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105th Congress, 1st Session
Economic Indicators
JUNE 1997
(Includes data available as of July 1, 1997)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
LIBRARY
JUL 1 5 1997
FEDERAL RESERVE
BANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1997
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
JIM SAXTON, New Jersey, Chairman
CONNIE MACK, Florida, Vice Chairman
HOUSE OF REPRESENTATIVES
DONALD A. MANZULLO (Illinois)
MARK SANFORD (South Carolina)
MAC THORNBERRY (Texas)
JOHN T. DOOLITTLE (California)
JIM McCRERY (Louisiana)
FORTNEY PETE STARK (California)
LEE H. HAMILTON (Indiana)
MAURICE D. HINCHEY (New York)
CAROLYN B. MALONEY (New York)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
ROBERT F. BENNETT (Utah)
ROD GRAMS (Minnesota)
SAM BROWNBACK (Kansas)
JEFF SESSIONS (Alabama)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
CHRISTOPHER FRENZE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JANET L. YELLEN, Chair
ALICIA H. MUNNELL, Member
JEFFREY A. FRANKEL, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and chat
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at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
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libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Chans prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3-00 a single copy
($3-75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing)
from:
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ISBN 0-16-055206-0
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 1997, according to revised estimates, current-dollar gross domestic product (GDP) rose 8.3
percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 5.9 percent, and the implicit price deflator
rose 2.2 percent.
BILLIONS Of COLLARS ((WTO SCALE)
BILUONS Of DOUARS (RATIO SCALE)
8,000
SEASONAllYAEUUSTHJANNUAl HATES
>
7,600
8,000
s
7,600
s^
^_-
7,200
/^
6,800
^^-~
GDP
IN CHAINED (1 992) DOUARS
6,400
\-r~-~
6,000
,--
s
7,200
_. --
6,800
._
6,400
^^
X'
6,000
— — —J
/•— ^"
5,400
5,600
,-"'
x-'
5,200
/*C
X
4,800
x
s
4,800
f
4,400
x
4,000
3,600
5,200
/ GDP
/IN CURRENT DOUARS
X
/
/
/
/
4,400
/— '"
4,000
/
3,600
3,200
3,200
f
f '
1982
1983
i ( f
1 < f
(
1984
1985
1986
1
1
{ i i
) i i
J
1987
1988
1989
f
!
1 11
i f t
f t i
f ) )
1990
1991
1992
1993
I Ii
1994
SOURCE: cewiTMB-ir OF COMMERCE
1 1 1
1996
1995
1997
COUNCIL Of ECONOMIC AOVBERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993: I
II
in
IV
1994- I
II
III
IV
1995- I
II
Ill
rv
1996- I
II
III
rv
1997- I'
1
Exports and imports
Personal Gross
of goods and services
private
Gross
eondomestic sumption domestic
Net
product expendi- investtures
ment
exports Exports Imports
5,049.6
5,438.7
5,743.8
5,916.7
6,244.4
6,553.0
6,935.7
7,253.8
7,576.1
6,442.6
6,506.2
6,574.3
6,688.7
6,776.1
6,890.5
6,993.1
7,083.2
7,149.8
7,204.9
7,309.8
7,350.6
7,426.8
7,545.1
7,616.3
7,716.1
7,871.0
3,349.7
3,594.8
3,839.3
3,975.1
4,219.8
4,454.1
4,700.9
4,924.9
5,151.4
4,367.6
4,424.8
4,481.0
4,543.1
4,600.9
4,666.2
4,738.3
4,798.2
4,840.6
4,910.5
4,957.9
4,990.5
5,060.5
5,139.4
5,165.4
5,240.3
5,336.0
773.9 - 106.1
829.2
-80.4
799.7
-71.3
736.2
-20.5
790.4
— 295
871.1
-62.7
1,014.4
-94.4
1,065.3
-94.7
1,117.0
-98.7
-47.9
843.6
855.9
-59.6
873.8
-74.5
911.2
-68.8
957.6
-78.8
1,016.5
-93.0
1,033.6
1070
-98.7
1,050.1
1,072.0
108 7
1,050.3 -115.3
1,074.8
-87.6
1,064.0
-67.2
1,068.9
-86.3
1,096.0
-99.2
1,156.2 - 120 2
1,146.6
- 89.1
1,204.3 ' —995
GDP less exports of goods and services phis imports of goods and services.
Government consumption expenditures
and gross investment
Federal
Total
Total
447.2
553.2 1,032.0
509.3
589.7 1,095.1
557.3
628.6 1,176.1
601.8
622.3 1,225.9
639.4
669.0 1,263.8
720.5 1,290.4
657.8
719.1
813.5 1,314.7
807.4
902.0 1,358.3
855.2
953.9 1,406.4
646.9
694.8 1,279.3
660.4
720.0 1,285.1
645.3
719.8 1,294.1
678.7
747.5 1,303.2
757.6 1,296.4
678.9
707.4
800.4 1,300.8
729.2
836.1 1,328.2
761.0
859.6 1,333.5
884.8 1,345.8
776.1
797.3
912.6 1,359.4
819.0
906.6 1,364.6
904.2 1,363.4
837.0
925.8 1,383.7
839.5
850.0
949.2 1,408.8
964.5 1,414.8
844.3
976.0 1,418.3
887.0
904.5 1,004.0 1,430.3
457.3
477.2
503.6
522.6
528.0
522.6
516.4
516.6
523.1
525.5
520.1
521.3
523.5
511.3
509.4
523.8
520.9
519.7
522.0
516.8
507.7
518.6
529.6
525.5
518.5
520.4
National
defense
354.0
360.6
373.1
383.5
375.8
362.7
352.0
345.5
347.1
365.7
362.7
361.2
361.3
346.7
349.3
362.3
349.7
347.6
351.7
345.7
337.1
343.9
353.7
348.8
341.9
336.5
Nondefense
103.3
116.7
130.4
139.1
152.2
159.9
164.3
171.0
176.0
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
175.8
176.7
176.7
183.9
State
and
local
574.7
617.9
672.6
703.4
735.8
767.8
798.4
841.7
883.3
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
879.2
889.3
899.8
909.9
Final
Gross
sales of domestic
domestic
purproduct chases1
5,038.7
5,407.0
5,735.8
5,919.0
6,237.4
6,532.4
6,876.2
7,216.7
7,560.7
6,422.8
6,484.6
6,552.3
6,669.8
6,735.9
6,816.0
6,928.5
7,024.6
7,091.7
7,170.9
7,271.5
7,332.8
7,428.6
7,537.1
7,579.6
7,697.4
7,816.5
Source: Department of Commerce, Bureau of Economic Analysis.
5,155.6
5,519.1
5,815.1
5,937.2
6,274.0
6,615.7
7,030.1
7,348.4
7,674.8
6,490.5
6,565.8
6,648.8
6,757.4
6,854.8
6,983.5
7,100.1
7,181.9
7,258.4
7,320.2
7,397.3
7,417.8
7,513.2
7,644.3
7,736.5
7,805.2
7,970.6
Addendum:
Gross
national
product
5,062.6
5,452.8
5,764.9
5,932.4
6,255.5
6,563.5
6,931.9
7,246.7
7,567.1
6,458.6
6,516.5
6,587.1
6,691.9
6,781.0
6,888.3
6,986.9
7,071.4
7,146.8
7,202.4
7,293.4
7,344.3
7,426.6
7,537.5
7,598.9
7,705.6
7,843.0
REAL GROSS DOMESTIC PRODUCT
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Period
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993- I
II
in
IV
1994: I
II
m
IV
1995: I
II
m
rv
1996: I
II
m
IV
1997: I'
Personal
Gross
condomestic sumption
product expenditures
5,865.2
6,062.0
6,136.3
6,079.4
6,244.4
6,386.1
6,608.4
6,742.2
6,906.8
6,326.2
6,356.3
6,393.2
6,468.7
6,508.5
6,587.4
6,644.8
6,692.9
6,700.2
6,712.7
6,775.8
6,780.2
6,813.8
6,892.1
6,928.1
6,993.3
7.094.4
Gross private
domestic investment
Nonresidential
fixed
investment
3,972.7
4,064.6
4,132.2
4,105.8
4,219.8
4,339.5
4,473.2
4,577.8
4,690.7
4,289.7
4,318.8
4,359.5
4,390.0
4,420.5
4,458.7
4,489.4
4,524.0
4,534.8
4,569.9
4,597.3
4,609.4
4,649.1
4,687.6
4,693.5
4,732.5
4.798.0
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
766.8
577.5
586.4
593.1
617.6
628.5
639.5
660.5
679.7
704.4
710.5
719.0
723.3
743.5
750.5
781.4
792.0
813.0
Change
in business
inventories
Residential
fixed
invest^
ment
11.7
33.3
10.4
-3.0
7.0
19.0
58.9
32.7
13.6
18.5
20.7
19.4
17.5
40.8
74.7
64.6
55.6
53.7
29.9
33.5
13.7
-3.5
6.7
34.1
17.1
48.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
276.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.5
262.2
266.3
271.1
281.5
277.8
276.6
281.1
Government consumption expenditures
and gross investment
Exports and imports of
goods and services
Federal
Net
exports
-114.4
-82.7
-61.9
-22.3
-29.5
-72.0
-105.7
-107.6
-113.6
-56.0
-64.4
-86.2
-81.5
-99.3
-107.3
-111.7
- 104.4
- 122.5
-121.4
-101.6
-84.9
-104.0
-114.7
-137.4
-98.4
-120.7
Exports
Imports
465.8 580.2
520.2 603.0
564.4 626.3
599.9 622.2
639.4 669.0
658.2 730.2
712.0 817.6
775.4 883.0
825.9 939.5
647.1 703.1
660.0 724.4
645.5 731.7
680.3 761.8
677.6 777.0
703.1 810.4
719.6 831.3
747.6 851.9
752.3 874.9
763.2 884.6
783.0 884.5
803.1 888.0
806.7 910.7
817.9 932.6
816.1 953.5
862.9 961.3
885.3 1.006.0
1
GDP less exports of goods and services plus imports of goods and servicesNote.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the ehained-dollar value of GDP or to any
intermediate aggregates.
Total
Total
1,180.9
1,213.9
1,250.4
1,258.0
1,263.8
1,261.0
1,260.0
1,260.2
1,270.6
1,257.7
1,258.4
1,261.6
1,266.2
1,252.4
1,249.8
1,271.2
1,266.6
1,262.7
1,265.1
1,263.4
1,249.6
1,254.7
1,278.2
1,276.1
1,273.4
1.273.8
National
defense
524.6
531.5
541.9
539.4
528.0
509.2
489.8
472.3
467.1
516.1
509.7
505.9
505.0
489.9
483.3
496.7
489.2
481.0
479.4
472.5
456.2
462.9
473.4
469.3
462.9
459.2
405.5
401.6
401.5
397.5
375.8
355.4
337.0
319.6
313.9
361.6
356.9
351.6
351.2
334.8
335.5
346.2
331.3
325.0
325.5
319.1
308.8
311.9
319.4
314.9
309.4
301.2
State
and
local
Nondefense
119.1
130.1
140.5
142.0
152.2
153.8
152.6
152.3
152.8
154.4
152.7
154.2
153.7
154.9
147.8
150.4
157.5
155.6
153.5
153.1
147.0
150.6
153.7
153.9
153.1
157.2
656.6
682.6
708.6
718.7
735.8
751.8
770.5
788.6
804.3
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
805.5
807.7
811.4
815.7
Final
sales of
domestic
product
Gross
domestic
purchases1
Addendum:
Gross
national
product
5,855.1
6,028.7
6,126.7
6,082.6
6,237.4
6,365.5
6,550.7
6,708.9
6,892.1
6,307.1
6,334.5
6,371.3
6,449.2
6,467.7
6,514.9
6,582.1
6,638.1
6,647.4
6,682.4
6,741.4
6,764.2
6,815.2
6,884.7
6,892.7
6,975.9
7.045.8
5,986.1
6,147.8
6,199.8
6,101.6
6,274.0
6,457.4
6,711.5
6,846.4
7,016.2
6,382.0
6,420.2
6,478.3
6,549.0
6,605.8
6,692.2
6,753.6
6,794.3
6,818.9
6,830.2
6,874.2
6,862.4
6,914.1
7,002.6
7,060.3
7,087.7
7.209.8
5,878.5
6,075.7
6,157.0
6,094.9
6,255.5
6,396.8
6,605.6
6,736.4
6,899.7
6,342.3
6,366.7
6,406.0
6,472.2
6,514.0
6,586.1
6,640.0
6,682.5
6,698.2
6,711.0
6,761.3
6,775.0
6,814.4
6,886.1
6,913.3
6,985.0
7.070.4
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 1992 = 100; quarterly data are seasonally adjusted]
Persona] consumption
expenditures
Period
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993: I
II
in
IV
1994: I
II .
m
rv
1995: I
II
in
IV
1996: I ..
II
m
rv
1997- I'
Gross
domestic
product
86.09
89.72
93.60
97.32
100.00
102.61
104.95
107.59
109.69
101.84
102.36
102.83
103.40
104.11
104.60
105.24
105.83
106.71
107.33
107.88
108.41
109.00
109.47
109.93
110.34
110.95
Total
Durable
goods
Nondurable goods
84.32
88.44
92.91
96.82
100.00
102.64
105.09
107.58
109.82
101.82
102.45
102.79
103.49
104.08
104.65
105.54
106.06
106.74
107.45
107.84
108.27
108.85
109.64
110.06
110.73
111.21
93.28
95.29
96.59
98.54
100.00
101.25
103.37
104.58
103.39
100.46
101.08
101.49
101.93
102.37
103.19
103.94
103.95
104.68
104.83
104.54
104.30
104.34
103.57
103.08
102.59
101.93
84.83
89.28
94.62
98.06
100.00
101.49
102.82
104.50
107.15
101.29
101.46
101.28
101.93
101.95
102.36
103.33
103.61
103.87
104.48
104.67
104.99
105.99
107.21
107.23
108.16
108.79
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
domestic investment
Services
82.16
86.55
91.22
95.78
100.00
103.56
106.70
109.92
112.73
102.39
103.28
103.88
104.67
105.61
106.22
107.10
107.85
108.76
109.65
110.31
110.93
111.42
112.34
113.17
113.98
114.70
Nonresidential
fixed
Residential fixed
93.74
96.16
98.41
99.92
100.00
100.87
102.32
103.39
103.16
100.49
100.80
101.02
101.14
101.63
102.19
102.73
102.68
102.71
103.37
103.80
103.64
103.43
103.10
103.28
102.85
102.19
92.06
95.08
97.80
98.85
100.00
103.73
106.99
110.28
112.18
102.32
103.58
104.28
104.67
105.67
106.23
107.42
108.60
109.20
109.90
110.70
111.31
111.28
111.62
112.53
113.28
113.49
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
Exports
96.00
97.91
98.74
100.31
100.00
99.94
101.00
104.12
103.55
99.96
100.06
99.98
98.78
100.18
100.61
101.34
101.79
103.16
104.47
104.61
104.22
104.06
103.93
103.46
102.79
102.17
Imports
95.35
97.81
100.37
100.02
100.00
98.67
99.49
102.16
101.53
98.82
99.39
98.38
98.13
97.51
98.77
100.59
100.91
101.13
103.17
102.50
101.82
101.66
101.78
101.15
101.53
99.81
Total
87.18
89.79
92.93
96.88
100.00
102.63
105.43
109.38
111.97
101.81
102.05
103.05
103.65
104.37
105.39
105.47
106.49
108.05
108.91
109.37
111.30
112.03
111.86
111.98
112.01
113.34
National
defense
Nondefense
State
and
local
87.30
89.79
92.93
96.47
100.00
102.07
104.47
108.11
110.57
101.12
101.63
102.72
102.85
103.55
104.14
104.65
105.54
106.94
108.06
108.34
109.17
110.25
110.75
110.76
110.52
111.72
86.75
89.70
92.84
97.94
100.00
103.98
107.67
112.29
115.15
103.46
103.06
103.87
105.53
106.29
108.28
107.38
108.73
110.62
110.92
111.79
116.02
116.00
114.42
114.80
115.39
116.93
87.52
90.52
94.91
97.86
100.00
102.13
103.62
106.74
109.83
101.65
102.17
102.25
102.42
102.93
103.21
103.84
104.49
105.62
106.49
107.11
107.72
109.15
109.15
110.11
110.89
111.55
GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES:
INDEXES AND PERCENT CHANGES
[Quarterly data are seasonally adjusted]
Index numbers, 1992=100
Real GDP
(chain-type
quantity
index)
GDP
(current
dollars)
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993: I
II
III ....
IV
1994: I
II
m ....
IV
1995: I
II
1996:
m ....
rv
I
n
in ....
iv
1997: I'
51.92
56.28
62.49
66.95
70.82
75.14
80.87
87.10
91.98
94.75
100.00
104.94
111.07
116.16
121.33
103.17
J04.19
105.28
107.11
108.51
110.35
111.99
113.43
114.50
115.38
117.06
117.71
118.94
120.83
121.97
123.57
126.05
GDP
chain-type
price index
70.18
73.16
75.92
78.53
80.58
83.06
86.10
89.72
93.64
97.32
100.00
102.62
104.96
107.57
109.88
101.83
102.39
102.83
103.42
104.15
104.63
105.25
105.80
106.68
107.31
107.86
108.42
109.03
109.62
110.17
110.69
111.43
73.99
76.93
82.32
85.25
87.88
90.47
93.93
97.08
98.27
97.36
100.00
102.27
105.83
107.97
110.61
101.31
101.79
102.38
103.59
104.23
105.49
106.41
107.18
107.30
107.50
108.51
108.58
109.12
110.37
110.95
111.99
113.61
1
Percent changes based on indexes to 3 decimal places. Quarterly percent changes are at
annual rates.
Percent change from preceding period *
GDP
implicit
price
deflator
Real GDP
(chain-type
quantity
index)
GDP
(current
dollars)
70.17
73.16
75.92
78.53
80.58
83.06
86.09
89.72
93.60
97.32
100.00
102.61
104.95
107.59
109.69
101.84
102.36
102.83
103.40
104.11
104.60
105.24
105.83
106.71
107.33
107.88
108.41
109.00
109.47
109.93
110.34
110.95
4.1
8.4
11.0
7.1
5.8
6.1
7.6
7.7
5.6
3.0
5.5
4.9
5.8
4.6
4.4
3.8
4.0
4.3
7.1
5.3
6.9
6.1
5.3
3.8
3.1
6.0
2.3
4.2
6.5
3.8
5.4
8.3
GDP
chain-type
price
index
-2.1
4.0
7.0
3.6
3.1
2.9
3.8
3.4
1.2
-.9
2.7
2.3
3.5
2.0
2.4
GDP
implicit
price
deflator
6.3
4.3
3.8
3.4
2.6
3.1
3.7
4.2
4.4
3.9
2.8
2.6
2.3
2.5
2.1
3.8
2.2
1.8
2.3
2.9
1.9
2.4
2.1
3.3
2.4
2.1
2.1
2.3
2.2
2.0
1-9
2.7
1.9
2.3
4.8
2.5
4.9
3.5
2.9
.4
.7
3.8
.3
2.0
4.7
2.1
3.8
5.9
6.3
4.3
3.8
3.4
2.6
3.1
3.7
4.2
4.3
4.0
2.8
2.6
2.3
2.5
2.0
3.8
2.1
1.9
2.2
2.8
1.9
2.5
2.3
3.4
2.4
2.1
2.0
2.2
1.8
1.7
1.5
2.2
Source: Department of Commerce, Bureau of Economic Analysis:
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarteriy data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of real output (dollars)1
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993:
;
I ...
II..
in
1994:
1995:
1996:
1997:
IV.
I ...
II ..
Ill
IV.
I ...
II ...
Ill
IV.,
I ...
II...
III .
IV..
I' ...
1
Current
dollars
Chained
(1992)
dollars
2,805.2
2,950.9
3,084.0
3,132.1
3,262.6
3,437.5
3,689.4
3,885.8
4,107.8
3,344.2
3,407.3
3,459.7
3,538.7
3,601.7
3,663.0
3,709.5
3,783.2
3,803.3
3,841.9
3,924.8
3,973.2
4,011.6
4,081.6
4.143.1
4,194.8
4,295.2
3,130.1
3,179.8
3,210.2
3,168.8
3,262.6
3,379.7
3,567.4
3,691.2
3,858.7
3,302.6
3,356.3
3,398.9
3,460.9
3,503.7
3,552.9
3,577.5
3,635.3
3,632.9
3,654.7
3,718.7
3,758.6
3,779.2
3,831.4
3,888.4
3,935.8
4,018.0
Total
cost and
profit 2
Output is measured by GDP of nonfinaneial corporate business in chained (1992) dollars.
2
This is equal to the deflator for gross domestic product of nonfmancial corporate business
with the decimal point shifted two places to the left.
0.896
.928
.961
.988
1.000
1.017
1.034
1.053
1.065
1.013
1.015
1.018
1.022
1.028
1.031
1.037
1.041
1.047
1.051
1.055
1.057
1.062
1.065
1.066
1.066
1.069
3
Consumption of
fixed
capital
0.089
.094
.096
.101
.101
.101
.102
.102
.102
.102
.101
.102
.100
.108
.100
.100
.100
.101
.103
.102
.103
.103
.103
.102
.102
.101
Indirect
business
tax, etc.3
0.084
.088
.092
.100
.103
.105
.106
.109
.106
.105
.105
.105
.107
.106
.106
.107
.107
.108
.110
.108
.108
.107
.105
.105
.105
.106
Compensation
of employees
0.590
.613
.640
.660
.673
.679
.683
.698
.705
.682
.679
.679
.675
.680
.681
.684
.686
.696
.699
.697
.699
.702
.706
.706
.708
.709
Corporate profits with inventory
valuation and capital consumption
adjustments
Profits
tax
liability
0.094
.087
.086
.085
.091
.103
.116
.117
.125
.093
.100
.103
.113
.107
.117
.118
.121
.113
.112
.121
.120
.123
.126
.126
.123
.127
0.033
.031
.030
.027
.028
.031
.036
.038
.038
.028
.031
.029
.034
.035
.036
.037
.039
.039
.038
.038
.037
.039
.039
.038
.038
.038
Profits
after
tax4
0.062
.056
.056
.058
.063
.072
.080
.079
.086
.065
.069
.074
.079
.072
.082
.082
.083
.074
.074
.083
.082
.084
.087
.088
.085
.089
Net
interest
0.039
.046
.046
.042
.032
.029
.027
.027
.027
.031
.030
.029
.028
.027
.027
.028
.027
.028
.028
.027
.027
.026
.026
.027
.027
.027
Indirect business tax and nontax liability phis business transfer payments less subsidies.
* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce, Bureau of Economic Analysis.
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1990
1991
1992
1993
1994 .
1995
1996
1993- III
IV
1994- I .
II
I .
H
in
IV
1996- I
II
III
IV
1997: I'
1
Compensation
of
employees*
4,652.1
4,761.6
4,990.4
5,238.5
5,535.2
5,828.9
6,164.2
5,258.0
5,351.9
5,363.6
5,524.6
5,587.5
5,665.1
5,728.3
5,771.8
5,876.0
5,939.7
6,027.5
6,132.2
6,216.6
6,280.6
6,426.5
in
rv
1995:
National
income
Proprietors' income
with inventory valuation and capital consumption adjustments
Farm
Nonfarm
35.4
29.3
37.1
31.1
34.3
27.9
44.7
25.2
33.6
40.1
34.4
31.2
31.6
27.7
26.6
27.1
30.1
36.6
44.1
50.1
47.9
45.8
3,352.8
3,457.9
3,644.9
3,809.5
4,009.8
4,222.7
4,448.5
3,834.9
3,871.1
3,932.6
3,988.0
4,027.5
4,091.0
4,150.5
4,191.6
4,247.7
4,301.1
4,344.3
4,420.9
4,482.9
4,546.0
4,636.2
338.6
347.2
386.7
404.8
430.0
458.2
482.6
404.8
416.0
409.3
430.8
436.1
444.0
451.7
455.6
460.7
464.8
471.5
480.5
485.5
493.1
503.3
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
61.0
67.9
79.4
102.2
112.1
111.7
115.0
103.8
103.3
104.1
115.9
115.3
113.0
111.6
111.9
109.9
113.5
114.5
112.4
115.2
117.9
116.8
397.1
411.3
428.0
492.1
554.1
604.8
670.2
498.0
539.9
487.3
560.1
577.3
591.8
580.0
580.8
630.0
628.3
661.2
672.1
677.3
670.1
712.5
358.2
378.2
398.9
457.7
517.9
570.8
631.0
465.9
500.5
471.6
516.2
534.3
549.6
542.6
547.3
597.9
595.3
624.8
633.5
637.6
627.9
668.0
Profits
before tax
Inventory
valuation
adjustment
371.7
374.2
406.4
464.3
531.2
598.9
639.9
458.0
504.5
475.5
526.0
550.8
572.4
594.5
589.6
607.2
604.2
642.2
644.6
635.6
637.1
668.5
-13.5
4.0
-7.5
-6.6
-13.3
-281
-8.9
7.9
-40
-3.9
-9.8
-16.5
-22.8
-51.9
-42.3
-9.3
-8.8
-17.4
-11.0
2.0
-9.2
-.4
Capital
consumption
adjustment
38.9
33.1
29.1
34.4
36.2
34.0
39.2
32.1
39.4
15.7
43.9
43.0
42.2
37.4
33.5
32.1
32.9
36.4
38.6
39.7
42.2
44.4
Net
interest
467.3
448.0
414.3
398.9
394.9
403.6
403.3
391.4
388.0
390.2
395.5
400.1
393.8
406.9
405.2
400.7
401.9
399.5
402.3
405.6
405.7
412.0
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]
Nondurable goods
Durable goods
Period
1990
1991
1992
1993
1994
1995
1996
1993: m
IV
1994: I
II
in
rv
1995:
I
II
ni
rv
1996: I
II
in
rv
1997:
I'
1
Total
personal
eonsumption
expenditures
4,132.2
4,105.8
4,219.8
4,339.5
4,473.2
4,577.8
4,690.7
4,359.5
4,390.0
4,420.5
4,458.7
4,489.4
4,524.0
4,534.8
4,569.9
4,597.3
4,609.4
4,649.1
4,687.6
4,693.5
4,732.5
4,798.0
Total
durable
goods
Motor
vehicles
and
parts
493.3
462.0
488.5
524.1
562.0
579.8
611.4
528.9
541.9
549.6
555.4
563.1
579.8
566.5
576.2
589.1
587.5
599.2
615.6
611.6
619.1
646.4
224.3
193.2
206.9
218.6
228.2
221.1
222.4
219.1
225.3
230.3
226.6
226.5
229.4
216.3
220.9
226.4
220.6
224.2
225.9
220.0
219.4
227.2
Furniture
and
household
equipment
Other
Total
nondurable
goods
Food
173.5
177.0
189.4
208.4
230.1
251.1
275.8
211.0
216.8
219.0
226.1
232.6
242.6
243.1
247.1
254.1
259.9
264.1
276.0
279.0
284.2
298.2
96.6
91.8
92.3
97.2
104.2
109.8
117.1
98.9
99.9
100.3
103.0
104.7
108.8
108.9
109.9
110.5
109.9
113.9
117.4
116.9
120.3
126.1
1,316.1
1,302.9
1,321.8
1,348.8
1,390.5
1,421.9
1,442.0
1,354.0
1,359.9
1,372.9
1,383.9
1,397.0
1,408.1
1,416.6
1,422.9
1,424.7
1,423.2
1,436.1
1,440.9
1,442.2
1,448.6
1,464.9
662.9
659.6
660.0
674.3
689.1
702.1
704.6
675.7
677.9
682.3
688.6
690.5
694.9
700.5
701.3
703.6
703.0
709.2
704.9
701.6
702.8
707.9
Includes other items, not shown separately.
NOTS.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the ehained-dollar value of GDP or to any
intermediate aggregates.
Clothing Gasoline
and and oil
shoes
217.9
215.9
225.5
233.3
247.2
257.2
268.2
235.0
238.6
241.1
243.3
249.0
255.5
254.6
257.9
258.8
257.3
262.5
268.9
271.0
270.3
277.6
107.3
103.4
106.6
109.1
110.4
113.3
113.8
110.9
109.3
108.8
109.5
111.6
111.6
113.4
113.6
112.5
113.7
112.6
114.3
113.4
114.9
115.3
Services
Fuel
oil
and
coal
Other
11.2
10.8
10.9
10.7
10.3
10.3
10.2
10.7
10.6
11.4
10.0
10.2
9.6
9.9
10.6
10.0
10.7
10.7
10.1
10.1
10.0
9.0
316.7 2,321.3
313.2 2,341.0
318.8 2,409.4
321.5 ' 2,466.7
333.5 2,521.4
339.3 2,577.0
345.9 2,638.3
321.8 2,476.7
323.4 2,488.5
329.3 2,498.5
332.3 2,519.9
335.8 2,530.0
336.7 2,537.3
338.4 2,552.5
339.9 2,571.6
340.0 2,584.6
338.8 2,599.3
341.6 2,614.7
343.5 2,632.3
347.0 2,640.6
351.4 2,665.6
356.1 2,688.2
Total
services1
Housing Medical
care
627.2
635.2
646.8
655.0
668.2
681.7
692.9
655.9
658.5
662.1
666.1
670.7
674.1
677.4
680.0
683.2
686.3
689.0
691.6
693.9
697.2
700.7
Source: Department of Commerce, Bureau of Economic Analysis,
602.8
621.6
646.6
658.8
668.8
684.1
698.3
659.7
661.4
663.2
667.6
670.4
674.2
677.8
681.3
686.0
691.2
691.1
696.1
699.7
706.5
711.7
Retail sales
of new passenger cars
and light
trucks
(millions of
units)
13.9
12.3
12.8
13.9
15.0
14.7
15.0
13.8
14.6
15.0
14.8
14.9
15.2
14.9
14.4
14.9
15.0
15.2
15.0
15.1
14.8
15.4
SOURCES OF PERSONAL INCOME
Personal income rose $19.4 billion (annual rate) in May, following an increase of $14.9 billion in April. Wages
and salaries rose $9.7 billion in May, compared to an increase of $3.3 billion in April. In May, private-sector
employment and average hourly earnings rose; average weekly hours were unchanged.
BILLIONS OF DOLLARS* (RATIO SCALE)
BIIUONS 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
2,600
\
1,400
1,400
OTHER INCOME
800
TRANSFER PAYMENTS
400
400
1989
1992
1990
1993
1994
1995
1996
COLNOI OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- May
July
Sept
Oct ..
Nov ...
Dec .
1997- Jan'
Peb'
Mar-"
Total
personal
income
4,184.6
4,501.0
4,804.2
4,981.6
5,277.2
5,495.6
5,762.0
6,112.4
6,449.5
6,402.6
6,457.6
6,460.4
6,499.9
6,536.4
6,541.8
6,583.5
6,629.4
6,653.5
6,701.3
6,739.3
6,754.2
6,773.6
Wage and
salary
disbursements1
2,453.6
2,598.1
2,757.5
2,827.6
2,986.4
3,090.7
3,241.8
3,430.6
3,630.1
3,597.2
3,643.1
3,630.8
3,660.9
3,687.2
3,682.3
3,713.5
3,752.5
3,752.2
3,797.2
3,824.7
3,828.0
3,837.7
Proprietors' income3
Other labor
income J z
251.7
273.1
300.6
322.7
351.3
380.9
402.2
424.0
436.2
434.0
435.6
437.1
438.6
440.1
441.5
442.9
444.3
445.2
446.1
447.0
447.9
448.7
1
The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4} in that it excludes employer contributions for social insurance and
. the excess of wage accruals over wage disbursements.
2 Consists primarily of employer contributions to private pension and private welfare funds.
Farm
27.5
36.3
35.4
29.3
37.1
31.1
34.3
27.9
44.7
44.5
46.3
48.3
50.6
51.5
49.5
47.9
46.3
45.8
45.7
45.9
46.0
46.2
3
Nonfarm
307.8
321.1
338.6
347.2
386.7
404.8
430.0
458.2
482.6
481.0
482.1
483.7
484.6
488.1
490.7
493.1
495.4
499.9
504.0
505.8
507.2
507.6
Rental
income
of
persons4
55.1
51.7
61.0
67.9
79.4
102.2
112.1
111.7
115.0
112.7
112.5
114.3
114.9
116.4
117.7
118.0
118.1
117.5
116.8
116.2
117.1
118.4
Personal
dividend
income
109.9
130.9
142.9
153.6
159.4
186.8
199.6
214.8
230.6
229.4
229.9
230.8
231.5
232.3
233.3
234.7
236.5
238.2
239.9
241.7
243.6
245.4
Personal
interest
income
595.5
674.5
704.4
699.2
667.2
648.1
663.7
717.1
738.2
733.6
737.5
740.6
743.0
745.1
747.7
750.5
753.4
754.7
755.5
756.7
759.6
762.5
. Transfer
payments5
577.6
626.0
687.8
769.9
858.2
910.7
956.3
1,022.6
1,079.7
1,075.4
1,078.9
1,082.5
1,085.6
1,087.3
1,090.2
1,096.1
1,098.8
1,118.1
1,117.2
1,124.5
1,128.4
1,131.3
With inventory valuation and capital consumption adjustments.
"With capital consumption adjustment.
Consists mainhy of social insurance benefits, direct relief, and veterans payments.
Source: Department of Commerce, Bureau of Economic Analysis.
4
5
Less: Personal contributions
for social
insurance
194.2
210.8
223.9
235.8
248.4
259.6
278.1
294.5
307.5
305.2
308.4
307.7
309.8
311.7
311.0
313.2
315.9
318.0
321.2
323.2
323.5
324.3
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (1992) dollars rose at an annual
rate of 3.3 percent in the first quarter of 1997.
BILUONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
2,500
2,000
2,000
DOLLARS'(RATIO SCALE)
22,000
20,000
DOLLARS* (RATTO SCALE)
PER CAPITA DISPOSABLE PERSONAL INCOME
CHAINED (1992) DOLLARS
18,000
— Tj^p—
—• — —
16,000
*•"
_-—•
14,000
12,000
X-"
10,000 _,.
8,000
I i i
1982
22,000
20,000
'
.
•
i—"^"3
18,000
"^r i
16,000
14,000
C URRENT 3OUARS
——'
-— "
12,000
10,000
^
!
i
1
1983
i i I
1984
i i i
1985
1
1
i ii
<
1986
1987
i i i
1988
i t t
1989
i l i
1990
J i i
1991
i f i
1992
i i i
1993
\ i i
1994
f i i
1995
i t i
1996
i i i
1997
8,000
COUNCIL Of ECONOMIC ADVCERS
Period
Persona!
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
persona]
income
Less:
Personal
outlays1
Equals:
Personal
saving
Disposable
persona]
income in
billions of
chained
(1992)
dollars
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1989
1990
1991
1992
1993
1994
1995 .
1996
4,501.0
4,804.2
4,981.6
5,277.2
5,495.6
5,762.0
6,112.4
6,449.5
594.9
624.8
624.8
650.5
689.9
731.4
794.3
863.8
3,906.1
4,179.4
4,356.8
4,626.7
4,805.7
5,030.6
5,318.1
5,585.7
Chained
(1992)
dollars
Per capita personal
consumption
expenditures
Current
dollars
Chained
(1992)
dollars
Dollars
3,706.7
3,958.1
4,097.4
4,341.0
4,575.8
4,832.3
5,071.5
5,314.0
199.4
221.3
259.5
285.6
229.9
198.3
246.6
271.6
4,416.8 15,790 17,854
4,498.2 16,721 17,996
4,500.0 17,242 17,809
4,626.7 18,113 18,113
4,682.0 18,615 18,136
4,786.7 19,298 18,362
4,943.3 20,214 18,789
5,086.0 21,040 19,158
Percent
change
in real
per capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
14,531
15,360
15,732
16,520
17,253
18,033
18,719
19,404
16,430
16,532
16,249
16,520
16,809
17,159
17,400
17,669
1.0
.8
-1.0
1.7
.1
1.2
2.3
2.0
5.1
5.3
6.0
6.2
4.8
3.9
4.6
4.9
247,387
249,956
252,680
255,432
258,159
260,681
263,090
265,482
16,984
17,164
17,335
17,528
17,714
17,924
18,154
18,338
18,463
18,689
18,823
18,901
19,128
19,383
19,433
19,670
19,992
16,681
16,754
16,864
16,937
17,019
17,127
17,200
17,290
17,296
17,393
17,454
17,458
17,573
17,679
17,657
17,764
17,977
-7.8
' 3.8
2
3^6
-4.8
6.5
1.5
2.8
2.9
-.6
3.3
3.3
1.2
.5
3.8
1.7
3.3
4.5
5.1
4.5
5.0
3.3
4.2
4.1
4.2
4.8
4.1
4.5
5.1
4.8
4.3
5.3
5.1
4.7
257,155
257,787
258,501
259,192
259,738
260,327
261,004
261,653
262,181
262,748
263,399
264,032
264,563
265,155
265,806
266,405
266,901
Seasonally adjusted annual rates
1993: I
II
III
IV
1994- I
II
III
IV
1995- I
II
III
IV
1996- I
II
Ill
IV
1997- I'
5,365.5
5,475.7
5,517.1
5,624.1
5,593.6
5,744.6
5,809.8
5,900.1
6,002.9
6,072.2
6,144.1
6,230.2
6,304.5
6,409.6
6,498.9
6,584.9
6,698.1
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
870.6
872.5
887.2
918.6
4,703.1
4,788.9
4,820.7
4,910.3
4,888.1
5,003.8
5,078.6
5,151.9
5,232.9
5,270.7
5,345.7
5,423.1
5,479.6
5,539.0
5,626.4
5,697.7
5,779.5
4,489.2
4,545.5
4,602.2
4,666.3
4,728.0
4,796.1
4,870.8
4,934.2
4,980.3
5,054.4
5,106.6
5,144.7
5,218.1
5,300.7
5,329.8
5,407.5
5,505.3
213.9
243.4
218.5
244.0
160.1
207.7
207.8
217.8
252.6
216.3
239.1
278.4
261.5
238.3
296.6
290.2
274.1
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
2
Annual data are averages of quarterly data, which are averages for the period.
4,619.2
4,674.2
4,690.0
4,744.8
4,696.5
4,781.3
4,811.8
4,857.4
4,902.3
4,905.1
4,956.9
5,009.0
5,034.0
5,052.0
5,112.3
5,145.7
5,196.7
18,289
18,577
18,649
18,944
18,819
19,221
19,458
19,690
19,959
20,060
20,295
20,539
20,712
20,890
21,167
21,387
21,654
17,963
18,132
18,143
18,306
18,082
18,367
18,436
18,564
18,698
18,668
18,819
18,971
19,028
19,053
19,233
19,315
19,471
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census),
FARM INCOME
In the third quarter of 1996, according to preliminary estimates, gross farm income fell $11.0 billion (annual rate)
and net farm income fell $11.2 billion.
BILUONSOF DOUARS* (RATIO SCALE)
BILUONS OF DOUARS* (RATIO SCALE)
280
160 N
S^
r~—s
,
h
_^ ^
^-^1
1
" ^4
.
.
r"**-—
^
~~~~^
X,
t~^~~'
280
240
200
•/
160
1
120
80
A
i\ /
I
\
20
\
\/
-/
,_v /
\I
\i
V" '..^
"^vX
^
/
^s
/
1• \
\
\ s\
v/
\'
1
>
40
^ v/\'
*
NETFAI(MINCON\E
1
'
\ 1
/
'l /
\ ' \'
\i '
1 V
»,
M
/ \
/
60
/\
K
20
A 1
l\ 1
1
10
'.,'
'l
\
4
1
1
1
1982
i i ,
1983
t
1
!
1984
1
t
1
1985
t
1
1
1986
i i i
1987
i i i
1988
!
1
1
1989
i l l
1990
i i i
1991
1
!
1
1992
i i i
1993
" SEASONALLY ADJUSTtD ANNUAL RATES
SOURCE: DEPARTMENT OF AGR3CUTURE
i i i
1994
i i i
1995
1 1 I
1996
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Cash marketing receipts
Total1
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1994- I
II
HI
IV
1995: I
II
Ill
IV
1996- I
II
HIP
168.4
177.9
191.9
198.2
191.9
200.6
204.2
215.8
210.4
221.2
208.6
214.1
219.4
208.3
206.4
218.5
208.4
233.6
237.4
226.4
141.8
151.2
160.8
169.5
167.9
171.3
177.6
180.8
185.8
179.9
170.8
186.9
185.5
180.6
181.0
199.8
181.5
197.7
204.5
202.0
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year.
Livestock and
products
76.0
79.6
83.9
89.2
85.8
85.6
90.2
88.1
86.8
92.1
82.9
97.7
79.9
83.2
81.6
96.1
86.5
85.2
.89.6
92.8
Crops
65.8
71.6
76.9
80.3
82.1
85.7
87.5
92.6
98.9
87.9
88.0
89.2
105.5
97.4
99.4
103.7
95.1
112.5
114.9
109.2
Value of
inventory
changes2
-2.3
41
3.8
3.3
-.2
4.2
-4.5
8.2
-3.4
10.2
9.6
7.3
5.8
-4.1
-3.9
30
24
4.7
4.4
3.4
Production
expenses
131.0
139.9
146.7
153.4
153.3
152.5
160.5
167.4
175.6
164.5
166.8
168.8
169.6
172.4
175.4
177.5
177.0
179.0
184.2
184.4
Net farm
income
37.4
38.0
45.3
44.8
38.5
48.0
43.6
48.4
34.8
56.7
41.8
45.3
49.8
35.9
30.9
41.0
31.4
54.7
53.2
42.0
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1993 in chart do not reflect previous revisions to
annual data in table.
Sources: Department of Agriculture,
CORPORATE PROFITS
In the first quarter of 1997, according to revised estimates, corporate profits before tax rose $31.4 billion (annual
rate) and profits after tax rose $14.1 billion. Financial profits had been reduced $18 billion in the fourth quarter
of 1996 to reflect a special assessment on thrift institutions to recapitalize the Savings Association Insurance Fund.
BILLIONS OF DOUARS
BILLIONS OF DOLLARS
AJO
700
SEASONAUY ADJUS1H) ANNUA1 RAIES
,
-
650
600
550
/
500
J
450
PROFITS BEFORE TAX
\
400
350
/
300
_^-^
r
200
s-
>-',
100
"•-•—•-.
>._<-
•
*****
I
/UNDISTRIBUTEC
rf
i i i
1982
'\
y-»^"'
f
1983
1 1
1984
1 I I
1985
V
y
i it
1987
1986
i i i
1988
<
300
-
—
250
^. _...•-•
—
,
•
200
.-./" •''
\"
—.
350
-
S
\
N
-
s
f
X
\
400
__ ^ -*
\AXUAB1L TY
-•'"'
450
(
," \ '
,-'
~— — _
-
/. >/
s-~
N\
500
7
V
|—^
< n
h^/1
J
150
A f
PROFfTS AFTER TAX
J
r-*.
250
0
^
/
550
50
600
r-s
,' —
-^_,'x
„
-
,
.
,
.
