasonally adjusted
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995 f
1992- I
II
.
..
in
IV
1993: I
n
in
iv
1994- I
II
in
IV
1995: I
n
in'
WP
94.2
94.1
94.6
95.4
96.2
96.7
100.0
100.2
101.0
101.9
99.3
99.9
99.7
101.1
100.2
99.8
100.1
100.8
100.3
100.7
101.4
101.5
101.1
101.9
102.3
102.3
94.9
94.7
95.3
95.8
96.3
96.9
100.0
100.2
100.7
101.8
99.3
100.0
99.6
101.1
100.1
99.7
100.2
100.6
100.0
100.4
101.1
101.3
101.0
101.8
102.2
102.1
88.6
91.1
94.6
97.8
98.7
96.9
100.0
102.6
106.9
109.6
98.8
99.6
99.8
101.7
101.4
102.0
102.8
104.3
104.8
106.5
107.6
108.7
108.8
108.9
110.1
110.5
88.7
91.4
95.1
98.1
98.8
97.1
100.0
102.9
106.9
109.8
98.8
99.6
99.8
101.8
101.6
102.2
103.2
104.6
104.8
106.6
107.7
108.8
109.0
109.1
110.4
110.7
94.0
96.8
100.0
102.5
102.6
100.3
100.0
102.4
105.9
107.6
99.5
99.7
100.1
100.6
101.3
102.2
102.6
103.5
104.5
105.8
106.2
107.1
107.6
106.9
107.7
108.0
76.9
79.9
83.5
85.8
90.8
95.1
100.0
102.6
104.8
108.5
98.6
99.5
100.7
101.2
101.6
102.5
103.0
103.3
104.2
104.5
104.9
105.7
106.6
108.0
109.2
110.1
93.5
96.5
99.8
102.4
102.7
100.2
100.0
102.7
106.2
107.9
99.6
99.6
100.1
100.7
101.5
102.5
103.0
103.9
104.8
106.1
106.5
107.4
107.9
107.2
108.0
108.4
77.3
80.2
83.6
85.8
90.6
95.1
100.0
102.3
104.5
108.2
98.5
99.6
100.7
101.2
101.4
102.1
102.6
102.9
103.7
104.3
104.6
105.4
106.4
107.8
108.9
109.7
98.4
98.6
99.0
97.1
97.4
97.9
100.0
99.6
99.2
99.9
99.7
99.8
100.3
99.9
99.6
99.7
99.8
99.2
99.6
99.3
98.8
'98.9
'99.1
99.6
100.1
100.4
98.9
99.0
99.2
97.1
97.3
97.9
100.0
99.3
98.9
99.6
r
99.7
99.9
100.2
99.9
99.4
99.3
99.4
98.9
'99.2
'99.1
'98.4
98.7
98.9
'99.4
99.9
100.1
81.6
84.9
88.2
89.9
94.3
98.3
100.0
102.4
103.8
106.5
99.3
99.6
101.0
100.1
101.4
102.6
102.9
102.5
103.8
103.9
103.5
104.1
105.4
106.0
106.8
107.6
Percent change; quarterly data at seasonally adjusted annual rates
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995P
2.6
2.7
-|
1992: I
H
in
IV . . . .
1993- 1
II
in
IV
1994: I
II .
m
IV
1995- I
.
nr
m
IV?
1
Output
2
.
.5
.8
.8
.5
3.4
.2
.7
.9
8.1
2.5
-.7
5.6
-3.7
-1.3
1.3
2.7
-1.9
1.4
2.8
.7
-1.6
3.0
1.6
0
O
!e
.5
.5
.7
3.2
.2
.5
1.1
7.3
2.8
-1.2
6.1
„, qG.I7
Q
1
rf
2!l
1.6
-2.5
1.9
2.6
.9
-1.1
3.0
1.7
-.5
3.2
2.9
3.8
3.4
.9
-1.8
3.2
2.6
4.2
2.5
6.2
3.2
.8
7.9
-1.1
2.2
3.0
6.3
1.8
6.7
4.1
4.0
.6
.3
4.4
1.2
3.4
3.0
4.1
3.2
.7
-1.8
3.0
2.9
4.0
2.7
5.6
3.1
.7
8.4
-.9
2.4
4.1
5.3
.9
6.8
4.2
4.2
.8
.5
4.7
1.1
0.6
3.0
3.3
2.5
.1
-2.3
q
2.4
3.4
1.6
-1.7
.7
1.6
2.2
2.6
3.6
1.7
3.5
3.7
5.3
1.3
3.3
2.2
-2.5
2.8
1.2
0.7
3.2
3.5
2.6
.2
-2.4
-.2
2.7
3.4
1.6
-1.5
.3
2.0
2.2
3.1
4.2
2.0
3.6
3.5
4.8
1.6
3.3
1.9
-2.4
2.9
1.6
refers to real gross domestic product originating in the sector,
Hoars of ai! persons engaged in the sector, including hours of proprietors and unpaid family
workers.
Estimates based primarily on establishment data.
3
Wages and salaries of employees phis employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the4self-employed.
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
16
5.2
3.9
4.5
2.8
5.8
4.8
5.2
2.6
2.2
3.5
7.8
3.7
4.8
2.1
1.6
3.4
2.2
1.1
3.4
1.5
1.5
2.9
3.4
5.6
4.3
3.3
s
5.2
3.7
4.3
2.7
5.5
4.9
5.2
2.3
2.2
3.6
7.7
4.2
4.4
2.1
1.0
2.7
2.0
1.1
3.3
2.1
1.2
3.3
3.7
5.4
4.3
3.0
3.3
.2
.4
-1.9
.4
.5
2.1
-.4
.6^
r
5.0
•".3
'1.8
'-1.4
'-1.3
'.4
'.3
'-2.0
'1.4
-1.0
'-2.2
.7
'.5
2.1
2.3
.9
3.3
.1
.1
-2.1
.1
.7
2.1
-.7
-.4
.7
'4.9
'.9
'1.4
'-1.4
'-1.9
'-.2
'.1
'-2.0
'1.2
-.4
r
-2.5
1.0
r
.S
2.0
2.2
.6
2.6
4.0
4.0
1.9
4.9
4.2
1.7
2.4
1.4
2.5
-.3
1.2
5.6
-3.3
5.4
4.8
.9
-1.6
5.4
.1
-1.3
2.3
5.0
2.5
2.7
3.3
Current dollar gross domestic output divided by the output index.
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.
Source; Department of Labor, Bureau of Ijabor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in January.
NX!(,1907. 100- IfOnOSCAlfl
150 TOWi. WDUSTBAl PRODUCTION
140
130
MDG(, 1987. 100- IRADOSCAtf)
170
HNAl PRODUCTS
140
BUSINESS
150
;
120
100
140
_ --L"—--—1
120
~^"~1
^^
^\
^^
- .-„,-—
.
---'"'"
CONSUMES
GOODS
100
ISO
140
130
.f
-—
'
130
-r——~"T"^
110
\
MANUFAOURWG
90
~t—^S"*}
DUMBIE
™*^.^
80
120
NONDURMli
100
lillitiiiti tiiiiltiiti JHIlIiHIl in till tin iimlimi
150
140
130
"*/
•w^^i
™
_L'*7~~
•.n*^
110
OEFB4SE
ANDSfACE
EQUrM&ff
*>
"•*—
*™""x,
\
40
UlUreANDMMNQ
mures
\
120
J ' .U 1 i Jl J LiIf
1—
»'v'l
88
M
110
100
^*^-
90
1 til 1 1 1 1 1 !_! ( 1 1 1 1 1 1 » 111 1 11 1 1 1 1 1 1 1 1
1992
1993
1994
CAfi^OTYimUZAnONRATtaOX^r>CX^TKYl
r^^
jjS~^
I
.l*+s**s'~T™"***~ ~'
80
78 mi iliiiimiminn i lltllitllll n 1 1 il t in mi intiim
84
82
,,,,,l,,,,,
19M
1995
mini f l n i nun M 111 1 M 1 1 1 IIin iliii in
pEncmr-
l
1992
I
1993
1994
1995
1
1996
301*2; KWOOfOOrtHOB Of T»««IW.K««Vf5TOai
[Monthly data seasonally adjusted)
Total
industrial
production
Period
Index,
1987=100
1986
1987
1988
1989 .
1990
1991
1992
1993
1994
1995/>
1995- Jan
Feb ... .
May
June
July
. ..
Sept
Oct
NOY .
DecP
. ..
.
.. ...
1996- Jan?
1
Output as pureent of capacity.
Industry production indexes, 1987 — 100
Capacity utilization
rate, percent!
Manufaetu ring
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
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
121.7
79.2
81.5
83.7
83.7
82.1
79.2
80.3
81.4
83.9
83.7
79.1
81.6
83.6
83.2
81.3
78.0
79.5
80.6
83.3
82.9
121.8
121.7
121.9
121.4
121.3
121.4
121.5
122.7
122.8
122.2
122.4
122.6
6.3
5.4
4.7
3.9
3.2
2.8
2.6
3.2
3.1
1.9
1.6
.9
124.1
123.9
124.0
123.5
123.2
123.3
123.3
124.2
124.9
124.4
124.5
124.7
131.8
132.1
132.2
131.6
131.1
131.5
131.5
133.2
134.4
133.5
134.3
134.8
115.6
114.8
115.1
114.6
114.4
114.3
114.3
114.3
114.4
114.3
113.8
113.5
100.6
100.8
100.3
100.6
100.5
101.0
100.7
100.0
100.0
98.2
98.1
98.0
117.3
118.5
119.2
118.8
122.1
121.0
122.7
128.8
122.7
121.6
123.3
124.1
85.1
84.7
84.6
84.0
83.7
83.5
83.3
83.8
83.6
82.9
82.8
82.7
84.6
84.2
84.0
83.3
82.8
82.6
82.3
82.6
82.8
82.1
82.0
81.8
121.9
.1
124.0
134.2
112.6
97.7
123.0
81.9
81.0
Source; Hoard of Governors of the Filers! Ifcserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995/>
.
.
....
