Full text of Economic Indicators : May 1998
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105th Congress, 2d Session Economic Indicators May 1998 (Includes data available as of June 2, 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 0–16–057003–4 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 5.8 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 4.8 percent, and the implicit price deflator rose 1.0 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 8,344.9 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 5,666.5 799.7 736.2 790.4 876.2 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 1,352.1 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 ¥136.8 less exports of goods and services plus imports of goods and services. Imports Total Total 557.3 601.8 639.4 658.6 721.2 818.4 870.9 957.1 678.5 710.1 732.6 763.7 784.5 807.7 831.6 849.9 850.2 865.0 863.7 904.6 922.2 960.3 965.8 980.0 960.4 628.6 622.3 669.0 719.3 812.1 904.5 965.7 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 1,097.2 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 1,463.1 503.6 522.6 528.0 518.3 510.2 509.6 520.0 523.8 506.9 505.3 520.4 508.3 513.6 511.2 512.9 500.6 516.4 524.6 521.6 517.6 516.1 526.1 525.7 527.3 515.3 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 130.4 139.1 152.2 157.7 161.0 165.0 167.3 173.5 162.0 156.8 160.7 164.7 167.3 163.0 165.5 164.1 168.0 167.3 166.8 167.0 172.8 175.5 173.6 172.0 176.0 State and local 672.6 703.4 735.8 765.0 802.8 846.0 886.7 928.9 784.1 795.5 811.9 819.6 831.1 844.8 849.3 858.6 867.8 882.4 891.9 904.7 917.0 923.0 932.3 943.6 947.7 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 8,241.3 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 8,481.7 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 8,322.1 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 7,365.6 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 4,999.5 695.7 705.4 708.2 716.8 736.9 759.7 789.3 800.8 808.9 837.0 874.5 872.7 908.0 261.2 250.4 255.5 260.8 266.1 277.2 274.1 271.1 273.3 278.2 280.1 286.3 297.2 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 ¥214.7 760.4 777.4 802.4 824.6 828.2 847.4 851.4 901.1 922.7 962.5 973.0 992.7 985.0 873.9 890.3 895.4 900.7 929.0 960.0 990.2 1,006.6 1,048.9 1,099.1 1,137.1 1,151.8 1,199.8 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 1,264.6 480.4 474.9 473.4 452.6 460.9 470.7 465.7 459.6 452.8 460.1 458.8 456.1 444.5 328.7 327.4 324.0 310.3 314.9 323.2 319.4 313.6 303.9 309.4 310.3 311.1 295.6 151.4 147.3 149.1 142.1 145.7 147.2 146.0 145.7 148.5 150.2 148.0 144.8 148.3 777.3 782.3 781.5 785.1 782.4 794.4 795.9 802.3 807.7 810.1 814.7 818.3 820.2 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 7,260.9 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 7,558.8 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 7,348.7 48.5 21.6 17.0 22.2 8.0 21.3 37.9 32.9 63.7 77.6 47.5 74.0 100.7 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 ........... 113.29 113.34 100.68 109.23 118.44 98.72 118.53 97.50 91.46 115.93 114.78 118.69 115.55 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 94.75 100.00 105.02 111.25 116.35 122.29 129.39 103.20 104.24 105.29 107.36 108.81 110.68 111.88 113.63 114.80 115.45 116.92 118.22 119.59 121.83 122.93 124.80 127.05 128.66 130.10 131.76 133.64 GDP implicit price deflator GDP chain-type price index 87.88 90.47 93.93 97.08 98.27 97.36 100.00 102.32 105.87 107.97 110.95 115.12 101.34 101.85 102.39 103.72 104.49 105.70 106.17 107.11 107.36 107.44 108.24 108.84 109.32 110.92 111.20 112.38 113.73 114.66 115.53 116.58 117.96 80.58 83.06 86.10 89.72 93.64 97.32 100.00 102.64 105.09 107.76 110.22 112.45 101.85 102.38 102.83 103.52 104.16 104.74 105.39 106.07 106.93 107.49 108.03 108.60 109.35 109.86 110.59 111.10 111.78 112.27 112.67 113.07 113.36 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 97.32 100.00 102.64 105.09 107.76 110.21 112.40 101.84 102.35 102.83 103.51 104.13 104.71 105.39 106.09 106.94 107.46 108.02 108.61 109.39 109.84 110.54 111.05 111.71 112.22 112.62 113.01 113.29 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 5.8 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 4.8 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 1.0 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 1.0 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 p .......................................................................... 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 4,581.4 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 4,270.1 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 .105 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 .705 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 .142 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 6,902.9 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 4,916.7 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 32.5 347.2 386.7 418.4 434.7 465.5 483.1 503.8 417.5 435.9 438.4 447.0 457.6 463.1 468.7 472.6 477.4 483.5 483.7 487.9 494.4 500.0 506.3 514.3 524.2 employer contributions for social insurance. (See also p. 5.) Rental income of persons with capital consumption adjustment 67.9 79.4 105.7 124.4 132.8 146.3 147.9 112.7 126.0 130.1 128.9 130.5 132.3 131.5 137.1 143.4 144.6 148.0 149.2 149.0 148.7 148.0 145.7 143.6 Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Total 411.3 428.0 492.8 570.5 650.0 735.9 805.0 512.0 562.0 590.1 617.7 613.2 628.0 672.8 685.7 717.7 738.5 739.6 747.8 779.6 795.1 827.3 818.1 822.5 378.2 398.9 456.9 519.1 598.4 674.1 735.3 470.8 510.2 535.0 560.3 560.4 577.2 621.4 634.5 659.8 676.8 676.4 683.4 711.9 725.7 757.1 746.5 748.6 Profits before tax Inventory valuation adjustment 374.2 406.4 465.4 535.1 622.6 676.6 729.8 475.1 525.3 556.2 583.9 610.7 615.0 630.6 634.1 664.9 682.2 679.1 680.0 708.4 719.8 753.4 737.3 718.4 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 30.2 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 73.9 448.0 414.3 402.5 412.3 425.1 425.1 448.7 397.2 405.6 415.6 430.7 432.7 429.7 419.5 418.6 416.2 422.5 430.9 430.6 440.5 448.1 451.8 454.2 463.3 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 4,999.5 462.0 488.5 523.8 561.2 583.6 611.1 645.5 550.7 555.8 561.7 576.6 572.2 577.7 590.8 593.7 600.7 614.8 611.9 617.1 637.8 629.0 656.1 659.3 684.1 193.2 206.9 218.9 230.0 229.5 231.3 233.1 231.6 228.4 227.3 232.6 226.2 227.5 232.9 231.6 233.4 234.2 229.7 228.0 233.4 223.1 238.7 237.3 241.9 Furniture and household equipment 177.0 189.4 207.8 229.4 248.4 269.5 296.4 219.1 226.1 232.2 240.3 241.4 244.6 251.5 256.2 259.2 269.9 272.3 276.8 287.4 292.3 301.1 304.9 324.5 Nondurable goods Other 91.8 92.3 97.2 102.3 107.2 113.3 121.4 100.0 101.6 102.9 104.5 105.9 107.0 107.9 107.9 110.2 113.4 113.2 116.3 121.4 119.7 121.7 123.1 125.5 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 1,484.2 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 659.6 660.0 675.3 687.9 690.5 689.7 689.7 684.3 689.8 687.9 689.5 690.8 690.2 690.6 690.6 692.4 690.3 687.3 689.0 694.6 688.2 689.5 686.6 690.7 Clothing Gasoline and and oil shoes 215.9 225.5 234.2 247.1 257.5 267.7 278.0 243.1 242.7 248.1 254.7 255.3 257.0 259.1 258.7 261.6 268.4 270.8 270.0 277.1 273.8 281.3 279.6 291.6 103.4 106.6 108.7 109.8 113.1 114.1 116.0 109.2 109.6 109.9 110.7 112.7 113.2 113.0 113.6 112.9 114.5 114.1 114.8 114.7 116.1 116.2 117.0 118.1 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 313.2 318.8 322.1 334.3 341.3 351.2 366.7 329.9 333.0 336.7 337.8 339.9 341.0 341.5 342.9 345.1 349.1 352.5 358.3 363.7 363.4 370.0 369.8 377.6 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 2,834.0 635.2 646.8 654.7 674.3 688.2 700.2 713.8 666.8 672.2 677.0 681.1 683.7 686.7 689.7 692.8 695.6 698.7 701.7 704.8 708.3 712.0 715.6 719.3 723.4 621.6 646.6 655.3 662.1 674.9 688.1 711.1 658.1 661.1 663.2 666.0 669.5 672.9 677.0 680.4 679.4 686.2 689.8 697.1 704.4 708.8 714.2 716.9 722.0 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 $28.7 billion (annual rate) in April, following an increase of $22.5 billion in March. Wages and salaries increased $18.0 billion in April, following an increase of $9.8 billion in March. [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: Apr .......................................................... 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 6,800.9 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 3,822.1 3,835.1 3,867.6 3,870.0 3,902.3 3,916.1 3,943.6 3,989.9 4,007.9 300.6 322.7 351.3 385.1 405.0 406.8 407.6 416.6 414.4 415.3 415.6 416.6 417.6 418.9 420.1 421.4 422.6 35.4 29.3 37.1 32.4 36.9 23.4 37.2 40.7 43.0 43.8 44.0 43.0 40.8 39.0 38.5 38.1 38.1 338.6 347.2 386.7 418.4 434.7 465.5 483.1 503.8 497.9 499.8 502.4 503.9 505.3 509.6 513.1 514.1 515.8 61.0 67.9 79.4 105.7 124.4 132.8 146.3 147.9 149.3 148.9 147.8 147.4 148.5 148.2 146.6 145.5 145.0 142.9 153.6 159.4 185.3 204.8 251.9 291.2 321.5 316.3 318.3 320.3 322.4 324.5 326.6 328.6 330.7 332.8 704.4 699.2 667.2 651.0 668.1 718.9 735.7 768.6 763.4 766.0 768.9 771.0 772.5 774.3 776.3 778.3 780.5 687.8 769.9 858.2 912.0 954.7 1,015.0 1,068.0 1,121.1 1,114.6 1,116.6 1,119.7 1,122.1 1,125.9 1,129.0 1,131.5 1,132.9 1,140.0 223.9 235.8 248.4 260.3 277.5 293.1 306.3 323.7 320.1 320.9 323.0 323.1 325.2 326.1 327.9 331.0 332.2 1998: Jan r ........................................................ Feb r ........................................................ Mar r ....................................................... Apr p ....................................................... 