,
150
/
100
V
50
PROFITS
i ii
1989
i ii
1990
1991
1 1 1
1 1 1
i ii
i ii
1992
1993
1994
1995
i ii
1996
i ii
1997
0
COUNCB. OF ECONOMIC ADVBStS
SOURCE DHlARIMmT OF COMMERCT
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment J
Profits after tax
Domestic industries
Period
Total
1995:
I
II
III
IV
1996: I
II
Ill
IV
1997: I'
1
2
3
325.0
330.6
358.2
378.2
398.9
457.7
517.9
570.8
631.0
422.4
442.0
465.9
500.5
471.6
516.2
534.3
549.6
542.6
547.3
597.9
595.3
624.8
633.5
637.6
627.9
668.0
274.3
272.6
292.5
309.5
334.0
388.1
453.7
494.1
548.9
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
555.1
561.0
538.0
588.3
ciat
43.0
53.1
68.6
87.4
83.7
91.0
94.4
119.1
131.9
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
136.6
135.0
121.3
149.9
Total
3
231.2
219.6
223.8
222.1
250.3
297.2
359.3
375.0
417.0
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
418.5
426.1
416.7
438.4
Manufacturing
115.1
109.3
112.3
92.7
96.3
109.7
142.7
145.7
166.5
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
164.7
170.6
169.4
168.1
See p. 4 For profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
before
tax
Nonfmaneial
Total 2
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993- I
II
Ill
IV
1994: I
II
Ill
IV
Profits
Wholesale
19.3
20.4
17.2
20.6
23.0
25.5
34.5
29.6
36.6
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
32.8
34.5
41.5
44.8
Tax
liability
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
116.8
138.9
151.9
163.1
169.5
197.3
211.0
227.4
244.2
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
243.1
245.2
248.7
254.2
100.5
67.9
79.4
77.7
93.9
103.2
124.8
152.8
162.6
95.3
99.2
98.4
119.9
99.7
124.5
134.9
140.3
155.5
150.8
154.3
150.8
168.9
165.1
156.9
159.5
168.1
-29.3
-17.5
-13.5
4.0
-7.5
-6.6
-13.3
-28.1
-8.9
14 6
-15.6
7.9
-4.0
-3.9
-9.8
-16.5
-22.8
-51.9
-42.3
-9.3
-8.8
-17.4
-11.0
2.0
-9.2
-.4
Retail
19.6
20.7
20.6
26.1
32.2
39.2
42.2
38.7
41.8
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
44.3
44.5
36.7
45.7
354.3
348.1
371.7
374.2
406.4
464.3
531.2
598.9
639.9
437.0
457.6
458.0
504.5
475.5
526.0
550.8
572.4
594.5
589.6
607.2
604.2
642.2
644.6
635.6
637.1
668.5
137.0
141.3
140.5
133.4
143.0
163.8
195.3
218.7
233.0
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
236.4
233.4
228.9
246.2
217.3 •
206.8
231.2
240.8
263.4
300.5
335.9
380.2
406.8
285.6
295.0
298.6
322.8
304.1
333.3
347.4
358.8
377.2
375.3
382.8
385.5
408.8
408.1
• 402.2
408.2
422.3
Source: Department of Commerce, Bureau of Economic Analysis.
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the first quarter of 1997, according to revised estimates, nonresidential fixed investment in chained (1992) dollars
rose $21.0 billion (annual rate) and residential investment rose $4.5 billion. There was an increase of $48.6 billion
in inventories following an increase of $17.1 billion in the fourth quarter.
BILLIONS OF CHAINED (1992) DOLLARS
BILLIONS OF CHAINED (1992| DOOMS
1,200
1,200
SEASCNAIiY ABW5IH) AhWUAl RAItS
s
1,100
1,000
f
900
800
yl
/
A.
700
600
500
s
700
\~^
.*''
--'
*---
^~
500
400
RES IDENTIAt
FIXED NVESTM!XT
— \\— 1
—
— .' '
100
•*
\
,'"-- ~
•*
X
J*
V
1 1 1
1982
1983
200
CHANCX IN BUSINESS
/ENTOR1I
1
1984
300
_.-•-
-..—._
-100
600
"'
3NRESIDE
FIX EDINVESTMENT
s
300
0
800
-''
_
** — >
X"
400
200
900
S
l \
GROSS PRIVATE!XDMESTI
1 -IVESTMf NT
J
•s.
1,000
fS
^-r\ -£
X^
,
11i
1
1985
1986
1 E
1987
i i i
i i i
1
1988
1989
1990
1
100
x
_x
^
•
0
" ~
i i i
1
1992
1991
1993
" OF COMMERCE
i i i
I I I
1 1 j
1994
1995
1996
-100
1997
CDUNCB. OF ECONOMIC ADVISERS
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Gross
private
domestic
investment
Period
Change in business
inventories
Nonresidential
Total
Total
Producers'
durable
equipment
Residential
Structures
Total
Nonfarm
828.2
863.5
815.0
738.1
790.4
857.0
979.3
1,009.4
1,056.6
834.6
843.0
857.4
893.2
818.3
832.0
805.8
741.3
783.4
836.4
921.1
975.9
. 1,042.1
815.4
821.1
835.4
873.5
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
766.8
577.5
586.4
593.1
617.6
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
190.0
167.0
164.8
165.1
168.2
369.2
387.6
381.9
366.2
388.7
427.6
484.1
534.5
578.6
410.5
421.7
428.2
449.8
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
276.7
237.9
234.8
242.2
255.8
11.7
33.3
10.4
-3.0
7.0
19.0
58.9
32.7
13.6
18.5
20.7
19.4
17.5
24.7
33.5
7.8
-1.2
2.0
26.4
46.8
37.2
17.1
26.0
26.7
30.9
22.1
933.5
984.7
994.2
1,004.9
892.4
911.4
930.8
949.7
628.5
639.5
660.5
679.7
466.4
471.1
492.5
506.5
263.6
271.6
270.3
270.3
969.5
965.7
980.0
988.5
704.4
710.5
719.0
723.3
527.2
531.7
537.4
541.4
265.9
256.5
262.2
266.3
40.8
74.7
64.6
55.6
53.7
29.9
33.5
13.7
29.7
54.0
50.5
53.0
n
m
rv
1,022.8
996.1
1,014.6
1,004.3
1,011.4
1,038.1
1,093.1
1,083.9
163.0
169.0
169.1
174.3
178.5
180.0
182.8
183.2
1,013.3
1,031.1
1,057.5
1,066.6
186.6
184.9
188.6
199.8
558.3
567.5
595.0
593.7
271.1
281.5
277.8
276.6
-3.5
6.7
34.1
17.1
2.9
11.7
34.6
19.3
1997- I'
1,141.0
1,091.9
743.5
750.5
781.4
792.0
813.0
203.0
611.7
281.1
48.6
49.2
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993- I
n
m
IV
1994- I
n
m
IV
1995: I
n
m
IV
1996- I
..
NOTE.—Sec p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (1992) dollar estimates
for the detailed components rfo iurf add to the ehained-dollar value of GDP or to any intermedi-
Sonree: Department of Commerce, Bureau of Economic Analysis.
57.4
33.7
38.5
19.0
REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Period
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
766.8
577.5
586.4
593.1
617.6
628.5
639.5
660.5
679.7
704.4
710.5
719.0
723.3
743.5
750.5
781.4
792.0
813.0
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993: I
II
Ill
IV
1994- I
II
Ill
IV
1995: I
II
in
IV
1996:
I
II
in
IV
1997: I'
1
2
3
Total
nonresidential
Total'
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
190.0
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.8
183.2
186.6
184.9
188.6
199.8
203.0
Nonresidential
buildings,
including
farm
145.3
150.2
152.0
126.9
113.2
112.8
117.7
127.9
134.2
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
129.7
133.0
142.8
146.4
Residential
Producers' durable equipment
Structures
Information processing
and related equipment
Utilities
Mining
exploration,
shafts,
and
wells
Total'
30.0
30.9
28.1
32.0
34.5
31.1
31.7
35.1
36.7
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
36.8
36.4
37.4
36.2
15.8
13.9
16.1
15.7
13.3
14.8
12.6
11.2
13.0
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
12.9
13.5
12.9
13.4
369.2
387.6
381.9
366.2
388.7
427.6
484.1
534.5
578.6
410.5
421.7
428.2
449.8
466.4
471.1
492.5
506.5
527.2
531.7
537.4
541.4
558.3
567.5
595.0
593.7
611.7
Total
Computers
and
peripheral
equipment2
Other
Industrial
equipment
106.6
116.2
116.2
117.8
134.2
147.1
170.4
201.1
241.9
139.5
142.2
150.7
156.0
161.2
166.6
171.6
182.4
189.1
199.7
201.4
214.4
225.5
234.1
250.5
257.4
269.5
24.0
29.4
29.4
32.4
43.9
56.2
69.3
91.5
132.8
51.1
52.9
58.3
62.5
64.5
67.1
69.3
76.3
80.2
88.2
91.9
105.6
117.2
126.3
138.9
148.9
159.2
85.7
88.1
88.2
85.9
90.2
91.5
102.6
114.2
122.0
88.6
89.6
93.1
94.6
97.8
100.8
103.6
108.3
111.5
115.1
114.0
116.2
118.1
119.7
125.5
124.9
128.6
95.3
101.5
95.0
88.3
89.3
96.3
105.9
116.2
118.4
93.7
94.4
96.3
100.7
102.8
104.3
107.0
109.4
114.2
118.4
116.6
115.4
117.8
120.6
118.0
117.1
118.0
Structures
Transportation
and
related
equipment
87.1
78.9
81.2
81.7
86.2
97.5
111.7
118.1
120.0
93.0
99.5
95.0
102.7
109.0
105.3
115.8
116.6
121.9
114.9
120.3
115.4
117.5
114.9
126.5
121.1
122.7
Total
residential3
Total
Single
family
Multifamily
Other
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
276.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.5
262.2
266.3
271.1
281.5
277.8
276.6
281.1
246.3
237.0
214.5
187.6
219.5
236.3
262.1
255.8
269.6
231.7
228.5
235.7
249.2
257.0
264.8
263.5
263.2
258.9
249.6
255.3
259.3
264.1
274.3
270.6
269.4
273.7
126.1
121.9
110.4
96.4
116.5
127.1
140.5
127.7
135.4
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
137.6
136.7
134.7
136.3
23.4
23.3
19.7
15.4
13.1
10.4
13.5
17.6
19.3
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
21.0
17.9
19.1
20.9
96.8
91.8
84.4
75.7
89.9
98.8
108.1
110.9
115.5
96.5
96.0
98.7
104.1
105.4
108.4
108.2
110.4
109.3
109.8
112.2
112.4
113.0
116.3
116.6
116.2
117.0
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the ehained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
Includes other items, not shown separately,
Includes new computers and peripheral equipment only.
Includes producers' durable equipment, not shown separately.
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Period
1993'
19942
19953
1996 •»
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
1
Estimates collected from the 1993 Annual Capital Expenditures Survey.
2
Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data
are3 scheduled for release in summer 1996.
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
35.2
37.1
41.5
46.0
46.3
Utilities
41.3
42.2
42.8
40.6
Wholesale
and
retail
trade
Pinance,
insurance,
and
real
estate
60.3
68.9
75.1
71.9
40.2
46.8
57.3
57.7
Services
111.8
123.5
123.7
129.4
Serving
multiple
industries
Not
distributed
. bv
industry
1.7
2.2
1.5
1.3
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 Annual Capital Expenditures: 1993.
The Business Investment and Plans release has been discontinued effective with release of
the March 1996 survey estimates. Estimates of business investment and plans will be available
annually with release of the Annual Capital Expenditures Survey.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In May, employment rose by 255,000 and unemployment fell by 180,000.
MILUONS OF PERSONS *
MILUONS OF PERSONS*
138
138
SEASONALLY ADJUSTED
134
134
CIVILIAN LABOR FORCE
130
130
126
126
122
122
118
118
CIVILIAN
EMPLOYMENT
114
114
110
110
UNEMPLOYMENT
12
12
/
11111
1989
1990
1993
1992
1991
1994
1995
1996
1997
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian employment
Period
1987
1988
1989
19903
1991
1992
1993
1994 4
1995
1996
. .
1996- May
July
Sept
Get
Dec
1997- Jan 3
Feb
Mar
Civilian
noninstitutional
population
NSA
Civilian
labor
force
Nonagrieultural
Total
Agricultural
Part time
for
economic
reasons1
Total
15
weeks
and
over
Not in
labor
force
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
182,753
184,613
186,393
189,164
190,925
192,805
194,838
196,814
198,584
200,591
119,865
121,669
123,869
125,840
126,346
128,105
129,200
131,056
132,304
133,943
112,440
114,968
117,342
118,793
117,718
118,492
120,259
123,060
124,900
126,708
3,208
3,169
3,199
3,223
3,269
3,247
3,115
3,409
3,440
3,443
109,232
111,800
114,142
115,570
114,449
115,245
117,144
119,651
121,460
123,264
5,122
4,965
4,657
4,950
5,874
6,240
6,230
4,414
4,279
4,123
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,236
1,983
1,610
1,375
1,525
2,357
3,408
3,094
2,860
2,363
2,316
62,888
62,944
62,523
63,324
64,578
64,700
65,638
65,758
66,280
66,647
65.6
65.9
66.5
66.5
66.2
66.4
66.3
66.6
66.6
66.8
61.5
62.3
63.0
62.8
61.7
61.5
61.7
62.5
62.9
63.2
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
200,278
200,459
200,641
200,847
201,060
201,273
201,463
201,636
202,285
202,388
202,513
202,674
202,832
133,759
133,709
134,165
133,898
134,291
134,636
134,831
135,022
135,848
135,634
136,319
136,098
136,173
126,428
126,590
126,889
126,988
127,248
127,617
127,644
127,855
128,580
128,430
129,175
129,384
129,639
3,474
3,408
3,470
3,418
3,480
3,450
3,354
3,426
3,468
3,292
3,386
3,497
3,430
122,954
123,182
123,419
123,570
123,768
124,167
124,290
124,429
125,112
125,138
125,789
125,887
126,209
4,109
4,161
4,150
4,182
4,130
4,118
3,815
4,162
4,163
4,098
3,937
4,235
3,806
7,331
7,119
7,276
6,910
7,043
7,019
7,187
7,167
7,268
7,205
7,144
6,714
6,534
2,354
2,353
2,326
2,273
2,277
2,294
2,184
2,179
2,155
2,163
2,064
2,092
2,071
66,519
66,750
66,476
66,949
66,770
66,637
66,632
66,614
66,437
66,754
66,194
66,577
66,659
66.8
66.7
66.9
66.7
66.8
66.9
66.9
67.0
67.2
67.0
67.3
67.2
67.1
63.1
63.2
63.2
63.2
63.3
63.4
63.4
63.4
63.6
63.5
63.8
63.8
63.9
5.5
5.3
5.4
5.2
5.2
5.2
5.3
5.3
5.4
5.3
5.2
4.9
4.8
1
Persons at work. Economic reasons include slack work, material shortages, inability to find
fulltime work, etc.
3
CiviIian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
3
Not strictly com parable-with earlier data.
Total
Percent2
Unemployment
4
Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire.
NOTE.—Data beginning January 1997 reflect revised population controls. See Employment
and Earnings, February 1997, for details.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In May, the unemployment rate fell to 4.8 percent, from 4.9 percent in April.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
TEENAGERS .
(16-19)
20
15
10
10
MEN 20 YEARS
AND OVER
WOMEN 20 YEARS
AND OVER
in MI i
null
1993
1997
1994
1995
1997
1994
*UN£MPtOYM£NT AS xCENT OF CIVIUAN LASOR FORCE IN CROUP SPECIFIED
SOURCE: OEPARTMB-CT JF USOR
-
COUNCIl OF ECONOMIC ADVISEBS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By sex and age
Period
All
civilian
workers
1987
1988
1989
1990
1991
1992
1993
19942
1995
1996
1996- May
June
July
Aue
Sept
Oct
Dec
1997: Jan
Peb
Mar
1
Revised
2
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
5.5
5.3
5.4
5.2
5.2
5.2
5.3
5.3
5.4
5.3
5.2
4.9
4.8
Men
20 years
and over
5.4
4.8
4.5
5.0
6.4
7.1
6.4
5.4
4.8
4.6
4.7
4.6
4.6
4.2
4.5
4.4
4.4
4.4
4.6
4.4
4.4
4.2
3.8
Women
20 years
and over
5.4
4.9
4.7
4.9
5.7
6.3
5.9
5.4
4.9
4.8
4.9
4.7
4.9
4.7
4.6
4.7
4.8
4.9
4.6
4.7
4.7
4.4
4.5
By race
Both
sexes
16-19
Black
White
16.9
15.3
15.0
15.5
18.7
20.1
19.0
17.6
17.3
16.7
16.6
16.2
16.7
17.0
16.0
16.3
16.8
16.5
17.0
17.5
16.4
15.4
15.6
and
Black
other
years
definition; for details, see Employment and Earnings, Februaiy 1994.
Data beginning Januaiy 1994 are not directly comparable with data for earlier periods.
NOTE.—Data relate to persons age 16 years and over.
12
By selected groups
5.3
4.7
4.5
4.8
6.1
6.6
6.1
5.3
4.9
4.7
4.8
4.6
4.7
4.5
4.5
4.5
4.6
4.6
4.6
4.5
4.5
4.2
4.0
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
9.3
9.3
9.1
9.3
8.9
9.2
9.3
9.1
9.2
9.4
9.7
9.5
9.0
9.3
Experienced
wage
and
salary
workers
13.0
11.7
11.4
11.4
12.5
14.2
13.0
11.5
10.4
10.5
10.3
10.2
10.5
10.4
10.7
10.7
10.6
10.5
10.8
11.3
10.7
9.8
10.3
5.8
5.2
5.0
5.3
6.6
7.2
6.6
5.9
5.4
5.2
5.4
5.1
5.2
5.0
5.1
5.0
5.2
5.1
5.1
5.0
5.0
4.7
4.6
Married
Women
men,
who
spouse
present
maintain
families
3.9
3.3
3.0
3.4
4.4
5.1
4.4
3.7
3.3
3.0
3.0;
3.0
3.0
2.9
3.0
3.0
3.0
3.0
2.8
2.8
2.8
2.7
2.6
Source: Department of Labor, Bureau of Labor Statistics.
9.2
8.1
8.1
8.3
9.3
10.0
9.7
8.9
8.0
8.2
8.5
7.8
8.8
8.5
8.3
8.5
8.8
8.4
9.1
9.0
9.1
7.5
7.6
Full-time
workersl
6.0
5.3
5.1
5.4
6.8
7.5
6.9
6.1
5.5
5.3
5.4
5.2
5.3
5.0
5.1
5.1
5.3
5.2
5.2
5.1
5.1
4.8
4.7
Part-time
workers J
6.9
6.4
6.2
6.4
7.0
7.5
7.2
6.0
6.0
5.8
5.9
5.6
6.0
5.9
5.6
5.6
5.6
5.8
5.7
6.0
5.7
5.7
5.2
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In May, the percentages of the unemployed who had been out of work for less than 5 weeks and for 15-26
weeks rose; the percentages for 5-14 weeks and for 27 weeks and over fell. The mean duration of umemployment
fell to 15.1 weeks and the median duration fell to 7.7 weeks.
PERCENT DISTRIBUTION
f ERCENT DISTRIBUTION '
70
70
* SEASONAaY ADJUSTED
I/BEGINNING JANUARY 1 994, JOB tOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBSSOURCE) DEPARTMENTS LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
Reason for unemployment:
percent distribution
State
programs
Number of weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers'
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1987
1988
1989
1990
1991
1992
1993
19943
1995
1996
1996- May
July
Sept
Oct
Nov
Dec
1997: Jan
Feb
Mar
May
1
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,236
7,331
7,119
7,276
6,910
7,043
7,019
7,187
7,167
7,268
7,205
7,144
6,714
6,534
43.7
46.0
48.6
46.3
40.3
35.1
36.5
34.1
36.5
36.4
37.1
35.8
36.0
36.2
35.8
35.9
38.9
37.1
39.0
36.3
37.4
35.7
38.1
29.6
30.0
30.3
32.0
32.4
29.4
28.9
30.1
31.6
31.6
31.1
31.0
31.9
31.4
31.9
31.8
31.0
32.7
31.0
33.4
33.6
32.7
30.6
12.7
12.0
11.2
11.7
14.4
15.1
14.5
15.5
14.6
14.6
14.1
14.8
13.7
14.3
14.8
14.9
14.0
13.5
13.1
14.4
14.1
16.0
16.3
14.0
12.1
9.9
10.0
12.9
20.3
20.1
20.3
17.3
17.4
17.6
18.3
18.4
18.1
17.6
17.3
16.1
16.7
16.9
15.9
15.0
15.7
15.0
Beginning January 1994, job losers and persons who completed temporary jobs.
2
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and Stale extended benefit programs. Does not include Federal supplemental
compensation or Emergency Unemployment Compensation programs.
3
Data beginning January 1994 are not directly comparable with data for earlier periods.
14.5
13.5
11.9
12.0
13.7
17.7
18.0
18.8
16.6
16.7
16.9
17.2
16.9
17.2
16.9
16.7
16.0
15.8
16.0
16.0
15.3
15.2
15.1
6.5
5.9
4.8
5.3
6.8
8.7
8.3
9.2
8.3
8.3
8.4
8.1
8.5
8.5
8.6
8.3
7.7
7.8
7.7
8.4
7.9
8.3
7.7
48.0
46.1
45.7
48.1
54.4
56.1
54.2
47.7
46.9
46.6
46.4
48.0
46.4
44.9
46.0
45.1
45.3
44.4
44.8
43.7
44.6
44.3
44.1
13.0
14.7
15.7
14.8
11.6
10.4
10.9
9.9
11.1
10.7
9.4
9.9
10.5
11.2
11.4
11.3
11.5
11.7
12.3
10.9
11.0
11.2
12.2
26.6
27.0
28.2
27.4
24.8
23.8
24.6
34.8
34.1
34.7
36.8
34.4
35.0
35.8
34.7
35.4
35.1
35.3
34.6
36.6
35.4
36.0
35.0
12.4
12.2
10.4
9.8
9.2
9.7
10.3
7.6
7.8
8.0
7.4
7.7
8.2
8.0
7.9
8.2
8.1
8.6
8.3
8.9
9.0
8.6
8.7
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,670
2,575
2,594
2,554
2,572
2,535
2,524
2,468
2,470
2,444
2,518
2,453
2,375
2,294
2,274
2,263
328
310
330
388
447
408
341
340
357
356
349
355
334
325
335
334
338
355
334
311
312
333
326
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,739
2,636
2,649
2,351
2,382
2,550
2,254
2,184
2,045
2,104
2,744
'2,906
3,036
'2,930
2,504
2,082
NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and
initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 138,000 in May. (Series revised.)
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
130
36
ALL NONAGR1CULTURAL
ESTABLISHMENTS
120
34
\
32
SERVICES
30
28
100
26
24
90
RETA L TRADE
SERVICE-PRODUCING
INDUSTRIES
22
80
20
18
70
16
20
I M I I 11III I
MANUFACTURING
18
GOODS-PRODUCING
INDUSTRIES
30
6
\
20 11 n 1 1 1 1 1 1 1
4
11 H 11 I I M I MIIIII I Ii I
I I H11iI III
1993
CONSTRUCTION
1996
1994
1997
1993
1996
1994
COUNCIL OF ECONOMIC ADVISERS
I Thousands of wage and salary workers;' seasonally adjusted)
Goods-producing industries
Period
1987
1988
1989
1990
1991
1992 ..
1993 ...
1994 ....
1995' ....