1995- Jan
Feb
Mar
May
July
Sept
Oct
Deep
,
1996- Jail*"
1
,
95.7
100.0
104.8
106.8
107.0
105.4
108.7
112.7
118.3
121.3
121.3
121.1
121.5
120.9
120.6
121.1
121.2
122.4
122.6
121.3
121.7
121.9
121.2
96.8
100.0
102.9
104.0
103.4
103.0
106.0
109.5
113.7
115.0
115.5
114.9
115.3
114.4
114.1
114.8
114.6
115.9
116.0
114.9
115.5
115.3
113.6
Durable
goods
94.5
100.0
104.6
106.6
102.3
96.0
103.0
113.3
124.2
124.2
127.1
127.3
126.0
124.9
121.6
122.3
121.4
124.0
125.8
123.4
124.9
126.4
121.4
Nondurable
goods
97.6
100.0
102.4
103.2
103.8
105.0
106.9
108.6
111.2
112.8
112.7
111.9
112.7
111.8
112.4
113.1
113.0
113.9
113.7
112.9
113.3
112.6
111.8
Total'
94.5
100.0
107.6
110.9
112.1
108.8
112.5
117.5
125.3
131.4
130.4
131.0
131.4
131.3
130.8
131.2
131.6
132.9
133.1
131.5
131.3
132.4
133.4
Business
93.1
100.0
110.7
115.5
116.9
115.9
123.4
131.8
144.9
155.7
153.2
154.3
155.1
155.0
154.3
155.1
155.7
157.5
158.2
156.5
156.8
158.5
160.0
Defense
and
space
equipment
96.0
100.0
99.7
100.1
98.8
90.8
84.8
79.3
71.9
65.9
68.9
68.2
67.8
67.1
66.8
66.8
66.5
66.1
65.2
64.4
62.8
62.1
61.6
Construction
supplies
Business
supplies
Total
Total
91.9
100.0
101.8
102.0
101.2
96.8
99.3
101.8
107.3
109.0
109.5
109.5
109.2
108.2
108.2
108.2
108.5
109.4
109.5
109.2
109.4
110.0
109.1
93.8
100.0
101.5
100.5
98.2
91.6
95.2
98.4
106.2
108.2
109.7
109.5
109.2
108.0
106.6
107.2
107.3
107.0
108.4
108.3
109.2
110.6
109.1
90.7
100.0
102.0
103.0
103.2
100.2
102.0
104.1
108.2
109.6
109.5
109.6
109.3
108.5
109.4
109.1
109.5
111.0
110.3
109.9
109.7
109.8
109.2
95.9
100.0
105.0
106.7
106.8
105.5
109.7
113.8
122.0
127.4
127.1
127.1
127.2
127.0
127.2
126.8
126.8
128.1
128.1
128.1
128.3
128.2
127.6
Energy
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.5
105.3
106.5
106.2
106.4
106.4
106.6
107.2
107.2
107.5
108.5
105.8
105.5
105.4
105.7
105.0
Includes oil and gas welt drilling and manufartimHl homes, not shown separately.
[1087=100; montMy data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995P
1995- Jan
Feb
Mar
July
Sept
Oet
Dec''
1996- Jan?
93.7
100.0
108.7
107.2
106.5
98.6
101.9
107.7
116.4
119.2
121.5
120.8
121.3
120.2
119.5
117.5
118.3
115.4
121.0
115.7
121.1
119.3
121.6
Source: Uoun! of Governors of the Federal Ifeserve System.
18
Fabricated
Iron
and
steel
products
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.9
119.3
122.4
93.8
100.0
104.2
102.8
99.5
94.5
99.0
103.1
110.5
113.9
114.3
115.0
114.3
112.3
113.7
113.7
112.4
H4.3
115.1
114.0
114.5
115.1
113.8
125.5
124.9
125.8
123.5
123.0
119.2
119.3
117.7
127.0
115.1
126.5
122.8
128.0
Industrial
macliinery and
equipment
Electrical
machinery
90.3
100.0
113.0
117.3
117.6
114.7
124.0
138.1
157.7
177.7
171.4
171.8
172.4
174.3
174.6
174.4
176.0
179.5
181.3
183.8
186.2
1S9.3
190.2
94.3
100.0
108.5
111.0
111.4
113,9
123.5
134.1
154.3
174.9
166.7
167.7
169.4
169.6
171.1
173.0
175.7
178.7
180.8
182.4
183.6
182.8
18L3
Nondurable manufactures
Transportation
equipment
Total
96.9
100.0
105.2
109.6
107.0
101.1
104.8
109.2
115.3
113.4
117.8
118.5
118.0
115.7
113.2
113.4
111.6
114.1
114.1
109.3
108.6
110.0
108.4
Motor
vehicles
and
parts
98.5
100.0
105.7
106.9
101.0
94.4
107.4
122.9
141.2
141.9
147.3
148.4
147.6
143.0
138.8
139.7
136.7
142.1
143.3
139.7
140.7
141.2
135.5
Lumand
products
Apparel
products
95.1
100.0
100.1
99.4
97.1
90.2
95.2
97.1
104.0
104.5
107.1
105.0
103.9
103.9
101.7
103.0
103.7
103.7
106.2
105.7
105.6
106.4
104.5
96.3
100.0
98.1
95.0
92.2
92.7
95.0
97.1
100.1
95.8
100.6
99.8
99.3
97.4
97.5
95.5
94.8
94.5
94.5
93.3
92.5
92.5
90.3
Printing
and
publishing
Chemicals
and
products
90.6
100.0
100.9
101.1
100.8
97.0
98.1
98.8
100.1
99.4
100.1
100.3
99.3
99.2
99.0
98.6
99.0
100.5
99.8
98.9
99.4
98.9
98.2
94.6
100.0
106.0
109.2
111.8
110.5
114.4
115.4
121.3
124.9
126.2
124.7
125.0
123.5
124.0
124.4
124.0
124.4
125.3
126.7
125.7
125.4
124.7
Foods
97.4
100.0
101.5
102.5
103.7
105.3
106.9
109.5
113.2
115.3
115.9
114.2
115.0
115.1
115.9
116.1
115.3
115.5
115.5
115.4
115.2
114.9
114.7
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts3
Private
Residential
Total new
construction
expenditures
Period
Total
New housing
unite
Total1
and Indus*
3
trial
Other
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'
, .. . .
407.7
419.4
432.3
443.7
442.2
403.4
43S.O
464.5
506.9
527.0
323.1
328.7
337.5
345.5
334.7
293.3
315.7
339.2
376.6
384.2
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
238.9
236.2
521.1
521.4
523.5
522.1
514.5
518.9
528.7
528.4
535.1
537.6
533.4
536.0
384.8
383.7
383.3
382.2
376.1
377.5
384.3
385.7
387.0
390.1
388.2
390.2
241.9
240.2
237.9
234.1
231.3
228.4
231.0
234.0
237.6
238.3
240.3
241.8
537.6
388.6
240.5
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
162.3
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
73.8
85.7
51.6
50,1
51.5
54.6
55.4
58.4
62.1
62.3
63.9
62.2
84.6
90.6
94.7
98.2
107.5
110.1
119.3
125.3
130.3
142.8
96
100
101
105
95
89
97
105
114
115
168.6
167.2
163.9
159.8
156.4
153.2
158.0
161.3
164.3
165.4
165.9
166.1
81.3
82.7
84.7
85.0
81.9
85.9
88.0
87.2
85.6
88.8
88.2
90.3
61.5
60.7
60.7
63.1
62.9
63.2
65.3
64.5
63.8
63.0
59.7
58,1
136.2
137.8
140.2
139.9
138.4
141.4
144.4
142.7
148.1
147.5
145.3
145.7
113
114
116
108
119
122
118
123
119
116
114
107
164.9
90.6
57.5
149.0
Annual rates
Annual ra&s
1995- Jan
Peb
Mar
May
July
Sept
Oct
Nov
Dec'
.
1996- Jan*
1
Includes
2
residential improvements, not shown separately,
Includes hotels and motels.
S
F.W. Bodge series.
1,016
1,019
973
961
783
577
556
589
744
842
786
883
778
632
727
800
713
826
828
731
851
784
Sowrees: Department of Commerce (Bareaa of the Census) snd McGraw-Hill Information
Systems Company, 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
Tota!
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
1,350.5
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
1,073.2
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
33.8
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
243.5
Units
authorized
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
3
1,371.6
1,333.0
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
1,311.3
750
671
676
650
534
509
610
666
670
684
357
366
368
365
321
284
265
293
'337
378
'1,415
1,302
'1,442
'1,331
'1,324
1,286
'1,332
'1,247
r
1,267
'1,320
'1,360
1,213
'627
'577
'614
'608
667
'724
'782
'707
'684
'673
'662
665
693
342
'346
'346
'349
347
347
344
349
'350
'360
'370
378
381
Vacancy rate
for rental
housing units
(percent)2
7.3
7.7
7.7
27.4
7.2
7.4
7.4
2
7,3
7.4
Seasonally adjusted annual rates
1995- Jan
Peb
Mar
May
July
Sept
Get
Nov
Dec*"
1996- Jan*"
1
...
1,370
1,322
1,241
1,278
1,300
1,301
1,450
1,401
1,401
1,351
1,458
1,385
1,446
1,062
1,051
992
1,017
1,005
1,036
1,125
1,135
1,130
1,109
1,129
1,116
1,132
38
44
35
25
36
35
39
28
39
31
32
30
31
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 piaees is 1,333,7 thousand units.
270
227
214
236
259
230
286
238
232
211
297
239
283
1,293
1,282
1,235
1,243
1,243
1,275
1,355
1,368
1,405
1,384
1,448
1,478
'1,372
1,358
7.4
7.7
7.7
7.7
NOTE. —Beginning 1994, units authorized are for 19,000 piaees. For other data shown, units
authorized are for 17,000 places.
Seasonally adjusted housing completions and homes sold and for sale revised beginning 1993.
Source: Department of Commerce, Bureau of the Census.
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In December, manufacturing and trade sales rose 1.0 percent and Inventories fell $2.4 billion. According to advance
data, retail sales fell 0.3 percent in January following a rise of 0.6 percent in December.
BILLIONS OF DOLLARS" (RATIO SCALE)
1,200
BILLIONS OF DOLLARS* (RATIO SCALE)
400
1,100
^-n
1,000
,—-—-~i
900
800
^\
MANUFACTURING AND
TRADE INVENTORIES
700
_
600
„„-".--'
-'
1
— — """1 \
1
MANUFAOURING
AND TRADE SALES
500
400
300
I
200 n i nlim i
1992
1.30
1994
1993
1995
1996
1992
1996
* SEASQNAUY ADJUSTS)
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade '
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Inventories
Sales *
Period
2
Sales
Inventories'*
Sales*
Inventories3
Inventory-sales
ratio 4
Retail
Total
Durable
goods
stores
Nondurable
goods
stores
Total
Dnrable
goods
stores
:1
Nondurable
goods
stores
Manufacturing
and
trade '
96,527
102,355
106,594
115,887
118,668
124,236
129,046
133,967
'140,993
143,743
140,993
141,542
142,174
141,670
141,732
142,683
143,224
143,091
144,219
144,037
144,953
145,078
143,743
1.55
1.50
1.49
1.52
1.52
1.54
1.49
1.44
1.39
1.41
1.37
1.38
1.39
1.40
1.42
1.41
1.41
1.43
1.41
1.41
1.43
1.42
1.40
Retail
Millions of dollars, seasonally adjusted, except as noted
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995C
1994- Dec'
1995: Jaii'
Feb
Mar
. ..
May
June
July
Sept
Get
Dec**
1996- Jan?
. .
1
430,419 662,753 114,960 153,574 120,803
457,735 709,814 122,968 163,903 128,442
496,079 765,270 134,521 178,801 138,017
523,065 811,154 143,760 187,009 146,581
542,682 834,391 149,506 195,550 153,718
538,485 829,685 148,306 200,062 154,661
561,293 838,895 154,150 207,663 162,632
593,076 860,979 161,681 215,878 172,875
639,770 '918,319 172,521 '235,701 186,414
'682,256 978,299 '186,676 255,641 '195,660
670,067 918,319 182,257 235,701 191,757
673,634 928,799 182,641 238,399 193,203
675,480 936,091 185,056 240,365 191,868
674,797 942,743 183,207 243,462 193,153
672,912 952,235 184,597 246,867 193,022
678,444 956,516 186,244 247,702 195,107
682,958 960,157 187,472 249,813 196,774
675,776 964,894 186,232 253,060 196,070
687,610 968,658 187,203 253,017 197,386
689,804 973,482 188,303 254,063 197^221
687,650 980,267 188,517 256,134 196,735
692,867 980,701 190,709 255,449 198,432
'699,799 978,299 '194,198 '255,641 '199,694
192,997 257,548 199,062
695,225
See page 21 for manufacturing.
a
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
45,057
47,989
52,430
54,763
55,736
54,165
58,634
64,795
73,369
'78,414
76,608
76,704
76,138
76,978
76,549
77,533
78,835
78,446
79,940
79,103
79,458
80,524
'81,108
80,285
89,983
75,746 186,510
80,453 207,836 105,481
112,453
85,587 219,047
91,818 237,234 121,347
97,981 239,773 121,105
100,497 243,275 119,039
103,999 251,994 122,948
108,080 267,676 133,709
113,045 '290,808 '149,815
'117,246 304,131 160,388
115,149 290,808 149,815
116,499 294,296 152,754
115,730 296,000 153,826
116,175 297,200 155,530
116,473 299,690 157,958
117,574 300,525 157,842
117,939 300,333 157,109
117,624 299,411 156,320
117,446 302,495 158,276
118,118 303,242 159,205
117,277 306,698 161,745
117,908 307,666 162,588
'118,586 304,131 160,388
118,777
''Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.
