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105th Congress, 1st Session
Economic Indicators
JULY 1997
(Includes data available as of August 6, 1997)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
I IB RARY
AUG 2 8 1997
FEDERAL RESERVE
BANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1997
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
JIM SAXTON, New Jersey, Chairman
CONNIE MACK, Florida, Vice Chairman
HOUSE OF REPRESENTATIVES
DONALD A. MANZULLO (Illinois)
MARK SANFORD (South Carolina)
MAC THORNBERRY (Texas)
JOHN T. DOOLITTLE (California)
JIM McCRERY (Louisiana)
FORTNEY PETE STARK (California)
LEE H. HAMILTON (Indiana)
MAURICE D. HINCHEY (New York)
CAROLYN B. MALONEY (New York)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
ROBERT F. BENNETT (Utah)
ROD GRAMS (Minnesota)
SAM BROWNBACK (Kansas)
JEFF SESSIONS (Alabama)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
CHRISTOPHER FRENZE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JANET L. YELLEN, Chair
ALICIA H. MUNNELL, Member
JEFFREY A. FRANKEL, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
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Economic Indicators, published monthly, is available at $3-00 a single copy
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ISBN 0-16-05535&-X
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
la the second quarter of 1997, according to advance estimates, current-dollar gross domestic product (GDP) rose
3.6 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 2.2 percent, and the implicit price deflator
rose 1.4 percent. (Series revised.)
BILLIONS OF DOLLARS (RATIO SCAlf)
BILLIONS OF DOLLARS (RATIO SCALE)
8,400
8,400
SEASONALLY ADJUSTED ANNUAL RATES
c
8,000
7,600
^
^-^
7,200
//
6,800
GDP
IN CHAINED (1992) DOUARS
^x
6,400
\
~~-
6,000
,,
5,600
^^"
5,200
s
x
/-
6,400
6,000
5,600
^
'"\
s"
7,200
6,800
->-
— •— ""
5,200
GDP
./IN aRRENTDiOLLARS
X
4,800
--^
„--
^'
s"
— ~~
8,000
7,600
4,800
x
/
^
4,400
4,400
/
4,000
4,000
/
3,600
/"
3,600
3,200
3,200
^
'
1
1
1982
I I I
1983
!ii
1984
\
\ i i
I I i
i i i
1985
1986
1987
1988
\
\
I i i
1989
i i I
1990
1 \ 1
1991
I i I
1992
I I I
1993
SOURCE: DEPAftTM&JT OF COMMERCE
I I i
1
1994
1995
!
1 1 1
1996
1
I i 1
1997
COUNCIL OF ECONOMIC AOVtSERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Exports and imports
of goods and services
Personal Gross
conprivate
Gross
domestic sumption domestic
Net
product expendi- investImports
tures
exports Exports
ment
Period
1989
1990
1991
1992
1993 '
1994 '
1995'
1996'
1993- I'll 'r
iii
IV'
1994- I'
TJ'
ni'
IV'
1995- I'
TJ'
TH'
IV'
1996- I'
H'
ITJ'
IV'
1997- I'
UP
1
.
5,438.7
5,743.8
5,916.7
6,244.4
6,558.1
6,947.0
7,265.4
7,636.0
6,444.5
6,509.1
6,574.6
6,704.2
6,794.3
6,911.4
6,986.5
7,095.7
7,168.9
7,209.5
7,301.3
7,381.9
7,467.5
7,607.7
7,676.0
7,792.9
7,933.6
8,004.8
829.2
-80.4
3,594.8
-71.3
799.7
3,839.3
3,975.1
736.2
-20.5
790.4
-29.5
4,219.8
-60.7
876.2
4,459.2
-90.9
4,717.0 1,007.9
-86.0
4,957.7 1,038.2
5,207.6 1,116.5
-94.8
854.3
-46.6
4,365.4
-57.5
4,428.1
857.4
872.8
-72.1
4,488.6
4,554.9
920.3
-66.6
963.4
-76.6
4,616.6
-879
4,680.5 1,017.9
4,750.6 1,007.1 -103.4
-95.6
4,820.2 1,043.1
-98.3
4,871.7 1,050.8
4,934.8 1,024.0 -105.4
-80.4
4,990.6 1,028.8
5,033.8 1,049.1 -60.1
-83.0
5,105.8 1,060.5
-93.8
5,189.1 1,105.4
114 0
5,227.4 1,149.2
5,308.1 1,151.1 -88.6
-98.8
5,405.7 1,193.6
5,429.8 1,227.2 -103.3
GDP less exports of floods and services plus imports of goods and services.
509.3
557.3
601.8
639.4
658.6
721.2
818.4
870.9
647.1
661.2
646.8
679.4
678.5
710.1
732.6
763.7
784.5
807.7
831.6
849.9
850.2
865.0
863.7
904.6
922.2
948.4
589.7
628.6
622.3
669.0
719.3
812.1
904.5
965.7
693.7
718.7
718.9
746.0
755.1
797.9
836.0
859.2
882.8
913.1
912.0
909.9
933.2
958.7
977.6
993.2
1,021.0
1,051.8
Government consumption expenditures
and gross investment
Federal
Total
Total
1,095.1
1,176.1
1,225.9
1,263.8
1,283.4
1,313.0
1,355.5
1,406.7
1,271.5
1,281.2
1,285.3
1,295.5
1,291.0
1,300.8
1,332.3
1,328.0
1,344.7
1,356.0
1,362.2
1,359.2
1,384.2
1,407.0
1,413.5
1,422.3
1,433.1
1,451.1
477.2
503.6
522.6
528.0
518.3
510.2
509.6
520.0
521.3
517.8
515.7
518.5
506.9
505.3
520.4
508.3
513.6
511.2
512.9
500.6
516.4
524.6
521.6
517.6
516.1
528.0
National Nondefense defense
360.6
373.1
383.5
375.8
360.7
349.2
344.6
352.8
363.6
361.7
358.0
359.4
344.9
348.5
359.7
343.6
346.3
348.1
347.3
336.5
348.4
357.3
354.8
350.6
343.3
352.6
116.7
130.4
139.1
152.2
157.7
161.0
165.0
167.3
157.7
156.1
157.7
159.1
162.0
156.8
160.7
164.7
167.3
163.0
165.5
164.1
168.0
167.3
166.8
167.0
172.8
175.3
State
and
local
617.9
672.6
703.4
735.8
765.0
802.8
846.0
886.7
750.1
763.4
769.6
777.0
784.1
795.5
811.9
819.6
831.1
844.8
849.3
858.6
867.8
882.4
891.9
904.7
917.0
923.2
Final
Gross
sales of domestic
domestic
purproduct chases '
5,407.0
5,735.8
5,919.0
6,237.4
6,537.6
6,885.7
7,235.3
7,610.2
6,413.8
6,494.7
6,560.6
6,681.3
6,741.9
6,835.1
6,936.3
7,029.6
7,116.8
7,185.0
7,281.8
7,357.4
7,456.4
7,584.3
7,638.9
7,761.0
7,867.4
7,935.4
5,519.1
5,815.1
5,937.2
6,274.0
6,618.8
7,037.9
7,351.4
7,730.9
6,491.1
6,566.7
6,646.7
6,770.8
6,870.9
6,999.2
7,090.0
7,191.3
7,267.2
7,314.8
7,381.7
7,442.0
7,550.5
7,701.5
7,790.0
7,881.5
8,032.4
8,108.1
Addendum:
Gross
national
product
5,452.8
5,764.9
5,932.4
6,255.5
6,576.8
6,955.2
7,270.6
7,637.7
6,468.1
6,525.3
6,596.9
6,717.1
6,811.2
6,920.3
6,992.3
7,096.8
7,175.1
7,220.6
7,298.3
7,388.5
7,475.3
7,610.5
7,669.1
7,796.1
7,919.2
NOTK.—Data beginning 1993 revised to reflect annual revisions. See August 1997 Survey
of Current Business for details.
Source: Department of Commerce, Bureau of Economic Analysis.
REAL GROSS DOMESTIC PRODUCT
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates|
Period
1989
1990
1991
1992
1993'
1994'
1995'
1996'
1993- I'
H'
HI'
IV'
1994: I'
II'
IH'
IV'
1995- I'
II'
HI'
IV'
1996- I'
II'
Ill'
IV'
1997: I'
HP
Cross
domestic
product
Personal
consumption
expenditures
6,062.0
6,136.3
6,079.4
6,244.4
6,389.6
6,610.7
6,742.1
6,928.4
6,327.9
6,359.9
6,393.5
6,476.9
6,524.5
6,600.3
6,629.5
6,688.6
6,703.7
6.708.8
6,759.2
6,796.5
6,826.4
6,926.0
6,943.8
7,017.4
7,101.6
7,139.7
Gross private
domestic investment
Noti residential
fixed
investment
4,064.6
4,132.2
4,105.8
4,219.8
4,343.6
4,486.0
4,595.3
4,714.1
4,286.8
4,322.8
4,366.6
4,398.0
4,439.4
4,472.2
4,498.2
4,534.1
4,551.3
4,583.5
4,612.9
4,633.5
4,669.4
4,712.2
4,718.2
4,756.4
4,818.1
4,827.9
588.8
585.2
547.7
557.9
600.2
648.4
706.5
771.7
577.8
595.1
602.3
625.6
626.2
641.2
653.2
672.9
695.7
705.4
708.2
716.8
736.9
759.7
789.3
800.8
808.9
837.8
Residential
fixed
investment
Change
in business
inventories
243.2
220.6
193.4
225.6
242.6
267.0
257.0
272.1
237.0
236.1
242.2
255.1
261.3
271.5
269.4
265.9
261.2
250.4
255.5
260.8
266.1
277.2
274.1
271.1
273.3
277.1
33.3
10.4
-3.0
7.0
22.1
60.6
27.3
25.0
32.3
16.6
15.3
24.2
53.1
75.9
49.7
63.6
48.5
21.6
17.0
22.2
8.0
21.3
37.9
32.9
63.7
66.8
Government consumption expenditures
and gross investment
Exports and imports of
goods and services
Federal
Net
exports
-82.7
-61 9
-22.3
-29.5
-70.2
-104.6
-98.8
-114.4
-54.7
-62.6
-83.1
-80.5
-97.6
-103.9
-111.1
-105.9
-113.5
-112.8
-92.9
-76.1
- 100.8
-112.6
-138.9
- 105.6
-126.3
-147.9
Exports
Imports
Total
Total
National
defense
520.2 603.0 1,213.9 531.5
564.4 626.3 1,250.4 541.9
599.9 622.2 1,258.0 539.4
639.4 669.0 1,263.8 528.0
658.2 728.4 1,252.1 505.7
712.4 817.0 1,252.3 486.6
791.2 890.1 1,251.9 470.3
857.0 971.5 1,257.9 464.2
647.2 701.9 1,250.1 512.1
660.1 722.7 1,253.1 507.8
646.3 729.4 1,250.5 501.5
679.1 759.7 1,254.7 501.3
676.0 773.6 1,241.9 487.2
704.1 808.0 1,243.3 481.2
722.1 833.2 1,268.1 496.4
747.3 853.2 1,255.8 481.7
760.4 873.9 1,257.7 480.4
777.4 890.3 1,257.3 474.9
802.4 895.4 1,255.0 473.4
824.6 900.7 1,237.7 452.6
828.2
929.0 1,243.2 460.9
847.4 960.0 1,265.1 470.7
851.4
990.2 1,261.5 465.7
901.1 1,006.6 1,261.8 459.6
922.7 1,048.9 1,260.5 452.8
954.1 1,102.0 1,272.3 462.0
1
GDP less exports of goods and .services plus imports of goods and services.
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
401.6
401.5
397.5
375.8
354.4
336.9
322.6
317.8
359.2
356.7
351.1
350.8
335.1
335.9
347.0
329.6
328.7
327.4
324.0
310.3
314.9
323.2
319.4
313.6
303.9
311.4
State
and
local
Nondefense
130.1
140.5
142.0
152.2
151.2
149.5
147.5
146.1
152.9
151.1
150.3
150.4
151.9
145.1
149.4
151.7
151.4
147.3
149.1
142.1
145.7
147.2
146.0
145.7
148.5
150.1
682.6
708.6
718.7
735.8
746.4
765.7
781.6
793.7
738.0
745.3
749.1
753.4
754.7
762.2
771.7
774.1
777.3
782.3
781.5
785.1
782.4
794.4
795.9
802.3
807.7
810.4
Final
sales of
domestic
product
Gross
domestic
purchases '
6,028.7
6,126.7
6,082.6
6,237.4
6,368.9
6,551.2
6,712.7
6,901.0
6,297.3
6,344.9
6,379.3
6,453.8
6,473.0
6,526.7
6,580.4
6,624.8
6,654.3
6,685.3
6,739.3
6,771.9
6,815.0
6,902.3
6,905.0
6,981.7
7,034.1
7,068.0
6,147.8
6,199.8
6,101.6
6,274.0
6,459.0
6,712.7
6,837.5
7,037.7
6,382.3
6,422.0
6,475.6
6,556.2
6,620.2
6,701.8
6,737.5
6,791.3
6,813.2
6,817.3
6,848.9
6,870.4
6,923.2
7,033.6
7,075.3
7,118.4
7,220.9
7,276.9
Addendum:
Gross
national
product
6,075.7
6,157.0
6,094.9
6,255.5
6,408.0
6,619.1
6,748.7
6,932.0
6,351.3
6,375.9
6,415.3
6,489.7
6,540.5
6,609.3
6,635.6
6,691.2
6,711.3
6,721.0
6,758.3
6,804.2
6,834.7
6,930.1
6,940.2
7,023.1
7,091.8
NOTE.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
jlndex numbers, 1992 = 100; quarterly data are seasonally adjusted)
Gross private
domestic investment
Personal consumption
expenditures
Period
Gross
domestic
product
1989
1990
1991
1992
1993'
1994' ....
1995'
1996'
1993: I'
H'
HI'
IV'
1994: I'
II'
HI'
IV'
1995: I'
II'
HI'
IV'
1996- I'
H'
HI'
rv'
1997- I'
Ur
89.72
93.60
97.32
100.00
102.64
105.09
107.76
110.21
101.84
102.35
102.83
103.51
104.13
104.71
105.39
106.09
106.94
107.46
108.02
108.61
109.39
109.84
110.54
111.05
111.71
112.12
NOTE.—See Note, p. 1.
Durable
goods
Nondurable goods
88.44
92.91
96.82
100.00
102.66
105.15
107.89
110.47
101.83
102.44
102.79
103.57
103.99
104.66
105.61
106.31
95.29
96.59
98.54
100.00
101.22
103.27
104.27
103.83
100.47
100.95
101.37
102.02
102.28
102.99
103.84
103.94
107.04
107.66
108.19
108.64
109.35
110.12
110.79
111.60
112.20
112.47
104.31
104.34
104.28
104.17
104.34
103.88
103.69
103.41
103.24
102.47
89.28
94.62
98.06
100.00
101.46
102.77
104.48
107.15
101.27
101.37
101.26
101.93
101.89
102.20
103.32
103.65
103.85
104.31
104.70
105.05
106.02
107.03
107.28
108.25
Total
108.89
108.89
Services
86.55
91.22
95.78
100.00
103.62
106.85
110.53
113.76
102.42
103.33
103,93
104.79
105.50
106.35
107.24
108.27
109.37
110.22
110.94
111.57
112.26
113.19
114.28
115.25
116.01
116.66
Nonresidential
fixed
96.16
98.41
99.92
100.00
100.65
101.89
102.33
101.26
100.48
100.63
100.69
100.81
101.35
101.83
102.19
102.17
102.18
102.43
102.43
102.28
101.87
101.26
101.18
100.80
100.29
99.83
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
tial fixed
95.08
97.80
98.85
100.00
103.71
107.11
110.93
113.64
102.52
103.39
104.23
104.60
105.77
106.35
107.46
108.84
110.19
110.65
111.13
111.74
112.29
112.80
114.36
115.10
115.68
116.00
Exports
Imports
Total
97.91
98.74
100.31
100.00
100.07
101.23
103.44
101.61
99.98
100.16
100.08
100.04
100.36
100.84
101.45
102.19
103.18
103.89
103.63
103.06
102.66
102.07
101.44
110.39
99.95
99.40
97.81
100.37
100.02
100.00
98.75
99.39
101.62
99.40
98.83
99.45
98.56
98.21
97.61
98.75
100.33
100.71
101.02
102.56
101.86
101.02
100,46
99.87
98.73
98.66
97.34
95.44
89.79
92.93
96.88
100.00
102.50
104.85
108.34
112.02
101.80
101.96
102.85
103.43
104.03
105.01
104.83
105.53
106.91
107.63
108.34
110.60
112.04
111.46
111.99
112.62
113.98
114.28
National
defense
Nondefense
State
and
local
89.79
92.93
96.47
100.00
101.76
103.64
106.83
111.02
101.23
101.42
101.98
102.44
102.91
103.73
103.68
104.26
105.37
106.35
107.20
108.47
110.64
110.56
111.07
111.80
112.99
113.24
89.70
92.84
97.94
100.00
104.29
107.70
111.88
114.47
103.16
103.27
104.93
105.81
106.68
108.04
107.56
108.53
110.49
110.66
111.05
115.49
115.34
113.66
114.23
114.66
116.39
116.78
90.52
94.91
97.86
100.00
102.49
104.85
108.24
111.71
101.65
102.43
102.74
103.13
103.89
104.37
105.20
105.89
106.92
107.99
108.67
109.35
110.93
111.07
112.07
112.76
113.52
113.92
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES:
INDEXES AND PERCENT CHANGES
|Quarterly data sin', seasonally adjusted]
Percent change from preceding period l
Index numbers, 1992=100
Real GDI'
(chain-type
quantity
index)
GDI'
(eurrent
dollars)
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993'
1994'
1995'
1996'
1993: I'
II'
Ill'
IV'
1994: I'
II'
Ill'
rv'
1995: I'
II'
HI'
IV'
1996: I'
II'
Ill'
IV'
1997: I'
UP
76.93
82.32
85.25
87.88
90.47
93.93
97.08
98.27
97.36
100.00
102.32
105.87
107.97
110.95
101.34
101.85
102.39
103.72
104.49
105.70
106.17
107.11
107.36
107.44
108.24
108.84
109.32
110.92
111.20
112.38
113.73
114.34
56.28
62.49
66.95
70.82
75.14
80.87
87.10
91.98
94.75
100.00
105.02
111.25
116.35
122.29
103.20
104.24
105.29
107.36
108.81
110.68
111.88
113.63
114.80
115.45
116.92
118.22
119.59
121.83
122.93
124.80
127.05
128.19
GDP
GDP
chain-type
priee index
73.16
75.92
78.53
80.58
83.06
86.10
89.72
93.64
97.32
100.00
102.64
105.09
107.76
110.22
101.85
102.38
102.83
103.52
104.16
104.74
105.39
106.07
106.93
107.49
108.03
108.60
109.35
109.86
110.59
111.10
111.78
112.17
1
Percent changes basted on indexes to 3 decimal places. Quarterly pen-cut changes an; at
annual rates.
Real GDP
(chain-type
quantity
index)
GDP
implicit
price
deflator
(current
dollars)
8.4
11.0
7.1
5.8
6.1
7.6
7.7
5.6
3.0
5.5
5.0
5.9
4.6
5.1
3.9
4.1
4.1
8.1
5.5
7.1
4.4
6.4
4.2
2.3
5.2
4.5
4.7
7.7
3.6
6.2
7.4
3.6
73.16
75.92
78.53
80.58
83.06
86.09
89.72
93.60
97.32
100.00
102.64
105.09
107.76
110.21
101.84
102.35
102.83
103.51
104.13
104.71
105.39
106.09
106.94
107.46
108.02
108.61
109.39
109.84
110.54
111.05
111.71
112.12
GDI'
GDP
chain-type
price
index
implicit
4.3
3.8
3.4
2.6
3.1
3.7
4.2
4.4
3.9
2.8
2.6
2.4
2.5
2.3
3.9
2.1
1.8
2.7
2.5
2.2
2.5
2.6
3.3
2.1
2.0
2.1
2.8
1.9
2.7
1.9
2.4
1.4
4.0
7.0
3.6
3.1
2.9
3.8
3.4
1.2
-.9
2.7
2.3
3.5
2.0
2.8
.1
2.0
2.1
5.3
3.0
4.7
1.8
3.6
.9
.3
3.0
2.2
1.8
6.0
1.0
4.3
4.9
2.2
4.3
3.8
3.4
2.6
3.1
3.7
4.2
4.3
4.0
2.8
2.6
2.4
2.5
2.3
3.9
2.0
1.9
2.7
2.4
2.2
2.6
2.7
3.3
2.0
2.1
2.2
2.9
1.7
2.6
1.9
2.4
1.4
NOTK.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
| Quarterly data at seasonally adjusted annual rates!
Gross domestic product
of nonfinaneial
corporate business
(billions of dollars)
Current
dollars
1989
1990
1991
1992
1993'
1994'
1995'
1996'
1993: I' .
II'
III'
IV'
1994: I' .
II'
III'
IV'
1995: I' .
II'
III'
rv
1996: I' .
II'
ni'
rv
1997: I' .
2,950.9
3,084.0
3,132.1
3,262.6
3,430.4
3,709.7
3,905.3
4,132.4
3,351.8
3,400.3
3,444.3
3,525.2
3,624.5
3,668.9
3,729.1
3,816.4
3,833.6
3,860.4
3,940.4
3,986.8
4,030.7
4,112.9
4,165.8
4,220.1
4,299.7
Chained
(1992)
dollars
Current-dollar cost and pnifit per unit of real output (dollars) '
Total
cost and
profit 2
3,179.8
3,210.2
3,168/8
3,262.6
3,374.4
3,586.3
3,719.7
3,887.8
3,310.2
3,352.5
3,387.2
3,447.7
3,526.1
3,559.8
3,594.6
3,664.9
3,664.9
3,683.2
3,747.7
3,782.9
3,801.8
3,872.4
3,913.7
3,963.5
4,022.2
'Output is measured by GDP of nonfinancial corporate business in chained (1992) dollars.
2
Tliis is equal to the deflator for gross domestic product of noiifuiancial corporate business
with the decimal point shifted two places to the left.
