Full text of Economic Indicators : June 1998
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105th Congress, 2d Session Economic Indicators June 1998 (Includes data available as of July 7, 1998) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1998 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) JIM SAXTON, New Jersey, Chairman CONNIE MACK, Florida, Vice Chairman HOUSE OF REPRESENTATIVES TOM EWING (Illinois) MARK SANFORD (South Carolina) MAC THORNBERRY (Texas) JOHN T. DOOLITTLE (California) JIM MCCRERY (Louisiana) FORTNEY PETE STARK (California) LEE H. HAMILTON (Indiana) MAURICE D. HINCHEY (New York) CAROLYN B. MALONEY (New York) SENATE WILLIAM V. ROTH, JR. (Delaware) ROBERT F. BENNETT (Utah) ROD GRAMS (Minnesota) SAM BROWNBACK (Kansas) JEFF SESSIONS (Alabama) JEFF BINGAMAN (New Mexico) PAUL S. SARBANES (Maryland) EDWARD M. KENNEDY (Massachusetts) CHARLES S. ROBB (Virginia) CHRISTOPHER FRENZE, Executive Director COUNCIL OF ECONOMIC ADVISERS JANET L. YELLEN, Chair JEFFREY A. FRANKEL, Member REBECCA M. BLANK, Member-Nominee [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled ‘‘Economic Indicators’’ Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared by the Art Production Section, Design and Graphics Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $3.00 a single copy ($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328 .ISBN 0–16–057177–4 ii TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the first quarter of 1998, according to revised estimates, current-dollar gross domestic product (GDP) rose 6.6 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 5.4 percent, and the implicit price deflator rose 1.1 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1990 ......................... 1991 ......................... 1992 ......................... 1993 ......................... 1994 ......................... 1995 ......................... 1996 ......................... 1997 ......................... 1994: I .................... II ................... III ................. IV .................. 1995: I .................... II ................... III ................. IV .................. 1996: I .................... II ................... III ................. IV .................. 1997: I .................... II ................... III ................. IV .................. 1998: I r .................. 1 GDP Personal Gross Gross conprivate domestic sumption domestic product expendi- investtures ment 5,743.8 5,916.7 6,244.4 6,558.1 6,947.0 7,265.4 7,636.0 8,079.9 6,794.3 6,911.4 6,986.5 7,095.7 7,168.9 7,209.5 7,301.3 7,381.9 7,467.5 7,607.7 7,676.0 7,792.9 7,933.6 8,034.3 8,124.3 8,227.4 8,359.3 3,839.3 3,975.1 4,219.8 4,459.2 4,717.0 4,957.7 5,207.6 5,485.8 4,616.6 4,680.5 4,750.6 4,820.2 4,871.7 4,934.8 4,990.6 5,033.8 5,105.8 5,189.1 5,227.4 5,308.1 5,405.7 5,432.1 5,527.4 5,577.8 5,667.3 799.7 736.2 790.4 876.2 1,007.9 1,038.2 1,116.5 1,242.5 963.4 1,017.9 1,007.1 1,043.1 1,050.8 1,024.0 1,028.8 1,049.1 1,060.5 1,105.4 1,149.2 1,151.1 1,193.6 1,242.0 1,250.2 1,284.1 1,359.5 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports ¥71.3 ¥20.5 ¥29.5 ¥60.7 ¥90.9 ¥86.0 ¥94.8 ¥101.1 ¥76.6 ¥87.9 ¥103.4 ¥95.6 ¥98.3 ¥105.4 ¥80.4 ¥60.1 ¥83.0 ¥93.8 ¥114.0 ¥88.6 ¥98.8 ¥88.7 ¥111.3 ¥105.3 ¥130.2 less exports of goods and services plus imports of goods and services. Imports Total Total 557.3 601.8 639.4 658.6 721.2 818.4 870.9 957.1 678.5 710.1 732.6 763.7 784.5 807.7 831.6 849.9 850.2 865.0 863.7 904.6 922.2 960.3 965.8 980.0 965.0 628.6 622.3 669.0 719.3 812.1 904.5 965.7 1,058.1 755.1 797.9 836.0 859.2 882.8 913.1 912.0 909.9 933.2 958.7 977.6 993.2 1,021.0 1,049.0 1,077.1 1,085.4 1,095.2 1,176.1 1,225.9 1,263.8 1,283.4 1,313.0 1,355.5 1,406.7 1,452.7 1,291.0 1,300.8 1,332.3 1,328.0 1,344.7 1,356.0 1,362.2 1,359.2 1,384.2 1,407.0 1,413.5 1,422.3 1,433.1 1,449.0 1,457.9 1,470.9 1,462.6 503.6 522.6 528.0 518.3 510.2 509.6 520.0 523.8 506.9 505.3 520.4 508.3 513.6 511.2 512.9 500.6 516.4 524.6 521.6 517.6 516.1 526.1 525.7 527.3 515.1 National defense 373.1 383.5 375.8 360.7 349.2 344.6 352.8 350.3 344.9 348.5 359.7 343.6 346.3 348.1 347.3 336.5 348.4 357.3 354.8 350.6 343.3 350.6 352.1 355.2 339.3 Nondefense 130.4 139.1 152.2 157.7 161.0 165.0 167.3 173.5 162.0 156.8 160.7 164.7 167.3 163.0 165.5 164.1 168.0 167.3 166.8 167.0 172.8 175.5 173.6 172.0 175.8 State and local 672.6 703.4 735.8 765.0 802.8 846.0 886.7 928.9 784.1 795.5 811.9 819.6 831.1 844.8 849.3 858.6 867.8 882.4 891.9 904.7 917.0 923.0 932.3 943.6 947.5 Final Gross sales of domestic domestic purproduct chases 1 5,735.8 5,919.0 6,237.4 6,537.6 6,885.7 7,235.3 7,610.2 8,011.5 6,741.9 6,835.1 6,936.3 7,029.6 7,116.8 7,185.0 7,281.8 7,357.4 7,456.4 7,584.3 7,638.9 7,761.0 7,867.4 7,953.2 8,075.3 8,150.2 8,250.5 5,815.1 5,937.2 6,274.0 6,618.8 7,037.9 7,351.4 7,730.9 8,181.0 6,870.9 6,999.2 7,090.0 7,191.3 7,267.2 7,314.8 7,381.7 7,442.0 7,550.5 7,701.5 7,790.0 7,881.5 8,032.4 8,123.1 8,235.6 8,332.7 8,489.4 Addendum: Gross national product 5,764.9 5,932.4 6,255.5 6,576.8 6,955.2 7,270.6 7,637.7 8,060.1 6,811.2 6,920.3 6,992.3 7,096.8 7,175.1 7,220.6 7,298.3 7,388.5 7,475.3 7,610.5 7,669.1 7,796.1 7,919.2 8,013.6 8,103.5 8,204.2 8,340.7 Source: Department of Commerce, Bureau of Economic Analysis. 1 REAL GROSS DOMESTIC PRODUCT [Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates] Period Gross domestic product Personal consumption expenditures Gross private domestic investment Nonresidential fixed investment Residential fixed investment Exports and imports of goods and services Change in business inventories Federal Net exports .................. .................. .................. .................. .................. .................. .................. .................. 6,136.3 6,079.4 6,244.4 6,389.6 6,610.7 6,742.1 6,928.4 7,188.8 4,132.2 4,105.8 4,219.8 4,343.6 4,486.0 4,595.3 4,714.1 4,867.5 585.2 547.7 557.9 600.2 648.4 706.5 771.7 848.3 220.6 193.4 225.6 242.6 267.0 257.0 272.1 279.5 10.4 ¥61.9 ¥3.0 ¥22.3 7.0 ¥29.5 22.1 ¥70.2 60.6 ¥104.6 27.3 ¥98.8 25.0 ¥114.4 65.7 ¥146.5 1994: I ............. II ............ III .......... IV ........... 6,524.5 6,600.3 6,629.5 6,688.6 4,439.4 4,472.2 4,498.2 4,534.1 626.2 641.2 653.2 672.9 261.3 271.5 269.4 265.9 1995: I ............. II ............ III .......... IV ........... 1996: I ............. II ............ III .......... IV ........... 1997: I ............. II ............ III .......... IV ........... 1998: I r ........... 6,703.7 6.708.8 6,759.2 6,796.5 6,826.4 6,926.0 6,943.8 7,017.4 7,101.6 7,159.6 7,214.0 7,280.0 7,375.7 4,551.3 4,583.5 4,612.9 4,633.5 4,669.4 4,712.2 4,718.2 4,756.4 4,818.1 4,829.4 4,896.2 4,926.1 4,998.7 695.7 705.4 708.2 716.8 736.9 759.7 789.3 800.8 808.9 837.0 874.5 872.7 909.2 261.2 250.4 255.5 260.8 266.1 277.2 274.1 271.1 273.3 278.2 280.1 286.3 297.7 1990 1991 1992 1993 1994 1995 1996 1997 Government consumption expenditures and gross investment Exports Imports Total Total National defense Nondefense State and local Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 564.4 626.3 599.9 622.2 639.4 669.0 658.2 728.4 712.4 817.0 791.2 890.1 857.0 971.5 962.7 1,109.2 1,250.4 1,258.0 1,263.8 1,252.1 1,252.3 1,251.9 1,257.9 1,269.6 541.9 539.4 528.0 505.7 486.6 470.3 464.2 457.0 401.5 397.5 375.8 354.4 336.9 322.6 317.8 308.6 140.5 142.0 152.2 151.2 149.5 147.5 146.1 147.9 708.6 718.7 735.8 746.4 765.7 781.6 793.7 812.7 6,126.7 6,082.6 6,237.4 6,368.9 6,551.2 6,712.7 6,901.0 7,118.3 6,199.8 6,101.6 6,274.0 6,459.0 6,712.7 6,837.5 7,037.7 7,324.6 6,157.0 6,094.9 6,255.5 6,408.0 6,619.1 6,748.7 6,932.0 7,174.4 53.1 ¥97.6 75.9 ¥103.9 49.7 ¥111.1 63.6 ¥105.9 676.0 704.1 722.1 747.3 773.6 808.0 833.2 853.2 1,241.9 1,243.3 1,268.1 1,255.8 487.2 481.2 496.4 481.7 335.1 335.9 347.0 329.6 151.9 145.1 149.4 151.7 754.7 762.2 771.7 774.1 6,473.0 6,526.7 6,580.4 6,624.8 6,620.2 6,701.8 6,737.5 6,791.3 6,540.5 6,609.3 6,635.6 6,691.2 ¥113.5 ¥112.8 ¥92.9 ¥76.1 ¥100.8 ¥112.6 ¥138.9 ¥105.6 ¥126.3 ¥136.6 ¥164.1 ¥159.1 ¥208.4 760.4 777.4 802.4 824.6 828.2 847.4 851.4 901.1 922.7 962.5 973.0 992.7 989.6 873.9 890.3 895.4 900.7 929.0 960.0 990.2 1,006.6 1,048.9 1,099.1 1,137.1 1,151.8 1,198.0 1,257.7 1,257.3 1,255.0 1,237.7 1,243.2 1,265.1 1,261.5 1,261.8 1,260.5 1,270.1 1,273.4 1,274.4 1,264.1 480.4 474.9 473.4 452.6 460.9 470.7 465.7 459.6 452.8 460.1 458.8 456.1 444.3 328.7 327.4 324.0 310.3 314.9 323.2 319.4 313.6 303.9 309.4 310.3 311.1 295.5 151.4 147.3 149.1 142.1 145.7 147.2 146.0 145.7 148.5 150.2 148.0 144.8 148.2 777.3 782.3 781.5 785.1 782.4 794.4 795.9 802.3 807.7 810.1 814.7 818.3 819.9 6,654.3 6,685.3 6,739.3 6,771.9 6,815.0 6,902.3 6,905.0 6,981.7 7,034.1 7,077.7 7,160.3 7,201.1 7,266.4 6,813.2 6,817.3 6,848.9 6,870.4 6,923.2 7,033.6 7,075.3 7,118.4 7,220.9 7,286.9 7,364.6 7,426.1 7,563.5 6,711.3 6,721.0 6,758.3 6,804.2 6,834.7 6,930.1 6,940.2 7,023.1 7,091.8 7,144.4 7,198.8 7,262.6 7,362.6 48.5 21.6 17.0 22.2 8.0 21.3 37.9 32.9 63.7 77.6 47.5 74.0 105.7 1 GDP less exports of goods and services plus imports of goods and services. NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [Index numbers, 1992=100; quarterly data are seasonally adjusted] Personal consumption expenditures Period 1990 1991 1992 1993 1994 1995 1996 1997 Gross domestic product Total Durable goods Nondurable goods Gross private domestic investment Services Exports and imports of goods and services Government consumption expenditures and gross investment Federal Nonresidential fixed Residential fixed Exports Imports Total National defense Nondefense State and local .................. .................. .................. .................. .................. .................. .................. .................. 93.60 97.32 100.00 102.64 105.09 107.76 110.21 112.40 92.91 96.82 100.00 102.66 105.15 107.89 110.47 112.70 96.59 98.54 100.00 101.22 103.27 104.27 103.83 102.12 94.62 98.06 100.00 101.46 102.77 104.48 107.15 109.15 91.22 95.78 100.00 103.62 106.85 110.53 113.76 117.02 98.41 99.92 100.00 100.65 101.89 102.33 101.26 99.84 97.80 98.85 100.00 103.71 107.11 110.93 113.64 117.07 98.74 100.31 100.00 100.07 101.23 103.44 101.61 99.41 100.37 100.02 100.00 98.75 99.39 101.62 99.40 95.39 92.93 96.88 100.00 102.50 104.85 108.34 112.02 114.62 92.93 96.47 100.00 101.76 103.64 106.83 111.02 113.50 92.84 97.94 100.00 104.29 107.70 111.88 114.47 117.31 94.91 97.86 100.00 102.49 104.85 108.24 111.71 114.30 1994: I ............. II ........... III .......... IV .......... 104.13 104.71 105.39 106.09 103.99 104.66 105.61 106.31 102.28 102.99 103.84 103.94 101.89 102.20 103.32 103.65 105.50 106.35 107.24 108.27 101.35 101.83 102.19 102.17 105.77 106.35 107.46 108.84 100.36 100.84 101.45 102.19 97.61 98.75 100.33 100.71 104.03 105.01 104.83 105.53 102.91 103.73 103.68 104.26 106.68 108.04 107.56 108.53 103.89 104.37 105.20 105.89 1995: I ............. II ........... III .......... IV .......... 106.94 107.46 108.02 108.61 107.04 107.66 108.19 108.64 104.31 104.34 104.28 104.17 103.85 104.31 104.70 105.05 109.37 110.22 110.94 111.57 102.18 102.43 102.43 102.28 110.19 110.65 111.13 111.74 103.18 103.89 103.63 103.06 101.02 102.56 101.86 101.02 106.91 107.63 108.34 110.60 105.37 106.35 107.20 108.47 110.49 110.66 111.05 115.49 106.92 107.99 108.67 109.35 1996: I ............. II ........... III .......... IV .......... 109.39 109.84 110.54 111.05 109.35 110.12 110.79 111.60 104.34 103.88 103.69 103.41 106.02 107.03 107.28 108.25 112.26 113.19 114.28 115.25 101.87 101.26 101.18 100.80 112.29 112.80 114.36 115.10 102.66 102.07 101.44 110.39 100.46 99.87 98.73 98.66 112.04 111.46 111.99 112.62 110.64 110.56 111.07 111.80 115.34 113.66 114.23 114.66 110.93 111.07 112.07 112.76 1997: I ............. II ........... III .......... IV .......... 111.71 112.22 112.62 113.01 112.20 112.48 112.89 113.23 103.24 102.46 101.71 101.14 108.89 108.88 109.23 109.59 116.01 116.69 117.41 117.95 100.29 99.91 99.71 99.47 115.68 116.65 117.56 118.33 99.95 99.77 99.26 98.73 97.34 95.44 94.73 94.23 113.98 114.34 114.58 115.59 112.99 113.31 113.47 114.20 116.39 116.82 117.24 118.83 113.52 113.94 114.43 115.31 1998: I r ........... 113.34 113.38 100.69 109.23 118.50 98.76 118.51 97.51 91.41 115.95 114.83 118.63 115.56 Source: Department of Commerce, Bureau of Economic Analysis. 2 GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 1992=100 Period 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1993: 1994: 1995: 1996: 1997: 1998: ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... I .......................................................... II ......................................................... III ....................................................... IV ........................................................ I .......................................................... II ......................................................... III ....................................................... IV ........................................................ I .......................................................... II ......................................................... III ....................................................... IV ........................................................ I .......................................................... II ......................................................... III ....................................................... IV ........................................................ I .......................................................... II ......................................................... III ....................................................... IV ........................................................ I r ......................................................... 1 Percent Real GDP (chain-type quantity index) GDP (current dollars) 70.82 75.14 80.87 87.10 91.98 94.75 100.00 105.02 111.25 116.35 122.29 129.39 103.20 104.24 105.29 107.36 108.81 110.68 111.88 113.63 114.80 115.45 116.92 118.22 119.59 121.83 122.93 124.80 127.05 128.66 130.10 131.76 133.87 GDP implicit price deflator GDP chain-type price index 87.88 90.47 93.93 97.08 98.27 97.36 100.00 102.32 105.87 107.97 110.95 115.12 101.34 101.85 102.39 103.72 104.49 105.70 106.17 107.11 107.36 107.44 108.24 108.84 109.32 110.92 111.20 112.38 113.73 114.66 115.53 116.58 118.12 80.58 83.06 86.10 89.72 93.64 97.32 100.00 102.64 105.09 107.76 110.22 112.45 101.85 102.38 102.83 103.52 104.16 104.74 105.39 106.07 106.93 107.49 108.03 108.60 109.35 109.86 110.59 111.10 111.78 112.27 112.67 113.07 113.40 changes based on unrounded data. Quarterly percent changes are at annual rates. Real GDP (chain-type quantity index) GDP (current dollars) 80.58 83.06 86.09 89.72 93.60 97.32 100.00 102.64 105.09 107.76 110.21 112.40 101.84 102.35 102.83 103.51 104.13 104.71 105.39 106.09 106.94 107.46 108.02 108.61 109.39 109.84 110.54 111.05 111.71 112.22 112.62 113.01 113.34 5.8 6.1 7.6 7.7 5.6 3.0 5.5 5.0 5.9 4.6 5.1 5.8 3.9 4.1 4.1 8.1 5.5 7.1 4.4 6.4 4.2 2.3 5.2 4.5 4.7 7.7 3.6 6.2 7.4 5.2 4.6 5.2 6.6 GDP chain-type price index 3.1 2.9 3.8 3.4 1.2 ¥.9 2.7 2.3 3.5 2.0 2.8 3.8 .1 2.0 2.1 5.3 3.0 4.7 1.8 3.6 .9 .3 3.0 2.2 1.8 6.0 1.0 4.3 4.9 3.3 3.1 3.7 5.4 GDP implicit price deflator 2.6 3.1 3.7 4.2 4.4 3.9 2.8 2.6 2.4 2.5 2.3 2.0 3.9 2.1 1.8 2.7 2.5 2.2 2.5 2.6 3.3 2.1 2.0 2.1 2.8 1.9 2.7 1.9 2.4 1.8 1.4 1.4 1.2 2.6 3.1 3.7 4.2 4.3 4.0 2.8 2.6 2.4 2.5 2.3 2.0 3.9 2.0 1.9 2.7 2.4 2.2 2.6 2.7 3.3 2.0 2.1 2.2 2.9 1.7 2.6 1.9 2.4 1.8 1.4 1.4 1.1 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS–OUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Current-dollar cost and profit per unit of real output (dollars) 1 Gross domestic product of nonfinancial corporate business (billions of dollars) Period 1990 ................................................................................. 1991 ................................................................................. 1992 ................................................................................. 1993 ................................................................................. 1994 ................................................................................. 1995 ................................................................................. 1996 ................................................................................. 1997 ................................................................................. 1994: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1995: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1996: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1997: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1998: I r .......................................................................... 1 Output Current dollars Chained (1992) dollars 3,084.0 3,132.1 3,262.6 3,430.4 3,709.7 3,905.3 4,132.4 4,402.8 3,624.5 3,668.9 3,729.1 3,816.4 3,833.6 3,860.4 3,940.4 3,986.8 4,030.7 4,112.9 4,165.8 4,220.1 4,299.7 4,361.1 4,446.3 4,504.1 4,581.8 3,210.2 3,168.8 3,262.6 3,374.4 3,586.3 3,719.7 3,887.8 4,108.4 3,526.1 3,559.8 3,594.6 3,664.9 3,664.9 3,683.2 3,747.7 3,782.9 3,801.8 3,872.4 3,913.7 3,963.5 4,022.2 4,068.9 4,146.5 4,196.1 4,269.3 Total cost and profit 2 is measured by GDP of nonfinancial corporate business in chained (1992) dollars. is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left. 2 This Consumption of fixed capital 0.961 .988 1.000 1.017 1.034 1.050 1.063 1.072 1.028 1.031 1.037 1.041 1.046 1.048 1.051 1.054 1.060 1.062 1.064 1.065 1.069 1.072 1.072 1.073 1.073 0.096 .101 .101 .101 .101 .100 .101 .101 .106 .099 .099 .098 .099 .101 .100 .101 .101 .101 .101 .101 .101 .101 .100 .100 .100 Indirect business tax, etc.3 0.092 .100 .103 .106 .108 .107 .108 .107 .108 .108 .109 .108 .108 .108 .107 .107 .109 .109 .108 .108 .107 .107 .107 .106 .106 Compensation of employees 0.640 .660 .673 .679 .677 .687 .690 .698 .673 .677 .679 .678 .687 .689 .685 .686 .687 .689 .691 .693 .697 .698 .695 .702 .704 Corporate profits with inventory valuation and capital consumption adjustments Total 0.086 .085 .091 .103 .122 .128 .140 .145 .115 .120 .124 .129 .123 .122 .132 .133 .138 .140 .141 .142 .143 .144 .149 .145 .143 Profits tax liability 0.030 .027 .028 .031 .036 .037 .040 .040 .034 .035 .036 .038 .038 .037 .037 .037 .039 .040 .040 .040 .040 .040 .042 .040 .037 Profits after tax 4 0.056 .058 .063 .072 .086 .090 .101 .105 .081 .085 .087 .090 .084 .086 .094 .096 .099 .100 .101 .102 .103 .104 .107 .105 .106 Net interest 0.046 .042 .032 .028 .027 .027 .023 021 .026 .026 .027 .028 .029 .028 .027 .026 .025 .024 .022 .021 .021 .021 .021 .021 .021 3 Indirect business tax and nontax liability plus business transfer payments less subsidies. inventory valuation and capital consumption adjustments. Source: Department of Commerce, Bureau of Economic Analysis. 4 With 3 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] National income Period 1991 ......................................... 1992 ......................................... 1993 ......................................... 1994 ......................................... 1995 ......................................... 1996 ......................................... 1997 ........................................ 1994: I .................................... II .................................. III ................................. IV ................................. 1995: I .................................... II .................................. III ................................. IV ................................. 1996: I .................................... II .................................. III ................................. IV ................................. 1997: I .................................... II .................................. III ................................. IV ................................. 1998: I r .................................. 