7,088.8 7,133.2 7,155.7 7,184.4 4,038.2 4,073.5 4,083.3 4,101.3 423.9 425.1 426.3 427.5 34.6 32.1 30.9 32.6 518.8 524.0 529.7 532.6 144.4 143.8 142.7 143.0 334.9 336.8 338.8 340.9 782.0 783.3 784.5 785.8 1,148.4 1,153.4 1,158.9 1,161.2 336.4 338.7 339.4 340.5 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 3.8 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 19,865 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 21,032 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 18,556 ¥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 3.8 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 3.7 259,738 260,351 261,040 261,692 262,235 262,847 263,527 264,169 264,680 265,258 265,887 266,491 266,987 267,545 268,171 268,854 269,429 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 7,125.9 712.9 750.5 739.9 753.0 766.5 795.1 798.9 820.0 840.0 887.8 897.3 922.6 955.7 979.2 998.0 1,022.1 1,059.7 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 6,066.3 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 5,844.1 165.2 212.8 222.1 242.4 279.2 245.4 243.8 249.9 258.1 225.7 254.0 220.4 215.9 247.0 208.2 235.8 222.1 1 Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net). 2 Annual data are averages of quarterly data, which are averages for the period. 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 5,352.2 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 22,515 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 preliminary estimates, corporate profits before tax fell $18.9 billion (annual rate) and profits after tax fell $10.7 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 p .......... 711.9 725.7 757.1 746.5 748.6 614.5 624.9 657.2 650.2 649.7 116.5 117.5 119.4 124.5 125.7 498.0 507.4 537.8 525.7 524.0 208.2 221.0 240.4 229.0 ................ 49.0 49.5 54.1 51.7 .............. 55.1 54.9 57.9 55.2 .............. 708.4 719.8 753.4 737.3 718.4 241.2 244.5 258.2 253.6 245.4 467.2 475.3 495.2 483.7 473.0 326.8 333.0 339.1 345.6 352.2 140.3 142.3 156.1 138.1 120.8 3.5 5.9 3.6 9.2 30.2 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 $35.3 billion (annual rate) and residential investment rose $10.9 billion. There was an increase of $100.7 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 ............................................................................. 1,311.6 1,200.5 908.0 191.8 727.7 297.2 100.7 91.8 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 ........ 908.0 191.8 144.9 29.2 12.6 727.7 357.9 299.8 136.2 129.4 151.1 297.2 289.4 145.5 21.9 122.5 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 April, employment rose by 389,000, and unemployment fell by 670,000. [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: Apr ........................... May .......................... June .......................... July .......................... Aug .......................... Sept .......................... Oct ........................... Nov .......................... Dec ........................... 184,613 186,393 189,164 190,925 192,805 194,838 196,814 198,584 200,591 203,133 202,674 202,832 203,000 203,166 203,364 203,570 203,767 203,941 204,098 121,669 123,869 125,840 126,346 128,105 129,200 131,056 132,304 133,943 136,297 136,043 136,060 136,206 136,294 136,404 136,439 136,406 136,864 137,169 114,968 117,342 118,793 117,718 118,492 120,259 123,060 124,900 126,708 129,558 129,275 129,494 129,392 129,661 129,747 129,761 129,910 130,575 130,777 3,169 3,199 3,223 3,269 3,247 3,115 3,409 3,440 3,443 3,399 3,462 3,418 3,389 3,452 3,379 3,422 3,327 3,384 3,385 111,800 114,142 115,570 114,449 115,245 117,144 119,651 121,460 123,264 126,159 125,813 126,076 126,003 126,209 126,368 126,339 126,583 127,191 127,392 4,965 4,657 4,950 5,874 6,240 6,230 4,414 4,279 4,123 3,879 4,204 3,853 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 6,768 6,566 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 2,088 2,076 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 66,631 66,772 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 67.1 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 63.8 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 4.8 5.0 4.9 4.9 4.9 4.8 4.6 4.7 1998: Jan 3 ......................... Feb ........................... Mar ........................... Apr. .......................... 204,238 204,400 204,547 204,731 137,493 137,557 137,523 137,242 131,083 131,163 130,994 131,383 3,319 3,335 3,132 3,350 127,764 127,829 127,862 128,033 3,865 3,743 3,726 3,608 6,409 6,393 6,529 5,859 1,811 1,830 1,731 1,417 66,745 66,844 67,024 67,489 67.3 67.3 67.2 67.0 64.2 64.2 64.0 64.2 4.7 4.6 4.7 4.3 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 April, the unemployment rate fell to 4.3 percent from 4.7 percent in March. [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: Apr .................. May ................. June ................ July ................. Aug ................. Sept ................. Oct .................. Nov ................. Dec .................. 1998: Jan .................. Feb .................. Mar ................. Apr .................. 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 4.8 5.0 4.9 4.9 4.9 4.8 4.6 4.7 4.7 4.6 4.7 4.3 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 3.9 4.2 4.1 4.1 4.1 4.1 3.9 4.1 3.8 3.8 3.9 3.4 4.9 4.7 4.9 5.7 6.3 5.9 5.4 4.9 4.8 4.4 4.4 4.5 4.4 4.3 4.3 4.3 4.1 4.0 4.0 4.4 4.3 4.3 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 15.6 15.7 16.5 16.3 16.2 16.4 15.5 15.2 14.3 14.1 14.7 15.0 13.1 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 4.2 4.1 4.3 4.2 4.2 4.2 4.1 3.9 3.9 4.0 3.9 4.1 3.6 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 9.2 8.9 8.4 8.4 8.4 8.2 8.4 8.6 8.3 8.3 8.2 7.5 By selected groups Black 11.7 11.4 11.4 12.5 14.2 13.0 11.5 10.4 10.5 10.0 9.9 10.3 10.3 9.6 9.5 9.6 9.6 9.7 9.9 9.3 9.7 9.2 8.9 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 4.7 4.7 4.8 4.6 4.7 4.7 4.5 4.4 4.5 4.5 4.4 4.5 4.0 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 2.7 2.7 2.6 2.6 2.6 2.6 2.4 2.6 2.6 2.5 2.5 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 7.9 7.9 8.0 7.6 8.0 7.8 7.8 8.1 7.7 7.6 7.6 7.6 7.6 5.3 5.1 5.4 6.8 7.5 6.9 6.1 5.5 5.3 4.8 4.8 4.8 4.9 4.8 4.7 4.7 4.7 4.4 4.6 4.5 4.5 4.5 4.2 6.4 6.2 6.4 7.0 7.5 7.2 6.0 6.0 5.8 5.5 5.6 5.3 5.3 5.4 5.5 5.5 5.3 5.4 5.0 5.4 5.2 5.7 4.8 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 April, the percentages of the unemployed who had been out of work for less than 5 weeks, for 5–14 weeks, and for 27 weeks and over rose; the percentage for 15–26 weeks fell. The mean duration of unemployment was unchanged at 14.3 weeks and the median duration fell to 6.4 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: Apr .................................. May ................................. June ................................ July ................................. Aug ................................. Sept ................................. Oct .................................. Nov ................................. Dec .................................. 1998: Jan .................................. Feb .................................. Mar ................................. Apr .................................. 6,701 6,528 7,047 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,768 6,566 6,814 6,633 6,657 6,678 6,496 6,289 6,392 6,409 6,393 6,529 5,859 46.0 48.6 46.3 40.3 35.1 36.5 34.1 36.5 36.4 37.7 36.7 38.0 37.4 36.7 38.2 37.0 39.6 38.2 39.4 39.7 41.2 43.5 44.2 30.0 30.3 32.0 32.4 29.4 28.9 30.1 31.6 31.6 31.7 32.3 30.9 32.2 31.4 31.6 31.5 29.6 32.3 30.0 31.4 30.0 30.1 31.9 12.0 11.2 11.7 14.4 15.1 14.5 15.5 14.6 14.6 14.8 15.3 15.8 15.2 15.9 14.2 15.4 14.2 14.2 14.6 12.3 13.4 12.8 9.8 12.1 9.9 10.0 12.9 20.3 20.1 20.3 17.3 17.4 15.8 15.7 15.3 15.3 16.0 16.0 16.1 16.6 15.2 16.0 16.6 15.3 13.6 14.0 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 15.4 15.3 15.3 16.5 15.8 15.9 16.3 15.6 16.3 15.6 15.6 14.3 14.3 5.9 4.8 5.3 6.8 8.7 8.3 9.2 8.3 8.3 8.0 8.1 7.8 7.9 8.2 7.9 8.1 7.7 7.8 7.7 7.4 7.2 6.8 6.4 46.1 45.7 48.1 54.4 56.1 54.2 47.7 46.9 46.6 45.1 44.6 44.3 45.7 44.8 45.4 45.0 45.4 45.6 46.7 44.1 43.7 45.9 44.9 14.7 15.7 14.8 11.6 10.4 10.9 9.9 11.1 10.7 11.8 11.4 12.1 12.2 12.3 13.5 12.8 11.3 10.3 10.8 12.7 12.3 11.5 10.7 27.0 28.2 27.4 24.8 23.8 24.6 34.8 34.1 34.7 34.7 35.6 35.0 34.5 34.3 32.8 33.9 34.7 35.2 33.9 35.0 35.5 34.1 35.7 12.2 10.4 9.8 9.2 9.7 10.3 7.6 7.8 8.0 8.4 8.4 8.6 7.5 8.6 8.4 8.4 8.6 8.8 8.6 8.1 8.5 8.5 8.7 2,081 2,158 2,522 3,342 3,245 2,751 2,670 2,572 2,595 2,321 2,276 2,262 2,305 2,302 2,300 2,231 2,230 2,247 2,283 2,251 2,187 2,165 2,127 310 330 388 447 408 341 340 357 356 324 332 325 339 318 325 310 310 319 315 318 309 309 309 2,135 2,205 2,575 3,406 3,348 2,845 2,739 2,633 2,650 2,365 2,503 2,070 2,215 2,236 2,115 1,978 1,754 2,016 2,436 2,755 2,774 2,790 2,248 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 262,000 in April. [Thousands of wage and salary workers; 1 seasonally adjusted] Goods-producing industries Period 1988 ..................... 1989 ..................... 1990 ..................... 1991 ..................... 1992 ..................... 1993 ..................... 1994 ..................... 1995 ..................... 1996 ..................... 1997 ..................... 1997: Apr ............ May ........... June .......... July ........... Aug ........... Sept .......... Oct ............ Nov ........... Dec ........... 1998: Jan ............ Feb r .......... Mar r ......... Apr p ......... Total nonagricultural employment 105,209 107,884 109,403 108,249 108,601 110,713 114,163 117,191 119,523 122,259 121,671 121,834 122,056 122,440 122,492 122,792 123,083 123,512 123,866 124,265 124,524 124,500 124,762 Service-producing industries Manufacturing Total 2 25,125 25,254 24,905 23,745 23,231 23,352 23,908 24,265 24,431 24,739 24,667 24,702 24,714 24,713 24,765 24,771 24,814 24,888 24,995 25,139 25,174 25,079 25,100 Construction 5,098 5,171 5,120 4,650 4,492 4,668 4,986 5,160 5,400 5,629 5,599 5,628 5,622 5,625 5,637 5,642 5,650 5,682 5,747 5,843 5,878 5,793 5,828 Total 19,314 19,391 19,076 18,406 18,104 18,075 18,321 18,524 18,457 18,537 18,495 18,498 18,518 18,514 18,555 18,553 18,590 18,634 18,674 18,722 18,723 18,716 18,706 Durable goods Nondurable goods 11,363 11,394 11,109 10,569 10,277 10,221 10,448 10,683 10,766 10,915 10,856 10,864 10,891 10,910 10,957 10,952 10,985 11,020 11,048 11,093 11,101 11,097 11,100 7,951 7,997 7,968 7,837 7,827 7,854 7,873 7,841 7,691 7,622 7,639 7,634 7,627 7,604 7,598 7,601 7,605 7,614 7,626 7,629 7,622 7,619 7,606 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 14 Total 80,084 82,630 84,497 84,504 85,370 87,361 90,256 92,925 95,092 97,520 97,004 97,132 97,342 97,727 97,727 98,021 98,269 98,624 98,871 99,126 99,350 99,421 99,662 Transportation and public utilities 5,512 5,614 5,777 5,755 5,718 5,811 5,984 6,132 6,261 6,425 6,421 6,431 6,434 6,443 6,289 6,473 6,497 6,495 6,478 6,516 6,544 6,559 6,557 Wholesale trade 6,030 6,187 6,173 6,081 5,997 5,981 6,162 6,378 6,483 6,657 6,622 6,630 6,634 6,664 6,675 6,687 6,712 6,729 6,746 6,780 6,791 6,805 6,816 Retail trade 19,023 19,475 19,601 19,284 19,356 19,773 20,507 21,187 21,625 22,136 22,029 22,026 22,079 22,159 22,189 22,215 22,258 22,403 22,450 22,462 22,479 22,453 22,497 Finance, insurance, Services and real estate 6,630 6,668 6,709 6,646 6,602 6,757 6,896 6,806 6,899 7,053 7,019 7,029 7,034 7,058 7,068 7,082 7,108 7,132 7,151 7,170 7,190 7,218 7,248 25,504 26,907 27,934 28,336 29,052 30,197 31,579 33,117 34,377 35,595 35,334 35,451 35,522 35,684 35,702 35,850 35,945 36,102 36,276 36,417 36,534 36,572 36,711 Government Total 17,386 17,779 18,304 18,402 18,645 18,841 19,128 19,305 19,447 19,654 19,579 19,565 19,639 19,719 19,804 19,714 19,749 19,763 19,770 19,781 19,812 19,814 19,833 Federal 2,971 2,988 3,085 2,966 2,969 2,915 2,870 2,822 2,757 2,700 2,708 2,703 2,694 2,689 2,690 2,680 2,687 2,694 2,689 2,674 2,676 2,671 2,672 of the working-age population, whereas the estimates in this table are based on reports from employing establishments. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where persons are counted only once—as employed, unemployed, or not in the labor force. 2 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [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 ........................ 1996 ........................ 1997 ........................ 1997: Apr ............. May ............. June ............ July ............. Aug .............. Sept ............. Oct .............. Nov .............. Dec .............. 1998: Jan .............. Feb .............. Mar ............. Apr 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 34.6 34.4 34.6 34.5 34.5 34.8 34.6 34.8 34.9 34.7 34.4 Total 41.1 41.0 40.8 40.7 41.0 41.4 42.0 41.6 41.6 42.0 42.1 42.0 41.8 41.8 41.8 41.9 42.0 42.1 42.2 42.1 42.0 r 41.8 40.7 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 4.9 4.8 4.6 4.7 4.7 4.7 4.8 4.9 4.9 4.9 4.8 4.7 3.9 Current dollars $9.28 9.66 10.01 10.32 10.57 10.83 11.12 11.43 11.81 12.26 12.14 12.19 12.23 12.24 12.31 12.35 12.40 12.48 12.48 12.52 12.59 12.63 12.67 1982 dollars 2 $7.69 7.64 7.52 7.45 7.41 7.39 7.40 7.39 7.43 7.54 7.49 7.52 7.54 7.53 7.56 7.56 7.58 7.62 7.62 7.64 7.69 7.72 7.72 Total private nonagricultural 1 Manufacturing $10.19 10.48 10.83 11.18 11.46 11.74 12.07 12.37 12.78 13.17 13.07 13.11 13.12 13.11 13.20 13.22 13.35 13.37 13.39 13.38 13.43 13.47 13.47 1 Also Percent change from a year earlier, total private nonagricultural 3 Current dollars Current dollars 1982 dollars 2 Manufacturing Construction Retail trade $322.02 334.24 345.35 353.98 363.61 373.64 385.86 394.34 406.26 424.20 418.83 420.56 423.16 421.06 425.93 426.08 427.80 434.30 431.81 435.70 439.39 438.26 435.85 $266.79 264.22 259.47 255.40 254.99 254.87 256.73 255.07 255.51 260.89 258.54 259.44 260.73 259.11 261.47 260.92 261.49 265.30 263.62 266.00 268.25 267.72 265.60 $418.81 429.68 441.86 455.03 469.86 486.04 506.94 514.59 531.65 553.14 550.25 550.62 548.42 548.00 551.76 553.92 560.70 562.88 565.06 563.30 564.06 r 563.05 548.23 $495.73 513.17 526.01 533.40 537.70 553.63 573.00 587.00 602.94 622.40 616.95 626.85 617.27 622.44 618.76 625.51 625.46 617.98 634.77 645.56 r 640.20 r 628.50 625.48 $183.62 188.72 194.40 198.48 205.06 209.95 216.46 221.47 230.11 241.03 238.71 239.29 239.87 239.62 243.28 242.50 244.49 245.65 245.94 248.53 r 249.97 r 250.27 252.88 Current dollars 1982 dollars ¥0.9 ¥1.0 ¥1.8 ¥1.6 ¥.2 ¥.0 .7 ¥.6 .2 2.1 2.2 2.3 1.4 1.8 2.2 1.0 2.3 3.4 1.6 3.5 3.2 2.6 2.6 3.0 3.8 3.3 2.5 2.7 2.8 3.3 2.2 3.0 4.4 4.6 4.4 3.6 3.9 4.4 3.1 4.3 5.2 3.1 4.9 4.3 3.7 3.9 3 Based on seasonally unadjusted data. Source: Department of Labor, Bureau of Labor Statistics. includes other private industry groups shown on p. 14. dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982=100 base). 2 Current EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries .................................................................... .................................................................... .................................................................... .................................................................... .................................................................... .................................................................... .................................................................... ................................................................... .................................................................... .................................................................... 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 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 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 96.7 102.6 109.4 116.2 122.2 128.3 133.0 135.9 138.6 141.8 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 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 Seasonally adjusted 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 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 r 118.3 98.8 97.1 100.0 103.0 107.0 109.8 113.6 r 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 r 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 r 105.4 103.4 104.0 104.9 105.3 116.6 117.8 118.8 r 120.2 116.9 118.0 119.1 r 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 r 111.5 109.8 110.0 110.1 r 111.1 110.6 111.0 111.3 111.5 110.5 110.9 111.2 111.5 1998: I p * ................. 105.6 105.3 121.7 122.1 115.3 115.9 118.7 118.1 102.8 102.3 112.4 112.2 111.6 111.7 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 r 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 r 1.6 1.1 2.3 3.6 r 1.4 5.9 3.9 3.6 r 4.8 5.6 3.8 3.7 r 4.9 4.2 1.6 .1 3.2 4.5 1.5 .1 3.5 4.1 3.1 4.2 r 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 r 3.9 3.1 .9 .2 r 3.8 2.0 1.5 1.1 .9 2.4 1.4 1.2 1.0 1998: I p * ................. .8 .2 5.3 5.3 4.4 5.0 4.2 4.1 3.7 3.5 3.4 3.8 .3 .7 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 April 30, 1998. Other data for 1998:I shown elsewhere in this issue were issued May 28, 1998. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose in April; capacity utilization fell. [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: 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 0.5 .2 .2 .8 .6 .3 .8 .8 .3 4.7 4.3 3.9 4.7 5.0 5.0 5.8 5.8 5.7 125.4 125.7 126.1 126.9 127.9 128.0 129.1 130.4 130.9 139.5 140.1 141.2 142.4 144.3 144.4 145.5 147.7 148.6 110.8 110.7 110.5 110.9 111.0 111.3 112.2 112.6 112.9 105.5 106.7 105.7 106.5 106.3 106.5 105.9 106.1 105.7 112.5 111.8 110.9 113.8 113.0 115.1 116.9 115.3 114.3 82.6 82.4 82.3 82.6 82.8 82.7 83.0 83.3 83.3 81.6 81.4 81.3 81.5 81.8 81.6 81.9 82.3 82.3 1998: Jan r Feb r Mar r Apr p 127.8 127.4 127.7 127.8 ¥.1 ¥.3 .3 .1 5.4 4.3 4.3 3.8 131.1 130.7 130.5 130.8 148.3 147.8 148.1 148.7 113.6 113.1 112.4 112.6 108.4 107.8 107.4 107.2 108.7 108.5 115.1 112.8 82.9 82.3 82.2 81.9 82.1 81.5 81.0 80.8 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: Apr ..................................................... May .................................................... June ................................................... July .................................................... Aug ..................................................... Sept ................................................... Oct ..................................................... Nov ..................................................... Dec ..................................................... 118.0 118.6 118.6 119.2 120.5 120.3 121.5 122.5 122.2 113.4 113.9 113.5 113.9 114.6 114.5 115.9 116.7 115.9 127.4 128.8 129.8 128.1 132.1 131.9 131.4 136.5 134.7 109.9 110.1 109.4 110.3 110.3 110.2 112.1 111.8 111.3 126.0 126.8 127.7 128.6 130.9 130.6 131.3 132.8 133.4 137.9 139.0 140.2 141.6 144.6 144.4 145.5 147.5 148.6 75.4 75.6 76.0 74.9 75.0 74.7 74.7 74.5 74.5 114.7 114.9 114.7 114.6 115.3 115.2 116.3 117.3 117.4 121.8 122.2 122.2 121.2 122.7 120.4 121.3 123.6 123.2 110.6 110.6 110.2 110.6 111.0 112.2 113.4 113.5 113.9 132.5 132.4 133.0 134.9 134.9 136.1 136.7 137.7 138.9 103.7 103.7 103.2 104.6 103.9 105.5 104.7 103.9 104.2 1998: Jan r Feb r Mar r Apr p 122.6 121.6 122.0 122.3 116.6 115.2 115.5 115.5 135.6 134.3 134.3 135.5 112.0 110.5 110.9 110.6 133.1 133.0 133.7 134.5 147.3 146.7 147.8 149.2 75.7 76.0 75.4 75.7 117.4 117.6 117.7 117.5 125.2 125.9 125.1 124.9 112.9 112.7 113.3 113.2 138.2 138.2 138.5 138.5 103.7 103.5 105.6 105.3 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: Apr ..................................................... May .................................................... June ................................................... July .................................................... Aug ..................................................... Sept ................................................... Oct ..................................................... Nov ..................................................... Dec ..................................................... 122.3 124.2 124.9 125.2 125.5 125.9 127.4 128.9 127.2 121.2 123.9 122.6 122.2 121.8 124.5 126.4 127.0 126.1 122.5 122.7 121.9 122.4 122.8 122.7 124.4 124.7 126.7 167.8 168.0 168.8 172.2 175.9 173.7 176.5 177.7 178.6 223.7 226.3 229.7 235.5 236.8 237.5 240.8 247.4 249.9 110.7 110.8 113.0 112.2 117.0 118.8 118.3 121.6 123.4 129.7 129.2 132.5 130.0 138.9 141.2 139.6 145.9 146.6 115.9 116.4 117.0 116.1 115.4 113.3 112.9 117.0 114.4 99.8 99.8 99.6 99.7 99.1 99.1 99.3 98.6 99.3 104.4 104.5 104.1 104.1 104.4 105.1 106.7 107.4 107.1 115.2 114.5 114.6 114.3 114.5 115.6 116.7 116.5 118.2 109.2 109.2 108.8 110.0 108.9 108.6 109.2 110.9 110.9 1998: Jan r Feb r Mar r Apr p 129.3 127.7 126.0 125.3 127.9 126.7 123.8 123.2 125.6 124.4 124.6 124.0 180.3 179.3 181.9 182.8 252.9 254.0 254.5 256.9 119.9 119.2 118.9 119.6 138.3 136.7 136.8 138.9 114.8 116.8 116.5 117.1 99.3 97.7 97.7 97.5 106.5 105.7 104.5 104.6 118.7 118.2 118.1 117.9 112.9 112.2 111.4 112.0 ................................................... ................................................... ................................................... ................................................... 