Somw: Department of Commerce, Hureati of the Census.
4
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.54
1.52
1.52
1.54
1.54
1.55
1.54
1.53
1.53
1.53
1.54
1.56
1.55
1.52
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
in January, manufacturers' shipments fell, while inventories and orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
320
SHIPMENTS
BILLIONS OF DOUARS* (RATIO SCALE)
480
440
400
360
TOTAL
\___j —""•——*y
280
r~~**^~
240
INVENIORIES
r-*---~
*
TOTAL
320
200
280
DL IRABLEGOOC S
240
160
*'*"'
.- .-••*. \s*
120
f \
200
160
NONl HJRABLEGOC OS
....
"""""*
i
80 n i 1 1 i 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Illlllllll imiliim
1
IRABLEGOOC
j'~*
KITilNDURABLEGC•y^rse „,
120
BILUONS OF DOLLARS* (RATIO SCALE)
320 - NEW ORDERS
80
I M 1 11 1 1 1 11 1 1 1 1 1 1 ! 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 M 11 1 1 1 1 1 1 1 1 1 11
280
240
200
DURABLE GOODS
160
120
NONDURABLE GOODS
1.40 -
80
1.20
1992
1993
1995
1994
1992
1996
1996
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments '
Manufacturers' inventories2
Manufacturers' new orders '
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable
goods
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
37,530
43,398
41,785
42,055
42,628
40,072
43,115
42,964
40,233
41,676
46,941
43,755
46,067
48,700
48,469
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
130,074
137,665
137,217
137,466
136,583
137,516
137,544
137,723
137,733
137,821
137,172
137,880
138,981
139,233
140,416
Manufacturers'
unfilled
orders2
Manufacturers'
inventory—
shipments
ratio3
Millions of dollars, seasonally adjusted, excep>t as noted
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995 '
1995- Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Deer
1996- Jan*>
. ..
194,657
103,238
206,326
108,128
223,541
117,993
232,724
121,703
239,459
122,387
235,518
119,151
244,511
125,553
258,520
135,981
280,835
151,060
299,920
162,053
297,790
161,079
298,556
161,206
298,437
161,571
295,293
157,970
297,093
159,612
298,712
160,828
293,474
155,919
303,021 164,196
304,280
165,939
302,398
164,062
'303,726 '164,924
305,907
165,946
303,166
162,965
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
129,775
137,867
136,711
137,350
136,866
137,323
137,481
137,884
137,555
138,825
138,341
138,336
138,802
139,961
140,201
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
391,810
418,527
396,104
399,726
402,081
405,678
408,289
410,011
412,423
413,146
416,177
417,435
417,586
418,527
421,504
1
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.
103,647
110,663
195,204
110,809
117,299
209,389
121,445
126,020
227,026
124,933
130,846 235,932
139,080 240,646
123,556
117,878
137,231 234,354
141,521 241,545
122,614
133,273
255,701
141,122
151,878
281,953
144,166
163,054
154,611 300,719
164,507
145,853
301,724
163,338
147,602
300,804
148,844
299,625
163,042
155,553
150,344
293,069
297,046
159,502
151,502
159,031
152,569
296,754
156,130
152,891 293,863
153,055 301,903 164,082
154,471 306,123
168,951
166,490
154,130
304,370
154,069 '304,146 '165,165
154,611 309,467
170,234
170,636
311,052
155,234
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
247,644
263,916
250,251
252,124
253,237
255,334
256,787
257,442
259,532
260,091
261,706
263,305
263,517
263,916
266,270
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
456,838
467,045
460,772
463,020
464,208
461,984
461,937
459,979
460,368
459,250
461,093
463,065
463,485
467,045
474,931
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1.37
1.37
1.33
1.34
1.35
1.37
1.37
1.37
1.41
1.36
1.37
1.38
1.37
1.37
1.39
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
01
PRICES
PRODUCER PRICES
In January, the producer price index for all finished goods rose 0.3 percent. Prices of finished consumer foods
fell 0.2 percent and prices of other finished consumer goods rose 0.6 percent. Capital equipment prices fell 0.1
percent. (Series revised.)
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
150
CONSUMER GOODS
EXCLUDING FOODS
110
110
100
100
1988
COUNC11 OF ECONOMIC ADVISERS
SOURCE: DEPARTMeNt Of LABOR
[1982 = 100; monthly data seasonally adjusted!
Finished goods
Intermediate materials
Finished goods excluding consumer foods
Tntal
iOIdl
G nu
011-
finished
sumer
Consumer goods
TvAta]
lotai
goods
Total
1986 . .
1987
1988
1989
1990
1991
1992
1993
1994
1995 *•
1995: Jan'
Feb'r
Mar
Aprr
Mayr
Jvme
July
Augr
Sepf
Ocf
Nov
Dec'
1996: Jan
1
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
127.9
127.0
127.2
127.3
127.6
127.9
127.7
127.7
127.8
128.2
128.2
128.7
129.5
129.9
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
129.0
128.1
128.2
128.2
128.5
127.8
127.4
128.5
128.6
130.1
129.9
131.3
131.5
131.2
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
126.6
126.8
126.9
127.3
127.8
127.6
127.4
127.4
127.6
127.6
127.9
128.9
129.4
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
123.9
123.1
123.3
123.5
123.8
124.5
124.2
123.8
123.8
123.9
123.8
124.0
125.4
126.1
Intermediate materials for food manufacturing and foods.
NoTK.—Beginning 1996, indexes are based on updated value weights.
79.
Durable
Nondurable
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
132.6
132.0
132.2
132.1
132.3
132.3
132.2
132.4
132.5
132.6
133.0
133.8
134.1
133.6
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
118.8
117.9
118.1
118.4
118.8
119.7
119.4
118.7
118.6
118.7
118.5
118.4
120.2
121.5
Capital
eCjUip*
ment
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
136.7
135.5
135.8
135.9
136.2
136.4
136.5
136.7
136.9
137.1
137.2
137.8
138.0
137.9
Total
finished
consumer
goods
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
125.6
124.7
124.9
125.0
125.4
125.6
125.3
125.4
125.4
125.8
125.8
126.3
127.3
127.8
Crude materials
Foodstutis
Total
and
Other
Total
and
Other
stuffs
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
124.9
122.9
123.8
124.3
125.0
125.3
125.4
125.5
125.6
125.4
125.3
125.3
125.5
125.6
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
114.8
112.1
111.8
112.3
111.6
110.6
111.7
113.4
114.6
115.7
119.0
121.7
123.2
123.5
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
125.5
123.5
124.4
124.9
125.7
126.1
126.1
126.1
126.1
125.9
125.6
125.5
125.6
125.7
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
102.6
101.4
102.0
101.2
103.0
102.2
103.1
102.4
101.0
102.9
102.9
104.4
104.8
107.0
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
105.8
101.7
102.7
100.8
100.7
98.6
101.8
105.6
106.0
109.7
112.0
115.3
114.9
114.4
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
96.6
97.2
97.6
97.5
100.4
100.6
99.9
96.5
93.9
94.6
93.2
93.5
94.4
98.3
Seasonally adjusted data revised beginning 1991 to reflect ujKlated seasonal adjustment
factors.
Source: Department of Labor, Bureau of Ijabor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In January, the consumer price index for all urban consumers rose 0.4 percent seasonally adjusted (it rose 0.6
percent not seasonally adjusted). The index was 2.7 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE)
INDEX, 1982-84 - 100 (RATIO SCALE]
1180
180
SEASONAUYAUUSIED
170
170
160
160
150
150
CONSUMER PRICES—ALL ITEMS
140
140
130
130
120
120
110
110
100
100
1989
1988
1990
1991
1992
1993
1994
1996
1995
SH NOTE ON IU1£ BBOW
SOURCE DeWXM&tt Of UBOR
COUNO. OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items1
Transportation
Housing
Shelter
Not
seasonally
adjusted
(NSA)
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Jan'
Feb'
Mar'
Apr'
May
-
..
Julv'
Sept'
Oct'
Novr
Dec'
1996: Jan
1
-.
.
100.0
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
150.3
150.9
151.4
151.9
152.2
152.5
152.5
152.9
153.2
153.7
153.6
153.5
154.4
Seasonally
adjusted
150.6
150.9
151.3
151.8
152.2
152.6
152.7
153.0
153.2
153.7
153.8
154.1
154.7
Food
15.8
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
148.4
146.8
147.1
147.2
148.0
148.3
148.5
148.7
149.0
149.5
150.0
150.0
150.2
150.3
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
162.8
163.2
163.8
164.3
164.8
165.3
165.8
166.0
166.5
167.1
167.5
167.9
168.6
8.0
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
174.3
170.7
171.3
172.0
172.6
173.1
173.4
174.0
174.0
174.7
175.2
175.3
175.5
176.7
Total1
41.3
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
148.5
146.5
146.8
147.1
147.5
147.8
148.1
148.5
148.9
149.1
149.6
149.9
150.3
150.8
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
ownand
teers'
nance other
costs
utiliand
(Dec.
ties
re1982= 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
168.3
168.7
169.2
169.7
170.3
170.8
171.3
171.7
172.2
172.8
173.4
173.9
174.3
0.2
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
135.0
133.1
133.8
134.2
134.2
134.6
135.0
135.1
135.4
135.4
136.3
136.2
136.6
136.3
7.0
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.7
123.2
123.2
123.1
123.4
123.0
123.5
123.6
124.2
123.4
124.1
124.2
124.4
125.0
Apparel
and
up- Total1
keep
5.5
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.0
132.5
131.8
132.3
132.1
131.9
131.4
131.8
132.0
131.7
132.1
132.1
132.2
133.1
17.0
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
139.1
137.4
137.8
138.5
139.3
140.2
140.8
140.0
139.5
139.4
139.5
138.9
139.0
140.0
New
cars
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
4.0
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
139.0
137.9
138.1
138.2
138.8
138.9
139.2
139.1
139.2
139.6
139.6
139.8
139.8
140.0
2.9
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
100.0
101.3
100.8
100.6
101.0
103.5
103.7
101.3
99.3
97.9
97.4
95.4
97.5
101.2
7.4
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
220.5
216.9
217.5
218.2
218.9
219.6
220.3
221.0
221.8
222.6
223.1
223.8
224.6
225.4
6.7
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.2
105.4
105.2
105.0
105.4
106.1
106.5
105.4
105.0
103.6
103.9
103.0
104.1
106.1
77.5
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
161.2
159.1
159.5
160.1
160.6
160.9
161.3
161.7
162.0
162.4
162.9
163.1
163.3
163.8
NOTE.—Data incorporate a rental equivalence measure for horaeownership costs (beginning
1983).
