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104th Congress, 2d Session
Economic Indicators
JUNE 1996
(Includes data available as of July 2, 1996)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1996
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK SANTORUM (Pennsylvania)
RODNEY D. GRAMS (Minnesota)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
HOUSE OF REPRESENTATIVES
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
LEE H. HAMILTON (Indiana)
MAURICE D. HINCHEY (New York)
CAROLYN B. MALONEY (New York)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Chairman
MARTIN N. BAILY, Member
ALICIA H. MUNNELL, Member
{PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and Home of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the tequired numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33-00 per year ($41.25 for foreign mailing)
from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-052848-8
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 1996, according to revised estimates, current-dollar gross domestic product (GDP) rose 4.3
percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 2.2 percent, and the implicit price deflator
rose 2.1 percent.
BILLIONS OF DOUARS (RATIO SCALE)
BILUONS OF DOUARS (RATIO SCALE)
7,600
r
SEASONAUY ADJUSTS) AI**JAL RATES
7,600
7,200
7,200
/*
6,800
^-'
GDP
WINED (1992) DOLL
6,400
^
__,'
x
6,000
-^
5,600
^
/^
5,200
x
X
f
/
4,800
^~
"
" *"
,-'"
5,200
6,400
r~"~-
. i '
5,600
- —
^^
\
6,000
6,800
4,800
/\
\
/ GDP
/
IN CURRENT DOLLARS
^
1
X
4,400
4,400
/
4,000
/
3,600
4,000
s
3,600
3,200
3,200
1
1
1
1982
i
> i
1983
1
1
1
1984
I i I
1
1985
1986
!
1
i I i
1987
!
i
1
1988
itt i ii
1989
1990
1
1
1
1991
i i I
i ii
1992
1993
I i I
111
1995
i i I
1994
1996
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1990:
19911992:
1993:
....
.
IV
IV
IV
I
II
III
IV
1994: I
II
in
IV
1995:
I
II
m
IV
1996:
1
I"
Exports and imports
of goods and services
Personal Gross
conprivate
Gross
domestic sumption domestic
Net
product expendi- investexports Exports Imports
tures
ment
4,422.2
4,692.3
5,049.6
5,438.7
5,743.8
5,916.7
6,244.4
6,550.2
6,931.4
7,245.8
5,781.5
6,002.3
6,383.0
6,442.8
6,503.2
6,571.3
6,683.7
6,772.8
6,885.0
6,987.6
7,080.0
7,147.8
7,196.5
7,298.5
7,340.4
7,417.8
2,892.7
722.5
3,094.5
747.2
3,349.7
773.9
3,594.8
829.2
3,839.3
799.7
3,975.1
736.2
4,219.8
790.4
871.1
4,454.1
4,698.7 1,014.4
4,924.3 1,065.3
3,907.0
736.1
4,027.1
760.9
4,329.6
816.1
4,367.8
843.6
4,424.7
855.9
4.481.0
873.8
4^543.0
911.2
4,599.2
957.6
4,665.1 1,016.5
4,734.4 1,033.6
4,796.0 1,050.1
4,836.3 1,072.0
4,908.7 1,050.3
4,960.0 1,074.8
4,992.3 1,064.0
5,062.7 1,068.9
- 131.5
- 142.1
- 106.1
-80.4
-71.3
-20.5
-285
-64.9
-96.4
- 102.3
-72.0
-14.8
-42.7
-47.4
-62.0
77 1
-73.2
-80.3
-97.4
1084
-99.7
-106.6
- 122.4
- 100.8
-79.3
-97.5
GDP loss exports of goods and services phis imports of goods and services.
320.7
365,7
447.2
509.3
557.3
601.8
639.4
6600
722.0
804.5
577.3
624.4
649.1
649.4
662.5
648.5
679.4
681.5
708.6
734.2
763.6
778.6
796.9
812.5
829.9
832.2
Government consumption expenditures
and gross investment
Federal
Total
Total
452.2
938.5
507.9
992.8
553.2 1,032.0
589.7 1,095.1
628.6 1,176.1
622.3 1,225.9
669.0 1,263.8
724.9 1,289.9
818.4 1,314.7
906.7 1,358.5
649.2 1,210.4
639.3 1,229.2
691.8 1,280.0
696.8 1,278.8
724.6 1,284.6
725.6 1,293.6
752.6 1,302.7
761.7 1,296.4
806.0 1,300.8
842.6 1,328.0
863.3 1,333.5
885.1 1,346.0
919.3 1,359.9
913.3 1,364.5
909.2 1,363.5
929.7 1,383.7
435.2
455.7
457.3
477.2
503.6
522.6
528.0
522.1
516.3
516.7
516.7
515.5
535.0
525.0
519.6
520.8
522.9
511.3
509.4
523.6
520.9
519.9
522.6
516.7
507.8
518.6
National Nondefense defense
332.4
350.4
354.0
360.6
373.1
383.5
375.8
362.2
352.0
345.7
383.3
373.0
375.3
365.2
362.2
360.7
360.8
346.7
349.3
362.1
349.6
347.7
352.3
345.6
337.2
343.9
102.9
105.3
103.3
116.7
130.4
139.1
152.2
159.9
164.3
171.0
133.3
142.6
159.7
159.8
157.4
160.1
162.2
164.6
160.0
161.5
171.2
172.1
170.3
171.1
170.6
174.7
State
and
local
503.3
537.2
574.7
617.9
672.6
703.4
735.8
767.8
798.4
841.7
693.7
713.6
745.1
753.8
765.0
772.7
779.7
785.0
791.4
804.4
812.6
826.1
837.3
847.7
855.7
865.1
Final
Gross
sales of domestic
purdomestic
product chases '
4,412.6
4,668.1
5,038.7
5,407.0
5,735.8
5,919.0
6,237.4
6,529.7
6,871.8
7,208.8
5,812.9
5,980.9
6,376.6
6,422.9
6,481.6
6,549.3
6,664.9
6,732.6
6,810.5
6,922.9
7,021.3
7,089.7
7,162.5
7,260.3
7,322.6
7,419.6
Source: Department of Commerce, Bureau of Economic Analysis.
4,553.7
4,834.5
5,155.6
5,519.1
5,815.1
5.937.2
6,274.0
6,615.2
7,027.8
7,348.1
5,853.5
6,017.1
6,425.7
6,490.1
6,565.2
6,648.4
6,756.9
6,853.1
6,982.5
7,096.0
7,179.6
7,254.3
7,318.9
7,399.3
7,419.7
7,515.3
Addendum:
Gross
national
product
4,435.1
4,701.3
5,062.6
5,452.8
5,764.9
5,932.4
6,255.5
6,560.0
6,922.4
7,237.5
5,813.6
6,016.6
6,390.5
6,458.4
6,512.3
6,584.8
6,684.5
6,773.6
6,876.3
6,977.6
7,062.2
7,140.5
7,187.0
7,283.0
7,339.6
7,423.1
REAL GROSS DOMESTIC PRODUCT
j Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991 .
1992
1993
1994
1995
1990: IV
1991- IV
1992: IV
1993: I
II
m
IV
1994: I
II
in .. .
IV
1995- I
II
in
rv
1996- I'
Personal
Gross
eondomestic sumption
product expenditures
5,489.9 3,708.7
5,648.4 3,822.3
5,862.9 3,972.7
6,060.4 4,064.6
6,138.7 4,132.2
6,079.0 4,105.8
6,244.4 4,219.8
6.383.8 4,339.7
6,604.2 4,471.1
6,739.0 4,578.5
6,081.0 4,116.4
6,104.4 4,109.1
6,327.3 4,282.3
6,327.0 4,290.0
6,353.7 4,319.0
6,390.4 4,359.7
6,463.9 4,390.0
6,504.6 4,418.8
6,581.5 4,457.7
6,639.5 4,485.8
6,691.3 4,522.3
6,701.6 4,530.9
6,709.4 4,568.8
6,768.3 4,600.4
6,776.5 4,614.1
6,812.7 4,655.0
Gross private
domestic investment
Nonresidential
fixed
investment
Residential
fixed
investment
548.5
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
715.0
573.9
539.5
569.1
577.5
586.4
593.1
617.6
628.6
639.5
660.4
679.7
704.4
710.6
719.7
725.3
746.8
Change
in business
inventories
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
Net
exports
257.0
10.9 -163.9
257.6
26.2 -156.2
252.5
11.6 -1144
243.2
33.3
-82.7
220.6
-61.9
10.4
193.4
-22.3
-3.0
225.6
7.3
-29.5
242.7
19.1
-74.4
268.9
58.9 -108.1
262.8
33.7 -114.2
200.3 -28.2
-42.5
-17.9
202.4
21.4
-40.0
236.7
5.8
237.9
-55.2
18.5
234.8
-67.0
20.8
-89.1
242.2
19.5
255.8
-86.2
17.4
263.6
40.1 -101.3
271.6
74.1 -112.2
270.3
64.0 -113.3
270.3
57.3 -105.8
265.9
54.5 -119.0
256.6
30.6 -126.8
262.3
33.2 -114.3
266.4
-96.6
16.5
271.2
-2.1 -114.6
Exports
Imports
Total
Total
362.2
402.0
465.8
520.2
564.4
599.9
639.4
660.6
715.1
774.8
573.9
623.5
649.1
649.8
662.3
648.9
681.4
680.4
704.3
724.8
751.0
755.8
764.3
779.1
799.8
803.8
1
GDP less exports of goods and services plus imports of goods and services.
Note.—Because of tlic formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not wld to the ehained-dolldr value of GDI* or to any
intermediate aggregates.
526.1
558.2
580.2
603.0
626.3
622.2
669.0
735.0
823.3
888.9
616.4
641.4
689.1
705.1
729.4
738.1
767.6
781.7
816.5
838.1
856.8
874.9
891.2
893.4
896.4
918.4
1,135.0
1,165.9
1,180.9
1,213.9
1,250.4
1,258.0
1,263.8
1,260.5
1,259.9
1,260.7
1,259.9
1,250.7
1,272.5
1,257.2
1,257.9
1,261.1
1,265.7
1,252.3
1,249.7
1,271.0
1,266.6
1,263.0
1,265.8
1,263.6
1,250.4
1,255.3
Nondefense
National
defense
518.4
534.4
524.6
531.5
541.9
539.4
528.0
508.7
489.7
472.7
543.5
526.9
534.0
515.7
509.2
505.4
504.5
489.8
483.3
496.6
489.1
481.3
479.9
472.7
456.8
463.3
393.4
409.2
405.5
401.6
401.5
397.5
375.8
354.9
336.9
320.0
403.1
381.7
376.8
361.2
356.4
351.2
350.8
334.8
335.5
346.1
331.3
325.3
326.1
319.3
309.3
312.2
125.2
125.3
119.1
130.1
140.5
142.0
152.2
153.8
152.6
152.4
140.5
145.3
157.1
154.5
152.7
154.2
153.7
154.8
147.7
150.5
157.5
155.6
153.6
153.1
147.2
150.8
State
and
lota!
616.9
631.8
656.6
682.6
708.6
718.7
735.8
751.8
770.5
788.6
716.5
723.8
738.5
741.6
748.8
755.7
761.3
762.7
766.8
774.7
777.7
782.2
786.3
791.5
794.4
792.6
Final
sales of
domestic
product
Gross
domestic
purchases '
Addendum:
Gross
national
product
5,480.9
5,626.0
5,855.1
6,028.7
6,126.7
6,082.6
6,237.4
6,362.9
6,546.3
6,704.7
6,108.1
6,083.8
6,320.7
6,307.7
6,331.6
6,368.2
6,444.1
6,464.0
6,509.0
6,576.8
6,635.2
6,647.5
6,677.4
6,733.3
6,760.5
6,815.3
5,666.1
5,815.7
5,983.9
6,146.1
6,202.1
6,101.1
6,274.0
6,457.3
6,709.7
6,849.7
6,124.3
6,122.3
6,367.3
6,382.0
6,420.2
6,478.3
6,548.7
6,603.9
6,691.0
6,749.7
6,794.0
6,816.9
6,832.0
6,879.4
6,870.5
6,923.7
5,503.4
5,657.2
5,876.2
6,074.0
6,159.4
6,094.4
6,255.5
6,393.7
6,596.6
6,732.1
6,113.4
6,118.7
6,334.8
6,342.7
6,362.9
6,404.0
6,465.1
6,506.2
6,573.9
6,631.1
6,675.4
6,695.7
6,701.2
6,754.6
6,776.7
6,818.6
Source,- Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
(Index numbers, 1992=100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
Gross
domestic
product
1986
1987
1988 .
1989
1990
1991
1992
1993
1994
1995
1990: IV
1991: IV
1992: IV
1993: I
II
m
IV
1994: I
n
m
IV
1995: I
II
m
IV
1996: I'
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
105.0
107.5
95.1
98.3
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
106.7
107.3
107.8
108.3
108.9
Total
78.0
81.0
84.3
88.4
92.9
96.8
100.0
102.6
105.1
107.6
94.9
98.0
101.1
101.8
102.4
102.8
103,5
104.1
104.7
105.5
106.1
106.7
107.4
107.8
108.2
108.8
Durable
goods
Nondurable goods
Services
88.9
91.6
93.3
95.3
96.6
98.5
100.0
101.3
103.4
104.4
97.0
99.1
100.2
100.5
101.1
101.5
101.9
102.4
103.2
104.0
103.9
104.6
104.7
104.4
103.8
103.8
78.7
81.8
84.8
89.3
94.6
98.1
100.0
101.5
102.8
104.5
97.4
98.7
100.7
101.3
101.5
101.3
101.9
102.0
102.4
103.3
103.6
103.9
104.5
104.6
105.0
106.0
75.3
78.2
82.2
86.6
91.2
95.8
100.0
103.6
106.7
109.9
93.1
97.4
101.5
102.4
103.3
103.9
104.7
105.6
106.2
107.1
107.9
108.8
109.7
110.3
110.9
111.4
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
domestic investment
Nonresidential
fixed
Residential fixed
90.2
91.3
93.7
96.2
98.4
99.9
100.0
100.9
102.3
103.3
99.4
99.9
100.1
100.5
100.8
101.0
101.1
101.6
102.2
102.7
102.7
102.7
103.4
103.7
103.4
103.0
84.9
88.3
92.1
95.1
97.8
98.8
100.0
103.7
107.0
110.3
98.3
98.9
101.4
102.3
103.6
104.3
104.7
105.7
106.2
107.4
108.6
109.2
109.9
110.7
111.3
111.3
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
Exports
Imports
Total
88.5
91.0
96.0
97.9
98.7
100.3
100.0
99.9
101.0
103.8
100.6
100.2
100.0
99.9
100.0
99.9
99.7
100.2
100.6
101.3
101.7
103.0
104.3
104.3
103.8
103.5
86.0
91.0
95.3
97.8
100.4
100.0
100.0
98.6
99.4
102.0
105.3
99.7
100.4
98.8
99.3
98.3
98.0
97.4
98.7
100.5
100.8
101.2
103.2
102.2
101.4
101.2
84.0
85.3
87.2
89.8
92.9
96.9
100.0
102.6
105.4
109.3
95.1
97.8
100.2
101.8
102.0
103.0
103.6
104.4
105.4
105.4
106.5
108.0
108.9
109.3
111.2
111.9
National
defense
Nondefense
84.5
85.6
87.3
89.8
92.9
96.5
100.0
102.1
104.5
108.0
82.2
84.0
86.7
89.7
92.8
97.9
100.0
104.0
107.7
112.3
94.9
98.1
101.6
103.4
103.1
103.9
105.5
106.3
108.3
107.3
108.7
110.6
110.9
111.8
115.9
115.9
95.1
97.7
99.6
101.1
101.6
102.7
102.8
103.6
104.1
104.6
105.6
106.9
108.0
108.2
109.0
110.1
State
and
local
81.6
85.0
87.5
90.5
94.9
97.9
100.0
102.1
103.6
106.7
96.8
98.6
100.9
101.6
102.2
102.3
102.4
102.9
103.2
103.8
104.5
105.6
106.5
107.1
107.7
109.1
QUANTITY AND PRICE INDEXES FOR GROSS DOMESTIC PRODUCT AND
PERCENT CHANGES
[Quarterly data art; seasonally adjustcdl
Index nil niters, 1992=100
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1991: I ...
II ..
m
IV .
1992: I ...
II ..
in
IV .
1993: I ...
II ..
m
rv.
1994: I ...
II ..
in
IV .
1995: I ...
n ..
in
iv.
1996:
I' ..
Chain-type
quantity
index
Current
dollars
51.9
56.3
62.5
67.0
70.8
75.1
80.9
87.1
92.0
94.8
100.0
104.9
111.0
116.0
93.2
94.4
95.3
96.1
98.0
99.3
100.4
102.2
103.2
104.1
105.2
107.0
108.5
110.3
111.9
Chain-type
priee index
70.2
73.2
75.9
78.6
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
105.0
107.6
96.3
74.0
77.0
82.3
85.3
87.9
90.5
93.9
97.1
98.3
97.3
100.0
102.2
105.8
107.9
96.9
97.3
97.5
97.8
98.9
99.5
100.3
101.3
101.3
101.7
102.3
103.5
104.2
105.4
106.3
107.2
107.3
107.4
108.4
108.5
109.1
113.4
, 114.5
' 115.2
116.9
117.6
118.8
Percent change from preceding period'
Implicit
price
deflator
1
70.1
73.1
75.9
78.4
80.6
83.1
86.1
93.6
97.3
100.0
102.6
105.0
107.5
96.3
97.0
97.7
98.3
99.1
99.8
100.2
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
97.7
98.3
99.1
99.8
100.2
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
106.7
107.3
107.9
108.5
109.2
Percent changes based on unrounded indexes. Quarterly percent changes are at annual
rates.
4.1
8.4
11.0
7.1
5.8
6.1
7.6
7.7
5.6
3.0
5.5
4.9
5.8
4.5
2.8
4.9
4.0
3.6
8.2
5.3
4.6
7.3
3.8
3.8
4.3
7.0
5.4
6.8
6.1
5.4
3.9
2.8
5.8
2.3
4.3
89.7
97.0
Chain-type
quantity
index
Current
dollars
105.8
106.7
107.3
107.8
108.3
108.9
Chain-type
price
index
-2.1
4.0
6.8
3.7
3.0
2.9
3.8
3.4
1.3
-1.0
2.7
2.2
3.5
2.0
-2.2
1.7
1.0
1.0
4.7
2.5
3.0
4.3
.0
1.7
2.3
4.7
2.5
4.8
3.6
3.2
.6
.5
3.6
.5
2.2
Implicit
price
deflator
6.3
4.2
3.8
3.4
2.6
3.1
3.7
4.2
4.4
3.9
2.8
2.6
2.3
2.5
4.8
3.2
2.8
2.5
3.4
2.8
1.5
2.8
3.8
2.2
1.8
2.3
2.8
1.9
2.4
2.2
3.3
2.5
2.2
2.2
2.4
6.3
4.2
3.9
3.3
2.7
3.1
3.7
4.2
4.3
4.0
2.7
2.6
2.3
2.4
5.1
3.1
2.9
2.5
3.3
2.7
1.5
2.9
3.8
2.1
1.9
2.2
2.8
1.9
2.4
2.2
3.2
2.3
2.2
1.8
2.1
Source: Department of Commerce, Bureau of Economic Analysis,
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally acljustcd annual rates]
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Current
dollars
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1993: I ...
II..
in
IV.
1994: I ...
II..
in
IV.
1995: I ...
II ...
in
IV,
1996: I' .
Chained
(1992)
dollars
2,416.3
2,589.6
2,805.2
2,950.9
3,084.0
3,132.1
3,262.6
3,437.5
3,688.4
3,875.6
3,345.3
3,407.8
3,458.7
3,538.0
3,594.4
3649
,6.
3,707.2
3,786.9
3,796.4
3,832.4
3,916.1
3,957.7
3,997.9
2,832.4
2,967.0
3,122.1
3,175.4
3,212.5
3,168.8
3,262.6
3,380.0
3,567.1
3,685.7
3,304.0
3,357.4
3,398.4
3,460.1
3,496.2
3,554.5
3,576.2
3,641.5
3,631.6
3,646.1
3,715.1
3,749.9
3,772.7
'Output is measured by GDP of nonfmancia! corjx>rate business in chained (1992) dollars.
This is equal to the deflator for gross domestic product of nonfinaneial corporate business
with the decimal point shifted two plaees to the left.
•* Indirect business tax and nontax liability plus business transfer payments less subsidies.
2
Current-dollar cost and profit per unit of real output (dollars)'
Consumption of
Total
wist and
profit 2
fixed
capital
0.853
.873
.898
.929
.960
.988
1.000
1.017
1.034
1.052
1.012
1.015
1.018
1.023
1.028
1.031
1.037
1.040
1.045
1.051
1.054
1.055
1.060
4
0.100
.100
.101
.106
.110
.116
.115
.115
.116
.115
.116
.115
.116
.114
.122
.114
.114
.113
.114
.116
.115
.115
.115
Indirect
business
tax, etc.3
0.083
.083
.084
.8
08
.092
.100
.103
.105
.106
.109
.105
.105
.105
.107
.107
.106
.107
.106
.109
.110
.108
.109
.107
Compensation
Corporate profits with inventory
valuation and capital consumption
adjustments
of em-
Profits
ployees
0.566
.578
.591
.614
.4
60
.660
.673
.679
.682
.696
.681
.679
.679
.676
.679
.681
.683
.686
.694
.698
.695
.696
.699
tax
liability
0.069
.7
06
.082
.075
.072
.7
00
.077
.8
08
.102
.104
.7
09
.085
.8
09
.9
08
.093
.103
.105
.108
.100
.100
.109
.108
.111
0.027
.031
.033
.031
.030
.027
.028
.031
.036
.038
.028
.031
.2
09
.034
.035
.3
06
.037
.3
09
.039
.038
.038
.037
.039
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce, Bureau of Economic Analysis.