Consumption of
fixed
capital
Indirect
business
tax, etc.:t
Compensation
Corporate profits with inventory'
valuation and capital consumption
a<yustnients
of em-
Profits
ployees
tax
liability
0.928
.961
.988
1.000
1.017
1.034
1.050
1.063
1.013
1.014
1.017
1.022
1.028
1.031
1.037
1.041
1.046
1.048
1.051
1.054
1.060
1.062
1.064
1.065
1.069
0.094
.096
.101
.101
.101
.101
.100
.101
.101
.101
.102
.100
.106
.099
.099
.098
.099
.101
.100
.101
.101
.101
.101
.101
.101
0.088
.092
.100
.103
.106
.108
.107
.108
.105
.106
.106
.108
.108
.108
.109
.108
.108
.108
.107
.107
.109
.109
.108
.108
.107
0.613
.640
.660
.673
.679
.677
.687
.690
.681
.680
.679
.675
.673
.677
.679
.678
.687
.689
.685
.686
.687
.689
.691
.693
.697
0.087
.086
.085
.091
.103
.122
.128
.140
.095
.100
.102
.113
.115
.120
.124
.129
.123
.122
.132
.133
.138
.140
.141
.142
0.031
.030
.027
.028
.031
.036
.037
.040
.028
.031
.030
.035
.143
.040
.034
.035
.036
.038
.038
.037
.037
.037
.039
.040
.040
.040
Profits
after
tax 4
0.056
.056
.058
.063
.072
.086
.090
.101
.068
.069
.072
.078
.081
.085
.087
.090
.084
.086
.094
.096
.099
.100
.101
.102
.103
Net
interest
0.046
.046
.042
.032
.028
.027
.027
.023
.030
.028
.027
.027
.026
.026
.027
.028
.029
.028
.027
.026
.025
.024
.022
.021
.021
''Indirect business tax and nontax liability plus business transfer payments less subsidies.
4
With inventory valuation and capita! consumption adjustments.
MOTE.—See Note, p. 1.
Sounres: Department of Commerce, Bureau of Economic! Analysis.
NATIONAL INCOME
1 Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation
of
Proprietors' income
with inventory valuation and capital consumption adjustments
ees'
4,652.1
4,761.6
4,990.4
5,266.8
5,590.7
5,912.3
6,254.5
5,281.7
5,388.7
5,423.2
5,556.3
5,636.1
5,747.3
5,807.9
5,862.4
5,953.4
6,025.5
6,108.8
6,229.4
6,303.3
6,376.5
6,510.0
1990
1991
1992
1993'
1994 ' . .
1995'
1996'
1993: III'
IV'
1994: I'
II'
Ill'
IV'
1995: I'
II'
III'
rv'
1996- I'
II'
Ill'
IV'
1997- I'
II P
1
Farm
35.4
29.3
37.1
32.4
36.9
23.4
37.2
25.6
38.0
46.4
38.8
33.2
29.1
20.6
21.3
22.9
28.9
31.9
36.5
40.1
40.4
40.2
44.5
3,352.8
3,457.9
3,644.9
3,814.9
4,012.0
4,215.4
4,426.9
3,837.6
3,876.2
3,937.4
3,988.0
4,028.7
4,093.9
4,153.2
4,187.9
4,238.0
4,282.6
4,322.2
4,403.9
4,461.0
4,520.7
4,606.3
4,663.3
Nonfarm
Rental
income
of
persons
with
capital
consumption
adjustment
338.6
347.2
386.7
418.4
434.7
465.5
483.1
420.6
426.5
417.5
435.9
438.4
447.0
457.6
463.1
468.7
472.6
477.4
483.5
483.7
487.9
494.4
499.1
61.0
67.9
79.4
105.7
124.4
132.8
146.3
106.1
111.5
112.7
126.0
130.1
128.9
130.5
132.3
131.5
137.1
143.4
144.6
148.0
149.2
149.0
148.6
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
397.1
411.3
428.0
492.8
570.5
650.0
735.9
492.8
541.2
512.0
562.0
590.1
617.7
613.2
628.0
672.8
685.7
717.7
738.5
739.6
747.8
779.6
358.2
378.2
398.9
456.9
519.1
598.4
674.1
459.8
504.1
470.8
510.2
535.0
560.3
560.4
577.2
621.4
634.5
659.8
676.8
676.4
683.4
711.9
Profits
before tax
Inventory
valuation
adjustment
371.7
374.2
406.4
465.4
535.1
622.6
676.6
459.6
508.9
475.1
525.3
556.2
583.9
610.7
615.0
630.6
634.1
664.9
682.2
679.1
680.0
708.4
-13.5
4.0
-7.5
-8.5
-16.1
-24.3
-2.5
.2
-4.8
-4.3
-15.1
-21.2
-23.6
-50.3
-37.8
-9.3
.4
-5.1
-5.4
-2.7
3.3
3.5
18.1
Capital
consumption
adjustment
Net
interest
38.9
33.1
29.1
36.0
51.4
51.6
61.8
33.0
37.1
41.2
51.8
55.1
57.4
52.9
50.8
51.5
51.1
57.9
61.6
63.2
64.4
67.7
69.9
467.3
448.0
414.3
402.5
412.3
425.1
425.1
398.9
395.4
397.2
405.6
415.6
430.7
432.7
429.7
419.5
418.6
416.2
422.5
430.9
430.6
440.5
NOTE.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
REAL PERSONAL CONSUMPTION EXPENDITURES
| Billions of chained (1992) dollars, except as noted; quarterly data at seasonally adjusted annual rates)
Vondurabl 1 goods
Durahl i f^Kxls
Period
Total
personal
consumption
expenditures
1990
4 132 2
1991
1992
1993'
1994'
1995' . . .
1996'
1993- III'
4 1058
42198
4,343.6
44860
45953
4,714.1
43666
43980
4,439 4
4472 2
4,498.2
4,534.1
4551 3
4583 5
4,612.9
46335
4 6694
4,7122
47182
47564
4,818.1
4.827.9
rv' ....
1994- I'
II '
III'
IV'
1995- I'
II'
Ill'
rv'
1996- I' . .
II'
Ill'
.
rv' ...
1997: I'
HP
1
Total
durable
goods
493 3
4620
4885
523.8
561 2
583 6
611.1
529 9
542 1
5507
555 8
561.7
576.6
5722
5777
590.8
593 7
6007
614.8
611 9
617 1
637.8
628.5
Motor
vehicles
and
parts
2243
193.2
2069
218.9
2300
229.5
231.3
2198
228.4
231.6
228.4
227.3
232.6
2262
227.5
232.9
231.6
233.4
234.2
229 7
228.0
233.4
222.7
Furniture
and
household
equipment
173 5
177.0
1894
207.8
2294
248.4
269.5
210 9
214.8
219.1
226.1
232.2
240.3
241 4
244.6
251.5
256.2
259.2
269.9
2723
276.8
287.4
292.9
Other
96 6
91.8
92 3
97.2
102 3
107.2
113.3
993
99.0
100.0
101 6
102.9
104.5
105 9
107.0
107.9
107 9
110.2
113.4
1132
116.3
121.4
119.2
Total
nondurable
goods
1 316 1
1,302.9
1 321 8
1,351.0
1 389 9
1,412 6
1,432.3
1 3568
1,361.8
1,378.4
1 3855
1,393.2
1,402.5
14084
1,411.6
1,413.9
14163
1,422 5
1,431.6
1 433 9
1,441 2
1,457.8
1.450.1
Includes other items, not shown separately.
NOTE.—Because of the formula used for calculating it'al GDP, the chained (1992) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate a^regates.
Pood
662 9
659 6
6600
675.3
6879
6905
689.7
677 9
6792
684.3
689 8
687.9
689.5
6908
6902
690.6
690 6
692 4
690.3
6873
6890
694.6
690.5
Clothing
Gasoline
and
and oil
.shoes
217.9
215.9
225 5
234.2
247 1
257.5
267.7
235 9
238.6
243.1
242.7
248.1
254.7
2553
257.0
259.1
2587
261.6
268.4
2708
270.0
277.1
273.0
1073
103.4
106 6
108.7
1098
113.1
114.1
109 8
109.0
109.2
109 6
109.9
110.7
112 7
113.2
113.0
113 6
112 9
114.5
114 1
114 8
114.7
115.4
Services
Fuel
oil
and
coal
Other
11 2
10.8
109
10.7
107
10 5
10.6
109
109
11.9
102
10.7
10.2
100
10 6
10.4
11 1
11 1
10.4
10 6
103
9.4
10.2
2 321 3
3132 2 341.0
3188 2 4094
322.1 2,468.9
3343 2 5355
341 3 2 5996
351.2 2,671.0
3223 2 4800
3240 2 494.4
329.9 2,510.9
3330 2 531 4
336.7 2,543.8
337.8 2,555.9
3399 2 571 2
3410 2 594.5
341.5 2,608.7
342 9 2 623 8
345 1 2 646.5
349.1 2,666.5
352 5 2 672 8
3583 2 6982
363.7 2,723.9
362.4 2.748.8
3167
Total
services '
Housing
6272
6352
646 8
654.7
6743
6882
700.2
655 8
6600
666.8
672 2
677.0
681.1
683 7
686.7
689.7
692 8
695 6
698.7
701 7
704 8
708.3
712.1
NOTK.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
Medical
care
602 8
621 6
6466
655.3
662 1
6749
688.1
6564
6567
658.1
661 1
663.2
666.0
6695
672 9
677.0
6804
6794
686.2
6898
697 1
704.4
710.8
of new passenger cars
and light
trucks
(millions of
units)
13 9
12 3
12 8
13.9
15 0
147
15.0
13 8
14 6
149
149
14.9
15.3
147
144
14.9
150
150
15 1
15 1
149
15.3
14.5
SOURCES OF PERSONAL INCOME
Personal income rose $42.9 billion (annual rate) in June, following an increase of $23.3 billion in May. Wages
and salaries rose $32.5 billion in June, compared fo an increase of $12.8 billion in May. In June, private-secfor
employment, average hourly earnings, and average weekly hours all increased. (Series revised.)
BILLIONS OF DOLLARS* (RATIO SCALE)
7,000
BILLIONS OF DOLLARS* (RATIO SCALE)
7,000
6,000
6,000
5,000
5,000
TOTAL PERSONAL INCOME
4,000
4,000
3,000
3,000
~\
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
\
OTHER INCOME
1,400
1,400
800
TRANSFER PAYMENTS
400
I IIIII
1989
1991
Illlll
1994
1993
Illlll
1995
1996
I HI I I l i l l l I 400
1997
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1988
1989
1990
1991
1992
1993'
1994/1995 r
1996'
1996- June''
Septr
Oct.'
Dec*"
1997- Jan'
Febr
Mar'
May'
.. ..
Total
personal
income
4,184.6
4,501.0
4,804.2
4,981.6
5,277.2
5,519.2
5,791.8
6,150.8
6,495.2
6,512.4
6,504.9
6,538.9
6,582.0
6,575.6
6,615.2
6,664.4
6,700.1
6,750.3
6,788.2
6,800.2
6,823.5
6,866.4
Wage and
salary
disbursements '
2,453.6
2,598.1
2,757.5
2,827.6
2,986.4
3,089.6
3,240.7
3,429.5
3,632.5
3,653.6
3,633.3
3,660.6
3,694.6
3,683.5
3,713.4
3,753.7
3,754.1
3,799.1
3,821.3
3,822.1
3,834.9
3,867.4
Proprietors' income :J
Other labor
income ' -
251.7
273.1
300.6
322.7
351.3
385.1
405.0
406.8
407.6
410.9
406.9
408.2
410.2
407.2
408.7
411.4
410.5
412.5
413.9
413.4
415.1
417.0
1
The total of" wagB and salary disbursements and other labor imrorne differs from ««mpensation of employees (see p. 4) in that it excludes employer contributions for social insurance and
the excess of wage accruals over wage disbursements.
-Consists primarily of employer contributions to private pension and private welfare funds.
:l
With inventory valuation and capital consumption adjustments.
Farm
27.5
36.3
35.4
29.3
37.1
32.4
36.9
23.4
37.2
37.8
39.4
40.2
40.7
40.8
40.5
39.9
39.4
39.9
41.4
43.6
44.7
452
Nonfarm
307.8
321.1
338.6
347.2
386.7
418.4
434.7
465.5
483.1
483.5
484.2
482.6
484.4
485.8
487.9
490.0
492.8
494.6
495.8
497.4
498.6
501.1
Rental
income
of
persons 4
55.1
51.7
61.0
67.9
79.4
105.7
124.4
132.8
146.3
145.1
146.7
148.0
149.2
149.2
149.2
149.1
148.5
149.3
149.2
149.0
149.0
147.7
Less: PerPersonal
dividend
income
109.9
130.9
142.9
153.6
159.4
185.3
204.8
251.9
291.2
290.6
291.3
291.9
292.7
293.7
295.0
296.9
310.7
312.5
314.4
316.3
318.3
320.3
Personal
interest
income
595.5
674.5
704.4
699.2
667.2
651.0
668.1
718.9
735.7
731.4
738.9
743.0
746.2
747.8
749.8
751.8
754.3
757.0
760.4
763.7
766.8
769.8
4
Transfer
payments5
577.6
626.0
687.8
769.9
858.2
912.0
954.7
1,015.0
1,068.0
1,067.3
1,070.6
1,072.4
1,074.3
1,077.0
1,081.8
1,085.5
1,105.5
1,104.1
1,111.9
1,114.6
1,117.0
1,120.8
With capital wrisii/nptioH adjustinent.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
NOTE.—See Note, p. 1.
5
Source: Department of Commerce, Bureau of Economic Analysis.
tribiitions
for social
insurance
194.2
210.8
223.9
235.8
248.4
260.3
277.5
293.1
306.3
307.7
306.3
308.1
310.2
309.4
311.3
313.8
315.8
318.7
320.1
320.1
320.9
322.9
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (1992) dollars rose at an
annual rate of 2.2 percent in the second quarter of 1997. (Series revised.)
BILLIONS OF DOLLARS' (RATIO SCALE]
6,000
BILLIONS OF DOLLARS' (RATIO SCALE)
2,500
2,500
2,000 LJ!
I I
DOLLARS" (RATIO SCALE)
22,000
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
CHAINED (1992) DOLLARS
18,000
—
^
16,000
--"
^*^
14,000
.
10,000
8,000
"
—
r^~
16,000
14,000
CURRENT DOLLARS
^—^
12,000
_
&'
"T^-i "\\
-—-^
12,000
s^~
.
10,000
^
!
1
1
1982
i I I
1983
2,000
DOLLARS* (RATIO SCALE)
p—•
22,000
__,__
20,000
.
18,000
I i i
1984
1
i \ \
!
1985
1986
1987
I
!
1
!
i i i
1988
ii
1989
!
!
1
1990
I I
1991
i i
1992
\ I
1
i i i
I
1994
1995
1996
1
1993
!
!
1
I i i
8,000
1997
COUNCIL OF ECONOMIC ADVISERS
I'eriod
Personal
Less:
Personal
tax am)
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays '
Equals:
Personal
saving
Disposable
personal
income in
billions of
chained
(1992)
dollars
Per capita
disposable personal
income
Current
dollars
4,804.2
4,981.6
5,277.2
5,519.2
5,791.8
6,150.8
6,495.2
624.8
624.8
650.5
690.0
739.1
795.1
886.9
4,179.4
4,356.8
4,626.7
4,829.2
5,052.7
5,355.7
5,608.3
Current
dollars
Chained
(1992)
dollars
3,958.1
4,097.4
4,341.0
4,580.7
4,842.1
5,101.1
5,368.8
221.3
259.5
285.6
248.5
210.6
254.6
239.6
4,498.2 16,721 17,996
4,500.0 17,242 17,809
4,626.7 18,113 18,113
4,703.9 18,706 18,221
4,805.1 19,381 18,431
4,964.2 20,349 18,861
5,076.9 21,117 19,116
Percent
chanfje
in real
,>cr capita
disposable
personal
income
Saving as
percent of
disposable
persona]
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
Dollars
Billions of dollars
1990
1991
1992
1993'r
1994
1995'
1996'
Chained
(1992)
dollars
Per capita personal
consumption
expenditures
15,360
15,732
16,520
17,273
18,093
18,837
19,608
16,532
16,249
16,520
16,825
17,207
17,460
17,750
0.8
-1.0
1.7
.6
1.2
2.3
1.4
5.3
6.0
6.2
5.1
4.2
4.8
4.3
249,956
252,680
255,432
258,161
260,705
263,194
265,579
16,976
17,177
17,363
17,574
17,774
17,978
18,199
18,419
18,578
18,774
18,938
19,055
19,291
19,562
19,660
19,919
20,247
20,295
16,671
16,769
16,891
16,968
17,092
17,178
17,232
17,326
17,356
17,438
17,505
17,540
17,642
17,765
17,745
17,848
18,046
18,045
-7.5
6.2
-.0
3.7
-5.5
5.7
1.8
3.8
3.6
-.8
1.6
1.5
2.8
.2
1.7
-.2
3.8
2.2
4.6
5.6
4.9
5.4
3.4
4.2
4.4
4.7
5.3
4.6
4.5
4.6
4.7
4.1
4.5
3.9
3.7
4.2
257,151
257,785
258,516
259,191
259,738
260,351
261,040
261,692
262,235
262,847
263,527
264,169
264,680
265,258
265,887
266,491
266,987
267,545
Seasonally adjusted annual rates
1993:
I'
II r
III'
IV
1994: I'
II'
Ill'
1995:
IV
I'
II'
Ill'
IV'
1996- I'
II'
Ill'
IV'
1997- I'
HP
5,369.4
5,504.1
5,544.2
5,659.1
5,516.3
5,766.6
5,838.1
5,946.1
6,053.1
6,114.8
6,179.1
6,256.2
6,359.4
6,461.3
6,541.9
6,618.4
6,746.2
6,830.0
662.5 4,707.0
685.6 4,818.5
695.5 4,848.7
716.4 4,942.8
712.9 4,903.4
750.5 5,016.1
739.9 5,098.2
753.0 5,193.1
766.5 5,286.6
795.1 5,319.6
798.9 5,380.2
820.0 5,436.2
840.0 5,519.4
887.8 5,573.5
897.3 5,644.6
922.6 5,695.8
955.7 5,790.5
982.0 5,848.0
4,488.4
4,549.5
4,609.8
4,675.2
4,738.2
4,803.3
4,876.1
4,950.7
5,007.3
5,074.3
5,136.4
5,186.3
5,261.3
5,347.8
5,390.6
5,475.4
5,574.6
5,600.1
218.6
269.0
239.0
267.6
165.2
212.8
222.1
242.4
279.2
245.4
243.8
249.9
258.1
225.7
254.0
220.4
215.9
247.9
'Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of tins world (net).
-Annual data art; averages-of quarterly data, which are averages for the period.
4,622.3
4,703.9
4,716.9
4,772.5
4,715.3
4,792.8
4,827.3
4,884.9
4,938.9
4,940.9
4,973.0
5,003.9
5,047.6
5,061.3
5,094.8
5,103.8
5,161.1
5,199.7
18,304
18,692
18,756
19,070
18,878
19,267
19,530
19,844
20,160
20,239
20,416
20,579
20,853
21,012
21,229
21,373
21,689
21,858
17,975
18,247
18,246
18,413
18,154
18,409
18,493
18,667
18,834
18,798
18,871
18,942
19,071
19,081
19,161
19,152
19,331
19,435
Note:—See Note, p. 1.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1996, according to preliminary estimates, gross farm income fell $5.8 billion (annual rate)
and net farm income fell $6.5 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
fs
160
V
A-
>-.
.
fv™ XY xv -i—' r ^
..
r AI
S
.
—
"
/>—-xX'"
.
h—^"^
^*
1
c/KUSi rAfjv\ iiNU_m*\t
K
\
A
/ \
N /'*.
i \/
\/
i
i
\
\
\
1
'\ /
' \/
/
\j
*I'' \'
'
i
t'
^v
V
V
"**
^
K
/,
x/
i* ** "^
•>.
/
'\
v
/
x
,
^s' '
w
:\ \
NETFAF M INCOJv€
l
1
A 1
l\ 1
/ \l
1
1
10
1
1
/ *
1
'l
»
4
1
!
1
1982
i i i
!
1983
1984
1
1
1 1 1
!
1985
1986
j
!
\
1
i
1987
l l i
l l l
> i i
i i i
i : i
l l l
1988
1989
1990
1991
1992
1993
t
1 1
1994
" SEASONAliY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of AGRICULTURE
1
!
1995
i
1
!
1
1996
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Cash marketing receipts
Total '
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996P
1995- I
II
III
IV
1996- lr
II '
HI'
TV?
. . .
168.4
177.9
191.9
198.2
191.9
200.6
204.2
215.8
210.4
233.1
208.3
206.4
218.5
208.4
239.1
238.4
230.4
224.6
141.8
151.2
160.8
169.5
167.9
171.3
177.6
180.8
185.8
202.0
180.6
181.0
199.8
181.5
203.4
205.6
205.9
193.0
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year.
Livestock and
products
76.0
79.6
83.9
89.2
85.8
85.6
90.2
88.1
86.8
92.9
83.2
81.6
96.1
86.5
90.1
90.5
96.7
94.2
Crops
65.8
71.6
76.9
80.3
82.1
85.7
87.5
92.6
98.9
109.1
97.4
99.4
103.7
95.1
113.3
115.1
109.2
98.8
Value of
inventory
changes 2
-2.3
-4.1
3.8
3.3
-.2
4.2
-4.5
8.2
-3.4
2.8
-4.1
-3.9
-3.0
24
3.4
3.2
2.6
2.1
Production
expenses
131.0
139.9
146.7
153.4
153.3
152.5
160.5
167.4
175.6
183.7
172.4
175.4
177.5
177.0
180.0
184.6
184.9
185.5
Net farm
income
37.4
38.0
45.3
44.8
38.5
48.0
43.6
48.4
34.8
49.3
35.9
30.9
41.0
31.4
59.1
53.8
45.5
39.0
NOTE.—-Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1993 in chart do not reflect previous revisions to
annual data in table.
Sources: Department of Agriculture.
CORPORATE PROFITS
In the first quarter of 1997, corporate profits before tax rose $28.4 billion (annual rate) and profits after tax rose
$13.2 billion. (Series revised.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
750
SEA5ONAUY ADJUSTED ANNUAL RATES
750
_
/
700
-
f
650
700
-
'
650
600
600
/
550
-
^
550
./
500
J
450
PROFITS BEFORE TAX
y
350
/
300
200
-
--—«x-J
v^_^-\,V-/
r
^ v
/
--•"•
100
~"
,.
50
^S
s—s
.' ,
v\
^.—
.^•""*
/
^""
/
/
/
350
300
-\
\
-
"^ /
\
^. s**"
_
400
V
s ~/
PROF TS AFTER TAX
s
"l/TV"
-
„•
/ ^/
_ .,,•—•
VOdJABIUIy
\
''
^
/' ^ /
200
s
-
s'~~
•" \/
/** ^/
,-\
"---'
N
250
,-•--• '
"~ —
s
/
150
~_ »_ __ ^
^
/\ r
\~^
\S
450
y
„J
.
\
400
250
500
^/
150
"
/
100
\ /
50
/ UNDISTRIBUTE D PROFITS
0
1 1 1
1982
i i i
1983
1 1 1
1984
i i i
1985
N.i-r'
1986
I I I
1987
i i i
1
1988
1989
1
!
I
!
