Full text of Economic Indicators : January 1996
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104th Congress, 2d Session
Economic Indicators
JANUARY 1996
(Includes data available as of February 26, 1996)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
LIBRARY
iAR 0 8 1998
FEDERAL RESERVE
BANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1996
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
WILLIAM V. ROTH, JR. (Delaware)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK SANTORUM (Pennsylvania)
RODNEY D. GRAMS (Minnesota)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
DAVID R. OBEY (Wisconsin)
LEE H. HAMILTON (Indiana)
KWEISI MFUME (Maryland)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Chairman
MARTIN N. BAILY, Member
ALICIA H. MUNNELL, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION)
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
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at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing)
from:
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ISBN 0-16-047020-X
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. (Series revised.)
BIUIONS Of DOUARS (RATIO SCALE!
BILLIONS OF DOLLARS (RATIO SCALE)
7,600
7,600
SEA5ONAU.Y ADJUSTED ANNUAL RATCS
7,200
7,200
"
6,800
6,800
• — *^
^
GDP
WNED( 1992) DOHA
6,400
^/
.^•"""
6,400
__ _ ^
---_
6,000
6,000
_ -
5,600
^"
^
^-'
5,200
f--"
^
/^
5,600
^
5,200
x
X
X
^\
X
4,800
X
4,800
./ GDP
'
IN CURRENT DOLLARS
4,400
4,400
^
/
4,000
/
3,600
4,000
s
3,600
/
3,200
3,200
I
1
1
1982
!
1
1
1983
1
1 1
1984
\
1985
i i
1
!
1
1987
1986
1
1
1
1988
E
1
\
1
1989
1991
1990
\
1992
\
i i i
i i i
I I I
1993
1994
1995
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986'
1987'
1988'
1989'
1990'
1991'
1992'
1993'
1994'
1995/>
1990: IV'
1991- IV'
1992: IV'
1993- I'
II'
III'
rv'
1994- 1'
II'
HI'
IV'
1995:
1'
II'
Ill'
IV P
1
Personal ( ross
p ivate
conGross
domestic sumption do nestie
product. expendi- ii vesti lent
tures
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 ini x>rts
of goods and services
Federal
Net
exports
Exports
-131.5
-142.1
-106.1
-80.4
-71.3
- 20.5
- 29.5
- 64.9
-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
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
6223
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
GDP less exports <>f goods and services plus imports of goods and services.
Note.—GDP and related data reflect benchmark revisions released in January 199(1. See
'wn'fjy of Current Business for details on the revisions.
Government consumption expenditures
and gross investment
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
5.11.3
509.4
523.6
520.9
51 9.9
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
Final
Gross
sales of domestic
purdomestic
product chases *
Addendum:
Gross
national
product.
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
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
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 Economic Analysis.
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 adjusted animal rates]
Period
1986'
1987 r
1988r
1989'
1990'
1991r
1992'
1993'
1994'
1995P
19901991:
1992:
.
.. ..
IV'
IV'
IV'
1993: I'
II'
III'
IV'
1994: I'
II'
Ill'
IV'
1995- I'
II'
Ill'
IV
Personal
conGross
domestic sumption
expendiproduct
tures
5,489.9 3,708.7
5,648.4 3,822.3
5,862.9 3,972.7
6,060.4 4,064.6
6,138.7 4,132.2
6,079.0 4,105.8
6,244.4 4,219.8
6,383.8 4,339.7
6,604.2 4,471.1
6,740.8 4,577.4
6,081.0 4,116.4
6,104.4 4,109.1
6,327.3 4,282.3
6,327.0 4,290.0
6,353.7 4,319.0
6,390.4 4,359.7
6,463.9 4,390.0
6,504.6 4,418.8
6,581.5 4,457.7
6,639.5 4,485.8
6,691.3 4,522.3
6,701.6 4,530.9
6,709.4 4,568.8
6,768.3 4,600.4
6,783.8 4,609.7
Gross priva e
domestic investment
Nonresidential
fixed
investment
Residential
fixed
investment
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
Change
in business
inventories
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
2422
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
Government consumption expenditures
and gross investment
Federal
Net
exports
10.9 -163.9
262
1569
11.6 -114.4
33.3
-82.7
10.4
61 9
-3.0
-223
7.3
-29.5
19.1
-74.4
58.9 -108.1
34.7 -113.6
-28.2
-42.5
21.4
-17.9
5.8
-40.0
18.5
-55.2
20.8
-67.0
19.5
-89.1
17.4
-86.2
40.1 -101.3
74.1 -112.2
64.0 -113.3
57.3 -105.8
54.5 -119.0
30.6 -126.8
33.2 -114.3
20.4
-94.1
Exports
Imports
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
526.1
558.2
580.2
603.0
626.3
6222
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
GDP less exjwrts of goods and services plus imports of goods and services.
Note.-Data reflect benchmark revisions released in January 1996. See -Surm/ of Current
Business for details on the revisions.
Total
Total
1,135.0
1,165.9
1,180.9
1,213.9
,250.4
,258.0
,263.8
,260.5
,259.9
,261.0
,259.9
,250.7
,272.5
,257.2
,257.9
,261.1
,265.7
,252.3
,249.7
,271.0
,266.6
1,263.0
1,265.8
1,263.6
1,251.7
Nondefense
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
State
and
local
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
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
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
purchases1
Addendum:
Gross
national
product
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
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
Because of the formula used for calculating real GDP, the chained (1992) dollar estimates
<*mP*nent« *> ** add to the ehamed-dollar value of GDP or t» any intennedigBreSa«sSource: Department of Commerce, Bureau of Economic Analysis.
f( r the detailed
'
ate a
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 1992=100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
Gross
domesticproduct
1986'
1987'
1988'
1989'
1990' .. .
1991'
1992'
1993'
1994'
1995?
80.6
83.1
86.1
89.7
9.3.6
97.3
100.0
102.6
105.0
107.5
1990: IV'
1991: IV'
1992: IV'
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
1993: I' ...
II'
Ill'
IV'
1994: I'
II'
Ill'
IV'
1995: I' .
II'
Ill'
IV P
Note.—See Note, p. 1.
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
Gross private
domestic investment
Residential fixed
84.9
88.3
92.1
95.1
97.8
98.8
100.0
103.7
107.0
110.3
102.4
103.3
103.9
104.7
105.6
106.2
107.1
107.9
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
102.3
103.6
104.3
104.7
105.7
106.2
107.4
108.6
108.8
109.7
110.3
111.0
102.7
103.4
103.7
103.4
109.2
109.9
110.7
111.3
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
Government consumption expenditures
and gross investment
Federal
Nonresidential
fixed
Durable
goods
Exports and imports of
goods and services
98.3
98.9
101.4
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
National
defense
Nondefonse
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
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
84.5
85.6
87.3
89.8
92.9
96.5
100.0
102.1
104.5
108.0
822
84.0
86.7
89.7
92.8
97.9
100.0
104.0
107.7
112.2
95.1
97.7
99.6
98.8
99.3
98.3
98.0
97.4
98.7
100.5
100.8
101.8
102.0
103.0
103.6
104.4
105.4
105.4
106.5
101.1
101.6
102.7
102.8
103.6
104.1
104.6
105.6
101.2
103.2
102.2
101.5
108.0
108.9
109.3
110.9
106.9
108.0
108.2
108.9
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
1 15.5
Source: Department of Commerce, Bureau of Economic Analysis.
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 are seasonally adjusted]
Percent change from preceding period l
Index numbers, 1992=100
Period
1982'
1983'
1984'
1985'
1986'
1987'
1988'
1989'
1990'
1991'
1992'
1993'
1994'
1995^
1991: I' ....
II' ..
Ill' .
IV' .
1992: I' ....
II' ..
III'.
IV' .
1993: I' ....
II' ..
III'.
IV' .
1994: I' ....
II' ..
Ill' .
rv'.
1995: I' ....
II' ..
Ill'
rv < > .
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
Chain-type
price index
70.2
73.2
75.9
78.6
80.6
83.1
86.1
89.7
93.6
97.3
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
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 shuwn here are calculated using unrounded data. Quarterly percent
changes are at annual rates.
Note.—See Note, p. 1.
Implicit
price
deflator
Chain-type
quantity
index
Current
dollars
4.1
8.4
11.0
7.1
5.8
6.1
7.6
7.7
5.6
3.0
5.5
4.9
5.8
4.6
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
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
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
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
22
3.3
2.5
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
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
1.9
2.4
22
3.2
2.3
2 '2
9 -7
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT. COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of real output (dollars) 1
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
1986'
1987'
1988'
1989'
1990'
1991'
1992'
1993'
1994'
1990: IV' .
1991: IV' .
1992: IV' .
1993: I' ...
II' ..
Ill'
IV' .
1994: I' ...
II' ..
Ill'
IV' .
1995: I' ...
II' ..
ll\p
1
Current
dollars
Chained
(1992)
dollars
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
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
Total
cost and
profit 2
Output is measured by GDP of nonfinancial corporate 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.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
2
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
Consumption of
fixed
capital
0.100
.100
.101
.106
.110
.116
.115
.115
.116
.112
.116
.113
.116
.115
.116
.114
.122
.114
.114
.113
.114
.116
.115
Indirect
business
tax, etc.3
0.083
.083
.084
.088
.092
.100
.103
.105
.106
.095
.103
.105
.105
.105
.105
.107
.107
.106
.107
.106
.109
.110
.108
Compensation
of employees
0.566
.578
.591
.614
.640
.660
.673
.679
.682
.649
.667
.672
.681
.679
.679
.676
.679
.681
.683
.686
.694
.698
.695
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.069
.076
.082
.075
.072
.070
.077
.088
.102
.068
.068
.085
.079
.085
.089
.098
.093
.103
.105
.108
.100
.100
.109
Profits
tax
liability
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 adjustments.
Note.—See Note, p. 1.
Sources: Department of Commerce, Bureau of Economic Analysis.
Profits
after
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
interest
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
4,362.1
4,611.9
4,719.7
4,950.8
5,194.4
5,495.1
1989 '
1990' ..
1991 ' ..
1992'
1993' ..
1994'
1995C ..
1990- IV'
1991:
Compensation
of
employees'
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'
1992- IV'
1993- I'
II'
Ill'
IV'
1994- I'
II'
III'
IV'
1995: I'
II'
ID'
PvV
Proprietors' income
with inventory valuation and capital consumption adjustments
Farm
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
Nonfarni
36.8
36.3
30.2
38.0
32.0
350
28.7
33.9
310
37.3
31.5
358
26.1
34.4
40.8
35.1
31.9
32.3
285
27.6
281
30.6
Rental
income
of
persons
with
capital
consumption
adjustment
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
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
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
1
Includes employer contributions for social insurant*. (See also p. 5.)
NOTE.—See Note. p. I.
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
-9.8
-16.5
-22.8
-51.9
-42.3
-93
-6.8
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 Omimcree, Bureau of Economic Analysis.
REAL PERSONAL CONSUMPTION EXPENDITURES
j Billions of chained (1992) dollars, except as noted; quarterly data at seasonally adjusted annual rates)
Durable goods
I'erioil
1989' ..
1990'
1991' ...
1992' .
1993' ..
1994' .
1995P ..
1990:
IV'
1991: IV'
1992: IV'
1993: I'
II'
Ill'
PvT'
1994: I'
II'
III'
IV'
1995- I'
II'
III'
IV
Total
personal
consumption
expenditures
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
Total
durable
f*oods
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
Furnitun!
am!
household
cqui|>ment
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
goods
Food
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
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
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
1
Includes other items, not shown separately.
NOTE.—Data reflect benchmark revisions released in January 1996. Si* • Purvey of Current
Ruxiiwxx fur details on the revisions.
f<
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
Retail sales of new
passenger cars
(millions of units)
Services
Nondurable goods
Fuel
oil
and
coal
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 2,262.3
316.7 2,321.3
313.2 2,341.0
318.8 2,409.4
321.6 2,466.8
333.6 2,519.4
339.4 2,575.7
315.6 2,331.2
312.8 2,352.0
322.3 2,437.6
319.9 2,447.0
320.9 2,454.9
322.0 2,476.7
323.4 2,488.6
329.2 2,497.0
332.4 2,519.0
336.0 2,526.3
336.7 2,535.1
338.3 2,548.1
340.0 2,569.6
340.3 2,586.3
339.1 2,598.8
Total
services '
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
Medical
care
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
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
liei-ause of the formula used for calculating real GDI*, the chained (1992) dollar estimates
»- tllc * M «"••!>">»"<« >>» •»' «M to the chained-dollar value of GDI- or to any intermnliSource: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $11.5 billion (annual rate) in November, following a rise of $45.2 billion in October. Wages
and salaries fell $3.3 billion in November after rising $30.1 billion in October. (Series revised.)
SILUONS OF DOLLARS* (RATIO SCALE)
BIWONS OF DOLIARS* (RATIO SCALEI
7,000
7,000
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
-V
1,400
1,400
OTHER INCOME
800
800
TRANSFER PAYMENTS
400
I IIII
1987
I I I II
1988
1989
1990
I I I I I I I I l l l I 400
1991
1993
1992
1994
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Total
personal
income
Period
1986""
1987'
1988r
1989'
1990'
1991 r
1992'
1993'
1994'
1994- NoV
Dee'
1995- Jan'
Feb'
Aprr
July
Sent'
Oct
. .. .
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
5,882.3
5,922.1
5,977.0
5,993.7
6,015.9
6,053.9
6,046.2
6,085.5
6,120.2
6,122.3
6,153.1
6,198.3
6,209.8
Wage anil
salary
disbursements '
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
3,308.6
3,330.6
3,354.5
3,360.8
3,369.4
3,399.2
3,374.7
3,405.9
3,435.7
3,430.3
3,451.8
3,481.9
3,478.6
Proprietors' income 3
Other labor
income ' 2
216.0
235.4
251.7
273.1
300.6
322.7
351.3
380.9
402.2
407.8
408.4
416.2
417.7
419.2
420.6
422.0
423.4
424.6
425.8
427.2
428.7
430.2
1
The total of wage arid salary disburst^merits ami other lalx>r income (lifters from compensation of employees (see p. 4) in tliat it excludes employer contributions for social insurance arid
the excess of wage accruals over wajie disbursements.
-Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Kami
25.2
32.3
28.2
36.8
36.3
30.2
38.0
32.0
35.0
32.4
31.7
29.4
28.4
27.8
27.8
27.6
27.4
27.0
27.3
27.8
29.4
30.0
Nonfarm
242.6
260.6
294.7
308.2
324.6
332.7
371.5
388.1
415.9
436.7
440.5
442.8
443.0
444.7
445.5
446.2
449.7
449.4
452.5
455.1
458.1
458.6
licnta!
ineome
of
persons 4
42.3
45.5
55.7
52.4
61.4
68.4
80.6
102.5
116.6
121.8
122.6
122.2
120.5
119.1
120.4
122.1
122.3
120.6
118.0
116.4
120.1
123.6
Persona!
dividend
income
105.1
101.1
109.9
130.9
142.9
153.6
159.4
186.8
199.6
207.0
208.4
208.8
209.4
210.4
211.5
212.1
212.9
214.3
215.6
217.4
219.5
221.9
Personal
interest
income
543.3
560.0
595.5
674.5
704.4
699.2
667.2
647.3
661.6
677.8
683.9
695.8
702.3
707.6
711.4
714.1
716.4
717.9
719.4
720.5
721.5
722.4
4
Transfer
payments r>
518.6
543.3
577.6
626.0
687.8
769.9
858.2
910.7
956.3
972.8
980.3
996.9
1,001.7
1,008.4
1,010.6
1,018.8
1,021.0
1,026.6
1,028.9
1,034.1
1,038.1
1,043.4
With capital consumption adjustment.
'Consists mainly of social insurance l>enefits, direct relief, and veterans payments,
r
NOTK.—Sec Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
IjOSS: Personal contributions
for social
insurance
162.1
173.7
194.2
210.8
223 9
235.8
248.4
259.6
278.1
282.8
284.4
289.6
290.1
290.9
293.0
291.4
293.6
295.9
295.6
297.2
299.1
299.0
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (1992) dollars rose in the
fourth quarter of 1995. (Series revised.)
