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104th Congress, 1st Session
Economic Indicators
NOVEMBER
1995
(Includes data available as of December 4,
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
nrr 15 w^
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FEDERAL R E S E R V E
BANK OF, CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1995
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK SANTORUM (Pennsylvania)
RODNEY D. GRAMS (Minnesota)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
HOUSE OF REPRESENTATIVES
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
DAVID R. OBEY (Wisconsin)
LEE H. HAMILTON (Indiana)
KWEISI MFUME (Maryland)
ROBERT N. MOTTICE, Ext utive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Chairman
MARTIN N. BAILY, Member
ALICIA H. MUNNELL, Member-Nominee
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and 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:
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For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-052081-9
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 1995, according to advance estimates, current-dollar gross domestic product (GDP) rose
4.8 percent (annual rate), real GDP (GDP in 1987 dollars) rose 4.2 percent, and the implicit price deflator rose
0.6 percent.
BILLIONS OF DOLLARS [RATIO SCALE|
BILLIONS OF DOLLARS (RATIO SCALE|
7,200
SEA5ONA11Y ADJUSTED /V*JUA1 RATES
^—'
/]
6,800
/
6,400
f
6,400
y
6,000
7,200
6,800
6,000
^
GDP
5,600
\
5,200
5,600
^ *•
f
/
X'
4,800
^
^-
IN CUR *ENTDOUARS
s
- — "
5,200
"'
— ~~ -*
4,800
ft"
^
4,400
4,400
GDP
IN 987 DOLLARS
'~/
X
4,000
/
3,200
!
1
1982
^
X
1
1983
4,000
.—
/
3,600
2,800
X
3,600
^
3,200
i i i
i I I
1984
1985
1986
i i i
i
1987
1988
i t
I I I
\
1989
1990
)
I
i i i
\ \ i
1991
1992
1
1
SOURCE; CBWOTMENT OF COMMERCE
2,800
1
1993
1994
1995
COUNCIL OF ECONOMIC ADVISRS
[Billions of current dollars; quarterly data at seasonally adjusted animal rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
198519861987:
198819891990:
199119921993:
IV
IV
IV
IV
IV
IV
IV
IV
I
II
...
..
...
...
m ...
IV ...
1994: I
II
in ...
rv
1995- I
II
in? .
1
Exports and imports
Personal Gross
of goods and services
private
conGross
domestic sumption domestic
Net
product expendi- investImports
exports Exports
ment
tures
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,724.8
6,020.2
6,343.3
6,738.4
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,796.6
6,169.3
6,235.9
6,299.9
6,359.2
6,478.1
6,574.7
6,689.9
6,791.7
6,897.2
6,977.4
7,030.0
7,113.2
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,902.4
4,136.9
4,378.2
4,628.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,955,7
4,251.3
4,294.6
4,347.3
4,401.2
4,469.6
4,535.0
4,586.4
4,657.5
4,734.8
4,782.1
4,851.0
4,898.1
717.6
749.3
793.6
832.3
808.9
744.8
788.3
882.0
1,032.9
737.0
697.1
800.2
814.8
825.2
756.4
756.8
822.0
853.8
869.7
882.2
922.5
966.6
1,034.4
1,055.1
1,075.6
1,107.8
1,094.1
1,113.4
-132.5
-143.1
- 108.0
-79.7
-71.4
-19.9
-30.3
-65.3
-98.2
-135.5
-133.2
-143.2
- 106.0
-73.9
-71.6
-13.7
-42.2
-49.6
-63.3
-77.0
-71.2
-86.7
-97.6
-109.6
-98.9
-111.1
-124.7
-118.3
GDP less exports of goods and services plus irnjwrts of goods and services.
319.2
364.0
444.2
508.0
557.1
601.1
638.1
659.1
718.7
304.7
333.9
392.4
467.0
523.8
577.6
623.7
649.2
646.8
660.1
649.0
680.3
674.2
704.5
730.5
765.5
778.8
797.5
802.0
Government purchases
Federal
Total
Total
833.0
451.7
881.5
507.1
918.7
552.2
975.2
587.7
628.5 1,047.4
620.9 1,097.4
668.4 1,125.3
724.3 1,148.4
816.9 1,175.3
799.2
440.2
849.7
467.1
901.4
535.6
937.6
573.1
994.5
597.7
649.2 1,076.5
637.5 1,097.9
691.4 1,138.1
696.4 1,137.1
723.5 1,146.3
726.0 1,152.9
751.4 1,157.2
760.9 1,159.8
802.1 1,166.7
840.1 1,188.8
864.4 1,185.8
889.9 1,198.7
922.2 1,209.6
920.3 1,220.1
367.8
384.9
387.0
401.6
426.5
445.8
449.0
443.6
437.3
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
434.4
434.7
436.8
National Nondefense defense
276.7
292.1
295.6
299.9
314.0
322.8
314.2
302.7
292.3
268.6
278.6
295.8
296.8
302.5
322.5
311.6
316.0
307.0
305.8
299.0
299.1
291.7
291.7
300.5
285.3
283.7
286.7
285.6
91.1
92.9
91.4
101.7
112.5
123.1
134.8
140.9
145.0
88.3
94.5
96.7
95.2
102.6
114.0
126.6
138.7
139.9
139.4
143.6
140.7
146.1
143.5
143.8
146.6
150.6
148.1
151.1
State
and
local
Gross
Final
sales of domestic
purdomestic
product chases '
Addendum:
Gross
national
product
465.3
496.6
531.7
573.6
620.9
651.6
676.3
704.7
738.0
442.4
476.6
509.0
545.7
589.3
640.0
659.7
683.3
690.2
701.2
710.2
717.4
722.0
731.5
744.5
753.8
764.3
774.8
783.3
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,726.6
6,017.2
6,327.9
6,686.2
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,782.3
6,160.0
6,215.8
6,281.4
6,345.4
6,469.2
6,550.6
6,622.5
6,729.1
6,842.4
6,922.9
6,992.8
7.074.3
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,744.7
6,050.5
6,408.6
6,836.6
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,810.4
6,211.4
6,285.5
6,363.3
6,436.3
6,549.3
6,661.4
8,787.5
6,901.3
6,996.1
7,088.5
7,154.7
7,231.5
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,740.8
6,025.8
6,347.8
6,726.9
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,810.7
6,167.0
6,243.9
6,303.3
6,367.8
6,476.2
6,574.0
6,682.5
6,779.6
6,871.3
6,959.5
7,008.6
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally atjjusted Annual rates)
Personal
Gross
condomestic sumption
product expendi-
Period
tures
1986
1987
1988
1989
1990
1991
1992
1993
1994
19821983198419851986198719881989199019911992-
IV
IV
IV
IV
IV
IV
IV
IV .. .
IV
IV ..
IV
1993- I
n
in
IV
1994- I
n
DI
IV
1995- I
U
ni?
1
...
Exports and imports of
goods and services
Gross private
domestic investment
Non residential
fixed
invest^
ment
Residential
fixed
investr
ment
Change
in business
inventories
Net
exports
Government purchases
Federal
Exports
Imports
Tetal
Total
Nondefense
National
defense
Final
sales of
domestic
product
State
and
local
Gross
domestic
purchases '
Addendum:
Gross
national
product
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,867.6
4,979.3
5,134.5
5,344.0
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
8.5
26.3
19.9
29.8
5.7
-1.1
2.5
15.3
47.8
-155.1
-143.1
-104.0
-73.7
-54.7
-19.5
-32.3
-73.9
-110.0
329.6
364.0
421.6
471.8
510.5
542.6
578.8
602.5
657.0
484.7
507.1
525.7
545.4
565.1
562.1
611.2
676.3
766.9
855.4
881.5
886.8
904.4
932.6
944.0
936.9
929.8
922.8
373.0
384.9
377.3
376.1
384.1
386.7
373.5
356.6
337.6
280.6
292.1
287.0
281.4
283.6
281.4
261.4
243.7
226.7
92.4
92.9
90.2
94.8
100.4
105.3
112.2
113.0
110.9
482.4
496.6
509.6
528.3
548.5
557.2
563.3
573.1
585.2
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,868.7
4,976.9
5,119.3
5,296.2
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,887.2
5,011.6
5,208.4
5,454.0
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,882.3
4,985.7
5,140.3
5,337.3
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
4,880.8
5,060.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
13.5
6.6
-19.0
-83.7
-131.4
- 155.4
-156.0
- 136.0
- 102.7
-67.4
-36.8
-16.9
-38.5
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
562.6
590.7
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
579.4
629.3
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
934.4
940.6
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
374.1
377.0
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
265.8
262.4
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
108.2
114.6
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
560.4
563.6
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
4,867.3
5,054.1
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
4,897.6
5,099.2
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,893.9
5,061.0
5,075.3
5,105.4
5,139.4
5,218.0
3,417.2
3,439.2
3,472.2
3,506.2
560.3
581.0
597.9
627.2
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
-57.6
-69.3
-86.3
-82.2
589.2
600.2
595.3
625.2
646.8
669.6
681.6
707.4
926.5
929.3
931.8
931.5
361.6
358.3
355.6
351.1
248.2
246.8
240.9
238.7
113.3
111.5
114.7
112.4
564.9
571.0
576.2
580.4
5,056.8
5,086.5
5,126.5
5,207.2
5,132.9
5,174.7
5,225.8
5,300.2
5,083.9
5,110.1
5,148.4
5,218.7
5,261.1
5,314.1
5,367.0
5,433.8
3,546.3
3,557.8
3,584.7
3,629.6
643.6
657.9
680.0
708.2
229.9
233.8
230.2
231.5
25.4
59.2
57.1
49.4
-104.0
-111.8
-117.0
- 107.1
619.6
643.9
666.5
697.9
723.6
755.6
783.5
805.0
919.9
917.1
932.0
922.2
341.7
334.7
343.5
330.4
228.5
226.1
233.0
219.1
113.2
108.7
110.5
111.3
578.3
582.4
588.5
591.8
5,235.7
5,254.9
5,310.0
5,384.4
5,365.1
5,425.8
5,484.0
5,540.9
5,262.7
5,310.5
5,359.9
5,416.0
5,470.1
5,487.8
5,544.6
3,643.9
3,674.3
3,701.1
743.6
763.7
779.0
229.5
221.2
227.0
51.1
34.3
35.3
-118.5
-126.7
-125.8
706.2
717.6
735.9
824.6 920.5 327.2
844.3 921.0 324.8
861.8 928.0 328.7
214.9
215.0
216.1
112.3
109.8
112.5
593.3
596.2
599.3
5,419.0
5,453.5
5,509.3
5,588.6
5,614.5
5,670.4
5,458.3
5,473.4
GDP less exports of goods and services plus imports of goods and services.
'Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
11987=100; quarterly data are seasonally adjusted!
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
Gross
domestic
product
Personal consumption
expenditures
Gross private
domestic investment
Exports and imports of
goods and services
Government purchases
Federal
Total
Durable
goods
Nondurable goods
Services
<
Nonresidential
fixed
Residential fixed
98.4
100.0
102.8
105.2
107.3
108.1
106.7
104.1
103.8
95.8
100.0
104.2
107.8
110.7
111.9
113.7
117.6
122.3
96.9
100.0
105.3
107.7
109.1
110.8
110.2
109.4
109.4
93.2
100.0
105.1
107.8
111.2
110.5
109.4
107.1
106.5
Exports
Imports
State
and
local
National
defense
Nondefense
98.6
100.0
102.6
106.8
111.0
115.3
120.2
124.4
129.5
98.6
100.0
103.0
106.6
110.7
114.7
120.2
124.2
129.0
98.6
100.0
101.4
107.3
112.0
116.9
120.2
124.7
130.7
96.4
100.0
104.3
108.6
113.2
116.9
120.1
123.0
126.1
Total
96.9
100.0
103.9
108.5
113.3
117.6
120.9
123.5
126.1
96.0
100.0
104.2
109.3
114.9
119.7
123.5
126.6
129.3
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
111.2
96.1
100.0
103.7
109.3
115.9
120.0
122.5
124.2
125.7
95.7
100.0
105.1
110.6
116.7
122.5
127.7
132.3
136.4
IV
IV
IV
IV
IV
IV
IV
IV
95.5
98.0
101.2
105.5
110.1
115.0
118.8
121.9
94.6
97.0
101.6
106.1
111.0
117.5
121.1
124.9
95.9
97.8
101.0
103.1
104.9
106.1
107.8
109.1
97.0
96.3
101.5
105.6
110.8
119.2
120.8
123.3
92.9
97.3
101.9
107.1
112.7
119.2
124.5
129.8
97.3
99.2
100.7
104.0
106.0
108.2
107.3
106.0
93.1
97.3
101.5
105.3
108.8
111.1
111.9
115.1
97.7
97.4
101.6
106.6
107.4
111.0
110.9
109.9
94.2
93.6
102.6
106.0
107.7
116.5
110.0
109.9
98.1
98.8
100.2
103.6
107.7
112.9
117.2
120.6
98.7
98.7
100.3
103.9
107.5
112.9
117.2
120.4
96.4
99.2
100.1
102.6
108.4
113.1
117.0
121.1
94.8
97.8
101.5
105.7
109.9
115.2
117.7
121.2
1993- I
II
III
IV
122.9
123.4
123.7
124.1
125.7
126.4
126.8
127.5
109.2
109.8
110.0
110.2
124.0
124.2
123.9
124.6
130.8
131.9
132.7
133.8
105.3
104.9
103.5
103.0
115.9
117.2
118.2
119.0
109.8
110.0
109.0
108.8
107.7
108.1
106.5
106.2
123.6
124.2
124.5
125.3
123.7
123.9
124.1
125.3
123.5
125.0
125.2
125.1
122.2
122.8
123.3
123.6
1994- I
II
125.0
125.9
126.5
126.9
127.9
128.9
129.9
130.5
110.5
111.1
111.7
111.3
124.6
125.1
126.3
126.6
134.4
135.9
137.0
138.1
103.4
103.9
104.3
103.5
120.5
121.3
123.1
124.4
108.8
109.4
109.6
109.7
105.2
106.1
107.2
107.4
128.1
130.0
129.3
130.7
127.7
129.0
129.0
130.2
129.1
132.0
130.1
131.7
124.9
125.6
126.5
1274
127.6
128.1
128.3
131.2
132.0
132.3
111,8
111.8
110.9
126.9
127.6
127.8
139.1
140.2
141.0
103.1
102.0
101.1
125.0
125.5
126.2
110.3
111.1
109.0
107.9
109.2
106.8
132.7
133.8
132.9
132.0
133.3
132.2
134.1
134.9
134.3
128.8
130.0
130.7
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
in
IV
1995- I
II
nf
Sourc*: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN FIXED-WEIGHTED AND ALTERNATIVE QUANTITY AND PRICE
INDEXES FOR GROSS DOMESTIC PRODUCT
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Quantity indexes
Current
dollars
Period
Fixed
1987
weights l
1981
1982
11 9
39
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1991- I
81
109
69
57
64
79
72
5.6
.
...
32
52
54
62
28
50
38
26
II
III
IV
1992- I
IV
1993- I
II
III
IV
III
rv
1995: I
II
llle
1
27
39
38
-19
39
67
33
29
32
38
25
1.2
7
22
25
36
62
70
32
29
31
39
25
1 2'
— 6
32
29
31
39
26
23
21
25
1.2
7
36
-2 3
17
31
24
35
57
30
22
31
52
12
5
22
33
51
5
24
18
18
51
18
18
51
32
41
32
42
40
36
36
51
27
13
40
41
18
27
63
33
7
30
42
Percent change in GDP in 1987 dollars.
41
34
36
36
35
36
27
31
36
29
4.6
40
32
30
64
32
39
44
44
40
39
30
28
27
27
51
31
31
28
27
28
42
24
20
100
62
41
44
37
26
32
39
44
44
38
28
25
40
40
33
23
19
25
23
19
51
32
31
26
31
25
38
31
27
39
33
price
deflator
22
21
50
28
28
27
38
27
13
27
27
52
32
3.3
39
32
23
24
25
27
28
25
27
26
26
16
10
13
29
19
19
16
33
28
2.1
32
26
20
33
22
27
16
24
31
24
32
32
29
30
7
3.1
91
39
44
44
45
41
17
39
40
31
Benchmarkyears
weights
92
63
41
31
20
.9
1
9
Chain-type
annual
weights
28
-2 3
.8
1
61
72
62
64
47
30
48
H
25
—9 9
22
10
77
1994- I
Fixed
1987
weights
18
41
-21
52
49
86
44
42
38
III
Price indexes
Benchmarkyears
weights
— 99
31
71
II
Chain-type
annual
weights
27
20
6
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 output (dollars) 1
Gross domestic product
of nonfmaneial
corporate business
(billions of dollars)
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1985:
198619871988:
19891990:
1991:
19921993-
IV
IV
IV
IV
IV
IV
IV
IV
I
II
HI
IV
1994- I
II
Ill
rv
1995- I
II
1
Current
dollars
1987
dollars
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,089.7
3,222.9
3,409.7
3,656.9
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,125.9
3,307.8
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,716.7
2,802.8
2,942.9
3,121.9
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,725.0
2,740.9
2,870.2
3,324.4
3,386.3
3,428.7
3,499.3
2,868.4
2,920.5
2,963.3
3,019.5
3,568.6
3,626.7
3,679.4
3,752.8
3,062.6
3,098.9
3,131.2
3,195.0
3,793.8
3,824.9
3,229.3
3,255.0
Total
cost and
profit 2
Consumption of
fixed
capital
Compensation
of employees
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.978
0.111
0.095
0.648
0.040
0.084
1.000
1.030
1.072
1.109
1.137
1.150
1.159
1.171
.976
.984
1.009
1.046
1.084
1.120
1.140
1.152
1.159
1.159
1.157
1.159
1.165
1.170
1.175
1.175
1.175
1.175
.110
.095
.096
.101
.106
.115
.117
.117
.117
.093
.095
.094
.097
.102
.109
.117
.118
.117
.117
.116
.117
.117
.117
.118
.117
.116
.116
.658
.676
.706
.736
.756
.767
.768
.766
.643
.654
.664
.687
.718
.748
.760
.768
.776
.770
.766
.760
.763
.766
.768
.768
.771
.768
.042
.045
.054
.054
.049
.041
.039
.039
.038
.042
.042
.047
.055
.054
.047
.038
.039
.039
.039
.038
.038
.039
.040
.041
.042
.042
.096
.102
.094
.093
.092
.099
.112
.126
.092
.081
.099
.102
.088
.085
.092
.107
.102
.111
.113
.123
,122
.127
.127
.128
.125
.126
.111
.117
.120
.126
.126
.123
.122
.110
.112
.110
.112
.120
.123
.125
.123
.124
.123
.124
.120
.125
.121
122
.121
.122
.123
Output is measured by GDP of nonfmanciat corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfmaneial corporate business
with the decimal point shifted two places to the left.
3
Indirect busineas tax and nontax liability plus business transfer payments less subsidies.
2
Indirect
business
taxes3
Profits
tax
liability
0.031
.037
.038
.037
.034
' .031
.031
.040
.046
.030
.035
.038
.040
.033
.034
.031
.033
.037
.040
.038
.043
.043
.046
.047
.049
.049
.048
Profits
after
tax4
0.053
.059
.064
.057
.059
.061
.067
.073
.080
.063
.045
.060
.063
.055
.052
.061
.073
.065
.071
.075
.080
.078
.081
.080
.079
.076
.078
Output
per hour
of all
employees
(1987
dollars)
Compensation
per hour
of all
employees
(dollars)
22.733
23.127
23.572
23.188
23.447
23.926
24.649
25.330
25.881
22.346
22.891
23.356
23.521
23.145
23.552
24.214
25.084
14.739
15.207
15.833
16.376
17.246
18.081
18.917
19.445
19.829
14.359
14.975
15.517
16.069
16.616
17.625
18.402
19.253
24.942
25.221
25.421
25.664
19.349
19.418
19.467
19.497
25.792
25.744
25.849
26.069
19.683
19.714
19.855
20.010
26.176
'26.508
20.180
'20.353
4
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Ijabor
(Bureau of Labor Statistics).
NATIONAL INCOME
| Billions of dollars; quarterly data at seasonally adjusted annual rates)
CompenNational
income
Period
1989
1990
1991
1992
1993
1994
198519861987198819891990199119921993-
IV
IV
IV
IV
IV
IV
IV
IV
I
II
IV
1994- I
II
m
rv
1995- I
II
IUP
Farm
3,100.2
3,297.6
3,404.8
3,591.2
3,780.4
4,004.6
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,459.1
3,671.0
3,713.1
3,761.1
3,801.7
3,845.8
3,920.0
3,979.3
4,023.7
4,095.3
4,157.3
4,183.0
4,230.9
4,249.5
4,491.0
4,608.2
4,829.5
5,131.4
5,458.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,663.9
4,964.9
5,031.1
5,094.0
5,138.5
5,262.0
5,308.7
5,430.7
5,494.9
5,599.4
5,688.4
5,719.4
in
1
of
employees5
Proprietors' income
with inventory valuation and capital consumption adjustments
Nonfarm
40.2
41.9
36.7
44.4
37.3
39.5
17.8
23.6
42.4
30.9
38.4
43.8
36.6
46.0
49.6
39.4
15.8
44.4
47.2
39.3
29.8
41.7
44.4
35.0
34.0
307.0
321.4
339.5
374.4
404.3
434.2
250.9
260.9
282.6
302.5
311.4
325.1
349.8
392.4
394.8
399.4
404.5
418.5
423.8
431.9
437.1
444.0
449.2
452.2
458.3
Includes employer contributions for social insurance. (See also p. 5.)