1990
1
1 1 1
1
1991
1992
!
t
1
1
!
1993
i i 1
1994
SOURCE: DEPARTMENT OF COMMERCE
l i i
1995
!
1
1
1996
1
0
! 1
1997
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment '
Profits after tax
Domestic industries
Period
Nonfinancial
Total 'Total
cial
1989
1990
1991
1992
1993'
1994'
1995'....
1996'
1993- I'
H'
HI'
IV'
330.6
358.2
378.2
398.9
456.9
519.1
598.4
674.1
419.2
444.4
459.8
504.1
272.6
292.5
309.5
334.0
383.0
445.7
511.7
578.2
339.7
374.5
382.7
435.2
1994: I'
470.8
510.2
535.0
560.3
560.4
577.2
621.4
634.5
659.8
676.8
676.4
683.4
711.9
398.9
437.9
460.7
485.2
476.9
486.8
540.9
542.1
53.1
68.6
87.4
83.7
82.9
69.4
97.6
103.5
76.6
84.7
79.4
91.0
44.1
72.3
81.3
80.0
89.5
96.3
107.1
97.4
568.7
583.5
584.6
575.8
614.5
110.4
111.5
104.0
88.1
116.5
II'
HI'
IV'
1995: I'
TJ'
HI'
IV'
1996:
I'
II'
HI'
rv'
1997: I'
Ur
1
2
;1
Totals
219.6
223.8
222.1
250.3
300.1
376.3
414.1
474.7
263.1
289.8
303.3
344.2
354.7
365.6
379.5
405.3
387.3
390.4
433.8
444.7
458.3
472.0
480.7
487.8
498.0
Manufacturing
109.3
112.3
92.7
96.3
116.7
151.6
181.3
205.5
95.8
115.1
113.8
142.2
149.7
138.8
151.6
166.2
161.9
170.3
194.5
198.4
197.1
204.8
210.5
209.7
208.2
Set; p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
Profits
before
tax
Wholesale
20.4
17.2
20.6
23.0
24.3
29.4
26.9
38.3
20.5
26.3
24.8
25.4
28.1
33.8
27.3
28.6
25.5
20.3
28.5
33.2
37.2
30.8
37.7
47.4
49.0
Tax
liability
Total
Dividends
Retail
20.7
20.6
26.1
32.2
38.9
46.0
41.9
48.9
34.7
36.6
41.4
42.7
41.6
47.4
47.2
47.8
41.0
42.3
42.2
42.1
46.0
50.6
50.6
48.3
55.1
348.1
371.7
374.2
406.4
465.4
535.1
622.6
676.6
431.7
461.5
459.6
508.9
475.1
525.3
556.2
583.9
610.7
615.0
630.6
634.1
664.9
682.2
679.1
680.0
708.4
141.3
140.5
133.4
143.0
165.2
186.6
213.2
229.0
149.2
165.4
161.2
184.9
163.0
182.8
194.6
206.2
209.6
209.1
218.8
215.3
226.2
232.2
231.6
226.0
241.2
206.8
231.2
240.8
263.4
300.2
348.5
409.4
447.6
282.5
296.1
298.4
324.0
312.1
342.5
361.6
377.7
401.0
405.9
411.8
418.8
438.7
450.0
447.5
454.0
467.2
138.9
151.9
163.1
169.5
195.8
216.2
264.4
304.8
188.0
192.5
198.3
204.2
203.2
211.6
220.0
230.2
255.5
260.8
266.8
274.4
300.7
303.7
305.7
309.1
326.8
333.0
Note.—See Noto, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
67.9
79.4
77.7
93.9
104.5
132.3
145.0
142.8
94.5
103.6
100.1
119.7
108.9
131.0
141.6
147.5
145.6
145.1
145.0
144.5
138.0
146.4
141.8
144.9
140.3
Inventory
valuation
adjustment
-17.5
-13.5
4.0
-7.5
-8.5
-16.1
-24.3
-2.5
-12.5
-17.1
.2
-4.8
-4.3
-15.1
-21.2
-23.6
-50.3
-37.8
-9.3
.4
-5.1
-5.4
-2.7
3.3
3.5
18.1
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the second quarter of 1997, according to advance estimates, nonresidential fixed investment in chained (1992)
dollars rose $28.9 billion (annual rate) and residential investment rose $3.8 billion. There was an increase of $66.8
billion in inventories following an increase of $63.7 billion in the first quarter. (Series revised.)
BILLIONS OF CHAINED (1992) DOLLARS
BILLIONS OF CHAINED (1992) DOLLARS
1,200
1,200
SEASONALLY ADJUSTED ANNUAL RATES
/
1,100
1,100
"VwX"
1,000
S^
/
r\v^ -j^T^r\
1
^
I
1
700
J
—
s
^
N,
s
>. ^
^
700
s
600
^
Y
""
500
NCPRESIDE NTIAL '
FIX ED INVESTMENT
s
400
RESIDENTIAL
FIXED INVESTMENT
300
\
"•"
200
•—
-^.^
*» — '"~
_.^.-
..
300
„.—
200
s
— .
• •'
CHANC5E IN BUS INESS
IN>/ENTORIE S
100
1
-100
^
^-
"'
400
0
800
/
S
/
600
500
S
r^
GROSS PRIVATE DOMESTIC
1NVES MENT
900
s
1 \
\l
1,000
r
900
800
/
^—T[
'
\
1
[
1982
1
~ ~N
N
—_„—
*_y
^
100
,~
^
V.
0
__ ^r —
*
1 1 1
1
1983
1984
1
1
!
1
1985
1
1 1
1986
I I I
l i i
!
1987
1988
1989
1
!
1 1 1
l l i
1 1 1
1990
1991
1992
l l
1
1993
1
1994
SOURCE: DEPARTMENT OF COMMERCE
!
1
1 !
1995
I
1
!
1996
1 1 1
-100
1997
COUNCIL OF ECONOMIC ADVISERS
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
1989
1990
1991
1992
1993 '
1994'
1995 '
1996'
1993- I'
II'
III'
IV'
1994- I'
II'
Ill'
IV'
...
...
1995- I'
II'
Ill'
IV'
1996- I'
II'
Ill'
IV'
1997- I'
11 r
..
...
.
Gross
private
domestic
investment
863.5
815.0
738.1
790.4
863.6
975.7
991.5
1,069.1
845.5
846.1
858.6
904.0
939.9
987.8
972.2
1,003.0
1,005.8
977.5
982.0
1,000.8
1,012.2
1,059.2
1,100.3
1,104.8
1,149.2
1,185.7
Total
Total
832.0
805.8
741.3
783.4
842.8
915.5
962.1
1,041.7
814.8
831.1
844.5
880.8
887.8
913.2
922.7
938.5
955.8
954.0
962.3
976.3
1,001.5
1,035.7
1,060.9
1,068.7
1,079.0
1,110.9
NOTE.—Hee p. 10 for further detail on tbii'd investment hy type.
Bcc-ause of the formula used for ealculating real (fl)r, the drained (195)2) dollar estimates
for the detailed eomponents ilo mil mill to the rhained-dollar value of GDI' or to any intermedi-
Change in business
inventories
Nonresidential
588.8
585.2
547.7
557.9
600.2
648.4
706.5
771.7
577.8
595.1
602.3
625.6
626.2
641.2
653.2
672.9
695.7
705.4
708.2
716.8
736.9
759.7
789.3
800.8
808.9
837.8
Structures
Producers'
durable
equipment
Residential
387.6
381.9
366.2
388.7
429.6
476.8
528.3
586.0
409.8
424.9
430.7
452.9
460.6
467.3
480.0
499.1
518.1
525.9
528.5
540.5
557.4
577.1
602.9
606.7
616.6
645.9
243.2
220.6
193.4
225.6
242.6
267.0
257.0
272.1
237.0
236.1
242.2
255.1
261.3
271.5
269.4
265.9
261.2
250.4
255.5
260.8
266.1
277.2
274.1
271.1
273.3
277.1
201.2
203.3
181.6
169.2
170.8
172.5
179.9
188.7
168.0
170.3
171.7
173.1
166.3
174.5
174.0
175.0
179.0
180.9
181.2
178.6
182.1
185.6
190.0
196.9
195.9
197.0
ate aggregates.
See Note, p. I.
Souree: Department of Commeree
Total
33.3
10.4
-3.0
7.0
22.1
60.6
27.3
25.0
32.3
16.6
15.3
24.2
53.1
75.9
49.7
63.6
48.5
21.6
17.0
22.2
8.0
21.3
37.9
32.9
63.7
66.8
Nonfarm
33.5
7.8
-1.2
2.0
29.5
49.0
35.7
22.5
40.0
23.4
27.8
26.9
39.6
59.6
38.2
58.7
54.7
34.0
29.6
24.4
14.5
17.3
31.6
26.5
58.3
60.7
REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates)
Nonresidential
Structures
Period
Total
nonresidential
Total'
Residential
Producers' durable equipment
Nonresidential
buildings,
includ-
Utilities
ing
Mining
exploration,
shafts,
and
Total '
Total
farm
1989
1990
1991
1992
1993'
1994 '
19951996'
1993:
1994:
I'
II'
Ill'
IV'
I'
H'
Ill'
IV'
1995: I'
II'
Ill'
IV'
1996:
I'
II'
Ill'
rv'
1997: I'
HP
Structures
Information processing
and related equipment
In-
Computers
and
peripheral
equipment 2
Other
dustrial
equipment
Transportation
and
related
equipment
Total
residential :<
Total
Single
family
Multifamily
Other
588.8
585.2
547.7
557.9
600.2
648.4
706.5
771.7
201.2
203.3
181.6
169.2
170.8
172.5
179.9
188.7
150.2
152.0
126.9
113.2
115.3
119.9
128.8
140.0
30.9
28.1
32.0
34.5
31.8
29.9
30.0
29.3
13.9
16.1
15.7
13.3
16.0
15.8
14.3
13.9
387.6
381.9
366.2
388.7
429.6
476.8
528.3
586.0
116.2
116.2
117.8
134.2
147.9
165.1
201.8
253.1
29.4
29.4
32.4
43.9
56.1
67.2
102.8
160.8
88.1
88.2
85.9
90.2
92.3
99.4
107.0
116.3
101.5
95.0
88.3
89.3
96.5
105.5
113.4
117.0
78.9
81.2
81.7
86.2
98.3
113.2
118.9
125.0
2432
220.6
193.4
225.6
242.6
267.0
257.0
272.1
237.0
214.5
187.6
219.5
236.2
2603
250.0
265.0
121.9
110.4
96.4
116.5
127.1
140 1
126.9
136.6
23.3
19.7
15.4
13.1
10.6
13 6
16.9
18.6
91 8
84.4
75.7
89.9
98.6
106.5
106.7
110.2
577.8
595.1
602.3
625.6
626.2
641.2
653.2
672.9
695.7
705.4
708.2
716.8
736.9
759.7
789.3
800.8
168.0
170.3
171.7
173.1
166.3
174.5
174.0
175.0
179.0
180.9
181.2
178.6
182.1
185.6
190.0
196.9
111.3
114.4
117.1
118.5
114.3
123.1
120.6
121.8
125.5
129.4
130.1
130.3
132.7
137.0
141.7
148.4
33.4
31.7
31.0
31.0
30.3
29.6
29.8
29.8
30.4
30.4
30.1
29.2
29.7
29.1
28.7
29.5
15.2
16.2
16.4
16.2
15.1
15.1
16.2
16.7
16.3
14.2
13.8
13.1
13.6
13.9
14.1
13.8
409.8
424.9
430.7
452.9
460.6
467.3
480.0
499.1
518.1
525.9
528.5
540.5
557.4
577.1
602.9
606.7
140.5
143.2
152.5
155.5
158.1
160.8
166.1
175.6
184.5
199.3
205.2
218.2
232.8
244.8
264.3
270.4
51.0
53.2
58.4
61.7
62.2
64.1
67.1
75.3
82.7
97.2
106.8
124.4
138.7
152.0
170.0
182.4
89.6
90.3
94.6
94.8
96.8
97.8
100.2
102.8
105.1
107.9
107.2
107.8
111.7
114.0
120.3
119.3
93.4
94.2
96.5
102.0
102.8
103.8
106.7
108.9
112.1
114.9
114.1
112.5
114.8
118.8
117.6
116.9
91.9
101.5
94.8
105.2
108.8
110.0
113.5
120.5
124.0
117.3
115.7
118.6
119.2
121.8
129.5
129.7
237.0
236.1
242.2
255.1
261.3
271.5
269.4
265.9
261.2
250.4
255.5
260.8
266.1
277.2
274.1
271.1
230.7
229.8
235.7
248.6
254.8
264.8
262.7
259.0
254.3
243.6
248.5
253.8
259.1
270.0
266.9
263.9
123.5
123.6
126.8
134.3
139.4
144.5
140.5
136.1
131.4
123.1
124.3
128.9
133.1
138.6
138.3
136.2
10.4
10.1
11.0
10.7
11.4
13.0
14.7
15.5
16.4
16.3
17.2
17.7
18.9
20.2
17.5
18.0
96.9
96.1
97.9
103.5
103.8
107.2
107.6
107.6
106.8
104.7
107.6
107.7
107.5
111.7
111.5
110.0
808.9
837.8
195.9
197.0
150.1
149.5
27.5
29.2
13.6
13.4
616.6
645.9
281.4
292.4
195.8
210.2
121.5
123.6
116.8
123.6
127.5
135.4
273.3
277.1
265.9
269.6
136.2
135.7
19.6
20.3
110.5
114.1
1
Includes other items, not shown separately.
'- Includes new computers and peripheral equipment only.
:t
Includes producers' durable equipment, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Not
Period
Total
expenditures
Total
Mining
and
construction
Manufacturing
goods
Nondurable
goods
DuraTotal
ble
Transportation
Communications
Utilities
Wholesale
and
retail
trade
nance,
insurance,
and
real
estate
Services
Serving
multiple
industries
1993'
489 7
488.2
31.2
134.1
66.4
67.7
30.6
37 1
41 3
603
402
111 8
17
19942
549.9
547.8
36.1
153.3
78.9
74.4
33.3
41.5
42.2
68.9
46.8
123.5
2.2
19953
594.5
591.7
36.0
172.3
91.4
80.9
37.0
46.0
42.8
75 1
573
123 7
15
1996<
603.4
600.7
33.6
184.8
100.2
84.6
35.2
46.3
40.6
71.9
57.7
129.4
1.3
I
Estimates collected from the 1993 Annual Capital Expenditures Survey.
2
Kevised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data
aw scheduled for release in summer 1996.
II
Revised estimates collected from the March 1996 Investment Plans Survey. Final data will
he available upon release of the 199:") Annual Capital Expenditures Survey.
4
Estimates of planned capital expenditures from the March 1996 Investment Plans Survey.
10
distributed
by
indus-
try
1.4
2.2
2.8
2.7
NOTE.—Data for 1994-1996 from Business Investment and Plans released March 28, 199H.
Data for 1993 from AnmuiL Capital Kjpenditunm: 1993.
The Business Investment and Plans release has been discontinued effective with release of
the March 1996 survey estimates. Estimates of business investment and plans will l>e available
annually with release of the Annual Capital Expenditures Survey.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In July, employment rose by 344,000 and unemployment fell by 253,000.
MILLIONS OF PERSONS *
MILLIONS OF PERSONS*
138
138
SEASONALLY ADJUSTED
134
134
CIVILIAN LABOR FORCE
V
130
130
126
126
122
122
118
118
CIVILIAN
EMPLOYMENT
114
114
110
110
UNEMPLOYMENT
12
I IIM IM I M
M I I M III I I
1989
1990
1991
1993
1992
1994
1995
1996
* 16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
I I I I I I II I II
1997
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1987
1988
1989
19903
1991
1992
1993
1994*
1995
1996
....
1996: July
Sept
Oct
Nov
Dec
1997: Jan:i
Peb
Mar
...
May
July
1
Civilian
noninstitutional
population
NSA
Civilian
labor
force
Nonagrieultural
Total
Agricultural
Part time
for
economic
reasons '
Total
15
weeks
and
over
Not in
labor
force
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
182,753
184,613
186,393
189,164
190,925
192,805
194,838
196,814
198,584
200,591
119,865
121,669
123,869
125,840
126,346
128,105
129,200
131,056
132,304
133,943
112,440
114,968
117,342
118,793
117,718
118,492
120,259
123,060
124,900
126,708
3,208
3,169
3,199
3,223
3,269
3,247
3,115
3,409
3,440
3,443
109,232
111,800
114,142
115,570
114,449
115,245
117,144
119,651
121,460
123,264
5,122
4,965
4,657
4,950
5,874
6,240
6,230
4,414
4,279
4,123
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,236
1,983
1,610
1,375
1,525
2,357
3,408
3,094
2,860
2,363
2,316
62,888
62,944
62,523
63,324
64,578
64,700
65,638
65,758
66,280
66,647
65.6
65.9
66.5
66.5
66.2
66.4
66.3
66.6
66.6
66.8
61.5
62.3
63.0
62.8
61.7
61.5
61.7
62.5
62.9
63.2
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
200,641
200,847
201,060
201,273
201,463
201,636
202,285
202,388
202,513
202,674
202,832
203,000
203,166
134,165
133,898
134,291
134,636
134,831
135,022
135,848
135,634
136,319
136,098
136,173
136,200
136,290
126,889
126,988
127,248
127,617
127,644
127,855
128,580
128,430
129,175
129,384
129,639
129,364
129,708
3,470
3,418
3,480
3,450
3,354
3,426
3,468
3,292
3,386
3,497
3,430
3,391
3,482
123,419
123,570
123,768
124,167
124,290
124,429
125,112
125,138
125,789
125,887
126,209
125,973
126,226
4,150
4,182
4,130
4,118
3,815
4,162
4,163
4,098
3,937
4,235
3,806
3,782
3,872
7,276
6,910
7,043
7,019
7,187
7,167
7,268
7,205
7,144
6,714
6,534
6,836
6,583
2,326
2,273
2,277
2,294
2,184
2,179
2,155
2,163
2,064
2,092
2,071
2,063
2,157
66,476
66,949
66,770
66,637
66,632
66,614
66,437
66,754
66,194
66,577
66,659
66,800
66,876
66.9
66.7
66.8
66.9
66.9
67.0
67.2
67.0
67.3
67.2
67.1
67.1
67.1
63.2
63.2
63.3
63.4
63.4
63.4
63.6
63.5
63.8
63.8
63.9
63.7
63.8
5.4
5.2
5.2
5.2
5.3
5.3
5.4
5.3
5.2
4.9
4.8
5.0
4.8
Persoi s at work. Economic reasons include slack work, material shortages, inability to find
fulltime w •k, etc.
2
I'ivilia labor f'orcL1 (or employment) as percent of civilian iioninstitutional population; and
unemployi ent as percent of civilian labor force.
:t
Not
ictly comparable with earlier data.
Total
Percent 2
Unemployment
Civilian employment
4
Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household .survey questionnaire.
NOTK.—Data beginning January 1997 reflect revised population controls. See Employment
and Ktirnliujs, February 1997, for details.
Source; Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In July, the unemployment rate fell to 4.8 percent, from 5.0 percent in June.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT * (SEASONALLY ADJUSTED)
25
TEENAGERS
(16-19]
20
15
10
10
MEN 20 YEARS
AND OVER
\
WOMEN 20 YEARS
AND OVER
1993
1997
1993
1994
Illllll
1995
UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1997
1996
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race
By sex and age
All
civilian
workers
Period
1987
1988 .
1989
1990
1991
1992
1993
19942 ....
1995
1996
1996- July
. .
Auff
Sept
Oct
Nov
Dec
1997: Jan
Feb
Mar
Apr
. .
May
July
1
2
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
5.4
5.2
5.2
5.2
5.3
5.3
5.4
5.3
5.2
4.9
4.8
5.0
4.8
Men
20 yearS
and over
Women
20 years
and over
5.4
4.8
4.5
5.0
6.4
7.1
6.4
5.4
4.8
4.6
4.6
4.2
4.5
4.4
4.4
4.4
4.6
4.4
4.4
4.2
3.8
4.2
4.0
5.4
4.9
4.7
4.9
5.7
6.3
5.9
5.4
4.9
4.8
4.9
4.7
4.6
4.7
4.8
4.9
4.6
4.7
4.7
4.4
4.5
4.4
4.2
Both
sexes
16-19
years
White
16.9
15.3
15.0
15.5
18.7
20.1
19.0
17.6
17.3
16.7
16.7
17.0
16.0
16.3
16.8
16.5
17.0
17.5
16.4
15.4
15.6
16.8
16.4
Revised definition; for details, see Employment and Earnings, February 1994.
Data beginning January 1994 are not directly comparable with data for earlier periods.
NOTE.—Data relate to persons age 16 years and over.
12
5.3
4.7
4.5
4.8
6.1
6.6
6.1
5.3
4.9
4.7
4.7
4.5
4.5
4.5
4.6
4.6
4.6
4.5
4.5
4.2
4.0
4.2
4.2
Black
and
other
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
9.3
9.3
8.9
9.2
9.3
9.1
9.2
9.4
9.7
9.5
9.0
9.3
9.1
8.2
By selected groups
Black
Experienced
wage
and
salary
workers
13.0
11.7
11.4
11.4
12.5
14.2
13.0
11.5
10.4
10.5
10.5
10.4
10.7
10.7
10.6
10.5
10.8
11.3
10.7
9.8
10.3
10.4
9.4
5.8
5.2
5.0
5.3
6.6
7.2
6.6
5.9
5.4
5.2
5.2
5.0
5.1
5.0
5.2
5.1
5.1
5.0
5.0
4.7
4.6
4.8
4.6
Married
men,
spouse
present
Women
who
maintain
families
3.9
3.3
3.0
3.4
4.4
5.1
4.4
3.7
3.3
3.0
3.0
2.9
3.0
3.0
3.0
3.0
2.8
2.8
2.8
2.7
2.6
2.7
2.6
Source: Department of Labor, Bureau of Labor Statistics.
9.2
8.1
8.1
8.3
9.3
10.0
9.7
8.9
8.0
8.2
8.8
8.5
8.3
8.5
8.8
8.4
9.1
9.0
9.1
7.5
7.6
8.0
7.4
Full-time
workers '
Part-time
workers J
6.0
5.3
5.1
5.4
6.8
7.5
6.9
6.1
5.5
5.3
5.3
5.0
5.1
5.1
5.3
5.2
5.2
5.1
5.1
4.8
4.7
4.9
4.7
6.9
6.4
6.2
6.4
7.0
7.5
7.2
6.0
6.0
5.8
6.0
5.9
5.6
5.6
5.6
5.8
5.7
6.0
5.7
5.7
5.2
5.3
5.4
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In July, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5-14
weeks fell; the percentages for 15-26 weeks and for 27 weeks and over rose. The mean duration of unemployment
rose to 16.6 weeks and the median duration rose to 8.5 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION *
70
70
REASON FOR UNEMPLOYMENT
JOB LOSERS-17
Ax..
