Full text of Economic Indicators : November 1996
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104th Congress, 2d Session
Economic Indicators
NOVEMBER
1996
(Includes data available as of December 3, 1996)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1996
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK SANTORUM (Pennsylvania)
RODNEY D. GRAMS (Minnesota)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
HOUSE OF REPRESENTATIVES
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
LEE H. HAMILTON (Indiana)
MAURICE D. HINCHEY (New York)
CAROLYN B. MALONEY (New York)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Chairman
ALICIA H. MUNNELL, Member
[PUBLIC LAW 120—S!ST CONGRESS; CHAPTER 237—IST SESSION}
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
R.esolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing)
from:
SUPERINTENDENT OF DOCUMENTS
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WASHINGTON, D.C. 20402
For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-053867-X
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 1996, according to revised estimates, current-dollar gross domestic product (GDP) rose
3.6 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 2.0 percent, and the implicit price deflator
rose 1.6 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BIUJONS OF OOUARS (RATO SCA1E)
8,000
8,000
SEASONMLY ADJU5TB) ANNUAl MTCS
7,600
7,400
^S~*
7,200
6,800
^
.„-'
GOP
INO- IAINED(1992|DOUARS
\
2"'
6/400
6,000
1
x^
—"
^ x- ""*
5,200
^.
— ^
.x— '
^
6,000
^
5,600
5,200
s
X
4,800
x S\
X
4/400
4,000
/
3,600
s
7,200
6,800
6,400
^_ ^ — —
^x~
5,600
S
4,800
>/ GDP
.
^ IN CURRBtf DOLLARS
/
4,400
4,000
3,600
3,200
1 1 1
1982
^
1 1 1
\
1983
1984
\ \
\
' '
1985
i i i
i i i
i t i
1 1 i
\ \ \
i i i
\ \ \
\ i i
1
1986
1987
1988
1989
1990
1991
1992
1993
1994
SOURCE: OEMRIM&rrOF OOMMBtOE
i
i i i
iii
1995
1996
1
OOUNOLOF ECONOMIC ADVISBtS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Exports and imports
Gross
of goods and services
private
Gross
domestic sumption domestic
Net
product expendi- investment
exports Exports Imports
tures
Personal
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1991:
19921993-
..
IV
IV
I
II
Ill
rv
1994- I
II
Ill
IV .
1995: I
II
Ill
rv . ..
1996: I
II
III'
1
4,692.3
5,049.6
5,438.7
5,743.8
5,916.7
6,244.4
6,553.0
6,935.7
7,253.8
6,002.3
6,383.0
6,442.6
6,506.2
6,574.4
6,688.6
6,776.0
6,890.5
6,993.1
7,083.2
7,149.8
7,204.9
7,309.8
7,350.6
7,426.8
7,545.1
7,611.8
3,094.5
3,349.7
3,594.8
3,839.3
3,975.1
4,219.8
4,454.1
4,700.9
4,924.9
4,027.1
4,329.6
4,367.6
4,424.8
4,481.0
4,543.1
4,600.9
4,666.2
4,738.3
4,798.2
4,840.6
4,910.5
4,957.9
4,990.5
5,060.5
5,139.4
5,165.1
747.2
773.9
829.2
799.7
736.2
790.4
871.1
1,014.4
1,065.3
760.9
816.1
843.6
855.9
873.8
911.2
957.6
1,016.5
1,033.6
1,050.1
1,072.0
1,050.3
1,074.8
1,064.0
1,068.9
1,096.0
1,152.4
- 142.1
- 106.1
-80.4
-71.3
-20.5
-29.5
-62.7
-94.4
-94.7
-14.8
-42.7
-47.9
-59.6
-74.5
-68.8
-78.8
-93.0
- 107.0
-98.7
- 108.7
-115.3
-87.6
-67.2
-86.3
-99.2
-121.6
GDP less exports of goods and services phis imports of goods and services.
365.7
447.2
509.3
557.3
601.8
639.4
657.8
719.1
807.4
624.4
649.1
646.9
660.4
645.3
678.7
678.9
707.4
729.2
761.0
776.1
797.3
819.0
837.0
839.5
850.0
844.1
507.9
553.2
589.7
628.6
622.3
669.0
720.5
813.5
902.0
639.3
691.8
694.8
720.0
719.8
747.5
757.6
800.4
836.1
859.6
884.8
912.6
906.6
904.2
925.8
949.2
965.6
Government consumption expenditures
and gross investment
Federal
Total
992.8
1,032.0
1,095.1
1,176.1
1,225.9
1,263.8
1,290.4
1,314.7
1,358.3
1,229.2
1,280.0
1,279.3
1,285.1
1,294.1
1,303.2
1,296.4
1,300.8
1,328.2
1,333.5
1,345.8
1,359.4
1,364.6
1,363.4
1,383.7
1,408.8
1,415.9
Total
455.7
457.3
477.2
503.6
522.6
528.0
522.6
516.4
516.6
515.5
535.0
525.5
520.1
521.3
523.5
511.3
509.4
523.8
520.9
519.7
522.0
516.8
507.7
518.6
529.6
525.3
National Nondefense defense
350.4
354.0
360.6
373.1
383.5
375.8
362.7
352.0
345.5
373.0
375.3
365.7
362.7
361.2
361.3
346.7
349.3
362.3
349.7
347.6
351.7
345.7
337.1
343.9
353.7
348.9
105.3
103.3
116.7
130.4
139.1
152.2
159.9
164.3
171.0
142.6
159.7
159.8
157.4
160.1
162.2
164.6
160.0
161.5
171.2
172.1
170.3
171.1
170.6
174.7
175.8
176.4
State
and
local
537.2
574.7
617.9
672.6
703.4
735.8
767.8
798.4
841.7
713.6
745.1
753.8
765.0
772.7
779.7
785.0
791.4
804.4
812.6
826.1
837.3
847.7
855.7
865.1
879.2
890.6
Gross
Final
sales of domestic
purdomestic
product chases *
Addendum:
Gross
national
product
4,834.5
5,155.6
5,519.1
5,815.1
5,937.2
6,274.0
6,615.7
7,030.1
7,348.4
6,017.1
6,425.7
6,490.5
6,565.8
6,648.8
6,757.4
6,854.8
6,983.5
7,100.1
7,181.9
7,258.4
7,320.2
7,397.3
7,417.y
7,513.2
7,644.3
7,733.4
4,701.3
5,062.6
5,452.8
5,764.9
5,932.4
6,255.5
6,563.5
6,931.9
7,246.7
6,016.6
6,390.5
6,458.6
6,516.5
6,587.1
6,691.9
6,781.0
6,888.3
6,987.0
7,071.4
7,146.8
7,202.4
7,293.4
7,344.3
7,426.6
7,537.5
7,593.6
4,668.1
5,038.7
5,407.0
5,735.8
5,919.0
6,237.4
6,532.4
6,876.2
7,216.7
5,980.9
6,376.6
6,422.8
6,484.6
6,552.3
6,669.8
6,735.9
6,816.0
6,928.5
7,024.6
7,091.7
7,170.9
7,271.5
7,332.8
7,428.6
7,537.1
7,577.0
Source: Department of Commerce, Bureau of Economic Analysis.
REAL GROSS DOMESTIC PRODUCT
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates)
Period
Gross
domestic
product
Personal
consumption
expenditures
Gross private
domestic investment
Nonresidential
fixed
investment
Change
in business
inventories
Residential
fixed
investment
Government consumption expenditures
and gross investment
Exports and imports of
goods and services
Federal
Net
exports
Exports
Imports
Total
Total
National Nondefense defense
State
and
local
Final
sales of
domestic
product
Gross
domestic
purchases1
Addendum:
Gross
national
product
1987
1988
1989
1990
1991
1992
1993
1994
1995
5,648.4
5,862.9
6,060.4
6,138.7
6,079.0
6,244.4
6,386.4
6,608.7
6,742.9
3,822.3
3,972.7
4,064.6
4,132.2
4,105.8
4,219.8
4,339.5
4,473.2
4,577.8
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
26.2
11.6
33.3
10.4
-3.0
7.3
19.1
58.9
33.1
- 156.2
-114.4
-82.7
-61.9
-22.3
-295
-72.0
- 105.7
-107.6
402.0
465.8
520.2
564.4
599.9
639.4
658.2
712.0
775.4
558.2 1,165.9 534.4
580.2 ,180.9 524.6
603.0 ,213.9 531.5
626.3 ,250.4 541.9
622.2 ,258.0 539.4
669.0 ,263.8 528.0
730.2 ,261.0 509.2
817.6 ,260.6 489.8
883.0 ,260.2 472.3
409.2
405.5
401.6
401.5
397.5
375.8
355.4
337.0
319.6
125.3
119.1
130.1
140.5
142.0
152.2
153.8
152.6
152.3
631.8
656.6
682.6
708.6
718.7
735.8
751.8
770.5
788.6
5,626.0
5,855.1
6,028.7
6,126.7
6,082.6
6,237.4
6,365.5
6,550.7
6,708.9
5,815.7
5,983.9
6,146.1
6,202.1
6,101.1
6,274.0
6,457.6
6,711.8
6,847.1
5,657.2
5,876.2
6,074.0
6,159.4
6,094.4
6,255.5
6,397.1
6,606.0
6,737.1
1991- IV
1992- IV
6,104.4
6,327.3
4,109.1
4,282.3
539.5
569.1
202.4
236.7
21.4
5.8
-17.9
-40.0
623.5
649.1
641.4 1,250.7 526.9
689.1 1,272.5 534.0
381.7
376.8
145.3 723.8
157.1 738.5
6,083.8
6,320.7
6,122.3
6,367.3
6,118.7
6,334.8
1993- I
II
HI
IV
1994- I
II
III
IV
1995- I
II
Ill
6,326.4
6,356.5
6,393.4
6,469.1
6,508.5
6,587.6
6,644.9
6,693.9
4,289.7
4,318.8
4,359.5
4,390.0
4,420.5
4,458.7
4,489.4
4,524.0
577.5
586.4
593.1
617.6
628.5
639.5
660.5
679.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
18.5
20.8
19.5
17.4
40.5
74.5
64.5
56.1
-56.0
-64.4
-86.2
-81.5
-99.3
-107.3
-111.7
- 104.3
647.1
660.0
645.5
680.3
677.6
703.1
719.6
747.6
703.1
724.4
731.7
761.8
777.0
810.4
831.3
851.9
1,257.7
1,258.4
1,261.6
1,266.2
1,252.4
1,249.8
1,271.2
1,266.6
516.1
509.7
505.9
505.0
489.9
483.3
496.7
489.2
361.6
356.9
351.6
351.2
334.8
335.5
346.2
331.3
154.4
152.7
154.2
153.7
154.9
147.8
150.4
157.5
741.6
748.8
755.7
761.3
762.7
766.8
774.7
777.7
6,307.1
6,334.5
6,371.3
6,449.2
6,467.7
6,514.9
6,582.1
6,638.1
6,382.1
6,420.4
6,478.6
6,549.3
6,605.9
6,692.3
6,753.7
6,795.3
6,342.5
6,366.9
6,406.3
6,472.5
6,514.0
6,586.2
6,640.0
6,683.5
6,701.0
6,713.5
6,776.4
6,780.7
6,814.3
6,892.6
6,926.2
4,534.8
4,569.9
4,597.3
4,609.4
4,649.1
4,687.6
4,694.3
704.4
710.5
719.0
723.3
743.5
750.5
780.4
265.9
256.5
262.2
266.3
271.1
281.5
277.3
54.5
30.5
33.0
14.6
-3.0
7.1
32.8
-122.5
-121.4
-101.6
-84.9
-104.0
-114.7
-138.8
752.3
763.2
783.0
803.1
806.7
817.9
816.1
874.9
884.6
884.5
888.0
910.7
932.6
954.8
1,262.7
1,265.1
1,263.4
1,249.6
1,254.7
1,278.2
1,277.4
481.0
479.4
472.5
456.2
462.9
473.4
469.3
325.0
325.5
319.1
308.8
311.9
319.4
315.1
155.6
153.5
153.1
147.0
150.6
153.7
153.8
782.2
786.3
791.5
794.4
792.6
805.5
809.0
6,647.4
6,682.4
6,741.4
6,764.2
6,815.2
6,884.7
6,892.1
6,819.8
6,830.9
6,874.8
6,862.9
6,914.6
7,003.0
7,059.7
6,699.1
6,711.9
6,762.0
6,775.6
6,814.9
6,886.5
6,910.6
rv
1996- I
II
Ill'
1
GDP less exports of goods and services phis imports of goods and services.
Note.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the ehained-doilar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 1992=100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
Gross
domestic
product
Total
Gross private
domestic investment
Durable
goods
Nondurable goods
Services
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and
local
1987
1988
1989
1990
1991
1992
1993
1994
1995
83.1
86.1
89.7
93.6
97.3
100.0
102.6
104.9
107.6
81.0
84.3
88.4
92.9
96.8
100.0
102.6
105.1
107.6
91.6
93.3
95.3
96.6
98.5
100.0
101.3
103.4
104.6
81.8
84.8
89.3
94.6
98.1
100.0
101.5
102.8
104.5
78.2
82.2
86.6
91.2
95.8
100.0
103.6
106.7
109.9
91.3
93.7
96.2
98.4
99.9
100.0
100.9
102.3
103.4
88.3
92.1
95.1
97.8
98.8
100.0
103.7
107.0
110.3
91.0
96.0
97.9
98.7
100.3
100.0
99.9
101.0
104.1
91.0
95.3
97.8
100.4
100.0
100.0
98.7
99.5
102.2
85.3
87.2
89.8
92.9
96.9
100.0
102.6
105.4
109.4
85.6
87.3
89.8
92.9
96.5
100.0
102.1
104.5
108.1
84.0
86.7
89.7
92.8
97.9
100.0
104.0
107.7
112.3
85.0
87.5
90.5
94.9
97.9
100.0
102.1
103.6
106.7
1991: IV
1992: IV
98.3
100.9
98.0
101.1
99.1
100.2
98.7
100.7
97.4
101.5
99.9
100.1
98.9
101.4
100.2
100.0
99.7
100.4
97.8
100.2
97.7
99.6
98.1
101.6
98.6
100.9
1993: I
II
III
IV
101.8
102.4
102.8
103.4
101.8
102.5
102.8
103.5
100.5
101.1
101.5
101.9
101.3
101.5
101.3
101.9
102.4
103.3
103.9
104.7
100.5
100.8
101.0
101.1
102.3
103.6
104.3
104.7
100.0
100.1
100.0
99.8
98.8
99.4
98.4
98.1
101.8
102.0
103.0
103.6
101.1
101.6
102.7
102.9
103.5
103.1
103.9
105.5
101.6
102.2
102.3
102.4
1994- I
II
III
IV
104.1
104.6
105.2
105.8
104.1
104.7
105.5
106.1
102.4
103.2
103.9
103.9
102.0
102.4
103.3
103.6
105.6
106.2
107.1
107.9
101.6
102.2
102.7
102.7
105.7
106.2
107.4
108.6
100.2
100.6
101.3
101.8
97.5
98.8
100.6
100.9
104.4
105.4
105.5
106.5
103.6
104.1
104.7
105.5
106.3
108.3
107.4
108.7
102.9
103.2
103.8
104.5
1995- I
II
III
IV
106.7
107.3
107.9
108.4
106.7
107.5
107.8
108.3
104.7
104.8
104.5
104.3
103.9
108.8
104.5
109.7
104.7 • 110.3
105.0
110.9
102.7
103.4
103.8
103.6
109.2
109.9
110.7
111.3
103.2
104.5
104.6
104.2
101.1
103.2
102.5
101.8
108.0
108.9
109.4
111.3
106.9
108.1
108.3
109.2
110.6
110.9
111.8
116.0
105.6
106.5
107.1
107.7
1996- I
II
HI'
109.0
109.5
109.9
108.9
109.6
110.0
104.3
103.6
103.1
106.0
107.2
107.2
. 103.4
103.1
103.2
111.3
111.6
112.5
104.1
103.9
103.4
101.7
101.8
101.1
112.0
111.9
111.9
110.3
110.8
110.7
116.0
114.4
114.7
109.1
109.2
110.1
Source: Department of Commerce, Bureau of Economic Analysis.
111.4
112.3
113.1
QUANTITY AND PRICE INDEXES FOR GROSS DOMESTIC PRODUCT AND
PERCENT CHANGES
(Quarterly data are seasonally adjusted]
Index numbers, 1992=100
Period
Current
dollars
51.9
56.3
62.5
67.0
70.8
75.1
80.9
87.1
92.0
94.8
100.0
104.9
111.1
116.2
98.0
99.3
100.4
102.2
103.2
104.2
105.3
107.1
108.5
110.3
112.0
113.4
114.5
115.4
117.1
117.7
118.9
120.8
121.9
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1992- I
II
Ill
IV
1993- I
II
Ill
IV
1994: I
II
III
IV
1995: I
Chain-type
quantity
index
.
II
m
IV
1996- I
II
Percent change from preceding period *
Chain-type
price index
70.2
73.2
75.9
78.6
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
105.0
107.6
99.1
99.8
100.2
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
106.7
107.3
107.9
108.4
109.0
109.6
110.1
74.0
77.0
82.3
85.3
87.9
90.5
93.9
97.1
98.3
97.3
100.0
102.3
105.8
108.0
98.9
99.5
100.3
101.3
101.3
101.8
102.4
103.6
104.2
105.5
106.4
107.2
107.3
107.5
108.5
108.6
109.1
110.4
110.9
1
Percent changes based on unrounded indexes. Quarterly percent changes are at annual
rates.
Implicit
price
deflator
Chain- type
quantity
index
Current
dollars
70.1
73.1
75.9
78.4
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
104.9
107.6
99.1
99.8
100.2
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
106.7
107.3
107.9
108.4
109.0
109.5
109.9
4.1
8.4
11.0
7.1
5.8
6.1
7.6
7.7
5.6
3.0
5.5
4.9
5.8
4.6
8.2
5.3
4.6
7.3
3.8
4.0
4.3
7.1
5.3
6.9
6.1
5.3
3.8
3.1
6.0
2.3
4.2
6.5
3.6
Chain-type
price
index
-2.1
4.0
6.8
3.7
3.0
2.9
3.8
3.4
1.3
-1.0
2.7
2.3
3.5
2.0
4.7
2.5
3.0
4.3
-.1
1.9
2.3
4.8
2.5
4.9
3.5
3.0
.4
.7
3.8
.3
2.0
4.7
2.0
Implicit
price
deflator
6.3
4.2
3.8
3.4
2.6
3.1
3.7
4.2
4.4
3.9
2.8
2.6
2.3
2.5
3.4
2.8
1.5
2.8
3.8
2.2
1.8
2.3
2.9
1.9
2.4
2.1
3.3
2.4
2.1
2.1
2.3
2.2
1.9
6.3
4.2
3.9
3.3
2.7
3.1
3.7
4.2
4.3
4.0
2.7
2.6
2.3
2.5
3.3
2.7
1.5
2.9
3.8
2.1
1.9
2.2
2.8
1.9
2.5
2.2
3.4
2.4
2.1
2.0
2.2
1.8
1.6
Source: Department of Commerce, Bureau of Economic Analysts,
NONFINANCIAL CORPORATE BUSINESS-OUTPUT. COSTS. AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of real output (dollars) l
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1993- I
II
Ill
rv
1994. i
ii
m
....
..
IV
1995. i
ii
m
IV
1996- I
II
IIlP
1
.
Current
dollars
Chained
(1992)
dollars
2,589.6
2,805.2
2,950.9
3,084.0
3,132.1
3,262.6
3,437.5
3,689.4
3,885.8
2,967.0
3,122.1
3,175.4
3,212.5
3,168.8
3,262.6
3,380.0
3,567.7
3,692.3
3,344.2
3,407.3
3,459.7
3,538.7
3,302.9
3,356.7
3,399.2
3,461.1
3,601.7
3,663.0
3,709.5
3,783.2
3,503.9
3,553.0
3,577.7
3,636.3
3,803.3
3,841.9
3,924.8
3,973.2
3,634.1
3,656.1
3,719.9
3,759.1
4,011.6
4,081.6
4,139.5
3,779.2
3,831.0
3,885.8
Total
cost and
profit 2
Output is measured by GDP of nonfinancial corporate business in chained (1992) dollars.
2
This is equal to the deflator for gross domestic product of nonfmaneial corporate business
with the decimal point shifted two places to the left.
Corporate profits with inventory
valuation and capital consumption
adjustments
Consumption of
fixed
capital
Indirect
business
tax, etc.3
0.100
.101
.106
.110
.116
.115
.115
.116
.115
.116
.115
.116
.114
.122
.114
.114
.113
.114
.115
.115
.115
.115
.115
.115
0.083
0.578
0.076
.084
.088
.092
.100
.103
.105
.106
.109
.105
.105
.105
.107
.106
.106
.107
.106
.108
.110
.108
.108
.107
.105
.105
.591
.614
.640
.660
.673
.679
.682
.697
.682
.679
.679
.675
.680
.681
.684
.686
.696
.698
.696
.699
.702
.706
.707
.082
.075
.072
.070
.077
.088
.102
.104
.079
.085
.089
.098
.092
.103
.105
.108
.100
.100
.109
.108
.111
.113
.113
Compensation
of employees
Profits
Total
tax
liability
0.873
.898
.929
.960
.988
1.000
1.017
1.034
1.052
1.012
1.015
1.018
1.022
1.028
1.031
1.037
1.040
1.047
1.051
1.055
1.057
1.062
1.065
1.065
3
0.031
.033
.031
.030
.027
.028
.031
.036
.038
.028
.031
.029
.034
.035
.036
.037
.039
.039
.038
.038
.037
.039
.039
.037
Profits
after
tax4
Net
interest
0.044
0.035
.050
.044
.042
.043
.049
.057
.066
.066
.050
.055
.059
.065
.058
.067
.068
.070
.061
.062
.071
.070
.072
.074
.076
.039
.046
.046
.042
.032
.029
.027
.027
.031
.030
.029
.028
.027
.027
.028
.027
.028
.028
.027
.027
.026
.027
.027
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce, Bureau of Economic Analysis.