1996'
1996: May
June'
July
Aug'
Sept'
Get'
Nov
Dec'
1997: Jan'
Feb'
Mar'
Apr'
May
Total
nonagricultural
employment
101,958
'105,209
'107,884
'109,403
'108,249
'108,601
'110,713
'114,163
117,191
119,523
119,263
119,516
119,691
119,983
120,019
120,248
120,450
120,659
120,909
121,162
121,344
121,667
121,805
Service-producing industries
Manufacturing
77,284
'80,084
'82,630
'84,497
'84,504
'85,370
'87,361
'90,256
92,925
95,092
94,831
95,063
95,258
95,515
95,580
95,769
95,942
96,119
96,328
96,509
96,674
97,004
97,122
5,362
'5,512
'5,614
'5,777
'5,755
'5,718
'5,811
'5,984
6,132
6,261
6,246
6,270
6,296
6,299
6,290
6,293
6,303
6,288
6,351
6,376
6,405
6,426
6,433
ConTotal2
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,908
24,265
24,431
24,432
24,453
24,433
24,468
24,439
24,479
24,508
24,540
24,581
24,653
24,670
24,663
24,683
struction
4,958
5,098
5,171
5,120
4,650
4,492
4,668
4,986
5,160
5,400
5,384
5,408
5,417
5,433
5,441
5,467
5,495
5,521
5,542
5,604
5,609
5,599
5,622
Total
Durable
goods
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,321
18,524
18,457
18,469
18,468
18,442
18,461
18,427
18,442
18,442
18,448
18,465
18,475
18,489
18,491
18,486
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,448
10,683
10,766
10,762
10,778
10,766
10,788
10,771
10,780
10,791
10,803
10,821
10,836
10,848
10,856
10,856
Nondurable
goods
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,873
7,841
7,691
7,707
7,690
7,676
7,673
7,656
7,662
7,651
7,645
7,644
7,639
7,641
7,635
7,630
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments
who received pay for any part of the pay period which includes the 12th of the month. Excludes
proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total
in this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes,
bad weather, etc., even if tbey 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
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.
14
Total
Transportation and
public
utilities
2
Wholesale
trade
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,162
6,378
6,483
6,457
6,469
6,481
6,497
6,513
6,538
6,549
6,559
6,570
6,593
6,611
6,623
6,630
Retail
trade
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,507
21,187
21,625
21,547
21,600
21,651
21,692
21,718
21,791
21,847
21,912
21,917
21,922
21,945
22,036
22,032
Finance,
insurance,
Services
and real
estate
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,896
6,806
6,899
6,888
6,897
6,910
6,917
6,925
6,941
6,949
6,962
6,971
6,980
6,992
7,019
7,030
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,579
33,117
34,377
34,277
34,390
34,465
34,560
34,621
34,717
34,800
34,884
34,990
35,091
35,176
35,322
35,447
Government
Total
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,128
19,305
19,447
19,416
19,437
19,455
19,550
19,513
19,489
19,494
19,514
19,529
19,547
19,545
19,578
19,550
Federal
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,822
2,757
2,770
2,757
2,752
2,743'
2,740
2,732
2,732
2,728
2,723
2,716
2,709
2,709
2,698
Includes mining, not shown separately.
NOTE.—Series revised to reflect annual benchmarking and seasonal adjustment revisions.
Unadjusted data revised beginning April 1995; seasonally adjusted data, beginning January
]988. In addition, data beginning January 1988 for selected series in the transportation and
public utilities division revised to reflect coding changes. See Employment and Earnings, June
1997, for details on the revisions.
Source: Department of Labor, Bureau of I^abor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PHIVATE NONAGBICULTUHAI. INDUSTRIES
IFor production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
1987
1988
1989
1990
1991
1992
1993
1994
1995'
1996'
1996- May
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
34.5
34.4
34.3
34.7
34.3
34.5
34.7
34.4
34.5
34.7
34.4
34.8
34.8
34.5
34.5
July'
Aug'
Sept'
Ocf
NoV
Dec'
1997: Jan'
Feb'
Mar'
Apr'
MavP
Total
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
41.6
41.6
41.6
41.7
41.6
41.7
41.7
41.7
41.7
42.0
41.8
41.9
42.1
42.1
42.0
Total private
nonagrieultural '
Total private
nonagricultural ]
Manufacturing
Total
private
nonagrieultural *
-Period
Average gross weekly earnings
Average gross hourly earnings
Overtime
Current
dollars
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
4.4
4.5
4.6
4.5
4.5
4.5
4.5
4.5
4.6
4.7
4.7
4.7
4.9
4.9
4.8
$8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.12
11.43
11.81
11.74
11.81
11.81
11.86
11.91
11.91
11.98
12.03
12.05
12.10
12.14
12.15
12.19
1982
dollars2
Manufacturing
$7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.40
7.39
7.43
7.40
7.44
7.42
7.44
7.45
7.42
7.44
7.45
7.46
7.47
7.49
7.50
7.52
$9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.07
12.37
12.78
12.73
12.77
12.80
12.85
12.87
12.87
12.93
12.99
13.02
13.03
13.07
13.07
13.11
1
Percent eh inge from
a year ear ier, total
nonagricul siral3
Current dollars
Current
dollars
1982
dollars2
Manufacturing
Construction
Retail
trade
$312.50
322.02
334.24
345.35
353.98
363.61
373.64
385.86
394.34
406.26
402.68
409.81
405.08
409.17
413.28
409.70
413.31
417.44
414.52
421.08
422.47
419.18
420.56
$269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.73
255.07
255.51
253.74
258.07
254.45
256.69
258.46
255.26
256.71
258.64
256.51
260.09
260.78
258.75
259.60
$406.31
418.81
429.68
441.86
455.03
469,86
486.04
506.94
514.59
531.65
529.57
532.51
532.48
535.85
536.68
536.68
539.18
545.58
544.24
545.96
550.25
550.25
550.62
$480.44
495.73
513.17
526.01
533.40
537.70
553.63
573.00
587.00
602.94
591.75
597.91
598.69
602.18
603.33
606.06
604.50
610.34
607.18
612.65
614.62
618.93
627.64
$178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
221.47
230.11
228.38
232.00
229.03
230.69
232.36
233.28
234.96
236.64
235.87
238.91
240.08
239.00
239.29
Current
dollars
1982
dollars
-1.0
-.9
-1.0
-1.8
-1.6
-.2
-.0
.7
-.6
.2
.6
1.8
-.5
.7
1.4
-.5
.6
2.1
2.0
2.1
2.7
2.2
2.3
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.3
2.2
3.0
3.6
4.6
2.4
3.5
4.5
2.5
3.9
5.5
5.1
5.2
5.4
4.6
4.4
3
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).
Based on seasonally unadjusted data.
NOTE.—Series revised. See Note, p. 14.
Source: Department of Labor, Bureau of Labor Statistics.
2
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Pereent change from
Index (June 1989 = 100)
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
12 months earlier
Benefits >
Total
compensation
Wages and
salaries
Benefits1
Not seasonally adjusted
1987198819891990199119921993199419951996-
Dec
Dee
Dee
Dee
Dec
Dec
Dec
Dec
Dec
Dee
.
.
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
126.7
130.6
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
123.1
127.3
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
2.6
3.1
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
135.9
138.6
Seasonally adjusted
1994- Mar
Sept
Dec
1995- Mar
Sept
Dec
1996- Mar
Sept
Dec
1997- Mar
120.8
121.8
122.8
123.6
124.4
125.2
126.0
126.9
127.7
128.8
129.7
130.6
131.4
117.1
118.1
119.0
119.8
120.6
121.5
122.4
123.2
124.4
125.5
126.4
127.4
128.5
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free
from the influent* of employment shifts among occupations and industries.
130.3
131.5
132.8
133.5
133.9
134.6
135.3
136.0
136.0
137.0
137.7
138.7
138.7
0.8
.8
.8
.7
.6
.6
.6
.7
.6
.9
.7
.7
.6
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
2.8
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
2.2
2.0
Not seasonally adjusted
0.5
.9
.8
.7
.7
.7
.7
.7
1.0
.9
.7
.8
.9
1.1
.9
1.0
.5
.3
.5
.5
.5
0
.7
.5
.7
0
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.6
2.7
2.9
2.9
3.1
3.0
2.9
3.1
2.9
2.8
2.9
2.9
2.8
2.8
3.2
3.4
3.3
3.4
3.4
4.4
3.9
4.0
3.7
2.9
2.6
2.1
2.2
1.6
1.7
1.8
2.0
2.0
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Ijabor Statistics,
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of ail
persons
Period
•Business
sector
Nonfarm
business
sector
Business
sector
Compensation per
hour3
Hour s of all
.ons?
Output '
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor
costs
Business
sector
Implicit price
deflator5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Indexes, 1992=100; quarterly data seasonally adjusted
1988'
1989 '
1990'
1991'
1992 '
1993'
1994r
1995'
1996'
94.0
94.6
95.4
96.1
96.7
100.0
100.1
100.6
100.7
101.7
94.5
95.2
95.7
96.2
96.9
100.0
100.1
100.6
100.8
101.5
91.1
94.6
97.8
98.6
96.9
100.0
102.7
107.0
109.6
112.9
91.3
95.1
98.1
98.8
97.1
100.0
102.9
107.0
109.9
113.0
97.0
100.0
102.5
102.6
100.2
100.0
102.5
106.3
108.8
111.0
96.7
99.9
102.5
102.7
100.2
100.0
102.8
106.4
109.0
111.3
79.8
83.5
85.8
90.7
95.1
100.0
102.5
104.5
107.7
111.7
80.1
83.6
85.8
90.6
95.1
100.0
102.2
104.3
107.6
111.5
98.5
99.0
97.1
97.4
97.9
100.0
99.5
98.9
99.1
99.9
98.9
99.1
97.1
97.3
97.9
100.0
99.2
98.7
99.1
99.7
84.9
88.2
89.9
94.4
98.3
100.0
102.3
103.8
106.9
109.9
84.7
87.8
89.7
94.1
98.1
100.0
102.1
103.7
106.7
109.8
83.8
86.8
90.4
94.1
97.7
100.0
102.5
104.8
107.2
108.9
83.6
86.4
90.0
93.8
97.6
100.0
102.5
104.9
107.2
108.8
1993- I'
II'
HI'
IV'
100.1
99.7
100.0
100.8
100.1
99.6
100.1
100.7
101.4
102.1
102.8
104.4
101.6
102.2
103.3
104.7
101.4
102.4
102.9
103.6
101.5
102.6
103.2
103.9
101.6
102.3
102.8
103.3
101.4
102.0
102.5
103.0
99.5
99.5
99.6
99.2
99.4
99.2
99.3
98.9
101.5
102.6
102.9
102.4
101.4
102.4
102.4
102.2
101.7
102.4
102.7
103.3
101.8
102.4
102.6
103.3
1994: I'
II' ...
Ill'
IV'
100.4
100.5
101.0
101.0
100.3
100.5
100.9
101.0
104.9
106.6
107.7
108.7
104.9
106.7
107.8
108.8
104.4
106.1
106.7
107.7
104.6
106.1
106.8
107.7
104.0
104.2
104.7
105.4
103.7
104.0
104.5
105.3
99.4
99.0
98.6
98.6
99.2
98.9
98.4
98.6
103.6
103.6
103.7
104.4
103.4
103.5
103.5
104.3
103.9
104.4
105.1
105.6
103.9
104.5
105.3
105.7
1995- I'
II'
Ill'
IV'
1996: I'
II'
100.3
100.7
101.0
100.9
100.5
100.8
101.2
100.9
108.8
109.0
110.3
110.4
109.0
109.2
110.fi
110.7
108.4
108.2
109.2
109.4
108.5
108.3
109.3
109.6
106.2
107.2
108.2
109.3
106.1
107.1
108.1
109.2
98.7
98.9
99.2
99.7
98.6
98.8
99.2
99.5
105.8
106.5
107.1
108.4
105.6
106.2
106.8
108.1
106.4
107.0
107.5
107.8
106.5
107.1
107.5
107.8
101.5
101.7
101.8
102.1
101.5
101.6
101.5
101.8
111.2
112.6
113.2
114.5
111.4
112.7
113.3
114.6
109.6
110.7
111.3
112.2
109.8
111.0
111.6
112.6
110.2
111.3
112.3
113.4
110.1
111.1
112.0
113.1
99.7
99.8
100.1
100.2
99.6
99.6
99.8
99.9
108.6
109.4
110.4
111.1
108.5
109.4
110.4
111.0
108.2
108.8
109.2
109.5
108.1"
108.7
109.0
109.3
102.8
102.5
116.5
116.6
113:3
113.7
114.8
114.5
100.8
100.6
111.6
111.7
110.0
109.9
1987'
in ' ...
IV '
1997: I'*
Percent change; quarterly data at seasonally adjusted annual rates
1987' ....
1988'
1989'
1990'
1991'
1992'
1993'
1994'
1995'
1996 '
-0.1
.6
.8
.7
.7
3.4
.1
.5
.1
1.0
-0.2
.7
.6
.5
.7
3.2
.1
.5
.2
.7
2.9
3.8
3.4
.8
-1.7
3.2
2.7
4.2
2.5
3.0
3.0
4.1
3.2
.7
-1.8
3.0
2.9
4.0
2.7
2.9
3.0
. 3.2
2.5
.1
-2.3
1993:
-3.8
-1.5
1.0
3.6
-4.0
-1.7
1.9
2.6
-1.2
2.5
3.0
6.5
1994: I'
II'
Ill'
IV' ....
-1.7
.6
1.8
-.1
-1.9
1.0
1.6
.3
1995: I'
II' .
Ill'
IV
-2.5
1.5
1.2
-.6
1996: I'
II'
III'
IV
1997: I'*
I'
H'
HI'
IV'
2.5
3.7
2.4
2.0
3.2
3.3
2.6
.2
-2.5
-.2
2.8
3.5
2.4
2.2
3.9
4.6
2.8
5.7
4.8
5.2
2.5
1.9
3.1
3.8
3.8
4.4
2.7
5.5
4.9
5.2
2.2
2.0
3.2
3.6
0.2
.5
-1.9
.3
.6
2.1
-.5
-.6
.2
.8
0.1
.3
-2.0
.1
.7
2.1
-.8
-.5
.3
.7
3.9
4.0
1.9
5.0
4.1
1.7
2.3
1.4
3.0
2.8
4.0
3.6
2.1
5.0
4.2
1.9
2.1
1.6
2.9
2.9
2.6
3.5
4.2
4.0
3.8
2.4
2.5
2.2
2.3
1.6
2.6
3.4
4.2
4.2
4.1
2.4
2.5
2.3
2.2
1.5
-.9
2.7
4.1
5.4
2.7
4.0
2.0
2.7
3.2
4.5
2.2
2.7
1.6
2.7
2.2
1.8
1.0
2.3
2.0
1.9
-1.3
-.2
.4
-1.4
-1.9
-.6
.2
-1.3
5.6
4.3
1.2
-1.8
5.2
4.0
.1
-.8
3.5
2.5
1.4
2.4
3.8
2.1
1.2
2.6
1.7
6.9
4.1
3.7
.8
7.0
4.2
4.0
3.5
6.3
2.2
3.8
2.7
5.9
2.6
3.7
2.8
.7
1.9
2.8
3.0
1.2
1.7
3.3
.8
-1.7
-1.8
.3
.9
-1.1
-2.0
.7
4.6
.1
.1
2.9
4.9
.2
.1
2.9
2.4
1.8
2.7
2.1
2.5
2.2
2.9
1.9
-2.2
1.5
1.5
-1.0
.4
.7
4.7
.5
.6
.9
5.0
.4
2.9
-.7
3.4
1.1
2.8
-.6
3.5
1.4
2.9
4.1
3.5
4.3
2.9
4.0
3.6
4.1
.1
1.0
1.4
1.8
.1
.9
1.5
1.6
5.5
2.6
2.2
4.9
5.2
2.5
2.1
5.2
3.0
2.1
2.0
1.0
3.0
2.0
1.7
.9
2.3
.9
.2
1.3
2.1
.4
-.2
1.3
3.0
5.0
2.2
4.8
2.7
4.8
1.9
4.9
.6
4.0
2.0
3.4
.7
4.4
2.1
3.6
3.3
4.0
3.8
3.7
3.4
3.7
3.5
3.7
-.1
.6
1.1
.3
.1
.3
.8
.3
.9
3.1
3.6
2.3
1.3
3.3
3.6
2.4
1.5
2.4
1.3
1.1
1.4
2.1
1.2
1.2
2.9
2.6
7.0
7.0
4.0
4.2
5.0
5.2
2.6
2.8
2.1
2.5
1.8
2.0
1
O
Output refers to real gross domestic product originating in the sector,
a
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
a
Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4
Hourly compensation divided bv the consumer price index for all urban consumers (CPI-
U).
3
Current dollar gross domestic output divided by the output index.
16
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
Labor input series revised to reflect annual benchmarking and seasonal adjustment revisions.
Also, employment and hours data reflect updated information on employment in corporations
and nonprofit organizations.
*Data based on GDP data released May 30, 1997. Data for 1997: I shown elsewhere in
this issue were released June 27, 1997.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in May.
INDEX, 1992 - 100'(RATIO SCALE)
INDEX, 1992 - 100' (RATIO SCALE)
140
TOTAL INDUSTRIAL PRODUCTION
liO
FINAL PRODUCTS
140
BUSINESS
EQUIPMENT
fS^
\~ .
130
120
110
140
*~~
^\
"
--'
\
100 ^^'
GOODS
-...
MANUFACTURING
130
--_
*•
110
100
^
90
\
120
V
80
100
.^
DEFENSE
AND SPACE
EQUIPMENT
110
-NONDURABLE
.<•*• v
7
70
I
Inn,
140
/—--., .-
\
_ll 1 Lli M 1 1 1 i n n 1 1 1
1M
Lllll
PERCENT*
CAPACITY UTIUZATION RATE (TOTAL INDUSTRY)
120
_
110
"^r
100
mi ,l
1993
1993
/Il\
^~~~n
^—-
^^^
nX
miilinn n i n 1 1 1 n i i { i n 1 1 1 1 n Hill liiii i
1994
1995
1996
1997
COUNCft, Of ECONOMIC ADVCBiS
[Monthly data seasonal^ adjusted]
Industry production indexes, 1992=100
Total industrial production
Period
Index,
1992=100
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
93.1
97.3
99.0
98.9
96.9
100.0
103.4
108.6
112.1
115.2
1996- May
114.8
115.5
115.5
115.8
116.0
116.2
117.2
117.7
117.8
118.4
118.8
119.2
119.7
July
Aug
Sept
Oct
Nov
Dec
1997- Jan r
Feb r
Mar ..
Apr"
Mayp
1
^
Percent changes based on unrounded indexes.
2
Output as percent of capacity.
From
preceding
month
Prom
year
earlier
Capacity utilization
rate, percent 2
Manufacturing
Percent change '
Total
Durable
Nondurable
Mining
Utilities
Total
industry
Manufacturing
4.6
4.4
1.8
-.2
-2.0
3.2
3.4
5.0
3.3
2.8
92.8
97.1
99.0
98.5
96.2
100.0
103.7
109.4
113.2
116.3
92.0
98.1
100.5
99.0
95.5
100.0
105.5
113.4
119.7
125.7
93.8
96.0
97.3
97.9
97.0
100.0
101.7
105.0
106.2
106.3
101.5
102.9
101.5
103.7
101.6
100.0
98.9
101.5
100.9
102.9
89.4
93.9
97.1
98.3
100.4
100.0
103.9
105.3
109.1
112.8
81.3
83.9
84.0
82.3
79.2
80.4
81.6
83.7
83.8
83.1
81.3
83.8
83.6
81.4
78.0
79.5
80.8
83.1
83.1
82.1
0.4
.6
.0
.3
.1
.2
.8
.4
2.9
3.3
3.4
2.9
2.6
3.3
4.0
4.4
115.7
116.4
117.0
117.2
117.4
117.6
118.5
119.2
125.2
126.3
126.9
127.5
127.2
127.1
128.4
128.8
105.5
105.9
106.4
106.2
106.9
107.4
1'07.9
108.8
103.2
104.4
103.1
104.5
103.4
103.4
103.5
104.5
114.6
114.0
109.4
110.8
111.1
111.9
114.5
112.6
83.2
83.5
83.2
83.2
83.1
83.0
83.4
83.5
82.0
82.3
82.4
82.3
82.1
82.0
82.4
82.5
.1
.5
.4
.3
.4
4.8
4.0
4.9
4.3
4.3
119.3
120.1
120.5
120.8
121.4
129.5
130.8
131.7
132.4
133.4
108.5
108.6
108.7
108.5
108.8
103.6
106.3
107.6
107.1
109.2
112.7
110.2
109.9
112.4
110.2
83.3
83.5
83.6
83.6
83.7
82.4
82.6
82.7
82.6
82.7
Source: Board of Governors of the Federal Reserve System
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1992=100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1987
1988
1989
1990
1991
1992 .
1993 .
1994
1995
1996
1996: May
. .
.
.
July
Sent
Oct
Nov
Dee
...
1997: Jan r
Feb
Aprr
May*1
1
,. . .
Durable
goods
Nondurable
goods
Total'
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
93.2
97.6
99.7
99.4
97.5
100.0
103.2
107.1
109.9
112.8
93.7
96.7
97.7
97.3
97.0
100.0
103.2
107.4
108.9
110.5
93.9
99.8
101.3
98.0
93.0
100.0
110.1
120.4
122.8
126.2
93.6
95.9
96.7
97.1
98.1
100.0
101.5
104.1
105.3
106.5
92.7
99.1
103.0
102.7
98.4
100.0
103.0
106.6
111.6
116.8
85.1
93.5
98.8
98.2
95.7
100.0
105.1
111.3
119.4
126.6
117.5
117.1
117.4
115.9
106.7
100.0
93.5
86.2
80.7
77.0
100.7
102.5
102.9
101.9
97.5
100.0
102.5
106.1
107.5
109.4
104.7
106.3
105.5
102.9
96.2
100.0
103.3
110.3
111.6
116.8
98.4
100.3
101.3
101.4
98.3
100.0
102.0
103.6
105.0
105.1
90.4
95.1
97.0
97.2
95.9
100.0
103.9
111.3
116.6
120.3
96.2
98.5
99.5
100.6
100.8
100.0
99.6
101.4
102.7
103.9
112.2
113.1
113.4
113.0
113.3
113.6
114.8
115.3
110.0
110.8
110.7
110.1
110.5
110.8
112.3
112.7
126.9
129.9
129.7
128.0
127.1
124.5
127.1
128.4
105.8
106.0
106.0
105.6
106.3
107.3
108.5
108.7
116.0
117.1
118.1
117.9
118.1
118.4
119.0
119.6
125.0
126.6
128.1
127.7
128.3
128.8
129.8
130.7
77.9
77.0
77.7
77.9
77.7
77.0
76.1
76.2
108.9
109.7
108.9
110.0
110.6
110.2
111.9
111.3
116.1
118.3
117.5
119.2
119.8
117.7
120.7
117.8
104.6
104.6
103.9
104.6
105.3
105.8
106.8
107.4
120.1
120.5
120.5
121.5
121.2
121.7
122.2
123.1
104.6
104.8
102.4
104.0
103.9
103.9
104.0
103.9
115.1
115.6
116.4
116.4
116.6
111.7
111.6
112.2
111.7
111.6
127.3
129.2
131.1
127.4
128.4
107.8
107.2
107.5
107.8
107.4
120.8
122.6
123.6
124.6
125.3
132.1
133.8
134.4
135.7
136.4
74.7
75.4
75.6
75.4
75.7
111.6
112.0
111.8
111.8
112.2
117.0
120.0
121.4
120.4
120.8
108.4
107.3
106.3
106.8
107.2
123.4
124.1
124.5
125.5
126.4
103.8
104.0
103.6
104.3
104.6
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1992=100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995 .