-
30
REENTRANTS
20
JOB LEAVERS
\
-
10
NEW ENTRANTS
1 1 E 1 1 1 1 1 1 1 1 1 II 1
1 1 1 |1
1995
1993
1993
* SEASONALLY ADJUSTED
UBEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
Eeason for unemployment:
percent distribution
State
programs
Number of weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers ]
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted)2
Weekly average, thousands
1987
1988
1989
1990
1991
1992
1993 3
1994
1995
1996
1996- July
.
.
..
Sept
Oet
Dee
1997- Jan
Feb
Mar
July
1
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,236
7,276
6,910
7,043
7,019
7,187
7,167
7,268
7,205
7,144
6,714
6,534
6,836
6,583
43.7
46.0
48.6
46.3
40.3
35.1
36.5
34.1
36.5
36.4
36.0
36.2
35.8
35.9
38.9
37.1
39.0
36.3
37.4
35.7
38.1
37.3
35.7
29.6
30.0
30.3
32.0
32.4
29.4
28.9
30.1
31.6
31.6
31.9
31,4
31.9
31.8
31.0
32.7
31.0
33.4
33.6
32.7
30.6
32.5
31.5
12.7
12.0
11.2
11.7
14.4
15.1
14.5
15.5
14.6
14.6
13.7
14.3
14.8
14.9
14.0
13.5
13.1
14.4
14.1
16.0
16.3
15.3
16.5
14.0
12.1
9.9
10.0
12.9
20.3
20.1
20.3
17.3
17.4
18.4
18.1
17.6
17.3
16.1
16.7
16.9
15.9
15.0
15.7
15.0
14.9
16.3
Beginning January } 994, job fosers and persons who (Completed temporary jobs.
2
Includes State (50 States, District of Columbia, Puerto Kim, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental
compensation or Emergency Unemployment Compensation programs.
3
Data beginning January 1994 are not directly comparable with data for earlier periods.
14.5
13.5
11.9
12.0
13.7
17.7
18.0
18.8
16.6
16.7
16.9
17.2
16.9
16.7
16.0
15.8
16.0
16.0
15.3
15.2
15.1
15.1
16.6
6.5
5.9
4.8
5.3
6.8
8.7
8.3
9.2
8.3
8.3
8.5
8.5
8.6
8.3
7.7
7.8
7.7
8.4
7.9
8.3
7.7
7.7
8.5
48.0
46.1
45.7
48.1
54.4
56.1
54.2
47.7
46.9
46.6
46.4
44.9
46.0
45.1
45.3
44.4
44.8
43.7
44.6
44.3
44.1
46.2
44.5
13.0
14.7
15.7
14.8
11.6
10.4
10.9
9.9
11.1
10.7
10.5
11.2
11.4
11.3
11.5
11.7
12.3
10.9
11.0
11.2
12.2
12.2
12.6
26.6
27.0
28.2
27.4
24.8
23.8
24.6
34.8
34.1
34.7
35.0
35.8
34.7
35.4
35.1
35.3
34.6
36.6
35.4
36.0
35.0
34.6
34.4
12.4
12.2
10.4
9.8
9.2
9.7
10.3
7.6
7.8
8.0
8.2
8.0
7.9
8.2
8.1
8.6
8.3
8.9
9.0
8.6
8.7
7.1
8.5
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,670
2,575
2,594
2,535
2,524
2,468
2,470
2,444
2,518
2,453
2,375
2,294
2,274
2,263
2,326
328
310
330
388
447
408
341
340
357
356
334
325
335
334
338
355
334
311
312
333
326
341
P323
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,739
2,636
2,649
2,550
2,254
2,184
'2,046
'2,105
'2,752
'3,032
3,036
'2,929
'2,511
2,082
2,205
NOTE.—Data reJate to persons age IS years 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 316,000 in July.
MILLIONS Of PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
36
RETAIL TRADE
70
MANUFACTURING
18
GOC5DS-PRODUC NG
INDUSTRIES
—
—
CONSTRUCTION
\
MM!
1993
|||m
1994
j
Minium
1995
1996
1
1 1111111 1 111
1997
N
1995
1994
1996
COUNCIL OF ECONOMIC ADVISERS
I Thousands of \va^e and salary workers; ' seasonally adjusted |
Goods-producing industries
Period
1987
1988 ..
1989
1990
1991 ...
1992
1993
1994
1995
1996
1996: July
Aug
Sept
Oct
Nov
Dec
1997: Jan
Peb
Mar
Apr'
May
June/ 7 ....
July ....
Total
nonagricultural
employment
101,958
105*209
107,884
109,403
108,249
108,601
110,713
114,163
117,191
119,523
119,691
119,983
120,019
120,248
120,450
120,659
120,909
121,162
121,344
121,671
121,834
122,062
122,378
Service-producing industries
Manufacturing
Total a
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,908
24,265
24,431
24,433
24,468
24,439
24,479
24,508
24,540
24,581
24,653
24,670
24,667
24,702
24,720
24,716
Construction
4,958
5^098
5,171
5,120
4^650
4,492
4,668
4,986
5,160
5,400
5,417
5,433
5,441
5,467
5,495
5,521
5,542
5,604
5,609
5,599
5,628
5,624
5,627
Total
18,999
19^314
19,391
19,076
18,406
18,104
18,075
18,321
18,524
18,457
18,442
18,461
18,427
18,442
18,442
18,448
18,465
18,475
18,489
18,495
18,498
18,520
18,515
NonDurable durable
goods
goods
11,154
11,363
11,394
11,109
lo',569
10,277
10,221
10,448
10,683
10,766
10,766
10,788
10,771
10,780
10,791
10,803
10,821
10,836
10,848
10,856
10,864
10,890
10,910
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,873
7,841
7,691
7,676
7,673
7,656
7,662
7,651
7,645
7,644
7,639
7,641
7,639
7,634
7,630
7,605
1
Includes all full- and part-time wage ami salary workers in nonagricultural establishments
who received pay for any part of the pay period which includes the 12th of the month. Excludes
proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total
in this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they an; not at work because of industrial disputes,
bad weather, etc., even if they are not paid for the time off; jirid which are based on a sample
14
Total
77,284
80'084
82,630
84,497
84',504
85,370
87,361
9o".256
92,925
95,092
95,258
95,515
95,580
95,769
95,942
96,119
96,328
96,509
96,674
97,004
97,132
97,342
97,662
Transporta- Wholetion and
sale
public
trade
utilities
5,362
5,512
5,614
5,777
5,755
5,718
5,811
5,984
6,132
6,261
6,296
6,299
6,290
6,293
6,303
6,288
6,351
6,376
6,405
6,421
6,431
6,430
6,461
5,848
6,030
6,187
6,173
e',081
5,997
5,981
6,162
6,378
6,483
6,481
6,497
6,513
6,538
6,549
6,559
6,570
6,593
6,611
6,622
6,630
6,634
6,663
Retail
trade
18,422
19^023
19,?475
19,601
19',284
19,356
19,773
20,507
21^187
21,625
21,651
21,692
21,718
21,791
21,847
21,912
21,917
21,922
21,945
22,029
22,026
22,077
22,142
Finance,
insurance, Services
and real
estate
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,896
6,806
6,899
6,910
6,917
6,925
6,941
6,949
6,962
6,971
6,980
6,992
7,019
7,029
7,038
7,064
24,110
25,'504
26^907
27,934
28*336
29,'o52
30,197
31^579
33,117
34,377
34,465
34,560
34,621
34,717
34,800
34,884
34,990
35,091
35,176
35,334
35,451
35,521
35,634
Government
Total
17,010
17*386
17J79
18,304
18',402
18,'645
18,841
19^128
19,305
19,447
19,455
19,550
19,513
19,489
19,494
19,514
19,529
19,547
19,545
19,579
19,565
19,642
19,698
Federal
2,943
2J971
2,988
3,085
2^966
2,969
2,915
2^870
2,822
2,757
2,752
2,743
2,740
2,732
2,732
2,728
2,723
2,716
2,709
2,708
2,703
2,694
2,695
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 ap[>ear on a payroll, in contrast to the series shown on p. 11, where
persons an; counted only once—as employed, unemployed, or not in the labor force.
- Includes ruining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGHICULTURAL INDUSTRIES
| For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted!
Average weekly hours
Total private
nonagricultural '
Manufacturing
Period
Total
private
nouagricultura! '
1987
34.8
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996: June
July
34.7
34.6
34.5
34.3
34.4
34.5
34.7
34.5
34.4
34.7
34.3
34.5
34.7
34.4
34.5
34.7
34.4
34.8
34.8
34.5
34.5
34.7
34.4
Sept
Oct
Nov
Dec
1997: Jan
Feb
Mar
May r
July
Total
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
41.6
41.6
41.7
41.6
41.7
41.7
41.7
41.7
42.0
41.8
41.9
42.1
42.1
42.0
41.8
41.7
Average gross weekly earnings
Average gross hourly earnings
Overtime
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
4.4
4.5
4.5
4.5
4.5
4.5
4.5
4.6
4.7
4.7
4.7
4.9
4.9
4.8
4.7
4.6
Current
dollars
$8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.12
11.43
11.81
11.81
11.81
11.86
11.91
11.91
11.98
12.03
12.05
12.10
12.14
12.14
12.19
12.23
12.23
1982
dollars 2
Total H-ivate
nonagrieultural '
Manufacturing
$7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.40
7.39
7.43
7.44
7.42
7.44
7.45
7.42
7.44
7.45
$9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.07
12.37
12.78
12.77
12.80
12.85
12.87
12.87
12.93
12.99
13.02
13.03
13.07
13.07
13.11
13.11
13.14
7.46
7.47
7.49
7.49
7.52
7.54
Current dollars
Current
dollars
1982
dollars 2
Manufacturing
Construction
Hctail
trade
$312.50
322.02
334.24
345.35
353.98
363.61
373.64
385.86
394.34
406.26
$269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.73
255.07
255.51
258.07
254.45
256.69
258.46
255.26
256.71
258.64
$406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.94
514.59
531.65
$480.44
495.73
513.17
526.01
533.40
537.70
553.63
573.00
587.00
602.94
$178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
221.47
230.11
532.51
532.48
535.85
536.68
536.68
539.18
545.58
544.24
545.96
550.25
550.25
550.62
548.00
547.94
597.91
598.69
602.18
603.33
606.06
604.50
610.34
232.00
229.03
230.69
232.36
233.28
234.96
236.64
607.18
612.65
614.62
616.95
626.85
618.86
621.23
235.87
238.91
240.08
238.71
239.29
239.87
239.33
409.81
405.08
409.17
413.28
409.70
413.31
417.44
414.52
421.08
422.47
418.83
420.56
424.38
420.71
256.51
260.09
260.78
258.54
259.60
261.64
Percent change from
a year ear ier, total
private nouagricultural ;l
Current
dollars
1982
dollars
-1.0
-.9
-1.0
-1.8
-1.6
— 2
-.0
.7
— .6
.2
1.8
-.5
.7
1.4
-.5
.6
2.1
2.0
2.1
2.7
2.2
2.3
1.3
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.3
2.2
3.0
4.6
2.4
3.5
4.5
2.5
3.9
5.5
5.1
5.2
5.4
4.6
4.4
3.5
3.8
'Also includes other private industry groups shown on p. 14.
-Current dollar earning dividixl bv the consumer price in rlox for urban wa^e. earners and
clerical workers «T!-W) ton a 1982=100 base).
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 - KKI)
Percent cha ge from
:j months earlier
Period
Total
compensation
Wages and
salaries
Benefits'
Total
compensation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
.salaries
Benefits '
Not seasonally adjusted
198719881989:
1990199119921993199419951996-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec ...
Dec
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
126.7
130.6
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
123.1
127.3
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
135.9
138.6
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
2.6
3.1
Seasonally adjusted
1994- Mar
Dec
1995- Mar
Sept
Dec ...
1996- Mar
Sept
Dec
1997: Mar
1
120.8
121.8
122.8
123.6
124.4
125.2
126.0
126.9
127.7
128.8
129.7
130.6
131.4
132.5
117.1
118.1
119.0
119.8
120.6
121.5
122.4
123.2
124.4
125.5
126.4
127.4
128.5
129.7
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free
from the influence of' employment shifts among occupations mt<l i;idu.stri(
130.3
131.5
132.8
133.5
133.9
134.6
135.3
136.0
136.0
137.0
137.7
138.7
138.7
139.7
0.8
.8
.8
.7
.6
.6
.6
.7
.6
.9
.7
.7
.6
.8
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
2.8
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
2.2
2.0
Not seasonally adjusted
0.5
.9
.8
.7
.7
.7
.7
.7
1.0
.9
.7
.8
.9
.9
1.1
.9
1.0
.5
.3
.5
.5
.5
0
.7
.5
.7
0
.7
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.6
2.7
2.9
2.9
3.1
3.0
2.9
2.9
3.1
2.9
2.8
2.9
2.9
2.8
2.8
3.2
3.4
3.3
3.4
3.4
3.3
4.4
3.9
4.0
3.7
2.9
2.6
2.1
2.2
1.6
1.7
1.8
2.0
2.0
2.0
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistic*
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per lour of all
persons
Period
Business
sector
Nonfarm
business
sector
Output '
Business
sector
Hours of all
persons2
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per iour 4
Business
sector
Nonfarm
business
sector
Unit labor
costs
Business
sector
Implicit price
deflator 5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Indexes, 1992=100; quarterly data seasonally adjusted
98.5
99.0
97.1
97.4
97.9
100.0
99.5
98.9
99.1
99.9
98.9
99.1
97.1
97.3
97.9
100.0
99.2
98.7
99.1
99.7
84.9
88.2
89.9
94.4
98.3
100.0
102.3
103.8
106.9
109.9
84.7
87.8
89.7
94.1
98.1
100.0
102.1
103.7
106.7
109.8
83.8
86.8
90.4
94.1
97.7
100.0
102.5
104.8
107.2
108.9
83.6
86.4
90.0
93.8
97.6
100.0
102.5
104.9
107.2
108.8
101.6
102.3
102.8
103.3
80.1
83.6
85.8
90.6
95.1
100.0
102.2
104.3
107.6
111.5
101.4
102.0
102.5
103.0
99.5
99.5
99.6
99.2
101.5
102.6
102.9
102.4
101.4
102.4
102.4
102.2
101.7
102.4
102.7
103.3
104.6
106.1
106.8
107.7
104.0
104.2
104.7
105.4
103.7
104.0
104.5
105.3
103.6
103.6
103.7
104.4
103.4
103.5
103.5
104.3
108.5
108.3
109.3
109.6
106,1
107.1
108.1
109.2
105.8
106.5
107.1
108.4
111.4
112.7
113.3
114.6
109.6
110.7
111.3
112.2
109.8
111.0
111.6
112.6
106.2
107.2
108.2
109.3
110.2
111.3
112.3
113.4
110.1
111.1
112.0
113.1
99.7
99.8
100.1
100.2
99.6
99.6
99.8
99.9
108.6
109.4
110.4
111.1
106.5
107.1
107.5
107.8
108.1
108.7
109.0
109.3
116.6
113.3
113.7
114.8
114.5
100.8
100.6
111.6
105.6
106.2
106.8
108.1
108.5
109.4
110.4
111.0
111.7
103.9
104.4
105.1
105.6
106.4
107.0
107.5
107.8
108.2
108.8
109.2
109.5
101.8
102.4
102.6
103.3
103.9
104.5
105.3
105.7
108.4
108.2
109.2
109.4
99.4
99.0
98.6
98.6
98.7
98.9
99.2
99.7
99.4
99.2
99.3
98.9
99.2
98.9
98.4
98.6
98.6
98.8
99.2
99.5
110.0
109.9
2.6
3.5
4.2
4.0
3.8
2.4
2.5
2.2
2.3
1.6
96.7
99.9
102.5
102.7
100.2
100.0
102.8
106.4
109.0
111.3
79.8
83.5
85.8
90.7
95.1
100.0
102.5
104.5
107.7
111.7
101.5
102.6
103.2
103.9
104.9
106.7
107.8
108.8
97.0
100.0
102,5
102.6
100.2
100.0
102.5
106.3
108.8
111.0
101.4
102.4
102.9
103.6
104.4
106.1
106.7
107.7
109.0
109.2
110.6
110.7
101.5
101.6
101.5
101.8
108.8
109.0
110.3
110.4
111.2
112.6
113.2
114.5
102.5
116.5
91.3
95.1
98.1
98.8
97.1
100.0
102.9
107.0
109.9
113.0
100.1
99.6
100.1
100.7
91.1
94.6
97.8
98.6
96.9
100.0
102.7
107.0
109.6
112.9
101.4
102.1
102.8
104.4
100.4
100.5
101.0
101.0
100.3
100.5
100.9
101.0
104.9
106.6
107.7
108.7
100.5
100.8
101.2
100.9
1996- I
II
III
IV
100.3
100.7
101.0
100.9
101.5
101.7
101.8
102.1
1997- I*
102.8
1987
1988
1989
1990 ..
1991
1992
1993 ...
1994
1995
1996 ..
94.0
94.6
95.4
96.1
96.7
100.0
100.1
100.6
100.7
101.7
94.5
95.2
95.7
96.2
96.9
100.0
100.1
100.6
100.8
101.5
1993- I
II ... .
Ill
IV
100.1
99.7
100.0
100.8
1994- I
II
Ill
IV . .
1995: I
II
III
IV
101.6
102.2
103.3
104.7
Percent change; quarterly data at seasonally adjusted annual rates
0.2
.5
-1.9
.3
.6
2.1
-.5
-.6
.2
.8
0.1
.3
-2.0
.1
.7
2.1
2.8
3.5
2.4
2.2
3.8
4.4
2.7
5.5
4.9
5.2
2.2
2.0
3.2
3,6
-.5
.3
.7
3.9
4.0
1.9
5.0
4.1
1.7
2.3
1.4
3.0
2.8
2.7
4.0
2.0
2.7
3.2
4.5
2.2
2.7
1.6
2.7
2.2
1.8
1.0
2.3
2.0
1.9
-1.3
-1.9
-.6
.2
-1.3
.8
7.0
4.2
4.0
3.5
6.3
2.2
3.8
2.7
5.9
2.6
3.7
2.8
.7
1.9
2.8
3.0
1.2
1.7
3.3
.4
.7
4.7
.5
.6
.9
5.0
.4
2.9
-.7
3.4
1.1
2.8
-.6
3.5
1.4
2.9
4.1
3.5
4.3
2.9
4.0
3.6
4.1
.8
-1.7
-1.8
.3
.1
1.0
1.4
1.8
2.1
.4
-.2
1.3
3.0
5.0
2.2
4.8
2.7
4.8
1.9
4.9
.6
4.0
2.0
3.4
.7
4.4
2.1
3.6
3.3
4.0
3.8
3.7
3.4
3.7
3.5
3.7
-.1
.6
1.1
.3
.9
-1.1
-2.0
.7
.1
.9
1.5
1.6
.1
.3
.8
.3
2.6
7.0
7.0
4.0
4.2
5.0
5.2
2.6
2.8
-0.2
.7
.6
.5
.7
3.2
.1
.5
.2
.7
2.9
3.8
3.4
.8
-1.7
3.2
2.7
4.2
2.5
3.0
3.0
4.1
3.2
.7
-1.8
3.0
2.9
4.0
2.7
2.9
3.0
3.2
2.5
.1
-2.3
-.2
2.5
3.7
2.4
2.0
-4.0
-1.7
1.9
2.6
-1.2
2.5
3.0
6.5
-.9
2.7
4.1
5.4
Ill
-1.7
.6
1.8
-.1
-1.9
1.0
1.6
.3
1.7
6.9
4.1
3.7
Ill
-2.5
1.5
1.2
-.6
-2.2
1.5
1.5
-1.0
IV
2.3
.9
.2
1.3
1997: I*
2.9
1993: I ...
II
Ill
IV
1994:
I ..
II
IV
1995: I
II
rv .
1996:
I
II
Ill
3.2
3.3
2.6
.2
25
3.9
4.6
2.8
5.7
4.8
5.2
2.5
1.9
3.1
3.8
-0.1
.6
.8
.7
.7
3.4
.1
.5
.1
1.0
-3.8
-1.5
1.0
3.6
1987
1988
1989
1990
1991
1992
1993 ....
1994
1995
1996
1
.It
Output refers to real gross domestic product originating in the sector.
- Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, arid supplemental payments for
the self-employed.
4
Hourly compensation divided bv the consumer price index for all urban consumers (('PI—
U)
;•''Current dollar gross domestic output divided by the output index.
16
0
.4
-1.4
o
— .0
5.6
4.3
1.2
-1.8
4.0
3.6
2.1
5.0
4.2
1.9
2.1
1.6
2.9
2.9
5.2
4.0
.1
-.8
3.5
2.5
1.4
2.4
2.6
3.4
4.2
4.2
4.1
2.4
2.5
2.3
2.2
1.5
3.8
2.1
1.2
2.6
4.6
.1
.1
2.9
4.9
.2
.1
2.9
2.4
1.8
2.7
2.1
2.5
2.2
2.9
1.9
5.5
2.6
2.2
4.9
5.2
2.5
2.1
5.2
3.0
2.1
2.0
1.0
3.0
2.0
1.7
.9
.9
3.1
3.6
2.3
1.3
3.3
3.6
2.4
1.5
2.4
1.3
1.1
1.4
2.1
1.2
1.2
2.1
2.5
1.8
2.0
NOTK.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
Data based on GDP revisions released July 31, 1997 are not yet available.
* Data based on GDP data released May 30, 1997.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose in June; capacity utilization was unchanged.
INDEX, 1992- 100* (RATIOSCAl£|
150
FINAL PRODUCTS
INDEX, 1992 . 100' (RATIO SCALE|
140
TOTAL INDUSTRIAL PRODUCTION
,"-
BUSINESS
EQUIPMENT
130
>v^
'
110
140
100
MANUFACTURING
130
^/
,-
rrrr^ --' "
\
""-._._.
GOODS
\
120
.-
N
/7
100
- N __
DEFENSE
AND SPACE
EQUIPMENT
"\
II 1 1 1 1 1 ! I H
1 1 1 11E 1 1111
/'"" '"* ~ ' x . ,
..-••
70
i 1 1 1M 1 1M 1
UTILITIES AND MINING
Mill
1 1 1 1 1
I 11i i1 iM M
PERCENT *
130
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
120
UTILITIES
.
r\_^.
S
s\
f^~~^~
100
! 1 1 111H1 1 1
1993
1 1 1 M 11! 1 1 1
1993
1994
1994
1 1 1 11 1 111 11
M i l l
1995
1 1 1 1 1
1996
-
11111111 I 11
1997
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry production indexes, 1992 = 100
Total industrial production
Manufacturing
Percent change '
Period
Index,
1992 = 100
1987
1988 ..