Rental
income
of
persons
with
capital
consumption
adjustment
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
362.8
380.6
390.3
405.1
485.8
542.7
284.9
264.6
343.3
378.3
354.5
362.8
394.7
432.5
442.5
473.1
493.5
533.9
508.2
546.4
556.0
560.3
569.7
581.1
-13.5
-14.2
10 5
-5.5
24.1
27.7
14.0
4.7
6.8
2.8
21 6
-11.1
81
5.1
16.5
23.4
26.3
30.3
15.3
34.1
32.6
29.0
25.4
24.2
20.5
Profits
before tax
325.4
354.7
370.9
389.4
456.2
505.0
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4
531.6
545.9
Inventory
valuation
adjustment
342.9
365.7
365.2
395.9
462.4
524.5
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5
570.6
574.1
-17.5
11 0
5.8
-6.4
-6.2
-19.5
38
-10.7
17 8
-31.7
-13.5
-19.5
-.8
2.1
-11.2
-10.0
3.0
65
-12.3
14 1
-19.6
32 1
-39.0
-28.2
-7.4
Capital
consumption
adjustment
Net
interest
37.4
25.9
19.4
15.7
29.5
37.7
56.9
39.6
49.9
37.9
33.9
13.5
22.4
16.9
21.0
26.5
31.7
38.8
37.0
37.4
37.5
38.8
38.1
35.2
35.4
452.7
463.7
447.4
420.0
399.5
409.7
331.9
349.7
368.6
408.1
459.8
474.4
431.8
418.0
414.6
397.6
396.7
389.1
394.2
399.7
415.7
429.2
442.4
444.0
Source: Department of Commerce, Unreal] of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual ratesj
Period
1989
1990
1991
1992
1993
1994
19831984:
1985:
1986:
198719881989:
1990199119921993-
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
in
IV
1994- I
II
III
IV
1995- I
II
nip
1
Total
personal
consumption
expenditures
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,557.8
3,584.7
3,629.6
3,643.9
3,674.3
3,701.1
Total
durable
goods
440.7
443.1
425.3
452.6
489.9
532.1
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
427.7
468.8
472.5
483.7
492.7
510.8
521.7
522.2
529.6
554.8
550.0
554.8
570.4
Includes other items, not shown separately.
Motor
vehicles
and
parts
196.4
192.7
170.0
181.8
196.1
208.2
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
171.6
188.2
189.7
195.1
195.0
204.7
213.7
205.3
202.0
211.9
203.2
202.7
207.9
Furniture
arid
household
equipment
165.8
171.6
179.2
193.3
214.1
238.7
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
181.2
202.0
205.2
209.9
216.6
224.6
225.9
232.5
241.7
254.5
256.6
261.8
271.6
Otlicr
78.5
78.7
76.1
77.5
79.7
85.2
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
74.9
78.6
77.6
78.7
81.1
81.5
82.0
84.4
86.0
88.4
90.3
90.4
90.9
Total
nondurable
goods
1,051.6
1,060.7
1,047.7
1,057.7
1,078.5
1,109.5
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,040.4
1,074.2
1,070.0
1,074.3
1,081.7
1,088.0
1,098.3
1,104.3
1,113.4
1,121.9
1,128.2
1,133.5
1,133.7
Food
515.0
523.9
518.8
514.7
524.0
535.6
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
514.9
522.0
520.7
522.3
525.1
528.1
531.9
536.1
535.7
538.5
541.1
540.8
542.1
Clothing Gasoline
and
arid oil
shoes
187.8
186.2
184.7
193.2
197.8
208.8
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.8
198.7
194.0
196.1
198.6
202.4
203.8
204.9
210.2
216.4
216.6
219.3
219.3
87.3
86.4
83.1
85.6
86.5
87.2
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.4
86.0
86.1
85.7
87.5
86.6
86.1
86.7
88.0
88.2
90.3
91.1
90.4
Hetail sa es of new
passenger ears
(millions of units)
Services
Nondurable goods
Durable goods
Fuel
oil
and
coat
Other
11.4
10.5
10.7
11.2
12.1
11.9
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.7
11.3
12.0
11.8
12.2
12.2
13.4
11.4
11.7
11.1
11.5
12.2
11.7
250.2
253.8
250.5
253.0
258.2
265.9
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.7
256.3
257.2
258.3
258.4
258.8
263.1
265.1
267.8
267.6
268.7
270.1
270.3
Total
servicesl
1,731.0
1,768.8
1,786.3
1,839.1
1,890.3
1,938.1
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,797.3
1,860.4
1,874.8
1,881.2
1,897.8
1,907.4
1,926.3
1,931.4
1,941.8
1,952.9
1,965.7
1,986.0
1,997.0
Housing
469.2
474.6
479.0
485.2
492.6
501.3
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
481.4
487.8
489.8
491.5
493.7
495.4
497.7
500.0
502.6
505.0
507.4
509.5
511.6
Medical
care
408.6
424.6
437.7
454.3
466.4
479.0
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
444.7
459.0
463.1
464.3
467.6
470.4
473.2
477.4
481.0
484.4
486.9
489.6
490.7
Source: Department of Commerce, Bureau of Economic Analysis.
Domestics
7.1
6.9
6.1
6.3
6.7
7.3
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.4
6.4
6.9
6.7
7.1
7.4
7.2
7.1
7.4
7.0
6.9
7.4
Imports
2.8
2.6
2.3
2.1
2.0
2.0
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.0
2.0
2.1
2.0
1.9
2.0
2.0
2.0
1.8
1.8
1.8
1.8
SOURCES OF PERSONAL INCOME
Personal income rose $26.7 billion (annual rate) in September, following a rise of $6.9 billion in August. Wages
and salaries rose $16.5 billion in September, following a decline of $4.9 billion in August.
BILLIONS OF DOLLARS* (RATIO SCALE)
7,000
BILLIONS OF DOLLARS* (RATIO SCALE)
7,000
6,000
6,000
5,000
5,000
4,000
4,000
TOTAL PERSONAL INCOME
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
OTHER INCOME
800
800
TRANSFER PAYMENTS
1 I I M 1 I I 1 1 1t 1 1
400
1987
1989
1988
1990
1991
1992
n i t i 1 1 1 I i i [ i I i i i 11
1993
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1994
400
1995
COUNCIL OF ECONOMY ADVTSERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- Sept
Oct
Dec
1995- Jan
Peb
July
Sepf
1
.
Total
personal
income
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.7
5,768.4
5,844.7
5,841.8
5,883.5
5,930.6
5,962.7
5,992.7
6,005.1
5,993.8
6,025.3
6,062.3
6,069.2
6,095.9
Wage ami
salary
disbursements '
2,105.4
2,261.2
2,443.0
2,586.4
2,745.0
2,816.1
2,974.8
3,080.8
3,279.0
3,310.2
3,351.6
3,349.3
3,368.3
3,391.1
3,406.8
3,412.2
3,429.6
3,405.6
3,431.5
3,460.4
3,455.5
3,472.0
Proprietors' income-*
Other labor
income ' 2
200.7
210.4
230.5
251.9
274.3
299.0
328.7
355.3
381.0
385.5
387.1
388.7
390.3
398.1
399.6
401.1
402.5
403.9
405.3
406.5
407.7
409.1
Farm
22.3
31.3
30.9
40.2
41.9
36.7
44.4
37.3
39.5
30.0
49.0
35.1
41.1
36.1
42.3
54.8
39.9
35.2
29.9
30.9
34.7
36.4
The total of wag*; and salary disbursements and other labor invoine differs from compensation of employees {set; p. 4) in that it excludes employer contributions for social insurant* and
the excess of wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private j>ension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
261.5
279.0
293.4
307.0
321.4
339.5
374.4
404.3
434.2
439.4
441.4
443.5
447.0
448.7
449.4
449.6
450.4
451.6
454.6
455.5
458.2
461.0
Rental
income
of
persons 4
8.7
3.2
4.3
-13.5
-14.2
-10.5
-5.5
24.1
27.7
32.7
31.4
29.5
26.1
26.8
25.5
23.8
23.4
24.2
24.9
23.4
20.2
17.8
Less: PerPersonal
dividend
income
104.7
100.4
108.4
126.5
144.4
150.5
161.0
181.3
194.3
198.8
200.8
202.8
204.4
204.8
205.4
206.4
207.5
208.1
208.8
210.2
211.5
213.2
Personal
interest
income
531.7
548.1
583.2
668.2
698.2
695.1
665.2
637.9
664.0
683.6
692.5
701.2
709.6
717.2
724.0
729.5
734.9
739.5
743.4
746.1
748.4
750.4
Transfer
payments H
517.8
542.2
576.7
625.0
687.6
770.1
860.2
915.4
963.4
972.3
977.1
977.7
984.2
1,000.7
1,003.7
1,009.9
1,012.8
1,020.0
1,022.9
1,027.3
1,031.0
1,034.8
tribntions
for social
insurance
162.1
173.6
194.5
211.4
224.9
236.2
248.7
261.3
281.4
284.1
286.2
286.1
287.4
292.8
294.0
294.5
295.8
294.3
296.1
298.1
297.9
299.1
Non farm
personal
income 6
3,545.6
3,749.4
4,023.9
4,318.0
4,608.6
4,801.8
5,089.4
5,316.6
5,639.4
5,715.5
5,772.5
5,783.3
5,818.7
5,870.8
5,896.5
5,914.1
5,941.1
5,934.4
5,971.0
6,006.9
6,009.9
6,034.7
*Witb capital consumption aiyustmcnt.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
"Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in 1987 dollars rose in the third quarter
of 1995.
BILLIONS OF DOLLARS' (RATIO SCALE)
BIWONS OF DOLLARS' (RATIO SCALE)
2,000
2,000
DOLLARS' (RATIO SCALE)
22,000
20,000
DOLLARS* (RATIO SCALE)
22,000
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
-"
18,000
CURRENT DOLLARS
\
=——=
16,000
U,000
^Z^s
12,000
^~~
10,000
8,000
k"~""*
r~~l
18,000
-^
r
•
16,000
14,000
^^
\
987DOLU
12,000
10,000
^
\
I
1
1982
\ i i
i i i
i ii
i i i
111
i i l
1983
1984
1985
1986
1987
1988
I
1
1
1989
i ii
i p i
1 I I
i i i
i i i
i i i
1990
1991
1992
1993
1994
1995
8,000
COUNOL OF ECONOMIC ADVBBS
Period
Personal
income
IxiSS:
Personal
tax ant!
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays '
Equals:
Personal
saving
Disposable
personal
income in
1987
Per capita
disposable personal
income
Current
dollars
dollars
(billions)
Billions of dollars
1987
1988
1989
1990
1991
1992
1993
1994
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.7
512.5
527.7
593.3
623.3
623.7
• 648.6
686.4
742.1
3,289.5
3,548.2
3,787.0
4,050.5
4,236.6
4,505.8
4,688.7
4,959.6
1987
dollars
Per capita persona!
consumption
expenditures
Current
dollars
1987
dollars
Dollars
3,147.5
3,392.5
3,634.9
3,880.6
4,025.0
4,257.8
4,496.2
4,756.5
142.0
155.7
152.1
170.0
211.6
247.9
192.6
203.1
3,289.5
3,404.3
3,464.9
3,524.5
3,538.5
3,648.1
3,704.1
3,835.7
13,545
14,477
15,307
16,205
16,766
17,636
18,153
19,003
Percent
change
in real
per capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
13,890
14,005
14,101
14,003
14,279
14,341
14,696
13,448
14,241
15,048
15,444
16,192
16,951
17,734
12,568
12,903
13,029
13,093
12,899
13,110
13,391
13,716
-0.1
2.5
.8
.7
-.7
2.0
.4
2.5
4.3
4.4
4.0
4.2
5.0
5.5
4.1
4.1
242,860
245,093
247,397
249,951
252,688
255,484
258,290
260,991
13,278
13,522
13,685
13,996
14,015
14,018
13,998
14,533
14,222
14,351
14,338
14,451
14,535
14,625
14,697
14,927
15,048
14,973
15,095
11,445
12,101
12,819
13,814
14,491
15,283
15,588
16,566
16,693
16,856
17,017
17,233
17,443
17,598
17,821
18,072
18,216
18,438
18,572
12,095
12,472
12,615
13,020
13,053
13,010
12,868
13,262
13,283
13,335
13,425
13,519
13,640
13,651
13,717
13,853
13,880
13,966
14,033
1.8
-1.7
5.2
3.2
1.8
-1.7
.7
9.3
-8.3
3.7
-.4
3.2
2.3
2.5
2.0
6.4
3.3
-2.0
3.3
6.0
4.8
5.0
4.3
3.9
4.3
5.2
6.2
4.0
4.6
3.9
4.0
3.6
4.1
4.1
4.6
5.1
4.0
4.2
239,387
241,550
243,745
246,004
248,372
251,035
253,758
256,626
257,262
257,908
258,635
259,356
259,997
260,627
261,340
261,999
262,527
263,095
263,736
13,545 12,568
Seasonally adjusted annual rates
19851986:
1987198819891990199119921993-
IV
IV
IV
IV
IV
IV
IV
IV
I
H
in
IV
1994- I
II
m
IV
1995: I
n
in?
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,759.1
4,934.2
5,335.0
5,255.5
5,364.5
5,395.9
5,484.6
5,555.8
5,659.9
5,734.5
5,856.6
5,962.0
6,008.1
6,075.8
448.8
478.5
528.6
542.0
605.1
625.2
631.2
676.2
657.3
685.9
695.4
707.0
723.0
746.4
744.1
754.7
777.6
807.0
807.0
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,303.0
4,658.8
4,598.2
4,678.6
4,700.5
4,777.6
4,832.8
4,913.5
4,990.3
5,101.9
5,184.4
5,201.0
5,268.8
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
4,078.4
4,371.4
4,413.7
4,464.6
4,518.2
4,588.2
4,657.3
4,712.4
4,787.0
4,869.3
4,920.7
4,994.9
5,045.9
179.2
151.1
169.8
156.4
148.8
176.2
224.6
287.4
184.6
214.0
182.3
189.4
175.5
201.1
203.3
232.6
263.7
206.1
222.9
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,552.1
3,729.6
3,658.9
3,701.3
3,708.4
3,747.8
3,779.2
3,811.5
3,840.9
3,911.0
3,950.5
3,939.4
3,981.2
2
12,565
13,121
13,907
14,850
15,558
16,467
16,957
18,154
17,874
18,141
18,174
18,421
18,588
18,853
19,095
19,473
19,748
19,769
19,977
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1995, according to preliminary estimates, gross farm income fell $9.9 billion (annual
rate) and net farm income fell $12.1 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
24O
N
^
-^
^^ ^
r~—-
240
200
I*"*-——1
^^ i/* 1
"^
160
V
120
\
1
GRO:,S FARM INCOME
120
80
80
60
.
20
/,
/' *
/*
1 '
'V
\
V
\,
l\
1 '
'
\l
.
\
'
y
-V
\
,\
^
/'
^N
x
'—I
\
/
\
40
^X
^\'t
\\/'
/
\
NET FARM INCOME
20
\
iJ
I
\
l\
I
i IM
i ' w
i' '
i'
10
i
2
1
1
1982
1
1983
1984
1 1 1
i i i
1 1 1
i i i
l l i
1 1 1
i i i
i
1985
1986
1987
1988
1989
1990
1991
1992
i i
* SEASONALLY ADJUSTED ANNUAL SATE
SOURCE: CffMaUEHt Of AGRICULTURE
i i l
i
1993
1994
i i
1
!
1
1995
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Net farm income
Period
Cash marketing receipts
Total '
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1993- I
II
III
TV
1994- I
II
III
TV
1995- I
HP
...
156.1
168.3
177.3
191.9
198.5
191.8
200.5
203.0
213.5
203.9
203.4
198.9
205.6
218.8
206.1
211.8
217.1
211.4
201.5
135.4
141.8
151.2
160.8
169.4
167.8
171.3
177.1
179.7
174.3
177.2
187.7
169.4
178.8
169.7
185.8
184.4
184.4
177.1
Livestock and
products
71.6
76.0
79.6
83.9
89.2
85.8
85.6
90.0
88.1
83.7
87.9
101.3
87.3
92.0
82.8
97.6
79.9
87.5
78.0
'Cash marketing receipts and inventory changes phis Government payments, other farm cash
ineome, and nonmoney income furnished by farms.
2
Physical changes in end-of-ycar inventory of crop and livestock commodities valued at average prices during the year.
3
Income in current dollars divided by the GDI" implicit price deflator.
Crops
63.8
65.8
71.6
76.9
80.3
82.0
85.7
87.1
91.6
90.6
89.3
86.3
82.1
86.8
86.9
88.2
104.5
96.9
99.1
Production
expenses
Value of
inventory
changes 2
Current
dollars
-2.2
-2.3
-4.1
3.8
3.5
-.2
4.2
-4.5
8.7
-8.0
-6.3
-7.4
3.7
10.6
10.0
T.8
6.3
.6
.6
125.1
130.2
139.8
146.9
153.7
153.4
152.6
160.9
166.7
158.5
160.8
162.6
161.7
164.3
166.5
168.5
167.6
162.9
165.3
31.1
38.0
37.5
45.0
44.8
38.4
47.9
42.1
46.7
45.4
42.7
36.3
43.9
54.5
39.6
43.3
49.5
48.4
36.3
1987 dollars3
32.0
38.0
36.1
41.5
39.5
32.6
39.7
34.1
37.1
37.0
34.6
29.4
35.4
43.6
31.4
34.2
39.0
38.0
28.3
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1992 in chart do not reflect previous revisions to
annual data in table.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the second quarter of 1995, according to current estimates, corporate profits before tax rose $3.5 billion (annual
rate) and profits after tax rose $2.9 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
600
SEASONALLY ADJUSTED ANNUAL RATES
^
550
550
-
-
/
500
500
S/
-
J
450
0 (OFITS BEPOPE TAX
400
s
s\>s
/
350
A
1
450
-
/
400
^^ ^ V
350
^
<''
300
300
250
200
150
/
r*
—\,7
s
""—.— .^
*•
/'*"**
-r*"*
0
^f*
_,«-•'
/•
TAX LLABIUTY
\
\
"\
--— -'
X
•'"'v
V
—
-
,'~"
y.
~
200
•^
150
--
100
-^
50
UNC HSTRIBUTB:) PROFITS
/
%
250
\
,,*''"'
v
f
*/
f
^•^
.s
x,
"
,''
•._--,
100
50
S'*
^
"^>
^^
OFITS AFT
r~O
~*
~— __ „ .
-
X
0
i ii
1
1982
1983
1
1
1
1
1
1984
1 1 1
i i t
E
1985
198<5
1987
1
1
i i i
i i i
i i i
i i i
i i i
1
1988
1989
1990
1991
1992
1993
SOURCE: D0*KTMENTOFCCJMMBKE
!
1
COUh
1 1 1
i i i
1994
1995
O.OFECONCMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted animal rates]
Profits (before tax) with inventory valuation adjustment '
Profits after tax
Domestic industries
Nonfuiancial
Period
Totals
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
19851986198719881989199019911992:
1993:
..
IV
IV
IV
IV .
IV
IV
IV .
IV
I
TJ
m
IV
1994- I
n
in ....
rv
1995- I
n
227.6
273.4
320.3
325.4
354.7
370.9
389.4
456.2
505.0
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4
531.6
545.9
194.6
233.9
271.2
266.0
286.7
302.4
328.8
391.0
444.6
193.5
192.5
246.3
285.9
254.8
273.8
301.4
361.0
354.0
383.8
392.6
433.4
410.1
448.2
458.1
461.7
462.9
473.6
Financial
35.8
36.4
41.8
50.6
65.7
84.3
81.9
103.7
104.0
29.0
34.7
39.4
46.1
52.5
66.6
84.6
86.7
95.9
100.1
103.9
114.6
89.6
106.4
112.6
107.2
115.2
116.2
Total:'
158.9
197.5
229.4
215.3
221.1
218.1
246.9
287.3
340.6
164.5
157.8
207.0
239.7
202.3
207.2
216.8
274.3
258.0
283.7
288.7
318.8
320.5
341.8
345.5
354.5
347.7
357.4
Wholesale and
retail
trade
Manufacturing
59.0
87.0
117.5
108.0
109.1
90.1
94.5
114.2
145.6
83.3
63.9
98.7
129.3
94.5
98.5
85.3,
101.3
96.2
114.2
112.4
134.2
145.1
143.0
143.3
150.9
143.9
148.9
46.3
39.9
37.1
39.7
37.2
46.7
54.8
61.2
67.6
39.0
43.1
39.3
39.3
39.2
36.2
47.4
64.6
56.0
63.3
62.0
63.7
59.0
72.0
70.1
69.2
66.7
64.0
TTTP . ..