Profits
after
tax4
0.042
.4
04
.050
.4
04
.042
.4
03
.4
09
.057
.6
06
.6
06
.050
.055
.059
.065
.058
.067
.068
.070
.061
.062
.071
.070
.072
Net
interest
0.035
.035
.039
.4
06
.4
06
.042
.032
.029
.027
.028
.031
.030
.029
.028
.027
.028
.028
.027
.028
.028
.027
.027
.027
NATIONAL INCOME
| Billions of dollars; quarterly data at seasonally adjusted annual rates)
National
income
Period
1989
1990
1991
1992
1993
1994
1995
1990:
19911992:
1993:
4,362.1
4,611.9
4,719.7
4,950.8
5,194.4
5,495.1
5,799.2
4,667.2
4,770.0
5,061.7
5,094.9
5,159.9
5,213.0
5,309.9
5,300.5
5,493.7
5,551.2
5,635.0
5,697.7
5,738.9
5,849.2
5,911.1
6,001.4
IV
IV
IV
I
II
in
IV
1994: I
II
m
IV
1995- I
n
in .
IV
1996- I'
1
Compensation
of
employees'
Proprietors' income
with inventory valuation and capital consumption adjustments
Farm
Noufarm
36.8
36.3
30.2
38.0
32.0
35.0
29.0
33.9
31.0
37.3
31.5
35.8
26.1
34.4
40.8
35.1
31.9
32.3
28.5
27.6
28.1
31.8
38.4
3,151.6
3,352.8
3,457.9
3,644.9
3,809.4
4,008.3
4,209.1
3,395.9
3,511.0
3,707.0
3,744.1
3,787.8
3,834.8
3,871.0
3,933.6
3,993.3
4,022.7
4,083.7
4,141.6
4,178.9
4,235.9
4,280.2
4,325.7
308.2
324.6
332.7
371.5
388.1
415.9
449.3
327.1
341.1
385.1
382.0
381.8
388.1
400.5
380.3
419.3
426.8
437.1
443.5
447.1
451.5
454.9
461.1
Rental
income
of
persons
with
capital
consumption
adjustment
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
52.4
61.4
68.4
80.6
102.5
116.6
122.2
67.3
73.0
92.3
98.4
102.9
104.1
104.5
101.1
121.0
122.2
121.9
120.6
121.6
120.9
125.8
126.9
356.4
369.5
382.5
401.4
464.5
526.5
588.6
365.5
379.6
427.7
426.4
449.0
469.6
512.8
455.9
531.5
549.8
568.9
559.6
561.1
614.9
618.6
652.0
330.6
358.2
378.2
398.9
457.7
514.9
572.7
356.5
375.2
420.5
421.4
443.2
465.9
500.4
467.8
513.4
531.0
547.6
542.2
546.1
600.3
602.2
631.6
Profits
before tax
Inventory
valuation
adjustment
348.1
371.7
374.2
406.4
464.3
528.2
600.8
376.7
382.8
420.3
436.0
458.8
458.0
504.5
471.7
523.2
547.5
570.4
594.1
588.4
609.6
611.0
649.0
-17.5
-13.5
4.0
-7.5
-6.6
-13.3
-28.1
-20.3
-7.6
.2
-14.6
-15.6
7.9
-40
-3.9
-9.8
-16.5
-22.8
51, 9
-42.3
-93
-8.8
-17.4
Capital
consumption
adjustment
25.8
11.3
4.3
2.5
6.7
11.6
15.9
9.0
4.5
7.2
5.0
5.8
3.8
12.3
-11.8
18.1
18.8
21.3
17.4
15.0
14.6
16.5
20.4
Net
interest
456.6
467.3
448.0
414.3
398.1
392.8
401.0
477.5
434.3
412.4
412.6
402.6
390.4
386.7
388.7
393.5
397.8
391.1
403.9
402.6
397.8
399.7
397.3
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]
Period
1989
1990
1991
1992
1993
1994
1995
1990:
1991:
19921993-
IV . .
IV
IV
I
II
m
IV
1994: I
II
m .
IV
1995: I
II
in
IV
1996: 1'
4,064.6
4,132.2
4,105.8
4,219.8
4,339.7
4,471.1
4,578.5
4,116.4
4,109.1
4,282.3
4,290.0
4,319.0
4,359.7
4,390.0
4,418.8
4,457.7
4,485.8
4,522.3
4,530.9
4,568.8
4,600.4
4,614.1
4,655.0
Total
durable
goods
496.2
493.3
462.0
488.5
524.1
562.0
580.8
476.3
461.5
505.0
506.0
519.6
528.9
541.9
549.6
555.4
563.0
579.9
566.9
576.6
589.7
590.1
602.2
Motor
vehicles
and
parts
230.3
224.3
193.2
206.9
218.6
228.2
221.0
210.0
194.6
213.9
210.8
219.0
219.1
225.4
230.3
226.7
226.4
229.4
216.2
220.7
225.9
220.9
224.3
Furniture
and
household
equipment
Other
170.9
173.5
177.0
189.4
208.4
230.1
251.8
171.5
178.0
196.4
200.8
205.1
211.0
216.8
219.0
226.1
232.5
242.7
243.3
247.5
254.9
261.5
266.3
96.4
96.6
91.8
92.3
97.2
104.2
109.8
95.5
88.9
94.6
94.5
95.5
98.9
99.9
100.4
103.0
104.7
108.8
108.9
109.9
110.5
109.9
113.8
Total
nondurable
goods
1,303.5
1,316.1
1,302.9
1,321.8
1,348.9
1,390.5
1,422.5
1,308.4
1,295.7
1,339.8
1,336.9
1,344.7
1,354.2
1,359.8
1,372.7
1,383.7
1,397.2
1,408.4
1,416.8
1,423.5
1,425.4
1,424.2
1,436.9
Food
650.1
662.9
659.6
660.0
674.3
689.1
702.4
662.9
656.5
668.6
670.5
672.9
675.7
677.9
682.2
688.5
690.6
695.1
700.7
701.6
703.9
703.3
709.4
1
Includes other items, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Services
Nondurable goods
Durable goods
Total
personal
consumption
expenditures
Clothing Gasoline
and
and oil
shoes
220.7
217.9
215.9
225.5
233.3
247.2
257.2
215.1
213.1
230.9
227.4
232.3
235.0
238.6
241.1
243.3
249.0
255.5
254.6
258.0
258.9
257.3
262.5
108.1
107.3
103.4
106.6
109.1
110.4
113.3
104.9
102.5
107.3
108.2
108.0
110.9
109.3
108.8
109.5
111.6
111.6
113.4
113.6
112.5
113.7
112.6
Fuel
oil
and
coal
Other
12.6
11.2
10.8
10.9
10.7
10.3
10.3
9.9
10.6
10.7
10.9
10.6
10.7
10.6
11.4
10.0
10.2
9.6
9.9
10.6
10.0
10.7
10.7
311.5
316.7
313.2
318.8
321.6
333.6
339.5
315.6
312.8
322.3
319.9
320.9
322.0
323.4
329.2
332.4
336.0
336.7
338.3
340.0
340.3
339.4
342.0
Total
services1
2,262.3
2,321.3
2,341.0
2,409.4
2,466.8
2,519.4
2,576.1
2,331.2
2,352.0
2,437.6
2,447.0
2,454.9
2,476.7
2,488.6
2,497.0
2,519.0
2,526.3
2,535.1
2,548.1
2,569.6
2,586.3
2,600.4
2,616.8
Housing
614.6
627.2
635.2
646.8
655.0
668.2
681.7
630.6
638.6
650.6
652.2
653.5
655.9
658.5
662.1
666.1
670.7
674.1
677.4
680.0
683.2
686.3
689.0
lietail sales of new
passenger cars
(millions of unite)
Medical
care
575.8
602.8
621.6
646.6
658.8
668.8
684.1
610.6
630.8
652.2
656.6
657.5
659.7
661.4
663.2
667.6
670.4
674.2
677.8
681.3
686.1
691.3
691.1
Source; Department of Commerce, Bureau of Economic Analysis.
Domestics
7.1
6.9
6.1
6.3
6.7
7.3
7.1
6.6
6.1
6.4
6.3
6.9
6.7
7.1
7.3
7.2
7.2
7.3
7.0
6.9
7.5
7.3
7.3
Imports
2.7
2.4
2.0
1.9
1.8
1.7
1.5
2.2
2.0
1.9
1.8
1.9
1.8
1.7
1.8
1.8
1.8
1.6
1.6
1.6
1.5
1.4
1.3
SOURCES OF PERSONAL INCOME
Personal income rose $28.0 billion (annual rate) in May, following an increase of $30.3 billion in April. The April
increase reflects a rebound from the effects of a strike in the motor vehicle industry, which reduced wages and
salaries in that industry by about $8 billion (annual rate) in March. Other effects of the strike cannot easily be
quantified.
BILLIONS OF DOUARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
7,000
7,000
6,000
6,000
5,000
5,000
TOTAL PERSONAL INCOME
4,000
4,000
3,000
3,000
\
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
•-\v
1,400
1,400
OTHER INCOME
800
800
TRANSFER PAYMENTS
400
l i l l l Iil l ll I l I l i 1 l l l l l llill Il i It l
1 HI I I 1 I [1 I
1988
1989
1990
1991
1992
1993
1994
* SEASONAUY ADJUSTED ANNUAi RATES
SOURCE: DEPARTMENT Of COMMERCE
I 1 M i I I I II
1995
400
1996
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1986
1937
1988
1989
1990
1991
1992
1993
1994
1995
1995- May
July
Sept
Oct
Dec
Peb'
Marr
.
Total
personal
income
3,647.5
3,877.3
4,172.8
4,489.3
4,791.6
4,968.5
5,264.2
5,479.2
5,750.2
6,101.7
6,046.2
6,085.5
6,123.1
6,125.9
6,157.9
6,187.9
6,207.3
6,246.4
6,249.6
6,294.8
6,320.9
6,351.2
6,379.2
Wage and
salary
disbursements '
2,116.5
2,272.7
2,453.6
2,598.1
2,757.5
2,827.6
2,986.4
3,090.6
3,241.1
3,419.7
3,374.7
3,405.9
3,438.7
3,433.3
3,454.8
3,476.5
3,474.5
3,493.7
3,489.6
3,527.7
3,543.2
3,562.3
3,580.8
Proprietors' income 3
Other labor
income '2
216.0
235.4
251.7
273.1
300.6
322.7
351.3
380.9
402.2
424.0
422.0
423.4
424.6
425.8
427.2
428.7
430.2
431.7
427.4
429.1
430.8
• 432.4
434.0
1
The total of wage and salary disbursements and other labor income differs from comiwnsation of employees (see p. 4) in that it excludes employer contributions for social insurance and
the excess of wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare fluids.
Farm
25.2
32.3
28.2
36.8
36.3
30.2
38.0
32.0
35.0
29.0
27.6
27.4
27.6
28.0
28.8
30.4
31.9
33.2
36.2
38.8
40.1
40.9
41.2
3
Nonfarm
242.6
260.6
294.7
308.2
324.6
332.7
371.5
388.1
415.9
449.3
446.2
449.7
448.4
451.9
454.2
452.9
455.0
456.9
457.0
461.3
465.1
466.9
469.2
Rental
income
of
persons4
42.3
45.5
55.7
52.4
61.4
68.4
80.6
102.5
116.6
122.2
122.1
122.3
122.0
120.6
120.2
119.5
127.4
130.7
129.1
126.7
125.0
125.8
126.4
Personal
dividend
income
105.1
101.1
109.9
130.9
142.9
153.6
159.4
186.8
199.6
214.8
212.1
212.9
214.3
215.6
217.4
219.5
221.9
223.8
225.3
226.5
227.9
228.7
229.4
Personal
interest
income
543.3
560.0
595.5
674.5
704.4
699.2
667.2
647.3
661.6
714.6
714.1
716.4
716.8
717.4
718.3
720.9
725.4
729.3
726.5
723.7
722.3
724.9
727.4
Transfer
payments5
518.6
543.3
577.6
626.0
687.8
769.9
858.2
910.7
956.3
1,022.6
1,018.8
1,021.0
1,026.6
1,028.9
1,034.1
1,038.0
1,039.4
1,046.9
1,057.4
1,062.5
1,069.0
1,073.2
1,076.1
With inventory valuation and capita! consumption adjustments.
With capita! consumption acljustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Source: Department of Commerce, Bureau of Economic Analysis.
4
5
Ijess: Personal contributions
for social
insurance
162.1
173.7
194.2
210.8
223.9
235.8
248.4
259.6
278.1
294.5
291.4
293.6
295.9
295.6
297.2
298.4
298.4
299.7
298.9
301.5
302.7
304.0
305.4
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (1992) dollars rose in the first
quarter of 1996.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
2,000
J-! 2,000
DOLLARS' (RATIO SCALE)
22,000
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
CHAINED (1 992) DOLLARS
18,000
\ _
. -• — —
16,000
r-'"
U,000
•—"^
12,000
10,000
r^**"*-LL'
18,000
^"S^
16,000
_*- •"""v
14,000
\
12,000
10,000
^
i j i
i i i
t
1982
8,000
— r ^ ^^-—P*-—'"
.—-•
CURRENTCOLLARS
^—
•*"•
DOLLARS' (RATIO SCALE)
22,000
,
20,000
1983
1984
1
!
i i *
1
1985
1986
i
1 !
1987
i <
1988
I i i
i i <
1989
1990
i i i
1991
1
1992
1993
!
1
i i i
!
1994
1995
1
8,000
1
1996
COUNCIL Of ECONOMIC ADVISERS
Personal
income
Period
Ijess:
Personal
tax ami
nontax
payments
Equals:
Disposable
personal
income
Ijess:
Personal
outlays '
Equals:
Personal
saving
Disposable
personal
income in
billions of
chained
(1992)
dollars
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1987
3,877.3
4,172.8
4,489.3
4,791.6
4,968.5
5,264.2
5,479.2
5,750.2
6,101.7
1988
1989
1990
1991
1992
1993
1994
1995
514.2 3,363.1
532.0 3,640.8
594.9 3,894.5
624.8 4,166.8
624.8 4,343.7
650.5 4,613.7
689.9 4,789.3
731.4 5,018.8
794.3 5,307.4
Chained
(1992)
dollars
Per capita personal
consumption
expenditures
Current
dollars
Chained
(1992)
dollars
168.4
189.1
187.8
208.7
246.4
272.6
216.4
192.4
240.8
4,154.1 13,849
4,318.1 14,857
4,403.7 15,742
4,484.6 16,670
4,486.4 17,191
4,613.7 18,062
4,666.2 18,552
4,775.6 19,253
4,934.7 20,174
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
Dollars
3,194,7
3,451.7
3,706.7
3,958.1
4,097.4
4,341.0
4,572.9
4,826.5
5,066.7
Percent
change
in real>
per capita
disposable
personal
income
17,106
17,621
17,801
17,941
17,756
18,062
18,075
18,320
18.757
12,743
13,669
14,531
15,360
15,732
16,520
17,253
18,025
18,717
15,740
16,211
16,430
16,532
16,249
16,520
16,810
17,152
17,403
0.7
3.0
1.0
.8
-1.0
1.7
.1
1.4
2.4
5.0
5.2
4.8
5.0
5.7
5.9
4.5
3.8
4.5
17,802
17,759
18,277
17,899
18.068
18,081
18,251
17,966
18,361
18,407
18,544
18,672
18,634
18,794
18,926
18,988
15,564
15,871
16,877
16,985
17,164
17,335
17,528
17,707
17,920
18,139
18,330
18,447
18,682
18,831
18,908
19,136
16,398
16,194
16,692
16,682
16,754
16,865
16,937
17,013
17,123
17,187
17,283
17,282
17,388
17,465
17,475
17,595
-3.8
-.0
6.7
-8.0
3.8
.3
3.8
-6.1
9.1
1.0
3.0
2.8
-.8
3.5
2.8
1.3
5.0
6.0
6.1
4.3
4.8
4.3
4.7
2.8
4.2
4.1
4.2
4.8
4.0
4.4
4.9
242,842
245,061
247,387
249,956
252,680
255,432
258,159
260,681
263,090
Seasonally adjusted annual rates
1990: IV
1991- IV
1992: IV . .
1993: I
..
H
Ill
IV
1994- I
II
Ill
IV
1995: I
II
III . .
IV
1996: I'
4,868.6
5,048.9
5,415.3
5,348.7
5,458.4
5,500.5
5,609.1
5,562.4
5,743.0
5,801.7
5,893.9
5,995.5
6,061.9
6,135.6
6,213.9
6,288.4
627.1
632.5
674.8
662.4
686.9
696.4
713.8
705.5
740.8
731.3
748.1
770.0
801.5
798.4
807.2
824.9
4,241.5
4,416.4
4,740.5
4,686.3
4,771.6
4,804.1
4,895.3
4,856.9
5,002.2
5,070.4
5,145.8
5,225.5
5,260.4
5,337.2
5,406.7
5,463.5
4,027.9
4,149.8
4,450.0
4,486.6
4,542.6
4,599.3
4;663.2
4,723.0
4,791.9
4,863.0
4,927.9
4,972.2
5,049.0
5,104.6
5,140.9
5,214.7
213.5
266.6
290.5
199.6
228.9
204.9
232.1
133.9
210.3
207.4
217.8
253.3
211.4
232.6
265.8
248.8
4,468.8
4,506.3
4,688.7
4,602.8
4,657.6
4,674.0
4,730.4
4,666.4
4,779.8
4,804.2
4,852.0
4,895.5
4,896.1
4,950.3
4,997.1
5,023.5
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer
myrncnts to rest of the world (net).
a
16,896
17,405
18,478
18,223
18,510
18,585
18,887
18,699
19,215
19,427
19,666
19,931
20,021
20,263
20,477
20,651
251,031
253,743
256,543
257,155
257,787
258,501
259,192
259,738
260,327
261,004
261,653
262,181
262,748
283,399
264,032
4.6 264,563
Annual data arc averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the third quarter of 1995, according to preliminary estimates, gross farm income rose $15.2 billion (annual rate)
and net farm income rose $13.2 billion.
BILUONS OF DOUARS* (RATIO SCALE)
BILUONS Of DOUARS* (RATIO SCALE)
240
-
160
.
,
„ ^—
- «
MN
I I
_—
f
1*
^
.
'
'
^
/
-V
" |—-^"
| \^P^
"^-—'
240
200
160
120
GROSS FARM INCOME
80
,x
40
/»
V
\
\
A
' i
ij
\'"
1
/
[,
\
60
/'
'-\ '
\ /
A '
\'
' ,/ \
./ NET FARM INCOME
j
\
J
^
^
^N
/'
/
,\
\
^"
\/
40
^
l
20
\
\
'\'
1 ' M
10
i' '
i'
i'
1
i l i
1984
2
1982
1983
i
i
1985
l
i i i
1986
i l i
1987
i i i
1988
i i i
1989
i i i
1990
i i i
1991
i i i
1
1992
1993
* 5EASONAU.Y APJUSIH) ANNUAL RATCS
SOURCE: DEPARTMENT OF AGRICULTURE
1
1
i i l
1994
i i i
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Cash marketing receipts
Total1
Total
1986
1987
1988
1989 .
1990
1991
1992
1993
1994
1993- I
II
III
.
213.5
203.9
203.4
198.9
205.6
I
II
III
IV
1995- I
II
.
200.5
203.0
rv
1994:
.
156.1
168.3
177.3
191.9
198.5
191.8
.
....
TLlP
218.8
206.1
211.8
217.1
210.4
203.8
219.0
135.4
141.8
151.2
160.8
169.4
167.8
171.3
177.1
179.7
174.3
177.2
187.7
169.4
178.8
169.7
185.8
184.4
183.6
179.6
202.1
1
Cash marketing receipts and inventory changes plus Govornmont payments, other farm cash
income, and norunoney income furnished by farms.
2
Physical changes in end-of-ywar inventory of crop and livestock commodities valued at average prices during the year.
Livestock and
products
71.6
76.0
79.6
83.9
89.2
85.8
85.6
90.0
88.1
83.7
87.9
101.3
87.3
92.0
82.8
97.6
79.9
86.7
78.4
99.8
Crops
63.8
65.8
71.6
76.9
80.3
82.0
85.7
87.1
91.6
90.6
89.3
86.3
82.1
86.8
86.9
88.2
104.5
96.8
101.2
102.4
Value of
inventory
changes2
-2.2
-2.3
-4.1
3.8
3.5
-.2
4.2
-4.5
8.7
-8.0
-6.3
-7.4
3.7
10.6
10.0
7.8
6.3
-.6
-.5
-.5
Production
expenses
125.1
130.2
139.8
146.9
153.7
153.4
152.6
160.9
166.7
158.5
160.8
162.6
161.7
164.3
166.5
168.5
167.6
163.1
165.5
167.5
Net farm
income
31.1
38.0
37.5
45.0
44.8
38.4
47.9
42.1
46.7
45.4
42.7
36.3
43.9
54.5
39.6
43.3
49.5
47.3
38.3
51.5
NOTB.—Data include net Commodity Credit Corporation loans ami ojjerator households.
Quarterly data plotted for 1989 through 1992 in chart do not reflet* previous revisions to
annual data in table.
Sources: Department of Agriculture.
CORPORATE PROFITS
In the first quarter of 1996, according to revised estimates, corporate profits before tax rose $38.0 billion (annual
rate) and profits after tax rose $23.3 billion.
BILUONS Of DOLLARS
BILUONSOf DOUARS
650
6iO
/
SEASONAUYAQJUSTB) ANNUAL RA1ES
r-l
600
600
I
/
550
500
450
PROFITS BEFORE TAX
.A
400
y
350
y
S
300
250
200
-
r\
~~
0
jfTTSAFTERTAX
,
k\
s ~*
\~^
s ~" ~~
/
_--.
t*f*^
^'
/
f
/
1
!
