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104th Congress, 1st Session
Economic Indicators
JULY 1995
(Includes data available as of August 1, 1995)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
L 1B R A R Y
-
AUG 17 1995
f-tUtKAL Khi)^rtvt
8ANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1995
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
WILLIAM V. ROTH, JR. (Delaware)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK SANTORUM (Pennsylvania)
RODNEY D. GRAMS (Minnesota)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
DAVID R. OBEY (Wisconsin)
LEE H. HAMILTON (Indiana)
KWEISI MFUME (Maryland)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Chairman
MARTIN N. BAELY, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
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, 1949Charts 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
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ISBN 0-16-047452-3
11
TOTAL OUTPUT, INCOME AND SPENDING
GROSS DOMESTIC PRODUCT
In the second quarter of 1995, according to advance estimates, current-dollar gross domestic product (GDP) rose
2.0 percent (annual rate), real GDP (GDP in 1987 dollars) rose 0.5 percent, and the implicit price deflator rose
1.3 percent.
BIUIONS OF DOLLARS IRATIO SCALE)
7,200
BILLIONS OF DOLLARS (RATIO SCALE)
7,200
-~
Xl
6,800
X
XI
6,400
SEASONAUY ADJUSTED ANNUAL RATES
6,800
6,400
/\
6,000
5,600
GDP
INCUR (ENTDOLLARS
\
5,200
-""
6,000
^
^^
,
^ -" ""
--
f
/"
5,600
5,200
- -"
.^
/>
4,800
.~"'
4,800
jt '\
4,400
4,400
GDP
IN 987 DOLLARS
''/
y
4,000
^
4,000
X
s—
^
/
3,600
3,600
3,200
2,800
^
/
1
1
1
1982
\
\
1983
3,200
\
\ \ \
i i i
1984
1985
1
1986
1987
1988
!
1
1989
i t i
< i i
i t i
1
1990
1991
1992
1993
1
1
i i t
i ii
1994
1995
2,800
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates
Exports and imports of
Personal Gross
goods and services
private
conGross
domestic sumption domestic
Net
product expendi- investment
tures
exports Exports Imports
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1984
1985
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:
IV _ '
IV
IV
IV
IV
IV
IV
IV
IV
I
II
in
IV
1994: I
II
in
IV
1995- I
UP
1
. . .
4,268.6
45399
4,900.4
5,250.8
5,546.1
5,724.8
6,020.2
6,343.3
6,738.4
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,796.6
6,169.3
6,235.9
6,299.9
6,359.2
6,478.1
6,574.7
6,689.9
6,791.7
6,897.2
6,977.4
7,011.8
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,902.4
4,136.9
4,378.2
4,628.4
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,955.7
4,251.3
4,294.6
4,347.3
4,401.2
4,469.6
4,535.0
4,586.4
4,657.5
4,734.8
47821
4,838.3
717.6
749.3
793.6
832.3
808.9
744.8
788.3
882.0
1,032.9
722.8
737.0
697.1
800.2
814.8
825.2
756.4
756.8
822.0
853.8
869.7
882.2
922.5
966.6
1,034.4
1,055.1
1,075.6
1 1078
1,087.4
-132.5
-143 1
- 108.0
-79.7
-71.4
-19.9
-30.3
-65.3
-98.2
- 107.1
- 135.5
- 133.2
- 143.2
- 106.0
-73.9
-71.6
-13.7
-42.2
-49.6
-63.3
-77.0
-71.2
-86.7
-97.6
- 109.6
-98.9
-111 1
-122.4
GDP less exports of goods and services plus im|>orts of goods and services.
319.2
364.0
444.2
508.0
557.1
601.1
638.1
659.1
718.7
308.7
304.7
333.9
392.4
467.0
523.8
577.6
623.7
649.2
646.8
660.1
649.0
680.3
674.2
704.5
730.5
765.5
778.8
797.9
Government purchases
Federal
Total
Total
833.0
451.7
507 1
881 5
552.2
918.7
587.7
975.2
628.5 1,047.4
620.9 1,097.4
668.4 1,125.3
724.3 1,148.4
816.9 1,175.3
415.7
727.0
440.2
799.2
467.1
849.7
901.4
535.6
573.1
937.6
994.5
597.7
649.2 1,076.5
637.5 1,097.9
691.4 1,138.1
696.4 1,137.1
723.5 1,146.3
726.0 1,152.9
751.4 1,157.2
760.9 1,159.8
802.1 1,166.7
840.1 1,188.8
864.4 1,185.8
889.9 1,198.7
920.4 1,208.5
367.8
384.9
387.0
401.6
426.5
445.8
449.0
443.6
437.3
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
4344
434.4
National Nondefense defense
276.7
292^1
295.6
299.9
314.0
322.8
314.2
302.7
292.3
242.9
268.6
278.6
295.8
296.8
302.5
322.5
311.6
316.0
307.0
305.8
299.0
299.1
291.7
291.7
300.5
285.3
283.7
285.0
91.1
92^9
91.4
101.7
112.5
123.1
134.8
140.9
145.0
81.9
88.3
94.5
96.7
95.2
102.6
114.0
126.6
138.7
139.9
139.4
143.6
140.7
146.1
143.5
143.8
146.6
150.6
149.4
State
and
local
465.3
4966
5317
573.6
620.9
651.6
676.3
704.7
738.0
402.2
442.4
476.6
509.0
545.7
589.3
640.0
659.7
683.3
690.2
701.2
710.2
717.4
722.0
731.5
744.5
753.8
764.3
774.1
AddenFinal
Gross
dum:
sales of domestic Gross
purdomestic
national
product chases ' product
4,260.0
4'513 7
4,884.2
5,217.5
5,539.3
5,726.6
6,017.2
6,327.9
6,686.2
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,782.3
6,160.0
6,215.8
6,281.4
6,345.4
6,469.2
6,550.6
6,622.5
6,729.1
6,842.4
6,922.9
6,918A
Source: Department of Commerce, Bureau of Economic Analysis.
4 401.2
4J683.0
5^008.4
5,330.5
5,617.5
5,744.7
6,050.5
6,408.6
6,836.6
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,810.4
6,211.4
6,285.5
6,363.3
6,436.3
6,549.3
6,661.4
6,787.5
6,901.3
6,996.1
7,088.5
7,134.2
4 277 7
4 544 5
4,308.2
5,266.8
5,567.8
5,740.8
6,025.8
6,347.8
6,726.9
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,810.7
6,167.0
6,243.9
6,303.3
6,367.8
6,476.2
6,574.0
6,682.5
6,779.6
6,871.3
6,959.5
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
I Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross
domestic
product
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
1993: I
II
in ....
IV
1994: I
II
in ....
IV
1995: I
UP ....
1
Personal
consumption
expenditures
Gross private
domestic investment
Exports and imports of
goods and services
Government purchases
State
and
local
Final
sales of
domestic
product
Gross
domestic
purchases1
Addendum:
Gross
national
product
Federal
Nonresiikmtial
fixed
invest^
incnt
Residential
fixed
investment
Change
in business
inventories
Net
exports
Exports
Imports
Total
Total
National Nondefense defcnsc
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,867.6
4,979.3
5,134.5
5,344.0
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
8.5
26.3
19.9
29.8
5.7
-1.1
2.5
15.3
47.8
-155.1
-143.1
- 104.0
-73.7
-54.7
-19.5
-32.3
-73.9
-110.0
329.6
364.0
421.6
471.8
510.5
542.6
578.8
602.5
657.0
484.7
507.1
525.7
545.4
565.1
562.1
611.2
676.3
766.9
855.4
881.5
886.8
904.4
932.6
944.0
936.9
929.8
922.8
373.0
384.9
377.3
376.1
384.1
386.7
373.5
356.6
337.6
280.6
292.1
287.0
281.4
283.6
281.4
261.4
243.7
226.7
92.4
92.9
90.2
94.8
100.4
105.3
112.2
113.0
110.9
482.4
496.6
509.6
528.3
548.5
557.2
563.3
573.1
585.2
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,868.7
4,976.9
5,119.3
5,296.2
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,887.2
5,011.6
5,208.4
5,454.0
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,882.3
4,985.7
5,140.3
5,337.3
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
4,880.8
5,060.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
13.5
6.6
-19.0
-83.7
-131.4
-155.4
-156.0
-136.0
-102.7
-67.4
-36.8
-16.9
-38.5
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
562.6
590.7
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
579.4
629.3
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
934.4
940.6
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
374.1
377.0
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
265.8
262.4
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
108.2
114.6
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
560.4
563.6
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
4,867.3
5,054.1
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
4,897.6
5,099.2
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,893.9
5,061.0
5,075.3
5,105.4
5,139.4
51218.0
3,417.2
3,439.2
3,472.2
3,506.2
560.3
581.0
597.9
627.2
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
-57.6
-69.3
-86.3
-82.2
589.2
600.2
595.3
625.2
646.8
669.6
681.6
707.4
926.5
929.3
931.8
931.5
361.6
358.3
355.6
351.1
248.2
246.8
240.9
238.7
113.3
111.5
114.7
112.4
564.9
571.0
576.2
580.4
5,056.8
5,086.5
5,126.5
5,207.2
5,132.9
5,174.7
5,225.8
5,300.2
5,083.9
5,110.1
5,148.4
5,218.7
5,261.1
5,314.1
5,367.0
5,433.8
3,546.3
3,557.8
3,584.7
3,629.6
643.6
657.9
680.0
708.2
229.9
233.8
230.2
231.5
25.4
59.2
57.1
49.4
-104.0
-111.8
-117.0
-107.1
619.6
643.9
666.5
697.9
723.6
755.6
783.5
805.0
919.9
917.1
932.0
922.2
341.7
334.7
343.5
330.4
228.5
226.1
233.0
219.1
113.2
108.7
110.5
111.3
578.3
582.4
588.5
591.8
5,235.7
5,254.9
5,310.0
5,384.4
5,365.1
5,425.8
5,484.0
5,540.9
5,262.7
5,310.5
5,359.9
5,416.0
5,470.1
5,477.3
3,643.9
3,666.5
743.6
764.6
229.5
220.9
51.1
30.4
-118.5
- 125.0
706.2
718.5
824.6
843.4
920.5
919.9
327.2
324.6
214.9
213.8
112.3
110.8
593.3
595.4
5,419.0
5,446.9
5,588.6
5,602.3
5,458.3
GDP toss (<x|mrtK of gixxta arid scrviras plus imports of fpxxla and
Sourt*: Department of Omimerw', Bureau of Economic Analyst**.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
11987 «100; quarterly data air seasonally a<ylisted |
Gross
domestic
product
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1984:
1985:
1986:
1987:
1988:
1989:
1990:
19911992:
.
. ..
IV
IV
IV
IV
IV
IV
IV
IV
IV
1993- I
II
in
IV
1994- I
II
in
IV
1995- I
T3.P
Government purchases
Exports and imports of
goods and services
Federal
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and
local
96.9
100.0
103.9
108.5
113.3
117.6
120.9
123.5
126.1
96.0
100.0
104.2
109.3
114.9
119.7
123.5
126.6
129.3
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
111.2
96.1
100.0
103.7
109.3
115.9
120.0
122.5
124.2
125.7
95.7
100.0
105.1
110.6
116.7
122.5
127.7
132.3
136.4
98.4
100.0
102.8
105.2
107.3
108.1
106.7
104.1
103.8
95.8
100.0
104.2
107.8
110.7
111.9
113.7
117.6
122.3
96.9
100.0
105.3
107.7
109.1
110.8
110.2
109.4
109.4
93.2
100.0
105.1
107.8
111.2
110.5
109.4
107.1
106.5
98.6
100.0
102.6
106.8
111.0
115.3
120.2
124.4
129.5
98.6
100.0
103.0
106.6
110.7
114.7
120.2
124.2
129.0
98.6
100.0
101.4
107.3
112.0
116.9
120.2
124.7
130.7
96.4
100.0
104.3
108.6
113.2
116.9
120.1
123.0
126.1
92.3
95.5
98.0
101.2
105.5
110.1
115.0
118.8
121.9
90.7
94.6
97.0
101.6
106.1
111.0
117.5
121.1
124.9
94.4
95.9
97.8
101.0
103.1
104.9
106.1
107.8
109.1
94.2
97.0
96.3
101.5
105.6
110.8
119.2
120.8
123.3
87.7
92.9
97.3
101.9
107.1
112.7
119.2
124.5
129.8
96.4
97.3
99.2
100.7
104.0
106.0
108.2
107.3
106.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
111.9
115.1
98.7
97.7
97.4
101.6
106.6
107.4
111.0
110.9
109.9
93.6
94.2
93.6
102.6
106.0
107.7
116.5
110.0
109.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
117.2
120.6
95.5
98.7
98.7
100.3
103.9
107.5
112.9
117.2
120.4
93.7
96.4
99.2
100.1
102.6
108.4
113.1
117.0
121.1
90.9
94.8
97.8
101.5
105.7
109.9
115.2
117.7
121.2
122.9
123.4
123.7
124.1
125.7
126.4
126.8
127.5
109.2
109.8
110.0
110.2
124.0
124.2
123.9
124.6
130.8
131.9
132.7
133.8
105.3
104.9
103.5
103.0
115.9
117.2
118.2
119.0
109.8
110.0
109.0
108.8
107.7
108.1
106.5
106.2
123.6
124.2
124.5
125.3
123.7
123.9
124.1
125.3
123.5
125.0
125.2
125.1
122.2
122.8
123.3
123.6
125.0
125.9
126.5
126.9
127.9
128.9
129.9
130.5
110.5
111.1
111.7
111.3
124.6
125.1
126.3
126.6
134.4
135.9
137.0
138.1
103.4
103.9
104.3
103.5
120.5
121.3
123.1
124.4
108.8
109.4
109.6
109.7
105.2
106.1
107.2
107.4
128.1
130.0
129.3
130.7
127.7
129.0
129.0
130.2
129.1
132.0
130.1
131.7
124.9
125.6
126.5
127.4
127.6
128.0
131.2
132.0
111.8
111.7
126.9
127.6
139.1
140.1
103.1
101.7
125.0
125.2
110.3
111.1
107.9
109.1
132.7
133.8
132.0
133.3
134.1
134.9
128.8
130.0
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
domestic investment
Personal consumption
expenditures
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND RELATED
IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter, quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross domestic product
Period
Current
dollars
Constant
(1987) dollars
Implicit price
deflator
1.8
99
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.8
2.8
2.2
2.1
5.0
2.8
2.8
2.7
3.8
2.7
1.3
2.7
3.3
1.6
1.0
1.3
2.9
2.9
1.9
1.3
2.2
1.3
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.2
5.4
6.2
2.8
5.0
3.8
2.6
7.1
5.2
4.9
8.6
4.4
4.2
3.8
7.7
6.1
7.2
6.2
6.4
4.7
2.0
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1991- I
II
III
IV
1992- I
II
III
IV
1993- I
II
Ill
IV
1994- I
II
Ill
IV
1995- I
UP
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
-.6
2.3
3.1
4.1
-2.1
2.2
1.0
.1
3.1
2.4
3.5
5.7
1.2
2.4
2.7
6.3
3.3
4.1
4.0
5.1
2.7
.5
Fixed- weighted
price index
(1987 weights)
Current
dollars
Implicit price
deflator
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
-.4
2.8
3.3
3.5
-2.8
2.1
1.3
-.5
5.8
1.7
3.9
5.6
1.6
2.6
3.9
4.0
4.7
1.3
3.1
5.1
1.6
2.5
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.2
3.2
2.5
2.1
3.4
2.4
3.1
3.4
3.3
3.7
1.6
3.9
2.6
2.2
1.3
2.2
1.3
3.2
3.1
1.9
22
2^5
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.8
6.0
5.8
5.7
.5
4.7
4.3
3.0
9.3
5.4
5.6
9.7
4.1
5.0
5.1
6.4
6.0
4.6
6.3
6.8
4.1
4.8
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.0
3.2
3.0
2.7
5.1
3.1
3.3
2.7
3.9
3.3
2.7
2.8
4.2
2.4
2.0
2.4
3.1
2.9
3.0
2.6
3.3
2.7
Fixed-weighted
price index
(1987 weights)
Constant
(1987) dollars
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.4
3.5
2.8
2.5
3.6
2.8
3.3
3.6
3.7
3.8
3.5
3.0
2.9
2.6
1.4
2.8
1.9
2.8
3.6
2.5
2.7
2.9
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 output (dollars) 1
Gross domestic product
of nonfmanciai
corporate business
(billions of dollars)
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1984:
198519861987198819891990199119921993-
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1994- I
II
Ill
rv*
1995- I
1
Output
2
Current
dollars
1987
dollars
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,089.7
3,222.9
3,409.7
3,656.9
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,125.9
3,307.8
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,716.7
2,802.8
2,942.9
3,121.9
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,T25.0
2,740.9
2,870.2
3,324.4
3,386.3
3,428.7
3,499.3
2,868.4
2,920.5
2,963.3
3,019.5
3,568.6
3,626.7
3,679.4
3,752.8
3,062.6
3,098.9
3.131.2
3,195.0
3,793.8
3,229.3
Total
cost and
profit2
0.978
.000
.030
.072
.109
.137
.150
.159
.171
.957
.976
.984
1.009
1.046
1.084
1.120
.140
.152
.159
.159
.157
.159
.165
.170
.175
.175
1.175
Consumption of
fixed
capital
0.111
.110
.111
.117
.120
.126
.126
.123
.122
.111
.110
.112
.110
.112
.120
.123
.125
.123
.124
.123
.124
.120
.125
.121
.122
.121
.122
is measured by GDP of nonfmanciai corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfmanciai corporate business
with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
4
With inventory valuation and capital consumption adjustments.
Indirect
business
taxes3
Compensation
of employees
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.095
0.648
0.040
0.084
.095
.096
.101
.106
.115
.117
.117
.117
.091
.093
.095
.094
.097
.102
.109
.117
.118
.117
.117
.116
.117
.117
.117
.118
.117
.116
.658
.676
.706
.736
.756
.767
.768
.766
.623
.643
.654
.664
.687
.718
.748
.760
.768
.776
.770
.766
.760
.763
.766
.768
.768
.771
.042
.045
.054
.054
.049
.041
.039
.039
.041
.038
.042
.042
.047
.055
.054
.047
.038
.039
.039
.039
.038
.038
.039
.040
.041
.042
.096
.102
.094
.093
.092
.099
.112
.126
.091
.092
.081
.099
.102
.088
.085
.092
.107
.102
.111
.113
.123
.122
.127
.127
.128
.125
Profits
tax
liability
0.031
.037
.038
.037
.034
.031
.031
.040
.046
.027
.030
.035
.038
.040
.033
.034
.031
.033
.037
.040
.038
.043
.043
.046
.047
.049
.049
Profits
after4
tax
0.053
.059
.064
.057
.059
.061
.067
.073
.080
.064
.063
.045
.060
.063
.055
.052
.061
.073
.065
.071
.075
.080
.078
.081
.080
.079
.076
Output
per hour
of all
employees
(1987
dollars)
Compensation
per hour
of all
employees
(dollars)
22.733
23.127
23.572
23.188
23.447
23.926
24.649
25.330
25.965
22.055
22.346
22.891
23.356
23.521
'23.145
23.552
24.214
25.084
14.739
15.207
15.833
16.376
17.246
18.081
18.917
19.445
19.894
13.732
14.359
14.975
15.517
16.069
16.616
17.625
18.402
19.253
24.942
25.221
25.421
25.664
19.349
19.418
19.467
19.497
25.792
25.744
25.849
26.069
19.683
19.714
19.855
20.010
26.187
20.199
* See Note, p. 16.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
{Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates)
CompenNational
income
Period
1989
1990
1991
1992
1993
1994
19841985:
1986:
1987:
1988:
19891990:
1991:
1992:
1993:
, ..
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1994: I
II .
in
rv
1995: I
HP
1
of
employees1
4,249.5
4,491.0
4,608.2
4,829.5
5,131.4
5,458.4
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,663.9
4,964.9
5,031.1
5,094.0
5,138.5
5,262.0
5,308.7
5,430.7
5,494.9
5,599.4
5,688.4
Proprietors' income
with inventory valuation and capital consumption adjustments
Farm
Nonfarm
40.2
41.9
36.7
44.4
37.3
39.5
21.9
17.8
23.6
42.4
30.9
38.4
43.8
36.6
46.0
49.6
39.4
15.8
44.4
47.2
39.3
29.8
41.7
44.4
38.0
3,100.2
3,297.6
3,404.8
3,591.2
3,780.4
4,004.6
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,459.1
3,671.0
3,713.1
3,761.1
3,801.7
3,845.8
3,920.0
3,979.3
4,023.7
4,095.3
4,157.3
4,183.2
Rental
income
of
persons
with
capital
consumption
adjustment
307.0
321.4
339.5
374.4
404.3
434.2
217.7
250.9
260.9
282.6
302.5
311.4
325.1
349.8
392.4
394.8
399.4
404.5
418.5
423.8
431.9
437.1
444.0
449.2
451.9
Includes employer contributions for social insurance. (See also p. 5.)