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 1995 1996 1997 ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ 455.6 469.8 468.5 424.2 452.1 478.6 519.9 534.1 568.6 601.0 360.9 371.6 361.1 314.1 336.2 362.7 399.4 406.8 437.1 462.2 198.1 196.6 182.9 157.8 187.8 210.5 238.9 230.7 247.2 259.9 1997: Apr .............................. May ............................. June ............................ July ............................. Aug .............................. Sept ............................. Oct ............................... Nov .............................. Dec ............................... 596.9 595.8 594.2 603.0 603.7 605.7 611.7 610.9 616.0 457.6 459.9 456.9 464.3 465.2 468.8 469.6 470.0 475.3 259.9 259.7 257.3 258.8 260.0 263.8 265.4 267.2 270.8 1998: Jan ............................... Feb r ............................. Mar r ............................ Apr p ............................. 619.7 624.6 625.0 630.1 483.3 486.3 489.3 493.8 275.7 279.2 283.3 285.8 138.9 139.2 128.0 110.6 129.6 144.1 167.9 162.9 179.4 185.5 109.6 118.0 119.4 93.7 82.2 84.4 93.3 107.9 118.8 124.6 53.2 57.1 58.8 62.6 66.2 67.8 67.2 68.2 71.1 77.7 94.7 98.2 107.5 110.1 115.8 116.0 120.5 127.3 131.5 138.8 104 108 98 92 100 108 118 121 131 140 185.2 185.3 182.8 182.9 183.8 186.7 190.1 190.3 193.7 118.3 122.3 123.4 127.8 126.1 124.6 124.4 123.4 124.2 79.4 77.9 76.3 77.7 79.1 80.5 79.7 79.4 80.3 139.3 135.9 137.3 138.7 138.4 136.9 142.2 140.9 140.8 144 r 146 144 r 141 r 140 r 141 r 141 r 141 r 141 834 853 ...................... ...................... ...................... ...................... ...................... ...................... ...................... 197.1 201.1 204.0 206.6 126.8 124.1 125.5 128.1 80.8 83.0 80.5 79.9 136.5 138.3 135.7 136.3 140 141 135 135 ...................... ...................... ...................... ...................... Annual rates 1 Includes residential improvements, not shown separately. hotels and motels. Dodge series. Annual rates Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies, Inc., F.W. Dodge Division. 2 Includes 3 F.W. 973 961 783 577 556 589 744 862 875 961 NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] New private housing units Units started, by type of structure Period Total 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 New private homes 1 unit 2–4 units 5 or more units ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ 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 1,081.3 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 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 1997: Mar .............................. Apr ............................... May .............................. June ............................. July .............................. Aug .............................. Sept .............................. Oct ............................... Nov .............................. Dec .............................. 1,477 1,480 1,404 1,502 1,461 1,383 1,501 1,529 1,523 1,540 1,139 1,134 1,095 1,132 1,144 1,076 1,174 1,124 1,167 1,130 44 41 34 40 38 43 45 64 40 62 294 305 275 330 279 264 282 341 316 348 1998: Jan ............................... Feb r ............................. Mar r ............................ Apr p ............................. 1,545 1,616 1,575 1,538 1,225 1,263 1,232 1,241 49 63 47 41 271 290 296 256 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 r 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 1,460 1,457 1,387 1,307 1,331 1,335 1,433 1,384 1,432 1,413 823 762 764 810 808 799 809 805 875 805 288 291 289 288 288 286 284 284 280 282 7.5 ...................... ...................... 7.9 ...................... ...................... 7.9 ...................... ...................... 7.7 1,314 1,451 1,488 .................... r 853 r 281 881 844 888 281 285 287 ...................... ...................... 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 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. r 1,438 r 1,423 r 1,422 r 1,398 r 1,441 r 1,445 r 1,475 r 1,502 r 1,475 r 1,467 r 1,553 1,635 1,569 1,517 NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units authorized are for 17,000 places. Seasonally adjusted housing units authorized revised beginning 1996. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In March, manufacturing and trade sales rose 0.6 percent and inventories rose $5.1 billion. According to advance data, retail sales rose 0.5 percent in April, following no change in March. (Wholesale series revised.) Manufacturing and trade 1 Wholesale Retail Inventory-sales ratio 4 Sales 2 Period Sales 2 Inventories 3 Sales 2 Inventories 3 Durable goods stores Total 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 r ................................ 1994 r ................................ 1995 r ................................ 1996 r ................................ 1997 r ................................ 497,157 527,039 545,909 542,815 567,176 595,015 637,695 682,062 716,480 751,255 869,466 932,418 989,759 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 1997: Mar r ...................... Apr r ....................... May r ...................... June r ..................... July r ...................... Aug r ...................... Sept r ...................... Oct r ....................... Nov r ...................... Dec r ....................... 744,961 746,131 742,486 749,425 757,399 751,871 761,560 759,217 757,282 763,417 1,015,696 1,020,380 1,022,394 1,029,681 1,031,527 1,032,780 1,040,059 1,043,457 1,046,599 1,050,536 207,522 208,148 207,947 208,624 209,473 205,671 210,706 210,040 208,413 209,816 1998: Jan r Feb r Mar p Apr p 1 See 767,222 815,455 r 840,622 r 834,595 r 842,880 178,801 187,009 216,919 235,328 253,556 256,442 273,298 138,017 146,581 153,718 154,661 162,632 172,820 185,823 194,109 205,100 213,851 52,430 54,763 55,736 54,165 58,634 64,996 73,509 78,311 84,044 88,186 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 1.50 259,786 259,130 260,210 265,152 263,299 265,112 268,772 269,182 270,955 273,298 214,516 211,074 210,972 212,486 215,031 216,022 215,488 215,113 215,914 216,867 88,697 86,828 86,109 87,183 88,469 89,407 88,617 88,349 89,357 90,877 125,819 124,246 124,863 125,303 126,562 126,615 126,871 126,764 126,557 125,990 317,350 319,742 318,724 319,706 321,626 319,221 322,135 322,136 321,462 323,647 170,325 171,589 170,795 171,645 173,033 171,696 173,394 174,141 173,448 174,430 147,025 148,153 147,929 148,061 148,593 147,525 148,741 147,995 148,014 149,217 1.36 1.37 1.38 1.37 1.36 1.37 1.37 1.37 1.38 1.38 1.48 1.51 1.51 1.50 1.50 1.48 1.49 1.50 1.49 1.49 r 195,769 r 200,389 r 208,242 ....................... 762,880 1,051,959 210,224 272,130 ....................... 770,071 1,059,340 211,312 275,750 ...................... 775,052 1,064,450 213,620 277,136 ....................... ................ .................. ................ ................ 219,004 220,866 92,060 92,778 126,944 128,088 r 220,837 r 92,447 r 128,390 222,019 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 92,921 4 Annual 324,707 173,673 151,034 1.38 1.48 325,532 174,162 151,370 1.38 1.47 328,512 175,875 152,637 1.37 1.49 129,098 ................ ................ ................ ................ ................ data are averages of seasonally adjusted monthly ratios. NOTE.—Seasonally adjusted wholesale trade data revised beginning 1990; unadjusted data revised beginning 1993. Total manufacturing and trade data reflect these revisions. Source: Department of Commerce, Bureau of the Census. MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS In March, manufacturers’ shipments, inventories, and new orders rose, while unfilled orders fell. In April, according to advance data, durable goods shipments fell and new orders rose. 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 .................................... 224,619 1989 .................................... 236,698 1990 .................................... 242,686 1991 .................................... 239,847 1992 .................................... 250,394 1993 .................................... 260,635 1994 .................................... 279,002 1995 .................................... 299,116 1996 .................................... 311,265 1997 ..................................... 329,061 1997: Mar ......................... 322,923 Apr ........................... 326,909 May .......................... 323,567 June ......................... 328,315 July .......................... 332,895 Aug ........................... 330,178 Sept ......................... 335,366 Oct ........................... 334,064 Nov .......................... 332,955 Dec ........................... 336,734 1998: Jan .......................... 333,652 Feb r ......................... 337,893 p Mar ........................ 340,595 p Apr ......................... ................ 118,458 106,161 369,374 242,468 126,906 228,270 123,158 113,540 391,212 257,513 133,699 239,572 123,776 118,910 405,073 263,209 141,864 244,507 121,000 118,847 390,950 250,019 140,931 238,805 128,489 121,905 382,547 238,166 144,381 248,212 135,886 124,749 384,138 239,404 144,734 257,698 149,131 129,870 405,028 253,691 151,337 279,733 160,101 139,015 429,089 265,915 163,174 300,353 167,166 144,099 434,434 271,329 163,105 314,197 180,176 148,885 453,591 283,912 169,679 330,989 176,224 146,699 438,560 274,633 163,927 321,146 178,482 148,427 441,508 276,992 164,516 325,544 175,900 147,667 443,460 278,084 165,376 324,042 180,687 147,628 444,823 279,166 165,657 329,554 183,827 149,068 446,602 280,800 165,802 331,138 181,131 149,047 448,447 281,878 166,569 335,040 185,496 149,870 449,152 281,762 167,390 336,264 183,602 150,462 452,139 283,477 168,662 336,631 182,847 150,108 454,182 284,649 169,533 344,833 185,337 151,397 453,591 283,912 169,679 335,807 183,053 150,599 455,122 285,065 170,057 337,758 188,233 149,660 458,058 287,243 170,815 335,335 r190,514 150,081 458,802 288,055 170,747 336,011 188,669 ................ ................ ................ ................ ................ 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. 122,076 126,055 125,583 119,849 126,308 133,081 149,542 161,469 169,963 182,061 173,944 177,112 176,443 181,584 181,679 186,195 186,210 186,028 194,741 184,456 187,481 185,800 r186,226 191,155 31,108 106,194 474,154 1.57 32,988 113,516 508,849 1.63 33,331 118,924 531,131 1.65 30,471 118,957 519,199 1.65 31,524 121,905 493,184 1.54 31,694 124,617 458,245 1.48 35,697 130,191 467,369 1.41 40,561 138,885 482,605 1.41 43,913 144,234 517,647 1.39 47,600 148,928 541,449 1.35 44,505 147,202 523,579 1.36 43,751 148,432 522,214 1.35 44,211 147,599 522,689 1.37 47,211 147,970 523,928 1.35 47,412 149,459 522,171 1.34 47,987 148,845 527,033 1.36 48,625 150,054 527,931 1.34 49,930 150,603 530,498 1.35 58,728 150,092 542,376 1.36 45,924 151,351 541,449 1.35 52,110 150,277 545,555 1.36 49,908 149,535 542,997 1.36 r49,902 149,785 538,413 1.35 51,173 ................ ................ ................ 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 April. Prices of finished consumer foods rose 0.4 percent, while prices of other finished consumer goods rose 0.2 percent. Capital equipment prices rose 0.1 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 r ............. 1997: Apr ..... May .... June ... July .... Aug ..... Sept .... Oct ...... Nov ..... Dec r .... 1998: Jan ...... Feb ..... Mar ..... Apr ..... 108.0 113.6 119.2 121.7 123.2 124.7 125.5 127.9 131.3 131.8 131.9 131.7 131.4 131.1 131.3 131.8 131.8 131.6 131.4 130.5 130.4 130.0 130.3 112.6 118.7 124.4 124.1 123.3 125.7 126.8 129.0 133.6 134.5 134.9 135.4 134.3 133.9 133.8 133.8 134.7 134.3 134.3 133.5 134.1 133.6 134.2 106.5 111.8 117.4 120.9 123.1 124.4 125.1 127.5 130.5 130.9 130.9 130.5 130.4 130.1 130.4 131.1 130.9 130.7 130.4 129.5 129.2 128.8 129.0 Durable 103.1 108.9 115.3 118.7 120.8 121.7 121.6 124.0 127.6 128.2 128.0 127.6 127.5 127.2 127.5 128.3 128.2 128.0 127.7 126.4 126.0 125.4 125.7 1 Intermediate materials for food manufacturing and feeds. NOTE.—Beginning 1998, indexes are based on updated weight allocations. 22 113.8 117.6 120.4 123.9 125.7 128.0 130.9 132.7 134.2 133.7 134.4 133.8 133.6 132.9 133.1 133.6 133.7 133.3 132.9 133.1 133.0 132.9 133.0 Nondurable 97.3 103.8 111.5 115.0 117.3 117.6 116.2 118.8 123.3 124.3 123.8 123.4 123.3 123.2 123.6 124.6 124.3 124.2 124.0 122.1 121.5 120.8 121.1 Capital equipment 114.3 118.8 122.9 126.7 129.1 131.4 134.1 136.7 138.3 138.2 138.4 138.2 138.2 138.1 138.1 138.4 138.0 137.9 137.7 137.7 137.6 137.6 137.7 Total finished consumer goods 106.2 112.1 118.2 120.5 121.7 123.0 123.3 125.6 129.5 130.2 130.2 130.0 129.6 129.3 129.5 130.1 130.3 130.0 129.8 128.7 128.5 128.0 128.4 Intermediate materials Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other 107.1 112.0 114.5 114.4 114.7 116.2 118.5 124.9 125.7 125.6 125.6 125.5 125.4 125.2 125.3 125.5 125.4 125.6 125.3 124.5 124.2 123.6 123.6 109.5 113.8 113.3 111.1 110.7 112.7 114.8 114.8 128.1 125.4 127.8 128.3 126.6 124.5 124.0 125.4 122.4 124.3 123.5 119.2 119.1 117.2 116.4 106.9 111.9 114.5 114.6 114.9 116.4 118.7 125.5 125.6 125.7 125.5 125.4 125.4 125.3 125.4 125.6 125.6 125.7 125.4 124.8 124.5 124.0 124.1 96.0 103.1 108.9 101.2 100.4 102.4 101.8 102.7 113.8 111.1 107.9 109.9 106.9 106.4 106.8 108.2 113.2 115.0 108.6 103.3 100.7 99.1 100.1 106.1 111.2 113.1 105.5 105.1 108.4 106.5 105.8 121.5 112.2 117.5 116.4 110.9 110.2 109.8 109.5 110.7 110.6 110.6 106.8 106.0 106.7 107.0 85.5 93.4 101.5 94.6 93.5 94.7 94.8 96.8 104.5 106.4 97.7 101.6 100.3 100.0 101.0 103.4 110.7 113.8 103.4 97.1 93.3 90.2 91.8 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In April, the consumer price index for all urban consumers rose 0.2 percent both seasonally adjusted and not seasonally adjusted. The index was 1.4 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: Apr .............................. May ............................. June ............................ July ............................. Aug ............................. Sept ............................ Oct .............................. Nov ............................. Dec .............................. 1998: Jan .............................. Feb .............................. Mar .............................. Apr .............................. Not season- Seasonally ally adjust- adjusted ed (NSA) 100.0 118.3 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 160.2 160.1 160.3 160.5 160.8 161.2 161.6 161.5 161.3 161.6 161.9 162.2 162.5 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 160.0 160.1 160.4 160.6 160.9 161.3 161.6 161.8 161.9 161.9 162.0 162.0 162.4 Total 1 Rent of primary residence Owners’ equivalent rent (12/82 =100) 29.8 127.1 132.8 140.0 146.3 151.2 155.7 160.5 165.7 171.0 176.3 174.8 175.3 175.8 176.2 176.7 177.0 177.6 178.0 178.7 179.0 179.5 179.9 180.6 6.9 127.8 132.8 138.4 143.3 146.9 150.3 154.0 157.8 162.0 166.7 165.5 166.0 166.5 166.8 167.3 167.8 168.2 168.6 169.1 169.5 169.7 170.3 170.7 20.2 131.1 137.4 144.8 150.4 155.5 160.5 165.8 171.3 176.8 181.9 180.7 181.2 181.7 182.2 182.7 183.0 183.4 183.9 184.5 184.9 185.5 185.9 186.6 Food Total 1 15.3 118.2 125.1 132.4 136.3 137.9 140.9 144.3 148.4 153.3 157.3 156.4 156.9 157.2 157.6 158.1 158.3 158.7 158.9 158.9 159.4 159.4 159.4 159.5 39.6 118.5 123.0 128.5 133.6 137.5 141.2 144.8 148.5 152.8 156.8 155.8 156.1 156.5 156.8 156.9 157.3 157.7 158.2 158.3 158.4 158.6 158.9 159.5 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 4.9 104.4 107.8 111.6 115.3 117.8 121.3 122.8 123.7 127.5 130.8 130.1 129.7 130.4 130.6 130.1 130.7 131.0 132.1 130.7 129.1 127.9 128.3 128.7 Apparel 4.9 115.4 118.6 124.1 128.7 131.9 133.7 133.4 132.0 131.7 132.9 133.2 133.3 133.1 133.3 132.6 132.8 132.9 133.0 133.2 132.5 132.7 132.5 132.4 Total 1 New cars 17.6 ............ 108.7 116.9 114.1 119.2 120.5 121.0 123.8 125.3 126.5 128.4 130.4 131.5 134.3 136.0 139.1 139.0 143.0 141.4 144.3 141.7 144.7 142.1 143.9 141.8 143.6 141.8 143.5 141.8 144.3 141.7 144.7 141.5 144.7 141.4 143.9 141.1 143.5 140.7 143.0 140.8 142.4 140.8 r141.7 140.8 141.5 140.9 Motor fuel 3.0 80.9 88.5 101.2 99.4 99.0 98.0 98.5 100.0 106.3 106.2 106.6 103.7 102.9 102.1 106.4 107.7 107.0 105.1 103.5 99.7 96.4 93.0 92.2 Medical care 5.6 138.6 149.3 162.8 177.0 190.1 201.4 211.0 220.5 228.2 234.6 233.7 234.3 234.7 235.0 235.5 235.9 236.3 237.1 237.9 238.2 238.9 239.6 240.6 Energy 2 7.0 89.3 94.3 102.1 102.5 103.0 104.2 104.6 105.2 110.1 111.5 111.0 109.3 109.3 108.9 110.5 111.5 111.3 111.3 109.3 106.7 104.3 103.0 102.9 All items less food and energy 77.7 123.4 129.0 135.5 142.1 147.3 152.2 156.5 161.2 165.6 169.5 169.2 169.4 169.7 170.0 170.1 170.4 170.8 171.0 171.4 171.7 172.2 172.4 172.9 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 Excluding foods Foods Change from year earlier, total finished goods NSA 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 3.3 ¥3.5 ¥2.9 ¥4.6 ¥1.5 2.4 1.5 1.5 ¥6.3 ¥6.0 ¥4.0 ¥2.5 ¥.3 2.5 3.2 1.6 ¥1.9 ¥0.6 ¥.9 ¥.9 ¥.9 ¥.3 .6 ¥.3 ¥.6 ¥2.0 ¥0.6 ¥1.2 ¥2.4 ¥2.8 ¥2.0 ¥.9 ¥.2 ¥.2 0 ¥1.8 ¥.7 ¥1.8 ¥1.5 ¥.7 ¥2.5 ¥.3 ¥1.6 0 ¥0.5 ¥1.9 ¥3.5 ¥4.4 ¥3.2 ¥.8 .3 .6 .3 0 ¥.3 ¥.4 ¥.7 ¥.6 ¥.1 ¥.6 ¥.4 ¥.7 .8 .4 ¥.1 ¥.2 ¥.2 0 ¥.3 ¥.7 ¥1.2 ¥.9 ¥1.4 ¥2.7 ¥2.3 ¥.6 .4 ¥.3 ¥.7 ¥1.3 ¥2.3 ¥4.5 ¥3.9 ¥.6 ¥.7 ¥1.2 ¥.4 ¥1.8 ¥1.6 ¥1.8 ¥1.2 Change, Dec. to Dec., NSA 1988 .......................... 1989 .......................... 1990 .......................... 1991 .......................... 1992 .......................... 1993 .......................... 1994 .......................... 1995 .......................... 1996 .......................... 1997 r ........................ 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: Apr ................ May ............... June .............. July ............... Aug ................ Sept ............... Oct ................ Nov ................ Dec r ............... ¥0.4 ¥.2 ¥.2 ¥.2 .2 .4 0 ¥.2 ¥.2 ¥0.4 .4 ¥.8 ¥.3 ¥.1 0 .7 ¥.3 0 ¥0.6 ¥.3 ¥.1 ¥.2 .2 .6 ¥.1 ¥.2 ¥.2 ¥0.1 ¥.1 0 ¥.1 0 .2 ¥.3 ¥.1 r ¥.1 ¥3.3 ¥2.7 ¥3.0 ¥2.4 ¥1.2 1.2 2.2 .9 ¥1.2 1998: Jan ................. Feb ................. Mar ................ Apr ................. ¥.7 ¥.1 ¥.3 .2 r¥.6 r ¥1.0 .4 ¥.4 .4 ¥.3 ¥.5 .2 r0 ¥.1 0 .1 ¥3.9 ¥3.6 ¥4.2 ¥.6 ¥3.5 ¥.6 ¥5.5 ¥6.1 ¥.9 ¥.9 r¥2.1 r¥7.0 r¥.3 2.1 ¥2.2 0 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 0.4 .1 .2 .2 .1 .2 .2 .1 .2 .......... .......... 1.5 .......... .......... 1.8 .......... .......... 2.3 1.5 1.0 1.5 1.5 2.0 2.3 2.5 2.3 1.5 2.2 1.6 1.5 1.5 1.5 1.9 2.0 2.1 1.9 2.5 2.2 2.3 2.2 2.2 2.2 2.1 1.8 1.7 .2 .......... .3 .......... .1 .5 .3 .......... .7 .5 .2 1.2 1.6 1.4 .9 1.0 1.6 1.4 1.4 1.4 Change, month to month 1997: Apr .................. May .................. June ................. July ................. Aug .................. Sept ................. Oct ................... Nov .................. Dec .................. 0.1 .1 .2 .1 .2 .2 .2 .1 .1 1998: Jan ................... Feb ................... Mar .................. Apr .................. 0 1 Includes .1 0 .2 0 .3 .2 .3 .3 .1 .3 .1 0 0.1 .2 .3 .2 .1 .3 .3 .3 .1 0.3 .3 .3 .2 .3 .2 .3 .2 .4 0.2 .3 .3 .2 .3 .3 .2 .2 .3 0.3 ¥0.5 .3 ¥.3 .3 .5 .3 .2 .3 ¥.4 .2 .5 .2 .2 .3 .8 .3 ¥1.1 .3 .1 .1 .2 .4 .2 .3 .2 .4 .2 .1 .4 .2 .2 ¥1.2 .3 ¥.9 .2 .3 .4 .3 0 0 .1 items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 24 0.7 ¥0.3 .1 ¥.6 ¥.2 ¥.2 .2 ¥.1 ¥.5 .6 .2 .3 .1 0 .1 ¥.6 .2 ¥.3 ¥.5 .2 ¥.2 ¥.1 ¥.3 ¥.4 r ¥.5 ¥.1 3 Quarterly 0 ¥.2 0 0 ¥.1 ¥.1 ¥.1 ¥.2 ¥.3 ¥2.1 ¥2.7 ¥.8 ¥.8 4.2 1.2 ¥.6 ¥1.8 ¥1.5 0.3 .3 .2 .1 .2 .2 .2 .3 .3 ¥1.6 ¥1.5 0 ¥.4 1.5 .9 ¥.2 0 ¥1.8 .1 0 0 .1 ¥3.7 ¥3.3 ¥3.5 ¥.9 .1 .3 .3 .4 ¥2.4 ¥2.2 ¥1.2 ¥.1 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 May, prices received by farmers fell 1.0 percent and prices paid by farmers were unchanged. (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: May ..................... June .................... July ..................... Aug ..................... Sept ..................... Oct ...................... Nov ...................... Dec ...................... 