Full text of Economic Indicators : January 1998
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105th Congress, 2d Session Economic Indicators JANUARY 1998 (Includes data available as of February 11, 1998) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1998 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) JIM SAXTON, New Jersey, Chairman CONNIE MACK, Florida, Vice Chairman HOUSE OF REPRESENTATIVES TOM EWING (Illinois) MARK SANFORD (South Carolina) MAC THORNBERRY (Texas) JOHN T. DOOLITTLE (California) JIM MCCRERY (Louisiana) FORTNEY PETE STARK (California) LEE H. HAMILTON (Indiana) MAURICE D. HINCHEY (New York) CAROLYN B. MALONEY (New York) SENATE WILLIAM V. ROTH, JR. (Delaware) ROBERT F. BENNETT (Utah) ROD GRAMS (Minnesota) SAM BROWNBACK (Kansas) JEFF SESSIONS (Alabama) JEFF BINGAMAN (New Mexico) PAUL S. SARBANES (Maryland) EDWARD M. KENNEDY (Massachusetts) CHARLES S. ROBB (Virginia) CHRISTOPHER FRENZE, Executive Director COUNCIL OF ECONOMIC ADVISERS JANET L. YELLEN, Chair JEFFREY A. FRANKEL, Member REBECCA M. BLANK, Member-Nominee [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST 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 a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared by the Art Production Section, Design and Graphics Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $3.00 a single copy ($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328 ISBN 0–16–056164–7 ii TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the fourth quarter of 1997, according to advance estimates, current-dollar gross domestic product (GDP) rose 5.9 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 4.3 percent, and the implicit price deflator rose 1.5 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1989 ......................... 1990 ......................... 1991 ......................... 1992 ......................... 1993 ......................... 1994 ......................... 1995 ......................... 1996 ......................... 1997 p ....................... 1994: I .................... II ................... III ................. IV .................. 1995: I .................... II ................... III ................. IV .................. 1996: I .................... II ................... III ................. IV .................. 1997: I .................... II ................... III ................. IV p ................ 1 GDP Personal Gross Gross conprivate domestic sumption domestic product expendi- investtures ment 5,438.7 5,743.8 5,916.7 6,244.4 6,558.1 6,947.0 7,265.4 7,636.0 8,083.4 6,794.3 6,911.4 6,986.5 7,095.7 7,168.9 7,209.5 7,301.3 7,381.9 7,467.5 7,607.7 7,676.0 7,792.9 7,933.6 8,034.3 8,124.3 8,241.5 3,594.8 3,839.3 3,975.1 4,219.8 4,459.2 4,717.0 4,957.7 5,207.6 5,488.6 4,616.6 4,680.5 4,750.6 4,820.2 4,871.7 4,934.8 4,990.6 5,033.8 5,105.8 5,189.1 5,227.4 5,308.1 5,405.7 5,432.1 5,527.4 5,589.3 829.2 799.7 736.2 790.4 876.2 1,007.9 1,038.2 1,116.5 1,237.6 963.4 1,017.9 1,007.1 1,043.1 1,050.8 1,024.0 1,028.8 1,049.1 1,060.5 1,105.4 1,149.2 1,151.1 1,193.6 1,242.0 1,250.2 1,264.5 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports ¥80.4 ¥71.3 ¥20.5 ¥29.5 ¥60.7 ¥90.9 ¥86.0 ¥94.8 ¥96.7 ¥76.6 ¥87.9 ¥103.4 ¥95.6 ¥98.3 ¥105.4 ¥80.4 ¥60.1 ¥83.0 ¥93.8 ¥114.0 ¥88.6 ¥98.8 ¥88.7 ¥111.3 ¥87.9 less exports of goods and services plus imports of goods and services. Imports Total Total 509.3 557.3 601.8 639.4 658.6 721.2 818.4 870.9 958.8 678.5 710.1 732.6 763.7 784.5 807.7 831.6 849.9 850.2 865.0 863.7 904.6 922.2 960.3 965.8 986.9 589.7 628.6 622.3 669.0 719.3 812.1 904.5 965.7 1,055.5 755.1 797.9 836.0 859.2 882.8 913.1 912.0 909.9 933.2 958.7 977.6 993.2 1,021.0 1,049.0 1,077.1 1,074.8 1,095.1 1,176.1 1,225.9 1,263.8 1,283.4 1,313.0 1,355.5 1,406.7 1,453.9 1,291.0 1,300.8 1,332.3 1,328.0 1,344.7 1,356.0 1,362.2 1,359.2 1,384.2 1,407.0 1,413.5 1,422.3 1,433.1 1,449.0 1,457.9 1,475.6 477.2 503.6 522.6 528.0 518.3 510.2 509.6 520.0 524.8 506.9 505.3 520.4 508.3 513.6 511.2 512.9 500.6 516.4 524.6 521.6 517.6 516.1 526.1 525.7 531.1 National defense 360.6 373.1 383.5 375.8 360.7 349.2 344.6 352.8 350.8 344.9 348.5 359.7 343.6 346.3 348.1 347.3 336.5 348.4 357.3 354.8 350.6 343.3 350.6 352.1 357.1 Nondefense 116.7 130.4 139.1 152.2 157.7 161.0 165.0 167.3 174.0 162.0 156.8 160.7 164.7 167.3 163.0 165.5 164.1 168.0 167.3 166.8 167.0 172.8 175.5 173.6 174.0 State and local 617.9 672.6 703.4 735.8 765.0 802.8 846.0 886.7 929.1 784.1 795.5 811.9 819.6 831.1 844.8 849.3 858.6 867.8 882.4 891.9 904.7 917.0 923.0 932.3 944.4 Final Gross sales of domestic domestic purproduct chases 1 5,407.0 5,735.8 5,919.0 6,237.4 6,537.6 6,885.7 7,235.3 7,610.2 8,018.8 6,741.9 6,835.1 6,936.3 7,029.6 7,116.8 7,185.0 7,281.8 7,357.4 7,456.4 7,584.3 7,638.9 7,761.0 7,867.4 7,953.2 8,075.3 8,179.3 Addendum: Gross national product 5,519.1 5,452.8 5,815.1 5,764.9 5,937.2 5,932.4 6,274.0 6,255.5 6,618.8 6,576.8 7,037.9 6,955.2 7,351.4 7,270.6 7,730.9 7,637.7 8,180.1 .............. 6,870.9 6,811.2 6,999.2 6,920.3 7,090.0 6,992.3 7,191.3 7,096.8 7,267.2 7,175.1 7,314.8 7,220.6 7,381.7 7,298.3 7,442.0 7,388.5 7,550.5 7,475.3 7,701.5 7,610.5 7,790.0 7,669.1 7,881.5 7,796.1 8,032.4 7,919.2 8,123.1 8,013.6 8,235.6 8,103.5 8,329.4 .............. Source: Department of Commerce, Bureau of Economic Analysis. 1 REAL GROSS DOMESTIC PRODUCT [Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates] Period Gross domestic product Personal consumption expenditures Gross private domestic investment Nonresidential fixed investment Residential fixed investment Exports and imports of goods and services Change in business inventories Government consumption expenditures and gross investment Federal Net exports 1989 .................. 1990 .................. 1991 .................. 1992 .................. 1993 .................. 1994 .................. 1995 .................. 1996 .................. 1997 p ................ 6,062.0 6,136.3 6,079.4 6,244.4 6,389.6 6,610.7 6,742.1 6,928.4 7,191.4 4,064.6 4,132.2 4,105.8 4,219.8 4,343.6 4,486.0 4,595.3 4,714.1 4,869.7 588.8 585.2 547.7 557.9 600.2 648.4 706.5 771.7 846.7 243.2 220.6 193.4 225.6 242.6 267.0 257.0 272.1 279.7 33.3 ¥82.7 10.4 ¥61.9 ¥3.0 ¥22.3 7.0 ¥29.5 22.1 ¥70.2 60.6 ¥104.6 27.3 ¥98.8 25.0 ¥114.4 62.2 ¥142.1 1994: I ............. II ............ III .......... IV ........... 6,524.5 6,600.3 6,629.5 6,688.6 4,439.4 4,472.2 4,498.2 4,534.1 626.2 641.2 653.2 672.9 261.3 271.5 269.4 265.9 1995: I ............. II ............ III .......... IV ........... 1996: I ............. II ............ III .......... IV ........... 1997: I ............. II ............ III .......... IV p ........ 6,703.7 6.708.8 6,759.2 6,796.5 6,826.4 6,926.0 6,943.8 7,017.4 7,101.6 7,159.6 7,214.0 7,290.3 4,551.3 4,583.5 4,612.9 4,633.5 4,669.4 4,712.2 4,718.2 4,756.4 4,818.1 4,829.4 4,896.2 4,935.0 695.7 705.4 708.2 716.8 736.9 759.7 789.3 800.8 808.9 837.0 874.5 866.5 261.2 250.4 255.5 260.8 266.1 277.2 274.1 271.1 273.3 278.2 280.1 287.1 48.5 21.6 17.0 22.2 8.0 21.3 37.9 32.9 63.7 77.6 47.5 59.9 Exports Imports Total Total National defense Nondefense State and local Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 520.2 603.0 564.4 626.3 599.9 622.2 639.4 669.0 658.2 728.4 712.4 817.0 791.2 890.1 857.0 971.5 964.4 1,106.5 1,213.9 1,250.4 1,258.0 1,263.8 1,252.1 1,252.3 1,251.9 1,257.9 1,270.6 531.5 541.9 539.4 528.0 505.7 486.6 470.3 464.2 457.8 401.6 401.5 397.5 375.8 354.4 336.9 322.6 317.8 309.0 130.1 140.5 142.0 152.2 151.2 149.5 147.5 146.1 148.3 682.6 708.6 718.7 735.8 746.4 765.7 781.6 793.7 812.9 6,028.7 6,126.7 6,082.6 6,237.4 6,368.9 6,551.2 6,712.7 6,901.0 7,124.2 6,147.8 6,075.7 6,199.8 6,157.0 6,101.6 6,094.9 6,274.0 6,255.5 6,459.0 6,408.0 6,712.7 6,619.1 6,837.5 6,748.7 7,037.7 6,932.0 7,323.4 .............. 53.1 ¥97.6 75.9 ¥103.9 49.7 ¥111.1 63.6 ¥105.9 676.0 704.1 722.1 747.3 773.6 808.0 833.2 853.2 1,241.9 1,243.3 1,268.1 1,255.8 487.2 481.2 496.4 481.7 335.1 335.9 347.0 329.6 151.9 145.1 149.4 151.7 754.7 762.2 771.7 774.1 6,473.0 6,526.7 6,580.4 6,624.8 6,620.2 6,701.8 6,737.5 6,791.3 ¥113.5 ¥112.8 ¥92.9 ¥76.1 ¥100.8 ¥112.6 ¥138.9 ¥105.6 ¥126.3 ¥136.6 ¥164.1 ¥141.4 760.4 777.4 802.4 824.6 828.2 847.4 851.4 901.1 922.7 962.5 973.0 999.3 873.9 890.3 895.4 900.7 929.0 960.0 990.2 1,006.6 1,048.9 1,099.1 1,137.1 1,140.8 1,257.7 1,257.3 1,255.0 1,237.7 1,243.2 1,265.1 1,261.5 1,261.8 1,260.5 1,270.1 1,273.4 1,278.5 480.4 474.9 473.4 452.6 460.9 470.7 465.7 459.6 452.8 460.1 458.8 459.5 328.7 327.4 324.0 310.3 314.9 323.2 319.4 313.6 303.9 309.4 310.3 312.6 151.4 147.3 149.1 142.1 145.7 147.2 146.0 145.7 148.5 150.2 148.0 146.6 777.3 782.3 781.5 785.1 782.4 794.4 795.9 802.3 807.7 810.1 814.7 819.0 6,654.3 6,685.3 6,739.3 6,771.9 6,815.0 6,902.3 6,905.0 6,981.7 7,034.1 7,077.7 7,160.3 7,224.6 6,813.2 6,711.3 6,817.3 6,721.0 6,848.9 6,758.3 6,870.4 6,804.2 6,923.2 6,834.7 7,033.6 6,930.1 7,075.3 6,940.2 7,118.4 7,023.1 7,220.9 7,091.8 7,286.9 7,144.4 7,364.6 7,198.8 7,421.2 .............. 1 GDP less exports of goods and services plus imports of goods and services. NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 6,540.5 6,609.3 6,635.6 6,691.2 Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [Index numbers, 1992=100; quarterly data are seasonally adjusted] Personal consumption expenditures Period Gross domestic product Total Durable goods Nondurable goods Gross private domestic investment Services Exports and imports of goods and services Government consumption expenditures and gross investment Federal Nonresidential fixed Residential fixed Exports Imports Total National defense Nondefense State and local 1989 .................. 1990 .................. 1991 .................. 1992 .................. 1993 .................. 1994 .................. 1995 .................. 1996 .................. 1997 p ................ 89.72 93.60 97.32 100.00 102.64 105.09 107.76 110.21 112.40 88.44 92.91 96.82 100.00 102.66 105.15 107.89 110.47 112.71 95.29 96.59 98.54 100.00 101.22 103.27 104.27 103.83 102.11 89.28 94.62 98.06 100.00 101.46 102.77 104.48 107.15 109.14 86.55 91.22 95.78 100.00 103.62 106.85 110.53 113.76 117.04 96.16 98.41 99.92 100.00 100.65 101.89 102.33 101.26 99.85 95.08 97.80 98.85 100.00 103.71 107.11 110.93 113.64 117.11 97.91 98.74 100.31 100.00 100.07 101.23 103.44 101.61 99.42 97.81 100.37 100.02 100.00 98.75 99.39 101.62 99.40 95.39 89.79 92.93 96.88 100.00 102.50 104.85 108.34 112.02 114.62 89.79 92.93 96.47 100.00 101.76 103.64 106.83 111.02 113.51 89.70 92.84 97.94 100.00 104.29 107.70 111.88 114.47 117.28 90.52 94.91 97.86 100.00 102.49 104.85 108.24 111.71 114.31 1994: I ............. II ........... III .......... IV .......... 104.13 104.71 105.39 106.09 103.99 104.66 105.61 106.31 102.28 102.99 103.84 103.94 101.89 102.20 103.32 103.65 105.50 106.35 107.24 108.27 101.35 101.83 102.19 102.17 105.77 106.35 107.46 108.84 100.36 100.84 101.45 102.19 97.61 98.75 100.33 100.71 104.03 105.01 104.83 105.53 102.91 103.73 103.68 104.26 106.68 108.04 107.56 108.53 103.89 104.37 105.20 105.89 1995: I ............. II ........... III .......... IV .......... 106.94 107.46 108.02 108.61 107.04 107.66 108.19 108.64 104.31 104.34 104.28 104.17 103.85 104.31 104.70 105.05 109.37 110.22 110.94 111.57 102.18 102.43 102.43 102.28 110.19 110.65 111.13 111.74 103.18 103.89 103.63 103.06 101.02 102.56 101.86 101.02 106.91 107.63 108.34 110.60 105.37 106.35 107.20 108.47 110.49 110.66 111.05 115.49 106.92 107.99 108.67 109.35 1996: I ............. II ........... III .......... IV .......... 109.39 109.84 110.54 111.05 109.35 110.12 110.79 111.60 104.34 103.88 103.69 103.41 106.02 107.03 107.28 108.25 112.26 113.19 114.28 115.25 101.87 101.26 101.18 100.80 112.29 112.80 114.36 115.10 102.66 102.07 101.44 110.39 100.46 99.87 98.73 98.66 112.04 111.46 111.99 112.62 110.64 110.56 111.07 111.80 115.34 113.66 114.23 114.66 110.93 111.07 112.07 112.76 1997: I ............. II ........... III .......... IV p ........ 111.71 112.22 112.62 113.05 112.20 112.48 112.89 113.26 103.24 102.46 101.71 101.10 108.89 108.88 109.23 109.55 116.01 116.69 117.41 118.03 100.29 99.91 99.71 99.51 115.68 116.65 117.56 118.46 99.95 99.77 99.26 98.76 97.34 95.44 94.73 94.22 113.98 114.34 114.58 115.58 112.99 113.31 113.47 114.26 116.39 116.82 117.24 118.69 113.52 113.94 114.43 115.32 Source: Department of Commerce, Bureau of Economic Analysis. 2 GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 1992=100 Period 1985 ............................................................... 1986 ............................................................... 1987 ............................................................... 1988 ............................................................... 1989 ............................................................... 1990 ............................................................... 1991 ............................................................... 1992 ............................................................... 1993 ............................................................... 1994 ............................................................... 1995 ............................................................... 1996 ............................................................... 1997 p ............................................................. 1993: I .......................................................... II ......................................................... III ....................................................... IV ........................................................ 1994: I .......................................................... II ......................................................... III ....................................................... IV ........................................................ 1995: I .......................................................... II ......................................................... III ....................................................... IV ........................................................ 1996: I .......................................................... II ......................................................... III ....................................................... IV ........................................................ 1997: I .......................................................... II ......................................................... III ....................................................... IV p ...................................................... 1 Percent Real GDP (chain-type quantity index) GDP (current dollars) 66.95 70.82 75.14 80.87 87.10 91.98 94.75 100.00 105.02 111.25 116.35 122.29 129.45 103.20 104.24 105.29 107.36 108.81 110.68 111.88 113.63 114.80 115.45 116.92 118.22 119.59 121.83 122.93 124.80 127.05 128.66 130.10 131.98 GDP implicit price deflator GDP chain-type price index 85.25 87.88 90.47 93.93 97.08 98.27 97.36 100.00 102.32 105.87 107.97 110.95 115.17 101.34 101.85 102.39 103.72 104.49 105.70 106.17 107.11 107.36 107.44 108.24 108.84 109.32 110.92 111.20 112.38 113.73 114.66 115.53 116.75 78.53 80.58 83.06 86.10 89.72 93.64 97.32 100.00 102.64 105.09 107.76 110.22 112.46 101.85 102.38 102.83 103.52 104.16 104.74 105.39 106.07 106.93 107.49 108.03 108.60 109.35 109.86 110.59 111.10 111.78 112.27 112.67 113.10 changes based on unrounded data. Quarterly percent changes are at annual rates. Real GDP (chain-type quantity index) GDP (current dollars) 78.53 80.58 83.06 86.09 89.72 93.60 97.32 100.00 102.64 105.09 107.76 110.21 112.40 101.84 102.35 102.83 103.51 104.13 104.71 105.39 106.09 106.94 107.46 108.02 108.61 109.39 109.84 110.54 111.05 111.71 112.22 112.62 113.05 7.1 5.8 6.1 7.6 7.7 5.6 3.0 5.5 5.0 5.9 4.6 5.1 5.9 3.9 4.1 4.1 8.1 5.5 7.1 4.4 6.4 4.2 2.3 5.2 4.5 4.7 7.7 3.6 6.2 7.4 5.2 4.6 5.9 GDP chain-type price index 3.6 3.1 2.9 3.8 3.4 1.2 ¥.9 2.7 2.3 3.5 2.0 2.8 3.8 .1 2.0 2.1 5.3 3.0 4.7 1.8 3.6 .9 .3 3.0 2.2 1.8 6.0 1.0 4.3 4.9 3.3 3.1 4.3 GDP implicit price deflator 3.4 2.6 3.1 3.7 4.2 4.4 3.9 2.8 2.6 2.4 2.5 2.3 2.0 3.9 2.1 1.8 2.7 2.5 2.2 2.5 2.6 3.3 2.1 2.0 2.1 2.8 1.9 2.7 1.9 2.4 1.8 1.4 1.5 3.4 2.6 3.1 3.7 4.2 4.3 4.0 2.8 2.6 2.4 2.5 2.3 2.0 3.9 2.0 1.9 2.7 2.4 2.2 2.6 2.7 3.3 2.0 2.1 2.2 2.9 1.7 2.6 1.9 2.4 1.8 1.4 1.5 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS–OUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Current-dollar cost and profit per unit of real output (dollars) 1 Gross domestic product of nonfinancial corporate business (billions of dollars) Period 1989 ................................................................................. 1990 ................................................................................. 1991 ................................................................................. 1992 ................................................................................. 1993 ................................................................................. 1994 ................................................................................. 1995 ................................................................................. 1996 ................................................................................. 1994: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1995: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1996: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1997: I ............................................................................ II ........................................................................... III ......................................................................... 1 Output Current dollars Chained (1992) dollars 2,950.9 3,084.0 3,132.1 3,262.6 3,430.4 3,709.7 3,905.3 4,132.4 3,624.5 3,668.9 3,729.1 3,816.4 3,833.6 3,860.4 3,940.4 3,986.8 4,030.7 4,112.9 4,165.8 4,220.1 4,299.7 4,361.1 4,446.3 3,179.8 3,210.2 3,168.8 3,262.6 3,374.4 3,586.3 3,719.7 3,887.8 3,526.1 3,559.8 3,594.6 3,664.9 3,664.9 3,683.2 3,747.7 3,782.9 3,801.8 3,872.4 3,913.7 3,963.5 4,022.2 4,068.9 4,146.5 Total cost and profit 2 is measured by GDP of nonfinancial corporate business in chained (1992) dollars. is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left. 2 This Consumption of fixed capital 0.928 .961 .988 1.000 1.017 1.034 1.050 1.063 1.028 1.031 1.037 1.041 1.046 1.048 1.051 1.054 1.060 1.062 1.064 1.065 1.069 1.072 1.072 0.094 .096 .101 .101 .101 .101 .100 .101 .106 .099 .099 .098 .099 .101 .100 .101 .101 .101 .101 .101 .101 .101 .100 Indirect business tax, etc.3 0.088 .092 .100 .103 .106 .108 .107 .108 .108 .108 .109 .108 .108 .108 .107 .107 .109 .109 .108 .108 .107 .107 .107 Compensation of employees 0.613 .640 .660 .673 .679 .677 .687 .690 .673 .677 .679 .678 .687 .689 .685 .686 .687 .689 .691 .693 .697 .698 .695 Corporate profits with inventory valuation and capital consumption adjustments Total 0.087 .086 .085 .091 .103 .122 .128 .140 .115 .120 .124 .129 .123 .122 .132 .133 .138 .140 .141 .142 .143 .144 .149 Profits tax liability 0.031 .030 .027 .028 .031 .036 .037 .040 .034 .035 .036 .038 .038 .037 .037 .037 .039 .040 .040 .040 .040 .040 .042 Profits after tax 4 0.056 .056 .058 .063 .072 .086 .090 .101 .081 .085 .087 .090 .084 .086 .094 .096 .099 .100 .101 .102 .103 .104 .107 Net interest 0.046 .046 .042 .032 .028 .027 .027 .023 .026 .026 .027 .028 .029 .028 .027 .026 .025 .024 .022 .021 .021 .021 .021 3 Indirect business tax and nontax liability plus business transfer payments less subsidies. inventory valuation and capital consumption adjustments. Source: Department of Commerce, Bureau of Economic Analysis. 4 With 3 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] National income Period 1990 ......................................... 1991 ......................................... 1992 ......................................... 1993 ......................................... 1994 ......................................... 1995 ......................................... 1996 ......................................... 1997 p ....................................... 1994: I .................................... II .................................. III ................................. IV ................................. 1995: I .................................... II .................................. III ................................. IV ................................. 1996: I .................................... II .................................. III ................................. IV ................................. 1997: I .................................... II .................................. III ................................. IV p ............................... 1 Includes 4,652.1 4,761.6 4,990.4 5,266.8 5,590.7 5,912.3 6,254.5 ................ 