1989
1990
1991 ..
1992
1993
1994 .
1995
1996
93.1
97.3
99.0
98.9
96.9
100.0
103.4
108.6
112.1
115.2
1996:
115.5
115.5
115.8
116.0
116.2
117.2
117.7
117.8
118.4
118.8
119.3
119.5
119.9
June
July
Aue .
Sept
Get
Nov
Dec ..
1997- Jan
Feb
Mar'
Apr7"
June'7
1
2
Percent changes based on unrounded indexes.
Output as percent of capacity.
From
preceding
month
Capacity utilization
rate, percent2
Prom
year
earlier
Total
Durable
Nondurable
Mining
Utilities
Total
industry
Manufacturing
-2.0
3.2
3.4
5.0
3.3
2.8
92.8
97.1
99.0
98.5
96.2
100.0
103.7
109.4
113.2
116.3
92.0
98.1
100.5
99.0
95.5
100.0
105.5
113.4
119.7
125.7
93.8
96.0
97.3
97.9
97.0
100.0
101.7
105.0
106.2
106.3
101.5
102.9
101.5
103.7
101.6
100.0
98.9
101.5
100.9
102.9
89.4
93.9
97.1
98.3
100.4
100.0
103.9
105.3
109.1
112.8
81.3
83.9
84.0
82.3
79.2
80.4
81.6
83.7
83.8
83.1
81.3
83.8
83.6
81.4
78.0
79.5
80.8
83.1
83.1
82.1
0.6
.0
.3
.1
.2
.8
.4
3.3
3.4
2.9
2.6
3.3
4.0
4.4
116.4
117.0
117.2
117.4
117.6
118.5
119.2
126.3
126.9
127.5
127.2
127.1
128.4
128.8
105.9
106.4
106.2
106.9
107.4
107.9
108.8
104.4
103.1
104.5
103.4
103.4
103.5
104.5
114.0
109.4
110.8
111.1
111.9
114.5
112.6
83.5
83.2
83.2
83.1
83.0
83.4
83.5
82.3
82.4
82.3
82.1
82.0
82.4
82.5
.1
.5
.4
.4
.2
.3
4.8
4.0
4.9
4.4
4.1
3.8
119.3
120.1
120.6
120.9
121.3
121.7
129.5
130.8
131.7
132.2
132.9
133.7
108.5
108.6
108.7
108.8
109.0
108.9
103.6
106.3
107.5
106.1
108.2
108.1
112.7
110.2
109.9
113.3
110.3
110.7
83.3
83.5
83.6
83.6
83.5
83.5
82.4
82.6
82.7
82.6
82.6
82.5
4.6
4.4
1.8
O
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1992 = 100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
Total i
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
1987
1988
1989
1990
1991 .. .
1992
1993
1994
1995
1996
93.2
97.6
99.7
99.4
97.5
100.0
103.2
107.1
109.9
112.8
93.7
96.7
97.7
97.3
97.0
100.0
103.2
107.4
108.9
110.5
93.9
99.8
101.3
98.0
93.0
100.0
110.1
120.4
122.8
126.2
93.6
95.9
96.7
97.1
98.1
100.0
101.5
104.1
105.3
106.5
92.7
99.1
103.0
102.7
98.4
100.0
103.0
106.6
111.6
116.8
85.1
93.5
98.8
98.2
95.7
100.0
105.1
111.3
119.4
126.6
117.5
117.1
117.4
115.9
106.7
100.0
93.5
86.2
80.7
77.0
100.7
102.5
102.9
101.9
97.5
100.0
102.5
106.1
107.5
109.4
104.7
106.3
105.5
102.9
96.2
100.0
103.3
110.3
111.6
116.8
98.4
100.3
101.3
101.4
98.3
100.0
102.0
103.6
105.0
105.1
90.4
95.1
97.0
97.2
95.9
100.0
103.9
111.3
116.6
120.3
96.2
98.5
99.5
100.6
100.8
100.0
99.6
101.4
102.7
103.9
1996- June
July
113.1
113.4
113.0
113.3
113.6
114.8
115.3
110.8
110.7
110.1
110.5
110.8
112.3
112.7
129.9
129.7
128.0
127.1
124.5
127.1
128.4
106.0
106.0
105.6
106.3
107.3
108.5
108.7
117.1
118.1
117.9
118.1
118.4
119.0
119.6
126.6
128.1
127.7
128.3
128.8
129.8
130.7
77.0
77.7
77.9
77.7
77.0
76.1
76.2
109.7
108.9
110.0
110.6
110.2
111.9
111.3
118.3
117.5
119.2
119.8
117.7
120.7
117.8
104.6
103.9
104.6
105.3
105.8
106.8
107.4
120.5
120.5
121.5
121.2
121.7
122.2
123.1
104.8
102.4
104.0
103.9
103.9
104.0
103.9
115.1
115.6
116.3
116.6
116.8
117.5
111.7
111.6
112.1
112.1
112.2
112.6
127.3
129.2
131.0
126.7
128.5
130.3
107.8
107.2
107.4
108.4
108.2
108.2
120.8
122.6
123.5
124.2
124.8
126.0
132.1
133.8
134.3
135.4
135.9
137.0
74.7
75.4
75.6
75.2
75.4
76.0
111.6
112.0
112.1
112.0
112.3
112.2
117.0
120.0
121.8
120.0
120.9
120.3
108.4
107.3
106.5
107.3
107.3
107.4
123.4
124.1
124.5
125.4
125.6
125.7
103.8
104.0
103.5
103.7
103.5
103.1
Sept
Oct
....
Dec
1997- Jan
Feb
Mar'
May
June?
] gas well drilling and manufactured homes, not shown separately.
[1992 — 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
Transportation
equipment
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
1987
1988 .. .
1989
1990
1991
1992
1993
1994
1995
1996
97.8
106.2
104.9
104.0
96.7
100.0
105.5
113.0
115.7
117.2
95.4
107.6
106.2
106.4
96.0
100.0
107.1
113.2
116.3
116.4
101.9
106.1
104.8
101.2
96.2
100.0
104.4
112.0
115.7
118.6
86.0
97.0
103.0
100.1
95,4
100.0
109.9
125.3
141.4
156.4
75.6
82.5
85.8
87.7
89.6
100.0
110.0
126.3
148.2
163.3
96.1
101.1
105.1
102.3
96.5
100.0
103.7
107.4
105.0
106.1
94.9
100.2
101.2
95.3
88.5
100.0
113.7
129.7
128.5
126.9
104.9
105.1
104.3
101.6
94.5
100.0
100.9
105.9
106.2
109.7
105.5
103.6
100.3
97.2
97.8
100.0
102.4
106.5
103.3
98.2
102.5
103.4
103.5
103.1
99.1
100.0
100.8
100.5
99.8
98.4
87.0
92.2
95.1
97.3
96.4
100.0
101.0
104.1
106.5
108.9
93.5
94.9
95.9
97.0
98.4
100.0
102.1
103.7
105.7
106.3
1996- June
July
117.0
118.0
118.3
119.5
122.1
118.5
118.8
117.1
118.0
118.2
117.4
123.2
115.9
116.7
118.9
119.1
119.4
119.3
119.3
119.1
119.5
156.1
157.7
159.6
159.4
159.9
161.7
162.9
164.0
163.8
164.6
165.2
165.6
167.2
168.8
107.1
109.5
109.3
107.3
105.3
109.5
109.6
130.4
134.1
132.8
127.0
121.2
128.9
127.9
112.4
109.3
111.4
110.7
109.2
113.1
108.0
99.0
98.3
98.5
98.2
97.8
97.3
97.2
97.1
97.6
97.9
99.1
99.7
100.0
99.8
107.9
109.0
108.7
109.7
111.3
111.8
114.0
106.1
106.5
105.5
106.2
107.1
107.6
108.2
117.8
120.0
121.3
120.2
123.6
122.4
118.0
118.2
118.7
119.3
123.8
122.0
119.2
119.5
120.4
120.6
120.9
120.8
164.7
166.6
167.4
171.2
170.8
171.7
168.6
172.5
175.2
176.3
179.5
181.8
111.9
111.5
111.9
110.6
110.2
111.8
132.0
129.6
128.9
125.3
123.7
126.1
108.6
112.0
113.3
113.6
113.7
113.9
96.2
95.8
96.3
96.2
96.7
97.2
100.5
100.6
99.7
99.8
100.2
100.7
113.7
112.8
112.0
113.5
113.0
112.9
108.2
108.4
109.2
108.4
108.1
108.0
Sept
Oct
Nov
Dec
1997: Jan
Feb
Soum1: Board of Governors of the Fede.ral Keserve Hystei
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts'1
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total '
Commercial
and industrial 2
Other
Federal
and
State
and
local
Total value
index
(1!) 1)2=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1987
1988
1989 .
1990
1991
1992
1993
1994
1995
1996
441.6
455.6
469.8
468.5
424.2
452.1
478.6
519.9
534.1
568.6
351.0
360.9
371.6
361.1
314.1
336.2
362.7
399.4
406.8
437.1
194.7
198.1
196.6
182.9
157.8
187.8
210.5
238.9
230.7
247.2
104.4
109.6
118.0
119.4
93.7
82.2
84.4
93.3
107.9
118.8
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
162.9
179.4
52.0
53.2
57.1
58.8
62.6
66.2
67.8
67.2
68.2
71.1
90.6
94.7
98.2
107.5
110.1
115.8
116.0
120.5
127.3
131.5
103
104
108
98
92
100
108
117
122
130
Annual rates
1996: June
July
Sept
Oct
Nov
Dec
1997- Jan
Feb
Mar
Apr'
May*"
June?
1,019
973
961
783
577
556
589
744
862
829
Annual rates
568.2
567.0
571.0
580.0
584.1
586.2
579.1
438.6
436.8
443.6
444.4
449.0
448.9
447.0
250.2
249.4
249.2
249.0
247.9
248.3
247.9
182.4
181.2
181.1
180.7
179.9
180.0
179.1
119.9
116.3
121.4
122.3
127.3
126.4
123.0
68.5
71.1
72.9
73.2
73.8
74.2
76.2
129.6
130.2
127.4
135.6
135.2
137.3
132.1
'133
135
138
133
126
132
128
'723
'634
'711
'782
'683
'777
'782
577.1
592.4
593.9
596.2
597.9
591.5
444.4
452.0
452.7
456.9
462.0
454.8
246.7
251.4
254.0
260.0
259.5
256.4
178.3
183.4
184.1
185.3
185.2
181.8
126.8
128.2
124.5
118.2
125.2
122.8
70.9
72.5
74.2
78.7
77.3
75.6
132.7
140.3
141.2
139.3
135.8
136.7
'130
'130
'133
136
132
130
'771
'843
'772
834
853
1
Includes residential improvements, not shown separately.
-Includes hotels and motels.
:t
F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and The MeGraw-IIill Companies,
Inc., F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1987
1988
1989
1990
1991
1992
1993 ..
1994
1995 .
1996
1 unit
2—4 units
5 or more
units
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
33.7
45.2
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1,354.1
1,476.8
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
1,076.2
1,160.9
1,488
1,492
1,515
1,470
1,407
1,486
1,353
1,214
1,164
1,222
1,148
1,104
1,133
1,024
46
44
37
45
58
60
48
228
284
256
277
245
293
281
1,375
1,554
1,479
1,483
1,385
1,452
1,125
1,237
1,142
1,133
1,082
1,110
43
44
45
40
35
40
207
273
292
310
268
302
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
244.1
270.8
Units
authorized
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
:
< 1,371.6
1,332.5
1,425.6
Units
completed
Homes
sold
Homes for
sale at end
of period '
Vacancy rate
for rental
housing units
(percent) 2
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
1,312.6
1,412.9
671
676
650
534
509
610
666
670
667
757
366
368
365
321
284
265
293
336
370
322
7.7
7.7
7.4
7.2
7.4
7.4
2
7.3
7.4
7.6
7.8
1,432
1,454
1,405
1,391
1,349
1,391
1,405
1,426
1,463
1,449
1,356
1,375
1,431
1,484
732
782
814
768
706
788
794
355
352
343
331
330
327
322
7.8
1,395
1,438
1,457
1,442
1,432
1,402
1,362
1,572
'1,471
1,460
1,391
1,282
822
826
'825
764
772
819
308
300
287
287
283
282
2
Seasonally adjusted annual rates
1996: June
July
Sept
Oct
Nov
Dec
1997: Jan
Feb
1
Seasonally adjusted.
~ Kevised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to tx> comparable with new scries beginning in 1994.
Quarterly data entered in last month of quarter.
3
The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.
8.0
7.7
7.5
7.9
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In May, manufacturing and trade sales fell 0.5 percent and inventories rose $2.3 billion. According to advance
data, retail sales rose 0.5 percent in June following a decline of 0.3 percent in May.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS" (RATIO SCALE)
1,200
400
1,100
350
1,000
900
300
800
RETAIL INVENTORIES
250
700
_ MANUFACTURING
AND TRADE SALES
600
200
RETAIL SALES
500
150
RATIO*
400
1.80
1.70
300
200
1.30
1993
1994
1995
1993
1997
1996
1994
1995
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing
and
trade1
2
Sales
Inventories :i
1997
COUNCIL Of ECONOMIC ADVISERS
Retail
Wholesale
2
Sales
Period
1996
Sales2
Inventories :i
Durable
goods
stores
Total
Inventories
Nondurable goods
stores
Total
Inventory-sales
ratio 4
:i
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade1
Retail
Millions of dollars, seasonally adjusted, except as noted
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- May-July
Sept
Oct
Dec
1997: Jan
Feb
Mar
May
457,735
497,157
527,039
545,909
542,815
567,176
595,049
637,585
681,597
716,763
709,848
767,222
815,455
840,396
834,287
842,204
867,513
930,049
985,905
1,004,425
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,973
188,811
201,723
163,903
178,801
187,009
195,550
200,062
207,663
215,878
234,893
253,066
255,808
717,503
'712,814
721,396
718,782
724,103
727,725
730,646
728,760
992,630
992,218
996,796
999,357
1,000,431
1,004,990
1,004,540
1,004,425
200,079
200,078
204,254
201,892
203,419
204,987
205,561
205,560
737,464
747,790
745,460
746,769
743,232
1,007,618
1,011,899
1,013,376
1,017,150
1,019,470
207,506
211,801
210,195
209,926
210,354
128,442
138,017
146,581
153,718
154,661
162,632
172,732
185,610
193,670
203,775
80,453
85,587
91,818
97,981
100,497
103,999
108,055
112,826
116,585
120,997
207,836
219,047
237,234
239,773
243,275
251,994
267,497
290,128
303,750
314,183
105,481
112,453
121,347
121,105
119,039
122,948
133,624
149,840
159,767
165,997
102,355
106,594
115,887
118,668
124,236
129,046
133,873
140,288
143,983
148,186
1.50
1.49
1.52
1.52
1.53
1.48
1.44
1.41
1.42
1.39
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.55
1.52
256,740 204,177
256,739 '202,684
256,467 203,291
256,598 203,036
254,788 204,713
255,671 206,277
255,850 205,789
255,808 206,894
83,239 120,938
'82,371 '120,313
82,531 120,760
82,487 120,549
83,091 121,622
83,871 122,406
122,304
83,485
83,785 123,109
305,592
305,677
309,786
311,112
312,969
315,281
313,490
314,183
160,893
161,138
163,433
164,862
166,530
168,146
165,865
165,997
144,699
144,539
146,353
146,250
146,439
147,135
147,625
148,186
1.38
1.39
1.38
1.39
1.38
1.38
1.37
1.38
1.50
1.51
1.52
1.53
1.53
1.53
1.52
1.52
257,895 210,233
258,088 213,022
259,389 212,342
258,046 209,934
258,680 '209,311
210,299
85,344 124,889
87,786 125,236
87,042 125,300
85,472 124,462
'84,701 '124,610
85,134 125,165
313,980
315,938
315,427
317,596
317,330
165,441
167,380
167,444
168,701
168,563
148,539
148,558
147,983
148,895
148,767
1.37
1.35
1.36
1.36
1.37
1.49
1.48
1.49
1.51
1.52
47,989
52,430
54,763
55,736
54,165
58,634
64,677
72,784
77,085
82,778
1
:)
2
4
Se« page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
20
Seasonally adjusted, end of period.
Animal data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In June, manufacturers' shipments, inventories, and new and unfilled orders all rose.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
320 - SHIPMENT 5
280
_-*—
,
480 — INVENTORIES
440
400
360
320
.
n
r**"
•—-
240
V
^—
\
TOTAL
200
-TOTAL
280
DL RABLE GOO: S
240
160
„
120
.-•-•-'"•'
.-•"'"
.---'•*
.,-'-'-
DURABLE GOODS
200
/
160
NONC1URABLE GOC DS
—1 \
NONDURABLE GOODS
120
80
BILLIONS OF DOLLARS' (RATIO SCALE)
320 _ NEW ORDERS
80
280
240
RATIO*
2.00
200
INVENTORY-SHIPMENTS RATIO
1.80
160
1.60
120
NONDURABLE GOODS
v^
"^~
1.40
1.20
80
1995
1993
1996
M
1 1 1 S ! 1 1 1 1
1993
1997
1 11 M 1 1 1 i 1 1 i 1 1 1 1 1 1 1 1 l i Mill ! 1 1 It ! 1 1 ! 1 1 M M !
1995
1996
| 1997
1994
* SEASONAU.Y ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' slii >ments '
Manufacturers' inver tones2
Manufaeturei-s' new orders
Durable jroods
Period
Total
Durable
fJTMXls
Nondurable
floods
Total
Durable
fjoods
Nondurable
goods
Total
Total
Capital
[joods
industries,
nondefense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory—
shipments
ratio*
Millions of dollars, seasonally adjusted, except as noted
1987
1988
1989 .
1990
1991
1992
1993
1994
1995
1996
1996: June
July ..
Aug
Sept
Get
Dee
1997: Jan ... .
Feb
Mar
Apr r
May?
108,128
118,458
123,158
123,776
121,000
128,489
135,886
149,131
160,101
167,166
98,198
106,161
113,540
118,910
118,847
121,905
124,749
129,870
139,015
144,099
338,109
369,374
391,212
405,073
390,950
382,547
384,138
405,028
429,089
434,434
220,799
242,468
257,513
263,209
250,019
238,166
239,404
253,691
265,915
271,329
117,310
126,906
133,699
141,864
140,931
144,381
144,734
151,337
163,174
163,105
209,389
228,270
239,572
244,507
238,805
248,212
257,698
279,733
300,353
314,197
110,809
122,076
126,055
125,583
119,849
126,308
133,081
149,542
161,469
169,963
26,094
31,108
32,988
33,331
30,471
31,524
31,694
35,697
40,561
43,913
98,579
106,194
113,516
118,924
118,957
121,905
124,617
130,191
138,885
144,234
430,426
474,154
508,849
531,131
519,199
493,184
458,245
467,369
482,605
517,647
1.59
1.57
1.63
1.65
1.65
1.54
1.48
1.41
1.41
1.39
167,524
310,052
168,762
313,851
168,960
313,854
315,971
171,415
169,368
316,461
171,426
319,296
169,504
316,306
319,725
171,403
174.862
322,967
176,224
322,923
178,482
326,909
323,567 '175,900
179,448
326,427
142,528
145,089
144,894
144,556
147,093
147,870
146,802
148,322
148,105
146,699
148,427
147,667
146,979
429,802
430,543
431,647
432,674
434,038
435,200
434,434
435,743
437,873
438,560
441,508
443,460
444,798
268,294
269,493
270,537
270,794
271,616
272,198
271,329
272,652
274,170
274,633
276,992
218,084
278,775
161,508
161,050
161,110
161,880
162,422
163,002
163,105
163,091
163,703
163,927
164,516
165,376
166,023
313,081 170,382
318,488
173,087
167,204
311,958
175,113
319,894
322,392
175,015
173,636
322,400
316,898
170,016
175,803
323,864
326,537
178,872
113,944
321,146
325,544
177,112
324,042 ' 176,443
327,857
180,711
41,982
45,044
40,314
46,931
46,293
43,081
43,162
45,094
46,264
44,505
43,751
'44,211
46,617
142,699
145,401
144,754
144,781
147,377
148,764
146,882
148,061
147,665
147,202
148,432
147,599
147,146
501,356
505,993
504,097
508,020
513,951
517,055
517,647
521,786
525,356
523,579
522,214
522,689
524,119
1.39
1.37
1.38
1.37
1.37
1.36
1.37
1.36
1.36
1.36
1.35
1.37
1.36
206,326
224,619
236,698
242,686
239,847
250,394
260,635
279,002
299,116
311,265
1
Annual data are averajjes 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.
:1
Annual data an; averajjes of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
The producer price index for all finished goods fell 0.1 percent in June. Prices of finished consumer foods fell
0.9 percent, while prices of other finished consumer goods rose 0.3 percent. Capital equipment prices rose 0.1
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
120
120
CONSUMER GOODS
EXCLUDING FOODS
110
110
100
100
1989
1990
SOURCE: DEPARTMENT Of IABOR
COUNCIL OF ECONOMIC ADVISERS
(1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Crude materials
Finished goods excluding consumer foods
Total
Period
finished
goods
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996: June
July
Aug
Sept
Get
Nov
Dec
1997: Jan
Feb'
Mar
Apr
May
June
1
Consumer
foods
105.4
109.5
108.0
113.6
119.2
121.7
123.2
124.7
125.5
127.9
131.3
131.2
131.2
131.6
132.0
132.5
132.7
133.4
133.0
132.6
132.4
131.6
131.2
131.1
112.6
118.7
124.4
124.1
123.3
125.7
126.8
129.0
133.6
133.6
133.7
134.6
135.1
136.2
136.2
135.9
134.6
134.1
135.3
134.7
135.2
134.0
Consumer goods
Total
Total
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
130.6
130.3
130.4
130.6
131.0
131.3
131.5
132.5
132.4
132.0
131.5
130.6
129.9
130.2
Intermediate materials tor food manufacturing and fowls.