Seasonally adjusted data revised beginning 1991 to reflect updated seasonal adjustment fac-
tors.
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, 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
Total
finished
goods
Period
Capital
equipment
Excluding
foods
Poods
Total
finished
goods
Capital
equipment
Excluding
foods
Poods
Total
finished
goods
Capital
equipment
Excluding
foods
Poods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dee. to Dec., NSA
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
2.2
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995?
-6.6
4.1
3.1
5.3
8.7
-7
1.6
-1.4
2.0
2.2
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
1.9
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.2
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
Change, month to month
1995- Jan'
Feb'
Mar'
Apr r
May'
July
Ang'
Sept'
Oct'
Nov
Dec'
0.2
.2
.1
.2
.2
__ 2
0
.1
.3
0
.4
.6
-0.7
.1
0
.2
-.5
-.3
.9
.1
1.2
-.2
1.1
.2
0.5
.2
.2
.2
.6
-.2
-.3
0
.1
-.1
.2
1.1
0.4
.2
.1
.2
.1
.1
.1
.1
.1
.1
.4
.1
5.2
3.2
1.6
1.9
2.2
1.3
.3
-.3
1.6
1.6
2.8
4.1
6.2
3.2
-2.5
1.3
-1.2
-2.5
0
2.5
8.8
4.4
8.7
4.4
5.4
2.6
3.3
2.3
4.0
2.3
0
-2.2
-1.0
0
.6
4.9
3.6
3.9
2.7
2.1
1.8
1.8
1.5
1.5
1.8
1.5
2.7
2.7
2.4
1.6
2.2
3.5
2.7
1.4
1.1
.9
1.4
.9
1.3
2.8
3.0
2.9
3.0
3.7
.9
-2.5
.6
.6
3.0
2.2
5.6
6.5
2.3
1.0
2,3
3.8
3.3
2.8
1.1
.8
.6
0
-.8
1.9
1.6
1.8
1.3
2.8
2.8
2.2
1.8
1.6
1.8
1.5
2.1
2.2
1.7
1.7
1.8
2.1
2.2
2.1
1.7
1.3
1.8
2.1
2.0
2.2
.3
-.2
.6
1
5.4
4.1
7.6
2.1
3.5
4.2
3.8
1.8
2.3
1996- Jan
Note.—Seasonally adjusted data revised beginning 1991. See Note, p. 22.
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
AU
items1
Period
Pood
Total1
1
Total
Renters'
costs
Homeowners'
costs
and
other
utilities
Apparel
and
1
upkeep Total
New
cars
Motor
fuel
Medieal
care
Energy2
All
items
less
food
and
energy
Addendum: All items,
percent change
(annual rate)
Prom
previous
quarter3
Prom
Prom
Prom
year
3
6
months months earner
earlier earlier
NSA
Change, December to December, NSA
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
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
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
3.7
0,3
.2
.3
.3
.3
.3
.1
,2
.1
.3
.1
.2
-0.3
.2
.1
.5
.2
.1
.1
.2
.3
.3
0
.1
0.3
.2
.2
.3
.2
.2
.3
.3
.1
.3
.2
.3
0.2
.2
.4
.3
.3
.3
.3
.1
.3
.4
.2
.2
0.2
.4
.4
.3
.3
.2
.3
0
.4
.3
.1
.1
0.3
.2
.3
.3
.4
.3
.3
.2
.3
.3
.3
.3
0.5
0
— 1
.2
-3
.4
.1
.5
-.6
.6
.1
.2
.4
2
-Z
-A
.3
.2
-.2
.3
0
.1
.4
.1
.3
.4
.7
.2
.5
.7
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
.2
1.4
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
-2.1
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
-74
2.0
-1 4
2.2
-1.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
3.0
0.4
.3
.5
.6
.6
.4
-.6
-.4
-.1
.1
-A
.1
0.2
.1
.1
.4
.1
.2
-.1
.1
.3
0
.1
0
-0.2
-.5
-.2
.4
2.5
.2
-2.3
-2.0
-1.4
-.5
-2.1
2.2
0.4
.3
.3
.3
.3
.3
.3
.4
.4
.2
.3
.4
0
-.2
-.2
.4
.7
.4
-1.0
-.4
-1.3
.3
-.9
1.1
0.3
.3
.4
.3
.2
.2
.2
2
'2
.3
.1
.1
.7
.1
3.8
.4
1.9
.3
-59
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
1995- Jan'
Feb'
Mar'
Apr'
May-
Sept '
Octr
Dee'
..
1996- Jan
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc,—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.
3
Quarterly changes are shown in the last month of the quarter.
0.3
Note.—Seasonally adjusted data revised beginning 1991.
Source: Department of Labor, Bureau of Labor Statistics.
2J
£5
2.1
2A
3.0
2.7
3.0
3.2
3.5
3.5
2.4
2.1
1.6
2.6
2.1
2.4
2.7
2.4
2.6
3.1
3.1
3.2
2.8
2.8
2.5
2.5
2.1
2.0
2,8
2.9
2.9
3.1
3.2
3.0
2.8
2.6
2,5
2,8
2.6
2.5
2.6
2.6
2.7
PRICES RECEIVED AND PAID BY FARMERS
In February, prices received by farmers fell 1.9 percent from their January level. Prices paid by farmers In February
were up 0.9 percent from their January level. (Data are not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)
120
INDEX, 1990-92-100 (RATIO SCALE)
120
110
80
80
RAT Qlf
RATK3^
140
140
DATII-l
120
P->
100
f
-
120
-
/
^-^
"^
-^
«<—-
_-^s—• -
100
N,
80
80
-
-
60
1 1 1 1 1 1 1 1 1 1 1
1988
1 I 1 1 1 1 1 1 1 11 Minimi! 1 1 1 1 1 1 1 1 1 11
1989
1990
1991
! M II
1 1 1 1 11
1992
1 1 M
1 1 11 1 1 1
M
1 1 1 1 1M 11
1 M M 1 M 1 M
1995
1993
1995
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
60
1 1 1 M 1M 1 M
1996
COUNCIL OF ECONOMIC ADVISERS
[1990-92 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1986
1987
1988 ..
1989
1990
1991
1992
1993
1994
1995
1995: Peb
Mar
Mav
July
Sept
Got
Dec
1996- Janr
Feb
1
All farm
products
Production
items, interest,
taxes, and wage
Production
items
Ratio2
rates
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
103
106
109
85
87
92
97
99
100
101
102
106
108
86
87
90
95
99
100
101
103
106
108
103
102
108
108
105
99
98
98
94
94
97
99
99
101
100
101
102
105
104
106
108
101
107
113
117
113
114
114
115
114
117
118
94
93
90
88
90
91
92
93
92
94
96
122
121
94
93
107
(3)
107
(3)
<")
107
(3)
(:1)
109
(:1)
(3)
111
112
107
(3)
107
(3)
(:1)
107
(3)
(:i)
110
(3)
(3)
112
113
90
92
92
94
93
94
94
97
94
95
97
108
106
108
(3)
108
<3)
(3)
108
(3)
(:1)
111
(3)
(3)
112
113
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates. See also footnote 3.
;i
Beginning 1996, prices paw! by fanners are. available monthly and for same month a year
earlier. Other data are for first month in quarter, and for each month the received/paid ratio
is based on latest data available.
2
All commodities,
services, interest,
taxes, and wage
rates'
Livestock and
products
Crops
96
94
NOTE.—The official indexes are published on a 1910-14 has*1, 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
In January, growth in M2 slowed; growth in M3 accelerated.
BI1UONS OF DOUARS* (RATIO SCALE)
4,800
4,400
4,000
BUJONS OF DOUARS* (RATIO SCA1E)
4,800
4,400
4,000
3,400
3,600
3,200
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
800
800
600
600
400 I.M i M|
1988
1989
1992
1990
n u l l 400
1996
1995
1994
1993
' AVBMCB Of DUO HGUffiS, SUSONMil AEUUS1H1
SOUiai HOMO Of GOWBINOI1S Of THE fBXUi HESBM SY5TCM
CCXNOt OF KONCWIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
Period
1986:
1987198819891990:
19911992:
19931994:
19951995:
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dee
Dec
Dec
Jan
Feb
Mar
July
. .. .
Sept
Oct
Nov
Dec
1996- Jan •"
1
M3
M2
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus retail
MMMF 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
1,124.8
1,149.2
1,147.8
1,148.7
1,151.2
1,146.2
1,144.5
1,145.4
1,143.8
1,140.2
1,131.8
1,129.0
1,124.8
1,119.0
2,734.6
2,834.4
2,997.9
3,164.0
3,282.2
3,383.7
3,438.7
3,494.1
3,509.4
3,670.2
3,515.3
3,517.5
3,525.1
3,537,3
3,551.9
3,582.6
3,601.5
3,621.6
3,635.0
3,642.1
3,653.2
3,670.2
3,684.8
M2 plus large
time deposits,
RPs, Eurodollars, and
institutiononly MMMP
balances
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
AnnuaI changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.
26
3,486.4
3,673.3
3,912.4
4,065.5
4,124.1
4,178.4
4,187.3
4,249.6
4,319.4
'4,581.4
'4,343.5
'4,355.9
'4,375.9
'4,399.9
'4,428.5
'4,467.0
'4,495.1
'4,522.9
'4,543.6
'4,558.2
'4,568.0
'4,581.4
4,609.8
L
Debt
M3 plus
other liquid
assets
Debt of
domestic
nonfinancia!
sectors
(monthly
average of
adjacent
month-end
levels) '
'4,122.4
4,328.5
4,664.2
4,894.2
4,975.8
5,004.4
5,075.8
'5,164.5
'5,303.7
'5,694.8
'5,331.2
'5,364.9
'5,402.2
'5,437.1
'5,464.7
••5,504.0
'5,553.1
'5,588.8
'5,634.7
'5,661.5
'5,668.2
"5,694.8
7,918.0
8,671.0
9,446.4
10,173.5
10,854.0
11,338.6
11,881.7
12,516.4
13,153.2
13,841.8
13,201.9
13,279.8
13,342.3
13,419.4
13,519.6
13,578.2
13,613.1
13,664.9
13,704.0
13,745.0
13,807.8
f 13,841.8
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
-2.1
-.4
-.4
-.3
.4
-.4
-.7
-.7
-.7
-1,5
-3.4
-3.0
-34
-46
NOTE.—See p. 27 for components.
Source: Board 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
4.6
.4
.8
1.2
1.9
2.6
4.2
4.9
5.9
6.2
5.9
5.7
4.9
4.6
M3
9.0
5.4
6.5
3.9
1.4
1.3
.2
1.5
1.6
6.1
3.1
3.7
4.2
4.9
5.7
6.8
7.0
7.7
7.7
7.2
6.3
5.1
5.1
Debt
12.6
9.5
8.9
7.7
6.7
4.5
4.8
5.3
5.1
5.2
5.2
5.5
5.5
5.9
6.2
6.5
6.2
5.8
5.4
4.9
4.3
3.9
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency
Period
19861987:
198819891990:
199119921993:
19941995:
1995:
Dec
Dec
Dec
Dec
Dec
Dec
Dec .