BILLIONS OF DOLLARS' (RATIO SCALE]
BIWONS OF DOLLARS' (RATIO SCALE]
6,000
2,500
2,000
DOLLARS' (RATIO SCALE)
22,000
DOLLARS* (RATIO SCALE]
22,000
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
CHAINED (1992] DOLLARS
18,000
---r—
— — —
16,000
r--~
14,000
*••< i.-*""
^^
-^-^1
12,000
-^r
\i
Z^=*
<*fSZZ P"^*""" —
L^
„
-
•"
20,000
18,000
16,000
-— —
14,000
c JRRENT DOLLARS
12,000
^-"
10,000
10,000
^
8,000
1982
I I I
!
1983
1984
1
I
i I I
i i i
i i E
1986
1985
1987
*
!
1
1988
i i i
i i i
1989
1990
1 1 1
1991
1
t
1
1992
I I I
1
1993
1994
1
!
i i i
8,000
1995
COUNCIL OF KONQMtC ADVISERS
Personal
income
Period
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays1
Equals:
Personal
saving
Disposable
personal
income in
btllioas of
chained
(1992)
dollars
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1987'
..
.
1988'
1989 '
1990r
1991 '
1992 r
1993'
1994'
1995*1
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
-1.0
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
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
242,842
Seasonally adjusted annual rates
19901991:
1992:
1993:
TV
IV
IV
I'
II'
IIP
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
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
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer
layments
to rest of the world (net).
2
Annual data are averages of quarterly data, which are averages for the period.
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
Note.—See Note, p. 1.
Source: Department, of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1995, according to preliminary estimates, gross farm income fell $9.9 billion (annual
rate) and net farm income fell $12.1 billion.
BILUONS OF DOLLARS* (RATIO SCALE)
BILUONS OF DOLLARS* (RATIO SCALE)
240
200
160
X.
.
^
-•
r-^
1—"""'
•
r—~~~^~
^1
s* 1
.
169
\"\
\
1
120
240
200
120
GRO. ,S FARM INCOME
80
80
60
60
\
*\
\
\
20
' '-\
'\
40
\\J/'
'
"\
ll
/
" •»N
/
"••v
\
^"
40
\'
*
NET FARM INCOME
V
^
^
' ,-'
;\/
',
'
1"
I
\ /
\/
20
'
1
i
K
V 'M
V ' M
1 ' '
10
1©
1'
l'
i
!
1
i
1
1982
1983
i \
1984
\
\
1985
\
l
l l
1986
i
i i
1987
i
i i
1988
i i i
1
1989
1990
1
!
i i i
i
1991
1992
i i
t i i
1993
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
!
1
1
1994
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Cash marketing receipts
Total»
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1993- I
II
III
IV
..
. ...
1994: I
II
III
rv
1995- I
UP
. ..
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
211.4
201.5
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
184.4
177.1
'Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during 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
87.5
78.0
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
96.9
99.1
Value of
inventory
changes2
-2.2
-2.3
-4.1
3.8
3.5
-.2
4.2
-4.5
8.7
-8.0
-6.3
-7.4
3.7
10.6
10.0
7.8
6.3
.6
.6
Production
expenses
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
162.9
165.3
Net farm
incoLne
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
48.4
36.3
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1992 in chart do not reflect, previous revisions to
annual data 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. (Series revised.)
BILLIONS OF DOLLARS
AiO
BILLIONS OF DOLLARS
650
SEASONAUY ADJUSTS) ANNUAL RATES
600
/
550
450
/
PROFITS BEFORE TAX
400
y
350
300
200
V
^
^
>\
--—v_ r
^-^
S*
s~~
•^--~~\
/•
"_ _.
/
/
— . jr. •/" ~
100
/
r^
^
~~_
50
'"'
^t
i""~X
t"
L/
i
t i
1982
,'
i i i
1983
1
1
1
i i i
'•uj-r'
1985
1986
1984
X
""
/
r\
/
t
s
™^
\
300
,'\ /
250
. • —.•**
~
s'~~~
-
/" /
" \/
^/
/
\
150
fs
/\
-
/
^ /
100
-
/
\/
X
^
50
UNDIJ TRIBUTED PROFITS
i i i
I I i
i i I
1987
1988
1989
350
-
y-»
V
/. k
200
TAXLLABILITY
\
X
..^' "^
/
- ^'
/
—
,/
'**•*'
/"
v\
^/
150
400
,-' s
^
PROF TS AFTER!AX
I
450
-
V
s
/
V,—s-\
J\r
500
-
/
S^
J
0
550
-
-i
500
250
600
f~~S'
i i i
1990
i i I
1
1991
1992
1
1
1 ] 1
1
1993
1994
COWKILOf
SOURCE: DCPARTMENTOFCCJMMERCE
1
1
1 1 1
0
1995
ECONC
)MKADVK£R5
I Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment '
Profits after tax
Domestic industries
Period
Totals
Total
1986rr
1987
1988'
1989 '
1990'
1991'
1992'
1993'
1994'
1990: W
1991: W
1992: IV'
1993: I'll'
ITJ'
IV'
1994: I'
II'
IJJ'
IV'
1995- I'
II'
Ill
IVc
1
2
;i
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
Total-'
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
342.1
354.6
361.5
379.0
353.2
355.6
396.7
Manufacturing
Wholesale
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
145.3
134.2
142.8
148.4
134.7
137.8
153.2
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
29.7
26.4
31.2
Sue p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, riot shown separately.
Includes industries not shown separately.
Profits
before
tax
Nonfinancial
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
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
36.0
36.6
42.5
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
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
300.3
330.4
344.1
356.8
204.4
208.8
212.5
218.5
221.7
224.6
'228.5
234.7
376.8
374.1
385.1
Note.—S«e Note, p. 1.
Source: Department of (Vmmierce, Iliircau of Kronoinic 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
-17.5
4.0
-7.5
-6.6
-13.3
-20.3
-7.6
.2
-15.6
7.9
-4.0
-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. (Series revised.)
BILLIONS OF CHAINED (1992) DOLLARS
BILLIONS OF CHAINED (1992) DOLLARS
1,100
1,100
SEASONALLY ADJUSTED AfWUAL RATES
r
1,000
900
r— '
X">
800
1
J
700
500 v
^
800
^
\^
\'
"
^-
-^_
~s
S
*-_^ _ „ - -
900
-/
GROSS PRIVATE D DMESTIC
1 •JVESTMEI-4T
_v y/
X
600
1,000
fS
\
\
-*1
'---
700
.*''
600
.*-'
500
DNRESIDE
FIX ED INVEST MENT
X
400
400
RESIDENTIAL
FIXED INVESTMENT
300
300
\
• -.. -•„.
--•
200
200
X'
100
/ ~-x
/
0
-100
CHANC3E IN BUSI NESS
IN /ENTORIE.
" —-
\.
i i i
1 1 1
i i i
111
1982
1983
1984
1985
t"
N
*
•\
100
'--..
'"-•
f"^
s
X — ^
0
\
1
1
1986
1
i i i
|. i i
i i i
i i i
l l l
l l l
1987
1988
1989
1990
1991
1992
SOURCE: DEPARTMENT Of COMMERCE
1993
i ii
1 1 1
1994
1995
-100
COUNCIL Of ECONOMIC ADVISERS
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted animal rates]
Change in business
inventories
Fixed investment
Period
1986'
1987'
1988'
igggr
1990'
1991'
1992'
1993'
1994'
1995/>
1990199119921993-
IV'
IV'
IVr
I'
II'
Ill'
IV'
1994- I'
II'
ITJ'
IV'
1995- I'
II'
in>
Wf
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
Nonresidential
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.
Data reflect benchmark revisions released in .January 199fi. See A uruei/ of Current Busin&tx
for details on the revisions.
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
377.9
368.1
403.5
410.5
421.7
428.2
449.8
466.5
471.2
492.4
506.4
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
527.1
531.9
538.2
547.2
Total
Nonfarm
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
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
40.1
74.1
64.0
57.3
54.5
30.6
33.2
20.4
29.8
54.1
50.1
53.3
58.1
33.8
38.3
23.6
Because of the formula used for calculating real GDP, the chained (1992) dollar estimates
for the detailed com;xmerits ilt> not <uld to the chained-doilar value of GDP or to any intermediSource: Department of Commerce, Bureau of Economic Analysis.
REAL FIXED INVESTMENT BY TYPE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Residential
Producers' durable equipment
Structures
NonPeriod
Total
nonresidential
1986'
1987'
1988'
1989 '
1990'
1991'
1992'
1993'
1994'
1995 f
1990- IV'
1991: IV'
1992- IV'
1993:
I'
II'
III'
IV'
1994- I'
II'
III'
IV'
1995- I'
II'
III'
IV P
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
Total i
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
dential
buildings,
including
farm
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
12.3.3
125.4
126.8
129.2
131.0
Structures
Information processing
and related equipment
Utilities
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
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
Total
Computers
and
peripheral
equipment '-
Other
Industrial
equipment
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
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
Total i
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
1
Includes other items, not shown separately.
Includes new computers and peripheral equipment only.
Includes producers' durable equipment, not shown separately.
NOTE.—Data reflect benchmark revisions released in January 1996. See Survey of Current
Business for details on the revisions.
2
3
portation
and
related
equipment
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
Total
residential
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
Total
Single
family
Multifamily
Other
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
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 in ustry
Period
1993 1
19942
1995 3
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
76.1
100.6
J
Estimates collected from the i 993 Annual Capital Expenditures Survey.
-Preliminary estimates collected from the February 1995 Investment Plans Survey. Final
data are scheduled \tt be published in January 1996 in the 1994 Annual Capital Exjienditures
Survey.
3
Revised estimates of planned capital expenditures from the September 1995 Investment
10
67.7
68.1
81.2
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
Sereices
111.8
118.5
117.3
Serving
multiple
industries
1.7
1.2
1.6
Not
distributed
by
industry
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 Capita! Exfx-ndiliiffs: 1993, and Technical Note on
New Annual Capital Expenditures Siu-vcy, September 1995.
Source: Department of Commerce-, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In January, employment rose by 259,000 and unemployment rose by 294,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS *
f~^\^^~—
134
SEASONALLY ADJUSTED
130
130
CIVILIAN LABOR FOF CE
—^
~*s~^-
r^^^^
-
--\<—•",
^^
118
^.-'114
^
r^—
126
122
134
^
126
122
-r'
•~'~~'
-""
-^\-X-.
118
114
CIVILIAN
EMPLOYMES T
-
110 -
110
106
106
X
^
— 4
1995
1996
COUNCIL OF ECONOMIC ADVISERS
i Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSAj
Period
Civilian
noninstitutional
population
NSA
Civilian
labor
force
Nonagrieultural
Total
Agricultural
Total
Percent 2
Unemployment
Civilian employment
Part time
for
economic
reasons 1
Total
15
weeks
and
over
Not in
labor
force
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
19863
1987
1988
1989
1990
1991
1992
1993
19944
1995
180,587
182,753
184,613
186,393
188.049
189,765
191,576
193,550
196,814
198,584
117,834
119,865
21.669
23,869
24,787
25,303
26 982
28,040
131,056
132,304
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
123,060
124,900
3,163
3,208
3.169
3.199
3,186
3,233
3,207
3,074
3,409
3,440
106,434
109,232
111,800
114,142
114.728
113,644
114,391
116,232
119,651
121,460
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
4,414
4,279
8,2.37
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
7,404
2,232
1,983
1,610
1 ,375
1 ,504
2,323
3,354
3,052
2,860
2,363
62,752
62,888
62,944
62,523
63,262
64,462
64,593
65,509
65,758
66,280
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
66.6
66.6
60.7
61 .5
62.3
63.0
62.7
61.6
61.4
61.6
62.5
62.9
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
5.6
1995- Jan
Feh
Mar
197,753
197,886
198,007
198,148
198.286
198,452
198,615
198,801
199,005
199,192
199,355
199,508
132.136
132,308
132,511
132,737
131,811
131,869
132,518
132,211
132,591
132,648
132,442
132,284
24,639
25.125
25,274
25,072
24,319
24,485
24,959
24,779
25,140
25,399
25,010
124,904
3,575
3,656
3.698
3,594
3,357
3,451
3,409
3,362
3,273
3,455
3,276
3,306
121,064
121.409
121,576
121.478
120,962
121,034
121,550
121,417
121,867
121,944
121,734
121,598
4,430
4,187
4.347
4,171
4,289
4,185
4,234
4,316
4,451
4,255
4,272
4,326
7,498
7,183
7,237
7,665
7,492
7,384
7,559
7,431
7,451
7,249
7,432
7,380
2,386
2,298
2,266
2,505
2,585
2,299
2.319
2,380
2,352
2,296
2,297
2,307
65,617
65,578
65,496
65,412
66,476
66,583
66,096
66,590
66,414
66,544
66,913
67,224
66.8
66.9
66.9
67.0
66.5
66.4
66.7
66.5
66.6
66.6
66.4
66.3
63.0
63.2
63.3
63.1
62.7
62.7
62 9
62.8
62.9
63.0
62.7
62.6
5.7
5.4
5.5
5.8
5.7
5.6
5.7
5.6
5.6
5.5
5.6
5.6
199.634
132,837
125.163
3.548
121,615
3,934
7,674
2.343
66,797
66.5
62.7
5.8
Mav
July
Sept
Get
Nov
Dec
1996: Ja.i
1
Persons at. work. Economic reasons include slack work, material shortages, inability to find
fulltime work, etc.
2
Civilian labor force (or employment.) as percent of civilian noninstitutional population; and
unemployment, as percent of civilian labor force.
3
Not strictly comparable with earlier data.
4
Data beginning January 1994 ait' nut directly eomparaMe with data for earlier periods. See
Empfoymfnt and Earnings, February 1994.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In January, the unemployment rate rose slightly, to 5.8 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
15
15
10
10
1992
1992
1996
UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1986
1987
1988
1989 .
1990
1991
1992 .
1993 2
1994
1995 .
1995: Jan
Peb
Mar
Apr
May
June
July
Aue
Sept
Get
Nov
Dec
1996: Jan
1
All
civilian
workers
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
5.6
5.7
5.4
5.5
5.8
5.7
5.6
5.7
5.6
5.6
5.5
5.6
5.6
5.8
Men
20 years
and over
Women
20 years
and over
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
5.4
4.8
5.0
4.6
4.7
4.9
5.1
4.8
4.7
4.8
4.9
4.5
4.9
4.9
4.9
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
5.4
4.9
4.9
4.8
4.9
5.2
4.8
5.0
5.1
5.0
4.9
5.0
4.8
4.6
5.1
Both
sexes
16-19
years
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
17.6
17.3
16.7
17.6
16.1
17.5
17.6
16.4
18.2
17.7
17.5
17.1
17.9
18.3
18.0
White
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
5.3
4.9
4.9
4.7
4.7
5.0
5.0
4.8
4.8
4.8
4.8
4.8
5.0
5.0
5.0
Revise*! definition; for details, see Kmplfti/mtmt and Earningx, February 1994.
Data beginning January 1994 are riot directly comparable with data for earlier periods. See
Employment ami Earning*, February 1994.
2
12
By selected groups
By race
By sex and age
Black
and
other
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
9.5
9.4
9.2
9.8
9.1
9.8
10.1
10.2
10.2
9.4
8.9
9.3
9.4
Black
Experienced
wage
and
salary
workers
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
11.5
10.4
10.2
10.1
9.8
10.7
9.9
10.6
11.1
11.3
11.3
9.9
9.4
10.2
10.5
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
5.9
5.4
5.4
5.1
5.2
5.6
5.6
5.4
5.5
5.4
5.5
5.4
5.4
5.5
5.4
Married
men,
spouse
present
Women
who
maintain
families
Full-time
workers '
Part-time
workers '
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
8.9
8.0
8.9
8.1
7.6
9.0
8.0
8.4
8.5
7.0
8.0
7.9
7.7
6.6
8.3
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
6.1
5.5
5.5
5.3
5.4
5.6
5.6
5.5
5.5
5.6
5.6
5.4
5.6
5.5
5.7
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
6.0
6.0
6.2
6.0
5.8
6.3
6.1
6.3
6.6
5.9
5.9
5.8
5.9
6.0
6.0
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
3.7
3.3
3.4
3.0
3.2
3.4
3.4
3.4
3.4
3.3
3.5
3.1
3.3
3.1
3.3
N()TK.—Data relate to persons age l(i years and over.