1 Includes 4,761.6 4,990.4 5,266.8 5,590.7 5,912.3 6,254.5 6,649.7 5,423.2 5,556.3 5,636.1 5,747.3 5,807.9 5,862.4 5,953.4 6,025.5 6,108.8 6,229.4 6,303.3 6,376.5 6,510.0 6,599.0 6,699.6 6,790.1 6,905.6 Compensation of employees1 Proprietors’ income with inventory valuation and capital consumption adjustments Farm 3,457.9 3,644.9 3,814.9 4,012.0 4,215.4 4,426.9 4,703.6 3,937.4 3,988.0 4,028.7 4,093.9 4,153.2 4,187.9 4,238.0 4,282.6 4,322.2 4,403.9 4,461.0 4,520.7 4,606.3 4,663.4 4,725.2 4,819.6 4,914.5 Nonfarm 29.3 37.1 32.4 36.9 23.4 37.2 40.7 46.4 38.8 33.2 29.1 20.6 21.3 22.9 28.9 31.9 36.5 40.1 40.4 40.2 43.6 40.9 38.2 31.0 347.2 386.7 418.4 434.7 465.5 483.1 503.8 417.5 435.9 438.4 447.0 457.6 463.1 468.7 472.6 477.4 483.5 483.7 487.9 494.4 500.0 506.3 514.3 523.5 employer contributions for social insurance. (See also p. 5.) Rental income of persons with capital consumption adjustment 67.9 79.4 105.7 124.4 132.8 146.3 147.9 112.7 126.0 130.1 128.9 130.5 132.3 131.5 137.1 143.4 144.6 148.0 149.2 149.0 148.7 148.0 145.7 144.0 Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Total 411.3 428.0 492.8 570.5 650.0 735.9 805.0 512.0 562.0 590.1 617.7 613.2 628.0 672.8 685.7 717.7 738.5 739.6 747.8 779.6 795.1 827.3 818.1 827.7 378.2 398.9 456.9 519.1 598.4 674.1 735.3 470.8 510.2 535.0 560.3 560.4 577.2 621.4 634.5 659.8 676.8 676.4 683.4 711.9 725.7 757.1 746.5 754.0 Profits before tax Inventory valuation adjustment 374.2 406.4 465.4 535.1 622.6 676.6 729.8 475.1 525.3 556.2 583.9 610.7 615.0 630.6 634.1 664.9 682.2 679.1 680.0 708.4 719.8 753.4 737.3 723.8 4.0 ¥7.5 ¥8.5 ¥16.1 ¥24.3 ¥2.5 5.5 ¥4.3 ¥15.1 ¥21.2 ¥23.6 ¥50.3 ¥37.8 ¥9.3 .4 ¥5.1 ¥5.4 ¥2.7 3.3 3.5 5.9 3.6 9.2 30.1 Capital consumption adjustment Net interest 33.1 29.1 36.0 51.4 51.6 61.8 69.7 41.2 51.8 55.1 57.4 52.9 50.8 51.5 51.1 57.9 61.6 63.2 64.4 67.7 69.4 70.3 71.6 73.7 448.0 414.3 402.5 412.3 425.1 425.1 448.7 397.2 405.6 415.6 430.7 432.7 429.7 419.5 418.6 416.2 422.5 430.9 430.6 440.5 448.1 451.8 454.2 465.1 Source: Department of Commerce, Bureau of Economic Analysis. REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (1992) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durable goods Period 1991 ............................... 1992 ............................... 1993 ............................... 1994 ............................... 1995 ............................... 1996 ............................... 1997 ............................... 1994: I .......................... II ......................... III ....................... IV ........................ 1995: I .......................... II ......................... III ....................... IV ........................ 1996: I .......................... II ......................... III ....................... IV ........................ 1997: I .......................... II ......................... III ....................... IV ....................... 1998: I r ........................ Total personal consumption expenditures Total durable goods Motor vehicles and parts 4,105.8 4,219.8 4,343.6 4,486.0 4,595.3 4,714.1 4,867.5 4,439.4 4,472.2 4,498.2 4,534.1 4,551.3 4,583.5 4,612.9 4,633.5 4,669.4 4,712.2 4,718.2 4,756.4 4,818.1 4,829.4 4,896.2 4,926.1 4,998.7 462.0 488.5 523.8 561.2 583.6 611.1 645.5 550.7 555.8 561.7 576.6 572.2 577.7 590.8 593.7 600.7 614.8 611.9 617.1 637.8 629.0 656.1 659.3 682.7 193.2 206.9 218.9 230.0 229.5 231.3 233.1 231.6 228.4 227.3 232.6 226.2 227.5 232.9 231.6 233.4 234.2 229.7 228.0 233.4 223.1 238.7 237.3 240.8 Furniture and household equipment 177.0 189.4 207.8 229.4 248.4 269.5 296.4 219.1 226.1 232.2 240.3 241.4 244.6 251.5 256.2 259.2 269.9 272.3 276.8 287.4 292.3 301.1 304.9 324.1 Nondurable goods Other 91.8 92.3 97.2 102.3 107.2 113.3 121.4 100.0 101.6 102.9 104.5 105.9 107.0 107.9 107.9 110.2 113.4 113.2 116.3 121.4 119.7 121.7 123.1 125.6 Total nondurable goods 1,302.9 1,321.8 1,351.0 1,389.9 1,412.6 1,432.3 1,458.5 1,378.4 1,385.5 1,393.2 1,402.5 1,408.4 1,411.6 1,413.9 1,416.3 1,422.5 1,431.6 1,433.9 1,441.2 1,457.8 1,450.0 1,465.5 1,460.9 1,484.4 1 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 4 Food 659.6 660.0 675.3 687.9 690.5 689.7 689.7 684.3 689.8 687.9 689.5 690.8 690.2 690.6 690.6 692.4 690.3 687.3 689.0 694.6 688.2 689.5 686.6 691.3 Clothing Gasoline and and oil shoes 215.9 225.5 234.2 247.1 257.5 267.7 278.0 243.1 242.7 248.1 254.7 255.3 257.0 259.1 258.7 261.6 268.4 270.8 270.0 277.1 273.8 281.3 279.6 291.7 103.4 106.6 108.7 109.8 113.1 114.1 116.0 109.2 109.6 109.9 110.7 112.7 113.2 113.0 113.6 112.9 114.5 114.1 114.8 114.7 116.1 116.2 117.0 117.6 Services Fuel oil and coal 10.8 10.9 10.7 10.7 10.5 10.6 10.0 11.9 10.2 10.7 10.2 10.0 10.6 10.4 11.1 11.1 10.4 10.6 10.3 9.4 10.1 10.4 9.9 9.1 Other 313.2 318.8 322.1 334.3 341.3 351.2 366.7 329.9 333.0 336.7 337.8 339.9 341.0 341.5 342.9 345.1 349.1 352.5 358.3 363.7 363.4 370.0 369.8 377.7 Total services 1 Housing Medical care 2,341.0 2,409.4 2,468.9 2,535.5 2,599.6 2,671.0 2,764.1 2,510.9 2,531.4 2,543.8 2,555.9 2,571.2 2,594.5 2,608.7 2,623.8 2,646.5 2,666.5 2,672.8 2,698.2 2,723.9 2,749.8 2,776.1 2,806.4 2,834.1 635.2 646.8 654.7 674.3 688.2 700.2 713.8 666.8 672.2 677.0 681.1 683.7 686.7 689.7 692.8 695.6 698.7 701.7 704.8 708.3 712.0 715.6 719.3 723.4 621.6 646.6 655.3 662.1 674.9 688.1 711.1 658.1 661.1 663.2 666.0 669.5 672.9 677.0 680.4 679.4 686.2 689.8 697.1 704.4 708.8 714.2 716.9 722.4 Source: Department of Commerce, Bureau of Economic Analysis. Retail sales of new passenger cars and light trucks (millions of units) 12.3 12.8 13.9 15.0 14.7 15.0 15.0 14.9 14.9 14.9 15.3 14.7 14.4 14.9 15.0 15.0 15.1 15.1 14.9 15.3 14.5 15.3 15.0 15.1 SOURCES OF PERSONAL INCOME Personal income rose $38.3 billion (annual rate) in May, following an increase of $28.6 billion in April. Wages and salaries increased $24.3 billion in May, following an increase of $16.8 billion in April. [Billions of dollars; monthly data at seasonally adjusted annual rates] Period Total personal income Wage and salary disbursements 1 Proprietors’ income 3 Other labor income 1 2 Farm Nonfarm Rental income of persons 4 Personal dividend income Personal interest income Transfer payments 5 Less: Personal contributions for social insurance 1990 ................................................................... 1991 ................................................................... 1992 ................................................................... 1993 ................................................................... 1994 ................................................................... 1995 ................................................................... 1996 ................................................................... 1997 ................................................................... 1997: May ......................................................... June ........................................................ July ......................................................... Aug ......................................................... Sept ........................................................ Oct .......................................................... Nov ......................................................... Dec ......................................................... 4,804.2 4,981.6 5,277.2 5,519.2 5,791.8 6,150.8 6,495.2 6,873.9 6,822.8 6,863.5 6,873.1 6,912.2 6,935.5 6,970.4 7,019.8 7,050.4 2,757.5 2,827.6 2,986.4 3,089.6 3,240.7 3,429.5 3,632.5 3,877.4 3,835.1 3,867.6 3,870.0 3,902.3 3,916.1 3,943.6 3,989.9 4,007.9 300.6 322.7 351.3 385.1 405.0 406.8 407.6 416.6 415.3 415.6 416.6 417.6 418.9 420.1 421.4 422.6 35.4 29.3 37.1 32.4 36.9 23.4 37.2 40.7 43.8 44.0 43.0 40.8 39.0 38.5 38.1 38.1 338.6 347.2 386.7 418.4 434.7 465.5 483.1 503.8 499.8 502.4 503.9 505.3 509.6 513.1 514.1 515.8 61.0 67.9 79.4 105.7 124.4 132.8 146.3 147.9 148.9 147.8 147.4 148.5 148.2 146.6 145.5 145.0 142.9 153.6 159.4 185.3 204.8 251.9 291.2 321.5 318.3 320.3 322.4 324.5 326.6 328.6 330.7 332.8 704.4 699.2 667.2 651.0 668.1 718.9 735.7 768.6 766.0 768.9 771.0 772.5 774.3 776.3 778.3 780.5 687.8 769.9 858.2 912.0 954.7 1,015.0 1,068.0 1,121.1 1,116.6 1,119.7 1,122.1 1,125.9 1,129.0 1,131.5 1,132.9 1,140.0 223.9 235.8 248.4 260.3 277.5 293.1 306.3 323.7 320.9 323.0 323.1 325.2 326.1 327.9 331.0 332.2 1998: Jan r ........................................................ Feb r ........................................................ Mar r ....................................................... Apr r ........................................................ May p ....................................................... 7,089.6 7,130.5 7,156.2 7,184.8 7,223.1 4,038.7 4,069.6 4,080.6 4,097.4 4,121.7 423.9 425.1 426.3 427.5 428.7 33.9 30.5 28.6 30.6 32.7 518.0 523.1 529.4 532.4 534.3 144.4 144.1 143.4 145.2 147.8 334.9 336.8 338.8 340.9 343.0 782.9 785.5 787.7 789.7 791.6 1,149.3 1,154.4 1,160.7 1,161.6 1,165.2 336.5 338.5 339.3 340.3 341.9 1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. 2 Consists primarily of employer contributions to private pension and private welfare funds. 3 With inventory valuation and capital consumption adjustments. capital consumption adjustment. mainly of social insurance benefits, direct relief, and veterans payments. Source: Department of Commerce, Bureau of Economic Analysis. 4 With 5 Consists 5 DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in chained (1992) dollars rose at an annual rate of 3.6 percent in the first quarter of 1998. Period Personal income Less: Personal tax and nontax payments Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (1992) dollars Per capita disposable personal income Current dollars Billions of dollars 1991 1992 1993 1994 1995 1996 1997 ................... ................... ................... ................... ................... ................... ................... 4,981.6 5,277.2 5,519.2 5,791.8 6,150.8 6,495.2 6,873.9 624.8 650.5 690.0 739.1 795.1 886.9 988.7 4,356.8 4,626.7 4,829.2 5,052.7 5,355.7 5,608.3 5,885.2 Chained (1992) dollars Per capita personal consumption expenditures Current dollars Chained (1992) dollars Dollars 4,097.4 4,341.0 4,580.7 4,842.1 5,101.1 5,368.8 5,658.5 259.5 285.6 248.5 210.6 254.6 239.6 226.7 4,500.0 4,626.7 4,703.9 4,805.1 4,964.2 5,076.9 5,221.9 17,242 18,113 18,706 19,381 20,349 21,117 21,969 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 17,809 18,113 18,221 18,431 18,861 19,116 19,493 15,732 16,520 17,273 18,093 18,837 19,608 20,478 16,249 16,520 16,825 17,207 17,460 17,750 18,170 ¥1.0 1.7 .6 1.2 2.3 1.4 2.0 6.0 6.2 5.1 4.2 4.8 4.3 3.9 252,680 255,432 258,161 260,705 263,194 265,579 267,889 18,154 18,409 18,493 18,667 18,834 18,798 18,871 18,942 19,071 19,081 19,161 19,152 19,331 19,439 19,518 19,681 19,857 17,774 17,978 18,199 18,419 18,578 18,774 18,938 19,055 19,291 19,562 19,660 19,919 20,247 20,303 20,612 20,747 21,035 17,092 17,178 17,232 17,326 17,356 17,438 17,505 17,540 17,642 17,765 17,745 17,848 18,046 18,051 18,258 18,323 18,553 ¥5.5 5.7 1.8 3.8 3.6 ¥.8 1.6 1.5 2.8 .2 1.7 ¥.2 3.8 2.3 1.6 3.4 3.6 3.4 4.2 4.4 4.7 5.3 4.6 4.5 4.6 4.7 4.1 4.5 3.9 3.7 4.2 3.5 3.9 3.6 259,738 260,351 261,040 261,692 262,235 262,847 263,527 264,169 264,680 265,258 265,887 266,491 266,987 267,545 268,171 268,854 269,429 Seasonally adjusted annual rates 1994: I .............. II ............ III ........... IV ........... 1995: I .............. II ............ III ........... IV ........... 1996: I .............. II ............ III ........... IV ........... 1997: I .............. II ............ III ........... IV ........... 1998: I r ............ 5,516.3 5,766.6 5,838.1 5,946.1 6,053.1 6,114.8 6,179.1 6,256.2 6,359.4 6,461.3 6,541.9 6,618.4 6,746.2 6,829.1 6,906.9 7,013.5 7,125.4 712.9 750.5 739.9 753.0 766.5 795.1 798.9 820.0 840.0 887.8 897.3 922.6 955.7 979.2 998.0 1,022.1 1,059.8 4,903.4 5,016.1 5,098.2 5,193.1 5,286.6 5,319.6 5,380.2 5,436.2 5,519.4 5,573.5 5,644.6 5,695.8 5,790.5 5,849.9 5,908.9 5,991.4 6,065.6 4,738.2 4,803.3 4,876.1 4,950.7 5,007.3 5,074.3 5,136.4 5,186.3 5,261.3 5,347.8 5,390.6 5,475.4 5,574.6 5,602.8 5,700.8 5,755.6 5,844.6 165.2 212.8 222.1 242.4 279.2 245.4 243.8 249.9 258.1 225.7 254.0 220.4 215.9 247.0 208.2 235.8 221.0 1 Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net). 2 Annual data are averages of quarterly data, which are averages for the period. 6 4,715.3 4,792.8 4,827.3 4,884.9 4,938.9 4,940.9 4,973.0 5,003.9 5,047.6 5,061.3 5,094.8 5,103.8 5,161.1 5,200.9 5,234.1 5,291.4 5,350.0 18,878 19,267 19,530 19,844 20,160 20,239 20,416 20,579 20,853 21,012 21,229 21,373 21,689 21,865 22,034 22,285 22,513 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the fourth quarter of 1997, according to preliminary estimates, gross farm income fell $3.4 billion (annual rate) and net farm income fell $4.0 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total 1989 ......................................................... 1990 ......................................................... 1991 ......................................................... 1992 ......................................................... 1993 ......................................................... 1994 ......................................................... 1995 ......................................................... 1996 ......................................................... 1997 p ........................................................ 1995: I .................................................... II ................................................... III ................................................. IV ................................................. 1996: I .................................................... II ................................................... III ................................................. IV ................................................. 1997: I ..................................................... II .................................................... III p ................................................ IV p ................................................ 191.9 198.1 191.9 200.5 203.6 215.7 210.9 233.5 233.4 208.7 206.8 219.2 209.0 239.4 238.8 230.8 225.0 243.9 240.7 226.2 222.8 160.8 169.5 167.9 171.4 177.7 181.2 187.7 202.3 201.8 182.5 183.0 201.9 183.4 203.7 206.0 206.3 193.3 207.7 207.6 201.7 190.3 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 83.9 89.2 85.8 85.6 90.2 88.2 87.0 92.9 93.4 83.4 81.8 96.3 86.6 90.1 90.6 96.7 94.2 93.3 94.2 95.2 91.0 Crops 76.9 80.3 82.1 85.7 87.5 93.1 100.7 109.4 108.4 99.2 101.2 105.6 96.8 113.6 115.4 109.6 99.1 114.4 113.3 106.5 99.3 Value of inventory changes 2 3.8 3.3 ¥.2 4.2 ¥4.5 8.2 ¥3.9 2.7 1.3 ¥4.8 ¥4.5 ¥3.5 ¥2.8 3.3 3.1 2.5 2.0 1.6 1.6 1.2 1.0 Production expenses 146.7 153.3 153.3 152.9 160.5 167.5 174.2 181.3 186.4 171.0 174.0 176.1 175.6 177.6 182.1 182.4 183.1 183.0 185.9 188.1 188.8 Net farm income 45.3 44.8 38.6 47.5 43.1 48.3 36.7 52.2 46.9 37.7 32.8 43.1 33.4 61.9 56.6 48.4 41.9 60.9 54.8 38.1 34.1 NOTE.—Data include net Commodity Credit Corporation loans and operator households. Quarterly data plotted for 1989 through 1993 in chart do not reflect previous revisions to annual data in table. Source: Department of Agriculture. 7 CORPORATE PROFITS In the first quarter of 1998, according to revised estimates, corporate profits before tax fell $13.5 billion (annual rate) and profits after tax fell $5.8 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period Profits before tax Nonfinancial Total 2 Total Financial Total 3 Manufacturing Wholesale Tax liability Total Dividends Undistributed profits Inventory valuation adjustment Retail .................. .................. .................. ................. ................. ................. ................. ................. 358.2 378.2 398.9 456.9 519.1 598.4 674.1 735.3 292.5 309.5 334.0 383.0 445.7 511.7 578.2 636.7 68.6 87.4 83.7 82.9 69.4 97.6 103.5 119.5 223.8 222.1 250.3 300.1 376.3 414.1 474.7 517.2 112.3 92.7 96.3 116.7 151.6 181.3 205.5 224.7 17.2 20.6 23.0 24.3 29.4 26.9 38.3 51.1 20.6 26.1 32.2 38.9 46.0 41.9 48.9 55.8 371.7 374.2 406.4 465.4 535.1 622.6 676.6 729.8 140.5 133.4 143.0 165.2 186.6 213.2 229.0 249.4 231.2 240.8 263.4 300.2 348.5 409.4 447.6 480.3 151.9 163.1 169.5 195.8 216.2 264.4 304.8 336.1 79.4 77.7 93.9 104.5 132.3 145.0 142.8 144.2 ¥13.5 4.0 ¥7.5 ¥8.5 ¥16.1 ¥24.3 ¥2.5 5.5 1994: I ............ II .......... III ......... IV ......... 470.8 510.2 535.0 560.3 398.9 437.9 460.7 485.2 44.1 72.3 81.3 80.0 354.7 365.6 379.5 405.3 149.7 138.8 151.6 166.2 28.1 33.8 27.3 28.6 41.6 47.4 47.2 47.8 475.1 525.3 556.2 583.9 163.0 182.8 194.6 206.2 312.1 342.5 361.6 377.7 203.2 211.6 220.0 230.2 108.9 131.0 141.6 147.5 ¥4.3 ¥15.1 ¥21.2 ¥23.6 1995: I ............ II .......... III ......... IV ......... 560.4 577.2 621.4 634.5 476.9 486.8 540.9 542.1 89.5 96.3 107.1 97.4 387.3 390.4 433.8 444.7 161.9 170.3 194.5 198.4 25.5 20.3 28.5 33.2 41.0 42.3 42.2 42.1 610.7 615.0 630.6 634.1 209.6 209.1 218.8 215.3 401.0 405.9 411.8 418.8 255.5 260.8 266.8 274.4 145.6 145.1 145.0 144.5 ¥50.3 ¥37.8 ¥9.3 .4 1996: I ............ II .......... III ......... IV ......... 659.8 676.8 676.4 683.4 568.7 583.5 584.6 575.8 110.4 111.5 104.0 88.1 458.3 472.0 480.7 487.8 197.1 204.8 210.5 209.7 37.2 30.8 37.7 47.4 46.0 50.6 50.6 48.3 664.9 682.2 679.1 680.0 226.2 232.2 231.6 226.0 438.7 450.0 447.5 454.0 300.7 303.7 305.7 309.1 138.0 146.4 141.8 144.9 ¥5.1 ¥5.4 ¥2.7 3.3 1997: I ............ II ........... III .......... IV ......... 1998: I r .......... 711.9 725.7 757.1 746.5 754.0 614.5 624.9 657.2 650.2 651.0 116.5 117.5 119.4 124.5 125.8 498.0 507.4 537.8 525.7 525.2 208.2 221.0 240.4 229.0 221.5 49.0 49.5 54.1 51.7 53.0 55.1 54.9 57.9 55.2 60.2 708.4 719.8 753.4 737.3 723.8 241.2 244.5 258.2 253.6 246.0 467.2 475.3 495.2 483.7 477.9 326.8 333.0 339.1 345.6 352.2 140.3 142.3 156.1 138.1 125.7 3.5 5.9 3.6 9.2 30.1 1990 1991 1992 1993 1994 1995 1996 1997 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. rest of the world, not shown separately. industries not shown separately. 2 Includes 3 Includes 8 Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the first quarter of 1998, according to revised estimates, nonresidential fixed investment in chained (1992) dollars rose $36.5 billion (annual rate) and residential investment rose $11.4 billion. There was an increase of $105.7 billion in inventories following an increase of $74.0 billion in the fourth quarter of 1997. [Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period 1990 1991 1992 1993 1994 1995 1996 1997 Gross private domestic investment Change in business inventories Nonresidential Total Total Producers’ durable equipment Residential Structures Total Nonfarm .................................................................................... .................................................................................... .................................................................................... .................................................................................... .................................................................................... .................................................................................... .................................................................................... .................................................................................... 815.0 738.1 790.4 863.6 975.7 991.5 1,069.1 1,197.0 805.8 741.3 783.4 842.8 915.5 962.1 1,041.7 1,123.6 585.2 547.7 557.9 600.2 648.4 706.5 771.7 848.3 203.3 181.6 169.2 170.8 172.5 179.9 188.7 195.4 381.9 366.2 388.7 429.6 476.8 528.3 586.0 659.0 220.6 193.4 225.6 242.6 267.0 257.0 272.1 279.5 10.4 ¥3.0 7.0 22.1 60.6 27.3 25.0 65.7 7.8 ¥1.2 2.0 29.5 49.0 35.7 22.5 57.8 1994: I .............................................................................. II ............................................................................. III ............................................................................ IV ............................................................................ 939.9 987.8 972.2 1,003.0 887.8 913.2 922.7 938.5 626.2 641.2 653.2 672.9 166.3 174.5 174.0 175.0 460.6 467.3 480.0 499.1 261.3 271.5 269.4 265.9 53.1 75.9 49.7 63.6 39.6 59.6 38.2 58.7 1995: I .............................................................................. II ............................................................................. III ............................................................................ IV ............................................................................ 1,005.8 977.5 982.0 1,000.8 955.8 954.0 962.3 976.3 695.7 705.4 708.2 716.8 179.0 180.9 181.2 178.6 518.1 525.9 528.5 540.5 261.2 250.4 255.5 260.8 48.5 21.6 17.0 22.2 54.7 34.0 29.6 24.4 1996: I .............................................................................. II ............................................................................. III ............................................................................ IV ............................................................................ 1,012.2 1,059.2 1,100.3 1,104.8 1,001.5 1,035.7 1,060.9 1,068.7 736.9 759.7 789.3 800.8 182.1 185.6 190.0 196.9 557.4 577.1 602.9 606.7 266.1 277.2 274.1 271.1 8.0 21.3 37.9 32.9 14.5 17.3 31.6 26.5 1997: I .............................................................................. II ............................................................................. III ........................................................................... IV ............................................................................ 1,149.2 1,197.1 1,204.6 1,237.2 1,079.0 1,111.4 1,149.3 1,154.6 808.9 837.0 874.5 872.7 195.9 193.5 196.7 195.5 616.6 649.3 685.3 684.8 273.3 278.2 280.1 286.3 63.7 77.6 47.5 74.0 58.3 70.1 38.3 64.5 1998: I r ............................................................................. 1,318.3 1,202.2 909.2 194.1 726.1 297.7 105.7 96.7 NOTE.—See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermedi- ate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. 9 REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Structures Period Total nonresidential Total 1 Structures Producers’ durable equipment Information processing and related equipment Nonresidential buildings, including farm Utilities Mining exploration, shafts, and wells Total 1 Total Computers and peripheral equipment 2 Other Industrial equipment Transportation and related equipment Total residential 3 Total Single family Multifamily Other 1990 ............... 1991 ............... 1992 ............... 1993 ............... 1994 ............... 1995 ............... 1996 ............... 1997 ............... 1994: I ......... II ........ III ....... IV ....... 1995: I ......... II ........ III ....... IV ....... 1996: I ......... II ........ III ....... IV ....... 1997: I ......... II ........ III ...... IV ....... 585.2 547.7 557.9 600.2 648.4 706.5 771.7 848.3 626.2 641.2 653.2 672.9 695.7 705.4 708.2 716.8 736.9 759.7 789.3 800.8 808.9 837.0 874.5 872.7 203.3 181.6 169.2 170.8 172.5 179.9 188.7 195.4 166.3 174.5 174.0 175.0 179.0 180.9 181.2 178.6 182.1 185.6 190.0 196.9 195.9 193.5 196.7 195.5 152.0 126.9 113.2 115.3 119.9 128.8 140.0 148.5 114.3 123.1 120.6 121.8 125.5 129.4 130.1 130.3 132.7 137.0 141.7 148.4 150.1 147.1 150.1 146.9 28.1 32.0 34.5 31.8 29.9 30.0 29.3 28.1 30.3 29.6 29.8 29.8 30.4 30.4 30.1 29.2 29.7 29.1 28.7 29.5 27.5 28.7 28.0 28.2 16.1 15.7 13.3 16.0 15.8 14.3 13.9 13.2 15.1 15.1 16.2 16.7 16.3 14.2 13.8 13.1 13.6 13.9 14.1 13.8 13.6 13.0 13.4 12.8 381.9 366.2 388.7 429.6 476.8 528.3 586.0 659.0 460.6 467.3 480.0 499.1 518.1 525.9 528.5 540.5 557.4 577.1 602.9 606.7 616.6 649.3 685.3 684.8 116.2 117.8 134.2 147.9 165.1 201.8 253.1 306.2 158.1 160.8 166.1 175.6 184.5 199.3 205.2 218.2 232.8 244.8 264.3 270.4 281.4 296.9 320.5 325.9 29.4 32.4 43.9 56.1 67.2 102.8 160.8 225.5 62.2 64.1 67.1 75.3 82.7 97.2 106.8 124.4 138.7 152.0 170.0 182.4 195.8 216.1 240.5 249.5 88.2 85.9 90.2 92.3 99.4 107.0 116.3 127.3 96.8 97.8 100.2 102.8 105.1 107.9 107.2 107.8 111.7 114.0 120.3 119.3 121.5 124.4 131.5 131.9 95.0 88.3 89.3 96.5 105.5 113.4 117.0 123.1 102.8 103.8 106.7 108.9 112.1 114.9 114.1 112.5 114.8 118.8 117.6 116.9 116.8 123.5 125.6 126.6 81.2 81.7 86.2 98.3 113.2 118.9 125.0 138.3 108.8 110.0 113.5 120.5 124.0 117.3 115.7 118.6 119.2 121.8 129.5 129.7 127.5 136.0 146.8 143.1 220.6 193.4 225.6 242.6 267.0 257.0 272.1 279.5 261.3 271.5 269.4 265.9 261.2 250.4 255.5 260.8 266.1 277.2 274.1 271.1 273.3 278.2 280.1 286.3 214.5 187.6 219.5 236.2 260.3 250.0 265.0 272.0 254.8 264.8 262.7 259.0 254.3 243.6 248.5 253.8 259.1 270.0 266.9 263.9 265.9 270.8 272.6 278.7 110.4 96.4 116.5 127.1 140.1 126.9 136.6 136.7 139.4 144.5 140.5 136.1 131.4 123.1 124.3 128.9 133.1 138.6 138.3 136.2 136.2 136.5 135.7 138.4 19.7 15.4 13.1 10.6 13.6 16.9 18.6 20.2 11.4 13.0 14.7 15.5 16.4 16.3 17.2 17.7 18.9 20.2 17.5 18.0 19.6 20.4 19.6 21.1 84.4 75.7 89.9 98.6 106.5 106.7 110.2 115.7 103.8 107.2 107.6 107.6 106.8 104.7 107.6 107.7 107.5 111.7 111.5 110.0 110.5 114.4 117.9 119.9 1998: I r ........ 909.2 194.1 147.4 29.3 12.4 726.1 357.9 299.8 136.3 129.3 150.0 297.7 289.9 145.5 22.3 122.8 1 Includes NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. other items, not shown separately. 2 Includes new computers and peripheral equipment only. 3 Includes producers’ durable equipment, not shown separately. BUSINESS INVESTMENT AND PLANS [Billions of dollars] By industry Period Total expenditures Total Mining and construction Manufacturing Total Durable goods Nondurable goods Transportation Communications Utilities Wholesale and retail trade Finance, insurance, and real estate Services Serving multiple industries Not distributed by industry 1993 1 ................................ 489.7 488.2 31.2 134.1 66.4 67.7 30.6 37.1 41.3 60.3 40.2 111.8 1.7 1.4 1994 2 ................................ 549.9 547.8 36.1 153.3 78.9 74.4 33.3 41.5 42.2 68.9 46.8 123.5 2.2 2.2 1995 3 ................................ 594.5 591.7 36.0 172.3 91.4 80.9 37.0 46.0 42.8 75.1 57.3 123.7 1.5 2.8 1996 4 ................................ 603.4 600.7 33.6 184.8 100.2 84.6 35.2 46.3 40.6 71.9 57.7 129.4 1.3 2.7 1 Estimates collected from the 1993 Annual Capital Expenditures Survey. 2 Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data are scheduled for release in summer 1996. 3 Revised estimates collected from the March 1996 Investment Plans Survey. Final data will be available upon release of the 1995 Annual Capital Expenditures Survey. 4 Estimates of planned capital expenditures from the March 1996 Investment Plans Survey. 10 NOTE.—Data for 1994–1996 from Business Investment and Plans released March 28, 1996. Data for 1993 from Annual Capital Expenditures: 1993. The Business Investment and Plans release has been discontinued effective with release of the March 1996 survey estimates. Estimates of business investment and plans will be available annually with release of the Annual Capital Expenditures Survey. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In June, employment fell by 244,000, and unemployment rose by 327,000. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period Civilian noninstitutional population NSA Civilian labor force Nonagricultural Total Agricultural Total Percent 2 Unemployment Part time for economic reasons 1 Total 15 weeks and over Not in labor force Labor force participation rate Employment/ population ratio Unemployment rate 1988 ..................................... 1989 ..................................... 1990 3 ................................... 1991 ..................................... 1992 ..................................... 1993 ..................................... 1994 4 ................................... 1995 ..................................... 1996 ..................................... 1997 3 ................................... 1997: June .......................... July .......................... Aug .......................... Sept .......................... Oct ........................... Nov .......................... Dec ........................... 184,613 186,393 189,164 190,925 192,805 194,838 196,814 198,584 200,591 203,133 203,000 203,166 203,364 203,570 203,767 203,941 204,098 121,669 123,869 125,840 126,346 128,105 129,200 131,056 132,304 133,943 136,297 136,206 136,294 136,404 136,439 136,406 136,864 137,169 114,968 117,342 118,793 117,718 118,492 120,259 123,060 124,900 126,708 129,558 129,392 129,661 129,747 129,761 129,910 130,575 130,777 3,169 3,199 3,223 3,269 3,247 3,115 3,409 3,440 3,443 3,399 3,389 3,452 3,379 3,422 3,327 3,384 3,385 111,800 114,142 115,570 114,449 115,245 117,144 119,651 121,460 123,264 126,159 126,003 126,209 126,368 126,339 126,583 127,191 127,392 4,965 4,657 4,950 5,874 6,240 6,230 4,414 4,279 4,123 3,879 3,819 3,858 3,832 3,739 3,732 3,689 3,654 6,701 6,528 7,047 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,814 6,633 6,657 6,678 6,496 6,289 6,392 1,610 1,375 1,525 2,357 3,408 3,094 2,860 2,363 2,316 2,062 2,069 2,128 2,027 2,109 1,990 1,865 1,964 62,944 62,523 63,324 64,578 64,700 65,638 65,758 66,280 66,647 66,837 66,794 66,872 66,960 67,131 67,361 67,077 66,929 65.9 66.5 66.5 66.2 66.4 66.3 66.6 66.6 66.8 67.1 67.1 67.1 67.1 67.0 66.9 67.1 67.2 62.3 63.0 62.8 61.7 61.5 61.7 62.5 62.9 63.2 63.8 63.7 63.8 63.8 63.7 63.8 64.0 64.1 5.5 5.3 5.6 6.8 7.5 6.9 6.1 5.6 5.4 4.9 5.0 4.9 4.9 4.9 4.8 4.6 4.7 1998: Jan 3 ......................... Feb ........................... Mar ........................... Apr ........................... May ........................... June .......................... 204,238 204,400 204,547 204,731 204,899 205,085 137,493 137,557 137,523 137,242 137,364 137,447 131,083 131,163 130,994 131,383 131,453 131,209 3,319 3,335 3,132 3,350 3,335 3,343 127,764 127,829 127,862 128,033 128,118 127,867 3,865 3,743 3,726 3,608 3,630 3,676 6,409 6,393 6,529 5,859 5,910 6,237 1,811 1,830 1,731 1,417 1,462 1,621 66,745 66,844 67,024 67,489 67,535 67,639 67.3 67.3 67.2 67.0 67.0 67.0 64.2 64.2 64.0 64.2 64.2 64.0 4.7 4.6 4.7 4.3 4.3 4.5 1 Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc. 2 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 3 Not strictly comparable with earlier data. 4 Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire. NOTE.—Data beginning January 1998 reflect new composite estimation procedures and revised population controls. See Employment and Earnings, February 1998, for details. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In June, the unemployment rate rose to 4.5 percent from 4.3 percent in May. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By sex and age Period 1988 ........................... 1989 ........................... 1990 ........................... 1991 ........................... 1992 ........................... 1993 ........................... 1994 2 ......................... 1995 ........................... 1996 ........................... 1997 ........................... 1997: June ................ July ................. Aug ................. Sept ................. Oct .................. Nov ................. Dec .................. 1998: Jan .................. Feb .................. Mar ................. Apr .................. May ................. June ................ 1 Revised 2 Data 12 All civilian workers 5.5 5.3 5.6 6.8 7.5 6.9 6.1 5.6 5.4 4.9 5.0 4.9 4.9 4.9 4.8 4.6 4.7 4.7 4.6 4.7 4.3 4.3 4.5 Men 20 years and over Women 20 years and over 4.8 4.5 5.0 6.4 7.1 6.4 5.4 4.8 4.6 4.2 4.2 4.1 4.1 4.1 4.1 3.9 4.1 3.8 3.8 3.9 3.4 3.5 3.7 4.9 4.7 4.9 5.7 6.3 5.9 5.4 4.9 4.8 4.4 4.4 4.3 4.3 4.3 4.1 4.0 4.0 4.4 4.3 4.3 4.1 3.9 4.1 By race Both sexes 16–19 years White 15.3 15.0 15.5 18.7 20.1 19.0 17.6 17.3 16.7 16.0 16.5 16.3 16.2 16.4 15.5 15.2 14.3 14.1 14.7 15.0 13.1 14.2 14.6 definition; for details, see Employment and Earnings, February 1994. beginning January 1994 are not directly comparable with data for earlier periods. 4.7 4.5 4.8 6.1 6.6 6.1 5.3 4.9 4.7 4.2 4.3 4.2 4.2 4.2 4.1 3.9 3.9 4.0 3.9 4.1 3.6 3.7 4.0 Black and other 10.4 10.0 10.1 11.1 12.7 11.7 10.5 9.6 9.3 8.8 8.9 8.4 8.4 8.4 8.2 8.4 8.6 8.3 8.3 8.2 7.5 7.6 7.3 By selected groups Black 11.7 11.4 11.4 12.5 14.2 13.0 11.5 10.4 10.5 10.0 10.3 9.6 9.5 9.6 9.6 9.7 9.9 9.3 9.7 9.2 8.9 9.0 8.2 Experienced wage and salary workers 5.2 5.0 5.3 6.6 7.2 6.6 5.9 5.4 5.2 4.7 4.8 4.6 4.7 4.7 4.5 4.4 4.5 4.5 4.4 4.5 4.0 4.3 4.3 Married men, spouse present 3.3 3.0 3.4 4.4 5.1 4.4 3.7 3.3 3.0 2.7 2.7 2.6 2.6 2.6 2.6 2.4 2.6 2.6 2.5 2.5 2.2 2.4 2.2 Women who maintain families Full-time workers 1 Part-time workers 1 8.1 8.1 8.3 9.3 10.0 9.7 8.9 8.0 8.2 8.1 8.0 7.6 8.0 7.8 7.8 8.1 7.7 7.6 7.6 7.6 7.6 7.7 6.9 5.3 5.1 5.4 6.8 7.5 6.9 6.1 5.5 5.3 4.8 4.9 4.8 4.7 4.7 4.7 4.4 4.6 4.5 4.5 4.5 4.2 4.2 4.4 6.4 6.2 6.4 7.0 7.5 7.2 6.0 6.0 5.8 5.5 5.3 5.4 5.5 5.5 5.3 5.4 5.0 5.4 5.2 5.7 4.8 4.7 5.2 NOTE.—Data relate to persons age 16 years and over. Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In June, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks and over fell; the percentages for 5–14 weeks and for 15–26 weeks rose. The mean duration of unemployment fell to 13.8 weeks and the median duration rose to 6.6 weeks. [Monthly data seasonally adjusted, except as noted] Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unemployment: percent distribution State programs Number of weeks 27 weeks and over Average (mean) Median Job losers 1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Weekly average, thousands 1988 ........................................... 1989 ........................................... 1990 ........................................... 1991 ........................................... 1992 ........................................... 1993 ........................................... 1994 3 ......................................... 1995 ........................................... 1996 ........................................... 1997 ........................................... 1997: June ................................ July ................................. Aug ................................. Sept ................................. Oct .................................. Nov ................................. Dec .................................. 1998: Jan .................................. Feb .................................. Mar ................................. Apr .................................. May ................................. June ................................ 6,701 6,528 7,047 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,814 6,633 6,657 6,678 6,496 6,289 6,392 6,409 6,393 6,529 5,859 5,910 6,237 46.0 48.6 46.3 40.3 35.1 36.5 34.1 36.5 36.4 37.7 37.4 36.7 38.2 37.0 39.6 38.2 39.4 39.7 41.2 43.5 44.2 43.5 40.5 30.0 30.3 32.0 32.4 29.4 28.9 30.1 31.6 31.6 31.7 32.2 31.4 31.6 31.5 29.6 32.3 30.0 31.4 30.0 30.1 31.9 32.3 33.5 12.0 11.2 11.7 14.4 15.1 14.5 15.5 14.6 14.6 14.8 15.2 15.9 14.2 15.4 14.2 14.2 14.6 12.3 13.4 12.8 9.8 10.8 13.7 12.1 9.9 10.0 12.9 20.3 20.1 20.3 17.3 17.4 15.8 15.3 16.0 16.0 16.1 16.6 15.2 16.0 16.6 15.3 13.6 14.0 13.3 12.4 1 Beginning January 1994, job losers and persons who completed temporary jobs. 2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation or Emergency Unemployment Compensation programs. 13.5 11.9 12.0 13.7 17.7 18.0 18.8 16.6 16.7 15.8 15.3 16.5 15.8 15.9 16.3 15.6 16.3 15.6 15.6 14.3 14.3 14.6 13.8 5.9 4.8 5.3 6.8 8.7 8.3 9.2 8.3 8.3 8.0 7.9 8.2 7.9 8.1 7.7 7.8 7.7 7.4 7.2 6.8 6.4 5.9 6.6 46.1 45.7 48.1 54.4 56.1 54.2 47.7 46.9 46.6 45.1 45.7 44.8 45.4 45.0 45.4 45.6 46.7 44.1 43.7 45.9 44.9 45.8 45.4 14.7 15.7 14.8 11.6 10.4 10.9 9.9 11.1 10.7 11.8 12.2 12.3 13.5 12.8 11.3 10.3 10.8 12.7 12.3 11.5 10.7 12.4 12.3 27.0 28.2 27.4 24.8 23.8 24.6 34.8 34.1 34.7 34.7 34.5 34.3 32.8 33.9 34.7 35.2 33.9 35.0 35.5 34.1 35.7 33.6 33.7 12.2 10.4 9.8 9.2 9.7 10.3 7.6 7.8 8.0 8.4 7.5 8.6 8.4 8.4 8.6 8.8 8.6 8.1 8.5 8.5 8.7 8.2 8.6 2,081 2,158 2,522 3,342 3,245 2,751 2,670 2,572 2,595 2,321 2,305 2,302 2,300 2,231 2,230 2,247 2,283 2,251 2,187 2,165 2,127 2,103 .............. 310 330 388 447 408 341 340 357 356 324 339 318 325 310 310 319 315 318 309 309 309 316 p 350 2,135 2,205 2,575 3,406 3,348 2,845 2,739 2,633 2,650 2,365 2,215 2,236 2,115 1,978 1,754 2,016 2,436 2,755 2,774 2,790 r 2,249 1,998 ................. 3 Data beginning January 1994 are not directly comparable with data for earlier periods. 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 205,000 in June. (Series revised). [Thousands of wage and salary workers; 1 seasonally adjusted] Goods-producing industries Period 1988 ..................... 1989 ..................... 1990 ..................... 1991 ..................... 1992 ..................... 1993 ..................... 1994 ..................... 1995 ..................... 1996 r ................... 1997 r ................... 1997: June r ........ July r ......... Aug r ......... Sept r ......... Oct r .......... Nov r ......... Dec r .......... 1998: Jan r .......... Feb r .......... Mar r ......... Apr r .......... May p ......... June p ........ Total nonagricultural employment 105,209 107,884 109,403 108,249 108,601 110,713 114,163 117,191 119,608 122,690 122,534 122,811 122,894 123,280 123,568 123,944 124,289 124,640 124,832 124,914 125,234 125,543 125,748 Service-producing industries Manufacturing Total 2 25,125 25,254 24,905 23,745 23,231 23,352 23,908 24,265 24,493 24,934 24,903 24,923 24,972 24,993 25,032 25,099 25,193 25,297 25,314 25,276 25,339 25,301 25,291 Construction 5,098 5,171 5,120 4,650 4,492 4,668 4,986 5,160 5,418 5,686 5,668 5,682 5,699 5,713 5,722 5,750 5,810 5,881 5,902 5,860 5,930 5,917 5,937 Total 19,314 19,391 19,076 18,406 18,104 18,075 18,321 18,524 18,495 18,657 18,642 18,648 18,681 18,686 18,718 18,758 18,791 18,824 18,822 18,829 18,827 18,805 18,776 Durable goods 11,363 11,394 11,109 10,569 10,277 10,221 10,448 10,683 10,789 10,987 10,966 10,988 11,028 11,030 11,060 11,094 11,118 11,154 11,159 11,166 11,170 11,156 11,145 Nondurable goods 7,951 80,084 7,997 82,630 7,968 84,497 7,837 84,504 7,827 85,370 7,854 87,361 7,873 90,256 7,841 92,925 7,706 95,115 7,670 97,756 7,676 97,631 7,660 97,888 7,653 97,922 7,656 98,287 7,658 98,536 7,664 98,845 7,673 99,096 7,670 99,343 7,663 99,518 7,663 99,638 7,657 99,895 7,649 100,242 7,631 100,457 1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total in this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample 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 14 Total Transportation and public utilities 5,512 5,614 5,777 5,755 5,718 5,811 5,984 6,132 6,253 6,395 6,405 6,411 6,264 6,435 6,453 6,456 6,451 6,473 6,494 6,504 6,513 6,530 6,544 Wholesale trade 6,030 6,187 6,173 6,081 5,997 5,981 6,162 6,378 6,482 6,648 6,632 6,655 6,671 6,679 6,697 6,711 6,731 6,759 6,769 6,783 6,798 6,813 6,828 Retail trade 19,023 19,475 19,601 19,284 19,356 19,773 20,507 21,187 21,597 22,011 21,987 21,987 22,043 22,078 22,105 22,206 22,245 22,280 22,283 22,259 22,335 22,414 22,467 Finance, insurance, Services and real estate 6,630 6,668 6,709 6,646 6,602 6,757 6,896 6,806 6,911 7,091 7,072 7,095 7,110 7,125 7,151 7,172 7,194 7,213 7,232 7,258 7,289 7,310 7,340 25,504 26,907 27,934 28,336 29,052 30,197 31,579 33,117 34,454 36,040 35,992 36,148 36,225 36,363 36,484 36,638 36,795 36,932 37,020 37,106 37,196 37,349 37,485 Government Total 17,386 17,779 18,304 18,402 18,645 18,841 19,128 19,305 19,419 19,570 19,543 19,592 19,609 19,607 19,646 19,662 19,680 19,686 19,720 19,728 19,764 19,826 19,793 Federal 2,971 2,988 3,085 2,966 2,969 2,915 2,870 2,822 2,757 2,699 2,697 2,691 2,691 2,684 2,690 2,689 2,688 2,670 2,676 2,671 2,674 2,671 2,668 are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where persons are counted only once—as employed, unemployed, or not in the labor force. 