4
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates!
CompenNational
income
Period
1990
1991
..
1992
1993
1994
1995
1991- IV
1992: IV
1993: I
II . ...
Ill
IV
1994- I . ..
II
Ill
IV
1995:
I
II . ...
Ill
IV
1996: I
II
HI'
1
...
of
employees1
4,611.9
4,719.7
4,950.8
5,195.3
5,501.6
5,813.5
4,770.0
5,061.7
5,096.3
5,159.4
5,214.1
5,311.3
5,304.8
5,493.2
5,561.7
5,646.9
5,709.9
5,755.4
5,861.4
5,927.4
6,015.3
6,118.7
6,197.7
Proprietors' income
with inventory valuation and capital consumption adjustments
Farm
Nonfann
36.3
30.2
38.0
32.0
35.0
29.0
31.0
37.3
31.5
35.8
26.1
34.4
40.8
35.1
31.9
32.3
28.5
27.6
28.1
31.8
38.4
45.8
51.7
3,352.8
3,457.9
3,644.9
3,809.5
4,009.8
4 222.7
3,511.0
3,707.0
3,744.2
3,787.9
3,834.9
3,871.1
3,932.6
3,988.0
4,027.5
4,091.0
4,150.5
4,191.6
4,247.7
4,301.1
4,344.3
4,420.9
4,485.1
Corp01"8*? profits with inventory valuation and
capital consumption adjustments
Rental
income
of
persons
with
capital
consumption
adjustment
324.6
332.7
371.5
388.1
415.9
449.3
341.1
385.1
382.0
381.8
388.1
400.5
380.3
419.3
426.8
437.1
443.5
447.1
451.5
454.9
461.1
469.4
474.3
Includes employer contributions for social insurance. (See also p. 5.)
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
61.4
68.4
80.6
102.5
116.6
122.2
73.0
92.3
98.4
102.9
104.1
104.5
101.1
121.0
122 2
12l3
120.6
121.6
120.9
125.8
126.9
124.5
126.8
369.5
382.5
401.4
464.4
529.5
586.6
379.6
427.7
427.4
447.8
469.6
512.8
459.7
534.3
553.1
570.9
560.0
562.3
612.5
611.8
645.1
655.8
654.7
358.2
378.2
398.9
457.7
517.9
570.8
375.2
420.5
422.4
442.0
465.9
500.5
471.6
516.2
534.3
549.6
542.6
547.3
597.9
595.3
624.8
633.5
631.0
Inventory
valuation
adjustment
Profits
before tax
371.7
374.2
406.4
464.3
531.2
598.9
382.8
420.3
437.0
457.6
458.0
504.5
475.5
526.0
550.8
572.4
594.5
589.6
607.2
604.2
642.2
644.6
628.9
Capital
consumption
adjustment
-13.5
4.0
— 7.5
-6.6
-13.3
-28.1
-7.6
2
-14.6
-15.6
7.9
-4.0
-3.9
-9.8
-16.5
-22.8
-51.9
-42.3
' -9.3
-8.8
-17.4
-11.0
2.1
11.3
4.3
2.5
6.7
11.6
15.9
4.5
7.2
5.0
5.8
3.8
12.3
-11.8
18.1
18.8
21.3
17.4
15.0
14.6
16.5
20.4
22.3
23.7
Net
interest
467.3
448.0
414.3
398.9
394.9
403.6
434.3
412.4
412.8
403.2
391.4
388.0
390.2
395.5
400.1
393.8
406.9
405.2
400.7
401.9
399.5
402.3
405.3
Source: Department of Commerce, Bureau of Economic Analysis.
REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (1992) dollars, except as noted; quarterly data at seasonally adjusted annual rates)
Nondurable goods
Durable goods
Period
1990
1991
199''
1993
1994
1995
1991: IV
1992: IV
1993- I
II
HI
rv
1994: I
II
Ill
rv
1995:
1996:
I
II
Ill
IV
I
II
HI'
1
Total
persona!
consumption
expenditures
4,132.2
4,105.8
4,219.8
4 339.5
4,473.2
4,577.8
4,109.1
4,282.3
4,289.7
4,318.8
4,359.5
4,390.0
4,420.5
4,458.7
4.489.4
4,524.0
4,534.8
4.569.9
4,597.3
4,609.4
4.649.1
4.687.6
4,694.3
Total
durable
goods
493.3
462.0
488.5
524.1
562.0
579.8
461.5
505.0
506.0
519.6
528.9
541.9
549.6
555.4
563.1
579.8
566.5
576.2
589.1
587.5
599.2
615.6
612.5
Motor
vehicles
and
parts
224.3
193.2
206.9
218.6
2282
221.1
194.6
213.9
210.8
219.0
219 1
225.3
230.3
226.6
226.5
229.4
216.3
220.9
226.4
220.6
004 •>
22a'.9
221.0
Furniture
and
household
equipment
173.5
177.0
189.4
208.4
230.1
251.1
178.0
196.4
200.7
205.0
211.0
216.8
219.0
22(>.l
232.6
242.6
243.1
247.1
254.1
259.9
264.1
276.0
278.8
Other
96.6
91.8
92.3
97.2
104.2
109.8
88.9
94.6
94.5
95.5
989
99.9
100.3
103.0
104.7
108.8
108.9
109.9
110.5
109.9
113.9
117.4
117.0
Total
nondurable
goods
1,316.1
1.302.9
1,321.8
1.348.8
1,390.5
1,421.9
1,295.7
1,339.8
1,336.9
1,344.5
1 354.0
1,359.9
1,372.9
1,383.9
1.397.0
1,408.1
1,416.6
1,422.9
1 424.7
1,423.2
1,436.1
1,440.9
1.442.0
Includes other items, not shown separately.
NOTE.—Because <if the formula used for calculating: real GDP, the chained (1992) dollar
estimates for the detailed components (la ml <uM to the chained-dnllar value of GDP or to any
intermediate aggregates.
Food
662.9
659.6
660.0
674.3
689.1
702.1
656.5
668.6
670.5
672.9
675.7
677.9
682.3
688.6
690.5
694.9
700.5
701.3
703.6
703.0
709.2
704.9
700.9
Clothing Gasoline
and
and oil
Khoes
217.9
215.9
225.5
233.3
247.2
257.2
213.1
230.9
227.4
232.3
235.0
238.6
241.1
243.3
249.0
255.5
254.6
257.9
258.8
257.3
262.5
268.9
271.2
107.3
103.4
106.6
109.1
110.4
113.3
102.5
107.3
108.2
108.0
1109
109.3
108.8
109.5
111.6
111.6
113.4
113.6
112.5
113.7
112.6
114.3
114.0
Services
Fuel
oil
and
coal
11.2
10.8
10.9
10.7
10.3
10.3
10.6
10.7
10.9
10.6
10.7
10.6
11.4
10.0
10.2
9.6
9.9
10.6
10.0
10.7
10.7
10.1
10.0
Other
316.7
313.2
318.8
321.5
333.5
339.3
312.8
322.3
319.9
320.8
321 8
323.4
329.3
332.3
335.8
336.7
338.4
339.9
340.0
338.8
341.6
343.5
346.9
Total
services1
2.321.3
,341.0
,409.4
,466.7
,521.4
,577.0
,352.0
,437.6
,446.8
,454.9
,476.7
,488.5
,498.5
,519.9
.530.0
,537.3
,552.5
.571.6
.584.6
.599.3
.614.7
.632.3
,640.7
Housing
627.2
635.2
646.8
655.0
668.2
681 .7
638.6
650.6
652.2
653.5
655.9
658.5
662.1
666.1
670.7
674.1
677.4
680.0
683.2
686.3
689.0
691.6
694.0
Source: Department uf Commerce, Bureau of Economic Analysis.
Medical
care
602.8
621.6
646.6
658.8
668.8
684.1
630.8
652.2
656.6
657.5
6597
661.4
663.2
667.6
670.4
674.2
677.8
681.3
686.0
691.2
691.1
696.1
699.7
of new passenger cars
and light
trucks
(millions of
units)
13.9
12.3
12.8
13.9
15.0
14.7
12.3
13.3
13.0
14.1
13.8
14.5
15.1
14.8
15.0
15.2
14.6
14.4
15.0
14.9
15.2
15.1
15.0
SOURCES OF PERSONAL INCOME
Personal income rose $2.6 billion (annual rate) in October, following an increase of $40.8 billion in September.
Wages and salaries decreased $6.8 billion in October, in contrast to an increase of $30.8 billion in September.
In October, a decline in private-sector average weekly hours more than offset an increase in employment; average
hourly earnings was unchanged. In September, hours, earnings, and employment had all increased.
BILUONS OF DOLLARS* (RATIO SCALE)
BIIUONS OF DOLLARS* (RATIO SCALE)
7,000
7,000
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
OTHER INCOME '
800
800
^.-H \
TRANSFER PAYMENTS
ku
400
1988
1989
1990
1991
1992
1994
1993
* 5EASGNA1LY AOJUSTH! AWUAL RATCS
SOURCE MPARTM&IT Of GOMMBKE
1995
400
1996
COUNCIL OF ECONOMIC ADMSBB
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Oct
Nov
Dec
1996- Jan
Feb
Mar
May
July
Sept'
Ocf
Total
personal
income
3,877.3
4,172.8
4,489.3
4,791.6
4,968.5
5,264.2
5,480.1
5,753.1
6,115.1
6,206.6
6,229.4
6,267.4
6,270.1
6,315.2
6,340.1
6,371.5
6,405.2
6,460.3
6,461.8
6,500.9
6,541.7
6,544.3
Wage and
salary
disbursements1
2,272.7
2,453.6
2,598.1
2,757.5
2,827.6
2,986.4
3,090.7
3,241.8
3,430.6
3,491.9
3,495.0
3,513.6
3,508.1
3,546.0
3,560.6
3,579.1
3,597.2
3,643.1
3,630.9
3,661.1
3,691.9
3,685.1
Proprietors' income3
Other labor
income 12
32.3
28.2
36.8
36.3
30.2
38.0
32.0
35.0
29.0
30.4
31.9
33.2
36.2
38.8
40.1
43.2
46.2
48.0
50.0
52.2
52.8
51.2
235.4
251.7
273.1
300.6
322.7
351.3
380.9
402.2
424.0
428.7
430.2
431.7
427.4
429.1
430.8
432.4
434.0
435.6
437.1
438.6
440.1
441.5
1
The total of wage and salary disbursements and oth%r labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and
the excess of wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
Farm
3
Nonfarm
260.6
294.7
308.2
324.6
332.7
371.5
388.1
415.9
449.3
452.9
455.0
456.9
457.0
461.3
465.1
467.3
469.9
471.0
472.5
473.3
47T.O
476.9
Rental
income
of
persons*
45.5
55.7
52.4
61.4
68.4
80.6
102.5
116.6
122.2
119.5
127.4
130.7
129.1
126.7
125.0
124.1
124.8
124.6
126.1
126.6
127.7
128.8
Personal
dividend
income
101.1
109.9
130.9
142.9
153.6
159.4
186.8
199.6
214.8
219.5
221.9
223.8
225.3
226.5
227.9
228.7
229.4
229.9
230.8
231.5
232.3
233.3
Personal
interest
income
560.0
595.5
674.5
704.4
699.2
667.2
648.1
663.7
717.1
724.2
727.0
730.3
728.4
725.6
724.3
728.1
733.6
737.5
740.0
742.2
744.9
747.6
Transfer
payments5
543.3
577.6
626.0
687.8
769.9
858.2
910.7
956.3
1,022.6
1,038.0
1,039.3
1,046.9
1,057.4
1,062.5
1,069.0
1,072.5
1,075.4
1,078.9
1,082.6
1,085.6
1,087.3
1,092.0
With inventory valuation and capital consumption adjustments.
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Source: Department of Commerce, Bureau of Economic Analysis.
4
5
Less Personal contributions
for social
insurance
173.7
194.2
210.8
223.9
235.8
248.4
259.6
278.1
294.5
298.4
298.4
299.7
298.9
301.5
302.7
303.9
305.2
308.4
308.1
310.2
312.4
312.1
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (1992) dollars rose at an annual
rate of 3.8 percent in the third quarter.
BlUJONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
10,000
10,000
1996
COUNCIL Of ECONOMIC ADVJSEftS
Period
Personal
income
Less:
Persona!
tax and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays i
Equals:
Personal
saving
Disposable
personal
income in
billions of
chained
(1992)
dollars
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1988
1989 ...
1990
1991
1992
1993
1994
1995
4,172.8
4,489.3
4,791.6
4,968.5
5,264.2
5,480.1
5,753.1
6,115.1
532.0
594.9
624.8
624.8
650.5
689.9
731.4
794.3
3,640.8
3,894.5
4,166.8
4,343.7
4,613.7
4,790.2
5,021.7
5,320.8
Chained
(1992)
dollars
Per capita personal
consumption
expenditures
Current
dollars
Chained
(1992)
dollars
Dollars
3,451.7
3,706.7
3,958.1
4,097.4
4,341.0
4,575.8
4,832.3
5,071.5
189.1
187.8
208.7
246.4
272.6
214.4
189.4
249.3
Percent
change
in real
per capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
4,318.1 14,857 17,621 13,669 16,211
4,403.7 15,742 17,801 14,531 16,430
4,484.6 16,670 17,941 15,360 16,532
4,486.4 17,191 17,756 15,732 16,249
4,613.7 18,062 18,062 16,520 16,520
4,666.9 18,555 18,078 17,253 16,809
4,778.2 19,264 18,330 18,033 17.159
4,945.8 20,224 18,799 18,719 17^400
3.0
1.0
.8
-1.0
1.7
.1
1.4
2.6
5.2
4.8
5.0
5.7
5.9
4.5
3.8
4.7
245.061
247^387
249,956
252,680
255.432
258,159
260,681
263,090
-8.0
3.8
.3
3.9
-6.2
8.7
1.8
3.2
2.8
-.6
3.3
3.4
1.2
.5
3.8
6.0
6.1
4.2
4,8
4.2
4.7
2.7
4.0
4.1
4.3
4.9
4.1
4.5
5.2
4.8
4.3
5.3
253,743
256,543
257,155
257,787
258,501
259,192
259,738
260,327
261,004
261,653
262,181
262,748
263,399
264,032
264,563
265,155
265,806
Seasonally adjusted animal rates
1991: IV
1992: IV
1993- I
II
III
IV
1994: I
II
HI
IV
1995- I .. ..
II
Ill
IV
1996:
I
II
III r
5,048.9
5,415.3
5,349.1
5,459.2
5,501.6
5,610.5
5,562.4
5,739.1
5,808.2
5.902.7
6,004.5
6,074.4
6,146.9
6,234.5
6,308.5
6,412.4
6 501 5
632.5
674.8
662.4
686.9
696.4
713.8
705.5
740.8
731.3
748.1
770.0
801.5
798.4
807.2
824.9
870.6
873.9
4,416.4
4,740.5
4,686.7
4,772.3
4,805.2
4,896.7
4,856.8
4,998.3
5,076.9
5,154.6
5,234.5
5,272.9
5,348.5
5,427.3
5,483.5
5,541.8
5,627.6
4,149.8
4,450.0
4,489.2
4,545.5
4,602.2
4,666.3
4,728.0
4,796.1
4,870.8
4,934.2
4,980.3
5,054.4
5,106.6
5,144.7
5,218.1
5,300.7
5,329.5
266.6
290.5
197.4
226.8
202.9
230.5
128.8
202.2
206.2
220.4
254.2
218.5
241.9
282.6
265.4
241.1
298.1
4,506.3
4,688.7
4,603.0
4,658.0
4,674.8
4,731.7
4,666.5
4,776.0
4,810.2
4,859.9
4,903.8
4,907.1
4,959.5
5,012.9
5,037.6
5,054.5
5,114.6
17,405
18,478
18,225
18,513
18,589
18,892
18,699
19.200
19,452
19,700
19,965
20,068
20,306
20,555
20,727
20,900
21,172
17,759
18,277
17,900
18,069
18,084
18,256
17,966
18.346
18,430
18,574
18,704
18,676
18,829
18,986
19,041
19,063
19,242
15.871
16,877
16,984
17,164
17,335
17,528
17,714
17,924
18,154
18,338
18,463
18,689
18,823
18,901
19.128
19,383
19,432
16,194
16,692
16,681
16,754
16,864
16,937
17,019
17,127
17,200
17,290
1 7,296
17,393
17,454
17,458
17,573
17,679
17,661
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1996, according to preliminary estimates, gross farm income rose $12.3 billion (annual
rate) and net farm income rose $5.1 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
v
200
N
•>»•
,^
/--
^^
r—'—
.^^./^r^^^^r
^~^
'
280
240
r**~—"r"—^" '
"
£
200
160
^•~>
^
120
120
C.ROSSFAf iMINCOAAE
80
60
«
40
i
i
f
\
,"
•_/
N / \
i \/
\/ **
i
/1
\
/
"
!
/,
'x/
r**-"«>
^x
-^
/
\'
/
x'
^ +
+' '
1
s
40
X / \'
V
*
\l
NET FARM INCOME
20
« I
' Ml
< 1 11
' 1 1
10
60
\
V '
[
I
i
'\ /
' \1
i / if
„ x /-i V
\
/ -\
10
1,
I
4
i i i
i i i
t
1982
1983
1984
1
1
i ii
1 1 1
i i i
i i i
i ii
1 1 1
i i i
i i i
1 1 1
111
1 1 1
i i i
1985
1986
1987
1988
1989
T990
1991
1992
1993
1994
1995
1996
* SEASONAUY ADJUSTED ANNUAL RATES
SOURCE: DEDWMENT Of ACRCUQUiE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from fanning
Gross farm income
Period
Cash marketing receipts
Total1
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1994:
I
II
Ill
IV
1995- I
II
HI
rv
1996- IP
HP
.
168.4
177.9
191.9
198.2
191.9
200.6
204.2
215.8
210.4
221.2
208.6
214.1
219.4
208.3
206.4
218.5
208.4
233.1
245.4
141.8
151.2
160.8
169.5
167.9
171.3
177.6
180.8
185.8
179.9
170.8
186.9
185.5
180.6
181.0
199.8
181.5
193.5
209.5
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year.
Livestock and
products
76.0
79.6
83.9
89.2
85.8
85.6
90.2
88.1
86.8
92.1
82.9
97.7
79.9
83.2
81.6
96.1
86.5
85.3
89.7
Crops
65.8
71.6
76.9
80.3
82.1
85.7
87.5
92.6
98.9
87.9
88.0
89.2
105.5
97.4
99.4
103.7
95.1
108.2
119.8
Value of
inventory
changes2
-2.3
-4.1
3.8
3.3
9
4^2
-4.5
8.2
-3.4
10.2
9.6
7.3
5.8
-4.1
-3.9
-3.0
-2.4
6.4
6.1
Production
expenses
131.0
139.9
146.7
153.4
153.3
152.5
160.5
167.4
175.6
164.5
166.8
168.8
169.6
172.4
175.4
177.5
177.0
178.4
185.6
Net farm
income
37.4
38.0
45.3
44.8
38.5
48.0
43.7
48.4
34.8
56.7
41.8
45.3
49.8
35.9
30.9
41.0
31.4
54.7
59.8
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1993 in chart do not reflect previous revisions to
annual data in table.
Sources: Department of Agriculture.
CORPORATE PROFITS
In the third quarter of 1996, according to preliminary estimates, corporate profits before tax fell $15.7 billion (annual
rate) and profits after tax fell $10.6 billion.
BILLIONS Of DOUARS
650
BilUONS OF DOLLARS
650
r\ _
5EA50NU1Y AMJ5IED MMUN. IU1ES
~J
600
s~~s
550
600
-
550
/
.'(
500
J
450
PROFITS BEFORE TAX
400
350
r
250
200
r\v^^
-
J
r
^\
/
x-\
PRCWTSAFTERTAX
/• •"
^
s~~ '
— — **i
/
/
._
TAX JABIUTY
\
./
r*
i i i
1982
0
f 1 1
1983
1 I 1
1984
•'\
\
s
V
/•
"'
200
'""x
/>
/
150
-
f'
100
\ r
\ t
f
,'-"
250
,—
/
.'"*'
'' V
/'
^
—s
50
5ISTRIBUT 3) PROFIT S
UN
/
— — — —x
_/
^f
,-*"'
,'"
''*,'
/
100
,-•' *"~*,
~— •— --^
'','-50
X
**».— .*•' ^•
^'"
s
/> V /
— ~. ^
450
400
350
300
-
/
fs
/
— X.
/
~
s ~~
V\
-*
—•~-^-
150
;
f
500
V
J
^
300
/\
y
/
1 i i V.-!...'