1996 ... . .
1996: May
.
July
Sept
Oct
Nov
Dec
1997- Jan r
Feb
Mar'
May
Industrial
machinery and
equipment
Electrical
machinery
Motor
vehicles
and
parts
Lumber
and
products
Appare!
products
Printing
and
publishing
Chemicals
and
products
Foods
Total
Iron
and
steel
97.8
106.2
104.9
104.0
96.7
100.0
105.5
113.0
115.7
117.2
116.3
117.0
118.0
118.3
119.5
122.1
118.5
118.8
95.4
107.6
106.2
106.4
96.0
100.0
107.1
113.2
116.3
116.4
115.7
117.1
118.0
118.2
117.4
123.2
115.9
116.7
101.9
106.1
104.8
101.2
96.2
100.0
104.4
112.0
115.7
118.6
118.4
118.9
119.1
119.4
119.3
119.3
119.1
119.5
86.0
97.0
103.0
100.1
95.4
100.0
109.9
125.3
141.4
156.4
154.3
156.1
157.7
159.6
159.4
159.9
161.7
162.9
75.6
82.5
85.8
87.7
89.6
100.0
110.0
126.3
148.2
163.3
161.8
164.0
163.8
164.6
165.2
165.6
167.2
168.8
96.1
101.1
105.1
102.3
96.5
100.0
103.7
107.4
105.0
106.1
106.8
107.1
109.5
109.3
107.3
105.3
109.5
109.6
94.9
100.2
101.2
95.3
88.5
100.0
113.7
129.7
128.5
126.9
130.5
130.4
134.1
132.8
127.0
121.2
128.9
127.9
104.9
105.1
104.3
101.6
94.5
100.0
100.9
105.9
106.2
109.7
110.4
112.4
109.3
111.4
110.7
109.2
113.1
108.0
105.5
103.6
100.3
97.2
97.8
100.0
102.4
106.5
103.3
98.2
99.0
99.0
98.3
98.5
98.2
97.8
97.3
97.2
102.5
103.4
103.5
103.1
99.1
100.0
100.8
100.5
99.8
98.4
97.9
97.1
97.6
97.9
99.1
99.7
100.0
99.8
87.0
92.2
95.1
97.3
96.4
100.0
101.0
104.1
106.5
108.9
107.2
107.9
109.0
108.7
109.7
111.3
111.8
114.0
93.5
94.9
95.9
97.0
98.4
100.0
102.1
103.7
105.7
106.3
105.6
106.1
106.5
105.5
106.2
107.1
107.6
108.2
117.8
120.0
120.5
120.9
122.5
118.0
118.2
117.8
120.1
122.2
119.2
119.5
120.5
120.5
120.6
164.7
166.6
167.3
170.9
172.2
168.6
172.5
175.3
177.2
179.8
111.9
111.5
111.9
110.6
111.6
132.0
129.6
128.9
125.5
127.0
108.6
112.0
113.2
113.9
114.6
96.2
95.8
96.3
95.9
95.3
100.5
100.6
99.6
99.7
100.2
113.7
112.8
112.1
113.1
113.1
108.2
108.4
109.2
108.1
107.9
Source: Board of Governors of the Federal Reserve System.
18
Fabricated
metal
products
Nondurable manufactures
Transportation
equipment
Total
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts3
Private
Federal
and
Residential
Total new
construction
expenditures
Period
Total
New housing
units
Total"
Commercial
and industrial 2
State
Other
and
local
Total value
index
(1992 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1987
1988 .. ..
1989
.
1990
1991
1992
1993'
1994'..
1995'
1996'
. .
.. . .
441.6
455.6
469.8
468.5
424.2
452.1
478.6
519.9
534.1
568.6
351.0
360.9
371.6
361.1
314.1
336.2
362.7
399.4
406.8
437.1
194.7
198.1
196.6
182.9
157.8
187.8
210.5
238.9
230.7
247.2
562.3
568.2
567.0
571.0
580.0
584.1
586.2
579.1
428.5
438.6
436.8
443.6
444.4
449.0
448.9
447.0
249.7
250.2
249.4
249.2
249.0
247.9
248.3
247.9
577.1
592.4
593.9
595.7
585.0
444.4
452.0
452.7
456.0
453.7
246.7
251.4
254.0
254.2
253.6
104.4
109.6
118.0
119.4
93.7
82.2
84.4
93.3
107.9
118.8
52.0
53.2
57.1
58.8
62.6
66.2
67.8
67.2
68.2
71.1
90.6
94.7
98.2
107.5
110.1
115.8
116.0
120.5
127.3
131.5
103
104
108
98
92
100
108
117
122
130
181.8
182.4
181.2
181.1
180.7
179.9
180.0
179.1
112.9
119.9
116.3
121.4
122.3
127.3
126.4
123.0
65.9
68.5
71.1
72.9
73.2
73.8
74.2
76.2
133.8
129.6
130.2
127.4
135.6
135.2
137.3
132.1
134
132
135
138
133
126
132
128
832
719
640
706
777
680
775
786
178.3
183.4
184.1
184.2
183.3
126.8
128.2
124.5
122.7
122.7
70.9
72.5
74.2
79.1
77.4
132.7
140.3
141.2
139.6
131.3
129
129
132
134
130
769
837
763
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
162.9
179.4
Annual rates
Annual rates
1996- May
June'
July
Sept'
Oct'
Nov'
Dec'
1997: Jan'
Feb'
Mar'
Apr'
May
, ..
1
1,019
973
961
783
577
556
589
744
862
829
NOTE.—New construction expenditures data revised beginning 1993 to reflect annual revisions.
Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies,
Inc., F.W. Dodge Division.
Includes residential improvements, not shown separately.
2
Includes hotels and motels.
3
P.W. Dodge series.
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-A units
5 or more
units
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223,5
244.1
270.8
1987
1988 . . .
1989
1990
1991
1992
1993
1994
1995
1996
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1,354.1
1,476.8
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
1,076.2
1,160.9
1 93B- Apr
1,522
1,476
1,488
1,492
1,515
1,470
1,407
1,486
1,353
1,215
1,142
1,214
1,164
1,222
1,148
1,104
1,133
1,024
55
48
46
44
37
45
58
60
48
252
286
228
284
256
277
245
293
281
1,375
1,554
1,479
1,468
1,397
1,125
1,237
1,142
1,116
1,088
43
44
45
43
38
207
273
292
309
271
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
33.7
45.2
Units
authorized
Units
completed
'Homes
sold
Homes for
sale at end
of period 1
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
1,312.6
1,412.9
671
676
650
534
509
610
666
670
667
757
366
368
365
321
284
265
293
336
370
322
1,486
1,457
1,432
1,454
1,405
1,391
1,349
1,391
1,405
1,351
1,409
1,426
1,463
1,449
1,356
1,375
1,431
1,484
741
732
732
782
814
768
706
788
794
368
362
355
352
343
331
330
327
322
1,395
1,438
1,457
1,442
1,432
1,362
'1,572
1,451
1,449
822
'826
838
770
825
308
300
287
285
280
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
1,425.6
Vacancy rate
for rental
housing units
(percent) 2
7.7
7.7
7.4
7.2
7.4
7.4
27.3
7.4
7.6
7.8
2
Seasonally adjusted annual rates
July
Sept
Oct
Nov .
Dec
1997- Jan
Peb
Mar'
1
Seasonally adjusted.
2
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
3
The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.
7.8
8.0
7.7
7.5
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In April, manufacturing and trade sales rose 0.3 percent and inventories rose $3.4 billion. According to advance
data, retail sales fell 0.1 percent in May following a decline of 0.9 percent in April. (Manufacturing series revised.)
BILLIONS OF DOUARS* (RATIO SCALE)
BILLIONS OF DOUARS* (RATIO SCALE)
1,200
400
1,100
350
__--— — «=
1,000
^^"
900
800
—
300
—
MA «ACTURINGAND
RETAIL INVENTORIES
TPADE INVENT DRIES
700
.—'""''
••'
600
250
..--
-C'
AM NUFACTURINr.
200
AN 3TRADESAU S
RETAIL SALES
500
I IM I
150 1 1 1 1 1 1 1 1 1 1
RATIO'
1.80
400
INVENTORY-SALES RATIO
1.70
RETAIL
'
1.60
300
1.50
—_
V
1
1.40
200
1 MM 1 1 | | 1 i
1993
1 1 1 n i 1 1 M i 1 1 1 n 1 1 1 1 n 1 1 n il 1 1 1 1 1 mull mi
1997
1996
1994
1995
1.30
MANUFACTURING?—~-s^ V-
1
E H 1! I ! 1111
1993
1
AND TRADE
i
1 ( 1 M 1 M 1 1 1 1 1 1 1 ll | 1 H 1 M H M 1 M i 1 1 1 1 ! 1 1 It t 1 1 1
1994
1995
1
1996
* SEASONAU.Y ADJUSTS)
SOUBCE DBWmS« Of COMMERCE
Manufacturing and
trade1
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Retail
Sales2
Inventories3
Sales2
Inventories3
Durable
goods
stores
Total
Inventory-sales
ratio4
Inventories3
Sales 2
Period
1997
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade1
Retail
Millions of dollars, seasonally adjusted, except as noted
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- Apr'
May
. .
July
Sept
Oct
Nov
Dec
1997- Jan
Feb
Mar'
Apr?
May
128,442
138,017
146,581
153,718
154,661
162,632
172,732
185,610
193,670
203,775
80,453
85,587
91,818
97,981
100,497
103,999
108,055
112,826
116,585
120,997
207,836
219,047
237,234
239,773
243,275
251,994
267,497
290,128
303,750
314,183
105,481
112,453
121,347
121,105
119,039
122,948
133,624
149,840
159,767
165,997
102,355
106,594
115,887
118,668
124,236
129,046
133,873
140,288
143,983
148,186
1.50
1.49
1.52
1.52
1.53
1.48
'1.44
1.41
'1.42
'1.39
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.55
1.52
257,612
202,496
256,601 '204,060
256,739 202,789
256,467 203,291
256,598 203,036
254,788 204,713
255,671 206,277
255,850
205,789
255,808 206,894
81,603
120,893
'83,131 '120,929
82,394 120,395
82,531
120,760
82,487 120,549
83,091 121,622
83,871 122,406
83,485 122,304
83,785 123,109
304,696
305,214
305,677
309,786
311,112
312,969
315,281
313,490
314,183
160,065
160,631
161,138
163,433
164,862
166,530
168,146
165,865
165,997
144,631
144,583
144,539
146,353
146,250
146,439
147,135
147,625
148,186
1.40
'1.38
'1.39
'1.38
'1.39
' .38
' .38
' .37
' .38
1.50
1.50
1.51
1.52
1.53
1.53
1.53
1.52
1.52
257,895 210,233
258,088
213,022
259,389
212,342
257,639 '210,440
210,155
85,344 124,889
87,786 125,236
87,042 125,300
'85,857 '124,583
85,621 124,534
313,980
315,938
315,427
317,759
165,441
167,380
167,444
168,572
148,539
148,558
147,983
149,187
.37
' .35
.36
.36
1.49
1.48
1.49
1.51
457,735 '709,848
497,157 '767,222
527,039 '815,455
'840,396
545,909
542,815
'834,287
567,176 '842,204
595,049 '867,513
'637,585 '930,049
'681,597 '985,905
'716,763 '1,004,425
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,973
188,811
201,723
163,903
178,801
187,009
195,550
200,062
207,663
215,878
234,893
253,066
255,808
711,826
'717,345
'712,919
'721,396
'718,782
'724,103
'727,725
'730,646
'728,760
993,660
'992,113
'992,218
'996,796
'999,357
'1,000,431
'1,004,990
'1,004,540
'1,004,425
199,853
200,038
200,078
204,254
201,892
203,419
204,987
205,561
205,560
'737,464 '1,007,618
'747,790 '1,011,899
745,460 1,013,376
748,003 1,016,797
207,506
211,801
210,195
210,187
'See page 21 for manufacturing,
2
Annual data are averages of monthly not seasonally adjusted figures; monthly data are s
sonatty adjusted totals for month.
20
47,989
52,430
54,763
55,736
54,165
58,634
64,677
72,784
77,085
82,778
3
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.
Note.—Total manufacturing and trade data reflect manufacturing series revisions beginning
1987 (see Note, p. 21).
Source: Department of Commerce, Bureau of the Census.
4
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In April, manufacturers' shipments, inventories, and new orders rose; unfilled orders fell. In May, according to advance
data, durable goods shipments and new orders fell. (Series revised.)
BIIUONS OF DOLLARS* (RATIO SCALE)
SHIPMENTS
320
280
BILLIONS OF DOLLARS* (RATIO SCALE)
.
480
440
400
360
_— <:
>\
>_^-^
^
——I
TOTAL
240
" INVENTORIES
-TOTAL
320
200
DL RABLEGOOt
160
280
s
+ *"
240
•«-.**
-' —
120
NONDURABLE GOODS
,,,,,1
H H 11H H 1
-r\
160
NONI HJRABLEGOCIDS
80
DURABLE GOODS
200
""/
1 1 1 1 1 1 M 1 11
1 11111n M i
120
1 11i 1111111
BILLIONS OF DOLLARS* (RATIO SCALE)
320 - NEWORDIERS
_^T—V~1
280
~-~s
240
• i. **
^ ~~
——
80 I j n 1 1 1 1 1
\
1
TOTAL
RATIO*
2.00
200
DURABLEGOODS
160
V
x-..,...-'"
120
"•.
V.-
7 l
INVENTORY-SHIPMENTS RATIO
-.,.
1.80
_x""^""^
—
».--»'""*
NON XJRABLEGO JDb
1.60
1,40
80
I1M 11M 111
1993
1 111n Mi u
1994
1 1n 1 I 111 M
i ti 1111 1 111
1995
1.20
1 M 1 1i H 1 H
1993
1997
1996
1994
1995
1996
1997
CQUNd Of ECONOMIC ADVEK5
Manufacturers' shipments '
Manufacturers' inventories2
Manufacturers' new orders '
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Nondurable
goods
Durable
goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable
goods
Manufacturers'
unfilled
orders a
Manufacturers'
inventory—
shipments
ratio3
Millions of dollars, seasonally adjusted, except as noted
1987 '
1988'
1989'
1990'
1991'
1992'
1993'
1994'
1995'
1996'
1996:
....
.
Apr'
May
Aug'
Sept'
Oct.'
Nov
Dee'
1997- Jan'
Peb'
Mar'
Apr' ... .
May
1
206,326
224,619
236,698
242,686
239,847
250,394
260,635
279,002
299,116
311,265
108,128
118,458
123,158
123,776
121,000
128,489
135,886
149,131
160,101
167,166
98,198
106,161
113,540
118,910
118,847
121,905
124,749
129,870
139,015
144,099
338,109
369,374
391,212
405,073
390,950
382,547
384,138
405,028
429,089
434,434
220,799
242,468
257,513
263,209
250,019
238,166
239,404
253,691
265,915
271,329
117,310
126,906
133,699
141,864
140,931
144,381
144,734
151,337
163,174
163,105
209,389
228,270
239,572
244,507
238,805
248,212
257,698
279,733
300,353
314,197
110,809
122,076
126,055
125,583
119,849
126,308
133,081
149,542
161,469
169,963
26,094
31,108
32,988
33,331
30,471
31,524
31,694
35,697
40,561
43,913
98,579
106,194
113,516
118,924
118,957
121,905
124,617
130,191
138,885
144,234
430,426
474,154
508,849
531,131
519,199
493,184
458,245
467,369
482,605
517,647
309,477
313,247
310,052
313,851
313,854
315,971
316,461
319,296
316,306
319,725
322,967
322,923
327,376
165,496
168,781
167,524
168,762
168,960
171,415
169,368
171,426
169,504
171,403
174,862
176,224
178,513
176,320
143,981
144,466
142,528
145,089
144,894
144,556
147,093
147,870
146,802
148,322
148,105
146,699
148,863
431,352
430,298
429,802
430,543
431,647
432,674
434,038
435,200
434,434
435,743
437,873
438,560
441,399
268,648
268,657
268,294
269,493
270,537
270,794
271,616
272,198
271,329
272,652
274,170
274,633
277,065
162,704
161,641
161,508
161,050
161,110
161,880
162,422
163,002
163,105
163,091
163,703
163,927
164,334
308,467
315,764
313,081
318,488
311,958
319,894
322,392
322,400
316,898
323,864
326,537
321,146
326,115
164,329
171,209
170,382
173,087
167,204
175,113
175,015
173,636
170,016
175,803
178,872
173,944
177,155
176,097
39,593
44,488
41,982
45,044
40,314
46,931
46,293
43,081
43,162
45,094
46,264
44,505
43,736
44,023
144,138
144,555
142,699
145,401
144,754
144,781
147,377
148,764
146,882
148,061
147,665
147,202
148,960
495,810
498,327
501,356
505,993
504,097
508,020
513,951
517,055
517,647
521,786
525,356
523,579
522,318
Annual data arc averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as saJes.
2
Seasonally adjusted, end of period.
1.59
1.57
1.63
1.65
1.65
1.54
1.48
1.41
1.41
1.39
1.39
1.37
1.39
1.37
1.38
1.37
1.37
1.36
1.37
1.36
1.36
1.36
1.35
3
Annual data are averages of seasonally adjusted monthly ratios.
Note.—Series revised beginning 1987 to reflect annual benchmarking and seasonal adjustment revisions. For details see June 1997 release M3-l(96).
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
The producer price index for all finished goods fell 0.3 percent in May. Prices of finished consumer foods rose
0.4 percent, while prices of other finished consumer goods fell 0.8 percent. Capital equipment prices fell 0.2 percent.
INDEX, 1982 - 100 (RATIO SOME)
INDEX, 1982-100 (RATIO SCA1£)
150
150
140
CONSUMER GOODS
EXCLUDING FOODS
110
110
100
100
1989
1990
1996
1997
COJNO. OF ECONOMIC ADVISERS
SOURCE DEPARTMENT Of IABC*
[1982=100; monthly data seasonally adjusted]
Finished goods
Finished goods excluding consumer foods
Period
Total
Confinished sumer
foods
goods
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996: May
June
July
Aug
Sept
Get
Nov
Dec
1997: Jan'
Peb
Mar
Apr
May
1
105.4
108.0
113.6
119.2
121.7
1232
124.7
125.5
127.9
131.3
130.8
131.2
131.2
131.6
132.0
132.5
132.7
133.4
133.0
132.5
132.4
131.6
131.2
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
129.0
133.6
131.7
133.6
133.7
134.6
135.1
136.2
136.2
135.9
134.6
134.1
135.3
134.7
135.2
Consumer goods
Total
Total
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
130.6
130.4
130.3
130.4
130.6
131.0
131.3
131.5
132.5
132.4
132.0
131.5
130.6
129.9
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
124.0
127.6
127.5
127.3
127.4
127.7
128.1
128.6
129.0
130.3
130.2
129.6
128.7
127.8
126.8
Intermediate materials for food manufacturing and feeds.
NOTE.—Beginning 1996, indexes are based on updated value weights.
22
Durable
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
132.7
134.2
134.2
134.5
134.2
134.4
134.8
134.3
134.5
134.5
134.4
134.4
134.6
134.4
133.6
Nondurable
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
118.8
123.3
123.1'
122.8
123.0
123.3
123.7
124.7
125.1
127.0
126.8
126.1
124.6
123.4
122.4
Capital
equipment
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
136.7
138.3
138.1
138.3
138.3
138.5
138.7
138.5
138.5
138.5
138.6
138.5
138.9
138.3
138.0
T ntnl
OUU
finished
consumer
goods
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
125.6
129.5
128.9
129.4
129.4
129.9
130.3
131.0
131.3
132.1
131.6
131.1
130.8
129.9
129.4
Intermediate materials
Crude materials
Foods
and
feeds1
Foodstuffs
and
feedstuffs
Total
101.5
107.1
112.0
114.5
99.2
109.5
113.8
113.3
114.4 111.1
114.7 110.7
116.2 112.7
118.5 114.8
124.9 114.8
125.8 128.1
126.1 130.4
125.7 131.3
125.5 131.8
125.7 132.2
126.2 133.2
126.0 130.5
125.8 126.3
126.4 125.6
126.6 125.0
126.6 125.6
125.9 127.3
125.5 127.8
125.3 128.4
Other
Total
101.7
106.9
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
102.7
113.8
115.4
112.6
115.1
115.8
112.8
112.0
115.0
122.1
126.7
118.2
110.0
109.0
110.4
111.9
114.5
114.6
114.9
116.4
118.7
125.5
125.6
125.9
125.5
125.2
125.4
125.8
125.8
125.8
126.5
126.7
126.6
125.8
125.4
125.1
Source: Department of Labor, Bureau of Labor Statistics.
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
105.8
121.5
126.7
127.6
129.8
129.0
124.5
120.7
117.7
114.5
113.1
111.3
113.6
117.3
117.0
Other
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
96.8
104.5
103.7
98.5
101.1
102.8
100.9
102.1
109.1
122.7
131.0
118.5
103.7
99.5
102.0
CONSUMER PRICES—ALL URBAN CONSUMERS
In May, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted. (It fell 0.1 percent
not seasonally adjusted.) The index was 2.2 percent above its year-earlier level.