\
1 1 1
1 1 1
1
1983
1
1982
1984
1985
1
!
/
S,^''
1986
,'
I i I
1987
1
250
-.s~-' '
•-•'' ^>
\
\
/'
*••*'
" \/
f —
f
•
150
f'''
-
t
100
*
v ,
\y /
v_J
DPROfrr 5
50
i i i
1
1989
1 1
300
/
T
1988
350
-
\
\
\
-
200
'x.—
*•'"'
UN 3ISTRIBUT
^
-
t\
'\
.^
s
_s
S ~^
~~ ~-
.<•'"•' N
-• — '^. / *-•-• '~ ^
f
S
/"
^
450
,
t^ V /
TAXI1ABIUTY
s "~ '
500
-
400
''*,'
•" ^. -n*
s
./
y
J'
V
r\\s /^r^
PRC
<^\
— X.
/
50
.
7
-—v.
150
100
1
V
/
550
-
1990
!
1
i i i
1991
i i i
1
1992
1993
1
t
1
1 1 1
1
1994
1995
1996
1
1
0
1 1
COUNCIlOFKONOf MC ADVISERS
,OUKE:DB> «TMENTOfC OMMEKE
[BiUions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment '
Profits after tax
Domestic industries
Period
Total
Total
II
Ill
TV
234.0
272.9
325.0
330.6
358.2
378.2
398.9
457.7
514.9
572.7
356.5
375.2
420.5
421.4
443.2
465.9
500.4
467.8
513.4
531.0
547.6
542.2
546.1
600.3
602.2
I'
631.6
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1990:
1991:
1992:
..
1993:
I
1994:
II
Ill
TV
I
II
Ill
TV
1995:
I
1996:
TV
TV
TV
1
199.3
231.3
274.3
272.6
292.5
309.5
334.0
388.1
453.7
494.1
282.5
303.6
361.2
347.0
375.7
393.1
436.8
407.0
452.4
469.9
485.5
467.5
468.2
527.1
513.7
541.6
cial
36.4
37.1
43.0
53.1
68.6
87.4
83.7
91.0
94.4
119.1
70.5
87.6
83.1
85.7
88.1
88.8
101.3
64.9
97.8
108.4
106.4
114.3
112.6
130.4
119.3
134.9
Totals
162.9
194.2
231.2
219.6
223.8
222.1
250.3
297.2
359.3
375.0
212.1
216.1
278.1
261.2
287.6
304.3
335.4
342.1
354.6
361.5
379.0
353.2
355.6
396.7
394.4
406.7
Manufacturing
60.2
85.0
115.1
109.3
112.3
92.7
96.3
109.7
142.7
145.7
108.4
83,8
105.1
90.4
108.4
106.0
134.0
145.3
134.2
142.8
148.4
134.7
137.8
153.2
157.3
161.3
See p. 4 for profits with inventory valuation and capita! con&miptiori adjustments,
- Indudes rest of the worid, not shown separately.
Profits
before
tax
Nonfinaneial
2
Wholesale
Tax
liability
Total
Dividends
Retail
22.9
16.7
19.3
20.4
17.2
20.6
23.0
25.5
34.5
29.6
16.9
17.0
28.3
17.9
28.6
27.0
28.7
28.8
39.5
34.3
35.4
29.7
26.4
31.2
31.2
37.5
23.7
23.9
19.6
20.7
20.6
26.1
32.2
39.2
42.2
38.7
22.8
28.6
37.3
36.3
38.1
42.4
39.8
38.3
43.2
43.7
43.6
36.0
36.6
42.5
39.6
41.7
;i
222.6
293.6
354.3
348.1
371.7
374.2
406.4
464.3
528.2
600.8
376.7
382.8
420.3
436.0
458.8
458.0
504.5
471.7
523.2
547.5
570.4
594.1
588.4
609.6
'611.0
649.0
106.5
127.1
137.0
141.3
140.5
133.4
143.0
163.8
195.3
218.7
139.7
135.2
149.7
151.5
162.6
159.3
181.7
171.4
192.8
203.4
213.5
217.3
214.2
224.5
218.7
233.4
116.1
166.5
217.3
206.8
231.2
240.8
263.4
300.5
332.9
382.1
237.1
247.6
270.6
284.6
296.2
298.6
322.7
300.3
330.4
344.1
356.8
376.8
374.1
385.1
392.3
415.6
110.2
107.0
116.8
138.9
151.9
163.1
169.5
197.3
211.0
227.4
152.0
165.3
180.4
190.2
195.8
200.2
202.9
204.4
208.8
212.5
218.5
221.7
224.6
228.5
234.7
239.9
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
Inventory
valuation
adjustment
5.8
59.5
100.5
67.9
79.4
77.7
93.9
103.3
121.9
154.7
85.0
82.2
90.3
94.4
100.4
98.4
119.8
95.9
121.7
131.6
138.3
155.1
149.6
156.6
157.6
-14.6
-15.6
7.9
-4.0
-3.9
-9.8
-16.5
-22.8
-51.9
-42.3
-9.3
-8.8
175.7
-17.4
11.4
-20.7
-29.3
-17.5
-13.5
4.0
-7.5
-6.6
-13.3
-28.1
-20.3
-7.6
2
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the first quarter of 1996, according to revised estimates, nonresidential fixed investment in chained (1992) dollars
rose $21.5 billion (annual rate) and residential investment rose $4.8 billion. There was a decrease of $2.1 billion
in inventories following an increase of $16.5 billion in the fourth quarter.
BILLIONS OF CHAINED (1992) DOLLARS
BILLIONS OF CHAINED (1992) DOLLARS
1,100
1,100
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
f
900
S^
800
/
P
f\
^
^^
800
1
.
/
\
\^~
1
GROSS PRIVATE DOMESTIC
INVES1MENT
I
700
900
_'
^
X
700
x'
600
600
/
x
500
V
"-.
.^
^-^ ^ x
'--_
^--"
500
•JONRESIC
F XED INVESTMENT
_xX
400
400
R ESIDENUM
FIXE D INVEST/rtENT
300
1— \
\
300
^._.- -.-•'
-..
•~--
200
-*
t
X
- •"
'""^ "- - ,'
1
\
1
1
200
""* -
....
(
\
1982
-—
"
100
/
,v v
N
0
V
\
-100
•— '
CHAN 3E IN BU! INESS
INVENTORI :S
100
0
-"•' —
1
1
1983
1
i ii
\ i i
1
1984
1985
1986
1
1
i l i
i l i
l
1987
1988
1989
l 1
1 1 1
!
1990
1991
1
i i i
l l i
1 1 1
i i i
\ \ i
1992
1
1993
1994
1995
1996
-100
COUNCl Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
1986 ..
1987
1988
1989
1990
1991
1992
1993 ..
1994
1995
1990199119921993-
IV
IV
IV
I
II
in
rv
1994- I
II
m
rv
1995- I
II
in
rv
1996- Ir
. ..
...
.
Gross
private
domestic
investment
813.8
820.5
826.0
861.9
817.3
737.7
790.4
857.3
979.6
1,011.3
748.1
762.4
812.4
834.8
843.2
857.6
893.4
933.5
984.6
994.1
1,006.3
1,024.2
998.3
1,016.2
1,006.7
1,014.1
Total
Total
805.0
799.4
818.3
832.0
805.8
741.3
783.4
836.4
921.1
976.9
774.4
742.0
805.8
815.4
821.1
835.4
873.5
892.4
911.4
930.8
949.7
548.5
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
715.0
573.9
539.5
569.1
577.5
586.4
593.1
617.6
628.6
639.5
660.4
679.7
969.6
966.1
981.0
990.7
1,016.9
704.4
710.6
719.7
725.3
746.8
NOTE.—S«'i! p. 10 for further detail on Fixed investment by type.
Because of tiie formula used for calculating real OD1*T the chained (1992) dollar estimates
for the detailed components <la -nut tuttl to the chained-dollar value of GDP or to any intermedi-
Change in business
inventories
Nonresidential
Structures
203.3
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
196.0
171.4
165.6
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.7
183.1
186.6
Producers'
durable
equipment
Residential
345.9
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
535.2
377.9
368.1
403.5
410.5
421.7
428.2
449.8
466.5
471.2
492.4
506.4
527.1
531.9
538.2
543.5
561.7
257.0
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
200.3
202.4
236.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.6
262.3
266.4
271.2
ate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
Total
10.9
26.2
ii:e
33.3
10.4
-3.0
7.3
19.1
58.9
33.7
-28.2
21.4
5.8
18.5
20.8
19.5
17.4
40.1
74.1
64.0
57.3
54.5
30.6
33.2
16.5
-2.1
Nonfarm
12.4
34.2
24.7
33.5
7.8
-1.2
1.9
26.4
46.8
37.4
-25.9
19.9
7.2
26.0
26.7
30.9
22.1
29.8
54.1
50.1
53.3
58.1
33.8
38.3
19.5
3.6
REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted animal rates]
Residential
Nonresidential
Producers' durable equipment
Structures
Period
1986
1987
1988
1989
1990 .
1991
1992
1993
1994
1995
1990: IV
1991:
548.5
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
715.0
573.9
539.5
569.1
577.5
586.4
593.1
617.6
628.6
639.5
660.4
679.7
704.4
710.6
719.7
725.3
746.8
IV
1992: IV
1993:
Total
nonresidential
I
II
m
IV
1994- I
n
m
rv
1995- I
n
m
IV
1996: I'
Total'
203.3
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
196.0
171.4
165.6
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.7
183.1
186.6
Structxires
Information processing
and related equipment
Nonresidential
buildings,
including
farm
Utilities
144.5
142.4
145.3
150.2
152.0
126.9
113.2
112.8
117.7
127.9
143.8
116.4
109.8
111.4
110.6
112.7
116.3
112.4
117.8
117.4
123.3
125.4
126.8
129.2
130.3
131.4
36.5
30.7
30.0
30.9
28.1
32.0
34.5
31.1
31.7
35.1
28.9
33.3
33.9
32.4
31.0
30.7
30.5
30.7
31.2
32.1
32.7
33.7
34.8
35.8
36.0
36.4
Mining
exploration,
shafts,
and
wells
Total"
15.8
15.5
15.8
13.9
16.1
15.7
13.3
14.8
12.6
11.2
16.3
14.4
13.7
15.2
15.2
14.6
14.2
13.4
13.3
12.2
11.5
12.5
10.7
11.0
10.5
12.8
345.9
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
535.2
377.9
368.1
403.5
410.5
421.7
428.2
449.8
466.5
471.2
492.4
506.4
527.1
531.9
538.2
543.5
561.7
Total
Computers
and
peripheral
equipment 2
94.1
97.5
106.6
116.2
116.2
117.8
134.2
147.1
170.4
201.8
115.7
122.5
138.9
139.5
142.2
150.7
156.0
161.2
166.6
171.5
182.5
189.2
199.9
201.9
216.1
228.2
16.7
21.0
24.0
29.4
29.4
32.4
43.9
56.2
69.3
91.6
29.9
36.6
47.5
51.1
52.9
58.3
62.5
64.6
67.1
69.3
76.3
80.2
88.2
92.0
106.1
118.1
1
Includes other items, not shown separately.
Includes new computers and peripheral equipment only.
* Includes producers' durable equipment, not shown separately.
Other
Industrial
equipment
Transportation
and
related
equipment
84.6
80.2
85.7
88.1
88.2
85.9
90.2
91.5
102.6
114.2
87.1
86.2
91.5
88.6
89.6
93.1
94.6
97.8
100.8
103.6
108.3
111.5
115.1
114.1
116.3
118.1
93.5
91.1
95.3
101.5
95.0
88.3
89.3
96.3
105.9
116.2
91.4
86.4
92.6
93.7
94.4
96.3
100.7
102.8
104.3
107.0
109.4
114.2
118.4
116.7
115.5
117.8
85.6
82.1
87.1
78.9
81.2
81.7
86.2
97.5
111.7
118.0
82.8
81.6
91.5
93.0
99.5
95.0
102.7
109.0
105.3
115.9
116.5
121.7
114.8
120.4
115.1
117.3
Total
residential3
Total
Single
family
Multifamily
Other
257.0
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
200.3
202.4
236.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.6
262.3
266.4
271.2
251.3
251.6
246.3
237.0
214.5
187.6
219.5
236.3
262.1
255.8
194.4
196.6
230.5
231.7
228.5
235.7
249.2
257.0
264.8
263.5
263.2
258.9
249.7
255.3
259.4
264.2
119.3
128.3
126.1
121.9
110.4
96.4
116.5
127.1
140.5
127.7
97.6
105.1
121.6
124.9
122.5
126.3
134.4
140.3
143.5
140.8
137.4
133.0
123.0
125.8
129.1
132.5
35.9
28.3
23.4
23.3
19.7
15.4
13.1
10.4
13.5
17.6
18.6
14.2
11.5
10.3
10.0
10.7
10.6
11.2
12.8
14.5
15.6
16.8
17.4
17.8
18.5
19.2
95.8
94.8
96.8
91.8
84.4
75.7
89.9
98.8
108.1
110.9
78.1
77.3
97.4
96.5
96.0
98.7
104.1
105.4
108.4
108.2
110.4
109.3
109.8
112.2
112.3
113.0
NOTB.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not adtl to the chained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Comment*, Bureau of Economic Analysis.
2
:
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Period
1993 1
19942 ....
1995 «
1996 4
1
2
Total
expenditures
489.7
549.9
594.5
603.4
Total
488.2
547.8
591.7
600.7
Mining
and
construction
31.2
36.1
36.0
33.6
Manufacturing
Total
134.1
153.3
172.3
184.8
Durable
goods
Nondurable
goods
66.4
78.9
91.4
100.2
67.7
74.4
80.9
84.6
Estimates collected from the 1993 Annual Capital Expenditures Survey.
Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data
are scheduled for release in summer 1996.
3
Revised estimates collected from the March 1996 Investment Plans Survey. Final data will
be available upon release of the 1995 Annual Capital Expenditures Survey.
4
Estimates of planned capital expenditures from the March 1996 Investment Plans Survey.
10
Transportation
Communications
30.6
33.3
37.0
37.1
41.5
46.0
46.3
35.2
Utilities
41.3
42.2
42.8
40.6
Wholesale
and
retail
trade
60.3
68.9
75.1
71.9
Finance,
insurance,
and
real
estate
40.2
46.8
57.3
57.7
Services
111.8
123.5
123.7
129.4
Serving
multiple
industries
1.7
2.2
1.5
1.3
Not
distributed
indus•^
try
1.4
2.2
2.8
2.7
NOTE.—Data for 1994-1996 from Business Investment and Plans released March 28, 1996.
Data for 1993 from Annwti Capital Expentliture.*: 199.3.
The Business Investment and Plans release has been discontinued effective, with release of
the March 1996 survey estimates. Estimates of business investment and plans will be available
annually with release of the Annual Capital Expenditures Survey.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In May, employment rose by 367,000 and unemployment rose by 182,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSO NS*
138
138
SEASONALLY ADJUSTED
134
134
—-•
r^—'
-•*-' ,.--"
,«--^^*-
CIVILIAN LABOR FORCE
130
_Ji^-~1
126
122
118
130
-"""
^
+
^^
126
122
118
\
X"
-
CIVILIA SI
EMPLOYE ENT
114 — X •'""""
110
114
110
^
V
UNEMPLOYM ENT
-
— 12
/
*~
^_^
'
8
~---'•
4
1 11 1 111 1 1 11 Mill Mill
1988
1989
1 1 1 II
1 1 1 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 1 II 1 1 1 1 1 1 1 II
1991
1990
1992
II 1 1 1
1994
1993
Mill
1995
HIM
Mill
0
1996
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
19863
1987
1988
1989 a
1990
1991
1992
1993 4
1994
1995
1995: May
July
Sept
Oct
Nov
Dec
1996: Jan
Peb
Mar
May
Civilian
noninstitutional
population
NSA
180,587
182,753
184,613
186,393
189,164
190,925
192,805
194,838
196,814
198,584
198,286
198,453
198,615
198,801
199,005
199,192
199,355
199,508
199,634
199,772
199,921
200,101
200,278
Nonagricultural
Civilian
labor
force
Total
117,834
119,865
121,669
123,869
125,840
126,346
128,105
129,200
131 ,056
132,304
132,058
131,962
132,342
132,298
132,501
132,473
132,471
132,352
132,903
133,018
133,655
133,361
133,910
109,597
112,440
114,968
117,342
118,793
117,718
118,492
120,259
123,060
124,900
124,598
124,566
124,832
124,859
125,036
125,244
125,062
124,981
125,226
125,663
126,151
126,095
126,462
Agricultural
3,163
3,208
3,169
3,199
3,223
3,269
3,247
3,115
3,409
3,440
3,360
3,435
3,409
3,376
3,335
3,434
3,323
3,325
3,529
3,519
3.487
3,368
3,491
Total
106,434
109,232
111,800
114,142
115,570
114,449
115,245
117,144
119,651
121,460
121,238
121,131
121,423
121,483
121,701
121,810
121,739
121,656
121,698
122,143
122,664
122,726
122,971
Percent 2
Unemployment
Civilian employment
Part time
for
economic
reasons '
5,345
5,122
4,965
4,657
4,950
5,874
6,240
6,230
4,414
4,279
4,273
4,263
4,256
4,291
4,355
4,274
4,283
4,306
3,842
4,274
4,223
4,287
4,068
Total
8,237
7,425
6,701
6.528
7.047
8,628
9,613
8,940
7,996
7,404
7,460
7,396
7,510
7,439
7,465
7,229
7,409
7,371
7,677
7,355
7,504
7,266
7,448
15
weeks
and
over
2,232
1,983
1,610
1,375
1,525
2,357
3,408
3,094
2,860
2,363
2,526
2,353
2,332
2,371
2,323
2,281
2,305
2,322
2,370
2,307
2,479
2,388
2,336
Not in
labor
force
62,752
62,888
62,944
62,523
63,324
64,578
64.700
65,638
65,758
66,280
66,228
66,491
66.273
66,503
66,504
66,719
66,884
67,156
66,730
66,754
66.266
66,741
66,368
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
65.3
65.6
65.9
66.5
66.5
66.2
66.4
66.3
66.6
66.6
66.6
66.5
66.6
66.5
66.6
66.5
66.4
66.3
66.6
66.6
66.9
66.6
66.9
60.7
61.5
62.3
63.0
62.8
61.7
61.5
61.7
62.5
62.9
62.8
62.8
62.9
62.8
62.8
62.9
62.7
62.6
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.6
5.6
5.7
5.6
5.6
5.5
5.6
5.6
5.8
5.5
5.6
5.4
5.6
62.7
62.9
63.1
63.0
63.1
1
4
Persons at work. Economic reasons include slack work, material shortages, inability to
find
I>ata beginning January 1994 are not directly comparable with data for earlier periods bcfiilltime work, etc.
cause of a major redesign of the household survey questionnaire,
2
Civiiian labor ton* (or employment) as percent of civilian noninstifcitionai population; and
Source: Department of Labor, Bureau of Ubor Statistics,
unemployment as percent of civilian labor fort*.
3
Not strictly comparable with earlier data.
25-601 96-2
11
SELECTED UNEMPLOYMENT RATES
In May, the unemployment rate rose slightly to 5.6 percent.
PERCENT * (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
15
10
10
1992
1992
1996
1993
1994
1995
UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1996
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1986
1987
1988
1989
1990
1991
1992
1993
19942
1995
1995: May
June
July
Aiis?
Sept
Get
Nov
Dec ..
1996- Jan
Peb .
Mar
Apr
May
J
2
All
civilian
workers
Both
sexes
16-19
years
Men
20 years
and over
Women
20 years
and over
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
6.1
5.4
4.8
4.5
5.0
6.4
7.1
6.4
5.4
4.8
6.2
5.4
4.9
4.7
4.9
5.7
6.3
5.9
5.4
4.9
18.3
16.9
15.3
15.0
15.5
18.7
20.1
19.0
17.6
17.3
6.0
5.3
4.7
4.5
4.8
6.1
6.6
6.1
5.3
4.9
5.6
5.6
5.7
5.6
5.6
5.5
5.6
5.6
5.0
4.8
4.8
4.8
4.8
4.5
4.9
4.8
4.9
5.0
5.0
4.9
4.9
5.0
4.8
4.7
5.0
4.9
4.9
4.8
4.9
4.8
5.0
4.9
5.8
5.5
5.6
5.4
5.6
4.9
4.9
5.0
4.8
4.8
5.1
4.8
4.8
4.7
5.0
17.3
16.9
17.8
17.6
17.7
17.1
17.8
18.0
18.2
16.6
17.5
16.7
16,4
White
Revised definition; for details, see Employment and Earnings, February 1994.
Data beginning January 1994 are not directly comparable with data for earlier periods.
12
By selected groups
By race
By KKX and age
5.0
4.9
4.8
4.7
4.9
Black
and
other
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
9.2
9.7
9.9
10.0
10.1
9.4
9.0
9.3
9.5
9.1
9.8
9.4
9.2
Black
Experienced
wage
and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Full-timeworkers l
Part-time
workers 1
14.5
13.0
11.7
11.4
11.4
12.5
14.2
13.0
11.5
10.4
6.6
5.8
5.2
5.0
5.3
6.6
7.2
6.6
5.9
5.4
4.4
3.9
3.3
3.0
3.4
4.4
5.1
4.4
3.7
3.3
9.8
9.2
8.1
8.1
8.3
9.3
10.0
9.7
8.9
8.0
6.9
6.0
5.3
5.1
5.4
6.8
7.5
6.9
6.1
5.5
7.4
6.9
6.4
6.2
6.4
7.0
7.5
7.2
6.0
6.0
10.0
10.5
10.8
11.0
11.1
10.0
9.6
10.2
5.6
5.4
5.5
5.4
5.5
5.4
5.4
5.4
3.4
3.4
3.4
3.3
3.4
3.2
3.3
3.2
8.2
8.3
8.2
7.2
8.0
7.9
7.7
6.8
5.5
5.5
5.5
5.5
5.5
5.4
5.5
5.5
6.1
6.2
6.4
6.0
5.9
5.9
5.9
5.9
10.6
10.3
11.1
10.5
10.2 ,
5.4
5.3
5.4
5.3
5.4
3.3
3.0
3.1
8.2
7.5
7.7
6.8
8.7
5.7
5.4
5.5
5.4
5.5
6.0
6.2
6.0
5.8
5.9
3.0
2.9
NOTE.—Data relate to persons age 16 years and over.