Soum>: Department of Lalxn-, llureau of Ijabor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In January, the percentage of the unemployed who had been out of work for less than 5 weeks rose; the percentages
for 5-14 weeks and for 27 weeks and over fell; and the percentage for 15-26 weeks was unchanged. The mean
duration of unemployment fell to 15.7 weeks and the median duration fell to 8.1 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION *
70
70
10
-
* SEASONALLY ADJUSTED
JV BEGINNING JANUARY 1994, JOB IO5ERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
34.1
36.5
39.4
36.8
35.5
34.8
34.7
37.1
34.5
36.0
38.3
37.1
37.6
36.4
38.6
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
30.1
31.6
28.5
30.7
32.6
32.1
30.8
31.8
34.8
32.3
30.3
31.8
31.7
32.7
30.6
Reason for unemployment:
percent distribution
State
' programs
Number of weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
15.5
14.6
13.9
15.4
12.9
14.7
17.1
14.8
13.6
15.3
14.3
14.5
14.0
14.5
14.5
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
20.3
17.3
18.2
17.1
18.9
18.4
17.4
16.3
17.2
16.3
17.1
16.6
16.7
16.4
16.3
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
18.8
16.6
16.7
16.9
17.5
17.7
16.9
15.6
16.5
16.3
16.3
16.2
16.5
16.2
15.7
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
9.2
8.3
7.9
7.8
7.9
8.5
9.0
7.5
9.1
8.7
8.0
8.1
7.9
8.2
8.1
Job
losers1
Job
leavers
Reentrants
New
entrants
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
34.8
34.1
33.4
34.5
33.8
35.8
32.9
34.5
34.1
34.2
34.6
34.5
33.7
32.5
31.8
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
7.6
7.8
8.0
8.1
8.4
8.2
7.0
7.4
7.5
7.8
8.3
7.6
7.7
8.1
8.6
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1986
1987
1988
1989
1990
1991
1992
1993
19943
1995
1995- Jan
Feb
Mar
Jnlv
Sept
Get
Nov
Dec
1996- Jan
1
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
7,404
7,498
7,183
7,237
7,665
7,492
7,384
7559
7,431
7.451
7,249
7,432
7,380
7,674
Beginning January 1994, job losers and persons who completed temporary jobs.
Includes Staff (50 Slates, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental
compensation or Emergency Unemployment Compensation programs.
3
Data beginning January 1994 are not directly comparable with data for earlier periods. See
E-mploymfnt and Earnings, February 1994.
2
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
47.7
46.9
49.2
46.6
46.6
45.5
48.4
46.7
47.5
46.2
45.2
47.6
47.2
46.8
49.0
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
9.9
11.1
9.3
10.8
11.3
10.5
11.7
11.4
10.9
11.8
11.9
10.4
11.5
12.5
10.7
2,643
2,300
2,081
2.158
2,522
3,342
3.245
2,751
'2,670
2,575
2,515
2,518
2,498
2,488
2,552
2,633
2,685
2,626
2,613
2,658
2,634
2,665
"2,670
378
328
310
330
388
447
408
341
340
356
335
338
342
352
374
377
375
342
351
362
374
365
376
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
'2,739
2,636
3,275
3,173
2,949
2,721
2,476
2,398
2,635
2,461
2,197
2,292
2,421
2,668
"3,491
NOTE.—Data relate to persons age 16 yeai-s of age and over (except for insured unemployment and initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell by 201,000 in January.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
(ENLARGED SCALE)
120
110
100
90
SERVICE-PRODUCING
INDUSTRIES
80
70
60
50
40
GOODS-PRODUCING
INDUSTRIES
30
.V.
11111 III I
20
1992
1993
1994
1995
1996
1996
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
IThousands of wage and salary workers: ' seasonally adjusted]
Goods-producing industries
Total
nonagricultural
employment
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995?
1995- Jan
Feb
MaiApr
Hay
June
July
Aug
Sept
Of r
Nov
Deef
1996: Jan?
.
.
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,034
116,609
115,810
116,123
116,302
116,310
116,248
116,547
116,575
116,838
116,932
117,000
117,212
117,373
117,172
Service-producing industries
Manufacturing
Total
2
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,913
24,228
24,293
24,324
24,370
24,331
24,228
24,240
24,156
24,165
24,157
24,159
24,134
24,184
24,124
struction
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,668
5,010
5,246
5,201
5,213
5,256
5,242
5,190
5,230
5,226
5,233
5,262
5,287
5,295
5,302
5,315
Total
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,303
18,404
18,502
18,523
18,525
18,506
18,456
18,428
18,353
18,357
18,322
18,301
18,272
18,316
18,244
Traus-
NonDurable durable
goods
goods
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,431
10,595
10,596
10,622
10,633
10,632
10,611
10,597
10,569
10,587
10,572
10,565
10,553
10,613
10,581
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,872
7,809
7,906
7,901
7,892
7,874
7,845
7,831
7,784
7,770
7,750
7,736
7,719
7,703
7,663
1
Includes all full- and part-time wage and salary workers in nonagrieultural establishments
who received pay tor any part, of the pay period which includes the 12th of the month. Excludes
proprietors, self-employed persons, domestic sei-vants, and personnel of the Armed Forces. Total
in this table not comparable with estimates of nonagricultural employment, of the Chilian labor
force, shown on p. 11, which include proprietors, self-employecl persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes,
bad weather, etc., even if they are not paid "for the time off; and which are based on a sample
14
Total
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,121
92,381
91,517
91,799
91,932
91,979
92,020
92,307
92,419
92,673
92,775
92,841
93,078
93,189
93,048
lion and
public
utilities
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
6,006
6,194
6,129
6,156
6,175
6,184
6,177
6,192
6,195
6,217
6,206
6,217
6,240
6,251
6,242
Wholesale
trade
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,140
6,323
6,251
6,275
6,287
6,300
6,298
6,320
6,333
6,340
6,346
6,359
6,373
6,393
6,389
Retail
trade
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,437
20,840
20,760
20,794
20,760
20,762
20,747
20,798
20,851
20,837
20,899
20,897
20,989
20,969
20,928
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
6,927
6,929
6,938
6,924
6,925
6,930
6,938
6,947
6,957
6,977
6,991
7,001
7,009
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,488
32,796
32,228
32,404
32,524
32,548
32,630
32,784
32,820
32,986
33,047
33,076
33,185
33,250
33,167
Government
Total
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,118
19,279
19,222
19,241
19,248
19,261
19,243
19,283
19,282
19,346
19,320
19,315
19,300
19,325
19,313
Federal
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,821
2,838
2,831
2,828
2,826
2,831
2,838
2,834
2,825
2,812
2,801
2,800
2,794
2,788
of the working-age population, whereas the estimates in this table are based on reports from
employing establishments. In the series shown here, persons who work at more than one job
are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where
persons are counted only once—as employed, unemployed, or not in the labor force.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICULTUHAL INDUSTRIES
[For production or nonsiipervisory workers; monthly data seasonally a<|justed, except as noted|
Average vveeldy hours
Total
Total irivate
nonagricultural '
Total private
nonagricultural '
Manufacturing
Total
private
nonagrieultura! '
Period
Average p-oss weekly earnings
Average gross hourly earnings
Overtime
Current
dollars
1982
dollars 2
Manufacturing
Percent eh uige from
a year ear ier, total
privatt
agricul ural -'
Current dollars
Current
dollars
1982
dollars*
Manufacturing
Construction
lictail
trade
Current
dollars
1982
dollars
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995P
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
7.42
$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
255.90
$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
0.3
-1.0
-.9
-1.0
-1.8
-1.6
-.2
-.0
.8
-.4
1995- Jan
Feb
Mar
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
42.2
42.1
42.0
41.5
41.4
41.5
41.3
41.5
41.7
41.5
41.5
41.2
39.8
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
11.29
11.32
11.34
11.40
11.37
11.43
11.50
11.48
11.54
11.59
11.58
11.62
11.68
7.39
7.39
7.38
7.40
7.36
7.39
7.43
7.41
7.44
7.45
7.44
7.45
12.21
12.24
12.25
12.28
12.28
12.32
12.40
12.41
12.43
12.45
12.47
12.49
12.60
392.89
391.67
392.36
394.44
388.85
393.19
397.90
394.91
398.13
401.01
398.35
398.57
393.62
257.30
255.83
255.44
255.96
251,85
254.33
257.21
254.95
256.53
257.72
256.01
255.49
515.26
515.30
514.50
509.62
508.39
511.28
512.12
515.02
518.33
516.68
517.51
514.59
501.48
579.28
575.86
578.12
566.61
563.62
582.86
590.02
583.98
588.95
593.49
588.60
577.95
584.08
220.11
218.88
219.17
222.03
219.56
220.90
223.11
222.14
223.49
224.26
224.06
223.65
220.87
2.7
3.3
2.6
2.5
1.1
2.4
3.0
2.5
2.5
2.0
2.3
2.2
.4
.3
-.4
-.7
-2.1
-.6
.2
-.0
.0
-.6
-.1
-.3
July
Sept
Ocf
Dec/7
1996- 3a.ni>
9
:|
'Also includes other private industry groups shown on p. 14.
^Current dollar earnings divided by the consumer price index I ir urban wage earners and
clerical workers (C1M-W) (on a 1982=100 hase).
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Lal>or Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
.'i months earlier
Period
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages arid
salaries
12 months earlier
Benefits '
Total
compensation
Wages arid
salaries
Benefits '
Not seasonally adjusted
1986198719881989199019911992199319941995-
Dec
Dec ....
Dec
Dec ...
Dee
Dec ..
Dec
Dee
Dec
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
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
87.5
90.5
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
Employer costs for employee Imnefits.
NoTK.—-The employment cost index is a measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries.
124.8
126.5
127.7
129.1
130.2
131.5
132.8
133.8
134.0
134.7
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
27
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 household workers.
Source: Department of" LalxH*, Bureau of Labor Statistics
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarni
business
sector
Business
sector
Compensation per
hour 3
Hours of all
persons3
Output '
Nonfarm
business
sector
Business
sector
Nonfarm
business
seclor
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Uni labor
costs
Business
sector
Implicit price
deflator b
Nonfarni
business
sector
Business
sector
Nonfarm
business
sector
Indexes, 1992=100; quarterly data seasonally adjusted
1985'
1986' . . .
1987r
1988'r
1989
1990r
1991r
1992'
1993'
1994'
91.9
94.2
94.1
94.6
95.4
96.2
96.7
100.0
100.2
101.0
92.4
94.9
94.7
95.3
95.8
96.3
96.9
100.0
100.2
100.7
85.9
88.6
91.1
94.6
97.8
98.7
96.9
100.0
102.6
106.9
85.8
88.7
91.4
95.1
98.1
98.8
97.1
100.0
102.9
106.9
93.4
94.0
96.8
100.0
102.5
102.6
100.3
100.0
102.4
105.9
92.8
93.5
96.5
99.8
102.4
102.7
100.2
100.0
102.7
106.2
73.1
76.9
79.9
83.5
85.8
90.8
95.1
100.0
102.6
104.8
73.5
77.3
80.2
83.6
85.8
90.6
95.1
100.0
102.3
104.5
95.3
98.4
98.6
99.0
97.1
97.4
97.9
100.0
99.6
99.2
95.8
98.9
99.0
99.2
97.1
97.3
97.9
100.0
99.3
98.9
79.5
81.6
84.9
88.2
89.9
94.3
98.3
100.0
102.4
103.8
79.5
81.4
84.7
87.8
89.6
94.1
98.1
100.0
102.1
103.8
79.9
81.6
83.8
86.8
90.5
94.0
97.7
100.0
102.5
104.8
79.7
81.4
83.5
86.4
90.0
93.8
97.6
100.0
102.5
104.9
1992: I'
II'
Ill'
IV'
99.3
99.9
99.7
101.1
100.2
99.8
100.1
100.8
100.3
100.7
101.4
101.5
99.3
100.0
99.6
101.1
98.8
99.6
99.8
101.7
98.8
99.6
99.8
101.8
99.5
99.7
100.1
100.6
99.6
99.6
100.1
100.7
98.6
99.5
100.7
101.2
99.7
99.8
100.3
99.9
99.2
99.8
100.1
100.9
101.6
102.2
103.2
104.6
101.3
102.2
102.6
103.5
101.5
102.5
103.0
103.9
101.4
102.6
102.9
102.5
104.8
106.5
107.6
108.7
104.5
105.8
106.2
107.1
104.8
106.1
106.5
107.4
103.7
104.3
104.6
105.4
103.8
103.9
103.5
104.1
103.9
104.5
105.3
105.7
101.0
101.8
102.1
108.8
108.9
110.0
107.6
106.9
107.7
107.9
107.2
108.0
99.6
99.3
98.8
99.0
99.0
99.6
100.0
99.1
99.0
98.5
98.7
101.1
101.9
102.2
104.8
106.6
107.7
108.8
109.0
109.1
110.3
98.9
99.3
99.8
105.4
106.0
106.8
101.7
102.3
102.7
103.3
103.9
104.4
105.1
105.6
106.3
106.9
107.6
101.8
102.4
102.7
103.3
100.0
100.4
101.1
101.3
101.6
102.5
103.0
103.3
104.2
104.5
104.9
105.7
106.6
108.0
• 109.1
99.3
99.6
101.0
100.1
101.3
102.4
102.4
102.3
99.3
99.7
100.1
100.9
101.4
102.0
102.8
104.3
99.6
99.9
100.2
99.9
99.4
99.3
99.4
98.9
99.3
99.6
101.0
100.1
100.1
99.7
100.2
100.6
98.5
99.6
100.7
101.2
101.4
102.1
102.6
102.9
2.8
22
2'7
3.5
4.2
4.0
3.9
2.4
2.5
2.2
3.4
2.2
2.6
3.4
4.2
4.2
4.1
2.4
2.5
2.3
3.0
2.1
1.4
3.2
1993: I' .
II'
Ill'
IV
1994:
I'
11'
III'
IV'
1995: I'
II'
Ill'
106.4
107.8
108.8
99.6
99.7
99.8
99.2
103.7
103.8
103.4
104.1
105.3
105.9
106.5
106.5
107.0
107.6
Percent change; quarterly data at seasonally adjusted annual rates
1985'
1986'
1987'
1988'
1989r ...
1990'
1991' ...
1992'
1993' ....
1994'
1.9
2.6
-.1
.5
.8
.8
.5
3.4
2
.7
1992: I'
8.1
2.5
-.7
5.6
.5
.5
.7
3.2
.2
.5
7.3
2.8
-1.2
6.1
-3.7
-1.3
1.3
2.7
-1.9
1.4
II'
III'
IV'
1993:
I'
II' ...
Ill'
IV
1994- I'
II'
Ill'
IV
1995: I'
II'
HI'
1
1.0
2.7
_ 2
2.7
3.4
4.9
5.2
3.9
4.5
2.8
5.8
4.8
5.2
2.6
2.2
4.6
5.2
3.7
4.3
2.7
5.5
4.9
5.2
2.3
2.2
1.3
3.3
.2
^4
-1.9
.4
.5
2.1
-.4
-.4
1.0
3.3
.1
.1
-2.1
.1
.7
2.1
-.7
-.4
3.0
2.6
4.0
4.0
1.9
4.9
4.2
1.7
2.4
1.4
-1.5
.3
2.0
2.2
7.8
3.7
4.8
2.1
7.7
4.2
4.4
2.1
4.9
.5
1.7
-1.3
4.8
1.1
1.3
-1.3
-.3
1.2
5.6
-3.3
3.6
2.5
4.0
3.7
2.1
5.0
4.3
1.9
2.1
1.6
.4
1.4
5.7
-3.7
2.6
3.6
1.7
3.5
3.1
4.2
2.0
3.6
1.6
3.4
2.2
1.0
2.7
2.0
1.1
-1.4
.3
.5
-2.1
-2.0
-.3
.3
-2.1
5.4
4.8
.9
-1.6
5.1
4.5
-.1
-.5
2.8
1.9
1.5
3.0
3.4
2.5
1.4
2.4
.9
6.8
4.2
4.2
3.7
5.3
1.3
3.3
3.5
4.8
1.6
3.3
3.4
1.5
1.5
2.9
1.3
-1.0
-2.0
.7
1.1
-.4
-2.3
1.0
5.4
.1
-1.3
2.3
5.9
.2
-1A
2.4
2.4
1.8
2.6
2.0
.8
.5
4.4
2.2
-2.5
2.8
1.9
-2.4
2.9
3.4
5.6
3.9
3.3
2.1
1.2
3.3
3.7
5.4
3.9
.3
2.1
1.9
.6
2.0
1.8
5.0
2.5
2.7
4.9
2.3
2.4
2.8
2.1
2.6
4.1
3.2
2.9
3.8
3.4
.9
-1.8
3.2
2.6
4.2
3.6
3.4
3.0
4.1
3.2
.7
-1.8
3.0
2.9
4.0
6.2
3.2
.8
7.9
-3.9
-1.7
2.1
1.6
5.6
3.1
.7
8.4
2.1
.6
3.0
3.3
2.5
.1
-2.3
-.3
2.4
3.4
-1.7
.7
1.6
2.2
-1.1
2.2
3.0
6.3
-.9
2.4
4.1
5.3
2.8
.7
-2.5
1.9
2.6
.9
1.8
6.7
4.1
4.0
-1.6
3.0
1.2
-1.1
3.0
1.4
.6
.3
4.1
!e
2.5
.7
3.2
3.5
2.6
2
-2^4
9
Output refers to real gross domestic product originating in the sector.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
2
16
i!i
5
3.8
2.1
1.2
2.6
2.5
2.2
2.9
1.8
2.9
1.9
2.3
Current dollar gross domestic output divided by the output index.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from pi-eceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
Series revised to reflect the comprehensive revisions of the national income and product accounts released in January 1996 and are computed using chain-type output indexes. The revisions also reflect incorporation of the 1994 Hours at Work 8uwtf.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in January.