2 Includes mining, not shown separately. Note.—Series reflects annual benchmarking and seasonal adjustment revisions released June 5, 1998. Unadjusted data revised beginning April 1996; seasonally adjusted data revised beginning 1993. See Employment and Earnings, June 1998, for details. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average weekly hours Average gross hourly earnings Manufacturing Period 1988 ........................ 1989 ........................ 1990 ........................ 1991 ........................ 1992 ........................ 1993 ........................ 1994 ........................ 1995 ........................ 1996r ...................... 1997r ...................... 1997: June r ......... July r .......... Aug r .......... Sept r .......... Oct r ........... Nov r ........... Dec r ........... 1998: Jan r ........... Feb r ........... Mar r .......... Apr r ............ May p .......... June p .......... Total private nonagricultural 1 34.7 34.6 34.5 34.3 34.4 34.5 34.7 34.5 34.4 34.6 34.5 34.5 34.7 34.6 34.6 34.7 34.7 34.8 34.7 34.6 34.5 34.7 34.6 Total 41.1 41.0 40.8 40.7 41.0 41.4 42.0 41.6 41.6 42.0 41.9 41.9 41.9 41.9 42.0 42.1 42.2 42.1 42.0 41.8 41.4 41.8 41.8 Average gross weekly earnings Total private nonagricultural 1 Overtime 3.9 3.8 3.6 3.6 3.8 4.1 4.7 4.4 4.5 4.8 4.7 4.8 4.8 4.7 4.8 4.9 4.9 4.9 4.8 4.8 4.5 4.6 4.6 Current dollars $9.28 9.66 10.01 10.32 10.57 10.83 11.12 11.43 11.82 12.28 12.24 12.27 12.34 12.37 12.43 12.47 12.50 12.54 12.59 12.63 12.70 12.73 12.74 1982 dollars 2 $7.69 7.64 7.52 7.45 7.41 7.39 7.40 7.39 7.43 7.55 7.54 7.55 7.58 7.58 7.60 7.62 7.63 7.66 7.69 7.72 7.74 7.73 .............. Total private nonagricultural 1 Manufacturing $10.19 10.48 10.83 11.18 11.46 11.74 12.07 12.37 12.77 13.17 13.11 13.13 13.20 13.22 13.30 13.34 13.37 13.38 13.42 13.46 13.44 13.46 13.46 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982=100 base). 3 Based on seasonally unadjusted data. Percent change from a year earlier, total private nonagricultural 3 Current dollars Current dollars 1982 dollars 2 Manufacturing Construction Retail trade $322.02 334.24 345.35 353.98 363.61 373.64 385.86 394.34 406.61 424.89 422.28 423.32 428.20 428.00 430.08 432.71 433.75 436.39 436.87 437.00 438.15 441.73 440.80 $266.79 264.22 259.47 255.40 254.99 254.87 256.73 255.07 255.73 261.31 260.18 260.50 262.86 262.09 262.89 264.33 264.80 266.42 266.71 266.95 267.00 268.37 .............. $418.81 429.68 441.86 455.03 469.86 486.04 506.94 514.59 531.23 553.14 549.31 550.15 553.08 553.92 558.60 561.61 564.21 563.30 563.64 562.63 556.42 562.63 562.63 $495.73 513.17 526.01 533.40 537.70 553.63 573.00 587.00 603.33 623.57 621.23 623.61 623.13 629.51 629.01 620.37 637.26 647.55 640.53 631.40 636.62 635.74 634.37 $183.62 188.72 194.40 198.48 205.06 209.95 216.46 221.47 230.11 241.03 239.04 240.74 242.73 243.34 245.34 246.21 245.94 248.24 249.11 249.70 252.30 253.75 252.59 Current dollars 3.0 3.8 3.3 2.5 2.7 2.8 3.3 2.2 3.1 4.5 3.7 4.4 4.5 3.4 4.7 5.2 3.5 4.9 4.4 3.8 3.6 4.5 3.3 1982 dollars ¥0.9 ¥1.0 ¥1.8 ¥1.6 ¥.2 ¥.0 .7 ¥.6 .3 2.2 1.5 2.2 2.3 1.3 2.7 3.5 2.0 3.5 3.3 2.7 2.3 3.0 .............. Note.—Series reflect annual benchmaking and seasonal adjustment revisions, as well as reporting improvements, released June 5, 1998. Unadjusted data revised beginning April 1996; seasonally adjusted data revised beginning 1989. See Employment and Earnings, June 1998, for details. Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits 1 Total compensation Wages and salaries 12 months earlier Benefits 1 Total compensation Wages and salaries 4.8 4.8 4.6 4.4 3.5 3.6 3.1 2.6 3.1 3.4 4.1 4.1 4.0 3.7 2.6 3.1 2.8 2.8 3.4 3.9 Benefits 1 Not seasonally adjusted 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec .................................................................... .................................................................... .................................................................... .................................................................... .................................................................... .................................................................... .................................................................... ................................................................... .................................................................... .................................................................... 97.6 102.3 107.0 111.7 115.6 119.8 123.5 126.7 130.6 135.1 98.0 102.0 106.1 110.0 112.9 116.4 119.7 123.1 127.3 132.3 96.7 102.6 109.4 116.2 122.2 128.3 133.0 135.9 138.6 141.8 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. Seasonally adjusted 1994: Mar ................................................................... June .................................................................. Sept ................................................................... Dec .................................................................... 1995: Mar ................................................................... June .................................................................. Sept ................................................................... Dec .................................................................... 1996: Mar ................................................................... June .................................................................. Sept ................................................................... Dec .................................................................... 1997: Mar ................................................................... June .................................................................. Sept ................................................................... Dec .................................................................... 1998: Mar ................................................................... 120.8 121.8 122.8 123.5 124.4 125.3 126.1 126.9 127.7 128.8 129.7 130.6 131.4 132.6 133.7 135.1 136.0 117.1 118.1 119.0 119.8 120.6 121.5 122.4 123.2 124.4 125.6 126.5 127.4 128.5 129.7 131.0 132.5 133.6 1 Employer costs for employee benefits. NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. 130.4 131.5 132.8 133.5 133.9 134.6 135.3 136.0 136.1 137.0 137.8 138.6 138.8 139.7 140.4 141.7 142.1 0.8 .8 .8 .6 .7 .7 .6 .6 .6 .9 .7 .7 .6 .9 .8 1.0 .7 6.9 6.1 6.6 6.2 5.2 5.0 3.7 2.2 2.0 2.3 Not seasonally adjusted 0.5 .9 .8 .7 .7 .7 .7 .7 1.0 1.0 .7 .7 .9 .9 1.0 1.1 .8 1.2 .8 1.0 .5 .3 .5 .5 .5 .1 .7 .6 .6 .1 .6 .5 .9 .3 3.3 3.4 3.3 3.1 2.9 2.8 2.6 2.6 2.7 2.9 2.9 3.1 3.0 2.9 3.2 3.4 3.5 2.9 3.1 2.9 2.8 2.9 2.9 2.8 2.8 3.2 3.4 3.3 3.4 3.4 3.3 3.6 3.9 4.0 4.4 3.9 4.0 3.7 2.9 2.6 2.1 2.2 1.6 1.7 1.8 2.0 2.0 2.0 2.0 2.3 2.3 Data exclude farm and household workers. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output 1 Business sector Hours of all persons 2 Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector Indexes, 1992=100; quarterly data seasonally adjusted 1990 1991 1992 1993 1994 1995 1996 1997 ........................... ........................... ........................... ........................... ........................... ........................... ........................... ........................... 96.1 96.7 100.0 100.2 100.6 100.5 102.6 104.5 96.2 96.9 100.0 100.1 100.5 100.7 102.6 104.3 98.6 96.9 100.0 102.7 107.0 109.5 113.3 118.3 98.8 97.1 100.0 103.0 107.0 109.8 113.6 118.6 102.6 100.2 100.0 102.6 106.3 108.9 110.4 113.3 102.7 100.2 100.0 102.8 106.4 109.0 110.7 113.7 90.7 95.1 100.0 102.6 104.3 106.9 111.1 115.4 90.6 95.1 100.0 102.3 104.1 106.7 110.8 115.0 97.4 97.9 100.0 99.6 98.7 98.4 99.3 100.9 97.3 97.9 100.0 99.3 98.5 98.3 99.1 100.6 94.4 98.3 100.0 102.4 103.7 106.3 108.3 110.5 94.1 98.1 100.0 102.2 103.6 106.0 108.0 110.3 94.1 97.7 100.0 102.5 104.8 107.2 109.2 111.1 93.8 97.6 100.0 102.5 104.9 107.3 109.1 111.0 1994: I ...................... II ..................... III ................... IV .................... 100.7 100.7 100.5 100.7 100.6 100.7 100.4 100.7 105.2 106.9 107.3 108.5 105.2 106.9 107.3 108.6 104.5 106.1 106.7 107.7 104.6 106.1 106.8 107.8 104.1 104.0 104.4 105.0 103.8 103.9 104.2 104.9 99.5 98.8 98.3 98.3 99.3 98.7 98.1 98.2 103.3 103.2 103.9 104.3 103.2 103.1 103.8 104.2 103.9 104.4 105.1 105.8 103.8 104.5 105.3 106.0 1995: I ..................... II .................... III .................. IV ................... 100.1 100.3 100.6 101.2 100.3 100.5 100.8 101.4 108.7 108.7 109.8 110.7 108.9 108.9 110.2 111.0 108.6 108.3 109.2 109.3 108.6 108.4 109.3 109.5 105.7 106.5 107.3 108.3 105.5 106.3 107.1 108.1 98.2 98.2 98.4 98.7 98.1 98.0 98.3 98.6 105.5 106.1 106.7 107.0 105.2 105.8 106.3 106.7 106.5 107.0 107.4 107.8 106.8 107.2 107.5 107.8 1996: I ..................... II .................... III .................. IV ................... 102.0 102.8 102.6 103.1 102.1 102.8 102.6 103.1 111.4 113.2 113.5 115.0 111.7 113.5 113.8 115.3 109.2 110.1 110.6 111.5 109.4 110.4 110.9 111.9 109.3 110.8 111.8 112.7 109.1 110.5 111.4 112.3 98.9 99.3 99.6 99.6 98.7 99.1 99.3 99.3 107.2 107.8 108.9 109.3 106.9 107.5 108.6 109.0 108.4 108.9 109.6 110.0 108.4 108.8 109.4 109.8 1997: I ..................... II .................... III .................. IV .................... 103.5 104.1 105.0 105.4 103.4 104.0 104.9 105.3 116.6 117.8 118.8 120.2 116.9 118.0 119.1 120.5 112.7 113.1 113.1 114.0 113.1 113.5 113.5 114.5 113.8 114.7 115.9 117.5 113.5 114.4 115.5 117.0 100.1 100.5 101.1 101.9 99.8 100.2 100.7 101.4 110.0 110.2 110.4 111.5 109.8 110.0 110.1 111.1 110.6 111.0 111.3 111.5 110.5 110.9 111.2 111.5 1998: I r * .................. 105.9 105.6 122.0 122.3 115.2 115.9 118.8 118.2 102.9 102.4 112.2 112.0 111.6 111.7 Percent change; quarterly data at seasonally adjusted annual rates 1990 1991 1992 1993 1994 1995 1996 1997 ........................... ........................... ........................... ........................... ........................... ........................... .......................... ........................... 0.7 .7 3.4 .2 .4 ¥.0 2.0 1.8 0.5 .7 3.2 .1 .4 .2 1.9 1.7 0.8 ¥1.7 3.2 2.7 4.1 2.3 3.5 4.5 0.7 ¥1.8 3.0 3.0 3.9 2.6 3.5 4.5 0.1 ¥2.3 ¥.2 2.6 3.7 2.4 1.4 2.6 0.2 ¥2.5 ¥.2 2.8 3.5 2.4 1.6 2.7 5.7 4.8 5.2 2.6 1.6 2.5 3.9 3.9 5.5 4.9 5.2 2.3 1.7 2.5 3.8 3.8 0.3 .6 2.1 ¥.4 ¥.9 ¥.3 .9 1.6 0.1 .7 2.1 ¥.7 ¥.8 ¥.3 .8 1.5 5.0 4.1 1.7 2.4 1.2 2.6 1.8 2.0 5.0 4.2 1.9 2.2 1.4 2.4 1.9 2.1 4.0 3.8 2.4 2.5 2.2 2.3 1.9 1.7 4.2 4.1 2.4 2.5 2.3 2.3 1.7 1.7 1993: I ..................... II .................... III .................. IV ................... ¥3.8 ¥1.3 .8 4.3 ¥4.0 ¥1.8 1.7 3.3 ¥1.2 2.7 2.8 7.1 ¥.8 2.6 3.9 6.1 2.8 4.0 2.0 2.7 3.3 4.5 2.2 2.7 2.5 2.5 1.8 1.6 1.9 2.0 1.6 1.7 ¥.4 ¥.5 ¥.1 ¥1.6 ¥.9 ¥.9 ¥.3 ¥1.5 6.6 3.9 1.0 ¥2.6 6.1 3.9 ¥.1 ¥1.5 3.5 2.1 1.6 2.7 3.8 1.7 1.5 2.6 1994: I ..................... II .................... III .................. IV ................... ¥.9 0 ¥.8 .6 ¥1.0 .6 ¥1.2 1.1 2.6 6.4 1.5 4.5 1.6 6.6 1.5 5.0 3.5 6.4 2.3 3.9 2.7 5.9 2.6 3.8 3.0 ¥.2 1.6 2.4 3.3 .3 1.2 2.7 1.1 ¥2.7 ¥2.1 ¥.1 1.3 ¥2.2 ¥2.4 .2 3.9 ¥.2 2.4 1.8 4.4 ¥.2 2.4 1.5 2.0 2.1 2.7 2.5 2.1 2.5 3.2 2.4 1995: I ..................... II .................... III .................. IV ................... ¥2.3 .9 1.0 2.6 ¥1.8 .8 1.4 2.2 .8 .2 4.2 3.0 1.2 .2 4.6 3.0 3.1 ¥.8 3.1 .4 3.1 ¥.7 3.1 .7 2.4 3.2 3.0 3.9 2.3 3.1 3.1 3.7 ¥.2 ¥.1 .9 1.4 ¥.3 ¥.3 1.0 1.2 4.8 2.3 2.0 1.2 4.2 2.3 1.7 1.4 2.9 1.6 1.7 1.3 3.1 1.5 1.2 1.0 1996: I ..................... II .................... III .................. IV ................... 3.1 3.1 ¥.7 2.0 2.8 2.9 ¥.7 1.9 2.8 6.6 .9 5.4 2.6 6.8 1.0 5.4 ¥.3 3.4 1.6 3.3 ¥.3 3.8 1.7 3.5 3.7 5.5 3.6 3.4 3.9 5.1 3.3 3.4 .6 1.7 1.2 0 .7 1.3 .8 .0 .7 2.3 4.4 1.4 1.0 2.2 4.0 1.5 2.3 2.1 2.4 1.7 2.3 1.7 2.0 1.7 1997: I ..................... II .................... III .................. IV .................... 1.6 2.2 3.5 1.6 1.1 2.3 3.6 1.4 5.9 3.9 3.6 4.8 5.6 3.8 3.7 4.9 4.2 1.6 .1 3.2 4.5 1.5 .1 3.5 4.1 3.1 4.2 5.6 4.3 3.2 3.8 5.2 1.9 1.8 2.2 3.4 2.0 1.8 1.8 3.1 2.5 .9 .7 3.9 3.1 .9 .2 3.8 2.0 1.5 1.1 .9 2.4 1.4 1.2 1.0 1998: I r * .................. 1.7 1.1 6.0 6.0 4.2 4.8 4.4 4.2 3.9 3.7 2.7 3.1 .4 .8 1 Output refers to real gross domestic product originating in the sector. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–U). 5 Current dollar gross domestic output divided by the output index. 16 NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released May 28, 1998. Other data for 1998:I shown elsewhere in this issue were issued June 25, 1998. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization rose in May. [Monthly data seasonally adjusted] Total industrial production Percent Period 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Index, 1992=100 From preceding month Industry production indexes, 1992=100 change 1 From year earlier Capacity utilization rate, percent 2 Manufacturing Total Durable Nondurable Mining Utilities Total industry Manufacturing ........................................... ........................................... ........................................... ........................................... ........................................... ........................................... ........................................... ........................................... ........................................... .......................................... 97.4 99.1 98.9 97.0 100.0 103.6 109.2 114.5 118.5 124.5 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 4.5 1.8 ¥.2 ¥2.0 3.1 3.6 5.4 4.9 3.5 5.0 97.1 99.0 98.5 96.2 100.0 103.8 110.0 116.0 120.2 127.0 98.1 100.5 99.0 95.5 100.0 105.7 114.4 123.9 131.7 142.3 96.0 97.3 97.9 97.0 100.0 101.7 105.2 107.4 108.0 111.1 104.7 103.2 104.8 102.6 100.0 100.1 102.6 102.3 103.9 106.0 93.9 97.1 98.3 100.4 100.0 103.9 105.3 109.0 112.5 112.5 84.0 84.1 82.3 79.3 80.2 81.3 83.1 83.4 82.4 82.7 83.8 83.6 81.4 77.9 79.4 80.5 82.5 82.8 81.4 81.7 1997: May ................................ June ............................... July ................................ Aug ................................. Sept ................................ Oct ................................. Nov ................................ Dec ................................. 123.3 123.5 124.5 125.2 125.6 126.5 127.5 127.9 0.2 .2 .8 .6 .3 .8 .8 .3 4.3 3.9 4.7 5.0 5.0 5.8 5.8 5.7 125.7 126.1 126.9 127.9 128.0 129.1 130.4 130.9 140.1 141.2 142.4 144.3 144.4 145.5 147.7 148.6 110.7 110.5 110.9 111.0 111.3 112.2 112.6 112.9 106.7 105.7 106.5 106.3 106.5 105.9 106.1 105.7 111.8 110.9 113.8 113.0 115.1 116.9 115.3 114.3 82.4 82.3 82.6 82.8 82.7 83.0 83.3 83.3 81.4 81.3 81.5 81.8 81.6 81.9 82.3 82.3 1998: Jan ................................ Feb r ............................... Mar r ............................... Apr r ............................... May p .............................. 127.8 127.3 127.8 128.2 128.8 ¥.1 ¥.4 .4 .3 .5 5.4 4.3 4.4 4.1 4.4 131.1 130.6 130.6 131.2 131.5 148.3 147.8 148.1 148.9 149.6 113.6 113.0 112.6 113.2 113.1 108.4 108.8 107.8 107.6 108.9 108.7 108.2 115.0 112.5 115.7 82.9 82.2 82.2 82.1 82.2 82.1 81.4 81.0 81.1 80.9 1 Percent 2 Output changes based on unrounded indexes. as percent of capacity. Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1992=100; monthly data seasonally adjusted] Products Materials Final products Intermediate products Consumer goods Equipment Period Total Total 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Durable goods Nondurable goods Total 1 Business Defense and space equipment Total Construction supplies Business supplies Total Energy ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... 97.9 99.9 99.5 97.7 100.0 103.4 107.5 111.3 114.6 119.6 96.7 97.7 97.3 97.0 100.0 103.0 107.1 109.9 111.8 114.4 99.8 101.3 98.0 93.0 100.0 109.2 119.5 121.6 125.8 131.3 95.9 96.7 97.1 98.1 100.0 101.5 104.0 106.9 108.3 110.2 99.9 103.7 103.2 98.8 100.0 104.1 108.1 113.8 119.6 128.8 93.5 98.8 98.2 95.7 100.0 105.8 112.5 121.5 129.7 141.9 117.1 117.4 115.9 106.7 100.0 93.8 86.9 81.4 76.9 75.2 102.5 102.9 101.9 97.5 100.0 102.5 106.3 108.3 110.8 115.1 106.3 105.5 102.9 96.2 100.0 103.4 110.6 112.6 117.4 121.8 100.3 101.3 101.4 98.3 100.0 101.9 103.7 105.7 106.9 111.1 95.1 97.0 97.2 95.9 100.0 104.1 112.3 120.8 126.2 134.1 98.5 99.5 100.6 100.8 100.0 99.6 101.4 102.6 103.5 103.9 1997: May .................................................... June ................................................... July .................................................... Aug ..................................................... Sept ................................................... Oct ..................................................... Nov ..................................................... Dec ..................................................... 118.6 118.6 119.2 120.5 120.3 121.5 122.5 122.2 113.9 113.5 113.9 114.6 114.5 115.9 116.7 115.9 128.8 129.8 128.1 132.1 131.9 131.4 136.5 134.7 110.1 109.4 110.3 110.3 110.2 112.1 111.8 111.3 126.8 127.7 128.6 130.9 130.6 131.3 132.8 133.4 139.0 140.2 141.6 144.6 144.4 145.5 147.5 148.6 75.6 76.0 74.9 75.0 74.7 74.7 74.5 74.5 114.9 114.7 114.6 115.3 115.2 116.3 117.3 117.4 122.2 122.2 121.2 122.7 120.4 121.3 123.6 123.2 110.6 110.2 110.6 111.0 112.2 113.4 113.5 113.9 132.4 133.0 134.9 134.9 136.1 136.7 137.7 138.9 103.7 103.2 104.6 103.9 105.5 104.7 103.9 104.2 1998: Jan ..................................................... Feb r ................................................... Mar r ................................................... Apr r ................................................... May p .................................................. 122.6 121.5 122.4 123.1 123.7 116.6 115.1 116.0 116.5 117.0 135.6 134.3 134.6 135.7 137.2 112.0 110.4 111.5 111.8 112.1 133.1 133.1 133.6 134.8 135.5 147.3 146.8 147.8 149.9 150.5 75.7 75.9 75.2 75.1 76.2 117.4 117.6 117.5 117.5 117.9 125.2 126.2 124.9 124.7 125.4 112.9 112.6 113.1 113.2 113.4 138.2 138.2 138.5 138.5 139.2 103.7 103.7 105.7 105.3 107.7 1 Includes oil and gas well drilling and manufactured homes, not shown separately. [1992=100; monthly data seasonally adjusted] Durable manufactures Primary metals Period Total 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Iron and steel Fabricated metal products Industrial machinery and equipment Electrical machinery Nondurable manufactures Transportation equipment Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... 106.2 104.9 104.0 96.7 100.0 105.7 113.4 117.2 118.9 124.5 107.6 106.2 106.4 96.0 100.0 107.1 113.7 117.7 117.6 122.8 106.1 104.8 101.2 96.2 100.0 104.4 112.2 116.6 119.6 122.9 97.1 103.0 100.1 95.4 100.0 109.9 124.8 142.7 155.3 171.4 82.5 85.8 87.7 89.6 100.0 110.7 133.2 170.9 199.3 231.5 101.1 105.1 102.3 96.5 100.0 103.8 107.1 105.7 106.5 115.6 100.2 101.2 95.3 88.5 100.0 113.6 129.8 131.0 130.2 137.2 105.1 104.3 101.6 94.5 100.0 100.8 105.9 107.8 111.8 114.9 103.5 100.3 97.2 97.8 100.0 102.4 106.5 107.1 102.2 99.6 103.4 103.5 103.1 99.1 100.0 100.6 100.7 101.5 101.5 104.9 92.2 95.1 97.3 96.4 100.0 101.4 104.7 107.5 110.5 115.3 94.9 95.9 97.0 98.4 100.0 102.0 103.7 106.8 107.3 109.6 1997: May .................................................... June ................................................... July .................................................... Aug ..................................................... Sept ................................................... Oct ..................................................... Nov ..................................................... Dec ..................................................... 