Source; Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In May, the percentage of the unemployed who had been out of work for less than 5 weeks rose, while the
percentages for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over fell. The mean duration of unemployment
fell to 16.8 weeks and the median duration fell to 8.3 weeks.
PERCENT DISTRIBUTION *
PERCENT DISTRIBUTION '
70
70
10
-
1996
* SEASONALLY ADJUSTED
J-f BEGINNING JANUARY 19<
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
Reason for unemployment:
percent distribution
State
programs
Number of weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers1
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1986
1987
1988
1989
1990
1991
1992
1993
19943
1995
1995- May
July
Sept
Oct
Nov
Dec
1996- Jan
Feb
May
1
8,237
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,460
7,396
7,510
7,439
7,465
7,229
7,409
7,371
7,677
7,355
7,504
7,266
7,448
41.9
43.7
46.0
48.6
46.3
40.3
35.1
36.5
34.1
36.5
35.3
36.5
35.3
36.4
37.5
37.2
37.1
36.4
36.8
37.8
35.4
33.8
37.6
31.0
29.6
30.0
30.3
32.0
32.4
29.4
28.9
30.1
31.6
31.0
31.7
33.8
31.8
31.2
31.8
32.0
32.5
31.9
30.9
31.1
32.7
31.2
12.7
12.7
12.0
11.2
11.7
14.4
15.1
14.5
15.5
14.6
16.4
15.6
13.9
15.1
14.2
13.7
14.2
14.5
14.8
15.3
15.7
15.5
13.6
14.4
14.0
12.1
9.9
10.0
12.9
20.3
20.1
20.3
17.3
17.3
16.3
17.0
16.7
17.1
17.2
16.7
16.6
16.5
16.0
17.8
18.0
17.6
Beginning January 1994, job losers and persons who completed temporary jobs.
2
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (ER) 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.
15.0
14.5
13.5
11.9
12.0
13.7
17.7
18.0
18.8
16.6
16.8
16.0
16.5
16.3
16.3
16.2
16.3
16.2
16.0
16.6
17.3
17.4
16.8
6.9
6.5
5.9
4.8
5.3
6.8
8.7
8.3
9.2
8.3
8.9
7.7
8.7
8.4
8.1
8.1
8.0
8.1
8.3
8.0
8.3
8.8
8.3
48.9
48.0
46.1
45.7
48.1
54.4
56.1
54.2
47.7
46.9
47.4
47.0
47.0
46.5
45.9
47.5
46.9
46.9
47.6
48.1
47.4
50.0
46.0
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.9
9.9
11.1
11.5
11.3
11.2
11.6
11.7
10.5
11.5
11.9
11.5
10.0
10.4
9.7
9.0
26.2
26.6
27.0
28.2
27.4
24.8
23.8
24.6
34.8
34.1
33.7
34.3
34.3
34.0
34.2
34.4
33.7
33.2
32.5
33.7
34.4
32.8
37.8
12.5
12.4
12.2
10.4
9.8
9.2
9.7
10.3
7.6
7.8
7.4
7.4
7.6
7.8
8.1
7.7
7.9
8.1
8.5
8.2
7.9
7.6
7.2
2,643
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,670
2,574
2,558
2,636
2,683
2,634
2,632
2,678
2,652
2,625
2,655
2,660
2,641
2,576
2,544
378
328
310
330
388
447
408
341
340
357
373
376
373
346
357
365
375
363
374
371
393
356
348
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,739
2,636
2,476
2,398
2,635
2,461
2,197
2,293
2 422
2^669
3,499
3,333
3,161
2,934
2,352
NOTE.—Data relate to persons age 16 years of age and over (except for insured unemployment and initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 348,000 in May.
MILLIONS OF PERSONS
MILLIONS OF PERSONS* (ENLARGED SCALE)
120
(Series revised.)
36
34
110
32
100
30
SERVICES
28
90
26
SERVICE-PRODUCING
INDUSTRIES
80
24
70
22
60 -
20
RETAIL TRADE-
18
GOVERNMENT "
50
16
20
MANUFACTURING
40 18
GOODS-PRODUCING
INDUSTRIES
30
mull
I III I
20
1992
1993
CONSTRUCTION
1994
1995
1992
1996
1995
*SEASONAUV ADJUSTED
SOURCE: DEPARTMENT OF LABOR
I
1996
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;] seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
1986
1987
1988
1989
1990
1991
1992
1993 .
1994'
1995r
1995: May r
June
July
Aug r
Sepf
Of
Nov
Decr
1996- Jan r
Febrr
Mar ...
Apr r
May''
Total
nonagricuitural
employment
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,172
117,203
116,907
117,100
117,201
117,499
117,623
117,749
117,899
118,136
118,070
118,579
118,737
118,900
119,248
Manufacturing
Total
2
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,908
24,206
24,217
24,212
24,171
24,179
24,176
24,151
24,133
24,160
24,112
24,254
24,196
24,203
24,238
Construction
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,668
4,986
5,158
5,116
5,139
5,146
5,164
5,187
5,200
5,211
5,223
5,234
5,349
5,340
5,351
5,379
Total
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,321
18,468
18,519
18,493
18,447
18,439
18,415
18,378
18,353
18,367
18,309
18,332
18,282
18,278
18,284
Durable Nongoods durable
goods
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,448
10,654
10,668
10,655
10,647
10,653
10,648
10,631
10,628
10,667
10,643
10,659
10,623
10,652
10,669
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,873
7,814
7,851
7,838
7,800
7,786
7,767
7,747
7,725
7,700
7,666
7,673
7,659
7,626
7,615
' Includes all full- and part-time wage and salary workers in nonagri cultural establishments
who received pay for any part of the pay period which includes the 12th of the month. Excludes
proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total
in this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes,
bad weather, ete., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from
14
Total
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,264
92,997
92,690
92,888
93,030
93,320
93,447
93,598
93,766
93,976
93,958
94,325
94,541
94,697
95,010
Transportation and
public
utilities
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
5,993
6,165
6,139
6,152
6,160
6,187
6,194
6,212
6,233
6,249
6,254
6,270
6,289
6,288
6,305
Wholesale
trade
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,162
6,412
6,389
6,408
6,427
6,437
6,451
6,465
6,478
6,498
6,512
6,529
6,548
6,552
6,558
Retail
trade
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,507
21,173
21,119
21,179
21,196
21,225
21,258
21,263
21,300
21,334
21,268
21,340
21,343
21,418
21,464
Finance,
insurance, Services
and real
estate
6,273
6,533
6,630
6,668
6,709
6.646
6,602
6,757
6,896
6,830
6,807
6,810
6,821
6,833
6,842
6,859
6,871
6,887
6,894
6,919
6,932
6,940
6,960
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,579
33,107
32,947
33,038
33,106
33,269
33,377
33,460
33,546
33,661
33,694
33,902
34,035
34,100
34,281
Government
Total
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,128
19,310
19,289
19,301
19,320
19,369
19,325
19,339
19,338
19,347
19,336
19,365
19,394
19,399
19,442
Federal
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,822
2,831
2,831
2,825
2,822
2,812
2,801
2,796
2,790
2,783
2,780
2,780
2,776
2,774
employing establishments. In the series shown here, persons who work at more than one job
are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where
persons are counted only once—as employed, unemployed, or not in the labor force.
2
Includes mining, not shown separately.
Note.—Series reflect annual benchmarking and other revisions. Seasonally adjusted data revised beginning 1988; unadjusted data revised beginning April 1994.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
(For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted)
Average gross hourly earnings
Average weekly hours
Total
private
nonagriwiltural '
Period
Total
Average gross weekly earnings
Total private
nonagrieultural '
Manufacturing
Overtime
Current
dollars
Total private
nonagrieultural '
1982
Manufacturing
Current
dollars
dollars2
Percent chiuige from
a year ear icr, total
privaU, nonagnail 3iral3
Current dollars
1982
dollars2
Manufacturing
Retail
trade
Construction
Current
dollars
1982
dollars
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
34.5
1995- May
July
Sept'
Ocf
Novr
Decr
1996- Janr
1
Feb "
Mar'
Aprr
May*
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
41.6
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
4.4
$8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.12
11.44
$7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.40
7.40
$9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.07
12.37
$304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
385.86
394.68
$271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.73
255.29
$396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.94
514.59
$466.75
480.44
495.73
513.17
526.01
533.40
537.70
553.63
573.00
585.10
$176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
221.47
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.3
2.3
0.3
-1.0
-.9
-1.0
-1.8
-1.6
-.2
-.0
.7
-.6
34.2
34.4
34.5
34.4
34.4
34.5
34.4
34.3
33.8
34.5
34.5
34.3
34.3
1986
1987
1988
1989
1990
1991
1992
1993
1994r
1995'
41.5
41.5
41.3
41.5
41.5
41.4
41.5
41.2
40.0
41.4
41.4
41.5
41.7
4.3
4.2
4.2
4.3
4.4
4.3
4.3
4.2
4.1
4.3
4.3
4.6
4.6
11.36
11.43
11.47
11.46
11.52
11.55
11.59
11.61
11.62
11.65
11.68
11.72
11.75
7.36
7.39
7.41
7.39
7.42
7.42
7.44
7.44
7.41
7.42
7.40
7.40
7.39
12.30
12.33
12.39
12.42
12.43
12.46
12.49
12.51
12.63
12.56
12.55
12.74
12.72
388.51
393.19
395.72
394.22
396.29
398.48
398.70
398.22
392.76
401.93
402.96
402.00
403.03
251.63
254.16
255.80
254.34
255.34
255.93
255.91
255.11
250.48
255.84
255.36
253.79
253.64
510.45
511.70
511.71
515.43
515.85
515.84
518.34
515.41
505.20
519.98
519.57
528.71
530.42
567.01
585.14
588.17
585.92
587.08
593.54
589.76
583.28
582.55
604.63
589.79
594.39
583.69
219.56
220.90
222.05
221.56
223.49
223.49
224.84
224.15
221.59
226.08
227.73
225.94
228.67
.7
2.2
2.8
2.4
2.4
2.0
2.3
2.1
.2
2.7
3.1
2.9
3.6
-2.5
1
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) {on a 1982=100 base).
2
Q
.O
-.0
1
-.1
-.6
-.1
-.4
-2.5
.0
.3
.0
.7
3
Based on seasonally unadjusted data.
NOTE,—Series reflect annual benchmarking and other revisions. Seasonally a<ljustcd data revised beginning 1988; unadjusted data revised beginning April 1994.
Source: Department of Ijabor, Bureau of Ijabor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 - 100)
Percent change from
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits '
Total
eom|jensation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
salaries
Benefits <
Not seasonally adjusted
19861987198819891990
19911992199319941995-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
....
.
.
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
126.9
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
123.1
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
136.6
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
2.8
Seasonally adjusted
1993- Mar
Sept
Dec
1994- Mar
....
Sept
Dec
1995- Mar
Sept
Dec
1996- Mar
1
116.9
117.9
118.9
119.9
120.8
121.8
122.8
123.5
124.4
125.3
126.1
127.1
128.0
113.9
114.6
115.6
116.5
117.2
118.1
119.0
119.7
120.6
121.5
122.4
123.2
124.6
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries.
124.8
126.5
127.7
128.9
130.3
131.5
132.9
133.6
133.8
134.6
135.4
136.8
136.5
1.0
.9
.8
.8
.8
.8
.8
.6
.7
.7
.6
.8
.7
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
2.8
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
2.7
Not seasonally adjusted
0.8
.6
.9
.8
.6
.8
.8
.6
.8
.7
.7
.7
1.1
1.6
1.4
.9
.9
1.1
.9
1.1
.5
.1
.6
.6
1.0
O
3.5
3.6
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.8
3.0
2.7
2.7
3.1
3.1
2.9
3.1
2.9
2.8
2.9
2.9
2.8
2.8
3.3
5.6
5.8
5.4
5.0
4.4
3.9
4.0
3.7
2.9
2.6
2.1
2.7
2.0
Data exclude farm and household workers.
Source: Department of Ijalx>r, Bureau of Ijabor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Output J
Business
sector
Hours of all
persons -
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Nonfarm
business
sector
Business
sector
Implicit price
deflator 5
Unit abor
costs
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Indexes, 1992 = 100; quarterly data seasonally adjusted
1986 r
1987'
1988'
1989 T
1990'
1991'
1992 r
1993'
1994'
1995'
94.2
94.1
94.6
95.3
96.1
96.7
100.0
100.1
100.6
101.1
94.9
94.6
95.2
95.7
96.2
96.9
100.0
100.1
100.6
101.2
91.1
94.6
97.8
98.7
96.9
100.0
102.6
106.9
109.6
1993- I'
II'
III' .
IV'
100.2
99.7
99.9
100.8
100.2
99.6
100.0
100.7
101.4
102.0
102.8
104.3
100.3
100.4
101.0
101.2
100.2
100.4
100.9
101.2
104.8
106.5
107.6
108.7
1995- I'
II' . .
IIP
IV' .. .
101.7
101.1
101.5
101.4
100.8
101.2
101.7
101.4
108.8
108.9
110.1
110.3
1996- I'*
102.0
102.0
111.2
1994:
.
lr
II '
III'
IV'
88.6
88.7
91.4
95.1
98.1
98.8
97.1
100.0
102.9
106.9
109.8
94.0
96.8
100.0
102.5
102.6
100.2
100.0
102.5
106.2
108.3
93.5
96.5
99.9
102.5
102.7
100.2
100.0
102.8
106.3
108.4
77.0
79.9
83.5
85.8
90.7
95.1
100.0
102.5
104.5
107.8
77.3
80.2
83.6
85.9
90.6
95.1
100.0
102.3
104.3
107.7
98.5
98.7
99.0
97.1
97.4
97.9
100.0
99.5
98.9
99.2
99.0
99.1
99.2
97.1
97.3
97.9
100.0
99.3
98.7
99.1
81.7
84.9
88.3
90.0
94.4
98.3
100.0
102.4
103.8
106.6
81.5
84.7
87.8
89.7
94.2
98.1
100.0
102.1
103.7
106.4
81.6
83.8
86.8
90.5
94.0
97.7
100.0
102.5
104.8
107.1
81.4
83.5
86.4
90.0
93.8
97.6
100.0
102.5
104.9
107.2
101.6
102.2
103.2
104.6
104.8
106.6
107.7
108.8
109.0
109.1
110.4
110.6
111.4
101.3
102.3
102.9
103.6
101.4
102.6
103.2
103.9
101.7
102.3
102.8
103.3
99.2
99.0
98.3
98.6
101.7
102.3
102.7
103.3
103.9
104.4
105.1
105.6
101.8
102.4
102.7
103.3
104.0
104.3
104.6
105.4
101.5
102.6
102.9
102.5
103.7
103.9
103.6
104.2
101.4
102.4
102.5
102.3
104.6
106.1
106.7
107.5
108.1
107.7
108.5
108.8
108.1
107.8
108.6
109.0
109.3
106.3
107.4
108.4
109.3
106.2
107.3
108.4
109.1
98.7
98.9
99.4
99.5
105.5
106.2
106.9
107.8
106.5
107.0
107.5
107.7
110.0
99.5
108.0
105.3
106.0
106.6
107.6
107.9
106.3
106.9
107.4
107.7
110.1
99.6
99.6
99.6
99.3
99.4
99.1
98.5
98.7
98.8
99.0
99.4
99.7
99.6
99.5
99.3
99.3
98.9
104.5
106.1
106.6
107.4
101.5
102.0
102.5
103.0
103.7
104.2
104.4
105.3
108.1
108.0
2.5
4.0
3.7
2.1
5.0
4.2
1.9
2.1
1.5
2.6
5.2
4.3
.1
-.6
2.2
2,7
3.5
4.2
4.0
3.9
2.4
2.5
2.2
2.2
3.4
2.5
1.4
2.4
2.2
2.6
3.4
4.2
4.2
4.1
2.4
2.5
2.3
2.2
109.1
103.5
103.8
103.5
104.1
103.9
104.5
105.3
105.7
Percent change; quarterly data at seasonally adjusted annual rates
1986'
1987'
1988'
1989r
1990'
1991'
1992'
1993'
1994'
1995'
2.5
-.2
.5
.8
.8
.6
3.4
.1
.5
.5
1993- I'
II'
III'
IV'
1994:
I'
II'
III'
IV'
1995- I'
II' .
HI'
IV'
1996:
I'*
1
3.4
3.0
4.1
3.2
.7
-1.8
3.0
2.9
4.0
2.7
0.7
3.0
3.3
2.5
.1
-2.3
2
2.5
3.7
2.0
0.8
3.2
3.5
2.6
.2
-2.5
o
2^8
3.5
2.0
5.2
3.8
4.5
2.8
5.7
4.8
5.2
2.5
1.9
3.2
5.2
3.7
4.3
2.7
5.5
4.9
5.2
2.3
2.0
3.3
3.3
.2
.3
-2.0
.3
.6
2.1
-.5
-.6
.3
3.3
.1
.1
-2.1
.1
.7
2.1
-.7
-.5
.4
2.6
4.0
4.0
1.9
4.9
4.2
1.7
2.4
1.4
2.7
-.9
2.4
4.1
5.3
1.9
2.6
1.9
1.8
1.3
2.1
1.7
1.9
-1.0
-.3
.1
-1.3
-1.6
-.8
-.1
-1.2
5.6
4.6
1.2
-1.6
.9
6.8
4.2
4.2
2.4
4.2
2.3
2.7
3.6
6.3
1.9
3.2
2.9
4.6
2.5
2.7
-1.9
.9
2.0
1.1
3.2
2.9
3.8
3.4
.9
-1.8
3.2
2.6
4.2
2.5
-1.1
2.2
3.0
6.3
1.8
6.7
4.1
4.0
2.8
1.3
.9
3.1
2.9
1.9
.7
3.5
.7
-1.2
-2.7
.9
.9
-.6
-3.0
1.3
2.4
1.8
2.6
2.0
-1.4
1.6
1.7
-.8
.6
.3
4.4
.7
.8
.5
4.7
.6
2.3
-1.1
3.0
1.1
3.4
4.1
4.1
3.2
3.5
4.1
4.1
2.9
.5
.7
2.0
.6
.6
2.1
.5
4.6
.9
-1.2
2.3
5.2
2.6
2.6
3.5
4.9
1.0
-1.3
2.4
-1.7
1.5
1.4
-.3
2.9
5.9
2.1
3.1
2.2
-1.0
2.9
1.5
4.9
2.5
2.4
3.7
2.8
2.1
2.1
.8
2.5
2.2
2.9
1.8
2.9
1.9
1.8
.7
2.3
2.1
3.3
3.1
1.0
1.0
3.1
3.3
.1
.8
1.2
1.6
1.4
-3.4
-1.9
.7
3.5
-1.8
.4
2.2
.8
2.6
-.3
.6
.5
.5
.7
3.2
.1
.5
.7
-3.7
-2.1
1.6
2.5
Output refers to real gross domestic product originating in the sector.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
•"Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed
*Hourlycompensationdividedbytheconsumerpriccindexforallurbanconsumers(CPI-U).
'Current dollar gross domestic output divided by the output index.
•Based on GDP data released May 30, 1996. GDP data for 1996: I shown elsewhere in this
issue of Economic Indicators were released June 28, 1996.
16
.8
-1
3.8
2.1
1.2
2.6
NOTE. — Data relate U> all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
differ slightly from percent changes based on indexes shown here.
.
Labor ln ut senes
P
re™5"1 historically to reflect annual benchmarking and seasonal adjustment revisions. Data also revised to reflect 1990 census-based population controls, adjusted for
the
estimated undercount, as well as new average weekly hours data that include information
°" thos<; persons not at work. See Productivity and Costs, release dated June 18, 1996.
Source: Department of Labor, Bureau of Labor Statistics,
ma y
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in May.
INDEX, 1987- 100- (RATIO SCALE)
150
TOTAL INDUSTRIAL PRODUCTION
140
INDEX, 1987- 100' (RATIO SCALE)
170
160
150
130
__^-120
110
100
140
f —
"
.
FINAL PRODUCTS
BUSINESS
^.
130
120
""
*
^
----'
\
CONSUMER
f GOODS
100
MANUFACTURING
DURABLE
130
100
150
90
j+r
.-—
N
-'—1
.
-r^:...
-•]
tf"
»'*/
""/
70
niiiliiiii
him 1 1 1 1 1 In 1 1 1 1 1 1 1 n !
1
50
,'X'""
110
'"• ''1
100
. A -'-'-'1
N
1992
^7^
88
86
T
*•'
84
82
~>— J
1993
1994
80
78
1995
••=•'"*'%_
/'~'
,
(
nnl
nnl
PERCENT*
-"''
120
"X
60
UTILITIES AND MINING
130
%
DEFENSE
AND SPACE
EQUIPMENT
NONDURABLE
140
90
'~-— -..
80
>^
120
110
-•-~'
v^
^
--—--''
150
140
^
..