INDEK, 1987- 100* (MHO SCALE)
150 TCWINDUSTHAl PRODUCTION
140
^
n
130
120
110
100
150
^
130
120
*~
100
^t^"~~^~'
w-^
140
^— "
150
140
^
.'--—"
. -.
CONSUME*
MANUMCTURNG
DURANE
130
x
90
1
~"^"*
80
^'
.-'-5~*
iiiiiir—"1<
110
^
—
120
100
INDB(.1987- 100- (RATIO SCAIE)
170
FNAl PRODUCTS
160
BUSINESS
**•_
/
NONDURAB1E
^•»
\
^ DGFB4SE
ANDSMCE
EQUfflMENT
70
iniiliiiii
*™n=
"\
40
150
140
UTtmESANDMMNG
umresAj
NDMMNG
50
130
120
110
100
-~~^r^—
\m»
Illl 1 ll 1 1 II
1993
1994
1995
imtlltm
86
^>^
84
^/~^
82
^^^>
80
78 •miiliiMi iniiliiiii Itlniiu n il ll lllllll mitlimi
1994
1993
1995
19M
1992
m
S_-x^— f
90 imilnm
1992
./'.-I
c
,.'%,'•—'
1 1 1 1 1 If t f 1 1 Ml 1 11 1 t 11 itiiitMiii t l l t l l M Ml
FERCENTCAmOTY UDUZAHON RAre (TOW INDUSTRY)
1996
•KMOWITAOH•TO
[Monthly data seasonally a<(justed)
Period
Index,
1987=100
Capacity utilization
rate, percent l
Industry production indexes, 1987=100
Total
industrial
production
Manufacturing
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
Septr
Ocfr
\ov
DeeP
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
1996- Jan''
121.9
.1
124.0
134.2
112.6
97.7
123.0
81.9
81.0
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995P
1995: Jan
Feb
Mar
Apr . . . .
May
July
Aug
1
Output as percent of capacity.
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate pmducts
Consumer goods
Equipment
Period
Total
Total
1986
1987
1988
1989 ...
1990
1991 . .
1992
1993 ...
1994
1995P .
.
..
...
1995: Jan
Feb
Mar
May
July
Sept1"
Octr
Noy r
Decf
1996: Janf
1
Durable
goods
Nondurable
goods
Total
1
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
95.7
100.0
104.8
106.8
107.0
105.4
108.7
112.7
118.3
121.3
96.8
100.0
102.9
104.0
103.4
103.0
106.0
109.5
113.7
115.0
94.5
100.0
104.6
106.6
102.3
96.0
103.0
113.3
124.2
124.2
97.6
100.0
102.4
103.2
103.8
105.0
106.9
108.6
111.2
112.8
94.5
100.0
107.6
110.9
112.1
108.8
112.5
117.5
125.3
131.4
93.1
100.0
110.7
115.5
116.9
115.9
123.4
131.8
144.9
155.7
96.0
100.0
99.7
100.1
98.8
90.8
84.8
79.3
71.9
65.9
91.9
100.0
101.8
102.0
101.2
96.8
99.3
101.8
107.3
109.0
93.8
100.0
101.5
100.5
98.2
91.6
95.2
98.4
106.2
108.2
90.7
100.0
102.0
103.0
103.2
100.2
102.0
104.1
108.2
109.6
95.9
1000
105.0
106.7
106.8
105.5
109.7
113.8
122.0
127.4
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.5
105.3
106.5
121.3
121.1
121.5
120.9
120.6
121.1
121.2
122.4
122.6
121.3
121.7
121.9
115.5
114.9
115.3
114.4
114.1
114.8
114.6
115.9
116.0
114.9
115.5
115.3
127.1
127.3
126.0
124.9
121.6
122.3
121.4
124.0
125.8
123.4
124.9
126.4
112.7
111.9
112.7
111.8
112.4
113.1
113.0
113.9
113.7
112.9
113.3
112.6
130.4
131.0
131.4
131.3
130.8
131.2
131.6
132.9
133.1
131.5
131.3
132.4
153.2
154.3
155.1
155.0
154.3
155.1
155.7
157.5
158.2
156.5
156.8
158.5
68.9
68.2
67.8
67.1
66.8
66.8
66.5
66.1
65.2
64.4
62.8
62.1
109.5
109.5
109.2
108.2
108.2
108.2
108.5
109.4
109.5
109.2
109.4
110.0
109.7
109.5
109.2
108.0
106.6
107.2
107.3
107.0
108.4
108.3
109.2
110.6
109.5
109.6
109.3
108.5
109.4
109.1
109.5
111.0
110.3
109.9
109.7
109.8
127.1
127.1
127.2
127.0
127.2
126.8
126.8
128.1
128.1
128.1
128.3
128.2
106.2
106.4
106.4
106.6
107.2
107.2
107.5
108.5
105.8
105.5
105.4
105.7
121.2
113.6
121.4
111.8
133.4
160.0
61.6
109.1
109.1
109.2
127.6
105.0
Includes oil and gas well drilling and manufacftn-ed homes, not shown separately.
[1987 = 100; monthly data seasonally ac\justed]
Din-able manufactures
Primary metals
Period
Total
1986 ....
1987
1988
1989
1990 ..
1991
1992
1993
1994 ....
1995^
. ..
1995- Jan
Peb
Mar
Apr
May
Sept'
Ocf
Nov r
Deep
. ...
1996: Jan?
....
.. .
. .
Industrial
machinery and
equipment
FJectrieal
machinery
Total
Motor
vehicles
and
parts
Lumaud
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
93.7
100.0
108.7
107.2
106.5
98.6
101.9
107.7
116.4
119.2
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
90.3
100.0
113.0
117.3
117.6
114.7
124.0
138.1
157.7
177.7
94.3
100.0
108.5
111.0
111.4
113.9
123.5
134.1
154.3
174.9
96.9
100.0
105.2
109.6
107.0
101.1
104.8
109.2
115.3
113.4
98.5
100.0
105.7
106.9
101.0
94.4
107.4
122.9
141.2
141.9
95.1
100.0
100.1
99.4
97.1
90.2
95.2
97.1
104.0
104.5
96.3
100.0
98.1
95.0
92.2
92.7
95.0
97.1
100.1
95.8
90.6
100.0
100.9
101.1
100.8
97.0
98.1
98.8
100.1
99.4
94.6
100.0
106.0
109.2
111.8
110.5
114.4
115.4
121.3
124.9
97.4
100.0
101.5
102.5
103.7
105.3
106.9
109.5
113.2
115.3
121.5
120.8
121.3
120.2
119.5
117.5
118.3
115.4
121.0
115.7
121.1
119.3
125.5
124.9
125.8
123.5
123.0
119.2
119.3
117.7
127.0
115.1
126.5
122.8
114.3
115.0
114.3
112.3
113.7
113.7
112.4
1 14.3
115.1
114.0
114.5
115.1
171.4
171.8
172.4
174.3
174.6
174.4
176.0
179.5
181.3
183.8
186.2
189.3
166.7
167.7
169.4
169.6
171.1
173.0
175.7
178.7
180.8
182.4
183.6
182.8
117.8
118.5
118.0
115.7
113.2
113.4
111.6
114.1
114.1
109.3
108.6
110.0
147.3
148.4
147.6
143.0
138.8
139.7
136.7
142.1
143.3
139.7
140.7
141.2
107.1
105.0
103.9
103.9
101.7
103.0
103.7
103.7
106.2
105.7
105.6
106.4
100.6
99.8
99.3
97.4
97.5
95.5
94.8
94.5
94.5
93.3
92.5
92.5
100.1
100.3
99.3
99.2
99.0
98.6
99.0
100.5
99.8
98.9
99.4
98.9
126.2
124.7
125.0
123.5
124.0
124.4
124.0
124.4
125.3
126.7
125.7
125.4
115.9
114.2
115.0
115.1
115.9
116.1
115.3
115.5
115.5
115.4
115.2
114.9
121.6
128.0
113.8
190.2
181.3
108.4
135.5
104.5
90.3
98.2
124.7
114.7
Source: Board of Governor of the Federal ReseiTe System
18
Iron
and
steel
Fabricated
metal
products
Nondurable manufactures
Transportation
equipment
NEW CONSTRUCTION
{Monthly data seasonally adjusted]
Construction contracts3
Private
Federal
Period
Residential
Total newconst ruction
expenditures
Total
New housing
units
Total '
Commercial
and industrial 2
Other
and
State
and
local
Total value
index
(1987=100)
Commercial
and industrial
floor space
(millions of
square feel)
Billions of dollars
407.7
419.4
432.3
443.7
442.2
403.4
435.0
464.5
506.9
527.2
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995/>
323.1
328.7
337.5
345.5
334.7
293.3
315.7
339.2
376.6
384.4
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
238.9
236.2
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
73.8
85.8
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
162.3
51.6
50.1
51.5
54.6
55.4
58.4
62.1
62.3
63.9
62.4
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
1.016
1,019
973
961
783
577
556
589
'744
842
Annual rates
Annual rates
1994- Dec
521.8
386.1
243.6
169.7
80.9
61.7
135.7
'110
688
1995- Jan
Feb
521.1
521.4
523.5
522.1
514.5
518.9
528.7
528.4
535.1
537.6
532.9
537.5
384.8
383.7
383.3
382.2
376.1
377.5
384.3
385.7
387.0
390.1
387.8
392.3
241.9
240.2
237.9
234.1
231.3
228.4
231.0
234.0
237.6
238.3
239.5
241.2
168.6
167.2
163.9
159.8
156.4
1 53.2
158.0
161.3
164.3
165.4
165.1
165.3
81.3
82.7
84.7
85.0
81.9
85.9
88.0
87.2
85.6
88.8
88.5
91.8
61.5
60.7
60.7
63.1
62.9
63.2
65.3
64.5
63.8
63.0
59.9
59.3
136.2
137.8
140.2
139.9
138.4
141.4
144.4
142.7
148.1
147.5
145.0
145.1
'113
'114
116
108
'119
122
118
123
119
116
'114
107
786
883
778
632
727
800
713
826
828
731
851
784
Apr
July'
Sept'
Oct'
.
Dec'
1
2
3
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and 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 housing units
Units started, by type of structure
Period
Total
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
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995P
New private homes
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
3
Units
completed
Homes
sold
Homes for
sale at end
of period l
,769.4
,534.8
,455.6
,338.4
,110.8
948.8
,094.9
,199.1
,371.6
,333.0
,756.4
,668.8
,529.8
,422.8
,308.0
,090.8
,157.5
,192.7
,346.9
750
671
676
650
534
509
610
666
670
357
366
368
365
321
284
265
293
338
1,358
1,420
1,293
1,282
1,235
1.243
1,243
1,275
1,355
1,368
1,405
1,384
1,448
1,478
1,373
1,371
1,388
1,436
1,302
1,443
1,334
1,342
1,256
1,345
1,246
1,254
1,312
1,337
642
627
643
575
612
607
667
723
781
'703
682
663
649
335
338
342
347
347
348
347
347
344
'349
352
362
375
Vacancy rate
for rental
housing units
(percent) 2
7.3
7.7
7.7
27.4
72
7.4
7.4
2
7.3
7.4
Seasonally adjusted annual rates
1994- Nov
Dec
.
1995- Jan
Feb
July
Sept'
Oct'
Nov
Dee*"
1996: Jan?
1
'1,504
'1,505
'1,177
'1,207
'1,370
'1,322
'1,241
'1,278
'1,300
'1,301
'1,450
'1,401
1,401
1,351
'1,458
1,385
'1,062
'1,051
'992
'1,017
'1,005
'1,036
'1,125
'1,135
1,130
1,109
'1,129
1,116
1,446
1,132
'60
'34
'38
'44
'35
'25
'36
'35
'39
'28
39
31
'32
30
31
Seasonally adjusted.
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
3
The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.
3
'267
--264
'270
'227
'214
'236
'259
'230
'286
'238
232
211
'297
239
283
7.4
7.4
7.7
7.7
7.7
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 places.
Seasonally adjusted housing starts revised beginning 1993.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In November, manufacturing and trade sales rose 0.7 percent and inventories rose $0.7 billion. According to advance
data, retail sales rose 0.3 percent in December following a rise of 0.7 percent in November.
BILLIONS OF DOLLARS* (RATIO SCALE)
400
BILLIONS OF DOLLARS* (RATIO SCALE)
,ouu
r-—
900
_,
1
800
~
350
1
r\~n
MA MUFACTURIN(3 AND
TRADE INVENTC3RIES
700
300
f—''
250
600
RETAIL INVENTORIES
-„
500
200
NUFACTURIN
AND TRADE SAL! S
400
RETAIL SALES
150
11111111
300
RATIO*
1.80
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
200
1.50
W<L/1L/N-^
,/V /
-
x— •-''•
^''
1.40
1 1 1 1 11 M 1 11 1 11 1111 1 1n M 1 1 1 11 1 1 11 1 1 11111 1M i
1991
1992
1993
1994
1 M 1 111M 11
1.30
11111111111
1991
1995
s^S^*
MANUFACTl IBIKK ^^
ANDTRADE
1 M 1 11 11 111 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 111 1 1 11 1 M 1 1 M 1 1 M
1995
1992
1993
1994
* SEASONALLY ADJUSTS)
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing
and
trade1
Period
Sales"
Inventories3
COUNCIL OF ECONOMIC ADVISERS
Inventories3
Sales2
Sales2
Inventories3
Inventory-sales
ratio 4
Retail
Wholesale
Total
Durable
goods
stores
Nondurable
goods
stores
Total
Durable
goods
stores
Nondurable
goods
stores
Manufacturing
and
trade '
Retail
Millions of dollars, seasonally adjusted, except as noted
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995^
1994: Novr
Decr
1995- Jau
Feb
Mar
May
July
Sept
Ocf
NovP
Dee?
422,583
430,419
457,735
496,079
523,065
542,682
538,485
561,293
593,076
639,770
682 124
661,571
670,395
673,918
675,480
674,797
672,912
678,444
682,958
675,776
687,610
689,804
687,650
692,456
698,855
664,089
662,753
709,814
765,270
811,154
834,391
829,685
838,895
860,979
916,550
913,880
917,529
928,672
936,091
942,743
952,235
956,516
960,157
964,894
968,658
973,482
980,267
980,967
113,459
114,960
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,521
186 598
178,711
182,257
182,829
185,056
183,207
184,597
186,244
187,472
186,232
187,203
188,303
188,517
190,709
193,429
147,409
153,574
163,903
178,801
187,009
195,550
200,062
207,663
215,878
234,722
233,824
235,701
238,272
240,365
243,462
246,867
247,702
249,813
253,060
253,017
254,063
256,134
255,449
253,669
114,586
120,803
128,442
138,017
146,581
153,718
154,661
162,632
172,875
186,414
195,522
191,669
192,085
193,299
191,868
193,153
193,022
195,107
196,774
196,070
197,386
197,221
196,735
-•198,019
198,649
41,510
45,057
47,989
52,430
54,763
55,736
54,165
58,634
64,795
73,369
78,392
76,738
76,808
76,775
76,138
76,978
76,549
77,533
78,835
78,446
79,940
79,103
79,458
••80,542
80,821
1
;1
2
4
See page 21 For manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data an; seasonally a<ljusUHl totals for month.