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
-13.5
-14.2
-10.5
-5.5
24.1
27.7
24.3
14.0
4.7
6.8
2.8
-21 6
-11.1
-8 1
5.1
16.5
23.4
26.3
30.3
15.3
34.1
32.6
29.0
25.4
24.0
362.8
380.6
390.3
405.1
485.8
542.7
261.3
284.9
264.6
343.3
378.3
354.5
362.8
394.7
432.5
442.5
473.1
493.5
533.9
508.2
546.4
556.0
560.3
569.7
Profits
before tax
Inventory
valuation
adjustment
342.9
365.7
365.2
395.9
462.4
524.5
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5
570.6
-17.5
-11 0
5.8
-6.4
-62
-19.5
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-195
-.8
2.1
-11.2
-10.0
3.0
-6.5
-123
-14.1
-196
-32.1
-39.0
-27.8
325.4
354.7
370.9
389.4
456.2
505.0
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4
531.6
Capital
consumption
adjustment
37.4
25.9
19.4
15.7
29.5
37.7
37.7
56.9
39.6
49.9
37.9
33.9
13.5
22.4
16.9
21.0
26.5
31.7
38.8
37.0
37.4
37.5
38.8
38.1
36.1
Net
interest
452.7
463.7
447.4
420.0
399.5
409.7
321.1
331.9
349.7
368.6
408.1
459.8
474.4
431.8
418.0
414.6
397.6
396.7
389.1
394.2
399.7
415.7
429,2
442.4
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
Total
personal
consumption
expenditures
1989
1990
1991
1992
1993
1994
1982:
19831984:
1985:
1986:
1987:
1988:
1989:
1990-
IV
IV
IV
IV
IV
IV
IV
IV
IV
1991: IV ..
1992: IV
1993: I
II
III
rv
1994: I
II
Ill
IV
1995: I
UP
1
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,557.8
3,584.7
3,629.6
3,643.9
3,666.5
Total
durable
goods
440.7
443.1
425.3
452.6
489.9
532.1
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
427.7
468.8
472.5
483.7
492.7
510.8
521.7
522.2
529.6
554.8
550.0
550.5
Includes other items, not shown separately.
Motor
vehicles
and
parts
196.4
192.7
170.0
181.8
196.1
208.2
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
171.6
188.2
189.7
195.1
195.0
204.7
213.7
205.3
202.0
211.9
203.2
200.3
Furniture
and
household
equipment
165.8
171.6
179.2
193.3
214.1
238.7
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
181.2
202.0
205.2
209.9
216.6
224.6
225.9
232.5
241.7
254.5
256.6
260.2
Other
78.5
78.7
76.1
77.5
79.7
85.2
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
74.9
78.6
77.6
78.7
81.1
81.5
82.0
84.4
86.0
88.4
90.3
90.1
Total
nondurable
goods
1,051.6
1,060.7
1,047.7
1,057.7
1,078.5
1,109.5
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,040.4
1,074.2
1,070.0
1,074.3
1,081.7
1,088.0
1,098.3
1,104.3
1,113.4
1,121.9
1,128.2
1,131.9
Food
515.0
523.9
518.8
514.7
524.0
535.6
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
514.9
522.0
520.7
522.3
525.1
528.1
531.9
536.1
535.7
538.5
541.1
539.7
Clothing Gasoline
and
and oil
shoes
Fuel
oil and
coal
87.3
86.4
83.1
85.6
86.5
87.2
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.4
86.0
86.1
85.7
87.5
86.6
86.1
86.7
88.0
88.2
90.3
91.9
11.4
10.5
10.7
11.2
12.1
11.9
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.7
11.3
12.0
11.8
12.2
12.2
13.4
11.4
11.7
11.1
11.5
12.3
187.8
186.2
184.7
193.2
197.8
208.8
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.8
198.7
194.0
196.1
198.6
202.4
203.8
204.9
2102
216.4
216.6
218.4
Retail sales of new
passenger cars
(millions of units)
Services
Other
250.2
253.8
250.5
253.0
258.2
265.9
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.7
256.3
257.2
258.3
258.4
258.8
263.1
265.1
267.8
267.6
268.7
269.6
Total
services1
1,731.0
1,768.8
1,786.3
1,839.1
1,890.3
1,938.1
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,797.3
1,860.4
1,874.8
1,881.2
1,897.8
1,907.4
1,926.3
1,931.4
1,941.8
1,952.9
1,965.7
1,984.1
Housing
469.2
474.6
479.0
485.2
492.6
501.3
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
481.4
487.8
489.8
491.5
493.7
495.4
497.7
500.0
502.6
505.0
507.4
509.4
Medical
care
408.6
424.6
437.7
454.3
466.4
479.0
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
444.7
459.0
463.1
464.3
467.6
470.4
473.2
477.4
481.0
484.4
486.9
489.1
Source: Department of Commerce, Bureau of Economic Analysis.
Domestics
7.1
6.9
6.1
6.3
6.7
7.3
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.4
6.4
6.9
6.7
7.1
7.4
7.2
7.1
7.4
7.0
6.9
Imports
2.8
2.6
2.3
2.1
2.0
2.0
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
22
i!o
2.0
2.1
2.0
1.9
2.0
2.0
2.0
1.8
1.8
1.8
SOURCES OF PERSONAL INCOME
Personal income rose $23.3 billion (annual rate) in June, following a decrease of $10.1 billion in May. Wages
and salaries rose $20.6 billion in June following a decline of $21.6 billion in May. Farm subsidy payments fell
in both May and June.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS Of DOLLARS* (RATIO SCALE)
7,000
7,000
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
OTHER INCOME
800
800
TRANSFER PAYMENTS
11 400
400 U
1988
1987
1989
1990
1991
1992
1993
1994
*SCASONW1Y ADJUSTS) ANNUM RATES
SOURCE: DEPARTMENT OF COMMERCE
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Total
personal
income
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- June
July
Sept
Oct
Dec
1995- Jan
Feb
Mar
May
....
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.7
5,674.9
5,704.4
5,730.6
5,768.4
5,844.7
5,841.8
5,883.5
5,930.6
5,962.7
5,992.7
6,002.9
5,992.8
6,016.1
Wage and
salary
disbursements1
2,105.4
2,261.2
2,443.0
2,586.4
2,745.0
2,816.1
2,974.8
3,080.8
3,279.0
3,267.0
3,282.6
3,289.0
3,310.2
3,351.6
3,349.3
3,368.3
3,391.1
3,406.8
3,412.2
3,429.7
3,408.1
3,428.7
Proprietors' income3
OUier labor
income ' 2
200.7
210.4
230.5
251.9
274.3
299.0
328.7
355.3
381.0
380.1
381.9
383.7
385.5
387.1
388.7
390.3
398.1
399.6
401.1
402.5
403.9
405.3
Farm
22.3
31.3
30.9
40.2
41.9
36.7
44.4
37.3
39.5
32.3
30.0
29.6
30.0
49.0
35.1
41.1
36.1
42.3
54.8
40.8
38.3
34.9
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.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
261.5
279.0
293.4
307.0
321.4
339.5
374.4
404.3
434.2
433.5
434.4
437.6
439.4
441.4
443.5
447.0
448.7
449.4
449.6
450.2
452.0
453.4
4
Rental
income
of
persons4
8.7
3.2
4.3
-13.5
-14.2
-10.5
-5.5
24.1
27.7
32.6
32.4
32.6
32.7
31.4
29.5
26.1
26.8
25.5
23.8
23.3
24.1
24.5
Personal
dividend
income
104.7
100.4
108.4
126.5
144.4
150.5
161.0
181.3
194.3
193.4
195.1
197.0
198.8
200.8
202.8
204.4
204.8
205.4
206.4
207.5
208.1
208.8
Personal
interest
income
531.7
548.1
583.2
668.2
698.2
695.1
665.2
637.9
664.0
656.9
665.1
674.0
683.6
692.5
7dl.2
709.6
717.2
724.0
729.5
732.5
734.3
735.8
Transfer
payments5
517.8
542.2
576.7
625.0
687.6
770.1
860.2
915.4
963.4
960.0
964.9
969.8
972.3
977.1
977.7
984.2
1,000.7
1,003.7
1,009.9
1,012.4
1,018.9
1,021.0
Less: Personal contributions
for social
insurance
162.1
173.6
194.5
211.4
224.9
236.2
248.7
261.3
281.4
280.9
282.0
282.6
284.1
286.2
286.1
287.4
292.8
294.0
294.5
295.8
294.9
296.4
Nonfarm
personal
income6
3,545.6
3,749.4
4,023.9
4,318.0
4,608.6
4,801.8
5,089.4
5,316.6
5,639.4
5,619.9
5,651.6
5,678.1
5,715.5
5,772.5
5,783.3
5,818.7
5,870.8
5,896.5
5,914.1
5,938.1
5,930.3
5,956.7
With capita) consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
6
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in 1987 dollars fell in the second quarter
of 1995.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS Of DOLLARS' (RATIO SCALE]
2,500
2,000
DOLLARS' (RATIO SCALE)
22,000
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
DOLLARS' (RATIO SCALE)
22,000
20,000
18,000
16,000
CURRENT DOLLARS
\
14,000
^T^.
^, r - - ~
12,000
Z---~"
_
.
18,000
—
•"
16,000
——
-
--
14,000
^\
^~~"
987DOLU
12,000
""""
10,000
10,000
^
i ii
8,000
1982
1983
1 1 1
1984
I
1986
1985
1
1
1987
i I i
1
1988
1989
!
1
i i i
1990
I i i
1991
i i i
1992
1993
I i ]
1994
8,000
1995
COUNCIL Of ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays1
Equals:
Personal
saving
Disposable
persona]
income in
1987
Per capita
disposable personal
income
Current
dollars
dollars
(billions)
Billions of dollars
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.7
1987
1988
1989
1990
1991
1992
1993
1994
512.5
527.7
593.3
623.3
623.7
648.6
686.4
742.1
3,289.5
3,548.2
3,787.0
4,050.5
4,236.6
4,505.8
4,688.7
4,959.6
1987
dollars
Per capita persona]
consumption
expenditures
Current
dollars
1987
dollars
Dollars
3,147.5
3,392.5
3,634.9
3,880.6
4,025.0
4,257.8
4,496.2
4,756.5
142.0
155.7
152.1
170.0
211.6
247.9
192.6
203.1
3,289.5
3,404.3
3,464.9
3,524.5
3,538.5
3,648.1
3,704.1
3,835.7
13,545
14,477
15,307
16,205
16,766
17,636
18,153
19,003
Percent
change
in real
per capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands)2
Percent
13,545
13,890
14,005
14,101
14,003
14,279
14,341
14,696
12,568 12,568
13,448
14,241
15,048
15,444
16,192
16,951
17,734
12,903
13,029
13,093
12,899
13,110
13,391
13,716
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,998
14,533
14,222
14,351
14,338
14,451
14,535
14,625
14,697
14,927
15,048
14,967
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,588
16,566
16,693
16,856
17,017
17,233
17,443
17,598
17,821
18,072
18,216
18,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,868
13,262
13,283
13,335
13,425
13,519
13,640
13,651
13,717
13,853
13,880
13,936
2.0
.4
2.5
4.3
4.4
4.0
4.2
5.0
5.5
4.1
4.1
242,860
245,093
247,397
249,951
252,688
255,484
258,290
260,991
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
.7
9.3
-8.3
3.7
-.4
3.2
2.3
2.5
2.0
6.4
3.3
-2.1
7.9
6.0
4.8
5.0
4.3
3.9
4.3
5.2
6.2
4.0
4.6
3.9
4.0
3.6
4.1
4.1
4.6
5.1
4.1
237,231
239,387
241,550
243,745
246,004
248,372
251,035
253,758
256,626
257,262
257,908
258,635
259,356
259,997
260,627
261,340
261,999
262,527
263,097
-0.1
2.5
.8
.7
IT
Seasonally adjusted annual rates
198419851986:
1987:
19881989-
IV
IV
IV
IV
IV
IV
1990: IV
1991: IV
1992- IV
1993- I
II
III
TV
1994: I
II
III
IV
1995- I
\\P
1
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,759.1
4,934.2
5,335.0
5,255.5
5,364.5
5,395.9
5,484.6
5,555.8
5,659.9
5,734.5
5,856.6
5,962.0
6,004.0
413.4
448.8
478.5
528.6
542.0
605.1
625.2
631.2
676.2
657.3
685.9
695.4
707.0
723.0
746.4
744.1
754.7
777.6
807.9
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,303.0
4,658.8
4,598.2
4,678.6
4,700.5
4,777.6
4,832.8
4,913.5
4,990.3
5,101.9
5,184.4
5,196.1
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
4,078.4
4,371.4
4,413.7
4,464.6
4,518.2
4,588.2
4,657.3
4,712.4
4,787.0
4,869.3
4,920.7
4,981.4
222.6
179.2
151.1
169.8
156.4
148.8
176.2
224.6
287.4
184.6
214.0
182.3
189.4
175.5
201.1
203.3
232.6
263.7
214.7
Includes personal eor sumption expenditures, interest paid by persons, and personal transfer
payments to rest of the v arid (net).
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,552.1
3,729.6
3,658.9
3,701.3
3,708.4
3,747.8
3,779.2
3,811.5
3,840.9
3,911.0
3,950.5
3,937.6
2
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,957
18,154
17,874
18,141
18,174
18,421
18,588
18,853
19,095
19,473
19,748
19,750
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1994, according to preliminary estimates, gross farm income rose $16.8 billion (annual
rate) and net farm income rose $17.8 billion.
BILLIONS OF DOLLARS* (RATO SCALE)
BILLIONS OF DOLLARS* (RATO SCALE)
440
200
.
.—' •
•~~—**S\
160
^,
^
"^ "
,r
160
..^1
"~1
*°"
3ROSS FAR,M INCOME
/
40
/\
/ \
^^
\
A
\i i'
\J
\s'
i
I
' ""* N. X
\
\
N
** v
/
/
^
A
'*
//
\ '
,^
\
/
\ /
'\ /
\'
' \ 1
"\
\> V
NET
FARM
INCOME
V*
20
K I
\ ni
\ i l\i
it
11
10
40
10
u
i
2
[
i
L
1982
1983
i i i
1984
i i i
1 1 1
1986
1985
i i i
i i i
1987
1988
1
1
1
1989
1
1
1
i i i
1991
1990
• SEASONAU.Y ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
i i i
1992
i i i
i i i
1993
7
1994
COUNOL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Net fann income
Period
Cash marketing receipts
Total »
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 . ...
1994P
1993- I ...
II ..
Ill
IV
1994:
I
II
III
IV"
Livestock and
products
Production
expenses
Current
dollars
1987 dollars3
168.0
161.2
156.1
168.5
175.8
192.8
198.2
192.3
200.2
201.4
212.0
142.8
144.1
135.4
141.8
151.2
161.1
170.0
168.8
171.2
175.1
179.7
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.7
86.4
90.6
87.8
69.9
74.3
63.8
65.9
71.7
77.0
80.1
82.1
84.9
84.5
91.9
6.0
-2.3
-2.2
-2.3
-3.4
4.8
3.4
-.3
4.3
-3.6
7.1
141.9
132.4
125.1
128.8
137.8
144.9
151.3
151.2
150.1
158.0
162.7
26.1
28.8
31.1
39.7
38.0
47.9
46.9
41.1
50.1
43.4
49.3
28.7
30.5
32.0
39.7
36.6
44.1
41.4
35.0
41.4
35.1
39.1
203.0
202.2
19&0
202.5
215.0
201.0
207.7
224.5
172.2
175.1
185.7
167.3
177.1
166.8
183.0
191.8
84.2
88.4
101.9
87.8
92.0
82.5
97.2
79.5
88.0
86.7
83.8
79.5
85.1
84.2
85.8
112.3
-6.5
-5.1
-6.0
3.0
8.4
7.7
6.2
6.2
155.1
157.6
159.5
160.0
160.2
162.5
164.5
163.6
47.9
44.7
38.6
42.4
54.8
38.5
43.1
60.9
39.0
36.2
31.2
34.2
43.8
30.6
34.1
48.0
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nomnoney income furnished by farms.
2
Physical changes in eml-of-year inventory- of crop and livestock commodities valued at average prices during: the year.
3
Income in current dollars divided by the GDP implicit price deflator.
Crops
Value of
inventory
changes2
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1991 in chart do not reflect previous revisions to
annual data in table.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the first quarter of 1995, according to current estimates, corporate profits before tax rose $17.1 billion (annual
rate) and profits after tax rose $12.8 billion.
BILUONS OF DOL1ARS
BILLIONS OF DOLLARS
600
600
SEASONALLY ADJUSTED ANNUAL RATES
,
550
550
500
500
.
J\
450
^
-
^
450
-
/
y\
P iOFITS BEFDBF TAX
400
/
400
\
-
r^
350
/
350
s~'
.
^
300
300
-
S
_
250
200
-
/
OFITSAFT
r\
x-J
150
s
~
,_
"
"*
f
-_--,
100
X
/'" '"
~— — ^
50
*"
'"
y,
•'
>
0
1
1 1
1982
M
^-^
\ 1 1 ^1
~~O
i i i
1
1983
1984
1
1
1
1 1
1985
f
/
1986
S ~" ~~
s
—-
.*^
V
/
TAX LIABIUTY
s
x
.— ., ^,-""'
'-•-
.^•-"^.
X_.^
250
^., .
s'
— ./
200
r "'
150
'\/
,-—' '
f^
"\
f''
\
\
\
N
V
100
-"
^f
50
UNO IISTRIBUTH: PROFITS
0
i i i
i i i
i i i
i i i
i I i
1 1 1
i i t
1 1 1
i i i
1987
1988
1989
1990
1991
1992
1993
1994
1995
cowICILOFECONCJMCAIMSERS
SOURCE: DEPAKTMENTOfCCMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventoiy valuation adjustment *
Profits after tax
Domestic industries
Period
Nonfinancial
2
Total
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
19841985:
19861987198819891990199119921993-
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1994- I
II
m
IV
1995- I
HP
1
2
227.6
273.4
320.3
325.4
354.7
370.9
389.4
456.2
505.0
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4
531.6
194.6
233.9
271.2
266.0
286.7
302.4
328.8
391.0
444.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
301.4
361.0
354.0
383.8
392.6
433.4
410.1
448.2
458.1
461.7
462.9
Financial
35.8
36.4
41.8
50.6
65.7
84.3
81.9
103.7
104.0
20.3
29.0
34.7
39.4
46.1
52.5
66.6
84.6
86.7
95.9
100.1
103.9
114.6
89.6
106.4
112.6
107.2
115.2
3
Total
158.9
197.5
229.4
215.3
221.1
218.1
246.9
287.3
340.6
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.8
274.3
258.0
283.7
288.7
318.8
320.5
341.8
345.5
354.5
347.7
See p. 4 for profits with inventoiy valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
Wholesale and
retail
trade
59.0
87.0
117.5
108.0
109.1
90.1
94.5
114.2
145.6
79.2
83.3
63.9
98.7
129.3
94.5
98.5
85.3
101.3
96.2
114.2
112.4
134.2
145.1
143.0
143.3
150.9
143.9
46.3
39.9
37.1
39.7
37.2
46.7
54.8
61.2
67.6
50.8
39.0
43.1
39.3
39.3
39.2
36.2
47.4
64.6
56.0
63.3
62.0
63.7
59.0
72.0
70.1
69.2
66.7
3
Profits
before
tax
217.8
287.9
347.5
342.9
365.7
365.2
395.9
462.4
524.5
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5
570.6
Tax
liability
106.5
127.1
137.0
141.3
138.7
131.1
139.7
173.2
202.5
83.8
97.6
116.6
135.2
146.2
134.2
137.0
133.1
148.6
159.8
171.8
169.9
191.5
184.1
201.7
208.6
215.6
220.0
Total
111.3
160.8
210.5
201.6
227.1
234.1
256.2
289.2
322.0
136.3
134.2
119.2
176.0
226.0
200.0
231.8
240.0
264.8
273.0
284.8
288.9
310.2
299.4
321.4
329.5
337.9
350.7
Dividends
Undistributed
profits
109.8
106.2
115.3
134.6
153.5
160.0
171.1
191.7
205.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
160.9
182.1
188.2
190.7
193.2
194.6
196.3
202.5
207.9
213.9
217.1
2199
1.6
54.6
95.2
67.1
73.6
74.1
85.1
97.5
116.9
52.9
36.9
8.2
69.7
105.0
58.7
78.1
79.1
82.7
84.7
94.1
95.6
115.6
103.0
118.9
121.6
124.0
133.5
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
9.7
- 14.5
-27.3
-17.5
-11.0
5.8
-6.4
-6.2
-19.5
3.5
-3.8
-10.7
- 17.8
-31.7
-13.5
-19.5
-.8
2.1
-11.2
-10.0
3.0
-6.5
-12.3
-14.1
-19.6
-32.1
-39.0
-27.8
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the second quarter of 1995, according to advance estimates, nonresidential fixed investment in 1987 dollars
rose $21.0 billion (annual rate) and residential investment fell $8.6 billion. There was a $30.4 billion increase in
inventories, following an increase of $51.1 billion in the first quarter.