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
1 1 1 1 j 1 1 II M
1992
1996
^~^N_.,A^
-/""
^^-r^^
s
uiiiliiiii
1993
niiiliiiii
|mll
mll|
1994
1995
» SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1996
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total industrial production
Industry production indexes, 1987=100
Manufacturing
Percent change '
Period
Index,
1987=100
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
. ...
1995: May
June
July
Au£r
Sept
Oct
Nov
Dec
1996: Jan
Feb'
Mar'
Aorr
May**
1
Percent changes based on unrounded indexes.
From
preceding
month
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
From
year
earlier
Capacity utilization
rate, percent2
Total
Durable
Nondurable
Mining
Utilities
Total
industry
Manufacturing
0.9
4.9
4.4
1.5
.0
-1.8
3.4
3.5
5.9
3.2
94.3
100.0
104.7
106.4
106.1
103.8
108.2
112.3
119.7
123.9
93.9
100.0
106.6
108.6
107.4
104.1
109.3
115.6
125.8
132.5
94.9
100.0
102.3
103.7
104.4
103.4
106.7
108.6
113.0
114.3
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.0
100.3
99.9
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.3
117.9
122.0
79.2
81.5
83.7
83.7
82.1
79.2
80.3
81.4
83.9
83.8
79.1
81.6
83.6
83.2
81.3
78.0
79.5
80.6
83.3
83.0
123.2
123.3
123.3
124.2
124.9
124.4
124.5
124.8
131.1
131.5
131.5
133.2
134.4
133.5
134.3
134.8
114.4
114.3
114.3
114.3
114.4
114.3
113.7
113.8
100.5
101.0
100.7
100.0
100.0
98.2
98.3
98.1
122.1
121.0
122.7
128.8
122.7
121.6
125.4
125.1
83.7
83.5
83.3
83.9
83.7
83.0
83.0
82.9
82.8
82.7
82.4
82.7
82.8
82.2
82.0
81.-3
124.5
126.2
125.2
126.5
127.2
134.9
137.5
135.7
138.6
139.7
113.1
113.8
113.6
113.2
113.4
97.1
98.0
101.1
99.8
99.8
125.6
126.6
127.9
125.6
129.4
82.4
83.3
82.6
82.9
83.2
81.4
82.3
81.3
81.9
82.0
121.3
121.4
121.5
122.7
122.8
122.2
122.6
122.8
-.5
.3
.2
'3.3
2.8
'2.7
3.2
'3.2
1.9
1.7
1.1
122.5
124.2
123.6
124.4
125.3
-.2
1.3
-.5
.7
.7
.6
2.0
1.4
2.5
3.2
0.0
.1
.1
1.0
.1
2
Output as percent of capacity.
Source: Board of Governors of the Federal lleserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- May
95.7
100.0
104.8
106.8
107.0
105.4
108.7
112.7
118.3
121.4
120.6
121.1
121.2
122.4
122.6
121.3
121.9
122.1
121.9
124.5
123.5
124.9
125.6
July
Sept
Oc?
Nov
Dee
1996: Jan r . .
Feb r
Mar
Apr r
May/*
1
96.8
100.0
102.9
104.0
103.4
103.0
106.0
109.5
113.7
115.1
114.1
114.8
114.6
115.9
116.0
114.9
115.9
115.7
114.6
116.6
115.3
116.1
116.5
Durable
goods
94.5
100.0
104.6
106.6
102.3
96.0
103.0
113.3
124.2
124.2
121.6
122.3
121.4
124.0
125.8
123.4
124.9
126.3
120.3
125.1
119.3
126.0
126.4
Nondurable
goods
97.6
100.0
102.4
103.2
103.8
105.0
106.9
108.6
111.2
112.9
112.4
113.1
113.0
113.9
113.7
112.9
113.8
113.2
113.3
114.5
114.4
113.7
114.1
Total
1
94.5
100.0
107.6
110.9
112.1
108.8
112.5
117.5
125.3
131.4
130.8
131.2
131.6
132.9
133.1
131.5
131.4
132.3
133.7
137.3
136.7
139.3
140.4
Business
93.1
100.0
110.7
115.5
116.9
115.9
123.4
131.8
144.9
155.7
154.3
155.1
155.7
157.5
158.2
156.5
156.9
158.4
160.5
164.8
163.0
166.4
167.7
Defense
and
space
equipment
96.0
100.0
99.7
100.1
98.8
90.8
84.8
79.3
71.9
65.9
66.8
66.8
66.5
66.1
65.2
64.4
62.9
62.0
61.6
63.1
64.0
63.8
64.0
Total
91.9
100.0
101.8
102.0
101.2
96.8
99.3
101.8
107.3
109.0
108.2
108.2
108.5
109.4
109.5
109.2
109.3
110.1
108.5
109.3
109.4
108.7
109.4
Construction
supplies
93.8
100.0
101.5
100.5
98.2
91.6
95.2
98.4
106.2
108.2
106.6
107.2
107.3
107.0
108.4
108.3
108.7
110.5
107.2
109.3
111.0
110.4
110.7
Business
supplies
90.7
100.0
102.0
103.0
103.2
100.2
102.0
104.1
108.2
109.6
109.4
109.1
109.5
111.0
110.3
109.9
109.9
110.0
109.6
109.5
108.5
107.9
108.7
Total
Energy
95.9
100.0
105.0
106.7
106.8
105.5
109.7
113.8
122.0
127.4
127.2
126.8
126.8
128.1
128.1
128.1
128.4
128.4
128.5
129.4
129.2
129.8
131.0
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.5
105.3
106.6
107.2
107.2
107.5
108.5
105.8
105.5
105.7
106.0
105.9
106.1
108.3
106.7
108.1
1ndmles oil and gas well drilling and manufactured homes, not shown separately.
[1987-100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- May
July
Sept
Oct
Nov
Dec
1996- Jan
Feb'
Mar'
Aprr
93.7
100.0
108.7
107.2
106.5
98.6
101.9
107.7
116.4
119.2
119.5
117.5
118.3
115.4
121.0
115.7
120.8
120.0
121.5
117.1
117.1
118.6
118.4
Source: Board of Governors of the Federal Reserve System.
18
Iron
and
steel
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.9
119.3
122.4
123.0
119.2
119.3
117.7
127.0
115.1
126.1
122.7
128.1
119.5
120.2
121.9
120.3
Fabricated
metal
products
93.8
100.0
104.2
102.8
99.5
94.5
99.0
103.1
110.5
113.9
113.7
113.7
112.4
114.3
115.1
114.0
114.5
115.0
115.6
117.0
116.0
115.8
116.8
Industrial
machinery and
equipment
Electrical
machinery
90.3
100.0
113.0
117.3
117.6
114.7
124.0
138.1
157.7
177.8
174.6
174.4
176.0
179.5
181.3
183.8
186.5
190.1
191.9
196.1
198.7
199.6
202.1
94.3
100.0
108.5
111.0
111.4
113.9
123.5
134.1
154.3
174.9
171.1
173.0
175.7
178.7
180.8
182.4
183.6
182.8
182.4
188.7
188.0
188.5
190.8
Nondurable manufactures
Transportation
equipment
Total
96.9
100.0
105.2
109.6
107.0
101.1
104.8
109.2
115.3
113.3
113.2
113.4
111.6
114.1
114.1
109.3
108.6
109.7
108.3
112.1
102.9
114.3
114.8
Motor
vehicles
and
parts
98.5
100.0
105.7
106.9
101.0
94.4
107.4
122.9
141.2
141.9
138.8
139.7
136.7
142.1
143.3
139.7
140.7
141.2
135.5
141.1
121.3
144.3
145.0
Lumber
and
products
95.1
100.0
100.1
99.4
97.1
90.2
95.2
97.1
104.0
104.5
101.7
103.0
103.7
103.7
106.2
105.7
104.8
106.9
103.1
103.3
107.4
109.5
108.8
Apparel
products
96.3
100.0
98.1
95.0
92.2
92.7
95.0
97.1
100.J
95.7
97.5
95.5
94.8
94.5
94.5
93.3
92.4
91.5
89.2
90.9
89.6
90.2
90.4
Printing
and
publishing
Chemicals
and
products
90.6
100.0
100.9
101.1
100.8
97.0
98.1
98.8
100.1
99.4
94.6
100.0
106.0
109.2
111.8
110.5
114.4
115.4
121.3
125.0
124.0
124.4
124.0
124.4
125.3
126.7
126.0
126.5
99.0
98.6
99.0
100.5
99.8
98.9
99.3
98.8
97.9
98.7
96.8
96.4
96.6
127.1
127.1
126.6
126.1
126.0
Foods
97.4
100.0
101.5
102.5
103.7
105.3
106.9
109.5
113.2
115.3
115.9
116.1
115.3
115.5
115.5
115.4
114.8
114.8
114.8
116.0
115.8
115.8
115.9
NEW CONSTRUCTION
[Monthly data seasonally acljusted]
Construction contracts3
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total '
Commercial
and industrial2
Other
and
State
and
local
Total value
index
(1987=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
429.9
441.6
455.6
469.8
468.5
424.2
452.1
482.7
527.1
547.1
1986'
1987'
1988'
1989'
1990'
1991'
1992'
1993'
1994'
1995'
345.3
351.0
360.9
371.6
361.1
314.1
336.2
362.6
400.0
410.2
187.1
194.7
198.1
196.6
182.9
157.8
187.8
210.5
238.9
236.6
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
162.9
105.5
104.4
109.6
118.0
119.4
93.7
82.2
84.4
93.3
107.0
53.2
52.0
53.2
57.1
58.8
62.6
66.2
67.7
67.8
66.6
96
100
101
105
95
89
97
105
114
117
84.6
90.6
94.7
98.2
107.5
110.1
115.8
120.2
127.1
136.9
Annual rates
Annual rates
1995: May
July
Aug'
Sept'
Oct'
NoV
Dec'
1996- Jan'
Feb'
Mar'
Apr'
May .
1,016
1,019
973
961
783
577
556
589
744
842
541.5
545.1
545.0
542.3
550.5
550.0
549.7
555.7
405.5
406.8
409.4
405.9
411.3
410.6
411.0
417.2
232.5
231.1
231.3
234.5
237.7
238.0
239.9
243.1
157.6
155.9
158.3
161.8
164.3
165.8
166.4
168.1
106.9
108.2
110.9
106.6
107.5
106.0
107.3
108.9
66.1
67.5
67.3
64.8
66.2
66.6
63.8
65.2
136.1
138.3
135.6
136.4
139.1
139.4
138.7
138.5
119
122
119
124
120
120
121
115
727
800
713
826
828
731
851
784
559.0
544.6
557.0
568.3
563.4
418.9
411.2
419.7
427.7
420.2
242.5
238.6
245.9
251.9
248.9
169.2
166.9
173.8
178.6
175.2
109.3
107.4
106.4
107.8
104.3
67.1
65.2
67.4
68.0
67.0
140.1
133.3
137.3
140.6
143.2
118
112
121
123
697
615
750
708
1
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
NOTE.—New construction expenditures series revised beginning 1964.
Revised data reflect improved weighting procedures and benchmarking of industrial buildings
estimates, as well as a new seasonal adjustment method beginning 1980.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information
Systems Company, F.W. Dodge Division.
2
3
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
1 unit
2-4 units
5 or more
units
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
244.1
1986
1987
1988
1989 . . .
1990
1991
1992
1993 ..
1994
1995
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1,354.1
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
1,076.2
1995: Apr
1,278
1,300
1,301
1,450
1,401
1,401
1,351
1,458
1,425
1,017
1,005
1,036
1,125
1,135
1,130
1,109
1,129
1,150
25
36
35
39
28
39
31
32
29
236
259
230
286
238
232
211
297
246
1,453
1,514
1,439
1,505
1.434
1,146
1,183
1,163
1,201
1.130
20
33
25
51
41
287
298
251
253
263
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
33.7
Units
authorized
Units
completed
Homes
sold
Homes for
sale at end
of period *
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
1,312.6
750
671
676
650
534
509
610
666
670
667
357
366
368
365
321
284
265
293
337
372
'1,245
'1,258
'1,290
'1,358
'1,379
'1,427
'1,393
' 1,450
'1,487
1,331
1,324
1,256
1,332
1,247
1,267
1,320
1,360
1,225
608
667
724
782
707
684
673
679
683
349
347
347
344
349
350
360
368
372
'1,378
'1,417
1,423
1,459
1.452
1,403
'1,328
1,390
1,334
743
'784
727
770
828
370
'355
366
366
360
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
3
1,371.6
'1,332.5
Vacancy rate
for rental
housing units
(percent) 2
7.3
7.7
7.7
2
7.4
7.2
7.4
7.4
2
7.3
7.4
7.6
Seasonally adjusted annual rates
July
Sept
Get
Dec
1996: Jan
Feb
Mar'
Apr' .
MavP
1
Seasonally adjusted.
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
3
The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.
2
7.7
7.7
7.7
7.9
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 places.
Seasonally adjusted housing unite authorized revised beginning 1994; unadjusted data revised
beginning 1995.
Source: Department of Commerce, Bureau of the Census.
1Q
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In April, manufacturing and trade sales rose 1.1 percent and inventories rose $4.4 billion. According to advance
data, retail sales rose 0.8 percent in May following a decrease of 0.1 percent in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
400
BILLIONS OF DOLLARS' (RATIO SCALE)
1,200
1,100
1,000
f, i- i-
^~~\
900
——i
r
[-V
800
MANUFACTURING AND
TRADE INVENTORIES
700
600
1H
— — •• -t "»
I
\
I
MANUFACTURING
,--"•'''
AND TRADE SALES
200
500
150
RATIO'
1.80
400
INVENTORY-SALES RATIO
1.70
PFTAII
1.60
300
1.50
1.40
I
200
1992
1.30
1993
1994
1996
1995
1992
AND TRADE
i in M ii
1993
1994
» SEASONAUY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
Manufacturing and
trade1
Period
Sales 2
Inventories:'
1995
1996
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Retail
Sales2
Inventories3
Durable
goods
stores
Total
Inventory-sales
ratio4
Inventories3
Sales 2
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade1
96,527
102,355
106,594
115,887
118,668
124,236
129,046
133,967
140,161
142,516
141,359
141,922
142,459
142,231
143,374
143,104
144,059
144,022
142,516
143,054
143,249
142,494
142,565
1.55
1.50
1.49
1.52
1.52
1.54
1.49
1.44
1.39
1.40
1.41
1.41
1.40
1.42
1.41
1.41
1.42
1.41
1.39
1.42
1.40
1.39
1.38
Retail
Millions of dollars, seasonally adjusted, except as noted
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Apr'
July
Sept
Oct
Dec
1996: Jan
Feb
Mar r
May
1
430,419
457,735
496,079
523,065
542,682
538,485
561,293
593,125
639,744
682,375
672,963
'678,677
683,082
676,094
687,690
689,798
688,234
693,214
699,912
693,424
701,257
704,267
711,973
662,753
709,814
765,270
811,154
834,391
829,685
838,895
861,219
917,305
976,022
951,076
955,683
959,452
963,361
968,055
972,587
978,397
979,578
976,022
981,945
982,596
980,118
984,468
114,960
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,973
187,387
185,298
186,859
188,290
187,155
187,953
188,874
189,643
191,574
194,901
192,878
194,053
195,379
197,465
153,574 120,803
163,903
128,442
178,801 138,017
187,009 146,581
195,550
153,718
200,062 154,661
207,663 162,632
215,878 172,924
234,893 185,936
254,616 195,068
245,596 192,372
247,018 '194,725
248,925 196,080
251,897 195,465
252,209 196,716
253,111 196,644
254,738 196,193
254,727 197,914
254,616 199,104
256,258 199,129
255,569 203,392
256,444 204,228
259,904 '203,928
205,478
See page 21 for manufacturing.
3
Annual data are averages of monthly not seasonally at^iistetl figures; monthly data arc seasonally adjusted totals for month.
3
Seasonally adjusted, end of period.
45,057
75,746
47,989
80,453
52,430
85,587
54,763
91,818
97,981
55,736
54,165 100,497
58,634 103,999
64,795 108,129
73,042 112,894
78,018 117,050
76,062 116,310
'77,400 '117,325
78,329 117,751
78,006 117,459
79,527 117,189
78,711 117,933
79,160 117,033
80,296 117,618
80,852 118,252
80,623 118,506
83,285 120,107
84,108 120,120
'82,588 '121,340
84,189 121,289
4
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,916
290,602
302,879
299,802
300,376
300,516
299,041
302,700
303,299
306,224
307,265
302,879
304,370
304,824
302,153
302,487
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,949
150,441
160,363
158,443
158,454
158,057
156,810
159,326
160,195
162,165
163,243
160,363
161,316
161,575
159,659
159,922
Annual date are averages of seasonally atljusted monthly ratios.
Souree: Department of Commerce, Bureau of the Census.
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.54
1.56
1.54
1.53
1.53
1.54
1.54
1.56
1.55
1.52
1.53
1.50
1.48
1.48
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In April, manufacturers' shipments, inventories, and new orders rose; unfilled orders fell. According to advance
data for May, durable goods shipments and new orders rose.
BILUONS OF DOLLARS* (RATO SCALE)
320
BILLIONS OF DOLLARS' (RATIO SCALE)
480 ~ INVENTORIES
440
400
360
320
SHIPMENTS
^
f~^
280
**
r~~~^\1—TOTAL
N
240
200
DL RABLEGOODs
\ j
—
TOTAL
280
.-
160
_^
»
200
.-•-
240 h" —
\
JRABIEGOOC
-'•"*
P~/—1
120
160
NONCMJRABLEGOC DS
_r — \
\-~
120
vIDURABLEGC
80
80 1 ! 1 ! 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 ! 1 1 M 1 1 1 ! 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 M 1 1 1
I 1 1 1 1 1 I 1 I 1 I I! 1 1 1 1 1 1 1 1 1 1 I 1 1 ! i 1 1 1 t 1 m i l U N I 1 1 1 1 1 M 1 1 1 1
BILUONS OF DOLLARS* (RATIO SCALE)
320 - NEW ORDERS
280
240
RATIO*
2.00
200
INVENTORY-SHIPMENTS RATIO
DURABLE GOODS
A.
160
1.80
.—-v''"
1.60 V ^
120
~^^
^^\
NONDURABLE GOODS
1.40
80 Ii 1 1 1 1 i 111i
1992
1.20
1993
1994
1995
^N
lllm
1 Ml 1 II 1 II
1992
1996
"dnm
1 1 1 1 ll 1 1 1 1 1
1995
1996
1994
1993
*S£ASONAUY ADJUSTS)
SOURCE: DEfARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' inventories2
Manufacturers' new orders ]
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory—
shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1986
1987
1988
1989
1990 .....
1991
1992
1993
1994
1995
1995: Apr
May
July
Sept
Oct
Dee
1996- Jan
Feb
Mar
Apr'
May?
194,657
206,326
223,541
232.724
239,459
235,518
244,511
258,520
280,835
299,920
295,293
297,093
298,712
293,474
303,021
304,280
302,398
303,726
305,907
301,417
303,812
304,660
310,580
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
151,060
162,053
157,970
159,612
160,828
155,919
164,196
165,939
164,062
164,924
165,946
162,126
164,254
163,867
167,325
170,477
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
129,775
137,867
137,323
137,481
137,884
137,555
138,825
138,341
138,336
138,802
139,961
139,291
139,558
140,793
143,255
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
391,810
418,527
405,678
408,289
410,011
412,423
413,146
416,177
417,435
417,586
418,527
421,317
422,203
421,521
422,077
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
247,644
263,916
255,334
256,787
257,442
259,532
260,091
261,706
263,305
263,517
263,916
266,530
267,264
267,190
267,706
'Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as salt's.
2
Seasonally adjusted, end of period.
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
144,166
154,611
150,344
151,502
152,569
152,891
153,055
154.471
154,130
154,069
154,611
154,787
154,939
154,331
154,371
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
281,953
300,719
293,069
297,046
296,754
293,863
301,903
306,123
304,370
304,146
309,467
308.839
304^281
309,485
309,745
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
151,878
163,054
155,553
159,502
159,031
156,130
164,082
168,951
166,490
165,165
170,234
169,238
164,980
169,278
166,292
171,833
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
37,530
43,398
40,072
43,115
42,964
40,233
41,676
46,941
43,755
46,067
48,700
47,779
46,605
48,782
42,642
46,720
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122.428
130^074
137,665
137,516
137,544
137,723
137,733
137,821
137,172
137,880
138,981
139,233
139,601
139,301
140,207
143,453
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
456,838
467,045
461,984
461,937
459,979
460,368
459,250
461,093
463,065
463,485
467,045
474,467
474,936
479,760
478,925
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1.37
1.37
1.37
1.37
1.37
1.41
1.36
1.37
1.38
1.37
1.37
1.40
1.39
1.38
1.36
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In May, the producer price index for all finished goods fell 0.1 percent. Prices of finished consumer foods were
unchanged and prices of other finished consumer goods fell 0.1 percent. Capital equipment prices fell 0.1 percent.
INDEX, 1982-100 (RATIO SCALE)
INDEX, 1982-100 (RATIO SCALE)
CONSUMER GOODS
EXCLUDING FOODS
100
100
COUNa. Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF IABOR
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Crude materials
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: May
June
July
Aug
Sept
Oct
Nov
Dec
1996: Jan'
Feb
Mar
Apr
May
1
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
127.9
127.9
127.7
127.7
127.8
128.2
128.4
128.8
129.6
129.8
129.7
130.4
130.9
130.8
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
129.0
127.8
127.4
128.5
128.6
130.1
130.0
131.4
131.5
131.0
130.8
131.6
131.2
131.2
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
127.8
127.6
127.4
127.4
127.6
127.9
128.0
129.0
129.4
129.3
130.0
130.7
130.7
Intermediate materials for food manufacturing and feeds.