Dee
Dec
Dec
Jan
Feb
Mar
180.7
196.8
212.3
222.6
246.9
267.4
292.9
322.4
354.9
373.2
357.6
359.0
362.3
365.0
367.6
367.0
367.3
368.5
369.5
370.8
371.6
373.2
373.6
. .
May
July
Sept
Oct
Nov
Dec
1996: Jail'
Other
Decheckmand
able
depos- deposits
its
(OCDs)
302.1
286.8
286.8
279.3
277.4
289.5
339.1
384.3
382.4
389.8
383.3
383.5
382.9
382.1
382.1
386.5
388.5
389.3
389.4
388.1
388.2
389.8
393.5
235.6
259.5
280.9
285.3
293.9
332.5
384.2
414.0
402.9
353.0
399.8
396.8
394.8
395.1
387.4
382.0
380.8
377.2
372.4
364.1
360.3
353.0
343.0
Money market
mutual fund
balances
Retail1
210.3
224.5
246.0
322.5
358.1
373.7
356.0
358.7
388.1
475.1
392.4
394.2
396.2
401.5
410.1
427.4
440.4
452.4
459.4
464.3
469.7
475.1
478.9
Savings
deposits,
including
money
market
Instideposit
tution accounts
only- (MMDAs)
84.5
91.1
90.3
106.9
133.5
179.5
199.8
197.9
183.7
226.4
189.3
188.4
195.0
199.4
203.7
213.2
218.6
218.5
221.7
223.6
224.0
226.4
229.7
1
940.9
937.3
926.3
893.6
923.8
1.045.0
M87.1
1,218.8
1,148.9
1,134.5
1,134.7
1,118.0
1,102.5
1,091.2
1,089.5
1,097.0
1,096.2
1,101.6
1,108.4
1,116.1
1,120.6
1,134.5
1.151.8
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.
2
3
Small
denomination
time
deposits -!
Overnight
and
Large
tenn
denom- repurination chase
time de- agreeposits :i ments
(RPs)
(net)
859.0
922.7
1,038.6
1,153.7
1,174.5
1,067.8
871.2
788.0
823.7
935.7
839.1
857.5
877.7
893.4
906.1
913.7
919.4
923.8
927.0
929.9
933.9
935.7
935.0
420.2
467.0
518.3
541.5
480.9
416.5
353.7
333.8
363.5
418.6
364.2
371.8
377.6
381.0
384.5
387.7
394.0
396.8
400.7
410.3
416.3
418.6
420.9
143.3
172.6
189.0
158.0
138.8
119.4
128.1
157.5
'180.8
'177.3
'187.4
'191.9
191.1
'192.1
'197.2
'191.7
'188.4
'192.9
'192.5
'189.9
'185.2
'177.3
182.0
Overnight
and
term
Eurodollars
(net)
Savings
bonds
Shortterm BankTreas- ers' acury
ceptsecuri- ances
ties
103.9
91.8 275.8
108.2 100.6 249.5
117.0
109.4 266.8
95.2 117.5 324.0
88.7 126.0 334.2
79.3 137.9 329.1
66.9 156.6 345.9
66.3 171.5 342.9
82.3 180.3 387.3
'88.9 P 184.8 c 479.6
87.3 180.5 387.3
86.4 180.5 400.2
87.2 180.7 411.1
90.1 181.2
412.0
91.1
181.7 '405.5
91.8
182.4 '414.7
92.6 183.0 '434.0
93.1 183.5 '436.6
93.7 183.9 '455.7
'92.2 184.2 '464.9
'89.3 184.5 '465.9
'88.9 ' 184.8 >> 479.6
92.3
37.1
44.5
40.2
40.7
36.1
23.9
20.9
14.9
14.2
Pll.9
13.6
13.5
13.7
13.4
12.0
11.0
12.1
12.4
12.8
13.4
12.6
Pll.9
Commercial
paper
231.3
260.6
335.4
346.5
355.3
335.2
365.0
385.6
402.4
<• 437.1
406.3
414.9
420.9
430.6
437.0
428.9
429.0
433.3
438.6
440.7
437.3
f 437.1
NOTE.—Travelers checks of nonbunk 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]
Borrowings of depository institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
19861987:
19881989:
19901991:
19921993:
199419951995-
Dec
Dee
Dec
Dee
Dee
Dec
Dec
Dec
Dec
Dec
Jan
Peb
Mar
May
July
Aug
Sept
Oct
Nov
Dec
1996- Jan'
1
38,940
38,856
40,399
40,498
41,771
45,536
54,354
60,502
59,342
56,334
59,124
58,919
58,552
57,957
57,761
57,352
57,655
57,515
57,368
56,821
56,269
56,334
55,594
Data arc prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
38,113
38,078
38,683
40,232
41,445
45,343
54,230
60,420
59,133
56,077
58,988
58,860
58,483
57,847
57,611
57,080
57,284
57,233
57,091
56,575
56,065
56,077
55,556
Nonborrowed
plus
extended
credit
38,416
38,562
39,927
40,252
41,468
45,344
54,231
60,420
59,133
56,077
58,992
58,860
58,483
57,847
57,611
57,080
57,284
57,233
57,091
56,575
56,065
56,077
55,556
Required
37,570
37,809
39,352
39,575
40,106
44,557
53,199
59,440
58,174
55,056
57,785
57,973
57,757
57,204
56,881
56,388
56,565
56,527
56,418
55,739
55,326
55,056
54,110
Monetary
base
223,574
239,775
256,897
267,713
293,275
317,432
351,116
386,602
418,223
435,024
421,054
422,497
425,207
427,544
430,090
429,264
429,785
430,782
431,652
432,702
433,152
435,024
435,170
Total
827
777
1,716
265
326
192
124
82
209
257
136
59
69
111
150
272
371
282
278
245
204
257
38
Seasonal
38
93
130
84
76
38
18
31
100
40
46
33
51
82
137
172
231
258
252
199
73
40
7
Extended
credit
303
483
1,244
20
23
1
1
0
0
0
4
0
0
0
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 1.0 percent in January; commercial and industrial loans rose 0.9
percent.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS OF DOLLARS* (RATIO SCALE]
4,000
4,000
200
200
160
1996
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted '
Loans and leases in bank credit
Securities in bank credit
Period
Total
bank
credit
Total
securities
U.S.
CommerTotal
Other
Governcial and
and
securities loans
ment
2
industrial
leases
securities
Real estate
Total
Revolving
home
equity
Consumer
Security
Other
Other
2,436.1
2,609.1
2,751.6
2,856.4
2,957.0
'3,113.8
3,326.2
3,597.6
562.0
584.5
633.7
745.0
843.4
'918.8
952.3
989.5
366.8
400.0
455.6
565.2
666.8
733.9
732.0
712.8
195.2
184.5
178.2
179.8
176.7
'184.9
220.2
276.7
1,874.1
2,024.7
2,117.8
2,111.4
2,113.6
2,195.0
2,374.0
2,608.1
608.0
639.3
640.8
619.5
596.2
585.9
645.2
718.5
675.1
770.2
855.3
880.0
901.3
940.5
1,001.7
1,077.4
40.1
50.3
62.3
69.6
73.5
73.0
75.3
79.2
635.0
719.9
793.0
810.3
827.7
867.5
926.4
998.2
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
82.7
192.5
195.5
193.2
190.9
193.0
190.6
199.6
236.3
Dec'
3,354.8
3,367.5
3,392.9
3,470.5
3,492.0
3,512.9
3,526.2
'3,541.4
'3,564.2
3,576.4
3,586.8
3,597.6
950.1
939.3
942.0
996.1
986.1
985.4
975.9
978.1
982.2
985.2
987.1
989.5
729.3
724.8
712.0
708.7
710.8
709.9
703.9
708.5
708.4
713.9
715.8
712.8
220.8
214.5
230.0
287.4
275.3
275.5
272.0
269.6
273.8
271.2
271.3
276.7
2,404.6
2,428.2
2,450.9
2,474.4
2,505.9
2,527.5
2,550.3
2,563.2
2,581.9
2,591.2
2,599.6
2,608.1
656.7
670.2
673.9
680.8
687.8
692.1
697.8
701.9
708.5
710.7
715.1
718.5
1,013.8
1,021.8
1,029.0
1,036.6
1,043.9
'1,053.1
'1,062.4
'1,068.2
'1,072.2
1,075.6
1,076.9
1,077.4
75.7
76.0
76.1
76.6
77.2
77.8
78.0
78.2
78.4
78.4
78.8
79.2
938.0
945.9
952.9
'960.0
966.7
'975.3
'984.4
'990.0
'993.9
997.2
998.1
998.2
457.2
459.4
464.3
470.3
472.9
478.6
'481.0
485.7
'489.4
489.2
491.2
493.2
73.3
73.4
76.0
77.8
88.3
88.0
87.1
84.3
86.6
86.6
86.2
82.7
203.6
203.3
207.7
208.9
213.0
215.7
222.1
223.2
225.2
229.0
230.2
236.3
1996- Jan'
3,623.1
988.6
704.5
284.1
2,634.4
725.1
1,084.1
79.7
1,004.4
497.6
83.9
243.8
19881989199019911992199319941995-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec'
1995- Jan
Feb
Apr
May
July
Sept
Get'
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches arid agencies of foreign banks, New York State investment
companies, and foreign-related institutions. Data are adjusted for breaks caused by redassificatioris of assets and liabilities.
28
-Excludes Federal funds sold to, reverse repurchase agreei nnts (Kl*s) with, arid loans to
commercial banks in the United States,
Source: IJoantJ of Governors of the Federal Keserve 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
Internal1
Total
Total
1990 r
1991 r
592.8
489.3
599.9
619.4
785.7
885.2
993.6
1992'
1993'
1994r
1995P
1994- W
1995: Ir r
II
813.3
951.5
WP
920.2
855.9
in
409.3
422.2
438.6
480.1
521.6
538.1
530.4
517.5
526.5
561.5
547.0
183.5
67.1
161.3
139.3
264.1
347.1
463.2
295.8
425.0
358.7
308.9
Securities
and mortgages
Loans and
short-term
paper
-26.6
75.9
67.1
85.7
280
73.6
1107
47.0
-34.8
61.1
73.3
84.4
135.1
21.1
196.2
204.7
45.3
94.3
-6.0
-12.4
112.4
130.3
135.4
207.1
163.2
80.7
70.5
4.8
-114.3
-10.9
41.5
-35.4
23.8
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.
3
Plant and equipment, residential structures, inventory investment, and access rights from
U.S. Government.
Increase in
financial
assets
Capital
Credit market funds
Other2
136.5
101.9
100.1
66.0
179.7
212.0
442.1
99.6
220.3
313.4
214.7
Total
tures3
394.5
370.9
386.9
430.6
485.0
509.8
500.7
554.4
612.0
768.7
838.2
982.9
735.6
928.0
885.4
804.0
551.5
528.6
555.0
538.6
579.2
533.4
Discrepancy
(sources
less
uses)
115.3
129.8
167.5
181.4
83.1
-11.4
45.6
7.4
17.0
47.0
10.7
77.8
23.5
34.9
51.9
283.7
286.7
454.3
180.6
389.4
306.2
270.6
NOTE.—Series revised to reflect annual benchmarking and seasonal adjustment revisions, as
well as the recent comprehensive revisions of the national income and product accounts released
by the Department of Commerce.