5,423.2 5,556.3 5,636.1 5,747.3 5,807.9 5,862.4 5,953.4 6,025.5 6,108.8 6,229.4 6,303.3 6,376.5 6,510.0 6,599.0 6,699.6 ................ Compensation of employees1 Proprietors’ income with inventory valuation and capital consumption adjustments Farm 3,352.8 3,457.9 3,644.9 3,814.9 4,012.0 4,215.4 4,426.9 4,703.4 3,937.4 3,988.0 4,028.7 4,093.9 4,153.2 4,187.9 4,238.0 4,282.6 4,322.2 4,403.9 4,461.0 4,520.7 4,606.3 4,663.4 4,725.2 4,818.6 Nonfarm 35.4 29.3 37.1 32.4 36.9 23.4 37.2 40.9 46.4 38.8 33.2 29.1 20.6 21.3 22.9 28.9 31.9 36.5 40.1 40.4 40.2 43.6 40.9 39.0 338.6 347.2 386.7 418.4 434.7 465.5 483.1 503.8 417.5 435.9 438.4 447.0 457.6 463.1 468.7 472.6 477.4 483.5 483.7 487.9 494.4 500.0 506.3 514.4 employer contributions for social insurance. (See also p. 5.) Rental income of persons with capital consumption adjustment 61.0 67.9 79.4 105.7 124.4 132.8 146.3 148.1 112.7 126.0 130.1 128.9 130.5 132.3 131.5 137.1 143.4 144.6 148.0 149.2 149.0 148.7 148.0 146.6 Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total 397.1 411.3 428.0 492.8 570.5 650.0 735.9 ................ 512.0 562.0 590.1 617.7 613.2 628.0 672.8 685.7 717.7 738.5 739.6 747.8 779.6 795.1 827.3 ................ Total Profits before tax Inventory valuation adjustment 358.2 378.2 398.9 456.9 519.1 598.4 674.1 ................ 470.8 510.2 535.0 560.3 560.4 577.2 621.4 634.5 659.8 676.8 676.4 683.4 711.9 725.7 757.1 ................ 371.7 374.2 406.4 465.4 535.1 622.6 676.6 ................ 475.1 525.3 556.2 583.9 610.7 615.0 630.6 634.1 664.9 682.2 679.1 680.0 708.4 719.8 753.4 ................ ¥13.5 4.0 ¥7.5 ¥8.5 ¥16.1 ¥24.3 ¥2.5 4.9 ¥4.3 ¥15.1 ¥21.2 ¥23.6 ¥50.3 ¥37.8 ¥9.3 .4 ¥5.1 ¥5.4 ¥2.7 3.3 3.5 5.9 3.6 6.5 Capital consumption adjustment Net interest 38.9 33.1 29.1 36.0 51.4 51.6 61.8 69.7 41.2 51.8 55.1 57.4 52.9 50.8 51.5 51.1 57.9 61.6 63.2 64.4 67.7 69.4 70.3 71.3 467.3 448.0 414.3 402.5 412.3 425.1 425.1 .............. 397.2 405.6 415.6 430.7 432.7 429.7 419.5 418.6 416.2 422.5 430.9 430.6 440.5 448.1 451.8 .............. Source: Department of Commerce, Bureau of Economic Analysis. REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (1992) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durable goods Period 1990 ............................... 1991 ............................... 1992 ............................... 1993 ............................... 1994 ............................... 1995 ............................... 1996 ............................... 1997 p ............................. 1994: I .......................... II ......................... III ....................... IV ........................ 1995: I .......................... II ......................... III ....................... IV ........................ 1996: I .......................... II ......................... III ....................... IV ........................ 1997: I .......................... II ......................... III ....................... IV p ...................... Total personal consumption expenditures Total durable goods Motor vehicles and parts 4,132.2 4,105.8 4,219.8 4,343.6 4,486.0 4,595.3 4,714.1 4,869.7 4,439.4 4,472.2 4,498.2 4,534.1 4,551.3 4,583.5 4,612.9 4,633.5 4,669.4 4,712.2 4,718.2 4,756.4 4,818.1 4,829.4 4,896.2 4,935.0 493.3 462.0 488.5 523.8 561.2 583.6 611.1 645.8 550.7 555.8 561.7 576.6 572.2 577.7 590.8 593.7 600.7 614.8 611.9 617.1 637.8 629.0 656.1 660.3 224.3 193.2 206.9 218.9 230.0 229.5 231.3 232.8 231.6 228.4 227.3 232.6 226.2 227.5 232.9 231.6 233.4 234.2 229.7 228.0 233.4 223.1 238.7 236.0 Furniture and household equipment 173.5 177.0 189.4 207.8 229.4 248.4 269.5 296.7 219.1 226.1 232.2 240.3 241.4 244.6 251.5 256.2 259.2 269.9 272.3 276.8 287.4 292.3 301.1 305.9 Nondurable goods Other 96.6 91.8 92.3 97.2 102.3 107.2 113.3 121.8 100.0 101.6 102.9 104.5 105.9 107.0 107.9 107.9 110.2 113.4 113.2 116.3 121.4 119.7 121.7 124.5 Total nondurable goods 1,316.1 1,302.9 1,321.8 1,351.0 1,389.9 1,412.6 1,432.3 1,459.3 1,378.4 1,385.5 1,393.2 1,402.5 1,408.4 1,411.6 1,413.9 1,416.3 1,422.5 1,431.6 1,433.9 1,441.2 1,457.8 1,450.0 1,465.5 1,464.1 1 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 4 Food 662.9 659.6 660.0 675.3 687.9 690.5 689.7 689.9 684.3 689.8 687.9 689.5 690.8 690.2 690.6 690.6 692.4 690.3 687.3 689.0 694.6 688.2 689.5 687.3 Clothing Gasoline and and oil shoes 217.9 215.9 225.5 234.2 247.1 257.5 267.7 278.2 243.1 242.7 248.1 254.7 255.3 257.0 259.1 258.7 261.6 268.4 270.8 270.0 277.1 273.8 281.3 280.6 107.3 103.4 106.6 108.7 109.8 113.1 114.1 115.9 109.2 109.6 109.9 110.7 112.7 113.2 113.0 113.6 112.9 114.5 114.1 114.8 114.7 116.1 116.2 116.7 Services Fuel oil and coal 11.2 10.8 10.9 10.7 10.7 10.5 10.6 10.0 11.9 10.2 10.7 10.2 10.0 10.6 10.4 11.1 11.1 10.4 10.6 10.3 9.4 10.1 10.4 10.1 Other 316.7 313.2 318.8 322.1 334.3 341.3 351.2 367.1 329.9 333.0 336.7 337.8 339.9 341.0 341.5 342.9 345.1 349.1 352.5 358.3 363.7 363.4 370.0 371.4 Total services 1 Housing Medical care 2,321.3 2,341.0 2,409.4 2,468.9 2,535.5 2,599.6 2,671.0 2,765.2 2,510.9 2,531.4 2,543.8 2,555.9 2,571.2 2,594.5 2,608.7 2,623.8 2,646.5 2,666.5 2,672.8 2,698.2 2,723.9 2,749.8 2,776.1 2,811.0 627.2 635.2 646.8 654.7 674.3 688.2 700.2 713.8 666.8 672.2 677.0 681.1 683.7 686.7 689.7 692.8 695.6 698.7 701.7 704.8 708.3 712.0 715.6 719.2 602.8 621.6 646.6 655.3 662.1 674.9 688.1 711.8 658.1 661.1 663.2 666.0 669.5 672.9 677.0 680.4 679.4 686.2 689.8 697.1 704.4 708.8 714.2 719.6 Source: Department of Commerce, Bureau of Economic Analysis. Retail sales of new passenger cars and light trucks (millions of units) 13.9 12.3 12.8 13.9 15.0 14.7 15.0 15.0 14.9 14.9 14.9 15.3 14.7 14.4 14.9 15.0 15.0 15.1 15.1 14.9 15.3 14.5 15.3 15.0 SOURCES OF PERSONAL INCOME Personal income rose $30.3 billion (annual rate) in December, following an increase of $51.2 billion in November. Wages and salaries increased $16.7 billion in December, following an increase of $45.5 billion in November. [Billions of dollars; monthly data at seasonally adjusted annual rates] Period 1989 ................................................................... 1990 ................................................................... 1991 ................................................................... 1992 ................................................................... 1993 ................................................................... 1994 ................................................................... 1995 ................................................................... 1996 ................................................................... 1997p .................................................................. 1996: Dec ......................................................... 1997: Jan .......................................................... Feb ......................................................... Mar ......................................................... Apr .......................................................... May ......................................................... June ........................................................ July ......................................................... Aug ......................................................... Sept ........................................................ Octr ......................................................... Nov r ....................................................... Dec p ....................................................... Total personal income 4,501.0 4,804.2 4,981.6 5,277.2 5,519.2 5,791.8 6,150.8 6,495.2 6,874.4 6,664.4 6,700.1 6,750.3 6,788.2 6,800.9 6,822.8 6,863.5 6,873.1 6,912.2 6,935.5 6,971.2 7,022.4 7,052.7 Wage and salary disbursements 1 2,598.1 2,757.5 2,827.6 2,986.4 3,089.6 3,240.7 3,429.5 3,632.5 3,877.2 3,753.7 3,754.1 3,799.1 3,821.3 3,822.1 3,835.1 3,867.6 3,870.0 3,902.3 3,916.1 3,943.8 3,989.3 4,006.0 Proprietors’ income 3 Other labor income 1 2 273.1 300.6 322.7 351.3 385.1 405.0 406.8 407.6 416.6 411.4 410.5 412.5 413.9 414.4 415.3 415.6 416.6 417.6 418.9 420.1 421.4 422.6 1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. 2 Consists primarily of employer contributions to private pension and private welfare funds. Farm 36.3 35.4 29.3 37.1 32.4 36.9 23.4 37.2 40.9 39.9 39.4 39.9 41.4 43.0 43.8 44.0 43.0 40.8 39.0 38.9 38.8 39.2 Nonfarm 321.1 338.6 347.2 386.7 418.4 434.7 465.5 483.1 503.8 490.0 492.8 494.6 495.8 497.9 499.8 502.4 503.9 505.3 509.6 513.1 514.6 515.4 Rental income of persons 4 51.7 61.0 67.9 79.4 105.7 124.4 132.8 146.3 148.1 149.1 148.5 149.3 149.2 149.3 148.9 147.8 147.4 148.5 148.2 146.9 146.5 146.5 Personal dividend income 130.9 142.9 153.6 159.4 185.3 204.8 251.9 291.2 321.5 296.9 310.7 312.5 314.4 316.3 318.3 320.3 322.4 324.5 326.6 328.6 330.7 332.8 Personal interest income 674.5 704.4 699.2 667.2 651.0 668.1 718.9 735.7 768.8 751.8 754.3 757.0 760.4 763.4 766.0 768.9 771.0 772.5 774.3 776.3 779.1 782.0 Transfer payments 5 Less: Personal contributions for social insurance 626.0 687.8 769.9 858.2 912.0 954.7 1,015.0 1,068.0 1,121.1 1,085.5 1,105.5 1,104.1 1,111.9 1,114.6 1,116.6 1,119.7 1,122.1 1,125.9 1,129.0 1,131.3 1,133.0 1,140.0 210.8 223.9 235.8 248.4 260.3 277.5 293.1 306.3 323.6 313.8 315.8 318.7 320.1 320.1 320.9 323.0 323.1 325.2 326.1 327.9 331.0 331.8 3 With inventory valuation and capital consumption adjustments. capital consumption adjustment. mainly of social insurance benefits, direct relief, and veterans payments. Source: Department of Commerce, Bureau of Economic Analysis. 4 With 5 Consists 5 DISPOSITION OF PERSONAL INCOME According to advance estimates, per capita disposable personal income in chained (1992) dollars rose at an annual rate of 3.8 percent in the fourth quarter of 1997. Period Personal income Less: Personal tax and nontax payments Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (1992) dollars Per capita disposable personal income Current dollars Billions of dollars 1990 ................... 1991 ................... 1992 ................... 1993 ................... 1994 ................... 1995 ................... 1996 ................... 1997p ................. 4,804.2 4,981.6 5,277.2 5,519.2 5,791.8 6,150.8 6,495.2 6,874.4 624.8 624.8 650.5 690.0 739.1 795.1 886.9 987.9 4,179.4 4,356.8 4,626.7 4,829.2 5,052.7 5,355.7 5,608.3 5,886.6 Chained (1992) dollars Per capita personal consumption expenditures Current dollars Chained (1992) dollars Dollars 3,958.1 4,097.4 4,341.0 4,580.7 4,842.1 5,101.1 5,368.8 5,661.0 221.3 259.5 285.6 248.5 210.6 254.6 239.6 225.6 4,498.2 4,500.0 4,626.7 4,703.9 4,805.1 4,964.2 5,076.9 5,222.7 16,721 17,242 18,113 18,706 19,381 20,349 21,117 21,976 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 17,996 17,809 18,113 18,221 18,431 18,861 19,116 19,497 15,360 15,732 16,520 17,273 18,093 18,837 19,608 20,490 16,532 16,249 16,520 16,825 17,207 17,460 17,750 18,179 0.8 ¥1.0 1.7 .6 1.2 2.3 1.4 2.0 5.3 6.0 6.2 5.1 4.2 4.8 4.3 3.8 249,956 252,680 255,432 258,161 260,705 263,194 265,579 267,869 18,154 18,409 18,493 18,667 18,834 18,798 18,871 18,942 19,071 19,081 19,161 19,152 19,331 19,439 19,518 19,700 17,774 17,978 18,199 18,419 18,578 18,774 18,938 19,055 19,291 19,562 19,660 19,919 20,247 20,303 20,612 20,796 17,092 17,178 17,232 17,326 17,356 17,438 17,505 17,540 17,642 17,765 17,745 17,848 18,046 18,051 18,258 18,361 ¥5.5 5.7 1.8 3.8 3.6 ¥.8 1.6 1.5 2.8 .2 1.7 ¥.2 3.8 2.3 1.6 3.8 3.4 4.2 4.4 4.7 5.3 4.6 4.5 4.6 4.7 4.1 4.5 3.9 3.7 4.2 3.5 3.9 259,738 260,351 261,040 261,692 262,235 262,847 263,527 264,169 264,680 265,258 265,887 266,491 266,987 267,545 268,171 268,772 Seasonally adjusted annual rates 1994: I .............. II ............ III ........... IV ........... 1995: I .............. II ............ III ........... IV ........... 1996: I .............. II ............ III ........... IV ........... 1997: I .............. II ............ III ........... IV p ......... 5,516.3 5,766.6 5,838.1 5,946.1 6,053.1 6,114.8 6,179.1 6,256.2 6,359.4 6,461.3 6,541.9 6,618.4 6,746.2 6,829.1 6,906.9 7,015.4 712.9 750.5 739.9 753.0 766.5 795.1 798.9 820.0 840.0 887.8 897.3 922.6 955.7 979.2 998.0 1,018.5 4,903.4 5,016.1 5,098.2 5,193.1 5,286.6 5,319.6 5,380.2 5,436.2 5,519.4 5,573.5 5,644.6 5,695.8 5,790.5 5,849.9 5,908.9 5,996.9 4,738.2 4,803.3 4,876.1 4,950.7 5,007.3 5,074.3 5,136.4 5,186.3 5,261.3 5,347.8 5,390.6 5,475.4 5,574.6 5,602.8 5,700.8 5,765.8 165.2 212.8 222.1 242.4 279.2 245.4 243.8 249.9 258.1 225.7 254.0 220.4 215.9 247.0 208.2 231.1 1 Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net). 2 Annual data are averages of quarterly data, which are averages for the period. 6 4,715.3 4,792.8 4,827.3 4,884.9 4,938.9 4,940.9 4,973.0 5,003.9 5,047.6 5,061.3 5,094.8 5,103.8 5,161.1 5,200.9 5,234.1 5,294.8 18,878 19,267 19,530 19,844 20,160 20,239 20,416 20,579 20,853 21,012 21,229 21,373 21,689 21,865 22,034 22,312 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the second quarter of 1997, according to preliminary estimates, gross farm income rose $4.8 billion (annual rate) and net farm income rose $2.0 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total 1988 1989 1990 1991 1992 1993 1994 1995 1996 1995: ......................................................... ......................................................... ......................................................... ......................................................... ......................................................... ......................................................... ......................................................... ......................................................... ......................................................... I .................................................... II ................................................... III ................................................. IV ................................................. 1996: I .................................................... II ................................................... III ................................................. IV ................................................. 1997: I r ................................................... II p ................................................. 177.9 191.9 198.1 191.9 200.5 203.6 215.7 210.9 233.5 208.7 206.8 219.2 209.0 239.4 238.8 230.8 225.0 240.4 245.2 151.2 160.8 169.5 167.9 171.4 177.7 181.2 187.7 202.3 182.5 183.0 201.9 183.4 203.7 206.0 206.3 193.3 204.1 212.1 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 79.6 83.9 89.2 85.8 85.6 90.2 88.2 87.0 92.9 83.4 81.8 96.3 86.6 90.1 90.6 96.7 94.2 91.9 95.2 Crops 71.6 76.9 80.3 82.1 85.7 87.5 93.1 100.7 109.4 99.2 101.2 105.6 96.8 113.6 115.4 109.6 99.1 112.2 116.9 Value of inventory changes 2 ¥4.1 3.8 3.3 ¥.2 4.2 ¥4.5 8.2 ¥3.9 2.7 ¥4.8 ¥4.5 ¥3.5 ¥2.8 3.3 3.1 2.5 2.0 1.6 1.6 Production expenses 139.9 146.7 153.3 153.3 152.9 160.5 167.5 174.2 181.3 171.0 174.0 176.1 175.6 177.6 182.1 182.4 183.1 182.3 185.1 Net farm income 38.0 45.3 44.8 38.6 47.5 43.1 48.3 36.7 52.2 37.7 32.8 43.1 33.4 61.9 56.6 48.4 41.9 58.1 60.1 NOTE.—Data include net Commodity Credit Corporation loans and operator households. Quarterly data plotted for 1989 through 1993 in chart do not reflect previous revisions to annual data in table. Source: Department of Agriculture. 7 CORPORATE PROFITS In the third quarter of 1997, according to current estimates, corporate profits before tax rose $33.6 billion (annual rate) and profits after tax rose $19.9 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period Nonfinancial Total 2 Total Financial Total 3 Manufacturing Wholesale Retail Profits before tax Tax liability Total Dividends Undistributed profits Inventory valuation adjustment 1989 .................. 1990 .................. 1991 .................. 1992 .................. 1993 ................. 1994 ................. 1995 ................. 1996 ................. 1997 p ............... 330.6 358.2 378.2 398.9 456.9 519.1 598.4 674.1 .............. 272.6 292.5 309.5 334.0 383.0 445.7 511.7 578.2 .............. 53.1 68.6 87.4 83.7 82.9 69.4 97.6 103.5 .............. 219.6 223.8 222.1 250.3 300.1 376.3 414.1 474.7 .............. 109.3 112.3 92.7 96.3 116.7 151.6 181.3 205.5 ................ 20.4 17.2 20.6 23.0 24.3 29.4 26.9 38.3 .............. 20.7 20.6 26.1 32.2 38.9 46.0 41.9 48.9 .............. 348.1 371.7 374.2 406.4 465.4 535.1 622.6 676.6 .............. 141.3 140.5 133.4 143.0 165.2 186.6 213.2 229.0 .............. 206.8 231.2 240.8 263.4 300.2 348.5 409.4 447.6 .............. 138.9 151.9 163.1 169.5 195.8 216.2 264.4 304.8 336.1 67.9 79.4 77.7 93.9 104.5 132.3 145.0 142.8 .............. ¥17.5 ¥13.5 4.0 ¥7.5 ¥8.5 ¥16.1 ¥24.3 ¥2.5 4.9 1994: I ............ II .......... III ......... IV ......... 470.8 510.2 535.0 560.3 398.9 437.9 460.7 485.2 44.1 72.3 81.3 80.0 354.7 365.6 379.5 405.3 149.7 138.8 151.6 166.2 28.1 33.8 27.3 28.6 41.6 47.4 47.2 47.8 475.1 525.3 556.2 583.9 163.0 182.8 194.6 206.2 312.1 342.5 361.6 377.7 203.2 211.6 220.0 230.2 108.9 131.0 141.6 147.5 ¥4.3 ¥15.1 ¥21.2 ¥23.6 1995: I ............ II .......... III ......... IV ......... 560.4 577.2 621.4 634.5 476.9 486.8 540.9 542.1 89.5 96.3 107.1 97.4 387.3 390.4 433.8 444.7 161.9 170.3 194.5 198.4 25.5 20.3 28.5 33.2 41.0 42.3 42.2 42.1 610.7 615.0 630.6 634.1 209.6 209.1 218.8 215.3 401.0 405.9 411.8 418.8 255.5 260.8 266.8 274.4 145.6 145.1 145.0 144.5 ¥50.3 ¥37.8 ¥9.3 .4 1996: I ............ II .......... III ......... IV ......... 659.8 676.8 676.4 683.4 568.7 583.5 584.6 575.8 110.4 111.5 104.0 88.1 458.3 472.0 480.7 487.8 197.1 204.8 210.5 209.7 37.2 30.8 37.7 47.4 46.0 50.6 50.6 48.3 664.9 682.2 679.1 680.0 226.2 232.2 231.6 226.0 438.7 450.0 447.5 454.0 300.7 303.7 305.7 309.1 138.0 146.4 141.8 144.9 ¥5.1 ¥5.4 ¥2.7 3.3 1997: I ............ II ........... III .......... IV p ........ 711.9 725.7 757.1 .............. 614.5 624.9 657.2 .............. 116.5 117.5 119.4 .............. 498.0 507.4 537.8 .............. 208.2 221.0 240.4 ................ 49.0 49.5 54.1 .............. 55.1 54.9 57.9 .............. 708.4 719.8 753.4 .............. 241.2 244.5 258.2 .............. 467.2 475.3 495.2 .............. 326.8 333.0 339.1 345.6 140.3 142.3 156.1 .............. 3.5 5.9 3.6 6.5 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. rest of the world, not shown separately. industries not shown separately. 2 Includes 3 Includes 8 Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the fourth quarter of 1997, according to advance estimates, nonresidential fixed investment in chained (1992) dollars fell $8.0 billion (annual rate) and residential investment rose $7.0 billion. There was an increase of $59.9 billion in inventories following an increase of $47.5 billion in the third quarter. [Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period Gross private domestic investment Change in business inventories Nonresidential Total Total Producers’ durable equipment Residential Structures Total Nonfarm 1989 .................................................................................... 1990 .................................................................................... 1991 .................................................................................... 1992 .................................................................................... 1993 .................................................................................... 1994 .................................................................................... 1995 .................................................................................... 1996 .................................................................................... 1997 p ................................................................................. 863.5 815.0 738.1 790.4 863.6 975.7 991.5 1,069.1 1,192.2 832.0 805.8 741.3 783.4 842.8 915.5 962.1 1,041.7 1,122.3 588.8 585.2 547.7 557.9 600.2 648.4 706.5 771.7 846.7 201.2 203.3 181.6 169.2 170.8 172.5 179.9 188.7 195.4 387.6 381.9 366.2 388.7 429.6 476.8 528.3 586.0 657.4 243.2 220.6 193.4 225.6 242.6 267.0 257.0 272.1 279.7 33.3 10.4 ¥3.0 7.0 22.1 60.6 27.3 25.0 62.2 33.5 7.8 ¥1.2 2.0 29.5 49.0 35.7 22.5 54.1 1994: I .............................................................................. II ............................................................................. III ............................................................................ IV ............................................................................ 