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
1,100
1,100
SEASONALLY ADJUSTED ANNUAL RATES
1,000
y
900
800
^-/
700
600
500
~x/
/
^
1
f
%
[X.^H"""
^\
•*+
700
/
600
s
^ S
_
500
400
1! ESIDENTLA L
RXF 3 INVEST* FNT
300
...1- -
-.-,•
^'
—
/(
\
\
11
\
\
^
200
CHAN<3E IN BUS(NESS
IN /ENTORIE
""
s'
.•'•*
„. — . _ _ . «
*"•.
s-'
/
-100
/
\
NCJNRESIDENrriAL
D INVESTA
300
0
s
s
^
4*
400
100
s
s
*~
*
s
200
/
^
900
800
•^
GROSS PRIVATE DOMESTIC
INVESTMENT
_^ ^
s
1,000
/
1 1 t
1
1982
1983
1
!
1
1
1984
1
i ii
v '
1985
100
\
t
'
'
•».
0
\
** t
1986
**
i i i
i ii
i
1987
1988
1989
i i
l i i
i
1990
1991
i i
i i i
i i i
i i i
i ii
1992
1993
1994
1995
-100
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of COMMERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
Gross
private
domestic
investment
Change in business
ories
Nonresidential
Producers'
durable
equipment
Residential
Structures
Total
Total
Total
Nonfarm
735.1
749.3
773.4
784.0
746.8
683.8
725.3
819.9
951.5
726.5
723.0
753.4
754.2
741.1
684.9
722.9
804.6
903.8
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
150.6
323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
521.9
226.2
225.2
222 7
214/2
194.5
169.5
196.9
213.0
231.3
8.5
26.3
19.9
29.8
5.7
-1.1
2.5
15.3
47.8
10.6
32.7
26.9
29.9
3.2
13
-2.0
18.5
40.7
IV
IV
IV
IV
IV
IV
IV
IV
IV
756.4
763.1
705.9
793.8
785.0
769.5
695.7
697.9
755.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
684.4
748.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
189.5
198.3
170.4
177.9
175.7
179.8
172.8
151.4
146.3
320.1
327.2
325.0
332.7
363.1
356.9
367.4
355.5
394.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
13.5
6.3
50.8
280
-18.6
62.1
30.5
31.2
18 7
14.6
1993- I
II
Ill
rv
789.2
806.2
821.8
862.5
770.7
787.3
808.8
851.7
560.3
581.0
597.9
627.2
147.2
147.3
147.5
148.7
413.0
433.7
450.3
478.5
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
19.7
22.8
20.9
10.7
1994- I
II
III
IV
898.9
950.9
967.3
989.1
873.4
891.7
910.2
939.7
643.6
657.9
680.0
708.2
144.1
151.0
151.6
155.6
499.4
506.9
528.4
552.6
229.9
233.8
230.2
231.5
25.4
59.2
57.1
49.4
22.1
51.7
47.4
41.7
1995- I
HP
1,024.1
1,015.8
973.0
985.4
743.6
764.6
159.9
163.2
583.7
601.4
229.5
220.9
51.1
30.4
49.1
32.9
1986
1987
1988
1989
1990
1991
1992
1993
1994
19841985198619871988:
198919901991:
1992-
Source: Department of Commerce, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1994 survey, business spending for new plant and equipment
was expected to rise 8.8 percent in 1994, following a rise of 7.3 percent in 1993.
BILLIONS OF DOLLARS (RATIO SCALE)
BILUONS OF DOUARS (RATIO SCA1EJ"
/OO
700
SEASONAUY ADJUSTED ANNUAL RATCS
^—
600
(_-
—
600
j
500
400
•^
ALLINDl ISTRIES
^^
^-1
.
^~
500
\
^..
400
_.300
300
NONMANUF/ VCTURING-^
„.-••
200
200
^**'*
X
MANUFAQ JRING
>
100
100
a/i/
1
1
1
1
1986
1985
1987
1
1988
1
i
i
1989
i
i
i
i
t
1991
1990
I
i
1992
•^SURVEYED QUARTERLY
^SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
I
1
1
1993
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
Period
All
industries
Total
Durable
goods
Addenda
Nonmanufacturing
Manufacturing
Nondurable
goods
Total1
Mining
Transportation
Public
utilities
Nonmanufacturing
Commercial
and
other
Total
nonfarm
business2
Manufacturing
Total
Surveyed
quarterly
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
470.95
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994*
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
586.73
638.37
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.47
192.56
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.45
92.78
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
98.02
99.77
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
11.86
. 12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.08
11.24
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
21.77
21.19
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.98
76.44
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
299.44
336.93
1992- I
II
Ill
IV
534.23
541.29
547.82
559.39
173.14
172.52
173.05
176.74
73.26
73.74
72.63
73.64
99.87
98.78
100.42
103.09
361.09
368.77
374.77
382.65
8.99
9.20
8.96
8.43
21.82
23.32
23.66
21.66
69.09
72.56
72.48
73.79
261.19
263.69
269.67
278.77
173.14
172.52
173.05
176.74
361.09
368.77
374 77
382 65
1993- I
II
Ill
IV
563.48
578.95
594.56
604.51
173.99
177.55
182.48
182.15
78.19
80.33
82.74
83.64
95.80
97.22
99.74
98.51
389.49
401.40
412.09
422.36
8.98
9.10
11.09
10.92
22.38
21.50
21.32
21.84
73.78
74.45
75.94
78.87
284.35
296.35
303.74
310.73
173.99
177.55
182.48
182.15
389 49
401.40
412.09
422.36
1994- I
II
Ill 4
IV->
619.34
637.08
651.92
645.13
185.04
193.99
197.36
193.83
86.03
91.71
98.97
94.44
99.02
102.28
98.39
99.39
434.29
443.09
454.56
451.30
11.43
10.70
11.57
11.27
22.47
19.59
20.73
21.98
73.20
76.51
78.50
77.57
327.20
336.28
343.76
340.48
185.04
193.99
197.36
193.83
434.29
443.09
454.56
451.30
1
Excludes forestry, fisheries, and agricultural services; professional services; social services
and membership organizations; and real estate, which, effective with the April-May 1984 survey,
are no longer surveyed quarterly. See last column ("nunmanu fact u ring surveyed annually") for
data for these industries.
-"All industries" plus the part of nonmanufaeturing that, is sui-veyed annually.
3
Consists of forestry, fisheries, and agricultural services; professional services; .social services
and membership organizations; and real estate.
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
650.41
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.47
192.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
63.68
4
Planned capital experidiUu i as reported by business in July-August 1994, corrected fur
biases.
of September 8, 1994 for details.
Source: Department of Commerce, Bureau of the Census.
10
Surveyed
annually 3
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In June, employment rose by 166,000 and unemployment fell by 108,000.
MILLIONS OF PERSONS *
MILLIONS OF PERSONS *
134
134
SEASONALLY ADJUSTED
130
130
CIVILIAN LABOR FORCE
126
126
122
122
118
118
114
114
CIVILIAN "
EMPLOYMENT
110
110
106
106
1995
*)« YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA)
Civilian employment
Period
Civilian
noninstitutional
population
NSA
19853
1986
1987
1988
1989
1990
1991 .
1992
1993
19944
178,206
180,587
182,753
184,613
186,393
188,049
189,765
191,576
193,550
196,814
1994- June
July
196,693
196,859
197,043
197,248
197,430
197,607
197,765
197,753
197,886
198,007
198,148
198,286
198,453
Sept
Oct
Nov
Dec
1995: Jan
Feb
Mar
May
Civilian
labor
force
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
131,056
130,538
130,774
131,086
131,291
131,646
131,718
131,725
132,136
132,308
132,511
132,737
131,811
131,869
Nonagricultural
Total
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
123,060
122,635
122,781
123,197
123,644
124,141
124,403
124,570
124,639
125,125
125,274
125,072
124,319
124,485
Agricultural
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
3,409
3,294
3,333
3,436
3,411
3,494
3,500
3,532
3,575
3,656
3,698
3,594
3,357
3,451
1
Persons at work. Economic reasons include slack work, material shortages, inability to find
fiilltime work, etc.
2
Civilian labor foree (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
Total
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
119,651
119,341
119,448
119,761
120,233
120,647
120,903
121,038
121,064
121,469
121,576
121,478
120,962
121,034
Percent2
Unemployment
Part time
for
economic1
reasons
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
4,414
4,510
4,273
4,173
4,154
4,226
4,246
4,254
4,430
4,187
4,347
4,171
4,289
4,185
Total
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
7,903
7,993
7,889
7,647
7,505
7,315
7,155
7,498
7,183
7,237
7,665
7,492
7,384
15
weeks
and
over
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
2,860
2,740
2,823
2,773
2,768
2,934
2,661
2,456
2,386
2,298
2,266
2,505
2,585
2,299
Not in
labor
force
62,744
62,752
62,888
62,944
62,523
63,262
64,462
64,593
65,509
65,758
66,155
66,085
65,957
65,957
65,784
65,889
66,040
65,617
65,578
65,496
65,412
66,476
66,583
Labor
foree
participation
rate
Employment/
population
ratio
Unemployment
rate
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
66.6
66.4
66.4
66.5
66.6
66.7
66.7
66.6
66.8
66.9
66.9
67.0
66.5
66.4
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
62.5
62.3
62.4
62.5
62.7
62.9
63.0
63.0
63.0
63.2
63.3
63.1
62.7
62.7
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
6.1
6.1
6.0
5.8
5.7
5.6
5.4
5.7
5.4
5.5
5.8
5.7
5.6
3
Not strictly comparable with earlier data.
4
Data beginning- January 3994 are not directly comparable with data for earlier periods. See
Employment and Earnings, February 1994.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In June, the unemployment rote fell to 5.6 percent from 5.7 percent in May.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
1991
1995
1991
1994
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1995
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By sex. and age
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993 2
1994 ..
1994- June
July .
Aug
Sept
Oct .
Nov ... .
Dec
1995: Jan . .
Peb
Mar
Apr
May ... .
June ....
1
All
civilian
workers
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
6.1
6.1
6.0
5.8
5.7
5.6
5.4
5.7
5.4
5.5
5.8
5.7
5.6
Men
20 years
and over
Women
20 years
and over
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
5.4
5.3
5.5
5.3
5.1
5.0
4.9
4.7
5.0
4.6
4.7
4.9
5.1
4.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
5.4
5.4
5.3
5.3
5.2
5.0
5.0
4.7
4.9
4.8
4.9
5.2
4.8
5.0
Both
sexes
16-19
years
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
17.6
17.1
17.7
17.5
17.2
17.1
15.8
17.2
16.7
17.6
16.1
17.5
17.6
16.4
White
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
5.3
5.3
5.3
5.2
5.1
5.0
4.8
4.8
4.9
4.7
4.7
5.0
5.0
4.8
Revised definition; for details, see Employment and Earnings, February 1994.
Data beginning January 1994 are not directly comparable with data for earlier periods. See
Employment and Earnings, February 1994.
2
12
By selected groups
By race
Black
and
other
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
10.4
10.3
10.6
10.2
10.4
9.8
9.2
9.5
9.4
9.2
9.8
9.1
9.8
Black
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
11.5
11.3
11.2
11.3
10.7
11.1
10.5
9.8
10.2
10.1
9.8
10.7
9.9
10.6
Experienced
wage
and
salary
workers
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
5.9
5.9
6.0
5.8
5.7
5.5
5.4
5.3
5.4
5.1
5.2
5.6
5.6
5.4
Married
men,
spouse
present
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
3.7
3.6
3.6
3.5
3.4
3.3
3.2
3.2
3.4
3.0
3.2
3.4
3.4
3.4
Women
who
maintain
families
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
8.9
8.8
7.9
8.8
8.9
8.9
8.7
8.8
8.9
8.1
7.6
9.0
8.0
8.4
Note.—Data relate to persons age 16 years and over.
Source: Department of Labor, Bureau of Labor Statistics.
Full-time1
workers
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
6.1
6.1
6.1
6.0
5.8
5.8
5.6
5.3
5.5
5.3
5.4
5.6
5.6
5.5
Part-time
workers '
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
6.0
5.9
6.0
6.2
5.8
5.6
5.4
5.9
6.2
6.0
5.8
6.3
6.1
6.3
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In June, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5-14
weeks rose, while the percentages for 15-26 weeks and for 27 weeks and over fell. The mean duration of unemployment fell to 15.6 weeks and the median duration fell to 7.5 weeks.
PERC ENT DISTRIBUTION *
PER :ENT DISTRIBUTION *
70
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
60
50
50
40
\A _r
1
V^
30
r"~~.
r*
>r
w
I
^^\ "
.
~ S
/\
*
* uiy
—-'15-26
WEEKS
10
V— '
^^-
S**\w ^
-/N
/A-
1
R IENT RANTS
30
'27 WEEKS
AND OVER
/^A'
20
~
40
\
1
/"v -
5-14
WEEKS .
JOB LOSE i&y
V-1^
LESS THAN
5 WEEKS
/
\
r^\ \^/^v
^
20
^_
JOB LEAVER S
XT^V
10
/V.
f
NEW NTRANTS
0
1 1 1 1 1 11 11 11
1991
1 1 M 1 1 1 1 1 1 1 1 1 1 1 1 It 1 M 1 1 1 H 1 1 M i M M H 1 1 M I 1 1
1992
1993
1994
0
1 1 1 1 11 1 1 1 11
1991
1995
M 1 H I 1 1 1 11
1 1 1 1 1 I U 1 1 I 1 M 1 1 1 1) 1 1 1
1992
1993
* SEASONALLY ADJUSTED
I/BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
1994
1 I1 1 1 1M 1 1 I
1995
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally actuated, 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
losers1
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1985
1986
1987
1988
1989
1990
1991
1992
1993 3
. .
1994
1994: June
July
Sept
Oct
Nov
Dec
1995: Jan
Feb
Mar
1
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
7,903
7,993
7,889
7,647
7,505
7,315
7,155
7,498
7,183
7,237
7,665
7,492
7,384
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
34.1
34.7
34.8
33.2
34.6
31.9
35.0
36.0
39.4
36.8
35.5
34.8
34.7
37.1
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
30.1
30.9
29.7
32.1
29.6
29.6
29.1
29.9
28.5
30.7
32.6
32.1
30.8
31.8
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
15.5
15.0
15.5
15.0
15.7
17.6
16.0
15.1
13.9
15.4
12.9
14.7
17.1
14.8
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
20.3
19.5
20.0
19.7
20.1
20.9
19.9
19.0
18.2
17.1
18.9
18.4
17.4
16.3
Beginning January 1994, job Users and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCPE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental
compensation or Emergency Unemployment Compensation programs.
3
Data beginning January 1994 are not directly comparable with data for earlier periods. See
Employment and Earnings, February 1994.
2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
18.8
18.4
19.0
18.9
18.8
19.3
18.2
17.8
16.7
16.9
17.5
17.7
16.9
15.6
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
9.2
9.1
9.2
9.2
9.5
10.1
9.1
8.7
7.9
7.8
7.9
8.5
9.0
7.5
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
47.7
47.8
48.3
47.1
46.6
46.8
47.5
47.6
49.2
46.6
46.6
45.5
48.4
46.7
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
9.9
10.1
9.6
10.0
11.4
10.1
9.6
9.7
9.3
10.8
11.3
10.5
11.7
11.4
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
34.8
35.7
34.6
35.0
34.2
35.0
35.0
34.9
33.4
34.5
33.8
35.8
32.9
34.5
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
7.6
6.4
7.4
7.9
7.8
8.2
7.9
7.7
8.0
8.1
8.4
8.2
7.0
7.4
2,617
2,643
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,671
2,745
2,717
2,667
2,614
2,569
2,531
2,533
2,515
2,518
2,498
2,488
2,552
2,633
397
378
328
310
330
388
447
408
341
340
350
348
328
323
328
329
326
335
338
342
352
374
377
2,699
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,740
2,635
2,578
2,573
2,179
2,201
2,340
2,510
3,275
3,173
2,949
2,722
'2,476
2,399
NOTE.—Data relate to persons age 16 years of age and over (except for insured unemployment and initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment, and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 215,000 in June.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
120
34
-
x—
32
110
r\
30
ALL NONAGRICULTURAL
ESTABLISHMENTS
100 -
_^^1
1
28
-
-1
-
^
-
-
-
-
-
-
26
90
24
SERVICE-PRODUCING
INDUSTRIES
22
\
20
"- —
18
60 -
— — **' —
R STAIL TRADE
-
70
•
T
•
GOVERNM
16
50
n I II II 1 1 1 II 1 1 1 1 1 1 II 1 1 1
l
l
_
;NT
1 1 1 1 1 i n 1 11
|m\
18
GOODS-PRODUCING
INDUSTRIES
30
CONSTRUCTION
\
20
in n
a
1991
1992
iim i
1993
1995
1994
1991
1993
1992
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1994
1995
^
COUNCIL OF ECONOMIC ADVISERS
(Thousands of wage and salary workers;l seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
1985
1986
1987
.
1988
1989
1990
1991
1992
1993
1994
1994- June
July ...
Aug
Sept
Oct ..
Nov
Dec
1995- Jan
Feb
Mar ..
Apr
May
June?
Total
nonagricultural
employment
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,034
113,943
114,171
114,510
114,762
114,935
115,427
115,624
115,810
116,123
116,302
116,310
116,264
116,479
Manufacturing
Total 2
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,913
23,905
23,922
23,981
24,030
24,081
24,175
24,230
24,293
24,324
24,370
24,331
24,234
24,237
Construction
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,668
5,010
5,006
5,029
5,038
5,077
5,088
5,144
5,166
5,201
5,213
5,256
5,241
5,191
5,233
Total
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,303
18,297
18,297
18,346
18,355
18,398
18,439
18,472
18,502
18,523
18,525
18,506
18,461
18,421
Durable Nongoods durable
goods
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,431
10,426
10,422
10,465
10,481
10,513
10,550
10,574
10,596
10,622
10,633
10,632
10,613
10,598
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,872
7,871
7,875
7,881
7,874
7,885
7,889
7,898
7,906
7,901
7,892
7,874
7,848
7,823
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 nonagrieultural 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
Total
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,121
90,038
90,249
90,529
90,732
90,854
91,252
91,394
91,517
91,799
91,932
91,979
92,030
92,242
Transporta- Wholetion and
sale
public
trade
utilities
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
6,006
6,008
6,022
6,045
6,048
6,061
6,092
6,121
6,129
6,156
6,175
6,184
6,177
6,195
5,727
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,140
6,131
6,138
6,163
6,181
6,195
6,210
6,229
6,251
6,275
6,287
6,300
6,300
6,310
Retail
trade
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,437
20,408
20,459
20,497
20,565
20,580
20,703
20,759
20,760
20,794
20,760
20,762
20,746
20,773
Finance,
insurance, Services
and real
estate
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,933
6,946
6,947
6,948
6,942
6,935
6,937
6,931
6,927
6,929
6,938
6,924
6,926
6,934
21,927
22,957
24,110
25,504
.26,907
27,934
28,336
29,052
30,197
31,488
31,442
31,573
31,693
31,789
31,888
32,035
32,135
32,228
32,404
32,524
32,548
32,632
32,746
Government
Total
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,118
19,103
19,110
19,183
19,207
19,195
19,275
19,219
19,222
19,241
19,248
19,261
19,249
19,284
Federal
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,866
2,864
2,861
2,863
2,858
2,854
2,853
2,838
2,831
2,828
2,826
2,835
2,835
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
I For production or nonsupcrvisory workers; monthly data seasonally wljuKtcd, except as noted)
Average gross hourly earnings
Average weekly hours
Manufacturing
Total
private
nonagricultural '
IVriod
Total
Manufacturing
Current
dollars
1982
dollars2
Manufacturing
Construction
Retail
trade
Current
dollars
$9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.06
$299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
386.21
$271.16
271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.96
$386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.52
$464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
553.63
572.61
$174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.4
4.7
4.7
4.7
4.8
4.7
4.8
4.8
11.09
11.13
11.14
11.18
11.25
11.24
11.27
7.39
7.39
7.37
7.38
7.42
7.40
7.40
12.03
12.06
12.09
12.12
12.14
12.17
12.18
384.82
386.21
385.44
387.95
392.63
388.90
391.07
256.55
256.45
255.09
256.24
258.99
256.02
256.94
505.26
506.52
507.78
510.25
511.09
512.36
512.78
571.83
574.16
571.91
577.98
578.12
575.79
579.07
216.92
217.50
217.04
217.62
220.75
218.48
219.64
3.1
3.3
2.2
3.7
4.3
3.1
3.1
4.9
4.8
4.7
4.5
4.3
4.2
11.29
11.32
11.34
11.40
11.38
11.43
7.39
7.39
7.38
7.40
7.37
7.39
12.21
12.24
12.25
12.28
12.28
12.32
392.89
391.67
392.36
394.44
389.20
394.34
257.30
255.83
255.44
255.96
252.07
255.07
515.26
515.30
514.50
509.62
508.39
511.28
579.28
575.86
578.12
566.61
563.62
584.40
220.11
218.88
219.17
222.03
219.56
220.61
2.7
3.3
2.6
2.5
1.1
2.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
1994: June
July
Aug
Sept
Oct
34.7
34.7
34.6
34.7
34.9
34.6
34.7
42.0
42.0
42.0
42.1
42.1
42.1
42.1
34.8
34.6
34.6
34.6
34.2
34.5
42.2
42.1
42.0
41.5
41.4
41.5
.