124.2 124.9 125.2 125.5 125.9 127.4 128.9 127.2 123.9 122.6 122.2 121.8 124.5 126.4 127.0 126.1 122.7 121.9 122.4 122.8 122.7 124.4 124.7 126.7 168.0 168.8 172.2 175.9 173.7 176.5 177.7 178.6 226.3 229.7 235.5 236.8 237.5 240.8 247.4 249.9 110.8 113.0 112.2 117.0 118.8 118.3 121.6 123.4 129.2 132.5 130.0 138.9 141.2 139.6 145.9 146.6 116.4 117.0 116.1 115.4 113.3 112.9 117.0 114.4 99.8 99.6 99.7 99.1 99.1 99.3 98.6 99.3 104.5 104.1 104.1 104.4 105.1 106.7 107.4 107.1 114.5 114.6 114.3 114.5 115.6 116.7 116.5 118.2 109.2 108.8 110.0 108.9 108.6 109.2 110.9 110.9 1998: Jan ..................................................... Feb r ................................................... Mar r ................................................... Apr r ................................................... May p .................................................. 129.3 128.1 126.9 126.0 126.4 127.9 127.0 126.6 124.9 125.6 125.6 124.3 124.7 124.6 124.6 180.3 179.4 182.9 184.4 185.7 252.9 254.1 253.8 256.5 258.9 119.9 118.8 117.9 119.0 120.0 138.3 136.7 135.3 138.7 139.5 114.8 116.7 115.4 116.2 116.5 99.3 97.7 98.1 98.0 97.4 106.5 105.6 104.5 104.7 104.8 118.7 117.6 118.1 118.5 118.2 112.9 112.0 111.6 112.5 112.8 Source: Board of Governors of the Federal Reserve System. 18 NEW CONSTRUCTION [Monthly data seasonally adjusted] Construction contracts 3 Private Period Total new construction expenditures Residential Total New housing units Total 1 Commercial and industrial 2 Other Federal and State and local Total value index (1992=100) Commercial and industrial floor space (millions of square feet) Billions of dollars 1988 ........................................ 1989 ........................................ 1990 ........................................ 1991 ........................................ 1992 ........................................ 1993 ........................................ 1994 r ....................................... 1995 r ....................................... 1996 r ....................................... 1997 r ....................................... 455.6 469.8 468.5 424.2 452.1 478.6 519.5 538.1 583.6 618.2 360.9 371.6 361.1 314.1 336.2 362.7 399.3 407.5 446.3 471.2 198.1 196.6 182.9 157.8 187.8 210.5 238.9 230.7 256.5 265.6 1997: May r ............................ June r ........................... July r ............................ Aug r ............................ Sept r ............................ Oct r ............................. Nov r ............................. Dec r ............................. 610.8 611.6 620.5 623.4 623.3 626.6 623.1 626.3 466.3 465.2 473.3 475.5 475.9 477.5 475.3 478.4 265.8 262.9 263.2 263.5 266.1 268.6 268.9 273.0 1998: Jan r ............................. Feb r ............................. Mar r ............................ Apr r ............................. May p ............................ 633.7 638.2 639.9 643.4 633.5 487.8 490.9 494.3 497.5 493.4 279.0 282.5 286.0 288.7 286.6 138.9 139.2 128.0 110.6 129.6 144.1 167.9 162.9 179.4 187.1 109.6 118.0 119.4 93.7 82.2 84.4 93.3 107.9 119.6 127.7 53.2 57.1 58.8 62.6 66.2 67.8 67.1 68.9 70.2 77.8 94.7 98.2 107.5 110.1 115.8 116.0 120.2 130.7 137.3 147.1 104 108 98 92 100 108 118 121 131 140 187.0 184.5 184.7 185.1 187.8 190.9 190.8 194.6 123.9 125.8 131.8 132.3 128.2 128.0 126.5 125.7 76.6 76.5 78.4 79.7 81.6 80.9 80.0 79.7 144.5 146.5 147.2 147.9 147.4 149.1 147.7 147.9 145 145 141 140 141 141 142 142 853 ...................... ...................... ...................... ...................... ...................... ...................... ...................... 197.2 200.6 203.6 206.1 203.8 129.9 127.8 127.6 129.1 127.5 78.9 80.6 80.7 79.6 79.3 145.9 147.3 145.6 145.9 140.2 141 143 138 139 135 ...................... ...................... ...................... ...................... ...................... Annual rates 1 Includes Annual rates Note.—Data beginning 1994 for new construction expenditures revised to reflect annual revisions. residential improvements, not shown separately. hotels and motels. Dodge series. 2 Includes 3 F.W. 973 961 783 577 556 589 744 862 875 961 Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies, Inc., F.W. Dodge Division. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] New private housing units Period Total 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ New private homes Units started, by type of structure 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 1,474.0 1 unit 1,081.3 1,003.3 894.8 840.4 1,029.9 1,125.7 1,198.4 1,076.2 1,160.9 1,133.7 2–4 units 5 or more units 58.8 55.2 37.5 35.6 30.7 29.4 35.0 33.7 45.2 44.5 348.0 317.6 260.4 137.9 139.0 132.6 223.5 244.1 270.8 295.8 Units authorized 1,455.6 1,338.4 1,110.8 948.8 1,094.9 1,199.1 3 1,371.6 1,332.5 1,425.6 1,441.1 Units completed Homes sold Homes for sale at end of period 1 Vacancy rate for rental housing units (percent) 2 1,529.8 1,422.8 1,308.0 1,090.8 1,157.5 1,192.7 1,346.9 1,312.6 1,412.9 1,400.5 676 650 534 509 610 666 670 667 757 804 368 365 321 284 265 293 336 370 322 282 7.7 1,387 1,307 1,331 1,335 1,433 1,384 1,432 1,413 764 810 808 799 809 805 875 805 289 288 288 286 284 284 280 282 ...................... 7.9 ...................... ...................... 7.9 ...................... ...................... 7.7 281 281 284 286 289 ...................... ...................... 7.7 ...................... ...................... 2 7.4 7.2 7.4 7.4 2 7.3 7.4 7.6 7.8 7.7 Seasonally adjusted annual rates 1997: May .............................. June ............................. July .............................. Aug .............................. Sept .............................. Oct ............................... Nov .............................. Dec .............................. 1,404 1,502 1,461 1,383 1,501 1,529 1,523 1,540 1,095 1,132 1,144 1,076 1,174 1,124 1,167 1,130 34 40 38 43 45 64 40 62 275 330 279 264 282 341 316 348 1,422 1,398 1,441 1,445 1,475 1,502 1,475 1,467 1998: Jan ............................... Feb ............................... Mar r ............................ Apr r ............................. May p ............................ 1,545 1,616 1,585 1,541 1,530 1,225 1,263 1,239 1,233 1,228 49 63 45 44 40 271 290 301 264 262 1,553 1,635 1,569 1,517 1,543 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. 1,314 853 r 1,461 r 878 1,486 1,500 1,455 834 887 890 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 fell 0.3 percent and inventories rose $1.6 billion. According to advance data, retail sales rose 0.9 percent in May, following a rise of 0.7 percent in April. Manufacturing and trade 1 Wholesale Retail Inventory-sales ratio 4 Sales 2 Period Sales 2 Inventories 3 Sales 2 Inventories 3 Total Durable goods stores Inventories 3 Nondurable goods stores Total Durable goods stores Nondurable goods stores Manufacturing and trade 1 Retail Millions of dollars, seasonally adjusted, except as noted 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... 1997: Apr r ....................... May ........................ June ....................... July ........................ Aug ......................... Sept ........................ Oct .......................... Nov ......................... Dec ......................... 497,157 527,039 545,909 542,815 567,176 595,015 637,695 682,062 716,480 751,255 767,222 815,455 840,622 834,595 842,880 869,466 932,418 989,759 1,007,352 1,050,536 134,521 143,760 149,506 148,306 154,150 161,560 172,870 188,837 200,115 208,342 178,801 187,009 195,769 200,389 208,242 216,919 235,328 253,556 256,442 273,298 745,576 1,020,298 1,022,394 1,029,681 1,031,527 1,032,780 1,040,059 1,043,457 1,046,599 1,050,536 207,649 207,947 208,624 209,473 205,671 210,706 210,040 208,413 209,816 259,404 260,210 265,152 263,299 265,112 268,772 269,182 270,955 273,298 r 742,171 749,425 757,399 751,871 761,560 759,217 757,282 763,417 1998: Jan ......................... 762,880 1,051,959 210,224 272,130 Feb ......................... 770,071 1,059,340 211,312 275,750 r Mar ....................... 775,497 1,065,896 213,781 277,624 p Apr ....................... 773,384 1,067,492 213,997 275,831 p May ...................... ................ .................. ................ ................ 138,017 146,581 153,718 154,661 162,632 172,820 185,823 194,109 205,100 213,851 85,587 91,818 97,981 100,497 103,999 107,824 112,314 115,798 121,055 125,665 219,047 237,234 239,780 243,256 252,091 268,409 292,062 307,114 316,476 323,647 112,453 121,347 121,159 119,100 123,116 134,600 152,004 163,421 168,891 174,430 106,594 115,887 118,621 124,156 128,975 133,809 140,058 143,693 147,585 149,217 1.49 1.52 1.52 1.53 1.48 1.44 1.41 1.43 1.40 1.37 1.54 1.58 1.56 1.54 1.52 1.51 1.51 1.56 1.52 1.50 319,386 318,724 319,706 321,626 319,221 322,135 322,136 321,462 323,647 171,266 170,795 171,645 173,033 171,696 173,394 174,141 173,448 174,430 148,120 147,929 148,061 148,593 147,525 148,741 147,995 148,014 149,217 1.37 1.38 1.37 1.36 1.37 1.37 1.37 1.38 1.38 1.51 1.51 1.50 1.50 1.48 1.49 1.50 1.49 1.49 211,018 86,788 124,230 r 210,657 r 85,925 r 124,732 212,486 215,031 216,022 215,488 215,113 215,914 216,867 87,183 88,469 89,407 88,617 88,349 89,357 90,877 125,303 126,562 126,615 126,871 126,764 126,557 125,990 219,004 220,866 221,105 r 222,580 224,623 92,060 92,778 92,607 r 93,293 94,872 1 See page 21 for manufacturing. 2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 3 Seasonally adjusted, end of period. 20 52,430 54,763 55,736 54,165 58,634 64,996 73,509 78,311 84,044 88,186 126,944 324,707 173,673 151,034 1.38 1.48 128,088 325,532 174,162 151,370 1.38 1.47 128,498 329,182 176,350 152,832 1.37 1.49 r 129,287 330,529 176,927 153,602 1.38 1.48 129,751 ................ ................ ................ ................ ................ 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS In May, manufacturers’ shipments and new and unfilled orders fell; inventories rose slightly. Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital Nondurable goods goods industries, nondefense Manufacturers’ unfilled orders 2 Manufacturers’ inventory— shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 1988 .................................... 1989 .................................... 1990 .................................... 1991 .................................... 1992 .................................... 1993 .................................... 1994 .................................... 1995 .................................... 1996 .................................... 1997 ..................................... 1997: May .......................... June ......................... July .......................... Aug ........................... Sept ......................... Oct ........................... Nov .......................... Dec ........................... 1998: Jan .......................... Feb .......................... Mar r ......................... Apr ........................... May p ........................ 224,619 236,698 242,686 239,847 250,394 260,635 279,002 299,116 311,265 329,061 323,567 328,315 332,895 330,178 335,366 334,064 332,955 336,734 333,652 337,893 340,611 336,807 335,486 118,458 123,158 123,776 121,000 128,489 135,886 149,131 160,101 167,166 180,176 175,900 180,687 183,827 181,131 185,496 183,602 182,847 185,337 183,053 188,233 190,486 r 187,052 186,789 106,161 113,540 118,910 118,847 121,905 124,749 129,870 139,015 144,099 148,885 147,667 147,628 149,068 149,047 149,870 150,462 150,108 151,397 150,599 149,660 150,125 149,755 148,697 369,374 391,212 405,073 390,950 382,547 384,138 405,028 429,089 434,434 453,591 443,460 444,823 446,602 448,447 449,152 452,139 454,182 453,591 455,122 458,058 459,090 461,132 461,564 242,468 257,513 263,209 250,019 238,166 239,404 253,691 265,915 271,329 283,912 278,084 279,166 280,800 281,878 281,762 283,477 284,649 283,912 285,065 287,243 288,248 290,105 290,526 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 126,906 133,699 141,864 140,931 144,381 144,734 151,337 163,174 163,105 169,679 165,376 165,657 165,802 166,569 167,390 168,662 169,533 169,679 170,057 170,815 170,842 171,027 171,038 228,270 239,572 244,507 238,805 248,212 257,698 279,733 300,353 314,197 330,989 324,042 329,554 331,138 335,040 336,264 336,631 344,833 335,807 337,758 335,335 336,158 338,569 333,018 122,076 126,055 125,583 119,849 126,308 133,081 149,542 161,469 169,963 182,061 176,443 181,584 181,679 186,195 186,210 186,028 194,741 184,456 187,481 185,800 186,284 r 189,080 184,545 31,108 32,988 33,331 30,471 31,524 31,694 35,697 40,561 43,913 47,600 44,211 47,211 47,412 47,987 48,625 49,930 58,728 45,924 52,110 49,908 49,856 r 50,822 50,590 106,194 113,516 118,924 118,957 121,905 124,617 130,191 138,885 144,234 148,928 147,599 147,970 149,459 148,845 150,054 150,603 150,092 151,351 150,277 149,535 149,874 149,489 148,473 474,154 508,849 531,131 519,199 493,184 458,245 467,369 482,605 517,647 541,449 522,689 523,928 522,171 527,033 527,931 530,498 542,376 541,449 545,555 542,997 538,544 540,306 537,838 1.57 1.63 1.65 1.65 1.54 1.48 1.41 1.41 1.39 1.35 1.37 1.35 1.34 1.36 1.34 1.35 1.36 1.35 1.36 1.36 1.35 1.37 1.38 3 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES The producer price index for all finished goods rose 0.2 percent in May. Prices of finished consumer foods fell 0.3 percent, while prices of other finished consumer goods rose 0.6 percent. Capital equipment prices fell 0.2 percent. [1982=100; monthly data seasonally adjusted] Finished goods Finished goods excluding consumer foods Period Total finished goods Consumer foods Consumer goods Total Total 1988 ............... 1989 ............... 1990 ............... 1991 ............... 1992 ............... 1993 ............... 1994 ............... 1995 ............... 1996 ............... 1997 ............... 1997: May .... June ... July .... Aug ..... Sept .... Oct ...... Nov ..... Dec ..... 1998: Jan r .... Feb ..... Mar ..... Apr ..... May ..... 108.0 113.6 119.2 121.7 123.2 124.7 125.5 127.9 131.3 131.8 131.7 131.4 131.1 131.3 131.8 131.8 131.6 131.4 130.6 130.4 130.0 130.3 130.5 112.6 118.7 124.4 124.1 123.3 125.7 126.8 129.0 133.6 134.5 135.4 134.3 133.9 133.8 133.8 134.7 134.3 134.3 133.8 134.1 133.6 134.2 133.8 106.5 111.8 117.4 120.9 123.1 124.4 125.1 127.5 130.5 130.9 130.5 130.4 130.1 130.4 131.1 130.9 130.7 130.4 129.6 129.2 128.8 129.0 129.4 Durable 103.1 108.9 115.3 118.7 120.8 121.7 121.6 124.0 127.6 128.2 127.6 127.5 127.2 127.5 128.3 128.2 128.0 127.7 126.5 126.0 125.4 125.7 126.4 1 Intermediate materials for food manufacturing and feeds. NOTE.—Beginning 1998, indexes are based on updated weight allocations. 22 113.8 117.6 120.4 123.9 125.7 128.0 130.9 132.7 134.2 133.7 133.8 133.6 132.9 133.1 133.6 133.7 133.3 132.9 132.8 133.0 132.9 133.0 132.2 Nondurable 97.3 103.8 111.5 115.0 117.3 117.6 116.2 118.8 123.3 124.3 123.4 123.3 123.2 123.6 124.6 124.3 124.2 124.0 122.3 121.5 120.8 121.1 122.4 Capital equipment 114.3 118.8 122.9 126.7 129.1 131.4 134.1 136.7 138.3 138.2 138.2 138.2 138.1 138.1 138.4 138.0 137.9 137.7 137.6 137.6 137.6 137.7 137.4 Total finished consumer goods 106.2 112.1 118.2 120.5 121.7 123.0 123.3 125.6 129.5 130.2 130.0 129.6 129.3 129.5 130.1 130.3 130.0 129.8 128.8 128.5 128.0 128.4 128.7 Intermediate materials Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other 107.1 112.0 114.5 114.4 114.7 116.2 118.5 124.9 125.7 125.6 125.5 125.4 125.2 125.3 125.5 125.4 125.6 125.3 124.5 124.2 123.6 123.6 123.5 109.5 113.8 113.3 111.1 110.7 112.7 114.8 114.8 128.1 125.4 128.3 126.6 124.5 124.0 125.4 122.4 124.3 123.5 119.1 119.1 117.2 116.4 116.4 106.9 111.9 114.5 114.6 114.9 116.4 118.7 125.5 125.6 125.7 125.4 125.4 125.3 125.4 125.6 125.6 125.7 125.4 124.8 124.5 124.0 124.1 123.9 96.0 103.1 108.9 101.2 100.4 102.4 101.8 102.7 113.8 111.1 109.9 106.9 106.4 106.8 108.2 113.2 115.0 108.6 102.3 100.7 99.1 100.1 99.8 106.1 111.2 113.1 105.5 105.1 108.4 106.5 105.8 121.5 112.2 116.4 110.9 110.2 109.8 109.5 110.7 110.6 110.6 106.8 106.0 106.7 107.0 105.5 85.5 93.4 101.5 94.6 93.5 94.7 94.8 96.8 104.5 106.4 101.6 100.3 100.0 101.0 103.4 110.7 113.8 103.4 95.4 93.3 90.2 91.8 92.2 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In May, the consumer price index for all urban consumers rose 0.3 percent seasonally adjusted; it rose 0.2 percent not seasonally adjusted. The index was 1.7 percent above its year-earlier level. [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted] All items 1 Housing Transportation Shelter Period Rel. imp.3 ................................ 1988 ........................................ 1989 ........................................ 1990 ........................................ 1991 ........................................ 1992 ........................................ 1993 ........................................ 1994 ........................................ 1995 ........................................ 1996 ........................................ 1997 ........................................ 1997: May ............................. June ............................ July ............................. Aug ............................. Sept ............................ Oct .............................. Nov ............................. Dec .............................. 1998: Jan .............................. Feb .............................. Mar .............................. Apr .............................. May ............................. Not season- Seasonally ally adjust- adjusted ed (NSA) 100.0 118.3 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 160.1 160.3 160.5 160.8 161.2 161.6 161.5 161.3 161.6 161.9 162.2 162.5 162.8 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 160.1 160.4 160.6 160.9 161.3 161.6 161.8 161.9 161.9 162.0 162.0 162.4 162.9 Total 1 Rent of primary residence Owners’ equivalent rent (12/82 =100) 29.8 127.1 132.8 140.0 146.3 151.2 155.7 160.5 165.7 171.0 176.3 175.3 175.8 176.2 176.7 177.0 177.6 178.0 178.7 179.0 179.5 179.9 180.6 181.3 6.9 127.8 132.8 138.4 143.3 146.9 150.3 154.0 157.8 162.0 166.7 166.0 166.5 166.8 167.3 167.8 168.2 168.6 169.1 169.5 169.7 170.3 170.7 171.3 20.2 131.1 137.4 144.8 150.4 155.5 160.5 165.8 171.3 176.8 181.9 181.2 181.7 182.2 182.7 183.0 183.4 183.9 184.5 184.9 185.5 185.9 186.6 187.2 Food Total 1 15.3 118.2 125.1 132.4 136.3 137.9 140.9 144.3 148.4 153.3 157.3 156.9 157.2 157.6 158.1 158.3 158.7 158.9 158.9 159.4 159.4 159.4 159.5 160.4 39.6 118.5 123.0 128.5 133.6 137.5 141.2 144.8 148.5 152.8 156.8 156.1 156.5 156.8 156.9 157.3 157.7 158.2 158.3 158.4 158.6 158.9 159.5 159.9 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. 3 Relative importance, December 1997. Fuels and utilities 4.9 104.4 107.8 111.6 115.3 117.8 121.3 122.8 123.7 127.5 130.8 129.7 130.4 130.6 130.1 130.7 131.0 132.1 130.7 129.1 127.9 128.3 128.7 128.8 Apparel 4.9 115.4 118.6 124.1 128.7 131.9 133.7 133.4 132.0 131.7 132.9 133.3 133.1 133.3 132.6 132.8 132.9 133.0 133.2 132.5 132.7 132.5 132.4 132.9 Total 1 New cars 17.6 ............ 108.7 116.9 114.1 119.2 120.5 121.0 123.8 125.3 126.5 128.4 130.4 131.5 134.3 136.0 139.1 139.0 143.0 141.4 144.3 141.7 143.9 141.8 143.6 141.8 143.5 141.8 144.3 141.7 144.7 141.5 144.7 141.4 143.9 141.1 143.5 140.7 143.0 140.8 142.4 140.8 141.7 140.8 141.5 140.9 141.7 140.4 Motor fuel 3.0 80.9 88.5 101.2 99.4 99.0 98.0 98.5 100.0 106.3 106.2 103.7 102.9 102.1 106.4 107.7 107.0 105.1 103.5 99.7 96.4 93.0 92.2 93.0 Medical care 5.6 138.6 149.3 162.8 177.0 190.1 201.4 211.0 220.5 228.2 234.6 234.3 234.7 235.0 235.5 235.9 236.3 237.1 237.9 238.2 238.9 239.6 240.6 241.4 Energy 2 7.0 89.3 94.3 102.1 102.5 103.0 104.2 104.6 105.2 110.1 111.5 109.3 109.3 108.9 110.5 111.5 111.3 111.3 109.3 106.7 104.3 103.0 102.9 103.2 All items less food and energy 77.7 123.4 129.0 135.5 142.1 147.3 152.2 156.5 161.2 165.6 169.5 169.4 169.7 170.0 170.1 170.4 170.8 171.0 171.4 171.7 172.2 172.4 172.9 173.3 NOTE.—See Bureau of Labor Statistics news release Consumer Price Index dated February 24, 1998, for details on recent changes in CPI structure and weights. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Period Change from preceding period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment 3.6 3.8 3.4 2.5 1.7 1.8 2.0 2.2 .4 ¥.6 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 2.5 5.2 4.9 2.1 1.2 1.2 .6 1.9 2.7 .4 ¥0.3 ¥.1 ¥.2 .2 .6 ¥.1 ¥.2 ¥.2 ¥0.1 0 ¥.1 0 .2 ¥.3 ¥.1 ¥.1 ¥2.7 ¥3.0 ¥2.4 ¥1.2 1.2 2.2 .9 ¥1.2 3.3 ¥3.5 ¥2.9 ¥4.6 ¥1.5 2.4 1.5 1.5 ¥6.0 ¥4.0 ¥2.5 ¥.3 2.5 3.2 1.6 ¥1.9 ¥0.9 ¥.9 ¥.9 ¥.3 .6 ¥.3 ¥.6 ¥2.0 ¥1.2 ¥2.4 ¥2.8 ¥2.0 ¥.9 ¥.2 ¥.2 0 ¥0.7 ¥1.8 ¥1.5 ¥.7 ¥2.5 ¥.3 ¥1.6 0 ¥1.9 ¥3.5 ¥4.4 ¥3.2 ¥.8 .3 .6 .3 ¥0.3 ¥.4 ¥.7 ¥.6 ¥.1 ¥.6 ¥.4 ¥.7 0.4 ¥.1 ¥.2 ¥.2 0 ¥.3 ¥.7 ¥1.2 ¥.9 ¥.1 r0 0 .1 ¥.2 ¥3.6 ¥3.6 ¥4.2 r¥.9 .3 ¥2.6 ¥.6 ¥2.1 r 1.2 ¥.9 ¥5.2 ¥6.1 ¥7.0 r¥2.5 1.3 ¥1.2 ¥.9 ¥.3 r.3 ¥.6 ¥.8 ¥1.4 ¥2.7 ¥2.3 ¥1.7 ¥.1 .4 ¥.3 ¥.7 ¥.7 ¥1.1 ¥2.3 ¥4.5 ¥3.9 ¥2.5 ¥.7 ¥.7 ¥1.2 ¥.4 ¥.7 ¥1.7 ¥1.6 ¥1.8 ¥1.2 ¥.9 Excluding foods Foods Change from year earlier, total finished goods NSA Change, Dec. to Dec., NSA 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... 4.0 4.9 5.7 ¥.1 1.6 .2 1.7 2.3 2.8 ¥1.2 5.7 5.2 2.6 ¥1.5 1.6 2.4 1.1 1.9 3.4 ¥.8 3.1 5.3 8.7 ¥.7 1.6 ¥1.4 2.0 2.3 3.7 ¥1.5 Change, month to month 1997: May ............... June .............. July ............... Aug ................ Sept ............... Oct ................ Nov ................ Dec ................ 1998: Jan r ............... Feb ................. Mar ................ Apr ................. May ................ ¥0.2 ¥.2 ¥.2 .2 .4 0 ¥.2 ¥.2 0.4 ¥.8 ¥.3 ¥.1 0 .7 ¥.3 0 ¥.6 ¥.4 r.2 ¥.4 .4 ¥.3 r¥.2 ¥.3 .2 .2 r¥.4 ¥.5 .2 .6 Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing Transportation Shelter Period All items 1 Food Total 1 Total 1 Rent of primary residence Owners’ equivalent rent Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Addendum: All items, percent change (annual rate) From previous quarter 3 From From From 3 6 year months months earlier earlier earlier NSA Change, December to December, NSA 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 ............................. ............................. ............................. ............................. ............................. ............................. ............................. ............................. ............................. ............................. 4.4 4.6 6.1 3.1 2.9 2.7 2.7 2.5 3.3 1.7 5.2 5.6 5.3 1.9 1.5 2.9 2.9 2.1 4.3 1.5 4.0 3.9 4.5 3.4 2.6 2.7 2.2 3.0 2.9 2.4 4.5 4.9 5.2 3.9 2.9 3.0 3.0 3.5 2.9 3.4 3.6 4.2 4.1 2.9 2.3 2.2 2.5 2.5 2.8 3.1 4.8 5.1 4.8 3.7 3.0 3.2 3.3 3.7 2.8 3.1 2.9 4.7 3.0 2.1 ¥2.1 3.2 1.0 4.0 2.3 6.8 4.0 5.1 10.4 1.4 36.5 2.9 3.4 ¥1.5 3.3 ¥16.0 2.3 1.4 3.0 2.3 1.8 2.5 .9 2.4 2.8 ¥5.4 .2 ¥1.6 3.8 3.2 5.9 1.4 .1 1.5 1.6 ¥4.0 4.6 ¥.2 4.4 1.6 12.7 .5 1.0 ¥1.4 ¥1.0 ¥6.2 6.9 8.5 9.6 7.9 6.6 5.4 4.9 3.9 3.0 2.8 0.5 5.1 18.1 ¥7.4 2.0 ¥1.4 2.2 ¥1.3 8.6 ¥3.4 4.7 4.4 5.2 4.4 3.3 3.2 2.6 3.0 2.6 2.2 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 4.1 4.8 5.4 4.2 3.0 3.0 2.6 2.8 3.0 2.3 Change, month to month 1997: May .................. June ................. July ................. Aug .................. Sept ................. Oct ................... Nov .................. Dec .................. 0.1 .2 .1 .2 .2 .2 .1 .1 1998: Jan ................... Feb ................... Mar .................. Apr ................... May .................. 0 .1 0 .2 .3 0.3 .2 .3 .3 .1 .3 .1 0 0.2 .3 .2 .1 .3 .3 .3 .1 0.3 .3 .2 .3 .2 .3 .2 .4 0.3 .3 .2 .3 .3 .2 .2 .3 0.3 ¥0.3 .3 .5 .3 .2 .3 ¥.4 .2 .5 .2 .2 .3 .8 .3 ¥1.1 .3 .1 .1 .2 .4 .3 .2 .3 .2 .4 .4 .2 .1 .4 .2 .4 .2 ¥1.2 .3 ¥.9 .2 .3 .4 .3 .3 .1 0 0 .1 .6 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 24 0.1 ¥0.6 ¥0.2 ¥.2 ¥.2 0 .2 ¥.1 0 ¥.5 .6 ¥.1 .2 .3 ¥.1 .1 0 ¥.1 .1 ¥.6 ¥.2 .2 ¥.3 ¥.3 ¥2.7 ¥.8 ¥.8 4.2 1.2 ¥.6 ¥1.8 ¥1.5 0.3 .2 .1 .2 .2 .2 .3 .3 ¥1.5 0 ¥.4 1.5 .9 ¥.2 0 ¥1.8 0.1 .2 .2 .1 .2 .2 .1 .2 .......... 1.5 .......... .......... 1.8 .......... .......... 2.3 1.0 1.5 1.5 2.0 2.3 2.5 2.3 1.5 1.6 1.5 1.5 1.5 1.9 2.0 2.1 1.9 2.2 2.3 2.2 2.2 2.2 2.1 1.8 1.7 ¥.5 .2 ¥.2 ¥.1 .4 ¥3.7 ¥3.3 ¥3.5 ¥.9 .9 .1 .3 .3 .4 .3 ¥2.4 ¥2.2 ¥1.2 ¥.1 .3 .2 .3 .1 .3 .2 .......... .......... .5 .......... .......... .7 .5 .2 1.2 2.2 1.6 1.4 .9 1.0 1.4 1.6 1.4 1.4 1.4 1.7 ¥.3 ¥.4 ¥.5 ¥.1 .1 3 Quarterly .1 0 0 .1 ¥.4 changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS In June, prices received by farmers fell 1.9 percent and prices paid by farmers fell 0.9 percent. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 All farm products Prices paid by farmers Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 ................................ ................................ ................................ ................................ ................................ ................................ ................................ ................................ ................................ ............................... 99 104 104 100 98 101 100 102 112 107 104 109 103 101 101 102 105 112 126 115 93 100 105 99 97 100 95 92 99 98 91 96 99 100 101 104 106 109 114 117 92 97 99 100 101 102 106 108 114 117 90 95 99 100 101 103 106 108 114 117 108 108 105 99 97 97 94 94 98 91 1997: June .................... July ..................... Aug ..................... Sept ..................... Oct ...................... Nov ...................... Dec ...................... 107 107 107 107 107 107 105 119 114 116 114 114 114 111 97 99 99 99 97 98 97 117 117 117 117 117 117 117 117 116 116 117 117 117 116 117 117 117 117 116 117 116 91 91 91 91 91 91 90 1998: Jan ...................... Feb ...................... Mar ..................... Apr ...................... May ...................... June ..................... 103 101 102 104 103 101 110 110 111 115 113 106 94 94 95 95 95 97 117 117 116 116 116 115 117 116 115 115 115 114 116 115 114 114 114 113 88 86 88 90 89 88 1 Includes items not shown separately. ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. 2 Percentage NOTE.—The official indexes are published on a 1910–14 base as required by law. The indexes have been converted to a 1990–92=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES M2 and M3 growth slowed in May. [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted] M1 M2 M3 Sum of currency, demand deposits, travelers’ checks, and other checkable deposits (OCDs) M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits M2 plus large time deposits, RPs, Eurodollars, and institutiononly MMMF balances Dec ................................. Dec ................................. Dec ................................. Dec ................................. Dec ................................. Dec ................................. Dec ................................. Dec ................................. Dec ................................. Dec r ................................ 787.0 794.2 825.8 897.3 1,025.0 1,129.9 1,150.7 1,128.7 1,082.8 1,076.0 2,996.4 3,161.0 3,279.6 3,379.9 3,434.7 3,487.5 3,503.0 3,651.2 3,826.1 4,045.8 3,913.1 4,066.3 4,126.8 4,182.1 4,193.5 4,258.9 4,333.6 4,595.6 r 4,931.1 5,374.9 4,663.7 4,893.2 4,977.5 5,008.0 5,081.4 5,173.3 5,315.8 5,702.2 r 6,083.9 6,609.4 1997: Apr r ................................ May r ............................... June r .............................. July r ............................... Aug r ................................ Sept r ............................... Oct r ................................ Nov r ................................ Dec r ................................ 1,068.3 1,064.3 1,065.4 1,065.6 1,071.1 1,063.5 1,061.9 1,069.2 1,076.0 3,889.8 3,892.5 3,908.0 3,922.5 3,954.8 3,976.7 3,997.1 4,022.2 4,045.8 5,070.3 5,086.3 5,109.2 5,149.6 5,195.8 5,234.7 5,271.9 5,323.9 5,374.9 6,255.2 6,285.3 6,312.3 6,345.8 6,403.6 6,442.9 6,478.1 6,546.1 6,609.4 1998: Jan r ................................ Feb r ................................ Mar r ............................... Apr r ................................ May ................................. 1,073.7 1,076.5 1,081.1 1,080.9 1,078.1 4,071.3 4,103.9 4,132.3 4,165.0 4,174.6 5,421.5 5,461.7 5,527.2 5,574.1 5,602.2 6,677.2 6,741.9 6,808.4 p 6,825.6 .................... Period 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data derived from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 26 L Debt M3 plus other liquid assets Debt of domestic nonfinancial sectors (monthly average of adjacent month-end levels) 1 r 9,464.1 Percent change from year or 6 months earlier 2 M1 M2 M3 Debt 15,170.7 5.0 .9 4.0 8.7 14.2 10.2 1.8 ¥1.9 ¥4.1 ¥.6 5.8 5.5 3.8 3.1 1.6 1.5 .4 4.2 4.8 5.7 6.5 3.9 1.5 1.3 .3 1.6 1.8 6.0 r 7.3 9.0 9.1 7.3 6.6 4.4 4.6 5.0 4.8 5.4 5.3 5.1 14,669.4 14,719.6 14,753.0 14,814.4 14,880.0 14,944.0 15,018.1 15,095.7 15,170.7 ¥2.5 ¥3.1 ¥3.2 ¥2.8 ¥1.4 ¥2.1 ¥1.2 .9 2.0 5.5 4.6 4.3 4.3 5.3 5.6 5.5 6.7 7.1 8.5 8.0 7.2 7.8 8.1 8.3 8.0 9.3 10.4 4.9 4.7 4.4 4.7 4.8 4.8 4.8 5.1 5.7 15,245.2 15,330.8 15,413.4 p 15,476.9 ...................... 1.5 1.0 3.3 3.6 1.7 7.6 7.5 7.8 8.4 7.6 10.6 10.2 11.2 11.5 10.5 5.8 6.1 6.3 6.1 ............ r 10,157.5 r 10,823.7 r 11,296.8 r 11,819.0 r 12,408.3 r 13,003.1 r 13,702.3 r 14,432.2 NOTE.—See p. 27 for components. Source: Board of Governors of the Federal Reserve System. COMPONENTS OF MONEY STOCK AND LIQUID ASSETS [Averages of daily figures; billions of dollars, seasonally adjusted] Currency Period 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Other Decheckmand able depos- deposits its (OCDs) Money market mutual fund balances Retail Savings deposits, including money market Instideposit tution accounts only (MMDAs) Small denomination time deposits 1 Large denomination time deposits 1 Overnight and term repurchase agreements (RPs) (net) Overnight and term Eurodollars (net) Shortterm Treasury securities Savings bonds Bankers’ acceptances Commercial paper ............................. ............................. ............................. ............................. ............................. ............................. ............................. ............................. ............................. ............................. 212.3 222.7 246.8 267.3 292.9 322.2 354.3 372.4 394.9 425.5 286.8 279.3 277.4 289.6 339.5 385.2 384.0 391.0 403.6 397.1 280.9 285.3 293.9 332.5 384.4 414.5 403.9 356.4 275.9 245.2 245.9 321.7 357.2 372.2 354.0 355.6 385.0 454.9 522.8 602.6 92.5 110.7 138.8 186.8 209.8 212.6 203.1 253.9 310.3 376.2 926.3 893.7 923.8 1,045.2 1,187.4 1,219.5 1,149.9 1,134.7 1,271.7 1,397.5 1,037.1 1,151.4 1,172.7 1,065.3 868.3 782.6 817.4 933.0 948.8 r 969.6 518.3 541.5 481.0 416.6 353.5 333.6 363.4 419.6 491.3 r 572.9 189.0 158.0 138.8 119.5 128.6 158.8 183.3 182.4 194.2 234.8 117.0 95.2 88.7 79.3 66.9 66.3 80.8 88.6 r 109.2 r 145.3 109.4 117.5 126.0 137.9 156.6 171.5 180.2 184.7 186.9 186.4 266.8 324.0 334.1 328.8 344.7 340.8 382.8 469.1 455.0 r 429.7 40.2 40.7 36.2 23.9 21.0 14.9 14.1 11.4 12.4 12.1 334.3 344.6 354.4 335.2 365.7 387.1 405.0 441.3 498.5 606.3 1997: Apr ............................. May ............................ June ........................... July ............................ Aug ............................ Sept ............................ Oct ............................. Nov ............................ Dec ............................. 403.5 406.0 408.0 410.5 412.6 415.6 418.3 421.9 425.5 397.3 396.6 398.3 398.4 401.9 391.9 389.6 394.5 397.1 259.1 253.4 251.1 248.4 248.2 247.8 245.8 244.6 245.2 551.4 551.2 556.4 562.7 576.3 587.7 593.0 600.1 602.6 328.5 331.8 338.3 342.7 348.4 356.6 363.4 365.7 376.2 1,317.2 1,320.6 1,325.8 1,331.4 1,343.0 1,359.7 1,374.7 1,384.5 1,397.5 r 953.0 202.4 204.1 199.8 207.4 210.0 209.2 218.8 233.0 234.8 r 120.7 r 969.6 528.8 531.0 538.6 550.5 r 552.4 559.7 r 560.8 r 567.3 r 572.9 186.4 186.3 186.4 186.4 186.4 186.4 186.4 186.4 186.4 451.2 458.6 450.8 433.5 445.3 445.0 r 435.2 r 441.6 r 429.7 12.8 13.0 12.8 12.7 13.0 12.9 13.4 13.0 12.1 534.5 541.1 553.2 563.6 563.2 563.9 571.3 581.3 606.3 1998: Jan r .......................... Feb r .......................... Mar r .......................... Apr r ........................... May ........................... 427.5 431.0 432.4 433.7 435.6 392.8 391.9 391.2 388.6 388.0 245.2 245.5 249.5 250.5 246.4 614.3 629.0 640.3 649.9 660.6 380.8 384.7 391.9 408.8 422.0 1,411.9 1,427.6 1,441.8 1,468.0 1,473.5 971.4 970.8 969.1 966.3 962.5 577.5 592.7 611.5 609.4 611.3 245.4 239.9 257.6 257.0 258.4 1 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. r 956.5 r 960.4 r 962.9 r 964.4 r 965.7 r 967.5 r 968.4 r 126.7 r 124.5 r 126.6 r 130.2 r 132.4 r 131.8 r 135.7 r 145.3 146.5 186.3 430.1 12.2 627.1 140.4 186.3 442.5 11.2 640.2 133.9 186.2 418.1 11.3 665.7 133.9 p 186.1 p 378.2 p 12.5 p 674.7 135.9 ............ ............ ............ .............. NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown here. Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Borrowings of depository institutions from the Federal Reserve (NSA) Reserves of depository institutions Period Total 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Nonborrowed Nonborrowed plus extended credit Required Monetary base Total Seasonal Extended credit ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. 40,434 40,504 41,790 45,535 54,358 60,524 59,407 56,399 50,083 46,669 38,718 40,238 41,464 45,343 54,234 60,442 59,198 56,141 49,929 46,345 39,962 40,258 41,487 45,344 54,235 60,442 59,198 56,141 49,929 46,345 39,386 39,581 40,125 44,556 53,202 59,461 58,238 55,121 48,660 44,986 257,042 267,767 293,248 317,446 351,030 386,531 418,121 434,168 452,384 480,152 1,716 265 326 192 124 82 209 257 155 324 130 84 76 38 18 31 100 40 68 79 1,244 20 23 1 1 0 0 0 0 0 1997: June ........................................................................... July ........................................................................... Aug ............................................................................ Sept ........................................................................... Oct ............................................................................. Nov ............................................................................ Dec ............................................................................ 46,871 46,717 46,939 46,240 45,958 46,310 46,669 46,504 46,308 46,341 45,802 45,688 46,157 46,345 46,504 46,308 46,341 45,802 45,688 46,157 46,345 45,591 45,516 45,686 44,944 44,562 44,693 44,986 461,746 464,427 466,711 469,406 471,983 476,187 480,152 367 409 598 438 270 153 324 243 330 385 368 227 115 79 0 0 0 0 0 0 0 1998: Jan ............................................................................ Feb ............................................................................ Mar ............................................................................ Apr r ........................................................................... May ............................................................................ June p (estimate) ........................................................ 46,501 45,722 46,047 45,959 45,591 45,390 46,292 45,664 46,006 45,887 45,438 45,138 46,292 45,664 46,006 45,887 45,438 45,138 44,721 44,198 44,731 44,614 44,441 43,773 482,846 484,243 485,899 487,267 489,191 492,602 210 58 41 72 153 251 18 12 22 41 94 160 0 0 0 0 0 0 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 0.4 percent in May; commercial and industrial loans rose 1.0 percent. [Billions of dollars, seasonally adjusted 1] Securities in bank credit Period 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: Total bank credit Total securities Loans and leases in bank credit U.S. Total loans CommerGovernOther and cial and ment securities leases 2 industrial securities Real estate Total Revolving home equity Consumer Security Other Other Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec r ................... 2,435.0 2,609.6 2,754.8 2,859.4 2,956.8 3,115.5 3,320.6 3,605.2 3,752.9 4,094.2 561.4 584.4 634.1 745.9 841.3 915.1 940.6 986.3 971.9 1,082.7 366.7 400.2 456.0 566.0 664.2 730.1 722.0 703.2 696.4 746.8 194.7 184.2 178.1 179.9 177.1 185.1 218.5 283.2 275.4 335.9 1,873.7 2,025.2 2,120.7 2,113.5 2,115.4 2,200.4 2,380.0 2,618.9 2,781.0 3,011.5 607.0 638.8 641.2 619.8 596.2 586.4 645.6 717.4 783.9 852.3 674.2 769.4 855.5 880.1 901.3 941.6 1,003.7 1,081.0 1,130.9 1,230.2 40.1 50.3 62.4 69.7 73.5 73.1 75.3 79.1 84.8 97.6 634.1 719.1 793.2 810.5 827.8 868.5 928.4 1,001.9 1,046.2 1,132.5 357.8 378.4 383.9 366.9 359.2 391.1 451.7 495.0 515.6 508.2 40.9 41.8 45.6 55.0 65.2 89.6 78.8 85.7 77.9 96.6 193.7 196.8 194.5 191.7 193.6 191.7 200.2 239.8 272.6 324.3 1997: May .................... June r ................ July r ................. Aug r .................. Sept r ................. Oct r ................... Nov r .................. Dec r .................. 1998: Jan r ................... Feb r .................. Mar r .................. Apr r .................. May ................... 3,907.4 3,923.3 3,961.4 3,982.5 4,007.2 4,031.3 4,073.8 4,094.2 4,149.0 4,180.7 4,218.8 4,207.6 4,234.3 1,012.0 1,007.8 1,029.9 1,033.0 1,036.9 1,044.3 1,075.8 1,082.7 1,104.5 1,108.6 1,126.9 1,106.9 1,121.9 714.4 716.8 718.1 714.7 724.3 731.3 742.3 746.8 760.3 767.8 779.4 762.7 769.3 297.6 291.1 311.9 318.3 312.7 313.0 333.5 335.9 344.1 340.8 347.5 344.2 352.6 2,895.3 2,915.4 2,931.5 2,949.5 2,970.3 2,986.9 2,998.0 3,011.5 3,044.5 3,072.1 3,091.9 3,100.7 3,112.4 812.5 817.2 820.1 828.4 838.1 841.8 844.5 852.3 862.3 869.5 871.2 870.0 878.4 1,180.2 1,189.9 1,196.5 1,204.7 1,214.3 1,218.2 1,226.5 1,230.2 1,233.1 1,248.2 1,259.4 1,266.9 1,269.7 90.6 92.3 93.2 94.3 95.4 95.8 96.7 97.6 98.0 98.2 98.4 98.6 98.7 1,089.6 1,097.6 1,103.3 1,110.4 1,118.9 1,122.4 1,129.8 1,132.5 1,135.1 1,150.0 1,161.1 1,168.3 1,171.0 r 518.3 89.8 92.7 94.2 94.6 95.8 104.0 99.1 96.6 116.0 117.7 116.8 115.2 119.9 r 294.5 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 reclassifications of assets and liabilities. 28 518.2 518.1 518.2 515.6 508.5 508.1 508.2 505.6 504.1 503.3 498.0 496.6 297.5 302.6 303.6 306.4 314.4 319.8 324.3 327.4 332.6 341.1 350.7 347.7 2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External Period Credit market funds Total Internal 1 Total Total Total 1988 r 1989 r 1990 r 1991 r 1992 r 1993 r 1994 r 1995 r 1996 r 1997 r 1995: ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ I r ................... II r ................. III r ................ IV r ................ 1996: I r ................... II r ................. III r ................ IV r ................ 1997: I r ................... II r ................. III r ................ IV r ................ 1998: I p .................. 854.0 747.0 596.2 492.9 602.5 702.7 791.6 968.3 993.8 1,054.7 842.3 904.2 997.4 1,129.4 1,046.6 940.2 993.8 995.0 1,073.0 947.0 1,133.4 1,065.3 1,232.2 410.3 399.6 412.7 425.8 441.2 484.8 550.0 577.5 647.6 691.8 538.9 556.9 593.5 620.6 619.9 637.8 650.2 682.8 676.1 686.5 701.9 702.7 714.6 443.7 347.4 183.5 67.1 161.3 217.9 241.6 390.8 346.2 362.9 303.4 347.3 403.9 508.8 426.7 302.4 343.6 312.2 396.9 260.5 431.5 362.6 517.6 Securities and mortgages 102.7 51.8 52.5 ¥33.3 69.7 66.8 89.2 160.3 82.3 126.7 212.0 206.1 72.1 150.9 65.2 161.4 65.8 36.9 109.9 58.0 159.6 179.2 214.2 9.6 ¥40.6 ¥15.4 83.7 79.6 91.8 ¥1.6 43.1 18.7 ¥6.7 52.3 61.1 ¥2.0 60.9 7.2 90.6 ¥63.4 40.4 .3 ¥28.4 49.0 ¥47.8 80.6 1 Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed capital, foreign earnings retained abroad, and inventory valuation adjustment. 