NOTE.—Befrimiing 199(i, indexes arr based on updated valu
22
Durable
N d
ble
100.7
111.5
94.9
103.1
108.9
115.3
118.7
120.8
121.7
121.6
124.0
127.6
127.3
127.4
127.7
128.1
128.6
129.0
130.3
130.2
129.7
128.7
127.8
126.8
127.2
113.8
117.6
120.4
123.9
125.7
128.0
130.9
132.7
134.2
134.5
134.2
134.4
134.8
134.3
134.5
134.5
134.4
134.5
134.6
134.4
133.6
133.6
97.3
103.8
111.5
115.0
117.3
117.6
116.2
118.8
123.3
122.8
123.0
123.3
123.7
124.7
125.1
127.0
126.8
126.1
124.6
123.4
122.4
123.0
Capital
equipment
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
136.7
138.3
138.3
138.3
138.5
138.7
138.5
138.5
138.5
138.6
138.5
138.9
138.3
138.0
138.1
Total
finished
C0
fi«o".ner
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
125.6
129.5
129.4
129.4
129.9
130.3
131.0
131.3
132.1
131.6
131.1
130.8
129.9
129.4
129.4
Foods
Total
and
Other
Total
101.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
102.7
113.8
112.6
115.1
115.8
112.8
112.0
115.0
122.1
126.7
116.2
110.0
109.0
110.4
106.8
feeds '
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
124.9
125.8
125.7
125.5
125.7
126.2
126.0
125.8
126.4
126.6
126.4
125.9
125.5
125.3
125.3
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
114.8
128.1
131.3
131.8
132.2
133.2
130.5
126.3
125.6
125.0
124.9
127.3
127.8
128.4
126.6
106.9
111.9
114.5
114.6
114.9
116.4
118.7
125.5
125.6
125.5
125.2
125.4
125.8
125.8
125.8
126.5
126.7
126.6
125.8
125.4
125.1
125.3
Source: Department of Labor, Bureau of Ijabor Statistics.
Foodstuffs
and
feedstuffs
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
105.8
121.5
127.6
129.8
129.0
124.5
120.7
117.7
114.5
113.1
111.5
113.6
117.3
117.0
110.7
Other
87.9
85.5
93.4
101.5
94.6
93.5
.94.7
94.8
96.8
104.5
98.5
101.1
102.8
100.9
102.1
109.1
122.7
131.0
115.1
103.7
99.5
102.0
100.4
CONSUMER PRICES—ALL URBAN CONSUMERS
In June, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted and not seasonally
adjusted. The index was 2.3 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE)
INDEX, 1982-84 = 100 (RATIO SCALE]
180
180
SEASONA1IY ADJUSTED
170
160
160
150
150
140
130
120
120
110
110
100
100
1991
1989
1992
1993
1995
1997
1996
COUNCIL OF ECONOMIC ADVISERS
[1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted]
All items '
Housing
Transportation
Shelter
Period
1987
1988
1989
1990
1991
1992
1993
1994..
1995
1996
1996- June
July
Aug
Sept
Oct
Nov
Dec
1997- Jan
Feb
.Mar
May
Not
seasonally
adjusted
(NSA)
100.0
113.6
118.3
1240
130 7
136.2
140.3
144.5
148.2
152.4
1569
156.7
157.0
157.3
157.8
158.3
158.6
158.6
159.1
159.6
160.0
160.2
160.1
160.3
Seasonally
adjusted
156.7
157.1
157.4
157.9
158.3
158.8
159.2
159.4
159.8
159.9
160.0
160.1
160.3
Total
Renters'
costs
(Dec.
1982 =
100)
28.2
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
165.7
171.0
170.4
171.2
171.4
171.7
172.2
172.6
172.9
173.4
174.0
174.3
174.9
175.4
175.8
8.0
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
174.3
180.2
178.9
180.0
180.1
180.5
181.1
181.5
181.7
182.8
183.4
183.9
184.5
184.8
185.4
Food
Total '
15.9
41.2
113.5 114.2
118.2 118.5
125.1 123.0
132.4 128.5
136.3 133.6
137.9 137.5
140.9 141.2
144.3 144.8
148.4 148.5
153.3 152.8
153.1 152.3
153.8 152.9
154.4 153.2
155.1 153.5
155.8 153.9
156.4 154.4
156.4 154.7
156.0 155.2
156.5 155.6
156.5 155.6
156.2 155.9
156.8 156.1
157.1 156.5
1
Includes items not shown separately.
- Household fuels—pis (piped), electricity, fuel oil, etx-.—arid motor fuel. Motor oil, e<x)lant,
etc. excluded beginning 1983.
;!
Relative importance, December 1996.
Home- Main- Fuel
teand
ownnance other
ers'
and
costs
utilireties
(Dec.
1982 = pairs
100) (NSA)
50.0
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
171.0
176.5
176.2
176.8
177.1
177.4
177.8
178.3
178.6
179.0
179.5
179.8
180.4
180.9
181.2
0.2
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
135.0
139.0
138.8
139.4
139.7
139.9
140.2
141.1
141.5
141.5
142.3
142.4
142.5
143.2
143.3
7.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.7
127.5
126.8
127.4
128.0
128.4
129.0
129.6
130.3
131.2
131.6
130.5
130.2
129.4
130.2
Apparel
and
upkeep
5.3
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.0
131.7
131.7
131.5
130.3
131.0
131.3
131.7
131.8
132.3
132.6
132.2
133.4
133.6
133.3
Energy2
All
items
less
food
and
energy
7.3
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
220.5
228.2
228.3
228.9
229.3
229.9
230.4
231.0
231.5
231.9
232.3
233.2
233.8
234.5
234.9
7.0
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.2
110.1
109.2
109.5
109.3
109.5
110.7
112.0
113.7
114.6
114.9
112.9
111.2
108.5
108.5
77.0
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
161.2
165.6
165.6
166.0
166.2
166.7
167.0
167.4
167.7
167.9
168.3
168.7
169.2
169.5
169.7
Total '
New
ears
MediMotor cal
care
fuel
17.1
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
139.1
143.0
143.1
143.1
143.1
143.8
144.3
144.8
145.7
145.4
145.3
145.4
144.8
143.6
143.2
4.0
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
139.0
141.4
141.4
141.7
142.0
142.7
142.4
142.1
142.2
141.9
141.9
142.0
142.0
141.8
141.7
3.2
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
100.0
106.3
106.5
106.0
105.0
104.9
106.6
108.4
111.1
111.8
111.8
109.5
106.8
102.5
101.4
NOTE.-—Data incorporate a rental equivalence n
re for homeownership costs {beginning
198:-!).
Source: Department of Labor, Bureau of" Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
(Percent change froin preceding period; inonthiy data seasonally adjusted, except as noted by NSA|
Change from preceding period
Cha»f>e from 3 months earlier, annual rate
Change from (> months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
Period
finished
Capital
equipment
Excluding
foods
Foods
goods
Total
finished
goods
Capital
equipment
Excluding
fowls
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1987
1988
1989
1990 ..
1991
1992
1993
1994
1995
1996
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
2.3
2.8
-0.2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
1.9
3.4
4.1
3.1
5.3
8.7
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.2
.4
17
1.6
-1.4
2.0
2.3
3.7
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
2.7
Change, month to month
1996: June
July .
0.3
0
.3
.3
.4
.2
.5
-.3
'-.3
'-.2
-.6
-.3
-.1
Sept
Oct
Dec
1997- Jan
Feb
Mar
May
1.4
.1
.7
.4
.8
0
-.2
-1.0
.4
.9
-.4
.4
-.9
-0.2
.1
.2
.3
.4
.3
1.0
-.1
'-.4
'-.8
-.7
-.8
.3
0.1
0
.1
.1
-.1
0
0
.1
-.1
.3
-.4
-.2
.1
2.5
1.9
2.5
2.5
4.0
3.4
4.3
1.5
'-.3
-3.0
-4.1
'-4.2
-3.9
5.3
6.9
9.1
4.6
7.7
4.8
2.4
-4.6
-6.0
-1.8
.3
3.3
-3.8
1.9
.3
.6
2.5
3.8
4.1
7.0
5.1
'2.2
-4.8
-7.2
'-8.6
-4.6
0.6
.6
1.2
1.2
.6
0
-.6
.3
0
1.2
-.9
-1.4
-2.3
2.5
2.3
3.0
2.5
2.9
2.9
3.4
2.8
'1.5
.6
-1.4
-2.2
-3.4
3.4
4.0
5.9
4.9
7.3
7.0
3.5
1.4
-.7
.3
-2.2
-1.5
-2.8
2.9
2.4
2.9
2.2
2.1
2.4
4.8
4.4
'3.2
.9
-1.2
-3.4
-4.7
0.4
.4
.7
.9
.6
.6
.3
.4
0
.3
-.3
7
-.6
2.7
2.6
3.0
3.0
3.1
3.0
2.8
2.5
2.2
1.6
.8
.3
-.1
e: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, exeept as noted by NSA]
Transportation
Housing
Shelter
All
items '
Period
Food
Total '
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Appare!
and
Total1
upkeep
New
cars
Motor
fuel
Medical
care
Ener2
sy
All
items
less
food
and
energy
Addendum: All items,
percent change
(annual rate)
From
previous
quarter 3
From
From
From
3
6
year
months months earlier
earlier earlier
NSA
Change, December to December, NSA
1987
1988
1989
1990
1991 ..
1992
1993 .
1994
1995 .
1996
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.5
3.3
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
2.1
4.3
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2
3.0
2.9
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
3.5
2.9
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3
3.0
3.4
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
3.7
2.8
1996: June
July
0.1
.3
.2
.3
.3
.3
.3
,1
.3
.1
.1
.1
.1
0.7
.5
.4
.5
.5
.4
0
-.3
.3
0
-.2
.4
.2
0.1
.4
.2
.2
.3
.3
.2
.3
.3
0
.2
.1
.3
0.2
,5
.1
.2
.3
.2
,2
.3
.3
.2
.3
.3
.2
0.3
.6
.1
.2
.3
.2
.1
.6
.3
.3
.3
.2
.3
0.2
.3
.2
.2
.2
.3
.2
.2
.3
.2
.3
.3
.2
1.6
2.9
3.2
4.0
2.9
2.3
2.5
.2
1.4
4.6
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
3.8
1.5
4.4
4.8
4.7
1.0
5.1
3.4
1.4
.9
-1.6
.1
-.2
1.8
2.1
2.3
1.4
3.3
2.3
2.8
3.2
1.6
1.6
18.7
-2.1
6.8
36.5
-16.0
1.8
-5.4
5.9
-4.0
12.7
0.4
.2
.2
.5
-3.4
6.9
8.5
9.6
7.9
6.6
5.4
4.9
3.9
3.0
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
2.2
-1.3
8.6
0.3
.3
.2
.3
.2
.3
.2
-2.0
.3
-.2
.2
1.1
1.2
1.5
.2
.2
.4
.3
.3
.2
.8
.3
-1.7
-1.5
-2.4
0
5.8
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
2.8
3.0
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
3.0
2.6
Change, month to month
Sept
Oct
Dec
1997: Jan
Feb ..
Mar .
Apr
May
.. .
1
-0.2 -0.3 -0.3
.5
-.2
0
.5
-.9
0
.3
.5
.5
.5
.2
.3
.5
.3
.3
.1
.5
.6
n
.7
.4
.3
.2
-.1
Q
,o
-.3
.1
-.2
.9
-.4
Q
-.6
.1
-'3
.6
-.2
Includes items not shown separately.
2
Hou.sehold fuels—gas (piped), electricity, tiiel oil, etc.- and motor fuel. Motor oil, coolant,
etc., exeluded beginning 1983.
24
:i
o
-.2
.1
-.2
0
.1
0
-.1
-.1
n
-.1
1.6
1.7
2.5
.6
0
-2.1
-2.5
-4.0
-1.1
0.2
.2
.1
.3
.2
.2
.2
.1
.2
.2
.3
.2
.1
3.4
2.8
3.3
i's
1.0
Quarterly changes are shown in the last month of the quarter.
Source; J)epartment of Labor, Bureau of Labor .Statistics.
2.9
2.6
2.3
3.1
3.1
3.6
3.3
2.8
2.5
1.8
1.5
.8
1.0
3.4
3.1
3.0
3.0
2.8
3.0
3.2
2.9
3.1
2.5
2.2
1.6
1.4
2.8
3.0
2.9
3.0
3.0
3.3
3.3
3.0
3.0
2.8
2.5
2.2
2.3
PRICES RECEIVED AND PAID BY FARMERS
In July, prices received by farmers fell 0.9 percent and prices paid by farmers were unchanged. (Data are not
seasonally adjusted.)
INDEX, 1990-92=100 (RATIO SCALE)
INDEX, 1990-92-100 (RATIO SCALE!
120
80
I4U
140
o/,Tir\
120
r—^
100
-
120
y
"
—•^_
~^}
80
•^-^
r
100
^^^
80
-
-
60
1 1 1 1 1 1 1 1 1 1 1
1989
M
1 1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1 1 1 1
199O
1 1 1 1 1 1 1 1 1 1 1
1991
1999
11111111111
199T
1 1 I 1 1 1 1 M
M
1 1 M
1 1 1 1 1 1 1
199S
lOOyl
1 1 1 1 1 1 1 1 1 1 1
199A
i/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
60
1 1 1 1 1 1 1 1 1 1 1
1997
COUNCIL OF ECONOMIC ADVISERS
[1990-92 = 100; not seasonally adjusted]
Prices received by fanners
Period
All farm
products
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- July
Sept
Get
Nov
Dec
•
1997- Jan
Peb
Mar
Apr
May
July
1
Prices paid by fanners
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio -
89
99
104
104
100
98
101
100
102
112
86
104
109
103
101
101
102
105
112
'126
91
93
100
105
99
97
100
95
92
99
87
91
96
99
100
101
104
106
'110
115
87
92
97
99
100
101
102
105
'109
114
87
90
95
99
100
101
103
106
'109
115
102
108
108
105
99
97
97
94
93
98
119
'117
116
112
'110
110
136
133
125
119
'117
'115
102
104
105
103
102
103
115
115
116
115
115
115
115
115
115
115
114
114
116
116
116
115
114
115
103
'102
100
97
'96
96
108
105
'107
107
108
108
107
116
113
117
115
117
119
114
98
98
99
100
100
98
100
116
116
117
117
117
117
117
115
116
117
117
117
116
116
115
115
116
117
117
117
116
93
91
'91
91
92
92
91
Includes items not shown separately.
2
1'ercentagv ratio of index of prices received by fanners to index of prims paid, interest,
taxes, and wage rates.
All commodities,
services, interest,
taxes, and wage
rates '
NOTE.—The official indexes are published on a 1910-14 bast* as required by law. The indexes have been converted to a 1990-92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 rose in June, following a slight decline in May; growth in M3 accelerated.
BILLIO ^S OF DOLLARS* (RATIO SCALE)
5,200
4,800
4,400
BILLIONS OF DOLLARS* (RATIO SCALE|
5,200
_^.
1
4,800
1
4,400
_~ • — • —
4,000
\
4,000
"" • " ~ "
_
M3
3,600
""
3,200
--'"
3,600
\
M2
3,200
2,800
2,800
2,400
2,400
2,000
2,000
t.iSOO
1,600
1,200
1,200
_
-~^
—
—" \
&)
r^^L
800
800
600
600
1989
1990
1992
1991
1993
1994
1995
1997
1996
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
19871988198919901991
199219931994199519961996-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec'
May
July
Sept'
Del'
Nov'
Dec'
1997: Jan'
Feb'
Mar'
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus retail
MMMF balances,
savings deposits
(including
MMDAs), and
small time deposits
M2 plus large
time deposits,
BPs, Eurodollars, and
institutiononly MMMF
balances
749.7
787.0
794.2
825.8
897.3
1,025.0
1,129.8
1,150.7
1,129.0
1,081.0
1,117.1
1,115.5
1,108.8
1,099.8
1,093.2
1,080.2
1,080.0
1,081.0
1,079.8
1,080.6
1,075.2
1,065.1
1,062.7
1,063.2
2,832.7
2,996.3
3,160.9
3,279.5
3,379.6
3,434.0
3,486.6
3,502.1
3,655.0
3,834.3
3,725.6
3,741.9
3,750.0
3,762.7
3,775.2
3,788.0
3,810.0
3,834.3
3,851.6
3,868.5
3,885.4
3,905.0
3,904.7
3,919.8
'Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual ratis.
26
3,672.5
3,912.9
4,065.9
4,125.9
4,180.4
4,190.4
4,254.4
4,328.7
4,594.8
4,934.4
4,731.3
4,753.6
4,771.9
4,792.5
4,823.9
4,859.6
4,889.2
4,934.4
4,957.3
4,996.7
5,029.8
5,067.5
5,074.2
5,098.4
L
Debt
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average of
adjacent
month -end
levels) '
4,339.9
4,663.5
4,892.8
4,976.6
5,006.2
5,078.0
5,167.8
5,309.8
'5,700.0
6,099.9
'5,848.9
'5,891.8
5,916.7
5,947.0
5,989.0
6,014.9
6,058.1
6,099.9
6,114.9
6,161.4
6,202.0
6,247.5
r 6,253.0
8,664.1
9,441.6
10,171.6
10,853.0
11,336.0
11,880.4
12,508.7
13,150.9
13,869.7
14,621.7
'14,195.0
'14,256.0
14,329.3
14,386.0
14,434.4
14,498.8
14,568.1
14,621.7
14,666.1
14,726.6
14,791.9
14,865.0
P 14,914.2
Percent change from year
or 6
months earlier2
Ml
3.5
5.0
.9
4.0
8.7
14.2
10.2
1.8
-1.9
-4.3
-2.8
-2.4
-2.4
-3.6
-5.9
-7.7
-6.6
-6.2
-5.2
-3.5
-3.3
-2.8
-3.2
-3.3
NOTE.—See p. 27 for components,
Source: Board of Governors of the Federal Reserve Systeir
M2
3.6
5.8
5.5
3.8
3.1
1.6
1.5
.4
4.4
4.9
4.7
4.8
4.4
4.2
3.3
3.4
4.5
4.9
5.4
5.6
5.8
6.2
5.0
4.5
M3
5.3
6.5
3.9
1.5
1.3
.2
1.5
1.7
6.1
7.4
6.6
6.9
6.5
5.9
5.6
6.4
6.7
7.6
7.8
8.5
8.5
8.6
7.6
6.6
Debt
9.6
9.0
7.7
6.7
4.5
4.8
5.3
5.1
5.5
5.4
'5.3
5.6
5.9
5.6
5.2
5.1
5.3
5.1
4.7
4.7
5.0
5.1
4.8
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency
Period
Demand
deposits
Other
checkable
deposits
(OCDs)
Money market
mutual fund
balances
Retail '
Institution
only-
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
ination
time
deposits3
Large
denomination
time deposits ;t
Overnight
and
term
repurchase
agreements
(RPs)
(net)
Overnight
and
term
Eurodollars
(net)
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
196.8
212.3
222.7
246.8
267.3
292.9
322.2
354.4
372.6
395.2
286.8
286.8
279.3
277.4
289.6
339.5
385.2
384.1
391.1
402.4
259.5
280.9
285.3
293.9
332.5
384.4
414.5
403.8
356.5
274.8
224.6
245.9
321.7
357.1
371.9
353.5
354.9
384.3
455.2
536.6
92.0
92.3
110.3
138.0
185.5
207.5
209.5
198.5
246.9
299.3
937.4
926.3
893.7
923.8
1,045.0
1,187.3
1,219.2
1,149.6
1,137.1
1,271.0
921.0
1,037.1
1,151.4
1,172.8
1,065.4
868.3
782.6
817.5
933.7
'945.7
467.0
518.3
541.5
480.9
416.5
353.4
333.4
363.1
419.8
'491.5
172.6
189.0
158.0
138.8
119.5
128.6
158.6
182.9
182.1
193.0
108.2
117.0
95.2
88.7
79.3
67.0
66.4
82.1
91.0
116.3
100.6
109.4
117.5
126.0
137.9
156.6
171.5
180.2
184.8
187.0
249.5
266.8
324.0
334.1
328.8
344.7
340.5
383.0
'469.9
470.8
44.5
40.2
40.7
36.1
23.8
20.8
14.8
14.0
11.2
12.2
272.7
334.3
344.6
354.4
335.2
365.5
386.6
403.9
439.3
495.5
1996- May
377.7
379.9
382.8
385.2
387.6
390.2
392.5
395.2
407.1
410.6
408.7
405.8
404.9
398.2
402.1
402.4
323.5
316.4
308.7
300.4
292.2
283.2
276.8
274.8
484.5
493.6
499.6
506.1
513.2
520.5
527.1
536.6
263.6
269.7
274.0
278.8
285.2
288.1
292.0
299.3
1,195.6
1,204.1
1,211.0
1,222.7
1,231.5
1,246.3
1,259.0
1,271.0
928.4
928.8
930.5
'934.0
'937.3
'941.0
'943.9
'945.7
442.5
448.9
'455.9
'460.4
'468.3
'480.9
'483.4
'491.5
202.7
195.3
194.1
192.3
194.1
195.5
194.6
193.0
97.0
97.8
97.9
98.4
101.2
107.1
109.3
116.3
186.1
186.4
186.7
186.9
187.1
187.1
187.0
187.0
'452.9
'470.5
'473.6
'478.1
'483.9
'476.6
486.5
470.8
10.7
11.1
11.5
11.7
12.0
12.1
12.2
12.2
468.0
470.1
473.0
477.7
482.0
479.6
483.2
495.5
397.0
401.7
400.5
404.2
402.4
402.8
403.7 '395.4
406.1
395.6
407.7 397.3
272.5
267.3
'261.5
'257.7
252.8
250.1
542.4
548.7
557.8
569.2
567.2
572.9
296.3
305.4
311.8
311.6
311.6
318.9
1,282.5
1,290.5
1,304.3
1,321.1
1,320.9
1.325.3
'946.9
'948.6
'948.1
'949.6
953.9
958.4
'493.3
'500.1
'509.2
'522.2
523.7
534.1
196.1
200.1
198.3
200.2
199.7
197.2
120.0
186.7
449.9
122.7
186.4 '448.0
125.1
186.3 '446.5
128.4 '186.2 '443.2
134.5 f 186.2 *>435.6
128.3
11.9
12.7
13.5
12.8
P13.1
509.1
517.5
525.9
537.8
P543.9
198719881989:
1990199119921993199419951996-
July
Sept
Oct
Nov
Dec
1997- Jan
Feb
Mar
May'
June
1
Balances in money funds with minimum initial investments of less than $f)0,000.
~ Balances in money funds with minimum initial investments of $50,000 or more.
:l
.Small denomination and larpe denomination deposits am those issued in amounts
than $100,000 and more than $100,000, respectively.
XOTE.— Travelers checks of
shown here.
ihank issuers are a component of money stock hut ;
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 NSA]
Adjusted for changes in reserve requirements
Borrowings of depository institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
19871988198919901991:
19921993:
19941995:
1996-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1996- June
July
Sept . .
Oct
Dec ....
1997- Jan
Feb
May
1
Data are prorated avt
..
.
..
.
. .