22
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
123.9
124.5
124.2
123.8
123.8
123.9
124.1
124.1
125.4
126.2
126.0
127.0
127.9
127.8
Durable
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
132.7
132.3
1322
132.4
132.5
132.6
133.2
134.0
134.2
133.7
133.8
134.0
134.1
134.1
Nondurable
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
118.8
119.7
119.4
118.7
118.6
118.7
118.8
118.4
120.2
121.5
121.2
122.5
123.8
123.6
Capital
equipment
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
136.7
136.4
136.5
136.7
136.9
137.1
137.5
138.1
138.1
138.0
138.1
138.0
138.3
138.2
Total
finished
consumer
goods
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
125.6
125.6
125.3
125.4
125.4
125.8
126.0
126.4
127.4
127.7
127.6
128.5
129.0
128.9
Total
F(xxls
and
feeds '
Other
Total
Foodstuffs
and
feedstuffs
Other
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
124.9
125.3
125.4
125.5
125.6
125.4
125.4
125.3
125.5
125.7
125.1
125.3
125.7
126.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
114.8
110.6
111.7
113.4
114.6
115.7
119.0
121.5
123.3
123.2
122.9
123.1
125.5
130.2
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
125.5
126.1
126.1
126.1
126.1
125.9
125.7
125.5
125.7
125.8
125.3
125.4
125.8
126.1
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
102.7
102.2
103.1
102.4
101.0
102.9
103.0
104.6
106.3
108.7
106.3
108.0
113.7
115.2
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
105.8
98.6
101.8
105.6
106.0
109.7
112.3
115.5
115.0
114.5
113.8
113.9
118.4
125.8
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
96.8
100.6
99.9
96.5
93.9
94.6
93.2
93.6
96.7
100.9
97.5
100.2
106.5
104.0
NOTE.—Beginning 1996, indexes are based on updated value weights.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In May, the consumer price index for all urban consumers rose 0.3 percent, seasonally adjusted (it rose 0.2 percent
not seasonally adjusted). The Index was 2.9 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE)
INDEX, 1982-84 - 100 (RATIO SCALE)
180
180
SEASONAU.Y ADJUSTED
170
170
160
160
150
150
CONSUMER PRICES-ALL ITEMS
140
140
130
130
120
120
110
110
100
100
1988
1990
1989
1991
1993
1992
1994
1996
1995
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items!
Transportation
Housing
Shelter
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- May
July
Sept
Oct
Dec
1996- Jan
Feb
Mar
1
Not
season- Seasonally
ally
adjust- adjusted
ed
(NSA)
100.0
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
1482
152.4
152.2
152.5
152.5
152.9
153.2
153.7
153.6
153.5
154.4
154.9
155.7
156.3
156.6
152.2
152.6
152.7
153.0
153.2
153.7
153.8
154.1
154.7
155.0
155.6
156.2
156.7
Food
Total"
41.3
15.8
109.0 110.9
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
148.3 147.8
148.5 148.1
148.7 148.5
149.0 148.9
149.5 149.1
150.0 149.6
150.0 149.9
150.2 150.3
150.3 150.8
150.5 151.1
151.4 151.5
151.9 151.9
152.0 152.2
Renters'
Total costs
(Dec.
1982=
100)
28.3
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
165.7
164.8
165.3
165.8
166.0
166.5
167.1
167.5
167.9
168.6
168.9
169.3
169.7
170.1
Includes items not shown separately,
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
:
!
Relative importance, December 1995.
2
8.0
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
174.3
173.1
173.4
174.0
174.0
174.7
175.2
175.3
175.5
176.7
177.1
177.7
178.1
178.4
Home- Main- Fuel
and
teownnance other
ers'
utiliand
costs
ties
re(Dec.
1982= pairs
100) (NSA)
20. 1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
171.0
170.3
170.8
171.3
171.7
172.2
172.8
173.4
173.9
174.3
174.6
175.0
175.4
175.9
0.2
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
135.0
134.6
135.0
135.1
135.4
135.4
136.3
136.2
136.6
136.3
137.0
137.5
138.0
138.8
7.0
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.7
123.0
123.5
123.6
124.2
123.4
124.1
124.2
124.4
125.0
125.7
126.0
126.8
127.2
Apparel
and
up- Total1
keep
5.5
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.0
131.9
131.4
131.8
132.0
131.7
132.1
132.1
132.2
133.1
131.9
132.7
132.2
132.3
17.0
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
139.1
140.2
140.8
140.0
139.5
139.4
139.5
138.9
139.0
140.0
140.7
141.7
143.3
144.3
New
cars
Motor
fuel
Medical
care
All
items
less
Energy* food
and
energy
4.0
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
139.0
138.9
139.2
139.1
139.2
139.6
139.6
139.8
139.8
140.0
140.4
140.6
140.7
140.8
2.9
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
100.0
103.5
103.7
101.3
99.3
97.9
97.4
95.4
97.5
101.2
101.0
104.6
110.3
112.8
7.4
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
220.5
219.6
220.3
221.0
221.8
222.6
223.1
223.8
224.6
225.4
225.8
226.4
227.0
227.7
6.7
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.2
106.1
106.5
105.4
105.0
103.6
103.9
103.0
104.1
106.1
106.5
108.0
111.5
112.7
77.5
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
161.2
160.9
161.3
161.7
162.0
162.4
162.9
163.1
163.3
163.8
164.2
164.7
164.9
165.3
N()TE.—Data incorporate a rental equivalence measure for homeownership costs (beginning
1983).
Source: Department of Labor, Btireau of Ijabor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
(Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSAJ
Change from 3 months earlier, annual rate
Consumer goods
Period
Capital
equipment
Total
finished
Poods
goods
Excluding
foods
Change from 6 months earlier, annual rate
Consumer goods
Change from preceding period
Consumer goods
Capital
equipment
Total
finished
Excluding
foods
Foods
goods
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
-2.3
2.2
4.0
4.9
5.7
-1
1.6
.2
1.7
2.3
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.2
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.0
2.3
2.8
_2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
1.9
Change, month to month
0.2
_ _2
0
.1
.3
.2
.3
.6
July
Sept
Get
Nov
Dec
1996: Jan'
Feb
Mar
Mav
0.6
-.2
-.3
0
.1
.2
0
1.0
-0.5
-.3
.9
.1
1.2
-.1
1.1
.1
.2
'-.1
.5
.4
-.1
1995: May
-.4
'-.2
.6
-.3
0
T
0.1
.1
.1
.1
.1
.3
.4
0
2.2
1.3
.3
-.3
1.6
2.2
3.2
4.4
-1.2
-2.5
0
2.5
8.8
4.8
9.0
4.4
4.0
2.3
0
-2.2
-1.0
1.0
1.0
4.9
1.8
1.8
1.5
1.5
1.8
2.4
3.6
2.9
2.7
1.4
1.1
.9
1.4
1.3
1.4
3.0
0.9
-2.5
.6
.6
3.0
2.3
5.7
6.5
3.3
2.8
1.1
.8
.6
.5
-.6
1.9
2.8
2.2
1.6
1.8
1.9
2.5
2.4
2.2
2.1
1.7
1.3
1.8
2.3
2.1
2.3
.6
— .2
"A
.7
-.1
.1
4.4
2.8
2.5
'3.4
3.4
3.1
-1.8
.3
'.6
1.2
6.9
6.3
5.2
'5.5
5.8
1.5
0
-.3
'.9
.3
3.3
3.0
3.5
3.9
3.1
3.9
3.5
2.3
1.9
-.3
3.9
3.6
5.1
6.2
6.1
1.9
1.8
1.3
1.2
.1
2.2
2.0
2.4
2.5
2.3
I
.2
-.1
i!s
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items1
Food
Total1
Total
1
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total1
New
ears
Motor
fuel
Medical
care
All
items
less
food
and
energy
Energy2
Addendum: All items,
percent change
(annua rate)
From
previous
quarter 3
From
From
From
year
3
6
months months earlier
earlier earlier NSA
Change, December to December, NSA
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.5
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
2.1
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2
3.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
3.5
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3
3.0
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
3.7
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
_2
1.4
5.9
1.8
2.1
2.3
1.4
3.3
2.3
2.8
3.2
1.6
-30.7
18.7
-2.1
6.8
36.5
-160
1.8
-5.4
5.9
-40
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
3.9
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
22
-1.3
0.6
.4
-.6
-.4
-.1
.1
-.4
.1
0.1
_2
-.1
.1
.3
0
.1
0
2.5
2
-2.3
-2.0
-1.4
-.5
-2.1
2.2
0.3
.3
.3
.4
.4
_2
.3
.4
0.7
.4
-1.0
1.1
0.2
_2
2
2
_2
.3
.1
.1
.7
.1
3
.1
.1
.1
3.8
— 2
3.6
5.4
2.3
.4
1.9
4
1.4
3.2
1.1
.3
2
.3
.1
.2
1.9
3.6
4.1
4.8
5,4
4.2
3.0
3.0
2.6
2.8
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
3.0
-5.9
6.1
3.0
4.0
10.4
-15
3.0
2.4
3.8
1.5
0.9
4.8
4.7
1.0
5.1
3.4
1.4
.9
-1.6
.1
Change, month to month
1995: May
June
July
Sept
Oct
Dec
1996- Jan
Feb
Mar
Apr
1
0.3
.3
.1
.2
1
3
.1
2
0.2
.1
.1
2
3
.3
0
.1
4
1
1
.6
.3
.1
9
.4
.4
.3
0.2
.2
.3
.3
.1
.3
_2
.3
3
2
.3
.3
2
0.3
_2
.3
0
.4
.3
.1
.1
0.4
.3
.3
.2
.3
.3
.3
.3
-0.3
.4
.1
.5
-.6
.6
.1
2
-0.2
-.4
.3
9
9
9
9
_2
2
.3
_2
2
_2
2
.3
5
6
2
.6
.3
.7
-9
.6
-.4
.1
0.3
.3
.3
.1
.3
.4
2
2
4
_9
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, elc.—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.
2
24
9
_ _9
.3
0
.1
.7
1.1
.7
3
9
.3
.3
.3
A
-1.3
.3
_ q
3.5
2.1
2.4
3.2
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.5
3.5
2.4
2.1
1.6
2.6
2.1
2.4
3.1
3.2
2.8
2.8
2.5
2.5
2.1
2.0
3.2
3.0
2.8
2.6
2.5
2.8
2.6
2.5
2.6
3.2
4.0
3.9
4.5
2.6
2.6
3.2
3.3
3.8
2.7
2.7
2.8
2.9
2.9
PRICES RECEIVED AND PAID BY FARMERS
In June, prices received by farmers rose 7.2 percent and prices paid by farmers were unchanged. (Data are
not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)
120
INDEX, 1990-92-100 (RATIO SCALE)
110
100
80
11 I l l l l I I I I I I I
iiiiilliiulinn
RATIO 1*
I
I I II I I
iiiiililinl
I
140
RATIO-^
140
120
120
100
100
80
80
60
60
1988
I I I I l 11
1990
I I I I l I l 11 l l
1989
11 I I I 11
1991
I IIIIII I
1992
11 I 11
1993
L I II l l I M M I I I I I l i l l l l
1995
1995
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
1996
COUNCIL OF ECONOMIC ADVISERS
[1990-92=100; not seasonally adjusted)
Prices paid by fanners
Prices received by fanners
Period
All farm
products
Livestock and
products
Crops
All commodities,
services, interest,
taxes, and wage
rates1
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
87
89
99
104
104
100
98
101
100
102
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- June
July
Aug
Sept
Oct
Nov ,.
Dee
1996- Jan
Feb
Apr
May
June
1
87
86
104
109
103
101
101
102
105
112
88
91
93
100
105
99
97
100
95
92
85
87
91
96
99
100
101
103
106
110
85
87
92
97
99
100
101
102
106
109
86
87
90
95
99
100
101
103
106
109
103
102
108
108
105
99
97
98
94
92
100
101
102
105
104
106
108
108
106
109
108
'111
119
113
114
114
115
114
117
118
122
122
128
128
'131
141
90
91
92
94
92
94
96
94
93
93
93
96
100
110
110
110
110
111
111
112
113
113
114
114
115
115
109
109
109
109
110
111
112
113
113
114
114
114
114
109
109
109
109
110
111
112
113
113
114
114
'115
116
91
92
93
95
94
95
96
96
94
96
95
97
103
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, arid wage rates.
2
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990-92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In May, M2 fell and growth in M3 accelerated.
BILLIONS OF DOLLARS' (RATIO SCALE}
4,800
4,400
BILLIONS OF DOLLARS' (RATIO SCALE)
4,800
4,400
4,000
4,000
M3
3,600
3,600
3,200
3,200
-M2 -
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
800
-Ml-
600
600
400
400
1988
1989
1994
1993
1992
1995
* AVERAGES OF DAItY FIGURES; SEASONAUY ADJUSTH)
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1996
O3UNO. Of ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus retail
MMMF balances,
MMDAs, and savings and small time
deposits
M2 plus large
time deposits,
RPs, Eurodollars, and
institutiononly MMMF
balances
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
724.4
749.8
786.9
794.2
825.8
897.2
1,024.4
1,128.6
1,148.7
1,124.9
2,734.6
2,834.4
2,997.9
3,164.0
3,282.2
3,383.7
3,438.7
3,494.1
3,509.4
'3,662.6
3,486.4
3,673.3
3,912.4
4,065.5
4,124.1
4,178.4
4,187.3
4,249.6
4,319.7
'4,576.0
1995- Apr
May
Dec'
1,151.2
1,146.2
1,144.5
1,145.4
1,143.8
1,140.2
1,131.8
1,129.0
1,124.9
3,529.2
3,543.5
3,574.0
3,592.7
3,612.6
3,625.6
3,633.1
3,645.2
3,662.6
4,391.8
4,420.0
4,458.4
4,486.3
4,513.7
4,534.0
4,549.4
4,561.4
4,576.0
1996- Jan'
Feb'
Mar'
Apr'
May
1,119.2
1,117.3
1,126.6
1,123.7
1,117.5
3,677.4
3,693.9
3,729.9
3,736.1
3,731.1
4,604.4
4,642.9
4,685.5
4,692.4
4,705.9
Period
1986198719881989199019911992199319941995-
July
Sept'
Oet'
1
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 rate.
26
L
Debt
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average of
adjacent
month -end
levels) i
Percent change from year or 6
months earlier2
Ml
M2
M3
Debt
4,122.4
4,328.5
4,664.2
4,894.2
4,975.8
5,004.4
5,075.8
5,164.5
5,303.7
'5,685.5
5,429.0
'5,456.1
'5,495.2
'5,544.4
5,580.3
5.626.5
5,653.5
5,660.1
5,685.5
7,913.9
8,671.0
9,446.4
10,173.5
10,854.0
11,338.6
11,881.7
12,516.4
13,153.2
13,871.3
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.8
—21
9.5
3.6
5.8
5.5
3.7
3.1
1.6
1.6
.4
'4.4
9.0
5.4
6.5
3.9
1.4
1.3
.2
1.5
1.6
5.9
12.6
9.6
8.9
7.7
6.7
4.5
4.8
5.3
5.1
5.5
13,421.6
13,522.1
13,580.9
13,616.3
13,669.2
13,709.4
13,758.7
13,829.7
13,871.3
.4
-.4
-.7
-.7
-.7
-1.5
-3.4
-3.0
-3.4
1.4
2.1
3.7
4.5
5.6
6.1
5,9
5.7
5.0
4.6
5.4
6.4
6.6
7.4
7.5
7.2
6.4
5.3
5.9
6.3
6.5
6.3
5.8
5.5
5.0
4.5
4.3
5,704.3
5,725.1
5,784.5
P 5,806.1
13,932.8
14,015.6
14,066.2
r 14,122.6
-4.6
-4.6
-2.4
-1.4
-2.0
4.7
4.5
5.8
5.7
4.7
5.3
5.7
6.7
6.3
6.3
4.6
5.1
5.2
5.3
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
(Averages of daily figures; billions of dollars, seasonally adjusted]
Currency
Period
1986:
198719881989:
19901991:
199219931994:
1995-
Other
Decheckmand
able
depos- deposits
its
(OCDs)
Money market
mutual fund
balances
Retail l
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Institution
only2
Small
denomination
time
deposits3
Large
denomination
time deposits3
Overnight
and
term
repurchase
agreements
(RPs)
(net)
Overnight
and
term
Eurodollars
(net)
180.7
196.8
2123
222.6
246.9
267.4
292.9
322.4
354.9
373.2
July
Sept
Oct
Nov
Dec
1996: Jan
Feb ....
Mar
235.6
259.5
280.9
285.3
293.9
332.5
384.2
414.0
402.9
353.0
210.3
224.5
246.0
322.5
358.1
373.7
356.0
358.7
388.1
465.1
84.5
91.1
90.3
106.9
133.5
179.5
199.8
197.9
183.7
227.2
940.9
937.3
926.3
893.6
923.8
1,045.0
1,187.1
1,218.8
1,148.9
1,134.6
859.0
922.7
1.038.6
1,153.7
1,174.5
1,067.8
871.2
788.0
823.7
'938.1
420.2
467.0
518.3
541.5
480.9
416.5
353.7
333.8
363.5
417.5
143.3
172.6
189.0
158.0
138.8
119.4
128.1
157.5
180.8
177.6
103.9
108.2
117.0
95.2
88.7
79.3
66.9
66.3
82.3
91.2
382.1
382.1
386.5
388.5
389.3
389.4
388.1
388.2
389.8
395.1
387.4
382.0
380.8
377.2
372.4
364.1
360.4
353.0
393.3
401.6
418.8
431.7
443.6
450.3
455.0
460.1
465.1
199.4
203.7
213.2
218.6
218.5
221.7
223.7
224.8
227.2
1,091.2
1,089.5
1,097.0
1,096.2
1,101.6
1,108.4
1.116.1
1,120.6
1,134.6
893.4
906.1
913.7
'919.3
'923.6
'926.8
'930.2
'935.5
'938.1
381.0
384.5
387.6
393.9
'396.6
400.5
409.8
415.5
417.5
192.1
197.2
191.7
188.4
192.9
192.5
190.0
185.3
177.6
90.1
91.1
91.8
92.6
93.1
93.7
92.9
90.6
91.2
373.6
373.3
375.2
375.9
377.0
1995- Apr
May
302.1
286.8
286.8
279.3
277.4
289.5
339.1
384.3
382.4
389.8
365.0
367.6
367.0
367.3
368.5
369.5
370.8
371.6
373.2
Dec
Dec
Dec
Dee .
Dec
Dec
Dec
Dec
Dec
Dec
393.5
397.4
407.1
406.3
409.7
343.2
337.8
335.4
332.6
322.1
468.6
474.7
487.6
488.7
487.4
230.6
243.9
248.3
245.6
243.5
1,151.8
1,164.5
1,183.0
1,193.3
1,197.8
' 937.8
'937.4
'932.7
'930.4
928.5
1
Balances in money funds with minimum initial investments of less than $50,000.
money funds with minimum initial investments of $50,000 or more.
Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.
2
Balances in
3
416.6
184.4
422.4 186.2
429.7
184.1
'432.2 '182.9
437.3
196.9
Shortterm
BankTreas- ers' acury
ceptsecuri- ances
ties
Savings
bonds
Commercial
paper
275.8
91.8
100.6
249.5
109.4
266.8
324.0
117.5
126.0 334.2
137.9
329.1
156.6 345,9
342.8
171.5
180.3
387.3
184.8 '475.6
37.1
44.5
40.2
40.7
36.1
23.9
20.9
14.9
14.2
11.9
231.3
260.6
335.4
346.5
355.3
335.2
365.0
385.6
402.4
437.1
181.2
181.7
182.4
183.0
183.5
183.9
184.2
184.5
184.8
412.0
'405.3
'414.5
'434.1
'437.4
'457.1
'465.9
'464.5
'475.6
13.4
12.0
11.0
12.1
12.4
12.8
13.4
12.6
11.9
430.6
437.0
428.9
429.0
433.3
438.6
440.5
437.1
437.1
'95.5 185.0
'96.4 185.0
'93.6 185.2
'95.6 P 185.6
96.9
'466.0
'444.7
'458.9
P45K.8
11.7
10.2
'9.8
PlO.3
437.2
442.3
'445.1
P 461.0
NOTE.—Travelers cheeks of nonbank issuers are a component of money stock but are not
shown here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures1; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowings of depository institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
19861987:
19881989:
19901991:
19921993:
1994:
1995-
Dec
Dec ..
Dec
Dec
Dec
Dec .
Dec
Dec
Dec
Dec
1995: May
July
Sept
Oct
Dec
1996: Jan
Peb ....
May ..