2 Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in the U.S. Loans and short-term paper 93.1 92.4 67.9 ¥117.0 ¥9.9 ¥25.0 90.8 117.2 63.6 133.4 159.7 145.0 74.1 90.0 58.0 70.8 129.2 ¥3.5 109.6 86.4 110.6 227.0 133.6 Other 2 340.9 295.5 131.0 100.4 91.6 151.2 152.5 230.6 263.9 236.2 91.3 141.2 331.8 357.9 361.5 141.0 277.7 275.3 287.0 202.5 271.9 183.4 303.4 Capital expenditures 3 714.7 577.3 513.9 457.6 534.4 787.2 794.4 1,001.2 990.8 1,009.8 815.3 963.9 1,033.6 1,192.2 1,013.7 936.5 1,008.9 1,004.2 1,035.7 948.5 1,064.6 990.5 1,176.4 Increase in financial assets 360.2 389.7 382.4 368.5 382.0 445.2 511.1 567.7 592.5 679.4 570.7 560.6 583.8 555.8 559.0 574.4 609.6 627.0 647.3 704.3 674.4 691.6 735.3 Discrepancy (sources less uses) 354.5 187.6 131.5 89.1 152.4 342.0 283.3 433.5 398.3 330.4 244.6 403.3 449.8 636.4 454.7 362.1 399.3 377.2 388.4 244.2 390.2 298.9 441.1 139.4 169.7 82.3 35.2 68.1 ¥84.4 ¥2.7 ¥33.0 3.0 44.9 26.9 ¥59.6 ¥36.2 ¥62.9 32.9 3.7 ¥15.2 ¥9.2 37.3 ¥1.5 68.8 74.8 55.8 3 Plant and equipment, residential structures, inventory investment, and access rights from U.S. Government. Source: Board of Governors of the Federal Reserve System. CONSUMER CREDIT [Billions of dollars; seasonally adjusted] Net change in consumer credit outstanding 1 Consumer credit outstanding (end of period) Period Total Dec 3 .................................. Dec .................................... Dec .................................... Dec .................................... Dec .................................... Dec .................................... Dec .................................... Dec .................................... Dec .................................... Dec .................................... Apr .................................... May .................................... June ................................... July ................................... Aug .................................... Sept ................................... Oct ..................................... Nov .................................... Dec .................................... 1998: Jan r ................................... Feb r .................................. Mar r .................................. Apr p .................................. 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1997: 719.0 779.0 789.3 777.2 779.9 838.6 959.7 1,094.2 1,179.9 1,230.7 1,206.2 1,209.5 1,211.7 1,216.5 1,222.4 1,223.8 1,233.0 1,226.9 1,230.7 1,235.7 1,242.9 1,244.9 1,250.4 Automobile Other 2 Revolving 285.3 290.8 283.5 263.4 262.7 288.0 327.9 364.2 392.4 413.5 396.5 397.5 399.8 403.5 403.1 405.2 409.0 406.9 413.5 415.5 416.8 419.7 420.9 1 For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Outstanding loans for mobile homes, education, boats, trailers, vacations, etc., plus noninstallment credit. 3 Data newly available in January 1989 result in breaks in many series between December 1988 and subsequent months. 184.6 211.2 238.6 263.7 278.2 309.9 365.5 443.0 499.2 530.8 512.4 514.3 516.2 520.2 523.7 526.4 530.7 529.8 530.8 532.9 536.6 537.1 539.4 249.2 277.0 267.2 250.1 239.1 240.7 266.4 287.0 288.3 286.4 297.3 297.7 295.8 292.8 295.6 292.3 293.3 290.3 286.4 287.3 289.6 288.1 290.1 Total 42.7 (4) 10.3 ¥12.1 2.7 58.7 121.1 134.5 85.7 50.8 8.9 3.3 2.2 4.8 5.9 1.4 9.2 ¥6.1 3.8 5.0 7.2 2.0 5.5 Automobile 19.2 ( 4) ¥7.3 ¥20.1 ¥.7 25.3 39.9 36.3 28.2 21.1 3.9 1.0 2.3 3.7 ¥.4 2.1 3.8 ¥2.1 6.6 2.0 1.3 2.9 1.2 Revolving 23.7 ( 4) 27.4 25.1 14.5 31.7 55.6 77.5 56.2 31.6 2.9 1.9 1.9 4.0 3.5 2.7 4.3 ¥.9 1.0 2.1 3.7 .5 2.3 Other 2 ¥0.2 ( 4) ¥9.8 ¥17.1 ¥11.0 1.6 25.7 20.6 1.3 ¥1.9 2.1 .4 ¥1.9 ¥3.0 2.8 ¥3.3 1.0 ¥3.0 ¥3.9 .9 2.3 ¥1.5 2.0 4 Because of breaks in series, net change not available. Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates fell in June. [Percent per annum] U.S. Treasury security yields Constant Period 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1997: ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... June ....... July ......... Aug ......... Sept ........ Oct .......... Nov .......... Dec ......... 1998: Jan .......... Feb .......... Mar ......... Apr .......... May ......... June ........ Week ended: 1998: June 6 ..... 13 .... 20 .... 27 .... July 4 ..... 1 Bank-discount 3-month bills (new issues) 1 3-year maturities 2 10-year 30-year Highgrade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) Prime commercial paper, 6 months 1 30 Prime rate charged by banks 4 Federal funds rate 5 Newhome mortgage yields (FHFB) 6 6.69 8.12 7.51 5.42 3.45 3.02 4.29 5.51 5.02 5.07 4.92 5.07 5.13 4.97 4.95 5.15 5.16 5.09 5.11 5.03 5.00 5.03 4.99 8.26 8.55 8.26 6.82 5.30 4.44 6.27 6.25 5.99 6.10 6.24 6.00 6.06 5.98 5.84 5.76 5.74 5.38 5.43 5.57 5.58 5.61 5.52 8.85 8.49 8.55 7.86 7.01 5.87 7.09 6.57 6.44 6.35 6.49 6.22 6.30 6.21 6.03 5.88 5.81 5.54 5.57 5.65 5.64 5.65 5.50 8.96 8.45 8.61 8.14 7.67 6.59 7.37 6.88 6.71 6.61 6.77 6.51 6.58 6.50 6.33 6.11 5.99 5.81 5.89 5.95 5.92 5.93 5.70 7.76 7.23 7.25 6.89 6.40 5.62 6.19 5.95 5.75 5.54 5.60 5.41 5.47 5.38 5.37 5.38 5.22 5.07 5.16 5.30 5.33 5.21 5.13 9.71 9.26 9.32 8.77 8.14 7.22 7.96 7.59 7.37 7.27 7.41 7.14 7.22 7.15 7.00 6.87 6.76 6.61 6.67 6.72 6.69 6.69 6.53 7.68 8.80 7.95 5.85 3.80 3.30 4.93 5.93 5.42 * 5.69 5.60 5.59 * * * * * * * * * * 6.20 6.93 6.98 5.45 3.25 3.00 3.60 5.21 5.02 5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 9.32 10.87 10.01 8.46 6.25 6.00 7.15 8.83 8.27 8.44 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 7.57 9.21 8.10 5.69 3.52 3.02 4.21 5.83 5.30 5.46 5.56 5.52 5.54 5.54 5.50 5.52 5.50 5.56 5.51 5.49 5.45 5.49 5.56 9.19 10.13 10.05 9.32 8.24 7.20 7.49 7.87 7.80 7.71 7.95 7.78 7.59 7.61 7.54 7.40 7.40 7.27 7.24 7.17 7.19 7.18 .............. 4.95 5.00 5.01 4.99 5.00 5.55 5.52 5.49 5.52 5.49 5.57 5.51 5.47 5.46 5.44 5.80 5.72 5.67 5.65 5.63 5.13 5.09 5.14 5.17 5.16 6.59 6.52 6.49 6.53 6.51 * * * * * 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 5.63 5.43 5.58 5.42 5.88 .............. .............. .............. .............. .............. basis. on the more actively traded issues adjusted to constant maturities by the Treasury Department. 3 Weekly data are Wednesday figures. 4 Average effective rate for year; opening and closing rate for month and week. 5 Daily effective rate; average of the rates on a given day weighted by the volume of transactions at these rates. 2 Yields Discount rate (N.Y. F.R. Bank) 4 6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. *Series no longer published by Federal Reserve (FR). See FR release H. 15 Selected Interest Rates, May 12, 1997. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s. COMMON STOCK PRICES AND YIELDS Overall, stock prices fell in June. Common stock prices 1 Period Composite 1988 ............................................. 1989 ............................................. 1990 ............................................. 1991 ............................................. 1992 ............................................. 1993 ............................................. 1994 ............................................. 1995 ............................................. 1996 ............................................. 1997 ............................................. 1997: June .................................. July ................................... Aug ................................... Sept ................................... Oct .................................... Nov ................................... Dec .................................... 1998: Jan .................................... Feb .................................... Mar .................................. Apr ................................... May ................................... June .................................. Week ended: 1998: June 6 .............................. 13 .............................. 20 .............................. 27 .............................. July 4 .............................. 1 Average Industrial Transportation 3 Dec. Utility 3 Finance Dow-Jones industrial average 4 Standard & Poor’s composite index (1941– 43=10) 5 Dividendprice ratio Earningsprice ratio 149.91 180.02 183.46 206.33 229.01 249.58 254.12 291.15 358.17 456.54 457.07 480.94 481.53 489.74 499.25 492.08 504.66 504.13 532.15 560.70 578.05 574.46 569.76 180.95 216.23 225.78 258.14 284.62 299.99 315.25 367.34 453.98 574.52 578.57 610.42 609.54 617.94 625.22 615.57 623.57 624.61 660.91 693.13 711.89 712.39 704.14 134.12 175.28 158.62 173.99 201.09 242.49 247.29 269.41 327.33 414.60 410.94 433.75 439.71 451.63 466.04 453.49 461.04 458.49 485.73 508.06 523.73 505.02 492.98 143.53 174.87 181.20 185.32 198.91 228.90 209.06 220.30 249.77 283.82 280.48 288.51 287.63 291.87 302.83 307.52 325.60 332.50 341.91 367.48 378.92 372.62 376.51 127.26 151.88 133.26 150.82 179.26 216.42 209.73 238.45 303.89 424.48 419.12 441.59 446.93 459.86 476.70 465.29 490.30 479.81 508.97 539.47 563.07 551.28 548.57 2,060.82 2,508.91 2,678.94 2,929.33 3,284.29 3,522.06 3,793.77 4,493.76 5,742.89 7,441.15 7,599.60 7,990.65 7,948.43 7,866.59 7,875.82 7,677.36 7,909.82 7,808.35 8,323.61 8,709.47 9,037.44 9,080.07 8,872.96 265.79 322.84 334.59 376.18 415.74 451.41 460.33 541.64 670.83 872.72 876.29 925.29 927.74 937.02 951.16 938.92 962.37 963.36 1,023.74 1,076.83 1,112.20 1,108.42 1,108.39 3.64 3.45 3.61 3.24 2.99 2.78 2.82 2.56 2.19 1.77 1.77 1.66 1.65 1.65 1.61 1.65 1.62 1.62 1.55 1.48 1.43 1.45 1.45 8.01 7.42 6.47 4.79 4.22 4.46 5.83 6.09 5.24 4.57 4.58 .................. .................. 4.29 .................. .................. 4.09 .................. .................. 3.59 .................. .................. .................. 566.73 572.17 562.77 573.47 582.58 699.94 706.70 695.90 709.43 718.50 484.67 500.10 489.87 493.24 504.89 374.83 377.23 373.78 378.48 382.76 547.07 552.19 539.22 550.99 566.27 8,905.14 8,947.59 8,729.71 8,868.72 9,005.83 1,095.12 1,107.97 1,095.75 1,123.61 1,141.83 1.48 1.44 1.45 1.41 1.39 .................. .................. .................. .................. .................. of daily closing prices. all the stocks (more than 3,000) listed on the NYSE. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index to facilitate trading of options and futures on the index. All indexes shown here reflect the doubling. 4 Includes 30 stocks. 2 Includes Common stock yields (percent) 6 New York Stock Exchange indexes (Dec. 31, 1965=50, except as noted) 2 5 Includes 500 stocks. & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor’s. 6 Standard 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 8 months of fiscal 1998, there was a surplus of $16.0 billion, compared with a deficit of $65.7 billion a year earlier. [Billions of dollars] Total Fiscal year or period 1980 .................................. 1981 .................................. 1982 .................................. 1983 .................................. 1984 .................................. 1985 .................................. 1986 .................................. 1987 .................................. 1988 .................................. 1989 .................................. 1990 .................................. 1991 .................................. 1992 .................................. 1993 .................................. 1994 .................................. 1995 .................................. 1996 .................................. 1997 .................................. 1998 (estimates) ............... Cumulative total, first 8 months: 1 Fiscal year 1997 ........... Fiscal year 1998 ........... Receipts Outlays 517.1 599.3 617.8 600.6 666.5 734.1 769.2 854.4 909.3 991.2 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,703.8 590.9 678.2 745.8 808.4 851.9 946.4 990.5 1,004.1 1,064.5 1,143.7 1,253.2 1,324.4 1,381.7 1,409.4 1,461.7 1,515.7 1,560.5 1,601.2 1,664.7 1,018.2 1,121.2 1,083.9 1,105.2 On-budget Surplus or deficit (¥) Federal debt (end of period) Receipts Outlays Surplus or deficit (¥) ¥73.8 ¥79.0 ¥128.0 ¥207.8 ¥185.4 ¥212.3 ¥221.2 ¥149.8 ¥155.2 ¥152.5 ¥221.2 ¥269.4 ¥290.4 ¥255.0 ¥203.1 ¥163.9 ¥107.5 ¥21.9 39.1 403.9 469.1 474.3 453.2 500.4 547.9 569.0 641.0 667.8 727.5 750.3 761.2 788.9 842.5 923.6 1,000.8 1,085.6 1,187.3 1,284.0 476.6 543.1 594.4 661.3 686.1 769.6 807.0 810.3 861.8 932.8 1,028.1 1,082.7 1,129.3 1,142.8 1,182.4 1,227.1 1,259.6 1,290.6 1,347.1 ¥72.7 ¥74.0 ¥120.1 ¥208.0 ¥185.7 ¥221.7 ¥238.0 ¥169.3 ¥194.0 ¥205.2 ¥277.8 ¥321.6 ¥340.5 ¥300.4 ¥258.8 ¥226.3 ¥174.0 ¥103.3 ¥63.1 113.2 130.2 143.5 147.3 166.1 186.2 200.2 213.4 241.5 263.7 281.7 293.9 302.4 311.9 335.0 351.1 367.5 392.0 419.8 114.3 135.2 151.4 147.1 165.8 176.8 183.5 193.8 202.7 210.9 225.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 317.6 ¥1.1 ¥5.0 ¥7.9 .2 .3 9.4 16.7 19.6 38.8 52.8 56.6 52.2 50.1 45.3 55.7 62.4 66.6 81.4 102.2 909.1 994.8 1,137.3 1,371.7 1,564.7 1,817.5 2,120.6 2,346.1 2,601.3 2,868.0 3,206.6 3,598.5 4,002.1 4,351.4 4,643.7 4,921.0 5,181.9 5,369.7 5,502.1 709.8 785.3 919.8 1,131.6 1,300.5 1,499.9 1,736.7 1,888.7 2,050.8 2,189.9 2,410.7 2,688.1 2,998.8 3,247.5 3,432.1 3,603.4 3,733.0 3,771.1 3,746.7 ¥65.7 16.0 761.7 844.0 876.8 893.0 ¥115.1 ¥49.0 256.5 277.2 207.1 212.2 49.3 65.0 5,301.5 5,458.6 3,771.7 3,761.5 1 Data from current issue Monthly Treasury Statement. NOTE.—Data for fiscal 1998 are from the Mid-Session Review, Budget of the U.S. Government, Fiscal Year 1999, issued May 26, 1998. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 1999 issued February 2, 1998. 32 Off-budget Receipts Outlays Surplus or deficit (¥) Gross Federal Sources: Department of the Treasury and Office of Management and Budget. Held by the public FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 8 months of fiscal 1998, receipts were $103.0 billion higher than a year earlier and outlays were $21.3 billion higher. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period Total Individual income taxes Corporation income taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total Total InterDepart- nationment of al Defense, affairs military Health Medicare Income Social security security Net interest Other 1980 1981 1982 1983 1984 ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... 517.1 599.3 617.8 600.6 666.5 244.1 285.9 297.7 288.9 298.4 64.6 61.1 49.2 37.0 56.9 157.8 182.7 201.5 209.0 239.4 50.6 69.5 69.3 65.6 71.8 590.9 678.2 745.8 808.4 851.9 134.0 157.5 185.3 209.9 227.4 130.9 153.9 180.7 204.4 220.9 12.7 13.1 12.3 11.8 15.9 23.2 26.9 27.4 28.6 30.4 32.1 39.1 46.6 52.6 57.5 86.6 99.7 107.7 122.6 112.7 118.5 139.6 156.0 170.7 178.2 52.5 68.8 85.0 89.8 111.1 131.3 133.5 125.4 122.2 118.6 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... (estimates) ................................... 734.1 769.2 854.4 909.3 991.2 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,703.8 334.5 349.0 392.6 401.2 445.7 466.9 467.8 476.0 509.7 543.1 590.2 656.4 737.5 810.5 61.3 63.1 83.9 94.5 103.3 93.5 98.1 100.3 117.5 140.4 157.0 171.8 182.3 187.7 265.2 283.9 303.3 334.3 359.4 380.0 396.0 413.7 428.3 461.5 484.5 509.4 539.4 575.4 73.1 73.2 74.6 79.3 82.8 91.5 93.1 101.4 98.9 113.7 120.1 115.4 120.2 130.2 946.4 990.5 1,004.1 1,064.5 1,143.7 1,253.2 1,324.4 1,381.7 1,409.4 1,461.7 1,515.7 1,560.5 1,601.2 1,664.7 252.7 273.4 282.0 290.4 303.6 299.3 273.3 298.4 291.1 281.6 272.1 265.7 270.5 266.1 245.2 265.5 274.0 281.9 294.9 289.8 262.4 286.9 278.6 268.6 259.4 253.2 258.3 253.4 16.2 14.2 11.6 10.5 9.6 13.8 15.9 16.1 17.2 17.1 16.4 13.5 15.2 14.7 33.5 35.9 40.0 44.5 48.4 57.7 71.2 89.5 99.4 107.1 115.4 119.4 123.8 131.8 65.8 70.2 75.1 78.9 85.0 98.1 104.5 119.0 130.6 144.7 159.9 174.2 190.0 197.7 128.2 119.8 123.3 129.4 136.1 147.1 170.3 197.0 207.3 214.1 220.5 226.0 230.9 236.8 188.6 198.8 207.4 219.3 232.5 248.6 269.0 287.6 304.6 319.6 335.8 349.7 365.3 379.5 129.5 136.0 138.7 151.8 169.3 184.2 194.5 199.4 198.8 203.0 232.2 241.1 244.0 244.1 131.8 142.2 126.1 139.7 159.3 204.3 225.7 174.7 160.4 174.5 163.4 170.9 161.5 194.0 Cumulative total, first 8 months: 1 Fiscal year 1997 ............................... Fiscal year 1998 ............................... 1,018.2 1,121.2 485.4 542.3 99.6 106.6 356.4 383.7 76.8 1,083.9 88.7 1,105.2 182.9 179.0 173.1 169.5 11.5 10.4 82.2 86.4 127.8 128.7 167.9 165.6 239.6 248.9 164.7 165.8 107.2 120.4 1 Data from current issue Monthly Treasury Statement. NOTE.—Data for fiscal year 1998 are from the Mid-Session Review, Budget of the U.S. Government, Fiscal Year 1999, issued May 26, 1998. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 1999, issued February 2, 1998. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 1998, according to revised estimates, Federal receipts rose $43.1 billion (annual rate) and Federal current expenditures fell $16.5 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government receipts Period Total Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Federal Government current expenditures Contributions for social insurance Total Consumption expenditures Transfer payments Grantsin-aid to Net State interest and paid local governments Subsidies less current surplus of Government enterprises Less: Wage accruals less disbursements Current surplus or deficit (¥), national income and product accounts Calendar year: 1991 .................................. 1992 .................................. 1993 ................................. 1994 ................................. 1995 ................................. 1996 ................................. 1997 ................................. 1,149.0 1,198.5 1,275.1 1,374.8 1,463.2 1,587.6 1,723.4 476.9 490.8 522.6 562.3 605.8 686.7 774.4 109.8 118.6 138.3 156.7 182.1 194.5 211.9 79.7 81.9 86.9 98.7 93.5 95.8 91.3 482.6 507.1 527.3 557.1 581.8 610.5 645.9 1,345.0 1,479.4 1,525.7 1,561.4 1,637.6 1,698.1 1,752.2 445.9 451.0 447.3 443.2 443.5 451.5 463.8 522.2 625.1 659.9 683.0 720.9 763.5 795.5 153.4 172.2 185.8 199.2 211.9 218.3 224.2 192.7 195.8 192.7 200.0 224.8 227.1 230.3 30.8 35.1 40.1 35.9 36.4 37.7 38.4 ¥0.1 .0 .0 .0 .0 .0 .0 ¥196.0 ¥280.9 ¥250.7 ¥186.7 ¥174.4 ¥110.5 ¥28.8 1994: I ................................ II .............................. III ............................. IV ............................. 1,324.5 1,381.1 1,383.8 1,409.5 542.0 574.3 561.6 571.1 136.9 153.4 163.4 173.2 98.2 98.1 99.3 99.0 547.4 555.3 559.5 566.2 1,533.5 1,544.3 1,571.4 1,596.4 442.4 439.2 450.5 440.8 670.6 676.9 683.8 700.7 194.5 196.2 199.6 206.6 189.9 196.6 202.8 210.8 36.0 35.4 34.8 37.5 .0 .0 .0 .0 ¥209.0 ¥163.2 ¥187.6 ¥186.8 1995: I ................................ II .............................. III ............................. IV ............................. 1,429.0 1,459.0 1,472.8 1,491.9 581.4 608.2 607.5 626.0 179.0 178.7 186.9 183.8 94.3 93.8 93.7 92.2 574.3 578.3 584.7 589.9 1,620.6 1,638.5 1,649.3 1,642.0 444.8 444.0 449.0 436.3 709.5 718.0 725.1 731.1 212.2 216.5 210.6 208.5 218.8 223.9 227.5 229.0 35.3 36.1 37.0 37.2 .0 .0 .0 .0 ¥191.5 ¥179.5 ¥176.5 ¥150.2 1996: I ................................ II .............................. III ............................. IV ............................. 1,526.3 1,583.8 1,598.6 1,641.6 644.9 688.8 695.7 717.5 192.1 197.2 196.7 192.0 91.7 90.0 91.5 110.2 597.6 607.8 614.8 622.0 1,679.9 1,695.4 1,698.2 1,718.8 444.6 453.7 454.0 453.6 757.6 757.5 761.5 777.3 213.7 223.2 218.7 217.5 226.6 223.5 226.6 231.8 37.4 37.5 37.4 38.5 .0 .0 .0 .0 ¥153.6 ¥111.6 ¥99.5 ¥77.1 1997: I ................................ II .............................. III ............................. IV .............................. 1,675.3 1,709.3 1,741.8 1,767.4 746.9 767.9 781.9 801.0 204.9 207.7 219.3 215.5 88.2 92.2 92.4 92.3 635.3 641.5 648.2 658.6 1,730.8 1,746.0 1,752.6 1,779.5 458.0 464.2 464.7 468.4 785.9 791.4 794.5 810.2 219.6 222.5 224.2 230.6 228.9 229.8 231.2 231.3 38.4 38.1 37.9 39.0 .0 .0 .0 .0 ¥55.5 ¥36.8 ¥10.8 ¥12.1 1998: I r ............................... 1,810.5 835.7 209.1 92.4 673.3 1,763.0 456.5 813.4 225.9 228.4 38.8 .0 47.5 Source: Department of Commerce, Bureau of Economic Analysis. 34 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (1992=100; seasonally adjusted) Period United States Canada Japan France Germany Italy Consumer prices (1982–84=100; NSA) United Kingdom United States 1 Canada Japan France Germany Italy United Kingdom 1988 .......................................... 