20
73,075
75,746
80,453
85,587
91,818
97,981
100,497
103,999
108,080
113,045
117,130
114,931
115,277
116,524
115,730
116,175
116,473
117,574
117,939
117,624
117,446
118,118
117,277
'117,477
117,828
181,881
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,676
290,018
88,315
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,709
149,071
93,566
96,527
102,355
106,594
115,887
118,668
124,236
129,046
133,967
140,947
1.56
1.55
1.50
1.49
1.52
1.52
1.54
1.49
1.44
1.39
1.52
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
290,068
290,018
294,296
296,000
297,200
299,690
300,525
300,333
299,411
302,495
303,242
306,698
307,932
149,400
149,071
152,754
153,826
155,530
157,958
157,842
157,109
156,320
158,276
159,205
161,745
162,549
140,668
140,947
141,542
142,174
141,670
141,732
142,683
143,224
143,091
144,219
144,037
144,953
145,383
1.38
1.37
1.38
1.39
1.40
1.42
1.41
1.41
1.43
1.41
1.41
1.43
1.42
1.51
1.51
1.52
1.54
1.54
1.55
1.54
1.53
1.53
1.53
1.54
1.56
1.56
Seasonally adjusted, end of |K>riod.
Annual data an; averages of seasonally adjusted monthly ratios.
Souree: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In December, manufacturers' shipments and new and unfilled orders rose; inventories were about unchanged.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF_ DOLLARS* (RATIO SCALE)
320 - SHIPMENTS -
480 ~~ INVENTO <lbti
440
400
.
360
TOTAL
280
240
„..—-—~
>
\
320
200
280
...*•-'-*"
DURABLE GOODS
-\
160
240
"\
200
120
1
RABLEGOOD
160
- .*.---~"
NONDURABLE GOODS
" \
120
80
^DURABLE GC
BILLIONS OF DOLLARS* (RATIO SCALE)
320 _ NEW ORDERS -
,„,,!
80
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 M 1 1 Hill 1 1 1 1 1
Mill
Mill
.TOTAL.
280
240
RATIO*
2.20
200
2.00
DURABLE GOODS
160
1.80
A1
-
120
NONDURABLE GOODS
80
1991
1992
1991
1995
1994
1993
1992
1993
1994
* SEASONAUY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
1995
COUNCIL Of ECONOMIC ADVISERS
Manufacturers' shipments '
Manufacturers' inventories*
Manufacturers' new orders '
Durable goods
Period
Total
Durable
goods
Nondurable
Kinds
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable
goods
Manufacturers'
unfilled
ordersa
Manufacturers'
inventory—
shipments
ratio3
Millions of dollars, seasonally adjusted, except as noted
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 . ..
1995P
1994- Dec
1995- Jan
Feb
Mar
May
July
Sept
Ocf
Nov
Dec?
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
280,835
300,005
296,053
297,790
298,556
298,437
295,293
297,093
298,712
293,474
303,021
304,280
302,398
303,728
306,777
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
151,060
162,130
159,299
161,079
161,206
161,571
157,970
159,612
160,828
155,919
164,196
165,939
164,062
164,926
166,655
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
129,775
137,874
136,754
136,711
137,350
136,866
137,323
137,481
137,884
137,555
138,825
138,341
138.336
138,802
140,122
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
391,810
417,840
391,810
396,104
399,726
402,081
405,678
408,289
410,011
412,423
413,146
416,177
417,435
417,586
417,840
1
Annual data are avcraf^s of monthly not seasonally adjusted fipires; monthly data aru seasonally adjusted totals for month. Shipments are the same as salt's.
a
Seasonally adjusted, end of [mriod.
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
144,166
154,509
144,166
145,853
147,602
148,844
150,344
151,502
152,569
152,891
153,055
154,471
154,130
154,069
154,509
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
247,644
263,331
247,644
250,251
252,124
253,237
255,334
256,787
257,442
259,532
260,091
261,706
263,305
263,517
263,331
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
281,953
300,582
299,514
301,724
300,804
299,625
293,069
297,046
296,754
293,863
301,903
306,123
304,370
304,148
308,081
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
151,878
162,911
162,310
164,507
163,338
163,042
155,553
159,502
159,031
156,130
164,082
168,951
166,490
165,167
168,683
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
37,530
43,334
37,759
41,785
42,055
42,628
40,072
43,115
42,964
40,233
41,676
46,941
43,755
46,067
47,951
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
130,074
137,672
137,204
137,217
137,466
136,583
137,516
137,544
137,723
137,733
137,821
137,172
137,880
138,981
139,398
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
456,838
464,789
456,838
460,772
463,020
464,208
461,984
461,937
459,979
460,368
459,250
461,093
463,065
463,485
464,789
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1.37
1.37
1.32
1.33
1.34
1.35
1.37
1.37
1.37
1.41
1.36
1.37
1.38
1.37
1.36
:f
Annual data am averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Hurejiu of the Census,
21
PRICES
PRODUCER PRICES
in December, the producer price index for all finished goods rose 0.5 percent. Prices of finished consumer foods
rose 0.1 percent and prices of other finished consumer goods rose 0.9 percent. Capital equipment prices rose
0.1 percent.
INDEX, 1982= 100 (RATIO SC:ALE)
INDE,(, 1982 = 100 (RATIO SCALE)
150
FINISHED GOODS PRICES
150
SEASONAHY AOJUSTED
140
140
'1
,--
CAPITAL EQUIPMENT
.^"'^'
130
130
CONSUMER FOODS
\
__
'"V-
^* *
ff
,-
•^X«rCT=^*""
^.
"*-~>\.
/
'^^
•• /
,.•*'"'*
*"*"•**,
.„...—
^ '^~
120
120
>
/X ^'
r~r
^
,
__,
•
r
_
"\
CONSUMER GOODS
EXCLUDING FOODS
J
—— ***** *
110
//
TOTAL
1
110
-
<<
100
100
1
U
1
IIM
i i i i i 1 i i i i i II 1 1 1 I I I
1987
1988
i i
1 1 1
ii i l l i i ii 1 1 1 1 1 i i i ii
1990
1989
1991
1 1 1 1 1 1 1
II
i i i I i It i i i i i 1 i i i i i
1993
1992
1995
1994
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF iABC*
[1982 = 100; montlily data seasonally adjusted)
Finished goods
Intermediate materials
Finished goods excluding consumer foods
Total
finished
goods
Period
Consumer
foods
Consumer goods
Total
Total
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124,7
125.5
127.9
126.5
127.1
127.3
127.5
127.8
128.0
127.7
127.8
127.8
128.1
128.0
128.6
129.3
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995/1
1994: Dec
1995: Jan
Peb
Mar
Apr
May
June
July
Aug'
Sept
Get
Nov
Dee
inatwials for fowl i
22
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
129.0
129.0
128.3
128.7
128.6
128.4
127.5
127.1
128.4
128.6
129.8
129.8
131.4
131.5
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
125.7
126.6
126.9
127.1
127.5
128.0
127.8
127.5
127.5
127.5
127.4
127.6
128.6
Durable
98.5
108.9
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
123.9
122.2
123.2
123.4
123.6
124.2
124.7
124.5
123.9
123.8
123.8
123.6
123.8
124.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
132.6
131.6
132.0
132.2
132.0
132.3
132.3
132.3
132.5
132.6
132.9
132.9
133.7
134.0
Nondurable
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
118.8
116.7
118.0
118.3
118.6
119.3
120.0
119.7
118.7
118.6
118.5
118.2
118.1
119.6
Capital
equipment
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
136.7
134.9
135.5
135.7
135.9
136.2
136.5
136.5
136.8
137.0
137.2
137.1
137.7
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
124.3
124.8
125.1
125.3
125.6
125.7
125.4
125.4
125.4
125.7
125.6
126.2
127.0
Total
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
124.9
121.4
123.0
123.9
124.4
125.1
125.4
125.4
125.5
125.5
125.4
125.2
125.2
125.4
Foods
and
feeds '
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
114.8
111.9
112.3
112.2
112.6
111.5
110.4
111.5
113.3
114.4
115.5
119.0
121.8
123.3
Other
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
125.5
121.9
123.5
124.5
125.0
125.8
126.2
126.2
126.1
126.1
126.0
125.5
125.4
125.5
Source: Department of Laixir, Bureau of Labor Statistics.
Cnide materials
Total
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
102.6
100.6
100.9
102.5
101.2
102.9
101.8
103.1
102.6
101.3
102.9
103.2
104.9
104.7
Foodstuffs
and
feedstuffs
Other
93.2
96.2
81.6
87.9
106.1
111.2
113.1
105.5
105.1
108.4
106.5
105.8
102.3
102.3
103.6
101.1
100.0
97.2
100,9
105.0
106.1
110.2
112.5
116.6
115.5
85.5
93.4
101.5
94.6
93.5
94.7
94.8
96.6
95.6
96.0
97.8
97.4
100.8
100.8
100.5
97.1
94.3
94.3
93.3
93.3
93.8
CONSUMER PRICES—ALL URBAN CONSUMERS
In December, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted (it fell 0.1
percent not seasonally adjusted). The index was 2.5 percent above its year-earlier level.
INDEX, 1982-84 . 100 (RATIO SCALE)
INDEX, 1982-84 - 100 (RATIO SCALE)
160
160
SEASONAUY ADJUSTED
150
150
140
140
130
130
120
120
110
110
100
100
90
90
1987
1989
1988
1990
1992
1991
1995
1994
1993
COUNOt Of ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
All items '
Shelter
Not
seasonally
adjusted
(NSA)
Period
Rel imp :i
1000
1986
1987
1988
1989
1990
1991
1992
1993 .
1994
1995
1994- Dec
1995: Jan
Feb
Mar
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152 4
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
May
July
Aug
Sept
Oct
Nov ... .
Dec
1
..
.
Seasonally
adjusted
150.1
150.6
151.0
151.3
151.9
152.3
152.5
152.8
153.0
153.2
153.7
153.7
154.0
Total
Renters'
costs
(Dec.
1982 =
100)
28.0
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
165.7
162.3
162.8
163.3
163.8
164.4
165.0
165.3
165.8
165.9
166.6
167.2
167.5
167.9
8.0
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
174.3
170.1
170.5
171.0
172.0
172.7
173.4
173.5
174.1
173.9
174.7
175.3
175.2
175.3
Food
Total'
15.8
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
148.4
147.1
146.7
147.1
147.1
148.2
148.3
148.4
148.7
149.0
149.7
150.2
150.0
150.2
41.2
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
148.5
145.9
146.5
146.9
147.2
147.6
147.8
148.1
148.5
148.9
149.1
149.7
149.8
150.2
Includes items not shown se|>arately.
Household fttcls—gas (piped), d<*tricity, fuel oil, eta.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
:1
Relative importance, December 1994.
2
Home- Main- Fuel
ownand
teers'
nance other
utiliand
costs
re(Dec.
ties
1982= pairs
100) (NSA)
19.9
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
171.0
167.8
168.4
168.9
169.2
169.8
170.4
170.8
171.3
171.6
172.2
172.8
173.4
174.0
0.2
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
135.0
132.7
133.1
133.8
134.2
134.2
134.6
135.0
135.1
135.4
135.4
136.3
136.2
136.6
7.1
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.7
122.7
123.3
123.3
123.1
123.4
122.9
123.4
123.5
124.2
123.4
124.1
124.3
124.5
Apparel
and
up- Total'
keep
5.7
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.0
132.1
133.0
132.2
132.2
132.1
131.7
131.3
131.6
132.0
131.7
132.1
132.0
132.1
17.1
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
139.1
136.6
137.4
137.9
138.7
139.7
140.3
140.9
140.3
139.4
139.2
139.4
138.6
138.6
New
cars
MediMotor cal
care
fuel
4.1
3.1
77.1
110.6
80.2
114.6
80.9
116.9
88.5
119.2
121.0 101.2
99.4
125.3
99.0
128.4
131.5
98.0
98.5
136.0
139.0 100.0
137.6 101.3
137.7 101.7
138.1 101.3
138.1 100.9
138.9 101.5
139.0 103.5
139.2 103.8
139.0 101.9
139.3
98.8
139.6
97.3
139.6
97.0
94.9
139.8
97.3
139.7
7.3
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
220.5
216.2
216.9
217.6
218.2
218.8
219.5
220.2
221.0
221.8
222.5
223.2
224.0
224.7
Energy2
All
items
less
food
and
energy
77.2
7.0
88.2 113.5
88.6 118.2
89.3 123.4
94.3 129.0
102.1 135.5
102.5 142.1
103.0 147.3
104.2 152.2
104.6 156.5
105.2 161.2
105.4 158.5
105.7 159.2
105.6 159.6
105.1 160.1
105.5 160.7
106.0 161.0
106.5 161.3
105.6 161.7
104.8 162.0
103.3 162.4
103.7 162.9
102.8 163.0
104.0 163.2
NOTE.—Data incorporate a rental equivalence measure for horneownership costs (Ix^inning
1988).
Source: Department of Labor, Bureau of Ijabor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
I Permit change from preceding period; inorittily data seasonally a<ljusted, except as noted by NSA]
Change from preceding period
Change from 8 months earlier, annual rattf
Change from 6 mont is earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equip-
Excluding
foods
Foods
Total
finished
goods
Capita]
equip-
Excluding
foods
Foods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995?
-6.6
4.1
3.1
5.3
8.7
2.8
— 2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
1.9
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
2.2
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.2
n
1.6
-1.4
2.0
2.2
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
Cliange, month to month
1994- Dec
1995- Jan
Feb
July
Aug r
Sept
Oct
Dec
0
1.3
-.5
.3
-.1
-.2
-.7
-.3
1.0
.2
'.9
0
1.2
.1
0.3
.5
.2
.2
.2
.2
-.2
.1
0
•-.2
-.1
.5
.5
.8
.2
.2
.5
.4
o
-.5
-I
'0
o
'.2
.9
9.2
7.2
4.5
-1.2
.3
-3.7
-4.6
0
3.5
8.8
4.4
'9.0
5.3
2.2
5.9
3.9
3.2
2.2
2.2
.6
0
-.6
1.3
.6
'2.5
3.8
0.3
.4
.1
.1
.2
.2
0
.2
.1
.1
-1
.4
.1
-0.3
3.6
3.6
3.0
2.1
2.4
1.8
1.8
1.5
2.1
.9
'2.1
2.1
0.7
6.1
4.0
4.7
3.3
4.3
2.9
-1.0
-2.9
-2.2
-1.0
'0
3.6
5.5
3.5
3.7
3.8
3.7
.3
-2.9
.2
2.1
2.6
1.8
2.7
4.0
3.0
1.9
1.1
.8
.9
.3
.9
2.5
a
1.9
2.2
6.2
7.0
0.9
1.6
1.5
1.3
2.8
3.0
2.4
1.9
1.9
1.9
1.3
1.8
2.1
1.3
2.5
1.1
2.6
4.7
4.1
3.8
1.1
.6
.3
-1.0
-1.4
.6
1.7
1.7
1.7
1.8
2.1
2.2
2.1
1.7
1.3
1.8
2.1
2.0
2.2
Source: i)epartment of Ijalx>r, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
| Percent change from preceding period; monthly data seasonally a^ustcd, except as noted by NSAj
Housing
Period
All
items '
Food
Total1
Total '
Renters'
costs
Addendum: All items,
percent change!
(annual rate)
Transportation
Shelter
Homeowners'
costs
Fuel
and
other
utilities
Apparol
and
1
upkeep Total
New
cars
Motor
fuel
Medical
care
All
items
less
food
and
energy
Enerey*
From
previous
quarter"
From
From
From
3
fi
yearmonths months earlier
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
0.2
.3
.3
.2
.4
.3
.1
.2
.1
.1
.3
0
.2
0.8
-.3
.3
0
.7
.1
.1
2
'2
.5
.3
-.1
.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
0.1
.3
.3
.3
.4
.4
.2
.3
.1
.4
.4
.2
.2
-0.1
.2
.3
.6
.4
.4
.1
.3
-.1
.5
.3
-.1
.1
0.1
.4
.3
.2
.4
.4
.2
.3
.2
.3
.3
.3
.3
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
.2
1.4
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
3.8
1.5
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
-40
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
3.9
-19.7
8.2
.5
5.1
18.1
-7.4
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
0.1
.1
.3
0
.6
.1
.1
0.2
.4
-.4
-.4
.6
2.0
.3
-1.8
-3.0
-1.5
-.3
-2.2
2.5
0.5
.3
.3
.3
.3
.3
.3
.4
.4
.3
.3
.4
.3
-0.1
.3
-.1
-.5
.4
.5
.5
0.1
.4
.3
.3
.4
.2
.2
.2
.2
.2
.3
.1
.1
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
2.8
Cliange, month to month
1994- Dec
1995: Jan
Feb ...