1
Nonhorrowcd
plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
38,950
38,866
40,410
40,508
41,780
45,547
54,367
60,519
59,364
56,364
38,123
38,089
38,694
40,242
41,455
45,355
54,243
60,437
59,156
56,106
38,426
38,572
39,938
40,262
41,478
45,356
54,244
60,437
59,156
56,106
37,580
37,820
39,362
39,585
40,116
44,569
53,212
59,456
58,196
55,086
223,571
239,784
256,920
267,723
293,332
317,502
351,244
386,877
418,723
435,008
827
777
1,716
265
326
192
124
82
209
257
38
93
130
84
76
38
18
31
100
40
303
483
1,244
20
23
1
1
0
0
0
57,801
57,383
57,680
57,499
57,344
56,839
56,333
56,364
57.651
57,110
57,309
57,217
57,066
56,593
56,129
56,106
57,651
57,110
57,309
57,217
57,066
56,593
56.129
56,106
56,921
56,418
56,590
56,512
56,394
55,758
55,390
55,086
430,112
429,308
429,822
430,807
431,685
432,737
433,206
435,008
150
272
371
282
278
245
204
257
137
172
231
258
252
199
73
40
0
0
0
0
0
0
0
0
55,606
54,848
55,727
55,182
54,238
55,568
54,813
55,706
'55,091
54,111
55,568
54,813
55,706
'55,091
54,111
54,121
53,997
54,590
54,062
53,367
435,169
433,665
436,862
436,603
436,952
38
35
21
91
127
7
7
10
34
105
0
0
0
0
0
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
Source: Board of Governors of the Federal Reserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases fell 0.1 percent in May; commercial and industrial loans rose 0.3 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,000
3,600
3,200
4,000
3,600 - ALL COMMERCIAL BANKS
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
- U.S. GOVERNMENT SECURITIES
800
400
400
OTHER SECURITIES
V
200
1 1 1 1 1
160
1 1 1M
1988
1 M 11
1989
1991
1990
K:
1 1 1 11
1992
1 1 1 1 1
200
£
1 M 11
1 1111
1 1 1 1 1 i i i i i i i i ii
1994
1993
160
1996
1995
• SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM
I I I I 11 I i i 11
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *
Loans and leases in bank credit
Securities in bank credit
Period
19881989199019911992199319941995-
Dec
Dec
Dec
Dec
Dec
Dec r
Decr
Dec
1995- May7r
June "
July
Sepf
Ocf
Decr
1996- Jan r
Febr
Mar'
Apr r
May
1
Total
bank
credit
2,436.1
2,609.1
2,751.6
2,856.4
2,957.0
3,113.8
3,326.9
3,606.0
3,492.2
3,515.1
3,530.6
3,545.9
3,568.9
3,582.0
3,593.9
3,606.0
3,632,5
3,643.2
3,634.2
3,650.2
3,654.6
Real estate
U.S.
Total
securities
Government
securities
Other
securities
Total
loans and
leases 2
cial and
industrial
562.0
584.5
633.7
745.0
843.4
918.8
952.3
991.5
986.5
987.8
980.2
982.7
987.0
989.0
989.9
991,5
366.8
400.0
455.6
565.2
666.8
733.9
732.0
710.9
710.7
709.9
703.9
708,5
708.4
713.3
714.6
710.9
703.0
715.9
705.3
705.0
713.7
195.2
184,5
178.2
179.8
176.7
184.9
220.2
280J
1,874.1
2,024.7
2,117.8
2,111.4
2,113.6
2,195.0
2,374.7
2,614.4
608.0
639.3
640.8
619.5
596.2
585.9
645.2
716.6
675.1
770.2
855.3
880.0
901.3
940.5
1,002.4
1,079.3
40.1
50,3
62.3
69.6
73,5
73.0
75.3
79.1
635.0
719.9
793.0
810.3
827.7
867.5
927.1
1,000.2
357.8
378,3
383.4
366.6
358.9
390.5
451.2
495.7
40.7
41.4
45.0
54.4
64.1
87,5
76.2
83.8
192,5
195.5
193.2
190.9
193.0
190.6
199.6
239.1
275.7
277.9
276,3
274.2
278.6
275.7
275.3
280.7
288.0
280.7
275.2
274.4
272.6
2,505.7
2,527.2
2,550.3
2,563.2
2,581.9
2,593.0
2,604.1
2,614.4
687.8
692.1
697.6
701,3
707.5
709.4
713.6
716.6
722,5
725,5
723.1
728,5
730.9
1,043.8
1,052.9
1,062.3
1,068.1
1,072.1
1,076.0
1,078.1
1,079.3
77.2
77.8
78.0
78.2
78.4
78.5
78.8
79.1
966.6
975.2
984.3
989.8
993.7
997,5
999.3
1,000.2
88,3
88.0
87.1
84,3
86.6
86.9
87.0
83.8
213.0
215.7
222.4
223.9
226,3
230.7
232.5
239.1
1,086.2
1,089.3
1,094.2
1,095.7
1,097.5
79.7
79.9
79.8
80.0
79.7
1,006.6
1,009.4
1,014,3
1,015.8
1,017.8
472.9
478.6
481.0
485.6
489.4
489.9
492.9
495.7
500.4
500.5
503.6
506.2
503.9
85.0
85.8
85.1
85.7
81.9
247.3
245,5
247.8
254.7
254.2
991.0
996.6
980.5
979.4
986.2
2,641.5
2,646.6
2,653.7
2,670.8
2,668,3
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks. New York State investment
companies, and foreign-related institutions. Data are adjusted for breaks caused by reclassifieations of assets and liabilities.
28
Total
Revolving
home
equity
Other
Consumer
Security
Other
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Credit market funds
Period
Total
Internal '
Total
Total
Total
'533.4
'648.4
'851.9
'744.3
'592.6
489.3
599.9
698.1
755.9
892.5
659.9
752.6
694.8
916.3
752.3
964.7
908.1
944.9
900.8
1986
1987
1988
1989
1990
1991
1992
1993'
1994-1995'
1994- I'
II'
Ill'
rv'
1995- I'
IIr
III'
IV'
1996- I'
'343.4
'374.5
'408.2
'396.9
'409.1
422.2
438.6
480.2
521.9
545.7
513.5
522.0
521.4
530.6
517.3
526.3
561.4
577.8
578.5
190.0
273.9
443.7
347.4
183.5
67.1
161.3
217.9
234.0
346.8
146.4
230.6
173.4
385.7
235.0
438.4
346.7
367.1
322.3
151.3
73.2
95.5
59.0
47.0
-34.8
61.1
73.3
84.4
138.5
110.4
128.1
70.9
28.3
187.9
194.3
54.6
117.2
42.5
Securities
and mortgages
58.9
29.1
O
-35J
-26.6
75.9
67.1
85.7
-28.0
6.4
10.1
34.7
-42.8
-114.3
-4.7
29.2
-30.3
31.0
-58.1
1
Profits before tax (book) Jess profit tax accruals and dividends plus consumption of fixed
capital, foreign earnings retained abroad, and inventory valuation adjustment.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in the U.S.
Loans and
short-term
paper
92.4
44.1
95.7
94.9
73.6
-110.7
-6.0
-12.4
112.4
132.1
100.3
93.4
113.7
142.6
192.6
165.1
84.9
86.2
100.6
Other2
38.7
200.8
348.1
288.4
136.5
101.9
100.1
144.6
149.6
208.3
36.0
102.3
102.4
357.4
47.2
244.1
292.2
249.9
279.8
519.4
592.0
756.2
632.9
509.8
500.7
554.4
787.9
763.1
879.2
674.6
695.4
677.1
1,005.3
707.6
928.0
869.3
1,011.8
890.1
Increase in
financial
assets
Capital
expenditures3
347.3
357.4
373.3
399.4
394.5
370.9
386.9
430.6
485.0
546.6
443.9
476.9
490.6
528.6
552.9
534.1
573.0
526.3
519.9
Discrepancy
(sources
less
uses)
172.1
234.6
382.9
233.5
115.3
129.8
167.5
357.3
278.1
332.6
230.7
218.5
186.5
476.7
154.7
393.9
296.3
485.5
370.2
'14.0
'56.5
'95.7
'111.4
'82.9
-11.4
45.6
-89.8
-7.2
13.3
-14.7
57.2
17.6
-89.0
44.8
36.7
38.8
-67.0
10.6
3
Plant and equipment, residential structures, inventory investment, and access rights from
U.S. Government.
Source: Board of Governors of the Federal Reserve Svstem.
CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]
Net change in consumer credit outstanding 1
Consumer credit outstanding (end of period)
Period
Total
198619871988:
19891990:
199119921993:
19941995:
1995:
Dee'
Dec'3
Dec'
Dec'
Dec'
Dec'
Dec'
Dec'
Dec'
Dec'
Apr'
June' ..
July'
Aug'
Sept' ... .
Of
NoV
Dec'
1996- Jan'
Feb'
Mar'
Apr
638.9
671.7
729.9
781.9
796.4
781.1
784.9
844.1
966.5
1,103.2
1,010.7
,024.4
,037.0
,047.5
,059.9
,074.7
,082.7
,094.4
,103.2
1,113.5
1,124.3
1,133.6
1,140.2
Automobile
Revolving
247.2
266.1
285.5
291.0
282.4
259.3
257.1
279.8
317.2
351.1
326.8
330.2
332.6
336.9
339.2
341.0
344.1
347.2
351.1
352.5
354.8
356.3
359.5
1
For year-end data, change from preceding year-end; for monthly data, change from preceding month.
^Outstanding loans for mobile homes, education, boats, trailers, vacations, etc., plus noninstallment credit.
136.0
153.3
174.5
198.6
223.3
245.8
257.8
287.0
339.3
413.9
363.8
371.8
378.8
382.2
390.1
399.5
404.6
407.4
413.9
419.0
425.8
431.2
438.5
Other
2
255.7
252.4
269.9
292.3
290.7
276.1
269.9
277.3
309.9
338.2
320.1
322.4
325.6
328.4
330.6
334.2
334.0
339.7
338.2
342.0
343.7
346.1
342.2
Total
54.2
32.8
58.2
(4)
14.5
153
3.8
59.2
122.4
136.7
11.0
13.7
12.6
10.5
12.4
14.8
8.0
11.7
8.8
10.3
10.8
9.3
6.6
Automobile
36.3
18.9
19.4
(4)
-8.6
93 i
-2.2
22.7
37.4
33.9
1.8
34
2.4
4.3
2.3
1.8
3.1
3.1
3.9
1.4
2.3
1.5
3.2
Revolving
13.9
17.3
21.2
(4)
24.7
22.5
12.0
29.2
52.3
74.6
4.3
8.0
7.0
3.4
7.9
9.4
5.1
2.8
6.5
5.1
6.8
5.4
7.3
Other2
4.0
-3.3
17.5
(4)
-1.6
14 6
-6.2
7.4
32.6
28.3
5.0
2.3
3.2
2.8
2.2
3.6
— .2
5.7
-1 ')
3.8
1.7
2.4
-3.9
3
Data newly available in January IDS!) result in breaks in many series between December
1988 and subsequent months.
4
Because of breaks in series, net change not available.
NOTE.—Series reflect annual benchmarking and seasonal adjustment revisions. Data also revised beginning 1943 to reflect inclusion of riotiinstallment credit.
Source: Board of Governors of the Federal Reserve System.
INTEREST RATES AND BOND YIELDS
Interest rotes rose in June.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
14
12
to
\'" '^
r'"\V.
X
X~N.X~\
CORPORATE Aoa BONDS
(MOODY'S)
^
^'X
8
/
v^-C
' "1 N.
--
^
*"••»
*--,t
/ r~ J
6
--*
V
\
/
\
\X\
/
V
s.,—
\
f
/
s
q
TREASURY
BIUS
"N
4
>'r
"""•--«
rt
~^
J
/H
~r\^ •••
DISC•OUNT
RATE
2
/
RE. ERVE
BA MKOf
NEW?YORK
0 LMM,|
1988
,,,,.!
1
,,M,I
M i n i , M M M II t 1 M 1 | 1
1993
1992
1991
1990
1989
I
1
1994
1 t
1 1 1 1 t
1995
SOURCE: SEE TAK.E BELOW
1 1 1
, , , , , ! , , ,,,J
1996
COUNCIL Of ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- June
July
Sept
Oct
Nov
Dec
1996- Jan
Feb
Mar
Mav
June
Week ended:
1996: June 8
15
22
29
1
3-inonth
bills (new issues) l
Constant maturities
3-year
2
10-year
High -grade
municipal
. bonds
(Standard
& Poor's)3
Prime
commercial
paperT
6 months *
Discount rate
(N.Y. F.R.
Bank) 4
Prime rate
charged by
banks4
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.51
5.50
5.47
5.41
5.26
5.30
5.35
5.16
5.02
4.87
4.96
4.99
5.02
5.11
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
5.80
5.89
6.10
5.89
5.77
5.57
5.39
5.20
5.14
5.79
6.11
6.27
6.49
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
6.17
6.28
6.49
6.20
6.04
5.93
5.71
5.65
5.81
6.27
6.51
6.74
6.91
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
5.83
5.98
6.07
5.88
5.77
5.61
5.42
5.42
5.45
5.82
5.93
5.98
6.03
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
7.59
7.30
7.41
7.57
7.32
7.12
7.02
6.82
6.81
6.99
7.35
7.50
7.62
7.71
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
5.79
5.68
5.75
5.66
5.71
5.59
5.43
5.23
4.99
5.26
5.38
5.42
5.57
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
5.21
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
8.83
9.00-9.00
9.00-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.50
8.50-8.50
8.50-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
5.09
5.16
5.08
5.10
6.44
6.56
6.50
6.44
6.85
6.99
6.95
6.86
5.98
6.10
6.05
5.98
7.67
7.78
7.74
7.66
5.49
5.60
5.60
5.61
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
New-home
mortgage
yields
(FHFB) 5
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treaf
Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
10.17
9.31
9.19
10.] 3
10.05
9.32
8.24
7.20
7.49
7.87
7.73
7.78
7.75
7.69
7.58
7.46
7.40
7.32
7.20
7.49
7.76
7.80
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in June.
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
380
360
340
320
300
280
260
INDEX, DEC 31, 1965=50 (RATIO SC
ALE)
/
/
f
120
N^\
^y
V
^^>
240
220
r^~s~*^~~-S
\
s
COMIOSITE STOCK Pf ICEINDEX
(NYSE)
/
200
140
X
^r*—~^f
220
160
340
320
300
280
260
/•^
240
180
18
r^S"
s\/
/
200
180
160
/^r^^
1 1 1 1 1 !1 1 1 11
140
Mill
1988
1 I!M
Mill
Mill
Mill
Mill
M M 1 1 M 1 1 1
1991
1990
1989
Mill
Mill
1992
Mill
Mill
1993
111 M
1994
1 1 1 M
1 1 M
1 1 1 1 1 1 1
120
1996
1995
PER CENT
20
PERC ENT
20
15
15
EARNINGS-P RICE RATIO ON COMMC)N STOCKS
(S&P)
10
—•
~"--^
'
5
10
/
-p_
0
!
i
1988
!
i
1
i
1989
i
i
1990
i
1991
i
5
•"
"""1
i
i
i
i
1992
1
i
J
I
L
1994
1993
i
1
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Industrial
i
0
Common stock yields
(percent) G
New York Stock Exchange indexes (Dee. 31, 1965
except as noted)2
Composite
i
COUNCIL OF ECONOMIC ADVISESS
Common stock prices l
Period
i
1996
1995
Transportation
Utility 3
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's composite index
(194143 = 10)s
Dividendprice ratio
price ratio
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
13(100
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
291.15
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.41
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
220.30
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3.793.77
4,493.76
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
541.64
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.83
6.09
1995- June
July
289.52
298.18
300.05
310.41
311,78
317.58
327.90
366.75
379.13
379.79
390.42
389.63
398.66
412.11
256.80
279.15
285.63
295.54
291.16
300.06
303.53
216.27
219.18
221.99
229.64
23G.43
238.98
247.59
236.26
240.50
245.27
260.72
265.12
266.12
273.36
4,510.76
4,684.76
4,639.27
4,746.76
4,760.46
4,935.81
5,136.10
539.35
557.37
559.11
578.77
582.92
595.53
614.57
2.55
2.50
2.49
2.42
2.41
2.37
2.30
6.32
329.22
346.46
346.73
347.50
354.84
358.32
412.71
435.92
439.56
441.99
452.63
458.30
300.30
315.29
324.76
326.42
334.66
331.57
254.07
257.80
245.77
244.87
249.73
247.20
273.73
290.97
290.45
287.92
290.43
294.42
5,179.37
5,518.73
5,612.24
5,579.86
5,616.71
5,671.51
614.42
649.54
647.07
647.17
661.23
668.50
2.31
2.22
2 22
2^24
2.21
2.21
360.83
358.74
355.96
357.74
461.46
459.44
455.46
456.82
335.94
331.87
329.30
329.15
248.51
245.88
244.83
249.56
296.76
294.37
292.57
293.99
5,670.44
5,666.44
5,658.76
5.690.38
673.00
669.19
663.62
668.18
2.17
2 22
2.22
Sept
Get
Nov
Dec
1996- Jan
Feh
Mar
.
Week ended:
1996- June 8
15
<>9
29
1
Average
2
Includes
3
of daily closing prices.
all the stocks (more than 2,000 in 1992) listed on the NYSE,
Dee. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. All indexes shown here reflect
the doubling.
* Includes 30 stocks.
5
Includes 500 stocks.
6.02
5.51
5.27
9 99
6
Standard & Poor's series. Dividend-price ratios based on Wednesday cli»sing 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 8 months of fiscal 1996, there was a deficit of $109.1 billion, compared with a deficit of $136.5 billion
a year earlier.
BILUO•JS OF DOUARS
1,600
RECEIPTS AND OUTLAYS -'
1,500
BILLIONS OF DOLLARS
1,600
_---""
1,500
_ _--""""
1,400
1,400
1,300
1,300
^^
„--"'
1,200
1,200
"^
„-'"'
1,100
1,100
^--""'
1,000
_— --———V
1,000
RECEIPTSJ/
•—**
900
"
900
800
800
700
700
600 /I
1
1
1
1
1
1
1
1
1
Is
V
N
SURPLUS OR DEFICIT ( 1 ^
0
600
0
-100
-100
_^___
"--^
-200
-_
-300
-400 /I
V
1
1987
1
1988
i
1989
1
1
1990
1991
•—""
-200
^^^
1
1992
-300
1
1993
1
1994
^ INCUJDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1
IS
-400
1996 N
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
Outlays
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,355.2
1,426.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.5
1,323.6
1,380.9
1,408.7
1,460.8
1,519.1
1,572.4
-53.7
-59.2
-40.7
-73.8
-79.0
-128.0
-207.8
-185.4
-212.3
-221.2
-149.8
- 155.2
- 152.5
-221.2
-269.4
-290.4
-255.1
-203.1
-163.9
- 145.6
870.2
938.6
1,006.7
1,047.7
-136.5
-109.1
Fiscal year or period
Receipts
1977
1978
1979
1980
1981
1982
1983
1984
1985
.. .
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996 (estimates)
Cumulative total, first 8
months: 1
Fiscal vear 1995 ....
Fisca! year 1996
1
On-budget
Surplus
or
deficit
(-)
Surplus
or
deficit
(-)
Outlays
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
922.7
1,004.1
1,059.3
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
769.6
806.8
810.1
861.4
932.3
1,027.5
1,081.9
1,128.5
1,142.1
1,181.5
1,230.5
1,270.3
-49.8
-54.9
-38.7
-72.7
-74.0
-120.1
-208.0
-185.7
-221.7
-238.0
-169.3
-194.0
-205.2
-277.8
-321.6
-340.5
-300.5
-258.8
-226.3
-211.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
302.1
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
65.3
706.4
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,921.0
5,207.3
549.1
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.1
3,603.4
3,768.7
635.9
695.3
815.3
847.4
-179.4
-152.2
234.2
243.3
191.3
200.3
42.9
43.0
4,851.3
5,085.6
3,574.9
3,702.3
Receipts
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
1997, issued March 19, 1996.
32
Gross Federal debt
(end of period)
Off-budget
Surplus
or
deficit
(-)
Receipts
Outlays
Total
Sources: Department of the Treasury and Office of Management and Budget.
Held by
the public
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of fiscal 1996, receipts were $68.4 billion higher than a year earlier and outlays were $41.0
billion higher.
BILLOvIS OF DOLLARS
700
RECEIPTS y
600
BILLIONS OF CXDUARS
700
INDIVIDUAL INCOME TAXES
600
•"' "'
500
500
400
'
r"
\
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
'
rnppnpATinw
INCOME TAXES
300
400
300
200
200
100
100
,
0
,
,
,
,
,
,
OTHER RECEIPTS
,
0
1,400
1,400
OUTLAYS^
1,300
1,300
— — —••""""""""
1,200
\\
1,100
1,200
"
-"•
1,100
1,000
1,000
900
900
— — """
800
700
700
600
600
500
500
400
400
300
300
200 x|
V
1
1987
1
1988
1
1989
1
i
1990
1991
> INCLUDES ON-BUDGET AND Of F-BUDGET ITEMS.
SOURCES; DEPARTMENT Of THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1
1992
1
1
1993
1994
!
K
200
1996 ^
1995
FISCAL YEARS
COUNCIL OF ECONOMC ADVISERS
[Billions of dollars]
On-budget and off-budget receipts
Fiscal year or period
Total
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996 (estimates)
Cumulative total, first 8 months: '
Fiscal year 1995
Fiscal year 1996
1
Individual
income
taxes
Corporation
income
taxes
Social
insurance
taxes
On-budget and off-budget outlays
National defense
Other
Total
and
contributions
Total
Department of
Defense,
military
Internation-
al
affairs
Health
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,355.2
1,426.8
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
630.9
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.0
167.1
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
484.5
507.5
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
98.0
112.8
123.5
121.3
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.5
1,323.6
1,380.9
1,408.7
1,460.8
1,519.1
1,572.4
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.1
265.6
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.4
254.3
16.2 33.5
14.2 35.9
40.0
11.6
10.5 44.5
9.6 48.4
13.8
57.7
15.9 71.2
16.1 89.5
17.2 99.4
17.1 107.1
16.4 115.4
14.8 121.2
80.1 1,006.7
75.6 1,047.7
177.0
178.6
168.6
170.4
11.8
10.4
870.2 380.9
938.6 431.0
82.3 326.9
91.7 340.2
Data from Monthly Treasury Statement.
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
Medicare
Income
secu-
rity
Social
security
Net
inter-
61.0 85.1 29.9
19.3
22.8 61.5 93.9 35.5
26.5 66.4 104.1 42.6
32.1 86.5 118.5
52.5
39.1
99.7 139.6 68.8
46.6 107.7 156.0
85.0
52.6 122.6 170.7 89.8
57.5 112.7 178.2 111.1
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
159.9
177.6
75.8 102.9
78.7 116.5
128.2
119.8
123.3
129.3
136.0
147.0
170.3
196.9
207.3
214.0
220.4
228.3
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
350.9
Other
est
93.0
114.7
120.2
131.4
133.5
125.4
122.3
118.6
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
241.1
131.8
142.1
125.9
139.4
158.8
203.7
225.0
173.9
159.7
173.7
166.9
172.9
151.7 219.7 153.8
162.0 229.4 161.2
114.0
111.1
Sources: Department of the Treasury and Office of Manaffftnent and liudget.