939.9 987.8 972.2 1,003.0 887.8 913.2 922.7 938.5 626.2 641.2 653.2 672.9 166.3 174.5 174.0 175.0 460.6 467.3 480.0 499.1 261.3 271.5 269.4 265.9 53.1 75.9 49.7 63.6 39.6 59.6 38.2 58.7 1995: I .............................................................................. II ............................................................................. III ............................................................................ IV ............................................................................ 1,005.8 977.5 982.0 1,000.8 955.8 954.0 962.3 976.3 695.7 705.4 708.2 716.8 179.0 180.9 181.2 178.6 518.1 525.9 528.5 540.5 261.2 250.4 255.5 260.8 48.5 21.6 17.0 22.2 54.7 34.0 29.6 24.4 1996: I .............................................................................. II ............................................................................. III ............................................................................ IV ............................................................................ 1,012.2 1,059.2 1,100.3 1,104.8 1,001.5 1,035.7 1,060.9 1,068.7 736.9 759.7 789.3 800.8 182.1 185.6 190.0 196.9 557.4 577.1 602.9 606.7 266.1 277.2 274.1 271.1 8.0 21.3 37.9 32.9 14.5 17.3 31.6 26.5 1997: I .............................................................................. II ............................................................................. III ........................................................................... IV p .......................................................................... 1,149.2 1,197.1 1,204.6 1,217.9 1,079.0 1,111.4 1,149.3 1,149.6 808.9 837.0 874.5 866.5 195.9 193.5 196.7 195.3 616.6 649.3 685.3 678.5 273.3 278.2 280.1 287.1 63.7 77.6 47.5 59.9 58.3 70.1 38.3 49.7 NOTE.—See p. 10 for further detail on fixed investment by type. 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 intermedi- ate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. 9 REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Structures Period Total nonresidential 1989 ............... 1990 ............... 1991 ............... 1992 ............... 1993 ............... 1994 ............... 1995 ............... 1996 ............... 1997 p ............ 1994: I ......... II ........ III ....... IV ....... 1995: I ......... II ........ III ....... IV ....... 1996: I ......... II ........ III ....... IV ....... 1997: I ......... II ........ III ...... IV p ..... 1 Includes 2 Includes 3 Includes 588.8 585.2 547.7 557.9 600.2 648.4 706.5 771.7 846.7 626.2 641.2 653.2 672.9 695.7 705.4 708.2 716.8 736.9 759.7 789.3 800.8 808.9 837.0 874.5 866.5 Total 1 201.2 203.3 181.6 169.2 170.8 172.5 179.9 188.7 195.4 166.3 174.5 174.0 175.0 179.0 180.9 181.2 178.6 182.1 185.6 190.0 196.9 195.9 193.5 196.7 195.3 Structures Producers’ durable equipment Information processing and related equipment Nonresidential buildings, including farm Utilities 150.2 152.0 126.9 113.2 115.3 119.9 128.8 140.0 148.9 114.3 123.1 120.6 121.8 125.5 129.4 130.1 130.3 132.7 137.0 141.7 148.4 150.1 147.1 150.1 148.4 30.9 28.1 32.0 34.5 31.8 29.9 30.0 29.3 28.0 30.3 29.6 29.8 29.8 30.4 30.4 30.1 29.2 29.7 29.1 28.7 29.5 27.5 28.7 28.0 27.8 Mining exploration, shafts, and wells Total 1 13.9 16.1 15.7 13.3 16.0 15.8 14.3 13.9 13.4 15.1 15.1 16.2 16.7 16.3 14.2 13.8 13.1 13.6 13.9 14.1 13.8 13.6 13.0 13.4 13.6 387.6 381.9 366.2 388.7 429.6 476.8 528.3 586.0 657.4 460.6 467.3 480.0 499.1 518.1 525.9 528.5 540.5 557.4 577.1 602.9 606.7 616.6 649.3 685.3 678.5 Total 116.2 116.2 117.8 134.2 147.9 165.1 201.8 253.1 305.2 158.1 160.8 166.1 175.6 184.5 199.3 205.2 218.2 232.8 244.8 264.3 270.4 281.4 296.9 320.5 322.1 Computers and peripheral equipment 2 Other Industrial equipment 29.4 29.4 32.4 43.9 56.1 67.2 102.8 160.8 224.7 62.2 64.1 67.1 75.3 82.7 97.2 106.8 124.4 138.7 152.0 170.0 182.4 195.8 216.1 240.5 246.6 88.1 88.2 85.9 90.2 92.3 99.4 107.0 116.3 126.9 96.8 97.8 100.2 102.8 105.1 107.9 107.2 107.8 111.7 114.0 120.3 119.3 121.5 124.4 131.5 130.4 101.5 95.0 88.3 89.3 96.5 105.5 113.4 117.0 122.8 102.8 103.8 106.7 108.9 112.1 114.9 114.1 112.5 114.8 118.8 117.6 116.9 116.8 123.5 125.6 125.1 Transportation and related equipment Total residential 3 78.9 81.2 81.7 86.2 98.3 113.2 118.9 125.0 138.3 108.8 110.0 113.5 120.5 124.0 117.3 115.7 118.6 119.2 121.8 129.5 129.7 127.5 136.0 146.8 143.0 243.2 220.6 193.4 225.6 242.6 267.0 257.0 272.1 279.7 261.3 271.5 269.4 265.9 261.2 250.4 255.5 260.8 266.1 277.2 274.1 271.1 273.3 278.2 280.1 287.1 Total Single family Multifamily Other 237.0 214.5 187.6 219.5 236.2 260.3 250.0 265.0 272.2 254.8 264.8 262.7 259.0 254.3 243.6 248.5 253.8 259.1 270.0 266.9 263.9 265.9 270.8 272.6 279.5 121.9 110.4 96.4 116.5 127.1 140.1 126.9 136.6 136.9 139.4 144.5 140.5 136.1 131.4 123.1 124.3 128.9 133.1 138.6 138.3 136.2 136.2 136.5 135.7 139.1 23.3 19.7 15.4 13.1 10.6 13.6 16.9 18.6 20.1 11.4 13.0 14.7 15.5 16.4 16.3 17.2 17.7 18.9 20.2 17.5 18.0 19.6 20.4 19.6 20.9 91.8 84.4 75.7 89.9 98.6 106.5 106.7 110.2 115.7 103.8 107.2 107.6 107.6 106.8 104.7 107.6 107.7 107.5 111.7 111.5 110.0 110.5 114.4 117.9 120.1 NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. other items, not shown separately. new computers and peripheral equipment only. producers’ durable equipment, not shown separately. BUSINESS INVESTMENT AND PLANS [Billions of dollars] By industry Period Total expenditures Total Mining and construction Manufacturing Total Durable goods Nondurable goods Transportation Communications Utilities Wholesale and retail trade Finance, insurance, and real estate Services Serving multiple industries Not distributed by industry 1993 1 ................................ 489.7 488.2 31.2 134.1 66.4 67.7 30.6 37.1 41.3 60.3 40.2 111.8 1.7 1.4 1994 2 ................................ 549.9 547.8 36.1 153.3 78.9 74.4 33.3 41.5 42.2 68.9 46.8 123.5 2.2 2.2 1995 3 ................................ 594.5 591.7 36.0 172.3 91.4 80.9 37.0 46.0 42.8 75.1 57.3 123.7 1.5 2.8 1996 4 ................................ 603.4 600.7 33.6 184.8 100.2 84.6 35.2 46.3 40.6 71.9 57.7 129.4 1.3 2.7 1 Estimates collected from the 1993 Annual Capital Expenditures Survey. 2 Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data are scheduled for release in summer 1996. 3 Revised estimates collected from the March 1996 Investment Plans Survey. Final data will be available upon release of the 1995 Annual Capital Expenditures Survey. 4 Estimates of planned capital expenditures from the March 1996 Investment Plans Survey. 10 NOTE.—Data for 1994–1996 from Business Investment and Plans released March 28, 1996. Data for 1993 from Annual Capital Expenditures: 1993. The Business Investment and Plans release has been discontinued effective with release of the March 1996 survey estimates. Estimates of business investment and plans will be available annually with release of the Annual Capital Expenditures Survey. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In January, after adjusting for a change in estimation procedure, employment rose by 641,000 and unemployment fell by 18,000. (Series revised.) [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period Civilian noninstitutional population NSA Civilian labor force Nonagricultural Total Agricultural Total Percent 2 Unemployment Part time for economic reasons 1 Total 15 weeks and over Not in labor force Labor force participation rate Employment/ population ratio Unemployment rate 1988 ..................................... 1989 ..................................... 1990 3 ................................... 1991 ..................................... 1992 ..................................... 1993 ..................................... 1994 4 ................................... 1995 ..................................... 1996 ..................................... 1997 3 ................................... 1997: Jan 3 r ....................... Feb r ......................... Mar r ......................... Apr r .......................... May r ......................... June r ........................ July r ......................... Aug r ......................... Sept r ........................ Oct r .......................... Nov r ......................... Dec ........................... 184,613 186,393 189,164 190,925 192,805 194,838 196,814 198,584 200,591 203,133 202,285 202,389 202,513 202,674 202,832 203,000 203,166 203,364 203,570 203,767 203,941 204,098 121,669 123,869 125,840 126,346 128,105 129,200 131,056 132,304 133,943 136,297 135,729 135,689 136,115 136,043 136,060 136,206 136,294 136,404 136,439 136,406 136,864 137,169 114,968 117,342 118,793 117,718 118,492 120,259 123,060 124,900 126,708 129,558 128,541 128,515 129,035 129,275 129,494 129,392 129,661 129,747 129,761 129,910 130,575 130,777 3,169 3,199 3,223 3,269 3,247 3,115 3,409 3,440 3,443 3,399 3,453 3,340 3,387 3,462 3,418 3,389 3,452 3,379 3,422 3,327 3,384 3,385 111,800 114,142 115,570 114,449 115,245 117,144 119,651 121,460 123,264 126,159 125,088 125,175 125,648 125,813 126,076 126,003 126,209 126,368 126,339 126,583 127,191 127,392 4,965 4,657 4,950 5,874 6,240 6,230 4,414 4,279 4,123 3,879 4,099 4,075 3,957 4,204 3,853 3,819 3,858 3,832 3,739 3,732 3,689 3,654 6,701 6,528 7,047 8,628 9,613 8,940 7,996 7,404 7,236 6,739 7,188 7,174 7,080 6,768 6,566 6,814 6,633 6,657 6,678 6,496 6,289 6,392 1,610 1,375 1,525 2,357 3,408 3,094 2,860 2,363 2,316 2,062 2,150 2,158 2,079 2,088 2,076 2,069 2,128 2,027 2,109 1,990 1,865 1,964 62,944 62,523 63,324 64,578 64,700 65,638 65,758 66,280 66,647 66,837 66,556 66,700 66,398 66,631 66,772 66,794 66,872 66,960 67,131 67,361 67,077 66,929 65.9 66.5 66.5 66.2 66.4 66.3 66.6 66.6 66.8 67.1 67.1 67.0 67.2 67.1 67.1 67.1 67.1 67.1 67.0 66.9 67.1 67.2 62.3 63.0 62.8 61.7 61.5 61.7 62.5 62.9 63.2 63.8 63.5 63.5 63.7 63.8 63.8 63.7 63.8 63.8 63.7 63.8 64.0 64.1 5.5 5.3 5.6 6.8 7.5 6.9 6.1 5.6 5.4 4.9 5.3 5.3 5.2 5.0 4.8 5.0 4.9 4.9 4.9 4.8 4.6 4.7 1998: Jan 3 .......................... 204,238 137,493 131,083 3,319 127,764 3,865 6,409 1,811 66,745 67.3 64.2 4.7 1 Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc. 2 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 3 Not strictly comparable with earlier data. 4 Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire. NOTE.—Seasonally adjusted data revised (beginning 1994) to reflect recent annual revisions. Data beginning January 1998 reflect new composite estimation procedures and revised population controls. See Employment and Earnings, February 1998, for details. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In January, the unemployment rate was unchanged from December at 4.7 percent. (Series revised.) [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By sex and age Period 1988 ........................... 1989 ........................... 1990 ........................... 1991 ........................... 1992 ........................... 1993 ........................... 1994 2 ......................... 1995 ........................... 1996 ........................... 1997 ........................... 1997: Jan r ............... Feb r ............... Mar r ............... Apr r ............... May r .............. June r .............. July r .............. Aug r ............... Sept r .............. Oct r ................ Nov r ............... Dec .................. 1998: Jan .................. 1 Revised All civilian workers 5.5 5.3 5.6 6.8 7.5 6.9 6.1 5.6 5.4 4.9 5.3 5.3 5.2 5.0 4.8 5.0 4.9 4.9 4.9 4.8 4.6 4.7 4.7 Men 20 years and over Women 20 years and over 4.8 4.5 5.0 6.4 7.1 6.4 5.4 4.8 4.6 4.2 4.5 4.4 4.4 4.2 3.9 4.2 4.1 4.1 4.1 4.1 3.9 4.1 3.8 4.9 4.7 4.9 5.7 6.3 5.9 5.4 4.9 4.8 4.4 4.7 4.7 4.7 4.4 4.5 4.4 4.3 4.3 4.3 4.1 4.0 4.0 4.4 By race Both sexes 16–19 years White 15.3 15.0 15.5 18.7 20.1 19.0 17.6 17.3 16.7 16.0 16.9 17.3 16.5 15.6 15.7 16.5 16.3 16.2 16.4 15.5 15.2 14.3 14.1 definition; for details, see Employment and Earnings, February 1994. 2 Data beginning January 1994 are not directly comparable with data for earlier periods. NOTE.—Data relate to persons age 16 years and over. 12 4.7 4.5 4.8 6.1 6.6 6.1 5.3 4.9 4.7 4.2 4.5 4.5 4.4 4.2 4.1 4.3 4.2 4.2 4.2 4.1 3.9 3.9 4.0 Black and other 10.4 10.0 10.1 11.1 12.7 11.7 10.5 9.6 9.3 8.8 9.3 9.5 9.3 8.9 9.2 8.9 8.4 8.4 8.4 8.2 8.4 8.6 8.3 By selected groups Black 11.7 11.4 11.4 12.5 14.2 13.0 11.5 10.4 10.5 10.0 10.7 11.0 10.5 9.9 10.3 10.3 9.6 9.5 9.6 9.6 9.7 9.9 9.3 Experienced wage and salary workers 5.2 5.0 5.3 6.6 7.2 6.6 5.9 5.4 5.2 4.7 5.1 5.0 4.9 4.7 4.7 4.8 4.6 4.7 4.7 4.5 4.4 4.5 4.5 Married men, spouse present 3.3 3.0 3.4 4.4 5.1 4.4 3.7 3.3 3.0 2.7 2.8 2.8 2.8 2.7 2.7 2.7 2.6 2.6 2.6 2.6 2.4 2.6 2.6 Women who maintain families Full-time workers 1 Part-time workers 1 8.1 8.1 8.3 9.3 10.0 9.7 8.9 8.0 8.2 8.1 8.7 8.8 8.7 7.9 7.9 8.0 7.6 8.0 7.8 7.8 8.1 7.7 7.6 5.3 5.1 5.4 6.8 7.5 6.9 6.1 5.5 5.3 4.8 5.2 5.1 5.1 4.8 4.8 4.9 4.8 4.7 4.7 4.7 4.4 4.6 4.5 6.4 6.2 6.4 7.0 7.5 7.2 6.0 6.0 5.8 5.5 5.7 5.9 5.7 5.6 5.3 5.3 5.4 5.5 5.5 5.3 5.4 5.0 5.4 Seasonally adjusted data revised (beginning 1994) to reflect recent annual revisions. Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In January, the percentages of the unemployed who had been out of work for less than 5 weeks, for 5–14 weeks, and for 27 weeks and over rose; the percentage for 15–26 weeks fell. The mean duration of unemployment fell to 15.6 weeks and the median duration fell to 7.4 weeks. (Series revised.) [Monthly data seasonally adjusted, except as noted] Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unemployment: percent distribution State programs Number of weeks 27 weeks and over Average (mean) Median Job losers 1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Weekly average, thousands 1988 ........................................... 1989 ........................................... 1990 ........................................... 1991 ........................................... 1992 ........................................... 1993 ........................................... 1994 3 ......................................... 1995 ........................................... 1996 ........................................... 1997 ........................................... 1997: Jan r ................................ Feb r ................................ Mar r ............................... Apr r ................................ May r ............................... June r .............................. July r ............................... Aug r ............................... Sept r ............................... Oct r ................................ Nov r ................................ Dec .................................. 1998: Jan .................................. 6,701 6,528 7,047 8,628 9,613 8,940 7,996 7,404 7,236 6,739 7,188 7,174 7,080 6,768 6,566 6,814 6,633 6,657 6,678 6,496 6,289 6,392 6,409 46.0 48.6 46.3 40.3 35.1 36.5 34.1 36.5 36.4 37.7 37.8 36.4 37.3 36.7 38.0 37.4 36.7 38.2 37.0 39.6 38.2 39.4 39.7 30.0 30.3 32.0 32.4 29.4 28.9 30.1 31.6 31.6 31.7 31.8 33.1 33.1 32.3 30.9 32.2 31.4 31.6 31.5 29.6 32.3 30.0 31.4 12.0 11.2 11.7 14.4 15.1 14.5 15.5 14.6 14.6 14.8 13.6 14.6 14.3 15.3 15.8 15.2 15.9 14.2 15.4 14.2 14.2 14.6 12.3 12.1 9.9 10.0 12.9 20.3 20.1 20.3 17.3 17.4 15.8 16.8 15.9 15.3 15.7 15.3 15.3 16.0 16.0 16.1 16.6 15.2 16.0 16.6 1 Beginning January 1994, job losers and persons who completed temporary jobs. 2 Includes State (50 States, 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. 13.5 11.9 12.0 13.7 17.7 18.0 18.8 16.6 16.7 15.8 15.9 15.9 15.4 15.4 15.3 15.3 16.5 15.8 15.9 16.3 15.6 16.3 15.6 5.9 4.8 5.3 6.8 8.7 8.3 9.2 8.3 8.3 8.0 7.9 8.2 7.9 8.1 7.8 7.9 8.2 7.9 8.1 7.7 7.8 7.7 7.4 46.1 45.7 48.1 54.4 56.1 54.2 47.7 46.9 46.6 45.1 44.6 43.8 44.6 44.6 44.3 45.7 44.8 45.4 45.0 45.4 45.6 46.7 44.1 14.7 15.7 14.8 11.6 10.4 10.9 9.9 11.1 10.7 11.8 12.0 11.2 11.3 11.4 12.1 12.2 12.3 13.5 12.8 11.3 10.3 10.8 12.7 27.0 28.2 27.4 24.8 23.8 24.6 34.8 34.1 34.7 34.7 35.0 36.3 35.4 35.6 35.0 34.5 34.3 32.8 33.9 34.7 35.2 33.9 35.0 12.2 10.4 9.8 9.2 9.7 10.3 7.6 7.8 8.0 8.4 8.3 8.7 8.7 8.4 8.6 7.5 8.6 8.4 8.4 8.6 8.8 8.6 8.1 2,081 2,158 2,522 3,342 3,245 2,751 2,670 r2,572 r2,595 2,321 2,453 2,375 2,294 2,274 2,263 2,326 2,300 2,308 2,233 2,229 2,241 2,282 .............. 310 330 388 447 408 341 340 357 356 324 334 311 312 333 326 341 319 325 308 308 318 317 p319 2,135 2,205 2,575 3,406 3,348 2,845 2,739 r 2,633 r2,650 2,365 3,035 3,031 2,929 2,502 2,069 2,208 2,229 2,107 1,970 1,756 2,019 2,447 ................. NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Seasonally adjusted unemployment data revised (beginning 1994) to reflect recent annual revisions. 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 rose by 358,000 in January. [Thousands of wage and salary workers; 1 seasonally adjusted] Goods-producing industries Period 1988 ..................... 1989 ..................... 1990 ..................... 1991 ..................... 1992 ..................... 1993 ..................... 1994 ..................... 1995 ..................... 1996 ..................... 1997 p ................... 1997: Jan ............ Feb ........... Mar ........... Apr ............ May ........... June .......... July ........... Aug ........... Sept .......... Oct r .......... Nov r ......... Dec p ......... 1998: Jan p ......... Total nonagricultural employment 105,209 107,884 109,403 108,249 108,601 110,713 114,163 117,191 119,523 122,259 120,909 121,162 121,344 121,671 121,834 122,056 122,440 122,492 122,792 123,083 123,512 123,867 124,225 Service-producing industries Manufacturing Total 2 25,125 25,254 24,905 23,745 23,231 23,352 23,908 24,265 24,431 24,738 24,581 24,653 24,670 24,667 24,702 24,714 24,713 24,765 24,771 24,814 24,888 24,988 25,123 Construction 5,098 5,171 5,120 4,650 4,492 4,668 4,986 5,160 5,400 5,628 5,542 5,604 5,609 5,599 5,628 5,622 5,625 5,637 5,642 5,650 5,682 5,742 5,834 Total 19,314 19,391 19,076 18,406 18,104 18,075 18,321 18,524 18,457 18,537 18,465 18,475 18,489 18,495 18,498 18,518 18,514 18,555 18,553 18,590 18,634 18,672 18,715 Durable goods Nondurable goods 11,363 11,394 11,109 10,569 10,277 10,221 10,448 10,683 10,766 10,915 10,821 10,836 10,848 10,856 10,864 10,891 10,910 10,957 10,952 10,985 11,020 11,047 11,089 7,951 7,997 7,968 7,837 7,827 7,854 7,873 7,841 7,691 7,622 7,644 7,639 7,641 7,639 7,634 7,627 7,604 7,598 7,601 7,605 7,614 7,625 7,626 1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total in this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample 14 Total 80,084 82,630 84,497 84,504 85,370 87,361 90,256 92,925 95,092 97,521 96,328 96,509 96,674 97,004 97,132 97,342 97,727 97,727 98,021 98,269 98,624 98,879 99,102 Transportation and public utilities 5,512 5,614 5,777 5,755 5,718 5,811 5,984 6,132 6,261 6,424 6,351 6,376 6,405 6,421 6,431 6,434 6,443 6,289 6,473 6,497 6,495 6,470 6,519 Wholesale trade 6,030 6,187 6,173 6,081 5,997 5,981 6,162 6,378 6,483 6,657 6,570 6,593 6,611 6,622 6,630 6,634 6,664 6,675 6,687 6,712 6,729 6,746 6,776 Retail trade 19,023 19,475 19,601 19,284 19,356 19,773 20,507 21,187 21,625 22,138 21,917 21,922 21,945 22,029 22,026 22,079 22,159 22,189 22,215 22,258 22,403 22,472 22,496 Finance, insurance, Services and real estate 6,630 6,668 6,709 6,646 6,602 6,757 6,896 6,806 6,899 7,053 6,971 6,980 6,992 7,019 7,029 7,034 7,058 7,068 7,082 7,108 7,132 7,154 7,176 25,504 26,907 27,934 28,336 29,052 30,197 31,579 33,117 34,377 35,595 34,990 35,091 35,176 35,334 35,451 35,522 35,684 35,702 35,850 35,945 36,102 36,265 36,354 Government Total 17,386 17,779 18,304 18,402 18,645 18,841 19,128 19,305 19,447 19,654 19,529 19,547 19,545 19,579 19,565 19,639 19,719 19,804 19,714 19,749 19,763 19,772 19,781 Federal 2,971 2,988 3,085 2,966 2,969 2,915 2,870 2,822 2,757 2,700 2,723 2,716 2,709 2,708 2,703 2,694 2,689 2,690 2,680 2,687 2,694 2,690 2,684 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 NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average weekly hours Average gross hourly earnings Manufacturing Period 1988 ........................ 1989 ........................ 1990 ........................ 1991 ........................ 1992 ........................ 1993 ........................ 1994 ........................ 1995 ........................ 1996 ........................ 1997 p ..................... 1997: Jan .............. Feb .............. Mar ............. Apr ............. May ............ June ............ July ............. Aug .............. Sept ............. Oct .............. Nov r ............ Dec p ............ 1998: Jan p ............ Total private nonagricultural 1 34.7 34.6 34.5 34.3 34.4 34.5 34.7 34.5 34.4 34.6 34.4 34.8 34.8 34.5 34.5 34.6 34.4 34.6 34.5 34.5 34.8 34.6 34.8 Total 41.1 41.0 40.8 40.7 41.0 41.4 42.0 41.6 41.6 42.0 41.8 41.9 42.1 42.1 42.0 41.8 41.8 41.8 41.9 42.0 42.1 42.2 42.1 Average gross weekly earnings Total private nonagricultural 1 Overtime 3.9 3.8 3.6 3.6 3.8 4.1 4.7 4.4 4.5 4.8 4.7 4.7 4.9 4.9 4.8 4.6 4.7 4.7 4.7 4.8 4.9 4.9 4.9 Current dollars $9.28 9.66 10.01 10.32 10.57 10.83 11.12 11.43 11.81 12.26 12.05 12.10 12.14 12.14 12.19 12.23 12.24 12.31 12.35 12.40 12.48 12.47 12.51 1982 dollars 2 $7.69 7.64 7.52 7.45 7.41 7.39 7.40 7.39 7.43 7.54 7.46 7.47 7.49 7.49 7.52 7.54 7.53 7.56 7.56 7.58 7.62 7.61 .............. Total private nonagricultural 1 Manufacturing $10.19 10.48 10.83 11.18 11.46 11.74 12.07 12.37 12.78 13.17 13.02 13.03 13.07 13.07 13.11 13.12 13.11 13.20 13.22 13.35 13.37 13.39 13.39 1 Also Percent change from a year earlier, total private nonagricultural 3 Current dollars Current dollars 1982 dollars 2 Manufacturing Construction Retail trade $322.02 334.24 345.35 353.98 363.61 373.64 385.86 394.34 406.26 424.20 414.52 421.08 422.47 418.83 420.56 423.16 421.06 425.93 426.08 427.80 434.30 431.46 435.35 $266.79 264.22 259.47 255.40 254.99 254.87 256.73 255.07 255.51 260.89 256.51 260.09 260.78 258.54 259.60 260.89 259.11 261.63 260.92 261.49 265.30 263.41 .............. $418.81 429.68 441.86 455.03 469.86 486.04 506.94 514.59 531.65 553.14 544.24 545.96 550.25 550.25 550.62 548.42 548.00 551.76 553.92 560.70 562.88 565.06 563.72 $495.73 513.17 526.01 533.40 537.70 553.63 573.00 587.00 602.94 622.40 607.18 612.65 614.62 616.95 626.85 617.27 622.44 618.76 625.51 625.46 617.98 634.77 644.73 $183.62 188.72 194.40 198.48 205.06 209.95 216.46 221.47 230.11 241.03 235.87 238.91 240.08 238.71 239.29 239.87 239.62 243.28 242.50 244.49 245.65 245.65 247.95 Current dollars 3.0 3.8 3.3 2.5 2.7 2.8 3.3 2.2 3.0 4.4 5.1 5.2 5.4 4.6 4.4 3.6 3.9 4.4 3.1 4.3 5.2 3.1 4.8 1982 dollars ¥0.9 ¥1.0 ¥1.8 ¥1.6 ¥.2 ¥.0 .7 ¥.6 .2 2.1 2.0 2.1 2.7 2.2 2.3 1.4 1.8 2.2 1.0 2.3 3.4 1.6 .............. 3 Based on seasonally unadjusted data. Source: Department of Labor, Bureau of Labor Statistics. includes other private industry groups shown on p. 14. dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982=100 base). 2 Current EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries .................................................................... .................................................................... .................................................................... .................................................................... .................................................................... .................................................................... .................................................................... ................................................................... .................................................................... .................................................................... 97.6 102.3 107.0 111.7 115.6 119.8 123.5 126.7 130.6 135.1 98.0 102.0 106.1 110.0 112.9 116.4 119.7 123.1 127.3 132.3 1994: Mar ................................................................... June .................................................................. Sept ................................................................... Dec .................................................................... 1995: Mar ................................................................... June .................................................................. Sept ................................................................... Dec .................................................................... 1996: Mar ................................................................... June .................................................................. Sept ................................................................... Dec .................................................................... 1997: Mar ................................................................... June .................................................................. Sept ................................................................... Dec .................................................................... 120.8 121.8 122.8 123.6 124.4 125.2 126.0 126.9 127.7 128.8 129.7 130.6 131.4 132.5 133.6 135.2 117.1 118.1 119.0 119.8 120.6 121.5 122.4 123.2 124.4 125.5 126.4 127.4 128.5 129.7 130.9 132.5 Benefits 1 Total compensation Wages and salaries 12 months earlier Benefits 1 Total compensation Wages and salaries 4.8 4.8 4.6 4.4 3.5 3.6 3.1 2.6 3.1 3.4 4.1 4.1 4.0 3.7 2.6 3.1 2.8 2.8 3.4 3.9 Benefits 1 Not seasonally adjusted 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 96.7 102.6 109.4 116.2 122.2 128.3 133.0 135.9 138.6 141.8 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 0.5 .9 .8 .7 .7 .7 .7 .7 1.0 .9 .7 .8 .9 .9 .9 1.2 1.1 .9 1.0 .5 .3 .5 .5 .5 0 .7 .5 .7 0 .7 .5 1.1 Seasonally adjusted 1 Employer costs for employee benefits. NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. 130.3 131.5 132.8 133.5 133.9 134.6 135.3 136.0 136.0 137.0 137.7 138.7 138.7 139.7 140.4 141.9 0.8 .8 .8 .7 .6 .6 .6 .7 .6 .9 .7 .7 .6 .8 .8 1.2 6.9 6.1 6.6 6.2 5.2 5.0 3.7 2.2 2.0 2.3 Not seasonally adjusted 3.3 3.4 3.3 3.1 2.9 2.8 2.6 2.6 2.7 2.9 2.9 3.1 3.0 2.9 3.2 3.4 2.9 3.1 2.9 2.8 2.9 2.9 2.8 2.8 3.2 3.4 3.3 3.4 3.4 3.3 3.6 3.9 4.4 3.9 4.0 3.7 2.9 2.6 2.1 2.2 1.6 1.7 1.8 2.0 2.0 2.0 2.0 2.3 Data exclude farm and household workers. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output 1 Business sector Hours of all persons 2 Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector Indexes, 1992=100; quarterly data seasonally adjusted 1989 ........................... 1990 ........................... 1991 ........................... 1992 ........................... 1993 ........................... 1994 ........................... 1995 ........................... 1996 r ......................... 1997 p* ....................... 95.4 96.1 96.7 100.0 100.2 100.6 100.5 102.6 104.5 95.7 96.2 96.9 100.0 100.1 100.5 100.7 102.6 104.4 97.8 98.6 96.9 100.0 102.7 107.0 109.5 113.3 118.4 98.1 98.8 97.1 100.0 103.0 107.0 109.8 113.6 118.7 102.5 102.6 100.2 100.0 102.6 106.3 108.9 110.4 113.3 102.5 102.7 100.2 100.0 102.8 106.4 109.0 110.7 113.7 85.8 90.7 95.1 100.0 102.6 104.3 106.9 111.1 115.4 85.8 90.6 95.1 100.0 102.3 104.1 106.7 110.8 115.0 97.1 97.4 97.9 100.0 99.6 98.7 98.4 99.3 100.9 97.1 97.3 97.9 100.0 99.3 98.5 98.3 99.1 100.5 89.9 94.4 98.3 100.0 102.4 103.7 106.3 108.3 110.4 89.7 94.1 98.1 100.0 102.2 103.6 106.0 108.0 110.2 90.4 94.1 97.7 100.0 102.5 104.8 107.2 109.2 111.1 90.0 93.8 97.6 100.0 102.5 104.9 107.3 109.1 111.0 1994: I ...................... II ..................... III ................... IV .................... 100.7 100.7 100.5 100.7 100.6 100.7 100.4 r 100.7 105.2 106.9 107.3 108.5 105.2 106.9 107.3 108.6 104.5 106.1 106.7 107.7 104.6 106.1 106.8 107.8 r 104.1 104.0 104.4 r 105.0 103.8 103.9 104.2 r 104.9 99.5 98.3 98.3 99.2 98.7 98.1 98.2 103.3 103.2 103.9 104.3 103.2 103.1 103.8 104.2 103.9 104.4 105.1 105.8 103.8 104.5 105.3 106.0 1995: I r .................... II r ................... III r ................. IV r .................. 100.1 100.3 100.6 101.2 100.3 100.5 100.8 101.4 108.7 108.7 109.8 110.7 108.9 108.9 110.2 111.0 108.6 108.3 109.2 109.3 108.6 108.4 109.3 109.5 105.7 106.5 107.3 108.3 105.5 106.3 107.1 108.1 98.2 98.2 98.4 98.8 98.1 98.1 98.3 98.6 105.5 106.1 106.7 107.0 105.2 105.8 106.3 106.7 106.5 107.0 107.4 107.8 106.8 107.2 107.5 107.8 1996: I r .................... II r ................... III r ................. IV r .................. 102.0 102.8 102.6 103.1 102.1 102.8 102.6 103.1 111.4 113.2 113.5 115.0 111.7 113.5 113.8 115.3 109.2 110.1 110.6 111.5 109.4 110.4 110.9 111.9 109.3 110.8 111.8 112.7 109.1 110.5 111.4 112.3 98.9 99.4 99.6 99.6 98.7 99.1 99.3 99.3 107.2 107.8 108.9 109.3 106.9 107.5 108.6 109.0 108.4 108.9 109.6 110.0 108.4 108.8 109.4 109.8 1997: I r .................... II r ................... III r ................. IV p* ............... 103.5 104.1 105.0 105.6 103.4 104.0 104.9 105.4 116.6 117.8 118.8 120.4 116.9 118.0 119.1 120.7 112.7 113.1 113.1 114.0 113.1 113.5 113.5 114.5 113.8 114.7 115.9 117.4 113.5 114.4 115.5 116.9 100.0 100.5 101.1 101.9 99.7 100.2 100.7 101.4 110.0 110.2 110.4 111.2 109.8 110.0 110.1 110.9 110.6 111.0 111.3 111.6 110.5 110.9 111.2 111.5 r 98.9 Percent change; quarterly data at seasonally adjusted annual rates 1989 ........................... 1990 ........................... 1991 ........................... 1992 ........................... 1993 ........................... 1994 ........................... 1995 ........................... 1996 r ......................... 1997 p* ....................... 0.8 .7 .7 3.4 .2 .4 ¥.0 2.0 1.9 0.6 .5 .7 3.2 .1 .4 .2 1.9 1.7 3.4 .8 ¥1.7 3.2 2.7 4.1 2.3 3.5 4.5 3.2 .7 ¥1.8 3.0 3.0 3.9 2.6 3.5 4.5 2.5 .1 ¥2.3 ¥.2 2.6 3.7 2.4 1.4 2.6 2.6 .2 ¥2.5 ¥.2 2.8 3.5 2.4 1.6 2.7 2.8 5.7 4.8 5.2 2.6 1.6 2.5 3.9 3.9 2.7 5.5 4.9 5.2 2.3 1.7 2.5 3.8 3.8 ¥1.9 .3 .6 2.1 ¥.4 ¥.9 ¥.3 .9 1.6 ¥2.0 .1 .7 2.1 ¥.7 ¥.8 ¥.3 .8 1.5 1.9 5.0 4.1 1.7 2.4 1.2 2.6 1.8 2.0 2.1 5.0 4.2 1.9 2.2 1.4 2.4 1.9 2.1 4.2 4.0 3.8 2.4 2.5 2.2 2.3 1.9 1.7 4.2 4.2 4.1 2.4 2.5 2.3 2.3 1.7 1.7 1993: I r .................... II r ................... III r ................. IV r .................. ¥3.8 ¥1.3 .8 4.3 ¥4.0 ¥1.8 1.7 3.3 ¥1.2 2.7 2.8 7.1 ¥.8 2.6 3.9 6.1 2.8 4.0 2.0 2.7 3.3 4.5 2.2 2.7 2.5 2.5 1.8 1.6 1.9 2.0 1.6 1.7 ¥.5 ¥.4 ¥.1 ¥1.6 ¥1.0 ¥.9 ¥.3 ¥1.5 6.6 3.9 1.0 ¥2.6 6.1 3.9 ¥.1 ¥1.5 3.5 2.1 1.6 2.7 3.8 1.7 1.5 2.6 1994: I r .................... II r ................... III r ................. IV r .................. ¥.9 0 ¥.8 .6 ¥1.0 .6 ¥1.2 1.1 2.6 6.4 1.5 4.5 1.6 6.6 1.5 5.0 3.5 6.4 2.3 3.9 2.7 5.9 2.6 3.8 3.0 ¥.2 1.6 2.4 3.3 .3 1.2 2.7 1.0 ¥2.5 ¥2.1 ¥.1 1.2 ¥2.0 ¥2.4 .1 3.9 ¥.2 2.4 1.8 4.4 ¥.2 2.4 1.5 2.0 2.1 2.7 2.5 2.1 2.5 3.2 2.4 1995: I r .................... II r ................... III r ................. IV r .................. ¥2.3 .9 1.0 2.6 ¥1.8 .8 1.4 2.2 .8 .2 4.2 3.0 1.2 .2 4.6 3.0 3.1 ¥.8 3.1 .4 3.1 ¥.7 3.1 .7 2.4 3.2 3.0 3.9 2.3 3.1 3.1 3.7 ¥.4 .1 .9 1.4 ¥.5 0 1.0 1.2 4.8 2.3 2.0 1.2 4.2 2.3 1.7 1.4 2.9 1.6 1.7 1.3 3.1 1.5 1.2 1.0 1996: I r .................... II r ................... III r ................. IV r .................. 3.1 3.1 ¥.7 2.0 2.8 2.9 ¥.7 1.9 2.8 6.6 .9 5.4 2.6 6.8 1.0 5.4 ¥.3 3.4 1.6 3.3 ¥.3 3.8 1.7 3.5 3.7 5.5 3.6 3.4 3.9 5.1 3.3 3.4 .4 2.0 1.0 0 .6 1.7 .6 0 .7 2.3 4.4 1.4 1.0 2.2 4.0 1.5 2.3 2.1 2.4 1.7 2.3 1.7 2.0 1.7 1997: I r .................... II r ................... III r ................. IV p* ............... 1.6 2.2 3.5 2.2 1.1 2.3 3.6 2.0 5.9 3.9 3.6 5.5 5.6 3.8 3.7 5.5 4.2 1.6 .1 3.2 4.5 1.5 .1 3.5 4.1 3.1 4.2 5.4 4.3 3.2 3.8 5.1 1.7 2.0 2.1 3.2 1.9 2.1 1.8 2.9 2.5 .9 .7 3.1 3.1 .9 .2 3.0 2.0 1.5 1.1 1.1 2.4 1.4 1.2 1.2 1 Output refers to real gross domestic product originating in the sector. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–U). 5 Current dollar gross domestic output divided by the output index. 16 NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. Series revised to reflect 1996 Hours at Work Survey. * Data based on GDP data released January 30, 1998. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization rose in December. [Monthly data seasonally adjusted] Total industrial production Percent Period Index, 1992=100 From preceding month Industry production indexes, 1992=100 change 1 From year earlier 1988 ........................................... 1989 ........................................... 1990 ........................................... 1991 ........................................... 1992 ........................................... 1993 ........................................... 1994 ........................................... 1995 ........................................... 1996 ........................................... 1997p ......................................... 97.4 99.1 98.9 97.0 100.0 103.6 109.2 114.5 118.5 124.5 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 1996: Dec ................................ 120.9 0.3 4.7 1997: Jan ................................. Feb ................................. Mar ................................. Apr ................................. May ................................ June ............................... July ................................ Aug ................................. Sept r .............................. Oct r ................................ Nov r ............................... Dec p ............................... 121.3 122.1 122.5 123.1 123.3 123.5 124.5 125.2 125.6 126.5 127.5 128.1 .3 .6 .3 .5 .2 .2 .8 .6 .3 .7 .8 .5 5.2 4.6 5.3 4.7 4.3 3.9 4.7 5.0 5.0 5.7 5.7 5.9 1 Percent 2 Output changes based on unrounded indexes. as percent of capacity. 4.5 1.8 ¥.2 ¥2.0 3.1 3.6 5.4 4.9 3.5 5.0 Capacity utilization rate, percent 2 Manufacturing Total Durable 97.1 99.0 98.5 96.2 100.0 103.8 110.0 116.0 120.2 127.0 Nondurable Mining Utilities Total industry Manufacturing 98.1 100.5 99.0 95.5 100.0 105.7 114.4 123.9 131.7 142.4 96.0 97.3 97.9 97.0 100.0 101.7 105.2 107.4 108.0 111.1 104.7 103.2 104.8 102.6 100.0 100.1 102.6 102.3 103.9 106.0 93.9 97.1 98.3 100.4 100.0 103.9 105.3 109.0 112.5 112.5 84.0 84.1 82.3 79.3 80.2 81.3 83.1 83.4 82.4 82.7 83.8 83.6 81.4 77.9 79.4 80.5 82.5 82.8 81.4 81.7 123.1 135.3 110.3 102.9 112.7 82.5 81.5 123.5 124.4 124.9 125.4 125.7 126.1 126.9 127.9 128.0 128.9 130.5 131.1 136.1 137.8 138.7 139.5 140.1 141.2 142.4 144.3 144.4 145.4 147.8 148.8 110.2 110.4 110.5 110.8 110.7 110.5 110.9 111.0 111.3 112.0 112.7 113.1 103.7 106.0 106.7 105.5 106.7 105.7 106.5 106.3 106.5 106.2 105.8 106.1 112.5 110.3 109.6 112.5 111.8 110.9 113.8 113.0 115.1 116.7 114.5 114.9 82.4 82.6 82.5 82.6 82.4 82.3 82.6 82.8 82.7 83.0 83.3 83.4 81.4 81.7 81.6 81.6 81.4 81.3 81.5 81.8 81.6 81.8 82.4 82.5 Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1992=100; monthly data seasonally adjusted] Products Materials Final products Intermediate products Consumer goods Equipment Period Total Total 1988 ................................................................. 1989 ................................................................. 1990 ................................................................. 1991 ................................................................. 1992 ................................................................. 1993 ................................................................. 1994 ................................................................. 1995 ................................................................. 1996 ................................................................. 1997P .............................................................. Durable goods 97.9 99.9 99.5 97.7 100.0 103.4 107.5 111.3 114.6 119.6 96.7 97.7 97.3 97.0 100.0 103.0 107.1 109.9 111.8 114.4 1996: Dec ...................................................... 116.8 113.6 128.4 1997: Jan ....................................................... Feb ....................................................... Mar ....................................................... Apr ....................................................... May ...................................................... June ..................................................... July ...................................................... Aug ....................................................... Sept r .................................................... Oct r ...................................................... Nov r ..................................................... Dec p ..................................................... 116.8 117.2 117.9 118.0 118.6 118.6 119.2 120.5 120.3 121.1 122.2 122.6 113.2 113.1 113.4 113.4 113.9 113.5 113.9 114.6 114.5 115.4 116.3 116.6 128.0 129.4 130.7 127.4 128.8 129.8 128.1 132.1 131.9 131.1 136.1 135.9 1 Includes 99.8 101.3 98.0 93.0 100.0 109.2 119.5 121.6 125.8 131.3 Nondurable goods 95.9 96.7 97.1 98.1 100.0 101.5 104.0 106.9 108.3 110.1 Total 1 Business 99.9 103.7 103.2 98.8 100.0 104.1 108.1 113.8 119.6 128.7 93.5 98.8 98.2 95.7 100.0 105.8 112.5 121.5 129.7 141.8 109.9 122.4 109.4 109.0 109.1 109.9 110.1 109.4 110.3 110.3 110.2 111.4 111.5 111.9 123.1 124.6 125.8 126.0 126.8 127.7 128.6 130.9 130.6 131.3 132.5 133.1 Defense and space equipment Total Construction supplies Business supplies 117.1 117.4 115.9 106.7 100.0 93.8 86.9 81.4 76.9 75.3 102.5 102.9 101.9 97.5 100.0 102.5 106.3 108.3 110.8 115.0 106.3 105.5 102.9 96.2 100.0 103.4 110.6 112.6 117.4 121.7 100.3 101.3 101.4 98.3 100.0 101.9 103.7 105.7 106.9 111.0 134.0 76.2 113.0 118.7 134.9 136.5 137.5 137.9 139.0 140.2 141.6 144.6 144.4 145.4 147.1 147.8 75.5 75.6 75.7 75.4 75.6 76.0 74.9 75.0 74.7 74.7 75.1 75.2 113.5 114.1 114.1 114.7 114.9 114.7 114.6 115.3 115.2 116.4 116.6 117.2 119.1 121.7 122.3 121.8 122.2 122.2 121.2 122.7 120.4 121.3 122.6 123.4 Total Energy 95.1 97.0 97.2 95.9 100.0 104.1 112.3 120.8 126.2 134.2 98.5 99.5 100.6 100.8 100.0 99.6 101.4 102.6 103.5 104.1 109.6 129.0 102.7 110.2 109.6 109.2 110.6 110.6 110.2 110.6 111.0 112.2 113.5 113.1 113.5 129.7 131.0 131.3 132.5 132.4 133.0 134.9 134.9 136.1 136.9 138.3 139.3 103.6 103.8 103.4 103.7 103.7 103.2 104.6 103.9 105.5 105.3 104.5 105.0 oil and gas well drilling and manufactured homes, not shown separately. [1992=100; monthly data seasonally adjusted] Durable manufactures Primary metals Period Total Iron and steel Fabricated metal products Industrial machinery and equipment Electrical machinery Nondurable manufactures Transportation equipment Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods 1988 ............................................................... 1989 ............................................................... 1990 ............................................................... 1991 ............................................................... 1992 ............................................................... 1993 ............................................................... 1994 ............................................................... 1995 ............................................................... 1996 ............................................................... 1997p ............................................................. 106.2 104.9 104.0 96.7 100.0 105.7 113.4 117.2 118.9 124.6 107.6 106.2 106.4 96.0 100.0 107.1 113.7 117.7 117.6 123.1 106.1 104.8 101.2 96.2 100.0 104.4 112.2 116.6 119.6 123.0 97.1 103.0 100.1 95.4 100.0 109.9 124.8 142.7 155.3 171.4 82.5 85.8 87.7 89.6 100.0 110.7 133.2 170.9 199.3 231.6 101.1 105.1 102.3 96.5 100.0 103.8 107.1 105.7 106.5 115.5 100.2 101.2 95.3 88.5 100.0 113.6 129.8 131.0 130.2 136.9 105.1 104.3 101.6 94.5 100.0 100.8 105.9 107.8 111.8 114.8 103.5 100.3 97.2 97.8 100.0 102.4 106.5 107.1 102.2 99.7 103.4 103.5 103.1 99.1 100.0 100.6 100.7 101.5 101.5 104.8 92.2 95.1 97.3 96.4 100.0 101.4 104.7 107.5 110.5 115.1 94.9 95.9 97.0 98.4 100.0 102.0 103.7 106.8 107.3 109.6 1996: Dec ..................................................... 120.5 118.0 120.6 161.3 210.5 109.1 130.1 110.2 100.0 103.2 114.9 109.0 1997: Jan ..................................................... Feb ..................................................... Mar ..................................................... Apr ..................................................... May .................................................... June ................................................... July .................................................... Aug ..................................................... Sept r .................................................. Oct r .................................................... Nov r ................................................... Dec p ................................................... 119.4 121.6 121.8 122.3 124.2 124.9 125.2 125.5 125.9 127.4 128.5 129.6 118.8 119.9 119.6 121.2 123.9 122.6 122.2 121.8 124.5 126.5 127.9 128.8 120.6 121.7 122.1 122.5 122.7 121.9 122.4 122.8 122.7 124.2 125.4 127.1 162.8 164.0 165.1 167.8 168.0 168.8 172.2 175.9 173.7 176.3 177.5 179.3 211.1 217.4 220.8 223.7 226.3 229.7 235.5 236.8 237.5 240.8 247.0 251.5 110.9 111.4 112.3 110.7 110.8 113.0 112.2 117.0 118.8 118.2 122.2 121.0 133.4 133.3 134.0 129.7 129.2 132.5 130.0 138.9 141.2 139.6 146.9 141.6 111.4 114.2 114.9 115.9 116.4 117.0 116.1 115.4 113.3 112.5 115.2 114.8 100.5 99.5 100.1 99.8 99.8 99.6 99.7 99.1 99.1 99.3 98.8 100.0 103.2 103.3 103.6 104.4 104.5 104.1 104.1 104.4 105.1 106.7 107.4 106.8 115.2 114.6 113.6 115.2 114.5 114.6 114.3 114.5 115.6 116.1 115.8 116.6 109.3 109.4 110.0 109.2 109.2 108.8 110.0 108.9 108.6 109.3 111.0 111.1 Source: Board of Governors of the Federal Reserve System. 