INDEX, 1982-84 . 100 (RATIO SCAIE)
INDEX, 1982-84 - 100 (RATIO SOME)
180
180
SEASONAUYADJUSreD
170
170
160
160
150
150
140
140
130
130
120
120
110
110
100
100
1989
1991
1990
1992
1994
1993
1995
1997
1996
SEEMOtEONBilEBELCW
SOURCE DgAgTMB-ff Of tABOR
COUNOL Of ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Housing
All items '
Transportation
Shelter
Period
Not
season- Seasonally
ally
adjust- adjusted
ed
(NSA)
Ed. imp3 .
1000
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996: Mav
113 6
118 3
1240
1307
1362
140.3
144.5
1482
152 4
156 9
156.6
156.7
157.0
157.3
157.8
158.3
158.6
158.6
159.1
159.6
160.0
160.2
160.1
July
Sept
Oet
Nov
Dec
1997: Jan
Fcb
Mar .
1
156.5
156.7
157.1
157.4
157.9
158.3
158.8
159.2
159.4
159.8
159.9
160.0
160.1
Pood
Total >
Total
15.9
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
148.4
153.3
152.1
153.1
153.8
154.4
155.1
155.8
156.4
156.4
156.0
156.5
156.5
156.2
156.8
41.2
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
148.5
152.8
152.2
152.3
152.9
153.2
153.5
153.9
154.4
154.7
155.2
155.6
155.6
155.9
156.1
Renters'
costs
(Dee.
1982=
100)
28.2
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
165.7
171.0
170.1
170.4
171.2
171.4
171.7
172.2
172.6
172.9
173.4
174.0
174.3
174.9
175.4
Includes items not shown separately.
Household fuels—gas (piped), electricity, fiiel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
3
Relative importance, December 1996.
2
8.0
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
174.3
180.2
178.4
178.9
180.0
180.1
180.5
181.1
181.5
181.7
182.8
183.4
183.9
184.5
184.8
Home- Main- Fuel
and
ownteers'
nance other
costs
and
utilire(Dee.
ties
1982= pairs
100) (NSA)
20.0
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
171.0
176.5
175.9
176.2
176.8
177.1
177.4
177.8
178.3
178.6
179.0
179.5
179.8
180.4
180.9
0.2
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
135.0
139.0
138.8
138.8
139.4
139.7
139.9
140.2
141.1
141.5
141.5
142.3
142.4
142.5
143.2
7.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.7
127.5
127.1
126.8
127.4
128.0
128.4
129.0
129.6
130.3
131.2
131.6
130.5
130.2
129.4
Appare]
and
up- Total'
keep
5.3
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.0
131.7
132.1
131.7
131.5
130.3
131.0
131.3
131.7
131.8
132.3
132.6
132.2
133.4
133.6
17.1
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
139.1
143.0
143.6
143.1
143.1
143.1
143.8
144.3
144.8
145.7
145.4
145.3
145.4
144.8
143.6
New
cars
Medical
Motor care
fuel
Energy2
All
items
less
food
and
energy
4.0
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
139.0
141.4
140.9
141.4
141.7
142.0
142.7
142.4
142.1
142.2
141.9
141.9
142.0
142.0
141.8
3.2
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
100.0
106.3
110.2
106.5
106.0
105.0
104.9
106.6
108.4
111.1
111.8
111.8
109.5
106.8
102.5
7.0
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.2
110.1
111.4
109.2
109.5
109.3
109.5
110.7
112.0
113.7
114.6
114.9
112.9
111.2
108.5
77.0
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
161.2
165.6
165.3
165.6
166.0
166.2
166.7
167.0
167.4
167.7
167.9
168.3
168.7
169.2
169.5
7.3
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
220.5
228.2
227.7
228.3
228.9
229.3
229.9
230.4
231.0
231.5
231.9
232.3
233.2
233.8
234.5
NOTE.—Data incorporate a rental equivalence measure for homeownership costs (beginning
1983).
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Tola!
finished
goods
Poods
Capital
equipment
Total
Capital
equipment
Excluding
foods
finished
goods
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dee. to Dec., NSA
-0.2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
1.9
3.4
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
2.3
2.8
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1.3
3.6
3.8
3.4
25
1.7
1.8
2.0
2.2
.4
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.0
2.3
3.7
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
2.7
Change, month to month
1996: May
July
Sept
Oct
Nov
Dec
1997: Jan
Feb
Mar
0.2
.3
0
.3
.3
.4
.2
.5
0.2
1.4
.1
.7
.4
.8
0
-.2
0.2
-.2
.1
.2
.3
.4
.3
1.0
0
.1
0
.1
.1
-.1
0
0
3.4
2.5
1.9
2.5
2.5
4.0
3.4
4.3
-.3
-.4
-.1
-.6
-.3
-1.0
'—4
.9
-.4
.4
'-.1
-.5
.1
-.1
1.5
-.6
— 30
-4.1
-3.9
ft
-.1
-.8
.3
-.4
2
2.8
5.3
6.9
9.1
4.6
7.7
4.8
2.4
'-4.6
-6.0
-1.8
'.3
3.3
5.2
1.9
.3
.6
2.5
3.8
4.1
7.0
0.3
.6
.6
1.2
1.2
.6
0
-.6
3.1
2.5
2.3
3.0
2.5
2.9
2.9
3.4
0.8
3.4
4.0
5.9
4.9
7.3
7.0
3.5
'5.1
1.9
-4.8
'-7.2
-8.4
.3
0
1.2
-.9
-1.4
2.8
1.4
.6
-1.4
-2.2
'1.4
5.6
2.9
. 2.4
2.9
2.2
2.1
2.4
4.8
'4.4
3.0
.9
-1.2
-3.4
— 7
.3
-2.2
-1.5
0
.4
.4
.7
.9
.6
.6
.3
2.3
2.7
2.6
3.0
3.0
3.1
3.0
2.8
.4
0
.3
-.3
-.7
2.5
2.2
1.6
.8
.3
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]
Transportation
Housing
Shelter
Period
All
items1
Food
Total'
Total'
RemV
era'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
Total1
upkeep
New
cars
Medical
care
Motor
fuel
Energy2
All
items
less
food
and
energy
Addendum: All items,
percent change
(annual rate)
From
previous
quarter3
From
From
From
6
3
year
months months earlier
earlier earlier NSA
Change, December to December, NSA
1987
1988
1989
1990
1991
1992
1993
1994 ...
1995
1996
44
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.5
3.3
35
37
5.2
5.6
5.3
1.9
1.5
2.9
2.9
2.1
4.3
4.0
3.9
4.5
3.4
2.6
2.7
2.2
3.0
2.9
48
4.5
4.9
5.2
3.9
2.9
3.0
3.0
3.5
2.9
39
3.9
4.5
6.7
4.2
2.8
2.6
2.3
3.0
3.4
53
4.7
5.1
4.7
3.7
2.9
3.2
3.3
3.7
2.8
0.3
.1
.3
2
0.2
.7
.5
.4
.5
.5
.4
0
0.3
.1
.4
2
'.2
.3
.3
.2
0.2
_2
.5
.1
.2
.3
.2
2
0.2
.3
.6
.1
.2
.3
.2
.1
0.3
.2
.3
.2
.2
.2
.3
.2
0.3
-.2
.5
.5
.3
.5
.5
.5
-0.1
-.3
0
.3
.3
0
.2
.1
.3
.3
.2
.3
.3
.6
.3
.3
.3
2
.2
.3
.2
.3
.3
.7
.3
-.8
-.2
-.6
.4
.2
-.3
.9
.1
61
3.0
4.0
10.4
-1.5
3.0
2.4
3.8
1.5
4.4
16
48
2.9
4.7
3.2
1.0
4.0
5.1
3.4
2.9
2.3
1.4
2.5
.9
.2 -1.6
1.4
.1
__2
4.6
18
2.1
2.3
1.4
3.3
2.3
2.8
3.2
1.6
1.6
187
-2.1
6.8
36.5
-16.0
1.8
-5.4
5.9
-4.0
12.7
58
6.9
8.5
9.6
7.9
6.6
5.4
4.9
3.9
3.0
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
2.2
-1.3
8.6
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
3.0
2.6
0.3
-2.0
.3
3
1.1
1.2
1.5
0.2
.2
.2
.1
.3
.2
.2
.2
.8
.3
-1.7
-1.5
-2.4
.1
.2
2
^32
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
2.8
3.0
Change, month to month
1996: May
July
Sept
Oct
Dec
1997: Jan .
Feb
Mar
May
1
Includes
2
'.3
.3
.3
.3
.1
.3
.1
.1
.1
'.3
0
-.2
.4
items not shown separately.
Household fuels—-gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc-, excluded beginning 1983.
24
.....
0.3
— ^
0
0
.5
.3
.3
.6
O
— Q
.5
.2
.3
.1
-.2
-.1
.1
-4
Q
3
0.1
.4
.2
.2
.5
-.2
_2
j
0.8
-3.4
-.5
-.9
1.7
2.5
0.3
.3
.3
.2
.3
.2
.3
.2
__2
0
.1
0
-.1
.6
0
-2.1
-2.5
-4.0
.2
.2
.4
.3
.3
-I
lie
n
o
2"8
'"3.3
£3'
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.7
2.9
2.6
2.3
3.1
3.1
3.6
3.3
3.5
3.4
3.1
3.0
3.0
2.8
3.0
3.2
2.9
2.8
3.0
2.9
3.0
3.0
3.3
3.3
2.8
2.5
1.8
1.5
.8
2.9
3.1
2.5
2.2
1.6
3.0
3.0
2.8
2.5
2.2
PRICES RECEIVED AND PAID BY FARMERS
In June, prices received by farmers fell 0.9 percent and prices paid by farmers were unchanged. (Data are
not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)
INDEX, 1 990-92-100 (RATIO SCALE)
120
120
-s110
no
PRICES PAID
\J
100
100
PRICES RECEIVED
90
80
M I I I t I I I I1 I I I I I I ! I M
1111111
I I M i 1 Li 1.1.1 I I I I I 1 I I I I I
RATIO-1'
RATJO-!/
140
140
120
120
100
100
80
80
60
60
LU
1989
1990
1995
1993
1991
1996
1997
COUNCU OF ECONOMIC ADVISEHS
[1990-92=100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1987 .
1988
1989
1990
1991
1992
1993
1994
1995
1996 .
1996- June
July
Sept
Get
Nov
Dec
1997- Jan
Peb
Apr
May
1
...
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Katio2
89
99
104
104
100
98
101
100
102
112
86
104
109
103
101
101
102
105
112
127
91
93
100
105
99
97
100
95
92
99
87
91
96
99
100
101
104
106
109
115
87
92
97
99
100
101
102
105
108
114
87
90
95
99
100
101
103
106
108
115
102
108
108
105
99
97
97
94
93
98
118
119
118
116
112
111
110
140
136
133
125
119
118
116
100
102
104
105
103
102
103
115
115
115
116
115
115
115
115
115
115
115
115
114
114
115
116
116
116
115
114
115
103
103
103
100
97
97
96
108
105
-•108
'107
-•108
107
116
113
117
115
117
118
98
98
'99
'100
100
98
116
116
117
117
117
117
115
116
117
117
117
117
115
115
116
117
117
117
93
91
'92
91
'92
91
Includes items not shown separately.
Percent-age ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates.
2
All commodities,
services, interest,
taxes, and wage
rates1
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990-92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 fell in May; growth in M3 slowed.
BIUIONS OF DOUARS* (RATIO SCAIE)
.-•
5,200
--..
BIL1JONS OF DOUARS* (RATIO SCALE)
5,200
4,400
4,400
X_
4,000
„_----*
M3 —
"
4,000
.--
\
M2
_ ----" ~
•"•—*_
—
.^— "
,--
—
600
—~——
*\
&1
800
—
I
1989
(
1
1990
1
1992
1991
1
1993
1
1994
1995
!
1996
600
1997
GOUNOt Of ECONOMIC ACMSBB
{Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
Period
1987:
1988:
1989:
1990:
19911992:
1993:
1994:
1995:
1996:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1996- Apr
May
July
Sept
Oct
Nov
Dec'
1997- Jan'
Feb'
Mar'
Apr'
M2
M3
M2 plus large
time deposits,
BPs, Eurodollars, and
institutiononly MMMF
balances
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus retail
MMMP balances,
savings deposits
(including
MMDAs), and
small time deposits
749.7
787.0
794.2
825.8
897.3
1,025,0
1,129.8
1,150.7
1,129.0
1,081.0
1,123.5
1,117.1
1,115.5
1,108.8
1,099.8
1,093.2
1,080.2
1,080.0
1,081.0
2,832.7
2,996.3
3,160.9
3,279.5
3,379.6
3,434.0
3,486.6
3,502.1
3,655.0
3,833.1
3,724.5
3,725.6
3,741.9
3,750.0
3,762.8
3,775.3
' 3,787.8
3,809.3
3,833.1
3,672.5
3,912.9
4,065.9
4,125.9
4,180.4
4,190.4
4,254.4
4,328.7
4,594.8
'4,931.3
4,708.7
4,731.3
4,753.6
4,771.2
4,791.5
4,822.6
4,857.7
4,886.7
4,931.3
1,079.8
1,080.6
1,075.2
1,065.1
1,062.7
3,849.7
3,866.0
3,882.5
3,901.8
3,901.4
4,953.4
4,992.1
5,024.4
5,061.6
5,068.0
1
Consists of outstanding credit market debt of the U.S. Oovernment, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and montlily changes are from 6 months
earlier at a simple annual rate.
26
L
Debt
MSplus
other liquid
assets
Debt of
domestic
nonfinaneial
sectors
(monthly
average of
adjacent
month-end
levels) >
Percent change from year
or 6
months earlier2
Ml
M2
M3
4,339.9
4,663.5
4,892.8
4,976.6
5,006.2
5,078.0
5,167.8
5,309.8
5,699.8
'6,096.8
8,664.1
9,441.6
10,171.6
10,853.0
'11,336.0
'11,880.4
'12,508.7
'13,150.9
'13,869.7
'14,622.2
3.5
5.0
.9
4.0
8.7
14.2
10.2
1.8
-1.9
-4.3
3.6
5.8
5.5
3.8
3.1
1.6
1.5
.4
4.4
4.9
'5,828.3
'5,849.0
'5,892.0
'5,916.2
'5,946.2
'5,987.9
'6,013.2
6,055.6
6,096.8
'14,140.3
'14,198.6
'14,257.3
'14,329.3
'14,386.0
'14,434.4
'14,498.8
14,568.3
14,622.2
-2.1
-2.8
-2.4
-2.4
-3.6
-5.9
-77
-6.6
-6.2
5.2
4.7
4.8
4.4
4.2
3.3
3.4
4.5
4.9
5.3
6.5
3.9
1.5
1.3
.2
1.5
1.7
6.1
'7.3
6.2
6.6
6.9
6.4
5.9
5.6
6.3
6.6
7.5
6,111.0
6,156.7
6,196.6
*> 6,239.0
14,667.0
14,728.2
14,793.8
r 14,865.9
-5.2
-3.5
-3.3
28
— 32
5.3
5.5
5.7
6.0
4.8
7.6
8.4
8.4
8.4
7.4
NOTE.—See p. 27 for eomponentsSouree.- Board of Governors of the Federal Reserve System,
Debt
9.6
9.0
7.7
6.7
4.5
4.8
5.3
5.1
5.5
5.4
5.4
5.4
5.6
5.9
'5.6
5.2
5.1
5.2
5.1
4.7
4.8
5.0
5.1
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted}
Currency
Period
1987:
19881989:
1990:
19911992:
199319941995:
19961996-
Dec
Deo
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
,.
Apr
May
July
Sept . . .
Oct
Dec
1997: Jan
Peb
Mar
Apr'
May
Demand
deposits
Other
checkable
deposits
(OCDs)
Money market
mutual fund
balances
Retail'
196.8 286.8
212.3 286.8
222.7 279.3
246.8 277.4
267.3 289.6
292.9 339.5
322.2 385.2
354.4 384.1
372.6 391.1
395.2 '402.4
376.4 404.5
377.7 407.1
379.9 410.6
382.8 408.7
385.2 405.8
387.6 404.9
390.2 398.2
392.5 402.1
395.2 '402.4
259.5
280.9
285.3
293.9
332.5
384.4
414.5
403.8
356.5
274.8
224.6
245.9
321.7
357.1
371.9
353.5
354.9
384.3
455.2
536.6
333.9
323.5
316.4
308.7
300.4
292.2
283.2
276.8
274.8
397.0
400.5
402.4
403.7
406.1
272.5
267.3
261.6
257.8
253.1
481.4
484.5
493.6
499.6
506.1
513.2
520.5
527.1
536.6
542.4
548.7
557.8
569.2
567.2
401.7
404.2
402.8
395.3
395.3
Savings
deposits,
including
money
market
Instideposit
tution accounts
only2 (MMDAs)
92.0
92.3
110.3
138.0
185.5
207.5
209.5
198.5
246.9
299.3
263.4
263.6
269.7
274.0
278.8
285.2
288.1
292.0
299.3
296.3
305.4
311.8
311.6
311.6
1
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
Small denomination and large denomination deposits are those is.sued in amounts of less
than $100,000 and more than $100,000, respectively.
2
3
Small
ination
time
deposits3
Large
denomination
time deposits3
937.4
926.3
893.7
923.8
1,045.0
1,187.3
1,219.2
1,149.6
1,137.1
1,271.0
1,190.1
1,195.6
1,204.1
1,211.0
1,222.7
1,231.5
1,246.3
1,259.0
1,271.0
921.0
1,037.1
1,151.4
1,172.8
1,065.4
868.3
782.6
817.5
933.7
944.4
929.5
928.4
928.8
930.5
934.1
937.5
940.8
943.2
944.4
435.4
442.5
448.9
455.2
459.3
466.8
479.2
481.7
489.6
1,282.5
1,290.5
1,304.3
1,321.1
1,320.9
945.0
946.2
945.1
946.4
950.7
491.4
497.9
506.7
519.6
521.8
467.0
518.3
541.5
480.9
416.5
353.4
333.4
363.1
419.8
489.6
Overnight
and
term
repurchase
agreements
(KPs)
(net)
Overnight
and
"term
Eurodollars
(net)
Savings
bonds
172.6 108.2
100.6
189.0
109.4
117.0
158.0
95.2 117.5
138.8
88.7
126.0
79.3 137.9
119.5
67.0 156.6
128.6
158.6
66.4 171.5
182.9
82.1
180.2
182.1
91.0
184.8
193.0 '116.3 187.0
188.9
96.5
185.8
202.7
97.0
186.1
186.4
195.3
97.8
194.1
97.9 186.7
98.4 186.9
192.3
101.2 187.1
194.1
195.5
107.1
187.1
194.6 '109.3 187.0
193.0 '116.3 187.0
'196.1 ' 120.0 186.7
'200.1 '122.7 186.4
'198.3 '125.1 186.3
200.2
128.4 "186.2
198.6
134.4
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
249.5
266.8
324.0
334.1
328.8
344.7
340.5
383.0
469.7
'470.8
44.5
40.2
40.7
36.1
23.8
20.8
14.8
14.0
11.2
12.2
272.7
334.3
344.6
354.4
335.2
365.5
386.6
403.9
439.3
495.5
'464.3
'453.0
'470.8
'473.8
'478.3
'484.2
'476.7
'486.5
'470.8
10.2
10.7
11.1
11.5
11.7
12.0
12.1
12.2
12.2
'449.9
'447.9
'446.4
"442.0
11.9
12.7
13.5
"12.8
459.3
468.0
470.1
473.0
477.7
482.0
479.6
483.2
495.5
509.1
517.5
525.9
"536.3
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not
shown here.
See Note, p. 26.
Source: Board of Governors of the Federal Reserve System-
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures]; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Borrowings of depository institutions from the Federal
Reserve (NSA)
Keserves of depository institutions
Period
Total
19871988198919901991:
1992:
19931994:
1995:
1996'
Dec
Dec
Dee
Dec
Dee
Dec
Dec
Dec
Dee
Dec
.
1996- May
July
Sept
Oct
Dec
1997: Jan
Peb
Mar
Apr
May
1
. ..
Nonborrowed
plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
38,895
40,428
40,522
41,797
45,563
54,383
60,545
59,404
56,386
50,063
38,118
38,712
40,257
41,471
45,371
54,260
60,463
59,195
56,129
49,908
38,601
39,957
40,277
41,494
45,371
54,260
60,463
59,195
56,129
49,908
37,849
39,381
39,600
40,132
44,584
53,228
59,482
58,236
55,108
48,639
239,799
256,905
267,625
293,190
317,403
351,347
386,880
.418,484
434,523
452,669
777
1,716
265
326
192
124
82
209
257
155
93
130
84
76
38
18
31
100
40
68
483
1,244
20
23
1
1
0
0
0
0
54,168
54,038
53,221
52,181
51,280
50,076
49,811
50,063
54,040
53,652
52,854
51,847
50,912
49,789
49,597
49,908
53,308
52,888
52,156
51,221
50,242
49,082
48,776
48,639
437,881
439,686
442,262
443,999
445,812
447,077
449,365
452,669
127
386
368
334
368
287
214
155
105
192
284
309
306
212
109
68
0
0
0
0
0
0
0
0
49,517
49,008
48,312
'47,430
47,049
49,472
48,966
48,155
47,170
46,805
54,040
53,652
52,854
51,847
50,912
49,789
49,597
49,908
49,472
48,966
48,155
47,170
46,805
48,293
47,977
47,151
46,420
45,808
454,137
456,284
457,623
'458,236
459,746
45
42
156
261
243
19
21
37
88
173
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 rose 0.9 percent in May; commercial and industrial loans rose 0.8 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
4,000
3,600
3,200
BILLIONS OF DOLLARS* (RATIO SCALE)
4,000
3,600 _ ALL COMMERCIAL BANKS
3,200
2,800
2,800
2,400
2,400
2,000
2,000
-LOANS AND LEASES
1,600
1,600
1,200
1,200
U.S. GOVERNMENT SECURITIES
-V
800
800
400
400
OTHER SECURITIES
200
200
160
160 1 1 1 1 1 1 1 1 1
1989
1990
1991
1992
1994
1993
1995
1997
1996
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted J
Loans and leases in bank credit
Securities in bank credit
Period
1988- Dec
1989: Dec
1990- Dec
1991: Dee
199219931994199519961996:
Dec
Dec ..