1982
dollars 2
Percent change from
a year earlier, total
private nonagriculttiral :1
Current dollars
$7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.41
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
Dee
r
Total private
nonagricultural '
$8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.13
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
1995- Jan
Feb
Current
dollars
Overtime
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
Nov
Average gross weekly earnings
Total private
nonagricultural '
1982
dollars
-1.3
.3
-1.0
— 9
-i!o
-1.8
-1.6
-.2
-.0
.8
.6
.6
-.6
.7
1.7
.4
. .4
-.2
.3
-.4
»7
-2^1
-.6
:i
1
Also includes other private industry firoujis shown on p. 14.
a
Current dollar earnings divided l>y the consumer price index for urlwn wage earners and
clerical workers (CPI-W) (on a 1982=100 haw).
Basted on seasonally unatljusted data.
Source: Department of Lalxir, Bureau of I.oi)K>r Statistic.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
1'ercerit change from
3 montiis earlier
Period
Total
com]x!nsation
Wages and
salaries
Benefits i
Total
compensation
Wages arid
salaries
12 months earlier
HtmofitH '
Total
<»»i|xwsation
Wages and
salaries
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
4.1
3.2
3.3
4.1
4.1
4.0
3.7
. 2.6
3.1
2.8
lleneftts '
Not seasonally adjusted
1985198619871988198919901991199219931994-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
Seasonally a<yusted
1993- Mar
Sept
Dec
1994- Mar .
Sept
Dec .
1995- Mar .
116.9
117.9
118.9
119.9
120.8
121.8
122.8
123.6
124.3
125.2
113.9
114.6
115.6
116.4
117.3
118.3
119.1
119.8
120.6
121.5
1
Employer costs for employee Ixinefits.
NOTE.—The employment cost index is a measure of the change in the cost of lalwr, free
from the influence of employment shifts tititong oof-tipstion.s and inJustnes.
124.8
126.5
127.7
129.1
130.2
131.5
132.8
133.8
134.0
134.7
1.0
.9
.8
.8
.8
.8
.8
.7
.6
.7
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
Not seasonally adjusted
0.8
.6
.9
.7
.8
.9
.7
.6
.7
.7
1.5
1.4
.9
1.1
.9
1.0
1.0
.8
.1
.5
3.5
3.6
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.8
2.7
2.7
3.1
3.1
2.9
3.1
2.9
2.8
2.9
2.9
5.6
5.8
5.4
5.0
4.4
3.9
4.0
3.7
2.9
2.6
Data exclude farm and household workers.
Source: Department of LalH>r, Bureau of I-mhor Statistics.
15
PRODUCTIVITY AND
Output per hour of
all persona
Period
Business
sector
Nonfarm
business
sector
Hours of all
persons2
Output '
Business
sector
DATA, BUSINESS SECTOR
Nonfarm
business
sector
Business
sector
Compensation per
hour3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour4
Business
sector
Nonfarm
business
sector
Unit labor
costs
Business
sector
Implicit price
deflator *
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982=100; quarterly data seasonally adjusted
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 . . . .
106.3
108.5
109.6
110.7
109.9
110.7
112.1
115.5
117.0
119.7
105.6
107.7
108.6
109.6
108.6
109.1
110.7
113.7
115.2
117.7
116.7
119.9
124.8
130.1
132.3
133.3
132.0
135.5
140.6
148.4
116.8
120.1
125.0
130.6
132.7
133.5
132.2
135.5
141.0
148.5
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.4
120.2
123.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.2
122.4
126.1
113.2
118.8
123.1
128.5
133.0
140.6
147.4
154.9
160.1
165.1
112.8
118.4
122.5
127.7
132.0
139.2
146.2
153.7
158.3
163.1
101.5
104.6
104.6
104.8
103.5
103.8
104.4
106.6
106.9
107.5
101.1
104.3
104.1
104.2
102.7
102.8
103.6
105.7
105.7
106.2
106.5
109.5
112.3
116.0
121.0
127.1
131.5
134.2
136.9
137.9
106.8
110.0
112.8
116.5
121.5
127.6
132.1
135.2
137.5
138.6
111.2
113.6
116.6
120.8
126.1
131.2
135.9
138.8
141.5
143.9
111.6
114.2
117.2
121.4
126.5
131.8
136.7
139.9
142.6
145.2
19821983:
198419851986:
19871988:
19891990:
19911992-
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
101.1
103.1
105.4
107.0
108.3
110.6
110.8
109.7
110.5
113.0
116.8
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
108.9
111.5
115.0
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
132.6
137.9
98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
119.6
117.4
118.1
98.9
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
119.2
120.0
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
150.1
157.7
102.1
105.2
109.9
115.0
120.5
125.1
129.8
133.9
142.2
148.8
156.4
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
103.4
105.1
107.1
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
102.5
104.2
106.2
I
116.2
116.3
117.0
118.4
114.3
114.5
115.3
116.5
138.1
139.6
140.9
143.9
118.9
120.0
120.5
121.5
158.7
159.9
160.6
161.3
157.2
158.1
158.7
159.3
107.0
107.0
107.0
106.6
105.9
105.8
105.7
105.3
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
133.5
136.1
137.4
138.1
137.7
136.8
118.9
118.5
119.5
120.7
121.4
117.0
116.6
117.3
118.6
119.4
145.8
147.2
148.8
151.6
120.9
122.2
122.8
123.8
124.9
126.3
126.8
127.9
128.5
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
132.9
135.1
136.6
137.5
137.3
136.2
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
136.9
140.1
1993:
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
132.8
137.9
138.3
139.9
141.5
144.3
146.1
147.3
148.8
151.6
153.4
163.3
163.6
164.9
166.4
168.0
161.2
161.8
162.9
164.4
166.2
107.4
106.9
106.8
107.2
107.4
106.0
105.7
105.5
105.9
137.3
138.1
138.0
137.8
137.8
138.8
138.8
138.7
142.6
143.8
144.5
144.8
106.2
138.4
139.2
145.3
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
137.9
141.2
142.0
142.5
142.8
143.1
143.5
145.1
145.9
146.1
146.7
3.3
2.2
2.6
3.6
4.4
4.1
3.5
2.2
1.9
1.7
3.7
2.4
2.6
3.6
4.2
4.2
3.7
2.3
1.9
1.8
3.3
2.2
-1.3
5.1
3.2
2.5
-1.2
5.1
II
III .
IV
1994- I
II
Ill
IV
1995:
I*
153.3
122.6
124.2
124.6
125.6
126.3
140.8
141.4
141.6
142.1
Percent change; quarterly data at seasonally adjusted annual rates
1.4
2.1
1.0
1.0
-.7
.7
1.3
3.0
1.3
2.4
0.8
2.0
.8
1.0
-.9
.4
1.5
2.7
1.3
2.2
3.6
2.8
4.1
4.3
1.7
.7-1.0
2.7
3.8
5.5
5.3
1.5
3.3
3.3
4.0
2.3
2.4
3.9
1993: I
II
III .
IV
-2.1
.6
2.2
5.0
1994:
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1992- I
II
III
IV
I
II
Ill
IV
1995- I*
1
Output
2
2.1
.6
3.0
3.3
2.5
.1
-2.3
-.3
2.4
3.1
-1.8
.7
1.6
2.2
2.5
.8
3.2
3.4
2.6
.2
-2.4
-.3
2.7
3.0
4.5
5.0
3.6
4.4
3.5
5.7
4.8
5.1
3.4
3.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.0
3.0
3.4
2.2
4.9
5.6
3.4
2.8
4.1
4.4
1.7
.6
-1.0
2.4
4.1
5.3
2.4
2.5
4.4
6.2
16
.2
1.9
2.2
5.6
4.4
5.7
4.6
-2.2
.4
2.9
4.2
.6
4.2
4.0
8.6
1.0
4.7
4.9
7.9
2.7
3.6
1.7
3.5
3.2
4.2
1.9
3.5
2.5
3.1
1.8
1.7
1.8
-1.4
3.2
4.3
1.7
-1.4
2.7
4.3
5.5
3.7
4.5
7.8
5.2
3.2
4.3
7.7
3.4
4.7
1.6
3.3
5.1
.9
3.1
3.6
2.2
2.7
4.4
4.7
3.6
5.2
1.3
3.3
2.2
2.0
4.0
refers to gross domestic product originating in the sector in 1987 dollare.
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 product divided by constant dollar gross domestic product.
16
0.9
3.1
.2
-1.3
.3
.6
2.0
.4
.5
0.6
3.1
-.2
.1
-1.4
.1
.8
2.0
.0
.4
3.0
2.8
2.5
3.4
4.3
5.0
3.5
2.1
2.0
.7
5.5
5.0
5.3
4.6
2.8
1.3
2.5
1.1
2.7
1.9
2.2
1.1
.3
2.9
2.3
1.2
3.3
2.9
2.6
3.3
4.3
5.1
3.5
2.4
1.7
.8
1.4
2.7
2.9
.6
1.9
2.4
1.5
1.6
4.9
1.4
2.7
3.8
-.6
.1
.1
-1.5
-1.1
-.6
-.2
-1.6
4.6
2.5
-.4
-3.2
4.1
2.0
-1.3
-2.5
2.3
1.7
.6
1.2
2.2
1.6
.7
.8
2.9
-1.7
-.4
1.3
2.7
-1.2
-.8
1.5
3.2
2.31
-.1
3.1
2.8
0
-.4
1.5
3.5
2.0
.7
1.2
4.5
2.3
.5
4.3
.9
1.2
1.8
1.6
1.6
1.5
1
__
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.
•First quarter 1995 data are based on GDP data released May 31, 1995.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose slightly in June; capacity utilization fell slightly.
INDEX, 1987 = 100* (RATIO SCALE]
INDEX, 1987 * 100- (RATIO SCALE)
uo
160
TOTAL INDUSTRIAL PRODUCTION
•*•i
120
100
_
1 1 1 nl
\-^
130
"^1
•
^^
^y^
^——"
-^'
^*"
BUSINESS
FOIIIPMENT
140
^
'
110
FINAL PRODUQS
150
130
120
|mn
M M i 1 1 1 1 1 HIM 11 M!
r~
>
/
,
-^
110
m,
,*'•*"-'
^-/
v
"*~v
GOODS
'\
"'/^X
AND SPACE
EQUIPMENT
"v
'^
70
i 1 1 | 1
1 1 1 1 1 1 H1 1 1
Milt
140
UTILITIES AND MINING
!30
UTILITIES
110
86
t~"~~*
1
/
'
-v
1
^
,-v^'V'""!
f
^/l
84
MINING
82
\s—*
^
80
1 991
Lm
1992
n11 1 1 1 1 1 n
1993
nm|
|m||
1994
78
l\Vf 1
M 1M M 11 1 1 1111 1 1
199!
1995
V
/I
100 '"V
90 i n 1 1 1 I I I I I
M MM i ! 1 1 1
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
\
120
1 1 it 1 M i l l 1 1 M I 1 1 ! ! 1 !
PERCENT-
I
1992
Mill
1 1 1 1 1
1 1 M 1 1 I I1 1 1
1 111 1
1994
1993
1M
1 1
1995
COUNCIL Of ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry production indexes, 1987=100
Total
industrial
production
Period
Index,
1987=100
Capacity utilization
rate, percent ]
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
1986
1987
1988
1989
1990
1991
1992
1993
1994
94.4
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
118.1
1.7
.9
4.9
4.4
1.5
.0
-1.7
3.2
4.1
5.4
91.6
94.3
100.0
104.7
106.4
106.1
103.9
108.0
112.9
119.7
91.8
93.9
100.0
106.6
108.6
107.4
104.2
109.3
116.1
125.5
91.5
94.9
100.0
102.3
103.7
104.4
103.6
106.5
109.3
113.3
109.0
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.2
99.8
99.5
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.2
118.1
80.3
79.2
81.5
83.7
83.7
82.1
79.2
80.2
81.7
84.0
79.5
79.1
81.6
83.6
83.2
81.3
78.0
79.2
80.9
83.4
1994: June
July
Ausr
Sept
Oct
Nov
Dee
118.0
118.2
119.1
119.0
119.5
120.3
121.7
5.8
5.5
6.1
5.8
6.0
5.8
6.1
119.3
119.8
120.9
120.9
121.5
122.6
124.2
124.6
125.2
127.0
127.2
128.0
129.1
131.2
113.4
113.6
114.0
113.7
114.2
115.4
116.4
100.6
100.1
100.0
100.1
99.2
98.3
100.1
121.1
119.0
118.8
116.5
117.2
116.5
115.2
84.1
84.1
84.5
84.2
84.4
84.8
85.5
83.2
83.3
83.8
83.6
83.8
84.4
85.2
1995: Jan
Feb r
Mar
Aprr
Mayr
June/"
122.0
122.1
122.0
121.1
120.9
121.0
6.4
5.6
4.6
3.8
3.0
2.5
124.5
124.2
124.2
123.2
123.0
123.0
131.6
131.5
131.6
130.4
130.0
130.4
116.5
116.1
115.8
115.2
115.1
114.8
100.0
100.6
100.2
100.7
100.5
101.5
116.5
119.2
118.9
118.4
119.1
118.1
85.5
85.3
84.9
84.1
83.7
83.5
85.2
84.7
84.4
83.4
83.0
82.7
1985
1
Output as percent of capacity.
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1985
1986
1987
1988
1989 .
1990
1991
1992
1993
1994
1994- June
July
Sept
Oct
Dec
1995- Jan
Feb
Mar'
Apr'
May
1
..
94.2
95.7
100.0
104.8
106.8
107.0
105.6
109.0
113.4
118.4
118.4
118.5
119.2
118.9
119.2
119.8
121.2
121.6
121.8
121.6
120.6
120.5
120.7
93.7
96.8
100.0
102.9
104.0
103.4
103.0
105.9
109.4
113.2
113.5
113.3
113.8
113.0
113.0
113.9
115.5
115.7
115.7
114.9
113.9
113.7
113.9
Durable
goods
91.6
94.5
100.0
104.6
106.6
102.3
95.5
102.6
110.7
119.4
118.0
118.0
120.7
119.1
119.4
120.5
123.4
124.5
123.4
121.4
119.2
116.4
116.7
Nondurable
goods
94.4
97.6
100.0
102.4
103.2
103.8
105.2
106.9
109.2
111.8
112.5
112.2
112.2
111.7
111.5
112.4
113.7
113.6
113.9
113.5
112.7
113.2
113.3
Total
1
94.8
94.5
100.0
107.6
110.9
112.1
109.4
113.4
119.3
126.5
125.8
126.4
127.5
128.0
128.8
128.9
130.1
130.9
131.2
132.0
131.2
131.1
131.2
Business
91.1
93.1
100.0
110.7
115.5
116.9
116.5
124.1
134.6
146.7
145.5
146.9
148.9
149.5
150.9
151.0
152.6
153.7
154.5
155.9
154.8
154.5
155.2
Defense
and
space
equipment
89.4
96.0
100.0
99.7
100.1
98.8
91.3
86.5
78.5
71.0
71.3
69.9
69.2
68.8
68.7
69.0
68.7
68.6
67.7
67.5
66.7
66.5
66.4
Total
Construction
supplies
88.3
91.9
100.0
101.8
102.0
101.2
96.9
98.8
102.4
108.1
108.5
109.1
109.2
108.6
109.9
110.6
110.9
111.3
110.9
110.7
109.3
109.3
108.6
89.1
93.8
100.0
101.5
100.5
98.2
91.8
95.0
98.9
106.8
106.4
107.9
108.2
108.6
109.7
109.8
111.6
112.2
111.0
110.5
109.0
108.1
107.9
Business
supplies
87.7
90.7
100.0
102.0
103.0
103.2
100.3
101.3
104.9
109.1
110.1
110.0
109.9
108.7
110.1
111.3
110.7
110.9
111.0
110.9
109.7
110.3
109.2
Total
Energy
96.6
95.9
100.0
105.0
106.7
106.8
105.4
109.2
114.1
121.5
121.2
121.4
122.8
122.9
123.4
124.6
126.3
126.5
126.7
126.7
126.1
125.9
126.2
103.4
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.6
105.2
106.7
105.2
106.1
105.6
105.2
104.9
105.3
105.6
106.6
106.6
106.7
106.4
107.3
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987=100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
1985
1986 ..
1987
1988
1989
1990 .
1991
1992
1993
1994
1994- June
July
Sept
Oct
Dec
1995- Jan
Feb
Mar'
Mayr
Total
Iron
and
steel
101.8
93.7
100.0
108.7
107.2
106.5
98.7
101.9
106.9
114.5
113.7
112.7
113.5
116.0
115.9
119.1
123.0
120.9
119.8
120.5
117.8
117.1
117.1
104.5
90.8
100.0
112.7
111.2
111.5
100.5
105.1
111.4
118.3
118.2
116.1
113.0
118.2
118.8
121.9
129.3
125.9
124.3
126.1
122.5
121.8
121.2
Soimie: Board of Governors of the Federal Ifc'serve System.
18
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
94.5
93.8
100.0
104.2
102.8
99.5
95.3
98.8
103.7
110.8
110.2
111.7
112.4
111.6
112.2
113.3
115.3
115.3
114.9
114.6
112.9
113.4
113.0
86.8
90.3
100.0
113.0
117.3
117.6
115.0
124.6
141.1
159.9
158.9
160.6
162.6
164.6
166.5
167.5
168.5
171.4
171.1
172.0
172.6
172.7
173.7
93.1
94.3
100.0
108.5
111.0
111.4
113.4
121.9
139.3
160.0
159.5
161.5
164.1
165.0
166.9
168.8
172.5
172.9
174.0
175.2
175.4
177.3
179.3
Nondurable manufactures
Transportation
equipment
Total
91.8
96.9
100.0
105.2
109.6
107.0
101.3
105.1
105.5
109.7
107.5
105.7
109.5
108.8
109.0
110.5
111.9
112.6
113.5
112.9
109.7
107.4
107.2
Motor
vehicles
and
parts
Lumber
and
products
99.0
98.5
100.0
105.7
106.9
101.0
94.3
107.4
121.1
137.9
88.0
95.1
100.0
100.1
99.4
97.1
90.5
95.8
100.2
106.0
132.2
129.6
138.1
137.4
138.4
141.4
144.6
146.1
146.7
144.8
138.8
134.2
134.3
106.2
106.8
105.5
107.6
106.7
106.7
110.4
110.2
107.4
105.2
104.6
104.0
103.7
Apparel
products
92.6
96.3
100.0
98.1
95.0
92.2
92.9
95.0
94.9
96.3
97.0
97.0
96.8
96.8
96.9
96.8
97.0
96.6
95.8
95.4
93.9
93.7
92.3
Printing
and
publishing
Chemicals
and
products
Foods
87.6
90.6
100.0
100.9
101.1
100.8
97.0
97.2
99.3
101.1
91.4
94.6
100.0
106.0
109.2
111.8
111.1
114.7
119.1
124.1
124.4
124.7
124.7
123.7
123.8
126.2
128.0
130.4
129.7
129.2
127.7
127.9
128.7
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.0
109.4
112.8
112.8
113.4
113.7
114.6
113.4
113.9
114.7
115.9
115.7
115.4
115.1
116.4
116.9
102.4
102.1
101.5
100.9
101.4
102.0
101.6
101.3
100.8
100.4
99.9
100.0
99.4
NEW CONSTRUCTION
{Monthly data seasonally adjusted]
Construction contracts3
Private
Federal
1'flriod
Residential
Total new
construction
expenditures
Totnl
Total
New housing
unite
1
Commercial
arid industrial2
Other
and
State
and
local
Total value
index
(1987 = 100)
C-oimnereial
arid industrial
floor space
(millions of
square feet)
Billions of dollars
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
377.4
407.7
419.4
432.3
443.7
442.2
403.4
435.0
464.5
506.9
299.5
323.1
328.7
337.5
345.5
334.7
293.3
315.7
339.2
376.6
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
238.9
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
73.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
51.3
51.6
50.1
51.5
54.6
55.4
58.4
62.1
62.3
63.9
91
96
100
101
105
95
89
97
105
114
77.8
84.6
90.6
94.7
98.2
107.5
110.1
119.3
125.3
130.3
Annual rates
1994- June
July .