Mar
June
July
Sept
Oct
Dec
1
0
.4
.3
.2
.3
.1
.2
.3
.3
.1
.4
.1
.3
-02
-02
.5
.7
-.6
0
-1
-.3
-.3
.2
.3
0
o
.2
-.4
.4
.1
.6
-.6
.6
.2
.2
Includes items not shown separately.
a
Household fuels—gas (piped), electricity, fuel oil, eta.—ami motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.
24
0.2
.6
.4
.6
.7
.4
.4
-.4
-.6
-.1
.1
-.6
0
p
.3
-.1
.1
:i
-I
'2
.2
0
.1
-.1
Q
-'.8
-1.4
.4
-.9
1.2
2.2
32
3.2
'i'.i
2.'i
Quarterly changes are shown in the last month of the quarter.
Source: Department of Ijaltor, Bureau of Ijahor Statistics.
1.9
2.7
3.2
3.2
3.5
3.5
3.2
2.4
1.9
1.8
2.4
1.8
2.1
2.7
2.8
2.6
2.6
3.1
3.4
3.2
2.9
2.7
2.5
2.4
1.8
2.0
2.7
2.8
2.9
2.9
3.1
3.2
3.0
2.8
2.6
2.5
2.8
2.6
2.5
PRICES RECEIVED AND PAID BY FARMERS
In January, prices received by farmers rose 1.9 percent from their December level. Prices paid by farmers in
January were unchanged from their October level. (Data are not seasonally adjusted.)
INDEX, 1990-92=100 (RATIO SCALE)
INDEX, 1990-92=100 (RATIO SCALE)
:
120
1 120
110
110
100
100
90
90
80
80
l l l l l I l l I l l I l l Il 111 I II I
I I I I I I I I I I I I I I I I I I I I I I I I I MM I I I I MI I I I I I I I I I I I I i I M I I I I I I I I I I I I I I I I I I I I I I I I II
RATIO-!'
140
RATIO-!'
140
120
120
100
100
80
80
60
60
1988
1991
1990
1989
1992
1995
1993
_!/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
1995
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: Jan
Feb
Mar
Apr
May
July
Aue
Sept
Oct
Nov
Dec
1996- Jan
1
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
87
89
99
104
104
100
98
101
100
102
87
86
104
109
103
101
101
102
105
112
88
91
93
100
105
99
97
100
95
92
85
87
91
96
99
100
101
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
98
'97
'99
'99
'101
100
101
102
'105
104
'106
108
110
103
'101
'107
'113
'117
'113
'114
'114
'115
'114
'117
118
125
93
94
93
90
88
90
91
92
93
92
94
96
93
108
(")
(3)
108
(:i)
(3)
108
107
(:i)
(3)
107
(:i3 )
()
107
(3)
(:i)
'109
(33)
()
110
'107
(:i)
(3)
107
(:i3 )
()
107
(:i)
(3)
'110
(:i)
(:i)
111
91
'90
'92
'92
'94
93
94
94
'97
'94
'95
97
99
includes items not shown separately.
Percentage ratio of index of prices received by fanners to index of prices paid, interest,
taxes, and wap^ rates. See also footnote 3.
:i
Prices paid by fanners are available only 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
rates1
( 33 )
()
'111
(:i3)
()
111
NOTK.—The official indexes are published on a 1910—14 base as required by law. The indexes have Ix>en converted to a 1990-92=100 bast; to faeilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK. LIQUID ASSETS, AND DEBT MEASURES
In January, growth in M2 slowed; growth in M3 accelerated. (Series revised.)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
4,000
M3
3,600
3,600
-A—
3,200
3,200
M2
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
800
jj 400
400
1988
1992
1995
1993
" AVERAGES Of DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1986198719881989199019911992199319941995-
Dec'
Dec'
Dec'
Dec'
Dec'
Dec1"
Dec'
Dec'
Dec'
Dec
1995- Jan '
Feb '
Mar'
Apr '
May
July '
Sept '
Oct '
Nov
Dec
1996- Jan r
I
L
Debt
M2 plus large
time deposits,
RPs,
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average of
adjacent
month-end
levels) '
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
3,486.4
3,673.3
3,912.4
4,065.5
4,124.1
4,178.4
4,187.3
4,249.6
4,319.4
4,582.0
4,122.5
4,328.5
4,664.2
4,894.2
4,975.8
5,004.4
5,075.8
5,164.6
5,303.4
5,695.1
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
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.8
-2.1
9.5
3.6
5.8
5.5
3.7
3.1
1.6
1.6
.4
4.6
9.0
5.4
6.5
3.9
1.4
1.3
.2
1.5
1.6
6.1
12.6
9.5
8.9
7.7
6.7
4.5
4.8
5.3
5.1
5.2
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
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
4,343.1
4,355.3
4,375.2
4,399.3
4,428.0
4,466.8
4,494.7
4,522.2
4,542.9
4,557.5
4,567.9
4,582.0
5,330.7
5,364.3
5,401.6
5,436.5
5,464.2
5,503.7
5,552.6
5,588.0
5,633.9
5,660.6
5,667.9
P 5,695.1
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
<"13,841.8
-.4
-.4
-.3
.4
-.4
-.7
— .7
-.7
-1.5
-3.4
-3.0
-3.4
.4
,8
1.2
1.9
2.6
4.2
4.9
5.9
6.2
5.9
5.7
4.9
3.1
3.7
4.2
4.9
5.7
6.8
7.0
7.7
7.7
7.2
6.3
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
1,119.1
3,686.0
4,611.8
-4.6
4.7
5.2
Ml
M2
M3
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
Consists of outstanding credit market debt of the U.S. Government, State arid local governments, and private nonfiriancial sectors; data from flow of funds accounts.
II
Annual <;bangiKS aro from December to Decemiwr and monthly changes are from 6 months
earlier at a simple annual rate.
Percent change from year or 6
months earlier 2
Ml
M3
Debt
NOTE.—See |t. 27 for components.
Series revised to reflect annual lx:nc)miark arid seasonal :ljustment revisions as well as a
minor redefinition of M2.
In the redefinition, overnight wholesale liPs arid overnight Eurodollar's are now r sported on
a seasonally adjusted basis and are included in M3. For details, sue Monty Stwk Ri
lease dated February 8, 1996 issued by the Hoard of Governors of the Federal Reserve System.
Sourer: Board of Governors of the Federal Reserve System.
26
M2
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally acjjusted]
Other
Currency
Period
1986:
1987:
19881989:
19901991:
199219931994:
19951995-
Demand
deposits
Dec'
Dec'
Dec'
Dee'
Dec'
Dec'
Dec'
Dec'
Dec'
Dec
Jan'
Feb'
Mar'
.
June''
July
Aug'
Sept'
Get'
Dec
1996: Jan*>
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
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
able
deposits
(OCDs)
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
343.1
Money market
mutual fund
balances
Retail '
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
479.0
Savings
deposits,
including
money
market
Instideposit
tution accounts
only 2 (MMDAs)
84.5
91.1
90.3
106.9
133.5
179.5
199.8
197.9
183.7
226.4
940.9
937.3
926.3
893.6
923.8
1,045.0
1,187.1
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
1,152.9
189.3
188.4
195.0
199.4
203.7
213.2
218.6
218.5
221.7
223.6
224.0
226.4
229.6
1
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
illation
time
deposits3
Large
denomination
time deposits3
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
Overnight
and
term
repurchase
agroements
(RPs)
(net)
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
421.0
Overnight
and
term
Eurodollars
(net)
143.3
172.6
189.0
158.0
138.8
119.4
128.1
157.5
180.4
178.1
186.9
191.3
190.4
191.5
196.8
191.4
188.0
192.2
191.8
189.3
185.3
178.1
183.1
Shortterm
BankTreas- ers' acceptury
securi- ances
ties
Savings
bonds
37.1
91.8 275.8
103.9
108.2 100.6 249.5
44.5
117.0 109.4 266.8
40.2
95.2 117.5 324.0
40.7
36.1
88.7 126.0 334.2
329.1
23.9
79.3 137.9
20.9
66.9 156.6 345.9
66.3 171.5 342.9
14.9
387.3
82.3 180.3
14.2
88.7 P 184.8 "479.3 Pll.9
87.3 180.5 387.3
13.6
86.4 180.5 400.2
13.5
87.2 180.7 411.1
13.7
90.1 181.2 412.0
13.4
181.7 405.4
91.1
12.0
182.4 414.6
91.8
11.0
12.1
92.6 183.0 433.8
183.5
436.5
12.4
93.1
93.7 183.9 455.6
12.8
92.1 184.2 464.7
13.4
89.1 184.5 465.7
12.6
88.7 P 184.8 ' 479.3
92.0
Commercial
paj>er
231.3
260.6
335.4
346.5
355.3
335.2
365.0
385.6
402.4
r 437.1
406.3
414.9
420.9
430.6
437.0
428.9
429.0
433.3
438.6
440.7
437.3
P437.1
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not
shown here.
Series revised. See Note, p. 26 for details on the revision.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures1; 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
198619871988:
19891990199119921993199419951995-
Dec
Dec
Dec
Dec
Dec .
Dec
Dec
Dec
Dec
Dec
Jan
Feb
. .
July
Sept
Oct
Dec
1996- J a n . . . .
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
55,598
Data are 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
55,560
Nonborrowed
plus
extended
credit
Required
Monetary
base
Total
223,574
239,775
256,897
267,713
293,275
317,432
351,116
386,602
418,223
435,024
827
777
1,716
265
326
192
124
82
209
257
58,992
58,860
58,483
57,847
57,611
57,080
57,284
57,233
57,091
56,575
56,065
56,077
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
421,054
'422,497
'425.207
'427,544
'430,090
'429,264
'429,785
'430,782
'431,652
'432,702
'433.152
435,024
55,560
54,112
435,173
136
59
69
111
150
272
371
282
278
245
204
257
38
38,416
38,562
39,927
40,252
41,468
45,344
54,231
60,420
59,133
56,077
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)
3,200
4,000
3,600
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
4,000
3,600 t_ ALL COMMERCIAL BANKS
800
. U.S. GOVERNMENT SECURITIES-
800
\
400
400
OTHER SECURITIES
-V
200
I i i t i I i i 11 t
160
1988
1989
M i [I I i I I I I
l l i l l I I Ii
1991
1990
200
11 I I I 1 1 1 1 I I
i l l I ll
I i I I I I I I I I I I 160
1994
1993
1992
1996
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted J
Securities in bank credit
Total
bank
credit
Period
1988:
1989:
1990:
1991:
1992:
1993:
1994:
1995:
Total
securities
U.S.
Government
securities
Loans and leases in bank credit
Real estate
Other
securities
Total
loans and cial and
industrial
leases 2
Total
Revolving
home
equity
Consumer
Security
Other
Other
Dec'
Dec'
Dec'
Dec'
Dec'
Dec'
Dec'
Dec .
2,436.1
2,609.1
2,751.6
2,856.4
2,957.0
3,113.7
3,326.2
3,595.8
562.0
584.5
633.7
745.0
843.4
918.7
952.3
989.1
366.8
400.0
455.6
565.2
666.8
733.9
732.0
712.7
195.2
184.5
178.2
179.8
176.7
184.8
220.2
276^4
1,874.1
2,024.7
2,117.8
2,111.4
2,113.6
2,195.0
2,374.0
2,606.7
608.0
639.3
640.8
619.5
596.2
585.9
645.2
718.3
675.1
770.2
855.3
880.0
901.3
940.5
1,001.7
1,077.0
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
997.9
357.8
378.3
383.4
366.6
358.9
390.5
451.2
493.3
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
235.4
1995: Jan'
Peb'
Mar'
Apr'
May'
June'
July'
Aug'
Sept'
Ocf
NoV
Dec
3,354.8
3,367.5
3,392.9
3,470.5
3,492.0
3,512.9
3,526.2
3,541.3
3,564.1
3,576.2
3,586.2
3,595.8
950.1
939.3
942.0
996.1
986.1
985.4
975.9
978.1
982.2
985.1
986.8
989.1
729.3
724.8
712.0
708.7
710.8
709.9
703.9
708.5
708.4
713.9
715.8
712.7
220.8
214.5
230.0
287.4
275.3
275.5
272.0
269.6
273.8
271.2
271.1
276.4
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
2,591.1
2,599.4
2,606.7
656.7
670.2
673.9
680.8
687.8
692.1
697.8
701.9
708.5
710.7
715.0
718.3
1,013.8
1,021.8
1,029.0
1,036.6
1,043.9
1,053.0
1,062.3
1,068.1
1,072.1
1,075.5
1,076.8
1,077.0
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
959.9
966.7
975.2
984.3
989.8
993.7
997.1
997.9
997.9
457.2
459.4
464.3
470.3
472.9
478.6
481.1
485.7
489.5
489.3
491.2
493.3
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
229J
230.2
235.4
3,621.9
988.6
704.5
284.1
2,633.2
725.1
1,083.6
79.7
1,003.9
497.7
83.9
242.8
1996: Jan .
1
....
Data are Wednesday vahies or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment
companies, and foreign-related institutions. Data are adjusted for breaks caused by reclasfjifications of assets and liabilities.
28
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and Inans to
commercial banks in the United States.
Source; Board of Gwernors of the Federal Reserve Svstem.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted animal rates]
Uses
Sources
External
Credit market funds
Period
Total
Internal '
Total
Total
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1993- I
. .
II
III
IV
1994- I
II
Ill
IV
1995:
I
HP
493.8
538.8
564.7
634.2
567.9
536.8
473.6
566.7
563.2
683.2
464.0
543.8
614.6
630.5
666.9
688.2
726.4
651.6
863.5
823.9
351.9
336.7
375.9
404.3
399.6
411.6
426.0
438.4
462.3
499.8
436.4
450.7
476.4
485.7
501.5
498.6
500.2
499.1
510.1
536.8
142.0
202.1
188.8
229.9
168.2
125.2
47.6
128.3
100.9
183.4
27.6
93.1
138.2
144.8
165.4
189.6
226.2
152.5
353.4
287.1
Securities
and mortgages
Loans and
short-term
paper
71.5
83.0
49.4
99.8
105.6
68.4
-85.3
3.2
-17.6
104.4
-55.1
10.9
-22.0
-4.1
98.4
90.2
108.7
120.5
189.4
177.1
13.2
65.1
39.9
-4.7
-37.6
-20.0
96.1
67.0
80.0
-30.5
84.0
65.9
99.0
71.1
12.6
30.5
-43.7
-121.5
-27.8
39.6
84.7
148.1
89.3
95.0
68.0
48.4
10.8
70.2
62.4
73.9
28.9
76.8
77.0
67.0
111.0
120.7
65.0
-1.0
161.6
216.7
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowari(*ts, arid foreign branch profits, dividends, and suiwidiaries' earnings
retained abroad.
^(^onsists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in the U.S.
Others
Total
57.3
54.0
99.4
134.9
100.2
76.8
36.8
58.1
38.5
109.6
-1.3
16.2
61.3
77.8
54.5
68.9
161.2
153.5
191.9
70.4
467.2
501.7
492.3
575.8
509.4
488.7
435.4
529.0
531.4
664.2
431.7
532.4
553.0
608.4
633.5
660.2
678.0
685.0
812.9
771.7
Increase in
financial
assets
Capital
expenditures3
370.2
344.2
361.5
391.0
401.1
402.8
379.8
386.0
440.4
510.4
424.7
441.5
444.1
451.2
462.1
507.7
519.6
552.3
580.5
562.6
Discrepancy
(sources
less
uses)
26.7
37.1
72.4
58.4
58.4
48.1
38.2
37.7
31.9
19.0
32.3
11.4
61.6
22.1
33.3
28.0
48.4
-33.5
50.6
52.1
97.0
157.5
130.9
184.8
108.3
85.9
55.6
143.0
91.0
153.8
7.0
90.9
108.9
157.2
171.4
152.5
158.4
132.7
232.4
209.1
:
* Plant and equipment, residential structures, inventory investment, and mineral rights from
U.S. Government,
NOTE.—Revised data based on Iwnchmark revisions of national income and product accounts
data are not yet available,
Source: Hoard of Governors of the Federal Reserve System,
CONSUMER INSTALLMENT CREDIT
| Billions of dollars; seasonally a<|justed!