1985
1986
1
1
1
1987
i i i
1988
1 i i
1989
i i i
1990
I f 1
1991
1
I
1
1992
i i i
1993
1
1 1
1994
1995
t 1 1
1996
0
COUNCH OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after tax
Profits (before tax) with inventory valuation adjustment *
Domestic industries
Period
Nonfinancial
Total2
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1991: IV
1992: IV
1993- I
II
Ill
IV
1994: I
II
III
rv
1995: I
II
Ill
IV
1996: I
II
HIP
1
2
272.9
325.0
330.6
358.2
378.2
398.9
457.7
517.9
570.8
375.2
420.5
422.4
442.0
465.9
500.5
471.6
516.2
534.3
549.6
542.6
547.3
597.9
595.3
624.8
633.5
631.0
231.3
274.3
272.6
292.5
309.5
334.0
388.1
453.7
494.1
303.6
361.2
347.0
375.7
393.1
436.8
407.0
452.4
469.9
485.5
467.5
468.2
527.1
513.7
541.6
555.1
556.2
Financial
37.1
43.0
53.1
68.6
87.4
83.7
91.0
94.4
119.1
87.6
83.1
85.7
88.1
88.8
101.3
64.9
97.8
108.4
106.4
114.3
112.6
130.4
119.3
134.9
136.6
134.5
Total
3
194.2
231.2
219.6
223.8
222.1
250.3
297.2
359.3
375.0
216.1
278.1
261.2
287.6
304.3
335.4
342.1
354.6
361.5
379.0
353.2
355.6
396.7
394.4
406.7
418.5
421.7
Manufacturing
85.0
115.1
109.3
112.3
92.7
96.3
109.7
142.7
145.7
83.8
105.1
90.4
108.4
106.0
134.0
145.3
134.2
142.8
148.4
134.7
137.8
153.2
157.3
161.3
164.7
See p. 4 for profits with inventory valuation and capital consumption a4justments.
Includes rest of the world, not shown separately.
Profits
before
tax
Wholesale
16.7
19.3
20.4
17.2
20.6
23.0
25.5
34.5
29.6
17.0
28.3
17.9
28.6
27.0
28.7
28.8
39.5
34.3
35.4
29.7
26.4
31.2
31.2
37.5
32.8
Tax
liability
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
Retail
23.9
19.6
20.7
20.6
26.1
32.2
39.2
42 2
38^7
28.6
37.3
36.3
38.1
42.4
39.8
38.3
43.2
43.7
43.6
36.0
36.6
42.5
39.6
41.7
44.3
293.6
354.3
348.1
371.7
374.2
406.4
464.3
531.2
598.9
382.8
420.3
437.0
457.6
458.0
504.5
475.5
526.0
550.8
572.4
594.5
589.6
607.2
604.2
642.2
644.6
628.9
127.1
137.0
141.3
140.5
133.4
143.0
163.8
195.3
218.7
135.2
149.7
151.5
162.6
159.3
181.7
171.4
192.8
203.4
213.5
217.3
214.2
224.5
218.7
233.4
236.4
231.4
166.5
217.3
206.8
231.2
240.8
263.4
300.5
335.9
380.2
247.6
270.6
285.6
295.0
298.6
322.8
304.1
333.3
347.4
358.8
377.2
375.3
382.8
385.5
408.8
408.1
397.5
107.0
116.8
138.9
151.9
163.1
169.5
197.3
211.0
227.4
165.3
180.4
190.2
195.8
200.2
202.9
204.4
208.8
212.5
218.5
221.7
224.6
228.5
234.7
239.9
243.1
245.2
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
59.5
100.5
67.9
79.4
77.7
93.9
103.2
124.8
152.8
82.2
90.3
95.3
99.2
98.4
119.9
99.7
124.5
134.9
140.3
155.5
150.8
154.3
150.8
168.9
165.1
152.3
-20.7
-29.3
-17.5
-13.5
4.0
-7.5
-6.6
-13.3
-28.1
-7.6
2
-14.6
-15.6
7.9
-4.0
-3.9
-9.8
-16.5
-22.8
-51.9
-42.3
-9.3
-8.8
-17.4
-11.0
'2.1
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the third quarter of 1996, according to revised estimates, nonresidential fixed investment in chained (1992)
dollars rose $29.9 billion (annual rate) and residential investment fell $4.2 billion. There was an increase of $32.8
billion in inventories following an increase of $7.1 billion in the second quarter.
BILUONS Of CHAINS) (1992) DOUAKS
BILLIONS Of CHAINS) (1992) DOUARS
1,100
900
S^ 1
800
'
1
700
[\\-^ _yW>TV\
\
GRCKSPRIVA E DOMESTIC
INVES1MENT
/
.
y
/
„
^
800
600
„--• "
500
400
RESIDENTIAL
FIXED INVESTMENT
300
300
\
,_.^
'*•••
^.
200
*••«..
—
200
s'
«-.—••'*
100
t
-100
'---
1,000
700
s
40NRESIC
RXEDINVESTMENT
s
4OO
0
"Yi
•*'
s*
_ ^s
s
*'
*• ' .-
X
^ ** /
^
1,100
900
y
V
1
^
\
500
rNx--
r
1,000
600
y
SEASONALLY ADJUS1H) ANNUAL RA1ES
'' \
1 1 1
1982
""
1 1
1983
— «. „ ^
i i i
1984
CHAN3EINBU! INESS
INVENTORI :S
\
f ~ **
'» /
100
r-
i
*
y
1
t
1
1
1
1985
\
\
>v
1 11
1986
/
"* *•
,'\
"
N__
«»
* _'
i i i
1987
i i i
1988
1
!
1
1989
i i i
1990
i i i
1991
111
1992
i i i
1993
SOURCE: OBMKTMENT OF COMMERCE
1 1 1
1994
1
!
1
1995
f'
\11
0
-100
1996
OOUNOL OF ECONOMIC
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
.. ..
1991- IV
1992- IV
1993- I
II
Ill
IV
1994- I
II
III
rv
1995- I
.
II
III
rv
1996- I
II
Ill'
.
Gross
private
domestic
investment
820.5
826.0
861.9
817.3
737.7
790.4
857.3
979.6
1,010.2
762.4
812.4
834.8
843.2
857.6
893.5
933.6
984.8
994.2
1,005.9
1,023.7
996.8
1,015.2
1,004.9
1,011.9
1,038.6
1,090.2
Total
Total
799.4
818.3
832.0
805.8
741.3
783.4
836.4
921.1
975.9
742.0
805.8
815.4
821.1
835.4
873.5
Structures
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
171.4
165.6
167.0
164.8
165.1
168.2
892.4
911.4
930.8
949.7
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
539.5
569.1
577.5
586.4
593.1
617.6
628.5
639.5
660.5
679.7
969.5
965.7
980.0
988.5
1,013.3
1,031.1
1,056.0
704.4
710.5
719.0
723.3
743.5
750.5
780.4
178.5
180.0
182.8
183.2
186.6
184.9
188.3
NOTE.—See p. 10 for further detail on fixed investment by type.
Because of the formula used for calc-ulating real GDP, the chained (1992) dollar estimates
for the detailed components do not add to the chained-dollar value -of GDP or to any intermedi-
Change in business
inventories
Nonresidential
163.0
169.0
169.1
174.3
Producers'
durable
equipment
Residential
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
534.5
368.1
403.5
410.5
421.7
428.2
449.8
466.4
471.1
492.5
506.5
527.2
531.7
537.4
541.4
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
202.4
236.7
237.9
234.8
242.2
255.8
558.3
567.5
594.3
263.6
271.6
270.3
270.3
265.9
256.5
262.2
266.3
271.1
281.5
277.3
ate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
Total
26.2
11.6
33.3
10.4
-30
7.3
19.1
58.9
33.1
21.4
5.8
18.5
20.8
19.5
17.4
40.5
74.5
64.5
56.1
54.5
30.5
33.0
14.6
-3.0
7.1
32.8
Nonfarm
34.2
24.7
33.5
7.8
-1.2
1.9
26.4
46.8
37.2
19.9
7.2
26.0
26.7
30.9
22.1
29.7
54.0
50.5
53.0
57.4
33.7
38.6
19.0
2.9
11.7
33.0
REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates)
Nonresidential
Residential
Structures
Period
Total
nonresidential
1987
1988
1989
1990
1991
1992
1993
1994
1995
... .
1991: IV
1992: IV
1993- I
II
Ill
IV
1994- I .
II
in
W
1995- I
II
in
IV
1996- I
II
in--
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
539.5
569.1
577.5
586.4
593.1
617.6
628.5
639.5
660.5
679.7
704.4
710.5
719.0
723.3
743.5
750.5
780.4
1
Total
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
171.4
165.6
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.8
183.2
186.6
184.9
188.3
Nonresidential
buildings,
including
farm
Producers' durable equipment
Structures
Information processing
and related equipment
Mining
ejiploration,
shafts,
and
wells
Utilities
30.7
30.0
30.9
28.1
32.0
34.5
31.1
31.7
35.1
33.3
33.9
32.4
31.0
30.7
30.5
30.7
31.2
32.1
32.7
33.7
34.8
35.8
36.0
36.4
36.8
36.4
142.4
145.3
150.2
152.0
126.9
113.2
112.8
117.7
127.9
116.4
109.8
111.4
110.6
112.7
116.3
112.4
117.8
117.4
123.3
125.4
126.8
129.2
130.3
131.4
129.7
133.3
Total'
Total
15.5
15.8
13.9
16.1
15.7
13.3
14.8
12.6
11.2
14.4
13.7
15.2
15.2
14.6
14.2
13.4
13.3
12.2
11.5
12.5
10.7
11.0
10.5
12.8
12.9
12.9
97.5
106.6
116.2
116.2
117.8
134.2
147.1
170.4
201.1
122.5
138.9
139.5
142.2
150.7
156.0
161.2
166.6
171.6
182.4
189.1
199.7
201.4
214.4
225.5
234.1
251.1
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
534.5
368.1
403.5
410.5
421.7
428.2
449.8
466.4
471.1
492.5
506.5
527.2
531.7
537.4
541.4
558.3
567.5
594.3
1
Includes other items, not shown separately.
2
Includes new computers and peripheral equipment only.
3
Includes producers' durable equipment, not shown separately.
Computers
and *
peripheral
equipment2
Other
Industrial
equipment
21.0
24.0
29.4
29.4
32.4
43.9
56.2
69.3
91.5
36.6
47.5
51.1
52.9
58.3
62.5
64.5
67.1
69.3
76.3
80.2
88.2
91.9
105.6
117.2
126.3
139.4
80.2
85.7
88.1
88.2
85.9
90.2
91.5
102.6
114.2
86.2
91.5
88.6
89.6
93.1
94.6
97.8
100.8
103.6
108.3
111.5
115.1
114.0
116.2
118.1
119.7
125.8
91.1
95.3
101.5
95.0
88.3
89.3
96.3
105.9
116.2
86.4
92.6
93.7
94.4
96.3
100.7
102.8
104.3
107.0
109.4
114.2
118.4
116.6
115.4
117.8
120.6
117.5
Transportation
and
related
equipment
Total
residential3
82.1
87.1
78.9
81.2
81.7
86.2
97.5
111.7
118.1
81.6
91.5
93.0
99.5
95.0
102.7
109.0
105.3
115.8
116.6
121.9
114.9
120.3
115.4
117.5
114.9
126.2
Total
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
202.4
236.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.5
262.2
266.3
271.1
281.5
277.3
251.6
246.3
237.0
214.5
187.6
219.5
236.3
262.1
255.8
196.6
230.5
231.7
228.5
235.7
249.2
257.0
264.8
263.5
263.2
258.9
249.6
255.3
259.3
264.1
274.3
270.1
Single
family
128.3
126.1
121.9
110.4
96.4
116.5
127.1
140.5
127.7
105.1
121.6
124.9
122.5
126.3
134.4
140.3
143.5
140.8
137.4
133.0
123.0
125.8
129.1
132.5
137.6
136.5
Multifamily
Other
28.3
23.4
23.3
19.7
15.4
13.1
10.4
13.5
17.6
14.2
11.5
10.3
10.0
10.7
10.6
11.2
12.8
14.5
15.6
16.8
17.4
17.8
18.5
19.2
21.0
17.9
94.8
96.8
91.8
84.4
75.7
89.9
98.8
108.1
110.9
77.3
97.4
96.5
96.0
98.7
104.1
105.4
108.4
108.2
110.4
109.3
109.8
112.2
112.4
113.0
116.3
116.2
Nora.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Period
1993 >
19942
19953
1996 *
1
Estimates
2
Total
expenditures
489.7
549.9
594.5
603.4
Total
488.2
547.8
591.7
600.7
Mining
and
construction
Manufacturing
Total
31.2
134.1
36.1
36.0
33.6
153.3
172.3
184.8
Durable
goods
Nondurable
goods
66.4
78.9
91.4
100.2
collected from the 1993 Annual Capital Expenditures Survey.
Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data
are scheduled for release in summer 1996.
3
Revised estimates collected from the March 1996 Investment Plans Survey. Final data will
be available upon release of the 1995 Annual Capital Expenditures Survey.
4
Estimates of planned capital expenditures from the March 1996 Investment Plans Survey.
10
67.7
74.4
80.9
84.6
Transportation
Communications
30.6
33.3
37.0
35.2
37.1
41.5
46.0
46.3
Utilities
41.3
42.2
42.8
40.6
Wholesale
and
retail
trade
60.3
68.9
75.1
71.9
Finance,
insurance,
and
real
estate
40.2
46.8
57.3
57.7
Services
111.8
123.5
123.7
129.4
Serving
multiple
industries
1.7
2.2
1.5
1.3
Not
distributed
by
industry
1.4
2.2
2.8
2.7
NOTE.—Data for 1994-1996 from Business Investment and Plans released March 28, 1996.
Data for 1993 from Annual Capital Expenditures: 1993.
The Business Investment and Plans release has been discontinued effective with release of
the March 1996 survey estimates. Estimates of business investment and plans will be available
annually with release of the Annual Capital Expenditures Survey.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In October, employment rose by 259,000 and unemployment fell by 23,000.
MILLI ONS OF PERSONS *
MILLIONS OF PERSO NS*
138
138
SEASONALLY ADJUSTED
134
CIVILIAN LABOR FORCE
130
_^
s~
~^~
122
130
—^
'
-__V~n
126
118
134
^^
-~~~'
126
,^'
~~"1
122
^-— "
^^
118
-l
p.*»"* "~""~
114 -./•"
110
4
"\ 1
CIVILIA •J
EMPLOY*/ ENT
"
- 114
,
*,
-
110
— 4
1988
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1986 3
1987
1988
1989
1990 3
1991
1992
1993
19944
1995
1995- Oct
Nov
Dec
1996: Jan
Feb
Mar
May
July
Sept
Oct .
Civilian
noninstitutional
population
NSA
180,587
182,753
184,613
186,393
189,164
190,925
192,805
194,838
196,814
198,584
199,192
199,355
199,508
199,634
199,772
199,921
200,101
200,278
200,459
200,641
200,847
201,060
201,273
Civilian
labor
force
117,834
119,865
121,669
123,869
125,840
126,346
128,105
129,200
131,056
132,304
132,473
132,471
132,352
132,903
133,018
133,655
133,361
133,910
133,669
134,181
133,885
134,340
134,574
Nonagricultural
Total
109,597
112,440
114,968
117,342
118,793
117,718
118,492
120,259
123,060
124,900
125,244
125,062
124,981
125,226
125,663
126,151
126,095
126,462
126,610
126,884
127,055
127,368
127,627
Agricultural
3,163
3,208
3,169
3,199
3,223
3,269
3,247
3,115
3,409
3,440
3,434
3,323
3,325
3,529
3,519
3,487
3,368
3,491
3,382
3,502
3,421
3,535
3,457
1
Persons at work. Economic reasons include slack work, material shortages, inability to find
fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
3
Not strictly comparable with earlier data.
Total
106,434
109,232
111,800
114,142
115,570
114,449
115,245
117,144
119,651
121,460
121,810
121,739
121,656
121,698
122,143
122,664
122,726
122,971
123,228
123,382
123,635
123,833
124,169
Percent2
Unemployment
Civilian employment
Part time
for
economic1
reasons
5,345
5,122
4,965
4,657
4,950
5,874
6,240
6,230
4,414
4,279
4,274
4,283
4,306
3,842
4,274
4,223
4,287
4,068
4,146
4,159
4,205
4,128
4,125
Total
8,237
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,229
7,409
7,371
7,677
7,355
7,504
7,266
7,448
7,060
7,297
6,830
6,971
6,948
15
weeks
and
over
,232
,983
,610
,375
,525
2,357
3,408
3,094
2,860
2,363
2,281
2,305
2,322
2,370
2,307
2,479
2,388
2,336
2,435
2,319
2,248
2,279
2,306
Not in
labor
force
62,752
62,888
62,944
62,523
63,324
64,578
64,700
65,638
65,758
66,280
66,719
66,884
67,156
66,730
66,754
66,266
66,741
66,368
66,790
66,460
66,962
66,721
66,699
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
65.3
65.6
65.9
66.5
66.5
66.2
66.4
66.3
66.6
66.6
66.5
66.4
66.3
66.6
66.6
66.9
66.6
66.9
66.7
66.9
66.7
66.8
66.9
60.7
61.5
62.3
63.0
62.8
61.7
61.5
61.7
62.5
62.9
62.9
62.7
62.6
62.7
62.9
63.1
63.0
63.1
63.2
63.2
63.3
63.3
63.4
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.5
5.6
5.6
5.8
5.5
5.6
5.4
5.6
5.3
5.4
5.1
5.2
5.2
4
Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In October, the unemployment rote was 5.2 percent, the same as in September.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT * (SEASONALLY ADJUSTED)
10
10
1992
1993
1994
1995
1992
1996
*UNEMPIOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By sex and age
Period
All
1986
1987
1988
1989
1990
1991
1992
1993
19942
1995
1995- Oct
Dec
1996- Jan
Peb
June
July
Sept
Oct
1
2
Men
20 years
and over
Women
20 years
and over
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
6.1
5.4
4.8
4.5
5.0
6.4
7.1
6.4
5.4
4.8
6.2
5.4
4.9
4.7
4.9
5.7
6.3
5.9
5.4
4.9
5.5
5.6
5.6
4.5
4.9
4.8
5.0
4.8
4.7
5.8
5.5
5.6
5.4
5.6
5.3
5.4
5.1
5.2
5.2
4.9
4.9
5.0
4.8
4.8
4.6
4.7
4.2
4.5
4.3
5.1
4.8
4.8
4.7
5.0
4.6
4.9
4.6
4.5
4.7
civilian
workers
Both
sexes
16-19
Black
White
18.3
16.9
15.3
15.0
15.5
18.7
20.1
19.0
17.6
17.3
17.1
17.8
18.0
18.2
16.6
17.5
16.7
16.4
15.9
16.4
17.2
15.6
16.1
12
and
Black
other
years
Revised definition; for details, see Employment and Earnings, February 1994.
Data beginning January 1994 are not directly comparable with data for earlier periods.
By selected groups
By race
6.0
5.3
4.7
4.5
4.8
6.1
6.6
6.1
5.3
4.9
4.8
5.0
4.9
5.0
4.9
4.8
4.7
4.9
4.6
4.7
4.4
4.5
4.4
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
9.4
9.0
9.3
9.5
9.1
9.8
9.4
9.2
9.0
9.4
8.7
9.3
9.4
Experienced
wage
and
salary
workers
Married
Women
men,
who
spouse
present
maintain
families
Pull-time
workers 1
Part-time
workers l
14.5
13.0
11.7
11.4
11.4
12.5
14.2
13.0
11.5
10.4
6.6
5.8
5.2
5.0
5.3
6.6
7.2
6.6
5.9
5.4
4.4
3.9
3.3
3.0
3.4
4.4
5.1
4.4
3.7
3.3
9.8
9.2
8.1
8.1
8.3
9.3
10.0
9.7
8.9
8.0
6.9
6.0
5.3
5.1
5.4
6.8
7.5
6.9
6.1
5.5
7.4
6.9
6.4
6.2
6.4
7.0
7.5
7.2
6.0
6.0
10.0
9.6
10.2
10.6
10.3
11.1
10.5
10.2
10.1
10.5
10.5
10.5
10.8
5.4
5.4
5.4
3.2
3.3
3.2
7.9
7.7
6.8
5.4
5.5
5.5
5.9
5.9
5.9
5.4
5.3
5.4
5.3
5.4
5.1
5.2
4.9
5.0
5.0
3.3
3.0
3.1
3.0
2.9
3.0
3.0
2.9
3.0
3.0
8.2
7.5
7.7
6.8
8.7
7.6
9.1
8.8
8.3
8.5
5,7
5.4
5.5
5.4
5.5
5.2
5.3
4.9
5.1
5.1
6.0
6.2
6.0
5.8
5.9
5.6
6.1
5.9
5.6
5.5
NoTE.—Data relate to persons age 16 years and over.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In October, the percentages of the unemployed who had been out of work for less than 5 weeks and for 1526 weeks rose; the percentages for 5-14 weeks and for 27 weeks and over fell. The mean duration of unemployment
fell to 16.7 weeks and the median duration fell to 8.3 weeks.
PERCENT DISTRIBUTION *
PERI:ENT
70
70
DISTRIBUTION *
REASON FOR UNEMPLOYMENT
60
/"V.A
JOB LOSERS-1'
K/V^V
50
X^- V^->/- -\,~
40
30
30
20
20
,^ ^'
REENTRANT 5
^^"~
^_
V—
1OI LEAVERS
10
-
10
^-t***r
0
Illllllllll
^-
\r
^"•^
V
NEWENTRANTS
1992
1996
1992
Illllllllll
Illllllllll
1993
1994
1 1 1 1 1 t l 1 Ml
1995
1 1 1 1 M 11 t I 1
1996
* SEASONALLY ADJUSTED
I/BEGINNING JANUARY 1994, JOt LOSERS AND PERSONS WHO COMPUTED TEMPORARY JOB.