18 NEW CONSTRUCTION [Monthly data seasonally adjusted] Construction contracts 3 Private Period Total new construction expenditures Residential Total New housing units Total 1 Commercial and industrial 2 Other Federal and State and local Total value index (1992=100) Commercial and industrial floor space (millions of square feet) Billions of dollars 1988 ........................................ 1989 ........................................ 1990 ........................................ 1991 ........................................ 1992 ........................................ 1993 ........................................ 1994 ........................................ 1995 ........................................ 1996 ........................................ 1997 p ...................................... 455.6 469.8 468.5 424.2 452.1 478.6 519.9 534.1 568.6 600.7 360.9 371.6 361.1 314.1 336.2 362.7 399.4 406.8 437.1 461.9 198.1 196.6 182.9 157.8 187.8 210.5 238.9 230.7 247.2 260.2 1996: Dec .............................. 579.1 447.0 247.9 1997: Jan .............................. Feb .............................. Mar .............................. Apr .............................. May ............................. June ............................ July r ............................ Aug r ............................ Sept r ............................ Oct r ............................. Nov .............................. Dec p ............................. 577.1 592.4 593.9 596.9 595.8 594.2 603.0 603.7 605.7 611.8 611.3 611.8 444.4 452.0 452.7 457.6 459.9 456.9 464.3 465.2 468.8 469.6 469.4 472.9 246.7 251.4 254.0 259.9 259.7 257.3 258.8 260.0 263.8 265.7 268.1 271.9 138.9 139.2 128.0 110.6 129.6 144.1 167.9 162.9 179.4 185.5 109.6 118.0 119.4 93.7 82.2 84.4 93.3 107.9 118.8 124.2 53.2 57.1 58.8 62.6 66.2 67.8 67.2 68.2 71.1 77.5 94.7 98.2 107.5 110.1 115.8 116.0 120.5 127.3 131.5 138.8 104 108 98 92 100 108 118 122 131 138 179.1 123.0 76.2 132.1 r 130 782 178.3 183.4 184.1 185.2 185.3 182.8 182.9 183.8 186.7 189.9 190.1 193.5 126.8 128.2 124.5 118.3 122.3 123.4 127.8 126.1 124.6 124.3 121.9 121.9 70.9 72.5 74.2 79.4 77.9 76.3 77.7 79.1 80.5 79.6 79.4 79.0 132.7 140.3 141.2 139.3 135.9 137.3 138.7 138.4 136.9 142.2 141.9 138.9 r 132 771 843 772 834 853 ...................... ...................... ...................... ...................... ...................... ...................... ...................... Annual rates 1 Includes residential improvements, not shown separately. hotels and motels. Dodge series. Annual rates r 134 136 r 142 144 r 144 140 139 139 139 133 130 Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies, Inc., F.W. Dodge Division. 2 Includes 3 F.W. 973 961 783 577 556 589 744 862 r 875 961 NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] New private housing units New private homes Units started, by type of structure Period Total 1 unit 2–4 units 5 or more units 1988 ........................................ 1989 ........................................ 1990 ........................................ 1991 ........................................ 1992 ........................................ 1993 ........................................ 1994 ........................................ 1995 ........................................ 1996 ........................................ 1997 p ...................................... 1,488.1 1,376.1 1,192.7 1,013.9 1,199.7 1,287.6 1,457.0 1,354.1 1,476.8 1,475.9 1,081.3 1,003.3 894.8 840.4 1,029.9 1,125.7 1,198.4 1,076.2 1,160.9 1,133.6 58.8 55.2 37.5 35.6 30.7 29.4 35.0 33.7 45.2 44.2 348.0 317.6 260.4 137.9 139.0 132.6 223.5 244.1 270.8 298.1 1996: Dec ............................... 1,353 1,024 48 281 1997: Jan .............................. Feb ............................... Mar .............................. Apr .............................. May ............................. June ............................. July ............................. Aug .............................. Sept .............................. Oct r ............................. Nov r ............................. Dec p ............................. 1,375 1,554 1,479 1,483 1,402 1,503 1,465 1,395 1,507 1,527 1,531 1,519 1,125 1,237 1,142 1,133 1,098 1,134 1,149 1,091 1,181 1,122 1,161 1,092 43 44 45 40 34 37 37 42 46 63 40 55 207 273 292 310 270 332 279 262 280 342 330 372 Units authorized 1,455.6 1,338.4 1,110.8 948.8 1,094.9 1,199.1 3 1,371.6 1,332.5 1,425.6 1,442.3 Units completed Homes sold Homes for sale at end of period 1 Vacancy rate for rental housing units (percent) 2 1,529.8 1,422.8 1,308.0 1,090.8 1,157.5 1,192.7 1,346.9 1,312.6 1,412.9 1,397.8 676 650 534 509 610 666 670 667 757 800 368 365 321 284 265 293 336 370 322 284 7.7 1,405 1,484 794 322 7.7 1,395 1,438 1,457 1,442 1,432 1,402 1,414 1,397 1,460 1,487 1,440 1,482 1,362 1,572 1,471 1,460 1,388 1,318 1,320 1,325 1,431 1,379 1,429 1,403 822 826 825 765 764 802 812 r 798 r 816 785 857 777 308 300 287 291 288 288 288 286 r 285 285 283 284 ...................... ...................... 7.5 ...................... ...................... 7.9 ...................... ...................... 7.9 ...................... ...................... 7.7 2 7.4 7.2 7.4 7.4 2 7.3 7.4 7.6 7.8 7.7 Seasonally adjusted annual rates 1 Seasonally adjusted. 2 Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993 data have been revised to be comparable with new series beginning in 1994. Quarterly data entered in last month of quarter. 3 The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units. NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units authorized are for 17,000 places. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In November, manufacturing and trade sales fell 0.3 percent and inventories rose $3.7 billion. According to advance data, retail sales rose 0.7 percent in December, following a rise of 0.3 percent in November. Manufacturing and trade 1 Wholesale Retail Inventory-sales ratio 4 Sales 2 Period Sales 2 Inventories 3 Sales 2 Inventories 3 Total Durable goods stores Inventories 3 Nondurable goods stores Total Durable goods stores Nondurable goods stores Manufacturing and trade 1 Retail Millions of dollars, seasonally adjusted, except as noted 1988 ................................... 1989 ................................... 1990 ................................... 1991 ................................... 1992 ................................... 1993 .................................. 1994 .................................. 1995 .................................. 1996 .................................. 1997 p ................................. 497,157 767,222 527,039 815,455 545,909 840,396 542,815 834,287 567,176 842,204 595,049 867,513 637,585 930,049 681,597 985,905 r 716,763 1,004,795 752,024 .................. 134,521 143,760 149,506 148,306 154,150 161,681 172,973 188,811 201,723 210,608 178,801 187,009 195,550 200,062 207,663 215,878 234,893 253,066 r 256,178 272,487 138,017 146,581 153,718 154,661 162,632 172,732 185,610 193,670 203,775 212,375 52,430 54,763 55,736 54,165 58,634 64,677 72,784 77,085 82,778 86,851 85,587 219,047 112,453 106,594 1.49 1.54 91,818 237,234 121,347 115,887 1.52 1.58 97,981 239,773 121,105 118,668 1.52 1.55 100,497 243,275 119,039 124,236 1.53 1.54 103,999 251,994 122,948 129,046 1.48 1.52 108,055 267,497 133,624 133,873 1.44 1.51 112,826 290,128 149,840 140,288 1.41 1.50 116,585 303,750 159,767 143,983 1.42 1.55 120,997 314,183 165,997 148,186 1.39 1.52 125,524 ................ ................ ................ ................ ................ 1996: Nov r ....................... Dec r ....................... 730,974 727,785 1,003,740 1,004,795 205,712 204,951 255,670 256,178 205,966 206,528 83,561 83,495 122,405 123,033 1997: Jan ........................ Feb ........................ Mar ......................... Apr ......................... May ........................ June ....................... July ........................ Aug ......................... Sept ........................ Oct r ........................ Nov p ....................... Dec p ....................... 737,464 1,007,618 747,790 1,011,899 745,460 1,013,376 746,769 1,017,150 742,945 1,019,025 750,027 1,026,255 757,485 1,027,787 752,886 1,030,243 762,543 1,037,172 759,880 1,040,265 757,967 1,043,916 765,554 .................. 207,506 211,801 210,195 209,926 210,008 210,772 211,041 208,336 213,372 212,229 210,919 212,531 257,895 258,088 259,389 258,046 259,029 264,154 262,314 264,899 268,112 268,183 270,004 272,487 210,233 213,022 212,342 209,934 209,370 210,940 213,549 214,372 213,805 213,517 r 214,093 215,637 85,344 87,786 87,042 85,472 84,759 85,762 87,228 88,014 87,025 86,863 r 87,712 89,382 1 See page 21 for manufacturing. 2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 20 3 Seasonally 312,870 314,183 165,498 165,997 147,372 148,186 1.52 1.52 124,889 313,980 165,441 148,539 1.37 1.49 125,236 315,938 167,380 148,558 1.35 1.48 125,300 315,427 167,444 147,983 1.36 1.49 124,462 317,596 168,701 148,895 1.36 1.51 124,611 316,536 167,928 148,608 1.37 1.51 125,178 317,278 168,696 148,582 1.37 1.50 126,321 318,871 169,863 149,008 1.36 1.49 126,358 316,897 168,855 148,042 1.37 1.48 126,780 319,908 170,573 149,335 1.36 1.50 126,654 319,943 171,376 148,567 1.37 1.50 r126,381 319,730 171,168 148,562 1.38 1.49 126,255 ................ ................ ................ ................ ................ adjusted, end of period. data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 4 Annual 1.37 1.38 MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS In December, manufacturers’ shipments rose; inventories and new and unfilled orders fell. Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital Nondurable goods goods industries, nondefense Manufacturers’ unfilled orders 2 Manufacturers’ inventory— shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 1988 .................................... 1989 .................................... 1990 .................................... 1991 .................................... 1992 .................................... 1993 .................................... 1994 .................................... 1995 .................................... 1996 .................................... 1997 p ................................... 1996: Dec .......................... 1997: Jan .......................... Feb .......................... Mar ......................... Apr ........................... May .......................... June ......................... July .......................... Aug ........................... Sept ......................... Oct r .......................... Nov p ......................... Dec p ......................... 224,619 236,698 242,686 239,847 250,394 260,635 279,002 299,116 311,265 329,040 316,306 319,725 322,967 322,923 326,909 323,567 328,315 332,895 330,178 335,366 334,064 332,955 337,386 118,458 123,158 123,776 121,000 128,489 135,886 149,131 160,101 167,166 180,144 169,504 171,403 174,862 176,224 178,482 175,900 180,687 183,827 181,131 185,496 183,602 r182,847 185,752 106,161 113,540 118,910 118,847 121,905 124,749 129,870 139,015 144,099 148,897 146,802 148,322 148,105 146,699 148,427 147,667 147,628 149,068 149,047 149,870 150,462 150,108 151,634 369,374 391,212 405,073 390,950 382,547 384,138 405,028 429,089 434,434 453,738 434,434 435,743 437,873 438,560 441,508 443,460 444,823 446,602 448,447 449,152 452,139 454,182 453,738 242,468 257,513 263,209 250,019 238,166 239,404 253,691 265,915 271,329 283,985 271,329 272,652 274,170 274,633 276,992 278,084 279,166 280,800 281,878 281,762 283,477 284,649 283,985 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 126,906 133,699 141,864 140,931 144,381 144,734 151,337 163,174 163,105 169,753 163,105 163,091 163,703 163,927 164,516 165,376 165,657 165,802 166,569 167,390 168,662 169,533 169,753 228,270 239,572 244,507 238,805 248,212 257,698 279,733 300,353 314,197 330,963 316,898 323,864 326,537 321,146 325,544 324,042 329,554 331,138 335,040 336,264 336,631 344,833 336,203 122,076 126,055 125,583 119,849 126,308 133,081 149,542 161,469 169,963 182,025 170,016 175,803 178,872 173,944 177,112 176,443 181,584 181,679 186,195 186,210 186,028 r194,741 184,538 31,108 32,988 33,331 30,471 31,524 31,694 35,697 40,561 43,913 47,588 43,162 45,094 46,264 44,505 43,751 44,211 47,211 47,412 47,987 48,625 49,930 r 58,728 45,996 106,194 113,516 118,924 118,957 121,905 124,617 130,191 138,885 144,234 148,938 146,882 148,061 147,665 147,202 148,432 147,599 147,970 149,459 148,845 150,054 150,603 150,092 151,665 474,154 508,849 531,131 519,199 493,184 458,245 467,369 482,605 517,647 541,193 517,647 521,786 525,356 523,579 522,214 522,689 523,928 522,171 527,033 527,931 530,498 542,376 541,193 1.57 1.63 1.65 1.65 1.54 1.48 1.41 1.41 1.39 1.35 1.37 1.36 1.36 1.36 1.35 1.37 1.35 1.34 1.36 1.34 1.35 1.36 1.34 3 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES The producer price index for all finished goods fell 0.2 percent in December. Prices of finished consumer foods fell 0.1 percent, while prices of other finished consumer goods also fell 0.1 percent. Capital equipment prices fell 0.2 percent. [1982=100; monthly data seasonally adjusted] Finished goods Finished goods excluding consumer foods Period Total finished goods Consumer foods Consumer goods Total Total 1988 ............... 1989 ............... 1990 ............... 1991 ............... 1992 ............... 1993 ............... 1994 ............... 1995 ............... 1996 ............... 1997 p ............. 1996: Dec ...... 1997: Jan ..... Feb ...... Mar ..... Apr ...... May .... June .... July .... Aug r ... Sept ..... Oct ...... Nov ..... Dec ...... 108.0 113.6 119.2 121.7 123.2 124.7 125.5 127.9 131.3 131.8 133.4 133.0 132.6 132.3 131.6 131.3 131.1 131.0 131.4 132.0 132.1 131.9 131.7 112.6 118.7 124.4 124.1 123.3 125.7 126.8 129.0 133.6 134.5 135.9 134.6 134.1 135.2 134.7 135.3 134.1 133.8 134.1 134.2 134.7 134.6 134.5 106.5 111.8 117.4 120.9 123.1 124.4 125.1 127.5 r130.5 130.9 132.5 132.4 132.0 131.4 130.6 130.0 130.2 130.0 130.5 131.3 131.3 131.0 130.8 103.1 108.9 115.3 118.7 120.8 121.7 121.6 124.0 127.6 128.2 130.3 130.2 129.7 128.8 127.6 127.0 127.2 127.0 127.7 128.6 128.7 128.3 128.2 1 Intermediate materials for food manufacturing and feeds. NOTE.—Beginning 1996, indexes are based on updated value weights. 22 Durable 113.8 117.6 120.4 123.9 125.7 128.0 130.9 132.7 134.2 133.8 134.5 134.4 134.5 134.6 134.4 133.6 133.5 132.7 133.0 133.9 134.1 133.7 133.4 Nondurable 97.3 103.8 111.5 115.0 117.3 117.6 116.2 118.8 123.3 124.3 127.0 126.8 126.1 124.7 123.2 122.6 123.0 123.1 123.9 124.8 124.8 124.5 124.4 Capital equipment 114.3 118.8 122.9 126.7 129.1 131.4 134.1 136.7 138.3 138.3 138.5 138.6 138.5 138.5 138.4 138.1 138.2 138.0 138.0 138.4 138.3 138.2 137.9 Total finished consumer goods 106.2 112.1 118.2 120.5 121.7 123.0 123.3 125.6 129.5 130.2 132.1 131.6 131.1 130.8 129.9 129.6 129.4 129.2 129.7 130.4 130.6 130.3 130.2 Intermediate materials Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other 107.1 112.0 114.5 114.4 114.7 116.2 118.5 124.9 r125.7 125.6 126.4 126.6 126.4 125.9 125.5 125.3 125.3 125.2 125.4 125.6 125.5 125.7 125.4 109.5 113.8 113.3 111.1 110.7 112.7 114.8 114.8 128.1 125.4 125.6 125.0 124.9 127.1 127.7 128.4 126.5 124.5 124.2 125.9 122.4 124.4 123.3 106.9 111.9 114.5 114.6 114.9 116.4 118.7 125.5 125.6 125.7 126.5 126.7 126.6 125.9 125.4 125.2 125.3 125.2 125.5 125.6 125.7 125.8 125.6 96.0 103.1 108.9 101.2 100.4 102.4 101.8 102.7 113.8 110.9 122.1 126.7 116.2 107.3 107.9 110.2 106.7 106.6 107.2 108.0 112.3 114.1 107.7 106.1 111.2 113.1 105.5 105.1 108.4 106.5 105.8 121.5 112.2 114.5 113.1 111.5 113.7 117.2 117.0 110.4 110.9 110.7 110.6 110.6 110.3 109.5 85.5 93.4 101.5 94.6 93.5 94.7 94.8 96.8 104.5 106.0 122.7 131.0 115.1 99.2 97.8 101.7 100.3 99.9 100.9 102.4 109.2 112.4 102.6 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In December, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted; it fell 0.1 percent not seasonally adjusted. The index was 1.7 percent above its year-earlier level. [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted] All items 1 Housing Transportation Shelter Period Rel. imp.3 ....................................... 1988 ............................................... 1989 ............................................... 1990 ............................................... 1991 ............................................... 1992 ............................................... 1993 ............................................... 1994 ............................................... 1995 ............................................... 1996 ............................................... 1997 ............................................... 1996: Dec ..................................... 1997: Jan ..................................... Feb ..................................... Mar .................................... Apr ..................................... May .................................... June ................................... July .................................... Aug ..................................... Sept .................................... Oct ..................................... Nov ..................................... Dec ..................................... Not season- Seasonally ally adjust- adjusted ed (NSA) 100.0 118.3 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 158.6 159.1 159.6 160.0 160.2 160.1 160.3 160.5 160.8 161.2 161.6 161.5 161.3 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 159.2 159.4 159.8 159.9 160.0 160.1 160.3 160.6 160.9 161.3 161.6 161.8 161.9 Food Total 1 Total 15.9 118.2 125.1 132.4 136.3 137.9 140.9 144.3 148.4 153.3 157.3 156.4 156.0 156.5 156.5 156.2 156.8 157.1 157.6 158.3 158.4 158.7 159.0 158.9 41.2 118.5 123.0 128.5 133.6 137.5 141.2 144.8 148.5 152.8 156.8 154.7 155.2 155.6 155.6 155.9 156.1 156.5 156.8 156.9 157.3 157.7 158.2 158.4 Main- Fuel Rent- Homeownteand ers’ ers’ nance other costs costs and utili(Dec. (Dec. reties 1982= 1982= pairs 100) 100) (NSA) 28.2 127.1 132.8 140.0 146.3 151.2 155.7 160.5 165.7 171.0 176.3 172.9 173.4 174.0 174.3 174.9 175.4 175.8 176.2 176.6 177.0 177.5 177.9 178.7 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. 3 Relative importance, December 1996. 8.0 133.6 138.9 146.7 155.6 160.9 165.0 169.4 174.3 180.2 186.4 181.7 182.8 183.4 183.9 184.5 184.8 185.4 185.3 185.7 186.4 187.6 187.6 188.9 20.0 131.1 137.3 144.6 150.2 155.3 160.2 165.5 171.0 176.5 181.5 178.6 179.0 179.5 179.8 180.4 180.9 181.2 181.9 182.4 182.6 182.9 183.5 184.1 0.2 114.7 118.0 122.2 126.3 128.6 130.6 130.8 135.0 139.0 143.7 141.5 141.5 142.3 142.4 142.5 143.2 143.3 145.4 145.5 142.6 144.7 144.9 145.6 7.1 104.4 107.8 111.6 115.3 117.8 121.3 122.8 123.7 127.5 130.8 130.3 131.2 131.6 130.5 130.2 129.4 130.2 130.5 129.9 130.7 131.1 132.3 130.8 Apparel and up- Total 1 keep 5.3 115.4 118.6 124.1 128.7 131.9 133.7 133.4 132.0 131.7 132.9 131.8 132.3 132.6 132.2 133.4 133.6 133.3 133.5 132.2 132.6 132.7 132.9 133.0 17.1 108.7 114.1 120.5 123.8 126.5 130.4 134.3 139.1 143.0 144.3 145.7 145.4 145.3 145.4 144.8 143.6 143.2 143.3 144.2 144.8 144.9 143.9 143.6 New cars Medical Motor care fuel Energy 2 All items less food and energy 4.0 116.9 119.2 121.0 125.3 128.4 131.5 136.0 139.0 141.4 141.7 142.2 141.9 141.9 142.0 142.0 141.8 141.7 141.8 141.7 141.7 141.4 141.2 140.8 3.2 80.9 88.5 101.2 99.4 99.0 98.0 98.5 100.0 106.3 106.2 111.1 111.8 111.8 109.5 106.8 102.5 101.4 101.2 106.2 108.0 107.5 105.2 104.2 7.0 89.3 94.3 102.1 102.5 103.0 104.2 104.6 105.2 110.1 111.5 113.7 114.6 114.9 112.9 111.2 108.5 108.5 108.4 110.2 111.6 111.7 111.5 109.7 77.0 123.4 129.0 135.5 142.1 147.3 152.2 156.5 161.2 165.6 169.5 167.7 167.9 168.3 168.7 169.2 169.5 169.7 170.0 170.1 170.4 170.8 171.0 171.4 7.3 138.6 149.3 162.8 177.0 190.1 201.4 211.0 220.5 228.2 234.6 231.5 231.9 232.3 233.2 233.8 234.5 234.9 235.0 235.5 235.9 236.1 236.9 238.0 NOTE.—Data incorporate a rental equivalence measure for homeownership costs (beginning 1983). Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Period Change from preceding period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Excluding foods Foods Change from year earlier, total finished goods NSA Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 2.5 5.2 4.9 2.1 1.2 1.2 .6 1.9 2.7 .4 Change, Dec. to Dec., NSA 1988 .......................... 1989 .......................... 1990 .......................... 1991 .......................... 1992 .......................... 1993 .......................... 1994 .......................... 1995 .......................... 1996 .......................... 1997 p ........................ 4.0 4.9 5.7 ¥.1 1.6 .2 1.7 2.3 2.8 ¥1.2 5.7 5.2 2.6 ¥1.5 1.6 2.4 1.1 1.9 3.4 ¥1.0 3.1 5.3 8.7 ¥.7 1.6 ¥1.4 2.0 2.3 3.7 ¥1.5 3.6 3.8 3.4 2.5 1.7 1.8 2.0 2.2 .4 ¥.5 Change, month to month 1996: Dec ................. 