Installment credit outstanding (end of period)
Period
19861987198819891990199119921993199419951995-
Dec
Dec
Dec:l
Dec
Dec
Dec
Dec
Dec
Dec
Deep
Jan
Feb
Anr
July
Ausr
Sept
Ocf
DecP
1
Total
..
572.0
608.7
662.6
717.2
734.9
728.4
730.8
790.4
902.9
1,022.9
914.4
918.9
933.0
946.3
959.1
970.6
979.4
989.7
993.8
1,005.2
1,015.0
1,022.9
Automobile
Revolving
247.8
266.3
285.4
291.5
283.1
259.6
257.4
280.6
317.2
353.1
319.3
321.0
323.3
326.2
328.0
330.7
337.1
339.8
341.2
344.7
349.1
353.1
For year-end data, change from preceding year-end; for monthly data, change from preceding month.
2
Outstanding loans for mobile homes, education, Ixiats, trailers, vacations, etc.
135.8
153.1
174.3
199.2
223.5
245.3
258.1
286.6
334.5
394.8
340.2
345.1
351.5
358.7
366.1
372.3
375.3
379.7
382.1
387.2
390.1
394.8
Net change in installment credit outstanding '
Other
2
188.4
189.3
202.9
226.5
228.3
223.5
215.3
223.2
251.1
275.1
254.9
252.8
258.2
261.4
265.0
267.5
267.0
270.3
270.6
273.3
275.8
275.1
Total
54.3
36.7
53.9
(4)
17.7
-6.5
2.4
59.6
112.5
120.0
11.5
4.5
14.1
13.3
12.8
11.5
8.8
10.3
4.1
11.4
9.8
7.9
Automobile
37.6
18.5
19.1
(4)
-8.4
-23.5
-2.2
23.2
36.6
35.9
2.1
1.7
2.3
2.9
1.8
2.7
6.4
2.7
1.4
3.5
4.4
4.0
Revolving
14.0
17.3
21.2
(4)
24.3
21.8
12.8
28.5
47.9
60.3
5.7
4.9
6.4
7.2
7.4
6.2
3.0
4.4
2.4
5.1
2.9
4.7
Other 2
2.7
.9
13.6
4
( )
1.8
-4.8
-8.2
7.9
27.9
24.0
3.8
-2.1
5.4
3.2
3.6
2.5
-.5
3.3
.3
2.7
2.5
-.7
:J
Data newly available in January 19H9 result in breaks in i iany series lietween Deeenilwr
1988 and subsequent months.
4
Ilecause of breaks in series, net change not available.
Source: Hoard of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
After declining in January and early February, interest rates rose slightly.
PERCENT PER ANNUM
14
PERCENT PER ANNUM
14
12
12
10
10
\
\/~
(MOODY1 S)
\
8
/
6_
/^i—
TREASURY
BILLS
'"V......
—'
\y
-~
'""X,
!
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
NV
~!
I
6
^---.._
-<r
1
1
1111
Mill
Mill
1989
IIMI
i i 11 1 1 . 1 i M
1990
1 M
1 1 1 1 1 1 1 1
M
1 1 1 1 M
1992
1991
I
4
/r
""' ''-:-.
19 )8
A
^ \
I
1
4
2
8
k
v
'
1 1 1
1 M
1993
M
1 M
1 1 1
Mill
1994
M
1995
2
1 1.1
I
1996
COUNCIL OF ECONOMIC ADVISERS
JOUSCE: SE TABLE BEIOW
[Percent per annum]
U.S. Treasury security yields
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Jan
Feb
Mar
Apr
May
•Juno
July
Aue
Sept
Get
Nov
Dec
1996- -Jan
3-month bills
(new issues) J
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard
& Poor's) 3
G'orporate
Aaa bonds
( Moody 's)
Prime
commercial
paper,
6 months1
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.51
5.81
5.80
5.73
5.67
5.70
5.50
5.47
5.41
5.26
5.30
5.35
5.36
5.02
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
7.66
7.25
6.89
6.68
6.27
5.80
5.89
6.10
5.89
5.77
5.57
5.39
5.20
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
7.78
7.47
7.20
7.06
6.63
6.17
6.28
6.49
6.20
6.04
5.93
5.71
5.65
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
6.53
6.24
6.10
6.01
5.90
5.83
5.98
6.07
5.88
5.77
5.61
5.42
5.42
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
7.59
8.46
8.26
8.12
8.03
7.65
7.30
7.41
7.57
7.32
7.12
7.02
6.82
6.8]
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
6.63
6.38
6.30
6.19
6.07
5.79
5.68
5.75
5.66
5.71
5.59
5.43
5.23
5.02
4.99
5.01
4.88
4.80
4.78
5.13
5.18
5.10
5.03
4.94
5.28
5.58
5.65
5.64
5.67
5.65
5.97
5.42
5.42
5.40
5.37
5.32
5.53,
6.80
6.81
6.82
6.87
6.86
7.13
5.23
5.17
5.09
4.98
4.93
4.99
Discount rate
(N.Y. F.R.
Bank) 4
Prime rate
charged by
banks4
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
5.21
8.33
8.21
9.32
16.87
10.01
8.46
6.25
6.00
7.15
8.83
4.75-4.75
4.75-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.50
5.25-5.00
8.50-8.50
5.25-5.25
5.25-5.25
5.25-5.00
5.00-5.00
5.00-5.00
5.00-5.00,
8.50-8.50
8.50-8.50
8.50-8.25
8.25-8.25
8.25-8.25
8.25-8.25
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
8.18
8.28
8.21
8.15
7.99
7.73
7.78
7.75
7.69
7.58
7.46
7.40
Week ended:
1996- Jan 20
27
Fcb 3
10
17
24
1
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
3
Weekly data are Wednesday figures.
1
Average effective rate for year; opening and closing rate for month and week.
2
30
5
Effective rate (in the primary market.) on conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department, of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing1 Finance Board, Moodv's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in January and February.
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
340
320
300
280
260
240
/
^
220
/—'
200
A
180
^
160
/^r^^
140
INDEX, DEC. 31, 1965=50 (RATIO SC ALE)
340
s\
320
300
280
260
/
•/
—
"^i
^
~
1
\r—
240
\y
f
/-^
\
220
COMPOSITE STOCK PRICE INDEX
(NYSE)
'
/
200
180
160
140
^
120
120
1 1 1 1i
100
i iMi
1 M 1 1 ! 1 ! 1 1 1
1 1 1 1 1 i i Mi
1989
1990
1988
1 1 1
M
M i l l
M 1 M I1 M 1 1
i i i i I M i l ! 1 1 1 1 1 1 1 1 1 1 1 I i i i I M i l l 100
1996
1994
1995
PERCE NT
20
1 1 1 1 1
M i l l
1992
1991
1993
PER CENT
20
15
15
EARNINGS-F RICE RATIO ON COMMC)N STOCKS
(S&P)
10
-»
—
5
i
0
i
1
1
„,-"•
i
1
1989
1988
/
>~-_
i
i i
1990
i
—„
i
1991
l l
1992
i
10
——-i ,.
.
5
'•"''•*•
i
I
1
1994
1993
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
i
i i
1995
Common stock6yields
(percent)
New York Stock Exchange indexes (Dec. 31, 1965
except as noted) 2
Composite
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Jan
Feb
July
Sept
Oct
Dec
1996- Jan
Week ended:
1996- Jan 20
27
Feb 3
. .
10
17
...
24
1
Average of clailv closing prices.
3
Includes all the stocks (more than
3
Industrial
Transportation
Finance
Standard &
Poor's composite index
(194143=10)s
Dividendprice ratio
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
2.87
2.81
2.76
2.68
2.60
2.55
2.50
2.49
2.42
2.41
2.37
2.30
273.73
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
541.64
465.25
481.92
493.15
507.91
523.81
539.35
557.37
559.11
578.77
582.92
595.53
614.57
614.42
271.93
276.09
283.70
289.60
293.59
291 .67
5,101.59
5,228.61
5,372.11
5,488.08
5,567.12
5,553.36
606.94
616.96
632.94
650.03
655.37
651.67
2.35
2.30
2.25
2.21
2.20
2.22
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
201.05
211.76
213.29
219.38
228.55
236.26
240.50
245.27
260.72
265.12
266.12
273.36
412.71
254.07
406.70
414.47
425.22
435.09
438.89
438.08
296.77
299.15
304.31
312.48
316.75
319.46
254.34
252.85
256.09
262.41
261.66
254.82
325.48
330.47
338.57
346.37
349.26
347.43
Dow-Jones
industrial
average4
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
3,872.46
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
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
220.30
201.16
207.73
204.16
208.93
211.58
216.27
219.18
221.99
229.64
236.43
238.98
247.59
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
319.93
328.98
337.96
347.69
357.01
366.75
379.13
379.79
390.42
389.63
398.66
412.11
2,000 in 1992) listed on the NYSE.
Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. All indexes shown here reflect
the doubling.
4
Includes 30 stocks.
* Includes 500 stocks.
Utility3
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.41
230.25
237.29
244.45
254.36
254.69
256.80
279.15
285.63
295.54
291.16
300.06
303.53
300.30
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
291.15
253.56
261.86
266.81
274.37
281.81
289.52
298.18
300.05
310.41
311.78
317.58
327.90
329.22
0
1
1996
COUNCIL OF ECONOMIC ADVISERS
Common stock prices *
Period
i
Earningsprice 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
2.31
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
NOTK.—All data relate to stocks listed on the New York Sfeiek 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 IXDUARS
BILLIOhJS OF DOLLARS
1,600
RECEIPTS AND OUTLAYSv
1,500
1,600
1,500
^ — """
1,400
OUTLAYS^
_ .
1,400
•" " '""
1,300
1,300
^- '"""""
1,200
^^
---'''
1,100
----•""*'
1,000
——~r
1,100
"—"
1,000
17
^
900
1,200
^--^^
RECEIPTS-
900
_^-—^
800
800
"""
700
700
1
600 /]
1
1
1
1
1
1
1
1
K 600
N
V
0
0
-100
^^—
^~^^
^__
-200
-200
""
-300
-400
/I
V
^
1
1986
1
1987
1
1988
"^-— -——-_-———~^^
1
1
1989
1990
-" INCLUDES ON-BUDGET AND OFF-BUDGET HEMS.
SOURCES: DEPARTMENT Of THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1
1991
1
1992
1
1
1993
1994
N -400
1995 ^
F
'
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
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
298.1
Outlays
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,350.6
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
439.3
466.8
497.1
503.4
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
Surplus
or deficit
(-)
Receipts
32
Outlays
-73.7
-53.7
-59.2
-40.7
-73.8
-79.0
231.7
-128.0
-207.8
-185.4
474.3
453.2
500.4
-212.3
-221.2
-149.8
-155.2
-152.5
-221.4
-269.2
-290.4
-255.1
-203.2
-163.8
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
922.7
999.5
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
-57.8
-36.6
332.4
356.8
410.0
413.7
278.7
314.2
365.3
403.9
469.1
841.6
302.2
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
Surplus
or deficit
(-)
-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
-77.6
-56.9
Receipts
Outlays
Gross Federal debt
(end of period)
Surplus
or deficit
(-)
Total
United States (itnwrnment, Ft.sm/ Year
Held by
the public
351.1
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
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
106.9
110.0
87.1
89.7
19.9
20.3
4,762.5
4,937.7
3,505.2
3,631.9
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
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
629.0
706.4
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
Sources: Department of the Treasury and Office of Management arid Budget.
Data from MantMy Trtxutury Statement.
NoTB.—Data (except as noted) are from liufiget oftfw
/.9.%; issued February ft, 1995.
Off-budget
On-budget
Total
Fiscal year or period
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
BILUONS OF DOLLARS
/U
°
/(JO
RECEIPTS^
INDIVIDUAL INCOME TAXES
500
- -•-•
\
T
INCOME TAXES
OTHER RECEIPTS
''
1
100
0
500
400
"™
•"••'
300
200
==:
T
\
TAXES AND CONTRIBUTIONS
nM
\
1
1
1
1
1
1
I
1
0
1,300
1,300
OUTLAYS^
_.---.-.--*""""
NONDEFENSE
\
_^--
1 000
\^-""~
^-'"*^""
800
500
NATIONAL DEFENSE
400
\
200
X|
1
* 1986
1
1987
1
1988
300
1
1
1989
1990
1
1991
1
1
1
1992
1993
1994
-" INOJUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT Of THE TREASURY AND CfflCE Of MANAGEMENT AND BUDGET
[N
200
1995N
COUNOl OF ECONOMIC ADVISERS
[Billions of dollars]
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: J
Fiscal war 1996
.. .
Social
insurCorIndiance
poravidual
tion
income income taxes
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
39.7
47.1
On-budget and off-budget outlays
Nationa defense
Other
Total
Department of
Defense,
military
InternationHealth
al
affairs
Medicare
371.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
.116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
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
461.5 132.8 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
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
16.1 89.5
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
87.8
85.2
83.5
80.9
36.8
37.1
49.8
55.6
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
146.9
150.3
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
38.7
38.7
1
Data from Monthly Trtasttry Sttit(~mcnt.
XOTE.—Data (except as notwl) are from Bwlyft of tkt United .S'Jofe* Gmxrnment. Fixctil Year
1996, issued February 6, 19!>5.
Total
497.1
503.4
8.8
4.2
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
Income
security
Social
security
Net
interest
15.8 60.8 73.9 26.7
19.3 61.0 85.1 29.9
22.8 61.5 93.9 35.5
26.5 66.4 104.1 42.6
32.1 86.5 118.5
52.5
39.1 99.7 1396 68.8
46.6 107.7 156.0 85.0
52.6 122.6 170.7 89.8
57.5 112.7 178.2 111.1
Otber
82.8
93.0
114.7
120.2
131.4
133.5
125.4
122.3
118.6
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
67,1 108.3
69.6 113.2
75.8
80.3
62.7
58.3
128.2
119.8
123.3
129.3
136.0
147.0
1 70.3
196.9
207.3
214.0
220.2
Sources: Department r»(* the Treasury and Office of Manajjement and Budjret.
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. (Series revised.)
BILLIONS OF DOLLARS
BILLONS OF DOLLARS
1,800
1,800
SEASONAHY ADJUSTED AWJUAL RATES
-
1,600
-.-""
1,400
EXPENDITURES
1,200
.--'> s
^
1,000
-
,—
f
^--
s"
1,400
S*
—•
V
,
800
1,600
_. *• - "
~
-
,.j^"
1,200
^
""
-
S
""" ""*
1,000
jT^
,--"'
-
_—^-
800
^s
—
-
'^
^
600
600
400
400
200
200
CURREMT
S JRPLUS OR DEFICIT |
-)
-
•—--..
-
0
0
^~-*-^_^
-200
-400
^
i ii
1982
-
X— — . S"
J^
S
^ •X
1
"
I I I
i i i
1 1 1
1 1 1
1
1983
1984
1985
1986
1987
1
!
I I I
1988
1 1 1
1989
1
1 I
1990
!
1
1991
[
-200
^^
-\
^—'
i i i
1992
i i i
1993
i i i
!
1994
1995
1
i
-400
CAlEND« YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Total
Federal Government current expenditures
Personal
tax and
nontax
receipts
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
Contributions
for
social
insurance
Total
Consumption
expenditures
Transfer
payments
Grantsin-aid
to
Net
State interest
and
paid
local
governments
Subsidies less
current
surplus
of
Government
enterprises
Less:
Wage
accruals less
disbursements
Current
suq}lus
or
deficit
(-),
national
income
and
product
accounts
Calendar vear:
1989' "..