1
3
See p. 4 for profits with inventory valuation and capital consumption sf
Includes rest of the world, not shown separately.
3
Profits
before
tax
217.8
287.9
347.5
342.9
365.7
365.2
395.9
462.4
524.5
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5
570.6
574.1
Tax
liability
106.5
127.1
137.0
141.3
138.7
131.1
139.7
173.2
202.5
97.6
116.6
135.2
146.2
134.2
137.0
133.1
148.6
159.8
171.8
169.9
191.5
184.1
201.7
208.6
215.6
220.0
220.4
Total
111.3
160.8
210.5
201.6
227.1
234.1
256.2
289.2
322.0
134.2
119.2
176.0
226.0
200.0
231.8
240.0
264.8
273.0
284.8
288.9
310.2
299.4
321.4
329.5
337.9
350.7
353.6
Dividends
Undistributed
profits
109.8
106.2
115.3
134.6
153.5
160.0
171.1
191.7
205.2
97.4
111.0
106.3
121.0
141.3
153.7
160.9
182.1
188.2
190.7
193.2
194.6
196.3
202.5
207.9
213.9
217.1
219.9
223.7
1.6
54.6
95.2
67.1
73.6
74.1
85.1
97.5
116.9
36.9
8.2
69.7
105.0
58.7
78.1
79.1
82.7
84.7
94.1
95.6
115.6
103.0
118.9
121.6
124.0
133.5
133.8
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
9.7
-14.5
27 3
-17.5
-11.0
5.8
-6.4
-6.2
-19.5
-3.8
-10.7
-17.8
-31.7
-13.5
-19.5
-.8
2.1
-11.2
-10.0
3.0
-6.5
-12.3
-14.1
-19.6
-32.1
-39.0
282
-7.4
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the third quarter of 1995, according to advance estimates, nonresidential fixed investment in 1987 dollars rose
$15.3 billion (annual rate) and residential investment rose $5.8 billion. There was a $35.3 billion increase in inventories,
following an increase of $34.3 billion in the second quarter.
BILLIONS OF 1987 DOLLARS
BIWONS OF 1987 DOLLARS
1,100
SEASONAUY ADJUSTED ANNUAL RATES
.
1,000
800
700
600
500
1,000
'S
900
•^ /
/
r^rv.r ^
r\
"S
400
^
^
^"~
X. _
/
800
*
s
700
^
s
600
^
\
S*
S
y
900
y
s
** s
** X
^^
GROSS PRIVATE DOMESTIC
INVESTMENT
y^
1,100
500
NCJNRESIDEhITIAL
400
D INVEST*
R ESIDENTLA L
FIW D
300
— . — .***
*• «• —
x
-100
1
\
1
1982
\
I
100
s
\
1
1
1984
\
!
1985
\ i
1986
" ""
"» _0
x
* •* /
^/
i i i
1983
/
f "\
N
/
,'
200
IN1YENTORIE
100
0
••*».—
-._.-
_^
CHAN<H IN BUS^lESS
^'
s'
300
.-.-..
•^
200
INVEST/VIENT
l i l
l l l
!
1987
1988
1989
1
1
i i i
t l l
1990
1991
i i i
1992
t
1
1
1993
I 1 I
1
1994
1995
t
!
-100
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
Gross
private
domestic
investment
Change in business
inventories
Nonresidential
Total
Total
Producers'
durable
equipment
Residential
Structures
Total
Nonfarm
735.1
749.3
773.4
784.0
746.8
683.8
725.3
819.9
951.5
726.5
723.0
753.4
754.2
741.1
684.9
722.9
804.6
903.8
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
150.6
323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
521.9
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
8.5
26.3
19.9
29.8
5.7
-1.1
2.5
15.3
47.8
10.6
32.7
26.9
29.9
3.2
-1.3
20
18.5
40.7
763.1
705.9
793.8
785.0
769.5
695.7
697.9
755.2
732.9
725.9
733.9
764.1
744.6
716.6
684.4
748.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
198.3
170.4
177.9
175.7
179.8
172.8
151.4
146.3
327.2
325.0
332.7
363.1
356.9
367.4
355.5
394.6
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
30.2
-20.1
59.9
20.9
24.9
-20.9
13.5
6.3
28.0
-18.6
62.1
30.5
31.2
18 7
14.6
1993: I ..
II
789.2
806.2
821.8
862.5
770.7
787.3
808.8
851.7
560.3
581.0
597.9
627.2
147.2
147.3
147.5
148.7
413.0
433.7
450.3
478.5
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
19.7
22.8
20.9
10.7
1994- I
898.9
950.9
967.3
989.1
873.4
891.7
910.2
939.7
643.6
657.9
680.0
708.2
144.1
151.0
151.6
155.6
499.4
506.9
528.4
552.6
229.9
233.8
230.2
231.5
25.4
59.2
57.1
49.4
22.1
51.7
47.4
41.7
1,024.1
1,019.2
1,041.3
973.0
984.9
1,006.1
743.6
763.7
779.0
159.9
163.4
164.8
583.7
600.3
614.3
229.5
221.2
227.0
51.1
34.3
35.3
49.1
33.2
36.8
1985:
19861987:
19881989:
199019911992:
.
IV
IV
IV
IV
IV
IV
IV
IV
in
rv
II
in
IV
1995- I .
II .
ITJP
Note.—St?e p. 10 for further detail on Fixed investment by tyjx;.
Source: Department of Commerce, Bureau of Economic Analysis.
FIXED INVESTMENT BY TYPE IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Nouresidential
Residential
Structures
Producers' durable equipment
NonPeriod
Total
nonresidential
1986
1987
1988
1989
1990
1991 ... .
1992
1993
1994
1985: IV
1986: IV
1987: IV
1988: IV
1989: P7
1990: IV
1991:
IV
1992: IV
1993:
I
1994:
I
II
III
IV
.
II
III
IV
1995: I
II
Tap
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
560.3
581.0
597.9
627.2
643.6
657.9
680.0
708.2
743.6
763.7
779.0
Total'
176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
150.6
198.3
170.4
177.9
175.7
179.8
172.8
151.4
146.3
147.2
147.3
147.5
148.7
144.1
151.0
151.6
155.6
159.9
163.4
164.8
Structures
Information processing
and related equipment
deutial
buildings,
including
farm
Utilities
125.2
124.4
128.5
133.2
134.8
113.4
100.8
100.0
104.8
139.2
122.8
129.3
128.9
134.2
127.8
104.0
97.6
98.4
98.5
100.5
102.7
99.2
105.4
105.1
109.5
113.1
114.9
115.8
31.5
26.5
26.0
26.5
24.1
27.7
29.9
28.8
29.5
30.7
30.3
25.3
26.7
25.9
24.8
28.8
30.0
29.7
28.7
28.5
28.5
28.4
29.0
29.7
30.7
30.5
31.8
32.9
Mining
exploration,
shafts,
and
wells
13.5
13.1
13.5
11.3
13.2
12.4
10.3
10.7
9.3
20.0
11.6
15.3
14.0
12.3
13.0
11.0
10.7
11.1
11.2
10.5
9.9
9.6
9.8
9.3
8.5
9.4
9.1
9.5
Total
Computers
and
peripheral
equipment 2
105.7
109.4
120.3
128.0
133.1
138.8
156.8
200.9
249.1
102.4
109.8
112.1
122.3
129.3
134.6
143.9
166.6
178.7
190.8
208.9
225.2
233.2
242.2
251.2
269.9
285.3
308.6
320.4
27.7
34.0
37.9
44.4
47.7
54.1
68.3
105.4
134.8
26.2
27.9
35.9
37.4
46.0
49.4
59.7
76.4
88.8
98.0
112.2
122.5
127.2
130.3
135.1
146.5
157.2
174.8
186.4
Total'
323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
521.9
327.2
325.0
332.7
363.1
356.9
367.4
355.5
394.6
413.0
433.7
450.3
478.5
499.4
506.9
528.4
552.6
583.7
600.3
614.3
1
Includes other items, not shown separately.
2
Includes new computers and peripheral equipment only.
:i
Includes producers' durable equipment, not shown separately.
Other
Industrial
equipment
Transportation
and
related
equipment
78.0
75.3
82.4
83.7
85.4
84.7
88.5
95.5
114.3
76.1
81.9
76.1
84.8
83.3
85.2
84.2
90.2
89.8
92.8
96.7
102.7
106.0
111.8
116.1
123.4
128.0
133.8
134.0
76.7
74.8
81.6
85.0
78.2
73.4
71.7
79.2
90.3
79.2
77.3
76.6
86.0
83.6
75.6
71.6
74.0
75.6
77.5
79.9
83.6
86.4
88.9
92.1
93.6
98.9
101.8
102.5
74.9
73.6
78.5
72.6
78.5
74.7
78.3
87.8
98.3
78.1
71.4
71.6
78.5
68.7
80.2
73.3
83.3
84.5
90.4
85.3
90.9
98.5
92.3
99.1
103.4
109.6
101.2
101.2
Total
residential3
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
210.4
206.3
211.0
224.5
229.9
233.8
230.2
231.5
229.5
221.2
227.0
Total
Single
family
Multifamily
Other
220.6
219.4
216.5
207.7
188.0
162.9
189.9
205.7
223.5
202.0
224.8
217.3
218.9
201.4
169.8
170.9
200.5
203.2
199.1
203.5
216.9
222.4
226.0
222.3
223.3
221.4
213.2
218.9
106.7
114.5
112.1
107.9
97.6
85.4
102.4
112.1
124.4
95.6
110.4
115.8
113.9
103.9
86.1
92.9
106.6
111.2
108.5
110.2
118.3
125.1
127.6
123.8
121.0
118.9
110.2
111.8
32.2
25.5
20.8
20.6
17.5
13.5
11.7
9.6
11.7
30.3
31.6
24.0
20.8
19.0
16.5
12.5
10.4
9.5
9.2
9.9
9.7
10.0
11.3
12.1
13.5
14.7
15.2
16.1
81.7
79.5
83.5
79.1
73.0
64.0
75.8
84.1
87.4
76.0
82.7
77.5
84.2
78.5
67.2
65.5
83.5
82.5
81.3
83.5
88.9
87.3
87.2
86.5
88.8
87.8
87.7
91.0
Source: Department of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Period
1993'
1994 2
1995 :l
1
Total
expenditures
489.7
549.0
600.7
Total
488.2
518.6
587.3
Mining
and
Manufacturing
stnietion
Durable
goods
Nondurable
goods
66.4
67.7
68.1
81.2
31.2
34.9
35.6
Total
134.1
144.1
181.8
76.1
100.6
Estimates collected from the 1993 Annual Capital Expenditures Survey.
2
Preliminary estimates collected from the February 1995 Investment Plans Survey. Final
data are scheduled to l>e published in January 1996 in the 1994 Annual Capital Expenditures
Survey.
3
Revised estimates of planned capital expenditures from UK; September 1995 Investment
Plans Survey.
10
Transportation
Communications
30.6
37.1
44.6
49.3
32.3
37.0
Utilities
41.3
38.0
41.8
Wholesale
and
retail
trade
Finance,
insurance,
and
real
estate
60.3
68.1
75.7
40.2
36.9
47.1
Services
111.8
118.5
117.3
Serving
multiple
industries
Not
distributed
by
industry
1.7
1.2
1.6
1.4
30.4
13.5
Note.—Data from Business Investment and Plans, 1993 to 1995, released September 22,
1995. For further information, see AnnufU Capital, Kxpcmliturc.^ 1!)!)'i, and Technical Note on
New Annual Capital Expenditures Survey, September 1990.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In October, employment rose by 259,000 and unemployment fell by 202,000.
MILLIONS OF PERSONS *
MILLIONS OF PERSONS '
134
134
SEASONAtlY ADJUSTED
130
130
CIVILIAN LABOR FORCE
126
126
122
122
118
118
—^-
114
114
CIVILIAN
EMPLOYMENT
110
110
106
1994
. 1995
COUNCU OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian employment
Civilian
noninstitotional
population
NSA
Period
1985
19863
1987
1988
1989
1990
1991
1992
. .
1993
1994 *
1994: Oct
Nov
Dee
1995: Jan
Feb .
Mar ....
July
Sept
Oet ..
4
._
,
. ..
Civilian
labor
force
Nonagricultural
Total
178,206
180,587
182,753
184,613
186,393
188,049
189,765
191,576
193,550
196,814
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
131,056
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
123,060
197,430
197,607
197,765
131,646
131,718
131,725
197,753
197,886
198,007'
198,148
198,286
198,452
198,615
198,801
199,005
199,192
132,136
132,308
132,511
132,737
131,811
131,869
132,518
132,211
132,591
132,648
124,141
124,403
124,570
124,639
125,125
125,274
125,072
124,319
124,485
124,959
124,779
125,140
125,399
Agricultural
Part time
for
economic1
reasons
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
3,409
3,494
3,500
3,532
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
119,651
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
4,414
120,647
120,903
121,038
4,226
4,246
4,254
3,575
3,656
3,698
3,594
3,357
3,451
3,409
3,362
3,273
3,455
121,064
121,469
121,576
121,478
120,962
121,034
121,550
121,417
121,867
121,944
4,430
4,187
4,347
4,171
4,289
4,185
4,234
4,316
4,451
4,255
1
Persons at work. Economic reasons include slaek work, material shortages, inability to find
ftilltime work, etc.
2
Civilian labor force (or employment) as percent of civilian nomnstitutionaS population; and
unemployment as percent of civilian labor force.
Total
Percent2
Unemployment
Total
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
7,505
7,315
7,155
7,498
7,183
7,237
7,665
7,492
7,384
7,559
7,431
7,451
7,249
15
weeks
and
over
Not in
labor
force
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
2,860
62,744
62,752
62,888
62,944
62,523
63,262
64,462
64,593
65,509
65,758
2,934
2,661
2,456
65,184
65,889
66,040
2,386
2,298
2,266
2,505
2,585
2,299
2,319
2,380
2,352
2,296
65,617
65,578
65,496
65,412
66,476
66,583
66,096
66,590
66,414
66,544
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
66.6
66.7
66.7
66.6
66.8
66.9
66.9
67.0
66.5
66.4
66.7
66.5
66.6
66.6
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
62.5
62.9
63.0
63.0
63.0
63.2
63.3
63.1
62.7
62.7
62.9
62.8
62.9
63.0
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
5.7
5.6
5.4
5.7
5.4
5.5
5.8
5.7
5.6
5.7
5.6
5.6
5.5
3
Not strictly comparable with earlier data,
4
I>ata beginning January 1994 are not direeUy comparable with data for earlier periods. See
Employment a$d Eamiitgs, February 1994.
Source: Department of Labor, Bureau of I^abor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In October, the unemployment rote declined slightly to 5.5 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
1991
1991
1995
1993
1994
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1995
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By sex and age
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
19942
1994: Oct
Dee
1995- Jan
Peb
Mar
Apr
May
June
July
Aug
Sept
Oet
1
All
civilian
workers
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
5.7
5.6
5.4
5.7
5.4
5.5
5.8
5.7
5.6
5.7
5.6
5.6
5.5
Men
20 years
and over
Women
20 years
and over
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
5.4
5.0
4.9
4.7
5.0
4.6
4.7
4.9
5.1
4.8
4.7
4.8
4.9
4.5
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
5.4
5.0
5.0
4.7
4.9
4.8
4.9
5.2
4.8
5.0
5.1
5.0
4.9
5.0
By race
Both
sexes
16-19
years
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
17.6
17.1
15.8
17.2
16.7
17.6
16.1
17.5
17.6
16.4
18.2
17.7
17.5
17.1
White
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
5.3
5.0
4.8
4.8
4.9
4.7
4.7
5.0
5.0
4.8
4.8
4.8
4.8
4.8
Revised definition; for details, see Employment and Earnings, February 1994.
2
Data beginning January 1994 are not directly comparable with data for earlier periods. See
Employment and Earnings, February 1994.
12
Black
and
other
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
10.4
9.8
9.2
9.5
9.4
9.2
9.8
9.1
9.8
10.1
10.2
10.2
9.4
By selected groups
Black
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
11.5
11.1
10.5
9.8
10.2
10.1
9.8
10.7
9.9
10.6
11.1
11.3
11.3
9.9
Experienced
wage
and
salary
workers
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
5.9
5.5
5.4
5.3
5.4
5.1
5.2
5.6
5.6
5.4
5.5
5.4
5.5
5.4
Married
men,
spouse
present
Women
who
maintain
families
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
3.7
3.3
3.2
3.2
3.4
3.0
3.2
3.4
3.4
3.4
3.4
3.3
3.5
3.1
NOTE.—Data relate to persons age 16 years and over.
Source: Department of Labor, Bureau of Labor Statistics.
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
8.9
8.9
8.7
8.8
8.9
8.1
7.6
9.0
8.0
8.4
8.5
7.0
8.0
7.9
Full-time
workers 1
Part-time1
workers
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
6.1
5.8
5.6
5.3
5.5
5.3
5.4
5.6
5.6
5.5
5.5
5.6
5.6
5.4
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
6.0
5.6
5.4
5.9
6.2
6.0
5.8
6.3
6.1
6.3
6.6
5.9
5.9
5.8
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In October, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27
weeks and over fell, while the percentages for 5-14 weeks and for 15-26 weeks rose. The mean duration of
unemployment fell to 16.2 weeks and the median duration rose to 8.1 weeks.
PERCENT DISTRIBUTION '
PERCENT DISTRIBUTION
70
70
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
LESS THAN
5 WEEKS
l^|
V"i
30
5-14
WEEKS
20
A/ \ 15-26
WEEKS
10 -
._C>£
1 IE 1 1 1 II 1 1
1993
1991
1995
* SEASONALLY ADJUSTED
i/BEGlNNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LASOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
Reason for unemployment:
percent distribution
State
programs
Number of weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers1
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1985
1986
1987
1988
1989
1990
. . .
1991
1992
1993
19943
1994- Get
Dec
1995- Jan
Feb
July
Sept . ...
Get
1
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
7,505
7,315
7,155
7,498
7,183
7,237
7,665
7,492
7384
7,559
7.431
7,451
7,249
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
34.1
31.9
35.0
36.0
39.4
36.8
35.5
34.8
34.7
37.1
34.5
36.0
38.3
37.1
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
30.1
29.6
29.1
29.9
28.5
30.7
32.6
32.1
30.8
31.8
34.8
32.3
30.3
31.8
12.3
12.7
12.7
12 0
11.2
11.8
14.5
15.2
14.6
15.5
17.6
16.0
15.1
13.9
15.4
12.9
14.7
17.1
14.8
13.6
15.3
14.3
14.5
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
20.3
20.9
19.9
19.0
18.2
17.1
18.9
18.4
17.4
16.3
17.2
16.3
17.1
16.6
Beginning January 1994, job losers and persons who completed temporary jobs.
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.
3
Data beginning January 1994 are not directly comparable with data for earlier periods. See
Employment and Earnings, February 1994.
2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
18.8
19.3
18.2
17.8
16.7
16.9
17.5
17.7
16.9
15.6
16.5
16.3
16.3
16.2
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
9.2
10.1
9.1
8.7
7.9
7.8
7.9
8.5
9.0
7.5
9.1
8.7
8.0
8.1
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
47.7
46.8
47.5
47.6
49 2
46.6
46.6
45.5
48.4
46.7
47.5
46.2
45.2
47.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
9.9
10.1
9.6
9.7
9.3
10.8
11.3
10.5
11.7
11.4
10.9
11.8
11.9
10.4
27.1
26.2
26.6
27.0
282
27.4
24.8
23.7
24.6
34.8
35.0
35.0
34.9
33.4
34.5
33.8
35.8
32.9
34.5
34.1
34.2
34.6
34.5
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
7.6
8.2
7.9
7.7
8.0
8.1
8.4
8.2
7.0
7.4
7.5
7.8
8.3
7.6
2,617
2,643
2,300
2,081
2.158
2 522
3^342
3,245
2,751
2,671
2,569
2,531
2,533
2,515
2,518
2,498
2,488
2,552
2,633
2,685
2,626
2,613
2,658
397
378
328
310
330
388
447
408
341
340
328
329
326
335
338
342
352
374
377
375
342
351
362
2,699
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,740
2,201
2,340
2,510
3,275
3,173
2.949
'2.721
2,476
2,398
2,635
2,461
2,197
2 292
NOTE.—Data relate to persons age 16 years of age and over (except for insured unemployment, and initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 116,000 in October.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
120
34
110
100
90
80
SERVICE-PRODUCING
INDUSTRIES
70
60
50
40 GOODS-PRODUCING
INDUSTRIES
30
CONSTRUCTION
\
i mi
20
1991
1992
11 i l l
1993
1994
1995
1991
1992
1993
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1994
1995
N
COUNCIL OF ECONOMIC ADVISERS
(Thousands of wage, and salary workers;' seasonally a<yustal|
Goods-producing industries
Period
1985
1986
1987
1988
1989 .. .