Sept
Oct
Nov
Dec
1995: Jau
Peb
Mar
May
1,097
1,016
1,019
973
961
783
577
556
589
715
Annual rates
505.8
509.6
509.9
518.3
521.3
520.2
521.8
377.0
378.4
379.7
384.5
382.9
387.1
386.1
239.8
240.5
240.1
242.2
240.5
242.4
243.6
169.1
170.0
169.3
170.6
168.3
169.3
169.7
72.7
72.2
73.4
76.4
76.9
81.4
80.9
64.5
65.7
66.2
65.9
65.6
63.2
61.7
128.8
131.2
130.2
133.9
138.3
133.1
135.7
114
114
122
'118
'115
'116
108
631
719
688
710
707
771
688
521.1
521.4
523.5
523.6
515.8
520.4
384.8
383.7
383.3
383.4
376.7
379.8
241.9
240.2
237.9
235.1
232.1
230.2
168.6
167.2
163.9
160.1
156.3
154.2
81.3
82.7
84.7
85.4
82.0
86.2
61.5
60.7
60.7
62.8
62.6
63.4
136.2
137.8
140.2
140.2
139.1
140.6
'110
'113
'114
104
112
116
786
883
778
632
727
800
1
Includes residential improvements, not shown separately.
Includes hotels and motels.
'•* F.W. Dodge series.
Sources: Department of Comment- (Bureau of the Census) and McGraw-Hill Information
Systems Company, F.W. Dodge Division.
2
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1985
1986
1987
1988
1989 .
1990
1991
1992
1993
1994
...
.
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1 unit
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
2-4 units
5 or more
units
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
Units
authorized
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
* 1,371 .6
Units
completed
Homes
sold
Homes for
sale at end
of period '
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
688
750
671
676
650
534
509
610
666
670
346
357
366
368
365
321
284
265
293
338
1,438
1,333
1,280
1,337
1,400
1,376
1,371
1,388
689
632
630
672
691
707
642
627
643
575
611
602
722
302
313
317
322
328
330
335
338
342
347
346
346
345
Vacancy rate
for rental
housing units
(percent) 2
6.5
7.3
7.7
7.7
-'7.4
7.2
7.4
7.4
2
7.3
7.4
Seasonally adjusted annual rates
! 994- May
July
Sept ....
Oct
Dec .
1995- Jan
Peb
Mar
Apr'
May
1
1,489
1,370
1,440
1,463
1,511
1,451
1,536
1,545
1,366
1,319
1,238
1,269
1,264
1,263
1,197
1,174
1,219
1,174
1,235
1,164
1,186
1,250
1,055
1,048
987
1,009
974
1,012
36
18
32
40
42
39
62
33
38
42
35
26
37
35
Seasonally a<ljusted.
2
Revised scries beginning 1989 and 1994; not comparable with earlier data, except 1998
data liave bo«n revised to be comparable with new series Spinning in 1994.
Quarterly data entered in last month of quarter.
3
Thct 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.
256
178
189
249
234
248
288
262
273
229
216
234
253
216
1,377
1,350
1,347
1,386
1,426
1,401
1,358
1,420
1,293
1,282
1,235
1,243
1,243
1,275
1,436
1,302
1,443
1,328
1,338
7.4
7.2
7.4
7.4
7.7
NOTK.—Beginning 1994, units authorized are for 19,000 places. For otlier data shown, units
authorized are for 17,000 places.
Sourest: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In May, manufacturing and trade sales rose 0.6 percent and inventories rose $4.1 billion. According to advance
data, retail sales rose 0.7 percent in June after rising 0.9 percent in May.
BIUIONS OF DOLLARS* (RATIO SCALE)
BILUONS OF DOLLARS* (RATIO SCALE)
,000
400
.---
-—-•
900
Fv=r
r\—'
800
350
MA MUFACTURIN!3 AND
TRADE INVENTC3RIES
-/~ ^
700
600
300
—' — •"
250
V
.
500
RETAIL INVENTORIES
NUFACTURIN
200
AND TRADE SAUES
400
RETAIL SALES -
150
300
RATIO*
1.80
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
200
1.50 T^£^^/x^
n ii it i n 1 1
n n 13 j n n
1991
1992
1993
1 ( 1 II 1 1 ! 1 1 1 II 1 I ) ! I 1 1 M
1994
1991
1992
Wholesale
Sales
1995
Inventory-sales
ratio 4
Ketail
Inventories '•'
Sales Inventories ;J
,,,,,!,,,,,
1994
1993
COUNCIL OF ECONOMIC ADVISERS
Period
2
|
1.30
1995
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade '
r'-
/
^AJ-—-W
MANUFACTURING
'
AND TRADE
1.40
/ ;l / 1 1 1 n l l
/^
Sales *
Inventories :1
Total
Durable
goods
stores
Nondurable
goods
stores
Total
Durable
goods
stores
Nondurable
goods
stores
taring
and
trade '
Retail
Millions of dollars, seasonally adjnste< , except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- May
July
Sept
Oct
Dec
1995- Jan
Feb
Mar
Apr'
410,124
422,583
430,419
457,735
496,079
523,065
542,682
538,485
561,293
593,076
639,770
628,646
'634,633
631,785
652,889
651,401
653,124
661,904
671,275
673,918
675,480
674,797
672,912
-•676,711
649,780
112,199
142,452
107,243
664,089 113,459
147,409
114,586
662,753 114,960
153,574
120,803
709,814
122,968
163,903
128,442
765,270 134,521
178,801 138,017
811,154
143,760
187,009
146,581
834,391 149,506
195,550
153,718
829,685 148,306 200,062
154,661
838,895
154,150 207,663 162,632
860,979 161,681 215,878
172,875
916,550
172,521 234,722
186,414
880,441 169,257 223,145 183,157
884,892
170,880 222,832 '185,187
889,411 171,175
226,279 185,125
897,787 176,948 227,257 187,861
902,120
228,341 189,307
175,960
908,570 177,657 231,837
191,492
913,833 178,593 233,858
192,120
916,550
182,830
234,722
192,392
928,672 182,829 238,272
193,299
936,091 185,056 240,365
191,868
942,743
183,207 243,462
193,153
952,235 184,597 246,867 193,022
956,328 '184,941 '247,158 '194,740
196,044
'See j)Hg<' 21 for manufacturing.
- Annual data art; averages <>f monthly not seasonally adjusted figures; monthly data are seasonally adjusU'd totals for month.
20
37,873
41,510
45,057
47,989
52,430
54,763
55,736
54,165
58,634
64,795
73,369
71,602
'72,415
72,058
74,113
74,973
76,865
77,098
77,047
76,775
76,138
76,978
76,549
'77,612
78,615
:i
69,369
73,075
75,746
80,453
85,587
91,818
97,981
100,497
103,999
108,080
113,045
111,555
'112,772
113,067
113,748
114,334
114,627
115,022
115,345
116,524
115,730
116,175
116,473
'117,128
117,429
167,812
181,881
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,676
290,018
274,914
278,954
276,487
283,518
287,248
288,670
289,987
290,018
294,296
296,000
297,200
299,690
300,803
79,074
88,315
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,709
149,071
138,892
140,797
139,479
145,033
147,434
148,030
149,081
149,071
152,754
153,826
155,530
157,958
158,170
88,738
93,566
96,527
. 102,355
106,594
115,887
118,668
124,236
129,046
133,967
140,947
136,022
138,157
137,008
138,485
139,814
140,640
140,906
140,947
141,542
142,174
141,670
141,732
142,633
Seasonally adjusted, end of jwriod.
Annual data an; averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Hureau of the Census.
4
1.53
1.56
1.55
1.50
1.49
1.52
1.52
1.54
1.49
1.44
1.39
1.40
1.39
1.41
1.38
1.38
1.39
1.38
1.37
1.38
1.39
1.40
1.42
1.41
1.49
1.52
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.50
1.51
1.49
1.51
1.52
1.51
1.51
1.51
1.52
1.54
1.54
1.55
1.54
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
Manufacturers' shipments, inventories, and new orders rose in May; unfilled orders were virtually unchanged. In
June, according to advance data, durable goods shipments rose and new orders (ell.
BILUCINS OF DOUARS* (RATIO SCALE)
BILLICINS OF DOLLARS' (RATIO SCALE)
320 - SHIPMENT!
480 ~ INVENTORIES
440
fc-.^i -ii .
400
360
320
TOTAL
-.
-,. /
^j~*
•^^
^~*~^ ,
280
_
240
•*
200
^_
V , ,
\
280
[3URABLEGOC IDS
v
160
_^.'
.-•—
• ••. .
240
200
...
...f^*
120
-.—
\ 1
RABLEGOOD
160
/
NO ^DURABLE GC )ODS
„*•
- NO sIDURABLE G( XX)S
120
80
BILLIC)NS OF DOLLARS' (RATIO SCALE)
320
NFW <">PPFP?
80
S]
TOTAL
280
"-^f
^"
240 -Vx^-x
RATIO *
2.20
200
\
160
120
80
1.80
-,-
1.60
/
NON XIRABlfGOC IDS
| |1 M
1 11M 111111
1991
•••••••"v
• •».„..
-,,-/-*=•,
1992
INVENTORY-SHIPMENTS RATIO
2.00
DURABLE GCX)DS
1 1 111
It 1 II 1 II t 1 1
1993
^^•^^^\
1.40
1 1 1 1 1
HIM
1.20
1992
1991
1995
1994
ITl^r:...,.:
1994
1993
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
Manufacturers' shipments 1
Manufacturers' inventories2
Manufacturers' new orders1
Durable goods
Period
Total
1995
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Nondurable
Capital
goods
goods
industries,
nondefense
Manufacturers'
unfilled2
orders
Manufacturers'
inventory —
shipment*
ratio3
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991 .
1992
1993
1994
1994- May
July
Sept .
Oct
Nov
Dee ..
1995: Jan
Feb
Mar
Mayr
June?
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
280,835
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
151,060
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
129,775
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
391,810
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
247,644
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
144,166
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
281,953
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
151,878
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
37,530
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
130,074
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
456,838
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1.37
276,232
278,566
275,485
288,080
286,134
283,975
291,191
296,053
148,510
150,010
146,472
155,619
154,350
152,586
157,292
159,299
127 722
128^556
129,013
132,461
131,784
131,389
133,899
136,754
382,382
383,106
386,645
387,012
386,531
388,063
389,988
391,810
240,539
241,039
243,392
244,116
243,814
244,925
246,374
247,644
141,843
142,067
143,253
142,896
142,717
143,138
143,614
144,166
277,441
279,788
274,305
287,222
287,248
285,985
293,716
299,514
149,412
151,212
145,251
154,675
155,433
154,150
159,321
162,310
35,498
38,055
36,310
37,595
39,056
38,276
40,781
37,759
128,029
128,576
129,054
132,547
131,815
131,835
134,395
137,204
448,546
449,767
448,587
447,729
448,843
450,853
453,378
456,838
1.38
1.38
1.40
1.34
1.35
1.37
1.34
1.32
297,790
298,556
298,437
295,293
297,030
161,079
161,206
161,571
157,970
159,600
160,982
136,711
137,350
136,866
137,323
137,430
396,104
399,726
402,081
405,678
408,367
250,251
252,124
253,237
255,334
256,894
145,853
147,602
148,844
150,344
151,473
301,724
300,804
299,625
293,069
297,010
164,507
163,338
163,042
155,553
159,554
159,419
41,785
42,055
42,628
40,072
43,120
42,867
137,217
137,466
136,583
137,516
137,456
460,772
463,020
464,208
461,984
461,964
1.33
1.34
1.35
1.37
1.37
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.
3
Annual data are averages of seasonally adjusted monthly ratios
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In June, the producer price index lor all finished goods fell 0.1 percent. Prices of finished consumer foods fell
0.3 percent and prices of other finished consumer goods fell 0.1 percent. Capital equipment prices rose 0.2 percent.
INDEX, 1982 = 100 (RATIO SCALE)
150
FINISHED GOODS PRICES
INDEX, 1982 . 100 (RATIO SCALE)
150
SEASONS AUUSTED
140
140
,
CAPITAL EQUIPMENT
130
130
CONSUMER FOODS
\
.
*""
/
J-
120
^,--7"
S*"'~
"^
-<'*-"
/
^/
J
"' ~^
^'
- s'
~s~
~ri
TOTAL /
—'
x
"
'
x
:^^=^~^
s--..''^
\
/' ^ ^ N
=
r-r/ Vr"^_
-'"vx
/
/
*<r*if
ff
^..w . ~* • ''V'
120
S"
V-. ."'
\
CONSUMER &DODS
EXCLUDING FCXDDS
-
110
i \/~~
^.
/
,-*-.s'
r>^
'v
/
f- --'
110
100
."v.^— ^
s
-
,/
S""
100
1 1 1 1 1 1 M 1 1 I
! 1 1 1 1 1 M
1987
I11
1988
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i i i i i 1 1 i i i i i i i i 1 1 i i i ii I 1 1 I I 1 1 I I 1 1 1 1 1 1 1 1 1 1 1 1 1 i i i i i 1 i 1 1 ii
1989
1990
1991
1993
1992
1994
1995
COUNOl Of ECONOMIC ADVISERS
SOURCE: DEBMTMENT Of IABOR
(1982=100; monthly data seasonally adjusted]
Finished goods
Intermediate materials
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994:
. ..
June
July
Aug
Sept
Oct
Nov
Dec
1995- Jan . ...
Febr
Mar
Apr
May
June
1
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
125.2
125.5
126.2
125.8
125.3
126.1
126.5
127.1
127.3
127.3
127.9
127.9
127.8
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
125.6
126.1
126.4
126.2
126.1
127.3
129.0
128.3
128.7
128.4
128.2
127.4
127.0
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
125.0
125.2
126.0
125.6
125.0
125.6
125.7
126.6
126.9
126.9
127.7
127.9
127.9
Intermediate materials for food manufacturing and feeds.
22
Nondurable
Capital
equipment
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
115.8
116.2
117.4
116.3
115.8
116.9
116.7
118.0
118.3
118.4
119.6
120.0
119.7
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
134.3
134.4
134.7
135.0
134.3
134.5
134.9
135.5
135.7
135.7
136.1
136.4
136.7
Total
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
121.4
121.7
122.7
122.0
121.4
122.2
122.2
123.2
123.4
123.5
124.4
124.7
124.6
Durable
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
131.1
131.3
131.8
131.9
131.0
131.4
131.6
132.0
132.2
132.0
132.3
132.4
132.6
Total
finished
consumer
goods
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
122.8
123.2
123.9
123.4
122.9
123.9
124.3
124.8
125.1
125.1
125.7
125.7
125.5
Total
Foods
and
feeds1
Other
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
117.8
118.2
119.0
119.5
119.9
120.9
121.4
123.0
123.9
124.2
125.1
125.4
125.5
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
115.3
112.6
112.9
113.5
112.5
112.5
111.9
112.3
112.2
112.7
111.5
110.4
111.5
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
118.0
118.5
119.3
119.8
120.3
121.4
121.9
123.5
124.5
124.8
125.8
126.2
126.2
Source: Department of Labor, Bureau of Labor Statistics.
Crude materials
Total
Foodstuffs
and
feedstuffs
Other
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
103.0
102.6
102.6
100.1
99.5
100.1
100.6
100.9
102.5
101.2
103.3
102.5
103.2
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
106.4
103.9
102.8
102.6
101.5
102.4
102.3
102.3
103.6
101.0
100.1
97.1
101.0
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
96.8
97.8
98.5
94.7
94.4
94.7
95.6
96.0
97.8
97.3
101.3
102.0
100.5
CONSUMER PRICES—ALL URBAN CONSUMERS
In June, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted (it rose 0.2 percent
not seasonally adjusted). The index was 3.0 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE)
INDEX, 1982-84 = 100 (RATIO SCIALE)
160
160
SEASONAUY ADJUSTED
150
150
^^~
CONSUMER PRICES—ALL ITEMS
140
^
_>~^
140
"
\^
130
130
^^
/-I
120
120
p
110
^1
110
100
90
100
1 1 1 1 M
1 1 M
1
i iiii1ii111 ! 1 1 1 11 M 11 1 1 1 M 1 1M 1 1 1
1988
1987
1989
M
1 1 1 I 1 1 1 M
1990
1 I1 1 1 M 1 1 1 1
1992
1991
1
1 i
1 1 1 1 1 1 1 1
1 1! 1 1 M 1 1 1 1
1993
1 M 1 1 j 1 ! 1 1t
SEE NOTE ON TABLE BE LOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF
90
1995
1994
ECONOMIC ADVISERS
(1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
All items '
Shelter
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: June
July
Aug
Sept
Oct
Nov
Dec
1995: Jan
Feb
Mar
Apr
May
June
Not
seasonally
adjusted
(NSA)
100.0
1076
109.6
113 6
1183
124.0
130 7
136,2
140.3
1445
148.2
148.0
148.4
149.0
149.4
149.5
149.7
149.7
150.3
150.9
151.4
151.9
152.2
152.5
Seasonally
adjusted
148.1
148.5
149.1
149.4
149.6
149.8
150.1
150.6
151.0
151.3
151.9
152.3
152.5
Food
Total '
Total
15.8
1056
1090
1135
1182
125.1
1324
1363
137.9
1409
1443
143.9
144.7
145.4
145.7
145.8
146.0
147.1
146.7
147.1
147.1
148.2
148.3
148.4
41.2
107 7
1109
1142
1185
123.0
128 5
133.6
137.5
141 2
1448
144.4
144.7
145.1
145.4
145.7
145.9
145.9
146.5
146.9
147.2
147.6
147.8
148.1
28.0
1098
1158
121 3
127 1
132.8
1400
1463
151.2
1557
1605
159.8
160.2
160.9
161.3
161.8
162.2
162.3
162.8
163.3
163.8
164.4
165.0
165.3
Renters'
costs
(Dec.
1982 =
100)
8.0
1154
121.9
1281
133 6
138.9
1467
155.6
160.9
1650
1694
168.5
168.5
169.2
169.1
169.7
170.2
170.1
170.5
171.0
172.0
172.7
173.4
173.5
Homeowners'
costs
(Dec.
1982—
100)
19.9
113 1
119.4
1248
131 1
137.3
1446
150.2
155.3
1602
165.5
164.9
165.3
166.1
166.8
167.3
167.7
167.8
168.4
168.9
169.2
169.8
170.4
170.8
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, eta.—and motor fuel. Motor oil, coolant,
eta. excluded taginnirig 1983.
3
Relative importance, December 1994.
Maintenance
and
repairs
(NSA)
0.2
1065
107.9
111 8
1147
118.0
1222
126.3
128.6
1306
1308
131.5
131.3
131.2
131.6
130.8
131.2
132.7
133.1
133.8
134.2
134.2
134.6
135.0
Fuel
and
other
utilities
7.1
1065
104.1
103 0
1044
107.8
111 6
115.3
117.8
121 3
122.8
122.6
122.8
123.0
122.6
122.6
122.9
122.7
123.3
123.3
123.1
123.4
122.9
123.4
Appare!
and
upkeep
5.7
1050
105.9
1106
1154
118.6
124 1
128.7
131.9
133 7
133.4
134.7
134.2
133.0
133.1
132.8
132.4
132.1
133.0
132.2
132.2
132.1
131.7
131.3
Total'
New
care
Motor
fuel
Medical
care
Energy *
17.1
1064
102.3
1054
108.7
114.1
1205
123.8
126.5
1304
134.3
133.7
134.7
136.0
136.2
136.1
136.3
136.6
137.4
137.9
138.7
139.7
140.3
140.9
4.1
106 1
110.6
1146
116.9
119.2
121 0
125.3
128.4
131 5
136.0
135.9
136.5
136.9
137.5
137.6
137.4
137.6
137.7
138.1
138.1
138.9
139.0
139.2
3.1
987
77.1
802
80.9
88.5
101 2
99.4
99.0
980
98.5
96.1
98.8
101.8
101.1
100.4
101.1
101.3
101.7
101.3
100.9
101,5
103.5
103.8
7.3
113.5
122.0
130 1
138.6
149.3
1628
177.0
190.1
201 4
211.0
210.7
211.5
212.4
213.3
214.3
215.2
216.2
216.9
217.6
218.2
218.8
219.5
220.2
7.0
101 6
88.2
886
89.3
94.3
102 1
102.5
103.0
1042
104.6
103.0
104.4
105.9
105.3
105.0
105.5
105.4
105.7
105.6
105.1
105.5
106.0
106.5
items
less
food
and
energy
77.2
109 1
113.5
1182
123.4
129.0
142.1
147.3
1522
156.5
156.7
157.0
157.4
157.7
158.0
158.3
158.5
159.2
159.6
160.1
160.7
161.0
161.3
NOTE.—Data incorporate a rental equivalence measure for liomeowncrship costs (beginning
198:1).