SOURCE'. DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted)
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
41.9
43.7
46.0
48.6
46.3
40.3
35.1
36.5
34.1
36.5
37.2
37.1
36.4
36.8
37.8
35.4
33.8
37.6
35.1
36.8
36.2
35.1
35.2
31.0
29.6
30.0
30.3
32.0
32.4
29.4
28.9
30.1
31.6
31.8
32.0
32.5
31.9
30.9
31.1
32.7
31.2
30.5
31.6
31.0
32.2
32.1
Reason for unemployment:
percent distribution
State
programs
Number of weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
12.7
12.7
12.0
11.2
11.7
14.4
15.1
14.5
15.5
'14.6
13.7
14.2
14.5
14.8
15.3
15.7
15.5
13.6
15.8
13.1
14.3
15.1
15.2
14.4
14.0
12.1
9.9
10.0
12.9
20.3
20.1
20.3
17.3
17.2
16.7
16.6
16.5
16.0
17.8
18.0
17.6
18.6
18.5
18.5
17.6
17.4
15.0
14.5
13.5
11.9
12.0
13.7
17.7
18.0
18.8
16.6
16.2
16.3
16.2
16.0
16.6
17.3
17.4
16.8
17.6
16.8
17.4
17.0
16.7
6.9
6.5
5.9
4.8
5.3
6.8
8.7
8.3
9.2
8.3
8.1
8.0
8.1
8.3
8.0
8.3
8.8
8.3
8.1
8.6
8.5
8.9
8.3
Job
losers1
Job
leavers
Reentrants
New
entrants
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.9
9.9
11.1
10.5
11.5
11.9
11.5
10.0
10.4
9.7
9.0
9.6
10.3
11.3
11.6
11.6
26.2
26.6
27.0
28.2
27.4
24.8
23.8
24.6
34.8
34.1
34.4
33.7
33.2
32.5
33.7
34.4
32.8
37.8
34.3
34.9
35.9
34.4
35.6
12.5
12.4
12.2
10.4
9.8
9.2
9.7
10.3
7.6
7.8
7.7
7.9
8.1
8.5
8.2
7.9
7.6
7.2
7.5
8.6
8.0
7.8
8.3
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1986
1987
1988
1989
1990
1991
1992
1993
19943
1995
1995: Oct
Nov
Dec
1996- Jan
Peb
Mar
May
July
Sept
Oct
1
8,237
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,229
7,409
7,371
7,677
7,355
7,504
7,266
7,448
7,060
7,297
6,830
6,971
6,948
Beginning January 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Kico, 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 inchide Federal supplemental
compensation or Emergency Unemployment Compensation programs.
3
Data beginning January 1994 are not directly comparable with data for earlier periods.
2
48.9
48.0
46.1
45.7
48.1
54.4
56.1
54.2
47.7
46.9
47.5
46.9
46.9
47.6
48.1
47.4
50.0
46.0
48.6
46.1
44.8
46.2
44.5
2,643
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,670
2,574
2,678
2,652
2,625
2,655
2,660
2,641
2,576
2,544
2,570
2,537
2,523
2,462
2,464
378
328
310
330
388
447
408
341
340
357
365
375
363
374
371
393
356
348
356
335
323
334
332
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,739
2,636
2,293
2,422
2,669
3,499
3,333
3,161
2,934
2,352
2,383
2,550
2,254
'2,184
2,046
NOTE.—Data relate to persons age 16 years of age and over (except for insuml unemployment and initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricuHural employment as measured by the payroll survey rose by 210,000 in October.
MllilONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
130
36
34
ALL NONAGRICULTURAL
ESTABLISHMENTS
120
32
30
110
SERVICES
28
100
26
24
RETAIL TRADE.
22
SERVICE-PRODUCING
INDUSTRIES
80
20
70
18
X
v.
16
20
MANUFACTURING
18
GOODS-PRODUCING
INDUSTRIES
30
CONSTRUaiON
\
20 n n 1 1 1 1 1 1 1
1992
1993
1994
1994
1995
1996
1992
COUNCIL Of KONOMK ADVISnS
[Thousands of wage and salaiy workers;J seasonally adjusted]
Goods-producing industries
Total
nonagricultural
employment
Period
1986
1987
1988
1989
1990
1991 .
1992
1993
1994 .
1995
1995: Oct
Dec
1996: Jan
Peb
Mar
....
May
June
July
Sepf
Oct*>
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,172
117,203
117,749
117,899
118,136
118,070
118,579
118,750
118,922
119,332
119,537
119,772
120,052
120,017
120,227
Service-producing industries
Manufacturing
Total 2
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,908
24,206
24,151
24,133
24,160
24,112
24,254
24,196
24,209
24,263
24,274
24,264
24,298
24,245
24,262
Construction
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,668
4,986
5,158
5,200
5,211
5,223
5,234
5,349
5,341
5,353
5,384
5,401
5,427
5,437
5,445
5,455
Total
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,321
18,468
18,378
18,353
18,367
18,309
18,332
18,281
18,283
18,303
18,298
18,267
18,291
18,232
18,238
NonDurable
goods durable
goods
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,448
10,654
10,631
10,628
10,667
10,643
10,659
10,623
10,654
10,679
10,696
10,680
10,711
10,676
10,674
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,873
7,814
7,747
7,725
7,700
7,666
7,673
7,658
7,629
7,624
7,602
7,587
7,580
7,556
7,564
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, seif-employed persons, domestic servants, and personnel of the Armed Forces. Tota!
in this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p, 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes,
bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from
14
Total
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,264
92,997
93,598
93,766
93,976
93,958
94,325
94,554
94,713
95,069
95,263
95,508
95,754
95,772
95,965
Transportation and
public
utilities
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
5,993
6,165
6,212
6,233
6,249
6,254
6,270
6,292
6,294
6,309
6,329
6,333
6,342
6,330
6,337
Wholesale
trade
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,162
6,412
6,465
6,478
6,498
6,512
6,529
6,548
6,550
6,567
6,575
6,585
6,603
6,613
6,632
Retail
trade
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,507
21,173
21,263
21,300
21,334
21,268
21,340
21,350
21,415
21,485
21,568
21,671
21,672
21,699
21,761
Finance,
insurance,
Services
and real
estate
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,896
6,830
6,859
6,871
6,887
6,894
6,919
6,931
6,942
6,964
6,967
6,987
6,999
7,003
7,029
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,579
33,107
33,460
33,546
33,661
33,694
33,902
34,039
34,117
34,285
34,378
34,448
34,532
34,588
34,707
Government
Total
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,128
19,310
19,339
19,338
19,347
19,336
19,365
19,394
19,395
19,459
19,446
19,484
19,606
19,539
19,499
Federal
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,822
2,801
2,796
2,790
2,783
2,780
2,780
2,776
2,776
2,756
2,752
2,739
2,741
2,733
employing establishments. In the series shown here, persons who work at more than one job
are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where
persons are counted only once—as employed, unemployed, or not in the labor force.
2
Includes mining, not shown separately.
Note.—Data for March 1996-August 1996 were revised in October 1996 to reflect revised
seasonal adjustment factorsSource: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS. AND
LY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted)
Average weekly hours
Average gross hourly earnings
Total
private
nonagricultural1
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Oct
Dec
1996: Jan
Feb
May
July
Sepf
Ocf
Total
Average gross weekly earnings
Total private
nonagricultural l
Manufacturing
Overtime
Current
dollars
Total private
nonagrieultural l
1982
dollars2
Manufacturing
Percent ch jnge from
a year ear lier, total
private
agricul tural3
Current dollars
Current
dollars
1982
dollars "
Manufacturing
Construction
Retail
trade
Current
dollars
1982
dollars
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
34.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
41.6
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
4.4
$8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.12
11.44
$7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.40
7.40
$9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.07
12.37
$304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
385.86
394.68
$271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.73
255.29
$396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.94
514.59
$466.75
480.44
495.73
513.17
526.01
533.40
537.70
553.63
573.00
585.10
$176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
221.47
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.3
2.3
0.3
-1.0
-.9
-1.0
-1.8
-1.6
-.2
-.0
.7
-.6
34.5
34.4
34.3
33.8
34.5
34.5
34.3
34.2
34.7
34.2
34.4
34.7
34.3
41.4
41.5
41.2
40.0
41.4
41.3
41.5
41.7
41.8
41.6
41.7
41.8
41.6
4.3
4.3
4.2
4.1
4.3
4.3
4.6
4.6
4.6
4.4
4.5
4.5
4.5
11.55
11.59
11.61
11.62
11.65
11.68
11.72
11.74
11.83
11.81
11.87
11.91
11.91
7.42
7.44
7.44
7.41
7.42
7.40
7.40
7.39
7.44
7.41
7.45
7.45
7.43
12.46
12.49
12.51
12.63
12.56
12.55
12.74
12.73
12.77
12.79
12.89
12.90
12.87
398.48
398.70
398.22
392.76
401.93
402.96
402.00
401.51
410.50
403.90
408.33
413.28
408.51
255.93
255.91
255.11
250.48
255.84
255.36
253.79
252.68
258.18
253.55
256.17
258.46
254.68
515.84
518.34
515.41
505.20
519.98
518.31
528.71
530.84
533.79
532.06
537.51
539.22
535.39
593.54
589.76
583.28
582.55
604.63
589.79
594.39
581.78
595.98
598.30
599.46
598.27
604.12
223.49
224.84
224.15
221.59
226.08
227.73
225.94
228.38
232.00
227.66
230.69
232.58
233.57
2.0
2.3
2.1
.2
2.7
3.1
2.6
3.6
4.6
2.5
3.5
4.4
2.4
-.6
-.1
-.4
-2.5
.0
.3
1
O
'.6
1.8
-.4
.7
1.4
-.6
3
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) (on a 1982=100 base).
Based on seasonally unadjusted data.
NOTE.—See Note, p. 14.
Source: Department of Labor, Bureau of Labor Statistics.
2
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Total
compensation
Period
Wages and
salaries
Benefits >
Total
compensation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
19861987:
19881989:
1990199119921993:
1994:
1995-
Dec
Dec
Dec
Dec
..
Dec
Dec
Dec
Dec
Dec
Dec .
. .
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
126.7
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
123.1
118.9
119.9
120.8
121.8
122.8
123.5
124.4
125.3
126.1
126.9
127.8
128.8
129.6
115.6
116.5
117.2
118.1
119.0
119.7
120.6
121.5
122.4
123.2
124.5
125.6
126.4
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
2.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
135.9
.. . .
Sept
Dec
1995- Mar
Sept
Dec
1996- Mar
.
.
Sept
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries.
127.7
128.9
130.3
131.5
132.9
133.6
133.8
134.6
135.4
136.1
136.0
136.9
137.8
0.8
.8
.8
.8
.8
.6
.7
.7
.6
.7
.7
.8
.6
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
2.2
Not seasonally adjusted
Seasonally adjusted
1993- Sept
Dee
1994- Mar
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
2.8
0.9
.8
.6
.8
.8
.6
.8
.7
.7
.7
1.1
.9
.6
0.9
.9
1.1
.9
1.1
.5
.1
.6
.6
.6
-.1
.7
.7
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.6
2.7
2.9
2.9
3.1
3.1
2.9
3.1
2.9
2.8
2.9
2.9
2.8
2.8
3.2
3.4
3.3
5.4
5.0
4.4
3.9
4.0
3.7
2.9
2.6
2.1
2.2
1.6
1.7
1.8
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA. BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarrn
business
sector
Output '
Business
sector
Hours of alt
persons2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Compensation per
hour1
Business
sector
Nonfarrn
business
sector
Real corn|>ensation
per lour4
Business
sector
Unit labor
costs
Nonfarrn
business
sector
Business
sector
Implicit price
deflator5
Nonfarm
business
sector
Business
sector
Nonfann
business
sector
Indexes, 1992 = 100; quarterly data seasonally adjusted
81.6
83.8
86.8
90.5
94.0
97.7
100.0
102.5
104.7
107.1
101.7
102.3
102.7
103.3
81.4
83.5
86.4
90.0
93.8
97.6
100.0
102.5
104.9
107.2
103.9
104.5
105.3
105.7
108.6
109.5
110.5
103.9
104.4
105.1
105.6
106.4
106.9
107.5
107.8
108.2
108.8
109.1
106.5
107.1
107.5
107.8
108.1
108.7
109.0
2.5
4.0
3.7
2.1
5.0
4.2
1.9
2.1
1.5
3.0
2.2
2.7
3.5
4.2
4.0
3.9
2.4
2.5
2.2
2.3
2.2
2.6
3.4
4.2
4.2
4.1
2.4
2.5
2.3
2.2
5.2
4.0
.1
-.8
3.5
2.5
1.3
2.4
3.8
2.1
1.2
2.5
4.8
.3
.1
2.9
5.4
2.6
1.9
5.2
1.5
3.3
3.7
2.4
1.8
2.7
2.0
2.5
2.2
2.9
1.9
3.0
2.0
1.7
.9
1.4
2.1
1.1
94.2
94.1
94.6
95.3
96.1
96.7
100.0
100.2
100.7
101.2
94.9
94.6
95.2
95.7
96.2
96.9
100.0
100.2
100.7
101.3
88.6
91.1
94.6
97.8
98.7
96.9
100.0
102.7
107.0
109.6
88.7
91.4
95.1
98.1
98.8
97.1
100.0
102.9
107.0
109.9
94.0
96.8
100.0
102.5
102.6
100.2
100.0
102.5
106.2
108.3
93.5
96.5
99.9
102.5
102.7
100.2
100.0
102.8
106.3
108.4
77.0
79.9
83.5
85.8
90.7
95.1
100.0
102.5
104.5
108.2
77.3
80.2
83.6
85.9
90.6
95.1
100.0
102.3
104.3
108.2
98.5
98.7
99.0
97.1
97.4
97.9
100.0
99.5
99.0
99.7
99.0
99.1
99.2
97.1
97.3
97.9
100.0
99.3
98.8
99.6
81.7
84.9
88.3
90.0
94.4
98.3
100.0
102.3
103.8
107.0
81.5
84.7
87.8
89.7
94.2
98.1
100.0
102.1
103.7
106.7
100.2
99.8
100.0
100.9
100.1
99.7
100.1
100.8
101.4
102.1
102.8
104.5
101.6
102.2
103.3
104.7
101.3
102.3
102.9
103.6
101.4
102.6
103.2
103.9
101.7
102.3
102.8
103.3
101.5
102.0
102.5
103.0
99.6
99.6
99.6
99.3
99.5
99.3
99.3
98.9
101.5
102.6
102.9
102.4
101.4
102.4
102.4
102.2
100.4
100.5
101.1
101.2
100.2
100.5
101.0
101.2
104.9
106.7
107.8
108.8
104.5
106.1
106.6
107.4
103.7
104.0
104.6
105.5
99.4
99.0
98.6
98.9
99.1
98.8
98.4
98.8
103.6
103.6
103.6
104.4
m
100.8
101.3
101.8
101.5
109.0
109.2
110.6
110.7
108.1
107.7
108.5
108.8
104.6
106.1
106.7
107.5
108.1
107.8
108.6
109.0
104.0
104.2
104.7
105.6
100.7
101.2
101.6
101.5
104.9
106.7
107.7
108.7
108.8
109.0
110.3
110.4
106.6
107.8
108.8
110.0
106.5
107.7
108.8
109.9
99.1
99.4
99.8
100.3
99.0
99.3
99.8
100.2
105.8
106.5
107.1
108.4
103.4
103.5
103.5
104.3
105.6
106.3
106.8
108.2
1996- I
D>
102.0
102.2
102.3
102.0
102.1
102.2
111.2
112.6
113.3
111.4
112.8
113.4
109.1
110.1
110.7
109.3
110.4
111.0
110.8
112.0
113.1
110.7
111.8
112.9
100.2
100.3
100.8
100.2
100.2
100.5
108.7
109.5
110.6
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1993: I
II
Ill
IV
1994: I
II
III
IV
1995:
.
I
II
IV
m>*
101.8
102.4
102.7
103.3
Percent change; quarterly data at seasonally adjusted annual rates
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1993:
I
II
m
IV
1994:
I
n
m
IV
1995:
I
II
III
IV
1996- I
II '
m>* ..
1
2.5
-.2
.5
.8
.8
.6
3.4
.2
.5
.5
2.6
-.3
.6
.5
.5
.7
3.2
.2
.5
.7
-3.5
-1.6
.7
3.7
3.4
3.0
4.1
3.2
.7
-1.8
3.0
2.9
4.0
2.7
-.9
2.7
4.1
5.5
0.7
3.0
3.3
2.5
.1
-2.3
-.2
2.5
3.7
2.0
-3.7
-1.8
1.6
2.7
3.2
2.9
3.8
3.4
.9
-1.8
3.2
2.7
4.2
2.5
-1.2
2.5
3.0
6.5
-1.9
.6
2.2
.6
-2.0
1.0
2.0
.9
1.7
6.9
4.1
3.8
.8
7.0
4.2
4.0
3.6
6.3
1.9
3.2
-1.9
1.9
1.7
-.6
2.0
1.1
.3
-1.6
2.0
2.0
-1.1
••1.7
.5
.2
.3
.7
4.8
.5
3.0
5.0
2.4
.6
.9
5.0
.3
2.7
4.8
2.3
2.3
-1.1
3.0
1.1
1.0
3.9
2.0
2.4
4.2
2.3
2.7
0.8
3.2
3.5
2.6
.2
-2.5
-.2
2.8
3.5
2.0
2.9
4.6
2.5
2.7
2.9
5.9
2.1
3.1
2.2
-1.0
2.9
1.5
1.0
4.3
2.1
Output refers to real gross domestic product originating in the sector.
~ I lours of all j>ersons engaged in the sector, including hours of proprietors am! unpaid family
workers. Estimates based primarily on establishment data.
;J
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 lourly compensation divided by the consumer price index for all urban consumers (CPI—U).
5
Current dollar gross domestic output divided by the output index.
16
5.2
3.8
4.5
2.8
5.7
4.8
5.2
2.5
1.9
3.6
5.2
3.7
4.3
2.7
5.5
4.9
5.2
2.3
2.1
3.7
3.3
.2
.3
-2.0
.3
.6
2.1
-.5
-.6
.7
3.3
.1
.1
-2.1
.1
.7
2.1
-.7
1.9
2.6
1.9
1.8
1.3
2.1
1.7
1.9
-1.0
-.3
.1
-1.3
-1.6
2.6
.8
2.3
3.4
2.8
1.4
2.1
3.9
.6
-1.8
-1.4
1.2
.7
-1.2
-1.6
1.6
4.6
.2
.2
2.8
3.6
4.6
3.9
4.4
3.0
4.1
4.3
3.7
4.6
4.0
4.1
3.3
3.8
3.9
.7
1.2
1.8
1.9
-.2
.3
2.0
.8
1.1
1.9
1.6
.0
.0
1.6
5.6
2.7
2.2
5.0
1.0
3.0
4.0
™" .<?
.8
Q
— .O
-.1
-1.2
2.6
4.0
4.0
1.9
4.9
4.2
1.7
2.3
1.4
3.1
5.6
4.3
1.2
-1.8
3.0
2.2
2.0
1.0
1.5
2.4
1.2
NOTK.—Data relate to all persons engaged in the sector.
Percent changes are from preceding i>eriod and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
•Data based on GDI* data released October 30, 1996. Other data for 1996; III shown elsewhere in this issue were released November 27, 1996.
Source: Department of Labor, Bureau of Ijatx>r Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in October.
NOG<, 1987 -100- (RATO SCALE)
180
nNAlPRODUCTS
170
NDEK, 1987 - 100* (RATIO SCA1E)
150
TOW INDUSTRIAL PRODUCTION
140
130
^~~
120
110
100
1 1 1 1 III
^,—-^^
-S*
linn
1 1 1 1 1 1 It
M 1
" ^f
120
MANUFACTURING
s*r
DURABLE
•n-*"]
tfC^-—
n
ii
1
r
''' \
120
100
130
' ' ' ' 1 \\ i ' '
t I 11
130
110
BUSNESS
L-OUFMtNl
150
140
^-T—-^
^
1
1 M II II 1 1 1 1
150
140
^.
S^
160
'"""1
NONDURA IUE
iiiiiliini
1
MlllllMM
UTILITIES AND MINING
140
130
\
120
L7"** '*~~''
110
-''1
V
_^
Imn
1992
../'.'I-"'X-
88
86
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY]
r^v
84
V
100
90
N./5-— ''
" ~^_ S
yv/-
1
iimliiui Minimi,
1993
1994
1996
1995
82
^^^A^
— sT^~^
80
78 •rfmhm,
1992
^
1 M 1 1 1 1 M 1\
1
1 1 1 1 1 1 1 1 1 11
1 1 1 1 1 1 1 1 1 11
1993
1994
1995
1996
QOUNOl Of ECONOMIC AEMSOS
[Monthly data seasonally adjusted]
Manufacturing
Percent change '
Period
Index,
1987=100
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
1995: Oct
Nov
Dec
122.2
122.6
122.8
1996: Jan
122.5
124.2
123.6
124.5
125.4
126.4
126.3
126.8
127.2
126.6
Peb
Mar
ADI*
May
June
July
Auer
Sepf
Of
1
Percent changes baaed on unrounded indexes.