108 107 107 107 107 107 107 105 117 119 114 116 114 114 114 111 100 97 99 99 99 97 98 97 118 117 117 117 117 117 117 117 117 117 116 116 117 117 117 116 118 117 117 117 117 116 117 116 92 91 91 91 91 91 91 90 103 101 102 r104 103 110 110 111 r115 113 94 94 95 95 95 117 117 116 116 116 117 116 115 115 115 116 115 114 114 114 88 86 88 r90 89 1998: Jan Feb Mar Apr May 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 growth accelerated a little in April, while M3 growth slowed. [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 4,041.3 3,913.1 4,066.3 4,126.8 4,182.1 4,193.5 4,258.9 4,333.6 4,595.6 4,935.5 5,383.7 1997: Mar ................................. Apr ................................. May ................................ June ............................... July r ............................... Aug r ................................ Sept r ............................... Oct r ................................ Nov r ................................ Dec r ................................ 1,075.0 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 3,868.9 3,890.0 3,892.7 3,908.2 3,922.2 3,953.5 3,974.5 3,994.0 4,018.5 4,041.3 5,032.0 5,075.2 5,091.2 5,114.3 5,154.2 5,199.5 5,237.5 5,275.3 5,330.0 5,383.7 1998: Jan r ................................ Feb r ................................ Mar r ............................... Apr .................................. 1,073.6 1,076.4 1,081.0 1,079.6 4,066.3 4,098.6 4,126.6 4,157.8 5,432.1 5,472.2 5,537.5 5,583.7 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 Percent change from year or 6 months earlier 2 M1 M2 M3 Debt 4,663.7 4,893.2 4,977.5 5,008.0 5,081.4 5,173.3 5,315.8 5,702.2 6,088.3 6,626.9 9,458.6 10,151.0 10,816.8 11,290.4 11,812.8 12,403.1 12,998.7 13,699.2 14,419.9 15,151.6 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 5.6 6.5 3.9 1.5 1.3 .3 1.6 1.8 6.0 7.4 9.1 9.1 7.3 6.6 4.4 4.6 5.0 4.8 5.4 5.3 5.1 6,204.1 6,290.2 6,317.4 6,350.4 6,407.3 6,445.7 6,483.5 6,557.5 6,626.9 14,587.6 14,661.4 14,710.6 14,743.0 14,801.1 14,861.2 14,919.8 14,992.7 15,073.4 15,151.6 ¥3.6 ¥2.5 ¥3.1 ¥3.2 ¥2.8 ¥1.4 ¥2.1 ¥1.2 .9 2.0 5.0 5.5 4.6 4.3 4.2 5.2 5.5 5.3 6.5 6.8 8.3 8.6 8.1 7.2 7.8 8.1 8.2 7.9 9.4 10.5 4.8 5.0 4.7 4.5 4.7 4.7 4.6 4.5 4.9 5.5 6,701.9 6,772.4 p 6,866.6 .................... 15,230.0 15,317.9 p 15,405.6 ...................... 1.5 1.0 3.3 3.3 7.3 7.3 7.7 8.2 10.8 10.5 11.5 11.7 5.8 6.1 6.5 ............ r 6,260.1 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 r 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 1,065.3 868.3 782.6 817.4 933.0 948.8 965.2 518.3 541.5 481.0 416.6 353.5 333.6 363.4 419.6 491.3 581.1 189.0 158.0 138.8 119.5 128.6 158.8 183.3 182.4 194.2 234.8 117.0 95.2 88.7 79.3 66.9 66.3 80.8 88.6 113.7 150.3 109.4 117.5 126.0 137.9 156.6 171.5 180.2 184.7 186.9 186.4 266.8 324.0 334.1 328.8 344.7 340.8 382.8 469.1 455.0 438.4 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: Mar ............................ Apr ............................. May ............................ June ........................... July ............................ Aug ............................ Sept ............................ Oct ............................. Nov ............................ Dec ............................. 401.6 403.5 406.0 408.0 410.5 412.6 415.6 418.3 421.9 425.5 402.4 397.3 396.6 398.3 398.4 401.9 391.9 389.6 394.5 397.1 262.5 259.1 253.4 251.1 248.4 248.2 247.8 245.8 244.6 245.2 541.9 551.4 551.2 556.4 r 562.7 r 576.3 r 587.7 r 593.0 r 600.1 r 602.6 325.9 328.5 331.8 338.3 342.7 348.4 356.6 363.4 365.7 376.2 1,300.4 1,317.2 1,320.6 1,325.8 1,331.4 1,343.0 1,359.7 1,374.7 1,384.5 1,397.5 951.6 953.1 956.6 960.6 962.5 963.1 963.5 964.4 964.7 965.2 516.8 528.8 531.0 538.6 550.5 552.3 559.7 562.3 572.1 581.1 198.9 202.4 204.1 199.8 207.4 210.0 209.2 218.8 233.0 234.8 121.4 125.5 131.5 129.3 131.6 135.2 137.5 136.9 140.8 150.3 186.5 186.4 186.3 186.4 186.4 186.4 186.4 186.4 186.4 186.4 446.3 451.2 458.6 r 450.8 433.5 r 445.3 445.0 437.1 446.9 438.4 13.3 12.8 13.0 12.8 12.7 13.0 12.9 13.4 13.0 12.1 526.1 534.5 541.1 553.2 563.6 563.2 563.9 571.3 581.3 606.3 1998: Jan r .......................... Feb r .......................... Mar r .......................... Apr ............................. 427.5 431.0 432.4 433.7 392.7 391.9 391.1 387.3 245.2 245.5 249.5 250.5 614.3 629.0 640.3 649.9 380.8 384.7 391.9 408.8 1,411.9 1,427.6 1,441.8 1,468.0 966.4 965.6 963.5 960.4 586.8 600.0 616.8 613.0 245.2 239.8 257.3 256.4 153.0 186.3 444.2 12.2 627.1 149.1 186.3 462.6 11.2 640.2 144.9 p 186.2 p 465.9 p 11.1 p 665.8 147.7 ............ ............ ............ .............. 1 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. 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 r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r 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: Apr r ........................................................................... May r .......................................................................... June r ......................................................................... July r .......................................................................... Aug r ........................................................................... Sept r .......................................................................... Oct r ............................................................................ Nov r ........................................................................... Dec r ........................................................................... 47,336 46,750 46,871 46,717 46,939 46,240 45,958 46,310 46,669 47,075 46,507 46,504 46,308 46,341 45,802 45,688 46,157 46,345 47,075 46,507 46,504 46,308 46,341 45,802 45,688 46,157 46,345 46,326 45,510 45,591 45,516 45,686 44,944 44,562 44,693 44,986 458,104 459,474 461,746 464,427 466,711 469,406 471,983 476,187 480,152 261 243 367 409 598 438 270 153 324 88 173 243 330 385 368 227 115 79 0 0 0 0 0 0 0 0 0 1998: Jan r ........................................................................... Feb r ........................................................................... Mar r ........................................................................... Apr ............................................................................. 46,501 45,722 46,047 45,898 46,292 45,664 46,006 45,826 46,292 45,664 46,006 45,826 44,721 44,198 44,731 44,510 482,846 484,243 485,899 486,744 210 58 41 72 18 12 22 41 0 0 0 0 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Note.—Series revised to reflect annual and seasonal adjustment revisions. For details, see Federal Reserve release H.3(502) Aggregate Reserves of Depository Institutions and the Monetary Base issued May 7, 1998. Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 0.2 percent in April; commercial and industrial loans fell 0.1 percent. [Billions of dollars, seasonally adjusted 1] Securities in bank credit Period Total bank credit Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec r ................... r 2,435.0 1997: Apr r .................. May r ................. June r ................ July r ................. Aug r ................. Sept r ................ Oct r .................. Nov r ................. Dec r ................. 1998: Jan r .................. Feb r ................. Mar r ................. Apr .................... 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: Total securities Loans and leases in bank credit U.S. Total loans CommerGovernOther and cial and ment securities leases 2 industrial securities 366.7 400.2 456.0 566.0 664.2 730.1 722.0 703.2 r 696.4 746.5 194.7 184.2 178.1 179.9 177.1 185.1 218.5 283.2 275.4 336.5 r 1,873.7 r 607.0 r 2,025.2 r 638.8 2,120.7 2,113.5 2,115.4 2,200.4 2,380.0 2,618.9 2,781.0 3,005.8 r 641.2 2,956.8 3,115.5 3,320.6 r 3,605.2 3,752.9 4,088.8 561.4 584.4 634.1 745.9 841.3 915.1 940.6 986.3 971.9 1,083.0 3,889.1 3,907.4 3,922.9 3,959.1 3,980.1 4,004.1 4,025.3 4,067.8 4,088.8 4,146.1 4,176.7 4,218.4 4,204.9 1,019.2 1,012.0 1,007.8 1,029.9 1,033.0 1,037.0 1,044.6 1,076.1 1,083.0 1,104.5 1,108.9 1,127.1 1,106.8 711.8 714.4 716.8 718.1 714.7 724.2 731.0 742.1 746.5 759.9 767.5 779.1 762.2 307.4 297.6 291.1 311.9 318.3 312.8 313.6 334.0 336.5 344.7 341.4 348.0 344.6 2,869.9 2,895.3 2,915.1 2,929.1 2,947.1 2,967.1 2,980.7 2,991.7 3,005.8 3,041.6 3,067.8 3,091.3 3,098.1 r 2,609.6 r 2,754.8 r 2,859.4 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 Real estate Total Revolving home equity Consumer Security Other Other 40.1 50.3 62.4 69.7 73.5 73.1 75.3 79.1 84.8 98.1 634.1 719.1 793.2 810.5 827.8 868.5 928.4 1,001.9 1,046.2 1,131.2 357.8 378.4 383.9 366.9 359.2 391.1 451.7 495.0 515.6 507.2 40.9 41.8 45.6 55.0 65.2 89.6 78.8 85.7 77.9 96.8 r 193.7 619.8 r 596.2 r 586.4 r 645.6 r 717.4 r 783.9 851.8 674.2 769.4 855.5 880.1 901.3 941.6 1,003.7 1,081.0 1,130.9 1,229.4 806.6 812.5 817.2 820.0 827.5 837.3 841.2 844.0 851.8 861.8 869.0 869.9 869.4 1,170.0 1,180.2 1,189.9 1,196.7 1,204.8 1,214.2 1,217.5 1,225.7 1,229.4 1,233.0 1,246.7 1,259.7 1,267.1 89.3 90.6 92.3 93.4 94.6 95.8 96.4 97.2 98.1 98.5 98.7 98.4 98.4 1,080.7 1,089.6 1,097.6 1,103.3 1,110.2 1,118.4 1,121.1 1,128.5 1,131.2 1,134.5 1,148.0 1,161.3 1,168.7 514.5 517.9 517.5 517.4 517.4 514.8 507.7 507.2 507.2 504.5 503.1 502.2 496.6 89.7 89.8 92.7 94.2 94.8 96.1 104.2 99.3 96.8 116.3 118.0 116.8 111.9 289.2 295.0 297.9 300.9 302.5 304.7 310.1 315.5 320.8 325.9 331.0 342.7 353.1 r 196.8 r 194.5 r 191.7 r 193.6 r 191.7 200.2 r 239.8 r 272.6 320.8 2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External Period Credit market funds Total Internal 1 Total Total Total 1988 ......................... 