Nonborrowed
Nonborrowed
plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
38,895
40,428
40,522
41,797
45,563
54,383
60,545
59,404
56,386
50,063
38,118
38,712
40,257
41,471
45,371
54,260
60,463
59,195
56,129
49,908
38,601
39,957
40,277
41,494
45,371
54,260
60,463
59,195
56,129
49,908
37,849
39,381
39,600
40,132
44,584
53,228
59,482
58,236
55,108
48,639
239,799
256,905
267,625
293,190
317,403
351,347
386,880
418,484
434,523
452,669
777
1,716
265
326
192
124
82
209
257
155
93
130
84
76
38
18
31
100
40
68
483
1,244
20
23
1
1
0
0
0
0
54,038
53,221
52,181
51,280
50,076
49,811
50,063
53,652
52,854
51,847
50,912
49,789
49,597
49,908
53,652
52,854
51,847
50,912
49,789
49,597
49,908
52,888
52,156
51,221
50,242
49,082
48,776
48,639
439,686
442,262
443,999
445,812
447,077
449,365
452,669
386
368
334
368
287
214
155
192
284
309
306
212
109
68
0
0
0
0
0
0
0
49,517
49,008
48,312
47,430
'47,048
47,108
49,472
48,966
48,155
47,170
46,805
46,741
49,472
48,966
48,155
47,170
46,805
46,741
48,293
47,977
47,151
46,420
45,808
45,828
454,137
456,284
457,623
458,236
'459,610
461,420
45
42
156
261
243
367
19
21
37
88
173
243
0
0
0
0
0
0
, of biweekly (maintenance period) averages of daily
Source: Board of Governors of the Federal Reserve Syste:
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.9 percent in June; commercial and industrial loans rose 0.8 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE]
3,200
4,000
3,600
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
4,000
3,600 _
ALL COMMERCIAL BANKS
U.S. GOVERNMENT SECURITIES
-V
800
800
400
400
OTHER SECURITIES
200
200
I I I i l l i i l nl 160
1997
I II I II
160
1989
1990
1992
1991
1994
1993
1995
1996
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted l
Loans and leases in bank credit
Securities in bank credit
Period
1988- Dec r
1989- Deer
1990- Dec r
1991- Dec'
19921993199419951996-
Dee r
Dee r
Dec r
Dec r
Dec r
1996- June''
July
Sept7"
Ocf
Novr
Dec
1997- Jan r
Feb'
Mar r
Aw r
May r
Total
bank
credit
Total
securities
U.S.
loans CommerOther Total
Governand
cial and
securities
ment
industrial
leases securities
Total
Revolving
home
equity
Consumer
Security
Other
Other
2,435.5
2,609.2
2,754.6
2,859.0
2,958.4
3,118.3
3,332.5
3,616.2
3,769.6
562.2
585.1
634.9
745.8
843.0
917.6
951.9
996.1
989.2
367.4
401.0
457.0
566.1
666.2
732.7
730.6
707.9
706.0
194.9
184.2
177.9
179.7
176.8
184.9
221.2
288.1
283.2
1,873.3
2,024.1
2,119.7
2,113.2
2,115.4
2,200.7
2,380.6
2,620.2
2,780.3
607.6
638.8
641.1
619.6
596.2
586.6
646.0
718.2
783.2
675.2
770.3
856.3
880.6
901.5
941.5
1,003.4
1,079.9
1,127.9
40.0
50.2
62.3
69.6
73.5
73.0
75.3
79.1
85.2
635.2
720.1
794.0
811.0
828.0
868.4
928.1
1,000.8
1,042.7
357.2
377.7
383.2
366.4
358.9
391.2
452.4
496.5
520.9
40.7
41.5
45.4
55.4
65.6
90.3
79.1
86.6
78.7
192.6
195.7
193.9
191.3
193.3
191.3
199.7
239.0
269.7
3,672.0
3,685.6"
3,677.9
3,697.2
3,716.2
3,742.1
3,769.6
983.2
984.7
974.3
972.2
968.9
979.8
989.2
707.4
708.2
703.5
704.6
702.3
706.4
706.0
275.8
276.6
270.9
267.6
266.6
273.4
283.2
2,688.8
2,700.9
2,703.6
2,725.0
2,747.3
2,762.3
2,780.3
740.2
744.7
746.6
760.7
770.8
774.9
783.2
1,104.1
1,104.8
1,109.7
1,112.3
1,115.4
1,121.6
1,127.9
79.4
80.1
81.0
81.8
83.3
84.2
85.2
1,024.7
1,024.7
1,028.7
1,030.5
1,032.0
1,037.4
1,042.7
508.7
511.8
514.0
517.2
519.1
520.4
520.9
78.8
77.9
72.1
73.3
75.8
76.9
78.7
257.1
261.7
261.3
261.6
266.3
268.5
269.7
3,803.9
3,840.4
3,860.1
3,894.0
3,901.5
3,923.2
1,004.6
1,020.3
1,014.4
1,032.9
1,014.4
1,011.1
706.4
703.6
708.2
722.0
721.7
724.7
298.2
316.7
306.1
310.9
292.7
286.4
2,799.3
2,820.1
2,845.7
2,861.1
2,887.1
2,912.1
785.3
793.6
798.0
805.0
810.8
817.2
1,134.7
1,140.3
1,153.8
1,162.3
1,172.6
1,181.6
85.7
86.5
87.9
89.1
90.2
91.6
1,049.0
1,053.8
1,066.0
1,073.2
1,082.3
1,090.0
521.6
520.6
518.1
515.6
518.4
520.6
82.4
83.9
88.2
89.7
89.1
94.0
275.4
281.9
287.6
288.6
296.2
298.8
1
Data arc Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, brandies and a^meies of foreign banks, New York State investment
companies (through September 199tJ), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities.
28
Real estate
-Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
ornmercial banks in the United States.
Source: Hoard 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
Credit market funds
Period
Total
Internal '
Total
1987
1988
1989
649.0
852.7
745.4
594.0
490.8
601.5
700.1
768.7
948.0
948.7
856.6
911.2
1,001.5
1,022.7
1,005.4
883.8
933.9
971.6
1,059.1
.. .
1990
1991
1992
1993
1994
1995
1996
1995- I
II
III
IV
1996- I .
II
Ill
IV
1997: IP
375.1
409.0
398.0
410.5
423.7
440.2
482.2
527.1
544.7
593.6
518.4
528.2
559.6
572.5
579.6
587.7
599.5
607.4
621.9
Total
273.9
443.7
347.4
183.5
67.1
161.3
217.9
241.6
403.3
355.1
338.2
383.0
441.9
450.2
425.8
296.1
334.4
364.2
437.2
Securities
and mortgages
29.1
-.2
-35.9
-26.6
73.9
67.1
85.5
-37.2
-2.1
15 8
-20.2
34.5
45 3
22.2
-46.8
58.1
-96.2
21.8
-26.3
73.2
95.5
59.0
47.0
-36.8
61.1
69.0
73.6
123.2
65.2
161.0
187.0
41.0
103.7
38.5
121.1
73.0
28.2
104.4
1
Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed
capital, foreign earnings retained abroad, and inventory valuation adjustment.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in tkn TI W
Loans and
short-term
paper
44.1
95.7
94.9
73.6
-110.7
-6.0
165
110.8
125.3
81.0
181.2
152.5
86.3
81.5
85.3
63.0
169.2
6.4
130.7
Total
Other2
200.8
348.1
288.4
136.5
103.9
100.1
148.9
168.1
280.1
289.9
177.2
196.0
400.9
346.4
387.2
175.1
261.4
336.1
332.8
Increase in
financial
assets
Capital
expenditures ;f
592.0
756.1
632.8
510.6
501.7
557.4
792.9
774.3
958.6
952.8
830.0
939.7
998.9
1,065.6
967.0
900.5
997.2
946.2
1,075.7
357.4
373.2
399.3
395.3
371.9
389.9
435.6
496.0
550.4
555.8
558.4
537.3
577.9
527.9
524.8
533.8
578.4
586.0
616.6
Discrepancy
(sources
less
uses)
57.1
96.5
112.6
83.5
-10.9
44.1
234.6
382.9
233.5
115.3
129.8
167.5
357.3
278.3
408.2
397.0
271.6
402.4
421.0
537.7
442.2
366.7
418.8
360.2
459.1
no
Q
U£i.O
-5.6
-10.5
-4.0
26.7
-28.5
2.7
-43.0
38.4
-16.6
-63.2
25.5
-16.5
:(
Plant and equipment, residential structures, inventory investment, and access rights from
U.S. Government.
Source: Hoard of Governors of" the Federal Reserve System.
CONSUMER CREDIT
(Billions of dollars; seasonally adjusted!
Consumer credit outstanding (end of period)
Period
Total
1987:
1988:
19891990:
199119921993:
1994:
1995:
1996:
1996:
Dec
Dec-'
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec-May
June
July
Aug
Sept
Oct
Decr
1997: Jan''
Feb-Mar r
Apr r
May
1
671.7
729.9
781.9
796.4
781.1
784.9
844.1
966.5
1,103.3
1,192.5
1,148.3
1,155.1
1,168.7
1,176.8
1,177.6
1,185.3
1,190.2
1,192.5
1,202.4
1,208.7
1,211.4
1,221.1
1,224.1
Automobile
Revolving
266.1
285.5
291.0
282.4
259.3
257.1
279.8
317.2
350.8
375.2
362.3
367.7
373.2
372.8
373.4
375.2
374.6
375.2
376.0
376.0
375.0
379.5
377.8
For year-end data, change from preceding year-end; for monthly data, change from preceding month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc., plus noninstallment credit.
153.3
174.5
198.6
223.3
245.8
257.8
287.0
339.3
413.9
467.9
443.5
445.4
451.1
454.4
454.0
458.4
464.3
467.9
475.5
479.7
480.4
485.8
486.5
Net change in consumer credit outstanding '
Other2
252.4
269.9
292.3
290.7
276.1
269.9
277.3
309.9
338.6
349.5
345.2
341.9
344.5
349.6
350.2
351.7
351.3
349.5
351.0
353.0
355.9
355.8
359.8
Total
32.8
58.2
(4)
14.5
-15.3
3.8
59.2
122.4
136.8
89.2
6.5
6.8
13.6
8.1
.8
7.7
4.9
2.3
9.9
6.3
2.7
9.7
3.0
Automobile
18.9
19.4
(4)
-8.6
-23.1
-2.2
22.7
37.4
33.6
24.4
1.1
5.4
5.5
-.4
.6
1.8
-.6
.6
.8
.0
-1.0
4.5
-1.7
Revolving
17.3
21.2
(4)
24.7
22.5
12.0
29.2
52.3
74.6
54.0
5.6
1.9
5.7
3.3
-.4
4.4
5.9
3.6
7.6
4.2
.7
5.4
.7
Other2
-3.3
17.5
(4)
-1.6
14 6
-6.2
7.4
32.6
28.7
10.9
-.3
-.6
2.6
5.1
.6
1.5
4
-1.8
1.5
2.0
2.9
-.1
4.0
;l
Data newly available in January 1989 result in breaks in many series between December
1988 and subsequent months.
4
Because of breaks in series, net change not available.
Source: IJoard of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Overall, interest rates fell in July.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
12
— ~\
10
\
'^ N ^ X \
,_
CORPORATE Ana BONDS
(MOODY'S]
^
/
-'"
.^
x\
r
X^
""
J
\
X
"S,
TREASURY
BILLS /
8
X
/~~\. ^ X
6
""— v.
"1
J
,
-. _
4
1f
/r
7^1DISC DUNT
R/ TE
2
RESERVE
BANK OF
NEW YORK
[mill
M
1989
1 1 1 1 M
1 1 1
I M i I 1 M I I 1 I M I I 1 I I I I I 1 M 1 I1 1 1 1 M
1991
1990
1 1 M
1993
1992
1 I1 M
1 1
1994
1 M
1 1 1 1 1 1 1 1
1995
SOURCE: SEE TA81E BELOW
IMM,
1996
M
1 1 1 1 M
1 1 ^
0
1997
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1987
1988
1989
1990 ... .
1991
1992
1993
1994
1995
1996
1996:
July
Auer
Sept
Oct
Nov ... .
Dee
1997: Jan
Peb
Mar
Apr
Mav
June
July
Week ended:
1997: July 5
12
19
26
Auff
2
1
3-month
bills (new
issues) '
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard
& Poor's) •>
Prime
commercial
paper,
6 months '
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.51
5.02
5.17
5.09
5.15
5.01
5.03
4.87
5.05
5.00
5.14
5.17
5.13
4.92
5.07
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
5.99
6.45
6.21
6.41
6.08
5.82
5.91
6.16
6.03
6.38
6.61
6.42
6.24
6.00
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
6.44
6.87
6.64
6.83
6.53
6.20
6.30
6.58
6.42
6.69
6.89
6.71
6.49
6.22
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
5.75
5.91
5.72
5.86
5.71
5.59
5.62
5.72
5.63
5.78
5.88
5.71
5.60
5.41
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
7.59
7.37
7.65
7.46
7.66
7.39
7.10
7.20
7.42
7.31
7.55
7.73
7.58
7.41
7.14
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
5.42
5.67
5.51
5.66
5.45
5.40
5.44
5.48
5.42
5.60
5.79
5.78
5.69
5.60
5.12
4.97
5.05
5.11
5.12
6.17
6.03
6.02
5.97
5.90
6.42
6.26
6.23
6.18
6.11
5.60
5.50
5.37
5.32
5.26
7.35
7.19
7.15
7.09
7.01
5.66
5.62
5.60
5.57
5.57
Bank-discount basis.
a
Yields on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
;t
Weekly data are Wednesday figures.
4
Average effective rate for year; owning; and closing rate for month and week.
30
Corporate
Aaa bonds
(Moody's)
Discount rate
(N.Y. F.K.
Bank) 4
Prime rate
charged by
banks 4
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
5.21
5.02
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
8.83
8.27
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.25-8.25
8.25-8.25
8.25-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
New-home
mortgage
yields
(FHFB) »
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.87
7.80
8.01
8.08
7.98
7.95
7.80
7.79
7.81
7.78
7.88
8.03
8.01
7.95
5
Kffective rate (in the primary market) on conventional mortgages, reflecting fees arid
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Hoard of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in July.
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
500
480
460
440
420
400
380
360
340
320
300
280
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
500
480
460
440
420
400
380
360
340
320
300
280
COMPOSITE STOCK PRICE INDEX
(NYSEI
220
260
240
220
200
200
260
240
180
160
160
1991
1989
1992
1994
1993
1995
1996
1997
PERCENT
20
PERCENT
20
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
10
5
0
1989
1990
1991
1992
1996
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD 8, POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common stock yields
(percent) 6
Common stock prices '
New York Stock Exchange indexes (Dec. 31, 1965
except as noted) -
Period
Composite
1987
1988
1989
1990
1991
1992
1993 .
1994
1995
1996
1996: July
1997:
Sept
Oct
Nov
Dec
Jan
Feb
Mar
May
July
Week ended:
1997- July 5
12
19
26
Aus 2
.
1
Average
8
Includes
3
...
Industrial
Transportation
Utility3
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's composite index
(194143 = 10)5
Dividendprice ratio
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
291.15
358.17
345.52
354.59
360.96
373.54
388.75
391.61
403.58
418.57
416.72
401.00
433.36
457.07
480.94
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
453.98
438.58
449.41
459.69
473.98
490.60
494.38
509.64
524.30
523.08
506.69
549.65
578.57
610.42
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.41
327.33
316.66
321.61
323.12
332.93
348.32
352.28
359.40
364.15
372.87
366.67
395.50
410.94
433.75
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
220.30
249.77
245.31
244.74
242.25
249.61
258.85
257.09
263.91
271.36
264.78
253.18
268.18
280.48
288.51
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
303.89
287.89
302.95
308.16
324.42
345.30
350.01
361.45
388.75
387.21
364.25
392.32
419.12
441.59
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
4,493.76
5,742.89
5,496.26
5,685.50
5,804.01
5,996.21
6,318.36
6,435.87
6,707.03
6,917.48
6,901.12
6,657.50
7,242.36
7,599.60
7,990.65
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
541.64
670.83
644.07
662.68
674.88
701.46
735.67
743.25
766.22
798.39
792.16
763.93
833.09
876.29
925.29
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
2.19
2.28
2.22
2.20
2.11
2.01
2.01
1.95
1.89
1.91
1.98
1.85
'1.77
1.66
469.46
476.29
480.65
483.60
490.68
594.63
603.97
611.71
614.81
621.16
421.68
429.53
432.70
436.49
444.04
287.01
289.65
287.64
286.84
290.60
430.35
435.80
437.55
443.83
457.61
7,771.58
7,894.36
7,969.76
8,057.42
8.193.44
899.28
913.79
925.53
932.51
946.49
1.71
1.70
1.65
1.64
1.62
of daily dosing prices.
all the slocks (more than 2,000 in 1992) listed on the NYSE.
Dec. 31, 1965=100. Effective April 27, 1998 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. All indexes shown hen; reflect
the4 doubling.
Includes 30 stocks.
5
Includes 500 stocks.
1997
Earningsprice ratio
5.48
8.01
7.42
6.47
4.79
4.22
4.46
5.83
6.09
5.24
5.24
5.23
'5.31
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's
Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 9 months of fiscal 1997, there was a deficit of $10.9 billion, compared with a deficit of $74.0 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
700
-100
-100
^"^^^_
-200
-300
-400
_—-—""^^
-200
^~~-~-—-——____—- —^^
A
\
'
1Q«R
\
19H9
1
19OTI
1
1051
1997
-300
1
1
1991
1994
1
199S
*> INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1
199A
N -400
1907
*
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars)
On-budget
Total
Fiscal year or period
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988 . ...
1989
1990
1991
1992
1993
1994
1995
1996
1997 (estimates)
Cumulative total, first 9
months: '
Fiscal year 1996 ...
Fiscal year 1997 ...
Receipts
Outlays
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.2
769.3
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,505.4
458.7
504.0
590.9
678.2
745.8
808.4
851.9
946.5
990.5
1,004.2
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.4
1,461.7
1,515.7
1,560.3
1,631.0
1,091.2
1,191.5
1,165.2
1,202.4
Receipts
Outlays
-59.2
-40.7
-73.8
-79.0
-128.0
-207.8
-185.4
-212.3
-221.2
-149.8
-155.2
-152.5
-221.2
-269.4
-290.4
-255.0
-203.1
-163.9
-107.3
-125.6
314.2
365.3
403.9
469.1
474.3
453.2
500.4
548.0
569.0
641.0
667.8
727.5
750.3
761.2
788.9
842.5
923.6
1,000.8
1,085.6
1,116.5
369.1
404.1
476.6
543.1
594.4
661.3
686.1
769.7
807.0
810.3
861.8
932.8
1,028.1
1,082.7
1,129.3
1,142.8
1,182.4
1,227.1
1,259.9
1,316.0
-54.9
-38.7
-72.7
-74.0
-120.1
208 0
-185.7
-221.7
-238.0
-169.3
-194.0
-205.2
-277.8
-321.6
-340.5
-300.4
-258.8
-226.3
-174.3
-199.5
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.5
388.9
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
300.5
315.0
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
67.0
73.9
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,921.0
5,181.9
5,453.7
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.1
3,603.4
3,733.0
3,875.8
-74.0
-10.9
812.7
897.6
951.3
981.8
-138.6
-84.2
278.5
293.9
213.9
220.6
64.6
73.3
5,118.6
5,332.6
3,693.7
3,760.5
1
Data from Monthly Tmtsury Statement.
NOTK.—Data (except as noted) are from Kwlyet uf the United Stair* Gmwrnmrnt, fixwil Year
i!W8, issued Ft-bniary ti, 1997.
32
Federal debt (end of
period)
Off-budget
Surplus
or
deficit
(-)
Surplus
or
deficit
(-)
Receipts
Outlays
Surplus
or
deficit
(-)
Gross
Federal
Sonrees: Department of tlie Treasury- and Office, of Management and Budget.
Held by
the public
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 9 months of fiscal 1997, receipts were $100.3 billion higher than a year earlier and outlays were $37.2
billion higher.
BILLIO MS OF DOLLARS
700
BILLIONS OF DOLLARS
RECEIPTS
-•-•
700
'
600
600
500
500
400
400
CORPORATION
INCOME TAXES
300
SOCIAL INSURANCE
IAXLS AND CON IklbUI IONS
300
\
200
200
100
,
0
,
,
,
,
,
OTHER RECEIPTS
,
100
,
0
1,400
1,400
OUTLAYS -^
1,300
1,300
1,200
1,200
1,100
1,100
1,000
1,000
^^^
900
900
__-'"'''
800
800
•"""
700
700
600
600
500
500
NATIONAL DEFENSE
400
400
300
300
200 /
I
V
1988
I
I
I
1989
1990
I
I
1991
1992
I
1993
1
1994
1
1995
I
K
200
1997 ^
1996
J
INCLUDES ON-BUDGET AND Of F-BUDGET ITEMS.
jOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Oil-budget and off-hue get receipts
Individ-
Fiscal year or period
Total
ual
taxes
Corporation
income
taxes
On-hudget and off-budget outlays
Nationa defense
Social
instirti XCS
Other
Total
Total
eo itribn ions
Department of
Defense,
military
Internation-
al
affairs
Health
Medicare
Income
Social
security
\et
interest
Other
399.6
463.3
517.1
599.3
617.8
600.6
666.5
181.0
217.8
244.1
285.9
297.7
288.9
298.4
60.0
65.7
64.6
61.1
49.2
37.0
56.9
121.0
138.9
157.8
182.7
201.5
209.0
239.4
37.7
40.8
50.6
69.5
69.3
65.6
71.8
458.7
504.0
590.9
678.2
745.8
808.4
851.9
104.5
116.3
134.0
157.5
185.3
209.9
227.4
102.3
113.6
130.9
153.9
180.7
204.4
220.9
7.5
12.7
13.1
12.3
11.8
15.9
18.5
20.5
23.2
26.9
27.4
28.6
30.4
22.8
26.5
32.1
39.1
46.6
52.6
57.5
61.5
66.4
86.6
99.7
107.7
122.6
112.7
93.9
104.1
118.5
139.6
156.0
170.7
178.2
42.6
52.5
68.8
85.0
89.8
111.1
114.7
120.2
131.3
133.5
125.4
122.2
118.6
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997 (estimates)
734.2
769.3
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,505.4
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
656.4
672.7
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.0
171.8
176.2
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
484.5
509.4
535.8
73.1
73.3
74.6
79.3
82.8
91.5
93.1
101.4
98.9
113.7
120.1
115.4
120.8
946.5
990.5
1,004.2
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.4
1,461.7
1,515.7
1,560.3
1,631.0
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.1
265.7
267.2
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.4
253.2
254.3
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
17.2
17.1
16.4
13.5
14.8
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
107.1
115.4
119.4
127.6
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
159.9
174.2
194.3
128.2
119.8
123.3
129.4
136.1
147.1
170.3
197.0
207.3
214.1
220.5
226.0
238.9
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
349.7
367.7
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
241.1
247.4
131.9
142.3
126.1
139.7
159.3
204.3
225.7
174.7
160.4
174.5
163.4
170.7
173.2
Cumulative total, first 9 months: ]
Fiscal year 1996
Fiscal year 1997
1,091.2
1,191.5
491.8
559.7
128.7
139.0
385.8
405.0
84.9 1,165.2
87.8 1,202.4
197.3
201.8
188.1
192.9
11.2
12.1
88.5
92.8
128.6
141.3
173.5
179.0
262.0
273.7
180.1
184.3
123.9
117.4
1978
1979
1980 .. ..