From
preceding
month
Capacity utilization
rate, percent2
Industry' production indexes, 1987=100
Total industrial production
From
year
earlier
Durable
Total
Nondurable
Mining
Utilities
Total
industry
Manufacturing
0.9
4.9
4.4
1.5
.0
-1.8
3.4
3.5
5.9
3.2
94.3
100.0
104.7
106.4
106.1
103.8
108.2
112.3
119.7
123.9
93.9
100.0
106.6
108.6
107.4
104.1
109.3
115.6
125.8
132.5
94.9
100.0
102.3
103.7
104.4
103.4
106.7
108.6
113.0
114.3
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.0
100.3
99.9
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.3
117.9
122.0
79.2
81.5
83.7
83.7
82.1
79.2
80.3
81.4
83.9
83.8
79.1
81.6
83.6
83.2
81.3
78.0
79.5
80.6
83.3
83.0
-0.5
.3
.2
1.9
1.7
1.1
124.4
124.5
124.8
133.5
134.3
134.8
114.3
113.7
113.8
98.2
98.3
98.1
121.6
125.4
125.1
83.0
83.0
82.9
82.2
82.0
81.9
-.2
1.3
-.5
.8
.7
.8
.0
.4
.3
-.5
.6
2.0
1.4
2.6
3.3
4.1
4.0
3.4
3.5
3.6
124.5
126.2
125.2
126.5
127.4
128.5
129.0
129.1
129.5
128.9
134.9
137.5
135.6
138.3
139.1
141.1
141.5
142.2
142.6
141.6
113.1
113.8
113.6
113.5
114.4
114.6
115.2
114.7
115.1
114.9
97.1
98.0
101.1
100.4
100.5
102.8
100.9
103.5
103.4
102.4
125.6
126.6
128.0
126.4
128.4
126.6
122.6
124.9
125.3
125.3
82.4
83.3
82.6
83.0
83.3
83.7
83.4
83.4
83.4
82.7
81.4
82.3
81.3
81.9
82.1
82.6
82.5
82.3
82.3
81.6
2
Output as percent of capacity.
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994 . . .
1995
1995: Oct
95.7
100.0
104.8
106.8
107.0
105.4
108.7
112.7
118.3
121.4
121.3
121.9
122.1
121.9
124.5
123.4
124.8
125.1
126.0
126.7
126.4
126.8
126.3
Dec
1996- Jan
Feb
Mar . . ..
May .
July1"
Sepf
Ocf
1
Total
96.8
100.0
102.9
104.0
103.4
103.0
106.0
109.5
113.7
115.1
114.9
115.9
115.7
114.6
116.6
115.3
115.9
116.3
116.8
117.3
116.4
116.6
115.8
Durable
goods
94.5
100.0
104.6
106.6
102.3
96.0
103.0
113.3
124.2
124.2
123.4
124.9
126.3
120.3
125.1
119.3
125.5
126.2
130.4
131.2
127.7
127.0
123.3
Nondurable
goods
97.6
100.0
102.4
103.2
103.8
105.0
106.9
108.6
111.2
112.9
112.9
113.8
113.2
113.3
114.5
114.4
113.6
114.0
113.5
114.0
113.6
114.1
114.1
Total >
94.5
100.0
107.6
110.9
112.1
108.8
112.5
117.5
125.3
131.4
131.5
131.4
132.3
133.7
137.3
136.5
139.2
139.2
140.8
142.0
142.7
143.4
143.5
Business
93.1
100.0
110.7
115.5
116.9
115.9
123.4
131.8
144.9
155.7
156.5
156.9
158.4
160.5
164.8
162.7
166.3
166.0
168.6
170.3
171.0
172.3
172.6
Defense
and
space
equipment
96.0
100.0
99.7
100.1
98.8
90.8
84.8
79.3
71.9
65.9
64.4
62.9
62.0
61.6
63.1
64.2
64.0
64.3
63.7
64.5
64.8
64.7
64.4
Total
91.9
100.0
101.8
102.0
101.2
96.8
99.3
101.8
107.3
109.0
109.2
109.3
110.1
108.5
109.3
109.6
108.6
110.1
111.3
109.9
110.6
111.7
111.5
Construction
supplies
93.8
100.0
101.5
100.5
98.2
91.6
95.2
98.4
106.2
108.2
108.3
108.7
110.5
107.2
109.3
111.5
109.2
111.0
113.9
112.0
113.5
114.5
114.3
Business
supplies
90.7
100.0
102.0
103.0
103.2
100.2
102.0
104.1
108.2
109.6
109.9
109.9
110.0
109.6
109.5
108.6
108.4
109.6
109.8
108.7
108.9
110.0
110.0
Total
Energy
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.5
105.3
106.6
105.5
105.7
106.0
105.9
106.1
108.2
107.0
108.1
108.7
106.3
108.6
109.0
108.4
95.9
100.0
105.0
106.7
106.8
105.5
109.7
113.8
122.0
127.4
128.1
128.4
128.4
128.5
129.4
129.1
130.3
131.6
132.6
132.1
133.6
133.5
132.6
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987=100; monthly data seasonally adjusted)
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
1986
1987
1988
1989
1990
1991 .
1992
1993
1994
1995 .
1995- Oct
Nov
Dec
1996- Jan
Feb
Mar
May
July
Augr
Sepf
Ocf
93.7
100.0
108.7
107.2
106.5
98.6
101.9
107.7
116.4
119.2
115.7
120.8
120.0
121.5
117.1
118.0
119.2
118.6
121.0
118.6
120.6
121.2
120.0
Source: Board of Governors of the Federal Reserve System.
18
Iron
and
steel
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.9
119.3
122.4
115.1
126.1
122.7
128.1
119.5
120.2
122.9
121.0
24.2
22.8
24 2
24.3
22.5
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
93.8
100.0
104.2
102.8
99.5
94.5
99.0
103.1
110.5
113.9
114.0
114.5
115.0
115.6
117.0
116.1
115.5
116.7
117.3
117.2
118.1
118.6
117.3
90.3
100.0
113.0
117.3
117.6
114.7
124.0
138.1
157.7
177.8
183.8
186.5
190.1
191.9
196.1
197.8
199.0
201.2
205.2
205.8
210.0
212.0
214.5
94.3
100.0
108.5
111.0
111.4
113.9
123.5
134.1
154.3
174.9
182.4
183.6
182.8
182.4
188.7
187.9
187.3
188.8
191.0
190.1
190.0
190.9
189.6
Transportation
equipment
Total
96.9
100.0
105.2
109.6
107.0
101.1
104.8
109.2
115.3
113.3
109.3
108.6
109.7
108.3
112.1
103.1
114.6
114.6
116.6
120.3
119.1
118.2
113.7
Motor
vehicles
and
parts
98.5
100.0
105.7
106.9
101.0
94.4
107.4
122.9
141.2
141.9
139.7
140.7
141.2
135.5
141.1
121.3
144.3
144.7
148.7
154.5
151.3
148.0
138.6
Lumber
and
products
95.1
100.0
100.1
99.4
97.1
90.2
95.2
97.1
104.0
104.5
105.7
104.8
106.9
103.1
103.3
107.5
108.4
107.7
110.6
107.4
109.0
109.3
108.7
Apparel
products
96.3
100.0
98.1
95.0
92 2
92.1
95.0
97.1
100.1
95.7
93.3
92.4
91.5
89.2
90.9
89.7
90.4
90.8
90.9
90.1
90.8
90.4
89.1
Printing
and
publishing
Chemicals
and
products
Foods
90.6
100.0
100.9
101.1
100.8
97.0
98.1
98.8
100.1
99.4
98.9
99.3
98.8
97.9
98.7
96.7
96.3
97.7
97.2
97.2
97.3
98.0
98.1
94.6
100.0
106.0
109.2
111.8
110.5
114.4
115.4
121.3
125.0
126.7
126.0
126.5
127.1
127.1
126.5
126.0
127.7
128.1
129.7
128.8
129.2
128.8
97.4
100.0
101.5
102.5
103.7
105.3
106.9
109.5
113.2
115.3
115.4
114.8
114.8
114.8
116.0
115.6
115.4
115.6
115.1
115.8
114.4
115.1
115.5
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts3
Private
Residential
Total new
construction
expenditures
Period
Total
New housing
units
Total'
Commercial
and industrial"
Other
Federal
and
State
and
local
Total value
index
(1987=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
.
. .
429.9
441.6
455.6
469.8
468.5
424.2
452.1
482.7
527.1
547.1
345.3
351.0
360.9
371.6
361.1
314.1
336.2
362.6
400.0
410.2
187.1
194.7
198.1
196.6
182.9
157.8
187.8
210.5
238.9
236.6
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
162.9
105.5
104.4
109.6
118.0
119.4
93.7
82.2
84.4
93.3
107.0
53.2
52.0
53.2
57.1
58.8
62.6
66.2
67.7
67.8
66.6
84.6
90.6
94.7
98.2
107.5
110.1
115.8
120.2
127.1
136.9
96
100
101
105
95
89
97
105
114
118
Annual rates
1,016
1,019
973
961
783
577
556
589
744
842
Annual rates
1995- Oct
Nov
Dec
550.0
549.7
555.7
410.6
411.0
417.2
238.0
239.9
243.1
165.8
166.4
168.1
106.0
107.3
108.9
66.6
63.8
65.2
139.4
138.7
138.5
120
122
117
731
851
784
1996- Jan
Peb
Mar
559.0
544.6
557.0
564.6
558.5
563.1
558.6
564.0
571.0
581.2
418.9
411.2
419.7
424.2
418.1
423.1
418.6
426.0
427.1
431.1
242.5
238.6
245.9
248.0
247.5
246.9
244.6
245.7
245.7
243.9
169.2
166.9
173.8
179.3
178.2
177.7
175.2
176.2
175.5
174.9
109.3
107.4
106.4
108.1
103.1
109.2
107.2
110.5
111.9
118.0
67.1
65.2
67.4
68.2
67.5
67.0
66.7
69.8
69.5
69.2
140.1
133.3
137.3
140.4
140.4
140.0
140.0
137.9
143.9
150.1
120
114
126
129
127
123
122
124
120
697
615
750
708
807
723
628
696
842
May
July
Sepf
Ocf
1
2
3
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies,
Inc., F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
..
. .
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1,354.1
1 unit
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
1,076.2
2-4 units
5 or more
units
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
33.7
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
244.1
Units
authorized
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
3
1,371.6
1,332.5
Units
completed
Homes
sold
Homes for
sale at end
of period 1
Vacancy rate
for rental
housing units
(percent) ~
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
1,312.6
750
671
676
650
534
509
610
666
670
667
357
366
368
365
321
284
265
293
337
372
7.3
7.7
7.7
27.4
7.2
7.4
7.4
2
7.3
7.4
7.6
7.7
Seasonally adjusted annual rates
1995: Sept
Oet
Nov
Dee
1,401
1,351
1,458
1,425
1,130
1,109
1,129
1,150
39
31
32
29
232
211
297
246
1,427
1,393
1,450
1,487
1,267
1,320
1,360
1,225
684
673
679
683
350
360
368
372
1996- Jan
Feb
Mar
1,453
1,514
1,439
1,511
1,478
1,490
1,470
1,533
1,440
1,366
1,146
1,183
1,163
1,209
1,144
1,209
1,150
1,239
1,120
1,069
20
33
25
53
49
46
43
38
47
58
287
298
251
249
285
235
277
256
273
239
1,378
1,417
1,423
1,459
1,452
1,415
1,457
1,423
1,399
1,362
1,403
1,328
1,391
1,350
1,408
1,418
1,447
1,442
1,358
743
784
713
740
734
733
'780
819
782
714
370
355
368
369
362
356
r
353
346
333
336
May
July
Augr
Sepf .
Ocf
1
Seasonally adjusted.
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
3
The 1994 total b^sed on 17,000 permit-issuing places is 1,333.7 thousand units.
2
7.7
7.9
7.8
8.0
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In September, manufacturing and trade sales rose 0.8 percent and Inventories rose $0.4 billion. According to advance
data, retail sales rose 0.2 percent in October following a rise of 0.8 percent in September.
BILUOrC OF DOLLARS* (RATO SCALE)
BILUONS OF DOLLARS* (RATIO SCALE)
400
1,100
350
1,000
_^
r\
900
i
•
800
300
1
^
MANUFACTURING AND
TRADE INVENTORIES
700
1
_
^—T(\
250
RETA LNVENTC)RIES
J.—.**"**""*'
200
600
„—XN'~'
MANUFACTURING
AND TRADE SALES
^S~
'—'\'
RETAILS UES
Illllllllll
I l l l l l l l l l l iniilimi
^^s~
500
150
Illllllllll
RATIO »
400
1.80
INVENTORY-SALES RATIO
1.70
RFJTAIL
1.60
300
1.50
y-x A ~ _
^^
-^
1.40
200
1 1 1 1 1 1 1 Ml
1992
1
1 1 1 1 1 1 m 1 1 iiiiiliiiii
1993
1994
Illllllllll 1 1 1 1 1 1 1 I 1 II
1995
1.30
J^ ,^-''\
>-'
II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ITIM 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1996
1992
1
2
Sales
Inventories3
iiiiilniii
Illllllllll
1995
1996
1993 | 1994
COUNOLOFCCCINQMICADVISaS
Retail
Wholesale
Sales2
Inventories3
Durable
goods
stores
Total
Inventory-sales
ratio4
3
2
Inventories
Sales
Period
X-^N "^
/
MANUFACTURING
•SEASONAltfAtlUSIED
iOUKEDBWIMINTOFOOMMEKIE
Manufacturing and
trade1
S-
\
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade1
96,527
102,355
106,594
115,887
118,668
124,236
129,046
133,967
140,161
142,516
142,940
144,059
144,022
142,516
143,054
143,249
142,494
142,907
142,774
142,703
144,772
144,644
144,919
1.55
1.50
1.49
1.52
1.52
1.53
1.48
1.45
1.41
1.43
1.44
1.45
1.44
1.42
1.44
1.42
1.42
1.41
1.39
1.40
1.39
1.40
1.39
Retail
Millions of dollars, seasonally adjusted, except as noted
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Sept'
Oct
1996:
Dec
Jau
Feb
Mar
May
July
Aug'
Sepf
Ocf
662,738
430,419
457,735 709,846
497,157 767,226
527,039 815,486
545,909 840,428
542,815 834,281
567,176 842,137
595,240 874,515
637,561 931,702
679,700 989,839
686,522 985,988
-•685,756 992,265
690,243 993,644
695,289 989,839
690,692 995,352
699,208 996,008
700,253 994,010
709,541 998,430
715,130 996,984
711,760 997,322
719,176 1,002,404
717,532 1,005,435
723,432 1,005,819
114,960
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,973
187,387
189,171
189,643
191,574
194,901
192,878
194,053
195,379
197,507
198,258
198,543
202,057
200,086
201,974
75,746
45,057
47,989
80,453
85,587
52,430
91,818
54,763
55,736
97,981
54,165 100,497
58,634 103,999
64,795 108,129
73,042 112,894
78,018
117,050
78,759 117,838
••79,157 '117,132
80,296 117,618
80,852 118,252
80,623 118,506
83,285 120,107
84,108
120,120
82,794 121,237
84,053 121,616
83,472 120,894
83,539
121,180
83,536 121,063
'84,300 '121,896
84,271 122,306
153,574
120,803
163,903
128,442
178,801 138,017
187,009
146,581
195,550 153,718
200,062 154,661
207,663 162,632
215,878
172,924
234,893 185,936
254,616
195,068
253,245 196,597
254,738 ••196,289
254,727 197,914
254,616
199,104
256,258 199,129
255,569 203,392
256,444 204,228
259,592 204,031
258,834 205,669
259,262 204,366
259,100 204,719
258,822 204,599
255,522 '206,196
206,577
1
3
2
4
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data am seasonally adjusted totals for month.
20
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,916
290,602
302,879
302,784
306,224
307,265
302,879
304,370
304,824
302,153
303,397
303,930
304,192
308,858
310,926
313,550
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,949
150,441
160,363
159,844
162,165
163,243
160,363
161,316
161,575
159,659
160,490
161,156
161,489
164,086
166,282
168,631
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.
Sour***: Department of Commerce, Bureau of the (Vnsus.
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.54
1.54
1.56
1.55
1.52
1.53
1.50
1.48
1.49
1.48
1.49
1.51
1.52
1.52
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In September, manufacturers' shipments, inventories, and orders all rose. In October, according to advance data,
durable goods shipments fell and new orders rose.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
SHIPMENT
320
,
280
-s-—
. - *-— 1
\
"js— *
^.X-^N.*—'-"
240
480
440
400
360
320
TOTAL
200
• *••
120
200
DURABLE GOODS
f
/
NONI MJRABLEGOC OS
160
(
80
-tr
240
_,.
• --.->*.*-*
-TOTAL
260
IX RABLEGOODs
\ \
_.-•'""
+.~'*'-;Z*
• INVENTORIES
!
T"
120
NONDURABLE GOODS
BILLIONS OF DOLLARS* (RATIO SCALE)
320 - NEWORDiCK
..
240
80
TOTAL
280
1—'
"
*
s~S
RATK) «
2.00
200
CHJRABLEGOCOS
v
\
t**t* x..-~' ~
.-•'
"•""
160
..-*«=*
120
80
1.60
.•Vx.*.-''
•'-"/"'
NON XJRABLEGCXDOS
i 1 1 1 11 H 1 11
1 1 i M I 1 1 111
1992
1993
INVehfTORY-SHIPMENTS RATIO
1.80
1 1 11 1111 111 f 1 1 1 1i 1 111 1
1994
1995
1 H M 1 II 1 1 1
1.40
r^^^
1.20
i 1 1 1 1 I 1 1 M 1 M 1 II 1 1 1 1 1 1 M 1 1 1 1 1 1 1 1 1
1996
~V
-^_^^
^
1992
1993
1994
•SEASONW.YADJUSIED
SOURCE: DHWiTMENT Of COMMEKE
1 1 1 1 1i 1 1 1 11
1995
1 1 M 1 11 1 M 1
1996
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipmentsl
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
Manufacturers'
unfdled
orders2
Manufacturers'
inventey—
shipments
ratio3
Millions of dollars, seasonally adjusted, except as noted
1986
1987
1988
1989
1990 ... .
1991
1992
1993
1994
1995
1995- Sept
Oct
Dec
1996- Jan ...
Feb
July
Sepf
OetP
1
194,657
206,326
224,619
236,698
242,686
239,847
250,394
260,635
278,652
297,244
300,754
299,824
300,755
301,284
298,685
301,763
300,646
308,003
311,203
308,851
312,400
312,847
315,262
103,238
108,128
118,458
123,158
123,776
121,000
128,489
135,886
148,916
159,215
162,281
160,706
161,360
161,976
159,125
161,918
160,377
164,615
167,487
166,902
167,774
168,471
170,718
168,692
91,419
98,198
106,161
113,540
118,910
118,847
121,905
124,749
129,736
138,029
138,473
139.118
139,395
139,308
139,560
139,845
140,269
143,388
143,716
141,949
144,626
144,376
144,544
322,654
338,107
369,378
391,243
405,105
390,944
382,480
390,721
406,207
432,344
429,959
431,303
431,652
432,344
434,724
435,615
435,413
435,441
434,220
433,868
434,446
435,687
436,747
211,997
220,778
242,450
257,513
263,213
250,006
238,096
243,476
254,798
270,356
268,267
269,971
270,389
270,356
272,657
273,400
273,535
273,870
273,857
273,649
274,807
275,926
276,216
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.
110,657
117,329
126,928
133,730
141,892
140,938
144,384
147,245
151,409
161,988
161,692
161,332
161,263
161,988
162,067
162,215
161,878
161,571
160,363
160,219
159,639
159,761
160,531
195,204
209,389
228,270
239,572
244,507
238,805
248,212
257,698
279,560
298,092
302,744
301,467
302,155
306,155
307,151
302,648
305,091
307,001
314,194
312,139
317,304
310,575
318,572
103,647
110,809
122,076
126,055
125,583
119,849
126,308
133,081
149,505
160,214
365,364
162,792
162,492
167,520
167,355
163,146
165,519
163,472
170,287
169,994
172,402
166,267
173,951
174,209
23,982
26,094
31,108
32,988
33,331
30,471
31,525
31,693
35,847
41,302
44,880
41,310
44,279
47,586
46,163
44,555
46,613
40,487
44,979
42,921
45,935
41,172
47,515
47,212
91,557
98,579
106,194
113,516
118,924
118,957
121,905
124,617
130,055
137,877
137,380
138,675
139,663
138,635
139,796
139,502
139,572
143,529
143,907
142,145
144,902
144,308
144,621
393,515
430,468
474,192
508,853
531,115
519,143
493,104
458,161
469,450
480,128
472,214
473.857
475,257
480,128
1.68
1.59
1.58
1.63
1.65
1.65
1.54
1.49
1.43
1.43
1.43
1.44
1.44
1.44
488,594
489,479
493,924
492,922
495,913
499,201
504,105
501,833
505,143
1.46
1.44
1.45
1.41
1.40
1.40
1.39
1.39
1.39
- 3 Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 0.4 percent in October. Prices of finished consumer foods
rose 0.8 percent, while prices of other finished consumer goods rose 0.4 percent. Capital equipment prices fell
0.4 percent.