1989 ......................... 1990 ......................... 1991 ......................... 1992 ......................... 1993 ......................... 1994 ......................... 1995 ......................... 1996 ......................... 1997 p ....................... 1995: I .................... II .................. III ................. IV ................. 1996: I .................... II .................. III ................. IV ................. 1997: I .................... II .................. III ................. IV p ................ 852.3 744.7 593.9 491.3 601.4 701.9 791.4 980.8 1,033.4 1,053.5 877.0 939.9 1,035.4 1,070.9 1,050.0 1,040.4 995.1 1,048.0 1,014.6 1,079.0 1,081.6 1,038.8 408.6 397.3 410.4 424.2 440.1 484.0 549.8 577.5 647.9 691.1 538.8 556.9 593.5 620.7 620.0 638.0 650.5 683.1 676.5 686.6 702.2 699.0 443.7 347.4 183.5 67.1 161.3 217.9 241.6 403.3 385.5 362.4 338.2 383.0 441.9 450.2 430.0 402.4 344.6 364.9 338.1 392.4 379.4 339.8 Securities and mortgages 102.2 50.9 52.1 ¥33.3 70.0 67.8 89.4 158.4 79.9 164.8 206.7 205.1 72.1 149.7 58.3 160.3 64.4 36.6 114.8 115.3 189.8 239.3 9.1 ¥41.5 ¥15.8 83.7 79.9 92.8 ¥1.4 45.2 14.3 34.5 51.0 64.1 ¥2.0 63.7 ¥1.7 87.5 ¥66.8 38.1 11.3 26.9 81.8 18.0 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 90.8 113.2 65.6 130.3 155.7 141.0 70.1 86.0 60.0 72.8 131.2 ¥1.5 103.5 88.4 108.0 221.3 Other 2 341.5 296.4 131.4 100.4 91.4 150.1 152.3 244.9 305.6 197.6 131.5 177.9 369.8 300.4 371.7 242.2 280.2 328.3 223.3 277.0 189.6 100.6 Capital expenditures 3 743.1 623.2 497.7 498.3 549.5 802.5 789.4 975.9 1,015.3 1,027.9 837.8 961.2 1,001.8 1,102.7 1,032.5 937.7 1,052.8 1,038.2 991.1 1,097.6 1,023.9 998.9 Increase in financial assets 360.2 389.7 382.4 368.5 382.0 445.2 511.1 567.7 592.5 675.7 570.7 560.6 583.8 555.8 559.0 574.4 609.6 627.0 647.3 704.3 674.4 676.6 382.9 233.5 115.3 129.8 167.5 357.3 278.3 408.2 422.8 352.2 267.1 400.6 418.0 546.9 473.5 363.3 443.2 411.2 343.8 393.3 349.5 322.3 Discrepancy (sources less uses) 109.2 121.6 96.2 ¥7.1 51.9 ¥100.7 2.0 4.9 18.1 25.6 39.1 ¥21.3 33.6 ¥31.9 17.6 102.7 ¥57.7 9.9 23.5 ¥18.7 57.7 40.0 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 r .................................. Mar .................................... Apr .................................... May .................................... June ................................... July r .................................. Aug r .................................. Sept r ................................. Oct r ................................... Nov r .................................. Dec r .................................. 1998: Jan r ................................... Feb r .................................. Mar 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 1,197.3 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 1,234.6 1,240.7 1,241.7 Automobile Other 2 Revolving 285.3 290.8 283.5 263.4 262.7 288.0 327.9 364.2 392.4 413.5 392.6 396.5 397.5 399.8 403.5 403.1 405.2 409.0 406.9 413.5 415.5 416.8 419.7 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. 184.6 211.2 238.6 263.7 278.2 309.9 365.5 443.0 499.2 530.8 509.5 512.4 514.3 516.2 520.2 523.7 526.4 530.7 529.8 530.8 532.9 536.6 537.2 249.2 277.0 267.2 250.1 239.1 240.7 266.4 287.0 288.3 286.4 295.2 297.3 297.7 295.8 292.8 295.6 292.3 293.3 290.3 286.4 286.2 287.3 284.9 Total 42.7 (4) 10.3 ¥12.1 2.7 58.7 121.1 134.5 85.7 50.8 1.9 8.9 3.3 2.2 4.8 5.9 1.4 9.2 ¥6.1 3.8 3.9 6.1 1.0 Automobile 19.2 ( 4) ¥7.3 ¥20.1 ¥.7 25.3 39.9 36.3 28.2 21.1 ¥1.2 3.9 1.0 2.3 3.7 ¥.4 2.1 3.8 ¥2.1 6.6 2.0 1.3 2.9 Revolving 23.7 ( 4) 27.4 25.1 14.5 31.7 55.6 77.5 56.2 31.6 .2 2.9 1.9 1.9 4.0 3.5 2.7 4.3 ¥.9 1.0 2.1 3.7 .6 Other 2 ¥0.2 ( 4) ¥9.8 ¥17.1 ¥11.0 1.6 25.7 20.6 1.3 ¥1.9 2.9 2.1 .4 ¥1.9 ¥3.0 2.8 ¥3.3 1.0 ¥3.0 ¥3.9 ¥.2 1.1 ¥2.4 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 were little changed in May. [Percent per annum] U.S. Treasury security yields Constant Period 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 ......... Week ended: 1998: May 9 .... 16 .... 23 .... 30 .... 1 Bank-discount 3-month bills (new issues) 1 3-year maturities 2 10-year 30-year Highgrade municipal bonds (Standard & Poor’s) 3 7.76 30 Prime commercial paper, 6 months 1 6.69 8.12 7.51 5.42 3.45 3.02 4.29 5.51 5.02 5.07 5.13 4.92 5.07 5.13 4.97 4.95 5.15 5.16 5.09 5.11 5.03 5.00 5.03 8.26 8.55 8.26 6.82 5.30 4.44 6.27 6.25 5.99 6.10 6.42 6.24 6.00 6.06 5.98 5.84 5.76 5.74 5.38 5.43 5.57 5.58 5.61 8.85 8.49 8.55 7.86 7.01 5.87 7.09 6.57 6.44 6.35 6.71 6.49 6.22 6.30 6.21 6.03 5.88 5.81 5.54 5.57 5.65 5.64 5.65 8.96 8.45 8.61 8.14 7.67 6.59 7.37 6.88 6.71 6.61 6.94 6.77 6.51 6.58 6.50 6.33 6.11 5.99 5.81 5.89 5.95 5.92 5.93 7.25 6.89 r 6.40 r 5.62 6.19 5.95 5.75 r 5.54 5.71 5.60 5.41 5.47 5.38 5.37 5.38 5.22 5.07 5.16 5.30 5.33 5.21 9.71 9.26 9.32 8.77 8.14 7.22 7.96 7.59 7.37 7.27 7.58 7.41 7.14 7.22 7.15 7.00 6.87 6.76 6.61 6.67 6.72 6.69 6.69 4.99 5.01 5.08 5.02 5.62 5.64 5.60 5.56 5.68 5.70 5.64 5.57 5.96 5.98 5.92 5.83 5.29 5.25 5.16 5.13 6.72 6.74 6.69 6.61 r 7.23 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 Corporate Aaa bonds (Moody’s) Newhome mortgage yields (FHFB) 6 Discount rate (N.Y. F.R. Bank) 4 Prime rate charged by banks 4 7.68 8.80 7.95 5.85 3.80 3.30 4.93 5.93 5.42 * 5.78 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 5.50 5.56 5.52 5.54 5.54 5.50 5.52 5.50 5.56 5.51 5.49 5.45 5.49 9.19 10.13 10.05 9.32 8.24 7.20 7.49 7.87 7.80 7.71 8.01 7.95 7.78 7.59 7.61 7.54 7.40 7.40 7.27 7.24 7.17 7.19 .............. * * * * 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 5.35 5.49 5.60 5.45 .............. .............. .............. .............. Federal funds rate 5 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 Stock prices were mixed in May. Common stock prices 1 Period Composite 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 ................................... Week ended: 1998: May 9 .............................. 16 .............................. 23 .............................. 30 .............................. 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 149.91 180.02 183.46 206.33 229.01 249.58 254.12 291.15 358.17 456.54 433.36 457.07 480.94 481.53 489.74 499.25 492.08 504.66 504.13 532.15 560.70 578.05 574.46 180.95 216.23 225.78 258.14 284.62 299.99 315.25 367.34 453.98 574.52 549.65 578.57 610.42 609.54 617.94 625.22 615.57 623.57 624.61 660.91 693.13 711.89 712.39 134.12 175.28 158.62 173.99 201.09 242.49 247.29 269.41 327.33 414.60 395.50 410.94 433.75 439.71 451.63 466.04 453.49 461.04 458.49 485.73 508.06 523.73 505.02 143.53 174.87 181.20 185.32 198.91 228.90 209.06 220.30 249.77 283.82 268.18 280.48 288.51 287.63 291.87 302.83 307.52 325.60 332.50 341.91 367.48 378.92 372.62 127.26 151.88 133.26 150.82 179.26 216.42 209.73 238.45 303.89 424.48 392.32 419.12 441.59 446.93 459.86 476.70 465.29 490.30 479.81 508.97 539.47 563.07 551.28 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 7,242.36 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 9,080.07 265.79 322.84 334.59 376.18 415.74 451.41 460.33 541.64 670.83 872.72 833.09 876.29 925.29 927.74 937.02 951.16 938.92 962.37 963.36 1,023.74 1,076.83 1,112.20 1,108.42 3.64 3.45 3.61 3.24 2.99 2.78 2.82 2.56 2.19 1.77 1.85 1.77 1.66 1.65 1.65 1.61 1.65 1.62 1.62 1.55 1.48 1.43 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 .................. .................. 576.60 577.09 575.26 565.64 714.35 717.28 713.25 701.14 510.67 508.26 503.50 493.88 378.01 372.94 370.54 366.22 551.70 550.52 554.57 544.47 9,085.34 9,146.67 9,104.77 8,942.61 1,109.15 1,113.48 1,111.90 1,093.67 1.46 1.43 1.43 1.46 .................. .................. .................. .................. 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. 6 Standard & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor’s. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 7 months of fiscal 1998, there was a surplus of $54.7 billion, compared with a deficit of $17.2 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)r .............. Cumulative total, first 7 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 1,664.7 923.7 1,025.9 940.9 971.1 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 ¥17.2 54.7 698.5 782.2 764.1 790.6 ¥65.6 ¥8.4 225.1 243.7 176.8 180.5 48.4 63.2 5,311.6 5,452.5 3,790.7 3,770.1 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 7 months of fiscal 1998, receipts were $102.2 billion higher than a year earlier and outlays were $30.2 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) r ................................. 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 7 months: 1 Fiscal year 1997 ............................... Fiscal year 1998 ............................... 923.7 1,025.9 454.7 512.3 95.3 103.3 306.2 332.4 67.5 77.9 940.9 971.1 156.5 155.8 148.0 147.3 11.3 9.7 71.8 76.0 109.3 113.4 145.5 146.9 209.2 217.4 143.6 145.0 93.6 107.1 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 current estimates, Federal receipts rose $43.0 billion (annual rate) and Federal current expenditures fell $18.1 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 ............................... 1,810.4 835.8 208.7 92.3 673.6 1,761.4 456.6 812.1 225.9 228.1 38.7 .0 49.0 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 Consumer prices (1982–84=100; NSA) United Kingdom Italy 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 97.0 100.2 102.9 107.1 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 r 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: Mar ............................... Apr ................................ May ............................... June .............................. July ............................... Aug ................................ Sept ............................... Oct ................................. Nov ................................ Dec ................................ 