1981
1982
1983 ... .
1984
1
Data from Monthly Treasury Ktalemmt.
7.5
35.5
Sources: Department of the Treasury and Office of Management and Budget.
N'OTK.—Data (except as noted) are from Htulgrt of the UnitrA Ktntrji (Itmt
1!>!M, issued February 6, 1397.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1997, according to advance estimates, Federal current expenditures rose $11.3 billion
(annual rate); receipts data are incomplete. (Series revised.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,800
1,800
SEASONALLY ADJUSTED ANNUAL RATES
,-/
-
r
1,600
--'
-
s
1,400
CURRENT EXPENDITURES __ _ -
jT
1,600
-
^
1,400
-
-''
/•
1,200
-
^-^
1,000
-
_-^"
**" — "*f
800
— —_
r^
r--'
'—
'
/
.
1,200
'
^
-
1,000
*/-
RECEIPT i
800
^—'^"
-
600
600
-
-
400
400
-
200
200
-
CURREhIT SURPLL SORDE =ICIT ( - 1
0
0
__ r\~
~\
'
•^
S"
^
V
' ~^-~
—"^~
^
'
400
1
1982
1983
!
I !
1984
! 1
1985
I
1 !
1986
i i i
1987
I I I
1988
1
1
1
1989
!
1 1
1990
i i i
1991
—
!
1
1992
^\
\
\
1993
1
1 !
1994
\
\ \
1995
^
I
I !
1996
-200
1
1
1
-400
1997
CALEND AR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Personal
tax and
nontax
receipts
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
Contributions
for
social
insurance
1,129.8
1,149.0
1,198.5
1,275.1
1,374.8
1,463.2
1,587.6
485.7
476.9
490.8
522.6
562.3
605.8
686.7
118.0
109.8
118.6
138.3
156.7
182.1
194.5
65.1
79.7
81.9
86.9
98.7
93.5
95.8
461.1
482.6
507.1
527.3
557.1
581.8
610.5
1,277.2
1,327.2
527.1
543.4
135.0
154.5
85.9
93.8
1,324.5
1,381.1
1,383.8
1,409.5
542.0
574.3
561.6
571.1
136.9
153.4
163.4
173.2
1,429.0
1,459.0
1,472.8
1,491.9
581.4
608.2
607.5
626.0
1,526.3
1,583.8
1,593.6
1,641.6
1,675.3
Period
Total
Calendar year:
1990
1991
1992
1993'
1994'
1995 '
1996'
1993: III'
IV'
1994: I'
II'
Ill'
IV'
1995: I'
II'
Ill'
IV'
1996: I'
II'
Ill'
IV'
1997: I'
HP
Federal Government current expenditures
Grantsin-aid
to
Net
State
interest
and
paid
local
governments
Subsidies less
current
surplus
of
Government
enterprises
Less:
Wage
accruals less
disbursements
Consumption
expenditures
Transfer
payments
1,284.5
1,345.0
1,479.4
1,525.7
1,561.4
1,637.6
1,698.1
426.6
445.9
451.0
447.3
443.2
443.5
451.5
513.3
522.2
625.1
659.9
683.0
720.9
763.5
132.4
153.4
172.2
185.8
199.2
211.9
218.3
179.9
192.7
195.8
192.7
200.0
224.8
227.1
32.4
30.8
35.1
40.1
35.9
36.4
37.7
0.1
-.1
.0
.0
.0
.0
.0
-154.7
-196.0
-280.9
-250.7
-186.7
-174.4
-110.5
529.3
535.5
1,527.8
1,551.9
447.0
449.2
661.3
675.5
187.3
196.9
192.9
192.5
39.2
37.8
.0
.0
-250.6
-224.6
98.2
98.1
99.3
99.0
547.4
555.3
559.5
566.2
1,533.5
1,544.3
1,571.4
1,596.4
442.4
439.2
450.5
440.8
670.6
676.9
683.8
700.7
194.5
196.2
199.6
206.6
189.9
196.6
202.8
210.8
36.0
35.4
34.8
37.5
.0
.0
.0
.0
-209.0
-163.2
-187.6
-186.8
179.0
178.7
186.9
183.8
94.3
93.8
93.7
92.2
574.3
578.3
584.7
589.9
1,620.6
1,638.5
1,649.3
1,642.0
444.8
444.0
449.0
436.3
709.5
718.0
725.1
731.1
212.2
216.5
210.6
208.5
218.8
223.9
227.5
229.0
35.3
36.1
37.0
37.2
.0
.0
.0
.0
-191.5
-179.5
-176.5
-150.2
644.9
688.8
695.7
717.5
192.1
197.2
196.7
192.0
91.7
90.0
91.5
110.2
597.6
607.8
614.8
622.0
1,679.9
1,695.4
1,698.2
1,718.8
444.6
453.7
454.0
453.6
757.6
757.5
761.5
777.3
213.7
223.2
218.7
217.5
226.6
223.5
226.6
231.8
37.4
37.5
37.4
38.5
.0
.0
.0
.0
-153.6
-111.6
-99.5
-77.1
746.9
770.7
204.9
88.2
92.2
635.3
641.4
1,730.8
1,742.1
458.0
466.8
785.9
790.6
219.6
216.3
228.9
230.3
38.4
38.1
.0
.0
-55.5
Total
Sonrei1: Department of Commerce, Bureau of Economic Analysis.
34
Current
surplus
or
deficit
(-),
national
income
and
product
accounts
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1992=100; seasonally adjusted)
Period
United
States
Canada
Japan
93.1
97.3
99.0
98.9
96.9
100.0
103.4
108.6
112.1
115.2
101.6
106.9
106.8
103.2
98.9
100.0
104.5
111.8
115.6
117.6
86.4
94.5
99.9
104.2
106.1
100.0
95.8
97.0
100.2
102.9
'116.1
'116.8
'102.9
Oct
Nov
Dee
114.8
115.5
115.5
115.8
116.0
116.2
117.2
117.7
'118.8
'120.3
'118.9
'106.1
'105.2
'105.2
1997: Jan
Feb
Mar
117.8
118.4
118.8
120.2
'110.5
'107.0
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996: May
July
Aug
Sept
.. .
'119.3
'119.5
May
'99.6
118.5 '103.6
118.6 '102.2
118.9 '103.7
'120.5
'120.3
'122.2
122.2
93.0
97.3
100.9
102.4
'101.2
100.0
96.2
99.8
'101.8
'102.4
'102.5
'102.1
'103.5
'103.5
'102.8
'102.5
'102.4
103.0
101.7
103.5
102.8
106.4
106.0
'106.0
'110.4
104.3
119.9
1
France
Germany
Consumer prices (1982-84=100; NSA)
United
Kingdom
Italy
86.4
89.8
94.0
98.9
101.7
100.0
92.5
95.3
96.5
96.5
92.4
97.9
100.9
101.1
100.2
100.0
97.6
102.6
108.2
106.4
'96.7
96.7
'97.9
'97.7
'97.4
'96.8
97.8
97.6
98.5
98.8
98.9
'99.4
99.6
United
States '
'96.6
Canada
Japan
Germany
France
Italy
United
Kingdom
'107.6
'110.0
'111.2
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
156.9
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
151.4
153.7
104.8
105.6
108.1
111.4
115.0
116.9
118.4
119.3
119.1
119.3
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
148.4
151.5
104.9
106.3
109.2
112.2
116.2
120.9
125.2
128.6
130.8
132.6
212.0
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
175.2
179.4
105.9
108.3
105.0
106.9
106.0
105.2
105.7
103.7
'111.6
'110.7
'111.6
'111.1
'111.8
'111.4
'112.0
'112.5
156.6
156.7
157.0
157.3
157.8
158.3
158.6
158.6
153.9
153.7
153.7
153.9
154.1
154.4
155.1
155.1
119.7
119.4
119.3
119.1
119.6
119.9
119.5
119.6
151.9
151.7
151.5
151.1
151.6
152.0
151.9
152.1
132.6
132.8
133.2
133.1
133.0
133.0
132.9
133.2
212.2
212.7
212.2
212.4
213.1
213.3
213.9
214.1
179.6
179.8
179.1
179.9
180.7
180.7
180.8
181.4
104.0
107.1
107.7
108.4
108.7
'112.2
'111.6
'111.4
'112.5
159.1
159.6
160.0
160.2
160.1
160.3
155.4
155.7
156.0
156.0
156.1
156.5
119.5
119.3
119.4
121.8
122.0
122.0
152.5
152.8
152.9
152.9
153.2
153.2
133.9
134.4
134.3
134.0
134.6
135.0
214.5
214.7
214.9
215.1
215.7
215.7
181.4
182.1
182.6
183.6
184.3
185.1
'101.2
'103.4
'103.1
'99.6
100.0
102.2
111.4
107.4
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
204.0
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).
Data relate to all urban consumers.
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Services
(BOP basis)
Goods: Imports (customs value)
Goods: Exports (f.a.s. value)
' n( y en<
> l -use <,a egory)1 1
(_p ensus oasis
Balance of trade
(exports minus unpo s)
C'
1 asis
•' ((hy em
> 1-usei (.a egory)1
(..ensus
BUI oasis
Period
BOP
basis
Auto- ConInmo- sumer
Capdustive goods
ital
trial goods vehi- (nonTotal, feeds,' supfood)
Census and
explies except cles,
auto- parts cept
bevbasis2
and
and
erages mate- moautoentive
rials
gines motive
BOP
basis
Total,
Census
basis 2
InCapFoods, dusital
trial
goods
feeds,
supexcept
and
plies
bevautoand
moerages matetive
rials
Auto- Conmo- sumer
tive goods
vehi- (noncles, food)
parts except
autoand
moentive
gines
Exports
Imports
Cowls,
Census
basis
Cowls
Services
Cowls
and
services
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.4
575.9
612 1
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
584.7
625 1
24.3
32.3
37.2
35.1
35.7
40.3
40.6
42.0
50.5
55 5
66.7
85.1
99.3
104.4
109.7
109.1
111.8
121.4
146.2
147.7
86.2
109.2
138.8
152.7
166.7
175.9
181.7
205.0
233.0
252.9
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.8
61.8
65.0
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
64.4
70.1
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
749.4
803.2
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
743.5
795.3
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
33.2
35.7
111.0
118.3
132.3
143.2
131.6
138.6
145.6
162.1
181.8
204.5
84.5
101.4
113.3
116.4
120.7
134.3
152.4
184.4
221.4
229.1
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
123.8
128.9
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
159.9
171.0
98.6
111.0
127.1
147.8
164.2
177.2
186.7
197.2
218.7
236.8
92.3
100.0
104.2
120.0
121.2
120.3
126.4
135.5
147.0
156.6
-152.1
-118.5
-109.4
-101.7
— 66.7
- 84.5
-115.6
-150.6
-158.8
- 170.2
-159.6
-127.0
-115.2
-109.0
— 74.1
-96.1
— 132.6
-166.2
- 173.6
— 191.2
6.2
11.1
23.0
27.8
43-0
56.9
60.3
61.8
71.7
80.1
-153.4
-115.9
-92.3
-81.2
-31.0
-39.2
- 72.3
- 104.4
-101.9
— 111.0
1996: May
June
July
Aug
Sept
Oct
Mov
Dec
51.3
51.3
49.1
51.3
50.4
52.5
53.2
52.1
52.4
52.2
50.5
52.6
51.7
53.6
54.5
53.4
4.7
4.5
4.7
4.7
4.4
4.5
5.0
4.4
12.5
12.3
11.6
12.3
12.2
12.7
12.3
12.5
21.1
20.9
20.1
21.2
20.4
22.0
22.2
22.1
5.4
5.6
5.3
5.5
5.7
5.4
5.9
5.5
5.9
5.9
5.6
5.9
5.9
6.1
6.1
6.0
68.1
66.2
66.8
68.0
68.4
67.8
68.4
69.8
66.9
65.3
66.4
67.2
68.1
67.5
68.1
69.6
3.0
2.9
2.9
3.0
3.0
3.0
3.0
3.2
17.4
16.7
17.3
17.4
17.8
18.3
17.6
18.7
19.0
18.8
18.7
19.0
19.1
18.9
19.3
19.6
11.0
10.8
11.0
11.2
11.2
10.2
11.2
10.8
14.3
13.9
14.1
14.4
14.8
15.0
14.7
15.1
20.0
19.6
19.4
19.9
20.0
20.6
20.8
20.3
13.1
12.8
13.3
13.1
12.9
13.2
13.2
13.2
-14.4
-13.1
-15.9
-14.6
-16.4
-13.9
-13.6
-16.1
-16.8
-14.8
-17.8
-16.8
-18.0
- 15.3
-15.2
-17.7
6.9
6.7
6.1
6.8
7.1
7.4
7.5
7.1
-10.0
-8.1
-11.6
-10.0
-10.9
-7.9
-7.7
-10.6
1997: Jan
Fcb
Mar
Apr'
May ....
51.7
53.7
57.2
57.2
56.3
52.2
54.4
58.1
57.9
57.3
4.3
4.3
4.2
4.2
4.0
12.1
12.7
13.7
13.5
13.3
21.6
22.7
24.7
25.0
24.7
5.6
5.9
6.2
6.2
5.9
6.1
6.3
6.5
6.3
6.6
69.8
70.4
72.0
72.7
73.4
69.6
70.0
70.6
71.7
72.5
3.1
3.1
3.3
3.4
3.4
17.9
17.6
18.0
17.6
17.8
19.5
19.4
20.4
20.7
21.1
11.8
12.1
11.7
11.4
11.7
15.1
15.3
14.9
16.2
16.1
20.3
20.7
21.0
20.7
20.9
13.6
13.8
13.9
13.9
14.1
-17.4
-15.7
-12.4
- 13.8
-15.2
-18.1
-16.8
-14.9
-15.5
-17.0
6.7
6.9
7.1
6.8
6.8
-11.5
-9.9
-7.8
-8.7
-10.2
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1
2
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imjK>rts, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1997, the goods deficit rose to $49.8 billion, from $48.2 billion in the fourth quarter of 1996.
The current account deficit rose to $41.0 billion, from $36.9 billion in the fourth quarter.
BILLIONS OF DOLLARS *
BILUONSOFDOUARS*
1987
* SEASONAU.Y ADJUSTS)
SOURCE: DEPARTMENT Of COMMERCE
COUNOt OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits ( — ) ]
Services
Goods'
Exports
Imports
Net
balance
Net
military
transactions 2 :t
250,208
320,230
362,120
389,307
416,913
440,352
456,832
502,398
575,871
612,069
-409,765
-447,189
-477,365
— 498,337
— 490,981
-536,458
-589,441
- 668,590
-749,431
- 803,239
-159,557
-126,959
— 115,245
— 109,030
— 74,068
-96,106
-132,609
-166,192
-173,560
-191,170
-3,844
- 6,320
-6,749
7 599
— 5,274
-M48
1,269
1,874
3,866
3,786
1995: I
II
Ill
IV
138,389
143,181
145,360
148,941
- 182,790
- 190,739
-188,180
- 187,722
-44,401
-47,558
- 42,820
-38,781
1996: I
IV
150,048
153,411
150,764
157,846
-192,973
-200,973
-203,257
-206,036
IP
162,527
-212,314
Period
1987 .
1988
1989
1990
1991
1992
1993
1994
1995
1996
. ..
II
in
1997:
1
Net
travel
and
transportation
receipts
Investment income
Other
services,
net
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
17,661
19,969
25,662
27,401
31,?84
38,373
39,274
43,383
46,640
51,631
-153,353
-115,900
— 92,288
— 81,225
— 31,027
-39^207
-72,301
— 104,416
-101,857
-111,040
100,511
129,366
153,659
163,324
141,408
125,852
129,844
154,510
196,880
206,400
-91,302
-115,722
— 138,639
— 139,402
— 121,159
— 107,836
-110,176
— 144,787
- 190,072
-203,577
722
984
1,289
871
-7,613
-2,591
4,043
8,002
17,032
19,974
19,764
16,519
21,197
24,713
4,312
4,333
5,755
6,796
11,062
11,442
11,892
12,240
-28,305
-30,799
-23,884
-18,874
47,218
50,303
49,130
50,230
-45,171
-47,080
-49,531
-48,290
- 42,925
-47,562
-52,493
-48,190
485
1,214
792
1,295
5,194
5,818
6,559
7,147
12,707
12,751
12,626
13,550
-24,539
-27,779
-32,516
-26,198
49,277
50,188
51,893
55,043
-47,216
-49,305
-53,263
-53,793
-49,787
518
6,318
13,834
-29,117
54,950
-58,090
Adjusted from Census data for differences in timing and coverage; excludes military.
2
Transfers under U.H. military agvncy sales contracts (exports) minus direct defense expenditures (imports).
36
Balance
on
goods
and
services
:i
Net
Balance
on goods, Unilatera
services, transfers,
net 4
and
income
Balance
on
current
account
9,209 — 144,144 — 23,909
13,644 - 102,256 -25,988
15,020 — 77,268 — 26,963
23,921 — 57 304 — 34 588
20,249 — 10,779
5,122
18,016 — 21,191 — 35,192
19,668 -52,634 — 38,137
9,723 — 94,693 — 38,845
6,808 - 95,049 -34,046
2,824 -108,216 -39,968
2,047 -26,258 -8,451
3,223 -27,576 -8,128
-24,285 -8,847
-401
1,940 -16,934 -8,620
— 168,053
- 128,245
— 104,231
— 91,892
-5,657
— 56,383
-90,771
— 133,538
-129,095
-148,184
2,061
883
-1,370
1,250
-22,478 - 10,406
-26,896 -8,689
-33,886 -8,947
-24,948 -11,926
-32,884
-35,585
-42,833
-36,874
-3,140
-32,257
-40,966
- 8,709
Quarterly data are not seasonally adjusted.
4
Includes transfers of goods and services nude U.S. military tyrant programs
.SVp. 37 for amtinuatian of table.
-34,709
-35,704
-33,132
-25,554
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $56.6 billion in the first quarter
of 1997, following an increase of $66.7 billion in the fourth quarter of 1996. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $18.9 billion in the first quarter, following an increase
of $39.0 billion in the fourth quarter.
BILUONSOf DOLLARS*
200
BILLIONS OF DOl ARS200
ft
/\
180
/
\
160
180
160
'
Q-KNGE IN
FOREIGN ASSETS
140
120
100
80
60
40
\
-
-
,
-_ / A * i\/
/
1
0
-20
~\
'-
v ;i i\ / '
V
-
1
V A'
/\
- ^^/
-40
\\/ ^
-60
-
N'
-
'
100
80
/
\ /
v
-
60
-
40
-
20
-
/^X
\s
J
0
v
A
.
-
A
-20
"\
CHANGE IN
U.S. ASSETS
iABROAD, NE
-80
sV
-
^*~\
1
\
A
\ \\
\ v
»
-100
-120
-40
-
A
/ \
-60
-
-80
\
-
\
/
-
11y
\ ,
-140
-160
120
v;
>-/
A M
^AV/
V
UO
-
\ /
/
(
B V
-\
'
/ '\%
*i
i
\
'
l~\
*
20
A
V
\
\'
'
'
!
1
1
1987
I I I
t
1988
!
!
1989
1
1
!
1
!
1
,
1991
1990
,
1992
,
1
!
1
1993
1
1
!
1994
i i i
1995
* SEASONAliY AD USTED
SOURCE: DEPARTMENTOFCOMMERC E
1996
-120
-
-160
1997
COUNOIOFECC NOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
U.S. assets abroad, net
[increase/capit
)]
Period
Total
1987
1988
1989
1990
1991
1992
1993 . ...
1994
1995
1996
1995- I
II
Ill
IV
1996- I
II
Ill
IV
1997: IP
U.S.
official
reserve
assets :l •"'
9,149
-72,617
-3,912
-100,221
- 168,744 -25,293
-74,011
-2,158
5,763
-57,881
- 68,774
3,901
-194,537
-1,379
-160,516
5,346
-307,207
-9,742
-352,444
6,668
-5,318
-59,625
-2,722
-110,548
-1,893
-40,679
-96,356
191
17
-70,768
-49,698
-523
-77,542
7,489
-315
-154,436
4,480
-99,787
Other U.S.
Government
assets
U.S.
private
assets
-82,771
1,006
2,967
-99,275
1,259 -144,710
2,307
-74,160
2,911
— 66 555
-1,657
-71,018
-342
-192,817
-352
-165,510
-549
-296,916
-690 -358,422
-158
— 54 149
-184 -107,642
266
-39,052
-473
-96,074
210
- 70 575
-358
-48,817
162
-85,193
-284
-153,837
31 — 104 298
Total
248,383
246,065
224,390
140,992
109,641
168,776
279,671
297,337
451,234
547,555
97,652
122,714
125,839
105,029
88,233
106,114
158,629
194,579
158,867
"Consists of gold, spodal drawing rights (KDRs), foreign ciirrcriiiics, and the 1 T .H. reserve
position in the IMF.
Foreign
official
assets •'
Other
foreign
assets
45,387
39,758
8,503
33,910
17,389
40,477
71,753
40,385
110,729
122,354
22,098
37,138
39,585
11,908
52,014
13,154
24,089
33,097
28,337
202,996
206,307
215,887
107,082
92,253
128,299
207,918
256,952
340,505
425,201
75,554
85,576
86,254
93,121
36,219
92,960
134,540
161,482
130,530
Statistical discrepancy
Allocations
of special
Of which:
Total (sum
drawing
Seasonal
of the items
rights
adjustment
with
sign
(SDKs)
discrepancy
reversed)
-7,713
-17,600
48,585
24,911
-46,103
-43,619
5,637
-3,283
-14,931
-46,927
-3,318
23,538
-52,028
16,881
15,419
-20,831
-38,254
-3,269
-18,114
5,658
-775
-6,985
2,106
6,228
-1,076
-7,830
2,669
7,325
U.S. official
reserve
assets, net"'
(unadjusted,
end of
period)
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
85,832
75,089
86,761
90,063
87,152
85,832
84,212
83,455
75,509
75,089
67,222
: Department of Commerce {Bureau of Economic Analysis) and Department of the
37
Contents
Pa e
TOTAL OUTPUT, INCOME, AND SPENDING
«
Gross Domestic Product
Real Gross Domestic Product
Implicit Price Deflators for Gross Domestic Product
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes
Nonfmancial Corporate Business—Output, Costs, and Profits
National Income
Real Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Real Gross Private Domestic Investment
Real Private Fixed Investment by Type
Business Investment and Plans
,
1
2
2
3
3
4
4
5
6
7
8
9
10
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
No nag ri cultural 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 Nonfmancial Corporate Business
Consumer Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
38
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