0.5 ¥0.2 1.0 0 1997: Jan ................. Feb ................. Mar ............... Apr ................. May ............... June ............... July ................ Aug ................ Sept ............... Oct ................. Nov ................ Dec ................. ¥.3 ¥.3 ¥.2 ¥.5 ¥.2 ¥.2 ¥.1 .3 .5 .1 ¥.2 ¥.2 ¥1.0 ¥.4 .8 ¥.4 .4 ¥.9 ¥.2 .2 .1 .4 ¥.1 ¥.1 ¥.1 ¥.4 ¥.7 ¥.9 ¥.5 .2 ¥.2 .6 .7 .1 ¥.3 ¥.1 .1 ¥.1 0 ¥.1 ¥.2 .1 ¥.1 0 .3 ¥.1 ¥.1 ¥.2 4.3 2.4 7.0 ¥0.6 3.4 3.5 4.8 0.3 2.8 1.5 ¥.3 ¥3.3 ¥4.1 ¥3.9 ¥3.6 ¥1.8 .3 2.8 3.4 1.5 ¥.9 ¥4.6 ¥6.0 ¥2.0 .3 3.6 ¥3.2 ¥2.6 ¥3.5 .3 2.7 1.5 .9 5.1 2.2 ¥4.5 ¥7.8 ¥8.1 ¥4.9 ¥1.9 2.2 4.5 5.5 1.9 ¥1.2 .3 2.8 1.5 .5 ¥1.4 ¥2.1 ¥3.4 ¥3.0 ¥1.8 ¥.5 .8 .9 .9 1.4 ¥.7 .1 ¥2.2 ¥1.3 ¥2.6 ¥1.2 0 ¥1.5 0 ¥1.0 .6 4.4 3.2 1.1 ¥1.5 ¥3.1 ¥4.7 ¥4.9 ¥3.1 ¥.3 1.7 2.1 1.6 .4 2.5 2.2 1.5 .8 .4 ¥.1 ¥.2 ¥.2 0 ¥.2 ¥.6 ¥1.2 0 0 ¥.6 ¥1.2 ¥.9 ¥1.2 ¥.3 .6 .9 .6 ¥1.4 0 ¥.3 ¥.1 ¥.6 ¥.4 ¥.9 ¥.7 ¥.1 ¥.1 .1 ¥.4 Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing Transportation Shelter Period All items 1 Food Total 1 Total 1 Renters’ costs Homeowners’ costs Fuel and other utilities Apparel and 1 upkeep Total New cars Motor fuel Medical care Energy 2 All items less food and energy Addendum: All items, percent change (annual rate) From previous quarter 3 From From From 3 6 year months months earlier earlier earlier NSA Change, December to December, NSA 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 ............................. ............................. ............................. ............................. ............................. ............................. ............................. ............................. ............................. ............................. 4.4 4.6 6.1 3.1 2.9 2.7 2.7 2.5 3.3 1.7 5.2 5.6 5.3 1.9 1.5 2.9 2.9 2.1 4.3 1.5 4.0 3.9 4.5 3.4 2.6 2.7 2.2 3.0 2.9 2.4 4.5 4.9 5.2 3.9 2.9 3.0 3.0 3.5 2.9 3.4 3.9 4.5 6.7 4.2 2.8 2.6 2.3 3.0 3.4 3.9 4.7 5.1 4.7 3.7 2.9 3.2 3.3 3.7 2.8 3.1 2.9 4.7 3.0 2.1 ¥2.1 3.2 1.0 4.0 2.3 6.8 4.0 5.1 10.4 1.4 36.5 2.9 3.4 ¥1.5 3.3 ¥16.0 2.3 1.4 3.0 2.3 1.8 2.5 .9 2.4 2.8 ¥5.4 .2 ¥1.6 3.8 3.2 5.9 1.4 .1 1.5 1.6 ¥4.0 4.6 ¥.2 4.4 1.6 12.7 .5 1.0 ¥1.4 ¥1.0 ¥6.2 6.9 8.5 9.6 7.9 6.6 5.4 4.9 3.9 3.0 2.8 0.5 5.1 18.1 ¥7.4 2.0 ¥1.4 2.2 ¥1.3 8.6 ¥3.4 4.7 4.4 5.2 4.4 3.3 3.2 2.6 3.0 2.6 2.2 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 4.1 4.8 5.4 4.2 3.0 3.0 2.6 2.8 3.0 2.3 Change, month to month 1996: Dec ................... 0.3 0 0.2 0.2 0.1 1997: Jan ................... Feb ................... Mar .................. Apr ................... May .................. June ................. July .................. Aug ................... Sept .................. Oct ................... Nov ................... Dec ................... .1 .3 .1 .1 .1 .1 .2 .2 .2 .2 .1 .1 ¥.3 .3 0 ¥.2 .4 .2 .3 .4 .1 .2 .2 ¥.1 .3 .3 .3 .3 .2 .3 .3 .2 .2 .2 .2 .3 .2 .4 .6 .3 .3 .3 .2 .3 ¥.1 .2 .4 .6 0 .7 0 .2 .1 .3 .2 .1 .3 .3 .3 .1 0.2 0.1 0.6 0.1 2.5 0.2 1.5 0.2 3.3 3.3 3.2 3.3 .2 .7 .4 .3 .3 .2 .2 ¥.8 ¥.3 .3 ¥.2 .9 .3 ¥.6 .1 .2 .6 ¥.2 .4 .2 .2 .3 ¥.5 ¥1.0 .1 .6 .3 .2 .3 .1 .3 .9 .2 .3 ¥1.1 .1 0.5 ¥.2 ¥.1 .1 ¥.4 ¥.8 ¥.3 .1 .6 .4 .1 ¥.7 ¥.2 ¥.2 0 .1 0 ¥.1 ¥.1 .1 ¥.1 0 ¥.2 ¥.1 ¥.3 .6 .2 .2 .4 .3 .3 .2 .0 .2 .2 .1 .3 .5 .8 .3 ¥1.7 ¥1.5 ¥2.4 0 ¥.1 1.7 1.3 .1 ¥.2 ¥1.6 .1 .2 .2 .3 .2 .1 .2 .1 .2 .2 .1 .2 .......... .......... 2.3 .......... .......... 1.0 .......... .......... 2.0 .......... .......... 2.3 2.8 2.5 1.8 1.5 .8 1.0 1.5 2.0 2.5 2.5 2.3 1.5 2.9 3.1 2.5 2.2 1.6 1.4 1.5 1.4 1.8 2.0 2.1 2.0 3.0 3.0 2.8 2.5 2.2 2.3 2.2 2.2 2.2 2.1 1.8 1.7 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 24 3 Quarterly 0 ¥2.1 ¥2.5 ¥4.0 ¥1.1 ¥.2 4.9 1.7 ¥.5 ¥2.1 ¥1.0 changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS In January, prices received by farmers fell 1.9 percent while prices paid by farmers were unchanged. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 All farm products Prices paid by farmers Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items ................................ ................................ ................................ ................................ ................................ ................................ ................................ ................................ ................................ ................................ 99 104 104 100 98 101 100 102 112 107 104 109 103 101 101 102 105 112 126 115 93 100 105 99 97 100 95 92 99 99 91 96 99 100 101 104 106 110 115 116 92 97 99 100 101 102 105 109 114 116 90 95 99 100 101 103 106 109 115 116 1997: Jan ...................... Feb ...................... Mar ...................... Apr ...................... May ...................... June ..................... July ...................... Aug ...................... Sept ..................... Oct ....................... Nov ...................... Dec ...................... 108 105 108 107 108 108 107 108 107 107 107 105 116 113 118 116 117 119 r 114 r 116 114 r 114 115 111 98 98 99 100 100 98 100 99 99 97 98 97 116 116 117 117 117 117 116 116 116 116 116 116 115 116 117 117 117 116 116 115 116 115 115 115 115 115 116 117 117 117 116 116 116 115 r 115 115 1998: Jan ...................... 103 111 94 116 116 115 1 Includes items not shown separately. 2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. Ratio 2 108 108 105 99 97 97 94 93 98 92 93 91 r 92 91 92 92 92 93 92 92 92 91 89 NOTE.—The official indexes are published on a 1910–14 base as required by law. The indexes have been converted to a 1990–92=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES M2 and M3 grew at the same rate in December as in November. (Series revised.) [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted] M1 M2 M3 Sum of currency, demand deposits, travelers’ checks, and other checkable deposits (OCDs) M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits M2 plus large time deposits, RPs, Eurodollars, and institutiononly MMMF balances Dec r ................................ Dec r ................................ Dec r ................................ Dec r ................................ Dec r ................................ Dec r ................................ Dec r ................................ Dec r ................................ Dec r ................................ Dec ................................. 787.0 794.2 825.8 897.3 1,025.0 1,129.9 1,150.7 1,128.7 1,082.8 1,076.0 2,996.4 3,161.0 3,279.6 3,379.9 3,434.7 3,487.5 3,503.0 3,651.2 3,826.1 4,040.2 1996: Nov r ................................ Dec r ................................ 1,081.3 1,082.8 1997: Jan r ................................ Feb r ................................ Mar r ............................... Apr r ................................ May r ............................... June r .............................. July r ............................... Aug r ................................ Sept r ............................... Oct r ................................ Nov r ................................ Dec ................................. 1,080.8 1,078.8 1,075.0 1,068.3 1,064.3 1,065.4 1,065.6 1,071.1 1,063.5 1,061.9 1,069.2 1,076.0 Period 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: L Debt M3 plus other liquid assets Debt of domestic nonfinancial sectors (monthly average of adjacent month-end levels) 1 3,913.1 4,066.3 4,126.8 4,182.1 4,193.5 4,258.9 4,333.6 4,595.6 4,935.5 5,369.9 4,663.7 4,893.2 4,977.5 5,008.0 5,081.4 5,173.0 5,315.8 5,702.2 6,088.4 .................... 9,429.2 10,150.8 10,825.4 11,301.9 11,842.0 12,462.1 13,078.0 13,773.3 14,496.6 ...................... 5.0 .9 4.0 8.7 14.2 10.2 1.8 ¥1.9 ¥4.1 ¥.6 5.8 5.5 3.8 3.1 1.6 1.5 .4 4.2 4.8 5.6 6.5 3.9 1.5 1.3 .3 1.6 1.8 6.0 7.4 8.8 8.9 7.7 6.6 4.4 4.8 5.2 4.9 5.3 5.3 ............ 3,804.5 3,826.1 4,894.2 4,935.5 6,053.1 6,088.4 14,446.6 14,496.6 ¥6.4 ¥6.0 4.2 4.4 6.5 7.2 5.1 4.9 3,840.7 3,853.3 3,868.9 3,890.0 3,892.7 3,908.2 3,922.0 3,953.1 3,973.8 3,993.1 4,017.5 4,040.2 4,961.1 4,997.8 5,032.0 5,075.2 5,091.2 5,114.3 5,154.2 5,199.3 5,237.2 5,274.1 5,323.7 5,369.9 6,113.6 6,160.6 6,204.3 6,260.3 6,290.4 6,317.5 6,350.1 6,406.7 6,445.1 6,479.0 p 6,543.4 .................... 14,538.1 14,595.8 14,657.5 14,728.7 14,775.7 14,805.5 14,860.6 14,917.8 14,975.9 15,042.5 p 15,107.9 ...................... ¥5.3 ¥3.9 ¥3.6 ¥2.5 ¥3.1 ¥3.2 ¥2.8 ¥1.4 ¥2.1 ¥1.2 .9 2.0 4.6 4.8 5.0 5.5 4.6 4.3 4.2 5.2 5.4 5.3 6.4 6.8 7.4 8.2 8.3 8.6 8.1 7.2 7.8 8.1 8.2 7.8 9.1 10.0 4.5 4.5 4.7 4.8 4.6 4.3 4.4 4.4 4.3 4.3 4.5 ............ 1 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data derived from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 26 Percent change from year or 6 months earlier 2 M1 M2 M3 NOTE.—See p. 27 for components. Series revised to reflect annual benchmarking and seasonal adjustment revisions. Source: Board of Governors of the Federal Reserve System. Debt COMPONENTS OF MONEY STOCK AND LIQUID ASSETS [Averages of daily figures; billions of dollars, seasonally adjusted] Currency Period 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: Other Decheckmand able depos- deposits its (OCDs) Money market mutual fund balances Retail Dec ............................ Dec ............................ Dec r ........................... Dec r ........................... Dec r ........................... Dec r ........................... Dec r ........................... Dec r ........................... Dec r ........................... Dec ............................ 212.3 222.7 246.8 267.3 292.9 322.2 354.3 372.4 394.9 425.6 286.8 279.3 277.4 289.6 339.5 385.2 384.0 391.0 403.6 397.1 280.9 285.3 293.9 332.5 384.4 414.5 403.9 356.4 275.9 245.1 245.9 321.7 357.2 372.2 354.0 355.6 385.0 454.9 522.8 601.6 1996: Nov r ........................... Dec r ........................... 392.4 394.9 402.5 403.6 277.7 275.9 1997: Jan r ........................... Feb r ........................... Mar r .......................... Apr r ........................... May r .......................... June r ......................... July r .......................... Aug r .......................... Sept r .......................... Oct r ........................... Nov r ........................... Dec ............................ 396.9 399.6 401.6 403.5 406.0 408.0 410.5 412.6 415.6 418.3 421.9 425.6 402.2 402.4 402.4 397.3 396.6 398.3 398.4 401.9 391.9 389.6 394.5 397.1 273.2 268.2 262.5 259.1 253.4 251.1 248.4 248.2 247.8 245.8 244.6 245.1 Savings deposits, including money market Instideposit tution accounts only (MMDAs) r 92.5 Small denomination time deposits 1 Large denomination time deposits 1 Overnight and term repurchase agreements (RPs) (net) Overnight and term Eurodollars (net) Shortterm Treasury securities Savings bonds Bankers’ acceptances Commercial paper 138.8 186.8 209.8 212.6 203.1 253.9 310.3 376.2 926.3 893.7 923.8 1,045.2 1,187.4 1,219.5 1,149.9 1,134.7 1,271.7 1,397.5 1,037.1 1,151.4 1,172.7 1,065.3 868.3 782.6 817.4 933.0 948.8 965.2 518.3 541.5 481.0 416.6 353.5 333.6 363.4 419.6 491.3 579.4 189.0 158.0 138.8 119.5 128.6 158.8 183.3 182.4 194.2 235.6 117.0 109.4 266.8 40.2 334.3 95.2 117.5 324.0 40.7 344.6 88.7 126.0 334.1 36.2 354.4 79.3 137.9 328.8 23.9 335.2 66.9 156.6 344.7 21.0 365.7 66.3 171.5 340.6 14.9 387.1 80.8 180.2 382.8 14.1 405.0 88.6 184.7 469.1 11.4 441.3 113.7 186.9 455.1 12.4 498.5 138.6 ............ ............ ............ .............. 514.6 522.8 304.2 310.3 1,261.6 1,271.7 947.0 948.8 482.2 491.3 195.6 194.2 107.8 113.7 528.4 534.5 541.9 551.4 551.2 556.4 562.5 575.9 587.1 592.1 599.2 601.6 309.9 319.8 325.9 328.5 331.8 338.3 342.7 348.4 356.6 363.4 365.7 376.2 1,281.4 1,288.8 1,300.4 1,317.2 1,320.6 1,325.8 1,331.4 1,343.0 1,359.7 1,374.7 1,384.5 1,397.5 950.1 951.2 951.6 953.1 956.6 960.6 962.5 963.1 963.5 964.4 964.7 965.2 496.6 505.4 516.8 528.8 531.0 538.6 550.5 552.3 559.6 562.2 572.1 579.4 197.2 200.0 198.9 202.4 204.1 199.8 207.4 210.0 209.2 219.0 233.5 235.6 116.8 186.7 443.1 12.2 510.5 119.3 186.6 444.7 12.8 518.7 121.4 186.5 446.5 13.3 526.1 125.5 186.4 451.4 12.8 534.5 131.5 186.3 458.9 13.0 541.1 129.3 186.4 450.9 12.8 553.2 131.7 186.4 433.3 12.7 563.6 135.5 186.4 444.8 12.9 563.2 137.9 186.4 444.8 12.9 563.9 136.3 186.4 434.0 13.3 571.3 134.9 p 186.4 p 439.2 p 12.9 p 581.3 138.6 ............ ............ ............ .............. r 110.7 1 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. 186.9 186.9 473.5 455.1 12.4 12.4 486.1 498.5 NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown here. See Note, p. 26. Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Borrowings of depository institutions from the Federal Reserve (NSA) Reserves of depository institutions Period Total Nonborrowed Nonborrowed plus extended credit Required Monetary base ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ 40,428 40,522 41,797 45,563 54,383 60,545 59,404 56,386 50,063 47,196 38,712 40,257 41,471 45,371 54,260 60,463 59,195 56,129 49,908 46,872 39,957 40,277 41,494 45,371 54,260 60,463 59,195 56,129 49,908 46,872 39,381 39,600 40,132 44,584 53,228 59,482 58,236 55,109 48,639 45,513 r 257,037 1997: Jan ............................................................................ Feb ............................................................................ Mar ............................................................................ Apr ............................................................................. May ............................................................................ June ........................................................................... July ............................................................................ Aug ............................................................................. Sept ............................................................................ Oct ............................................................................. Nov r ........................................................................... Dec ............................................................................ 49,517 49,008 48,312 47,430 47,048 47,108 46,885 47,414 46,666 46,454 46,865 47,196 49,472 48,966 48,155 47,170 46,805 46,741 46,476 46,816 46,229 46,184 46,712 46,872 49,472 48,966 48,155 47,170 46,805 46,741 46,476 46,816 46,229 46,184 46,712 46,872 48,293 47,977 47,151 46,420 45,808 45,828 45,683 46,161 45,371 45,058 45,248 45,513 r 454,121 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. r 267,785 r 293,255 r 317,474 r 351,116 r 386,610 r 418,182 r 434,230 r 452,471 480,588 Seasonal Extended credit 1,716 265 326 192 124 82 209 257 155 324 130 84 76 38 18 31 100 40 68 79 1,244 20 23 1 1 0 0 0 0 0 45 42 156 261 243 367 409 598 438 270 153 324 19 21 37 88 173 243 330 385 368 227 115 79 0 0 0 0 0 0 0 0 0 0 0 0 Total r 455,651 r 457,011 r 458,178 r 459,575 r 461,719 r 464,460 r 467,017 r 469,675 r 472,317 r 476,604 480,588 Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 0.5 percent in December; commercial and industrial loans rose 1.2 percent. [Billions of dollars, seasonally adjusted 1] Securities in bank credit Period 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: Total bank credit Total securities Loans and leases in bank credit U.S. Total loans CommerGovernOther and cial and ment securities leases 2 industrial securities Real estate Total Revolving home equity Consumer Security Other Other Dec ................... Dec ................... Dec ................... Dec .................... Dec ................... Dec ................... Dec ................... Dec ................... Dec r .................. Dec ................... 2,435.5 2,609.2 2,754.6 r 2,858.9 2,958.4 3,118.3 3,332.5 3,616.2 3,770.2 4,110.3 562.2 585.1 634.9 r 745.7 843.0 917.6 951.9 996.0 989.8 1,102.0 367.4 401.0 457.0 r 566.0 666.2 732.7 730.6 707.9 705.4 751.8 194.9 184.2 177.9 179.7 176.8 184.9 221.2 288.1 284.4 350.2 1,873.3 2,024.1 2,119.7 2,113.2 2,115.4 2,200.7 2,380.6 2,620.2 2,780.4 3,008.4 607.6 638.8 641.1 619.6 596.2 586.6 646.0 718.2 782.2 857.3 675.2 770.3 856.3 880.6 901.5 941.5 1,003.4 1,079.9 1,129.0 1,225.3 40.0 50.2 62.3 69.6 73.5 73.0 75.3 79.1 84.8 98.3 635.2 720.1 794.0 811.0 828.0 868.4 928.1 1,000.8 1,044.2 1,127.0 357.2 377.7 383.2 366.4 358.9 391.2 452.4 496.5 521.0 509.0 40.7 41.5 45.4 55.4 65.6 90.3 79.1 86.6 78.5 97.1 192.6 195.7 193.9 191.3 193.3 191.3 199.7 239.0 269.8 319.7 1997: Jan r .................. Feb r .................. Mar r .................. Apr r .................. May r ................. June r ................ July r ................. Aug r .................. Sept r ................. Octr ................... Nov r .................. Dec ................... 3,803.5 3,839.4 3,858.5 3,897.5 3,902.0 3,922.1 3,957.4 3,970.9 3,995.9 4,030.7 4,075.6 4,110.3 1,005.1 1,020.6 1,014.2 1,033.0 1,013.9 1,010.0 1,031.4 1,025.2 1,031.9 1,046.6 1,081.3 1,102.0 706.3 703.5 707.7 722.3 721.9 724.9 726.7 715.5 724.5 732.2 745.6 751.8 298.7 317.1 306.5 310.7 291.9 285.1 304.7 309.7 307.4 314.4 335.7 350.2 2,798.4 2,818.8 2,844.3 2,864.6 2,888.1 2,912.1 2,926.0 2,945.7 2,963.9 2,984.1 2,994.3 3,008.4 784.5 793.2 797.7 803.5 808.4 813.8 817.0 825.6 837.7 844.5 847.4 857.3 1,135.6 1,141.1 1,154.6 1,168.1 1,179.1 1,189.4 1,198.2 1,205.5 1,214.1 1,219.3 1,225.6 1,225.3 85.2 85.9 87.3 89.2 90.4 91.9 93.2 94.3 95.5 96.5 97.4 98.3 1,050.5 1,055.2 1,067.3 1,078.9 1,088.6 1,097.5 1,105.1 1,111.2 1,118.5 1,122.8 1,128.2 1,127.0 521.8 520.5 517.9 515.1 516.5 517.7 517.6 518.8 515.0 509.1 509.4 509.0 81.3 82.8 87.3 89.4 88.3 92.6 93.5 93.3 94.5 104.1 97.6 97.1 275.2 281.2 286.6 288.5 295.9 298.6 299.7 302.6 302.6 307.3 314.3 319.7 1 Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities. 28 2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External Period Credit market funds Total Internal 1 Total Total Total 1988 .......................... 1989 .......................... 1990 .......................... 1991 .......................... 1992 .......................... 1993 .......................... 1994 .......................... 1995 .......................... 1996 .......................... 1995: I ..................... II ................... III .................. IV .................. 1996: I ..................... II ................... III .................. IV .................. 1997: I ..................... II ................... III p ............... 852.3 744.7 593.9 491.3 601.4 701.9 791.4 980.8 1,036.5 877.0 939.9 1,035.4 1,070.9 1,050.0 1,040.4 996.1 1,059.4 1,005.3 1,083.1 1,014.6 408.6 397.3 410.4 424.2 440.1 484.0 549.8 577.5 647.9 538.8 556.9 593.5 620.7 620.0 638.0 650.5 683.1 676.5 686.6 695.4 443.7 347.4 183.5 67.1 161.3 217.9 241.6 403.3 388.6 338.2 383.0 441.9 450.2 430.0 402.4 345.6 376.3 328.8 396.5 319.2 Securities and mortgages 101.4 67.0 55.4 ¥35.5 66.6 70.4 90.4 155.4 83.7 203.6 203.3 68.1 146.5 58.1 172.6 65.4 38.6 111.2 115.0 180.4 8.3 ¥25.4 ¥12.5 81.5 76.5 95.4 ¥1.0 43.4 15.8 49.6 63.9 ¥.4 60.6 ¥3.5 97.4 ¥68.2 37.6 7.0 29.2 86.8 1 Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed capital, foreign earnings retained abroad, and inventory valuation adjustment. 2 Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in the U.S. Loans and short-term paper 93.1 92.4 67.9 ¥117.0 ¥9.9 ¥25.0 91.4 112.0 67.9 154.0 139.4 68.5 85.9 61.6 75.2 133.6 1.0 104.2 85.8 93.6 Other 2 342.3 280.4 128.1 102.6 94.7 147.5 151.2 248.0 305.0 134.6 179.6 373.8 303.6 371.9 229.9 280.1 337.8 217.6 281.5 138.8 Capital expenditures 3 743.3 623.4 498.0 498.6 549.8 802.9 789.9 976.7 1,022.9 838.6 961.9 1,002.6 1,103.5 1,033.2 938.9 1,071.5 1,048.0 980.9 1,059.6 994.5 Increase in financial assets 360.4 389.9 382.7 368.8 382.3 445.6 511.6 568.5 593.5 571.5 561.3 584.6 556.6 559.7 575.6 610.7 628.1 648.5 705.5 676.2 382.9 233.5 115.3 129.8 167.5 357.3 278.3 408.2 429.4 267.1 400.6 418.0 546.9 473.5 363.3 460.8 419.9 332.4 354.1 318.3 Discrepancy (sources less uses) 108.9 121.3 96.0 ¥7.4 51.6 ¥101.1 1.4 4.1 13.6 38.3 ¥22.1 32.8 ¥32.6 16.9 101.6 ¥75.5 11.4 24.5 23.4 20.1 3 Plant and equipment, residential structures, inventory investment, and access rights from U.S. Government. Source: Board of Governors of the Federal Reserve System. CONSUMER CREDIT [Billions of dollars; seasonally adjusted] Net change in consumer credit outstanding 1 Consumer credit outstanding (end of period) Period Total 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1997: Dec 3 .................................. Dec .................................... Dec .................................... Dec .................................... Dec .................................... Dec .................................... Dec .................................... Dec .................................... Dec .................................... Dec p .................................. Jan .................................... Feb .................................... Mar .................................... Apr .................................... May .................................... June ................................... July r .................................. Aug r .................................. Sept r ................................. Oct r ................................... Nov .................................... Dec p .................................. 