1990
1991
1992
1993
1994
1994: Oct
Nov .
Dec
1995- Jan
Feb
Mar
Mav
June ...
July
Sepf
Ocf
Total
nonagricultural
employment
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,034
114,935
115,427
115,624
115,810
116,123
116,302
116,310
116,248
116,547
116,575
116,838
116,888
117,004
Service-producing industries
Manufacturing
Total
2
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,913
24,081
24,175
24,230
24,293
24,324
24,370
24,331
24,228
24,240
24,156
24,165
24,150
24,154
Construction
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,668
5,010
5,088
5,144
5,166
5,201
5,213
5,256
5,242
5,190
5,230
5,226
5,233
5,258
5,286
Total
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,303
18,398
18,439
18,472
18,502
18,523
18,525
18,506
18,456
18,428
18,353
18,357
18,319
18,298
Durable
goods
Nondurable
goods
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,431
10,513
10,550
10,574
10,596
10,622
10,633
10,632
10,611
10,597
10,569
10,587
10,573
10,558
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,872
7,885
7,889
7,898
7,906
7,901
7,892
7,874
7,845
7,831
7,784
7,770
7,746
7,740
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
fort*, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as em^Sowd when they are not at work liecause of industrial disputes,
bad weather, «tc..f even if tlivy are not paid for the time (iff; and which are based on a sample
14
Total
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,121
90,854
91,252
91,394
91,517
91,799
91,932
91,979
92,020
92,307
92,419
92,673
92,738
92,850
Transportation and
public
utilities
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
6,006
6,061
6,092
6,121
6,129
6,156
6,175
6,184
6,177
6,192
6,195
6,217
6,200
6,222
Wholesale
trade
5,727
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,140
6,195
6,210
6,229
6,251
6,275
6,287
6,300
6,298
6,320
6,333
6,340
6,344
6,356
Retail
trade
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,437
20,580
20,703
20,759
20,760
20,794
20,760
20,762
20,747
20,798
20,851
20,837
20,882
20,890
Finance,
insurServices
ance,
and real
estate
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,933
6,935
6,937
6,931
6,927
6,929
6,938
6,924
6,925
6,930
6,938
6,947
6,956
6,974
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,488
31,888
32,035
32,135
32,228
32,404
32,524
32,548
32,630
32,784
32,820
32,986
33,053
33,110
Government
Total
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,118
19,195
19,275
19,219
19,222
19,241
19,248
19,261
19,243
19,283
19,282
19,346
19,303
19,298
Federal
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,858
2,854
2,853
2,838
2,831
2,828
2,826
2,831
2,838
2,834
2,825
2,817
2,806
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
|>ersons are counted only once—as employed, unemployed, or not in the lalxir force.
2
Includes mining, not shown separately.
Sour**: Department of Labor, Uureau of Ijabor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS. AND WEEKLY EARNINGS
PRIVATE NONAGRJCULTURAL INDUSTRIES
(For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Period
Total
private
nonagricultural *
Average gross hourly earnings
Manufacturing
Total
Average gross weekly earnings
Total private
nonagrieiiJtural *
Total private
nonagrieultural]
Overtime
Current
dollars
1982
dollars2
Manufacturing
Current dollars
Current
dollars
1982
dollars2
Manufacturing
Construction
Retail
trade
Percent change from
a year earlier, total
private nonagricultural3
Current
dollars
1982
dollars
1985
1986
1987
1988
1989 .
1990
1991
1992
1993
1994 ..
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
$8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.13
$7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.41
$9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.06
$299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
386.21
$271.16
271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.96
$386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.52
$464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
553.63
572.61
$174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.4
-1.3
.3
-1.0
-.9
-1.0
-1.8
-1.6
-.2
-.0
.8
1994- Oct .
Nov
Dec .
34.9
34.6
34.7
42.1
42.1
42.1
4.7
4.8
4.8
11.25
11.24
11.27
7.42
7.40
7.40
12.14
12.17
12.18
392.63
388.90
391.07
258.99
256.02
256.94
511.09
512.36
512.78
578.12
575.79
579.07
220.75
218.48
219.64
4.3
3.1
3.1
1.7
.4
.4
1995: Jan .
Feb
Mar
34.8
34.6
34.6
34.6
34.2
34.4
34.6
34.4
34.5
34.7
42.2
42.1
42.0
41.5
41.4
41.5
41.3
41.5
41.7
41.5
4.9
4.8
4.7
4.5
4.4
4.2
4.3
4.3
4.5
4.3
11.29
11.32
11.34
11.40
11.37
11.43
11.50
11.48
11.53
11.59
7.39
7.39
7;38
7.40
7.36
7.39
7.43
7.41
7.43
7.45
12.21
12.24
12.25
12.28
12.28
12.32
12.40
12.41
12.43
12.46
392.89
391.67
392.36
394.44
388.85
393.19
397.90
394.91
397.79
402.17
257.30
255.83
255.44
255.96
251.85
254.33
257.21
254.95
256.31
258.46
515.26
515.30
514.50
509.62
508.39
511.28
512.12
515.02
518.33
517.09
579.28
575.86
578.12
566.61
563.62
582.86
590.02
583.98
588.95
593.10
220.11
218.88
219.17
222.03
219.56
220.90
223.11
222.14
223.20
225.91
2.7
3.3
2.6
2.5
1.1
2.4
3.0
2.5
2.4
2.4
-.2
.3
-.4
-.7
-2.1
-.6
2
-'.0
-.1
-.3
July
Aug r
Sepf
Ocf
3
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) (on a 1982-100 base).
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits "
Total
compensation
Wages and
salaries
12 months earlier
Benefits l
Total
compensation
Wages and
salaries
Benefits1
Not seasonally accosted
19851986'
1987:
1988'
19891990'
1991.
1992'
19931994-
Dee
Dec
Dee
Dee
Dee
Dec
Pec
Dec
Dec
Dec
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
Seasonally adjusted
1993- Mar
Sept
Dee
1994: Mar
Sept
Dec
1995- Mar
Sept
J
116.9
117.9
118.9
119.9
120.8
121.8
122.8
123.6
124.3
125.2
125.9
113.9
114.6
115.6
116.4
117.3
118.3
119.1
119.8
120.6
121.5
122.3
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries.
124.8
126.5
127.7
129.1
130.2
131.5
132.8
133.8
134.0
134.7
135.4
1.0
.9
.8
.8
.8
.8
.8
.7
.6
.7
.6
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
Not seasonally adjusted
0.8
.6
.9
.7
.8
.9
.7
.6
.7
.7
.7
1.5
1.4
.9
1.1
.9
1.0
1.0
.8
.1
.5
.5
3.5
3.6
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.8
2.6
27
2.7
3.1
3.1
2.9
3.1
2.9
2.8
2.9
2.9
2.8
5.6
5.8
5.4
5.0
4.4
3.9
4.0
3.7
2.9
2.6
2.1
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
a)l wrsons
Period
Business
sector
Nonfarrn
business
sector
Output '
Husiness
sector
Com[HHisation per
hour 3
Hours of all
personsa
Nonfarln
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarin
business
sector
lieal coni|>cnsation
per hour 4
Business
sector
Nonfarin
business
sector
Unit labor
costs
Business
sector
Implicit price
deflator 5
Nonfarin
business
sector
Business
sector
Nonfarrn
business
sector
1982=100; quarterly data seasonally adjusted
1985
1986
1987
1988
1989 ..
1990
1991
1992
1993
1994
1985:
19861987:
1988:
1989:
IV
IV
IV .
IV
IV
1990: IV
1991: IV
1992: IV
1993:
I
II
III ... .
IV
1994- I
II ..
Ill
IV .
1995:
I
II
III?
106.3
108.5
109.6
110.7
109.9
110.7
112.1
115.5
117.0
119.4
105.6
107.7
108.6
109.6
108.6
109.1
110.7113.7
115.2
117.4
116.7
119.9
124.8
130.1
132.3
133.3
132.0
135.5
140.6
148.4
107.0
108.3
110.6
110.8
109.7
110.5
113.0
116.8
106.0
107.4
109.5
110.0
108.5
108.9
111.5
115.0
118.0
120.6
127.4
131.7
132.3
132.1
132.6
137.9
116.2
116.3
117.0
118.4
118.9
118.5
119.5
120.7
114.3
114.5
115.3
116.5
117.0
116.6
117.3
118.6
121.3
122.7
123.3
119.3
120.7
121.3
138.1
139.6
140.9
143.9
145.8
147.2
148.8
151.6
153.2
154.0
155.8
116.8
120.1
125.0
130.6
132.7
133.5
132.2
135.5
141.0
148.5
118.2
120.8
127.6
132.5
132.7
132.2
132.8
137.9
138.3
139.9
141.5
144.3
146.1
147.3
148.8
151.6
153.3
154.2
156.1
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.4
120.2
124.2
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.2
122.4
126.5
113.2
118.8
123.1
128.5
133.0
140.6
147.4
154.9
160.1
164.5
112.8
118.4
122.5
127.7
132.0
139.2
146.2
153.7
158.3
162.6
101.5
104.6
104.6
104.8
103.5
103.8
104.4
106.6
106.9
107.1
101.1
104.3
104.1
104.2
102.7
102.8
103.6
105.7
105.7
105.9
106.5
109.5
112.3
116.0
121.0
127.1
131.5
134.2
136.9
137.8
106.8
110.0
112.8
116.5
121.5
127.6
132.1
135.2
137.5
138.5
111.2
113.6
116.6
120.8
126.1
131.2
135.9
138.8
141.5
143.9
111.6
114.2
117.2
121.4
126.5
131.8
136.7
139.9
142.6
145.2
110.2
111.3
115.1
118.8
120.6
119.6
117.4
118.1
111.4
112.5
116.5
120.5
122.3
121.4
119.2
120.0
115.6
120.9
125.8
130.6
134.9
143.5
150.1
157.7
115.0
120.5
125.1
129.8
133.9
142.2
148.8
156.4
102.4
105.6
105.1
104.7
103.4
103.4
105.1
107.1
101.8
105.2
104.6
104.1
102.6
102.5
104.2
106.2
108.0
111.6
113.7
117.9
123.0
129.8
132.9
135.1
108.5
112.2
114.3
118.0
123.4
130.5
133.5
136.1
112.9
115.2
118.5
123.4
128.2
134.0
137.9
141.2
118.9
120.0
120.5
121.5
122.6
124.2
124.6
125.6
126.3
125.5
126.3
120.9
122.2
122.8
123.8
157.2
158.1
158.7
159.3
161.2
161.8
162.9
164.4
107.0
107.0
107.0
106.6
107.4
106.9
106.8
107.2
105.9
105.8
105.7
105.3
106.0
105.7
105.5
105.9
136.6
137.5
137.3
136.2
137.4
138.1
137.7
136.8
124.9
126.3
126.8
127.9
158.7
159.9
160.6
161.3
163.3
163.6
164.9
166.4
137.8
138.8
138.8
138.7
128.5
127.7
128.6
167.9 166.1
169.5 ' 167.6
170.8 168.9
107.3
' 107.5
107.8
106.2
106.2
106.5
137.3
138.1
138.0
137.8
138.4
138.1
138.5
112.4
114.6
117.9
122.8
127.8
133.2
136.9
140.1
140.8
141.4
141.6
142.1
142.6
143.8
144.5
144.8
139.2
138.8
139.2
145.3
145.7
145.8
143.5
145.1
145.9
146.1
146.6
147.0
147.0
142.0
142.5
142.8
143.1
Percent change; quarterly data at seasonally adjusted annual rates
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1992: I .
II
Ill
IV.. .
1993:
I .. .
II
Ill
IV ..
1994- I
II
Ill
IV
1995: I
II '
IH>
1
2.1
.6
3.0
3.3
2.5
.1
-2.3
-.3
2.4
3.4
3.4
2.2
4.9
5.6
3.4
2.8
4.1
4.4
1.7
.6
-1.0
2.4
4.1
5.3
2.4
2.5
4.4
6.2
-2.2
.4
2.9
4.2
.6
4.2
4.0
8.6
1.8
-1.4
3.2
4.3
1.7
-1.4
2.7
4.3
2.1
4.6
2.1
2.5
4.9
2.0
1.4
2.1
1.0
1.0
-.7
.7
1.3
3.0
1.3
2.1
0.8
2.0
.8
1.0
-.9
.4
1.5
2.7
1.3
1.9
3.6
2.8
4.1
4.3
1.7
.7
-1.0
2.7
3.8
5.5
5.3
1.5
3.3
3.3
-2.1
.6
2.2
5.0
4.0
2.3
2.4
3.9
4.5
5.0
3.6
4.4
3.5
5.7
4.8
5.1
3.4
2.8
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.0
2.7
-1.8
.7
1.6
2.2
2.5
.8
3.2
3.4
2.6
.2
-2.4
-.3
2.7
3.3
-1.6
.2
1.9
2.2
5.6
4.4
5.7
4.6
1.0
4.7
4.9
7.9
2.7
3.6
1.7
3.5
3.2
4.2
1.9
3.5
5.5
3.7
4.5
7.8
5.2
3.2
4.3
7.7
3.6
5.2
1.3
3.3
4.3
2.0
4.9
4.5
2.4
4.9
2.2
-2.5
2.8
0.6
3.1
-.2
.1
-1.4
.1
.8
2.0
.0
.1
3.0
2.8
2.5
3.4
4.3
5.0
3.5
2.1
2.0
.7
3.3
2.9
2.6
3.3
4.3
5.1
3.5
2.4
1.7
.8
3.3
2.2
2.6
3.6
4.4
4.1
3.5
2.2
1.9
1.7
3.7
2.4
2.6
3.6
4.2
4.2
3.7
2.3
1.9
1.8
5.5
5.0
5.3
4.6
0.9
3.1
-.1
.2
-1.3
.3
.6
2.0
.4
.2
2.8
1.3
2.5
1.1
2.7
1.9
2.2
1.1
.3
2.9
2.3
1.2
1.4
2.7
2.9
.6
3.3
2.2
-1.3
5.1
3.2
2.5
-1.2
5.1
2.5
3.1
1.8
1.7
1.9
2.4
1.5
1.6
-.6
.1
.1
-1.5
-1.1
-.6
-.2
-1.6
4.6
2.5
4.1
2.0
-1.3
-2.5
2.3
1.7
.6
1.2
2.2
1.6
.7
.8
3.4
4.7
1.6
3.3
5.1
.9
3.1
3.6
4.9
1.4
2.7
3.8
2.9
-1.7
-.4
1.3
2.7
-1.2
ID
.O
— 1
1.5
-'.7
3.1
2.8
0
-.4
1.5
3.5
2.0
.7
1.2
4.5
2.3
.5
2.0
-2.4
2.9
3.8
3.8
3.2
4.1
3.7
3.1
.7
.4
1.1
1.0
.3
1.0
1.7
-.8
1.1
1.6
1.4
1.3
.2
1.3
1.2
-.1
Output refers to gross domestic product originating in the sector in 1987 dollars.
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
1 louriy compensation divided by the consumer price index for all urban consumers (CPI-U).
16
r>
A
-3.2
3.2
2.3
1
JL.£9
1.1
Currcnt dollar gross domestic product divided by constant dollar gross domestic product.
NOT?:.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and arc based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of I^alwr Statistics.
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in October. (Series revised.)
INDEX, 1987= 100' (RATIO SCALE)
160
FINAL PRODUQS
150
BUSINESS
FOUIPMFNT
140
INDEX, 1987= 100- (RATIO SCALE)
140
TOTAL INDUSTRIAL PRODUCTION
130
^
-""
s*-^
130
^S^~
120
100
N__~X~-
s
""
110
^, -,.--'" "~~\
j~. *
140
MANUFACTURING
^—^-S~
100
GOODS
\.
130
'\
DURABLE
-~^^
90
120
,
110
^s**^ stM i l l
_.
•
/"
DEFENSE
AND SPACE
EQUIPMENT
""'7'
NONDURAB E
100
n n ,nii
"—••*,.
^
^
M i l l
nil!
11 1 1 1
M i l l
M i l l
1 1 1 1 1
1 1 1 1 1
•"'-.,
~'\
70
Inn,
|m
mill
1
n mini n
UTILITIES AND MINING
130
UTILITIES
\
120
110 v
'\ .'-.-'''*
/'
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY]
=^-^-
X
,'N,-^ - -
1 , 1 1 1
1 , , 1 1
1991
1 1 1 1 1
1 1 1 1 1
1992
M i l l
M i l l
1993
^/N
„/""
MINING
/_]
s
100 ^
90
A
~— ,
-^-^
1 1 M 1 ll 1 1 1 1
11 111111111
1995
1994
\un \ \ 1 1 1 1 J i f M i 1 1 1 1 1
1991
| 1992
inn , , , , !
,ii i i i,,,. M M 1 M 1 1 11
1993
1995
1994
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry production indexes, 1987=100
Total
industrial
production
Period
Index,
1987=100
1985
1986
1987
1988
1989
1990 ...
1991 '
1992r
1993r
1994'
1994.- Ocf-
Nov
Dec
r
1995: Jan r
Feb'
r
Mar
Apr r
May r
June r
Julv r
Aue r
Sepf
Oef
1
Output as percent of capacity.
Capacity utilization
rate, percent '
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
94.4
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
1.7
.9
4.9
4.4
1.5
.0
-1.7
3.4
3.5
5.9
91.6
94.3
100.0
104.7
106.4
106.1
103.8
108.2
112.3
119.7
91.8
93.9
100.0
106.6
108.6
107.4
104.1
109.3
115.6
125.8
91.5
94.9
100.0
102.3
103.7
104.4
103.4
106.7
108.6
113.0
109.0
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.0
100.3
99.5
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.3
117.9
80.3
79.2
81.5
83.7
83.7
82.1
79.2
80.3
81.4
83.9
79.5
79.1
81.6
83.6
83.2
81.3
78.0
79.5
80.6
83.3
119.9
120.5
121.5
6.8
6.5
6.5
122.0
122.7
123.8
128.8
129.5
131.2
114.4
115.1
115.5
99.5
99.9
100.7
117.2
116.7
116.5
84.4
84.6
85.1
83.9
84.2
84.7
121.8
121.7
121.9
121.4
121.3
121.4
121.5
122.9
123.0
122.5
6.3
5.4
4.7
3.9
3.2
2.8
2.6
3.4
3.3
2.2
124.1
123.9
124.0
123.5
123.2
123.3
123.3
124.5
125.0
124.7
131.8
132.1
132.2
131.6
131.1
131.5
131.5
133.3
134.3
133.7
115.6
114.8
115.1
114.6
114.4
114.3
114.3
114.6
114.8
114.7
100.6
100.8
100.3
100.6
100.5
101.0
100.7
100.1
100.1
98.8
117.3
118.5
119.2
118.8
122.1
121.0
122.7
128.5
122.9
122.4
85.1
84.7
84.6
84.0
83.7
83.5
83.3
83.9
83.7
83.2
84.6
84.2
84.0
83.3
82.8
82.6
82.3
82.8
82.9
82.3
Note.—Series revised beginning 1991.