INDEX, 1982-100 (RATIO SCALE)
INDEX, 1982-100 (RATIO SCALE)
120
120
CONSUMER GOODS
EXCLUDING FOODS
110
110
100
100
1988
1989
1995
SOURCE: DEPARTMENT OF LABOR
1996
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally actuated]
Finished goods
Intermediate materials
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1986
1987
1988 .
1989
103.2
105.4
108.0
113.6
107.3
109.5
112.6
1990
1991
1992
1993
1994
1995
1995: Oct
Nov
Dec
119.2
121.7
124.4
124.1
123.2
123.3
124.7
125.5
125.7
126.8
129.0
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
130.0
131.4
127.9
128.0
131.5
129.0
129.4
129.3
129.9
1996: Jan
Peb
Mar
Apr
May
Juner ...
July
Aug
Sept
Oct
1
127.9
128.4
128.8
129.6
129.8
129.7
130.4
130.7
130.9
131.1
131.0
131.4
131.7
132.2
118.7
131.0
130.7
131.7
131.1
131.3
133.6
133.6
135.0
135.3
136.4
130.5
130.7
130.3
130.2
130.3
130.6
130.8
98.5
100.7
103.1
108.9
115.3
118.7
108.9
111.5
113.8
117.6
120.8
121.7
121.6
- 124.0
125.7
128.0
130.9
132.7
133.2
134.0
134.2
133.7
133.8
134.0
133.8
134.2
134.6
134.3
134.3
135.0
134.2
124.1
124.1
125.4
126.2
126.0
126.9
127.7
128.0
127.3
127.1
127.3
127.6
128.1
Intermediate materials for food manufacturing and finals.
NOTE.—Beginning 1996, indexes arc based on updated value weights.
22
Durable
120.4
123.9
N
d
ble
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
118.8
118.8
118.4
120.2
121.5
121.2
122.3
123.6
123.8
122.7
122.5
122.8
122.9
124.0
Capital
equipment
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
136.7
137.5
138.1
138.1
138.0
138.0
138.1
138.1
138.1
138.3
138.4
138.3
138.7
138.2
QIHJ
TnfnJ
finished
consumer
Total
s
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
125.6
126.0
126.4
127.4
127.7
127.5
128.4
128.9
129.1
129.3
129.1
129.7
130.0
130.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
124.9
125.4
125.3
125.5
125.7
125.1
125.2
125.7
126.3
125.7
125.3
125.5
125.9
125.9
Foods
and
feeds'
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
114.8
119.0
121.5
123.3
123.2
123.0
123.0
125.3
130.3
131.4
131.8
132.1
133.6
130.9
Other
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
125.5
125.7
125.5
Grade materials
Total
87.7
93.7
93.2
96.2
96.0
103.1
108.9
106.1
111.2
113.1
101.2
100.4
102.4
101.8
102.7
103.0
104.6
105.5
125.7
125.8
125.2
125.4
106.3
125.7
113.8
115.1
112.7
114.9
126.1
125.4
124.9
125.2
125.5
125.6
Source: Department of I^abor, Bureau of Labor Statistics.
Foodstuffs
and
feedstuffs
108.7
110.4
108.9
105.1
108.4
106.5
105.8
112.3
115.5
115.0
114.5
113.7
113.8
118.7
115.1
113.4
126.2
128.0
131.0
130.6
125.6
112.7
122.2
Other
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
96.8
93.2
93.6
96.7
100.9
104.3
101.7
106.4
103.6
98.5
100.2
100.6
101.2
102.3
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 3.0 percent above Its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCAlf)
180
JNDEX, 1982-84 . 100 (RATIO SCAlf)
180
SEASONUIYACUUSiro
170
170
160
160
150
150
CONSUMER PRICES-^ViL ITEMS
140
140
130
120
120
110
110
111
100
1988
1989
1990
1991
1993
1992
1994
1995
100
1996
SEENOIEONWHCIB0W
SOUKS cewnMM of uuai
COUta Of ECONOMIC ADflSBB
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Housing
All items >
Transportation
Shelter
Not
seasonally
adjusted
(NSA)
Period
Rd. imp.3
1986
1987
1988
1989
1990
1991
1992 ..
1993
1994
1995
1995- Oct .
Nov
Dec
1996: Jan
Feb
Mar
May
July
Sept
Oct
1
.. .
.
100.0
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
153.7
153.6
153.5
154.4
154.9
155.7
156.3
156.6
156.7
157.0
157.3
157.8
158.3
Seasonally
adjusted
153.7
153.8
154.1
154.7
155.0
155.6
156.2
156.7
156.8
157.2
157.4
157.8
158.3
Food
Total1
Total
15.8
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
148.4
150.0
150.0
150.2
150.3
150.5
151.4
151.9
152.0
153.1
153.8
154.4
155.1
156.1
41.3
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
148.5
149.6
149.9
150.3
150.8
151.1
151.5
151.9
152,2
152.3
152.9
153.2
153.5
154.0
Main- Fuel
Rent- Homeand
ownteers'
ers'
nance other
costs
utiliand
costs
(Dec.
ties
re(Dec.
1982= 1982=
pairs
100)
100) (NSA)
28.3
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
165.7
167.1
167.5
167.9
168.6
168.9
169.3
169.7
170.1
170.4
171.2
171.4
171.7
172.3
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
3
Relative importance, December 1995.
2
8.0
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
174.3
175.2
175.3
175.5
176.7
177.1
177.7
178.1
178.4
178.7
180.2
180.3
180.5
181.1
20.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
171.0
172.8
173.4
173.9
174.3
174.6
175.0
175.4
175.9
176.2
176.7
177.0
177.4
177.9
0.2
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
135.0
136.3
136.2
136.6
136.3
137.0
137.5
138.0
138.8
138.8
139.4
139.7
139.9
140.2
7.0
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.7
124.1
124.2
124.4
125.0
125.7
126.0
126.8
127.2
126.9
127.5
128.0
128.3
128.9
Apparel
and
up- Total'
keep
Medical
New Motor care
cars
fuel
Energy2
All
items
less
food
and
energy
5.5
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.0
132.1
132.1
132.2
133.1
131.9
132.7
132.2
132.3
131.8
131.7
129.9
130.5
131.1
4.0
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
139.0
139.6
139.8
139.8
140.0
140.4
140.6
140.7
140.8
141.4
141.7
142.1
142.8
142.5
7.4
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
220.5
223.1
223.8
224.6
225.4
225.8
226.4
227.0
227.7
228.3
228.9
229.4
229.8
230.3
6.7
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.2
103.9
103.0
104.1
106.1
106.5
108.0
111.5
112.7
110.2
109.8
109.1
109.1
109.9
77.5
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
161.2
162.9
163.1
163.3
163.8
164.2
164.7
164.9
165.3
165.6
166.1
166.2
166.7
167.1
17.0
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
139.1
139.5
138.9
139.0
140.0
140.7
141.7
143.3
144.3
143.7
143.4
143.1
143.8
144.0
2.9
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
100.0
97.4
95.4
97.5
101.2
101.0
104.6
110.3
112.8
108.7
106.6
104.5
104.2
105.0
NOTE.—Data incorporate a rental equivalence measure for homeownership costs (beginning
1983).
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Change from 3 months earlier, annua] rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
finished
goods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
2.3
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.0
2.3
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
1.9
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.2
Change, month to month
1995- Oct
Nov
Dec
0.2
.3
.6
-0.1
1.1
.1
0.2
0
1.0
0.3
.4
0
2.2
3.2
4.4
4.8
9.0
4.4
1.0
1.0
4.9
2.4
3.6
2.9
1.3
1.4
3.0
2.3
5.7
6.5
0.5
-.6
1.9
1.9
2.5
2.4
2.3
2.1
2.3
1996: Jan
Peb
Mar
.2
-.1
.5
.2
.2
.2
'-.1
.3
.2
.4
-.4
-.2
.8
-.5
.2
1.8
'0
1.0
.2
.8
.6
-.2
.7
.6
.2
-.5
-.2
.2
.2
.4
-.1
0
.1
0
0
.1
'.1
-.1
.3
-.4
4.4
2.8
2.5
2.8
3.8
2.2
.9
1.5
'1.8
3.7
3.1
-2.1
.6
.3
1.8
5.9
7.8
11.8
6.9
6.3
4.9
4.8
6.5
1.3
-1.9
-2.2
'.9
3.2
1.5
-.3
0
.3
.3
.6
.9
.6
'1.2
-.6
3.3
3.0
3.5
3.6
3.3
2.3
1.9
2.6
2.0
2.3
3.9
3.3
2.5
1.7
-.2
3.2
4.0
6.7
5.5
8.2
3.9
3.6
4.9
5.9
6.4
3.1
1.4
2.1
1.1
.6
1.9
1.6
1.5
.9
0
.3
.6
.4
.9
.1
2.2
2.0
2.4
2.4
2.3
2.7
2.6
3.0
2.9
3.0
May
July
Sept
Oct
••5.2
8.7
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing:
All
items'
Period
Food
Rent-
Total"
Total'
ers'
costs
Addendum: All items,
percent change
(annual rate)
Transportation
All
Shelter
Home-
owners'
costs
Fuel
and
other
utilities
APparel
and
upkeep Total'
New
ears
Motor
fuel
Medical
eare
Energy2
items
less
food
and
energy
From
previous
quarter3
From
From
From
year
6
3
months months earlier
NSA
earlier earlier
Change, December to December, NSA
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.5
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
2.1
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2
3.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
3.5
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3
3.0
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
3.7
1995- Oct
Nov
Dec
0.3
.1
.2
0.3
0
.1
0.3
.2
.3
0.4
.2
.2
0.3
.1
.1
0.3
.3
.3
0.6
.1
.2
0.3
0
.1
1996: Jan
Peb
Mar
.4
.2
.4
.4
.3
.1
.3
.1
.3
.3
.1
.1
.6
.3
.1
.7
.5
.4
.5
.6
.3
.2
.3
.3
.2
.1
.4
.2
.2
.3
.4
.2
.2
.2
.2
.2
.5
.1
.2
.3
.7
.2
.3
_2
.2
.2
.8
.1
.1
.3
.2
.2
.2
.2
.3
.2
.3
.2
.2
.3
.5
.6
.2
.6
.3
-.2
.5
.4
.2
.5
.7
1986 ....
1987
1988
1989
1990 . .
1991
1992
1993
1994
1995 ...
:
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
.2
1.4
0.9
4.8
4.7
1.0
5.1
3.4
1.4
.9
-1.6
.1
5.9
1.8
2.1
2.3
1.4
3.3
2.3
2.8
3.2
1.6
-30.7
18.7
-2.1
6.8
36.5
-16.0
1.8
-5.4
5.9
-4.0
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
3.9
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
2.2
-1.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
3.0
0.1
-.4
.1
0
.1
0
-0.5
-2.1
2.2
0.2
.3
.4
0.3
-.9
1.1
0.3
.1
.1
.7
.5
.7
1.1
.7
-.4
-.2
-.2
.5
.1
.1
.3
.1
.1
.1
.4
_2
.3
.5
__2
3.8
-.2
3.6
5.4
2.3
-3.6
-1.9
-2.0
-.3
.8
.4
2
.3
.3
.3
.3
.3
.2
.2
.2
1.9
.4
1.4
3.2
1.1
-2.2
-.4
-.6
0
.7
.3
.2
.3
.1
.2
.2
.3
.1
.3
_2
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
3.8
1.5
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
2.8
Change, month to month
July
Sept
Oct
1
_
.6
-.4
.1
-.4
-.1
-1.4
.5
.5
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.
2
24
Q
3
2"4
3.2
3.9
2.3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
2.6
2.1
2.4
2.5
2.1
2.0
2.8
2.6
2.5
2.6
3.2
4.0
3.9
4.5
3.1
2.6
1.8
2.6
2.8
2.6
2.6
3.2
3.3
3.8
3.5
3.3
3.1
2.8
2.7
2.7
2.7
2.8
2.9
2.9
2.8
3.0
2.9
3.0
3.0
PRICES RECEIVED AND PAID BY FARMERS
In November, prices received by farmers fell 1.8 percent and prices paid by farmers were unchanged. (Data
are not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)
INDEX, 1990-92-100 (RATIO SCALE)
120
120
I 1 1 I I I I I I I 1 1 I I I 11 1 1 1 1 1 11 11 11 I I
60
60
1988
1989
1991
1990
1993
1992
1994
1995
J/ RATIO OF INDEX Of PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
1996
COUNCIL OF ECONOMIC ADVISERS
[1990-92=100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
Livestock and
products
Crops
All commodities,
services, interest,
taxes, and wage
rates1
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
87
89
99
104
104
100
98
101
100
102
87
86
104
109
103
101
101
102
105
112
88
91
93
100
105
99
97
100
95
92
85
87
91
96
99
100
101
104
106
110
85
87
92
97
99
100
101
102
107
109
86
87
90
95
99
100
101
103
106
109
103
102
108
108
105
99
97
98
94
92
1995- Nov
Dec
1996- Jan
Peb
Mar
106
108
117
118
94
96
111
112
111
112
111
112
95
96
108
106
109
108
111
118
•118
116
116
112
110
122
122
129
129
131
141
136
130
125
119
116
94
93
93
93
96
99
103
103
106
103
103
113
113
114
114
115
115
115
115
115
115
115
113
113
114
114
114
114
114
114
114
114
114
113
113
114
114
115
115
116
116
116
'114
114
96
94
96
95
97
103
103
101
101
97
96
May
June
Julv
Sept
Oct
1
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates.
2
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990—92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 slowed in October; growth in M3 accelerated.
MUIONS OF DOUARS* |RATO SCAIE)
5,200
4,800
4,400
BUONS OF DOUARS* (KAHO SCA1E)
5,200
4,800
MOO
4,000
4,000
3,600
-M3-
3,600
-v
3,200
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1/00
1,200
1,200
800
800
j_aJ 600
1988
1989
1992
1990
1993
1995
1996
COUNOL Of ECONOMIC ADVBOS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
Period
1986:
1987:
19881989:
1990:
1991:
1992:
19931994:
1995:
1995-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec ..
Dec
Dec
Aug
Sept
Oct
Nov . .
Dec
1996: Jan
Feb
Mar
May
July
Sept'
Get
M3
M2
M2 plus large
time deposits,
RPs, Eurodollars, and
institutiononly MMMF
balances
Debt
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average of
adjacent
month -end
levels)"
Percent change from year or 6
months earlier2
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus retail
MMMF balances,
MMDAs, and savings and small time
deposits
724.4
749.8
786.9
794.2
825.8
897.2
1,024.4
1,128.6
1,148.7
1,124.9
3,486.4
3,673.3
3,912.4
4,065.5
4,124.1
4,178.4
4,187.1
4,249.6
'4,319.2
'4,572.4
4,122.4
4,328.5
4,664.2
4,894.2
4,975.8
5,004.4
5,075.6
5,164.5
'5,302.9
'5,681.9
7,906.5
8,664.2
9,440.5
10,170.9
10,851.8
11,337.2
11,880.1
12,507.6
13,148.8
13,869.4
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.8
-2.1
1,143.8
1,140.1
1,131.8
1,129.0
1,124.9
2,734.6
2,834.4
2,997.9
3,164.0
3,282.2
3,383.7
3,438.7
3,494.0
3,509.2
3,657.4
3,607.3
3,620.8
3,628.4
3,640.2
3,657.4
'4,508.8
'4,530.0
'4,545.8
'4,557.7
'4,572.4
'5,575.1
'5,622.1
'5,649.5
'5,656.4
'5,681.9
13,655.0
13,706.4
13,765.8
13,822.4
13,869.4
1,119.2
1,117.3
1,126.7
1,123.6
1,117.2
1,116.7
1,108.2
1,099.1
1,091.1
1,075.8
3,671.7
3,687.4
3,722.3
3,727.5
3,721.2
3,737.5
3,742.6
3,754.4
3,764.8
3,773.8
'4,600.3
'4,638.2
'4,680.3
'4,688.6
'4,701.4
'4,721.5
4,732.7
4,752.1
4,780.6
4,819.6
'5,700.4
'5,720.8
'5,779.9
'5,807.3
'5,805.0
'5,835.2
5,851.4
5,883.3
<• 5,923.9
'13,920.1
'13,991.6
'14,067.4
'14,132.3
'14,187.0
'14,246.5
14,314.1
14,360.8
P 14,401.0
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.
26
L
M2
Ml
M3
Debt
9.5
3.6
5.8
5.5
3.7
3.1
1.6
1.6
.4
4.2
9.0
5.4
6.5
3.9
1.4
1.3
.2
1.5'
1.6
'5.9
12.5
9.6
9.0
7.7
6.7
4.5
4.8
5.3
5.1
5.5
-1.5
-3.4
-30
-3.4
5.3
5.8
5.7
5.6
4.9
7.2
'7.4
'7.1
'6.4
'5.4
5.7
5.4
5.4
5.0
4.5
-4.6
-4.6
24
-1.4
-2.1
15
-2.0
-3.3
63
-8.5
4.7
4.4
5.6
5.5
4.5
4.4
3.9
3.6
2.3
2.5
'5.4
5.7
6.6
'6.3
'6.3
'6.5
5.8
4.9
4.3
5.6
4.5
4.9
5.3
5.3
5.3
5.4
5.7
5.3
4.7
fj
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Period
Demand
deposits
Currency
19861987:
1988:
19891990:
1991:
19921993:
19941995:
1995:
Dec
Dec ..
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1996- Jan
Feb
Mar
180.7
196.8
212.3
222.6
246.9
267.4
292.9
322.4
354.9
373.2
369.5
370.8
371.6
373.2
373.6
373.3
375.2
376.0
377.1
379.4
382.6
385.0
387.5
390.3
May
July
Sept'
Oct
Other
checkable
deposits
(OCDs)
302.1
235.6
286.8 259.5
286.8 280.9
279.3 285.3
277.4 293.9
289.5 332.5
339.1
384.2
384.3 414.0
382.4 402.9
389.8 353.0
389.4 372.4
388.1
364.1
388.2
360.4
389.8 353.0
393.5 343.2
397.4 337.8
407.1 335.4
406.3 332.4
409.7 321.8
413.7 315.0
410.5 '306.7
407.3 298.4
405.3 290.0
396.1 280.9
Money market
mutual fund
balances
Retail >
210.3
224.5
246.0
322.5
358.1
373.7
356.0
358.7
388.1
460.3
445.9
450.6
455.5
460.3
463.2
468.4
480.1
480.3
478.3
486.3
491.6
497.7
504.9
511.0
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Institution
only2
84.5
91.1
90.3
106.9
133.5
179.5
199.8
197.9
183.7
227.2
221.7
223.7
224.8
227.2
230.6
243.9
248.3
245.6
243.5
249.4
252.9
257.2
262.7
264.3
1
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
Small denomination and large denomination deposits are those issued in amounts of lei
than $100,000 and more than $100,000, respectively.
2
3
940.9
937.3
926.3
893.6
923.8
1,045.0
1,187.1
1,218.8
,148.9
,134.6
,108.4
,116.1
,120.6
1,134.6
1,151.8
1,164.5
1,183.0
1,193.2
1,197.5
'1,207.0
1,213.6
1,224.3
1,231.4
1,244.8
Small
denomination
time
deposits3
Overnight
and
Large
denom- term
repurination chase
time deposits3 agreements
(RPs)
(net)
420.2
467.0
518.3
541.5
480.9
416.5
353.6
333.7
363.1
417.2
400.3
409.7
415.3
417.2
416.1
421.6
428.5
430.9
436.5
442.6
'448.5
452.0
459.9
480.7
859.0
922.7
1,038.6
1,153.7
1,174.5
1,067.8
871.2
787.9
823.5
937.7
926.4
929.8
935.1
937.7
937.5
937.1
932.5
930.4
928.2
927.5
'929.2
933.4
937.4
942.1
Overnight
and
term
Eurodollars
(net)
143.3
172.6
189.0
158.0
138.8
119.4
128.1
157.5
180.8
'179.4
'193.5
'191.2
'186.8
'179.4
'186.6
'188.7
'186.8
'187.6
'203.1
'194.3
'192.5
191.6
194.7
197.8
Savings
bonds
103.9
108.2
117.0
95.2
88.7
79.3
66.9
66.3
82.3
91.1
93.7
92.9
90.7
91.1
95.4
96.6
94.4
97.0
97.1
97.6
96.2
96.8
98.5 f
103.1
91.8
100.6
109.4
117.5
126.0
137.9
156.6
171.5
180.3
184.8
183.9
184.2
184.5
184.8
185.0
185.0
185.2
185.6
186.0
186.4
186.8
187.2
187.3
Shortterm
BankTreas- ers' acury
ceptsecuri- ances
ties
275.8
249.5
266.8
324.0
334.2
329.1
345.9
342.8
386.9
475.7
456.8
465.6
464.5
475.7
'466.1
445.1
'459.5
'461.7
'433.5
'445.0
'447.4
454.2
'462.1
37.1
44.5
40.2
40.7
36.1
23.9
20.9
14.9
14.2
12.0
12.8
13.4
12.6
12.0
11.8
10.3
9.8
10.3
10.8
11.4
11.4
11.3
Pll.5
Commercial
paper
231.3
260.6
335.4
346.5
355.3
335.2
365.0
385.5
402.4
437.1
438.6
440.5
437.1
437.1
437.2
442.3
445.1
461.0
473.4
470.9
473.1
478.6
P 482.4
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not
shown here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures1; 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
38,950
38,866
40,410
40,508
41,780
45,547
54,367
60,519
59,364
56,364
1986:
19871988:
1989:
1990:
1991:
19921993:
1994:
1995:
1995:
Dec . .