719.0 779.0 789.3 777.2 779.9 838.6 959.7 1,094.2 1,179.9 1,235.8 1,189.7 1,195.4 1,197.3 1,206.2 1,209.5 1,211.7 1,216.1 1,222.2 1,223.9 1,235.5 1,231.9 1,235.8 Automobile Other 2 Revolving 285.3 290.8 283.5 263.4 262.7 288.0 327.9 364.2 392.4 414.6 393.4 393.8 392.6 396.5 397.5 399.8 403.2 403.2 405.7 410.4 409.1 414.6 1 For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Outstanding loans for mobile homes, education, boats, trailers, vacations, etc., plus noninstallment credit. 3 Data newly available in January 1989 result in breaks in many series between December 1988 and subsequent months. 184.6 211.2 238.6 263.7 278.2 309.9 365.5 443.0 499.2 528.9 505.3 509.3 509.5 512.4 514.3 516.2 520.2 523.7 526.4 530.2 528.7 528.9 249.2 277.0 267.2 250.1 239.1 240.7 266.4 287.0 288.3 292.4 291.0 292.3 295.2 297.3 297.7 295.8 292.6 295.4 291.9 295.0 294.1 292.4 Total 42.7 (4) 10.3 ¥12.1 2.7 58.7 121.1 134.5 85.7 55.9 9.8 5.7 1.9 8.9 3.3 2.2 4.4 6.1 1.7 11.6 ¥3.6 3.9 Automobile 19.2 ( 4) ¥7.3 ¥20.1 ¥.7 25.3 39.9 36.3 28.2 22.2 1.0 .4 ¥1.2 3.9 1.0 2.3 3.4 .0 2.5 4.7 ¥1.3 5.5 Revolving 23.7 ( 4) 27.4 25.1 14.5 31.7 55.6 77.5 56.2 29.7 6.1 4.0 .2 2.9 1.9 1.9 4.0 3.5 2.7 3.8 ¥1.5 .2 Other 2 ¥0.2 ( 4) ¥9.8 ¥17.1 ¥11.0 1.6 25.7 20.6 1.3 4.1 2.7 1.3 2.9 2.1 .4 ¥1.9 ¥3.2 2.8 ¥3.5 3.1 ¥.9 ¥1.7 4 Because of breaks in series, net change not available. Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates fell in January. [Percent per annum] U.S. Treasury security yields Constant Period 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1997: ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... Jan .......... Feb .......... Mar ......... Apr .......... May ......... June ....... July ......... Aug ......... Sept ........ Oct .......... Nov .......... Dec r ........ 1998: Jan .......... Week ended: 1998: Jan 10 ..... 17 .... 24 .... 31 .... Feb 7 ..... 1 Bank-discount 3-month bills (new issues) 1 3-year maturities 2 10-year 30-year Highgrade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) Prime commercial paper, 6 months 1 6.69 8.12 7.51 5.42 3.45 3.02 4.29 5.51 5.02 5.07 5.05 5.00 5.14 5.17 5.13 4.92 5.07 5.13 4.97 4.95 5.15 5.16 5.09 8.26 8.55 8.26 6.82 5.30 4.44 6.27 6.25 5.99 6.10 6.16 6.03 6.38 6.61 6.42 6.24 6.00 6.06 5.98 5.84 5.76 5.74 5.38 8.85 8.49 8.55 7.86 7.01 5.87 7.09 6.57 6.44 6.35 6.58 6.42 6.69 6.89 6.71 6.49 6.22 6.30 6.21 6.03 5.88 5.81 5.54 8.96 8.45 8.61 8.14 7.67 6.59 7.37 6.88 6.71 6.61 6.83 6.69 6.93 7.09 6.94 6.77 6.51 6.58 6.50 6.33 6.11 5.99 5.81 7.76 7.24 7.25 6.89 6.41 5.63 6.19 5.95 5.75 5.55 5.72 5.63 5.78 5.88 5.71 5.60 5.41 5.47 5.38 5.37 5.38 5.22 5.07 9.71 9.26 9.32 8.77 8.14 7.22 r 7.96 7.59 7.37 7.27 7.42 7.31 7.55 7.73 7.58 7.41 7.14 7.22 7.15 7.00 6.87 6.76 6.61 5.12 4.97 4.98 5.07 5.10 5.37 5.28 5.36 5.43 5.38 5.49 5.45 5.59 5.63 5.59 5.75 5.74 5.87 5.89 5.89 5.08 4.98 5.03 5.17 5.17 6.55 6.55 6.67 6.70 6.69 basis. on the more actively traded issues adjusted to constant maturities by the Treasury Department. 3 Weekly data are Wednesday figures. 4 Average effective rate for year; opening and closing rate for month and week. 5 Daily effective rate; average of the rates on a given day weighted by the volume of transactions at these rates. 2 Yields 30 Newhome mortgage yields (FHFB) 6 Discount rate (N.Y. F.R. Bank) 4 Prime rate charged by banks 4 7.68 8.80 7.95 5.85 3.80 3.30 4.93 5.93 5.42 * 5.48 5.42 c 5.61 5.79 5.78 5.69 5.60 5.59 * * * * * 6.20 6.93 6.98 5.45 3.25 3.00 3.60 5.21 5.02 5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 9.32 10.87 10.01 8.46 6.25 6.00 7.15 8.83 8.27 8.44 8.25–8.25 8.25–8.25 8.25–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 7.57 9.21 8.10 5.69 3.52 3.02 4.21 5.83 5.30 5.46 5.25 5.19 5.39 5.51 5.50 5.56 5.52 5.54 5.54 5.50 5.52 5.50 5.56 9.19 10.13 10.05 9.32 8.24 7.20 7.49 7.87 7.80 7.71 7.81 7.78 7.88 8.03 8.01 7.95 7.78 7.59 7.61 7.54 7.40 7.40 .............. * * * * * 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 5.74 5.45 5.53 5.53 5.52 .............. .............. .............. .............. .............. Federal funds rate 5 6 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. *Series no longer published by Federal Reserve (FR). See FR release H. 15 Selected Interest Rates, May 12, 1997. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s. COMMON STOCK PRICES AND YIELDS Stock prices were mixed in January. In early February, stock prices rose. Common stock prices 1 Period Composite 1988 ............................................. 1989 ............................................. 1990 ............................................. 1991 ............................................. 1992 ............................................. 1993 ............................................. 1994 ............................................. 1995 ............................................. 1996 ............................................. 1997 ............................................. 1997: Jan .................................... Feb .................................... Mar ................................... Apr .................................... May ................................... June .................................. July ................................... Aug ................................... Sept ................................... Oct .................................... Nov ................................... Dec r .................................. 1998: Jan .................................... Week ended: 1998: Jan 10 .............................. 17 .............................. 24 .............................. 31 .............................. Feb 7 .............................. 1 Average Industrial Transportation 3 Dec. Utility 3 Finance Dow-Jones industrial average 4 Standard & Poor’s composite index (1941– 43=10) 5 Dividendprice ratio Earningsprice ratio 149.91 180.02 183.46 206.33 229.01 249.58 254.12 291.15 358.17 456.54 403.58 418.57 416.72 401.00 433.36 457.07 480.94 481.53 489.74 499.25 492.08 504.66 504.13 180.95 216.23 225.78 258.14 284.62 299.99 315.25 367.34 453.98 574.52 509.64 524.30 523.08 506.69 549.65 578.57 610.42 609.54 617.94 625.22 615.57 623.57 624.61 134.12 175.28 158.62 173.99 201.09 242.49 247.29 269.41 327.33 414.60 359.40 364.15 372.87 366.67 395.50 410.94 433.75 439.71 451.63 466.04 453.49 461.04 458.49 143.53 174.87 181.20 185.32 198.91 228.90 209.06 220.30 249.77 283.82 263.91 271.36 264.78 253.18 268.18 280.48 288.51 287.63 291.87 302.83 307.52 325.60 332.50 127.26 151.88 133.26 150.82 179.26 216.42 209.73 238.45 303.89 424.48 361.45 388.75 387.21 364.25 392.32 419.12 441.59 446.93 459.86 476.70 465.29 490.30 479.81 2,060.82 2,508.91 2,678.94 2,929.33 3,284.29 3,522.06 3,793.77 4,493.76 5,742.89 7,441.15 6,707.03 6,917.48 6,901.12 6,657.50 7,242.36 7,599.60 7,990.65 7,948.43 7,866.59 7,875.82 7,677.36 7,909.82 7,808.35 265.79 322.84 334.59 376.18 415.74 451.41 460.33 541.64 670.83 872.72 766.22 798.39 792.16 763.93 833.09 876.29 925.29 927.74 937.02 951.16 938.92 962.37 963.36 3.64 3.45 3.61 3.24 2.99 2.78 2.82 2.56 2.19 1.77 1.95 1.89 1.91 1.98 1.85 1.77 1.66 1.65 1.65 1.61 1.65 1.62 1.62 8.01 7.42 6.47 4.79 4.22 4.46 5.83 6.09 5.24 .................. .................. .................. 5.31 .................. .................. 4.58 .................. .................. 4.29 .................. .................. .................. .................. 503.08 498.47 506.07 507.69 523.32 622.03 617.59 628.24 629.82 650.00 461.23 453.49 460.22 458.43 474.49 328.55 329.00 335.05 337.40 339.72 484.42 474.25 477.38 479.40 498.02 7,834.11 7,721.86 7,774.79 7,864.60 8,140.92 958.28 952.30 967.51 973.84 1,006.03 1.62 1.63 1.62 1.61 1.57 .................. .................. .................. .................. .................. of daily closing prices. all the stocks (more than 3,000) listed on the NYSE. 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. 2 Includes Common stock yields (percent) 6 New York Stock Exchange indexes (Dec. 31, 1965=50, except as noted) 2 5 Includes 500 stocks. & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor’s. 6 Standard 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 3 months of fiscal 1998, there was a deficit of $39.7 billion, compared with a deficit of $59.2 billion a year earlier. [Billions of dollars] Total Federal debt (end of period) Receipts Outlays Surplus or deficit (¥) 590.9 678.2 745.8 808.4 851.9 r 946.4 990.5 r 1,004.1 1,064.5 1,143.7 1,253.2 1,324.4 1,381.7 1,409.4 1,461.7 1,515.7 r 1,560.5 1,601.2 1,667.8 ¥73.8 ¥79.0 ¥128.0 ¥207.8 ¥185.4 ¥212.3 ¥221.2 ¥149.8 ¥155.2 ¥152.5 ¥221.2 ¥269.4 ¥290.4 ¥255.0 ¥203.1 ¥163.9 r ¥107.5 ¥21.9 ¥10.0 403.9 469.1 474.3 453.2 500.4 r 547.9 569.0 641.0 667.8 727.5 750.3 761.2 788.9 842.5 923.6 1,000.8 r 1,085.6 1,187.3 1,241.9 476.6 543.1 594.4 661.3 686.1 r 769.6 807.0 810.3 861.8 932.8 1,028.1 1,082.7 1,129.3 1,142.8 1,182.4 1,227.1 r 1,259.6 1,290.6 1,348.1 ¥72.7 ¥74.0 ¥120.1 ¥208.0 ¥185.7 ¥221.7 ¥238.0 ¥169.3 ¥194.0 ¥205.2 ¥277.8 ¥321.6 ¥340.5 ¥300.4 ¥258.8 ¥226.3 ¥174.0 ¥103.3 ¥106.3 113.2 130.2 143.5 147.3 166.1 186.2 200.2 213.4 241.5 263.7 281.7 293.9 302.4 311.9 335.0 351.1 367.5 392.0 416.0 114.3 135.2 151.4 147.1 165.8 176.8 183.5 193.8 202.7 210.9 225.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 319.7 ¥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 66.6 81.4 96.3 909.1 994.8 1,137.3 1,371.7 1,564.7 1,817.5 2,120.6 2,346.1 2,601.3 2,868.0 3,206.6 3,598.5 4,002.1 4,351.4 4,643.7 4,921.0 5,181.9 5,369.7 5,543.6 709.8 785.3 919.8 1,131.6 1,300.5 1,499.9 1,736.7 1,888.7 2,050.8 2,189.9 2,410.7 2,688.1 2,998.8 3,247.5 3,432.1 3,603.4 3,733.0 3,771.1 3,796.8 405.2 426.1 ¥59.2 ¥39.7 263.2 296.1 340.4 361.8 ¥77.2 ¥65.7 82.8 90.3 64.8 64.2 18.0 26.0 5,280.6 5,459.2 3,781.7 3,804.8 Receipts Outlays 517.1 599.3 617.8 600.6 666.5 r 734.1 r 769.2 854.4 909.3 991.2 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 r 1,453.1 1,579.3 1,657.9 346.0 386.4 1 Data from current issue Monthly Treasury Statement. NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 1999, issued February 2, 1998. 32 Off-budget Surplus or deficit (¥) Fiscal year or period 1980 .................................. 1981 .................................. 1982 .................................. 1983 .................................. 1984 .................................. 1985 .................................. 1986 .................................. 1987 .................................. 1988 .................................. 1989 .................................. 1990 .................................. 1991 .................................. 1992 .................................. 1993 .................................. 1994 .................................. 1995 .................................. 1996 .................................. 1997 r ................................ 1998 (estimates) ............... Cumulative total, first 3 months: 1 Fiscal year 1997 ........... Fiscal year 1998 ........... On-budget Receipts Outlays Surplus or deficit (¥) Gross Federal Sources: Department of the Treasury and Office of Management and Budget. Held by the public FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 3 months of fiscal 1998, receipts were $40.4 billion higher than a year earlier and outlays were $20.9 billion higher. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period Total 1980 1981 1982 1983 1984 Individual income taxes Corporation income taxes Social insurance and retirement receipts ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... 517.1 599.3 617.8 600.6 666.5 244.1 285.9 297.7 288.9 298.4 64.6 61.1 49.2 37.0 56.9 157.8 182.7 201.5 209.0 239.4 1985 ...................................................... 1986 ...................................................... 1987 ...................................................... 1988 ...................................................... 1989 ...................................................... 1990 ...................................................... 1991 ...................................................... 1992 ...................................................... 1993 ...................................................... 1994 ...................................................... 1995 ...................................................... 1996 ...................................................... 1997 r .................................................... 1998 (estimates) ................................... r 734.1 854.4 909.3 991.2 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 r 1,453.1 1,579.3 1,657.9 334.5 349.0 392.6 401.2 445.7 466.9 467.8 476.0 509.7 543.1 590.2 656.4 737.5 767.8 61.3 63.1 83.9 94.5 103.3 93.5 98.1 100.3 117.5 140.4 157.0 171.8 182.3 190.8 265.2 283.9 303.3 334.3 359.4 380.0 396.0 413.7 428.3 461.5 484.5 509.4 539.4 571.4 Cumulative total, first 3 months: 1 Fiscal year 1997 ............................... Fiscal year 1998 ............................... 346.0 386.4 159.3 176.3 42.2 51.2 116.7 126.4 r 769.2 On-budget and off-budget outlays National defense Other Total Total InterDepart- nationment of al Defense, affairs military Health Medicare Income Social security security Net interest Other 50.6 69.5 69.3 65.6 71.8 590.9 678.2 745.8 808.4 851.9 134.0 157.5 185.3 209.9 227.4 130.9 153.9 180.7 204.4 220.9 12.7 13.1 12.3 11.8 15.9 23.2 26.9 27.4 28.6 30.4 32.1 39.1 46.6 52.6 57.5 86.6 99.7 107.7 122.6 112.7 118.5 139.6 156.0 170.7 178.2 52.5 68.8 85.0 89.8 111.1 131.3 133.5 125.4 122.2 118.6 73.1 r 946.4 74.6 79.3 82.8 91.5 93.1 101.4 98.9 113.7 120.1 r 115.4 120.2 127.9 990.5 r 1,004.1 1,064.5 1,143.7 1,253.2 1,324.4 1,381.7 1,409.4 1,461.7 1,515.7 r 1,560.5 1,601.2 1,667.8 252.7 273.4 282.0 290.4 303.6 299.3 273.3 298.4 291.1 281.6 272.1 265.7 270.5 264.1 245.2 265.5 274.0 281.9 294.9 289.8 262.4 286.9 278.6 268.6 259.4 r 253.2 258.3 251.4 16.2 14.2 11.6 10.5 9.6 13.8 15.9 16.1 17.2 17.1 16.4 13.5 15.2 14.5 33.5 35.9 40.0 44.5 48.4 57.7 71.2 89.5 99.4 107.1 115.4 r 119.4 123.8 131.8 65.8 70.2 75.1 78.9 85.0 98.1 104.5 119.0 130.6 144.7 159.9 174.2 190.0 198.1 128.2 119.8 123.3 129.4 136.1 147.1 170.3 197.0 207.3 214.1 220.5 226.0 230.9 239.3 188.6 198.8 207.4 219.3 232.5 248.6 269.0 287.6 304.6 319.6 335.8 349.7 365.3 381.5 129.5 136.0 138.7 151.8 169.3 184.2 194.5 199.4 198.8 203.0 232.2 241.1 244.0 242.7 r 131.8 r 73.2 27.8 32.4 405.2 426.1 70.3 71.2 66.8 67.8 6.3 6.2 31.0 32.9 47.8 50.7 55.1 54.9 88.4 92.1 61.6 62.9 44.7 55.1 1 Data from current issue Monthly Treasury Statement. NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 1999, issued February 2, 1998. r 142.2 126.1 139.7 159.3 204.3 225.7 174.7 160.4 174.5 163.4 170.9 161.5 195.8 Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter of 1997, according to advance estimates, Federal current expenditures rose $25.7 billion (annual rate); receipts data are incomplete. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government receipts Period Total Federal Government current expenditures Contributions for social insurance Corporate profits tax accruals Indirect business tax and nontax accruals 485.7 118.0 476.9 109.8 490.8 118.6 522.6 138.3 562.3 156.7 605.8 182.1 686.7 194.5 773.6 ............ 65.1 79.7 81.9 86.9 98.7 93.5 95.8 91.3 461.1 482.6 507.1 527.3 557.1 581.8 610.5 645.8 Personal tax and nontax receipts Grantsin-aid to Net State interest and paid local governments Subsidies less current surplus of Government enterprises Consumption expenditures Transfer payments 1,284.5 1,345.0 1,479.4 1,525.7 1,561.4 1,637.6 1,698.1 1,751.9 426.6 445.9 451.0 447.3 443.2 443.5 451.5 464.1 513.3 522.2 625.1 659.9 683.0 720.9 763.5 795.5 132.4 153.4 172.2 185.8 199.2 211.9 218.3 223.8 179.9 192.7 195.8 192.7 200.0 224.8 227.1 230.4 32.4 30.8 35.1 40.1 35.9 36.4 37.7 38.2 Total Less: Wage accruals less disbursements Current surplus or deficit (¥), national income and product accounts Calendar year: 1990 .................................. 1991 .................................. 1992 .................................. 1993 ................................. 1994 ................................. 1995 ................................. 1996 ................................. 1997 p ............................... 1,129.8 1,149.0 1,198.5 1,275.1 1,374.8 1,463.2 1,587.6 .............. 1994: I ................................ II .............................. III ............................. IV ............................. 1,324.5 1,381.1 1,383.8 1,409.5 542.0 574.3 561.6 571.1 136.9 153.4 163.4 173.2 98.2 98.1 99.3 99.0 547.4 555.3 559.5 566.2 1,533.5 1,544.3 1,571.4 1,596.4 442.4 439.2 450.5 440.8 670.6 676.9 683.8 700.7 194.5 196.2 199.6 206.6 189.9 196.6 202.8 210.8 36.0 35.4 34.8 37.5 .0 .0 .0 .0 ¥209.0 ¥163.2 ¥187.6 ¥186.8 1995: I ................................ II .............................. III ............................. IV ............................. 1,429.0 1,459.0 1,472.8 1,491.9 581.4 608.2 607.5 626.0 179.0 178.7 186.9 183.8 94.3 93.8 93.7 92.2 574.3 578.3 584.7 589.9 1,620.6 1,638.5 1,649.3 1,642.0 444.8 444.0 449.0 436.3 709.5 718.0 725.1 731.1 212.2 216.5 210.6 208.5 218.8 223.9 227.5 229.0 35.3 36.1 37.0 37.2 .0 .0 .0 .0 ¥191.5 ¥179.5 ¥176.5 ¥150.2 1996: I ................................ II .............................. III ............................. IV ............................. 1,526.3 1,583.8 1,598.6 1,641.6 644.9 688.8 695.7 717.5 192.1 197.2 196.7 192.0 91.7 90.0 91.5 110.2 597.6 607.8 614.8 622.0 1,679.9 1,695.4 1,698.2 1,718.8 444.6 453.7 454.0 453.6 757.6 757.5 761.5 777.3 213.7 223.2 218.7 217.5 226.6 223.5 226.6 231.8 37.4 37.5 37.4 38.5 .0 .0 .0 .0 ¥153.6 ¥111.6 ¥99.5 ¥77.1 1997: I ................................ II .............................. III ............................. IV p ............................ 1,675.3 1,709.3 1,741.8 .............. 746.9 204.9 767.9 207.7 781.9 219.3 797.6 ............ 88.2 92.2 92.4 92.5 635.3 641.5 648.2 658.2 1,730.8 1,746.0 1,752.6 1,778.3 458.0 464.2 464.7 469.4 785.9 791.4 794.5 810.3 219.6 222.5 224.2 228.8 228.9 229.8 231.2 231.5 38.4 38.1 37.9 38.3 .0 ¥55.5 .0 ¥36.8 .0 ¥10.8 .0 .................... Source: Department of Commerce, Bureau of Economic Analysis. 34 0.1 ¥154.7 ¥.1 ¥196.0 .0 ¥280.9 .0 ¥250.7 .0 ¥186.7 .0 ¥174.4 .0 ¥110.5 .0 .................... INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (1992=100; seasonally adjusted) Period United States Canada Japan France Germany Consumer prices (1982–84=100; NSA) United Kingdom Italy 1988 .......................................... 1989 .......................................... 1990 .......................................... 1991 .......................................... 1992 .......................................... 1993 .......................................... 1994 .......................................... 1995 .......................................... 1996 .......................................... 1997 p ........................................ r 99.1 97.4 106.9 r 95.3 97.3 r 90.3 101.2 99.1 106.8 99.9 100.9 r 94.6 r 103.0 103.4 r r 98.9 103.2 104.2 102.4 99.5 102.2 103.1 97.0 98.9 106.1 101.2 r 102.4 r 101.3 99.6 100.0 100.0 100.0 100.0 100.0 100.0 100.0 r 97.9 103.6 r 105.1 95.8 96.2 r 92.7 102.2 109.2 r 111.4 97.0 100.0 r 96.2 r 104.0 107.6 114.5 r 116.0 100.2 102.0 r 98.1 r 110.3 110.0 118.5 r 117.7 102.9 r 102.3 r 98.6 r 107.2 111.2 124.5 .............. ............ ............ ............ .............. .............. 1996: Nov ................................ Dec ................................ 120.6 120.9 1997: Jan ................................ Feb ................................ Mar ................................ Apr ................................ May ............................... June .............................. July ............................... Aug ................................ Sept ............................... Oct ................................. Nov ................................ Dec p .............................. 