122.5 123.1 123.3 123.5 124.5 125.2 125.6 126.5 127.5 127.9 r 120.9 106.4 106.0 110.4 107.3 108.6 105.6 108.3 108.2 103.0 104.3 102.5 105.8 105.2 105.4 107.5 107.5 107.1 109.4 107.8 r 109.6 r 101.5 122.7 r 122.7 122.6 125.2 r 124.4 r 124.5 r 125.5 r 125.5 r 126.6 108.9 109.6 109.9 110.0 109.9 111.0 110.0 111.3 111.9 111.8 111.5 112.6 111.6 113.5 114.7 113.6 113.3 113.0 112.5 112.6 160.0 160.2 160.1 160.3 160.5 160.8 161.2 161.6 161.5 161.3 156.0 156.0 156.1 156.5 156.5 156.7 156.5 156.7 156.5 156.2 119.4 121.8 122.0 122.0 121.5 121.6 122.5 122.8 122.0 121.8 152.9 152.9 153.2 153.2 152.9 153.3 153.6 153.6 153.9 153.9 137.1 137.1 137.6 137.9 138.6 138.7 138.3 138.2 138.2 138.4 214.9 215.1 215.7 215.7 215.7 215.7 216.1 216.7 217.3 217.3 182.6 183.6 184.3 185.1 185.1 186.2 187.2 187.4 187.5 188.0 1998: Jan ................................ Feb ................................ Mar ............................... Apr p .............................. r 127.8 r 123.1 r 127.4 r 126.3 107.3 r 109.0 r 106.6 112.8 r 112.0 103.1 109.9 107.1 r 111.7 111.9 127.7 127.9 101.0 111.9 108.7 110.5 112.8 127.8 .............. ............ ............ ............ .............. .............. 161.6 161.9 162.2 162.5 157.3 157.5 157.6 157.5 121.6 121.5 122.0 122.2 153.3 153.9 154.1 154.5 138.4 138.8 138.6 138.9 218.0 218.6 218.6 219.0 187.4 188.3 188.9 191.0 1 Data r 101.7 101.2 r 103.2 107.4 r 102.8 102.1 104.2 104.0 r 104.3 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 AutoInCap- moFoods, dusital tive trial goods vehiTotal, feeds, supCensus and except cles, plies auto- parts basis 2 bevand erages matemoand tive enrials gines Consumer goods (nonfood) except automotive BOP basis Total, Census basis 2 Auto- ConInCapmo- sumer Foods, dusital tive goods trial goods vehifeeds, sup(nonand except cles, food) plies auto- parts except bevand erages matemoand autotive enmorials gines tive Exports Imports Goods, Census basis Goods Services Goods and services ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 320.2 362.1 389.3 416.9 440.4 456.8 502.4 575.9 612.1 678.2 322.4 363.8 393.6 421.7 448.2 465.1 512.6 584.7 625.1 688.7 32.3 37.2 35.1 35.7 40.3 40.6 42.0 50.5 55.5 51.4 85.1 99.3 104.4 109.7 109.1 111.8 121.4 146.2 147.7 158.0 109.2 138.8 152.7 166.7 175.9 181.7 205.0 233.0 252.9 294.0 29.3 34.8 37.4 40.0 47.0 52.4 57.8 61.8 65.0 73.4 23.1 36.4 43.3 45.9 51.4 54.7 60.0 64.4 70.1 77.4 447.2 477.4 498.3 491.0 536.5 589.4 668.6 749.4 803.2 877.1 441.0 473.2 495.3 488.5 532.7 580.7 663.3 743.5 795.3 870.6 24.8 25.1 26.6 26.5 27.6 27.9 31.0 33.2 35.7 39.7 118.3 132.3 143.2 131.6 138.6 145.6 162.1 181.8 204.5 213.5 101.4 113.3 116.4 120.7 134.3 152.4 184.4 221.4 229.1 254.3 87.7 86.1 87.3 85.7 91.8 102.4 118.3 123.8 128.9 140.8 95.9 102.9 105.7 108.0 122.7 134.0 146.3 159.9 171.0 192.9 111.0 127.1 147.8 164.2 177.2 186.7 197.2 218.7 236.8 253.2 100.0 104.2 120.0 121.2 120.3 126.4 135.5 147.0 156.6 167.9 ¥118.5 ¥109.4 ¥101.7 ¥66.7 ¥84.5 ¥115.6 ¥150.6 ¥158.8 ¥170.2 ¥181.9 ¥127.0 ¥115.2 ¥109.0 ¥74.1 ¥96.1 ¥132.6 ¥166.2 ¥173.6 ¥191.2 ¥199.0 11.1 23.0 27.8 43.0 56.9 60.3 61.8 71.7 80.1 85.3 ¥115.9 ¥92.3 ¥81.2 ¥31.0 ¥39.2 ¥72.3 ¥104.4 ¥101.9 ¥111.0 ¥113.7 1997: Mar ...... Apr ...... May ..... June .... July ..... Aug ...... Sept ..... Oct ....... Nov ....... Dec ....... 57.1 57.1 56.8 57.3 56.7 57.3 56.3 58.4 57.5 58.4 58.1 57.8 57.8 58.2 57.7 58.3 57.4 59.4 58.2 59.3 4.2 4.2 4.1 4.0 3.9 4.3 4.4 4.7 4.6 4.5 13.7 13.5 13.4 13.9 13.1 13.3 13.1 13.2 13.1 13.0 24.7 24.9 24.7 24.5 24.9 24.9 24.8 25.3 24.4 26.7 6.2 6.1 5.9 6.2 6.2 6.2 5.8 6.4 6.9 5.9 6.5 6.3 6.7 6.7 6.4 6.4 6.4 6.7 6.6 6.4 72.0 72.6 73.2 72.6 73.6 73.8 74.9 74.9 73.3 76.1 70.5 71.6 72.3 71.7 73.3 73.6 74.6 74.6 73.0 75.7 3.3 3.4 3.4 3.3 3.4 3.4 3.4 3.3 3.2 3.5 18.0 17.6 17.9 17.6 17.4 17.9 18.3 18.4 17.5 17.4 20.4 20.7 21.0 21.3 21.6 22.1 22.0 22.4 21.4 22.6 11.6 11.3 11.6 11.5 12.2 11.8 11.8 11.2 11.8 12.2 14.9 16.2 16.1 15.7 16.1 16.0 16.7 16.7 16.8 17.4 21.0 21.2 21.1 21.0 21.0 21.6 21.8 21.7 21.1 20.9 13.9 13.8 13.9 14.1 14.1 14.0 14.2 14.2 14.3 14.1 ¥12.5 ¥13.8 ¥14.5 ¥13.5 ¥15.6 ¥15.3 ¥17.2 ¥15.2 ¥14.8 ¥16.4 ¥14.9 ¥15.5 ¥16.4 ¥15.3 ¥16.9 ¥16.6 ¥18.6 ¥16.5 ¥15.7 ¥17.7 7.1 7.4 7.2 6.9 6.9 7.6 7.6 7.5 6.8 6.8 ¥7.8 ¥8.1 ¥9.2 ¥8.3 ¥9.9 ¥9.0 ¥11.0 ¥9.0 ¥8.9 ¥10.9 1998: Jan ....... Feb r ..... Mar p .... 56.7 55.5 57.5 57.3 56.3 58.4 4.2 4.1 3.9 13.1 12.5 12.8 24.3 24.4 25.4 6.5 6.2 6.7 6.6 6.4 6.5 75.0 74.1 77.7 74.4 73.9 77.2 3.4 3.5 3.6 17.3 16.7 16.9 21.8 21.8 23.1 11.9 12.4 13.1 17.3 16.9 17.9 21.0 21.3 21.9 14.2 15.0 14.7 ¥17.1 ¥17.5 ¥18.8 ¥18.3 ¥18.5 ¥20.2 6.7 6.4 7.2 ¥11.6 ¥12.2 ¥13.0 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1 Includes 2 Total undocumented exports to Canada through 1988. includes ‘‘other’’ exports or imports, not shown separately. NOTE.—BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the fourth quarter of 1997, the goods deficit fell to $49.9 billion, from $52.0 billion in the third quarter. The current account deficit rose to $45.6 billion, from $43.1 billion in the third quarter. [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. Net 1988 ............... 1989 ............... 1990 ............... 1991 ............... 1992 ............... 1993 ............... 1994 ............... 1995 ............... 1996 ............... 1997 p ............. 320,230 362,120 389,307 416,913 440,352 456,832 502,398 575,871 612,069 678,348 ¥447,189 ¥477,365 ¥498,337 ¥490,981 ¥536,458 ¥589,441 ¥668,590 ¥749,431 ¥803,239 ¥877,282 ¥126,959 ¥115,245 ¥109,030 ¥74,068 ¥96,106 ¥132,609 ¥166,192 ¥173,560 ¥191,170 ¥198,934 ¥6,320 ¥6,749 ¥7,599 ¥5,274 ¥1,448 1,269 1,874 3,866 3,786 3,830 ¥2,591 4,043 8,002 17,032 19,974 19,764 16,519 21,197 24,713 25,584 19,969 25,662 27,401 31,284 38,373 39,274 43,383 46,640 51,631 55,878 ¥115,900 ¥92,288 ¥81,225 ¥31,027 ¥39,207 ¥72,301 ¥104,416 ¥101,857 ¥111,040 ¥113,643 129,366 153,659 163,324 141,408 125,852 129,844 154,510 196,880 206,400 236,043 1995: I .......... II ........ III ....... IV ....... 138,389 143,181 145,360 148,941 ¥182,790 ¥190,739 ¥188,180 ¥187,722 ¥44,401 ¥47,558 ¥42,820 ¥38,781 722 984 1,289 871 4,312 4,333 5,755 6,796 11,062 11,442 11,892 12,240 ¥28,305 ¥30,799 ¥23,884 ¥18,874 47,218 50,303 49,130 50,230 ¥45,171 ¥47,080 ¥49,531 ¥48,290 2,047 3,223 ¥401 1,940 1996: I .......... II ........ III ....... IV ....... 150,048 153,411 150,764 157,846 ¥192,973 ¥200,973 ¥203,257 ¥206,036 ¥42,925 ¥47,562 ¥52,493 ¥48,190 485 1,214 792 1,295 5,194 5,818 6,559 7,147 12,707 12,751 12,626 13,550 ¥24,539 ¥27,779 ¥32,516 ¥26,198 49,277 50,188 51,893 55,043 ¥47,216 ¥49,305 ¥53,263 ¥53,793 1997: I .......... II ........ III ....... IV p ..... 162,341 171,227 170,255 174,525 ¥212,185 ¥218,415 ¥222,256 ¥224,426 ¥49,844 ¥47,188 ¥52,001 ¥49,901 437 1,048 1,398 947 6,249 6,467 6,792 6,078 13,834 14,003 13,904 14,137 ¥29,324 ¥25,670 ¥29,907 ¥28,739 55,243 59,106 60,875 60,817 ¥57,258 ¥62,376 ¥65,012 ¥65,673 1 Adjusted from Census data for differences in timing and coverage; excludes military. under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 2 Transfers 36 3 Quarterly Balance on goods, Unilateral services, transfers, and net 4 income ¥115,722 13,644 ¥102,256 ¥25,988 ¥138,639 15,020 ¥77,268 ¥26,963 ¥139,402 23,921 ¥57,304 ¥34,588 ¥121,159 20,249 ¥10,779 5,122 ¥107,836 18,016 ¥21,191 ¥35,192 ¥110,176 19,668 ¥52,634 ¥38,137 ¥144,787 9,723 ¥94,693 ¥38,845 ¥190,072 6,808 ¥95,049 ¥34,046 ¥203,577 2,824 ¥108,216 ¥39,968 ¥250,320 ¥14,277 ¥127,920 ¥38,526 ¥26,258 ¥27,576 ¥24,285 ¥16,934 Balance on current account ¥128,245 ¥104,231 ¥91,892 ¥5,657 ¥56,383 ¥90,771 ¥133,538 ¥129,095 ¥148,184 ¥166,446 ¥8,451 ¥8,128 ¥8,847 ¥8,620 ¥34,709 ¥35,704 ¥33,132 ¥25,554 2,061 883 ¥1,370 1,250 ¥22,478 ¥10,406 ¥26,896 ¥8,689 ¥33,886 ¥8,947 ¥24,948 ¥11,926 ¥32,884 ¥35,585 ¥42,833 ¥36,874 ¥2,015 ¥3,270 ¥4,137 ¥4,856 ¥31,339 ¥8,577 ¥28,940 ¥8,855 ¥34,044 ¥9,070 ¥33,595 ¥12,024 ¥39,916 ¥37,795 ¥43,114 ¥45,619 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 increased $30.5 billion in the fourth quarter of 1997, following an increase of $30.6 billion in the third quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, increased $87.0 billion in the fourth quarter, following an increase of $10.1 billion in the third quarter. [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 ........... 1995 ........... 1996 ........... 1997 p ......... 1995: I ...... II .... III ... IV ... 1996: I ...... II .... III ... IV ... 1997: I ...... II .... III ... IV 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 ¥160,516 5,346 ¥307,207 ¥9,742 ¥352,444 6,668 ¥426,938 ¥1,010 ¥59,625 ¥5,318 ¥110,548 ¥2,722 ¥40,679 ¥1,893 ¥96,356 191 ¥70,768 17 ¥49,698 ¥523 ¥77,542 7,489 ¥154,436 ¥315 ¥128,297 4,480 ¥91,264 ¥236 ¥110,696 ¥730 ¥96,678 ¥4,524 Other U.S. Government assets 3 2,967 1,259 2,307 2,911 ¥1,657 ¥342 ¥352 ¥549 ¥690 177 ¥158 ¥184 266 ¥473 ¥210 ¥358 162 ¥284 ¥21 ¥268 461 5 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 ¥165,510 ¥296,916 ¥358,422 ¥426,105 ¥54,149 ¥107,642 ¥39,052 ¥96,074 ¥70,575 ¥48,817 ¥85,193 ¥153,837 ¥132,756 ¥90,760 ¥110,427 ¥92,159 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 71,753 297,337 40,385 451,234 110,729 547,555 122,354 690,497 18,157 97,652 22,098 122,714 37,138 125,839 39,585 105,029 11,908 88,233 52,014 106,114 13,154 158,629 24,089 194,579 33,097 182,282 28,891 143,059 ¥5,374 183,292 21,867 181,863 ¥27,227 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 92,253 128,299 207,918 256,952 340,505 425,201 672,340 75,554 85,576 86,254 93,121 36,219 92,960 134,540 161,482 153,391 148,433 161,425 209,090 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ¥17,600 48,585 24,911 ¥46,103 ¥43,619 5,637 ¥3,283 ¥14,931 ¥46,927 ¥97,113 ¥3,318 23,538 ¥52,028 16,881 15,419 ¥20,831 ¥38,254 ¥3,269 ¥14,069 ¥14,000 ¥29,482 ¥39,566 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 5,658 ¥775 ¥6,985 2,106 6,228 ¥1,076 ¥7,830 2,669 7,287 ¥1,485 ¥8,489 2,683 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 86,761 90,063 87,152 85,832 84,212 83,455 75,509 75,089 67,222 67,813 67,148 69,954 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 48–697
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