Source: Department of Labor, Bureau of Ijabor Statistics.
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
| Percent change from preceding period; monthly data seasonally a<ljust«l, except as noted by NSAJ
Change from preceding period
Change from 3 months earlier, annual rate
Change from H months earlier, annual rat*!
Consumer goods
Consumer goods
Consumer goods
I'eriod
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capita!
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from year
earlier,
total
finished
goods
NSA
Cliange, Dec. to Dec., NSA
1.8
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
0.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.1
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.0
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
Change, month to month
1994- June
July
-0.4
.4
.2
-.2
0.1
.2
.6
-.3
-.4
.6
.3
.5
.2
0
.5
0
-.1
. ..
Sept
Oct
Dec
1995- Jan
Feb'
Mar
May
-I
i!o
1.3
-.5
.3
9
2
-'.6
o
0.1
.1
.2
.2
-5
.1
.3
.4
.1
'0
.3
.2
.2
0.2
.2
.8
-.6
-.5
.7
0
.8
.2
.1
.7
.2
-.1
1.0
1.7
5.0
2.0
-1.0
-1.6
.7
6.1
4.0
4.3
4.0
4.3
3.6
-5.5
-2.2
1.0
1.9
0
2.9
9.2
7.2
4.5
-1.8
-.3
'-4.0
-4.3
0
1.0
3.6
1.9
-.6
— 3
2.2
5.9
3.9
2.6
2.5
1.9
1.6
3.0
2.1
1.8
2.1
-3.3
-2.0
-.9
-1.9
-1.1
1.9
5.5
3.5
3.7
3.5
3.4
.2
-3.1
1.5
1.0
1.6
1.0
.2
1.6
2.1
2.6
1.8
2.4
4.2
2.9
2.1
-'.G
-.3
3.6
3.6
2.4
1.8
'2.1
3.0
2.7
1.8
2.3
1.5
.3
1.7
1.3
2.5
1.1
2.5
5.0
4.1
4.0
2.9
2.3
2.4
2.6
.9
.6
.9
1.6
1.5
1.0
2.7
2.8
2.7
.1
.6
1.9
1.5
1.0
1.3
1.7
1.7
1.7
1.6
2.1
2.2
2.1
Source: Department of Laljor, Bureau of Labor Statistic*.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
| Permit change fi-oin preceding period; monthly data seasonally adjusted, except as rioted by NSA)
Transportation
Housing
Shelter
Period
All
items '
F(x«l
Total 1
Total '
Homeowners'
costs
lienters'
costs
Fuel
and
other
utilities
A|>parcl
and
upkeep Total '
New
cars
Motor
fuel
Medical
care
KrierKf*
All
items
less
food
anil
cricrsry
Addem urn: All items, percent change
(arinua rate)
From
previous
quarter :1
From :i
months
earlier
From 6
months
earlier
From
year
earlier
NSA
Change, December to December, XSA
4.0
3.9
4.5
3.4
2.6
2.7
2.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
0.1
.2
.3
.2
.2
.1
0
.4
.3
.2
.3
.1
.2
0.1
.3
.4
.2
.3
.2
.1
.3
.3
.3
.4
.4
.2
0.2
0
.4
-.1
.4
.3
-.1
.2
.3
.6
.4
.4
.1
0.1
.2
.5
.4
.3
.2
.1
.4
.3
.2
.4
.4
.2
1986
1987
1988
1989
1990
1991
1992
1993
1994
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
4.3
1.7
3.7
1994: June ..
July ...
Aug ....
Sept ...
Oct ....
Nov ....
Dec ....
1995: Jan ....
Feb ....
Mar ...
Apr ....
May ...
June ..
0.3
.3
.4
.2
.1
.1
.2
.3
.3
.2
.4
.3
.1
0.3
.6
.5
.2
.1
.1
.8
-.3
.3
0
.7
.1
.1
1985
3.1
3.4
5.9 -30.7
18.7
1.8
2.1 -2.1
2.3
6.8
36.5
1.4
3.3 -16.0
2.3
1.8
-5.4
2.8
3.2
5.9
1.8
2.6
2.8
-5.6
.9 -5.9
1.6
6.1
4.8
3.0
2.9
4.7
3.2
4.0
1.0
4.0
5.1 10.4
2.9
3.4 -1.5
2.3
1.4
3.0
2.5
.9
2.4
.2 -1.6
3.8
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
2.2
4.3
3.8
4.2
4.7
4.4
5.2
4.4
33
3.2
2.6
0.4
.4
.4
.4
.5
.4
.5
.3
.3
.3
.3
.3
.3
0.3
1.4
1.4
-.6
-.3
.5
-.1
.3
-.1
-.5
.4
.5
.5
0.3
.2
.3
.2
.2
.2
.1
.4
.3
.3
.4
.2
.2
1.8
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
Change, month to month
1
2
0
.2
.2
0
0
.2
-.2
.5
0
-.2
.2
-.4
.4
0.6
-.4
-.9
.1
-.2
-.3
-.2
.7
o'
-.1
-.3
-.3
0.7
.7
1.0
.1
-.1
.1
.2
.6
.4
.6
.7
.4
.4
Includes items not shown separately.
Household ftiels—gas (piped), electricity, fuel oil, ete.- and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.
24
0.4
.4
.3
.4
.1
-.1
.1
.1
.3
0
.6
.1
.1
:(
0.7
2.8
3.0
-.7
_ Y
'.1
.2
A
-A
-.4
.6
2.0
.3
2.5
3.6
2.2
3.2
3.2
Quarterly changes are shown in the last month of the quarter.
Source: Department of Lalx>r, Bureau of Ijahor Statistics.
2.7
3.0
4.1
3.6
3.0
1.9
1.9
2.7
3.2
3.2
3.5
3.5
3.2
2.5
2.9
3.2
3.2
3.0
3.0
2.7
2.8
2.6
2.6
3.1
3.4
3.2
2.5
2.8
2.9
3.0
2.6
2.7
2.7
2.8
2.9
2.9
3.1
3.2
3.0
PRICES RECEIVED AND PAID BY FARMERS
In July, prices received by farmers were 2.0 percent above their June level. Prices paid by farmers in July were
unchanged from their April level. (Data are not seasonally adjusted.)
INDEX, 1990-92.100 (RATIO SCALE)
INDEX, 1990-92-100 (RATIO SCALE)
120
120
80
80
RATI DJ>
140
RAT 0-i/
140
120
~-^Hr^—"~^\
>-__
100
80
60
BATin
-
/
. • -*•»
—^-
•—:->"-
-
100
"—^^
'
80
-
M i l . hill 1
1 1 111111 1 11 1 111 1 1 1 11 11
10R7
1ORO
1 1 1 1 1 11 1 1 11 iniifiiMi
icon
1001
Mllll
1 1 1 1 1 11 1 1 11
1OO1
1OOO
120
100^
I/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE; DEPARTMENT OF AGRICULTURE
60
l l M I ,
IIMlllMM
100*
COUNCIL OF ECONOMIC ADVISERS
[1990-92=100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1985
1986
1987
1988
1989 .
1990
1991
1992
1993
1994
1994: July
All£T
Sept
Oct
Nov
Dec
1995: Jan
Feb
Mar
Apr
May .
June
July
1
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
91
87
89
99
104
104
100
98
101
100
98
87
86
104
109
103
101
101
102
105
86
88
91
93
100
105
99
97
100
95
86
85
87
91
96
99
100
101
103
106
87
85
87
92
97
99
100
101
103
106
91
86
87
90
95
99
100
101
103
106
106
103
102
108
108
105
99
••97
98
94
97
97
97
95
95
98
101
101
102
99
100
106
92
94
91
89
90
90
106
(33)
()
106
(3)
(3)
105
(3)
(3)
104
(33)
()
105
(3)
(3)
105
(3)
(3)
92
92
92
90
90
92
98
98
100
100
100
100
102
103
102
109
114
115
••112
114
93
94
93
90
88
90
91
108
(3)
(3)
108
(33)
()
108
107
(3)
(3)
107
(33)
()
107
106
(3)
(3)
••107
(33)
()
107
91
91
93
93
93
93
94
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates. See also footnote 3.
3
Prices paid by farmers are available only for first month in quarter, and for each month
the received/paid ratio is based on latest data available.
2
All commodities,
services, interest,
taxes, and1wage
rates
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990-92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK. LIQUID ASSETS. AND DEBT MEASURES
In June, growth accelerated in M2 and in M3.
BIIUONS OF DOLLARS' (RATIO SCALE)
4,800
4,400
4,000
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
AM3
3,600
3,200
3,600
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
BOO
800
600
600
400
400
1987
1988
1989
1990
1993
1994
* AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1995
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1985:
1986:
1987:
19881989:
1990:
1991:
19921993:
1994:
1994:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec'
May
July
Augr
Sept'
Oct'
.. ..
.
Nov
Dec'
1995- Jan'
Feb'
Mar'
May
.
Ml
M2
M3
L
Debt
Sum of currency,
demand deposits,
travelers' cheeks,
and other
checkable deposits (OCDs)
Ml plus overnight
RPsand
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and savings and small time
deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthlyJ
average)
619.9
724.4
749.8
786.9
794.2
825.9
897.3
1,024.4
1,128.6
1,148.0
,143.5
,147.0
,152.2
,150.8
,151.0
1,148.2
1,147.6
1,148.0
1,149.0
1,147.3
1,147.9
1,149.7
1,142.9
1,143.8
2,576.1
2,820.3
2,922.3
3,083.6
3,243.1
3,355.9
3,457.9
3,515.3
3,583.6
3,615.6
3,608.5
3,605.3
3,616.7
3,614.7
3,613.8
3,609.5
3,610.8
3,615.6
3,627.2
3,622.7
3,630.1
3,642.6
3,658.5
3,693.4
3,200.2
3,488.7
3,675.8
3,915.7
4,066.1
4,123.0
4,176.0
4,182.9
4,242.5
4,304.9
4,251.4
4,256.6
4,274.4
4,273.7
4,279.6
4,286.1
4,292.2
4,304.9
4,327.8
4,336.7
4,359.0
4,380.6
4,408.8
4,453.2
1
Consists or outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data 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
3,827.5
4,129.1
4,334.8
4,670.1
4,896.5
4,973.5
4,990.9
5,061.1
5,150.3
5,294.4
5,190.4
5,188.5
5,213.9
5,215.5
5,221.5
5,240.2
5,249.3
5,294.4
5,321.8
5,364.2
5,409.3
5,453.9
P 5,485.5
6,902.1
7,785.2
8,544.6
9,315.0
10,045.5
10,693.8
11,178.2
11,716.7
12,343.8
12,955.5
12,612.1
12,651.6
12,677.0
12,740.1
12,797.5
12,844.5
12,913.6
12,955.5
13,010.0
13,090.3
13,149.9
13,202.2
* 13,261.3
Percent change from year
or 6
months earlier2
Ml
12.3
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.7
3.8
3.3
3.5
2.4
1.7
.9
.7
.2
-.6
-".5fi
.3
-.8
-.7
—
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
8.3
9.5
3.6
5.5
5.2
3.5
3.0
1.7
1.9
.9
1.8
1.2
1.5
1.6
.9
.2
.1
.6
.6
.4
.9
1.8
2.6
4.3
M3
7.3
9.0
5.4
6.5
3.8
1.4
1.3
.2
1.4
1.5
.8
.7
1.3
2.0
1.8
1.7
1.9
2.3
2.5
2.9
3.7
4.4
5.4
6.9
Debt
14.8
12.8
9.8
9.0
7.8
6.5
4.5
4.8
5.4
5.0
5.4
5.0
4.7
4.9
4.8
4.6
4.8
4.8
5.3
5.5
5.5
5.6
5.4
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally acjjusted, except as noted by NSA]
Over- Money market munight
tual fund balances Savings
repurdeposits,
chase
Other
including
DeGenagreeeral
money
mand checkable ments
purInstimarket dedepos- deposits
(RPs),
(OCDs) net, plus pose
posit acits
tution
and
only
counts
overnight broker/
(MMDAs)
Eurodollars" dealer
Currency
Period
Small
denomination
time deposits2
Large
denomination
time
deposits2
NSA
1985:
1986:
19871988:
19891990:
1991.
1992:
1993:
1994:
1994:
167.9
180.7
196.8
212.2
222.6
246.8
267.4
292.8
322.1
354.5
337.3
340.0
342.8
345.1
347.2
350.0
353.0
354.5
357.7
358.8
362.5
365.7
368.1
367.4
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
May
June
July
Sept
Oct
Nov
Dec
1995: Jan'
Feb'
Mar'
Apr'
May
June
266.6
302.1
286.8
286.8
279.3
277.4
289.5
338.9
383.9
'382.2
385.6
386.3
'388.1
386.6
386.5
'384.5
'382.5
'382.2
383.6
384.1
383.3
381.3
380.7
386.9
179.8
235.6
259.5
280.9
285.4
293.9
332.7
384.6
414.7
402.9
412.4
412.5
413.1
410.8
408.9
405.4
403.8
402.9
399.3
395.9
393.3
393.6
385.0
380.5
76.3
84.9
87.3
85.1
81.5
77.7
79.9
83.1
96.5
116.7
102.6
106.9
109.6
110.9
111.8
113.8
113.1
116.7
123.4
117.7
117.5
114.7
115.2
114.9
64.1
84.5
91.1
90.5
107.2
134.0
180.0
200.2
198.1
180.8
177.5
177.9
178.7
177.4
176.3
180.8
180.5
180.8
186.3
180.4
189.0
192.9
194.8
205.6
178.0
210.6
224.5
245.9
322.4
358.2
374.2
356.9
360.1
389.0
373.5
370.7
376.1
377.0
377.4
379.5
383.3
389.0
392.1
391.5
390.9
396.0
405.3
425.9
1
815.4
941.0
937.7
926.7
891.0
920.5
1,041.2
1,183.6
1,215.7
1,144.2
1,214.8
1,206.8
1,201.2
1,192.6
1,183.7
1,171.0
1,157.8
1,144.2
1,129.8
1,111.9
1,094.9
1,082.5
1,081.5
1,091.3
1ncludes continuing contract RPs.
Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.
2
885.7
859.0
922.7
1,038.6
1,153.7
1,174.0
1,066.6
869.2
785.1
'820.1
770.8
772.9
'776.5
'782.7
'789.5
'799.4
'810.2
'820.1
835.4
855.1
877.9
896.5
910.4
917.3
422.4
420.2
467.0
518.3
541.5
480.9
416.6
353.8
332.7
'364.0
332.4
335.0
'338.4
'341.9
'348.0
'353.9
'358.9
'364.0
364.7
373.7
380.7
382.0
387.5
390.5
Short- Bankterm
Treas- ers'
Commerac- cial
ury
paper
ceptsecuriances
ties
Term
repurchase
agreements
(EPs)
Term
Eurodollars
(net)
NSA
NSA
62.5
81.1
107.3
123.2
100.4
90.9
73.3
82.0
97.6
105.2
97.8
102.4
103.0
101.2
101.9
101.9
102.9
105.2
108.9
112.7
112.5
115.4
120.4
118.2
76.9
79.5 298.3
85.1
91.8 280.1
91.6 100.6
253.2
109.4 269.5
106.3
326.0
83.8 117.5
71.6
126.0 333.4
59.4 137.9 318.5
45.9 156.6
336.2
46.5 171.5
334.2
52.4 180.3
372.6
47.7 175.7 359.1
50.3 176.7 351.7
51.0
177.7 358.1
178.5 364.2
51.2
52.1
179.1
359.1
52.7 179.5 358.5
54.5 179.9 362.2
372.6
52 A 180.3
53.1
180.5
375.0
56.3 180.4
391.6
58.4 180.5
405.2
59.9 180.9
406.8
60.6 e 181.6 P 404.3
61.6
Savings
bonds
42.1
37.1
44.5
40.2
40.6
35.9
23.8
20.8
14.9
10.2
11.6
10.8
10.9
11.4
11.9
11.8
11.0
10.2
9.8
9.9
10.4
10.3
P9.6
207.5
231.3
260.6
335.4
346.4
355.2
334.8
364.5
387.1
426.5
392.6
392.7
392.8
387.7
391.7
404.2
404.0
426.5
428.7
445.7
454.1
475.2
e 481.2
NOTE.—Travelers checks of nontwnk issuers are a component of money stock but are not
shown here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures'; millions of dollars; seasonally adjusted, except as noted by NSAJ
Adjusted for changes in reserve requirements
Borrowings of depository institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
1985:
19861987:
19881989:
19901991199219931994:
1994-
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
June
July
Sept
Oct
Nov
Dec
1995- Jan
Feb
Mar
...
.
.
.
..
...
May
1
.
31,452
38,940
38,856
40,399
40,498
41,771
45,536
54,354
60,502
59,342
59,989
60,105
59,839
59,794
59,496
59,401
59,342
59,124
58,919
58,552
57,957
57,761
57,353
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
30,133
38,113
38,078
38,683
40,232
41,445
45,343
54,230
60,420
59,133
59,656
59,647
59,370
59,307
59,116
59,152
59,133
58,988
58,860
58,483
57,847
57,611
57,081
Nonborrowed
plus
extended
credit
30,633
38,416
38,562
39,927
40,252
41,468
45,344
54,231
60,420
59,133
59,656
59,647
59,370
59,307
59,116
59,152
59,133
58,992
58,860
58,483
57,847
57,611
57,081
Required
30,415
37,570
37,809
39,352
39,575
40,106
44,557
53,199
59,440
58,174
58,885
58,998
58,835
58,734
58,693
58,394
58,174
57,785
57,973
57,757
57,204
56,881
56,388
Monetary
base
203,539
223,574
239,775
256,897
267,713
293,275
317,432
351,116
386,602
418,223
404,213
407,175
409,243
411,337
413,854
416,788
418,223
421,054
422,312
425,350
428,126
430,686
429,724
Total
1,318
827
777
1,716
265
326
192
124
82
209
333
458
469
487
380
249
209
136
59
69
111
150
272
Source: Board of Governors of the Federal Reserve System.
Seasonal
56
38
93
130
84
76
38
18
31
100
226
364
445
444
339
164
100
46
33
51
82
137
172
Extended
credit
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
4
0
0
0
0
0
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.6 percent in June; commercial and industrial loans rose 0.4 percent.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200 -
3,600
3,200
ALL COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
-LOANS AND LEASES-
1,600
1,600
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
\
400
400
OTHER SECURITIES
200
200
160
160
i iI I I I I I I I il 120
1995
120 I I i i I I I I I I I I
1988
1989
1991
1990
1992
1994
1993
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADViSERS
[Billions of dollars, seasonally adjusted l ]
Securities in bank credit
Total
bank
credit
Period
1988:
1989:
1990:
19911992:
19931994:
Decr
Dee""
Decr
Decr
Dec'
Deer
Decr
..
1
1994: June " .
July
Augr
Sepf
Ocf
Novr
r
Dec
1995: Jan rr
Feb
Mar""
Apr r
May
June
1
. .
Total
securities
Loans and leases in bank credit
U.S.