Dec
Dec
Dee'.. .
May
June
July
Aug
Sept
Ocf
Nov
Dec'
1997: Jan'r
Feb r
Mar
Aprr .
May
Total
bank
credit
2,435.4
2,609.1
2,754.6
2,859.1
2,958.5
3,118.4
3,332.5
3,612.4
3,773.6
3,664.6
3,671.3
3,682.5
3,674.5
3,692.9
3,718.3
3,744.7
3,773.6
3,809.0
3,848.3
3,870.8
3,907.1
3,913.0
Real estate
U.S.
Total
securities
Government
securities
Other
securities
562.2
585.1
634.9
745.8
843.0
917.6
951.9
998.6
990.1
990.9
982.1
982.1
972.1
968.8
969.3
980.3
990.1
1,005.7
1,021.5
1,015.8
1,035.3
1,016.5
367.4
401.0
457.0
566.1
666.2
732.7
730.6
709.5
707.0
711.6
707.5
707.6
702.2
703.3
703.4
707.2
707.0
707.1
704.4
708.6
722.8
722.6
194.9
184.2
177.9
179.7
176.8
184.9
221.2
289.1
283.1
279.3
274.5
274.5
269.9
••265.6
266.0
273.1
283.1
298.6
317.1
307.2
312.6
293.9
Total loans Commerand
cial and
leases2
industrial
1,873.2
2,024.0
2,119.7
2,113.2
2,115.5
2,200.7
2,380.6
2,613.8
2,783.5
2,673.7
2,689.3
2,700.4
2,702.4
2,724.1
2,748.9
2,764.4
2,783.5
2,803.3
2,826.8
2,854.9
2,871.7
2,896.5
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment
companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassiflcations of assets and liabilities.
28
607.6
638.8
641.1
619.6
596.2
586.6
646.1
717.3
783.4
735.0
738.8
744.7
746.8
761.1
770.6
774.7
783.4
786.4
795.8
801.1
808.0
814.1
Total
676.0
771.2
857.3
881.6
902.5
942.6
1,004.6
1,079.6
1,128.0
1,103.2
1,105.6
1,105.2
1,109.4
1,112.0
1,115.6
1,121.5
1,128.0
1,134.7
1,140.6
1,154.2
1,162.9
1,172.4
Revolving
home
equity
40.0
50.2
62.2
69.6
73.4
73.0
75.3
79.1
85.5
79.7
79.2
79.9
80.5
81.2
83.3
84.3
85.5
85.9
86.8
88.1
89.4
90.5
Consumer
Security
Other
Other
636.0
721.0
795.0
812.1
829.1
869.6
929.3
1,000.5
1,042.5
1,023.4
1,026.4
1,025,3
1,028.9
1,030.8
1,032.2
1,037.2
1,042.5
1,048.8
1,053.9
1,066.1
1,073.5
1,081.9
356.3
376.7
382.2
365.4
357.9
390.1
451.2
492.8
522.6
502.7
507.0
510.8
512.8
515.9
519.5
521.6
522.6
522.9
522.8
521.6
519.6
522.4
40.7
41.5
45.4
55.4
65.6
90.3
79.1
85.6
79.7
77.3
79.8
78.1
72.3
73.8
76.9
77.9
79.7
83.4
84.7
88.8
89.5
88.8
192.6
195.7
193.9
191.3
193.3
191.3
199.7
238.5
269.8
255.5
258.0
261.6
261.0
261.3
266.4
268.6
269.8
275.9
282.9
289.3
291.7
298.8
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
Period
Total
Credit market funds
Internal l
Total
Total
1987 r
1988r
1989'r
1990r
1991r
1992
1993 '
1994 r'
1995
1996 '
1995- lrr
ll ...
649.0
852.7
745.4
594.0
490.8
601.5
700.1
768.7
948.0
948.7
856.6
911.2
1,001.5
1,022.7
1,005.4
883.8
933.9
971.6
1,059.1
Illr
rvr ...
1996- I r
II'
r
lll
IV '
1997- IP
375.1
409.0
398.0
410.5
423.7
440.2
482.2
527.1
544.7
593.6
518.4
528.2
559.6
572.5
579.6
587.7
599.5
607.4
621.9
273.9
443.7
347.4
183.5
67.1
161.3
217.9
241.6
403.3
355.1
338.2
383.0
441.9
450.2
425.8
296.1
334.4
364.2
437.2
Securities
and mortgages
Loans and
short-term
paper
44.1
95.7
94.9
73.6
1107
-6.0
-16.5
110.8
125.3
81.0
181.2
152.5
86.3
81.5
85.3
63.0
169.2
6.4
130.7
29.1
— .2
-35^9
-26.6
73.9
67.1
85.5
372
-2.1
-15.8
-20.2
34.5
-45.3
22.2
-468
58.1
-96.2
21.8
-26.3
73.2
95.5
59.0
47.0
-36.8
61.1
69.0
73.6
123.2
65.2
161.0
187.0
41.0
103.7
38.5
121.1
73.0
28.2
104.4
1
Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed
capital,
foreign earnings retained abroad, and inventory valuation adjustment.
2
Consists of tax liabilities, trade debt," pension fund liabilities, and direct foreign investment
in the U.S.
Total
Other2
200.8
348.1
288.4
136.5
103.9
100.1
148.9
168.1
280.1
289.9
177.2
196.0
400.9
346.4
387.2
175.1
261.4
336.1
332.8
Capital
Increase in
financial
assets
expenditures3
592.0
756.1
632.8
510.6
501.7
557.4
792.9
774.3
958.6
952.8
830.0
939.7
998.9
1,065.6
967.0
900.5
997.2
946.2
1,075.7
357.4
373.2
399.3
395.3
371.9
389.9
435.6
496.0
550.4
555.8
558.4
537.3
577.9
527.9
524.8
533.8
578.4
586.0
616.6
Discrepancy
(sources
less
uses)
57.1
96.5
112.6
83.5
-10.9
44.1
-92.8
-5.6
-10.5
-4.0
26.7
-28.5
2.7
-43.0
38.4
-16.6
-63.2
25.5
-16.5
234.6
382.9
233.5
115.3
129.8
167.5
357.3
278.3
408.2
397.0
271.6
402.4
421.0
537.7
442.2
366.7
418.8
360.2
459.1
3
Plant and equipment, residential structures, inventory investment, and access rights from
U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]
Consumer credit outstanding (end of period)
Period
Total
198719881989:
1990:
19911992199319941995:
1996:
1996-
Dec
Dec3
Dec
Dec
Dec
Dec
Dec ....
Dec
Dec
Dec
Apr
July
Ausr
Sept
Oct
Nov ..
Dec
1997- Jan
Peb
Mar'
Apr/*
..
;
671.7
729.9
781.9
796.4
781.1
784.9
844.1
966.5
1,103.3
1,193.2
1,141.8
1,148.3
1,155.1
1,168.7
1,176.8
1,177.6
1,185.3
1,190.2
1,193.2
1,203.5
1,210.2
1,213.3
1,220.9
Automobile
Revolving
266.1
285.5
291.0
282.4
259.3
257.1
279.8
317.2
350.8
375.2
361.2
362.3
367.7
373.2
372.8
373.4
375.2
374.6
375.2
376.1
376.4
375.5
379.5
1
For year-end data, change from preceding year-end; for monthly data, change from preceding month,
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc., plus noninstallment credit.
153.3
174.5
198.6
223.3
245.8
257.8
287.0
339.3
413.9
467.9
437.9
443.5
445.4
451.1
454.4
454.0
458.4
464.3
467.9
476.3
481.3
482.8
484.6
Net change in consumer credit outstanding *
Other2
252.4
269.9
292.3
290.7
276.1
269.9
277.3
309.9
338.6
350.2
342.8
345.2
341.9
344.5
349.6
350.2
351.7
351.3
350.2
351.0
352.5
354.9
356.9
Total
32.8
58.2
(4)
14.5
-15.3
3.8
59.2
122.4
136.8
89.9
8.5
6.5
6.8
13.6
8.1
.8
7.7
4.9
3.0
10.3
6.7
3.1
7.6
Automobile
18.9
19.4
(*)
-8.6
-23.1
-2.2
22.7
37.4
33.6
24.4
2.6
1.1
5.4
5.5
-.4
.6
1.8
-.6
.6
.9
.3
-.9
4.0
Revolving
17.3
21.2
(*)
24.7
22.5
12.0
29.2
52.3
74.6
54.0
6.6
5.6
1.9
5.7
3.3
-.4
4.4
5.9
3.6
8.4
5.0
1.5
1.8
Other2
-3.3
17.5
(4)
-1.6
-14.6
-6.2
7.4
32.6
28.7
11.6
-.6
r>
-.6
2.6
5.1
.6
1.5
-.4
-1.1
.8
1.5
2.4
2.0
3
Data newly available in January 1989 result in breaks in many series between December
2988
and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
INTEREST RATES AND BOND YIELDS
Interest rotes fell in June.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
14
12
10
— ~-l
\
'^-'\
v
— "X
CORPORATE Aaa BONDS
IMOODY'S)
^x
[-•— x y/
x /
-"---...
x
J
n
_/
*,
V.
8
-- \
^/~
TREASURY
BIUS / """"•--. ..
1
^/•^x
r^
6
.>T J
4
/H
~r\ DISC 3UNT
fj TE
2
RESERVE
BANK OF
NEW YORK
Mlulull,
1990
I,,M,|
1989
1 M 1) 111111
1 1 1 1 1
1991
111f 1
,,,,,!
1992
MM,I,MM
1994
1993
I.M.J
1996
1995
SOUtCE: SEE 7AS1E SHOW
0
1997
COUHOl Of ECONOMIC APWS815
[Percent per annum]
U.S. Treasury security yields
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- June
July
Sept
Oct
Dec
1997- Jan
Peb
Mar
May
June/*
Week ended:
1997- June 7
14
21
28
1
3-month
biUs (new
issues) l
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard
& Poor's)3
30
Prime
commercial
paper,
6 months l
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.51
5.02
5.11
5.17
5.09
5.15
5.01
5.03
4.87
5.05
5.00
5.14
5.17
5.13
4.92
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
5.99
6.49
6.45
6.21
6.41
6.08
5.82
5.91
6.16
6.03
6.38
6.61
6.42
6.24
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
6.44
6.91
6.87
6.64
6.83
6.53
6.20
6.30
6.58
6.42
6.69
6.89
6.71
6.49
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
5.75
6.03
5.91
5.72
5.86
5.71
5.59
5.62
5.72
5.63
5.78
5.88
5.71
5.60
9.38
9.71
9.26
9.32
8.77
8,14
7.22
7.97
7.59
7.37
7.71
7.65
7.46
7.66
7.39
7.10
7.20
7.42
7.31
7.55
7.73
7.58
7.41
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
5.42
5.57
5.67
5.51
5.66
5.45
5.40
5.44
5.48
5.42
5.60
5.79
5.78
5.69
4.93
4.94
4.88
4.94
6.32
6.27
6.16
6.20
6.61
6.52
6.40
6.45
5.65
5.60
5.55
5.60
7.51
7.44
7.33
7.36
5.74
5.71
5.67
5.65
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
:!
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)
Discount rate
(N.Y. F.K.
Bank)"
Prime rate
charged by
banks4
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
5.21
5.02
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
8.83
8.27
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.25-8.25
8.25-8.25
8.25-8.50
8.50-8.50
8.50-8.50
8.50-8.50
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
New-home
mortgage
yields
(FHFB)5
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.87
7.80
8.05
8.01
8.08
7.98
7.95
7.80
7.79
7.81
7.78
7.88
8.03
8.01
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.
240
INDEX, DEC. 31,1965-50 (RATIO SCALE)
480
460
440
420
400
380
360
340
320
300
280
260
240
220
220
200
200
INDEX, DEC. 31,1945=50 (RATIO SCALE)
480
460
440
420
400
380
360
340
320
300
280
260
COMPOSITE STOCK PRICE INDEX
(NYSE)
180
180
160
I I I I I I I I I 160
1989
1991
1990
1992
1995
1994
1993
1997
1996
PER CENT
20
PERCiENT
20
15
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
O&H
10
5
-\-_ r—
i
0
i i
1989
•
1
l
,p.
/
i
l
1990
l l
1991
i
l l
1992
10
1
i
i
i l l
1993
i i
1994
~
i
"~— i
i i
1995
5
i
i i
1996
Common stock prices *
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- June
July
Sept
Oct
Nov
Dee
1997- Jan
Feb
May
Week ended:
1997- June 7
14
21
28
Industrial
Transportation
3
Utility
Finance
Dow-Jones
industrial
average4
Standard &
Poor's composite index
(194143=10)5
Dividendprice ratio
Earningsprice ratio
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
291.15
358.17
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
453.98
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.41
327.33
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
220.30
249.77
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
303.89
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
4,493.76
5,742.89
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
541.64
670.83
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
2.19
5.48
8.01
7.42
6.47
4.79
4.22
4.46
5.83
6.09
5.24
358.32
345.52
354.59
360.96
373.54
388.75
391.61
458.30
438.58
449.41
459.69
473.98
490.60
494.38
331.57
316.66
321.61
323.12
332.93
348.32
352.28
247.20
245.31
244.74
242.25
249.61
258.85
257.09
294.42
287.89
302.95
308.16
324.42
345.30
350.01
5,671.51
5,496.26
5,685.50
5,804.01
5,996.21
6,318.36
6,435.87
668.50
644.07
662.68
674.88
701.46
735.67
743.25
2.21
2.28
2.22
2.20
2.11
2.01
2.01
5.21
403.58
418.57
416.72
401.00
433.36
457.07
509.64
524.30
523.08
506.69
549.65
578.57
359.40
364.15
372.87
366.67
395.50
410.94
263.91
271.36
264.78
253.18
268.18
280.48
361.45
388.75
387.21
364.25
392.32
419.12
6,707.03
6,917.48
6,901.12
6,657.50
7,242.36
7,599.60
766.22
798.39
792.16
763.93
833.09
876.29
1.95
1.89
1.91
1.98
1.85
1.78
442.77
456.25
465.82
462.36
561.05
577.81
588.92
584.95
403.23
406.61
416.29
416.86
273.85
280.10
285.15
282.02
402.40
417.86
429.85
425.98
7,322.46
7,617.42
7,765.03
7,678.85
846.68
874.90
894.81
886.99
1.84
1.77
1.73
1.76
1
Average of daily dosing prices.
2
Includes all the stocks (more than 2,000 in 1992) listed on the NYSE.
» Dee. 31, I965=10Q. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. AH indexes shown here reflet*
the4 doubling.
Includes 30 stocks.
5
Includes 500 stocks.
0
Common stock yields
(percent)6
New York Stock Exchange indexes (Dec. 31, 1965
except as noted)2
Composite
i i
1997
COUNOL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE Al^ffl STANDARD & POOR'S CORPORATION
Period
i
5.24
5.23
5.32
6
Standard & Poor's series. Dividend-price ratios based on Wednesday dosing prices. Barnings-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.
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 8 months of fiscal 1997, there was a deficit of $65.4 billion, compared with a deficit of $108.4 billion
a year earlier.
BILLIONS OF CxDUARS
1,700
_ .
1,600
BILLO•IS OF DOLLARS
1,700
RECEIPTS AND OUTLAYS -"
1,600
J/
1,500
---•"""'""
1,500
1,400
1,400
_---'""
^^
1,300
1,300
-""*"*
1,200
^^^
~-*''
1,100
1,200
^-—^^
1,100
1,000
1,000
900
900
800
800
700 A
\
1
1
1
1
1
1
-
1
I
K 700
N
V
0
0
-100
-100
•—
^^— -~
^—'
^~—^^
-200
^^—-___
-200
-"
__-
-300
-300
-400
/]
V
1
1988
1
1989
1
1990
1
1
1991
1992
^INOUDESON-BUOGETANDOfMUOGEIHEMS.
SOURCES: D^ARTMENT Of IHETREASUKV ANDOFHCE Of MANAfiEMBfl AND BUDGCT
1
1993
1
1994
1
1995
N -400
1
1997 N
1996
SCALYEARS
COUNCIL Of ECONOMIC ADVJSSS
[Billions of dollars]
Total
Fiscal year or period
Receipts
Outlays
or
deficit
Surplus
Receipts
Outlays
(-)
1978
...
1979
1980
1981
1982
1983
1984
1985 . .
1986 . .
1987 .. .
1988 .
1989
1990
1991
1992
1993
1994 ..
1995
1996
1997 (estimates)
Cumulative total, first 8
months:1
Fiscal year 1996 ...
Fiscal year 1997 ...
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.2
769.3
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,505.4
458.7
504.0
590.9
678.2
745.8
808.4
851.9
946.5
990.5
1,004.2
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.4
1,461.7
1,515.7
1,560.3
1,631.0
-59.2
-40.7
-73.8
-79.0
- 128.0
-207.8
-185.4
-212.3
-221.2
- 149.8
1552
-152.5
-221.2
-269.4
-290.4
-255.0
-203.1
-163.9
-107.3
-125.6
939.2
1,018.2
1,047.6
1,083.6
-108.4
-65.4
or
deficit
Surplus
Receipts
Outlays
(-)
or
deficit
(-)
Federal debt (end of
period)
Gross
Federal
Held by
the public
641.0
667.8
727.5
750.3
761.2
788.9
842.5
923.6
1,000.8
1,085.6
1,116.5
369.1
404.1
476.6
543.1
594.4
661.3
686.1
769.7
807.0
810.3
861.8
932.8
1,028.1
1,082.7
1,129.3
1,142.8
1,182.4
1,227.1
1,259.9
1,316.0
549
-38.7
-72.7
-74.0
-120.1
-208.0
-185.7
-221.7
-2380
-1693
-194.0
-205.2
-277.8
-321.6
-340.5
-300.4
-258.8
-226.3
-174.3
- 199.5
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.5
388.9
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
300.5
315.0
-4.3
-2.0
-1.1
-5.0
-7 9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
67.0
73.9
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,921.0
5,181.9
5,453.7
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.1
3,603.4
3,733.0
3,875.8
695.9
761.7
847.3
876.5
-151.4
-114.7
243.3
256.5
200.3
207.1
43.0
49.3
5,085.6
5,301.5
3,702.3
3,771.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
548.0
569.0
1
Data from Monthly Treasury Statement,
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
1998, issued February 6, 1997.
32
Off-budget
On -budget
Surplus
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of fiscal 1997, receipts were $79.0 billion higher than a year earlier and outlays were $36.0
billion higher.
BILLIONS OF DOLLARS
700
BIUJONS OF DOLLARS
A)0
RECEIPTS •"
—
500
,
-==
500
\
'•
SOCIAL INSURANCE
1 AXhb AND CON 1 KIBU 1 lONb
400
CORPORATION
INCOME TAXES
400
300
\
100
1
n
1
1
1
i
1
OTHER RECEIPTS
,
,
^
1,400
1,400
OUTLAYS^
— -""*
1,300
— — —"— •"""""
1,100
^-
f
ff^'
—— •"""*'"
"• ^~~
600
500
300
200 si
V
1
1
1988
1989
/ 1
1990 '
1
1991
i
1992
^NOUDES ON-BUDGET AND OFF-BUDGET HEMS.
<)UiraS:rj£R«TMEOTOFTreTR&\SUOTAr«Ci^
1
1993
1
1994
1
1995
300
N 200
I
1997 N
1996
RSCALYEARS
COUNOL OF EODNOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outjays
On-budget and off-budget receipts
Fiscal year or period
Total
Individ- Corporaual
tion
income income
taxes
taxes
Social
insurance
taxes
and
contributions
National defense
Other
Total
Total
InterDepart national
ment of
Defense, affairs
military
Health
Medicare
Income Social
security security
Net
interest
Other
399.6
463.3
517.1
599.3
617.8
600.6
666.5
181.0
217.8
244.1
285.9
297.7
288.9
298.4
60.0
65.7
64.6
61.1
49.2
37.0
56.9
121.0
138.9
157.8
182.7
201.5
209.0
239.4
37.7
40.8
50.6
69.5
69.3
65.6
71.8
458.7
504.0
590.9
678.2
745.8
808.4
851.9
104.5
116.3
134.0
157.5
185.3
209.9
227.4
102.3
113.6
130.9
153.9
180.7
204.4
220.9
7.5
7.5
12.7
13.1
12.3
11.8
15.9
18.5
20.5
23.2
26.9
27.4
28.6
30.4
22.8
26.5
32.1
39.1
46.6
52.6
57.5
61.5
66.4
86.6
99.7
107.7
122.6
112.7
93.9
104.1
118.5
139.6
156.0
170.7
178.2
35.5
42.6
52.5
68.8
85.0
89.8
111.1
114.7
120.2
131.3
133.5
125.4
122.2
118.6
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997 (estimates)
734.2
769.3
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,505.4
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
656.4
672.7
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.0
171.8
176.2
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
484.5
509.4
535.8
73.1
73.3
74.6
79.3
82.8
91.5
93.1
101.4
98.9
113.7
120.1
115.4
120.8
946.5
990.5
1,004.2
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.4
1,461.7
1,515.7
1,560.3
1,631.0
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.1
265.7
267.2
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.4
253.2
254.3
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
17.2
17.1
16.4
13.5
14.8
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
107.1
115.4
119.4
127.6
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
159.9
174.2
194.3
128.2
119.8
123.3
129.4
136.1
147.1
170.3
197.0
207.3
214.1
220.5
226.0
238.9
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
349.7
367.7
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
241.1
247.4
131.9
142.3
126.1
139.7
159.3
204.3
225.7
174.7
160.4
174.5
163.4
170.7
173.2
Cumulative total, first 8 months: *
Fiscal year 1996
Fiscal year 1997
939.2
1,018.2
431.0
485.3
91.7
99.6
340.2
356.4
76.2 1,047.6
76.9 1,083.6
177.8
181.2
169.6
173.1
10.4
11.6
78.7
82.2
116.5
127.8
162.2
167.7
229.4
239.6
161.2
164.8
111.5
108.7
1978
1979
1980
1981
1982
1983
1984
1
,
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
1998, issued February 6, 1997.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOa NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1997, according to revised estimates, Federal receipts rose $34.3 billion (annual rate) and
Federal current expenditures rose $10.7 billion.