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Get
Nov
Dec
1996- Jan
Feb .. ..
Mar
May ....
July
Sept'
Get
1
Nonborrowed
56,839
56,333
56,364
. . . .
55,606
54,848
55,727
55,182
54,227
54,112
53,197
52,269
51,351
50,127
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
38,123
38,089
38,694
40,242
41,455
45,355
54,243
60,437
59,156
56,106
56,593
56,129
56,106
55,568
54,813
55,706
55,091
54,100
53,726
52,829
51,935
50,983
49,840
Nonborrowed
plus
extended
credit
38,426
38,572
39,938
40,262
41,478
45,356
54,244
60,437
59,156
56,106
56,593
56,129
56,106
55,568
54,813
55,706
55,091
54,100
53,726
52,829
51,935
50,983
49,840
Required
37,580
37,820
39,362
39,585
40,116
44,569
53,212
59,456
58,196
55,086
55,758
55,390
55,086
54,121
53,997
54,590
54,062
53,368
52,962
52,132
51,308
50,313
49,142
Monetary
base
223,571
239,784
256,920
267,723
293,332
317,502
351,244
386,877
418,723
435,006
432,737
433,206
435,006
435,182
433,667
436,871
436,644
437,009
'439,088
'441,882
'444,204
445,864
447,149
Total
827
777
1,716
265
326
192
124
82
209
257
245
204
257
38
35
21
91
127
386
368
334
368
287
Seasonal
38
93
130
84
76
38
18
31
100
40
199
73
40
7
7
10
34
105
192
284
309
306
212
Extended
credit
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.7 percent in October; commercial and industrial loans rose 1.1
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,000
200
200
160
1996
1988
*SEA5ONMLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally actuated1]
Securities in bank credit
Period
19881989:
19901991:
1992:
19931994:
1995:
Dec
Bee
Dec
Dec
Dec
Dec
Dec
Dec
1995: Oct
Nov
Dec
1996: Jan
Peb
Mar r ...
Apr ...
May r
Juner
July
Auer .
Sepf ..
Oct
Total
bank
credit
2,436.0
2,609.3
2,751.9
2,856.4
2,956.9
3,113.7
3,326.3
3,611.5
3,587.3
3,599.3
3,611.5
3,642.7
3,655.9
3,649.7
3,668.4
3,672.0
3,679.3
3,683.4
3,677.7
3,693.2
3,713.2
Total
securities
562.0
584.5
633.7
745.0
843.5
918.8
952.2
997.4
994.1
995.0
997.4
1,000.2
1,006.5
991.4
990.7
996.6
990.8
985.9
974.8
969.3
970.0
Loans and leases in bank credit
U.S.
Total loans CommerGovernOther
cial and
and
ment
securities
leases2
industrial
securities
366.8
400.0
455.6
565.2
666.8
733.9
732.0
709.4
712.3
713.4
709.4
195.2
184.5
178.1
179.8
176.7
184.9
220.2
288.0
1,874.1
2,024.8
2,118.2
2,111.4
2,113.4
2,194.9
2,374.0
2,614.1
281.8
281.6
288.0
2,593.2
2,604.3
2,614.1
701.8
714.8
704.3
704.5
713.3
708.5
708.2
702.3
703.8
702.2
298.4
291.8
287.1
286.3
283.4
282.2
277.7
272.5
265.5
267.8
2,642.5
2,649.3
2,658.3
2,677.6
2,675.4
2,688.6
2,697.5
2,702.9
2,723.9
2,743.2
* 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 reelassifications of assets and liabilities.
28
608.0
639.3
640.9
619.5
596.2
585.9
645.2
716.8
709.6
713.8
716.8
723.9
728.4
727.3
733.2
735.6
738.6
742.5
744.0
758.0
766.6
Heal estate
Total
Revolving
home
equity
675.1
770.2
855.3
880.0
901.3
940.5
1,002.5
1,078.9
40.1
50.3
62.3
69.6
73.5
73.0
75.3
79.1
1,075.8
1,077.8
1,078.9
1,086.4
1,089.9
r
1,095.2
1,097.0
1,098.7
1,101.9
1,103.0
1,109.7
1,111.4
1,113.8
78.4
78.8
79.1
79.6
79.9
79.9
80.1
79.7
79.3
79.7
80.3
81.0
82.3
Consumer
Security
Other
Other
635.0
719.9
793.0
810.4
827.8
867.5
927.2
999.8
997.4
999.0
999.8
1,006.7
1,010.0
'1,015.3
1,017.0
1,019.0
1,022.6
1,023.3
1,029.4
1,030.4
1,031.5
357.8
378.3
383.4
366.6
358.9
390.5
451.2
496.0
40.7
41.4
45.0
54.4
64.1
87.5
76.2
83.8
192.4
195.6
193.5
190.9
192.9
190.6
199.0
238.7
490.1
493.1
496.0
87.0
87.0
83.8
230.8
232.5
238.7
500.2
500.3
503.8
507.4
504.9
510.2
512.5
513.9
517.9
517.3
85.0
85.7
84.9
86.0
82.6
82.1
80.4
76.8
77.0
78.5
247.0
245.0
247.0
254.0
253.6
255.7
259.1
258.5
259.6
267.0
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS. NONFARM NONFINANCIAL CORPORATE
BUSINESS
(Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Credit market funds
Internal1
Total
Total
533.4
648.4
851.9
744.3
592.6
489.3
599.9
698.1
758.9
894.9
663.5
755.3
698.1
918.5
754.7
963.3
906.4
955.2
976.6
878.1
1986
1987
1988
1989
1990
. ..
1991
1992
1993 .. .
1994
1995
1994- I
H
in
IV
1995: I
n
m
IV
1996- I
HP
343.4
374.5
408.2
396.9
409.1
422.2
438.6
480.2
524.9
543.8
517.1
524.7
524.7
532.8
517.7
527.5
559.1
571.0
578.4
584.5
190.0
273.9
443.7
347.4
183.5
67.1
161.3
217.9
234.0
351.1
146.4
230.6
173.4
385.7
237.0
435.8
347.3
384.2
398.2
293.6
151.3
73.2
95.5
59.0
47.0
-34.8
61.1
67.8
79.4
134.3
97.4
121.3
77.6
21.4
179.0
187.5
62.2
108.5
59.6
140.5
Securities
and mortgages
58.9
29.1
-.2
-35.9
-26.6
75.9
67.1
80.2
-33.0
2.8
5.7
29.8
-47.3
-120.4
-4.9
27.4
-31.7
20.3
-46.6
63.4
1
Profits before tux (book) lost; profit tax accruals and dividends plus consumption of fixed
capital, foreign earnings retained abroad, and inventory valuation adjustment
2
Consists of tax liabilities, trade debt, pension fund liabilities, am] direct foreign investment
in the U.S.
Loans and
short-term
paper
92.4
44.1
95.7
94.9
73.6
-110.7
-6.0
-12.4
112.4
131.5
91.7
91.5
124.9
141.8
183.9
160.1
93.9
88.2
106.2
77.1
Total
Other"
38.7
200.8
348.1
288.4
136.5
101.9
100.1
150.1
154.6
216.7
48.8
109.3
95.8
364.3
58.0
248.4
285.1
275.7
338.6
153.0
519.4
592.0
756.2
632.9
509.8
500.7
554.4
787.9
763.1
882.6
680.6
698.8
671.9
1,001.2
726.4
929.3
857.3
1,017.3
960.0
859.7
Increase in
financial
assets
Capital
expenditures3
347.3
357.4
373.3
399.4
394.5
370.9
386.9
430.6
485.0
546.6
443.8
476.8
490.7
528.7
552.9
534.1
573.0
526.3
520.7
529.5
Discrepancy
(sources
less
uses)
14.0
56.5
95.7
111.4
82.9
-11.4
45.6
-89.8
-4.3
12.3
-17.1
56.5
26.2
-82.6
28.4
34.0
49.1
-62.2
16.5
18.4
172.1
234.6
382.9
233.5
115.3
129.8
167.5
357.3
278.1
336.0
236.8
222.0
181.2
472.5
173.5
395.2
284.3
491.0
439.3
330.2
3
Plant and equipment, residential structures, inventory investment, and access rights from
U.S. Government
Source: Board of Governors of the Federal Reserve System.
CONSUMER CREDIT
[Billions of dollars; seasonally adjusted!
Total
198619871988:
19891990:
199119921993:
19941995:
1995:
Dec
Dec 3
Dec
Dec
Dec
Dec
Dec .
Dec
Dec
Dec
Sept
Oct
Nov .. ..
Dec
1996- Jan r
Feb'r
Mar ... .
Aprr
May*"1
June "
July
Augr
Sepf
. .
638.9
671.7
729.9
781.9
796.4
781.1
784.9
844.1
966.5
1,103.3
1,074.7
1,082.7
1,094.4
1,103.3
1,113.6
1,125.1
1,136.5
1,144.5
1,151.1
1,158.2
1,170.1
1,175,1
1,172.5
Automobile
247.2
266.1
285.5
291.0
282.4
259.3
257.1
279.8
317.2
350.8
341.0
344.1
347.2
350.8
352.7
355.6
358.6
361.2
362.3
367.0
372.4
373.1
372.1
Revolving
136.0
153.3
174.5
198.6
223.3
245.8
257.8
287.0
339.3
413.9
399.5
404.6
407.4
413.9
419.0
425.7
431.3
437.9
443.5
445.1
452.1
454.6
455.6
1
For year-end data, change from preceding year-end; for monthly data, change from preceding month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc., plus noninstatlment credit
Net change in consumer credit outstanding!
Consumer credit outstanding (end of period)
Period
Other 2
255.7
252.4
269.9
292.3
290.7
276.1
269.9
277.3
309.9
338.6
334.2
334.0
339.7
338.6
341.9
343.8
346.6
345.5
345.4
346.1
345.6
347.4
344.8
Total
54.2
32.8
58.2
(4)
14.5
-15.3
3.8
59.2
122.4
136.8
14.8
8.0
11.7
8.9
10.3
11.5
11.4
8.0
6.6
7.1
11.9
5.0
-2.6
Automobile
36.3
18.9
19.4
(4)
-8.6
-23.1
-2.2
22.7
37.4
33.6
1.8
3.1
3.1
3.6
1.9
2.9
3.0
2.6
1.1
4.7
5.4
.7
-1.0
Revolving
13.9
17.3
21.2
(4)
24.7
22.5
12.0
29.2
52.3
74.6
9.4
5.1
2.8
6.5
5.1
6.7
5.6
6.6
5.6
1.6
7.0
2.5
1.0
Other 2
4.0
-3.3
17.5
(4)
-1.6
-14.6
-6.2
7.4
32.6
28.7
3.6
-.2
5.7
-1.1
3.3
1.9
2.8
-1.1
-.1
.7
-.5
1.8
-2.6
3
Data newly available in January 1989 result in breaks in many series between December
1988 and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Overall interest rates fell in November.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
14
12
u/
V
/" r~
___
r'"
..--..,
10
CORPORATE Aaa BONDS
[MOODY'S)
8
\
\
^
/
NX
J
N
X
/"
'\
6
TREASURY
BILLS
/ "-—,..
"•" """""
J
>t
1
4
/H
"7H-. .DISC OUNT
RATE
2
RESERVE
BANK OF
NEW YORK
1
1
1989
1988
1990
1991
1992
1993
1995
1994
SOURCE: SEE TABLE BELOW
0
1996
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Nov
Dec
1996: Jan
Feb
Mar
Apr
May
June
July
Aue
Sept
Oct
Nov
Week ended:
1996: Nov 2
9
16
23
30
1
3-month
bills (new issues) l
Constant maturities2
3-year
10-year
High-grade
municipal
bonds
(Standard
& Poor's) 3
30
Prime
commercial
paper,
6 months1
Discount rate
(N.Y. F.R.
Bank)*
Prime rate
charged by
banks"
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.51
5.35
5.16
5.02
4.87
4.96
4.99
5.02
5.11
5.17
5.09
5.15
5.01
5.03
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
5.57
5.39
5.20
5.14
5.79
6.11
6.27
6.49
6.45
6.21
6.41
6.08
5.82
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
5.93
5.71
5.65
5.81
6.27
6.51
6.74
6.91
6.87
6.64
6.83
6.53
6.20
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
5.61
5.42
5.42
5.45
5.82
5.93
5.98
6.03
5.91
5.72
5.86
5.71
5.60
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
7.59
7.02
6.82
6.81
6.99
7.35
7.50
7.62
7.71
7.65
7.46
7.66
7.39
7.10
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
5.59
5.43
5.23
4.99
5.26
5.38
5.42
5.57
5.67
5.51
5.66
5.45
5.40
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
5.21
5.25-5.25
5.25-5.25
5.25-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
8.83
8.75-8.75
8.75-8.50
8.50-8.50
8.50-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
5.04
5.04
5.02
5.03
5.03
5.97
5.89
5.81
5.79
5.75
6.42
6.30
6.18
6.16
6.12
5.73
5.66
5.60
5.56
5.56
7.28
7.18
7.08
7.05
7.06
5.42
5.41
5.40
5.39
5.40
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
New-home
mortgage
yields
(PHFB)5
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.87
7.46
7.40
7.32
7.20
7.49
7.76
7.80
8.05
8.01
8.08
7.98
7.95
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in November.
INDEX, DEC. 31,1965-50 (RATIO SCALE)
400
380
360
340
320
300
280
INDEX, DEC. 31,1965=^0 (RATIO SCALE)
400
380
360
340
320
300
280
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
10
5
1988
1989
1990
1991
1992
1993
1994
1995
SOURCES: NEW YC*K STOCK EXCHANGE At* STANDARD & POOS'S CORPCSATON
1996
COUNCIL Of ECONOMIC ADVISEES
Common stock pricesl
Period
Common stock yields
(percent) fi
New York Stock Exchange indexes (Dee. 31, 1965
except as noted) 2
Composite
Industrial
Transportation
Utility
3
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's composite index
(194143=10) 5
Dividendprice ratio
price ratio
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
13G.OO
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
291.15
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.4!
142.72
148.59
143.53
374.87
181.20
185.32
198.91
228.90
209.06
220,30
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3.793.77
4,493.76
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.4!
4S0.33
541.64
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
6.09
5.48
8.01
7.41
6.47
4.79
4 ''2
4.46
5.83
6.09
1995- Nov
Dec
317.58
327.90
398.66
412.11
300.06
303.53
238.98
247.59
266.12
273.36
4,935.81
5,136.10
595.53
614.57
2.37
2.30
5.51
1996: Jan
Fi>h
Mar
329.22
346.46
346.73
347 50
354.84
358.32
345.52
354.59
360.96
373.54
388.75
412.71
435.92
439.56
441.99
452.63
458.30
438.58
449.41
459.69
473.98
490.60
300.30
315 29
3-24.76
326.42
334.66
331.57
316.66
321.61
323.12
332.93
348.32
254.07
257.80
245.77
244.87
249.73
247.20
245.31
244.74
242.25
249.61
258.85
273.73
290.97
290.45
287.92
290.43
294.42
287.89
302.95
308.16
324.42
345.30
5,179.37
5,518.73
5,612.24
5,579.86
5,616.71
5.671.51
5.496.26
5,685.50
5.804.01
5,996.21
6,318.36
614.42
649,54
647.07
647.17
661.23
668.50
644.07
6G2.68
674.88
701.46
735.67
2.31
2 22
2 2'^
£24
2.21
2.21
2.28
2 22
373.00
381.66
387.79
392.28
398.19
470.56
480.92
490.24
495.33
502.16
335.20
341.54
347.09
351 .67
356.86
251.92
257.20
258.16
260.08
261.78
328.97
338.62
342.24
348.52
357.12
6,004.86
6,145.29
6,291.38
6,412.95
6,524.31
701.74
720.79
733.21
742.92
756.25
2.10
2.04
2.03
2.00
1.97
Apr
May
June
July
Sept
Oet
Nov
Week ended:
1996: Nov 2
9
16
23
30
1
Average nf daily closing prices.
-Includes ail the stocks'(more than 2,000 in 1992} listed on the NYSE.
3
Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. Ail indexes shown here reflect
the doubling.
1
Includes 30 stocks.
5
Includes 500 stocks.
2!i>5
5 27
5.2!
5.24
2 11
2.01
B
Standard & Poor's series. Dividend-price ratios based on Wednesday dosing prices. Kan>
mgK-pnee ratios based on prices at end of quarter.
NOTS.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Su»ck Exchange, Dow-Jones & Company, Inc., and Standard £ Poor's
Corporation.
31
FEDERAL FINANCE
RECEIPTS. OUTLAYS. AND DEBT
In the first month of fiscal 1997, there was a deficit of $40.3 billion, compared with a deficit of $22.6 billion
a year earlier.
BIUJONS OF DOLLARS
BILLIONS OF DOLLARS
1,600
1,600
RECEIPTS AND OUTLAYS -"
1,500
1,500
1,400
OUTLAYS-17-
1,400
1,300
1,300
1,200
1,200
1,100
1,100
1,000
1,000
RECEIPT5-
900
900
800
800
700
700
600
60°
— SURPLUS OR DEFICIT | -) ^-
-100
-100
-200
-200
-300
-300
_L
-400
1987
1989
1988
1990
1991
•" INOJUDB ON-BUOGET AND OFF-BUDGET ITEMS.
SOURCB: r»ARTMEW Of THE TREASURY ATJDOfTKE Of MANAGEMENT AND BUDGET
1992
1993
1994
1995
1996
-400
N
RSCAL YEARS
COUNOl Of ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
Outlays
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,351.5
1,452.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.5
1,323.6
1,380.9
1,408.7
1,460.8
1,515.4
1,560.1
-53.7
-59.2
-40.7
-73.8
-79.0
- 128.0
-207.8
- 185.4
-212.3
-221.2
-149.8
-155.2
-152.5
-221.2
-269.4
-290.4
-255.1
-203.1
-163.9
-107.3
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
922.7
1,000.4
1,085.3
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
769.6
806.8
810.1
861.4
932.3
1,027.5
1,081.9
1,128.5
1,142.1
1,181.5
1,226.7
1,259.6
95.7
100.0
118.3
140.2
-22.6
-40.3
72.3
73.9
92.1
113.6
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
. .
. .
First month: '
Fiscal year 1996
Fiscal year 1997
1
Data from Monthly Tmixury Statement.
32
Off-budget
Surplus
Receipts
1977
1978
1979
1980
1994
1995 '
1996'
On-budget
Surplus
or
deficit
or
Receipts
Outlays
deficit
-49.8
-54.9
Surplus
Receipts
Outlays
Federal debt (end of
period)
or
Gross
Federal
Held by
the public
549.1
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.1
3,603.3
3,733.0
3,616.7
3,748.5
deficit
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
300.5
-3.9
43
-72.7
-74.0
- 120.1
-208.0
-185.7
-221.7
-238.0
-169.3
-194.0
-205.2
-277.8
-321.6
-340.5
-300.5
-258.8
-226.3
-174.4
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
367.5
-2.0
-1.1
50
-7.9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
67.0
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
4,920.9
5,181.9
-19.8
-39.6
23.4
26.0
26.2
26.6
-2.8
-.6
4,933.1
5,205.3
QQ 7
OO.
I
Sources: Department of the Treasury am) Office of Management ami Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first month of fiscal 1997, receipts were $4.3 billion higher than a year earlier and outlays were $21.9
billion higher.
BILLIONS OF DOLLARS
700
BILLIONS OF DOUARS
700
RECEIPTS-"
. — "^*^"
600
INDIVIDUAL INCOME TAXES
500
500
400
—'F
300
400
=
SOTIAI INSURANCE
TAXES AND CONTRIBUTIONS
rnepnsATPN
J
INCOME TAXES
200
_
100
100
0
1
1
1
1
I
,
1
OTHER RECEIPTS
|
0
1,400
1,400
OUTLAYS -17
1,300
1,200
900
**'"'
_ — ———•"""""
700
600
500
500
400
300
300
200 /\
\
1987
1
1988
1
1989
1
1
1990
1991
I
t
1992
1
1993
1
1994
•" NaUDES ON-BUDGET »*> OfF-BUOGEt HEMS.
SOURCES: DffASTMENT Of THE TMASUW AND OfflCT Of /WNAGBW4T AND BUDGET
N 200
1995
1996
COUNCH Of ECONOMIC ADVISERS
[Billions of dollars]
On- mdgct anil ofT-buclgct receipts
Kiscal year or period
Total
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995"
1996'
First month: '
Fiscal year 1996
Fiscal year 1997
..
.
Social
insurCoi*
Indiance
poravidual
taxes
tion
income
and
taxes income
taxes contributions
On-budget and off-budget outlays
National defense
(Xhcr
Total
Department of
Defense,
militaiy
International
affairs
Health
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
Medicare
Income
security
Social
security
Net
interest
Other
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,351.5
1,452.8
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
656.4
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.0
171.8
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
484.5
509.4
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
98.0
112.8
119.8
115.1
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.5
1,323.6
1,380.9
1,408.7
1,460.8
1,515.4
1,560.1
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.1
265.4
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.6
253.3
16.2 33.5
14.2 35.9
11.6
40.0
10.5 44.5
9.6 48.4
13.8
57.7
71.2
15.9
16.1
89.5
17.2 99.4
17.1 107.1
16.4 115.1
13.7 118.9
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
159.9
174.2
128.2
119.8
123.3
129.3
136.0
147.0
170.3
196.9
207.3
214.0
220.4
225.3
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
349.7
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
241.1
131.8
142.1
125.9
139.4
158.8
203.7
225.0
173.9
159.7
173.7
163.5
171.9
95.7
100.0
51.8
54.0
2.2
.9
32.1
36.1
9.5
9.0
118.3
140.2
18.2
22.3
17.1
21.2
9.7
10.4
12.7
16.1
14.5
18.5
28.1
29.4
20.6
21.5
13.6
18.0
1
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from livilget of the Vvitttl States Urnxnttaeal, Kmd Year
1997, issued March 19, 1996.