1 Data United States 1 Canada Japan Germany France Italy United Kingdom 118.3 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 123.2 129.3 135.5 143.1 145.2 147.9 148.2 151.4 153.7 156.2 105.6 108.1 111.4 115.0 116.9 118.4 119.3 119.1 119.3 121.3 124.2 128.6 133.0 137.2 140.6 143.5 145.9 148.4 151.5 153.2 106.3 109.2 112.2 r 116.3 r 122.1 r 127.6 r 131.1 r 133.5 r 135.5 137.8 141.1 150.4 159.5 169.8 178.8 186.3 193.6 204.0 212.0 215.7 125.6 135.4 148.2 156.9 162.7 165.3 169.3 175.2 179.4 185.1 112.0 112.5 158.6 158.6 155.1 155.1 119.5 119.6 151.9 152.1 r 135.7 213.9 214.1 180.8 181.4 121.3 r 120.5 110.5 r 102.2 r 100.5 r 105.2 112.5 122.1 r 121.3 107.0 r 103.9 r 100.7 r 108.3 112.1 r r r r 122.5 121.2 106.4 103.5 101.8 108.9 111.8 123.1 r 122.8 106.0 r 106.0 r 101.7 r 109.6 112.9 123.3 r 123.2 110.4 r 105.1 r 101.0 r 109.9 112.0 123.5 r 122.9 107.3 105.4 r 103.4 r 110.0 113.7 r r r 124.5 125.7 108.6 107.5 107.5 109.9 114.8 125.2 r 124.7 105.6 107.5 r 102.8 r 111.0 113.9 r 125.6 r 124.6 108.3 106.4 r 102.0 r 110.0 113.8 r 126.5 125.5 r 108.2 r 110.1 r 104.2 r 111.3 r 113.6 r 127.5 124.9 104.0 108.1 104.8 112.1 112.9 128.1 .............. ............ ............ ............ .............. .............. 159.1 159.6 160.0 160.2 160.1 160.3 160.5 160.8 161.2 161.6 161.5 161.3 155.4 155.7 156.0 156.0 156.1 156.5 156.5 156.7 156.5 156.7 156.5 156.2 119.5 119.3 119.4 121.8 122.0 122.0 121.5 121.6 122.5 122.8 122.0 121.8 152.5 152.8 152.9 152.9 153.2 153.2 152.9 153.3 153.6 r 153.6 r 153.9 153.9 r 136.7 214.5 214.7 214.9 215.1 215.7 215.7 215.7 215.7 216.1 216.7 217.3 217.3 181.4 182.1 182.6 183.6 184.3 185.1 185.1 186.2 187.2 187.4 187.5 188.0 r 120.6 105.2 105.2 r 119.5 102.5 r 99.7 r 106.9 r 102.9 r 99.9 r 104.9 relate to all urban consumers. r 136.0 r 137.3 r 137.1 r 137.1 r 137.6 r 137.9 r 138.6 r 138.7 r 138.3 r 138.2 r 138.2 138.4 Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Office of Trade and Economic Analysis). U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Goods: Imports (customs value) Census basis (by end-use category) 1 Services (BOP basis) Balance of trade (exports minus imports) Census basis (by end-use category) BOP basis Period BOP basis AutoInCap- moFoods, dusital tive trial goods vehiTotal, feeds, supCensus and except cles, plies auto- parts basis 2 bevand erages matemoand tive enrials gines Consumer goods (nonfood) except automotive BOP basis Total, Census basis 2 Auto- ConInCapmo- sumer Foods, dusital tive goods trial goods vehifeeds, sup(nonand except cles, food) plies auto- parts except bevand erages matemoand autotive enmorials gines tive Exports Imports Goods, Census basis Goods Services Goods and services ................ ................ ................ ................ ................ ................ ................ ................ ................ 320.2 362.1 389.3 416.9 440.4 456.8 502.4 575.9 612.1 322.4 363.8 393.6 421.7 448.2 465.1 512.6 584.7 625.1 32.3 37.2 35.1 35.7 40.3 40.6 42.0 50.5 55.5 85.1 99.3 104.4 109.7 109.1 111.8 121.4 146.2 147.7 109.2 138.8 152.7 166.7 175.9 181.7 205.0 233.0 252.9 29.3 34.8 37.4 40.0 47.0 52.4 57.8 61.8 65.0 23.1 36.4 43.3 45.9 51.4 54.7 60.0 64.4 70.1 447.2 477.4 498.3 491.0 536.5 589.4 668.6 749.4 803.2 441.0 473.2 495.3 488.5 532.7 580.7 663.3 743.5 795.3 24.8 25.1 26.6 26.5 27.6 27.9 31.0 33.2 35.7 118.3 132.3 143.2 131.6 138.6 145.6 162.1 181.8 204.5 101.4 113.3 116.4 120.7 134.3 152.4 184.4 221.4 229.1 87.7 86.1 87.3 85.7 91.8 102.4 118.3 123.8 128.9 95.9 102.9 105.7 108.0 122.7 134.0 146.3 159.9 171.0 111.0 127.1 147.8 164.2 177.2 186.7 197.2 218.7 236.8 100.0 104.2 120.0 121.2 120.3 126.4 135.5 147.0 156.6 ¥118.5 ¥109.4 ¥101.7 ¥66.7 ¥84.5 ¥115.6 ¥150.6 ¥158.8 ¥170.2 ¥127.0 ¥115.2 ¥109.0 ¥74.1 ¥96.1 ¥132.6 ¥166.2 ¥173.6 ¥191.2 11.1 23.0 27.8 43.0 56.9 60.3 61.8 71.7 80.1 ¥115.9 ¥92.3 ¥81.2 ¥31.0 ¥39.2 ¥72.3 ¥104.4 ¥101.9 ¥111.0 1996: Nov ....... Dec ....... 53.2 52.1 54.5 53.4 5.0 4.4 12.3 12.5 22.2 22.1 5.9 5.5 6.1 6.0 68.4 69.8 68.1 69.6 3.0 3.2 17.6 18.7 19.3 19.6 11.2 10.8 14.7 15.1 20.8 20.3 13.2 13.2 ¥13.6 ¥16.1 ¥15.2 ¥17.7 7.5 7.1 ¥7.7 ¥10.6 1997: Jan ....... Feb ....... Mar ...... Apr ....... May ...... June ..... July ...... Aug ...... Sept ...... Oct r ..... Nov p .... 51.7 53.7 57.2 57.2 56.9 57.4 56.7 57.3 56.4 58.5 57.8 52.2 54.4 58.1 57.9 57.9 58.2 57.8 58.4 57.5 59.5 58.4 4.3 4.3 4.2 4.2 4.1 3.9 3.8 4.2 4.3 4.7 4.6 12.1 12.7 13.7 13.5 13.4 13.9 13.2 13.4 13.1 13.2 13.1 21.6 22.7 24.7 25.0 24.8 24.5 24.9 24.9 24.8 25.4 24.6 5.6 5.9 6.2 6.2 5.9 6.3 6.3 6.2 5.8 6.5 6.9 6.1 6.3 6.5 6.3 6.7 6.7 6.4 6.4 6.4 6.8 6.6 69.8 70.4 72.0 72.7 73.2 72.6 73.6 73.9 74.9 74.9 72.9 69.6 70.0 70.6 71.7 72.3 71.7 73.4 73.6 74.6 74.7 72.6 3.1 3.1 3.3 3.4 3.4 3.3 3.4 3.3 3.4 3.3 3.2 17.9 17.6 18.0 17.6 17.9 17.6 17.5 17.9 18.3 18.4 17.1 19.5 19.4 20.4 20.7 21.0 21.3 21.6 22.1 22.0 22.4 21.4 11.8 12.1 11.7 11.4 11.6 11.6 12.3 11.8 11.8 11.3 11.8 15.1 15.3 14.9 16.2 16.1 15.7 16.1 16.0 16.7 16.6 16.8 20.2 20.6 21.0 21.2 21.1 21.0 21.1 21.6 21.7 21.8 21.4 13.6 13.7 13.9 13.8 13.9 14.1 14.0 14.1 14.4 14.4 14.4 ¥17.4 ¥15.7 ¥12.4 ¥13.8 ¥14.5 ¥13.5 ¥15.6 ¥15.3 ¥17.1 ¥15.2 ¥14.2 ¥18.1 ¥16.8 ¥14.9 ¥15.5 ¥16.4 ¥15.2 ¥16.8 ¥16.6 ¥18.5 ¥16.5 ¥15.1 6.5 6.9 7.0 7.4 7.2 6.9 7.1 7.5 7.3 7.4 7.1 ¥11.6 ¥9.9 ¥7.8 ¥8.1 ¥9.2 ¥8.3 ¥9.7 ¥9.1 ¥11.2 ¥9.1 ¥8.0 1988 1989 1990 1991 1992 1993 1994 1995 1996 1 Includes 2 Total undocumented exports to Canada through 1988. includes ‘‘other’’ exports or imports, not shown separately. NOTE.—BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the third quarter of 1997, the goods deficit rose to $51.5 billion, from $47.1 billion in the second quarter. The current account deficit rose to $42.2 billion, from $37.9 billion in the second quarter. [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (¥)] Goods 1 Imports Net balance Net military transactions 2 3 Period Exports Services Net travel and transportation receipts Investment income Other services, net Balance on goods and services Receipts on U.S. assets abroad Balance on goods, Unilateral services, transfers, and net 4 income Balance on current account Payments on foreign assets in U.S. Net 9,209 ¥144,144 ¥23,909 13,644 ¥102,256 ¥25,988 15,020 ¥77,268 ¥26,963 23,921 ¥57,304 ¥34,588 20,249 ¥10,779 5,122 18,016 ¥21,191 ¥35,192 19,668 ¥52,634 ¥38,137 9,723 ¥94,693 ¥38,845 6,808 ¥95,049 ¥34,046 2,824 ¥108,216 ¥39,968 ¥168,053 ¥128,245 ¥104,231 ¥91,892 ¥5,657 ¥56,383 ¥90,771 ¥133,538 ¥129,095 ¥148,184 ¥26,258 ¥27,576 ¥24,285 ¥16,934 ¥8,451 ¥8,128 ¥8,847 ¥8,620 ¥34,709 ¥35,704 ¥33,132 ¥25,554 ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... 250,208 320,230 362,120 389,307 416,913 440,352 456,832 502,398 575,871 612,069 ¥409,765 ¥447,189 ¥477,365 ¥498,337 ¥490,981 ¥536,458 ¥589,441 ¥668,590 ¥749,431 ¥803,239 ¥159,557 ¥126,959 ¥115,245 ¥109,030 ¥74,068 ¥96,106 ¥132,609 ¥166,192 ¥173,560 ¥191,170 ¥3,844 ¥6,320 ¥6,749 ¥7,599 ¥5,274 ¥1,448 1,269 1,874 3,866 3,786 ¥7,613 ¥2,591 4,043 8,002 17,032 19,974 19,764 16,519 21,197 24,713 17,661 19,969 25,662 27,401 31,284 38,373 39,274 43,383 46,640 51,631 ¥153,353 ¥115,900 ¥92,288 ¥81,225 ¥31,027 ¥39,207 ¥72,301 ¥104,416 ¥101,857 ¥111,040 100,511 129,366 153,659 163,324 141,408 125,852 129,844 154,510 196,880 206,400 ¥91,302 ¥115,722 ¥138,639 ¥139,402 ¥121,159 ¥107,836 ¥110,176 ¥144,787 ¥190,072 ¥203,577 1995: I .......... II ........ III ....... IV ....... 138,389 143,181 145,360 148,941 ¥182,790 ¥190,739 ¥188,180 ¥187,722 ¥44,401 ¥47,558 ¥42,820 ¥38,781 722 984 1,289 871 4,312 4,333 5,755 6,796 11,062 11,442 11,892 12,240 ¥28,305 ¥30,799 ¥23,884 ¥18,874 47,218 50,303 49,130 50,230 ¥45,171 ¥47,080 ¥49,531 ¥48,290 2,047 3,223 ¥401 1,940 1996: I .......... II ........ III ....... IV ....... 150,048 153,411 150,764 157,846 ¥192,973 ¥200,973 ¥203,257 ¥206,036 ¥42,925 ¥47,562 ¥52,493 ¥48,190 485 1,214 792 1,295 5,194 5,818 6,559 7,147 12,707 12,751 12,626 13,550 ¥24,539 ¥27,779 ¥32,516 ¥26,198 49,277 50,188 51,893 55,043 ¥47,216 ¥49,305 ¥53,263 ¥53,793 2,061 883 ¥1,370 1,250 ¥22,478 ¥10,406 ¥26,896 ¥8,689 ¥33,886 ¥8,947 ¥24,948 ¥11,926 ¥32,884 ¥35,585 ¥42,833 ¥36,874 1997: I .......... II ........ III p ..... 162,527 171,411 170,579 ¥212,314 ¥218,545 ¥222,128 ¥49,787 ¥47,134 ¥51,549 437 1,048 1,040 6,195 6,413 6,788 13,855 14,028 14,090 ¥29,300 ¥25,645 ¥29,631 55,269 59,129 60,608 ¥57,259 ¥62,376 ¥63,929 ¥1,990 ¥3,247 ¥3,321 ¥31,290 ¥28,892 ¥32,952 ¥39,972 ¥37,852 ¥42,156 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1 Adjusted from Census data for differences in timing and coverage; excludes military. under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 2 Transfers 36 3 Quarterly ¥8,682 ¥8,960 ¥9,204 data are not seasonally adjusted. 4 Includes transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. U.S. INTERNATIONAL TRANSACTIONS—Continued In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $22.8 billion in the third quarter of 1997, following an increase of $27.9 billion in the second quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, increased $14.1 billion in the third quarter, following an increase of $28.1 billion in the second quarter. [Millions of dollars; quarterly data seasonally adjusted, except as noted] U.S. assets abroad, net [increase/capital outflow (¥)] Period Total 1987 ............... 1988 ............... 1989 ............... 1990 ............... 1991 ............... 1992 ............... 1993 ............... 1994 ............... 1995 ............... 1996 ............... 1995: I .......... II ........ III ....... IV ....... 1996: I .......... II ........ III ....... IV ....... 1997: I .......... II ........ IIIp ..... U.S. official reserve assets 3 5 ¥72,617 9,149 ¥100,221 ¥3,912 ¥168,744 ¥25,293 ¥74,011 ¥2,158 ¥57,881 5,763 ¥68,774 3,901 ¥194,537 ¥1,379 ¥160,516 5,346 ¥307,207 ¥9,742 ¥352,444 6,668 ¥59,625 ¥5,318 ¥110,548 ¥2,722 ¥40,679 ¥1,893 ¥96,356 191 ¥70,768 17 ¥49,698 ¥523 ¥77,542 7,489 ¥154,436 ¥315 ¥127,969 4,480 ¥90,935 ¥236 ¥101,564 ¥730 Other U.S. Government assets 3 1,006 2,967 1,259 2,307 2,911 ¥1,657 ¥342 ¥352 ¥549 ¥690 ¥158 ¥184 266 ¥473 ¥210 ¥358 162 ¥284 ¥21 ¥268 482 Foreign assets in the U.S., net [increase/capital inflow (+)] U.S. private assets ¥82,771 ¥99,275 ¥144,710 ¥74,160 ¥66,555 ¥71,018 ¥192,817 ¥165,510 ¥296,916 ¥358,422 ¥54,149 ¥107,642 ¥39,052 ¥96,074 ¥70,575 ¥48,817 ¥85,193 ¥153,837 ¥132,428 ¥90,431 ¥101,316 Total 248,383 246,065 224,390 140,992 109,641 168,776 279,671 297,337 451,234 547,555 97,652 122,714 125,839 105,029 88,233 106,114 158,629 194,579 182,238 143,015 169,540 5 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the IMF. Foreign official assets 3 Other foreign assets Statistical discrepancy Allocations of special Total (sum Of which: drawing of the items Seasonal rights with sign adjustment (SDRs) reversed) discrepancy 45,387 39,758 8,503 33,910 17,389 40,477 71,753 40,385 110,729 122,354 22,098 37,138 39,585 11,908 52,014 13,154 24,089 33,097 28,891 ¥5,374 22,498 202,996 206,307 215,887 107,082 92,253 128,299 207,918 256,952 340,505 425,201 75,554 85,576 86,254 93,121 36,219 92,960 134,540 161,482 153,347 148,389 147,042 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ¥7,713 ¥17,600 48,585 24,911 ¥46,103 ¥43,619 5,637 ¥3,283 ¥14,931 ¥46,927 ¥3,318 23,538 ¥52,028 16,881 15,419 ¥20,831 ¥38,254 ¥3,269 ¥14,297 ¥14,228 ¥25,820 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 5,658 ¥775 ¥6,985 2,106 6,228 ¥1,076 ¥7,830 2,669 7,059 ¥1,713 ¥8,560 U.S. official reserve assets, net 5 (unadjusted, end of period) 45,798 47,802 74,609 83,316 77,721 71,323 73,442 74,335 85,832 75,089 86,761 90,063 87,152 85,832 84,212 83,455 75,509 75,089 67,222 67,813 67,148 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Page TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product .......................................................................................................................................................................................... Real Gross Domestic Product .................................................................................................................................................................................. Implicit Price Deflators for Gross Domestic Product .............................................................................................................................................. Gross Domestic Product and Related Price Measures: Indexes and Percent Changes .............................................................................................. Nonfinancial Corporate Business—Output, Costs, and Profits ................................................................................................................................ National Income ...................................................................................................................................................................................................... Real Personal Consumption Expenditures ............................................................................................................................................................... Sources of Personal Income ...................................................................................................................................................................................... Disposition of Personal Income ............................................................................................................................................................................... Farm Income ............................................................................................................................................................................................................ Corporate Profits ...................................................................................................................................................................................................... Real Gross Private Domestic Investment ................................................................................................................................................................ Real Private Fixed Investment by Type .................................................................................................................................................................. Business Investment and Plans ................................................................................................................................................................................ 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ......................................................................................................................................................................................... Selected Unemployment Rates ................................................................................................................................................................................ Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................................................... Nonagricultural Employment .................................................................................................................................................................................. Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................................................. Employment Cost Index—Private Industry ............................................................................................................................................................. Productivity and Related Data, Business Sector ...................................................................................................................................................... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization ....................................................................................................................................................... Industrial Production—Major Market Groups and Selected Manufactures .............................................................................................................. New Construction .................................................................................................................................................................................................... New Private Housing and Vacancy Rates ............................................................................................................................................................... Business Sales and Inventories—Manufacturing and Trade ..................................................................................................................................... Manufacturers’ Shipments, Inventories, and Orders ................................................................................................................................................. 17 18 19 19 20 21 PRICES Producer Prices ........................................................................................................................................................................................................ Consumer Prices—All Urban Consumers ................................................................................................................................................................ Changes in Producer Prices for Finished Goods ...................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers ............................................................................................................................................. Prices Received and Paid by Farmers ...................................................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock, Liquid Assets, and Debt Measures .................................................................................................................................................... Components of Money Stock and Liquid Assets ...................................................................................................................................................... Aggregate Reserves and Monetary Base ................................................................................................................................................................... Bank Credit at All Commercial Banks .................................................................................................................................................................... Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .................................................................................................................. Consumer Credit ...................................................................................................................................................................................................... Interest Rates and Bond Yields ............................................................................................................................................................................... Common Stock Prices and Yields ............................................................................................................................................................................ 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ....................................................................................................................................................................... Federal Receipts by Source and Outlays by Function .............................................................................................................................................. Federal Sector, National Income Accounts Basis ..................................................................................................................................................... 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ............................................................................................................... U.S. International Trade in Goods and Services ...................................................................................................................................................... U.S. International Transactions ................................................................................................................................................................................ 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. … Not available (also, not applicable). NSA not seasonally adjusted. 38 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $3.00 (single copy) ($3.75 foreign). Subscription price: $33.00 per year; $41.25 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 1998 45–487
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