Annual data prior to 1990 and quarterly data prior to 1994: IV are not yet available.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Billions of dollars; seasonally adjusted]
Net change in installment credit outstanding1
Installment credit outstanding (end of period)
Period
Total
1986- Dec
1987- Dec
19881989199019911992:
3
Dec
Dec
Dec
Dec
Dec
1993- Dec
1994: Dec
1995- Decr
1995- Jan
Peb
Mar
Apr
May
June
July
Aue
Sept
Oct
Nov
r
Dec
1996- JanP
1
Automobile
572.0
608.7
662.6
247.8
266.3
285.4
717.2
291.5
283.1
734.9
728.4
730.8
790.4
902.9
1,024.8
259.6
257.4
280.6
317.2
353.3
914.4
918.9
319.3
321.0
933.0
946.3
323.3
326.2
328.0
330.7
959.1
970.6
979.4
989.7
993.8
1,005.2
1,015.0
1,024.8
1,035.1
Revolving
337.1
339.8
341.2
344.7
349.1
353.3
356.1
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.
135.8
153.1
174.3
199.2
223.5
245.3
258.1
286.6
334.5
395.2
340.2
345.1
351.5
358.7
366.1
372.3
375.3
379.7
382.1
387.2
390.1
395.2
400.5
2
Other
188.4
189.3
202.9
226.5
228.3
223.5
215.3
223.2
251.1
276.2
254.9
252.8
258.2
261.4
265.0
267.5
267.0
270.3
270.6
273.3
275.8
276.2
278.5
Total
54.3
36.7
53.9
(4)
17.7
-6.5
2.4
59.6
112.5
121.9
11.5
4.5
14.1
13.3
12.8
11.5
8.8
10.3
4.1
11.4
9.8
9.8
10.3
Automobile
37.6
18.5
19.1
(4)
84
-23.5
-2.2
23.2
36.6
36.1
2.1
1.7
2.3
2.9
1.8
2.7
6.4
2.7
1.4
3.5
4.4
4.2
2.8
Revolving
14.0
17.3
21.2
<4)
24.3
21.8
12.8
28.5
47.9
60.7
5.7
4.9
6.4
7.2
7.4
6.2
3.0
4.4
2.4
5.1
2.9
5.1
5.3
Other 2
2.7
.9
13.6
4
( )
1.8
-4.8
-8.2
7.9
27.9
25.1
3.8
-2.1
5.4
3.2
3.6
2.5
5
3.3
.3
2.7
2.5
.4
2.3
3
Data newly available in January 1989 result in breaks in many series between December
1988 and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rotes rose in the early weeks of March.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
COUNCH Of ECONOMIC ADVISERS
SOURCE. SEE TAME KLOW
[Percent per annum)
U.S. Treasury security yields
Period
1986
1987
3-month bills
(new issues) l
.
1988
1989
1990
1991
1992
1993
1994
1995
1995: Feb
Mar
Apr
May
June
July
Auer
Sept
Oct
Nov
Dec
1996- Jan
Peb
Week ended:
1996: Peb 17
24
Mar 2
9
16
,
1
Constant maturities2
3-year
10-year
High-grade
municipal
bonds
(Standard
& Poor's)3
30
Prune
commercial
paper,
6 months1
Discount rate
(N.Y. F.B.
Bank)4
Prime rate
charged by
banks4
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.51
5.80
5.73
5.67
5.70
5.50
5.47
5.41
5.26
5.30
5.35
5.16
5.02
4.87
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
7.25
6.89
6.68
6.27
5.80
5.89
6.10
5.89
5.77
5.57
5.39
5.20
5.14
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
7.47
7.20
7.06
6.63
6.17
6.28
6.49
6.20
6.04
5.93
5.71
5.65
5.81
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
6.24
6.10
6.01
5.90
5.83
5.98
6.07
5.88
5.77
5.61
5.42
5.42
5.45
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
7.59
8.26
8.12
8.03
7.65
7.30
7.41
7.57
7.32
7.12
7.02
6.82
6.81
6.99
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
6.38
6.30
6.19
6.07
5.79
5.68
5.75
5.66
5.71
5.59
5.43
5.23
4.99
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
5.21
4.75-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.00
5.00-5.00
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
8.83
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.50
8.50-8.50
8.50-8.25
4.80
4.78
4.86
4.89
4.95
4.94
5.28
5.44
5.52
5.65
5.97
6.06
6.08
5.32
5.53
5.57
5.62
6.86
7.13
7.20
7.21
4.93
4.99
5.05
5.12
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-
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening- and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
New-home
mortgage
yields
(FHFB)5
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.87
8.28
8.21
8.15
7.99
7.73
7.78
7.75
7.69
7.58
7.46
7.40
7.32
3
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
Stock prices rose in the early weeks of March.
INDEX,DEC. 31,1 965-50 (RATIO SCALE)
INDEX, DEC. 31,1 965=50 (RATIO SCALE)
3§8
340
320
300
280
260
e
340
320
300
280
260
s\J
S~
240
220
>
s—
200
S~~
K' V
180
.^~y
^"——^~~"
\—/"^^\
/
'
240
220
f~~
'
POSITE STCCK P KE IND
(NYSE)
r
\
200
180
160
160
140
/^^
120
11111
INN
1 1111 1 1111
i ii ii
1 1 1 1 1
11111
I II II Mill Mill
1990
1989
1988
1991
140
1 1111 11111111111
I I I II
1992
1993
I I I II M i l l
1994
t i l l !
i i i i i 120
1996
1995
PEW:ENT
20
PERCE NT
20
15
15
EARNINGS-P•RICE RATIO ON COMMON STOCKS
10
10
(S&P)
—**.
—"""
1
5
i
0
i
1988
^
T-—
/
^i
i
"
i
i
i
1989
i
I
i
1991
1990
i
i
1
1
i
==="
i
1
1
5
1
1994
1993
1992
•
•
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
i
1
1995
1986 .
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Peb
Mar
May
July
Sept
Oct
..
Dec
1996- Jan
Feb
Week ended:
1996- Feb 17
24
Mar 2
9
Industrial
Transportation
Utility3
Finance
Dow-Jones
industrial4
average
Standard &
Poor's composite index
(194143=10)r-
Common stock yields
(percent) 6
Dividendprice ratio
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
291.15
261.86
266.81
274.37
281.81
289.52
298.18
300.05
310.41
311.78
317.58
327.90
329.22
346.46
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
328.98
337.96
347.69
357.01
366.75
379.13
379.79
390.42
389.63
398.66
412.11
412.71
435.92
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.41
237.29
244.45
254.36
254.69
256.80
279.15
285.63
295.54
291.16
300.06
303.53
300.30
315.29
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
220.30
207.73
204.16
208.93
211.58
216.27
219.18
221.99
229.64
236.43
238.98
247.59
254.07
257.80
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
211.76
213.29
219.38
228.55
236.26
240.50
245.27
260.72
265.12
266.12
273.36
273.73
290.97
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
3,953.72
4,062.78
4,230.66
4,391.57
4,510.76
4,684.76
4,639.27
4,746.76
4,760.46
4,935.81
5,136.10
5,179.37
5,518.73
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
541.64
481.92
493.15
507.91
523.81
539.35
557.37
559.11
578.77
582.92
595.53
614.57
614.42
649.54
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
2.81
2.76
2.68
2.60
2.55
2.50
2.49
2.42
2.41
2.37
2.30
2.31
2.22
349.26
347.43
345.03
347.80
438.89
438.08
434.86
439.21
316.75
319.46
317.29
321.18
261.66
254.82
250.39
249.17
293.59
291.67
292.20
294.47
5,567.12
5,553.36
5,528.54
5,596.90
655.37
651.67
645.45
649.15
2.20
2.22
2.23
2.21
Average of' daily dosing prices.
Includes 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
ex to facilitate trading of options and futures on the index. All indexes shown here reflect
doubling.
Includes 30 stocks.
Includes r>00 stocks.
0
COUNCIL Of ECONOMIC ADVISERS
New York Stock Exchange indexes 2(Dec. 31, 1965=50,
except as noted)
Composite
i
1996
Common stock prices '
Period
i
Earningspriee ratio
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.83
6.51
6.32
6.01
"Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's
Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 4 months of fiscal 1996, there was a deficit of $36.6 billion, compared with a deficit of $57.8 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,600
1,600
RECEIPTS AND OUTLAYS ^
1,500
1,500
1,400
1,400
OUTLAYS-17-
1,300
1,300
1,200
1,200
1,100
1,100
1,000
V
1,000
RECEIPTS-
900
900
800
800
700
700
600
600
SURPLUS OR DEFICIT (-)^
-100
-100
-200
-200
-300
-300
I
-400
1986
1988
1987
1990
1989
-400
1991
1992
1993
1994
1995
FISCAL YEARS
•" INCLUDES ON-BUDGEI AND OFF-BUDGET ITEMS.
5OUBCES: DEPARTMENT Of THE TREASURY AND OFFICE Of MANAGEMENT AND BUDGET
COUNOl Of ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
Receipts
Outlays
Receipts
Outlays
(-)
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995'
Cumulative total, first 4
months: '
Fiscal year 1995
Fiscal year 1996
1
Receipts
Outlays
(-)
Surplus
or deficit
(-)
Gross Federal debt
(end of period)
Total
Held by
the public
371.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.4
1,380.9
1,408.7
1,460.9
1,514.4
-73.7
-53.7
-59.2
-40.7
-73.8
-79.0
-128.0
-207.8
-185.4
-212.3
-221.2
- 149.8
-155.2
-152.5
-221.4
-269.2
-290.4
-255.1
-203.2
-163.8
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
922.7
999.5
302.2
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
769.6
806.8
810.1
861.4
932.3
1,027.6
1,081.8
1,128.5
1,142.1
1,181.5
1,225.7
-70.5
-49.8
-54.9
38 7
-72.7
-74.0
-120.1
-208.0
-185.7
-221.7
-238.0
-169.3
-194.0
-205.2
-278.0
-321.4
-340.5
-300.5
-258.8
-226.2
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
-3.2
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
629.0
706.4
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598,5
4,002.1
4,351.4
4,643.7
4,921.0
477.4
549.1
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.2
3,603.3
439.3
466.8
497.1
503.4
-57.8
-36.6
332.4
356.8
410.0
413.7
-77.6
-56.9
106.9
110.0
87.1
89.7
19.9
20.3
4,762.5
4,937.7
3,505.2
3,631.9
Sources: Department of the Treasury arid Office of Management and Budget.
Data from Monthly Treasury Statement.
Surplus
or deficit
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,350.6
NOTE.—Data (except as noted) are from Rurltfftt nfthf, UnitcA StntfJi (iovf.rnntf.nt,
1996, issued February tt, 1995.
32
Off-budget
On-budget
Surplus
or deficit
Fixad
Yfjir
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 4 months of fiscal 1996, receipts were $27.5 billion higher than a year earlier and outlays were $6.3
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
A
"
AX)
RECEIPTS^
INDIVIDUAL INCOME TAXES
500
\
INCOME TAXES
"~
OTHER RECEIPTS
0
1
—
•-•
,
-=.