Total
CommerOther
Governand
cial and
ment
2
securities loans
leases
industrial
securities
Total
Revolving
home
equity
Other
Consumer Security
Other
2,435.8
2,608.6
2,750.4
2,855.0
2,949.7
3,106.1
3,316.5
562.4
584.9
634.1
745.3
841.4
915.6
947.1
367.2
400.3
455.8
565.2
664.9
730.3
720.3
195.3
184.6
178.2
180.0
176.5
185.3
226.8
1,873.4
2,023.7
2,116.3
2,109.8
2,108.3
2,190.6
2,369.4
607.6
638.8
640.3
619.0
594.7
584.5
644.6
674.6
769.5
854.3
878.8
898.5
938.3
999.8
40.1
50.3
62.3
69.8
73.7
73.4
76.2
634.5
719.2
792.0
809.1
824.9
864.9
923.6
357.8
378.3
383.3
366.7
358.8
390.8
452.2
40.6
41.3
44.9
54.0
63.3
85.8
70.9
192.8
195.8
193.5
191.2
193.1
191.1
201.9
3,220.0
3,256.2
3,269.0
3,282.2
3 292 5
3,298.0
3,316.5
968.4
975.6
969,8
968.0
752.2
751.6
746.2
741.5
732.0
724.4
720.3
216.3
224.1
223.6
226.5
229.6
227.1
226.8
2,251.6
2,280.5
2,2992
2,314.1
2,330.8
2,346.5
2,369.4
611.3
618.8
623.4
627.8
633.9
639.6
644.6
957.3
965.6
973.2
981.1
999.8
73.8
74.0
74.4
74.9
75.1
75.7
76.2
883.5
891.6
898.9
906.2
910.9
915.9
923.6
416.1
423.1
429.3
434.5
441.7
445.8
452.2
76.2
77.2
75.0
69.7
70.4
69.7
70.9
190.7
195.8
198.3
201.1
198.8
199.8
201.9
3,349.4
3,363.1
3,387.7
3,447.2
3,473.4
3,488.3
945.6
937.4
721.7
717.0
704.9
704.6
707.4
707.1
223.9
220.4
236.7
270.8
264.8
264.8
2,403.9
2,425.7
2,446.1
2,471.9
2,501 2
2,516.4
657.7
669.6
673.0
681.2
689.5
692.1
1,015.1
1,022.7
1,028.3
1,035.7
1,040.0
1,047.2
76.7
77.0
77.3
78.0
78.7
79.3
938.4
945.7
951.1
957.8
961.3
968.0
457.5
459.7
465.3
471.2
473.0
478.2
68.6
67.8
69.7
73.1
84.4
85.2
204.9
205.8
209.7
210.6
214.3
213.6
961.6
951.5
947.1
941.5
975.3
972.2
971.9
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment
companies, and foreign-related institutioas. Data are adjusted for breaks caused by reelassifieations of assets and liabilities.
28
Real estate
986.0
991.6
- Exehitles Federal ftmds sold to, reverse repurchase agreements (RPs) with, and loans
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]
Uses
Sources
External
Period
Total
Total
Total
Total
1985
1986
1987
493.8
538.8
564.7
634.2
567.9
535.5
471.7
560.5
552.8
689.6
447.7
545.1
599.0
619.3
658.1
696.9
717.4
686.1
857.4
1988
1989
1990
1991
1992
1993
1994
1993- I
II
in
IV
1994- I
II
Ill
IV
1995- IP
351.9
336.7
375.9
404.3
399.6
411.6
426.0
438.4
462.3
499.8
436.4
450.7
476.4
485.7
501.5
498.6
500.2
499.1
509.2
142.0
202.1
188.8
229.9
168.2
123.9
45.7
122.2
90.5
189.8
11.3
94.4
122.6
133.6
156.6
198.3
217.2
187.0
348.2
Securities
and mortgages
Loans and
short-term
paper
71.5
83.0
49.4
99.8
105.6
68.3
-87.4
.9
-17.5
105.2
-52.1
11.0
-21.9
-6.8
98.2
90.4
107.4
124.9
197.1
13.2
65.1
39.9
-4.7
-37.6
-20.1
96.1
67.0
80.0
-26.2
83.9
65.9
99.0
71.0
11.5
31.3
-42.9
-104.8
-9.6
84.7
148.1
89.3
95.0
68.0
48.3
8.7
67.9
62.5
79.0
31.8
76.9
77.1
64.2
109.7
121.7
64.5
20.1
187.5
1
Undistributed profits (after inventory valuation and capital consumption attiustments), capital consumption allowances, ami foreign branch profits, dividend)*, and subsidiaries' earnings
retained abroad.
2
Omtusts of tax liabilities, track; debt, pension fund liabilities, anil direct foreign investment
in the U.S.
Other^
57.3
54.0
99.4
134.9
100.2
75.6
37.0
54.3
27.9
110.8
-20.6
17.5
45.6
69.4
46.9
76.6
152.8
166.9
160.6
Increase in
financial
assets
Capital
expenditures3
Credit market funds
Internal1
467.2
501.7
492.3
575.8
509.4
488.7
435.3
527.8
523.4
663.1
426.1
530.4
550.0
587.2
631.6
661.8
681.5
677.7
821.7
370.2
344.2
361.5
391.0
401.1
402.8
379.8
386.0
440.4
510.4
424.7
441.5
444.1
451.2
462.1
507.7
519.6
552.3
581.1
Discrepancy
(sources
less
uses)
97.0
157.5
130.9
184.8
108.3
85.9
55.6
141.8
83.0
152.7
1.4
88.9
105.9
136.0
169.5
154.1
161.9
125.4
240.6
26.7
37.1
72.4
58.4
58.4
46.7
36.4
32.8
29.3
26.4
21.6
14.6
49.0
32.1
26.5
35.0
35.9
8.4
35.6
3
Plant ami equipment, residential structures, inventory investment, and mineral rights from
U.S. Government.
Source: Hoard of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
|Millions of dollars; seatwnally adjusted}
Installment credit outstanding (end of period)
Period
Total
Automobile
Revolving
Net change in installment credit outstanding '
Other"
Total
Automobile
Revolving
Other"
517,659
572,006
608,675
662,553
717,200
734,898
728,389
730,847
790,351
902,853
210,238
247,772
266,295
285,364
291,531
283,072
259,594
257,436
280,566
317,237
121,758
135,825
153,064
174,269
199,162
223,517
245,281
258,081
286,588
334,511
185,664
188,408
189,316
202,921
226,508
228,309
223,514
215,331
223,197
251,106
75,057
54,347
36,669
53,878
(4)
17,698
-6,509
2,458
59,504
112,502
36,674
37,534
18,523
19,069
(4)
-8,459
-23,478
-2,158
23,130
36,671
21,478
14,067
17,239
21,205
(4)
24,355
21,764
12,800
28,507
47,923
16,906
2,744
908
13,605
(4)
1,801
-4,795
-8,183
7,866
27,909
Dec'
832,173
842,293
849,930
863,484
873,606
882,210
895,627
902,853
294,898
298,906
300,590
304,330
308,654
311,197
315,213
317,237
304,520
308,310
312,717
319,687
322,035
324,655
332,402
334,511
232,754
235,078
236,623
239,467
242,916
246,358
248,012
251,106
10,970
10,120
7,637
13,554
10,122
8,604
13,417
7,226
4,143
4,008
1,684
3,740
4,324
2,543
4,016
2,024
4,117
3,790
4,407
6,970
2,348
2,620
7,747
2,109
2,710
2,324
1,545
2,844
3,449
3,442
1,654
3,094
1995- Jan r
Febr
Mar r
Aprr
May'
914,260
918,968
933,717
945,314
956,822
319,408
321,175
323,502
325,231
328,417
340,450
345,630
352,741
359,641
366,276
254,402
252,164
257,474
260,443
262,129
11,407
4,708
14,749
11,598
11,508
2,171
1,767
2,327
1,729
3,186
5,939
5,180
7,112
6,899
6,636
3,296
-2,238
5,310
2,969
1,686
198519861987198819891990199119921993i.994-
Dee
Dec
Dec 3
Dec
Dec
Dec
Dec
Decr
Decr
Dec1"
....
.
1994- Mavr
July
Sepf
Ocf
..
... .
1
For year-end data, change froin preceding year-end; for monthly data, change from preceding month.
2
Outstanding loans for mobile homes, education, Itoats, trailers, vacations, etc.
3
Data newly available in January 1989 result in breaks in many series between December
1988 and sulweqiient months.
4
ftecaiiKe of breaks in series, net change not available.
NOTE.—Scries revised beginning 1992 to reflect annual benchmarking and revised seasonal
atljiistinent factors.
Source: Itoard of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Short-term interest rotes fell In July; longer rotes rose.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
14
1987
1988
1994
1995
COUNCIL OF ECONOMIC ADVISERS
SOURCE, SEE TABU KlOW
[Percent per aiuuim]
U.S. Treasury security yields
Period
1985
1986
1987
1988
1989 .. ..
1990
1991
1992
1993
1994
1994: July
Aug
Sept
Oct
Nov
Dec
1995- Jan
Feb
Mar
Apr
May
June
July
Week ended:
1995: July 8
15
22
29
1
3-month bills
(new issues) '
Constant maturitiesa
3-year
10-year
High-grade
municipal
bonds (Standard &
Poor's)3
30
Prime commercial
paper,
6 months '
Discount rate
(N.Y. F.R.
Bank)4
Prime rate
charged by
banks4
New-home
mortgage
yields
(FHFB)5
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
4.39
4.50
4.64
4.96
5.25
5.64
6.48
6.50
6.69
7.04
7.44
7.71
5.13
5.19
5.32
5.70
6.01
6.62
3.50-3.50
3.50-4.00
4.00-4.00
4.00-4.00
4.00-4.75
4.75-4.75
7.25-7.25
7.25-7.75
7.75-7.75
7.75-7.75
7.75-8.50
8.50-8.50
7.71
7.67
7.70
7.76
7.81
7.83
7.66
7.25
6.89
6.68
6.27
5.80
5.89
6.19
6.19
6.33
6.50
6.96
6.76
6.53
6.24
6.10
6.01
5.90
5.83
5.98
8.11
8.07
8.34
8.57
8.68
8.46
5.81
5.80
5.73
5.67
5.70
5.50
5.47
7.30
7.24
7.46
7.74
7.96
7.81
7.78
7.47
7.20
7.06
6.63
6.17
6.28
8.46
8.26
8.12
8.03
7.65
7.30
7.41
6.63
6.38
6.30
6.19
6.07
5.79
5.68
4.75-4.75
4.75-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.75
8.18
8.28
8.21
8.15
7.99
7.73
5.53
5.40
5.46
5.47
5.74
5.70
5.97
6.07
6.12
6.09
6.37
6.46
6.05
5.82
6.02
6.02
7.29
7.26
7.48
7.56
5.71
5.59
5.66
5.73
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
9.00-8.75
8.75-8.75
8.75-8.75
8.75-8.75
Bank-discount basis.
Yields on the more actively traded issues a<ljuste<l to constant maturities by the Treasury
Department.
''Weekly data an? Wednesday figures.
4
Average effective rate for- year; opening and dosing rate Tor month and week.
2
Corporate
Aaa bonds
(Moody-s)
r>
Effective rate (in the primary market) oti conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Itaserw System,
Federal Housing Finance Board, Moody's Investors Service, arid Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in July.
INDEX, DEC. 31 , 1 965-50 (RATIO SCALE)
•
300
280
260
240
_
300
280
260
240
/
/
"\—' ~"—| '
J
^~—
"""
r-*~~^— *S
220
200
INDEX, DEC. 31 , 1 965-50 (RATIO JME)
SC
^—s
|
220
'
200
sx%
y— i^\ 7\
/\
x/
/^~/ \
^/
COMPO 5ITE STOCK PRIC : INDEX
(NYSE)
'
\ S^^*
v^
r\
180
160
140
i
180
160
140
120
120
100
100
1 1111 11111
80
MI
1987
i i i I I i i i M ii
1990
1989
1988
i i i i i 1 i i i II i i I i
1991
1992
1993
i i i i i i i i i i 80
1995
1994
PER CENT
20
PERC :NT
20
15
15
EARNINGS-PRICE BATIOONCOM/V«3N STOCKS
10
.
/-
-
5
i
0
i
i
1987
*^i
i
i
i
i
.,-—'
i
1989
1988
10
(S&P)
v
•—
i
„
i
r^^"^--^i i i
1990
1991
'
i
i
i
I I
i
1993
1992
i
i
5
i
1994
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1985
1986
1987 .. .
1988
1989
1990
1991
1992
1993
1994
1994- July
Aug
Sept
Oct
Nov
Dec
1995- Jail
Feb
Mar
May
July
Week ended:
1995- July 8
15
22
29
....
. . .
. .. .
Industrial
Transportation
Utility3
Finance
Dow-Jones
industrial4
average
Standard &
Poor's composite index
(194143=10)-r-
Common stock yields
(percent)6
Dividendprice ratio
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
249.29
256.08
257.61
255.22
252.48
248.65
253.56
261.86
266.81
274.37
281.81
289.52
298.18
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
307.34
316.55
322.19
321.53
319.33
313.92
319.93
328.98
337.96
347.69
357.01
366.75
379.13
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
244.21
244.67
239.10
230.71
227.45
218.93
230.25
237.29
244.45
254.36
254.69
256.80
279.15
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
205.46
211.26
204.60
203.35
200.13
200.02
201.16
207.73
204.16
208.93
211.58
216.27
219.18
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
210.91
214.77
211.90
203.33
198.38
195.25
201.05
211.76
213.29
219.38
228.55
236.26
240.50
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
3,718.30
3,797.48
3,880.60
3,868.10
3,792.43
3,770.31
3,872.46
3,953.72
4,062.78
4,230.66
4,391.57
4,510.76
4,684.76
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
451.40
464.24
466.96
463.81
461.01
455.19
465.25
481.92
493.15
507.91
523.81
539.35
557.37
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.87
2.78
2.80
2.82
2.86
2.91
2.87
2.81
2.76
2.68
2.60
2.55
2.50
295.09
298.77
297.27
300.34
374.87
379.60
378.41
381.98
268.18
281.27
279.12
284.37
218.52
218.14
217.98
221.62
238.54
242.77
238.86
240.97
4,641.78
4,709.32
4,666.91
4,707.69
551.18
558.75
555.86
561.50
2.52
2.46
2.52
2.48
1
Average of daily losing print's.
a Includes all the sfcieks (more than 2,000 in 1992) listed on the NYSE.
"Dec- 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. All indices shown here reflect
the doubting.
+ Includes 30 stocks.
5
Includes 500 stocks.
i
COUNCIL OF ECONOMIC ADVISERS
New York Stock Exchange indexes 2(Dec. 31, 1965=50,
except as noted)
Composite
i
1995
Common stock prices '
Period
i
Earningsprice ratio
8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.84
5.91
6.67
6.50
"Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios bawd on prices at end of quarter.
NOTK.—All data relate to stocks listed on the New York Htosk Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jomst & Company, Inc., and Standard & Pwr's
Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS. AND DEBT
In the first 9 months of fiscal 1995, there was a deficit of $119.7 billion, compared with a deficit of $149.9 billion
a year earlier.
BILLIONS OF DOLLARS
BILLONS OF DOLLARS
1,600
1,600
RECEIPTS AND OUTLAYS ^
1,500
1,500
1,400
1,400
17
OUTLAYS- -
1,300
1,300
1,200
1,200
1,100
1,100
1,000
1,000
RECEIPTS-
900
900
800
800
700
700
600
^600
SURPLUS OR DEFICIT (
) -"
-100
-100
^~~^~
-200
___-
~~~-~^^
"^
-200
^~
-—
-300
-300
-400
/I
V
1
1986
1
1987
1
1988
1
1
1989
1990
1
1991
1
1992
1
1993
1
1994
K -400
1995
N
FISCAL YEARS
SOURCES; DEPASTMENT OF THE TREASURY ANO Of FKE Of MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget
Total
Fiscal year or period
1976
1977
1978
1979
1980
1981
....
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995 (estimates)'
Cumulative total, first 9
months: *
Fiscal year 1994
Fiscal year 1995
1
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Surplus
or deficit
Receipts
Outlays
(-)
Surplus
or deficit
(-)
Gross Federal debt
(end of period)
Total
Held by
the public
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,357.9
371.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.4
1,380.9
1,408.7
1,460.9
1,517.9
-73.7
-53.7
-59.2
-40.7
-73.8
-79.0
-128.0
-207.8
-185.4
-212.3
-221.2
-149.8
-155.2
-152.5
-221.4
-269.2
-290.4
-255.1
-203.2
-160.0
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
922.7
1,007.7
302.2
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
769.6
806.8
810.1
861.4
932.3
1,027.6
1,081.8
1,128.5
1,142.1
1,181.5
1,228.1
-70.5
-49.8
-54.9
-38.7
-72.7
-74.0
-120.1
-208.0
- 185.7
-221.7
-238.0
-169.3
- 194.0
-205.2
-278.0
-321.4
-340.5
-300.5
-258.8
-220.5
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
350.2
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
289.7
-3.2
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
60.5
629.0
706.4
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,914.0
477.4
549.1
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.2
3,598.0
939.4
1,018.0
1,089.3
1,137.7
-149.9
-119.7
686.1
751.9
889.8
931.5
-203.7
-179.6
253.3
266.1
199.5
206.2
53.8
60.0
4,597.8
4,897.7
3,395.6
3,583.4
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1995 are from Mid-Session Review of the 1996 Budget issued July
31, 1995. Other data (except as noted) are from Rutty i of the United States Government, Fiscal
Year 1996, issued February 6, 1995.
32
Outlays
Off-budget
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 9 months of fiscal 1995, receipts were $78.6 billion higher than a year earlier and outlays were $48.4
billion higher.
BILLIONS OF DCXLARS
700
BILUOr-JS OF DOLLARS
700
RECEIPTS-1'
600
600
INDIVIDUAL INCOME TAXES
500
500
400
400
300
300
200
INCOME JAXES
\
OTHER RECEIPTS
TAXES AND CONTRIBUTIONS
200
100
100
1
0
1,300
1
1
1
1
1
1
1
1
OUTLAYS^
1,200
0
1,300
~~_—-•-
1,100
1,100
NONDEFENSE
\
\,,'"
1,000
1,200
"
,''
1,000
900
900
^^,^.""
800
800
""
700
700
600
600
500
500
NATIONAL DEFENSE
400
400
\
300
200 XI
V
1
1986
1
1987
1
1988
300
1
1
1989
1990
i INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1
1991
1
1
1992
1993
1
N 200
1995 N
1994
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal year or period
1976
1977
1978
1979
1980
1981
1982 ..
1983
1984
.
1985
1986
1987
1988
1989
1990
1991 ....
1992
1993
1994
1995 (estimates)'
-
Cumulative total, first 9 months: l
Fiscal year 1994
Fiscal year 1995
1
Total
Social
insurCorIndiance
poravidual
Other
tion
income income taxes
and
taxes taxes contributions
Tota!
Total
Department of
Defense,
military
International
Health
affairs
371.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.8
946.4
265.2
73.0
73.1 990.3
283.9
303.3 74.3 1,003.9
334.3 78.9 1,064.1
359.4
82.3 1,143.2
90.9 1,252.7
380.0
92.3 1,323.4
396.0
413.7 100.5 1,380.9
98.0 1,408.7
428.3
461.5 112.8 1,460.9
483.3 122.4 1,517.9
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
271.5
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286,9
278.6
268.6
260.3
16.2
33.5
14.2
35.9
11.6 40.0
10.5
44.5
9.6 48.4
13.8 57.7
15.9 71.2
16.1 89.5
99.4
17.2
17.1 107.1
14.6 115.1
106.2
118.2
347.8
368.3
80.9 1,089.3
89.3 1,137.7
207.9
200.2
198.4
190.5
13.0
12.6
298.1
355.6
399.6
463.3
517.1
5993
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1 090 5
1,153.5
1,257.7
1,357.9
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
594.4
939.4 404.5
1,018.0 442.3
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1995 are from Mid-Session Review of the 1996 Budget issued July
31, 1995. Other data (except as noted) are from Budget of the United States Government, Fiscal
Year 19.96, issued February 6, 1995,
National defense
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
Medicare
Income
security
15.8 60.8
19.3 61.0
61.5
22.8
66.4
26.5
86.5
32.1
39.1 99.7
46.6 107.7
52.6 122.6
57.5 112.7
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
157.7
128.2
119.8
123.3
129.3
136.0
147.0
170.3
196.9
207.3
214.0
221.2
Social
security
Net
inter-
Other
est
82.8
73.9
26.7
93.0
85.1
29.9
93.9 35.5 114.7
42.6 120.2
104.1
118.5
52.5 131.4
68.8 133.5
139.6
85.0 125.4
156.0
170.7
89.8 122.3
178.2 111.1 118.6
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.7
80.1 106.6 163.0 239.2
86.2 118.6 168.4 251.7
Sources: Department of the Treasury and Office of Management and Budget.
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
231.7
131.8
142.1
125.9
139.4
158.8
203.9
224.8
173.9
159.7
173.8
170.4
149.7
172.4
129.7
127.7
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1995, Federal receipts rose $32.2 billion (annual rate) and Federal expenditures rose $19.7
billion. In the second quarter, according to advance estimates, Federal expenditures rose $10.6 billion; receipts
data are incomplete.