Source: iioanl of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; montlily data seasonally adjusted]
Products
Materials
Phial products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
94.2
95.7
100.0
104.8
106.8
107.0
105.4
108.7
112.7
118.3
119.6
120.1
120.9
121.3
121.1
121.5
120.9
120.6
121.1
121.2
122.9
122.9
122.0
1985
1986
1987
1988
1989
1990
1991 '
1992'
1993'
1994'
1994- Oct'
Nov
Dec'
1995- Jan r
Feb'
Mar'
May'
July
Aug'
Sept'
Ocf
1
93.7
96.8
100.0
102.9
104.0
103.4
103.0
106.0
109.5
113.7
114.4
114.8
115.5
115.5
114.9
115.3
114.4
114.1
114.8
114.6
116.5
116.2
115.6
Durable
goods
91.6
94.5
100.0
104.6
106.6
102.3
96.0
103.0
113.3
124.2
125.2
125.4
127.5
127.1
127.3
126.0
124.9
121.6
122.3
121.4
124.0
125.6
123.5
Nondurable
goods
94.4
97.6
100.0
102.4
103.2
103.8
105.0
106.9
108.6
111.2
111.8
112.3
112.6
112.7
111.9
112.7
111.8
112.4
113.1
113.0
114.7
114.0
113.7
Total '
94.8
94.5
100.0
107.6
110.9
112.1
108.8
112.5
117.5
125.3
127.9
128.3
129.3
130.4
131.0
131.4
131.3
130.8
131.2
131.6
133.0
133.6
132.1
Business
91.1
93.1
100.0
110.7
115.5
116.9
115.9
123.4
131.8
144.9
149.5
150.2
151.5
153.2
154.3
155.1
155.0
154.3
155.1
155.7
157.7
158.8
157.1
Defense
and
space
equipment
89.4
96.0
100.0
99.7
100.1
98.8
90.8
84.8
79.3
71.9
69.6
69.4
69.2
68.9
68.2
67.8
67.1
66.8
66.8
66.5
66.0
65.3
65.0
Business
supplies
Total
Total
Construction
supplies
88.3
91.9
100.0
101.8
102.0
101.2
96.8
99.3
101.8
107.3
109.5
109.6
109.9
109.5
109.5
109.2
108.2
108.2
108.2
108.5
109.2
109.4
109.0
89.1
93.8
100.0
101.5
100.5
98.2
91.6
95.2
98.4
106.2
109.3
108.7
110.5
109.7
109.5
109.2
108.0
106.6
107.2
107.3
107.2
107.8
107.3
87.7
90.7
100.0
102.0
103.0
103.2
100.2
102.0
104.1
108.2
109.7
110.4
109.7
109.5
109.6
109.3
108.5
109.4
109.1
109.5
110.6
110.6
110.2
96.6
95.9
100.0
105.0
106.7
106.8
105.5
109.7
113.8
122.0
124.1
125.2
126.6
127.1
127.1
127.2
127.0
127.2
126.8
126.8
128.1
128.2
128.3
Energy
103.4
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.5
105.3
105.2
105.6
106.0
106.2
106.4
106.4
106.6
107.2
107.2
107.5
108.2
106.5
105.8
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987=100; montlily data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
1985
1986
1987
1988
1989
1990
1991'
1992'
1993'
1994'
1994: Ocf
Dec'
1995: Jan'
Feb'
Mar'
Apr'
July'
Sept'
Ocf
Note.—Series revised Inarming 1991.
18
101.8
93.7
100.0
108.7
107.2
106.5
98.6
101.9
107.7
116.4
119.7
120.0
122.8
121.5
120.8
121.3
120.2
119.5
117.5
118.3
115.4
117.0
114.7
Iron
and
steel
104.5
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.9
119.3
122.9
122.6
127.4
125.5
124.9
125.8
123.5
123.0
119.2
119.3
117.8
127.4
121.8
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
94.5
93.8
100.0
104.2
102.8
99.5
94.5
99.0
103.1
110.5
112.3
113.3
114.8
114.3
115.0
114.3
112.3
113.7
113.7
112.4
114.3
115.5
115.1
86.8
90.3
100.0
113.0
117.3
117.6
114.7
124.0
138.1
157.7
164.7
165.9
167.5
171.4
171.8
172.4
174.3
174.6
174.4
176.0
180.2
181.5
183.3
93.1
94.3
100.0
108.5
111.0
111.4
113.9
123.5
134.1
154.3
161.1
162.8
166.3
166.7
167.7
169.4
169.6
171.1
173.0
175.7
178.8
181.1
183.3
Transportation
equipment
Total
91.8
96.9
100.0
105.2
109.6
107.0
101.1
104.8
109.2
115.3
115.7
116.3
117.3
117.8
118.5
118.0
115.7
113.2
113.4
111.6
114.5
114.6
109.9
Motor
veliicles
and
parts
99.0
98.5
100.0
105.7
106.9
101.0
94.4
107.4
122.9
141.2
142.9
144.1
145.9
147.3
148.4
147.6
143.0
138.8
139.7
136.7
142.1
143.2
140.0
Lumber
and
products
88.0
95.1
100.0
100.1
99.4
97.1
90.2
95.2
97.1
104.0
105.1
104.3
108.6
107.1
105.0
103.9
103.9
101.7
103.0
103.7
103.7
105.6
104.4
Apparel
products
92.6
96.3
100.0
98.1
95.0
92.2
92.7
95.0
97.1
100.1
101.9
101.0
101.6
100.6
99.8
99.3
97.4
97.5
95.5
94.8
94.5
94.1
93.1
v.: Board of Governors of the Federal Iteserve Hysten
Printing
and
publisliing
Chemicals
and
products
Foods
87.6
90.6
100.0
100.9
101.1
100.8
97.0
98.1
98.8
100.1
100.9
101.3
100.7
100.1
100.3
99.3
99.2
99.0
98.6
99.0
100.4
100.9
100.5
91.4
94.6
100.0
106.0
109.2
111.8
110.5
114.4
115.4
121.3
122.1
123.2
124.7
126.2
124.7
125.0
123.5
124.0
124.4
124.0
124.8
125.2
126.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
106.9
109.5
113.2
113.8
114.8
114.9
115.9
114.2
115.0
115.1
115.9
116.1
115.3
115.7
115.7
115.0
NEW CONSTRUCTION
[Montlily data seasonally actuated]
Private
Period
Total new
construction
expenditures
Construction contracts'*
Kesi ential
Total
New housing
units
Total '
Commercial
and industrial 2
Otlior
Federal
and
Ktau'
and
local
Total value
index
(1987 = 100)
Commercial
arid industrial
floor space
(millions of
square feet)
Billions of dollars
377.4
407.7
419.4
432.3
443.7
442.2
403.4
435.0
464.5
506.9
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
299.5
323.1
328.7
337.5
345.5
334.7
293.3
315.7
339.2
376.6
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
73.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
238.9
51.3
51.6
50.1
51.5
54.6
55.4
58.4
62.1
62.3
63.9
77.8
84.6
90.6
94.7
98.2
107.5
110.1
119.3
125.3
130.3
1,097
1,016
1,019
973
961
783
577
556
589
715
91
96
100
101
105
95
89
97
105
114
Annual rates
Annual rates
1994- Sept
Oct
Nov
Dec
518.3
521.3
520.2
521.8
384.5
382.9
387.1
386.1
242.2
240.5
242.4
243.6
170.6
168.3
169.3
169.7
76.4
76.9
81.4
80.9
65.9
65.6
63.2
61.7
133.9
138.3
133.1
135.7
'117
'116
117
109
710
707
771
688
1995- Jan
Peb
Mar
521.1
521.4
523.5
522.1
514.5
518.9
528.2
528.7
535.0
384.8
383.7
383.3
382.2
376.1
377.5
385.2
387.3
391.4
241.9
240.2
237.9
234.1
231.3
228.4
232.4
236.0
240.4
168.6
167.2
. 163.9
159.8
156.4
153.2
157.6
161.0
165.0
81.3
82.7
84.7
85.0
81.9
85.9
87.9
87.2
86.8
61.5
60.7
60.7
63.1
62.9
63.2
64.9
64.2
64.2
136.2
137.8
140.2
139.9
138.4
141.4
143.0
141.4
143.6
'112
'114
116
107
118
121
117
121
116
112
786
883
778
632
727
800
713
826
828
731
May .
July
Aug'
Sepf
Oct
1
2
:i
1ncludes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) arid McGraw-Hill Information
Systems Company, F.W. Dod{j<> Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing umts
Period
Total
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
New private homes
Units started, by type of structure
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1 unit
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
2—4 umts
5 or more
units
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
Units
authorized
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
3
1,371.6
Umts
completed
Homes
sold
Homes for
sale at end
of period 1
Vacancy rate
for rental
housing umts
(percent) a
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
688
750
671
676
650
534
509
610
666
670
346
357
366
368
365
321
284
265
293
338
6.5
7.3
7.7
7.7
2
7.4
7.2
7.4
7.4
2
7.3
7.4
1,400
1,376
1,371
1,388
1,436
1,302
1,443
1,334
1,342
1,256
'1,345
1,226
1,229
691
707
642
627
643
575
612
607
667
723
792
704
727
328
330
335
338
342
347
347
348
347
347
347
351
352
7.2
Seasonally adjusted annual rates
1994- Sept
Oct
Dec
1995- Jan
Feb
Mar
July
Aug'
Sept'
OctP
1,511
1,451
1,536
1,545
1,366
1,319
1,238
1,269
1,282
1,298
1,432
1,392
1,389
1,337
1,235
1,164
1,186
1,250
42
39
62
33
234
248
288
262
1,055
1,048
987
1,009
988
1,034
1,107
1,126
1,121
1,099
38
42
35
26
36
33
40
28
39
43
273
229
216
234
258
231
285
238
229
195
1
Seasonally adjusted.
- Revised series Ijefrinnirig 1989 and 1994; not comparable with earlier data, except 1993
data have been revised te- Ixi comparable with new scries ix'fiinninfj in 1994.
Quarterly data entered in last month of quarter.
3
The 1994 total based on 17,000 |H!rmit-issuine places is 1,333.7 thousand units.
1,426
1,401
1,358
1,420
1,293
1,282
1,235
1,243
1,243
1,275
1,355
1,368
1,405
1,384
7.4
7.4
7.7
7.7
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data sho
authorized are for 17,000 places.
Source: Department of Commerce, Ilureaii of the Census.
1Q
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In September, manufacturing and trade sales rose 0.4 percent and inventories rose $3.1 billion. According to advance
data, retail sales fell 0.2 percent in October following a rise of 0.1 percent in September.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS OF DOLLARS* (RATIO SCALE)
,ouo
400
1,1
^-—
900
.—^_
r^
_\
1
800
350
\
MAIvlUFACTURINC3 AND
TRADE INVENTC3RIES
700
300
— — ••"/• —X
250
600
RETAIL INVENTORIES
.-,.--'
_^500
200
NUFACTURIN
AND TRADE SAL ;S
400
RETAIL SALES -
150
300
RATIO*
1.80
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
^/s,^
200
1.50
A^
/
^0^
^-^
1.40
Nx—V-v.
ANDTRA DE
i ii 1 1 1 1 1 1 1 1
1991
! 1 i 1 1 i 1 1 M i i i i- i 1 i i i i i M 1 1 1 1 1 I ! 1 1 1 1 1 1 1 i i i n
1993
1992
1994
1.30
1992
1991
1995
1993
* 5EASONAUY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade '
Period
Sales2
Inventories :i
,--._„
^
1994
lunl.Mn
1995
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Sales2
Inventories11
Inventory-sales
ratio 4
Retail
Inventories3
Sales2
Total
Durable
goods
stores
Nondurable
goods
stores
Total
Durable
goods
stores
Nondurable
goods
stores
Manufacturing
and
trade '
Retail
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: Sept'
Get
Nov
Dec
1995: Jan
Feb
May
July
Aug'
Sepf
Ocf
410,124
422,583
430,419
457,735
496,079
523,065
542,682
538,485
561,293
593,076
639,770
649,780
664,089
662,753
709,814
765,270
811,154
834,391
829,685
838,895
860,979
916,550
650,790
'653,016
661,904
671,275
902,022
908,570
913,833
916,550
928,672
936,091
942,743
952,235
956,516
960,157
964,894
968,658
971,758
673,918
675,480
674,797
672,912
678,444
682,958
675,776
687,610
690,220
69,369
73,075
75,746
80,453
85,587
91,818
97,981
100,497
103,999
108,080
113,045
167,812
181,881
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,676
290,018
79,074
88,315
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,709
149,071
88,738
93,566
96,527
102,355
106,594
115,887
118,668
124,236
129,046
133,967
140,947
188,897
228,619
231,837 '191,384
192,120
233,858
234,722
192,392
37,873
41,510
45,057
47,989
52,430
54,763
55,736
54,165
58,634
64,795
73,369
74,722
'76,801
77,098
77,047
114,175
'114,583
115,022
115,345
147,322
148,030
149,081
149,071
139,550
140,640
140,906
140,947
238,272
193,299
191,868
240,365
243,462
193,153
193,022
246,867
195,107
247,702
196,774
249,813
196,070
253,060
197,386
253,017
252,475 '197,620
197,164
76,775
76,138
76,978
76,549
77,533
78,835
78,446
79,940
'79,102
79,235
116,524
115,730
116,175
116,473
117,574
117,939
117,624
117,446
'118,518
117,929
286,872
288,670
289,987
290,018
294,296
296,000
297,200
299,690
300,525
300,333
299,411
302,495
303,445
152,754
153,826
155,530
157,958
157,842
157,109
156,320
158,276
159,431
141,542
142,174
141,670
141,732
142,683
143,224
143,091
144,219
144,014
112,199
113,459
114,960
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,521
175,795
177,657
178,593
182,830
142,452
147,409
153,574
163,903
178,801
187,009
195,550
200,062
207,663
215,878
234,722
182,829
185,056
183,207
184,597
186,244
187,472
186,232
187,203
188,127
107,243
114,586
120,803
128,442
138,017
146,581
153,718
154,661
162,632
172,875
186,414
1
;i
2
4
Hoe pa{;'' 21 for manufaotui ng.
Annual data are averages o monthly not seasonally adjusted figures; monthly data are seaserially adjusted totals for mont '•
20
Seasonally adjusted, en( of period,
Annual I ata are avera^s of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.53
1.56
1.55
1.50
1.49
1.52
1.52
1.54
1.49
1.44
1.39
1.39
1.39
1.38
1.37
1.38
1.39
1.40
1.42
1.41
1.41
1.43
1.41
1.41
1.49
1.52
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.52
1.51
1.51
1.51
1.52
1.54
1.54
1.55
1.54
1.53
1.53
1.53
1.54
MANUFACTURERS' SHIPMENTS. INVENTORIES, AND ORDERS
In September, manufacturers' shipments, inventories, and new and unfilled orders rose. In October, according to
advance data, durable goods shipments and new orders fell.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
320 - SHIPMENTS
480
440
400
360
320
280
240
200
INVENIORIES
>
^
280
DURABLE GOODS
240
160
"\
JRABLEGOOC
200
120
160
NONDURABLE GOODS
^--
1
\
NDURABLEG<
120
80
BILLIONS OF DOLLARS' (RATIO SCALE)
NEW ORDERS
320
240
80 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 < 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 M i
—-S" r—~~S
T°TAL
280
r —v
^-<r-
|
--^
-*~
.
200
DURABLE G(X)DS
160
\
»_
120
-L
•'N.V-X.*'
.
•*•- V
'" '
*
*• — — ^""**
NON DURABLE GOC>DS
80
1 t 1 111M 1 1I
1*91
INN 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 M 1 1 I 1 1 1 1 M 1 1 1 I 1 1 1 1
1992
1993
1994
1991
1995
* SEASONAU.Y ADJUSTS)
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments1
Manufacturers' inventories2
Manufacturers' new orders1
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable
goods
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
37,530
39,056
38,276
40,781
37,759
41,785
42,055
42,628
40,072
43,115
42,964
40,233
41,676
'46,780
43,304
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
130,074
131,815
131,835
134,395
137,204
137,217
137,466
136,583
137,516
137,544
137,723
137,733
137,821
137,578
Manufacturers'
unfilled
orders2
Manufacturers'
inventory—
shipments
ratio3
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986 .
1987
1988
1989
1990
1991
1992
1993
1994
1994- Sept
Get
Nov
Dec
1995: Jan
Feb
Mar
July
Sepf
Ocf
97,940
190,682
194,538 101,279
194,657 103,238
206,326 108,128
223,541 117,993
232,724 121,703
239,459 122,387
235,518 119,151
244,511 125,553
258,520 135,981
280,835 151,060
286,134 154,350
283,975 152,586
291,191 157,292
296,053 159,299
297,790 161,079
298,556 161,206
298,437 161,571
295,293 157,970
297,093 159,612
298,712 160,828
293,474 155,919
303,021 164,196
304,473 1 65,940
164,728
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
129,775
131,784
131,389
133,899
136,754
136,711
137,350
136,866
137,323
137,481
137,884
137,555
138,825
138,533
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
391,810
386,531
388,063
389,988
391,810
396,104
399,726
402,081
405,678
408,289
410,011
412,423
413,146
415,838
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
247,644
243,814
244,925
246,374
247,644
250,251
252,124
253,237
255,334
256,787
257,442
259,532
260,091
261,386
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.
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137.231
141J521
141,122
144,166
142,717
143,138
143,614
144,166
145,853
147,602
148,844
150,344
151,502
152,569
152,891
153,055
154,452
192,879 100,164
195,706 102,356
195,204 103,647
209,389 110,809
227,026 121,445
235,932 124,933
240,646 123,556
234,354 117,878
241,545 122,614
255,701 133,273
281,953 151,878
287,248 155,433
285,985 154,150
293,716 159,321
299,514 162,310
301,724 164,507
300,804 163,338
299,625 163,042
293,069 155,553
297,046 159,502
296,754 159,031
293,863 156,130
301,903 164,082
306,481 '168,903
167.284
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
456,838
448,843
450,853
453,378
456,838
460,772
463,020
464,208
461,984
461,937
459,979
460,368
459,250
461,258
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1.37
1.35
1.37
1.34
1.32
1.33
1.34
1.35
1.37
1.37
1.37
1.41
1.36
1.37
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In October, the producer price index for all finished goods fell 0.1 percent. Prices of finished consumer foods
were unchanged and prices of other finished consumer goods fell 0.2 percent. Capital equipment prices fell 0.1
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
150
150
140
130
120
CONSUMER GOODS
EXCLUDING FOODS
100
1995
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE- DEPARTMENT OF LABOR
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: Get
Nov
Dec
1995: Jan
Feb
Mar
Apr
May
June r
July
Aug
Sept
Oct ...
1
Finished goods excluding: consumer foods
Total
finished
goods
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
125.3
126.1
126.5
127.1
127.3
127.5
127.8
128.0
127.7
127.8
127.7
128.1
128.0
sumer
foods
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
126.1
127.3
129.0
128.3
128.7
128.6
128.4
127.5
127.1
128,5
128,5
129.8
129.8
Consumer goods
Total
104.6
101.9
104.0
106,5
111.8
117.4
120.9
123.1
124.4
125.1
125.0
125.6
125.7
126.6
126.9
127.1
127.5
128.0
127.8
127.5
127.4
127.5
127.4
Intermediate materials for food manufacturing and feeds.
22
Total
103.3
98.5
100.7
103.1
108,9
115.3
118.7
120.8
121.7
121.6
121.4
122.2
122.2
123.2
123.4
123.6
124.2
124.7
124,5
123.9
123.7
123.8
123.6
Durable
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
131.0
131.4
131.6
132.0
132.2
132.0
132,3
132.3
132.3
132.5
132.6
132.9
132.9
Nondurable
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
115.8
116.9
116.7
118.0
118.3
118.6
119.3
120.0
119.7
118.8
118.5
118.5
118.2
Capital
equipment
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
134.3
134,5
134.9
135.5
135.7
135.9
136.2
136.5
136,5
136.9
137.1
137.2
137.1
Total
finished
consumer
goods
103.8
101.4
103.6
106.2
112.1
118.2
120,5
121.7
123.0
123.3
122.9
123.9
124.3
124.8
125.1
125.3
125.6
125.7
125.4
125.4
125.3
125.7
125.6
Crude materials
Total
Foods
and
feeds i
Other
Total
Fowlstuffs
and
feedstuffs
Other
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
119.9
120.9
121.4
123.0
123.9
124.4
125.1
125.4
125.4
125,5
125.5
125.4
125.2
97.3
96.2
99.2
109,5
113.8
113.3
111.1
110.7
112.7
114.8
112.5
112,5
111.9
112.3
112.2
112.6
111.5
110.4
111.5
113.2
114,5
115,5
119.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
120.3
121.4
121.9
123.5
124.5
125.0
125.8
126.2
126.2
126.2
126.1
126.0
125,5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
99.5
100.1
100.6
100.9
102.5
101.2
102.9
101.8
103.1
102.4
101.0
102.9
103.2
94.8
93.2
96.2
106.1
111.2
113.1
105,5
105.1
108.4
106.5
101,5
102.4
102.3
102.3
103.6
101.1
100.0
97.2
100.9
105.1
105.8
110.2
112,5
96.9
81.6
87.9
85,5
93.4
101.5
94.6
93,5
94.7
94.8
94.4
94.7
95.6
96.0
97.8
97.4
100.8
100.8
100,5
96.7
94.0
94,3
93.3
Source: Department of Labor, Bureau of Labor Statistic*.
CONSUMER PRICES—ALL URBAN CONSUMERS
In October, the consumer price index for all urban consumers rose 0.3 percent seasonally adjusted and not seasonally
adjusted. The index was 2.8 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE]
INDEX, 1982-84 = 100 (RATIO SCALE)
160
160
SEASONALLY ADJUSTED
150
150
140
140
130
130
120
120
110
110
100
100
90
90
1987
1989
1988
1992
1991
1990
1993
1995
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Housing
All items '
Transportation
Shelter
Period
Not
seasonally
adjusted
(NSA)
1000
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
.. .
1994- Get
Nov
Dec
1995- Jan
Feh
May
June
July
Sent
Oct
1
107.6
109 6
113 6
118.3
124 0
130 7
1362
140.3
144.5
148.2
149.5
149.7
149.7
150.3
1509
151.4
151.9
152.2
152.5
152.5
152.9
153.2
153.7
Seasonally
adjusted
Total
Renters'
costs
(Dee.