500
—T
\
400
TAXES AND CONTRIBUTIONS
nnn
\
1
1
1
1
1
1
1
1
n
1,300
1,300
OUTLAYS ^
_— —
*••*•""**""""
NONDEFENSE
\
_-.--
\''
^
800
•'**
800
"
500
NATIONAL DEFENSE
400
\
300
200 XI
V
1
1986
1
1987
1
1988
300
1
1
1989
1990
J'lNOUOESON-BUDGE! AM> OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE Of MANAGEM&4T AND BUDGET
1
1991
1
1
1992
1993
1
1994
N 200
1995
N
FISCAL
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars]
Ori-bud^et and off-budget out ays
On-budgct and off-budget receipts
Fiscal year or period
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995'
Cumulative total, first 4 months: '
Fiscal year 1995
Fiscal year 1996
Nodal
insurCorindiance
poravidual
taxes
tion
income income
and
taxes
taxes contributions
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
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
1,350.6
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.1
439.3 214.0
466.8 230.7
National defense
Other
Total
Department of
Defense,
military
International
affairs
Health
rity
Not
interest
Other
22.8
26.5
32.1
39.1
46.6
52.6
57.5
16.2 33.5
14.2 35.9
11.6 40.0
10.5 44.5
9.6 48.4
13.8 57.7
15.9 71.2
89.5
16.1
17.2 99.4
17.1 107.1
16.4 114.8
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
159.9
128.2
119.8
123.3
129.3
136.0
147.0
170.3
196.9
207.3
214.0
220.2
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
131.8
142.1
125.9
139.4
158.8
203.9
224.8
173.9
159.7
173.8
162.9
36.8
37.1
49.8
55.6
67.1 108.3
69.6 113.2
75.8
80.3
62.7
58.3
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
265.2 73.0 946.4
283.9 73.1 990.3
303.3 74.3 1,003.9
334.3 78.9 1,064.1
359.4 82.3 1,143.2
380.0 90.9 1,252.7
396.0 92.3 1,323.4
413.7 100.5 1,380.9
428.3 98.0 1,408.7
461.5 112.8 1,460.9
484.5 118.9 1,514.4
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.2
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.6
38.7
38.7
87.8
85.2
83.5
80.9
497.1
503.4
Social
82.8
93.0
114.7
120.2
131.4
133.5
125.4
122.3
118.6
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
39.7 146.9
47.1 150.3
Income
security
73.9 26.7
85.1 29.9
93.9 35.5
104.1 42.6
52.5
118.5
68.8
139.6
85.0
156.0
170.7 89.8
178.2 111.1
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
Medicare
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
371.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
1
Data from Mtmtiily Tmtsury Statement.
NoTK.—Data (except as noted) an- from Rutbjct of the. Unite/I States Gmwrnmi'.nt, Fixeed Ymr
.'/%; issuwl February 6, 1995.
Total
6.4
8.8
4.2
15.8
19.3
Sources: Department of the Treasury and ()ffu* of Management and
33
FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1995, Federal receipts rose $3.4 billion (annual rate) and Federal expenditures rose $4.3
billion. In the fourth quarter, according to advance estimates, expenditures rose $1.4 billion; receipts data are
incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,800
1,800
SEASONAUY ADJUSTED ANNUAL RATES
-
1,600
1,600
-
r*-~'
1,400
EXPENDITURES
\
1,200
„_-•"
1,000
-
_ „ - • "'
-
.„
s
y~
f
/- ^
fjs-
1,200
^
-
^—
1,000
-
•-
800
-
'^
^
600
600
-
-
-
-
400
400
200
200
CURRENT
S JRH.US OR DEFICIT (
-
-
-)
0
0
-200
>_
~\.
_^
'
X— -—., s~ y
—->—,
v^ "V
V^™
i i i
1
1982
1983
1 1
1
1
1984
1
i i i
1 1 1
1985
1986
1987
i i i
1 1 1
1988
1989
1
1
1990
!
!
1
1
1991
,—-
\r
-200
^—'
"
-400
1,400
-
y-"
— —-
800 ^ s
_^s
V
--•' > s
r--'
i i i
1
1992
1993
1
!
i i t
i ii
1994
1995
-400
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISKS
SOURCE: DEPAKTM&JT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government current expenditures
Federal Government receipts
Period
Total
Calendar year:
1989
1990
1991
1992
1993
1994
1995P
1990- IV
1991- IV
1992- IV
1993- I
II
III
IV
1994- I
II
III
IV
1995- I
II
III
rv
1,079.3
1,129.8
1,149.0
1,198.5
1,275.3
1,377.0
1,135.2
1,160.9
1,230.5
1,225.2
1,271.3
1,280.3
1,324.4
1,321.9
1,382.8
1,387.1
1,416.3
1,449.3
1,483.2
1,486.6
Personal
tax and
nontax
receipts
463.4
485.7
476.9
490.8
523.6
561.4
615.1
484.9
479.0
510.0
501.0
521.0
529.1
543.4
539.3
571.3
560.4
574.5
594.6
624.4
617.3
624.2
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
Contributions
for
social
insurance
117.1
118.0
109.8
118.6
137.5
164.4
61.7
65.1
79.7
81.9
88.2
92.6
91.2
67.4
82.8
86.5
84.3
87.5
87.2
93.7
92.8
91.3
93.3
93.2
91.7
93.5
88.4
91.3
437.1
461.1
482.6
507.1
526.0
558.6
588.4
465.6
488.1
510.3
512.4
526.2
530.3
535.1
545.5
558.1
562.1
568.6
579.9
584.6
591.8
597.2
117.4
111.1
123.7
127.5
136.5
133.7
152.2
144.3
162.2
171.3
180.0
183.1
180.7
189.1
Source: Department of Commerce, Bureau of Economic Analysis.
34
Grantsin-aid
to
Net
State interest
and
paid
local
governments
Subsidies less
current
surplus
of
Government
enterprises
1667
179.9
192.7
195.8
192.3
201.4
229.3
177.8
200.0
191.8
190.4
193.2
192.7
192.9
30.8
32.4
30.8
35.1
41.8
36.4
31.3
34.4
30.9
40.3
44.7
43.6
40.5
38.6
188.2
198.2
204.4
214.9
221.2
229.2
232.7
234.1
36.5
35.3
35.2
38.5
32.3
32.0
31.1
29.7
Consumption
expenditures
Transfer
payments
1,192.7
1,284.5
1,345.0
1,479.4
1,530.0
1,566.9
1,641.0
1,313.0
1,399.8
1,509.5
1,508.9
1,520.5
1,533.8
1,556.8
405.2
426.6
445.9
451.0
451 .4
450.6
453.9
1,534.7
1,552.7
1,573.5
1,606.8
1,622.6
1,643.8
1,648.1
1,649.5
446.7
445.1
455.5
455.3
454.8
456.1
453.5
451.2
471.7
513.3
522.2
625.1
658.7
682.6
720.5
526.1
565.8
643.3
645.6
654.3
660.4
674.6
671.2
676.6
681.5
701.2
118.2
132.4
153.4
172.2
185.7
195.9
206.1
137.1
162.7
176.3
177.3
181.5
187.2
197.0
192.2
197.5
196.9
196.9
708.6
715.2
727.0
731.2
205.8
211.3
203.8
203.3
Total
437.7
440.5
457.7
450.8
447.9
453.0
453.8
Current
surplus
or
Less:
deficit
Wage
(-),
accruals less national
income
disand
burseproduct
ments accounts
0.0
.1
-.1
.0
.0
.0
.0
-113.4
-154.7
-196.0
-280.9
-254.7
- 189.9
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
-177.7
-238.8
-279.0
.0
.0
.0
.0
-283.7
-249.2
-253.5
-232.4
-212.9
- 169.9
- 186.3
-190.4
-173.3
-160.5
-161.6
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial iroduction (1987=100; seasonally adjust**!)
Period
United
States
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
119.9
120.5
121.5
121.8
121.7
121.9
121.4
121.3
121.4
121.5
122.7
122.8
122.2
122.4
122.6
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995/>
1994- Oct
Dee
1995- Jan
Feb
Mar
May
July
Sept
Oct
Dec*"
1
.'
Japan
Canada
95.4
100.0
105.3
105.2
101.7
97.4
98.5
102.9
109.6
111.9
113.6
114.3
114.8
114.4
113.5
113.7
114.1
113.1
114.0
114.2
114.4
114.1
114.7
France
96.7
100.0
109.4
115.7
120.6
122.9
115.8
111.0
112.3
1158
112.5
115.7
115.3
114.0
116.3
118.1
117.0
116.4
115.4
112.8
116.5
113.4
115.0
116.6
117.7
Germany
Italy
United
Kingdom
98.0
100.0
104.6
108.9
111.0
111.0
109.7
105.6
111.0
99.6
100.0
103.9
108.8
114.5
118.7
116.3
107.4
110.8
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.5
110.7
96.2
100.0
104.8
107.0
106.7
102.8
102.7
104.7
110.0
112.0
112.6
113.4
113.9
112.5
114.8
113.0
115.2
114.9
115.4
115.4
113.1
111.0
112.7
112.9
116.1
109.8
111.1
110.6
111.3
112.2
111.2
113.3
109.5
110.0
107.6
107.5
112.5
112.5
119.1
114.3
115.0
116.4
117.4
115.9
116.3
117.1
124.1
118.7
118.2
111.6
110.7
111.4
111.3
112.0
113.0
112.1
112.4
112.0
112.8
112.7
113.2
112.3
112.8
United
States '
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
149.5
149.7
149.7
150.3
150.9
151.4
151.9
152.2
152.5
152.5
152.9
153.2
153.7
153.6
153.5
Canada
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
151.4
148.2
149.0
149.2
149.8
150.5
150.8
151.2
151.6
151.6
151.9
151.8
151.8
151.8
152.0
151.8
Japan
Germany
France
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
119.3
119.2
120.0
119.7
119.4
119.4
118.9
118.8
119.3
119.6
119.5
118.7
118.9
119.7
119.4
118.9
119.0
Italy
104.7
104.9
106.3
109.2
112.2
116.2
120.9
125.2
128.6
130.8
128.9
129.0
129.4
129.6
130.3
130.3
130.5
130.7
131.1
131.5
131.2
131.1
131.0
131.0
131.4
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
148.4
146.7
146.7
146.5
146.9
147.5
147.9
148.0
148.3
148.3
148.0
148.7
149.2
149.3
149.5
149.6
United
Kingdom
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
204.0
195.8
196.5
197.2
197.9
199.5
201.2
202.2
203.5
204.6
204.7
205.4
206.0
207.1
208.3
208.7
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
175.2
170.6
170.7
171.5
171.5
172.6
173.3
175.1
175.8
176.0
175.2
176.1
176.9
176.0
176.0
177.1
Source: National sources as rejwrted by Department of (Vmirnerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).
Data relate to all urban consumers.