BILLIONS OF DOLLARS
BILUONS OF DOLLARS
1,800
1,800
SEASONALLY ADJUSTED ANNUAL RATES
1,600
1,600
1,400
1,400
EXPENDITURES
1,200
1,200
1,000
1,000
800
RECEIPTS -
800
600
600
400
400
200
200
SURPLUS OR DEFICIT (-1
0
-200
-400
-400
1982
1983
1984
1986
1989
1987
1990
1991
1992
1993
1994
1995
CALENDAR YEARS
SOURCE: DERARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted animal rates}
Federal Government expenditures
Federal Government receipts
Personal
tax and
nontax
receipts
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
Contributions
for
social
insurance
1,161.2
1,241.0
1,349.4
484.6
511.8
552.1
112.4
134.6
161.2
81.1
82.9
93.3
483.1
511.7
542.8
1,178.3
1,265.7
1,379.0
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,140.5
1,219.9
1,212.7
1,263.7
1,272.7
1,313.6
1,337.4
1,380.7
1,388.8
1,408.8
1,441.0
489.5
520.3
565.6
323.5
351.8
371.7
414.8
420.0
470.1
483.9
477.3
511.6
497.2
519.8
527.5
536.8
550.2
571.1
566.9
574.2
594.8
624.1
115.6
143.0
167.1
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.6
122.6
132.1
141.8
140.2
157.8
151.8
166.3
172.4
178.1
181.9
81.3
84.6
91.2
58.2
56.8
54.8
59.5
61.4
62.2
67.1
82.9
83.8
81.9
83.5
82.3
90.7
90.4
90.4
91.9
91.9
89.1
90.9
491.9
517.8
555.1
291.1
318.0
338.8
359.4
400.7
424.7
449.7
470.7
501.9
501.6
518.6
522.7
528.3
545.1
553.0
557.6
564.6
575.1
579.1
Period
Total
Fiscal year:
1992
1993
1994
Calendar year:
1992
1993
1994
1984: IV
1985- IV
1986: IV
1987- IV
1988- IV
1989: IV
1990: IV
1991- IV
1992: IV
1993- I
II
in .
IV
1994: I
II
m
rv
1995- I
UP
Souree: Department of Cornim-m', Bureau of Economic Analysis.
34
Grantsin-aid
to
Net
State interest
and
paid
local
governments
Subsidies less
current
surplus
of
Government
enterprises
Less:
Wage
accruals less
disbursements
Surplus
or
deficit
(-),
national
income
and
product
accounts
Purchases
Transfer
payments
1,435.9
1,495.5
1,521.9
445.2
446.3
435.1
607.4
651.5
674,4
168.2
180.7
197.9
188.9
183.5
187.0
26.1
33.4
27.6
0.0
.0
.0
-274.7
-254.4
-172.5
1,460.9
1,507.0
1,538.1
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,386.3
1,492.0
1,496.2
1,500.6
1,497.6
1,533.7
1,513.7
1,525.9
1,542.8
1,569.9
1,589.6
1,600.2
449.0
443.6
437.3
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
434.4
434.4
625.3
658.0
682.5
360.1
383.8
404.2
419.7
444.5
488.8
526.6
566.2
643.1
644.8
652.8
660.2
674.1
671.5
676.2
683.0
699.2
708.1
716.1
172.2
186.1
197.6
97.7
104.5
103.8
102.9
113.0
121.9
137.6
162.6
176.6
176.7
182.9
187.8
197.0
190.0
194.4
200.3
205.5
211.0
211.0
186.8
183.6
191.5
122.3
129.2
131.1
143.1
151.2
168.9
174.4
191.6
183.1
182.5
184.8
183.6
183.5
179.3
188.8
194.4
203.5
209.0
218.4
27.6
35.7
29.2
22.2
16.4
22.1
37.8
34.9
25.0
32.0
27.7
34.5
45.2
35.1
23.3
39.3
35.1
31.3
20.9
29.8
27.2
20.4
.0
.0
.0
.6
.0
.0
2
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
-282.7
241 4
-159.1
-186.8
187 2
-177.5
152 7
-134.9
-141.5
-191.0
-245.8
-272.1
283 5
-237.0
-224.9
-220.1
-176.2
- 145.1
- 154.0
161 1
-148.6
Total
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987=100; seasonally a<|justed)
Period
United
State*
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
118.1
116.6
116.7
117.4
118.0
118.2
119.1
119.0
119.5
120.3
121.7
122.0
122.1
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- Mar
May
July
Sept
Oct
Nov
Dec
1995: Jail
Feb
Mar
. .
.
'122.0
'121.1
Canada
Japan
Prance
Germany
96.7
100.0
109.4
115.7
120.6
122.9
115.8
111.0
112.3
98.0
100.0
104.6
108.9
111.0
111.0
109.7
105.6
111.0
99.6
100.0
103.9
108.8
114.5
108.3
110.5
111.1
110.6
112.9
112.9
112.6
'114.9
'114.1
'112.9
113.0
110.5
109.4
112.3
111.2
115.7
113.5
112.5
115.7
115.3
114.0
116.3
118.1
113.2
'117.0
95.4
100.0
105.3
105.2
101.7
97.5
98.4
103.2
109.7
106.5
'107.7
'108.8
'109.8
110.4
111.8
111.6
112.0
113.8
114.4
120.9
121.0
1
'111.6
112.5
113.6
114.1
Italy
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.5
110.7
106.5
111.3
108.4
110.1
112.2
114.3
112.4
112.5
112.5
119.1
'118.7
'116.3
'107.4
'110.8
'108.7
'109.5
109.8
'110.5
'112.7
'110.6
'111.4
'112.7
'112.9
'116.1
109.8
110.5
108.8
'112.6
115.0
113.0
'114.3
115.0
'116.4
117.4
115.9
116.6
Data relate to alt urban consumers.
Consumer prices (1982-84= 100; NSA)
United
Kingdom
United
States <
96.2
100.0
104.8
107.0
106.7
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
'102.8
'102.7
104.7
'110.0
147.2
147.4
147.5
148.0
148.4
149.0
149.4
149.5
149.7
149.7
150.3
150.9
151.4
151.9
152.2
152.5
'107.4
'109.2
'110.5
'110.0
'110.5
'111.5
'112.1
'111.5
'110.8
'111.4
111.5
111.8
'112.9
'112.1
112.0
Canada
Japan
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
147.6
147.6
147.3
147.6
148.2
148.3
148.4
148.2
149.0
149.2
149.8
150.5
150.8
151.2
151.6.
France
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
119.3
119.3
119.5
119.6
119.2
118.6
119.2
119.5
120.0
119.7
119.4
119.4
118.9
118.8
119.3
119.6
Germany
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
145.2
145.6
145.9
145.9
145.9
145.9
146.3
146.7
146.7
146.5
146.9
147.5
147.9
148.0
148.3
148.3
151.6
Italy
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
129.4
128.7
129.0
129.3
129.5
129.6
129.7
129.8
129.9
130.1
130.4
131.0
131.5
131.6
131.9
United
Kingdom
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
167.4
169.4
170.0
170.0
169.2
170.0
170.4
170.6
170.7
171.5
171.5
172.6
173.3
175.1
175.8
176.0
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
191.7
192.2
192.9
193.3
193.6
194.2
194.7
195.8
196.5
197.2
197:9
199.5
201.2
202.2
203.5
204.6
'132.1
132.7
Source: National Kources HH reimrted t>y Dejwrtinent of Omimerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade arid Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Imports (customs va ue)
Goods: Exports (f.a.s. value)
Services
(BOP basis)
Balance of trade
(exports minus imports)
Census basis (by end-use category)
Census basin (by end-use category) '
BOP basis
Period
198ft
1987
1988
1989
1990
199]
1992
1993
1994
1994: May
.June
July
Aug
Sept
Oct
Nov
Ore
1995- Jari
rYb
Mar
May
1
HOI'
basis
ConAuto- sumer
InCap- mo- goods
dusFoods, trial
tive (nonitol
Total, feeds, sup- goods vehi- food)
cles,
except
(Census and
plies
exauto- parb* cept
basis* bevand
and autoerages mate- motive
enrials
gines motive
Kxports
Imports
G.xxls,
(Census
basis
Goods
Services
'5.5 ' - 139.6
'6.9 ' - 152.7
'11.6 '-115.3
'23.9 '-91.4
'-80.0
'29.0
'44.7 '-29.4
'56.6 ' — 3 9 5
-74.8
57.8
59.9
- 106.2
Goods
and
services
223.3
250.2
320.2
362.1
389.3
416.9
440.4
436.8
502.5
227.2
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
41.9
57.3
66.7
85.1
99.3
104.4
109.7
109.1
111.8
121.4
75.8
86.2
109.2
138.8
152.7
166.7
175.9
181.7
205.2
21.7
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.6
14.2
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
368.4
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
365.4
41)6.2
441.0
473.2
495.3
488.5
5:12.7
580.7
663.3
24.4
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
101.3
111.0
118.3
132.3
143.2
131.6
138.6
145.6
162.0
71.8
84.5
101.4
113.3
116.4
120.7
134.3
152.4
184.4
78.2
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
'86.5
'98.5
'111.1
'127.4
'147.8
'164.3
' 178.6
187.8
198.7
'81.0
'91.7
'99.5
' 103.5
'118.8
M19.6
' 122.0
130.0
138.8
-138.3
-152.1
-118.5
- 109.4
-101.7
-66.7
-84.5
-115.6
-150.6
- 145.1
-159.6
- 127.0
-115.2
-109.0
-74.1
-96.1
-132.6
-166.1
40.4
41.9
411.4
43.7
48.3
43.3
44.4
46.2
41.3
42.8
41.2
44.7
44.1
44.3
45.3
47.2
3.3
3.2
3.1
3.6
3.7
3.8
4.0
4.2
9.9
9.8
10.2
10.7
10.3
10.7
10.7
11.3
16.6
17.6
16.3
17.6
17.8
17.0
18.0
18.7
4.6
4.7
4.3
5.1
5.0
4.9
5.0
5.5
4.9
5.2
4.9
5.2
5.1
5.2
5.4
5.3
54.5
55.9
56.3
57.9
57.8
58.2
59.7
59.4
54.0
55.7
56.0
57.6
57.6
58.0
59.5
59.2
2.5
2.6
2.6
2.7
2.7
2.7
2.6
2.7
13.1
14.0
14.4
14.7
14.2
13.9
14.5
14.2
14.9
15.2
15.3
15.4
16.3
16.4
16.8
16.8
9.6
10.0
9.9
10.7
10.0
10.3
10.7
10.8
12.1
12.1
12.1
12.4
12.5
12.8
12.9
12.9
16.4
16.7
16.6
16.6
17.7
16.7
17.3
17.0
11.5
11.6
11.6
11.7
11.8
11.6
11.7
11.6
- 12.7
-13.0
-14.8
-12.9
- 13.5
- 13.6
142
- 12.0
-14.1
-14.0
-15.8
-14.2
-14.6
-14.9
- 15.3
-13.3
4.9
5.1
5.0
4.9
5.9
5.1
5.6
5.4
-9.1
-8.9
-10.8
-9.4
-8.7
-9.8
-9.7
-7.9
44.8
45.5
47.8
46.9
47.8
45.4
46.2
48.6
47.7
48.6
3.9
3.9
4.1
4.2
4.0
11.6
11.7
12.6
12.3
12.3
17.1
17.8
19.2
18.8
19.3
5.3
5.2
5.0
5.0
5.0
5.1
5.3
5.4
5.3
5.5
60.7
59.9
62.5
63.5
64.2
60.5
59.7
61.6
62.6
63.1
2.8
2.8
2.9
2.7
2.7
14.5
14.4
15.3
15.5
15.8
17.1
16.9
17.6
18.0
18.1
11.0
10.8
10.7
11.0
10.7
13.3
13.1
13.3
13.6
13.8
17.2
16,6
17.0
17.0
17.0
11.9
11.8
12.1
11.9
12.0
- 15.0
-13.5
- 13.0
-15.0
- 14.5
-15.9
-14.4
-14.7
-16.5
-16.5
5.3
4.8
4.9
5.1
5.1
- 10.6
-9.6
-9.8
-11.4
-11.4
Includes undocumented exports to Canada through 1988.
-Total includes "other" exerts or ini|)orts, not shown separately.
Auto- ConInmo- sumer
Foods dus- Capital
HOP
feeds, trial goods tive goods
(nonTotal,
sup- except vehibasis Census
and
cles, food)
plies
basis 2 bevparte except
am) autoermoand autoages mate- tive
moenrials
gines tive
NOTK.—HOP refers to balance of payments on international transitions Imsis. BOP data
shown here are consistent with figures shown on pp. 3f> anil 37.
See note, p. 37.
Source: Department of r-onmicrce (Bureau of the Onsus and Hureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1995, the merchandise trade deficit rose to $45.1 billion, from $43.5 billion in the fourth
quarter of 1994. The current account deficit fell to $40.5 billion, from $43.3 billion in the fourth quarter.
BIWONSOF DOUARS*
BILLIONS OF DOUARS*
1985
* SEASONAiiY ADJUSTS)
SOUKCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits ( — ) ]
Period
Investment income
Services
Merchandise '
Net
balance
Net
military
transactions23
Net
travel
and
transportation
receipts
Other
services,
net
Balance
on
goods
and
services
Exports
Imports
1981
1982
1983'
1984'
1985'
1986'
1987'
1988'
1989'
1990'
1991'
1992'
1993
1994
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,120
389,307
416,913
440,352
456,823
502,485
-265,067
-247,642
-268,901
-332,418
-338,088
-368,425
- 409,765
-447,189
-477,365
- 498,337
-490,981
-536,458
- 589,441
- 668,584
-28,023
-36,485
-67,102
- 112,492
- 122,173
- 145,081
- 159,557
- 126,959
115 245
- 109,030
-74,068
- 96,106
-132,618
- 166,099
-844
112
— 563
-2,547
4390
-5,181
-3,844
-6,320
- 6,749
- 7,599
-5,274
-2,142
448
2,148
144
-992
- 4,227
-8,438
9 798
-8,484
-7,613
-2,591
4,043
8,002
17,032
20,484
19,885
19,330
12,552
13,209
14,124
14,404
14,483
19,194
18,319
20,546
26,558
28,633
32,907
38,284
37,444
38,410
-16,172
-24,156
-57,767
- 109,073
-121,880
- 139,551
- 152,696
- 115,324
-91,392
- 79,994
-29,404
-39,480
-74,841
- 106,212
1993: I
II
111,862
114,131
111,576
119,254
- 140,821
-147,718
-148,181
-152,721
-28,959
-33,587
-36,605
-33,467
401
90
283
-326
5,302
5,389
5,062
4,131
9,683
9,315
9,272
9,172
-13,573
- 18,793
-21,988
-20,490
IV
118,445
122,730
127,384
133,926
-154,935
- 164,224
-172,011
-177,414
-36,490
-41,494
-44,627
-43,488
-31
376
1,124
679
4,642
4,647
4,792
5,247
-23,016
-26,923
-28,807
- 27,467
1995: IP
138,059
-183,111
-45,052
621
4,523
8,863
9,548
9,904
10,095
9,885
in
IV
1994- I
II
in
1
Adjusted from Census data for differences in timing arid coverage; excludes military.
'-Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).
36
- 30,023
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
Net
Balance
on goods,
services,
and
income
Unilateral
transfers,
net4
Balance
on
current
account
-53,626
86,529
86,200
- 56,412
-53,700
85,200
-74,036
104,756
93,677
- 73,087
- 79,095
91,976
-91,302
100,767
129,070 -115,806
152,517 -138,858
160,300 -139,574
137,003 -121,892
118,425 - 108,346
119,248 - 110,248
137,619 - 146,891
32,903
29,788
31,500
30,720
20,590
12,881
9,465
13,264
13,659
20,725
15,111
10,079
9,000
-9,272
16,732
5,632
-26,267
-78,353
- 101,290
- 126,670
- 143,231
- 102,060
-77,733
-59,268
- 14,293
-29,402
-65,841
- 115,484
-11,702
- 17,075
-17,718
- 20,598
-22,954
-24,189
-23,107
-25,023
-26,106
- 33,393
6,869
-32,148
-34,084
-35,761
5,030
-11,443
-43,985
- 98,951
- 124,243
- 150,859
- 166,338
-127,083
- 103,839
- 92,661
-7,424
-61,549
-99,925
-151,245
28,950
29,958
29,931
30,412
-25,239
-27,893
-26,741
-30,376
3,711
2,065
3,190
36
-9,862
-16,728
-18,798
-20,454
- 7,521
-7,609
-8,234
- 10,722
- 17,383
- 24,337
-27,032
-31,176
30,942
32,338
36,031
38,307
42,511
-30,826
-34,623
-38,564
-42,878
116
-2,285
-2,533
- 4,571
-7,371
-22,900
-8,778
-29,208
- 8,374
-31,340
- 32,038 -11,239
-30,271
-37,986
-39,714
-43,277
-45,209
-2,698
-32,721
- 7,782
- 40,503
"Quarterly data an' not seasonally adjusted.
4
Includes transfers of gwxls and services under U.S. lilitary prant programs.
See p, 37 for continuation ofttibk.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $34.5 billion in the first quarter
of 1995, following an Increase of $16.7 billion in the fourth quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $8.6 billion in the first quarter, following an increase of
$34.7 billion in the fourth quarter.
BIUIONSOFDOUARS*
HUJONSOFDOUARS-
-20
-40
-60
•SEASONftUY ADJUSTED
SOUDCE: DEPARTMENT Cf COMMERCE
COUNOl Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[iucrease/capit)
Period
Total
1981
1982
1983'
1984'
1985r .. . .
1986 "r
1987
1988'
1989'
1990 '
1991r ...
1992 1993
1994
1993- I
II
III
IV
1994: I
II
Ill
IV
1995: IP
U.S.
official
reserve
assets35
-114,147 -5,175
- 122,335 -4,965
-61,573 -1,196
-36,313 -3,131
-39,889 -3,858
312
-106,753
9,149
-72,617
- 100,087 -3,912
- 168,744 -25,293
-74,011 -2,158
5,763
-57,881
3,901
-65,875
- 184,589 -1,379
5,346
-125,851
-983
-19,729
822
-40,933
-46,270
-545
-77,657
-673
-36,783
-59
-5,973
3,537
-27,940
-165
2,033
-55,156
-63,951 -5,318
Other U.S.
Government
assets
-5,097
-6,131
-5,006
-5,489
-2,821
-2,022
1,006
2,967
1,259
2,307
2,911
-1,661
-330
-322
467
-281
-197
-318
401
491
-283
-931
23
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
)]
U.S.
private
assets
- 103,875
-111,239
-55,372
-27,694
-33,211
- 105,044
-82,771
-99,141
- 144,710
-74,160
-66,555
-68,115
- 182,880
- 130,875
-19,213
-41,474
-45,529
-76,666
-37,125
-10,001
-27,492
-56,258
-58,656
83,032
92,418
83,380
113,932
141,183
226,111
242,983
240,265
218,490
122,192
94,241
153,823
248,529
291,365
19,867
51,277
77,928
99,458
80,390
46,526
79,736
84,715
85,080
•""'Consists of gold, sjx«ial drawing rights (SDlls), foreign wirreneies, am] the U.S. reserve
position in the IMF.
Note.—Data revised for 1988-1992. See. Survey nfCurnnU Hwtinfxt, June 1995, for details
Foreign
official
assets9
Total
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
33,910
17,389
40,466
72,146
39,409
10,955
17,495
19,386
24,311
10,977
9,162
19,691
-421
21,336
Other
foreign
assets
78,072
88,826
77,534
110,792
142,301
190,463
197,596
200,507
209,987
88,282
76,853
113,358
176,383
251,956
8,912
33,782
58,542
75,147
69,413
37,364
60,045
85,136
63,744
Statistical discrepancy
Allocations
of special Total (sum
drawing of the items Of which:
Seasonal adrights
with sign
justment
(SDBs)
reversed)
discrepancy
1,093
24,992
41,359
22,179
21,331
22,950
31,501
-4,028
- 13,095
54,094
44,480
-28,936
-26,399
35,985
- 14,269
17,245
13,993
-4,626
9,375
-13,336
-2,567
- 12,082
13,718
19,374
5,367
154
-6,353
834
5,274
587
-6,641
782
6,357
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
74,378
73,968
75,835
73,442
76,809
75,732
76,532
74,335
86,761
regarding revisions.
Sources: Department of CornmerM' (Bureau of Economic Analysis) and Department of the
Treasury,
37
Contents
TOTAL OUTPUT. INCOME. AND SPENDING
**
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT. UNEMPLOYMENT. AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY. CREDIT. AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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