1982 =
100)
38.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
161.8
162.2
162.3
162.8
163.3
163.8
164.4
165.0
165.3
165.8
165.9
166.6
167.2
8.0
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
169.7
170.2
170.1
170.5
171.0
172.0
172.7
173.4
173.5
174.1
173.9
174.7
175.3
Food
Total i
15.8
41.2
105.6 107.7
109.0 110.9
113.5 114.2
118.2 118.5
125.1 123.0
132.4 128.5
136.3 133.6
137.9 137.5
140.9 141.2
144.3 144.8
149.6 145.8 145.7
149.8 146.0 145.9
150.1 147.1 145.9
150.6 146.7 146.5
151 0 147 1 1469
151.3 147.1 147.2
151.9 148.2 147.6
152.3 148.3 147.8
152.5 148.4 148.1
152.8 148.7 148.5
153.0 149.0 148.9
153.2 149.7 149.1
153.7 150.2 149.7
Includes items not, shown separately.
Household fuels—jras (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded befrinninp; 1983.
3
Relative importance, December 1994.
2
Home- Main- Fuel
ownteand
nance other
ers'
utiliand
costs
(Dee.
ties
re1982 = pairs
100) (NSA)
19.9
113.1
119.4
124.8
131.1
137.3
144.6
150.2
1 55.3
160.2
165.5
167.3
167.7
167.8
168.4
168.9
169.2
169.8
1 70.4
170.8
171.3
171.6
172.2
172.8
0.2
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
130.8
131.2
132.7
133.1
133.8
134.2
134.2
134.6
135.0
135.1
135.4
135.4
136.3
7.1
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
122.6
122.9
122.7
123.3
123.3
123.1
123.4
122.9
123.4
123.5
124.2
123.4
124.1
Apparel
and
upkeep
5.7
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.8
132.4
132.1
133.0
132.2
132.2
132.1
131.7
131.3
131.6
132.0
131.7
132.1
Total i
New
cars
17.1
4.1
106.4 106.1
102.3 110.6
105.4 114.6
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
136.1 137.6
136.3 137.4
136.6 137.6
137.4 137.7
137.9 138.1
138.7 138.1
139.7 138.9
140.3 139.0
140.9 139.2
140.3 139.0
139.4 139.3
139.2 139.6
139.4 139.6
MediMotor cal
care
fuel
Energy2
All
items
less
food
and
energy
7.3
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
214.3
215.2
216.2
216.9
217.6
218.2
218.8
219.5
220.2
221.0
221.8
222.5
223.2
7.0
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.0
105.5
105.4
105.7
105.6
105.1
105.5
106.0
106.5
105.6
104.8
103.3
103.7
77.2
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
158.0
158.3
158.5
159.2
159.6
160.1
160.7
161.0
161.3
161.7
162.0
162.4
162.9
3.1
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
100.4
101.1
101.3
101.7
101 .3
100.9
101.5
103.5
103.8
101.9
98.8
97.3
97.0
NOTE.—Data incorporate a rental equivalence measure for homeowriership costs (
1983).
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Excluding
foods
Foods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1.8
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
2
1.7
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
0.6
2.8
_ 2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
2.1
-66
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.0
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
Change, month to month
1994- Oct
Dec
1995- Jan
Feb
.
-0.4
.6
.3
.5
2
.2
_2
2
9
July
Sept
Oct
'.1
-.1
.3
-.1
-0.]
1.0
1.3
.5
.3
-.1
_ 2
-.'7
-.3
'1.1
0
1.0
0
-0.5
-0.5
.1
.3
.4
.1
.1
.2
2
.7
0
.8
0
2
'.5
A
o'
— 2
'-'.5
_ 9
.1
'.3
.1
.1
-.1
••)
-0.6
-.3
2.2
5.9
3.9
3.2
2.2
2.2
.6
0
-1.0
-1.6
.7
6.1
4.0
4.7
3.3
4.3
2.9
-1.0
-3.2
'-2.2
-].0
0
2.9
9.2
7.2
4.5
-1.2
.3
-3.7
-4.6
.3
3.2
'8.8
4.1
Q
'O
.6
-0.3
-.6
-.3
3.6
3.6
3.0
2.1
2.4
1.8
2.1
1.8
'2.1
.6
0.2
1.6
2.1
2.6
1.8
2.7
4.0
3.0
1.9
1.1
.6
.9
.3
0.3
1.7
1.3
2.5
1.1
2.6
4.7
4.1
3.8
1.1
.5
.3
-1.0
-1.1
1.9
5.5
3.5
3.7
3.8
3.7
.3
-2.9
.3
-.3
1.9
2.2
0.9
.6
.9
1.6
1.5
1.3
2.8
3.0
2.4
2.1
2.1
1.9
1.3
1.0
1.3
1.7
1.7
1.7
1.8
2.1
2.2
2.1
1.8
1.3
1.8
2.1
Source: Department of Labor, Bureau of Labor Statistic*.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Period
All
items 3
Food
Total '
Total1
Renters'
costs
Addendum All items,
percent change
(annua rate)
Transportation
Shelter
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
Total '
upkeep
New
cars
Motor
fuel
Medical
care
Energy 2
All
items
less
food
and
energy
From
previous
quarter 3
From
From
From
6
3
year
months months earlier
earlier earlier
NSA
Change, December to December, NSA
3.8
1.1
4.4
4.4
4.6
61
3.1
2.9
27
2.7
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
2.6
3.8
3.5
5.2
5.6
53
1.9
1.5
29
2.9
4.3
1.7
3.7
4.0
3.9
45
3.4
2.6
27
2.2
6.0
4.6
4.8
4.5
4.9
52
3.9
2.9
30
3.0
6.3
5.0
3.9
3.9
4.5
67
4.2
2.8
26
2.3
5.9
1.8
4.6
5.3
4.7
5.1
47
3.7
2.9
32
3.3
-5.6
1.6
2.9
3.2
40
2.9
2.3
25
2
2.8
.9
4.8
4.7
1.0
51
3.4
1.4
9
-1.6
2.6
-5.9
6.1
3.0
4.0
104
-1.5
3.0
24
3.8
3.4
5.9
1.8
2.1
2.3
14
3.3
2.3
28
3.2
3.1
6.8
-307
18.7
-2.1
6.8
36 5
-160
1.8
-54
5.9
7.7
5.8
6.9
8.5
96
7.9
6.6
54
4.9
0.1
-0.7
0.5
4
.5
.3
.3
.3
.3
3
.3
.4
.4
.3
.3
1.8
-19.7
8.2
.5
5.1
18 1
-7.4
2.0
-14
22
4.3
3.8
4.2
-0.3
5
0.2
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
4.7
4.4
52
4.4
3.3
32
2.6
Change, month to month
1994- Oft ..
Nov
Dec ..
1995- Jan
Feb
Mar
May
June
July
Sept
Oct ..
1
0.1
1
/2
.3
.3
2
.4
3
.1
2
.1
.1
.3
0.1
1
.8
-.3
.3
0
.7
1
.1
2
o
.5
.3
0.2
1
0
.4
.3
2
.3
1
2
'.3
.3
.1
.4
0.3
9
.1
.3
.3
.3
.4
4
9
.3
.1
.4
.4
0.4
3
0.3
1
.1
9
9
->
.4
.3
2
.4
4
2
]3
2
.3
.3
.5
0
__2
2
-4
.4
.1
.6
-.6
.6
'3
.6
.4
4
.1
.3
-.1
.5
.3
9
0
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel i i!, etc.—and motor fuel. Motor oil, coolant.
etc., excluded beginning 1983.
2
24
-0.2 -0 1
-3
1
_ 9
9
.7
-.6
0
-.1
-3
-.3
2
.3
.6
.4
.6
.7
4
.4
-.4
-.6
-.1
.1
9
.3
3
.1
.1
.3
7
9
.4
-4
0
-.4
.6
.6
1
20
.1
.3
-.1 -1.8
2 -30
9
-1.5
o'"
-I
.3
-.1
-.5
.4
5
.5
-.8
-.8
-1.4
.4
9
.1
.4
.3
.3
.4
9
9
2
2
o
.3
2.2
3/2
3.2
2.1
Quarterly changes are shown in the last month of the quarter.
Source: Department, of Labor, Bureau of Labor Statistics.
3.0
1.9
1.9
2.7
3.2
3.2
3.5
3.5
3.2
2.4
1.9
1.8
2.4
3.0
3.0
2.7
2.8
2.6
2.6
3.1
3.4
3.2
2.9
2.7
2.5
2.4
2.6
2.7
2.7
2.8
2.9
2.9
3.1
3.2
3.0
2.8
2.6
2.5
2.8
PRICES RECEIVED AND PAID BY FARMERS
In November, prices received by farmers rose 1.0 percent from their October level. Prices paid by farmers in
October rose 0.9 percent from their July level. (Data are not seasonally adjusted.)
INDEX, 1 990-92-1 00 (RATIO SCALE|
INDEX, 1990-92=100 (RATIO SCALE)
120
120
110
80
80
RATI ^1J
140
RATO-^
140
120
100
r^—""-"ir—*>
1 1111111111
PATIO
I— *
80
60
11111 111111
1OR7
1 1 1 1 It1 f1 N
N
t I 1 I 1 1 1 II
ioon
1ORO
120
-
^
/
^
100
=,"*""—""""^H ^ ^
' 80
- 60
^^— -——^
11111111111 11111111111 1 1111111111 1 1111111111 11111111111
100*
100*;
-I/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE DEPARTMENT OF AGRICULTURE
COUNCIl OF ECONOMIC ADVISERS
(1990-92=100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- Nov
Dec
1995- Jan
Peb .
Mar ....
May
June
July ....
Sept
Oct
Nov
1
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
91
87
89
99
104
104
100
98
101
100
98
87
86
104
109
103
101
101
102
105
86
88
91
93
100
105
99
97
100
95
86
85
87
91
96
99
100
101
103
106
87
85
87
92
97
99
100
101
103
106
91
86
87
90
95
99
100
101
103
106
106
103
102
108
108
105
99
97
98
94
95
98
100
106
90
90
103
102
109
114
115
112
113
113
113
'113
116
93
94
93
90
88
90
91
92
93
92
94
(:i)
(")
107
(3)
(3)
107
(33)
()
107
(")
(:))
108
(:i)
(33)
()
106
(:i)
(3)
107
(:i)
(3)
107
(33)
()
108
(:i)
90
92
98
98
100
100
100
100
101
102
104
'104
105
(:i)
(3)
108
(:1)
(3)
108
(:13)
()
108
(:i)
(3)
109
(:i)
Includes items not shown separately.
Percentage ratio of index of prices received by fanners to index of prices paid, interest,
taxes, and wage rates. See. also footnote 3.
:i
Prices paid by fanners are available only for first month in quarter, anil for each month
the received/paid ratio is based on latest data available.
2
All commodities,
services, interest,
taxes, and wage
rates'
91
91
93
93
93
93
94
94
96
'95
96
NOTE.—The official indexes are published on a 1910-14 base as required by la-v. "'he indexes have been converted to a 1990—92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 fell in October and growth in M3 slowed.
BILLIONS OF DOLLARS* (RATIO SCALEI
4,800
4,400
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
4,000
3,600
3,600
M3
3,200
3,200
. M2.
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
800
600
I M
1987
1988
I ! I I ! 1 i i
1990
I I I I I I I I I I I
1991
1993
1992
1994
* AVERAGES OF DAJLY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNOL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
M3
L
Debt
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and savings and small time
deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt of
domestic
nonfmancial
sectors
(monthly
average) '
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec'
619.9
724.4
749.8
786.9
794.2
825.9
897.3
1,024.4
1,128.6
1,148.0
2,576.1
2,820.3
2,922.3
3,083.5
3,243.1
3,355.9
3,457.9
3,515.3
3,583.6
3,616.9
3,200.2
3,488.7
3,675.8
3,915.7
4,066.1
4,123.0
4,176.0
4,182.9
4,242.3
4,304.1
3,827.5
4,129.1
4,334.8
4,670.1
4,896.5
4,972.6
4,989.8
5,059.3
'5,145.7
5,269.9
6,902.1
7,785.2
8,544.6
9,315.0
10,045.8
10,695.1
11,179.9
11,719.6
12,341.5
12,961.0
12.3
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.7
8.3
9.5
3.6
5.5
5.2
3.5
3.0
1.7
1.9
.9
7.3
9.0
5.4
6.5
3.8
1.4
1.3
.2
1.4
1.5
14.8
12.8
9.8
9.0
7.8
6.5
4.5
4.8
5.3
5.0
1994: Sept
Oct
1,151.0
1,148.2
1,147.6
1,148.0
'3,614.1
'3,610.2
'3,611.9
'3,616.9
'4,280.1
'4,286.5
'4,292.0
'4,304.1
'5,224.7
'5,237.6
'5,248.7
'5,269.9
'12,804.1
'12,852.3
'12,920.7
'12,961.0
1.7
.9
.7
.2
.9
.3
.2
.6
1.9
1.7
1.9
'2.3
4.9
4.7
'4.9
4.9
1,149.0
1,147.3
1,147.9
1,149.7
1,143.0
1,143.9
1,144.9
1,143.4
1,139.7
1,129.8
'3,628.9
'3,624.7
'3,632.4
'3,645.6
'3,662.3
'3,698.6
3,717.8
3,743.5
3,757.3
3,755.1
'4,327.1
'4,336.8
'4,360.1
'4,383.0
'4,412.4
'4,459.5
4,490.6
4,519.6
4,535.7
4,548.2
5,295.2
'5,335.2
'5,378.3
'5,405.5
5,433.9
5,471.6
5,524.2
5,560.5
(•5,601. 9
'13,013.9
'13,092.6
'13,152.0
'13,223.4
'13,317.2
'13,375.9
13,415.0
13,456.9
r 13,492.0
-.6
-.6
-5
.3
.7
.5
1.0
2.0
2.8
4.5
4.9
6.6
6.9
6.0
2.5
2.9
3.7
4.5
5.6
7.2
7.6
8.4
8.1
7.5
5.3
5.5
'5.4
'5.8
'6.1
6.4
6.2
5.6
5.2
Period
1985198619871988198919901991199219931994:
Dec
1995- Jan
Feb
Mar
July'
Aug'
Sept'
Oct
1
Consists of outstanding credit market debt of the U.S. (Jovornmerit, State and local governments, and private nonfinancial set-tors; data from flow of funds accounts.
-•Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.
26
Percent change from year or 6
months earlier2
M2
Ml
O
— .0
-7
-.7
-.7
-1 4
-3.5
NOTE.—See }>. 27 for wmijx>nents.
Source: Board of Governors of the Federal Reserve System.
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjustet, except as noted by NSA]
Period
Overnight
repurchase
agreements
(EPs),
net,
plus
overnight
Eurodollars '
Money market
mutual fund
balances
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Demand
deposits
Other
checkable
deposits
(OCDs)
167.9
180.7
196.8
212.2
222.6
246.8
267.4
292.8
322.1
354.5
347.2
350.0
353.0
354.5
266.6
302.1
286.8
286.8
279.3
277.4
289.5
338.9
383.9
382.2
386.5
384.5
382.5
382.2
179.8
235.6
259.5
280.9
285.4
293.9
332.7
384.6
414.7
402.9
408.9
405.4
403.8
402.9
76.3
84.9
87.3
85.1
81.5
77.7
79.9
83.1
96.5
'117.2
'112.1
'114.1
'113.5
'117.2
178.0
210.6
224.5
245.9
322.4
358.2
374.2
356.9
360.1
389.0
377.4
379.5
383.3
389.0
64.1
84.5
91.1
90.5
107.2
134.0
180.0
200.2
198.1
180.8
176.3
180.8
180.5
180.8
815.4
941.0
937.7
926.7
891.0
920.5
1,041.2
1,183.6
1,215.7
1,144.2
1,183.7
1,171.0
1,157.8
1,144.2
885.7
859.0
922.7
1,038.6
1,153.7
1,174.0
1,066.6
869.2
785.1
820.9
789.6
799.7
810.8
820.9
357.7
358.8
362.5
365.7
368.1
367.4
367.1
368.3
369.1
370.5
383.6
384.1
383.3
381.2
380.6
386.8
389.5
390.0
389.7
387.2
399.3
395.9
393.3
393.6
385.0
380.7
379.4
376.2
372.0
363.4
'123.9
'118.4
'118.3
'115.9
'116.7
'117.6
114.4
118.3
121.0
119.4
392.1
391.5
390.9
396.0
405.4
426.2
442.0
455.9
462.6
466.4
186.3
180.4
189.0
192.9
194.8
205.6
212.4
210.8
213.5
215.8
1,129.8
1,111.9
1,094.9
1,082.4
1,081.4
1,091.1
1,091.4
1,098.1
1,105.2
1,112.2
836.5
856.5
879.5
898.5
912.7
919.7
924.5
927.7
929.3
930.8
Currency
General
purpose
and
broker/
dealer
Institution
only
Small
denomination
time
deposits2
Large
denomination
time
deposits 2
NSA
19851986:
19871988:
1989:
19901991:
19921993:
19941994:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1995- Jan
Feb
Mar .
May
July
Sept'
Oct
1
Includes continuing wmtract Rl*s.
Small (terminination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.
2
422.4
420.2
467.0
518.3
541.5
480.9
416.6
353.8
332.7
361.4
348.2
353.6
357.4
361.4
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
62.5
81.1
107.3
123.2
100.4
90.9
73.3
82.0
97.6
105.6
101.7
101.9
103.1
105.6
76.9
85.1
91.6
106.3
83.8
71.6
59.4
45.9
46.5
52.4
52.1
52.7
54.5
52.4
361.9
109.4
371.2
113.4
378.6
113.4
380.2
116.5
385.5
121.7
389.3 '119.9
396.3
115.5
398.4
118.3
116.4
401.7
414.5
116.4
Savings
bonds
Short- Bankterm
ers'
Treasacury
securi- ceptances
ties
79.5 298.3
91.8
280.1
100.6
253.2
109.4
269.5
117.5
326.0
126.0 332.5
137.9
317.4
156.6
334.4
171.5
332.9
180.3
370.2
179.1
360.5
179.5 '358.5
179.9
361.9
180.3
370.2
Commercial
paper
42.1
37.1
44.5
40.2
40.6
35.9
23.8
20.8
14.9
14.0
14.8
13.1
13.5
14.0
207.5
231.3
260.6
335.4
346.4
355.2
334.8
364.5
387.1
401.3
390.2
399.9
401.4
401.3
53.1
180.5
371.4
13.4
56.3
180.4
389.9
13.4
58.3
180.5 '401.9 '14.1
59.9
180.9
396.9
13.9
'61.0 181.6
383.9 12.3
'62.2
182.3 '390.9 11.3
63.0
183.0
410.7
11.8
62.1
183.7
410.1
12.2
60.6 P 184.1 P431.4 <>12.9
59.6
402.8
414.7
421.7
430.8
443.8
427.5
428.0
435.0
<> 437.8
NoTK.—Travelers checks of tionbank issuers arc. a component of money stock but are not
shown here.
Source: lloard of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures'; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Borrowings of depository institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
1985:
19861987:
19881989199019911992:
199319941994:
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Oct
Dec
1995: Jan
Feb
Mar
May
July
Sept
Oct
1
31,452
38,940
38,856
40,399
40,498
41,771
45,536
54,354
60,502
59,342
59,496
59,401
59,342
59,124
58,919
58,552
57,957
57,761
57,352
57,655
57,515
57,368
56,820
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
30,133
38,113
38,078
38,683
40,232
41,445
45,343
54,230
60,420
59,133
59,116
59,152
59,133
58,988
58,860
58,483
57,847
57,611
57,080
57,284
57,233
57,091
56,575
Nonborrowed
plus
extended
credit
30,633
38,416
38,562
39,927
40,252
41,468
45,344
54,231
60,420
59,133
59,116
59,152
59,133
58,992
58,860
58,483
57,847
57,611
57,080
57,284
57,233
57,091
56,575
Required
30,415
37,570
37,809
39,352
39,575
40,106
44,557
53,199
59,440
58,174
58,693
58,394
58,174
57,785
57,973
57,757
57,204
56,881
56,388
56,565
56,527
56,418
55,739
Monetary
base
203,539
223,574
239,775
256,897
267,713
293,275
317,432
351,116
386,602
418,223
413,854
416,788
418,223
421,054
422,312
425,350
428,127
430,687
429,755
429,659
430,857
'431,248
432,426
Total
1,318
827
777
1,716
265
326
192
124
82
209
380
249
209
136
59
69
111
150
272
371
282
278
245
Seasonal
56
38
93
130
84
76
38
18
31
100
339
164
100
46
33
51
82
137
172
231
258
252
199
Extended
credit
499
303
483
1,244
20
23
1
1
0
0
0
0
0
4
0
0
0
0
0
0
0
0
0
Source; Hoard of Governors of the Federal lleserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.2 percent in October; commercial and industrial loans rose 0.1
percent.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200
ALL COMMERCIAL BANKS
TOTAL
\
2,800
__
2,400 ^=-
'
=
2,000
3-
"
—
r
3,600
3,200
•
'
_
1
2,800
__^
1
—
2,400
"~
—-
2,000
_— —
LOANS AND L EASES
1,600
1,600
1,200
1,200
800
800
U.S. G( DVERNMENT SEC JRITIES
•""'
\.,400
400
(DTHER
/ ^ - •"
SECURITIE:
/
-/
\
\ _
200
200
>
160
160
120
l 1 1 1 1 1
1988
1 1 1l
l l l 1 1
1 1 1 1 1
i i il l1
1989
l l ll
MI
1
1991
1990
1 1 11
1 II 1
1992
120
l l l l l1
1994
1993
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjustedl
Loans and leases in bank credit
Securities in bank credit
Period
Total
bank
credit
Total
securities
U.S.