NOTK.—Data (except as noted) are from Budget of the United Statex Government, Fisml Year
1997, issued March 19, 1996.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1996, according to revised estimates, Federal current expenditures rose $28.9 billion (annual
rate); receipts rose $28.4 billion.
BILUOJS OF DOUARS
OLLARS
BILLIONS OF D
1,800
1,800
SEASONAUY ADJUSTED ANNUAL RATES
** — -" •
1,600
1,600
--•"
-
s ""
1,400
CURRENT EXPENDITURES
^ V
*• *~
\
1,200
-
_ ^"
1,000
y-~
„„•--
— —
800
-
'Vuj^""""
.*
/
1,400
-
tm.s-
_—— *»•
^
,
s~
s
/— ^s
1,200
^
-
1,000
-
RECEIPTS
800
^—'^
-
600
600
-
-
-
-
-
-
400
400
200
200
C URRENT S URPLUS OR DEFICfT
-I
0
0
—.—
•\
^—
-200 ^^
1
-400
!
1
1982
i ii
1983
1
1
—
/^
i i i
\
1985
i
1984
1986
\ \
y —• .A •—^ •
1
!
1
1987
I
I I
1988
1
1
J*^' .1 -
~--v •
! i ^
!
1990
|
1989
^.-\
1991
1
-
,——
-200
^^
1
1
!
I
1992
\
(
1993
i ii
\
1994
1995
(
!
1
-400
1996
aOENDAR YE,us
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally a<y listed annual rates]
Federal Government current expenditures
Federal Government receipts
Contributions
for
social
insurance
Grantsin-aid
to
Net
State interest
and
paid
local
governments
Subsidies less
current
surplus
of
Government
enterprises
Personal
tax and
nontax
receipts
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
1,079.3
1,129.8
1,149.0
1,198.5
1,275.3
1,377.0
1,478.4
463.4
485.7
476.9
490.8
523.6
561.4
614.9
117.1
118.0
109.8
118.6
137.5
164.4
184.3
61.7
65.1
79.7
81.9
88.2
92.6
91.2
437.1
461.1
482.6
507.1
526.0
558.6
588.0
1,192.7
1,284.5
1,345.0
1,479.4
1,530.0
1,566.9
1,641.0
405.2
426.6
445.9
451.0
451.4
450.6
454.0
471.7
513.3
522.2
625.1
658.7
682.6
720.4
118.2
132.4
153.4
172.2
185.7
195.9
206.1
166.7
179.9
192.7
195.8
192.3
201.4
229.3
30.8
32.4
30.8
35.1
41.8
36.4
31.3
1,135.2
1,160.9
1 230 5
484.9
479.0
510.0
117.4
111.1
123.7
B7.4
82.8
86.5
465.6
488.1
510.3
1,313.0
1,399.8
1,509.5
437.7
440.5
457.7
526.1
565.8
643.3
137.1
162.7
176.3
177.8
200.0
191.8
1,225.2
1,271.3
1,280.3
1,324.-!
501.0
521.0
529.1
543.4
127.5
136.5
133.7
152.2
84.3
87.5
87.2
93.7
512.4
526.2
530.3
535.1
1,508.9
1,520.5
1,533.8
1,556.8
450.8
447.9
453.0
453.8
645.6
654.3
660.4
674.6
177.3
181.5
187.2
197.0
rv
1,321.9
1,382.8
1,387.1
1,416.3
539.3
571.3
560.4
574.5
144.3
162.2
171.3
180.0
92.8
91.3
93.3
93.2
545.5
558.1
562.1
568.6
1.534.7
1,552.7
1,573.5
1,606.8
446.7
445.1
455.5
455.3
671.2
676.6
681.5
701.2
1995- I
II
III
IV
1,449.3
1,483.2
1,486.6
1,494.7
594.6
624.4
617.3
623.3
183.1
180.7
189.1
184.3
91.7
93.5
88.4
91.3
579.9
584.6
591.8
595.9
1,622.6
1,643.8
1,648.1
1,649.7
454.8
456.1
453.5
451.4
1996: I'
1,523.1
639.6
196.4
84.4
602.6
1,678.6
453.6
Period
Total
Calendar year:
1989
1990
1991
1992
1993
1994
1995
1990- IV
1991:
IV
1992- IV
1993- I
II
Ill
IV
1994- I
II
Ill
Source: Department of Commerce, Bureau of Economic Analysis.
34
Total
Consumption
expenditures
Transfer
payments
Ijess:
Wage
accruals less
disbursements
Current
surplus
or
deficit
(-),
national
income
and
product
accounts
-113.4
-154.7
-196.0
-280.9
-254.7
-189.9
-162.6
34.4
30.9
40.3
0.0
.1
-.1
.0
.0
.0
.0
2
.0
.0
190.4
193.2
192.7
192.9
44.7
43.6
40.5
38.6
.0
.0
.0
.0
-283.7
-249.2
-253.5
-232.4
192.2
197.5
196.9
196.9
188.2
198.2
204.4
214.9
36.5
35.3
35.2
38.5
.0
.0
.0
.0
-212.9
-169.9
- 186.3
-190.4
708.6
715.2
727.0
731.0
205.8
211.3
203.8
203.3
221.2
2292
232.7
234.1
32.3
32.0
31.1
29.9
.0
.0
.0
.0
-173.3
-160.5
-161.6
-154.9
756.2
207.6
230.7
30.4
.0
- 155.5
-177.7
-238.8
-279.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1987=100; seasonally adjusted)
Period
United
States
Japan
France
United
Kingdom
Italy
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
1987
1988
1989
1990
1991
1992
1993
1994
1995 f
1995- Mar
May
July
Sept
Oct
Dec
1996: Jan
Feb
Mar
95.4
100.0
105.3
105.2
101.7
97.4
98.5
102.9
109.6
113.8
96.7
100.0
109.4
115.7
120.6
122.9
115.8
111.0
112.3
115.8
98.8
100.0
104.6
108.5
110.1
108.7
107.5
103.4
107.3
109.0
'117.8
'115.8
'107.1
'110.4
'110.0
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.5
111.0
116.8
121.9
121.4
121.3
121.4
121.5
122.7
122.8
122.2
122.6
122.8
1986
113.7
113.6
113.7
113.3
118.1
117.0
116.4
115.4
112.8
116.5
113.4
115.0
116.6
117.7
110.2
108.7
109.6
110.0
110.1
110.1
108.1
107.2
107.5
108.5
110.7
111.2
112.2
110.9
112.7
109.6
110.2
108.0
108.9
109.6
116.4
117.4
115.9
116.3
117.1
124.1
118.7
118.1
118.0
122.0
'114.2
'113.9
'113.8
117.7
121.0
113.6
'109.0
'109.6
110.4
108.8
'110.5
116.4
114.5
117.3
'113.1
'113.7
'114.4
113.9
'117.2
109.0
109.8
United
States'
'112.6
'113.0
'112.6
'113.1
'113.6
'114.1
'113.0
'113.6
'114.0
122.5
'124.2
'123.6
'124.4
'113.8
'114.0
113.1
113.7
114.0
'114.2
108.7
99.6
100.0
103.9
108.8
114.5
96.2
100.0
104.8
107.0
106.7
102.8
102.7
104.7
110.0
'113.0
113.0
113.6
1193
125.3
May
1
Canada
Germany
Data relate to all urban consumers.
Canada
Japan
Germany
Prance
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
151.4
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
119.3
119.2
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
148.4
104.7
104.9
106.3
109.2
112.2
116.2
120.9
125.2
128.6
130.8
151.4
151.9
152.2
152.5
152.5
152.9
153.2
153.7
153.6
153.5
150.8
151.2
151.6
151.6
151.9
151.8
151.8
151.8
152.0
151.8
118.8
119.3
119.6
119.5
118.7
118.9
119.7
119.4
118.9
119.0
147.9
148.0
148.3
148.3
148.0
148.7
149.2
149.3
149.5
149.6
130.3
130.5
130.7
131.1
131.5
131.2
131.1
131.0
131.0
131.4
154.4
154.9
155.7
156.3
156.6
152.2
152.4
153.0
153.4
153.9
118.9
118.7
118.9
119.7
119.9
149.9
150.4
151.3
131.5
132.2
132.2
'151.6
'132.3
151.9
132.6
Italy
United
Kingdom
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
175.2
204.0
201.2
173.3
175.1
175.8
176.0
175.2
176.1
176.9
176.0
176.0
177.1
202.2
203.5
204.6
204.7
205.4
206.0
207.1
208.3
208.7
176.5
177.3
178.0
179.3
179.6
209.0
209.6
210.2
211.4
212.2
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Services
(BOP basis)
Goods: Imports (customs value)
Goods: Exports (f.a.s. value)
Census basis (by end-use category) 1
Balance of trade
(exports minus imports)
Census basis (by end-use category)
BOP basis
AutomoCaptive
ita!
Foods,
feeds, trial goods vehisup- except cles,
and
plies
bevauto- parts
and
and
erages mate- moentive
rials
gines
Consumer
goods
(nonfood)
except
automotive
In-
Period
1995: Apr'
May
June' ....
July
Aug'
Sept'
Oct'
Nov' ......
Dec'
1996: Jan'
Feb'
Mar'
Apr
1
Total,
Census
basis2
BOP
basis
Total,
Census
basis2
Foods
feeds,
and
beverages
trial
supplies
and
materials
Exports
Imports
Goods,
Census
basis
Goods
Services
Goods
and
services
223.3
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.5
575.9
1986
1987
1988
1989
1990
1991
1992
1993
1984
1995'
2
BOP
basis
Auto- Conmo- sumer
Capital
tive goods
goods vehi- (nonexcept cles, food)
auto- parts except
autoand
momoentive
tive
gines
In-
227.2
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
584.7
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
41.9
50.5
57.3
66.7
85.1
99.3
104.4
109.7
109.1
111.8
121.4
146.3
75.8
86.2
109.2
138.8
152.7
166.7
175.9
181.7
205.2
233.0
21.7
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.6
61.8
14.2
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
64.4
368.4
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
749.4
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
743.4
24.4
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
33.2
101.3
111.0
118.3
132.3
143.2
131.6
138.6
145.6
162.0
180.7
71.8
84.5
101.4
113.3
116.4
120.7
134.3
152.4
184.4
221.4
78.2
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
124.8
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
160.0
86.5
98.5
111.1
127.4
147.8
164.3
'177.3
'186.1
'195.8
210.6
81.0
91.7
99.5
103.5
118.8
119.6
'119.5
'125.5
'134.1
142.2
-138.3
- 152.1
-118.5
-109.4
-101.7
-66.7
-84.5
-115.6
- 150.6
-158.7
-145.1
-159.6
-127.0
-115.2
- 109.0
-74.1
-96.1
-132.6
-166.1
-173.4
5.5
6.9
11.6
23.9
29.0
44.7
'57.8
'60.6
'61.7
68.4
-139.6
-152.7
-115.3
-91.4
-80.0
-29.4
'-38.3
'-72.0
'-104.4
-105.1
47.2
48.1
47.8
46.6
48.7
49.7
49.5
49.8
50.1
47.8
48.8
48.6
47.3
49.5
50.3
50.3
50.6
50.9
4.1
4.0
3.9
4.1
4.5
4.7
4.4
4.4
4.5
12.4
12.4
12.7
11.9
12.1
12.4
12.5
11.9
12.1
18.9
19.4
19.5
19.1
20.0
19.8
20.3
20.7
21.2
5.0
5.1
4.8
4.8
5.1
5.6
5.2
5.1
5.2
5.3
5.5
5.4
5.2
5.5
5.4
5.5
5.5
5.5
63.2
64.1
63.6
62.5
62.2
62.9
62.6
62.1
62.7
62.4
62.9
62.7
62.3
61.9
62.7
62.2
61.8
62.5
2.7
2.7
2.8
2.7
2.7
2.8
2.6
2.7
2.7
15.3
15.8
15.7
15.2
14.8
15.3
14.7
14.9
14.8
18.1
18.2
18,6
18.8
18.8
19.0
19.5
19.2
19.3
11.0
10.6
10.3
10.0
10.2
10.2
9.6
9.9
10.3
13.4
13.6
13.3
13.4
13.4
S3.4
13.4
13.1
13.2
17.2
17.4
17.2
17.8
18.1
18.4
18.0
18.2
18.0
11.8
11.9
11.9
11.9
12.1
12.0
11.8
12.0
118
-14.5
-14.1
-14.1
- 15.0
-12.4
-12.4
-11.9
-11.2
-11.6
-16.1
-16.0
-15.9
-15.9
-13.4
-13.2
-13.1
-12.3
-12.6
5.3
5.5
5.2
5.8
6.0
6.3
6.2
6.2
6.2
-10.7
-10.5
-10.6
-10.1
-7.4
-6.9
-6.9
-6.1
-6.4
48.6
50.9
50.5
51.7
49.3
51.7
51.4
52.5
4.7
4.5
4.9
4.8
11.9
12.2
12.5
13.0
19.9
21.3
20.8
21.3
5.2
5.4
4.9
5.0
5.5
5.8
5.7
5.9
64.2
63.7
64,9
66.3
63.9
63.3
63.7
64.7
2.8
2.8
3.0
3.0
15.6
14.7
15.3
16.6
19.5
19.4
19.5
18.8
10.6
10.6
10.0
10.5
13.5
13.7
13.7
13.5
17.8
18.3
18.8
18.3
12.0
12.2
12.3
12.2
-14.5
-11.6
- 12.3
-12.2
-15.5
-12.8
-14.4
-14.7
5.8
6.1
6.4
6.0
-9.7
-6.7
-8.0
-8.6
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.
Data reflect annual revisions. Seasonally adjusted data revised beginning 1994 for goods; beginning 1992 for services. Annual services data prior U» 1992 are subject to revision in July
1996 Economic Indicators.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1996, the merchandise trade deficit rose to $42.7 billion, from $38.0 billion in the fourth
quarter of 1995. The current account deficit rose to $35.6 billion, from $30.4 billion in the fourth quarter. (Series
revised.)
BIUIONS OF DOLLARS*
BILLIONS OF DOLLARS *
BALANCE ON GOODS
AND SERVICES
- -45
-SO
1986
* SEASONAUY ADJUSTED
SOURCE DEBWIMENT Of COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (-f), debits ( — )]
Merchandise *
Period
Exports
Imports
Net
balance
223,344 -368,425 - 145,081
250,208 -409,765 - 159,557
196 959
320,230 -447,189
362,120 -477,365 -115,245
389,307 - 498,337 - 109,030
416,913 -490,981
- 74,068
440,352 -536,458
-96,106
'456,834 ' - 589,441 ' - 132,607
502,463 - 668,584 - 166,121
575,940 -749,364 - 173,424
1986
1987
1988
1989
1990
1991
1992
1993
1994'
1995'
1994- I'll'
iii'
rv'
1995: I'
II '
III'
IV
1996: IF ....
1
Adjusted
2
Investment income
Services
Net
military
transactions -3
Net
travel
and
transportation
receipts
Receipts Payments
on U.S. on foreign
assets assets in
U.S.
abroad
- 79,095
-5,181 — 8484 19,194 -139,551 91,976
— 3844 - 7,613 18,319 -152,696 100,767 — 91 302
- 6,320 — 2 591 20,546 -115,324 129,070 -115,806
-6,749
— 91 392 152,517 -138,858
4,043 26,558
- 79,994 160,300 — 139 574
— 7 599
8,002 28,633
-29,404 137,003 -121,892
-5,274 17,032 32,907
-2,142 20,484 38,284 '-38265 118,425 -108,346
448 19,885 37,444 ' - 72,037 119,248 — 110 948
1,963 16.711 43,068 - 104,379 141,704 - 145,863
3,585 18,361 46,415 - 105,064 182,659 -190,674
118,462
122,909
127,237
133,855
138,551
142,983
144,984
149,422
-155,301
- 163,993
-171,652
-177,638
-183,474
-190.910
-187,532
- 187,448
-36,839
-41,084
-44,415
-43,783
-38
367
1,171
463
4,016
4,221
3,758
4,717
10,159
10,614
11,039
11,257
-22,702
-25,882
-28,447
-27,346
- 44,923
-47.927
-42,548
- 38,026
628
859
1,120
978
3,770
3,834
5,087
5,670
11,010
11,410
12.006
11,987
150,019
-192,757
-42,738
628
Net
Balance
on goods, Unilateral
services, transfers,
and
net 4
income
12,881 -126,670
9,465 -143,231
13,264 -102,060
-77,733
13,659
-59,268
20,725
-14,293
15,111
10,079
-29,402
- 65,841
9,000
-4,159 - 108,539
-8,016 -113,079
on'
current
account
' - 152.088
'-167,392
' - 128,436
' - 105,575
'-94,657
' - 9,518
'-62,583
'-99,936
- 148,405
-148,154
-29,708
-36,025
-40,011
-42,655
- 35,588
31,841
33,287
37,212
39,368
44,100
46,779
45,269
46,513
- 30,678
- 33,923
-38,801
-42,462
1,163
-636
-1,589
-3,094
- 45,000
-47,641
-49,630
-48,403
-900
-862
-4,361
-1,890
-21,539 -8,169
-26,518 -9,507
-30,036 -9,975
-30,440 -12,215
-30,415 -8,639
-32,686 - 8,290
-28,696 - 8,992
-21,281 -9,154
-24,352
3
Balance
-24,189
-23,107
-25,023
-26,106
-33,393
6,869
-32,148
-34,084
- 39,866
-35,075
-29.515
-31,824
-24,335
- 19,391
5,410 12,348
from Census data for differences in timing and coverage; excludes military.
Transfers under U.S. military agency .sales contracts (exports) minus direct defense expenditures (imports).
Balance
on
goods
and
services
Other
services,
net
47,983
-48,378
-395
-24,747 -10,841
Quarterly data are not seasonally adjusted.
4
Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table, including Not? rrgarding revisions.
-39,054
- 40,976
-37,688
-30,435
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $4.5 billion in the first quarter
of 1996, in contrast to an increase of $7.3 billion in the fourth quarter of 1995. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $29.4 billion in the first quarter, in contrast to
an increase of $32.8 billion in the fourth quarter.
BIIUONS OF DOLLARS*
1986
I
BILUONS OF DOLLARS •
1987
* SEASONAilY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow ( + )}
U.S. assets abroad, net
[inerease/eapitt
)]
Period
Total
-106,753
-72,617
- 100,087
-168,744
-74,011
-57,881
— 65,875
- 184,589
-150,695
- 307,856
1986
1987
1988
1989
1990
1991
1992
1993
1994r
1995 r
1994:
I'
II'
Ill'IV
1995: 1'
II r
IIP
IV
1996:
U.S.
official
reserve
assets 3 •'
IP
5
312
9,149
-3,91,2
-25,293
-2,158
5,763
3,<M1
-1,379
5,346
-9,742
-36,897
-28,627
- 25,569
-59,603
-61,747
-108,299
-39,595
-98,214
- 55,732
-59
3,537
-165
2,033
-5,318
-2,722
-l|893
191
17
Other U.S.
Government
assets
2 0'>c>
1,006
3,967
1,259
2,307
2,911
-1,661
-330
-341
-280
U.S.
private
assets
Total
Other
foreign
assets
-105,044
-82.771
-99,141
-144,710
-74,160
— 66,555
-68,115
-182,880
- 155,700
- 297,834
226,111
242,983
240,265
218,490
122,192
94,241
153,823
248,529
285,376
424,462
35,648
45,387
39,758
8.503
33,910
17,389
40,466
72,146
40,253
109,757
190,463
197,596
200,507
209,987
88,282
76,853
113,358
176,383
245,123
314,705
399 -37,237
491 - 32,655
-288
-25,116
-60,693
-943
-154 -56,275
-179 -105,398
252
-37,954
-98,206
199
52
55 801
83,235
45,889
83,619
72,632
90,995
115,421
118,816
99,229
98,816
11,036
9,166
19,785
266
21,822
37,380
39,186
11,369
51,582
72,199
36,723
63,834
72,366
69,173
78,041
79,630
87,860
47,234
Consists of gold, special drawing rights (SDRs), foreign currencies, ami the U.S. reserve
position in the IMF.
NOTE.—Series reflect, annual revisions; complete data are not yet available. Data shown in
Foreign
official
assets :i
Statistical discrepancy
Allocations
of special
Total (sum
Of which:
drawing
of the items
Seasonal
rights
with sign
adjustment
(SDRs)
discrepancy
reversed)
31 501
- 4,028
-13,095
54,094
44,480
-28,936
-26399
35 985
13,724
31 548
-16,630
18,763
- 18,039
29,626
9,806
33,854
-41,533
29,420
-7,496
5,105
274
-6,490
1,107
6,519
-266
- 7,407
1,153
6,365
U.S. official
reserve
assets, net ''
(unadjusted,
end of
period)
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
85,832
76,809
75,732
76,532
74,335
86,761
90,063
87,152
85,832
84,212
italics are the unrevised series; revised data will be published in July 1996 Economic Indicators,
Sources: Department, of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
Pagc
TOTAL OUTPUT. INCOME. AND SPENDING
Gross Domestic Product
Real Gross Domestic Product
Implicit Price Deflators for Gross Domestic Product
Quantity and Price Indexes for GDP and Percent Changes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Real Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Real Gross Private Domestic Investment
Real 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
Nonagri 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 Nonfinancial Corporate Business
Consumer Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
,
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
Genera! Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are tn current dollars.
Symbols used:
P Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
rtrt
38
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