1990'
1991 r
1992'
1993'
1994'
1995P
1,079.3
1,129.8
1,149.0
1,198.5
1,275.3
1,377.0
463.4
485.7
476.9
490.8
523.6
561.4
615.1
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
437.1
461.1
482.6
507.1
526.0
558.6
588.4
1,192.7
1,284.5
,345.0
,479.4
,530.0
,566.9
,641.0
405.2
426.6
445.9
451.0
451.4
450.6
453.9
471.7
513.3
522.2
625.1
658.7
682.6
720.5
118.2
132.4
153.4
172.2
185.7
195.9
206.1
166.7
179.9
192.7
195.8
192.3
201.4
229.3
30.8
32.4
30.8
35.1
41.8
36.4
31.3
1990- IV'
1991: IV'
1992- IV'
1,135.2
1,160.9
1,230.5
484.9
479.0
510.0
117.4
111.1
123.7
67.4
82.8
86.5
465.6
488.1
510.3
,313.0
,399.8
,509.5
437.7
440.5
457.7
526.1
565.8
643.3
137.1
162.7
176.3
177.8
200.0
191.8
34.4
30.9
40.3
.0
.0
.0
.0
o
'.0
.0
1993- I'
II'
Ill'
IV
1,225.2
1.271.3
1.280.3
1,324.4
501.0
521.0
529.1
543.4
127.5
136.5
133.7
152.2
84.3
87.5
87.2
93.7
512.4
526.2
530.3
535.1
,508.9
,520.5
,533.8
,556.8
450.8
447.9
453.0
453.8
645.6
654.3
660.4
674.6
1 77.3
181.5
187.2
197.0
190.4
193.2
192.7
192.9
44.7
43.6
40.5
38.6
.0
.0
.0
.0
- 283.7
- 249.2
- 253.5
-232.4
1994- I'
II'
Ill'
IV'
1.321.9
1,382.8
1,387.1
1,416.3
539.3
571.3
560.4
574.5
144.3
162.2
171.3
180.0
92.8
91.3
93.3
93.2
545.5
558.1
562.1
568.6
.534.7
,552.7
,573.5
,606.8
440.7
445.1
455.5
455.3
671.2
676.6
681.5
701.2
192.2
197.5
196.9
196.9
188.2
198.2
204.4
214.9
36.5
35.3
35.2
38.5
.0
.0
.0
.0
-212.9
- 169.9
-186.3
-190.4
1995: I'
II'
III'
1,449.3
1,483.2
1,486.6
594.6
624.4
617.3
624.2
183.1
180.7
189.1
91.7
93.5
88.4
91.3
579.9
584.6
591.8
597.2
,622.6
,643.8
1,648.1
1,649.5
454.8
456.1
453.5
451.2
708.6
715.2
727.0
731.2
205.8
211.3
203.8
203.3
221.2
229.2
232.7
234.1
32.3
32.0
31.1
29.7
.0
.0
.0
.0
- 173.3
- 160.5
-161.6
rv>
NOTE.—See Note, p. 1.
34
Source: Department of Commerce, Bureau of Economic Analysis.
0.0
.1
-113.4
-154.7
-196.0
- 280.9
-254.7
- 189.9
-177.7
- 238.8
- 279.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1987=100; seasonally adjust**!)
Period
Unite]
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
1995P
1994- Get
Dec
1995- Jan
Peb
Mar
May
July
Sept
Get
Nov
DecP
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
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
France
Italy
Germany
United
Kingdom
United
States'
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
Data relate to all urban consumers.
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
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
Germany
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
Kindlon!
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
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 sounds as rejM>rted by Department of Commerce (Bureau of Economic
Analysis ami International Trade Administration, Office of Trade ami Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; montlily data seasonally adjusted]
C.ensus 1lasts
' (l\>y eric \-use• ) ategory)11
Period
HOP
l>asis
AutomoCaptive
ital
Foods,
Total, feeds, SUp- goods vehicles,
and
except
C!cnsus
plics auto- parts
bevbasis2
and
moerages and
mate- tive
enrials
gines
Industrial
HOP basis
Consumer
goods
(nonfood)
except
automotive
BOP
basis
Auto- ConInmo- sumer
CapFoods dustive goods
ital
trial
Total, feeds, sup- goods vehi- (nonfood)
elcs,
except
Census and
plies
auto- part* except
basis-* bevautoand
moerages and
mate- tive
moenrials
tive
gines
227.2
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
41.9
57.3
66.7
85.1
99.3
104.4
109.7
109.1
111.8
121.4
75.8
86.2
109.2
138.8
152.7
166.7
175.9
181.7
205.2
21.7
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.6
14.2
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
368.4
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
24.4
24.8
24.8
25.1
26.6
26.5
27.fi
27.9
31.0
101.3
111.0
118.3
132.3
143.2
131.6
138.6
145.6
162.0
1994: Nov
Dec
44.4
46.2
45.3
47.2
4.0
4.2
10.7
11.3
18.0
18.7
5.0
5.5
.4
.3
59.7
59.4
59.5
59.2
2.6
2.7
14.5
14.2
1995: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept'
Oct
Nov
44.9
45.6
47.9
47.2
48.3
47.4
46.4
49.1
49.8
49.0
49.4
45.6
46.3
48.7
47.8
49.1
48.2
47.1
49.8
50.5
49.8
50.2
3.9
3.9
4.1
4.2
4.0
3.9
4.2
4.5
4.8
4.4
4.4
11.6
11.7
12.fi
12.3
12.4
12.7
11.8
12.1
12.4
12.6
11.8
17.1
17.9
19.2
18.8
19.4
19.5
19.0
20.0
19.7
20.3
20.8
5.5
5.3
5.1
5.1
5.1
4.5
4.4
5.3
5.6
4.8
4.9
.1
.3
.4
.3
.5
.4
.2
.5
.5
.5
.5
60.7
59.9
62.5
63.5
64.3
63.9
62.6
62.6
63.5
62.7
61.9
60.5
59.7
61.6
62.6
63.1
63.0
62.4
62.4
63.3
62.3
61.6
2.8
2.8
2.9
2.7
2.7
2.8
2.7
2.8
2.8
2.8
2.7
14.5
14.4
5.3
5.5
5.8
5.7
5.3
14.9
15.3
14.7
14.9
1
2
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
Balance of trade
l(X|)oi minus impo •)
Ci
Iwsis
' M
i 1
, category)
1
t^nsus
(oy end-use
223.3
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.5
1986
1987
1 988
1989
1990
1991
1992
1993
1994
Services
(HOP basis)
Goods: Imports (customs value)
Goods: Exports (f.a.s. value)
Exports
Irn|M)rts
Goods,
Census
basis
Goods
Services
Goods
and
services
71.8
78.2
85.2
84.5
101.4
87.7
1 13.3 86.1
87.3
116.4
85.7
120.7
91.8
134.3
152.4 102.4
184.4 118.3
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
86.5
98.5
111.1
127.4
147.8
164.3
178.6
187.8
198.7
81.0
91.7
99.5
103.5
118.8
119.fi
122.0
130.0
138.8
- 138.3
-152.1
- 1 1 8.5
- 109.4
-101.7
-66.7
-84.5
-115.6
- 150.6
-145.1
- 159.6
-127.0
-115.2
-109.0
-74.1
-96.1
-132.6
-166.1
5.5
6.9
11.6
23.9
29.0
44.7
56.6
57.8
59.9
-139.6
-152.7
-115.3
-91.4
-80.0
-29.4
-39.5
-74.8
-106.2
16.8
16.8
10.7
10.8
12.9
12.9
17.3
17.0
11.7
11.6
-14.2
- 12.0
-15.3
-13.3
.6
.4
-9.7
-7.9
17.1
16.9
17.6
18.0
18.1
18.7
18.9
18.9
19.3
19.7
19.3
11.0
10.8
10.7
11.0
10.7
10.4
10.0
10.4
10.4
9.5
9.6
13.3
13.1
13.3
13.6
13.8
13.4
13.5
13.5
13.5
13.3
12.9
17.3
16.5
17.4
'17.2
17.3
'17.3
'17.3
'17.3
17.7
17.8
17.9
11.8
11.7
12.1
'12.1
12.1
'12.2
'12.1
'12.1
12.2
12.2
12.5
-14.9
-13.4
-12.9
-14.8
-14.1
-14.7
-15.3
-12.5
- 12.8
- 12.5
-11.4
-15.8
- 14.3
- 14.5
-16.3
-16.0
-16.5
-16.2
-13.5
-13.7
- 13.7
- 12.5
.5
-10.3
.8
- 9.5
-9.2
.3
' .1
'-11.2
-10.8
' .1
' .1 '-11.4
' .2 '-11.1
' .3 '-8.2
.5
-8.2
.6
-8.2
-7.1
.4
NOTE.—BO1* refers to Manee of payments on international transactions Iwsis. BOI* data
shown liere are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of tfie Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter of 1995, the merchandise trade deficit fell to $43.4 billion, from $48.8 billion in the second
quarter. The current account deficit fed to $39.5 billion, from $43.3 billion in the second quarter.
BIL'-iONSOFDOLlARS*
BILLIONS Of DOLLARS •
1985
* 5EASONAU.Y ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIl OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits ( — ) ]
Services
Merchandise '
Investment income
Net
Period
Exports
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1993:
I
II
m
IV
1994:
I
II
in
IV
1995: I
II
ll\p
Imports
Net
balance
Net
military
transactions23
travel
and
transportation
receipts
-332,418
-338,088
-368,425
- 409,765
-447,189
-477,365
-498,337
- 490,981
- 536,458
- 589,441
-668,584
111,862
114,131
111,576
119,254
- 140,821
-147,718
-148,181
-152,721
-28,959
-33,587
-36,605
- 33,467
118,445
122,730
127,384
133,926
- 154,935
- 164,224
-172,011
-177,414
-36,490
-41,494
- 44,627
-43,488
138,061
142,850
145,315
-183,111
-191,652
-188,748
- 45,050
- 48,802
- 43,433
401
90
283
-326
-31
376
1,124
679
542
587
736
net
Balance
on
goods
and
services
Net
Balance
on goods,
services,
and
income
Unilateral
transfers,
net 4
Balance
on
current
account
104,756
93,677
91,976
100,767
129,070
152,517
160,300
137,003
118,425
119,248
137,619
-74,036
- 73,087
-79,095
-91,302
-115,806
-138,858
- 139,574
-121,892
- 108,346
- 110,248
- 146,891
30,720
20,590
12,881
9,465
13,264
13,659
20,725
15,111
10,079
9,000
-9,272
-78,353
-101,290
- 126,670
-143,231
- 102,060
-77,733
- 59,268
- 14,293
-29,402
-65,841
-115,484
- 20,598
-22,954
-24,189
-23,107
- 25,023
-26,106
-33,393
6,869
-32,148
-34,084
-35,761
-98,951
- 124,243
- 150,859
-166,338
-127,083
-103,839
-92,661
- 7,424
- 61,549
-99,925
-151,245
5,302
5,389
5,062
4,131
9,683
9,315
9,272
9,172
- 13,573
-18,793
-21,988
- 20,490
28,950
29,958
29,931
30,412
-25,239
- 27,893
-26,741
-30,376
3,711
2,065
3,190
- 9,862
-16,728
-18,798
-20,454
-7,521
-7,609
-8,234
- 10,722
- 17,383
- 24,337
-27,032
-31,176
4,642
4,647
4,792
5,247
8,863
9,548
9,904
10,095
-23,016
- 26,923
-28,807
-27,467
30,942
32,338
36,031
38,307
-30,826
-34,623
-38,564
-42,878
-2,285
-2,533
-4,571
- 22,900
-29,208
-31,340
-32,038
-7,371
-8,778
-8,374
-11,239
-30,271
-37,986
-39,714
-43,277
5,050
4,380
4,480
10,018
10,402
10,698
-29,440
-33,433
-27,519
43,254
45,471
44,619
-45,215
- 48,085
-48,772
-1,961
-2,614
-4,153
-31,401
-36,047
-31,672
-7,624
- 7,220
-7,810
- 39,025
- 43,267
- 39,482
J
8
4
A<(jiistad from (^nsiis data for (liffc.rencx'.s in timing and coverage,- excludes rnilitafy.
Transfers under U.S. military agency sales eontraeUi (ex|>ort,s) minus direct defense expe
itures (imports).
Payments
on foreign
assets in
U.S.
- 109,073
-121,880
-139,551
- 152,696
-115,324
-91,392
- 79,994
-29,404
-39,480
-74,841
-106,212
2
36
Receipts
on U.S.
assets
abroad
14,404
14,483
19,194
18,319
20,546
26,558
28,633
32,907
38,284
37,444
38,410
- 112,492 -2,547 - 8,438
-122,173 -4,390 - 9,798
- 145,081 -5,181 - 8,484
-159,557 - 3,844 -7,613
-126,959 - 6,320 -2,591
4,043
-115,245 -6,749
8,002
- 109,030 - 7,599
- 74,068 - 5,274 17,032
20,484
-96,106 -2,142
448 19,885
-132,618
19,330
2,148
- 166,099
219,926
215,915
223,344
250,208
320,230
362,120
389,307
416,913
440,352
456,823
502,485
Other
services,
36
116
Quarterly data are riot seasonally aitytwttxl.
Includes transfers of goods and services under U.S. military grant programs,
SM, p. 37 far amtinufttion ofttiblr..
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $14.9 billion in the third
quarter of 1995, in contrast to an increase of $40.0 billion in the second quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $20.0 billion in the third quarter, in contrast to
an increase of $12.2 billion in the second quarter.
BILLIONS OF COLLARS*
BILLIONS OF DOLLARS *
-100
• SEASONAILY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCl OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
U.S. assets abroad, net
[increase/capiti
))
Period
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
. ...
1993
1994
1993- I
II
Ill
IV
1994- I
II
Ill
IV
1995- I
II
HIP
U.S.
official
reserve
assets3 5
-36,313 -3,131
-39,889 -3,858
312
- 106,753
9,149
-72,617
- 100,087 -3,912
- 168,744 -25,293
-74,011 -2,158
5,763
-57,881
3,901
-65,875
- 184,589 -1,379
5,346
-125,851
-19,729
-983
822
-40,933
-545
-46,270
-77,657
-673
-59
-36,783
3,537
-5,973
-27,940
-165
2,033
-55,156
-75,343 -5,318
- 100,242 -2,722
-42,852 -1,893
Other U.S.
Government
assets
-5,489
-2,821
-2,022
1,006
2,967
1,259
2,307
2,911
-1,661
-330
-322
467
-281
-197
-318
401
491
-283
-931
-152
-180
136
U.S.
private
assets
-27,694
-33,211
- 105,044
-82,771
-99,141
- 144,710
-74,160
-66,555
-68,115
-182,880
- 130,875
-19,213
-41,474
-45,529
-76,666
-37,125
-10,001
-27,492
-56,258
-69,873
- 97,340
-41,095
Total
113,932
141,183
226,111
242,983
240,265
218,490
122,192
94,241
153,823
248,529
291,365
19,867
51,277
77,928
99,458
80,390
46,526
79,736
84,715
94,841
124,331
105,664
r>
(Consists of gold, xjxwiai drawing rights (SDHs), foreign rurrenpies, and the U.S. rvserw
|M>sition in the IMF.
Foreign
official
assets3
3,140
-1,119
35,648
45,387
39,758
8,503
33,910
17,389
40,466
72,146
39,409
10,955
17,495
19,386
24,311
10,977
9,162
19,691
-421
22,308
37,836
39,479
Other
foreign
assets
110,792
142,301
190,463
197,596
200,507
209,987
88,282
76,853
113,358
176,383
251,956
8,912
33,782
58,542
75,147
69,413
37,364
60,045
85,136
72,533
86,495
66,185
Allocations
of special
drawing
rights
(SDKs)
Statistical discrepancy
Total (sum
of the items
with sign
reversed)
21,331
22,950
31,501
-4,028
-13,095
54,094
44,480
-28,936
-26,399
35,985
- 14,269
17,245
13,993
-4,626
9,375
-13,336
-2,567
- 12,082
13,718
19,527
19,178
-23,330
Of which:
Seasonal
adjustment
discrepancy
5,367
154
-6,353
834
5,274
587
-6,641
782
6,183
331
-7,086
U.S. official
reserve
assets, net r>
(unadjusted,
end of
period)
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
74,378
73,968
75,835
73,442
76,809
75,732
76,532
74,335
86,761
90,063
87,152
Sourws: Department of Common*' (Bumui of Economic Analysis) and Department of the
Treasury.
37
Contents
Pa e
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
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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