Government
securities
Real estate
CommerTotal
Other
loans and cial and
securities leases 2 industrial
Total
Revolving
home
equity
Consumer
Security
Other
Other
Dee
Dec
Dec
Decr
Deer
Decr
Dec'
2,435.8
2,608.7
2,750.4
2,855.2
2,949.8
3,106.1
3,318.9
562.4
584.9
634.1
745.2
841.4
915.5
949.5
367.2
400.3
455.8
565.2
664.9
730.8
728.5
195.3
184.6
178.2
180.0
176.5
184.7
221.0
1,873.4
2,023.8
2,116.3
2,110.0
2,108.4
2,190.6
2,369.5
607.6
638.8
640.3
619.0
594.6
584.5
643.1
674.6
769.5
854.3
879.0
898.7
938.5
999.8
40.1
50.3
62.3
69.7
73.5
73.1
75.4
634.5
719.2
792.0
809,4
825.2
865.4
924.5
357.8
378.3
383.3
366.7
358.7
390.7
451.9
40.6
41.3
44.9
54.0
63.3
86.0
74.9
192.8
195.8
193.6
191.3
193.1
190.9
199.7
1994- Octr
Nov r
Dec'
3,295.4
3,300.1
3,318.9
964.4
954.2
949.5
740.4
732.5
728.5
224.0
221.6
221.0
2,331.0
2,345.9
2,369.5
632.8
638.4
643.1
986.1
991.5
999.8
74.4
74.9
75.4
911.6
916.5
924.5
441.2
445.2
451.9
74.5
73.3
74.9
196.5
197.6
199.7
1995- Jan'
Pebr
Mar r
3,351.1
3,363.7
3,388.4
3,456.1
3,483.4
3,499.0
3,516.2
3,531.3
3,552.3
3,555.0
946.4
936.7
939.1
980.8
976.7
973.4
964.4
971.5
977.1
975.7
729.5
724.9
711.9
710.8
713.7
711.5
705.9
710.2
707.6
712.5
216.8
211.8
227.2
270.0
263.0
261.9
258.6
261.3
269.5
263.3
2,404.8
2,427.0
2,449.3
2,475.3
2,506.7
2,525.6
2,551.8
2,559.8
2,575.2
2,579.2
656.4
669.4
673.9
681.1
689.1
691.9
697.4
698.7
702.6
703.4
1,015.1
1,022.9
1,028.8
1,037.0
1,042.6
1,051.6
1,062.6
1,067.8
1,071.7
1,074.3
75.7
75.9
76.0
76.5
77.2
77.6
78.0
78.4
78.7
78.7
939.4
947.1
952.8
960.4
965.5
974.0
984.6
989.4
993.0
995.6
457.3
459.2
465.1
471.2
473.0
478.1
481.1
486.3
489.2
489.1
72.9
72.4
75.0
78.5
90.1
89.9
89.3
84.6
87.1
84.7
203.0
202.7
206.4
207.6
211.9
214.0
221.4
222.3
224^6
227.6
198819891990:
19911992:
1993:
1994-
Mayr
June r
July r
Sepf
Oct
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, and foreign-related institutions. Data are adjusted for breaks caused by reclassifieations of assets and liabilities.
28
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS. NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Total
Internal l
Total
Total
Total
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1993- I
II
Ill
. .. .
IV
1994- I
II
Ill
IV
1995- I
HP
493.8
538.8
564.7
634.2
567.9
536.8
473.6
566.7
563.2
683.2
464.0
543.8
614.6
630.5
666.9
688.2
726.4
651.6
863.5
823.9
351.9
336.7
375.9
404.3
399.6
411.6
426.0
438.4
462.3
499.8
436.4
450.7
476.4
485.7
501.5
498.6
500.2
499.1
510.1
536.8
142.0
202.1
188.8
229.9
168.2
125.2
47.6
128.3
100.9
183.4
27.6
93.1
138.2
144.8
165.4
189.6
226.2
152.5
353.4
287.1
Securities
and mortgages
Loans and
short-term
paper
71.5
83.0
49.4
99.8
105.6
68.4
-85.3
3.2
-17.6
104.4
-55.1
10.9
-22.0
-4.1
98.4
90.2
108.7
120.5
189.4
177.1
13.2
65.1
39.9
-4.7
376
-20.0
96.1
67.0
80.0
-30.5
84.0
65.9
99.0
71.1
12.6
30.5
-43.7
-121.5
-27.8
39.6
84.7
148.1
89.3
95.0
68.0
48.4
10.8
70.2
62.4
73.9
28.9
76.8
77.0
67.0
111.0
120.7
65.0
-1.0
161.6
216.7
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capitat consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings
"^cS^teTrf tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in the U.S.
Other2
57.3
54.0
99.4
134.9
100.2
76.8
36.8
58.1
38.5
109.6
-1.3
16.2
61.3
77.8
54.5
68.9
161.2
153.5
191.9
70.4
Increase in
financial
assets
Capital
expenditures3
Credit market funds
Period
467.2
501.7
492.3
575.8
509.4
488.7
435.4
529.0
531.4
664.2
431.7
532.4
553.0
608.4
633.5
660.2
678.0
685.0
812.9
771.7
370.2
344.2
361.5
391.0
401.1
402.8
379.8
386.0
440.4
510.4
424.7
441.5
444.1
451.2
462.1
507.7
519.6
552.3
580.5
562.6
Discrepancy
(sources
less
uses)
26.7
37.1
72.4
58.4
58.4
48.1
38.2
37.7
31.9
19.0
32.3
11.4
61.6
22.1
33.3
28.0
48.4
-33.5
50.6
52.1
97.0
157.5
130.9
184.8
108.3
85.9
55.6
143.0
91.0
153.8
7.0
90.9
108.9
157.2
171.4
152.5
158.4
132.7
232.4
209.1
3
Plant and equipment, residential structures, inventory investment, and mineral rights from
U.S. Government.
Sourw;
^"^ of Governors of the Federal Reserve System,
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding 1
Installment credit outstanding (end of period)
Period
Total
19851986:
19871988198919901991199219931994:
Dec
Dec
Dec 3
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1994: Sept
Oct
Dec
1995- Jan
Feb
May ....
June
Julv r
Sepf .
1
Automobile
Revolving
Total
Automobile
Revolving
Other2
517,659
572,006
608,675
662,553
717,200
734,898
728,389
730,847
790,351
902,853
210,238
247,772
266,295
285,364
291,531
283,072
259,594
257,436
280,566
317,237
121,758
135,825
153,064
174,269
199,162
223,517
245,281
258,081
286,588
334,511
185,664
188,408
189,316
202,921
226,508
228,309
223,514
215,331
223,197
251,106
75,057
54,347
36,669
53,878
(4)
17,698
-6,509
2,458
59,504
112,502
36,674
37,534
18,523
19,069
(4)
-8,459
-23,478
-2,158
23,130
36,671
21,478
14,067
17,239
21,205
(4)
24,355
21,764
12,800
28,507
47,923
16,906
2,744
908
13,605
(4)
1,801
-4,795
-8,183
7,866
27,909
873,606
882,210
895,627
902,853
308,654
311,197
315,213
317,237
322,035
324,655
332,402
334,511
242,916
246,358
248,012
251,106
10,122
8,604
13,417
7,226
4,324
2,543
4,016
2,024
2,348
2,620
7,747
2,109
3,449
3,442
1,654
3,094
914,260
918,968
933,717
946,451
959,593
970,741
979,387
989,720
995,136
319,408
321,175
323,502
326,430
330,390
333,164
337,588
339,634
341,387
340,450
345,630
352,741
359,655
367,117
373,572
376,801
381,188
384,025
254,402
252,164
257,474
260,366
262,085
264,005
264,998
268,898
269,724
11,407
4,708
14,749
12,734
13,141
11,148
8,646
10,333
5,416
2,171
1,767
2,327
2,928
3,959
2,774
4,424
2,046
1,753
5,939
5,180
7,112
6,914
7,463
6,455
3,229
4,386
2,837
3,296
-2,238
5,310
2,892
1,719
1,920
993
3,900
826
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.
Other
2
3
Data newly available in January 1989 result in breaks in many series between December
1988 and subsequent months.
* Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Long-term interest rotes fell in November. Short-term rates were mixed.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
CORPORATE Aaa BONDS
(MOODY'S)
\
TREASURY
BIUS
"\r
^
:
/
N
DISCOUNT
/-rx
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
1991
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Treasuiy security yields
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: Nov ...
Dec
1995- Jan
Peb ...
Mar
May ...
June
July
Aue ...
Sept ..
Get
Nov
Week ended:
1995- Nov 4
11 .
18
25
Dee 2
1
3-month bills
(new issues) '
Constant maturities2
3 -year
10-year
High-grade
municipal
bonds
{Standard
& Poor's)*
30
Prime
commercial
paper,
6 months '
Discount rate
(N.Y. F.K.
Bank) 4
Prime rate
charged by
banks 4
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.25
5.64
5.81
5.80
5.73
5.67
5.70
5.50
5.47
5.41
5.26
5.30
5.35
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
7.44
7.71
7.66
7.25
6.89
6.68
6.27
5.80
5.89
6.10
5.89
5.77
5.57
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
7.96
7.81
7.78
7.47
7.20
7.06
6.63
6.17
6.28
6.49
6.20
6.04
5.93
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
6.96
6.76
6.53
6.24
6.10
6.01
5.90
5.83
5.98
6.07
5.88
5.77
5.61
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
8.68
8.46
8.46
8.26
8.12
8.03
7.65
7.30
7.41
7.57
7.32
'7.12
7.02
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
6.01
6.62
6.63
6.38
6.30
6.19
6.07
5.79
5.68
5.75
5.66
5.71
5.59
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
4.00-4.75
4.75-4.75
4.75-4.75
4.75-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
7.75-8.50
8.50-8.50
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
5.29
5.36
5.43
5.34
5.32
5.64
5.62
5.58
5.56
5.47
5.98
5.97
5.96
5.92
5.82
5.66
5.65
5.66
5.61
5.49
7.05
7.04
7.02
7.03
6.94
5.67
5.61
5.60
5.56
5.53
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
Hank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
:i
Weekly data are Wednesday figures.
4
Avmtf?(> i'.ft'i'ctivv rate for y<'<ir; opening1 and closing rate for month ant) wwk.
2
Corporate
Aaa bonds
(Moody's)
New-home
mortgage
yields
(FHFB)5
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.81
7.83
8.18
8.28
8.21
8.15
7.99
7.73
7.78
7.75
7.69
7.58
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees ami
charges as welt as contract rate arid assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Hoard of Governors of the Federal Resem; System,
Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in November.
INDEX,DEC. 31,1 965=50 (RATIO SCALE)
320
300
280
260
240
220
_^~~
200
y\
/\
180
160
/
/
/
^y
/—•>"
N
'
->«
240
220
r~-o-—^
\
/ — ^—'
OSlTE STOCK PR CEIND
\
\
140
**"
INDEX, DEC. 31 , 1 965=50 (RATIO SC
:ALEI
320
_S*
300
/
280
/
260
'
200
(NYSE)
J
^s
180
160
140
V
120
120
100
100
11111
1 j M 1
Mill
M i l l
EMM
1 M
M i l l
1989
1988
1987
1 1 E 1 1
1 1
EMM
1990
M i l l
1991
i i Mi M E M
1992
1 1 1 M
1 1 1 1 1
1 1M 1
1 1 1 II 1 1 1 i 1 1
1994
1993
1 1 1 M
1995
PERC! NT
20
PER CENT
20
15
15
10
5
EARNINGS-PRICE RATlOOhN| COMMON STOCKS
(S&P)
____
-~~^«l
0
1987
^
/~\
i
1
1——^
i
l
1
1989
1988
i
^L
i
10
-^.
i i
1990
'
i
i
1991
1
1992
i
1
1993
i
1
i i
1994
Common stock prices '
Period
New York Stock Exchange indexes (Dec.
31, 1965
except as noted)2
Composite
1985 ..
1986
1987 .
1988
1989
1990
1991
1992
1993
1994
1994- Nov
Dec
1995- Jan
Feb
Mar
..
May
July
Sept
Oct
Week ended:
1995- Nov 4
11 ..
18
25
Dec 2 ..
1
Average
2
Include*
8
Industrial
Transportation
Finance
1
0
1995
Common stock yields
(percent)6
Dividendprice ratio
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
252.48
248.65
253.56
261.86
266.81
274.37
281.81
289.52
298.18
300.05
310.41
311.78
317.58
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
319.33
313.92
319.93
328.98
337.96
347.69
357.01
366.75
379.13
379.79
390.42
389.63
398.66
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
227.45
218.93
230.25
237.29
244.45
254.36
254.69
256.80
279.15
285.63
295.54
291.16
300.06
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
200.13
200.02
201.16
207.73
204.16
208.93
211.58
216.27
219.18
221.99
229.64
236.43
238.98
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
198.38
195.25
201.05
211.76
213.29
219.38
228.55
236.26
240.50
245.27
260.72
265.12
266.12
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
3,792.43
3,770.31
3,872.46
3,953.72
4,062.78
4,230.66
4,391.57
4,510.76
4,684.76
4,639.27
4,746.76
4,760.46
4,935.81
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
461.01
455.19
465.25
481.92
493.15
507.91
523.81
539.35
557.37
559.11
578.77
582.92
595.53
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.86
2.91
2.87
2.81
2.76
2.68
2.60
2.55
2.50
2.49
2.42
2.41
2.37
311.75
314.78
317.03
319.82
323.25
390.28
394.24
398.60
402.33
406.19
292.74
299.11
298.41
301.39
307.04
238.74
237.88
237.70
238.97
241.73
261.25
265.40
264.70
266.97
270.72
4,782.58
4,839.66
4,925.35
5,024.27
5,083.23
585.85
590.49
594.59
598.87
605.55
2.41
2.37
2.40
2.35
2.33
of daily closing prices.
all the stocks (more than 2,000 in 1992) listed on the NYSE.
Dee. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and fiitures on the index. All indexes shown here reflect
the doubling.
4
Includes 30 stocks.
5
Includes 500 stocks.
Utility*
Dow-Jones
industrial4
average
Standard &
Poor's composite index
(194143 = 10)5
5
Earningsprice ratio
8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.83
6.66
6.51
6.32
6
Standard & Poor's series. Dividend-price ratios based on Wednesday Hosing prices. Eatnin^-price ratios based on prints at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
SouiYes: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's
Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS. AND DEBT
In the first month of fiscal 1996, there was a deficit of $22.8 billion, compared with a deficit of $31.3 billion
a year earlier.
BILUOrIS OF DOLLARS
f,600
RECEIPTS AND OUTLAYS -"
1,500
BILLIONS OF D<DUARS
1,600
1,500
_ — — """"
1,400
OUTLAYS-^
_, .
1,400
" "~
1,300
1,300
^^
_-'"'
1,200
--'""'
1,100
——
_ , -.-'''
.
1,200
^ .
1,100
—
1,000
1,000
_-——
900
RECEIPTS -^
900
^^~^~^
800
800
700
700
600 A
1
1
1
1
1
1
1
1
1
N 600
N
V
0
0
-100
-100
^
-200
""
-300
-400
^^^^^
/I
" 1986
-200
—
^
1
1
1987
1
1988
1
1
1989
1990
J'INCUJDESON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT Of THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1
1991
1
1992
-300
1
1993
1
1994
N -400
1995
N
FISCAL YEARS
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars]
Total
Off-budget
On-budget
Gross Federal debt
(end of period)
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
1977
1978
....
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
19951
First month: '
Fiscal year 1995
Fiscal year 1996
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,350.6
371.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.4
1,380.9
1,408.7
1,460.9
1,514.4
89.0
95.6
120.4
118.4
-73.7
-53.7
-59.2
-40.7
-73.8
-79.0
-128.0
-207.8
-185.4
-212.3
-221.2
-149.8
-155.2
- 152.5
-221.4
-269.2
-290.4
-255.1
-203.2
-163.8
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
922.7
999.5
302.2
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
769.6
806.8
810.1
861.4
932.3
1,027.6
1,081.8
1,128.5
1,142.1
1,181.5
1,225.7
-31.3
65.4
72.2
95.3
92.2
-22.8
1
Data from Monthly Trmsury Statemwt.
NOTE.—Data (except as noted) are from Budget of the United States Governmtnt. Fiscal Year
1996. issued February 6, 1995.
32
Receipts
Outlays
(-)
(-)
1976
Surplus
or deficit
Surplus
or deficit
(-)
Total
Held by
the public
- 70.5
-49.8
-54.9
-38.7
-72 7
-74.0
-120.1
-208.0
-185.7
-221.7
-238.0
-169.3
-194.0
-205.2
-278.0
-321.4
-340.5
-300.5
-258.8
-226.2
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
32
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
629.0
706.4
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,921.0
477.4
549.1
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.2
3,603.3
-29.9
-20.0
23.6
23.4
25.1
26.2
-1.4
-2.8
4,682.9
4,933.1
3,465.0
3,616.7
Sources: Department, of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first month of fiscal 1996, receipts were $6.6 billion higher than a year earlier and outlays were $2.0 billion
lower.
BILUOf vIS OF DOUARS
700
RECEIPTS ^
600
BILLIONS OF CXDLLARS
700
600
500
500
"~
400
400
"__,_,
\
•300
300
INCOME JAXES
200
OTHER RECEIPTS
TAXES AND CONTRIBUTIONS
200
\
100
100
1
0
1
1
1
1
1
1
1
1
0
1,300
1,300
OUTLAYS ^
1,200
1,200
_---"
1,100
1,100
NONDEFENSE
\
1,000
,-'''
1,000
>-'""
900
900
800
800
""
700
700
600
600
500
500
NATIONAL DEFENSE
400
200
400
\
300
/\
\
^ 1986
\
1987
1
1988
300
1
1
1989
1990
1
1991
1
1
1992
1993
^ INCLUDES ON-BUOGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1
1994
N
200
1995 ^
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On- nidget and off-budget rece >Us
Fiscal year or period
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995'
First month '
Fiscal year 1996
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,350.6
89.0
95.6
Individual
income
taxi's
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
Social
insurCorance
porataxes
tion
and
income
taxes contributions
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
61.3
334.5
63.1
349.0
83.9
392.6
94.5
401.2
445.7 103.3
466.9 93.5
467.8 98.1
476.0 100.3
509.7 117.5
543.1 140.4
590.2 157.1
43.7
51.8
3.1
2.2
()n-bud{*et and off-budget outlays
National defense
(Hirer
Total
Department of
Defense,
military
International
affairs
Health
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
Medicare
Income
security
Social
security
34.3
371.8
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
946.4
265.2 73.0
283.9 73.1
990.3
303.3 74.3 1,003.9
334.3
78.9 1,064.1
359.4 82.3 1,143.2
90.9 1,252.7
380.0
396.0 92.3 1,323.4
413.7 100.5 1,380.9
428.3 98.0 1,408.7
461.5 112.8 1,460.9
484.5 118.9 1,514.4
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.2
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.6
33.5
16.2
35.9
14.2
40.0
11.6
44.5
10.5
48.4
9.6
57.7
13.8
71.2
15.9
89.5
16.1
99.4
17.2
17.1 107.1
16.4 114.8
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
159.9
128.2
119.8
123.3
129.3
136.0
147.0
170.3
196.9
207.3
214.0
220.2
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
18.8
18.4
17.7
17.3
8.6
9.7
11.1
12.7
15.3
14.5
26.7
28.1
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
32.7
32.1
1
Data from MtmtMy Tmixury Statement.
NOTE.—Data (except as noted) are from Kudtfet ofthf: United States (loveri
}!)!)(>, issued February fi, 1995.