1989 .......................................... 1990 .......................................... 1991 .......................................... 1992 .......................................... 1993 .......................................... 1994 .......................................... 1995 .......................................... 1996 .......................................... 1997 p ........................................ 97.4 99.1 98.9 97.0 100.0 103.6 109.2 114.5 118.5 124.5 106.9 106.8 103.2 98.9 100.0 105.1 111.4 116.0 117.7 123.5 95.3 99.9 104.2 106.1 100.0 95.8 97.0 100.2 r 102.6 r 106.1 97.3 100.9 102.4 101.2 100.0 96.2 100.0 102.0 102.2 106.1 90.3 94.6 99.5 102.4 100.0 92.7 96.2 98.1 98.6 102.1 99.1 103.0 102.2 101.3 100.0 97.9 104.0 110.3 107.2 109.8 101.2 103.4 103.1 99.6 100.0 102.2 107.6 110.0 111.2 112.8 118.3 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 123.2 129.3 135.5 143.1 145.2 147.9 148.2 151.4 153.7 156.2 105.6 108.1 111.4 115.0 116.9 118.4 119.3 119.1 119.3 121.3 124.2 128.6 133.0 137.2 140.6 143.5 145.9 148.4 151.5 153.2 106.3 109.2 112.2 116.3 122.1 127.6 131.1 133.5 135.5 137.8 141.1 150.4 159.5 169.8 178.8 186.3 193.6 204.0 212.0 215.7 125.6 135.4 148.2 156.9 162.7 165.3 169.3 175.2 179.4 185.1 1997: Apr ................................ May ............................... June .............................. July ............................... Aug ................................ Sept ............................... Oct ................................. Nov ................................ Dec ................................ 123.1 123.3 123.5 124.5 125.2 125.6 126.5 127.5 127.9 r 122.9 r 105.4 r 122.8 r 108.5 r 122.7 r 106.4 125.2 r 107.1 105.8 105.2 105.4 107.5 107.5 107.1 109.4 107.8 109.6 101.7 101.2 103.2 107.4 102.8 102.1 104.2 104.0 104.3 109.6 109.9 110.0 109.9 111.0 110.0 111.3 111.9 111.8 112.6 111.6 113.5 114.7 113.6 113.3 113.0 112.5 112.6 160.2 160.1 160.3 160.5 160.8 161.2 161.6 161.5 161.3 156.0 156.1 156.5 156.5 156.7 156.5 156.7 156.5 156.2 121.8 122.0 122.0 121.5 121.6 122.5 122.8 122.0 121.8 152.9 153.2 153.2 152.9 153.3 153.6 153.6 153.9 153.9 137.1 137.6 137.9 138.6 138.7 138.3 138.2 138.2 138.4 215.1 215.7 215.7 215.7 215.7 216.1 216.7 217.3 217.3 183.6 184.3 185.1 185.1 186.2 187.2 187.4 187.5 188.0 127.8 123.1 r 106.4 109.0 106.6 112.8 112.0 r 127.3 r 126.2 r 102.6 109.9 107.1 111.7 r 112.0 r 127.8 r 128.0 r 100.3 r 112.0 108.7 r 110.6 r 112.9 r 128.2 127.3 99.4 111.3 108.3 110.4 114.0 128.8 .............. ............ ............ ............ .............. .............. 161.6 161.9 162.2 162.5 162.8 157.3 157.5 157.6 157.5 158.1 121.6 121.5 122.0 122.2 122.6 153.3 153.9 154.1 154.5 154.7 138.4 138.8 138.6 138.9 139.4 218.0 218.6 218.6 219.0 219.4 187.4 188.3 188.9 191.0 192.1 1998: Jan ................................ Feb ................................ Mar ............................... Apr ................................ May p ............................. 1 Data r 124.5 105.6 124.5 125.5 r 125.4 r 126.5 r 107.6 r 106.7 r 102.1 r 104.1 relate to all urban consumers. Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Office of Trade and Economic Analysis). U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Goods: Imports (customs value) Census basis (by end-use category) 1 Services (BOP basis) Balance of trade (exports minus imports) Census basis (by end-use category) BOP basis Period BOP basis InFoods, dustrial Total, feeds, supCensus and plies basis 2 bevand erages materials Capital goods except automotive Automotive vehicles, parts and engines Consumer goods (non- BOP food) basis except automotive InFoods, dustrial Total, feeds, supCensus and plies basis 2 bevand erages materials Capital goods except automotive Automotive vehicles, parts and engines Consumer goods (nonfood) except automotive Exports Imports Goods, Census basis Goods ¥118.5 ¥109.4 ¥101.7 ¥66.7 ¥84.5 ¥115.6 ¥150.6 ¥158.8 ¥170.2 ¥181.5 ¥127.0 ¥115.2 ¥109.0 ¥74.1 ¥96.1 ¥132.6 ¥166.2 r ¥173.7 r ¥191.3 ¥198.0 Services Goods and services 1988 ........................................ 1989 ........................................ 1990 ........................................ 1991 ........................................ 1992 ........................................ 1993 ........................................ 1994 ........................................ 1995 ........................................ 1996 ........................................ 1997 r ...................................... 320.2 362.1 389.3 416.9 440.4 456.8 502.4 r 575.8 r 612.0 679.3 322.4 363.8 393.6 421.7 448.2 465.1 512.6 584.7 625.1 689.2 32.3 37.2 35.1 35.7 40.3 40.6 42.0 50.5 55.5 51.5 85.1 99.3 104.4 109.7 109.1 111.8 121.4 146.2 147.7 158.2 109.2 138.8 152.7 166.7 175.9 181.7 205.0 233.0 252.9 294.5 29.3 34.8 37.4 40.0 47.0 52.4 57.8 61.8 65.0 74.0 23.1 36.4 43.3 45.9 51.4 54.7 60.0 64.4 70.1 77.4 447.2 477.4 498.3 491.0 536.5 589.4 668.6 r 749.6 r 803.3 877.3 441.0 473.2 495.3 488.5 532.7 580.7 663.3 743.5 795.3 870.7 24.8 25.1 26.6 26.5 27.6 27.9 31.0 33.2 35.7 39.7 118.3 132.3 143.2 131.6 138.6 145.6 162.1 181.8 204.5 213.8 101.4 113.3 116.4 120.7 134.3 152.4 184.4 221.4 229.1 254.2 87.7 86.1 87.3 85.7 91.8 102.4 118.3 123.8 128.9 140.8 95.9 102.9 105.7 108.0 122.7 134.0 146.3 159.9 171.0 192.9 r 111.1 258.3 100.0 104.2 120.0 121.2 r 119.6 r 125.7 r 136.2 r 146.0 r 156.0 170.5 87.7 ¥115.9 r ¥92.2 r ¥81.1 r ¥30.9 r ¥38.7 r ¥71.9 r ¥100.9 r ¥99.9 r ¥108.6 ¥110.2 1997: Apr r ............................ May r ........................... Juner ........................... July r ........................... Aug r ............................ Sept r ........................... Oct r ............................. Nov r ............................ Dec r ............................ 56.3 56.1 56.8 57.5 57.1 57.7 58.5 57.5 58.3 57.0 57.1 57.7 58.5 58.1 58.5 59.5 58.2 58.8 4.3 4.1 4.1 3.9 4.2 4.3 4.5 4.5 4.5 13.5 13.3 13.8 13.1 13.4 13.1 13.3 13.1 13.1 24.2 24.3 24.1 25.7 24.9 25.4 25.6 24.9 25.8 6.1 6.0 6.3 6.3 6.2 6.2 6.4 6.6 6.1 6.4 6.5 6.6 6.4 6.5 6.4 6.8 6.5 6.4 72.8 73.1 72.4 73.3 74.0 74.3 74.7 74.1 75.3 71.8 72.2 71.5 73.1 73.8 74.0 74.5 73.8 74.9 3.3 3.4 3.3 3.4 3.4 3.4 3.3 3.3 3.5 17.5 17.9 17.3 17.5 18.1 18.0 18.2 18.1 17.2 20.9 21.0 21.0 21.6 21.8 21.8 22.2 21.5 22.4 11.5 11.6 11.6 11.9 11.7 11.8 11.6 11.7 11.9 16.1 15.9 15.9 16.2 16.2 16.6 16.5 16.8 17.3 21.4 21.7 21.7 21.6 22.0 22.0 22.1 21.6 21.4 13.9 14.1 14.2 14.4 14.4 14.7 14.5 14.6 14.7 ¥14.8 ¥15.1 ¥13.9 ¥14.6 ¥15.6 ¥15.5 ¥15.0 ¥15.7 ¥16.0 ¥16.5 ¥17.0 ¥15.6 ¥15.9 ¥16.9 ¥16.5 ¥16.3 ¥16.6 ¥17.0 7.6 7.6 7.5 7.3 7.6 7.3 7.6 7.0 6.8 ¥9.0 ¥9.4 ¥8.2 ¥8.6 ¥9.3 ¥9.2 ¥8.7 ¥9.6 ¥10.2 1998: Jan r Feb r Mar r Apr p 57.9 56.4 57.2 55.3 58.5 57.2 58.1 55.9 4.2 4.2 4.0 3.8 13.0 12.6 12.9 12.5 25.5 24.8 24.9 23.8 6.5 6.4 6.6 6.5 6.6 6.4 6.6 6.6 75.0 74.5 77.7 76.8 74.4 74.2 77.2 76.4 3.4 3.5 3.5 3.4 17.3 16.8 16.7 17.4 21.9 22.2 23.1 22.3 11.8 12.2 13.0 12.2 17.2 16.9 18.2 18.3 21.7 21.3 21.9 21.8 14.5 14.9 14.6 14.8 ¥15.9 ¥17.1 ¥19.1 ¥20.5 ¥17.1 ¥18.1 ¥20.5 ¥21.5 7.1 6.4 7.3 7.0 ¥9.9 ¥11.7 ¥13.2 ¥14.5 1 Includes 2 Total ............................ ............................ ............................ ............................ undocumented exports to Canada through 1988. includes ‘‘other’’ exports or imports, not shown separately. r 127.2 r 147.9 r 164.3 r 177.0 r 186.4 r 201.4 r 219.8 r 238.8 11.1 23.0 r 27.9 r 43.1 r 57.4 r 60.7 r 65.3 r 73.8 r 82.8 NOTE.—BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Data reflect annual revisions. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the first quarter of 1998, the goods deficit rose to $55.7 billion, from $49.8 billion in the fourth quarter of 1997. The current account deficit rose to $47.2 billion in the first quarter, from $45.0 billion in the fourth quarter. (Series revised.) [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (¥)] Goods 1 Imports Net balance Net military transactions 2 3 Period Exports Services Net travel and transportation receipts Investment income Other services, net Balance on goods and services Receipts on U.S. assets abroad Payments on foreign assets in U.S. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 320,230 362,120 389,307 416,913 440,352 456,832 502,398 575,845 611,983 679,325 ¥447,189 ¥477,365 ¥498,337 ¥490,981 ¥536,458 ¥589,441 ¥668,590 ¥749,574 ¥803,320 ¥877,279 ¥126,959 ¥115,245 ¥109,030 ¥74,068 ¥96,106 ¥132,609 ¥166,192 ¥173,729 ¥191,337 ¥197,954 ¥6,320 ¥6,749 ¥7,599 ¥5,274 ¥1,448 1,269 2,495 4,769 4,684 6,781 ¥3,013 3,551 7,501 16,561 19,969 19,714 16,305 21,772 24,969 22,670 20,435 26,245 27,999 31,851 38,899 39,686 46,479 47,297 53,110 58,297 ¥115,856 ¥92,197 ¥81,129 ¥30,931 ¥38,685 ¥71,939 ¥100,913 ¥99,891 ¥108,574 ¥110,206 129,366 153,659 163,324 141,408 125,003 126,702 157,742 203,844 213,196 241,787 ¥115,722 ¥138,639 ¥139,149 ¥119,891 ¥102,462 ¥102,754 ¥141,263 ¥184,569 ¥198,960 ¥247,105 1995: III r ..... IV r ...... 145,909 148,817 ¥188,077 ¥187,865 ¥42,168 ¥39,048 1,518 1,222 6,064 6,781 12,086 12,416 ¥22,500 ¥18,629 50,772 52,445 ¥48,212 ¥46,763 1996: I r ........ II r ....... III r ..... IV r ...... 150,855 152,130 151,253 157,745 ¥193,467 ¥200,965 ¥202,806 ¥206,082 ¥42,612 ¥48,835 ¥51,553 ¥48,337 748 993 1,105 1,838 5,769 6,548 4,345 8,307 12,994 13,090 13,025 14,001 ¥23,101 ¥28,204 ¥33,078 ¥24,191 51,997 51,801 53,058 56,340 1997: I r ........ II r ....... III r ..... IV r ...... 163,499 169,240 172,302 174,284 ¥213,222 ¥218,336 ¥221,598 ¥224,123 ¥49,723 ¥49,096 ¥49,296 ¥49,839 1,542 2,191 1,945 1,103 5,944 5,711 5,414 5,600 14,107 14,679 14,832 14,677 ¥28,130 ¥26,515 ¥27,105 ¥28,459 1998: I p ........ 171,469 ¥227,167 ¥55,698 1,530 5,172 14,134 ¥34,862 1988 r 1989 r 1990 r 1991 r 1992 r 1993 r 1994 r 1995 r 1996 r 1997 r 1 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 3 Quarterly Net Balance on goods, Unilateral services, transfers, and net 4 income Balance on current account 13,644 ¥102,212 ¥25,988 15,020 ¥77,177 ¥26,963 24,174 ¥56,955 ¥34,669 21,517 ¥9,414 5,032 22,541 ¥16,144 ¥35,230 23,948 ¥47,991 ¥38,142 16,479 ¥84,434 ¥39,391 19,275 ¥80,616 ¥34,638 14,236 ¥94,338 ¥40,577 ¥5,318 ¥115,524 ¥39,691 ¥128,201 ¥104,139 ¥91,624 ¥4,383 ¥51,374 ¥86,133 ¥123,825 ¥115,254 ¥134,915 ¥155,215 2,560 5,682 ¥19,940 ¥12,947 ¥8,938 ¥8,967 ¥28,878 ¥21,914 ¥46,638 ¥47,826 ¥51,327 ¥53,168 5,359 3,975 1,731 3,172 ¥17,742 ¥10,473 ¥24,229 ¥8,777 ¥31,347 ¥9,043 ¥21,019 ¥12,284 ¥28,215 ¥33,006 ¥40,390 ¥33,303 57,581 61,271 62,551 60,384 ¥57,567 ¥60,811 ¥64,095 ¥64,631 14 460 ¥1,544 ¥4,247 ¥28,116 ¥8,874 ¥26,055 ¥9,035 ¥28,649 ¥9,445 ¥32,706 ¥12,337 ¥36,990 ¥35,090 ¥38,094 ¥45,043 61,452 ¥64,576 ¥3,124 ¥37,986 ¥47,210 ¥9,224 data are not seasonally adjusted. 4 Includes transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. U.S. INTERNATIONAL TRANSACTIONS—Continued In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $12.9 billion in the first quarter of 1998, following an increase of $27.5 billion in the fourth quarter of 1997. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, decreased $41.2 billion in the first quarter, following an increase of $89.6 billion in the fourth quarter. (Series revised.) [Millions of dollars; quarterly data seasonally adjusted, except as noted] U.S. assets abroad, net [increase/capital outflow (¥)] Period Total 1988 ........... 1989 ........... 1990 ........... 1991 ........... 1992 ........... 1993 ........... 1994 r ......... 1995 r ......... 1996 r ......... 1997 r ......... 1995: III r IV r .. 1996: I r .... II r ... III r IV r .. 1997: I r .... II r ... III r IV r .. 1998: I p .... U.S. official reserve assets 3 5 ¥100,221 ¥3,912 ¥168,744 ¥25,293 ¥74,011 ¥2,158 ¥57,881 5,763 ¥68,774 3,901 ¥194,537 ¥1,379 ¥171,102 5,346 ¥327,453 ¥9,742 ¥368,801 6,668 ¥478,502 ¥1,010 ¥40,903 ¥1,893 ¥111,020 191 ¥69,695 17 ¥60,623 ¥523 ¥83,101 7,489 ¥155,381 ¥315 ¥145,139 4,480 ¥86,606 ¥236 ¥123,317 ¥730 ¥123,441 ¥4,524 ¥44,747 ¥444 Other U.S. Government assets 3 2,967 1,259 2,307 2,911 ¥1,657 ¥342 ¥389 ¥589 ¥708 174 252 ¥458 ¥210 ¥377 163 ¥284 ¥22 ¥269 436 29 ¥426 Foreign assets in the U.S., net [increase/capital inflow (+)] U.S. private assets ¥99,275 ¥144,710 ¥74,160 ¥66,555 ¥71,018 ¥192,817 ¥176,059 ¥317,122 ¥374,761 ¥477,666 ¥39,262 ¥110,753 ¥69,502 ¥59,723 ¥90,753 ¥154,782 ¥149,597 ¥86,101 ¥123,023 ¥118,946 ¥43,877 Total Foreign official assets 3 246,065 39,758 224,390 8,503 140,992 33,910 109,641 17,389 168,776 40,477 279,671 71,753 304,460 39,583 465,449 109,768 563,357 127,344 733,441 15,817 124,329 39,356 109,169 11,500 90,534 51,833 109,122 13,601 149,361 23,432 214,339 38,478 181,735 26,949 149,773 ¥5,411 181,438 21,258 220,491 ¥26,979 90,893 10,181 5 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the IMF. Other foreign assets Statistical discrepancy Allocations of special Total (sum Of which: drawing of the items Seasonal rights with sign adjustment (SDRs) reversed) discrepancy 206,307 215,887 107,082 92,253 128,299 207,918 264,877 355,681 436,013 717,624 84,973 97,669 38,701 95,521 125,929 175,861 154,786 155,184 160,180 247,470 80,712 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ r ¥17,644 r 48,494 r 24,643 r ¥47,378 r ¥48,628 999 ¥9,533 ¥22,742 ¥59,641 ¥99,724 ¥54,548 23,765 7,376 ¥15,493 ¥25,870 ¥25,655 394 ¥28,077 ¥20,027 ¥52,007 1,064 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. ¥7,559 2,463 4,928 116 ¥8,779 3,734 5,812 685 ¥10,018 3,528 6,260 U.S. official reserve assets, net 5 (unadjusted, end of period) 47,802 74,609 83,316 77,721 71,323 73,442 74,335 85,832 75,089 69,954 87,152 85,832 84,212 83,455 75,509 75,089 67,222 67,813 67,148 69,954 69,353 Note.—Data revised beginning 1986 to reflect annual revisions including updated source data and improved methodologies. See July 1998 Survey of Current Business 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 Unemployment Rates ................................................................................................................................................................................ Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................................................... Nonagricultural Employment .................................................................................................................................................................................. Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................................................. Employment Cost Index—Private Industry ............................................................................................................................................................. Productivity and Related Data, Business Sector ...................................................................................................................................................... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization ....................................................................................................................................................... Industrial Production—Major Market Groups and Selected Manufactures .............................................................................................................. New Construction .................................................................................................................................................................................................... New Private Housing and Vacancy Rates ............................................................................................................................................................... Business Sales and Inventories—Manufacturing and Trade ..................................................................................................................................... Manufacturers’ Shipments, Inventories, and Orders ................................................................................................................................................. 17 18 19 19 20 21 PRICES Producer Prices ........................................................................................................................................................................................................ Consumer Prices—All Urban Consumers ................................................................................................................................................................ Changes in Producer Prices for Finished Goods ...................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers ............................................................................................................................................. Prices Received and Paid by Farmers ...................................................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock, Liquid Assets, and Debt Measures .................................................................................................................................................... Components of Money Stock and Liquid Assets ...................................................................................................................................................... Aggregate Reserves and Monetary Base ................................................................................................................................................................... Bank Credit at All Commercial Banks .................................................................................................................................................................... Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .................................................................................................................. Consumer Credit ...................................................................................................................................................................................................... Interest Rates and Bond Yields ............................................................................................................................................................................... Common Stock Prices and Yields ............................................................................................................................................................................ 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ....................................................................................................................................................................... Federal Receipts by Source and Outlays by Function .............................................................................................................................................. Federal Sector, National Income Accounts Basis ..................................................................................................................................................... 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ............................................................................................................... U.S. International Trade in Goods and Services ...................................................................................................................................................... U.S. International Transactions ................................................................................................................................................................................ 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. … Not available (also, not applicable). NSA not seasonally adjusted. 38 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $3.00 (single copy) ($3.75 foreign). Subscription price: $33.00 per year; $41.25 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 1998 49–547
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