Total
1.1
4.1
19.3 61.0 85.1 29.9
93.9 35.5
22.8 61.5
26.5 66.4 104.1
42.6
52.5
32.1 86.5 118.5
39.1 99.7 139.6 68.8
46.6 107.7 156.0 85.0
52.6 122.6 170.7 89.8
57.5 112.7 178.2 111.1
93.0
114.7
120.2
131.4
133.5
125.4
122.3
118.6
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR. NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1996, according to revised estimates, Federal receipts rose $6.7 billion (annual rate); Federal
current expenditures rose $0.3 billion.
BU1JONSOFDOUARS
1,800
BILUONSOFDOUARS
1,800
SEASONABLY ADIUSIB) AM4UAI MIES
•* """
/
1/00
- - - • •••**
-
s *""
1,400
CURRENT EXPENDITURES
\
1,200
_^*
^s
**•""'"*
1,000
**• "* ™*
800
/^
<^ ***
-
600
-^
^s -——
^S
—
^ *» /
r
•
s~
,'
* ". 1. 1**
•
S
"-
1/00
S-*
-
1,400
1,200
^
1,000
-
RECEIPTS
800
-
^—'-^
600
-
-
-
-
-
-
400
^400
200
200
O JRRENTS URPtUSO* DEFICIT I-)
0
0
-200
^
-MO
1 1 1
I i i
1*1
1 1 i
i t i
I I I
1 1 1
1982
1983
1984
1985
1984
1987
1988
\.— ~^
!s-
— "^
./
>^ *V
**~
-^
1989
i i i
1
1990
1991
1
1
^-^- ^
itt i
1992
i i
1993
^-—
-200
1 1 I
i i i
i ii
1994
1995
1994
-400
CAl&OVUtYEADS
SOUKCt DBMlMBffOFGOMMHKZ
OOUNOl. OF ECONOMIC 4DVSHIS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government current expenditures
Federal Government receipts
Period
Total
Calendar year:
1989
1990
1991
1992
1993
1994
1995
1991- IV
1992- IV
1993- I
II
Ill
IV
1994- I
II
III
IV
1995- I
II
in
IV
1996- I
II
IE'
1,079.3
1,129.8
1,149.0
1,198.5
1,275.3
1,377.0
1,478.4
1,160.9
1,230.5
1,225.2
1,271.3
1,280.3
1,324.4
1,321.9
1,382.8
1,387.1
1,416.3
1,449.3
1,483.2
1,486.6
1,494.7
1,523.1
1,575.6
1,582.3
Personal
tax and
nontax
receipts
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
463.4
485.7
476.9
490.8
523.6
561.4
614.9
479.0
510.0
501.0
521.0
529.1
543.4
539.3
571.3
560.4
574.5
117.1
118.0
109.8
118.6
137.5
164.4
184.3
111.1
123.7
127.5
136.5
133.7
152.2
144.3
162.2
171.3
180.0
183.1
180.7
189.1
184.3
196.4
199.0
194.8
61.7
65.1
79.7
81.9
88.2
92.6
91.2
82.8
86.5
84.3
87.5
87.2
93.7
92.8
91.3
93.3
93.2
91.7
93.5
88.4
91.3
84.4
83.2
85.7
594.6
624.4
617.3
623.3
639.6
681.4
681.3
Source: Department of Commerce, Bureau of Economic Analysis.
34
Contributions
for
social
insurance
Total
Consumption
expenditures
437.1
461.1
482.6
507.1
526.0
558.6
588.0
488.1
510.3
512.4
526.2
530.3
535.1
545.5
558.1
562.1
568.6
1,192.7
1,284.5
1,345.0
1,479.4
1,530.9
1,567.3
1,640.1
1,399.8
1,509.5
1,509.7
1,521.5
1,534.7
1,557.7
1,534.6
1,552.5
1,575.7
1,606.4
579.9
584.6
591.8
595.9
602.6
612.0
620.4
1,621.9
1,644.3
1,645.0
1,649.3
405.2
426.6
445.9
451.0
451.9
450.7
453.8
440.5
457.7
451.3
448.5
453.5
454.3
446.7
445.1
455.7
455.3
454.6
455.6
453.6
451.4
1,678.3
1,702.3
1,702.6
453.6
463.5
461.6
Transfer
payments
471.7
513.3
522.2
625.1
659.1
682.9
719.9
565.8
643.3
645.9
654.7
660.8
675.0
670.9
676.4
683.5
700.9
708.3
716.2
724.2
730.9
756.2
757.9
762.6
SubsiGrantsdies less
in-aid
current
to
surplus
Net
State interest
of
and
Governpaid
local
ment
governenterments
prises
118.2
132.4
153.4
172.2
185.7
195.9
206.1
162.7
176.3
177.3
181.5
187.2
197.0
192.2
197.5
196.9
196.9
205.8
211.3
203.8
203.3
207.6
219.3
214.5
166.7
179.9
192.7
195.8
192.3
201.4
229.1
200.0
191.8
190.5
193.2
192.7
192.8
188.3
198.3
204.3
214.8
220.9
229.3
232.3
233.9
230.5
230.8
233.7
30.8
32.4
30.8
35.1
41.8
36.4
31.3
30.9
40.3
44.7
43.6
40.5
38.6
36.5
35.3
35.2
38.5
32.3
32.0
31.1
29.9
30.4
30.8
30.3
Less:
Wage
accruals less
disbursements
0.0
.1
-1
!o
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
Current
surplus
or
deficit
(-),
national
income
and
product
accounts
-113.4
-154.7
- 196.0
-280.9
-255.6
- 190.2
-161.7
-238.8
-279.0
- 284.5
-250.2
- 254.4
-233.3
-212.7
-169.6
-188.5
- 190.1
-172.6
-161.1
- 158.5
- 154.5
- 155.2
- 126.7
- 120.3
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987=100; seasonally adjusted)
Period
United
States
Canada
Japan
'Germany
Prance
Consumer prices (1982-84=100; NSA)
United
Kingdom
Italy
United
States1
1986
1987 .
1988
1989
1990
1991
1992
1993
1994
1995
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
95.4
100.0
105.3
105.2
101.7
97.4
98.5
102.9
110.1
113.8
96.7
100.0
109.4
115.7
120.6
122.9
115.8
111.0
112.3
115.8
98.8
100.0
104.6
108.5
110.1
108.7
107.5
103.4
107.3
109.0
99.6
100.0
103.9
108.8
114.5
117.8
115.8
107.1
110.4
110.0
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.5
111.0
117.0
96.2
100.0
104.8
107.0
106.7
102.8
102.7
104.9
110.1
113.0
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
1995: Aug
122.7
122.8
122.2
122.6
122.8
113.9
113.9
113.5
113.7
113.5
116.5
113.4
115.0
116.6
117.7
110.1
108.2
107.2
107.5
108.6
110.7
112.1
109.5
110.6
110.8
125.6
118.3
117.4
117.4
121.8
113.6
114.1
113.0
113.6
114.0
152.9
153.2
153.7
153.6
153.5
122.5
124.2
123.6
124.5
125.4
126.4
' 126.3
126.8
127.2
126.6
114.1
113.7
113.5
114.2
114.5
114.5
116.1
116.3
117.7
121.0
113.6
117.2
119.9
115.6
120.1
117.5
118.7
108.8
109.1
109.7
108.8
111.1
109.1
111.1
115.7
115.2
116.9
113.8
114.0
113.1
154.4
154.9
155.7
156.3
156.6
Sept
Oct
Nov
Dec . .
1996: Jan
Feb
Mar
.
May
July
Sept
Ocf
1
'109.6
'109.1
111.2
111.2
'113.6
114.3
113.4
114.5
'110.6
'111.4
'112.1
'112.8
'112.7
'112.1
'114.5
'113.6
'114.2
'113.9
110.6
115.0
114.4
113.9
Data relate to all urban consumers.
Canada
Japan
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
151.4
151.8
151.8
151.8
152.0
151.8
152.2
152.4
153.0
153.4
153.9
153.7
'156.7
157.0
157.3
157.8
158.3
'153.7
153.9
154.1
154.4
Ger-
Prance
104.8
104.8
105.6
108.1
111.4
115.0
116.9
118.4
119.3
119.1
118.9
119.6
119.3
118.9
118.9
118.8
118.5
118.8
119.5
119.7
119.4
119.3
119.1
119.6
Italy
many
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
148.4
104.7
104.9
106.3
109.2
112.2
116.2
120.9
125.2
128.6
130.8
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
148.7
149.2
149.3
149.5
149.6
131.2
131.1
131.0
131.0
131.4
205.4
206.0
149.9
150.4
151.3
151.6
151.9
151.7
151.5
151.1
151.6
151.9
131.5
132.2
132.2
132.3
132.6
132.8
133.2
133.1
133.0
133.0
209.0
209.6
United
Kingdom
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
175.2
204.0
176.1
176.9
176.0
176.0
177.1
207.1
208.3
208.7
176.5
177.3
178.0
179.3
179.6
179.8
179.1
179.9
180.7
180.7
210.2
211.4
212.2
212.7
212.2
212.4
213.1
213.3
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)
Services
(BOP basis)
Goods: Imports (customs value)
Balance of trade
(exports minus imports;
Census basis (by end-use category)
Census basis (by end-use category) *
BOP basis
Period
BOP
basis
AutoInCap- motive
ital
Poods, dustrial
Total, feeds, sup- goods vehicles,
except
Census and
plies
bevauto- parts
basis2
and
and
moerages mateentive
rials
gines
223.3
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.5
575.9
227.2
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
584.7
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
41.9
50.5
1995: Sept
Oct
Nov
Dec
49.7
49.5
49.8
50.1
50.3
50.3
50.6
50.9
4.7
4.4
4.4
4.5
12.4
12.5
11.9
12.1
1996: Jan
Peb
Mar
Apr
May
June
July
Aug'
Sept
48.7
50.9
50.5
50.7
51.4
51.0
48.8
51.1
50.1
49.3
51.7
51.4
51.6
52.5
51.9
50.2
52.5
51.4
4.7
4.5
4.9
4.7
4.7
4.5
4.7
4.7
4.4
11.9
12.2
12.5
12.7
12.5
12.3
11.4
12.2
12.0
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1
2
Consumer
goods
(nonfood)
except
automotive
BOP
basis
Total,
Census
basis2
21.7
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.6
61.8
14.2
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
64.4
368.4
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
749.4
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
743.4
24.4
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
33.2
19.8
20.3
20.7
21.2
5.6
5.2
5.1
5.2
5.4
5.5
5.5
5.5
62.9
62.6
62.1
62.7
62.7
62.2
61.8
62.5
2.8
2.8
2.7
2.7
19.9
21.3
20.8
21.1
21.1
20.7
20.0
21.0
20.1
5.2
5.4
4.9
4.9
5.4
5.5
5.2
5.4
5.9
5.5
5.8
5.7
5.8
5.9
5.9
5.5
5.8
5.9
64.2
63.7
64.9
66.3
68.2
65.6
66.3
67.5
67.7
63.9
63,3
63.7
64.7
66.9
64.7
65.8
66.7
67.4
2.8
2.8
3.0
3.0
3.0
2.9
2.9
3.0
3.0
75.8
57.3
86.2
66.7
85.1 109.2
99.3 138.8
104.4 152.7
109.7 166.7
109.1 175.9
111.8 181.7
121.4 205.2
146.3 233.0
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
Auto- Conmo- sumer
Capital
Poods,
tive goods
trial goods vehi(nonfeeds, supfood)
and
cles,
except
plies
bevauto- parts except
and
autoand
moerages
matemoentive
rials
tive
gines
In-
Exports
Imports
Goods,
Census
basis
Goods
Services
Goods
and
services
71.8
101.3
84.5
111.0
118.3 101.4
132.3 113.3
143.2 116.4
131.6 120.7
138.6 134.3
145.6 152.4
162.0 184.4
180.7 221.4
78.2
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
124.8
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
160.0
85.9
98.3
110.9
127.0
147.5
163.8
177.3
186.1
195.8
210.6
81.0
91.7
99.5
103.5
118.8
119.6
119.5
125.5
134.1
142.2
- 138.3
- 152.1
-118.5
- 109.4
-101.7
-66.7
-84.5
-115.6
- 150.6
-158.7
- 145.1
- 159.6
- 127.0
-115.2
- 109.0
-74.1
-96.1
-132.6
-166.1
-173.4
4.9
6.6
11.4
23.5
28.7
44.2
57.8
60.6
61.7
68.4
- 140.1
- 152.9
- 115.5
-91.8
-80.3
-29.9
-38.3
-72.0
- 104.4
-105.1
15.3
14.7
14.9
14.8
19.0
19.5
19.2
19.3
10.2
9.6
9.9
10.3
13.4
13.4
13.1
13.2
18.4
18.0
18.2
18.0
12.0
11.8
12.0
11.8
-12.4
-11.9
-11.2
-11.6
-13.2
-13.1
-12.3
-12.6
6.3
6.2
6.2
6.2
-6.9
-6.9
-6.1
-6.4
15.6
14.7
15.3
16.6
17.0
16.3
17.0
16.9
17.4
19.5
19.4
19.5
18.8
19.0
18.6
18.6
18.8
18.9
10.6
10.6
10.0
10.5
11.5
10.8
11.1
11.6
11.2
13.5
13.7
13.7
13.5
14.2
13.9
13.9
14.4
14.8
17.9
18.3
18.8
18.5
18.8
18.8
18.5
18.7
18.7
12.0
12.3
12.3
12.3
12.5
12.3
12.6
12.6
12.4
-14.5
-11.6
-12.3
-13.1
-14.4
-12.9
-15.6
-14.3
-16.1
-15.5
-12.8
-14.4
-15.6
-16.8
-14.6
-17.5
-16.4
-17.7
5.9
6.0
6.6
6.2
6.3
6.4
5.9
6.1
6.3
-9.6
-6.8
-7.9
-9.4
-10.5
-8.2
-11.6
-10.3
-11.3
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 1996, the merchandise trade deficit rose to $46.8 billion, from $42.7 billion in the first
quarter. The current account deficit rose to $38.8 billion, from $34.9 billion in the first quarter.
BIlilONSOFDOUARS*
BIlilONS OF DOLLARS'
-35
- -35
-40
-40
-45 -
-45
-50
-50
1990
1991
1992
1993
1994
1995
• SEASONALLY ADJUSTS)
SOURCE: DEPARTMENT OF COMMERCE
1996
COUNOl OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits ( — ) ]
Goods1
Period
Exports
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1994- I
II
Ill
IV
223,344
250,208
320,230
362,120
389,307
416,913
440,352
456,832
502,463
575,940
118,462
122,909
127,237
133,855
1995: I
II
III
IV
1996- I
HP
138,551
142,983
144,984
149,422
150,028
153,316
Investment income
Services
Imports
Net
balance
-368,425
-409,765
-447,189
-477,365
-498,337
-490,981
-536,458
- 589,441
-668,584
-749,364
-155,301
- 163,993
-171,652
- 177,638
- 183,474
- 190,910
- 187,532
- 187,448
-192,758
-200,146
- 145,081
- 159,557
- 126,959
115 245
- 109,030
- 74,068
- 96,106
- 132,609
- 166,121
- 173,424
Net
military
transactions23
-5,181
- 3,844
-6,320
- 6,749
-7,599
-5,274
- 1,448
880
1,963
3,585
- 36 839 -38
367
-41,084
1,171
-44,415
463
-43,783
628
-44,923
859
-47,927
1,120
- 42,548
978
- 38,026
489
- 42,730
835
-46,830
Net
travel Other
and
servtransices,
portanet
tion
receipts
-8,484
-7,613
- 2,591
4,043
8,002
17,032
20,484
20,026
16,711
18,361
4,016
4,221
3,758
4,717
18,609
18,097
20,352
26,192
28,291
32,440
38,805
39,665
43,068
46,415
10,159
10,614
11,039
11,257
3,770
3,834
5,087
5,670
5,362
5,559
11,010
11,410
12,006
11,987
12,652
12,561
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
goods
and
services
Receipts Payments
on U.S. on foreign
assets assets in
U.S.
abroad
- 140,136
- 152,918
-115,518
— 91 758
-80,336
-29,872
- 38,264
-72,039
- 104,379
- 105,064
-22,702
-25,882
-28,447
-27,346
-29,515
-31,824
-24,335
-19,391
-24,227
-27,875
91,976
100,767
129,070
152,517
160,300
137,003
119,046
119,900
141,704
182,659
31,841
33,287
37,212
39,368
44,100
46,779
45,269
46,513
47,497
48,195
Net
Balance
on goods, Unilateral
services, transfers,
and
net4
income
- 79,095 12,881 - 127,255
9,465 - 143,453
-91,302
-115,722
13,348 -102,170
- 138,639
13,878 -77,880
20,897 -59,439
-139,402
-121,159
15,844 - 14,028
11,195 -27,069
- 107,851
9,742 -62,297
-110,158
-145,863 -4,159 -108,539
- 190 674 -8,016 - 113,079
1,163 -21,539
-30,678
-636 -26,518
- 33,923
-38,801 -1,589 -30,036
-42,462 -3,094 -30,440
-900 -30,415
-45,000
-862 -32,686
- 47,641
- 49,630 -4,361 -28,696
-48,403 - 1,890 -21,281
262 -23,965
-47,235
-49,799 - 1,604 -29,479
-24,833
-23,939
-26,266
-27,696
-35,219
4,510
-35,514
-37,640
-39,866
-35,075
-8,169
- 9,507
-9,975
-12,215
-8,639
-8,290
-8,992
-9,154
- 10,904
-9,300
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation oftabk.
Balance
on
current
account
- 152,088
- 167,392
- 128,436
- 105,575
-94,657
-9,518
- 62,583
-99,936
- 148,405
-148,154
-29,708
- 36,025
-40,011
-42,655
-39,054
- 40,976
-37,688
-30,435
-34,869
-38,779
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $5.1 billion in the second
quarter of 1996, in contrast to a decrease of $1.7 billion in the first quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $3.9 billion in the second quarter, following a
decrease of $35.6 billion in the first quarter.
BIUJONSOFDOUARS*
1986
BIWONSOF DOUARS-
1987
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow { + )]
U.S. assets abroad, net
[increase/eapitc
)]
Period
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1994:
I
H
Ill
IV
1995: I
II
Ill
rv
1996- I
HP
U.S.
official
reserve
assets35
312
-106,753
-72,617
9,149
-3,912
- 100,087
-168,744 -25,293
-74,011
-2,158
-57,881
5,763
-68,622
3,901
-1,379
-194.609
- 150,695
5,346
-307,856
-9,742
-36,897
-59
3,537
-28,627
-25,569
-165
2,033
-59,603
-61,747
-5,318
-2,722
-108,299
-1,893
-39,595
-98,214
191
- 68,750
17
-523
-49,165
Other U.S.
Government
assets
U.S.
private
assets
-2,022 - 105,044
1,006
-82,771
-99,141
2,967
1,259 -144,710
-74,160
2,307
2.911
-66,555
-1.657
-70,866
-342 - 192 889
-341 -155.700
-280 -297,834
399
-37,237
491
-32,655
-25,116
-288
-60,693
- 943
-154
-56,275
-179 - 105,398
252
-37 954
-98,206
--199
-152
-68,615
-429
-48,213
Total
226,111
242,983
240,265
218,490
122,192
94.241
154,285
250,996
285,376
424,462
83,235
45,889
83,619
72,632
90,995
115,421
118,816
99,229
99,471
80,315
s
Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the IMF.
Foreign
official
assets3
Other
foreign
assets
35,648
45,387
39,758
8,503
33.910
17,389
40,477
72,153
40,253
109,757
11,036
9,166
19,785
266
21,822
37,380
39,186
11,369
52,021
13,197
190,463
197,596
200,507
209,987
88,282
76,853
113,808
173,843
245,123
314,705
72,199
36,723
63,834
72,366
69,173
78,041
79,830
87,860
47,450
67,118
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Sources: Department of Commerce (Bureau
Treasuiy.
Total (sum Of which:
Seasonal
of the items
adjustment
with sign
discrepancy
reversed)
32,729
-2,974
-11,743
55,830
46,476
-26,843
-23,080
43,550
13.724
31,548
-16,630
18,763
-18,039
29,626
9,806
33,854
-41,533
29,420
4,148
7,629
5,105
274
-6,490
1,107
6,519
-266
- 7,407
1,153
6,279
-743
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
85,832
76,809
75,732
76,532
74,335
86,761
90,063
87,152
85,832
84,212
83,455
Economic Analysis) and Department of the
37
Contents
TOTAL OUTPUT, INCOME AND SPENDING
Gross Domestic Product
Real Gross Domestic Product
Implicit Price Deflators for Gross Domestic Product
Quantity and Price Indexes for GDP and Percent Changes
Nonfinancia! Corporate Business—Output, Costs, and Profits
National Income
Real Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Real Gross Private Domestic Investment
Real Private Fixed Investment by Type
Business Investment and Plans
Page
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—AH Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY. CREDIT. AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
rtr,
38
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