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)
Period
BOP
basis
AutoInCapmoital
tive
Foods, dustrial
goods vehiTotal, teds,
supexcept cles,
Census and
plies auto- parts
levbasis2
moand
erages and
mate- tive
enrials
gines
BOP basis
Consumer
goods
(nonfood)
except
automotive
BOP
basis
Auto- ConInmo- sumer
Capital
Foods dustive goals
trial goods vehi(nonTotal, feeds, supCensus and
food)
cles,
except
plies auto- parts except
basis2 bevand
autoand
erages
momate- tive
moenrials
tive
gines
227.2
254.1
322.4
363.8
393.6
421.7
448.2
465.1
5126
583.9
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
41 9
50.5
57.3
66.7
85.1
99.3
104.4
109.7
109.1
111.8
121.4
146.1
75.8
86.2
109.2
138.8
152.7
166.7
175.9
181.7
205.2
233.0
21.7
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.6
60.6
14.2
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
64.5
368.4
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
749.3
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
101.3
111.0
118.3
132.3
143.2
131.6
138.6
145.6
162.0
180.8
1994: Dec
46.2
47.2
4.2
11.3
18.7
5.5
5.3
59.4
59.2
2.7
14.2
1995: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec''
44.9
45.6
47.9
47.2
48.3
47.4
46.4
49.1
49.8
49.0
49.6
50.5
45.6
46.3
48.7
47.8
49.1
48.2
47.1
49.8
50.5
49.8
50.4
51.3
3.9
3.9
4.1
4.2
4.0
3.9
4.2
4.5
4.8
4.4
4.4
4.5
11.6
11.7
12.6
12.3
12.4
12.7
11.8
12.1
12.4
12.6
11.8
12.2
17.1
17.9
19.2
18.8
19.4
19.5
19.0
20.0
19.7
20.3
20.8
21.3
5.5
5.3
5.1
5.1
5.1
4.5
4.4
5.3
5.6
4.8
4.9
5.3
5.1
5.3
5.4
5.3
5.5
5.4
5.2
5.5
5.5
5.5
55
5.6
60.7
59.9
62.5
63.5
64.3
63.9
62.6
62.6
63.5
62.7
61.8
62.7
60.5
59.7
61.6
62.6
63.1
63.0
62.4
62.4
63.3
62.3
61.5
62.5
2.8
2.8
2.9
2.7
2.7
2.8
2.7
2.8
2.8
2.8
2.7
2.7
14.5
14.4
15.3
15.5
15.8
15.7
15.3
14.9
15.3
14.7
14.9
14.7
1
a
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
Balance of trade
l(.xpo minus imports)
Census basis (by end-use category)
223.3
250.2
320.2
362.1
389.3
416.9
440.4
456.8
002 5
574.9
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995C
Services
(BOP basis)
Gooi s: Imports (customs va tie)
Census basis (by end-use category) '
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
124.5
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
160.0
86.5
98.5
111.1
127.4
147.8
164.3
178.6
187.8
198.7
208.8
81.0
91.7
99.5
103.5
118.8
119.6
122.0
130.0
138.8
145.8
-138.3
-152.1
-118.5
-109.4
-101.7
-66.7
-84.5
-115.6
- 150.6
-159.6
-145.1
-159.6
- 127.0
-115.2
- 109.0
-74.1
-96.1
-132.6
-166.1
- 174.5
5.5
6.9
11.6
23.9
29.0
44.7
56.6
57.8
59.9
63.1
16.8
10.8
12.9
17.0
11.6
-12.0
-13.3
5.4
-7.9
17.1
16.9
17.6
18.0
18.1
18.7
18.9
18.9
19.3
19.7
19.3
19.4
11.0
10.8
10.7
1 1.0
10.7
10.4
1 0.0
10.4
10.4
9.5
9.6
10.3
13.3
13.1
13.3
13.6
13.8
13.4
13.5
13.5
13.5
13.3
12.9
13.1
17.3
16.5
17.4
17.2
17.3
17.3
17.3
17.3
17.7
17.8
18.0
17.9
11.8
11.7
12.1
12.1
12.1
12.2
12.1
12.1
12.2
12.2
12.5
12.4
-14.9
- 13.4
-12.9
-14.8
-14.1
-14.7
- 15.3
- 12.5
-12.8
- 12.5
-11.1
-11.2
-15.8
-14.3
- 14.5
-16.3
-16.0
-16.5
-16.2
-13.5
-13.7
-13.7
-12.2
-12.3
5.5
4.8
5.3
5.1
5.1
5.1
5.2
5.3
5.5
5.6
5.5
5.5
- 10.3
-9.5
-9.2
-11.2
- 10.8
-11.4
-11.1
-8.2
-8.2
-8.2
-6.7
-6.8
71.8
84.5
101.4
113.3
116.4
120.7
134.3
152.4
184.4
221.6
-139.6
-152.7
-115.3
-91.4
-80.0
-29.4
-39.5
-74.8
— 106.2
-111.4
NOTE.—HOI* refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of tlie Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1995, the merchandise trade deficit fell to $38.0 billion, from $43.3 billion in the third
quarter. The current account deficit fell to $31.1 billion, from $40.3 billion in the third quarter. (Data revised for
1995.)
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS"
1985
* SEASONAUY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits ( — ) ]
Merchandise1
Period
Exports
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995*>
1993: I
II
in
IV
1994- I
II
m
IV
1995: I'
II'
Ill'
IVf
Imports
-368,425
-409765
— 447 189
-477365
— 498 337
-490981
— 536 458
- 589,441
- 668 584
- 749 348
- 140,821
- 147,718
- 148,181
-152,721
118 445 - 154 935
122,730 - 164,224
127,384 -172,011
133,926 - 177,414
138,325 -182,784
142,667 -191,321
145,050 - 188,376
148,837 -186,867
223,344
250 208
320 230
362 120
389 307
416 913
440 352
456,823
502 485
574,879
111,862
114,131
111,576
119,254
Investment income
Services
Net
balance
- 145,081
-159557
-126959
-115245
— 109 030
- 74 068
— 96 106
-132^618
-166099
-174,469
-28,959
-33,587
- 36,605
-33,467
- 36 490
-41,494
-44,627
- 43,488
- 44,459
-48,654
-43,326
- 38,030
Net
military
trans-
Net
travel
and
trans-
tions23
tion
receipts
-5,181
-3 844
-6320
-6749
7 599
-5274
2 142
448
2 148
2,810
401
90
283
-326
-31
376
1,124
679
542
587
889
792
- 8,484
-7613
-2 591
4043
8002
17032
20 484
19,885
19330
18,658
5,302
5,389
5,062
4,131
4642
4,647
4,792
5,247
5,017
4,347
4,480
4,812
Other
services,
Receipts
on U.S.
assets
abroad
91,976
19,194 - 139,551
18319 - 152 696 100 767
20546 -115324 129 070
- 91 392 152 517
26558
- 79 994 160 300
28633
32907
- 29 404 137 003
— 39 480 118 425
38284
- 74,841 119,248
37,444
38410 -106212 137619
41,584 -111,418 181,301
28,950
-13,573
9,683
29,958
9,315 - 18,793
29,931
-21,988
9,272
30,412
9,172
-20,490
30942
-23016
8863
32,338
-26,923
9,548
36,031
9,904
-28,807
38,307
10,095 -27,467
-28,904
43,185
9,996
45,401
-33,341
10,379
44,450
-27,307
10,650
48,264
-21,869
10,557
1
Adjusted from Census data for differences in timing and coverage; excludes military.
2
Transfera under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).
36
Balance
on
goods
and
3
4
Payments
on foreign
assets in
U.S.
- 79,095
- 91 302
-115806
-138858
— 139 574
-121 892
— 108 346
- 110,248
- 146 891
-192,703
-25,239
-27,893
-26,741
-30,376
- 30 826
- 34,623
-38,564
-42,878
-45,215
-48,085
-49,613
-49,791
Net
Balance
on goods,
services,
and
Unilateral
transfers,
net 4
12,881 -126,670 -24,189 - 150,859
9465 - 143 231 - 23 107 -166338
13264 - 102 060 — 25 023 -127083
- 77 733 - 26 106 - 103 839
13659
- 92 661
-59268 — 33393
20725
-7424
6869
15111 - 14 293
— 29402 -32 148 — 61 549
10079
-65,841 - 34,084 -99,925
9,000
-9272 -115484 -35761 -151,245
- 11,402 - 122,820 - 30,095 -152,915
- 17,383
-7,521
-9,862
3,711
- 7,609 -24,337
-16,728
2,065
-27,032
-8,234
-18,798
3,190
-31,176
-20,454 -10,722
36
- 22 900 -7371 -30271
116
- 29,208 -8,778 -37,986
-2,285
-39,714
-8,374
-2,533 -31,340
-43,277
- 4,571 -32,038 -11,239
-38,454
- 2,030 - 30,934 -7,520
-43,142
-7,117
-36,025
-2,684
- 40,250
-7,780
-5,163 -32,470
-31,073
-7,677
- 1,527 -23,396
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
Sm p. 37 for continuation of table.
on
current
account
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $4.4 billion in the fourth quarter
of 1995, in contrast to a decrease of $14.6 billion in the third quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $29.8 billion in the fourth quarter, in contrast to a decrease
of $21.6 billion in the third quarter. (Data revised for 1995.)
BIUJONSOF DOUARS*
BIUJONSOFDOUARS'
120
120
100
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
80
t •»
I
I
60
-I
1-
I
I
I
I
40
20
0
-20
-40
CHANGE IN
_ U.S. ASSETS
ABROAD, NET
-60
-80
-100
1985
1986
1987
1988
1989
1991
* SEASONALLY ADJUSTED'
SOURCE: DEWRTMENT OF COMMERCE
COUNOX Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit
Period
Total
1986
1987
....
1988
1989
1990
1991
1992
1993
1994
1995P
1993:
I
II
in
IV
1994: I .
II
in
IV
1995: I'
II '
in-IVP
5
U.S.
official
reserve
assets35
312
-106,753
- 72,617
9,149
-100,087 -3,912
- 168,744 -25,293
-74,011 -2,158
-57,881
5,763
3,901
-65,875
-184,589 -1,379
- 125,851
5,346
-9,742
-280,096
-19,729
-983
-40,933
822
-46,270
-545
-673
-77,657
-36,783
-59
-5,973
3,537
-27,940
-165
-55,156
2,033
- 75,455 -5,318
-100,355 -2,722
-27,517 -1,893
-76,769
191
Other U.S.
Government
assets
-2,022
1,006
2,967
1,259
2,307
2,911
-1,661
-330
-322
-326
467
-281
-197
318
401
491
283
-931
-152
180
246
-240
Foreign assets in the U.S., net
[increase/capital inflow (+)]
)1
U.S.
private
assets
-105,044
-82,771
-99,141
-144710
-74,160
66555
-68,115
-182,880
130 875
-270,028
-19,213
- 41 474
-45,529
76 666
-37,125
-10,001
-27,492
-56,258
-69,985
97 453
-25,870
-76,720
Total
226,111
242,983
240,265
218,490
122,192
94,241
153,823
248,529
291,365
426,325
19,867
51,277
77,928
99,458
80,390
46,526
79,736
84,715
94,841
124,332
116,544
90,609
Consists of gold, special drawing rights (SDKs), 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
40,466
72,146
39,409
110,483
10,955
17,495
19,386
24,311
10,977
9,162
19,691
-421
22,308
37,836
39,346
10,993
190,463
197,596
200,507
209,987
88,282
76,853
113,358
176,383
251,956
315,842
8,912
33,782
58,542
75,147
69,413
37,364
60,045
85,136
72,533
86,496
77,198
79,616
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
31,501
-4,028
-13,095
54,094
44,480
-28,936
-26,399
35,985
- 14,269
6,685
17,245
13,993
-4,626
9,375
-13,336
-2,567
- 12,082
13,718
19,068
19,165
-48,777
17,233
Of which:
Seasonal
adjustment
discrepancy
5,367
154
-6,353
834
5,274
587
-6,641
782
6,162
317
-7,076
600
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
85,832
74,378
73,968
75,835
73,442
76,809
75,732
76,532
74,335
86,761
90,063
87,152
85,832
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
37
Contents
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 Fixed Investment by Type
Business Investment and Plans
Page
1
2
2
3
3
4
4
5
6
7
8
9
10
10
EMPLOYMENT. UNEMPLOYMENT. AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
-,-,
38
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