BILUONSOFDCHIARS
BIIUONSOFDOUARS
1,800
1,800
SEASOWU.Y AIUUS1H1 A1**UU. WOK
_ ^"
___
/
1/00
"
--' -""
-
s
1,400
CURRENT EXPENMTUR! S - - ^ /
\
1,200
1,400
7"
*
-
•*•'•'
„ .-
'I
!,#»
-
/—
^'
"
„_ * |
s^
-
>~
1,200
^
-
^ "" *"
1,000
300 ^ s
~ 1
1,000.
-
1
/— \
RECEIPTS
'
^- — "1 "-'
800
•
'^
S
600
600
400
400
200:
200
-
CURRENITSURPU. SORDE =ran-i
0
0
-200
~x.
-400
1982
•—•-
„
i I i
1983
,
X—
I I I
1984
1985
-^
^_ ~^~,
'
-—s. N,
<• J
i I i
198(5
i i i
1987
i I t
!988
t t i
1989
1
1990
1
1991
1
v-***• -"-"
1 1 i i it
1992
1993
J^**~~'
\
"—"
,*-"
l l
1994
1
1
\
1995
^—''
-200
t f i
111
1996
1997
-400
OUfNDAR YEARS
COUNCB. Of ECONOMIC AOVKBiS
[Billions of ddlars; quarteriy data at seasonally adjusted annual rates]
Federal Government receipts
Period
Calendar year:
1990
1991
1992
1993
1994
1995
1996
1993- I
II
in
rv
1994- I
II
III
IV
1995- I
II
III
IV
1996- I
II
Ill
rv
1997- I'
Total
1,129.8
1,149.0
1,198.5
1,275.3
1,377.0
1,478.4
1,575.0
1,225.2
1,271.3
1,280.3
1,324.4
1,321.9
1,382.8
1,387.1
1,416.3
1,449.3
1,483.2
1,486.6
1,494.7
1,523.1
1,575.6
1,581.9
1,619.3
1,653.6
CorPersonal porate
tax and profits
nontax
ac~
receipts tax
cruals
485.7
476.9
490.8
523.6
561.4
614.9
673.1
501.0
521.0
529.1
543.4
539.3
571.3
560.4
574.5
594.6
624.4
617.3
623.3
639.6
681.4
680.2
691.1
718.8
118.0
109.8
118.6
137.5
164.4
184.3
196.2
127.5
136.5
133.7
152.2
144.3
162.2
171.3
180.0
183.1
180.7
189.1
184.3
196.4
199.0
196.5
192.8
207.3
Source: Department of Commerce, Bureau of Economic Analysis.
34
Federal Government current expenditures
Indirect
business
tax and
nontax
accruals
Contributions
for
social
insurance
65.1
79.7
81.9
88.2
92.6
91.2
90.5
84.3
87.5
87.2
93.7
92.8
91.3
93.3
93.2
91.7
93.5
88.4
91.3
84.4
83.2
85.7
108.7
86.2
461.1
482.6
507.1
526.0
558.6
588.0
615.2
512.4
526.2
530.3
535.1
545.5
558.1
562.1
568.6
579.9
584.6
591.8
595.9
602.6
612.0
619.4
626.7
641.3
Total
Consumption
expenditures
Transfer
payments
1,284.5
1,345.0
1,479.4
1,530.9
1,567.3
1,640.1
1,702.1
1,509.7
1,521.5
1,534.7
1,557.7
1,534.6
1,552.5
1,575.7
1,606.4
1,621.9
1,644.3
1,645.0
1,649.3
1,678.3
1,702.3
1,702.6
1,725.2
1,735.9
426.6
445.9
451.0
451.9
450.7
453.8
459.0
451.3
448.5
453.5
454.3
446.7
445.1
455.7
455.3
454.6
455.6
453.6
451.4
453.6
463.5
461.3
457.7
462.8
513.3
522.2
625.1
659.1
682.9
719.9
764.2
645.9
654.7
660.8
675.0
670.9
676.4
683.5
700.9
708.3
716.2
724.2
730.9
756.2
757.9
762.9
779.8
786.8
Grantsin-aid
to
Net
State interest
and
paid
local
governments
132.4
153.4
172.2
185.7
195.9
206.1
214.6
177.3
181.5
187.2
197.0
192.2
197.5
196.9
196.9
205.8
211.3
203.8
203.3
207.6
219.3
214.5
216.8
219.4
179.9
192.7
195.8
192.3
201.4
229.1
233.4
190.5
193.2
192.7
192.8
188.3
198.3
204.3
214.8
220.9
229.3
232.3
233.9
230.5
230.8
233.7
238.8
235.3
Subsidies less
current
surplus
of
Government
enterprises
Less:
Wage
accruals less
disbursements
32.4
30.8
35.1
41.8
36.4
31.3
30.9
44.7
43.6
40.5
38.6
36.5
35.3
35.2
38.5
32.3
32.0
31.1
29.9
30.4
30.8
30.3
32.0
31.6
0.1
-.1
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
Current
surplus
or
deficit
<-),
national
income
and
product
accounts
-154.7
- 196.0
- 280.9
2556
- 190.2
-161.7
- 127.1
-284.5
-250.2
- 254.4
- 233.3
-212.7
- 169.6
- 188.5
-190.1
-172.6
-161.1
- 158.5
- 154.5
-155.2
- 126.7
- 120.8
- 105.9
-82.3
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1992=100; seasonally adjusted)
Period
United
States
1987
1988
1989
1990
1991 .
1992
1993
1994
1995
. .
1996
1996: Apr
May
" '
July
Sept
Oct
Nov
Dec
1997- Jan
Feb
Mar
1
Japan
Canada
Prance
Ger-
Consumer prices (1982-84=100; NSA)
United
Kingdom
Italy
United
States1
Canada
Japan
.Germany
Pranee
93.1
97.3
99.0
98.9
96.9
100.0
103.4
108.6
112.1
115.2
101.6
106.9
106.8
103.2
98.9
100.0
104.5
111.8
115.6
117.6
86.4
94.5
99.9
104.2
106.1
100.0
95.8
97.0
100.2
102.9
93.0
97.3
100.9
102.4
101.1
100.0
96.2
99.8
101.4
102.1
86.4
89.8
94.0
98.9
101.7
100.0
92.5
95.3
96.5
96.5
92.4
97.9
100.9
101.1
100.2
100.0
97.6
102.6
108.2
106.4
97.4
102.1
104.3
104.0
100.1
100.0
102.2
107.3
110.1
111.4
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
156.9
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
151.4
153.7
104.8
105.6
108.1
111.4
115.0
116.9
118.4
119.3
119.1
119.3
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
148.4
151.5
106.3
109.2
112.2
116.2
120.9
125.2
128.6
130.8
132.6
114.3
114.8
115.5
115.5
115.8
116.0
116.2
117.2
117.7
'115.9
'116.2
'116.7
'118.5
'118.6
118.9
'118.9
120.2
'118.8
'120.2
'120.6
' 120.5
122.1
101.2
103.5
99.3
103.7
101.5
102.8
106.8
104.9
105.4
101.3
102.1
101.5
103.6
103.6
102.1
102.0
102.0
103.0
95.6
96.3
96.7
97.5
97.4
96.7
96.4
'97.8
'97.6
'98.5
'98.8
'98.9
97.4
104.8
105.9
108.3
105.0
106.9
106.0
105.2
105.7
103.7
104.0
107.1
'107.7
108.4
110.6
111.9
110.9
111.7
111.3
111.7
111.6
112.3
112.9
156.3
156.6
156.7
157.0
157.3
157.8
158.3
158.6
158.6
153.4
153.9
153.7
153.7
153.9
154.1
154.4
155.1
155.1
119.5
119.7
119.4
119.3
119.1
119.6
119.9
119.5
119.6
151.6
151.9
151.7
151.5
151.1
151.6
152.0
151.9
152.1
132.3
132.6
132.8
133.2
133.1
133.0
133.0
132.9
133.2
'112.5
'112.0
'111.6
113.0
159.1
159.6
160.0
160.2
160.1
155.4
155.7
156.0
156.0
156.1
119.5
119.3
119.4
121.8
122.0
152.5
152.8
152.9
152.9
153.2
133.9
134.4
134.3
134.0
134.6
117.8
118.4
'118.8
'119.2
119.7
110.9 '101.7
107.3 '103.5
106.4 '102.8
106.0
105.9
1099
Data relate to a!) urban consumers
104.9
Italy
United
Kingdom
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
204.0
212.0
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
175.2
179.4
211.4
212.2
212.7
212.2
212.4
213.1
213.3
213.9
214.1
214.5
214.7
214.9
215.1
215.7
179.3
179.6
179.8
179.1
179.9
180.7
180.7
180.8
181.4
181.4
182.1
182.6
183.6
184.3
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and Internationa! Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)
.
Census basts (by end-use category)
Goods: Imports (customs value)
. .
l.ensus basis (by end-use category)
^
Services
basts)
Balance of trade
(exports minus imports)
O/AIJ 1.
HUr basts
Period
BOP
basis
AutoinCap- motive
Foods, trial
ital
Total, feeds, sup- goods vehiCensus and
except cles,
plies
basis2
bevauto- parts
and
erages mate- moentive
rials
gines
Consumer
goods
(nonfood)
ex-
BOP
basis
Total,
Census
basis2
autotnotive
Auto- ConInCapmo- sumer
Foods,
ital
tive goods
(nonfeeds, trial
goods
vehisupand
except cles, food)
plies
bevauto- parts except
erages mate- moand
autotive
enmorials
gines
tive
Exports
Imports
Goods,
Census
basis
Goods
Services
Goods
and
services
' — 153.4
' —115.9
— 92.3
-81.2
-31.0
-39.2
— 72.3
— 104.4
— 101.9
— 1 1 1 .0
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.4
575.9
612.1
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
584.7
625.1
24.3
32.3
37.2
35.1
35.7
40.3
40.6
42.0
50.5
55.5
66.7
85.1
99.3
104.4
109.7
109.1
111.8
121.4
146.2
147.7
86.2
109.2
138.8
152.7
166.7
175.9
181.7
205.0
233.0
252.9
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.8
61.8
65.0
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
64.4
70.1
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
749.4
803.2
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
743.5
795.3
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
33.2
35.7
111.0
118.3
132.3
143.2
131.6
138.6
145.6
162.1
181.8
204.5
84.5
-101.4
113.3
116.4
120.7
134.3
152.4
184.4
221.4
229.1
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
123.8
128.9
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
159.9
171.0
'98.6
'111.0
'127.1
'147.8
'164.2
'177.2
'186.7
197.2
218.7
236.8
'92.3
'100.0
'104.2
'120.0
'121.2
'120.3
' 126.4
135.5
147.0
156.6
— 152.1
— 118.5
-109.4
-101.7
-66.7
-84.5
— 115.6
-150.6
-158.8
-170.2
-159.6
— 127.0
-115.2
-109.0
-74.1
-96.1
-132.6
-166.2
- 1 73.6
-191.2
'6.2
'11.1
'23.0
'27.8
'43.0
'56.9
'60.3
61.8
71.7
80.1
Atig'
Sept' ....
Oct'
NOT'
Dec'
50.8
51.3
51.3
49.1
51.3
50.4
52.5
53.2
52.1
51.6
52.4
52.2
50.5
52.6
51.7
53.6
54.5
53.4
4.6
4.7
4.5
4.7
4.7
4.4
4.5
5.0
4.4
12.7
12.5
12.3
11.6
12.3
12.2
12.7
12.3
12.5
21.1
21.1
20.9
20.1
21.2
20.4
22.0
22.2
22.1
5.1
5.4
5.6
5.3
5.5
5.7
5.4
5.9
5.5
5.7
5.9
5.9
5.6
5.9
5.9
6.1
6.1
6.0
66.7
68.1
66.2
66.8
68.0
68.4
67.8
68.4
69.8
65.1
66.9
65.3
66.4
67.2
68.1
67.5
68.1
69.6
3.1
3.0
2.9
2.9
3.0
3.0
3.0
3.0
3.2
16.9
17.4
16.7
17.3
17.4
17.8
18.3
17.6
18.7
18.7
19.0
18.8
18.7
19.0
19.1
18.9
19.3
19.6
10.5
11.0
10.8
11.0
11.2
11.2
10.2
11.2
10.8
13.7
14.3
13.9
14.1
14.4
14.8
15.0
14.7
15.1
19.2
20.0
19.6
19.4
19.9
20.0
20.6
20.8
20.3
13.0
13.1
12.8
13.3
13.1
12.9
13.2
13.2
13.2
-13.4
-14.4
-13.1
-15.9
-14.6
-16.4
-13.9
-13.6
-16.1
-15.9
-16.8
-14.8
-17.8
-16.8
-18.0
-15.3
-15.2
-17.7
6.2
6.9
6.7
6.1
6.8
7.1
7.4
7.5
7.1
-9.7
-10.0
-8.1
-11.6
-10.0
-10.9
-7.9
-7.7
-10.6
1997: Jan'
Feb'
Mar' ....
Apr?
51.7
53.7
57.2
57.6
52.2
54.4
58.1
58.3
4.3
4.3
4.2
4.2
12.1
12.7
13.7
13.5
21.6
22.7
24.7
25.5
5.6
5.9
6.2
6.2
6.1
6.3
6.5
6.4
69.8
70.4
72.0
72.7
69.6
70.0
70.6
71.7
3.1
3.1
3.3
3.3
17.9
17.6
18.0
17.7
19.5
19.4
20.4
20.6
11.8
12.1
11.7
11.4
15.1
15.3
14.9
16.2
20.3
20.7
21.0
20.7
13.6
13.8
13.9
14.0
-17.4
- 15.7
-12.4
-13.4
-18.1
-16.8
-14.9
-15.1
6.7
6.9
7.1
6.8
-11.5
-9.9
-7.8
-8.4
1987
1988 .
1989
1990
1991
1992
1993
1994'
1995'
1996'
1996: Apr' ....
May ....
June' ...
July ....
1
a
Includes undocumented exports to Canada through 1988.
Total includes "other" cxpoi-ts 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 revision.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1997, the goods deficit rose to $49.8 billion, from $48.2 billion in the fourth quarter of 1996.
The current account deficit rose to $41.0 billion, from $36.9 billion in the fourth quarter. (Series revised.)
BIUJONS OF DOUARS *
BltUONSOFDOUARS*
-40
- -45
-45 -
-50
-50
-55
-55
1987
* SEA3ONAU.Y ADJUS1B3
SOURCE DBWKIM&4T Of COMMStCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits ( —)]
Services
Goods'
Period
Net
balance
Exports
Imports
1987'
1988'
1989'
1990 '
1991 '
1992'
1993'
1994'
1995'
1996'
250,208
320*230
362,120
389,307
416,913
440,352
456,832
502,398
575,871
612,069
— 409,765
— 447,189
-477,365
— 498,337
- 490,981
-536,458
-589,441
- 668,590
- 749,431
— 803,239
1995: I'
II'
IE'
IV'
138,389
143,181
145,360
148,941
-182,790
-190,739
-188,180
- 187,722
— 159,557
- 126*959
-115,245
- 109,030
-74,068
-96,106
- 132,609
- 166,192
- 173,560
— 191,170
-44,401
-47,558
-42,820
-38,781
1996: I'
H'
ID'
IV'
150,048
153,411
150,764
157,846
- 192,973
-200,973
-203,257
-206,036
-42,925
-47,562
-52,493
-48,190
1997: IP
162,527
-212,314
-49,787
1
Net
military
transactions "3
Net
travel
and
transportation
receipts
Investment income
Other
services,
net
3 844 — 7 6J3
— 6,320 — 2,591
- 6,749
4,043
- 7,599
8,002
- 5,274
17,032
-1,448
19,974
1,269
19,764
1,874
16,519
3,866
21,197
3,786
24,713
17 661
19*969
25,662
27,401
31,284
38,373
39,274
43,383
46,640
51,631
722
4,312
984 . 4,333
1,289
5,755
6,796
871
485
1,214
792
1,295
518
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
Net
Balance
on goods, Unilateral
services, transfers,
and
net4
income
100 511
129,366
153,659
163,324
141,408
125,852
129,844
154,510
196,880
206,400
47,218
50,303
49,130
50,230
— 91 302
— 115,722
-138,639
- 139,402
-121,159
- 107,836
-110,176
- 144,787
-190,072
— 203,577
11,062
11,442
11,892
12,240
— 153 353
-115*900
-92,288
-81,225
-31,027
-39,207
- 72,301
- 104,416
-101,857
— 111,040
-28,305
-30,799
-23,884
-18,874
5,194
5,818
6,559
7,147
12,707
12,751
12,626
13,550
- 24,539
-27,779
-32,516
-26,198
49,277
50,188
51,893
55,043
-47,216
- 49,305
- 53,263
- 53,793
9,209
144 144 — 23 909
13,644 — 102,256 — 25,988
15,020 -77,268 -26*963
23,921 — 57,304 — 34,588
20,249 - 10,779
5,122
18,016 -21,191 — 35,192
19,668 — 52,634 — 38,137
9,723 - 94,693 — 38,845
6,808 - 95,049 -34*046
2,824
108216 — 39,968
2,047 -26,258 - 8,451
3,223 -27,576 -8,128
-401
-24,285 -8,847
1,940 -16,934 -8,620
2,061 -22,478 - 10,406
883 -26,896 -8,689
-1,370 - 33,886 -8,947
1,250 - 24,948 -11,926
6,318
13,834
-29,117
54,950
-58,090
-3,140
Adjusted from Census data for differences in timing and coverage; excludes military,
2
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).
36
Balance
on
goods
and
services
3
-45,171
-47,080
-49,531
- 48,290
-32,257
-8,709
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 tabh.
Balance
on
current
account
— 168,053
128 245
- 104,231
— 91,892
— 5,657
— 56,383
— 90,771
- 133,538
- 129,095
— 148,184
- 34,709
-35,704
- 33,132
- 25,554
-32,884
-35,585
-42,833
-36,874
-40,966
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $56.6 billion in the first quarter
of 1997, following an increase of $66.7 billion in the fourth quarter of 1996. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $18.9 billion in the first quarter, following an increase
of $39.0 billion in the fourth quarter. (Series revised.)
BILUONS OF DOLLARS*
200
BILUONS OF DOLLARS •
200
180
/
160
A
180
\
160
'
CHANGE IN
FOREIGN ASSETS
140
'
'
140
-
120
100
80
120
-- /,\ /,\\-/*
\ ; \ 1/ \
k
60
40
V
-40
"V
v
/ —•
I '
\
V iA'
20
0
"\"~,\
B V
A
A- *—-~y, * \ A M
\V« / \ /I ^ ^
/*
/
-, , (
1987
1
1
1
19B8
i>i
1989
100
\X
'
\
'
/
-
/
\ /
-
60
-
40
V /
v
-
V
0
/" \
V
-
r—v
A "\
CHANGE IN
U.S. ASSETS
i\BROAD, NE
s
v
/
i
t
\
1990
\
1
i
g
i
1992
1991
111
1993
A
\
-40
-
A
/ \
\ \\
\ v
v
1
1
-20
-
^-A
-60
-80
\
-100
\
/
-120
\ ,
i
20
-
-80
-160
k
\ /'
»- /
^ v/
-60
/
1
1994
i i i
i i i
1995
1996
* 5EA5ONAU.Y ADJUSTS)
SOURCE D&ARTMB^TOF COMMERCE
I
I
I
-140
-160
1997
COUNCIL OF ECONOMIC ADVlSffiS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the TJ.S., net
[increase/capital inflow ( + )]
U.S. assets abroad, net
[increase/capib
)]
Period
Total
1987rr
1988
1989'
1990'
1991 "
1992 r
1993r
1994'r
1995r
1996
1995: lr
II--
inrv>
1996: I'
IIIll-IV
1997: IP
U.S.
official
reserve
assets35
-72,617
9,149
- 100,221 -3,912
-168,744 -25,293
-74,011 -2,158
-57,881
5,763
-68,774
3,901
-194,537
-1,379
5,346
-160,516
-307,207
-9,742
-352,444
6,668
-59,625 -5,318
-110,548 -2,722
-1,893
-40,679
-96,356
191
17
-70,768
-523
-49,698
-77,542
7,489
-315
-154,436
4,480
-99,787
Other U.S.
Government
assets
1,006
2,967
1,259
2,307
2,911
1 657
-342
-352
-549
-690
-158
-184
266
-473
210
-358
162
-284
31
U.S.
private
assets
- 82,771
-99,275
— 144 710
— 74 160
-66,555
-71,018
-192,817
-165,510
-296,916
-358,422
-54,149
- 107,642
-39,052
-96,074
- 70,575
-48,817
-85,193
-153,837
-104,298
Total
248,383
246,065
224,390
140,992
109,641
168,776
279,671
297,337
451,234
547,555
97,652
122,714
125,839
105,029
88,233
106,114
158,629
194,579
158,867
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve
position in the IMF.
Foreign
official
assets3
Other
foreign
assets
45,387
39,758
8,503
33,910
17,389
40,477
71,753
40,385
110,729
122,354
22,098
37,138
39,585
11,908
52,014
13,154
24,089
33,097
28,337
202,996
206,307
215,887
107,082
92,253
128,299
207,918
256,952
340,505
425,201
75,554
85,576
86,254
93,121
36,219
92,960
134,540
161,482
130,530
Statistical discrepancy
Allocations
of special
drawing
rights
(SDBs)
Total (sum
of the items
with sign
reversed)
-7,713
-17,600
48,585
24,911
-46,103
-43,619
5,637
-3,283
-14,931
-46,927
-3,318
23,538
-52,028
16,881
15,419
-20,831
-38,254
-3,269
-18,114
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
5,658
-775
-6,985
2,106
6,228
-1,076
-7,830
2,669
7,325
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
85,832
75,089
86,761
90,063
87,152
85,832
84,212
83,455
75,509
75,089
67,222
Of which:
NOTE.—Data reflect annual revisions including updated source data and improved methodologies. See July 1997 Survey of Current Busiriess for details.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
Page
TOTAL OUTPUT. INCOME, AND SPENDING
Gross Domestic Product
Real Gross Domestic Product
Implicit Price Deflators for Gross Domestic Product
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Real Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Real Gross Private Domestic Investment
Real Private Fixed Investment by Type
Business Investment and Plans
1
2
2
3
3
4
4
5
6
7
8
9
10
10
EMPLOYMENT. UNEMPLOYMENT. AND WAGES
Status of the Labor Force
Selected Unetriployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
..
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
,
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers* Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received" and Paid by Farmers
22
23
24
24
25
MONEY. CREDIT. AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
v
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
.:
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
" Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
on
38
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