Total
9.6
9.5
120.4
118.4
4.3
1.1
Net
iriu'rest
60.8 73.9 26.7
19.3
29.9
85.1
61.0
22.8 61.5
35.5
93.9
42.6
26.5 66.4 104.1
32.1 86.5 118.5
52.5
99.7 139.6
39.1
68.8
46.6 107.7 156.0
85.0
89.8
52.6 122.6 170.7
57.5 112.7 178.2 111.1
15.8
(Hlier
82.8
93.0
114.7
120.2
131.4
133.5
125.4
122.3
118.6
129.5 131.8
136.0 142.1
138.7 125.9
151.8 139.4
169.3 158.8
184.2 203.9
194.5 224.8
199.4 173.9
198.8 159.7
203.0 173.8
232.2 162.9
18.7
20.6
16.8
13.4
Sources: Department of the Treasmy and Office of Management and Iludget.
•at, Fiscal Ymr
33
FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1995, Federal receipts rose $34.5 billion (annual rate) and Federal expenditures rose
$15.5 billion. In the third quarter, according to advance estimates, expenditures rose $9.9 billion; receipts data
are incomplete.
BILUONS OF DOLLARS
BILLIONIS OF DOLLARS
1,800
1,800
SEASONALLY ADJUSTED ANNUAL RATES
1,600
1,600
--s~
-
s
x """
1,400
^s
EXPENDITURES
1,200
r
'
•
\
.
s "" ~*
*'
s
s
p--''
1,200
^
-
1,000
800
—
"^
' -— '
^
-
s- "\
800
—
,
—'
s
1,000
1,400
/•
S
600
600
-
-
-
-
-
-
400
400
200
200
S JRPLUS OF DEFICIT {
-)
0
0
-200
^\
-^
——-—•
'X—
"*v
^**
y—-——•
'
.
-—s.<\_^
-400
1
!
1982
1
1
1983
1
1
1984
i i i
1985
i
1986
i i
1987
I
1988
!
1990
1989
1
1
1
—• -
s
*
1 1 1
1
1991
-200
.—^
' -"
1992
1993
1994
1
1 1
-400
1995
CALEND ftR YEARS
COUNOL Of ECONOMK: ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
1,161.2
1,241.0
1,349.4
484.6
511.8
552.1
112.4
134.6
161.2
81.1
82.9
93.3
483.1
511.'7
542.8
1,178.3
1,265.7
1,379.0
803.6
856.8
943.5
1,000.6
1.068.3
1,115.8
1,140.5
1,219.9
1,212.7
1,263.7
1,272.7
1,313.6
1,337.4
1,380.7
1.388.8
1,408.8
1,441.0
1,475.5
489.5
520.3
565.6
351.8
371.7
414.8
420.0
470.1
483.9
477.3
511.6
497.2
519.8
527.5
536.8
550.2
571.1
566.9
574.2
594.8
623.5
6°0 1
115.6
143.0
167.1
77.0
91.4
109.7
118.5
111.3
115.1
109.6
122.6
132.1
141.8
140.2
157.8
151.8
166.3
172.4
178.1
181.9
182.5
81.3
84.6
91.2
56.8
54.8
59.5
61.4
62.2
67.1
82.9
83.8
81.9
83.5
82.3
90.7
90.4
90.4
91.9
91.9
89.1
90.9
85.5
491.9
51 7.8
555.1
318.0
338.8
359.4
400.7
424.7
449.7
470.7
501.9
501.6
518.6
522.7
528.3
545.1
553.0
557.6
564.6
575.1
578.6
584.5
Total
1991:
IV
1992: IV
1993:
I
II
III
rv
1994- I
II
III
IV
1995- I
II
Illf
Source: Department of Commerce, Bureau of Economic Analysis.
34
Contributions
for
social
insurance
Personal
tax and
nontax
receipts
Period
Fiscal year:
1992
1993
1994
Calendar year:
1992 ."
1993
1994
1985: IV
1986: IV ....
1987: IV
1988- IV
1989: IV
1990- IV
Federal Government expenditures
Grantsin-aid
to
Net
State interest
and
paid
local
governments
Subsidies less
current
surplus
of
Government
enterprises
Less:
Wage
accruals less
disbursements
Surplus
or
deficit
(-),
national
income
and
product
accounts
Purchases
Transfer
payments
,435.9
,495.5
,521.9
445.2
446.3
435.1
607.4
651.5
674.4
168.2
180.7
197.9
188.9
183.5
187.0
26.1
33.4
27.6
0.0
.0
.0
-274.7
-254.4
-172.5
,460.9
,507.0
1,538.1
990.8
1,034.3
1,096.3
,135.5
,209.8
,306.9
,386.3
,492.0
,496.2
1,500.6
1,497.6
1,533.7
1,513.7
1,525.9
1,542.8
1,569.9
1,589.6
1,605.1
1,615.0
449.0
443.6
437.3
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
434.4
434.7
436.8
625.3
658.0
682.5
383.8
404.2
419.7
444.5
488.8
526.6
566.2
643.1
644.8
652.8
660.2
674.1
671.5
676.2
683.0
699.2
708.1
716.0
722.9
172.2
186.1
197.6
104.5
103.8
102.9
113.0
121.9
137.6
162.6
176.6
176.7
182.9
187.8
197.0
190.0
194.4
200.3
205.5
211.0
215.7
220.7
186.8
183.6
191.5
129.2
131.1
143.1
151.2
168.9
174.4
191.6
183.1
182.5
184.8
183.6
183.5
179.3
188.8
194.4
203.5
209.0
218.4
221.0
27.6
35.7
29.2
16.4
22.1
37.8
34.9
25.0
32.0
27.7
34.5
45.2
35.1
23.3
39.3
35.1
31.3
20.9
29.8
27.2
20.3
13.7
.0
.0
.0
.0
.0
_ 2
-282.7
-241.4
-159.1
-187.2
-177.5
-152.7
-134.9
-141.5
-191.0
-245.8
-272.1
- 283.5
937 o
-224.9
-220.1
-176.2
- 145.1
-154.0
-161.1
148 6
- 129.6
Total
!5
.0
2
!6
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987=100; seasonally adjusted)
Period
United
States
95.3
100.0
104.4
106.0
106.0
'104.2
'107.7
'111.5
118.1
'118.9
'119.1
'119.9
'120.5
'121.5
'121.8
'121.7
'121.9
'121.4
'121.3
'121.4
'121.5
'122.9
'123.0
122.5
1986
1987
1988
1989
1990
1991
1992 .
1993
1994
1994- Aug
Sept
Oct
Dec
1995- Jan
Feb
Mar
May
July
Sept
Ocf
1
Japan
Canada
95.4
96.7
100.0
100.0
105.3 109.4
105.2
115.7
101.7 120.6
97.4 122.9
98.5 115.8
102.9
111.0
109.6
112.3
111.4 115.7
111.9 113.5
111.9 112.5
113.6 115.7
114.3
115.3
114.8 114.0
'114.3 116.3
113.4 118.1
113.7 117.0
114.1 116.4
'113.1 115.4
'113.9 112.8
114.2 '116.5
113.4
Prance
Germany
98.0
100.0
104.6
108.9
111.0
111.0
109.7
105.6
111.0
112.9
'112.5
111.6
'112.6
'113.7
114.0
112.5
115.1
'112.8
'115.6
'115.3
115.5
115.5
96.2
99.6
100.0
100.0
105.9
103.9
108.8 109.2
114.5 109.4
118.7 108.4
116.3 108.2
107.4" 105.5
110.8 110.7
114.3
110.6
111.4 112.4
112.7 112.5
112.9 112.5
119.1
116.1
114.3
109.8
110.5 115.0
108.8 116.4
111.4 117.4
112.4
115.9
111.5 116.3
'117.1
'113.9
'108.5 '124.1
118.7
107.9
Data relate to all urban consumers.
Consumer prices (1982-S4=100; NSA)
United
Kingdom
Italy
United
States1
96.2
100.0
104.8
107.0
106.7
102.8
102.7
104.7
110.0
'111.6
'112.2
'111.6
'110.7
111.4
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
149.0
149.4
149.5
149.7
149.7
150.3
150.9
151.4
151.9
152.2
152.5
152.5
152.9
153.2
153.7
111.3
'112.0
'113.0
'112.1
112.4
112.0
112.6
'112.5
113.0
Japan
Canada
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
148.3
148.4
148.2
149.0
149.2
149.8
150.5
150.8
151.2
151.6
151.6
151.9
151.8
151.8
151.8
Prance
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
119.3
119.2
119.5
120.0
119.7
119.4
119.4
118.9
118.8
119.3
119.6
119.5
118.7
118.9
119.7
Italy
Germany
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
129.4
129.7
129.8
129.9
130.1
130.4
131.0
131.5
131.6
131.9
132.1
132.7
132.6
132.3
145.9
146.3
146.7
146.7
146.5
146.9
147.5
147.9
148.0
148.3
148.3
148.0
148.7
149.2
149.3
United
Kingdom
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
170.0
170.4
170.6
170.7
171.5
171.5
172.6
173.3
175.1
175.8
176.0
175.2
176.1
176.9
176.0
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
194.2
194.7
195.8
196.5
197.2
197.9
199.5
201.2
202.2
203.5
204.6
204.7
205.4
206.0
207.1
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)
P
Services
(BOP basis)
Goods: Imports (customs value)
_,
.
census
i loy en use category;
' iDy
fK, en -use category;\ 1
nsus K
oasis
Balance of trade
(exports minus imports)
BOP basis
Period
BOP
basis
AutoCap- motive
ital
Poods,
goods vehiTotal, feeds,
except cles,
Census and
bevauto- parts
basis2
erages mate- mo- and
enrials tive gines
Industrial
supplies
and
Consumer
goods
(nonfood)
ex-
BOP
basis
automotive
Auto- ConInmo- sumer
Captive goods
Foods dusital
trial
Total, feeds, sup- goods vehi- (noncles, food)
except
Census and
plies
auto- parts except
basis2 bevmo- and autoerages and
mateenmotive
rials
gines tive
78.2
Exports
Imports
Goods,
Census
basis
— 138.3 - 145.1
- 152.1 - 159.6
— 118.5 - 127.0
- 109.4 -115.2
-101.7 - 109.0
-74.1
-66.7
-96.1
-84.5
-115.6 -132.6
- 150.6 -166.1
223.3
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.5
227.2
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
41.9
57.3
66.7
85.1
99.3
104.4
109.7
109.1
111.8
121.4
75.8
86.2
109.2
138.8
152.7
166.7
175.9
181.7
205.2
21.7
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.6
14.2
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
368.4
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
24.4
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
101.3
111.0
118.3
132.3
143.2
131.6
138.6
145.6
162.0
71.8
84.5
101.4
113.3
116.4
120.7
134.3
152.4
184.4
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
86.5
98.5
111.1
127.4
147.8
164.3
178.6
187.8
198.7
81.0
91.7
99.5
103.5
118.8
119.6
122.0
130.0
138.8
1994: Sept
Oct
Nov
Dec
43.3
43.3
44.4
46.2
44.1
44.3
45.3
47.2
3.7
3.8
4.0
4.2
10.3
10.7
10.7
11.3
17.8
17.0
18.0
18.7
5.0
4.9
5.0
5.5
5.1
5.2
5.4
5.3
57.8
58.2
59.7
59.4
57.6
58.0
59.5
59.2
2.7
2.7
2.6
2.7
14.2
13.9
14.5
14.2
16.3
16.4
16.8
16.8
10.0
10.3
10.7
10.8
12.5
12.8
12.9
12.9
17.7
16.7
17.3
17.0
11.8
11.6
11.7
11.6
-13.5
-13.6
-14.2
-12.0
1995: Jan
Peb
44.9
45.6
47.9
47.2
48.3
47.4
46.4
49.1
49.9
45.6
46.3
48.7
47.8
49.1
48.2
47.1
49.8
50.5
3.9
3.9
4.1
4.2
4.0
3.9
4.2
4.5
4.9
11.6
11.7
12.6
12.3
12.4
12.7
11.8
12.1
12.4
17.1
17.9
19.2
18.8
19.4
19.S
19.0
20.0
19.8
5.5
5.3
5.1
5.1
5.1
4.5
4.4
5.3
5.6
5.1
5.3
5.4
5.3
5.5
5.4
5.2
5.5
5.5
60.7
59.9
62.5
63.5
64.3
63.9
62.6
62.6
63.6
60.5
59.7
61.6
62.6
63.1
63.0
62.4
62.4
63.3
2.8
2.8
2.9
2.7
2.7
2.8
2.7
2.8
2.8
14.5
14.4
15.3
15.5
15.8
15.7
15.3
14.9
15.2
17.1
16.9
17.6
18.0
18.1
18.7
18.9
18.9
19.4
11.0
10.8
10,7
11.0
10.7
10.4
10.0
10.4
10.4
13.3
13.1
13.3
13.6
13.8
13.4
13.5
13.5
13.5
17.3
16.5
17.4
17.3
17.3
17.2
17.0
17.1
17.4
11.8
11.7
12.1
12.0
12.1
12.0
12.0
12.0
12.0
-14.9
-13.4
-12.9
-14.8
-14.1
-14.7
-15.3
-12.5
-12.8
1986
1987
1988
1989
1990
1991
1992
1993
1994
Mar
Apr
May
June
July
Aug'
Sepf
1
2
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
Goods
Services
Goods
and
5.5
6.9
11.6
23.9
29.0
44.7
56.6
57.8
59.9
- 139.6
- 152.7
-115.3
-91.4
-80.0
-29.4
— 39.5
-74.8
-106.2
-14.6
-14.9
-15.3
-13.3
5.9
5.1
5.6
5.4
-8.7
-9.8
-9.7
-7.9
-15.8
-14.3
-14.5
-16.3
-16.0
-16.5
-16.2
-13.5
-13.7
5.5
4.8
5.3
5.3
5.2
5.2
5.0
5.1
5.4
-10.3
-9.5
-9.2
-11.1
-10.8
-11.3
-11.2
-8.4
-8.3
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 second quarter of 1995, the merchandise trade deficit rose to $49.0 billion, from $45.1 billion in the first
quarter. The current account deficit rose to $43.6 billion, from $39.0 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS •
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits ( — )]
Merchandise 1
Period
Exports
Imports
Investment income
Services
Net
balance
Net
military
trans-
Net
travel
and
trans-
tions 23
tion
receipts
-4227
-8,438
-9,798
- 8,484
-7,613
-2,591
4,043
8002
17,032
20,484
19,885
19,330
Other
services,
Balance
on
goods
and
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
- 43 985
- 98,'951
- 124 243
-150,859
-166338
- 127 083
-103839
- 9' 661
-7424
-61,549
- 99 925
-15] 245
3,711
2,065
3,190
36
-9,862
-16,728
-18,798
-20,454
-7,521
-7,609
-8,234
- 10,722
- 17,383
-24,337
- 27,032
-31,176
-30,826
- 34,623
-38,564
-42,878
116
-2,285
-2,533
-4,571
- 22,900
-29,208
-31,340
-32,038
-7,371
-8,778
-8.374
-11,239
-30,271
-37,986
-39,714
-43,277
-45,215
-48,135
-1,961
-2,874
-31,401
- 36,242
- 7,624
-7,380
-39,025
-43,622
-268901
-332,418
-338,088
- 368,425
- 409 765
-447,189
-477365
- 498 337
-490,981
- 536,458
- 589 441
- 668 584
- 67 102
-112,492
-122 173
- 145,081
- 159 557
- 126 959
-115245
- 1 09 030
- 74 068
-96,106
-132618
-166099
-563
-2.547
-4390
-5,181
-3 844
-6320
— 6 749
7 599
-5274
-2 142
448
2 148
1993: I
II
Ill
IV
111,862
114,131
111,576
119,254
- 140,821
-147,718
-148,181
- 152,721
-28,959
-33,587
- 36,605
-33,467
401
90
283
-326
5,302
5,389
5,062
4,131
9,683
9,315
9,272
9,172
-13,573
- 18,793
-21,988
- 20,490
28,950
29,958
29,931
30,412
-25,239
-27,893
- 26,741
-30,376
1994: I
II
HI
IV
118,445
122,730
127,384
133,926
- 154,935
-164,224
-172,011
-177,414
-36,490
-41,494
- 44,627
- 43,488
-31
376
1,124
679
4,642
4,647
4,792
5,247
8,863
9,548
9,904
10,095
-23,016
-26,923
-28,807
-27,467
30,942
32,338
36,031
38,307
1995: I
Ilr
138,061
142,543
-183,111
-191,583
- 45,050
- 49,040
542
537
5,050
4,690
10.018
10,445
-29,440
-33,368
43,254
45,261
1
3
2
4
Adjusted from Census data for differences in timing and coverage; excludes military.
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).
36
Balance
on
current
account
— 17 718
-20,598
- 22 954
-24,189
-23 107
-25023
-26106
— 33393
6869
-32,148
- 34 084
-35761
201 799
219926
215915
223 344
250 208
320 230
362 120
389 307
416913
440 352
456 823
502 485
85 200
104,756
93,677
9.1,976
100,767
129,070
152,517
160 300
137,003
118,425
119,248
137,619
Unilateral
transfers,
net 4
-26267
- 78,353
-101 290
-126,670
-143 231
- 102 060
-77 733
-59 268
- 14 293
- 29,402
-65 841
-115484
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
14 124
- 57 767
14,404 - 109,073
14,483 -121,880
19,194 - 139,551
18,319 - 152 696
20,546 -115,324
26558
- 91 392
9
8 633
- 79 994
32,907
-29,404
-39,480
38,284
-74841
37,444
38,410 -106,212
Net
Balance
on goods,
services,
and
- 53 700 31 500
- 74,036
30,720
-73,087
20,590
- 79,095
12,881
-91,302
9465
-115,806
13,264
-138,858
13 659
— 139 574
20 725
-121,892
15.111
-108,346
10,079
-110,248
9000
-146,891
- 9,272
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
Set 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 $35.5 billion in the second
quarter of 1995, following an increase of $29.3 billion in the first quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $15.0 billion in the second quarter, in contrast to a decrease
of $0.5 billion in the first quarter.
BILLONS OF DOUARS'
BILLIONS OF DOLLARS •
CHANGE IN
U.S. ASSETS
ABROAD, NET
•SEASONAIlYAniUSIH)
SOUUCE: CEMRTMENT OF COMMERCE
COUNOt OF ECONOMIC ACMSEKS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
U.S. assets abroad, net
[inerease/capit,
)]
Period
Total
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1993- I
II
Ill
IV
1994- I
II
Ill
IV
1995:
I
UP
U.S.
official
reserve
assets35
-1,196
-61,573
-36,313 -3,131
-3,858
-39,889
312
-106,753
9,149
-72,617
-3,912
-100,087
-168,744 -25,293
-74,011 -2,158
5,763
-57,881
3,901
- 65,875
- 184,589 -1,379
5,346
-125,851
-19,729
-983
822
-40,933
-545
-46,270
-673
-77,657
-59
-36,783
3,537
-5,973
-165
-27,940
2,033
-55,156
- 75,343 -5,318
-2,722
-75,107
Other U.S.
Government
assets
-5,006
-5,489
-2,821
-2,022
1,006
2,967
1,259
2,307
2,911
-1,661
-330
-322
467
-281
-197
318
401
491
-283
-931
-152
-157
U.S.
private
assets
-55,372
-27,694
-33,211
- 105,044
-82,771
-99,141
-144,710
-74,160
-66,555
-68,115
- 182,880
-130,875
-19,213
-41,474
-45,529
-76,666
-37,125
- 10,001
-27,492
-56,258
-69,873
- 72,228
83,380
113,932
141,183
226,111
242,983
240,265
218,490
122,192
94,241
153,823
248,529
291,365
19,867
51,277
77,928
99,458
80,390
46,526
79,736
84,715
94,841
114,218
5
Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the IMF.
Foreign
official
assets3
Total
5,845
3,140
-1,119
35848
45,387
39,758
8,503
33,910
17,389
40,466
72,146
39,409
10,955
17,495
19,386
24,311
10,977
9,162
19,691
-421
22,308
37,759
Other
foreign
assets
77,534
110,792
142,301
190,463
197,596
200,507
209,987
88,282
76,853
113,358
176,383
251,956
8,912
33,782
58,542
75,147
69,413
37,364
60,045
85,136
72,533
76,459
Statistical discrepancy
Allocations
of special Total (sum
Of which:
drawing of the items
Seasonal
rights
adjustment
with
sign
(SDKs)
discrepancy
reversed)
22,179
21,331
22,950
31,501
-4,028
- 13,095
54,094
44,480
-28,936
-26,399
35,985
- 14,269
17,245
13,993
-4,626
9,375
- 13,336
-2,567
- 12,082
13,718
19,527
4,511
5,367
154
-6,353
834
5,274
587
-6,641
782
6,183
410
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
74,378
73,968
75,835
73,442
76,809
75,732
76,532
74,335
86,761
90,063
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
Pa
TOTAL OUTPUT. INCOME. AND SPENDING
^
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in Fixed-Weighted and Alternative Quantity and Price Indexes for Total GDP
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Fixed Investment by Type in 1987 Dollars
^
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 Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
-,«
38
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